PRESERVING SUSTAINABILITY

2014 Annual Report

2014 Annual Report

PRESERVING SUSTAINABILITY PT TOBA BARA SEJAHTRA Tbk

PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone : +6221 5794 5779 fax : +6221 5794 5778 email : [email protected]

2014 Annual Report

PT TOBA BARA SEJAHTRA Tbk

PRESERVING SUSTAINABILITY

CONTENTS 1-19 OPENING

74-83 HUMAN RESOURCES


2

FINANCIAL HIGHLIGHTS

4

STOCK HIGHLIGHTS

6

2014 EVENT HIGHLIGHTS

8

AWARDS & CERTIFICATIONS

84-107 CORPORATE GOVERNANCE

9

REPORT OF THE PRESIDENT COMMISSIONER

10

GENERAL MEETING OF SHAREHOLDERS

88

REPORT OF THE PRESIDENT DIRECTOR

14

BOARD OF COMMISSIONERS

90

19

BOARD OF DIRECTORS

92

AUDIT COMMITTEE

95

CORPORATE SECRETARY

97

INVESTOR RELATIONS

98

LEGAL UNIT

99

PERSPECTIVES OF THE FOUNDING SHAREHOLDER

20-41 COMPANY PROFILE

COMPANY DATA AND INFORMATION ACCESS

BRIEF HISTORY OF THE COMPANY

20

BUSINESS LINE

22

VISION & MISSION

24

BUSINESS STRATEGY

25

ORGANISATION STRUCTURE

26

PROFILES OF THE BOARD OF COMMISSIONERS

28

PROFILES OF THE BOARD OF DIRECTORS

32

SHAREHOLDERS INFORMATION

36

BRIEF DESCRIPTION OF SUBSIDIARIES

38

CAPITAL MARKET SUPPORTING PROFESSIONALS

40

ADDRESS OF COMPANY AND SUBSIDIARIES

41

42-73 MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY OVERVIEW

44

OPERATIONAL REVIEW

54

FINANCIAL REVIEW

62

99

INTERNAL AUDIT UNIT

103

PUBLIC ACCOUNTANT

105

RISK MANAGEMENT

105

IMPORTANT MATTERS

106

WHISTLEBLOWING SYSTEM

106

108-118 CORPORATE SOCIAL RESPONSIBILITY CSR ACTIVITIES IN 2014

111

Environment

112

Social Community

112

Employment Practices

117

Product Responsibility

118

119 RESPONSIBILITY FOR ANNUAL REPORT

121 FINANCIAL REPORT

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MANAGEMENT DISCUSSION AND ANALYSIS

HUMAN RESOURCES

CORPORATE GOVERNANCE

CORPORATE SOCIAL RESPONSIBILITY

FINANCIAL REPORT

PRESERVING SUSTAINABILITY After building a solid foundation to support the synergy of Subsidiaries in 2013, PT Toba Bara Sejahtra Tbk (the “Company” or “Toba Bara”) is ready to continue with various initiatives to achieve sustainable business growth. We continually strive to maximize operating costs efficiency, develop competent human capital, strengthen our marketing strategy to acquire quality customers, and maintain production continuity at an optimal level. We encourage Subsidiaries to continue to improve business processes, leverage assets in a smart way and integrate its resources in order to achieve the best level of efficiency and productivity. Each Subsidiary should have the same passion to achieve operational excellence and be an important contributor to the Company’s profitability. “Preserving Sustainability” is the theme of the 2014 Annual Report, reflecting our various efforts to maintain sound performance and growth, in order for Toba Bara to be ready to seize the opportunities of increasing global energy demand in the future.

PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

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PRESERVING SUSTAINABILITY EFFICIENCY IMPROVEMENT Toba Bara continues to improve cost efficiency through the operational synergy of its three Subsidiaries, improving work effectiveness with contractors, as well as more aggressive marketing to end users to further optimize coal sales price. Synergy of Subsidiaries is continuously improved by optimizing the use of joint production facilities and infrastructure.

SUSTAINING GROWTH Toba Bara focuses on maintaining sound growth by keeping production volume at optimum level in generating profit margin. Sales growth is achieved not only through increasing production volume, but also through a marketing strategy that results in medium and long-term contracts with end users at more favorable fixed price.

MAINTAINING COAL RESERVES To maintain business continuity and anticipate opportunities of increasing energy demand in the future, Toba Bara seeks to maintain its coal reserve through better implementation of mining plan, exploration activities or exploration of the possibility of mining companies acquisition.

HR DEVELOPMENT More than half of Toba Bara’s employees are young, eager, vigorous, and visionary dynamic people. Each employee is given appropriate responsibility and independence to allow them to have space to develop their creativity and show their best performance. Through various consistent, planned and sustainable training programs, Toba Bara’s employees are well prepared to acquire world-class competency and capability to face existing business challenges.

FOCUS ON CUSTOMERS Toba Bara establishes selective business relationships to acquire quality customers. The Company builds an intensive relationship with its customers to understand their preferences and needs and is committed to maintaining consistency of price and product quality.

GROWTH OF CORPORATE VALUE The Company continues to increase its corporate value by maintaining sound levels of growth and profitability. In addition, the Company strives to increase public trust through improvement in principles of transparency, accountability, trustworthiness, responsibility and fairness so that the Company has a strong competitiveness in domestic, regional and international environments.

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COMPANY PROFILE


HUMAN RESOURCES



FINANCIAL REPORT


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FINANCIAL HIGHLIGHTS 2014

2013

2012

499,965,642

421,849,737

396,685,875

Gross Profit

86,201,207

79,552,405

48,150,372

Operating Profit

56,029,248

50,015,314

21,083,331

• Equity Holders of The Parent Entity

18,327,272

18,543,538

3,198,832

• Non-controlling Interest

17,473,232

16,060,255

8,733,850

35,800,504

34,603,793

11,932,682

0.0091

0.0092

0.0032

• Equity Holders of The Parent Entity

16,180,692

19,919,574

3,269,250

• Non-controlling Interest

15,961,155

16,213,148

8,733,850

Total Comprehensive Income

32,141,847

36,132,722

12,003,100

Current Assets

112,496,094

130,198,784

106,512,473

Non-current Assets

188,114,148

181,449,155

155,014,027

Total Assets

300,610,242

311,647,939

261,526,500

90,633,530

145,451,672

140,537,280

(in US$ unless stated otherwise)

Income (Loss) Sales

Profit for The Year Attributable To:

Total Profit for The Year Basic Earnings per Share Total Comprehensive Income Attributable to:

Balance Sheet

Current Liabilities Non-current Liabilities

67,624,126

35,715,023

10,044,913

Total Liabilities

158,257,656

181,166,695

150,582,193

Total Equity

142,352,586

130,481,244

110,944,307

Total Liabilities and Equity

300,610,242

311,647,939

261,526,500

Gross Profit Margin

17.0%

19.0%

12.0%

Operating Profit Margin

11.0%

12.0%

5.0%

Financial Ratio

Profit For The Year Margin

7.0%

8.0%

3.0%

Return on Assets

0.1

0.1

0.0

Return on Equity

0.3

0.3

0.1

Current Ratio

1.2

0.9

0.8

Total Liabilities to Total Equity

1.1

1.4

1.4

Total Liabilities to Total Assets

0.5

0.6

0.6

8.1

6.5

5.6

13.3

13.4

14.9

7.9

6.3

5.5

Operational Data Production Volume (in million of tons) Overburden (x) Sales Volume (in million of tons)

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Total Assets

Sales

(in million US$)

(in million US$)

(3.5)%

18.5%

FINANCIAL REPORT

2014

300,610,242

2014

499,965,642

2013

311,647,939

2013

421,849,737

2012

261,526,500

2012

396,685,875

Total Liabilities

Operating Profit

(in million US$)

(in million US$)

(12.6)%

12.0%

2014

158,257,656

2014

56,029,248

2013

181,166,695

2013

50,015,314

2012

150,582,193

2012

21,083,331

Total Equity

Total Profit for The Year

(in million US$)

(in million US$)

9.1%

3.5%

2014

142,352,586

2014

35,800,504

2013

130,481,244

2013

34,603,793

2012

110,944,307

2012

11,932,682


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STOCK HIGHLIGHTS

SHARE PERFORMANCE 2014 Share Price

Volume

1,000

3,000,000

750

2,250,000

500

1,500,000

250

750,000

0

6

Jan

Feb

Mar

Apr

May


Jun

Jul

Aug

Sep

Oct

Nov

Dec

0

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Share Performance 2013 Quarter 1 Highest Price (in Rp)

Quarter 2

1,330

Quarter 3

920

860

Quarter 4 810

Lowest Price (in Rp)

770

720

680

630

Closing Price (in Rp)

880

860

710

740

Transaction Volume* (Unit) Transaction Value* (in Rp)

148,771,500

17,548,000

7,246,000

9,487,500

149,293,019,320

20,770,194,968

5,073,634,976

6,436,890,000

Quarter 3

Quarter 4

Share Performance 2014 Quarter 1 Highest Price (in Rp)

Quarter 2

750

925

900

920

Lowest Price (in Rp)

630

650

800

750

Closing Price (in Rp)

650

835

845

920

Transaction Volume* (Unit) Transaction Value* (in Rp)

369,800

16,711,600

5,041,500

7,197,800

259,986,734

13,416,843,785

4,308,572,841

6,192,289,152

*Cumulative Value Market capitalization as of 31 December 2014 amounted to Rp 1,851 billion.

Dividend Policy Based on Indonesian laws, decision on dividend distribution is made by shareholders through the General Meeting of Shareholders on the recommendation of the Board of Directors. The Company can announce the distribution of dividend annually given positive results. Prior to the closing of a financial year, interim dividend can be distributed, provided that it is permitted by the Company’s Articles of Association, and if the distribution of such interim dividend does not result in the Company’s net assets to fall below the amount of invested and paid-in capital; furthermore, the Company still needs to meet the requirement on provision for compulsory reserves pursuant to Law No. 40 Year 2007 on Limited Liability Company. The distribution of interim dividend is determined by the Board of Directors after securing approval from the Board of Commissioners. The Company plans to pay cash dividend at least once a year. The amount of dividend is related to the profit of the Company for the respective financial year, with due consideration of the financial condition of the Company, and without diminishing the rights of the General Meeting of Shareholders of the Company to decide

otherwise in accordance with the Company’s Articles of Association and prevailing laws and regulations. The Company has been aiming to pay dividends in the amount of at least 30% of its consolidated profit for the year (less minority interests and other comprehensive income) since financial year 2012, while observing the compulsory reserve requirements pursuant to the Limited Liability Company Law. The amount of dividends to be distributed by the Company will depend on available cash flows, investment plans, liquidity condition, future business prospects and other factors that are deemed relevant by the Board of Directors as well as restrictions on the payment of dividends based on related agreements. Shareholders who own the Company’s shares on the listing date, based on prevailing laws, reserve the right to receive dividend, subject to applicable Indonesian income tax.

Dividend Payment Information on dividend payment is presented in the Management Discussion and Analysis section on page 71 of this Annual Report.


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2014 EVENT HIGHLIGHTS March 19, 2014

May 21, 2014

Signing of Revolving Loan Facility The signing of Revolving Loan Facility of US$ 75 million with a period of 4 years from BNP Paribas, Citibank N.A. and Standard Chartered Bank. This facility was used for loan repayment, capital expenditure and working capital financing.

General Meeting of Shareholders Toba Bara held Annual General Meeting of Shareholders (AGMS) at the Indonesia Stock Exchange Building. One of the resolutions of the 2014 AGMS was to approve distribution of dividends for financial year 2013 amounted to US$ 6.49 million or US$ 0.032 per share on July 16, 2014.

August 13, 2014 IHS Coal Market Outlook Toba Bara’s Director Pandu Syahrir was a speaker in IHS Coal Market Outlook presenting materials pertaining to coal market situation after the presidential election in Indonesia. Pandu Syahrir was one of the panelists at the meeting to discuss main factors faced by the Asian coal market related to the prospect of demand and supply of Indonesian coal.

September 23-24, 2014

November 6, 2014

November 12, 2014

Macquarie Indonesia Commodities Conference Toba Bara’s Director Pandu Syahrir was a speaker in Macquarie Indonesia Commodities Conference presenting a topic of “New Paradigm for Coal Producers”. This conference discussed the growing trend of commodities market and its impact on Indonesia.

Asia Pacific Coal Outlook Conference Iwan Sanyoto, Head of Investor Relations and Ernald Kamil, Marketing Manager of Toba Bara were panelists in Asia Pacific Coal Outlook Conference held in Bali.

Public Expose Toba Bara held a Public Expose at the Seminar Room, Indonesia Stock Exchange Building. Presented materials included company profile, performance in the first 9 months of 2014, initiatives and realization of investment as well as CSR activities.

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November 18-19, 2014 Media Site Visit Toba Bara invited 5 journalists from 5 media to visit the mine site in Kutai Kartanegara Regency, East Kalimantan Province. This event, titled “Media Site Visit”, aimed to provide an overview and additional knowledge for the journalists regarding operational activities in coal mines.

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AWARDS AND CERTIFICATIONS

Blue Rating Certificate in Company Performance Evaluation and Rating Program in Environmental Management was awarded to PT Adimitra Baratama Nusantara by the Governor of East Kalimantan in June 2014.

Blue Rating Certificate in Company Performance Evaluation and Rating Program in Environmental Management was awarded to PT Indomining by the Governor of East Kalimantan in June 2014.

PT Adimitra Baratama Nusantara was certified OHSAS 18001: 2007 on Health and Safety Management System in August 2014.

PT Adimitra Baratama Nusantara was certified ISO 14001: 2004 on Environmental Management System in August 2014.


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Jusman Syafii Djamal President Commissioner

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FINANCIAL REPORT

In the depressed coal market condition, the Board of Commissioners appreciates initiatives taken by Board of Directors to maintain business sustainability and achieve profitable performance.

DEAR DISTINGUISHED SHAREHOLDERS, Kindly let me start by giving praise and gratitude to God Almighty for His blessings, that PT Toba Bara Sejahtra Tbk was able to get through a challenging year in 2014 with encouraging performance. Coal markets continued to be under pressure, with prices steadily deteriorating within the last three years. This condition was due to the economic crisis that mainly affected the United States, Europe and Japan, excessive supply from coal producing countries, as well as a slowdown in the Chinese economy. To these factors was added the recently rising environmental issues in China. Complaints over air pollution in major cities in China were getting louder. The Government of China, as reported, responded by announcing its intention to increase the use of environmentally friendly energy source while reducing coal consumption to below 65% of the total primary energy demand by the year 2017. To date, coal supplied more than 70% of the primary energy demand in China. As a major consumer of the world’s coal, the Chinese market absorbs some 200 million tons annually of imported coal. China’s decision undoubtedly has significant impact on the performance of Indonesian coal exports because China is one of the major export destinations of Indonesian coal.

Assessment on Board of Directors’ Performance Observing these conditions, the Board of Commissioners appreciates the initiatives that have been taken by the Board of Directors to reduce dependence on the Chinese market and to seek other potential markets. The Company has successfully repositioned its marketing strategy by expanding its customer base and targeting new export destinations. In addition to the Chinese market, the Company currently also sells coal to Taiwan, India, South Korea and Japan. Aside from establishing business relationships with some of the world’s leading coal traders, the Company also seeks to reach directly to the end users in order to reduce marketing costs and minimize the risk of the Company’s market being dominated by certain groups.


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With the appropriate marketing strategy supported by efficiency at all operational aspects, in this challenging year Toba Bara could maintain its best performance. The Company was able to increase the volume of coal production by 24.6% to 8.1 million tons in 2014. The Company recorded a comprehensive income for the current year of US$ 35.8 million from a net sales of US$ 500 million, a respective increase by 3.5% and 18.5% from achievement in 2013. The Board of Commissioners greatly appreciates these achievements by the Management amidst the current unfavorable condition in the coal industry. The Board of Directors, together with the subsidiaries and employees of the Company have effectively overcome the challenges, created opportunities and built a solid foundation to sustain the business.

The View over Business Prospects Prepared by Board of Directors

With input from all stakeholders, the Board of Commissioners believes that every opportunity needs to be reviewed in order to bring optimal benefits for the Company and all stakeholders. We believe that Toba Bara will be able to achieve sustainable growth in the coming years.

Supervisory Role Throughout 2014, the Board of Commissioners had performed its supervisory function and given their views on policies and measures taken by Board of Directors in managing the Company. Communication between the Board of Commissioners and Directors is not only done through regular joint meetings, but could also be done at any time through various media. Hence, the Board of Commissioners could be acquainted with and provide guidance and advice on various issues immediately and appropriately in accordance with its authority and responsibility.

Looking ahead, the key to success of a coal mining company is the ability to produce coal at a more competitive cost than other coal producers. In addition, coal companies must develop a synergistic business and add value to their products in order to maintain sustainable business.

Based on evaluation of the coal market condition and the Company’s operational performance, the Board of Commissioners urged the Board of Directors to continue to improve efficiency at all levels in order to maintain operating margin and increase the Company’s market share.

Therefore, the Board of Commissioners strongly supports the Company’s plan to expand its business portfolio. The planned expansion into the power generation business is a prospective step that must be supported by all parties and all available resources. The Board of Commissioners has thoroughly examined all risk aspects of the proposed business plan, and cautioned the Board of Directors to undertake careful planning and promote the prudent principle.

Improved Corporate Governance Quality

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The Board of Commissioners continues its efforts to improve the quality and effectiveness of the supervisory function and implementation of good corporate governance. The Audit Committee, formed in early 2013, has fully performed its functions. Throughout 2014, the Audit Committee monitored implementation of risk management policies, implementation of internal audit, ensured the Company’s compliance with applicable laws and regulations, and assisted the Board

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FINANCIAL REPORT

of Commissioners in reviewing the Company’s financial statements and prepared notes as required. The Audit Committee provides guidance and advice to the Internal Audit Unit with regard to preparing the Annual Audit Work Plan, Audit Reports, recommendations and followups.

In our opinion, with the increasing scale of the Company, it is time for Toba Bara to establish a governance manual and its derivative policies to guide all the Company’s components in carrying out their roles and obligations according to the applicable regulations, ethics and norms.

The Board of Commissioners and Board of Directors are conducting a review to apply a Whistleblowing System in the effort to create a conducive working environment and prevent various types of violations that might lead to financial and non financial losses, including issues that could damage the Company’s reputation. Basically, the Company has long had a complaint mechanism in place through its open door policy.

Change in Board of Commissioners Composition

The Board of Commissioners encourages the Company to continue to improve the quality of GCG implementation, including composing regulations codification, policies and GCG soft structure as needed.

In 2014, there was no change in the composition of the Board of Commissioners of PT Toba Bara Sejahtra Tbk.

Closing Remarks Finally, on behalf of the Board of Commissioners, I would like to express my gratitude for the support and trust given by the shareholders and all stakeholders of PT Toba Bara Sejahtra Tbk. Our sincere appreciation goes to the Board of Directors, Directors of subsidiaries, the management and all employees who have worked earnestly and with dedication in realizing the Company’s best achievements in 2014.



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Justarina S. M. Naiborhu President Director

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FINANCIAL REPORT

With efforts in efficiency and operational integration of our three Subsidiaries as well as continuing focus on optimum production growth, Toba Bara managed to maintain business sustainability and to generate 14.8% increase in EBITDA compared to the previous year. DEAR DISTINGUISHED SHAREHOLDERS, Praise and gratitude be to God Almighty for His blessings and grace, that PT Toba Bara Sejahtra Tbk has been able to go through the challenging year of 2014 with a number of significant accomplishments that reinforce our optimism of the Company’s business sustainability in the future. On behalf of the Board of Directors, allow me to report the summary of the Company’s performance for the year ended December 31, 2014.

Global Economy and Coal Market Conditions The global economy in 2014 has yet to show signs of recovery. Although the US economy continued to improve as reflected in the Gross Domestic Product (GDP) and declining unemployment, Europe and Japan however were still experiencing a slowdown. Similarly, China indicated a slowing trend of economic growth. The slowdown in the world’s major economies that has been going on for at least four or five years prior has resulted in slower international trading activities. Weakening demand, particularly from China, had an impact on mining commodity prices, including coal. In addition to the falling demand, the decrease in coal prices was also caused by the high level of inventories as a result of declining domestic coal prices and almost no control of production levels in the major supplying countries such as Indonesia and Australia. Coal price in the international market that has continued to decline since the beginning of 2011 reached its lowest point this year. While the reference price of Newcastle (NEWC) Index in 2012 was still in the range of US$ 97.0 per ton, it dropped to US$ 83.3 per ton in 2013 and continued to decline to around US$ 70.8 per ton at the end of 2014. Due to the continuing decline in prices, many Indonesian coal producers have ceased their operations. Only companies with effective and efficient operations can survive and maintain a healthy operating margin.

Strategies and Initiatives In 2012, Toba Bara embarked on a growth and development program by implementing a number of strategies that focus on efforts to build a foundation of growth and develop the organization. As a responsible public company, Toba Bara is committed to pursuing longterm profitable growth on an ongoing basis.


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In subsequent developments, addressing the continuing depressed coal market conditions, in 2013 the Company has taken important steps in the framework of internal consolidation and integration. The Company made efforts to consolidate its various strengths such as human resources, work procedures, cost efficiency and marketing strategy. Meanwhile, we also strive to integrate the infrastructure and other mining resources in the three coal mining subsidiaries, namely Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU). This strategy of consolidation and integration has succeeded in building a solid foundation to become a company that has a sustainable growth. In 2014, the synergy between the three Subsidiaries was further strengthened, thus improving efficiency and optimum performance. One of the efficiency measures is in the management of fuel procurement. To obtain a more optimal purchase price, the Company integrated the fuel procurement processes for the needs of all subsidiaries, resulting in a better price from the suppliers compared to what can be obtained if each subsidiary individually negotiated the price with the suppliers. Fuel cost is a significant cost component, representing up to 1/3 of the total mining operating costs. On the marketing side, since the end of 2013 the Company has implemented several initiatives to secure market share. We established selective business relationships with quality customers, and expanded the coverage of export market. The Company’s customers are well-known international traders as well as leading power generating companies as end users. We cultivate closer relationship with customers to better understand their wishes and needs. The Company is committed to maintaining its reputation and consistency of product quality. Our strength is coal products with high calorific value and low sulphur content. These types of coal are in great demand in Japan which command higher reference price than the Newcastle reference. With a strong internal marketing team, we are able to sell directly to

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well-known end-users in Japan and thus significantly reduce our marketing cost. During 2014, Toba Bara has also expanded its export markets to other Asian countries, including China, Korea, Taiwan, India, and the Philippines. The Company sold most of the coal production volume in 2014 by prioritizing sales through fixed price contracts secured at the end of 2013. The payment methods among others include partial percentage of the sales contract value to be paid in advance. By applying medium to long-term coal sales contract with fixed price, the Company could secure relatively better sales price based on the agreed contract amid the uncertain market conditions. A significant impact in terms of infrastructure efficiency has resulted from the use of the new proprietary hauling road which was completed in 2013. The haul road from TMU to Indomining through ABN has reduced TMU’s transportation cost by about US$ 5-7 per ton. Hence, in 2014 TMU was able to double its production to 1.4 million tons with a better profit compared to the previous year.

Performance in 2014 The Company’s coal production increased by 24.6% from 6.5 million tons in 2013 to 8.1 million tons as contributed by the three subsidiaries. Stripping ratio (SR) in 2014 decreased by 0.7% from 13.4x to 13.3x, in line with the Company’s strategy for managing cost efficiency to maintain profit margins amid weakening sales price. The Company recorded an increase in sales by 18.5% from US$ 421.8 million in 2013 to US$ 500 million. Meanwhile the cost of goods sold rose by 20.9% from US$ 342.3 million in 2013 to US$ 413.8 million due to increased production. The Company’s EBITDA increased by 14.8% from US$ 58.6 million in 2013 to US$ 67.3 million. The combination of cost efficiency initiatives, increased sales and marketing activities positively boosted EBITDA margin in 2014. As a result, the Company recorded a total profit for the year of US$ 35.8 million, an increase of 3.5% from US$ 34.6 million in 2013. Overall, the Company could achieve the growth targets set in the Company’s Work Plan and Budget for 2014.

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Our Challenges The main challenge faced by coal producers in 2014 was the continuously weakening global coal prices. Various energy policies in the largest coal consumer countries that led to a reduction in the use of coal due to health and environmental concerns also put pressure on the coal market. The global coal supply condition that was oversupplied, very competitive, and faced by challenging environmental issues forced every coal industry player to operate in an efficient, effective, and responsive manner to the market demand. In the midst of such conditions, Toba Bara has had to work hard to perform better in order to provide sustainable benefits to the shareholders, employees, and all other stakeholders. With the ever-increasing production costs, there was no option for the Company other than running its operations more efficiently. The Company sought to maintain a relatively stable costs structure as part of cost efficiency initiatives that began in 2013, while also focusing on production growth that could support the expected profit margin.

Prospects and Future Plans Conditions in the coal markets in 2015 are predicted to remain more or less the same as in 2014. The number of surviving coal mining companies is expected to be further reduced. Nevertheless, the Company still has a high optimism in facing such challenging periods. We are of the view that the year 2015 is a good time to invest in business development. Toba Bara has long-term vertical and horizontal business development plans. Horizontally by adding coal reserves through explorations in the Company’s widespread concession areas as well as through mine acquisition opportunities. Vertically by business development in power generation with coal-fired and alternative energy power plants. Initial assessment has been started by reviewing an opportunity to participate in an IPP (Independent Power Producer) tender conducted by PLN.



FINANCIAL REPORT

In the third quarter of 2014, one of our subsidiaries acquired in 2013, PT Perkebunan Kaltim Utama I (PKU), had started the process of developing a palm oil mill with a capacity of 30 tons per hour. With planned operating date at the end of 2015, the plant will generate more revenues for the Company.

Good Corporate Governance As a public company, Toba Bara is committed to conducting business in compliance with the Good Corporate Governance (GCG) principles and business ethics. The values of integrity instilled by the founders of the Company are adopted and applied in all operational activities of the Company. The core values such as honesty and unyielding spirit have become basic characters and behaviors for every employee in carrying out their activities. Throughout 2014, the Internal Audit Unit (SKAI) performed its functions well with the direction and supervision of the Audit Committee. The Company adopts a risk-based internal audit to ensure that compliance with standard operating procedures, regulations and internal control system is run in accordance with established guidelines. Management also assigned SKAI to develop a Business Continuity Plan (BCP) as a guide to running the Company’s operations during a disaster. Currently the Company has not yet prepared guidelines and policies (soft structure) related to GCG such as GCG Guidelines, Code of Ethics, Board Manual, and so forth as a reference in performing tasks and activities that fall under authority of each respective function. The Company is reviewing the need for establishment of whistleblowing system. Nevertheless, to date the Company has applied an open door policy to receive complaints and discuss problems. In essence, the Company would like to continue to build a conducive working atmosphere, among others, by enforcing a good work ethic.

Both development plans are parts of efficiency efforts and maintaining business sustainability. By developing power plants, the Company can ensure revenue while increasing profit margin from the synergy of the two business lines.


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Human Resource Development The Company understands the importance of employee competence as one of the competitive advantages in the coal industry. Developing human resources (HR) with excellent performance has started from the recruitment process to attract potential employees. Employee development program is conducted through consistent and continuous training activities. Every employee is encouraged to show their best performance and ability to face the existing business challenges. Conversely, the Company provides a fair and transparent promotion opportunity to outstanding employees. Every employee is entitled to achieve their best career. Most of Toba Bara’s people are young, vigorous, and dynamic people between the age of 26 and 35 years. The Company provides sufficient independence so that they have room to develop their creativity and responsibility. As an emerging company, the interaction between employees and management is intense. All employees have the same spirit: demonstrate the best performance and teamwork for the Company’s development. Because they realize, in a difficult industry environment, this

Company should not remain stagnant. Toba Bara should continue to grow consistently to achieve business sustainability. In 2014, the recruitment process of the best people in their respective fields continued to be done because the Company is preparing to expand in the coming years.

Change in Board of Directors Composition In 2014 there was no change in the composition of the Board of Directors.

Appreciation On behalf of the Board of Directors, I would like to thank the shareholders, the Board of Commissioners, customers, business partners, central and local governments, and other stakeholders for their continuous support and confidence to the Company. My appreciation goes to all employees of PT Toba Bara Sejahtra Tbk who have demonstrated their hard work so that we could successfully go through the tough year. I believe, with the support of all parties, the Company will continue to sustainably grow so as to increase values for the Shareholders, provide useful contributions to the country and the society as well as achieve the vision of becoming one of the best world-class coal mining companies in Indonesia.

Justarina S. M. Naiborhu President Director

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PERSPECTIVES OF THE FOUNDING SHAREHOLDER I believe Toba Bara will be able to maintain a good performance while continuing to provide maximum contribution to the community.

Gen. (Ret.) Luhut B. Pandjaitan Founding Shareholder

Gen. (Ret.) Luhut B. Pandjaitan is the founder of PT Toba Sejahtra which holds 71.8%of PT Toba Bara Sejahtra Tbk. A retired general of the Indonesian National Army (TNI), statesman, former Ambassador Extraordinary and Plenipotentiary of the Republic of Indonesia, businessman and philanthropist, Luhut B. Pandjaitan devotes all his thoughts and efforts to the progress and prosperity of the Indonesian nation that he loves. As a businessman, his vision is to increase the competitiveness of Indonesian businesses in order to compete regionally and globally. Regionally, the demand for increased Indonesian competitiveness is already upon us with the inauguration of the ASEAN Free Trade Market in 2015. Whereas globally, Indonesia must improve its industrial strength among the leading industrialised countries in the world – the G-20 Group.

in North Sumatra with a focus on education through Informatics Polytechnic DEL, a leading national university in the field of information technology that is accredited by the Ministry of Education of the Republic of Indonesia. He believes that Indonesia needs to add value to the nation’s riches in natural resources. Therefore, he founded Toba Bara to create added value from the coal mining sector – Indonesia’s main commodity. “The Social Entrepreneur of the Year” of Ernst & Young Global Entrepreneurship Award 2012, Luhut B. Pandjaitan is keenly aware of the significance of the sustainable development that is built upon the three pillars of economic performance (profit), environmental conservation (planet) and social welfare (people). Therefore, he expects Toba Bara to begin harnessing the principles of sustainable development in every aspect of its business activities.

Luhut B. Pandjaitan believes that education is a key to increasing the competitiveness of a nation. Therefore, he founded the DEL Foundation, a non-profit foundation that is actively engaged in community development


19

BRIEF HISTORY OF THE COMPANY 2004

2005

2006

ABN and TMU were incorporated in 2004.

IM was incorporated in 2005.

ABN and IM were granted mining authorization for exploration.

2010

2011

2012

IM and TMU converted their KP to IUPOP.

TMU began production.

Toba Bara acquired additional shares of TBE and TMU to 99.99% each.

TBS acquired 51.0% of ABN, 52.5% of TBE (that controlled IM) and 51.0% of TMU. Consolidated production of Toba Bara reached more than 3.9 million tons.

20


Consolidated production of Toba Bara surpassed 5 million tons.

TBS listed its shares on the Indonesia Stock Exchange (July). TBS settled the land overlapping issue with PKU.

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2007

2008

2009

ABN and IM were granted KP for exploitation.

TMU was granted KP for exploration.

ABN converted its KP to IUPOP.

IM began production.

ABN began production.

2013

2014

TMU is poised to increase coal production to 80,000 tons – 100,000 tons/month.

PKU began the construction process of oil palm mills with a capacity of 30 tons/hour.

A new CPP has been constructed in IM.

Indomining completed the construction of transfer conveyor belt connecting new CPP with existing conveyor belt.

The haul road TMU – IM is operated ahead of schedule. Construction of the second underpass in ABN was completed.

Toba Bara consolidated production surpassed 8 million tons/year.


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BUSINESS LINE

Major City Jetty Transhipment Point Major city is less than 50 km

TMU-IM Hauling Road

SAMARINDA

M

AH

AKA M RI VER

~25 km

Furthest pit to jetty 25 km with closest 1 - ~5 km

~5 km IM ABN

TMU

IM Jetty ABN Jetty

Kutai Energy

Adjacent locations for three mines ~120 Km

BALIKPAPAN

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Close proximity transhipment point & jetty

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The Company has three Subsidiaries engaged in coal mining with adjacent concession areas and a subsidiary engaged in palm oil plantation in Sangasanga, Kutai Kartanegara Regency, East Kalimantan Province.

MUARA BERAU

Coal Products Concession Area

TM

Ash

TS

(% GAR)

(% GAD)

(% GAD)

Calorific Value (kcl/kg) GAR

GAD

PT ADIMITRA BARATAMA NUSANTARA ABN 52

23

6

0.8

5,200

5,800

ABN 56-HS

20

6

1.8

5,600

6,100

ABN 56-RS

20

6

0.8

5,600

6,100

ABN 58

19

6

0.8

5,800

6,250

19

8

0.9

5,700

6,200

4

0.3

4,700

5,600

PT INDOMINING Indomining

PT TRISENSA MINERAL UTAMA Trisensa - 47

~55 Km (total ~120 Km)

MAKASSAR STRAIT

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Coal Reserves*

147 million tons Coal Resources*

236 million tons Coal Production (in million ton)

MUARA JAWA ~65 Km

2014

8.1

2013

6.5

2012

5.6

* Based on Runge report for ABN per December, 31 2011, SMGC report for IM per January, 1 2012, Marston report for TMU per October, 30 2011


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VISION & MISSION VISION To be one of the best-managed world class mining companies in Indonesia with a focus on high growth by building competence through development of our employees, robust financial performance, and solid returns for our shareholders.

MISSION • Creating sustainable shareholder value from Indonesian mining. • Developing a best-in-class pool of talent. • Investing in our subsidiaries and other related businesses that will enhance value to shareholders. • Managing competitiveness of mining operations effectively. • Enhancing integration of coal supply chain to ensure reliability and efficiency. • Building strong relationship with our business partners and the financial community. • Being a responsible corporate citizen in promoting community development and implementing good corporate governance practices.

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BUSINESS STRATEGY

The Company’s strategy in 2014 was a continuation of the strategy that has been established in 2012 which was the spirit to grow and develop with various initiatives focused on building a solid growth foundation and developing the organization. Furthermore, responding to developments in the coal industry, in 2013 the Company took crucial steps to consolidate and integrate its various strengths in order to achieve stronger, more efficient and more competitive performance. Consolidation measures were carried out in the aspect of human resources, work processes, cost structure and marketing strategy. At the same time, integration measures were conducted on infrastructure and other mineral resources in the three Subsidiaries engaged in coal business namely Adimitra Baratama Nusantara (ABN), Indomining (IM) and Trisensa Mineral Utama (TMU). In 2014, the Company was able to move more dynamically because the consolidation and integration strategy had succeeded in building a solid foundation to become a company that continues to grow in a sustainable manner. The synergy among the three Subsidiaries is reinforced, to achieve better efficiency and more optimal performance improvement.

On the marketing side, the Company undertook the following initiatives: • Empowering central marketing for the three Subsidiaries to establish customer base internally and thus reduce marketing cost • Improving buyer quality through improvements in sales contract and payment terms supported by prepayment • Maximizing pricing determination through ideal longterm, medium-term and spot sales contract strategy • Maximizing pricing determination method through various hedging strategies • Maintaining product quality and price commitment to create the top of mind brand of the Company’s coals in the global market. With the aforementioned initiatives, the Company was able to maintain production continuity to achieve a sound profitability level and maintain business sustainability.

In terms of operations, the Company optimized its efficiency program through joint mine plan and infrastructure sharing with the following initiatives: • Reduction in stripping ratio and management of dump distance • Maximizing shared infrastructure such as CPP (Coal Processing Plant) and jetty • Efficiency in fuel purchase through integrated fuel procurement • Reducing mining contractor cost


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ORGANISATION STRUCTURE BOARD OF COMMISSIONERS 1. Jusman Syafii Djamal President Commissioner 2. Bacelius Ruru Independent Commissioner 3. Farid Harianto Independent Commissioner

BOARD OF DIRECTORS 1. Justarina S. M. Naiborhu President Director/Unaffiliated Director 2. Pandu P. Syahrir Director 3. Arthur M. E. Simatupang Director 4. Sudharmono Saragih Director

Legal Unit Bima Sinung Widagdo

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Corporate Secretary Pandu P. Syahrir

Investor Relations Iwan Sanyoto

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AUDIT COMMITTEE 1. Bacelius Ruru, SH, LLM Head of the Audit Committee 2. Prof. Dr. Ir. Irwandy Arif, M.Sc Audit Committee Member 3. Aria Kanaka, CA, CPA Audit Committee Member

Internal Audit Pria Fardio Syaiful Dinar

Board of Directors

Board of Directors

Board of Directors

PT ADIMITRA BARATAMA NUSANTARA

PT INDOMINING

PT TRISENSA MINERAL UTAMA

Government Relations Vacant

Finance & Accounting Tries Nainggolan


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PROFILE OF THE BOARD OF COMMISSIONERS

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1. Jusman Syafii Djamal President Commissioner

2. Bacelius Ruru Independent Commissioner

3. Farid Harianto Independent Commissioner


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PROFILE OF THE BOARD OF COMMISSIONERS

v

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02 30


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Born in Langsa – Nanggroe Aceh Darussalam, July 28, 1954, Jusman Syafii Djamal is a Bachelor in Mechanical Engineer with concentration in Aeronautics from Institut Teknologi Bandung in 1982. Previously, he served, among others, as Minister of Transportation of the First United Indonesia Cabinet (May 2007 – October 2009), Member of the National Evaluation Team of Transportation Safety and Security (January - May 2007), Member of Incubator Technology of BPPT (2003), and Chief Project Engineer of 50 seaters Advanced Turboprop N250 Fly by Wire Airplane, IPTN Indonesia (1990 – 1995). Currently he also serves as President Commissioner of PT Cardig Aero Services Tbk (since July 2011), President Commissioner of PT Telkom Indonesia Tbk (since January 2011), Member of National

02


Bacelius Ruru Independent Commissioner

Born in Kakaskasen Village, Tomohon – North Sulawesi, June 14, 1948, Bacelius Ruru graduated from School of Law of Universitas Indonesia in 1975 and holds LLM (Master of Laws) from Harvard Law School, United States. Previously, he served, among others, as President Commissioner of PT Perusahaan Pengelola Aset (Persero) (2004 – 2008), President Commissioner of PT Telekomunikasi Indonesia Tbk (2001 – 2004), President Commissioner of PT Bursa Efek Indonesia (2001 – 2008), Secretary of Ministry of State-Owned Enterprises (2001 – 2004), Deputy of State Minister/ Deputy of Head of Investment and State-Owned Enterprises Development, Supervision and Control Division, Ministry of StateOwned Enterprises (2000 – 2001), Assistant of Minister/Deputy of Mining Business and Agro Industry, State Ministry of State-Owned Enterprises Utilization (1999 – 2000), Assistant of Minister of StateOwned Enterprises Utilization/Deputy of Competitive Business Sector, Management Board of State-Owned Enterprises (1998 – 1999), Director General of State-Owned Enterprises Development, Ministry of Finance (1995 – 1998), and Head of Indonesian Capital Markets Supervisory Agency, Ministry of Finance (1993 – 1995). Currently he also serves as Independent Commissioner of PT Manulife Aset Manajemen Indonesia (since 2011), Independent Commissioner of PT Agung Podomoro Land Tbk (since 2010), President Commissioner of PT Axle Asia (insurance broker) (since 2008), President Commissioner of PT Jababeka Tbk (since 2007), President Commissioner of PT Tuban Petrochemical Industries (since 2003) and President Commissioner of PT Polychem Indonesia (since 2003). First appointed as Independent Commissioner of the Company on March 30, 2012.

Innovation Committee (since May 2010), Chairman of Advisory Council of Entrepreneur of Land Transportation Organization (since January 2010), and Chairman of Matsushita Gobel Foundation (since January 2005) and President Commissioner/ Independent Commissioner of PT Garuda Indonesia Tbk (since 2015). Appointed as President Commissioner of the Company since October 1, 2010. He was 60 years old by December 31, 2014. He has no affiliation with other members of Board of Commissioners, Board of Directors or shareholders.

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Farid Harianto Independent Commissioner

Born in Madiun - East Java, September 4, 1952, Farid Harianto holds a Bachelor of Electrical Engineering from Institut Teknologi Bandung, Master in Applied Economics and Managerial Science and Ph.D in Applied Economics and Managerial Studies from The Wharton School at the University of Pennsylvania, United States. Previously, he served, among others, as Deputy Chairman of Indonesian Bank Restructuring Agency (1998 – 2000), President Director of PT Pemeringkat Efek Indonesia (1995 – 1998), Visiting Professor and Chairman, ASEAN Studies, University of Toronto, Canada (1993 – 1995), and Director, Graduate Programs, Institut PPM (1990 – 1993). Currently he is designated as a member of the President’s Advancement Advisory Council at National University of Singapore (since 2011), Independent Commissioner of PT BATA Indonesia Tbk (since 2011), Special Staff of Vice President of the Republic of Indonesia (since 2009). Risk Monitoring Committee of PT Bank Internasional Indonesia Tbk (since 2007), Independent Commissioner of PT Unggul Indah Cahaya Tbk (since 2005), Independent Commissioner of PT Lippo Karawaci Tbk (since 2004), and Member of Executive Council of Asia, the Wharton School, University of Pennsylvania (since 2000). First appointed as Independent Commissioner of the Company on March 30, 2012. He was 62 years old by December 31, 2014. He has no affiliation with members of Board of Commissioners, Board of Directors or shareholders.

He was 66 years old by December 31, 2014. He has no affiliation with members of Board of Commissioners, Board of Directors or shareholders.


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PROFILE OF THE BOARD OF DIRECTORS 1. Justarina S. M. Naiborhu

President Director/Unaffiliated Director

2. Pandu P. Syahrir

Director

3. Arthur M. E. Simatupang

Director

4. Sudharmono Saragih

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Director


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PROFILE OF THE BOARD OF DIRECTORS

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01

02

03

04


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Justarina S. M. Naiborhu President Director/Unaffiliated Director

Born in Jakarta, October 27, 1963, Justarina Sinta Marisi Naiborhu earned her undergraduate degree from Institut Pertanian Bogor, Master in International Securities, Investment and Banking from Reading University, UK, and Master of Management from Universitas Indonesia. Previously she was President Director of PT CIMB-Principal Asset Management (2008 – 2011), Director of PT CIMB-GK Securities Indonesia (2003 – 2008), Vice President of Institutional Business & Advisory PT Kuo Capital Raharja (2001 – 2003), Portfolio Manager of Institutional Asset Management of PT Danareksa Investment Management (1999 – 2001), and Research & Development Analyst then Assistant to President Director of PT Bursa Efek Jakarta (1992 – 1997). She was 51 years old by December 31, 2014 and first appointed as President Director of PT Toba Bara Sejahtra Tbk on May 5, 2011. She has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.

03

Arthur M. E. Simatupang Director

Born in Bandung - West Java, February 12, 1973, Arthur Mangaratua Ebenhaezer Simatupang graduated with a Bachelor degree in International Business from University of Seattle, United States, and earned a Master of Commerce in Finance and Accounting from The University of Sydney, Australia. He served as Advertising and Promotion Supervisor at PT Indofood Sukses Makmur Tbk (1998 -2004) and Director and Chief Financial Officer at ABN since 2007. He was 41 years old by December 31, 2014 and first appointed as Director of PT Toba Bara Sejahtra Tbk on May 5, 2011. He has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.


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FINANCIAL REPORT

Pandu P. Syahrir Director

Born in Boston - United States, May 17, 1979, Pandu Patria Syahrir graduated with a Bachelor Degree from the University of Chicago, United States and holds a Master of Business Administration Degree from Stanford Graduate School of Business, United States. Prior to joining the Company, he was Senior Analyst focusing on energy and mining sectors at Matlin Patterson from 2007, Principal at Byun & Co., an Asian alternative energy fund (2002 – 2005) and Analyst at Lehman Brothers (2001 – 2002).. In 2014 he received “Asian Society Young Leaders Awards”, which is an award for young leaders under the age of 40 years from Asia Society. He was 35 years old by December 31, 2014 and first appointed as Director of PT Toba Bara Sejahtra Tbk on October 1, 2010. He has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.

04

Sudharmono Saragih Director

Born in Pematang Siantar – North Sumatra, August 2, 1978, Sudharmono Saragih graduated with a Bachelor Degree in Mining Engineerig with concentration in General Mining from Institut Teknologi Bandung. He served as Project Manager at PT Toba Sejahtera (2011-2012), Site Manager of PT Raja Kutai Baru Makmur, Ancora Group (2010 - 2011), Operations Manager of PT Wijaya Karya Aneka Mineral, Harita Group (2009 - 2010), Site General Manager of PT Agrabudi Jasa Bersama, Titan Mining Indonesia Group (2009), Operations General Manager of PT Riau Bara Harum, Andaru Resources Group (2008 - 2009) and Production Inspector at PT Kaltim Prima Coal (2004-2005).

He was 36 years old by December 31, 2014 and first appointed as Director of PT Toba Bara Sejahtra Tbk on June 20, 2012. He has no affiliation with other members of Board of Directors, Board of Commissioners or shareholders.


35

SHAREHOLDERS INFORMATION PT Sinergi Sukses Utama 5.1% Roby Budi Prakoso 3.6%

Luhut Pandjaitan 99.98%

PT Toba Sejahtra 71.8% Davit T. Pandjaitan 0.8% PT Bara Makmur Abadi 6.2% Publik 12.5%

PT Adimitra Baratama Nusantara 51% PT Toba Bumi Energi 99.99%

PT Indomining 99.99%

PT Trisensa Mineral Utama 99.99% PT Perkebunan Kaltim Utama I 90.00%

Shareholders Owning More Than 5% Name of Shareholders

Numbers of Shares

PT Bara Makmur Abadi

Share Ownership

125,755,000

6.25%

Bintang Bara B.V

201,250,000

10.00%

PT Sinergi Sukses Utama

102,700,000

5.10%

1,444,750,000

71.79%

PT Toba Sejahtra

Report of Share Ownership - Directors & Commissioners per 31 December 2014 Name

Position

Jusman Syafii Djamal

Number of Shares

Percentage

President Commissioner

0

0.00%

Bacelius Ruru

Independent Commissioner

0

0.00%

Farid Harianto


0

0.00%

President Director

0

0.00%

Director

0

0.00%

Justarina S. M. Naiborhu Pandu P. Syahrir Arthur M. E. Simatupang

Director

0

0.00%

Sudharmono Saragih

Director

54,800

0.003%

54,800

0.003%

Total

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Information on the Majority Controlling Shareholder The Company is majority held by PT Toba Sejahtra (TS), which holds 71.8% shares of the Company, and indirectly owned by Mr. Luhut Pandjaitan, which holds 99.98% shares of Toba Sejahtra. PT Toba Sejahtra is a limited liability company incorporated under Indonesian law on 6 August 2004, and is currently engaged in the mining, energy and plantation sector. The businesses of TS comprise of, among others, natural resources (thermal coal and oil and gas), power plants (as Independent Power Producer of coal-fired, gas-fired and geothermal power plants), as well as agricultural and plantation resources (oil palm, rubber, sugar cane, and forestry). The TS Group currently comprises of 16 affiliated companies that are engaged in broad ranging industry sectors. Toba Sejahtra collaborates with leading companies from Indonesia and overseas in developing various assets and natural resources in Indonesia, with the aim of harnessing the Indonesian natural resources in the best possible way to improve the welfare of the Indonesian people.

Chronology of Share Listing The Company listed its shares on the Indonesia Stock Exchange on July 6, 2012, under challenging conditions for the coal market in general. A total of 210,681,000 common shares at a nominal value of Rp 200 per share were listed on the Exchange, representing 10.47% of the Company’s fully paid and invested capital. The shares offered to the public at the IPO at a price of Rp 1,900 per share generated proceeds of Rp 400,293,900,000 for the Company. It is listed on IDX with the ticker code of TOBA.

Report of Use of Proceeds Per December 2014 (in million Rp) Realization of Public Offering

No

1 1

Type of Public Offering

Effective Date

2

3

IPO

6-Jul-12

Total

Plan of Use of Proceeds as Disclosed in Prospectus R

Total Proceeds from Public Offering

Expenses of Public Offering

Net Proceeds

Payment of Loan to BNP Paribas

4

5

6

7

Acquisition of Coal Mining Concession, Capital Working Expenditures Capital and Operational, and Exploration Activities 8

9

Total

10

Realization of Use of Proceeds as Disclosed in Prospectus

Bayar Pinjaman Capital ke BNP Expenditures Paribas

11

12

Acquisition of Coal Mining Concession, Working Capital and Operational, and Exploration Activitie

Total

Remaining Proceeds of IPO

13

14

15

400,294

38,871

361,423

94,476

189,711

77,236

361,423

94,116

179,396

77,236

350,748

10,675

400,294

38,871

361,423

94,476

189,711

77,236

361,423

94,116

179,396

77,236

350,748

10,675

Notes a. (i) Plan of use of proceeds as disclosed in Prospectus. 7 More or less 26.14% from the net proceeds to be used to repay loan facilities from BNP Paribas. 8 More or less 52.49% from the net proceeds to be used for capital expenditure to support mining activities, infrastructure and facilities development in the concession areas of the subsidiary entities. 9 More or less 21.37% from the net proceeds to be used as working capital for the Company and subsidiary entities and to finance exploration activities in the subsidiary entities’ concession areas and to acquire coal mining concessions. (ii) Realisation of use of proceeds as disclosed in Prospectus. 11 Repayment of the loan principal to BNP Paribas amounting to US$9,946,782.69 equivalent to Rp94,116 million. 12 Capital expenditures related to the procurement of fixed assets for the Company and the development of supporting facilities in the concession areas of subsidiary entities. 13 Financing of working capital and exploration activities in the three subsidiary entities’ concession through loans extended to the subsidiary entities amounting to Rp18,485 million. Financing of operations and working capital of the Company b. Fund from the proceeds of the IPO as of 31 December 2014 was deposited in Standard Chartered Bank (non affiliated) with a tenor of one month, earning a Rupiah interest rate of 7.50%.


37

BRIEF DESCRIPTION OF OPERATING SUBSIDIARIES


PT INDOMINING

51%

99.99%

Percentage Ownership of the Company

PT Adimitra Baratama Nusantara (ABN) is a fast-growing thermal coal producer located in Sanga- Sanga, Kutai Kartanegara, East Kalimantan, Indonesia and covers 2,990 hectares. First set up in 2004, ABN has been a majority-owned subsidiary entity of the Company since 2010. ABN has a total estimated resources of 156 million tons of coal. Currently, ABN produces two varieties of blended thermal coal, ABN 52 and ABN 58. In 2013 it produced 4.2 million tons of coal, with main infrastructures that comprise of coal stockpile, crusher, overland conveyor and jetty. In 2013, more than 80% of ABN production is estimated to be higher than 5,600 GAR. ABN transports its coal from the ROM stockpile through the overland conveyor of less than five kilometers, which directly loads the coal to 300-feet barges at the jetty.

Board of Commissioners Paulina Maria Dame Uli Pandjaitan


PT Indomining is a subsidiary company of PT Toba Bumi Energi, which is wholly controlled by the Company. The Indomining coal concession is located in Sanga-Sanga, Kutai Kartanegara, East Kalimantan, and covers 683 hectares, adjacent to the concession of ABN. IM has a total estimated coal resources amounting to 37 million tons, and has its own coal mining infrastructures that include a crusher, land conveyor and jetty. IM can transport crushed coal from the ROM stockpile through the overland conveyor directly onto docked barges in the jetty. IM began production in 2007 and in 2013 produced a total of 1.4 million tons of coal.

Board of Commissioners President Commissioner

Godlief Manangkak Timbul Silaen

President Commissioner

Imelda The

Commissioner

Roby Budi Prakoso

Commissioner

Aurelia Marsaulina Simatupang

Commissioner

Saswinadi Sasmojo

Commissioner

Soenggoel Pardamean Sitorus

Commissioner

Lutfi Ismail

Commissioner

Sintong Pandjaitan

Commissioner

Board of Directors Hamid Awaluddin

Board of Directors President Director

Sudirdjo Widjaja

Director

Michael Soerijadji

Director

Pandu P. Syahrir

Director

Sudharmono Saragih

Director

38


Arthur M. E. Simatupang Alvin Sunanda

President Director Director

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PT PERKEBUNAN KALTIM UTAMA I

99.99%

90%


PT Trisensa Mineral Utama (TMU) is a wholly owned (99.99%) subsidiary of the Company. The TMU concession is located in Kutai Kartanegara, East Kalimantan, and covers 3,414 hectares. Trisensa has completed the construction of a coal-hauling road to IM through ABN in order to use IM’s infrastructures. TMU has an estimated total resources of 43 million tons. TMU commenced production in October 2011, and in 2013 produced approximately 925 thousands tons of coal.

Board of Commissioners Tjokro Saputrajaya

PT Perkebunan Kaltim Utama I (PKU) is a subsidiary entity of the Company with a majority share (90%) of PKU, which is engaged in the oil palm plantation business. PKU holds the Rights to Cultivate Oil Palm Plantation (HGU) of a site totalling 8,633 hectares in the Teluk Dalam Bario, Pula Seribu Village, Muara Jasa District, Jawa County, Sanga-Sanga Regency, and in Tani Bhakti Village, Batuah, Loa Janan District, Kutai Kartanegara Regency, East Kalimantan for a period of 30 years.

Board of Commissioners President Commissioner

Bok Maria Laurensia

Commissioner

Salikin Moenits

Commissioner

Eddy Kustiwa Koesma

Commissioner

Board of Directors

Lutfi Ibrahim Nasution Lutfi Ismail

President Commissioner Commissioner

Board of Directors

Suaidi Marasabessy

President Director

Suaidi Marasabessy

Elim Khiat

Director of Finance

Elim Khiat

Hartanto Saputrajaya Nyoto


President Director Director

Director of Operations


39

CAPITAL MARKET SUPPORTING PROFESSIONALS No

1

2

3

4

40

Supporting Institutions

Public Accountant

Notary

Share Registrar

Public Appraisal Firm

Name of Institutions

Address

Period

KAP Purwantono, Suherman & Surja

Gedung Bursa Efek Indonesia Tower 2, 7th floor Jl. Jend. Sudiman Kav. 52-53 Jakarta 12190 T: (021) 5289 5000 F: (021) 5289 4100

2013 - 2014

Aryanti Artisari, SH. M. Kn

Menara Sudirman, 18th floor Jl. Jend. Sudirman Kav. 60 Jakarta 12190 T: (021) 520 4778 F: (021) 520 4780

-

PT Datindo Entrycom

Wisma Diners Club Amex Jl. Jend. Sudirman Kav. 34-35 Jakarta 10220 T: (021) 570 8870 F: (021) 570 9026

Since 2012

Jennywati, Kusnanto & Rekan

Plaza Bapindo Citibank Tower, 27 th floor Jl. Jend. Sudirman Kav. 54-55 Jakarta 12190 T: (021) 526 0808 F: (021) 526 6006

-


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PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2,16th floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia T: (021) 5794 5779 F: (021) 5794 5778 [email protected]

Operating Subsidiaries


Office Jakarta Office Wisma Bakrie 2, 11th floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia T: (021) 579 42103 F: (021) 579 42130

Jl. Habiba RT 04 Kelurahan Jawa, Sangasanga 75254 Kab. Kutai Kartanegara - Samarinda East Kalimantan Indonesia T/F: (0541) 671 259

Jakarta Office Wisma Bakrie 2, 11th floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia T: (021) 579 30579 F: (021) 579 30580

District 5, Jl. Gajah Mada Kel. Sangasanga Dalam, Kec. Sangasanga, Kab. Kutai Kartanegara Samarinda, East Kalimantan Indonesia T: (0541) 671 387 F: (0541) 671 310

Jakarta Office Wisma Bakrie 2, 11th floor Jl. H.R. Rasuna Said Kav B-2 Jakarta 12920, Indonesia T: (021) 5793 0568/9 F: (021) 5793 0570

KM 23 Desa Tani Harapan Kecamatan Loa Janan Kab. Kutai Kartanegara - Samarinda East Kalimantan Indonesia T/F: (0541) 726 8231

Jakarta Office Wisma Bakrie 2, 11th floor Jl. H.R. Rasuna Said Kav B-2 Jakarta 12920, Indonesia T: (021) 5794 5779

Desa Tani Harapan Kecamatan Loa Janan Kab. Kutai Kartanegara - Samarinda East Kalimantan Indonesia T/F: (0541) 796 4704

PT INDOMINING


PT PERKEBUNAN KALTIM UTAMA I

Site


41

MANAGEMENT DISCUSSION AND ANALYSIS Although the coal market has not moved from its position of oversupply and declining demand, in the long-term, coal demand will continue to increase along with the world energy demand as driven by population growth and increase in Gross Domestic Product (GDP).

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INDUSTRY OVERVIEW

Indonesia is one of the largest coal producers and exporters in the world. Since the early 1990s, when the coal mining sector was reopened for foreign investment, the Indonesian coal industry has increased rapidly both in terms of production and sales volumes. The domestic use of coal to this day is relatively low compared to the Indonesian coal exports which range between 70% - 80% of the total coal production. Production, exports and domestic sales are expected to grow at least by 10% every year. Based on the report of BP Statistical Review of World Energy published in 2014, in 2013 Indonesia was in the fifth place of coal producer in the world after China, the USA and Australia. Production (million Mt)

Country

Consumption (million Mt)

2012

2013

2012

2013

3,645.0

3,680.0

1,856.4

1,925.3

United States

922.1

892.6

436.7

455.7

India

606.5

605.1

302.3

324.3

China

Australia

452.8

478.0

47.3

45.0

Indonesia

386.0

421.0

50.4

54.4

Table: Big five of world coal producers (Source: BP Statistical Review of Wold Energy June 2014)

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FINANCIAL REPORT

By the end of 2014, global coal prices have declined by 27.8% compared to 435 million tons prices at the end of 2013, as the combined result of 2014 Exported coal from Total Proweakening demand growth duction Indonesia in China and relatively high % supply. 82.5 2014 Total Coal Production in Indonesia

From the table above, it shows that although Indonesia was the fourth as a producer, but its domestic consumption was still very low. In contrast, more than 80% of Indonesian coal production entered into the global market that puts Indonesia the world’s largest coal exporter.

COAL MARKET CONDITIONS 2014

Based on data from Indonesian-Investments, most of exported thermal coal consisted of the medium quality type (between 5,100 and 6,100 kcal/kg) and the low quality type (below 5,100 kcal/kg) which were largely absorbed by China and India markets. Moreover, approximately 60% of Indonesia’s total coal reserves consisted of low quality coals that were cheaper (sub-bituminous) containing less than 6,100 kcal/kg. Pertaining to the global coal reserves, Indonesia is currently ranked 10th having approximately 3.1% of total proven global coal reserves according to BP Statistical Review of World Energy 2014.

China which has been the world’s largest coal importer began to reduce the use of low rank coal for developing environmentally friendly power plants. China’s policy shocked the other exporting countries because in 2013 alone China absorbed coal supply of 1.9 billion tons or 50.3% of total world coal consumption.

Entering 2014, the coal industry showed no indication of improvement. The coal market has not moved from its position of oversupply and declining demand since 2011.

In addition, excess supply in global market was also triggered by flooding products from South Africa and the United States. Coal supply increased faster than demand was also due to some new mines commencing production phase. One of the world’s largest thermal coal exporters mentioned that thermal coal shipments


45

INDUSTRY OVERVIEW

by sea rose by 22.0% between 2011 and 2013. As a result, the price of thermal coal used in power plants was traded at its lowest level in five years. Meanwhile, metallurgical coal, steel raw materials, was traded almost at the lowest level in seven years. Newcastle Price Index (NEWC) decreased by 16.2% from US$ 93.2/ton in the first quarter of 2013 to US$ 78.1/ton in the first quarter of 2014. Entering mid-year, the price weakening continued. NEWC Price Index fell to US$ 73.1/ton in the second quarter and the third quarter dropped to US$ 68.4/ton. By the end of the year, coal prices continued to weaken to US$ 63.5/ton on December 31, 2014. Thus, in just a single year, coal prices declined by 26.0% compared to US$ 85.9/ton by the end of 2013. The main cause of declining coal prices was a combination of weakening demand growth in China and relatively high inventories due to declining domestic coal prices. In addition, uncontrolled production of the major supplying countries like Indonesia and Australia

46


added up the pressure on world coal prices. Hence, the estimated coal price in short to medium term would be in the same range. The Indonesian government made an effort to help drive up coal price. Ministry of Energy and Mineral Resources (ESDM) set a coal production quota of 397 million tons in 2014. This enforcement of production quotas was expected to help lift the domestic and international coal prices. However this production quota is predicted not to run effectively. Large-scale manufacturers continue their coal productions according to the agreements. Many coal producers focus on efficiency by cutting operating costs, reducing labors, delaying capital expenditures for large-scale development and renegotiating contracts. Uncertain market conditions force every coal industry player to operate efficiently, effectively and responsively to market demand.

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FUTURE PROSPECTS Given the growing energy needs, the coal industry players remain optimistic about the coal future. Quoted from the report of BP Statistical Review of World Energy released in June 2014, coal consumption continued to grow by 3% in 2013. Although the figure was still below the average growth in 10 years of 3.9%, nevertheless coal was the most rapidly-growing fossil fuel. World energy demand will continue to increase as driven by population growth and increase in Gross Domestic Product (GDP). Economic growth in Asia, which contributes to the world economic growth, strongly affects the world energy demand. According to projections of International Energy Agency (IEA), by 2030 the world energy demand would increase by 45.0%, or an average increase of 1.6% per year. Approximately 80% of the world’s energy needs are met by fossil fuels. Only around 20% comes from renewable energy.



FINANCIAL REPORT

According to IEA projections for the period 2006-2030, about 87.0% of the world’s energy demand comes from non-OECD countries. Energy demand growth in China was projected to be the greatest among other areas. India in recent years also showed quite large growth in energy demand, one level below China. Of the energy growth, coal ranks second after oil as energy supply source. Coal consumption is expected to increase three times by 2030. Approximately 97.0% of coal users are non-OECD countries and China becomes the largest user, which is about 2/3 of the total world consumption. Coal is still needed to meet the demand for power plants construction in a number of areas in line with economic and revenue growth. The coal demand is expected to grow by about 2.0% per year. Based on the report of World Energy Outlook 2013, in the regional area, coal demand in ASEAN countries is projected to increase three times during the period from 2011 to 2035 with an average growth of 4.7% per year. Strong demand in the entire South Asia is driven by increasing electricity demands.


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OPERATIONAL OVERVIEW

Toba Bara is the majority controlling shareholder in three coal mining Subsidiaries, namely ABN, IM and TMU. The Company’s business revenue depends entirely on the volume and quality of the coal produced. Through the Subsidiaries, the Company manufactures a wide range of coal products with different calorific values. These products are the result of each concession area of different seams with various calorific values to generate products with specific characteristics according to customer specifications. The Company’s products are sub-bituminous coal with following specifications: TM

IM

Ash

(%GAR)

(%adb)

(%adb)

(%adb)

ABN 52

23

15

6

40

ABN 56-HS

20

13

6

40

ABN 56-RS

20

13

6

ABN 58

19

11

6

Concession Area

(Total Moisture) (Inherent Moisture)

VM

HGI

(Volatile Matter) (Hardgrove Indexs)

TS

(Total Sulphur)

CV

(Calorific Value)

(%adb)

(kcal/kg) GAD

(kcal/kg) GAR

45

0.8

5,800

5,200

45

1.8

6,100

5,600

40

45

0.8

6,100

5,600

40

45

0.8

6,250

5,800

ABN

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FINANCIAL REPORT

One of the Company’s competitive advantages is that the three concession areas are located next to each other, thereby facilitating an optimum cost efficiency program through a joint mine plan and infrastructure sharing.

Concession Area

TM

IM

Ash

(%GAR)

(%adb)

(%adb)

(%adb)

19

13

8

40

28

15

4

42

(Total Moisture) (Inherent Moisture)

VM

HGI

(Volatile Matter) (Hardgrove Indexs)

TS

(Total Sulphur)

CV

(Calorific Value)

(%adb)

(kcal/kg) GAD

(kcal/kg) GAR

45

0.9

6,200

5,700

42

0.3

5,600

4,700

Indomining Indomining-56

TMU Trisensa-47

OPERATIONAL AND PRODUCTION PERFORMANCE In the midst of tough coal industry conditions, the Company continues to manage costs carefully in every operational aspect of its three Subsidiaries to maintain production growth to remain stable and profitable. One of the Company’s advantages is that the three concession areas are located next to each other. Accordingly, the Company can optimize cost efficiency program with a joint mine plan and infrastructure sharing. Undertaken cost efficiency efforts include: • Decrease stripping ratio (SR) and overburden management. • Build hauling road from TMU to IM and maximize the use of shared infrastructure such as CPP (coal processing unit) and jetty.


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With the completion of the Coal Processing Plant (CPP) facility, coal production capacity in IM increased from 3 million tons per year to 6 million tons per year, in support of the Company’s long-term target of achieving production volume of 16 million ton per year.

Toba Bara’s Production Volume in 2014

8.1 million tons Toba Bara’s Coal Production Growth in 2014

24.6%

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FINANCIAL REPORT

• Fuel efficiency. • Maximize sales through targeted marketing strategies. • Decrease in contractor cost. In 2014, the Company built new Coal Processing Plant (CPP) facility to increase coal production capacity in IM from 3 million tons per year to 6 million tons per year. The new CPP is also used to process TMU coal thereby creating cost efficiencies and increasing capacity of coal stockpile. Therefore, the total production capacity increased from 13 million tons per year to 16 million tons per year. The Company’s production volume increased by 24.6% from 6.5 million tons in 2013 to 8.1 million tons. Production volume achievement in 2014 was the highest in the Company’s history, whereby this production exceeded the planned target of 7.2 to 7.8 million tons. The increase in production volume was supported by the increased productions of TMU and IM. The contributions of each Subsidiary were approximately 1.4 million tons from TMU, approximately 2.3 tons from IM and approximately 4.4 million tons from ABN. The significant production increase of TMU was triggered by the completion of hauling road in the second quarter of 2013 which connects TMU and IM via ABN. ABN remains the major contributor of the three Subsidiaries which was 54.3% of the Company’s total production, although its percentage contribution has decreased from the previous year which reached 64.6% due to the increased contributions of IM and TMU. TMU’s contribution increased from 13.8% in 2013 to 17.3% in 2014. The production volumes of IM and TMU grew by around 64.3% and 55.6% respectively in 2014.

ABN 13.9x

IM

TMU

13.2x

14.0x

11.8x

12.8x

11.1x

4.4

4.2

2.3

1.4

1.4

0.9

2014

2013

2014

2013

2014

2013

Production Volume (million tons)

SR (x)

Chart: Production and SR (stripping ratio) growth of ABN, IM and TMU

Compared to 2013, SR decreased by 0.7% from 13,4x to 13.3x reflecting the Company’s efforts to improve efficiency in the midst of the weakened condition of the coal price. In line with its strategy to reduce overall costs continually in order to maintain profit margin, the Company maintains SR and Overburden (OB) at a stable position, considering both of these components, including fuel, account for 65-70% of the total cash cost.


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Production Volume & SR million ton

SR

9.0 8.0

16.0x 8.1 14.9

15.0x

7.0 6.0

6.5 14.0x

5.6

13.4

13.3

5.0

13.0x 4.0 12.0x

3.0

fixed prices from qualified buyers at the end of 2013 for most of the production plan in 2014. The Company could maximize its price structure to anticipate the less favorable coal market condition. Payment mechanism was very beneficial to the Company as most of the buyers prepaid their transactions based on certain percentage of the contract values. The Company booked revenue of US$ 500.0 million, increasing by 18.5% from US$ 421.8 million in 2013.

2.0 11.0x 1.0 10.0x

0.0 2012

2013

TMU

IM

2014

ABN

SR (x)

Graph: Production and SR

US$/ton 200 180 160 140 120 100

PROFITABILITY

US$ 91.3/ton

80 60 40

US$ 72.5/ton

US$ 65.5/ton

US$ 62.5/ton

US$ 66.6/ton

US$ 63.7/ton

US$ 50.1/ton

US$ 41.5/ton

20

With Newcastle Index price down 17% year-on-year, the Company managed to keep its Average Selling Price (ASP) that only decreased by 4.4% from US$ 66.6 in 2013 to US$ 63.7 in 2014. This could be achieved because the Company obtained sales contracts with

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0

2007

2008

2009

2010

NEWC Index

2011

2012

2013

ASP

Chart: Price fluctuation of NEWC Index and Average Selling Price

2014

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FINANCIAL REPORT

On the cost side, in 2014 the Company was able to reduce FOB cash cost by 3.0% due to cost efficiency efforts supported by better mine plan and lower fuel cost. Overall, the Company managed to increase EBIDTA by 14.8% to US$ 67.3 million compared to US$ 58.6 million in 2013. Profit in 2014 reached US $ 35.8 million, an increase of 3.5% from the profit achievement in 2013. With an average quarterly run-rate production reaching 2.0 million tons, hence EBITDA per ton in 2014 stabilized at US$ 8 - US$ 10 per ton. 2013

2014

Newc. Index

US$/ton

85.3

70.8

(17.0)%

Average Selling Price (ASP)

US$/ton

66.6

63.7

(4.4)%

Production Volume

Million ton

6.5

8.1

24.6%

Sales Volume

Million ton

6.3

7.9

25.4%

x

13.4

13.3

(0.7)%

Sales

US$ Million

421.8

500.0

18.5%

EBITDA*

US$ Million

58.6

67.3

14.8%

Profit for the Year

US$ Million

34.6

35.8

3.5%

Operational

Stripping Ratio

Change

Financial

*EBITDA = Gross Profit - selling & marketing expenses - G&A expenses + Depreciation and amortization Table: Key operational indicators

MARKETING The Company produces coal with diverse characteristics and required by power plants and other users in major export markets, particularly in the Asia Pacific region. Therefore, the Company does not have significant difficulties in marketing their products, as the Company has a strong diversified customer base. Throughout 2014, the Company sold its products to Asian countries, such as China, Korea, Taiwan, India, and the Philippines. Several internationally well-known traders and end-users such as power plant companies are some of the major customers. The Company maximizes capability of its internal marketing team to acquire new well-known endusers in Japan without spending significant marketing cost. Integrated marketing strategies applied by the Company are: • Empower central marketing for the three Subsidiaries to build a customer base internally so as to reduce marketing cost. • Improve buyer quality through refinement of contracts and payment terms supported by prepayment. • Maximize pricing determination through mid and long-term sales contract strategy and ideal spot. • Participate actively in prominent seminars, conferences, and trade shows to enhance the Company’s brand awareness.


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Sales Based on Product

Sales Based on Countries of Destination

(in %)

(Sales to other countries respectively below 3%)

4700 GAR 5200 GAR

9%

5600 GAR

64%

5800 GAR

1%

5900 GAR

9%

Others

1%

Total Sales 2014 7.9 million tons

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South Korea 19.0%

China 32.9%

16%

Japan

Taiwan 15.2%

India 16.5%

Hong Kong

Thailand Vietnam

Philippines

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FINANCIAL REPORT

Sales Based on Countries of Destination (in million tons) Country of Destination China

Total

Percentage

2.6

33%

South Korea

1.5

19%

India

1.3

16%

Taiwan

1.2

15%

Philippines

0.3

4%

Vietnam

0.3

4%

Thailand

0.2

3%

Others

0.5

6%

Total

7.9

100%

2014

INITIATIVES AND DEVELOPMENT The Company has set a strategy to maintain business sustainability. Therefore, in 2014 the Company focuses on efficiency efforts to obtain positive operating margin in the middle of challenging coal market condition. In accordance with its revised mining plan, the Company sought to reduce stripping ratio in coal mining to reduce stripping cost. This was successfully done, whereby the overall stripping ratio decreased from 13.4x to 13.2x. In addition to decreasing stripping ratio, the Company sought to optimize its competitive advantages which is having the three adjacent mine locations. The Company designed joint mine plan and infrastructure sharing among ABN, IM and TMU such as the use of overland conveyor, coal crusher, coal transportation and jetty. The Company mines in the borderland between ABN and IM to maximize the reserves and increase overburden disposal capacity. The adjacent location of ABN and IM is optimized so as to shorten overburden disposal distance, thereby reducing overburden transport cost. With coal haul road from TMU to IM via ABN, the Company can maximize the use of shared infrastructure such as CPP (Coal Processing Plant) and jetty owned by ABN or IM. The Company has built a new CPP in IM, which can increase processing capacity of IM’s coals, accommodate TMU’s coals, increase overburden disposal capacity, reduce transportation cost, and increase stockpile capacity for raw coal and coal products. To shorten overburden disposal distance, the Company has built underpass at ABN’s location. In 2014, the Company invested in capital expenditure of US$ 11.8 million from the budget of US$ 15.5 million. The capital expenditure was used, among others, for land acquisition financing in TMU and purchase of equipment and operational facilities to support operations at the mine site.


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PROJECTS IN PROGRESS 1. In the third quarter of 2014, Perkebunan Kalimantan Utama I (PKU), a subsidiary engaged in palm oil plantation, commenced the factory construction process starting with preparation of a mill. The palm oil mill capacity is planned to be 30 tons/hour. The construction is expected to be completed by the end of 2015. 2. IM has completed the construction of conveyor belt transfer that connects the new CPP directly with the existing conveyor belt.

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FINANCIAL REPORT

PROFILE OF SUBSIDIARIES PT Toba Bara Sejahtera Tbk is a coal mining company conducting mining activities in Sangasanga, Kutai Kartanegara Regency, East Kalimantan Province. The Company has mining operational supporting infrastructure such as coal haul road, office, workshop, special coal port and other infrastructure. The Company has three Subsidiaries engaged in coal mining with adjacent concession areas in Sangasanga, Kutai Kartanegara Regency, East Kalimantan Province. A subsidiary engaged in palm oil plantation is PT Perkebunan Kalimantan Utama I (PKU), which recently started construction of palm oil mills.

2. PT Indomining (IM) located in Sangasanga, Kutai Kartanegara, East Kalimantan. IM operates with IUPOP license and began operating in August 2007. IM has a land area of 683 hectares, with an estimated coal resource of 37 million tons. 3. PT Trisensa Mineral Utama (TMU) located in Loa Janan, Muara Jawa and Sangasanga, Kutai Kartanegara, East Kalimantan. TMU operates with IUPOP license and began operating in October 2011. TMU has a land area of 3,414 hectares, with an estimated coal resource of 43 million tons. Overall, the Company’s total estimated coal resource is currently 236 million tons*.

The three Subsidiaries in coal mining are: 1. PT Adimitra Baratama Nusantara (ABN) located in Sangasanga, Kutai Kartanegara, East Kalimantan. ABN operates with IUPOP license and began operating in September 2008. ABN has a land area of 2,990 hectares, with an estimated coal resource of 156 million tons.

Major city MUARA BERAU

Jetty

Malaysia

Transhipment Point Major city is less than 50 km

TMU-IM Hauling Road East Kalimantan

SAMARINDA

M

AH

AK AM

RIVE

R Furthest pit to jetty ~25 km with closest ~5 km

~25 km

Central Kalimantan

Balikpapan

~5 km IM ABN

TMU

~55 Km (total ~120 Km)

MAKASSAR STRAIT IM Jetty ABN Jetty

Close proximity transhipment point & jetty

Kutai Energy

Adjacent locations for three mines

MUARA JAWA

~120 Km

BALIKPAPAN

~65 Km

* Based on Runge report for ABN per December 31, 2011, SMGC report for IM per January 1, 2012, Marston Report for TMU per October 30, 2011


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PT ADIMITRA BARATAMA NUSANTARA PT Adimitra Baratama Nusantara (ABN) which was established in 2006, has a mining area of approximately 2,990 hectares located in Kampung Jawa Village, Sangasanga District and Muara Kembang Village, Muara Jawa District, Kutai Kartanegara Regency, about 30 kilometers to the southeast of Samarinda, the capital of East Kalimantan. ABN’s concession area consists of two distinct regions, East ABN and West ABN. ABN operates under Mining Authority License No. 540/74/ KP-Er/DPEIV/VI/2006. Based on the latest JORC report, ABN has a coal resource of about 156 million tons and coal reserve of about 117 million tons. ABN commenced exploration and infrastructure development in 2007, and commercial production in 2008. Coal production in 2014 reached 4.4 million tons, increased by 4.8% from 4.2 million tons in 2013. ABN’s stripping ratio reached 13.9x, lower than 14.0x in 2013. This is in line with consolidation and cost-efficiency programs launched by the Company since 2013. ABN’s operational activities provide employment for 2,006 people, consisting of 389 employees of ABN and 1,617 employees of contractors and sub-contractors. Most of employees of ABN and contractors/subcontractors are local people of Sangasanga and Muara Jawa District, Kutai Kartanegara Regency representing approximately 61% of the total employees. While the remaining 39% come from outside of these two districts. ABN’s infrastructure capabilities include crusher, overland conveyor and jetty, with a current capacity of approximately 10 million tons per year. Mining is conducted with surface open pit mining system. ABN’s coals have low dust content so that washing process is not required, only crushing process is required. ABN’s mining activities are carried out by two main contractors, namely PT Petrosea Tbk and PT Arkana Apta Pratista. ABN’s coal products are included in thermal coal group with sub-bituminous and bituminous ranks and quality between 5,200 GAR – 5,800 GAR. ABN’s products are also marketed to several countries in the world, including India, China, Japan, Thailand, and Korea. ABN also supplies domestic needs such as cement and some other industries.

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In a relatively short time since it began operating in 2008, ABN for three years in a row in 2011, 2012 and 2013 achieved Green rating and in 2014 earned Blue rating for PROPER, a Government environmental compliance rating program for major industries whose operations could impact on the environment.

Exploration Activities A. Exploration Areas

In January to March exploration activities and update geology model were conducted.

Starting in April exploration activities were prioritized in new pit plan area which still required additional drilling data, especially in sub crop and down dip area. Undertaken exploration activities were: 1. Infill drilling in new pit plan in Eastern block, which is part of pit 1 mining development plan to obtain additional drilling data by pressing drilling space from the previous drilling data. 2. Infill drilling in anticline axis area to determine continuity and potential seam shapes in anticline axis area that could still be optimized. 3. Infill drilling in pit 1 North (active pit) to obtain additional drilling data by pressing drilling space from the previous drilling data to increase continuity confidence of the main seam toward down dip to the lower limit of pit plan. 4. Depressurization drilling to reduce water pressure and stabilize the low wall in pit 1. 5. Infill drilling (phase I) in anticline axis area to determine continuity and shape of potential seam in anticline axis area which could still be optimized. 6. Infill drilling (phase II) in anticline axis area to determine continuity and shape of potential seam in anticline axis area which could still be optimized. 7. In October there was no exploration activity, however there were geological model update and preparation of exploration activities in 2015.

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B. Measurement Methods



C. Drilling Monitoring

1. Drilling is carried out using open hole drilling method and touch coring with HQ and NQ hole diameters at an angle of 90˚ or vertical. Sample core and geophysical logging data are taken at touch coring drilling, while sample cutting and geophysical logging data are taken in at open drilling.

2. The dip in the West area ranged 70˚ - 85˚, therefore exploration drilling activities in the Western block are conducted using slanting drilling method with a slope of 45˚. The drilling system uses open hole method and touch coring. Open hole aims to determine the stratigraphy and continuity of rocks particularly coal seam. Meanwhile touch coring hole aims to take coal samples for coal quality analysis.

D. Exploration Progress

3. Geological structure condition in the Eastern block area has a quite flat dip of around 5 ° - 10 ° with this condition, drilling is carried out with vertical drilling method. 4. Drilling hole with size N (76.00 mm) and H (99.70 mm) is carried out with slanting drill system (45˚). For penetration depth of the existing drill types, Koken E-8 unit for 45˚ slanting condition reaches 100 meters, if vertical reaches 150 meters. 5. Crop line drilling uses vertical drilling system and drilling penetration to a depth of 30 meters using rods AW rods with a hole diameter of size N (76.00 mm).

FINANCIAL REPORT

Drilling activities are carried out by drilling contractor PT Duta Jaya Putrapersada Mining, which operates 3 drilling machines consisting of 2 Jacro 300 units and 1 Jacro 200 units used for infill drilling both open hole and touch coring. These drilling activities are supervised directly by ABN under Geology Section, Engineering Department.

ABN’s area consists of 2 main blocks, namely the Eastern block and the Western blocks, which are distinguished by oil/gas exclusion zone of PT Pertamina Asset V site Sangasanga in the concession area. During the period from April to July, drilling was carried out in the Eastern block and the Western block. Infill drilling Phase I completed 59 holes of the total planned 56 drilling holes, with a total depth of 5,897.40 meters from 6,167 meters planned.

In August infill drilling phase II activities were carried out in the Eastern block and Western block with a total of 1,295.10 meters (15 drill holes) so that overall, drilling progress has been completed with a total of 72 drill holes, with a total depth of 7,153.45 meters from 7,167 meters planned.

In September there was no exploration activity, but focused on verification and validation of exploration data that has been done.

6. Drilling is carried out using open hole drilling method and touch coring with hole diameters HQ and NQ at an angle of 90˚ or vertical. Sample core and geophysical logging data are taken at touch coring drilling, while sample cutting and geophysical logging data are taken in at open drilling.


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PT INDOMINING


PT Indomining (IM) has a concession area covering approximately 683 hectares in Sangasanga District, Kutai Kartanegara Regency, about 38 kilometers to southeast of Samarinda, the capital of East Kalimantan Province. According to the latest JORC report, Indomining has a total coal resource of about 37 million tons and coal reserve of around 22 million tons. IM operates under Production Business License No. 540/004/IUP-OP/MBPBAT/III/2013 dated March 15, 2013. IM’s production phase began in August 2007, while its commercial production commenced in September 2007.

Exploration activities during 2014 were prioritized in areas that require detailed drilling to obtain geological and hydrological and geotechnical testing data.

Undertaken exploration activities were: 1. Measure pit A North and South flats based on comparison data of pick-up survey and field measurement. 2. Measure coal actual thickness in pit A North and D South for purposes of updating geological models and mining control. 3. Conduct infill drilling activity at some points which less dense spaces. 4. Check sludge material condition in acquired land area to determine sludge material thickness in order to perform geological model up-date. 5. Support the supervision of geotechnical drilling for OLC (Over Line Conveyor) construction plan in sludge area of CPP (Coal Processing Plant). 6. Evaluate geotechnical drilling proposal for high LoM pit A seam A1 coordinating with ABN’s Geological Team. 7. Review geotechnical drilling plan for high LoM pit B 3 (three) points to evaluate the design LoM pit and disposal related to failure issues.

Coal production in 2014 reached 2.3 million tons, increased by 64.3% from 1.4 million tons in 2013. Stripping ratio (SR) increased to 13.2x compared to 12.8x in 2013. IM’s coal production volume increased significantly with the operation of the new CPP which added IM’s coal production capacity by six million tons per year, in addition to process coals from TMU’s mine. IM’s operational activities provide employment for 695 people, including contractors and sub-contractors. Approximately 80% of employees come from local people to implement community development program to improve welfare of communities surrounding the mining area. IM’s mining contractor is PT RPP Contractor Indonesia. The mining activity is surface open pit mining with truck and shovel method. The quality of IM’s coal products are between 5,600 GAR with total sulfur of around 1.0%. This product is quite competitive in international and domestic markets. In terms of environmental compliance, Indomining earned Blue rating for PROPER (Program for Environmental Compliance Performance Rating) from Governor of East Kalimantan in 2012 and 2013 as a reward for compliance with requirements of sound environmental management according to laws and regulations. In 2014, IM again earned Blue rating for PROPER from Ministry of Environment as a reward for environmental preservation compliance by major industry players that have an impact on the natural environment.

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Drilling was conducted using open hole method NQ type with a maximum depth of 100 meters. For rock description geophysical logging was carried out with descriptions using drilling cutting.

C. Drilling Monitoring

Supervision is done directly by Indomining’s geologists. Drilling tools use 4 drill units owned by CV Moedjiarto Mandiri Utama.


Exploration drilling work reached a total depth of 2,047.50 meters for open hole drilling and 2,007.50 meters for geophysical logging.

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COMPANY PROFILE


HUMAN RESOURCES

PT TRISENSA MINERAL UTAMA PT Trisensa Mineral Utama (TMU) has a mining area that is administratively included in the territory of three districts, namely Loa Janan, Sangasanga and Muara Jawa, Kutai Kertanegara Regency. The location is about 40 kilometers to the southeast of Samarinda, the capital of East Kalimantan Province. The total concession area covers 3,414 hectares with area code KTN 2010 3133 OP. TMU obtained approval to conduct mining activities and sell the mined materials as stipulated in Decision of Kutai Kartanegara Regent No. 540/3133/IUP-OP/MBPBAT/XII/2010 concerning provision of Mining Permit (KTN 2010 3133 OP) dated December 14, 2010. Based on the latest JORC report which only covered an area of 680 hectares of the concession, TMU has coal resource of about 43 million tons and coal reserve of about 8 million tons. Coal production in 2014 reached a total of 1.4 million tons, increased by 55.6% from 925 thousand tons in 2013. Stripping ratio (SR) rose from 11.1x in 2013 to 11.8x in 2014.


FINANCIAL REPORT


Because the dip in the western area ranged 70˚85˚ then exploration drilling in west anticline was conducted using 45˚ slanting drilling. There are 2 drilling systems namely open hole and touch coring. Open hole aims to determine Stratigraphy and Continuity of the rocks especially coal seam. Meanwhile touch coring hole aims to conduct coal sampling for coal quality analysis. Drilling holes are of size N (76.00 mm) and H (99.70 mm) with slant drilling system (45˚). To penetrate the depth with the existing drill types, Koken E-8 Unit is for 45˚ slant condition reaching 100 meters, or if vertical reaching 150 meters.

Meanwhile geological structure condition in the eastern block, the dip is relatively flat nearly 5º -10º so that drilling activities in the eastern block area use vertical drilling system and drilling penetration to a depth of 30 meters. The rods used are Aw rods type with a hole diameter of size N (76.00 mm).

C. Drilling Supervision

TMU’s operational activities provide employment for 119 people while for contractors and sub-contractors there are 929 people divided in 2 shifts. The mining contractor is PT Surya Teknik Anugrah (STA) and PT Bina Sarana Success (BSS). Mining activities are conducted using surface open pit mining system with truck and shovel method. TMU’s coal products have an average calorie of 4,700 GAR with Total Sulphur (TS) below 1%. This coal quality is sufficient to meet market demand that requires coals with low sulphur.


Drill tools which are used are owned by TMU including 1 power rig unit. Drilling supervision is carried out by TMU’s well site geologist.


Exploration drilling undertaken by TMU throughout 2014 reached 157 holes with a total depth of 3,041.5 meters.


TMU’s exploration activities in 2014 were crop line drilling in pit B4D area block 3 and West 5A concentrated on seam D and pit KL area block 4 beginning in January 2014. In July, crop line drilling followed pit movement for Block 3 and 2 areas, which was extend pit B4D to the North and in December crop line drilling in anticline area of east wing in block 3.


61

FINANCIAL REVIEW

The following discussion should be read together with financial and operational data as well as the consolidated financial statements and notes to the financial statements contained in this annual report. This discussion is based on the consolidated financial statements of PT Toba Bara Sejahtra Tbk and Subsidiaries for the years ended December 31, 2014 and 2013, which have been audited by Public Accounting Firm Purwantono, Suherman & Surja (a member of Ernst & Young Global network). All numbers presented in this Financial Review is consolidated financial figures of the Company and its subsidiaries.

INCOME STATEMENTS (in US$)

2014

2013

499,965,642

421,849,737

18.5%

(413,764,435)

(342,297,332)

20.9%

86,201,207

79,552,405

8.4%

(31,205,900)

(28,679,546)

8.8%

Δ

Statement of Comprehensive Income Statement Sales Cost of Good Sold Gross Profit General and administrative expenses Selling and marketing expenses Foreign Exchange gain (loss) (Loss) gain on derivative instruments Gain on settlement of pre-existing intercompany account

62


(364,698)

(528,132)

(30.9)%

82,262

(8,205,950)

(101.0)%

(59,647)

693,712

(108.6)%

-

7,535,475

(100.0)%

OPENING

COMPANY PROFILE


2014 Sales Value (US$ million)

500.0 2014 Profit (US$ million)

35.8

HUMAN RESOURCES



FINANCIAL REPORT

Toba Bara recorded an increase of 18.5% in sales, where 67.0% of total sales were derived from four major customers who have increased their purchase volume significantly compared to the previous year as a reflection of customers’ trust to the quality of the Company’s products.

(in US$) Other income (expenses) Operating Profit

2014

2013

1,376,024

(352,650)

(490.2)%

56,029,248

50,015,314

12.0%

Δ

Finance income

2,511,526

4,067,768

(38.3)%

Finance charge

(4,643,549)

(3,680,063)

26.2%

Profit Before Tax Expense Tax expense Profit For The Year

53,897,225

50,403,019

6.9%

(18,096,721)

(15,799,226)

14.5%

35,800,504

34,603,793

3.5%

260,662

1,528,929

(83.0)%

(3,919,319)

-

100.0%

Other comprehensive income Difference in foreign currency translation of the financial statements of subsidiary - net Effective portion of the fair value change of derivative instruments cash flows hedge - net Other Comprehensive Income

(3,658,657)

1,528,929

(339.3)%

Total Comprehensive Income for The Year

32,141,847

36,132,722

(11.0)%

Equity holders of the parent entity

18,327,272

18,543,538

(1.2)%

Non-controlling interest

17,473,232

16,060,255

8.8%

35,800,504

34,603,793

3.5%

0.0091

0.0092

Profit for The Year Attributable to:

Total Basic Earnings per Share Attributable to Equity Holders of The Parent Entity


63

FINANCIAL REVIEW

A. Sales

C. Gross Profit

Amidst pressure of coal prices with the Newcastle Index declining by 17.0%, the Company was able to limit the decline in its Average Selling Price (ASP) by only 4.4%, from US$ 66.6 per ton to US$ 63.7 per ton. This was attributable to successful efforts by the Company to secure fixed price sales contracts with qualified buyers at the end of 2013 for most of the production plan in 2014. With this type of sales contract, the Company was able to maximize the price structure in anticipation of the less favorable coal market condition.

Sales volume in 2014 reached 7.9 million tons, an increase of 25.4% from 6.3 million tons in 2013. The Company recorded sales revenue of US$ 500.0 million, up by 18.5% from US$ 421.8 million in 2013. Approximately 67.0% of total sales were derived from the Company’s four major customers whose purchase volume significantly increased compared to 2013. This reflected the customers’ trust in the Company’s commitment of product quality and delivery.

The Company recorded a gross profit of US$ 86.2 million in 2014, an increase of 8.4% from US$ 79.6 million in 2013 due to increased sales volume accompanied with ongoing cost efficiency strategy. Although the Newcastle Index continued to decline, the Company was able to achieve growth by increasing production volume optimally to meet sales commitments resulting in an increase in gross profit.

Tries Nainggolan B. Cost of Goods Sold

64

Cost of goods sold increased by 20.9% from US$ 342.3 million in 2013 to US$ 413.8 million in 2014 due to the Company’s increased production volume by 24.6% from 6.5 million tons in 2013 to 8.1 million tons. The percentage increase in COGS was lower than the percentage increase in production volume as a result of the Company’s cost efficiency efforts including stripping ratio and fuel prices reduction. This was reflected in a decrease in cash cost FOB of 3.0% from US$ 52.8/ton in 2013 to US$ 51.3/ton in 2014. FOB cash cost components consisted of cost of goods sold plus royalty and selling and marketing expenses minus depreciation and amortization. Cost of production increased by 25.5% from US$ 296.7 million in 2013 to US$ 372.3 million as a consequence of the increase in production volume.


Tries Nainggolan joined the Company in November 2012 as GM-Finance. Previously he worked as a Business Analyst and Financial Planning in the health services sector (Siloam Hospitals Group) and retail sector (Limited Brands, Inc. and Foot Locker, Inc.). Tries holds a Bachelor degree in Finance from Pennsylvania State University and a Masters degree in Public Policy and Management from Ohio State University, the United States.

D. EBITDA and EBITDA Margin

Although the global coal market conditions were still not conducive and coal prices were still weak, the Company recorded an EBITDA of US$ 67.3 million, an increase of 14.8% from US$ 58.6 million in 2013. The combination of increased sales volume, efficiency initiatives and increased sales and marketing activities managed to maintain EBITDA margin at 13.5% compared to 13.9% in 2013.

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COMPANY PROFILE


HUMAN RESOURCES

E. Selling and Marketing, General and Administrative Expenses

Selling and marketing expenses decreased by 30.9% to US$ 364.7 thousand compared to US$ 528.1 thousand in 2013. Efficiency of selling and marketing expenses was achieved because the Company managed to maximize the capability of its internal marketing team to perform direct approach to new end-user customers, especially from Japan, and thus significantly reduce third party marketing expenses. General and administrative expenses in 2014 were recorded at US$ 31.2 million, an increase of 8.8% from US$ 28.7 million in 2013, primarily due to tax expense in 2014.

Other income/expenses consisted of domestic market obligation transfer expenses, income/expense from dispatch and demurrage and other income/ expenses. Other income - net of US$ 1.4 million mainly consisted of income from dispatch and demurrage.


FINANCIAL REPORT

G. Operating Profit

The Company recorded an operating profit of US$ 56.0 million in 2014, an increase of 12.0% from US$ 50.0 million in 2013.

H. Profit for the Year

After the net tax expense for 2014 which amounted to US$ 18.1 million, the Company recorded a profit for the year of US$ 35.8 million, an increase of 3.5% from US$ 34.6 in 2013.

I. Other Comprehensive Income

F. Other Income/Expenses


In 2014 the Company recorded other comprehensive income of US$ 3.7 million, mostly representing the effective portion of exchange differences of fair value of derivative instrument – cash flow hedging. In 2013, the Company recorded other comprehensive income from exchange differences arising from translation of financial statements of PKU, a subsidiary, amounted to US$ 1.5 million.

J. Total Comprehensive Income for the Year

The Company’s total comprehensive income for the year in 2014 reached US$ 32.1 million, declining by 11.0% from US$ 36.1 million in 2013.

STATEMENT OF CASH FLOWS 2014

(in US$) Net cash provided by operating activities

2013

Δ

18,897,029

63,868,001

(70.4)%

Net cash used in investing activities

(13,122,972)

(2,904,776)

351.8%

Net cash used in financing activities

(21,077,976)

(28,079,483)

(24.9)%

(Decrease) Increase in Cash and Cash Equivalents

(15,303,919)

32,883,742

(146.5)%

63,301,639

36,307,011

74.4%

(158,933)

(5,889,114)

(97.3)%

47,838,787

63,301,639

(24.4)%

Cash and Cash Equivalents at Beginning of The Year Effect of foreign exchange rate changes Cash and Cash Equivalents at End of Year

Net cash flows provided by operating activities Net cash provided by operating activities decreased by 70.4% from US$ 63.9 million in 2013 to US$ 18.9 million. This was mainly due to an increase in payments to suppliers by 27.4% from US$ 324.2 million in 2013 to US$ 413 million, an increase in payments of royalty by 25.8% of from US$ 22.5 million in 2013 to US$ 28.3 million, and payment for corporate income taxes which increased by 110.2% from US$ 8.9 million in 2013 to US$ 18.7 million.


65

FINANCIAL REVIEW

Net cash flows used in investing activities Net cash used in investing activities increased by 351.8% from US$ 2.9 million in 2013 to US$ 13.1 million in 2014. In 2014, cash used in investing activities were used primarily for acquisition of fixed assets, disbursement for exploration and development expenditures, acquisition of mining assets and advances for fixed assets purchase.

Net cash used in funding activities Net cash used in funding activities decreased from US$ 28.1 million in 2013 to US$ 21.1 million in 2014. In 2014, cash used in funding activities were primarily used for payment of dividends. Overall, at the end of 2014, cash and cash equivalents decreased by US$ 15.3 million. After taking into account the impact of exchange loss of US$ 158.9 thousand in cash and cash equivalents denominated in rupiah, cash and cash equivalents at December 31, 2014 were US$ 47.8 million, or decreased by 24.4% compared to US$ 63.3 million at December 31, 2013.

STATEMENT OF FINANCIAL POSITION A. Assets

Total assets of the Company decreased by 3.5% from US$ 311.6 million at the end of 2013 to US$ 300.6 million as current assets decreased by 13.6% from US$ 130.2 million in 2013 to US$ 112.5 million while non-current assets increased by 3.7% from US$ 181.4 million in 2013 to US$ 188.1 million. (in US$)

2014

2013

Δ

Current Assets Cash and cash equivalents

47,838,787

63,301,639

(24.4)%

10,721,711

16,598,657

(35.4)%

578,709

1,157,419

(50.0)%

Trade receivables • Third parties • Related parties Other receivables • Third parties

5,968,015

6,398,865

(6.7)%

41,963,307

32,389,968

29.6%

Prepaid taxes

12,422

6,791,548

(99.8)%

Prepayments

2,291,105

2,165,661

5.8%

Advances

2,569,730

1,395,027

84.2%

552,308

-

100.0%

112,496,094

130,198,784

(13.6)%

Inventories

Derivative receivables Total Current Assets

66


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COMPANY PROFILE


HUMAN RESOURCES


2014

(in US$)


2013

FINANCIAL REPORT

Δ

Non-Current Assets Other receivables – related parties

29,627,761

30,789,323

(3.8)%

4,435,318

807,083

449.5%

-

748,305

(100.0)%

15,889,338

13,105,673

21.2%

67,150

3,710,240

(98.2)%

47,921,110

49,032,780

(2.3)%

4,846,532

4,842,009

0.1%

74,830,632

71,904,619

4.1%

Goodwill

3,523,795

3,523,795

0.0%

Deferred tax assets

3,257,957

1,495,963

117.8%

Other non-current assets

3,714,555

1,489,365

149.4%

Total Non-Current Assets

188,144,148

181,449,155

3.7%

300,610,242

311,647,939

(3.5)%

Advances Estimated claims for tax refund Plantations • Mature plantations • Immature plantations Fixed assets Exploration and evaluation assets Mining properties

Total Assets

• Current Assets

Cash and cash equivalents decreased by 24.4% from US$ 63.3 million in 2013 to US$ 47.8 million primarily due to increased payments to suppliers along with the increase in the Company’s operations during the year 2014, payment of dividends and capital expenditures.

At the end of 2014 the Company recorded trade receivables of US$ 11.3 million, a decrease of 36.4% from US$ 17.8 million in 2013. Trade receivables consisted of trade receivables from third parties and related parties. Trade receivables from third parties were mainly derived from sales contracts that were yet not due amounted to US$ 10.7 million.

The Company inventories increased by 29.6% from US$ 32.4 million in 2013 to US$ 42.0 million at the end of 2014, mainly triggered by a 32.5% increase in coal inventory from US$ 30.9 million in 2013 to US$ 41.0 million due to production volume increase in 2014.

Prepaid taxes decreased by 99.8% from US$ 6.8 million in 2013 due to claim realization of 2014 corporate income tax overpayment.

• Non-current Assets

The increase in non-current assets amounted to 3.7%, primarily driven by advances – long-term portion of US$ 4.4 million which largely consisted of office purchase advance to PT Toba Pengembang Sejahtera amounted to US$ 3.6 million.

The increase in non-current assets was also caused by an increase in mining assets by 4.1% from US$ 71.9 million in 2013 to US$ 74.8 million, and increase in other non-current assets by 149.4% to US$ 3.7 million from US$ 1.1 million in 2013.


67

FINANCIAL REVIEW

B. Liabilities and Equity

Total liabilities of the Company at the end of 2014 decreased by 12.6% to US$ 158.3 million, compared to US$ 181.2 million in 2013. The decrease was primarily due to declining current liabilities by 37.7% from US$ 145.45 million in 2013 to US$ 90.6 million, while non-current liabilities increased by 89.3% from US$ 35.7 million in 2013 to US$ 67.6 million.

Liabilities (in US$)

2014

2013

Δ

Current Liabilities Trade payables – third parties Other payables – third parties

64,087,323

69,265,229

(7.5)%

3,709

1,907

94.5%

288,289

290,856

(0.9)%

Accrued expenses

4,935,975

6,057,579

(18.5)%

Derivative payables

5,532,509

-

100.0%

Short-term employee benefits liabilities

3,109,951

3,340,583

(6.9)%

Taxes payable

5,326,115

7,227,871

(26.3)%

Advances from customers

6,387,209

24,941,839

(74.4)%

Dividends payables

Current maturities of long-term liabilities: • Bank loans • Finance leases Total Current Liabilities

-

33,553,129

(100.0)%

962,450

772,679

24.6%

90,633,530

145,451,672

(37.7)%

56,114,739

20,183,289

178.0%

1,062,270

1,348,417

(21.2)%

Non-Current Liabilities Long-term liabilities – net of current maturities: • Bank loans • Finance leases Advances from customers

-

2,964,000

(100.0)%

Other payables to related parties

2,242,526

2,288,701

(2.0)%

Provision for reclamation and mines closure

4,496,413

3,951,817

13.8%

Post employment benefit liabilities

2,840,670

1,943,059

46.2%

Deferred tax liabilities

867,508

3,035,740

(71.4)%

67,624,126

35,715,023

89.3%

Total Liabilities

158,257,656

181,166,695

(12.6)%

Total Equity

142,352,586

130,481,244

9.1%

300,610,242

311,647,939

(3.5)%

Total Non-Current Liabilities

Total Liabilities and Equity

• Current Liabilities

68

The Company’s trade payables decreased by 7.5% from US$ 69.3 million in 2013 to US$ 64.1 million at the end of 2014. The decrease was mainly due to settlement of Subsidiaries’ overdue trade payables to third parties and shorter payment terms of trade payables.


OPENING

COMPANY PROFILE


HUMAN RESOURCES

Accrued expenses decreased by 18.5% from US$ 6.1 million in 2013 to US$ 4.9 million, primarily due to a decrease of 69.3% in royalty from US$ 4.5 million in 2013 to US$ 1.1 million as the Company made an advance payment for royalty payment obligation.

In 2014 the Company had no current bank loan maturing within one year since 2014, while in 2013 current bank loan reached US$ 33.6 million. This was mainly due to the refinancing of the Company’s syndicated loan and Subsidiaries’ bank loans.

Advances from customers were obtained as down payment on purchases or as part sales contract payment agreement. This amount was classified as the Company’s liabilities before the delivery of the sold coal was completed, and was recognized as revenue after coal delivery. At the end of 2013, the Company recorded sales advances (current and non-current portions) of US$ 27.9 million for the majority of sales contracts to be fulfilled in 2014. In 2014, the Company recorded advances from customers for short-term contracts of US$ 6.4 million.

• Non-Current Liabilities

Non-current bank loans increased by 178.0% from US$ 20.2 million in 2013 to US$ 56.1 million primarily due to the Company obtaining a syndicated loan that would be used, among others, for the purposes of TMU’s capital expenditures, working capital, and investment. The syndicated loan will mature on March 31, 2018. Provision for environmental and reclamation costs and mines closure refers to the accrued amount for estimated costs of environmental management during the mining period and mines closure that will occur at the end of mining period. Estimates of these costs were calculated internally by management by taking into account the provisions of Law of the Republic of Indonesia No. 4, 2009, dated January 12, 2009 concerning



FINANCIAL REPORT

Mineral and Coal Mining and other relevant regulations. In 2014 this liability increased by 13.8% from US$ 4.0 million in 2013 to US$ 4.5 million.

Long-term employee benefits obligation increased by 46.2% from US$ 1.9 million in 2013 to US$ 2.8 million. The increase in the balance of long-term employee benefits obligation was determined based on calculation performed by an independent actuary using projected unit credit method with assumptions including, among others, discount rates, annual salary increase, annual employee turn-over, disability, retirement age and mortality.

• Equity

The Company’s total equity at December 31, 2014, increased by 9.1% from US$ 130.5 million in 2013 to US$ 142.4 million. The increase in equity was mainly due to an increase in the Company’s inappropriated retained earnings in 2014.

DEBTS REPAYMENT CAPABILITY The Company’s capability to pay debts can be analyzed using three indicators: interest bearing debt to total assets ratio, net debt to EBITDA ratio and EBITDA to interest expense ratio. 2014

2013

Interest bearing debts to total assets Ratio

0.2x

0.2x

Net payables to EBITDA Ratio

0.2x

Net cash

14.5x

15.9x

EBITDA to interest expenses Ratio

Interest Bearing Debt to Total Assets Ratio Interest bearing debt to total assets ratio in 2014 was 0.2x which showed that 20% of total assets were financed by debt. The Company had a stable interest bearing debt to total assets ratio compared to the previous year. Hence there was no problem for the Company to repay its debt.


69

FINANCIAL REVIEW

CAPITAL STRUCTURE

Net Debt to EBITDA Ratio At December 31, 2014, the Company’s net debt to EBITDA ratio was 0.2x or just 20% of total EBITDA in 2014. This reflected the Company’s ability to repay its debt.

The Company strives to maintain its capital structure and sound capital ratio to support sustainable business growth, as well as to meet its matured financial obligations from time to time.

EBITDA to interest expense ratio EBITDA to interest expense ratio in 2014 was 14.5x or slightly decreased from the year 2013 of 15.9x. The Company was able to maintain its ability to repay debt, despite the refinancing of syndicated loan in 2014.

The Company manages its capital structure and makes adjustments based on changes in economic conditions. To maintain or adjust the capital structure, management can adjust the payment of dividends to shareholders, issue new shares or seek funding through loans.

TRADE RECEIVABLES COLLECTABILITY RATE

Liabilities to equity ratio in 2014 was 1.1x and 1.4x for 2013. The Company strives to maintain liabilities to equity ratio at around 1-1.5x.

Trade receivables collectability was influenced by the Company’s ability to collect its trade receivables. At the end of 2014, trade receivables collectability showed a decrease in collection period to 8 days compared to 15 days in 2013.

Description

2014

2013

Total Liabilities

158,257,656

181,166,695

Total Equity

142,352,586

130,481,244

1.1x

1.4x

Liability to Equity Ratio

The Company’s capital structure and shareholders at December 31, 2014 are as follows:

Number of Shares

Amount (Rp ‘000)

6,000,000,000

1,200,000,000,000

PT Toba Sejahtra

1,444,750,000

288,950,000

31,795,873

71.8%

Bintang Bara B.V.

201,250,000

40,250,000

4,317,555

10.0%

PT Bara Makmur Abadi

125,755,000

25,151,000

2,739,760

6.2%

PT Sinergi Sukses Utama

Description Authorized Capital (Rp 200 per share)

Amount (US$)

% of Ownership

Issued and Fully Paid Capital

102,700,000

20,540,000

2,237,473

5.1%

Roby Budi Prakoso

73,355,000

14,671,000

1,598,148

3.6%

Davit Togar Pandjaitan

15,000,000

3,000,000

330,118

0.8%

Public

49,681,000

9,936,200

1,058,958

2.5%

2,012,491,000

402,498,200

44,077,885

100.0%

Total

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HUMAN RESOURCES

MATERIAL CONTRACT FOR CAPITAL GOODS INVESTMENT Throughout 2014, the Company did not have material contract for capital goods investment.

DISCLOSURE OF MATERIAL INCREASE/ DECREASE IN NET SALES/INCOME Although the decrease in coal reference price Newcastle Index continued in 2014, the Company did not record any significant increase or decrease in coal sales value which could materially affect the Company’s business continuity.

SUBSEQUENT EVENTS There was no material information and facts to the Company subsequent to the date of the Company’s Consolidated Financial Statements which were issued on March 9, 2015.

DIVIDEND POLICY - IN THE LAST 2 YEARS Since 2012, the Company intends to pay dividends at the minimum 30% of its consolidated income for the current year considering the provisions of mandatory reserves as required under Limited Liability Company Law (Company Law). The amount of distributable dividends will depend on cash flow, investment plan, liquidity, future business prospect and other factors considered relevant by Board of Directors as well as the provisions of restricted payment of dividends based on relevant agreements. Once a decision has been made to pay dividends, the dividends will be paid in Rupiah. The Company’s dividend policy is a statement of current intent and is not legally binding because the policy depends on the changes in Board of Directors’ policy. Based on decision of Annual General Meeting of Shareholders (AGMS) of the Company dated May 21, 2014, the shareholders approved the use of Company’s



FINANCIAL REPORT

net income attributable to equity holders of the Parent Entity for the financial year ended December 31, 2013 amounted to US$ 18,543,538 with the following details: a. US$ 1,500,000 to be used for appropriation of retained earnings. b. US$ 6,490,238 or 35% of the Company’s income to be distributed as cash dividends of US$ 0.0032 per share. c. The remaining amount of US$ 10,553,299 to be used for retained earnings. Based on decision of the Company’s AGMS dated June 28, 2013, the shareholders approved the use of Company’s net income attributable to equity holders of the Parent Entity for the year ended December 31, 2012 amounted to US$ 3,198,832 with following details: a. US$ 31,988 to be used as appropriated retained earnings. b. US$ 3,166,844 or 99% of the Company’s income to be distributed as cash dividends. In AGMS held on June 28, 2013, the shareholders also approved distribution of cash dividends amounted to US$2,499,135 which was taken from retained earnings balance at the beginning of 2012. So that the total amount of final cash dividends was US$ 5,665,979 or US$ 0.0028 per share.

REALIZATION OF USE OF PROCEEDS FROM INITIAL PUBLIC OFFERING Realization report of the use of proceeds from the Company’s Initial Public Offering (IPO) dated July 6, 2012 is presented in “Shareholder Information” segment on page 36 of this Annual Report.

INVESTMENT, EXPANSION, DIVESTMENT, ACQUISITION, DEBT RESTRUCTURING In 2014 there was no activity related to Investment, Expansion, Divestment, Acquisition and Debt Restructuring.


71

FINANCIAL REVIEW

MATERIAL TRANSACTIONS INVOLVING CONFLICT OF INTEREST Date, Value and Object of Transaction On June 30, 2014, the Company and ABN with PT Toba Pengembang Sejahtera (TPS) signed a Final Confirmation Letter of Order for SOPO DEL OFFICE TOWER A Unit related to purchase of office units in SOPO DEL OFFICE TOWER A office building, located at Jalan Mega Kuningan Barat III Lot 10.1-6, Kuningan Timur Village, Setiabudi District, South Jakarta 12950, Indonesia. Overall value of the purchase transaction of office units was Rp 121,704,700,000.

Name of Parties in Transaction and Nature of Affiliation PT Toba Sejahtera is the Company’s major shareholder with ownership of 71.8% of the Company’s issued and fully paid shares. PT Toba Sejahtera is also the major shareholder of TPS with ownership of 99.0% of the Company’s issued and fully paid shares. Because the Company and TPS have the same major shareholder and controlling entity, which is PT Toba Sejahtera, then the transaction was an affiliated transaction as stipulated in Regulation No. IX.E.1 Attachment of Decision of Chairman of Bapepam-LK No. Kep-412/BL/2009 dated November 25, 2009 concerning Affiliated Transactions and Conflict of Interest in Certain Transactions.

Clarification of the Fairness of the Transaction The Company appointed Independent Appraisal Firm Jennywati, Kusnanto & Partners as independent consultant to provide an opinion on the fairness of the purchase transaction of office units. According to review of financial impact of the transaction, the Consultant believed that the transaction was fair.

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Rationale of the Transaction The rationale of the purchase transaction of office units was the Company and ABN needed office units with greater capacity, to support their business activities. The existing capacity of current office units rented by the Company and ABN does not allow for space expansion of the office units.

Realization of the Transaction in Current Period On December 31, 2014, the Company recorded an advance of US$ 3.6 million for purchase by order of the office units payable to TPS. This balance was recorded in the Company’s Consolidated Financial Statements per December 31, 2014 as a long-term advance for purchase of assets.

Compliance with Related Provisions In accordance with provision in number 2.a Regulation No. IX.E.1, the Company announced information disclosure on this affiliated transaction to the public and submitted the announcement proof and supporting documents to Financial Services Authority (OJK). This affiliated transaction has no Conflict of Interest as defined in Regulation No. IX.E.1 and its value was less than 20% of the Company’s equity therefore it was not classified as a material transaction as defined in Bapepam Regulation No. IX.E.2 concerning Material Transactions and Change of Main Business Activities.

IMPACT OF CHANGES IN THE LAWS AND REGULATIONS In 2014 there were no changes in the laws and regulations that significantly affected the Company’s operations and consolidated financial statements.

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HUMAN RESOURCES

IMPACT OF CHANGES IN ACCOUNTING POLICIES The Company prepares its consolidated financial statements based on Generally Accepted Accounting Principles in Indonesia and Regulation of Bapepam-LK No. VIII.G.7 concerning Presentation and Disclosure of Financial Statements and Public Companies as an attachment of Decree No. KEP-347/BL/2012. The Company disclosed its significant accounting policies as described in the notes to the consolidated financial statements for the years ended December 31, 2014 and 2013 which are part of this Annual Report.

BUSINESS PROSPECTS The world’s energy demand will continue to increase driven by population and Gross Domestic Product (GDP) growth. Economic growth in Asia, which provides important contribution to the world’s economic growth, significantly affects the world energy demand. According to projection of International Energy Agency (IEA), by 2030 the world’s energy demand will increase by 45%, or an average increase of 1.6% per year. Approximately 80% of the world’s energy needs will be met by fossil fuels. Only about 20% of it will come from renewable energy. Concerning the energy growth, coal is the second most important energy source after oil. Coal consumption is expected to increase threefold by 2030. Coal is still needed to meet the demand for power plant construction in a number of areas in line with the economic and revenue growths. Coal demand is expected to grow by about 2% per year.



FINANCIAL REPORT

Entering 2015, the coal market conditions were predicted to be not much different from the year 2014. Nevertheless, the Company is still highly optimistic in facing the challenging times and taking the momentum for business development. The Company has both vertical and horizontal long-term business development plans. Horizontally, the Company plans to add coal reserves through exploration activities in the Company’s widespread concession areas and search for opportunities to acquire mines to increase production. Vertically, the Company plans to develop its business towards power generation sector. We believe that business development towards power plant is in line with the policy of the Government of Indonesia to develop new power plants to generate 35,000 MW in the next five years, where the majority of the fuel derived from coal. This will also have positive impact on the coal industry particularly the Company, because this policy will increase domestic coal demand, while currently most of Indonesian coal production is aimed for export. Both development plans are parts of efforts for efficiency and business sustainability. By building power plants, the Company can ensure a more stable income while increasing profit margin from the synergy of the two businesses. In addition to coal-related business development, the Company diversifies its business through palm oil business through one of its Subsidiaries, namely PT Perkebunan Kaltim Utama I (PKU), which is in the process of plantation development and construction of palm oil mill with a capacity of 30 tons per hour. The palm oil mill which is expected to commence its operations at the end of 2015 will add to the Company’s revenue base.


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HUMAN RESOURCES Systematic and continuous development of human resources’ quality is done as Toba Bara’s effort to keep growing and achieving its vision to be one of Indonesia’s best world class coal mining companies.

979

Number of Toba Bara’s employee in 2014

205

Number of training days throughout 2014

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HUMAN RESOURCES

Human resources are the most important and deciding factor for Toba Bara’s success and continuity. In accordance with its vision to become one of the best world class coal mining companies, one initiative to keep growing is through the continuous development of human resources’ quality. Expertise in human resources, both in mining and plantations, is the key success factor that will support the Company’s growth. With the support of world class human resources, the Company is ready to face challenges presented by commodities markets and become one of the best players in the coal and energy industry in Indonesia in the coming decades.

EMPLOYEES PROFILE As at the end of 2014, the Company and its Subsidiaries employed 979 employees decreasing slightly from the 1,036 employees employed in 2013,. A total of 28 employees worked in the Holding Company in Jakarta, and the rest worked for the Subsidiaries’ Jakarta office in Jakarta, on-site office, and mine. Various areas of expertise include administrative services, technical services, coal processing and transportation supervision, logistics, health and safety, environmental protection and community development. More than half of Toba Bara Group employees are within the age range of 18 to 35 years, a group of youth that full of energy, high work ethics, productivity, and challenge-loving. The attitude of “can do” is the basis of Toba Bara employees work ethos which was planted by the founder of the Company.

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Percentage of Total Employee Age 35 and Below by 2014

54% Percentage of Total Employee with Diplomas, Undergraduate Degree, and Graduate Degrees by 2014

24%

HUMAN RESOURCES



FINANCIAL REPORT

More than half of Toba Bara Group employees are within the age range of 18 to 35 years, a group of youth that full of energy, high work ethics, productivity, and challenge-loving.

Employee composition based on employment status 2014

2013*

Full Time

784

802

Contract

195

234

Total

979

1,036

Employment Status

2014

80.1%

Full Time

77.4%

19.9%

Contract

22.6%

2013


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HUMAN RESOURCES

Employee composition based on gender 2014

2013*

Male

836

889

Female

143

147

Total

979

1,036

Gender

2014

85.4%

Male

85.8%

14.6%

Female

14.2%

2013

Employee composition based on position Position

2014

2013*

Non-Staff

385

465

Staff

258

249

Supervisor

233

224

Assistant Manager/ Superintendent

52

49

Manager

34

32

Senior Manager

0

1

General Manager

7

6

Director Total

2014

78

10

10

979

1,036

39.3%

Non-Staff

44.9%

26.4%

Staff

24.0%

23.8%

Supervisor

21.6%

5.3%

Assistant Manager/Superintendent

4.7%

3.5%

Manager

3.1%

0.0%

Senior Manager

0.1%

0.7%

General Manager

0.6%

1.0%

Director

1.0%


2013

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Employee composition based on age group 2014

Age (Year)

2013*

18 - 25

99

116

26 - 35

427

445

36 - 45

313

337

46 - 54

116

114

> 55

24

24

Total

979

1,036

2014

10.1%

18 - 25

11.2%

43.6%

26 - 35

43.0%

32.0%

36 - 45

32.5%

11.9%

46 - 54

11.0%

2.5%

> 55

2.3%

2013

Employee composition based on education level Education level

2014

2013*

Up to High School

748

812

52

54

Undergraduate and Graduate Degree

179

170

Total

979

1,036

Diploma

2014

76.4%

Up to High School

5.3%

Diploma

78.4% 5.2%

18.3%

Undergraduate and Graduate Degree

16.4%

2013

* Restated

Human Resources Development Concept HR Development at the Company starts from the recruitment process to select among prospective employee. Then, every employee is given the chance to follow various development programs through consistent and continuous training. Every employee is encouraged to give his/her best performance and to face existing business challenges. This encouragement allows the Company to give outstanding employees fair and transparent promotion opportunities.


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HUMAN RESOURCES

As a company that is still growing, Toba Bara needs many enthusiastic, dynamic, and visionary young people. Every employee is given responsibility and adequate independence to develop his/her creativity and show his/her best performance.

The recruitment process is done openly and upholds the principle of equality. The Company opens up equal opportunities for the candidates without any regard for ethnicity, religion, race, groups, as well as gender as long as they fulfill the defined prerequisites. The Company openly announces the available job vacancies through its website www.tobabara.com, as well as other online recruitment websites. Furthermore, the Company prioritizes candidates who come from where the mine is located.

Interactions between employees and management happen intensively. Directors and key management are open to dialogue and input from all employee levels. The Company realizes, in facing the difficult market conditions, that solid teamwork will bring Toba Bara consistent growth and help the Company achieve sustainable business. In 2014, the process of recruiting the best people in the industry was still being conducted, in line with the Company’s plan to expand in the years to come.

Training and Competency Development The Company systematically arranges training and competency development training programs that are tailored to the needs in the field. Employees whose work nature requires them to have competency certificates are sent to government-approved certification agencies. Health, Safety, and Environment (HSE) is a top priority in conducting mining activities so that HSE training is done continuously to increase employee HSE awareness and alertness. The Company does routine training internally as well as externally, and works together with a quality training providers.

Recruitment The Company is doing recruitment based on the Company needs, along with the business development and organization growth. The Company maps out HR needs, including the need of fresh graduates as well as accomplished professionals in the mining sector to fill different positions in the ever-growing organization.

In 2014, the Company held training as listed below:

No

Type of Training

Organizer

Dates

Location

1

Effective Communication & Interpersonal Skill

Dale Carnegie Training

January 20-23

Balikpapan

2

HSE Certification Electrical Technician

INDOTRAIN CONSULTANT

January 21-24

Balikpapan

3

Annual Report Award (ARA) Workshop

PT Bursa Efek Indonesia

January 29

Jakarta

4

Proceedings Technique in PHI

FK HR & ER Kutai Kartanegara

February 12-13

Samarinda

5

Social Security System National Workshop

Indonesian Management Centre (IMAC)

February 21-22

Balikpapan

6

Cisco Certified Network Association (CCNA) Fast Track

RootBrain

March 3-8

Yogyakarta

7

Certified Human Resources Practitioner

Bina Insan Mandiri Consulting

March 8-9

Balikpapan

8

Certified Training of Trainer

Bexpert Indocunsult

March 18-20

Yogyakarta

9

Training Main Operations Supervisor

Pusdiklat Minerba

March 24-29

Bandung

10

Genset Operation & Maintenance Workshop


March 26-27

Balikpapan

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Type of Training

No



FINANCIAL REPORT

Organizer

Dates

Location

April 7-11

Sangasanga

11

Training SIO Opt. Heavy Equipment

PT Megatrain Indonesia Bpn-Riau

12

Hazard Identification & Risk valuation (IBPR)/ HIRAC (Gel. I)

HR & HSE Dept. PT Indomining

April 19

Sangasanga

13

Sanitation hygiene

Dinas Kesehatan Tenggarong

April 19

Sangasanga

14

Effective Technical Report Writing

PT Cipta Energi Utama Mandiri

April 20-25

Yogyakarta

15

Hazard Identification & Risk valuation (IBPR)/ HIRAC (Gel. II)


April 26

Sangasanga

16

LOTO

ABN/HSE

May 6-7

Sangasanga

17

B3 Management and B3 Waste

PT Benefita

May 8-9

Sangasanga

18

Security Training

External & HR Dept. PT Indomining

May 10 & May 27

Sangasanga

19

Basic Scaffolding Certification

PT Alkon Tainindo Utama

May13-17

Sangasanga

20

Certified Information Systems Security Professional

Inixindo

May 19-23

Jakarta

21

Training “Purchasing and Procurement Management”

SPIN Training & Consulting

May 22-23

Bandung

22

Land National Workshop

Indonesia Management Centre

May 23-24

Balikpapan

23

Workshop “Kajian Aspek Hukum Tanah & Penyelesaian Konflik Sengketa Tanah”

IMAC

May 23-24

Balikpapan

24

Employment Development (Staff)

HR Dept. PT Indomining

May 17, 19, 24, & 31

Sangasanga

25

Security Training

Eksternal & HR Dept. PT Indomining

June 7, 14 & 21

Sangasanga

26

Effective Communication & Interpersonal Skills


June 9-12

Balikpapan

27

Emergency Response Team (ERT)

BASARNAS

June 10-14

Balikpapan

28

Technical Guidance Development & Community Empowerment

DISTAMBEN Provinsi Kaltim

June 18-20

Balikpapan

29

K3 Experts General Training

PT Laden Safety Mandiri/BPJS Ketenagakerjaan

June 20-26

Balikpapan

30

Employment Development (GL-Foreman)

HR Dept. PT Indomining

June 21 & 28

Sangasanga

31

Training of Trainer

PT Megatrain Balikpapan

June 23-25

Balikpapan

32

Lifting For Supervisor

PT Alkon Tainindo Utama

June 24-26

Sangasanga

33

Tax Planning

Lembaga Manajemen Formasi

June 25-26

Jakarta

34

K3 Basic & Accident investigation

ABN/HSE

August 5

Sangasanga

35

JSEA & HIRADC

ABN/HSE

August 6

Sangasanga

36

First Aid Training

ABN/HSE

August 7

Sangasanga

37

APAR

ABN/HSE

August 8

Sangasanga

38

Weld & Electricity Certification from BNSP


August 11-15

Samarinda


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HUMAN RESOURCES

Type of Training

No

Organizer

Dates

Location

39

Basic Safety & Investigation

ABN/HSE

August 12

Sangasanga

40

JSEA & HIRADC

ABN/HSE

August 13

Sangasanga

41

Asia Coal Market Outlook: The Future of Indonesia’s Coal Sector

HIS Energy

August 13

Jakarta

42

Workshop “Economic Outlook Post Election in 2014”

PT Bursa Efek Indonesia

August 18

Jakarta

43

Social Mapping & Program Formation Company’s CSR

PT Benefita

August 21-22

Bandung

44

APAR

ABN/HSE

August 21

Sangasanga

45

APAR

ABN/HSE

August 23

Sangasanga

46

Basic Safety Fire

ABN/HSE

August 25

Sangasanga

47

APAR

ABN/HSE

August 27

Sangasanga

48

ERT Training

ABN/HSE

August 31

Sangasanga

49

Corporate Social Responsibility

POWERINDO NS

50

HSE Basics


51

Effective Communication & Interpersonal Skills

52

September 1-4

Yogyakarta

September 6, 13, 20 & 27

Sangasanga


September 8-11

Balikpapan

Xpac Training

PT Runge Indonesia

September 15-20

Jakarta

53

Certified Professional Human Resources


September 20-21

Surabaya

54

HSE Expert Certification on Young Construction


September 22-25

Balikpapan

55

Basic Safety, Fire, & First Aid Kit

ABN/HSE

September 23

Sangasanga

56

Preparation Techniques Wage & Profession Certification

Seminarku

September 25-26

Jakarta

57

Bimtek & Certification Welding

BNSP – BLKI Samarinda

October 2, 3, 7 & 8

Samarinda

58

Organic and inorganic waste management

Mega Train Indonesia

October 3-4

Sangasanga

59

Basic Human Resources Management (HRM for Beginner)

PT Menara Kadin Indonesia

October 7-8

Jakarta

60

HSE Electric Certification Experts


October 6-18

Balikpapan

61

Implementation AMDAL / UKL-UPL

PT BMD Street

October 9-10

Jakarta

62

HSE Experts General

Mega Train Indonesia

October 13-14

Jakarta

63

Bimtek HSE

Dinas Pertambangan dan Energi

October 14-15

Tenggarong

64

National Workshop on Employment


October 17-18

Balikpapan

65

Service Excellence & Skill Management For Security


October 17-19

Samarinda

66

In-house Training – Supervisory Skills

HR PT Indomining

October 23-24

Sangasanga

67

Legal Due Diligence

Emi Training

October 29

Jakarta

68

How to be a professional secretary + table manners

PT Solution Centre Indonesia

October 29-31

Denpasar

69

Asia Pacific Coal Outlook Conference

HIS Energy

4-6 November

Denpasar

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HUMAN RESOURCES

Type of Training


Organizer


FINANCIAL REPORT

Dates

Location

November 11-14

Bandung

70

Implementation of the Transparency and Governance Improvement Efforts Extractive Industries in Indonesia

EITI Indonesia

71

Hiradc, Basic Safety & JSA

ABN/HSE

November 16

Sangasanga

72

Incident Investigation

ABN/HSE

November 21

Sangasanga

73

Technical Inspection

ABN/HSE

November 21

Sangasanga

74

In-house Training – Draught Survey Introduction

HR PT Indomining dan PT Sucofindo

December 9-10

Sangasanga

75

Environmental sampling techniques (Water, Air and Land)

ABN/HSE

December 10-12

Sangasanga

76

Corsec & Corcomm Gathering “Consumer Behavior, Advertising Strategy National Economic Projection 2015”

Idea Group Indonesia

December 16

Jakarta

The Company’s total investment on training and employee development programs in 2014 was US$ 152 thousand, up 16.4% from the US$ 130 thousand the year before.

Performance Management The Company values high performing employees very much. Performance evaluation results are used as input for career development and employee development programs. On the other hand, management also pays attention on employees whose performance is not optimal to be increased through various training programs. In 2013, the Company had developed a performance evaluation system using a Key Performance Indicators (KPI) throughout all Subsidiaries. The KPI that had been agreed upon became the reference for measured performance targets and work plan that had been harmonized with the Company’s business plan, for both Subsidiaries and employees. The supervisors will always supervise his/her direct subordinate. Performance evaluation is not based on KPI alone, but also on non-KPI factors such as a work ethos, attitude and discipline that is in line with the Company’s values and on weighing individual contributions to the Company outside of the KPI.

Company Remuneration Toba Bara implements a competitive remuneration system that weighs salary levels of similar companies, labor laws, regulations on minimum regional wage and minimum provincial wage, and the Company’s capability. The Company ensures that it complies with the federal wage standard. Moreover, there is no remuneration policy that treats male and female employees differently at every level of the Company. The remuneration amount is decided based on position, work function and achievement. The Company has developed a competency-and-performance-based remuneration system in order that KPI achievements are also used in deciding the amount of remuneration. The Company gives compensation and benefits for full time as well as contract workers. Other than basic salary, the Company also gives various benefits such as Jamsostek (Social Security) and Holiday Allowance (THR).


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CORPORATE GOVERNANCE GCG implementation at Toba Bara is aimed at reaching the Company’s vision and mission through responsible, independent, and fair management, as well as ensuring transparency through information disclosure to all stakeholders.

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As a public company, Toba Bara is committed to managing and maintaining the Company’s reputation by applying the best Good Corporate Governance (GCG) practices in all its business activities. GCG implementation at Toba Bara is aimed at reaching the Company’s vision and mission through responsible, independent, and fair management, as well as ensuring transparency through information disclosure to all shareholders and stakeholders. One of the Company’s mission is “to become a responsible company in helping community development and implementing good corporate governance practices”. Therefore, it is the responsibility and obligation of all parts of the Company to fulfill the mission with high ethical and professional standards, and following all applicable laws.

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The principles, policies, and implementation of Toba Bara’s corporate governance refers to the Law Number 40 Year 2007 regarding Limited Liability Companies, Indonesian Good Corporate Governance General Guidelines produced by the National Committee on Governance Policy, Financial Services Authority regulations, as well as common best practices in the industry. For GCG execution in the work fields, the Company had compiled guidelines and policies, which are periodically renewed to meet current conditions, to conform to changes in the laws and the Company’s Articles of Association and to address dynamics of the business world. Some of those guidelines and policies are: • Audit Committee Charter • Internal Audit Charter • Company Regulations • Standard Operating Procedures in Accounting, Production, and Civil Construction.

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FINANCIAL REPORT

To reach optimal operational performance, Toba Bara has conducted internalization and socialization of Company regulations to increase work discipline consistency in order to achieve high safety and occupational health results.

Gradually, the Company will compile corporate governance guidelines and other policies to complete the GCG codification and increase GCG observance at all organizational levels.

GCG ACTIVITIES IN 2014 Mining activities possess a significant risk of occupational hazard as well as sickness due to work, especially in the production process. High workrelated accident rates and health issues cause material and financial loss to a company, but also cultivate an image that a company as not following the best and responsible corporate governance. Thus, to achieve operational excellence, the Company has conducted internalization and socialization of Company regulations as an effort to continually increase work discipline consistency in order to achieve high safety and occupational health results.

CORPORATE GOVERNANCE STRUCTURE According to the Law on Limited Liability Companies, Toba Bara’s corporate governance structure consists of 3 (three) company bodies which are: General Meeting of Shareholders (GMS), Board of Commissioners, and Board of Directors. The GMS is the highest decision making forum for shareholders. The Board of Commissioners is responsible for the supervision of the Company management, and the Board of Directors is responsible for managing the Company. The Boards of Commissioner and Directors have separate responsibilities and rights based on their functions as regulated in the laws, regulations, and the Articles of Association. The Audit Committee is tasked to help the Board of Commissioners with its supervisory functions, in fulfilling its obligations and responsibilities, and in joining to formulate policies within the Board of Commissioners’ work scope.


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Meanwhile, the Board of Directors has supporting bodies that are in charge of controlling, supervising, and being responsible for GCG implementation, namely Internal Audit and the Corporate Secretary.

2014 Annual General Meeting of Shareholders

A. GENERAL MEETING OF SHAREHOLDERS

Before the AGMS took place, the Company fulfilled its obligations related to the procedure of organizing a GMS based on Financial Service Authority regulation, such as: a) AGMS announcement through Investor Daily dated April 21, 2014 b) Submitted proof of advertisement regarding announcement of AGMS to Financial Services Authority on April 21, 2014 c) A convener regarding AGMS which was announced through Investor Daily on May 6, 2014 d) Submission of proof of advertisement regarding AGMS’ convener to Financial Services Authority on May 6, 2014.

The General Meeting of Shareholders (GMS) is a forum for shareholders to make decisions related to the capital invested in the Company. The GMS has authority that is not given to the Boards of Commissioners and Directors within the boundaries defined in law and the Articles of Association. Some of the shareholders’ rights and authorities in the GMS as governed by the Articles of Association and law are: • Accept and authorize the Company’s Annual Report • Decide the use of Company profits including dividend payment to shareholders • Decide the remuneration for members of the Boards of Commissioners and Directors • Appoint and dismiss members of the Boards of Commissioners and Directors • Approve the Company’s corporate actions related to the management of the Company. Decisions taken at the GMS are based on the Company’s business interest in the long term. Without reducing the authority and power of the GMS, shareholders cannot interfere with the execution of tasks, functions, and authority of the Boards of Commissioners and Directors in exercising their rights and responsibilities as stated in the Articles of Association and related laws. The GMS consists of the Annual GMS and Extraordinary GMS. The Annual GMS has to be held at the latest six months after the financial year ends. Meanwhile, an Extraordinary GMS can be held any time necessary as governed in the Articles of Association, and related laws and regulations. In 2014, Toba Bara held one AGMS and did not hold any EGMS. Below is the description of the AGMS that was held in 2014.

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The Annual General Meeting of Shareholders was held on Wednesday, May 21st, 2014, at the Conference Room - Indonesian Stock Exchange Building, Jl. Jendral Sudirman Kav. 52-53, Jakarta.

The summary of decisions taken at AGMS dated May 21, 2014 is as follows:

First Agenda Item Accepted Annual Report which contained Company’s Consolidated Financial Statement for financial year which ended on December 31, 2013 and ratified Company’s Balance Sheet and Profit and Loss Statement for financial year that ended on December 31, 2013, the statement of which had been audited by Puwantono, Suherman, and Surja Public Accountant Firm (member of Ernst & Young global network), with an opinion of without exception as stated in the Independent Auditor Report dated March 21, 2014 Number: RPC-4902/ PSS/2014. With the acceptance of Company’s Annual Report and the ratification of Balance Sheet and Profit and Loss Calculation for financial year ended December 31, 2013, the shareholders granted the Boards of Commissioners and Directors release and discharge in full (Acquit et de Charge) related to all the management and supervision measures throughout 2013 as long as those management and supervision measures are reflected in the Balance Sheet and Profit and Loss Calculations.

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HUMAN RESOURCES

Second Agenda Item 1. Deciding the use of 2013’s net profit that can be attributed to the owner of Holding Company in the amount of US$ 18,543,538.00 with the details as follows: a) US$ 1,500,000.00 to be used for cash reserves, in accordance with the provision of Article 70 Constitution No. 40 Year 2007 regarding Limited Liability Companies. b) US$ 6,490,238.30 or more than 35% of 2013’s net profit to be used to pay final cash dividend. The payment schedule will be announced in 2 (two) national daily newspapers with regard to the applicable law. c) US$ 10,553,299.70 as retained earnings. 2. Gave authority to the Board of Directors of the Company to set the schedule and procedure of paying the cash dividend with regard to the applicable law.

Third Agenda Item Gave power and authority to the Company’s Board of Directors to appoint Public Accountant Firm which is registered at the Financial Services Authority to audit the Company’s financial statement for the ongoing financial year that will end on December 31, 2014, and approved the giving of power and authority to the Board of Commissioner to decide the amount of fee for said Public Accountant Firm and other requirements.

Fourth Agenda Item Gave authority to the Board of Commissioners to decide the honorarium and/or other allowance for the Board of Commissioners for year 2014 as well as the breakdown of allocation of the distribution for each Commissioner.

Fifth Agenda Item Gave the authority to the Board of Commissioner to set the honorarium and other allowances for the Directors for financial year 2014 and the breakdown of allocation of the distribution for Director.

Sixth Agenda Item Accepted the accounts on the use of the money gathered from the Initial Public Offering until December 31, 2013 that the Company had reported to the Financial Services Authority as well as Indonesian Stock Exchange, LLC, where it had been reported that the net result from



FINANCIAL REPORT

the IPO was Rp. 361,423,000,000.00. The realization details are as follows: a. Payment of Loan to BNP Paribas Rp. 94,116,000,000.00 b. Capital Expenditure Rp. 112,532,000,000.00 c. Acquisition of coal mining concession, Working and Operational Capital, and Exploration activities Rp. 77,236,000,000.00 d. And the remainder, the amount of Rp. 77,539,000,000.00, was saved in the form of a Certificate of Deposit, in accordance with law. In order to fulfill the provision under the Law of Limited Liability Companies Chapter 68 article (4) and (5), the Company had announced (together with the announcement of the result of AGMS) that Consolidated Cash Flow Position and Comprehensive Consolidated Profit and Loss Statement for the financial year ended on December 31, 2013 as stated in the Company’s Financial Statement, which was ratified in First Meeting Agenda, was the same ash the Consolidated Cash Flow Position and Comprehensive Consolidated Profit and Loss Statement that had been announced through Investor Daily on March 29, 2014. The decisions taken at the above AGMS were announced in Business Indonesia daily and Investor Daily on May 23, 2014.

Realization and Implementation of AGMS’ Results Until December 31, 2014, all the decisions taken in the AGMS dated May 21, 2014 had been realized well. Those decisions are: 1. As agreed in the AGMS, the Company paid final cash dividend amounting to US$ 6,490,238.30 or US$0.032 per share on July 16, 2014. 2. AGMS gave power and authority to the Board of Commissioners to appoint public accountant firm that would audit the 2014 Financial Statement. Based on that decision, the Board of Commissioners in Toba Bara Sejahtra, LLC Board of Commissioner Circular Decision, as a Replacement of Board of Commissioner Meeting dated October 1, 2014, had appointed Public Accountant Firm Purwantono, Suherman and Surja, a member of Ernst & Young global network, to audit 2014 Financial Statements and gave power and authority to the Board of Directors to decide the fee of the Public Accountant Firm and other requirements as long as this amound did not exceed the limited established by the Board of Commissioners.


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B. BOARD OF COMMISSIONERS The Board of Commissioner is in charge and responsible collectively and collegially to supervise the execution of tasks and responsibilities of Board of Directors, gives advice to the Board of Directors, and ensures that the Company is implementing GCG principles. The position of each Commissioner, including that of the President Commissioner, is equal. The task of the President Commissioner is to coordinate Board of Commissioners activities. In accordance with the Company’s Article of Association, the Commissioners are appointed and dismissed by the shareholders through a GMS. The term of office a Commissioners is counted from the date of the GMS in which the Commissioner was appointed until the close of the fourth AGMS from the date of appointment, without discounting the rights of the GMS to dismiss the Commissioner before the stated end of term of office. The GMS has authority to dismiss a member of the Board of Commissioners before the member’s term ends if said member does not fulfill requirements as a member of the Board of Commissioners, which includes actions that have an adverse effect on the Company or any other reason deemed fit by the GMS.

Board of Commissioners Composition The composition of the Board of Commissioners is as follows: Board of Commissioners President Commissioner/ Independent

Name Jusman Syafii Djamal


Bacelius Ruru


Farid Harianto

Information Regarding Independent Commissioner Regarding the Regulation No. IX.I.5 Attachment to the Decision by the Head of Bapepam-LK No: KEP643/BL/2012 dated December 7,2012 regarding the Creation and Guidelines of Audit Committee Execution of Work, an Independent Commissioner is a member of

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the Board of Commissioners who comes from outside the Company and fulfills these requirements: 1. Not someone who has worked or had authority and responsibility to plan, lead, control, or supervise Company activity within the last 6 (six) months; 2. Does not own any shares of the Company, directly or indirectly; 3. Does not have any affiliation with the Company, other Board of Commissioners members, Board of Directors’ members, or the Company’s Major Shareholder; and 4. Does not have any work related relationship, whether directly or indirectly, that is related with the Company’s business activities. Each Independent Commissioner of the Company has fulfilled the independency requirements stated above. An Independent Commissioner has an important role as an Independent Commissioner represents the community’s and minority shareholders’ interests in supervising Company’s performance. All members of the Board of Commissioners of the Company are Independent Commissioner who are not affiliated with any shareholders. Therefore, [ed. this statement appears to contradict the 4 requirements listed above. If true, the statement “All members of the Board of Commissioners are Independent Commissioners. Therefore, “ is sufficient. The Company has fulfilled the requirements of Financial Services Authority regarding the number of Independent Commissioner which is minimum 30% of the number of the member of the Board of Commissioners. One of the Independent Commissioners serves as the Head of the Company’s Audit Committee.

Board of Commissioners Tasks The tasks of the Board of Commissioners are to supervise and advise the Directors with good intentions and responsibilities for the Company’s interests. In doing its tasks, the Board of Commissioners conducts: • Supervising the Board of Director’s policies in managing the Company, including preventive and reparative measures, as well as having leave to temporarily dismiss member of the Board of Directors; • Supervising the Company’s business risks and the sufficiency of management actions in internal control;

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• Supervising GCG implementation in the Company’s business activities; • Advising the Directors related to their tasks and responsibilities; • Giving response and recommendation on Board of Director’s proposals and plans to develop the Company; • Ensuring that the Board of Directors take stakeholder interests into account. In contrast to the Board of Directors, Board of Commissioners’ members cannot act alone but only by decision of the Board of Commissioners. In doing its job, the Board of Commissioners cannot be involved in operational decision making. Decisions of the Board of Commissioners regarding the matters that are governed by the Articles of Association and applicable laws are done within its supervisory capacity, so that the operational activities remain Board of Directors responsibilities.

Board of Commissioners Remuneration In accordance to applicable laws and regulations, salary, honorarium, and other allowances decided at a GMS take into account the recommendations from the Nomination and Remuneration Committee, if such committee has been formed. If the committee has not been formed, the amount of remuneration for the members of Board of Commissioners is decided by the GMS or the authority given by the GMS to the Board of Commissioners to decide the amount of honorarium and/or other allowances for the members of the Board as well as the detailed allocations of distribution for each member of the Board. The amount of honorarium and bonus for members of the Board of Commissioners is decided with regard to the achievement of business targets, Company’s financial capability, and other relevant factors.

Board of Commissioners Meeting Board of Commissioners meetings are held at least once every three months and can be held at any other time deemed necessary based on the request of one or more of the members. Meetings are held to do internal consolidation primarily concerned with the discussion



FINANCIAL REPORT

of reports submitted by the Board of Directors. The agenda of meetings includes discussion on monthly performance, annual performance, budget forming, financing, discussion on project progress, and discussion regarding the business of Subsidiaries. Throughout 2014, the Board of Commissioners held six meetings. The Board’s level of attendance in such meetings in 2014 is as follows:

Attendees

Position

Attendance (%)

Jusman Syafii Djamal

President Commissioner/ Independent

100%

Bacelius Ruru


100%

Farid Harianto


83%

Board of Commissioners Meeting Agenda in 2014 among others included: • Operational and financial performance discussion of the Subsidiaries and Consolidation year 2013. • Company’s 2014 Work Plan and Budgeting. • Monthly operational and financial performance discussion. • Quarterly operational and financial performance discussion. • Quarterly reports from the Audit Committee • GMS and dividend payment plan. • Public Expose plan. • Company’s 2015 Work Plan and Budgeting.

Board of Commissioners Task Execution Throughout 2014, Board of Commissioners had fulfilled their supervisory and advisory functions on things related to: • Company management in regards to the global coal price drop • Implementation of best GCG principles in all Company activities • Division of profit attained by the Company to all shareholders.


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Board of Commissioners Accountability

Board of Directors Composition

Board of Commissioners reports their action on Company management taken by the Board of Directors. That report is delivered to the GMS to be approved. The Board of Commissioners Report to the GMS is a materialization of their accountability on their supervision of Company management with regards to the GCG execution.

The Company’s Board of Directors consists of four people including Independent Director as required in Attached I Indonesian Stock Exchange, LLC. Director Decision No: Kep-00001/BEI/01-2014 dated January 20, 2014. The Independent Director is not affiliated with the Company’s controlling shareholder.

Board of Commissioners Performance Evaluation The Board of Commissioners performance is evaluated every year by the shareholders in the GMS. The performance is decided upon based on the execution of tasks, authority, and responsibilities as included in the Company’s Article of Association and applicable laws.

C. BOARD OF DIRECTORS The Board of Directors is in charge and responsible collectively and collegially in managing the Company. Based on the Company’s Articles of Association, the President Director and one other Director; or in the case of non-appearance or unavailability of the President Director because of any reason that does not need to be explained to a third party, 2 (two) other members of the Board of Directors; are authorized and have the right to represent the Company inside and outside of court regarding everything and in any circumstances tied the Company with any other party as well as run the management of the Company. In accordance with the Company’s Articles of Association, Directors are appointed and dismissed by the shareholders through a GMS. The Directors’ term of office is one year from the date that the GMS that appointed them until the close of the fifth AGMS after that, without diminishing the right of the GMS to dismiss any Director before the term of office ends. The GMS has the authority to dismiss any Director before the term of office ends if the said Director is no longer capable of fulfilling the requirements to be a member of the Board of Directors.

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Based on the AGMS dated June 28, 2013, below is the composition of the Company’s Board of Directors: Directors Independent/President Director

Name Justarina S. M. Naiborhu

Director

Pandu P. Syahrir

Director

Arthur M. E. Simatupang

Director

Sudharmono Saragih

Board of Directors Duties In accordance with the Company’s Articles of Association, the Board of Directors is responsible to conduct every activity that is related to the management of the Company to the benefit of the Company and in line with the purpose and objectives of the Company. The Board of Directors also represents the Company inside and outside of court in every matter and every event with special exceptions as set in the Articles of Association and applicable laws. The duties of the Board of Directors among others are: • To ensure that the Company’s activities are done in line with its business objectives. • To formulate the Company’s Long Term Business Plan and prepare Annual Budget Plan to be approved by the Board of Commissioners. • To execute the Company’s business plans to the best of its ability to achieve the set purpose and target. • To compile as a form of Board of Directors performance accountability, the Company’s annual report and financial statements as set by the Limited Liability Company Law. • To prepare the Company’s annual report in compliance with the common accounting standards and submit the Company’s books to a Public Accountant to be audited.

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FINANCIAL REPORT

• To put into place the Company’s organizational structure, and fill each position with competent people. • To give a report and explanation at the request of the Board of Commissioners. • To do other responsibilities as set by regulations stated in the Articles of Association and GMS decisions based on applicable laws and regulations.

Board of Directors Meetings

In doing its duty and responsibilities, the Board of Directors upholds GCG principles, including Corporate Social Responsibilities.

In 2014, the Board of Directors held 12 meetings. The level of attendance of the Directors is as follows:

Board of Directors Work Scope and Responsibilities So that the Board of Directors can do its tasks of managing the Company in a more efficient and effective way, the Board of Directors based on its internal agreement delegates the work in hand based on each Director’s expertise and competence. However, to give a balanced result in very decision making, the delegation of work does not limit their cross-directorate authority as Directors.

Board of Directors Remuneration Based on applicable laws and regulations, the honorarium and other allowances given to Directors is decided in a GMS with regard to the recommendation to the Nomination and Remuneration Committee, if such body has been formed. If the Committee has not been formed, the amount of remuneration is decided in a GMS or GMS appointed authority, in the Company’s case the Board of Commissioners, to decide the amount of honorarium and other allowances, as well as the detailed allocation for each Director.

Board of Directors meetings are held on a regular basis with a minimum of once a month, and a meeting can be held any time if deemed necessary based on any one or more Director’s request. In general, a Board of Directors meeting discusses business problems and ensures that the Company is following the right path in executing the set business strategy.

Meeting Attendees

Position

Attendance (%)

Independent/President Director

100%

Pandu P. Syahrir

Director

100%

Arthur Sumatupang *)

Director

42%

Sudharmono Saragih

Director

100%

Justarina Naiborhu

*Attended Lemhanas during April - Oct 2014

Board of Directors Meeting Agenda in 2014 included: • Discussion of operational and financial performance of Subsidiaries and Holding Company at the end of 2013. • Company’s 2014 work plan and budget. • Discussion of monthly operational and financial performance of subsidiaries and holding company. • Discussion of quarterly operational and financial performance of subsidiaries and holding company. • GMS and dividend payment plan. • Public expose plan. • Company’s 2015 work plan and budget.

Board of Directors Accountability The amount of remuneration for Directors including salary, bonus, and other allowances is decided by taking into account the achievement of business targets, the Company’s financial condition, and other relevant factors.

The Board of Directors compiles an account on the management of the Company in the form of annual report, which includes financial statements, activity report, GCG activity report among others to be submitted to the GMS. The annual report has to be approved by the GMS, while the financial statement has to be ratified by the GMS. The Board of Directors account to the GMS is a manifestation of its accountability on Company management in the context of GCG implementation.


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Directors Performance Evaluation Directors’ performance, individually and collegially, is evaluated by the Board of Commissioners. The evaluation report on the Board of Directors and each Director’s performance is presented to a GMS, and will become inseparable from the consideration on compensation and incentive scheme for the Directors. Individually, a Director’s performance evaluation is one basis of consideration for the shareholders to dismiss or to reappoint the said Director for the next term. The performance evaluation result is a means to evaluate and increase Board of Directors efficiency.

Boards of Commissioners Directors Competency Development Members of the Boards of Commissioners and Directors follow industry developments as well as general development in various fields such as management, technology, human resources, finance, and occupational safety and health (OSH). Competency development for Commissioners and Directors are conducted continuously to increase knowledge and support work execution. In 2014, the members of the Board of Directors followed seminars, workshops, and conferences such as: No

Dates

Location

Organizer

Role

January 15 - 17

Hongkong

Citi

Participants

Activity Name

1

Citi Asia Pacific Investor Conference

2

5th Annual Asia Pacific Export & Agency Finance 2014

February 20

Grand Hyatt Hotel, Jakarta

Euro Money Asia

Panelists

3

4th Annual Corporate Treasury & CFO Summit

February 20

Hotel Mulia, Jakarta

Haymarket Asia

Panelists

4

12th Annual Coal Markets

February 26

Hilton Hotel, Singapore

IBC Asia

Panelists

5

Coal Trans Asia 2014

June 1-4

Westin Nusa Dua Bali

Euro Money Plc

Participants

6

IHS Asia Coal Market Outlook

August 13

Pullman Hotel, Jakarta

IHS Asia

Panelists

7

Goldman Sachs South of Asia Conference

September 11-12

Singapore

Goldman Sachs

Participants

8

CLSA Investor Forum

September 16

Grand Hyatt Hotel, Hongkong

CLSA

Participants

9

Macquarie Indonesia Commodities Conference

September 23-24

Ritz Carlton Mega Kuningan

Macquarie

Speaker

10

IHS Asia Pacific Coal Outlook Conference

November 4-6

Bali

McCloskey

Speaker

Company Introduction for New Boards Members Program In 2014, the Company did not conduct any introduction program as there were no new Board members.

Boards of Commissioners and Directors Disclosure Guidelines At this moment, the Company is drawing up the Boards of Commissioners and Directors and Disclosure Guidelines.

Boards of Commissioners and Directors Affiliation Disclosure Commissioner Independency and Affiliation Every Commissioner has to act independently, have no conflict of interest and be free from intervention from any Company or third party that can disturb and affect the decisions taken as a Commissioner.

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Every Commissioners does not have any financial, management, shareholding, and/or familial relationship up to the second degree, both vertical and horizontal, nor marital relationship with other Commissioners and/ or Shareholders and/or Directors, so that in doing his/her task, the said Commissioner is able to act independently.

Director Independency and Affiliation All Directors do not have any affiliation with the Board of Commissioners. The Board of Directors independency is required to execute management actions or engage in any relationship with third parties without intervention from other parties or in contrary to the laws and Articles of Association which could materially interfere with the objectivity and independence of the Board of Directors in conducting its duties for the benefit of the Company. There is no familial relationship up to second degree, both vertical and horizontal, nor marital relationship between other Directors and/or Commissioners.

Boards of Commissioners and Directors Shareholding Disclosure Referring to Regulation No.X.M.1 Attachment on Decision by the Head of Capital Market Regulatory Body No: Kep-82/PM/1997 dated January 17, 1996 about Certain Shareholders Information Transparency, until the end of 2014 there were no Commissioners that held shares in the Company. Meanwhile, one Director, Sudharmono Saragih, owns shares in the amount of which falls within regulation through the ESA program at a time when he had not been appointed as Director.



FINANCIAL REPORT

Duty and Responsibility of Audit Committee The main function of the Audit Committee is to help the Board of Commissioners in fulfilling their supervisory responsibility. The duty and responsibility of the Audit Committee is regulated in the Audit Committee Charter, detailing the Audit Committee: • To do its duty and responsibility based on Regulation No. IX.I.5 attachment to Bapepam-LK Decision No. KEP-643/BL/2012 dated December 7, 2012 regarding the Establishment and Guidelines of Audit Committee’s work implementation. • To supervise the Company’s internal and external audit activities, from planning to execution, findings, and follow ups. • To give advice to the Board of Commissioners in ensuring the Company’s financial statement integrity. • To give professional and independent opinion to the Board of Commissioners regarding any report or matters presented by the Directors to the Board of Commissioners and other tasks related to the duty of a Commissioner.

Audit Committee Composition As at December 31, 2014, the Audit Committee composition was as follows: Position

Name Bacelius Ruru, SH, LLM

Head of the Audit Committee/ Independent Commissioner

Prof. Dr. Ir. Irwandy Arif, M.Sc.

Member

Aria Kanaka, CA, CPA

Member

Audit Committee Member Profile

AUDIT COMMITTEE The Board of Commissioners formed the Audit Committee in accordance to Regulation No. IX.I.5 Decision of the Chairman of Bapepam-LK No: Kep643/BL/2012 dated December 7, 2012 regarding the Establishment and Guidelines for Audit Committee’s Work Implementation. The company’s Audit Committee consists of one Independent commissioner and two independent external parties.

Bacelius Ruru, SH, LLM – Head of the Audit Committee and Independent Commissioner His profile is presented in the Board of Commissioners Profile Section in this Annual Report.


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2014). He is currently a partner at Aria Kanaka and Associates Public Accountant Firm (member of Mazars SCRL) and actively teaches at the College of Economy at the University of Indonesia.

Audit Committee Member Independency

Prof. Dr. Ir. Irwandy Arif, M.Sc –Audit Committee Member Doctor, graduated from Ecole des Mines de Nancy, France; Bachelor of Mine Engineering and Master of Industrial Engineering from ITB. He is an expert in the Indonesian mining industry. Appointed as Audit Committee member in January 2013. Current and past positions among others were audit committee member at PT Adaro Energy Tbk (from 2008), Head of audit committee PT Aneka Tambang Tbk (Persero) (20042009), independent commissioner in some companies, and expert researcher in various institution in mining and the mineral technology field. He is still actively teaching in the Mine Engineering College at ITB and researching, as well as writing mining and geotechnical journals.

Aria Kanaka, CA, CPA – Audit Committee Member Bachelor of Arts in Accounting, and Master of Arts in Accounting from University of Indonesia. He was accepted at the National Registry of Accountants from Republic of Indonesia Ministry of Finance in 2000, and passed the public accountant certification test from the Indonesian Accountants Association in 2003. Appointed as a member of the Audit Committee in January 2013. Positions currently held, among others, are audit committee member at PT Tower Bersama Infrastructure Tbk (since 2010), PT Total Bangun Persada Tbk (since

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The Audit Committee is headed by an Independent Commissioner and has independent members from outside the Company. This is in accordance to Bapepam Regulation No. IX.I.5 regarding Audit Committee Forming and Guidelines of Work Execution. The Audit Committee fulfills its duties and responsibilities independently and professionally.

Duties and Responsibilities The Audit Committee fulfills its duties and responsibilities according to Regulation No. IX.1.5 Decision of the Chairman of Bapepam-LK No. KEP-643/BL/2012 dated December 7, 2012 regarding the Audit Committee Forming and Guidelines of Work Execution. Those duties and responsibilities, among others, are to: a. Review financial information to be disclosed by the Company to the public and/or the authorities such as financial statements, financial projections, and other reports related to the Company’s financial information. b. Do reviews on compliance with the laws and regulations related to the Company’s activities. c. Give independent opinions in case of dissent between management and public accountant regarding the service given. d. Give recommendations to the Board of Commissioners regarding the appointment of public accountant based on independency, work scope, and fees. e. Do reviews on audit activities done by internal auditor and to supervise follow up actions done by Directors on the findings. f. Do reviews on risk management activities done by the Board of Directors. g. Review reports related to the accounting process and the Company’s financial reports. h. Review and advise the Board of Commissioners regarding possibilities of conflict of interest. i. Maintain Company documents, data, and information confidentiality.

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Audit Committee Meetings In 2014, the Audit committee held 9 meetings. The level of attendance of the members is as follows:

Meeting Attendees

Position

Attendance (%)

Bacelius Ruru, SH, LLM

Head of the Audit Committee/ Independent Commissioner

88.9%

Prof. Dr. Ir. Irwandy Arif, M.Sc.

Member

100.0%

Aria Kanaka, CA, CPA

Anggota

100.0%

Summary of Audit Committee Activities in 2014 According to its duty and responsibility, the Audit Committee gave professional and independent opinions to the Board of Commissioners regarding matters presented to the Board of Commissioners by the Board of Directors and other tasks related to the tasks of the Board of Commissioners. This was done through routine meetings and site visits. The focus of the Audit Committee’s work program was on the effort by the Company to increase added value in order to prevent risks associated with operational productivity. Audit Committee 2014 activities among others were: created Audit Committee work program, discussed 2014 work plan and budget, studied Internal Audit reports, discussed with the external auditor new regulations implementation related to the preparation of financial statement, and Subsidiaries’ performance. The Audit Committee also reviewed the 2013 annual report and 2014 1st, 2nd, and 3rd quarter reports and gave notes when necessary to be submitted to the Board of Commissioners. As a form of work execution accountability, the Audit Committee created and submitted quarterly reports, an annual activity report, and the 2015 Audit Committee work plan to the Board of Commissioners. Other than those activities, throughout 2014, the Audit Committee helped with the execution of a timely audit schedule, kept operational and financial performance as well as forward-looking strategy, identified risks regarding the Company’s financial condition, and evaluated the Company’s legal compliance.



FINANCIAL REPORT

Related to the Company’s operational aspects, the Audit Committee evaluated the coal marketing system and strategy concerning the products of the three subsidiaries, evaluated the efforts to increase productivity, supply chain effectiveness, and logistics concerning exports, and supervised the Occupational Safety and Health (OSH) improvement effort. The Audit Committee was also involved in the discussion about the implementation of the new accounting system, especially ISAK 29 as the replacement of PSAK 33 concerning the process of creating financial statements in accordance to the new accounting policy and new regulation regarding financial statement creation. Other than that, together with Internal Audit, the Audit committee discussed the 2014 audit activity strategy which consisted of supervision of developments that may have an impact on the Company’s business, supervision of the internal audit standard operating procedures and Audit Committee 2015 work plan formation.

CORPORATE SECRETARY The Corporate Secretary is appointed and accountable directly to the President Director. The duty of the Corporate Secretary is to ensure effective internal Company communication, between the Company and financial services authority and capital market, between the Company and the shareholders and other stakeholders. The Corporate Secretary also has to ensure the Company’s compliance to the applicable laws and regulations including capital market regulations. The Corporate Secretary is responsible for the administration of documents and information related to the Company’s compliance to capital market laws and regulations, as well as supporting the accountability of operational reporting and Company responsibility to stakeholders. The Corporate Secretary helps the Company in fulfilling the principles of public disclosure by ensuring the availability of relevant, accurate, and expeditious information to all stakeholders and the public, including the availability of quarterly reports, annual report, and other reports/news regarding the Company.


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Corporate Secretary Profile

In 2014, the Corporate Secretary hosted a media site visit, in which media were invited to a site visit to a mine in order to give an understanding and explanation of activities in the mining concession, from overburden removal, coal hauling from pit to jetty, as well as CST activities and reclamations.

INVESTOR RELATIONS

Pandu P. Syahrir From September 27, 2013, the position of Corporate Secretary has been held by Pandu P. Syahrir, who is concurrently one of the Company’s Directors. His profile is available at the Board of Directors profile section in this Annual Report. In 2014, the activities of the Corporate secretary among others were: coordinated AGMS for financial year 2013, coordinated financial year 2013 dividend payment and financial year 2014 interim dividend payment, hosted annual public expose, 2013 annual report formation, managed Company website, as well as coordinated routine reports to the OJK and Indonesian Stock Exchange such as exploration results, IPO fund usage realization, and quarterly financial reports.

The Company believes that adding value for shareholders starts from implementation of GCG principles, including transparency. Because of that, the Company is committed to communicating the Company’s business strategies and activities as clearly as possible to stakeholders. To achieve that, the Company is doing active communication with investors through well-planned investor relations activities. The Company created an investor relations unit by appointing Iwan Sanyoto as the head of investor relations on February 2013. The Company develops investor relations activities as a part of the Company’s accountability to the shareholders. Throughout 2014, the Company was active in holding analyst meetings and Company presentations. The Company also held one-on-one meetings with capital market analysts, especially those who covered the Company as a monitored and analyzed public company. Below are some of the important activities done by Investor Relations throughout 2014:

No

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Activity Name

Dates

Location

Organizer

Role

1

Analyst Meeting

January 22

Jakarta

Goldman Sachs

One-on-One Meeting

2

Analyst Meeting

February 14

Jakarta

JP Morgan

One-on-One Meeting

3

Analyst Meeting

April 17

Jakarta

Morgan Stanley

One-on-One Meeting

4

Analyst Meeting

April 21

Jakarta

Macquarie

One-on-One Meeting

5

Analyst Meeting

May 28

Jakarta

PT Sucorinvest

One-on-One Meeting

6

Analyst Meeting

July 3

Jakarta

PT Trimegah Securities Tbk

One-on-One Meeting

7

CIMB Annual Indonesia Conference

Agustus 21-22

Bali

CIMB

One-on-One Meeting

8

Deutsche Bank Fixed Income Meeting

September 17

Hong kong

Deutsche Bank

One-on-One Meeting


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The Company realizes that capital market communication does not go one way. Feed back from investment community is essential for improving engagement and relation. Because of that, the investor relations unit is open to input through interactions with investors and analysts. The Investor Relations team can be contacted through e-mail: iwan.sanyoto@tobabara. com



FINANCIAL REPORT

• Resolving disputes as well as anticipating disputes that may come up between the Company and a third party.

Head of Legal Profile

Head of Investor Relations Profile

Bima Sinung Widagdo

Iwan Sanyoto Iwan Sanyoto was appointed as the Head of Investor Relations in February 2013. Since 1993, he has gained experience in international trading, capital markets, and investment with J.M Didier Asia s.c. Belgium, PT. Vickers Ballas Tamara Indonesia, Cargill Financial Services Asia Pte Ltd Singapore, PT DBS Vickers Indonesia, PT Kuo Capital Raharja dan PT CIMB-Principal Asset Management. Iwan holds a Management degree from University of Maryland (European Division), and an MBA from (VUB), Belgium

LEGAL DIVISION The Company created the Legal division whose responsibility among others is ensuring the Company’s legal compliance. The Legal Division’s duties and responsibilities consist of: • Ensuring all Company activities mitigate risks that may come up as a by product of the transactions the Company is doing. • Ensuring that the Company, in its transactions as well as its operational activities, always takes into account applicable laws, related to capital markets, mining, and others.

Currently, the head of the Legal Division is held by Bima Sinung Widagdo who has been in the position since March 2011. Before that, Bima had a career in the energy and banking sector with PT Adaro Energy Tbk and PT CIMB Niaga Tbk. After finishing his education with a Bachelor of Law from Universitas Indonesia Law School.

COMPANY DATA AND INFORMATION ACCESS Information Transparency Policy In order to fulfill the transparency principle and GCG implementation, the Company discloses non-secretive information to the public through adequate means and facilities. Therefore, the stakeholders can access the information easily without any fees. Information which is time-sensitive to shareholders as well as other stakeholders is delivered through various communication means to facilitate a fast decision making process. Referring to the Financial Services Authority Regulations and Stock Exchange Regulations, the Company is committed to announce as fast as possible information or facts that may affect share price or investors’ investment decision at the latest two days after the information or facts come to light.


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Information Access The Company routinely publishes an annual report that presents information regarding the Company’s operational and financial performance. Through the Company website www.tobabara.com, shareholders, investors and the public can access various information regarding the Company including annual financial statements, quarterly financial statements, summary of financial performance, stock performance, GCG and CSR activities report, as well as other activities. The Company is also open access to submission of opinion, complaints, as well as questions by contacting:

PT TOBA BARA SEJAHTRA Tbk. Wisma Bakrie 2, 16th floor Jl. H. R. Rasuna Said Kav. B-2 Jakarta 12920 – Indonesia

Corporate Secretary Tel: (62 21) 5794 5779 Fax: (61 21) 5794 5778 E-mail: [email protected] Below is a list of information published by the Company related to the principle of transparency to the public throughout 2014: No

No. Letter

Date

Subject

Regulation No. Regulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004

1

002/TBS/I/14

January 10

Monthly Report on Exploration Activities Period December 2013

2

004/TBS/I/14

January 10

Monthly Report on Registration of Securities Holders (IDXnet)

Regulation No. I.E on the Requirement for Information Filing and Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004

3

005/TBS/I/14

January 15

Report on the Use of Funds Received from IPO as of 31 December 2013

Regulation No. X.K.4, Attachment Rule Chairman of Bapepam No. KEP-27/PM/2003

4

009/TBS/II/14

February 5

Performance Guidance 2013 and 2014

Non Regulated

5

011/TBS/II/14

February 10



6

012/TBS/II/14

February 12

Monthly Report on Exploration Activities Period January 2014


7

019/TBS/III/14

March 6



8

021/TBS/III/14

March 12

Monthly Report on Exploration Activities Period February 2014


Disclosure Information of Revolving Loan Facility

Regulation No. X.K.1 Rule of Chairman of Bapepam No. Kep-86/PM/1996 on Disclosure of Information that must be made Public and Rule Number IE, Appendix Decision of Board of Directors of the Jakarta Stock Exchange No. Kep306 / BEJ / 07-2004 regarding Obligation of Information Submission

9

100

023/TBS/III/14

March 21


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No

10

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No. Letter

025/TBS/III/14


Date

HUMAN RESOURCES


Subject


FINANCIAL REPORT

Regulation No.

March 28

Audited Financial Statements 31 December 2013

Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No. Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of the Periodical Financial Statements of Emitent or Public Company and Rule III.1.6.1.4. Regulation Number I-E Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004 Regulation No. X.K.2 Rule of Chairman of Bapepam-LK No. Kep-346/BL/2011 dated Juli 5, 2011 on the Filing of the Periodical Financial Statements of Emitent or Public Company and Rule III.1.6.1.4. Regulation Number I-E Attachment Rule of Board of Directors of PT Bursa Efek Jakarta No. Kep-306/BEJ/07-2004

11

026/TBS/IV/14

April 1

Proof of Advertisment for Notice of 2013 Audited Financial Statements

12

029/TBS/IV/14

April 1

Summary of Financial Analysis and Management’s Discussion (MDNA)

Non Regulated

13

031/TBS/IV/14

April 7



14

032/TBS/IV/14

April 8

Monthly Report on Exploration Activities Period March 2014


15

037/TBS/IV/14

April 15

Report on the Use of Funds Received from IPO as of 31 March 2014


16

044/TBS/IV/14

April 21

Proof of Advertisment for Notice of Annual GMS

Bapepam Regulation No. I.1 IX of the Plan and Implementation of GMS and Securities Listing Regulation No. IE dated July 9, 2014 on the Obligation to Submit Information

17

051/TBS/IV/14

April 24

Consolidated Interim Financial Statements Quarter I 2014


2013 Annual Report

Regulation No. X.K.VI on the requirement for Annual Report filing by an Issuer or Public Company, Attachment the Decision of the Chairman of the Capital Market and Financial Institution Supervisory Agency No. KEP-134/ BL/2006

18

054/TBS/IV/14

April 30

19

057/TBS/V/14

May 6

Proof of Advertisment for Notice of Annual GMS

Regulation No. IX.XI Decision of the Capital Market Supervisory Board No. Kep-60/PM/1996

20

065/TBS/V/14

May 8



21

068/TBS/V/14

May 12

Monthly Report on Exploration Activities Period April 2014


22

074/ TBS/V/2014

May 23

Submission Results of AGM 2014

Regulation No. IX.XI Decision of the Capital Market Supervisory Board No. Kep-60/PM/1996

23

077/TBS/VI/14

June 9



24

078/TBS/VI/14

June 9

Notice of Schedule and Adminstering of Cash Dividends Payment

Decision of the Board of Directors of PT Bursa Efek Jakarta No. Kep-565/BEJ/11-2003

25

082/TBS/VI/14

June 12

Monthly Report on Exploration Activities Period Mei 2014


26

085/TBS/VII/14

July 2

Exchange Rate for Final Cash Dividends


PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report 101


Subject

No

No. Letter

Date

27

087/TBS/VII/14

July 7



28

088/TBS/VII/14

July 10

Monthly Report on Exploration Activities Period June 2014


29

094/TBS/VII/14

July 15

Report on the Use of Funds Received from IPO as of 30 June 2014


30

095/TBS/VII/14

July 24

Consolidated Interim Financial Statements Semester I 2014


31

097/TBS/VII/14

July 25


Non Regulated

32

098/TBS/VII/14

July 25

Report on the Use of Funds Received from IPO as of 30 June 2014 (Revision)


33

100/TBS/ VIII/14

August 7



34

102/TBS/ VIII/14

August 12

Monthly Report on Exploration Activities Period July 2014


35

106/TBS/IX/14

September 2

Notice of Schedule and Adminstering of Interim Dividends Payment


36

110/TBS/IX/14

September 10

Monthly Report on Exploration Activities Period August 2014


37

112/TBS/IX/14

September 10



38

122/TBS/IX/14

September 25

Exchange Rate for Final Interim Dividends


39

126/TBS/X/14

October 6



40

131/TBS/X/14

October 10

Monthly Report on Exploration Activities Period September 2014


41

132/TBS/X/14

October 15

Report on the Use of Funds Received from IPO as of 30 September 2014


42

134/TBS/X/14

October 28

Consolidated Interim Financial Statements Quarter III 2014


43

135/TBS/X/14

October 28


Non Regulated

44

136/TBS/X/14

October 29

Notice of the Annual Public Expose 2014 (IDXnet)


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Regulation No.

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Regulation No.

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138/TBS/X/14

October 30

Disclosure of Information

Regulation No. X.K.1 Rule of Chairman of Bapepam No. Kep-86/PM/1996 on Disclosure of Information that must be made Public and Rule Number IE, Appendix Decision of Board of Directors of the Jakarta Stock Exchange No. Kep306 / BEJ / 07-2004 regarding Obligation of Information Submission

46

141/TBS/XI/14

November 7



47

142/TBS/XI/14

November 7

Public Expose Material 2014


48

145/TBS/XI/14

November 11

Monthly Report on Exploration Activities Period October 2014


49

146/TBS/XI/14

November 12

Siaran Pers Public Expose

Non Regulated

50

148/TBS/XI/14

November 17

Public Expose Implementation Report 2014 (IDXnet)


51

151/TBS/XII/14

December 4



52

156/TBS/XII/14

December 12

Monthly Report on Exploration Activities Period November 2014


INTERNAL AUDIT UNIT Internal Audit is the management’s partner in achieving Company targets through its audit and consulting functions, independently and objectively. Internal Audit is directly under the President Director. The Head of Internal Audit is appointed by and accountable to the President Director, but his/her appointment has to be approved by the Board of Commissioners. Functionally, Internal Audit works with the guidance and under the supervision of the Audit Committee. Other than submitting Audit Reports to the President Director, these reports are also submitted to the Audit Committee to be presented to the Board of Commissioners together with the Audit Committee’s professional opinion. Internal Audit conducts audit activities in accordance with the Annual Audit Plan, which has been comprehensively compiled by considering the risks related to each audited aspect. The audit plan is discussed together with the head of the unit that will be audited and submitted to the Board of Directors

and approved by the Audit Committee. Internal Audit implementation is done on the basis of risk to ensure compliance to standard operating procedure, internal control systems and regulation has complied with the prevailing regulation. Internal Audit works together, in a consultative way, with Subsidiaries internal audit units to increase internal control in all subsidiaries. Periodically, Internal Audit will do a study on all the Company’s and its subsidiaries’ activities related to financial and operational activities as well as compliance to the applicable laws and regulation. Internal Audit also does internal assessment periodically to study the effectiveness of all aspects of internal audit activities.

Internal Audit Charter Internal Audit unit has an Internal Audit Charter as a guideline. The Internal Audit Charter sets the organizational structure and positions, duties and responsibilities, authority and ethics code for internal auditors, internal audit standards and auditor requirements.



The internal audit charter is defined by the Board of Directors’ Decision dated May 14, 2012 and was approved by the Board of Commissioners based on the Circular Decision of the Board of Commissioners Meeting As Substitute Board of Commissioners dated May 14, 2012.

Head of Internal Audit Profile

Internal Audit Activity Report The activities done by Internal Audit in 2014 covered the three coal mining subsidiaries, ABN, IM, and TMU. The activities that were done in 2014 are: a. audits on activities related to procurement and logistic b. audits on activities related to sales and marketing c. audits on reserves d. audits of mining activities e. investigative audits related to HSE activities f. other audits related to Company operational activities.

2015 Audit Plan Activities that will be done in 2015 cover the three mining subsidiaries ABN, IM, and TMU, as well as PT Perkebunan Kaltim Utama I that is engaged in the palm plantation business.

Pria Fardio Syaiful Dinar The Head of Internal Audit is held by Pria Fardio Syaiful Dinar, who was appointed based on Surat Penunjukan Kepala Unit Audit Internal Perseroan Nomor: 043/ TBS/V/2012 dated May 14, 2012. Pria Fardio Syaiful Dinar obtained his Bachelor in Economy from Universitas Indonesia (2008) and Bachelor of Law from Krisnadwipayana University (2006). Currently, Pria is doing his MBA at Gadjah Mada University. Before serving as Head of Internal Audit, Pria served as internal audit and controller at PT ABN, one of the subsidiaries owned by PT Toba Bara SejahtraTbk. Prior to that, he was an external auditor at Tanudiredja Wibisana and Partners Public Accountant Firm (PricewaterhouseCoopers) with his last position as a Senior Association with specialization in energy and mining audits. He also had been a faculty at Islam University Assyafiiyah School of Law from 2007 to 2008.

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Below is the audit plan for 2015, including some additions on areas of activities compared to 2014: a. audits on activities related to procurement and logistic b. audits on activities related to sales and marketing c. audits on reserves d. audits of mining activities e. investigative audits related to HSE activities f. other audits related to Company operational activities g. audits on construction progress of Palm Oil Factory at PKU.

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FINANCIAL REPORT

PUBLIC ACCOUNTANT Based on AGMS decision dated May 21,2014 that gave the authority to the Board of Commissioners to appoint a Public Accountant Firm which is registered at the Financial Services Authority to audit the Company’s financial statement for financial year 2014, the Board of Commissioners had appointed Purwantoro, Suherman, and Surja Public Accountant Firm, member of Ernst & Young Global Limited, to audit Company’s consolidated financial statement for financial year 2014. The data on Public Accountant Firm and Accountant who audited the Company’s financial statement as well as the fees for the last three years are: Audit Period

Public Accountant Firm

Accountant

Audit Fee

2014

KAP Purwantoro, Suherman & Surja

E. Batara Manurung

US$ 128 thousand

2013


Agung Purwanto

US$ 135 thousand

2012


Agung Purwanto

US$ 160 thousand

RISK MANAGEMENT

Annual Financial Statement Audit

1. Price Fluctuation Risk

The Company’s business activities are always changing in line with the development of the coal market, resulting in a bigger challenge and risk exposure. Therefore, various methods for risk management are needed. The initiative for Company’s risk management is basically to provide the most current and comprehensive information for Directors and managements to anticipate risk as soon as possible, and to mitigate the risk. Related to that, the function of risk management in the Company and its subsidiaries is done by each division including operational and non-operational activities. Risk management in the subsidiaries includes identification, evaluation, management, and supervision of risks in a coordinated and integrated way. As a group of companies, there is also a Risk Management Team that studies and approves investment plans. The Company has identified main risks that have to be managed well so that they will not have a negative and material impact to the Company’s business activities, financial conditions, operational performance, and business prospects. Those risks are:

Audit Service

The Company’s income is very dependent on the price accepted when doing sales. The price of coal refers to a world price index that tends to be cyclical and can fluctuate significantly. Facing the price fluctuation risk, the Company has taken mitigating actions as follows: • the Company sells most of its planned production to high quality buyers on a fixed price. This pricing mechanism is very profitable for the Company because buyers will pay some amount up-front. Therefore, the Company can maximize the price structure to anticipate unfavorable market conditions. • the Company always try to keep a stable operational costs structure through various efficiency initiatives as well as optimizing operational performance to maintain production levels. The adjacent locations of the three subsidiaries support the effort to maximize efficiency through joint mine plans and infrastructure sharing.

2. Fuel Price Risk

The Company faces fuel price risk caused by the fluctuation of fuel prices and the fluctuation of price of fuel provided by the Company to contractors. Increases in price will have a negative impact to the Company’s profits and margin. To limit the impact of fuel price fluctuations, the Company manages risk by hedging against projected fuel requirements.



3. Interest Rate Risks

Interest rate risk on cash flow is one risk where future cash flow will fluctuate because of interest rate changes. Currently, the exposure comes mainly from a long term syndicated loan with floating interest. Loans with floating interest will create risks for the Company’s cash flow. The Company manages interest rate risks by using a capped interest rate throughout the loan period. Through this mechanism, the Company limits its exposure to the floating interest rate by using a swap interest rate. On December 31, 2014, the Company had signed a swap interest rate agreement with BNP Paribas, and the Company believes that this risk management strategy will have a long term positive impact.

4. Weather Risks

Weather conditions in the concession areas can affect the Company’s mining activities significantly. All concessions of the Company are located in East Kalimantan, which is a location that is greatly affected by seasonal weather. Generally, most of the dry weather happens on second and third quarter, while high rainfall happens between November and March. The Company usually suspends production temporarily in the concession when it is raining because of safety issues.

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IMPORTANT MATTERS In 2014, there were no significant legal matters, either criminal or civil, faced by the Company, member of the Board of Commissioners, as well as members of the Board of Directors.

WHISTLEBLOWING SYSTEM The Company is still studying the requirements of applying a whistleblowing system as a means to make a report if someone finds instances or actions that may violate the law or the Company’s code of ethics. So far, the Company has implemented an open door policy where the Directors and management teams are open to accept an employee’s grievance and complaint, and to discuss the problem. Basically, the Company wants to build a conducive work environment by enforcing good work ethics.

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CORPORATE SOCIAL RESPONSIBILITY In aspects of social responsibility, Toba Bara is committed to improve the quality of education, public health and economic selfsufficiency of the community and preserve the environment and ecosystem functions in the surrounding areas of the Company’s operations.

61

%

Local workers Recruited by Company 2014

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Toba Bara understands that long-term sustainability cannot be achieved solely through the fulfillment of operational targets and financial performance. Business success will be achieved if the Company is able to maintain a balance between the achievements of economic performance, social performance and environmental performance (Profit, People, Planet). It is appropriate that the economic value obtained also benefit efforts to improve the quality of education, health and economic self-sufficiency of communities in the area around the Company’s operations as well as to protect the environment through quality and sustainable Corporate Social Responsibility (CSR) programs. As a mining company with an area managed of more than 7,000 hectares next to the communities in three districts in Kutai Kartanegara Regency, East Kalimantan, the Company is committed to pursuing economic empowerment of communities around the mine site. The Company would like to continue to grow and

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develop with the community, build a harmonious relationship in the midst of the preserved environment. The Company also has an obligation and responsibility to restore the environment and ecosystem functions post-mining activities and to ensure that the mined land can be planted with productive crops for the community’s welfare. Thus, the Company’s presence can be of the utmost benefit and meet the expectations of stakeholders, including the community. The Company’s CSR activities are carried out by its Subsidiaries which interact directly with communities around the mine concessions, namely PT Adimitra Baratama Nusantara (ABN), PT Indomining (IM), PT Trisensa Mineral Utama (TMU), and PT Perkebunan Kaltim Utama I (PKU). The policies and direction of CSR activities are determined by taking into account the most urgent needs of the local community and based on the Subsidiaries’ capabilities.

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One of Toba Bara’s CSR policies is prioritizing local community to meet the manpower needs so that Toba Bara’s presence provides direct benefits to the community.

One of the Company’s CSR policies is prioritizing local community to meet the Company’s manpower needs so that the Company’s presence in the area can provide direct benefits to the community. The Company together with its contractors and sub-contractors have accommodated local labors from Sangasanga, Loa Janan and Muara Jawa Districts, Kutai Kartanegara Regency that represent approximately 61% of the labor needs, while the remaining approximately 39% came from outside these districts.

CSR ACTIVITIES IN 2014 The Company’s CSR activities during 2014 are organized in four areas, namely: 1. Environment, comprising the Company’s efforts for protection and management of the environment, including rehabilitation of mined area and revegetation, monitoring water quality, dust, noise, waste as well as efficiency of energy and other resources. 2. Social community, comprising efforts to improve the quality of public health, improvement of environmental infrastructure, community empowerment and education. 3. Employment practice, comprising efforts to increase awareness and skills of employees to avoid and minimize health risk and occupational accidents. 4. Product responsibility.



The total cost of CSR activities of the Company and its Subsidiaries in 2014 amounted to US$ 6.2 million, an increase of 13.3% compared to US$ 5.5 million for CSR activities in 2013.

• Reclamation activity (plantation arrangement) and revegetation (planting) were performed at the mine site including reforestation of mine out area, out-pit dump area, in-pit dump area, and topsoil-stock area. Revegetation may be in form of planting standing trees or covering crops, depending on the conditions of each area being restored. Until 2014, the Company and its Subsidiaries had planted more than 118 thousand trees.

1. Environment

In every mining activities, the Company always prioritizes the aspect of environmental conservation. Implementation of mining operations based on the proper technical rules or “green mining” begins at the planning stage that internalizes the prerequisite of occupational safety and environmental preservation. This is managed in an environmental management system that meets the standards of ISO14001:2004 certified by the certification body Lloyd’s Register Quality Assurance Ltd. obtained by ABN on August 28, 2014.

The Company’s commitment to environmental protection is stipulated in the Occupational Safety, Health and Environment (K3LH) issued by the Subsidiaries to declare commitment to implement an integrated and planned K3LH system in order to minimize the risk of any activity. One way to achieve this objective is to preserve the environment and minimize damage and pollution to the environment.

Environmental management activities carried out by the Subsidiaries throughout 2014 are:

Awards

In 2014, two Subsidiaries namely ABN and IM successfully achieved PROPER (Program for Evaluation of Company Performance in Environment Management) with Blue Rating. PROPER is an award for environmental management provided by Ministry of Environment based on assessment of the Company’s legality and permits (AMDAL, HGU, and so forth), efforts to control air pollution, water and soil, B3 waste management and the Company’s CSR activities. Blue Rating (level: Sufficiently Good) is awarded to companies that have made significant efforts to control environmental pollution or damage to or implemented cleaner production and achieved the results in accordance with the minimum requirements stipulated in the applicable laws and regulations.

2. Social Community • Environmental assessment and monitoring including the following activities: - Monitoring the pH and debit of settling pond wastewater (daily). - Examination of settling pond wastewater (monthly). - Soil fertility test (quarterly). - Ambient air test (quarterly). - Exhaust emissions test (quarterly). - Noise test (quarterly). - Water body/river test (quarterly).

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All assessment and monitoring activities in 2014 have been implemented as planned (100%).


The quality of CSR programs in social community has been gradually improved beyond charity programs to activities that encourage empowerment and selfreliance of the community.

a. Community Empowerment

To empower the community and strengthen the economy in the Company’s surrounding area, IM designs a rolling program of hybrid etawa goat breeding. The pilot project was implemented gradually, involving active participation of villagers in Pendingin Village with the following stages: • Provided material for four sets of goat stall delivered to the respective RT as program beneficiaries. Each farmer group will built the stalls independently under IM’s guidance on the ideal stall design.

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• Procurement of goats’ drugs to ensure the animal health in order to promote the breeding of superior offspring. Procurement of drugs is for one year stock and livestock health management is assisted by Department of Animal Health Unit of Sangasanga District. • Handing over of 24 hybrid etawa goats to farmers consisting of 20 females and 4 males. The program lasted for 3 years wherein at the end of the program, the farmer groups will deliver 24 goats to IM to be rolled to other residents. • Other than goat meat that can be sold or consumed by the community, IM also bought manure products resulted as the farmers’ by product. The Company bought a maximum of 30 sacks per stall per month. IM used the manure for purposes of planting revegetation trees on reclamation are and other greening activities.



FINANCIAL REPORT

• Then IM plans to provide training for farmer groups to produce fertilizer from livestock manure.

While the activities related to empowerment of local communities carried out by ABN include: • Routine counseling of Joint Business Group (KUB) in Jawa and Pendingin Villages. • Socialization of cooperatives establishment in Jawa and Sangasanga Dalam Villages. • Training in the production of essential oils from citronella plant, attended by village staff, youth clubs, farmers and mothers of KUB Separi, Jawa Village. • Donation for packaging tools of processed products of KUB in Sangasanga District. KUB product is a domestic industry made by mothers as additional family income. • Preparation for product exhibition of KUB in Sangasanga District to be held in January 2015.



• The pilot project of Bali beef cattle and brahma beef cattle. • The pilot project of citronella cultivation. • Cultivation of elephant grass for livestock fodder. • Facilitating technical training and health care for cattle breeding given by Department of Animal Husbandry. • Donation for routine operational funds for soccer school Taruna Jaya, Jawa Village. • Donation for routine operational funds for soccer school Gelora Pantai, Sangasanga Dalam Village.

b. Education

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In education, IM managed a scholarship program that consists of college scholarships and scholarships for employees’ children. College scholarships are awarded to five local students in Sangasanga area who are currently studying in colleges. The scholarships amounted to Rp 5,000,000 per semester with a requirement to achieve minimum GPA of 3.0 each semester.


The employees’ children scholarships meanwhile are awarded to employees’ children in elementary to high school level. Scholarships of Rp 600 thousand (elementary school), Rp 900 thousand (junior high school) and Rp 1.2 million (high school) are awarded each semester with a requirement to achieve minimum average score of 7.5.

IM also provides training for kindergarten teachers to improve the quality of kindergarten teachers in the surrounding area of the Company’s operations. Training materials are delivered by Noah Foundation, Jakarta, to participants consisting of teachers in four kindergartens in Pendingin and Sangasanga Dalam Villages.

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In addition, IM provided support for educational infrastructure such as: • Donation for renovation of TK Mulia, Pendingin Village wherein IM provided building materials and renovation design, while the renovation work was carried out independently by the school under IM’s supervision. • Donation for routine operations of Kelompok Bermain Mulia, Pendingin Village amounted to Rp1.9 million per month and donation for teacher salaries to MI Al-Falah, Pendingin Village. • Donation for five units of outdoor playground equipment for TK APA, Sangasanga Village. • School bus transport facility for students who lived in Pendingin Village to their schools outside Pendingin Village. Vehicles were provided and operated by local entrepreneurs wherein IM then paid for vehicle rental costs including fuel, maintenance and driver fee.



FINANCIAL REPORT

Meanwhile, ABN’s CSR activities in the education field are more focused on improving non-formal skills. ABN’s CSR activities in the education field include: • Training in graphic design skills conducted in SMK Muhammadiyah Sangasanga, in collaboration with Vocational Courses and Training Institute (LKDPK) Handayani Center. Until August 2014, there were four training batches. The training aimed to develop the competence of youths in Sangasanga and encourage their interest in entrepreneurship in graphic design such as screen printing, pins, mugs, banners and so forth. • Training and entrepreneurial motivation in Career Day event organized by ABN. • Donation for learning tools to TK and PAUD Kartika Kipan A, B, C under the patronage of Yon Infantri 611 Samarinda. • Building renovation for TK Nuri Bakti and TK Ulil Alban, Jawa Village. • Scholarships for employees’ children wherein nearly 80% of ABN employees are locals.



c. Health

In the health sector, IM has a monthly program to help meet the nutritional needs of infants and toddlers who reside in the Company’s surrounding area. The aid consists of supplementary feeding of packaged milk, biscuits and chicken porridge or pureed green beans. In addition, IM also gradually builds the facilities of Posyandu Teratai RT 23, Sangasanga Village to improve the quality of Posyandu’s services.

ABN’s CSR activities in the health sector are conducted regularly and continuously, including: • Free medical treatment in Jawa, Pendingin, Sangasanga Dalam and Muara Kembang Villages on a monthly basis. The medical examination includes checking of blood pressure, blood sugar, cholesterol and uric acid, as well as administration of free medicines based on medical check results.

ABN employee stands before Medical Clinic that is being constructed to provide health care facility for people living in the vicinity of the mining site.

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• Supplementary food aid and regular health checks performed on a monthly basis at Posyandu in Jawa, Pendingin, Sangasanga Dalam and Muara Kembang Villages. • Support for health services at Elderly Posyandu in Jawa Village on a monthly basis. • Posyandu Competition at Jawa Village level with the theme “Skills and Awareness Competition in Serving the Community” which was held to encourage the spirit of Posyandu’s staffers. This activity took place in November 2014. • Mass circumcision in five villages in Sangasanga District and Muara Kembang Village. In carrying out this activity, ABN cooperated with NGO Gerakan Pemuda Asli Kalimantan (GEPAK) and PT Pertamina E&P Sangasanga. • PKPR (Youth Care Health Services) Coaching in collaboration with the Health Department of Kutai Kertanegara Regency.

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d. Public Facilities and Infrastructure

Donation programs for public facilities and infrastructure in 2014 carried out by Subsidiaries included construction of clean water installation in Pendingin Village performed by IM in collaboration with local PDAM. In this case IM donated a plot of land in its concession area for the installation of facility built by PDAM. In addition, IM also provided cash donation for development of badminton courts and renovation of school yard in Pendingin and Sangasanga Dalam Villages, renovation and maintenance of sewers to prevent flooding in RT12/12A, 19, 20, 21,22, 23 Sangasanga Dalam Village, development and maintenance of worship houses as well as activities of national and local holidays in Sangasanga District. ABN helped with land clearing work in Jawa Village to prevent fire in the long dry season, conducted inspection and maintenance of clean water drilled well in RT 02 Pendingin Village which was also ABN’s aid in the prior period, normalization activities on road and drainage in


FINANCIAL REPORT

public plantations in RT 01 Jawa Village of 1,000 meters as well as communal work to clear the debris following flooding in Jawa Village.

3. Employment Practices

Occupational Health and Safety (K3) aspect is one of the success factors of mining companies’ operations. The Company strives to create a safe working environment to achieve optimum productivity. Therefore, each employee must comply with policies and standard operating procedures related to K3 to minimize occurrence of incidents, accidents, nearmiss and occupational diseases. Every employee is required to create and maintain safety at work, and wear Personal Protective Equipment (APD) and Work Safety Equipment (APL) as required.

To ensure that K3 standard is executed in a disciplined way and to demonstrate commitment to implementation of safe mining activities, ABN adopts K3 management system standard (SMK3) OHSAS 18001:2007 which is accredited by an independent body Lloyd’s Register Quality Assurance on August 28, 2014.



Implementation of K3 Program in 2014

4. Product Responsibility

In 2014, TMU performed a number of activities related to K3 such as installing traffic signs in accident-prone areas. In addition, the K3 Team also put up K3 banners in hauling road area as part of K3 socialization. Safety talk is routinely held to encourage awareness and behavior that prioritize occupational safety and health aspect.

The Company implements quality control throughout the coal production processes from the exploration stage to coal mining, transporting, crushing and loading stage, in order to ensure that the end user receives coal products in accordance with specifications contained in the contract, including the caloric value.

To ensure equipment safety, the K3 Team participated in the commissioning of heavy equipment units as a preventive measure against operational problems. Meanwhile, to ensure safety, the Company’s K3 Team periodically tests for SIM-PER (Permit to Operate Corporate Unit) required for each driver/operator of heavy equipment operating in the mining areas. Related to this security issue, security guards and the K3 Team actively take the persuasive approach to local people who enters the Company’s mining area to use the hauling road built by the Company.

In addition, the coal product is analyzed by an independent laboratory located in each concession area and in the stockpile and barge facility to ensure that the Company’s products confirm to specifications set forth in the contract and are free from impurities. The Company’s laboratory also conducts testing of proximate analysis, total water content, total sulphur content, calorific value, ash content and relative density.

Quality control and sampling are supervised by PT Sucofindo (Persero) which is an independent surveyor and laboratory service provider whose services are generally used by major coal producers in Indonesia. The Company’s coal supply contracts generally include coal specification target.

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RESPONSIBILITY FOR ANNUAL REPORT STATEMENT LETTER Of the Board Of Commissioners’ and the Board Of Directors’ Responsibilities on the Annual Report 2014 Of PT Toba Bara Sejahtra Tbk. We, the undersigned, hereby declare that all information in this Annual Report of PT TOBA BARA SEJAHTRA Tbk. for the year 2013 is presented in full and we attest to the integrity of the contents of the Annual Report of the Company. In witness thereof, this statement is made truthfully. Jakarta, March16, 2015


BOARD OF DIRECTORS

Jusman S. Djamal

Justarina S. M. Naiborhu

President Commissioner/Independent Commissioner

President Director/Director Unaffiliated

Bacelius Ruru

Pandu P. Syahrir


Director

Farid Harianto

Arthur M. E. Simatupang


Director

Sudharmono Saragih Director


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FINANCIAL REPORT

FINANCIAL REPORT PT TOBA BARA SEJAHTRA TBK and its subsidiaries Consolidated financial statements as of December 31, 2014 and for the year then ended with independent auditors’ report


PT Toba Bara Sejahtra Tbk dan entitas anaknya/and its subsidiaries Laporan keuangan konsolidasian tanggal 31 Desember 2014 dan untuk tahun yang berakhir pada tanggal tersebut beserta laporan auditor independen/ Consolidated financial statements as of December 31, 2014 and for the year then ended with independent auditors’ report

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PT TOBA PT TOBA BARA BARA SEJAHTRA SEJAHTRA TbkTbk - Laporan - 2014 Tahunan Annual Report 2014 123

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PT TOBA BARA SEJAHTRA Tbk - Laporan 2014 Annual Tahunan Report 2014

The original consolidated financial statements included herein are in the Indonesian language.

PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN KEUANGAN KONSOLIDASIAN TANGGAL 31 DESEMBER 2014 DAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT BESERTA LAPORAN AUDITOR INDEPENDEN

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2014 AND FOR THE YEAR THEN ENDED WITH INDEPENDENT AUDITORS’ REPORT

Daftar Isi

Table of Contents Halaman/Pages

Laporan Auditor Independen

Independent Auditors’ Report

Laporan Posisi Keuangan Konsolidasian………………

1-3

……..Consolidated Statement of Financial Position

Laporan Laba - Rugi Komprehensif Konsolidasian ………………………

4-5

Consolidated Statement of …..……..………………Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian ………………………………

6-7

Consolidated Statement ….…………………………of Changes in Equity

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

8-9

…………… Consolidated Statement of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian……………………………

10-117

Notes to the Consolidated Financial …..……………………..……………..Statements

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


126




PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 31 Desember/ December 31, 2014

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION As of December 31, 2014 (Expressed in United States Dollar, unless otherwise stated)

Catatan/ Notes

31 Desember/ December 31, 2013

ASET

ASSETS

ASET LANCAR Kas dan setara kas Piutang usaha Pihak ketiga Pihak berelasi Piutang lain-lain Pihak ketiga Persediaan Pajak dibayar di muka Biaya dibayar di muka Uang muka Piutang derivatif Total Aset Lancar

47.838.787

2d,2f,4

63.301.639

10.721.711 578.709

5 2e,5,35a

16.598.657 1.157.419

5.968.015 41.963.307 12.422 2.291.105 2.569.730 552.308

6 2h,7 2t,17a 2g,8a 2g,8b 2u,34

6.398.865 32.389.968 6.791.548 2.165.661 1.395.027 -

CURRENT ASSETS Cash and cash equivalents Trade receivables Third parties Related parties Other receivables Third parties Inventories Prepaid taxes Prepaid expenses Advances Derivative receivables

130.198.784

Total Current Assets

112.496.094

ASET TIDAK LANCAR Piutang lain-lain - Pihak berelasi Uang muka Estimasi tagihan pajak Tanaman perkebunan Tanaman menghasilkan Tanaman belum menghasilkan Aset tetap Aset eksplorasi dan evaluasi Aset pertambangan Goodwill Aset pajak tangguhan Aset tidak lancar lainnya

29.627.761 4.435.318 -

2e,6,35b 2g,8b,35c 2t,17a

30.789.323 807.083 748.305

15.889.338 67.150 47.921.110

2m,3,9 2m,3,9 2i,3,10

13.105.673 3.710.240 49.032.780

4.846.532 74.830.632 3.523.795 3.257.957 3.714.555

2l,11 2l,12 2b,2k,13 2t,3,17d

4.842.009 71.904.619 3.523.795 1.495.963 1.489.365

NON-CURRENT ASSETS Other receivables - Related parties Advances Estimated claims for tax refund Plantations Mature plantations Immature plantations Fixed assets Exploration and evaluation assets Mine properties Goodwill Deferred tax assets Other non-current assets

Total Aset Tidak Lancar

188.114.148

181.449.155

Total Non-current Assets

TOTAL ASET

300.610.242

311.647.939

TOTAL ASSETS

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

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

1 128



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 31 Desember/ December 31, 2014

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) As of December 31, 2014 (Expressed in United States Dollar, unless otherwise stated) 31 Desember/ December 31, 2013

Catatan/ Notes

LIABILITAS DAN EKUITAS

LIABILITIES AND EQUITY

LIABILITAS LIABILITAS JANGKA PENDEK Utang usaha - pihak ketiga Utang lain-lain - pihak ketiga Utang dividen Beban akrual Utang derivatif Liabilitas imbalan kerja jangka pendek Utang pajak Uang muka pelanggan Bagian liabilitas jangka panjang yang jatuh tempo dalam waktu satu tahun: Utang bank Sewa pembiayaan Total Liabilitas Jangka Pendek LIABILITAS JANGKA PANJANG Liabilitas jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun: Utang bank Sewa pembiayaan Uang muka pelanggan Utang lain-lain kepada pihak berelasi Provisi untuk reklamasi dan penutupan tambang Liabilitas imbalan kerja Liabilitas pajak tangguhan Total Liabilitas Jangka Panjang TOTAL LIABILITAS

LIABILITIES 64.087.323 3.709 288.289 4.935.975 5.532.509

14 15 2e,35d 16 2u,34

69.265.229 1.907 290.856 6.057.579 -

3.109.951 5.326.115 6.387.209

2r,3,22a 2t,17b 18

3.340.583 7.227.871 24.941.839

19 2j,20

33.553.129 772.679

SHORT-TERM LIABILITIES Trade payables - third parties Other payables - third parties Dividend payables Accrued expenses Derivative payables Short-term employee benefits liabilities Taxes payable Advances from customer Current maturities of long-term liabilities: Bank loans Finance leases

145.451.672

Total Short-term Liabilities

962.450 90.633.530

LONG-TERM LIABILITIES

3.951.817 1.943.059 3.035.740

Long-term liabilitiesnet of current maturities: Bank loans Finance leases Advances from customer Other payables due to related party Provision for mine reclamation and mine closure Employee benefits liabilities Deferred tax liabilities

67.624.126

35.715.023

Total Long-term Liabilities

158.257.656

181.166.695

TOTAL LIABILITIES

56.114.739 1.062.270 -

19 2j,20 18

20.183.289 1.348.417 2.964.000

2.242.526

2e,15,35e 2o, 2p 3, 21 2r,3,22b 2t,3,17d

2.288.701

4.496.413 2.840.670 867.508



2



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)


PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued) As of December 31, 2014 (Expressed in United States Dollar, unless otherwise stated)

Catatan/ Notes


LIABILITAS DAN EKUITAS (lanjutan)

LIABILITIES AND EQUITY (continued)

EKUITAS Modal saham Modal saham - nilai nominal Rp200 per saham Modal dasar - 6.000.000.000 saham Modal ditempatkan dan disetor penuh - 2.012.491.000 saham Tambahan modal disetor Selisih akuisisi kepentingan non-pengendali Saldo laba Dicadangkan Belum dicadangkan Komponen ekuitas lainnya Selisih kurs akibat translasi laporan keuangan Kerugian kumulatif atas instrumen derivatif untuk lindung nilai arus kas Total ekuitas yang dapat diatribusikan kepada pemilik entitas induk

EQUITY

44.077.885 129.869.269

23 24

(89.625.730)

26

1.531.988 25.976.233 1.610.632

2d

(2.381.176)

2u,27,34

111.059.101

Kepentingan non-pengendali

31.293.485

2b,28

Share capital Share capital - par value of Rp200 per share Authorized - 6,000,000,000 shares Issued and fully paid 44.077.885 2,012,491,000 shares 129.869.269 Additional paid-in capital Difference arising from acquisition (89.625.730) of non-controlling interests Retained earnings 31.988 Appropriated 18.639.199 Unappropriated Other components of equity Exchange difference due to 1.376.036 translation of financial statements Cumulative losses on derivative instruments for cash flows hedges 104.368.647

Total equity attributable to the owners of the parent

26.112.597

Non-controlling interests

TOTAL EKUITAS

142.352.586

130.481.244

TOTAL EQUITY

TOTAL LIABILITAS DAN EKUITAS

300.610.242

311.647.939

TOTAL LIABILITIES AND EQUITY



3 130



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN LABA - RUGI KOMPREHENSIF KONSOLIDASIAN Tahun yang Berakhir pada Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME Year Ended December 31, 2014 (Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 PENJUALAN BEBAN POKOK PENJUALAN LABA BRUTO Beban umum dan administrasi Beban penjualan dan pemasaran Laba (rugi) selisih kurs Laba (rugi) instrumen derivatif Keuntungan atas penyelesaian akun pre-existing antar entitas Pendapatan (beban) lain-lain

Catatan/ Notes

2013

499.965.642

2s,29

421.849.737

(413.764.435)

2l,2n,2s,30

(342.297.332)

86.201.207

79.552.405

(31.205.900) (364.698) 82.262

2s,31 2s,32

(59.647)

2u,34

693.712

2b 33

7.535.475 (352.650)

1.376.024

(28.679.546) (528.132) (8.205.950)

LABA OPERASI

56.029.248

50.015.314

Pendapatan keuangan Beban keuangan

2.511.526 (4.643.549)

4.067.768 (3.680.063)

LABA SEBELUM PAJAK

53.897.225

50.403.019

BEBAN PAJAK LABA TAHUN BERJALAN

(18.096.721)

2t,17c

(15.799.226)

35.800.504

34.603.793

PENDAPATAN KOMPREHENSIF LAIN Selisih kurs karena penjabaran laporan keuangan entitas anak Bagian efektif atas perubahan nilai wajar instrumen derivatif - lindung nilai arus kas

260.662 (3.919.319)

2b

COST OF GOODS SOLD GROSS PROFIT General and administrative expenses Selling and marketing expenses Foreign exchange gain (loss) Gain (loss) on derivative instruments Gain on settlement of pre-existing intercompany account Other income (expense) OPERATING PROFIT Finance income Finance cost PROFIT BEFORE TAX TAX EXPENSE PROFIT FOR THE YEAR

-

OTHER COMPREHENSIVE INCOME Difference in foreign currency translation of the financial statements of subsidiaries Effective portion of the fair value change of derivative instruments - cash flows hedge

1.528.929

2u,27

SALES

PENDAPATAN KOMPREHENSIF LAIN TAHUN BERJALAN

(3.658.657)

1.528.929

OTHER COMPREHENSIVE INCOME FOR THE YEAR

TOTAL PENDAPATAN KOMPREHENSIF TAHUN BERJALAN

32.141.847

36.132.722

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

18.543.538 16.060.255

Profit for the year attributable to: Owners of the parent Non-controlling interests

Laba tahun berjalan yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan non-pengendali

18.327.272 17.473.232

2b,28

35.800.504

34.603.793



4



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN LABA-RUGI KOMPREHENSIF KONSOLIDASIAN (lanjutan) Tahun yang Berakhir pada Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (continued) Year Ended December 31, 2014 (Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, Catatan/ Notes

2014 Total laba komprehensif yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan non-pengendali

16.180.692 15.961.155

2b,28

32.141.847 Laba per saham dasar yang dapat diatribusikan kepada: Pemilik entitas induk

0,0091

2v,36

0,0092

Basic earnings per share attributable to: Owners of the parent


5 PT TOBA BARA SEJAHTRA Tbk - 2014 Annual Report

19.919.574 16.213.148

Total comprehensive income attributable to: Owners of the parent Non-controlling interests

36.132.722


132

2013


Saldo 31 Desember 2014

-

44.077.885

129.869.269

-

-

-

-

-

129.869.269

Tambahan modal disetor/ Additional paid-in capital

1.531.988

1.500.000

-

-

-

-

31.988

Dicadangkan/ Appropriated

25.976.233

(1.500.000)

(9.490.238)

-

18.327.272

-

18.639.199

Belum dicadangkan/ Unappropriated

Saldo laba/ Retained earnings

-

(89.625.730)

-

-

-

-

(89.625.730)

6

(2.381.176)

-

-

(2.381.176)

-

-

-

111.059.101

-

(9.490.238)

(2.146.580)

18.327.272

-

104.368.647

Jumlah/ Total

31.293.485

-

-

(1.512.077)

17.473.232

(10.780.267)

26.112.597

Kepentingan non-pengendali/ Non-controlling interest

142.352.586

-

(9.490.238)

(3.658.657)

35.800.504

(10.780.267)

130.481.244

Ekuitas - Neto/ Equity - Net

Balance as of December 31, 2014

Appropriation of retained earnings

Cash dividends

Other comprehensive income

Profit for the year

Non-controlling interests shares in cash dividends distributed by the subsidiaries



1.610.632

-

-

234.596

-

-

1.376.036

Kerugian kumulatif atas instumen derivatif untuk lindung nilai arus kas/ Cumulative losses on derivative instruments for cash flows hedges

Komponen ekuitas lainnya/ Other components of equity

Selisih kurs akibat translasi Selisih akuisisi laporan kepentingan keuangan/ non-pengendali/ Exchange Difference arising difference due from acquisition of to translation non-controlling of financial interests statements


25b.i

-

25a,b.ii

Dividen kas

Pencadangan saldo laba

-

Pendapatan komprehensif lain

-

-

28

44.077.885

Laba tahun berjalan

Bagian kepentingan non-pengendali atas pembagian dividen kas oleh entitas anak


Catatan/ Notes

Modal ditempatkan dan disetor penuh/ Issued and fully paid capital

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Year Ended December 31, 2014 (Expressed in United States Dollar)

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

PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN Tahun yang Berakhir pada Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat)


134

PT TOBA BARA SEJAHTRA Tbk - Laporan 2014 Annual Tahunan Report 2014


PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN ARUS KAS KONSOLIDASIAN Tahun yang Berakhir pada Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS Year Ended December 31, 2014 (Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, Catatan/ Notes

2014 ARUS KAS DARI AKTIVITAS OPERASI Penerimaan kas dari pelanggan Pembayaran kepada pemasok Pembayaran kepada karyawan Pembayaran royalti Pembayaran pajak penghasilan badan Penerimaan kelebihan pembayaran pajak penghasilan badan Penerimaan pengembalian piutang pihak ketiga Pembayaran bunga, beban administrasi bank dan beban keuangan Penerimaan bunga Kas Neto yang Diperoleh dari Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Penambahan aset eksplorasi dan evaluasi Penambahan aset tetap Uang muka pembelian aset tetap Hasil pelepasan aset tetap Penambahan tanaman belum menghasilkan Penerimaan pembayaran pinjaman dari pihak berelasi Arus kas masuk neto, dari akuisisi entitas anak Kas Neto yang Digunakan untuk Aktivitas Investasi

2013

493.671.367 (413.032.874) (16.495.672) (28.290.450) (18.664.740) 3.871.257

434.545.061 (324.210.355) (21.685.644) (22.492.790) (8.877.623) 17e

7.170.260

-

560.575

(3.475.801) 1.313.942

(2.572.076) 1.430.593

18.897.029

63.868.001

(6.552.399) (5.205.264) (3.691.403)

11,12 10 8

326.094

(2.904.776)

Net Cash Used in Investing Activities

(434)

2.000.000 -

13.485.456

177.837

-

1.725.384 13

(13.122.972)

Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Additions to exploration and evaluation assets Additions to fixed assets Advance for fixed asset acquisition Proceeds from disposal of fixed assets Additions to immature plantations Receipts of payments on related parties receivables Net cash inflow from acquisition of a subsidiary

(6.124.874) (12.168.145) -

10

CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers Payments to suppliers Payments to employees Payments of royalty Payment for corporate income taxes Receipt on corporate income tax overpayment Receipt of repayment of third parties receivables Payments of interest, bank charges and finance costs Receipt of interest income

ARUS KAS DARI AKTIVITAS PENDANAAN Pembayaran dividen kas Penerimaan pinjaman bank Pembayaran pokok sewa pembiayaan Pembayaran pinjaman bank Pembayaran kepada pemegang saham non-pengendali entitas anak

(1.292.161) (8.496.673)

(1.608.435) (21.269.536)

(10.780.267)

(15.190.145)

CASH FLOWS FROM FINANCING ACTIVITIES Payment of cash dividends Proceeds from bank loans Payments of finance leases Repayment of banks loan Payment to non-controlling shareholders of subsidiaries

Kas Neto yang Digunakan untuk Aktivitas Pendanaan

(21.077.976)

(28.079.483)

Net Cash Used in Financing Activities

(9.490.238) 8.981.363

25a,b


(4.665.979) 14.654.612


8



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAKNYA LAPORAN ARUS KAS KONSOLIDASIAN (lanjutan) Tahun yang Berakhir pada Tanggal 31 Desember 2014 (Disajikan dalam Dolar Amerika Serikat)

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS (continued) Year Ended December 31, 2014 (Expressed in United States Dollar)

Tahun yang berakhir pada tanggal 31 Desember/ Year Ended December 31, 2014 (PENURUNAN) KENAIKAN NETO KAS DAN SETARA KAS

Catatan/ Notes

(15.303.919)

32.883.742

NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS

63.301.639

36.307.011

CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR

KAS DAN SETARA KAS AWAL TAHUN Dampak perubahan nilai tukar atas kas dan setara kas KAS DAN SETARA KAS AKHIR TAHUN

(158.933) 47.838.787

(5.889.114) 4



63.301.639

Effect of foreign exchange rate changes on cash and cash equivalents CASH AND CASH EQUIVALENTS AT END OF YEAR


9 136

2013


PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 1.

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and Year then ended (Expressed in United States Dollar, unless otherwise stated)

UMUM a.

1.

Perusahaan

GENERAL a. The Company

PT Toba Bara Sejahtra Tbk (“Perusahaan”) didirikan di Indonesia dengan nama PT Buana Persada Gemilang berdasarkan Akta No. 1 tanggal 3 Agustus 2007 yang dibuat dihadapan Tintin Surtini, S.H., M.H., M.Kn, sebagai pengganti dari Surjadi S.H., Notaris di Jakarta, sebagaimana yang telah diubah dengan Akta No.11 tanggal 14 Januari 2008 yang dibuat dihadapan Surjadi, S.H., Notaris di Jakarta. Akta Pendirian ini telah disahkan oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan No. AHU-04084.AH.01.01.Tahun 2008 tanggal 28 Januari 2008.

PT Toba Bara Sejahtra Tbk (the “Company”) was established in Indonesia as PT Buana Persada Gemilang based on the Deed No. 1 dated August 3, 2007 made before Tintin Surtini, S.H., M.H., M.Kn, as a substitute notary of Surjadi, S.H., Notary in Jakarta, which was amended based on notarial deed No. 11 dated January 14, 2008 prepared by notary Surjadi, S.H., Notary in Jakarta. The Deed of Establishment was approved by the Minister of Laws and Human Rights of the Republic of Indonesia through letter No. AHU-04084.AH.01.01.Tahun 2008 dated January 28, 2008.

Berdasarkan Akta No.173 tanggal 22 Juli 2010 yang dibuat dihadapan Notaris Jimmy Tanal, S.H., sebagai pengganti dari Hasbullah Abdul Rasyid S.H., M.Kn, Notaris di Jakarta Selatan, para pemegang saham menyetujui perubahan nama Perusahaan dari sebelumnya PT Buana Persada Gemilang menjadi PT Toba Bara Sejahtra dan peningkatan modal dasar dari sebelumnya Rp20.000.000.000 menjadi Rp135.000.000.000 yang seluruhnya telah ditempatkan dan disetorkan. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan No. AHU-40246.AH.01.02.Tahun 2010 tanggal 13 Agustus 2010.

Based on Deed No. 173 dated July 22, 2010 made before Jimmy Tanal, S.H., as a substitute notary of Hasbullah Abdul Rasyid, S.H., M.Kn, Notary in South Jakarta, the Company’s shareholders agreed to change the Company’s name from PT Buana Persada Gemilang to PT Toba Bara Sejahtra and increase the Company’s authorized capital from Rp20,000,000,000 to Rp135,000,000,000 which has been fully subscribed and paid. These changes have been approved by the Minister of Laws and Human Rights of the Republic of Indonesia through letter No. AHU-40246.AH.01.02.Tahun 2010 dated August 13, 2010.

Berdasarkan Akta No. 154 tanggal 23 Desember 2011 yang dibuat dihadapan Notaris Jimmy Tanal, S.H., sebagai pengganti dari Hasbullah Abdul Rasyid S.H., M.Kn, Notaris di Jakarta, para pemegang saham menyetujui peningkatan modal dasar Perusahaan dari sebelumnya Rp135.000.000.000 menjadi Rp1.200.000.000.000 serta peningkatan modal disetor dari sebelumnya Rp135.000.000.000 menjadi Rp300.000.000.000. Peningkatan tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia Republik Indonesia, melalui surat keputusannya No. AHU-64523.AH.01.02.Tahun 2011 tertanggal 29 Desember 2011.

Based on the Deed No. 154 dated December 23, 2011 made before Jimmy Tanal, S.H., as substitute notary of Hasbullah Abdul Rasyid, S.H., M.Kn, Notary in Jakarta, the Company’s shareholders agreed to increase the Company’s authorized capital from Rp135,000,000,000 to Rp1,200,000,000,000 and increase the paid in capital from Rp135,000,000,000 to Rp300,000,000,000. The increase has been approved by the Minister of Laws and Human Rights of the Republic of Indonesia through letter No. AHU-64523.AH.01.02.Tahun 2011 dated December 29, 2011.

Berdasarkan Akta No. 65 tanggal 30 Maret 2012 tentang Pernyataan Persetujuan Bersama Seluruh Pemegang Saham PT Toba Bara Sejahtra, yang dibuat di hadapan Dina Chozie, S.H., kandidat Notaris, pengganti dari Fathiah Helmi, S.H., Notaris di Jakarta, seluruh pemegang saham Perusahaan menyetujui antara lain, perubahan status Perusahaan menjadi Perusahaan Terbuka, dan perubahan nilai nominal saham Perusahaan dari Rp1.000.000 per lembar menjadi Rp200 per lembar.

Based on the Deed No. 65 dated March 30, 2012 on the Statements of PT Toba Bara Sejahtra’s Shareholders’ Approval which were made before Dina Chozie, S.H., candidate Notary, as a substitute notary of Fathiah Helmi, S.H., a Notary in Jakarta, all of the Company’s shareholders approved, among others, the change in the status of the Company to a Public Company, and change in the nominal value of the Company’s shares from Rp1,000,000 per share to Rp200 per share. 10





UMUM (lanjutan) a.

1.

Perusahaan (lanjutan)

a. The Company (continued)

Perubahan tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia melalui Surat Keputusan No. AHU-17595.AH.01.02.Tahun 2012 tertanggal 5 April 2012 dan telah didaftarkan pada Daftar Perseroan dengan No. AHU-0029340.AH.01.09.Tahun 2012 tanggal 5 April 2012.

Such changes have been approved by the Minister of Laws and Human Rights of the Republic of Indonesia through Decision Letter No. AHU-17595.AH.01.02.Tahun 2012 dated April 5, 2012 and has been registered in the List of Companies No. AHU-0029340.AH.01.09. Year 2012 dated April 5, 2012.

Berdasarkan Akta No. 44 tanggal 17 Oktober 2012 tentang Pernyataan Persetujuan Bersama Seluruh Pemegang Saham PT Toba Bara Sejahtra Tbk yang dibuat di hadapan Fathiah Helmi, S.H., Notaris di Jakarta, seluruh pemegang saham Perusahaan menyetujui dan menegaskan kembali jumlah modal ditempatkan dan disetor Perusahaan dan komposisi pemegang saham Perusahaan setelah Penawaran Umum Saham Perdana yang telah dilakukan oleh Perusahaan. Pemberitahuan perubahan tersebut telah diterima oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Penerimaan Pemberitahuan Perubahan Anggaran Dasar PT Toba Bara Sejahtra Tbk tertanggal No. AHU-AH.01.10-40345 14 November 2012 dan telah didaftarkan pada Daftar Perseroan dengan No. AHU0098418.AH.01.09.Tahun 2012 tanggal 14 November 2012.

Based on the Deed No. 44 dated October 17, 2012 on the Statements of PT Toba Bara Sejahtra Tbk’s Shareholders’ Approval which were made before Fathiah Helmi, S.H., a Notary in Jakarta, all of the Company’s shareholders approved and confirmed the Company’s issued and fully paid shares and the shareholders’ composition after Initial Public Offering was executed. Notification of such changes have been received by the Ministry of Laws and Human Rights of the Republic of Indonesia through the Letter of Acknowledgement of PT Toba Bara Sejahra Tbk‘s Amendment of Articles of Association AHU-AH.01.10-40345 dated November 14, 2012 and has been registered in the List of Companies No. AHU-0098418.AH.01.09.Tahun 2012 dated November 14, 2012.

Pada tanggal 27 Juni 2012, Perusahaan memperoleh pernyataan efektif dari Badan Pengawas Pasar Modal dan Lembaga Keuangan untuk melakukan penawaran umum kepada masyarakat sebanyak 210.681.000 saham. Saham yang ditawarkan merupakan 10,47% dari 2.012.491.000 lembar saham yang ditempatkan dan disetor penuh. Sejak tanggal 6 Juli 2012, saham Perusahaan telah dicatatkan di Bursa Efek Indonesia.

On June 27, 2012, the Company obtained approval from the Capital Market and Financial Institution Supervisory Agency to conduct public offering of 210,681,000 shares. The offered shares represent 10.47% of the 2,012,491,000 shares issued and fully paid. Since July 6, 2012, the Company’s shares have been listed on the Indonesia Stock Exchange.

Berdasarkan Pasal 3 Anggaran Dasar Perusahaan, ruang lingkup kegiatan Perusahaan adalah di bidang pembangunan, perdagangan, perindustrian, pertambangan, pertanian dan jasa.

Under the Article 3 of the Company’s Articles of Association, the scope of its activities is construction, trading, industrial, mining, agriculture and services.

Kegiatan utama Perusahaan saat ini adalah investasi di bidang pertambangan batubara dan perkebunan kelapa sawit melalui entitas anak.

Currently, the Company’s main activity is investment in coal mining and palm oil plantation through its subsidiaries.

11 138

GENERAL (continued)





UMUM (lanjutan) a.

b.

1.

Perusahaan (lanjutan)

GENERAL (continued) a. The Company (continued)

Perusahaan dan entitas anak (secara kolektif disebut sebagai “Kelompok Usaha”) tergabung dalam kelompok usaha milik PT Toba Sejahtra (“TS”) sebagai entitas langsung dan terakhir.

The Company and its subsidiaries (collectively referred to as the “Group”) are members of the group of companies owned by PT Toba Sejahtra (“TS”) as the direct and ultimate parent.

Perusahaan memulai kegiatan komersialnya di tahun 2010, yaitu setelah akuisisi entitas anak dari PT Toba Sejahtra.

The Company commenced its commercial operation in 2010, following the acquisition of the subsidiaries from PT Toba Sejahtra.

Kantor pusat Perusahaan berlokasi di Wisma Bakrie 2 Lantai 16, Jl. H.R. Rasuna Said Kav. B-2, Jakarta Selatan.

The Company’s head office is located at 16 Floor of Wisma Bakrie 2, Jl. H.R. Rasuna Said Kav. B-2, South Jakarta.

Dewan Komisaris, Direksi, manajemen kunci dan Karyawan

th

Personil

b. Boards of Commissioners, Directors, Key management personnel and Employees

Dewan Komisaris dan Direksi Perusahaan pada tanggal 31 Desember 2014 dan 2013 adalah sebagai berikut:

The Company’s Board of Commissioners and Directors as of December 31, 2014 and 2013 are as follows:

Presiden Komisaris Komisaris Independen Komisaris Independen Presiden Direktur Direktur Direktur Direktur

Jusman Syafii Djamal Farid Harianto Bacelius Ruru

President Commissioner Independent Commissioner Independent Commissioner

Justarina Sinta Marisi Naiborhu Pandu Patria Syahrir Sudharmono Saragih Arthur M. E. Simatupang

President Director Director Director Director

Dewan komisaris dan direksi Perusahaan merupakan personil manajemen kunci Perusahaan.

The Company’s Boards of commissioners and directors are the key management personnel of the Company.

Susunan Komite Audit Perusahaan pada tanggal 31 Desember 2014 dan 2013 adalah sebagai berikut:

The composition of the Company’s Audit Committee as of December 31, 2014 and 2013 is as follows:

Ketua Anggota

Bacelius Ruru Irwandy Arif Aria Kanaka

Chairman Members The Group had a total of 796 and 821 permanent employees (unaudited) as of December 31, 2014 and 2013, respectively.

Kelompok Usaha mempunyai jumlah karyawan tetap masing-masing 796 dan 821 (tidak diaudit) pada tanggal-tanggal 31 Desember 2014 dan 2013. c. Entitas anak

c. Subsidiaries The Company consolidates the following subsidiaries due to its more than 50% equity ownerships.

Perusahaan mengkonsolidasikan entitas anak di bawah ini karena mempunyai kepemilikan saham lebih dari 50%.

12





UMUM (lanjutan) c.

1.

Entitas anak (lanjutan)

Entitas anak/ Subsidiaries

GENERAL (continued) c. Subsidiaries (continued)

Domisili dan Tahun operasi komersial dimulai/ Domicile and Year of commercial operations started

Persentase kepemilikan/ Percentage of ownership

Jenis Usaha/ Nature of Business

Total Aset sebelum Eliminasi/ Total Assets before Elimination 31 Desember/December 31 2014 2013

Kepemilikan langsung/Direct ownership: 1.

PT Adimitra Baratama Nusantara (“ABN”)

Kalimantan Timur/ East Kalimantan/2008

Pertambangan batu bara/Coal mining

51%

128.147.594

126.356.682

2.

PT Trisensa Mineral Utama (“TMU”)



99%

40.911.845

45.992.009

3.

PT Toba Bumi Energi (“TBE”) dan entitas anaknya/and its subsidiary


Investasi di bidang pertambangan/ Investment in coal mining

99%

70.365.459

72.391.501

4.

PT Perkebunan Kaltim Utama (“PKU”)


Perkebunan kelapa sawit/ Palm oil plantation

90%

14.768.091

13.231.385*

99%

64.913.677

76.348.489

Kepemilikan tidak langsung melalui TBE/Indirect ownership through TBE: 5.

PT Indomining (“IM”)



* Sebelum penyesuaian nilai wajar

Kepemilikan Perusahaan terhadap ABN, TMU dan TBE diperoleh pada tahun 2010 melalui transaksi kombinasi bisnis entitas sepengendali (Catatan 24b).

The Company’s ownership over ABN, TMU and TBE is acquired in 2010 through a business combination among entities under common control (Note 24b).

Ijin pertambangan

Mining licenses

ABN memiliki ijin Usaha Pertambangan Operasi Produksi (“IUP-OP”) sesuai dengan keputusan Bupati Kutai Kartanegara No. 540/1691/IUP-OP/MB-PBAT/XII/2009 tertanggal 1 Desember 2009. IUP-OP tersebut berlaku untuk jangka waktu 20 tahun sampai tanggal 1 Desember 2029 dan dapat diperpanjang 2 kali.

ABN has a Production Operation Mining Permit (“IUP-OP”) as stipulated in Bupati Kutai Kartanegara’s decree No. 540/1691/IUPOP/MB-PBAT/XII/2009 dated December 1, 2009. Such IUP-OP is valid for 20 years through December 1, 2029 and can be extended 2 times.

ABN memiliki wilayah tambang seluas 2.990 hektar berlokasi di Kecamatan Sanga-sanga Kalimantan Timur.

ABN has mining area of 2,990 hectares located in Sanga-sanga Sub-district - East Kalimantan.

TMU memiliki IUP-OP atas wilayah seluas 3.414 hektar di wilayah Kecamatan Loa Janan, Muara Jawa dan Sanga-sanga, Kabupaten Kutai Kartanegara, Provinsi Kalimantan Timur sesuai dengan keputusan Bupati Kutai Kartanegara No. 540/3133/IUP-OP/MBPBAT/XII/2010 tanggal 14 Desember 2010. IUP-OP tersebut berlaku untuk jangka waktu 13 tahun sampai tanggal 14 Desember 2023 dan dapat diperpanjang 2 kali.

TMU has an IUP-OP over an area of 3,414 hectares located in Loa Janan, Muara Jawa and Sanga-sanga Sub-districts, Kutai Kartanegara Regency, East Kalimantan Province as stipulated in Bupati Kutai Kartanegara’s decree No. 540/3133/IUPOP/MB-PBAT/XII/2010 dated December 14, 2010. Such IUP-OP is valid for 13 years through December 14, 2023 and can be extended 2 times.

13 140




UMUM (lanjutan) c.

d.

2.

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and Year then ended (Expressed in United States Dollar, unless otherwise stated) 1.

Entitas anak (lanjutan)

GENERAL (continued) c. Subsidiaries (continued)

Ijin pertambangan (lanjutan)

Mining licenses (continued)

IM memiliki IUP-OP sesuai dengan keputusan Bupati Kutai Kartanegara No. 540/1410/IUPOP/MB-PBAT/VI/2010 tertanggal 22 Juni 2010. IUP-OP tersebut berlaku untuk jangka waktu 3 tahun sampai tanggal 22 Juni 2013 dan dapat diperpanjang 2 kali. Berdasarkan keputusan Bupati Kutai Kartanegara Nomor 540/004/IUPOP/MB-PBAT/III/2013, IUP-OP IM telah diperpanjang sampai dengan tanggal 15 Maret 2023 dan dapat diperpanjang 1 kali.

IM has an IUP-OP as stipulated in Bupati Kutai Kartanegara’s decree No. 540/1410/IUPOP/MB-PBAT/VI/2010 dated June 22, 2010. Such IUP-OP is valid for 3 years through June 22, 2013 and can be extended 2 times. Based on Bupati Kutai Kartanegara’s decree No. 540/004/IUP-OP/MB-PBAT/III/2013, IM’s IUP-OP has been extended until March 15, 2023 and can be extended 1 time.

IM memiliki wilayah pertambangan seluas 683 hektar yang berlokasi di Kecamatan SangaSanga - Kalimantan Timur.

IM has a mining area of 683 hectares located in Sanga-Sanga Sub-district - East Kalimantan.

Persetujuan penerbitan laporan keuangan konsolidasian

d. Authorization to issue the consolidated financial statements

Laporan keuangan konsolidasian ini diselesaikan dan mendapat persetujuan untuk diterbitkan dari Direksi Perusahaan pada tanggal 9 Maret 2015.

These consolidated financial statements were completed and authorized for issuance by the Company’s Directors on March 9, 2015.

IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN

2.

SUMMARY POLICIES

OF

SIGNIFICANT

ACCOUNTING

Berikut ini adalah kebijakan akuntansi signifikan yang diterapkan dalam penyusunan laporan keuangan konsolidasian Perusahaan dan entitas anaknya (“Kelompok Usaha”).

Presented below are the significant accounting policies adopted in preparing the consolidated financial statements of the Company and its subsidiaries (the “Group”).

a. Dasar Penyajian Konsolidasian

Keuangan

a. Basis of Preparation of the Consolidated Financial Statements

Laporan keuangan konsolidasian telah disusun dan disajikan sesuai dengan Standar Akuntansi Keuangan di Indonesia (“SAK”), yang mencakup Pernyataan Standar Akuntansi Keuangan (“PSAK”) dan Interpretasi Standar Akuntansi Keuangan (“ISAK”) yang dikeluarkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia dan peraturanperaturan serta pedoman penyajian dan pengungkapan laporan keuangan yang diterbitkan oleh Otoritas Jasa Keuangan (OJK).

The consolidated financial statements have been prepared and presented in accordance with Indonesian Financial Accounting Standards (“SAK”), which comprise the Statements of Financial Accounting Standards (“PSAK”) and Interpretations to Financial Accounting Standards (“ISAK”) issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants and the regulations and the guidelines on financial statements presentation and disclosures issued by Capital Market and Financial Institution Supervisory Agency.

Laporan

14





IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) a.

b.

Dasar Penyajian Laporan Konsolidasian (lanjutan)

2. SUMMARY OF SIGNIFICANT POLICIES (continued)

Keuangan

a. Basis of Preparation of the Consolidated Financial Statements (continued)

Sebagaimana dijelaskan dalam Catatan 2q, manajemen telah menerapkan ISAK No. 29 yang berlaku untuk tahun pelaporan yang dimulai pada tanggal 1 Januari 2014.

As disclosed further in Note 2q, management has implemented the ISAK No. 29, which is effective for the financial reporting year beginning on January 1, 2014.

Laporan keuangan konsolidasian disusun berdasarkan konsep akrual kecuali untuk laporan arus kas konsolidasian, dan menggunakan konsep biaya perolehan, kecuali untuk beberapa akun yang dinyatakan menggunakan dasar pengukuran lain, sebagaimana dijelaskan pada kebijakan akuntansi dari akun tersebut.

The consolidated financial statements have been prepared on the accrual basis except for the consolidated statements of cash flows, and using the historical cost concept of accounting, except for certain accounts which have been stated on another measurement basis as explained in the accounting policies for such accounts.

Laporan arus kas menyajikan penerimaan dan pengeluaran kas dan setara kas yang diklasifikasikan menurut aktivitas operasi, investasi dan pendanaan. Arus kas dari aktivitas operasi disajikan dengan menggunakan metode langsung.

The consolidated statements of cash flows present the receipts and payments of cash and cash equivalents classified into operating, investing and financing activities. The cash flows from operating activities are presented using the direct method.

Laporan keuangan konsolidasian disajikan dalam Dolar Amerika Serikat (“AS$”), yang merupakan mata uang fungsional Perusahaan.

The consolidated financial statements are presented in the United States Dollar (“US$”), which is the Company’s functional currency.

Mata uang fungsional ABN, TBE, IM dan TMU adalah Dolar Amerika Serikat, sedangkan PKU adalah Rupiah.

The functional currency of ABN, TBE, IM and TMU is the United States Dollar while PKU is the Rupiah.

Prinsip-prinsip Konsolidasian

b. Principles of Consolidation

Laporan keuangan konsolidasian meliputi akun-akun Kelompok Usaha seperti disebutkan pada Catatan 1.c (secara langsung maupun tidak langsung) dengan kepemilikan saham lebih dari 50%.

The consolidated financial statements include the accounts of the Group as described in Note 1.c, in which the Company maintains (directly or indirectly) equity ownership of more than 50%.

Laporan keuangan konsolidasian disusun dengan menggunakan kebijakan akuntansi yang sama untuk transaksi dan peristiwa lain dalam keadaan yang serupa. Jika anggota Kelompok Usaha menggunakan kebijakan akuntansi yang berbeda untuk transaksi dan peristiwa dalam keadaan yang serupa, maka penyesuaian dilakukan atas laporan keuangannya dalam penyusunan laporan keuangan konsolidasian.

The consolidated financial statements have been prepared using uniform accounting policies for transactions and other events in similar circumstances. If a member of the Group uses accounting policies other than those adopted in the consolidated financial statements for transactions and events in similar circumstances, appropriate adjustments are made to its financial statements in preparing the consolidated financial statements.

Seluruh saldo akun dan transaksi yang signifikan antara Perusahaan dengan Entitas Anak telah dieliminasi.

All significant intercompany accounts transactions between the Company Subsidiaries have been eliminated.

15 142

ACCOUNTING


and and




IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) b.


Prinsip-prinsip Konsolidasian (lanjutan)

ACCOUNTING

b. Principles of Consolidation (continued)

Entitas anak dikonsolidasi sejak tanggal akusisi, yaitu tanggal dimana Kelompok Usaha memperoleh pengendalian, dan tetap dikonsolidasi sampai pengendalian tersebut berhenti. Pengendalian dianggap ada apabila Kelompok Usaha memiliki, baik secara langsung atau tidak langsung melalui entitas anak, lebih dari 50% hak suara dari suatu entitas.

Subsidiaries are fully consolidated from the dates of acquisition, being the date on which the Group obtained control, and continue to be consolidated until the date such control ceases. Control is presumed to exist if the Group owns, directly or indirectly through its subsidiaries, more than 50% of the voting power of an entity.

Kerugian entitas anak diatribusikan kepada kepentingan non-pengendali bahkan jika hal ini mengakibatkan kepentingan non-pengendali mempunyai saldo defisit.

Losses of a non-wholly owned subsidiary are attributed to the non-controlling interest even if such losses resulted in a deficit balance for the non-controlling interest.

Kepentingan non-pengendali merupakan bagian atas laba atau rugi dan aset neto dari entitas anak yang tidak dapat diatribusikan kepada entitas induk secara langsung atau tidak langsung yang disajikan di dalam laporan laba rugi komprehensif konsolidasian dan sebagai bagian dari ekuitas di dalam laporan posisi keuangan konsolidasian yang terpisah dari ekuitas pemilik entitas induk.

Non-controlling interest represents the portion of the profit or loss and net assets of the subsidiaries not attributable directly or indirectly to parent’s company, which are presented in the consolidated statements of comprehensive income and under the equity section of the consolidated statements of financial position, respectively, separately from the corresponding portion attributable to the equity holders of the parent entity.

Perubahan dalam bagian kepemilikan entitas induk pada entitas anak yang tidak mengakibatkan hilangnya pengendalian dicatat sebagai transaksi ekuitas. Dalam keadaan demikian, nilai tercatat kepentingan pengendali dan non-pengendali disesuaikan untuk mencerminkan perubahan bagian kepemilikan terkait atas entitas anak. Selisih antara jumlah kepentingan non-pengendali disesuaikan dan nilai wajar imbalan yang diberikan atau diterima, diakui sebagai bagian dari ekuitas dan diatribusikan kepada pemilik entitas induk.

Changes in a parent’s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognised directly in equity and attributed to the owners of the parent entity.

Manajemen menerapkan metode akuisisi untuk mencatat setiap kombinasi bisnis. Imbalan yang dialihkan untuk mengakuisisi entitas anak adalah nilai wajar seluruh aset yang dialihkan, liabilitas yang diakui oleh Kelompok Usaha kepada pemilik sebelumnya dari entitas yang diakuisisi dan kepentingan ekuitas yang diterbitkan oleh Kelompok Usaha. Imbalan yang dialihkan termasuk nilai wajar setiap aset dan liabilitas yang dihasilkan dari suatu kesepakatan imbalan kontinjensi. Aset teridentifikasi dan liabilitas dan liabilitas kontinjensi yang diambil alih, yang diperoleh dalam kombinasi bisnis diukur pada awalnya sebesar nilai wajar tanggal akuisisi. Biaya terkait akuisisi diakui dan dicatat sebagai beban pada saat terjadinya.

Management applies the acquisition method to account for business combinations. The consideration transferred for the acquisition of a subsidiary is the fair values of the assets transferred, the liabilities incurred to the former owners of the acquiree and the equity interests issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The acquisition costs are recognized and recorded as expenses as incurred.

16




IKHTISAR KEBIJAKAN SIGNIFIKAN (lanjutan) b.


AKUNTANSI

2.

Prinsip-prinsip Konsolidasian (lanjutan)

ACCOUNTING

b. Principles of Consolidation (continued)

Jika kombinasi bisnis mengakibatkan penyelesaian hubungan yang ada sebelumnya, maka manajemen mengakui keuntungan atau kerugian atas penyelesaian hubungan tersebut.

If the business combination in effect settles a preexisting relationship, the Group recognizes a gain or loss arising from such settlements.

Manajemen mengakui kepentingan nonpengendali pada pihak yang diakuisisi baik sebesar nilai wajar atau sebesar bagian proporsional kepentingan non-pengendali atas aset neto teridentifikasi pihak yang diakuisisi. Kepentingan non-pengendali disajikan di ekuitas dalam laporan posisi keuangan konsolidasian, terpisah dari ekuitas pemilik entitas induk.

Management recognizes any non-controlling interest in the acquiree on an acquisition-byacquisition basis, either at fair value or at the noncontrolling interest’s proportionate share of the acquiree’s identifiable net assets. Non-controlling interest is reported as equity in the consolidated statement of financial position, separate from the owner of the parent’s equity.

Selisih lebih antara imbalan yang dialihkan, jumlah setiap kepentingan non-pengendali dalam pihak yang diakuisisi, dan nilai wajar pada tanggal akuisisi dari kepemilikan ekuitas yang sebelumnya dimiliki oleh Kelompok Usaha pada pihak yang diakuisisi, dibandingkan dengan nilai wajar bagian Kelompok Usaha atas aset bersih teridentifikasi yang diakuisisi, dicatat sebagai goodwill. Jika jumlah tersebut lebih kecil dari nilai wajar atas aset bersih teridentifikasi entitas anak yang diakuisisi dan pengukuran atas seluruh jumlah tersebut telah ditelaah, dalam hal pembelian dengan diskon, selisih tersebut diakui secara langsung dalam laba rugi.

The excess of the consideration transferred, the amount of any non-controlling interests in the acquiree and the acquisition-date fair value of any previous equity interest in the acquiree over the fair value of the Group’s share of the identifiable net assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net identifiable assets of the subsidiary acquired and the measurement of all amounts has been reviewed, in the case of a bargain purchase, the difference is recognised directly in the profit or loss.

Setelah pengakuan awal, goodwill diukur sebesar biaya perolehan dikurangi dengan akumulasi penurunan nilai.

After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

17 144

SUMMARY OF SIGNIFICANT POLICIES (continued)





IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) c. Transaksi Kombinasi sepengendali

Bisnis


entitas

ACCOUNTING

c. Business Combination transaction among entities under common control

Transaksi kombinasi bisnis entitas sepengendali bukan merupakan perubahan kepemilikan dalam arti substansi ekonomi, sehingga transaksi tersebut tidak dapat menimbulkan laba atau rugi bagi kombinasi bisnis secara keseluruhan ataupun bagi entitas individual dalam kombinasi bisnis. Oleh karena itu, transaksi tersebut diakui pada jumlah tercatat berdasarkan metode penyatuan kepemilikan.

Business combination transactions among entities under common control are not changes in economic substance of the ownership, therefore such transactions would not result in a gain or loss to the Group or to the individual entity within the same group. Therefore, such transactions are recognized at carrying value as a business combination using the pooling-of-interests method.

Dalam kombinasi bisnis entitas sepengendali, manajemen mengakui selisih antara jumlah imbalan yang dialihkan dan jumlah tercatat dari aset neto yang diterima (liabilitas yang diambil alih), yang disajikan dalam pos tambahan modal disetor dalam laporan posisi keuangan konsolidasian.

In business combination among entities under common control, management recognized the difference between the amount of consideration given and the carrying values of the net assets received (liabilities assumed) which is presented as additional paid-in capital in the consolidated statements of financial position.

d. Transaksi dan Saldo dalam Mata Uang Asing

d. Foreign Currency Transactions and Balances

(i)

Transaksi & Saldo

(i) Transactions & Balances uang Dolar

Management determined that the Company’s functional currency is the United States Dollar.

Transaksi dalam mata uang asing dicatat dalam mata uang fungsional berdasarkan kurs yang berlaku pada saat transaksi dilakukan. Pada akhir tahun pelaporan, aset dan liabilitas moneter dalam mata uang asing dijabarkan ke dalam mata uang fungsional berdasarkan kurs tengah yang diterbitkan oleh Bank Indonesia pada tanggal terakhir transaksi perbankan pada tahun tersebut. Laba atau rugi kurs yang terjadi dikreditkan atau dibebankan pada laba rugi tahun berjalan.

Transactions involving foreign currencies are recorded in functional currency at the rates of exchange prevailing at the time the transactions are made. At the end of reporting year, monetary assets and liabilities denominated in foreign currencies are translated to the functional currency based on the middle rates published by Bank Indonesia at the last banking transaction date in the reporting year. The resulting gains or losses are credited or charged to the current year’s profit or loss.

Nilai kurs yang digunakan pada akhir tahun laporan adalah sebagai berikut:

The rates of exchange used at the end of reporting year were as follows:

Manajemen menentukan mata fungsional Perusahaan adalah Amerika Serikat.

AS$1/ US$1 2014 1.000 Rupiah 1 Dolar Australia 1 Euro 1 Yen

2013 0,0804 0,8214 1,2169 0,0084

0,0821 0,8923 1,3801 0,0095

1,000 Rupiah 1 Australian Dollar 1 Euro 1 Yen

All of the resulting exchange differences are recognized in other comprehensive income.

Seluruh selisih kurs yang timbul diakui dalam pendapatan komprehensif lainnya.

18





IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan)


d. Transaksi dan Saldo dalam Mata Uang Asing (lanjutan)

d. Foreign Currency Transactions and Balances (continued)

(ii) Kelompok Usaha

(ii) Group For consolidation purposes, the financial statements of subsidiaries with functional currencies other than US Dollar are translated into US Dollar using the following:

Untuk tujuan konsolidasi, laporan keuangan entitas anak yang mata uang fungsionalnya adalah selain Dolar Amerika Serikat dijabarkan ke dalam Dolar Amerika Serikat dengan menggunakan: Akun/Accounts

Kurs/Exchange Rates

Aset dan liabilitas/ Assets and liabilities

Kurs penutup tanggal laporan posisi keuangan konsolidasian tersebut/ The closing rate at the date of that consolidated statement of financial position

Pendapatan dan beban/

Rata-rata tertimbang dari kurs tengah Bank Indonesia perbulan untuk laporan laba rugi komprehensif/ Monthly weighted-average middle exchange rate of Bank Indonesia during the year in the statements of comprehensive income

Revenues and expenses

e. Transaksi dengan pihak berelasi

e. Transactions with related parties

Dalam menjalankan aktivitasnya, Kelompok Usaha melakukan transaksi dengan pihak berelasi.

During its activities, the Group entered into transactions with its related parties.

Kriteria pihak berelasi sesuai dengan PSAK No. 7 (Revisi 2010) adalah sebagai berikut:

The criteria of a related party in accordance with PSAK No. 7 (Revised 2010) are as follows:

a. Orang atau anggota keluarga terdekat mempunyai relasi dengan Kelompok Usaha jika orang tersebut:

a.

i.

b.

A person or a close member of that person's family is related to the Group if that person: i.

Memiliki pengendalian atau pengendalian bersama atas Kelompok Usaha;

Has control or joint control over the Group;

atas

ii. Has significant influence over the reporting entity; or

iii. Personel manajemen kunci Kelompok Usaha atau entitas induk Kelompok Usaha.

iii. Is a member of the key management personnel of the Group or of a parent of the Group.

ii. Memiliki pengaruh entitas pelapor; atau

signifikan

b.

Suatu entitas berelasi dengan Kelompok Usaha jika memenuhi salah satu hal berikut: i.

The entity and the Group are members of the same group (which means that each parent, subsidiary and fellow subsidiary is related to the others);

ii. One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member);


An entity is related to the Group if any of the following conditions applies: i.

Entitas dan Kelompok Usaha adalah anggota dari kelompok usaha yang sama (artinya entitas induk, entitas anak, dan entitas anak berikutnya terkait dengan entitas lain);

ii. Satu entitas adalah entitas asosiasi atau ventura bersama dari entitas lain (atau entitas asosiasi atau ventura bersama yang merupakan anggota suatu kelompok usaha, yang mana entitas lain tersebut adalah anggotanya);

146

ACCOUNTING




IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan)

2.

e. Transaksi dengan pihak berelasi (lanjutan)


ACCOUNTING

e. Transactions with related parties (continued) The criteria of a related party in accordance with PSAK No. 7 (Revised 2010) are as follows (continued):

Kriteria pihak berelasi sesuai dengan PSAK No. 7 (Revisi 2010) adalah sebagai berikut (lanjutan): Suatu entitas berelasi dengan Kelompok Usaha jika memenuhi salah satu hal berikut: (lanjutan)

b. An entity is related to the Group if any of the following conditions applies: (continued)

iii. Kedua entitas tersebut adalah ventura bersama dari pihak ketiga yang sama;

iii. Both entities are joint ventures of the same third party;

iv. Satu entitas adalah ventura bersama dari entitas ketiga dan entitas yang lain adalah entitas asosiasi dari entitas ketiga;

iv. One entity is a joint venture of a third entity and the other entity is an associate of the third entity;

v. Entitas tersebut adalah suatu program imbalan pascakerja untuk imbalan kerja dari Kelompok Usaha atau entitas terkait dengan Kelompok Usaha. Jika Kelompok Usaha adalah entitas yang menyelenggarakan program tersebut, maka entitas sponsor juga berelasi dengan Kelompok Usaha;

v. The entity is a post-employment benefit plan for the benefit of employees of either the Group or an entity related to the Group. If the Group is itself such a plan, the sponsoring employers are also related to the Group;

vi. Entitas yang dikendalikan atau dikendalikan bersama oleh orang yang diidentifikasi dalam huruf (a);

vi. The entity is controlled or jointly controlled by a person identified in (a);

vii. Orang yang diidentifikasi dalam huruf (a) (i) memiliki pengaruh signifikan atas entitas atau personil manajemen kunci entitas (atau entitas induk dari entitas).

vii. A person identified in (a)(i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).

Transaksi dengan pihak berelasi dilakukan berdasarkan persyaratan yang disetujui oleh kedua belah pihak, dimana persyaratan tersebut mungkin tidak sama dengan transaksi lain yang dilakukan dengan pihak ketiga.

The transactions with related parties are made based on terms agreed by the parties, whereby such terms may not be the same as those transactions with third parties.

Seluruh transaksi dan saldo yang material dengan pihak-pihak berelasi diungkapkan dalam catatan atas laporan keuangan konsolidasian yang relevan.

All significant transactions and balances with related parties are disclosed in the relevant notes to the consolidated financial statements.

b.

20





IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) f.

2.

Kas dan setara kas

SUMMARY OF SIGNIFICANT POLICIES (continued) f.

Biaya dibayar di muka dan uang muka

g.

i.

Persediaan

h.

Inventories

Persediaan dinilai berdasarkan nilai terendah antara harga perolehan atau nilai realisasi neto. Harga perolehan ditentukan dengan metode biaya rata-rata tertimbang (weighted average) yang terjadi selama periode berjalan dan mencakup alokasi komponen tenaga kerja, penyusutan dan bagian biaya tidak langsung yang berhubungan dengan aktivitas pertambangan/perkebunan.

Inventory is valued at the lower of cost or net realizable value. Cost is determined based on the weighted average cost incurred during the period and includes an appropriate portion of labor, depreciation and overheads related to mining/plantation activities.

Nilai realisasi neto merupakan estimasi harga jual dalam kegiatan usaha normal dikurangi estimasi biaya penyelesaian dan estimasi biaya yang diperlukan untuk membuat penjualan.

Net realizable value represents the estimated selling price in the ordinary course of business less the estimated cost of completion and the estimated costs necessary to make the sale.

Persediaan bahan bakar dinilai pada harga perolehan, ditentukan berdasarkan metode rata-rata tertimbang (weighted average), dikurangi dengan penyisihan untuk persediaan usang. Penyisihan untuk persediaan usang ditentukan berdasarkan estimasi penggunaan atau penjualan masing-masing jenis persediaan pada masa mendatang. Bahan pendukung pemeliharaan dicatat sebagai beban produksi pada saat periode digunakan.

Fuel is valued at cost, determined on a weighted average method, less provision for obsolete items. Provision for obsolete inventory is determined on the basis of estimated future usage or sale of individual inventory items. Supplies of maintenance materials are charged to production costs in the period in which they are used.

Aset tetap

i.


Fixed assets Fixed assets except land, are stated at cost less accumulated depreciation and allowance for impairment losses. Such cost includes the cost of replacing part of the fixed assets when that cost is incurred, if the recognition criteria are met; and the initial estimate of the costs of dismantling and removing the assets.

Aset tetap kecuali tanah, dinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan dan cadangan penurunan nilai. Biaya perolehan termasuk biaya penggantian bagian aset tetap saat biaya tersebut terjadi, jika memenuhi kriteria pengakuan; dan estimasi awal biaya pembongkaran dan pemindahan aset.

148

Prepayments and advances Prepayments are amortized over the periods benefited using the straight-line method.

Biaya dibayar di muka diamortisasi selama periode masa manfaatnya dengan menggunakan metode garis lurus. h.

Cash and cash equivalents Cash and cash equivalents consist of cash on hand and in banks and time deposits with maturities of less than three months and which are not restricted in use.

Kas dan setara kas terdiri dari saldo kas kecil dan kas di bank serta deposito berjangka yang akan jatuh tempo dalam waktu tiga bulan dan tidak dibatasi penggunaannya. g.

ACCOUNTING


PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain)


2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) i.

2.

Aset tetap (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) i.

ACCOUNTING

Fixed assets (continued)

Penyusutan aset dimulai pada saat aset tersebut siap untuk digunakan, yaitu pada saat aset tersebut berada pada lokasi dan kondisi yang diinginkan agar aset siap digunakan sesuai dengan keinginan dan maksud manajemen.

Depreciation of an asset begins when it is available for use i.e. when it is in the location and condition necessary for it to be capable of operating in the manner intended by management.

Penyusutan dihitung dengan menggunakan metode garis lurus selama masa yang lebih pendek antara estimasi masa manfaat ekonomis aset tetap yang bersangkutan atau jika relevan, masa IUP-OP, sebagai berikut:

Depreciation is computed using the straight-line method over the shorter of the estimated useful lives of the assets or if applicable, the IUP-OP period, as follows: Tahun/Years

Bangunan Mesin dan peralatan berat Kendaraan Perabotan dan peralatan kantor Jalan dan jembatan Tempat timbunan batubara Fasilitas pelabuhan Conveyor

4-20 4-8 4-8 4 10-19 19 19 4-19

Building Machinery and heavy equipment Vehicles Office furnitures and equipment Roads and bridges Stockpile base Port facilities Conveyor

Biaya pengurusan legal hak atas tanah (HGU) yang dikeluarkan ketika tanah diperoleh pertama kali diakui sebagai bagian dari biaya perolehan tanah pada akun “Aset Tetap” dan tidak diamortisasi. Biaya pengurusan perpanjangan atau pembaruan legal hak atas tanah diakui sebagai beban tangguhan dan diamortisasi sepanjang umur hukum hak atau umur ekonomis tanah, mana yang lebih pendek.

The legal cost of land rights (HGU) incurred when the land was acquired initially are recognized as part of the cost of the land under “Fixed Assets” account and not amortized. The legal cost incurred to extend or renew the land rights are recorded as deferred charges and amortized over the shorter of the rights’ legal life or land’s economic life.

Beban pemeliharaan dan perbaikan dibebankan pada laporan laba rugi komprehensif konsolidasian pada saat terjadinya. Pengeluaran yang memperpanjang masa manfaat atau memberi tambahan manfaat ekonomis di masa yang akan datang, seperti dalam bentuk peningkatan kapasitas, mutu produksi atau peningkatan standar kinerja, dikapitalisasi. Aset tetap yang dijual dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutannya. Keuntungan atau kerugian dari penjualan aset tetap tersebut dibukukan dalam laporan laba rugi komprehensif konsolidasian.

Maintenance and repairs expense is charged to the consolidated statements of comprehensive income as incurred. Expenditures which extend the useful life of the asset or result in the increase of the future economic benefits, such as an increase in capacity and improvement in the quality of output or standard of performance, are capitalized. When assets are disposed of, their carrying values and the related accumulated depreciation are removed from the accounts. Any resulting gain or loss is reflected in the consolidated statements of comprehensive income.

Jumlah tercatat aset tetap dihentikan pengakuannya pada saat dilepaskan atau saat tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset dilaporkan dalam laporan laba rugi komprehensif konsolidasian pada tahun aset tersebut dihentikan pengakuannya.

An item of fixed asset is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is reported in the consolidated statements of comprehensive income in the year the asset is derecognized.

22





2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) i.

j.

2.

Aset tetap (lanjutan)

i.

ACCOUNTING

Fixed assets (continued)

Biaya konstruksi aset dikapitalisasi sebagai aset dalam penyelesaian. Biaya konstruksi ini direklasifikasi ke akun aset tetap pada saat proses konstruksi atau pemasangan selesai.

The costs of the construction of assets are capitalized as construction in progress. These costs are reclassified into fixed asset accounts when the construction or installation is completed.

Nilai residu, umur manfaat dan metode penyusutan dievaluasi setiap akhir tahun dan disesuaikan secara prospektif jika diperlukan.

The asset residual values, useful lives and depreciation method are reviewed at each years end and adjusted prospectively if necessary.

Sewa

j.

Leases

Penentuan apakah dalam suatu perjanjian mengandung sewa pembiayaan adalah berdasarkan isi dari perjanjian awal dan apakah isi dari perjanjian tersebut bergantung dari kegunaan dari aset yang spesifik dan memiliki hak penuh atas aset tersebut. Sewa yang tidak mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset kepada pihak penyewa diklasifikasikan sebagai sewa operasi.

The determination of whether an arrangement is, or contains a finance lease is based on the substance of the arrangement at inception date and whether the fulfillment of the arrangement is dependent on the use of a specific assets and the arrangement conveys full rights over the asset. Leases which do not transfer substantially all of the risks and rewards incidental to ownership of the leased item to the lessee are classified as operating leases.

Dalam sewa pembiayaan, Kelompok Usaha sebagai pihak penyewa disyaratkan untuk mengakui aset dan liabilitas dalam laporan posisi keuangan konsolidasian 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. Pembayaran sewa minimum dibagi rata antara beban keuangan yang timbul dan penurunan liabilitas sewa. Beban keuangan dialokasikan pada setiap periode selama masa sewa sehingga menghasilkan tingkat bunga periodik yang konstan selama sisa saldo liabilitas sewa.

Under a finance lease, the Group as lessee are required to recognize assets and liabilities in the consolidated statements of financial position at amounts equal to the fair value of the leased property or, if lower, the present value of the minimum lease payments, each determined at the inception of the lease. Minimum lease payments are apportioned between finance charges and the reduction of the outstanding lease liability. Finance charges are allocated to each period during the lease term so as to produce a constant periodic rate of interest over the remaining balance of the lease liability.

Aset sewa yang dikapitalisasi dimasukkan ke dalam aset tetap dan disusutkan selama estimasi dari umur manfaat aset tersebut atau masa sewa, mana yang lebih pendek, jika tidak terdapat tingkat keyakinan yang memadai bagi Kelompok Usaha untuk mendapatkan kepemilikan atas aset tersebut pada akhir masa sewa.

Capitalized leased assets are accounted for as fixed assets and are depreciated over the shorter of the estimated useful lives of the assets or the lease terms, in the event that there is no reasonable certainty that the Group will obtain ownership of the assets by the end of the lease term.

Dalam sewa operasi, Kelompok Usaha mengakui pembayaran sewa sebagai beban yang dibagi secara rata-rata (straight-line) sepanjang masa sewa.

Under an operating lease, the Group recognizes lease payments as an expense on a straight-line method over the lease terms.

23 150






2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan)

2.

k. Penurunan nilai aset non-keuangan

SUMMARY OF SIGNIFICANT POLICIES (continued) k.

ACCOUNTING

Impairment of non-financial assets

Pada setiap akhir tahun pelaporan, manajemen menilai apakah terdapat indikasi suatu aset mengalami penurunan nilai. Jika terdapat indikasi tersebut, atau pada saat pengujian penurunan nilai aset diperlukan, maka manajemen membuat estimasi jumlah terpulihkan aset tersebut.

At the end of reporting years, management assesses whether there is an indication that an asset may be impaired. If any such indication exists, or when annual impairment testing for an asset is required, management makes an estimate of the asset’s recoverable amount.

Jumlah terpulihkan suatu aset adalah jumlah yang lebih tinggi antara nilai wajar dari aset atau Unit Penghasil Kas (UPK) tersebut dikurangi biaya untuk menjual, dan nilai pakainya, nilai tersebut ditentukan untuk aset individual, kecuali aset tersebut tidak menghasilkan arus kas masuk yang sebagian besar independen dari aset lainnya atau kelompok aset lain. Jika nilai tercatat aset lebih besar dari nilai terpulihkannya, maka aset tersebut dianggap mengalami penurunan nilai dan nilai tercatat aset tersebut diturunkan menjadi sebesar nilai terpulihkan. Rugi penurunan diakui dalam laporan laba rugi komprehensif konsolidasian sebagai “rugi penurunan nilai”.

An asset’s recoverable amount is the higher of the asset’s fair value or Cash Generating Unit (CGU)’s less costs to sell and its value in use, and is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or groups of assets. Where the carrying amount of an asset exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Impairment losses are recognized in the consolidated statements of comprehensive income as “impairment losses”.

Dalam menghitung nilai pakai, estimasi arus kas neto masa depan didiskontokan menggunakan tingkat diskonto sebelum pajak yang menggambarkan penilaian pasar kini dari nilai waktu uang dan risiko spesifik atas aset. Jika hal tersebut tidak dapat ditentukan, manajemen menggunakan model valuasi untuk menentukan nilai wajar aset. Perhitungan tersebut digabungkan dengan penilaian atau indikator nilai wajar lainnya.

In assessing the value in use, the estimated net future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If such transactions cannot be identified, management used an appropriate valuation model to determine the fair value of the assets. These calculations are corroborated by valuation multiples or other available fair value indicators.

Manajemen melakukan penilaian pada setiap akhir tahun pelaporan apakah terdapat indikasi bahwa rugi penurunan nilai yang telah diakui dalam periode sebelumnya untuk aset selain goodwill mungkin tidak ada lagi atau mungkin telah menurun.

Management made an assessment at the end of each reporting years as to whether there is any indication that previously recognized impairment losses for an asset other than goodwill may no longer exist or may have decreased.

Jika indikasi yang dimaksud ditemukan, maka manajemen mengestimasi jumlah terpulihkan aset tersebut. Rugi penurunan nilai yang telah diakui dalam periode-periode sebelumnya untuk aset selain goodwill dibalik jika, dan hanya jika, terdapat perubahan estimasi yang digunakan untuk menentukan jumlah terpulihkan aset tersebut sejak rugi penurunan nilai terakhir diakui. Jika demikian, jumlah tercatat aset dinaikkan ke jumlah terpulihkannya. Jumlah tercatat aset yang meningkat yang disebabkan pembalikan rugi penurunan nilai, tidak boleh melebihi jumlah nilai terpulihkannya maupun nilai tercatat seandainya aset tidak mengalami rugi penurunan nilai di tahun-tahun sebelumnya.

If such indication exists, management estimates the recoverable amount of the related asset. Previously recognized impairment loss for an asset other than goodwill is reversed only, and if only there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. If that is the case, the carrying amount of the asset is increased to its recoverable amount. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset in prior years. 24






2.

k. Penurunan nilai aset non-keuangan (lanjutan)

k. Impairment (continued)

of

ACCOUNTING

non-financial

assets

Pembalikan rugi penurunan nilai untuk aset diakui segera dalam laporan laba rugi komprehensif konsolidasian. Setelah pembalikan rugi penurunan nilai diakui, penyusutan yang dibebankan ke aset tersebut harus disesuaikan di tahun mendatang untuk mengalokasikan jumlah tercatat aset yang direvisi, dikurangi nilai sisanya (jika ada), dengan dasar yang sistematik selama sisa umur manfaatnya.

Reversal of an impairment loss is recognized in the consolidated statement of comprehensive income. After such a reversal, the depreciation charge on the said asset is adjusted in future year to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life.

Untuk tujuan uji penurunan nilai, goodwill yang diperoleh dalam kombinasi bisnis sejak tanggal akuisisi dialokasikan pada setiap unit penghasil kas Kelompok Usaha yang diekspektasikan memberi manfaat dari kombinasi bisnis tersebut, terlepas apakah aset atau liabilitas dari pihak yang diakuisisi ditempatkan dalam unit atau kelompok unit tersebut. Namun jika alokasi awal goodwill tersebut tidak dapat diselesaikan sebelum berakhirnya periode tahunan ketika kombinasi bisnis berdampak, maka alokasi awal tersebut diselesaikan sebelum akhir periode tahunan pertama setelah tanggal akuisisi.

For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to each of the Group’s CGUs that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. If the initial allocation of such goodwill cannot be completed before the end of the annual period in which the business combination is effected, that initial allocation shall be completed before the end of the first annual period beginning after the acquisition date.

l. Pengeluaran eksplorasi, pengembangan

evaluasi

dan

l.

Exploration, evaluation and development expenditure

Beban sebelum diperolehnya ijin

Pre-licence costs

Pengeluaran yang terjadi sebelum diperolehnya ijin dibebankan pada tahun terjadi.

Pre-license costs are expensed in the year in which they are incurred.

Aset eksplorasi dan evaluasi

Exploration and evaluation assets

Setelah hak legal untuk eksplorasi diperoleh, pengeluaran untuk eksplorasi dan evaluasi untuk suatu area of interest dibebankan didalam laporan laba rugi komprehensif konsolidasian pada saat terjadinya, kecuali jika manajemen menyimpulkan bahwa kemungkinan besar manfaat ekonomis masa datang dari pengeluaran tersebut dapat terealisasi. Pengeluaran tersebut mencakup biaya perolehan hak eksplorasi, kajian topografi, geologi, biaya pengeboran eksplorasi dan lainlain.

Once the legal right to explore has been acquired, exploration and evaluation expenditure for an area of interest is charged to the consolidated statement of comprehensive income as incurred, unless the management concludes that a future economic benefit is more likely than not to be realized. These expenditures include acquisition of exploration license cost, topographic and geology study, drilling exploration costs and others.

Dalam melakukan evaluasi apakah suatu pengeluaran memenuhi kriteria untuk dikapitalisasi, beberapa sumber informasi yang berbeda digunakan. Informasi yang digunakan untuk menentukan kemungkinan manfaat masa depan tergantung kepada sifat dari kegiatan eksplorasi dan evaluasi yang sudah dilakukan.

In evaluating if expenditures meet the criteria to be capitalized, several different sources of information are utilized. The information that is used to determine the probability of future benefits depends on the extent of exploration and evaluation that has been performed.

25 152






2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l. Pengeluaran eksplorasi, pengembangan (lanjutan)

evaluasi


dan

l.

ACCOUNTING

Exploration, evaluation and development expenditure (continued)

Aset eksplorasi dan evaluasi (lanjutan)

Exploration (continued)

Hingga saat penetapan suatu cadangan yang memenuhi ketentuan JORC (saat dimana manajemen mempertimbangkan bahwa kemungkingan besar manfaat ekonomis akan dapat direalisasikan), manajemen mengkapitalisasi pengeluaran evaluasi lanjutan yang terjadi sebagai aset eksplorasi dan evaluasi untuk suatu ijin hingga saat dimana cadangan yang memenuhi ketentuan JORC ditetapkan.

Upon the establishment of a JORC compliant resource (at which point, Management considers it probable that economic benefits will be realized), management capitalises any further evaluation costs incurred for the particular licence to exploration and evaluation assets up to the point when a JORC compliant reserve is established.

Setelah penetapan suatu cadangan telah memenuhi ketentuan JORC dan pengembangan dilakukan, aset ekplorasi dan evaluasi dilakukan pengujian penurunan nilai dan ditransfer ke akun “Tambang dalam konstruksi”. Tidak ada amortisasi dibebankan selama tahap eksplorasi dan evaluasi.

Once JORC compliant reserves are established and development is sanctioned, exploration and evaluation assets are tested for impairment and transferred to ‘Mines under construction’. No amortization is charged during the exploration and evaluation phase.

Aset eksplorasi dan evaluasi untuk setiap area of interest ditelaah pada setiap akhir tahun pelaporan. Aset eksplorasi dan evaluasi yang terkait dengan suatu area of interest yang telah ditinggalkan, atau yang telah diputuskan tidak layak secara ekonomis oleh manajemen, dihapuskan pada tahun dimana keputusan tersebut dibuat.

Exploration and evaluation assets on each area of interest is reviewed at the end of reporting years. Exploration and evaluation assets in respect of an area of interest which has been abandoned, or for which a decision has been made by the management against its commercial viability are written-off in the year in which the decision is made.

Tambang dalam konstruksi

Mines under construction

Pada saat transfer akun “Aset eksplorasi dan evaluasi” ke akun “Tambang dalam konstruksi”, semua pengeluaran untuk konstruksi, instalasi atau penyelesaian fasilitas infrastruktur dikapitalisasi dalam akun “Tambang dalam konstruksi”. Pengeluaran untuk pengembangan dilaporkan setelah dikurangi hasil penjualan insidentil batu bara yang dihasilkan selama tahap pengembangan. Setelah produksi dimulai, semua aset dalam akun “Tambang dalam konstruksi” ditransfer ke akun “Tambang produksi”.

Upon transfer of ‘Exploration and evaluation assets’ into ‘Mines under construction’, all subsequent expenditure on the construction, installation or completion of infrastructure facilities is capitalized within “Mines under construction”. Development expenditure is net of proceeds from all but the incidental sale of coal extracted during the development phase. After production starts, all assets included in ‘Mines under construction’ are transferred to ‘Producing mines’.

Pada saat penyelesaian konstruksi tambang, asetaset ditransfer ke akun “Aset tetap” atau “Aset pertambangan”.

Upon completion of mine construction, the assets are transferred into “Fixed assets” or “Mine properties”.

and

evaluation

assets

26





2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan) l. Pengeluaran eksplorasi, pengembangan (lanjutan)

evaluasi

2.

dan

ACCOUNTING

l. Exploration, evaluation and development expenditure (continued)

Aset Pertambangan

Mine properties

Pada saat proyek konstruksi tambang dipindahkan ke tahap produksi, kapitalisasi pengeluaran tertentu untuk konstruksi tambang dihentikan dan pengeluaran tersebut dicatat sebagai persediaan atau dibebankan, kecuali jika biaya tersebut memenuhi syarat dikapitalisasi sehubungan dengan penambahan atau peningkatan aset tambang, atau pengembangan cadangan yang dapat ditambang.

When a mine construction project moves into the production stage, the capitalization of certain mine construction costs ceases and costs are either regarded as inventory or expensed, except for costs which qualify for capitalization relating to mining asset additions or improvements, or mineable reserve development.

Akumulasi biaya pengembangan tambang diamortisasi dengan menggunakan metode unit produksi terhadap estimasi cadangan yang secara ekonomis dapat ditambang sampai dengan akhir masa berlaku ijin atas area of interest yang bersangkutan. Tarif amortisasi per unit produksi untuk amortisasi biaya pengembangan tambang termasuk pengeluaran yang terjadi sampai saat ini.

Accumulated mine development costs are amortized on a unit-of-production basis over the economically recoverable reserves until the end of license over the area of interest concern. The unit-of-production rate for the amortization of mine development costs takes into account expenditures incurred to date.

m. Tanaman perkebunan

m. Plantations

Tanaman belum menghasilkan dinyatakan sebesar harga perolehan yang meliputi biaya persiapan lahan, penanaman, pemupukan dan pemeliharaan termasuk kapitalisasi biaya pinjaman yang digunakan untuk membiayai pengembangan tanaman belum menghasilkan dan biaya tidak langsung lainnya yang dialokasikan berdasarkan luas hektar tertanam.

Immature plantations are stated at acquisition costs which include costs incurred for field preparation, planting, fertilizing and maintenance, including the capitalization of borrowing costs incurred on loans used to finance the development of immature plantations and allocation of other indirect costs based on planted hectares.

Pada saat tanaman sudah menghasilkan, akumulasi harga perolehan tersebut akan direklasifikasi ke akun Tanaman menghasilkan.

When the plantations are mature, the accumulated costs are reclassified to Mature plantations account.

Amortisasi tanaman menghasilkan dimulai pada tahun dimana tanaman tersebut menghasilkan dengan menggunakan metode garis lurus selama estimasi masa manfaat ekonomis yaitu 20 tahun. Secara umum, tanaman kelapa sawit dinyatakan menghasilkan bila telah berumur tiga sampai dengan empat tahun.

Amorization of mature plantations commences in the year when the plantations are mature using the straight-line method over the estimated useful life of 20 years. Generally, oil palm plantations are considered mature within three to four years after planting.

n. Beban tangguhan

n. Deferred charges Costs incurred in association with the extension of land rights are deferred and amortised using the straight-line method over the period of the land rights.

Beban yang timbul untuk perpanjangan hak atas tanah ditangguhkan dan diamortisasi dengan metode garis lurus selama periode hak atas tanah.

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2.

o. Provisi


ACCOUNTING

o. Provisions

Provisi diakui jika Kelompok Usaha memiliki kewajiban kini (baik bersifat hukum maupun bersifat konstruktif), yang diakibatkan peristiwa di masa lalu, besar kemungkinannya yang mana penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya yang mengandung manfaat ekonomi dan estimasi yang andal mengenai jumlah kewajiban tersebut dapat dibuat.

Provisions are recognized when the Group has a current obligation (legal or constructive) where, as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

Provisi ditelaah pada setiap akhir tahun pelaporan dan disesuaikan untuk mencerminkan estimasi kini terbaik. Jika tidak terdapat lagi kemungkinan arus keluar sumber daya yang mengandung manfaat ekonomi untuk menyelesaikan kewajiban tersebut, maka provisi tersebut akan dibalik.

Provisions are reviewed at the end of reporting years and adjusted to reflect the current best estimate. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision will be reversed.

p. Biaya pengelolaan lingkungan hidup

p. Environmental expenses

Pengeluaran yang terkait dengan pemulihan, rehabilitasi, dan lingkungan yang timbul selama tahap pengembangan diakui sebagai aset.

Restoration, rehabilitation and environmental expenditures incurred during the development phase are recognized as asset.

Pengeluaran yang terkait dengan pemulihan, rehabilitasi, dan lingkungan yang timbul selama tahap produksi dibebankan sebagai beban pokok penjualan pada saat terjadinya.

Restoration, rehabilitation and environmental expenditures incurred during the production phase are charged to cost of goods sold as incurred.

Untuk hal-hal yang berkaitan dengan lingkungan yang mungkin tidak berkaitan dengan penarikan aset, dimana Kelompok Usaha merupakan pihak yang bertanggung jawab atas liabilitas tersebut dan liabilitas tersebut ada dan jumlahnya bisa diukur, manajemen mencatat estimasi liabilitas tersebut. Dalam menentukan keberadaan liabilitas yang berkaitan dengan lingkungan tersebut, manajemen mengacu pada kriteria pengakuan kewajiban sesuai dengan standar akuntansi yang berlaku.

For environmental issues that may not involve the retirement of an asset, where the Group is responsible parties and it is determined that a liability exists, and amounts can be quantified, management accrues the estimated liability. In determining whether a liability exists in respect of such environmental issues, management applies the criteria for liability recognition under the applicable accounting standards.

q. Biaya pengupasan lapisan tanah

q. Stripping cost

Efektif 1 Januari 2014 Kelompok Usaha menerapkan secara prospektif ISAK No. 29: Biaya Pengupasan Lapisan Tanah Tahap Produksi pada Pertambangan Terbuka.

Effective as of 1January 1, 2014, the Group prospectively applies ISAK No. 29: Stripping Costs in the Production Phase of a Surface Mining.

Tidak ada penyesuaian transisi atas saldo awal biaya pengupasan tangguhan dan saldo laba awal pada permulaan periode sajian terawal sehubungan dengan penerapan ISAK ini.

There is no transitional adjustment on the beginning balance of deferred stripping cost and the opening retained earnings at the beginning of the earliest period presented arising from the application of this ISAK.

28






2.

q. Biaya pengupasan lapisan tanah (lanjutan)

ACCOUNTING

q. Stripping costs (continued)

Menurut ISAK ini, aktivitas pengupasan tanah penutup yang dilakukan selama tahap produksi dapat menghasilkan dua manfaat: yang pertama berupa produksi persediaan dan yang kedua berupa pembukaan akses menuju material yang akan ditambang dimasa depan. Jika manfaat tersebut berupa persediaan, maka perlakuan atas biaya pengupasan tanah penutup tersebut mengikuti ketentuan PSAK No. 14: Persediaan. Jika manfaatnya berupa peningkatan akses menuju material yang akan ditambang dimasa depan, maka jika memenuhi kriteria berikut:

Under this ISAK, stripping activity undertaken during the production phase may create two benefits: the first being the production of inventory and the second being improved access to ore to be mined in the future. Where the benefits are realized in the form of inventory produced, the production stripping costs must be accounted for in accordance with PSAK No. 14: Inventories. Where the benefit is improved access to ore to be mined in the future, these costs must be recognized as a non-current asset, if the following criteria are met:

a)

a)

b) c)

besar kemungkinan bahwa manfaat ekonomis masa depan (peningkatan akses menuju lapisan batu bara yang terkait dengan aktivitas pengupasan lapisan tanah akan mengalir; entitas dapat mengidentifikasi komponen lapisan batu bara yang aksesnya telah ditingkatkan; dan biaya yang terkait dengan aktivitas pengupasan lapisan tanah dengan komponen tersebut dapat diukur secara andal

future economic benefits (being improved access to the coal seams) are probable;

b) the component of the coal seams for which access will be improved can be accurately identified; and c) the costs associated with the improved access can be reliably measured

Interpretasi ini merujuk aset tidak lancar tersebut sebagai “Aset aktivitas pengupasan lapisan tanah”.

This interpretation refers such non-current assets as “Stripping activity asset”.

Aset aktivitas pengupasan lapisan tanah pada awalnya diukur pada biaya perolehan, yaitu akumulasi biaya yang secara langsung terjadi untuk melakukan aktivitas pengupasan lapisan tanah yang meningkatkan akses terhadap komponen batu bara, ditambah alokasi biaya overhead yang diatribusikan langsung. Jika terjadi operasi insidentil pada saat bersamaan dengan aktivitas pengupasan lapisan tanah, namun operasi tersebut tidak harus ada untuk melanjutkan aktivitas pengupasan lapisan tanah sebagaimana direncanakan, biaya operasi tersebut tidak dimasukkan sebagai biaya perolehan aset pengupasan lapisan tanah.

The stripping activity asset is initially measured at cost, which is the accumulation of costs directly incurred to perform the stripping activity that improves access to the identified component of coal, plus an allocation of directly attributable overhead costs. If incidental operations are occurring at the same time as the production stripping activity, but are not necessary for the production stripping activity to continue as planned, these costs are not included in the cost of the stripping activity asset.

29 156







2.

q. Biaya pengupasan lapisan tanah (lanjutan)


ACCOUNTING

q. Stripping costs (continued)

Ketika biaya perolehan persediaan dan aset aktivitas pengupasan lapisan tanah yang diproduksi tidak dapat diidentifikasikan secara terpisah, dasar alokasi berdasarkan ukuran produksi yang relevan digunakan untuk mengalokasikan biaya pengupasan lapisan tanah antara persediaan yang diproduksi dan aset aktivitas pengupasan lapisan tanah. Ukuran produksi tersebut dihitung untuk komponen badan batubara yang teridentifikasi, dan digunakan sebagai patokan untuk mengidentifikasi sejauh mana aktivitas tambahan yang menciptakan manfaat di masa depan telah terjadi. Kelompok Usaha menggunakan perkiraan volume limbah yang diperoleh dibandingkan dengan volume aktual produksi batu bara untuk masing-masing komponen.

If the costs of the inventory produced and the stripping activity asset are not separately identifiable, a relevant production measure is used to allocate the production stripping costs between the inventory produced and the stripping activity asset. This production measure is calculated for the identified component of the coal and is used as a benchmark to identify the extent to which the additional activity of creating a future benefit has taken place. The Group uses the expected volume of waste extracted compared with the actual volume for a given volume of coal production of each component.

Aset aktivitas pengupasan lapisan tanah diperhitungkan sebagai penambahan kepada, atau peningkatan dari suatu aset, yaitu aset tambang, dan disajikan sebagai Aset pertambangan pada laporan posisi keuangan konsolidasian. Hal ini merupakan bagian dari jumlah investasi pada suatu unit penghasil kas, yang ditelaah untuk penurunan nilai jika kejadian atau perubahan keadaan mengindikasikan bahwa nilai tercatatnya mungkin tidak terpulihkan.

The stripping activity asset is accounted for as an addition to, or an enhancement of, an existing asset, being the mine asset, and is presented as part of ’Mine properties’ in the consolidated statement of financial position. This forms part of the total investment in the relevant cash generating units, which are reviewed for impairment if events or changes of circumstances indicate that the carrying value may not be recoverable.

Aset aktivitas pengupasan lapisan tanah diamortisasi menggunakan metode unit produksi, selama umur manfaat ekspektasian dari komponen badan batu bara yang teridentifikasi yang menjadi lebih mudah diakses sebagai hasil dari aktivitas pengupasan lapisan tanah. Cadangan yang dapat dipulihkan secara ekonomis, terdiri dari cadangan proven dan probable, digunakan untuk menentukan umur manfaat dari komponen batu bara identifikasian. Aset aktivitas pengupasan lapisan tanah di catat sebesar harga perolehan dikurangi akumulasi amortisasi dan rugi penurunan nilai.

The stripping activity asset is subsequently amortized using the units of production method over the life of the identified component of the coal body that became more accessible as a result of the stripping activity. Economically recoverable reserves, which comprise proven and probable reserves, are used to determine the expected useful life of the identified component of the coal body. The stripping activity asset is then carried at cost less accumulated amortization and any impairment losses.

30






2.

r. Liabilitas imbalan kerja

r.

ACCOUNTING

Employee benefit liabilities

Imbalan kerja jangka pendek

Short - term employee benefits

Imbalan kerja jangka pendek adalah imbalan kerja yang jatuh tempo dalam jangka waktu dua belas bulan setelah akhir tahun pelaporan dan diakui pada saat pekerja telah memberikan jasa kerjanya.

Short - term employee benefits are employee benefits which are due for payment within twelve months after the reporting year and recognized when the employees have rendered this related service.

Imbalan kerja jangka panjang

Long - term employee benefits

Perhitungan estimasi liabilitas untuk imbalan kerja yang memenuhi kriteria sebagai imbalan manfaat pasti ditentukan dengan menggunakan metode aktuarial Projected Unit Credit.

The calculation of estimated liability for employment benefits which meet the criteria as defined benefit is determined using the Projected Unit Credit Actuarial Method.

Keuntungan atau kerugian aktuarial diakui sebagai pendapatan atau beban apabila akumulasi keuntungan atau kerugian aktuarial neto yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi 10% dari nilai kini liabilitas imbalan pasti pada tanggal tersebut. Keuntungan atau kerugian ini diakui atas dasar metode garis lurus selama perkiraan rata-rata sisa masa kerja karyawan.

Actuarial gains or losses are recognized as income or expense when the net cumulative unrecognized actuarial gains or losses at the end of the previous reporting year exceed 10% of the present value of defined benefit obligation at that date. These gains or losses are recognized on a straight-line method over the expected average remaining service years of the employees.

Biaya jasa kini diakui sebagai beban tahun berjalan. Biaya jasa lalu dibebankan langsung pada laporan laba rugi komprehensif konsolidasian, kecuali bila perubahan terhadap manfaat tergantung pada status kepegawaian pekerja di masa yang akan datang (periode vesting). Dalam hal ini, biaya jasa lalu diamortisasikan secara garis lurus sepanjang periode vesting.

Current service cost is expensed in the current year. Past service costs are recognized immediately in the consolidated statements of comprehensive income, unless the changes to the benefit are conditional on the employees remaining in service for a specified period of time (the vesting period). In this case, past service costs are amortized on a straight-line method over the vesting period.

s. Pengakuan pendapatan dan beban

s. Revenue and expense recognition

Pendapatan dari penjualan

Revenue from sale

Pendapatan dari penjualan diakui pada saat terjadi pemindahan risiko kepada pelanggan, dan

Revenue from sales is recognized when the risk has been transferred to the customers, and

•

Besar kemungkinan manfaat ekonomi yang terkait dengan transaksi tersebut akan mengalir ke Kelompok Usaha;

•

It is probable that economic benefits associated with the transaction will flow to the Group;

•

Kuantitas dan kualitas dari produk dapat ditentukan secara wajar dan akurat;

•

The quantity and quality of the product can be determined with reasonable and accuracy;

•

Barang sudah dikirim kepada pelanggan dan tidak lagi berada dalam pengendalian fisik Kelompok Usaha (atau kepemilikan atas produk diserahkan kepada pelanggan); dan

•

The product has been dispatched to the customer and is no longer under the physical control of the Group (or ownership of the product has earlier passed to the customer); and

•

Harga jual dan biaya terkait dapat diukur secara andal.

•

The selling price and related costs can be determined with reasonable accuracy.

31 158








s. Pengakuan pendapatan dan beban (lanjutan)

s. Revenue and (continued)

expense

ACCOUNTING recognition

Pendapatan bunga

Interest income

Untuk semua instrumen keuangan yang diukur pada biaya perolehan diamortisasi, pendapatan atau biaya bunga dicatat dengan menggunakan metode Suku Bunga Efektif (“SBE”), yaitu suku bunga yang secara tepat mendiskontokan estimasi pembayaran atau penerimaan kas di masa datang selama perkiraan umur dari instrumen keuangan, atau jika lebih tepat, digunakan periode yang lebih singkat, terhadap nilai tercatat neto dari aset keuangan atau liabilitas keuangan.

For all financial instruments measured at amortized cost, interest income or expense is recorded using the Effective Interest Rate (“EIR”), which is the rate that exactly discounts the estimated future cash payments or receipts through the expected life of the financial instrument or a shorter period, where appropriate, to the net carrying amount of the financial asset or liability.

Beban diakui pada saat terjadinya dengan basis akrual.

Expenses are recognized as incurred on the accrual basis.

t. Perpajakan

t. Taxation

Pajak kini

Current tax

Aset dan liabilitas pajak kini untuk tahun berjalan dan lalu diukur sebesar jumlah yang diharapkan dapat direstitusi dari atau dibayarkan kepada otoritas perpajakan. Tarif pajak dan peraturan pajak yang digunakan untuk menghitung jumlah tersebut adalah yang telah berlaku atau secara substantif telah berlaku pada tanggal pelaporan.

Current income tax assets and liabilities for the current and prior year are measured at the amount expected to be recovered from or paid to the tax authority. The tax rates and tax laws used to compute the amount are those that have been enacted or substantively enacted at the reporting dates.

Penghasilan kena pajak berbeda dengan laba yang dilaporkan dalam laba rugi karena penghasilan kena pajak tidak termasuk bagian dari pendapatan atau beban yang dikenakan pajak atau dikurangkan di tahun-tahun yang berbeda, dan juga tidak termasuk bagian-bagian yang tidak dikenakan pajak atau tidak dapat dikurangkan.

Taxable profit differs from profit as reported in the profit or loss because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible.

Koreksi terhadap liabilitas perpajakan dicatat saat surat ketetapan pajak diterima atau apabila dilakukan banding, ketika hasil banding sudah diputuskan.

Amendments to taxation obligations are recorded when an assessment is received or if appealed against, when the results of the appeal are determined.

Kekurangan/kelebihan pembayaran pajak penghasilan disajikan sebagai bagian dari “Beban Pajak Kini” dalam laporan laba rugi komprehensif konsolidasian. Kelompok Usaha juga menyajikan bunga/denda, jika ada, sebagai bagian dari “Beban Pajak Kini”.

The underpayment/overpayment of income tax is presented as part of “Tax Expense - Current” in the consolidated statement of comprehensive income. The Group also presented interest/penalty, if any, as part of “Tax Expenses - Current”.

32







t. Perpajakan (lanjutan)

t. Taxation (continued)

Pajak tangguhan

Deferred tax

Pajak tangguhan diakui dengan menggunakan metode liabilitas atas perbedaan temporer pada tanggal pelaporan antara dasar pengenaan pajak aset dan liabilitas dan jumlah tercatatnya untuk tujuan pelaporan keuangan pada tanggal pelaporan.

Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Liabilitas pajak tangguhan diakui untuk semua perbedaan temporer yang kena pajak dan aset pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan dan rugi fiskal yang belum terpakai, sepanjang besar kemungkinan besar laba kena pajak akan tersedia sehingga perbedaan temporer yang boleh dikurangkan dan rugi fiskal yang belum terpakai tersebut dapat dimanfaatkan.

Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences and unused tax losses to the extent that it is probable that taxable income will be available in future years against which the deductible temporary differences and unused tax losses can be utilized.

Aset pajak tangguhan diakui untuk seluruh perbedaan temporer yang boleh dikurangkan dan akumulasi rugi pajak yang belum dikompensasikan, bila kemungkinan besar laba kena pajak akan tersedia sehingga perbedaan temporer dapat dikurangkan tersebut dan rugi pajak belum dikompensasikan tersebut dapat dimanfaatkan.

Deferred tax assets are recognized for all deductible temporary differences and carry forward of unused tax losses to the extent that it is probable that taxable profits will be available against which the deductible temporary differences and carry forward of unused tax losses can be utilized.

Liabilitas pajak tangguhan dan aset pajak tangguhan (jika memenuhi kriteria) diakui atas perbedaan temporer kena pajak terkait dengan investasi pada entitas anak, kecuali yang waktu pembalikannya dapat dikendalikan dan kemungkinan besar perbedaan temporer tersebut tidak akan dibalik di masa depan yang dapat diperkirakan.

Deferred tax liabilities and assets (provided fulfilling recognition criteria) are recognized in respect of taxable temporary differences associated with investments in subsidiaries, except where the timing of the reversal of the temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.

Jumlah tercatat aset pajak tangguhan ditelaah pada setiap tanggal pelaporan dan nilai tercatat aset pajak tangguhan tersebut diturunkan apabila laba kena pajak mungkin tidak memadai untuk mengkompensasi sebagian atau semua manfaat aset pajak tangguhan. Aset pajak tangguhan yang belum diakui sebelumnya ditelaah pada setiap tanggal pelaporan dan diakui sepanjang laba kena pajak yang akan datang kemungkinan besar akan tersedia untuk dipulihkan.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the benefit of the deferred tax assets to be utilized. Unrecognized deferred tax assets are reassessed at each reporting date and are recognized to the extent that it has become probable that future taxable income will allow the deferred tax assets to be recovered.

Aset dan liabilitas pajak tangguhan diukur berdasarkan tarif pajak yang diharapkan akan dipakai pada tahun saat aset direalisasikan atau liabilitas diselesaikan berdasarkan tarif pajak dan peraturan perpajakan yang berlaku atau yang telah secara substantif berlaku pada tanggal pelaporan.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled based on the tax rates and tax laws that have been enacted or substantively enacted as at the reporting date.

33 160

ACCOUNTING







t. Perpajakan (lanjutan)

ACCOUNTING

t. Taxation (continued)

Pajak tangguhan (lanjutan)

Deferred tax (continued)

Perubahan nilai tercatat aset dan liabilitas pajak tangguhan yang disebabkan perubahan tarif pajak dibebankan pada tahun berjalan, kecuali untuk transaksi-transaksi yang sebelumnya telah langsung dibebankan atau dikreditkan ke ekuitas.

Changes in the carrying amount of deferred tax assets and liabilities due to a change in tax rates are charged to current year operations, except to the extent that they relate to items previously charged or credited to equity.

Pajak tangguhan sehubungan dengan bagian yang diakui di luar laba atau rugi diakui di luar laba atau rugi. Pajak tangguhan tersebut diakui berkaitan dengan transaksi baik yang ada di pendapatan komprehensif lainnya atau langsung dibebankan ke ekuitas.

Deferred tax relating to items recognized outside of profit or loss is recognized outside profit or loss. Deferred tax items are recognized in correlation to the underlying transaction either in other comprehensive income or directly in equity.

Aset pajak tangguhan dan liabilitas pajak tangguhan disaling-hapuskan jika terdapat hak secara hukum untuk melakukan saling hapus atas aset pajak kini terhadap liabilitas pajak kini atau aset dan liabilitas pajak tangguhan pada entitas yang sama, atau kelompok usaha yang bermaksud untuk menyelesaikan aset dan liabilitas lancar berdasarkan jumlah neto.

Deferred tax assets and deferred tax liabilities are offset when a legally enforceable right exists to offset current tax assets against current tax liabilities, or the deferred tax assets and deferred tax liabilities relate to the same taxable entity, or the group intends to settle its current assets and liabilities on a net basis.

u. Instrumen keuangan

u. Financial instruments

1. Aset Keuangan

1. Financial assets

Aset keuangan dalam ruang lingkup PSAK No. 55 (Revisi 2011) diklasifikasikan sebagai (i) aset keuangan yang diukur pada nilai wajar melalui laba rugi, (ii) pinjaman yang diberikan dan piutang, (iii) investasi dimiliki hingga jatuh tempo, (iv) aset keuangan tersedia untuk dijual, atau (v) sebagai derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif. Manajemen menentukan klasifikasi aset keuangan tersebut pada pengakuan awal dan, jika diperbolehkan dan sesuai, akan mengevaluasi kembali pengklasifikasian aset tersebut pada setiap akhir tahun pelaporan.

Financial assets within the scope of PSAK No. 55 (Revised 2011) are classified as (i) financial assets at fair value through profit or loss, (ii) loans and receivables, (iii) held-tomaturity investments, (iv) available-for-sale financial assets, or (v) as derivatives designated as hedging financial instruments in an effective hedge, as appropriate. Management determines the classification of its financial assets at initial recognition and, where allowed and appropriate, re-evaluate the designation of such assets at the end of reporting years.

Kelompok Usaha tidak memiliki aset keuangan selain aset keuangan yang diklasifikasikan sebagai pinjaman yang diberikan, piutang dan piutang derivatif (Catatan 39).

The Group has no financial asset other than those classified as loans, receivables and and derivative receivables (Note 39).

34






2.

ACCOUNTING

u. Instrumen keuangan (lanjutan)

u. Financial instruments (continued)

1. Aset Keuangan (lanjutan)

1. Financial assets (continued)

Pengakuan awal

Initial recognition

Pada saat pengakuan awal, aset keuangan diukur pada nilai wajarnya. Dalam hal aset keuangan tidak diukur pada nilai wajar melalui laba rugi, nilai wajar tersebut ditambah biaya transaksi yang dapat diatribusikan secara langsung dengan perolehan atau penerbitan aset keuangan tersebut.

When financial assets are recognized initially, they are measured at fair value. In the case of financial assets not measured at fair value through profit or loss, the fair value plus transaction costs that are directly attributable to the acquisition or issuance of these financial assets.

Pengukuran setelah pengakuan awal

Subsequent measurement

Pengukuran aset keuangan setelah pengakuan awal tergantung pada klasifikasi aset keuangan tersebut sebagai berikut:

The subsequent measurement of financial assets depends on their classification, which are as follows:

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan, yang tidak mempunyai kuotasi di pasar aktif. Aset keuangan tersebut diukur sebesar biaya perolehan diamortisasi (amortized cost) dengan menggunakan metode SBE.

Loans and receivables are non-derivative financial assets with fixed or predetermined payments that are not quoted in an active market. These financial assets are measured at amortized cost using the EIR method.

Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif konsolidasian pada saat pinjaman yang diberikan dan piutang dihentikan pengakuannya atau mengalami penurunan nilai, demikian juga pada melalui proses amortisasi.

Gains and losses are recognized in the consolidated statements of comprehensive income when the loans and receivables are derecognized or impaired, as well as through the amortization process. 2. Financial liabilities

2. Liabilitas Keuangan Liabilitas keuangan diklasifikasikan sebagai (i) liabilitas keuangan yang diukur pada nilai wajar melalui laba rugi, (ii) pinjaman dan utang, atau (iii) derivatif yang ditetapkan sebagai instrumen lindung nilai dalam lindung nilai yang efektif. Manajemen menentukan klasifikasi liabilitas keuangan pada saat pengakuan awal.

Financial liabilities are classified as (i) financial liabilities at fair value through profit or loss, (ii) loans and borrowings, or (iii) derivatives that are designated as hedging instruments in an effective hedge, as appropriate. Management determines the classification of its financial liabilities at initial recognition.

Kelompok Usaha tidak memiliki liabilitas keuangan selain liabilitas keuangan yang diklasifikasikan sebagai pinjaman, utang dan utang derivatif (Catatan 39).

The Group has no financial liabilities other than those classified as loans, borrowings and derivative payables (Note 39).

Pengakuan awal

Initial recognition

Liabilitas keuangan diakui pada awalnya sebesar nilai wajar dan, dalam hal pinjaman dan utang, termasuk biaya transaksi yang dapat diatribusikan secara langsung.

Financial liabilities are recognized initially at fair value and, in terms of loans and debt, including directly attributable transaction costs.

Pengukuran setelah pengakuan awal

Subsequent measurement

Pinjaman dan utang selanjutnya diukur pada biaya perolehan diamortisasi dengan menggunakan metode SBE.

Loans and borrowings are subsequently measured at amortized cost using the EIR method. 35

162






2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN

2.

(lanjutan)



u. Financial instruments (continued) 2. Financial liabilities (continued)

2. Liabilitas Keuangan (lanjutan) Pengukuran (lanjutan)

setelah

pengakuan

Subsequent measurement (continued)

awal

Gains and losses are recognized in the consolidated statements of comprehensive income when the liabilities are derecognized as well as through the amortization process.

Keuntungan dan kerugian diakui dalam laporan laba rugi komprehensif konsolidasian pada saat liabilitas dihentikan pengakuannya serta melalui proses amortisasi.

3. Offsetting of financial instruments

3. Saling hapus dari instrumen keuangan Aset keuangan dan liabilitas keuangan saling hapus dan nilai netonya disajikan dalam laporan posisi keuangan konsolidasian jika, dan hanya jika, Kelompok Usaha saat ini memiliki hak yang berkekuatan hukum untuk melakukan saling hapus atas jumlah yang telah diakui dan berniat untuk menyelesaikan secara neto, atau untuk merealisasikan aset dan menyelesaikan liabilitasnya secara bersamaan.

Financial assets and financial liabilities are offset and the net amount reported in the consolidated statements of financial position if, and only if, the Group currently has the rights of legal force to offset recognized amount and there is an intention to settle on a net basis, or to realize the asset and settle the liabilities simultaneously. 4. The fair value of financial instruments

4. Nilai wajar instrumen keuangan Nilai wajar instrumen keuangan yang diperdagangkan secara aktif di pasar keuangan yang terorganisasi ditentukan dengan mengacu pada kuotasi harga penawaran atau permintaan (bid or ask prices) di pasar aktif pada penutupan perdagangan pada akhir periode pelaporan. Untuk instrumen keuangan yang tidak memiliki pasar aktif, nilai wajar ditentukan dengan menggunakan teknik penilaian. Teknik penilaian mencakup penggunaan transaksi pasar terkini yang dilakukan secara wajar oleh pihak-pihak yang berkeinginan dan memahami (recent arm’s length market transactions); penggunaan nilai wajar terkini instrumen lain yang secara substansial sama; analisa arus kas yang didiskonto; atau model penilaian lain. 5. Biaya perolehan keuangan

diamortisasi

ACCOUNTING

The fair value of financial instruments that are actively traded in organized financial markets is determined by reference to quoted bid prices or demand in active markets at the close of business at the end of reporting period. For financial instruments that have no active market, fair value is determined using valuation techniques. Such valuation techniques may include the use of the latest market transactions conducted properly by the parties that desire and understand (recent arm's length market transactions); the use of the current fair value of another instrument which is substantially the same, discounted cash flow analysis, or other valuation models. 5. Amortized cost of financial instruments

instrumen

Biaya perolehan diamortisasi dihitung dengan menggunakan metode suku bunga efektif dikurangi dengan penyisihan atas penurunan nilai dan pembayaran pokok atau nilai yang tidak dapat ditagih. Perhitungan tersebut mempertimbangkan premium atau diskonto pada saat perolehan dan termasuk biaya transaksi dan biaya yang merupakan bagian yang tak terpisahkan dari suku bunga efektif.

Amortized cost is computed using the effective interest rate method less any allowance for impairment and repayment of principal or uncollectible amount. The calculation takes into account any premium or discount on acquisition and includes transaction costs and fees that are integral part of the effective interest rate.

36






2.


ACCOUNTING

u. Financial instruments (continued) 6. Impairment of financial assets

6. Penurunan nilai aset keuangan Pada setiap akhir tahun pelaporan, manajemen mengevaluasi apakah terdapat bukti yang objektif bahwa aset keuangan atau kelompok aset keuangan mengalami penurunan nilai.

At the end of reporting years, management assesses whether there is objective evidence that a financial asset or group of financial assets is impaired.

Untuk pinjaman yang diberikan dan piutang yang dicatat pada biaya perolehan diamortisasi, manajemen pertama kali menentukan apakah terdapat bukti objektif mengenai penurunan nilai secara individual atas aset keuangan yang signifikan secara individual, atau secara kolektif untuk aset keuangan yang jumlahnya tidak signifikan secara individual.

For loans and receivables carried at amortized cost, management first assesses whether objective evidence of impairment exists individually for financial assets that are individually significant, or collectively for financial assets that are not individually significant.

Jika manajemen menentukan tidak terdapat bukti objektif mengenai penurunan nilai atas aset keuangan yang dinilai secara individual, terlepas aset keuangan tersebut signifikan atau tidak, maka aset tersebut dimasukkan ke dalam kelompok aset keuangan yang memiliki karakteristik risiko kredit yang sejenis dan menilai penurunan nilai kelompok tersebut secara kolektif. Aset keuangan yang penurunan nilainya dinilai secara individual, dan untuk itu kerugian penurunan nilai diakui atau tetap diakui, tidak termasuk dalam penilaian penurunan nilai secara kolektif.

If management determines that no objective evidence of impairment exists for an individually assessed financial asset, whether significant or not, they include the asset in a group of financial assets with similar credit risk characteristics and collectively assess them for impairment. Financial assets that are individually assessed for impairment and for which an impairment loss is, or continues to be recognized, are not included in a collective assessment of impairment.

Jika terdapat bukti objektif bahwa kerugian penurunan nilai telah terjadi, jumlah kerugian tersebut diukur sebagai selisih antara nilai tercatat aset dengan nilai kini estimasi arus kas masa datang (tidak termasuk ekspektasi kerugian kredit masa datang yang belum terjadi). Nilai kini estimasi arus kas masa datang didiskonto menggunakan suku bunga efektif awal dari aset keuangan tersebut. Jika pinjaman yang diberikan dan piutang memiliki suku bunga variabel, tingkat diskonto untuk mengukur setiap kerugian penurunan nilai adalah suku bunga efektif terkini.

If there is objective evidence that an impairment loss has occurred, the amount of the loss is measured as the difference between the carrying value of assets and the present value of estimated future cash flows (excluding future expected credit losses that have not yet been incurred). The present value of the estimated future cash flows is discounted at the financial asset’s original effective interest rate. If a loan and receivable has a variable interest rate, the discount rate for measuring impairment loss is the current effective interest rate.

37 164







2.



ACCOUNTING

u. Financial instruments (continued) 6. Impairment of financial assets (continued)

6. Penurunan nilai aset keuangan (lanjutan) Nilai tercatat aset keuangan yang berkurang melalui penggunaan akun penyisihan dan jumlah kerugian diakui dalam laporan laba rugi komprehensif konsolidasian. Pendapatan bunga tetap diakui berdasarkan nilai tercatat yang telah dikurangi, berdasarkan suku bunga efektif aset tersebut. Pinjaman yang diberikan dan piutang, bersama-sama dengan penyisihan terkait, akan dihapuskan pada saat tidak terdapat kemungkinan pemulihan di masa depan yang realistis dan semua jaminan telah terealisasi atau telah dialihkan kepada Kelompok Usaha. Jika pada periode berikutnya, jumlah estimasi kerugian penurunan nilai bertambah atau berkurang karena suatu peristiwa yang terjadi setelah penurunan nilai tersebut diakui, maka kerugian penurunan nilai yang sebelumnya diakui ditambah atau dikurangi dengan menyesuaikan akun penyisihan. Jika penghapusan kemudian dipulihkan, maka pemulihan tersebut diakui dalam laporan laba rugi komprehensif konsolidasian.

The carrying amount of the financial asset is reduced through the use of an allowance account and the amount of the loss is recognized in the consolidated statements of comprehensive income. Interest income continues to be accrued on the reduced carrying amount based on the original effective interest rate of the asset. Loans and receivables, together with the associated allowance, are written off when there is no realistic prospect of future recovery and all collateral has been realized or has been transferred to the Group. If, in a subsequent period, the amount of the estimated impairment loss increases or decreases because of an event occurring after the impairment was recognized, the previously recognized impairment loss is increased or reduced by adjusting the allowance account. If a future write-off is later recovered, the recovery is recognized in the consolidated statements of comprehensive income. 7. Derecognition liabilities

7. Penghentian pengakuan aset dan liabilitas keuangan

of

financial

assets

and

Aset keuangan

Financial assets

Aset keuangan (atau apabila dapat diterapkan, bagian dari aset keuangan atau bagian dari kelompok aset keuangan serupa) dihentikan pengakuannya pada saat: (1) hak untuk menerima arus kas yang berasal dari aset tersebut telah berakhir; atau (2) Kelompok Usaha telah mentransfer hak mereka untuk menerima arus kas yang berasal dari aset atau berkewajiban untuk membayar arus kas yang diterima secara penuh tanpa penundaan material kepada pihak ketiga dalam perjanjian yang memenuhi “pass-through”; dan (a) Kelompok Usaha telah secara substansial mentransfer seluruh risiko dan manfaat dari aset, atau (b) Kelompok Usaha secara substansial tidak mentransfer atau tidak memiliki seluruh risiko dan manfaat suatu aset, namun telah mentransfer kendali atas aset tersebut.

A financial asset (or where applicable, a part of a financial asset or part of a group of similar financial assets) is derecognized when: (1) the rights to receive cash flows from the asset have expired; or (2) the Group has transferred its rights to receive cash flows from the asset or have assumed an obligation to pay the received cash flows in full without material delay to a third party under a “pass-through” arrangement; and either (a) the Group has transferred substantially all the risks and rewards of the asset, or (b) the Group has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset.

38






2.


ACCOUNTING

u. Financial instruments (continued) 7. Derecognition of financial liabilities (continued)

7. Penghentian pengakuan aset dan liabilitas keuangan (lanjutan)

assets

and

Liabilitas keuangan

Financial liabilities

Liabilitas keuangan dihentikan pengakuannya pada saat liabilitas tersebut dihentikan atau dibatalkan atau kadaluwarsa.

A financial liability is derecognized when the related obligation is discharged or cancelled or has expired.

Ketika sebuah liabilitas keuangan ditukar dengan liabilitas keuangan lain dari pemberi pinjaman yang sama atas persyaratan yang secara substansial berbeda, atau bila persyaratan dari liabilitas keuangan tersebut secara substansial dimodifikasi, pertukaran atau modifikasi persyaratan tersebut dicatat sebagai penghentian pengakuan liabilitas keuangan awal dan pengakuan liabilitas keuangan baru, dan selisih antara nilai tercatat masing-masing liabilitas keuangan tersebut diakui dalam laporan laba rugi komprehensif konsolidasian.

When an existing financial liability is replaced by another from the same lender on substantially different terms, or the terms of an existing liability are substantially modified, such an exchange or modification is treated as a derecognition of the original liability and the recognition of a new liability, and the difference in the respective carrying amounts is recognized in the consolidated statements of comprehensive income.

8. Hedge accounting

8. Akuntansi lindung nilai Akuntansi untuk perubahan nilai wajar suatu instrumen derivatif bergantung pada apakah instrumen derivatif tersebut ditujukan untuk dan memenuhi kriteria sebagai lindung nilai, serta jenis hubungan lindung nilai

The accounting for changes in the fair value of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging and further, on the type of hedging relationship.

Untuk instrumen derivatif yang memenuhi persyaratan akuntansi lindung nilai, Kelompok Usaha harus menetapkan jenis lindung nilai atas instrumen tersebut, apakah sebagai lindung nilai atas nilai wajar atau lindung nilai arus kas, sesuai dengan eksposur yang dilindung nilai. Kelompok Usaha secara formal mendokumentasikan seluruh hubungan antara instrumen lindung nilai dan transaksi yang dilindung nilai, termasuk tujuan dan strategi manajemen risiko untuk melakukan berbagai transaksi tersebut. Pada saat pengakuan awal dan sekurang-kurangnya setiap triwulan, Kelompok Usaha secara formal menelaah kembali apakah derivatif yang digunakan dalam transaksi lindung nilai terjadi saling hapus yang sangat efektif dengan perubahan dalam nilai wajar atas arus kas dari transaksi yang dilindung nilai. Jika tidak terjadi saling hapus dengan sangat efektif, maka Kelompok Usaha menghentikan akuntansi lindung nilai secara prospektif.

For derivative instruments that are designated and qualify as a hedging instrument, the Group must designate the hedging instrument as a fair value hedge or cashflow hedge based on the exposure being hedged. The Group formally documents all relationship between hedging instruments and hedged items, as well as its risk management objectives and strategies for undertaking various transactions. Both at inception and at least quarterly thereafter, the Group formally assesses whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in either the fair value or cashflows of the hedged item. If a derivative ceases to be a highly effective hedge, the Group discontinues hedge accounting prospectively.

39 166







2.



u. Financial instruments (continued) 8. Hedge accounting (continued)

8. Akuntansi lindung nilai (lanjutan) Untuk lindung nilai arus kas, bagian efektif perubahan nilai wajar atas instrumen derivatif dicatat sebagai laba atau rugi belum direalisasi atas perubahan nilai wajar instrumen derivatif untuk tujuan lindung nilai arus kas pada ekuitas, dan diakui dalam laba rugi pada saat transaksi yang dilindung nilai tersebut mempengaruhi laba. Bagian yang tidak efektif, termasuk bagian yang timbul dari kemungkinan bahwa transaksi yang diperkirakan tidak akan terjadi, diakui segera dalam laba rugi.

For cash flow hedges, the effective portion of changes in the fair value of the derivatives instruments are recorded as unrealized gain or loss from change in fair value of cash flow hedges derivative instruments in equity, and are recognized in profit or loss when the related hedged items affect income. Any portion considered to be ineffective including that arising from the unlikelihood of an anticipated transaction to occur, is recognized immediately in profit or loss.

Untuk instrumen derivatif yang tidak memenuhi persyaratan akuntansi lindung nilai atau tidak ditetapkan untuk tujuan lindung nilai, perubahan nilai wajar atas instrumen derivatif diakui sebagai laba atau rugi dalam laba rugi tahun berjalan.

For derivative instruments which do not qualify for hedge accounting or which are not designated as hedges, changes in fair value of the derivative instruments are recognized in profit or loss for the year.

v. Laba per saham dasar

v. Earnings per share Basic earnings per share is calculated by dividing profit for the year attributable to equity holders of the parent entity by the weightedaverage number of shares outstanding during the year

Laba per saham dasar dihitung dengan membagi laba tahun berjalan yang dapat diatribusikan kepada pemilik entitas induk dengan jumlah ratarata tertimbang saham yang beredar dalam satu tahun. w. Segmen Operasi

w. Operation Segment Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The Directors are operating decision-maker who is responsible for allocating resources and assessing performance of the operating segments and making strategic decision.

Segmen operasi dilaporkan dengan cara yang konsisten dengan pelaporan internal yang diberikan kepada pengambil keputusan operasional. Direksi merupakan pengambil keputusan operasional yang bertanggung jawab untuk mengalokasikan sumber daya dan menilai kinerja segmen operasi dan membuat keputusan strategis. x. Biaya Penerbitan Emisi Efek Ekuitas

x. Stock Issuance Costs Stock issuance costs are presented as deduction from “Other Paid-in Capital” in the equity section in the consolidated statements of financial position.

Biaya emisi efek ekuitas disajikan sebagai pengurang “Modal Disetor Lainnya” sebagai bagian dari ekuitas pada laporan posisi keuangan konsolidasian. y.

ACCOUNTING

Kapitalisasi Biaya Pinjaman

y. Capitalization of Borrowing Costs Borrowing costs that are directly attributable to the acquisition, construction and production of a qualifying asset are capitalized as part of the cost of the related assets. Otherwise, borrowing costs are recognized as expenses when incurred. Borrowing costs consist of interests and other financing charges that the Group incurs in connection with the borrowing of funds.

Biaya pinjaman yang dapat diatribusikan langsung dengan perolehan, pembangunan atau pembuatan aset kualifikasian dikapitalisasi sebagai bagian biaya perolehan aset tersebut. Biaya pinjaman lainnya diakui sebagai beban pada saat terjadi. Biaya pinjaman terdiri dari biaya bunga dan biaya lain yang ditanggung oleh Kelompok Usaha sehubungan dengan peminjaman dana. 40






2.

y. Kapitalisasi Biaya Pinjaman (lanjutan)

SUMMARY OF SIGNIFICANT POLICIES (continued) y. Capitalization (continued)

Borrowing

Costs

Kapitalisasi biaya pinjaman dimulai pada saat aktivitas yang diperlukan untuk mempersiapkan aset agar dapat digunakan sesuai dengan maksudnya, dan pengeluaran untuk aset kualifikasian dan biaya pinjamannya telah terjadi. Kapitalisasi biaya pinjaman dihentikan pada saat selesainya secara substansi seluruh aktivitas yang diperlukan untuk mempersiapkan aset kualifikasian agar dapat digunakan sesuai dengan maksudnya.

Capitalization of borrowing costs commences when the activities to prepare the qualifying asset for its intended use are in progress and the expenditures for the qualifying asset and the borrowing costs have been incurred. Capitalization of borrowing costs ceases when substantially all the activities necessary to prepare the qualifying assets are completed for their intended use.

z. Standar Akuntansi Keuangan (“SAK”) yang telah Diterbitkan namun belum Berlaku Efektif

z. Financial Accounting Standards (“SAK”) that have been Issued but not yet Effective

Berikut ini adalah beberapa SAK yang telah diterbitkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia yang namun baru berlaku efektif pada atau setelah tanggal 1 Januari 2015:

The following are several published SAK by the Indonesian Financial Accounting Standards Board of the Indonesia Institute of Accountants but will only be effective on or after January 1, 2015:

•

PSAK No. 1 (2013): Penyajian Laporan Keuangan, yang diadopsi dari IAS 1, berlaku efektif 1 Januari 2015.

•

•

PSAK No. 4 (2013): Laporan Keuangan Tersendiri, yang diadopsi dari IAS 27, berlaku efektif 1 Januari 2015.

•

PSAK No. 15 (2013): Investasi pada Entitas Asosiasi dan Ventura Bersama, yang diadopsi dari IAS 28, berlaku efektif 1 Januari 2015.

•

PSAK No. 24 (2013): Imbalan Kerja, yang diadopsi dari IAS 19, berlaku efektif 1 Januari 2015. PSAK ini, antara mekanisme koridor dan informasi liabilitas menyederhanakan pengungkapan.

•

PSAK No. 24 (2013): Employee Benefits, adopted from IAS 19, effective January 1, 2015. This PSAK, among other, removes the corridor mechanism and contingent liability disclosures to simple clarifications and disclosures.

lain, menghapus pengungkapan atas kontinjensi untuk klarifikasi dan 41


PSAK No. 15 (2013): Investments in Associates and Joint Ventures, adopted from IAS 28, effective January 1, 2015. This PSAK describes the application of the equity method to investments in joint ventures in addition to associates.

PSAK ini mengatur penerapan metode ekuitas pada investasi ventura bersama dan juga entitas asosiasi. •

PSAK No. 4 (2013): Separate Financial Statements, adopted from IAS 27, effective January 1, 2015. This PSAK prescribes only the accounting requirements when a parent entity prepares separate financial statements as additional information. Accounting for consolidated financial statements is determined in PSAK No. 65.

PSAK ini hanya mengatur persyaratan akuntansi ketika entitas induk menyajikan laporan keuangan tersendiri sebagai informasi tambahan. Pengaturan akuntansi untuk laporan keuangan konsolidasian diatur dalam PSAK No. 65. •

PSAK No. 1 (2013): Presentation of Financial Statements, adopted from IAS 1, effective January 1, 2015. This PSAK changes the grouping of items presented in Other Comprehensive Income. Items that could be reclassified to profit or loss would be presented separately from items that will never be reclassified.

PSAK ini mengubah penyajian kelompok pos-pos dalam Penghasilan Komprehensif Lain. Pos-pos yang akan direklasifikasi ke laba rugi disajikan terpisah dari pos-pos yang tidak akan direklasifikasi ke laba rugi.

168

of

ACCOUNTING





2.

z. Standar Akuntansi yang telah Diterbitkan namun belum Berlaku Efektif (lanjutan) •


ACCOUNTING

z. Accounting Standards that have been Published but not yet Effective (continued)

PSAK No. 46 (2013): Pajak Penghasilan, berlaku efektif 1 Januari 2015.

•

PSAK No. 46 (2013): effective January 1, 2015.

Income

Taxes,

The revised PSAK prescribes the accounting treatment for income taxes. The principal issues in accounting treatment for income taxes are how to account for the current and future tax consequences of: (a) the future recovery (settlement) of the carrying amount of assets (liabilities) recognized in an entity’s statement of financial position; and (b) transactions and another events in the current period which recognized in an entity’s financial statement. This PSAK also deals with the recognition of deferred tax assets arise from unused tax loss ot unused tax credits, the presentation of income taxes in the financial statements and the disclosure of information relating to income taxes.

PSAK revisi ini mengatur perlakuan akuntansi untuk pajak penghasilan. Isu utama dalam perlakuan akuntansi untuk pajak penghasilan adalah bagaimana menghitung konsekuensi pajak kini dan masa depan untuk: (a) pemulihan (penyelesaian) masa depan jumlah tercatat aset (liabilitas) yang diakui dalam laporan posisi keuangan entitas; dan (b) transaksi dan peristiwa lain pada periode berjalan yang diakui dalam laporan keuangan entitas. PSAK ini juga mengatur pengakuan aset pajak tangguhan yang timbul dari rugi pajak belum dikompensasi atau kredit pajak belum dimanfaatkan, penyajian pajak penghasilan dalam laporan keuangan, dan pengungkapan informasi yang terkait dengan pajak penghasilan. •

PSAK No. 48 (2014): Penurunan Nilai Aset, yang diadopsi dari IAS 36. PSAK ini memberikan tambahan persyaratan pengungkapan untuk setiap asset individual atau unit penghasil kas yang mana kerugian penurunan nilai telah diakui atau dibalik selama periode.

•

PSAK No. 48 (2014): Impairment of Assets, adopted from IAS 36. This PSAK provides additional disclosure terms for each individual asset (including goodwill) or a cashgenerating unit, for which an impairment loss has been recognized or reversed during the period.

•

PSAK No. 50 (2014): Instrumen Keuangan: Penyajian, yang diadopsi dari IAS 32. PSAK ini mengatur lebih dalam kriteria mengenai hak yang dapat dipaksakan secara hukum untuk melakukan saling hapus atas jumlah yang telah diakui dan kriteria penyelesaian secara neto.

•

PSAK No. 50 (2014): Financial Instruments: Presentation, adopted from IAS 32. This PSAK provides more deep about criteria on legally enforceable right to set off the recognized amounts and criterion to settle on a net basis.

•

PSAK No. 55 (2014): Instrumen Keuangan: Pengakuan dan Pengukuran, yang diadopsi dari IAS 39. PSAK ini, antara lain, menambah pengaturan kriteria instrumen lindung nilai yang tidak dapat dianggap telah kedaluarsa atau telah dihentikan, serta ketentuan untuk mencatat instrumen keuangan pada tanggal pengukuran dan pada tanggal setelah pengakuan awal.

•

PSAK No. 55 (2014): Financial Instruments: Recognition and Measurement, adopted from IAS 39. This PSAK, among other, provides additional provision for the criteria of not an expiration or termination of the hedging instrument, and provision to account financial instruments at the measurement date and after initial recognition.

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z. Standar Akuntansi yang telah Diterbitkan namun belum Berlaku Efektif (lanjutan)


z. Accounting Standards that have been Published but not yet Effective (continued)

•

PSAK No. 60 (2014): Instrumen Keuangan: Pengungkapan, yang diadopsi dari IFRS 7. PSAK ini, antara lain, menambah pengaturan pengungkapan saling hapus dengan informasi kuantitatif dan kualitatif, serta pengungkapan mengenai pengalihan instrumen keuangan.

•

PSAK No. 60 (2014): Financial Instruments: Disclosures, adopted from IFRS 7. This PSAK, among other, provides additional provision on offsetting disclosures with quantitative and qualitative information, and disclosures on transfers of financial instruments.

•

PSAK No. 65: Laporan Keuangan Konsolidasi, yang diadopsi dari IFRS 10, berlaku efektif 1 Januari 2015.

•

PSAK No. 65: Consolidated Financial Statements, adopted from IFRS 10, effective January 1, 2015. This PSAK replaces the portion of PSAK No. 4 (2009) that addresses the accounting for consolidated financial statements, establishes principles for the presentation and preparation of consolidated financial statements when an entity controls one or more other entities.

PSAK ini menggantikan porsi PSAK No. 4 (2009) yang mengenai pengaturan akuntansi untuk laporan keuangan konsolidasian, menetapkan prinsip penyusunan dan penyajian laporan keuangan konsolidasian ketika entitas mengendalikan satu atau lebih entitas lain. •

PSAK No. 66: Pengaturan bersama, yang diadopsi dari IFRS 11, berlaku efektif 1 Januari 2015.

•

•

PSAK No. 67: Pengungkapan Kepentingan dalam Entitas Lain, yang diadopsi dari IFRS 12, berlaku efektif 1 Januari 2015.

•

PSAK No. 68: Pengukuran Nilai Wajar, yang diadopsi dari IFRS No. 13 PSAK ini memberikan panduan tentang bagaimana pengukuran nilai wajar ketika nilai wajar disyaratkan atau diizinkan.

•

PSAK No. 68: Fair Value Measurement, adopted from IFRS No. 13 This PSAK provides guidance on how to measure fair value when fair value is required or permit Management is presently evaluating and has not yet determined the effects of these revised and new Standards on the Group’s consolidated financial statements.

Manajemen sedang mengevaluasi dan belum menentukan dampak dari Standar yang direvisi dan yang baru tersebut terhadap laporan keuangan konsolidasian Kelompok Usaha.


PSAK No. 67: Disclosure of Interest in Other Entities, adopted from IFRS 12, effective January 1, 2015. This PSAK includes all of the disclosures that were previously in PSAK No. 4 (2009), PSAK No. 12 (2009) and PSAK No. 15 (2009). This disclosures relate to an entity’s interests in other entities.

PSAK ini mencakup semua pengungkapan yang diatur sebelumnya dalam PSAK No. 4 (2009), PSAK No. 12 (2009) dan PSAK No. 15 (2009). Pengungkapan ini terkait dengan kepentingan entitas dalam entitasentitas lain. •

PSAK No. 66: Joint Arrangements, adopted from IFRS 11, effective January 1, 2015. This PSAK replaces PSAK No. 12 (2009) and ISAK 12. This PSAK removes the option to account for jointly controlled entities using proportionate consolidation.

PSAK ini menggantikan PSAK No. 12 (2009) dan ISAK 12. PSAK ini menghapus opsi metode konsolidasi proporsional untuk mencatat bagian ventura bersama.

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ACCOUNTING


PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 3. PERTIMBANGAN, ESTIMASI AKUNTANSI SIGNIFIKAN

DAN


ASUMSI

3.

SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

Penyusunan laporan keuangan konsolidasian Kelompok Usaha mengharuskan manajemen untuk membuat pertimbangan, estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan dari pendapatan, beban, aset dan liabilitas, dan pengungkapan atas liabilitas kontijensi, pada akhir tahun pelaporan. Ketidakpastian mengenai asumsi dan estimasi tersebut dapat mengakibatkan penyesuaian material terhadap nilai tercatat pada aset dan liabilitas dalam tahun pelaporan berikutnya.

The preparation of the Group’s consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting year. Uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset and liability affected in future years.

Pertimbangan

Judgments

Pertimbangan berikut ini dibuat oleh manajemen dalam rangka penerapan kebijakan akuntansi Kelompok Usaha yang memiliki pengaruh paling signifikan atas jumlah yang diakui dalam laporan keuangan konsolidasian:

The following judgments are made by management in the process of applying the Group’s accounting policies that have the most significant effects on the amounts recognized in the consolidated financial statements:

Klasifikasi aset dan liabilitas keuangan

Classification of financial assets and liabilities

Manajemen menetapkan klasifikasi atas aset dan liabilitas tertentu sebagai aset keuangan dan liabilitas keuangan dengan mempertimbangkan apakah definisi yang ditetapkan PSAK No. 55 dipenuhi. Dengan demikian, aset dan liabilitas keuangan diakui sesuai dengan kebijakan akuntansi seperti diungkapkan pada Catatan 2u.

Management determines the classifications of certain assets and liabilities as financial assets and financial liabilities by judging if they meet the definition set forth in PSAK No. 55. Accordingly, the financial assets and liabilities are accounted for in accordance with the accounting policies disclosed in Note 2u.

Alokasi harga beli dalam kombinasi bisnis

Purchase price allocation in business combination

Akuntansi akuisisi mengharuskan penggunaan estimasi akuntansi secara ekstensif dalam mengalokasikan biaya perolehan kepada nilai pasar wajar yang dapat diandalkan atas aset dan liabilitas yang diakuisisi, termasuk aset tak berwujud. Sesuai PSAK No. 22 (Revisi 2010), “Kombinasi Bisnis”, goodwill tidak diamortisasi dan dilakukan pengujian atas penurunan nilai setiap tahunnya. Nilai tercatat goodwill pada tanggal 31 Desember 2014 dan 2013 AS$3.523.795. Penjelasan lebih rinci diungkapkan dalam Catatan 13.

Acquisition accounting requires extensive use of accounting estimates to allocate the purchase price to the reliable fair market values of the assets and liabilities purchased, including intangible assets. Under PSAK No. 22 (Revised 2010), “Business Combinations”, goodwill is not amortized and is subject to an annual impairment testing. The carrying amount of goodwill as of December 31,2014 and 2013 was US$3,523,795. Further details are disclosed in Note 13.

Pembuatan estimasi arus kas masa depan dalam menentukan nilai wajar tanaman perkebunan pada tanggal akuisisi melibatkan estimasi yang signifikan. Walaupun manajemen berkeyakinan bahwa asumsi yang digunakan adalah tepat dan masuk akal, perubahan signifikan pada asumsi tersebut dapat mempengaruhi secara material evaluasi atas nilai terpulihkan dan dapat menimbulkan penurunan nilai sesuai PSAK No. 48, “Penurunan Nilai Aset.”

The preparation of estimated future cash flows in determining the fair values of plantations at the date of acquisition involves significant estimations. While the management believes that its assumptions are appropriate and reasonable, significant changes in its assumptions may materially affect its assessment of recoverable values and may lead to future impairment charges under PSAK No. 48, “Impairment of Assets.”

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PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 3. PERTIMBANGAN, ESTIMASI DAN AKUNTANSI SIGNIFIKAN (lanjutan)


ASUMSI

3.

SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)

Pertimbangan (lanjutan)

Judgments (continued)

Penentuan Mata Uang Fungsional

Determination of Functional Currency

Mata uang fungsional adalah mata uang dari lingkungan ekonomi primer dimana Perusahaan beroperasi. Manajemen mempertimbangkan mata uang yang paling mempengaruhi pendapatan dan beban dari jasa yang diberikan serta mempertimbangkan indikator lainnya dalam menentukan mata uang yang paling tepat menggambarkan pengaruh ekonomi dari transaksi, kejadian dan kondisi yang mendasari.

The functional currency is the currency of the primary economic environment in which the Company operates. Management considered the currency that mainly influences the revenue and cost of rendering services and other indicators in determining the currency that most faithfully represents the economic effects of the underlying transactions, events and conditions.

Estimasi dan asumsi

Estimates and assumptions

Manajemen mendasarkan asumsi dan estimasi pada parameter yang tersedia pada saat laporan keuangan konsolidasian disusun. Asumsi dan situasi mengenai perkembangan masa depan, mungkin berubah akibat perubahan pasar atau situasi di luar kendali manajemen. Perubahan tersebut tercermin dalam asumsi terkait pada saat terjadinya. Sehubungan dengan adanya ketidakpastian yang melekat dalam membuat estimasi, hasil aktual yang dilaporkan di masa mendatang dapat berbeda dengan hasil estimasi yang dilaporkan tersebut.

Management based its assumptions and estimates on parameters available when the consolidated financial statements were prepared. Existing circumstances and assumptions about future developments, may change due to market changes or circumstances arising beyond the control of the management. Such changes are reflected in the assumptions as they occur. Due to inherent uncertainty in making estimates, actual results reported in future periods may differ from those estimates.

Asumsi utama masa depan dan sumber utama estimasi ketidakpastian lain pada akhir tahun pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat aset dan liabilitas untuk tahun berikutnya, diungkapkan di bawah ini.

The key assumptions concerning the future and other key sources of estimation uncertainty at the end of reporting year that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are disclosed below.

Liabilitas imbalan kerja

Employee benefit liabilities

Penentuan liabilitas dan beban imbalan pascakerja karyawan bergantung pada pemilihan asumsi yang digunakan oleh manajemen dalam menghitung jumlah-jumlah tersebut. Asumsi tersebut termasuk, antara lain, tingkat diskonto, kenaikan gaji tahunan, pengunduran diri karyawan tahunan, kecacatan, umur pensiun dan kematian. Sementara manajemen berkeyakinan bahwa asumsi tersebut adalah wajar dan sesuai, perbedaan signifikan pada hasil aktual atau perubahan signifikan dalam asumsi yang ditetapkan manajemen dapat mempengaruhi secara material atas liabilitas dan beban imbalan pascakerja. Nilai tercatat atas estimasi liabilitas imbalan pascakerja karyawan pada akhir tahun pelaporan diungkapkan dalam Catatan 22.

The determination of the obligations and cost for post-employment benefits is dependent on its selection of assumptions used by the management in calculating such amounts. Those assumptions include, among others, discount rates, annual salary increase, annual employee turn-over, disability, retirement age and mortality. While the management believes that its assumptions are reasonable and appropriate, significant differences in the actual results or significant changes in the assumptions may materially affect its estimated liabilities for post-employment benefits and net employee benefits expense. The carrying amount of the estimated liabilities for post-employment benefits at the end of reporting years are disclosed in Note 22.

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Estimasi dan asumsi (lanjutan)

Estimates and assumptions (continued)

Amortisasi tanaman menghasilkan

Amortization of mature plantations

Biaya perolehan tanaman menghasilkan diamortisasi dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomisnya. Manajemen mengestimasi masa manfaat ekonomis tanaman menghasilkan selama 20 tahun, yang merupakan masa manfaat ekonomis yang secara umum diharapkan dalam industri perkebunan kelapa sawit. Penjelasan lebih rinci diungkapkan dalam Catatan 9.

The costs of mature plantation are amortized on a straight-line basis over their estimated useful lives. Management properly estimates the useful lives of these mature plantation to be 20 years. These are common life expectancies adopted in the palm oil plantation business. Further details are disclosed in Note 9.

Penyusutan aset tetap

Depreciation of fixed assets

Biaya perolehan aset tetap disusutkan dengan menggunakan metode garis lurus berdasarkan masa yang lebih pendek antara estimasi masa manfaat ekonomisnya atau masa ijin pertambangan. Manajemen mengestimasi masa manfaat ekonomis aset tetap antara 4 tahun sampai dengan 20 tahun, yang merupakan umur yang secara umum diharapkan dalam industri pertambangan batubara. Perubahan tingkat pemakaian dan perkembangan teknologi dapat mempengaruhi masa manfaat ekonomis dan nilai sisa aset, dan karenanya biaya penyusutan masa depan mungkin direvisi. Nilai tercatat dan beban penyusutan aset tetap diungkapkan dalam Catatan 10.

The costs of fixed assets are depreciated on a straight-line method over the shorter of their estimated useful lives or mine life permits. Management properly estimates the useful lives of these fixed assets to be within 4 to 20 years. These are common life expectancies applied in the coal mining industries. Changes in the expected level of usage and technological development could impact the economic useful lives and the residual values of these assets, and therefore future depreciation charges could be revised. The net carrying amount of the fixed assets and the related depreciation expenses are disclosed in Note 10.

Provisi untuk reklamasi dan penutupan tambang

Provision for mine reclamations and mine closure

Manajemen menilai provisi ini pada setiap akhir tahun pelaporan. Estimasi dan asumsi yang signifikan digunakan dalam penentuan provisi karena banyak faktor yang mempengaruhi besarnya jumlah akhir yang terutang. Faktor tersebut diantaranya adalah estimasi ruang lingkup dan biaya aktivitas rehabilitasi, perubahan teknologi, peraturan, kenaikan biaya karena terjadinya inflasi dan perubahan tingkat diskonto. Ketidakpastian ini dapat menyebabkan pengeluaran aktual dimasa mendatang tidak sama dengan jumlah provisi yang diakui pada saat ini. Saldo provisi pada akhir tahun pelaporan merupakan estimasi terbaik manajemen mengenai nilai kini atas biaya rehabilitasi yang akan terjadi di masa mendatang.

Management assesses this provision at the end of each reporting years. Significant estimates and assumptions are made in determining this provision as there are numerous factors that will affect the ultimate liability payable. These factors include estimates of the extent and costs of rehabilitation activities, technological changes, regulatory changes, cost increases as compared to the inflation rates, and changes in discount rates. These uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at end reporting years represents management’s best estimate of the present value of the future rehabilitation costs required.

Perubahan atas estimasi biaya yang akan terjadi di masa mendatang diakui di dalam laporan posisi keuangan konsolidasian dengan mengakui kenaikan atau penurunan provisi dan aset, jika pada saat pengakuan awal provisi ini diakui sebagai bagian dari aset yang diukur sesuai dengan PSAK No. 16 (Revisi 2011), “Aset Tetap”. Penurunan terhadap saldo provisi tidak boleh melebihi nilai tercatat aset tetap tersebut. Jika terjadi, maka kelebihan tersebut diakui segera di dalam laporan laba rugi komprehensif konsolidasian.

Changes to estimated future costs are recognized in the consolidated statements of financial position by either increasing or decreasing the provision and asset if the initial estimate was originally recognized as part of an asset measured in accordance with PSAK No. 16 (Revised 2011), “Fixed Asset”. Any reduction in the rehabilitation liability and therefore any deduction from the rehabilitation asset may not exceed the carrying amount of that asset. If it does, any excess over the carrying value is taken immediately to consolidated statements of comprehensive income. 46




PERTIMBANGAN, ESTIMASI DAN AKUNTANSI SIGNIFIKAN (lanjutan)


ASUMSI

3.



Provisi untuk reklamasi dan penutupan tambang (lanjutan)

Provision for mine reclamations and mine closure (continued)

Jika perubahan estimasi menyebabkan kenaikan liabilitas rehabilitasi dan penambahan nilai tercatat aset terkait, manajemen mempertimbangkan apakah ini merupakan indikasi penurunan nilai aset secara keseluruhan, dan melakukan pengujian atas penurunan nilai sesuai dengan PSAK No. 48.

If the change in estimate results in an increase in the rehabilitation liability and therefore an addition to the carrying value of the asset, management considers whether this is an indication of impairment of the asset as a whole, and test for impairment in accordance with PSAK No. 48.

Untuk tambang yang sudah siap, jika nilai aset tambang yang telah direvisi dan provisi untuk rehabilitasi neto melebihi nilai yang dipulihkan, sebagian dari kenaikan tersebut dibebankan langsung ke dalam biaya. Untuk tambang yang sudah ditutup, perubahan estimasi biaya diakui secara langsung di laporan laba rugi komprehensif konsolidasian. Liabilitas rehabilitasi yang muncul sebagai akibat dari fase produksi suatu area tambang, juga harus dibebankan pada saat terjadinya. Nilai tercatat atas estimasi liabilitas ini pada akhir tahun pelaporan diungkapkan dalam Catatan 21.

For mature mines, if the revised mine assets net of rehabilitation provisions exceeds the recoverable value, that portion of the increase is charged directly to expense. For closed sites, changes to estimated costs are recognized immediately in consolidated statements of comprehensive income. Also, rehabilitation obligations that arose as a result of the production phase of a mine, should be expensed as incurred. The carrying amount of these estimated liabilities at the end of reporting years are disclosed in Note 21.

Estimasi cadangan dan sumber daya batubara

Coal reserve and resource estimates

Cadangan batubara merupakan estimasi atas jumlah mineral tambang yang dapat secara ekonomis dan legal ditambang dari area tambang Kelompok Usaha. Manajemen memperkirakan jumlah cadangan mineral tambang dan sumber daya mineral berdasarkan informasi mengenai data geologis terhadap ukuran, kedalaman dan susunan bebatuan yang dikompilasi oleh orang yang memiliki kualifikasi yang memadai, dan mengharuskan pertimbangan geologis yang rumit untuk menerjemahkan data tersebut.

Coal reserves are estimates of the amount of ore that can be economically and legally extracted from the Group’s mining area. Management estimates its ore reserves and mineral resources based on information compiled by appropriately qualified persons relating to the geological data on the size, depth and shape of the ore body, and requires complex geological judgments to interpret the data.

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Estimasi cadangan dan sumber daya batubara (lanjutan)

Coal reserve and resource estimates (continued)

Estimasi cadangan yang dapat dipulihkan berdasarkan beberapa faktor seperti estimasi nilai tukar mata uang asing, harga komoditi, kebutuhan investasi di masa mendatang, dan biaya produksi serta asumsi geologis dan pertimbangan yang diambil dalam memperkirakan ukuran dan kualitas cadangan mineral tambang. Perubahan dalam estimasi cadangan dan sumber daya mineral dapat mempengaruhi nilai tercatat aset tetap, aset pertambangan, goodwill, provisi untuk reklamasi dan penutupan tambang dan pengakuan aset pajak tangguhan.

The estimation of recoverable reserves is based upon factors such as estimates of foreign exchange rates, commodity prices, future capital requirements, and production costs along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or resource estimates may impact upon the carrying value of fixed assets, mine properties, goodwill, provision for reclamation costs and mine closure, and recognition of deferred tax assets.

Pengeluaran untuk biaya eksplorasi dan evaluasi

Exploration and evaluation expenditures

Penerapan kebijakan akuntansi untuk biaya eksplorasi dan evaluasi memerlukan pertimbangan dalam menentukan apakah terdapat manfaat ekonomi masa depan yang dihasilkan baik dari eksploitasi atau penjualan tambang di masa depan atau dimana kegiatan belum mencapai tahap yang memungkinkan penilaian yang wajar atas keberadaan cadangan.

The application of the accounting policy for exploration and evaluation expenditures requires judgment in determining whether it is likely that future economic benefits are likely either from future exploitation or sale or where activities have not reached a stage which permits a reasonable assessment of the existence of reserves.

Penentuan sumber daya Joint Ore Reserves Committee (JORC) merupakan proses estimasi yang membutuhkan berbagai tingkat ketidakpastian tergantung pada sub-klasifikasi, perkiraan ini berdampak langsung terhadap saat penangguhan biaya eksplorasi dan evaluasi.

The determination of a Joint Ore Reserves Committee (JORC) resource is itself an estimation process that involves varying degrees of uncertainty depending on sub-classification, these estimates directly impact the point of deferral of exploration and evaluation expenditures.

Kebijakan penangguhan mengharuskan manajemen untuk membuat estimasi dan asumsi tertentu tentang kejadian atau keadaan di masa yang akan datang, khususnya mengenai apakah kegiatan ekstraksi ekonomis yang dapat dijalankan. Estimasi dan asumsi yang dibuat dapat berubah jika informasi baru tersedia. Jika, setelah pengeluaran dikapitalisasi, terdapat informasi baru yang menunjukkan bahwa pemulihan pengeluaran tersebut tidak dimungkinkan, jumlah yang telah dikapitalisasi akan dihapus ke dalam laporan laba rugi komprehensif konsolidasian di periode dimana informasi baru tersebut tersedia.

The deferral policy requires management to make certain estimates and assumptions about future events or circumstances, in particular whether an economically viable extraction operation can be established. Estimates and assumptions made may change if new information becomes available. If, after expenditure is capitalized, information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalized is written off in consolidated statements of comprehensive income in the period when the new information becomes available.

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Aset aktivitas pengupasan lapisan tanah

Stripping activity assets

Biaya pengupasan tanah yang timbul selama tahap produksi, jika memenuhi kriteria, diakui sebagai aset. Kriteria pengakuan antara lain memerlukan penggunaan pertimbangan dan estimasi seperti perkiraan manfaat selama periode penambangan dan cadangan ekonomis dapat diekstraksi dari suatu komponen. Perubahan dalam umur dan disain tambang dari suatu komponen biasanya akan mengakibatkan perubahan jumlah yang harus diakui sebagai aset. Perubahan ini dicatat secara prospektif.

Stripping costs incurred during the production stage of operations, if meet the criteria, is recognised as asset. The recognition criteria among other requires the use of judgments and estimates such as estimates of benefits during the remaining life of the mining area and economically recoverable reserves extracted of the respective component. Changes in a component mine’s life and design will usually result in changes to the expected aset to be recognized. These changes are accounted prospectively.

Instrumen keuangan

Financial instruments

Ketika nilai wajar dari aset dan liabilitas keuangan dicatat dalam laporan posisi keuangan konsolidasian tidak dapat diambil dari pasar yang aktif, maka nilai wajarnya ditentukan dengan menggunakan teknik penilaian termasuk model discounted cash flow. Masukan untuk model tersebut dapat diambil dari pasar yang dapat diobservasi, tetapi apabila hal ini tidak dimungkinkan, sebuah tingkat pertimbangan disyaratkan dalam menetapkan nilai wajar. Pertimbangan tersebut mencakup penggunaan masukan seperti risiko likuiditas, risiko kredit dan volatilitas. Perubahan dalam asumsi mengenai faktor-faktor tersebut dapat mempengaruhi nilai wajar dari instrumen keuangan yang dilaporkan.

When the fair value of financial assets and liabilities recorded in the consolidated statements of financial position cannot be derived from active markets, their fair value is determined using valuation techniques including the discounted cash flow model. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments.

Pajak penghasilan

Income tax

Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan. Terdapat transaksi dan perhitungan tertentu yang penentuan pajak akhirnya adalah tidak pasti dalam kegiatan usaha normal. Manajemen mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah akan terdapat tambahan pajak penghasilan badan.

Significant judgment is involved in determining the provision for corporate income tax. There are certain transactions and computation for which the ultimate tax determination is uncertain during the ordinary course of business. Management recognizes liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due.

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PERTIMBANGAN, ESTIMASI DAN AKUNTANSI SIGNIFIKAN (lanjutan)


ASUMSI

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)



Aset pajak tangguhan

Deferred tax assets

Aset pajak tangguhan diakui atas seluruh perbedaan temporer yang dapat dikurangkan, sepanjang besar kemungkinannya bahwa penghasilan kena pajak akan tersedia sehingga seluruh perbedaan temporer tersebut dapat digunakan. Estimasi signifikan oleh manajemen disyaratkan dalam menentukan jumlah aset pajak tangguhan yang dapat diakui, berdasarkan saat penggunaan dan tingkat penghasilan kena pajak dan strategi perencanaan pajak masa depan.

Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Significant management estimates are required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable profits, together with future tax planning strategies.

Penurunan nilai aset non-keuangan

Impairment of non-financial assets

Sesuai dengan kebijakan akuntansi Kelompok Usaha, setiap aset atau unit penghasil kas dievaluasi pada setiap tahun pelaporan untuk menentukan ada tidaknya indikasi penurunan nilai aset. Jika terdapat indikasi tersebut, akan dilakukan perkiraan atas nilai aset yang dapat kembali dan kerugian akibat penurunan nilai akan diakui sebesar selisih antara nilai tercatat aset dengan nilai yang dapat dipulihkan kembali dari aset tersebut. Jumlah nilai yang dapat dipulihkan kembali dari sebuah aset atau kelompok aset penghasil kas diukur berdasarkan nilai yang lebih tinggi antara nilai wajar dikurangi biaya untuk menjual dan nilai pakai aset.

In accordance with the Group’s accounting policy, each asset or cash generating unit is evaluated every reporting years to determine whether there are any indications of impairment. If any such indications exists, a formal estimate of the recoverable amount is performed and an impairment loss recognized to the extent that the carrying amount of an asset or cash generating unit of a group of assets is measured at the higher of fair value less costs to sell and value in use.

Aset yang memiliki masa manfaat yang tidak terbatas, seperti goodwill yang belum siap untuk digunakan, tidak diamortisasi dan diuji setiap tahun untuk penurunan nilai. Jumlah nilai yang dapat diperoleh kembali dari unit penghasil kas ditentukan berdasarkan perhitungan nilai pakai.

Assets that have an indefinite useful-life, for example goodwill not ready to use, are not subject to amortization and are tested annually for impairment. The recoverable amounts of cash generating units have been determined based on value-in-use calculations.

Penentuan nilai wajar dan nilai pakai membutuhkan manajemen untuk membuat estimasi dan asumsi atas produksi yang diharapkan dan volume penjualan, harga komoditas (mempertimbangkan harga saat ini dan masa lalu, tren harga dan faktorfaktor terkait), cadangan (lihat “Estimasi cadangan dan sumber daya batubara” di atas), biaya operasi, biaya pembongkaran dan restorasi serta belanja modal di masa depan. Estimasi dan asumsi ini terpapar risiko dan ketidakpastian; sehingga ada kemungkinan perubahan situasi dapat mengubah proyeksi ini, yang dapat mempengaruhi nilai aset yang dapat dipulihkan kembali. Dalam keadaan seperti itu, sebagian atau seluruh nilai tecatat aset mungkin akan mengalami penurunan nilai lebih lanjut atau terjadi pengurangan rugi penurunan nilai yang dampaknya akan dicatat dalam laba-rugi.

The determination of fair value and value in use requires management to make estimates and assumptions about expected production and sales volumes, commodity prices (considering current historical prices, price trends and related factors), reserves (see “Coal reserve and resources estimates” above), operating costs, decommissioning and site restoration cost, and future capital expenditure. These estimates an assumptions are subject to risk and uncertainty hence there is a possibility that changes in circumtances will alter these projections, which may impact the recoverable amount of the assets. In such circumtances, some or all of the carrying value of the assets may be further impaired, or the impairment charge reduced, with the impact recorded in the profit or loss.

50





KAS DAN SETARA KAS

4.

CASH AND CASH EQUIVALENTS

31 Desember/December 31, 2014 Kas Rupiah Dolar Amerika Serikat Kas di bank Dolar Amerika Serikat PT Bank BNP Paribas Indonesia Citibank N.A. Indonesia PT Bank CIMB Niaga Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Internasional Indonesia Tbk The Hongkong and Shanghai Banking Corporation. Ltd PT Bank ANZ Indonesia PT Bank Mandiri (Persero) Tbk PT Bank DBS Indonesia Standard Chartered Bank BNP Paribas - Cabang Singapura PT Bank Central Asia Tbk Rupiah Standard Chartered Bank PT Bank CIMB Niaga Tbk PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Central Asia Tbk PT Bank Muamalat Indonesia PT BPD Kalimantan Timur The Hongkong and Shanghai Banking Corporation. Ltd Deposito berjangka Dolar Amerika Serikat PT Bank CIMB Niaga Tbk BNP Paribas - Cabang Singapura PT Bank Mega Tbk

2013

12.586 6.101

14.990 4.016

18.687

19.006

22.174.346 2.875.924 2.639.881

20.430.164 34.229 4.845.585

536.132

5.452

370.139

19.784

351.827 341.864 155.613 105.277

5.713.941 474.702 143.110 -

61.931 49.190 9.210

2.209.108 22.001 16.902

29.671.334

33.914.978

1.126.642 330.251 161.862

4.317 227.443 232.707

132.791

15.279

122.381 81.667 27.960 10.549

8.732 158.453 8.530

-

13

1.994.103

655.474

8.100.000 2.500.000 -

3.400.000 1.300.000

10.600.000

4.700.000

51 178


Cash on hand Rupiah United States Dollar Cash in banks United States Dollar PT Bank BNP Paribas Indonesia Citibank N.A. Indonesia PT Bank CIMB Niaga Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Internasional Indonesia Tbk The Hongkong and Shanghai Banking Corporation. Ltd PT Bank ANZ Indonesia PT Bank Mandiri (Persero) Tbk PT Bank DBS Indonesia Standard Chartered Bank BNP Paribas - Singapore Branch PT Bank Central Asia Tbk Rupiah Standard Chartered Bank PT Bank CIMB Niaga Tbk PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Rakyat Indonesia (Persero) Tbk PT Bank Central Asia Tbk PT Bank Muamalat Indonesia PT BPD Kalimantan Timur The Hongkong and Shanghai Banking Corporation. Ltd Time deposits United States Dollar PT Bank CIMB Niaga Tbk BNP Paribas - Singapore Branch PT Bank Mega Tbk




KAS DAN SETARA KAS (lanjutan)

4.

CASH AND CASH EQUIVALENTS (continued)

31 Desember/December 31, 2014 Deposito berjangka (lanjutan) Rupiah Bank Muamalat Indonesia PT Bank ANZ Indonesia PT Bank Mega Tbk PT Bank Mandiri (Persero) Tbk PT Bank CIMB Niaga Tbk Total

2013

3.456.592 1.125.402 803.859 168.810 -

6.012.265 17.999.916

5.554.663

24.012.181

47.838.787

63.301.639

Time deposits (continued) Rupiah Bank Muamalat Indonesia PT Bank ANZ Indonesia PT Bank Mega Tbk PT Bank Mandiri (Persero) Tbk PT Bank CIMB Niaga Tbk Total

Pada tanggal 31 Desember 2014, kas di bank dan deposito berjangka pada BNP Paribas cabang Singapura, PT Bank BNP Paribas Indonesia, Citibank N.A. dan Standard Chartered Bank di Perusahaan, IM dan TMU dijaminkan sehubungan dengan fasilitas pinjaman yang diperoleh dari bank tersebut (Catatan 19a).

As at December 31, 2014, cash in banks and time deposit in BNP Paribas - Singapore Branch, PT Bank BNP Paribas Indonesia, Citibank N.A. and Standard Chartered Bank in the Company, IM and TMU are pledged as collateral in relation to the borrowing facilities obtained from these banks (Note 19a).

Pada tanggal 31 Desember 2013, kas di bank dan deposito berjangka pada BNP Paribas cabang Singapura, PT Bank BNP Paribas Indonesia dan Standard Chartered Bank dijaminkan sehubungan dengan fasilitas pinjaman yang diperoleh dari bank tersebut (Catatan 19a dan 19b).

As at December 31, 2013, cash in banks and time deposit in BNP Paribas - Singapore Branch, PT Bank BNP Paribas Indonesia and Standard Chartered Bank are pledged as collateral in relation to the borrowing facilities obtained from these bank (Notes 19a and 19b).

Kisaran suku bunga tahunan deposito berjangka adalah sebagai berikut:

The range of annual interest rates on time deposits are as follows:

31 Desember/December 31, 2014 Rupiah Dolar Amerika Serikat

2013

4,0%-10,5% 0,12%-3,5%

4,35%-10,5% 0,13%-3,25%

Rupiah United States Dollar

All bank accounts and time deposits were placed with third parties banks.

Semua rekening bank dan deposito ditempatkan pada bank pihak ketiga.

52





PIUTANG USAHA

5.

TRADE RECEIVABLES

31 Desember/December 31, 2014 Pihak ketiga - Dolar Amerika Serikat Mercuria Energy Group Ltd Glencore International AG Vitol Asia Pte. Ltd Mitsui & Co. Ltd PT Trafigura Dragon Energy Corporation Tohoku Electric Company PT Pinang Export Indonesia Lain-lain (di bawah AS$500.000) Sub - total Pihak berelasi (Catatan 35a) Dikurangi: Penyisihan atas penurunan nilai secara individual Sub - total Total

2013

3.704.170 2.349.945 1.958.085 1.870.012 663.001 176.498

2.789.724 707.860 6.153.189 4.431.655 2.271.772 244.457

Third parties - United States Dollar Mercuria Energy Group Ltd Glencore International AG Vitol Asia Pte. Ltd Mitsui & Co. Ltd PT Trafigura Dragon Energy Corporation Tohoku Electric Company PT Pinang Export Indonesia Others (below US$500,000)

10.721.711

16.598.657

Sub - total

2.314.838

2.314.838

(1.736.129)

(1.157.419)

Related parties (Note 35a) Less: Allowance for individual impairment losses

578.709

1.157.419

Sub - total

11.300.420

17.756.076

Total

The aging analysis of trade receivables is as follows:

Analisis umur piutang usaha adalah sebagai berikut:

31 Desember/December 31, 2014 Lancar dan tidak mengalami penurunan nilai Telah jatuh tempo namun tidak mengalami penurunan nilai: Kurang dari 30 hari 31 sampai 60 hari 61 sampai 90 hari lebih dari 90 hari Telah jatuh tempo dan mengalami penurunan nilai: lebih dari 90 hari Dikurangi: Penyisihan atas penurunan nilai secara individual

2013

10.628.787

16.541.880

67.840 25.084 578.709

46.069 1.168.127

Neither past due nor impaired Past due but not impaired: Less than 30 days 31 to 60 days 61 to 90 days more than 90 days

1.736.129

1.157.419

Past due and impaired more than 90 days

13.036.549

18.913.495

(1.736.129)

(1.157.419)

11.300.420

17.756.076

Piutang usaha dengan jumlah sebesar AS$2.349.945 (31 Desember 2013: AS$5.026.403) dijaminkan sehubungan dengan fasilitas pinjaman yang diperoleh dari bank (Catatan 19a dan 19b).

Trade receivables totalling to US$2,349,945 (December 31, 2013: US$5,026,403) are pledged as collateral in relation to the borrowing facilities obtained from banks (Notes 19a and 19b).

Piutang usaha tidak berbunga dan pada umumnya berjangka waktu 7-30 hari.

Trade receivables are non-interest bearing and generally due for collection in 7-30 days. 53

180

Less: Allowance for individual impairment losses





PIUTANG USAHA (lanjutan)

5.

TRADE RECEIVABLES (continued)

Kelompok Usaha tidak menyediakan penyisihan kerugian penurunan nilai untuk piutang dari pihak ketiga dikarenakan manajemen berkeyakinan bahwa seluruh piutang usaha tersebut dapat tertagih.

The Group did not provide an allowance for impairment losses on receivables from third parties as management believes that such receivables are fully collectible.

Kelompok Usaha mencatat penyisihan kerugian penurunan nilai piutang dari pihak berelasi pada tanggal 31 Desember 2014 dan 2013 karena pihak berelasi tersebut saat ini dalam keadaan kesulitan keuangan.

The Group recognized allowance for impairment losses of receivable from a related party as of December 31, 2014 and 2013 which is currently in financial difficulties.

Perubahan saldo penyisihan atas penurunan nilai adalah sebagai berikut:

The movements in the balance of allowance for impairment are as follows:

31 Desember/December 31, 2014

2013

Saldo awal tahun Penyisihan tahun berjalan

1.157.419 578.710

1.157.419

Balance at beginning of year Allowance for the year

Saldo akhir tahun

1.736.129

1.157.419

Balance at end of year

Based on a review of the status of the individual trade receivable accounts at year end, management believes that the allowance for impairment losses is adequate to cover possible losses from the non-collection of the accounts.

Berdasarkan hasil penelaahan atas masing-masing akun piutang usaha pada akhir tahun, manajemen berkeyakinan bahwa nilai penyisihan penurunan nilai telah memadai untuk menutup kemungkinan kerugian atas tidak tertagihnya piutang. 6.

PIUTANG LAIN-LAIN

6.

OTHER RECEIVABLES


2013

Aset lancar Pihak ketiga PT Baraventura Pratama Bpk. Roby Budi Prakoso Lain-lain

2.940.888 2.372.089 655.038

3.232.504 2.565.688 600.673

Current Assets Third parties PT Baraventura Pratama Mr. Roby Budi Prakoso Others

Sub - total

5.968.015

6.398.865

Sub - total

30.519.438

31.385.350

Aset tidak lancar Pihak berelasi (Catatan 35b) Dikurangi: Penyisihan atas penurunan nilai secara individual

(891.677)

(596.027)

Non-current Assets Related parties (Note 35b) Less: Allowance for individual impairment losses

Sub - total

29.627.761

30.789.323

Sub - total

Total

35.595.776

37.188.188

Total

Receivable balances of Mr. Roby Budi Prakoso, non-controlling shareholder, and PT Baraventura Pratama consist of borrowings provided by a subsidiary, which were due in December 2015.

Saldo piutang Bpk. Roby Budi Prakoso, pemegang saham non-pengendali, dan PT Baraventura Pratama terdiri dari pinjaman yang diberikan entitas anak yang jatuh tempo pada Desember 2015.

54





PIUTANG LAIN-LAIN (lanjutan)

6.

OTHER RECEIVABLES (continued)

Pada tanggal-tanggal pelaporan, tidak ada piutang lain-lain yang dijadikan sebagai jaminan.

As of the reporting dates, there are no other receivables which were pledged as collateral.

Berdasarkan mata uang

By currencies 31 Desember/December 31, 2014

Pihak ketiga - aset lancar Dolar Amerika Serikat Rupiah

5.369.923 598.092

5.799.815 599.050

Third parties - current assets United States Dollar Rupiah

Sub - total

5.968.015

6.398.865

Sub - total

26.980.969 3.538.469

28.006.818 3.378.532

Related parties - non-current assets United States Dollar Rupiah

30.519.438

31.385.350

Pihak berelasi - aset tidak lancar Dolar Amerika Serikat Rupiah Dikurangi: Penyisihan atas penurunan nilai secara individual

7.

2013

(891.677)

(596.027)

Less: Allowance for individual impairment losses

Sub - total

29.627.761

30.789.323

Sub - total

Total

35.595.776

37.188.188

Total

Kelompok Usaha mencatat penyisihan penurunan nilai piutang dari pihak berelasi pada tanggal 31 Desember 2014 dan 2013 karena pihak berelasi tersebut saat ini dalam keadaan kesulitan keuangan.

As of December 31, 2014 and 2013, the Group recognized allowance for impairment losses of receivable from a related party that is currently in financial difficulties.

Berdasarkan hasil penelaahan atas masing-masing akun piutang lain-lain pada akhir tahun, manajemen berkeyakinan bahwa nilai penyisihan penurunan nilai telah memadai untuk menutup kemungkinan kerugian atas tidak tertagihnya piutang.

Based on a review of the status of the individual receivable accounts at year end, management believes that the allowance for impairment losses is adequate to cover possible losses from the noncollection of the accounts.

PERSEDIAAN

7.

INVENTORIES

31 Desember/December 31, 2014 Harga perolehan: Batubara: Industri Baku Suku Cadang Bahan Bakar Lain-lain

2013

31.852.485 9.110.216 680.668 203.233

24.046.991 6.858.180 570.472 850.867

At acquisition costs Coal: Industrial Raw Spareparts Fuel

116.705

63.458

Others

41.963.307

32.389.968

55 182




8.


PERSEDIAAN (lanjutan)

7.

INVENTORIES (continued)

Pada tanggal 31 Desember 2014 dan 2013, tidak terdapat persedian tandan buah segar karena sudah terjual semua.

As of December 31, 2014 and 2013, there is no fresh fruit bunch inventory as it has been sold out.

Berdasarkan hasil penelaahan manajemen, tidak diperlukan penyisihan persediaan usang untuk menutup kemungkinan kerugian atas persediaan yang usang.

Based on management’s assessment, no allowance for inventory obsolescence is required to be provided to cover possible losses from obsolete inventories.

ABN telah mengasuransikan persediaan terhadap risiko kerugian untuk periode dari tanggal 1 Mei 2014 sampai tanggal 1 Mei 2015 berdasarkan suatu paket polis dengan nilai pertanggungan sebesar AS$7.000.000.

ABN covered the inventories by insurance against losses for the period from May 1, 2014 through May 1, 2015 under blanket policies amounting to US$7,000,000.

IM telah mengasuransikan persediaan terhadap risiko kerugian untuk periode 31 Desember 2013 sampai 31 Desember 2014 yang tergabung dalam asuransi risiko kerusakan material (Catatan 10).

IM covered the inventories by insurance against losses for period December 31, 2013 through December 31, 2014 under material damages insurance (Note 10).

Manajemen berpendapat bahwa persediaan pada tanggal 31 Desember 2014 dan 2013 telah diasuransikan secara memadai.

Management believes that the inventories as at December 31, 2014 and 2013 have been adequately insured.

BIAYA DIBAYAR DI MUKA DAN UANG MUKA a.

8.

PREPAID EXPENSES AND ADVANCES a. Prepaid expenses

Biaya dibayar di muka


b.

2013

Sewa dibayar di muka Asuransi dibayar di muka Biaya dibayar muka lainnya

995.913 239.954 1.055.238

1.032.454 227.715 905.492

Prepaid rent Prepaid insurance Other prepayments

Total

2.291.105

2.165.661

Total

b.

Uang muka

Advances


2013

Jangka pendek Uang muka royalti Uang muka pembelian Uang muka pekerjaan Lain - lain

1.625.745 505.717 99.351 338.917

676.835 90.036 628.156

Current portion Advance for royalty Advance for purchase Advance for work Others

Sub - total

2.569.730

1.395.027

Sub - total

56



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) ]

8.


BIAYA DIBAYAR DI MUKA DAN UANG MUKA (lanjutan) b.

8.

PREPAID EXPENSES (continued) b.

Uang muka (lanjutan)

AND

ADVANCES

Advances (continued)


2013

Jangka panjang Pihak ketiga Uang muka pembelian aset Uang muka pekerjaan Uang muka pembelian lahan Lain - lain

63.011 225.597

72.294 95.653 81.866 15.164

Long-term portion Third parties Advance for purchase of assets Advance for work Advance for land acquisition Others

Sub - total

288.608

264.977

Sub - total

Pihak berelasi (Catatan 35c) Uang muka pembelian aset Lain - lain

3.628.392 518.318

542.106

Related party (Note 35c) Advance for purchase of assets Others

Sub-total

4.146.710

542.106

Sub-total

4.435.318

807.083 The advance for purchase of assets in 2014 represents advance for the purchase order for office unit paid to PT Toba Pengembang Sejahtra.

Uang muka pembelian aset di tahun 2014 adalah uang muka untuk pembelian dengan melakukan pemesanan unit kantor yang dibayarkan kepada PT Toba Pengembang Sejahtra. 9.

TANAMAN PERKEBUNAN

9.

PLANTATIONS

31 Desember/December 31, 2014 Saldo Awal/ Beginning Balance Harga perolehan Tanaman menghasilkan Tanaman belum menghasilkan

Akumulasi amortisasi Tanaman menghasilkan

Akuisisi/ Acquisition

Penambahan/ Pengurangan/ Reklasifikasi/ Additions Deduction Reclassification

13.796.334

-

-

-

3.842.056

3.710.240

-

197.611

-

(3.842.056)

17.506.574

-

197.611

-

(690.661)

-

(479.905)

-

16.815.913


-

Saldo Akhir/ Ending Balance

Acquisition costs Mature (613.690) 17.024.700 plantations Immature 1.355 67.150 plantations (612.335) 17.091.850

35.204

(1.135.362) 15.956.488

57 184

-

Translasi/ Translation

Accumulated amortization Mature plantations




TANAMAN PERKEBUNAN (lanjutan)

9.

PLANTATIONS (continued)

31 Desember/December 31, 2013 Saldo Awal/ Beginning Balance Harga perolehan Tanaman menghasilkan Tanaman belum menghasilkan

Akumulasi amortisasi Tanaman menghasilkan


Penambahan/ Pengurangan/ Reklasifikasi/ Additions Deduction Reclassification



-

15.505.379

-

-

-

-

4.357.036

226.653

-

-

Acquisition costs Mature (1.709.045) 13.796.334 plantations Immature (873.449) 3.710.240 plantations

-

19.862.415

226.653

-

-

(2.582.494) 17.506.574

-

(622.208)

(187.711)

-

-

-

119.258

(690.661)

Accumulated amortization Mature plantations

16.815.913

Beban amortisasi tanaman menghasilkan dibebankan sebagai beban pokok penjualan.

Amortization of mature plantation is charged to cost of goods sold.

Luas area tanaman kelapa sawit adalah sebagai berikut:

The total area of palm oil plantations is as follows:

2014 (Hektar/Hectares) (Tidak Diaudit/ Unaudited)

Tanaman telah menghasilkan Tanaman belum menghasilkan

2.772 2

Mature plantations Immature plantations

Total

2.774

Total

Selama tahun yang berakhir pada tanggal 31 Desember 2014 dan 2013, total beban pinjaman yang dikapitalisasi ke tanaman belum menghasilkan masing-masing sebesar AS$162.151 dan AS$173.588 (Catatan 43). Tarif kapitalisasi yang digunakan adalah 11% dan 26,8% masingmasing untuk tahun yang berakhir pada tanggal 31 Desember 2014 dan 2013.

During the years ended December 31, 2014 and 2013, total borrowing costs capitalized to immature plantations amounted to US$162,151 and US$173,588 respectively (Note 43). The capitalisation rates used were 11% and 26.8% for years ended December 31, 2014 and 2013, respectively.

Tanaman perkebunan digunakan sebagai jaminan atas pinjaman yang diperoleh dari bank (Catatan 19c).

The plantations are used as collateral to secure loan obtained from bank (Note 19c).

Pada tanggal 31 Desember 2014 dan 2013, tanaman perkebunan belum diasuransikan terhadap risiko kerugian atas kebakaran dan risiko lainnya.

As of December 31, 2014 and 2013, the plantations has not covered by insurance against losses from fire and other risks.

58





TANAMAN PERKEBUNAN (lanjutan)

9.

PKU has obtained the titles of ownership of the Plantation land (“landrights”) under “Hak Guna Usaha” (“HGU”) certificates covering its plantation area as follows:

PKU telah memperoleh hak kepemilikan atas tanah perkebunan dalam bentuk sertifikat “Hak Guna Usaha” (“HGU”) mencakup wilayah perkebunan sebagai berikut: Nomor HGU/ HGU Number

PLANTATIONS (continued)

Hektar/ Hectares

Lokasi/ Location

Tanggal kadaluarsa/ Expiration date

32

524

Loa Janan, Kutai Kartanegara

30 Juli/July 30, 2044

33

1.543


30 Juli/July 30, 2044

34

807


30 Juli/July 30, 2044

35

2.460

Sanga-sanga, Kutai Kartanegara

30 Juli/July 30, 2044

36

55

Sanga-sanga dan Muara Jawa, Kutai Kartanegara

30 Juli/July 30, 2044

37

3.244

Muara Jawa, Kutai Kartanegara

30 Juli/July 30, 2044

Manajemen berpendapat bahwa hak kepemilikan atas tanah dapat diperpanjang pada saat jatuh tempo.

Management believes that the landrights can be extended upon their expiration.

Hak atas kepemilikan tanah perkebunan dijaminkan untuk fasilitas pinjaman yang diperoleh dari bank (Catatan 19c).

Landrights are pledged as collateral for loan facilities obtained from bank (Note 19c).

10. ASET TETAP

10. FIXED ASSETS 31 Desember/December 31, 2014 Saldo Awal/ Beginning Balance

Harga perolehan Kepemilikan langsung Tanah Bangunan Mesin dan peralatan berat Kendaraan Perabot dan peralatan kantor Jalan dan jembatan Tempat timbunan batubara Fasilitas pelabuhan Conveyor Aset dalam penyelesaian

Aset sewa pembiayaan Mesin dan peralatan berat Kendaraan

Sub-total

Penambahan/ Additions

Pengurangan/ Deduction



1.926.202 6.050.160

417.916

(384.955)

1.791.389

(33.225) (11.174)

1.892.977 7.863.336

8.426.899 1.325.177

406.744 79.152

(1.078.710) (195.992)

4.930.634 183.522

(4.226) (3.408)

12.681.341 1.388.451

2.478.138 16.546.695

150.725 454.787

(3.133) -

13.458

(1.086) (32.497)

2.624.644 16.982.443

219.154 439.061 16.947.674

695.834

-

(116.053)

5.698.343

3.500.939

-

(6.594.774)

60.057.503

5.706.097

2.984.206 874.605

1.064.552 177.751

(1.662.790)

-

208.176

(140.707) (183.522)

3.858.811

1.242.303

-

(324.229)

63.916.314

6.948.400

(1.662.790)

(116.053)

59 186

Reklasifikasi/ Reclassification


-

219.154 439.061 17.527.455

(47.657)

2.556.851

(133.273)

64.175.713

(133.273)

3.908.051 868.834

Acquisition costs Direct Ownership Land Buildings Machinery and heavy equipment Vehicles Office furniture and equipment Roads and bridges Stockpile base Port facilities Conveyor Construction in progress

Leased assets Machinery and heavy equipment Vehicles

4.776.885 68.952.598

Sub-total




10. ASET TETAP (lanjutan)

10. FIXED ASSETS (continued) 31 Desember/December 31, 2014

Saldo Awal/ Beginning Balance Akumulasi penyusutan Kepemilikan langsung Bangunan Mesin dan peralatan berat Kendaraan Perabot dan peralatan kantor Jalan dan jembatan Tempat timbunan batubara Fasilitas pelabuhan Conveyor

Nilai tercatat neto

Pengurangan/ Deduction

(1.156.382)

(529.359)

194.286

(3.507.670) (677.546)

(1.726.258) (169.903)

644.135 132.155

(1.287.379) (2.553.498)

(507.609) (1.260.216)

510 -

(37.542) (154.696) (5.210.430)

(15.593) (27.984) (2.318.955)

-

(14.585.143)

(6.555.877)

971.086

Aset sewa pembiayaan Mesin dan peralatan berat Kendaraan

Sub-total

Penambahan/ Additions

(94.415) (203.976)

(439.381) (160.323)

Reklasifikasi/ Reclassification



5.919

(1.485.536)

3.541 1.682

(4.639.017) (787.137)

-

2.158 23.241

(1.792.320) (3.790.473)

Accumulated depreciation Direct Ownership Buildings Machinery and heavy equipment Vehicles Office furniture and equipment Roads and bridges

-

-

(53.135) (182.680) (7.529.385)

Stockpile base Port facilities Conveyor

36.541

(20.259.683)

(52.765) (73.525)

(126.290)

-

52.765 73.525

-

(481.031) (290.774)

(298.391)

(599.704)

-

126.290

-

(771.805)

(14.883.534)

(7.155.581)

971.086

-

36.541

(21.031.488)

49.032.780

47.921.110

Leased assets Machinery and heavy equipment Vehicles

Sub-total Net carrying amount

Total nilai penambahan aset tetap selama tahun 2014 sebesar AS$6.948.400 termasuk penambahan yang berasal dari transaksi non-kas sejumlah AS$1.743.136 (lihat Catatan 43).

The total addition of fixed assets in 2014 amounting to US$6,948,400 includes addition involving non-cash transactions amounting to US$1,743,136 (Note 43).

Aset tetap dengan nilai tercatat pada tanggal 31 Desember 2014 sebesar AS$11.274.598 dijaminkan sehubungan dengan fasilitas pinjaman yang diperoleh dari bank (Catatan 19a dan 19c).

Fixed asset with carrying amount as of December 31, 2014 totaling to US$11,274,598 are pledged as collateral in relation to the borrowing facilities obtained from bank (Notes 19a and 19c).

31 Desember/December 31, 2013 Saldo Awal/ Beginning Balance Harga perolehan Kepemilikan langsung Tanah Bangunan 4.518.548 Mesin dan peralatan berat 5.021.522 Kendaraan 1.822.703 Perabot dan peralatan kantor 1.889.233 Jalan dan jembatan 9.473.494 Tempat timbunan batubara 257.361 Fasilitas pelabuhan 378.175 Conveyor 16.114.249 Aset dalam penyelesaian 1.183.815 40.659.100

Penambahan/ Akuisisi/ Additions Acquisition

Pengurangan/ Reklasifikasi/ Deduction Reclassification

1.570 250.202

2.021.505 636.794

(6.150)

1.488.945 49.774

274.403 140.728

(65.852) (611.230 )

285.542 76.930

59.619 1.977.222

77.926 3.996 790.925



277.941 768.837

(374.814) (118.071)

1.926.202 6.050.160

1.758.759 (50.706 )

(50.878) (26.092)

8.426.899 1.325.177

(41.380) (54.390)

296.182 5.440.043

(11.058) (366.604)

2.478.138 16.546.695

-

(116.133) -

56.890 42.500

-

219.154 439.061 16.947.674

11.406.124

18.214

-

(3.377)

5.698.343

14.431.934

5.128.485

(895.135)

(950.894)

60.057.503

(6.906.433) 1.684.013

Acquisition costs Direct Ownership Land Buildings Machinery and heavy equipment Vehicles Office furniture and equipment Roads and bridges Stockpile base Port facilities Conveyor Construction in progress

60






10. FIXED ASSETS (continued) 31 Desember/December 31, 2013

Saldo Awal/ Beginning Balance

Penambahan/ Akuisisi/ Additions Acquisition

Pengurangan/ Reklasifikasi/ Deduction Reclassification

Aset sewa pembiayaan Mesin dan peralatan berat 1.941.965 Kendaraan 592.893

2.843.500 164.466

-

-

(1.801.259 ) 117.246

-

Leased assets Machinery and 2.984.206 heavy equipment 874.605 Vehicles

2.534.858

3.007.966

-

-

(1.684.013)

-

3.858.811

43.193.958

17.439.900

5.128.485

(895.135)

(950.894)

63.916.314

Sub-total

Akumulasi penyusutan Kepemilikan langsung Bangunan (512.075) Mesin dan peralatan berat (1.893.192) Kendaraan (683.038) Perabot dan peralatan kantor (760.991) Jalan dan jembatan (860.601) Tempat timbunan batubara (36.597) Fasilitas pelabuhan (123.725) Conveyor (3.598.768)

(11.521) (30.971) (1.615.445)

(8.468.987)

(4.285.698)

-

(409.329)

(283.851)

26

(3.783 )

52.630

(700.701) (196.567)

(219.670) (63.057)

49.416 300.185

(784.253) (46.761 )

40.730 11.692

(516.884) (804.280)

(45.620) (1.090.881) (1.703.079)

27.658 -

-

10.576 -

3.783

387.861

(831.014)

8.458 202.264

Sub-total

Accumulated depreciation Direct Ownership (1.156.382) Buildings Machinery and (3.507.670) heavy equipment (677.546) Vehicles Office furniture and (1.287.379) equipment (2.553.498) Roads and bridges

(37.542) (154.696) - (5.210.430)

Stockpile base Port facilities Conveyor

315.774 (14.585.143)

Aset sewa pembiayaan Mesin dan peralatan berat (576.684) Kendaraan (94.804)

(301.984) (155.933)

-

-

784.253 46.761

-

Leased assets Machinery and (94.415) heavy equipment (203.976) Vehicles

(671.488)

(457.917)

-

-

831.014

-

(298.391)

Sub-total

(9.140.475)

(4.743.615)

387.861

-

Nilai tercatat neto

34.053.483

(1.703.079)

315.774 (14.883.534)

Sub-total

49.032.780

Net carrying amount

Total nilai penambahan aset tetap selama tahun 2013 sebesar AS$17.439.900 termasuk penambahan yang berasal dari transaksi non kas sejumlah AS$5.270.894.

The total addition of fixed assets in 2013 amounting to US$17,439,900 includes addition involving noncash transactions amounting to US$5,270,894.

Aset tetap dengan nilai tercatat pada tanggal 31 Desember 2013 sebesar AS$12.004.739 dijaminkan sehubungan dengan fasilitas pinjaman yang diperoleh dari bank (Catatan 19b dan 19c).

Fixed asset with carrying amount as of December 31, 2013 totaling to US$12,004,739 are pledged as collateral in relation to the borrowing facilities obtained from bank (Notes 19b and 19c).

Aset tetap ABN telah diasuransikan terhadap risiko kebakaran dan risiko lainnya berdasarkan suatu paket polis tertentu untuk periode dari tanggal 1 Mei 2014 sampai tanggal 1 Mei 2015 dengan nilai pertanggungan maksimal sebesar AS$13.000.000 untuk setiap kejadian yang dipertanggungkan.

ABN’s fixed assets have been insured against risk of fire and other risks under blanket policies for a period from May 1, 2014 through May 1, 2015 with a maximum sum insured of US$13,000,000 per incident.

61 188








10. FIXED ASSETS (continued)

Aset tetap IM telah diasuransikan terhadap semua risiko kerusakan, berdasarkan suatu paket polis tertentu untuk periode dari tanggal 31 Desember 2013 hingga 31 Desember 2014, dengan nilai pertanggungan maksimal sebesar AS$16.000.000 untuk setiap kejadian terhadap risiko bisnis dan nilai pertanggungan maksimal sebesar AS$23.500.000 untuk setiap kejadian terhadap risiko kerusakan mesin, alat dan persediaan (Catatan 19a).

IM’s fixed assets have been insured against all risks of damage, under blanket policies for a period from December 31, 2013 through December 31, 2014, with total coverage of US$16,000,000 for business interruption risks and with total coverage of US$23,500,000 for machinery breakdown, material and inventory damages (Note 19a).

Aset tetap TMU telah diasuransikan terhadap semua risiko berdasarkan suatu paket polis tertentu untuk periode dari tanggal 6 Maret 2012 sampai tanggal 19 November 2015 dengan nilai pertanggungan maksimal sebesar AS$195.397 untuk setiap kejadian yang dipertanggungkan (Catatan 19a).

TMU’s fixed assets have been insured against all risks under blanket policies for a period from March 6, 2012 through November 19, 2015 with a maximum sum insured of US$195,397 per incident (Note 19a).

Manajemen berpendapat bahwa nilai pertanggungan tersebut telah cukup untuk menutupi kemungkinan kerugian yang timbul dari risiko-risiko tersebut.

Management believes that the insurance coverage is adequate to cover possible losses which may arise from such risks.

Sejak bulan Maret 2014, hasil klaim atas polis asuransi aset tetap IM dan TMU (2013: ABN) dijaminkan sehubungan dengan fasilitas pinjaman dari bank sindikasi (Catatan 19a).

Effective in March, 2014, the proceeds of claim by IM and TMU (2013: ABN) on the above insurance is pledged as collateral in relation to the borrowing facility from syndicated banks (Note 19a).

Pada tanggal-tanggal 31 Desember 2014 dan 2013, manajemen berkeyakinan bahwa tidak ada indikasi penurunan nilai aset tetap.

As of December 31, 2014 and 2013, management believes that there was no indication of impairment in the value of fixed assets.

Selama tahun 2014 dan 2013, tidak ada beban bunga yang dikapitalisasi ke aset dalam penyelesaian.

During 2014 and 2013, there was no interest expense capitalized to the construction in progress.

Rincian aset dalam penyelesaian adalah sebagai berikut:

The details of construction in progress are as follows: 31 Desember/December 31, 2014

Rata-rata Persentase Penyelesaian*/ Average Percentage of Completion* Bangunan/Building Pabrik kelapa sawit/ Palm oil mill Mesin dan peralatan berat/ Machinery and heavy equipment

Akumulasi Biaya/ Accumulated Cost

Tanggal Estimasi Penyelesaian/ Estimated Completion Date

55%

26.019

10%

1.288.622

80%-90%

Total

1.242.210

April 2015/April 2015 Desember 2015/ December 2015 Februari – Oktober 2015/ February – October 2015

2.556.851

Total

62






10. FIXED ASSETS (continued) 31 Desember/December 31, 2013 Rata-rata Persentase Penyelesaian*/ Average Percentage of Completion*

Bangunan/Building Workshop/Workshop Mesin dan peralatan berat/ Machinery and heavy equipment

Akumulasi Biaya/ Accumulated Cost

10% 98% 95%

Total * dihitung sebagai perbandingan akumulasi biaya terhadap anggaran

268.943 639.545

April 2014/April 2014 Februari 2014/February 2014

4.789.855

Agustus 2014/August 2014

5.698.343

Total

* determined as proportionate of accumulated cost against the budget

Pengurangan aset tetap pada tahun 2014 termasuk penjualan kendaraan, perabot kantor dan alat berat dengan nilai penjualan sebesar AS$326.094 dan penghapusan aset tetap bangunan dengan nilai buku sebesar AS$190.669. Nilai perolehan aset yang dijual adalah sebesar AS$1.277.835 dengan akumulasi penyusutan sebesar AS$776.800. Nilai perolehan aset yang dihapuskan adalah AS$384.955 dengan akumulasi penyusutan sebesar AS$194.286.

Deductions of fixed assets in 2014 included sale of vehicles, office furniture and heavy equipment with a sales value of US$326,094 and write-off of buildings with net book value of US$190,669. The acquisition cost of the assets sold amounted to US$1,277,835 with accumulated depreciation of US$776,800. The acquisition cost of the assets disposed amounted to US$384,955 with accumulated depreciation of US$194,286.

Pengurangan aset tetap pada tahun 2013 termasuk penjualan kendaraan, perabot kantor dan alat berat dengan nilai penjualan sebesar AS$177.837. Nilai perolehan aset yang dijual adalah sebesar AS$718.856 dengan akumulasi penyusutan sebesar AS$377.187.

Deductions of fixed assets in 2013 included sale of vehicles, office furniture and heavy equipment with a sales value of US$177,837. The acquisition cost of the assets sold amounted to US$718,856 with accumulated depreciation of US$377,187.

Aset tetap yang dihentikan dari penggunaan aktif dan tidak diklasifikasikan sebagai tersedia untuk dijual sebagian besar terdiri dari peralatan kantor dengan total nilai tercatat pada tanggal 31 Desember 2014 dan 2013 sebesar AS$30.639. Aset tetap yang tidak dipakai sementara terdiri dari alat berat dengan nilai tercatat pada tanggal 31 Desember 2014 sebesar AS$548.822 (2013: AS$384.675).

Fixed assets discontinued from operations and not classified as available-for-sale mostly consist of office equipment with total carrying value as of December 31, 2014 dan 2013 of US$30,639. Fixed assets which are temporarily unused consist of heavy equipment with the total carrying value as of December 31, 2014 of US$548,822 (2013: US$384,675).

Jumlah harga perolehan tercatat aset tetap yang telah disusutkan penuh dan masih digunakan per 31 Desember 2014 sebesar AS$3.884.154 (2013: AS$566.594).

The acquisition costs of fixed assets which have been fully depreciated but still in use per December 31, 2014 amounted to US$3,884,154 (2013: US$566,594).

63 190

Tanggal Estimasi Penyelesaian/ Estimated Completion Date






10. FIXED ASSETS (continued) The allocation of depreciation expense is as follows:

Pengalokasian beban penyusutan adalah sebagai berikut:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014

2013

Beban pokok penjualan (Catatan 30) Beban umum dan administrasi (Catatan 31) Tanaman belum menghasilkan Efek translasi

5.991.211

3.621.997

1.142.370 22.000 -

1.104.592 24.692 (7.666)

Total

7.155.581

4.743.615

11. ASET EKSPLORASI DAN EVALUASI

Total

11. EXPLORATION AND EVALUATION ASSETS

ABN Saldo 31 Desember 2012

Cost of goods sold (Note 30) General and administrative expenses (Note 31) Immature plantations Translation effect

IM

TMU

Total/ Total

-

-

8.897.455

8.897.455

730.137

730.137

Penambahan selama 2013 Transfer ke Aset Pertambangan“Tambang dalam Konstruksi”

-

-

-

-

(4.785.583)


-

-

4.842.009

4.842.009

-

-

4.523

4.523

-

-

-

-

-

4.846.532

Penambahan selama 2014 Transfer ke Aset Pertambangan“Tambang dalam Konstruksi” Saldo 31 Desember 2014


Additions during 2013 Transfer to Mine Properties“Mine under (4.785.583) Construction” Balance as of December 31, 2013

Additions during 2014 Transfer to Mine Properties“Mine under Construction”

4.846.532


Based on management’s analysis, there were no facts and circumstances suggested that the carrying amount of exploration and evaluation assets may exceed its recoverable amount as of December 31, 2014 and 2013.

Berdasarkan analisa manajemen, tidak terdapat fakta dan kondisi yang mengindikasikan bahwa nilai tercatat aset eksplorasi dan evaluasi melebihi nilai terpulihkannya pada tanggal 31 Desember 2014 dan 2013.

64





12. ASET PERTAMBANGAN

12. MINE PROPERTIES Tambang dalam konstruksi/ Mine under Construction

Saldo 1Januari 2014 Penambahan selama 2014 Transfer dari “Aset Eksplorasi dan Evaluasi” Transfer Dikurangi: Akumulasi amortisasi Saldo 31 Desember 2014

Dikurangi: Akumulasi amortisasi Saldo 31 Desember 2013

Total/ Total

17.439.910 3.639.057

41.635.046 2.990.685

24.369.648 18.917.713

(8.987.163)

8.987.163

-

12.091.804

53.612.894

43.287.361

108.992.059

(14.741.144)

(19.420.283)

(34.161.427)

38.871.750

23.867.078

74.830.632

12.091.804

Tambang dalam konstruksi/ Mine under Construction Saldo 1 Januari 2013 Penambahan selama 2013 Transfer dari “Aset Eksplorasi dan Evaluasi” Transfer

Tambang produksi/ Producing Mines

Aset aktivitas pengupasan tanah/ Stripping asset activity

Tambang produksi/ Producing Mines

83.444.604 Balance as of January 1, 2014 25.547.455 Additions during 2014 Transfer from “Exploration and Evaluation assets” Transfer

Aset aktivitas pengupasan tanah/ Stripping asset activity

35.831.181 3.091.268

14.249.141 10.120.507

4.785.583 (2.712.597)

2.712.597

-

17.439.910

41.635.046

24.369.648

83.444.604

(9.155.967)

(2.384.018)

(11.539.985)

32.479.079

21.985.630

71.904.619

17.439.910


Total/ Total

13.063.461 2.303.463

-

Less: Accumulated amortization

63.143.783 Balance as of January 1, 2013 15.515.238 Additions during 2013 Transfer from “Exploration and 4.785.583 Evaluation assets” Transfer Less: Accumulated amortization Balance as of December 31, 2013

Beban amortisasi aset aktivitas pengupasan tanah dilaporkan sebagai bagian beban pengupasan tanah dalam beban produksi (Catatan 30).

Amortization expense for stripping asset activity is reported as part of overburden removal in the production costs (Note 30).

Pada tanggal-tanggal 31 Desember 2014 dan 2013, manajemen berkeyakinan bahwa tidak ada indikasi penurunan nilai aset pertambangan.

As of December 31, 2014 and 2013, management believes that there was no indication of impairment in the value of mine properties.

13. GOODWILL

13. GOODWILL 31 Desember/December 31, 2014

2013

Saldo awal Penambahan: Akuisisi PKU

3.523.795

25.017

-

3.498.778

Beginning balance Addition: Acquisition of PKU

Total

3.523.795

3.523.795

Total

65 192





13. GOODWILL (lanjutan)

13. GOODWILL (continued)

Sejak tanggal akuisisi hingga tanggal 31 Desember 2013, PKU memiliki kontribusi nilai penjualan sebesar AS$265.065 dan rugi bersih sebesar AS$1.188.328 kepada Kelompok Usaha. Jika akuisisi dilaksanakan pada tanggal 1 Januari 2013, laporan laba rugi komprehensif konsolidasian Kelompok Usaha termasuk penjualan dan rugi bersih PKU masing-masing sebesar AS$489.632 dan AS$1.935.860.

From the date of acquisition through December 31, 2013, PKU has contributed sales amounting to US$265,065 and net loss of US$1,188,328 to the Group. If the acquisition had been completed on January 1, 2013, the Group’s consolidated statement of comprehensive income would have been included sales and net loss of PKU amounting to US$489,632 and US$1,935,860, respectively.

Goodwill sebesar AS$3.498.778, berasal dari akuisisi 90% saham PKU yang dilakukan pada bulan Juni 2013 yang dilaporkan dalam laporan keuangan konsolidasian Kelompok Usaha tanggal 31 Desember 2013 dengan mengunakan jumlah sementara sebagaimana yang diatur dalam PSAK No. 22 (Revisi 2010).

Goodwill amounting to US$3,498,778 arose from the acquisition of 90% PKU’s shares in June 2013 was reported in the consolidated statement of financial position as of December 31, 2013 using provisional amount as stipulated in PSAK No. 22 (Revised 2010).

Sampai tanggal 30 Juni 2014 (saat periode pengukuran berakhir), tidak terdapat fakta dan keadaan yang ada pada tanggal 30 Juni 2013, yang berdampak pada pengukuran jumlah yang diakui pada tanggal tersebut. Dengan demikian, manajemen menetapkan bahwa nilai wajar yang dilaporkan dalam laporan posisi keuangan konsolidasian tanggal 31 Desember 2013 adalah final, dengan demikian tidak ada perubahan terhadap saldo goodwill yang timbul dari akuisisi tersebut.

Through June 30, 2014 (cut off for measurement period), there is no facts and circumstances that existed as of June 30, 2013 that would have affected the measurements of the amounts recognised as of that date. Accordingly, management determined that the fair value as reported in the consolidated statement of financial position as of December 31, 2013 is final, therefore there is no change in the goodwill balance arising from such acquisition.

Nilai wajar dari aset dan liabilitas PKU yang dapat diidentifikasi pada tanggal akuisisi adalah sebagai berikut:

The fair value of the identifiable assets and liabilities of PKU as of the date of acquisition were:

Nilai wajar/ Fair value ASET Kas dan bank Aset lancar lainnya Tanaman belum menghasilkan (Catatan 9) Tanaman menghasilkan (Catatan 9) Aset tetap (Catatan 10) Aset tidak lancar lainnya

13.485.456 230.321 4.357.036 14.883.171 3.425.406 3.267

ASSETS Cash and banks Other current assets Immature plantations (Note 9) Mature plantations (Note 9) Fixed assets (Note 10) Other non-current assets

36.384.657 LIABILITAS Utang usaha Utang pajak dan akrual Utang jangka pendek lain-lain Utang bank Utang lain-lain jangka panjang Liabilitas imbalan pasca kerja Liabilitas pajak tangguhan

32.658 25.694 112.928 13.425.320 23.664.881 83.489 1.653.138

LIABILITIES Trade payables Taxes payable and accrual Other current payables Bank loan Other long-term payables Post-employment benefits liabilities Deferred tax liabilities

38.998.108

66






13. GOODWILL (continued) Nilai wajar/ Fair value

Nilai wajar liabilitas neto teridentifikasi Kepentingan non-pengendali Goodwill yang timbul dari kombinasi bisnis

(2.613.451) 261.343 3.498.778

Imbalan yang dialihkan

1.146.670

Purchase consideration

Nilai wajar aset dan liabilitas PKU yang dapat diidentifikasi tersebut diatas ditentukan berdasarkan penilaian yang dilakukan oleh manajemen.

The fair value of the identifiable assets and liabilities of PKU are determined based on calculation performed by management.

Kepentingan non-pengendali telah diakui sesuai dengan proporsi aset yang diakuisisi.

The non-controlling interest has been recognized as a proportion of the net assets acquired.

Goodwill sebesar AS$3.498.778 merupakan manfaat yang diharapkan timbul dari akuisisi antara lain melalui perolehan operasional kegiatan tambang yang lebih efisien dan ekonomis misalnya penggunaan tanah milik PKU sebagai area dumping serta jalur hauling operasi tambang.

Goodwill amounting to US$3,498,778 represents the expected benefits which will arise from the acquisition including through efficient and economic mining operation such as usage of PKU’s land as dumping area as well as hauling lane for mining operation.

Goodwill tersebut tidak diharapkan dikurangkan untuk tujuan pelaporan pajak.

Goodwill is not expected to be deductible for tax purposes.

dapat

Uji penurunan nilai terhadap Goodwill

Impairment test on Goodwill

Berdasarkan pengujian yang dilakukan manajemen, tidak terdapat penurunan nilai goodwill pada tanggal 31 Desember 2014 dan 2013.

Based on impairment test performed by management, there is no impairment on goodwill as of December 31, 2014 and 2013.

Untuk tujuan uji penurunan nilai, goodwill tersebut dialokasikan ke UPK yang diperkirakan menerima manfaat dari sinergi kombinasi bisnis ini dan merupakan tingkat dimana manajemen melakukan monitoring dan pengelolaan goodwill. UPK tersebut adalah aset pertambangan ABN dan TMU, serta tanaman perkebunan PKU.

For impairment testing purposes, goodwill has been allocated to CGUs that are expected to benefit from the synergies of the business combination and represents the level at which management will monitor and manage the goodwill. The CGUs consist of mine properties of ABN and TMU, and PKU’s plantation.

Nilai terpulihkan aset pertambangan ABN dan TMU serta goodwill yang dialokasikan ke UPK tersebut ditentukan dengan menggunakan nilai pakai yang dihitung dengan menggunakan arus kas diskontoan. Sedangkan nilai terpulihkan tanaman perkebunan PKU dan goodwill yang dialokasikan ke UPK tanaman perkebunan menggunakan “nilai wajar dikurangi biaya untuk menjual”. Nilai wajar ditentukan berdasarkan rata-rata nilai transaksi untuk pembelian suatu perkebunan sawit.

The recoverable amounts of mine properties of ABN and TMU, also the allocated goodwill were determined using value in use which are calculated based on discounted cash flows. While the recoverable amount of PKU’s plantation and the allocated goodwill is the “fair value less cost to sell”. The fair value is based on the average transactions on purchase of oil palm plantation.

67 194

Fair value of identifiable net liabilities Non-controlling interest Goodwill arising from business combination






13. GOODWILL (continued)

Uji penurunan nilai terhadap Goodwill (lanjutan)

Impairment test on Goodwill (continued)

Dalam menguji apakah penurunan nilai UPK diperlukan, nilai tercatat masing-masing UPK dibandingkan dengan nilai terpulihkan UPK. Nilai terpulihkan adalah jumlah yang lebih besar antara nilai wajar UPK dikurangi biaya untuk menjual dan nilai pakai.

In assessing whether impairment on CGU is required, the carrying value of the respective CGUs is compared with CGU’s recoverable amounts. The recoverable amount is the higher of the CGU’s fair value less costs to sell and value in use.

Jumlah terpulihkan UPK ditentukan berdasarkan perhitungan nilai pakai yang dihitung bedasarkan proyeksi arus kas dari rencana usaha yang telah disetujui oleh manajemen senior mencakup periode 5 tahun. Arus kas yang diproyeksikan mencerminkan perkembangan harga terkini batu bara.

The recoverable amount of CGU has been determined based on a value in use calculation using cash flow projections from the business plan approved by senior management covering 5-years period. The projected cash flows reflect the coal’s current prices.

Asumsi yang digunakan

Key assumptions used

Perhitungan nilai pakai untuk aset pertambangan sangat sensitif terhadap asumsi-asumsi di bawah ini:

The calculation of value in use for mine properties is most sensitive to the following assumptions:

a. Harga batu bara b. Tingkat diskonto c. Volume produksi

a. Coal prices b. Discount rates c. Production volume

Harga batubara: Harga perkiraan batubara didasarkan pada data pasar yang tersedia dan estimasi manajemen.

Coal prices: Forecasted coal prices is based on available market data and management’s estimates.

Tingkat diskonto: Tingkat diskonto sebelum pajak yang digunakan dalam kisaran 11% yang dihitung dengan mengacu kepada Biaya Modal Rata-rata Tertimbang (WACC) setelah pajak.

Discount rates: The pre-tax discount rates used is appriximately 11% which derived from the post-tax weighted average cost of capital (WACC).

Volume produksi: Estimasi volume produksi yang digunakan dalam perhitungan dihitung berdasarkan rencana tambang. Masing-masing UPK memiliki karakteristik cadangan dan ekonomis yang berbeda.

Production volume: The estimated production volume is based on the mine plan. Each CGU has specific reserve characteristic and economic circumstances.

Perubahan terhadap asumsi yang digunakan oleh manajemen dalam menentukan jumlah terpulihkan, khususnya tingkat diskonto, dapat berdampak signifikan pada hasil pengujian. Manajemen Kelompok Usaha berkeyakinan bahwa tidak terdapat kemungkinan yang beralasan bahwa asumsi utama tersebut di atas dapat berubah sehingga nilai tercatat masing-masing UPK menjadi lebih tinggi dari nilai yang terpulihkan secara material.

Changes to the assumptions used by the management to determine the recoverable amount, in particular the discount rate, can have significant impact on the result of the impairment assessment. Management is of the opinion that there was no reasonably possible change in any of the key assumptions stated above that would cause the carrying amount of the goodwill allocated to the CGU to materially exceed its recoverable amount.

68





14. UTANG USAHA

14. TRADE PAYABLES 31 Desember/December 31, 2014

Pihak ketiga: PT Petrosea Tbk PT Arkananta Apta Pratista PT Bina Sarana Sukses PT RPP Contractors Indonesia PT Solaris Prima Energy PT Surya Teknik Anugerah PT Indobeta PT Pelayaran Kartika Samudra Adijaya Lain-lain (di bawah AS$2.500.000)

2013

32.910.426 8.272.910 6.462.943 5.888.940 2.571.771 2.105.525 1.573.890 353.765 3.947.153

Third parties: 25.823.893 PT Petrosea Tbk 5.987.610 PT Arkananta Apta Pratista 5.728.977 PT Bina Sarana Sukses 6.523.972 PT RPP Contractors Indonesia PT Solaris Prima Energy 5.650.854 PT Surya Teknik Anugerah 2.673.890 PT Indobeta 2.675.668 PT Pelayaran Kartika Samudra Adijaya 14.200.365 Others (below US$2,500,000)

64.087.323

69.265.229

Utang usaha terutama timbul dari transaksi pembelian barang dan jasa oleh entitas anak.

The trade payables primarily arose from the purchase of goods and services by the subsidiaries.

Utang usaha berdasarkan mata uang terdiri dari:

Trade payables based on currency consist of:

31 Desember/December 31, 2014 Pihak ketiga Dolar Amerika Serikat Rupiah Yen Euro

2013

61.908.237 2.178.564 522 -

65.163.485 4.098.134 3.610

64.087.323

69.265.229

Third parties United States Dollar Rupiah Yen Euro

Aging of trade payables is as follows:

Rincian umur utang usaha adalah sebagai berikut:

31 Desember/December 31, 2014 Belum jatuh tempo Lewat jatuh tempo Kurang dari 30 hari 31 sampai 60 hari 61 sampai 90 hari 91 sampai 360 hari Lebih dari 360 hari

2013

36.341.487

33.985.353

20.803.576 3.624.996 500.694 221.196 2.595.374

25.849.439 5.577.930 43.153 833.846 2.975.508

64.087.323

69.265.229

69 196


Current Overdue Less than 30 days 31 to 60 days 61 to 90 days 91 to 360 days Over than 360 days




15. UTANG LAIN-LAIN

15. OTHER PAYABLES 31 Desember/December 31, 2014

Liabilitas jangka pendek Pihak ketiga Lain-lain

Liabilitas jangka panjang Pihak berelasi (Catatan 35e)

Total

2013

3.709

1.907

3.709

1.907

2.242.526

2.288.701

2.242.526

2.288.701

2.246.235

2.290.608

Utang lain-lain berdasarkan mata uang terdiri dari:

Current liabilities Third parties Others

Non-current liabilities Related party (Note 35e)

Total

Other payables based on currency consist of:


2013

Pihak ketiga Dolar Amerika Serikat Rupiah

2.648 1.061

1.907 -

Third parties United States Dollar Rupiah

Sub - total

3.709

1.907

Sub - total

Pihak berelasi Rupiah

2.242.526

2.288.701

Related party Rupiah

Sub - total

2.242.526

2.288.701

Sub - total

2.246.235

2.290.608

16. BEBAN AKRUAL

16. ACCRUED EXPENSES 31 Desember/December 31, 2014

Royalti (Catatan 42a) Pengangkutan Jasa profesional Pemasaran Infrastruktur Akrual pengalihan kuota DMO (Catatan 42b) Lain-lain

2013

1.060.874 1.059.958 410.679 141.917 105.461

3.452.598 79.443 288.819 108.313

2.157.086

622.724 1.505.682

4.935.975

6.057.579

Royalty (Note 42a) Barging Professional fee Marketing Infrastructure Accruals for DMO transfer (Note 42b) Others

70





17. PERPAJAKAN a.

17. TAXATION

Pajak dibayar di muka

a. Prepaid taxes 31 Desember/December 31, 2014

Jangka pendek Entitas anak: Pajak Pertambahan Nilai Pajak penghasilan badan Jangka panjang Entitas anak: Estimasi tagihan pajak

b.

2013

12.422 -

12.422 6.779.126

12.422

6.791.548

-

748.305

12.422

7.539.853

Utang pajak

Current portion Subsidiaries: Value Added Tax Corporate income tax Non-current portion Subsidiaries: Estimated claims for tax refund

b. Taxes payable 31 Desember/December 31, 2014

Perusahaan: Pasal 4(2) Pasal 21 Pasal 23 Pasal 26

Entitas Anak: Pasal 4(2) Pasal 15 Pasal 21 Pasal 23 Pasal 29 Pajak Pertambahan Nilai Pajak Bumi dan Bangunan

c.

2013

273 56.995 996 15.522

1.701 30.788 717 -

73.786

33.206

12.195 21.382 903.902 403.788 3.533.908 19.111 358.043

788.869 15.246 759.261 168.777 4.648.847 165.798 647.867

5.252.329

7.194.665

5.326.115

7.227.871

Beban pajak

The reconciliation between profit before tax expense (benefit) as shown in the consolidated statements of comprehensive income and the Company’s estimated taxable loss, and the Company’s current income tax expense for the years ended December 31, 2014 and 2013, and the estimated corporate income tax payable as of those dates are as follows:


Subsidiaries: Article 4(2) Article 15 Article 21 Article 23 Article 29 Value Added Tax Tax on land and building

c. Tax expense

Rekonsiliasi antara laba sebelum beban (manfaat) pajak penghasilan yang ditunjukkan dalam laporan laba rugi komprehensif konsolidasian dengan estimasi rugi fiskal Perusahaan, dan beban pajak kini Perusahaan untuk tahun yang berakhir pada tanggaltanggal 31 Desember 2014 dan 2013 dan estimasi utang pajak penghasilan badan pada tanggal-tanggal tersebut adalah sebagai berikut:

198

The Company: Article 4(2) Article 21 Article 23 Article 26




17. PERPAJAKAN (lanjutan) c.

17. TAXATION (continued)

Beban pajak (lanjutan)

c. Tax expense (continued) Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014

2013

Laba konsolidasian sebelum beban (manfaat) pajak penghasilan Laba sebelum beban pajak - Entitas anak Penyesuaian lainnya

53.897.225

50.403.019

(58.957.757) 15.424.092

(55.166.554) 16.474.335

Consolidated profit before tax expense (benefit) Profit before tax expense - Subsidiaries Other adjustments

Laba sebelum beban pajak - Perusahaan

10.363.560

11.710.800

Profit before tax expense - the Company

Beda temporer: Penyisihan penurunan nilai piutang Liabilitas imbalan kerja jangka pendek Liabilitas imbalan kerja jangka panjang Sewa pembiayaan Beda tetap: Beban jamuan Dividen dari entitas anak Penghasilan yang telah dikenakan pajak final Lain-lain Estimasi rugi fiskal - Perusahaan

295.650

596.027

-

449.158

95.734 (18.504)

45.866 5.977

Temporary differences: Allowance for impairment losses on receivables Short-term employee benefits liabilities Long-term employee benefits liabilities Finance lease

40.925 (13.884.749)

28.172 (20.007.824)

Permanent differences: Entertainment expenses Dividend from subsidiary

(998.196) 303.892

(1.090.563) 196.771

Income subject to final tax Others

(3.801.688)

(8.065.616)

Estimated tax loss - Company

The analysis of the Company’s tax losses carried forward is as follows:

Analisa akumulasi rugi fiskal Perusahaan adalah sebagai berikut:

31 Desember/December 31, 2014 Tahun pajak: 2010 2011 2012 2013 2014 Akumulasi rugi fiskal

2013

(327.244) (2.514.937) (5.570.123) (8.065.616) (3.801.688)

(327.244) (2.514.937) (5.570.123) (8.065.616) -

Fiscal Years: 2010 2011 2012 2013 2014

(20.279.608)

(16.477.920)

Tax losses carried forward

Utang pajak penghasilan Perusahaan Entitas anak ABN IM

-

-

2.746.304 787.604

4.648.847 -

Income tax payables The Company Subsidiaries ABN IM

Utang pajak penghasilan

3.533.908

4.648.847

Income tax payable

72








c. Tax expense (continued) The reconciliation between tax expense, net as shown in the consolidated statement of comprehensive income and the theoretical tax amount on the profit before tax expense (benefit) is as follows:

Rekonsiliasi antara beban pajak neto yang tercermin di dalam laporan laba rugi komprehensif konsolidasian dengan hasil perkalian laba sebelum beban (manfaat) pajak dengan tarif pajak yang berlaku adalah sebagai berikut:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Laba sebelum beban pajak - Perusahaan Beban pajak dengan tarif pajak yang berlaku Pengaruh pajak atas beda tetap Penambahan penyisihan atas aset pajak tangguhan Beban pajak penghasilan Perusahaan Beban/(manfaat) pajak entitas anak Kini Pajak penghasilan kini Penyesuaian atas pajak kini tahun sebelumnya Tangguhan Beban pajak - neto

2013

10.363.560

11.710.800

2.590.890

2.927.700

(3.634.532)

(5.218.360)

1.043.642

2.290.660

-

-

17.002.204

12.569.360

3.726.182

855.356

20.728.386 (2.631.665)

13.424.716 2.374.510

18.096.721

15.799.226


Tax expense computed using the prevailing tax rate Tax effect of permanent differences Additional valuation allowance for deferred tax assets Tax expenses of the Company Tax expense/(benefit) of the subsidiaries Current Current income tax Adjustments in respect of prior years current tax Deferred Tax expense - net

The amounts of the Company’s estimated tax loss as stated in the foregoing will be reported by management in the Company’s 2014 annual income tax return (“SPT”) to be submitted to the tax office.

Jumlah estimasi rugi fiskal Perusahaan untuk tahun 2014 seperti yang disebutkan di atas akan dilaporkan oleh manajemen dalam Surat Pemberitahuan Tahunan (“SPT”) PPh badan Perusahaan tahun 2014 ke Kantor Pelayanan Pajak.

200

Profit before tax expense - The Company







c. Tax expense (continued) The details of deferred tax expense (benefit) are as follows:

Rincian beban (manfaat) pajak tangguhan adalah sebagai berikut:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Perusahaan Akumulasi rugi fiskal

(1.043.643)

(2.290.660)

The Company Tax losses carried forward Allowance for impairment losses on receivables Short-term employee benefits liabilities Finance lease Long - term employee benefits liabilities Write off of unrecognized deferred tax assets

Sub - total Entitas anak

2.631.665

(2.374.510)

Sub - total Subsidiaries

Manfaat/(beban) pajak tangguhan

2.631.665

(2.374.510)

Deferred tax benefit/(expense)

Penyisihan penurunan nilai piutang Liabilitas imbalan kerja jangka pendek Sewa pembiayaan Liabilitas imbalan kerja jangka panjang Penambahan penghapusan atas aset pajak tangguhan

d.

2013

950.422

2.016.404

73.913

149.007

(4.626)

112.290 1.492

23.934

11.467

Aset/(liabilitas) pajak tangguhan

d. Deferred tax assets/(liabilities) 31 Desember/December 31, 2014

Perusahaan: Aset pajak tangguhan

2013

260.084

-

The Company: Deferred tax assets

Entitas anak: Aset pajak tangguhan: ABN TBE IM TMU

1.569.586 97.321 849.976 480.990

536.571 79.309 880.083

The Subsidiaries: Deferred tax assets: ABN TBE IM TMU

Total

2.997.873

1.495.963

Total

Liabilitas pajak tangguhan: IM PKU

(867.508)

(1.382.602) (1.653.138)

Deferred tax liabilities: IM PKU

Total

(867.508)

(3.035.740)

Total

Aset pajak tangguhan - neto Liabilitas pajak tangguhan - neto

3.257.957 (867.508)

1.495.963 (3.035.740)

Deferred tax assets - net Deferred tax liabilities - net

The amount of deductible temporary differences and unused tax losses for which no deferred tax asset is recognized in the consolidated statement of financial position is US$7,246,770 (2013: US$6,235,187)

Jumlah perbedaan temporer yang dapat dikurangkan dan rugi pajak belum dikompensasi yang tidak diakui sebagai aset pajak tangguhan dalam laporan keuangan konsolidasian sebesar AS$7.246.770 (2013: AS$6.235.187). 74





17. PERPAJAKAN (lanjutan)


e. Surat Ketetapan Pajak

e. Tax Assessments

Pada bulan Oktober 2014, TBE menerima Surat Ketetapan Pajak (“SKP”) kurang bayar atas PPh 23 atas bulan Mei - September dan Desember 2011 sejumlah Rp812.240.507 (AS$67.227) dan PPh 4 (2) atas bulan Desember 2011 sejumlah Rp403.114.731 (AS$33.364). Jumlah tersebut sudah dicatat sebagai beban umum dan administrasi pada laporan laba rugi konsolidasian tahun 2014.

On October 2014, TBE received assessment letters (“SKP”) for underpayment of Witholding Income Tax Article 23 of May - September and December 2011 fiscal year amounting to Rp812,240,507 (US$67,227) and Witholding Income Tax Article 4 (2) of December 2011 amounting to Rp403,114,731 (US$33,364). The amount has been recorded as other expenses in the 2014 consolidated statement of comprehensive income.

Dalam bulan Januari 2014 IM menerima surat Pembetulan atas Surat Keputusan Keberatan Secara Jabatan atas pajak penghasilan badan tahun 2008. Surat ini menambah jumlah kurang bayar IM sebesar Rp7.335.670.090 (setara dengan AS$636.115). IM menerima keputusan ini dan membebankan jumlah kurang bayar tersebut pada pada laporan laba rugi komprehensif konsolidasian tahun 2014 sebagai beban pajak kini.

In January 2014, IM received “Pembetulan atas Surat Keputusan Keberatan Secara Jabatan” of corporate income tax for 2008 fiscal year. This letter increase IM’s underpayment amounting to Rp7,335,670,090 (equivalent to US$636,115). IM accepted the decision and charged the underpayment as current tax expense to the 2014 consolidated statement of comprehensive income.

IM menerima SKP Lebih Bayar dalam bulan April 2014 atas pajak penghasilan badan tahun 2012 sejumlah AS$5.348.823, jumlah ini lebih rendah dari jumlah tercatat lebih bayar tahun 2012 sebesar AS$6.779.126. IM menerima keputusan ini serta menerima pengembalian dalam bulan Mei 2014 (setelah memperhitungkan kompensasi utang pajak) dan membebankan selisihnya sebesar AS$1.430.303 pada pada laporan laba rugi komprehensif konsolidasian tahun 2014 sebagai beban pajak kini.

IM received SKP for overpayment of corporate income tax for 2012 fiscal year amounting to US$5,348,823 in April 2014, which is lower than overpayment that was recorded in 2012 amounting to US$6,779,126. IM accepted the SKP and received the refund of such amount in May 2014 (after compensating tax payable) and charged the difference of US$1,430,303 as current tax expense to the 2014 consolidated statement of comprehensive income.

Sehubungan dengan koreksi yang dibuat Direktorat Jenderal Pajak (“DJP”) atas perhitungan pajak penghasilan badan tahun 2012 diatas, IM melakukan revisi atas SPT Tahun 2011 yang menyebabkan tambahan pajak penghasilan badan tahun 2011 sebesar AS$356.836, yang sudah dilunasi oleh IM pada bulan Desember 2014. Jumlah yang dibayar oleh IM tersebut telah dbebankan pada laporan laba rugi komprehensif konsolidasian tahun 2014 sebagai beban pajak kini.

In connection with correction made by the Directorate General of Taxes (“DGT”) on the 2012 corporate income tax, IM revised its corporate income tax for 2011 fiscal year which leads to an underpayment of US$356,836, which was paid by IM in December 2014. The underpayment was charged as current tax expense to the 2014 consolidated statement of comprehensive income.

75 202





17. PERPAJAKAN (lanjutan)


e. Surat Ketetapan Pajak (lanjutan)

e. Tax Assessments (continued)

Selanjutnya, pada tahun 2014 IM menghapus tagihan pajak penghasilan badan tahun 2013 sebesar AS$748.308 untuk menyesuaikan dengan SPT pajak penghasilan badan tahun 2013 yang dilaporkan kepada DJP, yang melaporkan kurang bayar sebesar AS$422.038. Jumlah tagihan pajak penghasilan yang dihapuskan dan jumlah kurang bayar pajak penghasilan badan tersebut telah dibebankan pada laporan laba rugi komprehensif konsolidasian tahun 2014 sebagai beban pajak kini.

Furthermore, in 2014 IM write-off its estimated claim for tax refund for 2013 fiscal year amounting to US$748,308 in order to align with its 2013 Tax Return that was submitted to the DGT which reported an underpayment of US$422,038. The write-off and underpayment balances were charged as current tax expense to the 2014 consolidated statement of comprehensive income.

Pada bulan November 2014, IM menerima SKP kurang bayar atas PPh 21 untuk tahun fiskal 2010 - 2011 sejumlah AS$528.375. Jumlah tersebut sudah dicatat sebagai beban umum dan administrasi pada laporan laba rugi komprehensif konsolidasian tahun 2014.

On November 2014, IM received SKP for underpayment of Income Tax Article 21 of 2010 2011 fiscal years amounting to US$528,375. The amount has been recorded as general and administrative expenses in the 2014 consolidated statement of comprehensive income.

Sampai dengan tanggal penyelesaian laporan keuangan konsolidasian ini, TMU sedang dalam proses audit oleh DJP atas pajak penghasilan badan untuk tahun pajak 2011 sampai dengan 2013.

As of the completion date of these consolidated financial statements, TMU are being audited by the DGT on corporate income tax for the 2011 up to 2013 fiscal years.

Dalam bulan September 2013, ABN menerima SKP Lebih Bayar atas pajak penghasilan badan tahun 2012 sejumlah AS$7.170.260, jumlah ini lebih rendah dari jumlah tercatat lebih bayar tahun 2012 sebesar AS$7.816.811. SKP tersebut juga menambah penghasilan kena pajak ABN untuk tahun 2012 dari AS$25.151.304 menjadi sebesar AS$27.737.507. ABN menerima keputusan ini serta menerima pengembalian dalam bulan Oktober 2013 dan membebankan selisihnya pada laporan laba rugi komprehensif konsolidasian tahun 2013.

In September 2013, ABN received SKP for overpayment of corporate income tax for 2012 fiscal year amounting to US$7,170,260, which is lower than US$7,816,811 overpayment that was recorded by ABN in 2012. Such SKP also increased ABN’s taxable income for 2012 fiscal years, from US$25,151,304 to US$27,737,507. ABN accepted the SKP and received the refund of such amount in October 2013 and charged the difference to the 2013 consolidated statement of comprehensive income.

Dalam bulan Nopember 2013, ABN menerima SKP Kurang Bayar atas pajak penghasilan badan tahun 2009 sejumlah AS$126.555. ABN menerima keputusan ini dan membayar kekurangan tersebut berikut denda sebesar AS$82.250 dalam bulan Desember 2013 serta membebankannya pada laporan laba rugi komprehensif konsolidasian tahun 2013.

In November 2013, ABN received SKP for underpayment of corporate income tax for 2009 fiscal year amounting to US$126,555. ABN accepted the SKP and paid such amount as well as a penalty of US$82,250 in December 2013 and charged the amount to the 2013 consolidated statement of comprehensive income.

Selanjutnya, pada tahun 2014 ABN mencatat tambahan beban pajak penghasilan badan tahun 2013 sebesar AS$132.582 untuk menyesuaikan dengan SPT pajak penghasilan badan tahun 2013 yang dilaporkan kepada DJP. Jumlah tersebut telah dibebankan pada laporan laba rugi komprehensif konsolidasian tahun 2014 sebagai beban pajak kini.

Furthermore, in 2014 ABN recorded additional corporate income tax expense for 2013 fiscal year amounting to US$132,582 in order to align with its 2013 Tax Return that was submitted to the DGT. The amount was charged as current tax expense to the 2014 consolidated statement of comprehensive income. 76





17. PERPAJAKAN (lanjutan) f.


Administrasi

f. Administration

Perusahaan dan entitas anak selain PKU telah memperoleh persetujuan dari Direktorat Jenderal Pajak untuk menyelenggarakan pembukuannya dalam mata uang Dolar Amerika Serikat sejak tahun pajak 2012.

The Company and its subsidiaries except for PKU have obtained approval from the Directorate General of Taxes to maintain their bookkeeping in U.S Dollar currency effective since fiscal year 2012.

Berdasarkan peraturan perpajakan Indonesia, Direktorat Jenderal Pajak (“DJP”) dapat menetapkan dan mengubah kewajiban pajak yang berasal dari tahun pajak sebelum 2008 dalam batas waktu sepuluh tahun sejak tanggal terutangnya pajak, atau sampai dengan akhir tahun 2013, mana yang lebih dulu. Berdasarkan peraturan pajak yang berlaku mulai tahun 2008, DJP dapat menetapkan dan mengubah kewajiban pajak dalam batas waktu lima tahun sejak tanggal terutangnya pajak.

Under the taxation laws of Indonesia, the Directorate General of Taxes (“DGT”) may assess or amend taxes for years prior to 2008 within ten years from the date the tax became due, or until the end of year 2013, whichever is earlier. Based on taxation laws which became applicable starting in year 2008, the DGT may assess and amend taxes within five years from the date the tax becomes due.

18. UANG MUKA PELANGGAN

18. ADVANCES FROM CUSTOMER 31 Desember/December 31, 2014

2013

Batubara Vitol Asia Pte., Ltd Glencore International AG Mercuria Energy Group Ltd Pevensey Indonesia PT Trafigura Dragon Energy Corporation Avra PT Pinang Export Indonesia

2.189.524 2.000.000 1.442.371 401.929 340.200 -

7.000.000 463.500 6.627.778 2.650.999 8.318.000 2.362.500 459.375

Coal Vitol Asia Pte., Ltd Glencore International AG Mercuria Energy Group Ltd Pevensey Indonesia PT Trafigura Dragon Energy Corporation Avra PT Pinang Export Indonesia

Sub - total

6.374.024

27.882.152

Sub - total

13.185 -

23.687

Fruit fresh bunches UD Sawit Jaya PT Agro Kaltim Utama

6.387.209

27.905.839

(6.387.209)

(24.941.839)

Less: Current Maturities

2.964.000

Long-term Portion

Tandan buah segar UD Sawit Jaya PT Agro Kaltim Utama Dikurangi: Bagian Jangka Pendek Bagian Jangka Panjang

-

77 204





19. UTANG BANK

19. BANK LOANS 31 Desember/December 31, 2014

Utang Perusahaan Bank Sindikasi Utang Entitas Anak Standard Chartered Bank PT Bank Rakyat Indonesia (Persero) Tbk Dikurangi: Bagian Jangka Pendek Bagian Jangka Panjang

2013

43.978.803

27.711.419

-

14.722.820

12.135.936

11.302.179

56.114.739

53.736.418

56.114.739

Subsidiaries’ Borrowing Standard Chartered Bank PT Bank Rakyat Indonesia (Persero) Tbk

(33.553.129)

Less: Current Maturities

20.183.289

Long-term Portion

The contractual interest rates on the above bank loans for 2014 ranged from 3.4% - 4.4% (2013: 3.4% - 5.6%) per annum on loans repayable in US$ and 11% - 12% (2013: 10%) per annum on loan repayable in Rupiah.

Kisaran suku bunga kontraktual atas utang bank tersebut diatas selama tahun 2014 adalah 3,4% - 4,4% (2013: 3,4% - 5,6%) per tahun untuk utang dalam mata uang AS$ dan 11% - 12% (2013:10%) per tahun untuk utang dalam mata uang Rupiah. a.

The Company’s Borrowing Syndicated banks

Bank Sindikasi

a. Syndicated banks

Perjanjian tertanggal 2 Agustus 2011

Agreement dated August 2, 2011

Pinjaman sindikasi merupakan utang Perusahaan yang diperoleh berdasarkan Perjanjian Fasilitas (“Perjanjian”) tertanggal 2 Agustus 2011, antara Perusahaan, ABN dengan beberapa pihak, antara lain BNP Paribas, cabang Singapura (“BNP Singapore”) yang bertindak sebagai agen sehubungan dengan pemberian fasilitas pinjaman revolving sebesar AS$35.000.000 kepada Perusahaan. Perjanjian tersebut di atas telah beberapa kali diubah, perubahan terakhir dituangkan di dalam Perjanjian Perubahan tertanggal 18 November 2011 untuk menaikkan jumlah fasilitas menjadi AS$70.000.000 dan masuknya PT ANZ Panin Indonesia (“ANZ”) dan Citibank N.A. (“Citibank”), sebagai pemberi pinjaman.

Syndicated banks borrowing represents the Company’s borrowing which was obtained under a Facility Agreement (“the Agreement”) dated August 2, 2011, between the Company, ABN and several parties, among others, BNP Paribas, Singapore Branch (“BNP Singapore”) acting as an agent in relation to a revolving borrowing facility of US$35,000,000 provided to the Company. This Agreement has been amended several times, with the latest amendment dated November 18, 2011 increasing the facility to US$70,000,000 and the inclusion of PT ANZ Panin Indonesia (“ANZ”) and Citibank N.A. (“Citibank”), as lenders.

Perjanjian tersebut berakhir pada tanggal 31 Desember 2014, namun pada bulan Maret 2014, Perusahaaan telah melunasi jumlah yang terutang dengan menggunakan sebagian dana pencairan pinjaman yang diperoleh berdasarkan Perjanjian tertanggal 19 Maret 2014.

The Agreement expire on December 31, 2014, however, the Company has fully paid the outstanding amounts in March 2014, using a portion of loan proceed obtained under the Agreement dated March 19, 2014.

78





19. UTANG BANK (lanjutan) a.

19. BANK LOANS (continued)

Bank Sindikasi (lanjutan) Perjanjian (lanjutan)

tertanggal

2

a. Syndicated banks (continued) Agustus

2011

Agreement (continued)

August

2,

2011

Sebagaimana disebutkan dalam Perjanjian, pinjaman ini digunakan untuk pendanaan:

As stated in the Agreement, this borrowing will be used for:

1. Pinjaman kepada TMU untuk keperluan belanja modal.

1. On-loaned to TMU for expenditures requirement.

2. Pinjaman kepada TS.

2. On-loaned to TS.

3. Modal kerja, akuisisi serta proyek lainnya yang disetujui oleh agen.

3. Working capital, acquisition or projects as approved by the agent.

Dengan batasan maksimal untuk penggunaan sebagai pinjaman ke TMU dan TS masingmasing tidak melebihi AS$20.000.000 dan AS$50.000.000.

Provided that the amount for borrowing to TMU and TS individually shall not exceed US$20,000,000 and US$50,000,000, respectively.

Sejak tanggal 30 Maret 2012, BNP Singapore telah mengalihkan kepesertaannya pada sindikasi ini kepada PT Bank BNP Paribas Indonesia (“BNP Indonesia”).

Effective on March 30, 2012, BNP Singapore has transferred its participation in this sydicated to PT Bank BNP Paribas Indonesia (“BNP Indonesia”).

Pinjaman ini dikenakan bunga tahunan sebesar London Interbank Offered Rate (“LIBOR”) ditambah persentase tertentu.

This borrowing is charged annual interest at the London Interbank Offered Rate (“LIBOR”) plus a certain percentage.

Beban bunga atas pinjaman ini yang dibebankan ke dalam laporan laba rugi komprehensif konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2014 adalah sebesar AS$565.880 (2013: AS$2.414.439).

Interest expense on this borrowing which is charged to the consolidated statements of comprehensive income for the year ended December 31, 2014 amounted to US$565,880 (2013: US$2,414,439).

Berdasarkan ketentuan di dalam Perjanjian tersebut, Perusahaan dan ABN harus memenuhi beberapa persyaratan, antara lain (i) menjaminkan secara fidusia saham Perusahaan di ABN (ii) menjaminkan secara fidusia semua klaim asuransi ABN (iii) menjaminkan secara fidusia semua piutang kualifikasian ABN, serta (iv) menjaminkan aset ABN dengan nilai perolehan diatas AS$1.000.000 yang diperoleh setelah tanggal Perjanjian.

Under the provisions of the Agreement, the Company and ABN are required to fulfill several requirements, including (i) fiduciary transfer of the Company’s ownership in ABN (ii) fiduciary transfer of all of ABN’s insurance claim (iii) fiduciary transfer of ABN’s qualified receivables and (iv) pledging of ABN’s assets with value of more than US$1,000,000 which are acquired subsequent to the date of the Agreement.

Sebagai salah satu persyaratan Perjanjian tersebut, pada tanggal 2 Agustus 2011, Perusahaan dan ABN mengadakan Perjanjian Pengelolaan Kas dan Rekening (“Perjanjian Pengelolaan”) dengan PT Bank BNP Paribas Indonesia. Berdasarkan Perjanjian Pengelolaan tersebut Perusahaan dan ABN membuka beberapa rekening di PT Bank BNP Paribas Indonesia dan BNP Paribas Cabang Singapura.

As one of the Agreement’s condition, on August 2, 2011, the Company and ABN entered into a Cash and Account Management Agreement (the “Management Agreement”) with PT Bank BNP Paribas Indonesia. Under the provisions of this Management Agreement, the Company and ABN are required to open several accounts in PT Bank BNP Paribas Indonesia and BNP Paribas - Singapore Branch.

79 206

dated


the

capital

other







tertanggal

2

a. Syndicated banks (continued) Agustus

2011


dated

August

2,

2011

Tidak ada pembatasan dalam penggunaan dana dari rekening tersebut kecuali kewajiban untuk menjaga saldo salah satu rekening minimum sebesar AS$5.000.000 jika ABN akan melakukan pembayaran kepada pemegang sahamnya. ABN dapat menggunakan saldo AS$5.000.000 tersebut untuk keperluan operasionalnya sepanjang ABN atau Perusahaan tidak dalam keadaan wanprestasi (default).

There is no restriction in using the funds in the such accounts except requirement to maintain a minimum balance of US$5,000,000 in any bank account if ABN wants to make payment to its shareholders. ABN can use the US$5,000,000 for its operational requirements provided ABN or the Company is not in default condition.

Berdasarkan Perjanjian, Perusahaan dan ABN harus menjaga beberapa rasio keuangan tertentu. Perusahaan dan ABN juga diharuskan untuk memenuhi beberapa syarat dan ketentuan tertentu mengenai kegiatan usaha, dividen, aksi korporasi, kegiatan pembiayaan dan lainnya.

Under the Agreement, the Company and ABN has to maintain certain financial ratios. The Company and ABN are also required to comply with certain terms and conditions relating to the nature of business, dividends, corporate actions, financing activities and other matters.

Pada tanggal 31 Desember 2013, tidak ada pelanggaran terhadap persyaratan sebagaimana yang ditetapkan dalam Perjanjian.

As of December 31, 2013, there was no incompliance to the requirements as stipulated in the Agreement.

Pada tahun 2014 Perusahaan telah membayar pokok pinjaman sebesar AS$7.000.000 (2013:AS$13.803.217).

During 2014 the Company has paid the loan principal amounted to US$7,000,000 (2013:US$13,803,217).

Perjanjian tertanggal 19 Maret 2014

Agreement dated March 19, 2014

Pada tanggal 19 Maret 2014, Perusahaan, ABN, IM, TBE dan TMU menandatangani perjanjian revolving loan facility dengan beberapa pihak, antara lain BNP Paribas, Citigroup dan Standard Chartered Bank (SCB), dengan fasilitas pinjaman sebesar AS$75.000.000 (“Perjanjian Fasilitas Revolving”).

On March 19, 2014, the Company, ABN, IM, TBE and TMU entered into revolving loan facility with several parties, among others, BNP Paribas, Citigroup and Standard Chartered Bank (SCB) on loan facility of US$75,000,000 (the “Revolving Facility Agreement”).

Hasil pinjaman akan ini digunakan untuk pendanaan kembali pinjaman sindikasi yang diperoleh berdasarkan Perjanjian tanggal 2 Agustus 2011, pendanaan kembali pinjaman IM ke SCB (Catatan 19b), belanja modal TMU, investasi, serta pembiayaan modal kerja.

The proceeds of this borrowing will be used for the refinancing of syndicated banks borrowing under Agreement dated August 2, 2011, refinancing of IM’s borrowing to SCB (Note 19b), TMU’s capital expenditures, investments, and working capital.

Pinjaman ini akan jatuh tempo pada tanggal 31 Maret 2018 dan dikenakan bunga tahunan sebesar London Interbank Offered Rate (LIBOR) ditambah persentase tertentu.

This borrowing will be due on March 31, 2018 and is charged annual interest at London Interbank Offered Rate (LIBOR) plus a certain percentage.

80







b.


tertanggal

a. Syndicated banks (continued) 19

Maret

2014


March

19,

2014

Beban bunga atas pinjaman ini yang dibebankan ke dalam laporan laba rugi komprehensif konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2014 adalah sebesar AS$1.804.189 (2013: Nihil).

Interest expense on this borrowing which is charged to the consolidated statements of comprehensive income for the year ended December 31, 2014 amounted to US$1,804,189 (2013: Nil).

Pinjaman ini dijamin dengan gadai atas rekening bank milik Perusahaan, IM dan TMU di bank sindikasi, piutang kualifikasian, aset IM dan TMU, klaim asuransi, gadai atas saham Perusahaan di ABN, TBE dan TMU dan jaminan debitur.

This loan is collateralized by the syndicated bank accounts of the Company, IM and TMU, qualified receivables, pledging of IM and TMU’s assets, insurance claim, the Company’s ownership in ABN, TBE and TMU and borrower guarantee.

Berdasarkan Perjanjian Fasilitas Revolving, Perusahaan, ABN, IM dan TMU harus menjaga beberapa rasio keuangan tertentu antara lain debt service cover ratio yang tidak boleh kurang dari 1,5 : 1. Perusahaan juga diharuskan untuk memenuhi beberapa syarat dan ketentuan tertentu mengenai kegiatan usaha, dividen, aksi korporasi, kegiatan pembiayaan dan lainnya.

Under the Revolving Facility Agreement, the Company, ABN, IM and TMU have to maintain certain financial ratios such as debt service cover ratio shall at no time be less than 1.5 : 1. The Company is also required to comply with certain terms and conditions relating to the nature of business, dividends, corporate actions, financing activities and other matters.

Pada tanggal 31 Desember 2014, tidak ada pelanggaran terhadap persyaratan sebagaimana yang ditetapkan dalam Perjanjian Fasilitas Revolving.

As of December 31, 2014, there was no incompliance to the requirements as stipulated in the Revolving Facility Agreement.

Nilai nominal pinjaman pada tanggal 31 Desember 2014 adalah AS$45.500.000 (2013: Nihil).

The nominal amount of loan as December 31, 2014 amounted US$45,500,000 (2013: Nil).

Pada tanggal 24 Desember 2014, IM dan TMU memperoleh fasilitas pinjaman modal kerja dan bank garansi dengan jumlah total AS$10.000.000 berdasarkan Perjanjian Fasilitas untuk Fasilitas Modal Kerja dan Fasilitas Bank Garansi sebesar US$10.000.000 (“Perjanjian Fasilitas IM/TMU”). Perjanjian Fasilitas IM/TMU ini memiliki syarat dan ketentuan serta jaminan yang sama dengan perjanjian revolving loan facility yang ditandatangani tanggal 19 Maret 2014. Sampai dengan tanggal 31 Desember 2014, IM dan TMU belum memanfaatkan fasilitas ini.

On December 24, 2014, IM and TMU obtained working capital and bank guarantee facility amounting to US$10,000,000 based on Facility Agreement relating to a Working Capital Facility and Bank Guarantee Facility of US$10,000,000 (“Facility Agreement IM/TMU”). This Facility Agreement IM/TMU has same term and conditions with the revolving loan facility signed on March 19, 2014. Until December 31, 2014, IM and TMU has not untilized this facility.

Standard Chartered Singapura

Bank

-

Cabang

b. Standard Branch


Chartered

Bank

-

of to

Singapore

IM obtained this borrowing based on Facility Agreement dated June 17, 2013 between IM and SCB, Singapore Branch whereby SCB, Singapore Branch provides loan facility amounted to US$15,000,000. This borrowing is charged annual interest at LIBOR plus a certain percentage.

IM memperoleh pinjaman ini berdasarkan Facility Agreement tertanggal 17 Juni 2013 antara IM dengan SCB, cabang Singapura dimana SCB, cabang Singapura memberikan fasilitas pinjaman sebesar AS$15.000.000. Pinjaman ini dikenakan bunga tahunan sebesar LIBOR ditambah persentase tertentu.

208

dated




19. UTANG BANK (lanjutan) b.

c.

Standard Chartered Singapura (lanjutan)

19. BANK LOANS (continued) Bank

-

Cabang

b. Standard Chartered Branch (continued)

Bank

-

Singapore

Pinjaman ini dijamin dengan gadai atas rekening bank mata uang Rupiah dan Dolar Amerika Serikat milik IM pada SCB, piutang dan aset tetap, klaim asuransi, serta Corporate Guarantee dari Perusahaan.

This borrowing is collateralized by Rupiah and U.S. Dollar bank accounts belonging to IM at SCB, receivable and fixed assets, insurance claim, and Corporate Guarantee issued by the Company.

Tidak ada pembatasan dalam penggunaan dana dari rekening IM yang dijaminkan tersebut diatas.

There is no restriction in using the funds in the IM’s accounts that are collateralized as mentioned above.

Pinjaman ini sudah dilunasi Kelompok Usaha pada bulan Mei 2014.

This loan has been fully repaid by the Group in May 2014.

Beban bunga atas pinjaman ini yang dibebankan ke dalam laporan laba rugi komprehensif konsolidasian untuk tahun yang berakhir pada tanggal 31 Desember 2014 adalah sebesar AS$258.016 (2013: AS$319.161).

Interest expense on this borrowing to which is charged to the consolidated statements of comprehensive income for the year ended December 31, 2014 amounted to US$258,016 (2013: US$319,161).

PT Bank Rakyat Indonesia (Persero), Tbk (“BRI”)

c. PT Bank Rakyat Indonesia (Persero), Tbk (“BRI”)

PKU memperoleh pinjaman ini berdasarkan perjanjian fasilitas kredit investasi dan bunga selama masa konstruksi untuk kebun dan pabrik minyak kelapa sawit tertanggal 25 Maret 2013 antara PKU dan BRI dengan fasilitas pinjaman seluruhnya berjumlah sebesar Rp351.100.000.000 untuk kredit investasi dan Rp86.400.000.000 untuk kredit bunga selama masa konstruksi, sebagaimana yang telah diubah dengan Perubahan Pertama tertanggal 27 Juni 2013 yang mengubah syarat penarikan kredit (“Perjanjian”).

PKU obtained this borrowing based on an investment credits and interest during constructions facilities agreement for palm oil plantation and palm oil mill dated March 25, 2013 between PKU and BRI with total loan facilities of Rp351,100,000,000 for investments credit and Rp86,400,000,000 for interest during construction facilities, which has been amended with the first amendment dated June 27, 2013 regarding the change of the utilization requirements (the “Agreement”).

Sesuai dengan ketentuan dalam Perjanjian, penarikan pinjaman kredit investasi untuk kebun dilakukan secara bertahap selama tahun pertama hingga tahun ke 5, sedangkan kredit investasi untuk pabrik minyak kelapa sawit dilakukan pada tahun ke 2 dan tahun ke 3. Jatuh tempo angsuran I terjadi pada tahun ke 5. Jangka waktu kredit ini adalah sebelas tahun sejak perjanjian ditandatangani.

In accordance with the provision of the Agreement, the drawdown of facility for palm oil plantation can be executed in stages during the th first year through the 5 year, while for palm oil nd rd mill can be executed on the 2 year and 3 th year. The first installment will be due on the 5 year. The term of these borrowings are eleven years since the signing date of the agreement.

Fasilitas ini dijamin dengan bidang tanah dengan sertifikat HGU No. 32, 33, 34, 35, 36, dan 37 yang terdaftar atas nama PKU, beserta semua yang ada diatas tanah tersebut yaitu antara lain berupa tanaman dan Corporate Guarantee dari Perusahaan.

These borrowings are secured with lots of land under HGU certificates No.32, 33, 34, 35, 36, and 37 which are registered under the name of PKU, including all on the land which include palm oil plants and Corporate Guarantee issued by the Company.

82





19. UTANG BANK (lanjutan) c.


PT Bank Rakyat Indonesia (Persero), Tbk (“BRI”) (lanjutan)

c. PT Bank Rakyat Indonesia (Persero), Tbk (“BRI”) (continued)

Fasilitas pinjaman ini membatasi PKU untuk, antara lain namun tidak terbatas pada, membagi keuntungan atau pembayaran dividen tunai, melunasi atau menurunkan posisi utang kepada pemegang saham kecuali antara lain pelunasan utang kepada Perusahaan terkait dengan refinancing kebun, maksimal sebesar Rp133.300.000.000.

This facility restricts PKU to, among others, distribute earnings or cash dividend payments, settle or reduce the balance of its loan to shareholder except but not limited to settle its loan to the Company in relation to plantation of refinancing at maximum amount Rp133,300,000,000.

Bunga atas pinjaman ini untuk tahun yang berakhir pada tanggal 31 Desember 2014 adalah setara dengan AS$1.391.801 (2013: AS$646.772). Dari jumlah tersebut, sebesar AS$1.229.650 (2013: AS$462.097) dibebankan ke dalam laporan laba rugi komprehensif konsolidasian, sebesar AS$162.151 (2013: AS$173.588) dikapitalisasi menjadi harga perolehan tanaman belum menghasilkan.

Interest on this borrowing for the year ended December 31, 2014 amounted to US$ 1,391,801 (2013: US$646,772). Out of the total amount, US$1,229,650 (2013: US$462,097) is charged to the consolidated statements of comprehensive income, US$162,151 (2013: US$173,588) is capitalized to acquisition cost of immature plantation.

20. SEWA PEMBIAYAAN

20. FINANCE LEASES Finance lease payables represent lease arrangements between the Company and subsidiaries with following companies:

Liabilitas sewa pembiayaan merupakan perjanjian sewa antara Perusahaan dan entitas anak dengan perusahaan-perusahaan sebagai berikut:

31 Desember/December 31, 2014 PT JA Mitsui Leasing Indonesia PT BCA Finance PT Toyota Astra Financial Services PT Adira Dinamika Multifinance Lain-lain Dikurangi: Bagian Jangka Pendek Bagian Jangka Panjang

2013

1.832.553 161.663 28.768 1.736

1.800.575 293.667 12.279 14.575

2.024.720

2.121.096

(962.450) 1.062.270

(772.679) 1.348.417

PT JA Mitsui Leasing Indonesia PT BCA Finance PT Toyota Astra Financial Services PT Adira Dinamika Multifinance Others Less: Current Maturities Long-term portion

Finance lease payables based on type of assets:

Liabilitas sewa pembiayaan berdasarkan jenis aset sebagai berikut:


2013

Mesin dan peralatan berat Kendaraan

1.828.602 196.118

1.825.194 295.902

Machinery and heavy equipment Vehicles

Total

2.024.720

2.121.096

Total

Interest charged on finance leases ranged from 4.96% per annum to 7.95% per annum.

Bunga yang dikenakan atas sewa pembiayaan dalam kisaran 4,96% per tahun sampai dengan 7,95% per tahun. 83 210





20. SEWA PEMBIAYAAN (lanjutan)

20. FINANCE LEASES (continued) The minimum finance lease payments based on the finance lease arrangements at the end of the reporting periods are as follows:

Pembayaran sewa pembiayaan minimum masa datang berdasarkan perjanjian sewa pembiayaan pada setiap akhir periode pelaporan adalah sebagai berikut:

31 Desember/December 31, 2014 Jatuh tempo dalam satu tahun Jatuh tempo lebih dari satu tahun hingga lima tahun Jatuh tempo setelah lima tahun Pembayaran sewa pembiayaan minimum masa datang Dikurangi: Jumlah yang merupakan bunga Nilai kini pembayaran sewa pembiayaan minimum Dikurangi: Bagian jangka pendek liabilitas sewa pembiayaan Bagian jangka panjang liabilitas sewa pembiayaan

2013

1.060.659

809.096

1.105.640 -

1.482.179 -

Due in one year Due in two years until five years Due after five years

2.166.299

2.291.275

Future minimum finance leases payments

(141.579) 2.024.720

(170.179) 2.121.096

(962.450) 1.062.270

(772.679) 1.348.417

Less: Amount representing interest Present value of net minimum finance leases payment Less: Current maturities of liabilities under finance leases Long-term portion of liabilities under finance leases

In relation to the above lease agreements, Company and subsidiaries as a lessee has to comply with certain restrictions which include as follows: 1. Lessee may not transfer/sell the leased objects and the related rights and obligation under the lease agreement without approval from the Lessors;

Sehubungan dengan perjanjian sewa, Perusahaan dan entitas anak sebagai lessee harus mematuhi pembatasan-pembatasan antara lain: 1. Lessee dilarang untuk mengalihkan/menjual barang yang menjadi objek sewa guna usaha serta hak dan kewajiban guna usaha yang ada di dalam perjanjian sewa pembiayaan tanpa persetujuan dari pihak Lessor ; 2. Lessee wajib untuk memberitahukan adanya perubahan anggaran dasar atau susunan direksinya kepada pihak Lessor;

2. Lessee has to declare to the Lessors if there are changes in the articles of association or the members of board of directors;

3. Dalam hal terjadi wanprestasi (default), maka Lessor berhak untuk menyita objek sewa pembiayaan dan memutuskan perjanjian secara sepihak;

3. In the event of default, the Lessors retain the right to foreclose the leased objects and terminate the agreements without approval from Lessee;

4. Dalam hal terjadi perubahan kondisi ekonomi, pihak Lessor berhak untuk melakukan penyesuaian atas tingkat suku bunga; dan

4. In the event of changes in the economics condition, the Lessors retain the right to adjust the interest rates; and

5. Selama periode sewa pembiayaan, hak milik dari objek sewa pembiayaan masih ada di tangan Lessor.

5.During the lease terms, the Lessors have the ownership of the leased objects.

84



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 21. PROVISI UNTUK REKLAMASI PENUTUPAN TAMBANG

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and Year then ended (Expressed in United States Dollar, unless otherwise stated) DAN

21. PROVISION FOR MINE RECLAMATION AND MINE CLOSURE

Provisi untuk reklamasi dan penutupan tambang merupakan jumlah yang masih harus dibayar atas estimasi biaya pengelolaan lingkungan selama masa tambang dan penutupan tambang yang akan terjadi pada akhir umur tambang.

Provision for mine reclamation and mine closure relates to the accrued portion of the environmental during the mine’s life and estimated closure costs to be incurred at the end of a mine’s life.

Estimasi untuk biaya ini dihitung secara internal oleh manajemen dengan mempertimbangkan ketentuan perundangan yaitu Undang-Undang Republik Indonesia No. 4 Tahun 2009 tanggal 12 Januari 2009 Tentang Pertambangan Mineral dan Batubara dan peraturan relevan lainnya.

The current estimated costs were internally calculated by management which consider the provisions of regulations i.e. the Republic of Indonesia’s Law No. 4 Year 2009 dated January 12, 2009 on Mining Ore and Coal and other relevant regulations.

Dalam menentukan saldo provisi biaya penutupan tambang, manajemen menggunakan tingkat diskonto dalam kisaran 5,50% - 8,97% per tahun, tergantung pada masa jatuh tempo provisi penutupan masing-masing tambang.

In determining the balance for mine closures provision, the management uses discount rates ranging from 5.50% - 8.97% p.a., subject to the due dates of the respective mine closures provision.

Manajemen yakin bahwa akumulasi provisi telah cukup untuk menyelesaikan semua liabilitas yang berhubungan dengan kewajiban pengelolaan dan reklamasi lingkungan hidup dan penutupan tambang yang timbul dari kegiatan tambang sampai dengan setiap akhir periode pelaporan.

Management believes that the current accumulated provision is sufficient to cover all liabilities relating to the environmental and reclamation costs and mine closure arising from mining activities up to the end of the reporting periods.

Mutasi penyisihan untuk provisi reklamasi dan penutupan tambang adalah sebagai berikut:

The movements in the provision for mine reclamation and mine closure were as follows:


2013

Saldo awal Penambahan selama tahun berjalan Pengurangan Pengaruh selisih kurs Realisasi selama tahun berjalan

3.951.817

Saldo akhir

4.496.413

887.183* (198.922) (143.665)

4.410.627 696.514** (176.672) (887.520) (91.132) 3.951.817

Beginning balance Addition during the year Deduction Foreign exchange effect Realization during the year Ending balance

* Termasuk akresi provisi pembongkaran aset pada saat penutupan tambang sebesar AS$79.845 di tahun 2014 yang dibebankan dalam laporan laba rugi komprehensif 2014/ Including the accretion of provision for assets retirement obligation upon the mine closure amounted to US$79,845 which is expensed in the statement of comprehensive income in 2014. **Termasuk penambahan provisi pembongkaran aset pada saat penutupan tambang sebesar AS$222.557 di tahun 2013 yang dikapitalisasi sebagai bagian aset /Including the addition of provision for assets retirement obligation upon the mine closure amounted to US$222,557 which is capitalized as a part of fixed asset in 2013.

In relation to the above provision, as of December 31, 2009, ABN has made payments for reclamation guarantee amounting to Rp2,135,946,000 to the state treasury. In 2014, ABN has placed time deposit for mine closure guarantee amounting to Rp976,378,542. This amount is reported as part of other non-current assets in the consolidated statements of financial position as of December 31, 2014 and 2013.

Sehubungan dengan provisi di atas, per tanggal 31 Desember 2009, ABN telah melakukan penyetoran uang jaminan reklamasi sebesar Rp2.135.946.000 ke kas negara. Di tahun 2014, ABN menempatkan deposito berjangka sebagai jaminan penutupan tambang sebesar Rp976.378.542. Jumlah ini dilaporkan sebagai bagian dari aset tidak lancar lainnya di dalam laporan posisi keuangan konsolidasian tanggaltanggal 31 Desember 2014 dan 2013. 85 212



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 21. PROVISI UNTUK REKLAMASI PENUTUPAN TAMBANG (lanjutan)

PT TOBA BARA SEJAHTRA Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2014 and Year then ended (Expressed in United States Dollar, unless otherwise stated) DAN

21. PROVISION FOR MINE RECLAMATION AND MINE CLOSURE (continued)

Sehubungan dengan provisi di atas, per tanggal 31 Desember 2011 dan 2007, IM telah menyetorkan uang jaminan reklamasi masingmasing sebesar Rp3.329.272.000 dan Rp732.904.000 ke kas negara. Di tahun 2013, IM telah menempatkan deposito berjangka sebesar Rp1.158.610.195 dan Rp2.444.407.849, masingmasing untuk jaminan reklamasi tahun 2012 dan 2013. Selanjutnya, di tahun 2014 IM telah menempatkan deposito berjangka masing-masing sebesar Rp2.344.329.366 dan Rp208.570.882 sebagai jaminan reklamasi dan penutupan tambang. Jumlah ini dilaporkan sebagai bagian dari aset tidak lancar lainnya di dalam laporan posisi keuangan konsolidasian tanggal-tanggal 31 Desember 2014 dan 2013.

In relation to the above provision, as of December 31, 2011 and 2007, IM has made payments for reclamation guarantee amounting to Rp3,329,272,000 and Rp732,904,000 to the state treasury. In 2013, IM has placed time deposits amounting to Rp1,158,610,195 and Rp2,444,407,849, respectively, for 2012 and 2013 reclamation guarantee. Subsequently, in 2014, IM has placed time deposits amounting to Rp2,344,329,366 and Rp208,570,882, respectively as reclamation and mine closure guarantee. These amounts are reported as part of other non-current assets in the consolidated statement of financial position as of December 31, 2014 and 2013.

Sehubungan dengan provisi di atas, per tanggal 31 Desember 2011, TMU telah menempatkan deposito berjangka senilai Rp1.480.691.000 sebagai jaminan reklamasi. Di 2014, TMU telah menempatkan deposito berjangka senilai Rp7.133.000.000 yang terdiri dari Rp5.540.000.000 untuk reklamasi tambang dan Rp1.593.000.000 untuk penutupan tambang. Deposito tersebut dilaporkan sebagai bagian dari aset tidak lancar lainnya di dalam laporan posisi keuangan konsolidasian tanggal-tanggal 31 Desember 2014 dan 2013.

In relation to the above provision, as of December 31, 2011, TMU has placed time deposit in the amount of Rp1,480,691,000 as collateral for reclamation. In 2014, TMU has placed time deposit amounting Rp7,133,000,000 which consists of Rp5,540,000,000 for mine reclamation and Rp1,593,000,000 for mine closure.This time deposit is reported as part of other non-current assets in the consolidated statements of financial position as of December 31, 2014 and 2013.

22. LIABILITAS IMBALAN KERJA

22. EMPLOYEE BENEFITS LIABILITIES

Liabilitas imbalan kerja tanggal 31 Desember 2014, dan 2013 terdiri dari:

The employee benefits liabilities December 31, 2014 and 2013 consist of:

a. Liabilitas imbalan kerja jangka pendek

a.

as

of

Short-term employee benefits liabilities

31 Desember/December 31, 2014 Bonus Tunjangan pegawai lainnya

2013

2.835.176 274.775

2.986.855 353.728

3.109.951

3.340.583

Bonuses Other employee allowances

86





22. LIABILITAS IMBALAN KERJA (lanjutan)

22. EMPLOYEE BENEFITS LIABILITIES (continued) b. Long-term employee benefits liabilities

b. Liabilitas imbalan kerja jangka panjang

The analysis of long-term employee benefits Rincian saldo liabilitas imbalan kerja jangka liabilities recognized as of December 31, 2014 panjang yang diakui pada tanggal-tanggal and 2013 are as follows: 31 Desember 2014 and 2013 adalah sebagai berikut: 31 Desember/December 31, 2014 Perusahaan Entitas anak ABN TBE/IM TMU PKU

2013

243.338

147.603

1.105.568 948.393 391.405 151.966

696.239 745.546 256.955 96.716

2.840.670

1.943.059

The Company Subsidiaries ABN TBE/IM TMU PKU

Saldo ini merupakan liabilitas imbalan kerja jangka panjang berdasarkan Undang-undang Ketenagakerjaan No. 13 tahun 2003.

The balance represents long-term employee benefits liabilities in accordance with the provisions of Labor Law No. 13 year 2003.

Saldo liabilitas imbalan kerja jangka panjang Perusahaan per tanggal 31 Desember 2014 dan 2013 diatas berdasarkan perhitungan yang dilakukan oleh PT Sentra Jasa Aktuaria, aktuaris independen, tertanggal 28 Januari 2015 dan 18 Februari 2014.

The balances of the long-term employee benefits liabilities as of December 31, 2014 and 2013 above is based on a calculation performed by PT Sentra Jasa Aktuaria, independent actuaries, as of January 28, 2015 and February 18, 2014.

Perhitungan aktuaria Kelompok Usaha menggunakan metode Projected Unit Credit dengan asumsi-asumsi sebagai berikut:

The actuarial valuations were carried out using the Projected Unit Credit method with the following assumptions:


Tingkat diskonto per tahun Tingkat kenaikan gaji per tahun Usia pensiun normal Tingkat kematian

2013

7,9%-8,5%

8,1%-9,1%

8%-10% 55-56 TMI’11

6%-8% 55-56 TMI'99 & TMI’11

Annual discount rates Salary increment rates per annum Normal pension age Mortality rates

The reconciliation between the present value of long-term employee benefits liability and liability reported in the consolidated statements of financial position as of December 31, 2014 and 2013 are as follows:

Rekonsiliasi nilai kini liabilitas imbalan kerja jangka panjang dengan jumlah liabilitas yang dilaporkan dalam laporan posisi keuangan konsolidasian tanggal-tanggal 31 Desember 2014 dan 2013 adalah sebagai berikut:

31 Desember/December 31, 2014 Nilai kini liabilitas imbalan kerja jangka panjang (Rugi)/Laba aktuarial yang belum diakui Beban jasa lalu yang belum diakui - non vested Liabilitas

2013

3.385.562 (215.137)

67.107

(329.755)

(3.128)

2.840.670 87

214


1.879.080

1.943.059

Present value of long-term employee benefits liability Unrecognized actuarial (losses)/gain Unrecognized past service cost - non vested Liability




22. LIABILITAS IMBALAN KERJA (lanjutan) b. Liabilitas imbalan (lanjutan)

kerja

jangka

22. EMPLOYEE BENEFITS LIABILITIES (continued) b. Long-term employee (continued)

panjang

benefits

liabilities

Movement in the long-term employee benefits liability are as follows:

Mutasi liabilitas imbalan kerja jangka panjang adalah sebagai berikut:

31 Desember/December 31, 2014 Saldo awal Akuisisi Beban Pembayaran manfaat Pengaruh selisih kurs

2013

1.943.059 1.019.559 (82.751) (39.197)

Liabilitas yang diakui di laporan posisi keuangan konsolidasian

1.729.660 83.489 762.993 (260.141) (372.942)

2.840.670

Beginning balance Acquisition Expense Benefit payment Foreign exchange effect Liability recognized in the consolidated statements of financial position

1.943.059

The long-term employee benefits expenses recognized in the consolidated statements of comprehensive income consist of the following:

Beban imbalan kerja jangka panjang karyawan yang diakui dalam laporan laba rugi komprehensif konsolidasian adalah sebagai berikut:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Beban jasa kini Beban bunga (Keuntungan) kerugian aktuarial neto yang diakui Beban jasa lalu - non vested Amortisasi beban jasa lalu

2013

741.681 197.938

662.987 96.239

(7.172) 87.112 -

Current services cost Interest cost Net actuarial (gain)/losses recognized Past service cost - non vested Past service cost - amortization

2.860 239 668

1.019.559

762.993 A one percentage point change in the assumed discount rate would have the following effects on the employee benefits liabilities as follows:

Perubahan satu poin persentase asumsi tingkat diskonto akan memiliki dampak terhadap liabilitas imbalan kerja efek sebagai berikut: 2014 Kenaikan Penurunan

(335.700) 210.307

Increase Decrease Amounts for the current and previous 4 years are as follows:

Jumlah-jumlah dalam tahun ini dan 4 tahun sebelumnya sebagai berikut: 2014 Nilai kini liabilitas aktuaria Penyesuaian liabilitas program

2013

2012

2011

2010

3.385.561

1.879.080

1.971.814

1.277.950

720.165

240.425

118.571

49.077

798

(81.408)

Present value of actuarial liability Experience adjustment on liability

88





23. MODAL SAHAM

23.

The Company’s shareholders and the ownership as of December 31, 2014 and 2013 were as follows:

Pemegang saham Perusahaan dan persentase kepemilikan pada tanggal-tanggal 31 Desember 2014 dan 2013 adalah sebagai berikut: Pemegang Saham/ Shareholders

SHARE CAPITAL

Total saham/ Number of shares

% kepemilikan/ % of ownership

Nilai/ Amount (Rp’000)

Nilai/ Amount (US$)

PT Toba Sejahtra Bintang Bara B.V. PT Bara Makmur Abadi PT Sinergi Sukses Utama Roby Budi Prakoso Davit Togar Pandjaitan Masyarakat/Public

1.444.750.000 201.250.000 125.755.000 102.700.000 73.355.000 15.000.000 49.681.000

71,79% 10,00% 6,25% 5,10% 3,64% 0,75% 2,47%

288.950.000 40.250.000 25.151.000 20.540.000 14.671.000 3.000.000 9.936.200

31.795.873 4.317.555 2.739.760 2.237.473 1.598.148 330.118 1.058.958

Total

2.012.491.000

100,00%

402.498.200

44.077.885

Seluruh saham Perusahaan yang tercatat pada Bursa Efek Indonesia.

All the Company’s issued shares are listed on the Indonesia Stock Exchange.

diterbitkan

Pengelolaan Modal

Capital Management

Tujuan utama pengelolaan modal Perusahaan adalah untuk memastikan terpeliharanya rasio modal yang sehat untuk mendukung usaha dan memaksimalkan imbalan bagi pemegang saham.

The primary objective of the Company’s capital management is to ensure that healthy capital ratios are maintained in order to support its business and maximize shareholders’ value.

Manajemen mengelola struktur permodalan Perusahaan dan melakukan penyesuaian, berdasarkan perubahan kondisi ekonomi. Untuk memelihara atau menyesuaikan struktur permodalan, manajemen dapat menyesuaikan pembayaran dividen kepada pemegang saham, menerbitkan saham baru atau mengusahakan pendanaan melalui pinjaman. Tidak ada perubahan atas tujuan, kebijakan maupun proses selama tahun penyajian.

Managemet manages the Company’s capital structure and makes adjustments to it, in light of changes in economic conditions. To maintain or adjust the capital structure, management may adjust the dividend payment to shareholders, issue new shares or raise debt financing. No changes were made in the objectives, policies or processes during the years presented.

Kebijakan manajemen adalah mempertahankan struktur permodalan yang sehat untuk mengamankan akses terhadap pendanaan pada biaya yang wajar.

Management’s policy is to maintain a healthy capital structure in order to secure access to financing at a reasonable cost.

24. TAMBAHAN MODAL DISETOR

24. ADDITIONAL PAID-IN CAPITAL This accounts consist of:

Akun ini terdiri dari:

31 Desember/December 31, 2014 Agio saham Selisih nilai transaksi kombinasi bisnis entitas sepengendali

2013

132.176.790 (2.307.521) 129.869.269

89 216


132.176.790 (2.307.521) 129.869.269

Paid-in capital in excess of par value Difference arising from business combination transaction among entities under common control




24. TAMBAHAN MODAL DISETOR (lanjutan)

24. ADDITIONAL PAID-IN CAPITAL (continued) a.

a. Agio saham

Paid-in capital in excess of par value

Akun ini merupakan selisih lebih nilai setoran modal yang dilakukan oleh PT Bara Makmur Abadi, Bpk. Roby Budi Prakoso, PT Sinergi Sukses Utama dan Penawaran Umum Saham Perdana Perusahaan, terhadap nilai nominal saham, setelah dikurangi dengan biaya emisi saham.

This account represents the excess of capital contributions made by PT Bara Makmur Abadi, Mr. Roby Budi Prakoso, PT Sinergi Sukses Utama and the Intial Public Offering of the Company, compared to the nominal value of the shares, net of the share issuance costs.

Biaya emisi saham merupakan biaya-biaya yang berkaitan langsung dengan penerbitan saham baru Perusahaan yang dilakukan melalui Penawaran Umum Saham Perdana.

Share issuance costs represent costs directly attributable to the issuance of new shares of the Company in respect of the Initial Public Offering.

b. Selisih transaksi sepengendali

kombinasi

bisnis

b.

entitas

Difference arising from the business combination among entities under common control This account represents the difference between the amount of consideration transferred and the net carrying amounts of net assets acquired arising from business combination transactions in 2010 between the Company and TS in relation to the acquisitions of ABN, TBE and TMU amounting to US$1,671,407, US$508,448 and US$127,666, respectively.

Akun ini merupakan selisih antara jumlah imbalan yang dialihkan dan jumlah tercatat aset neto yang diterima dari transaksi kombinasi bisnis pada tahun 2010 antara Perusahaan dengan TS sehubungan dengan akuisisi ABN, TBE dan TMU masing-masing sebesar AS$1.671.407, AS$508.448 dan AS$127.666.

25. DIVIDEN KAS

25. CASH DIVIDENDS

a.

Berdasarkan keputusan Dewan Direksi dan Dewan Komisaris yang dituangkan dalam Sirkuler Dewan Direksi dan Sirkuler Dewan Komisaris tertanggal 29 Agustus 2014, telah disetujui pembayaran dividen tunai interim untuk tahun 2014 sebanyak-banyaknya sejumlah AS$3.000.000. Dividen tunai interim tersebut telah dibayarkan pada bulan Oktober 2014 sebesar AS$3.000.000.

a.

Based on the decisions of the Company’s Board of Directors and Board of Commissioners stated in the Board of Directors’ circular resolution and Board of Commissioners’ circular resolution dated August 29, 2014, a total interim cash dividends for 2014 at a maximum of US$3,000,000, was approved. Such interim cash dividends were paid in October 2014 amounted to US$3,000,000.

b.

Berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perusahaan tanggal 21 Mei 2014, pemegang saham menyetujui penggunaan laba bersih Perusahaan yang dapat diatribusikan kepada pemilik entitas induk untuk tahun buku yang berakhir pada tanggal 31 Desember 2013 sebesar AS$18.543.538 sebagai berikut:

b.

Based on decisions of the Company’s Annual General Shareholders’ Meeting held on May 21, 2014, the shareholders approved the distribution of the profit attributable to the owner of the Company for the year ended December 31, 2013 amounting to US$18,543,538 as follows:

Sebesar AS$1.500.000 digunakan sebagai penyisihan cadangan sesuai dengan ketentuan Pasal 70 Undang-Undang No. 40 Tahun 2009.

i. Amounting to US$1,500,000 is used for appropriation of retained earnings in accordance with Article 70 of Law No. 40 Year 2009.

ii. Sebesar AS$6.490.238 dibagikan sebagai dividen tunai.

ii. Amounting to US$6,490,238 is distributed as cash dividends.

i.

90





25. DIVIDEN KAS (lanjutan)

25. CASH DIVIDENDS (continued)

c.

Berdasarkan Surat Edaran Keputusan Dewan Komisaris Perusahaan sebagai pengganti Rapat Dewan Komisaris Perusahaan, tanggal 16 Maret 2012, Dewan Komisaris menyetujui pembagian dividen sementara sebesar Rp41.500.000.000 (setara dengan AS$4.521.683). Sampai tanggal 31 Desember 2012, Perusahaan telah membayar Rp9.165.000.000 (setara dengan AS$1.000.000).

c.

d.

Berdasarkan keputusan Rapat Umum Pemegang Saham Tahunan Perusahaan tanggal 28 Juni 2013, pemegang saham menyetujui penggunaan laba bersih Perusahaan yang dapat diatribusikan kepada pemilik entitas induk untuk tahun buku yang berakhir pada tanggal 31 Desember 2012 sebesar AS$3.198.832 sebagai berikut:

d. Based on decisions of the Company’s Annual General Shareholders’ Meeting held on June 28, 2013, the shareholders approved the distribution of the profit attributable to the owner of the Company for the year ended December 31, 2012 amounting to US$3,198,832 as follows:

Sebesar AS$31.988 digunakan sebagai penyisihan cadangan sesuai dengan ketentuan Pasal 70 Undang-Undang No. 40 Tahun 2009.

i. Amounting to US$31,988 is used for appropriation of retained earnings in accordance with Article 70 of Law No. 40 Year 2009.

ii. Sebesar AS$3.166.844 dibagikan sebagai dividen tunai.

ii. Amounting to US$3,166,844 is distributed as cash dividends.

Dalam Rapat Umum Pemegang Saham Tahunan Perusahaan tanggal 28 Juni 2013, pemegang saham juga menetapkan pembagian dividen tunai sebesar AS$2.499.135 yang diambil dari saldo laba ditahan awal tahun 2012.

In the Company’s Annual General Shareholders’ Meeting held on June 28, 2013, the shareholders also approved the distribution of cash dividends amounting to US$2,499,135 which is taken from the balance of retained earnings at the beginning of 2012.

Dividen yang diterima oleh PT Toba Sejahtra di tahun 2013 telah dikurangkan dengan dividen interim sebesar AS$1.000.000 yang telah diterimanya di tahun 2012.

The dividend that was received by PT Toba Sejahtra in 2013 is deducted with interim dividends of US$1,000,000 which was received in 2012.

i.

26. SELISIH AKUISISI PENGENDALI

KEPENTINGAN

NON-

26. DIFFERENCE ARISING FROM ACQUISITION NON-CONTROLLING INTERESTS

Akun ini merupakan selisih antara jumlah tercatat kepentingan non-pengendali pada tanggal transaksi dengan nilai wajar imbalan yang diberikan Perusahaan sehubungan dengan transaksi pembelian saham TBE dan TMU dari pemegang saham non-pengendali entitas anak pada tahun 2012, masing-masing sebesar AS$60.440.297 dan AS$29.185.433.

This account represents the difference between the carrying amount of the non-controlling interests as of the transactions date and the fair value of the consideration paid by the Company in relation to the acquisition of TBE and TMU’s shares from the non-controling shareholders of the subsidiaries in 2012, amounting to US$60,440,297 and US$29,185,433, respectively.

91 218

Based on the Circular Decision of the Company’s Board of Commissioners in lieu of the Board Commissioners Meeting dated March 16, 2012, Board of Commissioners agreed to distribute interim dividends amounting to Rp41,500,000,000 (equivalent to US$4,521,683). Until December 31, 2012 the Company has paid Rp9,165,000,000 (equivalent with US$1,000,000).





27. KERUGIAN KUMULATIF ATAS INSTRUMEN DERIVATIF UNTUK LINDUNG NILAI ARUS KAS

27. CUMULATIVE LOSSES ON DERIVATIVE INSTRUMENTS FOR CASH FLOW HEDGES

Pada tahun 2014, Kelompok Usaha melakukan lindung nilai arus kas atas perkiraan transaksitransaksi pembelian bahan bakar untuk keperluan operasi peralatan tambang dengan menggunakan instrumen keuangan derivatif (Catatan 34). Lindung nilai ini dilakukan untuk mengelola risiko fluktuasi harga bahan bakar yang mungkin terjadi akibat perkiraan transaksi pembelian bahan bakar.

In 2014, the Group entered into cash flow hedges for forecasted transactions of fuel purchases for operating of mining equipment using derivative financial instruments (Note 34). These hedging transactions were entered into to manage the risk of fluctuations in fuel prices that may occur as a result of forecasted fuel purchase transactions.

Hasil pengujian efektivitas lindung nilai arus kas di atas secara prospektif dan retrospektif terbukti sangat efektif. Sehingga, selisih harga yang timbul dari instrumen lindung nilai derivatif tersebut diakui dalam akun ”kerugian kumulatif atas instrumen derivatif untuk lindung nilai arus kas” sebagai bagian ekuitas. Selisih harga tersebut akan diakui sebagai bagian dari harga perolehan bahan bakar yang dilindung nilai. Jumlah selisih harga bahan bakar yang dicatat di dalam akun “Kerugian Kumulatif Atas Instrumen Derivatif Untuk Lindung Nilai Arus Kas” pada per tanggal 31 Desember 2014 adalah sebesar AS$2.381.176.

The results of prospective and retrospective test of the hedge effectiveness of the above mentioned cash flows hedge were proven to be highly effective. As a result, the fuel price differences arising from the derivative hedging instruments are recognized in "cumulative losses on derivative instruments for cash flow hedges" account under the equity. These price differences will be recognized as part of acquisition costs of the fuel being hedged. Total price differences recognized under "Cumulative Losses On Derivative Instruments For Cash Flow Hedges" account as of December 31, 2014 amounted US$2,381,176.

28. KEPENTINGAN NON-PENGENDALI

28. NON-CONTROLLING INTERESTS Movement of non-controlling interest during the respective reporting periods are as follows:

Mutasi kepentingan non-pengendali untuk masingmasing periode pelaporan adalah sebagai berikut:

31 Desember/December 31,

______________

______________________________________________________________

2014

Saldo 1 Jan. 2014/ Balance Jan. 1, 2014

Pendapatan komprehensif lain/ Bagian atas Other laba/(rugi) neto/ comprehensive Share in net income profit/(loss)


Bagian atas dividen/ Share in dividend

Saldo 31 Des. 2014/ Balance Dec. 31, 2014

ABN TBE TMU PKU

26.342.709 756 28.135 (259.003)

-

(1.538.143) 26.066

17.691.649 199 35 (218.651)

(10.780.000) (267) -

31.716.215 688 28.170 (451.588)

ABN TBE TMU PKU

Total

26.112.597

-

(1.512.077)

17.473.232

(10.780.267)

31.293.485

Total

31 Desember/December 31,

______________

______________________________________________________________

2013

Saldo 1 Jan. 2013/ Balance Jan. 1, 2013


Pendapatan komprehensif lain/ Bagian atas Other laba/(rugi) neto/ comprehensive Share in net income profit/(loss)

Bagian atas dividen/ Share in dividend

Saldo 31 Des. 2013/ Balance Dec. 31, 2013

ABN TBE TMU PKU

25.322.163 709 28.065 -

(261.343)

152.893

16.210.546 192 70 (150.553)

(15.190.000) (145) -

26.342.709 756 28.135 (259.003)

ABN TBE TMU PKU

Total

25.350.937

(261.343)

152.893

16.060.255

(15.190.145)

26.112.597

Total

92





29. PENJUALAN

29. SALES Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014

2013

Pihak ketiga Luar negeri Lokal

498.244.912 1.720.730

419.701.764 2.147.973

Third parties Export Local

Total

499.965.642

421.849.737

Total

Selama tahun 2014 dan 2013, tidak terdapat penjualan kepada pihak berelasi.

During 2014 and 2013, there is no sales to related parties.

Rincian pelanggan dengan nilai penjualan melebihi 10% dari total penjualan adalah sebagai berikut:

The details of customers with sales of more than 10% from the total sales are as follows:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Total: Glencore International AG Mercuria Energy Group Ltd Vitol Asia Pte, Ltd Dragon Energy Corporation PT Pinang Export Indonesia Eagle Power Corporation

2013

93.258.363 89.826.338 82.189.589 70.115.075 -

51.769.202 42.300.192 4.468.929 87.529.504 70.996.932 51.345.866

Total: Glencore International AG Mercuria Energy Group Ltd Vitol Asia Pte, Ltd Dragon Energy Corporation PT Pinang Export Indonesia Eagle Power Corporation

335.389.365

308.410.625

Sub-total

Persentase: Glencore International AG Mercuria Energy Group Ltd Vitol Asia Pte, Ltd Dragon Energy Corporation PT Pinang Export Indonesia Eagle Power Corporation

19% 18% 16% 14% -

12% 10% 1% 21% 17% 12%

Percentage: Glencore International AG Mercuria Energy Group Ltd Vitol Asia Pte, Ltd Dragon Energy Corporation PT Pinang Export Indonesia Eagle Power Corporation

Persentase terhadap total penjualan

67%

73%

Percentage from the total sales

Sub-total

93 220





30. BEBAN POKOK PENJUALAN

30. COST OF GOODS SOLD Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014

Biaya produksi: Pengupasan tanah Pengangkutan dan penambangan batubara Sewa mesin, peralatan dan kendaraan Bahan bakar Penyusutan (Catatan 10) Gaji, upah dan tunjangan karyawan Amortisasi aset pertambangan (Catatan 12) Perawatan dan pemeliharaan Pengelolaan dan reklamasi lingkungan hidup dan penutupan tambang Pemindahan lumpur Lain-lain Total biaya produksi

2013 Production costs: Overburden removal

300.361.274

235.795.399

23.992.703

18.450.303

14.562.148 7.636.292 5.991.211

14.519.897 6.448.649 3.621.997

5.564.220

5.544.004

5.585.177 3.943.634

3.576.234 2.353.710

807.338 489.985 3.411.551

473.957 2.986.933 2.887.858

Coal extraction and coal hauling Machineries, equipment and vehicle rental Fuel Depreciation (Note 10) Salaries, wages and employee allowance Amortization of mine properties (Note 12) Repairs and maintenances Environmental and reclamation costs and mine closure Mud removal Others

372.345.533

296.658.941

Total production cost

26.990.187 24.486.245

520.000 26.230.600 21.538.984

Pembelian batubara Pengangkutan dan crane Royalti (Catatan 42a) Barang dalam proses: Batubara baku Awal tahun Akhir tahun Barang jadi: Batubara industri Awal tahun Akhir tahun

6.858.180 (9.110.216)

7.865.000 (6.858.180)

24.046.991 (31.852.485)

20.388.978 (24.046.991)

Coal purchased Barging and crane Royalty (Note 42a) Work- in- process: Raw Coal Beginning of year End of year Finished Goods: Industrial Coal Beginning of year End of year

Beban pokok penjualan

413.764.435

342.297.332

Cost of goods sold

The above cost of goods sold include cost of good sold of fress fruit bunch for the year ended December 31, 2014 amounted to US$1,440,787 (2013: US$640,168)

Beban pokok penjualan tersebut diatas termasuk beban pokok penjualan tanda buah segar untuk tahun yang berakhir pada tanggal 31 Desember 2014 sebesar AS$1.440.787 (2013: AS$640.168).

94





30. BEBAN POKOK PENJUALAN (lanjutan)

30. COST OF GOODS SOLD (continued) Purchases of materials and services from third parties which individually exceed 10% of total sales are as follows:

Pembelian barang dan jasa dari pihak ketiga yang nilainya secara individual melebihi 10% dari total penjualan adalah sebagai berikut:


2013

PT Petrosea Tbk PT Pro Energy

163.137.098 6.771.522

76.104.786 64.262.138


Total

169.908.620

140.366.924

Total


33% 1%

18% 15%


Total

34%

33%

Total

31. BEBAN UMUM DAN ADMINISTRASI

31. GENERAL AND ADMINISTRATIVE EXPENSES Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014

Gaji, upah, bonus dan kesejahteraan karyawan Program tanggung jawab sosial dan lingkungan perusahaan Biaya pajak Perlengkapan dan peralatan kantor Sewa kantor dan kendaraan Penyusutan (Catatan 10) Perjalanan dinas Pajak Bumi dan Bangunan Jasa profesional Penyisihan kerugian penurunan nilai piutang Representasi dan jamuan Lain-lain Total beban umum dan administrasi

2013

13.981.792

13.722.135

6.230.081 1.484.672 1.393.135 1.235.630 1.142.370 862.103 837.999 764.814

5.497.245 446.675 1.230.793 857.813 1.104.592 760.429 772.026 578.036

874.360 385.781 2.013.163

1.753.446 442.040 1.514.316

Salaries, wages, bonuses, and employee benefits Corporate social responsibility and environment program Tax expenses Office supplies and utilities Office and vehicle rent Depreciation (Note 10) Business travel Land and building tax Professional fees Provision for impairment losses on receivable Representation and entertainment Others

31.205.900

28.679.546

Total general and adminsitrative expenses

95 222





32. BEBAN PENJUALAN DAN PEMASARAN

32. SELLING AND MARKETING EXPENSES


2013

Komisi Beban pemasaran Lain-lain

141.917 50.291 172.490

365.273 44.893 117.966

Commission Marketing expense Others

Total beban penjualan dan pemasaran

364.698

528.132

Total selling and marketing expenses

33. PENDAPATAN (BEBAN) LAIN-LAIN-NETO

33. OTHER INCOME (EXPENSES)-NET

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Pendapatan atas selisih waktu berlabuh, neto Kerugian penjualan dan penghapusan aset tetap Beban pengalihan kewajiban pemenuhan kebutuhan dalam negeri Lain-lain Total

2013

(365.610)

(163.832)

(254.653)

(745.907) 375.194

Income from dispatch and demurrage, net Loss on sale and disposal of fixed assets Domestic market obligation transfer expenses Miscellaneous

(352.650)

Total

1.996.287

181.895

1.376.024

34. INSTRUMEN DERIVATIF

34. DERIVATIVE INSTRUMENTS

Kelompok Usaha menghadapi risiko kerugian yang dapat timbul dari fluktuasi harga jual batu bara dan/atau harga beli bahan bakar dan menggunakan instrumen keuangan derivatif untuk mengurangi risiko tersebut.

The Group faces exposures on risk of losses arising from the fluctuations in the selling price of coal and purchase price of fuel and manages to reduce the risks by entering into financial derivative instruments.

Berdasarkan perkiraaan untuk 12 bulan atas kebutuhan komoditas bahan bakar, Kelompok Usaha melakukan lindung nilai menggunakan transaksi swap atas perjanjian pembelian komoditas tersebut. Transaksi swap komoditas bahan bakar tidak dihasilkan dari penyerahan komoditas bahan bakar secara fisik, melainkan ditujukan sebagai lindung nilai arus kas untuk saling hapus atas efek perubahan komoditas bahan bakar.

Based on a 12-month forecast of the required gas oil supply, the Group hedges the purchase price using swap transaction on commodity purchase contract. The swap contract transaction do not result in physical delivery of gas oil commodities, but are designated as cash flow hedges to offset the effect of price changes in gas oil commodities.

Kelompok Usaha juga menghadapi risiko kerugian yang dapat timbul dari fluktuasi tingkat bunga pasar sehubungan dengan bunga atas pinjaman bank sindikasi dan menggunakan instrumen keuangan derivatif untuk mengurangi risiko tersebut.

The Group faces exposures on risk of losses arising from the fluctuations in the market interest rates in relation to interest on syndicated loan and manages to reduce the risks by entering into financial derivative instruments.

Berikut ini adalah kontrak instrumen keuangan derivatif yang dimiliki Kelompok Usaha untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2014 dan 2013:

The following is the Group‘s contracts derivative financial instruments for the years ended December 31, 2014 and 2013: 96





34. INSTRUMEN DERIVATIF (lanjutan)

34. DERIVATIVE INSTRUMENTS (continued)

2014

2014

a. ABN

a. ABN In April and November 2014, ABN has entered into several separate agreements with BNP Paribas in relation to the swap contract transactions for gas oil commodities, which are as follows:

Dalam bulan April dan November 2014, ABN menandatangani beberapa perjanjian yang terpisah dengan BNP Paribas sehubungan dengan transaksi swap komoditas bahan bakar dengan rincian sebagai berikut: Pihak lawan/Counterparty: BNP Paribas Tanggal efektif/ Effective date

Tanggal Terminasi/ Termination date

Jumlah kuantitas nosional/ Total notional quantity

1.

01 Mei 2014/ May 01, 2014

31 Desember 2014/ December 31, 2014

60.000/ 60,000

118/ 118

Membayar/ Pay

GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC

2.

01 January 2015/ January 01, 2015


144.000/ 144,000

95/ 95

Membayar/ Pay


3.

01 January 2015/ January 01, 2015


60.000/ 60,000

90/ 90

Membayar/ Pay


No./ No.

Harga tetap/ Fixed price

ABN membayar atau menerima harga tetap/ ABN pays or receives fixed price

Sehubungan dengan transaksi swap komoditas bahan bakar, untuk kontrak yang selesai dalam tahun 2014, Kelompok Usaha mencatat kerugian neto sebesar AS$611.955 dalam laba rugi tahun 2014 dengan utang derivatif sebesar AS$306.750 pada tanggal 31 Desember 2014.

In relation to the commodity swap for gas oil which has been terminated in 2014, Group recognized a net loss amounting to US$611,955 in the profit or loss for 2014 with derivative liability amounting to US$306,750 as of December 31, 2014.

Perubahan nilai wajar kontrak tersebut diatas pada tanggal 31 Desember 2014 adalah sebesar US$4.185.424, yang dilaporkan sebagai Utang derivatif pada laporan posisi keuangan konsolidasian tanggal 31 Desember 2014 (Catatan 27).

The change in fair value of the above contracts as of December 31, 2014 amounting to US$4,185,424 is reported as Derivative payables in the statement of consolidated financial position as of December 31, 2014 (Note 27). b. TBS

b. TBS

(i) Interest Rate Cap

(i) Suku Bunga Cap Pihak lawan/Counterparty: BNP Paribas Tanggal efektif/ Effective date


Nilai nosional/ Notional amount

Bunga tetap/ Fixed interest

TBS membayar atau menerima bunga tetap/ TBS pays or receives fixed interest

30 September 2014/ September 30, 2014

30 Maret 2018/ March 30, 2018

35.000.000/ 35,000,000

577.500/ 577,500

Membayar/ Pay


Referensi bunga/Interest reference USD-LIBOR-BBA

The change in fair value of the above contract as at December 31, 2014 is amounting to US$552,308 as gain recognized in the consolidated statement of comprehensive income.

Perubahan nilai wajar kontrak tersebut di atas pada tanggal 31 Desember 2014 adalah sebesar AS$552.308 sebagai keuntungan yang diakui dalam laporan laba rugi komprehensif konsolidasian.

224

Referensi harga/Commodity reference






2014 (lanjutan)

2014 (continued)

b. TBS (lanjutan)

b. TBS (continued) (ii) Commodity Swap

(ii) Swap Komoditas

In October and November 2014, TBS has entered into several separate agreements with Standard Chartered in relation to the swap contract transactions for gas oil commodities for the purpose of mining operations of IM and TMU, which are as follows:

Dalam bulan Oktober dan November 2014, TBS menandatangani beberapa perjanjian yang terpisah dengan Standard Chartered sehubungan dengan transaksi swap komoditas bahan bakar untuk keperluan kegiatan operasional tambang IM dan TMU dengan rincian sebagai berikut: Pihak lawan/Counterparty: Standard Chartered

No./ No.

Tanggal efektif/ Effective date




TBS membayar atau menerima harga tetap/ TBS pays or receives fixed price

Referensi harga/Commodity reference

1.

1 Desember 2014/ 30 November, 2015/ December 1, 2014 November 30, 2015

18.000/ 18,000

101.400/ 101,400

Membayar/ Pay

GAS OIL-SINGAPORE-PLATTS ASIA-PACIFIC

2.

1 December 2014/ December 1, 2014

18.000/ 18,000

100.500/ 100,500

Membayar/ Pay

GAS OIL-SINGAPORE-PLATTS ASIA-PACIFIC

30 November 2015/ November 30, 2015

The change in fair value of the above contracts as of December 31, 2014 amounting to US$1,040,335, which is reported as Derivative payables in the statement of consolidated financial position as of December 31, 2014 (Note 27).

Perubahan nilai wajar kontrak tersebut diatas pada tanggal 31 Desember 2014 adalah sebesar AS$1.040.335, yang dilaporkan sebagai Utang derivatif pada laporan posisi keuangan konsolidasian tanggal 31 Desember 2014 (Catatan 27). 2013

2013

ABN

ABN In November 2013, the ABN has entered into several separate agreements with Australia and New Zealand Banking Group Limited, and BNP Paribas in relation to the swap contract transactions for gas oil commodities, which are as follows:

Dalam bulan November 2013, ABN menandatangani beberapa perjanjian yang terpisah dengan Australia and New Zealand Banking Group Limited dan BNP Paribas sehubungan dengan transaksi swap komoditas gas oil dengan rincian sebagai berikut :

Pihak lawan/Counterparty: Australia and New Zealand Banking Group Limited

No./ No. 1.




02 Januari 2014/ January 02, 2014


90.000/ 90,000

117,23/ 117.23

Membayar/ Pay



117,00/ 117.00

Membayar/ Pay

Pihak lawan/Counterparty: BNP Paribas

No./ No. 1.




01 Januari 2014/ January 01, 2014


90.000/ 90,000



Referensi harga/Commodity reference GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC

Referensi harga/Commodity reference GAS OIL-0.05 SINGAPORE-PLATTS ASIA-PACIFIC

98







2013 (lanjutan)

2013 (continued)

ABN (lanjutan)

ABN (continued)

Dalam tahun 2013, ABN melakukan penyelesaian awal terhadap perjanjian swap komoditas gas oil dengan Australia and New Zealand Banking Group Limited dan BNP Paribas, dimana ABN mencatat keuntungan sebesar AS$693.712 dan diakui dalam laporan laba rugi komprehensif konsolidasian tahun 2013.

In 2013, ABN early terminated commodity swap for gas oil with the Australia and New Zealand Banking Group Limited and BNP Paribas, whereby ABN recognized a gain amounting to US$693,712, which is recorded in the consolidated statement of comprehensive income for 2013.

Transaksi swap gas oil di atas adalah untuk melindungi risiko fluktuasi harga bahan bakar yang timbul dari transaksi pembelian bahan bakar ABN untuk memproduksi batu bara dalam rangka memenuhi komitmen penjualan ABN.

The gas oil swap transactions is to hedge risk against gas oil purchase of ABN for producing coal in order to fulfill ABN’s sales commitments.

Perjanjian sehubungan dengan kontrak derivatif diatas sesuai dengan ISDA Master Agreement 2002 dan tidak ada persyaratan tambahan penting lainnya.

The agreements on the above derivative contracs are based on ISDA Master Agreement 2002 and no other additional significant conditions.

Tidak ada transaksi derivatif yang dilakukan oleh Kelompok Usaha selain untuk tujuan lindung nilai.

There is no derivative transactions for which the management entered into other than for hedging purposes.

35. TRANSAKSI DAN SALDO PIHAK BERELASI

35. RELATED PARTY BALANCES

AND

Dalam kegiatan usaha normalnya, Kelompok Usaha melakukan transaksi dengan pihak berelasi.

In the ordinary course of business, the Group engaged into transactions with related parties.

Sifat transaksi dan hubungan berelasi adalah sebagai berikut:

The nature of transactions and relationships with related parties are as follows:

dengan

Pihak berelasi/ Related parties

pihak Hubungan/ Relationship

Sifat transaksi/ Nature of transactions

PT Toba Sejahtra

Pemegang saham pengendali/ Controlling shareholder

Pinjaman modal kerja, uang muka dividen dan pembayaran lainnya/ Working capital loan, advance dividends and other payment

PT Kutai Energi

Anggota dari kelompok usaha yang sama/ Member of the same group

Pinjaman modal kerja/ Working capital loan

PT Kimco Armindo


Pinjaman modal kerja/ Working capital loan

PT Toba Pengembang Sejahtra


Uang muka pembelian aset/ Advances for purchase of assets

Bpk. Davit Togar Pandjaitan

Anggota keluarga terdekat pemegang saham mayoritas TS/ Immediate family member of the majority shareholder of TS

Dividen/ Dividends

99 226

TRANSACTIONS





35. TRANSAKSI DAN SALDO PIHAK BERELASI (lanjutan)

35. RELATED PARTY TRANSACTIONS BALANCES (continued)

Saldo dengan pihak berelasi adalah sebagai berikut:

Balances with related parties are as follows:

a. Piutang usaha

a. Trade receivables

AND

31 Desember/December 31, 2014 Piutang usaha Aset Lancar Anggota dari kelompok usaha yang sama: PT Kimco Armindo Dikurangi: Penyisihan kerugian penurunan nilai

Persentase terhadap total aset

2013

2.314.838

2.314.838

(1.736.129)

(1.157.419)

578.709

1.157.419

0,2%

0,4%

b. Piutang lain-lain

Trade receivables Current assets Member of the same group: PT Kimco Armindo Less: Allowance for impairment losses

As a percentage to total assets

b. Other receivables

Piutang lain-lain - aset tidak lancar

Other receivables - non-current assets 31 Desember/December 31, 2014

Piutang lain-lain Aset tidak lancar Pemegang saham pengendali: PT Toba Sejahtra Anggota dari kelompok usaha yang sama: PT Kutai Energi PT Kimco Armindo Total Dikurangi: Penyisihan kerugian penurunan nilai


2013

25.427.191

26.487.401

3.731.828 1.360.419

3.585.614 1.312.335

30.519.438

31.385.350

(891.677)

(596.027)

29.627.761

30.789.323

9,8%

9,9%

Other receivables Non-current assets Controlling shareholder: PT Toba Sejahtra Member of the same group: PT Kutai Energi PT Kimco Armindo Total Less: Allowance for impairment losses


100







AND

Saldo dengan pihak berelasi adalah sebagai berikut: (lanjutan)

Balances with related parties are as follows: (continued)

c. Uang muka - jangka panjang

c. Advances - long-term portion 31 Desember/December 31, 2014

Uang muka - jangka panjang Aset tidak lancar Anggota dari kelompok usaha yang sama: PT Toba Pengembang Sejahtra PT Kutai Energi


2013

3.628.392 518.318

542.106

4.146.710

542.106

1,4%

0,2%


Saldo piutang lain - lain kepada PT Toba Sejahtra terutama merupakan pinjaman modal kerja dengan bunga tahunan sebesar 3,75%4,25% di atas LIBOR untuk 3 bulan. Pengenaan bunga ini mulai berlaku semenjak tanggal 22 Agustus 2011. Piutang bunga yang dicatat pada tanggal 31 Desember 2014 sebesar AS$3.268.764 (2013:AS$2.341.730)

Other receivable balances from PT Toba Sejahtra mainly represents working capital loan granted by the Company with an interest at 3.75%-4.25% above the LIBOR for 3 months. This interest is effective since August 22, 2011. Interest receivable as of December 31, 2014 amounted to US$3,268,764 (2013: US$2,341,730).

Saldo piutang lain-lain dari PT Kutai Energi terutama merupakan pinjaman modal kerja dengan bunga sebesar 6,5% untuk pinjaman dalam mata uang Rupiah dan 4% untuk pinjaman dalam mata uang Dolar Amerika Serikat. Pengenaan bunga ini mulai berlaku sejak tanggal 1 Januari 2012. Piutang bunga yang dicatat pada tanggal 31 Desember 2014 sebesar AS$600.841 (2013: AS$404.458).

Other receivable balances from PT Kutai Energi mainly represents working capital loan with an interest of 6.5% for loan denominated in Rupiah and 4% for loan denominated in U.S. Dollar. This interest is effective since January 1, 2012. Interest receivable as of December 31, 2014 amounted to US$600,841 (2013: US$404,458).

Saldo piutang lain-lain dari PT Kimco Armindo terutama merupakan pinjaman modal kerja dengan bunga sebesar 6,5% untuk pinjaman dalam mata uang Rupiah dan 4% untuk pinjaman dalam mata uang Dolar Amerika Serikat. Pengenaan bunga ini mulai berlaku sejak tanggal 1 Januari 2012. Piutang bunga yang dicatat pada tanggal 31 Desember 2014 sebesar AS$177.820 (2013: AS$120.281).

Other receivable balances from PT Kimco Armindo mainly represents working capital loan with an interest of 6.5% for loan denominated in Rupiah and 4% for loan denominated in U.S. Dollar. This interest is effective since January 1, 2012. Interest receivable as of December 31, 2014 amounted to US$177,820 (2013: US$120,281).

101 228

Advances - long-term portion Non-current assets Member of the same group: PT Toba Pengembang Sejahtra PT Kutai Energi







AND

Saldo dengan pihak berelasi adalah sebagai berikut: (lanjutan)

Balances with related parties are as follows: (continued)

d. Utang dividen

d. Dividend payables 31 Desember/December 31, 2014

2013

Utang dividen Anggota keluarga terdekat pemegang saham mayoritas TS : Bpk. Davit Togar Pandjaitan

288.289

290.856

Dividend payables Immediate family member of the majority shareholder of TS: Mr. Davit Togar Pandjaitan

Total

288.289

290.856

Total

0,2%

0,2%

As a percentage to total liabilities

Persentase terhadap total liabilitas

e. Utang lain - lain

e. Other payables 31 Desember/December 31, 2014

2013

Utang lain-lain Jangka panjang Pemegang saham pengendali : PT Toba Sejahtra

2.242.526

2.288.701

Other payable Non-current Controlling shareholder: PT Toba Sejahtra

Total

2.242.526

2.288.701

Total

1,4%

1,3%

As a percentage to total liabilities

Persentase terhadap total liabilitas

Saldo utang lain-lain-jangka panjang kepada TS merupakan pinjaman untuk modal kerja tanpa bunga yang diterima entitas anak.

Other payable balance-non current to TS represents non-interest bearing loan obtained by subsidiaries.

Kompensasi dan imbalan lain

The compensation and other benefits

Kompensasi dan imbalan lain yang diberikan kepada Dewan Komisaris dan Direksi Perusahaan untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2014 dan 2013 adalah sebagai berikut:

The compensation and other benefits provided to the Boards of Commissioners and Directors of the Company for the years ended December 31, 2014 and 2013 are as follows:


2013

Imbalan jangka pendek

1.535.931

1.302.512

Short-term benefits

Total

1.535.931

1.302.512

Total

102





36. LABA PER SAHAM DASAR

36. BASIC EARNINGS PER SHARE Earnings per share are as follows:

Laba per saham adalah sebagai berikut:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Laba tahun berjalan yang dapat diatribusikan kepada: Pemilik entitas induk Rata-rata tertimbang jumlah saham biasa untuk menentukan laba neto per saham dasar (lembar saham)

2013

18.543.538

Profit for the year attributable to: Equity holders of the parent entity

2.012.491.000

2.012.491.000

Weighted average number of ordinary shares for basic earnings per share (number of shares)

0,0091

0,0092

Basic earnings per share for the year

18.327.272

Laba tahun berjalan per saham dasar

Diluted earnings per share is the same as the basic earnings per share since the Company does not have potential dilutive securities.

Laba per saham dilusian adalah sama dengan laba per saham dasar karena Perusahaan tidak memiliki efek berpotensi dilusi. 37. ASET DAN LIABILITAS MATA UANG ASING

MONETER DALAM

Mata uang asing (Rp’000) dan (Yen)/ Foreign currencies (Rp’000) and (Yen)

31 Desember 2014 Aset Kas dan setara kas Piutang lain-lain Jaminan reklamasi

37. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Rupiah/Rupiah Rupiah/Rupiah Rupiah/Rupiah

94.063.219 51.458.819 21.944.110

Total Aset Liabilitas Utang usaha

December 31, 2014

7.561.352 4.136.561 1.763.996

Assets Cash and cash equivalents Other receivables Reclamation Guarantee

13.461.909

Total Assets Liabilities Trade payables

Rupiah/Rupiah Yen/Yen Rupiah/Rupiah Rupiah/Rupiah Rupiah/Rupiah Rupiah/Rupiah

27.101.336 62.240 27.910.222 22.295.059 150.971.044 7.297.055

2.178.564 522 2.243.587 1.792.207 12.135.936 586.580

Rupiah/Rupiah

55.935.378

4.496.413

Rupiah/Rupiah

37.765.986

3.035.851

Rupiah/Rupiah Rupiah/Rupiah

35.337.935 4.405.365

2.840.670 354.129

Other payables Taxes payables Bank loans Accrued expenses Provision for reclamation and mine closure Short-term employee benefits liabilities Long-term employee benefits liabilities Finance lease

Total Liabilitas

29.664.459

Total Liabilities

Liabilitas neto

16.202.550

Net liabilities

Utang lain-lain Utang pajak Utang bank Beban Akrual Provisi untuk reklamasi dan penutupan tambang Liabilitas imbalan kerja jangka pendek Liabilitas Imbalan kerja jangka panjang Sewa pembiayaan

103 230

Ekuivalen Dolar AS/ U.S Dollar equivalent





37. ASET DAN LIABILITAS MONETER DALAM MATA UANG ASING (lanjutan)

37. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES (continued)

31 Desember 2013 Aset Kas dan setara kas Piutang lain-lain Jaminan reklamasi

Mata uang asing (Rp’000) dan (Euro)/ Foreign currencies (Rp’000) and (Euro) Rupiah/Rupiah Rupiah/Rupiah Rupiah/Rupiah

Ekuivalen Dolar AS/ U.S Dollar equivalent

300.856.760 48.482.747 11.281.831

Total Aset Liabilitas Utang usaha

24.682.645 3.977.582 925.575

December 31, 2013 Assets Cash and cash equivalents Other receivables Reclamation Guarantee

29.585.802

Total Assets Liabilities Trade payables

Rupiah/Rupiah Euro/Euro Rupiah/Rupiah Rupiah/Rupiah Rupiah/Rupiah Rupiah/Rupiah

49.952.155 2.599 27.896.976 31.435.724 137.762.260 12.070.486

4.098.134 3.610 2.288.701 2.579.024 11.302.179 990.277

Rupiah/Rupiah

48.168.697

3.951.817

Rupiah/Rupiah

40.718.366

3.340.583

Rupiah/Rupiah Rupiah/Rupiah

23.683.946 2.323.772

1.943.059 190.645

Other payables Taxes payables Bank loans Accrued expenses Provision for mine reclamation and mine closure Short-term employee benefits liabilities Long-term employee benefits liabilities Finance lease

Total Liabilitas

30.688.029

Total Liabilities

Liabilitas neto

1.102.227

Net liabilities

Utang lain-lain Utang pajak Utang bank Beban akrual Provisi untuk reklamasi dan penutupan tambang Liabilitas Imbalan kerja jangka pendek Liabilitas Imbalan kerja jangka panjang Sewa pembiayaan

If the net position of assets in currencies other than US$ as of December 31, 2014, is reflected using the middle rates of exchange as of March 9, 2015, the net liabilities in foreign currencies will decrease by approximately US$141,839.

Apabila posisi aset neto dalam mata uang selain AS$ pada tanggal 31 Desember 2014 dinyatakan dengan menggunakan kurs tengah nilai tukar mata uang asing pada tanggal 9 Maret 2015 maka liabilitas neto dalam mata uang asing akan menurun sebesar lebih kurang AS$141.839. 38. INFORMASI SEGMEN USAHA

38. OPERATING SEGMENT INFORMATION

Segmen operasi Kelompok Usaha yaitu pertambangan batubara dan perkebunan. Kegiatan operasional segmen operasi Kelompok Usaha dijalankan di Kalimantan.

The Group operating segments are coal mining and plantation. The operational activities of the Group’s operating segments are carried out in Kalimantan.

Berikut informasi tentang wilayah geografis dari pelanggan:

Below is information regarding geographical location of the customers:

Perkebunan/ Plantation

Pertambangan/ Mining

Total/ Total

2014 Asia Domestik

1.072.442

498.244.912 648.288

498.244.912 1.720.730

2014 Asia Domestic

Total

1.072.442

498.893.200

499.965.642

Total

104





38. INFORMASI SEGMEN USAHA (lanjutan)

38. OPERATING (continued)

2013 Asia Domestik Total

INFORMATION

Below is information regarding geographical location of the customers (continued):

Berikut informasi tentang wilayah geografis dari pelanggan (lanjutan): Perkebunan/ Plantation

SEGMENT

Pertambangan/ Mining

Total/ Total

265.065

419.701.764 1.882.908

419.701.764 2.147.973

265.065

421.584.672

421.849.737

2013 Asia Domestic Total

Segment information based on business segments is presented below:

Berikut ini adalah informasi segmen berdasarkan segmen usaha:

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2014 Perkebunan/ Pertambangan/ Eliminasi/ Plantation Mining Elimination

Total/ Total

Laporan laba rugi komprehensif konsolidasian Penjualan Harga Pokok Penjualan Laba/(Rugi) operasi Pendapatan keuangan Beban keuangan

Consolidated statement of comprehensive income

1.072.442 498.893.200 1.440.787 411.969.277 (966.211) 57.557.156 1.240 4.185.330 (1.926.415) (3.413.904)

- 499.965.642 354.371 413.764.435 (561.697) 56.029.248 (1.675.044) 2.511.526 696.770 (4.643.549)

Sales Cost of goods sold Operating profit/(loss) Finance income Finance charges

Laba sebelum pajak Beban pajak - neto

53.897.225 (18.096.721)

Profit before tax Tax expense - net

Laba tahun berjalan

35.800.504

Profit for the year

Laporan posisi keuangan konsolidasian Aset segmen Liabilitas segmen Informasi lainnya Belanja modal Penyusutan, deplesi dan amortisasi

Consolidated statement of financial position 14.768.091 287.449.608 24.243.413 145.015.811 960.675

14.488.391

-

15.449.066

638.082

12.525.377

-

13.163.459

105 232

(1.607.457) 300.610.242 (11.001.568) 158.257.656


Segment assets Segment liabilities Other Information Capital expenditures Depreciation, depletion and amortization




38. INFORMASI SEGMEN USAHA (lanjutan)

38. OPERATING (continued)

SEGMENT

INFORMATION

Segment information based on business segments is presented below (continued):

Berikut ini adalah informasi segmen berdasarkan segmen usaha (lanjutan):

Tahun yang berakhir pada tanggal 31 Desember/ Year ended December 31, 2013 Perkebunan/ Pertambangan/ Eliminasi/ Plantation Mining Elimination

Total/ Total

Laporan laba rugi komprehensif konsolidasian Penjualan Harga Pokok Penjualan Laba/(Rugi) operasi Pendapatan keuangan Beban keuangan

Consolidated statement of comprehensive income 265.065 421.584.672 640.168 341.657.164 (725.546) 46.681.978 4.737 4.905.158 (784.722) (3.212.543)

- 421.849.737 - 342.297.332 4.058.882 50.015.314 (842.127) 4.067.768 317.202 (3.680.063)

Sales Cost of goods sold Operating profit/(loss) Finance income Finance charges

Laba sebelum pajak Beban pajak - neto

50.403.019 (15.799.226)

Profit before tax Tax expense - net

Laba tahun berjalan

34.603.793

Profit for the year

Laporan posisi keuangan konsolidasian Aset segmen Liabilitas segmen Informasi lainnya Belanja modal Penyusutan, deplesi dan amortisasi

Consolidated statement of financial position 13.231.386 295.132.098 20.780.853 167.946.864 42.618

18.250.835

279.312

8.235.913

3.284.455 311.647.939 (7.561.022) 181.166.695 -

18.293.453 -

8.515.225

Segment assets Segment liabilities Other Information Capital expenditures Depreciation, depletion and amortization

106





39. INSTRUMEN KEUANGAN

39. FINANCIAL INSTRUMENTS

Seluruh nilai tercatat instrumen keuangan mendekati nilai wajar dari instrumen keuangan tersebut.

The carrying value of all financial instruments approximates their respective fair values.

Berikut ini adalah metode dan asumsi yang digunakan manajemen dalam mengestimasi nilai wajar dari setiap golongan instrumen keuangan Kelompok Usaha:

The following are the methods and assumptions used by management to estimate the fair value of each class of the Group’s financial instruments:

1.

Kas dan setara kas, piutang usaha dan piutang lain-lain.

1. Cash and cash equivalents, trade receivables and other receivables.

Untuk aset keuangan jangka pendek yang akan jatuh tempo dalam waktu 12 bulan, nilai tercatat aset keuangan tersebut dianggap telah mencerminkan nilai wajar dari aset keuangan tersebut.

For financial assets that are due within 12 months, the carrying values of the financial assets are perceived to approximate their fair values.

2.

Nilai wajar dari setoran jaminan ditentukan dengan mendiskontokan arus kas masa datang menggunakan suku bunga yang berlaku dari transaksi pasar yang dapat diamati untuk instrumen dengan persyaratan, risiko kredit dan jatuh tempo yang sama. Setoran jaminan dalam bentuk deposito berjangka menghasilkan bunga dengan tingkat bunga pasar, sehingga nilai tercatatnya dianggap mencerminkan nilai wajar.

2. Fair value of security deposits are determined by discounting the future cash flows using prevailing interest rates of observable market transactions for an instrument with the same requirements, credit risk and maturity. Security deposit in form of time deposit earns interest income at market rate, thus the carrying value approximate their fair values.

3.

Utang usaha, utang lain-lain dan beban akrual

3. Trade payables, other payables and accrued expenses. For financial liabilities that are due within 12 months, the carrying value of the financial liabilities is perceived to approximate their fair value.

Untuk liabilitas keuangan jangka pendek yang akan jatuh tempo dalam waktu 12 bulan, nilai tercatat liabilitas keuangan tersebut dianggap telah mencerminkan nilai wajar dari liabilitas keuangan tersebut. 4.

4. Bank loans

Utang bank

Bank loans have floating interest rates which are adjusted in the movements of market interest rates, thus the payable amounts of these financial liabilities approximate their fair values.

Utang bank memiliki suku bunga variabel yang disesuaikan dengan pergerakan suku bunga pasar sehingga jumlah terutang liabilitas keuangan tersebut telah mendekati nilai wajar.

107 234





39. INSTRUMEN KEUANGAN (lanjutan)

39. FINANCIAL INSTRUMENTS (continued)

Berikut ini adalah metode dan asumsi yang digunakan manajemen dalam mengestimasi nilai wajar dari setiap golongan instrumen keuangan Kelompok Usaha (lanjutan):

The following are the methods and assumptions used by management to estimate the fair value of each class of the Group’s financial instruments (continued):

5.

5. Derivative instruments

Instrumen derivatif

The Company measures fair value for financial instrument recognized at fair values using the following hierarchy level: Level 1: Quoted market price in an active market for an identical instrument, Level 2: Valuation techniques based on observable inputs, Level 3: Valuation techniques using significant unobservable inputs.

Perusahaan mengukur nilai wajar untuk instrumen keuangan yang diakui pada nilai wajar dengan menggunakan tingkat hirarki berikut ini: - Tingkat 1: Harga kuotasi di pasar yang aktif untuk instrumen keuangan yang sejenis, - Tingkat 2: Teknik penilaian berdasarkan input yang dapat diobservasi, - Tingkat 3: Teknik penilaian yang menggunakan input signifikan yang tidak dapat diobservasi.

As of 31 December 2014, the Company has financial instrument recognized at fair value which are derivative assets and liabilities. Those financial instruments are measured at hierarchy level 2. The Company does not have any financial instrument recognized at fair values that are measured using hierarchy level 1 and 3 and there is no reclassification between them.

Pada tanggal 31 Desember 2014, Perusahaan mempunyai instrumen keuangan yang diakui pada nilai wajar yaitu aset derivatif dan liabilitas derivatif. Instrumen keuangan tersebut diukur berdasarkan hirarki tingkat 2. Perusahaan tidak memiliki instrumen keuangan yang diakui pada nilai wajar yang diukur berdasarkan hirarki tingkat 1 dan 3 dan tidak ada perpindahan diantaranya. 40. KEBIJAKAN DAN RISIKO KEUANGAN

TUJUAN

MANAJEMEN

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

Manajemen risiko

Risk management

Risiko utama yang timbul dari instrumen keuangan Kelompok Usaha adalah risiko nilai tukar mata uang asing, risiko kredit dan risiko likuiditas. Kepentingan untuk mengelola risiko ini telah meningkat secara signifikan dengan mempertimbangkan perubahan dan volatilitas pasar keuangan baik di Indonesia maupun internasional. Manajemen menelaah dan menyetujui kebijakan untuk mengelola risiko-risiko yang dirangkum di bawah ini.

The main risks arising from the Group’s financial instruments are foreign exchange rate risk, credit risk and liquidity risk. The importance of managing these risks has significantly increased in light of the considerable change and volatility in both Indonesian and international financial markets. Management reviews and approves the policies for managing these risks which are summarized below.

Risiko nilai tukar mata uang asing

Foreign exchange rate risk

Risiko nilai tukar mata uang asing adalah risiko dimana nilai wajar atau arus kas masa datang dari suatu instrumen keuangan akan berfluktuasi akibat perubahan nilai tukar mata uang asing. Eksposur Kelompok Usaha terhadap fluktuasi nilai tukar terutama berasal dari kas dan setara kas dan utang usaha dalam mata uang Rupiah.

Foreign exchange rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Group’s exposure to exchange rate fluctuations results primarily from cash and cash equivalent and trade payables which are denominated in Rupiah.

108



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 40. KEBIJAKAN DAN TUJUAN RISIKO KEUANGAN (lanjutan)


MANAJEMEN

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued) Foreign exchange rate risk (continued)

Risiko nilai tukar mata uang asing (lanjutan) tukar uang akan AS$. atas

If there is weakening/strengthening of US$ exchange rate, payable in foreign exchange rate will increase/decrease in US$ term. Management did not hedge this foreign exchange rate.

Berikut ini adalah analisis sensitivitas efek 5% perubahan kurs mata uang asing terhadap laba setelah pajak dengan semua variabel lain dianggap tetap:

Sensitivity analysis of the 5% fluctuation in the foreign exchange rates to profit after tax with other variance considered as constant is as follow:

Apabila terjadi penurunan/penguatan nilai mata uang AS$ terhadap nilai tukar mata asing, maka utang dalam mata uang asing meningkat/berkurang dalam mata uang Manajemen tidak melakukan lindung nilai risiko mata uang ini.

2014 Kenaikan 5% Penurunan 5%

(152.436) 152.436

Nilai maksimal eksposur adalah sebesar nilai tercatat atas aset dan liabilitas sebagaimana yang disajikan dalam Catatan 37.

The maximum exposure to the risk are stated in the carrying amount of assets and liabilities as presented in Note 37.

Risiko harga

Price risk

Risiko harga adalah risiko fluktuasi nilai instrumen keuangan sebagai akibat perubahan harga pasar. Kelompok Usaha terkena dampak risiko harga komoditas batubara dan bahan bakar yang dipengaruhi oleh beberapa faktor antara lain cuaca, kebijakan pemerintah, tingkat permintaan dan penawaran pasar dan lingkungan ekonomi global. Dampak tersebut terutama timbul dari penjualan batubara dan pembelian bahan bakar solar, dimana harga produk tersebut terpengaruh fluktuasi harga pasar internasional.

Price risk is the risk that the value of a financial instrument will fluctuate because of changes in market price. The Group is exposed to coal and fuel commodity price risk due to certain factors, such as weather, government policy, level of demand and supply in the market and the global economic environment. Such exposure mainly arises from coal sales and purchase of fuel where the price of fuel may be affected by international market prices fluctuations.

Risiko suku bunga atas arus kas

Cash flows interest rate risk

Risiko suku bunga atas arus kas merupakan suatu risiko dimana arus kas masa datang suatu instrumen keuangan akan berfluktuasi akibat perubahan suku bunga pasar. Eksposur yang ada saat ini terutama berasal dari utang jangka panjang atas pinjaman ke bank sindikasi dengan suku bunga mengambang. Pinjaman dengan suku bunga mengambang menimbulkan risiko arus kas kepada Kelompok Usaha.

Cash flows interest rate risk is a risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Current exposure related to this risk mainly arises from the long term syndicated bank loans which bear floating interest rate. Loans at variable rates expose the Group to cash flows risk.

Perusahaan mengelola risiko suku bunga dengan menggunakan transaksi suku bunga Cap selama periode pinjaman bank sindikasi. Dengan transaksi ini Perusahaan membatasi eksposur terhadap suku bunga mengambang swap tingkat bunga tertentu. Pada tanggal 31 Desember 2014, Perusahaan telah menandatangani swap suku bunga dengan BNP Paribas dan Perusahaan berkeyakinan bahwa strategi manajemen risiko ini akan menghasilkan manfaat yang positif dalam jangka panjang.

The Company manages its interest rate risk using interest rate Cap transaction over the period of the syndication bank loans. By entering this transaction the Company limits its exposure on the floating interest rate swap to specified interest rate. As of 31 December 2014, the Company has entered into interest rate swap with BNP Paribas and the Company believes that this risk management strategy will result in a positive benefit in the long term. 109

236

Increase 5% Decrease 5%





MANAJEMEN

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Risiko suku bunga atas arus kas (lanjutan)

Cash flows interest rate risk (continued)

Profil pinjaman Kelompok Usaha adalah sebagai berikut:

The Group’s loan profile is as follows:


2013

Pinjaman dengan suku bunga mengambang

56.114.739

53.736.418

Loans with floating interest rates

Total

56.114.739

53.736.418

Total

Effect of interest rates fluctuation of 100 basis points to income after tax with all other variables constant:

Dampak fluktuasi suku bunga 100 basis poin terhadap laba setelah pajak dengan semua variabel lain tetap: Kenaikan/ penurunan dalam satuan poin/ Increase/ decrease In basis point

Dampak terhadap beban keuangan/ Effect on financial charges

2014 AS$ AS$

+100 -100

536.262 535.941

2014 US$ US$

2013 AS$ AS$

+100 -100

606.950 477.045

2013 US$ US$

Risiko kredit

Credit risk

Risiko kredit adalah risiko bahwa Kelompok Usaha akan mengalami kerugian yang timbul dari pelanggan, klien atau pihak lawan yang gagal memenuhi kewajiban kontraktual mereka. Manajemen mengelola dan mengendalikan risiko kredit dengan menetapkan batasan jumlah risiko yang dapat diterima dan memantau eksposur terkait dengan batasan-batasan tersebut.

Credit risk is the risk that the Group will incur loss arising from their customers, clients or counterparties that fail to discharge their contractual obligations. Management manages and controls this credit risk by setting limits on the amount of risk they are willing to accept and by monitoring exposures in relation to such limits.

Kelompok Usaha melakukan hubungan usaha hanya dengan pihak ketiga yang diakui dan kredibel. Kelompok Usaha memiliki kebijakan untuk semua pelanggan yang akan melakukan perdagangan secara kredit harus melalui prosedur pembayaran uang muka dan verifikasi kredit. Sebagai tambahan, jumlah piutang dipantau secara terus menerus untuk meminimalisasi risiko piutang ragu-ragu.

The Group trade only with recognized and creditworthy third parties. It is the Group’s policy that all customers who wish to trade on credit terms should go through advance payments and credit verification procedures. In addition, receivable balances are monitored on an ongoing basis to reduce the exposure to bad debts.

Sehubungan dengan risiko kredit yang timbul dari aset keuangan lainnya yang mencakup kas dan bank serta deposito berjangka dimana risiko kredit yang dihadapi timbul karena wanprestasi dari counterparty, Kelompok Usaha memiliki kebijakan untuk menempatkan kas dan bank pada bank-bank dengan peringkat kredit yang tinggi.

In relation to the credit risk arising from other financial instruments including cash and cash in banks and time deposits where the credit risk arise from the default from the counterparty, the Group has a policy to place cash and banks with banks which have high credit ratings.

110





MANAJEMEN

40. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (continued)

Nilai maksimal eksposur adalah sebesar nilai tercatat, sebagaimana yang disajikan dalam Catatan 4, 5, dan 6.

The maximum exposure of the credit risk are disclosed in Notes 4, 5 and 6.

Risiko likuiditas

Liquidity risk

Risiko likuiditas didefinisikan sebagai risiko saat posisi arus kas Kelompok Usaha menunjukkan bahwa pendapatan jangka pendek tidak cukup menutupi pengeluaran jangka pendek.

The liquidity risk is defined as a risk when the cash flow position of the Group indicates that the shortterm revenue is not enough to cover the short-term expenditure.

Kebutuhan likuiditas Kelompok Usaha timbul dari kebutuhan untuk membiayai investasi, pengeluaran barang modal dan perluasan area tambang batubara. Bisnis batubara entitas anak membutuhkan modal yang substansial untuk membangun dan memperluas infrastruktur dan untuk mendanai operasional.

The Group’s liquidity requirements have arisen from the need to finance investments and capital expenditures and mine area expansion. The subsidiaries’ coal business requires substantial capital to construct and expand the infrastructure and to fund operations.

Dalam mengelola risiko likuiditas, manajemen memantau dan menjaga tingkat likuiditas yang dianggap memadai untuk membiayai operasional Kelompok Usaha dan untuk mengatasi dampak dari fluktuasi arus kas. Manajemen juga secara rutin mengevaluasi proyeksi arus kas dan arus kas aktual, termasuk jadwal jatuh tempo utang jangka panjang mereka.

In the management of liquidity risk, management monitors and maintains a level of liquidity adequate to finance the Group’s operations and to mitigate the effects of fluctuation in cash flows. Management also regularly evaluates the projected and actual cash flows, including their long term loan maturity profiles.

Tabel berikut ini menunjukan profil jangka waktu pembayaran liabilitas keuangan Kelompok Usaha pada tanggal-tanggal 31 Desember 2014 dan 2013 berdasarkan pembayaran dalam kontrak yang belum didiskonto.

The table below summarises the maturity profile of the Group’s financial liabilities as of December 31, 2014 and 2013 based on undiscounted contractual payments.

31 Desember 2014 Utang usaha Pihak ketiga Utang lain-lain Pihak ketiga Pihak berelasi Beban akrual Utang dividen Utang bank Utang Pajak Sewa pembiayaan

31 Desember 2013 Utang usaha Pihak ketiga Utang lain-lain Pihak ketiga Pihak berelasi Beban akrual Utang dividen Utang bank Utang Pajak Sewa pembiayaan

< 1 tahun/ < 1 year

1 - 2 tahun/ 1 to 2 years


Total/ Total

64.087.323

-

-

-

64.087.323

3.709 4.935.975 288.289 5.326.115 962.450

2.242.526 17.062.500 1.062.270

28.437.500 -

10.715.434 -

3.709 2.242.526 4.935.975 288.289 56.215.434 5.326.115 2.024.720

75.603.861

20.367.296

28.437.500

10.715.434

135.124.091

< 1 tahun/ < 1 year



> 3 tahun/ > 3 years

Total/ Total

69.265.229

-

-

-

69.265.229

1.907 6.057.579 290.856 33.986.691 7.227.871 772.679

2.288.701 6.984.473 739.257

1.995.564 609.160

11.408.274 -

1.907 2.288.701 6.057.579 290.856 54.375.002 7.227.871 2.121.096

117.602.812

10.012.431

2.604.724

11.408.274

141.628.241

111 238

> 3 tahun/ > 3 years


December 31, 2014 Trade payables Third parties Other payables Third parties Related parties Accrued expenses Dividend payable Bank loans Taxes payable Finance leases

December 31, 2013 Trade payables Third parties Other payables Third parties Related parties Accrued expenses Dividend payable Bank loans Taxes payable Finance leases




41. PERJANJIAN DAN KOMITMEN PENTING

41. SIGNIFICANT COMMITMENTS

a. Perusahaan

The Company issued corporate guarantees relating to the loan of several of subsidiaries’ loan (Note 19c).

Entitas anak – ABN i.

AND

a. The Company

Perusahaan menerbitkan corporate guarantee sehubungan pinjaman beberapa entitas anak (Catatan 19c). b.

AGREEMENTS

b. Subsidiary – ABN i.

Pada tanggal 25 Agustus 2011, ABN menandatangani amendemen I atas kontrak pengupasan tanah dan pengangkutan batubara (“Overburden Removal Agreement“) dengan PT Petrosea Tbk sehubungan dengan penambahan kapasitas produksi batubara sebesar 27.250.000 ton per tahun dan perubahan pengaturan penempatan bank garansi. Selain itu, jangka waktu kontrak diperpanjang sampai dengan 31 Desember 2018.

On August 25, 2011, ABN has signed amendement I to the agreement of overburden and coal hauling (“Overburden Removal Agreement“) with PT Petrosea Tbk in relation to the increase in coal production capacity to 27,250,000 tons per year and the changes of the related bank guarantee placement. In addition, the contract period was extended to December 31, 2018.

Berdasarkan Amendemen II Overburden Removal Agreement tertanggal 2 September 2013, terhitung sejak tanggal 1 Januari 2014, ABN tidak lagi berkewajiban menyediakan bank garansi kepada PT Petrosea Tbk. Perjanjian ini telah mengalami beberapa perubahan dan perubahan terakhir pada tanggal 25 November 2014 yang terkait dengan penyesuaian harga.

Based on the Amendment II to Overburden Removal Agreement dated September 2, 2013, as of January 1, 2014, ABN has no longer an obligation to provide bank guarantee to PT Petrosea Tbk. This agreement has been amended several times and the latest amendment was on November 25, 2014 which related to the prices adjustment.

Pada tanggal 5 April 2012, ABN dan PT Petrosea Tbk juga menandatangani Plant Hire Agreement sehubungan dengan penyewaaan mobile plant milik PT Petrosea Tbk oleh ABN untuk masa sewa terhitung sejak tanggal 1 Januari 2012 sampai dengan berakhirnya masa berlaku Overburden Removal Agreement tertanggal 25 Agustus 2011 di atas. Perjanjian ini telah mengalami beberapa perubahan dan perubahan terakhir pada tanggal 25 November 2014 yang terkait dengan penyesuaian harga.

On April 5, 2012, ABN and PT Petrosea Tbk has also entered into Plant Hire Agreement in relation to the rental of mobile plant belong to PT Petrosea Tbk by ABN for the period from January 1, 2012 until the termination of the Overburden Removal Agreement dated August 25, 2011 as stated above. This agreement has been amended several times and the latest amendment was on November 25, 2014 which related to the prices adjustment.

ii. Pada tanggal 1 Maret 2011, ABN menandatangani kontrak dengan PT Arkananta Apta Pratista (“AAP“) untuk jangka waktu enam puluh bulan sehubungan dengan pekerjaan pemindahan lapisan tanah penutup dan pengangkutan batubara.

ii. On March 1, 2011, ABN signed a contract with PT Arkananta Apta Pratista (“AAP“) for a sixty months period in relation to overburden removal and coal hauling.

Berdasarkan ketentuan di dalam kontrak tersebut, ABN diharuskan membayar biaya jasa kepada AAP, dihitung secara bulanan berdasarkan rumus yang meliputi jumlah batubara mentah dan overburden yang ditambang dan diangkut.

Based on the provision of the contract, ABN is required to pay AAP a service fee, calculated on a monthly basis, based on a formula which includes the amount of raw coal and overburden mined and transported. 112



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 41. PERJANJIAN (lanjutan) b.

DAN

KOMITMEN


PENTING

41. SIGNIFICANT AGREEMENTS COMMITMENTS (continued)

Entitas anak - ABN (lanjutan)

b. Subsidiary - ABN (continued)

iii. Pada tanggal 24 Juli 2008, ABN menandatangani perjanjian dengan PT Pelayaran Kartika Samudra Adijaya (“PKSA”) sebagaimana telah diubah melalui pembaharuan perjanjian tanggal 23 Juni 2011 untuk meningkatkan kapasitas pengangkutan menjadi 26.000.000 ton. Perjanjian ini berlaku dari tanggal 15 Agustus 2011 sampai 31 Desember 2015.

iii. On July 24, 2008, ABN signed an agreement with PT Pelayaran Kartika Samudra Adijaya (“PKSA”), as amended through renewed agreement dated June 23, 2011 to increase the coal barging capacity to 26,000,000 tons. This agreement is valid from August 15, 2011 to December 31, 2015.

Perjanjian ini terakhir kali diperbaharui pada tanggal 19 Juli 2013 terkait dengan perubahan dasar perhitungan tarif pengangkutan.

This agreement was last amended on July 19, 2013 in relation to the change in calculation basis for barging fee.

iv. ABN menandatangani kontrak jasa pengangkutan batubara dengan PT Pelita Samudera Shipping (“PSS”) pada tanggal 14 Juli 2011, untuk mengangkut batubara dari pelabuhan ke kapal dengan jumlah 500.000 ton sampai dengan 1.500.000 ton. Perjanjian berlaku dari 1 Agustus 2011 sampai dengan 31 Juli 2012.

iv. ABN signed a coal shipment contract with PT Pelita Samudera Shipping (“PSS”) on July 14, 2011 to transport coal from Company’s loading port to appointed vessel with total quantity between 500,000 tons and 1,500,000 tons. The agreement was valid from August 1, 2011 to July 31, 2012.

Pada tanggal 15 Juli 2012, ABN dan PSS telah memperbaharui Coal Barging Agreement. Perjanjian ini mengatur tentang harga dan batas kuantitas dari muatan batubara secara rinci. Perjanjian ini berlaku selama 24 bulan sejak 1 Agustus 2012 sampai dengan 31 Juli 2014.

On July 15, 2012, ABN and PSS amended Coal Barging Agreement. The Coal Barging Agreement regulates price and quantity limit of coal loaded in details. The Coal Barging Agreement is valid from August 1, 2012 up to July 31, 2014.

Pada tanggal 30 Juli 2013, masa perjanjian yang sebelumnya berakhir pada tanggal 31 Juli 2014 diperpanjang menjadi 31 Juli 2015 dan kapasitas pengiriman menjadi 850.000 ton - 1.000.000 ton di tahun pertama dan 850.000 ton - 1.500.000 ton di tahun ke dua dan ke tiga.

On July 30, 2013, the term of agreements which previously valid through July 31, 2014 has been extended to July 31, 2015, and the shipment capacity are revised to 850,000 tons - 1,000,000 tons in the first year and 850,000 tons - 1,500,000 tons in the second and third years.

Jika ABN tidak dapat memenuhi nilai minimum penyedian batubara untuk diangkut, ABN akan membayar selisih kekurangan tersebut sesuai dengan tarif yang berlaku.

If the ABN could not meet the minimum quantity of coal to be delivered, the ABN shall pay for any shortfall based on the applied rate.

113 240

AND



PT TOBA BARA SEJAHTRA Tbk DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Tanggal 31 Desember 2014 dan Tahun yang berakhir pada tanggal tersebut (Disajikan dalam Dolar Amerika Serikat, kecuali dinyatakan lain) 41. PERJANJIAN (lanjutan) c.

DAN

KOMITMEN


PENTING

41. SIGNIFICANT AGREEMENTS COMMITMENTS (continued)

Entitas anak – IM i.

c.

On October 1, 2012, IM and PT Petrosea Tbk entered into a mining service agreement. The agreement governs, among others, the price rate, fuel consumption, price adjustment and other terms. Contract values are dependent on volumes of overburden moved. The agreement will expire on April 30, 2015.

ii. On January 28, 2013, IM and PT RPP Contractors Indonesia entered into a mining service agreement. The agreement governs, among others, the price rate, fuel consumption, price adjustment and other terms. Contract values depends on volumes of overburden moved. The agreement will expire in January 2018.

ii. Pada tanggal 28 Januari 2013, IM dan PT RPP Contractors Indonesia mengadakan perjanjian kontrak jasa pertambangan. Perjanjian tersebut mengatur tingkat harga, konsumsi bahan bakar, penyesuaian harga dan hal lainnya. Nilai perjanjian ini bergantung pada volume tanah overburden yang dipindahkan. Perjanjian ini akan berakhir di Januari 2018. d.

Subsidiary - IM i.

Pada tanggal 1 Oktober 2012, IM dan PT Petrosea Tbk mengadakan perjanjian kontrak jasa pertambangan. Perjanjian tersebut mengatur tingkat harga, konsumsi bahan bakar, penyesuaian harga dan hal lainnya. Nilai perjanjian ini bergantung pada volume tanah overburden yang dipindahkan. Perjanjian ini akan berakhir di 30 April 2015.

AND

Entitas anak - TMU

d. Subsidiary - TMU

Pada tanggal 24 Agustus 2011 TMU menandatangani kontrak dengan PT Surya Teknik Anugerah (STA) untuk jangka waktu empat tahun sehubungan dengan pekerjaan pemindahan lapisan tanah penutup dan pengangkutan batubara.

i. On August 24, 2011 TMU signed a contract with PT Surya Teknik Anugerah (STA) in relation with overburden removal and coal hauling for four years.

ii. Pada tanggal 1 Agustus 2013 TMU menandatangai kontrak dengan PT Bina Sarana Sukses (BSS) untuk jangka waktu tiga tahun sehubungan dengan pekerjaan pemindahan lapisan tanah penutup dan pengangkutan batubara.

ii. On August 1, 2013 TMU signed a contract with PT Bina Sarana Sukses (BSS) in relation with overburden removal and coal hauling for three years.

i.

42. INFORMASI PENTING LAINNYA

42. OTHER SIGNIFICANT INFORMATION

a. Royalti dan Iuran tetap

a. Royalty and Dead rent Based on Act No. 20 Year 1997 regarding state non-tax revenue and based on the Government Regulation of the Republic of Indonesia No. 9 Year 2012 regarding the rate of state non-tax revenue for the Ministry of Energy and Mineral Resources (“KESDM”), the subsidiares are required to pay royalty for the sales of coal production and to pay dead rent fees per hectare of mining rights explored, developed and extracted which are payable to the KESDM. The amount of production royalty is based on the type of mineral and the quantity of coal sold.

Berdasarkan Undang-Undang No. 20 Tahun 1997 tentang pendapatan Negara non-pajak dan berdasarkan Peraturan Pemerintah Republik Indonesia No. 9 Tahun 2012 tentang tarif pendapatan Negara non-pajak Kementerian Energi dan Sumber Daya Mineral (“KESDM”), entitas anak diharuskan untuk membayar royalti dari penjualan hasil produksi batubara dan diwajibkan untuk membayar iuran tetap per hektar atas hak pertambangan yang dieksplorasi, dikembangkan dan diekstraksi yang dibayarkan kepada KESDM. Jumlah royalti produksi didasarkan pada jenis mineral dan kuantitas batubara yang dijual.

114





42. INFORMASI PENTING LAINNYA (lanjutan)

42. OTHER SIGNIFICANT (continued)

a. Royalti dan Iuran tetap (lanjutan)

a. Royalty and Dead rent (continued)

Royalti yang dibayarkan kepada Pemerintah dihitung berdasarkan kalori yang terkandung di dalam batubara dengan tarif 5% dan 7%, kuantitas yang terjual dikalikan dengan basis harga dan tarif royalti tersebut. Berdasarkan Peraturan Menteri Energi dan Sumber Daya Mineral No. 17 tahun 2010 mengenai tata cara penetapan harga patokan penjualan mineral dan batubara, basis harga adalah yang lebih tinggi antara harga patokan batubara atau harga jual batubara.

Royalty paid to the Government was calculated based on the calories contained in the coal with rates of 5% and 7%, the quantity sold was multiplied by the base price and the royalty rate. Based on the regulation from the Ministry of Energy and Mineral Resources of the Republic of Indonesia No. 17 year 2010 regarding procedures for stipulating benchmark prices of mineral and coal sales, the base price is the higher of the coal benchmark price or coal sales price.

Iuran tetap yang ditagih dihitung dengan dasar tarif AS$4/hektar dikalikan dengan luasan konsesi yang dimiliki ABN, IM dan TMU.

Dead rent charged was calculated at a rate of US$4/hectare multiplied by the total concession area owned by ABN, IM and TMU.

b. Pengutamaan Pemasokan Kebutuhan Mineral dan Batubara Untuk Kepentingan Dalam Negeri

b. Priority to Fulfill Domestic Requirement on Mineral and Coal

Dalam bulan Desember 2009, KESDM mengeluarkan Permen 34/ 2009 yang antara lain mewajibkan perusahaan pertambangan batubara (“Badan usaha”) untuk menjual sebagian hasil produksinya kepada Pemakai batubara dalam negeri (“Domestic Market Obligation” atau “DMO”). Badan usaha yang tidak dapat mematuhi ketentuan tersebut, akan dikenakan sanksi berupa peringatan tertulis paling banyak 3 kali dan pemotongan produksi batubara paling banyak 50% dari produksi tahun berikutnya.

In December 2009, the KESDM issued Permen 34/2009, which requires coal mining companies (“Entities”) to sell a portion of their productions to domestic coal users (“Domestic Market Obligation” or “DMO”). Entites which do not fulfill such requirement will be given written notice maximum 3 times of and reduction of the production in the next year up to 50%.

Sesuai dengan ketentuan dalam Permen 34/2009 tersebut, badan usaha yang penjualan dalam negeri melebihi kewajiban DMO-nya dapat mengalihkan kelebihan penjualan DMO-nya kepada badan usaha yang tidak dapat memenuhi kewajiban DMO-nya.

Under the provision of the Permen 34/2009, entities - that have domestic sales in excess of their DMO requirement, may transfer the excess to entities which cannot fulfill their DMO requirement.

Kelebihan DMO yang dialihkan tersebut dianggap sebagai pemenuhan kewajiban DMO suatu badan usaha, dengan syarat pengalihan tersebut mendapat persetujuan dari Menteri.

The transferring of excess DMO will be deemed as the fulfillment of an entity’s DMO, provided such transfer were approved by the Ministry.

Berdasarkan Keputusan Menteri ESDM No. 2901.K/30/MEM/2013 tanggal 30 Juli 2013, Perusahaan harus memenuhi kewajiban 762.292MT. Pada tanggal 23 Juni 2014, Kementrian ESDM Republik Indonesia melalui surat edaran dengan No. 118/36/DJB/2014, mengumumkan bahwa kebutuhan batubara dalam negeri pada tahun 2014 sudah terpenuhi. Sehingga, perusahaan tidak lagi mempunyai kewajiban DMO di tahun 2014.

Based on letter No. 2901.K/30/MEM/2013 dated July 30, 2013, the Company should fulfill an obligation of 762,292MT. On June 23, 2014, the Ministry of Energy and Natural Resources of the Republic of Indonesia through its letter No. 118/36/DJB/2014 announced the fullfilment of 2014 domestic market necessity. As a result of this announcement, the Company has no DMO liability in 2014.

115 242

INFORMATION





42. INFORMASI PENTING LAINNYA (lanjutan)

42. OTHER SIGNIFICANT (continued)

INFORMATION

b. Pengutamaan Pemasokan Kebutuhan Mineral dan Batubara Untuk Kepentingan Dalam Negeri (lanjutan)

b. Priority to Fulfill Domestic Requirement on Mineral and Coal (continued)

Berdasarkan Keputusan Menteri ESDM No. 2934.K/30/MEM/2012 tanggal 8 Oktober 2012, persentase minimal penjualan batubara dalam negeri untuk tahun 2013 adalah sebesar 20,30% dari perkiraan produksi batubara pada tahun 2013, sehingga kewajiban DMO ABN untuk tahun 2013 adalah sebesar 688.053 ton. Sampai dengan tanggal 31 Desember 2013, ABN sudah merealisasikan DMO tersebut dengan melakukan pengalihan DMO setara dengan 121.940 ton batubara. Dengan demikian, pada tanggal 31 Desember 2013, Kelompok Usaha mengakui akrual atas pengalihan DMO dengan nilai AS$622.724 yang akan dilakukan ABN dari badan usaha lain (Catatan 16).

Based on Minister of MEMR Decree No. 2934.K/30/MEM/2012 dated October 8, 2012, the minimum DMO requirement is 20.30% of the estimated coal production for 2013, whereby the DMO obligation for ABN in 2013 is 688,053 ton. Until December 31, 2013, ABN has realized its DMO by transferring DMO equivalent to 121,940 tons. Accordingly, as of December 31, 2013, the Group has recognized an accrual for DMO transfer amounting to US$622,724 by ABN from other entities (Note 16).

c. Permasalahan Hukum

c. Legal case On August 28, 2014, Lendy Mursalim, ZF filed a lawsuit at District Court of Tenggarong (“PN Tenggarong”) under case number 23/Pdt.G/2014/PN.Trg. This lawsuit is against H. Suroso (Ketua RT 23 Kelurahan Sanga-Sanga Dalam, Kecamatan Sanga-Sanga, Kabupaten Kutai Kartanegara) as defendant I for allegation of tort and breach of contract due to termination/cancellation of power of attorney to Lendy Mursalim ZF and ABN as defendant II for allegation of tort to community of RT 23 Kelurahan Sanga-Sanga Dalam, Kecamatan Sanga-Sanga, Kabupaten Kutai Kartanegara as the result of blasting activity conducted by ABN. In this lawsuit, Lendy Mursalim, ZF asked for a compensation to defendant I and II amounting to Rp11,250,000,000 and Rp17,500,000,000, respectively. As of December 31, 2014, ABN is going through the trial and has not received the verdict of such case (Note 44).

Pada tanggal 28 Agustus 2014, Lendy Mursalim, ZF mendaftarkan gugatan di Pengadilan Negeri Tenggarong (“PN Tenggarong”) dengan nomor perkara 23/Pdt.G/2014/PN.Trg. Gugatan tersebut melawan H. Suroso (Ketua RT 23 Kelurahan Sanga-Sanga Dalam, Kecamatan Sanga-Sanga, Kabupaten Kutai Kartanegara) sebagai tergugat I karena dianggap telah melakukan perbuatan melawan hukum dan melanggar janji dengan membatalkan surat kuasa kepada Lendy Mursalim ZF dan ABN sebagai tergugat II karena dianggap telah melakukan perbuatan melawan hukum terhadap masyarakat RT 23 Kelurahan Sanga-Sanga Dalam, Kecamatan Sanga-Sanga, Kabupaten Kutai Kartanegara akibat kegiatan blasting yang dilakukan oleh ABN. Dalam gugatan ini, Lendy Mursalim, ZF menuntut ganti rugi kepada tergugat I dan II masing-masing sebesar Rp11.250.000.000 dan Rp17.500.000.000. Per tanggal 31 Desember 2014, ABN masih mengikuti proses persidangan dan belum menerima amar putusan atas perkara tersebut (Catatan 44).

116





43. TRANSAKSI NON KAS

43. NON-CASH TRANSACTIONS Listed below are significant non-cash transactions:

Berikut ini transaksi non-kas yang signifikan:

Tahun yang berakhir pada tanggal 31 Desember/ Years ended December 31, 2014 Penambahan aset tetap melalui: Sewa pembiayaan Utang usaha Kapitalisasi estimasi biaya pembongkaran aset tetap Realisasi uang muka Efek translasi

2013

1.242.303 332.886 167.947 -

Penurunan aset tetap melalui: Penurunan estimasi biaya pembongkaran aset tetap Penambahan aset ekplorasi dan evaluasi melalui: Realisasi uang muka Penambahan tanaman belum menghasilkan melalui: Beban pinjaman Depresiasi Efek translasi

-

81.866

162.151 22.000 1.297

44. PERISTIWA SETELAH PERIODE PELAPORAN

-

173.588 24.692 (7.274)

Increase in exploration and evaluation asset through: Advance realization Additional immature plantations through: Borrowing costs Depreciation Translation effect

On January 21, 2015, Panel of Judges of PN Tenggarong has declared their decision that the lawsuit of Lendy Mursalim, ZF is refused (Note 42c). In connection with the decision, Lendy Mursalim, ZF did not process the appeal to the High Court. Accordingly, this decision has been final and legally binding.


(176.672)

Decrease in fixed assets through: Decrease in the estimated cost of dismantling fixed assets

44. EVENT AFTER THE REPORTING PERIOD

Pada tanggal 21 Januari 2015, majelis hakim PN Tenggarong telah menyatakan keputusan mereka yang menyatakan gugatan Lendy Mursalim, ZF tersebut tidak dapat diterima (Catatan 42c). Atas putusan tersebut, Lendy Mursalim, ZF tidak melakukan upaya banding. Oleh karenanya, putusan majelis hakim ini telah berkekuatan hukum tetap.

244

222.557 506.899 13.552

Acquisition of fixed assets through: Finance lease Trade payables Capitalization of the estimated cost of dismantling fixed assets Advance realization Translation effect

3.007.966 1.519.920

CONTENTS 1-19 OPENING

74-83 HUMAN RESOURCES


2

FINANCIAL HIGHLIGHTS

4

STOCK HIGHLIGHTS

6

2014 EVENT HIGHLIGHTS

8

AWARDS & CERTIFICATIONS

84-107 CORPORATE GOVERNANCE

9


10

GENERAL MEETING OF SHAREHOLDERS

88


14


90

19

BOARD OF DIRECTORS

92

AUDIT COMMITTEE

95

CORPORATE SECRETARY

97

INVESTOR RELATIONS

98

LEGAL UNIT

99

PERSPECTIVES OF THE FOUNDING SHAREHOLDER

20-41 COMPANY PROFILE

COMPANY DATA AND INFORMATION ACCESS

BRIEF HISTORY OF THE COMPANY

20

BUSINESS LINE

22

VISION & MISSION

24

BUSINESS STRATEGY

25

ORGANISATION STRUCTURE

26

PROFILES OF THE BOARD OF COMMISSIONERS

28

PROFILES OF THE BOARD OF DIRECTORS

32

SHAREHOLDERS INFORMATION

36

BRIEF DESCRIPTION OF SUBSIDIARIES

38

CAPITAL MARKET SUPPORTING PROFESSIONALS

40


41

42-73 MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY OVERVIEW

44

OPERATIONAL REVIEW

54

FINANCIAL REVIEW

62

99

INTERNAL AUDIT UNIT

103

PUBLIC ACCOUNTANT

105

RISK MANAGEMENT

105

IMPORTANT MATTERS

106

WHISTLEBLOWING SYSTEM

106

108-118 CORPORATE SOCIAL RESPONSIBILITY CSR ACTIVITIES IN 2014

111

Environment

112

Social Community

112

Employment Practices

117

Product Responsibility

118

119 RESPONSIBILITY FOR ANNUAL REPORT

121 FINANCIAL REPORT

2014 Annual Report

2014 Annual Report

PRESERVING SUSTAINABILITY PT TOBA BARA SEJAHTRA Tbk

PT TOBA BARA SEJAHTRA TBK Wisma Bakrie 2, 16th Floor Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia phone : +6221 5794 5779 fax : +6221 5794 5778 email : [email protected]

2014 Annual Report

PT TOBA BARA SEJAHTRA Tbk


PRESERVING SUSTAINABILITY

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