P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (WITH AUDITED COMPARATIVE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FIGURES AS OF DECEMBER 31, 2010)
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS
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DIRECTORS’ STATEMENT LETTER CONSOLIDATED FINANCIAL STATEMENTS – as of September 30, 2011 and 2010 and for the periods then ended (With audited comparative Consolidated Statement of Financial Position figures as of December 31, 2010) Consolidated Statements of Financial Position
1
Consolidated Statements of Comprehensive Income
3
Consolidated Statements of Changes in Equity
4
Consolidated Statements of Cash Flows
5
Notes to Consolidated Financial Statements
6
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION SEPTEMBER 30, 2011 (UNAUDITED) (WITH AUDITED COMPARATIVE FIGURES AS OF DECEMBER 31, 2010)
Notes
September 30, 2011 US$'000
December 31, 2010 US$'000
2,487,722 26,853 75,739 18,099 34,302
2,346,239 22,562 75,739 7,955 34,302
2,642,715
2,486,797
27,374 154,792 11,685 43,692 16,526 88,961 105,763
16,281 160,166 11,820 17,572 13,801 79,964 84,284
448,793
383,888
3,091,508
2,870,685
ASSETS NON-CURRENT ASSETS Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investments in associates Available-for-sale investments
4 5 6 7 9
Total Non-Current Assets CURRENT ASSETS Inventories Trade accounts receivable Other accounts receivable and other current assets Prepaid expenses and taxes Advances Short-term investments Cash
8
9 10
Total Current Assets TOTAL ASSETS
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION SEPTEMBER 30, 2011 (UNAUDITED) (WITH AUDITED COMPARATIVE FIGURES AS OF DECEMBER 31, 2010) (Continued)
Notes
September 30, 2011 US$'000
December 31, 2010 US$'000
EQUITY AND LIABILITIES CAPITAL AND RESERVES Share capital Additional paid-in capital Treasury stocks Translation adjustment Revaluation reserve Difference arrising from changes in equity of subsidiaries Retained earnings
11 12 13
109,575 209,003 (86,628) (2,086) 319,680 880 351,179
109,575 209,003 (86,628) 1,009 300,731 184,519
Capital and reserves attributable to equityholders of the Company
901,603
718,209
Non-controlling interests
116,945
14
Total Equity NON-CURRENT LIABILITIES Long-term liabilities - net of current maturities Loans from financial institutions Bonds payable Notes payable Obligations under finance lease Other loans from non-financial institutions Deferred income Post-employment benefits Convertible bonds Derivative financial instruments
15 16 17 18 19 20 21 22 23
Total Non-Current Liabilities CURRENT LIABILITIES Short-term bank loans Other loans from non-financial institutions Trade accounts payable Other current liabilities Dividends payable Taxes payable Accrued expenses Unearned revenue Current maturities of long-term liabilities Loans from financial institutions Bonds payable Obligations under finance lease Other loans from non-financial institutions
24 19 25
26 27
15 16 18 19
Total Current Liabilities TOTAL EQUITY AND LIABILITIES
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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-
1,018,548
718,209
710,591 27,237 145,000 417,085 22,541 1,694 5,955 168,384 84,464
708,505 148,261 316,000 342,769 17,634 1,850 5,180 165,057 75,775
1,582,951
1,781,031
90,590 10,200 32,842 3,178 605 844 31,251 -
14,459 10,200 63,943 4,642 486 1,665 44,452 551
142,419 124,107 52,791 1,182
178,661 49,383 3,003
490,009
371,445
3,091,508
2,870,685
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
Notes
Operating Revenues Voyage Expenses
28 29
Operating Revenues after Voyage Expenses Charter Expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation
30 4
Gross Profit General and Administrative
31
Income before financial and other items Net financial and other items Finance cost Investment income Share in profits of associates Other gains and losses
32 33 7 34
Income Before Tax Tax Expense
26
Income for the period Other Comprehensive Income Translation adjustment Net revaluation during the period Difference arrising from changes in equity of subsidiaries Net gain (loss) on revaluation of available-for-sale investments
September 30, 2011 2010 US$'000 US$'000 486,421 (182,477)
494,594 (142,639)
303,944 (34,028)
351,955 (53,057)
(88,545) (100,374)
(90,424) (109,533)
(188,919)
(199,957)
80,997
98,941
(21,657)
(19,616)
59,340
79,325
(123,828) 4,599 10,144 195,135
(98,319) 6,302 (6,805) (11,058)
86,050
(109,880)
145,390 (1,202)
(30,555) (999)
144,188
(31,554)
(3,095) 42,797 880 -
(694) 80,404 (609)
Other Comprehensive Income for the period
40,582
79,101
Total Comprehensive Income for the period
184,770
47,547
Income attributable to: Equityholders of the company Non-controlling interests
142,812 1,376
(31,554) -
Total
144,188
(31,554)
Comprehensive income attributable to: Equityholders of the company Non-controlling interests
183,394 1,376
47,547 -
Total
184,770
47,547
0.0128 0.0106
(0.0042) -
Earnings (Loss) per Share Basic (cents per share) Diluted (cents per share)
14
35
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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-
Transfer to retained earnings Issuance of shares through initial public offering by a subsidiary Issuance of shares by a subsidiary
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
109,575
-
Total comprehensive income for the period
Balance at September 30, 2011
-
109,575
Balance at December 31, 2010
Profit for the period Other comprehensive income for the period
109,577
Balance at September 30, 2010
38,641
-
Total comprehensive income for the period
Transfer to retained earnings Issuance of shares through right issue
-
70,936
Subscribed and paid-up capital stock US$'000
Loss for the period Other comprehensive income for the period
Balance at December 31, 2009
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY SEPTEMBER 30, 2011 AND 2010
209,003
-
-
-
209,003
208,787
93,786
-
-
115,001
Additional paid-in capital US$'000
(86,628)
-
-
-
(86,628)
(86,628)
-
-
-
(86,628)
Treasury stock US$'000
-4-
-
-
-
-
-
148
-
(609)
(609)
757
Net unrealized gain (loss) on available-for-sale investments US$'000
(2,086)
-
(3,095)
(3,095)
1,009
(280)
-
(694)
(694)
414
Translation adjustment US$'000
319,680
(23,848) -
42,797
42,797
300,731
285,811
(30,264) -
80,404
80,404
235,671
Revaluation reserve US$'000
880
-
880
880
-
-
-
-
-
-
Difference arrising from changes in equity of subsidiaries US$'000
5,898
-
-
-
5,898
5,898
-
-
-
5,898
345,281
23,848 -
142,812
142,812 -
178,621
305,420
30,264 -
(31,554)
(31,554) -
306,710
Retained earnings Appropriated Unappropriated US$'000 US$'000
901,603
-
183,394
142,812 40,582
718,209
828,733
132,427
47,547
(31,554) 79,101
648,759
Sub total US$'000
116,945
111,248 4,321
1,376
1,376 -
-
-
-
-
-
-
Non-controlling interests US$'000
1,018,548
111,248 4,321
184,770
144,188 40,582
718,209
828,733
132,427
47,547
(31,554) 79,101
648,759
Total equity US$'000
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 September 30, 2011 2010 US$'000 US$'000 CASH FLOWS FROM OPERATING ACTIVITIES Receipts from customers Payments to suppliers and employees Interest paid Profit sharing paid Income tax paid Receipts from insurance claim
491,397 (417,219) (85,273) (3,154) (1,202) 2,622
494,711 (352,577) (51,870) (2,987) (999) (1,054)
(12,829)
85,224
(8,997) 93,501 (170,262) 4,599 -
(75,324) 79,324 (217,712) 5,068 (6,000)
(81,159)
(214,644)
734,811 (689,259)
175,338 (225,620)
112,128 (45,298) 3,085 -
(25,507) (1,182) 132,428 125,000 (95,623) (1)
115,467
84,833
NET INCREAE (DECREASE) IN CASH
21,479
(44,587)
CASH AT BEGINNING OF PERIOD
84,284
118,732
105,763
74,145
Net Cash Generated from (Used in) Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Placement of temporary investments - net Net proceeds from sale of property, vessels and equipment Acquisitions of property, vessels and equipment Interest received Increase in security deposits Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans and loans from financial institutions Payments of bank loans and loans from financial institutions Proceeds from placement of new shares of a subsidiaries - net of issuance expenses Payment of obligations under finance lease Payment of loans from non-financial institutions Proceeds from rights issue Proceeds from issuance of convertible bonds Payment of convertible bonds payment of devidens payable Net Cash Generated from Financing Activities
CASH AT END OF PERIOD
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 1. GENERAL a. Establishment and General Information P.T. Berlian Laju Tanker Tbk (the Company) is a limited liability company incorporated in Indonesia. Its activities comprise mainly of local and overseas shipping services. In 2010, the Company’s articles of association have been amended as stated in notarial deed No. 26 dated July 29, 2010 of Amrul Partomuan Pohan S.H., LLM, notary in Jakarta, concerning, among others, the increase in the Company’s paid up capital stock. The Company is domiciled in Jakarta and has two branches in Merak and Dumai, and representative offices in China, Brazil, United Arab Emirates and Taiwan. Its head office is th located at Wisma BSG, 10 Floor, Jalan Abdul Muis No. 40, Jakarta. b. Public Offering of Shares and Bonds The Company's offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990. On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market and Financial Institution Supervisory Agency (Bapepam&LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges (currently the Indonesian Stock Exchange) on May 24, 1993. On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-2966/PM/1997 for its Rights Issue II with Pre-emptive Rights to stockholders totaling to 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998. The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004 thus, the warrants’ exercise price since 2005 became Rp 150 per share. On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-3690/PM/2000 for its Rights Issue III with Pre-emptive Rights to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with a nominal value of Rp 500 per share at a price of Rp 1,100 per share. On September 22, 2006, the Company obtained the eligibility to list all of the Company’s shares on the SGX-mainboard based on letter No. RMR/IR/YCH/260407 from the SGX-ST. In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meeting held on September 11, 2006. On May 4, 2007, and May 17, 2007, BLT Finance B.V., a subsidiary, issued US$ 400 million 7.5% Guaranteed Senior Notes due 2014 and US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-3117/BL/2007 for its public offering of Sukuk Ijarah Bonds year 2007 amounting to Rp 200 billion and Berlian Laju Tanker III Bonds year 2007 amounting to Rp 700 billion. On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-3908/BL/2009 for its public offering of Sukuk Ijarah II Bonds year 2009 amounting to Rp 100 billion and Berlian Laju Tanker IV Bonds year 2009 amounting to Rp 400 billion. On June 29, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-5658/BL/2009 for its Rights Issue IV with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 1,392,310,059 new common shares at Rp 425 per share. On February 10, 2010 and March 29, 2010, BLT International Corporation, a subsidiary, issued US$ 100 million and US$ 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015. On June 30, 2010, the Company obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S-5872/BL/2010 for its Rights Issue V with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 5,569,240,235 new common shares at Rp 220 per share. PT Buana LIstya Tama Tbk, a subsidiary, offer 6,650,000 thousand shares to public on Indonesian Stock Exchange (the “IDX”) at offer price Rp 155 per share, and has been approved by The Indonesian Capital Markets and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan or “Bapepam-LK”) in his Decision Leter No. S-5214/BL/2011 dated May 10, 2011. Those shares are listed on The Indonesian Stock Exchange dates May 23, 2011. As of September 30, 2011, issued shares of 11,550,831,470 have been listed on the stock exchanges in Indonesia and Singapore. 2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statements of Compliance and Basis of Preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in relation to the Company’s listing of equity securities on the SGX-ST. Such IFRS consolidated financial statements have been prepared on the historical cost basis, except for vessels and certain financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Further, such IFRS consolidated financial statements are presented in US Dollars, which is the currency of the primary economic environment in which the Company and the majority of its subsidiaries operate (their functional currency). Historical cost is generally based on the fair value of the consideration given in exchange for assets. The principal accounting policies are set out below. b. Principles of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Income and expenses of subsidiaries acquired or disposed of during the years presented are included in the consolidated statement of comprehensive income from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in-line with those used by the Company. All intra-company transactions, balances, income and expenses are eliminated on consolidation. Changes in the ownership interests of the Company and its subsidiaries’ in subsidiaries that do not result in the Company and its subsidiaries losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Company and its subsidiaries’ interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiaries. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company. When the Company and its subsidiaries lose control of a subsidiary, the profit or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any noncontrolling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the relevant assets (i.e. reclassified to profit or loss or transferred directly to retained earnings as specified by applicable IFRSs). The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IAS 39 Financial Instruments: Recognition and Measurement or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity. c. Business combinations Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred, liabilities incurred or assumed and equity interests issued by the Company and its subsidiaries in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred. The acquiree’s identifiable assets, liabilities assumed and contingent liabilities that meet the condition for recognition are recognized at their fair value at the acquisition date, except that: deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12, Income Taxes and IAS 19, Employee Benefits respectively; liabilities or equity instruments related to share-based payment arrangements of the acquiree or share-based payment arrangements of the Company and its subsidiaries entered into to replace share-based payment arrangements of the acquiree are measured in accordance with IFRS 2, Share-based Payment at the acquisition date; and assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5, Non-current Assets Held for Sale and Discontinued Operations are measured accordance with that Standard.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, the net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain. Non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the entity's net assets in the event of liquidation may be initially measured either at fair value or at the non-controlling interests' proportionate share of the recognized amounts of the acquiree's identifiable net assets. The choice of measurement basis is made on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in another IFRS. When the consideration transferred by the Company and its subsidiaries in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date. The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is remeasured at subsequent reporting dates in accordance with IAS 39, or IAS 37 Provisions, Contingent Liabilities and Contingent Assets, as appropriate, with the corresponding gain or loss being recognized in profit or loss. When a business combination is achieved in stages, the Company and its subsidiaries’ previously held equity interest in the acquiree is remeasured to fair value at the acquisition date (i.e. the date when the Company and its subsidiaries obtain control) and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of. If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company and its subsidiaries reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date. Business combinations that took place prior to 1 January 2010 were accounted for in accordance with the previous version of IFRS 3. d. Investments in Associates An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor an interest in a joint venture. Significant influence, is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) The results of operations and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting except when classified as held for sale, in which case it is accounted for in accordance with IFRS 5 “Noncurrent Assets Held for Sale and Discontinued Operations”. Under the equity method, investments in associates are carried in the consolidated statement of financial position at cost as adjusted for post-acquisition changes in the Company’s share in the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Company and its subsidiaries’ interest in those associates are not recognized, unless the Company and its subsidiaries have incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Company’s share in the fair values of the identifiable net assets of the associates at the date of acquisition is recognized as goodwill. Goodwill is included within the carrying amount of investment and is assessed for impairment as part of the investment. Any excess of the Company’s share in the fair values of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized in profit and loss in the year of acquisition. The requirements of IAS 39 are applied to determine whether it is necessary to recognise any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36, Impairment of Assets as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, Any impairment loss recognized forms part of the carrying amount of the the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases. Where the Company or its subsidiaries transact with an associate of the Company, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate. e. Foreign Currency Transactions and Translation Functional and presentation currency The individual financial statements of each of the consolidated entities are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each group entity are expressed in US Dollar, which is the Company’s functional currency and presentation currency for the consolidated financial statements. Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the exchange rates prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Group Companies The results and financial position of all the entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the group presentation currency are translated into the presentation currency as follows: (i) assets and liabilities are translated at the closing rate at the end of the reporting period; (ii) income and expenses are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (iii) all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. f.
Property, Vessels and Equipment Vessels Vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the end of the reporting period. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years. Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation reserve, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation reserve relating to a previous revaluation of such vessels. Depreciation on revalued vessels is charged to profit or loss. As the vessels are used, a transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels’ original cost. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings. Vessels in the course of construction are carried at cost less any impairment loss. Costs, including professional fees, incurred while under construction are capitalized in accordance with the Company’s accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use. Borrowing costs are not capitalized because the vessels are measured at fair values. The vessels’ residual values, estimated useful lives and depreciation method are reviewed at each financial year end, with the effect of any changes in estimate accounted for on a prospective basis.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss. Dry docking cost Included in the balance of property, vessels and equipment is dry docking cost which is capitalized when incurred. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: Years Buildings and premises 20 Oil tanks 10 Transportation equipment 5 Office furniture and fixtures 5 Office and dormitory equipment 5 Landrights is accounted for as operating leases and amortized over the lease term. Assets held under finance leases are depreciated over their expected useful lives on the same basis as owned assets or, where shorter, the term of the relevant lease. The cost of maintenance and repairs is charged to operations as incurred. Other subsequent expenditures which meet the asset recognition criteria are capitalized. When assets are retired or otherwise disposed of, the cost and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations. Construction in progress is stated at cost, which includes the progress billing paid in accordance with the construction contracts. Construction in progress is transferred to the respective property and equipment account when completed and ready for use. Depreciation begins when the property and equipment become available for use. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is recognized in profit or loss in the year the item is derecognized. The asset’s residual values, estimated useful lives and depreciation method are reviewed at each financial year end with the effect of any changes in accounting estimate accounted for on a prospective basis. g. Goodwill Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition less any accumulated impairment losses.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) For the purpose of impairment testing, goodwill is allocated to each of the Company and its subsidiaries' cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in subsequent periods. On disposal of the relevant cash-generating unit, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. h. Inventories Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method. i.
Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.
j.
Post-Employment Benefits The Company provides defined post-employment benefits to its employees in accordance with Indonesian Labor Law No. 13/2003. No funding has been made to this defined benefit plan. The cost of providing post-employment benefits is determined using the Projected Unit Credit Method with actuarial valuations being carried out at the end of each reporting period. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, or otherwise amortized on a straight-line basis over the average years until the benefits become vested. The post-employment benefits obligation recognized in the consolidated statement of financial position represent the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost.
k. Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Company and the subsidiaries’ liability for current tax is calculated using tax rates that have been enacted or substantively enacted at by the end of the reporting period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Deferred tax liabilities are recognized for taxable temporary differences arising on investment in subsidiaries and associates except when the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax asset is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled or the asset realized. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company and subsidiaries expect, at the reporting date, to recover or settle the carrying amount of their assets and liabilities. Deferred tax assets and liabilities are offset in the consolidated statement of financial position when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and management intends to settle the current tax assets and current tax liabilities on a net basis. Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the consolidated statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable. l.
Financial Assets All financial assets are recognized and derecognized on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value. Financial assets are classified into the following categories: either as financial assets at ‘fair value through profit or loss’, ‘held-to maturity’, ‘available-for-sale' (AFS) financial assets’ and ‘loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Effective Interest Method The effective interest method is a method of calculating the amortized cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition. Income is recognized on an effective interest basis for debt instruments. Financial Assets at Fair Value through Profit or Loss (FVTPL) Financial assets are classified as at FVTPL when the financial asset is either held for trading or it is designated as at FVTPL.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) A financial asset is classified as held for trading if: •
it has been acquired principally for the purpose of selling it in the near term; or
•
on initial recognition it is part of a portfolio of identified financial instruments that the Group manages together and has a recent actual pattern of short-term profit-taking; or
•
it is a derivative that is not designated and effective as a hedging instrument.
A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if: •
such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
•
the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Group's documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or
•
it forms part of a contract containing one or more embedded derivatives, and IAS 39, Financial Instruments: Recognition and Measurement permits the entire combined contract (asset or liability) to be designated as at FVTPL.
Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognized in profit or loss. The net gain or loss recognized in profit or loss incorporates any dividend or interest earned on the financial asset and is included in the ‘other gains and losses' line item in the consolidated statement of comprehensive income. Held-to-Maturity Investments Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Company and its subsidiaries have the positive intent and ability to hold to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortized cost using the effective interest method less any impairment. Available-for-Sale Investments (AFS) AFS financial assets are non-derivative financial assets that are either designated in this category or not classified in other categories and are initially measured at fair value plus directly attributable transaction cost. At subsequent reporting dates, available-for-sale investments except, unquoted AFS equity investments, are stated at fair value. Gains and losses arising from changes in fair value are recognized in other comprehensive income, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognized in other comprehensive income is included in the profit or loss for the year. The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. The foreign exchange gains and losses that are recognized in profit or loss are determined based on the amortized cost of the monetary asset. Other foreign exchange gains and losses are recognized in other comprehensive income.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity investments are measured at cost less any identified impairment losses at the end of each reporting period. Loans and receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other accounts receivables, bank balances and cash, and advances) are measured at amortized cost using the effective interest method, less any impairment. Interest income is recognized by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial. Impairment of Financial Assets Financial assets, other than those carried at fair value through profit and loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected. For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment. For all other financial assets, including fund under investment management classified as AFS, objective evidence of impairment could include: • • •
significant financial difficulty of the issuer or counterparty; or default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or financial re-organization.
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company and its subsidiaries’ past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables. For financial assets carried at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate. For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. In respect of AFS equity securities, impairment losses previously recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized in other comprehensive income. Derecognition of Financial Assets The Company and its subsidiaries derecognise a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company and its subsidiaries neither transfer nor retain substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company and its subsidiaries recognise their retained interest in the asset and an associated liability for amounts it may have to pay. If the Company and its subsidiaries retain substantially all the risks and rewards of ownership of a transferred financial asset, the Company and its subsidiaries continue to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received. On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognized in other comprehensive income and accumulated in equity is recognized in profit or loss. On derecognition of a financial asset other than in its entirety (e.g. when the Company and its subsidiaries retain an option to repurchase part of a transferred asset or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the Company and its subsidiaries retain control), the Company and its subsidiaries allocate the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognized and the sum of the consideration received for the part no longer recognized and any cumulative gain or loss allocated to it that had been recognized in other comprehensive income is recognized in profit or loss. A cumulative gain or loss that had been recognized in other comprehensive income is allocated between the part that continues to be recognized and the part that is no longer recognized on the basis of the relative fair values of those parts. m. Financial Liabilities and Equity Instruments Financial liabilities and equity instruments of the Company and its subsidiaries are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. The accounting policies adopted for specific financial liabilities are set out below. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments. Financial Liabilities The financial liabilities of the Company and its subsidiaries are classified as either financial liabilities at fair value through profit and loss or other financial liabilities. Financial liabilities at fair value through profit and loss (FVTPL) Financial liabilities at FVTPL have two subcategories: financial liabilities held for trading and those designated as at FVTPL on initial recognition. A financial liability is classified as held for trading if: It has been incurred principally for the purpose of repurchasing in the near future: or It is a part of an identified portfolio of financial instruments that the Company and its subsidiaries manages together and has a recent actual pattern of short-term profit-taking: or It is a derivative that is not designated and effective as a hedging instrument. A financial liability, other than a financial liability held for trading, may be designated as at FVTPL upon initial recognition if: Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company and its subsidiaries’ documented risk management or investment strategy, and information about the grouping is provided internally on that basis: or It forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial Instruments: Recognition and Measurement, permits the entire combined contract (asset or liability) to be designated as at FVTPL. At each reporting date subsequent to initial recognition, financial liabilities at FVTPL are measured at fair value, with changes in fair value recognized directly in profit or loss in the period in which they arise. Other Financial Liabilities Other financial liabilities (including bank and other borrowings, trade payables and other payables) are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest method. Effective Interest Method The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Derecognition of Financial Liabilities The Company and its subsidiaries derecognise financial liabilities when, and only when, the obligations of the Company and its subsidiaries are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognized in profit or loss. n. Derivative Financial Instruments Derivative financial instruments are categorized as FVTPL and are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting. Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with changes in fair value recognized in profit or loss. A derivative is presented as a non-current asset or non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities. The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors consistent with the Company’s risk management strategy. The Company does not use derivative financial instruments for speculative purposes. o. Revenue and Expense Recognition Revenue from freight operations is recognized as income by reference to the percentage of completion of the voyage as at the end of the reporting period. Unearned revenue received is recognized as liability. Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage. Revenues from agency services and storage services are recognized when the services are rendered to customers. Interest income on interest-bearing instruments is recognized when it is probable that the economic benefits will flow to the Company and its subsidiaries. Interest income is accrued on a time basis by reference to the principal amount outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition. Expenses are recognized when incurred. p. Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) The Company or its Subsidiaries as Lessor Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Company or its Subsidiaries as Lessee Assets held under finance leases are initially recognized as assets of the Company or subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statement of financial position as a finance lease obligation. Lease payments are apportioned between finance charges, which are recognized directly in profit or loss, and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred. In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Sale and Leaseback Assets sold under a sale and leaseback transaction are accounted for as follows: If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term. If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used. For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately. For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount. q. Finance Cost Interest expense and similar charges are expensed in the year when they are incurred.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) r.
Loss per Share Basic loss per share is computed by dividing loss for the year by the weighted average number of shares outstanding during the year. Diluted loss per share is computed by dividing loss for the year by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.
s. Impairment of Tangible Assets Other than Goodwill At the end of each reporting period, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimated of future cash flows have not been adjusted. If the recoverable amount of the asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Where an impairment loss subsequently reverses, the carrying amount of the asset (cashgenerating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. t.
Provisions Provisions are recognized when the Company and its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that the Company and its subsidiaries will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 3.
CONSOLIDATED SUBSIDIARIES Details of the Company’s subsidiaries, whether owned directly or indirectly, are as follows: Percentage of Ownership and Voting Power Held Subsidiary
Domicile
1. 1.1
Indigo Pacific Corporation Indigo Pacific Corporation
Labuan, Malaysia British Virgin Islands Panama
1.1.1
Melani Maritime Inc.
1.1.2 1.1.3
Zona Overseas International Shipping S.A. Kunti Maritime Pte. Ltd.
Singapore
1.1.4
Jembawati Maritime Pte. Ltd.
Singapore
1.1.5
Tirtasari Maritime Pte. Ltd.
Singapore
1.1.6
Pergiwo Navigation Pte. Ltd.
Singapore
1.1.7
Fatmarini Maritime Pte. Ltd.
Singapore
1.1.8
Harsanadi Maritime Pte. Ltd.
Singapore
1.1.9
Hartati Maritime Pte. Ltd.
Singapore
1.1.10
BLT Finance Corporation
1.1.11
Pujawati Maritime Pte. Ltd.
British Virgin Islands Singapore
1.1.12
Pertiwi Maritime Pte. Ltd.
Singapore
1.1.13
Anggraini Maritime Pte. Ltd.
Singapore
1.1.14
Emerald Maritime Pte. Ltd.
Singapore
1.1.15 1.1.16
BLT Finance B.V. Tridonawati Maritime Corporation
1.1.17
Purbasari Maritime Pte. Ltd.
Singapore
1.1.18
Tridonawati Maritime Pte. Ltd.
Singapore
1.1.19
Trirasa Maritime Pte. Ltd.
Singapore
1.1.20
Pramoni Maritime Pte. Ltd.
Singapore
1.1.21
Fatmarini Shipping Pte. Ltd.
Singapore
1.1.22
Frabandari Shipping Pte. Ltd.
Singapore
1.1.23
Harsanadi Shipping Pte. Ltd.
Singapore
1.1.24
Hartati Shipping Pte. Ltd
Singapore
1.1.25
Nogogini Shipping Pte. Ltd.
Singapore
1.1.26
Nolowati Shipping Pte. Ltd.
Singapore
1.1.27
Ratih Shipping Pte. Ltd.
Singapore
1.1.28
Universal Grace Ltd.
Hong Kong
1.1.29
BLT Maritime Corporation
British Virgin Island
Panama
The Netherlands Liberia
- 22 -
Type of Business
2011
2010
Investment holding Investment holding
100% 100%
100% 100%
Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100% 100%
100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
-
Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Percentage of Ownership and Voting Power Held Subsidiary 2
Domicile
2.1.1
Diamond Pacific International Corporation Diamond Pacific International Corporation Lenani Maritime Inc.
2.1.1.1
Ontari Maritime Pte. Ltd.
2.1.2 2.1.3 2.1.4 2.1.4.1 2.1.4.1.1 2.1.4.1.2 2.1.4.1.3 2.1.4.1.4 2.1.4.1.5 2.1.4.1.6 2.1.4.1.7 2.1.5
Averina Maritime S.A. Gandari Navigation Pte. Ltd. GBLT Shipmanagement Pte. Ltd. GBLT Shipmanagement Ltd. Harsanadi Shipping Ltd. Hartati Shipping Ltd. Frabandari Shipping Ltd. Fatmarini Shipping Ltd. Nolowati Shipping Ltd. Nogogini Shipping Ltd. Ratih Shipping Ltd. Cendanawati Navigation Pte. Ltd.
2.1.6
Frabandari Maritime Pte. Ltd.
Singapore
2.1.7
Brotojoyo Maritime Pte. Ltd.
Singapore
2.1.8
Berlian Laju Tanker Pte. Ltd.
Singapore
2.1.9
Anjasmoro Maritime Pte. Ltd.
Singapore
2.1.10
Gas Lombok Maritime Pte. Ltd.
Singapore
2.1.11
Gas Sumbawa Maritime Pte. Ltd.
Singapore
2.1.12
Berlian Laju Tanker DMCC
2.2
BLT LNG Tangguh Corporation
3. 3.1 3.1.1
Asean Maritime Corporation Gold Bridge Shipping Corporation Bauhinia Navigation S.A.
3.1.2
Cempaka Navigation S.A.
3.1.3 3.1.3.1 3.1.4
Gold Bridge Shipping Ltd. BLT Shipping Shanghai Co. Ltd. Great Tirta Shipping S.A.
Hong Kong China Panama
3.1.4.1
Dewayani Maritime Pte. Ltd.
Singapore
3.1.5
Hopeway Marine Inc.
Panama
3.1.6
Panama
3.1.6.1
Lestari International Shipping S.A. Gandini Maritime Pte. Ltd.
3.1.7
Quimera Maritime S.A.
Panama
3.1.8
Panama
3.1.9
South Eastern Overseas Navigation S.A. Zenith Overseas Maritime S.A.
3.1.9.1
Gandari Maritime Pte. Ltd.
3.1.10
Zona Shipping S.A.
3.1.10.1
Dewi Sri Maritime Pte. Ltd.
3.1.11
Dahlia Navigation S.A.
Panama
3.1.12
Eglantine Navigation S.A.
Panama
3.1.13
Wulansari Maritime Pte. Ltd.
2.1
Type of Business
2011
2010
Labuan, Malaysia
Investment holding
100%
100%
British Virgin Islands Panama
Investment holding
100%
100%
Owner and operator of vessel Owner and operator of vessel Shipping agency Operator of vessel Ship management Ship management Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Operator of Vessel
100%
100%
100%
100%
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
-
100%
100%
100% 100%
100% 100%
100%
100%
100%
100%
100% 100% 100%
100% 100% 100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Singapore Panama Singapore Singapore United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Singapore
Dubai Marshall Islands Labuan, Malaysia British Virgin Islands Panama Panama
Singapore
Panama Singapore Panama Singapore
Singapore
- 23 -
Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Shipping agency Owner and operator of vessel Investment holding Investment holding Owner and operator of vessel Owner and operator of vessel Shipping agency Shipping agency Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.14
Yanaseni Maritime Pte. Ltd.
Domicile Singapore
Type of Business
2011
2010
100%
100%
100%
100%
Shipping agency
100%
100%
Owner and operator
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
Owner and operator of vessel
3.1.15
Indradi Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.16
Gold Bridge Shipping Agencies S.A.
3.1.17
Elite Bauhinia Navigation Pte. Ltd.
Panama Singapore
of vessel 3.1.18
Cempaka Navigation Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.19
Dahlia Navigation Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.20
Freesia Navigation S.A.
Panama
Owner and operator of vessel
3.1.21
Gerbera Navigation S.A.
Panama
Owner and operator of vessel
3.1.22
Mustokoweni Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.23
Ulupi Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.24
Erowati Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.25
Gas Papua Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.26
Rasawulan Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.27
Gas Sulawesi Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.28
Gagarmayang Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.29
Prita Dewi Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.30
Purwati Martime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.31
Pradapa Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.32
Pergiwati Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.33
Badraini Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.34
Barunawati Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.35
Gas Maluku Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.36
Barawati Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.37
Gas Bali Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.38
Eustoma Navigation S.A.
Panama
Owner and operator of vessel
3.1.39
Puspawati Maritime Pte. Ltd.
Singapore
Owner and operator of vessel
3.1.40
Diamond Flow Ltd.
Hong Kong
Investment holding
100%
100%
3.1.41
Likabula International Limited
Hongkong
Investment holding
100%
100%
3.1.42
Richesse International Corp.
British Virgin
Investment holding
100%
100%
Hong Kong
Investment holding
100%
100%
China
Storage and sale of
75%
100%
Islands 3.1.42.1
Richesse Logistics (International) Ltd.
3.1.42.1.1 Richesse Logistics (Fangcheng Port) Co. Ltd.
chemical products
- 24 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Percentage of Ownership and Voting Power Held Subsidiary
Domicile
Type of Business
3.1.43
Hyacinth Navigation S.A.
Panama
Owner and operator
3.1.44
Irish Maritime International S.A
Panama
Owner and operator
2011
2010
100%
100%
100%
100%
of vessel of vessel 3.1.45
Gerbera Navigation Pte. Ltd.
3.2
BLT Chembulk Corp. BVI
3.2.1
Chembulk Tankers LLC
3.2.1.1
Chembulk Trading II LLC
Singapore
Operator of vessel
100%
-
British Virgin
Investment holding
100%
100%
Marshall Islands
Investment holding
100%
100%
Marshall Islands
Owner and operator of
100%
100%
Ship management
100%
100%
The Netherlands
Ship management
100%
100%
Singapore
Ship management
100%
100%
Brazil
Ship management
100%
100%
British Virgin
Operator of vessel
100%
100%
Islands
vessel 3.2.1.2
Chembulk Management LLC
United States of America
3.2.1.3
Chembulk Management B.V.
3.2.1.4
Chembulk Management Pte. Ltd.
3.2.1.5
CBL Tankers Do Brazil Ltda.
3.2.1.6
BLT Chembulk Group Corporation
Islands 3.2.1.7
BLT Chembulk Group Europe A / S
Den Mark
Ship management
100%
-
3.2.2
Chembulk Barcelona Pte. Ltd.
Singapore
Owner and operator
100%
100%
3.2.3
Chembulk Gibraltar Pte. Ltd.
Singapore
Owner and operator
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
100%
of vessel of vessel 3.2.4
Chembulk Hong Kong Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.5
Chembulk Houston Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.6
Chembulk Kobe Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.7
Chembulk New York Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.8
Chembulk Savannah Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.9
Chembulk Shanghai Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.10
Chembulk Ulsan Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.11
Chembulk Virgin Gorda Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.12
Chembulk Yokohama Pte. Ltd.
Singapore
Owner and operator of vessel
3.2.13
Chembulk New Orleans Pte. Ltd.
Singapore
Owner and operator of vessel
3.3
BLT International Corporation
3.4
Nevaeh Limited
Hongkong
Investment Holding
100%
100%
British Virgin
Investment Holding
51%
51%
Owner and operator
100%
100%
Island 4.
PT Banyu Laju Shipping
Indonesia
of vessel 4.1
Banyu Laju Corporation
5.
PT Brotojoyo Maritime
Labuan, Malaysia
Investment holding
100%
100%
Indonesia
Owner and operator
100%
100%
62.32%
100%
62.32%
100%
62.32%
100%
62.32%
100%
62.32%
100%
62.32%
100%
62.32%
100%
62.32%
100%
62.32%
100%
of vessel 6.
PT Buana Listya Tama Tbk
Indonesia
Owner and operator of vessel
6.1
PT Anjasmoro Maritime
Indonesia
Owner and operator of vessel
6.2
PT Pearl Maritime
Indonesia
Owner and operator of vessel
6.3
PT Ruby Maritime
Indonesia
Owner and operator of vessel
6.4
PT Sapphire Maritime
Indonesia
Owner and operator of vessel
6.5
PT Citrine Maritime
Indonesia
Owner and operator of vessel
6.6
PT Diamond Maritime
Indonesia
Owner and operator of vessel
6.7
PT Emerald Maritime
Indonesia
Owner and operator of vessel
6.8
PT Jade Maritime
Indonesia
Owner and operator of vessel
- 25 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Percentage of Ownership and Voting Power Held Subsidiary
Domicile
Type of Business
6.9
PT Onyx Maritime
Indonesia
Owner and operator
6.10
PT Topaz Maritime
Indonesia
Owner and operator
2011
2010
62.32%
100%
62.32%
100%
of vessel of vessel 6.11
PT Bayu Lestari Tanaya
Indonesia
Shipping agency
62.32%
100%
6.11.1 6.12
PT Berlian Dumai Logistics PT Gemilang Bina Lintas Tirta
Indonesia Indonesia
General Trading Operator of vessel
62.32% 62.32%
100% 100%
6.13
PT Karya Bakti Adil
Indonesia
Crew Agency
62.32%
100%
6.14
PT BLT International Group
Indonesia
Investment holding
62.32%
100%
6.15
PT BLT Meo
Indonesia
Owner and operator
50%
50%
Investment holding
62.32%
-
Investment holding
62.32%
-
vessel 6.16
BLT Shipping Corporation
British Virgin Island
6.17
BLT Marina Shipping Corporation
British Virgin Island
4.
PROPERTY, VESSELS AND EQUIPMENT January 1, 2011 US$'000 Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Others : Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Building in progress Advances for purchase of vessels Total Accumulated depreciation: Owned vessels Leased vessels Others : Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount
Exchange Difference US$'000
2,246,787 551,801 155,040
-
2,048 4,158
-
1,021 3,275 34,900 20,250
-
3,019,280
25,510 93,500 144,490
1,340 3,209
-
503 863
-
32 120
-
15 95 -
-
177,803 (177,803)
Revaluations US$'000
September 30, 2011 US$'000
58,311 15,384 -
2,403,700 660,685 121,727 2,080 4,284
(6)
-
-
1,030 3,379 34,900 20,250
263,762
(104,717)
-
73,695
84,990 15,384
(9,818) -
-
-
695,897 61,785
-
-
1,517 3,605
-
-
(104,711) -
Reclassifications US$'000
-
9
15
Deductions US$'000
-
6
620,725 46,401
673,041
Additions US$'000
3,252,035
6
177 390
-
54 93
(5)
1
-
-
-
552 957
7
101,088
(9,823)
-
-
764,313
2,346,239
2,487,722
- 26 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) January 1, 2010 US$'000 Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Others : Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Building in progress Advances for purchase of vessels Total Accumulated depreciation: Owned vessels Leased vessels Others : Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount
1,952,241 381,302 107,174
Exchange Difference US$'000 -
Additions US$'000
Deductions US$'000
165,517 647 156,910
(1,508) -
1,625 1,919 4,056
(1) 54
137 96
(1,624) (8) (48)
885 2,846 20,767 46,905
2 (42) -
183 481 14,133 20,250
2,519,720
13
2,246,787 551,801 155,040 2,048 4,158
(49) (10) (36,905)
(10,000)
-
1,021 3,275 34,900 20,250
358,354
(40,152)
-
-
130,308 15,275
1,224 1,150 2,581
(1) 41
199 623
(1,224) (8) (36)
(44) 35
20 155 146,580
31
143,809 37,536 -
December 31, 2010 US$'000
-
-
527,745
(14,780) 133,824 (109,044)
Revaluations US$'000
-
490,241 31,302
574 673
Reclassifications US$'000
1,991,975
176 (176)
181,345
3,019,280
-
620,725 46,401
-
-
1,340 3,209
(47) -
-
-
503 863
(1,315)
-
-
673,041 2,346,239
The vessels are stated at their revalued amounts being the fair value as of September 30, 2011 and December 31, 2010, reviewed by management, and supported by an independent professional valuation. The Company and its subsidiaries completed the sale of several vessels. In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back the vessels for a period of 4 – 11 years. After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that for the leaseback, all the risks and rewards incidental to ownership of the vessels still rest with the Company and its subsidiaries (seller-lessee) and classified the transactions as finance lease. Vessel depreciation expense charged to operations is US$ 100,374 thousand and US$ 109,533 thousand in 2011 and 2010, respectively. Vessels under construction as of September 30, 2011 and December 31, 2010 consist of five vessels and nine vessels, respectively, which are estimated to be completed between 2011 to 2012. Advances for purchase of vessels as of September 30, 2011, represent advance payments made for the purchase of three second hand vessels. Advances for purchase of vessels as of December 31, 2010 represent advance payments on the purchase of three second hand vessels. In 2010, one vessel was paid in full, while the advances made for the two second hand vessels were refunded. Building in progress represents construction of chemical storage tanks and related facilities.
- 27 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 5.
DEFERRED CHARGES AND SECURITY DEPOSITS In connection with lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of US$ 22,195 thousand. The difference of US$ 7,164 thousand between the nominal value of the non-interest bearing deposit and its fair value is considered as deferred rent and amortized on a straight-line basis over the lease term. Amortization of deferred rent of US$ 597 thousand each year, are included under charter expenses. Interest income recognized on the security deposits.
6.
GOODWILL September 30, 2011 US$'000
December 31, 2010 US$'000
Goodwill, beginning balance Less accumulated impairment losses
84,286 (8,547)
84,286 (8,547)
Goodwill, ending balance
75,739
75,739
Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the assets and liabilities of the acquired subsidiaries. The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill amounting to US$ 72,354 thousand and US$ 11,932 thousand has been allocated to Chembulk Tankers LLC and Gold Bridge Shipping Corporation, respectively, the cash generating units determined by the Company that is expected to benefit from the business combination. The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cash-generating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market. The Company and its subsidiaries prepare cash flow forecasts derived from the most recent financial budgets approved by management. The rate used to discount the forecast cash flows from the cash generating units is the average borrowing rate at the end of the reporting period as adjusted to estimate the rate that the market would expect from the investment. This rate does not exceed the average long-term growth rate for the relevant markets.
- 28 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 7.
INVESTMENTS IN ASSOCIATES
September 30, 2011 US$'000 Cost Less: Share of post-acquisition income (loss) Return of capital Sale of investment Reclassified as available-for-sale Total
December 31, 2010 US$'000
91,037
91,037
1,693 (8,400) (32,453) (33,778)
(8,451) (8,400) (32,453) (33,778)
18,099
7,955
In April 2010, the long-term receivables amounting to US$ 2,323 thousand were paid by Teekay BLT Corporation. Details of the associates are as follows: Name of Associate
Place of Incorporation
PT Berlian Limatama Indonesia Teekay BLT Corporation Marshall Islands Thai Petra Transport Co. Ltd. Thailand Briliant Hero Industrial Hongkong Limited Jiangsu Xinrong Shipyard China Company Limited
Place of Operation
Nature of Business
Percentage of Ownership and Voting Power Held September 30, December 31, 2011 2010 % %
Indonesia Indonesia Thailand Hongkong
Cargo shipping services Cargo shipping services Port services (agency) Investment holding
50 30 30 22.69
50 30 30 22.69
China
Ship repair, conversion and steel structure
-
-
In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited, an investment holding company, and an effective ownership of 21.80% in Jiangsu Xinrong Shipyard Company Limited, engaged in ship repair, conversion and steel structure, through the acquisition of 100% ownership in Nevaeh Limited, an investment holding company, at an acquisition cost of USD 66,231 thousand. On November 1, 2010, Asean Maritime Corporation sold 49% of its ownership in Nevaeh Limited to Mitsui & Co. Ltd., a third party, for US$ 32,957 thousand, wherein the US$ 32,886 thousand was paid in cash and the remaining amount of US$ 71 thousand will be payable on the Redemption Date of Brilliant Hero 3% Preference Shares. The Company and its subsidiaries have retained the 11.12% interest as an available-for-sale investment whose fair value at the date of disposal was US$ 34,302 thousand.
8.
TRADE ACCOUNTS RECEIVABLE
September 30, 2011 US$'000
December 31, 2010 US$'000
Related parties Third parties
154,792
236 159,930
Total
154,792
160,166
- 29 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) The table below shows the aging of past due but unimpaired trade receivables:
1 - 60 days 60 - 120 days 120 - 180 days More than 180 days Total
September 30, 2011 US$'000
December 31, 2010 US$'000
45,280 25,128 20,677 29,614
42,692 26,185 16,015 44,865
120,699
129,757
The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided. 9.
INVESTMENTS Short-term investments Short-term investments consist of funds under investment management and investments in mutual funds, and are carried at fair value as follows: September 30, 2011 US$'000
December 31, 2010 US$'000
Held-for-trading Available-for-sale
413 88,548
483 79,481
Total
88,961
79,964
The Company’s subsidiary entered into an Investment Service Agreement with UBS AG in 2011, Danatama Capital Management Limited in 2010 and Investment Management Contract Service Agreement with P.T. Danatama Makmur to manage funds which will be invested, in among others, government bonds corporate bonds or corporate notes payable, certificate of deposit and money market instruments. Long-term Investment Available-for-sale The long-term investment represents 11.12% ownership interest in Jiangsu Xinrong Shipyard Company Limited, carried of US$ 34,302 thousand.
- 30 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 10. CASH
September 30, 2011 US$'000
December 31, 2010 US$'000
Cash on hand Cash in banks and time deposits
2,424 103,339
1,059 83,225
Total
105,763
84,284
0.15% - 1.75% 5.75% - 6.16% 0.7%
0.15% 6.00% - 6.60% 0.7%
Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar
11. SHARE CAPITAL The Company has authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. Movements in share capital are as follows:
September 30, 2011 US$'000
December 31, 2010 US$'000
Balance at beginning of the year Issuance of shares through rights issue
109,575 -
70,936 38,639
Balance at end of the year
109,575
109,575
Details of the Company’s number of shares outstanding (in full amounts) are as follows: September 30, December 31, 2011 2010
Balance at beginning of the year Issuance of new shares through rights issue
11,138,480,470 -
5,569,240,235 5,569,240,235
Balance at end of the year
11,138,480,470
11,138,480,470
At the Extraordinary General Meeting of Stockholders as stated in notarial deed no. 26 dated July 29, 2010 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue with Pre-emptive Rights. The Company issued 5,569,240,235 common shares at an exercise price of Rp 220 per share.
- 31 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 12. ADDITIONAL PAID-IN CAPITAL This account represents additional paid-in capital in connection with the following:
US$'000 Balance of additional paid-in capital as of January 1, 2010 Issuance of shares through rights issue Balance of additional paid-in capital as of September 30, 2011 and December 31, 2010
115,001 94,002 209,003
13. TREASURY STOCKS At the Extraordinary General Meeting of Stockholders in May 2006, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at a purchase price of Rp 2,750 per share. The details of treasury stocks are as follows:
September 30, 2011 and December 31, 2010 Percentage Number to issued of shares shares Cost % US$'000 Treasury stocks
412,351,000
3.57
86,628
14. REVALUATION RESERVE
September 30, 2011 US$'000
December 31, 2010 US$'000
Balance at beginning of year Revaluation during the period Transfer to retained earnings
300,731 42,797 (23,848)
235,671 87,098 (22,038)
Balance at end of year
319,680
300,731
The revaluation reserve arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserve that relates to that vessel, and is effectively realized, is transferred directly to retained earnings.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 15. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS
At amortized cost: DnB NOR Bank, ASA, Singapore / BNP Paribas / ING Bank N.V. / NIBC Bank Ltd./ Nordea Bank Finland PLC / Standard Chartered Bank / Skandinaviska Enskilda Banken AB (publ) Bank Negara Indonesia Bank Mandiri, Jakarta Deutsche Investitions und Entwicklungsgesselschaft MBH Bank Syariah Mandiri / Bank Pembangunan Daerah Jawa Timur / Bank Muamalat Indonesia/ Bank Jabar Banten Syariah Mitsubishi UFJ Lease & Finance Co. Ltd. Indonesia Eximbank Bank UOB Indonesia Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah Bank Mega Bank Central Asia Dialease Maritime S.A., Japan DnB NOR Bank, ASA, Singapore / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore DVB Group Merchant Bank (Asia) Ltd., Singapore DnB NOR Bank, ASA, Singapore ING Bank N.V., Singapore Mount Gede LLC DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd.
September 30, 2011 US$'000
December 31, 2010 US$'000
622,453 35,124 31,005 29,443
31,837 38,597 29,354
27,648 27,327 24,041 17,823
35,924 29,175 29,783 21,087
15,423 11,718 6,821 4,184
16,840 13,174 10,194 5,141
-
494,386
-
71,481 25,344 11,787 9,911 7,281 5,870
Total Current maturities
853,010 142,419
887,166 178,661
Long-term portion - Net
710,591
708,505
The ranges of average interest rates per annum are as follows:
U.S. Dollar Fixed Variable
Rupiah Fixed Japanese Yen Variable
- 33 -
September 30, 2011
December 31, 2010
1.45% - 4.75% above LIBOR/ SIBOR
7.50% - 17.00% 0.7% - 4.75% above LIBOR/ SIBOR
10.25% - 13.50%
12.5% - 17%
2% - 4% above JPY LIBOR
1.5% - 2% above JPY LIBOR
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) The details of the loans are as follows: A. In February 2011, a subsidiary obtained loan from DnB NOR Bank ASA (as Agent and Security Trustee), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Plc, and Standard Chartered Bank through Senior Secured Credit Facilities with maximum credit of USD 685 million, which consist of: Facility A amounting to USD 615 million is used for refinance the Company and its subsidiaries’ loans from Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., Fortis Bank S.A./N.V., NIBC Bank Ltd., DVB Group Merchant Bank (Asia) Ltd., Nordea Bank Finland Plc., and DnB NOR Bank ASA. This loan is payable in 18 quarterly installments of USD 15,400 thousand and a final installment payment of USD 337,800 thousand upon maturity on February 2016. This facility is secured by a registered mortgage on subsidiaries’ vessels. Facility B amounting to USD 70 million is used for financing the construction of new vessels. The tenor for each of the Facility B loans are less than 5 years. In May 2011, Skandinaviska Enskilda Banken AB (publ) joined as one of the lenders. Interest rate is at LIBOR plus certain percentage. B. In March 2010, the loan from Bank Negara Indonesia, Jakarta was obtained through an Investment Refinancing Credit Loan amounting to Rp 337 billion. This loan is payable in 60 monthly installments until March 2015 and secured by two subsidiary’s vessels. Interest rate is at certain percentage which is paid monthly. In September 2011, the Company was obtained an additional loan from Bank Negara Indonesia, Jakarta through an Investment Refinancing Credit Loan amounting to Rp 70,663 billion. This loan is payable in 60 monthly installments until September 2016 and secured by a subsidiary’s vessels. Interest rate is at certain percentage which is paid monthly. C. In May 2009, the Company obtained a financing facility from Bank Mandiri with a maximum credit amount of Rp 500 billion payable in 18 quarterly installments until 2013. This loan is collateralized by the Company and certain subsidiaries’ vessels. Interest rate is at certain percentage, which is paid monthly. D. In April 2010, a subsidiary obtained a loan from Deutsche Investitions-und Entwicklungsgesellschaft mbH through a long-term investment facility amounting to USD 29.75 million. This loan is payable in 13 semi-annual installments with balloon payment of USD 8,925 thousand on the last repayment date and due on March 15, 2018. The loan is secured by a subsidiary’s vessel. Interest is at LIBOR plus certain percentage, which is paid semi-annually. E. In November 2010, the Company obtained a loan from Bank Syariah Mandiri (as Facility and Security Agent), Bank Pembangunan Daerah Jawa Timur, Bank Muamalat Indonesia, and Bank Jabar Banten Syariah through a long-term investment loan facility under Syariah scheme with a total maximum credit of Rp 344,785 million. These loan facilities are payable quarterly. Such loans are collateralized by a subsidiary’s vessel. The subsidiary’s receivable amounting to USD 72.5 million was used as fiduciary collateral. Indicative return is at certain percentage, which is payable quarterly. F. The loan from Mitsubishi UFJ Lease & Finance Co. Ltd. is obtained through a JPY 2,537 million (equivalent to USD 28,431 thousand) mortgage facility. This loan is payable in 84 monthly installments with a balloon payment of JPY 1,551 million on the last repayment date. Such loan is secured by the subsidiary’s vessel. Interest rate is at Yen LIBOR plus a certain percentage.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) G. The loan from Indonesia Eximbank was obtained through a Rp 400 billion export facility loan with a maturity date of March 2014. This loan is payable in 20 quarterly installments and secured by the subsidiaries’ vessels. Interest rate is at certain percentage, which is paid monthly. H. The loan from Bank UOB Indonesia is obtained through a Term Loan Facility amounting to USD 8,760 thousand, payable in 10 quarterly installments of USD 360 thousand each and a final installment payment of USD 5,160 thousand upon maturity in October 2011. Such facility is secured by a registered mortgage on a subsidiary's vessel and the assignment of accounts receivable in respect of the vessel used as collateral. Interest is at SIBOR plus certain percentage. Also, in May 2010, the Company and Bank UOB agreed to extend the maturity date of its short-term bank loans from 2010 to 2013. As of the date of the amendment, this loan has an outstanding balance of Rp 150 billion. This loan is payable in 11 quarterly installments of Rp 7,500 million each and a balloon payment of Rp 67,500 million on the last payment date. Interest rate is at certain percentage. This loan was fully paid in October 2011. I.
The loan from Bank Syariah Mandiri (as Facility and Security Agent), Bank Syariah BRI, Bank Muamalat Indonesia, and BPD Jatim Divisi Usaha Syariah with a total maximum credit of Rp 180 billion is a long-term investment loan facility under Syariah scheme. These loan facilities are payable in 20 quarterly installments with balloon payments in the total amount of Rp 20 billion on the last repayment date. Such loans are collateralized by the subsidiaries’ vessels. Indicative return is at certain percentage, which is payable quarterly.
J.
In August 2010, the Company obtained a loan from Bank Mega with a maximum credit of USD 15 million or 60% value of a subsidiary’s vessel. This loan is payable in 84 monthly installments until August 2017 and secured by a subsidiary’s vessel. Interest is at certain percentage which is paid monthly.
K. The loan from Bank Central Asia was obtained through an installment loan facility with a total maximum credit of Rp 170 billion. This loan is payable in monthly installments until 2012 and bears interest at a certain percentage, which is payable monthly. In November 2006, the Company obtained an investment credit facility with a maximum credit of USD 34 million from Bank Central Asia. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s vessel. Interest rate is at SIBOR plus certain percentage, which is paid monthly. This loan was prepaid in December 2010. In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years and bears floating interest rate which is paid monthly. The loans are collateralized by certain Company’s vessels. This loan was fully repaid in January 2010. L. In December 2004, a subsidiary obtained loan from Dialease Maritime S.A., Japan with maximum credit of JPY 1,347,250 thousand (equivalent to USD 12,859 thousand). This loan is payable in 28 quarterly installments until 2011 and collateralized by the subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. M. The loans from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd., consist of the following credit facilities: USD 165 million secured term loan facility which is payable in 20 quarterly installments until 2013 and bears interest at LIBOR plus certain percentage, which is paid between 1-6 months. This facility is secured by vessels.
- 35 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) USD 400 million term loan facility which is repayable in 40 consecutive quarterly installments of USD 8 million for the 1st to 39th installments, and USD 88 million for the 40th installments and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collaterals, which is paid between 1 - 3 months. This facility is also secured by the subsidiary’s vessels. USD 100 million reducing revolving loan facility which is payable in 20 quarterly installments of USD 5 million until 2012, and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collateral, which is paid between 1 - 3 months. This facility is also secured by the subsidiary’s vessels. USD 65 million credit Facility which is payable in 32 quarterly installments until 2015. Interest rate is at LIBOR plus certain percentage which is paid between 1 - 3 months. This loan is collateralized by the subsidiaries’ vessel. All of these loans were prepaid in March 2011. N. The loans from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch were obtained through a USD 114 million senior secured revolving credit facility. The credit facility shall be reduced quarterly by one-fortieth (1/40th) of such amount. The balance of all outstanding drawings is due to be paid in 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 6 months. This loan is secured by the subsidiaries’ vessels and assignment of insurances and earnings of the subsidiaries’ vessels. This loan was prepaid in March 2011. O. The loan from DVB Group Merchant Bank (Asia) Ltd. is obtained through a USD 27 million credit facility. This loan is payable in 20 quarterly installments until 2014 and collateralized by a corporate guarantee from the Company and a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. This loan was paid in June 2010. In September 2005, subsidiaries obtained a loan from DVB Group Merchant Bank (Asia) Ltd., Singapore with maximum credit of USD 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 3 months. In January 2010, a subsidiary and DVB Group Merchant Bank (Asia) Ltd agreed to extend the maturity date of its short-term bank loans from 2010 to 2012. As of the date of the amendment, this loan has an outstanding balance of USD 18,437 thousand. This loan is payable in 7 quarterly installments of USD 972 thousand each and a balloon payment of USD 11,634 thousand. Interest rate is at certain percentage. The above loans were prepaid in March 2011. P. In May 2010, a subsidiary obtained a loan from DnB NOR Bank ASA, Singapore with maximum credit of USD 12.5 million. This loan is payable in 20 quarterly installments until 2015 and secured by a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage which is paid quarterly. This loan was prepaid in March 2011.
- 36 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Q. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of USD 19,900 thousand. These loan facilities are payable in semi-annual installments until November 2015 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid monthly. This loan was fully paid in September 2011. R. Loan obtained from Mount Gede LLC is a Secured Junior Term Loan Facility with maximum credit of USD 7,800 thousand. The loan is secured by a registered mortgage over the subsidiaries’ vessels. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain percentage. This loan was prepaid in March 2011. S. In April 2009, certain subsidiaries obtained a loan from Dnb NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of USD 31.5 million. The loan is payable in 16 quarterly installments until 2013 and secured by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. This loan was prepaid in March 2011. In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others the maintenance of certain financial ratios.
16. BONDS PAYABLE
September 30, 2011 US$'000
December 31, 2010 US$'000
79,145 38,316 22,613 11,270
77,556 37,512 22,159 11,034
Total
151,344
148,261
Current maturities
124,107
At amortized costs: Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah I Sukuk Ijarah II
Bonds payable - net
27,237
148,261
Berlian Laju Tanker III Bond On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700 billion with fixed interest rate at 10.35% per annum, payable every three months. The bonds are unsecured and have a term of 5 years, due on July 5, 2012. The bondholders’ right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as Trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT CIMB Niaga Tbk as the new Trustee. On March 17, 2008, PT CIMB Niaga Tbk as the Trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio of Net Debt to Equity of not more than 2.5:1.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory accounts prepared under generally accepted accounting principles in Indonesia. Berlian Laju Tanker IV Bond On May 29, 2009, the Company issued Rupiah Bonds amounting to Rp 400 billion, consisting of three series of bonds: (i) the Series A Bonds with a nominal value of Rp 60 billion bearing fixed interest rate of 14.25% per annum and are due on May 28, 2010, (ii) the Series B Bonds with a nominal value of Rp 150 billion, bearing interest rate of 15.50% per annum and are due on May 28, 2012, and (iii) the Series C Bonds with a nominal value of Rp 190 billion, bearing fixed interest rate of 16.25% per annum and are due on May 28, 2014. Interest is paid every three months. On May 28, 2010, the Company redeemed and retired the Series A Bonds at principal amount of Rp 60 billion. These bonds are unsecured and the bondholders' right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Bonds, the Company may redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1. All of the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as trustee. Sukuk Ijarah I On July 5, 2007, the Company issued Sukuk Ijarah amounting to Rp 200 billion. The Sukuk Ijarah are unsecured and have a term of 5 years, due on July 5, 2012. The Sukuk Ijarah were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah holders’ right is paripassu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah, the Company may redeem the Sukuk Ijarah at prevailing market price. All of the Sukuk Ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk Trustee and the appointment of PT Bank CIMB Niaga Tbk as the new Trustee. On March 17, 2008, PT Bank CIMB Niaga Tbk as the Trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio between Net Debt to Equity of not more than 2.5:1. On July 4, 2008, the Holders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory financial statements prepared under generally accepted accounting principles in Indonesia. Sukuk Ijarah II On May 29, 2009, the Company issued Sukuk Ijarah II amounting to Rp 100 billion, consisting of two series of bonds: (i) the Series A which has a total nominal value of Rp 45 billion, due on May 28, 2012 and entitle the holders a sum of Ijarah Benefit Installment of Rp 155,000 thousand per annum for every Rp 1 billion nominal amount, and (ii) the Series B which has a total nominal value of Rp 55 billion, due on May 28, 2014, and entitle the holders a sum of Ijarah Benefit Installment of Rp 162,500 thousand per annum for every Rp 1 billion nominal amount.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) These Sukuk Ijarah are unsecured and the holders' right is pari-passu with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah II, the Company may redeem the Sukuk Ijarah at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1 based on the Company’s statutory financial statements prepared under generally accepted accounting principles in Indonesia. All of the Sukuk Ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as trustee. 17. NOTES PAYABLE On May 4, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Guaranteed Senior Notes (the Notes) amounting to US$ 400 million with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The Notes have a term of seven years and mature on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries. The Notes may be redeemed at the option of BLTF BV as follows: i.
At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met; ii. On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption; iii. On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption; iv. On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or v. At anytime in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption.
In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption. The Notes are designated as fair value through profit or loss on initial recognition because of the embedded call and put options. The fair value as of the reporting date is determined based on quoted market price and may not be reflective of the repurchase price that BLTF BV will have to pay on maturity or early redemption. The changes in carrying amount of the Notes are as follows:
September 30, 2011 US$'000
December 31, 2010 US$'000
316,000 (171,000)
249,809 62,000
Reissue (repurchase) of Notes
145,000 -
311,809 4,191
Fair value at end of year
145,000
316,000
Fair value at beginning of the year Changes in fair values
- 39 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 18. OBLIGATIONS UNDER FINANCE LEASE
September 30, 2011 Present value Minimum lease of minimum payments lease payments US$'000 US$'000
December 31, 2010 Present value Minimum lease of minimum payments lease payments US$'000 US$'000
Less than 1 year 1 - 2 years More than 2 years
59,743 287,990 227,455
52,791 266,739 150,346
51,932 220,110 208,155
49,383 204,089 138,680
Total Less future finance charges
575,188 105,312
469,876 -
480,197 88,045
392,152 -
Present value of minimum lease payments
469,876
469,876
392,152
392,152
In 2011 and 2010, additional sale and leaseback transactions were carried out by the Company’s subsidiaries vessels which were classified as finance lease.
19. OTHER LOANS FROM NON-FINANCIAL INSTITUTIONS
September 30, 2011 US$'000
December 31, 2010 US$'000
10,045 13,678
11,227 9,410
Total
23,723
20,637
Current maturities
(1,182)
(3,003)
Long-term portion - net
22,541
17,634
Short-term Teekay BLT Corporation
10,200
10,200
Long-term Teekay Corporation PRC Limited
The Company’s loan from Teekay Corporation is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8% which is payable on a quarterly basis. The subsidiary’s loan from PRC Limited bears floating interest rate based on People’s Bank of China’s interest rate over 5 years’ loan. The subsidiary’s short-term loan from Teekay BLT Corporation is non-interest bearing, unsecured and have no fixed repayment terms. 20. DEFERRED INCOME In 2008, the Company and its subsidiaries entered into sale and leaseback of vessels to third parties where the selling price is higher by US$ 2,500 thousand than the fair values of the vessels, and the excess was accounted for as deferred income and amortized over the lease term.
- 40 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Amortization of deferred income 2011 and 2010, are accounted for as reduction of charter expenses. 21. POST-EMPLOYMENT BENEFITS The Company and its subsidiaries provide post-employment benefits to its qualifying employees in accordance with Indonesian Labor Law No. 13/2003. Amounts recognized in profit or loss in respect of these post-employment benefits are as follows:
2011 US$'000
2010 US$'000
Current service cost Interest costs Net actuarial losses
325 351 -
259 332 67
Total
676
658
The amounts included in the consolidated statements of financial position arising from the Company’s obligation in respect of these post-employment benefits are as follows:
September 30, 2011 US$'000
December 31, 2010 US$'000
Present value of unfunded obligations Unrecognized actuarial losses
6,090 (135)
5,657 (477)
Net liability
5,955
5,180
<
Movements in the net liability recognized in the consolidated statements of financial position are as follows:
September 30, 2011 US$'000
December 31, 2010 US$'000
Beginning of the year Employee benefits cost for the year Payments during the year Translation adjustment
5,180 676 99
4,126 942 (83) 195
End of the year
5,955
5,180
The cost of providing post-employment benefits is computed using the following key assumptions: Discount rate Salary increment rate Mortality rate Resignation rate
: : : :
8% per annum 12% per annum Mortality Table 2 of Indonesia 10% per annum until age 36 then decreasing linearly to 0% until age 55
- 41 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 22. CONVERTIBLE BONDS
September 30, 2011 US$'000
December 31, 2010 US$'000
US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 US$ 125 million 12% Guaranteed Convertible Bonds due 2015 (As amended in 2010) US$ 125 million 12% Guaranteed Convertible Bonds due 2015
47,823 120,561
46,607 118,450
Total
168,384
165,057
-
-
US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 (Amended in 2010 to become US$ 125 million 12% Guaranteed Convertible Bonds due 2015). At the time of issue, the U$125 million Zero Coupon Guaranteed Convertible Bonds due 2012 were designated as fair value through profit or loss with any resultant gain or loss recognized in profit or loss. The fair value at the end of the reporting period is determined based on quoted market price and may not be reflective of the amount that BLTF BV will have to pay to the bondholders to satisfy their conversion rights or upon redemption of the Bonds. On May 17, 2010, BLTF BV redeemed and retired US$ 76,100,0000 of the Zero Coupon Guaranteed Convertible Bonds due 2012 at 116.82%. In December 2010, the bonds held by certain subsidiaries amounting to US$ 48,900,000 were redeemed by BLTF BV and subsequently reissued to investors on December 1, 2010 at 96%. On December 14, 2010, the terms and conditions of the US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 were amended as described below. The Maturity Date is changed to February 10, 2015 and bears interest rate of 12%. The Conversion Price is Rp 409 per share with conversion period from June 27, 2007 to January 31, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the Bond to be converted (translated into Rupiah at the fixed rate of Rp. 9,362.00 = US$1.00 (the “Fixed Exchange Rate”) by the Conversion Price in effect at the Conversion Date. Notwithstanding the Conversion Right of the bondholders, BLT and/or any of BLT’s subsidiaries have the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. In addition, at the option of the BLTF BV on or at any time after February 10, 2013 but not less than 20 days prior to the Maturity Date, redeem the Bonds in whole but not in part at their principal amount, plus accrued interest as at the date of redemption, provided that no such redemption may be made unless the closing price of the Shares on the Indonesian Stock Exchange for each of 20 consecutive Trading Days in any 30 consecutive Trading Day period immediately prior to the date upon which notice of such redemption is published is at least 130 per cent of the Conversion Price then in effect. BLTF BV will, at the option of the holder, redeem all or some of that holder’s Bonds on February 10, 2012, at principal amount plus any accrued interest as at the date of redemption. Unless previously redeemed, converted or purchased, BLTF BV will redeem the bonds at its principal amount plus accrued interest on February 10, 2015. The Company’s management believes that, for accounting purposes, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012.
- 42 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) The convertible bonds above were considered a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost. US$ 125 Million 12% Guaranteed Convertible Bonds Due 2015 On February 10, 2010 and March 29, 2010, BLT International Corporation (BLT IC), a subsidiary, issued 12% Guaranteed Convertible Bonds amounting to US$ 100,000,000 and US$ 25,000,000, respectively. The bonds were issued at 100% of the face value and were unconditionally and irrevocably guaranteed by the Company. The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, at any time on or after March 23, 2010 up to January 15, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the bonds to be converted, translated into Rupiah at a fixed rate of Rp 9,362 to US$ 1, by the conversion price in effect at the time of the conversion date. The initial conversion price is Rp 737 per share, which is subject to adjustments. In August 2010, BLT IC had adjusted the conversion price to Rp 409 per share. Notwithstanding the Conversion Right of the bondholders, BLT IC has the option to pay the relevant bondholders an amount of cash equivalent to the Cash Settlement Amount of the shares converted, at any time to satisfy the Conversion Right. To the extent that the Company does not hold sufficient treasury shares or is unable to issue shares, the BLT IC shall pay an amount of cash to the bondholders equivalent to the Mandatory Cash Settlement Amount, to satisfy the Conversion Rights. BLT IC will, at the option of the bondholders, redeem the bonds on February 10, 2013 at principal amount plus accrued interest. The bond may also be redeemed at the option of BLT IC on or after February 10, 2013 at 100% of principal amount plus accrued interest. The convertible bonds above were also considered a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.
- 43 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 23. DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below:
Cross currency swaps Interest rate swaps Embedded options
Notional amounts as at September 30, 2011 '000
Notional amounts as at December 31, 2010 '000
US$ 252,273 US$ 800,000 US$ 173,900
US$ 102,273 US$ 800,000 US$ 173,900
Total
Fair value as at September 30, 2011 Asset Liability US$'000 US$'000
Fair value as at December 31, 2010 Asset Liability US$'000 US$'000
-
2,711 76,269 5,484
-
6,688 59,234 9,853
-
84,464
-
75,775
Cross currency swaps The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of September 30, 2011, mature on July and September 2012. Interest rate swaps The interest rate swaps require periodic exchange of floating and fixed interest payments on the US Dollar notional amounts and mature on January 2015. Embedded options The embedded options represent the fair value of the conversion option and cash settlement option in the US$ 125 million 12% Guaranteed Convertible Bonds due 2015 (as amended in 2010) and the US$ 125 million 12% Guaranteed Convertible Bonds due 2015. The above derivatives are measured at the present value of future cash flows estimated and discounted based on applicable yield curves for the duration of the instruments. For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on the notional amount, details of which are as follows:
2011 US$'000
2010 US$'000
Net change in fair value Net settlements
(8,689) (1,006)
(8,129) 14,854
Net gain (loss)
(9,695)
6,725
- 44 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 24. SHORT-TERM BANK LOANS September 30, 2011 US$'000
December 31, 2010 US$'000
Clio Marine Inc. Merrill Lynch (Asia Pacific) Limited Bank Mizuho Indonesia
45,856 30,000 14,734
14,459
Total
90,590
14,459
Interest rate per annum during the year U.S. Dollar - Fixed Rupiah - Variable
9% 1.75% above cost of funds 4%
Japanese Yen - Fixed
1.75% above cost of funds -
On July 18, 2011, a subsidiary obtained loan from Clio Marine Inc. with a total maximum credit of JPY 3,600,000,000 and collateralized by a corporate guarantee from the Company and a subsidiary’s vessel. Interest rate is at certain percentage and matures in 1 year. In September 2011, a subsidiary obtained a working capital loan from Merrill Lynch (Asia Pacific) Limited, with maximum loanable amount of US$ 50,000 thousands, with term of 12 months. This facility consist of Tranche A with maximum loanable amount of US$ 30,000 thousands and Tranche B with maximum loanable amount of US$ 20,000 thousands. The subsidiary has used Tranche A facility. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130 billion or its US Dollar equivalent, due on April, 2012 and secured by subsidiary vessel. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days. 25. TRADE ACCOUNTS PAYABLE
September 30, 2011 US$'000
December 31, 2010 US$'000
Related parties Third parties
2,412 30,430
3,173 60,770
Total
32,842
63,943
The accounts payable to third parties represent liabilities to other shipping companies as agents, sub-agents and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements.
- 45 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 26. TAXATION a. Details of taxes payable included in the consolidated statements of financial position are as follows: September 30, December 31, 2011 2010 US$'000 US$'000
Corporate income tax of the Company and its subsidiaries Income taxes Article 21 Article 23 Article 25 Article 26 Value added tax Final tax payable
1
38
168 77 1 18 510 69
974 23 4 11 568 47
Total
844
1,665
b. Details of tax expense included in the consolidated statements of comprehensive income are as follows:
2011 US$'000
2010 US$'000
Income tax of the Company and foreign and local subsidiaries Final tax on storage revenue and agency Income tax on agency operations - the Company
1,143 31 28
783 181 35
Total
1,202
999
27. ACCRUED EXPENSES
September 30, 2011 US$'000
December 31, 2010 US$'000
Interest Vessel operating and docking Others
20,269 9,122 1,860
17,006 25,238 2,208
Total
31,251
44,452
- 46 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 28. OPERATING REVENUES
2011 US$'000
2010 US$'000
Vessels revenues Chemical Oil Gas FPSO Others
373,739 47,304 38,323 26,010 1,045
383,615 68,251 37,313 3,823 1,592
Total
486,421
494,594
There were no operating revenues made with related parties in 2011 and 2010. 29. VOYAGE EXPENSES
2011 US$'000
2010 US$'000
Fuel Port charges
137,921 44,556
97,893 44,746
Total
182,477
142,639
2011 US$'000
2010 US$'000
30. SHIP OPERATING EXPENSES
Salaries Insurance Repairs and maintenance Lubricants Spare parts Crews' meal allowances Transportation Processing of documents Supplies Docking Others
45,852 7,932 6,274 6,246 5,204 2,568 2,548 2,213 2,185 2,028 5,495
41,877 6,540 5,219 5,230 12,474 1,808 4,008 2,759 2,297 1,250 6,962
Total
88,545
90,424
- 47 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 31. GENERAL AND ADMINISTRATIVE
2011 US$'000
2010 US$'000
Salaries Office expenses Professional fees Transportation Depreciation Pension benefits Marketing Telecommunication Representation Bank charges Others
11,148 2,828 1,837 1,364 714 676 629 568 476 266 1,151
9,644 3,117 1,085 1,250 705 658 490 610 653 288 1,116
Total
21,657
19,616
32. FINANCE COSTS
2011 US$'000
2010 US$'000
Interest expense on: Bonds, convertible bonds and notes payables Loans from banks and financial institution and other loans from non-financial institutions
52,847
44,133
35,539
31,833
Sub-total
88,386
75,966
Profit sharing allocation and fees Obligations under finance leases Amortization of provision
3,154 29,520 2,768
3,033 15,972 3,348
123,828
98,319
Total 33. INVESTMENT INCOME
2011 US$'000
2010 US$'000
Interest income Realized gain on available-for-sale investments
1,993 2,606
5,481 821
Total
4,599
6,302
- 48 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 34. OTHER GAINS AND LOSSES
2011 US$'000
2010 US$'000
Net revaluation Change in fair value of convertible bonds and notes payable designated as at fair value through profit and loss Net gain (loss) on derivative transactions Foreign exchange loss - net Net gain (loss) on disposal of property, vessels and equipment Insurance claim Others - net
30,898
80,065
171,000 (9,695) (1,389) (1,397) 2,622 3,096
(78,607) 6,725 (6,609) (12,063) (1,055) 486
Total
195,135
(11,058)
35. EARNINGS (LOSS) PER SHARE Earnings for the year
2011 US$'000 Profit for the periods for the computation of basic earnings per share Unrealized fair value change of convertible bonds designated as FVTPL Income for the periods for the computation of diluted earnings per share
2010 US$'000
142,812
(31,554)
17,751
-
160,563
(31,554)
The effect of unrealized fair value change of convertible bonds designated as FVTPL on the loss per share is anti-dilutive, accordingly, diluted loss per share was no longer presented. Profit (Loss) per Share
2011 US$'000
2010 US$'000
Net Residual Income - Basic
142,812
(31,554)
Net Residual Income - Diluted
160,563
-
- 49 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
2011 Weighted average of outstanding shares for the purposes of basic earnings per share (in full amount) Potential effect of dilutive common shares (in full amount): Convertible bonds
11,138,480,470
2010
7,425,653,647
3,980,566,748
Weighted average of outstanding shares for the purposes of diluted earnings per share (in full amount)
15,119,047,218
Earnings (loss) per share (in full amount) - Basic - Diluted
0.0128 0.0106
-
7,425,653,647 (0.0042) -
In 2010, the potential shares on convertible bonds are anti-dilutive, accordingly, therefore diluted earnings per share was no longer presented.
36. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES Based on notarial deed of the Annual General Meeting of Stockholders No. 3 from Dr. A. Partomuan Pohan, S.H., LL.M. dated July 7, 2011, the Company decided not to declare any dividends and no appropriation for general reserves.
37. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship a. The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa). b. PT Tunggaladhi Baskara is a major stockholder of the Company. c. Bagusnusa is the parent company of PT Tunggaladhi Baskara. The majority stockholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s commissioners. d. Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama. e. Pan Union Agencies Pte. Ltd., Poseidon Elite Navigation Pte. Ltd. and Pan Union Shipping Pte. Ltd. are wholly-owned, directly or indirectly, by Ms. Siana Anggraeni Surya, one of the Company’s directors. f. PT Arpeni Pratama Ocean Line Tbk is owned by a close member of the family of Mr. Hadi Surya.
- 50 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Transactions with Related Parties In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. These transactions included the following: a.
b.
Expenses paid to related parties accounted for 0.96% and 0.39% of total operating expenses in 2011 and 2010, respectively. The details of expenses from related parties are as follows: 2011 2010 US$'000 US$'000
Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama
1,865 1,457 441 151
953 203 209 168
Total
3,914
1,533
The remuneration of the Company’s key management (commissioners and directors) during the year are as follows: 2011 2010 US$'000 US$'000
Short-term benefits Post-employment benefits
1,071 440
1,042 232
Total
1,511
1,274
38. SEGMENT INFORMATION IFRS 8 requires operating segments to be identified on the basis of internal reports on components of the Company and its subsidiaries that are regularly reviewed by the chief operating decision maker in order to allocate resources to the segments and to assess their performance. For management reporting purposes, the Company and its subsidiaries are principally organized based on type of vessels chartered - chemical, gas, oil, and floating production, storage and offloading (FPSO). The following summary describes the operations in each of the reportable segments: a. Chemical tankers
: provides maritime transportation of liquid chemical (organic and nonorganic) and vegetable oil and animal fats.
b. Gas tankers
: provides maritime transportation of liquified gas, which include among others, LPG, propylene, propane and LNG.
c. Oil tankers
: provides maritime transportation of lubricating oil (base oil and additives), crude oil and petroleum products.
d. FPSO
: provides processing and storage of oil.
Assets and liabilities that relate jointly to two or more operating segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.
- 51 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 2011 Chemical US$'000
Gas US$'000
Oil US$'000
FPSO US$'000
Others * US$'000
Total US$'000
REVENUES External revenues
373,739
38,323
47,304
26,010
1,045
486,421
Total segment revenues
373,739
38,323
47,304
26,010
1,045
486,421
Segment expenses Voyage Expenses Port Charges Fuel
40,193 123,624
588 1,125
3,682 13,074
93 98
-
44,556 137,921
Total Voyage Expenses
163,817
1,713
16,756
191
-
182,477
31,939
-
2,089
-
-
34,028
Ship operating expenses: Salaries Repairs and maintenance Insurance Lubricants Spare parts Crews' meal allowances Transportation Processing of documents Supplies Others
30,994 6,416 4,257 3,677 489 1,401 1,157 1,539 1,302 4,176
7,031 231 620 928 1,523 420 507 283 465 609
6,799 1,507 2,238 1,641 2,613 501 745 214 379 616
1,028 148 817 579 246 139 177 39 94
-
45,852 8,302 7,932 6,246 5,204 2,568 2,548 2,213 2,185 5,495
Total Ship Operating Expenses Vessel Depreciation
55,408 64,037
12,617 15,916
17,253 17,205
3,267 3,216
-
88,545 100,374
315,201
30,246
53,303
6,674
-
405,424
58,538
8,077
(5,999)
19,336
1,045
80,997
Charter Expenses Vessel Depreciation and Ship Operating Expenses
Total segment expenses Segment result Unallocated income and expenses Change in fair value of convertible bonds and notes payable Other gains and losses - net Finance costs Net revaluation increase General and administrative expenses Investment income Share in profits of associates Income before tax Tax expense
171,000 (6,763) (123,828) 30,898 (21,657) 4,599 10,144 145,390 (1,202)
Income for the period
144,188
Income attributable to non-controlling interests
(1,376)
Income attributable to equityholders of the Company Other Information Capital additions Depreciation Assets Segment assets Unallocated
142,812 256,764 64,037
2,255 15,916
37,794 17,205
3,216
-
1,782,393
328,987
318,021
90,588
9,265
Consolidated total assets Liabilities Segment liabilities Unallocated
296,813 100,374 2,529,254 562,254 3,091,508
70,028
6,890
Consolidated total liabilities
20,112
1,960
48,879
147,869 1,925,091 2,072,960
* Represents agency.
- 52 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 2010 Chemical US$'000
Gas US$'000
Oil US$'000
FPSO US$'000
Others * US$'000
Total US$'000
REVENUES External revenues
383,615
37,313
68,251
3,823
1,592
494,594
Total segment revenues
383,615
37,313
68,251
3,823
1,592
494,594
40,980 85,353
920 689
2,842 11,611
4 240
-
44,746 97,893
126,333
1,609
14,453
244
-
142,639
50,600
-
2,457
-
-
53,057
Ship operating expenses: Salaries Spare parts Insurances Repairs and maintenance Lubricants Transportation Processing of documents Supplies Crews' meal allowances Others
30,459 8,709 3,963 5,747 3,120 2,484 1,617 1,458 917 4,088
5,459 1,272 582 625 1,075 667 371 398 321 1,241
5,161 2,420 1,564 77 1,016 671 654 384 429 1,517
798 73 431 20 19 186 117 57 141 116
-
41,877 12,474 6,540 6,469 5,230 4,008 2,759 2,297 1,808 6,962
Total Ship Operating Expenses Vessel Depreciation
62,562 72,022
12,011 13,172
13,893 18,751
1,958 5,588
-
90,424 109,533
311,517
26,792
49,554
7,790
-
395,653
72,098
10,521
18,697
(3,967)
1,592
98,941
Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Vessel Depreciation and Ship Operating Expenses
Total segment expenses Segment result
Unallocated income and expenses Change in fair value of convertible bonds and notes payable Other gains and losses - net Finance costs Net revaluation increase General and administrative expenses Investment income Share in profits of associates Income before tax Tax expense
(78,607) (12,516) (98,319) 80,065 (19,616) 6,302 (6,805) (30,555) (999)
Income for the period
(31,554)
Other Information Capital additions Depreciation Assets Segment assets Unallocated
68,616 72,022
92,620 13,172
16,715 18,751
5,588
-
177,951 109,533
1,691,690
340,263
258,598
45,638
-
2,336,189 366,968
Consolidated total assets Liabilities Segment liabilities Unallocated
2,703,157
63,550
4,490
Consolidated total liabilities
10,044
898
-
78,982 1,795,442 1,874,424
* Represents agency and storage services.
- 53 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Geographical Information The Company is domiciled in Indonesia and the principal holding companies of foreign subsidiaries are domiciled in Malaysia. Segment information based on geographic segment is presented below: 2011
Malaysia US$'000
Indonesia US$'000
Elimination US$'000
Consolidated US$'000
REVENUES External revenues Inter-segment sales
386,949 16,855
99,472 -
(16,855)
486,421 -
Total revenues
403,804
99,472
(16,855)
486,421
2010
Malaysia US$'000
Indonesia US$'000
Elimination US$'000
Consolidated US$'000
REVENUES External revenues Inter-segment sales
428,170 4,883
66,424 -
(4,883)
494,594 -
Total revenues
433,053
66,424
(4,883)
494,594
39. RECONCILIATION OF IFRS AND INDONESIAN GAAP For statutory reporting purposes in Indonesia, the Company continues to prepare consolidated financial statements in accordance with Indonesian GAAP. IFRS varies in certain significant respect from Indonesian GAAP. The application of IFRS that affected the preparation and presentation of the consolidated financial statements is discussed below. a. Goodwill Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each reporting date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to. Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses. In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the transition period when the Company first prepared its IFRS financial statements. The accumulated amortization of US$ 3,747 thousand recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. In 2008, under Indonesian GAAP, the Company and its subsidiaries recognized goodwill impairment amounting to US$ 29,136 thousand. Under IFRS, goodwill impairment in 2008 amounted to US$ 8,547 thousand.
- 54 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) b. Property, Vessels and Equipment Effective January 1, 2009, for Indonesian GAAP reporting purposes the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition. For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, since January 1, 2003, the time their first IFRS consolidated financial statements were prepared. Also, under Indonesian GAAP, the cost of acquired landrights is capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights. c. Financial Instruments Under Indonesian GAAP, prior to January 1, 2010, short-term and long-term bank loans are stated at nominal values, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from the issuance of convertible bonds are recognized as liabilities. Effective January 1, 2010, financial liabilities other than those measured at FVTPL, are measured at amortized cost. As a result, transaction costs on the short-term and long-term bank loans and the bond issuance costs on the bonds payable were amortized using the effective interest rate, and deducted from the principal amount. Security deposits are recorded at fair value. Under IFRS, financial liabilities other than those measured at FVTPL, are measured at amortized cost. Under Indonesian GAAP, prior to January 1, 2010, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts. Effective January 1, 2010, noninterest bearing security deposits are accounted for similar with IFRS. Under IFRS, non-interest bearing security deposits on operating leases are recorded at fair value. The difference between the fair value and nominal amount is recorded as deferred rent and is amortized on a straight line basis over the lease term. Interest income is accreted on the security deposits using the effective interest rate. d. Investment in Associates Under Indonesian GAAP, when significant influence over an associate is lost, the investor measures any investment retained on the former associate at cost. Under IFRS, the investor measures at fair value any investment the investor retains in the former associate and recognize in profit and loss any difference between: (i) the fair value of any retained investment and any proceeds from disposing of the part of interest in the associate and (ii) the carrying amount of the investment at the date the significant influence is lost.
- 55 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) e. Measurement and Reporting Currency Effective January 1, 2009, the Company changed its recording and reporting currency under Indonesian GAAP from Indonesian Rupiah to U.S. Dollar. However, for statutory reporting purposes in Indonesia, the Company’s subsidiaries domiciled in Indonesia whose functional currency is the U.S. Dollar, maintain their books of accounts in Rupiah and present their financial statements also in Rupiah. For financial statement consolidation purposes, the Indonesian Rupiah financial statements of those subsidiaries were translated to U.S. Dollar, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar. Under IFRS, the Company’s subsidiaries domiciled in Indonesia but whose functional currency is the U.S. Dollar should measure their transactions in terms of their functional currency. IFRS allows the use of a presentation currency other than the functional currency. Management has determined that the Company’s functional currency is the US. Dollar. For IFRS reporting purposes, the transactions of the Company’s subsidiaries whose functional currency is the U.S. Dollar were measured in terms of their functional currency.
- 56 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) A summary of the significant adjustments to consolidated profit for the period ended September 30, 2011 and 2010; and to consolidated stockholders’ equity as of September 30, 2011 and December 31, 2010 from Indonesian GAAP to IFRS are set forth below: Note Profit (loss) for the period and year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Net revaluation decrease Amortization of landrights Measurement of financial liabilities at amortized cost
2011 US$'000
2010 US$'000
140,691 (a) (b) (b)
2,154 (33)
2,154 1,149 (33)
(c)
-
1,385
2,121
4,655
Total adjustments Profit (loss) for the period and year in accordance with IFRS
142,812 September 30, 2011 US$'000
Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Revaluation reserve Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease Amortization of deferred rent Interest on security deposits Foreign exchange loss Option premium on convertible bonds Measurement of financial liabilities at amortized cost Unrealized gain on sale of an associate Translation adjustment and effect of remeasurement Total adjustments Equity in accordance with IFRS
- 57 -
(36,209)
(31,554) December 31, 2010 US$'000
982,389
684,171
(a) (a) (b) (b)
16,399 20,589 (3,803) (24,928)
14,245 20,589 (3,803) (24,928)
(b)
(57,773)
(57,773)
(b) (b) (b) (c) (c) (c) (c)
95,020 (200) (9,646) (687) 421 (190) 177
95,020 (167) (9,646) (687) 421 (190) 177
(c) (d) (e)
(875) 524 1,131
(875) 524 1,131
36,159
34,038
1,018,548
718,209
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) a. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at September 30, 2011. INDONESIAN GAAP
Reconciling Items
IFRS
US$ ('000)
US$ ('000)
US$ ('000)
Property, vessels and equipment - net Investments in associates Other non-current assets
2,489,053 18,099 98,295
(1,331) 38,599
2,487,722 18,099 136,894
Total Non-Current Assets
2,605,447
37,268
2,642,715
Trade accounts receivable Available-for-sale investments Cash Other current assets
154,792 88,961 105,763 99,250
27
154,792 88,961 105,763 99,277
Total Current Assets
448,766
27
448,793
3,054,213
37,295
3,091,508
Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Revaluation reserve Difference arrising from changes to equityholders of the Company Retained earnings
109,575 208,826 (86,628) (19,387) 323,483
177 17,301 (3,803)
109,575 209,003 (86,628) (2,086) 319,680
880 328,695
22,484
880 351,179
Capital and reserves attributable to equityholders of the Company
865,444
36,159
901,603
Non-controlling interests
116,945
-
116,945
Total Equity
982,389
36,159
1,018,548
Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Notes payable Obligations under finance lease Other non-current liabilities
709,455 27,237 145,000 417,085 283,038
1,136 -
710,591 27,237 145,000 417,085 283,038
1,581,815
1,136
1,582,951
Total Non-current Liabilities CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities
90,590 32,842 320,499 46,078
-
90,590 32,842 320,499 46,078
Total Current Liabilities
490,009
-
490,009
Total Equity and Liabilities
3,054,213
- 58 -
37,295
3,091,508
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) b. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2010. INDONESIAN GAAP
Reconciling Items
IFRS
US$ ('000)
US$ ('000)
US$ ('000)
Property, vessels and equipment - net Investments in associates Other non-current assets
2,347,570 7,955 96,722
(1,331) 35,881
2,346,239 7,955 132,603
Total Non-Current Assets
2,452,247
34,550
2,486,797
Trade accounts receivable Available-for-sale investments Cash Other current assets
160,166 79,964 84,284 58,850
624
160,166 79,964 84,284 59,474
Total Current Assets
383,264
624
383,888
2,835,511
35,174
2,870,685
Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Revaluation reserve Retained earnings
109,575 208,826 (86,628) (16,292) 304,534 164,156
177 17,301 (3,803) 20,363
109,575 209,003 (86,628) 1,009 300,731 184,519
Total Equity
684,171
34,038
718,209
Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Notes payable Obligations under finance lease Other non-current liabilities
707,562 148,261 316,000 342,769 265,496
943 -
708,505 148,261 316,000 342,769 265,496
1,780,088
943
1,781,031
CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities
14,459 63,943 230,854 61,996
193 -
14,459 63,943 231,047 61,996
Total Current Liabilities
371,252
193
371,445
2,835,511
35,174
2,870,685
Total Non-current Liabilities
Total Equity and Liabilities
- 59 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) c.
Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the period ended September 30, 2011.
INDONESIAN GAAP US$ ('000) Operating revenues
486,421 (182,477) *
Voyage expenses
Reconciling Items US$ ('000)
IFRS US$ ('000)
-
486,421
-
(182,477)
Operating revenues after voyage expenses
303,944
-
303,944
Charter expenses
(34,028) *
-
(34,028)
Vessel depreciation and ship operating expenses Ship operating expenses
(88,545) *
-
(88,545)
(100,374) *
-
(100,374)
(188,919)
-
(188,919)
80,997
-
80,997
Vessel depreciation
Gross profit General and administrative Income before financial and other items
(21,624)
(33)
(21,657)
59,373
(33)
59,340
Net financial and other items Finance cost
(123,828)
Investment income Share in profits of associates Other gains and losses
Income before tax Tax expense
4,599
10,144
-
10,144
192,981
2,154
195,135
83,896
2,154
86,050
143,269
2,121
145,390
(1,376)
Income attributable to equityholders of the Company
*
-
142,067
Income attributable to non-controlling interests
140,691
Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.
- 60 -
(123,828)
4,599
(1,202)
Income for the period
-
2,121 2,121
(1,202) 144,188 (1,376) 142,812
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) d. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended at September 30, 2010.
INDONESIAN GAAP US$ ('000) Operating revenues
494,594 (142,639) *
Voyage expenses
Reconciling Items US$ ('000)
IFRS US$ ('000)
-
494,594
-
(142,639)
Operating revenues after voyage expenses
351,955
-
351,955
Charter expenses
(53,744) *
687
(53,057)
Vessel depreciation and ship operating expenses Ship operating expenses
(90,424) *
-
(90,424)
(109,533) *
-
(109,533)
(199,957)
-
(199,957)
Vessel depreciation
Gross profit General and administrative Income before financial and other items
98,254
687
98,941
(19,582)
(34)
(19,616)
78,672
653
79,325
Net financial and other items Finance cost
(99,438)
Investment income
6,723
Share in profits of associates Other gains and losses
Loss before tax Tax expense
Loss attributable to non-controlling interests Loss attributable to equityholders of the Company
*
6,302
-
(6,805)
(14,362)
3,304
(11,058)
(113,882)
4,002
(109,880)
(35,210)
4,655
(30,555)
-
(999)
(36,209)
4,655
(31,554)
-
-
-
(36,209)
4,655
(31,554)
Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.
- 61 -
(421)
(98,319)
(6,805)
(999)
Loss for the period
1,119
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 40. FINANCIAL INSTRUMENTS A. Capital Risk Management The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximizing the return to stakeholders through the optimization of the debt and equity balance. The capital structure of the Group consists of debt, which includes the borrowings, cash, short-term investments and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings. The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks. The gearing ratio is as follows:
Indonesian GAAP September 30, December 31, 2011 2010 US$'000 US$'000
IFRS September 30, December 31, 2011 2010 US$'000 US$'000
Debt Cash and short-term investments
1,878,250
1,924,962
1,901,927
1,943,732
194,724
164,248
194,724
164,248
Net debt Equity
1,683,526 982,389
1,760,714 684,171
1,707,203 1,018,548
1,779,484 718,209
Net debt to equity ratio
171%
257%
168%
248%
B. Financial Risk Management Objective The Company and its subsidiaries’ also have established financial risk management and policy which seeks to ensure that adequate financial resources are available for the development of the Company and its subsidiaries’ business while managing their foreign exchange, interest rate, credit and liquidity risks. The Company and its subsidiaries operate within defined guidelines that are approved by the Board of Directors, and policies in respect of the major areas of treasury activity.
- 62 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Foreign Exchange Risk Management The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years. It is the Company and its subsidiaries’ policy to manage foreign exchange risks within prudent levels so as to maximize profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks. It is also the policy of the Company and its subsidiaries to enter into cross currency and interest rate swap derivative contracts to cover exposures on specific foreign currency principal and interest payments. These contracts are entered into as economic hedge of the risk exposure although hedge accounting has not been applied. Interest Rate Risk Management The Company and its subsidiaries are also exposed to interest rate risk as they also borrow funds in Rupiah and U.S. Dollar at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings and minimizing the exposure through cross currency swap contracts (combined interest rate swap contracts and forward foreign exchange contracts). Credit Risk Management The Company and its subsidiaries’ exposure to credit risk is primarily attributable to trade and other accounts receivable, investments and bank balances. In determining the credit terms for customers, the management considers the following factors: the financial strength of the customer, the customer’s historical payment record, the length of the relationship with the customer and the distance or duration of a specific voyage. Based on these factors, the Company and its subsidiaries’ credit terms may vary. The credit terms may also be modified based on negotiations with each customer. It is the Company and its subsidiaries’ policy to monitor the financial standing of these receivables on an on-going basis to ensure that the Company and its subsidiaries are exposed to minimal credit risk. Bank balances and investments are placed with credit worthy financial institutions. Although the Company and its subsidiaries generate more than 4% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina. Fuel Risk Management The Company and its subsidiaries’ earnings are affected by changes in the price of bunker fuel. Their strategy for managing the risk on fuel price, aims to provide their protection against sudden and significant increase in bunker fuel prices. In meeting these objectives, the fuel management program allows for the prudent use of approved instruments such as bunker swaps with approved counterparties and within approved credit limits. Liquidity Risk Management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Company and its subsidiaries’ short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manage liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Liquidity and Interest Rate Risk Tables The following tables detail the Company and its subsidiaries remaining contractual maturity for its non-derivative financial assets and liabilities. The tables have been drawn up based on the undiscounted cash flows of financial assets based on the contract and obligations of the counterparty and financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Company and its subsidiaries that are not included in the tables are non-interest bearing and are therefore not subject to interest rate risk. The Company and its subsidiaries’ policy is to borrow principally on the floating rate basis but to retain a proportion of fixed rate debt. The objectives for the mix between fix and floating rate borrowings are set to reduce the impact of an upward change in interest rate while enabling benefits to be enjoyed if interest rates fall. The Company and its subsidiaries expect to meet their other obligations by utilizing operating cash flows, proceeds of maturing financial assets, bank and equity financing. Other Price Risks In addition to market price risk on short-term investments, the Company is exposed to market price risks on the notes payable in 2011 which were classified as financial liability at fair value through profit or loss. To manage its price risk, the Company’s management supervises and monitors the Company and its subsidiaries’ performance. C. Fair Value of Financial Instruments The fair values of financial assets and financial liabilities are determined as follows: the fair values of financial assets and financial liabilities with standard terms and conditions and traded on active markets are determined with reference to quoted market prices; the fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments; the fair value of derivative instruments are calculated using quoted prices. Where such prices are not available, discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves from quoted interest rates.
- 64 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 41. COMMITMENTS a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to US$ 13 million - US$ 22 million per year, which will end between 2011 - 2016. At the reporting date, the Company and its subsidiaries have contracts with Pertamina with the following future minimum lease receipts:
September 30, 2011 US$'000
December 31, 2010 US$'000
Within one year In the second to fifth years inclusive
22,151 66,659
21,174 80,914
Total
88,810
102,088
Revenues earned by the Company and its subsidiaries on those contracts, which were included in operating revenues, amounted to US$ 21,203 thousand and US$ 11,712 thousand in 2011 and 2010, respectively. b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to US$ 1 million to US$ 59 million per year, which will end between 2011 - 2022. At the reporting date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows: September 30, December 31, 2011 2010 US$'000 US$'000
c.
Within one year In the second to fifth years inclusive After five years
58,985 213,217 182,020
53,882 143,144 129,471
Total
454,222
326,497
The subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 12,1 million.
d. In 2010, the subsidiary entered into purchases of three second hand vessels agreement amounting to USD 20,250 thousand. e. In April 2008, Chembulk Tankers LLC, obtained an irrevocable Standby Letter of Credit (SBLC) facility from ING Bank N.V, Singapore Branch amounting to US$ 29,200 thousand. Such SBLC is secured by a subsidiary’s vessel and is reduced periodically by US$ 3,600 thousand and matures on January 19, 2019. f.
On January 17, 2008 Richesse Logistics (Fangcheng Port) Co., Ltd. entered into an agreement with Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of 360 million square meters. A total of 83 million square meters represent capital contribution of Fangcheng Port Group Co. Ltd. and the remaining 277 million square meters will be purchased for RMB 83 million. The agreement also mentioned that Richesse Logistics (Fangcheng Port) Co., Ltd. will be responsible for, among others, applying the license to use the property. As of September 30, 2011, Richesse Logistics (Fangcheng Port) Co., Ltd, has paid US$ 22.9 million, which is included under the construction in progress account.
- 65 -
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 42. EVENTS AFTER THE REPORTING PERIOD a. In October 2011, a subsidiary PT Berlian Dumai Logistics, has agreed to sale a specific terminal which located in Dumai, Riau Province, for Rp 93,000 million. b. In October 2011, The Company has agreed to sale certain parcel of land with PT Ivo Mas Tunggal which is located in Dumai, Riau Province for Rp 152,175 million. c. In October 2011, the Company has fully paid for the long term loan facility from UOB Indonesia. d. In October 2011, subsidiaries have agreed to sell vessels M.T. Barunawati and M.T. Anjani to third parties.
*******
- 66 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASIAN/ CONSOLIDATED FINANCIAL STATEMENTS UNTUK PERIODE-PERIODE YANG BERAKHIR 30 SEPTEMBER 2011 DAN 2010 (DENGAN PERBANDINGAN ANGKA AUDIT LAPORAN POSISI KEUANGAN KONSOLIDASIAN PER 31 DESEMBER 2010)/ FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (WITH AUDITED COMPARATIVE CONSOLIDATED STATEMENTS OF FINANCIAL POSITION FIGURES AS OF DECEMBER 31, 2010)
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN DAFTAR ISI
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS Halaman/ Page
SURAT PERNYATAAN DIREKSI
DIRECTORS’ STATEMENT LETTER
LAPORAN KEUANGAN KONSOLIDASIAN Pada tanggal 30 September 2011 dan 2010 serta untuk periode-periode yang berakhir pada tanggal tersebut (Dengan perbandingan angka audit Laporan Posisi Keuangan Konsolidasian per 31 Desember 2010)
CONSOLIDATED FINANCIAL STATEMENTS As of September 30, 2011 and 2010 and for the periods then ended (With audited comparative Consolidated Statements of Financial Position figures as of December 31, 2010)
Laporan Posisi Keuangan Konsolidasian
1
Consolidated Statements of Financial Position
Laporan Laba Rugi Komprehensif Konsolidasian
3
Consolidated Statements of Comprehensive Income
Laporan Perubahan Ekuitas Konsolidasian
4
Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian
5
Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian
6
Notes to Consolidated Financial Statements
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN POSISI KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) (DENGAN PERBANDINGAN ANGKA AUDIT 31 DESEMBER 2010) 30 September/ September 30, 2011 US$'000
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION SEPTEMBER 30, 2011 (UNAUDITED) (WITH AUDITED COMPARATIVE FIGURES AS OF DECEMBER 31, 2010)
Catatan/ Notes
31 Desember/ December 31, 2010 US$'000
ASET ASET LANCAR Kas dan setara kas Investasi jangka pendek Piutang usaha Pihak berelasi Pihak ketiga Piutang lain-lain Persediaan Uang muka Pajak dibayar dimuka Biaya dibayar dimuka Jumlah Aset Lancar
ASSETS
105.763 88.961 154.792 11.685 27.374 16.526 1.097 42.568
3 4 5 32
448.766
ASET TIDAK LANCAR Investasi tersedia untuk dijual Investasi pada perusahaan asosiasi Aset tetap - setelah dikurangi akumulasi penyusutan dan penurunan nilai aset sebesar USD 726.510 ribu tahun 2011 dan USD 635.238 ribu tahun 2010 Uang muka pembelian kapal Uang jaminan dan beban tangguhan Goodwill - bersih
2.468.803 20.250 25.768 38.749
Jumlah Aset Tidak Lancar JUMLAH ASET
236 159.930 11.820 16.281 13.801 35 16.913
CURRENT ASSETS Cash and cash equivalents Short-term investments Trade accounts receivable Related parties Third parties Other accounts receivable Inventories Advances Prepaid taxes Prepaid expenses
383.264
Total Current Assets
84.284 79.964
2.327.320 20.250 22.041 40.903
NONCURRENT ASSETS Available-for-sale investment Investments in associates Property, vessels and equipment - net of accumulated depreciation and impairment of assets of USD 726,510 thousand in 2011 and USD 635,238 thousand in 2010 Advance for purchase of vessels Security deposits and deferred charges Goodwill - net
2.605.447
2.452.247
Total Noncurrent Assets
3.054.213
2.835.511
TOTAL ASSETS
33.778 18.099
4,6 6
7 7,36d
Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
-1-
8
33.778 7.955
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN POSISI KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) (DENGAN PERBANDINGAN ANGKA AUDIT 31 DESEMBER 2010) 30 September/ September 30, 2011 US$'000
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION SEPTEMBER 30, 2011 (UNAUDITED) (WITH AUDITED COMPARATIVE FIGURES AS OF DECEMBER 31, 2010)
Catatan/ Notes
31 Desember/ December 31, 2010 US$'000
LIABILITAS DAN EKUITAS LIABILITAS JANGKA PENDEK Utang bank jangka pendek Utang usaha Pihak berelasi Pihak ketiga Utang pajak Biaya masih harus dibayar Bagian liabilitas jangka panjang yang akan jatuh tempo dalam waktu satu tahun: Lembaga keuangan Obligasi Sewa pembiayaan Utang lain-lain non-lembaga keuangan Utang lain-lain non-lembaga keuangan Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Liabilitas lancar lainnya Jumlah Liabilitas Jangka Pendek LIABILITAS JANGKA PANJANG Liabilitas jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun : Lembaga keuangan Obligasi Wesel bayar Sewa pembiayaan Utang lain-lain non-lembaga keuangan Cadangan imbalan pasca kerja Instrumen keuangan derivatif Obligasi konversi Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Jumlah Liabilitas Jangka Panjang EKUITAS Ekuitas yang dapat diatribusikan kepada pemilik entitas induk Modal saham - nilai nominal Rp 62,50 per saham Modal dasar - 14.676.480.000 saham Modal ditempatkan dan disetor - 11.550.831.470 saham Agio saham Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya Komponen ekuitas lainnya Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham
LIABILITIES AND EQUITY
90.590 2.412 30.430 844 31.251
9 10 32
14.459
11 12
3.173 60.770 1.665 44.452
142.419 124.107 52.791 1.182 10.200
13 14 16 17 17
178.468 49.383 3.003 10.200
208 3.575
7
208 5.471
490.009
371.252
CURRENT LIABILITIES Short-term bank loans Trade accounts payable Related parties Third parties Taxes payable Accrued expenses Current portion of long-term liabilities: Financial institution Bonds payable Obligations under finance lease Other loans from non-financial institutions Other loans from non-financial institutions Deferred gain on sales and leaseback transaction Other current liabilities Total Current Liabilities NONCURRENT LIABILITIES
709.455 27.237 145.000 417.085 22.541 5.955 84.464 168.384
13 14 15 16 17 18 31 19
707.562 148.261 316.000 342.769 17.634 5.180 75.775 165.057
1.694
7
1.850
1.581.815
109.575 208.826 5.898 322.797 304.976
1.780.088
20 21
109.575 208.826
23
5.898 158.258 288.242
952.072 (86.628)
770.799 22
(86.628)
Long-term liabilities - net of current portion: Financial institution Bonds payable Notes payable Obligations under finance lease Other loans from non-financial institutions Post-employment benefits obligation Derivative financial instruments Convertible bonds Deferred gain on sale and leaseback transaction Total Noncurrent Liabilities EQUITY Equity atrributable to the Equity Holders of the Parent Company Capital stock - Rp 62.50 par value per share Authorized - 14,676,480,000 shares Subscribed and paid-up - 11,550,831,470 shares Additional paid-in capital Retained earnings Appropriated Unappropriated Other components of equity Total Less cost of treasury stocks - 412,351,000 shares
Kepentingan Nonpengendali
865.444 116.945
684.171 -
Non-controlling Interests
Jumlah Ekuitas
982.389
684.171
Total Equity
3.054.213
2.835.511
JUMLAH LIABILITAS DAN EKUITAS
Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
-2-
TOTAL LIABILITIES AND EQUITY
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASIAN UNTUK PERIODE-PERIODE YANG BERAKHIR 30 SEPTEMBER 2011 DAN 2010 (TIDAK DIAUDIT) 2011 (Sembilan Bulan/ Nine Months) US$'000
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (UNAUDITED)
Catatan/ Notes
2010 Sembilan Bulan/ Nine Months) US$'000
PENDAPATAN USAHA
486.421
24
494.594
OPERATING REVENUES
BEBAN LANGSUNG
405.424
25,32
396.340
DIRECT COST
LABA KOTOR
80.997
BEBAN UMUM DAN ADMINISTRASI
21.624
LABA USAHA
59.373
PENGHASILAN (BEBAN) LAIN-LAIN Peningkatan revaluasi bersih Pendapatan investasi Bagian laba (rugi) bersih perusahaan asosiasi
30.898 4.599 10.144
7 28 6
78.937 6.722 (6.805)
(1.397) (1.389)
7
(12.063) (6.609)
(9.695)
31
6.725
15,19 27
(78.608) (99.437) (2.744)
Kerugian penjualan aset tetap Kerugian kurs mata uang asing - bersih Keuntungan (kerugian) transaksi derivatif bersih Perubahan nilai wajar obligasi konversi dan wesel bayar Beban keuangan Lain-lain - bersih Penghasilan (Beban) Lain-lain - Bersih LABA (RUGI) SEBELUM PAJAK BEBAN PAJAK LABA (RUGI) PERIODE BERJALAN PENDAPATAN KOMPREHENSIF LAIN Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi bersih Selisih perubahan ekuitas anak perusahaan Kerugian yang belum direalisasi dari pemilikan efek
171.000 (123.828) 3.564
26
98.254
GROSS PROFIT
19.582
GENERAL AND ADMINISTRATIVE EXPENSES
78.672
INCOME FROM OPERATIONS
83.896
(113.882)
143.269
(35.210)
(1.202)
11
142.067
(999) (36.209)
(3.095) 42.797
(694) 81.533
880
-
-
(609)
182.649
44.021
Laba (rugi) yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan nonpengendali
140.691 1.376
(36.209) -
142.067
(36.209)
181.273 1.376
44.021 -
182.649
44.021
LABA (RUGI) PER SAHAM (dalam nilai penuh) Dasar Dilusian
Net gain (loss) on derivative transactions Change in fair value of convertible bonds and notes payable Finance cost Others - net Other Income (Charges) - Net INCOME (LOSS) BEFORE TAX TAX EXPENSE INCOME (LOSS) CURRENT PERIOD OTHER COMPREHENSIVE INCOME
LABA KOMPREHENSIF PERIODE BERJALAN
Total laba rugi komprehensif yang dapat diatribusikan kepada: Pemilik entitas induk Kepentingan nonpengendali
OTHER INCOME (CHARGES) Net revaluation increase Investment income Equity in net income (loss) of associates Loss on sale of property, vessels and equipment Foreign exchange loss - net
Translation adjustment Revaluation reserve net Difference arising from changes of equity in subsidiaries Unrealized loss on available-for-sale investments OTHER COMPREHENSIVE INCOME FOR THE PERIOD Income (loss) attributable to: Owners of the parent company Non-controlling interests
Total comprehensive income attributable to: Owners of the parent company Non-controlling interests
EARNINGS (LOSS) PER SHARE (in full amount) 0,0126 0,0105
29
Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
-3-
(0,0049) -
Basic Diluted
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
109.575
Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
Saldo per 30 September 2011
-
109.575
Saldo per 1 Januari 2011 Perubahan ekuitas untuk periode sembilan bulan 30 September 2011 Pengeluaran saham baru melalui penawaran umum oleh anak perusahaan Pengeluaran saham baru anak perusahaan Transfer ke saldo laba Total laba komprehensif 4,23
208.826
-
208.826
208.610
93.786 -
38.641 -
109.577
4,23
114.824
Agio saham/ Additional paid-in capital US$'000
70.936
Saldo per 30 September 2010
Saldo per 1 Januari 2010 Perubahan ekuitas untuk periode sembilan bulan 30 September 2010 Pengeluaran saham baru melalui penawaran umum terbatas Transfer ke saldo laba Total laba komprehensif
Modal ditempatkan dan disetor/ Subscribed Catatan/ and paid-up Notes capital stock US$'000
(86.628)
-
(86.628)
(86.628)
-
(86.628)
(19.387)
(3.095)
(16.292)
(17.522)
(694)
(16.828)
-
-
-
148
(609)
757
-4-
323.483
(23.848) 42.797
304.534
288.982
(30.228) 81.533
237.677
880
880
-
-
-
-
5.898
-
5.898
5.898
-
-
5.898
322.797
23.848 140.691
158.258
285.675
30.228 (36.209)
291.656
Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk/Equity Attributable to Owners of The Parent Keuntungan Selisih perubahan yang belum ekuitas Selisih kurs karena direalisasi dari anak perusahaan/ Saldo Laba/Retained earnings Modal penjabaran laporan pemilikan efek/ Difference saham diperoleh keuangan/ Unrealized gain arising from Ditentukan Tidak ditentukan kembali/ Translation on available-for-sale Surplus revaluasi/ changes of equity penggunaannya/ penggunaannya/ Treasury stocks adjustment investments Revaluation reserve in subsidiaries Appropriated Unappropriated US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN UNTUK PERIODE-PERIODE YANG BERAKHIR 30 SEPTEMBER 2011 DAN 2010 (TIDAK DIAUDIT)
865.444
181.273
684.171
794.740
132.427 44.021
618.292
Sub-total/ Sub-total US$'000
982.389
111.248 4.321 182.649
684.171
794.740
132.427 44.021
618.292
Balance as of September 30, 2011
Issuance of shares through initial public offering by a subsidiary Issuance of shares by subsidiaries Transfer to retained earnings Total comprehensive income
Balance as of January 1, 2011 Changes in equity for nine month period September 30, 2011
Balance as of September 30, 2010
Balance as of January 1, 2010 Changes in equity for nine month period September 30, 2010 Issuance of shares through rights issue Transfer to retained earnings Total comprehensive income
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
116.945
111.248 4.321 1.376
-
-
-
-
Kepentingan Nonpengendali/ Non-controlling Jumlah Ekuitas/ Interests Total equity US$'000 US$'000
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (UNAUDITED)
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASIAN UNTUK PERIODE-PERIODE YANG BERAKHIR 30 SEPTEMBER 2011 DAN 2010 (TIDAK DIAUDIT)
P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (UNAUDITED) 2011 2010 (Sembilan Bulan/(Sembilan Bulan/ Nine Months) Nine Months) US$'000 US$'000
ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok dan karyawan
CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees
491.397 (417.219)
494.711 (352.577)
Kas dihasilkan dari operasi Pembayaran bunga Pembayaran bagi hasil Pembayaran pajak penghasilan Penerimaan (pembayaran) klaim asuransi
74.178 (85.273) (3.154) (1.202) 2.622
142.134 (51.870) (2.987) (999) (1.054)
Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Operasi
(12.829)
85.224
(8.997) 4.599
(75.324) 5.068
93.501 (170.262) -
79.324 (217.712) (6.000)
CASH FLOWS FROM INVESTING ACTIVITIES Placement of temporary investments - net Interest received Net proceeds from sale of property, vessels and equipment Acquisitions of property, vessels and equipment Increase in security deposits
(81.159)
(214.644)
Net Cash Used in Investing Activities
ARUS KAS DARI AKTIVITAS INVESTASI Penempatan investasi sementara - bersih Penerimaan bunga Hasil penjualan aset tetap - bersih Perolehan aset tetap Penambahan uang jaminan Kas Bersih Digunakan untuk Aktivitas Investasi ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan dari hutang bank dan lembaga keuangan Penerimaan bersih dari penerbitan hutang obligasi konversi
734.811 -
175.338 125.000
Pembayaran hutang bank dan lembaga keuangan Pembayaran hutang obligasi Pembayaran dividen Pembayaran hutang lain-lain jangka panjang - bersih Penambahan modal disetor dan agio saham dari penawaran umum terbatas Penerimaan dari penerbitan saham baru anak perusahaan - bersih setelah dikurangi biaya penerbitan Pembayaran kewajiban sewa pembiayaan
(689.259) 3.085
(225.620) (95.623) (1) (1.182)
-
132.428
Cash generated from operations Interest paid Profit sharing paid Income tax paid Receipts from (payments for) insurance claim Net Cash Provided by (Used in) Operating Activities
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans and loans from other financial institutions Proceeds from issuance of convertible bonds Payments of loans from banks and other financial institutions Payments of bonds payable Dividends paid Payments of other long-term payables - net Proceeds from rights issue Proceeds from placement of new shares of a subsidiaries - net of issuance expenses Payments of obligations under finance lease
112.128 (45.298)
(25.507)
115.467
84.833
Net Cash Provided by Financing Activities
KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS
21.479
(44.587)
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS AWAL PERIODE
84.284
118.732
KAS DAN SETARA KAS AKHIR PERIODE
105.763
74.145
Kas Bersih Diperoleh dari Aktivitas Pendanaan
Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian.
-5-
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD CASH AND CASH EQUIVALENTS AT END OF PERIOD
See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010
1.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010
UMUM a.
1.
Pendirian dan Informasi Umum
GENERAL a.
Establishment and General Information
P.T. Berlian Laju Tanker Tbk (Perusahaan) didirikan berdasarkan akta No. 60 tanggal 12 Maret 1981 dengan nama P.T. Bhaita Laju Tanker, yang kemudian dengan akta No. 4 tanggal 5 September 1988 diubah namanya menjadi P.T. Berlian Laju Tanker. Kedua akta tersebut dibuat dihadapan Raden Santoso, notaris di Jakarta, dan telah mendapat persetujuan dari Menteri Kehakiman Republik Indonesia dalam Surat Keputusannya No.C2-2630.HT.01.01-Th.89 tanggal 31 Maret 1989, serta diumumkan dalam Berita Negara Republik Indonesia No. 70 tanggal 1 September 1989, Tambahan No. 1729. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan akta No. 26 tanggal 29 Juli 2010 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, mengenai peningkatan modal disetor. Perubahan anggaran dasar tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusannya No. AHU-42135.AH.01.02.Tahun 2010 tanggal 26 Agustus 2010.
P.T. Berlian Laju Tanker Tbk (the “Company”) was established based on notarial deed No. 60 dated March 12, 1981 under the name of P.T. Bhaita Laju Tanker. The Company's name was changed to P.T. Berlian Laju Tanker based on notarial deed No. 4 dated September 5, 1988. Both deeds were notarized by Raden Santoso, notary in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. C2-2630.HT.01.01.Th.89 dated March 31, 1989 and was published in State Gazette of the Republic of Indonesia No. 70 dated September 1, 1989, Supplement No. 1729. The Company's articles of association have been amended several times, most recently by notarial deed No. 26 dated July 29, 2010 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, concerning the increase in paid up capital. Such amendments were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-42135.AH.01.02.Tahun 2010 dated August 26, 2010.
Perusahaan berkedudukan di Jakarta, mempunyai dua kantor cabang di Merak dan Dumai serta kantor perwakilan di China, Brazil, Uni Emirat Arab dan Taiwan. Kantor pusat beralamat di Wisma Bina Surya Group (BSG) Lt. 10 Jalan Abdul Muis No. 40 Jakarta.
The Company is domiciled in Jakarta and has two branches in Merak and Dumai and representative offices in China, Brazil, United Arab Emirates and Taiwan. Its head office is th located at Wisma Bina Surya Group (BSG) 10 Floor, Jalan Abdul Muis No. 40, Jakarta.
Sesuai dengan pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha dalam bidang perkapalan dalam dan luar negeri dengan menggunakan kapalkapal, termasuk tetapi tidak terbatas pada kapal tanker, tongkang dan kapal tunda (tugboat). Perusahaan bergerak dalam bidang jasa seperti pelayaran/angkutan laut dengan konsentrasi pada angkutan muatan bahan cair baik dalam kawasan Indonesia maupun Asia, Eropa dan Amerika. Perusahaan mulai beroperasi secara komersial pada tahun 1981.
In accordance with article 3 of the Company’s articles of association, the scope of its activities comprise of local and overseas shipping including but not limited to tanker, barges and tugboat operations. The Company is presently engaged in providing cargo shipping with concentration on liquid cargo transportation services in Indonesia, Asia, Europe and America. The Company started its commercial operations in 1981.
Keputusan Menteri Keuangan Republik Indonesia No. KEP-1514/WPJ.07/BD.04/2008 tanggal 28 Nopember 2008, menyetujui Perusahaan untuk menyelenggarakan pembukuan dalam bahasa Inggris dan menggunakan mata uang Dollar Amerika Serikat yang dimulai sejak 1 Januari 2009.
The Minister of Finance of the Republic of Indonesia, through Decision Letter No. KEP-1514/WPJ.07/BD.04/2008 dated November 28, 2008, approved the Company’s application to maintain its accounting records in the English language and United States (U.S.) Dollar starting January 1, 2009.
-6-
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Susunan pengurus Perusahaan adalah sebagai berikut: Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen Direksi Direktur Utama Direktur
Komite Audit Ketua Anggota b.
The Company’s management consisted of the following: Board of Commissioners President Commissioner Commissioner Independent Commissioners
Hadi Surya Safzen Noerdin Alan Jonathan Tangkas Darmawan Jaka Prasetya
Directors President Director Directors
Widihardja Tanudjaja Michael Murni Gunawan Wong Kevin Siana Anggraeni Surya Henrianto Kuswendi
Audit Committee Chairman Members
Alan Jonathan Tangkas Darmawan Jaka Prasetya Max Budiarto Sumakno
Anak Perusahaan
b.
Subsidiaries
Perusahaan memiliki 100% saham Indigo Pacific Corporation, Diamond Pacific International Corporation dan Asean Maritime Corporation (ketiganya berkedudukan di luar negeri), semuanya bergerak dalam bidang investasi. Perusahaan juga memiliki P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime dan P.T. Buana Listya Tama Tbk yang bergerak dalam bidang pengoperasian dan pemilikan kapal, ketiga anak perusahaan ini berdomisili di Indonesia.
The Company has 100% share ownership in Indigo Pacific Corporation, Diamond Pacific International Corporation and Asean Maritime Corporation (all domiciled in foreign country), all of which are operating as investment holding companies. The Company also owns P.T. Banyu Laju Shipping, P.T. Brotojoyo Maritime and P.T. Buana Listya Tama Tbk, owners and operators of vessels, which are all domiciled in Indonesia.
Berikut adalah rincian anak perusahaan yang dimiliki oleh Perusahaan, baik langsung maupun tidak langsung melalui anak perusahaan:
Details of the Company’s subsidiaries, directly or indirectly owned, are as follows: Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
1
Indigo Pacific Corporation
Perusahaan Investasi/ Investment holding company
Labuan, Malaysia
24 Desember 1997/ December 24, 1997
1.1
Indigo Pacific Corporation
Perusahaan Investasi/ Investment holding company
British Virgin Islands
8 Pebruari 1993/ February 8, 1993
1.1.1
Melani Maritime Inc.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
24 Pebruari 1993/ February 24, 1993
1.1.2
Zona Overseas International Shipping S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
24 Juni 1997/ June 24, 1997
1.1.3
Kunti Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
11 Oktober 2000/ October 11, 2000
1.1.4
Jembawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
15 Nopember 2000/ November 15, 2000
1.1.5
Tirtasari Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
24 Nopember 2001/ November 24, 2001
1.1.6
Pergiwo Navigation Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
26 April 2002/ April 26, 2002
-7-
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
1.1.7
Fatmarini Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
14 Agustus 2002/ August 14, 2002
1.1.8
Harsanadi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
26 Agustus 2002/ August 26, 2002
1.1.9
Hartati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
26 Agustus 2002/ August 26, 2002
1.1.10
BLT Finance Corporation
Pembiayaan/Financing
British Virgin Islands
20 Juni 2005/ June 20, 2005
1.1.11
Pujawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
10 Maret 2006/ March 10, 2006
1.1.12
Pertiwi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Maret 2006/ March 12, 2006
1.1.13
Anggraini Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
5 Juni 2006/ June 5, 2006
1.1.14
Emerald Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 April 2006/ April 12, 2006
1.1.15
BLT Finance B.V
Pembiayaan/Financing
The Netherlands
27 April 2007/ April 27, 2007
1.1.16
Tridonawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
6 Juni 2007/ June 6, 2007
1.1.17
Purbasari Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
23 Juni 2007/ June 23, 2007
1.1.18
Tridonawati Maritime Corporation
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Liberia
21 Juni 2007/ June 21, 2007
1.1.19
Trirasa Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
6 Juni 2007/ June 6, 2007
1.1.20
Pramoni Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
16 April 2008/ April 16, 2008
1.1.21
Fatmarini Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.22
Frabandari Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.23
Harsanadi Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.24
Hartati Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.25
Nogogini Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.26
Nolowati Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.27
Ratih Shipping Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Oktober 2008/ October 12, 2008
1.1.28
Universal Grace Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Hong Kong
24 September 2010/ September 24, 2010
-8-
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Bidang usaha/
Domisili/
Start of Commercial
Anak Perusahaan/Subsidiaries
Type of business
Domicile
Operations
1.1.29
BLT Maritime Corporation
* Perusahaan Investasi/ Investment holding company
British Virgin Islands
8 April 2011/ April 8, 2011
2
Diamond Pacific International Corporation
Perusahaan Investasi/ Investment holding company
Labuan, Malaysia
24 Desember 1997/ December 24, 1997
2.1
Diamond Pacific International Corporation
Perusahaan Investasi/ Investment holding company
British Virgin Islands
9 Pebruari 1993/ February 9, 1993
2.1.1
Lenani Maritime Inc.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
24 Pebruari 1993/ February 24, 1993
2.1.1.1
Ontari Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
25 Juli 2002 July 25, 2002
2.1.2
Averina Maritime S.A.
Agen perkapalan/ Shipping agency
Panama
27 Mei 1998/ May 27, 1998
2.1.3
Gandari Navigation Pte. Ltd.
Pengoperasian kapal/ Operator of vessel
Singapore
26 April 2002/ April 26, 2002
2.1.4
GBLT Shipmanagement Pte. Ltd.
Manajemen perkapalan/ Ship management
Singapore
10 Maret 2002/ March 10, 2002
2.1.4.1
GBLT Shipmanagement Ltd.
Manajemen perkapalan/ Ship management
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.1
Harsanadi Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.2
Hartati Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.3
Frabandari Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.4
Fatmarini Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.5
Nolowati Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.6
Nogogini Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.4.1.7
Ratih Shipping Ltd.
Pengoperasian kapal/ Operator of vessel
United Kingdom
2 Pebruari 2004/ February 2, 2004
2.1.5
Cendanawati Navigation Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
25 Juli 2002/ July 25, 2002
2.1.6
Frabandari Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
14 Agustus 2002/ August 14, 2002
2.1.7
Brotojoyo Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
3 Juli 2003/ July 3, 2003
2.1.8
Berlian Laju Tanker Pte. Ltd.
Pengoperasian kapal/ Operator of vessel
Singapore
3 Juli 2003/ July 3, 2003
2.1.9
Anjasmoro Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
17 Maret 2004/ March 17, 2004
2.1.10
Gas Lombok Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
20 Maret 2008/ March 20, 2008
-9-
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
Singapore
12 Juni 2008/ June 12, 2008
United Arab Emirates
16 Januari 2011/ January 16, 2011
Marshall Islands
8 Juli 2005/ July 8, 2005
2.1.11
Gas Sumbawa Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
2.1.12
Berlian Laju Tanker DMCC
2.2
BLT LNG Tangguh Corporation
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
3
Asean Maritime Corporation
Perusahaan Investasi/ Investment holding company
Labuan, Malaysia
16 September 1997/ September 16, 1997
3.1
Gold Bridge Shipping Corporation
Perusahaan Investasi/ Investment holding company
British Virgin Islands
20 Nopember 1996/ November 20, 1996
3.1.1
Bauhinia Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
30 Mei 1996/ May 30, 1996
3.1.2
Cempaka Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
23 Juni 1997/ June 23, 1997
3.1.3
Gold Bridge Shipping Ltd.
Agen perkapalan/ Shipping agency
Hong Kong
27 April 1990/ April 27, 1990
3.1.3.1
BLT Shipping Shanghai Co. Ltd.
Agen perkapalan/ Shipping agency
China
27 Juli 2006/ July 27, 2006
3.1.4
Great Tirta Shipping S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
23 Juni 1997/ June 23, 1997
3.1.4.1
Dewayani Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
1 Nopember 2002/ November 1, 2002
3.1.5
Hopeway Marine Inc.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
22 Nopember 1984/ November 22, 1984
3.1.6
Lestari International Shipping S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
23 Juni 1997/ June 23, 1997
3.1.6.1
Gandini Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
2 Januari 2002/ January 2, 2002
3.1.7
Quimera Maritime S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
3 Desember 1993/ December 3, 1993
3.1.8
South Eastern Overseas Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
26 Mei 1994/ May 26, 1994
3.1.9
Zenith Overseas Maritime S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
23 Juni 1997/ June 23, 1997
3.1.9.1
Gandari Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
20 Januari 2002/ January 20, 2002
3.1.10
Zona Shipping S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
23 Juni 1997/ June 23, 1997
3.1.10.1
Dewi Sri Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
1 Nopember 2002/ November 1, 2002
3.1.11
Dahlia Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
29 Januari 1997/ January 29, 1997
3.1.12
Eglantine Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
24 Nopember 1997/ November 24, 1997
* Agen perkapalan/ Shipping agency
- 10 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
3.1.13
Wulansari Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
6 April 2001/ April 6, 2001
3.1.14
Yanaseni Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
18 April 2001/ April 18, 2001
3.1.15
Indradi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
13 September 2001/ September 13, 2001
3.1.16
Gold Bridge Shipping Agencies S.A.
Agen perkapalan/ Shipping agency
Panama
26 September 2001/ September 26, 2001
3.1.17
Elite Bauhinia Navigation Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
24 Nopember 2001/ November 24, 2001
3.1.18
Cempaka Navigation Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
25 Juli 2002/ July 25, 2002
3.1.19
Dahlia Navigation Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
25 Juli 2002/ July 25, 2002
3.1.20
Freesia Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
15 Nopember 2002/ November 15, 2002
3.1.21
Gerbera Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
29 Nopember 2002/ November 29, 2002
3.1.22
Mustokoweni Maritime Pte Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Agustus 2004/ August 12, 2004
3.1.23
Ulupi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Agustus 2004/ August 12, 2004
3.1.24
Erowati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Agustus 2004/ August 12, 2004
3.1.25
Gas Papua Maritime Pte Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
10 Nopember 2004/ November 10, 2004
3.1.26
Rasawulan Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
8 Nopember 2004/ November 8, 2004
3.1.27
Gas Sulawesi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
10 Nopember 2004/ November 10, 2004
3.1.28
Gagarmayang Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
12 Nopember 2004/ November 12, 2004
3.1.29
Prita Dewi Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
13 Nopember 2004/ November 13 2004
3.1.30
Purwati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
14 Nopember 2004/ November 14, 2004
3.1.31
Pradapa Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
8 Januari 2005/ January 8, 2005
3.1.32
Pergiwati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
8 Januari 2005/ January 8, 2005
3.1.33
Badraini Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
19 Januari 2005/ January 19, 2005
3.1.34
Barunawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
19 Januari 2005/ January 19, 2005
- 11 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
3.1.35
Gas Maluku Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
8 April 2005/ April 8, 2005
3.1.36
Barawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
22 April 2005/ April 22, 2005
3.1.37
Gas Bali Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
6 Juli 2005/ July 6, 2005
3.1.38
Eustoma Navigation S.A.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Panama
12 Agustus 2005/ August 12, 2005
3.1.39
Puspawati Maritime Pte. Ltd.
Pengoperasian dan pemilikan kapal/ Owner and operator of vessel
Singapore
26 September 2005/ September 26, 2005
3.1.40
Diamond Flow Ltd.
Perusahaan investasi/ Investment holding company
Hong Kong
18 Januari 2007/ January 18, 2007
3.1.41
Likabula International Ltd.
Perusahaan investasi/ Investment holding company
Hong Kong
14 Juni 2007/ June 14, 2007
3.1.42
Richesse International Corp
Perusahaan investasi/ Investment holding company
British Virgin Islands
18 Agustus 2006/ August 18, 2006
3.1.42.1
Richesse Logistic (International) Ltd.
Perusahaan investasi/ Investment holding company
Hong Kong
25 Agustus 2006/ August 25, 2006
3.1.42.1.1
Richesse Logistic (Fangcheng Port) Co. Ltd.
** Penyimpanan dan penjualan produk kimia/Storage and sale of chemical product
China
12 Juli 2007 July 12, 2007
3.1.43
Hyacinth Navigation S.A.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Panama
12 Maret 2008/ March 12, 2008
3.1.44
Iris Maritime International S.A.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Panama
12 Maret 2008/ March 12, 2008
3.1.45
Gerbera Navigation Pte. Ltd.
Singapore
1 Pebruari 2011/ February 1, 2011
3.2
BLT Chembulk Corp BVI
Perusahaan investasi/ Investment holding company
British Virgin Islands
5 Oktober 2007/ October 5, 2007
3.2.1
Chembulk Tankers LLC
Perusahaan investasi/ Investment holding company
Marshall Islands
25 Januari 2007/ January 25, 2007
3.2.1.1
Chembulk Trading II LLC
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Marshall Islands
25 Januari 2007/ January 25, 2007
3.2.1.2
Chembulk Management LLC
Manajemen perkapalan/ Ship management
United States of America
25 Januari 2007/ January 25, 2007
3.2.1.3
Chembulk Management B.V.
Manajemen perkapalan/ Ship management
The Netherlands
22 Mei 2007/ May 22, 2007
3.2.1.4
Chembulk Management Pte. Ltd.
Manajemen perkapalan/ Ship management
Singapore
29 Maret 2007/ March 29, 2007
3.2.1.5
CBL Tankers Do Brazil Ltda
Manajemen perkapalan/ Ship management
Brazil
17 Juli 2008/ July 17, 2008
3.2.1.6
BLT Chembulk Group Corporation
Pengoperasian kapal/ Operator of vessel
British Virgin Islands
2 Desember 2010/ December 2, 2010
3.2.1.7
BLT Chembulk Group Europe A/S
* Manajemen perkapalan/ Ship management
Denmark
10 Pebruari 2011/ February 10, 2011
3.2.2
Chembulk Barcelona Pte. Ltd.
Singapore
2 Nopember 2007/ November 2, 2007
* Pengoperasian kapal/ Operator of vessel
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
- 12 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
3.2.3
Chembulk Gibraltar Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.4
Chembulk Hong Kong Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.5
Chembulk Houston Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.6
Chembulk Kobe Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.7
Chembulk New York Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.8
Chembulk Savannah Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.9
Chembulk Shanghai Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.10
Chembulk Ulsan Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.11
Chembulk Virgin Gorda Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.12
Chembulk Yokohama Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
2 Nopember 2007/ November 2, 2007
3.2.13
Chembulk New Orleans Pte. Ltd.
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Singapore
22 Juni 2008/ June 22, 2008
3.3
BLT International Corp.
Perusahaan investasi/ Investment holding company
Hong Kong
22 Oktober 2009/ October 22, 2009
3.4
Nevaeh Limited
*** Perusahaan investasi/ Investment holding company
British Virgin Islands
1 Agustus 2007/ August 1, 2007
4
PT Banyu Laju Shipping
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
25 Juli 1991/ July 25, 1991
4.1
Banyu Laju Corporation
Perusahaan investasi/ Investment holding company
Labuan, Malaysia
18 Desember 2003/ December 18, 2003
5
PT Brotojoyo Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
20 Januari 2003/ January 20, 2003
6
PT Buana Listya Tama Tbk
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
12 Mei 2005/ May 12, 2005
6.1
PT Anjasmoro Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
24 Maret 2006/ March 24, 2006
6.2
PT Pearl Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
9 Nopember 2006/ November 9, 2006
6.3
PT Ruby Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
9 Nopember 2006/ November 9, 2006
6.4
PT Sapphire Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
9 Nopember 2006/ November 9, 2006
6.5
PT Citrine Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
29 Mei 2006/ May 29, 2006
- 13 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) Tahun Operasi Komersial/
Anak Perusahaan/Subsidiaries
Bidang usaha/
Domisili/
Start of Commercial
Type of business
Domicile
Operations
6.6
PT Diamond Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
29 Mei 2006/ May 29, 2006
6.7
PT Emerald Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
29 Mei 2006/ May 29, 2006
6.8
PT Jade Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
19 Mei 2009/ May 19, 2009
6.9
PT Onyx Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
19 Mei 2009/ May 19, 2009
6.10.
PT Topaz Maritime
Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
19 Mei 2009/ May 19, 2009
6.11
PT Bayu Lestari Tanaya
Agen Perkapalan/Shipping agency
Indonesia
22 Maret 2005/ March 22, 2005
6.11.1
PT Berlian Dumai Logistics
Perdagangan umum/General trading
Indonesia
16 Nopember 2007/ November 16, 2007
6.12
PT Gemilang Bina Lintas Tirta
Pengoperasian kapal/ Operator of vessel
Indonesia
10 Nopember 2003/ November 10, 2003
6.13
PT Karya Bakti Adil
Agen kru/Crew agency
Indonesia
20 Nopember 2003/ November 20, 2003
6.14
PT BLT International Group
Perusahaan investasi/ Investment holding company
Indonesia
23 Desember 2009/ December 23, 2009
6.15
PT BLT Meo
**** Pengoperasian & pemilikan kapal/ Owner and operator of vessel
Indonesia
20 Juli 2010/ July 20, 2010
6.16
BLT Shipping Corporation
* Perusahaan investasi/ Investment holding company
British Virgin Islands
15 April 2011/ April 15, 2011
6.17
BLT Marina Shipping Corporation
* Perusahaan investasi/ Investment holding company
British Virgin Islands
10 Juni 2011/ June 10, 2011
* Merupakan pendirian perusahaan baru di tahun 2011/Newly established company in 2011. ** Kepemilikan saham sebesar 75%/Interest owned 75%. *** Kepemilikan saham sebesar 51% /Interest owned 51%. **** Kepemilikan saham sebesar 50%/Interest owned 50%. c.
Penawaran Umum Efek Perusahaan dan Obligasi
c.
Public Offering of Shares and Bonds
Saham
Shares
Perusahaan menawarkan 2.100.000 saham kepada masyarakat melalui bursa efek di Indonesia seharga Rp 8.500 setiap saham, yang telah disetujui oleh Menteri Keuangan Republik Indonesia dengan Surat Keputusannya No. S1-076/SHM/MK.01/1990 tanggal 22 Januari 1990. Saham-saham tersebut telah tercatat pada bursa efek di Indonesia pada tanggal 26 Maret 1990.
The Company’s offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990.
Pada tanggal 27 Januari 1993, Perusahaan memperoleh Surat Pemberitahuan Efektif No. S109A/PM/1993 dari Ketua Badan Pengawas Pasar Modal (Bapepam) (sekarang menjadi Bapepam-LK) untuk mengadakan Penawaran Umum Terbatas I kepada para pemegang saham sejumlah 29.400.000 saham seharga Rp 1.600 setiap saham. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya (sekarang Bursa Efek Indonesia) pada tanggal 24 Mei 1993.
On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of the Capital Market Supervisory Agency (“Bapepam”) (currently Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya Stock Exchanges (currently Indonesian Stock Exchange) on May 24, 1993.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada tanggal 26 Desember 1997, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-2966/PM/1997 untuk melakukan Penawaran Umum Terbatas II dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham sebanyak 305.760.000 saham dan 61.152.000 waran dengan harga pelaksanaan Rp 1.200 per waran. Pemegang waran dapat melaksanakan haknya untuk membeli saham mulai tanggal 16 Juli 1998 sampai dengan tanggal 20 Januari 2003. Berdasarkan Addendum Pernyataan Penerbitan Waran sebagaimana tercantum dalam akta No. 32 tanggal 17 Oktober 2002 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memutuskan untuk menambah jangka waktu waran selama 5 (lima) tahun sampai tanggal 18 Januari 2008. Bila waran tidak dilaksanakan sampai masa berlakunya habis, maka waran tersebut menjadi kadaluarsa dan tidak ada nilainya. Saham-saham tersebut telah dicatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 16 Januari 1998.
On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II with pre-emptive right to stockholders totaling 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase one share from July 16, 1998 to January 20, 2003. Based on the addendum on the statement of warrant issuance which was notarized with notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998.
Perusahaan melakukan stock split 4:1 pada tahun 2002 dan 2:1 pada tahun 2004. Dengan demikian harga pelaksanaan waran sejak tahun 2005 adalah sebesar Rp 150 per saham.
The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004. Thus, the exercise price of the warrants since 2005 became Rp 150 per share.
Pada tanggal 18 Desember 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-3690/PM/2000 untuk melakukan Penawaran Umum Terbatas III dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham sebanyak 61.152.000 saham. Perusahaan telah mengeluarkan saham baru sebanyak 53.958.150 saham biasa atas nama dengan nilai nominal Rp 500 per saham yang ditawarkan dengan harga Rp 1.100 per saham.
On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with pre-emptive right to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with nominal value of Rp 500 per share at a price of Rp 1,100 per share.
Pada tanggal 22 September 2006, Perusahaan memperoleh ijin untuk mencatatkan sahamnya di papan utama (SGX-Mainboard) berdasarkan surat No. RMR/IR/YCH/260407 dari Singapore Exchange Securities Limited (SGX-ST). Sehubungan dengan pencatatan saham tersebut Perusahaan telah merubah anggaran dasarnya yang telah disetujui oleh para pemegang saham dalam Rapat Umum Para Pemegang Saham Luar Biasa pada tanggal 11 September 2006.
On September 22, 2006, the Company obtained the eligibility to list all of its shares on the SGXMainboard based on letter No. RMR/IR/YCH/260407 from Singapore Exchange Securities Limited (SGX-ST). In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006.
Pada tanggal 29 Juni 2009, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-5658/BL/2009 untuk melakukan Penawaran Umum Terbatas IV dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham. Perusahaan telah mengeluarkan sebanyak 1.392.310.059 saham biasa baru dengan harga penawaran Rp 425 per saham.
On June 29, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-5658/BL/2009 for its rights issue IV with pre-emptive rights to stockholders. The Company issued 1,392,310,059 common shares at an exercise price of Rp 425 per share.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada tanggal 30 Juni 2010, Perusahaan memperoleh Surat Pernyataan Efektif dari Ketua Bapepam & LK dengan suratnya No. S-5872/BL/2010 untuk melakukan Penawaran Umum Terbatas V dengan Hak Memesan Efek Terlebih Dahulu kepada para pemegang saham. Sehubungan dengan penawaran tersebut, Perusahaan telah mengeluarkan sebanyak 5.569.240.235 saham baru dengan harga penawaran Rp 220 per saham.
On June 30, 2010, the Company obtained the notice of effectivity from the Chairman of Bapepam & LK in his letter No. S-5872/BL/2010 for its Rights Issue V with Pre-emptive Rights to stockholders. In connection with such rights issue, the Company issued 5,569,240,235 new common shares at Rp 220 per share.
Pada tanggal 30 September 2011, seluruh saham Perusahaan sejumlah 11.550.831.470 saham telah tercatat di Bursa Efek Indonesia dan Singapura.
As of September 30, 2011, issued shares of 11,550,831,470 have been listed on the Stock Exchanges in Indonesia and Singapore.
Obligasi dan Wesel Bayar
Bonds and Notes Payable
Pada tanggal 4 Mei 2007 dan 17 Mei 2007, BLT Finance B.V. (BLT FBV), anak perusahaan, menerbitkan 7,5% Guaranteed Senior Notes senilai USD 400 juta jatuh tempo tahun 2014 dan USD 125 juta Zero Coupon Guaranteed Convertible Bond jatuh tempo tahun 2012, yang keduanya terdaftar di Bursa Efek Singapura (SGX-ST).
On May 4, 2007, and May 17, 2007, BLT Finance B.V. (BLT FBV), a subsidiary, issued USD 400 million 7.5% Guaranteed Senior Notes due 2014 and USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012, respectively, which were both registered on the SGX-ST.
Pada tanggal 25 Juni 2007, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3117/BL/2007 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker III tahun 2007 sejumlah Rp 700.000 juta dengan tingkat bunga tetap dan Obligasi Sukuk Ijarah tahun 2007 sejumlah Rp 200.000 juta.
On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Berlian Laju Tanker III Bond year 2007 amounting to Rp 700,000 million with fixed interest rate and Sukuk Ijarah year 2007 amounting Rp 200,000 million.
Pada tanggal 15 Mei 2009, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3908/BL/2009 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker IV tahun 2009 sebesar Rp 400.000 juta dan Obligasi Sukuk Ijarah II tahun 2009 sebesar Rp 100.000 juta.
On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3908/BL/2009 for its public offering of Berlian Laju Tanker IV Bonds year 2009 amounting to Rp 400,000 million and Sukuk Ijarah II year 2009 amounting to Rp 100,000 million.
Pada tanggal 10 Pebruari 2010 dan 29 Maret 2010, BLT International Corporation, anak perusahaan, menerbitkan Obligasi konversi dijamin masing-masing USD 100 juta dan USD 25 juta, yang jatuh tempo tahun 2015.
On February 10, 2010 and March 29, 2010, BLT International Corporation, a subsidiary, issued USD 100 million and USD 25 million, respectively, 12% Guaranteed Convertible Bonds due 2015.
PT Buana Listya Tama Tbk, anak perusahaan, menawarkan 6.650.000 ribu lembar saham kepada masyarakat melalui Bursa Efek di Indonesia seharga Rp 155 setiap saham, dan telah disetujui oleh Badan Pengawas Pasar Modal (Bapepam-LK) dalam Surat Keputusannya No. S-5214/BL/2011 tertanggal 10 Mei 2011. Saham-saham tersebut telah tercatat pada Bursa Efek Indonesia pada tanggal 23 Mei 2011.
PT Buana LIstya Tama Tbk, a subsidiary, offered 6,650,000 thousand shares to the public on Indonesian Stock Exchange (“IDX”) at offer price of Rp 155 per share, and has been approved by The Indonesian Capital Markets and Financial Institution Supervisory Agency (Badan Pengawas Pasar Modal dan Lembaga Keuangan or “Bapepam-LK”) in his Decision Leter No. S-5214/BL/2011 dated May 10, 2011. Those shares are listed on The Indonesian Stock Exchange dated May 23, 2011.
- 16 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
2.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
KEBIJAKAN AKUNTANSI a.
b.
2.
Penyajian Laporan Keuangan Konsolidasian
SUMMARY POLICIES a.
OF
Consolidated Presentation
SIGNIFICANT
ACCOUNTING
Financial
Statement
Laporan keuangan konsolidasian disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia.
The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia.
Dasar penyusunan laporan keuangan konsolidasian, kecuali untuk laporan arus kas, adalah dasar akrual. Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasian adalah mata uang Dollar Amerika Serikat (USD). Laporan keuangan konsolidasian tersebut disusun berdasarkan nilai historis, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masingmasing akun tersebut.
The consolidated financial statements, except for the consolidated statements of cash flows, are prepared under the accrual basis of accounting. The reporting currency used in the preparation of the consolidated financial statements is the U.S. Dollar (USD), while the measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies.
Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.
The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.
Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura (SGX-ST), Perusahaan juga menerbitkan laporan keuangan konsolidasian berdasarkan Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards).
In connection with the listing of the Company’s shares on the SGX-ST, the Company issued separate consolidated financial statements prepared under International Financial Reporting Standards (IFRS).
Prinsip Konsolidasian
b.
Principles of Consolidation
Laporan keuangan konsolidasian menggabungkan laporan keuangan Perusahaan dan entitas yang dikendalikan oleh Perusahaan (dan anak perusahaan). Pengendalian dianggap ada apabila Perusahaan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk perusahaan memiliki baik secara langsung atau tidak langsung melalui anak perusahaan lebih dari 50% hak suara.
The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (and its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of the investee entity so as to obtain benefits from its activities. Control is presumed to exist when the Company owns directly or indirectly through subsidiaries, more than 50% of the voting rights.
Hak minoritas terdiri dari jumlah kepemilikan pada tanggal terjadinya penggabungan usaha dan bagian minoritas dari perubahan ekuitas sejak tanggal dimulainya penggabungan usaha. Kerugian yang menjadi bagian minoritas melebihi hak minoritas dialokasikan kepada bagian induk perusahaan.
The minority interest consists of the amount of that interest at the date of original business combination and minority's share of movements in equity since the date of the business combination. Any losses applicable to the minority interest in excess of the minority interest are allocated against the interests of the parent.
Hasil dari anak perusahaan yang diakuisisi atau dijual selama tahun berjalan dari tanggal efektif akuisisi atau sampai dengan tanggal efektif penjualan termasuk dalam laporan laba rugi konsolidasian.
The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of income from the effective date of acquisition or up to the effective date of disposal, as appropriate.
- 17 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
Penyesuaian dapat dilakukan keuangan anak perusahaan akuntansi yang digunakan kebijakan akuntansi yang Perusahaan.
c.
d.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
terhadap laporan agar kebijakan sesuai dengan digunakan oleh
Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by the Company.
Seluruh transaksi antar perusahaan, saldo, penghasilan dan beban dieliminasi pada saat konsolidasian.
All intra-group transactions, balances, income and expenses are eliminated on consolidation.
Penggabungan usaha
c.
Business Combinations
Akuisisi anak perusahaan dicatat dengan menggunakan metode pembelian (purchase method). Biaya penggabungan usaha adalah keseluruhan nilai wajar (pada tanggal pertukaran) dari aset yang diperoleh, liabilitas yang terjadi atau yang diasumsikan dan instrumen ekuitas yang diterbitkan sebagai penggantian atas pengendalian dari perolehan ditambah biaya-biaya lain yang secara langsung dapat diatribusikan pada penggabungan usaha tersebut.
Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is the aggregate of the fair value (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquire, plus any costs directly attributable to the business combination.
Pada saat akuisisi, aset dan liabilitas anak perusahaan diukur sebesar nilai wajarnya pada tanggal akuisisi. Selisih lebih antara biaya perolehan dan bagian Perusahaan atas nilai wajar aset dan liabilitas yang dapat diidentifikasi diakui sebagai goodwill dan diamortisasi dengan menggunakan metode garis lurus selama dua puluh tahun. Jika biaya perolehan lebih rendah dari bagian Perusahaan atas nilai wajar aset dan liabilitas yang dapat diidentifikasi yang diakui pada tanggal akuisisi (diskon atas akuisisi), maka nilai wajar aset non-moneter yang diakuisisi harus diturunkan secara proposional, sampai seluruh selisih tersebut tereliminasi.
On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and amortized using the straight-line method over twenty years. When the cost of acquisition is less than the interest in the fair values of the identifiable assets and liabilities acquired as at the date of acquisition (i.e. discount on acquisition), the fair values of the acquired non-monetary assets are reduced proportionately until all the excess is eliminated.
Kepemilikan pemegang saham minoritas dicatat sebagai bagian dari minoritas atas biaya historis dari aset bersih.
The interest of the minority is stated at the minority’s proportion of the historical cost of the net assets.
Transaksi dan Penjabaran Laporan Keuangan dalam Mata Uang Asing Pembukuan Perusahaan dan anak perusahaan yang berlokasi di luar negeri diselenggarakan dalam Dollar Amerika Serikat. Transaksitransaksi selama tahun berjalan dalam mata uang selain Dollar Amerika Serikat dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal laporan posisi keuangan konsolidasian, aset dan liabilitas moneter dalam mata uang selain mata uang Dollar Amerika Serikat disesuaikan untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan pada laporan laba rugi tahun berjalan.
- 18 -
d.
Foreign Currency Translation
Transactions
and
The books of accounts of the Company and its foreign subsidiaries are maintained in US Dollar. Transactions during the year involving currencies other than US Dollar are recorded at the rates of exchange prevailing at the time the transactions are made. At the consolidated statements of financial position date, monetary assets and liabilities denominated in currencies other than US Dollar are adjusted to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pembukuan anak perusahaan yang berlokasi di dalam negeri (Indonesia) diselenggarakan dalam mata uang Rupiah. Untuk tujuan laporan keuangan konsolidasian, aset dan liabilitas anak perusahaan tersebut pada tanggal laporan posisi keuangan konsolidasian dijabarkan dalam mata uang Dollar Amerika Serikat masing-masing dengan menggunakan kurs yang berlaku pada tanggal laporan posisi keuangan konsolidasian, sedangkan pendapatan dan beban dijabarkan dengan menggunakan kurs yang berlaku pada tanggal transaksi. Selisih kurs yang terjadi disajikan sebagai bagian dari ekuitas pada akun selisih kurs karena penjabaran laporan keuangan sampai pelepasan investasi neto yang bersangkutan. e.
Aset Keuangan
The books of accounts of the domestic (Indonesia) subsidiaries are maintained in Rupiah. For consolidation purposes, assets and liabilities of these subsidiaries at the consolidated statements of financial position date are translated into U.S. Dollar using the exchange rates at the consolidated statements of financial position date, while revenues and expenses are translated using the rates of exchange prevailing at the time transactions are made. The resulting foreign exchange differences are shown as part of equity under the account “Translation Adjustments” until the disposal of the related net investment.
e.
Financial Assets
Seluruh aset keuangan diakui dan dihentikan pengakuannya pada tanggal diperdagangkan dimana pembelian dan penjualan aset keuangan berdasarkan kontrak yang mensyaratkan penyerahan aset keuangan dalam kurun waktu yang ditetapkan oleh kebiasaan pasar yang berlaku, dan awalnya diukur sebesar nilai wajar ditambah biaya transaksi, kecuali untuk aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi, yang awalnya diukur sebesar nilai wajar.
All financial assets are recognised and derecognised on trade date where the purchase or sale of a financial asset is under a contract whose terms require delivery of the financial asset within the time frame established by the market concerned, and are initially measured at fair value plus transaction costs, except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value.
Aset keuangan diklasifikasikan dalam kategori: aset keuangan pada ‘nilai wajar melalui laporan laba rugi’, ‘investasi dimiliki hingga jatuh tempo’, ‘aset keuangan tersedia untuk dijual’, dan ‘pinjaman yang diberikan atau piutang’. Pengklasifikasian tergantung pada sifat dan tujuan dari aset keuangan dan ditentukan pada saat pengukuran awal.
Financial assets are classified into the following categories: financial assets at ‘fair value through profit or loss’, ‘held-to maturity’, ‘available-forsale' (AFS) financial assets’ and ‘loans and receivables'. The classification depends on the nature and purpose of the financial assets and is determined at the time of initial recognition.
Metode suku bunga efektif
Effective Interest Method
Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari aset keuangan dan metode untuk mengalokasikan pendapatan bunga selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi penerimaan kas di masa datang (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima oleh para pihak dalam kontrak yang merupakan bagian yang tak terpisahkan dari suku bunga efektif, biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur instrumen keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari aset keuangan pada saat pengakuan awal.
The effective interest method is a method of calculating the amortised cost of a financial asset and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial asset, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.
Pendapatan diakui berdasarkan suku bunga efektif untuk instrumen keuangan.
Income is recognised on an effective interest basis for debt instruments.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Nilai wajar melalui laporan laba rugi (FVTPL)
Fair Value Through Profit Or Loss (FVTPL)
Aset keuangan diklasifikasi dalam FVTPL, jika aset keuangan sebagai kelompok dimiliki untuk diperdagangkan atau ditetapkan sebagai FVTPL.
Financial assets are classified as at FVTPL where the financial asset is either held for trading or it is designated as at FVTPL.
Aset keuangan diklasifikasi sebagai kelompok dimiliki untuk diperdagangkan, jika:
A financial asset is classified as held for trading if:
diperoleh atau dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat; atau
it has been acquired principally for the purpose of selling in the near future; or
merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek yang terkini; atau
it is a part of an identified portfolio of financial instruments that the entity manages together and has a recent actual pattern of short-term profit-taking; or
merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai.
it is a derivative that is not designated and effective as a hedging instrument.
Aset keuangan selain aset keuangan dimiliki untuk diperdagangkan, dapat ditetapkan sebagai FVTPL pada saat pengakuan awal, jika:
A financial asset other than a financial asset held for trading may be designated as at FVTPL upon initial recognition if:
penetapan tersebut mengeliminasi atau mengurangi secara signifikan ketidakkonsistenan pengukuran dan pengakuan yang dapat timbul; atau
such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise; or
aset keuangan merupakan bagian dari kelompok aset keuangan atau liabilitas keuangan atau keduanya, yang dikelola dan yang kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan dokumentasi manajemen risiko atau strategi investasi Perusahaan, dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci; atau
the financial asset forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company’s documented risk management or investment strategy, and information about the grouping is provided internally on that basis; or
merupakan bagian dari kontrak yang mengandung satu atau lebih derivatif melekat, dan PSAK 55 (revisi 2006) memperbolehkan kontrak gabungan (aset atau liabilitas) ditetapkan sebagai FVTPL.
it forms part of a contract containing one or more embedded derivatives, and PSAK 55 (revised 2006) permits the entire combined contract (asset or liability) to be designated as at FVTPL.
Aset keuangan FVTPL disajikan sebesar nilai wajar, keuntungan atau kerugian yang timbul diakui dalam laporan laba rugi. Keuntungan atau kerugian bersih yang diakui pada laporan laba rugi mencakup dividen atau bunga yang diperoleh dari aset keuangan.
Financial assets at FVTPL are stated at fair value, with any resultant gain or loss recognised in statements of income. The net gain or loss recognised in statements of income incorporates any dividend or interest earned on the financial asset.
Dimiliki hingga jatuh tempo
Held to Maturity
Investasi dalam kelompok dimiliki hingga jatuh tempo adalah aset keuangan non-derivatif dengan pembayaran tetap atau telah ditentukan dan jatuh temponya telah ditetapkan, serta Perusahaan dan anak perusahaan mempunyai intensi positif dan kemampuan untuk memiliki aset keuangan tersebut hingga jatuh tempo.Pada periode berikutnya setelah pengakuan awal, investasi dalam kelompok dimiliki hingga jatuh tempo diukur pada biaya perolehan diamortisasi menggunakan suku bunga efektif dikurangi penurunan nilai.
Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity dates that the Company and its subsidiaries have the positive intent and ability to hold to maturity. Subsequent to initial recognition, held-to-maturity investments are measured at amortised cost using the effective interest method less any impairment.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Aset keuangan tersedia untuk dijual (AFS)
Available-for-sale financial assets (AFS)
Aset keuangan AFS merupakan aset keuangan non-derivatif yang telah ditetapkan pada kategori ini dan tidak diklasifikasikan dalam kategori lain serta pada saat awal diakui pada nilai wajar, ditambah biaya transaksi yang dapat didistribusikan secara langsung.
AFS financial assets are non-derivative financial assets that are either designated in this category or not classified in other categories and are initially measured at fair value plus directly attributable transaction cost.
Pada periode berikutnya, investasi tersedia untuk dijual dinyatakan pada nilai wajar. Keuntungan dan kerugian yang ditimbulkan dari perubahan nilai wajar diakui pada pendapatan komprehensif lain, sampai sekuritas tersebut dihapus atau ditentukan untuk diturunkan nilainya, pada saat akumulasi laba atau rugi diakui sebelumnya pada pendapatan komprehensif lainnya diakui pula pada laba rugi tahun berjalan.
At subsequent reporting dates, available-for-sale investments are stated at fair value. Gains and losses arising from changes in fair value are recognized in other comprehensive income, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognized in other comprehensive income is included in the profit or loss for the year.
Nilai wajar aset moneter tersedia untuk di jual dalam mata uang asing ditentukan pada mata uang asing tersebut dan ditranslasikan menggunakan kurs spot pada akhir periode pelaporan. Keuntungan dan kerugian nilai tukar ditentukan menggunakan biaya perolehan diamortisasi dari aktiva moneter. Keuntungan dan kerugian nilai tukar lainnya di akui pada pendapatan komprehensif lainnya.
The fair value of AFS monetary assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of the reporting period. The foreign exchange gains and losses that are recognized in profit or loss are determined based on the amortized cost of the monetary asset. Other foreign exchange gains and losses are recognized in other comprehensive income.
Investasi ekuitas tersedia untuk dijual yang tidak memiliki kuotasi harga pasar pada pasar aktif yang nilai wajar tidak dapat diukur secara andal dan melekat derivatif dan harus diselesaikan dengan investasi ekuitas yang tidak memiliki kuotasi yang diukur sebesar harga perolehan dikurangi penurunan nilai yang dapat diidentifikasi pada setiap periode pelaporan.
AFS equity investments that do not have a quoted market price in an active market and whose fair value cannot be reliably measured and derivatives that are linked to and must be settled by delivery of such unquoted equity investments are measured at cost less any identified impairment losses at the end of each reporting period.
Pinjaman yang diberikan dan piutang
Loans and receivables
Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatif dengan pembayaran tetap dan telah ditentukan dan tidak mempunyai kuotasi di pasar aktif. Pinjaman yang diberikan dan piutang (termasuk piutang usaha dan piutang lain-lain, saldo bank dan kas, dan uang muka) diukur pada biaya perolehan diamortisasi menggunakan suku bunga efektif, dikurangi penurunan nilai.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Loans and receivables (including trade and other accounts receivables, bank balances and cash, and advances) are measured at amortised cost using the effective interest method, less any impairment.
Pendapatan bunga diakui dengan menggunakan metode suku bunga efektif, kecuali piutang jangka pendek dimana pengakuan bunga tidak material.
Interest income is recognised by applying the effective interest rate, except for short-term receivables when the recognition of interest would be immaterial.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Penurunan nilai aset keuangan
Impairment of Financial Assets
Aset keuangan, selain aset keuangan FVTPL, dievaluasi terhadap indikator penurunan nilai pada setiap tanggal laporan posisi keuangan. Aset keuangan diturunkan nilainya bila terdapat bukti objektif, sebagai akibat dari satu atau lebih peristiwa yang terjadi setelah pengakuan awal aset keuangan, dan peristiwa yang merugikan tersebut berdampak pada estimasi arus kas masa depan atas aset keuangan yang dapat diestimasi secara handal.
Financial assets, other than those carried at fair value through profit and loss, are assessed for indicators of impairment at the end of each reporting period. Financial assets are considered to be impaired when there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Untuk investasi ekuitas AFS yang tercatat dan tidak tercatat di bursa, penurunan yang signifikan atau jangka panjang pada nilai wajar dari investasi ekuitas di bawah biaya perolehannya dianggap sebagai bukti obyektif penurunan nilai.
For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.
Untuk aset keuangan lainnya, termasuk investasi pada manajer investasi yang diklasifikasikan sebagai AFS, bukti obyektif penurunan nilai termasuk sebagai berikut:
For all other financial assets, including fund under investment management classified as AFS, objective evidence of impairment could include:
kesulitan keuangan signifikan yang dialami penerbit atau pihak peminjam; atau
significant financial difficulty of the issuer or counterparty; or
pelanggaran kontrak, seperti terjadinya wanprestasi atau tunggakan pembayaran pokok atau bunga; atau terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan.
default or delinquency in interest or principal payments; or
Untuk kelompok aset keuangan tertentu, seperti piutang, aset yang dinilai secara individual tidak diturunkan selanjutnya dinilai penurunannya dengan basis kolektif. Bukti objektif dari penurunan nilai portofolio piutang dapat termasuk pengalaman Perusahaan atas tertagihnya piutang di masa lalu, peningkatan keterlambatan penerimaan pembayaran piutang dari rata-rata periode kredit, dan juga pengamatan atas perubahan kondisi ekonomi nasional atau lokal yang berkorelasi dengan default atas piutang.
For certain categories of financial asset, such as trade receivables, assets that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Objective evidence of impairment for a portfolio of receivables could include the Company and its subsidiaries’ past experience of collecting payments, an increase in the number of delayed payments in the portfolio past the average credit period, as well as observable changes in national or local economic conditions that correlate with default on receivables.
Untuk aset keuangan yang diukur pada biaya perolehan yang diamortisasi, jumlah kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas masa datang yang didiskontokan menggunakan tingkat suku bunga efektif awal dari aset keuangan.
For financial assets carried at amortized cost, the amount of the impairment loss recognized is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.
Untuk aset keuangan yang diukur pada biaya perolehan, jumlah kerugian penurunan nilai merupakan selisih antara nilai tercatat aset keuangan dengan nilai kini dari estimasi arus kas yang didiskontokan menggunakan tingkat suku bunga pasar untuk aset keuangan serupa. Penurunan nilai tidak dapat dipulihkan pada periode berikutnya.
For financial assets carried at cost, the amount of the impairment loss is measured as the difference between the asset's carrying amount and the present value of the estimated future cash flows discounted at the current market rate of return for a similar financial asset. Such impairment loss will not be reversed in subsequent periods.
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it becoming probable that the borrower will enter bankruptcy or financial reorganization.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Nilai tercatat aset keuangan tersebut dikurangi dengan kerugian penurunan nilai secara langsung atas aset keuangan, kecuali piutang yang nilai tercatatnya dikurangi melalui penggunaan akun penyisihan piutang. Jika piutang tidak tertagih, piutang tersebut dihapuskan melalui akun penyisihan piutang. Pemulihan kemudian dari jumlah yang sebelumnya telah dihapuskan dikreditkan terhadap akun penyisihan. Perubahan nilai tercatat akun penyisihan piutang diakui dalam laporan laba rugi.
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss.
Pengecualian dari instrumen ekuitas AFS, jika, pada periode berikutnya, jumlah penurunan nilai berkurang dan penurunan dapat dikaitkan secara obyektif dengan sebuah peristiwa yang terjadi setelah penurunan nilai tersebut diakui, kerugian penurunan nilai yang sebelumnya diakui dipulihkan melalui laporan laba rugi hingga nilai tercatat investasi pada tanggal pemulihan penurunan nilai tidak melebihi biaya perolehan diamortisasi sebelum pengakuan kerugian penurunan nilai dilakukan.
With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized.
Dalam hal efek ekuitas AFS, kerugian penurunan nilai yang sebelumnya diakui dalam laporan laba rugi tidak boleh dipulihkan melalui laporan laba rugi. Setiap kenaikan nilai wajar setelah penurunan nilai diakui secara langsung ke pendapatan komprehensif lainnya.
In respect of AFS equity securities, impairment losses previously recognized in profit or loss are not reversed through profit or loss. Any increase in fair value subsequent to an impairment loss is recognized in other comprehensive income.
Penghentian Pengakuan Aset Keuangan
Derecognition of Financial Assets
Perusahaan dan anak perusahaan menghentikan pengakuan aset keuangan jika dan hanya jika hak kontraktual atas arus kas yang berasal dari aset berakhir, atau Perusahaan dan anak perusahaan mentransfer aset keuangan dan secara substansial mentransfer seluruh risiko dan manfaat atas kepemilikan aset kepada entitas lain. Jika Perusahaan dan anak perusahaan tidak mentransfer serta tidak memiliki secara substansial atas seluruh risiko dan manfaat kepemilikan serta masih mengendalikan aset yang ditransfer, maka Perusahaan dan anak perusahaan mengakui keterlibatan berkelanjutan atas aset yang ditransfer dan liabilitas terkait sebesar jumlah yang mungkin harus dibayar. Jika Perusahaan dan anak perusahaan memiliki secara substansial seluruh risiko dan manfaat kepemilikan aset keuangan yang ditransfer, Perusahaan dan anak perusahaan masih mengakui aset keuangan dan juga mengakui pinjaman yang dijamin sebesar pinjaman yang diterima.
The Company and its subsidiaries derecognise a financial asset only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another entity. If the Company and its subsidiaries neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company and its subsidiaries recognise its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company and its subsidiaries retain substantially all the risks and rewards of ownership of a transferred financial asset, the Company and its subsidiaries continue to recognise the financial asset and also recognise a collateralised borrowing for the proceeds received.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada saat penghentian pengakuan aset keuangan secara keseluruhan, perbedaan antara nilai tercatat aset dan jumlah yang diterima serta piutang dan akumulasi keuntungan atau kerugian yang diakui pada pendapatan komprehensif lainnya dan akumulasi di ekuitas diakui pada laba atau tahun berjalan.
On derecognition of a financial asset in its entirety, the difference between the asset's carrying amount and the sum of the consideration received and receivable and the cumulative gain or loss that had been recognised in other comprehensive income and accumulated in equity is recognised in profit or loss.
Pada saat penghentian pengakuan aset keuangan sebagian (sebagai contoh ketika Perusahaan dan anak perusahaan memegang opsi untuk membeli kembali bagian dari aset yang ditransfer atau memegang bunga yang bukan merupakan hasil dari retensi substasial seluruh resiko dan manfaat dari kepemilikan dan Perusahaan dan anak perusahaan yang mempertahankan control), Perusahaan dan anak perusahaan mengalokasikan nilai tercatat sebelumnya dari aset keuangan antara bagian yang masih diakui dan bagian yang tidak lagi diakui dengan menggunakan nilai wajar relatif dari bagian tersebut pada tanggal transfer. Perbedaan antara nilai tercatat yang dialokasikan dengan bagian yang tidak lagi diakui dan jumlah dari penerimaan dari bagian yang tidak lagi diakui dan akumulasi dari keuntungan dan kerugaian yang dialokasikan diakui pada pendapatan komprehensif lainnya yang dialokasikan antara bagian yang diakui dan bagian yang tidak lagi diakui dengan dasar nilai wajar relatif pada bagian tersebut.
On derecognition of a financial asset other than in its entirety (e.g. when the Company and its subsidiaries retain an option to repurchase part of a transferred asset or retains a residual interest that does not result in the retention of substantially all the risks and rewards of ownership and the Company and its subsidiaries retain control), the Company and its subsidiaries allocate the previous carrying amount of the financial asset between the part it continues to recognise under continuing involvement, and the part it no longer recognises on the basis of the relative fair values of those parts on the date of the transfer. The difference between the carrying amount allocated to the part that is no longer recognised and the sum of the consideration received for the part no longer recognised and any cumulative gain or loss allocated to it that had been recognised in other comprehensive income is recognised in profit or loss. A cumulative gain or loss that had been recognised in other comprehensive income is allocated between the part that continues to be recognised and the part that is no longer recognised on the basis of the relative fair values of those parts.
f. Liabilitas Keuangan dan Instrumen Ekuitas
f.
Financial Liabilities and Equity Instruments
Liabilitas keuangan dan instrumen ekuitas yang diterbitkan oleh Perusahaan dan anak perusahaan diklasifikasikan sesuai dengan perjanjian kontraktual dan definisi liabilitas keuangan dan instrumen ekuitas.
Financial liabilities and equity instruments of the Company and its subsidiaries are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument.
Instrumen Ekuitas
Equity Instruments
Instrumen ekuitas adalah setiap kontrak yang memberikan hak residual atas aset Perusahaan dan anak perusahaan setelah dikurangi dengan seluruh liabilitasnya. Instrumen ekuitas dicatat sebesar hasil penerimaan bersih setelah dikurangi biaya penerbitan langsung.
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs.
Perolehan kembali instrumen ekuitas Perusahaan diakui dan dikurangkan dari ekuitas. Keuntungan atau kerugian yang timbul dari pembelian, penjualan, penerbitan, atau pembatalan instrumen ekuitas Perusahaan tersebut tidak dapat diakui dalam laporan laba rugi.
Repurchase of the Company's own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in profit or loss on the purchase, sale, issue or cancellation of the Company's own equity instruments.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Liabilitas Keuangan
Financial Liabilities
Liabilitas keuangan Perusahaan dan anak perusahaan diklasifikasikan baik sebagai liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi (FVTPL) atau liabilitas keuangan lainnya.
The financial liabilities of the Company and its subsidiaries are classified as either financial liabilities at fair value through profit and loss (FVTPL) or other financial liabilities.
Liabilitas keuangan yang diukur pada nilai wajar melalui laporan laba rugi (FVTPL)
Financial liabilities at fair value through profit and loss
Liabilitas keuangan pada FVTPL memiliki dua subkategori: liabilitas keuangan dalam kelompok yang diperdagangkan dan yang ditetapkan sebagai FVTPL pada saat pengakuan awal.
Financial liabilities at FVTPL have two subcategories: financial liabilities held for trading and those designated as at FVTPL on initial recognition.
Liabilitas keuangan diklasifikasi sebagai kelompok yang diperdagangkan, jika:
A financial liability is classified as held for trading if:
diperoleh atau dimiliki terutama untuk tujuan dijual kembali dalam waktu dekat; atau
It has been incurred principally for the purpose of repurchasing in the near future: or
merupakan bagian dari portofolio instrumen keuangan tertentu yang dikelola bersama dan terdapat bukti mengenai pola ambil untung dalam jangka pendek yang terkini; atau
It is a part of an identified portfolio of financial instruments that the Company and its subsidiaries manages together and has a recent actual pattern of short-term profit-taking: or
merupakan derivatif yang tidak ditetapkan dan tidak efektif sebagai instrumen lindung nilai.
It is a derivative that is not designated and effective as a hedging instrument.
Liabilitas keuangan selain liabilitas keuangan yang diperdagangkan, dapat ditetapkan sebagai FVTPL pada saat pengakuan awal, jika:
A financial liability, other than a financial liability held for trading, may be designated as at FVTPL upon initial recognition if:
penetapan tersebut mengeliminasi atau mengurangi secara signifikan ketidakkonsistenan pengukuran dan pengakuan yang dapat timbul; atau liabilitas keuangan yang merupakan bagian dari kelompok aset keuangan atau liabilitas keuangan atau keduanya, yang dikelola dan yang kinerjanya dievaluasi berdasarkan nilai wajar, sesuai dengan dokumentasi manajemen risiko atau strategi investasi Perusahaan dan anak perusahaan, dan informasi tentang kelompok tersebut disediakan secara internal kepada manajemen kunci; atau
Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company and its subsidiaries’ documented risk management or investment strategy, and information about the grouping is provided internally on that basis: or
merupakan bagian dari kontrak yang mengandung satu atau lebih derivatif melekat, dan PSAK 39 (revisi 2006) memperbolehkan kontrak gabungan (aset atau liabilitas) ditetapkan sebagai FVTPL.
It forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial Instruments: Recognition and Measurement, permits the entire combined contract (asset or liability) to be designated as at FVTPL.
Pada masing-masing tanggal pelaporan pada periode berikut setelah pengakuan awal, liabilitas keuangan pada FVTPL diukur pada nilai wajar dengan perubahan nilai wajar diakui langsung pada laba rugi.
At each reporting date subsequent to initial recognition, financial liabilities at FVTPL are measured at fair value, with changes in fair value recognized directly in profit or loss in the period in which they arise.
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PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Liabilitas Keuangan Lainnya
Other Financial Liabilities
Liabilitas keuangan lainnya (termasuk pinjaman bank dan pinjaman lainnya, utang usaha dan utang lain-lain) pada awalnya diukur pada nilai wajar dan berikutnya diukur pada biaya perolehan diamortisasi menggunakan metode suku bunga efektif.
Other financial liabilities (including bank and other borrowings, trade payables and other payables) are initially measured at fair value, and are subsequently measured at amortized cost, using the effective interest method.
Metode suku bunga efektif
Effective Interest Method
Metode suku bunga efektif adalah metode yang digunakan untuk menghitung biaya perolehan diamortisasi dari instrumen keuangan dan metode untuk mengalokasikan beban bunga selama periode yang relevan. Suku bunga efektif adalah suku bunga yang secara tepat mendiskontokan estimasi pembayaran kas di masa datang (mencakup seluruh komisi dan bentuk lain yang dibayarkan dan diterima oleh para pihak dalam kontrak yang merupakan bagian yang tak terpisahkan dari suku bunga efektif, biaya transaksi dan premium dan diskonto lainnya) selama perkiraan umur liabilitas keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari liabilitas keuangan pada saat pengakuan awal.
The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.
Penghentian pengakuan liabilitas keuangan
Derecognition of Financial Liabilities
Perusahaan dan anak perusahaan menghentikan pengakuan liabilitas keuangan, jika dan hanya jika, liabilitas Perusahaan dan anak perusahaan telah dilepaskan, dibatalkan atau kadaluarsa. Perbedaan antara nilai tercatat dari liabilitas keuangan yang dihentikan pengakuannya dan pembayaran dan jumlah terutang diakui pada laba atau rugi.
The Company and its subsidiaries derecognise financial liabilities when, and only when, the Company and its subsidiaries obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognised and the consideration paid and payable is recognised in profit or loss.
Instrumen Keuangan Derivatif
g.
Derivative Financial Instruments
Instrumen keuangan derivatif dikategorikan sebagai FVTPL dan awalnya dinilai berdasarkan nilai wajar pada saat tanggal kontrak dibuat, dan selanjutnya dinilai kembali berdasarkan nilai wajar pada tanggal laporan keuangan.
Derivative financial instruments are categorized as FVTPL and are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates.
Perubahan nilai wajar dari instrumen keuangan derivatif diakui dalam laporan laba rugi konsolidasian sepanjang tidak dimaksudkan dan tidak memenuhi kualifikasi lindung nilai.
Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting.
Derivatif yang melekat pada instrumen keuangan lainnya atau kontrak utama non-finansial lainnya diperlakukan sebagai derivatif yang terpisah bila resiko dan karakteristiknya tidak secara jelas dan erat berhubungan dengan risiko dan karakteristik kontrak utama, dan kontrak utama tersebut tidak dinyatakan dengan nilai wajar, dan perubahan nilai wajar diakui pada laporan laba rugi konsolidasian.
Derivatives embedded in other financial instruments or other non-financial host contract are treated as a separate derivative when their risks and characteristics are not closely related to the host contract and the host contract is not carried at fair value with changes in fair value recognized in consolidated statement of income.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
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PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Suatu derivatif disajikan sebagai aset atau liabilitas tidak lancar jika nilai sisa dari instrumen yang jatuh tempo lebih dari 12 bulan dan diperkirakan tidak akan direalisasi atau diselesaikan dalam waktu 12 bulan. Derivatif lainnya disajikan sebagai aset atau liabilitas lancar.
A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
Penggunaan instrumen keuangan derivatif ditatakelola berdasarkan kebijakan Perusahaan yang disetujui oleh Dewan Direksi yang konsisten dengan strategi risiko manajemen Perusahaan. Perusahaan dan anak perusahaan tidak menggunakan instrumen keuangan derivatif untuk tujuan spekulasi.
The use of financial derivatives is governed by the Company’s policies approved by the Board of Directors consistent with the Company’s risk management strategy. The Company and subsidiaries do not use derivative financial instruments for speculative purposes.
Penggunaan Estimasi
h.
Penyusunan laporan keuangan konsolidasian sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan liabilitas yang dilaporkan dan pengungkapan aset dan liabilitas kontinjensi pada tanggal laporan keuangan serta jumlah pendapatan dan beban selama periode pelaporan. Realisasi dapat berbeda dengan jumlah yang diestimasi.
i.
Kas dan Setara Kas
The preparation of consolidated financial statements in conformity with accounting principles generally accepted in Indonesia requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could be different from these estimates. i.
Kas dan setara kas terdiri dari kas, bank dan semua investasi yang jatuh tempo dalam waktu tiga bulan atau kurang dari tanggal perolehannya dan yang tidak dijaminkan serta tidak dibatasi penggunaannya. j.
Investasi pada Perusahaan Asosiasi
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Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and in banks and all unrestricted investments with maturities of three months or less from the date of placement.
j.
Perusahaan asosiasi adalah suatu perusahaan dimana induk Perusahaan mempunyai pengaruh yang signifikan, namun tidak mempunyai pengendalian atau pengendalian bersama, melalui partisipasi dalam pengambilan keputusan atas kebijakan finansial dan operasional investee.
Use of Estimates
Investment in Associates An associate is an entity over which the Company is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee.
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PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Penghasilan, aset dan liabilitas dari perusahaan asosiasi digabungkan dalam laporan keuangan konsolidasian dicatat dengan mengunakan metode ekuitas. Investasi pada perusahaan asosiasi dicatat di laporan posisi keuangan konsolidasian sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas aset bersih perusahaan asosiasi yang terjadi setelah perolehan, dikurangi dengan penurunan nilai yang ditentukan untuk setiap investasi secara individu. Bagian Perusahaan atas kerugian perusahaan asosiasi yang melebihi nilai tercatat dari investasi tidak diakui kecuali jika Perusahaan mempunyai liabilitas atau melakukan pembayaran liabilitas perusahaan asosiasi yang dijaminnya, dalam hal demikian, tambahan kerugian diakui sebesar liabilitas atau pembayaran tersebut.
The results of operations, assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Investments in associates are carried in the consolidated statements of financial position at cost as adjusted by post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized except if the Company has incurred obligations or made payments on behalf of the associates to satisfy obligations of the associates that the Company has guaranteed, in which case, additional losses are recognized to the extent of such obligations or payments.
Selisih lebih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aset bersih perusahaan asosiasi yang dapat diidentifikasi pada saat akuisisi diakui sebagai goodwill.
Any excess of the cost of acquisition over the Company’s share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognized as goodwill.
Apabila terdapat transaksi antara Perusahaan dengan perusahaan asosiasi, keuntungan dan kerugian yang terjadi dieliminasi sebesar bagian Perusahaan pada perusahaan asosiasi tersebut.
Where a company transacts with an associate, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate.
Persediaan
k.
Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode “first-in, first-out” (FIFO). l.
Biaya Dibayar Dimuka
Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method.
l.
Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus.
Inventories
Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.
m. Property, Vessels and Equipment
m. Aset Tetap Kapal
Vessels
Kapal termasuk kapal sewa pembiayaan dicatat pada jumlah revaluasian, yaitu nilai wajar pada tanggal revaluasi dikurangi akumulasi penyusutan dan akumulasi rugi penurunan nilai yang terjadi setelah tanggal revaluasi. Revaluasi dilakukan dengan keteraturan yang cukup reguler untuk memastikan bahwa jumlah tercatat tidak berbeda secara material dari jumlah yang ditentukan dengan menggunakan nilai wajar pada tanggal laporan posisi keuangan konsolidasian. Penyusutan kapal dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis dari kapal yaitu 5 - 25 tahun.
Vessels including leased vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the consolidated statements of financial position date. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Kenaikan yang berasal dari revaluasi kapal tersebut langsung dikreditkan ke surplus revaluasi pada bagian ekuitas, kecuali sebelumnya penurunan revaluasi atas aset yang sama pernah diakui dalam laporan laba rugi, dalam hal ini, kenaikan revaluasi hingga sebesar penurunan nilai aset akibat revaluasi tersebut, dikreditkan dalam laporan laba rugi. Penurunan jumlah tercatat yang berasal dari revaluasi kapal dibebankan dalam laporan laba rugi apabila penurunan tersebut melebihi saldo akun surplus revaluasi kapal yang berasal dari revaluasi sebelumnya.
Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation surplus in the equity section, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation surplus relating to a previous revaluation of such vessels.
Penyusutan atas nilai revaluasian kapal dibebankan ke laporan laba rugi. Sejalan dengan penggunaan kapal oleh Perusahaan dan anak perusahaan, surplus revaluasi kapal dipindahkan ke saldo laba sebesar perbedaan jumlah penyusutan berdasarkan nilai revaluasian kapal dengan jumlah penyusutan berdasarkan biaya perolehan kapal. Bila kemudian kapal yang telah direvaluasi dijual atau dihentikan penggunaannya, saldo surplus revaluasi tersisa dipindahkan langsung ke saldo laba.
Depreciation on revalued vessels is charged to profit or loss. As the vessels are used, a transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels’ original cost. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings.
Kapal dalam pembangunan dicatat sebesar biaya perolehan dikurangi penurunan nilai yang ada. Biaya perolehan termasuk biaya profesional, yang timbul selama masa pembangunan dikapitalisasi sesuai dengan kebijakan akuntansi Perusahaan. Penyusutan kapal dimulai sejak kapal siap untuk digunakan.
Vessels in construction are carried at cost less any impairment loss. Costs, including professional fees, incurred while under construction are capitalized in accordance with the Company’s accounting policy. Depreciation of these vessels commences when the vessels are ready for their intended use.
Masa manfaat ekonomis, nilai residu dan metode penyusutan direview setiap tanggal laporan keuangan konsolidasian dan pengaruh dari setiap perubahan tersebut diperlakukan prospektif.
The vessels’ residual values, estimated useful lives and depreciation method are reviewed at each consolidated statements of financial position date, with the effect of any changes in estimate accounted for on a prospective basis.
Keuntungan dan kerugian yang timbul dari penjualan atau penghentian kapal ditentukan sebesar perbedaan antara jumlah neto hasil penjualan dan jumlah tercatat dari kapal tersebut dan dicatat dalam laporan laba rugi.
The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss.
Biaya Docking
Dry Docking Cost
Nilai kapal, termasuk biaya docking dikapitaliasi pada saat terjadinya.
yang
Included in the balance of vessels is dry docking cost which is capitalized when incurred.
Aset Tetap Lainnya
Property and Equipment
Aset tetap lainnya dinyatakan berdasarkan biaya perolehan setelah dikurangi akumulasi penyusutan dan akumulasi kerugian penurunan nilai. Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut:
Property and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is computed using the straight-line method based on the estimated useful lives of the assets as follows: Tahun/Years
Bangunan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess
20 10 5 5 5
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Buildings and premisses Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Aset sewa pembiayaan disusutkan berdasarkan taksiran masa manfaat ekonomis yang sama dengan aset yang dimiliki sendiri atau disusutkan selama jangka waktu yang lebih pendek antara periode masa sewa dan umur manfaatnya.
Assets held under finance lease are depreciated based on the same estimated useful life with owned assets or over the lease period which ever is shorter.
Masa manfaat ekonomis, nilai residu dan metode penyusutan di-review setiap akhir tahun dan pengaruh dari setiap perubahan estimasi tersebut berlaku prospektif.
The estimated useful lives, residual values and depreciation method are reviewed at each year end, with the effect of any changes in estimate accounted for on a prospective basis.
Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan.
Land is stated at cost and is not depreciated.
Beban pemeliharaan dan perbaikan dibebankan pada laporan laba rugi konsolidasian pada saat terjadinya. Biaya-biaya lain yang terjadi selanjutnya yang timbul untuk menambah, mengganti atau memperbaiki aset tetap dicatat sebagai biaya perolehan aset jika dan hanya jika besar kemungkinan manfaat ekonomis di masa depan berkenaan dengan aset tersebut akan mengalir ke entitas dan biaya perolehan aset dapat diukur secara andal. Aset tetap yang sudah tidak digunakan lagi atau yang dijual dikeluarkan dari kelompok aset tetap berikut akumulasi penyusutannya. Keuntungan atau kerugian dari penjualan aset tetap tersebut dibukukan dalam laporan laba rugi konsolidasian pada tahun yang bersangkutan.
The cost of maintenance and repairs is charged to operations as incurred. Other costs incurred subsequently to add to, replace part of, or service an item of property, plant and equipment, are recognized as asset if, and only if it is probable that future economic benefits associated with the item will flow to the entity and the cost of the item can be measured reliably. When assets are retired or otherwise disposed of, their carrying values and the related accumulated depreciation and any impairment loss are removed from the accounts and any resulting gain or loss is reflected in the current operations.
Aset dalam penyelesaian dinyatakan sebesar biaya perolehan. Akumulasi biaya perolehan akan dipindahkan ke masing-masing aset tetap yang bersangkutan pada saat selesai dan siap digunakan.
Construction in progress is stated at cost, and is transferred to the respective property, vessels and equipment account when completed and ready for use.
Suatu aset tetap dihentikan pengakuannya melalui pembuangan atau ketika tidak terdapat manfaat ekonomis dimasa mendatang yang diharapkan dari pengunaan ataupun pembuangan. Keuntungan atau kerugian yang berasal dari penghentian pengakuan aset (dihitung sebagai perbedaan antara penerimaan dari hasil pembuatan dan nilai tercatat dari suatu item) diakui pada laba rugi pada saat aset tersebut dihentikan pengakuannya.
An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is recognized in profit or loss in the year the item is derecognized.
Nilai sisa aset diestimasi umur ekonomisnya dan metode depresiasi direview setiap akhir periode keuangan dan pengaruh dari perubahan estimasi dibukukan menggunakan dasar prospektif.
The asset’s residual values, estimated useful lives and depreciation method are reviewed at each financial year end with the effect of any changes in accounting estimate accounted for on a prospective basis.
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PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Penurunan nilai aset
n.
Impairment of Assets
Pada setiap tanggal laporan posisi keuangan konsolidasian, Perusahaan dan anak perusahaan me-review nilai tercatat aset nonfinancial untuk menentukan ada atau tidaknya indikasi penurunan nilai aset. Jika terdapat indikasi penurunan nilai aset, jumlah yang dapat diperoleh kembali dari aset tersebut diestimasi untuk menentukan besarnya jumlah penurunan nilai aset, jika ada. Jika estimasi jumlah yang dapat diperoleh kembali tidak dapat dilakukan secara individual, Perusahaan dan anak perusahaan melakukan estimasi jumlah yang dapat diperoleh kembali dari unit penghasil kas dimana aset tersebut berada.
At each consolidated statements of financial position date, the Company and its subsidiaries review the carrying amounts of their non-financial assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs.
Nilai yang dapat diperoleh kembali adalah nilai tertinggi antara harga jual neto dengan nilai pakai. Dalam menentukan nilai pakai, taksiran arus kas masa depan didiskontokan ke nilai sekarang menggunakan tarif diskonto sebelum pajak yang menunjukkan taksiran sekarang mengenai nilai waktu uang dan risiko spesifik yang terkait dengan aset yang bersangkutan.
Recoverable amount is the higher of the net realizable less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset.
Jika suatu nilai yang dapat diperoleh kembali dari suatu aset ditaksir lebih kecil dari nilai tercatatnya, nilai tercatat aset tersebut atau unit penghasil kasnya harus diturunkan menjadi sebesar nilai yang dapat diperoleh kembali. Rugi penurunan nilai aset segera diakui sebagai beban pada laporan laba rugi, kecuali aset tersebut dicatat dengan metode revaluasi, maka rugi penurunan nilai diperlakukan sebagai penurunan revaluasi.
If the recoverable amount of the asset or cashgenerating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at revaluation model, in which case the impairment loss is treated as a revaluation decrease.
Jika rugi penurunan nilai kemudian dipulihkan, nilai tercatat dari aset (unit penghasil kas) dinaikkan ke perubahan taksiran dari nilai yang dapat diperoleh kembali, untuk itu kenaikan nilai yang dapat diperoleh kembali tidak boleh melebihi nilai tercatat yang seharusnya diakui seandainya pada tahun sebelumnya tidak ada pengakuan rugi penurunan nilai. Pemulihan rugi penurunan nilai segera diakui sebagai laba dalam laporan laba rugi, kecuali aset tersebut dicatat dengan metode revaluasi, maka pemulihan rugi penurunan nilai tersebut diperlakukan sebagai kenaikan revaluasi.
Where an impairment loss subsequently reverses, the carrying amount of the asset (cash-generating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at revaluation model, in which case the reversal of the impairment loss is treated as a revaluation increase.
Sewa
o.
Sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substantial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Sewa lainnya, yang tidak memenuhi kriteria tersebut, diklasifikasikan sebagai sewa operasi.
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Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Perusahaan dan Anak Perusahaan Sebagai Lessor
The Company and its Subsidiaries as Lessor
Pendapatan sewa dari sewa operasi diakui sebagai pendapatan dengan dasar garis lurus selama masa sewa. Biaya langsung awal yang terjadi dalam proses negosiasi dan pengaturan sewa operasi ditambahkan ke jumlah tercatat dari aset sewaan dan diakui dengan dasar garis lurus selama masa sewa.
Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term.
Perusahaan dan Anak Perusahaan Sebagai Lessee
The Company and its Subsidiaries as Lessee
Aset pada sewa pembiayaan dicatat pada awal masa sewa sebesar nilai wajar aset sewaan Perusahaan dan anak perusahaan yang ditentukan pada awal kontrak atau, jika lebih rendah, sebesar nilai kini dari pembayaran sewa minimum. Liabilitas kepada lessor disajikan di dalam laporan posisi keuangan konsolidasian sebagai liabilitas sewa pembiayaan.
Assets held under finance leases are initially recognized as assets of the Company and subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated statements of financial position as a finance lease obligation.
Pembayaran sewa harus dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pengurangan dari liabilitas sewa sehingga mencapai suatu tingkat bunga yang konstan (tetap) atas saldo liabilitas. Rental kontinjen dibebankan pada periode terjadinya.
Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Contingent rentals are recognized as expenses in the periods in which they are incurred.
Pembayaran sewa operasi diakui sebagai beban dengan dasar garis lurus (straight-line basis) selama masa sewa, kecuali terdapat dasar sistematis lain yang dapat lebih mencerminkan pola waktu dari manfaat aset yang dinikmati pengguna. Rental kontinjen terkait sewa operasi diakui sebagai beban di dalam periode terjadinya.
Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognized as an expense in the period in which they are incurred.
Dalam hal insentif diperoleh dalam sewa operasi, insentif tersebut diakui sebagai liabilitas. Keseluruhan manfaat dari insentif diakui sebagai pengurangan dari biaya sewa dengan dasar garis lurus kecuali terdapat dasar sistematis lain yang lebih mencerminkan pola waktu dari manfaat yang dinikmati pengguna.
In the event that lease incentives are received to enter into operating leases, such incentives are recognized as a liability. The aggregate benefit of incentives is recognized as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.
Jual dan Sewa-balik
Sale and Leaseback
Aset yang dijual berdasarkan transaksi jual dan sewa balik diperlakukan sebagai berikut:
Assets sold under a sale and leaseback transaction are accounted for as follows:
Jika transaksi jual dan sewa-balik merupakan sewa pembiayaan, selisih lebih hasil penjualan dari nilai tercatat aset ditangguhkan dan diamortisasi selama masa sewa.
If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
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PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Jika transaksi jual dan sewa-balik merupakan sewa operasi dan jelas bahwa transaksi tersebut terjadi pada nilai wajar, maka laba atau rugi harus diakui segera. Jika harga jual di bawah nilai wajar, maka laba atau rugi harus diakui segera, kecuali rugi tersebut dikompensasikan dengan pembayaran sewa di masa depan yang lebih rendah dari harga pasar, maka rugi tersebut harus ditangguhkan dan diamortisasi secara proporsional dengan pembayaran sewa selama periode penggunaan aset. Jika harga jual di atas nilai wajar, selisih lebih dari nilai wajar tersebut ditangguhkan dan diamortisasi selama periode penggunaan aset.
If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used.
Untuk sewa operasi, jika nilai wajar aset pada saat transaksi jual dan sewa-balik lebih rendah daripada nilai tercatatnya, rugi sebesar selisih antara nilai tercatat dan nilai wajar harus diakui segera.
For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately.
Untuk sewa pembiayaan, penyesuaian seperti di atas tidak diperlukan kecuali jika telah terjadi penurunan nilai. Dalam hal ini, jumlah tercatat berkurang menjadi jumlah yang dapat dipulihkan.
For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount.
Saham Diperoleh Kembali
p.
Pembelian kembali saham Perusahaan sendiri (treasury stock) dicatat berdasarkan metode biaya perolehan (cost method). Dengan metode ini bila saham tersebut dijual kembali dengan harga jual yang melebihi harga perolehan, maka kelebihannya akan dicatat sebagai agio saham, sedangkan bila harga jual lebih rendah dari harga perolehan, selisihnya akan dicatat sebagai pengurangan saldo laba. q.
Pengakuan Pendapatan dan Beban
Treasury Stocks Treasury stocks is recorded using the cost method. Under this method, if the treasury stock is subsequently sold, the excess of the selling price over the acquisition cost is recorded as additional paid-in capital, while if the selling price is lower than acquisition cost, the difference is recognized as a deduction from retained earnings.
q.
Revenue and Expense Recognition
Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal laporan posisi keuangan konsolidasian. Pendapatan diterima dimuka diakui sebagai liabilitas.
Revenues from freight operations are recognized as income by reference to the percentage of completion of the voyage as at the consolidated statements of financial position date. Unearned revenue received is recognized as liability.
Pendapatan dari sewa berdasarkan waktu (time charter) diakui sesuai masa manfaatnya dari periode kontrak charter tersebut. Pendapatan berdasarkan rute perjalanan diakui selama jangka waktu perjalanan tersebut.
Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage.
Pendapatan jasa perantara kapal dan jasa penyimpanan diakui pada saat jasa tersebut diserahkan kepada pelanggan.
Revenues from agency services and storage services are recognized when the services are rendered to customers.
Pendapatan bunga diakui sesuai manfaatnya pada periode yang bersangkutan (accrual basis).
Interest income on interest-bearing instruments is recognized on accrual basis.
Beban diakui pada saat terjadinya.
Expenses are recognized when incurred.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
r.
s.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Imbalan Pasca Kerja
r.
Post-Employment Benefits
Perusahaan dan anak perusahaan memberikan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan yang disisihkan oleh Perusahaan sehubungan dengan imbalan pasca kerja ini.
The Company and its subsidiaries provides defined benefit post-employment benefits to its employees in accordance with Labor Law No. 13/2003. No funding has been made to this defined benefit plan.
Perhitungan imbalan pasca kerja menggunakan metode Projected Unit Credit. Akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui yang melebihi 10% dari nilai kini liabilitas imbalan pasti diakui dengan metode garis lurus selama rata-rata sisa masa kerja yang diprakirakan dari para pekerja dalam program tersebut. Biaya jasa lalu dibebankan langsung apabila imbalan tersebut menjadi hak atau vested, dan sebaliknya akan diakui sebagai beban dengan metode garis lurus selama periode rata-rata sampai imbalan tersebut menjadi vested.
The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.
Jumlah yang diakui sebagai liabilitas imbalan pasti di laporan posisi keuangan konsolidasian merupakan nilai kini liabilitas imbalan pasti disesuaikan dengan keuntungan dan kerugian aktuarial yang belum diakui, dan biaya jasa lalu yang belum diakui.
The benefit obligation recognized in the consolidated statements of financial position represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost. s.
Pajak Penghasilan
Income Tax
Beban pajak kini ditentukan berdasarkan laba kena pajak dalam periode yang bersangkutan yang dihitung berdasarkan tarif pajak yang berlaku.
Current tax expense is determined based on the taxable income for the year computed using prevailing tax rates.
Aset dan liabilitas pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan liabilitas menurut laporan keuangan dengan dasar pengenaan pajak aset dan liabilitas, kecuali perbedaan yang berhubungan dengan pajak penghasilan final. Liabilitas pajak tangguhan diakui untuk semua perbedaan temporer kena pajak dan aset pajak tangguhan diakui untuk perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan dapat dimanfaatkan untuk mengurangi laba kena pajak pada masa datang.
Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases, except for differences between the carrying amounts of asset and liabilities subject to final tax. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable income will be available in future periods against which the deductible temporary differences can be utilized.
Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal laporan posisi keuangan konsolidasian. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi, kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas.
Deferred tax is calculated at the tax rates that have been enacted or substantively enacted by the consolidated statements of financial position date. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity.
Aset dan liabilitas pajak tangguhan disajikan di laporan posisi keuangan konsolidasian, kecuali aset dan liabilitas pajak tangguhan untuk entitas yang berbeda, atas dasar kompensasi sesuai dengan penyajian aset dan liabilitas pajak kini.
Deferred tax assets and liabilities are offset in the consolidated statements of financial position, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
t.
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PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Atas pendapatan dari kapal yang dikenakan pajak penghasilan final, beban pajak diakui proporsional dengan jumlah pendapatan menurut akuntansi yang diakui pada periode berjalan. Selisih antara jumlah pajak penghasilan final terutang dengan jumlah yang dibebankan sebagai pajak kini pada perhitungan laba rugi diakui sebagai pajak dibayar dimuka atau utang pajak. Akun pajak penghasilan final dibayar dimuka disajikan terpisah dari utang pajak penghasilan final.
Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable.
Perbedaan nilai tercatat aset atau liabilitas yang berhubungan dengan pajak penghasilan final dengan dasar pengenaan pajaknya tidak diakui sebagai aset atau liabilitas pajak tangguhan.
Deferred tax is not recognized for the difference between the financial statement carrying amounts of assets and liabilities if the related revenue is subject to final tax.
Rugi Per Saham
t.
Loss Per Share
Rugi per saham dasar dihitung dengan membagi rugi bersih residual dengan jumlah rata-rata tertimbang saham beredar pada tahun yang bersangkutan.
Basic loss per share is computed by dividing net loss by the weighted average number of shares outstanding during the year.
Rugi per saham dilusian dihitung dengan membagi rugi bersih residual dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.
Diluted loss per share is computed by dividing net loss by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.
Informasi Segmen
u.
Segment Information
Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyusunan dan penyajian laporan keuangan konsolidasian. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.
Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while the secondary reporting format is based on geographical segment.
Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.
A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments.
Segmen geografis adalah komponen perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa pada lingkungan (wilayah) ekonomi tertentu dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada lingkungan (wilayah) ekonomi lain.
A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different for those of components operating in other economic environments.
Aset dan liabilitas yang digunakan bersama dalam satu segmen atau lebih dialokasikan kepada setiap segmen jika, dan hanya jika, pendapatan dan beban yang terkait dengan aset tersebut juga dialokasikan kepada segmensegmen tersebut.
Assets and liabilities that relate jointly to two or more segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
3.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
KAS DAN SETARA KAS
3.
CASH AND CASH EQUIVALENTS
30 September/ 31 Desember/ September 30, December 31, 2011 2010 US$'000 US$'000 Kas Bank Rupiah Bank Syariah Mandiri Bank Mandiri Bank INA Perdana Lain-lain (masing-masing dibawah USD 100 ribu) Dollar Amerika Serikat Citibank Nordea Bank Finland PLC Lain-lain (masing-masing dibawah USD 5 juta) Mata uang lainnya (masing-masing dibawah USD 5 juta) Jumlah Bank Deposito berjangka Rupiah Bank Negara Indonesia Bank Capital Dollar Amerika Serikat UBS AG Bank Lainnya (masing-masing dibawah USD 5 juta) Dollar Singapura United Overseas Bank Limited Jumlah deposito berjangka Jumlah
2.424
1.059
7.596 680 186
1.774 654 133
185
3.519
45.175 6.489
8.631 998
11.693
35.011
12.657
2.299
84.661
53.019
55 -
55 18.352
17.392
11.733
1.210
45
21
21
18.678
30.206
105.763
84.284
Tingkat bunga deposito berjangka per tahun Dollar Amerika Serikat 0,15- 1,75% Rupiah 5,75% - 6,16% Dollar Singapura 0,7%
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0,15% 6% - 6,6% 0,7%
Cash on hand Cash in banks Rupiah Bank Syariah Mandiri Bank Mandiri Bank INA Perdana Others (below USD 100 thousand each) U.S. Dollars Citibank Nordea Bank Finland PLC Others (below USD 5 million each) Other currencies (below USD 5 million each) Total Bank Time Deposits Rupiah Bank Negara Indonesia Bank Capital U.S. Dollars UBS AG Bank Other (below USD 5 million each) Singapore Dollar United Overseas Bank Limited Total time deposits Total Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
4.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
INVESTASI
4.
Investasi Jangka Pendek
INVESTMENTS Short-term Investments
30 September/ September 30, 2011 US$'000 Dimiliki untuk diperdagangkan P.T. Panin Sekuritas
413
31 Desember/ December 31, 2010 US$'000
483
Held for trading P.T. Panin Sekuritas
Tersedia untuk dijual Investasi melalui manajer investasi: Danatama Capital Management Limited P.T. Danatama Makmur UBS AG
77.818 9.500 1.230
69.981 9.500 -
Available for sale Investment through investment management: Danatama Capital Management Limited P.T. Danatama Makmur UBS AG
Jumlah tersedia untuk dijual
88.548
79.481
Total available for sale
Nilai wajar
88.961
79.964
Fair value
Danatama Capital Management Limited
Danatama Capital Management Limited
Anak perusahaan mengadakan perjanjian manajer investasi dengan Danatama Capital Management Limited pada tahun 2010 untuk mengelola dana yang akan diinvestasikan dalam bentuk surat utang negara, obligasi atau surat utang korporasi, sertifikat deposito, dan instrumen pasar uang.
The Company’s subsidiary entered into an Investment Service Agreement with Danatama Capital Management Limited in 2010 to manage funds which will be invested in government bonds, corporate bonds or corporate notes payable, certificates of deposit and money market instruments.
P.T. Danatama Makmur
P.T. Danatama Makmur
Perusahaan mengadakan perjanjian kontrak jasa manajer investasi tanggal 15 Juni 2009, dengan P.T. Danatama Makmur sebagai pengelola dana, yang akan diinvestasikan sebagian atau seluruhnya dalam bentuk tunai, deposito, obligasi, surat utang, saham, mata uang asing, obligasi konversi, waran, opsi, kontrak derivatif dan efek lainnya termasuk skema investasi kolektif.
The Company entered into an Investment Management Contract Service Agreement dated June 15, 2009, with P.T. Danatama Makmur to manage funds, which will be partly or wholly invested in cash, time deposits, bonds, notes payable, shares of stock, foreign currency, convertible bonds, warrants, options, derivative contracts and other securities including collective investment scheme.
UBS AG
UBS AG
Anak perusahaan mengadakan perjanjian manajer investasi dengan UBS AG pada tahun 2011 untuk mengelola dana yang akan diinvestasikan dalam bentuk surat utang negara, obligasi korporasi, sertifikat deposito, dan instrumen pasar uang.
The Company’s subsidiary entered into an Investment Service Agreement with UBS AG in 2011 to manage funds which will be invested in government bonds, corporate bonds, certificates of deposit and money market instruments.
Investasi Jangka Panjang
Long-term Investments
Investasi tersedia untuk dijual
Available-for-sale Investment
Merupakan 11,12% kepemilikan pada Jiangsu Xinrong Shipyard Company Limited yang dicatat pada harga perolehan sebesar USD 33.778 ribu.
This represents 11.12% ownership interest in Jiangsu Xinrong Shipyard Company Limited, which is recorded at cost USD 33,778 thousand.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
5.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
PIUTANG USAHA
5. 30 September/ September 30, 2011 US$'000
a. Berdasarkan pelanggan Pihak berelasi Pan Union Shipping Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk Jumlah
TRADE ACCOUNTS RECEIVABLE
31 Desember/ December 31, 2010 US$'000
-
205 31
-
236
a. By Debtor Related parties Pan Union Shipping Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk Total
Pihak ketiga Kapal yang dimiliki dan disewa Jasa perantara perkapalan
147.072 7.720
140.055 19.875
Third parties Owned and chartered vessels Agency
Jumlah
154.792
159.930
Total
Jumlah Piutang Usaha
154.792
160.166
Total Trade Accounts Receivable
34.093
30.409
45.280 25.128 20.677 29.614
42.692 26.185 16.015 44.865
154.792
160.166
150.278 3.599 914 1
152.100 3.584 3.241 1.241
154.792
160.166
b. Berdasarkan umur (hari) Belum jatuh tempo Lewat jatuh tempo 1 - 60 hari 61 - 120 hari 121 - 180 hari > 180 hari Jumlah c. Berdasarkan mata uang Dollar Amerika Serikat Rupiah Euro Mata uang lainnya Jumlah
b. By Age Category Not yet due Past due 1 - 60 days 61 - 120 days 121 - 180 days > 180 days Total c. By Currency U.S. Dollars Rupiah Euro Other currencies Total
Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan.
Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality.
Perusahaan dan anak perusahaan tidak menerima jaminan atas piutang usaha. Berdasarkan penelaahan atas status masing-masing piutang pada akhir tahun, manajemen Perusahaan memutuskan bahwa tidak terdapat perubahan signifikan terhadap kualitas kredit dan semua piutang usaha dapat tertagih sehingga tidak diadakan penyisihan piutang ragu-ragu.
The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
6.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
INVESTASI PADA PERUSAHAAN ASOSIASI
6.
INVESTMENTS IN ASSOCIATES
Tempat Kedudukan/ Domicile
Metode Ekuitas/Equity Method Brilliant Hero Industrial Limited Teekay BLT Corporation Thai Petra Transport Co. Ltd. PT Berlian Limatama Jiangsu Xinrong Shipyard Company Limited
Persentase Kepemilikan/ Percentage of Ownership 30 September/ 31 Desember/ September 30, December 31, 2011 2010 % %
Hong Kong Marshall Islands Thailand Indonesia China
Mutasi investasi dengan metode ekuitas:
22,69 30,00 30,00 50,00 -
22,69 30,00 30,00 50,00 -
Changes in investments under the equity method:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
91.037
91.037
1.693 (8.400) (32.453) (33.778)
(8.451) (8.400) (32.453) (33.778)
18.099
7.955
Biaya Dikurangi: Bagian laba (rugi) setelah akuisisi Pengembalian modal Penjualan investasi Reklasifikasi sebagai tersedia untuk dijual Jumlah
Cost Less: Share of post-acquisition profit (loss) Return of capital Sale of investment Reclassified as available-for-sale Total
Brilliant Hero Industrial Limited
Brilliant Hero Industrial Limited
Pada tahun 2009, Asean Maritime Corporation memperoleh 45% kepemilikan atas Brilliant Hero Industrial Limited, bergerak dalam bidang investasi, dan 21,80% efektif kepemilikan atas Jiangsu Xinrong Shipyard Company Limited, bergerak dalam bidang perbaikan, konversi dan struktur baja, sehubungan dengan akuisisi 100% kepemilikan pada Nevaeh Limited, sebuah perusahaan investasi, dengan harga akuisisi sebesar USD 66.231 ribu.
In 2009, Asean Maritime Corporation acquired 45% ownership in Brilliant Hero Industrial Limited, an investment holding company, and an effective ownership of 21.80% in Jiangsu Xinrong Shipyard Company Limited, engaged in ship repair, conversion and steel structure, through the acquisition of 100% ownership in Nevaeh Limited, an investment holding company, at an acquisition cost of USD 66,231 thousand.
Pada tanggal 1 Nopember 2010, Asean Maritime Corporation menjual 49% kepemilikan atas Nevaeh Limited kepada Mitsui & Co. Ltd., pihak ketiga, seharga USD 32.957 ribu, dimana USD 32.886 ribu telah dibayar dengan kas dan sisanya sebesar USD 71 ribu terutang sampai pada tanggal penebusan 3% saham preferen Briliant Hero Industrial Limited. Perusahaan dan anak perusahaan mempertahankan 11,12% kepemilikan di Jiangsu Xinrong Shipyard Company Limited sebagai investasi tersedia untuk dijual.
On November 1, 2010, Asean Maritime Corporation sold 49% of its ownership in Nevaeh Limited to Mitsui & Co. Ltd., a third party, for USD 32,957 thousand, wherein the USD 32,886 thousand was paid in cash and the remaining amount of USD 71 thousand will be payable on the Redemption Date of Brilliant Hero Industrial Limited 3% Preference Shares. The Company and its subsidiaries have retained the 11.12% interest in Jiangsu Xinrong Shipyard Company Limited as an available-for-sale investment.
Teekay BLT Corporation
Teekay BLT Corporation
Teekay BLT Corporation bergerak dalam bidang jasa pelayaran / angkutan laut mulai beroperasi komersial pada tahun 2006.
Teekay BLT Corporation is engaged in providing cargo shipping service / sea cargo service and has commenced commercial operations in 2006.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
7.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Lainnya
Others
Thai Petra Transport Co. Ltd. bergerak dalam bidang pengurusan pelabuhan (keagenan).
Thai Petra Transport Co. Ltd. is engaged in port services (agency).
PT Berlian Limatama bergerak ekspedisi muatan kapal laut.
PT Berlian Limatama is engaged in providing cargo shipping services.
dalam
bidang
ASET TETAP
7.
1 Januari 2011/ January 1, 2011 US$'000 Biaya perolehan/revaluasi: Tanah Kapal dan peralatan Kapal sewa pembiayaan Kapal dalam penyelesaian Lain-lain Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Kapal sewa pembiayaan Lain-lain Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Jumlah Jumlah Tercatat
Selisih Kurs Penjabaran / Translation Adjustment US$'000
1.330 2.203.278 557.534 159.820
-
1.721 4.672
-
798 3.275 30.130
-
2.962.558
25.510 93.500 144.490
Pengurangan/ Reklasifikasi/ Revaluasi/ 30 September 2011/ Deductions Reclassifications Revaluations September 30, 2011 US$'000 US$'000 US$'000 US$'000 (104.711) -
32 120
-
9
15 95 -
-
15
263.762
6
-
577.216 52.134
-
1.341 3.171 548 828
-
635.238
Penambahan/ Additions US$'000
84.990 15.384
1
177 390 54 93
7
101.088
6 -
PROPERTY, VESSELS AND EQUIPMENT
177.803 (177.803)
58.311 15.384 -
1.330 2.360.191 666.418 126.507
-
-
1.753 4.798
(6)
-
-
807 3.379 30.130
(104.717)
-
73.695
3.195.313
(9.818) -
-
-
652.388 67.518
-
-
-
1.518 3.567 597 922
(9.823)
-
-
726.510
(5)
2.327.320
2.468.803
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Cost/ Valuation : Land Owned vessels and equipment Leased vessels Vessels under construction Others Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Construction in progress Total Accumulated depreciation and impairment loss: Owned vessels and equipment Leased vessels Others Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
Biaya perolehan/revaluasi: Tanah Kapal dan peralatan Kapal sewa pembiayaan Kapal dalam penyelesaian Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Kapal sewa pembiayaan Lain-lain Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Jumlah Jumlah Tercatat
1 Januari 2010/ January 1, 2010 US$'000
Selisih Kurs Penjabaran / Translation Adjustment US$'000
Penambahan/ Additions US$'000
1.330 1.916.201 387.035 111.945
(7.469) 9
175.517 647 156.910
1.625 1.592 4.568
(1) 56
662 2.846 15.997 2.443.801
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pengurangan/ Reklasifikasi/ Revaluasi/ 31 Desember 2010/ Deductions Reclassifications Revaluations December 31, 2010 US$'000 US$'000 US$'000 US$'000 1.508 -
(24.780) 133.824 (109.044)
143.809 37.536 -
1.330 2.203.278 557.534 159.820
137 96
1.624 8 48
-
-
1.721 4.672
2 (42) -
183 481 14.133
49 10 -
-
-
798 3.275 30.130
(7.445)
348.104
3.247
-
181.345
2.962.558
456.201 35.035
(7.374) -
130.213 15.275
-
(1.824) 1.824
-
577.216 52.134
1.224 1.125 2.614 533 680
(2) 41 (44) 35
226 552 106 113
1.224 8 36 47 -
-
-
1.341 3.171 548 828
497.412
(7.344)
146.485
1.315
-
1.946.389
-
635.238 2.327.320
Cost/ Valuation : Land Owned vessels and equipment Leased vessels Vessels under construction Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Construction in progress Total Accumulated depreciation and impairment loss: Owned vessels and equipment Leased vessels Others Storage tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount
Pada tanggal laporan posisi keuangan, kapal yang dicatat berdasarkan nilai revaluasi telah direview oleh manajemen dan didukung oleh laporan penilai independen profesional.
As of statements of financial position dates, the vessels are stated at their revalued amount, being the fair value reviewed by management and supported by an independent professional valuation.
Penambahan kapal pada tahun 2011 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai (M.T. Iris, M.T. Gas Batam, M.T. Partawati dan M.T. Widawati).
The additions in vessels in 2011 consist of the subsidiaries vessels whose construction had been completed (M.T. Iris, M.T. Gas Batam, M.T. Partawati and M.T. Widawati).
Penambahan kapal pada tahun 2010 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai (M.T. Pitaloka, M.T. Wilutama, M.T. Gas Bangka dan M.T. Gas Madura).
The additions in vessels in 2010 consist of the subsidiaries vessels whose construction had been completed (M.T. Pitaloka, M.T. Wilutama, M.T. Gas Bangka and M.T. Gas Madura).
Pengurangan kapal pada tahun 2011 merupakan penjualan kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Gerbera, dan M.T. Partawati).
The reduction in vessels in 2011 included sale of vessels of the subsidiary (M.T. Fatmarini, M.T. Frabandari, M.T. Gerbera, and M.T. Partawati).
Pengurangan kapal pada tahun 2010 merupakan penjualan kapal anak perusahaan (M.T. Pramesti, M.T. Wilutama dan M.T. Pitaloka).
The reduction in vessels in 2010 included sale of vessels of the subsidiary (M.T. Pramesti, M.T. Wilutama and M.T. Pitaloka).
Sehubungan dengan penjualan tersebut, Perusahaan dan anak perusahaan melakukan perjanjian sewa balik dengan pembeli kapal tersebut selama 4-11 tahun.
In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back the vessels for a period of 4 – 11 years.
Setelah mengevaluasi syarat dan substansi dari perjanjian sewa balik, secara substansial semua risiko dan manfaat dari kepemilikan kapal berada pada Perusahaan dan anak perusahaan (penjual – lessee) dan mengklasifikasikan transaksi ini sebagai sewa pembiayaan.
After an evaluation of the terms and substance of the leaseback, substancially all the risks and rewards incidental to ownership of the vessels still rest with the Company and its subsidiaries (sellerlessee) and classified the transactions as finance lease.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada tahun 2008, Perusahaan dan anak perusahaan mengadakan transaksi jual dan sewa balik kapal kepada pihak ketiga dimana harga jual melebihi nilai wajar sebesar USD 2.500 ribu, dan kelebihan ini dicatat sebagai pendapatan ditangguhkan dan diamortisasi selama periode sewa.
In 2008, the Company and its subsidiaries entered into sale and leaseback of vessels to third parties where the selling price is higher than the fair values by USD 2,500 thousand, and the excess was accounted for as deferred income and amortized over the lease term.
Rincian keuntungan atas transaksi jual dan sewa balik yang ditangguhan adalah sebagai berikut:
Details of the deferred gain on sale and leaseback transaction are as follows:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Saldo awal Akumulasi amortisasi
2.500 598
2.500 442
Beginning balance Accumulated amortization
Saldo akhir Dikurangi bagian lancar
1.902 208
2.058 208
Ending balance Less current portion
Bagian tidak lancar - bersih
1.694
1.850
Non-current portion
Amortisasi keuntungan atas jual dan sewa balik yang ditangguhkan dicatat sebagai pengurang beban sewa.
Amortization of deferred income is accounted for as reduction of charter expenses.
Selain itu, sehubungan dengan perjanjian sewa tahun 2008, Perusahaan dan anak perusahaan telah membayar uang jaminan tanpa bunga sebesar USD 22.195 ribu. Perbedaan sebesar USD 7.164 ribu antara nilai nominal deposit tanpa bunga dan nilai wajarnya diakui sebagai sewa ditangguhkan dan diamortisasi menggunakan metode garis lurus selama masa sewa.
Also, in connection with the 2008 lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of USD 22,195 thousand. The difference of USD 7,164 thousand between the nominal value of the non-interest bearing deposit and its fair value is considered as deferred rent and amortized on a straight-line basis over the lease term.
Beban penyusutan dialokasi sebagai berikut:
Depreciation expense was allocated to the following:
2011 US$'000
2010 US$'000
Beban usaha Kapal dan tangki yang dimiliki Umum dan administrasi Jumlah
Operating expenses 100.374 714
109.533 705
101.088
110.238
Owned vessels and tanks General and administrative Total
Kapal dan peralatan digunakan sebagai jaminan atas utang bank, utang lembaga keuangan, liabilitas sewa pembiayaan dan fasilitas standby letter of credit.
Vessels and equipment are used as collateral for the bank loans, loans from financial institution, obligations under finance lease and standby letter of credit facility.
Perusahaan memiliki beberapa bidang tanah yang terletak di kota Dumai, Riau dengan hak legal berupa Hak Guna Bangunan yang berjangka waktu 20 tahun yang akan jatuh tempo pada tahun 2024, 2036 dan 2037. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai.
The Company owns several parcels of land located in Dumai, Riau with Building Use Right (Hak Guna Bangunan or HGB) for a period of 20 years until 2024, 2036 and 2037. Management believes that there will be no difficulty in the extension of the landright since all the land were acquired legally and supported by sufficient evidence of ownership.
Uang muka pembelian kapal merupakan pembayaran uang muka atas pembelian tiga kapal bekas.
Advances for purchase of vessels represent advance payments on the purchase of three second-hand vessels.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
8.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Kapal dalam penyelesaian pada tanggal 30 September 2011 dan 31 Desember 2010 terutama merupakan 5 kapal dan 9 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2011 – 2012.
Vessels under construction as of September 30, 2011 and December 31, 2010 mainly consist of 5 vessels and 9 vessels under construction which are estimated to be completed in 2011 – 2012.
Bangunan dalam penyelesaian merupakan konstruksi atas tangki penyimpanan kimia dan fasilitas lainnya yang terkait.
Building in progress represents construction of chemical storage tanks and other related facilities.
Kapal dan peralatan Perusahaan dan anak perusahaan diasuransikan terhadap kerusakan lambung dan kerusakan kapal (Hull and Machinery) dan risiko perang, Increased Value and Additional Owners Interest (I.V & A.O.I.) dengan jumlah pertanggungan seluruhnya sebesar USD 1.701.078 ribu dan USD 1.927.000 ribu masing-masing pada tahun 2011 dan 2010 melalui LCH Insurance (s) Pte. Ltd. dan Sompo Japan Insurance Inc.
The Company and its subsidiaries’ vessels and equipment were insured for hull and machinery damages and war risk, Increased Value and Additional Owners Interest (I.V. & A.O.I) for USD 1,701,078 thousand in 2011 and USD 1,927,000 thousand in 2010, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.
Kapal dan peralatan Perusahaan dan anak perusahaan diasuransikan juga terhadap perlindungan dan penggantian terhadap pihak ketiga serta ganti rugi yang disebabkan karena pencemaran lingkungan, sehubungan dengan pengoperasian kapal (Protection & Indemnity atau P & I).
The vessels and equipment of the Company and its subsidiaries were also insured for losses of third parties from vessel operations such as environmental pollution caused by accident (Protection and Indemnity or P & I).
Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.
Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.
GOODWILL – BERSIH
8.
Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aset bersih yang diperoleh dengan rincian sebagai berikut:
Harga perolehan Akumulasi amortisasi Akumulasi penurunan goodwill Goodwill - Bersih
GOODWILL - NET This account represents the difference between acquisition cost of subsidiaries and fair value of net assets acquired as follows:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
87.410 (19.525) (29.136)
87.410 (17.371) (29.136)
38.749
40.903
Perusahaan dan anak perusahaan melakukan tes atas penurunan goodwill setiap tanggal pelaporan untuk menentukan apakah terdapat indikasi penurunan nilai goodwill. Untuk pengukuran penurunan nilai, goodwill sebesar USD 72.354 ribu dan USD 15.056 ribu dialokasikan masing-masing pada Chembulk Tankers LLC dan Gold Bridge Shipping Corporation, yang merupakan unit-unit penghasil kas yang ditentukan oleh Perusahaan serta diharapkan memperoleh manfaat dari penggabungan usaha.
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Cost Accumulated amortization Accumulated impairment of goodwill Goodwill - Net
The Company and its subsidiaries test goodwill at each reporting date to determine if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill amounting to USD 72,354 thousand and USD 15,056 thousand has been allocated to Chembulk Tankers LLC and Gold Bridge Shipping Corporation, respectively, the cash generating units determined by the Company that is expected to benefit from the business combination.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
9.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Jumlah yang dapat diperoleh kembali dari unit penghasil kas ditentukan berdasarkan perhitungan nilai pakainya. Asumsi utama terhadap perhitungan nilai pakai adalah tingkat diskonto, tingkat pertumbuhan, perubahan terhadap nilai jual yang diharapkan serta beban langsung selama tahun berjalan. Manajemen mengestimasi tingkat diskonto menggunakan tarif sebelum pajak yang merefleksikan penilaian pasar saat ini atas nilai waktu daripada uang dan risiko-risiko spesifik atas unit penghasil kas. Tingkat pertumbuhan berdasarkan pada perkiraan tingkat pertumbuhan industri. Perubahan atas nilai jual dan beban langsung didasarkan pada praktek-praktek masa lalu dan ekspektasi dari perubahan pasar di masa yang akan datang.
The recoverable amounts of the cash-generating units are determined from value in use calculations. The key assumptions for the value in use calculations are those regarding the discount rate, growth rates and expected changes to selling prices and direct costs during the year. Management estimates the discount rates using pre-tax rates that reflect current market assessments of the time value of money and the risks specific to the cashgenerating unit. The growth rates are based on industry growth forecasts. Changes in selling prices and direct costs are based on past practices and expectations of future changes in the market.
Perusahaan dan anak perusahaan menyiapkan perkiraan laporan arus kas yang diperoleh dari anggaran keuangan saat ini yang telah disetujui oleh manajemen. Tingkat bunga untuk mendiskontokan perkiraan arus kas dari unit penghasil kas adalah rata-rata tingkat bunga pinjaman pada tanggal laporan posisi keuangan konsolidasian yang telah disesuaikan, untuk mengestimasi tingkat bunga dari pasar yang diharapkan dari investasi. Tingkat bunga ini tidak melampui tingkat pertumbuhan rata-rata jangka panjang atas pasar yang relevan.
The Company and its subsidiaries prepare cash flow forecasts derived from the most recent financial budgets approved by management. The rate used to discount the forecast cash flows from the cash generating units is the average borrowing rate at the consolidated statements of financial position dates as adjusted to estimate the rate that the market would expect from the invesment. This rate does not exceed the average long-term growth rate for the relevant markets.
UTANG BANK JANGKA PENDEK
9. 30 September/ September 30, 2011 US$'000
SHORT-TERM BANK LOANS
31 Desember/ December 31, 2010 US$'000
Clio Marine Inc. Merrill Lynch (Asia Pacific) Limited Bank Mizuho Indonesia
45.856 30.000 14.734
14.459
Clio Marine Inc. Merrill Lynch (Asia Pacific) Limited Bank Mizuho Indonesia
Jumlah
90.590
14.459
Total
Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Rupiah Variabel
Yen Jepang - Tetap
9%
-
1,75% diatas/above cost of funds 4%
1,75% diatas/above cost of funds -
Pada tanggal 18 Juli 2011, anak perusahaan memperoleh pinjaman dari Clio Marine Inc. dengan kredit maksimum sebesar JPY 3.600.000.000 dan dijamin oleh Perusahaan dan kapal anak perusahaan dengan tingkat bunga sebesar persentase tertentu dan jatuh tempo dalam waktu 1 tahun.
- 44 -
Interest rates per annum during the year U.S. Dollar Fixed Rupiah Variable
Japanese Yen - Fixed
On July 18, 2011, a subsidiary obtained loan from Clio Marine Inc. with a total maximum credit of JPY 3,600,000,000 and collateralized by a corporate guarantee from the Company and a subsidiary’s vessel. This loan bears interest rate at certain percentage, and will mature in 1 year.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
10.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada bulan September 2011, anak perusahaan memperoleh fasilitas pinjaman untuk modal kerja dari Merrill Lynch (Asia Pacific) Limited dengan jumlah maksimum USD 50.000 ribu dengan jangka waktu 12 bulan. Fasilitas ini terdiri dari Tranche A dengan jumlah maksimum sebesar USD 30.000 ribu dan Tranche B dengan jumlah maksimum sebesar USD 20.000 ribu. Anak perusahaan telah menggunakan fasilitas Tranche A.
In September 2011, the subsidiary obtained a working capital loan from Merrill Lynch (Asia Pacific) Limited, with maximum loanable amount of US$ 50,000 thousands, with term of 12 months. This facility consist of Tranche A with maximum loanable amount of US$ 30,000 thousands and Tranche B with maximum loanable amount of US$ 20,000 thousands. The subsidiary has used Tranche A facility.
Pinjaman yang diperoleh dari Bank Mizuho Indonesia adalah pinjaman time revolving dengan jumlah gabungan maksimum kredit sebesar Rp 130.000 juta atau nilai yang setara dalam Dollar Amerika Serikat yang jatuh tempo April 2012 dan dijamin oleh kapal anak Perusahaan. Tingkat bunga per tahun sebesar cost of fund bank atau SIBOR ditambah persentase tertentu, dimana pembayarannya antara 7 - 30 hari.
Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130,000 million or its US Dollar equivalent due on April, 2012 and secured by subsidiary vessel. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days.
UTANG USAHA
10. TRADE ACCOUNTS PAYABLE
30 September/ September 30, 2011 US$'000 a. Berdasarkan pemasok: Pihak berelasi Pan Union Agencies Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk Thai Petra Transport Co. Ltd. PT Garuda Mahakam Pratama
31 Desember/ December 31, 2010 US$'000 a. By creditor Related parties Pan Union Agencies Pte Ltd. PT Arpeni Pratama Ocean Line Tbk Thai Petra Transport Co. Ltd. PT Garuda Mahakam Pratama
2.268 74 46 24
3.173 -
2.412
3.173
Pihak ketiga Pemasok Jasa perantara perkapalan
24.777 5.653
53.308 7.462
Third parties Suppliers Shipping agents
Jumlah
30.430
60.770
Total
Jumlah Utang Usaha
32.842
63.943
Total Trade Accounts Payable
b. Berdasarkan mata uang: Dollar Amerika Serikat Rupiah Yen Jepang Dollar Singapura Mata uang lainnya
31.221 1.315 123 94 89
48.164 1.253 2.600 10.605 1.321
32.842
63.943
Jumlah
Jumlah
Utang jasa perantara perkapalan pihak ketiga merupakan liabilitas kepada perusahaan yang ditunjuk sebagai perantara dan sub perantara. Utang pemasok pihak ketiga merupakan liabilitas atas pembelian minyak, bahan bakar, suku cadang, peralatan kapal dan pengeluaran lainnya (disbursements).
- 45 -
Total
b. By currency U.S. Dollars Rupiah Japanese Yen Singapore Dollars Other currencies Total
The accounts payable to third parties represent liabilities to other shipping companies as agents and to sub-agents, and to suppliers for purchases of oil, fuel and spare parts, vessel equipment, and other disbursements.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
11.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
PAJAK PENGHASILAN
11.
Utang pajak terdiri dari:
Details of taxes payable are as follows:
30 September/ September 30, 2011 US$'000 Utang pajak penghasilan badan Perusahaan Anak perusahaan Pajak penghasilan Pasal 21 Pasal 23 Pasal 25 Pasal 26 Pajak Pertambahan Nilai - Bersih Utang pajak final Pasal 4(2) Pasal 15 Jumlah
1 37
168 77 1 18 510
974 23 4 11 568
4 65
3 44
844
1.665
Total
2010 US$'0 00
1.143
783
31 28
181 35
Vessel and charter operation (Company and its subsidiaries) Storage services and agency of subsidiaries Agency services (Company)
1.202
999
Total
Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan adalah sebagai berikut:
The computation of final tax on revenues related to charter and operation of vessels of the Company was as follows:
2011 US$'000 Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian kapal (Perusahaan)
Corporate income tax The Company Subsidiaries Income taxes Article 21 Article 23 Article 25 Article 26 Value Added Tax - Net Final tax payable Article 4(2) Article 15
Details of tax expense are as follows:
2011 US$'000
Jumlah
31 Desember/ December 31, 2010 US$'000
1 -
Beban pajak terdiri dari:
Kapal dan operasional (Perusahaan dan anak perusahaan) Jasa penyimpanan dan perantara perkapalan anak perusahaan Jasa perantara perkapalan (Perusahaan)
INCOME TAXES
5.167
2010 US$'000
7.773
Revenue from charter and operation of vessels (the Company)
Pajak atas pendapatan sewa kapal 1,2% x USD 5.167 ribu tahun 2011 dan USD 7.773 ribu tahun 2010 Pajak penghasilan anak perusahaan
62 1.081
93 690
Tax on charter vessel revenues 1.2% x USD 5,167 thousand in 2011 and USD 7,773 thousand in 2010 Income tax of subsidiaries
Jumlah beban Pembayaran selama tahun berjalan
1.143 1.078
783 679
Tax expense Payments during the year
65
104
Final tax payable
Utang Pajak Penghasilan Final
- 46 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Perhitungan pajak atas pendapatan yang pajaknya tidak bersifat final adalah sebagai berikut:
The computation of tax on revenues not subject to final tax is as follows:
2011 US$'000 Pajak penghasilan anak perusahaan yang berhubungan dengan jasa penyimpanan dan perantara perkapalan
2010 US$'0 00
31
181
Income tax of the subsidiaries on storage and agency services Revenue from agency
Pendapatan dari jasa perantara perkapalan Beban yang berhubungan dengan jasa perantara perkapalan Pendapatan lain-lain
718
532
(606) -
(400) Agency expenses 8 Other income
Pendapatan yang pajaknya tidak bersifat final
112
140
Perhitungan pajak penghasilan dan utang pajak penghasilan:
Tax expense and income tax payable are computed as follows:
2011 US$'000 Pajak Penghasilan - Perusahaan Dikurangi pembayaran pajak dimuka Pajak penghasilan pasal 25
2010 US$'000
28
35
(27)
(33)
1
2
Utang Pajak Penghasilan
12.
Income not subject to final tax
BIAYA MASIH HARUS DIBAYAR
Tax expense - The Company Prepayment of tax Income tax - Article 25 Income Tax Payable
12. ACCRUED EXPENSES
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Bunga Operasi kapal dan docking Lain-lain
20.269 9.122 1.860
17.006 25.238 2.208
Interest Vessels operation and docking Others
Jumlah
31.251
44.452
Total
- 47 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
13.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
UTANG LEMBAGA KEUANGAN JANGKA PANJANG
13.
LONG-TERM LOANS FROM FINANCIAL INSTITUTION
30 September/ 31 Desember/ September 30, December 31, 2011 2010 US$'000 US$'000 DnB NOR Bank, ASA, Singapura/ BNP Paribas/ING Bank N.V./ NIBC Bank Ltd./Nordea Bank Finland Plc/ Standard Chartered Bank/Skandinaviska Enskilda Banken AB (publ) Bank Negara Indonesia Bank Mandiri, Jakarta Deutsche Investitions- und Entwicklungsgesellschaft mbH Bank Syariah Mandiri/ Bank Pembangunan Daerah Jawa Timur/ Bank Muamalat Indonesia/ Bank Jabar Banten Syariah Mitsubishi UFJ Lease & Finance Co., Ltd. Indonesia Eximbank Bank UOB Indonesia, Jakarta Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah Bank Mega Bank Central Asia, Jakarta Dialease Maritime S.A., Jepang ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura DVB Group Merchant Bank (Asia) Ltd., Singapura DnB NOR Bank, ASA, Singapura ING Bank N. V., Singapura DnB NOR Bank, ASA, Singapura/ Fortis Bank S.A./N.V. Mount Gede LLC DnB NOR Bank, ASA, Singapura/ NIBC Bank Ltd.
634.180 35.290 31.169
32.126 38.928
29.750
29.750
28.195 27.291 24.085 17.911
36.646 29.175 29.891 21.255
15.403 11.805 6.824 4.179 -
17.217 13.301 10.242 5.144 496.772
-
72.000
-
25.531 11.945 9.950
-
7.800
-
5.894
Jumlah Biaya perolehan pinjaman yang belum diamortisasi Bagian yang jatuh tempo dalam waktu satu tahun
142.419
178.468
Current maturities
Utang Bank Jangka Panjang - Bersih
709.455
707.562
Long-Term Portion - Net
Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel
Rupiah Tetap Yen Jepang - Variabel
866.082 (14.208)
893.567
DnB NOR Bank, ASA, Singapura/ BNP Paribas/ING Bank N.V./ NIBC Bank Ltd./Nordea Bank Finland Plc/ Standard Chartered Bank/Skandinaviska Enskilda Banken AB (publ) Bank Negara Indonesia Bank Mandiri, Jakarta Deutsche Investitions- und Entwicklungsgesellschaft mbH Bank Syariah Mandiri/ Bank Pembangunan Daerah Jawa Timur/ Bank Muamalat Indonesia/ Bank Jabar Banten Syariah Mitsubishi UFJ Lease & Finance Co., Ltd. Indonesia Eximbank Bank UOB Indonesia, Jakarta Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah Bank Mega Bank Central Asia, Jakarta Dialease Maritime S.A., Japan ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore DVB Group Merchant Bank (Asia) Ltd., Singapore DnB NOR Bank, ASA, Singapore ING Bank N. V., Singapore DnB NOR Bank, ASA, Singapore/ Fortis Bank S.A./N.V. Mount Gede LLC DnB NOR Bank, ASA, Singapore/ NIBC Bank Ltd.
(7.537)
7,5% - 17% 1,45% - 4,75% 0,7% - 4,75% diatas/ above diatas/ above LIBOR/SIBOR LIBOR/SIBOR 10,25% - 13,5% 12,5% - 17% 2% - 4% 1,5% - 2% diatas/above diatas/above JPY LIBOR JPY LIBOR
- 48 -
Total Unamortized loan transaction cost
Interest rates per annum during the year U.S. Dollar Fixed Variable
Rupiah Fixed Japanese Yen - Variable
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Rincian utang bank adalah sebagai berikut:
Details of the loans are as follows:
A.
A.
B.
Pada bulan Februari 2011, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA (sebagai Agen Jaminan dan Wali Amanat), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Plc dan Standard Chartered Bank melalui fasilitas Senior Secured Credit maksimum sebesar USD 685 juta yang terdiri dari:
In February 2011, a subsidiary obtained loan from DnB NOR Bank ASA (as Agent and Security Trustee), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Plc, and Standard Chartered Bank through Senior Secured Credit Facilities with maximum credit of USD 685 million, which consist of:
Fasilitas A sebesar USD 615 juta digunakan untuk pembiayaan kembali pinjaman Perusahaan dan anak perusahaan dari Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., Fortis Bank S.A./N.V., NIBC Bank Ltd., DVB Group Merchant Bank (Asia) Ltd., Nordea Bank Finland Plc. dan DnB NOR Bank ASA. Pinjaman ini dibayarkan dalam 18 cicilan triwulanan sebesar USD 15.400 ribu dan pembayaran cicilan terakhir sebesar USD 337.800 ribu pada saat jatuh tempo yaitu bulan Februari 2016. Fasilitas pinjaman ini dijamin dengan beberapa kapal anak perusahaan.
Facility A amounting to USD 615 million is used for refinance the Company and its subsidiaries’ loans from Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., Fortis Bank S.A./N.V., NIBC Bank Ltd., DVB Group Merchant Bank (Asia) Ltd., Nordea Bank Finland Plc., and DnB NOR Bank ASA. This loan is payable in 18 quarterly installments of USD 15,400 thousand and a final installment payment of USD 337,800 thousand upon maturity on February 2016. This facility is secured by a registered mortgage on subsidiaries’ vessels.
Fasilitas B sebesar USD 70 juta digunakan untuk pembiayaan pembuatan kapal baru. Tenor dari masing-masing pinjaman pada fasilitas B adalah kurang dari 5 tahun.
Facility B amounting to USD 70 million is used for financing the construction of new vessels. The tenor for each of the Facility B loans are less than 5 years.
Pada bulan Mei 2011, Skandinaviska Enskilda Banken AB (publ) bergabung sebagai salah satu kreditur.
In May 2011, Skandinaviska Enskilda Banken AB (publ) joined as one of the lenders.
Tingkat bunga adalah tertentu di atas LIBOR.
Interest rate is at LIBOR plus certain percentage.
sebesar
persentase
Pada bulan Maret 2010, pinjaman dari Bank Negara Indonesia, Jakarta diperoleh melalui Investment Refinancing Credit Loan sebesar Rp 337 milyar. Pinjaman ini di bayar secara angsuran dalam 60 kali cicilan setiap bulan sampai Maret 2015 dan dijamin dengan 2 kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya tiap bulan. Pada bulan September 2011, Perusahaan memperoleh tambahan pinjaman dari Bank Negara Indonesia, Jakarta melalui Investment Refinancing Credit Loan sebesar Rp 70.663 milyar. Pinjaman ini di bayar secara angsuran dalam 60 kali cicilan setiap bulan sampai September 2016 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya tiap bulan.
- 49 -
B.
In March 2010, the loan from Bank Negara Indonesia, Jakarta was obtained through an Investment Refinancing Credit Loan amounting to Rp 337 billion. This loan is payable in 60 monthly installments until March 2015 and secured by two subsidiary’s vessels. Interest rate is at certain percentage which is paid monthly.
In September 2011, the Company was obtained an additional loan from Bank Negara Indonesia, Jakarta through an Investment Refinancing Credit Loan amounting to Rp 70,663 billion. This loan is payable in 60 monthly installments until September 2016 and secured by a subsidiary’s vessels. Interest rate is at certain percentage which is paid monthly.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
C.
Pada bulan Mei 2009, Perusahaan memperoleh pinjaman dari Bank Mandiri dengan maksimum kredit sebesar Rp 500 milyar. Pinjaman ini di bayar secara angsuran dalam 18 kali cicilan setiap 3 bulan sampai dengan tahun 2013. Perjanjian ini dijamin dengan kapal Perusahaan dan anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.
C.
In May 2009, the Company obtained a financing facility from Bank Mandiri with a maximum credit amount of Rp 500 billion payable in 18 quarterly installments until 2013. This loan is collateralized by the Company and certain subsidiaries’ vessels. Interest rate is at certain percentage, which is paid monthly.
D.
Pada bulan April 2010, anak perusahaan memperoleh pinjaman dari Deutsche Investitionsund Entwicklungsgesellschaft mbH melalui fasilitas pinjaman jangka panjang sebesar USD 29,75 juta. Pinjaman ini dibayar secara angsuran 13 kali cicilan tiap 6 bulan dengan pembayaran pokok sekaligus sebesar USD 8.925 ribu pada akhir periode pinjaman dan jatuh tempo pada 15 Maret 2018. Pinjaman ini dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 6 bulan.
D.
In April 2010, a subsidiary obtained a loan from Deutsche Investitions-und Entwicklungsgesellschaft mbH through a longterm investment facility amounting to USD 29.75 million. This loan is payable in 13 semi-annual installments with balloon payment of USD 8,925 thousand on the last repayment date and due on March 15, 2018. The loan is secured by a subsidiary’s vessel. Interest is at LIBOR plus certain percentage, which is paid semi-annually.
E.
Pada bulan Nopember 2010, Perusahaan memperoleh pinjaman dari Bank Syariah Mandiri (sebagai Agen Fasilitas dan Agen Jaminan), Bank Pembangunan Daerah Jawa Timur, Bank Muamalat Indonesia, dan Bank Jabar Banten Syariah melalui fasilitas pinjaman investasi jangka panjang berdasarkan skema syariah dengan maksimum kredit sebesar Rp 344.785 juta. Fasilitas ini dibayarkan setiap tiga bulan. Pinjaman ini dijamin dengan kapal anak perusahaan. Piutang anak perusahaan sebesar USD 72,5 juta dijaminkan secara fidusia. Nisbah sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.
E.
In November 2010, the Company obtained a loan from Bank Syariah Mandiri (as Facility and Security Agent), Bank Pembangunan Daerah Jawa Timur, Bank Muamalat Indonesia, and Bank Jabar Banten Syariah through a long-term investment loan facility under Syariah scheme with a total maximum credit of Rp 344,785 million. These loan facilities are payable quarterly. Such loans are collateralized by a subsidiary’s vessel. The subsidiary’s receivable amounting to USD 72.5 million was used as fiduciary collateral. Indicative return is at certain percentage, which is payable quarterly.
F.
Pinjaman dari Mitsubishi UFJ Lease & Finance Co. Ltd diperoleh melalui pinjaman hipotik sebesar JPY 2.537 juta (ekuivalen USD 28.431 ribu). Pinjaman ini dibayar secara cicilan setiap bulan dalam 84 bulan dengan pembayaran pokok sekaligus sebesar JPY 1.551 juta pada akhir periode pinjaman. Pinjaman ini dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas Yen LIBOR.
F.
The loan from Mitsubishi UFJ Lease & Finance Co. Ltd. is obtained through a JPY 2,537 million (equivalent to USD 28,431 thousand) mortgage facility. This loan is payable in 84 monthly installments with a balloon payment of JPY 1,551 million on the last repayment date. Such loan is secured by the subsidiary’s vessel. Interest rate is at Yen LIBOR plus a certain percentage.
G. Pinjaman dari Indonesia Eximbank diperoleh melalui fasilitas pinjaman ekspor sebesar Rp 400 milyar dan jatuh tempo pada bulan Maret 2014. Pinjaman ini di bayar secara angsuran dalam 20 kali cicilan setiap 3 bulan dan dijamin oleh kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.
- 50 -
G. The loan from Indonesia Eximbank was obtained through a Rp 400 billion export facility loan with a maturity date of March 2014. This loan is payable in 20 quarterly installments and secured by the subsidiaries’ vessels. Interest rate is at certain percentage, which is paid monthly.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
H.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pinjaman dari Bank UOB Indonesia diperoleh melalui fasilitas kredit investasi sebesar USD 8.760 ribu yang akan di bayarkan dalam 10 kali cicilan triwulanan sebesar USD 360 ribu dan pembayaran cicilan terakhir sebesar USD 5.160 ribu pada saat jatuh tempo yaitu bulan Oktober 2011. Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan dan piutang usaha atas pendapatan charter dari kapal anak perusahaan tersebut. Tingkat bunga sebesar persentase tertentu diatas SIBOR.
H.
The loan from Bank UOB Indonesia is obtained through a Term Loan Facility amounting to USD 8,760 thousand, payable in 10 quarterly installments of USD 360 thousand each and a final installment payment of USD 5,160 thousand upon maturity in October 2011. Such facility is secured by a registered mortgage on a subsidiary's vessel and the assignment of accounts receivable in respect of the vessel used as collateral. Interest is at SIBOR plus certain percentage.
Pada bulan Mei 2010, Perusahaan dan Bank UOB menyetujui untuk memperpanjang jatuh tempo utang bank jangka pendek dari 2010 ke 2013. Pada tanggal persetujuan jumlah pinjaman tercatat sebesar Rp 150 milyar. Pinjaman ini dibayarkan dalam 11 kali pembayaran setiap 3 bulan masing-masing sebesar Rp 7.500 juta dan pembayaran cicilan terakhir sebesar Rp 67.500 juta. Tingkat bunga sebesar persentase tertentu.
Also, in May 2010, the Company and Bank UOB agreed to extend the maturity date of its shortterm bank loans from 2010 to 2013. As of the date of the amendment, this loan has an outstanding balance of Rp 150 billion. This loan is payable in 11 quarterly installments of Rp 7,500 million each and a balloon payment of Rp 67,500 million on the last payment date. Interest rate is at certain percentage.
Pinjaman ini telah dilunasi pada bulan Oktober 2011.
This loan was fully paid in October 2011.
I.
Pinjaman dari Bank Syariah Mandiri (sebagai Agen Fasilitas dan Agen Jaminan), Bank Syariah BRI, Bank Muamalat Indonesia, dan BPD Jatim Divisi Usaha Syariah dengan maksimum kredit seluruhnya sebesar Rp 180 milyar diperoleh melalui fasilitas pinjaman investasi jangka panjang berdasarkan skema syariah. Fasilitas pinjaman ini dibayar secara cicilan setiap 3 bulan sebanyak 20 kali, dengan nilai pembayaran pokok sekaligus sebesar Rp 20 milyar pada akhir periode pinjaman. Pinjaman ini dijamin dengan kapal anak perusahaan. Indicative return sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.
I.
The loan from Bank Syariah Mandiri (as Facility and Security Agent), Bank Syariah BRI, Bank Muamalat Indonesia, and BPD Jatim Divisi Usaha Syariah with a total maximum credit of Rp 180 billion is a long-term investment loan facility under Syariah scheme. These loan facilities are payable in 20 quarterly installments with balloon payments in the total amount of Rp 20 billion on the last repayment date. Such loans are collateralized by the subsidiaries’ vessels. Indicative return is at certain percentage, which is payable quarterly.
J.
Pada bulan Agustus 2010, Perusahaan memperoleh pinjaman dari Bank Mega dengan jumlah maksimum USD 15 juta atau 60% dari nilai kapal anak perusahaan. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai Agustus 2017 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu, dimana pembayarannya setiap bulan.
J.
In August 2010, the Company obtained a loan from Bank Mega with a maximum credit of USD 15 million or 60% value of a subsidiary’s vessel. This loan is payable in 84 monthly installments until August 2017 and secured by a subsidiary’s vessel. Interest is at certain percentage which is paid monthly.
K.
Pinjaman dari Bank Central Asia diperoleh melalui fasilitas kredit modal kerja maksimum sebesar Rp 170 milyar. Pinjaman ini dibayar secara angsuran sampai dengan tahun 2012 dan tingkat bunga sebesar persentase tertentu yang dibayar setiap bulan.
K.
The loan from Bank Central Asia was obtained through an installment loan facility with a total maximum credit of Rp 170 billion. This loan is payable in monthly installments until 2012 and bears interest at a certain percentage, which is payable monthly.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
L.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada bulan Nopember 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 34 juta dari Bank Central Asia. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai tahun 2013 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap bulan. Pinjaman ini telah dilunasi pada bulan Desember 2010.
In November 2006, the Company obtained an investment credit facility with a maximum credit of USD 34 million from Bank Central Asia. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s vessel. Interest rate is at SIBOR plus certain percentage, which is paid monthly. This loan was prepaid in December 2010.
Pada bulan Januari 2005, Perusahaan memperoleh kredit investasi dengan jumlah maksimum sebesar Rp 125 milyar berlaku selama 5 tahun dengan tingkat bunga mengambang dimana pembayarannya setiap bulan. Pinjaman ini dijamin dengan kapal Perusahaan. Pinjaman ini telah dibayar lunas pada bulan Januari 2010.
In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years and bears floating interest rate which is paid monthly. The loans are collateralized by certain Company’s vessels. This loan was fully repaid in January 2010.
Pada bulan Desember 2004, anak perusahaan memperoleh pinjaman dari Dialease Maritime S.A., Jepang dengan maksimum sebesar JPY 1.347.250 ribu (ekuivalen USD 12.859 ribu). Pinjaman ini dibayarkan secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai dengan tahun 2011 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.
L.
In December 2004, a subsidiary obtained loan from Dialease Maritime S.A., Japan with maximum credit of JPY 1,347,250 thousand (equivalent to USD 12,859 thousand). This loan is payable in 28 quarterly installments until 2011 and collateralized by the subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.
M. Pinjaman dari DnB NOR Bank ASA, Singapura, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd., terdiri dari pinjaman kredit sebagai berikut :
M. The loans from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd., consist of the following credit facilities:
Pinjaman kredit modal kerja sebesar USD 165 juta dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai 2013 dengan tingkat bunga sebesar persentase tertentu di atas LIBOR, dimana pembayarannya antara 1 – 6 bulan dan di jamin dengan kapal anak perusahaan.
USD 165 million secured term loan facility which is payable in 20 quarterly installments until 2013 and bears interest at LIBOR plus certain percentage, which is paid between 1-6 months. This facility is secured by vessels.
“Term loan facility” dengan jumlah maksimum USD 400 juta dibayar dalam 40 kali cicilan setiap 3 bulan sebesar USD 8 juta untuk cicilan ke-1 sampai ke-39 dan USD 88 juta untuk cicilan ke – 40. Tingkat bunga sebesar persentase tertentu di atas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 – 3 bulan. Fasilitas ini juga dijamin dengan kapal anak Perusahaan.
USD 400 million term loan facility which is repayable in 40 consecutive quarterly installments of USD 8 million for the 1st to 39th installments, and USD 88 million for the 40th installments and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collaterals, which is paid between 1 - 3 months. This facility is also secured by the subsidiary’s vessels.
“Reducing revolving loan facility” sebesar USD 100 juta dibayar secara triwulan dalam 20 kali cicilan sebesar USD 5 juta sampai dengan tahun 2012. Tingkat bunga sebesar persentase tertentu diatas LIBOR tergantung pada rasio nilai yang harus di pertahankan dari kapal-kapal yang dijaminkan, dimana pembayaran antara 1 – 3 bulan. Fasilitas ini juga dijamin dengan kapal anak Perusahaan.
USD 100 million reducing revolving loan facility which is payable in 20 quarterly installments of USD 5 million until 2012, and bears interest at LIBOR plus certain percentage depending on the value maintenance ratio of the vessels used as collateral, which is paid between 1 - 3 months. This facility is also secured by the subsidiary’s vessels.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pinjaman dengan maksimum berjumlah USD 65 juta dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu di atas LIBOR, dimana pembayarannya antara 1 – 3 bulan. Pinjaman ini dijamin dengan beberapa kapal anak perusahaan.
USD 65 million credit Facility which is payable in 32 quarterly installments until 2015. Interest rate is at LIBOR plus certain percentage which is paid between 1 - 3 months. This loan is collateralized by the subsidiaries’ vessel.
Seluruh pinjaman ini telah dilunasi pada bulan Maret 2011. N.
Pinjaman dari DVB Group Merchant Bank (Asia) Ltd. dan Nordea Bank Finland Plc, Singapura diperoleh melalui senior secured revolving credit facility sebesar USD 114 juta. Jumlah maksimum fasilitas tersebut akan menurun secara tetap sebesar seperempat puluh dari jumlah maksimum tersebut setiap tiga bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu di atas LIBOR dimana pembayaran antara 1 – 6 bulan.
All of these loans were paid in March 2011. N.
The loans from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch were obtained through a USD 114 million senior secured revolving credit facility. The credit facility shall be reduced th quarterly by one-fortieth (1/40 ) of such amount. The balance of all outstanding drawings is due to be paid in 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 6 months.
Pinjaman ini dijamin dengan kapal anak perusahaan dan penyerahan pendapatan atas asuransi dan permintaan kompensasi dari kapal anak perusahaan.
This loan is secured by the subsidiaries’ vessels and assignment of insurances and earnings of the subsidiaries’ vessels.
Pinjaman ini telah dilunasi pada bulan Maret 2011.
This loan was paid in March 2011.
O. Pinjaman dari DVB Group Merchant Bank (Asia) Ltd. diperoleh melalui fasilitas kredit sebesar USD 27 juta. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai dengan tahun 2014 dan dijamin oleh Perusahaan dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Juni 2010.
O. The loan from DVB Group Merchant Bank (Asia) Ltd. is obtained through a USD 27 million credit facility. This loan is payable in 20 quarterly installments until 2014 and collateralized by a corporate guarantee from the Company and a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. This loan was paid in June 2010.
Pada bulan September 2005, anak perusahaan memperoleh pinjaman dari DVB Group Merchant Bank (Asia) Ltd., Singapura dengan maksimum pinjaman sebesar USD 43 juta. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar LIBOR ditambah persentase tertentu berdasarkan pada persentase pinjaman terhadap nilai jaminan, dimana pembayarannya antara 1 – 3 bulan.
In September 2005, subsidiaries obtained a loan from DVB Group Merchant Bank (Asia) Ltd., Singapore with maximum credit of USD 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 - 3 months.
Pada bulan Januari 2010, anak perusahaan dan DVB Group Merchant Bank (Asia) Ltd menyetujui untuk memperpanjang jatuh tempo utang bank jangka pendek dari 2010 ke 2012. Pada tanggal persetujuan, jumlah pinjaman tercatat sebesar USD 18.437 ribu. Pinjaman ini dibayarkan dalam 7 kali pembayaran setiap 3 bulan masing-masing sebesar USD 972 ribu dan pembayaran cicilan terakhir sebesar USD 11.634 ribu. Tingkat bunga sebesar persentase tertentu.
In January 2010, a subsidiary and DVB Group Merchant Bank (Asia) Ltd agreed to extend the maturity date of its short-term bank loans from 2010 to 2012. As of the date of the amendment, this loan has an outstanding balance of USD 18,437 thousand. This loan is payable in 7 quarterly installments of USD 972 thousand each and a balloon payment of USD 11,634 thousand. Interest rate is at certain percentage.
Seluruh pinjaman diatas ini telah dilunasi pada bulan Maret 2011.
The above loans were prepaid in March 2011.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
P.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada bulan Mei 2010, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA, Singapura dengan jumlah maksimum USD 12,5 juta. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai dengan tahun 2015 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.
P.
Pinjaman ini telah dilunasi pada bulan Maret 2011. Q. Pada bulan November 2005, anak perusahaan memperoleh pinjaman dari ING Bank N.V., Singapura dengan jumlah maksimum USD 19.900 ribu. Pinjaman ini dibayar secara angsuran setiap enam bulan sampai bulan Nopember 2015 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap bulan.
This loan was prepaid in March 2011. Q. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of USD 19,900 thousand. These loan facilities are payable in semi-annual installments until November 2015 and collateralized by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid monthly. This loan was fully paid in September 2011.
Pinjaman ini telah dilunasi pada bulan September 2011. R.
Pinjaman dari Mount Gede LLC merupakan secured junior term loan facility dengan jumlah maksimum sebesar USD 7.800 ribu. Pinjaman ini dijamin dengan kapal anak perusahaan. Pinjaman ini jatuh tempo pada tanggal 31 Desember 2011. Tingkat bunga sebesar persentase tertentu.
R.
Pada bulan April 2009, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA, Singapura dan NIBC Bank Ltd dengan maksimum sebesar USD 31,5 juta. Pinjaman ini dibayar secara angsuran dalam 16 kali cicilan setiap 3 bulan sampai dengan tahun 2013 dan dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Maret 2011.
Sehubungan dengan fasilitas pinjaman di atas, Perusahaan dan anak perusahaan diwajibkan memenuhi batasan-batasan tertentu yang telah disepakati bersama sesuai perjanjian termasuk mempertahankan rasio-rasio keuangan tertentu.
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Loan obtained from Mount Gede LLC is a Secured Junior Term Loan Facility with maximum credit of USD 7,800 thousand. The loan is secured by a registered mortgage over the subsidiaries’ vessels. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain percentage. This loan was prepaid in March 2011.
Pinjaman ini telah dilunasi pada bulan Maret 2011. S.
In May 2010, a subsidiary obtained a loan from DnB NOR Bank ASA, Singapore with maximum credit of USD 12.5 million. This loan is payable in 20 quarterly installments until 2015 and secured by a subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage which is paid quarterly.
S.
In April 2009, certain subsidiaries obtained a loan from Dnb NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of USD 31.5 million. The loan is payable in 16 quarterly installments until 2013 and secured by the subsidiaries’ vessels. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. This loan was prepaid in March 2011.
In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others the maintenance of certain financial ratios.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
14.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
UTANG OBLIGASI
Nilai nominal Obligasi Berlian Laju Tanker III Obligasi Berlian Laju Tanker IV Sukuk Ijarah I Sukuk Ijarah II Diskonto yang belum diamortisasi Jumlah Bagian yang jatuh tempo dalam waktu satu tahun Hutang obligasi - bersih
14.
BONDS PAYABLE
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
79.338 38.536 22.668 11.334 (532)
77.820 37.813 22.234 11.122 (728)
151.344 124.107 27.237
148.261 148.261
Nominal value Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah I Sukuk Ijarah II Unamortized discount Total Current maturities Bond payable - net
Obligasi Berlian Laju Tanker III
Berlian Laju Tanker III Bond
Pada tanggal 5 Juli 2007 Perusahaan menerbitkan obligasi Rupiah sebesar Rp 700.000 juta dengan tingkat bunga tetap sebesar 10,35% yang dibayar setiap 3 bulan. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Seluruh obligasi dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan P.T. Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat.
On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000 million with fixed interest rate at 10.35% per annum payable every three months. The Bonds are unsecured and have a term of 5 years, due on July 5, 2012. Bondholders’ right is pari-passu without preferential rights with other creditors of the Company. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with P.T. Bank Mandiri Tbk (Persero) as trustee.
Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti P.T. Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk P.T. Bank CIMB Niaga Tbk sebagai wali amanat yang baru.
On December 18, 2007, the Bondholders approved the replacement of P.T. Bank Mandiri Tbk (Persero) as trustee and the appointment of P.T. Bank CIMB Niaga Tbk as the new trustee.
Pada tanggal 17 Maret 2008, P.T. Bank CIMB Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat dalam perjanjian wali amanat, dimana harus mempertahankan rasio utang bersih terhadap ekuitas tidak lebih dari 2,5:1.
On March 17, 2008, P.T. Bank CIMB Niaga Tbk as the trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio of Net Debt to Equity of not more than 2.5:1.
Pada tanggal 16 Juni 2008, para Pemegang Obligasi setuju untuk merubah rasio utang bersih terhadap ekuitas pada perjanjian wali amanat dari 2,5:1 menjadi 4,5:1 untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 3,5:1 untuk periode setelah 31 Desember 2008 berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan prinsip akuntansi yang berlaku umum di Indonesia.
On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory accounts prepared under generally accepted accounting principles in Indonesia.
Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pemeringkat Efek Indonesia tanggal 20 Juli 2011 peringkat obligasi adalah idA-.
Based on rating from P.T. Pemeringkat Efek Indonesia dated July 20, 2011, the bonds are rated as idA-.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Obligasi Berlian Laju Tanker IV
Berlian Laju Tanker IV Bond
Pada tanggal 29 Mei 2009, Perusahaan menerbitkan obligasi Rupiah sebesar Rp 400.000 juta yang terdiri dari tiga seri sebagai berikut: (i) Obligasi Seri A dengan jumlah pokok obligasi sebesar Rp 60.000 juta dengan tingkat bunga tetap 14,25% per tahun dan jatuh tempo tanggal 28 Mei 2010, (ii) Obligasi Seri B dengan jumlah pokok obligasi sebesar Rp 150.000 juta dengan tingkat bunga tetap 15,5% per tahun dan jatuh tempo tanggal 28 Mei 2012 dan (iii) Obligasi Seri C dengan jumlah pokok obligasi sebesar Rp 190.000 juta dengan tingkat bunga tetap 16,25% dan jatuh tempo tanggal 28 Mei 2014. Pembayaran bunga dilakukan setiap 3 bulan.
On May 29, 2009, the Company issued Rupiah Bonds amounting to Rp 400,000 million, consisting of three series bonds: (i) the series A Bonds with a nominal value of Rp 60,000 million, bearing fixed interest rate of 14.25% per annum and are due on May 28, 2010, (ii) the series B Bonds with a nominal value of Rp 150,000 million, bearing a fixed interest rate of 15.5% per annum and are due on May 28, 2012 and (iii) the series C Bonds with a nominal value of Rp 190,000 million, bearing fixed interest rate of 16.25% per annum and are due on May 28, 2014. Interest is paid quarterly.
Obligasi tersebut tidak dijamin dan hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali (buy back) atas obligasi tersebut pada harga pasar yang berlaku. Perusahaan harus memenuhi persyaratan tertentu antara lain rasio utang terhadap ekuitas sebesar 3,5:1. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank CIMB Niaga Tbk bertindak sebagai wali amanat.
These bonds are unsecured and the bondholders’ right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Bonds, the Company can redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1. All of the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange with P.T. Bank CIMB Niaga Tbk as trustee.
Pada tanggal 28 Mei 2010, Perusahaan melakukan pelunasan Obligasi Seri A pada nilai nominal sebesar Rp 60.000 juta.
On May 28, 2010, the Company redeemed and retired the Series A Bonds at principal amount of Rp 60,000 million.
Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pemeringkat Efek Indonesia tanggal 20 Juli 2011 peringkat obligasi adalah idA-.
Based on rating from P.T. Pemeringkat Efek Indonesia dated July 20, 2011, the bonds are rated as idA-.
Sukuk Ijarah I
Sukuk Ijarah I
Pada tanggal 5 Juli 2007, Perusahaan menerbitkan Sukuk Ijarah senilai Rp 200.000 juta. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 5 Juli 2012. Obligasi ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.600 juta per tahun. Para pemegang Sukuk Ijarah mempunyai hak pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setiap saat setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali sesuai dengan nilai pasar yang berlaku. Seluruh sukuk ijarah dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank Mandiri Tbk (Persero) sebagai wali amanatnya.
On July 5, 2007 the Company issued Sukuk Ijarah amounting to Rp 200,000 million. The Sukuk Ijarah are unsecured and have a term of 5 years, due on July 5, 2012. These bonds were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah bondholders’ right is pari-passu without preferential rights with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah, the Company may redeem the Bonds at prevailing market price. All sukuk ijarah were sold at nominal value and are listed on the Indonesia Stock Exchange, with P.T. Bank Mandiri Tbk (Persero) as trustee.
Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti P.T. Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk P.T. Bank CIMB Niaga Tbk sebagai wali amanat yang baru.
On December 18, 2007, the Bondholders approved the replacement of P.T. Bank Mandiri Tbk (Persero) as trustee and the appointment of P.T. Bank CIMB Niaga Tbk as the new trustee.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada tanggal 17 Maret 2008, P.T. Bank CIMB Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat dalam perjanjian wali amanat, dimana harus mempertahankan rasio utang bersih terhadap ekuitas tidak lebih dari 2,5:1.
On March 17, 2008, P.T. Bank CIMB Niaga Tbk as the trustee issued a notice for the Company’s failure to comply with one of the covenants under the Trustee Agreement, which is to maintain a ratio between Net Debt to Equity of not more than 2.5:1.
Pada tanggal 4 Juli 2008, para Pemegang Obligasi setuju untuk merubah rasio utang bersih terhadap ekuitas pada perjanjian wali amanat dari 2,5:1 menjadi 4,5:1 untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 3,5:1 untuk periode setelah 31 Desember 2008 berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan prinsip akuntansi yang berlaku umum di Indonesia.
On July 4, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory financial statement prepared under generally accepted accounting principles in Indonesia.
Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pemeringkat Efek Indonesia tanggal 20 Juli 2011 (sy) peringkat obligasi adalah idA- .
Based on rating from P.T. Pemeringkat Efek Indonesia dated July 20, 2011, the bonds are rated as (sy) idA- .
Sukuk Ijarah II
Sukuk Ijarah II
Pada tanggal 29 Mei 2009, Perusahaan menerbitkan Sukuk Ijarah II senilai Rp 100.000 juta yang terdiri dari: (i) Sukuk Ijarah Seri A dengan jumlah pokok sebesar Rp 45.000 juta yang jatuh tempo tanggal 28 Mei 2012 dimana para pemegang sukuk ijarah berhak atas suatu jumlah cicilan imbalan ijarah sebesar Rp 155 juta per tahun untuk setiap nilai nominal Rp 1.000 juta dan (ii) Sukuk Ijarah Seri B dengan jumlah pokok sebesar Rp 55.000 juta yang jatuh tempo tanggal 28 Mei 2014, dimana para pemegang berhak atas suatu jumlah cicilan imbalan ijarah sebesar Rp 162,5 juta per tahun untuk setiap nilai nominal Rp 1.000 juta.
On May 29, 2009 the Company issued Sukuk Ijarah II amounting to Rp 100,000 million, consisting of two series of bonds: (i) the series A Bonds with nominal amount of Rp 45,000 million, due on May 28, 2012 and entitle the bondholders a sum of Ijarah Benefit Installment of Rp 155 million per annum for every Rp 1,000 million nominal amount and (ii) the series B Bonds with nominal amount of Rp 55,000 million, due on May 28, 2014, and entitle the bondholders a sum of Ijarah Benefit Installment of Rp 162.5 million per annum for every Rp 1,000 million nominal amount.
Obligasi sukuk Ijarah tersebut tidak dijamin dengan agunan khusus dan hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali (buy back) atas obligasi tersebut. Perusahaan harus memenuhi persyaratan tertentu antara lain rasio utang terhadap ekuitas sebesar 3,5:1, berdasarkan laporan keuangan Perusahaan yang disusun berdasarkan Prinsip Standar Akuntansi Keuangan yang belaku di Indonesia. Seluruh obligasi dijual sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan P.T. Bank CIMB Niaga Tbk bertindak sebagai wali amanat.
These Sukuk Ijarah are unsecured and the Bondholders’ right is pari-passu with other creditors of the Company. At any time after the first anniversary of the Sukuk Ijarah II, the Company may redeem the Bonds at prevailing market price. The Company is also required to comply with several covenants, which include among others, a Net Debt to Equity ratio of 3.5:1, based on the Company’s statutory financial statements prepared under generally accepted accounting principles in Indonesia. All the Bonds were sold at nominal value and are listed on the Indonesia Stock Exchange, with P.T. Bank CIMB Niaga Tbk as trustee.
Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pemeringkat Efek Indonesia tanggal 20 Juli 2011 (sy) peringkat obligasi adalah idA- .
Based on rating from P.T. Pemeringkat Efek Indonesia dated July 20, 2011, the bonds are rated as (sy) idA- .
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
15.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
WESEL BAYAR
15.
NOTES PAYABLE
Pada tanggal 4 Mei 2007, anak perusahaan (BLT Finance B.V) menerbitkan Guaranteed Senior Notes sebesar USD 400 juta dengan tingkat bunga tetap sebesar 7,5% per tahun yang dibayar tiap 6 bulan dimuka mulai 15 Nopember 2007. Wesel bayar tersebut berjangka waktu 7 tahun dan akan jatuh tempo pada tanggal 15 Mei 2014. Harga jual wesel bayar pada saat penawaran adalah sebesar 100% dari nilai nominal obligasi dan tercatat di Bursa Efek Singapura. Wesel bayar dijamin oleh Perusahaan dan anak perusahaan tertentu berdasarkan senioritas dan jaminan tersebut tanpa syarat dan tidak dapat dibatalkan.
On May 4, 2007, the subsidiary (BLT Finance B.V) issued Guaranteed Senior Notes (the Notes) amounting to USD 400 million with fixed interest of 7.5% per annum payable every six months in arrears commencing November 15, 2007. The notes payable have a term of seven years, due on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries.
BLT Finance BV (BLTF BV) memiliki opsi untuk membeli kembali wesel bayar dengan kondisi sebagai berikut:
The Notes may be redeemed at the option of BLT Finance BV (BLTF BV) as follows:
i.
Setiap saat sebelum tanggal 15 Mei 2011 sampai dengan 35% dari nilai wesel bayar dengan dana yang diperoleh dari satu atau lebih penawaran saham kepada masyarakat dengan harga penebusan sebesar 107,5% dari nilai pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika kondisi-kondisi tertentu terpenuhi;
i.
At any time prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;
ii.
Pada saat atau setelah tanggal 15 Mei 2012, seluruh atau sebagian wesel bayar dengan harga penebusan setara dengan 100% dari jumlah pokok ditambah applicable premium (seperti yang didefinisikan dalam syarat dan kondisi) dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.
ii.
On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption;
iii. Sejak tanggal 15 Mei 2012 sampai dengan tanggal 14 Mei 2013 seluruh atau sebagian wesel bayar pada harga penebusan setara dengan 103,75% dari jumlah pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.
iii.
On May 15, 2012 until May 14, 2013 all or part of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption;
iv. Pada tanggal 15 Mei 2013 sampai dengan tanggal 14 Mei 2014 seluruh atau sebagian wesel bayar dengan harga penebusan setara dengan 100% dari jumlah pokok ditambah dengan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan, atau
iv.
On May 15, 2013 until May 14, 2014 all or part of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or
v.
v.
At any time in the event of certain changes affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption.
Setiap saat jika terjadi perubahan tertentu yang berkaitan dengan perpajakan di Indonesia dan Belanda, atas seluruh jumlah pokok ditambah jumlah tambahan lainnya yang terutang dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Jika terjadi perubahan terhadap pengendalian, pemegang wesel bayar memiliki hak untuk meminta kepada BLT FBV untuk menebus seluruh atau sebagian daripada wesel bayar seharga 101% dari jumlah pokok ditambah bunga yang masih harus dibayar dan yang belum dibayar jika ada sampai dengan tanggal penebusan.
In the occurrence of change in control, the holders of the Notes have the right to require BLTF BV to redeem all or some of the Notes at 101% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption.
Wesel bayar ini ditetapkan sebesar nilai wajar pada saat pengakuan awal dan setiap tanggal laporan karena adanya embedded call dan put option yang dimilikinya.
The Notes are measured at fair value on initial recognition and at each reporting date because of the embedded call and put options.
Perubahan nilai wajar adalah sebagai berikut:
The change in fair value are as follows:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Saldo awal Perubahan nilai wajar
316.000 (171.000)
249.809 62.000
Beginning balance Changes in fair value
Saldo akhir Penerbitan kembali
145.000 -
311.809 4.191
Ending balance Reissue of Notes
Bersih
145.000
316.000
Net
Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd. dan Standard and Poor’s Ratings Service, peringkat wesel bayar pada tahun 2011 adalah CCC. 16.
Based on the rating issued by Fitch Ratings Ltd. and Standard and Poor’s Ratings Service, in 2011 the Notes are rated CCC.
LIABILITAS SEWA PEMBIAYAAN
16. OBLIGATIONS UNDER FINANCE LEASE
30 September 2011/ September 30, 2011 Nilai kini pembayaran Pembayaran sewa minimal/ sewa minimal/ Present value Minimum lease of minimum lease payments payments US$'000 US$'000
31 Desember 2010/ December 31, 2010 Nilai kini pembayaran Pembayaran sewa minimal/ sewa minimal/ Present value Minimum lease of minimum lease payments payments US$'000 US$'000
Kurang dari 1 tahun 1 - 2 tahun Lebih dari 2 tahun
59.743 287.990 227.455
52.791 266.739 150.346
51.932 220.110 208.155
49.383 204.089 138.680
Less than 1 year 1 - 2 years More than 2 years
Jumlah Dikurangi beban keuangan masa depan
575.188
469.876
480.197
392.152
105.312
-
88.045
-
Total Less future finance charges
Nilai kini pembayaran sewa minimal
469.876
469.876
392.152
392.152
Pada tahun 2011 dan 2010, terdapat penambahan transaksi jual dan sewa kembali milik anak perusahaan yang diklasifikasikan sebagai sewa pembiayaan.
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Present value of minimum lease payment
In 2011 and 2010, additional sale and leaseback transactions were carried out by the Company’s subsidiaries which were classified as finance lease.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pada tahun 2010, Perusahaan dan anak perusahaan meninjau dan merevisi perkiraan tanggal pelaksanaan opsi beli kapal sewa pembiayaan. Perubahan ini mengakibatkan penurunan atas liabilitas sewa pembiayaan dan penurunan jumlah tercatat dari kapal sewa pembiayaan.
17.
18.
UTANG LAIN-LAIN NON-LEMBAGA KEUANGAN
In 2010, the Company and its subsidiaries reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels. 17.
OTHER LOANS INSTITUTIONS
FROM
NON-FINANCIAL
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Jangka pendek Teekay BLT Corporation
10.200
10.200
Short-term Teekay BLT Corporation
Jangka panjang Teekay Corporation PRC Limited
10.045 13.678
11.227 9.410
Long-term Teekay Corporation PRC Limited
Jumlah Bagian yang jatuh tempo dalam satu tahun
23.723
20.637
1.182
3.003
Utang jangka panjang - bersih
22.541
17.634
Total Current maturities Long-term portion net
Jangka pendek
Short-term
Pinjaman anak perusahaan dari Teekay BLT Corporation tidak dikenakan bunga, tanpa jaminan dan tidak memiliki jangka waktu pembayaran yang pasti.
The subsidiary’s loan from Teekay BLT Corporation is non-interest bearing, unsecured and have no fixed repayment terms.
Jangka panjang
Long-term
Pinjaman dari Teekay Corporation dibayar dalam 22 kali setiap 6 bulan dengan tingkat bunga 8% per tahun yang dibayar setiap 3 bulan dan tanpa jaminan.
The Company’s loan from Teekay Corporation is payable in 22 semi annual installments, unsecured, and bears annual interest of 8% which is payable on a quarterly basis.
Pinjaman anak perusahaan dari PRC Limited dikenakan tingkat bunga mengambang berdasarkan tingkat suku bunga 5 tahun pinjaman Bank Rakyat China.
The subsidiary’s loan from PRC Limited bears floating interest rate based on People’s Bank of China’s interest rate over 5 years’ loan.
CADANGAN IMBALAN PASCA KERJA
18.
Perusahaan dan anak perusahaan membukukan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003.
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POST-EMPLOYMENT BENEFITS OBLIGATION The Company and its subsidiaries provide postemployment benefits for its qualifying employees in accordance with Labor Law No. 13/2003.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Beban imbalan pasca kerja yang diakui di laporan laba rugi komprehensif konsolidasian adalah:
Amounts recognized in the consolidated statements of comprehensive income in respect of these postemployment benefits are as follows:
2011 US$'000
2010 US$'000
Biaya jasa kini Biaya bunga Kerugian aktuarial bersih
325 351 -
259 332 67
Current service cost Interest costs Net actuarial losses
Jumlah
676
658
Total
Cadangan imbalan pasca kerja di laporan posisi keuangan konsolidasian adalah sebagai berikut:
The amounts of post-employment benefits obligation in the consolidated statements of financial position are as follows:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Nilai kini kewajiban yang tidak didanai Kerugian aktuarial yang belum diakui
6.090 (135)
5.657 (477)
Present value of unfunded obligations Unrecognized actuarial losses
Kewajiban bersih
5.955
5.180
Net liability
Mutasi cadangan bersih di laporan laporan posisi keuangan konsolidasian adalah sebagai berikut:
Movements in the net liability recognized in the consolidated statements of financial position are as follows:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Saldo awal Beban tahun berjalan Pembayaran tahun berjalan Selisih kurs penjabaran
5.180 676 99
4.126 942 (83) 195
Beginning of the year Employee benefits cost for the year Benefit payment Translation adjustment
Saldo akhir
5.955
5.180
End of the year
Asumsi utama yang digunakan dalam menentukan penilaian aktuarial adalah sebagai berikut: Tingkat Tingkat Tingkat Tingkat
diskonto per tahun kenaikan gaji per tahun kematian pengunduran diri
8% 12% 100%/TMI2 10% sampai usia 36 tahun kemudian menurun secara linier sampai 0% di usia 55 tahun/ 10% per annum until age 36 then decreasing linearly to 0% until age 55
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The actuarial valuation was carried out using the following key assumptions: Discount rate per annum Salary increment rate per annum Mortality rate Resignation rate
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
19.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
OBLIGASI KONVERSI
19.
30 September/ September 30, 2011 US$'000 Obligasi Konversi Tanpa Bunga Dijamin USD 125 juta - jatuh tempo 2012 Obligasi Konversi Dijamin USD 125 juta (perubahan pada tahun 2010) Obligasi Konversi Dijamin USD 125 juta dengan bunga kupon 12% - jatuh tempo 2015 Bagian Jangka Panjang - Bersih
CONVERTIBLE BONDS
31 Desember/ December 31, 2010 US$'000 USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 USD 125 million Guaranteed Convertible Bonds (Amended in 2010)
-
-
47.823
46.607
120.561
118.450
USD 125 million 12% Guaranteed Convertible Bonds - due 2015
168.384
165.057
Long-Term Portion - Net
Obligasi Konversi Tanpa Bunga Dijamin USD 125 juta-jatuh tempo 2012 (Diubah pada tahun 2010 menjadi Obligasi Konversi Dijamin dengan bunga kupon 12% - jatuh tempo 2015).
USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 (Amended in 2010 to become USD 125 million 12% Guaranteed Convertible Bonds due 2015).
Obligasi konversi terkandung instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Pada saat penerbitan, Obligasi Konversi Dijamin USD 125 juta Tanpa Bunga yang jatuh tempo 2012 dikategorikan sebagai instrumen pada nilai wajar melalui laporan laba rugi dimana selisih nilai wajar diakui pada laporan laba rugi. Nilai wajar pada akhir periode pelaporan diukur pada harga penawaran pasar dan mungkin tidak mencerminkan jumlah yang akan dibayarkan oleh BLTF BV kepada pemegang obligasi untuk memenuhi hak konversi atau penebusan obligasi.
The convertible bonds are considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 were designated as fair value through profit or loss with any resultant gain or loss recognized in profit or loss. The fair value at the end of the reporting period is determined based on quoted market price and may not be reflective of the amount that BLTF BV will have to pay to the bondholders to satisfy their conversion rights or upon redemption of the Bonds.
Pada tanggal 17 Mei 2010, BLTF BV menebus Obligasi Konversi Dijamin Tanpa Bunga sebesar USD 76.100.000 pada harga 116,82%. Pada bulan Desember 2010 obligasi dimiliki oleh anak perusahaan sebesar USD 48.800.000 ditebus oleh BLTF BV dan setelah itu diterbitkan kembali kepada investor pada tanggal 1 Desember 2010 pada harga 96%.
On May 17, 2010, BLTF BV redeemed and retired the USD 76,100,000 of the Zero Coupon Guaranteed Convertible Bonds due 2012 at 116.82%. In December 2010, the bonds held by certain subsidiaries amounting to USD 48,800,000 were redeemed by BLTF BV and subsequently reissued to investors on December 1, 2010 at 96%.
Pada tanggal 14 Desember 2010, syarat dan kondisi dari Obligasi Konversi USD 125 juta yang jatuh tempo 2012 telah diubah seperti dijelaskan di bawah.
On December 14, 2010, the terms and conditions of the USD 125 million zero coupon guaranteed convertible bonds due 2012 were amended as described below.
Tanggal jatuh tempo diubah menjadi 1 Pebruari 2015 dan tingkat bunga sebesar 12% per tahun. Nilai konversi adalah Rp 409 per saham dengan periode konversi dari 27 Juni 2007 menjadi 31 Januari 2015. Jumlah saham yang digunakan pada saat konversi akan ditentukan dengan membagi nilai pokok obligasi yang akan dikonversikan (ditranslasikan ke nilai Rupiah dengan nilai tukar tetap pada Rp 9.362 per USD 1.00 (“nilai tukar tetap”) dengan harga konversi pada tanggal konversi.
The Maturity Date is changed to February 10, 2015 and bears interest rate of 12% per annum. The Conversion Price is Rp 409 per share with conversion period from June 27, 2007 to January 31, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the Bond to be converted (translated into Rupiah at the fixed rate of Rp. 9,362.00 = US$1.00 (the “Fixed Exchange Rate”) by the Conversion Price in effect at the Conversion Date.
- 62 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Meskipun hak konversi pada pemegang obligasi, BLT dan/atau anak perusahaan BLT memiliki opsi untuk membayar dengan kas dalam US Dollar kepada pemegang obligasi setara harga pasar rata-rata tertimbang dari saham yang dikonversi untuk memenuhi hak konversi
Notwithstanding the Conversion Right of the bondholders, BLT and/or any of BLT’s subsidiaries have the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right.
Pada atau setiap saat setelah 10 Pebruari 2013 namun tidak kurang dari 20 hari sebelum tanggal jatuh tempo, menebus obligasi secara keseluruhan tetapi tidak sebagian pada nilai nominal ditambah bunga yang belum dibayar pada tanggal penebusan, dengan syarat penebusan kembali tidak dapat dilakukan kecuali harga penutupan saham di Bursa Efek Indonesia untuk masing-masing dari 20 hari tanggal perdagangan berturut-turut dalam waktu 30 hari perdagangan segera sebelum tanggal dimana pemberitahuan penebusan dipublikasikan pada setidaknya 130% dari harga konversi
In addition, at the option of the issuer on or at any time after February 10, 2013 but not less than 20 days prior to the Maturity Date, redeem the Bonds in whole but not in part at their principal amount, plus accrued interest as at the date of redemption, provided that no such redemption may be made unless the closing price of the Shares on the Indonesia Stock Exchange for each of 20 consecutive Trading Days in any 30 consecutive Trading Day period immediately prior to the date upon which notice of such redemption is published is at least 130 per cent of the Conversion Price then in effect.
BLTF BV akan, atas opsi dari pemegang obligasi, menebus seluruh atau beberapa obligasi yang dimiliki pemegang obligasi pada tanggal 10 Pebruari 2012 pada nilai nominal ditambah bunga yang belum dibayarkan pada tanggal penebusan. Kecuali jika sebelumnya ditebus, dikonversikan atau dibeli, BLTF BV akan menebus obligasi pada nilai nominal ditambah bunga yang masih harus dibayar pada tanggal 15 Pebruari 2015.
BLTF BV will, at the option of the holder, redeem all or some of that holder’s Bonds on February 10, 2012, at principal amount plus any accrued interest as at the date of redemption. Unless previously redeemed, converted or purchased, BLTF BV will redeem the bonds at its principal amount plus accrued interest on February 10, 2015.
Manajemen Perusahaan berkeyakinan bahwa untuk tujuan pencatatan, terdapat modifikasi mendasar terhadap syarat dari obligasi konversi yang mengarah pada pelunasan Obligasi Konversi Dijamin USD 125 juta Tanpa Bunga yang jatuh tempo 2012.
The Company’s management believes that, for accounting purposes, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012.
Obligasi konversi di atas terkandung instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Manajemen Perusahaan juga menelaah derivatif melekat dan memutuskan derivatif melekat tidak terkait erat dengan debt host contract. Derivatif melekat diukur pada nilai wajar yang perubahannya diakui pada laba rugi sedangkan debt host contract pada awalnya diakui sebesar nilai wajar dan selanjutnya pada biaya perolehan diamortisasi.
The convertible bonds above were considered as a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.
Obligasi Konversi Dijamin USD 125 juta dengan Bunga Kupon 12% yang Jatuh Tempo 2015
USD 125 Million 12% Guaranteed Convertible Bonds Due 2015
Pada tanggal 10 Pebruari 2010 dan 29 Maret 2010, BLT International Corporation (BLT IC), anak perusahaan, menerbitkan Obligasi Konversi Dijamin dengan Bunga Kupon 12% masing-masing sebesar USD 100.000.000 dan USD 25.000.000, obligasi diterbitkan pada 100% nilai nominal dan tanpa syarat dan dijamin tidak dapat ditarik kembali oleh Perusahaan.
On February 10, 2010 and March 29, 2010, BLT International Corporation (BLT IC), a subsidiary, issued 12% Guaranteed Convertible Bonds amounting to USD 100,000,000 and USD 25,000,000, respectively. The bonds were issued at 100% of the face value and were unconditionally and irrevocably guaranteed by the Company.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Pemegang obligasi memiliki hak untuk mengkonversikan obligasi menjadi saham biasa Perusahaan, dengan nilai nominal masing-masing sebesar Rp 62,5, setiap saat pada atau setelah 23 Maret 2010 sampai 15 Januari 2015. Jumlah lembar saham pada saat konversi akan ditentukan dengan membagi nilai nominal obligasi yang akan dikonversikan, yang ditranslasikan ke Rupiah dengan nilai tukar tetap sebesar Rp 9.362 untuk USD 1 dengan harga konversi yang berlaku pada tanggal konversi. Harga konversi awal adalah Rp 737 per saham, yang dikenakan penyesuaian. Pada bulan Agustus 2010, BLT IC menyesuaikan harga konversi ke Rp 409 per saham. Meskipun terdapat hak konversi dari pemegang saham, BLT IC memiliki opsi untuk membayar pemegang obligasi sejumlah kas setara dengan Cash Settlement Amount dari saham yang dikonversikan, setiap saat untuk memenuhi hak konversi.
The bondholders have the right to convert the bonds into ordinary shares of the Company, with par value of Rp 62.50 each, at any time on or after March 23, 2010 up to January 15, 2015. The number of shares to be delivered upon conversion will be determined by dividing the principal amount of the bonds to be converted, translated into Rupiah at a fixed rate of Rp 9,362 to USD 1, by the conversion price in effect at the time of the conversion date. The initial conversion price is Rp 737 per share, which is subject to adjustments. On August 2010, BLT IC had adjusted the conversion price to Rp 409 per share. Notwithstanding the Conversion Right of the bondholders, BLT IC has the option to pay the relevant bondholders an amount of cash equivalent to the Cash Settlement Amount of the shares converted, at any time to satisfy the Conversion Right.
Sejauh BLT tidak memiliki saham treasury yang cukup atau tidak dapat menerbitkan saham, BLT IC harus membayar sejumlah kas kepada pemegang obligasi setara dengan Mandatory Cash Settlement Amount untuk memenuhi hak konversi.
To the extent that BLT does not hold sufficient treasury shares or is unable to issue shares, BLT IC shall pay an amount of cash to the bondholders equivalent to the Mandatory Cash Settlement Amount, to satisfy the Conversion Rights.
BLTF IC akan, pada opsi kepada pemegang obligasi, membeli kembali obligasi pada 10 Pebruari 2013 pada nilai nominal ditambah bunga yang masih harus dibayar.
BLTF IC will, at the option of the bondholders, redeem the bonds on February 10, 2013 at principal amount plus accrued interest.
Obligasi ini juga dapat dilunasi pada opsi BLT IC pada atau setelah 10 Pebruari 2013 pada 100% nilai nominal ditambah bunga yang masih harus dibayar.
The bond may also be redeemed at the option of BLT IC on or after February 10, 2013 at 100% of principal amount plus accrued interest.
Obligasi konversi di atas terkandung instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Manajemen Perusahaan juga menelaah derivatif melekat dan memutuskan derivatif melekat tidak terkait erat dengan debt host contract. Derivatif melekat diukur pada nilai wajar yang perubahannya diakui pada laba rugi sedangkan debt host contract pada awalnya diakui sebesar nilai wajar dan selanjutnya pada biaya perolehan diamortisasi.
The convertible bonds above were considered as a hybrid instrument containing a debt host contract and embedded derivatives. The Company’s management also made an assessment of the embedded derivatives and decided to bifurcate the embedded derivatives which are not closely related to the debt host contract. The embedded derivatives are measured at fair value with changes in fair value recognized in profit and loss while the debt host contract was initially recognized at fair value and subsequently measured at amortized cost.
- 64 -
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
20.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
MODAL SAHAM
20.
Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan P.T. Kustodian Sentral Efek Indonesia adalah sebagai berikut:
Nama Pemegang Saham
P.T. Tunggaladhi Baskara Tn. Widihardja Tanudjaja Koperasi Karyawan Berlian Siana Anggraeni Surya Masyarakat lainnya (dibawah 5%) Jumlah
CAPITAL STOCK The composition of stockholders based on the Share Registration Bureau (Registrasi Biro Administrasi Efek) and P.T. Kustodian Sentral Efek Indonesia are as follows:
30 September 2011dan 31 Desember 2010/ September 30, 2011 and December 31, 2010 Jumlah Persentase Jumlah Modal Saham/ Pemilikan/ Disetor/ Number of Percentage Total Paid-up Shares of Ownership Capital % US$'000 4.383.489.018 2.620.800 2.422.056 62.400 7.162.237.196
37,95 0,02 0,02 0,00 62,01
41.583 25 23 1 67.943
11.550.831.470
100,00
109.575
Mutasi modal disetor Perusahaan adalah sebagai berikut:
2011 US$'000
Name of Stockholders
P.T. Tunggaladhi Baskara Mr. Widihardja Tanudjaja Berlian Employees Cooperative Siana Anggraeni Surya Public (below 5 % each) Total
Movements in share capital are as follows:
2010 US$'000
Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham
109.575
Saldo akhir
109.575
-
Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut:
2011 Lembar/share Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham
11.138.480.470
Saldo akhir
11.138.480.470
-
Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 26 tanggal 29 Juli 2010 dari Dr. A Partomuan Pohan, S.H., LL.M, notaris di Jakarta, para pemegang saham menyetujui untuk menerbitkan saham baru dengan cara penawaran umum terbatas kepada para pemegang saham dengan hak memesan efek terlebih dahulu. Perusahaan menerbitkan sebanyak 5.569.240.235 lembar saham biasa dengan harga pelaksanaan sebesar Rp 220 per lembar.
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70.936
Beginning of the year
38.639
Issuance of new shares through rights issue
109.575
End of the year
Details of the Company’s number of shares outstanding are as follows:
2010 Lembar/share 5.569.240.235
Beginning of the year
5.569.240.235
Issuance of new shares through rights issue
11.138.480.470
End of the year
At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 26 dated July 29, 2010 of Dr. A Partomuan Pohan, S.H., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue with Pre-emptive Rights. The Company issued 5,569,240,235 common shares at an exercise price of Rp 220 per share.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
21.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
AGIO SAHAM
21.
ADDITIONAL PAID-IN CAPITAL
US$'000
22.
Saldo per 1 Januari 2010 Penawaran umum terbatas
114.824 94.002
Balance of January 1, 2010 Issuance of shares through rights issue
Saldo per 30 September 2011 dan 31 Desember 2010
208.826
Balance of September 30, 2011 and December 31, 2010
SAHAM DIPEROLEH KEMBALI
22.
Pada tanggal 30 September 2011 dan 31 Desember 2010 jumlah saham diperoleh kembali sebanyak masing-masing 412.351.000 saham atau 3,57% dari saham yang dikeluarkan dengan biaya perolehan sebesar USD 86.628 ribu. 23.
SURPLUS REVALUASI
As of September 30, 2011 and December 31, 2010, the total number of treasury stocks amounted to 412,351,000 shares or 3.57% of its issued and paidup capital with acquisition cost of USD 86,628 thousand. 23.
REVALUATION RESERVE
30 September/ September 30, 2011 US$'0 00
31 Desember/ December 31, 2010 US$'000
Saldo awal Peningkatan bersih Transfer ke saldo laba
304.534 42.797 (23.848)
237.677 87.860 (21.003)
Beginning balance Revaluation increase - net Transfer to retained earnings
Saldo akhir tahun
323.483
304.534
Balance at end of year
Surplus revaluasi berasal dari revaluasi seluruh kapal, apabila kapal yang telah direvaluasi dijual, bagian dari surplus revaluasi dari kapal tersebut direalisasikan dengan memindahkan langsung ke saldo laba. 24.
TREASURY STOCKS
PENDAPATAN USAHA
24. 2011 US$'000
Pendapatan usaha yang berasal dari: Kapal kimia Kapal minyak Kapal gas Kapal FPSO Lainnya Jumlah
The revaluation reserve arises on the revaluation of vessels. Where revalued vessels are sold, the portion of the revaluation reserves that relates to that vessel, and is effectively realized, is transferred directly to retained earnings. OPERATING REVENUES 2010 US$'000
373.739 47.304 38.323 26.010 1.045
383.615 68.251 37.313 3.823 1.592
486.421
494.594
Tidak terdapat pendapatan yang berasal dari pihak ketiga yang melebihi 10% dari seluruh pendapatan usaha.
- 66 -
Operating revenues from: Chemical vessels Oil vessels Gas vessels FPSO vessel Others Total
There is no revenue from a third party that exceeds 10% of the total operating revenues.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
25.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
BEBAN LANGSUNG
25.
2011 US$'000
2010 US$'000
Bahan bakar Penyusutan Gaji Biaya sandar Sewa Asuransi Perbaikan dan pemeliharaan Pelumas Suku cadang Uang makan crew Transportasi Pengurusan dokumen Bahan lain Docking Lain-lain
137.921 100.374 45.852 44.556 34.028 7.932 6.274 6.246 5.204 2.568 2.548 2.213 2.185 2.028 5.495
97.893 109.533 41.877 44.746 53.744 6.540 5.219 5.230 12.474 1.808 4.008 2.759 2.297 1.250 6.962
Fuel Depreciation Salaries Port charges Rental Insurance Repairs and maintenance Lubricant Spareparts Crews' meal allowances Transportation Processing of documents Supplies Docking Others
Jumlah beban langsung
405.424
396.340
Total direct cost
Tidak terdapat beban yang berasal dari pihak tertentu yang melebihi 10% dari seluruh beban usaha langsung. 26.
DIRECT COST
BEBAN UMUM DAN ADMINISTRASI
There is no expense from specific party that exceeds 10% of the total direct cost.
26.
2011 US$'000
GENERAL AND ADMINISTRATIVE EXPENSE
2010 US$'000
Gaji Beban kantor Tenaga ahli Perjalanan dinas Penyusutan Imbalan pasca kerja Pemasaran Telekomunikasi Representasi Beban bank Lain-lain
11.148 2.828 1.837 1.364 714 676 629 568 476 266 1.118
9.644 3.117 1.084 1.250 705 658 490 610 653 288 1.083
Jumlah
21.624
19.582
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Salaries Office expenses Professional fees Transportation Depreciation Post-employment benefits Marketing Telecommunication Representation Bank charges Others Total
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
27.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
BEBAN KEUANGAN
27.
2011 US$'000 Beban bunga: Obligasi Utang bank dan Utang lain-lain jangka panjang Sub-jumlah Bagi hasil pinjaman dan imbalan obligasi Syariah Utang sewa pembiayaan Biaya Provisi Jumlah
28.
2010 US$'000 44.103
35.539
32.981
88.386
77.084
3.154 29.520 2.768
3.033 15.972 3.348
Sub-total Profit sharing allocation and benefit on Syariah Finance lease obligation Provision
123.828
99.437
Total
PENDAPATAN INVESTASI
28.
INVESTMENT INCOME
2010 US$'000
Pendapatan bunga Keuntungan pemilikan efek yang sudah direalisasi
1.993
5.901
2.606
821
Jumlah
4.599
6.722
LABA (RUGI) PER SAHAM
29.
2011 US$'000 Laba (rugi) bersih untuk perhitungan laba per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif: Perubahan nilai wajar obligasi konversi yang belum diamortisasi Laba (rugi) bersih untuk perhitungan laba per saham dilusian
Interest expenses on: Bonds Bank loans and other long-term payables
52.847
2011 US$'000
29.
FINANCE COSTS
Interest income Realized gain on securities Total
EARNINGS (LOSS) PER SHARE
2010 US$'000
140.691
(36.209)
17.751
-
Net income (loss) for the computation of basic earnings per share Potential effect of dilutive common share: Unrealized fair value change of convertible bonds
158.442
(36.209)
Net income (loss) for the computation of diluted earnings per share
Pada tahun 2010, pengaruh dari nilai wajar obligasi konversi belum direalisasi, yang ditentukan sebagai FVTPL, pada laba per saham bersifat anti dilutif sehingga laba per saham dilutif tidak disajikan.
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In 2010, the effect of unrealized fair value change on convertible bonds designated as FVTPL on the earnings per share is anti-dilutive, accordingly, diluted earnings per share was no longer presented.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Jumlah rata-rata tertimbang yang digunakan dalam perhitungan laba per saham:
2011 Lembar/Share Jumlah rata-rata tertimbang saham biasa untuk laba per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif : - Obligasi konversi Jumlah rata-rata tertimbang saham biasa untuk perhitungan laba per saham dilusian
11.138.480.470
Weighted average number of shares which is used for the computation of earnings per share:
2010 Lembar/Share
7.425.653.647
3.980.566.748
15.119.047.218
-
7.425.653.647
Laba (rugi) per saham
Earnings (loss) per share
Laba (rugi) per saham (nilai penuh) - Dasar - Dilusian
2011 US$
2010 US$
0,0126 0,0105
(0,0049) -
Pada tahun 2011, potensi saham dari obligasi konversi bersifat anti-dilutif dan karenanya tidak dimasukkan dalam perhitungan rata-rata tertimbang jumlah saham yang beredar untuk tujuan perhitungan rugi per saham dilusian. 30.
DIVIDEN DAN CADANGAN UMUM
30.
INSTRUMEN KEUANGAN DERIVATIF Perusahaan menggunakan kontrak swap mata uang dan suku bunga untuk mengelola risiko dari kemungkinan pergerakan mata uang asing dan suku bunga. Dengan rincian sebagai berikut:
2011 '000
Cross currency swaps Interest rate swaps Opsi melekat
USD 252.273 USD 800.000 USD 173.900
2010 '000
DIVIDENDS AND APPROPRIATION GENERAL RESERVES
DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement. Details of the derivative contracts are shown below:
Nilai wajar per 30 September 2011/ Fair values as of September 30, 2011 Kewajiban/ Liability US$'000
USD 102.273 USD 800.000 USD 173.900
Bagian jangka panjang
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FOR
Based on notarial deed of the Annual General Meeting of Stockholders No. 3 from Dr. A. Partomuan Pohan, S.H., LL.M. dated July 7, 2011, the Company decided not to declare any dividends and no appropriation for general reserves. 31.
Nilai notional/ Notional amounts
Earnings (loss) per share (in full amount) - Basic - Diluted
In 2011, the potential shares on convertible bonds are anti-dilutive and are therefore excluded from the weighted average number of shares for the purposes of diluted loss per share.
Berdasarkan akta Rapat Umum Pemegang Saham Tahunan No.3 dari Dr. A. Partomuan Pohan, S.H., LL.M. tanggal 7 Juli 2011, Perusahaan memutuskan tidak membagikan dividen dan tidak adanya pencadangan dana. 31.
Weighted average number of shares used for computation basic earnings per share Effect of dilutive potential ordinary share: - Convertible bonds Weighted average of common share for computation of diluted earnings per share
Nilai wajar per 31 Desember 2010/ Fair values as of December 31, 2010 Kewajiban/ Liability US$'000
2.711 76.269 5.484
6.688 59.234 9.853
Cross currency swaps Interest rate swaps Embedded options
84.464
75.775
Non-current Portion
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Cross currency swaps
Cross currency swaps
Cross currency swaps membutuhkan pertukaran pembayaran secara periodik berdasarkan bunga dari nosional Rupiah dan Dollar Amerika Serikat dan pertukaran akhir atau penyelesaian akhir-bersih dari pokok nosional pada saat jatuh tempo. Cross currency swaps yang berlaku pada tanggal 30 September 2011, jatuh tempo pada Juli dan September 2012.
The cross currency swaps require periodic exchange of payments based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of September 30, 2011, mature on July and September 2012.
Interest rate swaps
Interest rate swaps
Swap tingkat bunga membutuhkan pertukaran pembayaran secara periodik pembayaran floating and fixed interest dari nilai Dollar Amerika Serikat dan akan jatuh tempo pada bulan Januari 2015.
The interest rate swaps require periodic exchange of floating and fixed interest payments on the US Dollar notional amounts and mature on January 2015.
Opsi Melekat
Embedded Options
Opsi melekat merupakan nilai wajar konversi dan penyelesaian secara kas pada Obligasi Konversi Dijamin dengan Bunga Kupon 12% - jatuh tempo 2015. (Diubah pada tahun 2010) dan Obligasi Konversi Dijamin dengan Bunga Kupon 12% - jatuh tempo 2015.
The embedded options represents the fair value of the conversion and cash settlement in the USD 125 million 12 % Guaranteed Convertible Bonds due 2015 (as amended in 2010) and the USD 125 million 12% Guaranteed Convertible Bonds due 2015.
Derivatif-derivatif di atas diukur berdasarkan nilai sekarang dari estimasi arus kas masa depan dan didiskontokan berdasarkan kurva hasil yang dapat diaplikasikan selama jangka waktu dari instrumeninstrumen tersebut.
The above derivatives are measured at the present value of future cash flows estimated and discounted based on applicable yield curves for the duration of the instrments.
Untuk tujuan akuntansi, kontrak-kontrak ini tidak diidentifikasikan dan didokumentasikan sebagai instrumen lindung nilai, oleh sebab itu akuntansi lindung nilai tidak diperlakukan. Keuntungan atau kerugian dari kontrak-kontrak ini diakui di laporan laba rugi yang terdiri dari perubahan nilai wajar dari kontrak dan pembayaran bersih secara periodik dari bunga atas nilai nosional, dengan rincian sebagai berikut:
For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on notional amount, details of which are as follows:
2011 US$'000
32.
2010 US$'000
Perubahan nilai wajar - bersih Penyelesaian - bersih
(8.689) (1.006)
(8.129) 14.854
Keuntungan (kerugian) - bersih
(9.695)
6.725
SIFAT DAN TRANSAKSI PIHAK BERELASI
32.
Sifat Berelasi
Net change in fair value Net settlements Net gain (loss)
NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship
P.T. Bagusnusa Samudera Gemilang (Bagusnusa) merupakan pihak pengendali utama terhadap Perusahaan dan anak perusahaan.
The ultimate controlling party of the Company and its subsidiaries is P.T. Bagusnusa Samudera Gemilang (Bagusnusa).
P.T. Tunggaladhi Baskara merupakan pemegang saham mayoritas Perusahaan.
P.T. Tunggaladhi Baskara stockholder of the Company.
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is
a
major
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Bagusnusa merupakan perusahaan induk dari P.T. Tunggaladhi Baskara. Pemegang saham mayoritas Bagusnusa adalah Bapak Hadi Surya, yang sekaligus menjabat sebagai Komisaris Perusahaan.
Bagusnusa is the parent company of P.T. Tunggaladhi Baskara. The majority shareholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s Commissioners.
Bagusnusa merupakan pemegang saham mayoritas dari P.T. Garuda Mahakam Pratama.
Bagusnusa is the majority shareholder of P.T. Garuda Mahakam Pratama.
Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte. Ltd, dan Pan Union Shipping Pte Ltd, merupakan anak perusahaan baik secara langsung maupun tidak langsung dimiliki seluruhnya oleh Ibu Siana Anggraeni Surya yang sekaligus menjabat sebagai Direktur Perusahaan.
Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte. Ltd, and Pan Union Shipping Pte Ltd are wholly-owned subsidiaries, directly or indirectly, of Ms. Siana Anggraeni Surya, one of the Company’s Directors.
P.T. Arpeni Pratama Ocean Line Tbk dimiliki oleh keluarga dekat Bapak Hadi Surya.
P.T. Arpeni Pratama Ocean Line Tbk is owned by a close family member of Mr. Hadi Surya.
Transaksi – transaksi Pihak Berelasi
Transactions with Related Parties
Dalam kegiatan usahanya, Perusahaan dan anak perusahaan mengadakan transaksi tertentu dengan pihak berelasi. Manajemen berpendapat bahwa transaksi tersebut dilakukan dengan kondisi dan persyaratan yang sama seperti yang dilakukan dengan pihak-pihak yang tidak mempunyai hubungan istimewa. Transaksi-transaksi tersebut meliputi antara lain:
In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. Management believes that these transactions were made at normal terms and conditions as those conducted with non related parties. These transactions included the following:
a.
0,96% dan 0,39% dari jumlah beban langsung atas kapal yang dimiliki dan disewa pada tahun 2011 dan 2010 merupakan beban yang dibayarkan kepada pihak-pihak berelasi.
a. Expenses paid to related parties accounted for 0,96% in 2011 and 0.39% in 2010 of total operating expenses for owned and chartered vessels.
Rincian beban yang dibayarkan kepada pihak hubungan istimewa sebagai berikut:
The details of expenses from related parties are as follows:
2011 US$'000
b.
2010 US$'000
Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama
1.865 1.457 441 151
953 203 209 168
Jumlah
3.914
1.533
Jumlah kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut:
Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama Total
b. Total compensation of the Company’s key management (commissioners and directors) during the year are as follows:
2011 US$'000
2010 US$'000
Imbalan jangka pendek Imbalan pasca kerja
1.071 440
1.042 232
Short-term benefits Post-employment benefits
Jumlah
1.511
1.274
Total
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
33.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
INFORMASI SEGMEN USAHA
33.
SEGMENT INFORMATION
Segmen Usaha
Business Segment
Untuk kepentingan tujuan manajemen, saat ini Perusahaan dan anak perusahaan diorganisasikan berdasarkan tipe kapal charter seperti kimia, gas, minyak dan FPSO. Berikut ini disajikan informasi segmen utama yang merupakan dasar pelaporan bagi Perusahaan dan anak perusahaan.
For management purposes, the Company and its subsidiaries are currently organized based on type of vessels chartered - chemical, gas, oil and FPSO. These segments are the basis on which the Company and its subsidiaries report their primary segment information.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
Kimia/ Chemical US$'000
Gas US$'000
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
2011 Minyak/ Oil FPSO US$'000 US$'000
Lainnya/ Others *) US$'000
Jumlah/ Total US$'000
PENDAPATAN Pendapatan eksternal
373.739
38.323
47.304
26.010
1.045
486.421
REVENUES External revenues
Jumlah pendapatan segmen
373.739
38.323
47.304
26.010
1.045
486.421
Total segment revenues
Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar
40.193 123.624
588 1.125
3.682 13.074
93 98
-
44.556 137.921
Segment expenses Voyage Expenses Port Charges Fuel
Jumlah biaya pelayaran
163.817
1.713
16.756
191
-
182.477
Total Voyage Expenses
31.939
-
2.089
-
-
34.028
30.994 6.416 4.257 3.677 489 1.401 1.157 1.539 1.302 4.176
7.031 231 620 928 1.523 420 507 283 465 609
6.799 1.507 2.238 1.641 2.613 501 745 214 379 616
1.028 148 817 579 246 139 177 39 94
-
45.852 8.302 7.932 6.246 5.204 2.568 2.548 2.213 2.185 5.495
55.408 64.037
12.617 15.916
17.253 17.205
3.267 3.216
-
88.545 100.374
315.201
30.246
53.303
6.674
-
405.424
58.538
8.077
(5.999)
19.336
1.045
80.997
Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Asuransi Biaya pelumas Suku cadang Uang makan crew Transportasi Pengurusan dokumen Perlengkapan Lain-lain Jumlah operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil segmen Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar
Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Insurance Lubricants Spare parts Crews' meal allowances Transportation Processing of documents Supplies Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment result
Beban Umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian laba dari Perusahaan asosiasi Kenaikan revaluasi Kerugian lain-lain Laba sebelum pajak Beban pajak
Unallocated income and expenses Change in fair value of convertible 171.000 bonds and notes payable General and administrative (21.624) expenses (123.828) Finance cost 4.599 Investment income Equity in net income 10.144 of associates 30.898 Revaluation increase (8.917) **) Other losses 143.269 Income before tax (1.202) Tax expense
Laba periode berjalan
142.067
Laba bersih yang dapat diatribusikan kepada kepentingan nonpengendali
(1.376)
Laba bersih yang dapat diatribusikan kepada pemilik Perusahaan Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan
256.764 64.037
2.255 15.916
37.794 17.205
3.216
-
1.782.393
328.987
318.021
90.588
9.265
Jumlah aset konsolidasi Kewajiban Kewajiban segmen
70.028
6.890
20.112
1.960
48.879
Income for the period Income attributable to non-controlling interests
140.691
Income attributable to equityholders of the Company
296.813 100.374
Other Information Capital additions Depreciation
2.529.254 524.959
Assets Segment assets Unallocated
3.054.213
Consolidated total assets
147.869
Liabilities Segment liabilities
Tidak dialokasikan
1.923.955
Unallocated
Jumlah kewajiban konsolidasi
2.071.824
Consolidated total liabilities
*)
Merupakan biaya agen.
*)
**) Merupakan ”Jumlah keuntungan (kerugian) penjualan aset tetap, klaim asuransi, kerugian kurs mata uang asing – bersih, keuntungan (kerugian) transaksi derivatif – bersih dan lainlain”.
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Represents agency services.
**) Consists of “Total gain (loss) on sale of vessels and equipment, insurance claim, net loss on foreign exchange, net gain (loss) on derivative transaction and others – net”.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued) 2010
Kimia/ Chemical US$'000
Minyak/ Oil US$'000
Gas US$'000
Lainnya/ Others *) US$'000
FPSO US$'000
Jumlah/ Total US$'000
PENDAPATAN Pendapatan eksternal
383.615
37.313
68.251
3.823
1.592
494.594
REVENUES External revenues
Jumlah pendapatan segmen
383.615
37.313
68.251
3.823
1.592
494.594
Total segment revenues
Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar
40.980 85.353
920 689
2.842 11.611
4 240
-
44.746 97.893
Jumlah biaya pelayaran
126.333
1.609
14.453
244
-
142.639
51.287
-
2.457
-
-
53.744
30.459 8.709 3.963 5.747 3.120 2.484 1.617 1.458 917 4.088
5.459 1.272 582 625 1.075 667 371 398 321 1.241
5.161 2.420 1.564 77 1.016 671 654 384 429 1.517
798 73 431 20 19 186 117 57 141 116
-
41.877 12.474 6.540 6.469 5.230 4.008 2.759 2.297 1.808 6.962
62.562 72.022
12.011 13.172
13.893 18.751
1.958 5.588
-
90.424 109.533
312.204
26.792
49.554
7.790
-
396.340
71.411
10.521
18.697
(3.967)
1.592
98.254
Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Suku cadang Asuransi Perbaikan dan pemeliharaan Pelumas Transportasi Pengurusan dokumen Perlengkapan Uang makan crew Lain-lain Jumlah operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil segmen Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar
Segment expenses Voyage Expenses Port Charges Fuel Total Voyage Expenses Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Spare parts Insurance Repairs and maintenance Lubricants Transportation Processing of documents Supplies Crews' meal allowances Others Total Ship Operating Expenses Vessel Depreciation Total segment expenses Segment result
Beban Umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Kenaikan revaluasi Keuntungan (kerugian) lain-lain Rugi sebelum pajak Beban pajak
Unallocated income and expenses Change in fair value of convertible (78.608) bonds and notes payable General and administrative (19.582) expenses (99.437) Finance cost 6.722 Investment income Equity in net loss (6.805) of associates 78.937 Revaluation increase (14.691) **) Other losses (35.210) Loss before tax (999) Tax expense
Rugi bersih periode berjalan
(36.209)
Net loss for the period Other Information Capital additions Depreciation
Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan
68.616 72.022
92.620 13.172
16.715 18.751
5.588
-
177.951 109.533
1.691.690
340.263
258.598
45.638
-
2.336.189 332.975
Assets Segment assets Unallocated
2.669.164
Consolidated total assets
Jumlah aset konsolidasi Kewajiban Kewajiban segmen
63.550
4.490
10.044
898
-
78.982
Liabilities Segment liabilities
Tidak dialokasikan
1.795.442
Unallocated
Jumlah kewajiban konsolidasi
1.874.424
Consolidated total liabilities
*)
Merupakan biaya agen dan pergudangan.
*)
**)
Merupakan ”Jumlah keuntungan penjualan aset tetap, klaim asuransi, keuntungan (kerugian) kurs mata uang asing – bersih, keuntungan (kerugian) transaksi derivatif dan lain-lain”.
**) Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange, net gain (loss) on derivative transaction and others – net”.
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Represents agency and storage services.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Segmen Geografis
Geographic Segment
Perusahaan dan anak perusahaan berdomisili di dua area geografis utama: Malaysia dan Indonesia.
The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia.
Berikut ini adalah informasi segmen berdasarkan segmen geografis:
Segment information based on geographic segment is presented below:
2011 Malaysia US$'000
Eliminasi/ Eliminated US$'000
Indonesia US$'000
Konsolidasi/ Consolidated US$'000
PENDAPATAN Pendapatan ekstern Pendapatan antar segmen
386.949 16.855
99.472 -
(16.855)
486.421 -
REVENUES External revenues Inter-segment revenues
Jumlah pendapatan
403.804
99.472
(16.855)
486.421
Total revenues
2010 Malaysia US$'000
34.
Indonesia US$'000
Eliminasi/ Eliminated US$'000
Konsolidasi/ Consolidated US$'000
PENDAPATAN Pendapatan ekstern Pendapatan antar segmen
428.170 4.883
66.424 -
(4.883)
494.594 -
REVENUES External revenues Inter-segment revenues
Jumlah pendapatan
433.053
66.424
(4.883)
494.594
Total revenues
REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) DAN PRINSIP STANDAR AKUNTANSI KEUANGAN (PSAK) YANG BERLAKU UMUM DI INDONESIA
34. RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND INDONESIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)
Laporan keuangan konsolidasian disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku di Indonesia (PSAK).
The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (Indonesian GAAP).
Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura, Perusahaan juga menerbitkan laporan keuangan konsolidasian berdasarkan Standard Pelaporan Keuangan Internasional (International Financial Reporting Standard / IFRS).
In connection with the listing of the Company’s shares on the Singapore Exchange Securities Trading Limited, the Company also issued consolidated financial statements prepared under IFRS.
Perbedaan signifikan antara dijelaskan sebagai berikut:
PSAK
dan
IFRS
a. Goodwill
Significant differences between PSAK and IFRS are described below: a. Goodwill
Berdasarkan PSAK, goodwill yang timbul dari akuisisi usaha diakui sebagai aset dan diamortisasi menjadi beban selama masa manfaatnya menggunakan metode garis lurus. Periode amortisasi tidak boleh melebihi lima tahun, kecuali masa manfaat yang lebih panjang namun tidak lebih dari 20 tahun dapat dijustifikasi. Perusahaan mengamortisasikan goodwill selama 20 tahun. Pada setiap tanggal laporan posisi keuangan konsolidasian, manajemen menilai apakah terdapat indikasi penurunan nilai pada unit penghasil-kas yang mengandung goodwill tersebut.
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Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each consolidated statements of financial position date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
b.
c.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Berdasarkan IFRS, goodwill yang timbul dari akuisisi usaha pada awalnya diakui sebesar biaya perolehan, dan selanjutnya diukur sebesar biaya perolehan dikurangi akumulasi penurunan nilai.
Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses.
Pada saat penerapan IFRS pertama kali, Perusahaan menghentikan amortisasi terhadap goodwill yang sudah dimulai 1 Januari 2003 dalam penyajian laporan keuangan berdasarkan IFRS. Pada tanggal 31 Desember 2002 nilai akumulasi amortisasi sebesar USD 3.747 ribu yang diakui berdasarkan PSAK telah dieliminasi dengan mengurangi nilai perolehan goodwill.
In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the transition period when the Company first prepared its IFRS financial statements. The accumulated amortization of USD 3,747 thousand recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill.
Pada tahun 2008, berdasarkan PSAK, Perusahaan dan anak perusahaan mengakui penurunan nilai goodwill sebesar USD 29.136 ribu. Berdasarkan IFRS penurunan nilai goodwill pada tahun 2008 sebesar USD 8.547 ribu.
In 2008, under Indonesian GAAP, the and its subsidiaries recognized impairment amounting to USD 29,136 Under IFRS, goodwill impairment amounted to USD 8,547 thousand.
Aset Tetap
Company goodwill thousand. in 2008
b. Property, Vessels and Equipment
Sejak 1 Januari 2009, untuk tujuan pelaporan keuangan di Indonesia, Perusahaan dan anak perusahaan menerapkan metode revaluasi dalam mengukur nilai kapal di masa mendatang berdasarkan pengakuan awalnya.
Effective on January 1, 2009, for Indonesian reporting purposes, the Company and its subsidiaries adopted the revaluation model in measuring the vessels subsequent to initial recognition.
Dalam laporan keuangan berdasarkan IFRS, Perusahaan dan anak perusahaan menerapkan Model Revaluasi untuk mengukur nilai tercatat kapal setelah pengakuan awal, sejak 1 Januari 2003 pertama kali laporan keuangan konsolidasian IFRS disusun.
For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition, since January 1, 2003 the time their first consolidated IFRS financial statements were prepared.
Selain itu, berdasarkan PSAK, harga perolehan hak atas tanah dikapitalisasi kedalam nilai tanah dan tidak disusutkan. Sesuai dengan IFRS, hak atas tanah dipertimbangkan sebagai sewa dan diamortisasi selama periode yang diperkirakan hak atas tanah tersebut dimiliki.
Also, under Indonesian GAAP, the cost of acquired landrights is capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights.
Instrumen Keuangan
c. Financial Instruments
Berdasarkan PSAK sebelum 1 Januari 2010, pinjaman bank jangka pendek dan jangka panjang dinyatakan pada nilai nominal, yang merupakan nilai pokok utang. Biaya transaksi atas pinjaman bank diklasifikasikan sebagai biaya tangguhan dan diamortisasi menggunakan metode garis lurus sepanjang periode pinjaman. Untuk utang obligasi, biaya penerbitan obligasi dikurangkan langsung dari hasil penerbitan obligasi. Selisih antara hasil penerbitan bersih dan nilai nominal obligasi diamortisasi menggunakan metode garis lurus sepanjang periode obligasi. Seluruh hasil yang diterima dari penerbitan obligasi konversi diakui sebagai liabilitas.
- 76 -
Under Indonesian GAAP prior to January 1, 2010, short-term and long-term bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from issuance of convertible bonds are recognized as liabilities.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
d.
e.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Efektif 1 Januari 2010, liabilitas keuangan, selain diukur pada FVTPL, juga diukur pada biaya perolehan diamortisasi. Sebagai hasilnya biaya transaksi pinjaman bank jangka pendek dan jangka panjang dan biaya penerbitan obligasi diamortisasi menggunakan tingkat suku bunga efektif, dan dikurangkan dari jumlah pokok. Uang jaminan dicatat pada nilai wajar.
Effective January 1, 2010, financial liabilites, other than those measured at FVTPL, are measured at amortized cost. As a result transaction costs on the short-term and longterm bank loans and the bond issuance costs on the bonds payable were amortized using the effective interest rate, and deducted from the principal amount. Security deposits are recorded at fair value.
Berdasarkan IFRS, liabilitas keuangan selain diukur pada FVTPL, dinyatakan sebesar biaya perolehan diamortisasi.
Under IFRS, financial liabilities, other than those measured at FVTPL, are measured at amortized cost.
Berdasarkan PSAK sebelum 1 Januari 2010, uang jaminan tanpa bunga atas sewa dicatat pada jumlah yang tidak didiskontokan.
Under Indonesian GAAP prior to January 1, 2010, non-interest bearing security deposits on operating leases are recorded at undiscounted amounts.
Berdasarkan IFRS, uang jaminan tanpa bunga atas sewa dicatat sebesar nilai wajarnya. Perbedaan antara nilai wajar dengan jumlah nominal dicatat sebagai beban sewa ditangguhkan dan diamortisasi secara garis lurus selama masa sewa. Pendapatan bunga ditambahkan pada uang jaminan dengan menggunakan tingkat bunga efektif.
Under IFRS, non-interest bearing security deposits on operating leases are recorded at fair value. The difference between the fair value and nominal amount is recorded as deferred rent and is amortized on a straight line basis over the lease term. Interest income is accreted on the security deposits using the effective interest rate.
Investasi pada Perusahaan Asosiasi
d. Investment in Associates
Berdasarkan PSAK, ketika pengaruh signifikan atas perusahaan asosiasi hilang, investor mengukur setiap investasi yang tersisa pada harga perolehan perusahaan asosiasi tersebut.
Under Indonesian GAAP, when significant influence over an associate is lost, the investor measures any investment retained on the former associate at cost.
Berdasarkan IFRS, ketika pengaruh signifikan atas perusahaan asosiasi hilang, maka investor mengukur setiap investasi yang tersisa pada perusahaan asosiasi pada nilai wajar dan mengakui dalam laporan laba rugi setiap selisih antara: (i) nilai wajar investasi yang tersisa dan hasil pelepasan investasi yang tersisa pada perusahaan asosiasi dengan (ii) nilai tercatat investasi dalam tanggal ketika hilangnya pengaruh signifikan.
Under IFRS, when significant influence over an associate is lost, the investor measures at fair value any investment the investor retains in the former associate and recognize in profit and loss any difference between: (i) the fair value of any retained investment and any proceeds from disposing of the part of interest in the associate and (ii) the carrying amount of the investment at the date the significant influence is lost.
Mata Uang Pengukuran dan Pelaporan
e. Measurement and Reporting Currency
Efektif 1 Januari 2009, Perusahaan mengubah mata uang pencatatan dan pelaporan dari Rupiah menjadi Dollar Amerika Serikat sesuai dengan Standard Akuntansi yang berlaku umum di Indonesia. Namun untuk tujuan pelaporan di Indonesia, anak perusahaan yang berkedudukan di Indonesia yang memiliki mata uang fungsional dalam Dollar Amerika Serikat, menyelenggarakan pembukuan dalam Rupiah dan menyajikan laporan keuangan dalam Rupiah. Untuk tujuan laporan keuangan konsolidasian, laporan keuangan anak perusahaan dalam Rupiah ditranslasi ke Dollar Amerika Serikat, karena perubahan mata uang pelaporan Perusahaan untuk tujuan pelaporan menggunakan Standar Akuntansi di Indonesia dari Rupiah ke Dollar Amerika Serikat.
- 77 -
Effective January 1, 2009, the Company changed its recording and reporting currency under Indonesian GAAP from Indonesian Rupiah to recording and U.S. Dollar. However, for statutory reporting purposes in Indonesia, the Company’s subsidiaries domiciled in Indonesia whose functional currency is the U.S. Dollar, maintain their books of account in Rupiah and present their financial statements also in Rupiah. For financial statement consolidation purposes, the Indonesian Rupiah financial statements of those subsidiaries were translated to U.S. Dollar, because of the change in reporting currency of the Company for Indonesian GAAP reporting purposes, from Indonesian Rupiah to U.S. Dollar.
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Berdasarkan IFRS, Perusahaan harus melakukan pengukuran atas transaksi dalam mata uang fungsional. IFRS memperbolehkan penggunaan mata uang pelaporan selain mata uang fungsional.
Under IFRS, the Company’s subsidiaries domiciled in Indonesia but whose functional currency is the U.S. Dollar should measure their transactions in terms of their functional currency. IFRS allows the use of a presentation currency other than the functional currency.
Manajemen menetapkan mata uang fungsional Perusahaan adalah Dollar Amerika Serikat. Untuk tujuan pelaporan berdasarkan IFRS, transaksi yang dilakukan anak perusahaan yang memiliki mata uang fungsional Dollar Amerika Serikat diukur dengan menggunakan mata uang fungsional mereka.
Management has determined that the Company’s functional currency is the U.S. Dollar. For IFRS reporting purposes, the transactions of the Company’s subsidiaries whose functional currency is the U.S. Dollar were measured in terms of their functional currency.
Berikut merupakan penyesuaian yang signifikan terhadap laba (rugi) bersih konsolidasian serta laporan perubahan ekuitas konsolidasian dari PSAK ke IFRS:
A summary of the significant adjustments to consolidated net income (loss) and to the consolidated statements of changes in equity from Indonesian GAAP to IFRS are set forth below:
Catatan/ Note
Laba (rugi) konsolidasian sesuai dengan standar PSAK Penyesuaian IFRS - kenaikan (penurunan): Amortisasi goodwill Penurunan revaluasi bersih Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Amortisasi hak atas tanah Bunga atas uang jaminan Kewajiban keuangan yang disajikan dalam biaya amortisasi Jumlah penyesuaian Laba (rugi) konsolidasian sesuai dengan IFRS
2011 US$'000
2010 US$'000
140.691
(a) (b)
2.154 -
(36.209)
2.154 1.149
(c) (b) (c)
(33) -
(c)
-
1.119
2.121
4.655
142.812
- 78 -
687 (33) (421)
(31.554)
Profit (loss) for the period according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Net revaluation decrease Amortization of deferred gain on sale and leaseback transaction Amortization of landrights Interest on security deposits Measurement of financial liabilities at amortized cost Total adjustments Consolidated profit (loss) for the year in accordance with IFRS
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
Catatan/ Note
Ekuitas sesuai dengan Laporan Posisi Keuangan Konsolidasian dalam PSAK Penyesuaian IFRS - kenaikan (penurunan): Amortisasi of goodwill Penurunan goodwill Surplus revaluasi Penyusutan kapal dan peralatan yg dinilai kembali Kerugian penjualan aset tetap kapal berdasarkan kapal yang telah direvaluasi Perbedaan antara beban penyusutan berdasarkan nilai revaluasi dengan harga perolehan Amortisasi hak atas tanah Penurunan dalam revaluasi kapal dan peralatan Kerugian selisih kurs Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Bunga atas uang jaminan Opsi premium atas obligasi konversi Kewajiban keuangan yang disajikan dalam biaya amortisasi Keuntungan yang belum direalisasi atas penjualan perusahaan asosiasi Penyesuaian transaksi dan pengaruh pengukuran kembali Jumlah Penyesuaian Ekuitas berdasarkan IFRS
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
30 September/ September 30, 2011 US$'000
982.389
31 Desember/ December 31, 2010 US$'000
684.171
(a) (a) (b)
16.399 20.589 (3.803)
14.245 20.589 (3.803)
(b)
(24.928)
(24.928)
(b)
(57.773)
(57.773)
Equity according to the consolidated Statements of Financial Position prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment goodwill Revaluation reserve Depreciation of revalued vessels Loss on sale of property adjustment based on revalued amounts of vessels Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights Revaluation decrease of vessels and equipment Foreign exchange loss
(b) (b)
95.020 (200)
95.020 (167)
(b) (c)
(9.646) (190)
(9.646) (190)
(c) (c)
(687) 421
(687) 421
(c)
177
177
Amortization of deferred gain on sales and leaseback transaction Interest on security deposits Option premium on convertible bonds
(c)
(875)
(875)
Measurement of financial liabilities at amortized cost
(d)
524
524
(e)
1.131
1.131
36.159
34.038
1.018.548
718.209
- 79 -
Unrealized gain on sale of in associate Translation adjustment and effect of remeasurement Total adjustments Equity in accordance with IFRS
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
35.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS)
35.
RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS
a. Rekonsiliasi laporan posisi keuangan konsolidasian antara IFRS dengan PSAK:
a.
Reconciliation of the consolidated statements of financial position between IFRS and Indonesian GAAP:
30 September 2011/ September 30, 2011 PSAK/
Rekonsiliasi/
INDONESIAN
Reconciling
GAAP US$'000
Items US$'000
IFRS US$'000
Aset tetap - bersih Investasi pada perusahaan asosiasi Aset tidak lancar lainnya
2.489.053 18.099 98.295
(1.331) 38.599
2.487.722 18.099 136.894
Property, vessels and equipment - net Investments in associates Other non-current assets
Jumlah Aset Tidak Lancar
2.605.447
37.268
2.642.715
Total Non-current Assets
Piutang usaha Investasi jangka pendek Kas dan setara kas Aset lancar lainnya
154.792 88.961 105.763 99.250
27
154.792 88.961 105.763 99.277
Trade accounts receivable Short-term investments Cash and cash equivalents Other current assets
Jumlah aset Lancar
448.766
27
448.793
Total Current Assets
3.054.213
37.295
3.091.508
Modal saham Agio saham
109.575 208.826
177
109.575 209.003
Capital stock Additional paid-in capital
Pembelian saham kembali
(86.628)
-
(86.628)
Treasury stocks Translation adjustment Revaluation reserve Difference arising from changes to to equityholders of the Company Retained earnings
Jumlah Aset
Total Assets
Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi Selisih perubahan ekuitas anak perusahaan Saldo laba
(19.387) 323.483
17.301 (3.803)
880 328.695
22.484
(2.086) 319.680 880 351.179
Modal dan surplus pemilik saham Perusahaan
865.444
36.159
901.603
Capital and reserves attributable to equityholders of the Company
Kepentingan non-pengendali
116.945
-
116.945
Non-controlling interests
Total Ekuitas
982.389
36.159
Liabilitas jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Liabilitas sewa pembiayaan Liabilitas tidak lancar lainnya Jumlah Liabilitas Tidak Lancar
1.018.548
709.455 27.237 145.000 417.085 283.038
1.136 -
710.591 27.237 145.000 417.085 283.038
1.581.815
1.136
1.582.951
Total Equity
Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other non-current liabilities Total Non-current Liabilities
Utang bank Utang usaha Utang jangka panjang yang jatuh tempo dalam waktu satu tahun Liabilitas lancar lainnya
90.590 32.842
-
90.590 32.842
320.499 46.078
-
320.499 46.078
Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities
Jumlah Liabilitas Lancar
490.009
-
490.009
Total Current Liabilities
Jumlah Ekuitas dan Liabilitas
3.054.213
37.295
- 80 -
3.091.508
Total Equity and Liabilities
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
31 Desember 2010/ December 31, 2010 PSAK/
Rekonsiliasi/
INDONESIAN
Reconciling
GAAP US$'000
Items US$'000
IFRS US$'000
Aset tetap - bersih Investasi pada perusahaan asosiasi Aset tidak lancar lainnya
2.347.570 7.955 96.722
(1.331) 35.881
2.346.239 7.955 132.603
Property, vessels and equipment - net Investments in associates Other non-current assets
Jumlah Aset Tidak Lancar
2.452.247
34.550
2.486.797
Total Non-current Assets
Piutang usaha Investasi jangka pendek Kas dan setara kas Aset lancar lainnya
160.166 79.964 84.284 58.850
624
160.166 79.964 84.284 59.474
Trade accounts receivable Short-term investments Cash and cash equivalents Other current assets
Jumlah aset Lancar
383.264
624
383.888
Total Current Assets
2.835.511
35.174
2.870.685
Modal saham Agio saham
109.575 208.826
177
109.575 209.003
Capital stock Additional paid-in capital
(86.628)
Treasury stocks
Jumlah Aset
Pembelian saham kembali
(86.628)
Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi Saldo laba
(16.292) 304.534 164.156
17.301 (3.803) 20.363
1.009 300.731 184.519
Translation adjustment Revaluation reserve Retained earnings
Jumlah Ekuitas
684.171
34.038
718.209
Total Equity
Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other non-current liabilities
Liabilitas jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Liabilitas sewa pembiayaan Liabilitas tidak lancar lainnya Jumlah Liabilitas Tidak Lancar
-
Total Assets
707.562 148.261 316.000 342.769 265.496
943 -
708.505 148.261 316.000 342.769 265.496
1.780.088
943
1.781.031
Total Non-current Liabilities
Utang bank Utang usaha Utang jangka panjang yang jatuh tempo dalam waktu satu tahun Liabilitas lancar lainnya
14.459 63.943
-
14.459 63.943
230.854 61.996
193 -
231.047 61.996
Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities
Jumlah Liabilitas Lancar
371.252
193
371.445
Total Current Liabilities
2.835.511
35.174
2.870.685
Jumlah Ekuitas dan Liabilitas
- 81 -
Total Equity and Liabilities
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
b.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Rekonsiliasi laporan laba rugi konsolidasian antara IFRS dan PSAK:
486.421 (182.477) *
Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal
Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Keuangan dan lain-lain - bersih Beban keuangan Pendapatan investasi Bagian laba bersih perusahaan asosiasi Keuntungan lain-lain
Laba sebelum pajak Beban pajak Laba periode berjalan Laba yang dapat diatribusikan kepada kepentingan nonpengendali Laba yang dapat diatribusikan kepada pemilik Perusahaan
Reconciliation of consolidated statements income between IFRS and Indonesian GAAP:
2011 Rekonsiliasi/ Reconciling Items US$'000
PSAK/ INDONESIAN GAAP US$'000 Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran
b.
IFRS US$'000
-
486.421 (182.477)
303.944
-
303.944
(34.028) *
-
(34.028)
(88.545) * (100.374) *
-
(88.545) (100.374)
(188.919)
-
(188.919)
80.997
-
80.997
Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation
Gross profit
(21.624)
(33)
(21.657)
General and administrative
59.373
(33)
59.340
Income before financial and other items
(123.828) 4.599
-
(123.828) 4.599
10.144 192.981
2.154
10.144 195.135
83.896
2.154
86.050
143.269
2.121
145.390
(1.202)
-
142.067
2.121
(1.376)
-
140.691
2.121
* Merupakan "Jumlah beban langsung" menurut PSAK
- 82 -
(1.202) 144.188
(1.376)
142.812
Net financial and other items Finance cost Investment income Equity in net income of associates Other gains
Income before tax Tax expense Income for the period Income attributable to non-controlling interests Income attributable to equityholders of the Company
* Presented as "Total direct costs" in Indonesian GAAP
of
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
2010 Rekonsiliasi/ Reconciling Items US$'000
PSAK/ INDONESIAN GAAP US$'000 Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran
494.594 (142.639) *
Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal
(53.744) *
Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Keuangan dan lain-lain - bersih Beban keuangan Pendapatan investasi Bagian rugi bersih perusahaan asosiasi Keuntungan dan kerugian lain-lain
Rugi sebelum pajak Beban pajak Rugi periode berjalan Rugi yang dapat diatribusikan kepada kepentingan nonpengendali Rugi yang dapat diatribusikan kepada pemilik Perusahaan
-
351.955
IFRS US$'000 494.594 (142.639)
687
351.955 (53.057)
(90.424) * (109.533) *
-
(90.424) (109.533)
(199.957)
-
(199.957)
Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation
98.254
687
98.941
(19.582)
(34)
(19.616)
General and administrative
78.672
653
79.325
Income before financial and other items
(99.438) 6.723
1.119 (421)
(98.319) 6.302
(6.805)
-
(6.805)
Net financial and other items Finance cost Investment income Equity in net loss of associates
(14.362)
3.304
(11.058)
Other gains and losses
(113.882)
4.002
(109.880)
(35.210)
4.655
(30.555)
(999)
-
(999)
(36.209)
4.655
(31.554)
-
-
-
(36.209)
4.655
(31.554)
* Merupakan "Jumlah beban langsung" menurut PSAK
- 83 -
Gross profit
Loss before tax Tax expense Loss for the period Loss attributable to non-controlling interests Loss attributable to equityholders of the Company
* Presented as "Total direct costs" in Indonesian GAAP
PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
36.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
IKATAN a.
36.
Perusahaan dan anak perusahaan memiliki beberapa kontrak pengangkutan dengan Pertamina dengan nilai kontrak sebesar USD 13 juta – USD 22 juta per tahun dimana kontrak akan berakhir antara tahun 2011 – 2016.
COMMITMENTS a.
Pada tanggal laporan posisi keuangan, konsolidasian Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan sebagai berikut:
At the consolidated statements of financial position date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Dalam satu tahun Tahun kedua sampai kelima
22.151 66.659
21.174 80.914
Jumlah
88.810
102.088
Perusahaan dan anak perusahaan mencatat pendapatan dari kontrak-kontrak tersebut sebesar USD 21.023 ribu dan USD 11.712 ribu masing-masing untuk tahun 2011 dan 2010. b.
The Company and its subsidiaries have some charter contracts with Pertamina with contract amount of USD 13 million – USD 22 million per year, which will end within 2011 – 2016.
Perusahaan dan anak perusahaan memiliki beberapa kontrak sewa operasi bareboat charter dengan pihak ketiga senilai USD 1 juta – USD 59 juta per tahun, dimana kontrak akan berakhir antara tahun 2011 - 2022.
Within one year In the second to fifth years inclusive Total
Revenues earned by the Company and its subsidiaries on these contracts amounted to USD 21,023 thousand and USD 11,712 thousand in 2011 and 2010, respectively. b.
Pada tanggal laporan posisi keuangan konsolidasian, Perusahaan dan anak perusahaan memiliki perjanjian yang tidak dapat dibatalkan dengan perincian jatuh tempo sebagai berikut:
The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to USD 1 million – USD 59 million per year, which will end within 2011 - 2022. At the consolidated statements of financial position date, the Company and its subsidiaries have outstanding commitments under noncancellable charter contracts, with scheduled maturities as follows:
30 September/ September 30, 2011 US$'000
31 Desember/ December 31, 2010 US$'000
Dalam satu tahun Dari tahun kedua sampai kelima Setelah lima tahun
58.985 213.217 182.020
53.882 143.144 129.471
Within one year In the second to fifth years inclusive After five years
Jumlah
454.222
326.497
Total
c.
Anak perusahaan memiliki beberapa kontrak pembangunan kapal baru dengan galangan kapal di Jepang dengan total nilai kontrak sekitar JPY 12.154 juta.
c.
The subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 12,154 million.
d.
Pada tahun 2010, anak perusahaan memiliki kontrak pembelian tiga kapal bekas sebesar USD 20.250 ribu.
d.
In 2010, a subsidiary entered into purchases of three second-hand vessels agreement amounting to USD 20,250 thousand.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
e.
Pada bulan April 2008, Chembulk Tankers LLC memperoleh fasilitas irrevocable Standby Letter of Credit (SBLC) dari ING Bank N.V, Singapura senilai USD 29,2 juta. Fasilitas ini dijamin dengan kapal anak perusahaan dan akan menurun secara periodik sebesar USD 3,6 juta dan jatuh tempo pada tanggal 19 Januari 2019.
e.
In April 2008, Chembulk Tankers LLC, obtained an irrevocable Standby Letter of Credit (SBLC) facility from ING Bank N.V, Singapore Branch amounting to USD 29.2 million. Such SBLC is secured by subsidiary’s vessel and reduced periodically by USD 3.6 million and matures on January 19, 2019.
f.
Pada tanggal 17 Januari 2008, Richesse Logistics (Fangcheng Port) Co. Ltd, mengadakan kerjasama dengan Fangcheng Port Group Co. Ltd. untuk melakukan reklamasi dan penggunaan tanah dengan total area seluas 360 2 2 juta m . Total seluas 83 juta m merupakan kontribusi modal dari Fangcheng Port Group Co. 2 Ltd dan sisanya seluas 276.759.657 m akan dibeli sebesar RMB 83.238.000. Perjanjian ini juga menyebutkan bahwa Richesse Logistics (Fangcheng Port) Co. Ltd akan bertanggung jawab antara lain untuk mendapatkan ijin penggunaan aset.
f.
On January 17, 2008, Richesse Logistics (Fangcheng Port) Co. Ltd, entered into an agreement with Fangcheng Port Group Co. Ltd. for the reclamation and use of land with a total area of 360 million square meters. A total of 83 million square meters represent capital contribution of Fangcheng Port Group Co. Ltd and the remaining 276,759,657 square meters will be purchased for RMB 83,238,000. The agreement also mentioned that Richesse Logistics (Fangcheng Port) Co. Ltd will be responsible for, among others, applying the license to use the property.
Sampai dengan 30 September 2011, Richesse Logistics (Fangcheng Port) Co. Ltd. telah membayar USD 22,9 juta yang dicatat dalam akun aset dalam penyelesaian.
37.
INSTRUMEN KEUANGAN, MANAJEMEN RISIKO KEUANGAN DAN RISIKO MODAL a.
Manajemen Risiko Modal
As of September 30, 2011, Richesse Logistics (Fangcheng Port) Co. Ltd, has paid USD 22.9 million, which is included under the construction in progress account.
37.
FINANCIAL INSTRUMENTS, FINANCIAL RISK AND CAPITAL RISK MANAGEMENT a.
Capital Risk Management
Perusahaan dan anak perusahaan mengelola modalnya untuk memastikan bahwa Perusahaan dan anak perusahaan akan mampu untuk melanjutkan kelangsungan hidup, selain juga untuk memaksimalkan keuntungan para pemegang saham melalui optimalisasi saldo utang dan ekuitas.
The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while maximising the return to stakeholders through the optimalization of the debt and equity balance.
Struktur modal Perusahaan dan anak perusahaan terdiri dari utang, dimana didalamnya termasuk pinjaman, kas, investasi tersedia untuk dijual dan ekuitas yang dapat diatribusikan kepada pemegang saham Perusahaan yang terdiri dari modal disetor, cadangan dan saldo laba.
The capital structure of the Group consists of debt, which includes the borrowings, cash, available-for-sale investments, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings.
Dewan Direksi Perusahaan secara periodik melakukan review terhadap struktur modal Perusahaan. Sebagai bagian dari proses review, Dewan Direksi mempertimbangkan biaya modal dan risiko yang berhubungan.
The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Rasio utang bersih terhadap ekuitas pada tanggal 30 September 2011 dan 31 Desember 2010 adalah sebagai berikut:
The gearing ratio as of September 30, 2011 and December 31, 2010 are as follows:
Indonesia GAAP
IFRS
30 September/ 31 Desember/ 30 September/ September 30, December 31, September 30, 2011 2010 2011 US$'000 US$'000 US$'000 Utang Kas dan investasi tersedia
untuk dijual Utang - bersih Ekuitas Rasio utang bersih terhadap ekuitas
b.
31 Desember/ December 31, 2010 US$'000
1.878.250
1.924.962
1.901.927
1.943.732
194.724
164.248
194.724
164.248
1.683.526 982.389
1.760.714 684.171
1.707.203 1.018.548
1.779.484 718.209
171%
257%
168%
248%
Tujuan Manajemen Risiko Keuangan
b.
Debt Cash and available-for-sale investments Net debt Equity
Net debt to equity ratio
Financial Risk Management Objective
Perusahaan dan anak perusahaan telah memiliki manajemen risiko keuangan dan kebijakan yang menjamin kecukupan sumbersumber keuangan yang dapat digunakan untuk pengembangan bisnis Perusahaan dan anak perusahaan, yang juga mengelola risiko selisih kurs, suku bunga, kredit dan likuiditas. Perusahaan dan anak perusahaan beroperasi dengan pedoman yang telah ditentukan dan disetujui oleh Dewan Direksi dan kebijakan yang sesuai dengan bidang utama dari aktivitas treasuri.
The Company and its subsidiaries’ also have established financial risk management and policy which seeks to ensure that adequate financial resources are available for the development of the Company and its subsidiaries’ business while managing their foreign exchange, interest rate, credit and liquidity risks. The Company and its subsidiaries operate within defined guidelines that are approved by the Board of Directors, and policies in respect of the major areas of treasury activity.
Manajemen Risiko Mata Uang Asing
Foreign Exchange Risk Management
Perusahaan dan anak perusahaan melakukan kegiatan usahanya dalam mata uang asing yang berbeda dengan mata uang fungsionalnya terutama dalam Indonesia Rupiah, Yen Jepang, Dollar Singapura dan Pound Sterling Inggris. Eksposur dan fluktuasi mata uang asing tidak memiliki dampak yang material terhadap Perusahaan dan anak perusahaan dalam beberapa tahun terakhir.
The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years.
Merupakan kebijakan Perusahaan dan anak perusahaan untuk mengelola risiko mata uang asing secara hati-hati untuk memaksimalkan keuntungan. Perusahaan dan anak perusahaan telah melakukan tinjauan secara periodik akibat perubahan mata uang asing terhadap profitabilitas sehingga tindakan yang tepat telah dilakukan untuk mencegah risiko-risiko ini.
It is the Company and its subsidiaries’ policy to manage foreign exchange risks within prudent levels so as to maximize profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks.
Perusahaan dan anak perusahaan juga memiliki kebijakan untuk melakukan kontrak cross currency dan interest rate swap untuk melindungi ekposur pembayaran pokok dan bunga dalam mata uang asing tertentu. Kontrak tersebut dilakukan sebagai lindung nilai ekonomik dari eksposur risiko meskipun akuntansi lindung nilai tidak diterapkan.
It is also the policy of the Company and its subsidiaries to enter into cross currency and interest rate swap derivative contracts to cover exposures on specific foreign currency principal and interest payments. These contracts are entered into as economic hedge of the risk exposure although hedge accounting has not been applied.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Manajemen Risiko Tingkat Suku Bunga
Interest Rate Risk Management
Perusahaan dan anak perusahaan juga terekspos pada risiko tingkat suku bunga yang disebabkan pinjaman dalam mata uang Rupiah dan US Dollar baik dengan tingkat bunga tetap maupun mengambang. Risiko ini dikelola dengan menjaga kombinasi yang tepat antara suku bunga pinjaman tetap dan mengambang, dan mengurangi ekposur melalui kontrak cross currency swap (kombinasi kontrak tingkat bunga swap dan kontrak forward foreign exchange).
The Company and its subsidiaries are also exposed to interest rate risk as they also borrow funds in Rupiah and U.S. Dollar at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings and minimizing the exposure through cross currency swap contracts (combined interest rate swap contracts and forward foreign exchange contracts).
Manajemen Risiko Kredit
Credit Risk Management
Risiko kredit Perusahaan dan anak perusahaan terutama melekat pada piutang usaha dan lainlain, investasi dan saldo bank. Dalam menentukan persyaratan kredit kepada pelanggan, manajemen mempertimbangkan faktor-faktor sebagai berikut: kemampuan keuangan dari pelanggan, sejarah pembayaran dari pelanggan, relasi dengan pelanggan dan jarak atau durasi setiap pelayaran. Berdasarkan faktor-faktor tersebut, persyaratan kredit Perusahaan dan anak perusahaan dapat bervariasi. Persyaratan kredit juga dapat dimodifikasi berdasarkan negosiasi dengan masing-masing pelanggan. Merupakan kebijakan Perusahaan dan anak perusahaan untuk mengawasi posisi keuangan atas piutang tersebut secara berkelanjutan untuk memastikan bahwa Perusahaan dan anak perusahaan terekspos risiko kredit yang minimal. Saldo bank dan investasi ditempatkan dalam lembaga keuangan yang memiliki kredibilitas yang layak. Meskipun lebih dari 4% pendapatan Perusahaan dan anak perusahaan dihasilkan dari Pertamina (Perusahaan minyak nasional Indonesia), tetapi tidak pernah terjadi pelanggaran kredit yang dilakukan Pertamina.
The Company and its subsidiaries’ exposure to credit risk is primarily attributable to trade and other accounts receivable, investments and bank balances. In determining the credit terms for customers, the management considers the following factors: the financial strength of the customer, the customer’s historical payment record, the length of the relationship with the customer and the distance or duration of a specific voyage. Based on these factors, the Company and its subsidiaries’ credit terms may vary. The credit terms may also be modified based on negotiations with each customer. It is the Company and its subsidiaries’ policy to monitor the financial standing of these receivables on an on-going basis to ensure that the Company and its subsidiaries are exposed to minimal credit risk. Bank balances and investments are placed with credit worthy financial institutions. Although the Company and its subsidiaries generate more than 4% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina.
Manajemen Risiko Bahan Bakar
Fuel Risk Management
Penghasilan Perusahaan dan anak perusahaan dipengaruhi oleh perubahan harga bahan bakar. Strategi yang digunakan untuk mengelola risiko harga bahan bakar, bertujuan untuk memberikan perlindungan terhadap adanya peningkatan secara tiba-tiba dan signifikan terhadap harga bahan bakar. Untuk memenuhi tujuan ini, program manajemen bahan bakar mengijinkan penggunaan secara berhati-hati instrumen yang telah disetujui seperti bunker swaps dengan pihak rekanan dan dalam kredit limit yang telah disetujui.
The Company and its subsidiaries’ earnings are affected by changes in the price of bunker fuel. Their strategy for managing the risk on fuel price, aims to provide their protection against sudden and significant increase in bunker fuel prices. In meeting these objectives, the fuel management program allows for the prudent use of approved instruments such as bunker swaps with approved counterparties and within approved credit limits.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Manajemen Risiko Likuiditas
Liquidity Risk Management
Tanggung jawab utama manajemen risiko likuiditas terletak pada dewan direksi, yang telah membangun kerangka manajemen risiko likuiditas yang sesuai untuk persyaratan manajemen likuiditas dan pendanaan jangka pendek, menengah dan jangka panjang Perusahaan dan anak perusahaan. Perusahaan dan anak perusahaan mengelola risiko likuiditas dengan menjaga kecukupan simpanan, fasilitas bank dan fasilitas simpan pinjam dengan terus menerus memonitor perkiraan dan arus kas aktual dan mencocokkan profil jatuh tempo aset dan liabilitas keuangan.
Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Company and its subsidiaries’ short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manage liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities.
Tabel Risiko Likuiditas dan Tingkat Bunga
Liquidity and Interest Rate Risk Tables
Tabel berikut ini memerinci saldo jatuh tempo kontraktual atas aset dan liabilitas keuangan non derivatif Perusahaan dan anak perusahaan. Tabel dibuat berdasarkan arus kas aset keuangan yang tidak di diskontokan berdasarkan kontrak dan liabilitas dari rekanan dan liabilitas keuangan berdasarkan tanggal paling awal Perusahaan dan anak perusahaan dapat diwajibkan untuk membayar. Tabel tersebut termasuk arus kas bunga dan pokok pinjaman.
The following tables detail the Company and its subsidiaries remaining contractual maturity for its non-derivative financial assets and liabilities. The tables have been drawn up based on the undiscounted cash flows of financial assets based on the contract and obligations of the counterparty and financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows.
Bunga instrumen keuangan yang diklasifikasikan sebagai tingkat suku bunga mengambang dinilai kembali dengan jangka waktu kurang dari satu tahun. Bunga instrumen keuangan yang diklasifikasikan sebagai tingkat bunga tetap adalah tetap sampai instrumen tersebut jatuh tempo. Instrumen keuangan Perusahaan dan anak perusahaan lainnya yang tidak termasuk dalam tabel merupakan instrumen tanpa dikenakan bunga sehingga tidak memiliki risiko tingkat bunga.
Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Company and its subsidiaries that are not included in the tables are non-interest bearing and are therefore not subject to interest rate risk.
Kebijakan Perusahaan dan anak perusahaan terutama melakukan pinjaman pada tingkat bunga mengambang namun tetap mempertahankan proporsi pinjaman dengan tingkat bunga tetap. Tujuan dari kombinasi antara tingkat bunga tetap dan mengambang adalah untuk mengurangi dampak peningkatan tingkat bunga selain itu juga menikmati keuntungan jika tingkat bunga menurun.
The Company and its subsidiaries’ policy is to borrow principally on the floating rate basis but to retain a proportion of fixed rate debt. The objectives for the mix between fix and floating rate borrowings are set to reduce the impact of an upward change in interest rate while enabling benefits to be enjoyed if interest rates fall.
Perusahaan dan anak perusahaan merencanakan untuk dapat memenuhi liabilitasnya dengan menggunakan arus kas operasi, penerimaan dari aset keuangan yang jatuh tempo, bank, dan pembiayaan ekuitas.
The Company and its subsidiaries expect to meet their other obligations by utilizing operating cash flows, proceeds of maturing financial assets, bank and equity financing.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
c.
38.
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
Risiko Harga Lainnya
Other Price Risks
Selain risiko harga pasar pada investasi jangka pendek, pada tahun 2011, Perusahaan juga terekspos risiko harga pasar pada wesel bayar yang diklasifikasikan sebagai FVTPL. Untuk mengelola risiko harga tersebut, manajemen Perusahaan mengawasi dan memonitor kinerja Perusahaan dan anak perusahaan.
In addition to market price risk on short-term investments, the Company is exposed to market price risks on the notes payable in 2011 which were classified as financial liability at fair value through profit or loss. To manage its price risk, the Company’s management supervises and monitors the Company and its subsidiaries’ performance. c.
Nilai Wajar Instrumen Keuangan
Fair Value of Financial Instruments
Nilai wajar aset keuangan dan liabilitas keuangan, ditentukan sebagai berikut :
The fair values of financial assets and financial liabilities are determined as follows:
Nilai wajar aset keuangan dan liabilitas keuangan dengan standar persyaratan dan ketentuan dan diperdagangkan di pasar aktif ditentukan dengan mengacu pada harga pasar yang berlaku.
The fair values of financial assets and financial liabilities with standard terms and conditions and traded on active markets are determined with reference to quoted market prices;
Nilai wajar dari aset keuangan dan liabilitas keuangan lainnya (tidak termasuk instrumen derivatif) ditentukan sesuai dengan model harga yang berlaku umum berdasarkan analisa arus kas diskonto menggunakan harga dari transaksi pasar kini yang dapat diamati dan kuotasi dealer untuk instrumen yang sama.
The fair values of other financial assets and financial liabilities (excluding derivative instruments) are determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments;
Nilai wajar instrumen derivatif dihitung menggunakan harga kuotasi. Pada saat harga tersebut tidak tersedia, dilakukan analisa arus kas diskonto menggunakan kurva yield yang diaplikasikan selama jangka waktu instrumen untuk derivatif tanpa opsi, dan opsi model harga untuk opsi derivatif. Kontrak forward valuta asing diukur dengan menggunakan tingkat kuotasi nilai pertukaran dan kurva hasil yang berasal dari kuotasi suku bunga sesuai dengan jatuh tempo kontrak. Interest rate swaps diukur pada nilai kini dari arus kas masa depan yang diestimasi dan di diskontokan berdasarkan kurva yield yang dapat diaplikasikan dari kuotasi tingkat suku bunga.
The fair value of derivative instruments are calculated using quoted prices. Where such prices are not available, discounted cash flow analysis is performed using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for optional derivatives. Foreign currency forward contracts are measured using quoted forward exchange rates and yield curves derived from quoted interest rates matching maturities of the contracts. Interest rate swaps are measured at the present value of future cash flows estimated and discounted based on the applicable yield curves from quoted interest rates.
PERISTIWA PENTING SETELAH LAPORAN POSISI KEUANGAN
TANGGAL
40. SUBSEQUENT EVENTS
a. Pada bulan Oktober 2011, anak perusahaan PT Berlian Dumai Logistics melakukan pengikatan diri untuk melakukan jual beli terminal khusus yang terletak di propinsi Riau kota Dumai sebesar Rp 93.000 juta.
a. In October 2011, PT Berlian Dumai Logistics, a subsidiary, has agreed to sale a specific terminal which is located in Dumai, Riau province for Rp 93,000 million.
b. Pada bulan Oktober 2011, Perusahaan melakukan pengikatan diri untuk melakukan jual beli tanah dengan PT Ivo Mas Tunggal yang terletak di propinsi Riau kota Dumai sebesar Rp 152.175 Juta.
b. In October 2011, the Company agreed to sale certain parcel of land with PT Ivo Mas Tunggal which is located in Dumai, Riau province for Rp 152,175 million.
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PT BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN 30 SEPTEMBER 2011 (TIDAK DIAUDIT) DAN 31 DESEMBER 2010 (DIAUDIT) SERTA UNTUK PERIODE-PERIODE YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010 (Lanjutan)
PT BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS SEPTEMBER 30, 2011 (UNAUDITED) AND DECEMBER 31, 2010 (AUDITED) AND FOR THE PERIODS ENDED SEPTEMBER 30, 2011 AND 2010 (Continued)
c. Pada bulan Oktober 2011, Perusahaan telah melakukan pelunasan untuk fasilitas kredit investasi dari Bank UOB Indonesia.
c. In October 2011, the Company has fully paid for the long term loan facility from Bank UOB Indonesia.
d. Pada bulan Oktober 2011, anak perusahaan telah melakukan penjualan kapal M.T. Barunawati dan M.T. Anjani kepada pihak ketiga.
d. In October 2011, subsidiaries have agreed to sell vessels M.T. Barunawati and M.T. Anjani to third parties.
********
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A N N O U N C E M E N T
PT BERLIAN LAJU TANKER TBK (Incorporated as a company with limited liability under the laws of the Republic of Indonesia) Financial Results 3Q2011 Highlights: 1. Net Debt to Equity Ratio fell from 2.3x to around 1.7x 2. High Cash level of close to US$200mil 3. Continued Strength of most tanker & FPSO-FSO segments 15 November 2011, Jakarta – The Board of Directors of IDX and SGX Mainboardlisted PT Berlian Laju Tanker Tbk (“BLT” or the “Company”) would like to provide a summary report of the consolidated financial results for 3Q2011 vis a vis 2Q2011.
BLT Group Results (IndoGAAP)
US$ Million
Quarterly Results Ended 30‐Sep‐11 30‐Jun‐11
Operating Revenue
163.3
163.3
Gross Profit
27.9
27.7
Income from Operations
20.0
21.5
Net Income
119.6
10.1
Total Assets
3,054.2
2,998.4
Equity
982.4
839.1
The financial results for the nine months ended 30 Sept 2011 and for the six months ended 30 June 2011 have been prepared in accordance with accounting principles generally accepted in Indonesia. The results for both the nine months ended 30 Sept 2011 and the six months ended 30 June 2011 were unaudited.
BLT booked an operating revenue of US$163.3mil for 3Q2011 and stands at the same level with 2Q2011 and overall the operational financial performance in 3Q2011 is similar to that of 2Q2011 despite a continued difficult environment in the shipping market in general. Benefitting from consistency of gas and chemical tanker rates and continued strength of FPSO-FSO segment and lower operating costs, the Company has shown the resilience of its portfolio of businesses. The Company’s consolidated Gross Profit for the 9 months ended 30 Sept 2011 has increased marginally by US$0.2mil from US$27.7mil in the last quarter to US$27.9mil in this quarter although this is significantly higher than 1Q2011 results of US$25.4mil. Comparing the results of those two periods, Net Income has improved significantly from US$10.1mil in 2Q2011 to US$119.6mil in 3Q2011 due to improved rates on most segments coupled with lower operating expenses and some non-cash items which compensated the significantly higher bunker costs in 3Q2011. Total equity also grew from US$839.1mil in 2Q2011 to US$982.4mil in 3Q2011 mainly contributed by the positive equity effect of the increased in retained earnings in 3Q2011 and this has led to an increase in Equity to Total Assets ratio of the Company from 0.28x to 0.32x. In the meantime, net debt (interest bearing) for this quarter continued to be lower as compared to the second quarter of 2011 at around US$1.67bio even as the Company had taken delivery of 2 new ships in the last quarter totaling 4 new ships for 2011. Consequently, the net debt to equity ratio for this quarter has continued its declining pattern from 2.25x for the period ending 30 June 2011 to around 1.7x for the period ending 30 September 2011. The declining pattern also applies to Net Debt to Ebitda ratio. The Company’s overall liquidity remains strong at US$ 194.7mil. Through its subsidiary, PT Buana Listya Tama Tbk, the Company will continue to grow its domestic Indonesian businesses given the ample opportunities within Cabotage environment which are characterized by long term and higher value-added contracts and projects with exceptional returns. At this time the Company is participating in tenders for a Very Large Gas Carrier, Floating Offshore Coal Terminals, 2 FPSOs, and 2 FSOs contracts. To support these high-value-added and deleveraging projects, the Company's subsidiary, BULL, is exploring various funding alternatives including bank financing as well as convertible bond issuance of around US$ 50mil.
Ends-
PT Berlian Laju Tanker Tbk (“BLT” or the “Company”) BLT was established in 1981 and is a leading worldwide seaborne liquid cargo transportation specialist and one of the largest chemical tanker operators in the world. The BLT fleet comprises chemical tankers (67 vessels), oil tankers (13 vessels), gas tankers (17 vessels + 3 newbuilds), 1 FSO and 1 FPSO. As of September 2011, BLT had total revenues of USDm 486.4, an operating profit of USDm59.4 and assets totaling approximately USDbn 3.00. BLT is listed on the Indonesian and Singapore Stock Exchange (IDX ticker: BLTA.JK and SGX ticker: PTBL.SI) The Company is headquartered in Jakarta (Indonesia) with operational offices in Westport (USA), Singapore, Hong Kong and Glasgow (UK) supported by marketing offices globally. Jakarta, 15 November 2011 For further information, please contact: Peter Chayson PT Berlian Laju Tanker Tbk Phone: +6221 30060300
A N N O U N C E M E N T
PT BERLIAN LAJU TANKER TBK (Incorporated as a company with limited liability under the laws of the Republic of Indonesia) Laporan Keuangan Kuartal Ketiga Tahun 2011 Highlights: 1. Rasio Hutang Bersih pada Ekuitas turun dari 2.3x menjadi sekitar 1.7x 2. Jumlah Kas yang signifikan sebesar US$200mil 3. Segmen Tanker dan FPSO-FSO terus membaik Jakarta, 15 November 2011 – Direksi PT Berlian Laju Tanker Tbk (“BLT” atau “Perseroan”), perusahaan yang tercatat di papan utama IDX dan SGX, ingin memberikan ringkasan laporan hasil keuangan konsolidasi untuk periode 3Q2011 yang dibandingkan dengan laporan keuangan 2Q2011.
BLT Group Results (IndoGAAP)
US$ Million
Quarterly Results Ended 30‐Sep‐11 30‐Jun‐11
Operating Revenue
163.3
163.3
Gross Profit
27.9
27.7
Income from Operations
20.0
21.5
Net Income
119.6
10.1
Total Assets
3,054.2
2,998.4
Equity
982.4
839.1
Laporan Keuangan untuk periode sembilan bulan yang berakhir pada 30 Sept 2011 dan untuk periode enam bulan yang berakhir pada 30 Juni 2011 telah disiapkan berdasarkan kebijakan akuntansi yang berlaku umum di Indonesia. Baik hasil Laporan Keuangan untuk periode sembilan bulan yang
berakhir pada 30 Sept 2011 dan untuk periode enam bulan pada 30 Juni 2011 merupakan laporan keuangan yang tidak diaudit.
BLT membukukan pendapatan usaha sebesar US$163,3juta untuk periode 3Q2011 dan berada di level yang sama dengan 2Q2011 dimana secara keseluruhan kinerja keuangan operasional pada 3Q2011 sama dengan 2Q2011 walaupun dengan kondisi masih sulitnya keadaan pasar pelayaran dunia pada umumnya. Diuntungkan dari perbaikan tarif tambang tanker gas dan kimia yang terus membaik dan ditopang oleh semakin kuatnya pasar segmen FPSO-FSO dan biaya operasi yang rendah, Perseroan telah menunjukkan ketahanan portofolio usahanya untuk kuartal ini. Laba Kotor Perseroan untuk periode sembilan bulan yang berakhir pada 30 Sept 2011 telah mengalami kenaikan secara marjinal sebesar US$0,2juta dari US$27,7juta pada kuartal sebelumnya menjadi US$27,9juta pada kuartal ini namun begitu lebih tinggi secara signifikan dibandingkan 1Q2011 yaitu sebesar US$25,4juta. Perbandingan antara kedua periode tersebut menunjukkan Laba Bersih juga mengalami kenaikan yang signifikan dari US$10,1juta pada 2Q2011 menjadi US$119,6juta pada 3Q2011 oleh karena meningkatnya tarif tambang pada sebagian besar segmen dan menurunnya biaya operasional kapal serta beberapa item noncash yang telah mengkompensasikan kenaikan biaya bahan bakar yang tinggi pada 3Q2011. Total ekuitas juga tumbuh dari US$839,1juta pada 2Q2011 menjadi US$982,4juta pada 3Q2011 sebagian besar dikontribusikan oleh efek ekuitas yang positif dari saldo laba pada 3Q2011 dan ini telah meningkatkan rasio Ekuitas terhadap Total Aktiva Perseroan dari 0.28x menjadi 0.32x. Sementara itu, hutang bersih (interest bearing) untuk kuartal ini terus mengalami penurunan dibandingkan dengan kuartal kedua 2011 yaitu menjadi sekitar US$1,67milyar walaupun Perseroan telah menerima 2 (dua) kapal baru pada kuartal sebelumnya sehingga secara keseluruhan menjadi 4 kapal baru untuk tahun 2011. Oleh karena itu, rasio hutang bersih pada ekuitas pada kuartal ini turun dari sekitar 2.25x untuk periode yang berakhir pada 30 Juni 2011 dan menjadi 1.7x pada periode yang berakhir pada 30 September 2011. Likuiditas Perseroan secara keseluruhan tetap kuat dengan jumlah US$ 194,7juta. Melalui anak perusahaannya, PT Buana Listya Tama Tbk, Perseroan akan terus mengembangkan bisnis domestiknya di Indonesia dengan memanfaatkan kesempatan-kesempatan yang luas dan terbuka oleh asas Cabotage yang ditandai dengan kontrak-kontrak jangka panjang dan memiliki nilai tambah yang lebih tinggi serta proyek-proyek dengan return yang luar biasa. Pada saat ini Perseroan berpartisipasi dalam tender-tender termasuk Very Large Gas Carrier, Floating Offshore Coal Terminals, 2 FPSO, dan 2 FSO. Untuk mendukung proyek-proyek bernilai tambah tinggi (high-value-added) dan deleveraging, anak perusahaan Perseroan, BULL, sedang menjajaki berbagai alternatif pendanaan, termasuk pembiayaan bank serta penerbitan obligasi konversi sekitar US$ 50juta.
- Selesai
PT Berlian Laju Tanker Tbk (“BLT” atau “Perseroan”) BLT didirikan pada tahun 1981 dan merupakan spesialis angkutan laut untuk kargo cair yang terkemuka di dunia dan salah satu operator tanker kimia terbesar di dunia. Armada BLT terdiri dari kapal tanker kimia (67 kapal), kapal tanker minyak (13 kapal), kapal tanker gas (17 kapal + 3 dalam pembangunan), 1 FSO dan 1 FPSO. Pada September 2011, BLT memiliki total pendapatan sebesar USD486,4 juta, laba usaha sebesar USD59,4 juta dan total asset sekitar USD3,00milyar. BLT tercatat pada Bursa Efek Indonesia dan Singapura (IDX ticker: BLTA.JK dan SGX ticker: PTBL.SI). Perseroan berkantor pusat di Jakarta (Indonesia) dengan kantor operasional di Westport (USA), Singapura, Hong Kong dan Glasgow (UK) yang didukung oleh kantor pemasaran secara global. Jakarta, 15 November 2011 Untuk keterangan lebih lanjut, silahkan hubungi: Peter Chayson PT Berlian Laju Tanker Tbk Telpon: +6221 30060300
