PT BERLIAN LAJU TANKER Tbk ANNUAL REPORT Growing Indonesian Cabotage

PT BERLIAN LAJU TANKER Tbk ANNUAL REPORT 2010

Growing Indonesian Cabotage

DAFTAR ISI | CONTENTS VISI DAN MISI | Vision and Mission 01 R WAYAT SINGKAT PERUSAHAAN | Company at Glance 02 KHTISAR DATA KEUANGAN PENTING | Finan ial Highlights 04 STRUKTUR ORGANISASI | Organization Structure 06 IN ORMASI PERSEROAN | Company I formation 07 TONGGAK PENTING PERJALANAN PERSEROAN | Corporate Milestones 08 SAMBUTAN DEWAN KOMISARIS | Remarks from Boa d of Comm ssioners 10 LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS | Supervisory Report of the Boa d of Comm ssioners 14 SAMBUTAN DIREKSI | Remarks from Board of Directors 20 PEMBAHASAN OPERASIONAL | Operations Review 28 RINGKASAN AKTIVITAS USAHA | Business Activities 28 KAPASITAS DAN KOMPOSISI ARMADA PERUSAHAAN | Capacity and Composition of the Company’s Fleet 30 PENJUALAN DAN PEMASARAN | Sales and Marketing 38 KEKU TAN DAYA SAING | Competitive Strengths 43 STRATEGI | Strategy 49 PROSPEK USAHA

AN KOND SI PASAR | Business Prospects and Market Conditions 52

ANAK PERUSAHAAN UTAMA | Major Subsidiaries 58 KINERJA SAHAM | Share Performance 61 PENGHARGAAN DAN ERTIFIKASI | Awards and Certifications 64 TATA KELOLA PERUSAHAAN YANG BAIK | Good Corporate Governance 66 KEBIJAKAN

IVIDEN | Dividend Policy 85

PENERBITAN OBLIGASI KORPORASI | Corporate Bond Issuance 87 WESEL BAYAR | Notes Payable 88 PENERBITAN OBL GASI KONVERSI | ssuance of Convertible Bonds 88 PEMERINGKATAN EFEK | Financial Ratings 91 SUSUNAN KEPEMILIKAN SAHAM PER EROAN | Statistics of Shareholdings 92 PENGEMBANGAN SUMBER DAYA MANUSIA | Human Resources Development 94 MANAJEMEN SERTA PELATIHAN AWAK KAPAL | Crew Management and C ew Training 96 TANGGUB JAWAB SOSIAL PERUSAHAAN | Corporate S cial Responsibility 98 ANALISA DAN PEMBAHASAN MANAJEMEN | Management’s Discussion and Analysis 102 DEWAN KOMISARIS | Boa d of Comm ssioners 108 DIREKSI | Board of Directors 110 SURAT PERNYATAAN | Statement Letter 113 LAPORAN AUDITOR INDEPENDEN | I dependent Auditor’s Report 115 Group Addres es (on nside back cover)

VISI Untuk menjadi Perusahaan Pelayaran Multinasional terkemuka baik dalam pengangkutan di dalam negeri maupun internasional dengan mempekerjakan sumber daya yang berkualitas dan memiliki keunggulan bersaing agar dapat memberikan layanan yang berkualitas tinggi.

MISI Untuk melayani kepentingan publik dan kebutuhan pelanggan dengan melakukan pencegahan kehilangan jiwa, kecelakaan di laut, dan pencemaran lingkungan.

VISION To be the preferred Multinational Shipping Company in domestic and international trading by employing good and competitive resources to deliver high-quality services.

MISSION To serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution.

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RIWAYAT SINGKAT PERUSAHAAN

RIWAYAT SINGKAT PERUSAHAAN PT Berlian Laju Tanker Tbk (“Perseroan”) pada mulanya berdiri dengan nama PT Bhaita Laju Tanker pada tahun 1981. Perseroan memulai kiprahnya dalam industri pelayaran dengan mengoperasikan 2 kapal tanker minyak, MT Brotojoyo dan MT Anjasmoro dengan total bobot mati sebesar 12.050 KT. Kedua kapal tanker tersebut disewakan oleh Perseroan kepada Pertamina yang sekaligus menjadi tonggak awal hubungan bisnis Perseroan dengan Pertamina. Pada tahun 1988, Perseroan resmi berganti nama menjadi PT Berlian Laju Tanker.

PT Berlian Laju Tanker Tbk (the “Company”) was initially established under the name of PT Bhaita Laju Tanker in 1981. The Company started its business in the shipping industry by operating 2 oil tankers, namely MT Brotojoyo and MT Anjasmoro with dead weight capacities of 12,050 KT. These two tankers were chartered by the Company to Pertamina, which later on became a landmark of the business relationship between the Company and Pertamina. In 1988, the Company officially changed its name to become PT Berlian Laju Tanker.

Usaha Perseroan dalam menyediakan jasa angkutan muatan cair ternyata berkembang dengan sangat pesat. Perkembangan dalam industri petrokimia dan minyak nabati pada era 80-an ternyata membuka peluang bagi Perseroan untuk memperluas cakupan usahanya dan masuk ke dalam segmen usaha baru. Dengan melihat potensi bisnis yang cukup menjanjikan pada segmen gas dan kimia cair, maka pada tahun 1986 Perseroan memutuskan untuk memperluas cakupan muatan cair yang dilayani, antara lain meliputi bahan kimia cair, bahan bakar petrokimia gas cair (LPG), dan minyak nabati.

The business of the Company in providing the liquid cargo transportation services apparently grew very fast. The development in the petrochemical and vegetable oil industries in the 1980s opened a new business opportunity for the Company to expand its business coverage and enter into a new business segment. By recognizing the pretty promising business potential in the gas and liquid chemical sectors, in 1986 the Company decided to expand the coverage of liquid cargoes it carried, among others to cover the liquid bulk chemical substance, Liquified Petroleum/Petrochemical Gas substance and vegetable oil.

Pada tahun 1990, Perseroan menjadi perusahaan pelayaran pertama di Indonesia yang mencatatkan sahamnya di Bursa Efek Indonesia. Dengan lingkup usaha pelayaran berskala internasional, maka pada tanggal 30 Oktober 2006 Perseroan mencatatkan sahamnya pada Singapore Exchange Securities Trading Limited (SGX) dan menjadi perusahaan Indonesia pertama yang melakukan pencatatan saham di Bursa Efek Indonesia dan Singapura (dual listed). Singapura sejak lama telah dikenal sebagai pusat pelayaran antar negara dan pusat kegiatan ekonomi regional. Karena itulah, tindakan ini diharapkan dapat memberi pengaruh positif terhadap perkembangan Perseroan di masa mendatang.

In 1990, the Company became the first shipping company in Indonesia which listed its shares on the Indonesia Stock Exchange. With an international shipping business coverage then on October 30, 2006 the Company listed its shares on the Singapore Exchange Securities Trading Limited (SGX) and became the first Indonesian company which listed its shares in both stock exchanges in Indonesia and Singapore (dual listed). Since a long time ago, Singapore has been known as an intra country shipping center and a center of regional business activities therefore this action was expected to positively affect the growth of the Company in the future.

Perseroan memiliki jaringan internasional yang luas dalam hal pengoperasian, penjualan, dan pemasaran. Perseroan mempertahankan pertumbuhan jaringan usahanya di luar negeri, dan di saat yang bersamaan, terus meningkatkan komitmen Perseroan atas operasi usaha global yang

The Company has a wide international network for the purpose of its operation, sale and marketing. The Company maintains its business network growth in abroad and at the same time keeps increasing the commitment of the Company to the global business operations yet

PT BERLIAN LAJU TANKER TBK Annual Report 2010

Company at a Glance

COMPANY AT A GLANCE terkontrol dan terintegrasi penuh dengan seluruh jaringan operasi usaha Perseroan. Selain kantor-kantor operasional di Jakarta, Singapura, Hongkong, Bangkok, Taiwan, Shanghai, dan Beijing, Perseroan juga memiliki kantor-kantor pemasaran di Dubai, untuk melayani para pelanggan di Timur Tengah dan Glasgow untuk melayani pelanggan di Eropa dan Southport - Connecticut dan Sao Paolo - Brasil untuk melayani pelanggan di Amerika Utara dan Amerika Selatan. Dengan mengakuisisi Chembulk Tankers LLC (“Chembulk”) pada akhir tahun 2007, Perseroan mampu menyediakan jasa transportasi ke seluruh dunia termasuk Eropa, Baltik, Amerika, Asia Timur, Asia Tenggara, Asia Selatan, Timur Tengah serta Australia.

fully controlled and integrated with the whole business operation network of the Company. In addition to the operational offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing, the Company also has marketing offices in Dubai for attending customers in the Middle East and Glasgow for attending customers in Europe, and Southport, Connecticut and Sao Paolo, Brazil for attending customers in North America and South America. By acquiring Chembulk Tankers LLC (“Chembulk”) at the end of 2007, the Company managed to provide transportation services to the whole world, including Europe, Baltic, America, East Asia, Southeast Asia, South Asia, Middle East as well as Australia.

Sebagai perusahaan pelayaran kelas dunia, Perseroan sangat memahami bahwa kondisi armada yang dimiliki akan menentukan peluang keberhasilan bisnis Perseroan di tengah kompetisi global. Hampir seluruh kapal yang dimiliki oleh Perseroan merupakan kapal berlambung ganda (double hull) dan seluruh armada kapal tanker kimia Perseroan telah memenuhi standard IMO II/III. Spesifikasi modern dari kapal – kapal yang dimiliki oleh Perseroan juga didukung dengan perwira dan awak yang terlatih, berpengalaman, dan bersertifikat internasional. Sampai dengan akhir tahun 2010, Perseroan telah mengoperasikan 95 kapal tanker dengan total bobot mati sekitar 2,3 juta KT.

As a world class shipping company, the Company understands very much that the condition of its fleets will determine the business achievement of the Company in the midst of global competition. Nearly all of the vessels owned by the Company are double hull vessels and all chemical tankers of the Company have fulfilled the IMO II/III standards. The modern specifications of the vessels – the vessels owned by the Company, is also supported with trained and experienced officers and crews with international certifications. Up to the end of 2010, the Company operates 95 tankers with a total capacity of approximately 2.3 million KT.

Melalui semboyan “Mengangkut dengan Selamat, Bersaing, dan Tepat Waktu”, Perseroan senantiasa berkomitmen untuk memberikan pelayanan bermutu, terbaik, dan konsisten kepada setiap pelanggannya. Komitmen ini diwujudkan melalui pemenuhan standar keselamatan internasional (International Safety Management Code/ISM Code) dan standar ISO 9001:2000, standar ISO 14001:2004 dan standar OHSAS 18001:1999 dimana Perseroan telah memperoleh sertifikat dari lembaga-lembaga internasional tersebut. Komitmen Perseroan untuk memberikan pelayanan terbaik dan mematuhi standar tertinggi diyakini akan dapat menjamin kelangsungan bisnis Perseroan hingga masa mendatang.

With a motto “Delivers with Safety, Competitiveness and Timeliness” the Company always commits itself to provide excellent, the best, and consistent services to all its customers. This commitment is materialized by fulfilling the international safety standards (International Safety Management Code/ISM Code) and ISO 9001:2000 standard, ISO 14001:2004 standard and OHSAS 18001:1999 standard in which the Company has obtained the relevant certifications from the abovementioned international institutions. The commitment of the Company to provide its best services and fulfill the highest standards is believed to secure the business sustainability.


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IKHTISAR DATA KEUANGAN PENTING Financial Highlights

in USD or Rupiah based on INDO GAAP 2010

2009

2008

2007

2006

(USD ‘000)

(USD ‘000)

(USD ‘000)

(Rp Million)

(Rp Million)

656,854

618,346

723,682

3,641,773

3,073,788

94,548

132,834

229,624

1,137,092

1,122,293

61,180

99,907

193,313

898,071

946,392

(154,401)

(285,876)

218,364

758,982

1,205,280

2,327,320

1,946,389

1,896,264

15,810,719

5,903,932

2,835,511

2,497,922

2,295,926

20,668,625

8,205,956

2,151,340

1,879,630

1,742,099

17,353,043

5,074,796

684,171

618,292

553,827

3,315,582

3,131,160

11,550,831

5,981,591

4,589,281

4,159,010

4,157,572

8,910,784

5,109,770

4,781,577

3,810,883

3,973,970

(0,0173)

(0.0559)

0.0457

199

303

-5.4

-11.4

9.5

3.7

14.7

-22.6

-46.2

39.4

22.9

38.5

1.0

0.8

0.7

0.7

1.5

314.4

304

314.6

523.4

162.1

75.9

75.2

75.9

84.0

61.8

Laporan Laba Rugi | Income Statement Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba / (Rugi) Bersih Net Profit / Loss

Neraca | Balance Sheet Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

Data Per Saham | Per Share Data Laba/ (Rugi) Bersih Per Saham Net Earning/ (Loss) per Share

Rasio | Ratios Laba Bersih / Jumlah Aktiva (%) Net Profit / Total Assets (%) Laba Bersih / Ekuitas (%) Net Profit / Equity (%) Rasio Lancar (x) Current Ratio (x) Jumlah Kewajiban / Ekuitas (%) Total Liabilities / Equity (%) Jumlah Kewajiban / Jumlah Aktiva (%) Total Liabilities / Total Assets (%)


IKHTISAR DATA KEUANGAN PENTING Financial Highlights 5

in USD based on IFRS 2010 (USD ‘000)

2009 As restated (USD ‘000)

2008

2007

2006

(USD ‘000)

(USD ‘000)

(USD ‘000)

Laporan Laba Rugi | Income Statement Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba / (Rugi) Bersih Net Profit / Loss

656,854

618,346

723,682

398,643

335,217

94,453

132,237

217,652

118,794

113,442

61,277

101,084

182,167

96,824

94,921

(150,127)

(117,004)

24,892

76,778

107,490

2,346,239

1,991,975

1,982,260

1,891,626

817,556

2,870,685

2,522,015

2,405,724

2,413,086

1,077,989

2,152,476

1,873,256

1,736,400

1,837,860

560,780

718,209

648,759

669,324

575,226

517,210

11,550,831

5,981,591

4,589,281

4,159,010

4,157,572

8,910,784

6,131,724

4,176,930

3,810,883

3,973,970

(0.0168)

(0.0191)

0.0060

0.020

0.027

-5.2

-4.6

1.0

3.2

10.0

-20.9

-18

3.7

13.3

20.8

1.03

0.76

0.71

0.7

1.5

300

288.7

259.4

319.5

108.4

75.0

74.3

72.2

76.2

52.0

Neraca (USD) | Balance Sheet (USD) Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

Data Per Saham | Per Share Data Laba/(Rugi) Bersih Per Saham Net Earning/(Loss) per Share

Rasio | Ratios Laba/ Bersih / Jumlah Aktiva (%) Net Profit / Total Assets (%) Laba Bersih / Ekuitas (%) Net Profit / Equity (%) Rasio Lancar (x) Current Ratio (x) Jumlah Kewajiban / Ekuitas (%) Total Liabilities / Equity (%) Jumlah Kewajiban / Jumlah Aktiva (%) Total Liabilities / Total Assets (%)


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STRUKTUR ORGANISASI Organization Structure

STRUKTUR ORGANISASI ORGANIZATION STRUCTURE

Nomination Committee

Remuneration Committee

Audit Committee

Management Representative

Corporate Secretary

Internal Audit

Board of Commissioners

President Director

Quality MR

Business Development Director

Commercial Director

Finance Director

Corporate

Chemical

Finance

HSE MR

Administration Director

Accounting

Legal & Insurance

Marketing & Operation

Cash Management Information Technology Treasury

Business Dev & Asset Management Oil & Gas

Investor Relations

People Management

Marketing & Operation

Organization Development

Chartering, Branch & Agency Services

Adm & Office Management

Chartering

Agency & Branch Offshore


Ship Management Controller

INFORMASI PERSEROAN Company Informatin

BOARD OF COMMISSIONERS Mr Hadi Surya President Commissioner Mr Safzen Noerdin Commissioner Mr Alan Jonathan Tangkas Darmawan Independent Commissioner Mr Jaka Prasetya Independent Commissioner BOARD OF DIRECTORS Mr Widihardja Tanudjaja - President Director Mr Henrianto Kuswendi - Commercial Director Mr Michael Murni Gunawan - Administration Director Ms Siana Anggraeni Surya - Business Development Director Mr Wong Kevin - Finance Director

AUDIT COMMITTEE Mr Alan Jonathan Tangkas Darmawan - Chairman Mr Jaka Prasetya Mr Max Sumakno Budiarto REMUNERATION COMMITTEE Mr Alan Jonathan Tangkas Darmawan - Chairman Mr Hadi Surya Mr Jaka Prasetya

NOMINATION COMMITTEE Mr Alan Jonathan Tangkas Darmawan - Chairman Mr Hadi Surya Mr Jaka Prasetya

CORPORATE SECRETARY Mr Wong Kevin

REGISTERED OFFICE & BUSINESS ADDRESSES PT Berlian Laju Tanker Tbk Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300 Fax : +62 21 30060389; +62 21 30060391 Email : [email protected]; [email protected] SHARE REGISTRARS PT Sinartama Gunita as Share Registrar for Shares registered in Bursa Efek Indonesia PT Sinartama Gunita Plaza BII, Tower 3, 12th floor Jl. M.H. Thamrin No. 51, Jakarta 10350 - Indonesia Boardroom Limited as Share Transfer Agent for Shares registered in Singapore Exchange Securities Trading Ltd (SGX-ST) Boardroom Limited 50 Raffles Place Singapore Land Tower #32-01 Singapore 048623 AUDITOR Osman Bing Satrio & Rekan Member of Deloitte Touche Tohmatsu Wisma Antara 12th Floor, Jl. Medan Merdeka Selatan No. 17 Jakarta 10110 - Indonesia

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TONGGAK SEJARAH PERSEROAN 1981

Didirikan dengan memiliki dua (2) kapal tanker sebagai aset yang disewakan ke Pertamina Established with owned two (2) tankers as assets chartered to Pertamina

1986

1989

Memulai transportasi bahan kimia cair dari dan untuk beberapa kilang petrokimia besar Commenced transportation of liquid chemical substances from and for several major chemical manufacturers

Memulai transportasi gas cair Commenced transportation of liquefied petroleum gas

1990

Penawaran Umum Saham Perdana Perseroan di BEJ dan BES (saat ini dikenal sebagai Bursa Efek Indonesia) Conducted the Initial Public Offering of the Company at BEJ and BES (presently known as Bursa Efek Indonesia (Indonesia Stock Exchange))

1998

Mengakuisisi Asean Maritime Corp. termasuk anak perusahaannya; Gold Bridge Shipping Corp, yang memiliki tujuh kapal tanker bahan kimia. Akuisisi ini dimaksudkan untuk mempercepat pertumbuhan pangsa pasar Perseroan di wilayah Timur Jauh dan China Acquired Asean Maritime Corp. including its subsidiaries; Gold Bridge Shipping Corp. which has seven chemical tankers. The acquisition was aimed to accelerate the growth of the market share of the Company in the Far East and China regions

2004

Meresmikan beroperasinya kantor perwakilan di Glasgow guna melayani pasar Eropa Commenced the operation of a representative office in Glasgow to serve the European market

2005

Membuka kantor perwakilan di Dubai Opened a representative office in Dubai

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CORPORATE MILESTONES Penawaran Saham Perdana pada Bursa Singapura dan menjadi perusahaan pertama yang terdaftar di 2 (dua) bursa sekaligus, yaitu Indonesia dan Singapura BLT menjadi perusahaan penyedia jasa transportasi terbesar untuk segmen transportasi bahan kimia cair antar negara Asia, dengan memiliki armada tanker kimia terbesar ketiga di dunia di kelas berbobot mati di bawah 20.000 DWT

2006

Memulai usaha di bidang offshore lepas pantai dengan memiliki kapal Floating, Production, Storage, dan Offloading (FPSO) Conducted the Initial Public Offering at the Singapore Exchange Securities Trading Limited (SGX-ST) and became the first company listed in both stock exchanges in Indonesia and Singapore BLT became the largest transportation service provider in the intra-Asia chemical transportation market, with the third largest sub-20,000 DWT chemical tanker fleet globally Commenced offshore business by owning and operating FPSO (Floating, Production, Storage and Offloading) vessel

Membuka kantor pemasaran di Mumbai, India Mengakusisi Chembulk Tankers LLC – USA, yang mengoperasikan 19 kapal tanker kimia baja anti karat berukuran besar. Langkah akuisisi ini menempatkan Perseroan menjadi salah satu perusahaan jasa transportasi terbesar di dunia untuk segmen bahan kimia cair

2007

Opened a marketing office in Mumbai, India Acquired Chembulk Tankers LLC – USA which operated 19 large sized chemical tankers. With this acquisition, the Company becomes one of the largest transportation service providers in the world for the liquid chemical bulk segment.

2008

Membuka kantor pemasaran di Sao Paolo, Brasil, untuk lebih dalam menembus pasar Amerika Selatan dan Amerika Utara Opened a marketing office in Sao Paolo, Brazil for more penetrating the South American and North American markets

2009

Melakukan Rights Issue pada dua bursa sekaligus, yaitu Bursa Efek Indonesia dan Bursa Efek Singapura Conducted Rights Issues in two different stock exchanges simultaneously, namely Bursa Efek Indonesia (Indonesia Stock Exchange) and Singapore Exchange Securities Trading Limited

Melakukan Rights Issue pada dua bursa sekaligus, yaitu Bursa Efek Indonesia dan Bursa Efek Singapura senilai USD 135 juta Menerbitkan Obligasi Konversi dalam mata uang Amerika Serikat senilai USD 125 juta dan melakukan penjualan kembali Obligasi Koversi Bergaransi Tanpa Kupon senilai USD 48,8 juta

2010

Mendapatkan kontrak untuk VLGC (Very Large Gas Carrier) dengan nilai total sebesar USD 90 juta dan kontrak untuk FPSO dengan nilai total USD 81 juta. Membentuk satu divisi khusus untuk menangani segmen bisnis kapal tanker kimia Perseroan, yaitu BLT Chembulk Group. Pada akhir 2010, Perseroan beroperasi di semua wilayah pasar utama dunia, dengan armada yang terdiri dari 95 kapal (64 tanker kimia, 13 tanker minyak, 16 tanker gas, 1 FPSO, dan 1 FSO) dengan total kapasitas sebesar 2,3 juta DWT Conducted Rights Issues in two different stock exchanges simultaneously, namely Bursa Efek Indonesia (Indonesia Stock Exchange) and Singapore Exchange Securities Trading Limited with a total value of USD 135 million. Issued another Convertible Bond with a total value of USD 125 million and re-sale of USD 48.8 million of Existing Convertible Bonds. Awarded VLGC contract with a total value of USD 90 million and FPSO contract with a total value of USD 81 million. Established a dedicated division, BLT Chembulk Group, to handle chemical business segment in the Company. At the end of 2010, the Company had operations in all global major markets with 95 vessels (64 chemical tankers, 13 oil tankers, 16 gas tankers, 1 FPSO, and 1 FSO) and with a total transportation capacity of 2.3 million DWT.

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SAMBUTAN DEWAN KOMISARIS

SAMBUTAN DEWAN KOMISARIS Yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan

Valued Shareholders and Business Partners of the Company

Pertama-tama Dewan Komisaris menyampaikan terima kasih kepada para Pemegang Saham, Direksi, beserta Jajaran Manajemen atas dukungan dan kerja keras selama tahun 2010 sehingga membawa perseroan tetap bertahan dan berkembang baik.

Firstly, the Board of Commissioners would like to express its gratitude to all Shareholders, to Members of the Board of Directors and to the Management of the Company for their ongoing support and their hard work throughout 2010, as a result of which the Company has achieved its present progress and growth.

Dewan Komisaris patut memberikan apresiasi terhadap kerja keras Dewan Direksi dan seluruh Jajaran Manajemen perseroan atas berbagai upaya untuk mempertahankan perseroan sepanjang tahun 2010 yang cukup sulit akibat krisis perekonomian global. Apresiasi yang sama patut diberikan juga kepada seluruh pemegang saham yang dengan caranya masing-masing tetap mendukung berbagai langkah yang dilakukan perseroan dalam menghadapi situasi krisis sepanjang tahun 2010.

The Board of Commissioners commemorates its appreciation towards the hard work presented by the Board of Directors and the Management of the Company for their effort in running the Company’s business through the difficult time of 2010 as a result of global economic crisis. The equal appreciation is also given to the Shareholders who had in their own ways supported the necessary steps taken by the Company when facing the crisis in 2010.


Remarks from Board of Commissioners

REMARKS FROM BOARD OF COMMISSIONERS Dewan Komisaris menilai bahwa Dewan Direksi dan Jajaran Manajemen telah cukup banyak melakukan inovasi sehingga perseroan mampu melewati tahapan krisis global. Konsolidasi ke dalam dan pengendalian biaya berjalan cukup baik kendati masih perlu melakukan beberapa penyesuaian paradigma agar Perseroan tetap mampu mengikuti perubahan dan perkembangan ekonomi dunia yang terus-menerus terjadi.

The Board of Commissioners is in the view that the Board of Directors along with the Management have done numerous innovations that led the Company through the global crisis phase. Internal consolidation and cost control were well implemented despite a few paradigm adjustments that need to be done for the Company to adapt with the ongoing changes and development of global economy.

Keadaan ekonomi makro yang masih belum stabil hingga tahun 2010 akibat krisis keuangan global memang menjadi tantangan, namun pertumbuhan ekonomi bangsa kita masih cukup baik dan tidak terlalu mengkawatirkan walaupun tetap ada risiko. Suku bunga relatif membaik dan laju inflasi dalam kisaran 6-7 persen.

The instability of the macro economy condition in 2010 which was caused by a global financial crisis proved to be quite a challenge. Fortunately, the rate of economic growth within Indonesia was still good, and although this growth is subject to risk factors, these are not cause for excessive concern. Interest rates was relatively better and the rate of inflation was in the range of 6-7%.

Pada tahun 2010 Dewan Komisaris mencatat beberapa hal penting yang berhasil dicapai oleh perseroan, antara lain:

In 2010, the Board of Commissioners was gratified to note a number of important achievements by the Company, including the following:

a. Perkembangan Armada – secara keseluruhan, Perseroan telah meningkatkan kapasitas armadanya sehingga pada akhir 2010 total armada Perseroan mencapai 95 unit dengan total bobot mati sekitar 2,3 juta KT dan usia rata-rata armada 10,4 tahun. Suatu peningkatan dibandingkan dengan akhir tahun 2009 dimana perseroan mengoperasikan 91 unit dengan total bobot mati 2,2 juta KT. Sebagai antisipasi terhadap meningkatnya pertumbuhan permintaan jasa transportasi laut di dalam negeri terutama sehubungan dengan penerapan azas cabotage di Indonesia, Perseroan dalam tahun 2010 telah berhasil mengkonversikan sebanyak 3 kapal lagi menjadi kapal berbendera Indonesia setelah tahun 2009 Perseroan berhasil mengkonversikan 7 kapal. Menyusul krisis ekonomi global di mana tingkat angkutan kargo cair internasional belum kondusif, implementasi asas cabotage merupakan kesempatan emas bagi Perusahaan yang mengarahkan Perseroan untuk mengalihkan beberapa kapal yang awalnya beroperasi di perairan internasional ke perairan dalam negeri yang memberikan kesempatan dan tarif tambang yang relatif lebih baik.

a. Fleet development - Overall the Company has increased the capacity of its fleet so that at the end of 2010, the fleet consisted of 95 vessels with a total capacity of 2.3 million KT and average age is 10.4 years. This is an increase over the size and capacity of the fleet compared with the end of 2009, when the fleet consisted of 91 vessels with a total capacity of 2.2 million KT. In anticipation of the increase in demand growth for marine transportation services with domestic waters especially in relation with the implementation of cabotage principle in Indonesia, the Company has converted 3 of its vessels into Indonesian flag vessels during 2010 after converted 7 vessels in 2009. Following the crisis in the global economy where the freight rate of international liquid cargo is far from conducive, the implementation of cabotage principle was a golden opportunity for the Company which lead to the Company’s decision to divert several of its vessels which were originally operated in international waters to domestic waters and provide relatively better opportunity and freight rate.


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SAMBUTAN DEWAN KOMISARIS

b. Diversifikasi – sejalan dengan peningkatan kapasitas armada, Perseroan terus melakukan diversifikasi, baik dengan memperkuat bisnis baru seperti offshore, memperkuat sektor angkutan gas cair, maupun pengembangan daerah operasi baru dengan lebih mengintensifkan angkutan ke beberapa daerah di luar Asia seperti Mediterania, Afrika, Eropa dan Amerika Latin untuk meningkatkan fleksibilitas dan kemampuan Perseroan dalam mengoperasikan armadanya ke kawasan yang lebih menguntungkan.

b. Diversification – along with the increase of fleet capacity, the Company has diversified its business, through establishment of new businesses such as offshore, strengthening of liquid gas cargo transportation, and also geographical operational expansion through intensification of transportation to several regions outside Asia such as the Mediterranean, Africa, Europe and Latin America to improve the Company’s flexibility and its ability to operate its fleet in areas that offer profitable margins.

c. Mempertahankan Likuiditas, Arus Kas, dan Rasio Keuangan – dalam upaya memperbesar armada dan merebut pangsa pasar yang lebih luas, Perseroan tetap memperhatikan dan mempertahankan likuiditas maupun rasio pinjaman terhadap ekuitas.

c. Maintain Liquidity, Cashflow and Financial Ratio – As part of its endeavors to expand its fleet and to win a larger market share, the Company should continue to focus and maintain liquidity and debt to equity ratio.

d. Pengintegrasian armada anak perusahaan, Chembulk Tankers LLC, ke dalam usaha Perseroan telah secara langsung berdampak pada penambahan kapasitas angkutan armada dan juga memberikan kontribusi yang besar dalam memperluas wilayah operasi dan pasar Perseroan, di samping akses terhadap pelanggan baru sehingga lebih melengkapi dan memperkuat posisi perseroan sebagai pemain global pada tahun 2010.

d. Integration of Chembulk Tankers LLC, subsidiary of the Company, into the Company’s business which will directly impact not only the additional capacity of the fleet, but also a larger contribution through expansion of the Company’s operational area and market, aside from access to new customers which completed and strengthen the Company’s position as global player in 2010.

Walaupun iklim usaha sepanjang tahun 2010 masih berat akibat dampak krisis yang berkepanjangan, namun secara umum jalannya usaha Perseroan terkendali dan Perseroan telah membuktikan kemampuan dalam memenuhi kewajiban-kewajiban keuangannya . Keadaan ini memberikan keyakinan pada jajaran manajemen dalam menghadapi tantangan di tahun-tahun mendatang, dimana diperkirakan kondisi usaha akan semakin membaik dan mewujudkan cita-cita Perseroan menjadi salah satu perusahaan pelayaran angkutan cair terbaik di Indonesia maupun internasional. Untuk mencapai hal tersebut tentu menuntut kerja yang lebih keras, semangat tim, semangat belajar dan komitmen penuh serta rasa percaya diri, baik Jajaran Manajemen dan seluruh Karyawan maupun dukungan penuh dari para Pemegang Saham dan Mitra Usaha.

Although the business climate in 2010 was quite challenging due to the impact of prolonged crisis, in general the Company’s business was well under control and the Company has shown its ability to fulfill its financial liabilities. This condition provides a strong basis for the management of the Company to face the challenges that will emerge in years to come where the business condition is expected to improve and to achieve the goal of transforming the Company into the best provider of maritime transportation services specializing in the transportation of liquid chemicals in Indonesia and throughout the globe. In order to achieve this, extensive hard work and total commitment as well as confidence from all levels of Management and staff, together with the support of Shareholders and business partners, will be required.

Selain itu, untuk mencapai cita-cita perseroan, seluruh Jajaran dalam Perseroan terus bahumembahu mempertahankan kinerja dengan terus memacu revenue dan lebih ketat dalam kontrol biaya sehingga likuiditas tetap meningkat dan mendukung pertumbuhan Perseroan yang berkesinambungan.

In addition, in order to achieve the Company’s goals, all layers of management and staff within the Company must continue to strive to increase revenues and to control cost rigorously so that liquidity will continue to improve, thus ensuring the ongoing growth and development of the Company.


Remarks from Board of Commissioners

Melihat kondisi perkembangan Perseroan sejauh ini dan perkiraan akan peningkatan pertumbuhan ekonomi yang stabil di kawasan Asia Pasifik, Dewan Komisaris yakin bahwa Perseroan bersama Jajaran Manajemen yang telah teruji dapat mempertahankan dan meningkatkan kinerja dengan memanfaatkan pertumbuhan ekonomi regional, bahkan mampu melintas pada jalur ekonomi dunia, demi pertumbuhan Perseroan di masa-masa mendatang. Dewan Komisaris juga berharap agar seluruh Jajaran peseroan lebih berani melakukan inovasi untuk perkembangan Perseroan dan menyesuaikan cara pandang baru dalam menjalankan aktivitas bisnis dalam lingkungan usaha yang terus berubah.

Looking at the Company’s growth to this point and based on the forecast of ongoing stable economic growth in the Asia Pacific region, the Board of Commissioners is confident that the current well proven Management of the Company will continue to maintain and improve the Company’s performance and to harness regional and global economic growth to ensure its future growth. The Board of Commissioner also expects that the Management of the Company would dare to conduct innovations for the Company’s development and adjust its point of view in carrying business activities in an ever changing business environment.

Setelah mempelajari laporan keuangan Perseroan untuk tahun buku yang berakhir tanggal 31 Desember 2010 yang telah diaudit oleh Kantor Akuntan Publik Osman Bing Satrio & Rekan (member of Deloitte Touche Tohmatsu) dengan pendapat wajar tanpa pengecualian, Dewan Komisaris berpendapat bahwa secara umum usaha Perseroan selama tahun 2010 berjalan cukup baik dan dapat dipertanggungjawabkan. Direksi Perseroan bersama Jajaran Manajemennya telah mengambil kebijakan-kebijakan yang efektif dalam mengembangkan armada dan mencoba mengatasi krisis dunia dan faktor eksternal lainnya yang kurang kondusif sehingga Perseroan tetap mampu bertahan pada kondisi krisis perekonomian global dan tetap dapat berkembang dan memberikan nilai tambah bagi para Pemegang Saham. Untuk itu, Dewan Komisaris merekomendasikan kepada para Pemegang Saham Perseroan agar menanggapi secara positif laporan hasil usaha dan laporan keuangan Perseroan tahun buku 2010 ini.

After examining the Company’s financial reports for the book year ending 31 December 2010, which have been audited and affirmed to be a fair representation by the Public Accountant Osman Bing Satrio & Rekan (member of Deloitte Touche Tohmatsu), the Board of Commissioners is of the opinion that the Company has been run properly and the business performance is accountable. The Board of Directors of the Company and its management have implemented the appropriate policies to expand the Company’s fleet and overcome the global crisis condition and other unsupportive external factors which lead to its current standing and continue to grow and provide values to the shareholders. Thus, the Board of Commissioners has no hesitation in recommending that the Company’s Shareholders accept this report of the Company’s business operations and financial performance in 2010.

Akhirnya, Dewan Komisaris menyampaikan terima kasih kepada para Pemegang Saham, Direksi beserta Jajaran Manajemen, dan seluruh Karyawan atas dukungannya. Dewan Komisaris juga menyampaikan terima kasih kepada Komite Audit, Komite Nominasi dan Komite Remunerasi atas usaha dan kerjasama yang baik sehingga tugas pengawasan yang diemban Dewan Komisaris dapat terlaksana dengan baik.

Finally, the Board of Commissioners would like to express its gratitude to Shareholders, members of the Board of Directors and all members of the Company’s management and staff for their ongoing support. The Board of Commissioners would also like to express its gratitude to the Audit Committee, Nomination Committee, Remuneration Committee, and to the Independent Commissioners for their cooperation and efforts in assisting the Board of Commissioners to exercise their supervisory role appropriately.

Sekian dan terima kasih. Dewan Komisaris

Best regards and thank you, The Board of Commissioners


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LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS

LAPORAN TUGAS PENGAWASAN DEWAN KOMISARIS Yang terhormat para Pemegang Saham dan Mitra Usaha Perseroan,

Dear Shareholders and Business Partners,

Pertama-tama Dewan Komisaris menyampaikan terima kasih kepada para Pemegang Saham, Direksi beserta Jajaran Manajemen atas dukungan dan kerja keras selama tahun 2010 sehingga membawa perseroan tetap maju dan berkembang. Sesuai dengan fungsi Dewan Komisaris yang bertugas untuk mengawasi kinerja Direksi dan Manajemen Perseroan untuk melindungi kepentingan para Pemegang Saham, serta memastikan Perseroan mencapai tujuan – tujuan yang telah ditetapkan sebelumnya, maka bersama ini, Dewan Komisaris melaporkan tindakan – tindakan yang telah dilakukan dalam kapasitasnya untuk mengawasi dan memberikan nasihat kepada Direksi dan Manajemen.

First of all, we, the Board of Commissioners, would like to convey our gratitude to the Shareholders, to the Board of Directors and all levels of the Company management for their support and hard work during 2010 which has kept the Company progressing in the right direction as we all look forward to. In line with the function of the Board of Commissioners, i.e. to supervise the performance of the Board of Directors and Management of the Company in order to protect the interest of the Shareholders, and to ensure that the Company achieves the objectives as designated from the start, therefore, the Board of Commissioners shall herewith report the activities that have been undertaken in order to supervise and to provide advice to the Board of Directors and the Management.

Kinerja Keuangan Pada tahun 2010, kinerja keuangan Perseroan lebih baik dibandingkan tahun 2009. Pendapatan Perseroan naik sebesar 6,2% dan kerugian Perseroan juga berkurang dibandingkan tahun 2009 berdasarkan IndoGAAP.

Financial Performance In 2010, the Company’s financial performance was better than 2009. The Company’s revenue was increased 6.2% and losses were decreased compared with year 2009 based on IndoGAAP.

Total aktiva Perseroan pada posisi 31 Desember 2010 mencapai USD 2,84 milyar atau tumbuh 13,5% dibanding periode yang sama tahun 2009 dan merupakan bentuk komitmen Perseroan untuk terus mengembangkan usahanya di masa depan.

Total Company assets by 31 December 2010 has expanded by 13.5% to a total value of USD 2.84billion compared to the same period of 2009, which is a materialization of the Company’s commitment to continuously expand its business in the future.

Pada tahun 2010, Dewan Komisaris juga telah memantau bahwa tidak terdapat pelanggaran transaksi benturan kepentingan yang terjadi yang dilakukan oleh Direksi dan Manajemen Perseroan. Dewan Komisaris telah pula melihat adanya peningkatan praktek good corporate governance dengan adanya penerapan masa reses dari transaksi efek (black out periods) bagi Direksi dan Manajemen termasuk staf lainnya untuk menghindari perdagangan efek orang dalam (insider trading).

The Board of Commissioners has also concluded that in 2010 there were no cases of conflict of interest transactions by the Board of Directors or the Management of the Company. The Board of Commissioners has also observed improvement in the good corporate governance practices in terms of application of black out periods for the Board of Directors and Management members including staff alike, to prevent any insider trading.

Pada tahun 2010, Direksi dan Manajemen Perseroan PT Berlian Laju Tanker Tbk telah menjalankan usaha Perseroan dengan baik sesuai dengan prosedur dan rencana kerja tanpa melanggar rambu-rambu yang telah ditetapkan oleh Dewan Komisaris.

During the year of 2010, the Board of Directors and the Management of PT Berlian Laju Tanker Tbk have done their task well and in line with the procedure and work plan, without any breach to the guidelines set by the Board of Commissioners.


Supervisory Report of the Board of Commissioners

SUPERVISORY REPORT OF THE BOARD OF COMMISSIONERS Kinerja Operasional

Operational Performance

Ekspansi armada yang telah dilakukan Perseroan sepanjang tahun 2010 telah meningkatkan kapasitas angkut Perseroan menjadi semakin besar sehingga meningkatkan skala operasi dimana jumlah kapal dalam armada perseroan telah meningkat menjadi 95 kapal pada tahun 2010 dibandingkan dengan 91 kapal pada tahun 2009. Dari segi kapasitas, perusahaan juga menunjukkan peningkatan dimana pada tahun 2009 total kapasitas angkut armada Perseroan adalah sekitar 2,2 juta DWT dan pada tahun 2010 jumlah tersebut telah naik menjadi sekitar 2,3 juta DWT. Dengan jumlah dan kapasitas armada yang dimiliki Perseroan, maka Perseroan memiliki keunggulan kompetitif yang kuat untuk semakin memperbesar pangsa pasar global yang dimilikinya, terutama pada segmen transportasi kimia cair.

The fleet expansion by the Company throughout 2010 has expanded the tonnage capacity of the Company’s vessel and in terms of operational scale, in 2010 our fleet consists of 95 vessels, compared to 91 vessels in 2009. The fleet’s total tonnage capacity itself has increased from 2.2 million DWT in 2009 to 2.3 million DWT in 2010. With the current number and total capacity of the Company’s operated fleet, the Company has obtained a competitive advantage to enlarge its global market share, especially in the liquid chemical cargo transportation segment.

Dalam menjalankan tugas pengawasannya, Dewan Komisaris telah membentuk beberapa komite untuk mendukung kinerja pengawasan Dewan Komisaris. Komite – komite tersebut adalah Komite Nominasi, Komite Remunerasi, dan Komite Audit. Setiap komite tersebut terdiri atas anggota – anggota Dewan Komisaris dimana telah ditunjuk satu ketua untuk setiap komite tersebut.

In carrying out its supervisory function, the Board of Commissioners also has established several committees which supports the function of the Board of Commissioners. These are the Nomination Committee, Remuneration Committee, and Audit Committee. Each committee consists of members of the Board of Commissioners, and one chairman was appointed to lead each of the committees.

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Laporan Komite Nominasi

Report of the Nomination Committee

Tujuan dari pendirian Komite Nominasi adalah untuk memfasilitasi Dewan Komisaris dalam menentukan susunan Direksi dan Dewan Komisaris yang dapat dipercaya untuk membawa Perseroan mencapai tujuan – tujuan yang telah digariskan sebelumnya oleh para pemegang saham.

The objective of establishment of the Nomination Committee is to assist the Board of Commissioners in making decision on the composition of the Company’s board of directors and board of commissioners who will be entrusted to lead the Company toward the designated targets as set forth by the Shareholders.

Tugas dan tanggung jawab dari Komite Nominasi adalah sebagai berikut:

Nomination Committee has the duties of, among other things:

1. Meneliti dan menilai calon anggota Dewan Komisaris dan Direksi .

1. reviewing and assessing candidates directorships and commissionership.

2. Memberikan rekomendasi nama – nama yang dinilai memiliki kapasitas yang cukup sebagai anggota Dewan Komisaris dan Direksi.

2. reviewing and recommending to our Shareholders the individuals considered to have the capacity to be Directors and Commissioners.

3. Menyusun komposisi dan jumlah Komisaris Independen untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat di antara Dewan Komisaris dan Direksi.

3. reviewing the composition of the Company’s Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners;

4. Menilai independensi dari Komisaris Independen yang telah ditunjuk oleh Rapat Umum Pemegang Saham.

4. determining the independence of the Company’s Independent Commissioners, that have been appointed by the Shareholders.

5. Menentukan sejauh mana setiap anggota Dewan Komisaris dan Direksi dapat berkontribusi secara efektif dan menunjukkan komitmen yang tinggi terhadap tanggung jawab mereka.

5. deciding whether the Directors and Commissioners can continue to contribute effectively and demonstrate commitment to their roles.

Menjelang Rapat Umum Pemegang Saham Tahun 2010, Komite Nominasi melakukan penilaian terhadap kinerja setiap Direktur Perseroan. Penilaian ini didasarkan pada kinerja dan pencapaian yang telah ditunjukkan Direksi selama tahun 2009 dan mengevaluasi kembali apakah komposisi Direksi tersebut memiliki kompetensi dan kapasitas yang dibutuhkan Perseroan untuk menjawab tantangan – tantangan yang ada di masa depan. Evaluasi yang sama juga dilakukan terhadap anggota – anggota Dewan Komisaris dimana kinerja pengawasan yang telah ditunjukkan selama tahun 2009 dinilai dan digunakan sebagai acuan dalam penentuan komposisi Dewan Komisaris pada periode selanjutnya.

Prior to 2010 Shareholders’ Annual General Meeting, the Nomination Committee has carried out assessment on the performance of each of the Directors, based on individual performance during 2009 and reevaluated the decision to maintain composition of the Board of Directors, to ensure they have the right competence and capacity as needed by the Company. There are challenges to develop the Company in the future. The same evaluation is also applied to members of the Board of Commissioners, in which their performance for 2009 has been used as reference, also to determine what kind of composition of the Board of Commissioners shall be recommended for the following period.

Dewan Komisaris menilai bahwa kinerja Direksi selama tahun 2010 adalah baik adanya.

The Board of Commissioners is in the view that the performance of the Board of Directors in 2010 was satisfactory.


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Laporan Komite Remunerasi

Report of the Remuneration Committee

Komite Remunerasi dibentuk dengan tujuan utama adalah memastikan tersedianya prosedur formal dan transparan untuk penentuan paket remunerasi yang sesuai kepada Direksi. Dalam penentuan paket remunerasi tersebut, Komite Nominasi bekerja secara independen tanpa ada pengaruh dari satupun Direktur Perseroan. Dalam menentukan paket remunerasi, Komite mempertimbangkan beberapa hal berikut seperti: kinerja setiap Direktur pada tahun – tahun sebelumnya, keahlian dan kompetensi yang dimiliki, tugas dan tanggung jawab yang akan diemban, dan kondisi keuangan Perseroan.

The Remuneration Committee was established to assist the Board of Commissioners for one key duty; to ensure the availability of a formal and transparent procedure to determine remuneration package for the Board of Directors. To do this task, the Nomination Committee works independently, apart from any influences from any Directors of the Company. There are several considerations to be included, such as individual performance of the Directors on previous years, their capability, expertise and competence, duty and responsibility assigned to them, and the Company’s financial situation.

Lingkup tugas dari Komite Remunerasi mencakup hal – hal sebagai berikut:

Remuneration Committee has the duties of, among other things:

1. Memberikan rekomendasi kepada Dewan Komisaris mengenai kebijakan dan panduan dalam penentuan paket remunerasi bagi para anggota Direksi.

1. recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors and Commissioners.

2. Menyetujui target kinerja serta mekanisme penilaian yang akan digunakan dalam mengevaluasi kinerja para anggota Direksi.

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

3. Memberikan rekomendasi kepada Dewan Komisaris mengenai paket remunerasi yang dianggap sesuai dan pantas bagi para anggota Direksi.

3. Recommending specific remuneration packages for each Director for endorsement by our Board of Commissioners.

Dalam penentuan paket Remunerasi tersebut, Komite Remunerasi juga telah mempertimbangkan dan merancang suatu tingkat remunerasi yang cukup menarik untuk mempertahankan dan memotivasi Direksi Perseroan dan di saat yang bersamaan menghindari paket remunerasi yang berlebihan dan tidak sesuai dengan kepentingan Perseroan.

Decision on the level of remuneration should be appropriate to attract, retain and motivate the directors to run the company successfully but companies should avoid paying too much for this purpose, or a proportion which has no relation to the Company’s interest.



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Kegiatan yang dilakukan oleh Komite Remunerasi pada tahun 2010 adalah menetapkan untuk memberikan usulan gaji dan/atau tunjangan bagi seluruh anggota Direksi Perseroan setelah dipotong pajak penghasilan tidak melebihi Rp.16.500.000.000 (enam belas miliar lima ratus juta Rupiah) setahun.

Accomplishment by the Remuneration Committee in 2010 were recommendation to salary and/or allowance for all members of the Board of Directors, which in total, after being deducted by income tax, shall not exceed Rp.16,500,000,000 (sixteen billion five hundred million Rupiah) annually.

Laporan Komite Audit

Report of the Audit Committee

Dalam memastikan fungsi pengawasan Dewan Komisaris dapat berjalan dengan optimal dan menyeluruh, maka Dewan Komisaris membentuk Komite Audit. Komite Audit memiliki tugas utama melakukan penelaahan terhadap sistem akuntansi internal, pengawasan operasional, serta kepatuhan dan manajemen risiko, melalui kerjasama dengan auditor internal maupun eksternal Perseroan.

To ensure the fulfillment of supervisory function of the Board of Commissioners in an optimum and thorough way, the Board of Commissioners has established an Audit Committee, with key duties to review the internal accounting system, to supervise operational activities in relation to compliance and risk management, in collaboration with the internal and external auditor of the Company.

Tugas dan tanggung jawab Komite Audit adalah sebagai berikut:

The duties and responsibilities of the Audit Committee are as follows:

1.

Melakukan penelaahan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, termasuk kepatuhan atas standar pencatatan/pelaporan akuntansi yang berlaku.

1. Examining the consolidated financial statement and auditor’s report on the financial statement, including compliance of the reporting to the applicable rules in accounting.

2. Melakukan pembahasan bersama dengan auditor eksternal mengenai, apabila ada, dugaan terjadinya penipuan ataupun pelanggaran terhadap ketentuan – ketentuan yang telah diatur dalam undang – undang dan berdampak material terhadap kondisi operasional dan keuangan Perseroan.

2. Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material effect to the result of the Company’s operation and/or financial position.

3. Menelaah transaksi – transaksi yang dilakukan Perseroan menyangkut instrumen derivatif keuangan

3. Examining the transactions undertaken by the Company which involve financial derivative instruments

4. Meneliti dan menilai independensi auditor eksternal dan memberikan rekomendasi penunjukan auditor eksternal

4. Reviewing and asses the independence of the external auditor and providing recommendation for appointment of an external auditor

5. Melakukan pengujian terhadap transaksi – transaksi benturan kepentingan

5. Examining conflict of interests transactions based on applicable rules and regulations.

6. Melaporkan risiko – risiko yang dihadapi Perseroan dan dampaknya terhadap kinerja operasional dan keuangan Perseroan

6. Reporting any risks which the Company faces and their impact on the Company’s operational performance and financial condition.

Sepanjang tahun 2010, Komite Audit mengadakan pertemuan dengan Perseroan dengan frekuensi satu kali dalam satu bulan dan pertemuan dengan auditor eksternal sebanyak dua kali dalam tahun tersebut. Kegiatan – kegiatan yang dilakukan oleh Komite Audit pada tahun 2010 adalah sebagai berikut:

Throughout 2010, the Audit Committee met with the Company’s management once every month, and with the external auditor twice during that year. Activities undertaken by the Audit Committee in 2010 were as follows:

1. Meminta penjelasan manajemen mengenai kepatuhan terhadap regulasi – regulasi yang berlaku di Singapura dan Indonesia sehubungan dengan dual listing Perseroan di Indonesia dan Singapura.

1. Requesting explanation to the management regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Company plan to dual-listing shares.

2. Memonitor perkembangan pembuatan kapal baru dan dana sehubungan dengan pembuatan kapal tersebut

2. Following the construction progress of the Company’s new vessels and funding related to it

3. Memantau transaksi – transaksi dengan pihak tertentu dan pihak terafiliasi

3. Discussing and transactions

P

Annual Report 2010

monitoring

related-party

Supervisory Report of the Board of Commissioners 4. Meninjau rencana kerja audit internal dan memberi masukan terhadap rencana audit tersebut

4. Reviewing the scope and working plan of the Company’s Internal Audit, providing advices and monitoring the results of Internal Audit

5. Memutakhirkan (meng-update) Pedoman Kerja Komite Audit (Audit Committee Charter).

5. Updating the Company’s Audit Committee Charter.

Hal-Hal Yang Perlu Mendapat Perhatian Manajemen

Matters of Importance to Consider by the Company Management

Berdasarkan pengawasan atas realisasi kinerja dan pelaksanaan program kerja Perseroan tahun 2010, maka Dewan Komisaris menyampaikan beberapa hal yang perlu mendapat perhatian manajemen dalam menghadapi tahun 2011 antara lain sebagai berikut:

Based on supervision on the performance and realization of the Company’s 2010 work program, the Board of Commissioners has come to conclusion on some key aspects to be considered by the Management in the year 2011, as follows:

1. Pada tahun 2011, kondisi makro ekonomi global telah mulai stabil dan beberapa indikator ekonomi telah menunjukkan tanda - tanda perbaikan dibandingkan dengan tahun 2010. Oleh karena itu, Perseroan perlu menyiapkan strategi yang tepat untuk memanfaatkan momentum kenaikan industri pengangkutan laut kargo cair.

1. In 2011, the global macro economy has started to stabilize and several economic indicators have shown signs or recovery compared with 2010. Therefore, the Company should prepare the exact strategy to tap the rebound momentum of the marine liquid cargo transportation industry.

2. Terus melakukan perbaikan – perbaikan yang berkelanjutan terhadap proses bisnis yang ada sehingga Perseroan semakin mantap dalam pengembangan bisnis ke depan.

2. Continuous improvement on existing business activity to strengthen the Company’s position in the market.

3. Melakukan upaya – upaya efisiensi dan menanamkan budaya efisiensi di dalam Perseroan dengan tidak mengganggu proses bisnis yang ada. Hal ini terutama mengingat efek dari krisis yang dialami sekarang ini sehingga dirasa perlu untuk melakukan peningkatan pengelolaan efisiensi operasional yang dilaksanakan secara berkelanjutan dengan memperbaiki struktur biaya melalui program efisiensi operasional yang berkesinambungan dan harus dilaksanakan secara sistematik.

3. Efficiency measures and culture shall be enforced and nurtured internally, without disrupting the existing business process. Due to the impact of current crisis, it is necessary to continue the improvement of operational efficiency in a sustainable and systematic way, by creating a better cost structure and more efficient operational activities.

4. Perseroan harus memanfaatkan dengan sebaik - baiknya implementasi asas cabotage di Indonesia untuk memperkuat operasional Perseroan di perairan domestik.

4. The Company should fully utilize the implementation of Cabotage Principle in Indonesia to strengthen the Company’s operation in domestic waters.

Seluruh Komite telah melaksanakan tugas dan kewajibannya dengan baik serta telah mampu memberikan laporan dan rekomendasi yang berguna kepada Dewan Komisaris dalam menjalankan tugas serta wewenangnya. Oleh karena itu, Dewan Komisaris mengucapkan terima kasih atas segala upaya yang telah diberikan Komite – Komite terkait dalam mendukung kinerja Dewan Komisaris dalam melaksanakan tanggung jawabnya seperti yang telah diamanatkan oleh para pemegang saham.

All the Committees have carried out their duties and obligations well, and are capable to provide the required reports and recommendation necessary for the Board of Commissioners to fulfill their duties and authority. Therefore, the Board of Commissioners is thankful for their hard works and dedication to assist the performance of the Board of Commissioners in meeting the assignment as trusted by the Company’s Shareholders.

Demikian laporan Dewan Komisaris atas pelaksanaan pengawasan terhadap Perseoran selama tahun 2010.

The Report of the Board of Commissioners on supervision of the Company in 2010 is duly made.

Sekian dan terima kasih. Dewan Komisaris

Thank you. Board of Commissioners

19

20 SAMBUTAN DIREKSI

SAMBUTAN DIREKSI

Tahun 2010 ditandai dengan kondisi perekonomian global yang masih dalam ketidakpastian walaupun gejolak krisis keuangan dunia sudah mereda dibandingkan dengan apa yang terjadi pada tahun 2009 dan 2008 yang merupakan krisis ekonomi dunia terburuk sejak depresi besar yang terjadi pada tahun 1933. Pelemahan kondisi keuangan Yunani yang terjadi mulai periode Februari tahun ini dan diikuti dengan hilangnya kepercayaan pasar pada ekonomi negara tersebut telah memperlambat pemulihan ekonomi.

The year 2010 was marked by uncertain global economic condition despite the eased turnmoil of world financial crisis compared to the situation in 2009 and 2008 presenting the world worst economic crisis since the great depression in 1933. The weakening Greek financial condition commencing in February 2010 and followed by the loss of market confidence on the country’s economy has slowed down the economic recovery.

Krisis Yunani dilatarbelakangi oleh ketidaksanggupan pemerintah Yunani dalam menangani hutang negara (sovereign debt) yang sangat besar yang mencapai 290 milyar Euro dan defisit anggaran pada tingkat yang mengkhawatirkan sebesar 12,7% dari total produk domestik bruto. Krisis yang awalnya hanya spesifik pada negara Yunani akhirnya berdampak luas karena menyeret negara-negara tetangga Yunani yang memiliki hutang negara yang besar pula terutama setelah S&P menurunkan peringkat (rating) untuk negara tetangga seperti Spanyol, Portugis, Italia dan Irlandia. Beberapa negara di kawasan Eropa ini memiliki karakteristik yang hampir sama yakni tingkat hutang yang tinggi dan masalah defisit anggaran yang besar. Krisis ini bahkan akhirnya telah menyeret semua negara di kawasan Eropa dan berdampak negatif pada mata

The background of Greek crisis was the incapability of Greek government in handling a very huge sovereign debt reaching 290 billion Euros and budget deficit at disturbing level of 12.7% from the total gross domestic products. The crisis which was initially involved only Greece has finally spread wider impact to Greek neighbouring countries especially when S & P downgraded the rating of Spain, Portugal, Italy and Ireland. Some of those European countries have almost the same characteristics namely financial problems due to high level debt and large budget deficit. This crisis has even dragged all countries in Europe and given negative impact to Euro currency. The chain effect of Greek crisis has reduced investor’s and market’s trust to global economic recovery.


Remarks from Board of Directors 21

REMARKS FROM BOARD OF DIRECTORS uang Euro. Efek berantai dari Krisis Yunani ini telah mengurangi kepercayaan investor dan pasar atas pemulihan ekonomi secara global. Selain itu, pada akhir tahun 2010 dan awal tahun 2011, telah terjadi pergolakan politik yang besar yang terjadi pada negara-negara di Timur Tengah dan Afrika Utara dengan karakteriskik yang sama yakni gelombang protes masyarakat yang luas. Hal ini disebabkan oleh kombinasi krisis keuangan global, rezim yang represif, frustrasi yang telah berlangsung lama pada rezim otoriter, dan berbagai kebocoran dokumen penting negara-negara di dunia yang menyebabkan gelombang kemarahan publik. Krisis di kawasan Timur Tengah ini akhirnya telah berubah menjadi revolusi dengan tergulingnya pemerintah berkuasa di beberapa negara termasuk Tunisia, Lebanon dan Mesir. Ketidakpastian kondisi Timur Tengah ini juga telah menyebabkan naiknya harga minyak dunia mencapai hampir bahkan lebih dari USD100 per barrel terutama setelah terjadi kerusuhan dan perang di Libya. Libya merupakan negara anggota OPEC dengan produksi minyak terbesar di Afrika Utara yaitu sebesar 1,2 juta barrel per hari dan merupakan pengekspor minyak ke-15 terbesar di dunia. Kondisi ini menyebabkan hampir semua perusahaan minyak dan gas termasuk Eni dan Repsol - YPF menghentikan sementara produksi minyaknya di negara Afrika Utara ini. Krisis ini telah juga mempengaruhi gerak laju pertumbuhan ekonomi global.

On the other hand, at the end of 2010 and the beginning of 2011, a huge political turbulence occured in the Middle East and North African countries bearing the same characteristics presenting a large wave of anti-government protest. This was due to a combination of global financial crisis, repressive regime, long frustration to the authoritarian regime and several leaks related to important documents provoking a wave of public anger. These Middle East crisis led to revolutions with the overthrow of ruling government in several countries such as Tunisia, Lebanon and Egypt. Such disadvantageous condition in the Middle East has raised world oil price to almost even more than US$ 100 per barrel especially after chaos and war occured in Libya. Libya is a member of OPEC with the largest oil production in North Africa amounting to 1.2 million barrel per day and the 15th largest world oil exporter. This condition had caused almost all oil and gas majors including Eni and Repsol – YPF to stop their oil production temporarily in this North African country. This crisis has also given adverse impact to the flow of global economic growth.

Krisis Yunani tersebut di atas yang diikuti dengan ketidakpastian atas ekonomi negara-negara Eropa, yang diperparah dengan adanya krisis Timur Tengah yang terjadi dan naiknya harga minyak dunia menyebabkan keraguan pasar akan kemungkinan terjadinya pemulihan ekonomi global yang memang masih dalam kondisi belum

The above mentioned Greek crisis followed by uncertainty on the economy of European countries, deteriorated by the Middle East crisis and the hike of world oil prices has led to market incertitude on the possibility of any global economic recovery. Greek and Middle East crisis has significantly decreased the demand of various types of goods and services

22 SAMBUTAN DIREKSI stabil. Krisis Yunani dan Timur Tengah tersebut juga telah menyebabkan penurunan permintaan yang besar pada berbagai jenis barang dan jasa terutama karena krisis ini bermula dari kawasan Eropa yang merupakan kawasan pengimpor barang dan jasa yang besar. Industri angkutan laut yang berperan penting dalam perdagangan internasional telah mengalami dampak yang besar pula yang sejak tahun 2008 dan 2009 belum mengalami pemulihan ekonomi dunia yang berarti akibat kemelut krisis di beberapa tempat yang terjadi pada tahun ini. Industri pelayaran pada tahun 2010 juga terimbas oleh dampak krisis tersebut sehingga permintaan tidak menunjukkan perubahaan yang material dibanding dengan tahun 2009.

especially due to the fact that the crisis began from Europe which is known as the major importer of goods and services. Marine transportation plays important role in international trade has suffered adverse impact since 2008 and 2009 but has not experienced any significant world economic recovery due to the current crisis. Shipping industries in 2010 has also affected by the impact of this crisis presenting no material demand compared to 2009.

Pada tahun 2010 ini, segmen angkutan kimia cair telah menunjukkan pemulihan dibandingkan dengan periode yang sama tahun lalu namun tidak terlalu material. Permintaan kapal tanker kimia yang setiap tahunnya mencapai sekitar 36 juta DWT dari tahun 2005 – 2008 mengalami penurunan yang besar pada tahun 2009 menjadi hanya sebesar 31,9 juta DWT. Pada tahun ini, berdasarkan Drewry Report Q4 2010 terjadi penambahan menjadi 33,1 juta DWT. Namun karena tingkat penyediaan kapal tanker kimia yang masuk ke pasaran pada tahun 2010 cukup besar dan hal ini terjadi karena adanya penundaan penyerahan kapal dari tahuntahun sebelumnya, maka tarif tambang kimia tidak mengalami kenaikan yang besar. Menurut Drewry Report Q4 2010, tingkat armada yang masuk pada tahun 2010 adalah sebanyak 57 kapal dengan bobot mati sekitar 804.000 KT.

In 2010, liquid chemical tanker segment has shown recovery compared to the same period in the preceding year even if not materially. From 20052008 the demand on chemical tanker reached 36 million DWT every year and has registered an important decrease in 2009 to 31.9 million DWT. Based on Drewry report Q4/2010 an increase has been registered to 33.1 million DWT in 2010. Due to the large supply of chemical tanker in the market in 2010 due to the delay in vessels submission in the preceding years, the hike in freight rate of chemical tanker was not significant. According to Drewry Report Q4 2010, there was additional 33.1 million DWT in this year. But, due to the supply of chemical tankers in the market in 2010 was quite big and occurred because of the delay in vessels delivery, then the freight rate for chemical tankers was not increased significantly. According to Drewry Report Q4 2010, the level of vessels delivery in 2010 was 57 vessels with total tonnage capacity amounting to 804,000 KT.

Naiknya tingkat pembesituaan kapal tanker kimia yang mencapai sebesar 540,000 DWT dengan tambahan sekitar 92,000 DWT untuk kapal tanker yang dijual untuk dimusnahkan (sold for demolition) pada tahun 2010 menjadi berimbang dengan jumlah kapal tanker kimia yang beredar di pasar. Selain karena adanya overcapacity atas tonase tanker kimia di pasar, naiknya harga bunker pada tahun 2010 juga ikut melemahkan segmen ini sehingga kenaikan tarif tambang menjadi tidak begitu memberikan efek yang berarti. Walau demikian, Perseroan melihat tingkat pembatalan pemesanan kapal yang tinggi (sekitar 60-70%) dan tingkat pembesituaan semakin besar memasuki tahun 2011 ditambah dengan penurunan yang signifikan atas tingkat pemesanan kapal baru serta naiknya harga minyak nabati pada tahun 2011 dimana crude palm oil dan soya bean oil telah naik masing-masing sekitar 30% dan 24% maka hal-hal tersebut akan memberikan tren yang semakin baik bagi perkembangan segmen ini pada tahun-tahun mendatang.

The increased scrapping rate of chemical tanker amounting to 540,000 DWT with an additional of 92,000 DWT for tankers sold for demolition in 2010 has a balancing effect to the number of chemical tankers available in the market. In addition to the tonnage overcapacity of chemical tanker, the hike of bunker price in 2010 has also weakened this segment thus the rise in freight rate did not give a significant effect. However, the Company foresees that the high cancellation rate of vessel book order (around 60-70%), the higher scrapping rate in entering the year of 2011 as well as the significant decrease of the order of new vessels and the rise of edible oil price in 2011 with crude palm oil and soya bean oil by 30% and 24% respectively will give indication for a better trend to the development of this segment in the coming years.


Remarks from Board of Directors 23 Di sektor angkutan minyak, permintaan minyak dunia menunjukkan pertumbuhan yang positif sebesar 0,3% menjadi sekitar 88,9 mbpd yang sebagian besar didorong oleh permintaan dari negara-negara Non-OECD sesuai dengan adanya kecenderungan pertumbuhan ekonomi dunia di mana negara-negara berkembang menunjukkan pertumbuhan ekonomi yang lebih mengesankan. Namun pertumbuhan ini telah dipengaruhi oleh adanya kenaikan minyak dunia sebesar 12% pada kuartal keempat tahun 2010 dengan benchmark harga WTI index ditutup mencapai lebih dari USD 91/ bbl pada akhir tahun setelah terjadi ketidakstabilan politik yang hampir menyeluruh di negara-negara Timur Tengah dan Afrika Utara. Penurunan kuota produksi minyak juga telah mempengaruhi pemulihan ekonomi global.

In oil tanker segment the increasing world demand by 0.3% to 88.9 mbpd was mostly boosted by the demand of non-OECD countries in line with the trend of world economic growth indicating that developing countries showed a more impressive growth. This growth, however, was influenced by the hike in world oil price by 12% in Q4/2010 with a benchmark WTI price index closed at more than USD 91/bbl at the end of the year. This was due to the political instability in almost all Middle East and North African countries. The decrease of oil production quota has also affected global economic recovery.

Pertumbuhan armada dunia yang besar untuk tanker minyak pada tahun ini sebesar 5,5% atau sebesar 353,8 juta DWT dibandingkan tahun lalu juga telah menyebabkan tarif tambang tanker minyak tidak dapat membentuk tren yang menggembirakan. Walaupun kapasitas kapal lambung tunggal (single hull vessels) terus menurun secara drastis hingga hanya mencapai 5% dari total armada dunia yang ada, namun tarif tambang segmen ini masih akan memasuki periode yang sulit karena jumlah pemesanan kapal yang besar sekitar 8.5% yang akan menyebabkan jumlah kapal tanker naik secara signifikan pada tahun 2011. Hal ini diperparah dengan aktifikas pemesanan kapal baru yang masih tinggi pada tahun-tahun belakangan ini. Oleh karena kondisi ini dan menimbang harga tarif tambang internasional masih akan sulit sementara di Indonesia telah ditetapkan asas cabotage yang memberikan tarif tambang yang relatif lebih tinggi daripada tarif tambang pasar internasional, maka hampir semua kapal tanker minyak Perseroan akan dipergunakan untuk perdagangan dalam negeri mulai tahun 2011.

The substantial growth of 5.5% of world vessel deployed as oil tankers or amounting to 353.8 million DWT compared to the previous year has created a negative trend to the freight rate of oil tanker. Despite the capacity of single hull vessels continued to drop drastically to only 5% of the world existing fleet, the freight rate of this segment will still be faced with difficult period due to the significantly increase in the number of oil tankers in 2011 resulting from 8.5% order book of big vessels. The high order book of new vessels during the recent years has even deteriorated the situation. In view of this situation and considering the unfavorable international freight rate and in conjunction with the application of cabotage principle in Indonesia that provides relatively higher freight rates, commencing the year 2011 almost all of our oil tankers will be deployed for domestic trade activities.

Untuk segmen gas cair, hampir semua kapal-kapal tanker gas Perseroan sudah terikat kontrak sewa jangka menengah dan panjang dan sebagian besar beroperasi di Indonesia sehingga tidak terlalu terpengaruh oleh naik turunnya permintaan atas jasa angkutan segmen ini. Namun secara umum, ketersediaan dan permintaan kapal tanker gas selama tahun 2010 menunjukkan selisih yang semakin mengecil dikarenakan banyaknya kapal tanker gas tua yang dibesituakan / demolished. Sejalan dengan pertumbuhan ekonomi global dan terutama di Indonesia, apalagi sehubungan dengan adanya program konversi minyak tanah ke LPG di Indonesia, maka permintaan transportasi gas cair diperkirakan juga akan semakin meningkat pada tahun 2011 dan tahun-tahun seterusnya. Selain itu, dengan adanya Cetak Biru Pengelolaan Konsumsi Energi oleh pemerintah yang menitikberatkan pada penggunaan gas, maka diperkirakan pertumbuhan sektor gas di Indonesia akan semakin membaik.

With reference to liquefied gas segment, the majority of our gas tankers have been deployed for long term contracts and therefore they will not be really affected by the fluctuating demand in this segment since most of them are operating in Indonesia. In general, the supply and demand of gas tanker in 2010 indicated a smaller margin due to the large number of scrapped and demolished old tankers. In line with global economic growth and mainly with the support of kerosene to LPG conversion program launched by Indonesian government, the demand of liquefied gas transportation will certainly increase in 2011 and onwards. In addition to this, the publication of Blueprint of Energy Consumption Management by the government focusing on the use of gas, is expected to improve the growth of gas sector.

24 SAMBUTAN DIREKSI Akibat krisis yang melanda pada tahun 2010 dan berbagai faktor penyebab yang disebutkan di atas, Perseroan mencatat pertumbuhan pendapatan yang kecil pada tahun 2010. Dalam hubungannya dengan pencatan saham Perseroan di Bursa Efek Singapura, seperti tahun lalu Perseroan selain menyajikan laporan keuangan sesuai Prinsip Akuntansi Yang Berlaku Umum di Indonesia, juga menyajikan laporan keuangan sesuai Standard Pelaporan Keuangan Internasional (IFRS). Perbandingan kinerja Perseroan di tahun 2010 dibandingkan dengan tahun 2009 sesuai dengan kedua standar pelaporan keuangan tersebut dapat dilihat pada tabel sebagai berikut:

Revenue Gross Profit Net Profit/ (Loss)

Indonesian GAAP in USD ‘000 2009 2010 618,346 656,854 132,834 94,548 (285,876) (154,401)

Due to the global economic crisis and its other contributing factors, the Company registered a slight increase of revenue in 2010. Referring to its shares in Singapore Stock Exchange, in addition to the financial report which is in accordance with Generally Accepted Accounting Principles (GAAP) applicable in Indonesia the Company has prepared as well financial report in respect to IFRS. The comparison of Company’s performances in 2010 and 2009 financial reports using both GAAP and IFRS standards may be seen in the following table:

Increase/Decrease 6% (29%) 46%

IFRS in USD ‘000 2009 2010 618,346 656,854 132,237 94,453 (117,004) (150,127)

Increase/Decrease 6% (29%) 28%

Pertumbuhan yang kecil pada pendapatan dalam tahun buku 2010 berdasarkan laporan keuangan IndoGAAP sebesar 6,2% dibandingkan dengan periode yang sama tahun 2009 terutama disebabkan oleh tarif tambang tanker kimia yang belum pulih untuk hampir semua segmen angkutan yang digeluti oleh Perseroan. Hal ini disebabkan oleh kondisi perekonomian global yang mengalami krisis seperti yang disebutkan di atas.

The slight increase in the revenue of 2010 fiscal year based on IndoGAAP amounting to 6.2% compared to the same period in 2009 was mainly due to the declining freight rate of chemical tanker for almost all transportation segments covered by the Company. Global economic crisis made a major contribution to this condition.

Pertumbuhan pendapatan yang kecil belum cukup mengimbangi naiknya biaya operasional sehingga Perseroan mencatat adanya penurunan pada Laba Kotor untuk tahun 2010 dibandingkan dengan periode yang sama tahun lalu. Hal ini sebagian besar disebabkan oleh naiknya beban langsung, terutama dipicu naiknya biaya bahan bakar yang cukup signifikan mengikuti naiknya harga minyak dunia. Laba Usaha untuk laporan keuangan INDOGAAP mengalami penurunan sebesar 38,8% dibandingkan tahun 2009 yang terutama disebabkan oleh belum pulihnya pendapatan dan faktor naiknya harga bahan bakar seperti yang disebutkan di atas.

Slight increase in Company’s total revenue was not enough to offset the increase in operational costs so that the Company recorded a decrease in gross profit for 2010 compared to the same period in the preceding year. This was mainly caused by the increase in direct costs, which mainly triggered by the significant increase in bunker costs following the increase of global oil prices. Operating Profit for the financial statements based on INDOGAAP suffered a 38.8% decrease compared with 2009 was caused among others by the income that have not been fully recovered and the increase in bunker costs factor as described above.

Sehubungan dengan hasil laporan keuangan Perseroan di atas, Perseroan terus mengantisipasi perkembangan pasar yang ada dan terus berbenah diri untuk menghadapi segala kemungkinan yang dapat terjadi. Oleh karena itu, untuk menghadapi ketidakpastian pertumbuhan ekonomi ini, Manajemen Perseroan tetap melakukan program pengetatan dan penghematan yang merupakan kelanjutan dari program yang dicanangkan sejak tahun 2008. Selain itu, Manajemen Perseroan juga telah melakukan beberapa upaya termasuk melakukan konsolidasi sumber daya dan restrukturisasi internal Perseroan.

With reference to the above mentioned financial reports, the Company continues to anticipate existing market development and be prepared for any possibility. In facing the uncertainty of economic growth, the Company’s Management maintains cost-effective and budget tightening policies as the follow up of the program launched in 2008. On the other hand, the Company’s Management has also made several efforts including internal resources consolidation and restructuring.


Remarks from Board of Directors 25 Pada tahun 2010 ini, Perseroan tetap menitikberatkan pada upaya memperkuat likuiditas dengan menjalin kerjasama untuk mendapatkan sumber pendanaan yang berbeda. Selain itu, Perseroan juga tetap mempertahankan pendapatan dari kontrak untuk mengamankan pendapatan dari fluktuasi tarif tambang serta penitikberatan dan fokus pada pengembangan usaha di dalam negeri.

In 2010, the Company remained focused on the effort of reinforcing liquidity by setting up collaborations with the objective of gaining different financial resources. The Company also maintained its contract revenues to save it from volatile freight rates and to focus on domestic business development.

Pada saat krisis, tidak mudah bagi suatu perusahaan untuk dapat mengembangkan armadanya karena pengembangan armada membutuhkan dana yang cukup besar. Namun, pada tahun 2010, Perseroan telah berhasil mengembangkan armadanya dengan bergabungnya beberapa kapal yang telah dipesan sebanyak 4 kapal baru dan bekas sehingga pada akhir tahun 2010 armada Perseroan bertambah menjadi 95 kapal tanker dengan total bobot mati sekitar 2,3 juta KT.

It was not easy for a company to develop its fleet especially during economic crisis because it requires an important source of fund. However, in 2010, the Company succeeded in developing its fleet by receiving 4 new and second vessels. By the end of 2010 the Company’s fleet rose to 95 tankers with total tonnage of 2.3 million KT.

Perseroan telah membuktikan fleksibilitas maupun kredibilitas dalam bidang pendanaan eksternal yang terdiri dari bebagai tipe pendanaan. Pada tahun ini dari sisi pendanaan, walaupun krisis global yang hebat melanda pada tahun 2009 dan 2010, Perseroan tetap berhasil mencari sumber pendanaan yang diperlukan untuk pengembangan usaha melalui penerbitan obligasi konversi sebesar USD 125 juta, penerbitan Rights Issue sebesar USD135 juta yang dilakukan pada dua bursa sekaligus yakni Bursa Efek Indonesia dan Bursa Efek Singapura (SGX-ST), dan juga penjualan kembali (re-sale) Convertible Bonds sebesar USD48,8 juta melalui private placement.

The Company has proven its flexibility and credibility in terms of external financing by participating in different types of financing. Despite the great global crisis in 2009 and 2010, the Company still succeeded in finding financial resources required for its business development through the issuance of Convertible Bonds amounting to USD 125 million, conducted Rights Issue amounting to USD 135 million in both Indonesia Stock Exchange and Singapore Stock Exchange (SGX-ST), as well as the re-sale of Convertible Bonds amounting to USD 48.8 million through private placement.

Hal lain yang telah dilakukan oleh Perseroan selama tahun 2010 adalah melakukan pembatalan pembangunan 5 kapal tanker kimia dimana 2 dari kapal tanker kimia tersebut pembangunannya diganti menjadi kapal tanker LPG ukuran kecil. Dengan pembatalan dan perubahan jenis kapal ini, maka Perseroan telah menghemat belanja modalnya untuk tahun 2011 dan 2012 secara signifikan dan dengan demikian meningkatkan likuiditas untuk jangka pendek maupun panjang. Dengan adanya pembatalan dan konversi pembangunan jenis kapal tersebut pula maka pada akhir 2010, Perseroan melanjutkan kontrak pesanan kapal baru yang masih berjumlah 7 kapal yang diperkirakan akan bergabung dengan armada Perseroan pada awal tahun 2011 dan 2012.

Other action performed by the Company in 2010 was to cancelled the construction of 5 chemical tankers and to modified the construction of 2 chemical tankers to smaller LPG tankers. This cancellation and modification has generated a significant costeffective result in Company’s capital expenditures for 2011 and 2012 thus consequently strengthened both its short term and long term liquidity. Following this decision the Company has entered into contract agreement for the book order of 7 new vessels that will join its current fleet in 2011 and 2012.

Sebagai bagian dari konsolidasi internal usaha, Perseroan juga secara strategis telah membagi Grup usaha BLT menjadi dua grup yang berbeda dimana grup yang satu fokus pada segmen angkutan kimia cair dan berbasis area perdagangan dan operasi usaha internasional di luar Indonesia sedangkan grup usaha lain fokus pada energy shipping dengan segmen-segmen usaha termasuk segmen angkutan minyak, gas, dan offshore (FPSO-FSO termasuk

As part of business internal consolidation, the Company has strategically divided BLT Group into two different groups, one focusing on chemical tanker segment based on international trade area and business operation overseas while the other group will concentrate on energy shipping with business segments including oil, gas and offshore (FPSO-FSO including floating structures) with domestic operational area. Following this internal

26 SAMBUTAN DIREKSI floating structures) dengan wilayah operasi hanya di Indonesia. Sehubungan dengan konsolidasi internal tersebut, pada akhir 2010 Perseroan telah membentuk Global BLT-Chembulk, suatu organisasi yang didirikan untuk mengembangkan operasi usaha armada tanker kimia Perseroan dengan jangkuan global. Perseroan juga telah mengaktifkan unit usaha PT Buana Listya Tama sebagai basis pengembangan usaha pelayaran domestik.

consolidation, the Company set up Global BLTChembulk at the end of 2010, an organization established to develop business operation of chemical tankers within a more global scope. The Company has also activated its business unit, PT Buana Listya Tama, as the base of domestic shipping business development.

Guna dapat beroperasi lebih optimal, kedua divisi yakni BLT-Chembulk dan PT Buana Listya Tama, telah menandatangani Services Agreement dan Executive Management Services Agreement serta Tonnage Allocation Model untuk menghindari kompetisi internal dan untuk mendapatkan campuran jenis, ukuran dan spesifikasi kapal yang sesuai untuk keperluan wilayah operasi yang bersangkutan. Dengan pembagian usaha ini, Perseroan mengharapkan potensi dan kegiatan operasi bisnis Grup BLT secara keseluruhan akan dapat menjadi lebih maksimal.

With the objective of performing optimal operation, both divisions, BLT-Chembulk and PT Buana Listya Tama, have entered into Services Agreement and Executive Management Services Agreement as well as Tonnage Allocation Model in order to avoid any internal competition and to have the benefit of using vessels with different types, sizes and specifications which are suitable for each operation area. This diversification is expected to maximize the potential and business operation of overall activities of BLT Group.

Berdasarkan data Biro Pusat Statistik, ekonomi Indonesia pada tahun 2010 ini telah menunjukkan kinerja pertumbuhan yang cukup baik dengan tumbuh sebesar 6,2%. Pertumbuhan ini relatif lebih baik daripada pertumbuhan negara-negara tetangga lain seperti Thailand, Filipina, Malaysia dan Brunei. Pada tahun 2011 yang akan datang, pertumbuhan GDP Indonesia diperkirakan akan berkisar antara 6,5% - 7%.

Based on the data published by the Central Bureau of Statistics, Indonesian economy has registered a good performance in 2010 with a growth rate of 6.2%. This rate is relatively better than the growth rates achieved by our neighbouring countries such as, Thailand, Phillipines, Malaysia and Brunei. The growth of Indonesian GDP is estimated at approximately 6.5% - 7% in 2011.

Dengan adanya pertumbuhan ekonomi Indonesia yang semakin baik dan ditunjang dengan adanya implementasi asas cabotage di dalam negeri, akan memberi peluang yang besar bagi usaha Perseroan karena asas ini mewajibkan semua kapal (termasuk tanker minyak dan gas, FPSO/FSO dan kapal lainnya) yang mengangkut barang/penumpang antar pelabuhan di Indonesia wajib menggunakan kapal berbendera Indonesia. Kesempatan ini cukup besar mengingat masih banyaknya kapalkapal berbendera asing yang dioperasikan di dalam negeri. Perseroan dalam hal ini melalui unit usaha PT Buana Listya Tama memiliki prospek dan posisi yang unik untuk dapat menangkap peluang-peluang yang besar dengan penerapan asas cabotage ini maupun berkembangnya pasar domestik secara keseluruhan. Pada tahun 2010 ini, Perseroan telah memenangkan beberapa kontrak besar dari asas cabotage termasuk kontrak sewa FPSO Brotojoyo dengan total nilai kontrak sebesar USD 81 juta untuk periode 4 tahun dan VLGC Gas Komodo dengan total nilai kontrak sebesar USD 90 juta untuk periode 7 tahun.

The improved Indonesian economic growth and the implementation of cabotage principle that requires all vessels (including oil and gas tankers, FPSO/ FSO and other vessels) mooring within Indonesian seaports to be Indonesian-flagged provide wide opportunities for the Company considering that there are still many vessels with foreign ownership operating in Indonesia. The Company through its business unit PT Buana Listya Tama have unique prospects and position in catching big opportunities with the implementation of Cabotage principle in 2010 including FPSO Brotojoyo charter contract by taking advantage of the implementation of Cabotage principle in 2010 including FPSO Brotojoyo charter contract amounting to US$ 81 million for a period of 4 years and VLGC Gas Komodo amounting to US$ 90 million for a period of 7 years.

Penerapan perjanjian perdagangan bebas (Free Trade Agreement) antara negara-negara yang termasuk di dalam kawasan Asia Tenggara (ASEAN) dengan China dan adanya penurunan

Free Trade Agreement applied between ASEAN countries and China and the decrease of trade tariff among ASEAN countries applicable this year have actually positive impact to the development


Remarks from Board of Directors 27 tarif perdagangan antara sesama anggota negara-negara Asean yang sudah mulai berlaku pada tahun ini pada dasarnya akan berdampak positif bagi perkembangan industri pelayaran. Kedua peristiwa tersebut diharapkan dapat mengakibatkan kenaikan perdagangan dan investasi yang signifikan di kawasan ini. Oleh karena itu, peluang-peluang yang ada, Perseroan berencana untuk mencatatkan saham unit usaha PT Buana Listya Tama ini pada Bursa Efek Indonesia dan pada saat ini Buana telah berhasil mencatatkan sahamnya.

of shipping industry. These two initiatives are expected to be able to develop significant trade and investment in the concerned area. By taking advantage of the existing opportunities, the Company plans to register the share of PT Buana Listya Tama in Indonesia Stock Exchange and now Buana’s shares have been listed successfully.

Berdasarkan penjelasan di atas dan harapan perkembangan pasar yang Lebih baik bagi Perseroan, di tahun-tahun mendatang Manajemen yakin dan optimis bahwa tahun-tahun mendatang merupakan peluang yang baik bagi perkembangan usaha Perseroan dan Perseroan memiliki kemampuan yang lebih baik untuk mendapatkan peluang yang lebih besar. Peluang dalam negeri yang besar yang disertai dengan pemulihan segmen tanker kimia yang sudah ditunggu-tunggu akan memberikan dampak positif yang besar bagi Perseroan.

Pursuant to the above explanation and expectation of the favorable market development for the Company, in further years the Management is confident and optimistic that the coming years will open good opportunities for Company’s business development and the Company will have improved capability in obtaining bigger opportunities. Large domestic opportunities accompanied by expected recovery of chemical tanker segment will provide significant positive impact to the Company.

Akhir kata, Direksi mengucapkan terima kasih atas kepercayaan yang telah diberikan selama ini oleh para pemegang saham, mitra usaha Perseroan, dan para karyawan baik karyawan laut maupun karyawan darat yang telah memberikan dedikasi yang tinggi, bekerja keras dan turut berperan serta membesarkan dan mengembangkan usaha Perseroan selama ini. Ucapan terima kasih kami sampaikan pula kepada Dewan Komisaris beserta komite-komite yang membantunya dan lembagalembaga profesi maupun penunjang pasar modal lainnya yang telah memberikan masukan-masukan berharga kepada Direksi dalam menjalankan usaha Perseroan.

Finally, the Board of Directors would like to thank you for the trust that has been placed in us by shareholders, business partners, employees both on land and at sea for their high dedication, hardwork and contribution in Company’s business development. We would also express our gratitude to the Board of Commissioners and its supporting committees as well as professional institutions and other supporting stock market that have provided valuable inputs to the the Board of Directors in carrying out Company’s business.

Saran dan pendapat yang membangun dari semua pihak demi kemajuan Perseroan di masa yang akan datang senantiasa kami nantikan.

Any constructive suggestion and opinion from all related parties for the future development of the Company will always be appreciated.

Sekian dan terima kasih Direksi

Thank you for your attention. The Board of Directors

28 PEMBAHASAN OPERASIONAL

PEMBAHASAN OPERASIONAL RINGKASAN AKTIVITAS USAHA

BUSINES ACTIVITIES

Perseroan bergerak di bidang angkutan laut, khususnya pengangkutan muatan cair. Jenis muatan cair tersebut antara lain: t ,JNJBDBJS PSHBOJLEBOOPOPSHBOJL

t .JOZBL CVNJ NJOZBL NFOUBI CBIBO CBLBS minyak, dan jenis lainnya) t .JOZBLOBCBUJEBOIFXBOJ t 1FMVNBT 1FMVNBTEBTBSEBOBEJUJG

t (BT DBJS -1( QSPQZMFOF QSPQBOF FUIZMFOF LNG, dan gas-gas lainnya)

The Company’s main business is the maritime transportation of liquid bulk cargo. The types of cargo carried by the Company’s fleet include: t -JRVJE$IFNJDBM PSHBOJDBOEVOPSHBOJD t 7FHFUBCMFPJMBOEBOJNBMGBUT t $SVEFPJMBOEQFUSPMFVNQSPEVDUT t -VCSJDBUJOH0JM #BTF0JMBOEBEEJUJWFT t -JRVJmFE HBT -1( QSPQZMFOF QSPQBOF ethylene, LNG and others);

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

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

Penyewaan Kapal Perseroan menyewakan kapal-kapal kepada pihak ketiga melalui perjanjian Short Term Time Charter, Medium Term Time Charter, dan Long Term Time Charter.

Vessel Chartering The Company charters in its vessels from third parties on a range of terms, including Short-Term Time Charter; Medium-Term Time Charter; and Long-Term Time Charter basis.

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

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


Operations Review 29

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

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

Penyewaan Tanki Timbun Di Darat Proses bongkar muat muatan cair di pelabuhan membutuhkan tangki-tangki penampung di darat yang digunakan sebagai tempat penyimpanan sementara sebelum muatan cair tersebut diangkut oleh kapal tanker atau didistribusikan ke tempat pemrosesan. Perseroan memiliki beberapa tangki darat yang disewakan kepada pemilik muatan cair.

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


30 PEMBAHASAN OPERASIONAL KAPASITAS DAN KOMPOSISI ARMADA PERUSAHAAN Dalam usaha transportasi kelautan, jumlah kapal merupakan faktor yang sangat menentukan dan langsung mempengaruhi hasil operasi perusahaan. Seiring dengan meningkatnya jumlah kapal yang dimiliki oleh armada Perseroan, maka kapasitas tonase yang dimiliki oleh Perseroan juga meningkat dan tentunya terjadi pula peningkatan dalam pendapatan Perseroan.

CAPACITY AND COMPOSITION OF THE COMPANY ’S FLEET In the world of maritime transportation, the number of vessels operated by one entity plays a pivotal role to a company’s performance and operational capability. As the number of vessels in the Company’s fleet has increased, the tonnage capacity owned by the Company also increases and at the same time increases the revenue of the Company.

Tabel berikut menunjukkan komposisi armada Perseroan, berdasarkan segmen usaha per 31 Desember 2010:

The following table shows the composition of the Company’s fleet categorized based on business segments as of 31 December 2010:

Tanker Chemical Oil Gas(1) FPSO / FSO Total

Number of Vessels (Jumlah Kapal) 64 13 16 2 95

DWT (‘000) 1050,16 893,36 281,28 97,24 2322,03

Average Age (Rata-rata Usia) 8.9 17.4 9.2 23.8 10.4

Tanker Kimia Minyak Gas FPSO / FSO Jumlah

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

Note: (1) The capacity of the gas tanker is presented here in DWT although it can be presented in CBM as well.

Selain ukuran dan kapasitas, karakteristik penting yang dimiliki oleh armada Perseroan adalah komposisi dari armadanya. Armada yang dimiliki oleh Perseroan terdiri atas kapal tanker pengangkut bahan kimia cair, minyak mentah, produk minyak, gas dan tanker FPSO, serta dua buah kapal LNG carrier yang dioperasikan khusus untuk proyek LNG Tangguh. Kapal-kapal ini memiliki perbedaan dalam hal ukuran (demikian juga kapasitas tonasenya) umur, fungsi, keandalan, jangkauan dan penggunaan, dan juga dalam peralatan teknisnya.

In addition to the size and shipping capacity, another important consideration for the Company is the composition and diversification of its fleet. The Company’s fleet includes chemical tankers, crude oil tankers, oil product tankers, gas tankers, an FPSO and two LNG carriers specially dedicated for LNG Tangguh project. These vessels vary in terms of size and tonnage capacity; age; functionality; reliability; nautical reach and usage; as well as their technical equipment.

Selama ini, Perseroan berusaha menjaga portofolio kapal-kapal yang berbeda dalam armadanya dan menjaga keseimbangan antara kapal dalam keempat segmen usaha yang dimiliki oleh Perseroan, dengan demikian Perseroan dapat memberikan layanan dalam wilayah maupun pasar tertentu yang dipercaya Perseroan akan tumbuh dan tetap menguntungkan pada masa yang akan datang serta mampu untuk menjaga marjin dalam mengoperasikan kapalnya.

The Company has been trying to maintain this portfolio composition of different purpose cargo vessels in a good balance on all four business segments, in order to be able to meet specific demands from different customers. This allows the Company to better service a wide range of geographical and markets and product types, and to maintain profitable margins across different segments.


Operations Review 31 Kapal Tanker Kimia Segmen kapal tanker kimia merupakan segmen usaha Perseroan dengan jumlah kapal terbesar dibandingkan dengan segmen – segmen usaha lainnya. Per 31 Desember 2010, Perseroan mengoperasikan 64 kapal tanker kimia dengan total tonase sebesar 978.336 DWT dan merupakan salah satu perusahaan pelayaran tanker kimia terbesar di dunia dalam jumlah tonase. Rata-rata umur kapal tanker kimia yang dioperasikan oleh Perseroan adalah sekitar 8,9 tahun, dibandingkan armada pada industri yang rata-rata berusia sekitar 10,1 tahun. Untuk memperkuat armada kapal tanker kimia yang sudah ada sekaligus untuk peremajaan armada dan memperkuat posisi Perseroan di pasar maka per 31 Desember 2010, Perseroan telah memesan 3 buah kapal tanker kimia baru yang kini dalam proses pembangunan, dengan kapasitas total 58.600 DWT yang akan diserahterimakan dari galangan kapal kepada Perseroan pada tahun 2011.

Chemical Tankers The chemical tanker segment is a business segment of the Company with the largest number of vessels compared to the other segments. As of 31 December 2010, the Company operates 64 chemical tankers and is recognized as one of the largest shipping companies in the world in terms of the tonnage capacity for liquid chemical transportation, which in total has reached 978.336 DWT. On average, the age of the Company’s vessels used for transportation of the liquid chemical is 8.9 years old, a lot younger compared to the industry’s average age of 10.1 years. To strengthen and rejuvenate its current chemical tankers fleet and also to strengthen its position in the market, by 31 December 2010, the Company had placed orders to acquire 3 more new chemical tankers with total capacity of 58,600 DWT. The new vessels will be delivered in 2011.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut bahan kimia yang dioperasikan oleh Perseroan per 31 Desember 2010.

The following table gives a brief explanation on the chemical tankers operated by the Company as of 31 December 2010.

No. 1

Owned Vessels CB Barcelona

Built

DWT

Type (1)

Flag

Hull (1)

2004

32.300

IMO II/III SUS

Singapore

DH

2

CB Gibraltar

2001

19.500

IMO II/III SUS

Singapore

DH

3

CB Hong Kong

2003

32.000

IMO II/III SUS

Singapore

DH

4

CB Houston

2003

16.400

IMO II/III SUS

Singapore

DH

5

CB Kobe

2002

19.500

IMO II/III SUS

Singapore

DH

6

CB New Orleans

2003

32.000

IMO II/III SUS

Singapore

DH

7

CB New York

2002

27.000

IMO II/III SUS

Singapore

DH

8

CB Savannah

2002

25.000

IMO II/III SUS

Singapore

DH

9

CB Shanghai

2000

19.500

IMO II/III SUS

Singapore

DH

10

CB Ulsan

2004

19.500

IMO II/III SUS

Singapore

DH

11

CB Virgin Gorda

2004

32.000

IMO II/III SUS

Singapore

DH

12

CB Yokohama

2003

19.500

IMO II/III SUS

Singapore

DH

13

MT Anggraini

1995

31.225

IMO III

Singapore

DH

14

MT Anjasmoro

1996

32.696

IMO III

Singapore

DH

15

MT Bauhinia

1997

5.851

IMO II/III SUS

Singapore

DH

16

MT Celosia

1997

7.477

IMO II/III SUS

Hong Kong

DH

17

MT Cendanawati

1997

3.159

IMO II/III SUS

Singapore

DH

18

MT Dragonaria

1998

6.555

IMO II/III

Singapore

DH

19

MT Erowati

1999

6.688

IMO II/III

Singapore

DH

20

MT Eustoma

1994

4.990

IMO II/III SUS

Hong Kong

DH

21

MT Fatmarini

2004

8.578

IMO II/III SUS

Singapore

DH

22

MT Fatmawati

1996

7.527

IMO II/III SUS

Singapore

DH

23

MT Frabandari

2004

8.575

IMO II/III SUS

Singapore

DH

24

MT Freesia

2003

8.521

IMO II/III SUS

Hong Kong

DH

25

MT Gerbera

2004

8.738

IMO II/III SUS

Hong Kong

DH


32 PEMBAHASAN OPERASIONAL 26

MT Harsanadi

2005

14.271

IMO II/III SUS

Singapore

DH

27

MT Hartati

2004

14.312

IMO II/III SUS

Singapore

DH

28

MT Hyacinth

2009

12.500

IMO II/III SUS

Hong Kong

DH

29

MT Indradi

1993

13.944

IMO II/III SUS

Singapore

DB

30

MT Jembawati

1999

6.685

IMO III

Singapore

DH

31

MT Kunti

1992

3.984

IMO III

Indonesia

DB

32

MT Larasati

1991

3.665

IMO II/III SUS

Hong Kong

DH

33

MT Mustokoweni

1991

3.199

IMO II/III SUS

Singapore

DB

34

MT Nogogini

1996

11.639

IMO II/III SUS

Singapore

DH

35

MT Nolowati

1998

11.636

IMO II/III SUS

Singapore

DH

36

MT Rasawulan

1996

10.332

IMO II/III SUS

Singapore

DH

37

MT Ratih

1996

10.329

IMO II/III SUS

Singapore

DH

38

MT Rengganis

1993

3.667

IMO II/III SUS

Singapore

DH

39

MT Setyawati

1994

3.189

IMO II/III SUS

Hong Kong

DH

40

MT Tirtasari

1997

5.878

IMO II/III SUS

Indonesia

DH

41

MT Ulupi

1999

6.690

IMO II/III

Singapore

DH

42

MT Wulansari

1992

11.055

IMO II/III SUS

Singapore

DB

43

MT Yanaseni

1992

9.202

IMO II/III

Singapore

DH

Built

DWT

Type (1)

Flag

Hull (1)

2004

40.354

IMO II/III

Singapore

DH

No. 44

Bareboat Charter MT Gagarmayang(2) (3)

45

MT Pertiwi

2006

19.970

IMO II/III SUS

Singapore

DH

46

MT Pitaloka(5)

2010

19.900

IMO II/III SUS

Hongkong

DH

47

(6)

MT Pramesti

2009

19.900

IMO II/III SUS

Singapore

DH

48

MT Pramoni(2)

2008

19.990

IMO II/III SUS

Singapore

DH

49

MT Prita Dewi(3)

2006

19.998

IMO II/III SUS

Singapore

DH

(3)

50

MT Pujawati

2006

19.900

IMO II/III SUS

Singapore

DH

51

MT Purbasari(4)

2008

19.900

IMO II/III SUS

Singapore

DH

52

MT Purwati(2)

2007

19.900

IMO II/III SUS

Singapore

DH

(2)

53

MT Puspawati

2008

19.900

IMO II/III SUS

Singapore

DH

54

MT Wilutama(5)

2010

26.198

IMO II/III SUS

Hong Kong

DH

Built

DWT

Type (1)

Flag

Hull (1)

No.

Time Charter

55

MT Bestari(8)

2003

6.689

IMO II/III SUS

Panama

DH

56

MT CB Jakarta(7)

2009

19.500

IMO II/III SUS

Panama

DH

2008

19.500

IMO II/III SUS

Panama

DH

57

(7)

MT CB Kings Point

58

MT CB Lindy Alice

2008

32.000

IMO II/III SUS

Panama

DH

59

MT CB Minneapolis(7)

2007

32.000

IMO II/III SUS

Singapore

DH

2007

19.500

IMO II/III SUS

Singapore

DH

60

(7)

(7)

MT CB Singapore

61

MT CB Tortola

2007

19.500

IMO II/III SUS

Singapore

DH

62

MT CB Westport(7)

2006

32.000

IMO II/III SUS

Singapore

DH

2008

13.400

IMO II/III

Singapore

DH

2008

19.600

IMO II/III

Panama

DH

63 64

(7)

(9)

MT Golden Ambrosia (9)

MT Royal Flos

Tabel pertama menunjukkan tanker pengangkut bahan kimia yang seluruhnya dimiliki oleh Perseroan sementara tabel kedua dan ketiga menunjukkan kapal yang disewa oleh Perseroan.

The first table shows the chemical tankers owned by the Company while the second and the third tables show the vessels chartered by the Company.

Catatan: 1) “SUS” merujuk pada kapal tanker dengan tangki kargo berbahan (stainless steel), “DH” berarti Double Hull, dan “DB” berarti Double Bottom.

Note: 1) “SUS” refers to tankers with cargo tank made of stainless steel, “DH” means “Double Hull”, “DB” means “Double Bottom”.



2) Bareboat charter berjangka waktu 12 tahun, jatuh tempo bulan September, November, dan Desember 2020. 3) Bareboat charter berjangka waktu 12 tahun, jatuh tempo bulan Juni, Juli, dan September 2018. 4) Bareboat charter berjangka waktu 12 tahun, jatuh tempo bulan Maret 2021. 5) Bareboat charter berjangka waktu 5 tahun, jatuh tempo bulan November dan September 2015. 6) Bareboat charter berjangka waktu 4 tahun, jatuh tempo bulan Juni 2014. 7) Time charter berjangka waktu 10 tahun, jatuh tempo bulan Januari 2017. 8) Time charter berjangka waktu 7 tahun dan diperpanjang 1 tahun, jatuh tempo bulan Oktober 2011. 9) Time charter berjangka waktu 5 tahun, akan jatuh tempo bulan Januari dan September 2013.

2) Bareboat charter for a period of 12 years, will expire in September, November, and December 2020. 3) Bareboat charter for a period of 12 years, will expire in June, July, and September 2018. 4) Bareboat charter for a period of 12 years, will expire in March 2021. 5) Bareboat charter for a period of 5 years, will expire in November and September 2015. 6) Bareboat charter for a period of 4 years, will expire in June 2014. 7) Time charter for 10 years, will expire in January 2017. 8) Time charter for 7 years and is extended 1 year, will expire in October 2011. 9) Time charter for 5 years, will expire in January and September 2013.

Setiap kapal tanker kimia Perseroan telah didaftarkan pada salah satu asosiasi klasifikasi berikut, yaitu: Lloyds Register, Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas, dan Biro Klasifikasi Indonesia.

Each of the Company’s chemical tankers is registered to one of several classification organizations. For the Company’s chemical tankers, these organizations include Lloyds Register, Nippon Kaji Kyokai, Bureau Veritas, Det Norske Veritas and Indonesian Classification Bureau.

Kapal Tanker Minyak Untuk armada kapal tanker minyak, Perseroan mengoperasikan 13 kapal tanker minyak dengan jumlah kapasitas 893.361 DWT per 31 Desember 2010. Perseroan juga melakukan diversifikasi dalam kapasitas tonase dan jenis kapal tanker minyak yang dimiliki agar dapat menyesuaikan dengan kebutuhan pasar yang berbeda. Dilihat dari jenis kapal berdasarkan tonase, armada tanker minyak yang yang kini dioperasikan oleh Perseroan terdiri dari 2 unit Suezmax, 4 unit Aframax, 5 unit Handysize dan 2 unit smallrange tanker serta apabila dilihat dari jenis kargo yang diangkut maka armada kapal tanker

Oil Tankers For oil tankers, the Company operated 13 oil tankers with a total capacity of 893.361 DWT as of 31 December 2010. The Company also diversifies its oil tanker vessels based on tonnage capacity and type of oil tankers it owns in order to fulfill different market needs. From tonnage capacity differentiation, the oil tankers currently operated by the Company consist of 2 units of Suezmax, 4 units of Aframax, 5 units of Handysize and 2 units of small-range tankers, and from segregation on the type of cargoes transported, the fleet consists of 6 Oil Product Tankers and 7 Crude Oil Tankers. The average age of the oil tankers of the Company


34 PEMBAHASAN OPERASIONAL minyak Perseroan terdiri dari 6 Oil Product Tanker dan 7 Crude Oil Tanker. Armada tanker minyak Perseroan rata-rata berusia sekitar 17,4 tahun, dibandingkan dengan kapal dalam industri yang berusia rata-rata 8,7 tahun. Sebagian besar kapal tanker minyak Perseroan sudah berbendera Indonesia. Hal ini dilatarbelakangi oleh komitmen Perseroan untuk berpartisipasi dalam penerapan asas cabotage dimana berdasarkan keputusan Pemerintah Indonesia, pengangkutan laut domestik maupun impor bagi kargo-kargo yang berhubungan dengan pemerintah harus dilakukan oleh kapal berbendera Indonesia.

is approximately 17.4 years old, compared to the industry’s average age of 8.7 years. Most of oil tankers owned by the Company are Indonesian flagged vessel. This is motivated by the commitment of the Company to participate in the implementation of cabotage which according to the Government of Indonesia, all goods transported between Indonesian seaports and all goods imported by water, where the operations of such imports are funded by state-owned companies, to be shipped by Indonesian-flagged vessels which are owned by domestic companies and crewed exclusively by Indonesian nationals.

Tabel di bawah memberikan penjelasan singkat mengenai kapal tanker minyak yang dioperasikan Perseroan per 31 Desember 2010. Perseroan memiliki seluruh kapal tanker minyak sesuai dengan tabel di bawah ini, kecuali MT Gandari yang disewa secara bareboat charter.

The following table provides a brief overview of the oil tankers operated by the Company as at 31 December 2010. Except for MT Gandari which falls under bareboat charter, all vessels are fully owned by the Company.

No

Operated Vessels

Year of Construction

DWT

Type (1)

Flag

Hull (2)

1

MT Anjani

1985

36.882

Oil Product Tanker

Indonesia

DS

2

MT Badraini

1991

111.777

Crude Oil Tanker

Indonesia

DB

3

MT Barawati

1990

101.134

Crude Oil Tanker

Indonesia

SH

4

MT Barunawati

1992

111.689

Crude Oil Tanker

Singapura

DB

5

MT Bramani

1990

96.672

Crude Oil Tanker

Indonesia

SH

6

MT Dewayani

1999

3.561

Oil Product Tanker

Indonesia

DH

7

MT Dewi Sri

1999

3.557

Oil Product Tanker

Indonesia

DH

8

MT Gandari(1)

1999

30.500

Oil Product Tanker

Singapura

DH

9

MT Gandini

1998

32.042

Oil Product Tanker

Indonesia

DH

10

MT Ontari

1993

18.520

Oil Product Tanker

Indonesia

SH

11

MT Pergiwo

1993

37.087

Crude Oil Tanker

Indonesia

SH

12

MT Tridonawati

1991

154.970

Crude Oil Tanker

Liberia

SH

13

MT Trirasa

1991

154.970

Crude Oil Tanker

Singapura

SH

Catatan: 1) Kepemilikan secara sewa bareboat selama 10 tahun yang akan berakhir pada bulan Mei 2012. 2) “DH“ berarti Double Hull, “DS“ berarti Double Side, “SH“ berarti Single Hull dan “DB“ berarti Double Bottom.

Note: (1) The ownership based on bareboat charter for a period of 10 years which will expire in May 2012. (2) “DH” means Double Hull, “DS” means Double Side, “SH” means Single Hull and “DB” means Double Bottom.

Setiap kapal tanker minyak Perseroan telah didaftarkan pada salah satu asosiasi klasifikasi kapal, yaitu sebagai berikut: Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas dan Biro Klasifikasi Indonesia.

Each of the Company’s oil tankers is registered to one of several classifications organizations, namely Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas and Biro Klasifikasi Indonesia (Indonesian Classification Bureau).


Operations Review 35 Kapal Tanker Gas Per 31 Desember 2010, Perseroan mengoperasikan 16 kapal tanker pengangkut gas, yang sebagian besar adalah tanker gas LPG dan 2 LNG Carrier dimana total kapasitas dari semua kapal tersebut adalah 451.169 CBM (284.278 DWT). Armada tanker Perseroan memiliki umur rata – rata sekitar 9,2 tahun, dibandingkan dengan umur rata-rata untuk industri yaitu 14,6 tahun. Pada tahun 2010, Perseroan juga menjadi perusahaan tanker pertama di Indonesia yang memiliki dan mengoperasikan kapal jenis Very Large Gas Carrier, yaitu MT Gas Komodo. Perseroan juga melakukan konversi pada 2 kapal tanker gas yaitu MT Gas Maluku dan MT Gas Bangka yang semula berbendera Singapura menjadi berbendera Indonesia. Hal ini juga dilatarbelakangi oleh komitmen Perseroan untuk berpartisipasi dalam penerapan asas cabotage di Indonesia.

Gas Tankers As of 31 December 2010, the Company operated 16 gas tankers, of which the majority were designed for the transportation of LPG and other gas substances and recently the Company added 2 LNG carriers with a total combined capacity of 451,169 CBM (284,278 DWT). The gas fleet of the Company has an average age of approximately 9.2 years, a lot younger compared to the industry average of 14.6 years. In 2010, the Company also owns and operates a Very Large Gas Carrier (VLGC), MT Gas Komodo, and also became the first domestic shipping company that operates such vessel in Indonesia. The Company also converted 2 gas tankers, MT Gas Maluku and MT Gas Bangka, from Singapore flag to Indonesian flag. This is also motivated by the Company commitment to participate in cabotage implementation in Indonesia.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker gas yang dimiliki dan dioperasikan oleh Perseroan per 31 Desember 2010.

The following table provides a brief overview of the gas tankers operated by the Company as at 31 December 2010. All vessels are fully owned by the Company.

No

Owned Vessels

Built

Type

Flag

Hull

1

MT Gas Bali

2007

Pressurized Gas Tanker

Singapore

DH

5.000

2

MT Gas Bangka

2010


Singapore

DH

3.500

3

MT Gas Indonesia

1990


Indonesia

DH

3.518

4

MT Gas Jawa

1989


Indonesia

DH

3.596

5

MT Gas Kalimantan

1996


Indonesia

DH

3.500

6

MT Gas Komodo

1991

Very Large Gas Carrier

Indonesia

DH

78.543

7

MT Gas Lombok

2008

Ethylene Gas Tanker

Singapore

DH

9.000

8

MT Gas Madura

2010


Singapore

DH

3.500

9

MT Gas Maluku

1996


Indonesia

DH

5.000

10

MT Gas Natuna

2008


Indonesia

DH

3.500

11

MT Gas Papua

2007


Singapore

DH

5.000

12

MT Gas Sulawesi

2006


Singapore

DH

5.000

13

MT Gas Sumatera

1989


Indonesia

DH

3.512

14

MT Gas Sumbawa

2008

Ethylene Gas Tanker

Singapore

DH

9.000

15

MT Tangguh Hiri

2008

LNG Carrier

Bahamas

DH

135.000

16

MT Tangguh Sago

2009

LNG Carrier

Bahamas

DH

135.000

Setiap kapal tanker minyak Perseroan telah didaftarkan pada salah satu asosiasi klasifikasi kapal, yaitu sebagai berikut: Nippon Kaiji Kyokai, Bureau Veritas dan Biro Klasifikasi Indonesia.

CBM

Each gas tanker of the Company is registered to one of several different classification organizations, namely Nippon Kaiji Kyokai, and Bureau Veritas, and Biro Klasifikasi Indonesia (Indonesian Classification Bureau).


36 PEMBAHASAN OPERASIONAL Kapal Tanker FPSO/FSO Kapal tanker FPSO (Floating, Production, Storage, and Offloading) adalah kapal tanker yang digunakan sebagai fasilitas terapung untuk produksi, penyimpanan dan bongkar muat minyak bumi. Untuk FPSO, Perseroan membeli kapal tanker minyak pada bulan Desember 2005 dan kemudian mengkonversinya menjadi kapal FPSO yang diselesaikan pada bulan Agustus 2006. Tanker FPSO ini memiliki total kapasitas 60.874 DWT. Kapal FPSO Brotojoyo tersebut kemudian dimodifikasi kembali pada tahun 2010 untuk melayani pelanggan baru. Selain itu, pada akhir tahun 2010, Perseroan juga telah merubah satu kapal tanker minyak lain yang dimilikinya menjadi FSO.

FPSO Tanker An FPSO tanker is a tanker used as a floating production, storage and offloading facility. The Company bought this tanker as an oil tanker in December 2005 and converted it to its current purpose as an FPSO tanker. The conversion was completed in August 2006. This vessel has a shipping capacity of 60,874 DWT. This FPSO tanker, FPSO Brotojoyo, is then modified in 2010 to serve new customer. At the end of 2010, the Company also converted one of its owned oil tankers to FSO.

Perseroan juga tengah mengikuti beberapa tender FPSO/FSO yang kini sedang berjalan. Dari seluruh kapal FPSO/FSO yang kini beroperasi di perairan Indonesia, 70% diantaranya merupakan kapal berbendera asing dan hanya 30% yang berbendera Indonesia. Sesuai dengan penerapan asas cabotage maka kapal – kapal FPSO/FSO berbendera asing tersebut harus digantikan dengan kapal – kapal FPSO/FSO berbendera Indonesia paling lambat pada 1 Januari 2011. Hal ini tentunya merupakan kesempatan yang sangat baik bagi Perseroan yang sudah memiliki pengalaman dalam mengoperasikan FPSO sejak tahun 2006.

The Company is currently participating in several FPSO/FSO tenders which are still ongoing. Of all FPSO/FSO vessels presently operating in Indonesia waters, around 70% of them are still foreign flag vessels and therefore only 30% of them are Indonesian flag vessels. In accordance with the implementation of the cabotage principle, the foreign flag FPSO/FSO vessels must be replaced by Indonesian flag vessels at the latest on 1 January 2011 based on prevailing regulations. This policy opens a lucrative opportunity for the Company which is well experienced in operating FPSO vessel since 2006.

Tabel dibawah ini memberikan penjelasan singkat mengenai FPSO/FSO yang dioperasikan Perseroan per 31 Desember 2010. FPSO/FSO Perseroan didaftarkan pada Biro Klasifikasi Indonesia dan Det Norske Veritas.

The following table provides a brief overview of the FPSO/FSO operated as of 31 December 2010. The FPSO/FSO is registered in Biro Klasifikasi Indonesia (Indonesian Classification Bureau) and Det Norske Veritas.

Operations Review 37 Year of Construction

DWT

Type

Flag

Hull

Owned Vessels FPSO Brotojoyo

1980

60.874

FPSO

Indonesia

DB

FSO Pradapa

1993

36,362

FSO

Indonesia

DS

Kapal Baru Dalam Tahap Pembangunan Sesuai dengan strategi Perseroan untuk terus mengembangkan armadanya, maka Perseroan juga melakukan pemesanan atas beberapa kapal baru yang Perseroan anggap sesuai dengan kondisi kebutuhan pasar dan memenuhi standar – standar internasional yang berlaku dalam industri perkapalan dunia. Dalam pembangunan kapal tanker, Perseroan selalu menggunakan perusahaan galangan kapal yang berpengalaman dan berkualifikasi tinggi guna memastikan kualitas kapal yang dibangun. Beberapa galangan kapal yang rutin Perseroan gunakan untuk pembangunan kapal tanker baru antara lain: Shin Kurushima Dockyard Co. Ltd., Shitanoe Shipbuilding Co. Ltd., Asakawa Shipbuilding Co. Ltd., dan Yamanishi Corporation.

New Vessels Under Construction Following the Company’s strategy to continuously increase the size of its fleet, the Company has ordered several new vessels that the Company considered as in line with the market needs and fulfills the prevailing international standards within the global shipping industry. In constructing these tankers, the Company always engages experienced and highly qualified shipyards in order to ensure the quality of the constructed tankers. Several shipyards which the Company regularly engages for the construction of new tankers are: Shin Kurushima Dockyard Co. Ltd., Shitanoe Shipbuilding Co. Ltd., Asakawa Shipbuilding Co. Ltd., and Yamanishi Corporation.

Tabel di bawah memberikan penjelasan singkat mengenai kapal Perseroan yang masih dalam pembangunan, beserta rencana tonase dan rencana tanggal penyerahan per 31 Desember 2010. Seluruh kapal ini sepenuhnya dimiliki oleh Perseroan. Untuk tanker kimia ukuran kapal dinilai dalam satuan DWT, dan untuk tanker gas dan tanker LNG diukur dalam satuan CBM.

The following table provides a brief overview of the vessels under construction including the planned capacity and the scheduled delivery date of each tanker as at 31 December 2010. All tankers are fully owned by the Company. For chemical tankers, the size of the vessels is measured in DWT while for the gas tankers are measured in CBM.

No.

Name

Expected Delivery

DWT/ CBM

Type

Flag

Hull

1

MT Gas Batam

2011

5.000


Singapore

DH

2

MT Gas Karimun

2012

3.500


Singapore

DH

3

MT Gas Halmahera

2012

3.500


Singapore

DH

4

MT Gas Ternate

2012

3.500


Singapore

DH

5

MT Iris

2011

12.500

Chemical Tanker IMO II/III SUS

Hongkong

DH

6

MT Partawati

2011

21.000


Singapore

DH

7

MT Widawati

2011

25.100


Singapore

DH


38 PEMBAHASAN OPERASIONAL Pertumbuhan Armada Grafik berikut menunjukkan pertumbuhan armada Perseroan menurut tonase dan jumlah kapal yang dimiliki Perseroan selama satu decade terakhir terakhir:

Fleet Growth The following bar chart demonstrates the growth in the Company’s fleet in terms of deadweight tonnage and number of vessels over the past decade.

PENJUALAN DAN PEMASARAN Sebagai salah satu pemain global dalam industri pelayaran, Perseroan sangat bergantung terhadap jaringan penjualan dan pemasaran Perseroan yang tersebar luas, sehingga memungkinkan Perseroan memasarkan dan menjual layanannya langsung di tempat dimana pelanggan Perseroan beraktivitas. Perseroan memilih untuk melakukan sendiri seluruh kegiatan pemasaran, karena Perseroan beranggapan bidang ini sangat strategis bagi kelangsungan usaha Perseroan.

SALES AND MARKETING As one of the global players in the shipping industry, the Company relies on the vast and extensive sales and marketing network which allows the Company to market and sell its services directly to where the customers engage their business activities. Due to its strategic value in the Company’s business continuity, the Company decided to run its own marketing activities.

Tim pemasaran dan operasional terdiri lebih dari 150 orang, yang tersebar di berbagai kantor Perseroan, yaitu: di Jakarta, Singapura, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Glasgow, Southport – Connecticut, dan Sao Paulo Brazil. Kantor Perseroan di Jakarta, Hong Kong, Singapura, dan Southport - Connecticut melayani segala aspek operasional, dari pemasaran dan pengelolaan kapal hingga penawaran dan penandatanganan kontrak, pengalokasian kapal, pembelian kapal dan pengelolaan umum lainnya. Sedangkan kantor – kantor yang lain memiliki kegiatan utama terbatas

The marketing and operations team consists of more than 150 people working in the Company’s offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Glasgow, Southport - Connecticut, and Sao Paulo Brazil. The Company’s offices in Jakarta, Singapore, Hong Kong, and Southport - Connecticut, handle and oversee all major aspects of the operations, from marketing and vessel management to bidding and closing of contracts, allocation of shipping resources, acquisition of new vessels and other general management issues. Other offices are


Operations Review 39 untuk pemasaran dan pengelolaan kapal saja. Untuk mendukung pengoperasian armada bagian barat, Perseroan telah membuka kantor pemasaran di Glasgow tahun 2004, di Dubai tahun 2005 dan Perseroan telah membuka kantor pemasaran di Shanghai untuk mendukung operasional di daerah Asia Timur Jauh serta di Brasil pada tahun 2008 untuk mendukung operasional di daerah Amerika Selatan.

primarily dealing with local ship management and marketing activities only. To support the operation of the Company’s fleet in the western hemisphere, the Company opened a marketing office in Glasgow in 2004, Dubai office in 2005. In order to support its operations in Far East Asia, the Company has opened a marketing office in Shanghai in 2007, and another in Brazil for operational in South America in 2008.

Di tengah iklim persaingan yang cukup ketat, Perseroan tetap berpegang kepada prinsip bersaing secara fair dan menggunakan jalur penjualan yang biasa dilakukan dalam industri transportasi laut. Contract of Affreightment (COA) biasanya ditenderkan dalam pasar terbuka, dan Perseroan berpartisipasi dalam penawaran COA yang mencakup wilayah geografis dimana kapal – kapal Perseroan beroperasi melalui proses tender normal.

In the midst of a highly competitive environment, the Company firmly holds to a fair competition principle and competes for business through established channels of sales commonly used in the maritime transportation industry. COA (Contract Of Affreightment) are normally tendered in the open market, and the Company participates in bidding through the normal tender process for those COA that covered some geographic areas in which or near which the Company’s vessels are operating.

Kontrak spot biasanya ditawarkan dalam pasar terbuka dan tim penjualan dan pemasaran Perseroan melakukan kontak dengan para penyewa dan broker untuk memasarkan ruang kapal dengan memperhatikan posisi dan timing kapal. Departemen Pemasaran juga senantiasa menginformasikan kepada pelanggan tentang ketersediaan ruang kapal dan lokasinya.

Spot contracts are usually offered on the open market. The Company’s marketing and sales team maintains contact with charterers and brokers to market vessel space according to the position and timing of particular vessels. The marketing department also continually updates charterers on the availability of space on the Company’s vessels and their geographic location.

Persaingan Perseroan terutama melayani segmen pengangkutan muatan bahan cair melalui armada tanker yang dimiliki oleh Perseroan baik dalam negeri maupun luar negeri. Persaingan dalam industri ini sangat ketat, namun barrier to entry juga cukup kuat sehingga tidak banyak pemain baru yang dapat masuk dalam industri ini. Salah satu barrier to entry yang cukup kuat adalah kebutuhan modal yang sangat besar dan standar – standar industri yang cukup tinggi dan berlaku secara internasional sehingga menyulitkan pemain baru untuk masuk ke dalam industri ini.

Market Competition The Company caters primarily to the liquid cargo segment in the shipping industry, as the Company’s tankers are transshipping for both domestic and foreign trade. Competition in this segment of the industry can be extremely intense, but the barrier to entry is also quite strong and thus only a few new players enter this particular industry. One of the most immense barrier to entry is high capital expenditures and tough industrial standards that apply globally which makes it difficult for the new players to enter this industry.

40 PEMBAHASAN OPERASIONAL Secara umum persaingan terjadi berdasarkan tingkat ketersediaan kapal yang sesuai dengan spesifikasi dari kargo yang akan diangkut di wilayah – wilayah atau rute – rute tertentu dan harga. Selain itu faktor yang juga sangat berpengaruh dalam memenangkan persaingan adalah kehandalan dan reputasi di dalam industri.

In general, competition occurs based on the level of ships availability that match with the specification of the cargo to be transported in particular regions or routes, and also price. Another factor that is crucial in thriving the competition is reliability and reputation in the industry.

Dalam segmen pengangkutan domestik yang melibatkan pengangkutan di dalam wilayah Indonesia jumlah pesaing yang dihadapi Perseroan lebih sedikit dibandingkan dengan segmen pengangkutan internasional. Pesaing utama untuk pengangkutan domestik adalah beberapa perusahaan pelayaran terkemuka di dalam negeri.

Within the domestic market, the number of operators in this market segment is considerably fewer than in the international arena. In terms of transportation services within the Indonesian waters, the Company competes primarily with some profound shipping companies.

Untuk segmen kapal tanker kimia dengan rute internasional, Perseroan memiliki sejumlah pesaing dari berbagai negara. Pesaing utama adalah group pelayaran asing khususnya yang berasal dari Jepang dan wilayah lain di Eropa.

In the segment of chemical tankers servicing international routes, the Company has a number of different competitors, primarily shipping groups based in Japan and elsewhere in Europe.

Dalam segmen kapal tanker minyak dengan rute internasional, tanker kimia, dan tanker gas, pesaing utama adalah beberapa perusahaan pelayaran terkemuka dunia yang khusus di bidangnya.

In the area of the international oil, chemical, and gas transshipment, the Company’s competitors are major players who specialize in their fields.

Pelanggan Perusahaan mempunyai hubungan jangka panjang yang kuat dengan banyak pelanggan termasuk diantaranya perusahaan kimia dan minyak terkemuka dunia seperti Pertamina, Celanese Corporation, Exxon Mobil Corporation, Shell, BASF, SABIC, IPCC, Dow Chemical dan sebagainya. Masuknya perusahaan – perusahaan kimia dan minyak tersebut merupakan bukti dari dipercayanya layanan yang Perseroan berikan kepada mereka, mengingat perusahaan – perusahaan tersebut memiliki standar tinggi dalam menentukan perusahaan pelayaran mana yang bisa mengangkut kargo cair mereka.

Our Customers The Company has in general established long-term relationships with the majority of its customers, to include some major international oil and chemical companies such as Pertamina, Celanese Corporation, Exxon Mobil Corporation, Shell, BASF, SABIC, IPCC, and Dow Chemical, etc. The relationship with the above chemical and oil companies proves the reliable services provided by the Company considering that they apply high standards in determining which shipping companies are qualified enough to carry their liquid cargoes.

Operations Review 41 Perseroan juga memiliki hubungan bisnis jangka panjang dengan Pertamina, perusahaan minyak milik pemerintah Indonesia yang saat ini mengontrol distribusi minyak yang diproduksi di Indonesia dan produk turunannya di wilayah perairan Indonesia. Semua kontrak sewa jangka panjang Perseroan adalah dengan Pertamina.

In particular, the Company has an established long-term mutual & strategic business relationship with Pertamina, the Indonesian state-owned oil company, which currently controls the distribution of Indonesian oil and gas and other refinery products within Indonesian waters. All long-term contracts are with Pertamina.

Dilihat dari sumber pendapatan Perseroan berdasarkan pelanggan, maka Pertamina merupakan pelanggan terbesar Perseroan. Namun, meskipun demikian, pendapatan dari Pertamina hanya merepresentasikan sekitar 8% dari total pendapatan Perseroan. Selain Pertamina, tidak ada satu pelanggan pun yang memberi kontribusi lebih dari 5% terhadap total pendapatan Perseroan pada tahun 2010. Dengan demikian, Perseroan tidak memiliki resiko ketergantungan pada masing-masing pelanggannya.

From the Company’s revenue point of view, Pertamina is the Company’s largest customer. Even so, Pertamina only contributed around 8% of the Company’s total revenue. Other than Pertamina, there is no single customer that contributed more than 5% of the Company’s total revenue in 2010. Therefore, the Company holds no dependency risk towards any of its customers.

Perseroan mencari pelanggan dan menerima order jasa pengangkutan baik melalui broker pelayaran maupun melalui kontak langsung dengan pelanggan yang dilakukan oleh tim pemasaran dan penjualan. Para pelanggan memilih menggunakan layanan yang diberikan oleh Perseroan dibandingkan dengan para pesaing lainnya karena kombinasi dari reputasi Perseroan yang dikenal luas tentang keselamatan, kehandalan kru kapal yang dimiliki, dan harga yang bersaing serta ketersediaan kapal dari berbagai tipe dan ukuran. Selain itu, sekitar 91% dari total armada kapal tanker kimia yang dimiliki Perseroan merupakan kapal tanker kimia dengan lambung ganda yang terbuat dari stainless steel sehingga kapal – kapal tanker kimia Perseroan mampu untuk mengangkut semua jenis kargo kimia cair dan memastikan kondisi kargo tetap terjaga baik selama pelayaran.

The Company establishes contact with customers and receives orders for shipping transportation services through brokers and direct contacts with the Company’s marketing and sales team. Customers choose the Company’s services over those of competitors on the basis of the Company’s established reputation for safety and reliability; competitive prices; and the availability of various types and size of vessels. Another reason is that, 91% of the total chemical tankers within the Company’s fleet is double hulled with stainless steel which allows the Company’s chemical tankers to carry all types of liquid chemical cargoes and ensure the cargoes carried is kept in fine condition during the voyage.

Sebagai bagian dari tim pemasaran dan penjualan, Perseroan menunjuk personil khusus untuk pelayanan pelanggan yang bertugas khusus melayani dan memenuhi kebutuhan pelanggan utama tertentu secara eksklusif. Melalui kontak dengan pelanggan ini, Perseroan mampu mengantisipasi atau mengetahui pada wilayah mana pelanggan tertentu akan membutuhkan layanan pengangkutan di masa yang akan datang sehingga Perseroan dapat memenuhi kebutuhan tersebut. Untuk memenuhi permintaan pelanggan pada wilayah tertentu atau untuk pelayaran tertentu, Perseroan kadang-kadang menyewa kapal dalam jangka pendek dari perusahaan pelayaran lain yang memiliki reputasi yang baik. Pelayanan dan fleksibilitas ini memungkinkan Perseroan untuk menjaga hubungan jangka panjang dengan para pelanggan, dan pada saat yang bersamaan mampu membangun reputasi untuk dapat memenangkan kontrak pengangkutan baru.

Within its marketing and sales teams, the Company employs designated customer service representatives who focus exclusively on one or more major customer accounts in order to address the needs of valued customers. In this way, the Company can always anticipate any particular, specific needs of the customer in terms of shipping capacity and geographical destination, allowing the Company to deploy its fleet effectively to meet these needs. In order to fulfill the needs of customers for transshipment services in a particular area or at a particular time, the Company occasionally charters vessels from other, reputable shipping companies on a short term charter basis. This allows the Company to maintain long-term relationships with its customers and to build on the Company’s reputation to win new contracts.


42 PEMBAHASAN OPERASIONAL Wilayah Operasional Armada Perseroan membagi operasi armadanya menjadi empat wilayah geografis untuk kapal tanker kimia, dan masing-masing satu wilayah geografis untuk armada tanker minyak dan armada tanker gas. Divisi I untuk segmen kapal tanker kimia meliputi wilayah operasi di dalam wilayah Asia tenggara, yaitu antar pelabuhan-pelabuhan di Indonesia, Thailand, Malaysia, dan Singapura. Divisi 2 meliputi wilayah operasi dari Asia Tenggara hingga Asia Timur Jauh, dan didalam wilayah Asia Timur Jauh dan pengangkutan balik dari Asia Timur Jauh dengan pelabuhan tujuan utama di China, Korea, Taiwan dan Jepang. Divisi 3 meliputi wilayah operasi dari wilayah Asia Tenggara ke arah barat, menuju India, wilayah Timur Tengah, dan Eropa, selain operasi didalam wilayah itu sendiri dan pengangkutan baliknya. Pelabuhan tujuan utama untuk Divisi 3 berlokasi di India, Saudi Arabia, Kuwait, Qatar, Mesir, Italia, Spanyol, Belanda, dan Inggris. Divisi 4 meliputi wilayah operasi dari wilayah Amerika Utara – Amerika Selatan, Amerika ke Eropa melalui Samudera Atlantik dan Amerika ke Asia melalui Samudera Pasifik.


Areas of Operation The Company divides the operation of its chemical tanker fleet into four geographical zones, one zone for oil tanker fleet, and another for its gas tankers. In the chemical tanker segment, Section 1 includes the area within Southeast Asia, between ports in Indonesia, Thailand, Malaysia and Singapore. Section 2 includes the area from Southeast Asia to/ within Northern Asia, as well as the backhaul from the region, with primary destination ports located in China, Korea, Taiwan and Japan. Section 3 includes the area from Southeast Asia to the west; to India, Middle East countries and Europe as well as trade within these areas and backhaul from these areas. Primary destination ports for Section 3 are located in India, Saudi, Kuwait, Qatar, Egypt, Italy, Spain, Netherlands and England. Section 4 covers trade to/ between North and South America, from America to Europe through the Atlantic Ocean, and from America to Asia through the Pacific Ocean.


Perseroan menempatkan kapal yang dimilikinya pada wilayah operasinya agar dapat merespon kondisi pasar dan kebutuhan dari para pelanggan dengan tanggap. Perseroan senantiasa berusaha untuk dapat mengantisipasi lokasi dari permintaan terbanyak untuk kapal yang dimiliki oleh Perseroan, dan pada saat yang bersamaan menjaga tingkat diversifikasi penempatan kapal-kapal pada wilayah geografis yang berbeda.

The Company deploys its vessels throughout its area of operations on the basis of market conditions and customer requirements. It is part of the Company’s strategy to continue anticipating where the load of demand for next transportation services will be needed, while at the same time maintaining a broadly diversified position by spreading its vessels across a range of different geographic areas.

KEKUATAN DAYA SAING Industri perkapalan pada dasarnya diwarnai persaingan yang cukup ketat dan paling menuntut kekuatan daya saing yang tinggi dibandingkan kebanyakan industri pada umumnya. Walaupun demikian, Perseroan memiliki sejumlah faktor yang memperkuat daya saing yang memungkinkan pencapaian visinya, yaitu menjadi perusahaan pengangkutan laut multinasional terpilih bagi para pengguna jasa ini, baik untuk perdagangan domestik maupun internasional. Faktor-faktor kekuatan daya saing tersebut antara lain:

COMPETITIVE STRENGTHS Shipping industry is competitive in nature and one of the most notorious ones compare to other industries in general. However, the Company possesses a number of competitive strengths that will enable it to achieve its vision of becoming the preferred multinational shipping company in domestic and international trade. These strengths include the following:

Armada Operasional Kapal-kapal berbagai tipe dan ukuran, dengan fleksibilitas dan kualitas tinggi, diawaki, dikendalikan, dan dikelola oleh para awak kapal serta staf darat yang berpengalaman.

Operating Fleet Large, flexible, modern, high quality ships manned, operated and managed by experienced crew and staff.

Perseroan mengharapkan industri kimia dan minyak bumi masih akan terus bertumbuh dalam beberapa tahun mendatang, dan dengan demikian, kebutuhan layanan transportasi laut bagi industri tersebut juga meningkat. Dengan armada yang terdiri dari beragam kapal tanker dalam ukuran dan spesifikasi yang berbeda, keseluruhannya 95 kapal, Perseroan saat ini berada dalam posisi yang sangat

The Company expects that the chemical and petroleum industries will continue to grow over the next several years and with this growth, the demand for shipping services will continue to increase. With its extensive and diverse fleet, comprised of 95 vessels, the Company is well positioned to service the widely varying transportation needs of even the largest multinational companies and regional


44 PEMBAHASAN OPERASIONAL siap untuk menyediakan layanan transportasi yang dibutuhkan tersebut, bahkan bagi perusahaanperusahaan perdagangan multinasional dan regional yang memiliki berbagai macam produk dan kelompok muatan.

trading companies and for a wide range of different products and product groups.

Armada tanker pengangkut bahan kimia, minyak dan gas Perseroan terus dijaga dalam kondisi prima, serta dioperasikan oleh awak kapal terbaik, dimana kombinasi dari armada yang modern dan awak kapal yang professional akan mampu mengembangkan sekaligus mempertahankan relasi bisnis jangka panjang dengan para klien dan memastikan Perseroan akan selalu dapat memberikan pelayanan berkualitas tinggi serta efisien dari segi biaya. Armada yang dimiliki Perseroan sudah terbukti jauh lebih moderen dibandingkan kebanyakan pesaingnya: per tanggal 31 Desember 2010, umur rata-rata tanker bahan kimia, minyak serta gas yang dioperasikan Perseroan adalah masing-masing 8,9, 17,4, dan 9,2 tahun dimana rata-rata umur tanker dalam industri ini berkisar masing-masing antara 10,1, 8,7, dan 14,6 tahun.

The Company’s fleet of modern chemical, oil and gas tankers is well maintained and operated by highly qualified crews, facilitating its ability to develop and maintain long-term relationships with its clients by providing consistently high-quality and cost efficient services. The Company’s fleet is demonstrably more recently constructed than that of the majority of its competitors: as of 31 December 2010, the average age of the Company’s chemical, oil and gas tankers was approximately 8.9, 17.4 and 9.2 years respectively, compared to industry averages of approximately 10.1, 8.7 and 14.6 respectively.

Kualitas prima para awak kapal Perseroan telah dibuktikan dengan diperolehnya Sertifikasi ISO 9001:2000 dari Nippon Kaiji Kyokai untuk crew management & manning division; demikian juga untuk bisnis perkapalan dan agensinya telah mendapatkan Sertifikasi ISO 9001:2000

The quality of the Company’s crews has been demonstrated by the fact that it has been granted ISO 9001:2000 certification from Nippon Kaiji Kyokai for the crew management and manning division; and it should be noted that shipping and agency business also has obtained ISO 9001:2000 certification.

Perseroan bangga menggunakan armada kapal yang moderen dan berklasifikasi tinggi, dimana hampir semua kapal yang dimiliki telah berlambung ganda dan hampir semua tanker kimia memiliki notasi IMO kelas II / III. Notasi IMO tersebut menyatakan bahwa kapal tersebut dapat membawa bahan kimia cair mulai dari grade biasa hingga grade khusus dengan spesifikasi tinggi, sehingga memberikan fleksibilitas kemampuan mengangkut hingga fleksibilitas dalam menentukan pilihan produk minyak dan bahan kimia yang mampu ditransportasikan. Selain itu, hampir semua tangki kargo untuk kapal-kapal pengangkut bahan kimia terbuat dari baja anti karat (stainless steel) berkualitas tinggi, yang menambah kemampuan serta fleksibilitas untuk mengangkut kargo-kargo bernilai tinggi. Seluruh kapal yang dioperasikan oleh Perseroan dibangun di Jepang dan Korea Selatan yang sudah diakui oleh dunia internasional memiliki galangan – galangan kapal terbaik dan berteknologi tinggi. Kemampuan armada Perseroan untuk mengangkut produk – produk minyak dan kimia grade khusus telah mampu memberikan Perseroan posisi yang baik di pasar menjadi keunggulan kompetitif pengangkutan produk-produk spesialis seperti itu telah memberikan margin tersendiri.

The Company enjoys the use of modern and high classification fleet of vessels in which almost all of our vessels are double hulled, stainless steel and almost all of our chemical tankers have IMO type II/III class notation. IMO Type II/III class notation means that we can carry highly sophisticated and specialized grade of liquid chemicals and this creates flexibility to transport the various types of oil and chemical products. In addition, almost all of the cargo tanks of our chemical ships are made of high grade stainless steel which has even greater flexibility to carry high value cargoes. All the tankers operated by the Company were constructed in Japan and South Korea, 2 countries that are internationally admitted to have the best shipyards with state of the art technology. The Company’s ability to carry special grades oil products and liquid chemicals has become a competitive advantage that presents the Company with a strategic position in the market that awards the Company with a higher margin.


Operations Review 45 Kinerja Finansial Laba usaha yang berkesinambungan, serta peningkatan pendapatan bersih yang berkelanjutan

Financial Performance Consistent profitability increases in net revenues

Sejak terdaftar dalam perdagangan saham di Bursa Efek Jakarta di tahun 1990, Perseroan menunjukkan peningkatan kinerja keuangan setiap tahunnya. Peningkatan ini seiring dengan komitmen Perseroan untuk terus mengembangkan armadanya dan memperluas cakupan operasional Perseroan. Pada tahun 2010, sebagai bukti dari komitmen Perseroan untuk terus mengembangkan bisnisnya, total aktiva Perseroan telah tumbuh sekitar 13,8% dari tahun sebelumnya menjadi USD 2,87 milyar pada tahun 2010, meskipun Perseroan masih menghadapi masa sulit akibat tarif tambang yang belum sepenuhnya pulih.

Since its listing on the Jakarta Stock Exchange in 1990, the Company has shown improvement in its financial performance annually. This improvement is in line with the Company’s commitment to continuously develop its fleet and expand its operational coverage. In 2010, as a form of its commitment to grow its business, the Company’s total assets has grown 13.8% compared with the previous year where in 2010 the amount of the Company’s total assets is USD 2.87 billion, despite the fact that the Company was facing difficult times due to the freight rates that have not been recovered.

Kinerja finansial yang cukup baik tersebut, dapat diraih Perseroan dengan mengadopsi satu strategi unik yaitu keseimbangan berbagai bisnis yang berasal dari sektor kimia, minyak serta gas. Sama halnya, Perseroan juga mengadopsi gabungan yang tepat antara kontrak dan sewa spot. Strategistrategi inilah yang memungkinkan Perseroan mempertahankan tingkat keuntungan melalui siklus bisnis yang tepat.

The Company has achieved this excellent financial performance by adopting a strategy of a balanced business mix between the chemical, oil, and gas sectors. Similarly, it has adopted a strategy of a balanced mix of contract and spot charters. These strategies enable the Company to maintain its profitability through business cycles.

Relasi dengan Pelanggan Dibangun diatas kemampuan yang sudah terbukti dalam memberikan layanan transportasi laut yang handal, aman, terjamin serta efisien.

Customer Relationships Building on proven ability to provide dependable, secure and efficient marine transportation services

Perseroan terus berupaya mempertahankan hubungan kerja sama bisnis yang sudah kuat dan terjalin lama dengan para kliennya, termasuk banyak perusahaan migas dan kimia internasional utama seperti PT Pertamina (Persero), Exxon Mobil, Shell, BASF, IPCC, Celanese, Dow, SABIC dan lain sebagainya. Dasar dari relasi bisnis yang kuat tersebut tidak lain adalah kemampuan Perseroan yang sudah terbukti untuk menyediakan layanan transportasi laut yang handal, aman, terjamin serta efisien.

The Company has worked to develop strong, long standing relationships with its clients, who include major international oil and gas as well as chemical companies such as PT Pertamina (Persero), Exxon Mobil, Shell, BASF, Celanese, Dow, IPCC, SABIC and many other clients. The basis for these strong customer relationships is the Company’s proven ability to provide dependable, safe and efficient transportation services.

and

steady,

ongoing


Dengan ekspansi armada kapal yang terus berkelanjutan seiring dengan pertumbuhan permintaan global, Perseroan mengharapkan bahwa relasi yang sudah terbina ini dapat menjadi batu loncatan mendapatkan pelanggan-pelanggan baru di pasar-pasar wilayah lain untuk memperkokoh kehadiran bisnis Perseroan di pasar-pasar penting global.

With the ongoing expansion of the Company’s fleet, it expects to be able to build a stepping stone on these existing relationships to win the trust of new clients by providing them with a greater geographical reach.

Berdasarkan relasi yang kuat dengan para klien inilah, Perseroan telah melanjutkan upaya memperluas pasar dan jaringan, memposisikan diri dengan kuat dalam industri ini, serta terus meningkatkan pangsa pasar di wilayah-wilayah tersebut.

By leveraging on the strong relationship with our customers, the Company has continued to expand our presence and position ourselves with a strong foothold in principal markets in our segments and has continued to increase our market shares in those regions.

Jaringan Pemasaran dan Operasional Mendapatkan manfaat dari jaringan global yang sudah terbangun

Marketing and Operating Network Leveraging from our global networks

Perseroan telah mengembangkan jaringan pemasaran serta penjualan internasional, baik untuk melayani klien yang sudah ada maupun mengidentifikasi peluang-peluang bisnis baru di pasar global. Perseroan berupaya menciptakan suatu kehadiran yang terpadu di tengah pasarpasar Asia utama, dengan memiliki kantor-kantor di Jakarta, Singapore, Hong Kong, Bangkok, Shanghai dan Beijing. Selain itu, Perseroan juga sudah memiliki perwakilan untuk wilayah Timur Tengah, dimana kantor pemasarannya berada di Dubai; untuk wilayah Eropa berkantor di Glasgow; dan untuk Amerika Utara serta Selatan di Southport, Connecticut dan Sao Paolo, Brasil.

The Company has developed an extensive international sales and marketing network, both to serve existing clients and to enable it to identify new business opportunities. The Company maintains an integrated marketing presence in the customers’ key Asian markets by setting up offices in Jakarta, Singapore, Hong Kong, Bangkok, Shanghai and Beijing. In addition, the Company has established a presence in the Middle East through marketing offices in Dubai; in Europe through office in Glasgow; and in North America and South America through offices in Southport – Connecticut and Sao Paolo - Brasil.



Komitmen Membangun Budaya Pelatihan yang Eksteksif Program Pelatihan yang Sistematis dan Ketat bagi para Staf Onshore dan Offshore

Commitment to Extensive Training Culture

Aset terbesar Perseroan adalah para karyawannya, yang bekerja baik di darat ataupun di laut (di kapal). Oleh karena itu, Perseroan tidak ragu untuk berinvestasi di bidang sumber daya manusia untuk meningkatkan kompetensi, profesionalitas, dan performa kerja. Investasi ini akan terus dilanjutkan oleh Perseroan di masa yang akan datang sebagai bagian dari strategi Perseroan untuk memenangkan persaingan dan memberikan kualitas pelayanan terbaik bagi para pelanggannya.

The Company’s greatest assets are its people who work both onshore and off-shore (on board its vessels) hence the Company has no doubt in investing in human resources to leverage competence level, professionalism, and performance. The Company is committed to continue this form of investment in the future as an integral part of the Company’s strategy in thriving through the competition and provide the best quality service for its customers.

Perseroan melaksanakan program pelatihan dengan cakupan yang luas bagi semua karyawan di setiap tingkatan baik untuk lokasi kerja di darat maupun di laut. Program-program pelatihan tersebut beragam, seperti pembentukan motivasi untuk pengetahuan industri secara khusus, yang dirancang secara sistematis sehingga para lulusannya sudah memenuhi standar kemampuan secara ketat dan lengkap. Program-program ini perlu agar semua karyawan selalu memiliki pengetahuan dan kemampuan kerja terbaru sesuai perubahan terakhir, serta terus meningkatkan keahlian di bidang dan/atau fungsi masing - masing. Perseroan percaya bahwa pelatihan dan program pelatihan yang tepat adalah investasi yang sangat berharga bagi pengembangan individu para karyawan dan penting bagi pertumbuhan bisnis Perseroan di masa mendatang, yang akan menentukan kesuksesan organisasi ini di kemudian hari.

We have extensive training programs for all employees at all levels both for onshore staff as well as for those who work offshore. The trainings ranging from motivation programs to specific industry knowledge are designed systematically such that they meet the level of rigor and thoroughness to ensure all employees continue to be updated with recent changes and provide development in the area of their expertise and/or functions. The Company believes that the training and the appropriate training programs are investments in nature and are important for the personal development for the employees as much as it is important for the future growth of the Company which can determine future success of our organization.

Systematic and Rigorous Training Programs for Onshore and Offshore Staff



Untuk tujuan pelatihan awak kapal, Perseroan telah berinvestasi banyak melalui pengadaan perangkat simulator anjungan kapal atau kamar mesin kapal dan bagan pompa muatan termasuk juga berbagai investasi lainnya seperti laboratorium Bahasa Inggris agar para awak kapal dapat terus meningkatkan ketrampilan dan pengetahuan mereka sesuai dengan perkembangan industri terbaru serta mempertajam keahlian yang dibutuhkan untuk menjadi seorang pelaut yang berpengalaman.

For seafarers or crews trainings purposes, the Company invested heavily on the in-house bridge or engine room simulator and cargo pump mock up as well as other investments such as English language laboratory to ensure the offshore crews continue to get upgrading of their skills and the sharpening of the expertise for our seasoned seamen.

Khusus untuk perangkat simulator anjungan kapal, Perseroan merupakan satu – satunya perusahaan perkapalan swasta nasional yang memiliki perangkat tersebut. Simulator yang dimiliki oleh Perseroan adalah tipe TRANSAS Navy Trainer 4000 Bridge Simulator dan ERS 4000 Engine Room Simulator serta telah memenuhi standar yang ditetapkan oleh Sea Fleet Service of Russia’s Ministry of Transport dan Marine Safety Agency UK. Selain itu, Perseroan juga telah melengkap perangkat simulator ini dengan Electronic Chart Display and Information System (ECDIS), yaitu suatu sistem navigasi yang diwajibkan oleh International Maritime Organization (IMO) untuk digunakan oleh setiap kapal di seluruh dunia pada tahun 2012. Simulator yang dimiliki oleh Perseroan memiliki kemampuan untuk menciptakan situasi yang mirip dengan sesungguhnya yang akan dialami oleh kru dalam mengoperasikan kapal. Dengan demikian, Perseroan dapat memastikan bahwa bekal pendidikan dan kompetensi yang dimiliki oleh awak kapal sebelum naik ke kapal sudah cukup untuk memastikan operasional kapal dapat berjalan dengan baik, keamanan dan keselamatan terjaga, dan pelayanan yang memuaskan bagi para pelanggan Perseroan.

Specifically on bridge simulator, the Company is the only national private shipping company which owns a bridge simulator. The simulator is a TRANSAS Navy Trainer 4000 Bridge Simulator and ERS 4000 Engine Room Simulator which has fulfilled the standards established by the Sea Fleet Service of Russia’s Ministry of Transport and Marine Safety Agency of the United Kingdom. In addition, the Company has added this simulator equipment with Electronic Chart Display and Information System (ECDIS), a navigation system which will be made compulsory pursuant to the International Maritime Organization (IMO) to be installed and applied in each vessel in the world starting from 2012. The simulator has the ability to create a close to real life experience which demonstrates the various conditions that crews might encounter in operating the vessel. Therefore, the Company can ensure that the education level and capability of the crews before boarding to a vessel are sufficient to ensure a smooth and safe operation of the vessel as well as satisfactory services for the customers.

Secara umum, Perseroan kini memiliki staf baik darat maupun laut yang tidak hanya memiliki tingkat ketrampilan tinggi, tetapi juga mampu menerapkan praktek kerja terbaik, serta terusmenerus meningkatkan kinerjanya, namun juga telah membuktikan komitmen mereka yang kuat bagi pertumbuhan bisnis Perseroan.

In general, we have onshore and offshore staffs who are not only highly skilled, promoting best practices, and continuously improve our performance but also have shown their strong commitment to the growth of the Company.

Pengelolaan Kapal Layanan berkualitas tinggi serta efektif dari segi biaya, melalui anak-anak perusahaan Perseroan menyediakan semua layanan manajemen kapal yang dibutuhkan untuk pengoperasian

Vessel Management High-quality and cost effective services through wholly owned subsidiaries The Company provides all of the vessel management services required to operate the fleet, including



armada kapal yang dimilikinya, termasuk operasi pendukung, perawatan kapal, dukungan teknis, penempatan staf teknis, pengawasan pekerjaan di galangan kapal serta manajemen komersial, yang dilakukan oleh anak – anak perusahaan yang sepenuhnya dimiliki oleh Perseroan. Perseroan percaya bahwa dengan menempatkan layanan – layanan tersebut dibawah kendali anak-anak perusahaan tersebut, kualitas layanan yang memuaskan, serta tingkat efektivitas biaya yang lebih tinggi akan dapat dicapai.

operations support, tanker maintenance and technical support, crewing, shipyard supervision and commercial management, through wholly owned subsidiaries. The Company believes that by performing these services through wholly owned subsidiaries, the Company is able to ensure a satisfying quality service and to achieve a greater level of cost efficiency.

Tim Manajemen Berpengalaman Pengalaman panjang di dunia perkapalan, kesetiaan dan komitmen kepada Perseroan

Experienced Management Team Extensive experience in the shipping industry and loyalty and commitment to the Company

Para eksekutif senior serta staf kunci Perseroan telah memegang pengalaman luas dalam industri perkapalan internasional, dengan masa kerja ratarata 20 tahun. Selain itu, loyalitas serta komitmen anggota tim manajemen senior tersebut kepada Perseroan telah terbukti dalam hal jumlah tahun yang telah mereka baktikan ke Perseroan, yaitu rata-rata hampir 18 tahun kerja. Dengan masa kerja sedemikian lama, tim manajemen Perseroan telah memiliki ketrampilan di semua bidang dalam bisnis perkapalan ini, termasuk pengelolaan aspek komersial dan teknisnya. Pengalaman ekstensif tersebut tentunya menjadi modal keunggulan kompetitif yang kuat dalam upaya Perseroan untuk memfokuskan diri pada pemasaran, mempertahankan kualitas dan kontrol biaya, operasional yang efektif serta pemantauan tingkat keselamatan kerja.

The Company’s senior executives and key employees have extensive experience in the international shipping industry, with an average of 20 years of experience. In addition, members of the senior management team’s loyalty and commitment to the Company are demonstrated by the fact that they have on average been employed by the Company for almost 18 years. With their extensive experience, Company’s management team has expertise in all areas of the shipping business, including commercial and technical management. This long experience provides the basis for a focused marketing effort, rigorous quality and costs controls, effective operations and safety monitoring.

STRATEGI Dalam rangka mempertahankan dan meningkatkan pangsa pasar serta meningkatkan kinerja finansial secara konsisten, dalam berbagai siklus ekonomi dan perkapalan, maka Perseroan berencana untuk mewujudkan beberapa prakarsa strategis berikut ini:

STRATEGY In order to maintain and increase its market share and to achieve a consistently strong financial performance through economic and shipping cycles, the Company plans to pursue the following strategic initiatives:

50 PEMBAHASAN OPERASIONAL Portfolio yang Seimbang Mengurangi volatilitas dengan cara menjaga keseimbangan lintas sektor kimia, minyak dan gas

A Balanced Portfolio Reducing volatility by maintaining a balance between the chemical, oil, and gas sectors

Fakta menyebutkan bahwa sektor industri kimia, minyak dan gas selalu terpengaruh oleh pola siklus perluasan dan penurunan, yang juga berdampak besar pada kebutuhan layanan transportasi bagi produk-produk yang dihasilkannya. Namun, juga jelas bahwa tiga sektor tersebut memiliki pola siklus berbeda yang masing-masing tidak langsung saling terkait. Dengan demikian, diversifikasi layanan di ketiga bidang tersebut, yaitu untuk pasar minyak, kimia dan gas, akan dapat mengurangi naik atau turunnya permintaan secara drastis di salah satu sektor sehingga kelangsungan bisnis Perseroan tidak hanya tergantung pada satu segmen bisnis saja. Agar dapat mengelola resiko serta mencapai tingkat pertumbuhan yang konsisten, Perseroan berniat untuk mempertahankan keseimbangan tersebut, yaitu layanan transportasi laut bagi ketiga sektor yang menjadi segmen utama bisnis Perseroan saat ini.

It is a fact that the chemical, oil, and gas sectors are subject to cyclical patterns of expansion and contraction, and that this will impact the demand for shipping services in each of these respective sectors. However, it is also clear that each of these three sectors is governed by cycles that are not directly correlated. Thus, by diversifying its focus across the oil, chemical and gas markets, the Company can reduce its exposure to volatilities in any one particular sector. In order to manage risk and achieve consistent growth, the Company intends to maintain a balance between these three main segments of its business.

Pengaturan Kontraktual Memanfaatkan pengaturan kontrak guna menumbuhkan dan mempertahankan arus kas operasi.

Contractual Arrangements Utilize contractual arrangements to grow and maintain stable operating cash flow

Perseroan terus berupaya memastikan stabilitas arus kas yang lebih kuat, melalui kontrak-kontrak serta sewa dengan jangka waktu tertentu pada sebagian armada kapalnya, sekaligus mempertahankan fleksibilitas armadanya agar dapat meraih pendapatan di peningkatan pasar spot. Perseroan selalu mengamati dengan cermat kondisi pasar dan mencari cara mengatisipasi kebutuhan transportasi laut yang muncul, dan merespon dengan cepat jika suatu peluang chartering yang menguntungkan muncul.

The Company seeks to ensure greater cash flow stability through the use of contracts and time charters for a significant portion of our fleet, while maintaining the flexibility to benefit from spot market rate improvements. The Company constantly monitors the market and seeks to anticipate clients’ transportation needs and to respond promptly to attractive chartering opportunities.

Ekspansi Armada Armada kapal yang terus bertumbuh, sementara struktur modal dikelola dengan seksama

Fleet Expansion Consistently growing the fleet while prudently managing the capital structure.

Sejak Januari 2005, pertumbuhan bersih armada yang dioperasikan Perseroan (net fleet growth) yang dihitung berdasarkan jumlah kapal yang dibeli/disewa dikurangi dengan jumlah kapal yang dijual adalah sebanyak 46 kapal, sehingga total kapasitas angkut yang semula sebesar 1.002.001 DWT sekarang menjadi 2.322.031 DWT. Perseroan bermaksud terus menambah jumlah armada kapalnya dengan 7 kapal baru lainnya, sehingga nantinya total kapasitas akan bertambah sebanyak 74.100 DWT, yang keseluruhannya akan selesai diserah-terimakan dalam waktu 2 tahun mendatang.

Since January 2005, the Company’s net fleet growth, which is calculated based on the number of vessels purchased deducted with the number of vessels sold, is 46 new and refurbished vessels which made the Company’s total capacity increase from 1.002.001 DWT to 2.322.031 DWT. The Company intends to continue to expand its fleet, with 7 new builds, representing a total capacity of 74.100 DWT, scheduled to be accomplished and delivered over the next 2 years.


Operations Review 51 Membuka Pasar Baru Memperluas cakupan layanan geografis ke dalam pasar-pasar utama lainnya

Penetrating New Markets Expand the geographic presence in customers’ key markets

Sejak tahun 1998, Perseroan mulai mengejar strategi perluasan layanan untuk mencakup wilayah pasarpasar baru, melalui pusat operasional yang sudah berdiri di Asia Tenggara. Di tahun 1998, Perseroan mengakuisisi satu anak perusahaan di Hong Kong sebagai langkah perwujudan menembus pasar Asia Utara lainnya. Pada tahun 2001, Perseroan melebarkan wilayah perdagangan dan operasionalnya sampai ke Timur Tengah dan India. Tahun 2004 ditandai pembukaan kantor pemasaran Perseroan di Glasgow, Skotlandia. Pada tahun 2007 Perseroan kembali mengakuisisi satu perusahaan pelayaran di Amerika, guna meraih pangsa pasar di Amerika Utara dan Selatan.

Since 1998, the Company has implemented a strategy of expanding into new geographical markets from its established operational centre in Southeast Asia. In 1998, the Company acquired a subsidiary in Hong Kong as a means to penetrate North Asian markets. In 2001, the Company extended its area of trading and operations into the Middle East and India. In 2004, the Company established a marketing office in Glasgow, Scotland. In 2007 the Company acquired a shipping company in America to penetrate North and South America.

Selain fokus perhatian pada pasar utama di Asia, Perseroan akan terus memperluas dan melebarkan sayap operasi ke kawasan Eropa, Amerika Utara dan Selatan, serta menekankan pada upaya memenuhi kebutuhan pelanggan di pasar Eropa dan Amerika tersebut. Pihak manajemen Perseroan percaya bahwa pasar di kedua wilayah utama ini menawarkan peluang yang cukup menjanjikan, mengingat begitu banyak pelanggan terbesar Asia saat ini juga berbisnis dengan pasar-pasar tersebut, sementara permintaan untuk layanan perkapalan yang handal, efisien serta hemat biaya di wilayahwilayah tersebut masih tinggi.

Other than focusing on the major market in Asia, the Company continuously expands its operation to European, North and South American region, and emphasize on fulfilling customer needs in both European and American market. The Company’s management believes that the market in both regions offer a promising opportunity, considering that major Asian customers are also making business in those regions, while on the other hand the demand for efficient and capable shipping services in those regions remain high.

Perseroan bermaksud membangun relasi bisnis dengan para pelanggan yang ada, sebagai batu loncatan perluasan layanan tersebut, serta mendapatkan pelanggan-pelanggan baru dari Eropa dan Amerika. Pada waktu yang sama, Perseroan juga merencanakan menggunakan keunggulan efisiensi biaya yang telah tercapai lewat pangsa pasar yang telah dimilikinya di Asia, dan menawarkannya sebagai harga yang bersaing bagi para pelanggan di Eropa, Amerika Utara serta Amerika Latin.

The Company intends to build on established relationships with existing customers in order to facilitate expansion and gain a greater share of their European and American shipping businesses. At the same time, the Company also plans to take advantage of the cost efficiencies it has achieved through its established presence in Asia to offer competitive pricing to customers in European, North American as well as Latin American markets.

Perseroan juga tengah bersiap diri untuk menyambut implementasi asas cabotage di Indonesia dimana untuk segmen minyak dan gas asas ini telah dimulai pada tahun 2010 dan untuk segemen offshore akan diimplementasikan secara penuh pada tahun 2011. Asas cabotage merupakan peraturan baru untuk pelayaran Indonesia yang menetapkan pengangkutan antar pelabuhan di Indonesia harus dilakukan oleh pemilik kapal domestik dengan menggunakan kapal berbendera Indonesia dan juga diawaki oleh Warga Negara Indonesia. Asas cabotage ini tentunya akan membuka peluang baru bagi Perseroan untuk mengembangkan kegiatan operasi di wilayah domestik.

In addition, the Company is preparing itself to welcome the implementation of the cabotage principle in Indonesia whereas for the gas and oil segment this principle has started in 2010 and for offshore it will be fully implemented in 2011. Cabotage principle is a new Indonesian shipping regulations which stipulate that intra-Indonesian shipping services may only be provided by domestic ship owners using Indonesian-flagged vessels and manned by Indonesians as well. This cabotage principle certainly offers a unique opportunity to expand the Company’s domestic operation.



Pasar FSO dan FPSO Perluasan operasi di wilayah yang berpotensi tinggi

FSO and FPSO Markets Expanding operations into areas with high growth potential

Perseroan percaya bahwa pasar FSO dan FPSO untuk melayani kebutuhan operasi lepas pantai masih memiliki potensi tumbuh yang sangat menjanjikan. Berdasarkan data-data yang ada sekarang ini, dari keseluruhan 21 (dua puluh satu) FPSO-FSO yang ada di Indonesia, terdapat 2 unit FPSO-FSO yang usianya sudah hampir setengah abad (40 dan 43 tahun) dan sebanyak 10 (sepuluh) unit lainnya berusia di antara 30 - 39 tahun. Adapun kapal FPSO-FSO yang berusia antara 20 – 30 tahun sebanyak 6 (enam) unit dan sisanya berusia dibawah 20 tahun. Dengan rata-rata usia 31 tahun untuk FPSO dan FSO di Indonesia, diperlukan peremajaan FPSO-FSO yang baru untuk meningkatkan kualitas eksplorasi. Sejalan dengan itu, Perseroan akan terus mengembangkan kekuatan dan layanan di bidang ini, dengan cara mendapatkan lebih banyak perjanjian layanan jangka panjang dengan para operator eksplorasi minyak dan fasilitas produksi lepas pantai, untuk layanan pengelolaan pergudangan, offloading dan layanan lepas pantai lainnya. Hal ini didukung oleh tindakan Perseroan yang telah mengubah satu dari kapal tanker minyak yang dimilikinya agar dapat melayani FPSO pada tahun 2006 yang menandai awal masuknya Perseroan ke pasar ini. Kapal FPSO yang bernama FPSO Brotojoyo tersebut kemudian dimodifikasi kembali pada tahun 2010 untuk melayani pelanggan baru. Selain itu, pada akhir tahun 2010, Perseroan juga telah merubah satu kapal tanker minyak lain yang dimilikinya menjadi FSO.

The Company believes that the FSO and FPSO markets for offshore services possess a high growth potential. Based on current data, there are 21 (twenty one) FPSOs - FSOs in Indonesia, and there are 2 units FPSOs - FSOs which have age almost half of century (40 and 43 years) and 10 (ten) units have age between 30 - 39 years. There are also 6 (six) units that have age between 20 - 30 years and the remain were under 20 years. With an average age is 31 years for FPSOs - FSOs in Indonesia, the rejuvenation for FPSOs - FSOs is needed to increase the exploration quality. Thus, the Company will seek to expand its involvement in this area by entering into long-term agreements with operators of oil exploration and production facilities to manage storage, off-loading and other offshore services. The Company has converted one of its existing tankers to serve as an FPSO in 2006 which marked the Company’s presence in this segment. This FPSO tanker, FPSO Brotojoyo, is then modified in 2010 to serve new customer. At the end of 2010, the Company also converted one of its owned oil tankers to FSO.

PROSPEK USAHA DAN KONDISI PASAR Industri pelayaran angkutan muatan cair sangat dipengaruhi oleh kondisi dari pasar yang sering kali berada diluar kendali perusahaan pelayaran. Hasil operasi Perseroan bisa jadi berfluktuasi secara signifikan karena dipengaruhi oleh faktor-faktor seperti: kondisi perekonomian global, tingkat permintaan dan penawaran dari pengangkutan muatan cair, serta siklus yang dimiliki oleh industri pengangkutan muatan cair.

BUSINES PROSPECTS AND MARKET CONDITIONS The liquid cargo shipping industry is easily affected by market conditions that are often outside the control of shipping companies. Thus, the Company’s operational and financial performance may fluctuate significantly due to external factors including global economic conditions; supply and demand for liquid shipping transportation services; and business cycles affecting the liquid cargo maritime shipping industry itself.



Pengangkutan bahan kimia cair, minyak dan gas merupakan penyumbang utama hasil operasi Perseroan. Pasar untuk transportasi bahan kimia cair, minyak dan gas memiliki tingkat perubahan yang tinggi seiring dengan tingkat permintaan global terhadap produk ini yang berfluktuasi. Perubahan tingkat permintaan untuk pengangkutan minyak, bahan kimia cair, dan gas sangat dipengaruhi oleh banyak faktor seperti: perubahan produksi minyak dan gas global dan hubungannya dengan perubahan harga minyak dan gas, tingkat ekspor dan impor pada perdagangan minyak dunia, permintaan dunia terhadap energi, khususnya minyak dan produk turunannya, tingkat fluktuasi pada perdagangan dan produksi global dan regional, tingkat nilai tukar mata uang, tingkat persediaan minyak dan gas terutama di negara pengimpor komoditas tersebut, dan perubahan peraturan yang mengatur tentang perkapalan dan industri pelayaran.

The majority of the Company’s revenue comes from shipping operation of chemicals, oil and gas. Demand for these services is known historically to be always volatile, as global demand for these three products fluctuates from time to time. Demand for oil, chemicals and gas is closely interrelated with global patterns of economic development, growth and activity. Fluctuations in the demand for services involving the transportation of these commodities are influenced by a number of factors, including changes in oil and gas production level and demand for oil and gas related to changes in the prices of these commodities; export and import levels in the global energy market; the level of global demand for energy products and particularly petroleum and other refinery products; fluctuations in global and regional trade; in currency exchange rates; in the oil and gas inventory levels, particularly in importing countries; and changes in the regulatory regimes governing the shipping industry.

Setelah krisis yang terjadi di tahun 2009, permintaan akan kapal tanker kimia, minyak, dan gas masih belum sepenuhnya pulih. Walaupun pengangkutan bahan kimia mengalami peningkatan sekitar 11 persen sejak tahun 2005, yaitu dari 193,5 juta ton menjadi 214,2 juta ton di tahun 2010, tingkat permintaan kapal tanker kimia mengalami penurunan, yaitu dari 33,6 juta DWT di tahun 2005 menjadi 33,1 juta DWT di tahun 2010. Namun demikian, Drewry Shipping Consultants Ltd. memproyeksikan permintaan untuk kapal tanker kimia akan mencapai 36 juta DWT pada akhir 2011 dan kemudian secara bertahap meningkat menjadi 39,3 juta DWT pada akhir 2014. Untuk tingkat permintaan kapal tanker minyak, terjadi peningkatan sekitar 11 persen dari sekitar 258,5 juta DWT di tahun 2006 menjadi sekitar 286,5 juta DWT di tahun 2010. Untuk sektor gas terjadi peningkatan tingkat permintaan dari 74,4 juta ton untuk pengangkutan LPG, amonia, dan gas petrokimia pada tahun 2004 menjadi 78,8 juta ton di tahun 2010.

After 2009 crisis, the demand for chemical, oil, and gas tankers are still not fully recover. Although the transport of chemicals has increased about 11 percent since 2005, from 193.5 million tons to 214.2 million tons in 2010, while the demand for chemical tankers has decreased, from 33.6 million DWT in 2005 to 33.1 million DWT in 2010. However, Drewry Shipping Consultants Ltd., projected that the demand for chemical tankers will reach 36 million DWT by the end of 2011 and then increase gradually to 39.3 million DWT at the end of 2014. For the demand for oil tankers, it has increased about 11 percent from approximately 258.5 million DWT in 2006 to approximately 286.5 million DWT in 2010. For gas sector, the demand for the transportation of LPG, ammonia, gas and petrochemicals has increased from 74.4 million tons in 2004 to 78.8 million tons in 2010.

Sejalan dengan tingkat permintaan, tingkat penawaran untuk kapal tanker kimia, minyak, dan gas juga masih belum pulih. Sejak tahun 2005 armada tanker pengangkut bahan kimia dunia mengalami penurunan dari sekitar 48,8 juta DWT menjadi 36,1 juta DWT pada akhir tahun 2010. Seperti yang diasumsikan Drewry Shipping Consultants Ltd., dalam kuartal terakhir, tidak semua kapal yang dijadwalkan untuk pengiriman pada tahun 2010 dikirimkan tepat waktu karena ada beberapa kapal yang telah ditangguhkan dan banyak juga yang tidak jelas statusnya. Sebaliknya, jumlah armada kapal tanker pengangkut minyak yang tersedia telah berkembang dari sekitar 289,7 juta DWT pada tahun 2006 menjadi sekitar 377,3 juta DWT pada

In line with the demand, supply for chemical, oil, and gas tankers are still not recover. Since 2005 the world’s chemical tankers has decreased from approximately 48.8 million DWT to 36.1 million DWT by the end of 2010. According to Drewry Shipping Consultants Ltd.., in the last quarter, not all ships that are scheduled for delivery in 2010, are delivered on time because there are some ships that have been deferred and many of them are unknown. Instead, the number of available oil tankers has increased from approximately 289.7 million DWT in 2006 to approximately 377.3 million dwt at the end of 2010. And for the world’s gas tankers, it has increased from 15.45 million cubic meters in 2006 to approximately 19.43 million cubic meters by the end of 2010.


54 PEMBAHASAN OPERASIONAL akhir tahun 2010. Dan untuk armada kapal tanker gas dunia berkembang dari 15,45 juta meter kubik pada tahun 2006 menjadi sekitar 19,43 juta meter kubik pada akhir tahun 2010. Segmen Kapal Tanker Kimia Volume kargo cair yang diangkut dengan kapal tanker kimia berkembang secara konsisten sejak awal dekade 1980an, didorong terutama oleh pertumbuhan pergerakan bahan kimia organik dan bahan kimia petrokimia. Dalam periode antara tahun 2005 sampai dengan 2010 rata-rata pertumbuhan angkutan laut untuk bahan kimia adalah sebesar 1,8%. Bahan kimia organik masih mendominasi dengan rata – rata kontribusi per tahun dalam periode 2005 – 2010 sebesar 47,6% dari total angkutan laut untuk bahan kimia. Secara umum total angkutan laut bahan kimia telah tumbuh sebesar 10,7% pada tahun 2010 atau naik 20,7 juta ton menjadi 214,2 juta ton dibandingkan posisi tahun 2005 sebesar 193,5 juta ton. Drewry memperkirakan bahwa trend naik angkutan laut bahan kimia masih akan terus terjadi di masa depan dan diperkirakan total kargo laut bahan kimia akan mencapai 252,8 juta ton pada tahun 2014. Seiring dengan pertumbuhan tersebut, maka diharapkan tingkat permintaan untuk pengangkutan kapal tanker kimia juga akan turut berkembang.

Chemical Tanker Segment The liquid cargo volume transported by chemical tankers has increased consistently since the beginning of the 1980s which was marked by the growth of the organic chemical and petrochemical substances. During the period of 2005 until 2010, the sea transportation growth for chemical substances is averagely 1.8%. The organic chemical cargo still dominates the annual average contribution for the period of 2005 – 2010, around 47.6% of the total sea transportation of chemical cargoes. In general, the total chemical sea transportation has increased by 10.7% in 2010 or increased from 20.7 million tons to become 214.2 million tons compared to 193.5 million tons in 2005. Drewry estimates that the upscaling trend of the chemical substances sea transportation will continue in the future and it is estimated that the total chemical substance sea cargo will reach 252.8 million tons in 2014. In line with such growth, the demand rate for tankers capacities has also increased.

Segmen Kapal Tanker Minyak Pertumbuhan ekonomi global diperkirakan akan terus berlanjut (meskipun lambat) dan akan berkembang lebih lanjut di tahun depan, dan begitu juga dengan permintaan akan minyak. IMF memprediksi bahwa ekonomi dunia akan tumbuh sebesar 4,4% pada tahun 2011, sedikit lebih rendah dari tingkat pertumbuhan pada tahun lalu sebesar 5,0%.

Oil Tanker Segment The global economy is expected to continue on its growth path (albeit slowly) and expand further next year, and so is oil demand. The IMF predicts that the world economy will expand by 4.4% in 2011, slightly lower than last year’s 5.0% growth rate.

Tingkat permintaan minyak secara umum telah mengalami pertumbuhan yang berkesinambungan untuk beberapa tahun terakhir walaupun sempat mengalami perlambatan pada tahun 2007 dan 2008. Permintaan minyak global meningkat sedikit sebesar 0,3% di 4Q10 menjadi 88,9 MBPD. Permintaan dari negara-negara non-OECD tumbuh lebih cepat daripada negara-negara OECD. Dalam OECD, terjadi peningkatan permintaan sebesar 5,5% di wilayah Pasifik, sedangkan di daerah Amerika Utara dan Eropa terjadi penurunan. Asia memberikan kontribusi besar terhadap pertumbuhan permintaan minyak di antara negara-negara non-OECD dan daerah-daerah lainnya yang mengalami penurunan permintaan. Hal ini berarti bahwa pertumbuhan positif permintaan minyak global tersebut adalah murni karena permintaan dari Asia dan Pasifik. Permintaan minyak global diperkirakan akan meningkat pada tahun 2011, tetapi hal ini tidak berlaku untuk negara-negara OECD. Negara nonOECD akan mendorong pertumbuhan pasar minyak dimana permintaan diharapkan akan melampaui 93 juta barrel per hari.

On general, the oil demand rate in general has increased sustainably for the last decade although there was a decrease in 2007 and 2008. Global oil demand improved marginally by 0.3% in 4Q10 to 88.9 MBPD. Demand from the non-OECD countries grew faster than the OECD countries. Within the OECD, demand increased by a more considerable 5.5% from the Pacific region whereas demand declined in North America and Europe. Asia made a major contribution to the growth of oil demand among non-OECD countries. All other regions witnessed declines in demand, which means that all the positive growth in global oil demand it is purely due to the demand from the Asia and the Pacific. Global oil demand is expected to increase in 2011, but not in the OECD countries. Non-OECD countries will drive the oil market as demand is expected to cross 93 million barrels per day.



Grafik Permintaan Kimia Cair Dunia / Global Liquid Chemical Demand Graphic

Tren musiman juga mempengaruhi tingkat konsumsi minyak dunia dan selanjutnya mempengaruhi tingkat permintaan tanker minyak. Sementara tren konsumsi bervariasi tergantung musim, puncak permintaan tanker minyak seringkali mendahului puncak konsumsi minyak musiman, dimana para penyuling minyak dan pemasok minyak telah mengantisipasi permintaan konsumen. Puncak musiman permintaan minyak secara garis besar bisa diklasifikasikan menjadi dua kategori: (i) peningkatan permintaan minyak sebelum musim dingin belahan Utara dunia, dimana konsumsi minyak untuk pemanas meningkat; dan (ii) peningkatan permintaan minyak sebelum musim panas di Amerika Serikat, dimana banyak konsumen akan mengemudikan kendaraan bermotor.

The seasonal trend always influences the global oil consumption rate and subsequently influences the oil tanker demand rate. While the consumption trend varies depending on the season, the peak of oil tanker demand usually precedes the peak of the seasonal oil consumption where the oil refineries and oil suppliers have anticipated the consumer demands. The peak of the seasonal oil demand in general may be classified into two categories: (i) the increase of oil demand prior to the winter in the north part of the world where the oil consumption for heaters increases and (ii) the increase of oil demand before the summer in the United States where a lot of consumers ride motor vehicles.

Segmen Kapal Tanker Gas Tingkat permintaan untuk kapal pengangkut LPG didorong terutama oleh tingkat permintaan LPG, amonia dan gas petrokimia di negara-negara yang tidak memiliki pasokan dalam negeri yang cukup untuk memenuhi kebutuhan konsumsinya. Pengangkutan gas petrokimia terutama didorong oleh konsumen dan industri yang memerlukan produk-produk yang dihasilkan dari gas petrokimia, seperti plastik/polymer, produk berbasis sintetik, tekstil, bahan-bahan kimia dan karet. Sedangkan LPG merupakan gas terasosiasi dengan minyak, yang diproduksi sebagai produk sampingan minyak mentah dan gas alam dan dipergunakan terutama untuk transportasi, pemakaian untuk pemanasan

Gas Tanker Segment The demand rate for LPG carrier tankers is mainly driven by the LPG, ammonia and petrochemical demand rates in countries which do not have sufficient domestic supply to fulfill their consumption needs. The petrochemical gas transportation is mainly driven by consumers and industry which require products originated from petrochemical gas such as plastic/polymer, synthetic based products, textiles, chemical and rubber substances. While LPG is gas associated with oil which is produced as a form of side products of crude oil and natural gas and used mainly for transportation, heating and residential as well as commercial cooking and as feedstock for producing petrochemical. With the



Grafik Permintaan Global Atas Kapal Tanker Minyak / Global Demand of Oil Tankers Graphic

dan memasak residensial dan komersial dan sebagai bahan baku (feedstock) untuk memproduksi petrokimia. Dengan meningkatnya produksi minyak mentah dan gas alam, volume LPG juga diperkirakan meningkat.

increase of crude oil production and natural gas, the LPG volume is estimated to increase.

Pertumbuhan ekonomi merupakan salah satu indikator terbaik terhadap perubahan tingkat permintaan transportasi gas lewat laut. Namun demikian, meningkatnya produksi minyak mentah dan gas alam yang mengakibatkan naiknya volume LPG dan meningkatnya kegiatan perniagaan juga dapat mengakibatkan meningkatnya permintaan untuk transportasi gas lewat laut.

The economy growth is one of the best indicators to the change of the demand rate of the sea transportation of gas. However, the increase of the production of crude oil and natural gas resulting in the increase of LPG volume and the increase of the commercial activities may also result in the increase of demand for the transportation of gas by sea.

Operations Review 57 Siklus Bisnis yang Berbeda antar Segmen Siklus usaha dari masing-masing kegiatan usaha Perseroan, yaitu: pengangkutan bahan kimia, minyak, dan gas, belum tentu saling berhubungan satu dan yang lainnya. Siklus usaha yang berbeda inilah yang menjadi dasar mengapa Perseroan bergerak di ketiga bisnis tersebut, yaitu mengurangi ketergantungan pada segmen tertentu saja dan mengurangi resiko dari dampak negative yang terjadi apabila salah satu segmen usaha mengalami penurunan yang signifikan.

Different Business Cycles from Different Segments The business cycle of each business activities of the Company, consist of liquid chemical, oil, and gas cargoes, is not necessarily related from one to another. The different business cycle becomes the basis why the Company engages in these three businesses, where this strategy will reduce the dependency to certain segments and to reduce the risks resulting from the negative impacts if one of the business segments experiences a significant downfall.

Rute operasi Perseroan yang bervariasi dan variasi produk yang diangkut memiliki paparan yang berbeda-beda dengan siklus uang tambang tersebut. Perseroan berusaha untuk selalu mengelola risiko tersebut dengan menjaga keseimbangan dari berbagai macam produk, dengan menjaga keseimbangan antara sewa spot dan kontrak jangka panjang dan dengan mengalihkan operasi armada Perseroan ke wilayah geografis yang diperkirakan memiliki tingkat permintaan yang tinggi dan relatif stabil.

The various operation routes serviced by the Company and the variety of the products carried have different presentations with the cycle of the freight rates. The Company is trying to always maintain such risks by keeping the balance of the various types of products by keeping the balance between spot charters and long term contracts and by transferring fleets of the Company to geographical areas which are expected to have high and pretty stable demand rate.

58 PEMBAHASAN OPERASIONAL ANAK PERUSAHAAN UTAMA

MAJOR SUBSIDIARIES

GBLT Ship Management Pte. Ltd. (Singapore)

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

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

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

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

Melalui struktur program pelatihan in-house yang dimiliki, berdasarkan orientasi standar keunggulan keselamatan dan lingkungan, GBLT menetapkan standar–standar pencegahan pencemaran, memberikan pelayanan pengelolaan kapal yang kompeten dan menetapkan strategi-strategi untuk meningkatkan kinerja keselamatan dan pencegahan pencemaran secara keseluruhan bagi armada kapal. Tim manajemen GBLT yang terdiri atas professional internasional mampu memberikan pandangan dan pengalaman yang lebih baik dalam semua aspek manajemen kapal untuk tetap menjadi yang terdepan dalam industri maritim.

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

Untuk membuktikan usahanya dalam menerapkan standar internasional yang sistematik untuk aspek keamanan dan lingkungan kegiatan operasi Perseroan, GBLT telah mendapatkan Sertifikasi ISM (oleh Class NK), ISO 14001, dan OHSAS 18001 (oleh Llyod’s Register).

To demonstrate its effort to follow a systematic world-standard approach towards safety and environmental aspect of Company’s operation, GBLT has obtained certification of ISM (by Class NK), ISO 14001, and OHSAS 18001 (by Lloyd’s Register).


GBLT Shipmanagement (UK) Ltd

Sebagai salah satu anak perusahaan PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd (“GBLT UK”) menempati lokasi strategis di Glasgow, Skotlandia untuk membantu ekspansi ke pasar-pasar Eropa dan Afrika. Glasgow adalah kota yang kaya akan tradisi pembuatan kapal dan saat ini merupakan pusat pengelolaan kapal yang terkemuka. Perusahaan telah menunjukkan kapasitas dan pengalaman, yang dikombinasikan dengan etika yang kuat serta komitmen terhadap keselamatan, dan ini diyakini akan menentukan suksesnya Perseroan di Eropa.

As a subsidiary of PT Berlian Laju Tanker Tbk (BLT), GBLT Shipmanagement (UK) Ltd. (GBLT UK) is strategically located in Glasgow, Scotland to assist with the Group’s expansion into the European and African markets. Glasgow is a city with a rich shipbuilding tradition and in the present day is a centre of ship management excellence. The Company’s demonstrated capability and experience, combined with strong ethics and a commitment to safety, will determine its success in Europe.

GBLT UK memiliki wewenang untuk menyewakan dan mengoperasikan semua kapal BLT yang berada di pasar-pasar Eropa, Laut Mediterania, dan Afrika Utara. Sementara itu, disaat kapal-kapal terus beroperasi secara reguler di wilayah ini, GBLT UK juga mengembangkan pelayanan-pelayanan adminstratif dan teknis (termasuk audit kapal, melayani pelatihan kadet dan superintenden kapal) untuk menjamin dukungan terbaik bagi kapal mana pun yang berlayar ke Eropa.

GBLT UK has authority for the chartering and operations of all BLT vessels trading in the European, Mediterranean Sea, and North African markets. Indeed, as the vessels continue to trade more regularly in this area, developed administrative and technical services (including ship audit, cadet training and marine superintendent services) to ensure the best possible support for any of the vessels calling to Europe.

Selain melaksanakan pemeriksaan semua kapal GBLT UK setiap tahunnya, departemen teknis seringkali mengadakan kunjungan inspeksi ke kapal-kapal BLT yang singgah di pelabuhan-pelabuhan Eropa. GBLT UK juga merekrut dan melatih para kadet dari akademi dan/atau universitas – universitas maritim setempat, yang proses pelatihannya dilakukan di atas kapal BLT.

Along with auditing all GBLT UK vessels on an annual basis, the technical department often visits BLT vessels calling in European ports. GBLT UK also recruits and train cadets of local maritime academies and/or universities, and part of their training being conducted onboard BLT vessels.

GBLT UK telah mendapatkan sertifikasi manajemen mutu ISO 9001 dari Llyods Register pada tahun 2006. Perusahaan terus mempertahankan standar-standar yang tinggi yang berkaitan dengan kualitas dan pelayanan jasa.

GBLT UK obtained ISO 9001 quality certification from Lloyds Register in 2006. The office continues to maintain high standards of quality and service.

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

GBLT UK recently purchased new office and relocated to the new premises in January 2008. The new offices are situated in the Glasgow Business Park which is only a short distance from the centre of Glasgow. The spacious new office affords GBLT UK the freedom to accommodate their expanding team.



Gold Bridge Shipping Ltd (Hong Kong)

Industri petrokimia Asia telah berubah menjadi pusat penyulingan besar dan berhubungan langsung dengan pusat lalu lintas pengapalan guna memenuhi lonjakan permintaan akan produk-produk petrokimia dan perminyakan yang semakin meningkat di kawasan ini. Pusat-pusat kilang besar di Asia Utara, Asia Tenggara dan Timur Tengah memberikan peluang bisnis yang baik dalam permintaan akan transportasi laut bahan kimia cair dan perminyakan di kawasan ini.

Asia petrochemical industry has transformed itself as a major refining centre and transshipment hub to feed the ever increasing demand for petrochemicals and petroleum products in the region. Major refining centers in North Asia, Southeast Asia and the Middle East provide a buoyant trade in the demand for liquid chemical and petroleum marine transportation in the region.

Dibalik pertumbuhan tersebut, Gold Bridge Shipping Ltd. (”Gold Bridge”) telah melayani industri petrokimia dan perminyakan Asia sejak 1990. Gold Bridge merupakan anak perusahaan yang dimiliki seluruhnya oleh PT Berlian Laju Tanker Tbk (“BLT”). BLT memiliki lebih dari 24 tahun pengalaman dibidang pengangkutan muatan cair, dan terlibat dalam semua aspek industri tanker seperti bahan-bahan kimia cair, produk minyak mentah dan bahan bakar minyak, tanker aspal dan tanker gas. Dengan kehadiran Gold Bridge yang kuat di Asia Utara dan BLT di kawasan lainnya, BLT telah menjadi operator tanker bahan kimia terkemuka di kawasan ini.

Behind this growth, Gold Bridge Shipping Ltd. (Gold Bridge) has been serving the Asian petrochemical and petroleum industry since 1990. Gold Bridge is a subsidiary of PT Berlian Laju Tanker Tbk (BLT). BLT has over 24 years of liquid marine transportation experience, and is involved in all aspects of tanker industry from chemical, product crude oil, asphalt and gas tankers. With Gold Bridge strong presence in North Asia and BLT in other regions, BLT has become a leading chemical tanker operator in the region.

Chembulk Tankers LLC (“Chembulk”)

Chembulk Tankers LLC (Chembulk) didirikan pada bulan Januari 2007 sebagai salah satu penyedia pengangkutan laut mutakhir abad 21 untuk bahan kimia cair yang menggunakan kapal-kapal angkut berbahan baja anti karat (stainless steel) sesuai dengan spesifikasi industri tertinggi. Dengan komitmennya akan keunggulan dalam semua aspek yang ditetapkan baik karena persaingan maupun peraturan yang ada, Chembulk memadukan kemampuan berbisnis yang baik dengan kecakapan operasional guna menjamin pengangkutan kargo pelanggan dengan handal.

Chembulk Tankers LLC (Chembulk) was formed in January 2007 as a cutting edge provider of marine transportation for the chemical industry deploying stainless steel chemical tankers built to the industry’s highest specifications. With its commitment to excellence in all aspects demanded by a competitive commercial and regulatory arena. Chembulk combines commercially sound business acumen with rigorous operational capabilities ensuring seamless transportation of customer cargo.

Chembulk merupakan anak perusahaan yang dimiliki sepenuhnya oleh PT. Berlian Laju Tanker Tbk. (BLT). Wilayah operasi Chembulk adalah di kawasan Amerika, Eropa dan Asia Timur. Dengan bergabungnya Chembulk ke dalam BLT, maka wilayah operasional BLT kini menjangkau seluruh dunia.

Chembulk is a wholly owned subsidiary of PT Berlian Laju Tanker Tbk (BLT). Chembulk operating areas are in America, Europe and East Asia. With the existence of Chembulk, BLT’s operational area has become worldwide.


Operations Review 61 KINERJA SAHAM Sejak Penawaran Umum Perdana saham Perseroan pada tanggal 22 Januari 1990 yang kemudian terdaftar di Bursa Efek Indonesia, sebelumnya dikenal dengan nama Bursa Efek Jakarta dan Bursa Efek Surabaya, Perseroan telah melakukan 5 kali Penawaran Umum Terbatas disertai dengan Preemptive Rights yaitu di tahun 1993, 1998, 2001, 2009, dan 2010. Selain itu, beberapa langkah strategis telah diambil Perseroan di pasar modal tersebut, misalnya pembagian Saham Bonus sebagai penghargaan Perseroan kepada para pemegang saham, dan Pemecahan Nilai Saham (Stock Split) yang dimaksudkan untuk meningkatkan likuiditas perdagangan saham Perseroan.

SHARE PERFORMANCE Since the Company conducted The Initial Public Offering on 22 January 1990 which was subsequently listed at Indonesia Stock Exchange previously known as Jakarta Stock Exchange and Surabaya Stock Exchange, the Company has conducted 5 Limited Public Offering With the Pre-emptive Rights in the year of 1993, 1998, 2001, 2009, and 2010. In addition, some corporate action in the capital market has also been conducted such as distribution of Bonus Shares as an appreciation of the Company to shareholders, and Stock Split which were intended to increase the trading liquidity of the Company’s shares.

Perseroan akan selalu mempertimbangkan berbagai alternative bagi pemanfaatan dana di pasar modal, yang dapat digunakan untuk investasi dan mendorong aktivitas operasional Perseroan. Salah satu alternatif pendanaan lain yang, di masa sebelumnya, belum pernah secara serius dicoba Perseroan adalah pasar dana internasional. Perseroan pernah merintis akses ke pendanaan pasar modal luar negeri tersebut dengan menerbitkan Obligasi Konversi yang sukses dilakukan Perseroan pada akhir tahun 2005. Kemudian, tanggal 30 Oktober 2006, Perseroan mencatatkan penjualan sahamnya di Singapore Exchange (Singapore Exchange Securities Trading Limited) sebagai basis untuk memperluas akses ke pasar modal luar negeri. Di awal tahun 2007 Perseroan juga telah berhasil menerbitkan Guaranteed Notes serta Obligasi Konversi kedua, yang juga didaftarkan di Singapore Exchange, dan menerbitkan Obligasi Rupiah Ketiga serta Sukuk Ijarah yang tercatat di Bursa Efek Indonesia. Sebagaimana yang telah disebutkan di atas, pada tahun 2010, Perseroan melakukan penerbitan Hak Memegang Efek Terlebih Dahulu (HMETD) atau Rights Issue kepada pemegang saham pada dua bursa yang berbeda yakni Bursa Efek Indonesia (BEI) dan Singapore Exchange Securities Trading Limited (SGX-ST) dengan nilai ekuivalen sebesar USD 132 juta dengan harga penawaran sebesar Rp 220 per saham.

The Company shall always consider various alternatives of financing which can be conducted for investment and operational activity of the Company. One financing alternative which, in the past, has not been a major area of focus for the Company is the international capital market. The Company has initiated access to the overseas capital market financing by issuance of Convertible Bond that has been successfully issued by the Company at the end of year 2005. Thereafter, on 30 October 2006, the Company has registered its share in the Singapore Exchange (Singapore Exchange Securities Trading Limited) as a foundation which can be used by the Company to access overseas capital market. In early 2007 Company also succeeded in issuing Guaranteed Notes and the second Convertible Bond which was also listed in Singapore Exchange Securities Trading Limited, and issuing its Third Rupiah Bond and Sukuk Ijarah which were listed in Indonesia Stock Exchange. As mentioned previously, in 2010 the Company executed a limited public offering or rights issue addressed for the shareholders in both capital market, the Indonesia Stock Exchange (IDX) and Singapore Stock Exchange Securities Trading Limited (SGX-ST) with a total value equivalent to USD 132 million with execution price of Rp 220 per share.


62 PEMBAHASAN OPERASIONAL Rangkuman Aktivitas Perseroan di Pasar Modal:

Aksi Korporasi Sebelum Penawaran Umum Perdana Penawaran Umum Perdana (@ Rp 8.500) Saham Bonus I (2:1) Saham Bonus II (5:2) Penawaran Umum Terbatas I (1:1 @ Rp 1.600) Pemecahan Nilai Saham (1:2)

Summary of Company’s activities in Capital Market : Nilai Nominal Nominal Value

Tanggal Pencatatan

Saham Baru

Jumlah Saham

Recording Date

New Share

Total Share

11,900,000

Rp. 1,000

26-Mar-90 20-Jul-91 24-Sep-92

2,100,000 7,000,000 8,400,000

14,000,000 21,000,000 29,400,000

Rp. 1,000 Rp. 1,000 Rp. 1,000

Before IPO Initial Public Offering (@ Rp 8,500) Stock Bonus I (2:1) Stock Bonus II (5:2)

24-May-93

29,400,000

58,800,000

Rp. 1,000

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

27-Jan-97

58,800,000

117,600,000

Rp. 500

35,280,000

152,880,000

Rp. 500

Stock Split (1:2) Stock Bonus III (500:150)

Saham Bonus III (500:150) 4-Mar-97 Penawaran Umum Terbatas II (1:2 @ Rp 1.200, 10 HMETD + 2 Waran) 16-Jan-98 Konversi Waran Up to 31-Dec-00 Penawaran Umum Terbatas III (17:2 @ Rp 1.100) 19-Jan-01 Pembelian Kembali Saham * Start from Oct-01 Konversi Waran Up to 6-Feb-02 Pemecahan Nilai Saham (1:4) 6-Feb-02 Konversi Waran Up to 31-Dec-03 Konversi Waran Up to 12-Nov-04 Pemecahan Nilai Saham (1:2) 12-Nov-04 Konversi Waran Up to 31-Dec-04 Pembelian Kembali Saham * Start from May-05 Konversi Waran Up to 31-Dec-05 Pembelian Kembali Saham * Start from Jul-06 Konversi Waran Up to 31-Dec-06 Konversi Waran Up to 31-Dec-07 Penawaran Umum Terbatas IV (3:1 @ Rp 425) 10-Aug-09 Penawaran Umum Terbatas V (1:1 @ Rp 220) 9-Jul-10

Corporate Action

305,760,000 6.38

458,640,000 458,646,380

Rp. 500 Rp. 500

Rights Issue II (1:2 @ Rp 1,200, 10 Rights + 2 Warrant) Warrant Conversion

53,958,150

512,604,530

Rp. 500

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

51,260,000 839.262

512,604,530 513,443,792

Rp. 500 Rp. 500

Stock Buy Back(*) Warrant Conversion

1,540,331,376 14,482,420 3,923,900

2,053,775,168 2,068,257,588 2,072,181,488

Rp. 125 Rp. 125 Rp. 125

Stock Split (1:4) Warrant Conversion Warrant Conversion

2,072,181,488 22.5

4,144,362,976 4,144,385,476

Rp. 62.50 Rp. 62.50

Stock Split (1:2) Warrant Conversion

412,433,000 12,828,960

4,144,385,476 4,157,214,436

Rp. 62.50 Rp. 62.50

Stock Buy Back(*) Warrant Conversion

113,938,000 358 1,438,000

4,157,214,436 4,157,572,436 4,159,010,436

Rp. 62.50 Rp. 62.50 Rp. 62.50

1,392,310,059

5,981,591,235

Rp. 62.50

5,569,240,235 11,550,831,470

Rp. 62.50

Stock Buy Back(*) Warrant Conversion Warrant Conversion Rights Issue IV (3:1 @ Rp 425) Rights Issue V (1:1 @ Rp 220)

* Tidak mempengaruhi Jumlah Saham yang telah diterbitkan

* Will not have an effect on Total Share issued

Total saham tercatat di BEI dan SGX sampai 31 Desember 2010 adalah 11.550.831.470 lembar

Total Listed Share in IDX and SGX on 31 December 2010 is 11.550.831.470 shares


Operations Review 63 Kinerja Saham di tahun 2009 dan 2010 disajikan dalam bentuk grafik sebagai berikut :

Performance of Share at the Early Quarter in 2009 and 2010 is presented in the following graphics:


64 PEMBAHASAN OPERASIONAL PENGHARGAAN DAN SERTIFIKASI

AWARDS AND CERTIFICATIONS

Perseroan berupaya meningkatkan dan memperluas pangsa pasar, dengan cara memperkuat dan meningkatkan keunggulan kompetitifnya di segala bidang, terutama yang berkaitan dengan sistem-sistem manajemen, performa operasional, performa finansial, yang berkaitan dengan prinsip perusahaan yang dikelola dengan baik (good corporate governance), dan peningkatan nilai untuk para pemegang saham. Perseroan sangat berterimakasih karena upaya-upaya dalam menciptakan keunggulan di semua bidang tersebut telah mendapatkan pengakuan melalui penghargaan-penghargaan dan sertifikasi dari sejumlah lembaga, badan-badan sertifikasi, dan pihak ketiga lainnya. Pada tahun 2010, Perseroan telah menerima penghargaan-penghargaan antara lain sebagai berikut:

The Company is engaged in an ongoing endeavor to develop and expand its market share by strengthening and developing its competitive excellence especially those related to management systems, operational performance, financial performance, adherence to the principles of good corporate governance, and creating value for shareholders. The Company is extremely gratified that its endeavors to achieve excellence in all these areas has been recognized and acknowledged through awards and certificates granted by a number of prestigious agencies, certifying bodies, and other third parties. In 2010, the Company received the following awards:

INSA Awards 2010 : Tanker Ship Owner / Operator of The Year

Pertamina : MT Gas Natuna, Kapal Charter Terbaik 2010 (Kategori: Small LPG)

Pertamina : MT Gandini, Kapal Charter Terbaik 2010 (Kategori: Medium Range)

Pertamina : MT Dewi Sri, Kapal Charter Terbaik 2010 (Kategori: Small – 1)


66 TATA KELOLA PERUSAHAAN YANG BAIK

TATA KELOLA PERUSAHAAN YANG BAIK TATA KELOLA PERUSAHAAN YANG BAIK

GOOD CORPORATE GOVERNANCE

Perseroan bertekad untuk terus meningkatkan dan mempertahankan standar tinggi di bidang tata kelola korporasi, sesuai dengan prinsip-prinsip dan panduan yang telah digariskan dalam Code of Corporate Governance 2005 yang baru dan Best Practices Guide yang diterbitkan oleh otoritas Singapore Exchange Securities Limited (Bursa Singapura) dimana prinsip-prinsip tersebut juga sejalan dengan aturan Tata Kelola Perusahaan yang Baik Tahun 2001 di Indonesia serta beberapa standar lain yang berlaku dan digunakan di Indonesia.

The Company is committed to achieving and maintaining high standards of corporate governance, in compliance with the principles and guidelines set out in the new Code of Corporate Governance 2005 (“Code 2005”) and the Best Practices Guide issued by the Singapore Exchanges Securities Limited (the “SGXST”) and these are in line in principle with the Indonesian Code of Good Corporate Governance 2001 and other prevailing standards adopted and used in Indonesia.

Pelaksanaan prinsip tata kelola korporasi di Perseroan pada tahun 2010 dijelaskan sebagai berikut:

The corporate governance practices of the Company in 2010 are described herein under the following sections:

Ketentuan tentang Dewan Komisaris dan Direksi Prinsip No.1: Setiap perusahaan harus dipimpin oleh satu Dewan yang efektif untuk dapat memimpin serta mengontrol jalannya perusahaan.

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

Komposisi dan Keseimbangan Dewan Komisaris dan Direksi Prinsip No.2: Harus terdapat satu elemen yang kuat serta independen di dalam Dewan tersebut, yang mampu memberikan penilaian obyektif mengenai urusan korporasi secara independen, khususnya, dari pihak Manajemen. Tidak satupun individu ataupun sekelompok kecil individu yang diperbolehkan mendominasi proses pengambilan keputusan di Dewan tersebut.

Board Composition and Balance Principle 2:


There should be a strong and independent element within the Board, which is able to exercise objective judgment on corporate affairs independently, in particular, from the Management. No individual or small group of individuals should be allowed to dominate the Board’s decision making.

Good Corporate Governance 67

GOOD CORPORATE GOVERNANCE Komposisi Dewan Komisaris dan Direksi Serta Komite-Komite

Composition Of The Board And Its Committees

Komposisi Dewan serta Komite-komite di bawahnya dapat ditampilkan sebagai berikut:

The composition of the Board and its Committee are as follows:

Hadi Surya Safzen Noerdin Alan Jonathan T. Darmawan* Jaka Prasetya* Max Sumakno Budiarto Widihardja Tanudjaja Siana Anggraeni Surya Kevin Wong Michael Murni Gunawan Henrianto Kuswendi

Catatan: C- Ketua; M – Anggota; * - Komisaris Independen

Dewan Komisaris Board of Commissioners C M M M -

Direksi Board of Directors C M M M M

Komite Komite Komite Audit Nominasi Remunerasi Audit Nomination Remuneration Committee Committee Committee M M C C C M M M M -

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


68 TATA KELOLA PERUSAHAAN YANG BAIK Dewan Komisaris Sesuai dengan ketentuan di dalam Anggaran Dasar Perseroan, Dewan Komisaris, yang memegang tugas mengawasi manajemen Perseroan, harus terdiri dari paling sedikit tiga orang anggota, termasuk seorang Komisaris Utama. Suatu perusahaan yang tercatat di Bursa Efek Indonesia dan Bursa Efek Singapura, seperti halnya Perseroan, juga dituntut agar memiliki Komisaris Independen (atau direktur non-eksekutif independen yang dipersyaratkan oleh Bursa Singapura) sebagai anggota dari Dewan Komisaris yang dimilikinya. Fungsi utama Dewan Komisaris adalah memberikan nasihat dan mengawasi kebijakan-kebijakan yang dibuat oleh Direksi. Dewan Komisaris diharuskan untuk melakukan tugasnya dalam itikad baik serta untuk kepentingan terbaik bagi Perseroan.

Board of Commissioners Under the Company’s Articles of Association, the Board of Commissioners, which has the task of supervising the Company’s management, must consist of at least three members, including the President Commissioner. A company listed on the Indonesia Stock Exchange (IDX) and Singapore Exchange Securities Trading Limited (SGX), such as the Company, is also required to have independent commissioners (or independent non-executive director in the case of Singapore Exchange requirement) as members of its Board of Commissioners. The principal functions of the Board of Commissioners are to give advice to and supervise the policies of the Board of Directors. The Board of Commissioners is required to perform its duties in good faith and in the best interests of the Company.

Rapat-rapat Dewan Komisaris dapat diselenggarakan kapanpun jika dianggap perlu oleh Komisaris Utama atau dua anggota dari Dewan Komisaris, atau jika diminta secara tertulis oleh satu atau lebih anggota Direksi atau satu atau lebih pemegang saham yang secara bersama-sama mewakili paling sedikit 1/10 (satu per sepuluh) dari total saham dengan hak suara yang diterbitkan oleh Perseroan. Rapat Dewan Komisaris akan dianggap sah dan berhak menentukan resolusi rapat apapun yang mengikat Perseroan hanya jika lebih dari 50 persen dari anggota Dewan Komisaris hadir dan/atau diwakili di dalam rapat tersebut.

Meetings of the Board of Commissioners may be held at any time deemed necessary by the President Commissioner or two members of the Board of Commissioners, or upon the request in writing from either one or more members of the Board of Directors or one or more of the shareholders jointly representing at least one-tenth of the total voting shares issued by the Company. A meeting of the Board of Commissioners will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Commissioners are present and/ or represented at the meeting.

Para anggota Dewan Komisaris diangkat dan diberhentikan melalui Rapat Umum Pemegang Saham. Dalam menjalankan tugas yang diberikan, setiap anggota Dewan Komisaris mendapatkan gaji/ honorarium yang besarnya ditentukan oleh Rapat Umum Pemegang Saham.

The members of the Board of Commissioners are appointed and dismissed by a general meeting of shareholders. Each Commissioner is granted an honorarium for serving, the amount of which is determined at a general meeting of shareholders.

Direksi Direksi bertugas mengelola jalannya Perseroan sehari-hari. Sesuai Anggaran Dasar Perseroan, Direksi harus paling sedikit terdiri dari tiga orang anggota, salah satu di antaranya adalah Direktur Utama. Apabila diperlukan, satu atau lebih dari anggota Direksi dapat ditunjuk sebagai Wakil Direktur Utama. Direksi berkewajiban menjalankan tugasnya dengan itikad baik dan penuh tanggung jawab dengan selalu memperhatikan kepentingan Perseroan.

Board of Directors The Board of Directors manages the Company on a day to day basis. Under the Articles of Association of the Company, the Board of Directors is required to be made up of at least three members, one of whom is the President Director and if deemed necessary, one or more Directors may be appointed as Vice-President Director. The Board of Directors is required to perform its duties in good faith and in the best interests of the Company.

Direksi memiliki kewenangan untuk bertindak untuk kepentingan dan atas nama Perseroan, berkaitan dengan semua transaksi manajemen dan administrasi Perseroan. Walaupun demikian, berdasarkan Anggaran Dasar Perseroan dan Undang Undang yang berlaku di Indonesia, ada tindakan-tindakan tertentu yang memerlukan persetujuan tertulis dari dan/atau akta yang bersangkutan turut ditandatangani oleh Komisaris Utama atau dari/oleh dua anggota Dewan Komisaris bila Komisaris Utama berhalangan hadir atau oleh semua anggota Dewan Komisaris bersama-sama.

The Board of Directors has the power to perform for and on behalf of the Company all transactions concerning the Company’s management and administration. However, pursuant to the Company’s Articles of Association and in conjunction with the Indonesian Company Law, certain actions of the Company require written approval or the relevant deed relating to such actions must also be signed by the President Commissioner or in the absence of the President Commissioner by two other Commissioners.


Good Corporate Governance 69 Rapat Direksi dapat dilakukan sewaktu-waktu apabila dipandang perlu, oleh Direktur Utama atau satu atau lebih dari satu anggota Direksi, atau berdasarkan permintaan tertulis, baik dari seorang atau lebih anggota Dewan Komisaris atau atas permintaan tertulis 1 (satu) pemegang saham atau lebih yang bersama-sama mewakili 1/10 (satu per sepuluh) bagian dari jumlah seluruh saham dengan hak suara yang sah.

Meetings of the Board of Directors may be held at any time deemed necessary by the President Director or one or more members of the Board of Directors, or upon the request in writing from either one or more members of the Board of Commissioners or one or more of the shareholders jointly representing at least one-tenth of the total voting shares issued by the Company.

Suatu rapat Direksi akan dianggap sah dan berhak menerapkan keputusan-keputusan rapat tersebut jika lebih dari 50 persen anggota Direksi hadir atau diwakilkan. Seluruh rapat Direksi dipimpin oleh Direktur Utama. Apabila Direktur Utama berhalangan hadir hal mana tidak perlu dibuktikan kepada pihak ketiga, maka Rapat Direksi akan dipimpin oleh salah satu dari anggota Direksi yang secara khusus ditunjuk oleh Rapat Direksi tersebut.

A meeting of the Board of Directors will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Directors are present or represented at the meeting. All meetings of the Board of Directors are chaired by the President Director. In the event of the absence or disability of the President Director, the impediment of which need not be evidenced to any third parties, a meeting of the Board of Directors will be chaired by another member of the Board of Directors specifically appointed by the meeting of the Board of Directors.

Keputusan rapat Direksi umumnya diambil lewat cara musyawarah mufakat, namun bila tidak tercapai suatu mufakat, maka keputusan diambil berdasarkan pemungutan suara dimana suara setuju harus lebih dari 50% (lima puluh persen) dari jumlah anggota Direksi yang hadir dan/atau diwakili dalam rapat.

Resolutions of a meeting of the Board of Directors are generally adopted on the basis of a mutual consensus. In the event a mutual consensus is not reached, then a resolution may be adopted on the basis of an affirmative vote of more than 50 per cent. of the members of the Board of Directors present and/or represented at the meeting.

Manajemen Kinerja dan Manajemen Krisis adalah pelatihan yang diselenggarakan oleh Perseroan untuk meningkatkan kompetensi para Direksi.

Performance Management and Crisis Management are the trainings held by the Company to improve the competency level of the Board of Directors.

Anggota Direksi diangkat dan diberhentikan oleh Rapat Umum Pemegang Saham. Berdasarkan Anggaran Dasar Perseroan setiap anggota Direksi mendapatkan gaji bulanan dan tunjangan lainnya, termasuk santunan purna jabatan yang jumlahnya ditentukan oleh Rapat Umum Pemegang Saham. Kewenangan Rapat Umum Pemegang Saham untuk menentukan jumlah gaji dan tunjangan yang diberikan kepada masing-masing Direksi tersebut dapat didelegasikan kepada Dewan Komisaris.

The members of the Board of Directors are appointed and dismissed by a general meeting of shareholders. In accordance with the Company’s Articles of Association, members of the Board of Directors may be given monthly salary and other benefits, including pension benefits, which amount shall be determined by the General Meeting of Shareholders of the Company. The authority of the General Meeting of Shareholders to determine the amount of the salary and benefits of each member of the Board of Directors may be delegated to the Board of Commissioners.

Tanggung Jawab Manajemen Prinsip No.3: Harus ada pembagian tanggung jawab yang jelas antara para pemimpin perusahaan – pekerjaan Dewan Komisaris dan Direksi dan eksekutif yang bertanggung jawab terhadap bisnis perusahaan – yang dapat menjamin keseimbangan kekuasaan dan wewenang, mengingat tidak satupun individu boleh bertindak sebagai pusat semua kekuasaan.

Management Responsibilities Principle 3: There should be a clear division of responsibilities at the top of the company – the working of the Board and the executive responsibility of the company’s business – which will ensure a balance of power and authority, such that no one individual represents a considerable concentration of power.


70 TATA KELOLA PERUSAHAAN YANG BAIK Peran Direktur Utama dan direktur-direktur eksekutif lainnya dibuat terpisah, untuk menjamin perimbangan kekuasaan, meningkatkan akuntabilitas dan kapasitas Direksi dalam mengambil keputusan independen. Para Direktur tidak terkait satu sama lain.

The roles of President Director and those of the other executive directors are separated to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision making. They are not related to each other.

Peran Direktur Utama dalam Rapat Direksi di antaranya sebagai berikut: a) Mengatur waktu rapat Direksi sedemikian hingga Direksi dapat menjalankan kewajibannya tanpa menghambat jalannya aktivitas bisnis rutin perusahaan; b) Mempersiapkan agenda pertemuan yang dikonsultasikan dengan Direksi; c) Mengendalikan kualitas, kuantitas dan jadwal aliran informasi antara Manajemen dan Direksi; dan d) Memberikan bantuan untuk menjamin kepatuhan terhadap ketentuan-ketentuan perusahaan terkait dengan penerapan tata kelola perusahaan yang baik.

The President Director’s role in the Board of Directors includes among others, the following: a) schedule meetings that enable the Board to perform its duties responsibly while not interfering with the flow of the company’s operations; b) prepare meeting agenda in consultation with the Board; c) exercise control over quality, quantity and timeliness of the flow of information between Management and the Board; and d) assist in ensuring compliance with company’s guidelines on corporate governance.

Keanggotaan Direksi Prinsip No.4: Harus ada suatu proses formal dan transparan dalam penunjukan direktur baru. Sesuai ketentuan tata kelola perusahaan, maka semua direktur diminta mendaftarkan diri untuk pencalonan dan pemilihan ulang setelah suatu periode tertentu yang tetap.

Board Membership Principle 4: There should be a formal and transparent process for the appointment of new directors to the Board. As a principle of good corporate governance, all directors should be required to submit themselves for re-nomination and reelection at regular intervals.

Komite Nominasi Para anggota Komite Nominasi Perseroan adalah Alan Jonathan Tangkas Darmawan, Hadi Surya, dan Jaka Prasetya, dan diketuai oleh Alan Jonathan Tangkas Darmawan.

Nomination Committee The Nomination Committee members are Alan Jonathan Tangkas Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of our Nomination Committee is Alan Jonathan Tangkas Darmawan.

Komite Nominasi memiliki beberapa tugas, antara lain adalah: Meneliti dan menilai calon Direksi dan Komisaris sebelum mengajukan nama-nama mereka ke pemegang saham Perseroan untuk disetujui sebagai Direktur dan Komisaris Perseroan; Meneliti dan memberikan rekomendasi kepada pemegang saham Perseroan mengenai berakhirnya masa jabatan atau pengangkatan kembali Direktur dan Komisaris sesuai dengan Anggaran Dasar Perseroan pada setiap rapat tahunan; Meneliti komposisi Dewan Komisaris dan Direksi setiap tahun untuk memastikan bahwa Perseroan memiliki cukup Komisaris Independen dan untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat di antara para Direktur dan Komisaris Perseroan; Setiap tahun menentukan tingkat independensi para Komisaris Independen Perseroan, sesuai dengan peraturan perundang-undangan dan pedoman yang berlaku;

Nomination Committee has the duties of, among other things: reviewing and assessing candidates for directorships and commissionership before making recommendations to Shareholders for appointment of Directors and Commissioners; t SFWJFXJOH BOE SFDPNNFOEJOH UP PVS Shareholders the retirement or re-election of Directors and Commissioners in accordance with the Company’s Articles of Association at each annual general meeting; t SFWJFXJOH UIF DPNQPTJUJPO PG UIF $PNQBOZT Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners; t EFUFSNJOJOH BOOVBMMZ UIF JOEFQFOEFODF PG the Company’s Independent Commissioners, in accordance with applicable codes and guidelines; and



Menentukan sejauh mana Direktur dan Komisaris dapat memberikan kontribusi secara efektif dan menunjukkan komitmen mereka terhadap tugas-tugas mereka.

t

EFDJEJOH XIFUIFS UIF %JSFDUPST BOE Commissioners can continue to contribute effectively and demonstrate commitment to their roles.

Kinerja Dewan Komisaris dan Direksi Prinsip No.5: Harus ada suatu evaluasi formal atas efektivitas kerja Dewan secara keseluruannya dan kontribusi yang diberikan oleh setiap direktur bagi efektivitas kerja Dewan tersebut.

Board Performance Principle 5: There should be a formal assessment of the effectiveness of the Board as a whole and the contribution of each director to the effectiveness of the Board.

Pengambilan Keputusan Berdasarkan Informasi Yang Tepat Keputusan yang dibuat oleh Dewan Komisaris dan/ atau Direksi dibuat berdasarkan: Diskusi mengenai topik utama yaitu suatu masalah/proyek harus dilakukan dalam suatu kerangka kerja yang benar, dengan cara mendefinisikan cakupan dari masalah/proyek tersebut, asumsinya serta hasil akhirnya. Pihak manajemen menunjukkan alternatifalternatif yang ada ke Dewan Komisaris dan / atau Direksi sebagai dasar penyusunan kebijakan / keputusan yang diambil. Menyajikan informasi yang terpadu serta dapat dipercaya kepada Dewan Komisaris dan / atau Direksi untuk mendukung proses pembuatan keputusan yang diambil dengan mempertimbangkan berbagai aspek dari masalah/ proyek tersebut, termasuk memberikan perhatian pada masukan dan / atau cara pandang dari pelanggan dan pemangku kepentingan lain. Kebijakan akhir harus disetujui oleh Dewan Komisaris dan Direksi yang didasarkan atas penjelasan yang jelas, masuk akal, serta beralasan, dan sifatnya terukur termasuk juga dapat dibandingkan. Keputusan-keputusan tersebut harus dapat dilaksanakan, mereka yang melaksanakan keputusan-keputusan tersebut harus bertanggungjawab untuk hasilnya dan ketepatan waktu penyelesaiannya.

Proper Information for Decision Making The decision made by the Board of Commissioners and/or Board of Directors based on: Discussion of the main topic of an issue/project should be carried out in a correct framework by defining scope of issue/project, assumption, and its final results. Presenting alternatives (by management) to the Board of Commissioners and/or Board of Directors as a basis of the policy / decision taken. Delivering integrated and reliable information to the Board of Commissioners and/or Board of Directors as to serve the decision making process which is taken by considering various aspects of the issue / project including paying attention to customers and other stakeholders input and/or perspective Final policy approved by the Board of Commissioners and Board of Directors is based on a clear, logical, sound explanation, and is measurable as well as comparable. Decisions are executable and people who implement the decisions should take responsibility for the result and project timeliness.

Pengelolaan Resiko Perseroan mengelola resiko melalui satu kerangka kerja dan proses yang jelas, dimana satu budaya kesadaran akan resiko serta pengelolaan resiko terus dikembangkan dan dibina dalam organisasi ini, termasuk didalamnya kemampuan: Mengenali jenis-jenis resiko yang berbeda, yang mungkin ditemui Perseroan dalam menjalankan operasi sehari-hari dan/atau membuat keputusan Memastikan agar terdapat satu anggota manajemen senior yang bertanggungjawab untuk menanggapi atau mengatur langkah mitigasi terhadap resiko tersebut.

Risk Management Company manages risk through a framework and processes, whereby a culture of risk awareness and risk management is encouraged in the organization, which involves: Recognizing different types of risk the company may encounter in running daily operation and/ or making decision Ensuring that there is one accountable senior management member who may answer or take responsibility for mitigating the risk


72 TATA KELOLA PERUSAHAAN YANG BAIK Pengelolaan Krisis Perseroan menyadari berbagai jenis krisis yang mungkin terjadi di lapangan dan dalam lingkungan kerja yang membutuhkan suatu pengelolaan krisis yang efektif. Rencana bagi pengelolaan krisis secara efektif diformulasikan didasarkan atas kelemahan – kelemahan yang diidentifikasi dalam rangka membentuk suatu proses bisnis yang teruji dan handal.

Crisis Management The Company recognizes various types of crisis that might occur on site and in working environment that require an effective crisis management. Plan for effective crisis management is formulated based on the weaknesses identified in order to establish a proven and reliable business process.

Dewan Komisaris dan Direksi Perseroan berkomitmen dalam menerapkan Tata Kelola Perusahaan dalam mengendalikan jalannya Perseroan untuk mencapai tujuan usaha. Dengan memiliki mekanisme yang mendukung proses pengambilan keputusan yang baik, pengenalan dan pengendalian risiko bisnis, serta kesiapan dalam menghadapi krisis, maka Perseroan memiliki cukup bekal untuk menjalankan usaha secara efektif. Diperkuat dengan mekanisme pengendalian biaya yang baik maka diyakini bahwa Perseroan akan tumbuh berkelanjutan dan memberikan imbal hasil investasi yang layak.

Board of Commissioners and Directors are committed to put into practice Good Corporate Governance in managing the business to achieve Company’s objectives. By having a mechanism that promotes good decision making process, recognizing and addressing business risk, as well as being prepared to deal with event of crisis the Company is well equipped to run an effective business. Coupled with good cost control mechanism, the Company will surely deliver a sustainable growth and worthy investment results.

Sekretaris Perseroan Pada saat ini Sekretaris Perseroan dijabat oleh Wong Kevin yang juga adalah Direktur Keuangan Perseroan. Resume dari Wong Kevin dapat dilihat pada profil direksi Perseroan.

Corporate Secretary Currently the Corporate Secretary post is held by Wong Kevin, who is also a Director of the Company. For the resume of Mr. Wong Kevin, please refer to the Board of Directors’ profile.

Sedangkan tugas dan fungsi Sekretaris Perusahaan adalah, antara lain, sebagai berikut: Mengikuti perkembangan pasar modal, khususnya peraturan – peraturan baru yang berlaku di bidang pasar modal; Memberikan pelayanan kepada masyarakat atau investor yang memerlukan informasi berkaitan dengan kondisi Perseroan; Memberikan masukan bagi Direksi Perseroan dalam upaya mematuhi ketentuan peraturan perundang-undangan yang berlaku; Sebagai penghubung antara Perseroan dan otoritas perdagangan saham serta masyarakat

The tasks and function of the Corporate Secretary are as follow: keep informed with respect to capital market developments, especially capital market regulations; provide the public with all information needed by investors regarding the condition of the Company; make recommendations to the Company’s Board of Directors with respect to compliance with the applicable law, rules, and regulation; act as the Company’s contact person with capital market authorities and the public.

Rapat Dewan dan Akses Mendapatkan Informasi Prinsip No.6: Dalam rangka melaksanakan tanggung jawabnya, anggota Dewan Komisaris dan Direksi harus mendapatkan informasi yang benar, lengkap, dan tepat waktu, sebelum rapat dewan dan secara teratur.

Board Meetings and Access to Information Principle 6: In order to fulfill their responsibilities, board members should be provided with complete, adequate and timely information prior to board meetings and on an on-going basis.

Sebelum waktu rapat Dewan Komisaris dan Direksi, manajemen berkewajiban menyediakan informasi yang lengkap dan tepat waktu bagi anggota Komisaris dan Direksi untuk membantu Dewan Komisaris dan Direksi memenuhi tanggung jawab mereka. Informasi yang disediakan termasuk latar belakang dan penjelasan mengenai masalahmasalah yang akan disampaikan oleh Dewan Komisaris dan Direksi, salinan dokumen-dokumen yang perlu disampaikan, pernyataan finansial bulanan, laporan pengelolaan risiko, anggaran

Prior to each Board meeting, management has an obligation to provide members of the Commissioners and the Directors with timely and complete information to enable members to fulfill their responsibilities. Information provided includes background and explanatory notes on matters to be addressed by the Boards, copies of disclosure documents, monthly internal financial statements, risk management reports, budgets and forecasts. In respect of budgets, any material variance between the


Good Corporate Governance 73 dan prediksi. Untuk anggaran, setiap perbedaan penting antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan.

projections and actual results should also be disclosed and explained.

Sesuai prosedur Dewan Komisaris dan Direksi, para komisaris dan direksi, secara individual atau berkelompok, dapat meminta pendapat profesional yang independen, jika diperlukan untuk mendukung pekerjaan mereka, yang dibiayai perusahaan.

The Boards have a procedure for commissioners and directors, either individually or as a group, in the furtherance of their duties, to take independent professional advice, if necessary, at the company’s expense.

Selama tahun buku 2010 yang berakhir tanggal 31 Desember 2010, 5 (lima) Rapat Dewan Komisaris dan Direksi dan 12 (dua belas) Rapat Evaluasi Manajemen telah diselenggarakan, dimana kehadiran para Komisaris dan Direksi dalam rapat-rapat Komite terebut dapat dilihat pada tabel berikut ini:

During the financial year ended 31st December 2010, five (5) Board Meetings and twelve (12) Management Review Meetings were held. The attendance records of the Commissioners and Directors, together with their attendance at Committee Meetings are as follows:

Hadi Surya Safzen Noerdin Alan Jonathan T. Darmawan Jaka Prasetya Max Sumakno Budiarto Widihardja Tanudjaja Siana Anggraeni Surya Kevin Wong Michael Murni Gunawan Henrianto Kuswendi

Rapat Dewan Board Meeting 3/5 5/5 3/5 3/5 5/5 1/5 1/5 5/5 4/5

Rapat Evaluasi Manajemen Management Review Meeting 12/12 3/12 10/12 10/12 5/12

Komite Audit Audit Committee 10/12 10/12 12/12 1/12 8/12 -

Komite Komite Nominasi Remunerasi Nomination Remuneration Committee Committee 2/2 1/1 2/2 1/1 2/2 1/1 -

Remunerasi

Remuneration Matters

Prosedur untuk Mengembangkan Kebijakan Remunerasi Prinsip No.7: Harus ada suatu prosedur formal dan transparan bagi penentuan paket remunerasi untuk masingmasing direktur. Tidak satupun direktur boleh terlibat dalam penentuan remunerasi untuk dirinya sendiri.

Procedures for Developing Remuneration Policies Principle 7:

Komite Remunerasi Komite Remunerasi Perseroan beranggotakan Alan Jonathan Tangkas Darmawan, Hadi Surya, dan Jaka Prasetya. Ketua dari Komite Remunerasi Perseroan tersebut adalah Alan Jonathan Tangkas Darmawan. Jika satu orang anggota Komite Remunerasi memiliki kepentingan terkait ke satu hal tertentu yang sedang dipertimbangkan oleh Komite tersebut, maka dia harus abstain/menarik suaranya dari proses kajian, pengambilan keputusan dan persetujuan oleh Komite Remunerasi terkait hal tertentu tersebut.

Remuneration Committee The Company’s Remuneration Committee members are Alan Jonathan Tangkas Darmawan, Hadi Surya, and Jaka Prasetya. The Chairman of the Company’s Remuneration Committee is Alan Jonathan Tangkas Darmawan. If a member of the Remuneration Committee has an interest in a matter being deliberated upon by the Committee, he will abstain from participating in the review and approval process of the Remuneration Committee in relation to that matter.

There should be a formal and transparent procedure for fixing the remuneration packages of individual directors. No director should be involved in deciding his own remuneration.


74 TATA KELOLA PERUSAHAAN YANG BAIK Komite Remunerasi memiliki tugas-tugas, antara lain:

Remuneration Committee has the duties of, among other things:

Memberikan rekomendasi bagi Dewan Komisaris mengenai dukungan, kebijakan remunerasi dan panduan bagi penentuan paket remunerasi bagi para anggota Direksi, Komisaris dan posisi eksekutif kunci lainnya; Menyetujui target kinerja untuk penilaian kinerja dari para anggota Direksi; dan Memberikan rekomendasi bagi paket remunerasi khusus untuk setiap Direktur untuk diajukan dan disetujui oleh Dewan Komisaris.

Recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors, Commissioners and key executives; Approving performance targets for assessing the performance of our Directors; and Recommending specific remuneration packages for each Director for endorsement by our Board of Commissioners.

Tingkat dan Gabungan Remunerasi Prinsip No.8: Tingkat remunerasi harus dirancang tepat agar mampu menarik, mempertahankan serta memotivasi para anggota Direksi agar menjalankan Perseroan menuju sukses, namun perusahaan juga harus menghindari membayar berlebihan untuk tujuan tersebut. Satu proporsi paket remunerasi tersebut, khususnya bagi direktur eksekutif, harus dikaitkan ke kinerja mereka.

Level and Mix of Remuneration Principle 8: The level of remuneration should be appropriate to attract, retain and motivate the directors needed to run the company successfully but company should avoid paying excessively for this purpose. A proportion of the remuneration,especially that of executive directors, should be linked to performance.

Keputusan mengenai Remunerasi Prinsip No.9: Setiap perusahaan harus menyediakan kebijakan remunerasi yang jelas, tingkat dan komposisi remunerasi, dan prosedur untuk menerapkan remunerasi, di dalam laporan tahunan perusahaan tersebut.

Disclosure on Remuneration Principle 9: Each company should provide clear disclosure of its remuneration policy, level and mix of remuneration, and the procedure for setting remuneration, in the company’s annual report.

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 7 Mei 2010 ditetapkan bahwa besarnya gaji dan / atau tunjangan lainnya bagi seluruh anggota Dewan Komisaris Perseroan setelah dipotong pajak penghasilan jumlahnya tidak melebihi Rp 8.000.000.000.- (delapan miliar Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masingmasing anggota Dewan Komisaris, yang besarnya kurang dari S$250.000 (Kecuali untuk Presiden Komisaris yang berkisar antara S$250,000-S$500,000) dan diberikan sebagai penghargaan Perseroan atas pengabdian yang mereka telah berikan selama tahun yang berakhir pada tanggal 31 Desember 2010, termasuk di dalamnya segala benefit atau kompensasi pada tahun fiskal tersebut yang dibayarkan secara akumulasi dan pada waktu yang telah ditentukan, adalah sebagai berikut:

On the Annual General Meeting of the Company which was held on 7 Mei 2010, it was resolved that the annual compensation for all members of Board of Commissioners after income tax is not more than Rp 8.000.000.00,- (eight billion Rupiah). The compensation for commissioners is below SGD250.000 (except for the President Commissioner which is in the band of SGD250.000SGD500.000) paid by the Company to each of the Commissioners for services rendered by them in all capacities to the Company for the years ended 31 December 2010, including any benefitin-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:

Di bawah / Below SGD 250,000 Hadi Surya Safzen Noerdin Alan Jonathan T. Darmawan Jaka Prasetya


9 9 9

Antara / Between SGD 250,000 - SGD 500,000 9 -

Di atas / Above SGD 500,000 -

Good Corporate Governance 75 Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 7 Mei 2010 ditetapkan bahwa besarnya gaji dan /atau tunjangan lainnya bagi seluruh anggota Direksi Perseroan setelah dipotong pajak penghasilan tidak melebihi Rp 16.500.000.000.- (enam belas miliar lima ratus juta Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masing-masing anggota Direksi, yaitu antara S$250.000 - S$500.000 sebagai balas jasa atas pengabdian yang diberikan kepada Perseroan selama tahun yang berakhir pada tanggal 31 Desember 2010, termasuk didalamnya segala benefit atau kompensasi pada tahun tersebut yang dibayarkan secara akumulatif dan dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut:

On the Annual General Meeting of the Company which was held on 7 Mei 2010, it was resolved that the annual compensation for all members of Board of Directors after income tax is not more than Rp 16.500.000.000,- (sixteen billion five hundred million Rupiah). The compensation is in the band of SGD250.000-SGD500.000 paid by our Company to each of our Directors for services rendered by them in all capacities to our Company for the years ended 31 December 2010, including any benefit-inkind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:

Di bawah / Below SGD 250,000 Widihardja Tanudjaja Kevin Wong Siana Anggraeni Surya Henrianto Kuswendi Michael Murni Gunawan

-

Antara / Between SGD 250,000 - SGD 500,000 9 9 9 9 9

Di atas / Above SGD 500,000 -

Akuntabilitas dan Audit

Accountability and Audit

Akuntabilitas Prinsip No.10: Dewan Komisaris dan Direksi bertanggungjawab kepada para pemegang saham sedangkan pihak manajemen bertanggungjawab kepada Dewan Komisaris dan Direksi.

Accountability Principle 10: The Board is accountable to the shareholders while the Management is accountable to the Board.

Dewan Komisaris dan Direksi berupaya memberikan suatu penilaian yang berimbang dan dapat dipahami oleh para pemegang saham, mengenai kinerja Perseroan, serta posisi dan peluang pada tiap kuartal. Tanggung jawab ini juga meliputi penyusunan laporan interim dan laporan lain yang sifatnya sensitif, serta laporan kepada regulator (jika diperlukan).

The Board strives to provide its shareholders with a balanced and understandable assessment of the Company’s performance, position and prospects on a quarterly basis. This responsibility extends to interim and other price sensitive public reports, and reports to regulators (if required).

Pihak Manajemen menyediakan laporan yang berimbang dan mudah dipahami mengenai kinerja, posisi, dan peluang perusahaan setiap bulan, untuk kepentingan anggota Dewan.

The Management provides to all members of the Boards with a balanced and understandable management accounts of the company’s performance, position and prospects on a quarterly basis.

Akuntabilitas bagi Pemegang Saham Dewan Komisaris dan Direksi memahami pentingnya ketersediaan informasi yang tepat dan berkualitas tinggi, sebagaimana dibutuhkan oleh para pemegang saham secara tepat waktu agar mereka bisa mengikuti semua perkembangan terakhir yang mempengaruhi kinerja Perseroan. Guna menjamin diseminasi informasi secara efektif, Perseroan memiliki kebijakan Hubungan Komunikasi dengan Pemegang Saham dan Investor.

Accountability to Shareholders The Board of Commissioners and Board of Directors acknowledge the importance of ensuring high quality, relevant information are made available to shareholders in a timely manner to keep them abreast of all material business matters affecting the Company. Towards ensuring the effective dissemination of information, the Company maintains a Shareholders Communication and Investor Relation Policy. The Policy outlines


76 TATA KELOLA PERUSAHAAN YANG BAIK Kebijakan tersebut menggaris bawahi bagaimana Perseroan mengidentifikasi dan membagikan informasi tepat waktu kepada semua pemegang saham. Hal tersebut juga memperkuat komitmen Perseroan terhadap kewajiban-kewajiban untuk mengungkapkan informasi secara terus-menerus sebagaimana diharuskan oleh regulasi yang berlaku, dan menggambarkan prosedur-prosedur yang diimplementasikan untuk menjamin kepatuhan terhadap regulasi.

how the Company identifies and distributes information in a timely manner to all shareholders. It also reinforces the Company’s commitment to the continuous disclosure obligations imposed by law, and describes the procedures implemented to ensure compliance.

Pengumuman Peraturan, Laporan Tahunan, Hasil Finansial per Kuartal dan informasi terkait lainnya dapat diakses melalui situs web Perseroan di www. blt.co.id. Siapa pun yang ingin mendapatkan atau mengajukan permohonan untuk mendapat dokumen tertentu dapat disampaikan melalui situs Perseroan. Selain itu, pemegang saham juga diundang untuk menghadiri Rapat Umum Pemegang Saham (RUPS) Tahunan yang dihadiri oleh para Komisaris, Direksi dan auditor eksternal, di mana pemegang saham tersebut dapat mengajukan pertanyaan, menyampaikan kekhawatiran atau menggunakan hak suara mereka untuk penentuan langkah bisnis Perseroan ke depan.

Regulatory Announcements, Annual Reports, Quarterly Financial Results and other relevant information are accessible via the Company’s website at www.blt.co.id. Any persons wishing to receive or make any request for documents are able to do so via submission to the Group’s website. Additionally, shareholders are encouraged to attend the Annual General Meeting (AGM) which is attended by the Commissioners, Directors and external auditors, where shareholders may raise questions, voice their concerns and vote on proposed resolutions.

Laporan Finansial Direksi bertanggung jawab untuk menyediakan pandangan yang wajar dan berimbang mengenai kinerja dan peluang finansial Perseroan dalam semua laporannya kepada Pemegang Saham dan pihak otoritas yang berwenang. Pertanggungjawaban tersebut dibuktikan melalui laporan finansial yang telah diaudit, pengumuman – pengumuman setiap kuartal tentang hasil finansial Perseroan yang belum diaudit, begitu pula dengan Sambutan Dewan Komisaris, Sambutan Direksi, serta Diskusi dan Analisis Manajemen dalam Laporan Tahunan. Perseroan selalu berupaya agar semua pengumuman kinerja dan pernyataan pers dapat disampaikan tepat waktu kepada media.

Financial Reporting The Board of Directors is committed to providing a balanced and fair view of its financial performance and prospects in all its reports to stakeholders and regulatory authorities. This is channeled through the audited financial statements, quarterly announcements of the Company’s unaudited financial results as well as the Remarks from Board of Commissioners, Remarks from Board of Directors and Management Discussion and Analysis in the Annual Report. The Company strives to make timely releases of all result announcements and press releases to the media.

Dalam kaitan dengan tanggung jawab fidusia dan gadainya, Dewan dibantu oleh Komite Audit dalam mengawasi proses pelaporan finansial Perseroan dan kualitas laporan keuangan tersebut.

In discharging its fiduciary responsibility, the Boards are assisted by the Audit Committee to oversee the financial reporting processes and the quality of the Company’s financial statements.

Pernyataan Tanggung Jawab Direksi dalam hal penyelenggaraan pemeriksaan laporan keuangan tahunan yang telah diaudit untuk evaluasi tahun buku ini dapat dilihat pada halaman 117 pada buku Laporan Tahunan ini.

The Statement of Responsibility by Directors in respect of the preparation of the annual audited financial statements for the financial year under review is set out on page 117 of this Annual Report.

Komite Audit Prinsip No.11: Dewan harus membentuk suatu Komite Audit dengan disertai ketentuan yang menggariskan dengan jelas wewenang dan kewajiban Komite tersebut.

Audit Committee Principle 11: The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties.


Good Corporate Governance 77 Komite Audit Perseroan saat ini beranggotakan Alan Jonathan Tangkas Darmawan, Max Sumakno Budiarto dan Jaka Prasetya. Ketua Komite Audit adalah Alan Jonathan Tangkas Darmawan yang diangkat sejak tanggal 19 Desember 2006. Komite Audit Perseroan dibentuk Dewan Komisaris untuk mengawasi Direksi dan bertanggung jawab penuh terhadap Dewan Komisaris.

The Audit Committee members are Alan Jonathan Tangkas Darmawan, Max Sumakno Budiarto and Jaka Prasetya. The Chairman of our Audit Committee is Alan Jonathan Tangkas Darmawan which was appointed since 19 December 2006. Our Audit Committee is formed by the Board of Commissioners to assist the Board of Commissioners in supervising the Board of Directors and is accountable to the Board of Commissioners.

Sesuai dengan peraturan yang berlaku di Indonesia, Perseroan telah mengangkat Bpk. Max Sumakno Budiarto menjadi anggota Komite Audit, sebagai seseorang yang independen terhadap anggota Dewan Komisaris maupun Direksi, sehingga diperoleh perpaduan keahlian dan pengalaman di antara anggota Komite Audit untuk mencapai seluruh tujuan dibentuknya Komite Audit tersebut.

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

Tugas dan tanggung jawab Komite Audit adalah sebagai berikut: Meneliti rencana audit auditor eksternal dan internal Perseroan, termasuk hasil auditor Perseroan dalam menelaah dan mengevaluasi sistem akuntansi internal, pengawasan operasional, kepatuhan dan manajemen risiko, serta memastikan koordinasi antara auditor internal, auditor eksternal, dan manajemen Perseroan, yang kegiatannya diadakan sekurang-kurangnya setahun sekali; Melakukan penelaahan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, membahas setiap penyesuaian penting dan bidang-bidang yang berisiko tinggi, perubahan kebijakan akuntansi, kepatuhan tehadap standar-standar pelaporan keuangan berdasarkan ketentuan yang berlaku, masalah-masalah yang timbul dari hasil audit, termasuk hal-hal yang ingin dibahas oleh auditor eksternal tetapi tidak di hadapan manajemen (jika diperlukan), sebelum diajukan kepada Dewan Komisaris untuk disetujui; Melakukan penelaahan dan pembahasan bersama dengan auditor eksternal tentang dugaan penipuan, hal-hal yang janggal atau pelanggaran peraturan perundang-undangan yang berakibat atau kemungkinan dapat berdampak material terhadap hasil operasional Perseroan dan atau posisi keuangan Perseroan dan tanggapan dari manajemen atas hal-hal tersebut di atas; Mengkaji ulang kerjasama yang diberikan manajemen kepada auditor Perseroan; Menelaah transaksi-transaksi yang dilakukan Perseroan menyangkut instrumen derivatif keuangan; Mempertimbangkan penunjukan dan penunjukan kembali auditor eksternal dan meneliti ketidakberpihakan serta objektifitas auditor eksternal setiap tahun;

The tasks and responsibilities of the Audit Committee are as follows: t &YBNJOJOH UIF BVEJU QMBO PG UIF $PNQBOZT external and internal auditor in evaluating the internal accounting system, operational supervision, compliance and risk management, and ensuring coordination among the internal auditor, external auditor and the Company’s management at least once a year; t &YBNJOJOHUIFDPOTPMJEBUFEmOBODJBMTUBUFNFOU and auditor’s report on the financial statement, discussing every important adjustment and high-risk areas, changes in accounting policies, compliance of the reporting to the applicable rules, issues found from audit process, including matters which the external auditor wish to discuss without the presence of management (if necessary), prior to submission to Board of Commissioners for approval; t &YBNJOJOHBOEEJTDVTTJOHXJUIFYUFSOBMBVEJUPST regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material effect to the result of the Company’s operation and/or financial position and management’s responds on the above issues; t &YBNJOJOH UIF DPPQFSBUJPO HJWFO CZ UIF management to the Company’s auditor; t &YBNJOJOH UIF USBOTBDUJPOT VOEFSUBLFO CZ UIF Company which involve financial derivative instruments; t $POTJEFSJOH UIF BQQPJOUNFOU BOE SF appointment of external auditor and examining the independence and objectivity of external auditor annually;



Melakukan pengujian atas transaksi-transaksi benturan kepentingan berdasarkan peraturanperaturan yang berlaku; Mengkaji ulang dan menyetujui biaya auditor Perseroan; Melakukan penelitian-penelitian lain dan tugastugas yang diminta oleh Dewan Komisaris dan melaporkan hasil temuan kepada Dewan Komisaris dari waktu ke waktu atas hal-hal yang timbul dan membutuhkan perhatian Komisaris Melaporkan risiko-risiko yang dihadapi Perseroan dan implementasi risiko manajemen oleh Perseroan kepada Dewan Komisaris; Melakukan penelaahan dan melaporkan keluhan-keluhan mengenai Perseroan kepada Dewan Komisaris; Meneliti kepatuhan Perseroan terhadap semua peraturan dan perundang-undangan di bawah hukum pasar modal dan peraturan perundangundangan tempat Perseroan beroperasi; dan Secara umum melakukan fungsi-fungsi dan tugas-tugas lain yang diwajibkan oleh hukum yang berlaku dari waktu ke waktu

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&YBNJOJOH DPOnJDU PG JOUFSFTUT USBOTBDUJPOT based on applicable rules and regulations; &YBNJOJOH BOE BQQSPWJOH UIF GFFT PG UIF Auditors of the Company; $POEVDUJOH PUIFS SFTFBSDIFT BOE PUIFS UBTLT assigned by Board of Commissioners from time to time on issues which require Commissioners’ attention; 3FQPSUJOH UIF SJTLT XIJDI UIF $PNQBOZ GBDFT and the implementation of risk management by the Company to Board of Commissioners; &YBNJOJOHBOESFQPSUJOHDPNQMBJOUTSFHBSEJOH the Company to Board of Commissioners; &YBNJOJOHUIFDPNQMJBODFPGUIF$PNQBOZUPBMM applicable rules and regulation in capital market and the law where the Company is operating; and *O HFOFSBM DPOEVDUJOH UIF GVODUJPOT BOE PUIFS tasks which are required by applicable law from time to time.

Selain dari tugas-tugas yang disebutkan di atas, Komite Audit juga membangun suatu mekanisme agar pegawai Perseroan dapat menyampaikan (secara rahasia) hal-hal mengenai kemungkinan pelanggaran sehubungan dengan laporan keuangan atau hal lainnya. Komite Audit akan meneliti penemuan-penemuan investigasi internal mengenai masalah-masalah tersebut atau masalah-masalah di mana diduga terjadi penipuan atau kejanggalan atau kegagalan pengawasan internal atau pelanggaran hukum dan peraturan perundang-undangan yang berlaku yang memiliki atau dapat memiliki dampak material terhadap hasil operasional atau posisi keuangan Perseroan. Komite Audit juga akan memastikan tindakantindakan lanjutan yang diperlukan sudah dilakukan. Setiap anggota Komite Audit yang memiliki konflik kepentingan tidak boleh memberikan suara dalam hal pengambilan keputusan-keputusan Komite.

Other than the above mentioned tasks, the Audit Committee shall provide a mechanism so that the Company’s employees can confidentially communicate the possible breach with regard to financial reports or other matters. The Audit Committee shall examine the findings of internal investigation regarding the issues and whereby fraud or unusual matter is suspected or the failure in internal supervision, or breach of applicable law, rules and regulations which have or may have material impact to the Company’s operational result or financial position. The Audit Committee also ensures necessary mitigation measures are taken. Any member of the Audit Committee cannot vote on decision whereby the member has conflict of interests.

Sepanjang tahun 2010, Komite Audit mengadakan pertemuan dengan Perseroan, dengan frekuensi sebulan sekali, sedangkan pertemuan Komite Audit dengan Auditor eksternal Perseroan dilakukan dua kali dalam setahun.

During the year 2010, the Audit Committee has conducted meetings with the Company’s management once in a month. The meetings with external auditor were conducted twice a year.

Kegiatan-kegiatan Komite Audit selama tahun 2010 sebagai berikut: Meminta penjelasan kepada Manajemen mengenai kinerja keuangan Perseroan pada setiap kuartal sehubungan dengan penyampaian laporan keuangan kepada pihak otoritas; Meminta penjelasan tentang kepatuhan terhadap peraturan terkait, yang berlaku di Indonesia dan di Singapura, sehubungan dengan kondisi dual-listing Perseroan;

In the year 2010, the Audit Committee conducted activities as follows: Requesting explanation from the management regarding the financial performance of the Company on every quarters with regard to the submission of the financial statements to the authorities; t 3FRVFTUJOH FYQMBOBUJPO UP UIF NBOBHFNFOU regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Company’s dual-listing status;



Meninjau ruang lingkup rencana kerja Internal Audit Perseroan, memberi masukan dan memonitor hasil kerja Internal Audit; Mengikuti perkembangan kapal – kapal yang masih dalam proses pembangunan Mendiskusikan dan memantau transaksi dengan pihak-pihak tertentu; Berdiskusi secara rutin dengan Manajemen Perseroan mengenai perkembangan terakhir Perseroan dan regulasi regulasi terkait bisnis Perseroan; Mengadakan pertemuan dengan Auditor Eksternal dan Manajemen Perseroan dalam membahas lingkup Audit, hasil Audit, dan surat kepada Manajemen; Mengikuti perkembangan pembangunan kapalkapal baru Perseroan; Mendiskusikan mengenai peran dan fungsi Komite Audit serta rencana memperbarui pedoman kerja Komite Audit.

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3FWJFXJOHUIFTDPQFPGXPSLBOEBVEJUQMBOPG the Internal Audit of the Company, providing inputs and suggestions as well as monitoring of the work and results of the work of the internal audit function. 'PMMPXJOH UIF QSPHSFTT PG UIF $PNQBOZT OFX building vessels; %JTDVTTJOH BOE NPOJUPSJOH SFMBUFEQBSUZ transactions; 3PVUJOFMZ EJTDVTTJOH XJUI UIF $PNQBOZT management regarding the latest development of the Company and regulations related the Company’s business; $POEVDUJOH NFFUJOH XJUI FYUFSOBM BVEJUPST and the Company’s management in discussing scope of audit, result of audit and Management Letter; %JTDVTTJOH UIF SPMF BOE GVODUJPO PG "VEJU Committee and the plan to update the Audit Committee Charter.

Komite Audit dan Perseroan telah mengevaluasi dan mengkonfirmasikan bahwa tim auditor eksternal dari kantor Osman, Bing, Satrio & Rekan tidak menyediakan jasa-jasa non-audit apapun kepada Perusahaan dan oleh karena itu tidak ada biaya yang dibayarkan untuk jasa – jasa tersebut.

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

Pengendalian Internal Prinsip No.12: Dewan harus menjamin agar pihak Manajemen selalu memiliki suatu sistem pengendalian internal untuk menjaga investasi pemegang saham dan aset-aset Perseroan.

Internal Controls Principle 12: The Board should ensure that the Management maintains a sound system of internal controls to safeguard the shareholders’ investments and the company’s assets.

Manajemen Perseroan menyadari bahwa sistem pengendalian internal yang baik merupakan salah satu elemen penting dalam kerangka Tata Kelola Perusahaan, sekaligus membantu untuk mencapai tujuan Perseroan dan mencegah atau mendeteksi apabila terjadi penyimpangan.

The Company’s management recognized the importance of a good internal control system as an important element in the framework of Good Corporate Governance, which helps the Company to achieve its goals and prevent or detect wrong doings.

Perseroan telah memiliki serangkaian elemen kontrol yang terpadu, mulai dari pengendalian lingkungan dengan membuat suatu aturan pelaksana yang tepat dan sepakat untuk patuh terhadap nilai-nilai Korporasi sebagai panduan dalam menjalankan bisnis. Kegiatan pengendalian dimulai dengan cara menetapkan pembagian tugas, wewenang dan tanggung jawab yang jelas di semua tingkat staf dalam struktur organisasi. Saluran-saluran yang tepat mengenai penilaian resiko, penerapan pengendalian aliran informasi dan komunikasi, dan pengawasan berkelanjutan, diterapkan melalui pemeriksaan internal dan kegiatan kolaboratif lainnya yang dilaksanakan untuk menjaga integritas dari sistem kontrol itu sendiri.

The Company has established a series of integrated control element, starting with environment control by establishing a strict code of conduct and adopting adherence to its Corporate Values as guidelines in doing business. Activities controls are created by setting a clear division of tasks, authority and responsibility at all level of staff within the organization structure. Proper channels of risk assessment, controlled information flow and communication, and continuous monitoring conducted through internal audit and other collaborative activities, are all undertaken to safe guard the integrity of the control systems.

Tujuan dari pengendalian tersebut adalah untuk menetapkan dan menerapkan sistem pengendalian internal yang mencakup:

The essence of the controls is that the Company is aiming to establish and implement internal control system which covers:


80 TATA KELOLA PERUSAHAAN YANG BAIK t t t

1FOHFOEBMJBO,FVBOHBO 1FOHFOEBMJBO0QFSBTJPOBMEBO 1FOHFOEBMJBO ,FUBBUBO BUBT )VLVN EBO Peraturan yang berlaku.

Financial Controls; Operational Controls; and Compliance Controls

Audit Internal Prinsip No.13: Perseroan harus membentuk suatu fungsi pemeriksaan internal yang independen terpisah dari kegiatan operasi bisnis normal.

Internal Audit Principle 13: The Company should establish an internal audit function that is independent from the activities it audits.

Setiap level dalam struktur organisasi Perseroan ikut bertanggung jawab dalam menerapkan sistem pengendalian internal yang baik. Untuk memastikan efektivitas pengendalian internal tersebut, Direksi dibantu oleh auditor internal.

All levels of staff within the Company are required to adhere to a prescribed internal control system. To ensure the effectiveness of the Company’s internal control system, the Board of Directors is assisted by internal auditor.

Peran Auditor Internal Auditor internal Perseroan melakukan pengujian atas tingkat kecukupan dan ketaatan pada kebijakan, prosedur, hukum dan peraturan yang ada, serta kehandalan informasi dan laporan keuangan. Di samping itu, auditor internal juga memberikan pandangan mengenai pengendalian internal dan rekomendasi kepada bagian yang diaudit agar segera melakukan tindakan perbaikan atas kelemahan implementasi pengendalian internal yang ditemukan.

The Role of an Internal Auditor Internal auditor conducts tests on the sufficiency and compliance on policies, procedures, law and regulations, and verify the reliability of information and financial reports. In addition, internal auditor also provide his views on internal controls and make appropriate recommendations to the auditees to immediately undertake corrective actions on the weaknesses identified during the investigative process and to ensure the completeness of internal control implementation.

Komunikasi dengan Pemegang Saham Prinsip No.14: Perusahaan harus melibatkan diri dalam komunikasi dengan para pemegang saham yang dilakukan secara rutin, efektif dan jujur.

Communication with Shareholders Principle 14: Companies should engage in regular, effective and fair communication with shareholders.

Perseroan berusaha memberikan informasi tepat waktu dan transparan kepada para pemegang saham dan publik. Semua informasi mengenai inisiatif-inisiatif baru Perseroan akan disebarkan pertama kali melalui situs SGXNET dan IDXNET yang diikuti oleh satu siaran pers apabila diperlukan dan sejauh memungkinkan. Perseroan saat ini selalu melakukan pertemuan dengan media dan analis. Sebagai tambahan terhadap pertemuan media dan analis tersebut, Perseroan telah ikut serta dalam berbagai roadshow.

The Company strives for timeliness and transparency in its disclosures to the shareholders and the public. All information on the Company’s new initiatives will be first disseminated via SGXNET and IDXNET followed by a news release, where appropriate. The Company currently holds media and analyst briefing upon the release of its quarterly financial results. In addition to the media and analyst briefings, the Company has taken part in various road shows.

Informasi yang sensitif terhadap pergerakan saham umumnya akan dipublikasikan pertama kali kepada publik melalui situs SGXNET dan IDXNET, baik sebelum Perseroan bertemu dengan kelompok investor atau analis atau keduanya sekaligus. Hasil dan laporan kuartalan dan tahunan diumumkan atau dikeluarkan dalam jangka waktu yang ditetapkan oleh Bursa Indonesia and Bursa Efek Singapura.

Price-sensitive information is first publicly released via SGXNET and IDXNET, either before the Company meets with any group of investors or analysts or simultaneously with such meetings. Results and annual reports are announced or issued within the period prescribed by the Indonesia Stock Exchange and Singapore Stock Exchange.

Pada rapat umum pemegang saham Perseroan, pemegang saham diberikan kesempatan untuk menyampaikan pandangan mereka dan bertanya mengenai Perseroan dan grup.

At general meetings of the Company, shareholders are given the opportunity to express their views and ask questions regarding the Company and the Group.


Good Corporate Governance 81 Selama tahun 2010, Perseroan telah melaksanakan beberapa kali roadshow baik di dalam negeri maupun ke luar negeri. Selain itu dalam beberapa kesempatan, Perseroan juga mengadakan analyst meeting dan konferensi pers yang bertujuan untuk menginformasikan perkembangan terbaru Perseroan. Disamping itu, Perseroan juga telah melaksanakan paparan publik yang diadakan minimal satu tahun sekali. Tabel di bawah ini menjelaskan kegiatan Departemen Hubungan Investor sepanjang tahun 2010.

During 2010 the Company has conducted several road shows in Indonesia and overseas. Furthermore, in various opportunities the Company has also held analyst meetings and press conference which were aimed to disclose the latest development of the Company. Aside from that, the Company has conducted public exposes which were held at least once a year. Below is the table of the Investor Relations activities across the year 2010.

Kegiatan Relasi dengan Investor di tahun 2010

Investor Relations Activities in 2010

Investor Relations Activities in 2010

Number of Activities

Timing

Public Expose and Investor Day

2

May and July 2010

General Meeting of Shareholders (AGM and EGM)

2

May and June 2010

Press Releases and Correspondeces – IDX

76

Sesuai saat diumumkan As per publication date

Press Releases and Correspondences – SGX

61

Sesuai saat diumumkan As per publication date

Investor Conferences

3

April, May, June 2010

Roadshows

2

May and June 2010

Correspondences with Bapepam and other financial authorities

95

Sesuai saat diterbitkan dibutuhkan As per Issuance Date

Analysts/Investor Meetings or Conference Calls

106

Sebagaimana dibutuhkan As and When Required

Kebijakan Transaksi Dengan Benturan Kepentingan

Interested Person Transactions (”IPTS”) policy

Perjanjian / Kontrak Terkait Kepentingan Komisaris, Direktur, dan Pemegang Saham Mayoritas

Material Contracts Involving Commissioner’s, Director’s, and Major Shareholder’s Interest

Tidak ada perjanjian atau kontrak apapun yang ditandatangani antara Perseroan dan anak-anak perusahaannya yang melibatkan kepentingan diri komisaris, direktur atau pemegang saham

No material contract has been entered into between the Company and its subsidiaries which involve the interests of each commissioners, directors or controlling shareholder of the Company, either still


82 TATA KELOLA PERUSAHAAN YANG BAIK pengendali Perseroan, baik yang masih berlaku sampai dengan akhir tahun fiskal dalam laporan ini, ataupun jika tidak, yang ditandatangani pada akhir tahun fiskal sebelumnya.

subsisting at the end of the financial year or it not then subsisting, entered into since the end of the previous financial year.

Kontrak-kontrak Terkait Transaksi Pihak Terafiliasi

Other Contracts in Relation to Related Party Transactions

Selain daripada kontrak yang dimasukkan dan diumumkan sebagai Transaksi Dengan Pihak Terafiliasi dalam Catatan No.38 Laporan Keuangan, tidak ada perjanjian atau kontrak apapun, termasuk kontrak terkait dengan pinjaman (yang bukan bagian dari bisnis biasa) Perseroan, yang melibatkan kepentingan-kepentingan para Komisaris, Direksi dan pemegang saham utama, baik yang masih berlaku pada akhir tahun fiskal ini, atau, jika tidak, berlaku atau ditandatangani sejak akhir dari tahun fiskal sebelumnya.

Other than contracts entered into and disclosed as Related Party Transactions in Note 38 to the Financial Statements, there are no other material contracts, including contracts relating to loans (not being in the ordinary course of business) of the Company, involving Commissioner’s, Director’s and major shareholder’s interests, either still subsisting at the end of the financial year or, if not then subsisting, entered into since the end of the previous financial year.

Pengumuman Transaksi Berulang dengan Pihak Terafiliasi

Disclosure of Recurrent Related Party Transaction

Jumlah nilai transaksi berulang dengan pihak terafiliasi berubah–ubah, tergantung pada cakupan dari transaksi tersebut dalam tahun tertentu dan juga disebutkan dalam catatan No. 38 dari Laporan Keuangan.

The amount of the recurrent related party transaction varies depends on the depth of the transaction in a particular year and it is also stated in the note 38 of the notes to the Financial Statements of the Company.

Pengumuman Transaksi Dengan Pihak Terafiliasi

Disclosure Of Related Party Transactions of Trading Nature

Dalam kaitan dengan pendapatan usaha yang didapat dari Transaksi Pihak Terafiliasi yang diperlukan oleh Perseroan dalam operasi sehariharinya dan ditransaksikan dalam bentuk kegiatan bisnis biasa dengan pihak–pihak terkait, Perseroan biasanya segera membuat laporan atau pengumuman kepada Bursa Efek Indonesia dan Bursa Singapura sejauh dipandang perlu dan diharuskan oleh regulasi yang berlaku di kedua bursa tersebut.

In relation to Related Party Transactions of a revenue of trading nature which are necessary for the Company’s day to day operations and transacted in the ordinary course of business with related parties, the Company will make an immediate notification or announcement to Indonesia Stock Exchange and Singapore Stock Exchange where appropriate and required.

Transaksi signifikan dengan Pihak Terafiliasi dijelaskan dalam Catatan No. 38 dari Laporan Keuangan.

Significant Related Party Transactions are disclosed in note 38 of the Financial Statements.

Perseroan telah menyetujui kebijakan internal mengenai setiap transaksi dengan pihak-pihak yang terafiliasi dan telah menetapkan suatu prosedur untuk evaluasi dan persetujuan transaksi pihak yang memiliki hubungan istimewa dengan Perseroan dan rekanannya, yang dilindungi oleh Mandat Pemegang Saham yang disetujui pada setiap rapat umum.

The Company has adopted an internal policy in respect of any transactions with interested persons and has set out the procedures for review and approval of the Company’s interested person transactions and its associates, which are covered by a Shareholders’ Mandate approved at each general meeting.

Komite Audit mengevaluasi Mandat Pemegang Saham secara teratur, dan menyatakan puas akan prosedur evaluasi untuk Transaksi Dengan Pihak Yang Berkepentingan. Evaluasi tersebut akan dibuat secara teratur oleh Komite Audit untuk menjamin

The Audit Committee reviews the Shareholders’ Mandate at regular intervals, and is satisfied that the review procedures for IPTs and the reviews to be made periodically by the Audit Committee in


Good Corporate Governance 83 agar Transaksi Dengan Pihak Yang Berkepentingan dapat dilakukan dengan ketentuan–ketentuan biasa dan tidak mengesampingkan kepentingan Perseroan dan pemegang saham minoritasnya.

relation thereto are adequate to ensure that the IPTs will be transacted on normal terms and will not be prejudicial to the interests of the Company and its minority shareholders.

Transaksi Efek

Dealing In Securities

Sejalan dengan Keputusan Direksi PT Bursa Efek Jakarta Nomor: Kep-305/BEJ/07-2004 serta Bab 12 Aturan 18 dari buku Panduan Pendaftaran di Bursa Singapura mengenai masalah transaksi efek, Perseroan telah mengadopsi suatu aturan kepatuhan internal yang secara substansial mencerminkan ketentuan-ketentuan Panduan Praktek–Praktek Terbaik dalam buku Panduan Pendaftaran tersebut, sebagai arahan bagi para Direksi dan pejabat Perseroan dalam kaitan dengan transaksi efek.

In line with Chapter 12 Rule 18 of the Listing Manual of SGX-ST on dealings in securities, the Company has adopted an internal compliance code which mirrors substantially the provisions of the Best Practices Guide in the Listing Manual to provide guidance to its directors and officers in relation to dealings in its securities.

Aturan Perseroan tersebut melarang Direksi dan karyawan melakukan transaksi efek ketika sedang memegang/mengetahui informasi yang dapat mempengaruhi harga saham. Perseroan menerbitkan edaran kepada Direksi, pejabat tinggi dan pejabat terkait lainnya yang memiliki akses ke informasi penting yang belum diterbitkan, dan untuk mengingatkan mereka akan keharusan melaporkan transaksi efek yang mereka lakukan. Direksi dan karyawan juga dilarang melakukan transaksi efek milik Perseroan pada periode dua minggu sebelum pengumuman hasil laporan keuangan Perseroan untuk setiap kuartal dan enam minggu sebelum pengumuman hasil laporan keuangan tahunan perseroan.

The Company’s Code prohibits securities dealings by the Directors and employees while in possession of price-sensitive information. The Company issues regular circulars to its Directors, principal officers and relevant officers who have access to unpublished material price sensitive information to remind them of the aforementioned prohibition and to remind them of the requirement to report their dealings in shares of the Company.

Pada tahun 2010, Direksi dan beberapa karyawan tertentu juga dilarang untuk melakukan transaksi efek Perseroan pada periode 2 (dua) minggu sebelum pengumuman laporan keuangan Perseroan untuk setiap kuartal atau 6 (enam) minggu sebelum laporan keuangan tahunan diterbitkan dan berakhir pada tanggal pengumuman laporan keuangan tersebut. Periode Black Out dalam transaksi efek tersebut diimplementasikan untuk menghindari transaksi orang dalam.

In 2010, The Directors and selected employees are also prohibited from dealing in the securities of the Company during the period commencing 2 (two) weeks before the announcement of financial results of the Company for each quarters of its financial year or 6 (six) weeks before the yearly financial statements issuance, as the case may be, and ending on the date of the announcement of the relevant results. These Black Out periods for the dealing in securities is implemented to avoid insider trading actitivities.

Informasi Lain-lain

Other Information

Konflik Kepentingan Komisaris & Direksi

Commissioners & Directors Conflict of Interest

Komisaris dan Direksi tidak memiliki konflik kepentingan atau kepentingan apapun dalam perjanjian bisnis yang melibatkan PT Berlian Laju Tanker Tbk., berserta anak-anak perusahaannya.

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

Sanksi dan/atau Penalti

Sanctions and/or Penalties

Untuk tahun fiskal yang dilaporkan disini, tidak ada Sanksi dan/atau Penalti yang dikenakan kepada Perseroan, para Komisaris, Direksi ataupun pihak Manajemen.

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



Perbedaan Hasil Audit Tidak terdapat perbedaan mencolok antara hasilhasil audit atas tahun fiskal ini, dan hasil yang belum diaudit yang telah diumumkan sebelumnya, jika ada.

Variation in Results There were no significant variations between the audited results for the financial year and the unaudited results previously announced, if any.

Pembayaran Diluar Biaya Audit Perseroan tidak membayar apapun diluar biaya audit yang ditetapkan, kepada para auditor selama tahun fiskal yang dilaporkan yang berakhir pada tanggal 31 Desember 2010.

Non Audit Fees There is no Non Audit Fees paid to the auditor during the financial year under review ended 31 December 2010.

Program Kepemilikan Saham Untuk Karyawan Saat ini, Perseroan tidak memiliki program kepemilikan saham untuk karyawan.

Employee Stock Option Scheme Currently the Company does not have any employee share option scheme or plan in place.

Pedoman Tata Kelola Perseroan Perseroan saat ini sedang dalam proses merumuskan kebijakan–kebijakan dalam menerapkan Pedoman Tata Kelola Perusahaan yang dikeluarkan oleh Komite Tata Kelola Perusahaan Singapura dan Indonesia dan tujuannya adalah untuk menerapkan dan melaksanakannya sejauh tidak berbenturan dengan hukum dan peraturan yang berlaku di Indonesia.

Code of Corporate Governance The Company is in the process of setting up the policies to adopt the Code of Corporate Governance issued by the Committee on Corporate Governance of Singapore (the “Code”) and intends to fully adopt and comply with the Code to the extend that it does not contravene with Indonesian laws and regulations.

Properti Untuk Tujuan Pengembangan, Penjualan dan Investasi Keseluruhan nilai dari semua tanah dan bangunan yang dimiliki oleh Perseroan untuk dibangun, dijual dan diinvestasikan tidak melebihi 15% dari nilai bersih aktiva berwujud atau tidak memberikan kontribusi melebihi 15% dari laba operasi sebelum pajak, setelah konsolidasi.

Properties for Development, Sale and Investment Purposes The aggregate value of all properties held by the Company for development, sale or investment purposes does not represent more than 15% of the value of the consolidated net tangible assets, or contribute more than 15% of the consolidated pretax operating profit of the Company.

Pihak Yang Dapat Dihubungi Untuk Informasi Mengenai Perseroan

Contact Information For Inquiries Regarding The Company

PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jalan Abdul Muis No. 40 Jakarta 10160 - Indonesia Telepon: +62 21 3006 0300 Faksimili: + 62 21 3006 0389 Email: [email protected]

PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jalan Abdul Muis No. 40 Jakarta 10160 Indonesia Phone: +62 21 3006 0300 Facsimile: + 62 21 3006 0389 Email: [email protected]


Good Corporate Governance 85 KEBIJAKAN DIVIDEN

DIVIDEND POLICY

Sebagaimana disetujui bersama dalam Rapat Umum Tahunan Pemegang Saham pada tanggal 7 Mei 2010, Perseroan menetapkan bahwa dari hasil kinerja tahun 2009, Perseroan tidak memberikan dividen bagi para pemegang saham.

As approved by The Annual General Meeting of Shareholders held on 7 Mei 2010, the Company did not pay dividend for the shareholders due to the performance result in 2009.

Dividen Tunai/

Tahun Fiskal/

Cash Dividend

Laba Bersih/

Rasio Pembayaran/

Fiscal Year

Rp per Saham/

Jumlah Dividen/

Net Profit (Rp)

Pay Out Ratio

Rp per Share

Total Dividend (Rp)

1990 (Interim)

50.0

595,000,000

5,252,487,257

11.33%

1990 (Final)

70.0

980,000,000

5,252,487,357

18.66%

1991

120.0

2,520,000,000

8,165,320,975

30.86%

1992

50.0

2,940,000,000

9,435,826,023

31.16%

1993

50.0

2,940,000,000

12,004,519,839

24.49%

1994

100.0

5,880,000,000

10,186,663,218

57.72%

1995

100.0

5,880,000,000

9,645,533,121

60.96%

1996

30.0

4,586,400,000

13,232,719,380

34.66%

1997

15.0

6,879,600,000

20,673,859,675

33.28%

1998

-

-

74,539,573,249

0.00%

1999

10.0

4,586,463,800

132,641,573,249

3.46%

2000

15.0

7,689,067,950

25,451,979,791

30.21%

2001

12.5

23,151,630,850

112,831,220,587

20.52%

2002

12.5

22,288,155,850

106,505,436,280

20.93%

2003*

15.0

27,994,748,820

149,149,512,900

18.77%

2004

15.0

62,333,360,640

243,204,229,960

25.63%

2005*

20.0

75,420,628,720

645,185,592,405

11.69%

2006

40.0

166,302,897,440

1,205,279,899,017

13.80%

2007

50.0

208,846,508,000

758,981,783,247

27.52%

2008

5.0

20,884,650,880

1,567,926,000,000

1.33%

2009

-

-

(2,687,234,400,000)

-

* Perhitungan Dividen di luar saham yang dibeli kembali

* Dividend Calculation excluding the shares bought back

Direksi telah mengikuti prinsip umum yang ditentukan dalam memformulasikan rekomendasi mengenai pembayaran dividen tahunan atau interim, dan hasil rekomendasi tersebut juga diajukan kepada para pemegang saham Perseroan untuk mendapatkan persetujuan. Nilai dividen yang dibayarkan sesungguhnya dan direkomendasikan atau diumumkan oleh Direksi pada tahun fiskal tertentu atau periode tertentu akan dipengaruhi beberapa faktor pertimbangan sebagaimana dijelaskan di bawah ini, termasuk juga faktor lain yang dinilai relevan oleh Direksi.

The Board of Directors adheres to certain general principles when formulating its recommendations regarding annual or interim dividend payments, with these recommendations subject to approval by the Company’s shareholders. The actual value of the dividends that the Board of Directors may recommend or declare in respect of any particular financial year or period will be subject to the factors outlined below as well as such other factors deemed relevant by the Board of Directors.


86 TATA KELOLA PERUSAHAAN YANG BAIK Kebijakan dividen yang berlaku saat ini adalah sebagai berikut:

The current dividend policy is as follows:

Dalam menentukan rasio pembayaran dividen untuk tahun fiskal tertentu, maka Perseroan akan mempertimbangkan tujuan dalam menjaga serta meningkatkan pembayaran dividen untuk memaksimalkan nilai bagi para pemegang saham untuk jangka panjang, dan Untuk dividen yang dibayarkan dalam tahun fiskal tertentu, maka dividen tersebut diumumkan pada kwartal kedua, dan dibayarkan pada kwartal ketiga pada tahun fiskal berikutnya.

In determining the Company’s dividend payout ratio in respect of any particular financial year, the Company will take into account its goal of maintaining and increasing dividend levels and of maximizing shareholder value over the longer term; and When dividends are paid in any particular financial year, these dividends are generally declared in the second quarter and paid in the third quarter of the following financial year.

Dalam memformulasikan rekomendasi mengenai jumlah dividen yang harus dibayarkan, Direksi ikut mempertimbangkan beberapa faktor berikut ini:

In formulating its recommendations regarding the amount of dividends to be paid, the Board of Directors will take into account the following factors:

Total nilai kas, gearing, return on equity (ROE) dan retained earning yang dimiliki Perseroan saat ini; Perkiraan kinerja finansial Perseroan; Perkiraan tingkat pengeluaran modal Perseroan untuk tahun tersebut, termasuk rencanarencana investasi lainnya; Tingkat dividen, jika dapat diterapkan, yaitu dividen yang diterima Perseroan dari anak-anak perusahaannya; Hasil dividen yang dibayarkan oleh perusahaan sejenis dengan dan perusahaan-perusahaan perkapalan lain yang sebanding di negara lain; dan Batasan pembayaran dividen yang mungkin akan dikenakan pada Perseroan oleh perjanjianperjanjian pendanaan tertentu.

The total value of the Company’s cash, gearing, return on equity and retained earnings; The Company’s expected financial performance; The Company’s projected levels of capital expenditure and other investment plans; The level of dividends, if any, that the Company receives from its subsidiaries; The dividend yield of similar companies and comparable shipping companies globally; and Restrictions on payment of dividends that may be imposed on the Company by financing arrangements.

Perseroan dapat mengumumkan dividen yang akan disetujui sebagai suatu resolusi biasa, yang dibuat dalam suatu Rapat Umum Tahunan Pemegang Saham. Walaupun demikian, tidak diperkenankan untuk membayarkan dividen melebihi jumlah yang direkomendasikan oleh Direksi. Direksi juga dapat mengumumkan suatu dividen interim setelah disetujui dalam rapat Dewan Komisaris, sejauh dividen interim tersebut nantinya akan dikurangkan dari dividen tahunan yang dibagikan setelah diputuskan oleh Rapat Umum Tahunan Pemegang Saham berikutnya. Perseroan akan membayar dividen berdasarkan jumlah keuntungan yang didapatkan setelah dikurangi jumlah dana cadangan sesuai tingkat yang diwajibkan oleh peraturan yang berlaku. Saat diumumkan, jumlah dividen akan disebutkan dalam mata uang Rupiah.

The Company may declare dividends to be approved by ordinary resolution of shareholders at the Annual General Meeting of Shareholders. However, it is not permitted to pay dividends in excess of the amount recommended by the Board of Directors. The Board of Directors may also declare an interim dividend with the approval of the meeting of the Board of Commissioners, provided that such interim dividends are offset against the dividends that are distributed on the basis of resolutions of the next Annual General Meeting of Shareholders. The Company will pay dividends on the basis of the amount of the Company’s profits after deducting amounts reserve for the required reserve funds as prescribed by the prevailing regulations. When dividends are declared, they will be declared in Rupiah.

Direksi dapat, sesuai pertimbangan mereka, mengubah atau membatalkan kebijakan dividen yang berlaku saat ini, melalui persetujuan yang disepakati oleh suatu Rapat Umum Tahunan Pemegang Saham. Direksi dapat juga mengurangi tingkat dividen yang diberikan sesuai kebijakan pembayaran dividen saat ini, ataupun menghentikan keseluruhan pembayaran dividen tersebut.

The Board of Directors may, at its discretion, amend or repeal the current dividend policy subject to shareholders’ approval at the Annual General Meeting of Shareholders. The Board of Directors may decrease the level of dividends provided for in this dividend policy or entirely discontinue the payment of dividends.



PENERBITAN OBLIGASI KORPORASI

CORPORATE BOND ISSUANCE

Pada tahun 2010, Perseroan tidak menerbitkan Obligasi Korporasi.

In 2010, the Company did not issue any Corporate Bond.

Pada tahun 2009, Perseroan melihat bahwa pasar obligasi korporasi di Indonesia tetap kondusif dan memberikan kesempatan yang sangat baik bagi Perseroan untuk mendapatkan sumber pendanaan. Atas pertimbangan itu, Perseroan menerbitkan Obligasi Berlian Laju Tanker IV tahun 2009 yang memiliki 3 seri yaitu Seri A yang berjangka waktu 1 tahun, Seri B yang berjangka waktu 3 tahun dan seri C yang berjangka watu 5 tahun dengan nilai nominal keseluruhan sebesar Rp. 400.000.000.000 dan pada saat diterbitkan obligasi ini memperoleh peringkat idA (stable outlook) dari PT Pemeringkat Efek Indonesia (Pefindo). Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa Efek Indonesia dengan PT Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

In 2009, the Company considered that the corporate bonds market remained condusive and provided a positive opportunity for the Company to gain source of funding. Based on that consideration, the Company again issued the fourth Berlian Laju Tanker Bonds IV in 2009 that has 3 series, which is A Series with one-year maturity period, B Series with three-years maturity period, and C Series with fiveyears maturity period with a total nominal value of Rp 400 billion. At the time of issuance, these bonds were rated idA (stable outlook) by PT Pemeringkat Efek Indonesia (Pefindo). All of these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as the Trustee.

Selain menerbitkan obligasi konvensional, Perseroan juga melihat maraknya penerbitan obligasi berbasis Syariah dan respon positif dari pasar terhadap obligasi Syariah tersebut. Oleh karena itu, bersamaan dengan penerbitan Obligasi Berlian Laju Tanker IV, Perseroan juga menerbitkan obligasi Sukuk Ijarah Berlian Laju Tanker II yang memiliki 2 seri yaitu Seri A yang berjangka waktu 3 tahun, dan Seri B yang berjangka waktu 5 tahun dengan nilai nominal keseluruhan sebesar Rp. 100.000.000.000. Obligasi Syariah ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah seri A sejumlah Cicilan Imbalan Ijarah sebesar Rp 45.000.000.000 per tahun dan kepada Pemegang Sukuk Ijarah seri B Imbalan Ijarah sebesar Rp 55.000.000.000 per tahun. Seluruh Sukuk Ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa Efek Indonesia dengan PT Bank CIMB Niaga Tbk bertindak sebagai wali amanat.

Aside of issuing conventional bonds, the Company was also aware of the rise of Syariah Bond and the positive respond from it received from the market. Based on that consideration, along with the issuance of Berlian Laju Tanker Bonds IV, the Company also issued Sukuk Ijarah Berlian Laju Tanker II Bonds which consists of 2 series, Series A with three-years maturity period, and B Series with five-years maturity period with a total nominal value of Rp 100 billion. This Syaria Bond was offered according to the terms of this bond,which obliged the Company to pay to the Bondholders a total of Rp 45 billion per year for Series A Bondholders and Rp 55 billion per year for Series B Bondholders. All these bonds were sold at their nominal value and were registered on the Indonesia Stock Exchange with PT Bank CIMB Niaga Tbk as the Trustee.



WESEL BAYAR

NOTES PAYABLE

Dengan semakin dipercayanya Perseroan oleh masyarakat Internasional dimana Perseroan pun telah terdaftar di Bursa Singapura (Singapore Exchange Securities Trading Limited), maka Perseroan pada tanggal 4 Mei 2007 melalui anak perusahaan, BLT Finance B.V. menerbitkan wesel bayar (Guaranteed Senior Notes) senilai USD 400.000.000. Wesel bayar ini ditawarkan kepada masyarakat internasional dengan tingkat bunga 7,5% per tahun dengan jangka waktu selama 7 tahun yang akan jatuh tempo pada tanggal 15 Mei 2014 dengan harga sebesar nilai nominal, dan pada saat penerbitan wesel bayar ini telah memperoleh peringkat idBB- dari Standard & Poor’s Ratings Group dan Fitch ratings Ltd. Wesel bayar ini terdaftar di Bursa Singapura (SGX-ST) dengan The HSBC Bank USA, National Association sebagai wali amanat.

With increasing trust in the Company by the international investor community demonstrated by positive response of the Company’s listing of its shares on the Singapore Exchange (Singapore Stock Exchange Trading Limited), on 4 May 2007, the Company, through its subsidiary BLT Finance B.V., issued Guaranteed Senior Notes with a total value of USD 400 million. These notes payable were offered to the international investor community with interest rates of 7,5 per cent per annum and with a term of seven years, to fall due on 15 May 2014 at a price determined by the nominal value. At the time of issuance, these notes payable received a rating of BBfrom Standard and Poor’s Rating Group and Fitch Ratings Limited. These notes payable were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee.

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

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

PENERBITAN OBLIGASI KONVERSI

ISSUANCE OF CONVERTIBLE BONDS

Obligasi Konversi Bergaransi Tanpa Kupon – 2007

Zero Coupon Guaranteed Convertible Bonds – 2007

Pada tanggal 17 Mei 2007, Perseroan melalui anak perusahaannya BLT Finance B.V. yang seluruh sahamnya dimiliki oleh Perseroan, berhasil menerbitkan Obligasi Konversi dalam mata uang dollar Amerika Serikat senilai US$ 125.000.000. Obligasi Konversi ini diterbitkan dengan harga nominal 100%, tanpa bunga, dengan jangka waktu selama 5 tahun yang akan jatuh tempo pada tanggal 17 Mei 2012 dengan nilai obligasi pada saat jatuh tempo adalah 129,58% dari harga pokok. Pada saat penerbitan wesel bayar ini telah memperoleh peringkat idBB- dari Standard & Poor’s Ratings Group dan Fitch ratings Ltd. Wesel bayar ini terdaftar di Bursa Singapura (SGX-ST) dengan The Hongkong and Shanghai Banking Corporation Ltd sebagai wali amanat.

On 17 May 2007, the Company, through its subsidiary BLT Finance B.V., issued another Convertible Bond with a total value of USD 125 million. These bonds were issued with a nominal price of 100 percent, no interest, and 5-year maturity date to be due on 17 May 2012, and offered to the international investor community with bond value of 129.58% from the nominal price at maturity date. At the time of issuance, these bonds received a BB- rating from Standard and Poor’s Rating Group and Fitch Ratings Limited. The bonds were listed on the Singapore Stock Exchange (SGX-ST) with The HSBC Bank USA, National Association, acting as the Trustee.

Obligasi Konversi ini, atas pilihan pemegang Obligasi Konversi, dapat dikonversikan dengan saham-saham Perseroan hasil Pembelian Kembali pada harga konversi awal sebesar SGD 0,4965 per saham. Jumlah saham yang akan diterima pada saat konversi, akan ditentukan berdasarkan saham yang tercatat pada SGX-ST, dengan membagi jumlah pokok Obligasi Konversi dengan yang akan dikonversikan (setelah disetarakan menggunakan kurs tetap SGD 1,5143 per USD 1 atau Rp 8.894 per USD 1) dengan Harga Konversi pada saat konversi.

If opted by the bond holder, This Convertible Bond can be converted to the Company shares through a Share Buy Back program with an initial conversion rate of SGD 0,4965 per share. The amount of shares to be received by the bond holder at the time of the conversion are to be determined the shares listed at SGX-ST at that time, by dividing the nominal value of the Convertible Bond to be converted (using the fixed exchange rate of SGD 1,5143 per USD 1 or Rp 8.894,- per USD 1) by the conversion rate.


Good Corporate Governance 89 Setelah jangka waktu 2 tahun sejak Obligasi Konversi diterbitkan, BLT Finance B.V. memiliki hak opsi untuk membeli kembali (“Call Option”) Obligasi Konversi seluruhnya sesuai dengan syarat-syarat dan ketentuan yang berlaku. Selain itu, setelah jangka waktu 3 tahun sejak obligasi diterbitkan, pemegang Obligasi Konversi memiliki hak opsi untuk menjual Obligasi Konversi kepada BLT Finance Corporaton (“Put Option”) sesuai dengan syarat-syarat dan ketentuan yang berlaku.

After two years after the issuance, the BLT Finance Corporation retains the option to buy back (“Call Option”) the overall Convertible Bond based on predetermined terms and conditions. In addition, after 3 years of the issuance date, the bond holder also retains the option to sell (“Put Option”) the convertible bond to BLT Finance Corporation based on predetermined terms and conditions.

Obligasi Konversi Bergaransi dengan Kupon 12%

12% Guaranteed Convertible Bonds

Pada tanggal 10 Februari dan 29 Maret 2010, BLT International Corporation (BLT IC), salah satu anak perusahaan mengeluarkan Obligasi Konversi Bergaransi dengan kupon 12% dengan jumlah agregat sebesar US$100juta dan dengan opsi peningkatan (Upsize Option) sampai dengan jumlah agregat sebesar US$25juta. Bunga atas obligasi ini dibayarkan setiap tengah tahunan dan pemegang obligasi mempunyai hak untuk mengkonversikan obligasinya menjadi saham biasa Perseroan dengan nilai masing-masing sebesar Rp.62.50, setiap saat dari tanggal 23 Maret 2010 sampai tanggal 31 January 2015. Mulai tanggal 10 February 2013, pemegang obligasi atau BLT IC memiliki hak untuk menjual atau membeli kembali obligasi ini dalam jumlah 100% dari jumlah prinsipal.

On 10 February and 29 March 2010, BLT International Corporation (BLT IC), a subsidiary, issued 12% Guaranteed Convertible Bonds with an aggregate principal amount of US$100million and Upsize Option of up to an aggregate amount of US$25million. The interest is payable semi-annually and the bondholders have the right to convert the bonds into ordinary shares of the Company with par value of Rp.62.50 each, at anytime on or after 23 March 2010 until 31 January 2015, subject to customary closed periods. On or after 10 February 2013, at the option of the bondholders or BLT IC, the bonds may be redeemed at 100% of its principal amount.

Harga konversi dari obligasi ini awalnya adalah Rp.737 per saham namun pada tanggal 11 Agustus 2010 dilakukan penyesuaian sehingga harga konversi menjadi Rp.409 per saham dan dapat dikonversikan dengan saham Perseroan yang tercatat pada Bursa Efek Indonesia dengan kurs Rp.9.362 per US$1. Meskipun pemegang obligasi memiliki hak konversi, BLT IC mempunyai beberapa opsi untuk membayar pemegang obligasi yaitu melalui kas dengan ekuivalen US Dollar, melalui saham treasury Perseroan atau melalui penerbitan saham melalui Penambahan Modal Tanpa Hak Memesan Efek Terlebih Dahulu (PMTHMETD).

The conversion price, as adjusted from time to time, is initially at Rp.737 per share but on 11 August 2010, had been adjusted to Rp. 409 per share and the number of shares to be delivered on conversion will be determined, in respect of Indonesian Stock Exchange listed shares translated into Rupiah at a fixed rate of Rp.9,362 per US$1. Notwithstanding the conversion right of the bondholders, BLT IC has several options to settle the conversion i.e. via cash settlement, treasury shares or issuance of shares without pre-emptive rights.

Pada tanggal 12 Maret 2010, opsi peningkatan (Upsize Option) dari obligasi ini telah dilaksanakan dengan jumlah agregat sebesar US$25juta dan sebagian dari jumlah itu yakni sebesar US$16juta telah diterbitkan kepada Meadowstream Limited (MSL), anak perusahaan yang sepenuhnya dimiliki oleh PT Tunggaladhi Baskara, pemegang saham utama Perseroan melalui mekanisme Private Placement. Sebagai bagian dari Private Placement tersebut, Perseroan telah secara terpisah memberikan pernyataan sebagai berikut:

On 12 March 2010, the upsize option of the bonds were exercised in the aggregate amount of US$25 million and part of it amounting to US$16 million were issued to and subscribed by Meadowstream Limited (MSL), a wholly owned subsidiary of PT Tunggaladhi Baskara, a controlling shareholder of the Company through a Private Placement. As part of the Private Placement, MSL and the Company has separately undertaken the following:

a. MSL tidak akan melaksanakan hak konversinya untuk mengkonversikan obligasi ini menjadi saham pada Perseroan dan bahwa MSL hanya akan mempunyai opsi untuk menerima

a. MSL will not exercise its rights of conversion to convert any convertible bonds issued to it into shares of the Company and that it shall only have the option to accept cash settlement of


90 TATA KELOLA PERUSAHAAN YANG BAIK penyelesaian dalam bentuk kas atas semua obligasi yang diterbitkan padanya; dan

any convertible bonds issued to it; and

b. Apabila MSL melaksanakan haknya untuk melakukan konversi, Perseroan mempunyai hak untuk menyelesaikannya dengan opsi kas sebagai salah satu bentuk opsi yang telah dijelaskan di atas.

b. In the event that MSL exercises any rights of conversion in respect on any convertible bonds issued to it, the Company will exercise its right to mandatorily cash settle such conversion

Penjualan Kembali US$48.8juta Obligasi Konversi

Re-Sale of US$ 48.8 million of Existing Convertible Bonds

Pada tanggal 17 Mei 2010, BLT Finance Corporation (“BLT Finance”), anak perusahaan yang dimiliki sepenuhnya oleh Perseroan telah menjual Obligasi Konversi Bergaransi Tanpa Kupon (Zero Coupon Guaranteed Convertible Bonds) yang jatuh tempo pada tahun 2012 yang diterbitkan oleh BLT Finance B.V, anak perusahaan yang dimiliki sepenuhnya oleh BLT dan dijamin oleh BLT. Jumlah agregat obligasi ini yang dijual oleh BLT Finance adalah sebesar USD 48.8juta.

On May 17, 2010, BLT Finance Corporation (“BLT Finance”), a wholly owned subsidiary of the Company has sold Zero Coupon Guaranteed Convertible Bonds due in 2012 that were issued by BLT Finance BV, a wholly owned and guaranteed subsidiary by BLT. Aggregate amount of bonds sold by BLT Finance amounted to USD 48.8 million.

Sejalan dengan penjualan tersebut, pada tanggal 14 Desember 2010 BLT juga merubah beberapa ketentuan obligasi tersebut termasuk memperpanjang tanggal jatuh tempo dari 2012 menjadi 2015 dan meningkatkan suku bunga yang dibebankan menjadi 12 persen per tahun. Selain itu, harga konversi obligasi tersebut juga telah dilakukan penyesuaian menjadi sebesar Rp.409 per saham dan juga ketentuan bahwa obligasi tersebut dapat dikonversikan dengan saham yang hanya tercatat pada Bursa Efek Indonesia.

In conjunction with the sale, on December 14, 2010, BLT has amended certain of the terms of the Bonds, including extending their maturity date from 2012 to 2015 and increasing the interest rate borne by the Bonds to 12.0 percent per annum. In addition, the Conversion Price for the Bonds was set at Rp. 409 per Share (subject to adjustment in the manner provided for by the terms and conditions governing the Bonds) and the Bonds are convertible only into shares of BLT listed on the Indonesia Stock Exchange.

Penawaran Umum Terbatas V tahun 2010

Limited Public Offering year 2010

Pada tahun 2010, Perseroan melakukan Penawaran Umum Terbatas dengan nilai sebesar USD 135juta, dan menjadi perusahaan Indonesia pertama yang melakukan Penawaran Umum Terbatas di dua pasar modal yang berbeda (Bursa Efek Indonesia dan Bursa Efek Singapura). Dengan fleksibilitas untuk meraih dana dari berbagai sumber yang berbeda, Perseroan memiliki lebih banyak pilihan pembiayaan dengan harapan untuk mendapatkan sumber dana yang lebih murah dan memiliki akses untuk pembiayaan yang lebih fleksibel di pasar. Sebagai pemain di industri yang memiliki karakteristik padat modal, kemampuan untuk mencari dana yang murah dan fleksibel adalah faktor yang sangat penting dalam memenangkan kompetisi.

In 2010, BLT has executed Limited Public Offering in the amount of USD 135 million, and became the first Indonesian company that conducted Limited Offering in two different stock exchanges (Indonesia Stock Exchange and Singapore Stock Exchange). With the flexibility to raise funds from different sources, the Company has more financing options to get a competitive source of funds and has more financing flexibilities in the market. As a player in the industry that has capital-intensive characteristics, the ability to search for a competitive and flexible funding is a very important factor in winning the competition.

Dalam Penawaran Umum Terbatas V tahun 2010, rencana penggunaan dana bersih hasil penawaran umum terbatas tersebut (dikurangi oleh biayabiaya terkait penawaran umum) adalah untuk pembiayaan kapal-kapal yang masih dalam proses pembangunan dan untuk modal kerja Perseroan.

In the Limited Public Offering year 2010, the utilization plan for the use of net proceeds from this particular Public Offering (after deducted with expenses related with the Public Offering) was for working capital and new ships financing.


Good Corporate Governance 91 Dari rencana penggunaan dana tersebut, realisasi yang telah dilaporkan kepada Bapepam adalah sbb:

The Company has reported the utilization of the realized net proceeds to Bapepam & LK as follows:

For the reporting period of 30 September 2010, the Company has reported that a total amount of Rp 392.71 billion was utilized for ships financing and Rp 503.76 was utilized for the Company’s working capital. The unutilized net proceeds total amount was Rp 297.27 billion.

For the reporting period of 31 December 2010, the Company has reported that a total amount of Rp 585.02 billion was utilized for ships financing and Rp 503.76 was utilized for the Company’s working capital. The unutilized net proceeds total amount was Rp 104.96 billion.

Untuk periode pelaporan 30 September 2010, Perseroan telah melaporkan bahwa sebesar Rp 392,71 miliar telah habis digunakan untuk pembiayaan kapal dan Rp 503,76 miliar telah habis digunakan untuk modal kerja Perseroan. Sisa dana hasil penawaran umum yang tersisa adalah sebesar Rp 297,27 miliar. Untuk periode pelaporan 31 Desember 2010, Perseroan telah melaporkan bahwa sebesar Rp 585,02 miliar telah digunakan untuk pembiayaan kapal dan Rp 503,76 miliar telah digunakan untuk modal kerja. Oleh karena itu, dana hasil penawaran umum yang tersisa adalah sebesar Rp 104,96 miliar.

PEMERINGKATAN EFEK Hasil pemeringkatan diperoleh Perseroan sejak tahun 2000 yang dilakukan oleh PT Pemeringkat Efek Indonesia atau Pefindo. Selain itu, Perseroan juga memperoleh hasil pemeringkatan dari Fitch Ratings dan Standard & Poor’s.

FINANCIAL RATINGS Since 2000, the Company has received financial ratings from PT Pemeringkat Efek Indonesia or Pefindo. Other than that, the Company also has received financial ratings from Fitch Ratings and Standard & Poor’s.

May 2000 October 2001 May 2002

A - / Stable Outlook N/A id

A - / Stable Outlook id A - / Positive Outlook id A / Stable Outlook id

April 2003 June 2004 May 2005

A / Stable Outlook id A + / Stable Outlook id AA - / Stable Outlook id A + / Stable Outlook id

July 2006 May 2007 April 2008 November 2008

A + / Negative Outlook id A / Stable Outlook id A / Stable Outlook id A / Stable Outlook id A - / Stable Outlook id

April 2009 October 2009 March 2010 June 2010 By Pefindo

By Fitch June January Ratings 2007 2008 Long term BB - / Stable B+ / Stable - Foreign Outlook Outlook Currency Long term BB - / Stable B+ / Stable - Local Outlook Outlook Currency Senior BB - / Stable B+ / Stable Unsecured Outlook Outlook Loans

July 2008

October 2008

B+ / Stable Outlook

B+ / Stable Outlook

B+ / Stable Outlook

B+ / Stable Outlook

B / Stable Outlook

B / Stable Outlook

October 2009 B / Rating Watch Negative B / Rating Watch Negative CCC / Rating Watch Negative

March 2010

September 2010 B-/ B / Negative Negative Outlook Outlook B-/ B / Negative Negative Outlook Outlook CCC / Negative Outlook

CC / Negative Outlook

By Fitch Ratings


92 TATA KELOLA PERUSAHAAN YANG BAIK May 2007 January 2008 March 2008 November 2008 December 2009 Agustus 2010 December 2010

BB - / Stable Outlook B + / Stable Outlook B / Negative Watch B / Negative Outlook B / Negative Outlook B - / Watch Negative Outlook B - / Watch Negative Outlook

By Standard & Poors Terjadinya penurunan peringkat yang diberikan oleh perusahaan pemeringkat pada Perseroan pada tahun 2009 - 2010 sebagian besar disebabkan oleh faktor perekonomian dunia yang secara keseluruhan masih berada pada situasi krisis yang dimulai pada akhir tahun 2008 dan memuncak pada tahun 2009 dan juga oleh adanya persepsi umum industri perkapalan yang secara keseluruhan kurang mendukung terutama akibat penurunan kinerja industri perkapalan segmen angkutan curah kering dan angkutan container sehingga menyebabkan penurunan tingkat penyewaan dan tarif tambang kapal. Sejalan dengan membaiknya perekonomian global memasuki tahun 2011, maka Perseroan berharap dapat memperoleh hasil pemeringkatan yang lebih baik ditahun 2011.

The downgrade in rating published by rating agencies toward the Company in 2009 - 2010 was mainly caused by global economic factor engulfed under serious crisis started in the end of 2008 and culminated in 2009, and the general perception that the shipping industry as a whole was less supportive especially due to the decrease of performance in the dry bulk segment and container segment. In line with the improvement of global economy in the beginning of 2011 and supported with the increase of freight rate, the Company expects improvement in the rating for 2011.

SUSUNAN KEPEMILIKAN SAHAM PERSEROAN

STATISTICS OF SHAREHOLDINGS

Per tanggal 31 December 2010, Perseroan telah menerbitkan 11.550.831.470 saham (termasuk sejumlah 412.351.000 lembar saham yang diperoleh kembali). Tabel berikut menjelaskan kepemilikan saham oleh Direksi, Komisaris Perseroan, para Pemegang Saham Utama dan sebagainya sampai dengan tanggal 31 Desember 2010. “Pemegang Saham Utama” adalah pihak yang secara langsung maupun tidak langsung, memiliki lima persen atau lebih saham Perseroan. Kepemilikan demikian, termasuk saham dimana satu pihak secara sendiri atau bersama-sama, memberikan hak suara ataupun hak melakukan keputusan investasi.

As of 31 December 2010, the Company has 11,550,831,470 issued shares (including 412,351,000 shares held in treasury). The following table sets forth the shareholdings of the Company’s Directors, Commissioners, Substantial Shareholders and others as at 31 December 2010. A “Substantial Shareholder” is one who, directly or indirectly, beneficially owns five per cent. or more of the Company’s shares. Beneficial ownership generally includes any shares over which a person exercises sole or shared voting or investment power.

Susunan Kepemilikan Saham Perseroan sampai dengan tanggal 31 Desember 2010

Share Ownership as of 31 December 2010

Name of Shareholders Directors Widihardja Tanudjaja Siana Anggareni Surya Other Shareholders PT Tunggaladhi Baskara Meadowstream Limited Public Shareholders Treasury Stock Total

Number of Shares Held

Percentage of Total Outstanding Shares

2,620,800 62,400

0.02% 0.00%

4,383,489,018 184,000,000 6,568,308,252 412,351,000 11,550,831,470

37.95% 1.59% 56.86% 3.57% 100.00%


Good Corporate Governance 93 Catatan : 1. Meadowstream Limited merupakan anak perusahaan atau cabang usaha dari PT. Tunggaladhi Baskara. 2. Sampai dengan tanggal 31 Desember 2010, Widihardja Tanudjaja (Direktur Utama) dan Siana Anggraeni Surya (Direktur) memiliki 2.620.800 serta 62.400 bagian saham perusahaan, melalui kepemilikan saham langsung atau tidak langsung. Tidak ada kepemilikan saham langsung atau tidak langsung milik perusahaan yang dipegang oleh direktur lainnya.

Notes: 1. Meadowstream Limited is wholly subsidiary of PT Tunggaladhi Baskara

Nilai Kapitalisasi Pasar Saham Perseroan Berdasarkan harga IDX dan SGX sampai dengan tanggal 31 Desember 2010

Total Capitalisation by IDX price and SGX price as of 31 December 2010

Number of Shares IDX Price (Rp) SGX Price (Sing $)

owned

2. As of 31 December 2010, Widihardja Tanudjaja (President Director) and Siana Anggraeni Surya (Director) held 2,620,800 and 62,400 shared of the company respectively, either through direct or deemed interest of the company’s share. No direct shareholding or deemed interest of the Company’s shares held by other Director.

11,550,831,470 330 0.050

Capitalisation 3,811,774,385,100.00 577,541,573.50

Sampai dengan tanggal 31 Mei 2011, Perseroan memiliki modal dasar sebesar 14.676.480.000 lembar saham biasa yang bernilai nominal Rp. 62,50 per lembar. Modal yang ditempatkan dan disetorkan Perseroan adalah senilai dengan 11.550.831.470 lembar saham biasa. Semua saham yang telah diterbitkan memiliki klasifikasi yang sama, yaitu saham biasa, dengan hak suara yang sama pula.

As at 31 May 2011, the Company has an authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. The issued and fully paid-up capital stock was 11,550,831,470 ordinary shares. All of the issued shares have similar class which is ordinary shares with equal voting rights.

Tabel di bawah adalah statistik kepemilikan saham yang dikeluarkan oleh Perseroan sampai dengan tanggal 31 Mei 2011.

The tables set forth below are the statistic of shareholding of the issued shares of the Company as at 31 March 2011.

Daftar Distribusi Saham Size of Shareholdings 1,000,001 and above 10,001 - 1,000,000 1,000 - 10,000 1 - 999 Total

Distribution Schedule of the Shares % Number of Shares 10,985,200,390 5.46% 60.80% 554,814,724 28.64% 10,679,042 5.10% 137,314 100.00% 11,550,831,470

Daftar Pemegang Saham Utama Langsung dan Tidak Langsung Substantial Shareholders PT Tunggaladhi Baskara Meadowstream Limited

No. of Shareholders 378 4,206 1,981 353 6,918

% 95.10% 4.80% 0.09% 0.00% 100.00%

List of Substantial Shareholders and its Deemed Interest Direct Interest % Deemed Interest % 4,383,489,018 37.95% 4,567,489,018 39.54% 184,000,000 1.59%

Catatan: Kepemilikan tidak langsung PT Tunggaladhi Baskara, termasuk didalamnya kepemilikan saham Meadowstream Limited sebagai anak perusahaan dari PT Tunggaladhi Baskara, yang dinominasikan oleh DB Nominees (S) Pte. Ltd.

Notes: The deemed interests of PT Tunggaladhi Baskara includes the shareholding interest of Meadowstream Limited as a wholly owned subsidiary of PT Tunggaladhi Baskara. The shareholding of Meadowstream Limited is held in nominee by DB Nominees (S) Pte Ltd.


94 TATA KELOLA PERUSAHAAN YANG BAIK Dua Puluh Pemegang Saham Terbesar No

Twenty Largest Shareholders

Name

No of Shares

%

1

Tunggaladhi Baskara - 2 PT

4,326,871,211

37.46%

2

CITIBANK SINGAPORE S/A CBSG-CDP-INDONESI

1,756,510,393

15.21%

3

Reksa Dana Panin Dana Maksima 91033.40.0

286,273,500

2.48%

4

The Northern Trust Company S/A Northern

278,527,500

2.41%

5

MORGAN STANLEY & CO INTL PLC - IPB CLIEN

257,941,693

2.23%

6

CREDIT SUISSE SECURITIES (EUROPE) LTD PR

225,318,794

1.95%

7

Meadowstream Limited

184,000,000

1.59%

8

Yeung Sheung Ngor (F)

179,391,000

1.55%

9

SSB D26J ACF THE EMM UMBRELLA FUNDS-2144

160,836,000

1.39%

10

HAIYANTO

140,258,000

1.21%

11

PRATAMA SAHAM - 99424-4000

135,219,666

1.17%

12

CITIBANK NEW YORK S/A DIMENSIONAL EMERGI

128,161,466

1.11%

13

DEUTSCHE BANK AG LONDON PRIME BROKERAGE

112,822,500

0.98%

14

JIANG PING PING

111,662,000

0.97%

15

HAIYANTO

109,389,000

0.95%

16

The Northern Trust Company S/A Northern

108,980,700

0.94%

17

Hj Tati Sukati

95,514,666

0.83%

18

SSB AD26 SSLUX C/O SSB, BOSTON ALLIANZ G

94,409,500

0.82%

19

REKSA DANA PANIN DANA PRIMA

82,750,000

0.72%

20

PT PRUDENTIAL LIFE ASSURANCE-REF

67,972,000

0.59%

8,842,809,589

76.56%

Total Berdasarkan informasi yang dimiliki Perseroan sampai dengan tanggal 31 Mei 2011, kurang lebih 56,86% saham yang dikeluarkan oleh Perseroan dimiliki oleh publik. Dengan demikian, Peraturan 723 sebagaimana tercantum di Peraturan Pencatatan Singapore Exchange Securities Trading Limited telah dipenuhi.

Based on information available to the Company as at 31 May 2011, approximately 56.86% of the issued ordinary shares of the Company is held by the public and therefore, Rule 723 of the Listing Manual of Singapore Exchange Securities Trading Limited is complied with.

PENGEMBANGAN SUMBER DAYA MANUSIA

HUMAN RESOURCES DEVELOPMENT

Perseroan, sebagai perusahaan penyedia jasa angkutan laut khusus muatan cair terkemuka di kawasan dunia, berusaha untuk senantiasa berkembang dan meningkatkan pangsa pasarnya. Untuk mewujudkan tujuan tersebut, Perseroan memperkuat dan memperluas keunggulan bersaing untuk jangka panjang, yaitu melalui pengembangan sumber daya manusia. Perseroan percaya bahwa sumber daya manusia adalah asset strategis yang dapat memberikan keunggulan bersaing dalam menghasilkan kinerja maksimal.

As a leading provider of maritime transshipment services specialized in liquid cargoes across the globe, it is a challenge for the Company to always develop and expand its market share. To achive this goal, the Company strengthens and develops its long run competitive advantage through the development of human resources competencies. The Company is committed to the belief that human resources are a strategic asset that provides the Company with the competitive excellence needed to achieve maximum performance.

Menghadapi perubahan di lingkungan bisnis dan ketatnya persaingan pasar global, Perseroan mempersiapkan sumber daya manusia melalui peningkatan kapabilitas dan komitmen karyawan.

In an ever changing and increasingly competitive global market, the Company strives to develop its human resources by improving the capabilities and strengthening commitment among its employees.


Good Corporate Governance 95 Sebagai inisiatif strategis, peningkatan tersebut dilakukan melalui pengembangan terhadap hard dan soft kompetensi karyawan untuk menghasilkan sumber daya manusia dengan kompetensi unggul dan memiliki komitmen tinggi. Khusus untuk awak kapal program pengembangan yang dilakukan telah mengacu pada Standard For Training, Certification & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95) yang ditentukan oleh International Maritime Organization (IMO).

As a strategic initiative, improvements are made in terms of hard and soft competencies in order to ensure the highest possible degree of competence and commitment. Particularly, to improve the vessel crew’s competence and commitment, the Company refers its training standards to the ones established by the International Maritime Organization (IMO) such as the Standard For Training, Certification & Watchkeeping for Seafarer 1978 as Amended 1995 (STCW 95).

Perseroan menyadari sepenuhnya bahwa organisasi yang kompeten sepenuhnya didukung oleh karyawan yang memiliki kompetensi. Oleh karena itu, Perseroan dengan segala upaya mempersiapkan karyawan yang berkualitas dan berdedikasi tinggi sesuai dengan standar yang ditetapkan, baik dari segi pengetahuan, keterampilan, dan sikap. Upaya ini tidak hanya dilakukan untuk membentuk, dan mengembangkan karyawan yang sudah ada, tetapi sudah dimulai sejak rekrutmen karyawan baru yang dilakukan secara selektif.

The Company is fully aware that developing a competent organization is only possible when supported by competent staff, the Company makes every possible effort to implement the highest possible training standards to ensure dedication and competence of its staff in terms of knowledge, skills and attitudes. This strategy is not merely applicable to the ongoing training and development of existing employees, but starting with a selective recruitment process for new generations of qualified employees.

Perseroan menyadari sumber daya manusia merupakan aset yang berharga dalam mengoperasikan bisnis serta memberikan keunggulan bersaing bagi Perseroan. Dalam rangka meningkatkan kinerja Perseroan secara maksimal untuk jangka panjang. Manajemen Perseroan secara konsisten menempatkan pengembangan sumber daya manusia sebagai salah satu fokus utama dan menjadikannya komitmen bersama untuk terus meningkatkan kompetensi Sumber Daya Manusia Perseroan.

The Company is also aware that human resources are a vital asset in the operation of the business to ensure the Company’s competitive excellence. In order to ensure the ongoing growth and development of the Company in the long term, the Company consistently strives to develop the human resources by improving competencies of the Company’s staff and employees.

Per 31 Desember 2010, Perseroan memiliki jumlah pegawai tetap sebanyak 426 orang dan pegawai kontrak sebanyak 1837 orang. Tabel berikut ini menunjukan komposisi dari pegawai Perseroan berdasarkan aktivitas dan lokasi:

As of 31 December 2010, the Company had 426 permanent employees and 1837 contract workers. The following table shows the composition of the Company’s employee:

Jumlah Karyawan Berdasarkan Aktivitas

Employees by Activity

Jumlah Karyawan Berdasarkan Daerah Geografis

Employees by Geographic Region

Indonesia

282

Indonesia

Hong Kong

27

Hong Kong

Cina

19

China

Thailand

9

Thailand

Inggris

9

United Kingdom

Amerika

28

America

Pemasaran / Operasi

167

Marketing / Operation

Manajemen Kapal

77

Ship Management

Administrasi / IT

99

Administration / IT

Keuangan

24

Finance

Sumber Daya Manusia

50

Human Resource

Hukum / Pengembangan Bisnis

9

Legal / Business Development

Singapura

48

Singapore

Korea

1

Korea

Jumlah

426

Total

Dubai

3

Dubai


96 TATA KELOLA PERUSAHAAN YANG BAIK MANAJEMEN SERTA PELATIHAN AWAK KAPAL

CREW MANAGEMENT & CREW TRAINING

Para awak kapal yang bekerja di laut mengendalikan kapal-kapal Perseroan adalah satu dari sumber daya terpenting yang dimiliki perusahaan. Tanpa pelaut-pelaut handal tersebut, maka manajemen teknis yang efisien akan sulit dilakukan, dan hanya menambah beban kerja bagi para staf yang berada di darat. Para awak kapal yang dipekerjakan telah disaring melalui uji seleksi serta prosedur pelatihan yang ketat, sehingga menghasilkan sejumlah perwira dan awak kapal yang siap ditugaskan, berkompetensi dan memiliki standar kemampuan sesuai aturan maritim internasional serta berpengalaman mengendalikan semua segmen operasi kapal tanker yang ditangani Perseroan, yakni di sektor kimia, minyak dan gas.

The seagoing staff that man our vessels are one of our most important resources and valuable assets of the company. Without quality seafarers onboard our vessels, efficient technical management is difficult and will put more burden and work load to our shore staff. We do the employing of crews through our rigorous selection and training procedures thereby producing a large pool of competent and high standard officers and crews with hands on experience on all tanker segments that we are involved in i.e. chemical, oil and gas sectors.

Dalam kelompok terpilih ini, aktivitas rekrutmen, pelatihan serta upaya mempertahankan standar kecakapan pelaut setinggi mungkin terus dilakukan oleh satu perusahaan mandiri, PT Karya Bakti Adil (PT KBA), sebagai yang bertanggungjawab atas penempatan staf di atas kapal-kapal armada Perseroan. Perusahaan ini juga kadang-kadang melayani kebutuhan penempatan tenaga kerja terlatih di kapal pihak ketiga, sebagai agen tenaga kerja berlisensi.

Within our group, the activity of recruiting, training and retaining the high standard seafarers are carried out through a separate group entity PT Karya Bakti Adil (PT KBA). PT KBA is an independent entity and responsible for manning the Company’s management fleet. They also at times supply seafarers to third parties as a licensed manning agent.

Melalui PT KBA, Perseroan mendapatkan para pelaut dari Indonesia, dan meskipun potensi mendapatkan pelaut berkualitas dari Indonesia cukup besar, beberapa tahun terakhir Perseroan juga merekrut pelaut dari negara-negara asia lain, yaitu yang berkewarganegaraan China, Myanmar/ Burma serta dari wilayah lainnya, dan kesemuanya dapat terpadu membentuk suatu unit manajemen pengendalian kapal yang efisien dan merekat. Perseroan memiliki jaringan rekrutmen melalui lembaga pendidikan dan pelatihan maritim di Asia, termasuk akademi dan universitas, guna memastikan secara terus menerus tersedianya sejumlah tenaga pelaut yang memiliki kualifikasi yang diminta, pada saat dibutuhkan dalam operasi. Sebagai tambahan, Perseroan juga telah membuka program magang kadet untuk membina sendiri kelompok perwira laut untuk kebutuhan masa mendatang.

Through PT KBA, The Company employs seafarers from Indonesia and while Indonesia is still a potential country for seagoing staff sourcing with its large pool of talents supply, recently we have included the employment of seafarers from other seafaring nations ranging from Chinese, Myanmar/ Burma, India, Pakistan and other Asian nationalities all of which blend to form a cohesive and efficient shipboard management unit. We have scouting networks across Asian maritime educational institutions including academies and universities ensuring smooth flow of qualified people coming into the system. In addition, we have also established cadetship program for grooming future pool of offshore staff.

Saat ini, Perseroan mempekerjakan kurang-lebih 1.800 orang Awak kapal dan melatih lebih dari 200 kadet per tahun, yang berasal dari berbagai universitas dan akademi maritim berbagai Negara (kebanyakan berkewarganegaraan Indonesia, China, Burma, India, UK, dll) sebagai bagian dari tanggungjawab sosial korporat sekaligus menjamin ketersediaan generasi baru pelaut – pelaut yang handal.

Right now, we employ around 1.800 crews and train more than 200 cadets per year from many maritime universities and academies in many different countries (mostly Indonesian, Chinese, Burmese, Indian, UK, etc) as part of our corporate social responsibility as well as for the regeneration of our present seafarers.


Good Corporate Governance 97 Program manajemen awak kapal Perseroan cukup beragam dan menerapkan standar tertinggi dalam praktek-praktek sumber daya manusia. Beberapa dari layanan pengembangan sumber daya manusia yang disediakan dalam program tersebut adalah:

Our crew management programs are wide ranging and have applied the highest standards of human resources management. Some of the services it provides include the following services:

t

Rekrutmen awak kapal serta prosedur bagi awak kapal yang baru akan bergabung, serta pengembalian awak kapal ke negara asal Implementasi, pengawasan, dan kelanjutan dari kebijakan anti narkoba/minuman keras Asuransi P&I bagi awak kapal termasuk menangani klaim – klaim yang berhubungan dengannya Kualifikasi dan sertifikasi yang tepat bagi para awak kapal Program pelatihan dan pengembangan awak kapal agar mereka mampu mengoperasikan armada Perseroan yang modern dan pemahaman yang lengkap dan mendalam terhadap regulasi – regulasi pelayaran internasional Program kesejahteraan pelaut serta keluarga pelaut

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Perseroan saat ini menjalankan sejumlah program pelatihan bagi awak kapal, demi memastikan ketersediaan para perwira muda yang berdedikasi serta setia di masa mendatang. Pandangan ke arah masa depan inilah yang akan memastikan komitmen total Perseroan kepada para pelanggan dan prinsipal dalam memperoleh tenaga-tenaga pelaut yang siap / sigap dan rajin bekerja. Selain itu, tingginya permintaan bagi awak kapal yang berkualitas dan berjiwa melayani, serta fokus para pelanggan terus meningkat. Di sisi lain, Perseroan juga menekankan pada faktor keselamatan dalam operasional kapal dan untuk memenuhi standar keselamatan yang semakin tinggi maka Perseroan selalu berupaya untuk meningkatkan standar kualitas awak kapalnya. Budaya komitmen pada kualitas dan keselamatan tersebut ditanamkan kepada para awak kapal lewat berbagai program pelatihan berkualitas yang secara metodik dan intensif memperkenalkan, memperbaharui serta menambah pengetahuan serta ketrampilan mereka, dalam bentuk:

The Company operates a number of crew training schemes, thereby securing loyal dedicated young officers for the future. It is exactly this long term view which assures our principals of our total commitment in obtaining reliable and industrious crews. In addition, with higher demand for quality and service oriented crews and with the everincreasing focus on quality and safety by our customers, we continue to strive to improve our crewing standards.Commitment to quality and safety is reflected in the quality training and development programs that methodically and intensively reinforced towards the company’s commitment to excellence:

1. Kursus kepemimpinan serta manajemen bagi semua perwira senior 2. Konferensi periodik bagi perwira senior 3. Pelajaran di kelas bagi para perwira dan pelatihan pengkajian kepemimpinan bagi para perwira pertama yang akan dipromosikan ke tingkat nahkoda 4. Latihan dengan bagan pompa muatan yang dimiliki sendiri 5. Program pelatihan berbasis komputer 6. Latihan dengan simulator anjungan kapal dan kamar mesin kapal berbasis komputer yang berfokus ke praktek-praktek keselamatan dan perlindungan lingkungan di kapal 7. Laboratorium bahasa Inggris bagi pelaut

1. Leadership and management course for all senior officers 2. Periodic Senior officer conference 3. Classroom lessons for officers and command assessment training for chief officers to be promoted to masters 4. In house training for cargo pump mock up 5. Computer-based training programs 6. In house computer-based Full Bridge and Engine Room simulators focusing on safety and environmental – protection practices 7. English language laboratory for seamen


98 TATA KELOLA PERUSAHAAN YANG BAIK Kebijaksanaan untuk berinvestasi secara luas pada perencanaan dan pelatihan sumber daya manusia dan juga pengembangan karir telah dianut oleh Perseroan sejak dulu, dan kini menghasilkan jajaran staf pelaut yang handal, dengan tingkat retensi sangat tinggi. Hal ini penting dalam memastikan ketersediaan para awak kapal dan perwira yang mampu dan cakap dalam mengendalikan kapalkapal Perseroan, mengingat jumlah armada yang semakin tumbuh dari waktu ke waktu.

A high level of investment in manpower planning and training as well as career development has been put in place by the Company and this has results in a stable seagoing staff with a very high retention level. This is important to ensure continuing supply of capable and high quality crews and masters for our ships as we continue to grow our fleet.

TANGGUNG JAWAB SOSIAL PERUSAHAAN

CORPORATE SOCIAL RESPONSIBILITY

Misi Perseroan adalah memenuhi kepentingan masyarakat banyak, sebagaimana juga kebutuhan dari para pelanggan, dengan cara menghindarkan jatuhnya korban jiwa, kecelakaan dalam operasional kapal, serta pencemaran laut. Misi tersebut mengandung arti bahwa Perseroan bertekad tidak hanya melayani keinginan para pemegang sahamnya, namun juga memenuhi kebutuhan masyarakat yang lebih luas.

The Company’s mission is to serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution. This mission means The Company is committed not only to serving the needs of stakeholders, but also to serving members of the broader community.

Sebagai warga negara yang baik, Perseroan selalu menempatkan upaya kelanjutan aktivitas kontribusi sosial dalam prioritas tinggi. Perseroan percaya bahwa relasi saling menguntungkan antara Perseroan dan para pemangku kepentingan sekitarnya penting untuk dibina. Tujuan yang ingin dicapai adalah menciptakan masyarakat yang lebih sejahtera, melalui prakarsa – prakarsa sosial. Perseroan sadar mengenai pentingnya menjaga relasi yang baik dengan semua anggota masyarakat setempat, khususnya di tempat dimana Perseroan beroperasi.

As a good corporate citizen, The Company regards continued social contribution activities as a high priority. The Company believes a mutually beneficial relationship between The Company and local stakeholder is essential. We are sparing no effort to create a more prosperous society through those initiatives. The Company is aware of the importance of maintaining good relationships with all members of the community, particularly those of communities in the areas surrounding the Company’s operations.

Agar dapat memfasilitasi terbentuknya relasi semacam itu, Perseroan bertekat untuk terlibat dalam sejumlah kegiatan yang bertujuan membawa sejumlah manfaat bagi anggota masyarakat. Perseroan berupaya membangun relasi dengan anggota masyarakat tersebut lewat berbagai cara, termasuk proyek-proyek sosial yang mendorong terciptanya pertukaran antar basis-basis operasional serta masyarakat sekitar basis,serta aktivitas lain yang membantu membentuk kemampuan kerja masyarakat setempat, dan prakarsa sosial lainnya.

In order to facilitate such relationships, the Company is committed to engaging in a number of activities intended to benefit members of the community. The Company strives to build relationships with local communities in a wide variety of ways, including projects that promote exchanges among its operational bases and their surrounding communities and activities that lend a helping hand to build human capital and other social initiatives.

Salah satu bentuk kepedulian terhadap masyarakat dan lingkungannya adalah melalui kegiatan sosial berupa donor darah yang rutin dilakukan setiap tahunnya. Tahun 2010, Perseroan telah melakukan kegiatan donor darah pada bulan Maret dan Oktober. Untuk mendukung kegiatan ini, Perseroan bekerjasama dengan Palang Merah Indonesia dan mengundang lebih dari 100 pendonor untuk setiap kegiatannya. Pendonor berasal dari karyawan Perseroan maupun dari pihak eksternal yang telah rutin berpartisipasi menyumbangkan darahnya.

As one manifestation of its concern for the community and the environment around it, the Company takes part in routine blood donation programs. In March and October 2010, as an integral part of this program, the Company worked in cooperation with the Indonesian Red Cross, inviting more than 100 donors to participate. These donors included both members of the Company staff and those from outside the Company who have taken in blood donation programs.


Good Corporate Governance 99 Perseroan juga selalu membantu keluarga karyawan yang terkena musibah bencana. Dengan menunjukkan perhatian kepada karyawan, Perseroan membangun ikatan yang loyal antara Perseroan dengan karyawan. Dalam jangka panjang, hal ini akan memberi manfaat kepada Perseroan. Karyawan akan melihat adanya komitmen Perseroan untuk melindungi kepentingan jangka panjang mereka. Dengan begitu, mereka akan berusaha memberi kontribusi terbaik kepada Perseroan.

The Company also provided assistance to staff members and family who were themselves directly affected by natural disasters. By demonstrating its commitment to the welfare of its staff, the Company strengthened long-term bonds of loyalty with these staff. In the long term, this will provide direct benefit for the Company itself, as members of staff will become aware of the Company’s commitment to protecting their long-term interests. As a result, they will be inspired to make the best possible contribution to the Company.

Perseroan juga memberikan bantuan langsung kepada para putra-putri karyawan BLT yang berprestasi di bidang akademik tertentu, dalam bentuk beberapa jenis dana bantuan. Program Siswa/i Berprestasi tersebut diarahkan untuk mendorong anak – anak karyawan BLT untuk melanjutkan pencapaian prestasi akademis mereka sekaligus memupuk semangat bersaing secara sehat di kalangan murid-murid sekolah tersebut. Program ini juga menyediakan penghargaan bagi mereka yang berhasil mendapatkan prestasi akademis menonjol, sekaligus memacu mereka untuk terus melanjutkan prestasi tersebut di masa depan. Untuk tahun ini, Perseroan memberikan penghargaan bagi 12 siswa berprestasi terbaik.

The Company has also provided appreciation to the children of BLT’s employees that have achieved certain academic achievement in the form of several types of funds. The High Achiever Student Programs are aimed to encourage children of BLT’S employees to continue to perform their best in their education and foster the spirit of competitiveness among the children. This is also to provide an appreciation to those who have excel academically so as to provide them more motivation to continue to perform well in the future. For this year, the Company granted appreciation to 12 high-achieving students.

Sebagai bagian dari komitmen Perseroan terhadap pengembangan pendidikan keahlian maritim di Indonesia, Perseroan juga mendukung dan mensponsori program pendidikan dan pelatihan beberapa pemuda terbaik dari negeri ini. Pada tahun 2010, program tersebut menyediakan beasiswa bagi pemuda-pemuda tersebut yang berstatus siswa di tiga lembaga akademi maritim terkemuka di Indonesia, yakni:

As part of our commitment to the future of maritime education in Indonesia, Company supports and sponsors the ongoing education and training of some of the country’s best young people. Launched in 2010, the programs funded students from three Maritime Training Institutes in Indonesia. The three Colleges are:

1. Sekolah Tinggi Ilmu Pelayaran (STIP), Jakarta 2. Politeknik Ilmu Pelayaran (PIP), Semarang 3. Politeknik Ilmu Pelayaran (PIP), Makassar

1. Merchant Marine College – Jakarta 2. Merchant Marine Polytechnic – Semarang 3. Merchant Marine Polytechnic - Makassar


Para pemuda tahun ketiga yang terpilih melalui seleksi tersebut akan diberi kesempatan untuk menjalani magang pada tahun ketiga mereka tersebut di salah satu kapal yang dioperasikan oleh BLT dan kemudian di satu tahun terakhir, mereka juga akan menghadiri Program Kelas BLT. Program Kelas BLT adalah suatu program pendidikan lanjutan yang dirancang khusus menciptakan para perwira kapal dengan jabatan deck officers atau marine engineers di tanker-tanker minyak, kimia dan gas berbendera asing. Di dalam program ini, peserta diajari mengenai pengetahuan teknis tentang perkapalan dan kelautan, sejarah dan latar belakang grup BLT, ketrampilan Bahasa Inggris maritim serta tidak ketingalan standar fasilitas dan pengetahuan teknis yang diperlukan untuk menjadi seorang pelaut kelas dunia. BLT menyediakan kelas beserta semua fasilitas lain yang diperlukan para peserta, termasuk simulasi anjungan kapal, ruang mesin kapal, bagan pompa muatan, dan ruang belajar berbasis komputer. Pelajaran diberikan dalam kelompok. Satu-satunya persyaratan kepesertaan adalah bahwa peserta diharuskan mampu mengaplikasikan ketrampilan dan pengetahuan yang mereka dapat dari program ini, dengan bekerja di Perseroan sampai dengan 5 tahun, setelah lulus dan mendapatkan lisensi kelas-1.

The selected 3rd year students will be spending their third year at sea in BLT’s vessels and continuing their final year back at college to attend BLT Class Program. BLT Class Program is an advance educational program which is designated to create experienced deck officers or marine engineers on the Company’s oil going tankers, chemical and gas carriers. In BLT Class Program, cadets will be taught about the technical knowledge on shipping, the history and background of BLT groups, maritime English language training and finally the standard of facilities and technicalities needed to be seafarers. BLT will provide classrooms and all the facilities needed by the students including bridge simulators, engine room mock up and PC-based learning room. The lessons will be taught in groups. The only condition of these programs is that the recipients must apply the skills and knowledge that they had gained from the program in the Company up to 5 years after graduated class-1 license.

Program Kelas BLT tersebut juga berkontribusi bagi peningkatan kualitas pengajar di lembaga-lembaga pendidikan & pelatihan yang telah disebutkan diatas, dimana Perseroan bekerjasama dengan Glasgow College of Nautical Studies (GCNS). Beberapa pengajar terpilih dikirim ke GCNS, Glasgow untuk mengikuti kursus-kursus spesial yang meningkatkan pengetahuan dan ketrampilan mereka dalam bidang kelautan. Metode “melatih para pelatih” tersebut diharapkan dapat meningkatkan ketrampilan serta

Our BLT Class Program also contributes in improving lecturers of the Maritime Training Institutes by cooperating with Glasgow College of Nautical Studies (GCNS). Selected lecturers will be sent to GCNS, Glasgow to attend special courses to enhance their knowledge and expertise in maritime subjects. This “training for the trainers” method will improve lecturer’s skill and proficiency, especially to progress and develop their own material as part of the teaching process whilst also moving towards


Good Corporate Governance 101 mutu materi pengajaran mereka, khususnya dalam nantinya mengembangkan sendiri materi dan kurikulum pengajaran sebagai bagian dari proses belajar – mengajar di lembaga masing-masing. Program ini juga akan mendorong para akademi maritim untuk bergerak kearah metodologi pengajaran yang mutakhir dan sesuai dengan perkembangan teknologi serta regulasi maritim internasional. Dengan demikian, pelatihan tersebut memiliki sasaran spesifik yaitu memperkenalkan metode pengajaran yang modern, sekaligus membantu para pengajar mengembangkan mutu belajar – mengajar di kelas mereka masing-masing.

modern teaching methodology. Hence, the training has the specific goal of introducing modern teaching methodologies, supporting lecturers to develop their own teaching.

Penandatanganan kerjasama Perseroan dengan lembaga – lembaga pendidikan maritim tersebut menjadi peristiwa yang pertama dimana sebuah perusahaan pelayaran nasional menyediakan peluang latihan kerja langsung bagi para pelajar akademi maritim Indonesia. BLT bermaksud meningkatkan program tersebut di masa depan dengan cara melibatkan lebih banyak sekolah dan akademi pelayaran setempat, sehingga BLT dapat menjadi bagian dari gerakan nasional peningkatan standar pendidikan Indonesia, yang juga sekaligus penciptaan tenaga kerja yang lebih berkualitas bagi negara ini.

By signing the join cooperation with those maritime academies, BLT has become the first national shipping company in Indonesia to provide such opportunity for Indonesian maritime cadets. BLT intends to increase such activities in the future by engaging with more maritime schools and academies so that BLT can be part of national movement of increasing educational standard of Indonesian cadets and therefore create a better human capital for the country.

Dukungan dan komitmen Perseroan kepada dunia pendidikan maritim di Indonesia akan terus berlanjut dan semakin penting perannya di saat Indonesia menerapkan prinsip Cabotage yang mengharuskan pengangkutan kargo antar pelabuhan domestik menggunakan kapal berbedera Indonesia yang dimiliki oleh perusahaan pelayaran Indonesia dan diawaki oleh pelaut Indonesia. Dengan mendukung dan berperan aktif dalam memajukan dunia pendidikan maritim Indonesia, Perseroan juga secara tidak langsung turut berkontribusi dalam mensukseskan penerapan Asas Cabotage di Indonesia dalam hal penyediaan kru – kru kapal yang terlatih dan kompeten.

The Company’s support and commitment towards the maritime education in Indonesia will continue going forward especially after the implementation of Cabotage law which stipulates that all cargo deliveries between domestic ports must be transported by Indonesian flagged vessels, owned by an Indonesian company, and manned by Indonesian crews. By playing an active roll and continuously giving support in leveraging the maritime education in Indonesia, the Company has indirectly contributed in the success of the Cabotage principle implementation, especially in providing well trained and competent Indonesian seamen.

Program dan aktivitas sosial yang dilakukan oleh Perseroan dirancang untuk mengembangkan relasi yang saling menguntungkan dengan para anggota masyarakat setempat. Peningkatan kesejahteraan masyarakat tersebut juga diharapkan membawa manfaat bagi Perseroan secara tidak langsung, yaitu meningkatnya permintaan dan kebutuhan layanan transportasi lewat laut sebagai dampak dari peningkatan kegiatan ekonomi.

The social programs and activities conducted by the Company are designed to develop mutually beneficial relationships with members of the community. With improvements to the welfare of members of the broader community, it is hoped that the Company will benefit indirectly from the increased demand for maritime transportation services created by improvements to the economy.


102 ANALISA DAN PEMBAHASAN MANAJEMEN

ANALISA DAN PEMBAHASAN MANAJEMEN

Tinjauan Atas Pendapatan dan Beban Biaya

Overview of Revenue and Expenses

PENDAPATAN

REVENUE

Perseroan mendapatkan pendapatan dari empat kegiatan usahanya yaitu penyewaan kapal, pengoperasian kapal dan jasa keagenan kapal. Pendapatan utama Perseroan didapat dari penyewaan kapal dan pengoperasian kapal. Kedua kegiatan usaha pengangkutan cair ini oleh Perseroan dibagi kedalam 4 segmen yaitu segmen pengangkutan kargo kimia cair, segmen pengangkutan kargo minyak, dan segmen pengangkutan kargo gas serta segmen baru yang oleh Perseroan sejak tahun 2006 yaitu segmen FPSO dan FSO pada tahun 2010. Tabel berikut ini menunjukkan pendapatan operasi Perseroan untuk tahun 2010 menurut segmen usaha.

The Company derives its revenues from four main areas of activity, namely chartering out of its own vessels; operating own vessels; and agency fees, with a large proportion of revenue coming from the first two activities. The Company’s transshipment operations are further divided into four main segments: transportation of bulk liquid chemicals; oil; gas; and a new segment that started in 2006, the FPSO services and FSO services in 2010. The following table shows the operating revenues for 2010 according to business segment:

Segment Chemical Oil Gas FPSO Others* Total

USD ‘000 528,597 51,253 65,373 9,801 1,830 656,854

*Pendapatan dari jasa keagenan dan penyimpanan


% 80.5% 10.0% 7.8% 1.5% 0.3% 100% *Revenue from agency and storage fee

Segment Kimia Minyak Gas FPSO Lainnya* Jumlah

Management’s Discussion and Analysis 103

MANAGEMENT’S DISCUSSION AND ANALYSIS

Pendapatan Perseroan tahun 2010 adalah sebesar USD 656,9 juta, naik sebesar 6% apabila dibandingkan dengan tahun 2009, dimana Perseroan membukukan total pendapatan sebesar USD 618,3 juta. Pertumbuhan yang kecil pada pendapatan ini terutama disebabkan oleh belum pulihnya tarif tambang kapal tanker untuk hampir semua angkutan yang digeluti Perseroan. Hal ini tidak lepas dari imbas negatif krisis ekonomi global yang mempengaruhi industri perkapalan secara keseluruhan, meskipun dampaknya pada segmen transportasi laut kargo cair masih lebih baik dibandingkan dengan segmen curah kering dan kontainer. Pada tahun 2010, armada Perseroan bertambah sebanyak 5 kapal yang berasal dari 2 kapal tanker gas yang dibangun, 1 kapal tanker gas yang dibeli dan 2 kapal tanker kimia yang disewa. Di tahun yang sama, Perseroan tidak memperpanjang sewa 1 kapal tanker kimia, melakukan tambahan konversi atas FPSO Brotojoyo, serta mengkonversi 1 kapal tanker minyak yang dimiliki yaitu MT Pradapa menjadi kapal FSO. Penambahan armada yang dilakukan oleh Perseroan menambah daya angkut Perseroan menjadi sebesar 46.720 DWT, sehingga total kapasitas angkut Perseroan pada akhir tahun 2010 adalah sebanyak 95 buah kapal dengan total kapasitas angkut sebesar 2,3 juta DWT. Jumlah rata-rata kapal untuk tahun 2009 adalah sebanyak 90,2 kapal sedangkan pada tahun 2010 jumlah tersebut telah naik menjadi 93,3 kapal.

The Company’s total revenue for 2010 was USD 656,9 million, an increase of around 6% compared with 2009, where in that period the Company was booked a total revenue of USD 618,3 million. A slight increase in revenue was primarily due to the freight rates that have not been recovered for all Company’s business segments. This is not separated from the negative impact of the global economic crisis which has impacted the shipping industry in general, although the repercussion to marine transportation for liquid cargo segment was relatively less severe as compared with dry bulk and container segments. In 2010, there was addition of 5 vessels coming into the Company’s fleet, consist of 2 new built gas tankers, a purchased gas tanker, and 2 chartered chemical tankers. In the same year, the Company also did not renew one chartered chemical tanker, upgraded FPSO Brotojoyo, and converted one owned oil tanker, MT Pradapa, to FSO. The additional vessels in the Company’s fleet was done in order to increase the Company’s transportation capacity for another 46,720 DWT which resulted in the Company’s total fleet capacity by the end of 2010 at 2.3 million DWT consisted of 95 vessels. The average number of vessel in 2009 was 90.2 vessels while in 2010 the number has increased into 93.3 vessels.



BIAYA

EXPENSES

Biaya utama Perseroan dapat dibagi menjadi seperti berikut:

The Company’s main expenses can be described as follows:

Biaya Pelayaran

Voyage Expenses

Biaya pelayaran Perseroan terdiri dari biaya bahan bakar dan biaya sandar/jasa pelabuhan (port charges).

The Company’s voyage expenses consist primarily of fuel expenses and port charges.

Biaya bahan bakar dipengaruhi oleh jumlah kapal dan ukuran armada Perseroan, dan harga bahan bakar. Biaya bahan bakar termasuk biaya marine fuel oil (MFO) yang digunakan sebagai bahan bakar mesin utama kapal (main engines) dan marine gas oil (MGO) untuk bahan bakar mesin tambahan (auxiliary engines). Dari jumlah bahan bakar yang dipakai Perseroan, sekitar dua-pertiganya adalah MFO dan sepertiganya adalah MGO.

The Company’s fuel costs are determined primarily by the size of its fleet and the cost of fuel on the open market. Fuel costs include the cost of Marine Fuel Oil (MFO), used in the main engines of the Company’s vessels, and the cost of Marine Gas Oil (MGO), used in auxiliary engines. Of the Company’s total expenditure on fuel, approximately two thirds is for the purchase of MFO, while another one third is for the purchase of MGO.

Biaya sandar terdiri dari biaya jasa pelabuhan saat kapal bersandar dan biaya untuk melalui terusan (canal). Biaya ini sangat dipengaruhi oleh jumlah kapal armada Perseroan dan jumlah pelabuhan yang harus disinggahi. Biaya sandar sudah termasuk biaya jasa pelabuhan yang ditagih oleh pihak pelabuhan dimana kapal singgah termasuk biaya untuk melewati terusan (canal). Biaya sandar Perseroan ditentukan terutama oleh jumlah kapal dalam armada Perseroan dan jumlah pelabuhan yang disinggahinya. Biaya pelabuhan juga dipengaruhi oleh rata-rata biaya jasa pelabuhan setiap kali singgah.

The Company’s expenditure on port charges is heavily influenced by the number of vessels in the Company’s fleet and the number of port calls made by these vessels. Port charges include harbor services fees imposed by ports visited by the Company’s vessels and including canal passing charges. The Company’s expenses for port charges depend primarily on the size of the fleet and the resultant number of port calls by the vessels. Port charges also depend on the average fee imposed for each port call.

Biaya Sewa

Charter Expenses

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

Charter expenses consist of expenses and other costs incurred by the Company for chartering vessels belonging to third parties.

Biaya Operasi Kapal

Ship Operating Expenses

Biaya operasi kapal Perseroan adalah biaya yang dikeluarkan Perseroan untuk menjalankan kapalnya. Biaya ini terdiri dari biaya untuk gaji awak kapal, biaya untuk perbaikan dan pemeliharaan kapal, baik yang bersifat rutin maupun diluar kebiasaan, termasuk untuk membeli suku cadang, biaya asuransi, biaya perlengkapan berlayar dan biaya transportasi untuk mengangkut suku cadang pada saat kapal sedang transit, uang makan untuk para awak kapal, pengurusan dokumen, dan biaya pelumas untuk mesin-mesin kapal. Besarnya biaya dari masing-masing segmen bisnis Perseroan terhadap biaya operasi kapal ini dipengaruhi oleh beberapa faktor, yang terutama adalah oleh ukuran dan usia kapal itu sendiri, selain itu juga bergantung pada biaya pokok yang terkait dengan jenis kapal yang berbeda antara tanker kimia, tanker minyak, tanker gas, dan FPSO/FSO.

The Company’s ship operating expenses are the costs related to the running of the vessels. These costs consist of salaries and wages for the crew of the vessels; the cost of repairs and maintenance, including both routine and extraordinary repairs; the purchase of spare parts; cost of insurance; the cost of supplies and the transportation of spare parts; the cost of catering and meal allowances for crew members; costs related to documentation; and lubricants for the engines. The relative expenditure on each of the Company’s business segments is influenced by a number of factors, primarily the size and age of each vessel, as well as different principal cost basis for chemical tanker, oil tanker, gas tanker, and FPSO/FSO vessel.



Penyusutan

Depreciation

Beban penyusutan merupakan komponen biaya yang paling besar bagi Perseroan untuk mengoperasikan kapal milik Perseroan. Perseroan menghitung penyusutan menggunakan metode garis lurus (straight line method) berdasarkan estimasi usia ekonomis masing–masing kapal, dengan jangka waktu antara 5 tahun sampai 25 tahun. Penyusutan didasarkan pada biaya perolehan kapal dikurangi perkiraan nilai akhir/ residunya. Beban ini bervariasi untuk setiap tahunnya karena perhitungannya sebagian didasarkan atas penilaian yang dilakukan oleh pihak ketiga.

Depreciation makes up the largest proportion of the Company’s costs in the operation of vessels owned by the Company itself. The Company applies the straight line method to calculate depreciation cost, which is based on the estimated economic lifespan of each vessel, ranging from 5 to 25 years. The cost of appreciation is determined by calculating the cost of obtaining the vessel in question and subtracting its residual value. The estimated costs of depreciation vary from year to year as a result of differences in the valuations made by third parties.

Biaya Umum dan Administrasi

General and Administrative Cost

Beban umum dan administrasi Perseroan terdiri dari gaji karyawan darat, biaya operasional kantor untuk kantor-kantor Perseroan yang berlokasi di 13 kota yang tersebar di kawasan Asia, Eropa, Amerika dan Timur Tengah, biaya jasa profesional untuk penasihat keuangan, penasihat hukum dan konsultan, biaya pemasaran, biaya telekomunikasi, biaya bank, biaya transportasi, biaya penyusutan peralatan kantor, imbalan pasca kerja/pensiun, pendidikan dan pelatihan karyawan. Gaji merupakan komponen terbesar dari biaya umum dan administrasi. Biaya tersebut terdiri dari imbalan kerja, pembayaran jaminan sosial dan pencadangan biaya pensiun karyawan darat.

The Company’s general and administrative costs consist primarily of salaries for onshore personnel; expenses related to the running of the Company’s offices in 13 different cities throughout Asia, Europe, the Americas, and the Middle East; professional fees for financial, legal, and other consultants and specialists; costs related to marketing; telecommunications costs; banking charges; transportation costs; the cost of depreciation in value of office equipment; and the cost of providing pensions, training and education to employees. Wages and salaries, including social security and pension payments for onshore personnel, are the biggest proportion of these general and administrative costs.

Beban Keuangan Bersih dan Beban Lain Lain

Net Financial and Other Costs

Beban keuangan bersih dan beban lain-lain Perseroan termasuk beban dari perubahan nilai tukar mata uang asing dan transaksi swap, keuntungan dari kepemilikan saham pada anak perusahaan asosiasi, pendapatan investasi, beban keuangan dan beban lainnya.

The Company’s net financial and other costs include costs from foreign exchange transactions and swap transactions; gains resulting from net earnings of associated companies; investment income; financial costs; and other miscellaneous costs.

Komponen terbesar dari beban keuangan bersih dan beban lain-lain ini adalah beban keuangan yang terdiri dari beban bunga hutang bank, hutang lain-lain jangka panjang dan obligasi, bagi hasil pinjaman dan imbalan obligasi syariah serta hutang sewa pembiayaan.

The largest proportion of net financial and other costs is finance costs, consist of interest expense on bank loans and long-terms payable bonds, profit sharing allocation and benefit on Syariah, and finance lease obligation.



HASIL OPERASI

RESULTS OF OPERATION

Pendapatan Operasi

Operating Revenue

Total Pendapatan Operasi Perseroan tahun 2010 meningkat sebesar USD 38,5 juta. Walaupun tarif tambang kapal tanker belum pulih sepenuhnya, pendapatan Perseroan tetap mengalami peningkatan yang didukung oleh bertambahnya armada kapal Perseroan sehingga total armada Perseroan per 31 Desember 2010 mencapai 95 kapal tanker dengan total kapasitas sebesar 2,3 juta DWT.

The Company’s total revenue in 2010 has increased by USD 38.5 million. Although freight rates have not fully recovered, the Company’s revenue has increased supported by the increase in Company’s fleet list which on 31 December 2010, the number of vessels in the Company’s fleet reached 95 tankers with total capacity of 2.3 million DWT.

Biaya Pelayaran

Voyage Expense

Total biaya pelayaran Perseroan meningkat sebesar 25,6% dari USD 176,1 juta pada tahun 2009 menjadi USD 221,2 juta pada tahun 2010. Hal ini terutama terjadi karena meningkatnya biaya bahan bakar yang diakibatkan oleh meningkatnya harga minyak dunia selama tahun 2010 dan kenaikan biaya sandar karena bertambahnya armada Perseroan.

The Company’s total voyage expense increased by 25.6% from previously USD 176.1 million in 2009 into USD 221.2 million in 2010. This was mainly due to the increase in bunker costs caused by the increase of world oil prices during 2010 and port charges due to the increase of Company’s fleet list.

Biaya Pengoperasian Kapal

Ship Operating Expense

Total Biaya pengoperasian kapal pada tahun 2010 meningkat dibandingkan dengan tahun 2009 dimana pada tahun 2010 biaya pengoperasian kapal adalah sebesar USD 139,9 juta sedangkan pada tahun 2009 adalah sebesar USD 120,9 juta. Biaya gaji, yang merepresentasikan 44,3% dari total biaya operasi kapal, naik seiring dengan bertambahnya jumlah kapal yang dioperasikan oleh Perseroan. Biaya perbaikan dan perawatan kapal pada tahun 2010 juga mengalami kenaikan seiring dengan bertambahnya usia kapal.

Total ship operating expense in 2010 increased compared with 2009 where in 2010 the ship operating expense was USD 139.9 million compared with 2009 where the total ship operating expense was USD 120.9 million. Salaries, which represented 44.3% of the total ship operating expenses, were due to the increase on number of vessels operated by the Company. The repairs and maintenance expense also increased along with increasing age of vessels.

Biaya Penyusutan Kapal

Cost of Vessel Depreciation

Biaya Penyusutan Kapal Perseroan meningkat sebesar 9% pada tahun 2010 bila dibandingkan dengan tahun 2009. Peningkatan ini dikarenakan adanya penambahan jumlah armada Perseroan dari 91 kapal pada tahun 2009 menjadi 95 kapal pada tahun 2010, serta dipengaruhi nilai revaluasi kapal.

The Company’s depreciation expense in 2010 increased by 9% compared with 2009. This increase was due to the increase of the Company’s number of vessels where in 2009 the number of vessels was 91 vessels and in 2010 it increased into 95 vessels.



BELANJA MODAL

CAPITAL EXPENDITURES

Belanja modal Perseroan terutama terkait dengan pembelian kapal, baik bekas maupun yang sedang dibangun dan konversi kapal. Perseroan melakukan investasi dengan nilai keseluruhan sebesar USD 328,1 juta untuk belanja modal tersebut yang berasal dari kas hasil operasi Perseroan dan dari pinjaman bank.

The Company’s capital expenditures are related with the purchase of new vessels, either newly built vessels or second hand vessel and vessel’s conversion. The Company has conducted an investment with a total value of USD 328.1 million for capital expenditures which was funded by cash from the Company’s operation and bank loans.

DIVESTASI

DIVESTMENT

Pada tahun 2010 Perseroan melakukan transaksi jualdan-sewa-kembali atas 3 kapal yang dimiliki anak perusahaan, serta pelepasan sebagian kepemilikan anak perusahaan di Nevaeh Limited kepada pihak ketiga.

In 2010 the Company engaged in a sale and lease back agreement for 3 vessels owned by its subsidiaries, and released some parts of ownership in a subsidiary, Nevaeh Limited, to third parties.

*Angka yang digunakan dalam Analisis dan Pembahasan Manajemen didasarkan pada Laporan Keuangan Konsolidasi Perseroan untuk tahun-tahun yang berakhir pada 31 Desember 2010 dan 2009 berdasarkan IFRS.

* Figures used in the Management’s Discussion and Analysis based on Company’s Consolidated Financial Statements for the years ended December 31, 2010 and 2009 under IFRS.


108 DEWAN KOMISARIS

DEWAN KOMISARIS

HADI SURYA Komisaris Utama/ President Commissioner

SAFZEN NOERDIN Komisaris/Commissioner


Umur 74 tahun, diangkat sebagai Presiden Komisaris Perseroan pada tanggal 26 Juni 2000. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menjabat sebagai Direktur Utama Perseroan (1989-2000). Pada saat ini juga menjabat selaku Komisaris PT. Jaya Agra Wattie (sejak 1990), Komisaris Utama PT Dwibina Prima (sejak 2004), Komisaris PT. Banyu Laju Shipping (sejak 2002) dan Komisaris Utama PT Alas Watu Utama (sejak 1990). Sebelumnya juga menjabat sebagai Komisaris CV Kartika Pabrik Triplex (19551959), Komisaris PT Daya Sakti Timber Corporation (19701994) dan Komisaris PT Daya Sakti Krida Unggul (1985-1999). Menyelesaikan pendidikan di Lian Huo High School di Surabaya pada tahun 1954. Pada tahun 2002 mendapatkan penghargaan “Life Time Achievement” dari Ernst & Young.

Aged 74, was appointed as the President Commissioner of the Company on 26 June 2000. He joined the Company in 1981 and was previously the President Director of the Company (1989—2000). He is also currently a Commissioner of PT Jaya Agra Wattie (since 1990), the President Commissioner of PT Dwibina Prima (since 2004), a Commissioner of PT Banyu Laju Shipping (since 2002) and the President Commissioner of PT Alas Watu Utama (since 1990). He was previously a Commissioner of CV Kartika Pabrik Triplex (1955— 1959), a Commissioner of PT Daya Sakti Timber Corporation (1970— 1994) and a Commissioner of PT Daya Sakti Krida Unggul (1985— 1999). He graduated from Lian Huo High School in Surabaya in 1954. In 2002, he was awarded ‘‘Life Time Achievement’ by Ernst & Young.

Umur 57 tahun, diangkat sebagai Komisaris Perseroan pada 7 Mei 2010. Sebelumnya menduduki jabatan sebagai Asistensi Bidang Pengawasan Internal Kementerian Pertahanan RI, Komisaris Utama PT ASABRI (Persero) (2009), Inspektur Jenderal Departemen Pertahanan (2008), Inspektur Jenderal TNI AL (2007), Komandan Korps Marinir (2005). Lulusan dari Akademi Angkatan Bersenjata Republik Indonesia - Laut tahun 1975.

Aged 57, was appointed as a Commissioner of the Company on 7 May 2010. He was previously an Assistance of Internal Monitoring Division of the Minister of Defense, President Commissioner of PT ASABRI (Persero) (2009), Inspector General of the Department of Defense (2008), Inspector General of the Navy (2007), Marine Corps Commander (2005). Graduated from Academy of the Armed Forces of the Republic of Indonesia – Sea in 1975.

Board of Commissioners 109

BOARD OF COMMISSIONERS Umur 43, diangkat sebagai Komisaris Perseroan pada 11 September 2006. Saat ini menjabat sebagai Chief Marketing Officer di PT Asuransi Allianz Life Indonesia. Sebelumnya menduduki jabatan sebagai konsultan jasa keuangan pada American International Assurance Co. Ltd di Singapura (2002-2004), Direktur PT Asuransi Allianz Life Indonesia (20012002), Vice President pada PT Asuransi Jiwa Principal Indonesia (2000-2001), dan Vice President pada PT. Puri Dana Bersama (1997-2000). Lulusan dari Indiana University pada tahun 1991.

Aged 43, was appointed as a Commissioner of the Company on 11 September 2006. He is currently the Chief Marketing Officer of PT Asuransi Allianz Life Indonesia. He was previously a financial services consultant at the American International Assurance Co. Ltd in Singapore (2002-2004), Director of PT Asuransi Allianz Life Indonesia (2001-2002), Vice President at PT Asuransi Jiwa Principal Indonesia (2000-2001) and Vice President at PT Puri Dana Bersama (19972000). He graduated from Indiana University in 1991.

Umur 39 tahun, diangkat sebagai Komisaris Perseroan pada tanggal 11 September 2006. Pada saat ini menduduki jabatan sebagai Managing Partner Leafgreen Capital di Singapore.Pada tahun 2006 hingga 2009, menjabat sebagai CEO pada United Fiber System Ltd (2006- 2009), dan sebelumnya menjabat sebagai Direktur Deutsche Bank (20042006), Wakil Presiden Zurich Financial Services (2002-2004), sebagai Associate di Merrill Lynch (2000-2002) dan Associate Direktur UBS (1998-2000). Lulusan dari Institut Technology Bandung pada 1994 dan memperoleh gelar MBA dari Massachusetts Institute of Technology Sloan School of Management pada tahun 1998.

Aged 39, was appointed as a Commissioner of the Company on 11 September 2006. He is currently the Managing Partner of Leafgreen Capital in Singapore. In 2006 to 2009, he was the CEO of United Fiber System Ltd and prior to that, a Director at Deutsche Bank (2004—2006), Vice President at Zurich Financial Services (2002— 2004), an Associate at Merrill Lynch (2000— 2002) and an Associate Director at UBS (1998— 2000). He graduated from the Bandung Institute of Technology in 1994 and received an MBA from the Massachusetts Institute of Technology Sloan School of Management in 1998.

ALAN JONATHAN TANGKAS DHARMAWAN Komisaris Independen/ Independent Commissioner

JAKA PRASETYA Komisaris Independen/ Independent Commissioner


110 DIREKSI

DIREKSI | BOARD OF DIRECTORS

WIDIHARDJA TANUDJAJA

Direktur Utama/ President Director

HENRIANTO KUSWENDI

Direktur Komersial/ Commercial Director


Umur 60, diangkat sebagai Presiden Direktur pada 26 Juni 2000. Bertanggung jawab atas seluruh aspek operasional Perseroan. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menduduki jabatan sebagai Operation Manager Perusahaan (1984-1987). General Manager (1987-1990) dan Commercial Director (1990-2000). Saat ini menjabat sebagai Direktur Utama PT Banyu Laju Shipping (sejak 2002) dan sebelumnya menduduki jabatan sebagai Komisaris PT Banyu Laju Shipping sejak 1999 sampai 2000. Lulusan dari Tokyo University of Mercantile Marine dengan memperoleh gelar master dalam ilmu kelautan dan master dalam bidang Hukum dari Hosei University of Tokyo pada 1979, dan gelar sarjana dalam bidang ilmu kelautan dari Tokyo University of Mercantile Marine pada 1976. Merupakan Ketua Komite Indonesia dari Nippon Kaiji Kyokai sejak 2001. Juga menjabat sebagai Ketua Divisi Cargo Cair dari Indonesian National Ship owners’ Association (2005-2008) dan Wakil Ketua Forum Komunikasi Rekanan Kapal Charter PT Pertamina (20052008).

Aged 60, was appointed as President Director on 26 June 2000. He oversees all aspects of the Group’s operations. He joined the Company in 1981. He previously served as the Company’s Operation Manager (1984—1987), General Manager (1987—1990) and Commercial Director (1990—2000). He currently serves as President Director of PT Banyu Laju Shipping (since 2002) and previously served as a Commissioner of PT Banyu Laju Shipping from 1999 to 2000. He graduated with a Masters degree in Maritime Science from Tokyo University of Mercantile Marine and a Bachelors degree in Law from Hosei University of Tokyo in 1979, and a Bachelors degree in Maritime Science from Tokyo University of Mercantile Marine in 1976. He has been the Chairman of the Nippon Kaiji Kyokai’s Indonesia Committee since 2001. He also serves as the Chairman of Liquid Cargo Division of the Indonesian National Ship owners’ Association (2005—2008) and the Vice Chairman of the Forum Komunikasi Rekanan Kapal Charter PT Pertamina (2005—2008), a forum of approved Pertamina partners.

Umur 49, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang komersial dan operasional Perseroan. Bergabung dengan Perseroan pada 1986, menduduki jabatan sebagai Marketing Manager (1990-1994), Asisten General Manager, Divisi Komersial (1994-1997) dan General Manager, Divisi Niaga (1997-1999). Memperoleh gelar sarjana dalam bidang manajemen dari Universitas Padjadjaran, Bandung, Indonesia pada tahun 1985.

Aged 49, was appointed as a Director of the Company on 22 June 1999. He is responsible for the operational and commercial areas of the Group. He joined the Company in 1986, served as Marketing Manager (1990— 1994), Assistant General Manager, Commercial Division (1994—1997) and General Manager, Commercial Division (1997—1999). He graduated with a Bachelors degree in management from Padjadjaran University, Bandung, Indonesia in 1985.

Board of Directors 111

MICHAEL MURNI GUNAWAN Direktur Administrasi/ Administration Director

SIANA ANGGRAENI SURYA Direktur Korporat dan Pengembangan Usaha/ Corporate and Business Development Director

WONG KEVIN Direktur Keuangan/ Finance Director

Umur 48, diangkat sebagai Direktur Perseroanpada 22 Juni 1999. Bertanggungjawab terhadap bidang akunting, audit internal dan teknologi informasi Perseroan. Bergabung dengan Perseroan pada bulan Januari 1999 sebagai General Manager Divisi Admnistrasi. Sebelum bergabung dengan Perseroan, menjabat sebagai Head of Corporate Administration and Information System dari BSG Corporation (19961998), Information Technology Manager PT Daya Sakti Timber Corporation (1991-1994), dan Assistant Accounting Manager PT Daya Sakti Timber Corporation (1986-1991). Memperoleh gelar sarjana dalam bidang akuntansi dari Universitas Airlangga Surabaya tahun 1985 dan memperoleh gelar MBA dari University of San Diego pada tahun 1996.

Aged 48, was appointed as a Director of the Company on 22 June 1999. He is responsible for the accounting, internal audit and information technology areas of the Group. He joined the Company in January 1999 as General Manager of the Administration Division, a post he held until June 1999. Prior to joining the Company, he was Head of Corporate Administration and Information System of BSG Corporation (1996— 1998), Information Technology Manager of PT Daya Sakti Timber Corporation (1991—1994), and Assistant Accounting Manager of PT Daya Sakti Timber Corporation (1986—1991). He graduated with a bachelor’s degree of accounting from Airlangga University Surabaya in 1985 and received his MBA from the University of San Diego in 1996.

Umur 43 tahun, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang hukum, klaim & asuransi, Sumber daya manusia dan pengembangan usaha Perseroan. Bergabung dengan Perseroan pada 1994 dan menduduki jabatan sebagai Marketing Manager sejak 1997 sampai 1999. Sebelum bergabung dengan Perusahaan, menduduki jabatan sebagai Marketing Sales pada ICI Jepang (1993-1994). Mengambil jurusan Kimia Terapan dan memperoleh gelar sarjana dalam bidang chemical engineering dari Waseda University – Tokyo pada 1991 dan gelar master dalam chemical engineering dari Waseda University – Tokyo pada 1993.

Aged 43, was appointed as a Director of the Company on 22 June 1999. She is responsible for the legal, claims & insurance, human resources and business development areas of the Group. She joined the Company in 1994 and served as Marketing Manager from 1997 to 1999. Prior to joining the Company, she was in Marketing Sales at ICI Japan (1993—1994). She majored in Applied Chemistry and graduated with a bachelor’s degree in engineering from Waseda University — Tokyo in 1991 and a master’s degree in engineering from Waseda University — Tokyo in 1993.

Umur 42, Diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bergabung dengan Perseroan pada 1996 sebagai Sekretaris Perusahaan, posisi yang masih dijabat sampai dengan saat ini. Pernah menduduki jabatan sebagai General Manager, Divisi Keuangan Perusahaan (Januari 1999-Juni 1999). Sebelum bergabung dengan Perusahaan, pernah menjabat sebagai Associate Direktur Pan Union Co.Ltd (19951996). Associate PT Bahana Pembinaan Usaha Indonesia (19941995), dan Assistant Manager Citibank, N.A. Jakarta (1992-1994). Dia memperoleh gelar BA dalam bidang administrasi bisnis dari Lewis and Clark College pada 1989 dan gelar BA dalam teknik mesin dari Columbia University pada 1991.

Aged 42, was appointed as a Director of the Company on 22 June 1999. He joined the Company in 1996 as Corporate Secretary, a position he still holds currently. He also served as General Manager, Finance Division of the Company (January 1999—June 1999). Prior to joining the Company, he was an Associate Director of Pan Union Co. Ltd (1995—1996), an Associate of PT Bahana Pembinaan Usaha Indonesia (1994—1995), and an Assistant Manager of Citibank, N.A. Jakarta (1992—1994). He graduated with a Bachelor of Arts degree in business administration from Lewis and Clark College in 1989 and a Bachelor of Science degree in mechanical engineering from Columbia University in 1991.


112


113

,!0/2!.!5$)4/2 ).$%0%.$%.

).$%0%.$%.4 !5$)4/2l32%0/24

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES LAPORAN KEUANGAN KONSOLIDASI/ CONSOLIDATED FINANCIAL STATEMENTS UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010 DAN 2009/ FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITORS’ REPORT

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN DAFTAR ISI Halaman/ Page SURAT PERNYATAAN DIREKSI LAPORAN AUDITOR INDEPENDEN

DIRECTORS’ STATEMENT LETTER 1

LAPORAN KEUANGAN KONSOLIDASI Pada tanggal 31 Desember 2010 dan 2009 serta untuk tahun-tahun yang berakhir pada tanggal tersebut

INDEPENDENT AUDITORS’ REPORT CONSOLIDATED FINANCIAL STATEMENTS As of December 31, 2010 and 2009 and for the years then ended

Neraca Konsolidasi

3

Consolidated Balance Sheets

Laporan Laba Rugi Konsolidasi

5

Consolidated Statements of Income

Laporan Perubahan Ekuitas Konsolidasi

6

Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasi

7

Consolidated Statements of Cash Flows

Catatan atas Laporan Keuangan Konsolidasi

8

Notes to Consolidated Financial Statements

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2010 DAN 2009

2010 US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2010 AND 2009 Catatan/ Notes

2009 US$'000 ASSETS

ASET ASET LANCAR Kas dan setara kas Investasi jangka pendek Piutang usaha Pihak hubungan istimewa Pihak ketiga Piutang lain-lain Persediaan Uang muka Pajak d bayar dimuka Biaya dibayar dimuka Instrumen keuangan derivatif

236 159.930 11.820 16.281 13.801 35 16.913 -

Jumlah Aset Lancar

383.264

84.284 79.964

ASET TIDAK LANCAR Investasi tersedia untuk dijual Investasi pada perusahaan asosiasi Aset tetap - setelah dikurangi akumulasi penyusutan dan penurunan nilai aset sebesar USD 635.238 r bu tahun 2010 dan USD 497.412 ribu tahun 2009 Uang muka pembelian kapal Uang jaminan dan beban tangguhan Goodwill - bersih Instrumen keuangan derivatif

2.327.320 20.250 22.041 40.903 -

Jumlah Aset Tidak Lancar JUMLAH ASET

2i,3 2e,4 2e,5 33

2k,6

2l 2g,32

129.976 7.350 15.604 8.546 29 10.116 2.259

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 Derivative financial instruments

337.510

Total Current Assets

118.732 44.898

1.946.389 46.905 30.273 43.776 16.944

NONCURRENT ASSETS Available-for-sale investment Investments in associates Property, vessels and equipment - net of accumulated depreciation and impairment of USD 635,238 thousand in 2010 and USD 497,412 thousand in 2009 Advance for purchase of vessels Security deposits and deferred charges Goodwill - net Derivative financial instruments

2.452.247

2.160.412

Total Noncurrent Assets

2.835.511

2.497.922

TOTAL ASSETS

33.778 7.955

2e,4,7 2j,7

2m,2n,2o,8 8,37d 2e 2c,2n,9 2g,32

Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.

76.125

See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.

-3-

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2010 DAN 2009 (Lanjutan)

2010 US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2010 AND 2009 (Continued) Catatan/ Notes

2009 US$'000 LIABILITIES AND EQUITY

KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Instrumen keuangan derivatif Hutang bank Hutang usaha Pihak hubungan istimewa Pihak ketiga Hutang pajak Biaya masih harus d bayar Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Kewajiban sewa pembiayaan Hutang lain-lain non-lembaga keuangan Hutang lain-lain non-lembaga keuangan Obligasi konversi Keuntungan atas transaksi jual dan sewa-bal k yang ditangguhkan Kewajiban lancar lainnya Jumlah Kewaj ban Lancar KEWAJIBAN TIDAK LANCAR Hutang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewaj ban sewa pembiayaan Hutang lain-lain non-lembaga keuangan Kewajiban imbalan pasca kerja Instrumen keuangan derivatif Obligasi konversi Keuntungan atas transaksi jual dan sewa-bal k yang ditangguhkan Jumlah Kewaj ban Tidak Lancar EKUITAS 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 tahun 2010 dan 5.981.591.235 saham tahun 2009 Agio saham Selisih kurs karena penjabaran laporan keuangan Keuntungan yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya

14.459 3.173 60.770 1.665 44.452

178.468 49.383 3.003 10.200 208 5.471

2g,32 2f,10 2f,11 33

10.877 65.225

2s,12 2f,13

929 34.250 957 45.347

2f,14 2f,15 2q,17 2f,18 2f,18 2f,20

138.674 6.322 32.572 1.181 99.560

2o,8 2f

371.252

208 8.862 444.964

Current maturities of long-term liabilities Financial institution Bonds payable Obligations under finance lease Other loans from non-financial institutions Other loans from non-financial institutions Convertible bonds Deferred gain on sales and leaseback transaction Other current liabilities Total Current Liabilities NONCURRENT LIABILITIES

707.562 148.261 316.000 342.769 17.634 5.180 75.775 165.057 1.850

2f,14 2f,15 2f,16 2q,17 2f,18 2r,19 2g,32 2f,20 2o,8

1.780.088

779.538 141.575 249.809 228.925 11.228 4.126 17.407 2.058 1.434.666

109.575 208.826 (16.292)

2f,21 22 2d

70.936 114.824 (16.828)

304.534

2e 2m,24

757 237.677

5.898 158.258

5.898 291.656

Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham

770.799

704.920

Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

CURRENT LIABILITIES Derivative financial instruments Bank loans Trade accounts payable Related parties Third parties Taxes payable Accrued expenses

Long-term liabilities - net of current maturities 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 Capital stock - Rp 62.50 par value per share Authorized - 14,676,480,000 shares Subscribed and paid-up - 11,550,831,470 shares in 2010 and 5,981,591,235 shares in 2009 Additional paid-in capital Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings Appropriated Unappropriated

(86.628)

Total Less cost of treasury stocks - 412,351,000 shares

684.171

618.292

Total Equity

2.835.511

2.497.922

(86.628)

2p,23


TOTAL LIABILITIES AND EQUITY


-4-

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010 DAN 2009

2010 US$'000

Catatan/ Notes

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

2009 US$'000

PENDAPATAN USAHA

656.854

2q,25

618.346

OPERATING REVENUES

BEBAN LANGSUNG

562.306

2q,26,33

485.512

DIRECT COST

132.834

GROSS PROFIT

LABA KOTOR

94.548

BEBAN UMUM DAN ADMINISTRASI

33.368

LABA USAHA

61.180

PENGHASILAN (BEBAN) LAIN-LAIN Peningkatan (penurunan) revaluasi Pendapatan investasi Bagian laba bersih perusahaan asosiasi

93.485 8.303 384

2m,2n,8 2e,29 2j,7

(227.778) 18.078 9.621

(2.901) (38.414)

2m,2o,8 2d

762 (26.698)

2q,27

32.927

GENERAL AND ADMINISTRATIVE EXPENSES

99.907

INCOME FROM OPERATIONS OTHER INCOME (CHARGES) Revaluation increase (decrease) Investment income Equity in net income of associates Gain (loss) on sale of property, vessels and equipment Foreign exchange loss - net

Keuntungan (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

(46.698)

2g,32

148.898

(84.393) (138.322) (5.840)

2f,16,20 2f,28

(196.420) (109.500) (1.785)

Net gain (loss) on derivative transactions Change in fair value of convertible bonds and notes payable Finance cost Others - net

Beban Lain-lain - Bersih

(214.396)

(384.822)

Other Charges - Net

RUGI SEBELUM PAJAK

(153.216)

(284.915)

LOSS BEFORE TAX

BEBAN PAJAK RUGI BERSIH

(1.185)

2s,12

(154.401)

(285.876)

2010 US$ RUGI PER SAHAM (dalam nilai penuh) Dasar

(961)

TAX EXPENSE NET LOSS

2009 US$ 2t,30

(0,0173)

(0,0559)


-5-

LOSS PER SHARE (in full amount) Basic


-

-

208.826

-

-

2d

24 24 2e,4

109.575

94.002

114.824

38.639

21,22

70.936

-

-

31

-

-

24 24 2e,4

-

50.001

-

8.745

64.823

Agio saham/ Additional paid-in capital US$'000

2d

21,22

62.191


Saldo per 31 Desember 2010

Saldo per 31 Desember 2009 Pengeluaran saham baru melalui penawaran umum terbatas Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi bersih selama tahun berjalan Transfer ke saldo laba Keuntungan yang direalisasi dari pemilikan efek Rugi bersih

Saldo per 1 Januari 2009 Pengeluaran saham baru melalui penawaran umum terbatas Selisih kurs karena penjabaran laporan keuangan Surplus revaluasi bersih selama tahun berjalan Transfer ke saldo laba Keuntungan pemilikan efek Sudah direalisasi Belum direalisasi Dividen Rugi bersih

Catatan/ Notes

Modal ditempatkan dan disetor/ Subscribed and paid-up capital stock US$'000

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010 DAN 2009

(86.628)

-

-

-

-

(86.628)

-

-

-

-

(86.628)

(16.292)

-

-

536

-

(16.828)

-

-

(1.213)

-

(15.615)

Selisih kurs karena Modal penjabaran laporan saham diperoleh keuangan/ kembali/ Translation Treasury stocks adjustment US$'000 US$'000

-6-

-

(757) -

-

-

-

757

1.865 757 -

-

-

-

(1.865)

Keuntungan yang belum direalisasi dari pemilikan efek/ Unrealized gain (loss) on available-for-sale investments US$'000

304.534

-

87.860 (21.003)

-

-

237.677

-

292.268 (54.591)

-

-

-

Surplus revaluasi/ Revaluation reserve US$'000

5.898

-

-

-

-

5.898

-

-

-

-

5.898

684.171

(757) (154.401)

87.860 -

536

132.641

618.292

1.865 757 (2.082) (285.876)

292.268 -

(1.213)

58.746

553.827

Jumlah Ekuitas/ Total equity US$'000

Balance as of December 31, 2010

Translation adjustment Net revaluation reserve during the year Transfer to retained earnings Realized gain on available for-sale-investments Net loss

Balance as of December 31, 2009 Issuance of shares through right issue

Translation adjustment Net revaluation reserve during the year Transfer to retained earnings Gain on securities Realized Unrealized Dividends Net loss

Balance as of January 1, 2009 Issuance of shares through right issue


158 258

(154.401)

21.003

-

-

291.656

(2.082) (285 876)

54 591

-

-

525.023

Saldo Laba/Retained earnings Ditentukan Tidak ditentukan penggunaannya/ penggunaannya/ Appropriated Unappropriated US$'000 US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2010 DAN 2009

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 2010 US$'000

2009 US$'000

ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok dan karyawan

626.664 (503.645)

582.216 (356.907)

CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees

Kas dihasilkan dari operasi Pembayaran bunga Pembayaran bagi hasil Pembayaran pajak penghasilan Penerimaan klaim asuransi

123.019 (102.581) (7.488) (1.206) 631

225.309 (120.646) (2.307) (932) 215

Cash generated from operations Interest paid Profit sharing paid Income tax paid Receipts from insurance claim

Kas Bersih Diperoleh dari Aktivitas Operasi

12.375

101.639

ARUS KAS DARI AKTIVITAS INVESTASI Pencairan investasi sementara Penempatan investasi sementara Penerimaan bunga

91.643 (110.455) 7.071

139.124 (48.176) 1.068

Hasil penjualan aset tetap - bersih Pengurangan (penambahan) uang muka pembelian aset tetap Perolehan aset tetap Hasil penjualan (akuisisi) perusahaan asosiasi dan anak perusahaan

1.070

50.075

16.028 (328.104)

(46.905) (137.297)

34.270

(66.231)

Kas Bersih Digunakan untuk Aktivitas Investasi

(288.477)

(108.342)

ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan dari hutang bank dan lembaga keuangan Penerimaan dari hutang lain-lain non-lembaga keuangan Pengeluaran saham baru melalui penawaran umum terbatas Penerimaan bersih dari penerbitan hutang obligasi dan obligasi konversi Penerimaan dari penerbitan kembali wesel bayar dan obligasi konversi Pembayaran hutang bank dan lembaga keuangan Pembayaran hutang lain-lain jangka panjang Pembayaran dividen Pembayaran hutang dividen Pembayaran hutang obligasi dan obligasi konversi Penerimaan bersih dari transaksi jual sewa bal k Pembayaran kewajiban sewa pembiayaan

127.743 19.610

290.868 -

132.641

58.746

120.329

48.520

18.082

-

Net Cash Provided by Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal of temporary investments Placement of temporary investments Interest received Net proceeds from sale of property, vessels and equipment Decrease (increase) in advances for the purchase of property, vessels and equipment Acquisitions of property, vessels and equipment Proceeds from sale (acquisition) associate company and subsidiary Net Cash Used in Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans and loans from other financial institutions Proceeds from loans from non-financial institution Proceeds from issuance of new shares through rights issue Proceeds from issuance of bonds payable and convertible bonds Proceed from reissuance of notes payable and convertible bonds Payments of loans from banks and other financial institutions Payment of loans from non-financial institutions Dividends paid Payment of dividends payable Payment of bonds payable and convertible bonds Proceeds from sales and leaseback transactions Payments of obligations under finance lease

(182.805) (1.182) (3) (95.331) 130.000 (25.849)

(323.756) (591) (2.103) (11.709)

Kas Bersih Diperoleh dari Aktivitas Pendanaan

243.235

59.975

Net Cash Provided by Financing Activities

KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS

(32.867)

53.272

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

Pengaruh perubahan kurs mata uang asing

(1.581)

210

KAS DAN SETARA KAS AWAL TAHUN

118.732

65.250

KAS DAN SETARA KAS AKHIR TAHUN

84.284

118.732

PENGUNGKAPAN TAMBAHAN Aktivitas investasi dan pendanaan yang tidak mempengaruhi kas: Penambahan aset tetap melalui: Uang muka pembelian aset tetap Kewaj ban sewa pembiayaan Penambahan (pengurangan) karena penjabaran laporan keuangan: Aset tetap Akumulasi penyusutan

Effect of exchange rate changes on cash CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES

10.000 180.409

2.555 7.344


35.895

425 709

Noncash investing and financing activities: Addition to property, vessels and equipment through: Advances for purchases of property, vessels and equipment Lease payable Increase (decrease) due to translation adjustments in: Property, vessels and equipment Accumulated depreciation


-7-

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT

1.

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, India, Brazil, Uni Emirat Arab dan Taiwan. Kantor pusat beralamat di Wisma Bina Surya Group (BSG) Lt. 10 Jl. Abdul Muis No. 40 Jakarta.

The Company is domiciled in Jakarta and has two branches in Merak and Dumai and representative offices in China, India, Brazil, United Arab Emirates and Taiwan. Its head office is located at Wisma Bina Surya Group th (BSG) 10 Floor, Jl. Abdul Muis No. 40, Jakarta.

Sesuai dengan pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha dalam bidang perkapalan dalam dan luar negeri dengan menggunakan kapal-kapal, termasuk tetapi tidak terbatas pada kapal tanker, tongkang dan kapal tunda (tugboat). Perusahaan bergerak dalam bidang jasa seperti pelayaran/angkutan laut dengan konsentrasi pada angkutan muatan bahan cair baik dalam kawasan Indonesia maupun Asia, Eropa dan Amerika. Perusahaan mulai beroperasi secara komersial pada tahun 1981. Jumlah karyawan Perusahaan rata-rata 402 karyawan untuk tahun 2010 dan 403 karyawan untuk tahun 2009.

In accordance with article 3 of the Company’s articles of association, the scope of its activities comprise of local and overseas shipping including but not limited to tanker, barges and tugboat operations. The Company is presently engaged in providing cargo shipping with concentration on liquid cargo transportation services in Indonesia, Asia, Europe and America. The Company started its commercial operations in 1981. The Company had average total number of employees of 402 in 2010 and 403 in 2009.

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.

-8-


P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued)

Susunan pengurus Perusahaan pada tanggal 31 Desember 2010 adalah sebagai berikut:

The Company’s management as of December 31, 2010 consisted of the following:

Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen Dewan Direksi Direktur Utama Direktur

Komite Audit Ketua Anggota b.

Board of Commissioners President Commissioner Commissioner Independent Commissioners

Hadi Surya Safzen Noerdin Alan Jonathan Tangkas Darmawan Jaka Prasetya

Board of 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

Jumlah Aset 31 Desember 2010/

Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations

December 31, 2010 US$'000

1

Indigo Pacific Corporation

Perusahaan Investasi/ Investment holding company

Labuan, Malaysia

24 Desember 1997/ December 24, 1997

141.653

1.1

Indigo Pacific Corporation


British Virgin Islands

8 Pebruari 1993/ February 8, 1993

190.914

1.1.1

Melani Maritime Inc.

Pengoperasian dan pemilikan kapal/ Owner and operator of vessel

Panama


107.175

1.1 2

Zona Overseas International Shipping S.A.


Panama

24 Juni 1997/ June 24, 1997

115.299

1.1 3

Kunti Maritime Pte. Ltd.


Singapore

11 Oktober 2000/ October 11, 2000

3.894

1.1.4

Jembawati Maritime Pte. Ltd.


Singapore

15 Nopember 2000/ November 15, 2000

19.615

1.1 5

Tirtasari Maritime Pte. Ltd.


Singapore


3.559

-9-




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Tahun Operasi Komersial/

Anak Perusahaan/Subsidiaries


Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


1.1.6

Pergiwo Navigation Pte. Ltd.


Singapore

26 April 2002/ April 26, 2002

9 631

1.1.7

Fatmarini Maritime Pte. Ltd.


Singapore

14 Agustus 2002/ August 14, 2002

31 540

1.1.8

Harsanadi Maritime Pte. Ltd.


Singapore


32 067

1.1.9

Hartati Maritime Pte. Ltd.


Singapore


2.720

1.1.10

BLT Finance Corporation

Pembiayaan/Financing


20 Juni 2005/ June 20, 2005

275 561

1.1.11

Pujawati Maritime Pte. Ltd.


Singapore

10 Maret 2006/ March 10, 2006

8.106

1.1.12

Pertiwi Maritime Pte. Ltd.


Singapore

12 Maret 2006/ March 12, 2006

11 582

1.1.13

Anggraini Maritime Pte. Ltd.


Singapore

5 Juni 2006/ June 5, 2006

44 034

1.1.14

Emerald Maritime Pte. Ltd.


Singapore

12 April 2006/ April 12, 2006

15.735

1.1.15

BLT Finance B.V

Pembiayaan/Financing

The Netherlands

27 April 2007/ April 27, 2007

368.014

1.1.16

Tridonawati Maritime Pte. Ltd.


Singapore

6 Juni 2007/ June 6, 2007

20.090

1.1.17

Purbasari Maritime Pte. Ltd.


Singapore

23 Juni 2007/ June 23, 2007

22.391

1.1.18

Tridonawati Maritime Corporation


Liberia

21 Juni 2007/ June 21, 2007

75.330

1.1.19

Trirasa Maritime Pte. Ltd.


Singapore

6 Juni 2007/ June 6, 2007

25

1.1.20

Pramoni Maritime Pte. Ltd.


Singapore

16 April 2008/ April 16, 2008

31.060

1.1.21

Fatmarini Shipping Pte. Ltd.


Singapore


26.344

1.1.22

Frabandari Shipping Pte. Ltd.


Singapore


26.424

1.1.23

Harsanadi Shipping Pte. Ltd.


Singapore


35.836

1.1.24

Hartati Shipping Pte. Ltd.


Singapore


33.563

1.1.25

Nogogini Shipping Pte. Ltd.


Singapore


21.412

1.1.26

Nolowati Shipping Pte. Ltd.


Singapore


20.892

1.1.27

Ratih Shipping Pte. Ltd.


Singapore


19.017

1.1.28

Universal Grace Ltd.

Hong Kong

24 September 2010/ September 24, 2010

63 360

*** Pengoperasian dan pemilikan kapal/ Owner and operator of vessel

- 10 -







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


2

Diamond Pacific International Corporation


Labuan, Malaysia


165 304

2.1





192 348

2.1.1

Lenani Maritime Inc.


Panama


131 336

2.1.1.1

Ontari Maritime Pte. Ltd.


Singapore

25 Juli 2002 July 25, 2002

26.447

2.1.2

Averina Maritime S.A.

Agen perkapalan/ Shipping agency

Panama

27 Mei 1998/ May 27, 1998

297.121

2.1.3

Gandari Navigation Pte. Ltd.

Pengoperasian kapal/ Operator of vessel

Singapore

26 April 2002/ April 26, 2002

1 804

2.1.4

GBLT Shipmanagement Pte. Ltd.

Manajemen perkapalan/ Ship management

Singapore

10 Maret 2002/ March 10, 2002

6.471

2.1.4.1

GBLT Shipmanagement Ltd.


United Kingdom


3 010

2.1.4.1.1

Harsanadi Shipping Ltd.

**** Pengoperasian kapal/ Operator of vessel

United Kingdom


-

2.1.4.1.2

Hartati Shipping Ltd.


United Kingdom


-

2.1.4.1.3

Frabandari Shipping Ltd.


United Kingdom


-

2.1.4.1.4

Fatmarini Shipping Ltd.


United Kingdom


615

2.1.4.1.5

Nolowati Shipping Ltd.


United Kingdom


-

2.1.4.1.6

Nogogini Shipping Ltd.


United Kingdom


175

2.1.4.1.7

Ratih Shipping Ltd.


United Kingdom


468

2.1.5

Cendanawati Navigation Pte. Ltd.


Singapore

25 Juli 2002/ July 25, 2002

10 927

2.1.6

Frabandari Maritime Pte. Ltd.


Singapore


25 650

2.1.7

Brotojoyo Maritime Pte. Ltd.


Singapore

3 Juli 2003/ July 3, 2003

31 924

2.1.8

Berlian Laju Tanker Pte. Ltd.


Singapore

3 Juli 2003/ July 3, 2003

5 590

2.1.9

Anjasmoro Maritime Pte. Ltd.


Singapore

17 Maret 2004/ March 17, 2004

48.490

2.1.10

Gas Lombok Maritime Pte. Ltd.


Singapore

20 Maret 2008/ March 20, 2008

46 341

2.1.11

Gas Sumbawa Maritime Pte. Ltd.


Singapore

12 Juni 2008/ June 12, 2008

46 346

- 11 -







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


Marshall Island

8 Juli 2005/ July 8, 2005

25.915

2.2

BLT LNG Tangguh Corporation


3

Asean Maritime Corporation


Labuan, Malaysia


492.992

3.1

Gold Bridge Shipping Corporation




36.251

3.1.1

Bauhinia Navigation S.A.


Panama

30 Mei 1996/ May 30, 1996

5.320

3.1.2

Cempaka Navigation S.A.


Panama

23 Juni 1997/ June 23, 1997

11.632

3.1.3

Gold Bridge Shipping Ltd.


Hong Kong

27 April 1990/ April 27, 1990

79.704

3.1.3.1

BLT Shipping Shanghai Co. Ltd.


China

27 Juli 2006/ July 27, 2006

774

3.1.4

Great Tirta Shipping S.A.


Panama

23 Juni 1997/ June 23, 1997

4.802

3.1.4.1

Dewayani Maritime Pte. Ltd.


Singapore


3.036

3.1.5

Hopeway Marine Inc.


Panama


34.758

3.1.6

Lestari International Shipping S A.


Panama

23 Juni 1997/ June 23, 1997

5.045

3.1.6.1

Gandini Maritime Pte. Ltd.


Singapore

2 Januari 2002/ January 2, 2002

2.864

3.1.7

Quimera Maritime S A.


Panama


109.836

3.1.8

South Eastern Overseas Navigation S A.


Panama

26 Mei 1994/ May 26, 1994

15.746

3.1.9

Zenith Overseas Maritime S.A.


Panama

23 Juni 1997/ June 23, 1997

239

3.1.9.1

Gandari Maritime Pte. Ltd.


Singapore


3.1.10

Zona Shipping S.A.


Panama

23 Juni 1997/ June 23, 1997

4.300

3.1.10.1

Dewi Sri Maritime Pte. Ltd.


Singapore


2.730

3.1.11

Dahlia Navigation S.A.


Panama


1.480

3.1.12

Eglantine Navigation S A.


Panama


18.639

3.1.13

Wulansari Maritime Pte. Ltd.


Singapore

6 April 2001/ April 6, 2001

17.127

3.1.14

Yanaseni Maritime Pte. Ltd.


Singapore

18 April 2001/ April 18, 2001

13.524

- 12 -

101.928







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


Singapore


21.489

Panama


1.135

3.1.15

Indradi Maritime Pte. Ltd.


3.1.16

Gold Bridge Shipping Agencies S.A.


3.1.17

Elite Bauhinia Navigation Pte. Ltd.


Singapore


12 517

3.1.18

Cempaka Navigation Pte. Ltd.


Singapore

25 Juli 2002/ July 25, 2002

1.741

3.1.19

Dahlia Navigation Pte. Ltd.


Singapore

25 Juli 2002/ July 25, 2002

18.119

3.1 20

Freesia Navigation S.A.


Panama


28 632

3.1 21

Gerbera Navigation S.A.


Panama


29 627

3.1 22

Mustokoweni Maritime Pte Ltd.


Singapore


6 214

3.1 23

Ulupi Maritime Pte. Ltd.


Singapore


18 364

3.1 24

Erowati Maritime Pte. Ltd.


Singapore


19.143

3.1 25

Gas Papua Maritime Pte Ltd.


Singapore


23 990

3.1 26

Rasawulan Maritime Pte. Ltd.


Singapore


17 000

3.1 27

Gas Sulawesi Maritime Pte. Ltd.


Singapore


22 321

3.1 28

Tribuana Maritime Pte. Ltd.


Singapore


19 622

3.1 29

Gagarmayang Maritime Pte. Ltd.


Singapore


51.742

3.1 30

Prita Dewi Maritime Pte. Ltd.


Singapore

13 Nopember 2004/ November 13 2004

25.712

3.1 31

Purwati Maritime Pte. Ltd.


Singapore


44 298

3.1 32

Trijata Maritime Pte Ltd.


Singapore


20 627

3.1 33

Pradapa Maritime Pte. Ltd.


Singapore


20.250

3.1 34

Pergiwati Maritime Pte. Ltd.


Singapore


66.455

3.1 35

Badraini Maritime Pte. Ltd.


Singapore


16 944

- 13 -







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


3.1.36

Barunawati Maritime Pte. Ltd.


Singapore


3.1.37

Gas Maluku Maritime Pte. Ltd.


Singapore

8 April 2005/ April 8, 2005

50

3.1.38

Barawati Maritime Pte. Ltd.


Singapore

22 April 2005/ April 22, 2005

10.398

3.1.39

Gas Bali Maritime Pte. Ltd.


Singapore

6 Juli 2005/ July 6, 2005

3 831

3.1.40

Eustoma Navigation S.A.


Panama


25 897

3.1.41

Puspawati Maritime Pte. Ltd.


Singapore


36 033

3.1.42

Diamond Flow Ltd.

Perusahaan investasi/ Investment holding company

Hong Kong


88.821

3.1.43

Likabula International Ltd.


Hong Kong

14 Juni 2007/ June 14, 2007

1 550

3.1.44

Richesse International Corp




9 964

3.1.44.1

Richesse Logistic (International) Ltd.


Hong Kong


14 272

3.1.44.1.1

Richesse Logistic (Fangcheng Port) Co. Ltd.

Penyimpanan dan penjualan produk kimia/Storage and sale of chemical product

China

12 Juli 2007 July 12, 2007

26 210

3.1.45

Hyacinth Navigation S A.

Pengoperasian & pemilikan kapal/ Owner and operator of vessel

Panama

12 Maret 2008/ March 12, 2008

45 985

3.1.46

Irish Maritime International S.A.


Panama

12 Maret 2008/ March 12, 2008

19.489

3.2

BLT Chembulk Corp BVI




374 963

3.2.1

Chembulk Tankers LLC


Marshall Islands


36.494

3.2.1.1

Chembulk Trading II LLC


Marshall Islands


260.978

3.2.1.2

Chembulk Management LLC


United States of America


1.859

3.2.1.3

Chembulk Management B.V.


The Netherlands

22 Mei 2007/ May 22, 2007

3.2.1.4

Chembulk Management Pte. Ltd.


Singapore

29 Maret 2007/ March 29, 2007

3.2.1.5

CBL Tankers Do Brazil Ltda


Brazil

17 Juli 2008/ July 17, 2008

38

3.2.1.6

BLT Chembulk Group Corporation



50

3.2.2

Chembulk Barcelona Pte. Ltd.


Singapore


36.747

3.2.3

Chembulk Gibraltar Pte. Ltd.


Singapore


22.956

*** Pengoperasian kapal/ Operator of vessel

- 14 -

42 268

43

1 058







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


3.2.4

Chembulk Hong Kong Pte. Ltd.


Singapore


35.775

3.2.5

Chembulk Houston Pte. Ltd.


Singapore


20 890

3.2.6

Chembulk Kobe Pte. Ltd.


Singapore


23.109

3.2.7

Chembulk New York Pte. Ltd.


Singapore


27.778

3.2.8

Chembulk Savannah Pte. Ltd.


Singapore


27 091

3.2.9

Chembulk Shanghai Pte. Ltd.


Singapore


21 554

3.2.10

Chembulk Ulsan Pte. Ltd.


Singapore


23.119

3.2.11

Chembulk Virgin Gorda Pte. Ltd.


Singapore


37.990

3.2.12

Chembulk Yokohama Pte. Ltd.


Singapore


25.241

3.2.13

Chembulk New Orleans Pte. Ltd.


Singapore

22 Juni 2008/ June 22, 2008

33.177

3.3

BLT International Corp.

* Perusahaan investasi/ Investment holding company

Hong Kong


113 289

3.4

Nevaeh Limited

** Perusahaan investasi/ Investment holding company

British Virgin Island


33.778

4

PT Banyu Laju Shipping

Indonesia

25 Juli 1991/ July 25, 1991

66.522

4.1

Banyu Laju Corporation

Labuan, Malaysia


5

PT Brotojoyo Maritime


Indonesia


30.146

6

PT Buana Listya Tama Tbk


Indonesia

12 Mei 2005/ May 12, 2005

185.478

6.1

PT Anjasmoro Maritime


Indonesia

24 Maret 2006/ March 24, 2006

6.2

PT Pearl Maritime


Indonesia


25.285

6.3

PT Ruby Maritime


Indonesia


43.579

6.4

PT Sapphire Maritime


Indonesia


61.071

Pengoperasian & pemilikan kapal/ Owner and operator of vessel **** Perusahaan investasi/ Investment holding company

- 15 -

-

9







Bidang usaha/

Domisili/

Start of Commercial

Total Assets as of

Type of business

Domicile

Operations


6.5

PT Citrine Maritime


Indonesia

29 Mei 2006/ May 29, 2006

25.347

6.6

PT Diamond Maritime


Indonesia

29 Mei 2006/ May 29, 2006

30.450

6.7

PT Emerald Maritime


Indonesia

29 Mei 2006/ May 29, 2006

74.892

6.8

PT Jade Maritime

* Pengoperasian & pemilikan kapal/ Owner and operator of vessel

Indonesia

19 Mei 2009/ May 19, 2009

14

6.9

PT Onyx Maritime


Indonesia

19 Mei 2009/ May 19, 2009

14

6.10.

PT Topaz Maritime


Indonesia

19 Mei 2009/ May 19, 2009

14

6.11

PT Bayu Lestari Tanaya

Agen Perkapalan/Shipping agency

Indonesia

22 Maret 2005/ March 22, 2005

37

6.11.1

PT Berlian Dumai Logistics

Perdagangan umum/General trading

Indonesia


22

6.12

PT Gemilang Bina Lintas Tirta


Indonesia


1 621

6.13

PT Karya Bakti Adil

Agen kru/Crew agency

Indonesia


754

6.14

PT BLT International Group

Indonesia


15

6.15

PT BLT Meo

Indonesia

20 Juli 2010/ July 20, 2010

* Perusahaan investasi/ Investment holding company *** Pengoperasian & pemilikan kapal/ Owner and operator of vessel

1

* Merupakan pendirian perusahaan baru di tahun 2009/Newly established company in 2009. ** Merupakan akuisisi perusahaan di tahun 2009/Newly acquired company in 2009. *** Merupakan pendirian perusahaan baru di tahun 2010/Newly established company in 2010. **** Jumlah aset dibawah USD 1.000/Total assets is less than USD 1.000. 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. S-109A/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.

- 16 -





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. Sahamsaham 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 SGX-Mainboard based on letter No. RMR/IR/YCH/260407 from Singapore Exchange Securities Limited (SGX-ST). In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006.

Pada tanggal 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.

- 17 -





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 31 Desember 2010, seluruh saham Perusahaan sejumlah 11.550.831.470 saham telah tercatat di Bursa Efek Indonesia dan Singapura.

As of December 31, 2010, 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.

2.

2.

KEBIJAKAN AKUNTANSI

a.

SUMMARY POLICIES a.

Penyajian Laporan Keuangan Konsolidasi

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia.

- 18 -

OF

Consolidated Presentation

SIGNIFICANT

ACCOUNTING

Financial

Statement

The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia.





Dasar penyusunan laporan keuangan konsolidasi, kecuali untuk laporan arus kas, adalah dasar akrual. Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasi adalah mata uang Dollar Amerika Serikat (USD). Laporan keuangan konsolidasi 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 konsolidasi disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura (SGX-ST), Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards). Perbedaan signifikan antara prinsip-prinsip akuntansi yang berlaku umum di Indonesia dengan Standar Pelaporan Keuangan Internasional dijelaskan pada Catatan 35 atas laporan keuangan konsolidasi.

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). Significant differences between Indonesian GAAP and IFRS are summarized in Note 35 to the consolidated financial statements.

b.

Prinsip Konsolidasi

b.

Principles of Consolidation

Laporan keuangan konsolidasi menggabungkan laporan keuangan Perusahaan dan entitas yang dikendalikan oleh Perusahaan (dan anak perusahaan). Pengendalian dianggap ada apabila Perusahaan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk perusahaan memiliki baik secara langsung atau tidak langsung melalui anak perusahaan lebih dari 50% hak suara.

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 (Catatan 2c) 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 those interest at the date of original business combination (Note 2c) 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 konsolidasi.

The results of subsidiaries acquired or disposed of during the year are included in the consolidated statement of income from the effective date of acquisition or up to the effective date of disposal, as appropriate.

Penyesuaian dapat dilakukan terhadap laporan keuangan anak perusahaan agar kebijakan akuntansi yang digunakan sesuai dengan kebijakan akuntansi yang digunakan oleh Perusahaan.

Where necessary, adjustments are made to the financial statements of the subsidiaries to bring the accounting policies used in line with those used by the Company.

Seluruh transaksi antar perusahaan, saldo, penghasilan dan beban dieliminasi pada saat konsolidasi.

All intra-group transactions, balances, income and expenses are eliminated on consolidation.

- 19 -




c.

d.

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, kewajiban 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 kewajiban anak perusahaan diukur sebesar nilai wajarnya pada tanggal akuisisi. Selisih lebih antara biaya perolehan dan bagian Perusahaan atas nilai wajar aset dan kewajiban 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 kewajiban 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 Keuangan dalam Mata Uang Asing

Laporan

d.

Foreign Currency Translation

Transactions

and

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 neraca, aset dan kewajiban 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.

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 balance sheet 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.

Pembukuan anak perusahaan yang berlokasi di dalam negeri (Indonesia) diselenggarakan dalam mata uang Rupiah. Untuk tujuan laporan keuangan konsolidasi, aset dan kewajiban anak perusahaan tersebut pada tanggal neraca dijabarkan dalam mata uang Dollar Amerika Serikat masing-masing dengan menggunakan kurs yang berlaku pada tanggal neraca, 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.

The books of accounts of the domestic (Indonesia) subsidiaries are maintained in Rupiah. For consolidation purposes, assets and liabilities of these subsidiaries at balance sheet date are translated into U.S. Dollar using the exchange rates at balance sheet 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.

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e.

Aset Keuangan


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.

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.

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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 kewajiban 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 kewajiban) 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. Nilai wajar ditentukan dengan cara seperti dijelaskan pada Catatan 39d.

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. Fair value is determined in the manner described in Note 39d.

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.

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. Pengukuran nilai wajar dilakukan dengan cara seperti diungkapkan pada Catatan 39d. 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. Fair value is determined in the manner described in Note 39d. 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.

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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.

Penurunan nilai aset keuangan

Impairment of Financial Assets

Aset keuangan, selain aset keuangan FVTPL, dievaluasi terhadap indikator penurunan nilai pada setiap tanggal neraca. 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

•

default or delinquency principal payments; or

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in

interest

or




•

terdapat kemungkinan bahwa pihak peminjam akan dinyatakan pailit atau melakukan reorganisasi keuangan.


•

it becoming probable that the borrower will enter bankruptcy or financial reorganization.

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.

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.

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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 kewajiban 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 recognises a collateralised borrowing for the proceeds received.

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.

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f. Kewajiban Keuangan dan Instrumen Ekuitas


f.

Financial Liabilities and Equity Instruments

Kewajiban keuangan dan instrumen ekuitas yang diterbitkan oleh Perusahaan dan anak perusahaan diklasifikasikan sesuai dengan perjanjian kontraktual dan definisi kewajiban 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 kewajibannya. 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.

Kewajiban Keuangan

Financial Liabilities

Kewajiban keuangan Perusahaan dan anak perusahaan diklasifikasikan baik sebagai kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi (FVTPL) atau kewajiban 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.

Kewajiban keuangan yang diukur pada nilai wajar melalui laporan laba rugi (FVTPL)

Financial liabilities at fair value through profit and loss

Kewajiban keuangan pada FVTPL memiliki dua subkategori: kewajiban 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.

Kewajiban keuangan diklasifikasi kelompok yang diperdagangkan, jika:

A financial liability is classified as held for trading if:

sebagai

•

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.

Kewajiban keuangan selain kewajiban 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 - 26 -

Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or





•

kewajiban keuangan yang merupakan bagian dari kelompok aset keuangan atau kewajiban 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

•

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 kewajiban) 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, kewajiban keuangan pada FVTPL diukur pada nilai wajar dengan perubahan nilai wajar diakui langsung pada laba rugi. Nilai wajar ditentukan dengan cara yang diuraikan dalam catatan 39d.

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. Fair value is determined in the manner described in Note 39d.

Kewajiban Keuangan Lainnya

Other Financial Liabilities

Kewajiban keuangan lainnya (termasuk pinjaman bank dan pinjaman lainnya, hutang usaha dan hutang 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 kewajiban keuangan, atau, jika lebih tepat, digunakan periode yang lebih singkat untuk memperoleh nilai tercatat bersih dari kewajiban 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 kewajiban keuangan

Derecognition of Financial Liabilities

Perusahaan dan anak perusahaan menghentikan pengakuan kewajiban keuangan, jika dan hanya jika, kewajiban Perusahaan dan anak perusahaan telah dilepaskan, dibatalkan atau kadaluarsa. Perbedaan antara nilai tercatat dari kewajiban 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.

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g.

h.

Instrumen Keuangan Derivatif


g.

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 konsolidasi sepanjang tidak dimaksudkan dan tidak memenuhi kualifikasi lindung nilai.

Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting.

Derivatif yang melekat pada instrumen keuangan lainnya atau kontrak utama nonfinansial lainnya diperlakukan sebagai derivatif yang terpisah bila resiko dan karakteristiknya tidak secara jelas dan erat berhubungan dengan risiko dan karakteristik kontrak utama, dan kontrak utama tersebut tidak dinyatakan dengan nilai wajar, dan perubahan nilai wajar diakui pada laporan laba rugi konsolidasi.

Derivatives embedded in other financial instruments or other non-financial host contract are treated as a separate derivative when their risks and characteristics are not closely related to the host contract and the host contract is not carried at fair value with changes in fair value recognized in consolidated statement of income.

Suatu derivatif disajikan sebagai aset atau kewajiban tidak lancar jika nilai sisa dari instrumen yang jatuh tempo lebih dari 12 bulan dan diperkirakan tidak akan direalisasi atau diselesaikan dalam waktu 12 bulan. Derivatif lainnya disajikan sebagai aset atau kewajiban lancar.

A derivative is presented as a non current asset or non current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

Penggunaan instrumen keuangan derivatif ditatakelola berdasarkan kebijakan Perusahaan yang disetujui oleh Dewan Direksi yang konsisten dengan strategi risiko manajemen Perusahaan. Perusahaan 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 konsolidasi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan kewajiban yang dilaporkan dan pengungkapan aset dan kewajiban kontinjensi pada tanggal laporan keuangan serta jumlah pendapatan dan beban selama periode pelaporan. Realisasi dapat berbeda dengan jumlah yang diestimasi.

i.

Derivative Financial Instruments

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.

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Use of Estimates

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.

k.

Investasi pada Perusahaan Asosiasi


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.

An associate is an entity over which the Company is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee.

Penghasilan, aset dan kewajiban dari perusahaan asosiasi digabungkan dalam laporan keuangan konsolidasi dicatat dengan mengunakan metode ekuitas. Investasi pada perusahaan asosiasi dicatat di neraca sebesar biaya perolehan dan selanjutnya disesuaikan untuk perubahan dalam bagian kepemilikan Perusahaan atas 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 kewajiban atau melakukan pembayaran kewajiban perusahaan asosiasi yang dijaminnya, dalam hal demikian, tambahan kerugian diakui sebesar kewajiban 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 balance sheet at cost as adjusted by post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized except if the Company has incurred obligations or made payments on behalf of the associates to satisfy obligations of the associates that the Company has guaranteed, in which case, additional losses are recognized to the extent of such obligations or payments.

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.

Investment in Associates

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.

- 29 -

Inventories

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.




m. Aset Tetap


m. Property, Vessels and Equipment

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 neraca. 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 balance sheet date. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years.

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 akhir tahun buku dan pengaruh dari setiap perubahan tersebut diperlakukan prospektif.

The vessels’ residual values, estimated useful lives and depreciation method are reviewed at each balance sheet 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.

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Biaya Docking

Dry Docking Cost

Nilai kapal, termasuk biaya docking yang dikapitaliasi pada saat terjadinya dan diamortisasi berdasarkan metode garis lurus sampai dengan docking berikutnya.

Included in the balance of vessels is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking.

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

Buildings and premisses Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment

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 konsolidasi 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 konsolidasi 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.

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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.

n.

Penurunan nilai aset

n.

Impairment of Assets

Pada setiap tanggal neraca, Perusahaan dan anak perusahaan me-review nilai tercatat aset non-financial 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 balance sheet 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 (Catatan 2m).

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 (Note 2m).

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 (Catatan 2m).

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 (Note 2m).

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Kebijakan akuntansi terkait penurunan nilai aset keuangan dijelaskan dalam Catatan 2e.

Accounting policy for impairment of financial assets is described in Note 2e.

o.

Sewa

o.

Leasing

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases.

Perusahaan 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. Kewajiban kepada lessor disajikan di dalam neraca sebagai kewajiban 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 balance sheet as a finance lease obligation.

Pembayaran sewa harus dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pengurangan dari kewajiban sewa sehingga mencapai suatu tingkat bunga yang konstan (tetap) atas saldo kewajiban. Rental kontinjen dibebankan pada periode terjadinya.

Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. 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 kewajiban. 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.

- 33 -




p.


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.

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.

p.

Saham Diperoleh Kembali 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.

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.

Pengakuan Pendapatan dan Beban Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal neraca. Pendapatan diterima dimuka diakui sebagai kewajiban.

- 34 -

Treasury Stocks

Revenue and Expense Recognition Revenues from freight operations are recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability.





Pendapatan dari sewa berdasarkan waktu (time charter) diakui sesuai masa manfaatnya dari periode kontrak charter tersebut. Pendapatan berdasarkan rute perjalanan diakui selama jangka waktu perjalanan tersebut.

Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage.

Pendapatan jasa perantara kapal dan jasa penyimpanan diakui pada saat jasa tersebut diserahkan kepada pelanggan.

Revenues from agency services and storage services are recognized when the services are rendered to customers.

Pendapatan bunga diakui sesuai manfaatnya pada periode yang bersangkutan (accrual basis).

Interest income on interest-bearing instruments is recognized on accrual basis.

Beban diakui pada saat terjadinya.

Expenses are recognized when incurred.

r.

s.

r.

Imbalan Pasca Kerja

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 kewajiban imbalan pasti diakui dengan metode garis lurus selama rata-rata sisa masa kerja yang diprakirakan dari para pekerja dalam program tersebut. Biaya jasa lalu dibebankan langsung apabila imbalan tersebut menjadi hak atau vested, dan sebaliknya akan diakui sebagai beban dengan metode garis lurus selama periode rata-rata sampai imbalan tersebut menjadi vested.

The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.

Jumlah yang diakui sebagai kewajiban imbalan pasti di neraca merupakan nilai kini kewajiban imbalan pasti disesuaikan dengan keuntungan dan kerugian aktuarial yang belum diakui, dan biaya jasa lalu yang belum diakui.

The benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost.

Pajak Penghasilan

s.

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 kewajiban pajak tangguhan diakui atas konsekuensi pajak periode mendatang yang timbul dari perbedaan jumlah tercatat aset dan kewajiban menurut laporan keuangan dengan dasar pengenaan pajak aset dan kewajiban, kecuali perbedaan yang berhubungan dengan pajak penghasilan final. Kewajiban 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.

- 35 -





Pajak tangguhan diukur dengan menggunakan tarif pajak yang berlaku atau secara substansial telah berlaku pada tanggal neraca. Pajak tangguhan dibebankan atau dikreditkan dalam laporan laba rugi, kecuali pajak tangguhan yang dibebankan atau dikreditkan langsung ke ekuitas.

Deferred tax is calculated at the tax rates that have been enacted or substantively enacted by the balance sheet date. Deferred tax is charged or credited in the statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity.

Aset dan kewajiban pajak tangguhan disajikan di neraca, kecuali aset dan kewajiban pajak tangguhan untuk entitas yang berbeda, atas dasar kompensasi sesuai dengan penyajian aset dan kewajiban pajak kini.

Deferred tax assets and liabilities are offset in the balance sheet, except if these are for different legal entities, in the same manner the current tax assets and liabilities are presented.

Atas pendapatan dari kapal yang dikenakan pajak penghasilan final, beban pajak diakui proporsional dengan jumlah pendapatan menurut akuntansi yang diakui pada periode berjalan. Selisih antara jumlah pajak penghasilan final terutang dengan jumlah yang dibebankan sebagai pajak kini pada perhitungan laba rugi diakui sebagai pajak dibayar dimuka atau hutang pajak. Akun pajak penghasilan final dibayar dimuka disajikan terpisah dari hutang pajak penghasilan final.

Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable.

Perbedaan nilai tercatat aset atau kewajiban yang berhubungan dengan pajak penghasilan final dengan dasar pengenaan pajaknya tidak diakui sebagai aset atau kewajiban 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.

t.

u.

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 konsolidasi. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.

Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while the secondary reporting format is based on geographical segment.

Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.

A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments.

- 36 -





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 kewajiban 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.

3.

KAS DAN SETARA KAS

3. 2010 US$'000

Kas Bank Rupiah Bank Negara Indonesia Bank Syariah Mandiri Bank INA Perdana Bank Mega Bank Capital Lain-lain (masing-masing dibawah USD 1.300 ribu) Dollar Amerika Serikat ING Bank Bank Mayapada Citibank Deutsche Bank Nordea Bank Finland PLC DnB NoR Bank ASA, Singapura Lain-lain (masing-masing dibawah USD 3 juta) Mata uang lainnya (masing-masing dibawah USD 3 juta) Jumlah Bank

1.059

CASH AND CASH EQUIVALENTS 2009 US$'000 992

3.182 1.774 133 24 6

46 355 3.490 5.375 9.579

961

1.690

13.595 10.002 8.631 1.047 998 134

954 10.323 11.422 4.383 21.540

10.233

14.371

2.299

5.957

53.019

89.485

- 37 -

Cash on hand Cash in banks Rupiah Bank Negara Indonesia Bank Syariah Mandiri Bank INA Perdana Bank Mega Bank Capital Others (below USD 1,300 thousand each) U.S. Dollars ING Bank Bank Mayapada Citibank Deutsche Bank Nordea Bank Finland PLC DnB NoR Bank ASA, Singapore Others (below USD 3 million each) Other currencies (below USD 3 million each) Total Bank





2010 US$'000 Deposito berjangka Rupiah Bank Capital Bank Negara Indonesia Dollar Amerika Serikat UBS AG Bank Fortis Bank S.A./ N.V. Bank Mega United Overseas Bank Limited Lainnya (masing-masing dibawah USD 3 juta) Dollar Singapura United Overseas Bank Limited Jumlah deposito berjangka Jumlah Tingkat bunga deposito berjangka per tahun Dollar Amerika Serikat Rupiah Dollar Singapura

4.

2009 US$'000

18.352 55

53

11.733 -

11.521 11.313 3.025

45

2.323

21

20

30.206

28.255

84.284

118.732

0,15% 6% - 6,6% 0,7%

0,03% - 3% 5,75% - 6,9% 0,825%

INVESTASI

4.

Investasi Jangka Pendek

Other (below USD 3 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

INVESTMENTS Short-term Investments

2010 US$'000 Dimiliki untuk diperdagangkan P.T. Panin Sekuritas

Time Deposits Rupiah Bank Capital Bank Negara Indonesia U.S. Dollars UBS AG Bank Fortis Bank S.A./ N.V. Bank Mega United Overseas Bank Limited

483

2009 US$'000

-

Held for trading P.T. Panin Sekuritas

Tersedia untuk dijual Investasi melalui manajer investasi: Danatama Capital Management Limited P.T. Danatama Makmur P.T. Andalan Artha Advisindo Sekuritas First Strategic Advisors Inc. UBS AG, Singapura Reksadana Nusadana Kombinasi Maxima

69.981 9.500 -

11.708 23.800 9.070 61 259

Available for sale Investment through investment management: Danatama Capital Management Limited P.T. Danatama Makmur P.T. Andalan Artha Advisindo Sekuritas First Strategic Advisors Inc. UBS AG, Singapore Nusadana Kombinasi Maxima Mutual Fund

Jumlah tersedia untuk dijual

79.481

44.898

Total available for sale

Nilai wajar

79.964

44.898

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 korporasi, sertifikat deposito, dan instrumen pasar uang. Pada tanggal 31 Desember 2010, nilai wajar investasi portofolio sebesar USD 69.981 ribu.

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, certificate of deposit and money market instruments. As of December 31, 2010, the fair value of the investment portfolio amounted to USD 69,981 thousand.

- 38 -





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 hutang, saham, mata uang asing, obligasi konversi, waran, opsi, kontrak derivatif dan efek lainnya termasuk skema investasi kolektif. Pada tanggal 31 Desember 2010 dan 2009, nilai wajar investasi portofolio masing-masing sebesar USD 9.500 ribu dan USD 11.708 ribu.

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. As of December 31, 2010 and 2009, the fair value of the investment portfolio amounted USD 9,500 thousand and USD 11,708 thousand, respectively.

P.T. Andalan Artha Advisindo Sekuritas

P.T. Andalan Artha Advisindo Sekuritas

Pada tahun 2009, Perusahaan mengadakan perjanjian manajemen investasi dengan P.T. Andalan Artha Advisindo Sekuritas untuk mengelola dana yang akan diinvestasikan dalam bentuk surat utang negara, obligasi korporasi, reksadana dan surat berharga pasar uang. Pada tanggal 31 Desember 2009, nilai wajar investasi portofolio sebesar USD 23.800 ribu.

In 2009, The Company entered into an investment Management Agreement with P.T. Andalan Artha Advisindo Sekuritas to manage funds which will be invested in government securities, corporate bonds, mutual funds and money market securities. As of December 31, 2009, the fair value of the investment portofolio amounted to USD 23,800 thousand.

First Strategic Advisors Inc.

First Strategic Advisors Inc.

Perusahaan dan anak perusahaan mengadakan perjanjian manajemen investasi dengan First Strategic Advisors, Inc. untuk mengelola dana Perusahaan dan anak perusahaan yang akan diinvestasikan dalam bentuk tunai, surat-surat berharga dan investasi lainnya. Pada tanggal 31 Desember 2009, nilai wajar investasi portofolio sebesar USD 9.070 ribu.

The Company and its subsidiaries entered into an investment management agreement with First Strategic Advisors, Inc. to manage an investment portfolio of the Company and its subsidiaries, which may be placed in cash, securities and other investments. As of December 31, 2009 the fair value of the investment portfolio amounted to USD 9,070 thousand.

UBS AG, Singapura

UBS AG, Singapore

Pada bulan Juni 2008, anak perusahaan mengadakan perjanjian manajemen investasi dengan UBS AG untuk mengelola investasi portofolio. Nilai wajar investasi portofolio pada tanggal 31 Desember 2009 sebesar USD 61 ribu.

In June 2008, the Company’s subsidiaries entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2009, the fair value of investment portfolio amounted to USD 61 thousand.

Investasi Jangka Panjang

Long-term Investments

Investasi tersedia untuk dijual

Available-for-sale

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 is Jiangsu Xinrong Shipyard Company Limited, carried at USD 33,778 thousand.

- 39 -




5.

PIUTANG USAHA

5. 2010 US$'000

a. Berdasarkan pelanggan Pihak yang mempunyai hubungan istimewa Pan Union Shipping Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk

TRADE ACCOUNTS RECEIVABLE

2009 US$'000 a. By Debtor

205 31

Jumlah

236

-

Related parties Pan Union Shipping Pte. Ltd. PT Arpeni Pratama Ocean Line Tbk

-

Total

Pihak ketiga Kapal yang dimiliki dan disewa Jasa perantara perkapalan

140.055 19.875

113.144 16.832

Third parties Owned and chartered vessels Agency

Jumlah

159.930

129.976

Total

Jumlah Piutang Usaha

160.166

129.976

Total Trade Accounts Receivable

30.409

23.886

42.692 26.185 16.015 44.865

47.305 26.227 13.864 18.694

160.166

129.976

152.100 3.584 3.241 1.241

125.162 1.915 2.641 258

160.166

129.976

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

6.


b. By Age Category Not yet due Past due 1 - 60 days 61 - 120 days 121 - 180 days > 180 days Total c. JBy Currency U.S. Dollars Rupiah Euro Other currencies Total

Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan. Pada tanggal 31 Desember 2010 dan 2009, saldo piutang usaha milik PT Pertamina (Persero) masing-masing sebesar USD 4.625 ribu dan USD 6.241 ribu.

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. As of December 31, 2010 and 2009, the total balance of trade accounts receivables from PT Pertamina (Persero) amounted to USD 4,625 thousand and USD 6,241 thousand, respectively.

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.

PERSEDIAAN

6.

INVENTORIES Inventories mainly consist of bunker fuel.

Terutama merupakan persediaan bahan bakar.

- 40 -




7.


INVESTASI PADA PERUSAHAAN ASOSIASI

7.

INVESTMENTS IN ASSOCIATES

Persentase Kepemilikan/ Percentage of Ownership 2010 2009 % %

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 *)

Hong Kong Marshall Islands Thailand Indonesia China

22,69 30,00 30,00 50,00 -

45,00 30,00 30,00 50,00 21,80

*) Pada tahun 2010 investasi pada Jiangsu Xinrong Shipyard Company Limited direklasifikasi sebagai investasi tersedia untuk dijual (Catatan 4).

*) In 2010, investment in Jiangsu Xinrong Shipyard Company Limited was transferred to available-for-sale investment (Note 4).

Mutasi investasi dengan metode ekuitas:

Changes in investments under the equity method:

2010 US$'000

2009 US$'000

Biaya Piutang jangka panjang

91.037 2.323

91.037 2.323

Cost Long-term receivables

Jumlah Dikurangi penerimaan piutang jangka panjang selama tahun berjalan

93.360

93.360

(2.323)

-

Sub-total Less receipt of long-term receivables during the year

Jumlah kepemilikan pada perusahaan asosiasi Dikurangi: Bagian rugi setelah akuisisi Pengembalian modal Penjualan investasi Reklasifikasi sebagai tersedia untuk dijual

91.037

93.360

(8.451) (8.400) (32.453) (33.778)

(8.835) (8.400) -

Total interest in associates Less: Share of post-acquisition loss Return of capital Sale of investment Reclassified as available-for-sale

7.955

76.125

Total

Jumlah Pada bulan April 2010, piutang lain-lain jangka panjang sebesar USD 2.323 ribu telah dibayarkan oleh Teekay BLT Corporation.

In April 2010, the long-term receivable amounting to USD 2,323 thousand were paid by Teekay BLT Corporation.

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 terhutang 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.

- 41 -





Keuntungan penjualan dibawah dicatat sebagai lainlain bersih di laporan laba rugi.

The gain on disposal below is included in others net in the statements of income.

2010 US$'000 Penerimaan dari penjualan Dikurangi: nilai tercatat investasi

32.957 32.453

Keuntungan penjualan

8.

Proceeds from disposal Less: cost of investment

504

Gain on disposal

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.

Pada tahun 2010 dan 2009, Perusahaan dan anak perusahaan mengakui bagian keuntungan bersih Teekay BLT Corporation masing-masing sebesar USD 329 ribu dan USD 9.553 ribu dalam laporan laba rugi konsolidasi.

In 2010 and 2009, the Company and its subsidiaries recognized their share in the net profit of Teekay BLT Corporation amounting to USD 329 thousand and USD 9,553 thousand, respectively, which is included in the consolidated statements of income.

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 dalam ekspedisi muatan kapal laut.

PT Berlian Limatama is engaged in providing cargo shipping services.

bidang

ASET TETAP

8. Selisih Kurs Penjabaran / 1 Januari 2010/ Translation Penambahan/ Additions January 1, 2010 Adjustment US$'000

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

US$'000

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

Pengurangan/ Reklasifikasi/ Deductions Reclassifications US$'000 US$'000 -

PROPERTY, VESSELS AND EQUIPMENT

Revaluasi/ Revaluations US$'000

Jumlah/ Total US$'000

31 Desember 2010/ December 31, 2010 Cost Valuation 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

1.330 159.832

2.203.278 557.534 -

137 96

1.624 8 48

-

-

1.721 4.672

1.721 4.672

-

2 (42) -

183 481 14.133

49 10 -

-

-

798 3.275 30.130

798 3.275 30.130

-

(7.445)

348.104

3.247

-

181.345

2.962.558

201.758

2.760.812

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

- 42 -

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



CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) Selisih Kurs Penjabaran / 1 Januari 2009 1)/ Translation Penambahan/ Additions January 1, 2009 1) Adjustment US$'000 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

US$'000

US$'000


Pengurangan/ Reklasifikasi/ Deductions Reclassifications US$'000 US$'000

1.330 1.902.432 341.726 83.256

369 -

30.855 35.895 96.719

51.433 2.090 -

68.030 (68.030)

1.405 1.590 3.606

(2) 6 51

222 48 912

52 1

-

639 2.846 7.478

1 -

22 8.519

-

-

2.346.308

425

173.192

53.576

-

Revaluasi/ Revaluations US$'000 (34.052) 11.504 -

Jumlah/ Total US$'000 1.330 1.916.201 387.035 111.945

1.330 111.945

1.916.201 387.035 -

-

1.625 1.592 4.568

1.625 1.592 4.568

-

-

662 2.846 15.997

662 2.846 15.997

-

2.443.801

140.565

2.303.236

(22.548)

337.531 20.605

705 -

120.098 14.430

2.133 -

-

-

456.201 35.035

1.202 936 2.022 426 284

(3) 1 5 1 -

25 227 588 106 396

39 1 -

-

-

1.224 1.125 2.614 533 680

363.006

709

135.870

2.173

-

1.983.302

-

31 Desember 2009/ December 31, 2009 Cost Valuation US$'000 US$'000

497.412 1.946.389

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 31 Desember 2010 dan 2009, kapal yang dicatat berdasarkan nilai revaluasi telah direview oleh manajemen dan didukung oleh laporan penilai independen profesional dengan laporan tanggal 31 Januari 2011 dan 15 Januari 2010.

As of December 31, 2010 and 2009, the vessels are stated at their revalued amount, being the fair value reviewed by management and supported by an independent professional valuation with reports dated January 31, 2011 and January 15, 2010.

Apabila kapal diukur berdasarkan biaya perolehan dikurangi akumulasi penyusutan dan penurunan nilai maka nilai tercatat kapal pada tanggal 31 Desember 2010 dan 2009 kurang lebih masing-masing sebesar USD 1.731 juta dan USD 1.788 juta.

Had the vessels been measured on historical cost less accumulated depreciation and impairment, their carrying amounts as of December 31, 2010 and 2009 would have been approximately USD 1,731 million and USD 1,788 million.

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).

Penambahan kapal pada tahun 2009 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai (M.T. Pramesti dan M.T. Hyacinth) dan kapal sewa pembiayaan anak perusahaan (M.T. Chembulk Jakarta).

The additions in vessels in 2009 consist of the subsidiaries vessels whose construction had been completed (M.T. Pramesti and M.T. Hyacinth) and subsidiaries’ vessels under leasing arrangement (M.T. Chembulk Jakarta).

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 dan M.T. Pitaloka).

Sehubungan dengan penjualan M.T. Pramesti, M.T. Wilutama dan M.T. Pitaloka pada tahun 2010 dan penjualan M.T. Purbasari pada tahun 2009 Perusahaan dan anak perusahaan melakukan perjanjian sewa balik dengan pembeli kapal tersebut masing-masing selama 4-5 tahun pada tahun 2010 dan periode 12 tahun pada tahun 2009.

In conjunction with the sale of M.T. Pramesti, M.T. Wilutama and M.T. Pitaloka in 2010 and the sale of M.T. Purbasari in 2009, the Company and its subsidiaries entered into leaseback agreements with the purchasers for a period of 4-5 years in 2010 and 12 years in 2009.

- 43 -





Setelah mengevaluasi syarat dan substansi dari perjanjian sewa balik pada tahun 2010, manajemen Perusahaan berkeyakinan bahwa secara substansial semua risiko dan manfaat dari kepemilikan kapal berada pada penjual - lessee dan mengklasifikasikan transaksi ini sebagai sewa pembiayaan, sementara transaksi pada tahun 2009 secara substansial seluruh risiko dan manfaat dari kepemilikan kapal berada pada pembeli - lessor sehingga mengklasifikasikan transaksi ini sebagai sewa operasi

After an evaluation of the terms and substance of the leaseback, the Company’s management are satisfied that for the 2010 leaseback, all the risks and rewards incidental to ownership of the vessels still rest with the seller-lessee and classified the transactions as finance lease, while in 2009 substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser- lessor and accordingly classified the transactions as operating leases.

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:

2010 US$'000

2009 US$'000

Saldo awal Akumulasi amortisasi

2.500 442

2.500 234

Beginning balance Accumulated amortization

Saldo akhir Dikurangi bagian lancar

2.058 208

2.266 208

Ending balance Less current portion

Bagian tidak lancar - bersih

1.850

2.058

Non-current portion

Amortisasi keuntungan atas jual dan sewa balik yang ditangguhkan masing-masing sebesar USD 208 ribu pada tahun 2010 dan 2009 yang dicatat sebagai pengurang beban sewa.

Amortization of deferred income of USD 208 thousand each in 2010 and 2009, are 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 noninterest bearing deposit and its fair value is considered as deferred rent and amortized on a straight-line basis over the lease term.

Seluruh penjualan dilakukan kepada pihak ketiga. Keuntungan (kerugian) penjualan seluruh aset tetap bersih selama tahun 2010 dan 2009 sebagai berikut:

All sales are made with third parties. The net gain (loss) on sale of property, vessels and equipment in 2010 and 2009 are shown below:

2010 US$'000 Harga jual kapal dan peralatan Nilai tercatat Bersih Komisi Keuntungan (kerugian) penjualan kapal dan peralatan - bersih Keuntungan (kerugian) penjualan aset tetap selain kapal - bersih

2009 US$'000

130.000 132.000

50.118 49.300

(2.000) (900)

818 (71)

Net Commission

(2.900)

747

(1)

15

Gain (loss) on sale of vessels - net Gain (loss) on sale of property and equipment other than vessels - net

(2.901)

762

- 44 -

Proceeds from sale of vessels and equipment Net carrying amount





Depreciation following:

Beban penyusutan dialokasi sebagai berikut:

2010 US$'000

expense

was

allocated

to

the

2009 US$'000

Beban usaha Kapal dan tangki yang dimiliki (Catatan 26) Umum dan administrasi (Catatan 27) Selisih kurs penjabaran

Operating expenses 145.488 997 -

133.589 1.343 938

Jumlah

146.485

135.870

Owned vessels and tanks (Note 26) General and administrative (Note 27) Translation adjustment Total

Pada tahun 2010, Perusahaan dan anak perusahaan melakukan perubahan estimasi nilai residu kapal berdasarkan penilai independen. Perubahan ini menyebabkan beban penyusutan menurun sebesar USD 11.950 ribu pada tahun 2010.

For the year ended December 31, 2010, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net decrease in depreciation expense by USD 11,950 thousand in 2010.

Untuk tahun yang berakhir 31 Desember 2009, manajemen menetapkan tidak terdapat perubahan terhadap estimasi nilai residu.

For the year ended December 31, 2009 management has determined that there is no change necessary in its estimate of residual values.

Kapal dan peralatan digunakan sebagai jaminan atas hutang bank, hutang lembaga keuangan, kewajiban sewa pembiayaan dan fasilitas stand by letter of credit (Catatan 14, 17 dan 37e).

Vessels and equipment are used as collateral for the bank loans, loans from financial institution, obligations under finance lease and stand by letter of credit facility (Notes 14, 17 and 37e).

Perusahaan memiliki beberapa bidang tanah yang terletak di kota Dumai, Riau dengan hak legal berupa Hak Guna Bangunan yang berjangka waktu 20 (dua puluh) tahun yang akan jatuh tempo pada tahun 2024, 2036 dan 2037. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai.

The Company owns several parcels of land located in Dumai, Riau with Building Use Right (Hak Guna Bangunan or HGB) for a period of 20 years until 2024, 2036 and 2037. Management believes that there will be no difficulty in the extension of the landright since all the land were acquired legally and supported by sufficient evidence of ownership.

Uang muka pembelian kapal pada tanggal 31 Desember 2010 dan 2009 merupakan pembayaran uang muka atas pembelian tiga kapal bekas masing-masing sebesar USD 20,250 ribu (Catatan 37d) dan USD 46.905 ribu. Pada tahun 2010, atas uang muka pembelian kapal pada tanggal 31 Desember 2009, sebuah kapal telah dibayar seluruhnya sementara uang muka untuk dua kapal yang lain dikembalikan.

Advances for purchase of vessels as of December 31, 2010 and 2009 represent advance payments on the purchase of three second-hand vessels amounting to USD 20,250 thousand (Note 37d) and USD 46,905 thousand, respectively. In 2010 for outstanding advances as of December 31, 2009, one vessel was paid in full while the advances made for the two vessels were refunded.

Kapal dalam penyelesaian pada tanggal 31 Desember 2010 dan 2009 terutama merupakan 9 kapal dan 13 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2011 – 2012 (Catatan 37c).

Vessel under contruction as of December 31, 2010 and 2009 mainly consists 9 vessels and 13 vessels under construction which are estimated to be completed in 2011 – 2012 (Note 37c).

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 1.927.000 ribu dan USD 2.359.050 ribu masing-masing pada tahun 2010 dan 2009 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 1,927,000 thousand in 2010 and USD 2,359,050 thousand in 2009, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.

- 45 -





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.

9.

GOODWILL – BERSIH

9.

Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aset bersih yang diperoleh dengan rincian sebagai berikut:

2010 US$'000 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:

2009 US$'000

87.410 (17.371) (29.136)

87.410 (14.498) (29.136)

40.903

43.776

Cost Accumulated amortization Accumulated impairment of goodwill Goodwill - Net

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.

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.

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 neraca 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 balance sheet 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.

- 46 -





10. HUTANG BANK

10. BANK LOANS

2010 US$'000

2009 US$'000

Bank Mizuho Indonesia, Jakarta DVB Group Merchant Bank (Asia) Ltd Bank Sumitomo Mitsui Indonesia, Jakarta Bank UOB Indonesia, Jakarta

14.459 -

13.830 18.437

-

17.000 15.958


Jumlah

14.459

65.225

Total

Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel

Rupiah Tetap Variabel

-

15% 1,75% - 3,5% diatas/above LIBOR

1,75% diatas/above cost of funds

15% 1,5% - 1,75% diatas/above cost of funds

Interest rates per annum during the year U.S. Dollar Fixed Variable

Rupiah Fixed Variable

A.

Pinjaman yang diperoleh dari Bank Mizuho Indonesia adalah time loan revolving dengan jumlah gabungan maksimum kredit sebesar Rp 130.000 juta atau nilai yang setara dalam Dollar Amerika Serikat yang jatuh tempo 18 Oktober 2011. Tingkat bunga per tahun sebesar cost of fund bank atau SIBOR ditambah persentase tertentu, dimana pembayarannya antara 7 - 30 hari.

A.

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 October 18, 2011. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days.

B.

Pinjaman yang diperoleh dari DVB Group Merchant Bank (Asia) Ltd. merupakan fasilitas secure term loan dengan maksimum kredit sebesar USD 25 juta. Pinjaman ini dijamin dengan kapal anak perusahaan tertentu dan jaminan Perusahaan. Pinjaman ini jatuh tempo pada tanggal 20 Januari 2010 dengan tingkat bunga LIBOR ditambah sebesar persentase tertentu, dimana pembayarannya setiap bulan. Pada tanggal 19 Januari 2010, jatuh tempo pembayaran hutang ini diperpanjang sampai bulan Januari 2012 dan disajikan sebagai hutang lembaga keuangan jangka panjang (Catatan 14).

B.

The loan obtained from DVB Group Merchant Bank (Asia) Ltd. is a secured term loan facility with a maximum credit of USD 25 million. The loan is secured by a registered mortgage over certain subsidiaries’ vessels and a corporate guarantee by the Company. The loan is due on January 20, 2010 and interest rate is at LIBOR plus certain percentage which is payable monthly. On January 19, 2010, the maturity date of the term loan facility was extended until January 2012 and has been reclassified to long-term loans from financial institution (Note 14).

C. Pinjaman Perusahaan dari Bank Sumitomo Mitsui Indonesia merupakan fasilitas kredit berulang dengan jumlah maksimum Rp 150.000 juta atau ekuivalen dalam USD 17 juta. Pinjaman ini dijamin dengan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas cost of fund atau LIBOR, dimana pembayarannya setiap bulan. Pinjaman ini telah dilunasi seluruhnya pada bulan Desember 2010.

- 47 -

C. Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150,000 million or equivalent to USD 17 million. This loan is collateralized by subsidiaries’ vessels. Annual interest rate is at cost of fund or LIBOR plus certain percentage, which is paid on a monthly basis. These loan has been fully paid in December 2010.





D. Pinjaman dari Bank UOB Indonesia merupakan fasilitas kredit modal kerja dengan maksimum pinjaman Rp 150.000 juta jatuh tempo pada Mei 2010. Pinjaman ini dijamin dengan kapal anak perusahaan dan piutang usaha pendapatan charter ke Pertamina atas kapal tersebut. Tingkat bunga sebesar persentase tetap tertentu, dimana pembayarannya setiap bulan. Pada tanggal 25 Mei 2010, jatuh tempo pembayaran hutang ini diperpanjang sampai bulan Mei 2013 dan disajikan sebagai hutang lembaga keuangan jangka panjang (Catatan 14).

D. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150,000 million due on May 2010. This loan is secured by subsidiary’s vessel and Company’s trade accounts receivable from Pertamina in respect of that vessel. Interest rate per annum is at certain fixed percentage, which is paid monthly. On May 25, 2010, the maturity date of the term loan facility was extended until May 2013 and has been reclassified to long-term loans from financial institution (Note 14).

11.

HUTANG USAHA

11. TRADE ACCOUNTS PAYABLE

2010 US$'000 a. Berdasarkan pemasok: Pihak hubungan istimewa Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd.

2009 US$'000 a. By creditor Related parties Pan Union Agencies Pte Ltd. Thai Petra Transport Co. Ltd.

3.173 -

833 96

3.173

929

Pihak ketiga Pemasok Jasa perantara perkapalan

53.308 7.462

34.250 -

Third parties Suppliers Shipping agents

Jumlah

60.770

34.250

Total

Jumlah Hutang Usaha

63.943

35.179

Total Trade Accounts Payable

b. Berdasarkan mata uang: Dollar Amerika Serikat Dollar Singapura Yen Jepang Rupiah Mata uang lainnya

48.164 10.605 2.600 1.253 1.321

31.896 2.060 101 637 485

63.943

35.179

Jumlah

Jumlah

Hutang jasa perantara perkapalan pihak ketiga merupakan kewajiban kepada perusahaan yang ditunjuk sebagai perantara dan sub perantara. Hutang pemasok pihak ketiga merupakan kewajiban atas pembelian minyak, bahan bakar, suku cadang, peralatan kapal dan pengeluaran lainnya (disbursements).

- 48 -

Total

b. By currency U.S. Dollars Singapore Dollars Japanese Yen Rupiah 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.




12.

PAJAK PENGHASILAN

12. INCOME TAXES

Hutang pajak terdiri dari:

Details of taxes payable are as follows:

2010 US$'000 Hutang pajak penghasilan badan Perusahaan Anak perusahaan Pajak penghasilan Pasal 21 Pasal 23 Pasal 25 Pasal 26 Pajak Pertambahan Nilai - Bersih Hutang pajak final Pasal 4(2) Pasal 15 Jumlah

1 3

974 23 4 11 568

516 14 4 4 343

3 44

72

1.665

957

2010 US$'000

Jumlah

1.001 137 47 1.185

Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan untuk tahun-tahun yang berakhir 31 Desember 2010 dan 2009 adalah sebagai berikut:

2010 US$'000 Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian kapal (Perusahaan) Pajak atas pendapatan sewa kapal 1,2% x USD 10.221 ribu tahun 2010 dan USD 13.413 ribu tahun 2009 Pajak penghasilan anak perusahaan Jumlah beban Pembayaran selama tahun berjalan Hutang Pajak Penghasilan Final

2009 US$'000

1 37

Beban pajak terdiri dari:

Kapal dan operasional (Perusahaan dan anak perusahaan) Jasa penyimpanan dan perantara perkapalan anak perusahaan Jasa perantara perkapalan (Perusahaan)


10.221

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 Total

Details of tax expense are as follows: 2009 US$'000 Vessel and charter operation (Company 825 and its subsidiaries) Storage services and agency of 92 subsidiaries 44 Agency services (Company)

961

Total

The computation of final tax on revenues related to charter and operation of vessels of the Company for the years ended December 31, 2010 and 2009, was as follows:

2009 US$'000

13.413

Revenue from charter and operation of vessels (the Company)

123 878

161 664

Tax on charter vessel revenues 1.2% x USD 10,221 thousand in 2010 and USD 13,413 thousand in 2009 Income tax of subsidiaries

1.001 957

825 753

Tax expense Payments during the year

44

72

- 49 -

Final tax payable





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:

2010 US$'000 Pajak penghasilan anak perusahaan yang berhubungan dengan jasa penyimpanan dan perantara perkapalan

2009 US$'000

137

92

760

676

Pendapatan dari jasa perantara perkapalan Beban yang berhubungan dengan jasa perantara perkapalan Pendapatan lain-lain

(631) 59

Pendapatan yang pajaknya tidak bersifat final

188

Perhitungan pajak penghasilan dan hutang pajak penghasilan:

(541) Agency expenses 24 Other income 159

Income not subject to final tax

2009 US$'000

47

44

(46)

(43)

1

1

Hutang Pajak Penghasilan Laba kena pajak dan hutang pajak penghasilan Perusahaan tahun 2009 sudah sesuai dengan Surat Pemberitahuan Pajak (SPT) yang disampaikan ke Kantor Pelayanan Pajak.

13.

Revenue from agency

Tax expense and income tax payable are computed as follows:

2010 US$'000 Pajak Penghasilan - Perusahaan Dikurangi pembayaran pajak dimuka Pajak penghasilan pasal 25

Income tax of the subsidiaries on storage and agency services

BIAYA MASIH HARUS DIBAYAR

Tax expense - The Company Prepayment of tax Income tax - Article 25 Income Tax Payable

Taxable Income and Tax Payable of the Company for 2009 are in accordance with the annual tax returns (SPT) submitted to the Tax Service Office.

13. ACCRUED EXPENSES

2010 US$'000

2009 US$'000

Operasi kapal dan docking Bunga Lain-lain

25.238 17.006 2.208

35.276 9.037 1.034

Vessels operation and docking Interest Others

Jumlah

44.452

45.347

Total

- 50 -




14.

HUTANG LEMBAGA KEUANGAN JANGKA PANJANG

14. LONG-TERM LOANS FROM FINANCIAL INSTITUTION 2010 US$'000

DnB NOR Bank, ASA, Singapura/ Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura Bank Mandiri, Jakarta Bank Syariah Mandiri/ Bank Pembangunan Daerah Jawa Timur/ Bank Muamalat Indonesia/ Bank Jabar Banten Syariah Bank Negara Indonesia Indonesia Eximbank Deutsche Investions Und Enteicklungsgesllschaft MBH Mitsubishi UFJ Lease & Finance Co. Ltd. DVB Group Merchant Bank (Asia) Ltd., Singapura Bank UOB Indonesia, Jakarta Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah Bank Mega DnB NOR Bank, ASA, Singapura Bank Central Asia, Jakarta ING Bank N. V., Singapura Mount Gede LLC DnB NOR Bank, ASA, Singapura/ NIBC Bank Ltd. Dialease Maritime S.A., Jepang


2009 US$'000

496.772

576.302

72.000 38.928

81.000 47.872

36.646 32.126 29.891

36.569

29.750 29.175

28.168

25.531 21.255

42.375 7.680

17.217 13.301 11.945 10.242 9.950 7.800

19.149 33.968 11.940 7.800

5.894 5.144

18.960 6.429

893.567

918.212

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 Bank Mandiri, Jakarta Bank Syariah Mandiri/ Bank Pembangunan Daerah Jawa Timur/ Bank Muamalat Indonesia/ Bank Jabar Banten Syariah Bank Negara Indonesia Indonesia Eximbank Deutsche Investions Und Enteicklungsgesllschaft MBH Mitsubishi UFJ Lease & Finance Co. Ltd. DVB Group Merchant Bank (Asia) Ltd., Singapore Bank UOB Indonesia, Jakarta Bank Syariah Mandiri/Bank Syariah BRI/ Bank Muamalat Indonesia/ BPD Jatim Divisi Usaha Syariah Bank Mega DnB NOR Bank, ASA, Singapore Bank Central Asia, Jakarta ING Bank N. V., Singapore Mount Gede LLC DnB NOR Bank, ASA, Singapore/ NIBC Bank Ltd. Dialease Maritime S.A., Japan

Jumlah Biaya perolehan pinjaman yang belum diamortisasi Bagian yang jatuh tempo dalam waktu satu tahun

178.468

138.674

Current maturities

Hutang Bank Jangka Panjang - Bersih

707.562

779.538

Long-Term Portion - Net

Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat Tetap Variabel

Rupiah Tetap Yen Jepang Variabel

(7.537)

-

7,5% - 17% 7,75% - 15% 0,7% - 4,75% 0,7% - 4% diatas/ above diatas/ above LIBOR/SIBOR LIBOR/SIBOR 12,5% - 17% 9,64% - 14,5% 1,5% - 2% diatas/above JPY LIBOR

- 51 -

2% diatas/ above JPY LIBOR

Total Unamortized loan transaction cost


Rupiah Fixed Japanese Yen Variable





Jadwal pembayaran kembali hutang bank jangka panjang adalah sebagai berikut: 2010 US$'000

The long-term bank loans are repayable as follows: 2009 US$'000

Dalam satu tahun Dalam tahun kedua Dalam tahun ketiga Dalam tahun keempat Dalam tahun kelima Setelah lima tahun

181.233 149.661 181.084 77.148 120.738 183.703

138.674 152.435 141.390 147.342 72.744 265.627

Within one year In the second year In the third year In the fourth year In the fifth year After five years

Jumlah

893.567

918.212

Total

Rincian hutang bank adalah sebagai berikut:

Details of the loans are as follows:

A.

A.

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 :

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 oleh Perusahaan dan Gold Bridge Shipping Corporation.

−

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 a corporate guarantee from the Company and Gold Bridge Shipping Corporation.

−

“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 oleh Perusahaan dan Gold Bridge Shipping Corporation.

−

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 a corporate guarantee from the Company and Gold Bridge Shipping Corporation.

−

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 oleh Perusahaan dan Gold Bridge Shipping Corporation serta beberapa kapal anak perusahaan.

−

USD 65 million credit Facility which is payable in 32 quarterly installments until 2015 and collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary and the subsidiaries’ vessel. Interest rate is at LIBOR plus certain percentage which is paid between 1 - 3 months.

Seluruh pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a). - 52 -

All of these loans were paid in March 2011 (Note 40a).




B.

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.


B.

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: (a) kapal anak perusahaan, (b) penyerahan pendapatan atas asuransi dan permintaan kompensasi dari kapal anak perusahaan, (c) jaminan dan indemnity dari Perusahaan, (d) rekening bank, rekening pasar uang, deposito, dan akun lain anak perusahaan yang ditempatkan pada Nordea Bank Finland Plc., serta (e) jaminan saham anak perusahaan.

This loan is secured by the following: (a) subsidiaries’ vessels, (b) assignment of insurances and earnings of the subsidiaries’ vessels, (c) a guarantee and indemnity from the Company, (d) bank accounts, money market accounts, dealer deposit accounts and other accounts of the subsidiaries established with Nordea Bank Finland Plc, and (e) a pledge on the shares of the subsidiaries.

Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a dan 40b).

This loan was fully paid in March 2011 (Notes 40a and 40b).

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 Nopember 2010, Perusahaan memperoleh pinjaman dari Bank Syariah Mandiri (sebagai penanggung jawab utama), 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 antara lain dengan kapal anak perusahaan dan jaminan anak perusahaan (corporate guarantee) serta piutang sebesar USD 72,5 juta yang dijaminkan secara fidusia. Nisbah sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.

D. In November 2010, the Company obtained a loan from Bank Syariah Mandiri (as lead manager), 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 and a corporate guarantee from the subsidiary. 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.

E.

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.

E.

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.

F.

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.

F.

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.

- 53 -





G. Pada bulan April 2010, anak perusahaan memperoleh pinjaman dari Deutsche Investitions Und 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 jaminan dari Perusahaan (corporate guarantee) dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 6 bulan.

G. 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 corporate guarantee from the Company and a subsidiary’s vessel. Interest is at LIBOR plus certain percentage, which is paid semi-annually.

H. 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 dan corporate guarantee dari Perusahaan dan Gold Bridge Shipping Corporation. Tingkat bunga sebesar persentase tertentu diatas Yen LIBOR.

H. 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 and corporate guarantees by the Company and Gold Bridge Shipping Corporation. Interest rate is at Yen LIBOR plus a certain percentage.

I.

I.

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.

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 oleh Perusahaan (corporate guarantee) dan 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 corporate guarantee from the Company and 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 hutang bank jangka pendek dari 2010 ke 2012 (Catatan 10). 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 subsdiary and DVB Group Merchant Bank (Asia) Ltd agreed to extend the maturity date of its short-term bank loans from 2010 to 2012 (Note 10). 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 ballon payment of USD 11,634 thousand. Interest rate is at certain percentage.

Seluruh pinjaman diatas ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

The above loans were paid in March 2011 (Note 40a).

- 54 -




J.

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.


J.

Pada bulan Mei 2010, Perusahaan dan Bank UOB menyetujui untuk memperpanjang jatuh tempo hutang bank jangka pendek dari 2010 ke 2013 (Catatan 10). 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.

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 shortterm bank loans from 2010 to 2013 (Note 10). 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 ballon payment of Rp 67,500 million on the last payment date. Interest rate is at certain percentage.

K.

Pinjaman dari Bank Syariah Mandiri (sebagai penanggung jawab Utama), 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 antara lain oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan. Indicative return sebesar persentase tertentu, dimana pembayarannya setiap 3 bulan.

K.

The loan from Bank Syariah Mandiri (as lead manager), 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 facilities 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, among others, by the subsidiaries’ vessels and a corporate guarantee from the Company. Indicative return is at certain percentage, which is payable quarterly.

L.

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.

L.

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.

M. 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 oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

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M. 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 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 March 2011 (Note 40a).





N. 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.

N. 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.

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 paid 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 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 paid in January 2010.

O. Pada bulan Nopember 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.

O.

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.

P.

P.

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 and a guarantee by the Company. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain percentage. This loan was fully paid in March 2011 (Note 40a).

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 dan jaminan dari Perusahaan (Corporate guarantee). Pinjaman ini jatuh tempo pada tanggal 31 Desember 2011. Tingkat bunga sebesar persentase tertentu. Pinjaman ini telah dilunasi pada bulan Maret 2011 (Catatan 40a).

Q. 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 (Catatam 40b).

Q. 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 paid in March 2011 (Note 40b).

R. 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 oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan.

R. 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 corporate guarantee from the Company and the subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

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Sehubungan dengan fasilitas pinjaman di atas, Perusahaan dan anak perusahaan diwajibkan memenuhi batasan-batasan tertentu yang telah disepakati bersama sesuai perjanjian termasuk mempertahankan rasio-rasio keuangan tertentu.

In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants, including among others the maintenance of certain financial ratios.

15.

HUTANG OBLIGASI

15. BONDS PAYABLE

2010 US$'000 Nilai nominal Obligasi Berlian Laju Tanker III Obligasi Berlian Laju Tanker IV Sukuk Ijarah I Sukuk Ijarah II Diskonto yang belum diamortisasi

77.820 37.813 22.234 11.122 (728)

Jumlah Bagian yang jatuh tempo dalam waktu satu tahun

148.261

Hutang obligasi - bersih

148.261

-

2009 US$'000

74.468 42.553 21.277 10.638 (1.039) 147.897 6.322 141.575

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

Jumlah amortisasi diskonto sebesar USD 311 ribu dan USD 297 ribu masing-masing untuk tahun 2010 dan 2009.

Total amortization of discount amounted to USD 311 thousand and USD 297 thousand in 2010 and 2009, respectively.

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. 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. 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 hutang 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 hutang 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.

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Berdasarkan pemeringkatan yang diterbitkan oleh P.T. Pefindo tanggal 2 Juni 2010 peringkat obligasi adalah idA-.

Based on P.T. Pefindo’s rating dated June 2, 2010, the bonds are rated as idA-.

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 hutang 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. Pefindo tanggal 2 Juni 2010 peringkat obligasi adalah idA-.

Based on P.T. Pefindo’s rating dated June 2, 2010, 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 anytime 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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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 hutang 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 hutang 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. Pefindo tanggal 2 Juni 2010 peringkat obligasi adalah idA_.

Based on P.T. Pefindo’s rating dated June 2, 2010, the bonds are rated as 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 hutang 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. Pefindo tanggal 2 Juni 2010 peringkat obligasi adalah idA_.

Based on P.T. Pefindo’s rating dated June 2, 2010, the bonds are rated as idA_.

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16.

WESEL BAYAR


16. 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 anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;

ii.

Pada saat atau setelah tanggal 15 Mei 2012, seluruh atau sebagian 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.

Setiap saat jika terjadi perubahan tertentu yang berkaitan dengan perpajakan di Indonesia dan Belanda, atas seluruh jumlah pokok ditambah jumlah tambahan lainnya yang terhutang dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal penebusan.

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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.





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:

2010 US$'000

17.

2009 US$'000

Saldo awal Perubahan nilai wajar

249.809 62.000

132.000 122.000

Beginning balance Changes in fair value

Saldo akhir Penerbitan (pembelian) kembali

311.809 4.191

254.000 (4.191)

Ending balance Reissue (repurchase) of Notes

Bersih

316.000

249.809

Net

Pada tahun 2009, beberapa anak perusahaan melakukan investasi dalam bentuk wesel bayar melalui manajer investasi.

In 2009, certain subsidiaries of the Company invested in the Notes through an investment manager.

Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd. dan Standard and Poor’s Ratings Service, peringkat wesel bayar pada tahun 2010 adalah CCC.

Based on the rating issued by Fitch Ratings Ltd. and Standard and Poor’s Ratings Service, in 2010 the Notes are rated CCC.

KEWAJIBAN SEWA PEMBIAYAAN

17. OBLIGATIONS UNDER FINANCE LEASE 2010

2009

Pembayaran sewa minimal/ Minimum lease payments US$'000

Nilai kini pembayaran sewa minimal/ Present value of minimum lease payments US$'000

Pembayaran sewa minimal/ Minimum lease payments US$'000

Nilai kini pembayaran sewa minimal/ Present value of minimum lease payments US$'000

Kurang dari 1 tahun 1 - 2 tahun Lebih dari 2 tahun

51.932 220.110 208.155

49.383 204.089 138.680

34.090 193.191 76.457

32.572 167.319 61.606

Less than 1 year 1 - 2 years More than 2 years

Jumlah Dikurangi beban keuangan masa depan

480.197

392.152

303.738

261.497

88.045

-

42.241

-

Total Less future finance charges

392.152

392.152

261.497

261.497

Nilai kini pembayaran sewa minimal

Pada tahun 2010, terdapat penambahan transaksi jual dan sewa balik milik anak perusahaan atas tiga kapal yang diklasifikasikan sebagai sewa pembiayaan (Catatan 8).

- 61 -

Present value of minimum lease payment

In 2010, additional sale and leaseback transactions were carried out by the Company’s subsidiaries for three vessels which were classified as finance lease (Note 8).





Pada tahun 2009, Kewajiban sewa pembiayaan ini terkait dengan penyewaan kapal dengan jangka waktu 3 sampai dengan 6 tahun, dimana anak perusahaan memiliki opsi untuk membeli kapal tersebut dibawah nilai wajar pada akhir masa perjanjian sewa. Kewajiban sewa pembiayaan anak perusahaan ini dijamin dengan kapal milik anak perusahaan tersebut.

In 2009, the finance lease relates to lease of vessels with lease terms of 3 years to 6 years and where the subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels.

Pada tahun 2010 dan 2009, Perusahaan dan anak perusahaan meninjau dan merevisi perkiraan tanggal pelaksanaan opsi beli kapal sewa pembiayaan. Perubahan ini mengakibatkan penurunan atas kewajiban sewa pembiayaan sebesar USD 861 ribu pada tahun 2010 dan USD 2.090 ribu dan penurunan jumlah tercatat dari kapal sewa pembiayaan.

In 2010 and 2009, 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 of USD 861 thousand and USD 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels.

18.

HUTANG LAIN-LAIN NON-LEMBAGA KEUANGAN

18.

2010 US$'000

19.

OTHER LOANS INSTITUTIONS

FROM

NON-FINANCIAL

2009 US$'000

Jangka pendek Teekay BLT Corporation

10.200

-

Short-term Teekay BLT Corporation

Jangka panjang Teekay Corporation PRC Limited

11.227 9.410

12.409 -

Long-term Teekay Corporation PRC Limited

Jumlah Bagian yang jatuh tempo dalam satu tahun

20.637

12.409

Total

(3.003)

(1.181)

Current maturities

Hutang jangka panjang - bersih

17.634

11.228

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 kepada 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. Pinjaman sebesar USD 1.822 ribu jatuh tempo pada 9 Pebruari 2011, USD 3.794 ribu jatuh tempo pada 29 Juni 2014 dan USD 3.794 ribu jatuh tempo pada 22 April 2015.

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. USD 1,822 thousand is repayable on February 9, 2011, USD 3,794 thousand is repayable on June 29, 2014 and USD 3,794 thousand is repayable on April 22, 2015.

KEWAJIBAN IMBALAN PASCA KERJA

19.

Perusahaan dan anak perusahaan membukukan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Jumlah karyawan yang berhak atas imbalan pasca kerja tersebut masing-masing adalah 228 dan 245 karyawan di tahun 2010 dan 2009. - 62 -

POST-EMPLOYMENT BENEFITS OBLIGATION The Company and its subsidiaries provide postemployment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits is 228 in 2010 and 245 in 2009, respectively.





Beban imbalan pasca kerja yang diakui di laporan laba rugi adalah:

Amounts recognized in income in respect of these post-employment benefits are as follows:

2010 US$'000

2009 US$'000

Biaya jasa kini Biaya bunga Kerugian aktuarial bersih

421 455 66

257 331 65

Current service cost Interest costs Net actuarial losses

Jumlah

942

653

Total

Kewajiban imbalan pasca kerja di neraca adalah sebagai berikut: 2010 US$'000

The amounts of post-employment obligation are as follows:

benefits

2009 US$'000

Nilai kini kewajiban yang tidak didanai Kerugian aktuarial yang belum diakui

5.657 (477)

5.326 (1.200)

Kewajiban bersih

5.180

4.126

Mutasi kewajiban bersih di neraca adalah sebagai berikut:

Present value of unfunded obligations Unrecognized actuarial losses Net liability

Movements in the net liability recognized in the balance sheets are as follows:

2010 US$'000

2009 US$'000

Saldo awal Beban tahun berjalan (Catatan 27) Pembayaran tahun berjalan Selisih kurs penjabaran

4.126 942 (83) 195

2.922 653 (40) 591

Beginning of the year Employee benefits cost for the year (Note 27) Benefit payment Translation adjustment

Saldo akhir

5.180

4.126

End of the year

Perhitungan imbalan pasca kerja dihitung oleh aktuaris independen P.T. Padma Radya Aktuaria. Asumsi utama yang digunakan dalam menentukan penilaian aktuarial adalah sebagai berikut:

Tingkat diskonto per tahun Tingkat kenaikan gaji per tahun Tingkat kematian Tingkat pengunduran diri

The cost of providing post-employment benefits is calculated by independent actuary, P.T. Padma Radya Aktuaria. The actuarial valuation was carried out using the following key assumptions:

2010

2009

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

10% 15% 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

- 63 -

Discount rate per annum Salary increment rate per annum Mortality rate Resignation rate




20.

OBLIGASI KONVERSI

20. CONVERTIBLE BONDS

2010 US$'000 Pada nilai wajar melalui laporan laba rugi Obligasi Konversi Tanpa Bunga Dijamin USD 125 juta - jatuh tempo 2012 Pada biaya perolehan diamortisasi: Obligasi Konversi Dijamin USD 125 juta (perubahan pada tahun 2010) Obligasi Konversi Dijamin USD 125 juta dengan bunga kupon 12% - jatuh tempo 2015


2009 US$'000

-

99.560

46.607

-

At fair value through profit or loss USD 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 At amortized costs: USD 125 million Guaranteed Convertible Bonds (Amended in 2010)

118.450

-

USD 125 million 12% Guaranteed Convertible Bonds - due 2015

Jumlah Bagian yang jatuh tempo dalam satu tahun

165.057

99.560

Bagian Jangka Panjang - Bersih

165.057

-

(99.560) -

Saldo nilai wajar awal tahun Perubahan nilai wajar Penerbitan (pembelian) kembali wesel melalui investasi melalui manager investasi Penebusan Dibeli dan diterbitkan kembali melalui BLTF BV Saldo nilai wajar akhir tahun

Current maturities Long-Term Portion - Net

Perubahan nilai tercatat obligasi konversi yang jatuh tempo tahun 2012 pada nilai wajar melalui laporan laba rugi adalah sebagai berikut: 2010 US$'000

Total

The changes in the carrying amount of the Convertible Bonds due 2012 carried at fair value through profit or loss are as follows: 2009 US$'000

99.560 22.393

36.250 74.420

121.953

110.670

13.891 (88.900)

(11.110) -

(46.944) -

Fair value at beginning of the year Changes in fair values

Reissue (repurchase) of notes through an investment manager Redemption

-

Repurchased and reissued by BLTF BV

99.560

Fair value at end of year

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%.

- 64 -





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.

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 ratarata 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.

- 65 -





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.

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 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.

- 66 -




21.


MODAL SAHAM

21.

Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan P.T. Kustodian Sentral Efek Indonesia tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

Nama Pemegang Saham P.T. Tunggaladhi Baskara Tn. Widihardja Tanudjaja Koperasi Karyawan Berlian Siana Anggraeni Surya Masyarakat lainnya (dibawah 5%) Jumlah

Nama Pemegang Saham

CAPITAL STOCK The composition of stockholders based on the Share Registration Bureau (Registrasi Biro Administrasi Efek) and P.T. Kustodian Sentral Efek Indonesia as of December 31, 2010 and 2009 are as follows:

2010 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Modal Disetor/ Total Paid-up 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

Jumlah Saham/ Number of Shares

Jumlah Saham/ Number of Shares

2009 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Modal Disetor/ Total Paid-up Capital US$'000

Name of Stockholders P.T. Tunggaladhi Baskara Mr. Widihardja Tanudjaja Berlian Employees Cooperative Siana Anggraeni Surya Public (below 5 % each) Total

Name of Stockholders

P.T. Tunggaladhi Baskara Tn. Widihardja Tanudjaja Koperasi Karyawan Berlian Siana Anggraeni Surya Masyarakat lainnya (dibawah 5%)

3.263.633.018 2.620.800 2.422.056 62.400 2.712.852.961

54,56 0,04 0,04 0,00 45,36

38.704 31 29 32.172

P.T. Tunggaladhi Baskara Mr. Widihardja Tanudjaja Berlian Employees Cooperative Siana Anggraeni Surya Public (below 5 % each)

Jumlah

5.981.591.235

100,00

70.936

Total

Mutasi modal disetor Perusahaan adalah sebagai berikut:

2010 US$'000 Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham Saldo akhir

2009 US$'000

70.936

62.191

38.639

8.745

109.575

70.936

Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut:

Saldo awal Penerbitan saham baru melalui penawaran saham terbatas kepada para pemegang saham Saldo akhir

Movements in share capital are as follows:

Beginning of the year Issuance of new shares through rights issue End of the year

Details of the Company’s number of shares outstanding are as follows:

2010 Lembar/share

2009 Lembar/share

5.569.240.235

4.176.930.176

Beginning of the year

5.569.240.235

1.392.310.059

Issuance of new shares through rights issue

11.138.480.470

5.569.240.235

End of the year

- 67 -





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.

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.

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 44 tanggal 30 Juni 2009 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 1.392.310.059 lembar saham biasa dengan harga pelaksanaan sebesar Rp 425 per lembar.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No.44 dated June, 30, 2009 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 1,392,310,059 common shares at an exercise price of Rp 425 per share.

22.

AGIO SAHAM

22. ADDITIONAL PAID-IN CAPITAL

US$'000

23.

Saldo per 1 Januari 2009 Penawaran saham terbatas IV sebanyak 1.392.310.059 lembar Jumlah yang dicatat sebagai modal disetor

64.823

Saldo per 31 Desember 2009 Penawaran saham terbatas V sebanyak 5.569.240.235 lembar Jumlah yang dicatat sebagai modal disetor

114.824 132.641 (38.639)

Balance of December 31, 2009 Issuance of 5,569,240,235 shares through right issue V Amount recorded as paid-in capital

Saldo per 31 Desember 2010

208.826

Balance of December 31, 2010

58.746 (8.745)

SAHAM DIPEROLEH KEMBALI

23.

Balance at January 1, 2009 Issuance of 1,392,310,059 shares through right issue IV Amount recorded as paid-in capital

TREASURY STOCKS

Pada Rapat Umum Pemegang Saham Luar Biasa, sebagaimana tercantum dalam akta No. 47 tanggal 31 Mei 2006 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui untuk membeli kembali (buy back) saham Perusahaan yang telah dikeluarkan di bursa sebanyak-banyaknya 10% dari modal ditempatkan dan disetor penuh dengan harga Rp 2.750 per saham sampai dengan 31 Mei 2007.

At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 47 dated May 31, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary in Jakarta, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at purchase price of Rp 2,750 per share until May 31, 2007.

Pada tanggal 31 Desember 2010 dan 2009 jumlah saham diperoleh kembali sebanyak masing-masing 412.351.000 saham atau 3,57% dan 412.351.000 saham atau 6,89% dari saham yang dikeluarkan dengan biaya perolehan sebesar USD 86.628 ribu.

As of December 31, 2010 and 2009, the total number of treasury stocks amounted to 412,351,000 shares or 3.57% and 412,351,000 shares or 6.89%, respectively of its issued and paid-up capital with acquisition cost of USD 86,628 thousand.

- 68 -




24.

SURPLUS REVALUASI


24. 2010 US$'000

2009 US$'000

Saldo awal Pengaruh penerapan model revaluasi pada 1 Januari 2009 Peningkatan bersih Transfer ke saldo laba

237.677

-

87.860 (21.003)

247.253 45.015 (54.591)

Beginning balance Effect of adopting revaluation model on January 1, 2009 Revaluation increase - net Transfer to retained earnings

Saldo akhir tahun

304.534

237.677

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.

25.

PENDAPATAN USAHA

Pendapatan usaha yang berasal dari: Kapal kimia Kapal minyak Kapal gas Kapal FPSO Lainnya Bersih

The revaluation reserves 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.

25. 2010 US$'000

OPERATING REVENUES

2009 US$'000

528.597 65.373 51.253 9.801 1.830

475.987 85.861 44.137 10.367 1.994

656.854

618.346

Tidak terdapat pendapatan yang berasal dari pihak ketiga yang melebihi 10% dari seluruh pendapatan usaha. 26.

REVALUATION RESERVE

BEBAN LANGSUNG

Total

There were no revenues from a third party that exceeds 10% of the total operating revenues.

26.

2010 US$'000

Operating revenues from: Chemical vessels Oil vessels Gas vessels FPSO vessels Others

DIRECT COST

2009 US$'000

Bahan bakar Penyusutan (Catatan 8) Biaya sandar Gaji Sewa Perbaikan dan pemeliharaan Suku cadang Asuransi Pelumas Transportasi Pengurusan dokumen Bahan lain Uang makan karyawan Lain-lain

152.059 145.488 69.142 62.004 55.763 18.529 14.451 10.158 7.416 6.644 4.251 3.253 2.979 10.169

112.640 133.589 63.447 56.140 54.976 13.175 12.765 8.669 7.528 5.897 2.791 3.474 2.816 7.605

Fuel Depreciation (Note 8) Port charges Salaries Rental Repairs and maintenance Spareparts Insurance Lubricant Transportation Processing of documents Supplies Employees' meal allowances Others

Jumlah beban langsung

562.306

485.512

Total direct cost

- 69 -





0,82% dan 0,45% dari jumlah beban langsung masing-masing pada tahun 2010 dan 2009 dilakukan dengan pihak hubungan istimewa (Catatan 33a).

0.82% and 0.45% of the above direct cost in 2010 and 2009, respectively, were from related parties (Note 33a).

Tidak terdapat beban yang berasal dari pihak tertentu yang melebihi 10% dari seluruh beban usaha langsung.

There is no expense from specific party that exceeds 10% of the total direct cost.

27.

BEBAN UMUM DAN ADMINISTRASI

27.

2010 US$'000

28.

2009 US$'000

Gaji Tenaga ahli Beban kantor Perjalanan dinas Penyusutan (Catatan 8) Imbalan pasca kerja (Catatan 19) Telekomunikasi Representasi Pemasaran Beban bank Lain-lain

14.241 6.652 4.087 1.849 997 942 825 784 737 428 1.826

14.616 6.233 3.645 1.998 1.343 653 821 545 403 698 1.972

Salaries Professional fees Office expenses Transportation Depreciation (Note 8) Post-employment benefits (Note 19) Telecommunication Representation Marketing Bank charges Others

Jumlah

33.368

32.927

Total

BEBAN KEUANGAN

28.

2010 US$'000 Beban bunga: Hutang bank dan hutang lain-lain jangka panjang Obligasi

29.

GENERAL AND ADMINISTRATIVE EXPENSE

FINANCE COSTS

2009 US$'000 Interest expenses on:

44.990 61.020

43.608 41.282

Jumlah Bagi hasil pinjaman dan imbalan obligasi Syariah Hutang sewa pembiayaan

106.010

84.890

7.562 24.750

2.973 21.637

Jumlah

138.322

109.500

PENDAPATAN INVESTASI

29.

2010 US$'000

Bank loans and long-terms payable Bonds Total Profit sharing allocation and benefit on Syariah Finance lease obligation Total

INVESTMENT INCOME

2009 US$'000

Jasa giro dan lain-lain Deposito berjangka

1.497 6.356

805 265

Jumlah pendapatan bunga Keuntungan pemilikan efek yang sudah direalisasi

7.853

1.070

450

17.008

Realized gain on securities

Jumlah

8.303

18.078

Total

- 70 -

Current accounts and others Time deposits Total interest income




30.

RUGI PER SAHAM

30.

2010 US$'000 Rugi bersih untuk perhitungan rugi per saham dasar


LOSS PER SHARE

2009 US$'000

(154.401)

(285.876)

Pada tahun 2010 and 2009 pengaruh dari nilai wajar obligasi konversi belum direalisasi, yang ditentukan sebagai FVTPL, pada rugi per saham bersifat anti dilutif sehingga rugi per saham dilutif tidak disajikan.

In 2010 and 2009, the effect of unrealized fair value change on convertible bonds designated as FVTPL on the loss per share is anti-dilutive, accordingly, diluted loss per share was no longer presented.

Jumlah rata-rata tertimbang yang digunakan dalam perhitungan rugi per saham:

Weighted average number of shares which is used for the computation of loss per share:

2010 Lembar/Share Jumlah rata-rata tertimbang saham biasa untuk rugi per saham dasar

8.910.784.376

2009 Lembar/Share

5.109.770.193

Rugi per saham

Rugi per saham (nilai penuh) - Dasar

Weighted average number of shares used for computation basic loss per share Loss per share

2010 US$

2009 US$

(0,0173)

(0,0559)

Pada tahun 2010 dan 2009, 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.

31.

Net loss for the computation of basic loss per share

DIVIDEN DAN CADANGAN UMUM

In 2010 and 2009, 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.

31.

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 11 tanggal 22 April 2009 dari Amrul Partomuan Pohan, S.H., LLM, notaries di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2008 sebesar Rp 5 per saham atau sebesar Rp 20.885 juta (ekuivalen USD 2.082 ribu).

- 71 -

Loss per share (in full amount) - Basic

DIVIDENDS AND APPROPRIATION GENERAL RESERVES

FOR

At the Annual General Meeting of Stockholders, as stated in notarial deed No.11 dated April 22, 2009 of Amrul Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders approved declaration of dividends of Rp 5 per share for 2008 amounting to Rp 20,885 million (equivalent to USD 2,082 thousand).




32.

INSTRUMEN KEUANGAN DERIVATIF

32.

Perusahaan menggunakan kontrak swap mata uang dan suku bunga untuk mengelola risiko dari kemungkinan pergerakan mata uang asing dan suku bunga serta crude oil target redemption swaps untuk mengelola fluktuasi harga minyak. Dengan rincian sebagai berikut: Nilai no ional/ Notional amounts 2010 '000

Cross currency swaps Interest rate swaps Crude oil target redemption swaps Embedded options


2009 '000

DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement and crude oil target redemption swaps to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below:

Nilai wajar per 31 Desember 2010/ Fair values as of December 31, 2010 Kewajiban/ Liability US$'000

USD 102 273 USD 800 000

USD 258.949 USD 500.000

6.688 59.234

USD 173 900

1 813 barrels -

9.853

Nilai wajar per 31 Desember 2009/ Fair values as of December 31, 2009 Aset/ Kewajiban/ Asset Liability US$'000 US$'000 1 597 16 944 662 -

17.407 10.877 -


Jumlah Dikurangi bagian jangka pendek

75.775

19 203

28.284

Total

-

2 259

10.877

Less current por ion

Bagian jangka panjang

75.775

16 944

17.407

Non-current Portion

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 31 Desember 2010 jatuh tempo pada Juli 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 December 31, 2010 mature on July 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.

Crude Oil Target redemption swaps

Crude Oil Target redemption swaps

Target redemption swaps membutuhkan pertukaran pembayaran secara periodik pada kuantitas nosional dari minyak mentah per barel pada setiap tanggal penyelesaian yang sudah jatuh tempo antara Maret 2010 dan Oktober 2010.

The target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and matured between March 2010 and October 2010.

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.

- 72 -





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 instruments.

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:

2010 US$'000

33.

2009 US$'000

Perubahan nilai wajar - bersih Penyelesaian - bersih

(66.694) 19.996

166.902 (18.004)

Net change in fair value Net settlements

Keuntungan (kerugian)

(46.698)

148.898

Net gain (loss)

SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA

33.

NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES

Sifat Hubungan Istimewa

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.

•

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.

- 73 -

is

a

major





Transaksi Hubungan Istimewa

Transactions with Related Parties

Dalam kegiatan usahanya, Perusahaan dan anak perusahaan mengadakan transaksi tertentu dengan pihak-pihak yang mempunyai hubungan istimewa. Manajemen berpendapat bahwa transaksi tersebut dilakukan dengan kondisi dan persyaratan yang sama seperti yang dilakukan dengan pihak-pihak yang tidak mempunyai hubungan istimewa. Transaksi-transaksi tersebut meliputi antara lain:

In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. Management believes that these transactions were made at normal terms and conditions as those conducted with non related parties. These transactions included the following:

a.

0,82% dan 0,45% dari jumlah beban langsung atas kapal yang dimiliki dan disewa pada tahun 2010 dan 2009 merupakan beban yang dibayarkan kepada pihak-pihak yang mempunyai hubungan istimewa.

a. Expenses paid to related parties accounted for 0.82% in 2010 and 0.45% in 2009 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:

2010 US$'000

b.

Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama

3.045 1.170 257 122

1.528 571 63 11


Jumlah

4.594

2.173

Total

Jumlah kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut: 2010 US$'000

34.

2009 US$'000

b. Total compensation of the Company’s key management (commissioners and directors) during the year are as follows: 2009 US$'000

Imbalan jangka pendek Imbalan pasca kerja

1.564 585

1.495 287

Short-term benefits Post-employment benefits

Jumlah

2.149

1.782

Total

INFORMASI SEGMEN USAHA

34. 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.

- 74 -




Kimia/ Chemical US$'000


2010 Minyak/ Oil FPSO US$'000 US$'000

Gas US$'000

Lainnya/ Others *) US$'000

Jumlah/ Total US$'000

PENDAPATAN Pendapatan eksternal

528 597

51.253

65.373

9.801

1.830

656 854

REVENUES External revenues

Jumlah pendapatan segmen

528 597

51.253

65.373

9.801

1.830

656 854

Total segment revenues

Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

62.773 130 853

1.134 1.785

5.219 18.655

16 766

-

69.142 152 059

Segment expenses Voyage Expenses Port Charges Fuel

Jumlah biaya pelayaran

193 626

2.919

23.874

782

-

221 201

Total Voyage Expenses

52 301

-

3.285

177

-

55.763

43.767 15.483 8.754 5 975 4 381 3 675 2 287 2 015 1 579 7.192

8.269 539 2.319 663 1.496 1.146 691 577 473 666

8.723 2.470 2.857 2.717 1.493 1.458 1.114 596 714 2.096

1.245 37 521 803 46 365 159 65 213 215

-

62 004 18 529 14.451 10.158 7.416 6 644 4 251 3 253 2 979 10.169

95.108 94 283

16.839 20.250

24.238 28.522

3.669 2.433

-

139 854 145.488

435 318

40.008

79.919

7.061

-

562 306

93 279

11.245

(14.546)

2.740

1.830

94 548

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Asuransi Biaya pelumas Transportasi Pengurusan dokumen Perlengkapan Uang makan karyawan 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 Spare parts Insurance Lubricants Transportation Processing of documents Supplies Employees' meal allowances 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 Keuntungan (kerugian) lain-lain Rugi sebelum pajak Beban pajak

Unallocated income and expenses Change in fair value of convertible (84 393) bonds and notes payable General and administrative (33 368) expenses (138 322) Finance cost 8 303 Investment income Equity in net income 384 of associates 93.485 Revaluation increase (93 853) **) Other gains and losses (153 216) Loss before tax (1.185) Tax expense

Rugi bersih tahun berjalan

(154.401)

Net loss for the year

333 074 145.488

Other Information Capital additions Depreciation

Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan

145 579 94 283

96.145 20.250

25.696 28.522

65.654 2.433

1 677 252

316.181

285.560

74.232

-

164.885

Jumlah aset konsolidasi Kewajiban Kewajiban segmen

(48.783)

(10.994)

(8.835)

(6.729)

(33.053)

2.518.110 317.401

Assets Segment assets Unallocated

2.835 511

Consolidated total assets

(108 394)

Liabilities Segment liabilities

Tidak dialokasikan

(2.042 946)

Unallocated

Jumlah kewajiban konsolidasi

(2.151 340)

Consolidated total liabilities

*)

Merupakan biaya agen dan pergudangan.

*)

**) Merupakan ”Jumlah keuntungan (kerugian) penjualan aset tetap, klaim asuransi, kerugian kurs mata uang asing – bersih, keuntungan (kerugian) transaksi derivatif – bersih dan lainlain”.

- 75 -

Represents agency and storage 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”.




Kimia/ Chemical US$'000

Gas US$'000


2009 Minyak/ Oil FPSO US$'000 US$'000

Lainnya/ Others *) US$'000

Jumlah/ Total US$ 000

PENDAPATAN Pendapatan eksternal

475.987

44.137

85 861

10 367

1.994

618.346


Jumlah pendapatan segmen

475.987

44.137

85 861

10 367

1.994

618.346


Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

56.800 95.701

1.398 2.389

5 219 14 550

30 -

-

63.447 112.640


Jumlah biaya pelayaran

152.501

3.787

19.769

30

-

176.087


51.691

-

3 285

-

-

54.976

39.266 10.630 8.556 4.590 5.150 3.471 1.747 2.173 1.614 3.672

6.489 292 1.430 881 620 789 365 415 354 1.187

9 090 2 038 2 618 2 034 2.158 1.420 582 850 648 2 533

1.295 215 161 23 741 217 97 36 200 213

-

56.140 13.175 12.765 7.528 8.669 5.897 2.791 3.474 2.816 7.605

80.869 90.794

12.822 11.213

23 971 25.115

3.198 6.467

-

120.860 133.589

Jumlah biaya segmen

375.855

27.822

72.140

9.695

-

485.512

Total segment expenses

Hasil segmen

100.132

16.315

13.721

672

1.994

132.834

Segment result

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan karyawan Lain-lain Jumlah operasi perkapalan Penyusutan kapal

Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar obligasi konversi dari wesel bayar

(196.420)

Beban Umum dan adminitrasi Beban keuangan Pendapatan investasi Bagian laba dari Perusahaan asosiasi Penurunan revaluasi Keuntungan (kerugian) lain-lain

(32.927) (109.500) 18.078 9.621 (227.778) 121.177

Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Employees' meal allowances Others Total Ship Operating Expenses Vessel Depreciation

Unallocated income and expenses Change in fair value of convertible bonds and notes payable General and administrative expenses Finance cost Investment income Equity in net income of associates Revaluation decrease **) Other gains and losses

Rugi sebelum pajak Beban pajak

(284.915) (961)

Loss before tax Tax expense

Rugi bersih tahun berjalan

(285.876)

Net loss for the year Other Information Capital additions Depreciation

Informasi lain-lain Penambahan aset tetap Penyusutan Aset Aset segmen Tidak dialokasikan

141.808 90.794

7.613 11.213

14 048 25.115

6.467

222 -

163.691 133.589

1.578.283

249.911

257 084

47.189

71

2.132.538 365.384

Jumlah aset konsolidasi Kewajiban Kewajiban segmen

2.497.922 54.041

9.193

16.141

1.086

64

80.525

Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities

Tidak dialokasikan

1.799.105

Unallocated

Jumlah kewajiban konsolidasi

1.879.630


*)

Merupakan biaya agen dan pergudangan.

*)

Represents agency and storage services.

**)

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”.

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.

- 76 -





Berikut ini adalah informasi segmen berdasarkan segmen geografis:

Segment information based on geographic segment is presented below:

2010 Malaysia US$'000

Eliminasi/ Eliminated US$'000

Indonesia US$'000

Konsolidasi/ Consolidated US$'000

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

572.894 10.298

83.960 -

(10.298)

656.854 -

REVENUES External revenues Inter-segment revenues

Jumlah pendapatan

583.192

83.960

(10.298)

656.854

Total revenues

2009 Malaysia US$'000

35.

Indonesia US$'000

Eliminasi/ Eliminated US$'000

Konsolidasi/ Consolidated US$'000

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

567.175 11.710

51.171 -

(11.710)

618.346 -

REVENUES External revenues Inter-segment revenues

Jumlah pendapatan

578.885

51.171

(11.710)

618.346

Total revenues

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) DAN PRINSIP STANDAR AKUNTANSI KEUANGAN (PSAK) YANG BERLAKU UMUM DI INDONESIA

35. RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) AND INDONESIAN GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP)

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku di Indonesia (PSAK).

The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (Indonesian GAAP).

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura, Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standard Pelaporan Keuangan Internasional (International Financial Reporting Standard / IFRS).

In connection with the listing of the Company’s shares on the Singapore Exchange Securities Trading Limited, the Company also issued consolidated financial statements prepared under IFRS.

Perbedaan signifikan antara dijelaskan sebagai berikut:

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 neraca, manajemen menilai apakah terdapat indikasi penurunan nilai pada unit penghasil-kas yang mengandung goodwill tersebut.

Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to.

Berdasarkan IFRS, goodwill yang timbul dari akuisisi usaha pada awalnya diakui sebesar biaya perolehan, dan selanjutnya diukur sebesar biaya perolehan dikurangi akumulasi penurunan nilai.

Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses.

- 77 -





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. Amortisasi goodwill untuk tahun-tahun yang berakhir 31 Desember 2003 sampai 2010 termasuk sebesar Rp 2.872 ribu tahun 2010 dan 2009, juga telah dijurnal balik berdasarkan IFRS.

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. Goodwill amortization for the years ended December 2003 to 2010 which includes Rp 2,872 thousand in 2010 and 2009, were also reversed under IFRS.

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 Company and its subsidiaries recognized goodwill impairment amounting to USD 29,136 thousand. Under IFRS, goodwill impairment in 2008 amounted to USD 8,547 thousand.

b.

c.

Aset Tetap

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 konsolidasi 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 hutang. Biaya transaksi atas pinjaman bank diklasifikasikan sebagai biaya tangguhan dan diamortisasi menggunakan metode garis lurus sepanjang periode pinjaman. Untuk hutang obligasi, biaya penerbitan obligasi dikurangkan langsung dari hasil penerbitan obligasi. Selisih antara hasil penerbitan bersih dan nilai nominal obligasi diamortisasi menggunakan metode garis lurus sepanjang periode obligasi. Seluruh hasil yang diterima dari penerbitan obligasi konversi diakui sebagai kewajiban.

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.

Efektif 1 Januari 2010, kewajiban 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.

- 78 -





Berdasarkan IFRS, kewajiban 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.

Perbedaan-perbedaan ini memiliki dampak pada jumlah yang dilaporkan atas laba bersih dan saldo laba sebagai berikut:

The change had an impact on amounts of reported net profits and retained earnings as follows:

2010 US$'000 Laba bersih Saldo laba d.

e.

231 875

Investasi pada Perusahaan Asosiasi

2009 US$'000 304 1.106

Net profits Retained earnings

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 konsolidasi, 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.

- 79 -

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.





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 rugi bersih konsolidasi untuk tahun yang berakhir 31 Desember 2010 dan 2009 serta laporan perubahan ekuitas per 31 Desember 2010 dan 2009 dari PSAK ke IFRS:

A summary of the significant adjustments to consolidated net loss for the years ended December 31, 2010 and 2009 and to consolidated stockholders’ equity as of December 31, 2010 and 2009 from Indonesian GAAP to IFRS are set forth below:

Catatan/ Note

Rugi konsolidasi sesuai dengan standar PSAK Penyesuaian IFRS - kenaikan (penurunan): Amortisasi goodwill Penyusutan kapal dan peralatan yg dinilai kembali Penurunan revaluasi bersih Amortisasi hak atas tanah Amortisasi keuntungan atas transaksi jual dan sewa-balik ditangguhkan Bunga atas uang jaminan Kewajiban keuangan yang disajikan dalam biaya amortisasi Keuntungan yang belum direalisasi atas penjualan perusahaan asosiasi Jumlah penyesuaian Rugi konsolidasi sesuai dengan IFRS

31 Desember/December 31, 2010 2009 US$'000 US$'000

(154.401)

(285.876)

Loss for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill

(a)

2.872

2.872

(b) (b) (b)

(95) 787 (45)

166.587 (34)

(c) (c)

-

(597) 348

Amortization of deferred gain on sales and leaseback transaction Interest on security deposits

(c)

231

(304)

Measurement of financial liabilities at amortized cost

(d)

524

-

4.274

168.872

(150.127)

(117.004)

- 80 -

Depreciation of revalued vessels Net revaluation decrease Amortization of landrights

Unrealized gain on sale of an associate Total adjustments Consolidated loss for the year in accordance with IFRS



CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2010 DAN 2009 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) Catatan/ Note

Ekuitas sesuai dengan Neraca Konsolidasi 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


31 Desember/December 31, 2010 2009 US$'000 US$'000

684.171

618.292

(a) (a) (b)

14.245 20.589 (3.803)

11.373 20.589 (2.006)

(b)

(24.928)

(24.833)

(b)

(57.773)

(57.773)

(b) (b)

95.020 (167)

95.020 (122)

(b) (c)

(9.646) (190)

(10.433) (190)

(c) (c)

(687) 421

(687) 421

(c)

177

177

(c)

(875)

(1.106)

(d)

524

-

(e)

1.131

37

34.038

30.467

718.209

648.759

- 81 -

Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment goodwill Revalua ion 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 Revalua ion decrease of vessels and equipment Foreign exchange loss Amortization of deferred gain on sales and leaseback transaction Interest on security deposits Option premium on convertible bonds Measurement of financial liabilities at amortized cost Unrealized gain on sale of in associate Translation adjustment and effect of remeasurement Total adjustments Equity in accordance with IFRS




36.


REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS)

36.

a. Rekonsiliasi neraca antara IFRS dengan PSAK pada tanggal 31 Desember 2010 dan 2009:

RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS a.

Reconciliation of balance sheet between IFRS and Indonesian GAAP at December 31, 2010 and 2009:

2010

Aset tetap - bersih Uang muka pembelian aset tetap Investasi pada perusahaan asosiasi Aset tidak lancar lainnya Jumlah Aset Tidak Lancar

PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling

GAAP US$'000

Items US$'000

2.327 320

IFRS US$'000

18.919

20 250 7 955 96.722

(20.250) 35.881

2.346 239 7 955 132 603

Property, vessels and equipment - net Advance for purchase of property, vessel and equipment Investments in associates Other non-current assets

2.452 247

34.550

2.486.797

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


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

Total Non-current Assets

Total Assets

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

Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar Hutang bank Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar Jumlah Ekuitas dan Kewajiban

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

14.459 63 943

-

14.459 63 943

230 854 61 996

193 -

231 047 61 996

371 252

193

371.445

2.835 511

35.174

2.870 685

- 82 -

Total Non-current Liabilities Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities Total Current Liabilities Total Equity and Liabilities




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 2009

Aset tetap - bersih Uang muka pembelian aset tetap Investasi pada perusahaan asosiasi Aset tidak lancar lainnya Jumlah Aset Tidak Lancar

PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling

GAAP US$'000

Items US$'000

1.946 389

IFRS US$'000

45.586

46 905 76.125 90 993

(46.905) 24.771

1.991 975 76.125 115.764

Property, vessels and equipment - net Advance for purchase of property, vessel and equipment Investments in associates Other non-current assets

2.160.412

23.452

2.183 864

Piutang usaha Investasi jangka pendek Kas dan setara kas Aset lancar lainnya

129 976 44 898 118.732 43 904

641

129 976 44 898 118.732 44 545

Trade accounts receivable Short-term investments Cash and cash equivalents Other current assets

Jumlah aset Lancar

337 510

641

338.151


2.497 922

24.093

2.522 015

Modal saham Agio saham

70 936 114 824

177

70 936 115 001

Capital stock Additional paid-in capital

Pembelian saham kembali

(86 628)

-

(86 628)

Treasury stocks

Jumlah Aset

Total Non-current Assets

Total Assets

Selisih kurs karena penjabaran laporan keuangan Keuntungan yang belum direalisasi dari pemilikan efek Surplus revaluasi Saldo laba

(16 828)

17.242

757 237 677 297 554

(2.006) 15.054

757 235 671 312 608

Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings

Jumlah Ekuitas

618 292

30.467

648.759

Total Equity

Long-term liabilities - net of current maturities Financial institution Bonds payable Notes payable Obligations under finance lease Other non-current liabilities

Kewajiban jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Lembaga keuangan Obligasi Wesel bayar Kewajiban sewa pembiayaan Kewajiban tidak lancar lainnya Jumlah Kewajiban Tidak Lancar Hutang bank Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya Jumlah Kewajiban Lancar Jumlah Ekuitas dan Kewajiban

414

779 538 141 575 249 809 228 925 34 819

(8.084) (63) -

771.454 141 512 249 809 228 925 34 819

1.434 666

(8.147)

1.426 519

65 225 35.179

-

65 225 35.179

278 309 66 251

1.773 -

280 082 66 251

444 964

1.773

446.737

2.497 922

24.093

2.522 015

- 83 -

Total Non-current Liabilities Bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities Total Current Liabilities Total Equity and Liabilities




b.


Rekonsiliasi laporan laba rugi konsolidasi antara IFRS dan PSAK untuk tahun yang berakhir 31 Desember 2010 dan 2009:

PSAK/ INDONESIAN GAAP US$'000

b.

Reconciliation of consolidated statements of income between IFRS and Indonesian GAAP for the years ended December 31, 2010 and 2009:

2010 Rekonsiliasi/ Reconciling Items US$'000

IFRS US$'000

Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran

656.854 (221.201) *

-

656.854 (221.201)

435.653

-

435.653

Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

(55.763) *

(55.763)

(139.854) * (145.488) *

(95)

(139.854) (145.583)

(285.342)

(95)

(285.437)

Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

Laba kotor Beban umum dan administrasi

94.548

(95)

94.453

Gross profit

(33.368)

192

(33.176)

General and administrative

Laba sebelum biaya keuangan dan lain-lain

61.180

97

61.277

Income before financial and other items

(138.322) 8.303

723 -

(137.599) 8.303

-

384

(84.761)

3.454

(81.307)

(214.396)

4.177

(210.219)

(153.216)

4.274

(148.942)

(1.185)

-

(1.185)

(154.401)

4.274

(150.127)

Keuangan dan lain-lain - bersih Beban keuangan Pendapatan investasi Bagian laba bersih perusahaan asosiasi Keuntungan dan kerugian lain-lain

Rugi sebelum pajak Beban pajak Rugi tahun berjalan

384

* Merupakan "Jumlah beban langsung" menurut PSAK

Net financial and other items Finance cost Investment income Equity in net income of associates Other gains and losses

Loss before tax Tax expense Loss for the year

* Presented as "Total direct costs" in Indonesian GAAP

- 84 -




2009 Rekonsiliasi/ Reconciling Items US$'000

PSAK/ INDONESIAN GAAP US$'000 Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran

618.346 (176.087) *

Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

(54.976) *

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 dan kerugian lain-lain

Rugi sebelum pajak Beban pajak Rugi tahun berjalan


442.259

IFRS US$'000

-

618.346 (176.087)

-

442.259

(597)

(55.573)

(120.860) * (133.589) *

-

(120.860) (133.589)

(254.449)

-

(254.449)

132.834

(597)


99.907

1.177

101.084


(109.500) 18.078

(2.014) 348

(111.514) 18.426

9.621

-

9.621

(303.021)

169.361

(133.660)

(384.822)

167.695

(217.127)

(284.915)

168.872

(116.043)

(961)

-

(961)

(285.876)

168.872

(117.004)

Net financial and other items Finance cost Investment income Equity in net income of associates Other gains and losses


* Presented as "Total direct costs" in Indonesian GAAP

37.

Pada tanggal neraca Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan sebagai berikut:

2010 US$'000

Jumlah

Gross profit

(31.153)

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.

Dalam satu tahun Tahun kedua sampai kelima

132.237

1.774

IKATAN a.

Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(32.927)

* Merupakan "Jumlah beban langsung" menurut PSAK

37.

Operating revenues Voyage expenses Operating revenues after voyage expenses

COMMITMENTS a.

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 between 2011 – 2016.

At balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:

2009 US$'000

21.174 80.914

21.057 80.914

102.088

101.971

- 85 -

Within one year In the second to fifth years inclusive Total





Perusahaan mencatat pendapatan dari kontrakkontrak tersebut sebesar USD 38.062 ribu dan USD 49.684 ribu masing-masing untuk tahun 2010 dan 2009.

Revenues earned by the Company on these contracts amounted to USD 38,062 thousand and USD 49,684 thousand in 2010 and 2009, respectively.

b.

Perusahaan dan anak perusahaan memiliki beberapa kontrak sewa operasi bareboat charter dengan pihak ketiga senilai USD 1 juta – USD 55 juta per tahun, dimana kontrak akan berakhir antara tahun 2011 - 2021.

b.

Pada tanggal neraca, Perusahaan dan anak perusahaan memiliki perjanjian yang tidak dapat dibatalkan dengan perincian jatuh tempo sebagai berikut:

2010 US$'000

The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to USD 1 million – USD 55 million per year, which will end between 2011 - 2021. At balance sheet date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2009 US$'000

Dalam satu tahun Dari tahun kedua sampai kelima Setelah lima tahun

53.882 143.144 129.471

56.754 197.027 129.471

Within one year In the second to fifth years inclusive After five years

Jumlah

326.497

383.252

Total

Pembayaran sewa minimum berdasarkan perjanjian dicatat sebagai beban sebesar USD 55.763 ribu tahun 2010 dan USD 54.976 ribu tahun 2009.

The minimum lease payments under charter contracts recognized as an expense amounted to USD 55,763 thousand and USD 54,976 thousand in 2010 and 2009, respectively.

c.

Anak perusahaan memiliki pembangunan kapal baru kapal di Jepang dengan sekitar JPY 33.638 juta JPY 46.387 juta tahun 2009.

beberapa kontrak dengan galangan total nilai kontrak tahun 2010 dan

c.

The subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 33,638 million in 2010 and JPY 46,387 million in 2009.

d.

Pada tahun 2010, anak perusahaan memiliki kontrak pembelian tiga kapal bekas sebesar USD 20.250 ribu.

d.

In 2010, the subsidiary entered into purchases of three second-handed vessels agreement amounting to USD 20,250 thousand.

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 (M.T. Barunawati) 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 M.T. Barunawati 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 2 2 360 juta m . Total seluas 83 juta m merupakan kontribusi modal dari Fangcheng Port Group 2 Co. 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. Sampai dengan 31 Desember 2010, Richesse Logistics (Fangcheng Port) Co. Ltd. belum memperoleh izin penggunaan aset tersebut.

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. As of December 31, 2010, Richesse Logistics (Fangcheng Port) Co. Ltd. has not yet obtained the license to use the property.

Sampai dengan Desember 2010, Richesse Logistics (Fangcheng Port) Co. Ltd. telah membayar USD 20,9 juta yang dicatat dalam akun aset dalam penyelesaian. - 86 -

As of December 31, 2010, Richesse Logistics (Fangcheng Port) Co. Ltd, has paid USD 20.9 million, which is included under the construction in progress account.




38.

ASET DAN KEWAJIBAN MATA UANG ASING

MONETER


DALAM

38. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2010 dan 2009, Perusahaan dan anak perusahaan mempunyai aset dan kewajiban moneter dalam mata uang asing sebagai berikut:

At December 31, 2010 and 2009, the Company and its subsidiaries had monetary assets and liabilities in foreign currencies as follows:

2010

2009

Mata Uang Asing/ Foreign Currencies Aset Kas dan setara kas

IDR RMB EURO SGD JPY Lainnya/ Others

Investasi jangka pendek

IDR

Piutang usaha

Piutang lain-lain

Ekuivalen USD'000/ Equivalent to USD' 000

220.158.007.854 6.886.713 327.291 521.366 10.464.049

24.486 1.040 435 405 128

Hutang usaha

Kewajiban lancar lainnya

Hutang lembaga keuangan jangka panjang Hutang obligasi jangka panjang Hutang lain-lain non lembaga keuangan jangka panjang

Ekuivalen USD'000/ Equivalent to USD' 000

195.369.239.681 215.424 2.858.627 176.869.390

313

20.784 310 2.037 1.914

483

226.156.353.852

24.059

IDR EUR Lainnya/ Others

32.220.301.066 2.437.240

3.585 3.241

18.001.797.351 1.837.799

1.915 2.641

SGD IDR HKD RMB Lainnya/ Others

1.403.254 8.427.895.103 4.757.943 1.580.355

1.242 618 926 610 240

5.483.344 2.633.217

1.493 29

Trade accounts receivable

Other accounts receivable

60 55.481

Total assets Liabilities Bank loans

130.000.000.000

14.459

280.000.000.000

29.787

SGD JPY IDR Lainnya/ Others

13.961.228 215.037.327 11.265.244.703

10.605 2.600 1.253

2.891.220 9.340.375 5.989.095.981

2.060 101 637

RMB SGD IDR Lainnya/ Others

5.536.814 923.545 -

1.321 858 722 -

1.153.999 6.926.599.286

6

822 737

1.618.969.049.633 2.372.909.800

180.066 29.175

1.110.416.666.667 -

118.129 -

IDR

1.333.011.554.500

148.261

1.330.799.416.306

141.575

RMB

62.000.000

9.410

-

-

398.736

294.342

Jumlah Kewajiban Bersih

(360.924)

(238.861)

2010 USD 0,000111 0,78 1,33 0,01 0,13 0,150996 - 87 -

Other current liabili ies

9

IDR JPY

Pada tanggal 31 Desember 2010 dan 2009, kurs konversi yang digunakan sebagai berikut:

Trade accounts payable

485

Jumlah kewajiban

Mata Uang 1 Rupiah Indonesia 1 Dollar Singapura 1 EURO 1 Yen Jepang 1 Hongkong Dollar 1 Renminbi

Short-term investments

258

37.812 IDR

Assets Cash and cash equivalents

41

4.341.312.500

Jumlah aset Kewajiban Hutang bank

Mata Uang Asing/ Foreign Currencies

Long-term loans from financial institu ion Long-term bonds payable Other long-term loans from non financial institution Total liabilities Net Liability

The conversion rates used by the Company and its subsidiaries on December 31, 2010 and 2009 were as follows:

2009 USD 0,000106 0,71 1,43 0,01 0,27 -

Foreign Currency RP 1 SGD 1 EUR 1 JPY 1 HKD 1 RMB 1




39.


INSTRUMEN KEUANGAN, MANAJEMEN RISIKO KEUANGAN DAN RISIKO MODAL a.

39. FINANCIAL INSTRUMENTS, FINANCIAL RISK AND CAPITAL RISK MANAGEMENT

Manajemen Risiko Modal

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 hutang 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 hutang, dimana didalamnya termasuk pinjaman yang dijelaskan pada Catatan 10, 14, 15, 16, 17, 18 dan 20, kas, investasi tersedia untuk dijual dan ekuitas yang dapat diatribusikan kepada pemegang saham Perusahaan yang terdiri dari modal disetor, cadangan dan saldo laba yang dijelaskan pada Catatan 3, 4, 21, 22, 23 dan 24.

The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 10, 14, 15, 16, 17, 18 and 20, cash, available-for-sale investments, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 3, 4, 21, 22, 23 and 24.

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.

Rasio hutang bersih terhadap ekuitas pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

The gearing ratio as of December 31, 2010 and 2009 are as follows:

Indonesia GAAP

IFRS

2010 US$'000

2009 US$'000

2010 US$'000

2009 US$'000

1.952.794

1.754.609

1.953.932

1.748.235

untuk dijual

164.248

163.630

164.248

163.630

Hutang - bersih Ekuitas

1.788.546 684.171

1.590.979 618.292

1.789.684 718.209

1.584.605 648.759

Hutang Kas dan investasi tersedia

Rasio hutang bersih terhadap ekuitas

261%

257%

- 88 -

249%

244%

Debt Cash and available-for-sale investments Net debt Equity

Net debt to equity ratio




b.


Kategori Instrumen Keuangan

b.

Aset Keuangan

Categories of Financial Instruments Financial Assets

31 Desember/December 31, 2010 Aset Investasi Investasi keuangan tersedia Pinjaman dimiliki hingga pada FVTPL/ untuk dijual/ yang diberikan jatuh tempo/ Financial Availabledan piutang/ Held-toassets at for-sale Loans and maturity investments receivables investments FVTPL USD'000 USD'000 USD'000 USD'000 Uang jaminan Piutang usaha Piutang lain-lain Investasi jangka pendek Kas dan setara kas

483 -

79.481 -

16.161 160.166 11.790 84.284

-

483

79.481

272.401

-

Kewajiban Keuangan

Security deposits Trade accounts receivable Other accounts receivable Short-term investments Cash and cash equivalents

Financial Liabilities

31 Desember/December 31, 2010 Kewajiban Kewajiban keuangan keuangan pada FVTPL/ lainnya/ Financial Other liabilities at financial FVTPL liabilities USD'000 USD'000 Hutang jangka panjang dari lembaga keuangan Hutang obligasi Wesel bayar Hutang lain-lain non-lembaga keuangan Obligasi konversi Kewajiban sewa pembiayaan Instrumen keuangan derivatif Hutang bank Hutang usaha Kewajiban lancar lainnya dan biaya masih harus dibayar

316.000

886.030 148.261 -

75.775 -

30.837 165.057 392.152 14.459 63.943

-

49.094

391.775

1.749.833

- 89 -

Long-term loans from financial institutions Bonds payable Notes payable Other loans from non-financial institutions Convertible bonds Obligations under finance lease Derivative financial instruments Bank loans Trade accounts payable Other current liabilities and accrued expense





Obligasi konversi dengan nilai nominal USD 125 juta dan wesel bayar dengan nilai nominal USD 400 juta ditetapkan sebagai FVTPL pada pengakuan awal di tahun 2007. Pada bulan Desember 2010, terdapat modifikasi yang substansial pada persyaratan obligasi konversi yang mengarah pada penghapusan obligasi konversi yang lama dan pengakuan obligasi konversi baru. Obligasi konversi baru ini diakui dan dipertimbangkan sebagai instrumen yang digabungkan yang terdiri dari debt host contract dan derivatif melekat. Kewajiban derivatif melekat diukur pada nilai wajar, dimana perubahan pada nilai wajarnya diakui dalam laporan laba rugi dan pengakuan awal debt host contract diakui sebesar nilai wajarnya dan setelahnya diukur pada biaya perolehan yang diamortisasi (Catatan 20). Nilai wajar dan perubahan nilai wajar yang diatribusikan perubahan risiko kredit pada tahun 2010 adalah sebagai berikut:

The convertible bonds with a nominal value of USD 125 million and notes payable with a nominal value of USD 400 million were designated at fair value through profit or loss (FVTPL) upon initial recognition in 2007. In December 2010, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the old convertible bonds and recognition new convertible bonds. The new convertible bonds were recognized and considered as hybrid instrument containing a debt host contract and embedded derivatives. The embedded derivative liability is 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 (Note 20). The fair value and the change in that fair value attributable to changes in credit risk in 2010 are presented as follows:

Wesel bayar/ Notes payable USD'000 Jumlah kontraktual yang dibayar pada saat jatuh tempo

Contractual amount to be paid at maturity

400.000

Nilai wajar Perubahan nilai wajar yang diatribusikan pada perubahan risiko kredit Perbedaan antara nilai tercatat dan jumlah kontraktual yang dibutuhkan untuk dibayar pada saat jatuh tempo

316.000

Fair values Changes in fair value attributable to changes in credit risk Difference between carrying amount and amount contractually required to be paid at maturity

(130.973)

(84.000)

Perubahan nilai wajar yang diatribusikan pada perubahan risiko kredit dihitung sebagai selisih antara perubahan nilai wajar yang dapat diatribusikan pada perubahan risiko pasar dengan jumlah perubahan nilai wajar kewajiban keuangan. Perubahan nilai wajar yang dapat diatribusikan pada perubahan risiko pasar dihitung menggunakan patokan suku bunga pada akhir periode operasi. Perubahan nilai wajar disebabkan oleh penurunan peringkat kredit wesel bayar dan obligasi konversi. c.

Tujuan Manajemen Risiko Keuangan

The change in fair value attributable to change in credit risk is determined as the residual of the change in fair value attributable to the change in market risk from the total change in fair value of the financial liabilities. The change in fair value attributable to its change in market risk was computed using the benchmark interest rates as at the end of operating period. The change in fair value was impacted by the downgrade of the notes payable’s and convertible bonds’ credit rating. c.

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.

- 90 -

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.





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.

Eksposur risiko mata uang asing diukur menggunakan analisa sensitivitas seperti di bawah ini.

Foreign exchange risk exposures are measured using a sensitivity analysis as shown below.

Nilai tercatat aset dan kewajiban moneter Perusahaan dan anak perusahaan yang didenominasi dalam mata uang yang berbeda dengan mata uang fungsionalnya pada tanggal neraca adalah sebagai berikut:

The carrying amounts of the Company and its subsidiaries monetary assets and monetary liabilities denominated in currencies other than their respective functional currency at the reporting dates are as follows:

2010 Aset/ Assets USD'000 Rupiah Yen Jepang Pound Sterling Inggris Euro Renminbi China Dollar Hong Kong Dollar Singapura Lainnya

Kewajiban/ Liabilities USD'000

29.480 289 3 3.692 1.280 1.619 1.112 337

344.038 31.779 41 564 10.301 290 11.327 396

37.812

398.736

Tabel berikut memperlihatkan sensitivitas perubahan dalam Dollar Amerika Serikat terhadap mata uang di atas. Tingkat sensitivitas di bawah ini digunakan ketika melaporkan risiko mata uang asing kepada anggota manajemen kunci secara internal dan mewakili penilaian manajemen terhadap kemungkinan perubahan nilai pertukaran mata uang asing. Analisa sensitivitas hanya dilakukan pada pos moneter yang didenominasi dalam mata uang asing dan menyesuaikan translasinya pada akhir periode atas perubahan nilai pertukaran mata uang asing. Angka positif di bawah ini mengindikasikan peningkatan dalam laba dan ekuitas dimana mata uang asing di atas menguat pada persentase tertentu terhadap Dollar Amerika Serikat. Untuk persentase yang sama atas melemahnya mata uang asing di atas terhadap Dollar Amerika Serikat, akan berdampak yang setara dan berlawanan terhadap laba dan ekuitas. - 91 -

Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar Others

The following table details the Company and its subsidiaries’ sensitivity to changes in U.S. Dollar against the above currencies. The sensitivity rate below are used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at period end for the change in foreign currency exchange rates. A positive number below indicates an increase in profit and equity where the above currencies strengthen at certain percentage against the U.S. Dollar. For the same percentage of weakening of the above currencies against the U.S. Dollar, there would be an equal and opposite impact on profit and equity.





2010 Pengaruh pada laba rugi dan ekuitas/ Effect on profit or loss and equity US$'000

Tingkat sensitivitas/ Sensitivity rate Rupiah Yen Jepang Pound Sterling Inggris Euro Renminbi China Dollar Hong Kong Dollar Singapura

7% 10% 14% 9% 6% 1% 5%

22.019 3.149 5 282 541 13 511

Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

Menurut pendapat manajemen, analisa sensitivitas tidak dapat mencerminkan risiko nilai yang melekat pada risiko nilai tukar karena eksposur pada akhir tahun tidak mencerminkan eksposur yang terjadi selama tahun berjalan.

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year-end exposure does not reflect the exposure during the year.

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.

Tabel berikut merupakan rincian kontrak cross currency, interest rate swap, dan kontrak derivatif pada tanggal pelaporan:

The following table details the cross currency, interest rate swap and derivative contracts outstanding as at reporting date:

2010 Nilai Nasional/ Notional Amounts US$'000 < 1 tahun 1 - 2 tahun 2 - 5 tahun > 5 tahun

Fair value Liability US$'000

102.273 800.000 -

(6.688) (59.234) -

902.273

(65.922)

Less than 1 year 1 to 2 years 2 to 5 years More than 5 years

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).

- 92 -





Eksposur Perusahaan dan anak perusahaan terhadap tingkat suku bunga pada asset keuangan dan kewajiban keuangan dirinci pada bagian manajemen risiko likuiditas pada catatan ini.

The Company and its subsidiaries exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note.

Analisis sensitivitas dibawah ini ditentukan berdasarkan eksposur tingkat bunga untuk instrumen derivatif dan non derivatif pada tanggal neraca. Untuk tingkat bunga mengambang, analisis ini disusun dengan asumsi jumlah kewajiban terhutang pada tanggal neraca adalah sama sepanjang tahun. 150 basis poin (2009: 150 basis poin) meningkat atau menurun digunakan ketika melaporkan risiko tingkat suku bunga secara internal kepada anggota manajemen kunci dan mewakili penilaian manajemen terhadap kemungkinan perubahan tingkat suku bunga yang mungkin terjadi.

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 150 basis points (2009:150 basis points) increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

Jika basis poin bunga lebih tinggi atau lebih rendah dari 150 basis poin (2009: 150 basis poin) dan semua variabel lainnya tetap konstan, rugi Perusahaan dan anak perusahaan untuk tahun yang berakhir 31 Desember 2010 dan 2009 akan menurun/ meningkat masing-masing sebesar USD 10.390 ribu dan USD 12.788 ribu. Perubahan ini terutama disebabkan ekposur Perusahaan dan anak perusahaan terhadap variabel suku bunga pinjaman.

If interest rates had been 150 basis points (2009: 150 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries’ loss for the year ended December 31, 2010 and December 31, 2009 would decrease/increase by US$ 10,390 thousand and US$ 12,788 thousand, respectively. This is mainly attributable to the exposure to interest rates on its variable rate borrowings.

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 5% 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 5% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina.

Nilai tercatat aset keuangan pada laporan keuangan konsolidasi (Catatan 39b) mencerminkan maksimum eksposur Perusahaan dan anak perusahaan terhadap risiko kredit tanpa mempertimbangkan nilai jaminan yang diperoleh.

The carrying amount of financial assets recorded in the consolidated financial statements (Note 39b) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.

- 93 -





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.

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 kewajiban 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 kewajiban keuangan non derivatif Perusahaan dan anak perusahaan. Tabel dibuat berdasarkan arus kas aset keuangan yang tidak di diskontokan berdasarkan kontrak dan kewajiban dari rekanan dan kewajiban 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.

- 94 -





Kewajiban Keuangan

Financial Liabilities 2010

Tingkat suku bunga efektif rata-rata tertimbang/ Weighted average effective interest rate

Tanpa dikenakan bunga Instrumen tingkat suku bunga mengambang Instrumen tingkat suku bunga tetap

< 1 bulan/ Less than 1 month

US$'000

1 - 3 bulan/ 1 - 3 months

3 bulan 1 tahun/ 3 months to 1 year

1 - 5 tahun/ 1- 5 years

> 5 tahun/ After 5 years

Jumlah/ Total

US$'000

US$'000

US$'000

US$'000

US$'000

22.660

55.843

41.417

-

-

119.920

2,85%

9.754

22.442

110.514

432.054

183.968

758.732

8,07%

13.518

31.130

260.267

1.354.752

9.944

1.669.611

45 932

109.415

412.198

1.786.806

193.912

2.548.263

Non interest bearing Floating interest rate instruments Fixed interest rate instruments

Tabel berikut memperlihatkan perkiraan jatuh tempo aset keuangan non derivatif Perusahaan dan anak perusahaan. Tabel berikut dibuat berdasarkan jatuh tempo aset keuangan secara kontraktual yang tidak di diskontokan termasuk bunga yang diperoleh dari aset tersebut kecuali apabila Perusahaan dan anak perusahaan mengantisipasi kemungkinan arus kas akan terjadi pada periode yang berbeda.

The following table details the Company and its subsidiaries’ expected maturity for its nonderivative financial assets. The tables below have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Company and its subsidiaries anticipates that the cash flow will occur in a different period.

Aset Keuangan

Financial Assets

Tanpa bunga

2010 3 bulan 1 tahun/ 3 months to 1 - 5 tahun/ 1 year 1- 5 years US$'000 US$'000

< 1 bulan/ Less han 1 month US$'000

1 - 3 bulan/ 1 - 3 months US$'000

31 011

68.877

152.032

-

16.161

268 081

31 011

68.877

152.032

-

16.161

268 081

> 5 tahun/ After 5 years US$'000

Jumlah/ Total US$'000 Non interest bearing

Perusahaan dan anak perusahaan merencanakan untuk dapat memenuhi kewajibannya 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.

Risiko Harga L ainnya

Other Price Risks

Selain risiko harga pasar pada investasi jangka pendek, pada tahun 2010, Perusahaan juga terekspos risiko harga pasar pada wesel bayar yang diklasifikasikan sebagai FVTPL (Catatan 16 dan 20). 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 2010 which were classified as financial liability at fair value through profit or loss (see Notes 16 and 20). To manage its price risk, the Company’s management supervises and monitors the Company and its subsidiaries’ performance.

- 95 -





Pada tanggal 31 Desember 2010, jika harga pasar kewajiban keuangan meningkat/ menurun akibat tingkat sensitifitas berikut dengan variabel lain konstan, kerugian pada tahun berjalan meningkat atau menurun sebagai berikut, terutama disebabkan perubahan nilai wajar obligasi konversi dan wesel bayar yang diakui dalam laporan laba rugi.

As of December 31, 2010, if the market price of the financial liabilities had increased/ decreased by the following sensitivity rates with all other variables held constant, loss for the year would have been lower/higher as follows, mainly as a result of the change in the fair value of the convertible bonds and notes payable recognized in profit or loss.

2010 Tingkat Sensitifitas/ Sensitivity Rate Wesel bayar

Effect on profit or loss and equity US$'000

5%

15.800

Jika harga investasi jangka pendek meningkat atau menurun sebesar 1% dengan variabel lain konstan, dampak meningkat/menurun sebesar USD 799. d.

Notes payable

If prices for short-term investments increase or decrease by 1% with all other variables being constant, the effect is increase/decrease amounting to USD 799. d.

Nilai Wajar Instrumen Keuangan

Fair Value of Financial Instruments Except as detailed in the following table, management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements approximate their fair values either because of their shortterm maturities or they carry market rates of interest:

Kecuali disebutkan pada tabel berikut ini, manajemen berpendapat bahwa nilai tercatat aset dan kewajiban keuangan yang dicatat sebesar biaya perolehan diamortisasi dalam laporan keuangan konsolidasi mendekati nilai wajarnya karena akan jatuh tempo dalam jangka pendek atau memiliki tingkat suku bunga pasar:

2010 Carrying amount US$'000 Pinjaman: Obligasi konversi Hutang obligasi Hutang lain-lain non-lembaga keuangan

Fair value US$'000

165.057 148.261

176.724 148.444

11.227

13.167

Borrowings: Convertible bonds Bonds payable Other long-term loans from non-financial institutions

Nilai wajar aset keuangan dan kewajiban keuangan, ditentukan sebagai berikut :

The fair values of financial assets and financial liabilities are determined as follows:

•

Nilai wajar aset keuangan dan kewajiban 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 kewajiban 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;

- 96 -




•


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.

•

Pengukuran nilai wajar yang diakui pada laporan neraca

Fair value measurements recognized in the balance sheet

Tabel berikut menyediakan analisa untuk instrumen keuangan yang diukur setelah pengakuan awal pada nilai wajar, yang dikelompokkan menjadi Tingkat 1 sampai 3 berdasarkan tingkatan nilai wajar yang paling dapat diobservasi.

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.

•

Tingkat pertama pengukuran nilai wajar berasal dari kuotasi harga (tidak disesuaikan) dalam pasar aktif untuk aset dan kewajiban yang identik.

•

Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities.

•

Tingkat kedua pengukuran nilai wajar berasal dari masukan lain selain dari kuotasi harga pasar yang sudah termasuk dalam tingkat pertama yang dapat diamati untuk aset maupun kewajiban, baik secara langsung (contohnya harga) atau tidak langsung (contohnya yang berasal dari harga).

•

Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).

•

Tingkat ketiga pengukuran nilai wajar yang berasal dari teknik penilaian yang meliputi input untuk aset atau kewajiban jika tidak berdasarkan data pasar yang dapat diamati (masukan yang tidak dapat diamati).

•

Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

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.

2010 Tingkat pertama/ Level 1 USD'000 Aset keuangan pada AFS dengan FVTPL Investasi jangka pendek

Tingkat kedua/ Level 2 USD'000

Tingkat ketiga/ Level 3 USD'000

Jumlah/ Total USD'000 Financial assets at AFS and FVTPL Short-term investments

79.964

-

-

79.964

Kewajiban keuangan pada FVTPL Kewajiban keuangan derivatif Wesel bayar

(316.000)

(75.775) -

-

(75.775) (316.000)

Jumlah

(316.000)

(75.775)

-

(391.775) Total

- 97 -

Financial liabillities at FVTPL Derivative financial liabllities Notes payable




40.

PERISTIWA NERACA

PENTING

SETELAH

TANGGAL

a. Pada bulan Pebruari 2011, anak perusahaan memperoleh pinjaman dari DnB NOR Bank ASA (sebagai penanggung jawab Utama), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Pic, dan Standard Chartered Bank melalui fasilitas Senior Secured Credit maksimum sebesar USD 685 juta yang terdiri dari :


40. SUBSEQUENT EVENTS a.

In February 2011, a subsidiary obtained loan from DnB NOR Bank ASA (as lead manager), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Pic, and Standard Chartered Bank through Senior Secured Credit facility with maximum credit of USD 685 million, which consist of the following credit facilities:

•

Fasilitas A sebesar USD 615 juta digunakan untuk melunasi pinjaman Perusahaan dan anak perusahaan dari Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V. dan DnB NOR Bank ASA (Catatan 14). 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 Pebruari 2016. Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan.

•

Facility A amounting to USD 615 million to settle the Company and its subsidiaries loan from Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., DnB NOR Bank ASA (Note 14). This loan is payable in 18 quarterly installment of USD 15,400 thousand and a final installment payment of USD 337,800 thousand upon maturity on February 2016. Such facility is secured by a registered mortgage on a subsidiaries' vessels.

•

Fasilitas B sebesar USD 70 juta digunakan untuk pembiayaan pembuatan kapal baru. Jangka waktu dari masing-masing pinjaman pada fasilitas B adalah kurang dari 5 tahun.

•

Facility B amounting to USD 70 million to finance the construction of new vessels. The loan has a term of less than 5 years.

Tingkat bunga sebesar persentase tertentu di atas LIBOR.

Interest rate percentage.

is

at

LIBOR

plus

certain

b. Pada bulan Maret 2011, anak perusahaan melakukan transaksi jual dan sewa-balik 4 (empat) kapal minyak dengan Standard Chartered Bank. Sebagian dari penerimaan transaksi ini digunakan untuk melunasi pinjaman dari DVB Group Merchant Bank (Asia) Ltd. dan Nordea Bank Finland Plc, Singapura (Catatan 14b) serta DnB NOR Bank ASA, Singapura dan NIBC Bank Ltd. (Catatan 14q).

b.

In March 2011, the subsidiaries entered into sale and leaseback agreements for 4 chemical tankers with Standard Chartered Bank. Part of the proceeds were used to settle the loans with DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore (Note 14b) and DnB NOR Bank ASA, Singapore and NIBC Bank Ltd. (Note 14q).

c. Pada tanggal 10 Mei 2011, PT Buana Listya Tama, anak perusahaan memperoleh Surat Pemberitahuan Efektif No. S-5214/BL/2011 dari Ketua Badan Pengawas Pasar Modal (BapepamLK) untuk Penawaran Umum Saham Perdana kepada para pemegang saham sejumlah 6.650.000.000 saham dengan nilai nominal Rp 100 setiap saham dan penerbitan 3.325.000.000 Waran Seri I dengan total penerimaan sekitar USD 114 juta. Persentase kepemilikan Perusahaan pada anak perusahaan tersebut berubah dari 100% sebelum penawaran umum menjadi 62,3% setelah penawaran umum saham perdana. Bagian Perusahaan dalam nilai aset bersih anak perusahaan tersebut pada tanggal 31 Desember 2010 sebelum penawaran umum saham perdana sebesar USD 176 juta dan proforma setelah penawaran umum saham perdana USD 181 juta. Saham PT Buana Listya Tama tersebut telah tercatat pada Bursa Efek Indonesia pada tanggal 23 Mei 2011.

c.

On May 10, 2011, PT Buana Listya Tama, a subsidiary, obtained the notice of effectivity from the chairman of Bapepam-LK in his letter No. S-5214/BL/2011 for its Initial Public Offering to the stockholders of 6,650,000,000 shares with Rp 100 par value per share and issuance of 3,325,000,000 series I Warrants with total proceeds of about USD 114 million. The Company’s percentage of ownership before the Initial Public Offering (IPO) was 100% and became 62.3% after the IPO. The Company’s share in the net assets of the subsidiary as of December 31, 2010, prior to the IPO amounted to USD 176 million and, on a proforma basis, after the IPO amounted to USD 181 million. The shares of PT Buana Listya Tama were listed on the Indonesian Stock Exchange on May 23, 2011.

- 98 -




41.

PENGARUH KRISIS KEUANGAN GLOBAL TERHADAP PERUSAHAAN DAN ANAK PERUSAHAAN

41. THE IMPACT OF CURRENT ECONOMIC CONDITIONS TO THE COMPANY AND ITS SUBSIDIARIES

Sementara perdagangan dunia dan produksi industri menunjukkan tanda-tanda pemulihan pada tahun 2009 dan 2010, beberapa tantangan masih dihadapi industri pelayaran, termasuk antara lain, tarif pengiriman belum kembali ke tarif sebelum krisis. Kondisi tersebut memiliki pengaruh yang merugikan bagi operasi Perusahaan dan anak perusahaan. Hal ini menyebabkan Perusahaan dan anak perusahaan mengalami penurunan laba kotor dibandingkan dengan tahun lalu. Perusahaan dan anak perusahaan juga menderita rugi bersih sebesar USD 154.401 ribu pada tahun 2010 yang terutama disebabkan penurunan laba usaha dan peningkatan beban keuangan dan kerugian non operasi yang berasal dari perubahan nilai wajar obligasi konversi dan wesel bayar.

While global trade and industrial production showed signs of recovery in 2009 and 2010, there were still a number of challenges being faced by the shipping industry, which includes among others, freight rates which have not returned to precrisis level. These conditions had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2010, the Company and its subsidiaries experienced lower gross profit compared with the prior year. The Company and its subsidiaries also incurred net loss of USD 154,401 thousand in 2010 which was principally due to decrease in income from operations, and increase in finance cost and non-operating losses arising from changes in the fair value of the convertible bonds and notes payable.

Untuk menjaga kemampuan Perusahaan dan anak perusahaan dalam mempertahankan kegiatan operasional dan profitabilitasnya, membayar pinjaman ketika jatuh tempo dan memenuhi batasan-batasan keuangan tertentu dengan kreditur, maka tindakan-tindakan yang akan dilakukan oleh manajemen sebagai berikut:

The ability of the Company and its subsidiaries to maintain operations and profitability, pay their debts as they mature and meet their financial covenants with lenders may be dependent to a large extent on the measures being instituted by management, which include, among others, the following:

•

Mendapatkan kontrak-kontrak jangka panjang baru melalui diversifikasi area geografis dan industri Pemanfaatan kesempatan atas aturan cabotage di Indonesia Perbaikan struktur modal dan likuiditas Pendanaan atas pembangunan kapal yang sedang berlangsung, dan Penerapan efisiensi biaya

• Generate new long-term contracts across diversified geographic areas and industries;

Catatan 39 atas laporan keuangan konsolidasi juga menggambarkan manajemen risiko keuangan Perusahaan dan anak perusahaan. Dalam menghadapi situasi ekonomi dunia seperti saat ini, manajemen optimis bahwa Perusahaan dan anak perusahaan akan mampu melaksanakan strateginya dan mengelola risiko-risiko bisnis serta keuangannya dengan baik. Manajemen juga yakin bahwa Perusahaan dan anak perusahaan memiliki sumberdaya yang memadai untuk melanjutkan kelangsungan operasionalnya di masa yang akan datang. Dengan demikian, manajemen tetap menerapkan basis kelangsungan usaha dalam menyusun laporan keuangan konsolidasi.

Note 39 to the consolidated financial statements also describes the Company and its subsidiaries' financial risk management. Despite the current uncertain economic outlook, management has a reasonable expectation that the Company and its subsidiaries will be able to execute its strategies and manage its business and financial risks successfully. The Company and its subsidiaries' management also believe that they have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements.

PENERAPAN STANDAR AKUNTANSI KEUANGAN BARU DAN REVISI (PSAK) DAN INTERPRETASI STANDAR AKUNTANSI KEUANGAN (ISAK)

42. ADOPTION OF NEW AND REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (“PSAK”) AND INTERPRETATION OF PSAK (“ISAK”)

• • • •

42.


a.

Standar yang berlaku efektif pada tahun berjalan Pada tahun berjalan, Perusahaan menerapkan PSAK revisi berikut ini yang berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2010: - 99 -

• Take advantage of the Indonesia cabotage opportunities; • Improve the capital structure; • Secure access to financing of new vessel deliveries; and • Implement cost efficiency measures.

a.

Standards effective in the current year In the current year, the Company adopted the following revised PSAKs which are effective for financial statements beginning on or after January 1, 2010:




b.


• PSAK 26 (revisi 2008), Biaya Pinjaman

• PSAK 26 (revised 2008), Borrowing Cost

• PSAK 50 (revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan

• PSAK 50 (revised 2006), Financial Instruments: Presentation and Disclosures

• PSAK 55 (revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran

• PSAK 55 (revised 2006), Financial Instruments: Recognition and Measurements

Menurut PSAK 26 (revisi 2008), biaya pinjaman yang dapat diatribusikan secara langsung dengan perolehan, konstruksi, atau pembuatan aset kualifikasian dikapitalisasi sebagai bagian biaya perolehan aset tersebut. Biaya pinjaman lainnya diakui sebagai beban. Penerapan standar ini tidak berpengaruh terhadap jumlah periode lalu dan sekarang, tetapi mempengaruhi jumlah biaya pinjaman masa mendatang.

PSAK 26 (revised 2008) requires borrowing costs that are directly attributable to the acquisition, construction, or production of qualifying asset to be capitalized as part of the cost of the asset. Other borrowing costs are recognized as expense. The application of this standard has had no impact on the prior and current year amounts, but may affect the accounting for future borrowing costs.

Penerapan PSAK 50 (revisi 2006) menghasilkan pengungkapan instrumen keuangan yang lebih luas termasuk beberapa pengungkapan kualitatif yang berkaitan dengan tujuan manajemen risiko keuangan.

The application of PSAK 50 (revised 2006) resulted in expanded disclosure on financial instruments, including some qualitative disclosures relating to financial risks and management objectives.

PSAK 55 (revisi 2006) memberikan panduan pada pengakuan dan pengukuran instrumen keuangan dan kontrak untuk membeli item nonkeuangan. Antara lain, penerapan standar ini memerlukan penggunaan metode suku bunga efektif ketika aset atau kewajiban diukur pada biaya perolehan diamortisasi. Selain itu, PSAK ini juga mengubah cara Perusahaan dan dalam mengukur penurunan nilai aset keuangan tergantung pada klasifikasi instrumen keuangan. Karena PSAK ini diterapkan secara prospektif, penerapan awal tidak memiliki pengaruh atas jumlah yang dilaporkan di tahun 2009.

PSAK 55 (revised 2006) provides guidance on the recognition and measurement of financial instruments and some contracts to buy nonfinancial items. Among other things, the application of this standard requires the use of effective interest rate method when an asset or liability is measured at amortized cost. Additionally, this PSAK also changes the way the company measure the impairment loss of financial assets depending on the classification of the financial instrument. Because this PSAK is applied prospectively, the initial adoption has had no impact on amounts reported for 2009.

Standar dan interpretasi telah diterbitkan tapi belum efektif i.

Efektif untuk periode yang dimulai pada atau setelah 1 Januari 2011: • • • • • • • • • •

b.

Standards and Interpretations in issue not yet effective i. Effective for periods beginning on or after January 1, 2011:

PSAK 1 (revisi 2009), Penyajian Laporan Keuangan PSAK 2 (revisi 2009), Laporan Arus Kas

•

PSAK 3 (revisi 2010), Laporan Keuangan Interim PSAK 4 (revisi 2009), Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri PSAK 5 (revisi 2009), Segmen Operasi

•

PSAK 7 (revisi 2010), Pengungkapan pihak-pihak berelasi PSAK 8 (revisi 2010), Peristiwa Setelah Periode Pelaporan PSAK 12 (revisi 2009), Bagian Partisipasi dalam Ventura Bersama PSAK 15 (revisi 2009), Investasi pada Entitas Asosiasi PSAK 19 (revisi 2010), Aset Tak Berwujud

•

- 100 -

•

• •

• • • •

PSAK 1 (revised 2009), Presentation of Financial Statements PSAK 2 (revised 2009), Statement of Cash Flows PSAK 3 (revised 2010), Interim Financial Reporting PSAK 4 (revised 2009), Consolidated and Separate Financial Statements PSAK 5 (revised 2009), Operating Segments PSAK 7 (revised 2010), Related Party Disclosures PSAK 8 (revised 2010), Events after the Reporting Period PSAK 12 (revised 2009), Interest in Joint Ventures PSAK 15 (revised 2009), Investments in Associates PSAK 19 (revised 2010), Intangible Assets




•

PSAK 22 (revisi 2010), Kombinasi Bisnis

•

• •

PSAK 23 (revisi 2010), Pendapatan PSAK 25 (revisi 2009), Kebijakan Akuntansi, Perubahan Estimasi Akuntansi, dan Kesalahan PSAK 48 (revisi 2009), Penurunan Nilai Aset PSAK 57 (revisi 2009), Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi

• •

PSAK 58 (revisi 2009), Aset Tidak Lancar yang Dimiliki untuk Dijual dan Operasi yang Dihentikan ISAK 7 (revisi 2009), Konsolidasi Entitas Bertujuan Khusus ISAK 9, Perubahan atas Liabilitas Aktivitas Purnaoperasi, Restorasi, dan Liabilitas Serupa ISAK 10, Program Loyalitas Pelanggan ISAK 11, Distribusi Aset Nonkas Kepada Pemilik ISAK 12, Pengendalian Bersama Entitas: Kontribusi Nonmoneter oleh Venturer ISAK 14, Aset Tak Berwujud – Biaya Situs Web ISAK 17, Laporan Keuangan Interim dan Penurunan Nilai

•

• • • • • • • • • • ii.


Efektif untuk periode yang dimulai pada atau setelah 1 Januari 2012: • • • • • • • • • • • • •

PSAK 22 (revised 2010), Business Combinations PSAK 23 (revised 2010), Revenue PSAK 25 (revised 2009), Accounting Policies, Changes in Accounting Estimates and Errors PSAK 48 (revised 2009), Impairment of Assets PSAK 57 (revised 2009), Provisions, Contingent Liabilities and Contingent Assets PSAK 58 (revised 2009), Non-current Assets Held for Sale and Discontinued Operations ISAK 7 (revised 2009), Consolidation – Special Purpose Entities ISAK 9, Changes in Existing Decommissioning, Restoration and Similar Liabilities ISAK 10, Customer Loyalty Programmes ISAK 11, Distribution of Non-cash Assets to Owners ISAK 12, Jointly Controlled Entities Non-monetary Contributions by Venturers ISAK 14, Intangible Assets – Web Site Cost ISAK 17, Interim Financial Reporting and Impairment

• •

• • • • • • •

ii. Effective for periods beginning on or after January 1, 2012:

PSAK 10 (revisi 2010), Pengaruh Perubahan Nilai Tukar Valuta Asing PSAK 18 (revisi 2010), Akuntansi dan Pelaporan Program Manfaat Purnakarya PSAK 24 (revisi 2010), Imbalan Kerja

•

PSAK 34 (revisi 2010), Kontrak Konstruksi PSAK 46 (revisi 2010), Pajak Penghasilan PSAK 50 (revisi 2010), Instrumen Keuangan: Penyajian PSAK 53 (revisi 2010),Pembayaran Berbasis Saham PSAK 60, Instrumen Keuangan: Pengungkapan PSAK 61, Akuntansi Hibah Pemerintah dan Pengungkapan Bantuan Pemerintah

•

ISAK 13, Lindung Nilai Investasi Neto dalam Kegiatan Usaha Luar Negeri ISAK 15, Batas Aset Manfaat Pasti, Persyaratan Minimum dan Interaksinya

•

ISAK 18, Bantuan Pemerintah – Tidak Ada Relasi Spesifik dengan Aktivitas Operasi ISAK 20, Pajak Penghasilan – Perubahan dalam status Pajak Entitas atau Para Pemegang Sahamnya.

•

- 101 -

• •

• • • • •

•

•

PSAK 10 (revised 2010), The Effects of Changes in Foreign Exchange Rates PSAK 18 (revised 2010), Accounting and Reporting by Retirement Benefit Plans PSAK 24 (revised 2010), Employee Benefits PSAK 34 (revised 2010), Construction Contracts PSAK 46 (revised 2010), Income Taxes PSAK 50 (revised 2010), Financial Instruments: Presentation PSAK 53 (revised 2010), Share-based Payments PSAK 60, Financial Instruments: Disclosures PSAK 61, Accounting for Government Grants and Disclosure of Government Assistance ISAK 13, Hedges of Net Investments in Foreign Operations ISAK 15, The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction ISAK 18, Government Assistance – No Specific Relation to Operating Activities ISAK 20, Income Taxes – Change in Tax Status of an Entity or its Shareholders





Standar dan interpretasi baru/revisi ini merupakan hasil konvergensi Standar Pelaporan Keuangan Internasional (International Financial Reporting Standards).

These new/revised standards and interpretations resulted from convergence to International Financial Reporting Standards.

Sampai dengan tanggal penerbitan laporan keuangan konsolidasi, manajemen sedang mengevaluasi dampak dari standar dan interpretasi terhadap laporan keuangan, dan dapat diketahui bahwa di antara PSAK-PSAK yang akan berlaku pada tahun 2011, PSAK 1, Penyajian Laporan Keuangan, akan memberikan beberapa perubahan signifikan dalam penyajian laporan keuangan. PSAK 1 mensyaratkan entitas, antara lain:

As of the issuance date of the consolidated financial statements, management is evaluating the effect of these standards and interpretations on the financial statements, and could foresee that among those PSAKs that will take effect in 2011, PSAK 1, Presentation of Financial Statements, will bring some significant changes in the financial statement presentation. PSAK 1 requires an entity, among other things:

•

Untuk menyajikan dalam laporan perubahan ekuitas, seluruh perubahan pemilik dalam ekuitas. Semua perubahan non-pemilik dalam ekuitas (contohnya pendapatan komprehensif) diminta untuk disajikan dalam satu laporan pendapatan komprehensif atau dalam dua laporan terpisah (laporan laba rugi dan laporan pendapatan komprehensif).

•

To present, in a statement of changes in equity, all owner changes in equity. All non-owner changes in equity (i.e. comprehensive income) are required to be presented in one statement of comprehensive income or in two statements (a separate income statement and a statement of comprehensive income).

•

Untuk menyajikan laporan posisi keuangan pada permulaan dari periode komparatif terawal dalam suatu laporan keuangan lengkap apabila entitas menerapkan kebijakan akuntansi secara retrospektif atau membuat penyajian kembali retrospektif sesuai dengan PSAK 25.

•

To present a statement of financial position as at the beginning of the earliest comparative period in a complete set of financial statements when an entity applies an accounting policy retrospectively or makes a retrospective restatement in accordance with PSAK 25.

•

Untuk menyajikan kepentingan non pengendali sebagai bagian dari ekuitas (sebelumnya disebut hak minoritas).

•

To present as part of equity the noncontrolling interest (previously called minority interest).

43.

PERSETUJUAN KONSOLIDASI

LAPORAN

KEUANGAN

43.

Laporan keuangan konsolidasi dari halaman 3 sampai dengan 102 telah disetujui Direksi Perusahaan untuk diterbitkan tanggal 8 Juni 2011.

********

- 102 -

APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements on pages 3 to 102 were approved by the Company’s Directors and authorized for issue on June 8, 2011.

,!0/2!.!5$)4/2 ).$%0%.$%.

).$%0%.$%.4 !5$)4/2l32%0/24

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 AND INDEPENDENT AUDITORS’ REPORT

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS

Page

DIRECTORS’ STATEMENT LETTER INDEPENDENT AUDITORS’ REPORT

1

CONSOLIDATED FINANCIAL STATEMENTS – as of December 31, 2010 and 2009 and for the years then ended Consolidated Statements of Financial Position

3

Consolidated Statements of Comprehensive Income

5

Consolidated Statements of Changes in Equity

6

Consolidated Statements of Cash Flows

7

Notes to Consolidated Financial Statements

8

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2010 AND 2009

Notes

December 31, 2010 2009 US$'000 US$'000

ASSETS NON-CURRENT ASSETS Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investments in associates Available-for-sale investments Derivative financial instruments

6 7 8 9 12 26

Total Non-Current Assets CURRENT ASSETS Derivative financial instruments Inventories Trade accounts receivable Other accounts receivable and other current assets Prepaid expenses and taxes Advances Short-term investments Cash

26 10 11

12 13

Total Current Assets TOTAL ASSETS


-3-

2,346,239 22,562 75,739 7,955 34,302 -

1,991,975 23,081 75,739 76,125 16,944

2,486,797

2,183,864

16,281 160,166 11,820 17,572 13,801 79,964 84,284

2,259 15,604 129,976 7,350 10,786 8,546 44,898 118,732

383,888

338,151

2,870,685

2,522,015

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DECEMBER 31, 2010 AND 2009 (Continued)

Notes

December 31, 2010 2009 US$'000 US$'000

EQUITY AND LIABILITIES CAPITAL AND RESERVES Share capital Additional paid-in capital Treasury stocks Translation adjustment Net unrealized gain on available-for-sale investments Revaluation reserve Retained earnings

14 15 16 12 17

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

18 19 20 21 22 23 24 25 26

Total Non-Current Liabilities CURRENT LIABILITIES Derivative financial instruments 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 Convertible bonds

26 27 22 28

29 30

18 19 21 22 25

Total Current Liabilities TOTAL EQUITY AND LIABILITIES


-4-

109,575 209,003 (86,628) 1,009 300,731 184,519

70,936 115,001 (86,628) 414 757 235,671 312,608

718,209

648,759

708,505 148,261 316,000 342,769 17,634 1,850 5,180 165,057 75,775

771,454 141,512 249,809 228,925 11,228 2,058 4,126 17,407

1,781,031

1,426,519

14,459 10,200 63,943 4,642 486 1,665 44,452 551

10,877 65,225 35,179 7,894 468 957 45,347 708

178,661 49,383 3,003 -

140,414 6,355 32,572 1,181 99,560

371,445

446,737

2,870,685

2,522,015

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Notes

Operating Revenues Voyage Expenses

31 32

Operating Revenues after Voyage Expenses Charter Expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

33 6

Gross Profit General and Administrative

34

Income before financial and other items Net financial and other items Finance cost Investment income Share in profits of associates Other gains and losses

35 36 9 37

Loss Before Tax Tax Expense

29

Loss for the Year Other Comprehensive Income Translation adjustment Net revaluation during the year Net gain (loss) on revaluation of available-for-sale investments

17

Other Comprehensive Income for the Year Total Comprehensive Loss for the Year Loss Per Share Basic (cents per share) As originally reported As restated for the 2010 rights issue

Years ended December 31, 2010 2009 US$'000 US$'000

656,854 (221,201)

618,346 (176,087)

435,653 (55,763)

442,259 (55,573)

(139,854) (145,583)

(120,860) (133,589)

(285,437)

(254,449)

94,453 (33,176)

132,237 (31,153)

61,277

101,084

(137,599) 8,303 384 (81,307)

(111,514) 18,426 9,621 (133,660)

(210,219)

(217,127)

(148,942) (1,185)

(116,043) (961)

(150,127)

(117,004)

595 87,098 (757)

16 37,137 2,622

86,936

39,775

(63,191)

(77,229)

(0.0168) -

(0.0229) (0.0191)

38


-5-

14,15 39

14,15


Balance at December 31, 2010

109,575

38,639

-

Total comprehensive income for the year

Transfer to retained earnings Issuance of shares through rights issue

-

70,936

Profit for the year Other comprehensive income for the year

Balance at December 31, 2009

8,745 -

-

Total comprehensive income for the year

Transfer to retained earnings Issuance of shares through exercise of warrants Dividends

-

62,191

Subscribed and paid-up capital stock US$'000

Profit for the year Other comprehensive income for the year

Balance at January 1, 2009

Notes

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY DECEMBER 31, 2010 AND 2009

209,003

94,002

-

-

115,001

50,001 -

-

-

65,000

Additional paid-in capital US$'000

-6-

(86,628)

-

-

-

(86,628)

-

-

-

(86,628)

Treasury stock US$'000

-

-

(757)

(757)

757

-

2,622

2,622

(1,865)

Net unrealized gain (loss) on available-for-sale investments US$'000

1,009

-

595

595

414

-

16

16

398

Translation adjustment US$'000

300,731

(22,038) -

87,098

87,098

235,671

(35,920) -

37,137

37,137

234,454

Revaluation reserve US$'000

5,898

-

-

-

5,898

-

-

-

5,898

178,621

22,038 -

(150,127)

(150,127) -

306,710

35,920 (2,082)

(117,004)

(117,004) -

389,876

Retained earnings Appropriated Unappropriated US$'000 US$'000

718,209

132,641

(63,191)

(150,127) 86,936

648,759

58,746 (2,082)

(77,229)

(117,004) 39,775

669,324

Total equity US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED DECEMBER 31, 2010 AND 2009 December 31, 2010 2009 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

626,664 (503,645) (102,581) (7,488) (1,206) 631

582,216 (356,907) (120,646) (2,307) (932) 215

12,375

101,639

91,643 1,070 (110,455) (328,104) 7,071

139,124 50,075 (48,176) (137,297) 1,068

16,028 34,270

(46,905) (66,231)

Net Cash Used in Investing Activities

(288,477)

(108,342)

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans and loans from financial institutions Proceeds from loans from non-financial institutions Payments of bank loans and loans from financial institutions Payments of bonds payable and convertible bonds Payment of obligations under finance lease Dividends paid Payment of dividends payable Proceeds from issuance of bonds payable and convertible bonds Proceeds from reissuance of notes payable and convertible bonds Payment of loans from non-financial institutions Proceeds from sale and leaseback transactions Proceeds from issuance of new shares through rights issue

127,743 19,610 (182,805) (95,331) (25,849) (3) 120,329 18,082 (1,182) 130,000 132,641

290,868 (323,756) (11,709) (2,103) 48,520 (591) 58,746

Net Cash Generated from Financing Activities

243,235

59,975

NET INCREASE (DECREASE) IN CASH

(32,867)

53,272

(1,581)

210

Net Cash Generated from Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Withdrawal of temporary investments Net proceeds from sale of property, vessels and equipment Placement of temporary investments Acquisitions of property, vessels and equipment Interest received Decrease (increase) in advances for the purchase of property, vessels and equipment Proceeds from sale (acquisition) of associates and subsidiary

EFFECT OF EXCHANGE RATE CHANGES ON CASH CASH AT BEGINNING OF YEAR CASH AT END OF YEAR


-7-

118,732

65,250

84,284

118,732

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED 1. GENERAL a. Establishment and General Information P.T. Berlian Laju Tanker Tbk (the Company) is a limited liability company incorporated in Indonesia. Its activities comprise mainly of local and overseas shipping services. 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, India, Brazil, United Arab Emirates and Taiwan. Its head office th is located at Wisma BSG, 10 Floor, Jl. 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. 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.

-8-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. As of December 31, 2010 and 2009, issued shares of 11,550,831,470 and 5,981,591,235, respectively, have been listed on the stock exchanges in Indonesia and Singapore. 2.

ADOPTION OF NEW AND REVISED STANDARDS In the current year, the following new and revised Standards and Interpretations have become effective: •

Amendments to IAS 1 Presentation of Financial Statements (as part of Improvements to IFRSs issued in 2009)

•

Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards – Additional Exemptions for First-time Adopters

•

Amendments to IFRS 2 Share-based Payment – Group Cash-settled Share-based Payment Transactions

•

Amendments to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations (as part of Improvements to IFRSs issued in 2008)

•

Amendments to IAS 7 Statement of Cash Flows (as part of Improvements to IFRSs issued in 2009)

•

Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items

•

IFRIC 17 Distributions of Non-cash Assets to Owners

•

IFRIC 18 Transfers of Assets from Customers

•

Improvements to IFRSs issued in 2009

•

IFRS 3 (Revised) Business Combinations

•

IAS 27 (Revised) Consolidated and Separate Financial Statements

•

IAS 28 (Revised) Investments in Associates

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The amendments to IAS 1 clarify that the potential settlement of a liability by the issue of equity is not relevant to its classification as current or noncurrent. In line with the revised Standard, the Company and its subsidiaries have classified the liability component of convertible bonds issued in the current year as non-current based on when cash settlement is required to be made. The adoption of IFRS 3 (Revised), has resulted to terminology changes. In line with the adoption of the revised standard the Company and its subsidiaries have elected to measure noncontrolling interests at fair value at the date of acquisition. IFRS 3 (Revised) also requires acquisition-related costs to be accounted for separately from the business combination, generally leading to those costs being recognised as an expense in profit or loss as incurred, whereas previously they were accounted for as part of the cost of the acquisition. The application of IAS 27 (2008) has resulted to change in the accounting policies with respect to change in ownership interest in associates. Under IAS 27 (2008), when significant influence over an associate is lost, the investor measures any investment retained in the former associate at fair value, with any consequential gain or loss recognised in profit or loss. This change in policy has affected the accounting for the partial disposal of 49% ownership of Asean Maritime Corporation in Nevaeh Limited and effective interests in Brilliant Hero Industrial Limited and Jiangsu Xinrong Shipyard Company Limited, in the current year. The difference of US$ 524 thousand between the carrying amount of the interest retained in Jiangsu Xinrong Shipyard Company Limited and its fair value has been recognised in profit or loss in the current year. Had the Company and its subsidiaries’ previous accounting policy been followed, the carrying amount of the investment retained would have been regarded as cost for the purpose of subsequent accounting as an available-for-sale investment under IAS 39 Financial Instruments: Recognition and Measurement and the movement in fair value would have been recognised in other comprehensive income. The profit reported for 2010 has therefore been increased by US$ 524 thousand as a result of the change in accounting policy. This increase will be offset by a decrease in profits of an equivalent amount when the investment is disposed of in future accounting periods. As of the date of authorization of these consolidated financial statements, the following IFRSs, IFRICs and amendments to IFRS that are relevant to the Company and its subsidiaries were issued but not yet effective: Description

Effective for accounting periods beginning on or after:

•

Amendments to IAS 32, Classification of Rights Issues

1 February 2010

•

Amendments to IFRS 1, Limited Exemption from Comparative IFRS 7 Disclosures for First-time Adopters

1 July 2010

•

IFRIC 19, Extinguishing Financial Liabilities with Equity Instruments

1 July 2010

•

Improvements to IFRSs issued in 2010

1 July 2010 and 1 January 2011, as appropriate

•

Amendment to IFRIC 14, Prepayments of a Minimum Funding Requirement

1 January 2011

•

IAS 24 (2009), Related Party Disclosures

1 January 2011

•

Amendments to IFRS 7, Financial Instruments – Disclosures (as part of Improvements to IFRSs issued in 2010)

1 January 2011

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Description

Effective for accounting periods beginning on or after:

•

Amendments to IAS 1, Presentation of Financial Statements (as part of Improvements to IFRSs in 2010)

1 January 2011

•

Amendments to IFRS 7, Disclosures – Transfers of Financial Assets

1 July 2011

•

IFRS 9 (as amended in 2010), Financial Instruments

1 January 2013

•

IFRS 10, Consolidated Financial Statements

1 January 2013

•

IFRS 11, Joint Arrangements

1 January 2013

•

IFRS 12, Disclosure of Interests in Other Entities

1 January 2013

•

IFRS 13, Fair Value Measurement

1 January 2013

•

IAS 27, Consolidated and Separate Financial Statements – Reissued as IAS 27, Separate Financial Statements (as amended in 2011)

1 January 2013

•

IAS 28, Investments in Associates – Reissued as IAS 28, Investments in Associates and Joint Ventures (as amended in 2011)

1 January 2013

The amendments to IAS 32, Classification of Rights Issues, address the classification of certain rights issues denominated in a foreign currency as either an equity instrument or as a financial liability. If the Company and its subsidiaries do enter into any arrangements that would fall within the scope of the amendments in future accounting periods, the amendments to IAS 32 will have an impact on the classification of those rights issues. IFRIC 19 provides guidance regarding the accounting for the extinguishment of a financial liability by the issue of equity instruments. In particular, under IFRIC 19, equity instruments issued under such arrangements will be measured at their fair value, and any difference between the carrying amount of the financial liability extinguished and the fair value of equity instruments issued will be recognised in profit or loss. The amendments to IFRS 7 titled Disclosures – Transfers of Financial Assets increase the disclosure requirements for transactions involving transfers of financial assets. These amendments are intended to provide greater transparency around risk exposures when a financial asset is transferred but the transferor retains some level of continuing exposure in the asset. The amendments also require disclosures where transfers of financial assets are not evenly distributed throughout the period. IFRS 9, Financial Instruments introduces, new requirements for the classification and measurement of financial assets and financial liabilities and will be effective from 1 January 2013, with earlier application permitted. The Standard requires all recognized financial assets that are within the scope of IAS 39, Financial Instruments: Recognition and Measurement to be measured at either amortized cost or fair value. Specifically, debt investments that (i) are held within a business model whose objective is to collect the contractual cash flows and (ii) have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortized cost but can still be classified as fair value through profit or loss, if certain criteria are met. All other debt investments and equity investments are measured at fair value through profit or loss except that for equity securities, there is an option to classify as fair value through other comprehensive income. The application of IFRS 9 might affect the classification and measurement of the Company and its subsidiaries’ financial assets.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The most significant effect of IFRS 9 regarding the classification and measurement of financial liabilities relates to the accounting for changes in fair value of a financial liability (designated as at fair value through profit or loss) attributable to changes in the credit risk of that liability. Specifically, under IFRS 9, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability's credit risk are not subsequently reclassified to profit or loss. Previously, under IAS 39, the entire amount of the change in the fair value of the financial liability designated as at fair value through profit or loss was recognised in profit or loss. The management anticipates that IFRS 9 will have a significant impact on amounts reported in respect of the Company and its subsidiaries financial liabilities carried at fair value through profit or loss. IFRS 12, Disclosure of Interests in Other Entities, requires entities to disclose information that helps users of its consolidated financial statements evaluate the nature of and risks associated with its interests in subsidiaries, associates or joint arrangements, and the effects of those interests on its consolidated financial statements. The disclosures are extensive and significant effort may be required from the Company and its subsidiaries to accumulate the necessary information. IFRS 13, Fair Value Measurement, establishes a single framework for measuring fair value, where that is required by other standards. The management anticipates that the adoption of the other new IFRSs, IFRICs and amendments to IFRS in future periods will not have a material impact on the consolidated financial statements of the Company and its subsidiaries in the period of their initial adoption. 3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statements of Compliance and Basis of Preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in relation to the Company’s listing of equity securities on the SGX-ST. Such IFRS consolidated financial statements have been prepared on the historical cost basis, except for 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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 recognised 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 recognised in other comprehensive income and accumulated in equity, the amounts previously recognised 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 recognised in profit or loss as incurred. The acquiree’s identifiable assets, liabilities assumed and contingent liabilities that meet the condition for recognition are recognised 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 recognised 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.

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 recognised immediately in profit or loss as a bargain purchase gain.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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 recognised 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 recognised 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 recognised in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognised 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 recognised, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognised 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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 recognised forms part of the carrying amount of the the investment. Any reversal of that impairment loss is recognised 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss. Dry docking cost Included in the balance of property, vessels and equipment is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: Years Buildings and premises Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment

20 10 5 5 5

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) l.

Financial Assets 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. 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 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. Income is recognised 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Financial assets at FVTPL are stated at fair value, with any gains or losses arising on remeasurement recognised in profit or loss. The net gain or loss recognised 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. Fair value is determined in the manner described in Note 43E. 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 amortised 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. Fair value is determined in the manner described in Note 43E. 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. 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 amortised cost using the effective interest method, less any impairment. Interest income is recognised 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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. 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. 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. 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

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) •

•

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. Fair value is determined in the manner described in Note 43E. 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 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. 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 derecognised and the consideration paid and payable is recognised 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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.

- 24 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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.

4.

CRITICAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Critical judgments in applying the Company and its subsidiaries’ accounting policies In the process of applying the Company and its subsidiaries’ accounting policies, which are described in Note 3, management has made the following critical judgments that have a significant effect on the amounts recognized in the consolidated financial statements, apart from those involving estimations, which are dealt with below. Note 6 to the consolidated financial statements describes the sale and leaseback transactions of certain vessels entered into by the Company and its subsidiaries in 2010 and 2009. Management was required to consider whether to account for the sale and leaseback transactions as finance lease or operating lease and whether it was appropriate to immediately recognize a net loss on sale of vessels of US$ 2,900 thousand in 2010 and a net gain on sale of vessels of US$ 2,482 thousand in 2009. In making its judgment, management considered the criteria set out in IAS 17 Leases, and in particular the transfer of risks and rewards incidental to ownership of the vessels. Following a detailed analysis of the transactions, In 2010, the Directors are satisfied that the Company retained the risks and rewards incidental to ownership of the vessels and that recognition of the lease transaction as finance leases are appropriate. In 2009, the Directors are satisfied that substantially all the significant risks and rewards incidental to ownership of the vessels have been transferred to and rest with the lessors and that recognition of the lease transactions as operating leases are appropriate. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below. Vessels lives and impairment The carrying value of each of the vessels of the Company and its subsidiaries represent the revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent impairment losses. The carrying value of revalued vessels at December 31, 2010 and 2009 amounted to US$ 2,131 million and US$ 1,812 million, respectively.

- 26 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Management depreciates vessels on a straight-line basis over a vessel’s estimated useful life of 25 years, from the date the vessel was originally delivered from the shipyard, or a shorter period if regulations prevent management from operating the vessels to 25 years. In the shipping industry, the use of the 25-year vessel life has become the prevailing standard. However, the actual life of a vessel may be different, with a shorter life potentially resulting in an impairment loss. Management reviews vessels and equipment for impairment whenever there is an indication that the carrying amount of the vessel may not be recoverable. Management measures the recoverability of an asset by comparing its carrying amount against its recoverable amount. Recoverable amount is the higher of the fair value less cost to sell and value in use, which is the future cash flows that the vessel is expected to generate over its remaining useful life, discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the vessel. If a vessel is considered to be impaired, impairment loss is recognized to an amount equal to the excess of the carrying value of the asset over its recoverable amount. Fair value of vessels in a volatile marketplace Vessels are stated at fair value based on the valuation reviewed by management and supported by an independent professional valuer. In determining the fair value, a method of valuation is used which involves certain estimates, including comparisons with recent sale transactions of similar vessels. However, the current market conditions has made the assessment of vessel values uncertain. Information on comparable transactions and market demand has, where available, been very limited. This has increased uncertainty around reported vessel fair values compared to normal market conditions. Impairment of Goodwill Goodwill is not amortized, but reviewed for impairment annually, and whenever impairment indicators arise. The process of evaluating the potential impairment of goodwill is highly subjective and requires significant judgment at many points during the analysis. The fair values of the cash-generating units to which goodwill is identified is estimated based on discounted expected future cash flows. The estimates and assumptions regarding expected cash flows and the discount rate require considerable judgment and are based upon existing contracts, historical experience, financial forecasts, and industry trends and conditions. The carrying value of goodwill at December 31, 2010 and 2009 amounted to US$ 75,739 thousand each year (Note 8). Fair value of financial instruments The recent illiquidity in some financial markets has led to an increase in the use of key estimates in measuring fair values of financial instruments. In markets that are no longer active, management makes use of valuation techniques to measure fair value. Management selects the valuation techniques that maximize the use of observable parameters and minimize the use of unobservable parameters to estimate the fair values. Where applicable, management also uses multiple valuation techniques to corroborate the results of each model, and places more weight on approaches that use observable parameters. When estimating fair values in this way, management has taken into account current market conditions and includes appropriate risk adjustments that market participants would make e.g. for credit and liquidity risks.

- 27 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 5.

CONSOLIDATED SUBSIDIARIES Details of the Company’s subsidiaries, whether owned directly or indirectly, are as follows: Percentage of Ownership and Voting Power Held Subsidiary

Domicile

1. 1.1

Indigo Pacific Corporation Indigo Pacific Corporation

Labuan, Malaysia British Virgin Islands Panama

1.1.1

Melani Mari ime Inc.

1.1.2 1.1.3

Zona Overseas International Shipping S.A. Kun i Maritime Pte. Ltd.

Singapore

1.1.4

Jembawati Maritime Pte. Ltd.

Singapore

1.1.5

Tirtasari Maritime Pte. Ltd.

Singapore

1.1.6

Pergiwo Naviga ion 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 Corpora ion

1.1.11

Pujawati Maritime Pte. Ltd.

British Virgin Islands Singapore

1.1.12

Pertiwi Maritime Pte. Ltd.

Singapore

1.1.13

Anggraini Mari ime Pte. Ltd.

Singapore

1.1.14

Emerald Maritime Pte. Ltd.

Singapore

1.1.15 1.1.16

BLT Finance B.V. Tridonawati Mari ime Corporation

1.1.17

Purbasari Maritime Pte. Ltd.

Singapore

1.1.18

Tridonawati Mari ime 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.

2

Diamond Pacific International Corpora ion

Panama

The Netherlands Liberia

Hong Kong

Labuan, Malaysia

- 28 -

Type of Business

2010

2009

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 *** Owner and operator of vessel Investment holding

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Vo ing Power Held Subsidiary

Domicile

2.1


2.1.1

Lenani Mari ime Inc.

2.1.1.1

Ontari Maritime Pte. Ltd.

Singapore

2.1.2 2.1.3 2.1.4

Averina Maritime S.A. Gandari Navigation Pte. Ltd. GBLT Shipmanagement Pte. Ltd.

Panama Singapore Singapore

Type of Business

2010

2009


Investment holding

100%

100%

Panama

Owner and operator of vessel Owner and operator of vessel Shipping agency Operator of vessel Ship management

100%

100%

100%

100%

100% 100% 100%

100% 100% 100%

2.1.4.1

GBLT Shipmanagement Ltd.

United Kingdom

Ship management

100%

100%

2.1.4.1.1

Harsanadi Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.2

Harta i Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.3

Frabandari Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.4

Fatmarini Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.5

Nolowati Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.6

Nogogini Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.4.1.7

Ratih Shipping Ltd.

United Kingdom

Operator of Vessel

100%

100%

2.1.5

Cendanawati Navigation Pte. Ltd.

Singapore

100%

100%

2.1.6

Frabandari Maritime Pte. Ltd.

Singapore

100%

100%

2.1.7

Brotojoyo Maritime Pte. Ltd.

Singapore

100%

100%

2.1.8

Berlian Laju Tanker Pte. Ltd.

Singapore

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Operator of Vessel

100%

100%

2.1.9

Anjasmoro Mari ime Pte. Ltd.

Singapore

100%

100%

2.1.10

Gas Lombok Mari ime Pte. Ltd.

Singapore

100%

100%

2.1.11

Gas Sumbawa Mari ime Pte. Ltd.

Singapore

100%

100%

2.2

BLT LNG Tangguh Corporation

3.

Asean Maritime Corporation

3.1

Gold Bridge Shipping Corpora ion

3.1.1

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding

100%

100%

100%

100%


Investment holding

100%

100%

Bauhinia Navigation S.A.

Panama

100%

100%

3.1.2

Cempaka Navigation S A.

Panama

100%

100%

3.1.3

Gold Bridge Shipping Ltd.

Hong Kong

Owner and operator of vessel Owner and operator of vessel Shipping agency

100%

100%

3.1.3.1

BLT Shipping Shanghai Co. Ltd.

Shipping agency

100%

100%

3.1.4

Great Tirta Shipping S.A.

100%

100%

3.1.4.1

Dewayani Mari ime Pte. Ltd.

100%

100%

3.1.5

Hopeway Marine Inc.

Panama

100%

100%

3.1.6

Lestari International Shipping S.A.

Panama

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

100%

100%

3.1.6.1

Gandini Maritime Pte. Ltd.

100%

100%

3.1.7

Quimera Mari ime S.A.

Panama

100%

100%

3.1.8

South Eastern Overseas Navigation S.A.

Panama

100%

100%

3.1.9

Zenith Overseas Maritime S A.

Panama

100%

100%

3.1.9.1

Gandari Maritime Pte. Ltd.

100%

100%

3.1.10

Zona Shipping S A.

100%

100%

Marshall Islands Labuan, Malaysia

China Panama Singapore

Singapore

Singapore Panama

- 29 -

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 DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.11 Dahlia Navigation S.A.

Domicile

Type of Business

2010

2009

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

**** Investment holding

-

100%

**** Storage service

-

100%

Panama

Owner and operator of vessel

3.1.12 Eglantine Navigation S.A.

Panama


3.1.13 Wulansari Maritime Pte. Ltd.

Singapore


3.1.14 Yanaseni Mari ime Pte. Ltd.

Singapore


3.1.15 Indradi Maritime Pte. Ltd.

Singapore


3.1.16 Gold Bridge Logistic Ltd. 3.1.16.1 Beihai New Resources Logistic

Hong Kong China

Corporation 3.1.17 Gold Bridge Shipping Agencies S.A.

Shipping agency

100%

100%

3.1.18 Elite Bauhinia Navigation Pte. Ltd.

Singapore

Panama

Owner and operator

100%

100%

3.1.19 Cempaka Navigation Pte. Ltd.

Singapore

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

of vessel of vessel 3.1.20 Dahlia Navigation Pte. Ltd.

Singapore


3.1.21 Freesia Navigation S.A.

Panama


3.1.22 Gerbera Navigation S.A.

Panama


3.1.23 Mustokoweni Maritime Pte. Ltd.

Singapore


3.1.24 Ulupi Mari ime Pte. Ltd.

Singapore


3.1.25 Erowati Maritime Pte. Ltd.

Singapore


3.1.26 Gas Papua Maritime Pte. Ltd.

Singapore


3.1.27 Rasawulan Maritime Pte. Ltd.

Singapore


3.1.28 Gas Sulawesi Maritime Pte. Ltd.

Singapore


3.1.29 Tribuana Maritime Pte. Ltd.

Singapore


3.1.30 Gagarmayang Maritime Pte. Ltd.

Singapore


3.1.31 Prita Dewi Maritime Pte. Ltd.

Singapore


3.1.32 Purwati Martime Pte. Ltd.

Singapore


3.1.33 Trijata Maritime Pte. Ltd.

Singapore


3.1.34 Pradapa Maritime Pte. Ltd.

Singapore


3.1.35 Pergiwati Maritime Pte. Ltd.

Singapore


3.1.36 Badraini Maritime Pte. Ltd.

Singapore


3.1.37 Barunawati Maritime Pte. Ltd.

Singapore


3.1.38 Gas Maluku Maritime Pte. Ltd.

Singapore


3.1.39 Barawati Maritime Pte. Ltd.

Singapore


- 30 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.40

Gas Bali Maritime Pte. Ltd.

Domicile Singapore

Type of Business Owner and operator

2010

2009

100%

100%

100%

100%

100%

100%

of vessel 3.1.41

Eustoma Navigation S.A.

Panama


3.1.42

Puspawati Maritime Pte. Ltd.

Singapore


3.1.43

Diamond Flow Ltd.

Hong Kong

Investment holding

100%

100%

3.1.44

Likabula International Limited

Hongkong

Investment holding

100%

100%

3.1.45

Richesse Interna ional Corp.

British Virgin

Investment holding

100%

100%

Hong Kong

Investment holding

100%

100%

China

Storage and sale of

100%

100%

100%

100%

100%

100%

Investment holding

100%

100%

Investment holding

100%

100%

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%

*** 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%

Islands 3.1.45.1

Richesse Logistics (International) Ltd.

3.1.45.1.1

Richesse Logistics (Fangcheng Port) Co. Ltd.

3.1.46

Hyacinth Navigation S.A.

chemical products Panama


3.1.47

Irish Maritime Interna ional S.A

Panama


3.2

BLT Chembulk Corp. BVI


3.2.1

Chembulk Tankers LLC

Marshall Islands

3.2.1.1

Chembulk Trading II LLC

Marshall 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


3.2 2

Chembulk Barcelona Pte. Ltd.

Singapore


3.2 3

Chembulk Gibraltar Pte. Ltd.

Singapore


3.2.4

Chembulk Hong Kong Pte. Ltd.

Singapore


3.2 5

Chembulk Houston Pte. Ltd.

Singapore


3.2.6

Chembulk Kobe Pte. Ltd.

Singapore


3.2.7

Chembulk New York Pte. Ltd.

Singapore


3.2 8

Chembulk Savannah Pte. Ltd.

Singapore


3.2 9

Chembulk Shanghai Pte. Ltd.

Singapore


3.2.10

Chembulk Ulsan Pte. Ltd.

Singapore


3.2.11

Chembulk Virgin Gorda Pte. Ltd.

Singapore


3.2.12

Chembulk Yokohama Pte. Ltd.

Singapore


3.2.13

Chembulk New Orleans Pte. Ltd.

Singapore


3.3

BLT International Corporation

3.4

Nevaeh Limited

Hongkong

* Investment Holding

100%

100%

British Virgin

** Investment Holding

51%

100%

100%

100%

100%

100%

Island 4.

PT Banyu Laju Shipping

Indonesia


4.1

Banyu Laju Corporation

Labuan, Malaysia

- 31 -

Investment holding

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Vo ing Power Held Subsidiary 5.

Domicile

PT Brotojoyo Maritime

Type of Business

Indonesia

Owner and operator

2010

2009

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

of vessel 6.

PT Buana Listya Tama Tbk

Indonesia


6.1

PT Anjasmoro Maritime

Indonesia


6.2

PT Pearl Maritime

Indonesia


6.3

PT Ruby Maritime

Indonesia


6.4

PT Sapphire Maritime

Indonesia


6.5

PT Citrine Maritime

Indonesia


6.6

PT Diamond Maritime

Indonesia


6.7

PT Emerald Maritime

Indonesia


6.8

PT Jade Maritime

Indonesia

* Owner and operator of vessel

6.9

PT Onyx Maritime

Indonesia


6.10

PT Topaz Maritime

Indonesia


6.11

PT Bayu Lestari Tanaya

Indonesia

Shipping agency

100%

100%

6.11.1 6.12

PT Berlian Dumai Logistics PT Gemilang Bina Lintas Tirta

Indonesia Indonesia

General Trading Operator of vessel

100% 100%

100% 100%

6.13

PT Karya Bakti Adil

Indonesia

Crew Agency

100%

100%

6.14

PT BLT International Group

Indonesia

* Investment holding

100%

100%

6.15

PT BLT Meo

Indonesia

*** Owner and operator 50%

-

vessel

* Newly established companies in 2009. ** Newly acquired company in 2009. *** Newly established companies in 2010. **** Sold in 2010.

6.

PROPERTY, VESSELS AND EQUIPMENT 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

Exchange Difference US$'000

1,952,241 381,302 107,174

-

1,625 1,919 4,056

-

885 2,846 20,767 46,905

Additions US$'000

Deductions US$'000

(14,780) 133,824 (109,044)

143,809 37,536 -

(1,508) -

137 96

(1,624) (8) (48)

-

2 (42) -

183 481 14,133 20,250

(49) (10) (36,905)

(10,000)

13

358,354

(40,152)

-

-

(1) 54

490,241 31,302

-

130,308 15,275

1,224 1,150 2,581

(1) 41

199 623

(1,224) (8) (36)

(44) 35

20 155

(47) -

146,580

(1,315)

527,745

Revaluations US$'000

165,517 647 156,910

2,519,720

574 673

Reclassifications US$'000

31

1,991,975

2,246,787 551,801 155,040

155,040

2,246,787 551,801 -

-

2,048 4,158

2,048 4,158

-

-

1,021 3,275 34,900 20,250

1,021 3,275 34,900 20,250

-

3,019,280

220,692

2,798,588

181,345

176 (176)

December 31, 2010 Cost Valuation US$'000 US$'000

Total US$'000

-

620,725 46,401

-

-

1,340 3,209

-

-

503 863

-

-

673,041 2,346,239

- 32 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) January 1, 2009 US$'000

Exchange Difference US$'000

1,915,733 360,604 78,485

-

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

Additions US$'000

Deductions US$'000

30,855 35,895 96,719

(51,433) (2,090) -

222 48 912

(52) (1)

Reclassifications US$'000 92,641 (24,611) (68,030)

Revaluations US$'000 (35,555) 11,504 -

December 31, 2009 Cost Valuation US$'000 US$'000

Total US$'000 1,952,241 381,302 107,174

107,174

1,952,241 381,302 -

1,405 1,923 3,149

(2) (4)

863 2,846 12,248 -

-

22 8,519 46,905

(6)

220,097

(53,576)

-

119,279 14,310

(2,133) -

-

-

490,241 31,302

(3) (7)

25 226 589

(39) (1)

-

-

1,224 1,150 2,581

-

107 396

-

-

574 673

-

-

527,745

2,377,256

373,095 16,992 1,202 963 2,000 467 277 394,996

(10)

134,932

-

(2,173)

1,982,260

-

-

1,625 1,919 4,056

1,625 1,919 4,056

-

-

-

885 2,846 20,767 46,905

885 2,846 20,767 46,905

-

2,519,720

186,177

2,333,543

-

(24,051)

1,991,975

The vessels are stated at their revalued amounts being the fair value as of December 31, 2010 and 2009, reviewed by management, and supported by an independent professional valuation with reports dated January 31, 2011 and January 15, 2010, respectively. Had the vessels been carried at historical cost less accumulated depreciation and impairment, their carrying values would have been approximately US$ 1,731,205 thousand and US$ 1,787,573 thousand as of December 31, 2010 and 2009, respectively. The Company and its subsidiaries completed the sale of three vessels in 2010 and two vessels in 2009. In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back the three vessels for a period of 4 years – 5 years in 2010 and one vessel for a period of 12 years in 2009, respectively. After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that for the 2010 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, while in 2009, substantially, all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor and accordingly classified the transactions as operating leases. Details of the sale of vessels, which were made with third parties, are as follows: 2010 US$'000 Selling price Net carrying amount

130,000 132,000

2009 US$'000 50,118 49,300

Gain (loss) on sale of vessels Commissions

(2,000) (900)

818 (71)

Gain (loss) on sale of vessels - net

(2,900)

747

Loss on ordinary sales Gain (loss) on sale and leaseback

(2,900)

Gain (loss) on sale of vessels - net

(2,900)

(1,735) 2,482 747

Vessel depreciation expense charged to operations is US$ 145,583 thousand and US$ 133,589 thousand in 2010 and 2009, respectively.

- 33 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Vessels and equipment with carrying amount of US$ 1,575 million and US$ 1,724 million as of December 31, 2010 and 2009, respectively, were used as collateral to guarantee obligations under finance lease, long-term loans from financial institutions, short-term bank loans and standby letter of credit facility (Notes 18, 21, 27 and 45e). Vessels under construction as of December 31, 2010 and 2009 consist of nine vessels and thirteen vessels, respectively, which are estimated to be completed between 2011 to 2012 (Note 45c). Advances for purchase of vessels as of December 31, 2010, represent advance payments made during the year for the purchase of three second hand vessels. Advances for purchase of vessels as of December 31, 2009 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. For the year ended December 31, 2010, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net decrease in depreciation expense by US$ 11,950 thousand in 2010. For the year ended December 31, 2009, management has determined that there is no change necessary in its estimate of residual values. 7.

DEFERRED CHARGES AND SECURITY DEPOSITS

2010 US$'000

2009 US$'000

Security deposits Deferred rent and landrights

16,161 7,043

15,581 8,131

Total Deferred rent and landrights - current portion

23,204 (642)

23,712 (631)

Non-current portion - net

22,562

23,081

In connection with the 2008 lease agreements, the Company and its subsidiaries paid noninterest 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 in 2010 and 2009, are included under charter expenses. Interest income recognized on the security deposits amounted to US$ 513 thousand in 2010 and US$ 347 thousand in 2009. 8.

GOODWILL 2010 US$'000

2009 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.

- 34 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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 Goldbridge 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. 9.

INVESTMENTS IN ASSOCIATES

2010 US$'000

2009 US$'000

Cost Long-term receivables

91,037 2,323

91,037 2,323

Sub-total Less receipt of long-term receivables during the year

93,360 (2,323)

93,360 -

Total interest in associates Less: Share of post-acquisition loss Return of capital Sale of investment Reclassified as available-for-sale

91,037

93,360

(8,451) (8,400) (32,453) (33,778)

(8,835) (8,400) -

7,955

76,125

Total

In April 2010, the long-term receivables amounting to US$ 2,323 thousand were paid by Teekay BLT Corporation. In a Joint Unanimous Written Consent executed on June 23, 2008, the Board of Directors and Shareholders of Teekay BLT Corporation have determined that the existing stated capital of Teekay BLT Corporation is in excess of its capital requirements, and determined further that the amount of the stated capital be reduced proportionately among the shareholders. As a result, the subsidiary received a total amount of US$ 8,400 thousand from Teekay BLT Corporation as a return of capital. The percentage of ownership of the subsidiary in Teekay BLT Corporation did not change.

- 35 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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 Company Limited **) China

Place of Operation

Nature of Business

Percentage of Ownership and Voting Power Held 2010 2009 % %

Indonesia Indonesia Thailand Hongkong

Cargo shipping services Cargo shipping services Port services (agency) Investment holding

50 30 30 22.69

50 30 30 45

China

Ship repair, conversion and steel structure

-

21.80

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 (Note 12). This transaction has resulted in the recognition of a gain (included in other gains and losses – others), calculated as follows: 2010 US$'000

Selling price Plus: Fair value of investment retained Less: Carrying amount of investment on the date of loss of significant influence

32,957 34,302 (66,231)

Gain recognized

1,028

The gain recognized in the current year comprises of realized profit of US$ 504 thousand (being the proceeds of US$ 32,957 thousand less US$ 32,453 thousand carrying amount of the interest disposed of) and an unrealized profit US$ 524 thousand (being the fair value of US$ 34,302 thousand less US$ 33,778 thousand carrying amount of the interest retained). Summarized financial information in respect of the Company and its subsidiaries’ associates is set out below: 2010 2009 US$'000 US$'000

Total assets Total liabilities Net assets Company and subsidiaries' share of associates' net assets Revenue Profit for the year Company and subsidiaries' share of associates' profit for the year

- 36 -

462,160 435,873

532,936 449,680

26,287

83,256

7,955

40,010

43,722

37,700

1,161

36,315

384

9,621

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 10. INVENTORIES Inventories mainly consist of bunker fuel. 11. TRADE ACCOUNTS RECEIVABLE

2010 US$'000

2009 US$'000

Related parties Third parties

236 159,930

129,976

Total

160,166

129,976

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. Of the trade accounts receivable balance at the end of 2010 and 2009, US$ 4,625 thousand and US$ 6,241 thousand, respectively, is due from PT Pertamina (Persero) (Pertamina), the Company’s largest customer (see Notes 43D and 45a). The table below shows the aging of past due but unimpaired trade receivables:

2010 US$'000 1 - 60 days 60 - 120 days 120 - 180 days More than 180 days Total

2009 US$'000

42,692 26,185 16,015 44,865

47,305 26,227 13,864 18,694

129,757

106,090

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. 12. 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: 2010 US$'000 Held-for-trading

483

2009 US$'000 -

Available-for-sale Funds under investment management Mutual funds

79,481 -

44,639 259

Subtotal

79,481

44,898

Total

79,964

44,898

- 37 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The Company’s subsidiary entered into an Investment Service Agreement with Danatama Capital Management Limited in 2010 and Investment Management Contract Service Agreement with P.T. Danatama Makmur in 2010 and 2009 to manage funds which will be invested, in among others, government bonds corporate bonds, certificate of deposit and money market instruments. As of December 31, 2010 and 2009, the investment portfolio amounted to US$ 79,481 thousand and US$ 11,708 thousand, respectively. The Company and its subsidiaries also entered into an Investment Management Agreement with First Strategic Advisors Inc. to manage an investment portfolio of the Company and its subsidiaries, which may be placed in cash, securities and other investments. As of December 31, 2009, the fair value of the investment portfolio amounted to US$ 9,070 thousand. The Company’s subsidiaries entered into an Investment Management Agreement with UBS AG in 2008 to manage an investment portfolio. As of December 31, 2009, the fair value of the investment portfolio amounted to US$ 61 thousand. The Company entered into an Investment Management Agreement with P.T. Andalan Artha Advisindo Sekuritas in 2009 to manage funds which will be invested in government securities, corporate bonds, mutual funds and money market securities. As of December 31, 2009, the fair value of the investment portfolio amounted to US$ 23,800 thousand. 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 (see also Note 9). 13. CASH

2010 US$'000

2009 US$'000

Cash on hand Cash in banks and time deposits

1,059 83,225

992 117,740

Total

84,284

118,732

0.15% 6.00% - 6.60% 0.7%

0.03% - 3.00% 5.75% - 6.90% 0.825%

Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar

14. 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:

2010 US$'000 Balance at beginning of the year Issuance of shares through rights issue Balance at end of the year

- 38 -

2009 US$'000

70,936 38,639

62,191 8,745

109,575

70,936

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Details of the Company’s number of shares outstanding (in full amounts) are as follows:

2010 Balance at beginning of the year Issuance of new shares through rights issue Balance at end of the year

2009

5,569,240,235 5,569,240,235

4,176,930,176 1,392,310,059

11,138,480,470

5,569,240,235

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. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 44 dated June 30, 2009 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 1,392,310,059 new common shares at an exercise price of Rp 425 per share. 15. 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, 2009 Issuance of shares through rights issue

65,000 50,001

Balance of additional paid-in capital as of December 31, 2009 Issuance of shares through rights issue

115,001 94,002

Balance of additional paid-in capital as of December 31, 2010

209,003

16. TREASURY STOCKS At the Extraordinary General Meeting of Stockholders in May 2006, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at a purchase price of Rp 2,750 per share. As of December 31, 2010 and 2009, the details of treasury stocks are as follows:

Number of shares Treasury stocks

412,351,000

Number of shares Treasury stocks

412,351,000

- 39 -

2010 Percentage to issued shares % 3.57 2009 Percentage to issued shares % 6.89

Cost US$'000 86,628

Cost US$'000 86,628

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 17. REVALUATION RESERVE

2010 US$'000

2009 US$'000

Balance at beginning of year Revaluation increase Revaluation decrease Transfer to retained earnings

235,671 92,565 (5,467) (22,038)

234,454 67,303 (30,166) (35,920)

Balance at end of year

300,731

235,671

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.

18. LONG-TERM LOANS FROM FINANCIAL INSTITUTIONS 2010 US$'000 At amortized cost: 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 Bank Mandiri, Jakarta Bank Syariah Mandiri / Bank Pembangunan Daerah Jawa Timur / Bank Muamalat Indonesia/ Bank Jabar Banten Syariah Bank Negara Indonesia Indonesia Eximbank Deutsche Investitions und Entwicklungsgesselschaft MBH Mitsubishi UFJ Lease & Finance Co. Ltd. DVB Group Merchant Bank (Asia) Ltd., Singapore Bank UOB Indonesia Bank Syariah Mandiri / Bank Syariah BRI / Bank Muamalat Indonesia / BPD Jatim Divisi Usaha Syariah Bank Mega DnB NOR Bank, ASA, Singapore Bank Central Asia ING Bank N.V., Singapore Mount Gede LLC DnB NOR Bank, ASA, Singapore / NIBC Bank Ltd. Dialease Maritime S.A., Japan

2009 US$'000

494,386

572,765

71,481 38,597

80,029 47,351

35,924 31,837 29,783 29,354 29,175 25,344 21,087

36,407 28,168 41,864 7,680

16,840 13,174 11,787 10,194 9,911 7,281 5,870 5,141

18,735 33,803 11,883 7,800 18,960 6,423

Total Current maturities

887,166 178,661

911,868 140,414

Long-term portion - Net

708,505

771,454

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The ranges of average interest rates per annum are as follows:

U.S. Dollar Fixed Variable

Rupiah Fixed Japanese Yen Variable

2010

2009

7.50% - 17.00% 0.7% - 4.75% above LIBOR/ SIBOR

7.75% - 15% 0.7% - 4% above LIBOR/ SIBOR

12.5% - 17%

9.64% - 14.5%

1.5% - 2% above JPY LIBOR

2% above JPY LIBOR

The details of the loans are as follows: A. 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: 1. US$ 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. 2. US$ 400 million term loan facility which is repayable in 40 consecutive quarterly installments of US$ 8 million for the 1st to 39th installments, and US$ 88 million for the 40th installment, 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 a corporate guarantee from the Company and Gold Bridge Shipping Corporation. 3. US$ 100 million reducing revolving loan facility which is payable in 20 quarterly installments of US$ 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 a corporate guarantee from the Company and Gold Bridge Shipping Corporation. 4. US$ 65 million credit facilty which is is payable in 32 quarterly installments until 2015 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. All of these loans were paid in March 2011 (Note 46a). B. The loans from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch was obtained through a US$ 114 million senior secured revolving credit th facility. The credit facility shall be reduced 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. This loan is secured by the following: (a) subsidiaries’ vessels, (b) assignment of insurances and earnings of the subsidiaries’ vessels, (c) a guarantee and indemnity from the Company, (d) bank accounts, money market accounts, dealer deposit accounts and other accounts of the subsidiaries established with Nordea Bank Finland Plc, and (e) a pledge on the shares of the subsidiaries. This loan was paid in March 2011 (Notes 46a and 46b). 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 fixed percentage, which is paid monthly.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) D. In November 2010, the Company obtained a loan from Bank Syariah Mandiri (as lead manager), 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 345 billion. These loan facilities are payable quarterly. Such loans are collateralized by a subsidiary’s vessel and a corporate guarantee from the subsidiary. The subsidiary’s receivable amounting to US$ 72.5 million was used as fiduciary collateral. Indicative return is at certain fixed percentage, which is payable quarterly. E. 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 fixed percentage which is paid monthly. F. 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 fixed percentage, which is paid monthly. G. In April 2010, a subsidiary obtained a loan from Deutsche Investitions und Entwicklungsgesellschaft MBH through a long-term investment facility amounting to US$ 29.75 million. This loan is payable in 13 semi-annual installments with balloon payment of US$ 8,925 thousand on the last repayment date and due on March 15, 2018. The loan is secured by a corporate guarantee from the Company and a subsidiary’s vessel. Interest is at LIBOR plus certain percentage, which is paid semi-annually. H. The loan from Mitsubishi UFJ Lease & Finance Co. Ltd. is obtained through a JPY 2,537 million (equivalent to US$ 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 and corporate guarantees by the Company and Gold Bridge Shipping Corporation. Interest rate is at Yen LIBOR plus a certain percentage. I.

The loan from DVB Group Merchant Bank (Asia) Ltd. is obtained through a US$ 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 US$ 43 million. This loan is payable in 32 quarterly installments until 2013 and collateralized by the corporate guarantee from the Company and the subsidiaries’ vessels. Interest rate is at LIBOR plus 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 (Note 27). 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 paid in March 31, 2011.

J.

The loan from UOB Indonesia is obtained through a Term Loan Facility amounting to US$ 8,760 thousand, payable in 10 quarterly installments of US$ 360 thousand each and a final installment payment of US$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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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 (Note 27). 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 fixed percentage. K. The loan from Bank Syariah Mandiri (as lead manager), 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 facilities 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, among others, by the subsidiaries’ vessels and a corporate guarantee from the Company. Indicative return is at certain fixed percentage, which is payable quarterly. L. In August 2010, the Company obtained a loan from Bank Mega with a maximum credit of US$ 15.0 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 fixed percentage which is paid monthly. M. In May 2010, a subsidiary obtained a loan from DnB NOR Bank ASA, Singapore with maximum credit of US$ 12.5 million. This loan is payable in 20 quarterly installments until 2015 and secured by 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 March 31, 2011 (Note 46a). N. 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 fixed percentage, which is payable monthly. In November 2006, the Company obtained an investment credit facility with a maximum credit of US$ 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 paid 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 vessels. This loan was paid in January 2010. O. In November 2005, subsidiaries obtained loan facilities from ING Bank N.V., Singapore with a maximum credit of US$ 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. P. Loan obtained from Mount Gede LLC is a Secured Junior Term Loan Facility with maximum credit of US$ 7,800 thousand. The loan is secured by a registered mortgage over the subsidiaries’ vessels and a guarantee by the Company. Such loan shall be repaid in full on December 31, 2011. Interest rate is at certain fixed percentage. This loan was paid in March 2011 (Note 46a). Q. In April 2009, certain subsidiaries obtained a loan from Dnb NOR Bank ASA, Singapore and NIBC Bank Ltd. with a maximum credit of US$ 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 paid in March 2011 (Note 46b).

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) R. In December 2004, a subsidiary obtained loan from Dialease Maritime S.A., Japan with maximum credit of JPY 1,347,250 thousand (equivalent to US$ 12,859 thousand). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel. Interest rate is at LIBOR plus certain percentage, which is paid quarterly. 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. 19. BONDS PAYABLE

2010 US$'000

2009 US$'000

At amortized costs: Berlian Laju Tanker III Bond Berlian Laju Tanker IV Bond Sukuk Ijarah I Sukuk Ijarah II Total Current maturities

77,556 37,512 22,159 11,034 148,261 -

74,016 42,181 21,147 10,523 147,867 6,355


148,261

141,512

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. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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. 20. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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:

2010 US$'000

2009 US$'000

Fair value at beginning of the year Changes in fair values (Note 37)

249,809 62,000

132,000 122,000

Reissue (repurchase) of Notes

311,809 4,191

254,000 (4,191)

Fair value at end of year

316,000

249,809

In 2009, certain subsidiaries of the Company invested in the Notes through an investment manager. 21. OBLIGATIONS UNDER FINANCE LEASE

2010 Present value Minimum lease of minimum payments lease payments US$'000 US$'000

2009 Present value Minimum lease of minimum payments lease payments US$'000 US$'000

Less than 1 year 1 - 2 years More than 2 years

51,932 220,110 208,155

49,383 204,089 138,680

34,090 193,191 76,457

32,572 167,319 61,606

Total Less future finance charges

480,197 88,045

392,152 -

303,738 42,241

261,497 -

Present value of minimum lease payments

392,152

392,152

261,497

261,497

In 2010, additional sale and leaseback transactions were carried out by the Company’s subsidiaries for three vessels which were classified as finance lease (Note 6).

- 46 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) In 2009, the finance lease relates to lease of vessels with lease terms of 3 years to 6 years and where the subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels. In 2010 and 2009, the Company and its subsidiaries also reassessed and revised the estimated exercise dates of the purchase options on the leased vessels. This resulted to a decrease of US$ 861 thousand and US$ 2,090 thousand in the obligations under finance lease and a corresponding decrease in the carrying amount of the leased vessels. 22. OTHER LOANS FROM NON-FINANCIAL INSTITUTIONS

2010 US$'000 Long-term Teekay Corporation PRC Limited

2009 US$'000

11,227 9,410

12,409 -

Total

20,637

12,409

Current maturities

(3,003)

(1,181)

Long-term portion - net

17,634

11,228

Short-term Teekay BLT Corporation

10,200

-

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. US$ 1,822 thousand is repayable on February 9, 2011, US$ 3,794 thousand is repayable on June 29, 2014 and US$ 3,794 thousand is payable in full on April 22, 2015. The subsidiary’s loan from Teekay BLT Corporation is non-interest bearing, unsecured and have no fixed repayment terms. 23. 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. Details of the deferred income are as follows:

2010 US$'000

2009 US$'000

Beginning balance Accumulated amortization

2,500 442

2,500 234

Ending balance Less current portion

2,058 208

2,266 208

Non-current portion

1,850

2,058

Amortization of deferred income of US$ 208 thousand each in 2010 and 2009, are accounted for as reduction of charter expenses.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 24. 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. The number of employees entitled to the benefits is 228 and 245 in December 31, 2010 and 2009, respectively. Amounts recognized in profit or loss in respect of these post-employment benefits are as follows:

2010 US$'000

2009 US$'000

Current service cost Interest costs Net actuarial losses

421 455 66

257 331 65

Total

942

653

The amounts included in the statements of financial position arising from the Company’s obligation in respect of these post-employment benefits are as follows:

2010 US$'000

2009 US$'000

Present value of unfunded obligations Unrecognized actuarial losses

5,657 (477)

5,326 (1,200)

Net liability

5,180

4,126

Movements in the present value of unfunded obligations are as follows:

2010 US$'000

2009 US$'000

Beginning of the year Current service cost Interest cost Translation adjustment Actuarial loss

5,326 421 455 (556) 11

3,624 257 331 788 326

End of the year

5,657

5,326

Movements in the net liability recognized in the consolidated statements of financial position are as follows:

2010 US$'000

2009 US$'000

Beginning of the year Employee benefits cost for the year (Note 34) Payments during the year Translation adjustment

4,126 942 (83) 195

2,922 653 (40) 591

End of the year

5,180

4,126

The cost of providing post-employment benefits is computed using the following key assumptions: Discount rate Salary increment rate Mortality rate Resignation rate

: : : :

2010 and 2009: 8% and 10% per annum, respectively 2010 and 2009: 12% and 15% per annum, respectively 2010 and 2009: Mortality Table 2 of Indonesia 2010 and 2009: 10% per annum until age 36 then decreasing linearly to 0% until age 55

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The history of experience adjustments is as follows:

2010 US$'000 Present value of unfunded obligations Experience adjustments

2009 US$'000

5,657 11

2008 US$'000

5,326 326

3,624 (574)

2007 US$'000

2006 US$'000

3,967 594

3,047 1,637

25. CONVERTIBLE BONDS

2010 US$'000

2009 US$'000

At fair value through profit or loss US$ 125 million Zero Coupon Guaranteed Convertible Bonds due 2012 At amortized cost: US$ 125 million 12% Guaranteed Convertible Bonds due 2015 (As amended in 2010) US$ 125 million 12% Guaranteed Convertible Bonds due 2015

46,607 118,450

Total Current maturities

165,057 -


165,057

-

99,560

99,560 (99,560) -

The changes in the carrying amount of the Convertible Bonds due 2012 carried at fair value through profit or loss are as follows: 2010 2009 US$'000 US$'000

Fair value at beginning of the year Changes in fair values (Note 37)

Reissue (repurchase) of Notes through an investment manager Redemption Repurchased and reissued by BLTF BV Fair value at end of year

99,560 22,393

36,250 74,420

121,953 13,891 (88,900) (46,944)

110,670 (11,110) -

-

99,560

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.

- 49 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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.

- 50 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 26. DERIVATIVE FINANCIAL INSTRUMENTS The Company utilizes cross currency and interest rate swap contracts to manage exposure to foreign currency and interest rate movement and crude oil target redemption swaps to manage exposures in crude oil price volatility. Details of the derivative contracts are shown below: Notional amounts as at December 31, 2010 '000

Notional amounts as at December 31, 2009 '000

US$ 102,273 US$ 800,000

US$ 258,949 US$ 500,000

-

6,688 59,234

1,597 16,944

17,407 -

US$ 173,900

1,813 barrels -

-

9,853

662 -

10,877 -

Total Less current portion

-

75,775 -

19,203 2,259

28,284 10,877

Non-current portion

-

75,775

16,944

17,407


Fair value as at December 31, 2010 Asset Liability US$'000 US$'000

Fair value as at December 31, 2009 Asset Liability US$'000 US$'000

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 December 31, 2010 will mature on July 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. Crude oil target redemption swaps The crude oil target redemption swaps in 2009 require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and matured between March 2010 and October 2010.

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.

- 51 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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:

2010 US$'000

2009 US$'000

Net change in fair value Net settlements

(66,694) 19,996

166,902 (18,004)

Net gain (loss) (Note 37)

(46,698)

148,898

27. SHORT-TERM BANK LOANS

2010 US$'000

2009 US$'000


14,459 -

13,830 18,437

-

17,000 15,958

Total

14,459

65,225


-

15% 1.75% - 3.5% above LIBOR

1.75% above cost of funds

15% 1.5% - 1.75% above cost of funds

Rupiah Fixed Variable

A. 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 October 18, 2011. Interest rate per annum is at the bank’s cost of funds or SIBOR plus certain percentage, which is paid between 7 - 30 days. B. Loan obtained from DVB Group Merchant Bank (Asia) Ltd. is a secured term loan facility with a maximum credit of US$ 25 million. The loan is secured by a registered mortgage over certain subsidiaries’ vessels and a corporate guarantee by the Company, and bears interest at LIBOR plus certain percentage which is payable monthly. On January 19, 2010, the maturity date of the term loan facility was extended until January 2012 and has been reclassified to long-term loans from financial institution (Note 18). C. Loan obtained from Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150 billion or equivalent to US$ 17 million. This loan is collateralized by subsidiaries’ vessels. Annual interest rate is at cost of funds or LIBOR plus certain percentage, which is paid on a monthly basis. This loan was paid in full in December 2010.

- 52 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) D. Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150 billion. This loan is secured by a subsidiary’s vessel and trade accounts receivable of M.T. Anjani with interest rate per annum at certain fixed percentage, which is paid monthly. On May 25, 2010, the maturity date of the term loan facility was extended until May 2013 and has been reclassified to long-term loans from financial institutions (Note 18). 28. TRADE ACCOUNTS PAYABLE

2010 US$'000

2009 US$'000

Related parties Third parties

3,173 60,770

929 34,250

Total

63,943

35,179

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. 29. TAXATION a. Details of taxes payable included in the consolidated statements of financial position are as follows: 2010 2009 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 Total

38

4

974 23 4 11 568 47

516 14 4 4 343 72

1,665

957

b. Details of tax expense included in the consolidated statements of comprehensive income are as follows:

2010 US$'000 Income tax of foreign and local subsidiaries Final tax on vessel revenue - Company Income tax on agency operations - Company Final tax on storage revenue and agency Total

- 53 -

2009 US$'000

878 123 47 137

664 161 44 92

1,185

961

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) c.

A reconciliation of tax expense included in the consolidated statements of comprehensive income and the amount computed by applying the applicable tax rates is as follows:

2010 US$'000 Operating revenues Final tax at 1.2% of gross revenues Tax effect of: Revenue of foreign subsidiaries not subject to tax Revenue of foreign subsidiaries subject to different final tax Revenue subject to different tax rate: Storage revenue Agency revenue Total tax expense per consolidated statements of income Tax on agency operating income is computed as follows: Agency revenue Non-taxable income Taxable income

2009 US$'000

656,854

618,346

7,882

7,420

(6,900) 19

(6,606) 11

137 47

92 44

1,185

961

760 (572)

676 (517)

188

159

As of December 31, 2010 and 2009, no deferred tax liability has been recognized in respect of the temporary differences associated with undistributed earnings of subsidiaries because the Company is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. 30. ACCRUED EXPENSES

2010 US$'000

2009 US$'000

Vessel operating and docking Interest Others

25,238 17,006 2,208

35,276 9,037 1,034

Total

44,452

45,347

31. OPERATING REVENUES

2010 US$'000

2009 US$'000

Vessels revenues Chemical Oil Gas FPSO Others

528,597 65,373 51,253 9,801 1,830

475,987 85,861 44,137 10,367 1,994

Total

656,854

618,346

There were no operating revenues made with related parties in 2010 and 2009.

- 54 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 32. VOYAGE EXPENSES

2010 US$'000

2009 US$'000

Fuel Port charges

152,059 69,142

112,640 63,447

Total

221,201

176,087

2010 US$'000

2009 US$'000

33. SHIP OPERATING EXPENSES

Salaries Repairs and maintenance Spare parts Insurance Lubricants Transportation Processing of documents Supplies Employees' meal allowances Others Total

62,004 18,529 14,451 10,158 7,416 6,644 4,251 3,253 2,979 10,169

56,140 13,175 12,765 8,669 7,528 5,897 2,791 3,474 2,816 7,605

139,854

120,860

34. GENERAL AND ADMINISTRATIVE

2010 US$'000

2009 US$'000

Salaries Professional fees Office expenses Transportation Depreciation Pension benefits (Note 24) Telecommunication Representation Marketing Bank charges Others

14,241 6,652 4,087 1,849 997 942 825 784 737 428 1,634

14,616 4,705 3,645 1,998 1,343 653 821 545 403 698 1,726

Total

33,176

31,153

- 55 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 35. FINANCE COSTS

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 Obligations under finance leases Profit sharing allocation and fees Total

2009 US$'000

61,020

41,434

44,267 24,750 7,562

45,450 21,637 2,993

137,599

111,514

Interest expense includes interest on notes payable at fair value through profit and loss of US$ 30,417 thousand each in 2010 and 2009. 36. INVESTMENT INCOME

2010 US$'000

2009 US$'000

Interest income from: Current accounts and others Time deposits

1,497 6,356

1,151 265

Total interest income Realized gain on available-for-sale investments

7,853 450

1,416 17,010

Total

8,303

18,426

The following is an analysis of investment income earned on financial assets, by category of asset.

2010 US$'000 Available-for-sale financial assets Loans and receivables (including cash and bank balances)

450 7,853

2009 US$'000 17,010 1,416

Income relating to derivative financial assets classified as at fair value through profit or loss is included in other gains and losses in Note 37. 37. OTHER GAINS AND LOSSES

2010 US$'000

2009 US$'000

Net revaluation increase (decrease) Change in fair value of convertible bonds and notes payable designated as at fair value through profit and loss (Notes 20 and 25) Net gain (loss) on derivative transactions (Note 26) Foreign exchange loss - net Net gain (loss) on disposal of property, vessels and equipment (Note 6) Gain (loss) on insurance claim Others - net

94,247

(61,188)

(84,393) (46,698) (38,541) (2,901) (631) (2,390)

(196,420) 148,898 (26,662) 762 215 735

Total

(81,307)

(133,660)

- 56 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Others - net include gain on disposal of Gold Bridge Logistic Ltd. and its subsidiary, Beihai New Resources Logistic Corporation amounting to US$ 29 thousand, which is calculated as follows:

2010 US$'000 Consideration received Net assets disposed of: Total assets Total liabilities

1,385 2,701 (1,345)

Net assets

1,356

Gain on disposal

29

38. LOSS PER SHARE Loss for the year 2010 US$'000 Loss for the year for the computation of basic earnings per share

2009 US$'000

(150,127)

(117,004)

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. Loss Per Share

2010 US$'000 Net Residual Loss - Basic

2009 US$'000

(150,127)

(117,004)

2009 2010 Weighted average of outstanding shares for the purposes of basic loss per share (in full amount) Theoretical ex-rights value per share Fair value of common share before the exercise of rights Loss per share (in full amount) - Basic

8,910,784,376

As restated

As originally reported

6,131,724,232

5,109,770,193

Rp 275

-

Rp 751.25

Rp 330

-

Rp 860

(0.0168)

(0.0191)

(0.0229)

In relation with the Rights Issue (Note 1) carried out in 2010, the basic earnings per share in 2009 were restated to give effect to the bonus element of the Rights Issue. In 2010 and 2009, the potential shares on convertible bonds are anti-dilutive, accordingly, therefore diluted earnings per share was no longer presented.

- 57 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 39. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES At the Annual General Meeting of Stockholders held on April 2009, the stockholders approved the declaration of dividends for 2008 amounting to Rp 5 per share (totaling US$ 2,082 thousand). 40. 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. 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.

Expenses paid to related parties accounted for 0.82% and 0.45% of total operating expenses in 2010 and 2009, respectively. The details of expenses from related parties are as follows:

2010 US$'000

2009 US$'000


3,045 1,170 257 122

1,528 571 63 11

Total

4,594

2,173

- 58 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) b.

The remuneration of the Company’s key management (commissioners and directors) during the year are as follows:

2010 US$'000

2009 US$'000

Short-term benefits Post-employment benefits

1,564 585

1,495 287

Total

2,149

1,782

41. 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.

The accounting policies of the operating segments are the same as the accounting policies described in Note 3. 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.

- 59 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 2010 Chemical US$'000

Gas US$'000

Oil US$'000

FPSO US$'000

Others * US$'000

Total US$'000


528,597

51,253

65,373

9,801

1,830

656,854


528,597

51,253

65,373

9,801

1,830

656,854


62,773 130,853

1,134 1,785

5,219 18,655

16 766

-

69,142 152,059


193,626

2,919

23,874

782

-

221,201

52,301

-

3,285

177

-

55,763

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Lubricants Transportation Processing of documents Supplies Employees' meal allowances Others

43,767 15,483 8,754 5,975 4,381 3,675 2,287 2,015 1,579 7,192

8,269 539 2,319 663 1,496 1,146 691 577 473 666

8,723 2,470 2,857 2,717 1,493 1,458 1,114 596 714 2,096

1,245 37 521 803 46 365 159 65 213 215

-

62,004 18,529 14,451 10,158 7,416 6,644 4,251 3,253 2,979 10,169

Total Ship Operating Expenses Vessel Depreciation

95,108 94,378

16,839 20,250

24,238 28,522

3,669 2,433

-

139,854 145,583

435,413

40,008

79,919

7,061

-

562,401

93,184

11,245

(14,546)

2,740

1,830

94,453

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 Loss before tax Tax expense

(84,393) (91,161) (137,599) 94,247 (33,176) 8,303 384 (148,942) (1,185)

Loss for the year

(150,127)

Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets

165,829 94,378

86,145 20,250

25,696 28,522

65,654 2,433

1,677,252

316,182

285,560

74,231

164,885

2,518,110 352,575 2,870,685

48,784

10,993

8,835

6,729

33,053

108,394 2,044,082

Liabilities Segment liabilities Unallocated Consolidated total liabilities

-

343,324 145,583

2,152,476

* Represents agency and storage services

- 60 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 2009 Chemical US$'000

Gas US$'000

Oil US$'000

FPSO US$'000

Others * US$'000

Total US$'000


475,987

44,137

85,861

10,367

1,994

618,346


475,987

44,137

85,861

10,367

1,994

618,346

56,800 95,701

1,398 2,389

5,219 14,550

30 -

-

63,447 112,640

152,501

3,787

19,769

30

-

176,087

52,288

-

3,285

-

-

55,573

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants O hers

39,266 10,630 8,556 5,150 2,173 3,471 1,614 1,747 4,590 3,672

6,489 292 1,430 620 415 789 354 365 881 1,187

9,090 2,038 2,618 2,158 850 1,420 648 582 2,034 2,533

1,295 215 161 741 36 217 200 97 23 213

-

56,140 13,175 12,765 8,669 3,474 5,897 2,816 2,791 7,528 7,605

Total Ship Operating Expenses Vessel Depreciation

80,869 90,794

12,822 11,213

23,971 25,115

3,198 6,467

-

120,860 133,589

376,452

27,822

72,140

9,695

-

486,109

99,535

16,315

13,721

672

1,994

132,237

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 decrease General and administrative expenses Investment income Share in profits of associates Loss before tax Tax expense

(196,420) 123,948 (111,514) (61,188) (31,153) 18,426 9,621 (116,043) (961)

Loss for the year

(117,004)

Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated

141,808 90,794

36,613 11,213

14,048 25,115

17,905 6,467

222 -

210,596 133,589

1,578,283

249,911

257,084

47,189

71

2,132,538 389,477 2,522,015

54,105

9,193

16,141

1,086

67

80,592 1,792,664


1,873,256

* Represents agency and storage services

- 61 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Geographical Information The Company is domiciled in Indonesia and the principal holding companies of foreign subsidiaries are domiciled in Malaysia. Management did not present an analysis of revenue from external customers attributed to the Company’s country of domicile and those attributed to all foreign countries in total from which the revenues are derived, because the necessary information is not available and the cost to develop it would be excessive. Information about non-current assets by geographical locations based on the domicile of the Company and its principal holding companies is shown below: 2010

Non-current assets Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investment in associates Available-for-sale investment Total

2009

Non-current assets Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investment in associates Derivative financial instruments Total

Malaysia US$'000

Indonesia US$'000

Elimination US$'000

Consolidated US$'000

337

2,346,239

1,965,718

380,184

21,444 29,820 7,783 34,302.00

879,310 -

1,118 45,919 (879,138) -

22,562 75,739 7,955 34,302

2,059,067

1,259,494

(831,764)

2,486,797

Malaysia US$'000

Indonesia US$'000

Elimination US$'000

Consolidated US$'000

6,189

1,991,975

1,723,975

261,811

15,073 63,075 75,976 19,124

59 864,040 -

7,949 12,664 (863,891) (2,180)

23,081 75,739 76,125 16,944

1,897,223

1,125,910

(839,269)

2,183,864

Revenues from major services The Company and its subsidiaries’ operating revenues by type of services are as follows:

2010 US$'000

2009 US$'000

Time charters Spot contracts and contracts of affreightment Agency fee and storage

89,781 565,243 1,830

92,578 523,774 1,994

Total

656,854

618,346

- 62 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 42. 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. Goodwill amortization for the years ended December 31, 2003 to 2010, which includes US$ 2,872 thousand each in 2010 and 2009, were also reversed under IFRS. 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. 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.

- 63 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. The change had an impact on amounts of reported net profits and retained earnings as follows:

2010 US$'000 Net profits Retained earnings

231 875

2009 US$'000 304 1,106

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. 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.

- 64 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) A summary of the significant adjustments to consolidated loss for the years ended December 31, 2010 and 2009 and to consolidated stockholders’ equity as of December 31, 2010 and 2009 from Indonesian GAAP to IFRS are set forth below:

Note Loss for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Depreciation of revalued vessels Net revaluation decrease Amortization of landrights Amortization of deferred rent Interest on security deposits Measurement of financial liabilities at amortized cost Unrealized gain on sale of an associate

December 31, 2010 2009 US$'000 US$'000

(154,401)

(285,876)

(a) (b) (b) (b) (c) (c)

2,872 (95) 787 (45) -

2,872 166,587 (34) (597) 348

(c) (d)

231 524

Total adjustments

4,274

Loss for the year in accordance with IFRS

Total adjustments Equity in accordance with IFRS

- 65 -

168,872

(150,127)

(117,004)

684,171

618,292

(a) (a) (b) (b)

14,245 20,589 (3,803) (24,928)

11,373 20,589 (2,006) (24,833)

(b)

(57,773)

(57,773)

(b) (b) (b) (c) (c) (c) (c)

95,020 (167) (9,646) (687) 421 (190) 177

95,020 (122) (10,433) (687) 421 (190) 177

(c) (d) (e)

(875) 524 1,131

(1,106) 37

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

(304) -

34,038

30,467

718,209

648,759

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) a. 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 Advance for purchase of property, vessels and equipment Investments in associates Other non-current assets

2,327,320

18,919

2,346,239

20,250 7,955 96,722

(20,250) 35,881

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


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 Obligations under finance lease Notes payable Other non-current liabilities

707,562 148,261 342,769 316,000 265,496

943 -

708,505 148,261 342,769 316,000 265,496

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

- 66 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) b. Reconciliation of consolidated statements of financial position between IFRS and Indonesian GAAP at December 31, 2009. INDONESIAN GAAP

Reconciling Items

IFRS

US$ ('000)

US$ ('000)

US$ ('000)

Property, vessels and equipment - net Advance for purchase of property, vessels and equipment Investments in associates Other non-current assets

1,946,389

45,586

1,991,975

46,905 76,125 90,993

(46,905) 24,771

76,125 115,764

Total Non-Current Assets

2,160,412

23,452

2,183,864

Trade accounts receivable Available-for-sale investments Cash Other current assets

129,976 44,898 118,732 43,904

641

129,976 44,898 118,732 44,545


337,510

641

338,151

2,497,922

24,093

2,522,015

Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Revaluation reserve Retained earnings

70,936 114,824 (86,628) (16,828) 757 237,677 297,554

177 17,242 (2,006) 15,054

70,936 115,001 (86,628) 414 757 235,671 312,608

Total Equity

618,292

30,467

648,759

Long-term liabilities - net of current maturities Loan from financial institutions Bonds payable Obligations under finance lease Notes payable Other non-current liabilities

779,538 141,575 228,925 249,809 34,819

(8,084) (63) -

771,454 141,512 228,925 249,809 34,819

1,434,666

(8,147)

1,426,519

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

65,225 35,179 278,309 66,251

1,773

65,225 35,179 280,082 66,251

Total Current Liabilities

444,964

1,773

446,737

2,497,922

24,093

2,522,015

Total Non-current Liabilities

Total Equity and Liabilities

- 67 -

-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) c.

Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended December 31, 2010. INDONESIAN GAAP US$ ('000)

Reconciling Items US$ ('000)

IFRS US$ ('000)

Operating revenues

656,854

-

656,854

Voyage expenses

(221,201) *

-

(221,201)

Operating revenues after voyage expenses

435,653

-

435,653

Charter expenses

(55,763) *

-

(55,763)

Ship operating expenses

(139,854) *

-

(139,854)

Vessel depreciation

(145,488) *

(95)

(145,583)

(285,342)

(95)

(285,437)

Gross profit

94,548

(95)

94,453


(33,368)

192

(33,176)


61,180

97

61,277

(138,322)

723

(137,599)

Vessel depreciation and ship operating expenses

Net financial and other items Finance cost Investment income Share in profits of associates Other gains and losses

Loss before tax Tax expense

-

8,303

384

-

384

(84,761)

3,454

(81,307)

(214,396)

4,177

(210,219)

(153,216)

4,274

(148,942)

(1,185)

Loss for the year

*

8,303

(154,401)

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

- 68 -

4,274

(1,185) (150,127)

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) d. Reconciliation of consolidated statement of comprehensive income between IFRS and Indonesian GAAP for the year ended at December 31, 2009.

Operating revenues

INDONESIAN GAAP US$ ('000)

Reconciling Items US$ ('000)

618,346

-

618,346

-

(176,087)

-

442,259

(176,087) *

Voyage expenses Operating revenues after voyage expenses

442,259

Charter expenses

(54,976) *

Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(597)

IFRS US$ ('000)

(55,573)

(120,860) *

-

(120,860)

(133,589) *

-

(133,589)

(254,449)

-

(254,449)

Gross profit

132,834


(32,927)

1,774

(31,153)

99,907

1,177

101,084

(109,500)

(2,014)

(111,514)

18,078

348

18,426

9,621

-

9,621

(303,021)

169,361

(133,660)

(384,822)

167,695

(217,127)

(284,915)

168,872

(116,043)

(961)

-

(961)

(285,876)

168,872

(117,004)


(597)

132,237

Net financial and other items Finance cost Investment income Share in profits of associates Other gains and losses


*

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

43. 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 disclosed in Notes 18, 19, 20, 21, 22, 25 and 27, cash, short-term investments and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 12, 13, 14, 15, 16 and 17.

- 69 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The Company’s Board of Directors periodically reviews the Company’s capital structure. As part of this review, the Board of Directors considers the cost of capital and the related risks. The gearing ratio as of December 31, 2010 and 2009 is as follows:

Indonesian GAAP 2010 2009 US$'000 US$'000

2010 US$'000

2009 US$'000

Debt Cash and short-term investments

1,952,794 164,248

1,754,609 163,630

1,953,932 164,248

1,748,235 163,630

Net debt Equity

1,788,546 684,171

1,590,979 618,292

1,789,684 718,209

1,584,605 648,759

Net debt to equity ratio

261%

257%

IFRS

249%

244%

B. Significant Accounting Policies Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognized, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. C. Categories of Financial Instruments Financial Assets Financial assets at FVTPL US$'000 As of December 31, 2010 Security deposits Trade accounts receivable Other accounts receivable Short-term investments Cash

As of December 31, 2009 Derivative financial instruments Security deposits Trade accounts receivable Other accounts receivable Short-term investments Cash

- 70 -

Availablefor-sale investments US$'000

Loans and receivables US$'000

Held-tomaturity investments US$'000

483 -

79,481 -

16,161 160,166 11,790 84,284

-

483

79,481

272,401

-

19,203 -

44,898 -

15,581 129,976 7,350 118,732

-

19,203

44,898

271,639

-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities As of December 31, 2010 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000 Long-term loans from financial institutions Bonds payable Notes payable Other loans from non-financial institutions Convertible bonds Obligations under finance lease Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities and accrued expense

As of December 31, 2009 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000

316,000

887,166 148,261 -

249,809

911,868 147,867 -

75,775 -

30,837 165,057 392,152 14,459 63,943

99,560 28,284 -

12,409 261,497 65,225 35,179

-

49,094

-

53,241

391,775

1,750,969

377,653

1,487,286

The convertible bonds with a nominal value of US$ 125 million and notes payable with a nominal value of US$ 400 million were designated at fair value through profit or loss (FVTPL) upon initial recognition in 2007. In December 2010, there was a substantial modification on the terms of the convertible bonds that led to the extinguishment of the old convertible bonds and recognition of new convertible bonds. The new convertible bonds were recognized and considered as hybrid instrument containing a debt host contract and embedded derivatives. The embedded derivative liability is 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 (Note 25). The fair value and the change in that fair value attributable to changes in credit risk are presented as follows:

2010 Convertible Notes bonds payable US$'000 US$'000 Contractual amount to be paid at maturity Fair values Changes in fair value attributable to changes in credit risk Difference between carrying amount and amount contractually required to be paid at maturity

2009 Convertible Notes bonds payable US$'000 US$'000

-

400,000

161,975

400,000

-

316,000

99,560

249,809

-

(130,973)

(34,099)

(140,924)

-

(84,000)

(62,415)

(150,191)

The change in fair value attributable to change in credit risk is determined as the residual of the change in fair value attributable to the change in market risk from the total change in fair value of the financial liabilities. The change in fair value attributable to its change in market risk was computed using the benchmark interest rates as at the end of operating period. The change in fair value was impacted by the downgrade of the notes payable’s and convertible bonds’ credit rating. D. 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.

- 71 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Foreign Exchange Risk Management The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years. It is the Company and its subsidiaries’ policy to manage foreign exchange risks within prudent levels so as to maximize profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks. Foreign exchange risk exposures are measured using a sensitivity analysis as shown below. The carrying amounts of the Company and its subsidiaries monetary assets and monetary liabilities denominated in currencies other than their respective functional currency at the reporting dates are as follows:

Assets 2010 2009 US$'000 US$'000 Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar Others

29,480 289 3 3,692 1,280 1,619 1,112 337 37,812

46,861 2,000 418 3,926 3 25 6,109 59,342

Liabilities 2010 2009 US$'000 US$'000 344,038 31,779 41 564 10,301 290 11,327 396 398,736

117,740 96 166 10 1 4,497 122,510

The following table details the Company and its subsidiaries’ sensitivity to changes in US Dollar against the above currencies. The sensitivity rate below are used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at period end for the change in foreign currency exchange rates. A positive number below indicates an increase in profit and equity where the above currencies strengthen at certain percentage against the U.S. Dollar. For the same percentage of weakening of the above currencies against the U.S. Dollar, there would be an equal and opposite impact on profit and equity.

2010 Sensitivity rate Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

7% 10% 14% 9% 6% 1% 5%

2009

Effect on profit or loss and equity US$'000 22,109 3,149 5 282 541 13 511

Sensitivity rate 7% 7% 12% 10% 6% 1% 5%

Effect on profit or loss and equity US$'000 4,962 133 50 376 1 - * 81

* Less than US$ 500. In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk as the year-end exposure does not reflect the exposure during the year.

- 72 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. The following table details the cross currency, interest rate swap and derivative contracts outstanding as at reporting date: Fair value Notional Amounts Asset (Liability) 2010 2009 2010 2009 US$'000 US$'000 US$'000 US$'000

Less than 1 year 1 to 2 years 2 to 5 years More than 5 years

102,273 800,000 -

156,676 102,273 500,000

(6,688) (59,234) -

1,597 (17,407) 16,944

902,273

758,949

(65,922)

1,134

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). The Company’s exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the reporting date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the reporting date was outstanding for the whole year. A 150 basis points (2009:150 basis points) increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates. If interest rates had been 150 basis points (2009: 150 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries’ loss for the year ended December 31, 2010 and December 31, 2009 would decrease/increase by US$ 10,390 thousand and US$ 12,788 thousand, respectively. This is mainly attributable to the exposure to interest rates on its variable rate borrowings. Credit Risk Management The Company and its subsidiaries’ exposure to credit risk is primarily attributable to trade 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 5% of their revenue from Pertamina (National Oil Company of Indonesia), there has been no history of credit default with Pertamina. The carrying amount of financial assets recorded in the consolidated financial statements (Note 43C) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.

- 73 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) 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. 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. Financial Liabilities Weighted average effective interest rate

2010 Non interest bearing Floating interest rate instruments Fixed interest rate instruments

2009 Non interest bearing Floating interest rate instruments Fixed interest rate instruments

Less than 1 month US$'000

1-3 months US$'000

3 months to 1 year US$'000

1 - 5 years US$'000

After 5 years US$'000

22,660

55,843

41,417

-

-

119,920

2.85%

9,754

22,442

110,514

432,054

183,968

758,732

8.07%

13,518

31,130

260,267

1,354,752

9,944

1,669,611

45,932

109,415

412,198

1,786,806

193,912

2,548,263

26,145

18,245

163,444

-

-

207,834

2.39%

27,594

37,810

117,029

396,188

311,577

890,198

8.94%

10,172

14,034

108,562

1,050,019

7,209

1,189,996

63,911

70,089

389,035

1,446,207

318,786

2,288,028

- 74 -

Total US$ 000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) The following table details the Company and its subsidiaries’ expected maturity for its nonderivative financial assets. The tables below have been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets except where the Company and its subsidiaries anticipates that the cash flow will occur in a different period. Financial Assets

2010 Non interest bearing

2009 Non interest bearing Floating interest rate

Less than 1 month US$'000

1 - 3 months US$'000

3 months to 1 year US$'000

31,011

68,877

152,032

-

16,161

268,081

31,011

68,877

152,032

-

16,161

268,081

76,474 44,898

3,755 42,858

-

15,601 -

152,928 87,756

121,372

46,613

-

15,601

240,684

57,098 57,098

1- 5 years US$'000

After 5 years US$'000

Total US$'000

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 2010 and convertible bonds and notes payable in 2009 which were classified as financial liability at fair value through profit or loss (see Notes 20 and 25). To manage its price risk, the Company’s management supervises and monitors the Company and its subsidiaries’ performance. As of December 31, 2010 and 2009, if the market price of the financial liabilities had increased/decreased by the following sensitivity rates with all other variables held constant, loss for the year would have been lower/higher as follows, mainly as a result of the change in the fair value of the convertible bonds and notes payable recognized in profit or loss.

2010 Effect on profit Sensitivity or loss and equity Rate US$'000 Convertible bonds Notes payable

5%

15,800

2009 Effect on profit Sensitivity or loss and equity Rate US$'000 25% 15%

24,890 37,471

If prices for short-term investments increase or decrease by 1% with all other variables being constant, the effect on equity is as follows:

2010 US$'000 Increase/Decrease in equity

799

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2009 US$'000 449

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) E. Fair Value of Financial Instruments Except as detailed in the following table, the management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements (Note 43C) approximate their fair values:

2010 Carrying amount US$'000 Borrowings: Convertible bonds Bonds payable Other long-term loans from non-financial institutions at fixed rate

2009 Fair value US$'000

Carrying amount US$'000

Fair value US$'000

165,057 148,261

176,724 148,444

147,867

149,970

11,227

13,167

12,409

14,771

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. Fair value measurements recognized in the statement of financial position The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based on the degree to which the fair value is observable. • Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). • Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued)

2010 Level 1 US$'000

Level 2 US$'000

Level 3 US$'000

Total US$'000

Financial assets at AFS and FVTPL Short-term investments

79,964

-

-

79,964

Total

79,964

-

-

79,964

Financial liabillities at FVTPL Derivative financial liabllities Notes payable

(316,000)

(75,775) -

-

(75,775) (316,000)

Total

(316,000)

(75,775)

-

(391,775)

2009 Level 1 US$'000

Level 2 US$'000

Level 3 US$'000

Total US$'000

Financial assets at AFS and FVTPL Derivative financial assets Short-term investments

44,898

19,203

-

19,203 44,898

Total

44,898

19,203

-

64,101

Financial liabillities at FVTPL Derivative financial liabllities Convertible bonds Notes payable

(99,560) (249,809)

(28,284) -

-

(28,284) (99,560) (249,809)

Total

(349,369)

(28,284)

-

(377,653)

There are no transfers between Levels 1 and 2 in 2010 and 2009. 44. NON CASH TRANSACTIONS In 2010 and 2009, the Company and its subsidiaries entered into non-cash investing and financing activities through the acquisition of vessels under finance leases amounting to US$ 180,408 thousand and US$ 35,895 thousand, respectively. 45. 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:

2010 US$'000 Within one year In the second to fifth years inclusive Total

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2009 US$'000

21,174 80,914

21,057 80,914

102,088

101,971

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) Revenues earned by the Company on those contracts, which were included in operating revenues, amounted to US$ 38,062 thousand and US$ 49,684 thousand thousand in 2010 and 2009, respectively. b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to US$ 1 million to US$ 55 million per year, which will end between 2011 - 2021. At the reporting date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2010 US$'000

2009 US$'000

Within one year In the second to fifth years inclusive After five years

53,882 143,144 129,471

56,754 197,027 129,471

Total

326,497

383,252

The minimum lease payments under charter contracts recognized as an expense amounted to US$ 55,763 thousand and US$ 55,573 thousand in 2010 and 2009, respectively. c.

The subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 33,638 million in 2010 and JPY 46,387 million in 2009.

d. In 2010, the subsidiary entered into purchases of three second-handed 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 December 31, 2010, Richesse Logistics (Fangcheng Port) Co., Ltd, has paid US$ 20.9 million, which is included under the construction in progress account.

46. EVENTS AFTER THE REPORTING PERIOD a. In February 2011, a subsidiary obtained loans from DnB NOR Bank ASA (as lead manager), BNP Paribas, ING Bank N.V., NIBC Bank Ltd., Nordea Bank Finland Pic, and Standard Chartered Bank through Senior Secured Credit facility with maximum credit of US$ 685 million, which consist of the following credit facilities: •

Facility A amounting to USD 615 million to settle the Company and its subsidiaries loan from Mount Gede LLC, DVB Group Merchant Bank (Asia) Ltd., ING Bank N.V., DnB NOR Bank ASA (Note 18).This loan is payable in 18 quarterly installments of US$ 15,400 thousand and a final installment payment of US$ 337,800 thousand upon maturity on February 2016. Such facility is secured by a registered mortgage on a subsidiaries’ vessels.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2010 AND 2009 AND FOR THE YEARS THEN ENDED (Continued) •

Facility B amounting to US$ 70 million to finance the construction of new vessels. The loan has a term of less than 5 years.

Interest rate is at LIBOR plus certain percentage. b. In March 2011, the Company and its subsidiaries entered into sale and leaseback agreements for four chemical tankers with Standard Chartered Bank. Part of the proceeds were used to settle the loans with DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore (Note 18b) and DnB NOR Bank ASA, Singapore and NIBC Bank Ltd. (Note 18q). c.

On May 10, 2011, PT Buana Listya Tama, a subsidiary, obtained the notice of effectivity from the Chairman of Bapepam&LK in his letter No. S5214/BL/2011 in connection with the initial public offering of 6,650,000,000 shares with Rp 100 par value per share and issuance of 3,325,000,000 series I warrants with total proceeds of US$ 114 million. The Company’s percentage of ownership before the Initial Public Offering (IPO) was 100% and became 62.3% after the IPO. The Company’s share in the net assets of the subsidiary as of December 31, 2010, prior to the IPO, amounted to US$ 176 million and, on a proforma basis, after the IPO amounted to US$ 181 million. The shares of PT Buana Listya Tama were listed on the Indonesian Stock Exchange on May 23, 2011.

47. CURRENT ECONOMIC CONDITIONS While global trade and industrial production showed signs of recovery in 2009 and 2010, there were still a number of challenges being faced by the shipping industry, which includes among others, freight rates which have not returned to pre-crisis level. These conditions had an adverse effect on the Company and its subsidiaries' operations. Accordingly, in 2010, the Company and its subsidiaries experienced lower gross profit compared with the prior year. The Company and its subsidiaries also incurred losses of US$ 150,127 thousand in 2010 which was principally due to decrease in income from operations, and increase in finance cost and non-operating losses arising from changes in the fair value of the convertible bonds and notes payable. The ability of the Company and its subsidiaries to maintain operations and profitability, pay their debts as they mature and meet their financial covenants with lenders may be dependent to a large extent on the measures being instituted by management, which include, among others, the following: • • • • •

Generate new long-term contracts across diversified geographic areas and industries; Take advantage of the Indonesia cabotage opportunities; Improve the capital structure and liquidity; Secure access to financing of new vessel deliveries; and Implement cost efficiency measures.

Note 43 to the consolidated financial statements also describe the Company and its subsidiaries' financial risk management and also their liquidity risk profile. Despite the current uncertain economic outlook, management has a reasonable expectation that the Company and its subsidiaries will be able to execute its strategies and manage its business and financial risks successfully. The Company and its subsidiaries' management also believe that they have adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements. 48. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors and authorized for issue on June 8, 2011. *******

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4HISPAGEHASBEENINTENTIONALLYLEFTBLANK

GROUP ADDRESSES HEAD OFFICE

SUBSIDIARIES

REPRESENTATIVES

PT Berlian Laju Tanker Tbk Head Office Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone: +62 21 30060300 Fax: +62 21 30060389 Email: [email protected], [email protected]

PT Banyu Laju Shipping Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone: +62 21 30060300 Email: [email protected]

BLT Beijing Room 701, BLK 3, Huaqiao Building No.24 Jian Guo Men Wai Road Chao Yang District, Beijing 100022, China Phone: +86 10 65150116 Fax: +86 10 65159590 Email: [email protected]

BRANCH OFFICE PT Berlian Laju Tanker Tbk Dumai Branch Graha Berlian Dumai, 3rd floor Jalan Yos Sudarso No.159 Dumai 28814 – Indonesia Phone: +62 765 38466, 439143 Fax: +62 765 31884 Email: [email protected], [email protected] PT Berlian Laju Tanker Tbk Merak Branch Jalan Pulorida No.18, Desa Tamansari, Merak, Banten 42438 – Indonesia Phone: +62 254 570560, 570561 Fax: +62 350 5406 Email: [email protected]

PT Karya Bakti Adil Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone: +62 21 30060300 Fax: +62 21 30060461 Email: [email protected] Gold Bridge Shipping Ltd China Insurance Group Building, 20th floor, Room 2007-10 141 Des Voeux Road, Central Hongkong Phone: +852 28542318, +852 28542592 Telex: 682112 OVIEW HX Fax: +852 28544704, +852 28544341 Email: [email protected]

BLT Shanghai Room 3007-08, 30th floor Hongkong Plaza, South Building No.283 Huai Hai Zhong Road Shanghai 200021, China Phone: +86 21 63906060 Fax: +86 2163906060 Email: [email protected], [email protected] BLT Taiwan 5th floor, Tai Hong Building No.71 Nanking East Road, Sec.2 Taipei, Taiwan, R.O.C Phone: +886 2 25428611, 2563140-42 Fax: +886 2 25718119, 25517990 Email: [email protected]

GBLT Shipmanagement Pte Ltd 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone: +65 6508 8380 Fax: +65 6508 8381 , +65 6508 8382 Email: [email protected], [email protected]

BLT Dubai Office408, Gold Crest Executive, Jumeirah Lake Towers, Sheikh Zayed Road, Dubai, UAE Phone: +971 4 3823 881 Fax: +971 4 3951 501 Email : [email protected]

GBLT Shipmanagement (UK) Limited 301 Springhill Parkway Glasgow, G69 6GA Scotland, United Kingdom Phone: + 44 141 773 2110 Fax: +44 141 771 9530 Email: [email protected]

BLT Xiamen Room 3202, 32/F, The Bank Centre, No. 189, Xiahe Road, Xiamen City Fujian Province, China Phone + 86 592 2218172 Email: [email protected]

Chembulk Tankers LLC The Delamar 175 Rennell Drive Southport, CT 06890 Phone: 203 682 1700 Fax: 203 227 0176 Email: [email protected], [email protected] Chembulk Management Pte Ltd. 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone: +65 6508 8377 Fax: +65 6508 8376 Email : [email protected], [email protected]

CBL Tankers do Brasil ltda. Al. Campinas 728, cj, 33 São Paulo, S.P. , Brazil CEP: 01404-001 Tel.: +55 11 2592 4984 Fax: +55 11 2592 4985 Email: [email protected]

PT Berlian Laju Tanker Tbk Wisma BSG, 10th Floor Jl. Abdul Muis No. 40 Jakarta 10160 - INDONESIA Ph + 62 21 3006 0300 Fx + 62 21 3006 0389, 3006 0391 Email: [email protected] [email protected]

GBLT Shipmanagement Pte Ltd 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone: +65 6508 8380 Fax: +65 6508 8381

w w w . b l t . c o . i d

PT BERLIAN LAJU TANKER Tbk ANNUAL REPORT Growing Indonesian Cabotage

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