PT BERLIAN LAJU TANKER Tbk. Leveraging On Our Strengths

PT BERLIAN LAJU TANKER Tbk

Leveraging On Our Strengths

ANNUAL REPORT 2008

CONTENTS Daftar Isi • Visi dan Misi ........................................................................... 1 Vision and Mission

• Tata Kelola Perusahaan yang Baik .......................................... 59 Good Corporate Governance

• Riwayat Singkat Perusahaan ................................................... 2 Company at Glance

• Kebijakan Dividen ............................................................ 77 Dividend Policy

• Tonggak Penting Perjalanan Perseroan .................................... 4 Corporate Milestones

• Penerbitan Obligasi Korporasi .......................................... 79 Corporate Bond Issuance

• Ikhtisar Data Keuangan Penting .............................................. 6 Financial Highlights

• Wesel Bayar .................................................................... 81 Notes Payable

• Struktur Organisasi ................................................................. 8 Organization Structure

• Penerbitan Obligasi Konversi ........................................... 81 Issuance of Convertible Bonds

• Informasi Perseroan ................................................................ 9 Company Information

• Pemeringkatan Efek ........................................................ 83 Financial Ratings

• Sambutan Dewan Komisaris ................................................. 10 Remarks from Board of Commissioners

• Susanan Kepemilikan Saham Perseroan ........................... 84 Statistics of Shareholdings

• Laporan Tugas Pengawasan Dewan Komisaris ...................... 14 Supervisory Report of the Board of Commissioners

• Pengembangan Sumber Daya Manusia............................. 86 Human Resources Development

• Sambutan Direksi ................................................................. 20 Remarks from Board of Directors

• Manajemen Serta Pelatihan Awak Kapal ........................... 87 Crew Management and Crew Training

• Pembahasan Operasional ..................................................... 29 Operations Review

• Tanggub Jawab Sosial Perusahaan .................................... 89 Corporate Social Responsibility

• Ringkasan Aktivitas Usaha ............................................... 29 Business Activities

• Analisa dan Pembahasan Manajemen.................................... 93 Management’s Discussion and Analysis

• Kapasitas dan Komposisi Armada Perusahaan ................. 30 Capacity and Composition of the Company’s Fleet

• Dewan Komisaris................................................................... 98 Board of Commissioners

• Penjualan dan Pemasaran ................................................. 37 Sales and Marketing

• Direksi ................................................................................ 100 Board of Directors

• Kekuatan Daya Saing ....................................................... 40 Competitive Strengths

• Surat Pernyataan ................................................................. 101 Statement Letter

• Strategi ............................................................................ 44 Strategy

• Laporan Auditor Independen ............................................... 109 Independent Auditor’s Report

• Prospek Usaha dan Kondisi Pasar ...................................... 47 Business Prospects and Market Conditions

• Group Addresses ......................................(on inside back cover)

• Anak Perusahaan Utama .................................................. 50 Major Subsidiaries • Kinerja Saham .................................................................. 53 Share Performance • Penghargaan dan Sertifikasi ............................................. 56 Awards and Certifications

VISION and Mission Visi Dan Misi

VISI

VISION

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

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

MISI

MISSION

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

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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COMPANY at a Glance Riwayat Singkat Perusahaan

RIWAYAT SINGKAT PERUSAHAAN

COMPANY AT A GLANCE

PT Berlian Laju Tanker Tbk (“Perseroan”) berdiri dengan nama PT Bhaita Laju Tanker pada tahun 1981. Perseroan mulai beroperasi dengan 2 kapal tanker minyak yang berbobot total 12.050 DWT. Pada tahun 1988 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, and begin their transshipment operation with two oil tankers of a total capacity 12.050 DWT. In 1988, the Company officially changed its name to PT Berlian Laju Tanker.

Usaha Perseroan dalam menyediakan jasa angkutan muatan cair berkembang dengan sangat pesat. Perkembangan dalam industri petrokimia dan minyak nabati juga semakin membuka peluang bagi Perseroan untuk memperluas cakupan usahanya. Oleh karena itu, pada tahun 1986 Perseroan memutuskan untuk memperluas cakupan muatan cair yang dilayani, antara lain meliputi bahan kimia, bahan bakar gas cair (LPG) dan minyak nabati.

The Company’s business of providing marine transportation services, with a particular focus on the transportation of liquid cargoes, has expanded vigorously. This also relates to the muchincreased demand for petrochemical and vegetable oil products worldwide over the last few years, which opened a number of opportunities for the Company to expand the extent and range of its business. To better respond the market demand, in 1986, the Company expanded its services to include transportation of a wide range of chemicals, liquefied petroleum gas (LPG) and vegetable oils.

Pada tahun 1990, Perseroan menjadi perusahaan pelayaran pertama di Indonesia yang mencatatkan sahamnya di Bursa Efek Indonesia. Perseroan memiliki jaringan internasional yang luas dalam hal pengoperasian, penjualan, dan pemasaran. Perseroan mempertahankan pertumbuhan jaringan usahanya di luar negeri, disamping mempertahankan komitmennya atas operasi usahanya terkontrol dengan aman untuk memastikan pelanggannya di pasar tersebut terintegrasi penuh dengan 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, Mumbai, untuk melayani pelanggan di Asia Selatan, Glasgow dan Rotterdam untuk melayani pelanggan di Eropa dan Westport - Connecticut dan Sao Paolo - Brasil untuk melayani pelanggan di Amerika Utara dan Amerika Selatan.

In 1990, the Company became the first Indonesian shipping company to be listed on the Indonesia Stock Exchange. Due to its extensive international operational, sales, and marketing network, the Company maintains an expanding network overseas, while maintaining commitment to keep secure control of its business operations and to ensure that clients in these markets are fully integrated into the Company’s operational network. Thus, in addition to its offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai and Beijing, the Company has also established marketing offices in Dubai to better serve customers in the Middle East; an office in Mumbai for customers in South Asia; Glasgow and Rotterdam offices for customers in Europe; and the Westport, Connecticut, and Sao Paolo, Brazil offices to serve customers in the North and South America.

Memiliki lingkup usaha pelayaran berskala internasional, Perseroan merupakan perusahaan pelayaran Indonesia pertama yang mencatatkan sahamnya di Singapore Exchange Securities Trading Limited pada tanggal 30 Oktober 2006. Singapura

As an internationally established shipping company with extensive operations abroad, the Company became the first Indonesian company to be listed on the Singapore Exchange Securities Trading Ltd on 30 October 2006. Considering Singapore’s position as the

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ANNUAL REPORT 2008

COMPANY at a Glance Riwayat Singkat Perusahaan

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.

largest regional economic and transshipment center, this move is expected to put the Company’s growth in a strategic place for the future.

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. Armada Perseroan yang terdiri dari kapal-kapal modern, didukung oleh perwira dan awak yang terlatih, berpengalaman, dan bersertifikat internasional. Pada akhir 2008, Perseroan mengoperasikan 88 kapal tanker berbobot total sekitar 2 juta DWT.

The acquisition of Chembulk Tankers LLC (“Chembulk”) at the end of 2007 put the Company in a wider coverage for transshipment services across the globe, including Europe, North America, South America, the Middle East, South Asia, Southeast Asia, East Asia/ Far East and Australia markets. The Company’s fleet of modern vessels is manned by well trained and accomplished, experienced and internationally certified officers and crew members. By the end of 2008, the Company operates 88 tankers with a total capacity of around 2 million DWT.

Dengan adanya perkembangan usaha yang demikian pesat, Perseroan telah menjadi sebagai salah satu penyedia jasa angkutan laut, khususnya muatan cair yang terbesar di Indonesia dan di dunia.

The Company’s capability to swiftly respond to the rapid expansion of the industrial sector has brought the Company acknowledgement as currently one of the largest providers of sea transportation services specializing in the transportation of liquid cargoes in Indonesia and throughout the world.

Melalui semboyan “Mengangkut dengan Selamat, Kompetitif dan Tepat Waktu”, Perseroan senantiasa berkomitmen untuk memberikan pelayanan bermutu, terbaik, dan merata 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.

‘Delivers with Safety, Competitiveness, and Timeliness’ is the Company’s motto to describe its commitment to provide excellent service equally to all customers. This commitment is further substantiated by a number of certifications issued by the International Safety Management Code (ISM Code), the ISO 9001:2000 standard, the ISO 14001:2004 standard, and with the OHSAS 18001:1999 standard, to the Company. The Company’s commitment to provide excellent transshipment service and its adherence to the highest possible standards will ensure the constant success of its business into the future.

ANNUAL REPORT 2008


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CORPORATE Milestones Tonggak Penting Perjalanan Perseroan

1981 Didirikan dengan memiliki dua kapal sebagai aset yang disewakan ke Pertamina

1986 Memulai transportasi bahan kimia cair dari dan untuk beberapa manufaktur kimia besar 1989 Memulai transportasi gas cair 1990 Penawaran Umum Saham Perdana Perseroan di BEJ dan BES (saat ini dikenal sebagai Bursa Efek Indonesia) 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 2004 Meresmikan beroperasinya kantor perwakilan di Glasgow guna melayani pasar Eropa 2005 Membuka kantor perwakilan di Dubai 2006 Penawaran Saham Perdana pada Bursa Singapura dan menjadi perusahaan pertama yang terdaftar di Bursa di Indonesia sekaligus Singapura BLT menjadi perusahaan penyedia jasa transportasi terbesar untuk segmen transportasi bahan kimia cair antar negara Asia, yang memiliki armada tanker kimia terbesar ketiga di kelas berbobot dibawah 20.000 ton. Memulai usaha di bidang offshore dengan memiliki kapal FPSO (Floating, Production, Storage, and Offloading) 2007 Membuka kantor pemasaran di Mumbai, India Mengakuisisi Chembulk Tankers LLC - USA, yang mengoperasikan 16 kapal tanker kimia berukuran besar. Langkah akuisisi ini menempatkan Perseroan menjadi salah satu perusahaan penyedia jasa transportasi terbesar di dunia, untuk segmen bahan kimia cair. 2008 Membuka kantor pemasaran di Sao Paolo, Brasil, untuk lebih dalam menembus pasar Amerika Selatan Pada akhir 2008 Perseroan beroperasi di semua wilayah pasar utama dunia, dengan armada yang terdiri dari 88 kapal (61 tanker kimia, 14 tanker minyak, 12 tanker gas dan 1 FPSO) dan total kapasitas angkut berbobot mati sekitar 2 juta ton.

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ANNUAL REPORT 2008

CORPORATE Milestones Tonggak Penting Perjalanan Perseroan

1981 Established with two tankers on charter to Pertamina (Indonesian state-owned oil company) 1986 Began transporting liquid bulk chemicals for major chemical manufacturers 1989 Began transporting liquefied gas 1990 Initial Public Offering of BLT shares on the Jakarta and Surabaya Stock Exchanges (currently known as Indonesian Stock Exchange) 1998 Acquired Asean Maritime Corp. including its subsidiary Gold Bridge Shipping Corp, which owned seven chemical tankers. This acquisition was intended to accelerate growth in Far East and China

2004 Opened an office in Glasgow to serve the European market 2005 Opened an office in Dubai 2006 Conducted a Primary Listing on SGX-ST to become the first company listed on both the Indonesian and Singaporean exchanges BLT becomes the largest transportation services provider in the intra-Asian chemical transportation market, with the third largest sub-20.000 DWT chemical tanker fleet globally. Entered the offshore business by operating an FPSO (Floating, Production, Storage, and Offloading) vessel 2007 Opened an office in Mumbai, India Acquired Chembulk Tankers LLC - USA, which operated 16 large size stainless steel chemical tankers. With this acquisition, the Company became one of the largest providers of maritime transportation services in the world in the liquid bulk chemical segment. 2008 Open an office in Sao Paolo, Brasil, penetrating deeper into the South American markets By the end of year 2008, the Company operates in all major markets and regions of the world. The Company maintains a fleet of 88 ships (61 chemical tankers, 14 oil tankers, 12 gas tankers and 1 FPSO) with total capacity of around 2 million DWT.

ANNUAL REPORT 2008


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FINANCIAL Highlights Ikhtisar Data Keuangan Penting

in Rupiah based on INDO GAAP 2008

2007

7,005,851 2,243,733 1,891,914 1,557,962

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

3,073,788 2,617,192 1,351,433 1,122,293 1,048,574 386,214 946,392 945,822 305,432 1,205,280 645,186 243,204

20,657,220

15,810,719

5,903,932 5,184,774 2,944,327

24,976,324 19,078,836 5,897,488 4,589,281

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

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

4,176,930

3,810,883

373

199

303

159

64

6.2

3.7

14.7

8.2

5.5

26.4

22.9

38.5

32.1

14.6

0.71

0.7

1.5

1.5

1.3

323.5

523.4

162.1

293.8

163.8

76.4

84.0

61.8

74.6

62.1

LAPORAN LABA RUGI (Rp Juta) INCOME STATEMENT (MILLION RP)

Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba Bersih Net Profit

2006

2005

2004

NERACA (Rp Juta) BALANCE SHEET (MILLION RP)

Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units) DATA PER SAHAM (Rp) PER SHARE DATA (RP)

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

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

3,973,970 4,046,588 3,780,785

Laba Bersih Per Saham Net Earning per Share RASIO Ratios

Operating profit

Profit of the year

(million Rp)

(million Rp)

(million Rp)

6


06

07

08

04

758,982

645,186

06

898,071

05

243,204

305,432

946,392

05

1,205,280

7,005,851 04

3,641,773

24,976,324 08

945,822

07

3,073,788

06

2,617,192

8,205,956

05

1,351,433

7,908,587

4,010,417 04

1,891,914

Operating revenues

(milion Rp)

20,668,625

Total assets

1,557,962

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 (%)

07

08

04

05

06

07

08

ANNUAL REPORT 2008

FINANCIAL Highlights Ikhtisar Data Keuangan Penting

in USD based on IFRS LAPORAN LABA RUGI (USD) INCOME STATEMENT (USD) Pendapatan Usaha Revenues Laba kotor Gross Profit Laba Usaha Operating Profit Laba Bersih Net Profit NERACA (USD) BALANCE SHEET (USD) Aktiva Tetap Bersih Property, vessels and equipment net Jumlah Aktiva Total Assets Jumlah Kewajiban Liabilities Ekuitas Equity Jumlah Saham yang beredar (‘000 unit) Share Issued (‘000 units) Jumlah rata-rata tertimbang Saham beredar (‘000 unit) Weighted average number of shares (‘000 units)

2008

2007

2006

723,682 217,652 182,167 24,892

398,643 118,794 96,824 76,778

335,217 113,442 94,921 107,490

266,405 101,619 91,370 60,210

151,544 44,098 35,559 34,259

1,982,260

1,891,626

817,556

677,148

398,735

2,405,724 1,736,400 669,324 4,589,281

2,413,086 1,837,860 575,226 4,159,010

1,077,989 560,780 517,210 4,157,572

960,141 603,062 357,079 4,157,214

561,839 293,697 268,265 4,144,385

4,176,930

3,810,883

3,973,970

4,046,588

3,780,785

0.006

0.020

0.027

0.014

0.009

1.0

3.2

10.0

6.3

6.1

3.7

13.3

20.8

16.9

12.8

0.71

0.7

1.5

1.3

1.3

259.4

319.5

108.4

168.9

109.5

72.2

76.2

52.0

62.8

52.3

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

2005

05

06

07

08

04

107,490 76,778

07

60,210

06

08

04

24,892

34,259

96,824

05

35,559

398,643

723,682 151,544

ANNUAL REPORT 2008

04

335,217

08

266,405

07

1,077,989

06

94,921

05

91,370

04

182,167

(in USD)

2,405,724

Profit of the year

(in USD)

2,413,086

Operating profit

(in USD)

960,141

Operating revenues

(in USD)

561,839

Total assets

2004

05

06

07


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ORGANIZATION Structure Struktur Organisasi

Board of Commissioners

President Director

Nomination Committee

Quality / HSE Management Representative

Business Development Director

Commercial Director

Commercial Corporate

Marketing & Operation

Legal & Insurance

Business Dev & Asset mgt

Vessels V Sales & Purchase

Chartering

Marketing & Operation

Finance Director

Remuneration Committee

Corporate Secretary

Audit Committee

Internal Audit

Administration Director

Finance & Treasury

Accounting

Investor Relations

Information Technology T

Ship Management Controller

Agency & Branch

Business Relation

People Management

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ANNUAL REPORT 2008

COMPANY Information Informasi Perseroan

BOARD OF COMMISSIONERS Mr Hadi Surya President Commissioner Mr Harijadi Soedarjo Commissioner Mr Alan Jonathan Tangkas Darmawan Independent Commissioner Mr Jaka Prasetya Independent Commissioner

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]

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 Mr Jaka Prasetya Mr Max Sumakno Budiarto REMUNERATION COMMITTEE Mr Alan Jonathan Tangkas Darmawan Mr Hadi Surya Mr Jaka Prasetya NOMINATION COMMITTEE Mr Alan Jonathan Tangkas Darmawan Mr Hadi Surya Mr Jaka Prasetya COMPANY SECRETARY Mr Wong Kevin

ANNUAL REPORT 2008

Chairman

Chairman

Chairman

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 3 Church Street #08-01 Samsung Hub Singapore 049483 AUDITOR Osman Bing Satrio & Rekan Member of Deloitte Touche Tohmatsu Wisma Antara 12th Floor, Jl. Medan Merdeka Selatan No.17 Jakarta -10110


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REMARKS from Board of Commissioners 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 2008 sehingga membawa perseroan tetap maju dan berkembang.

Firstly, the Board of Commissioners would like to express its gratitude to all Shareholders, the Board of Directors, and to the Management of the Company for their continuous support and hard work throughout 2008, that leads to the Company’s present progress and growth.

Kinerja yang baik tahun 2008 tidak terlepas dari faktor eksternal, yakni pertumbuhan ekonomi global dan ekonomi nasional yang cukup baik, walaupun menjelang akhir tahun perekonomian global menghadapi krisis yang dipicu oleh krisis keuangan di Amerika Serikat yang kemudian berdampak luas hampir ke semua negara di dunia, termasuk negara-negara yang ekonominya kuat.

The excellent performance recorded by the Company in 2008 was partially supported by external factors, including conducive global and national economic growth, even though by the end of the year the global economy was faced with crisis triggered by the financial crisis in the United States that subsequently affected all other countries in the world, including those that are historically known for their strong economy

Keadaan ekonomi makro yang masih belum stabil tahun 2008 menyusul kemudian krisis keuangan global memang menjadi tantangan, namun pertumbuhan ekonomi bangsa kita masih cukup baik walaupun ada risiko, namun tidak terlalu mengkhawatirkan. Suku bunga akan cenderung menurun dan akan memacu pertumbuhan di beberapa sektor kegiatan, termasuk di sektor transportasi. Sementara itu, laju inflasi memang agak tinggi, yakni mencapai 10.30 persen.

The instability of the macro economy condition in 2008 which was followed by a global financial crisis posed a challenge. Fortunately, the rate of economic growth of Indonesia was still good, and although this growth is subject to risk factors, this is not a substantial cause for excessive concern. Interest rates will continue to decline and it will stimulate a positive impact on a number of economic activities and sectors, including the transportation sector. Meanwhile, admittedly the rate of inflation has become pretty high at 10.3 percent.

Pada tahun 2008 Dewan Komisaris mencatat beberapa hal penting yang berhasil dicapai oleh perseroan, antara lain:

In 2008, the Board of Commissioners was gratified to note a number of important achievements by the Company, including the following:

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ANNUAL REPORT 2008


a. Perkembangan Armada - sebagai antisipasi terhadap meningkatnya pertumbuhan permintaan jasa transportasi laut, khususnya muatan cair, Perseroan telah meningkatkan kapasitas armadanya sehingga pada akhir tahun 2008 total armada Perseroan mencapai 88 unit dengan total bobot 2.1 juta DWT. Suatu peningkatan dibandingkan dengan akhir tahun 2007 dimana perseroan mengoperasikan 78 unit dengan total bobot 1.8 juta DWT.

a. Fleet development - In anticipation of increased demand for maritime transportation services, and particularly for the transportation of liquid bulk cargo, the Company has increased the capacity of its fleet to reach 88 vessels with a total capacity of around 2 million DWT by the end of 2008. This is a significant increase over the size and capacity of the fleet compared with 2007, when the Company’s fleet consisted of 78 vessels and a total capacity of 1.8 million DWT.

b. Penjajagan Pasar Baru – sejalan dengan peningkatan kapasitas armada, Perseroan telah merintis angkutan ke beberapa daerah baru di luar Asia seperti Mediterania, Afrika, Eropa dan Amerika Latin untuk meningkatkan fleksibilitas dan kemampuan Perseroan dalam mengoperasikan armadanya ke daerah-daerah yang dapat memberikan marjin yang menguntungkan.

b. Expansion of trading area - With the expansion in the capacity of its fleet, the Company has also successfully developed a number of new routes into areas outside Asia including in 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, Cashflow, 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. Maintained Liquidity, Cashflow and Financial Ratio – As part of its endeavors to expand the size of its fleet and to win a larger market share, the Company is continuing to pay attention to its liquidity, cash flow and financial ratios.

d. Keberhasilan akuisisi Chembulk Tankers LLC, sebuah perusahaan pelayaran Amerika Serikat, pada akhir 2007 secara langsung berdampak pada penambahan kapasitas angkutan armada dan memberikan kontribusi yang lebih besar dalam memperluas jaringan wilayah operasi dan pasar peseroan sehingga menjadi pemain Global.

d. The successful acquisition of Chembulk Tankers LLC, a US chemical tanker company, at the end of 2007 had a direct impact on the expansion of the Company’s fleet capacity and contributes greatly to the expansion of the Company’s operational and marketing network and facilitate its goal of becoming a global player.

Perkembangan dan pertumbuhan Perseroan sepanjang tahun 2008 cukup sehat. Selain membawa optimisme. perkembangan dan pertumbuhan yang cukup sehat tersebut memberikan

The growth and development of the Company throughout the year 2008 has been quite vigorous. This growth and development provides a strong foundation for the management of the Company

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keyakinan pada Jajaran Manajemen dalam menghadapi tantangan di tahun-tahun mendatang dan mewujudkan cita-cita Perseroan menjadi salah satu perusahaan pelayaran angkutan cair terbaik di Indonesia maupun regional. Untuk mencapai hal tersebut tentu menuntut kerja yang lebih keras dan komitmen penuh serta rasa confidence, baik Jajaran Manajemen dan seluruh Karyawan maupun dukungan penuh dari para Pemegang Saham dan Mitra Usaha.

to face the challenges that will emerge in years to come 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 region. In order to achieve this, hard work, total commitment, and confidence from all levels of management and staff, together with the support of the Shareholders and business partners, will be required.

Selain itu, untuk mencapai cita-cita perseroan, seluruh Jajaran dalam Perseroan terus bahu-membahu mempertahankan kinerja dengan terus memacu revenue dan lebih ketat dalam control biaya sehingga likuiditas cash flow dan cash surplus tetap meningkat sehingga pertumbuhan Perseroan terus 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 costs so that liquidity, cash flow, and cash surpluses will continue to improve and ensure the ongoing growth and sustainable development of the Company.

Dewan Komisaris juga mencatat bahwa Perseroan telah melakukan berbagai upaya untuk memperbaiki produktifitas dan konsoliodasi ke dalam dengan pencanangan tahun 2008 sebagai Tahun Konsolidasi. 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

The Board of Commissioners also notes the efforts of the Company to improve productivity and internal consolidation and made the year of 2008 and the year of Consolidation. The consolidation that took place in 2008 was re-arranging the trading route of all the vessels owned by the Company and its subsidiaries to achieve an optimum market penetration and the capitalization of growing business opportunity. Other consolidation that was done includes business group fund management that was centralized for better coordination on incoming and outgoing fund. Looking at the Company’s progress to this point and based on the forecast of ongoing stable economic

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Perseroan di masa-masa mendatang. Konsolidasi yang dilakukan antara lain menata ulang rute perdagangan dari kapal – kapal yang ada dari berbagai anak – anak perusahaan supaya terdapat optimalisasi penetrasi pasar dan pengkapitalisasian skala usaha yang semakin besar. Konsolidasi lain termasuk penanganan dana grup usaha yang lebih disentralisasikan sehingga dana masuk dan keluar dapat dikoordinasikan lebih baik.

growth in the Asian Pacific region, the Board of Commissioners is confident that the current management of the Company will continue to maintain and improve the Company’s performance and to harness regional and global economic growth to ensure the Company’s future growth.

Setelah mempelajari laporan keuangan Perseroan untuk tahun buku yang berakhir tanggal 31 Desember 2008 yang telah diaudit oleh Kantor Akuntan Publik Osman, Ramli Satrio & Rekan (member of Deloitte Touche Tohmatsu) dengan pendapat wajar tanpa pengecualian, Dewan Komisaris berpendapat bahwa secara umum usaha Perseroan selama tahun 2008 berjalan cukup baik dan dapat dipertanggungjawabkan. Direksi Perseroan bersama Jajaran Manajemennya telah mengambil kebijakan – kebijakan yang efektif dalam mengembangkan armada dan memanfaatkan kondisi eksternal yang kondusif sehingga Perseroan berhasil mencatat laba yang cukup baik 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 2008 ini.

After examining the Company’s financial reports for the book year ending 31 December 2008, which have been audited and found 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 recorded a good financial and operational performance. The Board of Directors of the Company and its management have implemented the appropriate policies to expand the Company’s fleet and to utilize the conducive external conditions in order to ensure that the Company recorded good net profits and added value to the Shareholders. Therefore, the Board of Commissioners has no hesitation in recommending that the Company’s Shareholders accept the Company’s business operations and financial performance report in 2008.

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

Finally, the Board of Commissioners would like to express its gratitude to the 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 and to the Independent Commissioners for their cooperation and effort in assisting the Board of Commissioners to exercise their supervisory role appropriately.

Sekian dan terima kasih.

Best Regards and Thank You,

Dewan Komisaris

The Board of Commissioners

ANNUAL REPORT 2008


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Supervisory Report of the Board of Commissioners Laporan Tugas Pengawasan Dewan Komisaris


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 2008 sehingga membawa perseroan tetap maju dan berkembang.

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 2008 which has kept the Company progressing in the right direction as we all look forward to.

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.

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

Financial Performance

Pada tahun 2008, kinerja keuangan dan pengembangan usaha meningkat secara signifikan dimana pendapatan berhasil meningkat 92% dan laba bersih juga meningkat sebesar 53% dibandingkan tahun 2007 berdasarkan IndoGAAP.

In 2008, the Company’s financial performance and business development has increased significantly to give rise to the revenue up to 92% and net profit up to 53% compared to 2007 as per IndoGAAP.

Total aktiva Perseroan pada posisi 31 Desember 2008 mencapai Rp.24.9 triliun atau tumbuh 21% dibanding periode yang sama tahun 2007 dan semakin memantapkan posisi Perseroan dan kekuatan daya saing di Indonesia maupun di dunia internasional.

Total Company assets by 31 December 2008 has expanded by 21% to a total value of Rp.24.9 trillion compared to the same period of 2007, which further has put the Company in a solid position to compete in both domestic and global market.

Pada tahun 2008, 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 staff lainnya untuk menghindari perdagangan efek orang dalam (insider trading).

The Board of Commissioners has also concluded that in 2008 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 2008, 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 2008, 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.

Kinerja Operasional

Operational Performance

Ekspansi armada yang telah dilakukan Perseroan sepanjang tahun 2008 telah meningkatkan kapasitas angkut Perseroan menjadi semakin besar sehingga meningkatkan skala operasi dimana jumlah kapal dalam armada perseroan telah meningkat menjadi 88 kapal pada tahun 2008 dibandingkan dengan 78 kapal pada

The fleet expansion by the Company throughout 2008 has expanded the tonnage capacity of the Company’s vessel and in terms of operational scale, in 2008 our fleet consists of 88 vessels, compared to 78 vessels in 2007. The fleet’s total tonnage capacity itself has increased from 1.8 million DWT in 2007 to

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tahun 2007. Dari segi kapasitas, perusahaan juga menunjukkan peningkatan dimana pada tahun 2007 total kapasitas angkut armada Perseroan adalah sekitar 1,8 juta DWT dan pada tahun 2008 jumlah tersebut telah naik menjadi sekitar 2,1 juta DWT. Dengan akuisisi yang dilakukan Perseroan terhadap Chembulk Tankers LLC pada akhir Desember 2007, Perseroan semakin memantapkan dirinya sebagai salah satu pemain terbesar untuk pengangkutan kargo kimia cair di dunia.

2.1 million DWT in 2008. With the completion of acquisition of Chembulk Tankers LLC by the end of December 2007, the Company has strengthen its position as one of the largest key players in liquid chemical cargo transportation in the world.

Secara keseluruhan, Dewan Komisaris menilai bahwa kinerja perusahaan selama tahun 2008 telah menunjukkan prestasi yang cukup baik.

In overall, the Board of Commissioners regards the Company’s 2008 performance as satisfying.

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.

ANNUAL REPORT 2008


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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 for 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 2008, Komite Nominasi melakukan penilaian terhadap kinerja setiap Direktur Perseroan. Penilaian ini didasarkan pada kinerja dan pencapaian yang telah ditunjukkan Direksi selama tahun 2007 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 2007 dinilai dan digunakan sebagai acuan dalam penentuan komposisi Dewan Komisaris pada periode selanjutnya.

Prior to 2008 Shareholders’ Annual General Meeting, the Nomination Committee has carried out assessment on the performance of each of the Directors, based on individual performance during 2007 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 2007 has been used as reference, also to determine what kind of composition of the Board of Commissioners shall be recommended for the following period.

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

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

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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.

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 perlu 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.

Kegiatan yang dilakukan oleh Komite Remunerasi pada tahun 2008 adalah menetapkan untuk memberikan usulan kenaikan 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 sesuai dengan perluasan tanggung jawab masing-masing anggota Direksi Perseroan sehubungan dengan adanya akuisisi Chembulk Tankers LLC pada tahun 2007. Pada akhirnya usulan kenaikan gaji dan/ atau tunjangan ini disetujui dalam Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 29 April 2008.

Accomplishment by the Remuneration Committee in 2008 were recommendation to salary and/or allowance increment 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, in line with expansion of responsibility of each member of the Board of Directors. This expansion of duties was required since the Company acquired Chembulk Tankers LLC by 2007. This recommendation was approved in the Shareholders’ Annual General Meeting that took place on 29 April 2008.

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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 2008, Komite Audit mengadakan pertemuan dengan Perseroan dengan frekuensi satu kali dalam dua bulan dan pertemuan dengan auditor eksternal sebanyak dua kali dalam tahun tersebut. Kegiatan – kegiatan yang dilakukan oleh Komite Audit pada tahun 2008 adalah sebagai berikut:

Throughout 2008, the Audit Committee met with the Company’s management once in two months, and with the external auditor twice during that year. Activities undertaken by the Audit Committee in 2008 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 monitoring related-party transactions

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). 18


5. Updating the Company’s Audit Committee Charter. ANNUAL REPORT 2008


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 2008, maka Dewan Komisaris menyampaikan beberapa hal yang perlu mendapat perhatian manajemen dalam menghadapi tahun 2009 antara lain sebagai berikut:

Based on supervision on the performance and realization of the Company’s 2008 work program, the Board of Commissioners has come to conclusion on some key aspects to be considered by the Management in the year 2009, as follows:

1. Perseroan perlu terus memperhatikan perkembangan ekonomi global dan menentukan rencana – rencana untuk menyikapi kondisi perekonomian global yang memburuk, sehingga mampu meminimalisir resiko terhadap Perseoran.

1. The Company should maintain a keen observation on the global economic development and make plans accordingly in order to be prepared in facing any trends of weakening global economy, and minimize the impact on the Company business.

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.

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 2008.

The Report of the Board of Commissioners on supervision of the Company in 2008 is duly made.


Thank you.

Dewan Komisaris


ANNUAL REPORT 2008


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REMARKS from Board of Directors Sambutan Direksi


Valued Shareholders and Business Partners of the Company,

Tahun 2008 adalah tahun yang penuh dengan gejolak dimana kita menyaksikan krisis kredit perumahan (sub-prime crisis) di Amerika Serikat yang menyebabkan banyak bank mengalami kerugian akibat gagal bayar dari pihak peminjam. Dengan berakhirnya Olimpiade di China pada bulan Juli 2008, tandatanda penurunan pertumbuhan ekonomi dunia sudah mulai terlihat dengan berkurangnya permintaan berbagai jenis bahan baku komoditas dunia. Namun penurunan yang cukup tajam mulai terjadi pada saat mulai disadari betapa besarnya kesulitan yang dihadapi beberapa lembaga keuangan terkemuka dunia di Amerika Serikat termasuk Lehman Brothers, Merrill Lynch, AIG dan lainnya. Efek dari krisis lembaga keuangan tersebut ternyata berdampak sangat besar terhadap ekonomi global ditandai dengan bergugurannya harga saham diseluruh dunia mencapai sekitar 40% - 75% dan hampir semua sektor ekonomi di dunia mengalami perlambatan seketika.

Year 2008 was a time of turbulence where we witnessed the Impact of mortgage crisis (sub-prime crisis) in US dragging down many major global banks for failure to pay their debtors. As the 2008 Olympic Games ended in July 2008, various signs of an economic slow down were evident from lower demand of many commodities around the world. However, drastic decrease of worldwide demand only began to hit the market with announcement of bankruptcy on several renowned financial institutions in US including Lehman Brothers, Merrill Lynch, AIG and some others. The domino effect of the crisis to the global economy turns out to be larger than anyone had expected, with the fall of many major stock markets around the world by 40% - 75% and almost all economic sectors experienced an immediate slow down.

Bank Dunia pada akhir tahun 2008 memprediksikan bahwa pertumbuhan GDP riil di kawasan Asia Timur akan turun menjadi 6.7% pada tahun 2008 dari rekor tertinggi pada tahun 2007 sebesar 10.5%. Namun walaupun mengalami perlambatan, tingkat pertumbuhan ekonomi negara-negara kawasan Asia Timur ini akan tetap lebih tinggi daripada pertumbuhan negara berkembang lainnya di dunia. Sebagian besar dari pertumbuhan tersebut di dukung oleh pertumbuhan ekonomi China yang diprediksikan sebesar 9.0% pada tahun 2008 atau turun dari 11.9% pada tahun 2007. Selanjutnya untuk tahun 2009 Bank Dunia memperkirakan tingkat pertumbuhan di kawasan Asia Timur akan turun lagi menjadi 5.3%. Sementara itu IMF memprediksikan bahwa pertumbuhan ekonomi di Timur Tengah akan turun juga menjadi sebesar 3.9% dan India sebesar 5.1%.

At the end of 2008, the World Bank had released a prediction that real GDP growth in East Asian region would slow down to 6.7% by 2008 from the highest record of 10.5% in 2007. Nevertheless, despite the economic slow-down, the overall growth of the countries in this region would still be higher than the developing countries in other regions. As predicted, one large part of the growth factor is China economy, which had grown by 9.0% in 2008 but slower compared to 11.9% growth rate in 2007. Subsequently for 2009, The World Bank further predicted that the growth rate in East Asia will be down to 5.3%. Meanwhile, IMF predicted that the rate of economic growth in the Middle East would slow down to 3.9% and 5.1% for India.

Di beberapa kawasan Asia, ekonomi negara-negara dengan orientasi ekspor yang tinggi dan lebih terkonsentrasi pada ekspor kepada Amerika Serikat seperti Singapura dan Hongkong mengalami dampak penurunan yang lebih besar daripada negara-negara tetangganya yang berakibat pada hasil kuartal pertama 2009 telah mengalami kontraksi pertumbuhan ekonomi yang akan berkelanjutan hingga beberapa kuartal terakhir.

Many countries in Asia with higher export activities, such as Singapore and Hong Kong, with US as their main destination country, have experienced larger contraction due to the sluggish market, compared to their neighboring Asian countries since the first quarter of 2009, and this should continue for the next few quarters .

Sementara itu walaupun dibayangi oleh kelesuan pasar global, pertumbuhan ekonomi Indonesia sampai dengan akhir tahun 2008 tidak mengalami gejolak yang terlalu besar dimana sampai Desember 2008 pertumbuhan ekonomi pada kuartal keempat masih tercatat angka setinggi 5.9% sehingga sepanjang tahun 2008 pertumbuhan ekonomi Indonesia masih berada pada tingkat 6.2%. Pertumbuhan ini relatif lebih baik daripada pertumbuhan negara-negara lain di Asia Tenggara seperti Malaysia, Phillipines dan Thailand.

Meanwhile, despite being under the shadow of the significant global market slowdown, the economic growth of Indonesia until the end of 2008 has not shown any significant contraction. The growth rate was, up to December 2008, registered at 5.9% making an average growth of 6.2% throughout 2008, which is relatively better off, compared to some other Southeast Asian countries such as Malaysia, Philippines and Thailand.

Krisis yang sedang melanda dunia sekarang ini menyebabkan penurunan permintaan atas barang dan jasa dalam berbagai aspek melanda banyak negara. Industri angkutan laut yang memainkan peran penting dalam perdagangan internasional

The ongoing global economic crisis has led to decreasing demand for goods and services between countries. The shipping industry, that has an integral part in international trading, also faced with the impact of the global economic slow down. One

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tersebut juga mengalami dampak akibat perlambatan ekonomi yang terjadi. Jadi sama seperti hampir semua industri-industri lainnya, industri perkapalan secara umumnya juga mengalami penurunan permintaan dimana sektor yang mengalami dampak cukup besar adalah sektor angkutan curah kering yang sangat terpengaruh oleh penurunan permintaan barang-barang komoditas seperti bijih besi.

particular segment of the maritime transshipment industry which has suffered the most damage due to the predicament is the dry bulk and container segments. Fewer demand for certain commodities such as iron ore and others has created this unfortunate situation.

Disisi lain tidak semua sektor angkutan laut mengalami hal yang sama seperti sektor angkutan curah kering. Pada sektor angkutan bahan kimia cair, walaupun ada pengaruh dari krisis ekonomi, namun oleh karena segmen kimia cair mempunyai situasi permintaan dan penawaran yang sama sekali berbeda dengan apa yang terjadi pada segmen angkutan curah kering dan angkutan kontainer, maka tarif tambang sektor angkutan kimia cair secara relatif jauh lebih stabil dari segmen angkutan laut lainnya bahkan sampai sekarang ini setelah kelesuan ekonomi dunia yang tajam telah berlangsung selama 6 bulan lamanya.

Quite contradictorily, not all segments of the maritime transshipment industry has experienced the same effect of the crisis. Transportation of liquid chemical products by sea has different situation of supply and demand, which has kept the business going on and almost unaffected by the crisis, thus ensure a more stable freight rates for this segment compared to dry bulk. This situation has been steady even from the last 6 months amidst the turmoil.

Cukup stabilnya sektor angkutan kimia cair ini telah membantu Perseroan yang bergerak pada sektor angkutan curah cair dan banyak memiliki kapal-kapal tanker kimia, khususnya setelah proses akuisisi Chembulk Tanker yang memiliki dan mengoperasikan kapal tanker kimia., Tarif angkutan secara relatif masih cukup stabil dan tidak mengalami penurunan tariff angkutan yang drastis seperti pada sektor curah kering.

The stability of this particular sector has helped the Company, which operates in the liquid chemical cargo transport sector and owns many chemical tanker ships, especially following the acquisition of Chembulk Tankers LLC which owns and operates solely chemical tanker fleet. The freight rates in this sector are still relatively stable and have not dropped as drastically as in dry bulk.

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Walaupun dunia sedang dilanda krisis ekonomi, secara umum permintaan pengangkutan untuk produk kimia cair mengalami peningkatan yang cukup stabil dari tahun ketahun. Dalam kurun waktu 2003-2008 total angkutan muatan cair mengalami peningkatan dimana angkutan kimia cair meningkat dari 144 juta ton menjadi 173.1 juta ton. Sementara itu, permintaan angkutan tanker minyak dapat tetap tumbuh walaupun hanya secara marjinal sekitar 0.1% pada kuartal ketiga 2008 dibanding dengan periode yang sama tahun lalu. Ini merupakan faktor positif bagi industri pelayaran secara umum dan Perseroan secara khusus.

Although the world economy is on crisis, in general, demand for transshipping services for liquid chemical products has seen a steady and stable growth over recent years. In the period between 2003 and 2008, total volume of chemical liquid bulk cargoes has increased from 144 to 173.1 million tons, while demand for oil tanker transportation services has grown moderately by 0.1% on the third quarter of 2008, compared to the same period in previous year. In overall, it was a positive impact to the maritime transportation industry in general, and to the Company’s performance in particular.

Di sektor angkutan produk kimia cair dan sejenisnya (termasuk minyak nabati/hewani) diperkirakan total angkutan pada tahun 2008 mencapai sekitar 173.1 juta ton. Ini menunjukkan peningkatan dibanding tahun 2007 yang mencatat angka 167.3 juta ton.

During 2008, the transportation of liquid bulk chemicals and similar products (including tallow and vegetable oils) is estimated to have reached a total of 173.1 million tons, representing a noteworthy escalation from 167.3 million tons recorded in 2007.

Sektor yang memberikan kontribusi terbesar dalam pertumbuhan permintaan ruang kapal tanker kimia adalah kimia organik. Di sektor perdagangan ini, negara-negara Asia terutama Timur Jauh dan Asia Tenggara mempunyai peranan penting karena porsi terbesar dari perdagangan kimia organik yang terjadi di kawasan ini terus meningkat dari tahun ke tahun. Diperkirakan angkutan kimia cair organik di kawasan Asia Tenggara dan Asia Utara termasuk Jepang pada tahun 2008 mencapai 23.2 juta ton, naik dari 21 juta ton ditahun 2006. Dalam periode yang sama, angkutan kimia cair organik untuk daerah Timur Tengah ke Asia juga naik dari 8.6 juta ton menjadi 10 juta ton. Kondisi ini memberikan dampak yang cukup positif bagi usaha Perseroan dikarenakan daerah operasi Perseroan mencakup dari Timur Tengah hingga Timur Jauh. Daerah ini merupakan daerah paling potensial dalam perdagangan kimia organik dunia, disamping jumlah penduduknya mencapai lebih dari setengah penduduk dunia.

One specific sub sector with largest contribution to the growth in demand for chemical tanker space was the organic chemical sector. In this sub sector, the Asian nations, and particularly the nations of the Far East and of Southeast Asia, played a particularly important role, as the greatest volume of trade in organic chemicals occurs within this region, with the volume of trade rising steadily over recent years. It is estimated that during 2008 total volume of liquid chemicals transported within and between the Southeast Asian region including Japan reached 23.2 million tons, a significant increase over 21 million tons recorded in 2006. Quite similarly was the transshipment of liquid chemicals cargo between Middle East and Asia, which recorded an increase from 8.6 in 2007 to 10 million tons in 2008. This has had a particularly positive impact on the Company’s business, considering that the Company has firm basis of operation in all major markets of Middle East and Asia. This area continues to offer the greatest potential for growth in terms of the trade of organic chemicals, particularly considering that the area is inhabited by more than one half of the world’s population nowadays.

Di sektor angkutan minyak sebagaimana kita ketahui, pertumbuhan permintaan jasa angkutan sangat dipengaruhi oleh volume produksi dan konsumsi minyak dunia. Permintaan untuk konsumsi serta produksi minyak dunia tumbuh secara konstan pada tingkat sekitar 1,8% - 1,9% pertahun sejak tahun 2000. Walaupun harga minyak mengalami kenaikan yang sangat drastis pada tahun 2008, permintaan atas konsumsi minyak tetap mengalami pertumbuhan cukup tinggi di negara-negara Asia, terutama China yang pada tahun 2008 diperkirakan mencatat pertumbuhan sebesar 5,9%. Hal ini selanjutnya akan memacu permintaan ruangan kapal untuk muatan minyak mentah dan bahan bakar minyak serta gas. Selama tahun 2008, harga minyak berfluktuasi sangat tajam dimana kenaikan yang sangat drastis akhirnya mengalami penurunan yang cukup signifikan pada akhir 2008.

In the oil transportation sector, the growth in demand for maritime transportation services is greatly shaped by the global volume of production and levels of consumption of such products. Since 2000, global production volume and consumption level of oil and other petroleum products has a consistent annual growth rate at averagely between 1.8% and 1.9%. Although in 2008, oil price experienced a sudden spike, demand for oil has grown steadily and strongly for Asian region, and most particularly for China, which in 2008 recorded a growth in demand of approximately 5.9%. In turn, this has driven further demand for transshipping services involving transportation of crude oil, petroleum products and liquefied gas. Prices of oil fluctuated sharply along the year 2008, started from a sharp rise only to drop significantly by the end of the year.

Untuk gas cair, permintaan atas transportasi umumnya didorong oleh permintaan industri dan konsumen atas produk-produk turunan gas petrokimia seperti plastik, produk-produk sintetis, tekstil, dan lain-lain. Sejalan dengan pertumbuhan ekonomi global maka permintaan transportasi gas cair diperkirakan juga akan meningkat, selain itu peningkatan produksi minyak mentah

Demand for transshipping services for liquefied gas is primarily driven by industrial need for petrochemical derivative products such as plastics, synthetic products, textiles, and so on, and also shaped by consumer’s demands for these products. In line with the global economic growth, demand for transshipping services for liquefied gas is expected to continue to increase. In

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dan gas alam juga akan meningkatkan permintaan angkutan LPG dan lain-lain gas petrokimia sebagai produk turunan dari minyak dan gas alam cair tersebut. Berdasarkan laporan yang kami terima perdagangan gas cair mengalami pertumbuhan yang cukup pesat, terutama pertumbuhan perdagangan gas petrokimia di China dan Korea Selatan.

particular, the increase in the volume of production of crude and natural gas will also result in an increased demand for shipping services involving the transportation of liquefied petrochemical gas and other gases derived from petroleum and liquefied natural gas. Based on credible reports, the trade volume of petrochemical gas has grown quite substantially over the year, particularly for industries in China and South Korea.

Beberapa kondisi yang disebutkan di atas membuka peluang bagi Perseroan untuk terus mengembangkan armadanya baik di sektor angkutan kimia cair, maupun minyak dan gas cair. Pada tahun 2008 Perseroan telah berhasil mengembangkan armadanya, sehingga pada akhir tahun 2008 armada Perseroan bertambah menjadi 88 kapal tanker dengan total bobot mati atau DWT sekitar 2 juta ton. Selain itu Perseroan juga memiliki kontrak pesanan kapal baru sejumlah 17 kapal yang akan bergabung dengan armada Perseroan pada tahun 2009-2011. Pengembangan armada kapal membutuhkan dana yang cukup besar. Dalam hal ini Perseroan telah membuktikan fleksibilitas maupun kredibilitas dalam bidang pendanaan eksternal yang terdiri dari berbagai tipe pendanaan seperti pinjaman bank baik dari dalam negeri maupun luar negeri, obligasi, dan obligasi konversi. Perseroan juga telah melakukan transaksi sewa dan jual kembali pada beberapa kapal tanker kimia bangunan baru. Dengan adanya fleksibilitas dalam menggalang dana, Perseroan memiliki lebih banyak pilihan untuk mendapatkan sumber dana yang lebih murah dan fleksibel dimana hal ini merupakan faktor penting bagi persaingan dalam industri pelayaran yang padat modal.

Some of the conditions described above have opened significant opportunities for the Company to expand its tanker fleet, both for the transshipment of liquid bulk chemicals, oil and petroleum products, or liquefied gas. In 2008, the Company kept expanding the fleet to reach a number of 88 tankers with a total capacity of 2 million DWT by end of the year. In addition to it, the Company has also signed contracts for the construction of 17 more ships to be delivered and join the Company’s fleet between 2008 and 2011. The development of the Company’s fleet requires a significant degree of capital and experience human resources. So far the Company has demonstrated its flexibility and its credibility in terms of raising capital from external sources, including bank loans from domestic and foreign sources, bonds, and convertible bonds. By adopting a flexible approach to fundraising, the Company has access to a wider range of sources of funds at competitive costs, an extremely important competitive advantage in the capital intensive shipping industry.

Dengan dilakukannya konsolidasi usaha dengan Chembulk Tankers LLC yang diakuisisi oleh Perseroan pada akhir tahun 2007, rute perdagangan pemasaran dan usaha Perseroan telah merambah kedunia bagian barat dimana Chembulk Tankers LLC beroperasi sehingga daerah operasi Perseroan yang sebelumnya sangat kuat didaerah Asia dan Timur Tengah sekarang telah merambah kedaerah Laut Mediterania, Eropa, Baltik, Amerika Selatan dan Australia serta Afrika pantai timur dan barat. Dengan rute perdagangan tersebut, Perseroan telah melayani kebutuhan usaha dan pelanggan di seluruh dunia.

The consolidation of Chembulk Tankers LLC, acquired at the end of 2007, to the Company business, has expanded the shipping route and marketing area of the Company westward. Previously, the Company has maintained a strong presence in transshipment business among seaports of Asia and Middle East. Chembulk’s tankers mostly operate in Mediterranean, European, Baltic, South American, Australian seas and East and west coast of Africa. This strategic expansion makes more room for the Company to handle more transshipment business to and from almost any ports around the globe.

Berbagai faktor pendukung diatas diiringi dengan keberhasilan Perseroan dalam membangun pertumbuhan armada serta pengembangan daerah usaha telah membuahkan hasil yang cukup baik pada tahun buku 2008. Dalam hubungannya dengan pencatatan 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. Perbandingan kinerja Perseroan di tahun 2008 dibandingkan dengan tahun 2007 sesuai dengan kedua standard pelaporan keuangan tersebut dapat dilihat pada tabel sebagai berikut:

With some constructive factors above as the background, vigorous effort of the Company to build its fleet of tankers, as well as strategic expansion of service area, the result of operation during 2008 has been profitable. With reference to the Company’s listed shares in Singapore Stock Exchange, similar to previous fiscal year, the Company has prepared financial reports both in accordance with the Prevailing Principles of Accountancy in Indonesia (GAAP) and with the International Financial Reporting Standard (IFRS). A comparison of the Company’s performance in 2008 with that of 2007 based on the two different standards of financial reporting is presented briefly in the following table:

Revenue Gross Profit Net Profit

ANNUAL REPORT 2008

INDO GAAP In Million IDR Increase/ (Decrease) 2008 2007 3.641.773 7.005.851 92% 1.137.092 2.243.733 97% 758.982 1.557.962 53%

IFRS In USD’000 2007 2008 398,643 723,682 118,794 217,652 76,778 24,892

Increase/ (Decrease ) 82% 84% (68%)


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Peningkatan atas Pendapatan dalam tahun buku 2008 terutama dipengaruhi oleh penggabungan laporan laba rugi dari Chembulk Tankers LLC yang memiliki 17 kapal stainless steel ke dalam laporan keuangan konsolidasi Perseroan dan juga disebabkan oleh pengembangan armada kapal selama tahun 2008. Pada tahun 2008, Perseroan menambah jumlah kapal tanker kimia baru sebanyak 7 unit dan kapal tanker gas sebanyak 4 unit. Untuk sektor tanker minyak, Perseroan selama tahun 2008 menjual 1 kapal tanker minyak kelas Handysize. Total pertambahan bersih kapasitas armada termasuk armada Chembulk Tankers LLC adalah 27 kapal (sekitar 530.000 DWT), sehingga hal ini tercermin dalam kenaikan pendapatan Perseroan sebesar 92% (IndoGAAP) dan 82% (IFRS) untuk tahun 2008 dibandingkan dengan 2007. Sejalan dengan peningkatan Pendapatan maka Perseroan juga mencatat adanya peningkatan Laba Kotor dengan margin yang sedikit lebih tinggi daripada tahun 2007. Hal ini dibantu oleh terjadinya penurunan harga harga bahan bakar (bunker) dunia yang cukup signifikan mulai akhir kuartal ketiga 2008 dimana harga bunker dari sekitar USD550 per ton menjadi sekitar USD210 pada akhir 2008. Terjadinya perbedaaan pergerakan laba bersih dari laporan keuangan yang berbeda disebabkan oleh penggunaan standar akuntansi yang berbeda untuk aktiva. Pada tahun 2008, Perseroan melakukan transaksi penjualan kapal maupun transaksi jual dan sewa kembali sehingga laporan keuangan berdasarkan PSAK Indonesia mencatat keuntungan penjualan aktiva yang cukup signifikan sebesar IDR919milyar karena mencatat aktiva sesuai nilai buku. Sementara itu laporan keuangan IFRS yang menggunakan prinsip nilai wajar dari aktiva mencatat kerugian sebesar USD17juta.

Increase in Company income for FY 2008 largely came from incorporation of profit-loss statements of Chembulk Tankers LLC, which owns 17 stainless steel vessels, to the Company’s consolidated financial statements and also due to increase in the tanker fleet during the year. In 2008, the Company added 7 chemical tankers and 4 liquefied gas tankers. For oil tanker, in that year, the Company sold 1 handy size oil tanker. In total, after the consolidation and the sale of asset, the increase in tonnage capacity of the Company’s fleet, to include Chembulk Tankers LLC’s vessels, came to around 530,000 DWT (consisted of 27 vessels) by end of 2008, as it is also reflected in the increase of the Company’s revenue by 92% (Indo GAAP) and 82% (IFRS) for that fiscal year, compared to 2007. In line with the expanding revenue, the Company also recorded increase in gross profit with a little higher margin compared to that of 2007. This was contributed by lower cost of fuel (bunker) which started to significantly occur globally from the end of third quarter of 2008 in which the bunker price was down from around USD550 per tons to USD210 by end of 2008. Some differences in the movement of net profit in the Company’s financial statements are due to different accounting standard used for asset. In 2008, the Company carried out sale and lease back transactionss so that referring to Indonesia Accounting Standard, the Company’s financial statements showed a significant gain on sale of asset amounting to IDR919 billion since the system records asset based on their book value. The IFRS method, however, showed a loss of USD17 million as it records assets at their fair values.

Dapat dilihat dari hasil laporan keuangan Perseroan diatas segmen-segmen usaha Perseroan relatif lebih stabil daripada segmen usaha perkapalan lainnya. Namun, sekalipun demikian, Perseroan terus mengantisipasi perkembangan pasar yang ada dan terus berbenah diri untuk menghadapi segala kemungkinan yang dapat terjadi. Oleh karena itu, untuk menghadapi krisis ekonomi ini, Manajemen Perseroan telah melakukan program pengetatan dan penghematan dan menetapkan tahun ini sebagai tahun penghematan biaya atau Year of Cost Savings. Hal ini disampaikan dan dibahas dalam kegiatan BLT Global Executive Meeting 2009 yang diadakan Perseroan pada bulan Maret 2009. Antara lain, Perseroan telah menetapkan bahwa tidak akan ada kenaikan gaji untuk tahun ini bagi tingkat manajer keatas dan program-program pengetatan lainnya.

As seen in the Company’s financial statements, the Company’s business segments have recorded relatively more stable revenue generation compared to other shipping business segments. Even though, the Company is always on keen lookout to observe the situation in the market, and prepare itself for any situation that might happen. In face of the global crisis, management of the Company has carried out a number of cost saving programs, and 2008 was declared as the Year of Cost Savings. This was explained in the BLT Global Executive Meeting 2009 held by the Company in March 2009. Among others, the Company has decided not to approve any salary raise for this year, for managerial level and above, as well as other internal cost-saving programs.

Selain hal-hal diatas, Perseroan juga telah menetapkan skala prioritas dimana di dalam rencana tindak lanjut Perseroan, telah ditetapkan hal-hal sebagai berikut yang antara lain adalah bentuk antisipasi terhadap risiko usaha yang dapat timbul sehubungan dengan krisis ini:

On top of that, the Company also has set priority actions to do in the years to come, as anticipation to all kinds of business risks related to the global economic slowdown:

1. Memperkuat tingkat likuiditas dengan menjalin kerjasama dengan berbagai sumber pendanaan;

1. Increase the Company’s liquidity level by signing up partnership agreement with various sources of financing;

2. Meningkatkan persentase pendapatan dari kontrak. Hal ini bertujuan untuk mengamankan pendapatan dari fluktuasi tarif uang tambang;

2. Increase the Company’s income percentage from the contract, especially long-term, to secure revenue from the highly fluctuate freight rates;

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3. Memantau pasar untuk menentukan saat yang tepat untuk mengambil kesempatan yang akan timbul ditengah krisis dunia;

3. Monitor the market to determine the right moment to take any opportunity as the global crisis goes on;

4. Menitikberatkan fokus perkembangan di dalam negeri;

4. Focus on domestic business development;

5. Pengembangan armada dengan memperhatikan struktur permodalan. Hal ini untuk menjaga agar Perseroan tetap memiliki likuiditas yang baik saat menghadapi kondisi usaha yang kurang baik.

5. Develop the Company fleet by observing the capital structure, to maintain the Company in good liquidity level in face of turbulence.

Prospek pada 2009 memiliki beberapa faktor yang cukup menantang namun positif bagi industri pelayaran secara umum dan Perseroan secara khusus. Walaupun tarif tambang dan tingkat permintaan angkutan bahan kimia telah meningkat secara stabil sejak beberapa tahun terakhir ini sampai akhir kuartal ketiga tahun 2008, krisis ekonomi dunia yang terjadi telah menyebabkan perlambatan kenaikan tarif tambang angkutan sektor kimia cair. Namun perlambatan tarif tambang tersebut tidak diikuti dengan penurunan tingkat perdagangan dan jumlah angkutan muatan bahan kimia karena berdasarkan laporan Drewry telah terjadi kenaikan tingkat perdagangan bahan kimia dari tahun 2007 sebesar 167.3 juta ton menjadi 173.1 juta ton pada tahun 2008. Bahkan berdasarkan laporan Drewry yang sama, pengangkutan bahan kimia dunia diperkirakan tumbuh 3.47% pada tahun 2008 menjadi 173.1 juta ton dan naik 2.1% menjadi 176.8 juta ton pada tahun 2009 dan akan terus naik menjadi sekitar 194 juta ton pada tahun 2012. Dengan demikian kami berharap pada pertengahan 2009, tarif tambang angkutan bahan kimia cair akan kembali naik.

The 2009 prospect comprises of some challenging factors but positive for maritime transportation industry in general, and for the Company business in particular. Although freight rates and demand for chemical bulk transshipping has increased steadily during the last few years, up to the third quarter of 2008, the global crisis has slowed down the rise for liquid chemical products freight rates. However, this slow-down does not correspond to any slow-down at trade level and volume of liquid chemical transported. Drewry reported there has been increase of trade level for chemical material from 167.3 million tons in 2007 to become 173.1 million tons in 2008. Even more, based on the same Drewry report, the global chemical bulk transshipping is expected to grow by 3.47% in 2008 to become 173.1 million tons and keeps increasing by 2.1% to become 176.8 million tons in 2009, and with a steady increase, will arrive at around 194 million tons in 2012. With this view, the Company expects that by mid 2009, the freight rates for liquid chemical will again increase to an acceptable level.

Proyeksi pertumbuhan ini ditunjang dengan implementasi regulasi IMO tentang pengangkutan Vegetables Oil yang harus menggunakan kapal tanker tipe IMO II serta hasil konferensi di Bali tentang pemanasan global yang mendukung penggunaan bahan bakar biofuel memberikan keyakinan akan pertumbuhan permintaan kapal tanker kimia tipe IMO II. Disisi lain mengingat hampir seluruh kapal tanker kimia dalam armada Perseroan merupakan tipe IMO II stainless steel, dan kondisi galangan kapal yang telah maksimal maka Manajemen cukup optimistik bahwa walaupun terjadi stabilisasi kenaikan tarif uang tambang di sektor ini pada saat ini maka pada pertengahan semester pertama 2009 tarif akan kembali meningkat dan kemudian meningkat secara tajam dalam tahun-tahun mendatang. Dengan bergabungnya Chembulk Tankers LLC kedalam group Perseroan dimana seluruh armadanya terdiri dari kapal tanker kimia stainless steel IMO II telah memberikan kontribusi yang cukup besar pada kinerja Perseroan di tahun ini dan tahuntahun mendatang. Sama seperti Perseroan, sekitar 50% dari pendapatan Chembulk Tankers LLC adalah berbasis kontrak, dan selama ini armada Chembulk Tankers LLC lebih banyak melayani rute wilayah bagian barat yakni Eropa, Baltik dan Amerika Selatan sehingga hal ini menambah rute-rute penting yang baru sehingga cakupan rute perdagangan Perseroan mencakup seluruh dunia.

Factors supporting this projection include the implementation of IMO regulations mandating the transportation of vegetable oil using IMO II-type tankers and the outcomes of the global warming conference in Bali which provided support for the use of bio fuels. These factors will certainly result in an increased demand for IMO II-type chemical tankers in the immediate future. Given that almost all of the chemical tankers in the Company’s fleet are IMO II-type tankers and given that shipyards are already working at full capacity, the management of the Company is optimistic that revenues derived from this particular sub sector will remain stable or will increase in years to come. In this regard, the acquisition by the Company of Chembulk Tankers LLC, whose entire fleet consisted of IMO II-type chemical tankers, is expected to have a significant positive impact on the Company’s financial performance in years to come. Approximately 50% of the revenues generated by Chembulk Tankers LLC were on the basis of contract arrangements and Chembulk Tankers LLC’s fleet was mostly involved in serving western regions such as Europe, Baltic and South America so these strategic new routes help to expand the company’s services to worldwide.

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25


Di sektor angkutan Gas cair, angkutan laut LPG diperkirakan tumbuh sekitar 4,8% per tahun sampai 2011. Armada Perseroan terdiri dari kapal tanker gas dengan ukuran dibawah 9000 meter kubik dimana pada sektor ini pemesanan kapal (order book) diperkirakan kurang dari 17%, sedangkan disisi lain sekitar 20% dari total armada telah berumur 25 tahun atau lebih. Ke depan hal ini akan membuat kurangnya supply kapal LPG dibawah 9000 meter kubik dibandingkan dengan permintaan dan karenanya akan meningkatkan tarif uang tambang.

With reference to the liquid gas sub sector, it is estimated that the total volume of LPG transported by sea will increase by 4.8% per year at least until 2011. The Company’s fleet of gas tanker ships are mostly comprised of vessels with a capacity below 9000 cubic meter whereby the vessel order book of this segment in the market is estimated to be less than 17%, while on the other hand 20% of available ships are 25 years of age or below. In the future, this will result in demand exceeding supply for LPG tankers with dimensions of less than 9000 cubic meters and this will result in upward pressure on its freight tariffs.

Di sektor angkutan minyak diperkirakan permintaan akan kapal tanker meningkat secara rata-rata 3,9% per tahun hingga tahun 2010. Disisi lain walaupun tingkat supply tanker minyak akan meningkat mengingat pemesanan kapal (order book) sekitar 39% dari total armada yang ada dengan target serah-terima hingga tahun 2011, hal ini akan diimbangi oleh berkurangnya jumlah kapal tanker minyak lambung tunggal (single hull) yang tidak boleh berlayar di sebagian besar wilayah dunia pada tahun 2010. Jumlah kapal single hull saat ini diperkirakan sekitar 30% dari total armada. Selain itu adanya konversi kapal tanker minyak menjadi kapal dry-bulk maupun FPSO/FSO diperkirakan cukup banyak mengurangi supply kapal tanker dari pasar. Oleh karenanya diperkirakan tarif tambang disektor ini masih akan stabil di tahun mendatang.

In the petroleum and petroleum product sub sector, it is predicted that the demand for tankers will continue to grow at an average rate of 3.9% per annum until 2010. Although the supply of oil tankers will increase given that the number of new ships under construction and ready to be delivered by 2011 amount to 39% of total existing vessels, this will be balanced by the decline in the number of single hull oil tankers, the use of which will be prohibited in most parts of the world by 2010. At present, single hull tankers comprise approximately 30% of existing fleets. In addition, the conversion of a number of oil tankers into dry bulk vessels or FPSO/FSO vessels will also result in a contraction in the supply of tankers. Thus, it is predicted the transportation rates in this particular sub sector will remain stable in 2009 onwards.

Di dalam negeri, adanya regulasi baru sehubungan dengan pelayaran nasional yaitu Undang-Undang No. 17 tahun 2008 yang mempertegas ketentuan yang berlaku pada Inpres No.5 Tahun 2005 mengenai peraturan atau azas cabotage yang berlaku di Indonesia dari 1 Januari 2008 untuk angkutan crude palm oil dan minyak nabati lainnya disusul kemudian terhitung 1 Januari 2009 untuk pengangkutan bahan-bahan kimia dan cairan lainnya. Undang – Undang ini pada dasarnya mewajibkan penggunaan kapal berbendera Indonesia untuk berlayar dan mengangkut muatan atau orang antar pelabuhan di Indonesia dan memberlakukan sangsi dan denda yang tegas kepada mereka yang melanggar peraturan ini.

Domestically, Law No.17/2008 enforces the provisions previously stated in the Presidential Decree No.5/2005 regarding cabotage principle, as implemented from 1 January 2008 onwards for CPO and other vegetable oil products, and from 1 January 2009 for liquid chemical and other liquid cargo. This law requires that all transshipment of goods, commodities and passengers within Indonesian waters must only use ships owned and or operated by national shipping companies, with strict penalty and fine clauses to any offenders.

Untuk mendukung UU NO 17 tahun 2008 telah juga dilakukan reformasi yang menyangkut UU tentang hipotek dan juga sedang disiapkan peraturan-peraturan yang menyangkut penahanan kapal (arrest of ships law) yang kesemuanya untuk mendorong pembiayaan kapal-kapal berbendera Indonesia oleh perbankan luar negeri serta lembaga keuangan luar negeri lainnya. Hal ini adalah merupakan langkah maju.

To support the enactment of the Law No.17/2008 the Government has also conducted legal reformation including law on vessel mortgage and other regulations related to arrest of ships, all to support financing of Indonesian flag ships by overseas banking and other financing institutions. This is definitely a progress for the shipping industry.

Apabila usaha untuk memajukan industri pelayaran nasional turut didukung oleh usaha untuk meningkatkan pemberian pinjaman oleh bank-bank dalam negeri yang saat ini portfolionya masih relatif kecil maka kami yakin bank-bank dalam negeri akan tumbuh makin besar dan berkembang seiring dengan perkembangan indutri pelayaran itu sendiri.

If the effort to develop national shipping industry is also supported by domestic banking sector, this is also a huge opportunity for banks currently having few loan portfolios to grow alongside the national shipping industry itself.

Rencana Perseroan dimasa datang adalah harus terus memberikan fokus pada strategi bisnis utama yang ada yakni untuk meningkatkan arus kas usaha secara konsisten berdasarkan 3 elemen strategi yakni kontrak, diversifikasi dan pertumbuhan.

The Company’s plan for the future is to focus on main business strategy, i.e. to increase the cash flow consistently, based on the 3 strategic elements; contract, diversification and growth. Contract here means that the Company will maintain the

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ANNUAL REPORT 2008


Kontrak disini berarti kami ingin selalu mempertahankan stabilisasi usaha dengan mempunyai pendapatan minimal 50% dari kontrak, Diversifikasi berarti Perseroan ingin terus melakukan diversifikasi usaha dan mengembangkan Perseroan secara konsisten. Kami juga akan selalu meningkatkan kekuatan keuangan kami untuk memposisikan kami terhadap pertumbuhan berikutnya.

business stability by getting at least 50% of their revenue from the contracts, Diversification means that the Company will continue to diversify its business and grow through the cycles. This also requires strengthening financial capacity of the Company, so that it will gain stronger position before making the next strategic move upwards.

Berdasarkan hal-hal yang diutarakan di atas dan perkembangan Perseroan selama ini, manajemen yakin dan optimis bahwa Perseroan akan dapat melewati periode krisis ini dan bahkan keluar dari kondisi prihatin ini dengan kemampuan yang lebih tinggi untuk mendapatkan peluang yang lebih besar.

After all the descriptions above, and looking at the progress of the Company business, the management team is confident and optimistic that the Company will be able to go through the hard times in this global crisis, and even emerge out of these turbulent times with a higher, stronger capability to grab larger business opportunity.

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

At the end, the Board of Director would like to convey the utmost gratitude for all the confidence from the shareholders, from the business partners of the Company, and for the employees and staff, both working onshore and offshore. It is their dedication and hard work that contributes to the growth and expansion of the Company along these years. Our heartfelt gratitude is also addressed to the Board of Commissioners, the Audit Committee and other professional institutions supporting the stock market, which have provided valuable input to the Board of Directors in steering the Company business.

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

We welcome any constructive comments and suggestions from anyone for further improvement of the Company in the coming years.


Cordially Yours,

Dewan Direksi

The Board of Directors

ANNUAL REPORT 2008


27

OPERATIONS Review Pembahasan Operasional

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ANNUAL REPORT 2008


RINGKASAN AKTIVITAS USAHA

BUSINESS ACTIVITIES

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

The Company’s main business is the maritime transportation of liquid bulk cargo. The types of cargo carried by the Company’s fleet include:

• Minyak (minyak mentah, bahan bakar, dan jenis lainnya) • Pelumas (pelumas dasar dan aditif) • Kimia cair (organik dan non-organik) • Gas cair (LPG, propylene, propane, ethylene, LNG, dan gas-gas lainnya) • Minyak nabati dan hewani

• Crude oil and petroleum products; • Lubricating Oil (base oil and additives); • Liquid Chemical (organic and non-organic); • Liquified gas (LPG, propylene, propane, ethylene, LNG and others); • Vegetable oil and animal fats.

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

The Company offers a 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.

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

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

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

Penyewaan Tanki Penyimpanan Di Darat 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.

ANNUAL REPORT 2008


29


KAPASITAS DAN KOMPOSISI ARMADA PERUSAHAAN

CAPACITY AND COMPOSITION OF THE COMPANY’S FLEET

Dalam usaha transportasi kelautan, jumlah kapal merupakan faktor yang sangat menentukan dan langsung mempengaruhi hasil operasi. Seiring dengan meningkatnya jumlah kapal yang dimiliki oleh armada Perseroan, terjadi pula peningkatan dalam pendapatan Perseroan, dan walaupun hal ini juga meningkatkan biaya pelayaran dan biaya operasional kapal namun peningkatannya dalam jumlah yang secara signifikan lebih kecil. Pertambahan jumlah kapal yang dimiliki oleh Perseroan mengakibatkan meningkatnya kapasitas tonase yang dimiliki oleh Perseroan.

In the world of maritime transportation, the number of vessels can be seen as one important factor to describe a company’s performance and operational capability. As the number of vessels in the Company’s fleet has increased, both revenues and operating costs have risen accordingly, although the increase in the former has greatly outstripped the increase in the latter. With the increase in vessel’s size in its fleet, the Company’s tonnage capacity has also increased correspondingly.

Tabel berikut menunjukkan komposisi armada Perseroan, berdasarkan segmen usaha per 31 Desember 2008:

The following table demonstrates composition of the Company’s fleet from the viewpoint of four business segmentation as per 31 December 2008:

Jumlah Kapal Number of Vessels

DWT (‘000)

Rata-rata Usia Average Age

Chemical

61

960.1

7.7

Bahan Kimia

Oil

14

929.7

15.3

Minyak

Gas

12

2083.5

7.9

Gas

FPSO

1

60.9

27

FPSO

Total

88

2083.5

9.3

Jumlah

(1)

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

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

Selain ukuran dan kapasitas, karakteristik penting yang dimiliki oleh armada Perseroan adalah komposisi dari armadanya. Armada yang dimiliki oleh Perseroan terdiri atas kapal tanker pengangkut bahan kimia, minyak mentah, produk minyak, gas dan tanker FPSO, serta dua buah kapal tanker LNG yang sedang dalam proses pembangunan. 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 of this fleet; for what purpose the individual ship is utilized. The Company’s fleet includes chemical tankers, crude oil tankers, oil product tankers, an FPSO and two LNG carriers now still under construction. 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 operasi 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 these portfolio of different purpose cargo vessels in a good balance, in order to be able to meet specific demands coming from each of the four different operating segments. 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.

Kapal Tanker Kimia Per 31 Desember 2008, Perseroan merupakan salah satu perusahaan pelayaran terbesar di dunia dalam jumlah tonase pada pasar angkutan bahan kimia dengan jumlah tonase 980.086 DWT. Rata-rata umur kapal untuk armada tanker pengangkut bahan kimia berusia sekitar 7,7 tahun, dibandingkan armada pada industri yang rata-rata berusia sekitar 11,7 tahun. Per 31 Desember 2008, Perseroan telah memesan 12 buah kapal tanker kimia baru, dengan kapasitas total 230.380 DWT yang akan diserahterimakan antara tahun 2009 dan 2011.

Chemical Tankers As of 31 December 2008, the Company 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 980.086 DWT. In average, the age of the Company’s vessels used for transportation of the chemical liquids is 7,7 years old, a lot younger compared to the industry’s average age of 11,7 years. By 31 December 2008, the Company had placed orders to acquire 12 more new chemical liquids tankers with total capacity of 230.380 DWT. The new vessels will be delivered between 2009 and 2011.

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ANNUAL REPORT 2008


Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut bahan kimia yang dioperasikan oleh Perseroan per 31 Desember 2008.

The following tables below contain a list and brief description of the Company’s chemical tankers in operation by 31 December 2008.

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 chemical tankers wholly owned by the Company, while the second and third tables are chartered vessels by the Company.

No. 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44

Owned Vessels MT Dragonaria MT Erowati MT Ulupi MT Yanaseni MT Bauhinia MT Celosia MT Cendanawati MT Dewi Madrim MT Eustoma MT Fatmawati MT Freesia MT Gerbera MT Indradi MT Larasati MT Mustokoweni MT Purbasari MT Rasawulan MT Rengganis MT Setyawati MT Tirtasari MT Wulansari CB Virgin Gorda CB Hong Kong CB Savannah CB New York CB Yokohama CB Kobe CB Gibraltar CB Shanghai CB Ulsan CB Barcelona CB Houston CB New Orleans MT Fatmarini MT Frabandari MT Harsanadi MT Hartati MT Nogogini MT Nolowati MT Ratih MT Anggraini MT Anjasmoro MT Jembawati MT Kunti

ANNUAL REPORT 2008

Built 1998 1999 1999 1992 1997 1997 1997 1987 1994 1996 2003 2004 1993 1991 1991 2008 1996 1993 1994 1997 1992 2004 2003 2002 2002 2003 2002 2001 2000 2004 2004 2003 2005 2004 2004 2005 2004 1996 1998 1996 1995 1996 1999 1992

DWT 6,555 6,688 6,690 9,202 5,851 7,477 3,159 1,250 4,990 7,527 8,521 8,738 13,944 3,665 3,199 19,900 10,332 3,667 3,189 5,878 11,055 32,000 32,000 25,000 27,000 19,500 19,500 19,500 19,500 19,500 32,300 16,400 32,363 8,578 8,575 14,271 14,312 11,639 11,636 10,329 31,225 32,696 6,685 3,984

Type (1) IMO II / III IMO II / III IMO II / III IMO II / III IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO II / III SUS IMO III IMO III IMO III IMO III

Flag Singapore Singapore Singapore Singapore Singapore Hong Kong Singapore Indonesia Hong Kong Singapore Hong Kong Hong Kong Singapore Hong Kong Singapore Singapore Singapore Singapore Hong Kong Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Singapore Indonesia

Hull (1) DH DH DH DH DH DH DH DH DH DH DH DH DB DH DB DH DH DH DH DH DB DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DH DB


31


No. Bareboat Charter 45

(3)

MT Pertiwi

(3)

Built

DWT

Type (1)

Flag

Hull (1)

2006

19,970

IMO II / III SUS

Singapore

DH

46

MT Prita Dewi

2006

19,998

IMO II / III SUS

Singapore

DH

47

MT Pramoni (8)

2008

19,990

IMO II / III SUS

Singapore

DH

2007

19,900

IMO II / III SUS

Singapore

DH

48

MT Purwati

(8) (8)

49

MT Puspawati

2008

19,900

IMO II / III SUS

Singapore

DH

50

MT Pujawati(3)

2006

19,900

IMO II / III SUS

Singapore

DH

51

MT Gagarmayang

2004

40,354

IMO II / III

Singapore

DH

Built

DWT

Type (1)

Flag

Hull (1)

2006

32,000

IMO II / III SUS

Singapore

DH

2007

19,500

IMO II / III SUS

Singapore

DH

No. Time Charter 52 53

(4)

MT CB Westport

(4)

MT CB Singapore (4)

54

MT CB Tortola

2007

19,500

IMO II / III SUS

Singapore

DH

55

MT CB Minneapolis(4)

2007

32,000

IMO II / III SUS

Singapore

DH

2008

32,000

IMO II / III SUS

Singapore

DH

56

(4)

MT CB Lindy Alice

(4)

57

MT CB Kings Point

2008

19,500

IMO II / III SUS

Singapore

DH

58

MT Bestari(5)

2003

6,689

IMO II / III SUS

Panama

DH

59

MT Bidadari(5)

2003

6,678

IMO II / III SUS

Panama

DH

(6)

60

MT Golden Ambrosia

2008

13,000

IMO II / III

Singapore

DH

61

MT Royal Flos(7)

2008

19,600

IMO II / III

Singapore

DH

Catatan: 1) “SUS” mengacu pada kapal tanker dengan tangki kargo terbuat dari stainless steel, “DH” berarti “Double Hull”, “DB” berarti “Double Bottom” 2) Bareboat charter untuk periode 6.5 tahun, yang akan jatuh tempo pada tahun 2010 dan 2011. 3) Bareboat charter untuk periode 12 tahun, akan jatuh tempo pada bulan Juni, Juli dan September 2018. 4) Time Charter 10 tahun, akan jatuh tempo pada bulan Agustus dan Oktober 2009 5) Time Charter 6 tahun, akan jatuh tempo pada bulan Agustus dan Oktober 2009 6) Time Charter 5 tahun, akan jatuh tempo pada bulan Januari 2013 7) Time Charter 3 tahun, akan jatuh tempo pada bulan Juni 2011

Notes : 1) “SUS” refers to tankers with cargo tanks made of stainless steel, “DH” means Double Hull, “DB” means Double Bottom 2) Six and half years bareboat charter, to expire in 2010 and 2011 3) Twelve years bareboat charter, to expire in June, July and September 2018 4) Ten years time charter, to expire in August and October 2009 5) Six years time charter, to expire in August and October 2009 6) Five years time charter, to expire in January 2013 7) Three years time charter to expire in June 2011 8) Twelve year operating lease to expire in 2020

8) Sewa guna usaha operasi 12 tahun akan jatuh tempo pada tahun 2020 Kapal MT Purwati dan MT Gagarmayang sebelumnya adalah kapal milik Perseroan, namun pada akhir tahun 2008 kapal tersebut telah dijual kepada pihak lain dan disewa kembali oleh Perseroan (sale and lease back) sesuai dengan rencana awal Perseroan untuk mengurangi jumlah beban hutang yang ada sehubungan dengan akuisisi Chembulk. Kapal lain yang termasuk dalam proses jual sewa kembali seperti di atas adalah kapal MT Pramoni dan MT Puspawati yang diserah terimakan kepada Perseroan pada tahun 2008.

32


MT Purwati and MT Gagarmayang were previously owned by the Company, and by end of 2008 the two were sold to other company, and later leased back to the Company (sale and lease back). This is in line with the Company’s initial plan to reduce the corporate debt originating from the acquisition of Chembulk. Two other vessels included in the sale and lease back scheme were MT Pramoni and MT Puspawati, which were delivered to the Company in 2008.

ANNUAL REPORT 2008


Setiap kapal tanker pengangkut bahan kimia Perseroan didaftarkan dalam salah satu klasifikasi kapal. Untuk kapal tanker pengangkut bahan kimia, klasifikasi ini adalah: Lloyds Register, Nippon Kaiji Kyokai, Bureau Veritas dan Det Norske Veritas.

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 Kaiji Kyokai, Bureau Veritas and Det Norske Veritas.

Kapal Tanker Minyak Untuk armada kapal tanker minyak, Perseroan mengoperasikan 14 tanker minyak dengan jumlah kapasitas 929.723 DWT pada 31 Desember 2008. Armada tanker minyak yang terdiri dari 2 unit Suezmax, 4 unit Aframax, 5 unit Handysize dan 3 unit tanker small-range. Armada tanker minyak Perseroan rata-rata berusia sekitar 15,3 tahun, dibandingkan dengan kapal dalam industri yang berusia rata-rata 12,3 tahun.

Oil Tankers As of 31 December 2008, the Company operated 14 oil tankers with a total combined tonnage capacity of 929.723 DWT. The Company’s fleet of oil tankers consisted of two Suezmax units, four Aframax units, five Handysize units and three other small range tankers. The Company’s fleet of oil tankers has an average age of 15,3 years, compared to the industry average of 12,3 years.

Tabel di bawah memberikan penjelasan singkat mengenai kapal tanker minyak yang dioperasikan Perseroan per 31 Desember 2008. Kecuali untuk kapal MT Gandari yang merupakan kapal sewa kosong, seluruh kapal dalam daftar ini dimiliki oleh Perseroan.

The following tables contain a list and short description of the Company’s oil tankers that were in operation as per 31 December 2008. Except for MT Gandari which is leased under bareboat charter, all other of the Company’s oil tankers are wholly owned by the Company.

No. Kapal yang Dimiliki Ship Owned

Tahun Pembuatan Year of Construction

DWT

Jenis (1) Type (1)

Bendera Flag

Lambung (2) Hull (2)

1

MT Tridonawati

1991

154,970

Crude Oil Tanker

Liberia

SH

2

MT Trirasa

1991

154,970

Crude Oil Tanker

Singapura

SH

3

MT Badraini

1991

111,777

Crude Oil Tanker

Singapura

DB

4

MT Barunawati

1992

111,689

Crude Oil Tanker

Singapura

DB

5

MT Barawati

1990

101,134

Crude Oil Tanker

Singapura

SH

6

MT Bramani

1990

96,672

Crude Oil Tanker

Singapura

SH

7

MT Pergiwo

1993

37,087

Crude Oil Tanker

Singapura

SH

8

MT Anjani

1985

36,882

Oil Product Tanker

Indonesia

DS

9

MT Pradapa

1993

36,362

Crude Oil Tanker

Indonesia

DS

10

MT Gandini

1998

32,042

Oil Product Tanker

Singapura

DH

(1)

11

MT Gandari

1999

30,500

Oil Product Tanker

Singapura

DH

12

MT Ontari

1993

18,520

Oil Product Tanker

Indonesia

SH

13

MT Dewayani

1999

3,561

Oil Product Tanker

Singapura

DH

14

MT Dewi Sri

1999

3,557

Oil Product Tanker

Singapura

DH

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“ berartin Double Bottom.

Notes: 1) Ownership is through a 10-year bareboat charter, to 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 pengangkut minyak tersebut terdaftar dalam salah satu klasifikasi, yaitu Lloyds Register, Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas dan Biro Klasifikasi Indonesia.

Each of these oil tankers is registered with one of several classification societies, including Lloyds Register, Nippon Kaiji Kyokai, Bureau Veritas, Det Norske Veritas and Biro Klasifikasi Indonesia.

Kapal Tanker Gas Per 31 Desember 2008, Perseroan mengoperasikan 12 kapal tanker pengangkut gas, yang sebagian besar adalah tanker gas LPG/petrochemical dan satu tanker gas LNG dimana total kapasitas dari semua kapal tersebut adalah 210.626 CBM (131.564 DWT). Armada tanker Perseroan memiliki umur rata – rata sekitar 7,9 tahun, dibandingkan dengan umur rata-rata untuk industri yaitu

Gas Tankers As of 31 December 2008, the Company operated 12 gas tankers, of which the majority were designed for the transportation of LPG/petrochemical, and one LNG carrier with a total combined capacity of 210.626 CBM (131.564 DWT). The average age of the gas tankers in the Company’s fleet is 7,9 years, a lot younger compared to the industry average of 15,5 years. The

ANNUAL REPORT 2008


33


15,5 tahun. Perseroan saat ini memiliki 4 unit tanker pengangkut gas LPG yang sedang dibangun ditambah satu unit tanker LNG baru, dengan kapasitas keseluruhan 17.000 CBM (36.500 DWT) dan 155.000 CBM (76.700 DWT). Kapal-kapal tersebut akan diserahterimakan kepada Perseroan antara tahun 2009-2012. Perseroan memiliki 30 persen saham pada kapal tanker LNG tersebut. Perseroan bermaksud untuk meningkatkan pangsa pasar untuk pengangkutan gas petroleum/petrochemical di wilayah Asia Tengah, Eropa, dan Asia Timur Jauh. Perseroan juga akan terus berusaha meningkatkan pengangkutan LNG di dalam negeri, tergantung pada pertumbuhan permintaan LNG di Indonesia.

Company currently have four tankers under construction for the transportation of ethylene and gas, and one for the transportation of LNG, with total shipping capacity of 17.000 CBM (36.500 DWT) and 155.000 CBM (76.700 DWT) respectively. The new vessels will be put under operation between 2008 and 2012. For the LNG carrier to be delivered, the Company has a 30 percent share. With the new addition to the fleet, the Company aims to increase its market share in the transportation of LPG and petrochemical gases in the Far East Asian region. The Company also intends to increase its shipping capacity for LNG domestic transportation, depending on the growth of such demand for LNG within Indonesia.

Tabel berikut memberikan gambaran singkat mengenai kapal tanker pengangkut gas yang dioperasikan oleh Perseroan per 31 Desember 2008, dimana seluruh kapal ini dimiliki oleh Perseroan.

The tables below contain a list and brief description of the Company’s gas tanker vessels in operation as of 31 December 2008. All of the Company’s fleet of gas tankers are wholly owned by the Company.

No

Owned Vessels

Built

Type

Flag

Hull

CBM

1

MT Gas Maluku

1996

Pressurized Gas Tanker

2

MT Gas Sumatera

1989


Singapore

DH

5,000

Indonesia

DH

3,512

3

MT Gas Jawa

1989


Indonesia

DH

3,596

4

MT Gas Indonesia

5

MT Gas Kalimantan

1990


Indonesia

DH

3,518

1996


Indonesia

DH

3,500

6

MT Gas Sulawesi

2006


Singapore

DH

5,000

7

MT Gas Papua

2007


Singapore

DH

5,000

8

MT Gas Bali

2007


Singapore

DH

5,000

9

MT Gas Lombok

2008

Ethylene Gas Tanker

Singapore

DH

9,000

10

MT Gas Sumbawa

2008

Ethylene Gas Tanker

Singapore

DH

9,000

11

MT Gas Natuna

2008


Indonesia

DH

3,500

12

MT Tangguh Hiri

2008

LNG Carrier

Bahamas

DH

155,000

Setiap kapal tanker pengangkut gas Perseroan terdaftar pada salah satu klasifikasi yaitu Nippon Kaiji Kyokai dan Biro Klasifikasi Indonesia serta Det Norske Veritas.

Each of these gas tankers is registered with one of several classification organizations, to include Nippon Kaiji Kyokai, Det Norske Veritas and Biro Klasifikasi Indonesia.

Kapal Tanker FPSO Kapal tanker FPSO adalah kapal tanker yang digunakan untuk fasilitas terapung untuk produksi, penyimpanan dan bongkar muat minyak bumi. Per 31 Desember 2008, Perseroan memiliki satu tanker FPSO dalam armadanya. Perseroan membeli tanker ini sebagai tanker minyak pada bulan Desember 2005 dan kemudian mengkonversinya menjadi kapal FPSO. Konversi ke FPSO diselesaikan pada bulan Agustus 2006. Tanker ini memiliki total kapasitas 60.874 DWT.

FPSO Tankers An FPSO tanker is a tanker used as a floating production, storage and offloading facility. As of 31 December 2008, the Company had one single FPSO tanker in its fleet. 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. The tanker has a shipping capacity of 60.874 DWT.

Tabel dibawah ini memberikan penjelasan singkat mengenai tanker FPSO Perseroan yang telah dioperasikan per 31 Desember 2008. Tanker FPSO Perseroan terdaftar dalam klasifikasi, yaitu Biro Klasifikasi Indonesia.

The table below briefly describes the Company’s FPSO tanker in operation as of 31 December 2008. The tanker is listed at Biro Klasifikasi Indonesia.

No

Owned Vessels

Built

DWT

Type

Flag

Hull

1

FPSO Brotojoyo

1980

60,874

FPSO Tanker

Indonesia

DB

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ANNUAL REPORT 2008


Kapal Baru Dalam Pembangunan Tabel di bawah memberikan penjelasan singkat mengenai kapal Perseroan yang masih dalam pembangunan, beserta rencana tonase dan rencana tanggal penyerahan per 31 Desember 2008. Kecuali yang diberikan penjelasan, seluruh kapal ini sepenuhnya milik Perseroan. Untuk tanker pengangkut bahan kimia ukuran kapal tersebut dinilai dengan DWT, dan untuk tanker pengangkut gas, dan tanker LNG diukur dalam bentuk CBM.

No.

Name

New Vessels Under Construction The tables below contain a list and brief description of the Company’s new ships currently under construction and to be included in the Company’s fleet, with planned tonnage and expected delivery dates as per 31 December 2008. Unless otherwise stated, all of these ships are wholly owned by the Company. Shipping capacities are indicated by DWT for chemical tankers and by CBM for gas, ethylene and LNG carriers.

Expected Delivery

DWT/ CBM

Type

Flag

Hull

1

MT Tangguh Sago

2009

155,000

LNG Carrier

Bahamas

N/A

2

MT Pramesti (*)

2009

19,000

Chemical Tanker IMO II / III SUS

Singapore

DH

3

MT Hyacinth

2009

12,500


Singapore

DH

4

CB Jakarta(**)

2009

19,500


Panama

DH

5

MT Subadra

2010

12,500


Singapore

DH

6

MT Gas Karimun

2012

5,000


Singapore

N/A

7

MT Gas Batam

2011

5,000


Singapore

N/A

8

MT Gas Bangka

2010

3,500


Singapore

N/A

9

MT Gas Madura

2010

3,500


Singapore

N/A

10

MT Wilutama

2010

25,100


Singapore

DH

11

MT Watari

2011

25,400


Singapore

DH

12

MT Setyaboma

2011

12,500


Singapore

DH

13

MT Sakuntala

2011

12,500


Singapore

DH

14

MT Wardani

2011

25,400


Singapore

DH

15

MT Widawati

2011

25,100


Singapore

DH

16

MT Pitaloka

2011

19,990


Singapore

DH

17

MT Partawati

2011

19,990


Singapore

DH

Catatan: (*) Perseroan sudah menerima penyerahan beberapa kapal ini pada saat Laporan Tahunan dikeluarkan (**) Kapal ini tidak dimiliki oleh perseroan, tetapi akan disewa oleh perseroan dengan opsi beli 1) Perseroan memiliki saham 30% dan sisanya 70% dimilki oleh Teekay Tangguh Holdings Corporation.

ANNUAL REPORT 2008

Notes: (*) The Company might have taken delivery of these few ships by the time this Annual Report was printed. (**) The vessel doesn’t belong to the Company but will be rented with a purchasing option. 1) The Company owns 30% interest and the remaining 70% owned by Teekay Tangguh Holdings Corporation.


35


Pertumbuhan Armada Grafik berikut menunjukkan pertumbuhan armada Perseroan menurut tonase dan jumlah kapal yang dimiliki Perseroan selama sepuluh tahun 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 10 years.

2500

100 88

2000

90 80

78

1500

60

59 53

1000

40 35

50

44

40

35

30

28

30

22

500

No. of Ships

Tonnage ('000 DWT)

70

20 10

0

0 1998

1999

2000

2001

2002

Tonnage ('000 DWT)

36


2003

2004

2005

2006

2007

2008

Number of Ships

ANNUAL REPORT 2008


PENJUALAN DAN PEMASARAN

SALES AND MARKETING

Kegiatan penjualan dan pemasaran Perseroan didukung oleh jaringan kantor Perseroan yang tersebar luas, sehingga memungkinkan Perseroan memasarkan dan menjual layanannya langsung dimana pelanggan Perseroan beraktivitas. Perseroan melakukan sendiri seluruh kegiatan pemasaran, karena Perseroan beranggapan bidang ini sangat penting dan harus dikontrol.

The Company’s sales and marketing activities are well supported by an extensive global network of offices that enables the Company to market and sell transshipment services to customers in the geographical areas across the globe. The Company conducts all the marketing activities on its own, as it is considered crucial to be in full control of this aspect.

Tim pemasaran dan operasional terdiri dari 170 orang, yang tersebar di berbagai kantor Perseroan, yaitu: di Jakarta, Singapura, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Mumbai, Glasgow, Rotterdam, dan Westport - Connecticut. Kantor Perseroan di Jakarta, Hong Kong, Singapura, dan Westport - Connecticut melayani segala aspek operasional, dari pemasaran dan pengelolaan kapal sampai dengan penawaran dan penandatanganan kontrak, pengalokasian kapal, pembelian kapal dan pengelolaan umum lainnya. Sedangkan kantor – kantor yang lain memiliki kegiatan utama untuk pemasaran dan pengelolaan kapal. Untuk mendukung pengoperasian armada bagian barat, Perseroan telah membuka kantor pemasaran di Glasgow tahun 2004 dan Rotterdam melalui akuisisi Chembulk, di Dubai tahun 2005 dan di Mumbai tahun 2007, 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.

The marketing and operations team consists of 170 people working in the Company’s offices in Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, Shanghai, Beijing, Xiamen, Dubai, Mumbai, Glasgow, Rotterdam, Brazil, and Westport - Connecticut. The Company’s offices in Jakarta, Singapore, Hong Kong, and Westport - 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 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, and Rotterdam in 2007 through acquisition of Chembulk Tankers LLC, in addition to Dubai office in 2005 and Mumbai in 2007. 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.

Dalam menjalankan usahanya Perseroan bersaing secara fair 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 di sekitar mana kapal – kapal Perseroan beroperasi melalui proses tender normal.

The Company competes for business through established channels of sales commonly used in the maritime transportation industry. COAs (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, dan tanker yang dimiliki oleh Perseroan digunakan untuk melakukan perdagangan baik dalam negeri maupun luar negeri. Persaingan dalam industri ini sangat ketat. Secara umum persaingan terjadi berdasarkan tingkat ketersediaan kapal di wilayah – wilayah atau rute – rute tertentu dan harga. Selain itu faktor yang juga berpengaruh adalah keandalan dan reputasi di dalam industri.

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, where operators compete on the basis of the availability of vessels in a particular region or for a particular route and price as they rely everything on their proven 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

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 potential

ANNUAL REPORT 2008


37


pengangkutan domestik adalah beberapa perusahaan pelayaran terkemuka di dalam negeri. 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.

shipping companies. In terms of international chemical transportation services, 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 transshipment, the Company’s competitors are major players who specialists 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. Perseroan memiliki hubungan bisnis jangka panjang dengan Pertamina, perusahaan minyak milik negara 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.

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. 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 other refinery products within Indonesian waters. All long-term contracts are with Pertamina.

Selain Pertamina sebagai salah satu pelanggan yang besar yang memberikan kontribusi terhadap total pendapatan sekitar 6%, tidak ada satu pelanggan pun yang memberi kontribusi lebih dari 5% terhadap total pendapatan Perseroan pada tahun 2008 dan dengan demikian Perseroan tidak memiliki resiko ketergantungan pada masing-masing pelanggannya.

Aside from Pertamina as one of the Company’s most valuable customers, with contribution up to 6% of revenue, none of other customers have individual contribution to revenue of more than 5% to the Company’s 2008 revenue. In this sense, the Company has no dependability risk on any single customer.

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, keandalan, dan harga yang bersaing serta ketersediaan kapal dari berbagai tipe dan ukuran. 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.

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 type and size of vessels. 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.

38


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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, Iran, 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, Iran, 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. Perseroan 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’s part of the Company’s strategy to anticipate 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.

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KEKUATAN DAYA SAING Industri perkapalan pada dasarnya diwarnai persaingan, dan paling menuntut kekuatan daya saing yang tinggi dibandingkan kebanyakan industri pada umumnya. Walaupun demikian, Perseroan menyimpan 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 many 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 operated and managed by skilled 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 beragam kapal angkut dalam ukuran berbeda, keseluruhannya 88 kapal, Perseroan saat ini berada dalam posisi yang sangat siap untuk menyediakan layanan transportasi yang dibutuhkan tersebut, bahkan bagi perusahaan-perusahaan perdagangan multinasional dan regional yang memiliki berbagai macam produk dan kelompok muatan.

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 88 vessels, the Company is extremely well positioned to service the widely varying transportation needs of even the largest multinational companies and regional trading companies and for a wide range of different products and product groups.

Armada tanker pengangkut bahan kimia, minyak dan gas Perseroan terus dijaga dalam kondisi prima, serta dioperasikan oleh awak kapal terbaik, yang mampu mengembangkan sekaligus mempertahankan relasi bisnis jangka panjang dengan para klien, dengan cara memberikan pelayanan berkualitas tinggi serta efisien dari segi biaya. Armada yang dimiliki Perseroan sudah terbukti jauh lebih modern dibandingkan kebanyakan pesaingnya. Per tanggal 31 Desember 2008, umur rata-rata tanker bahan kimia, minyak serta gas yang dimiliki Perseroan adalah masing-masing 7,7 15,4 dan 7,9 tahun dimana rata-rata umur tanker dalam industri ini berkisar masing-masing antara 11,7 12,3 dan 15,5 tahun.

The Company’s fleet of modern chemical, oil and gas tankers is superbly maintained and operated by highly qualified crew, facilitating its ability to develop and maintain long-term relationships with its clients by providing consistently high-quality and cost efficient service. The Company’s fleet is demonstrably more recently constructed than that of the majority of its competitors. As of 31 December 2008, the average age of the Company’s chemical, oil and gas tankers was approximately 7,7 15,4 and 7,9 years respectively, compared to industry averages of approximately 11,7 12,3 and 15,5 years respectively.

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

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

Perseroan bangga menggunakan armada kapal yang modern dan berklasifikasi tinggi, dimana hampir semua kapal yang dimiliki telah berlambung ganda dan hampir semua tanker kimia memiliki sertifikasi IMO kelas II / III. Sertifikasi 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 antikarat berkualitas tinggi, yang menambah kemampuan serta fleksibilitas untuk mengangkut kargo-kargo bernilai tinggi. Kemampuan pengangkutan produkproduk 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 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. Being able to provide transportation for specialized products presents us with better margins.

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Kualitas dari armada kapal serta awak kapal Perseroan terbukti juga dari tingkat penerimaan oleh pihak penyewa, dimana tingkat pemanfaatan kapal Perseroan mencapai tingkat lebih dari 90 persen.

The quality of the fleet, and the crew manning the fleet, have won a high level of acceptance from charterers, demonstrated by the Company’s vessel utilization rate of above 90 per cent.

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

Financial Performance Consistent profitability and steady, ongoing increases in net revenues

Sejak terdaftar dalam perdagangan saham di Bursa Efek Jakarta di tahun 1990, Perseroan selalu mencatatkan keuntungan bersih setiap tahunnya. Di antara tahun 1990 dan 2008 (berdasarkan Indonesia GAAP), EBITDA Perseroan telah meningkat dengan laju pertumbuhan sebesar 38,8 persen per tahun, sedangkan keuntungan yang didapat naik dengan tingkat pertumbuhan per tahun sebesar 37,2 persen per tahun.

Since its listing on the Jakarta Stock Exchange in 1990, the Company has recorded net profits every year. In the period between 1990 and 2008 (on the basis on Indonesian GAAP), the Company’s EBITDA has increased at a compound annual growth rates of 38,8 per cent, while profit has increased at compound annual growth rate of 37,2 per cent.

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. Strategi-strategi inilah yang memungkinkan Perseroan mempertahankan tingkat keuntungan melalui siklus bisnis yang tepat. Di tengah-tengah krisis dewasa ini, Perseroan mampu melanjutkan dengan hasil nyata, dan menunjukkan kinerja yang kuat dengan mencatatkan keuntungan bersih sebesar Rp1.557.962 juta sebagaimana ditunjukkan dalam laporan laba rugi terlampir.

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. In the midst of current crisis, the Company continued to deliver results and has shown its strong performance by recording a net profit of Rp1.557.962 million as has been shown in the profit and loss statement.

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 transportation services

Perseroan terus berupaya mempertahankan relasi-relasi 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 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.

Dengan ekspansi armada kapal yang terus berkelanjutan, Perseroan mengharapkan bahwa relasi yang sudah terbina ini dapat menjadi batu loncatan mendapatkan pelangganpelanggan baru di pasar-pasar wilayah lain, terlebih dengan akuisisi Chembulk. Diharapkan ini semua 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 on these existing relationships to win the trust of new clients by providing them with a greater geographical reach, following the acquisition of Chembulk and to deepen our presence in important market around the world.

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.

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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 keterpaduan kehadirannya di tengah pasar-pasar Asia utama, dengan memiliki kantor-kantor di Jakarta, Singapore, Hong Kong, Bangkok, Taiwan, 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 Rotterdam; untuk Asia Selatan di Mumbai; dan untuk Amerika Utara serta Selatan di Westport - 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, Taiwan, Shanghai and Beijing. In addition, the Company has established a presence in the Middle East through marketing office in Dubai; in Europe through office in Glasgow and Rotterdam; in South Asia through office in Mumbai; and in North America and South America through offices in Westport - Connecticut and Sao Paolo - Brasil.

Komitmen Membangun Budaya Pelatihan yang Ekstensif Program Pelatihan yang Sistematis dan Ketat bagi para Staf darat dan lepas pantai

Commitment to Extensive Training Culture Systematic and Rigorous Training Programs for Onshore and Offshore Staff

Aset terbesar Perseroan adalah para karyawannya, yang bekerja baik di darat maupun di laut (di kapal). Untuk itu Perseroan telah menanamkan banyak modal untuk peningkatan kualitas kerja mereka. Kebijakan ini akan terus dilanjutkan.

The Company’s greatest assets are its people who work both onshore and offshore (on board its vessels) hence the Company has invested heavily on them and this policy will continue to be so.

Perseroan melaksanakan program pelatihan yang luas cakupannya bagi semua karyawan di setiap tingkatan baik untuk lokasi kerja di darat maupun di laut. Program-program pelatihan tersebut beragam, mulai dari pembentukan motivasi untuk pengetahuan industri ini 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

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 good training and good training programs are investments in nature and are important

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pengembangan individu para karyawan dan juga, penting bagi pertumbuhan bisnis Perseroan di masa mendatang, yang akan menentukan sukses tidaknya organisasi ini di kemudian hari.

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.

Untuk tujuan pelatihan awak kapal, Perseroan telah berinvestasi banyak melalui pengadaan perangkat simulator anjungan kapal, kamar mesin kapal dan bagan pompa muatan termasuk juga berbagai investasi lainnya seperti laboratorium Bahasa Inggris agar para awak kapal dapat terus meningkatkan ketrampilan mereka 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 and 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.

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

In general, we have onshore and offshore staff who are not only highly skilled, promoting best practices, 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

Vessel Management High-quality and cost competitive services through wholly owned subsidiaries

Perseroan menyediakan semua layanan manajemen kapal yang dibutuhkan untuk pengoperasian armada kapal yang dimilikinya, termasuk operasi pendukung, perawatan kapal, dukungan teknis, penempatan staf teknis, pengawasan pekerjaan di galangan kapal serta manajemen komersial, yang dilakukan

The Company provides all of the vessel management services required to operate the fleet, including operations support, tanker maintenance and technical support, crewing, shipyard supervision and commercial management, through wholly owned subsidiaries. The Company believes that by performing

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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 tepat, serta tingkat efektivitas biaya yang lebih tinggi akan dapat dicapai.

these services through wholly owned subsidiaries, the Company is able to ensure quality 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 rata-rata 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 sepanjang itu tentunya menjadi dasar yang kuat bagi upaya yang fokus 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 long 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

STRATEGY

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

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:

Portfolio yang Seimbang Mengurangi perubahan – perubahan 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

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Fakta menyebutkan bahwa sektor 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 diatur oleh 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 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 perkapalan 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 waktu pada sebagian armada kapalnya, sekaligus mempertahankan fleksibilitas agar dapat meraih pendapatan di peningkatan pasar spot. Perseroan selalu mengamati dengan cermat kondisi pasar dan mencari cara mengantisitasi 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 quickly 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, Perseroan telah membeli 39 kapal baru serta yang diperbaharui, dengan mengeluarkan biaya keseluruhan sebesar US$1,130 juta, sehingga total kapasitas angkut sekarang menjadi 2.083.483 DWT. Perseroan bermaksud terus menambah jumlah armada kapalnya dengan 17 kapal baru lainnya, sehingga nantinya total kapasitas akan bertambah sebanyak 323.440 DWT, yang keseluruhannya akan selesai diserah-terimakan dalam waktu 3 tahun mendatang. Terlebih pula, Perseroan juga sedang mempertimbangkan mengakuisisi perusahaan perkapalan lainnya demi mencapai tujuan strategisnya.

Since January 2005, the Company has acquired 39 new and second-hand ships with a total capacity of 2.083.483 DWT for an aggregate cost of approximately US$1,130 million. The Company intends to continue to expand its fleet, with 17 vessel new builds, representing a total capacity of 323.440 DWT, on order for delivery over the next 3 years. Furthermore, the Company may consider acquisitions of other shipping companies to achieve its strategic objectives.

Membuka Pasar Baru Memperluas cakupan layanan geografis ke dalam pasar-pasar utama lainnya Sejak tahun 1998, Perseroan mulai mengejar strategi perluasan layanan untuk mencakup wilayah pasar-pasar 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.

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

Since 1998, the Company has pursued 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.


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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 wilayah-wilayah tersebut masih tinggi.

The Company intends to continue to focus on its core business in Asia while also striving to extend and expand its operations into Europe, North and South America and to place greater emphasis on meeting the needs of European and American customers. The management of the Company believes that the European and American market offers substantial opportunities, as many of the largest existing customers do business in Europe and America and have a demand for reliable, efficient and cost effective shipping services throughout this region.

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 business. 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.

Selain itu, Perseroan juga memandang peraturan baru bagi industri pelayaran domestik yang mengatur bahwa pelayaran antar pulau di dalam wilayah Indonesia hanya boleh dilayani oleh perusahaan pelayaran nasional dengan kapal berbendera Indonesia, sejauh kapalnya memang tersedia, sebagai peluang tambahan bagi perluasan operasi dalam negeri.

In addition, the Company recognizes that new Indonesian shipping regulations that stipulate that intra-Indonesian shipping services may only be provided by domestic ship owners using Indonesian-flagged vessels, to the extent such vessels are available, provides an opportunity to expand its operations in the domestic market.

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. 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, off-loading dan layanan lepas pantai lainnya. Tahun 2006 Perseroan telah mengubah satu dari kapal tanker yang dimilikinya agar dapat melayani FPSO, menandai awal masuknya Perseroan ke pasar ini.

The Company believes that the FSO and FPSO markets for offshore services have high growth potential. 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 as the first entry into this market.

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ANNUAL REPORT 2008


PROSPEK USAHA DAN KONDISI PASAR

BUSINESS PROSPECTS AND MARKET CONDITIONS

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 faktorfaktor seperti : kondisi perekonomian global, tingkat permintaan dan penawaran dari pengangkutan muatan cair, serta siklus yang dimiliki oleh industri pengangkutan muatan cair.

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. Tingkat permintaan terhadap minyak, bahan kimia, dan gas sangat terkait dengan pola perkembangan, pertumbuhan, dan aktivitas perekonomian global. Perubahan tingkat permintaan untuk pengangkutan minyak, bahan kimia cair, dan gas sangat dipengaruhi oleh banyak faktor, 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.

Selama beberapa tahun terakhir ini, tingkat permintaan dunia terhadap pengangkutan minyak, bahan kimia, dan gas meningkat secara stabil. Pengangkutan bahan kimia mengalami peningkatan sebesar 30,15 persen sejak tahun 2001, yaitu dari 133 juta ton menjadi 173,1 juta ton di tahun 2008. Sedangkan tingkat permintaan untuk tanker pengangkut minyak telah meningkat dari sekitar 249,9 juta DWT di tahun 2003 menjadi sekitar 308,2 juta DWT di tahun 2008. Untuk sektor gas terjadi peningkatan tingkat permintaan dari 67,5 juta ton untuk pengangkutan LPG, amonia, dan gas petrokimia pada tahun 2002 menjadi 83,3 juta ton di tahun 2008.

During the last several years, the global demand for transportation services involving the shipping of oil, chemicals and gas has risen steadily. The volume of liquid chemicals transported by sea has risen by approximately 30,15 per cent since 2001, from 133 million tons to 173,1 million tons in 2008; whereas the volume of petroleum transported by sea has increased from approximately 249,9 million DWT in 2003 to approximately 308,2 million DWT in 2008; and the volume of LPG, ammonia and petrochemical gas altogether has risen from 67,5 million tons in 2002 to 83,3 million tons in 2008.

Selama beberapa tahun terakhir ini, tingkat penawaran pengangkutan muatan cair mengalami peningkatan sebagai akibat dari kenaikan pada tingkat permintaan. Menurut Drewry Shipping Consultants Ltd., sejak tahun 2002 armada tanker pengangkut bahan kimia dunia berkembang dari sekitar 40,6 juta DWT menjadi 65,94 juta DWT pada akhir tahun 2008. (termasuk didalamnya kapal yang memiliki peringkat kimia terbatas tapi pada umumnya digunakan untuk transportasi produk minyak). Jumlah armada kapal tanker pengangkut minyak telah berkembang dari sekitar 265,5 juta DWT pada tahun 2003 menjadi lebih dari 323,8 juta DWT pada akhir tahun 2008 sedangkan armada kapal tanker gas dunia berkembang dari 14,4 juta meter kubik pada tahun 2003 menjadi sekitar 18,32 juta meter kubik pada akhir tahun 2008.

Over the past several years, supply of liquid cargo maritime transshipment services has increased in response to the growth of demand. According to Drewry Shipping Consultants Ltd, since 2002, the total combined capacity of the world chemical tankers has grown from approximately 40,6 million DWT to 65,94 million DWT by end of 2008 (including vessels with a limited chemical rating but are primarily used for transporting oil products). The total combined capacity of the world’s oil tankers has expanded from approximately 265,5 million DWT in 2003 to approximately 323,8 million DWT at the end of 2008, while the combined capacity of the world’s gas tankers has grown from 14,4 million CBM in 2003 to approximately 18,32 million CBM by end of 2008. .

ANNUAL REPORT 2008


47


Chemical Tanker Demand

Source : Drewry

Oil Tanker Demand

Source : Drewry

Gas Tanker Demand

Source : Drewry

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ANNUAL REPORT 2008


Siklus usaha dari masing-masing kegiatan usaha Perseroan, yaitu: pengangkutan bahan kimia, minyak, dan gas, belum tentu saling berhubungan satu dan yang lainnya. 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.

ANNUAL REPORT 2008

The specific cycles of each of the three main products transported by the Company’s vessels, namely the chemical liquids, oil and gas, do not necessarily relate to each other. The various shipping routes on which the vessels operate and the various products to which the Company provides its transshipment services are subject to varying degrees of exposure to this volatility affecting freight rates. The Company’s strategy is always trying to control the impact of this volatility has on its performance by maintaining a balance between various proportion of business involving each of the main product markets; also a balance between long-term and spot contracts; and by relocating its ships to geographic regions where demand is both high and relatively stable.


49


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 perbaikanperbaikan 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.

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ANNUAL REPORT 2008


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.

ANNUAL REPORT 2008


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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 produkproduk 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 kapalkapal 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 seutuhnya 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.

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ANNUAL REPORT 2008


KINERJA SAHAM

SHARE PERFORMANCE

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 3 kali Penawaran Umum Terbatas disertai dengan Pre-emptive Rights yaitu di tahun 1993, 1998, dan 2001. 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.

Since the Company conducted The Initial Public Offering on 22 January 1990 which were subsequently listed at Indonesian Stock Exchange previously known as Jakarta Stock Exchange and Surabaya Stock Exchange, the Company has conducted 3 Limited Public Offering With the Pre-emptive Rights in the year of 1993, 1998, and 2001. In addition, some corporate actions in the capital market have also been conducted such as distribution of Bonus Shares as an appreciation of the Company to the 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.

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 the Company also succeeded in issuing Guaranteed Notes and the Second Convertible Bond which was also listed in Singapore Exchange, and issuing its Third Rupiah Bond and Sukuk Ijarah which were listed in Indonesian Stock Exchange.

ANNUAL REPORT 2008


53


Summary of Company’s activities in Capital Market:

Rangkuman Aktivitas Perseroan di Pasar Modal: Tanggal Pencatatan Recording Date

Aksi Korporasi

Saham Baru New Share

Sebelum Penawaran Umum Perdana

Jumlah Saham Total Share

Nilai Nominal Nominal Value

11,900,000

Rp. 1,000

Before IPO

Corporate Action

Penawaran Umum Perdana (@ Rp 8.500)

26-Mar-90

2,100,000

14,000,000

Rp. 1,000

Initial Public Offering (@ Rp 8,500)

Saham Bonus I (2:1)

20-Jul-91

7,000,000

21,000,000

Rp. 1,000

Stock Bonus I (2:1)

Saham Bonus II (5:2)

24-Sep-92

8,400,000

29,400,000

Rp. 1,000

Stock Bonus II (5:2)

Penawaran Umum Terbatas I (1:1 @ Rp 1.600)

24-May-93

29,400,000

58,800,000

Rp. 1,000

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

Pemecahan Nilai Saham (1:2)

27-Jan-97

58,800,000

117,600,000

Rp. 500

Stock Split (1:2)

Saham Bonus III (500:150)

4-Mar-97

35,280,000

152,880,000

Rp. 500

Stock Bonus III (500:150)

Penawaran Umum Terbatas II 16-Jan-98 (1:2 @ Rp 1.200, 10 HMETD + 2 Waran)

305,760,000

458,640,000

Rp. 500

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

Konversi Waran

Up to 31-Dec-00

6,380

458,646,380

Rp. 500

Warrant Conversion

Penawaran Umum Terbatas III (17:2 @ Rp 1.100)

19-Jan-01

53,958,150

512,604,530

Rp. 500

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

Pembelian Kembali Saham *

Start from Oct-01

51,260,000

512,604,530

Rp. 500

Stock Buy Back(*)

Konversi Waran

Up to 6-Feb-02

839,262

513,443,792

Rp. 500

Warrant Conversion


6-Feb-02

1,540,331,376

2,053,775,168

Rp. 125

Stock Split (1:4)

Konversi Waran

Up to 31-Dec-03

14,482,420

2,068,257,588

Rp. 125

Warrant Conversion

Konversi Waran

Up to 12-Nov-04

3,923,900

2,072,181,488

Rp. 125

Warrant Conversion


12-Nov-04

2,072,181,488

4,144,362,976

Rp. 62.50

Stock Split (1:2)

Konversi Waran

Up to 31-Dec-04

22,500

4,144,385,476

Rp. 62.50

Warrant Conversion


Start from May-05

412,433,000

4,144,385,476

Rp. 62.50

Stock Buy Back(*)

Konversi Waran

Up to 31-Dec-05

12,828,960

4,157,214,436

Rp. 62.50

Warrant Conversion


Start from Jul-06

113,938,000

4,157,214,436

Rp. 62.50

Stock Buy Back(*)

Konversi Waran

Up to 31-Dec-06

358,000

4,157,572,436

Rp. 62.50

Warrant Conversion

Konversi Waran

Up to 31-Dec-07

1,438,000

4,159,010,436

Rp. 62.50

Warrant Conversion

* Tidak mempengaruhi Jumlah Saham yang telah diterbitkan Total saham tercatat di BEI dan SGX sampai 31 Desember 2008 adalah 4.589.281.176 lembar

* Will not have an effect on Total Share issued Total Listed Share in BEI and SGX on 31 December 2008 is 4,589,281,176 shares

Kinerja Saham di Kwartal Awal 2007 dan 2008

Performance of Share at the Early Quarter in 2007 and 2008

BEI/Indonesian Stock Exchange

SGX/Bursa Singapura

Q1

Average Volume (Share) 14,654,400

High (IDR) 1910

Low (IDR) 1850

Close (IDR) 1880

Average Volume (Share) 2,917,800

High (SGD) 0.32

Low (SGD) 0.31

Close (SGD) 0.31

2007

Q2

11,121,700

2100

1950

2050

3,778,200

0.35

0.33

0.34

2007

Q3

17,275,400

2010

1890

1950

3,131,000

0.32

0.31

0.31

2007

Q4

13,231,700

2700

2450

2650

2,044,500

0.41

0.39

0.39

2008

Q1

4,129,000

2050

1925

1975

1,499,600

0.31

0.3

0.3

2008

Q2

1,072,300

1940

1870

1900

137,800

0.28

0.26

0.27

2008

Q3

7,336,600

1330

1060

1060

700

0.22

0.18

0.18

2008

Q4

2,134,500

600

540

580

147,300

0.08

0.07

0.08

Year

Q

2007

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ANNUAL REPORT 2008


(Kinerja Saham di BEI (Bursa Efek Indonesia) dan SGX (Singapore Exchange Securities Trading Limited) selama periode 2007 & 2008

Performance of Share in BEI (Bursa Efek Indonesia) and SGX (Singapore Exchange Securities Trading Limited) for period 2007 & 2008

Bursa Efek Indonesia (Indonesian Stock Exchange)

Bursa Singapura (Singapore Exchange Securities Trading Pte Ltd)

ANNUAL REPORT 2008


55


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 bahwa upaya-upaya dalam menciptakan keunggulan di semua bidang-bidang tersebut telah mendapatkan pengakuan melalui penghargaan-penghargaan dan sertifikasi yang diterima Perseroan dari sejumlah lembaga, badan-badan sertifikasi, dan pihak ketiga lainnya. Pada tahun 2007-2008, Perseroan antara lain menerima penghargaan-penghargaan 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 2007-2008, amongst others, the Company received the following awards:

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

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

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

ANNUAL REPORT 2008

GOOD CORPORATE Governance Tata Kelola Perusahaan Yang Baik

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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 prinsipprinsip 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 2008 dijelaskan sebagai berikut:

The corporate governance practices of the Company in 2008 are described herein under the following sections:

Ketentuan tentang Dewan Komisaris dan Direksi

The Board’s Conduct of its Affairs

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

Principle 1: Every company should be headed by an effective Board to lead and control the company.

Komposisi dan Keseimbangan Dewan Komisaris dan Direksi

Board Composition and Balance

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.

Principle 2: There should be a strong and independent element on the Board, which is able to exercise objective judgment on corporate affairs independently, in particular, from Management. No individual or small group of individuals should be allowed to dominate the Board’s decision making.

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:

Dewan Komisaris Board of Commissioners

Direksi Board of Directors

Komite Audit Audit Committee

Komite Nominasi Nomination Committee

Komite Remunerasi Remuneration Committee

Hadi Surya

C

-

-

M

M

Harijadi Soedarjo

M

-

-

-

-

Alan Jonathan T. Darmawan *

M

-

C

C

C

Jaka Prasetya *

M

-

M

M

M

Max Sumakno Budiarto

-

-

M

-

-

Widihardja Tanudjaja

-

C

-

-

-

Siana Anggraeni Surya

-

M

-

-

-

Kevin Wong

-

M

-

-

-

Michael Murni Gunawan

-

M

-

-

-

Henrianto Kuswendi

-

M

-

-

-

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

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


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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 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 dengan itikad baik serta untuk kepentingan terbaik bagi Perseroan.

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 Jakarta Stock Exchange and Singapore Exchange Securities Trading Limited, 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 per cent 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

Board of Directors

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.

The Board of Directors manages the Company on a day-today 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.

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

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

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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.

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 per cent 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 training held by the Company to improve competency 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

Management Responsibilities

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

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.

boleh bertindak sebagai pusat semua kekuasaan. 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 separate 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:

The President Director’s role in the Board of Directors includes among others, the following:

a). Mengatur waktu rapat Direksi sedemikian hingga Direksi dapat menjalankan kewajibannya tanpa menghambat jalannya aktivitas bisnis rutin perusahaan;

a) schedule meetings that enable the Board to perform its duties responsibly while not interfering with the flow of the company’s operations;

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b) Mempersiapkan agenda pertemuan yang dikonsultasikan dengan Direksi;

b) prepare meeting agenda in consultation with the Board;

c)

Mengendalikan kualitas, kuantitas dan jadwal aliran informasi antara Manajemen dan Direksi; dan

c) exercise control over quality, quantity and timeliness of the flow of information between Management and the Board; and

d) Memberikan bantuan untuk menjamin kepatuhan terhadap ketentuan-ketentuan perusahaan terkait dengan penerapan tata kelola perusahaan yang baik.

d) assist in ensuring compliance with company’s guidelines on corporate governance.

Keanggotaan Direksi

Board Membership

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.

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 re-election at regular intervals.

Komite Nominasi

Nomination Committee

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

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:

Nomination Committee has the duties of, among other things:

•

Meneliti dan menilai calon Direksi dan Komisaris sebelum mengajukan nama-nama mereka ke pemegang saham Perseroan untuk disetujui sebagai Direktur dan Komisaris Perseroan;

•

reviewing and assessing candidates for directorships and commissionership before making recommendations to Shareholders for appointment of Directors and Commissioners;

•

Meneliti dan memberikan rekomendasi kepada pemegang saham Perseroan mengenai pengakhiran masa jabatan atau pengangkatan kembali Direktur dan Komisaris sesuai dengan Anggaran Dasar Perseroan pada setiap rapat tahunan;

•

reviewing and recommending to our Shareholders the retirement or re-election of Directors and Commissioners in accordance with the Company’s Articles of Association at each annual general meeting;

•

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;

•

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;

•

Setiap tahun menentukan tingkat independensi para Komisaris Independen Perseroan, sesuai dengan peraturan perundang-undangan dan pedoman yang berlaku;

•

determining annually the independence of 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.

•

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

Kinerja Dewan Komisaris dan Direksi

Board Performance

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

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

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Pengambilan Keputusan Berdasarkan Informasi Yang Tepat

Informed Decision

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

The decision made by the Board of Commissioners and/or Board of Directors based on:

•

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.

•

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.

•

Pihak manajemen menunjukkan alternatif-alternatif yang ada ke Dewan Komisaris dan / atau Direksi sebagai dasar penyusunan kebijakan / keputusan yang diambil.

•

Presenting alternatives (by management) to the Board of Commissioners and / or Board of Directors as a basis of the policy / decision taken.

•

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.

•

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

•

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.

•

Final policy approved by the Board of Commissioners and Board of Directors is based on a clear, logic, sound explanation, and is measurable as well as comparable.

•

Keputusan-keputusan tersebut harus dapat dilaksanakan, mereka yang melaksanakan keputusan-keputusan tersebut harus bertanggungjawab untuk hasilnya dan ketepatan waktu penyelesaiannya.

•

Decisions are executable and people who implement the decisions should take responsibility for the result and project timeliness.

Pengelolaan Resiko

Risk Management

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:

Company manages risk through a framework and processes, whereby a culture of risk awareness and risk management is encouraged in the organization, which involves:

•

Mengenali jenis-jenis resiko yang berbeda, yang mungkin ditemui Perseroan dalam menjalankan operasi sehari-hari dan/atau membuat keputusan

•

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

•

Memastikan agar terdapat satu anggota manajemen senior yang bertanggungjawab untuk menanggapi atau mengatur langkah mitigasi terhadap resiko tersebut.

•

Ensuring that there is an accountable senior management who may answer or take responsibility for mitigating the risk

Pengelolaan Krisis

Crisis Management

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.

The Company recognizes various types of crisis such as on site and working environment that requires effective crisis management. Plan for effective crisis management is formulated based on the weakness identified in order to establish a proven and reliable business process.

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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, recognize and address business risk, as well as being prepared to deal with event of crisis the Company is well equipped to running an effective business. Coupled with good cost control mechanism the Company surely will deliver a sustainable growth and worthy investment results.

Sekretaris Korporasi

Corporate Secretary

Pada saat ini Sekretaris Perusahaan dijabat oleh Wong Kevin yang juga adalah Direktur Keuangan Perseroan. Resume dari Wong Kevin dapat dilihat pada profil direksi Perseroan. Sedangkan tugas dan fungsi Sekretaris Perusahaan adalah, antara lain, sebagai berikut:

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. The tasks and function of the Corporate Secretary are as follow:

•

Mengikuti perkembangan pasar modal, khususnya peraturan – peraturan baru yang berlaku di bidang pasar modal;

•

keep informed with respect to capital market developments, especially capital market regulations;

•

Memberikan pelayanan kepada masyarakat atau investor yang memerlukan informasi berkaitan dengan kondisi Perseroan;

•

provide the public or investors with all information needed regarding the condition of the Company;

•

Memberikan masukan bagi Direksi Perseroan dalam upaya mematuhi ketentuan peraturan perundang-undangan yang berlaku;

•

make recommendations to the Company’s Board of Directors with respect to compliance with the applicable law, rules, and regulation;

•

Sebagai penghubung antara Perseroan dan otoritas perdagangan saham serta masyarakat

•

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

Rapat Dewan dan Akses Mendapatkan Information

Board Meetings and Access to Information

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.

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 masalah-masalah yang akan disampaikan oleh Dewan Komisaris dan Direksi, salinan dokumen-dokumen yang perlu disampaikan, pernyataan finansial bulanan, laporan pengelolaan risiko, anggaran dan prediksi. Untuk anggaran, setiap perbedaan penting antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan.

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 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.

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Selama tahun buku 2008 yang berakhir tanggal 31 Desember 2008, lima (5) Rapat Dewan Komisaris dan Direksi dan dua-belas (12) Rapat Evaluasi Manajemen telah diselenggarakan, dimana kehadiran para Komisaris dan Direksi dalam rapat-rapat Komite terebut dapat dilihat pada tabel berikut ini:

Rapat Dewan Board Meeting

During the financial year ended 31st December 2008, 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:

Rapat Evaluasi Manajemen Management Review Mtg

Komite Audit Audit Committee

Komisi Nominasi Nomination Committee

Komite Remunerasi Remuneration Committee

-

1/1

1/1

Hadi Surya

3/5

Harijadi Soedarjo

3/5

-

-

-

Alan Jonathan T. Darmawan

5/5

6/6

1/1

1/1

Jaka Prasetya

5/5

6/6

1/1

1/1

Max Sumakno Budiarto

6/6

-

-


5/5

11/12

-

-

-


3/5

7/12

-

-

-

Kevin Wong

3/5

9/12

-

-

-


5/5

12/12

-

-

-

Henrianto Kuswendi

4/5

10/12

-

-

-

Remunerasi

Remuneration Matters

Prosedur untuk Mengembangkan Kebijakan Remunerasi

Procedures for Developing Remuneration Policies

Prinsip No.7: Harus ada suatu prosedur formal dan transparan bagi penentuan paket remunerasi untuk masing-masing direktur. Tidak satupun direktur boleh terlibat dalam penentuan remunerasi untuk dirinya sendiri.

Principle 7: 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.

Komite Remunerasi

Remuneration Committee

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.

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.

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;

•

recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors, Commissioners and key executives;

•

Menyetujui target kinerja untuk penilaian kinerja dari para anggota Direksi; dan

•

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

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65


•

Memberikan rekomendasi bagi paket remunerasi khusus untuk setiap Direktur untuk diajukan dan disetujui oleh Dewan Komisaris.

•

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

Tingkat dan Gabungan Remunerasi

Level and Mix of Remuneration

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.

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

Keputusan mengenai Remunerasi

Disclosure on Remuneration

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.

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 29 April 2008 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 masing-masing 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 2008, termasuk di dalamnya segala benefit atau kompensasi pada tahun fiskal tersebut yang dibayarkan secara akumulatif dan pada waktu yang telah ditentukan, adalah sebagai berikut:

On the Annual General Meeting of the Company which was held on 29 April 2008, 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 in bands of S$250.000 (except for the President Commissioner which is in the band of S$250.000-S$500.000) 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 2008, including any benefit-in-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:

Dibawah/Below SGD250,000

Antara/Between SGD250,000 - SGD500,000

Diatas/Above SGD500,000

Hadi Surya

-

3

-

Harijadi Soedarjo

3

-

-

Jaka Prasetya

3

-

-

Alan Jonathan Tangkas Darmawan

3

-

-

Nama/Name

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 29 April 2008 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 masingmasing 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 2008, termasuk didalamnya segala benefit atau kompensasi pada tahun tersebut yang dibayarkan secara akumulatif dan dibayarkan pada waktu yang telah ditentukan, adalah sebagai berikut: 66


On the Annual General Meeting of the Company which was held on 29 April 2008, 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 S$250.000-S$500.000 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 2008, including any benefit-in-kind and any deferred compensation accrued for the financial year in question and payable at a later date, are as follows:

ANNUAL REPORT 2008


Dibawah/Below SGD250,000

Antara/Between SGD250,000 - SGD500,000

Diatas/Above SGD500,000


-

3

-

Kevin Wong

-

3

-


-

3

-

Henrianto Kuswendi

-

3

-


-

3

-

Name/Name

Akuntabilitas dan Audit

Accountability and Audit

Akuntabilitas

Accountability

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

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 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

Accountability to Shareholders

Dewan Komisaris dan Direksi memahami pentingnya menjamin informasi yang tepat dan berkualitas tinggi, sebagaimana dibutuhkan oleh para pemegang saham secara tepat waktu agar mereka bisa mengikuti semua perkembangan terakhir yang mempengaruhi Perseroan. Guna menjamin diseminasi informasi secara efektif, Perseroan memiliki kebijakan Hubungan Komunikasi dengan Pemegang Saham dan Investor. Kebijakan tersebut menggarisbawahi 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 hukum, dan menggambarkan prosedurprosedur yang diimplementasikan untuk menjamin kepatuhan.

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 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 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 tertentu.

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.

ANNUAL REPORT 2008


67


Laporan Finansial

Financial Reporting

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 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.

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 97 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 97 of this Annual Report.

Komite Audit

Audit Committee

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

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

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:

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

•

•

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;

68


Examining the audit plan of the Company’s 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;

ANNUAL REPORT 2008


•

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;

•

Examining the consolidated financial statement 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;

•

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;

•

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 and management’s responds on the above issues;

•

Mengkaji ulang kerjasama yang diberikan manajemen kepada auditor Perseroan;

•

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

•

Menelaah transaksi-transaksi yang dilakukan Perseroan menyangkut instrumen derivatif keuangan;

•

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

•

Mempertimbangkan penunjukan dan penunjukan kembali auditor eksternal dan meneliti ketidakberpihakan serta objektifitas auditor eksternal setiap tahun;

•

Considering the appointment and re-appointment of external auditor and examining the independence and objectivity of external auditor annually;

•

Melakukan pengujian atas transaksi-transaksi benturan kepentingan berdasarkan peraturan-peraturan yang berlaku;

•

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

•

Mengkaji ulang dan menyetujui biaya auditor Perseroan;

•

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

•

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

•

Conducting other researches and other tasks assigned by Board of Commissioners from time to time on issues which require Commissioners’ attention;

•

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

•

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

•

Melakukan penelaahan dan melaporkan keluhan-keluhan mengenai Perseroan kepada Dewan Komisaris;

•

Examining and reporting complaints regarding the Company to Board of Commissioners;

•

Meneliti kepatuhan Perseroan terhadap semua peraturan dan perundang-undangan di bawah hukum pasar modal dan peraturan perundang-undangan tempat Perseroan beroperasi; dan

•

Examining the compliance of the Company to all applicable rules and regulation in capital market and the law where the Company is operating; and

•

Secara umum melakukan fungsi-fungsi dan tugas-tugas lain yang diwajibkan oleh hukum yang berlaku dari waktu ke waktu.

•

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

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69


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 tindakan-tindakan 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 2008, Komite Audit mengadakan pertemuan dengan Perseroan, dengan frekuensi sekali dalam dua bulan, sedangkan pertemuan Komite Audit dengan Auditor eksternal Perseroan dilakukan dua kali dalam setahun.

During the year 2008, the Audit Committee has conducted meetings with the Company’s management once in two months. The meetings with external auditor were conducted twice a year.

Kegiatan-kegiatan Komite Audit selama tahun 2008 sebagai berikut:

In the year 2008, the Audit Committee conducted activities as follows:

•

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

•

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;

•

Mengikuti perkembangan pembangunan kapal-kapal baru Perseroan;

•

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

•

Mendiskusikan dan memantau transaksi dengan pihak tertentu;

•

Discussing and monitoring related-party transactions;

•

Berdiskusi secara rutin dengan Manajemen Perseroan mengenai perkembangan terakhir Perseroan dan regulasiregulasi terkait bisnis Perseroan;

•

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

•

Meninjau ruang lingkup rencana kerja Internal Audit Perseroan, memberi masukan dan memonitor hasil kerja Internal Audit;

•

Reviewing the scope and working plan of the Company’s Internal Audit, providing advices and monitor the results of Internal Audit;

•

Mengadakan pertemuan dengan Auditor Eksternal dan Manajemen Perseroan dalam membahas lingkup Audit, hasil Audit, dan surat kepada Manajemen;

•

Conducting meeting with external auditors and the Company’s management in discussing scope of audit, result of audit and Management Letter;

•

Mendiskusikan mengenai peran dan fungsi Komite Audit serta rencana memperbarui pedoman kerja Komite Audit.

•

Discussing the role and function of Audit 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.

70


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

ANNUAL REPORT 2008


Pengendalian Internal

Internal Controls

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

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:

• • •

• Financial Controls; • Operational Controls; and • Compliance Controls

Pengendalian Keuangan; Pengendalian Operasional; dan Pengendalian Ketaatan atas Hukum dan Peraturan yang berlaku.

Audit Internal

Internal Audit

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

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

The Role of an Internal Auditor

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.

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.

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Komunikasi dengan Pemegang Saham

Communication with Shareholders

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

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, sejauh memungkinkan. Perseroan saat ini melakukan pertemuan dengan media dan analis menjelang diterbitkannya laporan keuangan per kuartal. Sebagai tambahan terhadap pertemuan media dan analis tersebut, Perseroan telah ikut serta dalam berbagai road show.

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 pertama dipublikasikan kepada publik melalui situs SG XNET dan IDXNET, baik sebelum Perseroan bertemu dengan kelompok investor atau analis atau keduanya sekaligus. Hasil dan laporan tahunan diumumkan atau dikeluarkan dalam jangka waktu yang ditetapkan oleh Bursa 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 SGX-ST.

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.

Selama tahun 2008, 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 2008.

During 2008 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 2008.

Kegiatan Relasi dengan Investor di tahun 2008

Investor Relations Activities in 2008

Investor Relations Activities in 2008

Jumlah Kegiatan Number of Activities

Conference Calls Public Expose Shareholders Meetings (AGM and EGM) Bondholders Meetings (RUPO & RUPSI)

12 1 2 4

Press Releases

14

Investor Conferences

3

Road Shows

5

Correspondences with Authorities

22

Analyst/Investor Meeting

58

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Waktu

Timing

Rata-rata sekali sebulan November 2008 April dan Juli 2008 Juni dan Juli 2008 Sebagaimana saat diumumkan September & November Februari, Juni, Juli, November 2008 Rata-rata dua kali sebulan Rata-rata dua kali seminggu

Average once a month November 2008 April and July 2008 June and July 2008 As per publication date September & November February, June, July, November 2008 Average twice a month Average twice a week

ANNUAL REPORT 2008


Kebijakan Transaksi Dengan Benturan Kepentingan

Interested Person Transactions (“IPTS”) Policy

Perjanjian / Kontrak Terkait Kepentingan Komisaris, Direktur, dan Pemegang Saham Mayoritas Tidak ada perjanjian atau kontrak apapun yang ditandatangani antara Perseroan dan anak-anak perusahaannya yang melibatkan kepentingan diri komisaris, direktur atau pemegang saham pengendali Perseroan, baik yang masih berlaku sampai dengan akhir tahun fiskal dalam laporan ini, ataupun jika tidak, yang ditandatangani pada akhir tahun fiskal sebelumnya.

Material Contracts Involving Commissioners’, Directors’ and Major Shareholders’ Interest 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 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 kepentingankepentingan 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 Commissioners’, Directors’ and major shareholders’ 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 perlu bagi Perseroan dalam operasi sehari-harinya dan ditransaksikan dalam 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.

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 Bursa Efek Indonesia and Singapore Exchange where appropriate and required.

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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 agar Transaksi Dengan Pihak Yang Berkepentingan dapat dilakukan dengan ketentuan - ketentuan biasa dan tidak mengesampingkan kepentingan Perseroan dan pemegang saham minoritasnya.

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 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 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 Peseroan 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 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. The Directors and employees are also prohibited from dealing in the securities of the Company during the period commencing two weeks before the announcement of financial results of the Company for each quarters of its financial year or 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.

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.

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ANNUAL REPORT 2008


Perbedaan Hasil Audit

Variation in Results

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

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

Non Audit Fees

Perseroan tidak membayar apapun diluar biaya audit yang ditetapkan, kepada para auditor selama tahun fiskal yang dilaporkan yang berakhir pada tanggal 31 Desember 2008.

There is no Non Audit Fees paid to the auditor during the financial year under review ended 31 December 2008.

Program Pembelian-Kembali Saham

Share Buy-Backs

Berikut ini adalah kegiatan pembelian kembali saham yang dilakukan Perseroan selama tahun yang berakhir pada tanggal 31 Desember 2008. Harga Beli Saham adalah harga rata-rata untuk semua saham yang dibeli pada bulan yang bersangkutan dan Total Harga Beli adalah harga beli yang termasuk biaya insidentil. Semua saham telah disimpan sebagai saham milik Perseroan, dan tidak ada penjualan kembali saham Perseroan tersebut, ataupun tidak ada saham yang dibatalkan selama tahun yang dilaporkan disini.

The following is the Share Buy Back actioned during the year under review ended 31 December 2008. The Purchase Price of Shares is the average price for all shares purchased in the month and the Total Purchase Price includes incidental costs. All shares have been maintained as treasury shares and there have been no resale of the Company’s treasury shares nor have there been any shares cancelled during the year under review.

Pada tahun 2008 perseroan tidak melakukan pembelian – kembali saham.

In 2008 the Company did not engage in share buy-back.

Program Kepemilikan Saham Untuk Karyawan

Employee Stock Option Scheme

Saat ini, Perseroan tidak memiliki program kepemilikan saham untuk karyawan.

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

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Pedoman Tata Kelola Perseroan

Code of Corporate Governance

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.

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

Properties for Development, Sale and Investment Purposes

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.

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 pre-tax 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 Phone: +62 21 3006 0300 Facsimile: + 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]

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ANNUAL REPORT 2008


KEBIJAKAN DIVIDEN

DIVIDEND POLICY

Sebagaimana disetujui bersama dalam Rapat Umum Tahunan Pemegang Saham pada tanggal 29 April 2008, Perseroan telah membayarkan dividen sebesar Rp.50 per saham, sebagai hasil dari kinerja tahun 2007.

As approved by The Annual General Meeting of Shareholders held on 29 April 2008, the Company paid dividend of Rp 50 per share out of year 2007’s performance.

Tahun Fiskal/ Fiscal Year

Dividen Tunai / Cash Dividend Rp per Saham / Rp per Share

Jumlah Dividen / Total Dividend (Rp)

Laba Bersih / Net Profit (Rp)

Rasio Pembayaran / Pay Out Ratio

1990 (Interim)

50.0

595,000,000

5,252,487,257

11.33%

1990 (Final)

70.0

980,000,000

5,252,487,357

18.66%

1991

120.0

2,520,000,000

8,165,320,975

30.86%

1992

50.0

2,940,000,000

9,435,826,023

31.16%

1993

50.0

2,940,000,000

12,004,519,839

24.49%

1994

100.0

5,880,000,000

10,186,663,218

57.72%

1995

100.0

5,880,000,000

9,645,533,121

60.96%

1996

30.0

4,586,400,000

13,232,719,380

34.66%

1997

15.0

6,879,600,000

20,673,859,675

33.28%

1998

-

-

74,539,573,249

0.00%

1999

10.0

4,586,463,800

132,641,573,249

3.46%

2000

15.0

7,689,067,950

25,451,979,791

30.21%

2001

12.5

23,151,630,850

112,831,220,587

20.52%

2002

12.5

22,288,155,850

106,505,436,280

20.93%

2003*

15.0

27,994,748,820

149,149,512,900

18.77%

2004

15.0

62,333,360,640

243,204,229,960

25.63%

2005*

20.0

75,420,628,720

645,185,592,405

11.69%

2006

40.0

166,302,897,440

1,205,279,899,017

13.80%

2007 50.0 * Perhitungan Dividen di luar saham yang dibeli kembali

208,846,508,800 758,981,783,247 27.52% * 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.

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

•

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

•

Untuk dividen yang dibayarkan dalam tahun fiskal tertentu, maka dividen tersebut diumumkan pada kwartal kedua, dan dibayarkan pada kwartal ketiga pada tahun fiskal berikutnya.

•

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.

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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;

•

The total value of the Company’s cash, gearing, return on equity and retained earnings;

•

Perkiraan kinerja finansial Perseroan;

•

The Company’s expected financial performance;

•

Perkiraan tingkat pengeluaran modal Perseroan untuk tahun tersebut, termasuk rencana-rencana investasi lainnya;

•

The Company’s projected levels of capital expenditure and other investment plans;

•

Tingkat dividen, jika dapat diterapkan, yaitu dividen yang diterima Perseroan dari anak-anak perusahaannya;

•

The level of dividends, if any, that the Company receives from its subsidiaries;

•

Hasil dividen yang dibayarkan oleh perusahaan sejenis dengan perusahaan-perusahaan perkapalan lain yang sebanding di negara lain; dan

•

The dividend yield of similar companies and comparable shipping companies globally; and

•

Batasan pembayaran dividen yang mungkin akan dikenakan pada Perseroan oleh perjanjian-perjanjian pendanaan tertentu.

•

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.

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PENERBITAN OBLIGASI KORPORASI

CORPORATE BOND ISSUANCE

Instrumen pendanaan selain yang berbentuk ekuitas juga dibutuhkan oleh Perseroan sebagai diversifikasi jenis dan resiko pendanaan untuk pengembangan usaha dan armada kapal. Keberhasilan dalam memberikan nilai tambah bagi para pemegang sahamnya telah meyakinkan manajemen Perseroan untuk menerbitkan instrumen obligasi korporasi sebagai bagian sumber pendanaan yang digunakan untuk pengembangan armada kapal.

In addition to equities, the Company utilizes a number of other financing instruments available in the market in order to seek different sources of financing and reduce risk there upon. Funds raised from these instruments are used to develop the Company’s business and to expand its fleet of vessels. The Company’s success in providing added value to shareholders justifies the confidence of management in their issuance of corporate bonds as a source of funds for the development of the Company’s fleet.

Pada bulan Juli tahun 2000, Perseroan menerbitkan Obligasi Berlian Laju Tanker I tahun 2000 yang berjangka waktu lima tahun dengan tingkat bunga tetap dan atau mengambang yang nilai nominal keseluruhannya berjumlah Rp.200.000.000.000. Pada saat diterbitkan, Obligasi ini memperoleh peringkat idA- (stable outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo). Obligasi ini terdiri dari 2 seri yaitu seri A yang memiliki tingkat bunga tetap sebesar 17% per tahun dan Seri B yang memiliki tingkat bunga tetap sebesar 17% pada tahun pertama dan tingkat bunga mengambang untuk tahun kedua sampai dengan tahun kelima dengan patokan bunga deposito berjangka enam bulan ditambah marjin sebesar 3%. Obligasi ini telah dibayar lunas pada tahun 2005.

In July 2000, the Company issued the Berlian Laju Tanker Bonds 2000, with five-year maturity period from the date of issuance and had both fixed and floating interest rates, with a total nominal value of Rp 200 billion. The bond was rated id A- (stable outlook) by PT Pemeringkat Efek Indonesia (Pefindo). It consisted of two series, the A series, consisting of bonds with fixed interest rates of 17 per cent per annum; and the B series, consisting of bonds with fixed interest rates of 17 per cent in the first year, and floating interest rates from the second until the fifth year, based on interest rates for six months term deposits with an additional margin of three per cent. The overall bonds were due and paid in full by the Company in 2005.

Perkembangan pasar obligasi korporasi yang semakin membaik telah memberikan kesempatan bagi Perseroan untuk menerbitkan Obligasi Berlian Laju Tanker II tahun 2003 yang juga berjangka waktu lima tahun atau jatuh tempo pada tanggal 28 Mei 2008. Pada saat diterbitkan, obligasi ini memperoleh peringkat idA- (positive outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo), dengan nilai Nominal keseluruhan sebesar Rp. 340.000.000.000. Obligasi ini memiliki 2 seri yang terdiri dari seri A yang memiliki tingkat bunga tetap sebesar 14,75% per tahun dan Seri B yang memiliki tingkat bunga tetap sebesar 14,75% pada tahun pertama dan mengambang untuk tahun kedua sampai dengan tahun kelima dengan patokan bunga tiga bulan SBI ditambah marjin sebesar 2,5% dengan batas bunga maksimum sebesar 16,75%. Obligasi ini terdaftar di Obligasi ini tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini telah dibayar lunas pada tahun 2008.

Improvements in the corporate bond market created opportunities for the Company to issue the second Berlian Laju Tanker Bonds in 2003, which also had a five-year maturity period ending on 28 May 2008. The bond was again rated id A- (positive outlook) by PT Pemeringkat Efek Indonesia (Pefindo) and has a total nominal value of Rp 340 billion. It also consisted of two series, the A Series, with a fixed interest rate of 14,75 per cent per year; and the B Series, with a fixed interest rate of 14,75 per cent in the first year, and a floating interest rate from the second until the fifth year, based on the interest rate for three month SBI with an additional margin of 2,5 per cent and with a maximum interest rate of 16,75 per cent. This bond is listed on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.This bond has been fully repaid in 2008.

Selain itu pada saat yang bersamaan, Perseroan juga telah memperoleh kepercayaan dari Dewan Syari’ah Nasional – Majelis Ulama Indonesia untuk ikut serta mendorong bangkitnya Pasar Modal Syari’ah dengan menerbitkan Obligasi Syari’ah Mudharabah Berlian Laju Tanker Tahun 2003 dengan jangka waktu lima tahun atau sampai dengan tanggal 28 Mei 2008. Nilai Nominal keseluruhan Obligasi Syari’ah ini adalah sebesar Rp. 60.000.000.000. dan pada saat diterbitkan telah memperoleh peringkat idA-(sy) (positive outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo). Obligasi Syari’ah ini ditawarkan dengan ketentuan yang mewajibkan Perseroan untuk membayar kepada pemegang Obligasi Syari’ah sejumlah Pendapatan Bagi Hasil yang besarnya dihitung berdasarkan perkalian antara Nisbah Pemegang Obligasi Syari’ah dengan Pendapatan Yang Dibagihasilkan. Obligasi ini tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat. Obligasi ini telah dibayar lunas pada tahun 2008.

Around the same time, with support from the National Syari’ah Council Majelis Ulama Indonesia, the Company, as participation to develop Syaria’ah Capital Market, issued the Syari’ah Mudarabah Berlian Laju Tanker Bond 2003, which would fall due within five years of issuance, on 28 May 2008. The nominal value of this Syari’ah Bond is Rp 60 billion. At the time of issuance it received a rating of id A-(sy) (positive outlook) from PT. Pemeringkat Efek Indonesia (Pefindo). According to the terms of this bond, the Company is obliged to pay the holder of the bond a sum based on a share of the profits calculated according to an established ratio between the Syari’ah Bond Holder Ratio and revenues. This bond is listed on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee. This bond has also been fully paid in 2008.

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Pada tahun 2007, Perseroan melihat perkembangan pasar obligasi korporasi yang semakin membaik, karena itu Perseroan menerbitkan Obligasi Berlian Laju Tanker III tahun 2007 yang juga berjangka waktu lima tahun atau akan jatuh tempo pada tanggal 5 Juli 2012. Pada saat diterbitkan, obligasi ini memperoleh peringkat idAA- (stable outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo), dengan nilai nominal keseluruhan sebesar Rp. 700.000.000.000. Obligasi ini memiliki tingkat bunga tetap sebesar 10,35% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal dan tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat.

In 2007, convinced with positive development in corporate bonds market, the Company again issued the third Berlian Laju Tanker Bonds in 2007, with another five-year maturity period due on 5 July 2012. At the time of issuance, these bonds were rated id AA- (stable outlook) by PT. Pemeringkat Efek Indonesia (Pefindo) with a total nominal value of Rp 700 billion. These bonds had a fixed interest rate of 10,35% per annum. All of these bonds were sold at their nominal value and were registered on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.

Pada saat yang bersamaan, Perseroan kembali dipercaya oleh Dewan Syari’ah Nasional – Majelis Ulama Indonesia untuk terus mendorong bangkitnya Pasar Modal Syari’ah dengan menerbitkan Obligasi Sukuk Ijarah Berlian Laju Tanker Tahun 2007 dengan jangka waktu lima tahun atau sampai dengan tanggal 5 Juli 2012. Nilai Nominal keseluruhan Obligasi Syari’ah ini adalah sebesar Rp. 200.000.000.000. dan pada saat diterbitkan telah memperoleh peringkat idAA-(sy) (stable outlook) dari PT. Pemeringkat Efek Indonesia (Pefindo). Obligasi Syari’ah ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Sukuk Ijarah sejumlah Cicilan Imbalan Ijarah sebesar Rp 20.600.000.000 per tahun. Seluruh Sukuk Ijarah dijual dengan harga sebesar nilai nominal, dan tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri (Persero) Tbk bertindak sebagai wali amanat.

At the same time, the Company was again received encouragement from the National Syari’ah Council Majelis Ulama Indonesia and determined to participate in developing the Syari’ah Capital Market through the issuance of Sukuk Ijarah Berlian Laju Tanker Bond 2007, which will fall due within five years of issuance, on 5 July 2012. The nominal value of this Syari’ah Bond is Rp 200 billion. At the time of issuance it received a rating of id AA-(sy) (positive outlook) from PT. Pemeringkat Efek Indonesia (Pefindo). This Syari’ah bond was offered with the provision obliging the Company to pay Rp 20.6 billion per year to the holder of the bond. All of these bonds were sold at their nominal value and listed on the Indonesian Stock Exchange with PT Bank Mandiri (Persero) Tbk. as the Trustee.

Pada tanggal 18 Desember 2007, berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker III tahun 2007, pemegang Sukuk Ijarah Berlian Laju Tanker III Tahun 2007, dan pemegang Obligasi Syari’ah Mudharabah Berlian Laju Tanker Tahun 2003 setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat.

On 18 December 2007, complying to the resolution of the General Bond Holders Meeting, holders of the Berlian Laju Tanker III Bond 2007, the Sukuk Ijarah Berlian Laju Tanker III, and the Syari’ah Mudharabah Berlian Laju Tanker 2003 approved the replacement of PT Bank Mandiri (Persero) Tbk. with PT Bank Niaga Tbk as Trustee of the bond.

Pada Tanggal 22 Januari 2008 Berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker II tahun 2003 setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat yang baru. Penggantian Wali Amanat ini bertujuan untuk menghindari Benturan Kepentingan sesuai dengan peraturan pasar modal dimana wali amanat tidak boleh memiliki hubungan kredit dengan emiten.

On 22 January 2008, following the General Bond Holders Meeting, holders of the Berlian Laju Tanker II Bond 2003 decided to replace PT Bank Mandiri Tbk (Persero) as the Trustee of the bond with PT Bank Niaga Tbk. The decision to nominate a change in the Trustee was intended to avoid conflicts of interest as defined by regulations governing the capital market, with these regulations stating that an appointed the Trustee may not have a credit connection with the issuer.

Pada tanggal 16 Juni 2008, berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Berlian Laju Tanker III tahun 2007, setuju untuk merubah Net Debt to Equity Ratio dalam Perjanjian Perwaliamanatan sehingga untuk laporan keuangan sampai dengan Laporan Keuangan yang berakhir pada tanggal 31 Desember 2008 maksimum menjadi sebesar 4,5:1 dan untuk Laporan Keuangan periode setelah tanggal 31 Desember 2008 sampai dengan Obligasi tersebut jatuh tempo maksimum menjadi sebesar 3,5:1.

On 16 June 2008, the Company’s General Bond Holders Meeting, holders of the 2007 Berlian Laju Tanker III collectively decided to change the Net Debt to Equity Ratio in the Trustee Agreement, so that for the financial statement for the period ending 31 December 2008, the ratio in maximum has changed to 4,5:1 and for the period after 31 December 2008 until the maturity date of the bond, the ratio shall stay at maximum 3,5:1.

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ANNUAL REPORT 2008


Pada tanggal 6 Juli 2008, berdasarkan Rapat Umum Pemegang Obligasi, para pemegang Obligasi Sukuk Ijarah Mudharabah tahun 2007, setuju untuk merubah Net Debt to Equity Ratio dalam Perjanjian Perwaliamanatan sehingga untuk laporan keuangan sampai dengan Laporan Keuangan yang berakhir pada tanggal 31 Desember 2008 maksimum menjadi sebesar 4,5:1 dan untuk Laporan Keuangan periode setelah tanggal 31 Desember 2008 sampai dengan Obligasi tersebut jatuh tempo maksimum menjadi sebesar 3,5:1.

On 6 July 2008, the Company’s General Bond Holders Meeting, holders of the 2007 Sukuk Ijarah Mudharabah Berlian Laju Tanker Bond collectively decided to change the Net Debt to Equity Ratio in the Trustee Agreement, so that for the financial statement for the period ending 31 December 2008, the ratio in maximum has changed to 4.5:1 and for the period after 31 December 2008 until the maturity date of the bond, the ratio shall stay at maximum 3.5:1.

WESEL BAYAR

NOTES PAYABLE

Dengan semakin dipercayanya Perseroan oleh masyarakat Internasional dimana Perseroan pun telah terdaftar di Bursa Singapura (Singapore Exchange Securities Trading Limited), 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 BB- from 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.

Pada bulan Januari 2008 Standard & Poor’s dan Fitch Ratings Ltd memberikan peringkat idB+(stable outlook) untuk wesel bayar ini.

On January 2008, Standard & Poor’s and Fitch Ratings Ltd rated the notes with idB+(stable outlook) assessment.

PENERBITAN OBLIGASI KONVERSI

ISSUANCE OF CONVERTIBLE BONDS

Setelah mempelajari kondisi internal dan eksternal Perseroan khususnya dalam hal pembiayaan untuk pengembangan armada kapal, pada tanggal 14 Desember 2005, Perseroan melalui anak perusahaan BLT Finance Corporation yang seluruh sahamnya dimiliki oleh Perseroan, berhasil menerbitkan Obligasi Konversi dalam mata uang dollar Amerika Serikat senilai US$ 50.000.000. Obligasi Konversi ini diterbitkan dengan harga nominal 100%, dengan tingkat suku bunga tetap sebesar 1,25% per tahun. Obligasi Konversi ini berjangka waktu 5 tahun dengan nilai obligasi pada saat jatuh tempo sebesar 130,44%.

After reflecting on the internal and external conditions of the Company, especially with regard to the plan to further develop the fleet of vessels, on 14 December 2005, the Company successfully issued a USD 50 million convertible bond through its wholly-owned subsidiary BLT Finance Corporation. This convertible bond was issued at the nominal cost of 100 per cent, with a fixed interest rate of 1,25 per cent per year. This five-year maturity period Convertible Bond shall have a bond value at the due date amounted to 130,44 per cent.

Obligasi Konversi ini, atas pilihan pemegang Obligasi Konversi, dapat dikonversikan dengan saham-saham Perseroan hasil Pembelian Kembali pada harga konversi sebesar Rp. 1.250. Jumlah saham yang akan diterima pada saat konversi, akan ditentukan dengan membagi jumlah pokok Obligasi Konversi dengan yang akan dikonversikan (setelah disetarakan ke dalam mata uang Rupiah pada kurs yang sudah ditetapkan yaitu Rp. 10.078 per US$) dengan Harga Konversi.

This Convertible Bond can be converted into common shares of the Company, if desired by the holder, at a conversion rate of Rp.1,250. The number of shares to be received at the time of conversion shall be determined by dividing the nominal value of the Convertible Bond to be converted (using a fixed exchange rate of Rp.10.078 per USD), by the conversion rate.

ANNUAL REPORT 2008


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Setelah jangka waktu 3 tahun sejak Obligasi Konversi diterbitkan, BLT Finance Corporation memiliki hak opsi untuk membeli kembali (“Call option”) Obligasi Konversi seluruhnya sesuai dengan syarat-syarat dan ketentuan yang berlaku. Selain itu, setelah jangka waktu 2 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.

The BLT Finance Corporation retains the option to buy back (‘Call Option’) the Convertible Bond after three years in accordance with predetermined terms and conditions. In addition, the bond holder retains the option to sell (‘Put Option’) the convertible bond to BLT Finance Corporation two years after the convertible bonds were issued in accordance with predetermined terms and conditions.

Obligasi konversi ini telah dikonversikan seluruhnya sampai dengan bulan Mei 2007.

This Convertible Bonds were fully converted in May 2007. 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.

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. 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.

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 syaratsyarat 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.

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ANNUAL REPORT 2008


PEMERINGKATAN EFEK

FINANCIAL RATINGS

Hasil pemeringkatan diperoleh Perseroan sejak tahun 2000 yang dilakukan oleh PT Pemeringkat Efek Indonesia atau Pefindo. Hasil pemeringkatan selama ini terus meningkat dari tahun ke tahun yang mencerminkan semakin baiknya posisi keuangan dan kekuatan keuangan perseroan serta kemampuan dalam mengendalikan resiko secara efektif.

Since 2000, the Company has received financial ratings from PT Pemeringkat Efek Indonesia, or Pefindo, with good outlook. These ratings have improved steadily, reflecting the steady improvement in the financial position and the financial strength of the Company and its ability to manage risk effectively.

Sejarah Pemeringkatan / Ratings History May 2000

id A - / Stable Outlook

October 2001

N/A

May 2002

id A - / Stable Outlook

April 2003

id A - / Positive Outlook

June 2004

id A / Stable Outlook

May 2005

id A / Stable Outlook

July 2006

id A+ / Stable Outlook

May 2007

id AA - / Stable Outlook

April 2008

id A + / Stable Outlook

November 2008

id A + / Negative Outlook

By Fitch Ratings Sejarah Pemeringkatan / Ratings History By Fitch ratings

June 2007

January 2008

July 2008

October 2008

Long term - Foreign Currency

BB - / Stable Outlook

B + / Stable Outlook



Long term - Local Currency





Senior Unsecured Notes

BB - / Stable Outlook B + / Stable Outlook

B / Stable Outlook

B / Stable Outlook

By Standard & Poor’s Sejarah Pemeringkatan / Ratings History May 2007


January 2008


March 2008

B/Negative Watch

November 2008

B/ Negative Outlook

Baru pada awal tahun 2008, Perseroan mendapatkan penurunan peringkat pasca akuisisi Chembulk Tankers LLC karena financial leverage yang lebih tinggi.

ANNUAL REPORT 2008

Only by early 2008, after the acquisition of Chembulk Tankers LLC, that the Company’s ratings declined due to the relatively higher financial leverage.


83


SUSUNAN KEPEMILIKAN SAHAM PERSEROAN

STATISTICS OF SHAREHOLDINGS

Per tanggal 31 December 2008, Perseroan telah menerbitkan 4.589.281.176 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 2008. “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 31 December 2008, the Company has 4,589,281,176 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 2008. 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 2008

Shareownership as of 31 December 2008

Name of Shareholders Directors Widihardja Tanudjaja Siana Anggraeni 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

0.06% 0.00%

2,447,724,764 138,000,000 1,588,522,212 412,351,000 4,589,281,176

53.34% 3.01% 34.61% 8.99% 100.00%

Catatan : 1. Meadowstream Limited merupakan anak perusahaan atau cabang usaha dari PT. Tunggaladhi Baskara. 2. Sampai dengan tanggal 31 Desember 2008, Widihardja Tanudjaja (Presiden Direktur) 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 owned subsidiary of PT Tunggaladhi Baskara 2. As of 31 December 2008, 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 Directors.

Nilai Kapitalisasi Pasar Saham Perseroan berdasarkan harga BEI dan SGX sampai dengan tanggal 31 Desember 2008

Total Market Capitalisation by BEI price and SGX price as of 31 Dec 2008

Number of Shares 4,589,281,176 Capitalisation BEI Price (Rp) Rp580,00 Rp2,305,125,422,080 SGX Price (Sing $) SGD 0.075 SGD 46,119,525 Sampai dengan tanggal 13 Maret 2009, Perseroan memiliki As at 13 March 2009, the Company has an authorized capital modal dasar sebesar 14.676.480.000 lembar saham biasa stock of 14,676,480,000 ordinary shares with par value of Rp yang bernilai nominal Rp.62,50 per lembar. Modal yang 62.50 per share. The issued and fully paid-up capital stock was ditempatkan dan disetorkan Perseroan adalah senilai dengan 4,589,281,176 ordinary shares. All of the issued shares have 4.589.281.176 lembar saham biasa. Semua saham yang telah similar class which is ordinary shares with equal voting rights. diterbitkan memiliki klasifikasi yang sama, yaitu saham biasa, dengan hak suara yang sama pula. Tabel di bawah adalah statistik kepemilikan saham yang dikeluarkan oleh Perseroan sampai dengan tanggal 13 Maret 2009. 84


The tables set forth below are the statistic of shareholding of the issued shares of the Company as at 13 March 2009. ANNUAL REPORT 2008


Distribution Schedule of the Shares

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

No. of Shareholders 91 1,794 2,498 197 4,580

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

Direct Interest 2,447,724,764 138,000,000

% 1.99% 39.17% 54.54% 4.30% 100.00%

Number of Shares 4,316,497,752 257,814,988 14,882,262 86,174 4,589,281,176

% 94.06% 5.62% 0.32% 0.00% 100.00%

List of Substantial Shareholders and Its Deemed Interest % 53.34 3.01

Deemed Interest

%

2,585,724,764

56.35

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.

Duapuluh Pemegang Saham Terbesar

Twenty Largest Shareholders

No Name

No. of Shares

%

1

PT TUNGGALADHI BASKARA

2,447,724,764

53.34%

2

PT BERLIAN LAJU TANKER TBK

412,351,000

8.99%

3

TECHFAITH INTERNATIONAL LIMITED

226,611,400

4.94%

4

GENIAL PROPERTIES LIMITED

189,422,472

4.13%

5

MEADOWSTREAM LIMITED

138,000,000

3.01%

6

WIDETECH INTERNATIONAL LIMITED

133,034,556

2.90%

7

EVERWIN INTERNATIONAL CORP

120,030,560

2.62%

8

CITIBANK NEW YORK S/A DIMENSIONAL EMERG MARK

52,474,300

1.14%

9

PT PRUDENTIAL LIFE ASSURANCE-REF

34,115,500

0.74%

10

PT. BERLIAN LAJU TANKER TBK

31,050,000

0.68%

11

HSBC (SINGAPORE) NOMS PTE LTD

29,647,000

0.65%

12

CITIBANK NOMS S'PORE PTE LTD

24,340,000

0.53%

13

DANATAMA MAKMUR, PT

23,000,000

0.50%

14

DBS NOMINEES PTE LTD

22,257,000

0.48%

15

ITO WIRABUMI

20,131,964

0.44%

16

CHAN ITA LANCY SETIAWAN

16,750,000

0.36%

17

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

15,596,500

0.34%

18

PT. DAYAREKSA TATAARTHA

15,425,000

0.34%

19

THE NORTHERN TRUST S/A AVFC

13,458,500

0.29%

20

NANCY GOZALIE Total

Berdasarkan informasi yang dimiliki Perseroan sampai dengan tanggal 13 Maret 2009, kurang lebih 34,66% saham yang dikeluarkan oleh Perseroan dimiliki oleh publik. Dengan demikian, Peraturan 723 sebagaimana tercantum di Peraturan Pencatatan Singapore Exchange Securities Trading Limited telah dipenuhi. ANNUAL REPORT 2008

11,309,000

0.25%

3,976,729,516

86.65%

Based on information available to the Company as at 13 March 2009, approximately 34.66% 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. PT BERLIAN LAJU TANKER Tbk

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PENGEMBANGAN SUMBER DAYA MANUSIA

HUMAN RESOURCES DEVELOPMENT

Perseroan sebagai perusahaan penyedia jasa angkutan laut khusus muatan cair terkemuka di kawasan Asia, 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 Asian region, it is a challenge for the Company to always develop and expand its market share. One of key success factors to achieve this goal is to strengthen and develop the Company’s competitive excellence in the long run through development of its human resources. 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. 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).

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. 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 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.

With awareness 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 asset 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 2008, Perseroan memiliki jumlah pegawai tetap sebanyak 403 orang dan pegawai kontrak sebanyak 1601 orang. Tabel berikut ini menunjukan komposisi dari pegawai Perseroan berdasarkan aktivitas dan lokasi:

As of 31 December 2008, the Company had 403 permanent employees and 1601 contract workers. The following table shows the composition of the Company’s employee:

Jumlah Karyawan Berdasarkan Aktivitas Pemasaran / Operasi Manajemen Kapal Administrasi / IT Keuangan Sumber Daya Manusia Hukum / Pengembangan Bisnis Awak Kapal Jumlah

86

170 97 90 18 18 10

403


Employees by Geographic Region

Employees by Activity

Jumlah Karyawan Berdasarkan Daerah Geografis

Marketing / Operation Ship Management Administration / IT Finance Human Resource Legal / Business Development Crew Total

Indonesia Singapura Hong Kong Inggris Belanda

249 55 27 13 3

Indonesia Singapore Hong Kong United Kingdom Netherland

China

24

China

Uni Emirat Arab India Amerika

3 5 24

United Arab Emirates India America ANNUAL REPORT 2008


MANAJEMEN SERTA PELATIHAN AWAK KAPAL

CREW MANAGEMENT & CREW TRAINING

Para awak kapal yang bekerja di laut mengendalikan kapalkapal 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 dan 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 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 1.600 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 social korporat sekaligus menjamin ketersediaan generasi baru pelaut – pelaut yang handal.

Right now, we employ around 1.600 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.

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:

•

•

• •

Rekruitmen awak kapal serta prosedur untuk naik / bekerja di kapal, dan pengembalian awak kapal ke Negara asal Penerapan dan kelanjutan dari kebijakan anti narkoba/ minuman keras Asuransi P&I bagi awak kapal termasuk menangani klaim – klaim yang berhubungan dengannya

ANNUAL REPORT 2008

•

crew recruitment and procedures for joining ship and repatriating crew implementation and follow up of drug and alcohol policies

•

crew P&I insurance as well as handling of respective claims PT BERLIAN LAJU TANKER Tbk

87


• • •

Kualifikasi dan sertifikasi yang tepat bagi para awak kapal Program pelatihan dan pengembangan Program kesejahteraan pelaut

• • •

proper qualification and certification of crew training and development seafarers welfare programs

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 yang terus meningkat pada faktor keselamatan membuat Perseroan selalu meningkatkan standar kualitas awak kapalnya. Budaya komitmen pada kualitas dan keselamatan tersebut ditanamkan kepada para awak kapal lewat berbagai program pelatihan kualitas 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 ever-increasing 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

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 kapal-kapal Perseroan, mengingat jumlah armada yang semakin tumbuh dari waktu ke waktu.

88


2. Periodic Senior officer conference 3. Classroom instruction for officers and command assessment training for chief officers to be promoted to masters 4. In house 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 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 caliber crews and masters for our ships as we continue to grow our fleet.

ANNUAL REPORT 2008


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 selama transportasi laut, serta polusi 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 berkedudukan dan beroperasi.

As a good corporate citizen, The Company regards classify 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 dua kali dalam setahun yaitu pada bulan Maret dan Oktober. Tahun 2008, sesuai program, telah dua kali diadakan kegiatan tersebut. 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, conducted twice a year in March and October. In year 2008 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.

ANNUAL REPORT 2008


89


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 anakanak 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 bagi pendidikan keahlian maritim di Indonesia, Perseroan juga mendukung dan mensponsori kelanjutan program pendidikan dan pelatihan beberapa pemuda terbaik dari negeri ini. Dimulai pada tahun 2008, 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 2008, 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. Sekolah Tinggi Ilmu Pelayaran (STIP), Jakarta 2. Politeknik Ilmu Pelayaran (PIP), Semarang 3. Politeknik Ilmu Pelayaran (PIP), Makassar

Para pemuda tahun ketiga yang terpilih melalui seleksi tersebut akan diberi kesempatan untuk menjalani magang pada tahun ketiga tersebut di salah satu kapal milik BLT dan kemudian di tahun terakhir mereka, menghadiri Program Kelas Khusus BLT.

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 Special Class Program. BLT Special Class Program is an advance educational program which is designated to create

90


ANNUAL REPORT 2008


Program Kelas Khusus BLT adalah suatu program pendidikan lanjutan yang dirancang khusus menyiapkan para perwira kapal dengan jabatan deck officers atau marine engineers di tanker-tanker minyak, kimia dan gas pelayaran luar negeri. 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 menerapkan ketrampilan dan pengetahuan yang mereka dapat dari program ini, dengan bekerja di Perseroan sampai dengan 5 tahun, setelah lulus dan mendapatkan ijazah kelas-1.

experienced deck officers or marine engineers on foreign going tankers, chemical and gas carriers. In BLT Special Class Program, students 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 Khusus BLT tersebut juga berkontribusi bagi peningkatan kualitas pengajar di lembaga-lembaga pendidikan & pelatihan maritim tersebut, 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 mutu materi pengajaran mereka, khususnya dalam nantinya mengembangkan sendiri materi pengajaran sebagai bagian dari proses belajar – mengajar di lembaga masing-masing; sambil mendorong bergerak kearah metodologi pengajaran yang modern. 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.

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 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 kadet 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 lapangan dan 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 students and therefore create a better human capital and job opportunity for the country.

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 melalui 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.

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MANAGEMENT’S DISCUSSION and Analysis Analisa dan Pembahasan Manajemen

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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, jasa keagenan kapal serta penyewaan tangki penyimpanan di darat. 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 kimia cair, segmen pengangkutan minyak, segmen pengangkutan gas, dan segmen baru yang dimasuki oleh perseroan sejak tahun 2006 yaitu segmen FPSO.

The Company derives its revenues from four main areas of activity, namely chartering out of its own vessels; operating own vessels; agency fees; and onshore storage fees, with a large proportion of revenue coming from the first two activities. The Company’s transshipment operations is further divided into four main segments: transportation of bulk liquid chemicals; oil; gas; and a new segment that started in 2006, the FPSO services.

Tabel berikut ini menunjukkan pendapatan operasi pereroan untuk tahun 2008 menurut segmen usaha:

The following table shows the operating revenues for 2008 according to business segment:

Segmen Kimia Minya Gas FPSO Lain - Lain* Jumlah

Juta US$/ US$ million 534.42 139.63 37.38 10.98 1.28 723.68

%

Segment

73.8% 19.3% 5.2% 1.5% 0.2% 100.0%

Chemical Oil Gas FPSO Other* Total

* Pendapatan dari jasa keagenan dan penyimpanan

*Revenue from Agency and storage fee

Faktor utama yang mendorong pendapatan Perseroan adalah jumlah kapal yang dioperasikan oleh Perseroan baik dari kapal yang dibeli oleh Perseroan pada tahun 2008 maupun penambahan armada dari Chembulk Tankers LLC yang diakuisisi pada akhir 2007. Pada Tahun 2008 armada Perseroan bertambah sebanyak 10 kapal dimana Perseroan membeli 4 kapal tanker kimia, 4 kapal tanker gas, dan menyewa 4 kapal tanker kimia, Sepanjang tahun 2008, Perseroan juga menjual 1 kapal tanker minyak dan 1 kapal tanker kimia telah selesai masa sewanya. Penambahan armada yang dilakukan oleh Perseroan menambah daya angkut Perseroan sebesar 204.981 DWT, sehingga total kapasitas angkut Perseroan pada akhir tahun 2008 adalah sebanyak 88 buah kapal dengan total kapasitas angkut sebesar 2.083.483 DWT. Jumlah rata-rata kapal untuk tahun 2007 adalah sebanyak 63,9 kapal sedangkan pada pada akhir tahun 2008 jumlah rata – rata kapal bertambah menjadi 84,5 kapal.

The primary factor determining the level of the Company’s revenues in the year being reported is the number of vessels in its fleet in operation and added up to end of 2008, as well as additional vessels due to acquisition of Chembulk Tankers LLC in the end of 2007. Throughout 2008, the Company managed to acquire 10 more vessels consisted of 4 liquid chemical tankers, 4 gas tankers, and chartered 4 other liquid chemical tankers, while 1 of the oil tankers was divested and 1 of the chemical tankers had finished its lease period. As a result of these activities, the Company gained an additional capacity of 204.981 DWT. With the acquisitions, the Company’s fleet now consists of 88 vessels with a total combined transportation capacity of 2.083.483 DWT. The average number of vessels maintained by the Company throughout 2008 was 84,5 vessels, increase from 63,9 vessels in 2007.

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BIAYA

EXPENSES

Biaya utama perseroan dapat dibagi menjadi menjadi seperti berikut:

The Company’s main expenses can be described as follows:

Biaya Pelayaran

Voyage Expenses

Biaya berlayar 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 (main engines) kapal, dan Marine Gas Oil (MGO) untuk bahan bakar mesin tambahan (auxiliary engines). Dari jumlah bahan bakar yang dipakai Perseroan, sekitar duapertiganya 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 sudah termasuk biaya jasa pelabuhan yang ditagih oleh pihak pelabuhan dimana kapal singgah termasuk biaya pasasi (passing charges) 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.

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.

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 dan tanker gas serta tanker FPSO.

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 vessel.

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Penyusutan

Depreciation

Beban penyusutan merupakan komponen biaya yang paling besar bagi perseroan untuk 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 apply 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 Costs

Beban umum dan administrasi Perseroan terdiri dari gaji karyawan darat, biaya operasional kantor untuk kantor-kantor Perseroan yang berlokasi di 14 kota yang tersebar di kawasan Asia, Eropa, Amerika dan Timur Tengah (termasuk biaya tertentu yang berkaitan dengan pembukaan beberapa kantor pemasaran diantaranya yang dibuka akhir-akhir ini di kota Rotterdam dan Westport - Connecticut), biaya jasa profesional untuk penasihat keuangan, penasihat hukum dan konsultan, biaya pemasaran, biaya 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 upah, pembayaran jaminan sosial dan pembayaran pensiunan pegawai darat, juga pembayaran awak kapal yang dibayar selaku pegawai 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 14 different cities throughout Asia, Europe, the Americas, and the Middle East (including expenses related to the opening of marketing offices, most recently in Rotterdam, and Westport, Connecticut - USA); 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, pension payments for onshore personnel, and payments for crew members, make up 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 keuntungan dan kerugian dari perubahan nilai tukar mata uang asing, keuntungan atau kerugian dari transaksi swap, keuntungan dari kepemilikan saham pada anak perusahaan asosiasi, pendapatan investasi, beban keuangan dan keuntungan atau kerugian lainnya.

The Company’s net financial and other costs include gains or losses from foreign exchange transactions; gains or losses from swap transactions; gains or losses resulting from net earnings of associated companies; investment income; financial costs; and other miscellaneous gains and losses.

Komponen terbesar dari beban keuangan bersih dan beban lain lain ini adalah beban keuangan yang harus dikeluarkan untuk membiayai pembelian kapal untuk pengembangan armada Perseroan. Beban keuangan ini terdiri dari pembayaran bunga pinjaman bank dan dan biaya bunga obligasi yang berhasil diterbitkan oleh Perseroan.

The largest proportion of net financial and other costs is made up of financial costs incurred by the Company in financing the acquisition of vessels for the expansion of its fleet. These financial costs consist primarily of interest payments on bank loans and, to a lesser extent, interest payments on the Company’s outstanding bonds.

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HASIL OPERASI

RESULTS OF OPERATIONS

Pendapatan Operasi

Operating Revenue

Total Pendapatan Operasi Perseroan tahun 2008 meningkat sebesar 92,37% dibandingkan dengan tahun 2007. Kenaikan ini terutama disebabkan oleh akuisisi yang dilakukan Perseroan terhadap Chembulk Tankers LLC, dimana jumlah armada kapal dan pendapatan yang dihasilkan oleh Chembulk Tankers LLC baru tercatat pada tahun 2008. Selain pertambahan jumlah armada Perseoran, baik yang didapatkan melalui akuisisi Chembulk Tankers LLC maupun pembelian kapal baru di tahun 2008, pendapatan operasi Perseroan juga juga terpengaruh oleh kenaikan uang tambang. Pertumbuhan armada kapal perseroan terlihat dari rata-rata jumlah kapal pada tahun 2007 sebanyak 63,9 kapal dibandingkan dengan rata-rata jumlah kapal pada tahun 2008 sejumlah 84,5 kapal, sehingga jumlah kapasitas angkut Perseroan meningkat dari 1.878.502 DWT pada 31 Desember 2007 menjadi 2.083.483 DWT pada 31 Desember 2008.

By end of 2008, total value of the Company’s operating revenues had increased by 92,37 per cent compared to that of the previous year. This increase was primarily due to the growth in the size of the Company’s fleet following the acquisition of Chembulk Tankers LLC, as well as acquisition of new vessels and increasing freight rates. The Company’s fleet growth can be seen from the average number of vessels maintained over the year, which had grown from 63.9 vessels in 2007 to become 84.5 in 2008. As the consequence, the Company’s tonnage capacity had increased from 1,878,502 DWT by 31 December 2007 to become 2.083.483 DWT by end of 2008.

Biaya Pelayaran

Voyage Expenses

Total biaya pelayaran Perseroan meningkat sebesar 141% pada tahun 2008 dibandingkan dengan tahun 2007. Seiring dengan penambahan jumlah armada Perseroan, maka biaya pelayaran juga meningkat bersamaan. Selain pertumbuhan armada, kenaikan harga bahan bakar yang cukup signifikan serta biaya sandar yang cukup tinggi juga turut mempengaruhi kenaikan biaya pelayaran Perseroan. kenaikan ini diakibatkan oleh kenaikan harga bahan bakar yang mencapai. Biaya Pelayaran juga meningkat seiringan dengan pertambahan rute pengangkutan dan jumlah pelabuhan yang disinggahi.

The total expense of all the Company’s voyages during 2008 had increased by 141 per cent compared to previous year. This increase was largely attributable to the increased cost of fuel. The growth in the size of the Company’s fleet, combined with the increased cost of fuel and the increased cost of port charges had a significant impact on the voyage expenses. In addition, the total expenditure on port charges increased because of the higher number of port calls made by the Company’s fleet.

Biaya Sewa

Charter Expense

Total Biaya Sewa Perseroan meningkat sebesar 33% pada tahun 2008 dibandingkan dengan 2007. Pada tahun 2008, Perseroan menyewa sebanyak 21 kapal, atau terdapat kenaikan jumlah kapal yang disewa yaitu sebanyak 3 kapal. Selain itu, pada bulan Desember 2007, Perseroan menyewa 5 kapal tanker kimia seiring dengan akuisisi yang dilakukan terhadap Chembulk Tankers LLC dimana kelima kapal tersebut baru diserahkan kepada Perseroan pada tanggal 19 Desember 2007 sehingga biaya sewanya baru tercatat pada tahun 2008.

Total expenditure on chartering and rental fees had increased by 33 per cent over the year in review. In 2008, the Company in total chartered 21 vessels, or increasing by 3 units compared to previous year. In December 2007, the Company chartered 5 liquid chemical tankers, along with its acquisition of Chembulk Tankers LLC. This acquisition did not have a significant impact on chartering expenses in 2007, as the acquisition was only effected on 19 December 2007, and the chartering expenses appeared in 2008.

Biaya Pengoperasian Kapal

Ship Operating Expenses

Total Biaya pengoperasian kapal meningkat sebesar 48%. Komponen utama peningkatan ini adalah peningkatan biaya gaji yang diakibatkan pertumbuhan armada dan tambahan rute pelayaran tertentu dimana remunerasi awak kapal lebih tinggi, dan kenaikan biaya perbaikan dan pemeliharaan yang disebabkan oleh kegiatan perbaikan dan pemeliharaan rutin untuk beberapa kapal besar Perseroan pada tahun 2008.

The total value of the Company’s ship operating expenses had increased by 48 per cent over the year in review. The most significant cause of this increase was the increased cost of wages and salaries resulting from the increased size of the Company’s fleet and the addition of a number of routes for which crew remuneration is higher than other regular routes. In addition, the increase in expense was also the result of the cost of maintenance required due to routine maintenance for several of the Company’s larger ships in 2008.

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Biaya Penyusutan Kapal

Cost of Vessel Depreciation

Beban Penyusutan Kapal Perseroan meningkat sebesar 93% pada tahun 2008 bila dibandingkan dengan tahun 2007. Peningkatan ini dikarenakan adanya peningkatan armada ratarata Perseroan dari 63,9 kapal pada tahun 2007 menjadi 84,5 kapal pada tahun 2008.

Throughout 2008, the depreciation cost in the value of the Company’s fleet had increased by 93 per cent in comparison to the previous year. This increase was primarily attributable to numerous acquisition of vessels into the Company’s fleet which change the average vessels from 63.9 vessels in 2007 to become 84.5 in 2008.

Biaya Umum dan Administrasi

General and Administrative Expenses

Total biaya Umum dan Administrasi Perseroan meningkat sebesar 47% Pada tahun 2008 dibandingkan dengan tahun 2007. Kenaikan ini banyak dipengaruhi oleh kenaikan biaya karyawan karena kenaikan gaji umum untuk karyawan kantor dan peningkatan jumlah karyawan. Selain itu beberapa pos biaya lain yang turut mempengaruhi kenaikan biaya umum dan administrasi adalah peningkatan biaya jasa professional sehubungan dengan dilakukannya akuisisi Chembulk Tankers LLC, kenaikan beban kantor sehubungan dengan pembukaan kantor baru, kenaikan biaya transportasi, biaya telekomunikasi, biaya pemasaran, biaya imbalan pasca kerja, biaya penyusutan, biaya amortisasi, dan biaya Pendidikan dan Pelatihan.

Throughout 2008, the Company’s general and administrative expenses had increased in total by 47 per cent compared to that of previous year. This increase was primarily due to the increased cost of salaries and associated expenses due to general increases in wages and increases in the number of employees, as well as expenditure on specialized professional services related to the acquisition of Chembulk Tankers LLC. In addition, this increase was partly attributable to expenses to open new offices, increase in transportation, telecommunication, marketing costs, pension payments, depreciation, amortization, and the cost of training and education.

Pendapatan / Beban Keuangan Bersih dan Pendapatan / Beban Lain – Lain.

Net Financial and Other Costs

Beban Keuangan Bersih dan beban lain-lain Perseroan meningkat terutama karena meningkatnya beban keuangan melalui bunga, kerugian dari transaksi swap, peningkatan pendapatan bunga hasil investasi, dan penurunan keuntungan dari penjualan aktiva tetap, serta perubahan atas obligasi konversi dan wesel bayar.

The Company’s net financial and other items costs increased largely as a result of increased bank interest rates and losses resulting from swap transactions; increases in interest income on investment; decreases in profits from the sale of fixed assets; and changes in convertible bonds and notes payable.

BELANJA MODAL

Capital Expenditure

Belanja modal Perseroan terutama terkait dengan pembelian kapal kapal baru, baik bekas maupun yang baru dibangun. Perseroan melakukan investasi dengan nilai keseluruhan Rp6,425 milyar untuk belanja modal tersebut yang berasal dari kas hasil operasi Perseroan dan dari pinjamaan bank. Belanja modal perseroan selanjutnya terkait dengan pembuatan kapal baru yang saat ini sedang dibangun

The most significant proportion of the Company’s capital expenditures are related to the acquisition of new vessels, including both used and newly built vessels, and to the upgrading and maintenance of the Company’s vessels. A total of Rp.6,425 billion was invested during 2008 for this type of expenditure, using source of funds from the revenue derived from the Company’s operations and bank loans. Future expenditures will relate to expenditure on vessels currently under construction.

DIVESTASI

Divestment

Divestasi utama Perseroan terkait dengan pelepasan kapal. Tahun 2008 Perseroan telah melepas 5 kapal yaitu MT Pergiwati, MT Gagarmayang, MT Puspawati, MT Pramoni, dan MT Purwati. Dari kelima kapal yang dijual tersebut, perusahaan melakukan sewa balik terhadap 4 kapal (MT Gagarmayang, MT Puspawati, MT Pramoni, dan MT Purwati).

The Company’s most significant divestments of assets related to the disposal of vessels. In 2008, the Company sold five vessels, MT Pergiwati, MT Gagarmayang, MT. Puspawati, MT. Pramoni, and MT Purwati, for a total divestment of Rp.1,240 billion. Out of the five, four are currently leased back to the Company (under sale and lease back scheme), namely MT Gagarmayang, MT. Puspawati, MT. Pramoni, and MT Purwati/

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BOARD of Commissioners Dewan Komisaris

HADI SURYA Komisaris Utama/President Commissioner

Umur 72 tahun, diangkat sebagai Presiden Komisaris Perseroan pada tanggal 26 Juni 2000. Bergabung dengan Perseroan pada tahun 1981, sebelumnya menjabat sebagai Direktur Utama Perseroan (1989-2000). Pada saat ini juga menjabat selaku Komisaris PT. Jaya Agra Wattie (sejak 1990), Komisaris Utama PT Dwibina Prima (sejak 2004), Komisaris PT. Banyu Laju Shipping (sejak 2002) dan Komisaris Utama PT Alas Watu Utama (sejak 1990). Sebelumnya juga menjabat sebagai Komisaris CV Kartika Pabrik Triplex (1955-1959), Komisaris PT Daya Sakti Timber Corporation (1970-1994) dan Komisaris PT Daya Sakti Krida Unggul (1985-1999). Menyelesaikan pendidikan di Lian Huo High School di Surabaya pada tahun 1954. Pada tahun 2002 mendapatkan penghargaan sebagai “Entrepreneur Of the Year - Indonesia” oleh Ernst & Young.

Aged 72, was appointed as the President Commissioner of the Company on 26 June 2000. He joined the Company in 1981 and was previously the President Director of the Company (1989—2000). He is also currently a Commissioner of PT Jaya Agra Wattie (since 1990), the President Commissioner of PT Dwibina Prima (since 2004), a Commissioner of PT Banyu Laju Shipping (since 2002) and the President Commissioner of PT Alas Watu Utama (since 1990). He was previously a Commissioner of CV Kartika Pabrik Triplex (1955—1959), a Commissioner of PT Daya Sakti Timber Corporation (1970—1994) and a Commissioner of PT Daya Sakti Krida Unggul (1985—1999). He graduated from Lian Huo High School in Surabaya in 1954. In 2002, he was awarded the ‘‘Entrepreneur of the Year — Indonesia’’ by Ernst & Young.

Umur 46, diangkat sebagai Komisaris Perseroan pada 30 Juni 1991. Pada saat ini menduduki jabatan sebagai Direktur Utama PT Jaya Agra Wattie (sejak 1990). Sebelumnya sebagai Wakil Direktur PT Jaya Agra Wattie (1987-1988). Direktur PT Jaya Agra Wattie (1988-1990) dan Direktur PT Daya Sakti Unggul Corporation Tbk (1994-1998). Memperoleh gelar MBA dari Golden Gate University, San Francisco pada tahun 1987.

Aged 46, was appointed as a Commissioner of the Company on 30 June 1991. He is currently the President Director of PT Jaya Agra Wattie (since 1990). He was previously an Assistant Director of PT Jaya Agra Wattie (1987—1988), a Director of PT Jaya Agra Wattie (1988—1990) and a Director of PT Daya Sakti Unggul Corporation Tbk (1994—1998). He received an MBA from Golden Gate University, San Francisco in 1987.

HARIJADI SOEDARJO Komisaris/Commissioner

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ANNUAL REPORT 2008

BOARD of Commissioners Dewan Komisaris

Umur 41, diangkat sebagai Komisaris Perseroan pada 11 September 2006. Saat ini menjabat sebagai Direktur PT Asuransi Allianz Life Indonesia. Sebelumnya menduduki jabatan sebagai konsultan jasa keuangan pada American International Assurance Co. Ltd di Singapura (2002-2004), Direktur PT Asuransi Allianz Life Indonesia (2001-2002), Vice President pada PT Asuransi Jiwa Principal Indonesia (2000-2001), dan Vice President pada PT. Puri Dana Bersama (1997-2000). Lulusan dari Indiana University pada tahun 1991.

Aged 41, was appointed as a Commissioner of the Company on 11 September 2006. He is currently a Director of PT Asuransi Allianz Life Indonesia. He was previously a financial services consultant at the American International Assurance Co. Ltd in Singapore (2002—2004), Director of PT Asuransi Allianz Life Indonesia (2001—2002), Vice President at PT Asuransi Jiwa Principal Indonesia (2000—2001) and Vice President at PT Puri Dana Bersama (1997—2000). He graduated from Indiana University in 1991. ALAN JONATHAN TANGKAS DHARMAWAN Komisaris Independen/Independent Commissioner

Umur 37 tahun, diangkat sebagai Komisaris Perseroan pada tanggal 11 September 2006. Pada saat ini menduduki jabatan sebagai CEO di United Fiber System ,Ltd sejak tahun 2006 sampai dengan sekarang, sebelumnya sebagai Direktur pada Deutsche Bank (2004-2006), Wakil Presiden pada Zurich Financial Services (2002-2004), sebagai associate pada Merrill Lynch (2000-2002) dan associate direktur pada UBS (1998-2000). Lulusan dari Institut Teknologi Bandung pada 1994 dan memperoleh gelar MBA dari Massachusetts Institute of Technology Sloan School of Management pada tahun 1998.

ANNUAL REPORT 2008

Aged 37, was appointed as a Commissioner of the Company on 11 September 2006. He is currently a CEO at United Fiber System Ltd. (2006-now) Previously he was a Director at Deutsche Bank (2004—2006), Vice President at Zurich Financial Services (2002—2004), an associate at Merrill Lynch (2000—2002) and an associate director at UBS (1998—2000). He graduated from the Bandung Institute of Technology in 1994 and received an MBA from the Massachusetts Institute of Technology Sloan School of Management in 1998. JAKA PRASETYA Komisaris Independen/Independent Commissioner


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BOARD of Directors Direksi

WIDIHARDJA TANUDJAJA Direktur Utama/President Director

Umur 58, 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 (2005-2008).

Aged 58, 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 47, 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 47, 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.

HENRIANTO KUSWENDI Direktur Komersial/Commercial Director

100


ANNUAL REPORT 2008

BOARD of Directors Direksi

Umur 46, diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bertanggungjawab terhadap bidang akunting, audit internal dan teknologi informasi Perseroan. Bergabung dengan Perseroan pada bulan Januari 1999 sebagai General Manager Divisi Admnistrasi. Sebelum bergabung dengan Perseroan, menjabat sebagai Head of Corporate Administration and Information System dari BSG Corporation (1996-1998), Information Technology Manager PT Daya Sakti Timber Corporation (1991-1994), dan Assistant Accounting Manager PT Daya Sakti Timber Corporation (1986-1991). Memperoleh gelar sarjana dalam bidang akuntansi dari Universitas Airlangga Surabaya tahun 1985 dan memperoleh gelar MBA dari University of San Diego pada tahun 1996.

Aged 46, 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 41 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 41, 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.

MICHAEL MURNI GUNAWAN Direktur Administrasi/Administration Director

SIANA ANGGRAENI SURYA Direktur Korporat dan Pengembangan Usaha/ Corporate and Business Development Director Umur 40, Diangkat sebagai Direktur Perseroan pada 22 Juni 1999. Bergabung dengan Perseroan pada 1996 sebagai Sekretaris Perusahaan, posisi yang masih dijabat sampai dengan saat ini. Pernah menduduki jabatan sebagai General Manager, Divisi Keuangan Perusahaan (Januari 1999-Juni 1999). Sebelum bergabung dengan Perusahaan, pernah menjabat sebagai Associate Direktur Pan Union Co.Ltd (1995-1996). Associate PT Bahana Pembinaan Usaha Indonesia (1994-1995), dan Assistant Manager Citibank, N.A. Jakarta (1992-1994). Dia memperoleh gelar BA dalam bidang administrasi bisnis dari Lewis and Clark College pada 1989 dan gelar BA dalam teknik mesin dari Columbia University pada 1991.

ANNUAL REPORT 2008

Aged 40, 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.

WONG KEVIN Direktur Keuangan/Finance Director


101

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PT BERLIAN LAJU TANKER Tbk Surat Pernyataan

Statement Letter

Dewan Komisaris Perseroan bertanggung

The Board of Commissioners of the Company

jawab penuh atas kebenaran informasi yang terdapat

accept full responsibility for the accuracy of

dalam Laporan Tahunan Tahun 2008 ini.

the information contained in this 2008 Annual Report.

Jakarta, 8 April 2009

Dewan Komisaris The Board of Commissioners

H di Surya S Hadi Komisaris Utama President Commissioner

Harijadi Ha arijadi Soedarjo

Alan Jon Jonathan nat atha han Tangkas Tangkas Darmawan Darma

Jaka k Prasetya

Komisaris

Komisaris Independen

Komisaris Independen

Commissioner

Independent Commissioner

Independent Commissioner


PT BERLIAN LAJU TANKER Tbk Surat Pernyataan

Statement Letter

Direksi Perseroan bertanggung jawab penuh

The Board of Directors of the Company

atas kebenaran informasi yang terdapat

accept full responsibility for the accuracy of

dalam Laporan Tahunan Tahun 2008 ini.

the information contained in this 2008 Annual Report.

Jakarta, 8 April 2009

Direksi The Board of Directors

Kevin Wong


Henrianto Kuswendi

Direktur D Di rektur

Direktur Utama

Direktur

Director

President Director

Director

Siana An Anggraeni nggraeni Surya


Direktur

Direktur

Director

Director



INDEPENDENT Auditor’s Report Laporan Auditor Independen

108


ANNUAL REPORT 2008

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 2008 DAN 2007/ FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 DAN LAPORAN AUDITOR INDEPENDEN/ AND INDEPENDENT AUDITORS’ REPORT

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN/AND ITS SUBSIDIARIES DAFTAR ISI/TABLE OF CONTENTS Halaman/ Page SURAT PERNYATAAN DIREKSI/DIRECTORS’ STATEMENT LETTER LAPORAN AUDITOR INDEPENDEN/INDEPENDENT AUDITORS’ REPORT

1

LAPORAN KEUANGAN KONSOLIDASI - Pada tanggal 31 Desember 2008 dan 2007 serta untuk tahun-tahun yang berakhir pada tanggal tersebut/ CONSOLIDATED FINANCIAL STATEMENTS - As of December 31, 2008 and 2007 and for the years then ended Neraca Konsolidasi/Consolidated Balance Sheets

3

Laporan Laba Rugi Konsolidasi/Consolidated Statements of Income

5

Laporan Perubahan Ekuitas Konsolidasi/Consolidated Statements of Changes in Equity

6

Laporan Arus Kas Konsolidasi/Consolidated Statements of Cash Flows

7

Catatan atas Laporan Keuangan Konsolidasi/Notes to Consolidated Financial Statements

8

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN NERACA KONSOLIDASI 31 DESEMBER 2008 DAN 2007

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007 Catatan/ Notes

2008 Rp Juta/ Rp Million

2007 Rp Juta/ Rp Million ASSETS

ASET ASET LANCAR Kas dan setara kas Investasi tersedia untuk dijual Piutang usaha Pihak hubungan istimewa Pihak ketiga Piutang lain-lain Persediaan Uang muka Pajak dibayar dimuka Biaya dibayar dimuka

10.749 1.047.827 51.058 139.627 82.029 5.837 72.821

Jumlah Aset Lancar

3.541.168

ASET TIDAK LANCAR Rekening bank yang dibatasi penggunaannya Investasi pada perusahaan asosiasi Aset tetap - setelah dikurangi akumulasi penyusutan dan penurunan nilai aset sebesar Rp 3.746.670 juta dan Rp 2.108.077 juta tahun 2008 dan 2007 Uang muka pembelian aset tetap Uang jaminan Goodwill - bersih Beban tangguhan Instrumen keuangan derivatif

714.446 1.416.774

3f,4 3g,5 3h,6 34 7 3i

3j

713.432 26.242 118.865 15.421 547 88.720 3.624.617

2.388

20.657.220

1.980.423 680.967

8 3g,9

3k,3l,3p,10

244.542 461.984 69.022 -

10 3c,3l,11 3v,33

275.035 194.724

15.810.719 7.912 1.456 713.306 39.612 1.244

CURRENT ASSETS Cash and cash equivalents Available-for-sale investments Trade accounts receivable Related parties Third parties Other accounts receivable Inventories Advances Prepaid taxes Prepaid expenses Total Current Assets NONCURRENT ASSETS Restricted cash in bank Investments in associates Property, vessels and equipment - net of accumulated depreciation and impairment of Rp 3,746,670 million and Rp 2,108,077 million in 2008 and 2007 Advances for the purchase of property, vessels and equipment Security deposits Goodwill - net Deferred charges Derivative financial instruments

Jumlah Aset Tidak Lancar

21.435.156

17.044.008

Total Noncurrent Assets

JUMLAH ASET

24.976.324

20.668.625

TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.

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 2008 DAN 2007 (Lanjutan)


P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007 (Continued) Catatan/ Notes

2007 Rp Juta/ Rp Million LIABILITIES AND EQUITY

KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Instrumen keuangan derivatif Hutang bank Hutang usaha Pihak hubungan istimewa Pihak ketiga Hutang lain-lain Hutang dividen Hutang pajak Biaya masih harus dibayar Pendapatan diterima dimuka Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Bank Kewajiban sewa pembiayaan Obligasi Hutang lain-lain jangka panjang Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang jangka panjang - setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Bank Obligasi Wesel bayar Kewajiban sewa pembiayaan Hutang lain-lain jangka panjang Kewajiban imbalan pasca kerja Obligasi konversi Instrumen keuangan derivatif Keuntungan atas transaksi jual dan sewa-balik yang ditangguhkan Jumlah Kewajiban Tidak Lancar EKUITAS Modal saham - nilai nominal Rp 62,5 per saham Modal dasar - 14.676.480.000 saham Modal ditempatkan dan disetor 4.589.281.176 saham tahun 2008 dan 4.159.010.436 saham tahun 2007 Agio saham Selisih kurs karena penjabaran laporan keuangan Selisih transaksi perubahan ekuitas perusahaan asosiasi Laba (rugi) yang belum direalisasi dari pemilikan efek Saldo laba Ditentukan penggunaannya Tidak ditentukan penggunaannya Jumlah Dikurangi harga perolehan saham diperoleh kembali 412.351.000 saham Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

337.089 1.933.650 921 188.975 27.028 5.352 17.538 380.823 7.051

3v,33 12 13 34

60.152 2.814.873

32 3t,14 15 3r

26.285 116.329 65.273 5.204 23.452 299.213 35.830

1.086.422 965.271 6.470

16 3p,21 3m,17 18

807.474 545.629 399.117 -

2.281

3p,10

4.958.871

5.198.831

CURRENT LIABILITIES Derivative financial instruments Short-term bank loans Trade accounts payable Related parties Third parties Other accounts payable Dividends payable Taxes payable Accrued expenses Unearned revenue Current maturities of long-term liabilities Bank loans Obligations under finance lease Bonds payable Other long-term payable Deferred gain on sale and leaseback transaction Total Current Liabilities NONCURRENT LIABILITIES

7.900.384 893.263 1.445.400 1.701.365 135.880 31.998 396.938 1.589.928

16 3m,17 3n,19 3p,21 18 3s,20 3o,22 3v,33

24.809

3p,10

14.119.965

5.707.025 891.338 3.255.836 810.079 122.447 21.438 1.210.730 135.320 12.154.213

286.830 570.659

23 24

259.938 533.010

1.362.125

3d

192.460

3g,9 3g,5

(39.164) 20.159

(20.420)

57.366 4.421.850

52.275 3.077.825

6.678.410

4.096.503

(780.922)

3q,24,25

(780.922)

5.897.488

3.315.581

24.976.324

20.668.625


Long-term liabilities - net of current maturities Bank loans Bonds payable Notes payable Obligations under finance lease Other long term payable Post-employment benefit obligation Convertible bonds Derivative financial instruments Deferred gain on sale and leaseback transaction Total Noncurrent Liabilities EQUITY Capital stock - Rp 62.5 par value per share Authorized - 14,676,480,000 shares Subscribed and paid-up - 4,589,281,176 shares in 2008 and 4,159,010,436 shares in 2007 Additional paid-in capital Translation adjustment Difference due to change of equity in associate Unrealized gain (loss) on securities Retained earnings Appropriated Unappropriated Total Less cost of treasury stock - 412,351,000 shares Total Equity 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 2008 DAN 2007


Catatan/ Notes

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007


PENDAPATAN USAHA

7.005.851

3r,26,34

3.641.773

OPERATING REVENUES

BEBAN LANGSUNG

4.762.118

3r,27,34

2.504.681

DIRECT COST

LABA KOTOR

2.243.733

1.137.092

GROSS PROFIT

BEBAN UMUM DAN ADMINISTRASI LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Perubahan nilai wajar atas obligasi konversi dan wesel bayar Keuntungan penjualan aset tetap Pendapatan investasi Beban keuangan Kerugian penurunan nilai aset Penurunan nilai goodwill Keuntungan (kerugian) kurs mata uang asing - bersih Bagian rugi bersih perusahaan asosiasi Lain-lain - bersih Beban Lain-lain - Bersih LABA SEBELUM PAJAK BEBAN PAJAK LABA BERSIH

351.819

3r,28

1.891.914

2.961.090 919.311 164.746 (2.919.873) (434.868) (319.042)

GENERAL AND ADMINISTRATIVE EXPENSES

898.071

INCOME FROM OPERATIONS

3n,3o,19,22 3k,3p,10 3g,30 3p,3v,29 3k,3l,10 3c,11

378.867 27.199 108.126 (622.023) -

(447.786)

3d,40

15.453

(179.267) (68.414)

3g,9

(219) (37.392)

(324.103)

(129.989)

1.567.811 (9.849)

768.082 3t,14

1.557.962

(9.100) 758.982

2008 Rp LABA PER SAHAM (dalam Rupiah penuh) Dasar Dilusian

239.021

OTHER INCOME (CHARGES) Change in fair value of convertible bonds and notes payable Gain on sale of vessels and equipment Investment income Finance cost Impairment loss on asset Impairment of goodwill Foreign exchange gain (loss) - net Equity in net loss of associates Others - net Other Charges - Net INCOME BEFORE TAX TAX EXPENSE NET INCOME

2007 Rp 3u,31

373 146

199 178


EARNINGS PER SHARE (in full Rupiah amount) Basic Diluted


-5-

3g,9

23,24 32 32

3d 3g,5

3g,9

-

286.830

37.649

570.659

-

-

-

-

-

126

8.044

533.010

-

26.892

259.938

-

-

-

-

90

-

-

-

-

3d 3g,5

23,24 32 32

-

-

24,25

524.840 -

-

259.848

Agio saham / Additional paid-in capital Rp Juta/ Rp Million

25


Saldo per 31 Desember 2008

Pelaksanaan waran Dividen Pembentukan cadangan umum Selisih transaksi perubahan ekuitas perusahaan asosiasi Laba bersih

Selisih kurs karena penjabaran laporan keuangan Laba pemilikan efek Sudah direalisasi Belum direalisasi

Saldo per 31 Desember 2007

Pelaksanaan waran Dividen Pembentukan cadangan umum Selisih transaksi perubahan ekuitas perusahaan asosiasi Laba bersih

Saldo per 1 Januari 2007 Perolehan saham diperoleh kembali Penerbitan saham diperoleh kembali atas obligasi konversi Selisih kurs karena penjabaran laporan keuangan Laba pemilikan efek Sudah direalisasi Belum direalisasi

Catatan / Notes

Modal ditempatkan dan disetor / Subscribed and paid-up capital stock Rp Juta/ Rp Million

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2008 DAN 2007

24.709

(780.922)

-

-

-

-

(780.922)

-

-

-

-

(250.324) (555.307)

Modal saham diperoleh kembali/ Treasury stock Rp Juta/ Rp Million

-

-

-

-

-

-

-

-

(20.420)

(20.159) (20.420)

20.159

(612) 20.159

612

Laba yang belum direalisasi dari pemilikan efek/ Unrealized gain on securities Rp Juta/ Rp Million

-6-

-

-

-

-

-

-

-

-

-

-

-

39.164

(39.164)

(39.164)

192.460

117.208

75.252

1.362.125

-

-

-

1.169.665

-

-

-

-

-

Selisih transaksi perubahan ekuitas Selisih kurs karena perusahaan asosiasi/ penjabaran laporan Difference due to keuangan/ change in equity Translation of associate adjustment Rp Juta/ Rp Juta/ Rp Million Rp Million

-

-

-

-

-

-

-

-

-

-

57.366

5.091

52.275

310

51.965

4.421.850

1.557.962

5.897.488

39.164 1.557.962

64.541 (208.846) -

(20.159) (20.420)

1.169.665

3.315.581

(39.164) 758.982

216 (149.813) -

(612) 20.159

117.208

32.753

3.131.159 (555.307)

Jumlah Ekuitas/ Total equity Rp Juta/ Rp Million

Balance as of December 31, 2008

Translation adjustment Gain on securities Realized Unrealized Issuance of shares through exercise of warrants Dividends Appropriation for general reserve Difference due to change in equity of associate Net income


Translation adjustment Gain on securities Realized Unrealized Issuance of shares through exercise of warrants Dividends Appropriation for general reserve Difference due to change in equity of associate Net income

Balance as of January 1, 2007 Purchase of treasury stock Treasury shares issued on conversion of bonds


(208.846) (5.091)

-

-

3.077.825

758.982

(149.813) (310)

-

-

-

2.468.966 -

Saldo Laba/Retained earnings Ditentukan Tidak ditentukan penggunaannya/ penggunaannya/ Appropriated Unappropriated Rp Juta/ Rp Juta/ Rp Million Rp Million

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

P.T. BERLIAN LAJU TANKER Tbk DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASI UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2008 DAN 2007

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

2008 Rp Juta/ Rp Million ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari pelanggan Pembayaran kepada pemasok dan karyawan Kas dihasilkan dari aktivitas operasi Pembayaran bunga Pembayaran bagi hasil Obligasi Syari'ah Mudharabah dan Sukuk Ijarah Pembayaran pajak penghasilan Penerimaan klaim asuransi Kas Bersih Diperoleh dari Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Pencairan investasi sementara Penempatan investasi sementara Penerimaan bunga

7.129.861 (3.019.509) 4.110.352 (1.133.556) (30.638) (9.842) 7.877

29 17 14

5 5

1.804.643 -

10

Kas Bersih Digunakan untuk Aktivitas Investasi

(2.718.071)

10 11

3.729.480 275.035

16

(400.000) (4.620.329) (208.699) (332.127)

22

64.541

1.101.526 (388.899) (13.979) (9.101) 689.547

3.159.225 (3.544.691) 77.687

4.711 (4.221.112) 1.517 (51)

2007 Rp Juta/ Rp Million 3.519.709 (2.418.183)

2.944.193

Hasil penjualan aset tetap - bersih Pengurangan piutang lain-lain jangka panjang Pengurangan uang muka pembelian aset tetap Perolehan aset tetap Akuisisi anak perusahaan - bersih Pengurangan (penambahan) uang jaminan

ARUS KAS DARI AKTIVITAS PENDANAAN Penambahan hutang bank Pencairan rekening yg dibatasi penggunaannya Penambahan wesel bayar - bersih Penambahan obligasi konversi - bersih Penambahan (pelunasan) hutang obligasi - bersih Pembayaran hutang bank Perolehan saham diperoleh kembali Pembayaran dividen Pembayaran kewajiban sewa pembiayaan Penambahan modal disetor dan agio saham dari pelaksanaan waran

Catatan/ Notes

16 25 32

Net Cash Provided by Operating Activities

(7.699.890) (2.553.284) 1.375 (9.671.930)

Net Cash Used in Investing Activities

8.698.167 3.702.710 1.157.097 894.548 (3.661.231) (555.307) (159.485) -

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds of bank loans Withdrawal of restricted cash Net proceeds of notes payable Net proceeds of convertible bonds Net proceeds (payment) of bonds payable Payments of bank loans Purchase of treasury stocks Dividends paid Payments of obligations under finance lease

1.989.139 (2.083.321) 130.859 541.617 1.575

23,24

216

(1.492.099)

10.076.715

KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS

(1.265.977)

1.094.332

KAS DAN SETARA KAS AWAL TAHUN

1.980.423

886.091

KAS DAN SETARA KAS AKHIR TAHUN

714.446

1.980.423

Penambahan uang jaminan melalui penjualan aset tetap Penambahan karena penjabaran laporan keuangan: Aktiva tetap Akumulasi penyusutan Hutang bank jangka panjang Penerbitan saham diperoleh kembali atas obligasi konversi: Obligasi konversi Saham diperoleh kembali Agio saham

Cash generated from operating activities Interest paid Profit sharing paid on Syari'ah Mudharabah and Sukuk Ijarah Bonds Income tax paid Receipts from insurance claim

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 in other long-term receivables Decrease of advances for the purchase of property, vessels and equipment Acquisitions of property, vessels and equipment Acquisition of subsidiary - net Decrease (increase) in security deposits

Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Pendanaan

PENGUNGKAPAN TAMBAHAN Aktivitas investasi dan pendanaan yang tidak mempengaruhi kas: Penambahan aset tetap melalui hutang leasing

CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees

Proceeds from exercise of warrants Net Cash Provided by (Used in) Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR CASH AND CASH EQUIVALENTS AT END OF YEAR SUPPLEMENTAL DISCLOSURES

1.006.874

-

243.035

-

2.324.569 242.056 1.963.656

10 10 16

Noncash investing and financing activities: Addition to property, vessels and equipment through lease payable Additional to security deposit through sale of property, vessels and equipment Increase due to translation adjustments in:

252.884 54.524 171.578

25 -

32.753 24.709 8.044


Property, vessels and equipment Accumulated depreciation Long-term bank loans Treasury shares issued on conversion of bonds: Convertible bonds Treasury stock Additional paid-in capital


-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, 2008 AND 2007 AND FOR THE YEARS THEN ENDED

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2008 DAN 2007 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. 1 tanggal 6 Agustus 2008 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, mengenai penambahan kegiatan usaha Perusahaan dan penyesuaian atas Undang-Undang No. 40 tahun 2007 tentang Perseroan Terbatas. Perubahan anggaran dasar tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia dalam Surat Keputusannya No. AHU-0074870.AH.01.09 tanggal 25 Agustus 2008.

P.T. Berlian Laju Tanker Tbk (the “Company”) was established based on notarial deed No. 60 dated March 12, 1981 under the name of P.T. Bhaita Laju Tanker. The Company's name was changed to P.T. Berlian Laju Tanker based on notarial deed No. 4 dated September 5, 1988. Both deeds were notarized by Raden Santoso, notary public in Jakarta. The deed of establishment was approved by the Minister of Justice of the Republic of Indonesia in his Decision Letter No. C2-2630.HT.01.01.Th.89 dated March 31, 1989 and was published in State Gazette of the Republic of Indonesia No. 70 dated September 1, 1989, Supplement No. 1729. The Company's articles of association have been amended several times, most recently by notarial deed No. 1 dated August 6, 2008 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, concerning the additional Company’s scope of its business activities and to conform with Law No. 40 year 2007 on Limited Liability Company. Such amendments were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his Decision Letter No. AHU-0074870.AH.01.09 dated August 25, 2008.

Perusahaan berkedudukan di Jakarta, mempunyai dua kantor cabang di Merak, Dumai dan kantor perwakilan di Cina, United Arab Emirates 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, United Arab Emirates and Taiwan. Its head office is located th at Wisma Bina Surya Group (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 388 karyawan untuk tahun 2008 dan 371 karyawan untuk tahun 2007.

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 388 in 2008 and 371 in 2007.

Sesuai dengan Surat Keputusan Menteri Keuangan No.KEP 1514/WPJ.07/BD.04/2008 tanggal 28 November 2008, Perusahaan telah mendapatkan persetujuan untuk menggunakan pembukuan dengan menggunakan bahasa Inggris dan mata uang dolar Amerika Serikat (USD) mulai tahun pajak 2009.

The Minister of Finance of the Republic of Indonesia, in his 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 in United States (U.S.) Dollar reporting currency starting on the 2009 fiscal year.

-8-


P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI 31 DESEMBER 2008 DAN 2007 SERTA UNTUK TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued)

Susunan pengurus Perusahaan pada tanggal 31 Desember 2008 adalah sebagai berikut: Dewan Komisaris Komisaris Utama Komisaris Komisaris Independen Dewan Direksi Direktur Utama Direktur

Komite Audit Ketua Anggota Anggota b.

The Company’s management as of December 31, 2008 consisted of the following:

Hadi Surya Harijadi Soedarjo Alan Jonathan Tangkas Darmawan Jaka Prasetya

Board of Directors President Director Directors

Widihardja Tanudjaja Michael Murni Gunawan Wong Kevin Siana Anggraeni Surya Henrianto Kuswendi

Alan Jonathan Tangkas Darmawan Jaka Prasetya Max Budiarto Sumakno

Anak Perusahaan

Board of Commissioners President Commissioner Commissioner Independent Commissioners

Audit Committee Chairman Member Member

b. Subsidiaries

Perusahaan memiliki 100% saham Indigo Pacific Corporation, Diamond Pacific International Corporation dan Asean Maritime Corporation (ketiganya berkedudukan di luar negeri dan bergerak dalam bidang investasi). Perusahaan juga memiliki PT Banyu Laju Shipping, PT Brotojoyo Maritime dan PT Buana Listya Tama yang bergerak dalam bidang pengoperasian dan pemilikan kapal serta PT Bayu Lestari Tanaya yang bergerak dalam bidang agen perkapalan, keempat anak perusahaan ini berdomisili di Indonesia.

The Company owns 100% equity in Indigo Pacific Corporation, Diamond Pacific International Corporation and Asean Maritime Corporation. These three subsidiaries are domiciled in foreign countries and are operating as investment holding companies. The Company also owns PT Banyu Laju Shipping, PT Brotojoyo Maritime and PT Buana Listya Tama, owners and operators of vessels, and PT Bayu Lestari Tanaya, operating as a shipping agency, which are all domiciled in Indonesia,

Berdasarkan Rapat Umum Luar Biasa Para Pemegang Saham tanggal 18 Desember 2007 sebagaimana yang tercantum dalam akta notaris Amrul Partomuan, S.H., LLM, No. 16 tanggal 18 Desember 2007, Perusahaan mendapat persetujuan dari pemegang saham untuk melakukan akuisisi/pembelian Chembulk Tankers LLC (Catatan 11).

At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 16 dated December 18, 2007 of Amrul Partomuan, S.H., LLM, notary in Jakarta, the stockholders approved to acquire/purchase Chembulk Tankers LLC (Note 11).

-9-





Berikut adalah rincian anak perusahaan yang dimiliki oleh Perusahaan sebesar 100%, baik langsung maupun tidak langsung melalui anak perusahaan:

Anak Perusahaan dan jenis usaha / Subsidiary and type of business

Details of the Company’s subsidiaries, directly or indirectly owned, are as follows:

Domisili/ Domicile

Tahun Operasi Komersial/ Start of Commercial Operations

Jumlah Aset 31 Desember 2008/ Total Assets as of December 31, 2008 Rp Juta/Million

1.

Indigo Pacific Corporation (Perusahaan Investasi/ Investment holding company)

Labuan, Malaysia

24 Desember 1997/ December 24, 1997

4.240.247

1.1.

Indigo Pacific Corporation (Perusahaan Investasi/ Investment holding company)

British Virgin Islands

8 Pebruari 1993/ February 8, 1993

4.258.206

1.1.1.

Melani Maritime Inc. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Panama/ The Republic of Panama


292.475

1.1.2.

Zona Overseas International Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


24 Juni 1997/ June 24, 1997

830.869

1.1.3.

Kunti Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Singapura/ The Republic of Singapore

11 Oktober 2000/ October 11, 2000

100.840

1.1.4.

Jembawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


15 Nopember 2000/ November 15, 2000

97.275

1.1.5.

Tirtasari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



50.605

1.1.6.

Pergiwo Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


26 April 2002/ April 26, 2002

191.424

1.1.7.

Fatmarini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


14 Agustus 2002/ August 14, 2002

350.978

1.1.8.

Harsanadi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



119.292

1.1.9.

Hartati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



323.273

1.1.10.

BLT Finance Corporation (Perusahaan Investasi/ Investment holding company)


20 Juni 2005/ June 20, 2005

533.988

1.1.11.

Pujawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


10 Maret 2006/ March 10, 2007

35.226

1.1.12.

Pertiwi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


12 Maret 2006/ March 12, 2007

56.832

1.1.13.

Anggraini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


5 Juni 2006/ June 5, 2007

606.871

1.1.14.

Emerald Maritime Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


12 April 2006/ April 12, 2006

172.104

- 10 -







Domisili/ Domicile


Belanda/ Netherlands

27 April 2007/ April 27, 2007

1.782.790

1.1.15.

BLT Finance B.V (Perusahaan investasi/ Investment holding Company)

1.1.16.

Tridonawati Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


6 Juni 2007/ June 6, 2007

2.766

1.1.17.

Purbasari Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 2007/ June 23, 2007

379.726

1.1.18.

Tridonawati Maritime Corporation (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Liberia/ The Republic of Liberia

21 Juni 2007/ June 21, 2007

592.347

1.1.19.

Trirasa Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


6 Juni 2007/ June 6, 2007

321

1.1.20.

Pramoni Maritime Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*


16 April 2008/ April 16, 2008

278.086

1.1.21.

Fatmarini Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



294.161

1.1.22.

Frabandari Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



297.484

1.1.23.

Harsanadi Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



405.011

1.1.24.

Hartati Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



405.374

1.1.25.

Nogogini Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



246.958

1.1.26.

Nolowati Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



248.548

1.1.27.

Ratih Shipping Pte. Ltd (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*



227.304

2.

Diamond Pacific International Corporation (Perusahaan Investasi/ Investment holding company)

Labuan, Malaysia


801.711

2.1.

Diamond Pacific International Corporation (Perusahaan Investasi/ Investment holding company)



* Merupakan pendirian perusahaan baru di tahun 2008/Newly established companies in 2008.

- 11 -

1.041.638






Domisili/ Domicile



2.1.1.

Lenani Maritime Inc. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



284.167

2.1.1.1

Ontari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


25 Juli 2002 July 25, 2002

93.944

2.1.2.

Averina Maritime S.A. (Agen perkapalan/Shipping agency)


27 Mei 1998/ May 27, 1998

749.466

2.1.3.

Gandari Navigation Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


26 April 2002/ April 26, 2002

12.636

2.1.4.

GBLT Shipmanagement Pte. Ltd. (Manajemen perkapalan/Ship management)


10 Maret 2002/ March 10, 2002

9.515

2.1.4.1.

GBLT Shipmanagement Ltd. (Manajemen perkapalan/Ship management)

United Kingdom


60.555

2.1.4.1.1

Harsanadi Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


1.881

2.1.4.1.2

Hartati Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


1.886

2.1.4.1.3

Frabandari Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


1.346

2.1.4.1.4

Fatmarini Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


1.788

2.1.4.1.5

Nolowati Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


1.770

2.1.4.1.6

Nogogini Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


1.922

2.1.4.1.7

Ratih Shipping Ltd. (Pengoperasian kapal/Operator of vessel)

United Kingdom


5.007

2.1.5.

Cendanawati Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


25 Juli 2002/ July 25, 2002

40.166

2.1.6.

Frabandari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



257.703

2.1.7.

Brotojoyo Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


3 Juli 2003/ July 3, 2003

200.026

2.1.8.

Berlian Laju Tanker Pte. Ltd. (Pengoperasian kapal/Operator of vessel)


3 Juli 2003/ July 3, 2003

66.758

- 12 -







Domisili/ Domicile



17 Maret 2004/ March 17, 2004

390.230

2.1.9.

Anjasmoro Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

2.1.10.

Gas Lombok Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*


20 Maret 2008/ March 20, 2008

404.273

2.1.11.

Gas Sumbawa Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

*


12 Juni 2008/ June 12, 2008

405.672

2.2.

BLT LNG Tangguh Corporation (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Marshall Island/ The Republic of Marshall Island

8 Juli 2005/ July 8, 2005

3.

Asean Maritime Corporation (Perusahaan Investasi/ Investment holding company)

Labuan, Malaysia

16 September 1997/ September 16, 1997

3.009.110

3.1.

Gold Bridge Shipping Corporation (Perusahaan Investasi/ Investment holding company)



358.905

3.1.1.

Bauhinia Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


30 Mei 1996/ May 30, 1996

19.589

3.1.2.

Cempaka Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

60.791

3.1.3.

Gold Bridge Shipping Ltd. (Agen perkapalan/Shipping agency)

Hong Kong

27 April 1990/ April 27, 1990

47.958

3.1.3.1

BLT Shipping Shanghai Co. Ltd. (Agen perkapalan/Shipping agency)

China

27 Juli 2006/ July 27, 2006

7.347

3.1.4.

Great Tirta Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

51.810

3.1.4.1. Dewayani Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



47.051

2.095

3.1.5.

Hopeway Marine Inc. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



24.091

3.1.6.

Lestari International Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

52.324

3.1.6.1. Gandini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


2 Januari 2002/ January 2, 2002

216.786

3.1.7.

Quimera Maritime S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



92.757

3.1.8.

South Eastern Overseas Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


26 Mei 1994/ May 26, 1994

38.046

3.1.9.

Zenith Overseas Maritime S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

2.541

*

Merupakan pendirian perusahaan baru di tahun 2008/Newly established companies in 2008.

- 13 -




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Jumlah Aset 31 Desember 2008/ Total Assets as of December 31, 2008 Rp Juta/Million

Domisili/ Domicile




Zona Shipping S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


23 Juni 1997/ June 23, 1997

48.648

3.1.10.1. Dewi Sri Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



48.602


3.1.9.1. Gandari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel) 3.1.10.

1.715.207

3.1.11.

Dahlia Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



14.093

3.1.12.

Eglantine Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



19.430

3.1.13.

Wulansari Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)


6 April 2001/ April 6, 2001

102.652

3.1.14.

Yanaseni Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)


18 April 2001/ April 18, 2001

83.028

3.1.15.

Indradi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)



121.547

3.1.16.

Gold Bridge Logistic Ltd. (Perusahaan Investasi/ Investment holding company)

Hong Kong

4 Juni 2001/ June 4, 2001

12.760

China

8 Juni 2001/ June 8, 2001

27.244

3.1.16.1 Beihai New Resources Logistic Corporation (Jasa penyimpanan/Storage services) 3.1.17.

Gold Bridge Shipping Agencies S.A. (Agen perkapalan/Shipping agency)



5.375

3.1.18.

Elite Bauhinia Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)



84.099

3.1.19.

Cempaka Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)


25 Juli 2002/ July 25, 2002

19.114

3.1.20.

Dahlia Navigation Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)


25 Juli 2002/ July 25, 2002

89.678

3.1.21.

Freesia Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operato of vessel)



131.896

3.1.22.

Gerbera Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



126.763

3.1.23.

Mustokoweni Maritime Pte Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



22.464

3.1.24.

Ulupi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



114.660

- 14 -






Domisili/ Domicile



3.1.25.

Erowati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



103.644

3.1.26.

Gas Papua Maritime Pte Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



155.086

3.1.27.

Rasawulan Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



129.402

3.1.28.

Gas Sulawesi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



150.619

3.1.29.

Tribuana Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



212.953

3.1.30.

Gagarmayang Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



512.686

3.1.31.

Prita Dewi Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


13 Nopember 2004/ November 13 2004

229.318

3.1.32.

Purwati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



744.374

3.1.33.

Trijata Maritime Pte Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



224.763

3.1.34.

Pradapa Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



459.913

3.1.35.

Pergiwati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



139.973

3.1.36.

Badraini Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



333.309

3.1.37.

Barunawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



387.229

3.1.38.

Gas Maluku Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


8 April 2005/ April 8, 2005

128.683

3.1.39.

Barawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


22 April 2005/ April 22, 2005

272.583

3.1.40.

Gas Bali Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


6 Juli 2005/ July 6, 2005

150.296

3.1.41.

Eustoma Navigation S.A. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



76.077

3.1.42.

Puspawati Maritime Pte. Ltd. (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



318.856

- 15 -






Domisili/ Domicile



3.1.43.

Diamond Flow Ltd. (Perusahaan investasi/ Investment holding company)

Hong Kong


3.1.44

Likabula International Ltd. (Perusahaan investasi/ Investment holding company)

Hong Kong

14 Juni 2007/ June 14, 2007

3.1.45.

Richesse International Corp (Perusahaan investasi/ Investment holding company)

**

British Virgin Island


181

3.1.45.1

Richesse Logistic (International) Ltd. (Perusahaan investasi/ Investment holding company)

**

Hongkong


113.655

3.1.45.1.1 Richesse Logistic (Fangcheng Port) Co. Ltd. (Penyimpanan dan penjualan produk kimia/ Storage and sale of chemical product)

**

China

12 Juli 2007 July 12, 2007

193.216

3.1.46

Hyacinth Navigation S.A (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*


12 Maret 2008/ March 12, 2008

92

3.1.47

Irish Maritime International S.A (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

*


12 Maret 2008/ March 12, 2008

89

3.2.

BLT Chembulk Corp BVI (Perusahaan investasi/ Investment holding company)



2.317.036

3.2.1

Chembulk Tankers LLC (Perusahaan investasi/ Investment holding company)

Marshall Islands


297.896

3.2.1.1

Chembulk Trading II LLC (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)

Marshall Islands


2.473.034

3.2.1.2

Chembulk Management LLC (Manajemen perkapalan/ Ship management)

Amerika Serikat/ United States of America


18.095

3.2.1.3

Chembulk Management B.V. (Manajemen perkapalan/ Ship management)

Belanda/ The Netherlands

22 Mei 2007/ May 22, 2007

1.611

3.2.1.4

Chembulk Management Pte. Ltd. (Manajemen perkapalan/ Ship management)


29 Maret 2007/ March 29, 2007

12.903

3.2.1.5

Chembulk Tankers Do Brazil Ltd. (Manajemen perkapalan/ Ship management)

Brasil/ Brazil

17 Juli 2008/ July 17, 2008

3.2.2

Chembulk Barcelona Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



750.073

3.2.3

Chembulk Gibraltar Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



511.311

3.2.4

Chembulk Hong Kong Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



736.106

3.2.5

Chembulk Houston Pte. Ltd. (Pengoprasian & pemilikan kapal/ Owner and operator of vessel)



445.621

3.2.6

Chembulk Kobe Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



503.600

3.2.7

Chembulk New York Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



651.409

3.2.8

Chembulk Savannah Pte. Ltd. (Pengoprasian & pemilikan kapal/ Owner and operator of vessel)



531.589

*

* Merupakan pendirian perusahaan baru di tahun 2008/Newly established companies in 2008. ** Merupakan akuisisi perusahaan di tahun 2008/Newly acquired companies in 2008.

- 16 -

-

2.712

17






Domisili/ Domicile



3.2.9

Chembulk Shanghai Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



456.394

3.2.10

Chembulk Ulsan Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



527.928

3.2.11

Chembulk Virgin Gorda Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



756.951

3.2.12

Chembulk Yokohama Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)



499.830

3.2.13

Chembulk New Orleans Pte. Ltd. (Pengoperasian & pemilikan kapal/ Owner and operator of vessel)


22 Juni 2008/ June 22, 2008

265.534

4.

PT Banyu Laju Shipping (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)

Republik Indonesia/ The Republic of Indonesia

25 Juli 1991/ July 25, 1991

38.419

4.1.

Banyu Laju Corporation (Perusahaan investasi/ Investment holding company)

Labuan, Malaysia


1.670

5.

PT Brotojoyo Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



5.1.

PT Gemilang Bina Lintas Tirta (Pengoperasian kapal/Operator of vessel)



763

5.1.1.

PT Karya Bakti Adil (Agen kru/Crew agency)



7.842

6.

PT Buana Listya Tama (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


12 Mei 2005/ May 12, 2005

6.1.

PT Anjasmoro Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


24 Maret 2006/ March 24, 2006

6.2.

PT Pearl Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



1.007

6.3.

PT Ruby Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



201

6.4.

PT Sapphire Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)



201

6.5.

PT Citrine Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


29 Mei 2006/ May 29, 2006

188.568

6.6.

PT Diamond Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


29 Mei 2006/ May 29, 2006

231.520

6.7.

PT Emerald Maritime (Pengoperasian dan pemilikan kapal/ Owner and operator of vessel)


29 Mei 2006/ May 29, 2006

449.232

7.

PT Bayu Lestari Tanaya (Agen Perkapalan/Shipping agency)


22 Maret 2005/ March 22, 2005

381

7.1.

PT Berlian Dumai Logistic (Perdagangan umum/General trading)



235

*

*

Merupakan pendirian perusahaan baru di tahun 2008/Newly established companies in 2008.

- 17 -

204.416

915.709

203





c.

Penawaran Umum Efek Perusahaan dan Obligasi

c.

Public Offering of Shares and Bonds

Saham

Shares

Pada tanggal 22 Januari 1990, Perusahaan memperoleh persetujuan dari Menteri Keuangan Republik Indonesia dengan Surat Keputusannya No. S1-076/SHM/MK.01/1990 untuk menawarkan 2.100.000 saham kepada masyarakat melalui bursa efek di Indonesia seharga Rp 8.500 setiap saham. Saham-saham tersebut telah tercatat pada bursa efek di Indonesia pada tanggal 26 Maret 1990.

The Company’s offering of 2,100,000 shares to the public through the stock exchanges in Indonesia, at a price of Rp 8,500 per share, was approved by the Minister of Finance of the Republic of Indonesia in his Decision Letter No. S1-076/SHM/MK.01/1990 dated January 22, 1990. These shares were listed on the stock exchanges in Indonesia on March 26, 1990.

Pada tanggal 27 Januari 1993, Perusahaan memperoleh Surat Pemberitahuan Efektif No. S-109A/PM/1993 dari Ketua Badan Pengawas Pasar Modal (Bapepam) (sekarang menjadi Badan Pengawas Pasar Modal dan Lembaga Keuangan - Bapepam-LK) untuk mengadakan Penawaran Umum Terbatas I kepada para pemegang saham sejumlah 29.400.000 saham seharga Rp 1.600 setiap saham. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya (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 the Capital Market and Financial Institutions Supervisory Agency or Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges (currently Indonesian Stock Exchange) on May 24, 1993.

Pada tanggal 26 Desember 1997, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-2966/PM/1997 untuk melakukan Penawaran Umum Terbatas II dengan Hak Memesan Efek Terlebih Dahulu sebanyak 305.760.000 saham dan 61.152.000 waran dengan harga pelaksanaan Rp 1.200 per waran. Jangka waktu pelaksanaan waran mulai tanggal 16 Juli 1998 sampai dengan tanggal 20 Januari 2003. Berdasarkan Addendum Pernyataan Penerbitan Waran sebagaimana tercantum dalam akta No. 32 tanggal 17 Oktober 2002 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, Perusahaan memutuskan untuk menambah jangka waktu waran selama 5 (lima) tahun sehingga akan berakhir pada tanggal 18 Januari 2008. Bila waran tidak dilaksanakan sampai masa berlakunya habis, maka waran tersebut menjadi kadaluarsa. Saham-saham tersebut telah tercatat pada Bursa Efek Jakarta dan Bursa Efek Surabaya pada tanggal 16 Januari 1998.

On December 26, 1997, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-2966/PM/1997 for its Rights Issue II to stockholders totaling 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase one share from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998.

Perusahaan melakukan stock split 4:1 pada tahun 2002 dan 2:1 pada tahun 2004. Dengan demikian harga pelaksanaan waran sejak tahun 2005 adalah sebesar Rp 150 per saham.

The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004. Thus, the warants exercise price since 2005 became Rp 150 per share.

- 18 -





Pada tanggal 18 Desember 2000, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-3690/PM/2000 untuk melakukan Penawaran Umum Terbatas III dengan Hak Memesan Efek Terlebih Dahulu sebanyak 61.152.000 saham. Perusahaan telah mengeluarkan saham baru sebanyak 53.958.150 saham biasa atas nama dengan nilai nominal Rp 500 per saham yang ditawarkan dengan harga Rp 1.100 per saham.

On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III with pre-emptive right to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with nominal value of Rp 500 per share at a price of Rp 1,100 per share.

Pada tanggal 22 September 2006, Perusahaan memperoleh ijin dari Singapore Exchange Securities Limited (SGX-ST) dengan suratnya No. RMR/IR/YCH/260407 untuk mencatatkan sahamnya di papan utama (SGX-Mainboard). Sehubungan dengan pencatatan saham tersebut Perusahaan juga telah merubah anggaran dasarnya yang telah disetujui oleh para pemegang sahamnya dalam Rapat Umum Para Pemegang Saham Luar Biasa pada tanggal 11 September 2006.

On September 22, 2006, the Company obtained the eligibility to list all of its shares on the SGX-Mainboard based on letter No. RMR/IR/YCH/260407 from Singapore Exchange Securities Limited (SGX-ST). In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meetings held on September 11, 2006.

Pada tanggal 31 Desember 2008, seluruh saham Perusahaan sejumlah 4.589.281.176 saham telah tercatat di Bursa Efek Indonesia dan Singapura.

As of December 31, 2008, 4,589,281,176 shares have been listed on the Stock Exchanges in Indonesia and Singapore.

Obligasi dan Wesel Bayar

Bonds and Notes Payable

Pada tanggal 12 Mei 2003, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam dengan suratnya No. S-1006/PM/2003 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker II tahun 2003 pada tingkat bunga tetap dan/atau mengambang dan Obligasi Syari’ah Mudharabah kepada masyarakat dengan total keseluruhan sebesar Rp 400.000 juta.

On May 12, 2003, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-1006/PM/2003 for its public offering of Berlian Laju Tanker II Bonds year 2003 with fixed and/or floating interest rate and Syariah Mudharabah Bonds totaling Rp 400,000 million.

Pada tanggal 14 Desember 2005, anak perusahaan, BLT Finance Corporation melakukan penawaran obligasi konversi 1,25% di Singapura dengan nilai nominal USD 50 juta. Obligasi konversi ini terdaftar di Bursa Efek di Singapura (SGX-ST).

On December 14, 2005, BLT Finance Corporation, a subsidiary, offered 1.25% guaranteed convertible bonds with a principal amount of USD 50 million. The convertible bonds were listed on the Singapore Exchange Securities Trading Limited (SGX-ST).

Pada tanggal 4 Mei 2007 dan 17 Mei 2007, anak perusahaan, BLT Finance B.V. (BLT FBV) menerbitkan wesel bayar (Guaranteed Senior Notes) senilai USD 400 juta dengan tingkat bunga 7,5% per tahun yang jatuh tempo tahun 2014 dan obligasi konversi Zero Coupon Guaranteed di Singapura dengan nilai nominal USD 125 juta yang jatuh tempo tahun 2012.. Wesel bayar dan Obligasi konversi ini terdaftar di Bursa Efek Singapura (SGX-ST).

On May 4, 2007, and May 17, 2007, BLT Finance B.V., 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.

- 19 -





Pada tanggal 25 Juni 2007, Perusahaan memperoleh pernyataan efektif dari Ketua Bapepam-LK dengan suratnya No. S-3117/BL/2007 untuk melakukan Penawaran Umum Obligasi Berlian Laju Tanker III tahun 2007 pada tingkat bunga tetap dan Sukuk Ijarah kepada masyarakat dengan total keseluruhan Rp 900.000 juta.

2.

PENERAPAN PERNYATAAN STÁNDAR AKUNTANSI KEUANGAN (PSAK) REVISI a.

b.

Standar yang berlaku efektif pada tahun berjalan

On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for its public offering of Berlian Laju Tanker III Bond year 2007 with fixed interest rate and Sukuk Ijarah bonds totaling Rp 900,000 million.

2.

ADOPTION OF REVISED STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (PSAK) a.

Standard effective in the current period

Pada tahun berjalan, Perusahaan dan anak perusahaan menerapkan PSAK 16 (Revisi 2007) - Aset Tetap yang efektif untuk laporan keuangan dimulai atau setelah 1 Januari 2008.

In the current year, the Company and subsidiaries adopted the revised PSAK 16 (Revised 2007) - Property, Plant and Equipment which effective for financial statements beginning on or after January 1, 2008.

PSAK 16 revisi dapat menggunakan model revaluasi (revaluation model) atau model biaya (cost model) dalam mengukur aset tetap setelah pengakuan awal dan mengharuskan antara lain pendekatan komponen (component approach) dalam menyusutkan aset serta mereview nilai residu dan umur manfaat setiap aset tetap. Pada penerapan awal, manajemen memilih untuk menggunakan model biaya karena manajemen Perusahaan masih mengkaji pengaruh pajak atas penggunaan model revaluasi sebagaimana yang digunakan dalam laporan keuangan yang menggunakan International Financial Reporting Standards (IFRS). Dampak dari perubahan nilai residu adalah mengurangi beban penyusutan tahun 2008 sebesar Rp 30.038 juta (Catatan 10). Penerapan standar ini tidak berdampak terhadap nilai tercatat aset tetap sebelumnya.

The revised PSAK 16 permits the use of fair value or cost model in measuring property, plant and equipment subsequent to initial recognition, and requires among other things the component approach in depreciating the asset and a review at least annually of the residual value and useful life of the asset. On initial adoption, the management has chosen to continue using the cost model, because the Company’s management is still evaluating the tax implications of using the revaluation model used in International Financial Reporting Standards (IFRS) reporting. The effect of change in residual values is a reduction in depreciation expense in 2008 amounting to Rp 30.038 million (Note 10). The adoption of this standard has not resulted in a change in the prior year carrying amount of the property, vessels and equipment.

Standar ini telah diterbitkan tetapi belum berlaku

b.

Standards in issue not yet effective

PSAK 14 (Revisi 2008), Persediaan

PSAK 14 (Revised 2008), Inventories

Pada bulan September 2008, Dewan Standar Akuntansi Keuangan (DSAK) mengeluarkan standar akuntansi revisi untuk persediaan, yang menggantikan PSAK 14, Persediaan.

In September 2008, the Financial Accounting Standards Board (DSAK) issued the revised accounting standard for inventories, which supersedes PSAK 14, Inventories.

Perubahan mendasar pada standar ini termasuk antara lain entitas harus menggunakan rumus biaya yang sama terhadap semua persediaan yang memiliki sifat dan kegunaan yang sama, dan pembelian persediaan dengan persyaratan penyelesaian tangguhan (deferred settlement terms), perbedaan antara harga beli untuk persyaratan kredit normal dan jumlah yang dibayarkan diakui sebagai beban bunga selama periode pembiayaan.

The principal changes to the standard include among other things the requirement to use the same cost formula for all inventories having similar nature and use to the entity, and for purchase of inventories with deferred settlement terms, the difference between the purchase price for normal credit terms and the amount paid is recognized over the period of financing.

Standar ini berlaku efektif untuk laporan keuangan yang dimulai pada atau setelah 1 Januari 2009. Penerapan lebih dini dianjurkan.

This standard is effective for financial statements beginning on or after January 1, 2009. Earlier application is encouraged.

- 20 -





PSAK 50 (Revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan

PSAK 50 (Revised 2006), Financial Instruments: Presentation and Disclosures

Pada bulan Desember 2006, (DSAK) mengeluarkan PSAK 50 (Revisi 2006), Instrumen Keuangan: Penyajian dan Pengungkapan, menggantikan ketentuan penyajian dan pengungkapan yang diatur dalam PSAK 50 (1998), Akuntansi Investasi Efek Tertentu, dan PSAK 55 (Revisi 1999), Akuntansi Instrumen Derivatif dan Aktivitas Lindung Nilai.

In December 2006, DSAK issued PSAK 50 (Revised 2006), Financial Instruments: Presentation and Disclosures, which supersedes the presentation and disclosure requirements of PSAK 50 (1998), Accounting for Investments in Certain Securities, and PSAK 55 (Revised 1999), Accounting for Derivatives and Hedging Activities.

Tujuan standar revisi ini adalah untuk menetapkan prinsip-prinsip penyajian dan pengungkapan instrumen keuangan sebagai kewajiban atau ekuitas dan saling hapus aset keuangan dan kewajiban keuangan. Standar ini berlaku terhadap klasifikasi instrumen keuangan dari perspektif penerbit, dalam aset keuangan, kewajiban keuangan, dan instrumen ekuitas; pengklasifikasian yang terkait dengan suku bunga, dividen, kerugian dan keuntungan; dan keadaan dimana aset keuangan dan kewajiban keuangan akan saling hapus. Prinsip-prinsip dalam standar ini melengkapi prinsip untuk pengakuan dan pengukuran aset keuangan dan kewajiban keuangan dalam PSAK 55 (Revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran.

The objective of the revised standard is to establish principles for the presentation and disclosures of financial instruments as liabilities or equity and for offsetting financial assets and financial liabilities. It applies to the classification of financial instruments, from the perspective of the issuer, into financial assets, financial liabilities and equity instruments; the classification of the related interests, dividends, losses and gains; and the circumstances in which financial assets and financial liabilities should be offset. The principles in this standard complement the principles for recognizing and measuring financial assets and financial liabilities in PSAK 55 (Revised 2006), Financial Instruments: Recognition and Measurement.

Standar ini diterapkan secara prospektif untuk periode yang dimulai pada atau setelah tanggal 1 Januari 2010.

This standard should be applied prospectively for periods beginning on or after January 1, 2010.

PSAK 55 (Revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran

PSAK 55 (Revised 2006), Financial Instruments: Recognition and Measurement

Pada bulan Desember 2006, DSAK mengeluarkan PSAK 55 (Revisi 2006), Instrumen Keuangan: Pengakuan dan Pengukuran.

In December 2006, DSAK issued PSAK 55 (Revised 2006), Financial Instruments: Recognition and Measurement.

Standar ini menetapkan prinsip-prinsip dasar pengakuan dan pengukuran aset keuangan, kewajiban keuangan dan kontrak pembelian atau penjualan item non keuangan. Standar ini juga menetapkan pedoman untuk penghentian pengakuan; jika aset dan kewajiban keuangan dinilai pada nilai wajar, bagaimana menentukan nilai wajar dan mengevaluasi penurunan nilai; serta akuntansi lindung nilai.

This standard establishes the principles for recognizing and measuring financial assets, financial liabilities and some contracts to buy or sell non-financial items. The standard also provides guidance on derecognition, when financial assets and liabilities may be measured at fair value, how to determine fair value and assess impairment, as well as hedge accounting.

Standar ini menggantikan ketentuan pengakuan dan pengukuran yang diatur dalam standar akuntansi tertentu yang telah diterbitkan sebelumnya.

This standard supersedes the principles of financial instruments recognition and measurement prescribed in certain previously issued accounting standards.

Entitas harus menerapkan standar ini secara prospektif untuk laporan keuangan yang mencakup periode yang dimulai pada atau setelah 1 Januari 2010. Penerapan standar ini lebih dini diperkenankan.

Entities shall apply this standard prospectively for financial statements covering the periods beginning on or after January 1, 2010. Early application is permitted.

Manajemen sedang mengevaluasi dampak dari standar ini terhadap laporan keuangan konsolidasi.

Management is evaluating the effect of the new accounting standards on the consolidated financial statements.

- 21 -





3.

3.

KEBIJAKAN AKUNTANSI

a.

b.

SUMMARY POLICIES a.

Penyajian Laporan Keuangan Konsolidasi

OF

Consolidated Presentation

SIGNIFICANT

ACCOUNTING

Financial

Statement

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku umum di Indonesia.

The consolidated financial statements have been prepared using accounting principles and reporting practices generally accepted in Indonesia.

Dasar penyusunan laporan keuangan konsolidasi, kecuali untuk laporan arus kas, adalah dasar akrual. Mata uang pelaporan yang digunakan untuk penyusunan laporan keuangan konsolidasi adalah mata uang Rupiah (Rp). Laporan keuangan konsolidasi tersebut disusun berdasarkan nilai historis, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements, except for the consolidated statements of cash flows, are prepared under the accrual basis of accounting. The reporting currency used in the preparation of the consolidated financial statements is the Indonesian Rupiah, while the measurement basis used is the historical cost, except for certain accounts which are measured on the bases described in the related accounting policies.

Laporan arus kas konsolidasi disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using the direct method with classifications of cash flows into operating, investing and financing activities.

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura (SGX-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 37 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 37 to the consolidated financial statement.

Prinsip Konsolidasi

b. Principles of Consolidation

Laporan keuangan konsolidasi menggabungkan laporan keuangan Perusahaan dan entitas yang dikendalikan oleh Perusahaan (dan anak perusahaan) Pengendalian dianggap ada apabila Perusahaan mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional dari investee untuk memperoleh manfaat dari aktivitasnya. Pengendalian juga dianggap ada apabila induk perusahaan memiliki baik secara langsung atau tidak langsung melalui anak perusahaan lebih dari 50% hak suara.

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 3c) 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 3c) 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.

- 22 -





c.

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.

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.

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d.

e.

Transaksi dan Penjabaran Keuangan dalam Mata Uang Asing

Laporan

Foreign Currency Translation

Transactions

and

Pembukuan Perusahaan dan anak perusahaan; PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama dan PT Bayu Lestari Tanaya, diselenggarakan dalam mata uang Rupiah. Transaksi-transaksi selama tahun berjalan dalam mata uang asing selain Rupiah dicatat dengan kurs yang berlaku pada saat terjadinya transaksi. Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang asing selain mata uang Rupiah disesuaikan untuk mencerminkan kurs yang berlaku pada tanggal tersebut. Keuntungan atau kerugian yang timbul dikreditkan atau dibebankan pada laporan laba rugi tahun yang bersangkutan.

The books of accounts of the Company and its subsidiaries: PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama and PT Bayu Lestari Tanaya, are maintained in Indonesian Rupiah. Transactions during the year involving currencies other than Rupiah are recorded at the rates of exchange prevailing at the time the transactions are made. At balance sheet date, monetary assets and liabilities denominated in currencies other than Rupiah are adjusted to reflect the rates of exchange prevailing at that date. The resulting gains or losses are credited or charged to current operations.

Pembukuan Indigo Pacific Corporation dan anak perusahaan, Diamond Pacific International Corporation dan anak perusahaan serta Asean Maritime Corporation dan anak perusahaan, diselenggarakan dalam Dollar Amerika Serikat. Untuk tujuan penyajian laporan keuangan konsolidasi, aset dan kewajiban anak perusahaan pada tanggal neraca dijabarkan masing-masing dengan menggunakan kurs yang berlaku pada tanggal tersebut, sedangkan pendapatan dan beban dijabarkan dengan menggunakan kurs rata-rata. Selisih kurs yang terjadi disajikan sebagai bagian dari ekuitas pada akun “Selisih kurs karena penjabaran laporan keuangan”.

The books of accounts of Indigo Pacific Corporation and subsidiaries, Diamond Pacific International Corporation and subsidiaries, and Asean Maritime Corporation and subsidiaries, are maintained in US Dollar. For consolidation purposes, assets and liabilities of these subsidiaries at balance sheet date are translated into Rupiah using the exchange rates at balance sheet date, while revenues and expenses are translated at the average rates of exchange for the year. Resulting translation adjustment is shown in equity as “Translation Adjustment”.

Penggunaan Estimasi

e. Use of Estimates

Penyusunan laporan keuangan konsolidasi sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen membuat estimasi dan asumsi yang mempengaruhi jumlah 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.

f.

d.

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. f. Cash and Cash Equivalents

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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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.





g.

Investasi

g. Investment

Investasi efek ekuitas yang nilai wajarnya tersedia

Investments in equity securities with readily determinable fair values

Investasi dalam efek yang tersedia untuk dijual dinyatakan sebesar nilai wajarnya. Keuntungan dan kerugian yang timbul dari perubahan nilai wajar diakui langsung dalam ekuitas sampai pada saat efek tersebut dijual atau telah terjadi penurunan nilai. Pada saat itu, keuntungan atau kerugian kumulatif yang sebelumnya telah diakui dalam ekuitas dibebankan dalam laba rugi tahun berjalan.

Investments in available-for-sale securities are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time, the cumulative gain or loss previously recognized in equity is included in current operations.

Untuk menghitung laba atau rugi yang direalisasi, biaya perolehan efek ditentukan berdasarkan metode rata-rata tertimbang.

Cost of securities sold is determined using the weighted average method.

Investasi dalam Reksadana

Investment in Mutual Fund

Investasi dalam reksadana dinyatakan sebesar nilai wajarnya berdasarkan nilai aset bersih. Kenaikan (penurunan) nilai aset bersih disajikan dalam laporan laba rugi konsolidasi tahun berjalan.

Investment in mutual fund are stated at fair value based on the net asset value of the funds. Increase (decrease) in net asset value is reflected in the consolidated statements of income.

Investasi pada perusahaan asosiasi

Investments in associates

Perusahaan asosiasi adalah suatu perusahaan dimana induk Perusahaan mempunyai pengaruh yang signifikan, namun tidak mempunyai pengendalian atau pengendalian bersama, melalui partisipasi dalam pengambilan keputusan atas kebijakan finansial dan operasional investee.

An associate is an entity over which the Company is in a position to exercise significant influence, but not control or joint control, through participation in the financial and operating policy decisions of the investee.

Penghasilan, 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 and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. Investments in associates are carried in the balance sheet at cost as adjusted by post-acquisition changes in the Company’s share of the net assets of the associate, less any impairment in the value of the individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized except if the Company has incurred obligations or made payments on behalf of the associates to satisfy obligations of the associates that the Company has guaranteed, in which case, additional losses are recognized to the extent of such obligations or payments.

Selisih lebih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aset bersih perusahaan asosiasi yang dapat diidentifikasi pada saat akuisisi diakui sebagai goodwill. Goodwill termasuk dalam nilai investasi dan dinilai untuk penurunan nilai sebagai bagian dari investasi.

Any excess of the cost of acquisition over the Company’s share of the fair values of the identifiable net assets of the associate at the date of acquisition is recognized as goodwill. The goodwill is included within the carrying amount of the investment and is assessed for impairment as part of investment.

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Apabila terdapat transaksi antara Perusahaan dengan perusahaan asosiasi, keuntungan dan kerugian yang terjadi dieliminasi sebesar bagian Perusahaan pada perusahaan asosiasi tersebut. h.

Penyisihan Piutang Ragu-ragu

Where a company transacts with an associate, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate. h. Allowance for Doubtful Accounts

Perusahaan dan anak perusahaan menetapkan penyisihan piutang ragu-ragu berdasarkan penelaahan terhadap masing-masing akun piutang pada akhir tahun. i.

Persediaan

Allowance for doubtful accounts is provided based on a review of the status of the individual receivable accounts at the end of the year.

i.

Persediaan dinyatakan berdasarkan biaya perolehan atau nilai realisasi bersih, mana yang lebih rendah. Biaya perolehan ditentukan dengan metode “first-in, first-out” (FIFO). j.

Biaya Dibayar Dimuka

k.

Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method.

j.

Biaya dibayar dimuka diamortisasi selama manfaat masing-masing biaya dengan menggunakan metode garis lurus. Aset Tetap

Inventories

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.

k. Property, Vessels and Equipment

Aset tetap 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, vessels 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 Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess

20 5 - 25 10 5 5 5

Buildings Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment

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.

Finance leased assets 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 direview 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.

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l.

Biaya docking kapal dikapitalisasi pada saat terjadinya dan diamortisasi dengan metode garis lurus sampai dengan biaya docking kapal berikutnya atas kapal tersebut.

Vessel dry docking cost is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking.

Beban pemeliharaan dan perbaikan dibebankan pada laporan laba rugi konsolidasi pada saat terjadinya. 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.

l. Impairment of Asset

Penurunan nilai aset Bila nilai tercatat suatu aset melebihi taksiran jumlah yang dapat diperoleh kembali (estimated recoverable amount) maka nilai tercatat tersebut diturunkan ke jumlah yang dapat diperoleh kembali tersebut, yang ditentukan sebagai nilai tertinggi antara nilai jual neto dan nilai pakai.

m. Biaya Emisi Obligasi

m. Bond Issuance Costs

Biaya emisi obligasi langsung dikurangi dari hasil emisi dalam rangka menentukan hasil emisi neto obligasi tersebut. Selisih antara hasil emisi neto dengan nilai nominal merupakan diskonto atau premium yang diamortisasi selama jangka waktu obligasi tersebut dengan metode garis lurus. n.

When the carrying amount of an asset exceeds its estimated recoverable amount, the asset is written down to its estimated recoverable amount, which is determined as the higher of net selling price or value in use.

Wesel Bayar

Bond issuance costs are deducted directly from the proceeds of the related bonds to determine the net proceeds. The difference between the net proceeds and nominal value represent discount or premium, which is amortized using the straight-line method over the term of the bonds. n. Notes Payable

Pada saat penerbitan, wesel bayar ditetapkan pada nilai wajar melalui laporan laba rugi, laba atau rugi yang timbul diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar.

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At the time of issue, the notes payable were designated at fair value through profit and loss, with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices.





o. Obligasi Konversi

o. Convertible Bonds

Obligasi konversi yang jatuh tempo tahun 2012 dipertimbangkan sebagai sebuah instrumen campuran (hybrid instrument) dimana di dalamnya termasuk kumpulan kontrak utama hutang dan gabungan instrumen derivatif melekat (embedded derivatives). Pada saat penerbitan obligasi konversi ditetapkan sebagai nilai wajar melalui laporan laba rugi, laba atau rugi yang timbul diakui dalam laporan laba rugi. Nilai wajar ditetapkan berdasarkan referensi kuotasi harga pasar. p.

Sewa

The convertible bond due in 2012 is considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the convertible bonds were designated as fair value through profit and loss, with any resultant gain or loss as recognized in profit or loss. Fair values are determined with reference to quoted market prices.

p.

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

Dalam sewa pembiayaan, lessor mengakui aset berupa piutang sewa pembiayaan sebesar jumlah investasi sewa neto Perusahaan dan anak perusahaan. Pengakuan penghasilan sewa pembiayaan dialokasikan pada periode akuntansi yang mencerminkan suatu tingkat pengembalian periodik yang konstan atas investasi bersih lessor

Amounts due from lessees under finance leases are recorded as receivables at the amount of the Company and subsidiaries’ net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the leases.

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. 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.

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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.

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.

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 suatu transaksi jual dan sewa-balik merupakan sewa pembiayaan, selisih lebih hasil penjualan dari nilai tercatat tidak dapat diakui segera sebagai pendapatan oleh penjual-lessee, tetapi 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.

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q.

Saham Diperoleh Kembali

q.

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. r.

s.

Pengakuan Pendapatan dan Beban

Treasury Stock Treasury stock is recorded using the cost method. Under this method, if the treasury stock is subsequently sold, the excess of the selling price over the acquisition cost is recorded as additional paid-in capital, while if the selling price is lower than acquisition cost, the difference is recognized as a deduction from retained earnings.

r. Revenue and Expense Recognition

Pendapatan dari operasi freight diakui berdasarkan persentase penyelesaian rute perjalanan pada tanggal neraca. Pendapatan diterima dimuka diakui sebagai kewajiban.

Revenues on freight operations are recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability.

Pendapatan dari sewa berdasarkan waktu (time charter) diakui sesuai masa manfaatnya dari periode kontrak charter tersebut. Pendapatan berdasarkan rute perjalanan diakui selama jangka waktu perjalanan tersebut.

Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage.

Pendapatan jasa perantara kapal dan jasa penyimpanan diakui pada saat jasa tersebut diserahkan kepada pelanggan.

Revenues from agency services and storage services are recognized when the services are rendered to customers.

Pendapatan bunga diakui sesuai manfaatnya pada periode yang bersangkutan (accrual basis).

Interest income on interest-bearing instruments is recognized on accrual basis.

Beban diakui pada saat terjadinya.

Expenses are recognized when incurred.

Imbalan Pasca Kerja

s. Post-Employment Benefits

Perusahaan memberikan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Tidak terdapat pendanaan yang disisihkan oleh Perusahaan sehubungan dengan imbalan pasca kerja ini.

The Company provides defined benefit postemployment benefits to its employees in accordance with Labor Law No. 13/2003. No funding has been made to this defined benefit plan.

Perhitungan imbalan pasca kerja menggunakan metode Projected Unit Credit. Akumulasi keuntungan dan kerugian aktuarial bersih yang belum diakui yang melebihi 10% dari nilai kini kewajiban imbalan pasti diakui dengan metode garis lurus selama rata-rata sisa masa kerja yang diprakirakan dari para pekerja dalam program tersebut. Biaya jasa lalu dibebankan langsung apabila imbalan tersebut menjadi hak atau vested, dan sebaliknya akan diakui sebagai beban dengan metode garis lurus selama periode rata-rata sampai imbalan tersebut menjadi vested.

The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, and otherwise is amortized on a straight-line basis over the average period until the benefits become vested.

Jumlah yang diakui sebagai kewajiban imbalan pasti di neraca merupakan nilai kini kewajiban imbalan pasti disesuaikan dengan keuntungan dan kerugian aktuarial yang belum diakui, dan biaya jasa lalu yang belum diakui.

The benefit obligation recognized in the balance sheet represents the present value of the defined benefit obligation, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost.

- 30 -





t.

u.

Pajak Penghasilan

t. 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.

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 related to revenues subject to final tax and their respective tax bases.

Laba Per Saham

u. Earnings Per Share

Laba per saham dasar dihitung dengan membagi laba bersih residual dengan jumlah rata-rata tertimbang saham beredar pada tahun yang bersangkutan.

Basic earnings per share is computed by dividing net income by the weighted average number of shares outstanding during the year.

Laba per saham dilusian dihitung dengan membagi laba bersih residual dengan jumlah rata-rata tertimbang saham biasa yang telah disesuaikan dengan dampak dari semua efek berpotensi saham biasa yang dilutif.

Diluted earnings per share is computed by dividing net income by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares.

- 31 -





v.

Instrumen Keuangan Derivatif

v. Derivative Financial Instruments

Instrumen keuangan derivatif awalnya dinilai berdasarkan nilai wajar pada saat tanggal kontrak dibuat, dan selanjutnya dinilai kembali berdasarkan nilai wajar pada tanggal laporan keuangan.

Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates.

Perubahan nilai 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 profit or loss.

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 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.

w. Informasi Segmen

w. Segment Information

Informasi segmen disusun sesuai dengan kebijakan akuntansi yang dianut dalam penyusunan dan penyajian laporan keuangan konsolidasi. Bentuk primer pelaporan segmen adalah segmen usaha sedangkan segmen sekunder adalah segmen geografis.

Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while the secondary reporting format is based on geographical segment.

Segmen usaha adalah komponen Perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa (baik produk atau jasa individual maupun kelompok produk atau jasa terkait) dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan segmen lain.

A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group of related products or services and that is subject to risks and returns that are different from those of other business segments.

Segmen geografis adalah komponen perusahaan yang dapat dibedakan dalam menghasilkan produk atau jasa pada lingkungan (wilayah) ekonomi tertentu dan komponen itu memiliki risiko dan imbalan yang berbeda dengan risiko dan imbalan pada komponen yang beroperasi pada lingkungan (wilayah) ekonomi lain.

A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different for those of components operating in other economic environments.

- 32 -





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. 4.

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.

KAS DAN SETARA KAS

Kas Bank Rupiah Bank Central Asia Bank INA Perdana Bank Mega DBS Indonesia Lain-lain (masing-masing dibawah Rp 1.000.000.000) Dollar Amerika Serikat Citibank Nordea Bank Finland PLC Bank of China ING Bank N.V Hongkong & Shanghai Banking Corporation DVB Group Merchant Bank (Asia) Ltd. J.P. Morgan International Bank Limited Lain-lain (masing-masing dibawah Rp 5.000.000.000) Renmimbi China Bank of China China Construction Bank GX Yen Jepang Nordea Bank Finland PLC Lain-lain (masing-masing dibawah Rp 1.000.000.000) Dollar Singapura United Overseas Bank Limited Lain-lain Dollar Hongkong Hongkong & Shanghai Banking Corporation Citibank GBP Inggris Allied Irish Bank Euro Deutsche Bank Lain-lain Jumlah Bank

4.

CASH AND CASH EQUIVALENTS



9.378

13.432

2.019 1.918 1.153 1.143

300 46.797 705 6

2.201

1.941

121.252 46.716 17.130 12.648

118.979 190.950 11.215 -

7.600

11.345

7.074

16.850

6.087

2.078

17.588

743.508

9.112 1.851

6.035 -

1.211

1.131

451

1.085

1.260 134

346 1.250

180 26

390 29

32.739

271.269

10.721 1.126

-

303.340

1.426.554

- 33 -

345

Cash on hand Cash in banks Rupiah Bank Central Asia Bank INA Perdana Bank Mega DBS Indonesia Others (below Rp 1,000,000,000 each) U.S. Dollars Citibank Nordea Bank Finland PLC Bank of China ING Bank N.V Hongkong & Shanghai Banking Corporation DVB Group Merchant Bank (Asia) Ltd. J.P. Morgan International Bank Limited Others (below Rp 5,000,000,000 each) Chinese Renmimbi Bank of China China Construction Bank GX Japanese Yen Nordea Bank Finland PLC Others (below Rp 1,000,000,000 each) Singapore Dollar United Overseas Bank Limited Others Hongkong Dollar Hongkong & Shanghai Banking Corporation Citibank British Poundsterling Allied Irish Bank Euro Deutsche Bank Others Total Bank





2008 Rp Juta/ Rp Million Deposito berjangka Dollar Amerika Serikat Bank Sumitomo Mitsui Indonesia Bank Mizuho Indonesia Hongkong & Shanghai Banking Corporation Citibank J.P. Morgan International Bank Limited Barclays Capital United Overseas Bank Limited UBS AG Singapore DNB NOR Bank ASA Bank of China Fortis Bank S.A./ N.V. Renmimbi Bank of China Dollar Singapura United Overseas Bank Limited Rupiah Bank Negara Indonesia Jumlah deposito berjangka Jumlah Tingkat bunga deposito berjangka per tahun Dollar Amerika Serikat Renmimbi Dollar Singapura Rupiah

5.

186.151 65.700

9.589

26.516

27.375 27.270 2.515 134 -

37.676 529 6.954 1.669 57.456 125.557 273.622

15.393

-

211

369

510

500

401.728

540.437

714.446

1.980.423

Total time deposits Total

Interest rates per annum on time deposits 0,08% - 5% 2,81% - 6,63% U.S. Dollar 3,33% Renmimbi 0,825% 0,825% Singapore Dollar 6,75% - 9,25% 6,75% - 9,75% Rupiah

5.

Perincian investasi tersedia untuk dijual adalah sebagai berikut:

AVAILABLE-FOR-SALE INVESTMENTS The details of available for sale investments are as follows:

2008 Rp Juta/ Rp Mil lion

Nilai wajar

Time Deposits U.S. Dollars Bank Sumitomo Mitsui Indonesia Bank Mizuho Indonesia Hongkong & Shanghai Banking Corporation Citibank J.P. Morgan International Bank Limited Barclays Capital United Overseas Bank Limited UBS AG Singapore DNB NOR Bank ASA Bank of China Fortis Bank S.A./ N.V. Renmimbi Bank of China Singapore Dollar United Overseas Bank Limited Rupiah Bank Negara Indonesia

-

38.254 38.215

INVESTASI TERSEDIA UNTUK DIJUAL

Bi aya perolehan First Str ategic Advisors Inc UBS AG, Singapura PT Danatama Makmur Reksadana Nusadana Kombi nasi Maxima Laba (rugi) yang belum di realisasi First Strategic Advisors Inc UBS AG, Singapura PT Danatama Makmur Reksadana Nusadana Kombi nasi Maxima



742.361 550.483 142.350

658.808

2.000

2.000

1.621 (21.921) 34

19.940

(154)

219

1.416.774

- 34 -

680.967

Cost First Strategic Advisors Inc UBS AG, Singapore PT Danatama Makmur Nusadana Kombinasi Maxima mutual fund Unrealized gain (loss) First Strategic Advisors Inc UBS AG, Singapore PT Danatama Makmur Nusadana Kombinasi Maxima Mutual Fund Fair value





First Strategic Advisors Inc.

First Strategic Advisors Inc.

Pada tahun 2008, Perusahaan dan anak perusahaan menunjuk First Strategic Advisors, Inc. sebagai pengelola dana Perusahaan dan anak perusahaan yang akan diinvestasikan dalam bentuk tunai, suratsurat berharga dan investasi lainnya. Pada tanggal 31 Desember 2008, nilai wajar investasi portofolio sebesar USD 67.943 ribu.

In 2008, 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, 2008, the fair value of the investment portfolio amounted to USD 67,943 thousand.

UBS AG, Singapura

UBS AG, Singapore

Pada bulan Juni 2008 Perusahaan dan anak perusahaan mengadakan perjanjian Investment Management Agreement dengan UBS AG untuk mengelola investasi portofolio. Nilai wajar investasi portofolio sebesar USD 48.271 ribu pada tanggal 31 Desember 2008.

In June 2008, the Company and its subsidiaries also entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2008, the fair value of investment portfolio amounted to USD 48,271 thousand.

PT Danatama Makmur PT Danatama Makmur Berdasarkan perjanjian kontrak jasa manajer investasi tanggal 12 Juni 2008 dan 18 Desember 2007, Perusahaan menunjuk PT 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 serta skema investasi kolektif. Pada tanggal 31 Desember 2008 dan 2007, nilai wajar investasi portofolio masing-masing sebesar USD 13.003 ribu dan USD 72.062 ribu.

Under the Investment Management Contract Service Agreement dated June 12, 2008 and December 18, 2007, the Company appointed PT 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, 2008 and 2007, the fair value of the investment portfolio amounted USD 13,003 thousand and USD 72,062 thousand, respectively.

Perusahaan sebagai pemilik dana dapat mencairkan seluruh atau sebagian dana tersebut yang telah diinvestasikan sebelum jatuh tempo dengan memberikan instruksi tertulis minimal dalam jangka waktu 2 hari perdagangan kepada PT Danatama Makmur sebelum hari penarikan atas dana investasi tersebut. 6.

6.

PIUTANG USAHA 2008 Rp Juta/ Rp Million a. Berdasarkan pelanggan Pihak yang mempunyai hubungan istimewa Pan Union Agencies Pte. Ltd. PT Arpeni Pratama Ocean Li ne Tbk Jumlah Pihak ketiga Kapal yang dimiliki dan disewa Jasa perantara perkapalan

The Company as the owner of the funds can liquidate all or part of the funds that have been invested before the due date with written notice within a minimum of 2 (two) trading days to PT Danatama Makmur before the withdrawal date of investment funds.

TRADE ACCOUNTS RECEIVABLE

2007 Rp Juta/ Rp Mi llion a. By Debtor

9.548 1.201

-

Related parties Pan Uni on Agencies Pte. Ltd. PT Ar peni Pratama Ocean Line Tbk

10.749

-

Total

895.281 135.893

615.283 98.149

Third parties Owned and char tered vessels Agency

Jumlah

1.031.174

713.432

Total

Jumlah Piutang Usaha

1.041.923

713.432

Total Trade Accounts Receivable

- 35 -





b. Berdasarkan umur (hari ) Belum jatuh tempo Lewat jatuh tempo 1 - 60 hari 61 - 120 hari 121 - 180 hari > 180 hari Jumlah c. Berdasarkan mata uang Dollar Amerika Serikat Rupiah Mata uang lainnya Jumlah

7.

8.


2007 Rp Juta/ Rp Mi llion

280.011

273.646

462.475 195.882 91.170 29.038

176.485 168.973 89.310 5.018

1.058.576

713.432

968.034 40.430 50.112

668.581 18.434 26.417

1.058.576

713.432

b. By Age Category Not yet due Past due 1 - 60 days 61 - 120 days 121 - 180 days > 180 days Total c. By Currency U.S. Doll ars Rupiah Other curr encies Total

Sebelum menerima suatu pelanggan, Perusahaan dan anak perusahaan menilai kualitas kredit pelanggan. Tidak ada pelanggan lain yang saldonya melebihi 10% daripada total saldo piutang usaha tersebut.

Before accepting any new customer, the Company and its subsidiaries assess the potential customer’s credit quality. There are no other customers who represent more than 10% of the total balance of trade accounts receivables.

Perusahaan dan anak perusahaan tidak menerima jaminan atas saldo-saldo tersebut di atas. Berdasarkan penelaahan atas status masing-masing piutang tersebut pada akhir tahun manajemen Perusahaan memutuskan bahwa tidak terdapat perubahan signifikan terhadap kualitas kredit dan semua piutang usaha tersebut dapat tertagih sehingga tidak mengadakan penyisihan piutang ragu-ragu.

The Company and subsidiaries do not hold any collateral over these balances. Based on a review of the status of the individual receivable accounts at the end of the year, the Company’s management determined that there has not been a significant change in the credit quality and that all trade accounts receivable are collectible. Accordingly, no allowance for doubtful accounts was provided.

PIUTANG LAIN-LAIN

7.

OTHER ACCOUNTS RECEIVABLE



Klaim asuransi Klaim pengganti peralatan Piutang bunga investasi tersedia untuk dijual Deposit untuk biaya sandar Lain-lain

21.165 5.543

3.708

5.137 19.213

5.756 16.778

Insurance claims Claims for equipment replacement Interest receivable on available for sale investment Deposit for port charges Others

Jumlah

51.058

26.242

Total

8.

REKENING BANK YANG DIBATASI PENGGUNAANNYA

RESTRICTED CASH IN BANK

Akun ini merupakan saldo pada Nordea Bank Norge ASA, Grand Cayman sebesar USD 29.200.000 yang dijadikan jaminan sehubungan dengan fasilitas Irrecovable Letter of Credit (L/C) yang diperoleh dari bank yang sama. Pada tahun 2008, fasilitas ini sudah tidak dimiliki.

This account represents current account in Nordea Bank Norge ASA, Grand Cayman amounting to USD 29,200,000, which is used as security in relation with Irrecovable Letter of Credit (L/C) facility obtained from the same bank. In 2008, such facility was terminated.

Tingkat bunga rata-rata per tahun selama tahun 2007 sebesar 4,17%.

The average interest per annum of this restricted cash during the year 2007 was 4.17%

- 36 -





9.

INVESTASI PADA PERUSAHAAN ASOSIASI

9.

INVESTMENTS IN ASSOCIATES

Tempat Kedudukan/ Domicile

Persentase Kepemilikan/ Percentage of Ownership %



1.531 857

192.516 1.168 1.040

2.388

194.724

Metode Ekuitas/Equity Method Teekay BLT Corporation Thai Petra Transport Co. Ltd. PT Berlian Limatama

Marshall Islands Thailand Indonesia

Jumlah/Total Mutasi investasi dengan metode ekuitas:

Changes in investments under the equity method:

2008 Rp Juta/ Rp Million Teekay BLT Corporation Saldo awal Piutang lain-lain jangka panjang Pengembalian kontribusi modal Selisih kurs penjabaran Perubahan ekuitas perusahaan asosiasi Bagian rugi bersih perusahaan asosiasi Saldo Akhir Thai Petra Transport Co. Ltd Saldo awal Selisih kurs penjabaran Bagian laba bersih perusahaan asosiasi Saldo Akhir PT Berlian Limatama Saldo awal Bagian laba (rugi) bersih perusahaan asosiasi Saldo Akhir

30 30 50

192.516 25.434 (91.980) 13.025 -


(39.164)

Teekay BLT Corporation Balance at beginning of year Long-term other receivable Return of contributed capital Translation adjustment Difference due to change of equity in associate

(400)

Equity in net loss of the associate

222.260 9.820

(138.995) -

192.516

1.168 210 153 1.531

1.040 (183) 857

1.119 49 1.168

859 181 1.040

Balance at end of year Thai Petra Transport Co. Ltd Balance at beginning of year Translation adjustment Equity in net earnings of the the associate Balance at end of year PT Berlian Limatama Balance at beginning of year Equity in net earnings (loss) of the associate Balance at end of year

Pada tanggal 26 Juli 2005, BLT LNG Tangguh Corporation, anak perusahaan, membeli 150 saham Teekay BLT Corporation dari Teekay Tangguh Holding Corporation seharga USD 24.685.105.

On July 26, 2005, BLT LNG Tangguh Corporation, a subsidiary, agreed to purchase 150 shares of Teekay BLT Corporation from Teekay Tangguh Holding Corporation for USD 24,685,105.

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.

- 37 -





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.

bidang

PT Berlian Limatama is engaged in providing cargo shipping services.

Berdasarkan kesepakatan bersama secara tertulis yang dilaksanakan pada tanggal 23 Juni 2008, Dewan Direksi dan Para Pemegang Saham Teekay BLT Corporation memutuskan bahwa modal tercatat atas Teekay BLT Corporation melebihi modal yang disyaratkan sehingga diputuskan modal disetor diturunkan sebesar USD 28 juta. Sebagai hasilnya anak perusahaan menerima sebesar USD 8,4 juta dari Teekay BLT Corporation sebagai bentuk pengembalian modal.

In a Joint Unanimous Written Consent executed on June 23, 2008, the Board of Director and Shareholders of Teekay BLT Corporation have determined that the Listing Stated Capital of Teekay BLT Corporation is in excess of its capital requirements, and determined further that the amount of Stated Capital be reduced by USD 28 million. As a result, the subsidiaries received a total amount of USD 8.4 million from Teekay BLT Corporation as a return of capital.

Tidak terjadi perubahan persentase kepemilikan terhadap Teekay BLT Corporation oleh anak perusahaan.

There were no changes in the subsidiaries percentage of ownership on Teekay BLT Corporation.

Bagian kepemilikan anak perusahaan atas perubahan ekuitas perusahaan asosiasi sebesar Rp 40.241 juta (termasuk selisih kurs karena penjabaran laporan keuangan sebesar Rp 1.077 juta) pada tanggal 31 Desember 2007 dibebankan pada laporan laba rugi tahun 2008.

The share of changes in associates’ equity of Rp 40,241 million (including translation adjustment amounting to Rp 1,077 million) as of December 31, 2007 was charged to profit and loss in 2008.

Pada tahun 2008 Perusahaan dan anak perusahaan tidak mengakui bagian kerugian bersih dari Teekay BLT Corporation yang melebihi nilai tercatat dari investasi. Bagian rugi yang tidak diakui tersebut pada tanggal 31 Desember 2008 adalah sebesar Rp 24.622 juta.

In 2008, the Company and its subsidiaries discontinued recognizing their share of net losses in excess of the total interest in Teekay BLT Corporation. Unrecognized losses as at December 31, 2008 amounted to Rp 24,622 million.

10. ASET TETAP

10. PROPERTY, VESSELS AND EQUIPMENT

1 Januari 2008/ January 1, 2008 Rp Juta/ Rp Million Biaya perolehan: Tanah Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan Aset sewa pembiayaan Aset dalam penyelesaian Jumlah Akumulasi penyusutan dan penurunan nilai: Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Aset sewa pembiayaan Bangunan Jumlah Jumlah Tercatat Biaya docking

Selisih Kurs Penjabaran / Translation Adjustment Rp Juta/ Rp Million

Penambahan/ Penurunan nilai/ Akuisisi/ Additions Impairment loss Acquisition Rp Juta/ Rp Juta/ Rp Juta/ Rp Million Rp Million Rp Million

12.123 14.029.879 12.480 13.127 23.718

1.662.615 2.898 2.104

2.186.383 991 4.706 558 1.047 1.006.874 2.027.363

-

3.534 21.225 3.099.214 567.151

317 3.176 503.758 149.701

17.782.451

2.324.569

113.892

5.227.922

-

114.714

2.030.584 10.514 5.987 10.280

230.860 2.456 802

922.917 196 2.241 3.378

1.959 47.459 1.294

67 7.714 157

602 171.418 1.375

395.320 39.548 -

2.108.077

242.056

1.102.127

434.868

15.674.374

Jumlah

- 38 -

822

64 -

Pengurangan/ Deductions Rp Juta/ Rp Million 1.240.538 838 171 1.241.547

139.574 838 110 -

64

140.522

Reklasifikasi/ 31 Desember 2008/ Reclassification December 31, 2008 Rp Juta/ Rp Juta/ Rp Million Rp Million 2.614.608 -

12.123 19.252.947 15.378 13.280 31.179

4.508 (745.421) (1.873.695)

4.409 29.956 3.864.425 984.412

-

24.208.109

40.527 -

3.480.634 13.166 7.390 14.414

(40.527) -

2.628 225.612 2.826

-

3.746.670

Cost: Land Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings Leased assets Construction in progress Total Accumulated depreciation and impairment loss Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Leased assets Buildings Total

20.461.439 195.781

Net book value Docking cost

20.657.220

Total





Biaya perolehan: Tanah Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Bangunan aset sewa pembiayaan Aset dalam penyelesaian Jumlah Akumulasi penyusutan: Kapal dan peralatan Tangki minyak Kendaraan Perabot kantor Peralatan kantor dan mess Aset sewa pembiayaan Bangunan

1 Januari 2007/ January 1, 2007 Rp Juta/ Rp Million

Selisih Kurs Penjabaran / Translation Adjustment Rp Juta/ Rp Million

Penambahan/ Additions Rp Juta/ Rp Million

292 6.931.043 11.103 6.325 12.684

242.592 1.377 281

11.831 7.043.351 7.851 5.041

2.427 6.545

62 216

311 14.202

734 262 3.099.214 3.106.125

424.303

8.355

617.303

7.394.722

252.883

7.699.890

1.613.912 9.225 4.324 8.020

53.168 1.144 172

519.333 145 2.400 1.641

1.555

29

273

-

861

Jumlah

1.637.897

Jumlah Tercatat Biaya docking

5.756.825

-

-

10

54.523

Akuisisi/ Acquisition Rp Juta/ Rp Million -

-

Reklasifikasi/ Reclassification Rp Juta/ Rp Million

31 Desember 2007/ December 31, 2007 Rp Juta/ Rp Million

669.917 1.049 203

482.810 -

12.123 14.029.879 12.480 13.127 23.718

-

(482.810)

3.534 21.225 3.099.214 567.151

5.915

632

384

102 47.459 39

524.176

48.232

-

Pengurangan/ Deductions Rp Juta/ Rp Million

671.169

-

17.782.451

155.829 737 185

-

2.030.584 10.514 5.987 10.280

-

-

1.959 47.459 1.294

156.751

-

Jumlah

Jumlah aset tetap di neraca termasuk biaya docking kapal yang belum diamortisasi dengan rincian sebagai berikut:

Saldo Awal/ Beginning Balance Rp Juta/ Rp Million 2008 2007

Total Accumulated depreciation: Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Leased assets Buildings Total

15.674.374 136.345

Net book value Docking cost

15.810.719

Total

The balance sheet carrying amount of property, vessels and equipment included the unamortized docking costs of the vessels are as follows:

Penambahan/ Addition Rp Juta/ Rp Million

136.345 147.106

2.108.077

Cost: Land Vessels and equipment Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings Leased assets Construction in progress

179.811 101.830

Penambahan kapal pada tahun 2008 terdiri dari kapal anak perusahaan yang sudah selesai di bangun (M.T. Gas Lombok, M.T. Gas Sumbawa, dan M.T. Purbasari) dan pembelian kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati, M.T. Ratih dan M.T. Gas Natuna) dan kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Lindy Alice dan M.T. Chembulk King Point) serta pelaksanaan opsi kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk New Orleans).

- 39 -

Pengurangan, Amortisasi/ Deduction, Amortization Rp Juta/ Rp Million 145.091 117.091

Selisih Kurs Penjabaran/ Translation Adjustment Rp Juta/ Rp Million 24.716 4.500

Saldo Akhir/ Ending Balance Rp Juta/ Rp Million 195.781 136.345

The additions in vessels in 2008 consist of the subsidiaries vessels whose construction had been completed (M.T. Gas Lombok, M.T. Gas Sumbawa, and M.T. Purbasari) and purchase of vesels by the subsidiaries (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati, M.T. Ratih and M.T. Gas Natuna) and vessels under leasing arrangement (M.T. Chembulk Lindy Alice and M.T. Chembulk King Point) also execution subsidiarie’s purchase option (M.T. Chembulk New Orleans).





Penambahan kapal pada tahun 2007 terdiri dari pembangunan kapal anak perusahaan yang sudah selesai di bangun (M.T. Purwati, M.T. Gas Sulawesi dan M.T. Gas Papua) dan pembelian kapal anak perusahaan (M.T. Trirasa, M.T. Fatmawati dan M.T.Tridonawati, M.T. Chembulk Bercelona, M.T. Chembulk Gibraltar, M.T. Chembulk Kobe, M.T. Chembulk New York, M.T. Chembulk Savannah, M.T. Chembulk Shanghai, M.T. Chembulk Hong Kong, M.T. Chembuck Houston, M.T. Chembulk Ulsan, M.T. Chembulk Virgin Gorda dan M.T. Chembulk Yokohama) dan akuisisi kapal sewa pembiayaan dari anak perusahaan (M.T. Chembulk Minneapolis, M.T. Chembulk New Orleans, M.T. Chembulk Singapore, M.T. Chembulk Tortola dan M.T. Chembulk Westport).

The additions in vessels in 2007 consist of the subsidiaries vessels whose construction had been completed (M.T. Purwati, M.T. Gas Sulawesi and M.T. Gas Papua) and purchase of vessels by the subsidiaries (M.T. Trirasa, M.T. Fatmawati and M.T. Tridonawati, M.T. Chembulk Bercelona, M.T. Chembulk Gibraltar, M.T. Chembulk Kobe, M.T. Chembulk New York, M.T. Chembulk Savannah, M.T. Chembulk Shanghai, M.T. Chembulk Hong Kong, M.T. Chembuck Houston, M.T. Chembulk Ulsan, M.T. Chembulk Virgin Gorda and M.T. Chembulk Yokohama) and acquisition of subsidiaries’ vessels under leasing arrangement (M.T. Chembulk Minneapolis, M.T. Chembulk New Orleans, M.T. Chembulk Singapore, M.T. Chembulk Tortola and M.T. Chembulk Westport).

Pengurangan kapal pada tahun 2008 merupakan penjualan kapal anak perusahaan (M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni, M.T. Pergiwati dan M.T. Purwati).

The reduction in vessels in 2008 included sale of vessels of the subsidiary (M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni, M.T. Pergiwati and M.T. Purwati).

Sehubungan dengan penjualan M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni dan M.T. Purwati, Perusahaan dan anak perusahaan melakukan perjanjian sewa balik dengan pembeli kapal tersebut selama 12 tahun.

In conjunction with the sale of M.T. Gagarmayang, M.T. Puspawati, M.T. Pramoni and M.T. Purwati, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back the four vessels for a period of 12 years.

Setelah mengevaluasi syarat dan substansi dari perjanjian sewa balik, Direktur Perusahaan berkeyakinan bahwa secara substansial semua risiko dan manfaat dari kepemilikan kapal telah beralih dan berada pada pembeli kapal (lessor). Untuk tahun yang berakhir 31 Desember 2008, keuntungan bersih penjualan kapal sebesar Rp 850.554 juta dicatat sebagai bagian dalam ”penghasilan (beban) lain-lain” dalam laporan laba rugi konsolidasi. Selisih lebih harga jual atas nilai wajar dari kapal yang dijual dan disewa balik kembali sebesar Rp 27.375 juta dicatat sebagai ”keuntungan atas transaksi jual dan sewa balik yang ditangguhkan” dan diamortisasi selama masa sewa. Amortisasi keuntungan atas jual dan sewa balik yang ditangguhkan sebesar Rp 285 juta yang dicatat sebagai pengurang beban sewa. Pada tanggal 31 Desember 2008, keuntungan atas transaksi jual dan sewa balik yang ditangguhkan jangka panjang sebesar Rp 24.809 juta sedangkan bagian jangka pendek yang dicatat sebagai kewajiban lancar sebesar Rp 2.281 juta.

After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor. For the year ended December 31, 2008, the net gain on sale of the vessels of Rp 850,554 million was included in “other income (charges)” in the consolidated statements of income. The excess of the selling price over the fair value of the vessels sold and leaseback of Rp 27,375 million is accounted for as “deferred gain on sale and leaseback transaction” and amortized over the lease term. Amortization of deferred income of Rp 285 million in 2008 is acounted for as reduction of charter expenses. As of December 31, 2008, the non-current portion of the deferred income amounted to Rp 24,809 million while the current portion, which is included under other current liabilities, amounted to Rp 2,281 million.

Selain itu, sehubungan dengan perjanjian sewa, Perusahaan dan anak perusahaan telah membayar uang jaminan tanpa bunga sebesar Rp 243.035 juta yang dicatat sebagai uang jaminan.

Also, in connection with the lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of Rp 243,035 million and were recorded as security deposit.

Pengurangan kapal pada tahun 2007 merupakan penjualan kapal anak perusahaan (M.T. Bandondari, M.T. Tribuana dan M.T. Triwati d/h M.T. Trijata).

The reduction in vessels in 2007 included sale of vessels of the subsidiary (M.T. Bandondari, M.T. Tribuana and M.T. Triwati, formerly M.T. Trijata).

- 40 -





Seluruh penjualan dilakukan kepada pihak ketiga. Keuntungan penjualan seluruh aset tetap - bersih selama tahun 2008 dan 2007 masing-masing sebesar Rp 919.311 juta dan Rp 27.199 juta dengan perincian sebagai berikut:

All sales are made with third parties. The net gain on sale of vessels and equipment in 2008 and 2007 amounted to Rp 919,311 million and Rp 27,199 million, respectively, with details as shown below:

2008 Rp Juta/ Rp Million Harga jual Nilai tercatat


2.063.986 (1.101.025)

Bersih Komisi Keuntungan penjualan yang ditangguhkan Selisih kurs penjabaran

962.961 (16.308)

Keuntungan penjualan aset tetap - bersih

919.311

561.717 Proceeds from sale of fixed asset (514.419) Net carrying account 47.298 Net (20.099) Commission Deferred gain on sale and leaseback transaction Translation adjustment

(27.375) 33

27.199

Beban penyusutan dialokasi sebagai berikut:

Depreciation following:

2008 Rp Juta/ Rp Million Beban usaha Kapal dan tangki yang dimiliki (Catatan 27) Umum dan administrasi (Catatan 28) Selisih kurs penjabaran Jumlah

Gain on sale of property, vessels and equipment - net expense

was

allocated

to

the


981.583 7.247 113.297

507.676 4.801 11.699

Operating expenses Owned vessels and tanks (Note 27) General and administrative (Note 28) Translation adjustment

1.102.127

524.176

Total

Untuk periode yang berakhir pada tanggal 31 Desember 2008, Perusahaan dan anak perusahaan melakukan perubahan estimasi nilai residu kapal berdasarkan penilai independen. Perubahan ini menyebabkan beban penyusutan menurun sebesar Rp 30.038 juta.

For the year ended December 31, 2008, 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 Rp 30,038 million.

Pada tanggal 31 Desember 2008, manajemen Perusahaan melakukan pengujian penurunan nilai atas kapal Perusahaan dan anak perusahaan serta mengakui kerugian penurunan nilai sebesar Rp 434.868 juta. Perusahaan menggunakan nilai tertinggi antara nilai pakai dan nilai bersih atas pengukuran nilai yang dapat dipulihkan. Nilai jual bersih ditentukan berdasarkan penilai independen profesional. Nilai yang dapat dipulihkan berdasarkan pada nilai pakai yang ditentukan dengan basis yang sama seperti dijelaskan pada Catatan 11 mengenai penurunan nilai goodwill.

As of December 31, 2008, mangement has performed impairment testing of the vessel and recognized an impairment loss of Rp 434,868 million. In measuring the recoverable amount, the Company used the higher of value in use and net selling price. Net selling price was determined based on independent professional valuation. Recoverable amount based on value in use is determined on the same basis as that described in Note 11 for goodwill impairment.

- 41 -





11.

Kapal dan peralatan digunakan sebagai jaminan atas hutang bank dan kewajiban sewa pembiayaan dan fasilitas stand by L/C (Catatan 12, 16, 21 dan 39d).

Vessels and equipment are used as collateral for the bank loans, obligation under finance lease and stand by letter of credit facility (Notes 12, 16, 21 and 39d).

Perusahaan memiliki beberapa bidang tanah yang terletak di kota Dumai, Riau dengan hak legal berupa Hak Guna Bangunan yang berjangka waktu 20 (dua puluh) tahun yang akan jatuh tempo pada tahun 2024, 2036 dan 2037. Manajemen berpendapat tidak terdapat masalah dengan perpanjangan hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai.

The Company owns several parcels of land located in Dumai, Riau with Building Use Right (Hak Guna Bangunan or HGB) for a period of 20 years until 2024, 2036 and 2037. Management believes that there will be no difficulty in the extension of the landright since the land was acquired legally and supported by sufficient evidence of ownership.

Kapal Perusahaan diasuransikan terhadap kerusakan lambung dan kerusakan kapal (Hull Machinery) dan risiko perang, Increase Value and Additional Owners Interest (I.V & A.O.I.) dengan jumlah pertanggungan seluruhnya sebesar USD 1.959 juta dan USD 1.750 juta masing-masing pada tahun 2008 dan 2007 melalui LCH Insurance (s) Pte. Ltd. dan Sompo Japan Insurance Inc.

The vessels and equipment were insured for hull and machinery damages and war risk, Increased Value and Additional Owners Interest (I.V. & A.O.I) for USD 1,959 million in 2008 and USD 1,750 million in 2007, with LCH Insurance (s) Pte. Ltd. and Sompo Japan Insurance Inc.

Kapal Perusahaan dan anak perusahaan diasuransikan juga terhadap perlindungan dan penggantian terhadap pihak ketiga serta ganti rugi yang disebabkan karena pencemaran lingkungan, sehubungan dengan pengoperasian kapal (Protection & Indemnity atau P & I).

Those vessels and equipment were also insured for losses of third parties from vessel operations such as environmental pollution caused by accident (Protection and Indemnity or P & I).

Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan.

Management believes that the insurance coverage is adequate to cover possible losses on the assets insured.

Aset dalam penyelesaian tahun 2008 terutama merupakan 15 kapal yang sedang dibangun yang diperkirakan akan selesai pada tahun 2009 - 2011 (Catatan 39c).

Construction in progress in 2008 mainly consists of 15 vessels under construction which are estimated to be completed in 2009 - 2011 (Note 39c).

GOODWILL – BERSIH

11. GOODWILL - NET

Akun ini merupakan selisih antara biaya akuisisi anak perusahaan dengan nilai wajar aset bersih yang diperoleh dengan rincian sebagai berikut:

Harga perolehan Penambahan tahun berjalan Pengaruh nilai selisih kurs penjabaran Akumulasi amortisasi Penurunan nilai Goodwill - Bersih

This account represents the difference between acquisition cost of subsidiaries and fair value of net assets acquired as follows:



743.341 110.594 (72.909) (319.042)

61.842 681.499 (30.035) -

Cost Addition during the year Translation adjustment Accumulated amortization Impairment of goodwill

461.984

713.306

Goodwill - Net

- 42 -





Akuisisi Richesse International Corp

Acquisition of Richesse International Corp

Pada tanggal 25 April, 2008, Goldbridge Shipping Corporation, anak perusahaan, membeli 100% saham Richesse International Corp sebesar Rp 109 juta.

On April 25, 2008, Goldbridge Shipping Corporation BVI (Acquirer), a subsidiary, purchased 100% ownership in Richesse International Corp (Acquiree) for Rp 109 million.

Pada tanggal akuisisi nilai wajar atas aset bersih sebesar Rp 715 juta. Perbedaan antara nilai wajar dari aset bersih yang diakuisisi dan biaya perolehan akuisisi dicatat sebagai goodwill negatif. Manajemen mempertimbangkan bahwa nilai goodwill negatif tersebut tidak material sehingga langsung dicatat sebagai pendapatan lain-lain.

As at acquisition date, the fair value of the net assets of the Acquiree amounted to Rp 715 million. The difference between the fair value of the net assets acquired and the cost of acquisition is accounted for as negative goodwill, The management consider the amount to be immaterial and recognized immediately as other income.

Biaya akuisisi di atas dibayar secara kas dan mendapatkan arus kas masuk dari akuisisi sebesar Rp 1.517 juta (kas yang diperoleh sebesar Rp 1.626 juta dikurangi biaya akuisisi sebesar Rp 109 juta).

The acquisition cost above was paid in cash and the net cash inflow on acquisition amounted to Rp 1,517 million (cash acquired of Rp 1,626 million less acquisition cost of Rp 109 million).

Pada tanggal akuisisi Perusahaan mengakui/ mencatat aset tetap dan kewajiban Richesse International Corp sebagai berikut:

The Company recognized, at the acquisition date, the following assets and liabilities of Richesse International Corp:

Nilai wajar/ Fair value Rp Juta/ Rp Million

Nilai buku sebelum diakuisisi/ Book value prior to acquisition Rp Juta/ Rp Million

Aset Kendaraan dan peralatan kantor bersih Aset dalam penyelesaian Uang jaminan pembelian tanah Piutang lain-lain Kas dan setara kas

822 2.384 111.444 109 1.626

822 2.384 111.444 109 1.626

Transportation and office equipment - net Construction in progress Deposit for land acquisition Other receivables Cash on hand and in banks

Jumlah

116.385

116.385

Total

Kewajiban Biaya yang masih harus dibayar Kewajiban lain-lain Hutang bank jangka pendek

133 6.037 109.500

133 6.037 109.500

Liabilities Accrued expenses Other current liabilities Short-term bank loan

115.670

115.670

715

715

Aset bersih yang diakuisisi Goodwill negatif Biaya akuisisi

Assets

(606)

Net assets acquired Negative goodwill

109

Acquisition cost

Pada saat akuisisi, Richesse International Corp merupakan perusahaan yang belum beroperasi secara komersial dan mencatat rugi bersih sebesar USD 260.398 sehingga apabila Perusahaan menyajikan informasi laporan laba rugi konsolidasi proforma untuk tahun yang berakhir 31 Desember 2008, seolah-olah Richesse International Corp telah diakuisisi sejak awal tahun 2008 maka laba bersih konsolidasi Perusahaan akan mengalami penurunan sebesar USD 260.398 (Rp 2.854 juta). - 43 -

As of acquisition date, Richesse International Corp has not commence commercial operation and have a loss in the amount of USD 260,398. If the Richesse International Corp had been acquired at the beginning of 2008, the proforma consolidated statement of income of the Company for the year ended December 31, 2008 will decrease by the amount of USD 260,398 (Rp 2,854 million).





Akuisisi Chembulk Tankers LLC

Acquisition of Chembulk Tankers LLC

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa tanggal 18 Desember 2007, sebagaimana yang tercantum dalam akta notaris Amrul Partomuan Pohan, SH., LL.M, No. 16 tanggal 18 Desember 2007, para pemegang saham menyetujui untuk melakukan akuisisi/pembelian Chembulk Tankers LLC.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 16 dated December 18, 2007 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to acquire Chembulk Tankers LLC.

Pada tanggal 19 Desember 2007 (tanggal akuisisi) Asean Maritime Corporation, melalui BLT Chembulk Corp, anak perusahaan, membeli 100% saham milik Chembulk Holding Inc pada Chembulk Tankers LLC. Pada tanggal akuisisi, nilai wajar atas aset bersih Chembulk Tankers LLC sebesar Rp 2.069.295 juta. Perbedaan antara nilai wajar dari aset bersih yang diakuisisi dan biaya perolehan akuisisi dicatat sebagai goodwill.

As of December 19, 2007 (the effective date of the acquisition), Asean Maritime Corporation purchased through its wholly-owned subsidiary, BLT Chembulk Corp, 100% of the shares owned by Chembulk Holdings Inc. in Chembulk Tankers LLC. As of acquisition date, the fair value of the net assets of Chembulk Tankers LLC, amounted to Rp 2,069,295 million. The difference between the fair value of the net assets acquired and the cost of acquisition, is accounted for as goodwill.

Pada tanggal yang sama, BLT Chembulk Corp. juga membeli 11 kapal dari Chembulk Holding Inc. sebesar USD 618 juta.

On the same date, BLT Chembulk Corp. also purchased eleven vessels from Chembulk Holding Inc. at a purchase price USD 618 million.

Pada tanggal akuisisi Perusahaan mengakui/ mencatat aset tetap dan kewajiban Chembulk Tankers LLC sebagai berikut:

The Company recognized, at the acquisition date, the following assets and liabilities of Chembulk Tankers LLC:

Nilai wajar/ Fair value Rp Juta/ Rp Million Aset Aset tetap - bersih Aset tidak lancar lain-lain Persediaan Piutang Biaya dibayar dimuka dan aset lancar lain-lain Kas yang dibatasi penggunaannya Kas Jumlah Kewajiban Kewajiban sewa pembiayaan Hutang usaha Kewajiban lain-lain Jumlah Aset bersih yang diakuisisi Goodwill pada saat akuisisi Biaya perolehan akuisisi

Nilai buku sebelum diakuisisi/ Book value prior to acquisition Rp Juta/ Rp Million

3.057.894 480 51.098 72.484

1.389.939 480 51.098 72.484

19.979 275.035 197.510

19.979 275.035 197.510

3.674.480

2.006.525

1.355.708 93.795 155.682

1.355.708 93.795 155.682

1.605.185

1.605.185

2.069.295

401.340

681.499

Assets Property and equipment - net Other non current assets Inventories Receivables Prepayment and other current assets Restricted cash Cash Total Liabilities Obligations under finance lease Trade payables Other current liabilities Total Net assets acquired Goodwill on acquisition

2.750.794

Acquisition cost

- 44 -





Harga perolehan akuisisi di atas termasuk biayabiaya yang timbul dalam rangka perjanjian akuisisi. Harga perolehan dibayar secara tunai, arus kas keluar bersih pada saat akuisisi sebesar Rp 2.553.284 juta (harga perolehan Rp 2.750.794 juta dikurangi kas yang diperoleh sebesar Rp 197.510 juta).

The acquisition cost above includes directly attributable acquisition costs incurred in developing the acquisition contracts. The acquisition cost was paid in cash, and the net cash outflow on acquisition expressed in Rupiah amounted to Rp 2,553,284 million (acquisition cost of Rp 2,750,794 million less cash acquired of Rp 197,510 million).

Perusahaan mempertimbangkan untuk menyajikan informasi laporan laba rugi konsolidasi proforma untuk tahun yang berakhir 31 Desember 2007, seolah-olah Chembulk Tankers LLC telah diakuisisi sejak awal tahun 2007. Dalam penyusunan informasi laporan laba rugi konsolidasi proforma, manajemen telah menghitung penyusutan aset tetap yang diakuisisi tidak menggunakan nilai tercatat aset berdasarkan laporan keuangan sebelum akuisisi terjadi melainkan menggunakan nilai wajar yang timbul saat penggabungan usaha pertama kali dilakukan, dan tidak memperhitungkan keuntungan atas distribusi kepada pemegang saham lama yang dianggap sebagai suatu transaksi sebelum akuisisi serta tidak memperhitungkan penghasilan (beban) yang bukan berasal dari operasi normal.

The Company has considered to present proforma consolidated statement of income for the year ended December 31, 2007 as if Chembulk Tankers LLC had been acquired at the beginning of 2007. In determining the information on the proforma consolidated statement of income, the management had calculated depreciation of property, vessels and equipment acquired on the basis of the fair values arising in the initial accounting for the business combination rather than the carrying amounts recognised in the pre-acquisition financial statements and deducted the gain on distribution to former stockholders as a one-off pre-acquisition transaction and not calculated revenues and expenses not derived from normal operations.

Informasi laporan laba rugi konsolidasi proforma tersebut adalah sebagai berikut:

The proforma consolidated statements of income information is as follows:

2007 (Tidak diaudit)/ ( Unaudited) Rp Juta/ Rp Million Pendapatan usaha Beban langsung Laba kotor Beban usaha

5.263.291 (3.430.562) 1.832.729 (333.958)

Operati ng revenue Direct cost Gross profit Operati ng expenses

Laba usaha Pendapatan lain-l ain - bersih

1.498.771 1.880.964

Income from oper ations Other income - net

Laba sebel um pajak Beban pajak

3.379.735 (9.100)

Income before tax Tax expense

Lab a bersih

3.370.635

Net income

Pengukuran Penurunan Goodwill

Goodwill Impairment Testing

Perusahaan dan anak perusahaan melakukan pengukuran atas penurunan goodwill secara tahunan atau lebih sering, jika terdapat indikasi penurunan nilai goodwill. Pada saat pengukuran penurunan nilai goodwill, goodwill dialokasikan pada unit penghasil kas yang terendah yang diharapkan dapat memberikan manfaat atas penggabungan usaha, yang ditentukan oleh Perusahaan.

The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to the lowest level of cash generating units determined by the Company that is expected to benefit from the business combination.

- 45 -





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.

Pada tahun 2008, Perusahaan dan anak perusahaan mengakui kerugian penurunan nilai atas goodwill sebesar Rp 319.042 juta.

In 2008, the Company and its subsidiaries recognized an impairment of Rp 319,042 million on goodwill.

Tidak ada pencadangan atas penurunan nilai goodwill pada tahun 2007.

There were no impairment provisions on goodwill in 2007.

12. HUTANG BANK

12. SHORT-TERM BANK LOANS 2008 Rp Juta/ Rp Million

DnB NOR Bank, ASA, Singapura USD 50.000.000 USD 250.000.000 Bank Ekspor Indonesia Bank Mandiri Bank Sumitomo Mitsui Indonesia, Jakarta - USD 17.000.000 Bank Central Asia, Jakarta Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta Jumlah Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat

Rupiah


547.500 400.000 350.000

2.354.750 -

186.150 170.000 150.000 130.000

160.123 20.000 150.000 130.000

1.933.650

2.814.873

1% - 1,75% diatas/above LIBOR/SIBOR 8,9% - 14%

- 46 -

1% - 3,25% diatas/above LIBOR/SIBOR 6,2% - 13,5%

DnB NOR Bank, ASA, Singapore USD 50,000,000 USD 250,000,000 Bank Ekspor Indonesia Bank Mandiri Bank Sumitomo Mitsui Indonesia, Jakarta - USD 17,000,000 Bank Central Asia, Jakarta Bank UOB Indonesia, Jakarta Bank Mizuho Indonesia, Jakarta Total Interest rate per annum during the year U.S. Dollar

Rupiah





A.

Pada bulan Desember 2007, anak perusahaan memperoleh pinjaman “secured revolving credit facilities” dari DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank ASA bertindak sebagai agen dan wali bagi para kreditur. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk perolehan kapal dan untuk tujuan modal kerja. Pinjaman ini jatuh tempo pada tanggal 19 Desember 2008 dan akan dijamin dengan kapal anak perusahaan, jika pinjaman ini belum dibayar sampai dengan enam bulan dari tanggal penggunaan pinjaman. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya 1-3 bulan. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gagarmayang, M.T. Gandini, M.T. Gas Bali, M.T. Gerbera, M.T. Indradi, M.T. Jembawati, M.T. Tirtasari, M.T. Tridonawati dan M.T. Trirasa) dengan tingkat bunga menggunakan LIBOR ditambah persentase tertentu, dimana pembayarannya antara 1-3 bulan.

A.

Pada tahun 2008, anak perusahaan telah melunasi fasilitas kreditnya sebesar USD 200 juta, berdasarkan perjanjian tanggal 18 Desember 2008 (yang kemudian diubah pada tanggal 2 Januari 2009), atas sisa saldo hutang kepada DnB NOR Bank, ASA, dan NIBC Bank Ltd. sebesar USD 50 juta telah disetujui diperpanjang sampai dengan 18 Maret 2009. Pinjaman ini dijamin dengan kapal anak perusahaan di atas kecuali M.T. Gagarmayang (Catatan 41a). B.

Pada bulan Maret 2008, Perusahaan memperoleh fasilitas pembiayaan dari Bank Ekspor Indonesia dengan jumlah maksimum Rp 400.000 juta dan akan jatuh tempo pada tanggal 28 Maret 2009. Pinjaman ini dijamin oleh seluruh kekayaan Perusahaan, baik yang telah ada maupun yang ada di kemudian hari. Tingkat bunga sebesar 9,50% - 11,21%, dimana pembayarannya setiap bulan.

C. Pinjaman yang diperoleh dari PT Bank Mandiri Tbk adalah fasilitas kredit jangka pendek dengan kredit maksimum sebesar Rp 350.000 juta yang jatuh tempo pada bulan Januari 2009. Dengan tingkat bunga sebesar 8,9% - 14%, yang pembayarannya setiap bulan. Pinjaman ini telah dilunasi pada tahun 2009 (Catatan 41e).

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In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank, ASA, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank, ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and will be secured by the subsidiaries’ vessels if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 3 months. This loan are collateralized by subsidiaries’ vessels (M.T. Bauhinia, M.T. Cendanawati, M.T. Dewayani, M.T. Dewi Sri, M.T. Fatmawati, M.T. Gagarmayang, M.T. Gandini, M.T. Gas Bali, M.T. Gerbera, M.T. Indradi, M.T. Jembawati, M.T. Tirtasari, M.T. Tridonawati and M.T. Trirasa). Interest rate is LIBOR plus certain percentage, which is paid between 1-3 months.

In 2008, the Company paid a total amount of USD 200 million of the credit facility. As stated in an agreement dated December 18, 2008 (as amended on January 2, 2009), DnB NOR Bank ASA and NIBC Bank Ltd. as the remaining lenders agreed to partially extend the payment of the remaining loan amount of USD 50 million to March 18, 2009. This loan were collaterized with subsidiaries’ vessels above except M.T. Gagarmayang (Note 41a).

B.

Loan obtained from PT Bank Ekspor Indonesia is a working capital facility with maximum credit of Rp 400,000 million and is due on March 28, 2009. The loan is secured by all of the Company’s, tangible and intangible assets, which are already acquired or will be acquired in the future. Annual interest rate in 2008 is at 9.50% - 11.21%, which is paid monthly.

C. Loan obtained from PT Bank Mandiri Tbk is a short term loan facility with maximum credit of Rp 350,000 million and is due on January 31, 2009. Annual interest rate in 2008 is at 8.9% 14%, which is paid monthly. This loan was paid in 2009 (Note 41e).





D. Pada bulan Juni 2007, Perusahaan memperoleh fasilitas kredit revolving dari Bank Sumitomo Mitsui Indonesia dengan jumlah maksimum Rp 150.000 juta atau ekuivalen dalam USD 17 juta dan akan jatuh tempo pada bulan Juni 2009. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap bulan.

D. 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 and is due on June 2009. Annual interest rate is at LIBOR plus certain percentage, which is paid on a monthly basis.

E.

Pinjaman dari Bank Central Asia merupakan working capital dengan jumlah maksimum Rp 20.000 juta. Pada bulan April 2008 Perusahaan memperoleh tambahan pinjaman untuk pembiayaan kapal dan kredit modal kerja dengan maksimum sebesar Rp 150.000 juta. Tingkat bunga per tahun sebesar 10,25% - 12% pada tahun 2008, dimana pembayarannya setiap bulan dan dijamin dengan jaminan yang sama dengan jaminan hutang bank jangka panjang (Catatan 16c). Pinjaman ini jatuh tempo pada bulan Oktober 2008, Bank Central Asia menyetujui untuk memperpanjang pinjaman ini sampai dengan Januari 2009. Pada bulan Desember 2008, Bank Central Asia menyetujui perpanjangan jatuh tempo hutang bank ini sampai dengan bulan April 2009 (Catatan 16c).

E.

Loan obtained from Bank Central Asia is a working capital credit facility with maximum credit of Rp 20,000 million. In April 2008, the Company obtained additional loan vessel refinancing and working capital facility with maximum credit of Rp 150,000 million. Interest rate per annum is at 10.25% - 12% in 2008, which is paid on a monthly basis and is secured by the same collateral as the longterm loans (Note 16c). This loan is due in October 2008. Bank Central Asia agreed to rollover this loan to extend the maturity date to January 2009. In December 2008, Bank Central Asia approved another extension of the loan maturity date to April 2009 (Note 16c).

F.

Pinjaman dari Bank UOB Indonesia merupakan fasilitas kredit modal kerja dengan maksimum berjumlah Rp 150.000 juta jatuh tempo pada tanggal 12 Desember 2008. Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha atas pendapatan charter ke Pertamina dari kapal M.T. Anjani. Tingkat bunga sebesar SBI ditambah 1,5% per tahun, dimana pembayarannya setiap bulan. Pada bulan Pebruari 2008, hutang bank ini diperpanjang sampai dengan Pebruari 2010 (Catatan 41d).

F.

Loan obtained from Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150,000 million due on December 12, 2008. This loan is secured by subsidiaries vessel (M.T. Anjani), Company’s trade accounts receivable from Pertamina in respect of M.T. Anjani. Interest rate per annum is the SBI plus 1.5% , which is paid monthly. On February 2009, the term of the loan was extended to February 2010 (Note 41d).

G. Pinjaman yang diperoleh dari Bank Mizuho Indonesia adalah time loan revolving dengan total gabungan maksimum kredit sebesar Rp 130.000 juta atau nilai yang setara dalam Dollar Amerika Serikat yang jatuh tempo pada April 2009. Tingkat bunga per tahun adalah biaya modal bank ditambah persentase tertentu, dimana pembayarannya antara 7 - 30 hari.

- 48 -

G. Loan obtained from Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130,000 million or its US Dollar equivalent due on April 2009. Interest rate per annum is at the bank’s cost of funds plus certain percentage, which is paid between 7 - 30 days.





13.

HUTANG USAHA

13. TRADE ACCOUNTS PAYABLE 2008 Rp Juta/ Rp Million

a. Berdasarkan pemasok: Pihak yang mempunyai hubungan istimewa Thai Petra Transport Co., Ltd PT Arpeni Pratama Ocean Line Tbk Lain-lai n

2007 Rp Juta/ Rp Million a. By credi tor

687

24.045 2.194 46

Related parties Thai Petra Transport Co., Ltd PT Arpeni Pratama Ocean Line Tbk Others

920

26.285

Total

Pihak ketiga Pemasok Jasa perantara perkapalan

162.518 26.457

74.003 42.326

Third parties Suppliers Shipping agents

Jumlah

188.975

116.329

Total

Jumlah Hutang Usaha

189.895

142.614

Total Trade Accounts Payable

35.784 99.897 54.215

15.000 75.811 51.803

189.896

142.614

Jumlah

b. Berdasarkan mata uang: Rupiah Dollar Amerika Serikat Mata uang lainnya Jumlah

233 -

Hutang jasa perantara perkapalan pihak ketiga merupakan kewajiban kepada perusahaan yang ditunjuk sebagai perantara dan sub perantara. Hutang pemasok pihak ketiga merupakan kewajiban atas pembelian bahan bakar, suku cadang, peralatan kapal dan pengeluaran lainnya (disbursements). 14.

14.

Hutang pajak terdiri dari:

INCOME TAXES Details of taxes payable are as follows:

2008 Rp Juta/ Rp Mill ion

Jumlah

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.

PAJAK PENGHASILAN

Hutang paj ak penghasil an badan Tahun 2008 Perusahaan Anak perusahaan Tahun 2007 Perusahaan Paj ak penghasi lan Pasal 21 Pasal 23 Pasal 25 Pasal 26 Paj ak Pertambahan Nilai - Bersih Hutang paj ak fi nal Pasal 4(2) Pasal 15

b. By currency Rupiah U.S. Dollars Other currencies

13 54


-

-

9

8.382 756 32 125 7.574 205 397 17.538

- 49 -

8.783 170 29 21 13.997 443 23.452

Corporate income tax 2008 The Company Subsidiaries 2007 The Company Income taxes Article 21 Article 23 Article 25 Article 26 Value Added Tax - Net Fi nal tax payable Article 4(2 ) Article 15 To tal





Beban pajak terdiri dari:

Details of tax expense are as follows:

2008 Rp Juta/ Rp Million Kapal dan operasional (Perusahaan dan anak perusahaan) Jasa penyimpanan dan perantara perkapalan anak perusahaan Jasa perantara perkapalan (Perusahaan) Jumlah

8.993

8.465

386 470

253 382

9.849

9.100

Perhitungan atas pajak final sehubungan dengan pendapatan atas sewa kapal dan pengoperasian kapal Perusahaan untuk tahun-tahun yang berakhir 31 Desember 2008 dan 2007 adalah sebagai berikut:

Jumlah pendapatan yang berhubungan dengan sewa kapal dan pengoperasian kapal (Perusahaan) Pajak atas pendapatan sewa kapal 1,2% x Rp 156.616 juta tahun 2008 dan 1,2% x Rp 106.615 juta tahun 2007 Pajak penghasilan anak perusahaan Jumlah beban Pembayaran selama tahun berjalan Hutang Pajak Penghasilan Final

2007 Rp Juta/ Rp Million Vessel and charter operation (Company and its subsidiaries) Storage services and agency subsidiaries Agency services (Company) Total

The computation of final tax on revenues related to charter and operation of vessels of the Company for the years ended December 31, 2008 and 2007, was as follows:



156.616

106.615

Revenue from charter and operation of vessels (the Company)

1.880

-

-

1.280

Tax on vessel revenues 1.2% x Rp156,616 million in 2008 and 1.2% x Rp 106,615 million in 2007

7.113

7.185

Income tax of subsidiaries

8.993

8.465

Tax expense

8.596

8.022

Payments during the year

397

443

- 50 -

Final tax payable





Perhitungan pendapatan yang pajaknya bersifat final adalah sebagai berikut:

tidak

The computation of tax on revenues not subject to final tax is as follows:



386

253

7.199

5.901

Pajak penghasilan anak perusahaan yang berhubungan dengan jasa penyimpanan dan perantara perkapalan Pendapatan dari jasa perantara perkapalan Beban yang berhubungan dengan jasa perantara perkapalan Pendapatan lain-lain Penghasilan bunga

(4.086) (1.060) (429)

Pendapatan yang pajaknya tidak bersifat final

1.624

Pajak Penghasilan Perusahaan Dikurangi pembayaran pajak dimuka Pajak penghasilan pasal 25

1.333

Income not subject to final tax

Tax expense and income tax payable are computed as follows:



5 8 457

5 8 369

10% x Rp 50 million 15% x Rp 50 million 30% x Rp1,524 million in 2008 and Rp 1,233 million in 2007

470

382

(457)

(373)

Tax expense of the Company Prepayment of tax Income tax - Article 25

-

Hutang Pajak Penghasilan

15.

Revenue from agency

(4.310) Agency expenses 1.266 Other income (1.524) Interest income

Perhitungan pajak penghasilan dengan hutang pajak penghasilan:

10% x Rp 50 juta 15% x Rp 50 juta 30% x Rp1.524 juta tahun 2008 dan Rp 1.233 juta tahun 2007

Income tax of the subsidiaries on storage and agency services

13

9

Income tax payable

Tidak terdapat perbedaan temporer yang berhubungan dengan pendapatan tidak bersifat final sehingga tidak terdapat pengakuan aset dan kewajiban pajak tangguhan.

There were no temporary differences requiring recognition of deferred tax assets or liabilities.

Laba kena pajak dan hutang pajak penghasilan Perusahaan tahun 2007 sudah sesuai dengan Surat Pemberitahuan Pajak (SPT) yang disampaikan ke Kantor Pelayanan Pajak.

Taxable Income and Tax Payable of the Company for 2007 are in accordance with the annual tax returns (SPT) submitted to the Tax Service Office.

BIAYA MASIH HARUS DIBAYAR

15.

ACCRUED EXPENSES



Operasi kapal dan docking Bunga Lain-lain

315.282 50.044 15.497

180.629 78.545 40.039

Operation and docking Interest Others

Jumlah

380.823

299.213

Total

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16.

HUTANG BANK JANGKA PANJANG

16. LONG-TERM BANK LOANS 2008 Rp Juta/ Rp Million

DnB NOR Bank, ASA, Singapura/ Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd. USD 656.452.624,94 USD 561.744.999,97 DVB Group Merchant Bank (Asia) Ltd. / Nordea Ban k Finland Plc, Singapura USD 83.400.0 00 Bank Central Asia, Jakarta USD 24.285.7 14,4 USD 29.142.8 57,14 Rupiah DVB Group Merchant Bank (Asia) Ltd., Singapur a USD 22.325.0 00 USD 28.375.0 00 ING Bank N. V., Singa pura USD 13.930.0 00 USD 15.920.0 00 Bank UOB Indonesia USD 9.120.00 0 USD 10.560.0 00 Dialease Ma riti me S.A., Jepang USD 7.715.47 1,98 USD 9.001.38 4 The Royal Bank of Scotland Plc USD 1.010.73 7,13 USD 1.110.00 0 Fortis Bank S.A./N.V., Singa pura USD 30.250.0 00 Jumlah Bagi an yang jatu h tempo dala m waktu satu tahun Hutang Bank Jangka Panjang Bersih Tingkat bunga per tahun selama tahun berjalan Dollar Amerika Serikat

Rupiah


7.188.15 6 -

5.291.076

913.23 0

-

265.92 9 27.083

274.497 52.083

244.45 9 -

267.264

152.53 3 -

149.950

99.864 -

99.465

84.484 -

84.784

11.068 -

10.455

-

284.925

8.986.80 6

6.514.499

1.086.42 2

807.474

7.900.38 4

5.707.025

DnB NOR Bank, ASA, Sin gapore/ Fortis Bank S.A./N.V. ING Ba nk N.V. / NIBC Bank Ltd. USD 656,452,624.94 USD 561,744,999.97 DVB G roup Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapor e USD 83,400,000 Bank Centr al Asia, Jakarta USD 24,285,714.4 USD 29,142,857.14 Rupiah DVB G roup Merchant Bank (Asia) Ltd., Singapor e USD 22,325,000 USD 28,375,000 ING Bank N. V., Singapor e USD 13,930,000 USD 15,920,000 Bank UOB Indonesia USD 9,120,000 USD 10,560,000 Dialease Mari time S.A., Japan USD 7,715,471.98 USD 9,001,384 The Royal Bank of Scotland Plc USD 1,010,737.13 USD 1,110,000 Fortis Bank S.A./N.V., Singapor e USD 30,250,000 Total Current maturities

Long-Term Por tion - Net Interest rates per an num

0,7% - 2.5% 0,8% - 3,75% diatas/above diatas/above LIBOR/SIBOR LIBOR/SIBOR 10 ,25% - 13% 10,25% - 13%

- 52 -

U.S. Dol lar

Rupiah





Jadwal pembayaran kembali hutang bank jangka panjang adalah sebagai berikut:

The long-term bank loans are repayable as follows:



Dalam satu tahun Dalam tahun kedua Dalam tahun ketiga Dalam tahun keempat Dalam tahun kelima Setelah lima tahun

1.086.422 1.129.000 1.194.618 1.121.713 1.245.162 3.209.891

807.474 794.760 745.940 747.697 640.474 2.778.154

Within one year In the second year In the third year In the fourth year In the fifth year After five years

Jumlah

8.986.806

6.514.499

Total

Rincian hutang bank jangka panjang adalah sebagai berikut:

Details of the loans are as follows:

A.

A.

DnB NOR Bank, ASA, Singapura / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd.:

DnB NOR Bank, ASA, Singapore / Fortis Bank S.A./N.V. ING Bank N.V. / NIBC Bank Ltd.:

Pada bulan Juni 2008, anak perusahaan memperoleh pinjaman kredit modal kerja dengan jumlah maksimum sebesar USD 165 juta dari DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap 3 bulan sampai tahun 2013 dengan tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1- 6 bulan dan dijamin dengan kapal anak perusahaan M.T. Anggraini, M.T. Celosia, M.T. Dragonaria, M.T. Erowati, M.T. Fressia, M.T. Larasati, M.T. Setyawati, M.T. Ulupi, M.T. Gas Lombok dan M.T. Gas Sumbawa.

In June 2008, a subsidiary obtained a secured term loan facility from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. with a maximum credit of USD 165 million for general working capital purposes. The loan is payable in 20 quarterly installments until 2013 and bears interest rate at LIBOR plus certain percentage, which is paid between 1 - 6 months. The loan is secured by subsidiaries’ vessels, M.T. Anggraini, M.T. Celosia, M.T. Dragonaria, M.T. Erowati, M.T. Fressia, M.T. Larasati, M.T. Setyawati, M.T. Ulupi, M.T. Gas Lombok and M.T. Gas Sumbawa.

Pada bulan Desember 2007, anak perusahaan memperoleh pinjaman “secured term-loan and reducing revolving credit facilities” dari DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., dan NIBC Bank Ltd. sebagai pihak pemberi pinjaman utama. DnB NOR Bank ASA bertindak sebagai agen dan wali pemegang jaminan bagi kreditur. Berdasarkan perjanjian, anak perusahaan harus menggunakan semua pinjaman tersebut untuk perolehan kapal dan untuk modal kerja.

In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA. acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes.

Pinjaman ini terdiri dari:

The facilities consist of:

x Fasilitas A adalah “term loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 400 juta Pinjaman ini 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 pembayaranya antara 1 - 3 bulan.

x Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 400 million This facility shall be repaid in 40 consecutive quarterly st installments of USD 8 million for the 1 th to 39 installments and USD 88 million for the 40th installment. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

- 53 -





B.

x Fasilitas B adalah “reducing revolving loan facility” dalam mata uang Dollar Amerika Serikat dengan jumlah maksimum USD 100 juta. Pinjaman ini dibayar secara triwulan dalam 20 kali cicilan sebesar USD 5 juta sampai dengan tahun 2012. 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.

x Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of USD 100 million This facility is payable in 20 quarterly installments of USD 5 juta until 2012. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Bercelona, M.T. Chembulk Houston dan M.T. Chembulk Ulsan). Pinjaman ini juga dijamin dengan jaminan dari Perusahaan dan Goldbridge Corporation (corporate guarantee).

The loans are collateralized by the subsidiaries’ vessels (M.T. Chembulk Hong Kong, M.T. Chembulk Virgin Gorda, M.T. Chembulk Savannah, M.T. Chembulk New York, M.T. Chembulk Gilbraltar, M.T. Chembulk Shanghai, M.T. Chembulk Kobe, M.T. Chembulk Yokohama, M.T. Chembulk Bercelona, M.T. Chembulk Houston and M.T. Chembulk Ulsan). The loans are also secured with corporate guarantee from the Company and Goldbridge Corporation.

Pada bulan Maret 2007, anak perusahaan tertentu memperoleh pinjaman dengan kredit maksimum berjumlah USD 65 juta. Pinjaman ini dibayar secara angsuran dalam 32 kali cicilan setiap 3 bulan sampai tahun 2015 dan dijamin oleh Perusahaan, Gold Bridge Shipping Corporation, dan kapal anak perusahaan M.T. Gas Sulawesi, M.T Gas Papua dan M.T. Chembulk New Orleans. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 – 3 bulan.

DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapura

B.

In March 2007 certain subsidiaries obtained loan with maximum credit of USD 65 million. This loan is payable in 32 quarterly installments until 2015 and is collateralized by corporate guarantees from the Company, Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessel, M.T. Gas Sulawesi, M.T Gas Papua and M.T. Chembulk New Orleans. Interest rate is at LIBOR plus certain percentage, which is paid 1 – 3 months.

DVB Group Merchant Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore

Pada bulan Nopember 2008 anak perusahaan tertentu memperoleh pinjaman Senior Secured Revolving Credit Facility dengan jumlah maksimum sebesar USD 114 juta dari DVB Group Merchant Bank (Asia) Ltd., dan Nordea Bank Finland PLC, cabang Singapura. Jumlah maksimum fasilitas tersebut akan menurun secara tetap sebesar seperempatpuluh (1/40) dari jumlah maksimum tersebut setiap tiga bulan sampai tahun 2015. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya antara 1 – 6 bulan.

In November 2008, subsidiaries obtained senior secured revolving credit facility from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch with a maximum credit of USD 114 million. The maximum credit shall be reduced quarterly by one-fortieth (1/40th) of such amount. The balance of all outstanding drawings are due to be paid on 2015. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 6 months.

Pinjaman ini dijamin dengan: (a) kapal anak perusahaan (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati dan M.T. Ratih), (b) Penyerahan pendapatan asuransi dan permintaan kompensasi dari kapal anak perusahaan (c) garansi dan indemnity dari Perusahaan (d) rekening koran, rekening pasar uang, akun 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 as collateral (M.T. Fatmarini, M.T. Frabandari, M.T. Harsanadi, M.T. Hartati, M.T. Nogogini, M.T. Nolowati and M.T. Ratih), (b) assignment of insurances, earnings and requisition compensation 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) the pledged of the shares of the subsidiaries.

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C. Bank Central Asia, Jakarta:

C. Bank Central Asia, Jakarta:

Jenis pinjaman yang diperoleh antara lain:

The loans obtained were as follows:

Pada bulan Nopember 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 34 juta. Pinjaman ini dibayar secara angsuran dalam 84 kali setiap bulan sampai tahun 2013 dan dijamin dengan kapal anak perusahaan (FPSO Brotojoyo). Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap bulan.

In November 2006, the Company obtained investment credit facility with a maximum credit of USD 34 million. This loan is payable in 84 monthly installments until 2013 and collateralized by a subsidiary’s vessel (FPSO Brotojoyo). Interest rate is at SIBOR plus certain percentage, which is paid monthly.

Pada bulan Januari 2005, Perusahaan memperoleh kredit investasi dengan jumlah maksimum sebesar Rp 125.000 juta berlaku selama 5 tahun. Tingkat bunga per tahun 10,25% - 13%, dimana pembayarannya setiap bulan. Perusahaan juga memperoleh fasilitas kredit Time Revolving Loan dengan jumlah kredit maksimum sebesar Rp 20.000 juta pada bulan April 2008. Bank Central Asia menyetujui kredit ini sampai dengan Januari 2009 (Catatan 12e). Pinjaman ini dijamin dengan kapal M.T. Gas Indonesia dan M.T. Gas Kalimantan dan ditambah jaminan saham Perusahaan milik PT Tunggaladhi Baskara sebanyak 66.188.311 saham (Catatan 34). Pada bulan April 2008 semua jaminan saham tersebut tidak lagi digunakan sebagai jaminan.

In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125,000 million, due in 5 years. Interest rates for these loans are set at 10.25% - 13%, which is paid monthly. The Company also has a time loan revolving credit facility with maximum credit of Rp 20,000 million, due in April 2008. Bank Central Asia agreed to rollover this loan to January 2009 (Note 12e). The loans are collateralized by the vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, and pledge of the Company’s shares owned by PT Tunggaladhi Baskara (Note 34). In April 2008, all of the pledged shares were no longer used as a collateral.

D. DVB Group Singapura:

Merchant

Bank

(ASA)

Ltd.,

D. DVB Group Singapore:

Pada bulan September 2005, anak perusahaan memperoleh pinjaman dengan jumlah maksimum 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 (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Tingkat bunga sebesar persentase tertentu diatas LIBOR berdasarkan pada persentase pinjaman terhadap nilai, dimana pembayarannya antara 1 3 bulan. E.

Pada bulan Nopember 2005, anak perusahaan memperoleh pinjaman dari ING Bank N.V., Singapura dengan jumlah maksimum USD 19,9 juta. Pinjaman ini dibayar secara angsuran setiap enam bulan sampai bulan Nopember 2015 dan dijamin dengan kapal anak perusahaan M.T. Eustoma dan M.T. Gas Maluku. Tingkat bunga sebesar persentase tertentu diatas LIBOR, dimana pembayarannya setiap bulan.

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Merchant

Bank

(ASA)

Ltd.,

In September 2005, subsidiaries obtained loan 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 (M.T. Anjasmoro, M.T. Rengganis, M.T. Wulansari and M.T. Yanaseni). Interest rate is at LIBOR plus certain percentage depending on the loan to value percentage, which is paid between 1 - 3 months.

E.

In November 2005, subsidiaries obtained loan from ING Bank N.V., Singapore with maximum credit of USD 19.9 million This loan is payable in semi-annual installments until November 2015 and collateralized by subsidiaries vessels, M.T. Eustoma and M.T. Gas Maluku. Interest rate is at LIBOR plus certain percentage, which is paid on monthly basis.





F.

Pada bulan Oktober 2006, Perusahaan memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 12 juta dari Bank UOB Indonesia. Pinjaman ini dibayar secara angsuran dalam 20 kali cicilan setiap bulan sampai dengan tahun 2011 dan dijamin dengan kapal anak perusahaan (M.T. Anjani) dan penyerahan pendapatan charter dari Pertamina atas kapal M.T. Anjani. Tingkat bunga sebesar persentase tertentu diatas SIBOR, dimana pembayarannya setiap 3 bulan. Pada bulan Pebruari 2009, fasilitas ini telah berubah (Catatan 41d).

G. Dialease Maritime S.A., Jepang:

F.

G. Dialease Maritime S.A., Japan:

Pada bulan Desember 2004 anak perusahaan memperoleh pinjaman dengan maksimum sebesar JPY 1.347,25 juta (ekuivalen USD 12,86 juta). Pinjaman ini dibayarkan secara angsuran dalam 28 kali cicilan setiap 3 bulan sampai dengan tahun 2011 dan dijamin oleh Perusahaan (corporate guarantee) dan kapal anak perusahaan M.T. Rasawulan. Tingkat bunga sebesar percentage tertentu diatas LIBOR, dimana pembayarannya setiap 3 bulan. H. The Royal Bank of Scotland PLC, Skotlandia

In December 2004, a subsidiary obtained loan with maximum credit of JPY 1,347.25 million (equivalent to USD 12.86 million). This loan is payable in 28 quarterly installments until 2011 and collateralized by corporate guarantee from the Company and the subsidiary’s vessel, M.T. Rasawulan. Interest rate is at LIBOR plus certain percentage, which is paid quarterly.

H. The Royal Bank of Scotland PLC, Scotland

Pada bulan Oktober 2007, anak perusahaan (GBLT Shipmanagement UK) memperoleh fasilitas kredit investasi dengan jumlah maksimum sebesar USD 1,11 juta dari The Royal Bank of Scotland PLC. Pinjaman ini dibayar secara angsuran dalam 39 kali cicilan setiap 3 bulan sampai dengan tahun 2016 dan dijamin dengan bangunan dan tanah milik anak perusahaan tersebut. Tingkat bunga sebesar persentase tertentu diatas tingkat bunga pinjaman bank untuk mata uang Dollar Amerika Serikat, dimana pembayarannya setiap 3 bulan. I.

In October 2006, the Company obtained investment credit facility with maximum credit of USD 12 million from Bank UOB Indonesia. This loan is payable in 20 quarterly installments until 2011, The loan is secured by the subsidiary’s vessel, M.T. Anjani, and an assigment of earning from Pertamina in respect of the vessels used as collateral. Interest rate is at SIBOR plus certain percentage, which is paid every three months. In February 2009, such facility was modified (Note 41d).

Fortis Bank S.A/N.V., Singapura

In October 2007, the subsidiary (GBLT Shipmanagement UK) obtained an investment credit facility with maximum credit of USD 1.11 million from The Royal Bank of Scotland PLC. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiary’s land and building and bears interest rate of the bank’s currency lending rate for United State Dollars plus certain percentange which is paid quarterly.

I.

Pada bulan September 2005, anak perusahaan memperoleh pinjaman “secured term-loan and reducing revolving credit facilities” dari Fortis Bank S.A/N.V., Calyon dan NIB Capital Bank Ltd. sebagai pihak pemberi pinjaman utama. Fortis Bank S.A/N.V. bertindak sebagai agen dan wali pemegang jaminan bagi para kreditur. Berdasarkan perjanjian, anak perusahaan menggunakan semua pinjaman tersebut untuk membayar semua sisa hutang yang berhubungan dengan kapal dan untuk tujuan modal kerja. Pada bulan Juni 2007 pinjaman ini telah dilunasi.

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Fortis Bank S.A/ N.V., Singapore In September 2005, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from Fortis Bank S.A./N.V., Calyon, and NIB Capital Bank Ltd. as original lenders. Fortis Bank S.A./N.V. acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing any existing financial indebtedness in relation to the vessels and for general working capital purposes. In June 2007, the loan was paid.





17.

Pada bulan Desember 2007 anak perusahaan menggunakan kembali fasilitas reducing revolving loan yang tersedia sebesar USD 30,25 juta. Pinjaman ini dibayar secara angsuran dalam 11 kali cicilan sebesar USD 2,75 juta sampai dengan tahun 2010. Tingkat bunga sebesar persentase tertentu diatas LIBOR tergantung pada rasio nilai yang harus dipertahankan dari kapal-kapal yang dijaminkan dimana pembayarannya antara 1 – 3 bulan.

In December 2007, a subsidiary reused the available reducing revolving loan facility amounting to USD 30.25 million. Such loan is payable in 11 quarterly installments of USD 2.75 million until 2010. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 – 3 months.

Pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Ulupi, M.T. Erowati. M.T. Dragonaria, M.T. Larasati dan M.T. Setyawati) penyerahkan pendapatan dan asuransi dari kapal-kapal tersebut.

The loan are collateralized by the subsidiaries’ vessels (M.T. Ulupi, M.T. Erowati. M.T. Dragonaria, M.T. Larasati and M.T. Setyawati) and assignment of earnings and insurance in respect of the vessels.

Pinjaman ini telah dilunasi pada bulan Juni 2008.

This loan was paid in June 2008.

Sehubungan dengan fasilitas pinjaman di atas, Perusahaan dan anak perusahaan diwajibkan memenuhi batasan-batasan tertentu yang telah disepakati bersama sesuai perjanjian termasuk mempertahankan rasio-rasio keuangan tertentu.

In relation to the above loan facilities, the Company and its subsidiaries are required to fulfill certain covenants including among others the maintainance of certain financial ratios.

Para kreditur dari Perusahaan dan anak perusahaan mensyaratkan maksimum rasio hutang bersih terhadap ekuitas secara konsolidasi sebesar 250%. Seperti yang tercantum dalam perjanjian kredit, apabila terjadi kegagalan oleh Perusahaan dan anak perusahaan untuk memenuhi persyaratan maksimum rasio hutang bersih terhadap ekuitas, pihak bank dapat menyatakan antara lain, seluruh atau sebagian dari hutang-hutang tersebut menjadi jatuh tempo.

Certain lenders of the Company and its subsidiaries require a maximum consolidated net debt to equity ratio of 250%. As stated in the credit agreements, upon failure by the Company and its subsidiaries to meet such maximum net debt to equity ratio, the banks can declare, among others, that all or any part of the loans be payable on demand.

Pada tanggal 31 Desember 2008, Perusahaan dan anak perusahaan memiliki rasio hutang bersih terhadap ekuitas sebesar 241% (Catatan 36).

As of December 31, 2008, the Company and its subsidiaries net debt to equity ratio is 241% (Note 36).

HUTANG OBLIGASI

17. BONDS PAYABLE 2008 Rp Juta/ Rp Mil lion

Nilai nominal Obligasi Berli an Laj u Tanker III Sukuk Ijarah Obligasi Berli an Laj u Tanker II Obligasi Syari'ah Mudharabah Diskonto yang belum di amorti sasi

700.000 200.000 (6.737)

Jumlah Bagi an yang jatuh tempo dalam waktu satu tahun

893.263

Hutang obl igasi - bersi h

893.263

-

Jumlah amortisasi diskonto sebesar Rp 2.808 juta dan Rp 3.082 juta masing-masing untuk tahun 2008 dan 2007.

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2007 Rp Juta/ Rp Million Nominal value 700.000 Berlian Laju Tanker III Bond 200.000 Sukuk Ij arah 340.000 Berlian Laju Tanker II Bond 60.000 Syari'ah Mudharabah Bond (9.545) Unamortized discount 1.290.455

Total

399.117

Current maturities

891.338

Bond payable - net

Amortization of discount amounted to Rp 2,808 million and Rp 3,082 million, in 2008 and 2007, 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 dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat.

On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700,000 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 PT Bank Mandiri Tbk (Persero) as trustee.

Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT CIMB Niaga Tbk (d/h PT Bank Niaga Tbk) sebagai wali amanat yang baru.

On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT CIMB Niaga Tbk (formerly PT Bank Niaga Tbk) as the new Trustee.

Pada tanggal 17 Maret 2008, PT Bank Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat perjanjian dibawah perjanjian wali amanat, dimana Perusahaan mempertahankan rasio hutang bersih terhadap ekuitas tidak lebih dari 2,5:1.

On March 17, 2008, PT Bank 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 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 periode 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 umum yang berlaku di Indonesia.

On June 16, 2008, the Bondholders approved to amend the debt covenant on the Net Debt to Equity Ratio on the Trustee Agreement from 2.5:1 to 4.5:1 for the year ending December 31, 2008 and 3.5:1 after December 31, 2008 based on the Company’s statutory accounts prepared under generally accepted accounting principles in Indonesia.

Berdasarkan pemeringkatan yang diterbitkan oleh PT Pefindo tanggal 4 April 2008 peringkat obligasi adalah idA+.

Based on PT Pefindo’s rating dated April 4, 2008, the bonds are rated as idA+.

Sukuk Ijarah

Sukuk Ijarah

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 yang sama dengan kreditur lain Perusahaan. Setiap saat setelah lewat satu tahun sejak tanggal emisi, Perusahaan dari waktu ke waktu dapat melakukan pembelian kembali sesuai dengan nilai pasar yang berlaku. Seluruh sukuk ijarah dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia dengan PT 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 Bonds are unsecured and have a term of 5 years, due on July 5, 2012. These bonds were offered under the condition that the Company shall pay to Sukuk Ijarah holders a sum of Ijarah Benefit Installment amounting to Rp 20,600 million per annum. The Sukuk Ijarah bondholders’ right is paripassu without preferential rights with other creditors of the Company. At anytime after the first anniversary of the Sukuk Ijarah Bonds, the Company may redeem the Bonds at prevailing market price. All sukuk ijarah were sold at nominal value and are listed on the Indonesia stock Exchange, with PT Bank Mandiri Tbk (Persero) as trustee.

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Pada tanggal 18 Desember 2007, para Pemegang Obligasi setuju untuk mengganti PT Bank Mandiri Tbk (Persero) sebagai wali amanat dan menunjuk PT Bank Niaga Tbk sebagai wali amanat yang baru.

On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee.

Pada tanggal 17 Maret 2008, PT Bank Niaga Tbk sebagai wali amanat mengeluarkan pemberitahuan terhadap kegagalan Perusahaan untuk memenuhi salah satu syarat perjanjian dibawah perjanjian wali amanat, dimana Perusahaan mempertahankan rasio hutang bersih terhadap ekuitas tidak lebih dari 2,5:1.

On March 17, 2008, PT Bank 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 periode 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 umum yang berlaku 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 accounts prepared under generally accepted accounting principles in Indonesia.

Berdasarkan pemeringkatan yang diterbitkan oleh PT Pefindo tanggal 4 April 2008 peringkat obligasi adalah idA(sy)+.

Based on PT Pefindo’s rating dated May 7, 2007, the bonds are rated as idA(sy)+.

Obligasi Berlian Laju Tanker II

Berlian Laju Tanker II Bond

Pada tanggal 28 Mei 2003 Perusahaan menerbitkan obligasi rupiah dengan tingkat bunga tetap dan bunga mengambang yang dibayar setiap 3 bulan. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 28 Mei 2008. Hak pemegang obligasi adalah pari-passu tanpa hak preferen dengan hak-hak kreditur Perusahaan lainnya. Tingkat bunga tetap 14,75% per tahun untuk obligasi seri A dengan nilai sebesar Rp 294.800 juta dan untuk obligasi seri B dengan nilai sebesar Rp 45.200 juta dengan tingkat bunga 14,75% per tahun untuk tahun pertama dan tingkat bunga mengambang untuk tahun kedua hingga tahun ke 5 (lima) yang dihitung berdasarkan rata-rata tingkat bunga deposito berjangka 3 (tiga) bulan dalam valuta Rupiah dari PT Bank Central Asia Tbk, PT Bank Permata Tbk dan PT Bank Buana Indonesia Tbk, sebelum penentuan tingkat suku bunga mengambang ditambah marjin sebesar 2,5% per tahun. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surabaya) dengan PT Bank Mandiri Tbk (Persero) bertindak sebagai wali amanat.

On May 28, 2003, the Company issued Rupiah Bonds with fixed and floating interest rates, payable every three months. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. Bondholders’ right is pari-passu without preferential rights with other creditors of the Company. Series A Bonds with a nominal value of Rp 294,800 million bear fixed interest rate at 14.75% per annum, while Series B Bonds with a nominal value of Rp 45,200 million bear fixed interest rate at 14.75% per annum for the first year and floating rates for the second year until the fifth year based on the average of the 3-month time deposit rates in Rupiah currency from PT Bank Central Asia Tbk, PT Bank Permata Tbk, and PT Bank Buana Indonesia Tbk before closing of floating interest rate plus 2.5% fixed margin, which is payable on quarterly basis. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri Tbk (Persero) as trustee.

Pada tanggal 22 Januari 2008, para pemegang obligasi menyetujui pergantian PT Bank Mandiri (Persero) Tbk sebagai wali amanat dan menunjuk PT Bank Niaga sebagai wali amanat baru.

On January 22, 2008, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee.

Obligasi ini telah dilunasi pada bulan Mei 2008.

This bond has been fully paid on May 2008.

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Obligasi Syari’ah Mudharabah

Syari’ah Mudharabah Bond

Pada tanggal 28 Mei 2003 Perusahaan menerbitkan obligasi Syari’ah Mudharabah senilai Rp 60.000 juta dengan PT Bank Mandiri Tbk (Persero) sebagai wali amanatnya. Obligasi tersebut tidak dijamin oleh pihak manapun, berjangka waktu 5 (lima) tahun dan akan jatuh tempo pada tanggal 28 Mei 2008. Seluruh obligasi dijual dengan harga sebesar nilai nominal, tercatat di Bursa Efek Indonesia (d/h Bursa Efek Surbaya). Obligasi ini ditawarkan dengan ketentuan yang mewajibkan Perusahaan untuk membayar kepada Pemegang Obligasi Syari’ah sejumlah Pendapatan Bagi Hasil setiap 3 (tiga) bulan sejak Tanggal Emisi yaitu pada setiap Tanggal Pembayaran Pendapatan Bagi Hasil. Pendapatan yang Dibagihasilkan merujuk kepada Pendapatan Usaha hasil pengoperasian kapal tanker M.T. Gandini.

On May 28, 2003, the Company issued Syari’ah Mudharabah Bonds amounting to Rp 60,000 million with PT Bank Mandiri Tbk (Persero) as trustee. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange). These bonds were offered under the condition that the Company shall pay to Syariah Bondholders a sum of Profit Sharing every three months since the issuance date, i.e., every Profit Sharing Payment Date. The Profit Sharing is computed based on the revenue from M.T. Gandini vessel operations.

Besarnya persentase Nisbah Pemegang Obligasi Syari’ah terhadap Pendapatan Yang Dibagihasilkan adalah tetap setiap tahunnya sebesar 25% dari pendapatan kapal M.T. Gandini.

The percentage of Nisbah Syari’ah bondholders to Profit Sharing is fixed at 25% from the revenue of M.T. Gandini vessel operation.

Pembayaran Pendapatan Bagi Hasil kepada masingmasing Pemegang Obligasi Syari’ah akan dilakukan secara proporsional sesuai dengan porsi kepemilikan Obligasi Syari’ah yang dimiliki dibandingkan dengan jumlah dana Obligasi Syari’ah yang belum dibayar kembali.

The payment of Profit Sharing to each Syari’ah Bondholder is in proportion with the Syari’ah Bonds held compared with the total outstanding Syari’ah bonds.

Perhitungan besarnya Bagi Hasil untuk Obligasi Syari’ah Berlian Laju Tanker Tahun 2008:

The computation of the Profit Sharing for Syari’ah bonds in 2008 is as follows:

a.

a.

b. c. d.

e.

Jumlah bulan pengoperasian kapal M.T. Gandini sejak 1 Januari – 28 Mei 2008 adalah 5 bulan (A) Tarif sewa: Rp 98.100 per Dead Weight Ton (DWT) per bulan (B) Dasar DWT perhitungan sewa berdasarkan Perjanjian Sewa Pertamina: 30.000 DWT (C) Besarnya Pendapatan Yang Dibagihasilkan: A X B X C = 5 X Rp 98.100 X 30.000 DWT = Rp 14.715 juta (D) Besarnya Bagi Hasil: D X 25% = Rp 3.679 juta

b. c. d.

e.

Total months of M.T. Gandini vessel operations since January 1 – May 28, 2008 is 5 months (A) Charter Rate: Rp 98,100 per Dead Weight Ton (DWT) per month (B) DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C) Revenue for Profit Sharing: A x B x C = 5 x Rp 98,100 x 30,000 DWT = Rp 14,715 million (D) Profit Sharing: D x 25% = Rp 3,679 million

Jumlah yang telah dibayar sebagai bagi hasil untuk obligasi Syari’ah selama tahun 2008 adalah sebesar Rp 4.488 juta, termasuk bagi hasil tahun 2007 sebesar Rp 809 juta yang dibayar bulan Pebruari 2008.

Amount paid as profit sharing for Syari’ah Bonds in 2008 was Rp 4,488 million, inclusive of 2007 profit sharing of Rp 809 million which was paid in February 2008.

Perhitungan besarnya Bagi Hasil untuk Obligasi Syari’ah Berlian Laju Tanker Tahun 2007:

The computation of the Profit Sharing for Syari’ah bonds in 2007 is as follows:

a.

a.

b. c.

Jumlah bulan pengoperasian kapal M.T. Gandini sejak 1 Januari – 31 Desember 2007 adalah 12 bulan (A) Tarif sewa: Rp 98.100 per Dead Weight Ton (DWT) per bulan (B) Dasar DWT perhitungan sewa berdasarkan Perjanjian Sewa Pertamina: 30.000 DWT (C)

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b. c.

Total months of M.T. Gandini vessel operations since January 1 – December 31, 2007 is 12 months (A) Charter Rate: Rp 98,100 per Dead Weight Ton (DWT) per month (B) DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C)





d.

e.

18.

Besarnya Pendapatan Yang Dibagihasilkan: A X B X C = 12 X Rp 98.100 X 30.000 DWT = Rp 35.316.000 (D) Besarnya Bagi Hasil: D X 25% = Rp 8.829 juta

Revenue for Profit Sharing: A x B x C = 12 x Rp 98,100 x 30,000 DWT = Rp 35,316,000 (D)

e.

Profit Sharing: D x 25% = Rp 8,829 million

Jumlah yang telah dibayar sebagai Bagi Hasil untuk Obligasi Syari’ah selama tahun 2007 adalah sebesar Rp 8.829 juta, sisanya sebesar Rp 809 juta telah dibayar pada bulan Pebruari 2008.

Amount paid as Profit Sharing for Syari’ah Bonds in 2007 was Rp 8,829 million, and the remaining balance of Rp 809 million was paid on February 2008.

Obligasi ini telah dilunasi pada bulan Mei 2008.

This bond has been fully paid on May 2008.

HUTANG LAIN-LAIN JANGKA PANJANG

18. OTHER LONG-TERM PAYABLES

Akun ini merupakan pinjaman sebesar USD 13 juta kepada Teekay Shipping Corporation. Pinjaman ini dibayar dalam 22 kali setiap 6 bulan dengan tingkat bunga 8% per tahun dan tanpa jaminan. Pembayaran cicilan enam bulan pertama diperkirakan pada bulan Desember 2009. Bagian yang jatuh tempo dalam waktu satu tahun sebesar Rp 6.470 juta disajikan sebagai hutang lain-lain jangka panjang yang jatuh tempo dalam waktu satu tahun.

This account represents a loan of US$ 13 million owed to Teekay Corporation (formerly Teekay Shipping Corporation). The loan is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8%, which is payable on a quarterly basis. The first semi-annual installment is estimated to be due on June 2009. The current portion of Rp 6,470 million is presented under current maturities of long-term liabilities.

Jadwal pembayaran kembali hutang lain-lain jangka panjang adalah sebagai berikut:

Other long-term payable is repayable as follows:

2008 Rp Juta/ Rp Million Jangka pendek Jatuh tempo tahun pertama Jangka panjang Jatuh tempo tahun kedua Jatuh tempo tahun ketiga Jatuh tempo tahun keempat Jatuh tempo tahun kelima Setelah lima tahun

19.

d.

6.470

2007 Rp Juta/ Rp Million -

12.941 12.941 12.941 12.941 84.116

5.566 11.132 11.131 11.131 83.487

Jumlah Bagian yang jatuh tempo dalam waktu satu tahun

142.350

122.447

Hutang lain-lain jangka panjang - bersih

135.880

6.470

WESEL BAYAR

122.447

Current portion Within one year Long term portion In the second year In the third year In the fourth year In the fifth year After the fifth year Total Current maturies Other long-term payables - net

19. 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 dan jaminan tersebut tanpa syarat dan tidak dapat dibatalkan.

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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 and its due on May 15, 2014. The notes payable were offered at 100% of the nominal value and are listed on the Singapore Exchange Securities Trading Limited. The Notes payable are unconditionally and irrevocably guaranteed by the Company and certain subsidiaries.





BLT Finance BV (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 hasil bersih atas 1 atau lebih penawaran ekuitas kepada publik dengan harga penebusan seharga 107,5% dari nilai pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika kondisi-kondisi tertentu terpenuhi;

i.

At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;

ii.

Pada saat atau setelah tanggal 15 Mei 2012, seluruh atau sebagian daripada wesel bayar dengan harga penebusan setara dengan 100% daripada jumlah pokok ditambah applicable premium (seperti yang didefinisikan dalam syarat dan kondisi) dan bunga yang masih harus dan belum dibayar jika ada sampai dengan tanggal pembelian kembali.

ii.

On or after May 15, 2012, all or any portion of the Notes at a redemption price equal to 100% of the principal amount plus the Applicable Premium (as defined in the Terms and Conditions of the Notes) as of, and accrued and unpaid interest if any, to the date of redemption;

iii. Sejak tanggal 15 Mei 2012 sampai dengan tanggal 14 Mei 2013 seluruh atau sebagian wesel bayar pada tanggal penebusan setara dengan 103,75% daripada jumlah pokok ditambah bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal pembelian kembali.

iii. On May 15, 2012 until May 14, 2013 all or part

iv. Pada tanggal 15 Mei 2013 sampai dengan tanggal 14 Mei 2014 seluruh atau sebagian wesel bayar pada tanggal penebusan setara dengan 100% daripada jumlah pokok ditambah dengan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal pembelian kembali, atau

iv. On May 15, 2013 until May 14, 2014 all or part

v.

Setiap saat jika terjadi perubahan tertentu yang berkaitan dengan perpajakan di Indonesia dan Belanda, jika seluruh atau sebagian jumlah pokok ditambah jumlah tambahan lainnya yang terhutang dan bunga yang masih harus dibayar dan belum dibayar jika ada sampai dengan tanggal pembelian kembali.

v. At anytime in the event of certain changes

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 sebagai nilai wajar melalui laporan laba rugi karena embedded call dan put option yang dimilikinya.

The notes are designated as fair value on initial recognition because of the embedded call and put options.

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of the Notes at a redemption price equal to 103.75% of the principal amount plus the accrued and unpaid interest if any, to the date of redemption;

of the Notes at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest if any, to the date of redemption, or

affecting taxation in Indonesia or Netherlands, in whole at their principal amount plus all additional amounts due as of, and accrued and unpaid interest if any, to the date of redemption.





The fair value of notes payable at December 31, 2008 and 2007 amounted to Rp 1,445,400 million and Rp 3,255,836 million, is determined based on quoted market price and may not be reflective of the amount that BLTF BV will have to pay to the bond holders to satisfy their conversion rights or upon redemption of the bonds. The change in fair value are as follows:

Nilai wajar wesel bayar pada tanggal 31 Desember 2008 dan 2007 adalah sebesar Rp 1.445.400 juta dan Rp 3.255.836 juta yang ditentukan berdasarkan harga kuotasi pasar yang mungkin tidak mencerminkan jumlah yang harus dibayar BLT BV kepada pemegang obligasi, untuk memenuhi hak konversi mereka atau pada saat penebusan obligasi. Perubahan nilai wajar adalah sebagai berikut: 2008 Rp Juta/ Rp Million Saldo awal Perubahan nilai wajar Selisih kurs penjabaran Saldo akhir


3.255.836 (2.067.887) 257.451 1.445.400

3.687.334 Beginning balance (431.498) Changes in fair value Translation adjustment 3.255.836

Berdasarkan pemeringkatan yang diterbitkan oleh Fitch Ratings Ltd., peringkat wesel bayar pada tahun 2008 adalah B. 20.

IMBALAN PASCA KERJA

Ending balance

Based on the rating issued by Fitch Ratings Ltd., in 2008 the Notes are rated B.

20.

POST-EMPLOYMENT BENEFITS OBLIGATION

Perusahaan membukukan imbalan pasca kerja imbalan pasti untuk karyawan sesuai dengan Undang Undang Ketenagakerjaan No. 13/2003. Jumlah karyawan yang berhak atas imbalan pasca kerja tersebut adalah 236 dan 206 karyawan di tahun 2008 dan 2007.

The Company provides post-employment benefits for its qualifying employees in accordance with Labor Law No. 13/2003. The number of employees entitled to the benefits is 236 in 2008 and 206 in 2007.

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:

2008 Rp Juta/ Rp Million Biaya jasa kini Biaya bunga Kerugian aktuarial bersih Amortisasi biaya jasa lalu Biaya jasa lalu Jumlah


2.886 3.110 3.201 1.878 33 11.108

Kewajiban imbalan pasca kerja di neraca adalah sebagai berikut:

2.932 2.233 4.964 131 -

Current service cost Interest costs Net actuarial losses Amortization of past service cost Past service cost

10.260

Total

The amounts included in the balance sheets arising from the Company’s obligation in respect of these post-employment benefits are as follows:



Nilai kini kewaj iban yang tidak d idanai Kerugi an aktuarial yang belum diakui Bi aya jasa masa l alu yang tidak d iakui

-

Kewajiban bersih

31.998

39.679 (7.681)

37.367

Present val ue of unfunded obligations

(15.896) Unrecogni zed actuarial losses (33) Unrecogni zed past service cost

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21.438

Net liabil ity





Mutasi kewajiban bersih di neraca adalah sebagai berikut:

Movements in the net liability recognized in the balance sheet are as follows:

2008 Rp Juta/ Rp Million Saldo awal Beban tahun berjalan Pembayaran tahun berjalan

21.438 11.108 (548)

11.178 10.260 -

Beginning of the year Employee benefits cost for the year Benefit payment

Saldo akhir

31.998

21.438

End of the year

Perhitungan imbalan pasca kerja dihitung oleh aktuaris independen PT Padma Radya Aktuaria pada tahun 2008 dan 2007. Asumsi utama yang digunakan dalam menentukan penilaian aktuarial adalah sebagai berikut:

Tingkat diskonto Tingkat kenaikan gaji Tingkat kematian Tingkat pengunduran diri

21.


The cost of providing post-employment benefits is calculated by independent actuary, PT Padma Radya Aktuaria in 2008 and 2007. The actuarial valuation was carried out using the following key assumptions:

2008

2007

12% 15% 100%/TMI2 Umur/Age 0 - 36 : 10% per tahun/ per annum Umur/Age 37 - 55 : 0% per tahun/ per annum

10% 15% 100%/TMI2 Umur/Age 0 - 36 : 10% per tahun/ per annum Umur/Age 37 - 55 : 0% per tahun/ per annum

KEWAJIBAN SEWA PEMBIAYAAN

Discount rate Salary increment rate Mortality rate Resignation rate

21. OBLIGATIONS UNDER FINANCE LEASE 2008

2007

Pembayaran sewa minimal/ Minimum lease payment Rp Juta/ Rp Milli on

Nilai kini pembayaran sewa minimal/ Present value of minimum lease payment Rp Juta/ Rp Million

Pembayaran sewa minimal/ Minimum lease payment Rp Juta/ Rp Mil lion

Nilai kini pembayaran sewa minimal/ Present value of minimum lease payment Rp Juta/ Rp Mil lion

Kurang dari 1 tahun 1 - 2 tahun Lebih dari 2 tahun

1.047.907 1.466.013 478.359

965.271 1.297.593 403.772

669.447 133.881 768.275

545.629 55.335 754.744

Jumlah Dikurangi beban keuangan masa depan

2.992.279

2.666.636

1.571.603

1.355.708

Nilai kini pembayaran sewa minimal

325.643 2.666.636

-

215.895

2.666.636

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1.355.708

Less than 1 year 1 - 2 year More than 2 year

-

Total Less future finance charges

1.355.708

Present value of mini mum lease payment





Kewajiban sewa pembiayaan ini terkait dengan penyewaan kapal dengan jangka waktu 3 sampai dengan 10 tahun, dimana anak perusahaan memiliki opsi untuk membeli kapal tersebut dibawah nilai wajar pada akhir masa perjanjian sewa. Kewajiban sewa pembayaran anak perusahaan ini dijamin dengan kapal milik anak perusahaan tersebut dengan tingkat bunga efektif 4% - 10%.

22.

OBLIGASI KONVERSI

The finance lease relate to lease of vessels with lease terms of 3 years until 10 years and where its subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels and bear effective interest rates of 4% - 10%.

22. CONVERTIBLE BONDS

Pada tanggal 17 Mei 2007, BLT Finance B.V (BLTF BV), anak perusahaan, menerbitkan obligasi konversi Zero Coupon Guaranteed dengan denominasi USD 100.000 dan kelipatan integral USD 1.000 dengan jumlah pokok USD 125 juta. Obligasi ini diterbitkan sebesar 100% dari face value, dan dijamin tanpa syarat dan tidak dapat dibatalkan oleh Perusahaan.

On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary issued Zero Coupon Guaranteed Convertible Bonds in denomination of USD 100,000 each and integral multiples of USD 1,000, with aggregate principal amount of USD 125 million. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company.

Pemegang obligasi memiliki hak untuk mengkonversikan obligasi ini menjadi saham biasa Perusahaan, dengan nilai nominal Rp 62,50 per saham dari tanggal 27 Juni 2007 sampai dengan 17 April 2012. Jumlah saham yang akan dikonversi akan ditentukan, berdasarkan saham yang tercatat pada SGX-ST, dengan cara membagi nilai obligasi yang akan dikonversikan (menggunakan kurs tetap SGD 1,5143 per USD 1 atau Rp 8.894 per USD 1) dengan harga konversi yang berlaku pada saat konversi. Harga konversi awal adalah SGD 0,4965 per saham. Apabila saham yang dikonversi adalah saham yang tercatat di Indonesia, jumlah saham yang akan dikonversi akan ditentukan dengan metode yang sama untuk saham tercatat pada SGXST, kecuali, pada kejadian ini, untuk tujuan perhitungan rasio, nilai obligasi akan tetap dalam USD dan harga konversi akan ditranslasi dari Rupiah ke USD. Walaupun terdapat hak konversi dari pemegang obligasi, BLTF BV memiliki opsi untuk membayar kepada pemegang obligasi tersebut secara tunai dalam ekuivalen mata uang Dollar Amerika Serikat dengan nilai rata-rata tertimbang harga pasar dari saham yang dikonversi, untuk memenuhi hak konversi.

The bondholders have the right to convert the bonds into ordinary shares, with par value of Rp 62.50 each, of the Company from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at fixed rate of SGD 1.5143 per USD 1 or Rp 8,894 per USD 1) by the conversion price in effect at the conversion date. The initial conversion price is SGD 0.4965 per share. In the event the Shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGXST Listed Shares, except that, in such an event, for purposes of calculating the ratio the principal amount of the bond to be converted shall remain in USD and the conversion price shall be translated from Rupiah to USD. Notwithstanding the Conversion Right of the bondholders, BLTF BV has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right.

BLTF BV juga memiliki opsi untuk menebus obligasi beserta bunga yang masih harus dan belum dibayar pada Early Redemption Amount (ERA) secara keseluruhan dengan ketentuan sebagai berikut ini:

The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part:

I.

I. On or at anytime after May 17, 2009 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published is at least 125% of ERA divided by the conversion ratio.

,

Pada atau setiap saat setelah tanggal 17 Mei 2009, tetapi tidak kurang dari 20 hari sebelum tanggal jatuh tempo, jika harga penutupan saham (ditranslasikan ke Dollar Amerika Serikat) setiap tanggal perdagangan secara berturut-turut selama 25 hari kerja sebelum tanggal pemberitahuan pembelian kembali dipublikasikan adalah sekurang-kurangnya 125% dari ERA dibagi rasio konversi.

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II.

Jumlah agregat pokok obligasi adalah 10 persen atau kurang dari nilai agregat jumlah pokok saat pertama kali diterbitkan.

II. If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued.

III.

Setiap saat dimana terjadi perubahan tertentu yang berkaitan dengan perpajakan di Belanda atau Republik Indonesia.

III. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia.

Pemegang obligasi memiliki hak untuk meminta BLTF BV untuk menebus semua atau sebagian obligasi pada 116,82% dari nilai pokok pada tanggal 17 Mei 2010. Pemegang obligasi juga memiliki opsi untuk meminta BLTF BV untuk menebus obligasi pada nilai ERA-nya bila terjadi perubahan pengendalian atau terjadinya delisting saham Perusahaan.

The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the principal amount on May 17, 2010. The bondholders have also the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares.

ERA dari obligasi untuk setiap USD 100.000 nilai pokok, untuk penyelesaian sebelum tanggal jatuh tempo pada harga antara USD 102.625,00 sampai dengan USD 129.578,13, hasil (yield) kotor kepada investor sebesar 5,25% pada basis semi-annualy.

ERA of the bonds, for each USD 100,000 principal amount, pertains to settlement before the maturity date at price ranging from USD 102,625.00 to USD 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annual basis.

Kecuali sebelumnya telah ditebus, dibeli dan dibatalkan atau telah dikonversi, BLTF BV akan menebus kembali setiap obligasi konversi pada harga 129,58% daripada nilai pokok pada tanggal 17 Mei 2012.

Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012.

Obligasi konversi, termasuk derivatif melekat didalamnya, diukur seluruhnya pada nilai wajarnya, laba atau rugi yang timbul sebagai hasil dari perubahan nilai wajar diakui pada laporan laba rugi. Pada tanggal 31 Desember 2008 dan 2007, nilai wajar obligasi konversi berdasarkan kuotasi harga pasar masing-masing sebesar 29% dan 102,833%.

These bonds, which include embedded derivatives, are measured entirely at fair value with changes in the fair value recognized in earnings. The fair value at balance sheet determined based on quoted prices. On December 31, 2008 and 2007, fair value amounted to 29% and 102.833%, respectively.

Nilai wajar pada tanggal neraca ditentukan berdasarkan kuotasi harga pasar dan mungkin tidak mencerminkan jumlah BLTF BV harus membayar kepada para pemegang obligasi untuk memenuhi hak konversi mereka atau saat akan dilakukan penebusan obligasi tersebut.

The fair value at balance sheet date 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.

Perubahan nilai obligasi konversi adalah sebagai berikut:

The changes in carrying amount of the convertible bonds are as follows:

2008 Rp Juta/ Rp Million Saldo awal Perubahan nilai wajar Selisih kurs penjabaran Saldo akhir


1.210.730 (893.203) 79.411

1.177.375 33.355 -

Beginning balance Changes in fair value Translation adjustment

396.938

1.210.730

Ending balance

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23.

MODAL SAHAM

23.

Susunan pemegang saham Perusahaan sesuai dengan Registrasi Biro Administrasi Efek dan PT Kustodian Sentral Efek Indonesia tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut:

Nama Pemegang Saham

CAPITAL STOCK The composition of stockholders based on the Share Registration Bureau (Registrasi Biro Administrasi Efek) and PT Kustodian Sentral Efek Indonesia as of December 31, 2008 and 2007 are as follows:

2008 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Saham/ Number of Shares

Jumlah Modal Disetor/ Total Paid-up Capital Rp Juta/ Rp Milli on

Name of Stockholder

PT Tunggaladhi Baskara Tn. Widihardja Tanudjaja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%)

2.447.724.764 2.620.800 62.400 2.422.056 2.136.451.156

53,34 0,06 0,00 0,05 46,55

152.983 164 4 151 133.528

PT Tunggaladhi Baskara Mr. Widihardja Tanudjaja Siana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each)

Jumlah

4.589.281.176

100,00

286.830

Total

Nama Pemegang Saham

2007 Persentase Pemilikan/ Percentage of Ownership %

Jumlah Saham/ Number of Shares

Jumlah Modal Disetor/ Total Paid-up Capital Rp Juta/ Rp Million

Name of Stockholder

PT Tunggaladhi Baskara Tn. Widihardja Tanudjaja Siana Anggraeni Surya Koperasi Karyawan Berlian Masyarakat lainnya (dibawah 5%)

2.047.793.764 2.620.800 62.400 2.422.056 2.106.111.416

49,24 0,06 0,00 0,06 50,64

127.987 164 4 151 131.632

PT Tunggaladhi Baskara Mr. Widihardja Tanudjaj a Siana Anggraeni Surya Berlian Employees Cooperative Public (below 5 % each)

Jumlah

4.159.010.436

100,00

259.938

Total

Mutasi modal disetor Perusahaan adalah sebagai berikut:

Movements in share capital are as follows:



Saldo awal Pelaksanaan waran

259.938 26.892

259.848 90

Beginning of the year Exercise of warrants

Saldo akhir

286.830

259.938

End of the year

- 67 -





Mutasi jumlah saham Perusahaan yang beredar adalah sebagai berikut:

Details of the company’s number of shares outstanding are as follows:

2008 Lembar/share

2007 Lembar/share

Saldo awal Pelaksanaan waran Perolehan saham diperoleh kembali Penerbitan saham diperoleh kembali melalui konversi atas obligasi konversi

3.746.659.436 430.270.740

4.008.118.636 1.438.000

Saldo akhir

4.176.930.176

-

Beginning of the year Exercise of warrants

(289.100.000) Acquisition of treasury stock

-

26.202.800 3.746.659.436

Issuance of treasury stock through conversion of convertible bonds End of the year

Pada tanggal 31 Desember 2007 jumlah waran yang belum dilaksanakan adalah 430.990.764 waran (Catatan 1c). Pada bulan Januari 2008, sebanyak 720.024 waran yang tidak dilaksanakan telah kadaluwarsa.

At December 31, 2007, 430,990,764 warrants have not been exercised (Note 1c). In January 2008, the remaining 720,024 unexercised warrants have expired.

Pada tanggal 31 Desember 2007 sebanyak 66.188.311 saham milik PT Tunggaladhi Baskara dijaminkan sehubungan dengan pinjaman Perusahaan dari Bank Central Asia (Catatan 12, 16c dan 34c).

At December 31, 2007, 66,188,311 shares, owned by PT Tunggaladhi Baskara are used as guarantee in relation with the Company’s loan from Bank Central Asia (Notes 12, 16c and 34c).

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 18 tanggal 18 Mei 2005 dari Dr. A Partomuan Pohan, SH., LLM, notaris di Jakarta, pemegang saham memutuskan untuk melakukan pemecahan saham (stock split) dimana setiap saham dengan nilai nominal Rp 62,5 dipecah menjadi Rp 31,25 per saham yang mana dapat dilaksanakan dalam 1 tahun dari tanggal RUPSLB tersebut. Pada tanggal 18 Mei 2006, rencana pemecahan saham tersebut belum dilaksanakan.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 18 dated May 18, 2005 of Dr. A Partomuan Pohan, SH., LLM, notary in Jakarta, the stockholders approved a stock split on the Company’s shares wherein every share with a nominal value of Rp 62.50 will be split to become Rp 31.25 per share, which can be carried out within one year from the date of the Extraordinary General Meeting of Stockholders. As at May 18, 2006, the stock split has not been executed.

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 47 tanggal 31 Mei 2006 dari Dr. A Partomuan Pohan, SH., LL.M, notaris di Jakarta, pemegang saham menyetujui untuk merubah jangka waktu pelaksanaan pemecahan nilai nominal saham (stock split), seperti yang telah disebutkan diatas diperpanjang sampai dengan tanggal 30 Juni 2007.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 47 dated May 31, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders agreed to change the term to carry out the stock split, as mentioned above, to extend until June 30, 2007.

Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 30 tanggal 21 Juni 2006 dari Dr. A Partomuan Pohan, SH., LL.M, notaris di Jakarta, pemegang saham menyetujui penerbitan saham baru yang dilakukan tanpa hak untuk memesan terlebih dahulu dengan jumlah saham yang dikeluarkan sebanyakbanyaknya 5% dari seluruh saham yang ditempatkan dan disetor penuh dalam jangka waktu sampai dengan tanggal 6 Mei 2007.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated June 21, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares up to May 6, 2007.

- 68 -





Pada Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) sebagaimana tercantum dalam akta No. 32 tanggal 24 Mei 2007 dari Dr. A Partomuan Pohan, SH., LL.M, notaris di Jakarta, para pemegang saham menyetujui untuk menerbitkan saham baru yang dilakukan tanpa hak untuk memesan terlebih dahulu dengan jumlah saham yang dikeluarkan sebanyak-banyaknya 5% dari seluruh saham yang ditempatkan dan disetor penuh dalam jangka waktu sampai dengan tanggal Rapat Umum Pemegang Saham Tahunan berikutnya. Sampai dengan tanggal 31 Desember 2008, penerbitan saham baru tersebut tidak dilaksanakan.

24.

At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 32 dated May 24, 2007 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares until the next Annual General Meeting of Stockholders. As of December 31, 2008, the issuance of new shares was not executed.

AGIO SAHAM

24. ADDITIONAL PAID-IN CAPITAL

Rp Juta/ Rp Million

Saldo agio saham per 31 Desember 2006

524.840

Pelaksanaan waran 1.438.000 saham Jumlah yang dicatat sebagai modal disetor

216 (90)

Issuance of 1,438,000 shares through exercise of warrants Amount recorded as paid-in capital

Bersih

126

Net

Pelaksanaan obligasi konversi sebanyak 26.202.800 saham yang berasal dari saham diperoleh kembali Jumlah yang dicatat sebagai saham (Catatan 25)

32.753 (24.709)

Bersih

8.044

Issuance of 26,202,800 treasury shares through the conversion of convertible bonds Amount recorded as paid-in capital (Note 25)


533.010

Net Balance of additional paid-in capital as of December 31, 2007

Pelaksanaan waran 430.271 saham Jumlah yang dicatat sebagai modal disetor

64.541 (26.892)

Issuance of 430,271 shares through exercise warrants Amount recorded as paid-in capital

Bersih

37.649 570.659


25.

Balance of additional paid-in capital as of December 31, 2006

SAHAM DIPEROLEH KEMBALI

25.

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.

- 69 -

Net Balance of additional paid-in capital as of December 31, 2008

TREASURY STOCKS At the Extraordinary General Meeting of Stockholders, as stated in notarial deed No. 47 dated May 31, 2006 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at purchase price of Rp 2,750 per share until May 31, 2007.





Pada tanggal 31 Desember 2008 dan 2007 jumlah saham diperoleh kembali adalah sebagai berikut:

Number of shares

Saham diperoleh kembali awal dan akhir

As of December 31, 2008 and 2007, the total number of treasury stocks are as follows:

2008 Persentase terhadap saham yang dikeluarkan/ Percentage to issued shares %

412.351.000

Number of shares

8,99

2007 Persentase terhadap saham yang dikeluarkan/ Percentage to issued shares %

26.

Biaya/ Cost Rp Juta/ Rp Million 780.922

Treasury stocks, beginning and end

Biaya/ Cost Rp Juta/ Rp Million

Saham diperoleh kembali awal

149.453.800

3,59

250.324

Treasury stocks, beginning

Ditambah: Perolehan Dikurangi: Penerbitan saham diperoleh kembali atas obligasi konversi (Catatan 24)

289.100.000

6,95

555.307

26.202.800

0,63

24.709

Add: Acquisition Less : Issuance of treasury stocks from conversion of convertible bonds (Note 24)

Saham diperoleh kembali akhir

412.351.000

9,91

780.922

PENDAPATAN USAHA

26.

Treasury stocks, end

OPERATING REVENUES



Kapal yang dimiliki Kapal yang disewa Jasa perantara perkapalan Jasa penyimpanan

5.079.384 1.914.156 6.493 5.818

2.834.658 795.812 6.879 4.424

Owned vessel s Chartered vessels Agency fees Storage fees

Bersih

7.005.851

3.641.773

Total

0,01% dari pendapatan usaha pada tahun 2008 dilakukan dengan pihak hubungan istimewa (Catatan 34a).

0.01% of the total operating revenues in 2008 was from related parties (Note 34a).

Tidak terdapat pendapatan yang berasal dari pihak ketiga yang melebihi 10% dari seluruh pendapatan usaha.

There were no revenues from a third party that exceeds 10% of the total operating revenues.

- 70 -





27.

27.

BEBAN LANGSUNG


DIRECT COST


Kapal Yang Dimiliki Bahan bakar Penyusutan (Catatan 10) Biaya sandar Gaji Docking Suku cadang Perbaikan dan pemeliharaan Asuransi Pelumas Transportasi Bahan lain Pengurusan dokumen Uang makan Lain-lain

1.300.007 981.583 566.064 390.594 128.407 131.043 45.139 62.261 65.587 53.587 31.073 29.734 28.296 60.619

464.059 507.676 212.920 211.154 134.807 80.380 28.432 49.844 47.326 33.307 19.858 21.778 15.170 22.725

Jumlah

3.873.994

1.849.436

Kapal Yang Disewa Sewa Bahan bakar Biaya sandar Gaji Suku cadang Pelumas Perbaikan dan pemeliharaan Transportasi Asuransi Bahan lain Pengurusan dokumen Uang makan Lain-lain

357.650 293.241 89.392 66.718 16.169 12.482 11.104 9.008 9.000 5.752 5.005 2.047 10.556

269.784 159.619 96.332 58.317 14.181 10.814 13.813 5.019 7.275 5.984 4.791 1.437 7.879

Chartered vessels Rental Fuel Port charges Salaries Spare parts Lubricant Repairs and maintenance Transportation Insurance Supplies Processing of documents Employees' meal allowances Others

Jumlah

888.124

655.245

Total

4.762.118

2.504.681

Jumlah beban usaha langsung

Owned vessels Fuel Depreciation (Note 10) Port charges Salaries Docking Spare parts Repairs and maintenance Insurance Lubricant Transportation Supplies Processing of documents Employees' meal allowances Others Total

Total direct cost

0,8% dan 0,84% dari jumlah beban usaha langsung masing-masing pada tahun 2008 dan 2007 dilakukan dengan pihak hubungan istimewa (Catatan 34b).

0.8% and 0.84% of the above direct cost in 2008 and 2007, respectively, were from related parties (Note 34b).

Tidak terdapat beban yang berasal dari pihak tertentu yang melebihi 10% dari seluruh beban usaha langsung.

There is no expense from specific party that exceeds 10% of the total direct cost.

- 71 -





28.

29.

GENERAL AND ADMINISTRATIVE EXPENSE



Gaji Tenaga ahli Beban kantor Perjalanan dinas Imbalan pasca kerja (Catatan 20) Telekomunikasi Representasi Penyusutan (Catatan 10) Pemasaran Beban bank Pendidikan dan pelatihan Amortisasi (Catatan 17) Lain-lain

163.533 56.874 43.421 22.230 11.108 7.473 7.269 7.247 4.496 3.722 3.022 2.808 18.616

94.185 66.109 22.214 9.349 10.260 6.839 3.602 4.801 5.075 3.811 2.712 3.082 6.982

Jumlah

351.819

239.021

BEBAN KEUANGAN

Beban keuangan dari: Hutang bank Obligasi Sewa pembiayaan Hutang lain-lain jangka panjang Jumlah beban pinjaman Kerugian transaksi derivatif bersih (Catatan 33) Bagi hasil dan imbalan obligasi Syariah Mudharabah dan Sukuk Ijarah Jumlah

30.

28.

BEBAN UMUM DAN ADMINISTRASI

29.


546.577 380.538 169.212 9.416

216.110 269.021 10.648

1.105.743

495.779

1.784.179

112.265

29.951

13.979

2.919.873

622.023

30.

Total

FINANCE COSTS


PENDAPATAN INVESTASI

Salaries Professional fees Office expenses Transportation Post-employment benefits (Note 20) Telecommunication Representation Depreciation (Note 10) Marketing Bank charges Training and education Amortization (Note 17) Others

Finance costs on: Bank loans Bonds Finance lease Other long-term payable Total borrowing cost Net loss on derivative transactions (Note 33) Profit sharing allocation and benefit on Syariah Mudharabah and Sukuk Ijarah Bonds Total

INVESTMENT INCOME



Jasa giro dan lain-lain Deposito berjangka

28.708 27.465

50.128 32.486

Current accounts and others Time deposits

Jumlah pendapatan bunga Keuntungan pemilikan efek yang sudah direalisasi

56.173

82.614

Total interest income

108.573

25.512

Realized gain on securities

Jumlah

164.746

108.126

- 72 -

Total





31.

LABA PER SAHAM

31.

Laba Bersih

Net Income

2008 Rp Juta/ Rp Million Laba bersih untuk perhitungan laba per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif: Perubahan nilai wajar obligasi konversi yang belum diamortisasi Laba bersih untuk perhitungan laba per saham dilusian

758.982

(893.203)

33.355

664.759

792.337

Net income for the computation of diluted earnings per share


1.557.962

758.982

664.759

792.337

2008 Lembar/Share

Harga pelaksanaan waran (nilai penuh) Nilai wajar rata-rata per saham biasa (nilai penuh) Laba per saham (nilai penuh) - Dasar - Dilusian

Net income for the computation of basic earnings per share Potential effect of dilutive common share: Unrealized fair value change of convertible bonds

Earnings Per Share 2008 Rp Juta/ Rp Million

Jumlah rata-rata tertimbang saham biasa untuk laba per saham dasar Pengaruh efek berpotensi saham biasa yang dilutif : - Obligasi konversi - Waran Jumlah rata-rata tertimbang saham biasa untuk perhitungan laba per saham dilusian


1.557.962

Laba Per Saham

Laba bersih untuk perhitungan laba per saham dasar Laba bersih untuk perhitungan laba per saham dilusian

EARNINGS PER SHARE

2007 Lembar/Share

4.176.930.176

3.810.882.703

381.243.706 -

249.064.587 397.784.338

4.558.173.882

4.457.731.628

-

Rp

150

-

Rp

1.918

Rp 373 Rp 146

Rp Rp

199 178

- 73 -

Net income for the computation of basic earnings per shares Net income for the computation of dillutive earnings per share

Weighted average number of shares used in calculating basic earnings per share Effect of dilutive potential ordinary share: - Convertible bonds - Warrants Weighted average of common share for computation of diluted earning per share Exercise price of warrants (in full amount) Average fair value of common share (in full amount) Earnings per share (in full amount) - Basic - Diluted





32.

33.

DIVIDEN DAN CADANGAN

32.

DIVIDENDS AND APPROPRIATION GENERAL RESERVES

FOR

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 28 tanggal 29 April 2008 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2007 sebesar Rp 50 per saham dan membentuk cadangan sebesar Rp 5.091 juta dari saldo laba.

At the Annual General Meeting of Stockholders, as stated in notarial deed No. 28 dated April 29, 2008 of Amrul Partomuan Pohan, SH., LLM, notary public in Jakarta, the stockholders decided to declare dividends of Rp 50 per share for 2007 and appropriate Rp 5,091 million from retained earnings for general reserve.

Pada Rapat Umum Pemegang Saham Tahunan, sebagaimana tercantum dalam akta No. 31 tanggal 24 Mei 2007 dari Amrul Partomuan Pohan, S.H., LLM, notaris di Jakarta, pemegang saham menyetujui pembagian dividen untuk tahun buku 2006 sebesar Rp 40 per saham dan membentuk cadangan sebesar Rp 310 juta dari saldo laba.

At the Annual General Meeting of Stockholders, as stated in notarial deed No. 31 dated May 24, 2007 of Amrul Partomuan Pohan, SH., LLM, notary public in Jakarta, the stockholders decided to declare dividends of Rp 40 per share for 2006 and appropriate Rp 310 million from retained earnings for general reserve.

INSTRUMEN KEUANGAN DERIVATIF

33.

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 notional/ Notional amounts '000

Cross currency swaps Interest rate swaps Crude oil target redemption swaps

USD 265.615 USD 575.000 2.640 barrels

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 kewajiban per 31 Desember 2008/ Fair values of liability December 31, 2008 Rp Juta/ Rp Million

Nilai wajar per 31 Desember 2007/ Fair values December 31, 2007 Aset/ Kewajiban/ Asset Liability Rp Juta/ Rp Juta/ Rp Million Rp Million

898.798 124.173

1.244 -

904.046

-

Jumlah Dikurangi bagian jangka pendek

1.927.017

Bagian jangka panjang

1.589.928

337.089

- 74 -

1.244 1.244

195.472 195.472

Cross currency swaps Interest rate swaps Crude oil target redemption swaps Total

60.152

Less current portion

135.320

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 2008 jatuh tempo antara Juni 2009 dan Juli 2012.

The cross currency swaps require periodic exchange of interest based on the Rupiah and US Dollar notional amounts and final exchange or net settlement of the notional (principal) amounts on the maturity of the contracts. The cross currency swaps outstanding as of December 31, 2008 mature between June 2009 and July 2012.

Interest rate swaps

Interest rate swaps

Swap tingkat bunga membutuhkan pertukaran pembayaran secara periodik bunga dari nilai Dollar Amerika Serikat dan akan jatuh tempo pada bulan Januari 2015.

The interest rate swaps require periodic exchange of interest on the US Dollar notional amounts and mature on January 2015.

Target redemption swaps

Target redemption swaps

Target redemption swaps membutuhkan pertukaran pembayaran secara periodik pada kuantitas nosional dari minyak mentah per barel pada setiap tanggal penyelesaian yang akan jatuh tempo antara Agustus 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 mature between August 2010 and October 2010.

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 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.

Swap tingkat bunga membutuhkan pertukaran secara periodik atas tingkat bunga dari nilai nosional Dollar Amerika Serikat. Target redemption swaps membutuhkan pertukaran pembayaran secara periodik pada setiap nilai kuantitas nosional dari minyak mentah.

The interest rate swaps require periodic exchange of interest on the US Dollar notional amounts. The target redemption swaps require periodic exchanges of payments on a notional quantity of crude oil barrels at each.

Untuk tujuan akuntansi, kontrak-kontrak ini tidak diidentifikasikan dan didokumentasikan sebagai instrumen lindung nilai, oleh sebab itu akuntansi lindung nilai tidak diperlakukan. Keuntungan atau kerugian dari kontrak-kontrak ini diakui di laporan laba rugi yang terdiri dari perubahan nilai wajar dari kontrak dan pembayaran bersih secara periodik dari bunga atas nilai nosional dalam Rupiah dan Dollar Amerika Serikat, dengan rincian sebagai berikut:

For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements of the related interest on the Rupiah and US Dollar notional amount, details of which are as follows:



Perubahan nilai wajar - bersih Selisih kurs penjabaran Penyelesaian - bersih

(1.732.789) 35.668 (87.058)

(160.509) Net change in fair value Translation adjustment 48.244 Net settlements

Kerugian swap - bersih

(1.784.179)

(112.265) Net loss - net

- 75 -





34.

SIFAT DAN TRANSAKSI HUBUNGAN ISTIMEWA

34.

NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES

Sifat Hubungan Istimewa

Nature of Relationship

x

PT Bagusnusa Samudera Gemilang (Bagusnusa) merupakan pihak pengendali utama terhadap Perusahaan dan anak perusahaan.

x

The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa).

x

PT Tunggaladhi Baskara merupakan pemegang saham mayoritas Perusahaan.

x

PT Tunggaladhi Baskara is a major stockholder of the Company.

x

Bagusnusa merupakan perusahaan induk dari PT Tunggaladhi Baskara. Pemegang saham mayoritas Bagusnusa adalah Bapak Hadi Surya, yang sekaligus menjabat sebagai Komisaris Utama Perusahaan.

x

Bagusnusa is the parent company of PT Tunggaladhi Baskara. The majority shareholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s President Commissioners.

x

Bagusnusa merupakan pemegang saham mayoritas dari PT Garuda Mahakam Pratama.

x

Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama.

x

Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte Ltd, dan Pan Union Shipping Pte Ltd, merupakan anak perusahaan baik secara langsung maupun tidak langsung dimiliki seluruhnya oleh Ibu Siana Anggraeni Surya yang sekaligus menjabat sebagai Direktur Perusahaan.

x

Pan Union Agencies Pte Ltd, Poseidon Elite Navigations Pte Ltd, and Pan Union Shipping Pte Ltd are wholly-owned subsidiaries, directly or indirectly, of Ms. Siana Anggraeni Surya, one of the Company’s Directors.

x

PT Arpeni Pratama Ocean Line Tbk dimiliki oleh keluarga dekat Bapak Hadi Surya.

x

PT Arpeni Pratama Ocean Line Tbk is owned by a close family member of Mr. Hadi Surya.

Transaksi Hubungan Istimewa

Transactions with Related Parties

Dalam kegiatan usahanya, Perusahaan dan anak perusahaan mengadakan transaksi tertentu dengan pihak-pihak yang mempunyai hubungan istimewa. Manajemen berpendapat bahwa transaksi tersebut dilakukan dengan kondisi dan persyaratan yang sama seperti yang dilakukan dengan pihak-pihak yang tidak mempunyai hubungan istimewa. Transaksi-transaksi tersebut meliputi antara lain:

In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. Management believes that these transactions were made at normal terms and conditions as those conducted with non related parties. These transactions included the following:

a.

a. Manning, agency and charter fees from Pan Union Agencies Pte Ltd dan Thai Petra Transport Co. Ltd accounted for 0.01% (Rp 550 million) in 2008 of the total operating revenues.

0,01% (Rp 550 juta) dari jumlah pendapatan usaha pada tahun 2008 merupakan jasa uang tambang, perantaraan kapal dan sewa yang berasal dari Pan Union Agencies Pte Ltd dan Thai Petra Transport Co. Ltd.

- 76 -





b.

35.

0,8% dan 0,84% dari jumlah beban usaha langsung atas kapal yang dimiliki dan disewa pada tahun 2008 dan 2007 merupakan beban yang dibayarkan kepada pihak-pihak yang mempunyai hubungan istimewa.

b. Expenses paid to related parties accounted for 0.8% in 2008 and 0.84% in 2007 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:



Pan Union Agencies Pte. Ltd. Thai Petra Transport Co. Ltd. PT Arpeni Pratama Ocean Line Tbk PT Garuda Mahakam Pratama

21.245 13.940 2.896 72

15.437 4.092 1.408 107


Jumlah

38.153

21.044

Total

c.

Saham Perusahaan milik PT Tunggaladhi Baskara sebanyak 66.188.311 saham dijadikan jaminan atas hutang bank Perusahaan kepada Bank Central Asia pada tahun 2007 (Catatan 12e dan 16c). Pada bulan April 2008 semua saham yang dijaminkan sudah ditarik kembali.

c. PT Tunggaladhi Baskara’s 66,188,311 shares in the Company’s capital stock were used as collateral for the Company’s loan to Bank Central Asia in 2007 (Notes 12e and 16c). in April 2008, all the shares pledged were withdrawn.

d.

Total kompensasi kepada manajemen utama (komisaris dan direktur) selama tahun berjalan adalah sebagai berikut:

d. Total compensation of the Company’s key management (commissioners and directors) during the year are as follows:



Imbalan jangka pendek Imbalan pasca kerja

15.972 5.149

15.526 6.224

Short-term benefits Post-employment benefits

Jumlah

21.121

21.750

Total

INFORMASI SEGMEN USAHA

35. SEGMENT INFORMATION

Segmen Usaha

Business Segment

Untuk kepentingan tujuan manajemen, saat ini Perusahaan dan anak perusahaan diorganisasikan berdasarkan tipe kapal charter seperti kimia, gas, minyak dan FPSO. Berikut ini disajikan informasi segmen utama yang merupakan dasar pelaporan bagi Perusahaan dan anak perusahaan.

For management purpose, the Company and its subsidiaries are currently organized based on type of vessels chartered - chemical, gas, oil and FPSO. These segments are the basis on which the Company and its subsidiaries report their primary segment information.

- 77 -




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 2008

Chemical Rp Juta/ Rp Million PENDAPATAN Pendapatan eksternal Jumlah pendapatan segmen Tidak dialokasi

Gas Rp Juta/ Rp Million

Oil Rp Juta/ Rp Million

FPSO Rp Juta/ Rp Million

Total Rp Juta/ Rp Million

5.173.656

361.849

1.351.735

106.300

6.993.540

REVENUES External revenues

5.173.656

361.849

1.351.735

106.300

6.993.540 12.311

Total segment revenues Unallocated

7.005.851

Total revenues per consolidated statement of income

Jumlah pendapatan per laporan laba rugi konsolidasi Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

588.074 1.331.319

13.373 39.811

53.736 222.118

273

655.456 1.593.248

Segment expenses Voyage Expenses Port Charges Fuel

Jumlah Biaya Pelayaran

1.919.393

53.184

275.854

273

2.248.704

Total Voyage Expenses

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan Lain-lain

325.770

31.880

357.650

Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Meal allowances Others

323.717 89.953 91.003 52.843 38.551 38.551 22.682 24.869 19.562 38.379

43.042 17.425 14.521 8.161 4.555 7.385 3.334 3.758 3.506 9.688

81.258 76.766 39.184 16.827 20.566 13.963 8.503 7.554 5.826 19.560

9.294 505 2.504 239 7.589 2.697 220 644 1.449 3.548

457.311 184.649 147.212 78.070 71.261 62.596 34.739 36.825 30.343 71.175

740.110 596.131

115.375 50.957

290.007 280.586

28.689 53.909

1.174.181 981.583

Jumlah biaya segmen

3.581.404

219.516

878.327

82.871

4.762.118

Total segment expenses

Hasil Segmen

1.592.252

142.333

473.408

23.429

2.231.422

Segment result

Jumlah Operasi perkapalan Penyusutan kapal

Pendapatan dan biaya yang tidak dialokasikan Perubahan nilai wajar atas obligasi konversi dari wesel bayar melalui laba rugi Biaya agen dan pergudangan

2.961.090 12.311

Total Ship Operating Expenses Vessel Depreciation

Unallocated income and expenses Change in fair value of convertible bonds and notes payable Agency and storage fees General and administrative expenses Finance costs Investment income Equity in net loss of associates impairment loss on asset impairment of goodwill *) Other gains and losses Profit before tax Tax expense

Biaya Umum dan adminitrasi Biaya keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Kerugian penurunan nilai aset Penurunan nilai goodwill Keuntungan (kerugian) lain-lain Laba sebelum pajak Beban pajak

(351.819) (2.919.873) 164.746

Laba tahun berjalan

1.557.962

Profit for the year Other Information Capital additions Depreciation

Informasi lain-lain Penambahan modal Penyusutan Aktiva Aktiva segmen Tidak dialokasikan

(179.266) (434.868) (319.042) 403.110 1.567.811 (9.849)

4.885.086 596.131

922.780 50.957

280.586

53.909

5.807.866 981.583

16.801.834

1.757.351

3.203.090

440.377

22.202.652 2.773.672

Assets Segment assets Unallocated

24.976.324

Consolidated total assets

Jumlah aktiva konsolidasi Kewajiban Kewajiban segmen

356.213

37.903

166.561

9.121

569.798

Liabilities Segment liabilities

Tidak dialokasikan

18.509.038

Unallocated

Jumlah kewajiban konsolidasi

19.078.836

Consolidated total liabilities

*) Merupakan ”Jumlah keuntungan penjualan aset tetap, klaim asuransi, kerugian kurs mata uang asing – bersih dan lain-lain.

- 78 -

*)

Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange and others - net.





Chemical Rp Juta/ Rp Million PENDAPATAN Pendapatan eksternal Jumlah pendapatan segmen Tidak dialokasi

2007 Oil Gas Rp Juta/ Rp Juta/ Rp Million Rp Million

FPSO Rp Juta/ Rp Million

1.997.253

199.182

1.333.994

100.041

3.630.470

REVENUES External revenues

1.997.253

199.182

1.333.994

100.041

3.630.470 11.303

Total segment revenues Unallocated

3.641.773


Jumlah pendapatan per laporan laba rugi konsolidasi Biaya segmen Biaya pelayaran Biaya sandar Biaya bahan bakar

206.071 392.668

5.949 20.214

97.124 210.796

Jumlah Biaya Pelayaran

598.739

26.163

307.920

Biaya Sewa Beban penyusutan kapal dan operasi Beban operasi: Gaji Perbaikan dan pemeliharaan Suku cadang Biaya pelumas Asuransi Transportasi Pengurusan dokumen Perlengkapan Uang makan Lain-lain

239.772

Jumlah Operasi perkapalan Penyusutan kapal Jumlah biaya segmen Hasil Segmen

-

109

309.253 623.678


109

932.931

Total Voyage Expenses Charter Expenses Ship Depreciation and Operating Expenses Ship operating expenses: Salaries Repairs and maintenance Spare parts Lubricants Insurance Transportation Processing of documents Supplies Meal allowances Others

-

30.012

-

269.784

158.855 71.367 52.904 33.508 20.300 19.483 13.589 14.805 9.122 20.526

24.679 14.159 12.668 5.064 1.854 5.949 3.212 3.483 2.078 2.843

77.851 91.458 27.680 18.943 26.526 9.677 9.278 6.583 4.062 5.210

8.086 68 1.309 625 8.439 3.217 490 971 1.345 2.024

269.471 177.052 94.561 58.140 57.119 38.326 26.569 25.842 16.607 30.603

414.459 161.591

75.989 34.755

277.268 264.191

26.574 47.139

794.290 507.676

1.414.561

136.907

879.391

73.822

2.504.681


582.692

62.275

454.603

26.219

1.125.789

Segment result

Pendapatan dan biaya yang tidak dialokasikan Biaya agen dan pergudangan

11.303

Biaya Umum dan adminitrasi Biaya keuangan Pendapatan investasi Bagian rugi dari Perusahaan asosiasi Perubahan nilai wajar atas obligasi konversi dari wesel bayar melalui laba rugi Keuntungan (kerugian) lain-lain Laba sebelum pajak Beban pajak

(239.021) (622.023) 108.126 (219)

378.867 5.260 768.082 (9.100)

Laba tahun berjalan Informasi lain-lain Penambahan modal Tidak dialokasikan Jumlah penambahan modal Penyusutan Aset Aset segmen Tidak dialokasikan

758.982

9.501.081

184.837

993.799

63.240

161.591

34.755

264.191

47.139

12.005.427

944.420

3.266.047

426.960

Jumlah aset konsolidasi Kewajiban Kewajiban segmen Tidak dialokasikan

1.709.037

38.617

80.485

5.227

Jumlah kewajiban konsolidasi

*)

Total Rp Juta/ Rp Million

Merupakan ”Jumlah keuntungan penjualan aset tetap, klaim asuransi, keuntungan (kerugian) kurs mata uang asing – bersih dan lain-lain. - 79 -

*)


Unallocated income and expenses Agency and storage fees General and administrative expenses Finance costs Investment income Equity in net loss of associates Change in fair value of convertible bonds and notes payable *) Other gains and losses Profit before tax Tax expense Profit for the year

10.742.957 63.058

Other Information Capital additions Unallocated

10.806.015 507.676

Total capital additions Depreciation

16.642.854 4.025.771

Assets Segment assets Unallocated

20.668.625

Consolidated total assets

1.833.366 15.519.678

Liabilities Segment liabilities Unallocated

17.353.044


Consists of “Total gain on sale of vessels and equipment, insurance claim, net gain (loss) on foreign exchange and others - net.





Segmen Geografis

Geographic Segment

Perusahaan dan anak perusahaan berdomisili di dua area geografis utama: Malaysia dan Indonesia.

The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia.

Berikut ini adalah informasi segmen berdasarkan segmen geografis:

Segment information based on geographic segment is presented below: 20 08

Malaysia Rp Juta/ Rp Million

Eliminasi/ Eliminated Rp Juta/ Rp Millio n

Indonesi a Rp Juta/ Rp Mil lion

Konsolidasi/ Consoli dated Rp Juta/ Rp Mill ion

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

6.5 13.973 2 91.836

491.878 -

( 291.836)

7.005.851 -

REVENUES External revenues Inter -segment revenues

Jumlah pendapatan

6.8 05.809

491.878

( 291.836)

7.005.851

Tota l revenues

20 07 Malaysia Rp Juta/ Rp Million

36.

Eliminasi/ Eliminated Rp Juta/ Rp Millio n

Indonesi a Rp Juta/ Rp Mil lion

Konsolidasi/ Consoli dated Rp Juta/ Rp Mill ion

PENDAPATAN Pendapatan ekstern Pendapatan antar segmen

3.2 44.437 2 61.823

397.336 -

( 261.823)

3.641.773 -

REVENUES External revenues Inter -segment revenues

Jumlah pendapatan

3.5 06.260

397.336

( 261.823)

3.641.773

Tota l revenues

MANAJEMEN RISIKO MODAL

36. CAPITAL RISK MANAGEMENT

Perusahaan dan anak perusahaan mengelola modalnya untuk menjamin bahwa Perusahaan dan anak perusahaan mampu untuk melanjutkan kelangsungan hidup selain juga memaksimalkan keuntungan para pemegang saham melalui optimalisasi saldo hutang dan ekuitas.

The Company and its subsidiaries manages their capital to ensure that they will be able to continue as a going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.

Struktur modal Perusahaan dan anak perusahaan terdiri dari hutang, dimana didalamnya termasuk pinjaman yang dijelaskan pada Catatan 12, 16, 17, 19, 21 dan 22, kas, rekening bank yang dibatasi penggunaannya, investasi tersedia untuk dijual dan ekuitas yang dapat diatribusikan kepada pemegang ekuitas induk Perusahaan yang terdiri dari penerbitan saham, cadangan dan saldo laba yang dijelaskan pada Catatan 4, 8, 23, 24 dan 25.

The capital structure of the Group consists of debt, which includes the borrowings disclosed in Notes 12, 16, 17, 19, 21 and 22, cash, restricted cash in bank, available-for-sale investments, and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 4, 8, 23, 24 and 25.

- 80 -





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 per tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut:

The gearing ratio as of December 31, 2008 and 2007 are as follows:



Hutang Kas, rekening bank yang dibatasi penggunaannya dan investasi tersedia untuk dijual

16.322.693

16.442.101

2.131.220

2.936.425

Hutang - bersih Ekuitas

14.191.473 5.897.488

13.505.676 3.315.582

Rasi o hutang bersi h terhadap ekuitas

37.

241%

407%

Debt Cash, restricted cash in bank and available-for-sale investments Net debt Equity Net debt to equity ratio

Manajemen Perusahaan mempunyai beberapa rencana yang akan dilakukan untuk mengurangi rasio hutang bersih terhadap ekuitas antara lain membayar pinjaman-pinjaman tertentu.

The Company’s management executed certain plans to reduce the net gearing ratio. This includes among others the repayment certain loans.

Pada tahun 2008 dan 2007, hutang lain-lain jangka panjang kepada Teekay Corp., sebesar USD 13 juta tidak diperhitungkan dalam perhitungan rasio hutang bersih terhadap ekuitas konsolidasi/consolidated net debt to equity ratio (CNDER).

In 2008 and 2007, the other long-term payable to Teekay Corp., amounting to US$ 13 million was not considered by the Company’s management, in the calculation of the consolidated net debt to equity ratio (CNDER).

Pada tahun 2007, Perusahaan juga memasukkan rekening bank yang dibatasi penggunaannya sebesar USD 29,2 juta dalam perhitungan CNDER.

In 2007, the Company’s management also included the restricted cash in bank of US$ 29.2 milliion in the calculation of the CNDER.

Pada tanggal 31 Desember 2008, jika hutang lainlain jangka panjang kepada Teekay Corp. diperhitungkan maka CNDER menjadi 243% dan pada tahun 2007, jika rekening bank yang dibatasi penggunaannya tidak diperhitungkan maka CNDER menjadi 419%.

As of Dec 31, 2008, had the other long-term payable to Teekay Corp. been considered, the CNDER would have been 243% and as of Dec 31, 2007, had the other long-term payable to Teekay Corp. been considered and the restricted cash in bank been excluded, the CNDER would have been 419%.

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS)

37. RECONCILIATION OF IFRS AND INDONESIAN GAAP

Laporan keuangan konsolidasi disusun dengan menggunakan prinsip dan praktek akuntansi yang berlaku di Indonesia (PSAK).

The consolidated financial statements are prepared in accordance with accounting principles and reporting practices generally accepted in Indonesia (PSAK).

Sehubungan dengan pencatatan saham Perusahaan di Bursa Efek Singapura, Perusahaan juga menerbitkan laporan keuangan konsolidasi berdasarkan Standard Pelaporan Keuangan Internasional (International Financial Reporting Standard / IFRS).

In connection with the listing of the Company’s shares on the Singapore Exchange Securities Trading Limited, the Company also issued consolidated financial statements prepared under IFRS.

- 81 -





Perbedaan signifikan antara dijelaskan sebagai berikut:

PSAK

dan

IFRS

a. Goodwill

b.

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 setiap unit penghasil-kas yang mengandung goodwill tersebut.

Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to.

Berdasarkan IFRS, goodwill yang timbul dari akuisisi usaha pada awalnya diakui sebesar biaya perolehan, dan selanjutnya diukur sebesar biaya perolehan dikurangi akumulasi penurunan nilai.

Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses.

Ketika IFRS diterapkan, Perusahaan menghentikan amortisasi terhadap goodwill yang sudah dimulai 1 Januari 2003. Pada tanggal 31 Desember 2002 nilai akumulasi amortisasi sebesar Rp 10.193 juta yang diakui berdasarkan PSAK telah dieliminasi dengan memperhatikan penurunan nilai perolehan atas goodwill. Nilai amortisasi goodwill untuk tahun yang berakhir 31 Desember 2008 dan 2007 berdasarkan PSAK, sebesar Rp 33.577 juta dan Rp 4.360 juta telah dijurnal balik berdasarkan IFRS.

In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003. The accumulated amortization of Rp 10,193 million recognized under Indonesian GAAP as of December 31, 2002 has been eliminated with a corresponding decrease in the cost of goodwill. The goodwill amortization of Rp 33,577 million and Rp 4,360 million for the years ended December 31, 2008 and 2007 recognized under Indonesian GAAP has also been reversed under IFRS.

Pada tahun 2008, berdasarkan PSAK, Perusahaan dan anak perusahaan mengakui penurunan goodwil sebesar Rp 319.042 juta. Berdasarkan IFRS penurunan goodwill senilai Rp 82.719 juta.

In 2008, under Indonesian GAAP, the Company and its subsidiaries recognized goodwill impairment amounting to Rp 319,042 million. Under IFRS, goodwill impairment amounted to Rp 82,719 million.

Aset Tetap

b. Property, Plant and Equipment

Pada tahun 2007, PSAK pada dasarnya tidak mengijinkan perusahaan untuk mengakui kenaikan nilai aset tetap yang terjadi setelah perolehan awal, namun pengecualian diberikan untuk revaluasi yang dilakukan berdasarkan peraturan Pemerintah. Pada tanggal 1 Januari 2008, PSAK secara efektif mengijinkan penggunaan model nilai wajar atau model biaya dalam pengukuran aset tetap pada pengakuan awalnya. Untuk tujuan pelaporan di Indonesia, Perusahaan dan anak perusahaan tidak mengakui kenaikan nilai akibat revaluasi dan mengukur aset tetapnya sebesar biaya perolehan dikurangi akumulasi penyusutan dan akumulasi penurunan nilai, karena manajemen Perusahaan masih mengkaji pengaruh pajak atas pengunaan modal revaluasi.

- 82 -

In 2007, Indonesian GAAP does not generally allows companies to recognize increases in value of property, plant and equipment that occur subsequent to acquisition, an exception is provided for revaluations made in accordance with government regulations. Effective January 1, 2008, Indonesian GAAP permits the use of fair value model or cost model in measuring property, plant and equipment at initial recognition. For Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases and continue to measure property, plant and equipment at cost less accumulated depreciation and any accumulated impairment losses, because the Company’s management is still evaluating the tax implications of using the revaluation model.





c.

Setelah pengakuan awal, apabila suatu aset tetap dapat diukur nilai wajarnya secara andal, maka IFRS mengijinkan aset tetap tersebut dicatat sebesar nilai revaluasinya, yang mencerminkan nilai wajar pada tanggal revaluasi, dikurangi akumulasi penyusutan dan akumulasi penurunan nilai, jika ada (Model Revaluasi sesuai IAS 16).

After initial recognition, IFRS allows an item of property, plant and equipment whose fair value can be measured reliably, to be carried at revalued amount, being the fair value at the date of revaluation, less subsequent accumulated depreciation and accumulated impairment losses, if any (the “Revaluation Model” under IAS 16).

Dalam laporan keuangan berdasarkan IFRS, Perusahaan dan anak perusahaan menerapkan Model Revaluasi untuk mengukur nilai tercatat kapal setelah pengakuan awal.

For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition.

Jika nilai tercatat kapal meningkat akibat revaluasi, kenaikan tersebut dikreditkan ke ekuitas dalam akun selisih revaluasi. Namun, kenaikan tersebut harus diakui terlebih dahulu dalam laporan laba rugi sebesar jumlah penurunan nilai akibat revaluasi sebelumnya atas kapal yang sama. Jika nilai tercatat kapal menurun akibat revaluasi, penurunan tersebut harus diakui dalam laporan laba-rugi. Namun, penurunan tersebut harus didebitkan terlebih dahulu ke ekuitas pada akun selisih revaluasi sebesar saldo kredit selisih revaluasi yang tersedia untuk kapal tersebut.

If the vessel’s carrying amount is increased as a result of a revaluation, the increase is credited directly to equity under the heading of revaluation reserve. However, the increase shall be recognized in profit or loss to the extent that it reverses a revaluation decrease of the same vessel previously recognized in profit of loss. If the vessel’s carrying amount is decreased as a result of revaluation, the decrease shall be recognized in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation surplus in respect of that vessel.

Berdasarkan PSAK, harga perolehan hak atas tanah dikapitalisasi kedalam nilai tanah dan tidak disusutkan. Sesuai dengan IFRS, hak atas tanah dipertimbangkan sebagai sewa dan hak semacam itu diamortisasi selama periode pemegang hak atas tanah memiliki hak tersebut.

Also, under Indonesian GAAP, the cost of acquired landrights are capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights.

Instrumen Keuangan

c. Financial Instruments

Berdasarkan PSAK, pinjaman bank jangka pendek dan jangka panjang dinyatakan pada nilai nominal, yang merupakan nilai pokok hutang. Biaya transaksi atas pinjaman bank diklasifikasikan sebagai biaya tangguhan dan diamortisasi menggunakan metode garis lurus sepanjang periode pinjaman. Untuk hutang obligasi, biaya penerbitan obligasi dikurangkan langsung dari hasil penerbitan obligasi. Selisih antara hasil penerbitan bersih dan nilai nominal obligasi diamortisasi menggunakan metode garis lurus sepanjang periode obligasi. Seluruh hasil penerbitan obligasi konversi diakui sebagai kewajiban.

Under Indonesian GAAP, short-term and longterm bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from issuance of convertible bonds are recognized as liabilities.

Berdasarkan IFRS, kewajiban keuangan dinyatakan sebesar nilai yang telah diamortisasi.

Under IFRS, financial liabilities are measured at amortized cost.

Berdasarkan PSAK, uang jaminan tanpa bunga atas sewa dicatat pada jumlah yang tidak didiskontokan.

Under Indonesian GAAP, non-interest bearing security deposits on leases are recorded at undiscounted amounts.

- 83 -





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 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:

2008 USD'000 Laba bersih Saldo laba

d.

768 802

Pengukuran dan Mata Uang Pelaporan

2007 USD'000 678 34

Net profits Retained earnings

d. Measurement and Reporting Currency

Berdasarkan PSAK, mata uang pelaporan yang digunakan oleh perusahaan di Indonesia adalah Rupiah. Perusahaan dapat menggunakan mata uang lainnya, hanya jika mata uang lainnya tersebut memenuhi definisi mata uang fungsional. Untuk tujuan pelaporan di Indonesia pembukuan Perusahaan dilakukan dalam mata uang Rupiah dan Perusahaan juga menyajikan laporan keuangan konsolidasi dalam Rupiah.

Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Company maintains its books of accounts in Rupiah and presents the consolidated financial statements also in Rupiah.

Berdasarkan IFRS, perusahaan wajib mengukur transaksi berdasarkan mata uang fungsional. IFRS mengijinkan penyajian laporan keuangan menggunakan suatu mata uang yang berbeda dengan mata uang fungsional.

Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency.

Manajemen memutuskan bahwa mata uang fungsional Perusahaan adalah Dolar Amerika Serikat. Untuk tujuan pelaporan berdasarkan IFRS, transaksi diukur dengan mata uang fungsional dari masing-masing perusahaan.

Management has determined that the Company’s functional currency is the US Dollar. For IFRS reporting purposes, the transactions were measured in terms of the functional currency of the respective entity.

Berikut merupakan penyesuaian yang signifikan terhadap laba bersih konsolidasi untuk tahun yang berakhir 31 Desember 2008 dan 2007 serta laporan perubahan ekuitas per 31 Desember 2008 dan 2007 dari PSAK ke IFRS:

A summary of the significant adjustments to consolidated net income for the years ended December 31, 2008 and 2007 and to consolidated stockholders’ equity as of December 31, 2008 and 2007 from Indonesian GAAP to IFRS are set forth below:

- 84 -





Catatan/ Note

Laba konsolidasi sesuai dengan standar PSAK

Penyesuaian IFRS - kenaikan (penurunan): Amortisasi goodwill Penurunan goodwill Penyusutan kapal dan peralatan yg dinilai kembali Keuntungan penjualan aset tetap kapal berdasarkan kapal yang telah direvaluasi Pemulihan atas penurunan penilaian kembali Penurunan revaluasi bersih Keuntungan atas transaksi jual dan sewa-balik ditangguhkan Amortisasi hak atas tanah Bunga atas uang jaminan Kewajiban keuangan yang disajikan dalam biaya amortisasi

31 Desember/December 31, 2008 2007 Rp Juta/USD ribu Rp Juta/USD ribu Rp Million/ Rp Million/ USD thousand USD thousand Rp USD

USD USD

4.412 20.589

(b)

USD

(11.882)

(4.598)

(b)

USD

(44.082)

(12.856)

(b) (b)

USD USD

(c) (b) (c)

(c)

Ekuitas sesuai dengan Neraca Konsolidasi dalam PSAK

Jumlah Penyesuaian Ekuitas berdasarkan IFRS

758.982 87.148

(a) (a)

911 -

-

5.538 (161.679)

-

USD USD USD

(90) (45) 73

-

USD

(768)

Jumlah penyesuaian Laba konsolidasi sesuai dengan IFRS

Penyesuaian IFRS - kenaikan (penurunan): Amortisasi of goodwill Penurunan goodwill Selisih 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 Keuntungan atas transaksi jual dan sewa-balik ditangguhkan Bunga atas uang jaminan Opsi premium atas obligasi konversi Kewajiban keuangan yang disajikan dalam biaya amortisasi

1.557.962 218.364

Rp USD

(43) -

678

(193.472)

(10.370)

24.892

76.778

5.897.488 571.205

3.315.581 368.252

(a) (a) (b)

USD USD USD

8.501 20.590 234.454

4.089

(b)

USD

(24.833)

(12.951)

(b)

USD

(57.773)

(13.691)

208.571

Profit for the year according to the consolidated statements of income prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Recovery of revaluation decrease Net revaluation decrease Amortization of deferred rent Amortization of landrights Interest on security deposits Measurement of financial liabilities at amortized cost Total adjustments Profit for the year in accordance with IFRS Equity according to the consolidated balance sheets prepared under Indonesian GAAP IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment goodwill Revaluation reserve Depreciation of revalued vessels Loss on sale of property adjustment based on revalued amounts of vessels

(b) (b)

USD USD

95.120 (88)

36.387 (43)

Difference between depreciation expense based on revalued amounts and historical cost Amortization of landrights

(b) (c)

USD USD

(177.020) (190)

(15.341) (190)

Revaluation decrease Foreign exchange loss

(c) (c)

USD USD

(90) 73

(c)

(c)

USD

-

177

177

Amortization of deferred rent Interest on security deposits Option premium on convertible bonds

(802)

(34)

Measurement of financial liabilities at amortized cost

98.119

206.974

Total adjustments

669.324

575.226

Equity in accodance with IFRS

- 85 -





38.

38.

REKONSILIASI STANDAR PELAPORAN KEUANGAN INTERNASIONAL (IFRS) a. Rekonsiliasi neraca antara IFRS dengan PSAK 31 Desember 2008 dan 2007.

RECONCILIATION OF INTERNATIONAL FINANCIAL REPORTING STANDARDS a.

Reconciliation of balance sheet between IFRS and Indonesian GAAP at December 31, 2008 and 2007.

2008 PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling

GAAP USD (dalam ribuan)/ (in thousand)

Items USD (dalam ribuan)/ (in thousand)

IDR (dalam jutaan)/ (in million)

IFRS USD (dalam ribuan)/ (in thousand)

Aset tetap - bersih Investasi pada perusahaan asosiasi Aset tidak lancar lainnya

20.657.220 2.388 775.548

1.913.642 273 75.285

68.618 23.161

1.982.260 273 98.446

Property, vessels and equipment - net Investments in associates Other non-current assets

Jumlah Aset Tidak Lancar

21.435.156

1.989.200

91.779

2.080.979

Total Non-current Assets

Piutang usaha Investasi tersedia untuk dijual Kas Aset lancar lainnya

1.058.976 1.416.774 714.446 350.972

96.674 129.386 65.250 32.794

641

96.674 129.386 65.250 33.435

Trade accounts receivable Available-for-sale investments Cash Other current assets

Jumlah aset Lancar

3.541.168

324.104

641

324.745

Total Current Assets

24.976.324

2.313.304

92.420

2.405.724

286.830 570.659

62.191 64.823

177

62.191 65.000

(780.922)

(86.628)

-

1.362.125

398

-

(20.420)

234.454 (136.512)

(1.865) 234.454 395.774

Unrealized loss on available-for-sale investments Revaluation reserve Retained earnings

98.119

669.324

Total Equity

Long-term liabilities - net of current maturities Bank loans Bonds payable Notes payable Obligations under finance lease Convertible bonds Other non-current liabilities

Jumlah aset Modal saham Agio saham Pembelian saham kembali Selisih kurs karena penjabaran laporan keuangan Rugi yang belum direalisasi atas investasi yang tersedia untuk dijual Surplus revaluasi Saldo laba

4.479.216

(1.865) 532.286

Jumlah Ekuitas

5.897.488

571.205

Kewajiban jangka panjang setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Hutang bank Hutang obligasi W esel bayar Sewa pembiayaan Obligasi konversi Kewajiban tidak lancar lainnya

(86.628) 398

Total Assets Share capital Additional paid-in capital Treasury stock Translation adjustment

7.900.384 893.263 1.445.400 1.701.365 396.938 1.782.615

721.496 81.450 132.000 155.376 36.250 162.796

(4.503) 78 -

716.993 81.528 132.000 155.376 36.250 162.796

14.119.965

1.289.368

(4.425)

1.284.943

Hutang bank jangka pendek Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya

1.933.650 189.896

176.589 17.346

-

176.589 17.346

Short-term bank loans Trade accounts payable

2.058.163 777.162

187.960 70.836

(1.274) -

186.686 70.836

Current maturities of long-term liabilities Other current liabilities

Jumlah Kewajiban Lancar

4.958.871

452.731

(1.274)

451.457

Total Current Liabilities

24.976.324

2.313.304

92.420

2.405.724

Jumlah Kewajiban Tidak Lancar

Jumlah Ekuitas dan Kewajiban

- 86 -

Total Non-current Liabilities

Total Equity and Liabilities




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 2007

PSAK/

Rekonsiliasi/

INDONESIAN

Reconciling

GAAP USD (dalam ribuan)/ (in thousand)

Items USD (dalam ribuan)/ (in thousand)


15.810.719

1.689.982

201.644

1.891.626

7.912 194.724 1.030.653

840 20.716 113.871

17.044.008

1.825.409

Piutang usaha Investasi tersedia untuk dijual Kas Aset lancar lainnya

713.432 680.967 1.980.423 249.795

75.669 72.297 210.315 26.563

Jumlah Aset Lancar

3.624.617

IDR (dalam jutaan)/ (in million) Aset tetap - bersih Uang muka pembelian aset tetap Investasi pada perusahaan asosiasi Aset tidak lancar lainnya Jumlah Aset Tidak Lancar

Jumlah Aset Modal saham Agio saham Pembelian saham kembali

1.144

840 20.716 115.015

202.788

2.028.197

-

Property, vessels and equipment - net Advances for the purchase of property, vessels and equipment Investments in associates Other non-current assets Total Non-current Assets

45

75.669 72.297 210.315 26.608


384.844

45

384.889


20.668.625

2.210.253

202.833

2.413.086

259.938 533.010

59.348 60.842

-

(780.922)

(86.628)

-

(86.628)

(91)

-

(91)

177

59.348 61.019

Total Assets Share capital Additional paid-in capital Treasury stock

Selisih kurs karena penjabaran laporan keuangan Laba yang belum direalisasi atas investasi yang tersedia untuk dijual Selisih transaksi perubahan ekuitas perusahaan asosiasi Surplus revaluasi Saldo laba

(39.164) 3.130.100

(4.158) 336.799

208.571 (1.774)

(4.158) 208.571 335.025

Unrealized gain on available-for-sale investments Difference due to change of equity in associate Revaluation reserve Retained earnings

Jumlah Ekuitas

3.315.581

368.252

206.974

575.226

Total Equity

(3.318) 10

602.615 94.607 345.667 86.005 128.541 29.643

Long-term liabilities - net of current maturities Bank loans Bonds payable Notes payable Obligations under finance lease Convertible bonds Other non-current liabilities

(3.308)

1.287.078

Kewajiban jangka panjang setelah dikurangi bagian yang jatuh tempo dalam waktu satu tahun Hutang bank Hutang obligasi Wesel bayar Sewa pembiayaan Obligasi konversi Kewajiban tidak lancar lainnya

192.460

20.159

2.140

5.707.025 891.338 3.255.836 810.079 1.210.730 279.205

605.933 94.597 345.667 86.005 128.541 29.643

12.154.213

1.290.386

Hutang bank jangka pendek Hutang usaha Hutang jangka panjang yang jatuh tempo dalam waktu satu tahun Kewajiban lancar lainnya

2.814.873 142.614

298.851 15.417

1.752.220 489.124

185.990 51.357

Jumlah Kewajiban Lancar

5.198.831 20.668.625

Jumlah Kewajiban Tidak Lancar

Jumlah Ekuitas dan Kewajiban

-

2.140

-


298.851 15.417

Short-term bank loans Trade accounts payable

(833)

185.157 51.357

Current maturities of long-term liabilities Other current liabilities

551.615

(833)

550.782


2.210.253

202.833

2.413.086

- 87 -

-

Translation adjustment

-






b.

Rekonsiliasi laporan laba rugi antara IFRS dan PSAK untuk tahun yang berakhir 31 Desember 2008 dan 2007

b.

Reconciliation of statements of income between IFRS and Indonesian GAAP for the year ended December 31, 2008 and 2007

2008 PSAK/ INDONESIAN GAAP IDR (dalam jutaan)/ (in million) Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran

7.005.851 (2.248.704) *

Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Beban keuangan Pendapatan investasi Bagian rugi perusahaan asosiasi Keuntungan dan kerugian lain-lain

Laba sebelum pajak Beban pajak Laba tahun berjalan

USD (dalam ribuan)/ (in thousand)

Rekonsiliasi/ Reconciling Items USD (dalam ribuan)/ (in thousand) (90)

723.682 (232.665)

491.107

(90)

491.017

(375.650) *

(36.954) *

-

(36.954)

(1.024.358) * (1.113.406) *

(107.809) * (116.720) *

(11.882)

(107.809) (128.602)

(2.137.764)

(224.529)

(11.882)

(236.411)

2.243.733

229.624

(11.972)

217.652

Gross profit

(35.485)

General and administrative Income before financial and other items

4.757.147

(351.819)

723.682 (232.575) *


(36.311)

-

826

1.891.914

193.313

(11.146)

182.167

(2.919.873) 164.746

(280.410) 16.294

(1.639) 73

(282.049) 16.367

(179.266)

(18.524)

-

(18.524)

Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

Finance costs Investment income Equity in net loss of associates Other gains and losses

2.610.290

308.707

(180.760)

127.947

(324.103)

26.067

(182.326)

(156.259)

1.567.811

219.380

(193.472)

25.908

Income before tax

(1.016)

Tax expense

24.892

Profit for the year

(9.849) 1.557.962

(1.016) 218.364

* Merupakan "Jumlah biaya langsung" menurut PSAK * Presented as "Total direct costs" in Indonesian GAAP

- 88 -

(193.472)




NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 2007 Rekonsiliasi/ Reconciling Items USD (dalam ribuan)/ (in thousand)

PSAK/ INDONESIAN GAAP IDR (dalam jutaan)/ (in million) Pendapatan usaha Biaya pelayaran Pendapatan operasi setelah biaya pelayaran Biaya charter Penyusutan kapal dan biaya operasi pelayaran Biaya operasi pelayaran Penyusutan kapal

Laba kotor Beban umum dan administrasi Laba sebelum biaya keuangan dan lain-lain Pendapatan (beban) keuangan dan lain-lain bersih Beban keuangan Pendapatan investasi Bagian rugi perusahaan asosiasi Keuntungan dan kerugian lain-lain

USD (dalam ribuan)/ (in thousand)


3.641.773 (932.930) *

398.643 (103.790) *

-

398.643 (103.790)

2.708.843 (269.784) *

294.853 (29.530) *

-

294.853 (29.530)

(659.483) * (642.484) *

(72.182) * (71.251) *

(3.096)

(72.182) (74.347)

Operating revenues Voyage expenses Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

(1.301.967)

(143.433)

(3.096)

(146.529)

1.137.092

121.890

(3.096)

118.794

Gross profit

(239.021)

(24.593)

2.623

(21.970)

General and administrative

898.071

97.297

(473)

96.824

Income before financial and other items

(622.023) 108.126

(67.290) 11.815

(1.988) -

(69.278) 11.815

(219)

(24)

-

(24)

Net financial and other items Finance costs Investment income Equity in net loss of associates

384.127

46.346

(7.909)

38.437

(129.989)

(9.153)

(9.897)

(19.050)

Laba sebelum pajak Beban pajak

768.082 (9.100)

88.144 (996)

(10.370)

77.774 (996)

Income before tax Tax expense

Laba tahun berjalan

758.982

87.148

(10.370)

76.778

Profit for the year

-

Other gains and losses

* Merupakan "Jumlah biaya langsung" menurut PSAK * Presented as "Total direct costs" in Indonesian GAAP

39.

IKATAN a.

39.

Perusahaan dan anak perusahaan memiliki beberapa kontrak pengangkutan muatan dengan Pertamina dengan nilai kontrak sebesar USD 7 juta – USD 64 juta per tahun dengan akhir kontrak bervariasi antara tahun 2009 – 2011.

- 89 -

COMMITMENTS a.

The Company and its subsidiaries have some charter contracts with Pertamina with contract amount of USD 7 million – USD 64 million per year, which will end between 2009 – 2011.





Pada tanggal neraca Perusahaan dan anak perusahaan mengadakan kontrak dengan Pertamina dengan nilai minimum penerimaan sewa masa depan adalah sebagai berikut: 2008 Rp Juta/ Rp Million Dalam satu tahun Dari tahun kedua sampai kelima Jumlah

At the balance sheet date, the Company and its subsidiaries have contracts with Pertamina for the following future minimum lease receipts:


616.463 494.206

400.678 499.750

Within one year In the second to fifth years inclusive

1.110.669

900.428

Total

Perusahaan mencatat pendapatan dari kontrakkontrak tersebut sebesar Rp 542.734 juta dan Rp 396.797 juta masing-masing untuk tahun 2008 dan 2007. b.

Perusahaan dan anak perusahaan memiliki beberapa kontrak bareboat carter dengan pihak ketiga senilai USD 16 juta – USD 51 juta per tahun, dimana kontrak akan berakhir antara tahun 2009 - 2020.

Revenues earned by the Company on these contracts amounted to Rp 542,734 million in 2008 and Rp 396,797 million in 2007.

b.

Pada tanggal neraca, Perusahaan dan anak perusahaan memiliki perjanjian dengan perincian sebagai berikut:


At balance sheet date, the Company and its subsidiaries have outstanding commitments under non-cancellable charter contracts, which fall due as follows: 2007 Rp Juta/ Rp Million

Dalam satu tahun Dari tahun kedua sampai kelima Setelah lima tahun

489.065 1.872.411 1.120.420

298.834 1.224.642 -

Within one year In the second to fifth years inclusive After five years

Jumlah

3.481.896

1.523.476

Total

Pembayaran sewa minimum berdasarkan perjanjian dicatat sebagai beban sebesar Rp 357.650 juta tahun 2008 dan Rp 269.784 juta tahun 2007. c.

The Company and its subsidiaries have some bareboat charter contracts with third parties amounting to USD 16 million – USD 51 million per year, which will end between 2009-2020.

Perusahaan dan anak perusahaan memiliki beberapa kontrak pembangunan kapal baru dengan galangan kapal di Jepang dengan total nilai kontrak sekitar JPY 53.079 juta tahun 2008 dan JPY 26.695 juta tahun 2007.

- 90 -

The minimum lease payments under charter contracts recognized as an expense amounted to Rp 357,650 million and Rp 269,784 million in 2008 and 2007, respectively. c.

The Company and its subsidiaries have several contracts with the shipyard in Japan for the construction of new vessels with total contract price of approximately JPY 53,079 million in 2008 and JPY 26,695 million in 2007.





d.

Chembulk Trading II LLC (anak perusahaan) memperoleh fasilitas L/C sejumlah USD 29,2 juta dari Nordea Bank Norge ASA, Grand Cayman. Fasilitas ini dijamin dengan rekening koran sebesar USD 29,2 juta yang disajikan pada akun Rekening Bank Yang Dibatasi Penggunaannya. Pada tahun 2008, fasilitas ini sudah berakhir.

d.

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 akan jatuh tempo pada tanggal 19 Januari 2019.

Chembulk Trading II LLC (a subsidiary) obtained a letter of credit facility amounting to USD 29.2 million from Nordea Bank Norge ASA, Grand Cayman Branch. Such facility is secured by a current account amounting to USD 29.2 million which is presented under Restricted Cash in Bank. In 2008, such facility was terminated. 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.

e.

Chembulk Trading II LLC juga melakukan kontrak Time Charter atas kapal kimia yang diharapkan akan terealisasi pada tahun 2009.

e.

Chembulk Trading II LLC has also entered into a Time Charter Contract for a chemical vessel which is expected to be delivered in 2009.

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 2 360.093.463 m . Total seluas 83.333.804 m 2 dari total luas sebesar 360.093.463 m akan mencerminkan kontribusi modal dari Fangcheng Port Group Co. Ltd dan sisanya seluas 2 akan dibeli sebesar 276.759.657 m 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. Pada tanggal 31 Desember 2008 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 360,093,463 square meters. A total of 83,333,804 square meters out of the 360,093,463 square meters will 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, 2008, Richesse Logistics (Fangcheng Port) Co., Ltd. has not yet obtained the license to use the property.

Pada tanggal 31 Desember 2008, Richesse Logistics (Fangcheng Port) Co., Ltd. telah membayar sebesar RMB 70,57 juta (ekuivalen USD 10,09 juta) yang dicatat dalam akun aset dalam penyelesaian.

- 91 -

As of December 31, 2008, Richese Logistics (Fangcheng Port) Co., Ltd, has paid RMB 70.57 million (USD 10.09 million), which is included under the construction in progress account.





40.

DALAM

40. MONETARY ASSETS AND LIABILITIES DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2008 dan 2007, Perusahaan dan anak perusahaan PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama dan PT Bayu Lestari Tanaya mempunyai aset dan kewajiban moneter dalam mata uang asing sebagai berikut:

At December 31, 2008 and 2007, the Company and its subsidiaries, PT Banyu Laju Shipping, PT Brotojoyo Maritime, PT Buana Listya Tama, PT Bayu Lestari Tanaya had monetary assets and liabilities in foreign currencies as follows:

ASET DAN KEWAJIBAN MATA UANG ASING

MONETER

2008

Aset Kas dan setara kas

Investasi tersedia untuk dijual Piutang usaha - Pihak hubungan istimewa - Pihak ketiga

Ekuivalen Rupiah/ Equivalent to Rupiah' 000

Mata Uang Asing/ Foreign Currencies

USD SGD JPY EUR GBP USD

28.131.849 45.306 4.911.603 748.652 14.897 13.003.609

308.043.748 344.663 594.849 11.553.498 235.411 142.389.519

7.119.465 95.209 1.875.692 12.391.834 72.061.631

67.058.238 619.084 155.814 233.017.409 678.748.502

USD SGD USD JPY THB

1.358.185 4.185.716 12.332.061 6.485 -

14.872.131 31.842.250 135.036.066 786 -

1.905.051 127.732 4.155.036 665.516 1.393

12.387.364 1.203.110 39.136.279 55.284 389

Jumlah aset Kewajiban Hutang usaha - Pihak hubungan istimewa - Pihak ketiga

Hutang bank jangka panjang Hutang lain-lain Jumlah kewajiban Jumlah Aset Bersih

2007

Mata Uang Asing/ Foreign Currencies

644.912.921

USD SGD USD SGD JPY USD USD

8.128 70.917 3.559.432 3.805 138.167 33.414.834 13.000.000

89.000 539.493 38.975.777 28.941 16.750 365.892.437 142.350.000

1.032.381.473

20.619 4.076.422 56.702.857 13.000.000

Assets Cash and cash equivalents

Available-for-sale investments Trade accounts receivable - Related parties - Third parties

Total assets Liabilities Trade accounts payable - Related parties

194.206 38.395.817 534.084.212 122.447.000

Long-term bank loans Other accounts payable

547.892.398

695.121.235

Total liabilities

97.020.523

337.260.238

Net Assets

Pada tanggal 31 Desember 2008 dan 2007, kurs konversi yang digunakan sebagai berikut:

Mata Uang 1 Dollar Amer ika Serikat 1 Dollar Singapura 1 Dollar Hong Kong 1 Yen Jepang 1 Poundsterli ng Inggris 1 Baht Thailand

Ekuivalen Rupiah/ Equivalent to Rupiah' 000

The conversion rates used by the Company and its subsidiaries on December 31, 2008 and 2007 were as follows:

2008 Rp

2007 Rp

10.950,00 7.607,36 1.412,89 121,23 15.802,51 315,29

9.419,00 6.502,38 1.027,95 83,07 18.804,11 279,00

- 92 -

- Third parties

Foreign Currency USD 1 SGD 1 HKD 1 JPY 1 GBP 1 THB 1





41.

PERISTIWA NERACA

PENTING

SETELAH

TANGGAL

a. Pada tanggal 2 Januari 2009, sisa fasilitas kredit

41. SUBSEQUENT EVENTS a.

On January 2, 2009, the remaining USD 50 million credit facility from DnB NOR Bank, ASA, and NIBC Bank Ltd (Note 12a) was further increased to USD 75 million with Fortis Bank N.V. as additional lender. The loan was paid in full on March 2009 (Note 12a).

b.

On January 20, 2009, a subsidiary obtained a secured term loan facility from DVB Group Merchant Bank (Asia) Ltd. with a maximum credit USD 25 million. The loan is secured by a registered mortage over the subsidiary’s vessel (M.T. Trirasa and M.T. Tridonawati) and guarantee by the Company. The facility shall be reduced quarterly by USD 1,094 thousand and shall be repaid in its entirety 12 months from the first Utilization Date.

c.

On December 17, 2008, a subsidiary obtained a secured Junior Term Loan Facility from Mount Gede LLC with a maximum credit of USD 25 million. The loan is secured by a registered mortgage over the subsidiaries vessels and a guarantee by the Company. The facility shall be reduced by an amount of USD 5 million on the first repayment date and shall be repaid in its entirety on or before December 31, 2009.

dari DnB NOR Bank, ASA dan NIBC Bank Ltd. (Catatan 12a) telah meningkat menjadi USD 75 juta dengan Fortis Bank (Nederland) N.V. sebagai kreditur baru. Seluruh pinjaman sebesar USD 75 juta telah dilunasi seluruhnya pada bulan Maret 2009 (Catatan 12a) .

b. Pada tanggal 20 Januari 2009, anak perusahaan memperoleh secured term loan facility dari DVB Group Merchant Bank (Asia) Ltd. dengan jumlah kredit maksimum USD 25 juta. Pinjaman ini dijamin Perusahaan dan kapal anak perusahaan (M.T. Trirasa dan M.T. Tridonawati). Fasilitas ini akan menurun setiap 3 bulan senilai USD 1.094 ribu dan akan dibayarkan secara keseluruhan dalam 12 bulan dari tanggal pertama kalinya penggunaan fasilitas ini.

c. Pada

tanggal 17 Desember 2008, anak perusahaan memperoleh pinjaman secured junior term-loan facility dari Mount Gede LLC dengan jumlah maksimum sebesar USD 25 juta. Pinjaman ini dijamin dengan kapal anak perusahaan dan Perusahaan. Fasilitas ini akan menurun sebesar USD 5 juta pada saat cicilan pertama kali dibayar dan akan dibayarkan seluruhnya pada/atau sebelum tanggal 31 Desember 2009.

In January 2009, USD 20 million has been utilized from the loan facility.

Pada bulan Januari 2009, fasilitas ini telah digunakan sebesar USD 20 juta. menyetujui untuk meninjau kembali fasiltas kredit investasi dan memperpanjang fasilitas kredit modal kerja Perusahaan. Sebagai hasilnya, komposisi hutang Perusahaan terdiri dari:

In February 2009, Bank UOB Indonesia approved to review the Investment Credit Facility and extend the Working Capital Credit Facility of the Company. As a result, the new line of credit is composed of:

1)

Fasilitas Term Loan senilai USD 8.760 ribu akan dibayarkan dalam 10 kali cicilan triwulanan sebesar USD 360 ribu dan pada saat pembayaran cicilan terakhir senilai USD 5.160 ribu pada saat jatuh tempo yaitu bulan Oktober 2011.

1)

Term Loan Facility amounting to USD 8,760 thousand, payable in 10 quarterly installments of USD 360 thousand each and one last installment of USD 5,160 thousand upon its maturity in October 2011.

2) 2)

Fasilitas modal kerja adalah sebagai berikut: (a) Short Term Advance I sebesar USD 1,500 ribu yang termasuk dalam fasilitas Term Loan di atas, dan (b) Short Term Advance II sebesar Rp 150 miliar. Fasilitas ini akan jatuh tempo pada bulan Pebruari 2010.

Working Capital Credit Facility as follows: (a) Short Term Advance I amounting to USD 1,500 thousand within the Term Loan Facility above, and (b) Short Term Advance II amounting to Rp 150 billion. These facilities will be due February 2010.

d. Pada bulan Pebruari 2009, Bank UOB Indonesia

d.

Fasilitas pinjaman ini dijamin dengan kapal anak perusahaan (M.T. Anjani) dan piutang usaha atas pendapatan charter ke Pertamina dari kapal anak perusahaan tersebut.

e. Pada bulan Januari 2009, Perusahaan melunasi hutang bank dari PT Bank Mandiri Tbk (Catatan 12c).

- 93 -

These loan facilities are secured by a registered mortgage on certain subsidiary's vessel (M.T. Anjani) and the assignment of accounts receivable from Pertamina in respect of the vessel used as collateral. e.

In January 2009, the Company fully paid it’s loan from PT Bank Mandiri Tbk (Note 12c).





42.

43.

PENGARUH KRISIS KEUANGAN GLOBAL TERHADAP PERUSAHAAN DAN ANAK PERUSAHAAN

42. THE IMPACT OF GLOBAL FINANCIAL CRISIS TO THE COMPANY AND ITS SUBSIDIARIES

Pasar uang dan pasar modal global telah mengalami ketidakstabilan dan krisis kredit yang parah. Kemampuan pelanggan Perusahaan dan anak perusahaan untuk melanjutkan kegiatan usaha dan mempertahankan tingkat profitabilitas serta untuk membayar hutangnya pada saat jatuh tempo mungkin sangat tergantung pada efektivitas kebijakan fiskal dan tindakan lainnya yang dilakukan untuk mencapai pemulihan ekonomi, yang berada diluar kendali mereka.

The global financial and capital markets have experienced severe credit crunch and volatility. The ability of the Company’s and its subsidiaries’ customers to maintain operations and profitability and to pay their debts as they mature may be dependent to a large extent on the effectiveness of the fiscal measures and other actions, beyond their control, undertaken to achieve economic recovery.

Namun demikian, Perusahaan dan anak perusahaan sedapat mungkin memelihara sumber keuangan dan akses terhadap pendanaan dari bank dan kontrak jangka panjang dengan pelanggan dan pemasok pada area geografis dan industri yang berbeda.

Nevertheless, the Company and its subsidiaries maintains considerable financial resources and access to bank financing together with long term contracts with a number of customers and suppliers across diversified geographic areas and industries.

Manajemen memiliki ekspektasi yang wajar bahwa Perusahaan dan anak perusahaan akan dapat mengelola risiko usaha dengan baik walau dalam kondisi ekonomi yang tidak pasti saat ini dan manajemen berkeyakinan bahwa Perusahaan dan anak perusahaan memiliki sumberdaya yang cukup untuk terus menjalankan operasional Perusahaan dalam masa mendatang. Oleh karena itu, dasar kelangsungan usaha tetap digunakan sebagai dasar penyusunan laporan keuangan konsolidasi.

The management has a reasonable expectation that the Company and its subsidiaries are well placed to manage its business risks successfully despite the current uncertain economic outlook and believes that the Company and its subsidiaries have adequate resources to continue in operational existence for the foreseable future. Accordingly, they continue to adopt the going concern basis in preparing the consolidated financial statements.

PERSETUJUAN KONSOLIDASI

LAPORAN

KEUANGAN

43.

Laporan keuangan konsolidasi dari halaman 3 sampai dengan 94 telah disetujui Direksi Perusahaan untuk diterbitkan tanggal 19 Maret 2009.

********

- 94 -

APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements on pages 3 to 94 were approved by the Company’s Directors and authorized for issue on March 19, 2009.

INDEPENDENT Auditor’s Report Laporan Auditor Independen

108


ANNUAL REPORT 2008

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007 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, 2008 and 2007 and for the years then ended Consolidated Balance Sheets

3

Consolidated Statements of 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 BALANCE SHEETS DECEMBER 31, 2008 AND 2007

Notes

December 31, 2008 2007 US$'000 US$'000

ASSETS NON-CURRENT ASSETS Property, vessels and equipment - net Deferred charges and security deposits Goodwill Investments in associates Derivative financial instruments Restricted cash Advances for the purchase of property, vessels and equipment

6 6 7 8 24 42

Total Non-current Assets CURRENT ASSETS Inventories Trade accounts receivable Other accounts receivable Prepaid expenses and taxes Advances Available-for-sale investments Cash

9 10 6 11 12

Total Current Assets TOTAL ASSETS


-3-

1,982,260 22,707 75,739 273 -

1,891,626 1,397 84,286 20,716 132 29,200 840

2,080,979

2,028,197

12,786 96,674 4,667 9,332 6,650 129,386 65,250

12,626 75,669 2,788 9,557 1,637 72,297 210,315

324,745

384,889

2,405,724

2,413,086

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED BALANCE SHEETS DECEMBER 31, 2008 AND 2007 (Continued)

Notes

December 31, 2008 2007 US$'000 US$'000

EQUITY AND LIABILITIES EQUITY Share capital Additional paid-in capital Treasury stocks Share of changes in associates' equity Translation adjustment Net unrealized gain (loss) on available-for-sale investments Revaluation reserve Retained earnings

13 14 15 8 11 16

Total Equity NON-CURRENT LIABILITIES Long-term liabilities - net of current maturities Bank loans Bonds payable Notes payable Obligations under finance lease Other long-term payable Deferred income Post-employment benefits Convertible bonds Derivative financial instruments

17 18 19 20 21 6 22 23 24

Total Non-current Liabilities CURRENT LIABILITIES Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities Dividends payable Taxes payable Accrued expenses Unearned revenue Current maturities of long-term liabilities Bank loans Bonds payable Obligations under finance lease Other long-term payable

24 25 26 6 27 28

17 18 20 21

Total Current Liabilities TOTAL EQUITY AND LIABILITIES See accompanying notes to consolidated financial statements which are an integral part of the consolidated financial statements.

-4-

62,191 65,000 (86,628) 398 (1,865) 234,454 395,774

59,348 61,019 (86,628) (4,158) (91) 2,140 208,571 335,025

669,324

575,226

716,993 81,528 132,000 155,376 12,409 2,266 2,922 36,250 145,199

602,615 94,607 345,667 86,005 13,000 2,276 128,541 14,367

1,284,943

1,287,078

30,784 176,589 17,346 2,677 489 1,606 34,636 644

6,386 298,851 15,417 6,651 552 2,460 31,533 3,775

97,943 88,152 591

84,880 42,349 57,928 -

451,457

550,782

2,405,724

2,413,086

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED DECEMBER 31, 2008 AND 2007

Notes

Years ended December 31, 2008 2007 US$'000 US$'000

Operating Revenues

29

723,682

398,643

Voyage Expenses

30

(232,665)

(103,790)

Operating Revenues after Voyage Expenses

491,017

294,853

Charter Expenses

(36,954)

(29,530)

Vessel depreciation and ship operating expenses Ship operating expenses

31

(107,809)

(72,182)

Vessel depreciation

6

(128,602)

(74,347)

(236,411)

(146,529)

217,652

118,794

(35,485)

(21,970)

182,167

96,824

Gross Profit General and Administrative

32

Income before financial and other items Net financial and other items Finance costs

33

(282,049)

(69,278)

Investment income

34

16,367

11,815

Share in losses of associates

8

(18,524)


35

127,947

38,437

(156,259)

(19,050)

25,908

77,774

Income Before Tax Tax Expense

27

Profit for the Year Earnings (Loss) Per Share (in full amounts) Basic Diluted

36 36


-5-

(1,016)

(24)

(996)

24,892

76,778

0.0060 (0.0148)

0.0201 0.0180



13,14 37 37

2,843

62,191

-

-

Transfer to retained earnings Issuance of shares through exercise of warrants Dividends Appropriation for general reserve

-

11

Total recognized income and expenses

Net income (expense) recognized directly in equity Realized loss on available-for-sale investments Profit for the year

11

6

59,348 -

Balance as of January 1, 2008

10

Translation adjustment Net revaluation during the year Share of changes in associates' equity Unrealized loss on available-for-sale investments

-

-

14,15

8 13,14 37 37

-

15

Acquisition of treasury stocks Issuance of treasury stocks from conversion of bonds Transfer to retained earnings Share of changes in associates' equity Issuance of shares through exercise of warrants Dividends Appropriation of general reserve

-

11

6 11

59,338 -

Subscribed and paid-up capital stock US$'000

Total recognized income and expenses

Net income (expense) recognized directly in equity Realized gain on available-for-sale investments Profit for the year

Balance as of January 1, 2007 Translation adjustment Net revaluation during the year Unrealized gain on available-for-sale investments

Notes

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY DECEMBER 31, 2008 AND 2007

-

-

-

-

-

-

-

-

-

-

-

65,000

3,981

61,019

14

938

60,067

Additional paid-in capital US$'000

2,489

(86,628)

-

-

-

-

(86,628)

-

(61,928)

-

-

(27,189) -

Treasury stock US$'000

4,158

4,158

4,158

-6-

-

-

-

-

-

(4,158)

(4,158) -

-

-

-

-

Share of changes in associates' equity US$'000

-

-

-

-

-

-

-

-

-

-

-

(25)

25

Option premium on convertible bonds US$'000

-

-

-

-

-

-

(1,865)

(4,005)

(1,865) (2,140) -

(1,865)

2,140

2,072

2,140 (68)

2,140

68

Net unrealized gain (loss) on available-for-sale investments US$'000

-

-

-

-

-

-

-

398

489

489

489

(91)

(82)

(82)

(9) (82)

Translation adjustment US$'000

234,454

(58,733) -

84,616

84,616 -

84,616 -

208,571

(20,020) -

-

58,276

58,276 -

170,315 58,276 -

Revaluation reserve US$'000

-

-

-

-

-

-

-

-

-

20,020

76,778

76,778

24,892

389,876

5,898

58,733

24,892

551

-

-

329,678

(16,367) (36)

-

-

-

249,283 -

(22,876) (551)

5,347

36

5,311

Retained earnings Appropriated Unappropriated US$'000 US$'000

669,324

6,824 (22,876) -

-

110,150

87,398 (2,140) 24,892

489 84,616 4,158 (1,865)

575,226

3,402 (4,158) 24 (16,367) -

(61,928)

137,044

60,334 (68) 76,778

517,209 (82) 58,276 2,140

Total equity US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED DECEMBER 31, 2008 AND 2007 December 31, 2008 2007 US$'000 US$'000 CASH FLOWS FROM OPERATING ACTIVITIES Cash receipts from customers Cash paid to suppliers and employees Interest paid Profit sharing paid Income tax paid Receipts from insurance claim Net Cash Provided by 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 Security deposit on vessels leased back Return of capital from investment in associate Interest received Decrease in advances for the purchase of property, vessels and equipment Acquisition of subsidiary Receipts from other long-term receivables Decrease in security deposits

711,176 (417,466) (129,919) (3,616) (2,737) 809

390,678 (264,476) (42,537) (1,533) (995) -

158,247

81,137

351,549 228,839 (402,148) (407,877) (22,195) 8,400 5,871

217,765 59,030 (237,167) (825,055) 14,365

840 138 -

(271,078) 2,805 157

Net Cash Used in Investing Activities

(236,583)

(1,039,178)

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from bank loans Payments of bank loans Payments of bond payable Payment of obligations under finance lease Dividends paid Proceeds from exercise of warrants Net proceeds from issuance of notes payable Net proceeds from issuance of convertible bonds Net proceeds from bonds payable Purchase of treasury stock

285,337 (288,519) (42,644) (34,313) (22,941) 6,824 -

923,470 (388,707) (17,464) 23 392,880 122,781 98,648 (61,928)

Net Cash Provided by (Used in) Financing Activities NET INCREASE (DECREASE) IN CASH EFFECT OF EXCHANGE RATE CHANGES ON CASH

(96,256)

1,069,703

(174,592)

111,662

327

RECLASSIFICATION OF RESTRICTED CASH CASH AT BEGINNING OF YEAR CASH AT END OF YEAR


-7-

416

29,200

-

210,315

98,237

65,250

210,315

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 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 2008, the articles of association of the Company have been amended as stated in notarial deed No. 1 dated August 6, 2008, of Amrul Partomuan Pohan S.H., LLM, notary in Jakarta, to amend the scope of its business activities and to conform with Law No. 40 year 2007 on Limited Liability Companies. Such amendments were approved by the Minister of Law and Human Rights of the Republic of Indonesia in his decision letter No. AHU-0074870.AH.01.09 dated August 25, 2008. The Company is domiciled in Jakarta and has two branches in Merak and Dumai, and representative offices in China, United Arab Emirates and Taiwan. Its head office is located at Wisma BSG, 10th 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 Supervisory Agency (Bapepam) (currently the Capital Market and Financial Institutions Supervisory Agency or Bapepam-LK) in his letter No. S-109A/PM/1993 for its Rights Issue I to the stockholders totaling 29,400,000 shares at a price of Rp 1,600 per share. These shares were listed on the Jakarta and Surabaya stock exchanges (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 in his letter No. S-2966/PM/1997 for its Rights Issue II to stockholders totaling to 305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. The holders of warrants can exercise the right to purchase from July 16, 1998 to January 20, 2003. Based on notarial deed No. 32 dated October 17, 2002 of Amrul Partomuan Pohan, S.H., LLM, notary public in Jakarta, the Company decided to extend the period of warrants for five (5) years until January 18, 2008. If the warrants are not exercised during this period, the warrants will expire and will have no value. The shares were listed on the Jakarta and Surabaya stock exchanges on January 16, 1998. The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004 thus, the warrants’ exercise price since 2005 became Rp 150 per share. On December 18, 2000, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-3690/PM/2000 for its Rights Issue III to stockholders totaling 61,152,000 shares. The Company issued 53,958,150 new common shares with a nominal value of Rp 500 per share at a price of Rp 1,100 per share. On May 12, 2003, the Company obtained the notice of effectivity from the Chairman of Bapepam in his letter No. S-1006/PM/2003 for its public offering of Berlian Laju Tanker II Bonds year 2003 and Syari’ah Mudharabah Bonds totaling Rp 400 billion. On December 14, 2005, BLT Finance Corporation, a subsidiary, offered 1.25% guaranteed convertible bonds with a principal value of US$ 50 million. These convertible bonds were registered on the Singapore Exchange Securities Trading Limited (SGX-ST). On September 22, 2006, the Company obtained the eligibility to list all of the Company’s shares on the SGX-mainboard based on letter No. RMR/IR/YCH/260407 from the SGX-ST. In connection with the Company’s listing of shares, the Company also amended certain provisions of its Articles of Association as approved by the shareholders in their Extraordinary Shareholders Meeting held on September 11, 2006.

-8-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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. As of December 31, 2008, 4,589,281,176 issued shares have been listed on the stock exchanges in Indonesia and Singapore. 2.

ADOPTION OF NEW AND REVISED STANDARDS In the current year, the following amendments and interpretations have become effective: IAS 39 and IFRS 7

Reclassification of Financial Assets

IFRIC 11

IFRS 2 – Group Treasury Share Transactions

IFRIC 12

Service Concession Arrangements

IFRIC 14

IAS 19 – The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

The adoption of the above amendments and interpretations did not have any significant impact on the Company and its subsidiaries. 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: Effective for accounting periods beginning on or after:

Description x

Improvements to IFRSs

1 January 2009 except for the amendment to IFRS 5 Non-current Assets Held for Sale and Discontinued Operations

x

Amendments to IFRS 1 First-time Adoption of IFRSs and IAS 27 Consolidated and Separate Financial Statements – Cost of an Investment in a Subsidiary, Jointly Controlled Entity or Associate

1 January 2009

x

Amendments Payment – Cancellations

to IFRS 2 Share-based Vesting Conditions and

1 January 2009

x

Amendments to IAS 32 Financial Instruments: Presentation and IAS 1 Presentation of Financial Statements – Puttable Financial Instruments and Obligations Arising on Liquidation

1 January 2009

-9-

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Effective for accounting periods beginning on or after:

Description x

Amendments to IAS 39 Financial Instruments: Recognition and Measurement – Eligible Hedged Items

1 July 2009

x

Amendments to IFRS Instruments: Disclosures

1 January 2009

x

Amendments to IFRIC 9 Reassessment of Embedded Derivatives and IAS 39 Financial Instruments: Recognition and Measurement

30 June 2009

x

IFRS 3 (Revised) Business Combinations

1 July 2009

x

IFRS 8 Operating Segments

1 January 2009

x

IAS 1 (Revised) Presentation of Financial Statements

1 January 2009

x

IAS

1 January 2009

x

IAS 27 (Revised) Consolidated Separate Financial Statements

x

IFRIC 13 Customer Loyalty Programmes

1 July 2008

x

IFRIC 15 Agreements for the Construction of Real Estate

1 January 2009

x

IFRIC 16 Hedges of a New Investment in a Foreign Operation

1 October 2008

x

IFRIC 17 Distribution of Non-Cash Assets to Owners

1 July 2009

x

IFRIC 18 Transfers Customers

1 July 2009

7

Financial

23 (Revised) Borrowing Costs

of

Assets

and

from

1 July 2009

The adoption of IAS 1 (Revised) on January 1, 2009 may affect the presentation of the consolidated financial statements, and the adoption of IFRS 3 (Revised) may affect the accounting for business combination for which acquisition date is on or after July 1, 2009. IAS 27 (Revised) may affect the accounting treatment for future changes in the Company’s ownership interest in a subsidiary. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 3.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES a. Statements of Compliance and Basis of Preparation The consolidated financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) in relation to the Company’s listing of equity securities on the SGX-ST. Such IFRS consolidated financial statements have been prepared on the historical cost basis, except for the revaluation of vessels and certain financial instruments. Further, such IFRS consolidated financial statements are presented in US Dollars, which is the currency of the primary economic environment in which the Company and the majority of its subsidiaries operate (their functional currency). b. Principles of Consolidation The consolidated financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control is achieved where the Company has the power to govern the financial and operating policies of an investee entity so as to obtain benefits from its activities. The results of operations of subsidiaries acquired or disposed of during the years presented are included in the consolidated income statement from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used in-line with those used by the Company. All intra-company transactions, balances, income and expenses are eliminated on consolidation. c. Business Combinations Acquisitions of subsidiaries and businesses are accounted for using the purchase method. The cost of the business combination is measured as the aggregate of the fair values (at the date of exchange) of assets given, liabilities incurred or assumed, and equity instruments issued by the Company and its subsidiaries in exchange for control of the acquiree, plus any costs directly attributable to the business combination. The acquiree’s identifiable assets, liabilities and contingent liabilities that meet the conditions for recognition under IFRS 3 Business Combinations are recognised at their fair values at the acquisition date, except for non-current assets (or disposal groups), if any, that are classified as held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations, which are recognised and measured at fair value less costs to sell. Goodwill arising on acquisition is recognised as an asset and initially measured at cost, being the excess of the cost of the business combination over the Company and its subsidiaries’ interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised. If, after reassessment, the Company and its subsidiaries’ interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess is recognised immediately in profit or loss. d. Investments in Associates An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor an interest in a joint venture. Significant influence, is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) The results of operations and assets and liabilities of associates are incorporated in these financial statements using the equity method of accounting except when classified as held for sale, in which case it is accounted for in accordance with IFRS 5 “Noncurrent Assets Held for Sale and Discontinued Operations”. Under the equity method, investments in associates are carried in the consolidated balance sheet at cost as adjusted for post-acquisition changes in the Company’s share in the net assets of the associate, less any impairment in the value of individual investments. Losses of the associates in excess of the Company’s interest in those associates are not recognized, unless the Company has incurred legal or constructive obligations or made payments on behalf of the associate. Any excess of the cost of acquisition over the Company’s share in the fair values of the identifiable net assets of the associates at the date of acquisition is recognized as goodwill. Goodwill is included within the carrying amount of investment and is assessed for impairment as part of the investment. Any excess of the Company’s share in the fair values of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized in profit and loss in the year of acquisition. Where the Company or its subsidiaries transact with an associate of the Company, profits and losses are eliminated to the extent of the Company’s interest in the relevant associate. Losses may provide evidence of an impairment of the asset transferred in which case appropriate provision is made for impairment. e. Segment Information Segment information is prepared using the accounting policies adopted for preparing and presenting the consolidated financial statements. The primary format in reporting segment information is based on business segment, while secondary segment information is based on geographical segment. A business segment is a distinguishable component of an enterprise that is engaged in providing an individual product or service or a group related products or services and that is subject to risks and returns that are different from those of other business segments. A geographical segment is a distinguishable component of an enterprise that is engaged in providing products or services within a particular economic environment and that is subject to risks and returns that are different from those of components operating in other economic environments. Assets and liabilities that relate jointly to two or more segments are allocated to their respective segments, if and only if, their related revenues and expense are also allocated to those segments. f.

Foreign Currency Transactions and Translation Functional and presentation currency The individual financial statements of each of the consolidated entities are presented in the currency of the primary economic environment in which the entity operates (its functional currency). For the purpose of the consolidated financial statements, the results and financial position of each entity are expressed in US Dollar, which is the Company’s functional currency and presentation currency of the consolidated financial statements.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency are recorded at the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the consolidated statements of income, except when deferred in equity as qualifying cash flow hedges and qualifying net investment hedges. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Translation differences on non-monetary financial assets and liabilities held at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss. Translation differences on non-monetary financial assets classified as available-for-sale are included in the fair value reserve in equity. Group Companies The results and financial position of all the entities (none of which has the currency of a hyper inflationary economy) that have a functional currency different from the group presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each balance sheet presented are translated at the closing rate at balance sheet date; (ii) income and expenses for each income statement are translated at average exchange rates (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions); (iii) all resulting exchange differences are recognized as a separate component of equity. On consolidation, exchange differences arising from the translation of the net investment in foreign operations are taken to shareholders’ equity. When a foreign operation is sold, exchange differences that were recorded in equity are recognized in the income statement as part of the gain or loss on sale. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. g. Property, Vessels and Equipment Vessels Vessels are stated at their revalued amount, being the fair value at the date of revaluation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are performed with sufficient regularity such that the carrying amount does not differ materially from that which would be determined using fair values at the balance sheet date. Depreciation of vessels is calculated on a straight line basis over the estimated useful life of the vessels between 5 – 25 years. Any revaluation increase arising on the revaluation of such vessels is credited to vessels revaluation reserve in the equity section, except to the extent that it reverses a revaluation decrease, for the same asset which was previously recognized in profit or loss, in which case the increase is credited to profit and loss to the extent of the decrease previously charged. A decrease in carrying amount arising on the revaluation of such vessels is charged to profit or loss to the extent that it exceeds the balance, if any, held in the vessels revaluation reserve relating to a previous revaluation of such vessels.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Depreciation on revalued vessels is charged to profit or loss. On subsequent sale or retirement of a revalued vessel, the attributable revaluation surplus remaining in the vessels revaluation reserve is transferred directly to retained earnings. A transfer is made from revaluation reserve to retained earnings equivalent to the difference between depreciation based on revalued carrying amount of the vessels and depreciation based on the vessels’ original cost. Vessels in the course of construction are carried at cost less any impairment loss. 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. The vessels’ residual values and estimated useful lives are reviewed at each balance sheet date, with the effect of any changes in estimate accounted for on a prospective basis. The gain or loss arising on sale or retirement of vessels is determined as the difference between the sales proceeds and carrying amount of the vessel and is recognized in profit or loss. Dry docking cost Included in the balance of property, vessels and equipment is dry docking cost which is capitalized when incurred and is amortized on a straight line basis over the period to the next dry docking. Property and Equipment Property and equipment are stated at cost less accumulated depreciation and any impairment in value. Depreciation is calculated on a straight-line basis over the estimated useful life of the asset as follows: Years Buildings and premises Transportation equipment Office furniture and fixtures Office and dormitory equipment

20 5 5 5

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 used 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 (CIP) is stated at cost, which includes the progress billing paid in accordance with the construction contracts. Construction in progress is transferred to the respective property and equipment account when completed and ready for use. Depreciation begins when the property and equipment become available for use. The carrying values of property and equipment are reviewed for impairment when events or changes in circumstances indicate that the carrying values may not be recoverable.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the item) is included in the consolidated statements of income in the year the item is derecognized. The asset’s residual values, useful lives and depreciation method are reviewed at each balance sheet dates, with the effect of any changes in accounting estimate accounted for on a prospective basis. h. Goodwill Goodwill represents the excess of the cost of acquisition over the Company’s interest in the fair value of the identifiable assets, liabilities and contingent liabilities at the date of acquisition. Goodwill is initially recognized as an asset at cost and is subsequently measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill is allocated to each of the Company and its subsidiaries’ cash-generating units expected to benefit from the synergies of the combination. Cash-generating units to which goodwill has been allocated are tested for impairment annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit. An impairment loss recognized for goodwill is not reversed in a subsequent period. On disposal of a subsidiary, associate or jointly controlled entity, the attributable amount of goodwill is included in the determination of the profit or loss on disposal. i.

Inventories Inventories are stated at cost or net realizable value, whichever is lower. Cost is determined using the first-in, first-out method.

j.

Prepaid Expenses Prepaid expenses are amortized over their beneficial periods using the straight-line method.

k. Post-Employment Benefits The Company provides defined post-employment benefits to its employees in accordance with Indonesian Labor Law No. 13/2003. No funding has been made to this defined benefit plan. The cost of providing post-employment benefits is determined using the Projected Unit Credit Method. The accumulated unrecognized actuarial gains and losses that exceed 10% of the present value of the Company’s defined benefit obligations is recognized on straight-line basis over the expected average remaining working lives of the participating employees. Past service cost is recognized immediately to the extent that the benefits are already vested, or otherwise amortized on a straight-line basis over the average years until the benefits become vested. The post-employment benefits obligation recognized in the consolidated balance sheets represent the present value of the defined benefit liability, as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) l.

Taxation Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is based on taxable profit for the year. The Company and the subsidiaries’ liability for current tax is calculated using tax rates that have been enacted or substantively enacted at the balance sheet date. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, except for those differences between the carrying amounts of assets and liabilities subject to final tax, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are recognized for deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the temporary difference arises from goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax liabilities are recognized for taxable temporary differences arising on investment in subsidiaries and associates except when the Company is able to control the reversal of the temporary differences and it is probable that the temporary differences will not reverse in the foreseeable future. The carrying amount of deferred tax asset is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the liability is settled or the asset realized. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company and subsidiaries expect, at the reporting date, to recover or settle the carrying amount of their assets and liabilities. Deferred tax is charged or credited in the consolidated statement of income, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also charged or credited directly to equity. Deferred tax assets and liabilities are offset in the consolidated balance sheet when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and management intends to settle the current tax assets and current tax liabilities on a net basis. Tax expense on revenues from vessels subject to final tax is recognized proportionately based on the revenue recognized in the current year. The difference between the final tax paid and current tax expense in the consolidated statement of income is recognized as prepaid tax or tax payable. Prepaid final tax is presented separately from final tax payable. Deferred tax is not recognized for the differences between the financial statements carrying amount of assets and liabilities related to revenues subject to final tax and their respective tax bases.

m. Financial Instruments Financial assets and financial liabilities are recognized on the consolidated balance sheet when the Company or its subsidiaries become parties to the contractual provision of the instrument.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Financial assets Available-for-Sale Investments Short-term investments categorized as available-for-sale are recognized and derecognized on a trade date basis where the purchase or sale of an investment is under a contract whose terms require delivery of the investment within a time frame established by the market concerned, and are initially measured at fair value, plus directly attributable transaction costs. At subsequent reporting dates, available-for-sale investments are stated at fair value. Gains and losses arising from changes in fair value are recognized directly in equity, until the security is disposed of or is determined to be impaired, at which time the cumulative gain or loss previously recognized in equity is included in the profit or loss for the year. Trade and Other Accounts Receivables Trade and other accounts receivables are measured at initial recognition at fair value, and are subsequently measured at amortized cost using the effective interest method. Cash Cash comprise of cash on hand and in banks and all unrestricted time deposits with maturity of three months or less and are subject to an insignificant risk of change in value. Impairment of Financial Assets Financial assets, other than those carried at fair value through profit and loss, are assessed for indicators of impairment at each balance sheet date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted. For financial assets carried at amortized cost, the amount of the impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of trade receivables where the carrying amount is reduced through the use of an allowance account. When a trade receivable is uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in profit or loss. Financial Liabilities and Equity Instruments Financial liabilities and equity instruments of the Company and its subsidiaries are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and equity instrument. The accounting policies adopted for specific financial liabilities are set out below. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Financial Liabilities Financial liabilities are classified as either financial liabilities at fair value through profit and loss (FVTPL) or other financial liabilities.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Financial liabilities at fair value through profit and loss Financial liabilities at FVTPL has two subcategories, including financial liabilities held for trading and those designated as at FVTPL on initial recognition. A financial liability is classified as held for trading if: x x x

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: x x

x

Such designation eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise: or The financial liability forms part of a group of financial assets or financial liabilities or both, which is managed and its performance is evaluated on a fair value basis, in accordance with the Company and its subsidiaries’ documented risk management or investment strategy, and information about the grouping is provided internally on that basis: or It forms part of a contract containing one or more embedded derivatives, and IAS 39 Financial Instruments: Recognition and Measurement, permits the entire combined contract (asset or liability) to be designated as at FVTPL.

At each balance sheet 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. Convertible Bonds The convertible bonds due 2012 is considered a hybrid instrument containing a debt host contract and embedded derivatives. At the time of issue, the convertible bonds were designated as fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Notes Payable At the time of issue, the Notes Payable were designated at fair value through profit and loss with any resultant gain or loss recognized in profit or loss. Fair values are determined with reference to quoted market prices. Derivative Financial Instruments Derivative financial instruments are initially measured at fair value on the contract date, and are remeasured to fair value at subsequent reporting dates. Changes in the fair value of derivative financial instruments are recognized in profit or loss as they are not designated and do not qualify for hedge accounting. Derivatives embedded in other financial instruments or other non-financial host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contract and the host contract is not carried at fair value with 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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. Derecognition of Financial Instruments A financial asset is derecognized only when the contractual rights or obligations to the cash flows from the asset expires or extinguishes or is discharged and when substantially all risks and rewards of ownership of the asset are transferred to a third party. A financial liability is derecognized when, and only when, the obligation is discharged, cancelled or expired. A substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. n. Revenue and Expense Recognition Revenue from freight operations is recognized as income by reference to the percentage of completion of the voyage as at balance sheet date. Unearned revenue received is recognized as liability. Time charter revenue is recognized on accrual basis evenly over the terms of the time charter agreements. Voyage freight is recognized evenly over the duration of each voyage. Revenues from agency services and storage services are recognized when the services are rendered to customers. Interest income on interest-bearing instruments is recognized on a time basis by reference to the principal amount outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount. Expenses are recognized when incurred. o. Leasing Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee. All other leases are classified as operating leases. The Company or its Subsidiaries as Lessor Rental income from operating leases is recognized on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized on a straight-line basis over the lease term. The Company or its Subsidiaries as Lessee Assets held under finance leases are initially recognised as assets of the Company or subsidiaries at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the consolidated balance sheet as a finance lease obligation. Lease payments are apportioned between finance charges and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are charged directly to profit or loss. Contingent rentals are recognised as expenses in the periods in which they are incurred. Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight-line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Sale and Leaseback Assets sold under a sale and leaseback transaction are accounted for as follows: If the sale and leaseback transaction results in a finance lease, any excess of sales proceeds over the carrying amount of the asset is deferred and amortized over the lease term. If the sale and leaseback transaction results in an operating lease, and it is clear that the transaction is established at fair value, any profit or loss is recognized immediately. If the sale price is below fair value, any profit or loss is recognized immediately except that, if the loss is compensated for by future lease payments at below market price, it shall be deferred and amortized in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is deferred and amortized over the period for which the asset is expected to be used. For operating leases, if the fair value at the time of a sale and leaseback transaction is less than the carrying amount of the asset, a loss equal to the amount of the difference between the carrying amount and fair value is recognized immediately. For finance leases, no such adjustment is necessary unless there has been an impairment in value, in which case the carrying amount is reduced to recoverable amount. p. Finance cost Interest expense and similar charges are expensed in the year when they are incurred. q. Earnings per Share Basic earnings per share is computed by dividing profit for the year by the weighted average number of shares outstanding during the year. Diluted earnings per share is computed by dividing profit for the year by the weighted average number of shares outstanding as adjusted for the effect of all dilutive potential ordinary shares. r.

Impairment of Tangible Assets At each balance sheet date, the Company and its subsidiaries review the carrying amounts of their tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of an individual asset, the Company and its subsidiaries estimate the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of the fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of the asset or cash-generating unit is estimated to be less than its carrying amount, the carrying amount of the asset or cash-generating unit is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Where an impairment loss subsequently reverses, the carrying amount of the asset (cashgenerating unit) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase. s. Provisions Provisions are recognized when the Company and its subsidiaries have a present obligation (legal or constructive) as a result of a past event, it is probable that the Company and its subsidiaries will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if 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 during the year. 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 gain on sale of vessels of US$ 47,419 thousand. In making its judgment, management considered the criteria set out in IAS 17, and in particular the transfer of risks and rewards incidental to ownership of the vessels. Following a detailed analysis of the transactions, 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 is appropriate. Key sources of estimation uncertainty The key assumptions concerning the future, and other key sources of estimation uncertainty at the balance sheet date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are discussed below.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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, 2008 and 2007 amounted to US$ 1,886 million and US$ 1,826 million, respectively. Management depreciates vessels on a straight-line basis over a vessel’s estimated useful life of 25 years, from the date the vessel was originally delivered from the shipyard, or a shorter period if regulations prevent management from operating the vessels to 25 years. In the shipping industry, the use of the 25-year vessel life has become the prevailing standard. However, the actual life of a vessel may be different, with a shorter life potentially resulting in an impairment loss. 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 financial turmoil 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, 2008 and 2007 amounted to US$ 75,739 thousand and US$ 84,286 thousand, respectively (Note 7). 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.

- 22 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 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 Maritime Inc.

1.1.2. 1.1.3.

Zona Overseas International Shipping S.A. Wigati Maritime S.A.

1.1.4.

Kunti Maritime Pte. Ltd.

Singapore

1.1.5.

Jembawati Maritime Pte. Ltd.

Singapore

1.1.6.

Tirtasari Maritime Pte. Ltd.

Singapore

1.1.7.

Pergiwo Navigation Pte. Ltd.

Singapore

1.1.8.

Fatmarini Maritime Pte. Ltd.

Singapore

1.1.9.

Harsanadi Maritime Pte. Ltd.

Singapore

1.1.10.

Hartati Maritime Pte. Ltd.

Singapore

1.1.11.

BLT Finance Corporation

1.1.12.

Pujawati Maritime Pte. Ltd.

British Virgin Islands Singapore

1.1.13.

Pertiwi Maritime Pte. Ltd.

Singapore

1.1.14.

Anggraini Maritime Pte. Ltd.

Singapore

1.1.15.

Emerald Maritime Pte. Ltd.

Singapore

1.1.16. 1.1.17.

BLT Finance B.V. Tridonawati Maritime Corporation

1.1.18.

Purbasari Maritime Pte. Ltd.

Singapore

1.1.19.

Tridonawati Maritime Pte. Ltd.

Singapore

1.1.20.

Trirasa Maritime Pte. Ltd.

Singapore

1.1.21.

Pramoni Maritie Pte. Ltd.

Singapore

1.1.22.

Harsanadi Shipping Pte. Ltd.

Singapore

1.1.23.

Hartati Shipping Pte. Ltd

Singapore

1.1.24.

Frabandari Shipping Pte. Ltd.

Singapore

1.1.25.

Fatmarini Shipping Pte. Ltd.

Singapore

1.1.26.

Nogogini Shipping Pte. Ltd.

Singapore

1.1.27.

Nolowati Shipping Pte. Ltd.

Singapore

1.1.28.

Ratih Shipping Pte. Ltd.

Singapore

Panama Panama

The Netherlands Liberia

- 23 -

Type of Business

2008

2007

Investment holding Investment holding

100% 100%

100% 100%

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing

100%

100%

100%

100%

-

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100% 100%

100% 100%

100%

100%

100%

100%

100%

100%

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

100%

-

Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Financing Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 2.

Domicile

2.1.1.

Diamond Pacific International Corporation Diamond Pacific International Corporation Lenani Maritime Inc.

2.1.1.1.

Ontari Maritime Pte. Ltd.

Singapore

2.1.2. 2.1.3.

Averina Maritime S.A. Gandari Navigation Pte. Ltd.

Panama Singapore

2.1.4. 2.1.4.1. 2.1.4.1.1. 2.1.4.1.2. 2.1.4.1.3. 2.1.4.1.4. 2.1.4.1.5. 2.1.4.1.6. 2.1.4.1.7. 2.1.5.

GBLT Shipmanagement Pte. Ltd. GBLT Shipmanagement Ltd. Harsanadi Shipping Ltd. Hartati Shipping Ltd. Frabandari Shipping Ltd. Fatmarini Shipping Ltd. Nogogini Shipping Ltd. Nolowati Shipping Ltd. Ratih Shipping Ltd. Cendanawati Navigation Pte. Ltd.

2.1.6.

Frabandari Maritime Pte. Ltd.

Singapore

2.1.7. 2.1.8. 2.1.9.

Brotojoyo Maritime Pte. Ltd. Berlian Laju Tanker Pte. Ltd. Anjasmoro Maritime Pte. Ltd.

Singapore Singapore Singapore

2.1.10.

Gas Lombok Maritime Pte. Ltd.

Singapore

2.1.11.

Gas Sumbawa Maritime Pte. Ltd.

Singapore

2.2.

BLT LNG Tangguh Corporation

3. 3.1. 3.1.1.

Asean Maritime Corporation Gold Bridge Shipping Corporation Bauhinia Navigation S.A.

3.1.2.

Cempaka Navigation S.A.

3.1.3. 3.1.3.1 3.1.4.

Gold Bridge Shipping Ltd. BLT Shipping Shanghai Co. Ltd. Great Tirta Shipping S.A.

Hong Kong China Panama

3.1.4.1.

Dewayani Maritime Pte. Ltd.

Singapore

3.1.5.

Hopeway Marine Inc.

Panama

3.1.6.

Panama

3.1.6.1.

Lestari International Shipping S.A. Gandini Maritime Pte. Ltd.

3.1.7.

Quimera Maritime S.A.

Panama

3.1.8.

Panama

3.1.9.

South Eastern Overseas Navigation S.A. Zenith Overseas Maritime S.A.

3.1.9.1.

Gandari Maritime Pte. Ltd.

3.1.10.

Zona Shipping S.A.

3.1.10.1.

Dewi Sri Maritime Pte. Ltd.

2.1.

Type of Business

2008

2007

Labuan, Malaysia

Investment holding

100%

100%

British Virgin Islands Panama

Investment holding

100%

100%

Owner and operator of vessel Owner and operator of vessel Shipping agent Owner and operator of vessel Ship management Ship management Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel Operator of Vessel Operator of Vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Investment holding Investment holding

100%

100%

100%

100%

100% 100%

100% 100%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

100% 100% 100% 100% 100% 100% 100% 100% 100% 100%

100%

100%

100% 100% 100%

100% 100% 100%

100%

-

100%

-

100%

100%

100% 100%

100% 100%

100%

100%

100%

100%

100% 100% 100%

100% 100% 100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Singapore United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom United Kingdom Singapore

Marshall Islands Labuan, Malaysia British Virgin Islands Panama Panama

Singapore

Panama Singapore Panama Singapore

- 24 -

Owner and operator of vessel Owner and operator of vessel Shipping agency Shipping agency Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel Owner and operator of vessel

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 3.1.11. Dahlia Navigation S.A.

Domicile Panama

Type of Business Owner and operator

2008

2007

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

of vessel 3.1.12. Eglantine Navigation S.A.

Panama

Owner and operator of vessel

3.1.13. W ulansari Maritime Pte. Ltd.

Singapore


3.1.14. Yanaseni Maritime Pte. Ltd.

Singapore


3.1.15. Indradi Maritime Pte. Ltd.

Singapore


3.1.16. Gold Bridge Logistic Ltd. 3.1.16.1 Beihai New Resources Logistic

Hong Kong

Investment holding

100%

100%

China

Owner and operator

100%

100%

Shipping agent

100%

100%

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Corporation 3.1.17. Gold Bridge Shipping Agencies S.A. 3.1.18. Elite Bauhinia Navigation Pte. Ltd.

of vessel Panama Singapore

of vessel 3.1.19. Cempaka Navigation Pte. Ltd.

Singapore


3.1.20. Dahlia Navigation Pte. Ltd.

Singapore


3.1.21. Freesia Navigation S.A.

Panama


3.1.22. Gerbera Navigation S.A.

Panama


3.1.23. Mustokoweni Maritime Pte. Ltd.

Singapore


3.1.24. Ulupi Maritime Pte. Ltd.

Singapore


3.1.25. Erowati Maritime Pte. Ltd.

Singapore


3.1.26. Gas Papua Maritime Pte. Ltd.

Singapore


3.1.27. Rasawulan Maritime Pte. Ltd.

Singapore


3.1.28. Gas Sulawesi Maritime Pte. Ltd.

Singapore


3.1.29. Tribuana Maritime Pte. Ltd.

Singapore


3.1.30. Gagarmayang Maritime Pte. Ltd.

Singapore


3.1.31. Prita Dewi Maritime Pte. Ltd.

Singapore


3.1.32. Purwati Martime Pte. Ltd.

Singapore


3.1.33. Trijata Maritime Pte. Ltd.

Singapore


3.1.34. Pradapa Maritime Pte. Ltd.

Singapore


3.1.35. Pergiwati Maritime Pte. Ltd.

Singapore


3.1.36. Badraini Maritime Pte. Ltd.

Singapore


3.1.37. Barunawati Maritime Pte. Ltd.

Singapore


3.1.38. Gas Maluku Maritime Pte. Ltd.

Singapore


3.1.39. Barawati Maritime Pte. Ltd.

Singapore


- 25 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 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

2008

2007

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 International Corp.

British Virgin

Investment holding

100%

-

Hong Kong

Investment holding

100%

-

China

Storage and sale of

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 International S.A

Panama


3.2.

BLT Chembulk Corp. BVI

British Virgin

Investment holding

Islands 3.2.1

Chembulk Tankers LLC

Marshall Islands

Investment holding

100%

100%

3.2.1.1

Chembulk Trading II LLC

Marshall Islands

Owner and operator of

100%

100%

3.2.1.2

Chembulk Management LLC

United States of

Ship management

100%

100%

vessel America 3.2.1.3

Chembulk Management B.V.

The Netherlands

Ship management

100%

100%

3.2.1.4

Chembulk Management Pte. Ltd.

Singapore

Ship management

100%

100%

3.2.1.5

Chembulk Tankers Do Brazil Ltd.

Brazil

Ship management

100%

-

3.2.2

Chembulk Barcelona Pte. Ltd.

Singapore

Owner and operator

100%

100%

3.2.3

Chembulk Gibraltar Pte. Ltd.

Singapore

Owner and operator

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

-

100%

100%

100%

100%

of vessel of vessel 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


4.

PT Banyu Laju Shipping

Indonesia


4.1.

Banyu Laju Corporation

Labuan, Malaysia

- 26 -

Investment holding

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Percentage of Ownership and Voting Power Held Subsidiary 5.

Domicile

PT Brotojoyo Maritime

Type of Business

Indonesia

Owner and operator

2008

2007

100%

100% 100%

of vessel 5.1.

PT Gemilang Bina Lintas Tirta

Indonesia

Operator of vessel

100%

5.1.1.

PT Karya Bakti Adil

Indonesia

Crew Agency

100%

100%

6.

PT Buana Listya Tama

Indonesia

Operator of vessel

100%

100%

6.1.

PT Anjasmoro Maritime

Indonesia

Operator of vessel

100%

100%

6.2.

PT Pearl Maritime

Indonesia

Operator of vessel

100%

100%

6.3.

PT Ruby Maritime

Indonesia

Operator of vessel

100%

100%

6.4.

PT Sapphire Maritime

Indonesia

Operator of vessel

100%

100%

6.5.

PT Citrine Maritime

Indonesia

Owner and operator

100%

100%

100%

100%

100%

100%

of vessel 6.6.

PT Diamond Maritime

Indonesia


6.7.

PT Emerald Maritime

Indonesia


6.

7.

PT Bayu Lestari Tanaya

Indonesia

Shipping agency

100%

100%

7.1

PT Berlian Dumai Logistics

Indonesia

General Trading

100%

100%

PROPERTY, VESSELS AND EQUIPMENT January 1, 2008 US$'000 Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Building in progress Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Accumulated depreciation: Owned vessels Leased vessels Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Net Carrying Amount

1,773,919 329,039 59,014 1,847 1,325 1,921 2,625 803 2,244

Exchange Difference US$'000

281,111

10,401

190,899 -

26 542

75 -

99 17

-

2

58 102

-

-

500

133

499,829

10,476

191,015

-

-

101,067 15,654

-

15,473 -

18 245 333

-

1

59 139

67

117,515

52 80 (1)

-

271,919 5,039

407 138

Deductions US$'000

-

2,172,737

1,116 812 1,680

Additions from Acquisition US$'000

68 (2)

-

Additions US$'000 216,528 91,952 190,621 -

Reclassification US$'000

78,485 12,248

-

1,405 1,923 3,149

1,405 1,923 3,149

-

-

863 2,846

863 2,846

-

(114,904)

2,377,256

100,919

3,701 (3,701)

11,881 -

373,095 16,992

-

99 11

-

-

1,202 963 2,000

-

-

-

-

467 277

5

1,891,626

15,583

-

(122,592) 7,688 -

December 31, 2008 Cost Valuation US$'000 US$'000

Total US$'000 1,915,733 360,604 78,485 12,248

5

238,777 (68,075) (171,202) -

Revaluation US$'000

11,881

394,996 1,982,260

- 27 -

1,915,733 360,604 -

2,276,337

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) January 1, 2007 US$'000 Cost/ Valuation : Owned vessels Leased vessels Vessels under construction Building in progress Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises Total Accumulated depreciation: Owned vessels Leased vessels Others : Oil tanks Transportation equipment Office furniture and fixtures Office and dormitory equipment Buildings and premises

983,429 46,314 1,231 854 2,014 467 740

Exchange Difference US$'000

94 3 2 -

1,035,049

99

213,929 -

-

1,023 609 1,507

-

331 93

Total

217,492

Net Carrying Amount

817,557

78 2

Additions from Acquisition US$'000

Deductions US$'000

761,096 63,959 1,847

329,039 -

85,679 -

-

-

-

Additions US$'000

51,259 (51,259) -

Revaluation US$'000 63,814 -

December 31, 2007 Cost Valuation US$'000 US$'000

Total US$'000 1,773,919 329,039 59,014 1,847

59,014 1,847

1,773,919 329,039 -

123 22

-

-

1,325 1,921 2,625

1,325 1,921 2,625

-

31

-

-

803 2,244

803 2,244

-

329,772

85,855

-

63,814

2,172,737

69,779

69,749 -

-

16,357 -

-

4,598

5,039

-

271,919 5,039

15 267 180

23 11

87 20

-

-

1,116 812 1,680

-

-

-

407 138

16,464

-

863 552

327 78

33 1,508

301 27

829,858

1

30 41

45 4

81

70,282

5,122

-

Reclassification US$'000

-

4,598

2,102,958

281,111 1,891,626

The vessels are stated at their revalued amount being the fair value as of December 31, 2008 and 2007, reviewed by management, and supported by an independent professional valuation carried out on December 31, 2008 and January 7, 2008, respectively. Had the vessels been carried at historical cost less accumulated depreciation, their carrying values would have been approximately US$ 1,913,642 thousand and US$ 1,623,025 thousand as of December 31, 2008 and 2007, respectively. In 2008, the Company and its subsidiaries completed the sale of five vessels. In conjunction with the sale, the Company and its subsidiaries entered into lease agreements with the purchasers to lease back the four vessels for a period of 12 years. After an evaluation of the terms and substance of the leaseback, the Company’s Directors are satisfied that substantially all the risks and rewards incidental to ownership of the vessels have been transferred to and rest with the purchaser-lessor. For the year ended December 31, 2008, the net gain on the vessels sold and leased back of US$ 47,419 thousand was included in other gains and losses in the consolidated statements of income. The excess of the selling price over the fair value of the vessels sold and leased back of US$ 2,500 thousand is accounted for as deferred income and amortized over the lease term. Amortization of deferred income of US$ 26 thousand in 2008 is accounted for as reduction of charter expenses. As of December 31, 2008, the non-current portion of the deferred income amounted to US$ 2,266 thousand while the current portion, which is included under other current liabilities, amounted to US$ 208 thousand. Also, in connection with the lease agreements, the Company and its subsidiaries paid non-interest bearing security deposits of US$ 22,195 thousand. The difference of US$ 7,164 thousand between the nominal value of the non-interest bearing deposit and its fair value is considered as deferred rent and amortized on a straight-line basis over the lease term. Amortization of deferred rent of US$ 90 thousand in 2008 is included under charter expenses. As of December 31, 2008, the non-current portion of the deferred rent amounting to US$ 6,477 thousand is included under Non-current Assets – Deferred charges and security deposits, while the current portion amounting to US$ 597 thousand is included under Current Assets – Prepaid expenses and taxes. The net gain on sale of vessels in 2008 (which includes a net gain of US$ 3,470 million on a vessel sold but not leased back) amounting to US$ 50,889 thousand and the net loss on sale of vessels in 2007 amounting to US$ 10,292 thousand are included under other gains and losses (Note 35). All of the sales are made with third parties.

- 28 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Details of the sale of vessels are as follows:

2008 US$'000 Selling price of vessels Less deferred income

2007 US$'000

230,500 (2,500)

61,230 -

228,000 (175,426)

61,230 (69,322)

Subtotal Commission

52,574 (1,685)

(8,092) (2,200)

Gain (loss) on sale of vessels - net

50,889

(10,292)

Fair value Net carrying amount

Vessel depreciation expense charged to operations is US$ 128,602 thousand and US$ 74,347 thousand in 2008 and 2007, respectively. Vessels and equipment with carrying amount of US$ 1,735 million and US$ 1,598 million as of December 31, 2008 and 2007, respectively, were used as collateral to guarantee obligations under finance lease, long-term bank loans, short-term bank loans and standby letter of credit facility (Notes 17, 20, 25 and 42d). Vessels under construction as of December 31, 2008 and 2007 consist of 15 vessels and 10 vessels, respectively, which are estimated to be completed between 2009 to 2011 (Note 42c). Building in progress represents construction of chemical storage tanks and related facilities. For the years ended December 31, 2008 and 2007, the Company and its subsidiaries changed their estimate of residual values of vessels based on an independent professional valuation. This change resulted to a net increase in depreciation expense by US$ 3,080 thousand in 2008 and US$ 2,801 thousand in 2007. 7.

ACQUISITIONS OF SUBSIDIARIES

2008 US$'000

2007 US$'000

Goodwill at beginning of year Additional amounts recognized from acquisition during the year

84,286 -

11,932 72,354

Total Less impairment during the year

84,286 (8,547)

84,286 -

Goodwill at end of year

75,739

84,286

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.

- 29 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Acquisition of Chembulk Tankers LLC At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 16 dated December 18, 2007 of Amrul Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved to acquire Chembulk Tankers LLC. On December 19, 2007 (the effective date of the acquisition), Asean Maritime Corporation purchased through its wholly-owned subsidiary, BLT Chembulk Corp., 100% of the shares owned by Chembulk Holdings Inc. in Chembulk Tankers LLC. As of acquisition date, the fair value of the net assets of Chembulk Tankers LLC, amounted to US$ 219,694. The difference between the fair value of the net assets acquired and the cost of acquisition, is accounted for as goodwill. On the same date, BLT Chembulk Corp. also purchased eleven vessels from Chembulk Holdings Inc. at a purchase price of US$ 618 million. The Company recognized, at the acquisition date, the following assets and liabilities of Chembulk Tankers LLC: Book value prior to Fair value acquisition US$'000 US$'000

Assets Property, vessels and equipment - net Other non current assets Inventories Receivables Prepayment and other current assets Restricted cash Cash Total Liabilities Obligations under finance lease Trade payables Other current liabilities Total Net assets acquired Goodwill on acquisition

324,652 51 5,425 7,695 2,121 29,200 20,969

147,568 51 5,425 7,695 2,121 29,200 20,969

390,113

213,029

143,933 9,958 16,529

143,933 9,958 16,528

170,420

170,419

219,693

42,610

72,354

Acquisition cost

292,047

The acquisition cost above includes directly attributable acquisition costs incurred in developing the acquisition contracts. The acquisition cost was paid in cash, and the net cash outflow on acquisition amounted to US$ 271,078 thousand (acquisition cost of US$ 292,047 thousand less cash acquired of US$ 20,969 thousand). If the acquisition had taken effect on January 1, 2007, the consolidated entity would have recorded total operating revenues of US$ 576,129 thousand and net profit for the year of US$ 127,212 thousand.

- 30 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Management considers these “pro-forma” numbers to represent an approximate measure of the performance of the combined group on an annualized basis and to provide a reference point for comparison in future periods. In determining the “pro-forma” revenue and profit of the Company and subsidiaries had Chembulk Tankers LLC been acquired at the beginning of 2007, the management had calculated depreciation of property, vessels and equipment acquired to the basis of the fair values arising in the initial accounting for the business combination rather than the carrying amounts recognised in the pre-acquisition financial statements and deducted the gain on distribution to former stockholders as a one-off pre-acquisition transaction and revenues and expenses not derived from operations. Acquisition of Richesse International Corporation BVI On April 25, 2008, Goldbridge Shipping Corporation BVI (Acquirer), a subsidiary, purchased 100% ownership in Richesse International Corporation BVI (Acquiree) for US$ 10 thousand. As at acquisition date, the fair value of the net assets of the Acquiree amounted to US$ 65 thousand. The difference between the fair value of the net assets acquired and the cost of acquisition is accounted for as negative goodwill. The acquisition cost was paid in cash and the net cash inflow on acquisition amounted to US$ 138 thousand (cash acquired of US$ 148 thousand less acquisition cost of US$ 10 thousand). The Company recognized, at the acquisition date, the following assets and liabilities of Richesse International Corporation: Book value prior to Fair value acquisition US$'000 US$'000 Assets Transportation and office equipment - net 75 75 Construction in progress 218 218 Deposit for land acquisition 10,177 10,177 Other receivables 10 10 Cash on hand and in banks 148 148 Total

10,628

10,628

Liabilities Accrued expenses Other current liabilities Short-term bank loan

12 551 10,000

12 551 10,000

10,563

10,563

65

65

Net assets acquired Negative goodwill

(55)

Acquisition cost

10

In 2008, the Acquiree has not commenced operations and has incurred a net loss of US$ 260 thousand. If the acquisition had taken effect on January 1, 2008, the consolidated entity would have recorded total operating revenues of US$ 723,682 thousand and the consolidated profit for the year would have decreased by US$ 260 thousand.

- 31 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Goodwill Impairment Testing The Company and its subsidiaries test goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired. For impairment testing purposes, goodwill has been allocated principally to the lowest level of 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 balance sheet dates 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. In 2008, the Company and its subsidiaries recognized an impairment of US$ 8,547 thousand on goodwill (Note 35). There were no impairment provisions on goodwill in 2007. 8.

INVESTMENTS IN ASSOCIATES

2008 US$'000 Cost Long-term receivables Total interest in associates Less: Share of post-acquisition profit (loss), net of dividends received Distribution during the year Share of changes in associates' equity Total

2007 US$'000

24,806 2,323 27,129

24,806 24,806

(18,456) (8,400) -

68 (4,158)

273

20,716

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

Place of Operation

Nature of Business

Indonesia Cargo shipping services Indonesia Cargo shipping services Thailand Port services (agency)

- 32 -

Percentage of Ownership and Voting Power Held 2008 2007 % % 50 30 30

50 30 30

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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 by US$ 28 million. As a result, the Company and its subsidiaries received a total amount of US$ 8,400 thousand from Teekay BLT Corporation as a return of capital, the percentage of ownership of the Company and its subsidiaries in Teekay BLT Corporation did not change. The share of changes in associates’ equity of US$ 4,158 thousand as of December 31, 2007 was charged to profit and loss in 2008. Summarized financial information in respect of the Company and its subsidiaries’ associates is set out below:

2008 US$'000

2007 US$'000

Total assets Total liabilities

400,144 415,644

300,457 231,575

Net assets (liabilities)

(15,500)

68,882

(4,607)

20,716

651

493

Loss for the year

56,218

108

Company and subsidiaries' share of associates' loss for the year

18,524

24

Company and subsidiaries' share of associates' net assets (liabilities) Revenue

In 2008, the Company and its subsidiaries discontinued recognizing their share of net losses in excess of the total interest in Teekay BLT Corporation. Unrecognized losses as at December 31, 2008 amounted to US$ 2,544 thousand. 9.

INVENTORIES Inventories mainly consist of bunker fuel.

10. TRADE ACCOUNTS RECEIVABLE 2008 US$'000

2007 US$'000

Related parties Third parties

3,235 93,439

75,669

Total

96,674

75,669

- 33 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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 2008 and 2007, US$ 13,142 thousand and US$ 6,268 thousand, respectively, is due from PT Pertamina (Persero) (Pertamina), the Company’s largest customer (see Notes 29, 41D and 42). The table below shows the aging of past due but unimpaired trade receivables:

2008 US$'000

2007 US$'000

1 - 60 days 60 - 120 days 120 - 180 days More than 180 days

42,235 17,889 8,326 2,652

18,737 17,940 9,482 525

Total

71,102

46,684

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. 11. AVAILABLE-FOR-SALE INVESTMENTS Available-for-sale investments consist of funds under investment management and investments in mutual funds, and are carried at fair value as follows: 2008 US$'000

2007 US$'000

Funds under investment management Mutual funds

129,217 169

72,062 235

Total

129,386

72,297

Under the Investment Management Contract Service Agreement dated June 12, 2008 and December 18, 2007, the Company appointed PT 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, 2008 and 2007, the fair value of the investment portfolio amounted to US$ 13,003 thousand and US$ 72,062 thousand, respectively. In 2008, 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, 2008, the fair value of the investment portfolio amounted to US$ 67,943 thousand. In 2008, the Company also entered into an Investment Management Agreement with UBS AG to manage an investment portfolio. As of December 31, 2008, the fair value of the investment portfolio amounted to US$ 48,271 thousand.

- 34 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 12. CASH

2008 US$'000

2007 US$'000

Cash on hand Cash in banks Time deposits

860 27,501 36,889

1,426 151,512 57,377

Total

65,250

210,315

0.08% - 5.0% 6.75% - 9.25% 0.825% 3.33%

2.81% - 6.63% 6.75% - 9.75% 0.825% -

Interest rates per annum on time deposits U.S. Dollar Rupiah Singapore Dollar Renminbi

13. SHARE CAPITAL The Company has authorized capital stock of 14,676,480,000 ordinary shares with par value of Rp 62.50 per share. Movements in share capital are as follows:

2008 US$'000

2007 US$'000

Balance at beginning of the year Exercise of warrants

59,348 2,843

59,338 10

Balance at end of the year

62,191

59,348

Details of the Company’s number of shares outstanding (in full amounts) are as follows:

2008

2007

Balance at beginning of the year Exercise of warrants Treasury stock acquired Issuance of treasury stock through conversion of convertible bonds

3,746,659,436 430,270,740 -

4,008,118,636 1,438,000 (289,100,000)

Balance at end of the year

4,176,930,176

-

26,202,800 3,746,659,436

At December 31, 2007, 430,990,764 warrants have not been exercised. In January 2008, the remaining 720,024 unexercised warrants have expired.

- 35 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) At December 31, 2007, 66,188,311 shares owned by PT Tunggaladhi Baskara are used as guarantee in relation with the Company’s loan from Bank Central Asia. In April 2008, all of the pledged shares were no longer used as collateral. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 18 dated May 18, 2005 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved a stock split of the Company’s shares wherein every share with a nominal value of Rp 62.50 will be split to become Rp 31.25 per share, which can be carried out within one year from the date of the Extraordinary General Meeting of Stockholders. As at May 18, 2006, the stock split has not been executed. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 47 dated May 31, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders agreed to extend the term to carry out the stock split, as mentioned above, until June 30, 2007. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 30 dated June 21, 2006 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares up to May 6, 2007. At the Extraordinary General Meeting of Stockholders as stated in notarial deed No. 32 dated May 24, 2007 of Dr. A Partomuan Pohan, SH., LL.M, notary in Jakarta, the stockholders approved the issuance of new shares through a Rights Issue without Pre-emptive Rights up to a maximum of 5% of issued shares until the next Annual General Meeting of Stockholders. As of December 31, 2008, the issuance of new shares was not executed. 14. 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, 2007 Issuance of shares through exercise of warrants Amount recorded as paid-up capital Excess of amortized cost of converted bonds over the cost of treasury stock Transfer of the equity component related to conversion of bonds

60,067 23 (9) 913 25

Balance of additional paid-in capital as of January 1, 2008 Issuance of shares through exercise of warrants

61,019 3,981

Balance of additional paid-in capital as of December 31, 2008

65,000

- 36 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 15. TREASURY STOCKS At the Extraordinary General Meeting of Stockholders in May 2006, the stockholders approved to repurchase a maximum of 10% of the issued and paid-up shares, at a purchase price of Rp 2,750 per share. As of December 31, 2008 and 2007, the details of treasury stocks are as follows:

Number of shares

Treasury stocks

412,351,000

Number of shares

2008 Percentage to issued shares % 8.99

2007 Percentage to issued shares %

Cost US$'000 86,628

Cost US$'000

Treasury stocks, beginning

149,453,800

3.59

27,189

Add: Acquisition Less: Issuance of treasury stocks from conversion of convertible bonds

289,100,000

6.95

61,928

26,202,800

0.63

2,489

Treasury stocks, end

412,351,000

9.91

86,628

16. REVALUATION RESERVE

2008 US$'000

2007 US$'000

Balance at beginning of year Revaluation increase from vessels Revaluation decrease Transfer to retained earnings

208,571 84,616 (58,733)

170,315 69,506 (11,230) (20,020)

Balance at end of year

234,454

208,571

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.

- 37 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 17. LONG-TERM BANK LOANS 2008 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 Merchnat Bank (Asia) Ltd. / Nordea Bank Finland Plc, Singapore Branch Bank Central Asia, Jakarta DVB Group Merchant Bank (Asia) Ltd., Singapore ING Bank N.V., Singapore Bank UOB Indonesia Dialease Maritime S.A., Japan The Royal Bank of Scotland Plc Fortis Bank S.A./N.V., Singapore / Calyon Bank / NIBC Bank Ltd.

2007 US$'000

652,097

557,990

82,251 26,666 22,259 13,853 9,093 7,706 1,011 -

34,539 28,278 15,820 10,520 8,988 1,110 30,250

Total Current maturities

814,936 97,943

687,495 84,880

Long-term portion - Net

716,993

602,615

The range of average interest rates per annum are as follows:

U.S. Dollar

Rupiah

2008

2007

0.7% - 2.5% above LIBOR/ SIBOR 10.25% - 13.0%

0.8% - 3.75% above LIBOR/ SIBOR 10.25% - 13.0%

The details of the loans are as follows: A. In June 2008, a subsidiary obtained a secured term loan facility from DnB NOR Bank ASA, Singapore, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. with a maximum credit of US$ 165 million for general working capital purposes. The loan is payable in 20 quarterly installments until 2013 and bears interest rate at LIBOR plus certain percentage, which is paid between 1 - 6 months. The loan is secured by the vessels of certain subsidiaries. In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank ASA, Fortis Bank S.A/N.V., ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. The facilities consist of: x

Facility A, which is a term loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 400 million. This facility shall be repaid in 40 consecutive quarterly installments of US$ 8 million for the 1st to 39th installments, US$ 88 million for the 40th installment. Interest rate is at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

- 38 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) x

Facility B, which is a reducing revolving loan facility in US Dollars in the aggregate amount equal to the facility commitment of US$ 100 million. This facility is payable in 20 quarterly installments of US$ 5 million until 2012. Interest rate is at LIBOR plus ceratin percentage depending on the value maintenance ratio of the secured vessels, which is paid between 1 - 3 months.

Those facilities are collateralized by the subsidiaries’ vessels. The loans are also secured with corporate guarantee from the Company and Goldbridge Corporation. In March 2007, certain subsidiaries obtained loan with maximum credit of US$ 65 million. This loan is payable in thirty-two (32) quarterly installments until 2015 and is collateralized by corporate guarantees from the Company and Gold Bridge Shipping Corporation, a subsidiary, and the subsidiaries’ vessels, M.T. Gas Sulawesi, M.T. Gas Papua and M.T. Chembulk New Orleans. Interest rate is at LIBOR plus certain percentage, which is paid between 1 - 3 months. B. In November 2008, subsidiaries obtained senior secured revolving credit facility from DVB Group Merchant Bank (Asia) Ltd. and Nordea Bank Finland Plc, Singapore Branch with a maximum credit of US$ 114 million. The maximum credit shall be reduced quarterly by onefortieth (1/40th) of such amount. The balance of all outstanding drawings are due to be paid on 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 as collateral, (b) assignment of insurances, earnings and requisition compensation 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) the pledged of the shares of the subsidiaries. C. In November 2006, the Company obtained investment credit facility with a maximum credit of US$ 34 million from Bank Central Asia, Jakarta. 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. In January 2005, the Company obtained an investment credit facility with maximum credit of Rp 125 billion, due in 5 years. Interest rates for these loans are set at 10.25% - 13%, which is paid monthly. The loans are collateralized by the vessels, M.T. Gas Indonesia and M.T. Gas Kalimantan, and pledge of the Company’s shares owned by PT Tunggaladhi Baskara. In April 2008, all of the pledged shares were no longer used as collateral (Notes 25E and 38c). D. In September 2005, subsidiaries obtained 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. E. 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 on a monthly basis F. In October 2006, the Company obtained an investment credit facility from Bank UOB Indonesia with a maximum credit of US$ 12 million payable in 20 quarterly installments until 2011. The loan is secured by a subsidiary’s vessel and an assignment of earnings from Pertamina in respect of the vessel used as collateral. Interest rate is at SIBOR plus certain percentage, which is paid every three months. In February 2009, such facility was modified (see Note 43d). G. In December 2004, a subsidiary obtained loan from Dialese 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.

- 39 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) H. In October 2007, the subsidiary (GBLT Shipmanagement UK Ltd.) obtained an investment credit facility with maximum credit of US$ 1,110 thousand from The Royal Bank of Scotland PLC. This loan is payable in 39 quarterly installments until 2016 and is collateralized by the subsidiary’s land and building and bears interest rate of the bank’s currency lending rate for United States Dollars plus certain percentage, which is paid quarterly. I.

In September 2005, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from Fortis Bank S.A./N.V., Calyon, and NIBC Bank Ltd. as original lenders. Fortis Bank S.A./N.V. acts as agent and security trustee. Those facilities bear interest at LIBOR plus certain percentage depending on the value maintenance ratio of the secured vessels which is paid between 1 - 3 months. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing any existing financial indebtedness in relation to the vessels and for general working capital purposes. This loan was paid in June 2007. However, in December 2007, a subsidiary reused the revolving loan facility amounting to US$ 30,250 thousand. Such loan is payable in 11 quarterly installments of US$ 2,750 thousand until 2010. Interest rate is 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 loan is collateralized by the subsidiaries’ vessels and assignment of earnings and insurances in respect of the vessels. This loan was paid in June 2008.

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. Certain lenders of the Company and its subsidiaries require a maximum consolidated net debt to equity ratio of 250%. As stated in the credit agreements, upon failure by the Company and its subsidiaries to meet such maximum debt to equity ratio, the lenders can declare, among others, that all or any part of the loans be payable on demand. As of December 31, 2008, the Company and its subsidiaries net debt to equity ratio is 191% (Note 41A). 18. BONDS PAYABLE

2008 US$'000

2007 US$'000

At amortized costs: Berlian Laju Tanker III Bond Sukuk Ijarah Bond Berlian Laju Tanker II Bond Syari'ah Mudharabah Bond Total Current maturities

63,411 18,117 81,528 -

73,583 21,024 35,995 6,354 136,956 42,349

Long-Term Portion - Net

81,528

94,607

- 40 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Berlian Laju Tanker III Bond On July 5, 2007, the Company issued Rupiah Bonds amounting to Rp 700 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 Bank Niaga Tbk as the new Trustee. On March 17, 2008, PT Bank 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 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. Sukuk Ijarah Bond On July 5, 2007, the Company issued Sukuk Ijarah Bonds amounting to Rp 200 billion. The Sukuk Ijarah Bonds are unsecured and have a term of 5 years, due on July 5, 2012. The Sukuk Ijarah Bonds were offered under the condition that the Company shall pay to Sukuk Ijarah bondholders a sum of Ijarah Benefit Installment amounting to Rp 20,600 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 Bonds, the Company may redeem the Bonds at prevailing market price. All of the Sukuk Ijarah Bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee. On March 17, 2008, PT Bank 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 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 II Bond On May 28, 2003, the Company issued Rupiah Bonds with fixed and floating interest rates, payable every three months. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. The bondholders’ right is pari-passu without preferential rights with other creditors of the Company. Series A Bonds with a nominal value of Rp 294,800 million bear fixed interest rate at 14.75% per annum, while Series B Bonds with a nominal value of Rp 45,200 million bear fixed interest rate at 14.75% per annum for the first year and floating rates for the second year until the fifth year based on the average of the 3-month time deposit rates in Rupiah currency from PT Bank Central Asia Tbk, PT Bank Permata Tbk, and PT Bank Buana Indonesia Tbk before closing of floating interest rate plus fixed margin of 2.5% annually, which is payable on a quarterly basis. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange) with PT Bank Mandiri (Persero) Tbk as trustee.

- 41 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) On January 22, 2008, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee. The bonds matured and were fully paid in May 2008. Syari’ah Mudharabah Bond On May 28, 2003, the Company issued Syari’ah Mudharabah Bonds amounting Rp 60 billion with PT Bank Mandiri (Persero) Tbk as trustee. The bonds are unsecured and have a term of 5 years, due on May 28, 2008. All the bonds were sold at nominal value and are listed on the Indonesia Stock Exchange (formerly Surabaya Stock Exchange). These were offered under the condition that the Company shall pay to Syari’ah Bondholders a sum of Profit Sharing every three months since the issuance date which is every Profit Sharing payment date. The Profit Sharing is computed based on the revenue from M.T. Gandini vessel operations. The percentage of Nisbah Syari’ah bondholders to Profit Sharing is fixed at 25% from the revenue of M.T. Gandini’s vessel operation. The derivative embedded in the Syari’ah Mudharabah Bonds, with the revenue as the underlying, has not been separated because management believes that the effect of separating the embedded derivative is not significant. The payment of Profit Sharing to each Syari’ah Bondholder is in proportion with the Syari’ah Bonds held compared with the total outstanding Syari’ah Bonds. The computation of the Profit Sharing for Syari’ah Bonds in 2008 is as follows: a. b. c. d. e.

Total months of M.T. Gandini vessel operations since January 1 – May 28, 2008 is 5 months (A) Charter Rate: Rp 98,100 (US$ 10.90) per Dead Weight Ton (DWT) per month (B) DWT for computation according to Pertamina Charter Agreement: 30,000 DWT (C) Revenue for Profit Sharing: A x B x C = 5 x US$ 10.90 x 30,000 DWT = US$ 1,635 thousand (D) Profit Sharing payable based on agreement: D x 25% = US$ 409 thousand

Amount paid as Profit Sharing for Syari’ah Bonds in 2008 was Rp 4,488 million (US$ 499 thousand), inclusive of 2007 profit sharing of Rp 809 million (US$ 90 thousand) which was paid in February 2008. On December 18, 2007, the Bondholders approved the replacement of PT Bank Mandiri (Persero) Tbk as Trustee and the appointment of PT Bank Niaga Tbk as the new Trustee. The bonds matured and were fully paid in May 2008. 19. NOTES PAYABLE On May 4, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Guaranteed Senior Notes (the Notes) amounting to US$ 400 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 is due on May 15, 2014. The Notes were offered at 100% of the nominal value and are listed on the Singapore Stock Exchange Securities Trading Limited. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Company and certain subsidiaries. The Notes may be redeemed at the option of BLTF BV as follows: i.

At anytime prior to May 15, 2011 up to 35% of the Notes with the net proceeds of one or more public equity offerings at a redemption price of 107.5% of their principal amount plus accrued and unpaid interest provided certain conditions are met;

- 42 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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 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:

2008 US$'000 Beginning balance Changes in fair values (Note 35)

2007 US$'000

345,667 (213,667)

400,000 (54,333)

132,000

345,667

Ending balance

20. OBLIGATIONS UNDER FINANCE LEASE

2008 Present value Minimum lease of minimum payments lease payments US$'000 US$'000

2007 Present value Minimum lease of minimum lease payments payments US$'000 US$'000

Less than 1 year 1 - 2 years More than 2 years

95,699 133,882 43,686

88,152 118,502 36,874

71,074 14,214 81,566

57,928 5,875 80,130

Total Less future finance charges

273,267 29,739

243,528 -

166,854 22,921

143,933 -

Present value of minimum lease payments

243,528

243,528

143,933

143,933

The finance lease relates to lease of vessels with lease terms of 3 years to 10 years and where its subsidiaries have options to purchase the vessel for an amount below the expected fair values at the conclusion of the lease agreements. The subsidiaries’ obligations under finance lease are secured by the lessors’ title to the leased vessels and bear effective interest rates of 4% - 10%. The fair value of the lease obligations approximate their carrying amount.

- 43 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 21. OTHER LONG-TERM PAYABLE This account represents a loan of US$ 13 million owed to Teekay Corporation (formerly Teekay Shipping Corporation). The loan is payable in 22 semi-annual installments, unsecured, and bears annual interest of 8%, which is payable on a quarterly basis. The first semi-annual installment is estimated to be due on December 2009. The current portion of US$ 591 thousand is presented under current maturities of long-term liabilities. 22. POST-EMPLOYMENT BENEFITS The Company provides post-employment benefits to its qualifying employees in accordance with Indonesian Labor Law No. 13/2003. The number of employees entitled to the benefits is 236 and 206 in December 31, 2008 and 2007, respectively. Amounts recognized in profit or loss in respect of these post-employment benefits are as follows:

2008 US$'000 Current service cost Interest costs Net actuarial losses Amortization of past service cost (non-vested) Past service cost Total

2007 US$'000

298 321 331 3 195

321 245 543 14 -

1,148

1,123

The amounts included in the balance sheets arising from the Company’s obligation in respect of these post-employment benefits are as follows: 2008 2007 US$'000 US$'000

Present value of unfunded obligations Unrecognized actuarial losses Unrecognized past service cost

3,624 (702) -

3,967 (1,688) (3)

Net liability

2,922

2,276

Movements in the present value of unfunded obligations are as follows:

2008 US$'000

2007 US$'000

Beginning of the year Current service cost Interest cost Translation adjustment Actuarial (gain) loss Past service cost

3,967 298 321 (583) (574) 195

3,047 225 244 (143) 594 -

End of the year

3,624

3,967

- 44 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Movements in the net liability recognized in the consolidated balance sheet are as follows:

2008 US$'000

2007 US$'000

Beginning of the year Employee benefits cost for the year (Note 32) Payments during the year Translation adjustment

2,276 1,148 (56) (446)

1,239 1,123 (86)

End of the year

2,922

2,276

The cost of providing post-employment benefits is computed using the following key assumptions: Discount rate Salary increment rate Mortality rate Resignation rate

: : : :

2008 and 2007: 12% and 10% per annum, respectively 2008 and 2007: 15% per annum 2008 and 2007: Mortality Table 2 of Indonesia 2008 and 2007: 10% per annum until age 36 then decreasing linearly to 0% until age 55

The history of experience adjustments is as follows:

2008 US$'000 Present value of unfunded obligations Experience adjustments

2007 US$'000

3,624 (574)

3,967 594

2006 US$'000 3,047 1,637

2005 US$'000 1,373 560

2004 US$'000 714 115

23. CONVERTIBLE BONDS On May 17, 2007, BLT Finance B.V. (BLTF BV), a subsidiary, issued Zero Coupon Guaranteed Convertible Bonds in denomination of US$ 100 thousand each and integral multiples of US$ 1,000, with aggregate principal amount of US$ 125 million. The bonds were issued at 100% of face value, and were unconditionally and irrevocably guaranteed by the Company. The bondholders have the right to convert the bonds into ordinary shares, with par value of Rp 62.50 each, of the Company from June 27, 2007 to April 17, 2012. The number of shares to be delivered on conversion will be determined, in respect of SGX-ST Listed Shares, by dividing the principal amount of the bond to be converted (translated at a fixed rate of SGD 1.5143 per US$ 1 or Rp 8,894 per US$ 1) by the conversion price in effect at the time of conversion date. The initial conversion price is SGD 0.4965 per share. In the event the shares to be delivered are Indonesian Listed Shares, the number of shares to be delivered will be determined using the same method as for SGX-ST Listed Shares, except that, in such an event, for purposes of calculating the ratio the principal amount of the bond to be converted shall remain in US Dollar and all the conversion price shall be translated from Rupiah to US Dollar. Notwithstanding the Conversion Right of the bondholders, BLTF BV has the option to pay to the relevant bondholders an amount of cash in US Dollar equivalent to the weighted average market price of the shares converted, to satisfy the conversion right. The bonds may also be redeemed at the option of BLTF BV at their Early Redemption Amount (ERA), together with accrued and unpaid interest, in whole but not in part: i.

On or at anytime after May 17, 2009 but not less than 20 days prior to maturity date, if the closing price of shares (translated into US Dollar), for each of the 25 consecutive trading dates immediately prior to the date upon which notice of redemption is published at least 125% of ERA divided by the conversion ratio.

- 45 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) ii.

If the aggregate principal amount of the bonds is ten percent or less of the aggregate principal amount originally issued.

iii. At anytime in the event of certain changes relating to taxation in The Netherlands or the Republic of Indonesia. The bondholders have the right to require BLTF BV to redeem all or some of the bonds at 116.82% of the principal amount on May 17, 2010. The bondholders also have the right at their option to require BLTF BV to redeem the bonds at their ERA on occurrence of change in control or delisting of Company’s shares. ERA of the bonds, for each US$ 100 thousand principal amount, pertains to settlement before the maturity date at price ranging from US$ 102,625.00 to US$ 129,578.13, representing a gross yield to the investor of 5.25% on a semi-annual basis. Unless previously redeemed, purchased and cancelled or converted, BLTF BV will redeem each bond at 129.58% of the principal amount on May 17, 2012. These bonds are designated as at fair value through profit and loss at issuance date. The fair value at balance sheet date is determined based on quoted market price 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. The changes in the carrying amount of the convertible bonds are as follows:

2008 US$'000 Beginning of the year Changes in fair values (Note 35) Ending balance

2007 US$'000

128,541 (92,291)

125,000 3,541

36,250

128,541

24. 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, 2008 '000

Notional amounts as at December 31, 2007 '000

Fair value as at December 31, 2008 Liability US$'000

US$ 265,615 US$ 575,000

US$ 170,473 -

82,082 11,340

-

20,753 -

82,561

-

-

Total Less current portion

175,983 30,784

-

Non-current portion

145,199

Cross currency swaps Interest rate swaps Crude oil target redemption swaps

2,640 barrels

-

Fair value as at December 31, 2007 Asset Liability US$'000 US$'000 132

132

20,753 6,386

132

14,367

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, 2008 mature between June 2009 and July 2012.

- 46 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 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 require periodic exchanges of payments on a notional quantity of crude oil barrels at each settlement date and mature between August 2010 and October 2010. The above derivatives are measured at the present value of future cash flows estimated and discounted based on applicable yield curves for the duration of the instruments. For accounting purposes, these contracts are not designated and documented as hedging instruments, and therefore hedge accounting is not applied. Gains and losses on these contracts recognized in earnings consist of the changes in fair value of the contract and the periodic net settlements on the notional amount, details of which are as follows:

2008 US$'000

2007 US$'000

Net change in fair value Net settlements

(155,362) (7,817)

(16,883) 5,315

Net loss (Note 33)

(163,179)

(11,568)

25. SHORT-TERM BANK LOANS

2008 US$'000 At amortized cost: DnB NOR Bank, ASA, Singapore/NIBC Bank Ltd./ Fortis Bank S.A/ING Bank N.V. Bank Ekspor Indonesia Bank Mandiri Bank Sumitomo Mitsui Indonesia Bank Central Asia Bank UOB Indonesia Bank Mizuho Indonesia Total Interest rates per annum during the year U.S. Dollar

2007 US$'000

50,000 36,530 31,963 17,000 15,525 13,699 11,872

250,000 17,000 2,124 15,925 13,802

176,589

298,851

1% - 1.75% 1% - 3.25% above LIBOR/ above LIBOR/ SIBOR SIBOR 8.9% - 14% 6.2% - 13.5%

Rupiah

- 47 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) A. In December 2007, the subsidiaries obtained a secured term loan and reducing revolving credit facilities from DnB NOR Bank, ASA, Fortis Bank S.A/N.V, ING Bank N.V., and NIBC Bank Ltd. as original lenders. DnB NOR Bank, ASA acts as agent and security trustee. Under the agreement, the subsidiaries shall apply all amounts borrowed by them towards refinancing in relation to the acquisition of the vessels and for general working capital purposes. This loan is due on December 19, 2008 and will be secured by the subsidiaries’ vessels, if the loan remains unpaid up to six months from utilization date. Interest rate is at LIBOR plus certain percentage, which is paid between 1 – 3 months. In 2008, the Company paid a total amount of US$ 200 million of the credit facility. As stated in an agreement dated December 18, 2008 (as amended on January 2, 2009), DnB NOR Bank ASA and NIBC Bank Ltd. as the remaining lenders agreed to partially extend the payment of the remaining loan amount of US$ 50 million to March 18, 2009 (Note 43a). B. Loan obtained from PT Bank Ekspor Indonesia is a working capital facility with maximum credit of Rp 400 billion and is due on March 28, 2009. The loan is secured by all of the Company’s, tangible and intangible assets, which are already acquired or will be acquired in the future. Annual interest rate in 2008 is at 9.50% - 11.21%, which is paid monthly. C. Loan obtained from PT Bank Mandiri Tbk is a short term loan facility with maximum credit of Rp 350 billion and is due on January 31, 2009. Annual interest rate in 2008 is at 8.9% - 14%, which is paid monthly. This loan was paid in January 2009 (Note 43e). D. Loan obtained from PT Bank Sumitomo Mitsui Indonesia is a revolving credit facility with maximum credit of Rp 150 billion or equivalent to US$ 17 million and is due on June 2009. Annual interest rate is at LIBOR plus certain percentage, which is paid on a monthly basis. E. Loan obtained from PT Bank Central Asia Tbk is a working capital credit facility with maximum credit of Rp 20 billion. In April 2008, the Company obtained additional loan vessel refinancing and working capital facility with maximum credit of Rp 150 billion. Interest rate per annum is at 10.25% - 12% in 2008, which is paid on a monthly basis and is secured by the same collateral as the long-term loans (Notes 17C and 38c). This loan is due in October 2008. PT Bank Central Asia Tbk agreed to rollover this loan to extend the maturity date to January 2009. In December 2008, PT Bank Central Asia Tbk approved another extension of the loan maturity date to April 2009. F. Loan obtained from PT Bank UOB Indonesia is a working capital credit facility with maximum credit of Rp 150 billion due on December 12, 2008. This loan is secured by a subsidiary’s vessel and trade accounts receivable from Pertamina of M.T. Anjani with interest rate per annum at SBI plus certain percentage, which is paid monthly. On February 2009, the term of the loan was extended to February 2010 (Note 43d). G. Loan obtained from PT Bank Mizuho Indonesia is a time revolving loan with a total combined maximum credit of Rp 130 billion or its US Dollar equivalent due on April 2009. Interest rate per annum is at the bank’s cost of funds plus certain percentage, which is paid between 7 - 30 days. 26. TRADE ACCOUNTS PAYABLE

2008 US$'000

2007 US$'000

Related parties Third parties

1,672 15,674

2,791 12,626

Total

17,346

15,417

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.

- 48 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 27. TAXATION a. Details of taxes payable included in the consolidated balance sheets are as follows:

2008 US$'000 Corporate income tax of the Company Income taxes Article 21 Article 23 Article 25 Article 26 Value added tax Final tax payable Total

2007 US$'000

6

1

767 69 3 11 690 60

909 18 3 2 1,479 48

1,606

2,460

b. Details of tax expense included in the consolidated statements of income are as follows:

2008 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

2007 US$'000

735 192 49 40

786 140 42 28

1,016

996

c. A reconciliation of tax expense included in the consolidated statements of income and the amount computed by applying the applicable tax rates is as follows:

2008 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 Others Tax on storage revenue Tax on agency operating income (see below)

2007 US$'000

644,909

398,643

7,739

4,784

(6,866) 30

(3,360) 26

(7) (9) 40 40 49

(6) (8) (510) 28 42

Total tax expense per consolidated statements of income

1,016

Tax on agency operating income is computed as follows: Agency revenue Non-taxable income

750 (576)

646 (450)

174

196

49

42

Taxable income Tax at applicable tax rate

- 49 -

996

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) At balance sheet date, no deferred tax liability has been recognized in respect of the temporary differences associated with undistributed earnings of subsidiaries because the Company is in a position to control the timing of the reversal of the temporary differences and it is probable that such differences will not reverse in the foreseeable future. 28. ACCRUED EXPENSES

2008 US$'000

2007 US$'000

Operating and docking Interest Others

28,994 4,486 1,156

19,169 8,364 4,000

Total

34,636

31,533

29. OPERATING REVENUES

2008 US$'000

2007 US$'000

Owned vessels Chartered vessels Agency fees Storage fees

524,622 197,782 677 601

310,299 87,107 753 484

Total

723,682

398,643

0.01% of the above operating revenues were made with related parties in 2008 (Note 38a). Revenues from Pertamina included in the operating revenues amounted to US$ 44,970 thousand and US$ 43,426 thousand in 2008 and 2007, respectively. 30. VOYAGE EXPENSES

2008 US$'000

2007 US$'000

Fuel Port charges

164,901 67,764

68,355 35,435

Total

232,665

103,790

- 50 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 31. SHIP OPERATING EXPENSES

2008 US$'000 Salaries Spare parts Lubricants Insurance Transportation Repairs and maintenance Supplies Processing of documents Employees' meal allowances Others Total

2007 US$'000

47,191 15,264 8,082 7,438 6,473 5,475 3,814 3,596 3,127 7,349

29,494 10,344 6,364 6,261 4,191 4,623 2,828 2,911 1,818 3,348

107,809

72,182

32. GENERAL AND ADMINISTRATIVE

2008 US$'000

33.

2007 US$'000

Salaries Professional fees Office expenses Transportation Pension benefits (Note 22) Depreciation Telecommunication Representation Marketing Bank charges Training and education Others

16,887 5,255 4,435 2,302 1,148 794 774 767 471 386 314 1,952

10,293 3,369 2,433 1,024 1,123 534 749 394 556 391 297 807

Total

35,485

21,970

FINANCE COSTS

2008 US$'000 Interest expense on: Bonds and notes Bank loans and other long-term payable Obligations under finance leases

2007 US$'000

39,897 58,445 17,484

29,713 26,403 -

Total borrowing cost Net loss on derivative transactions (Note 24) Profit sharing allocation and fees

115,826 163,179 3,044

56,116 11,568 1,594

Total

282,049

69,278

Interest expense includes interest on notes payable at fair value through profit and loss of US$ 30,083 thousand and US$ 19,667 thousand in 2008 and 2007, respectively.

- 51 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 34. INVESTMENT INCOME

2008 US$'000 Interest income from: Current accounts and others Time deposits

2007 US$'000

3,074 2,799

5,492 3,558

Total interest income Realized gain on available-for-sale investments

5,873 10,494

9,050 2,765

Total

16,367

11,815

35. OTHER GAINS AND LOSSES

2008 US$'000 Change in fair value of convertible bonds and notes payable designated as at fair value through profit and loss (Notes 19 and 23) Net gain (loss) on disposal of property, vessels and equipment (Note 6) Gain (loss) on insurance claim Net revaluation decrease Foreign exchange gain (loss) - net Impairment of goodwill (Note 7) Others - net Net recovery of revaluation decrease Total

2007 US$'000

305,958

50,792

50,907 809 (199,520) (17,286) (8,547) (4,374) -

(11,345) (284) 6,834 (13,098) 5,538

127,947

38,437

36. EARNINGS PER SHARE Profit for the year

2008 US$'000

2007 US$'000

Profit for the year for the computation of basic earnings per share Unrealized fair value change of convertible bonds designated as FVTPL

24,892

76,778

(92,291)

3,541

Profit (Loss) for the year for the computation of diluted earnings per share

(67,399)

80,319

- 52 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Earnings Per Share 2008 US$'000 Net Residual Income - Basic

24,892

76,778

(67,399)

80,319

4,176,930,176

3,810,882,703

381,243,706 -

249,064,587 397,784,338

4,558,173,882

4,457,731,628

Net Residual Income (Loss) - Diluted Weighted average outstanding shares for the purposes of basic earnings per share (in full amount) Potential effect of dilutive common shares: (in full amount) Convertible bonds Warrants Weighted average outstanding shares for the purposes of diluted earnings per share

2007 US$'000

Exercise price of warrants Average fair value of common share Earnings (Loss) per share (in full amount) - Basic - Diluted

-

Rp 150 Rp 1,918

$0.0060 ($0.0148)

$0.0201 $0.0180

37. DIVIDENDS AND APPROPRIATION FOR GENERAL RESERVES At the General Meeting of Stockholders held on April 2008, the stockholders approved the declaration of dividends for 2007 amounting to Rp 50 per share (totaling US$ 22,876 thousand) and appropriate Rp 5,090,834 thousand (US$ 551 thousand) from retained earnings for general reserve. At the Annual General Meeting of Stockholders held on May 2007, the stockholders approved the declaration of dividends for 2006 amounting to Rp 40 per share (totaling US$ 16,367 thousand) and appropriate Rp 310 million (US$ 36 thousand) from retained earnings for general reserve. 38. NATURE OF RELATIONSHIP AND TRANSACTIONS WITH RELATED PARTIES Nature of Relationship a. The ultimate controlling party of the Company and its subsidiaries is PT Bagusnusa Samudera Gemilang (Bagusnusa). b. PT Tunggaladhi Baskara is a major stockholder of the Company. c. Bagusnusa is the parent company of PT Tunggaladhi Baskara. The majority stockholder of Bagusnusa is Mr. Hadi Surya, one of the Company’s commissioners. d. Bagusnusa is the majority shareholder of PT Garuda Mahakam Pratama. 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.

- 53 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Transactions with Related Parties In the normal course of business, the Company and its subsidiaries entered into certain transactions with related parties. These transactions included the following: a. Details of revenues from related parties are as follows:

2008 US$'000 Thai Petra Transport Co. Ltd. Pan Union Agencies Pte. Ltd.

57 3

Total

60

b. Expenses paid to related parties accounted for 1.01% and 0.82% of total operating expenses in 2008 and 2007, respectively. The details of expenses from related parties are as follows:

2008 US$'000

c.

2007 US$'000


2,314 1,510 311 8

1,690 448 154 11

Total

4,143

2,303

At December 31, 2007, PT Tunggaladhi Baskara owns 66,188,311 shares of the Company that were pledged in the Company’s loan from Bank Central Asia (Notes 17C and 25E). In April 2008, all of the pledged shares were no longer used as collateral.

d. The remuneration of the Company’s key management (commissioners and directors) during the year are as follows:

2008 US$'000

2007 US$'000

Short-term benefits Post-employment benefits

1,650 531

1,700 681

Total

2,181

2,381

39. SEGMENT INFORMATION For management purpose, the Company and its subsidiaries are currently organized based on type of vessels chartered – chemical, gas, oil, and floating production, storage and offloading (FPSO). These segments are the basis on which the Company and its subsidiaries report their primary segment information.

- 54 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Business Segment 2008 Business Segment Chemical US$'000 REVENUES External revenues Total segment revenues Unallocated Total revenues per consolidated statement of income

Gas US$'000

Oil US$'000

Total US$'000

534,417

37,378

10,980

139,629

722,404

534,417

37,378

10,980

139,629

722,404 1,278 723,682


60,798 137,806

1,383 4,118


198,604

5,501

Charter Expenses Vessel Depreciation and Ship Operating Expenses

FPSO US$'000

28

5,555 22,977

67,764 164,901

28

28,532

232,665

3,294

36,954

-

33,660

-

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others

33,405 3,837 9,435 4,024 2,576 3,986 2,016 2,348 5,470 3,963

4,442 289 1,506 475 389 764 361 345 845 1,000

959 52 260 792 67 279 149 23 25 366

8,385 1,297 4,063 2,147 782 1,444 601 880 1,742 2,020

47,191 5,475 15,264 7,438 3,814 6,473 3,127 3,596 8,082 7,349


71,060 79,537

10,416 6,959

2,972 5,666

23,361 36,440

107,809 128,602


382,861

22,876

8,666

91,627

506,030

Segment result

151,556

14,502

2,314

48,002

216,374

-

Unallocated income and expenses Change in fair value of convertible bonds and notes payable Agency and storage fees General and administrative expenses Finance costs Investment income Equity in net loss associates Net revaluation decrease Impairment of goodwill Other gains and losses - net Profit before tax Tax expense

305,958 1,278 (35,485) (282,049) 16,367 (18,524) (199,520) (8,547) 30,056 25,908 (1,016)

Profit for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated Consolidated total assets Liabilities Segment liabilities Unallocated

24,892 415,323 79,537

85,498 6,959

5,666

8,681 36,440

509,502 128,602

1,759,875

175,277

32,531

325,551

2,293,234 112,490 2,405,724

30,856

3,452

831

15,171

50,310 1,686,090


1,736,400

- 55 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) 2007 Business Segment Chemical US$'000 REVENUES External revenues Total segment revenues Unallocated

Gas US$'000

FPSO US$'000

Oil US$'000

218,983

21,193

10,950

146,280

397,406

218,983

21,193

10,950

146,280

397,406 1,237


398,643


23,612 43,127

682 2,125


66,739

2,807

Charter Expenses Vessel Depreciation and Ship Operating Expenses

26,245

-

Ship operating expenses: Salaries Repairs and maintenance Spare parts Insurance Supplies Transportation Employees' meal allowances Processing of documents Lubricants Others

17,539 3,455 5,787 2,225 1,620 2,131 999 1,489 3,668 2,247

2,701 178 1,386 203 381 651 227 352 554 311


41,160 31,295

Total segment expenses Segment result

12

11,129 23,103

35,435 68,355

12

34,232

103,790

3,285

29,530

733 7 143 924 106 352 147 54 68 222

8,521 982 3,028 2,909 720 1,058 445 1,016 2,073 570

29,494 4,622 10,344 6,261 2,827 4,192 1,818 2,911 6,363 3,350

6,944 5,979

2,756 4,549

21,322 32,524

72,182 74,347

165,439

15,730

7,317

91,363

279,849

53,544

5,463

3,633

54,917

117,557

-

-

Unallocated income and expenses Agency and storage fees General and administrative expenses Finance costs Investment income Share in net loss of associates Loss from sale of vessels and equipment Other gains and losses - net Profit before tax Tax expense

1,237 (21,970) (69,278) 11,815 (24) (11,345) 49,782 77,774 (996) 76,778

Profit for the year Other Information Capital additions Depreciation Assets Segment assets Unallocated

1,015,116 31,295

20,050 5,979

6,714 4,549

112,214 32,524

1,154,094 74,347

1,372,341

136,518

45,933

421,275

1,976,067 437,019

Consolidated total assets Liabilities Segment liabilities Unallocated

Total US$'000

2,413,086 178,460


3,773

511

7,865

190,609 1,647,251 1,837,860

- 56 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Geographic Segment The Company and its subsidiaries are domiciled in two main geographical areas: Malaysia and Indonesia. Segment information based on geographic segment is presented below: 2008

Malaysia US$'000

Indonesia US$'000

Elimination US$'000

Consolidated US$'000

REVENUES External revenues Inter-segment sales

673,063 30,155

50,619 -

(30,155)

723,682 -

Total revenues

703,218

50,619

(30,155)

723,682

2007

Malaysia US$'000

Indonesia US$'000

Elimination US$'000

Consolidated US$'000

REVENUES External revenues Inter-segment sales

384,048 28,921

14,595 -

(28,921)

398,643 -

Total revenues

412,969

14,595

(28,921)

398,643

40. RECONCILIATION OF IFRS AND INDONESIAN GAAP For statutory reporting purposes in Indonesia, the Company continues to prepare consolidated financial statements in accordance with Indonesian GAAP. IFRS varies in certain significant respect from Indonesian GAAP. The application of IFRS that affected the preparation and presentation of the consolidated financial statements is discussed below. a. Goodwill Under Indonesian GAAP, goodwill arising from business acquisition is recognized as an asset and amortized as an expense over its useful life using straight-line method. The amortization period should not exceed five years, unless a longer period not exceeding 20 years can be justified. The Company is amortizing goodwill over 20 years. At each balance sheet date, management assessed whether there was any indication of impairment of the cash-generating unit to which the goodwill is attached to. Under IFRS, goodwill arising from business acquisition is initially recognized at cost, and is subsequently measured at cost less any accumulated impairment losses. In applying IFRS, the Company ceases amortizing goodwill starting January 1, 2003, the 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. The goodwill amortization of US$ 4,412 thousand and US$ 911 thousand for the years ended December 31, 2008 and 2007, respectively, recognized under Indonesian GAAP has also been 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 amounted to US$ 8,547 thousand.

- 57 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) b. Property, Plant and Equipment In 2007, Indonesian GAAP does not generally allow companies to recognize increases in value of property, plant and equipment that occur subsequent to acquisition, an exception is provided for revaluations made in accordance with government regulations. Effective January 1, 2008, Indonesian GAAP permits the use of fair value model or cost model in measuring property, plant and equipment at initial recognition. For Indonesian reporting purposes, the Company and its subsidiaries did not recognize any revaluation increases on the vessels and continue to measure property, plant and equipment at cost less accumulated depreciation and any accumulated impairment losses (cost model) because the Company’s management is still evaluating the tax implications of using the revaluation model. After initial recognition, IFRS allows an item of property, plant and equipment whose fair value can be measured reliably, to be carried at revalued amount, being the fair value at the date of revaluation, less subsequent accumulated depreciation and accumulated impairment losses, if any (the “Revaluation Model” under IAS 16). For IFRS reporting purposes, the Company and its subsidiaries adopted the Revaluation Model in measuring the vessels subsequent to initial recognition. If the vessel’s carrying amount is increased as a result of a revaluation, the increase is credited directly to equity under the heading of revaluation reserve. However, the increase shall be recognized in profit or loss to the extent that it reverses a revaluation decrease of the same vessel previously recognized in profit of loss. If the vessel’s carrying amount is decreased as a result of revaluation, the decrease shall be recognized in profit or loss. However, the decrease shall be debited directly to equity under the heading of revaluation reserve to the extent of any credit balance existing in the revaluation surplus in respect of that vessel. Also, under Indonesian GAAP, the cost of acquired landrights are capitalized as land, which is not depreciated. Under IFRS, land use rights are considered as leases and such rights are amortized over the period the holder is expected to retain the landrights. c. Financial Instruments Under Indonesian GAAP, short-term and long-term bank loans are stated at nominal value, being the principal amount of the loan. Transaction costs on bank borrowings were classified as deferred charges and amortized on a straight-line basis over the period of the borrowings. For bonds payable, bonds issuance costs are deducted directly from the proceeds of the bonds. The difference between the net proceeds and principal amount of the bonds is amortized on a straight-line basis over the term of the bonds. All the proceeds obtained from the issuance of convertible bonds are recognized as liabilities. Under IFRS, financial liabilities are measured at amortized cost. Under Indonesian GAAP, non-interest bearing security deposits on leases are recorded at undiscounted amounts. Under IFRS, non-interest bearing security deposits on 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.

- 58 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) The change had an impact on amounts of reported net profits and retained earnings as follows:

2008 US$'000 Net profits Retained earnings

2007 US$'000

768 802

678 34

d. Measurement and Reporting Currency Under Indonesian GAAP, the reporting currency used by enterprises in Indonesia is Rupiah. An enterprise may use another currency, only if the other currency meets the definition of functional currency. For statutory reporting purposes in Indonesia, the Company maintains its books of accounts in Rupiah and presents the consolidated financial statements also in Rupiah. Under IFRS, enterprises should measure the transactions in terms of the functional currency. IFRS allows the use of a presentation currency other than the functional currency. Management has determined that the Company’s functional currency is the US Dollar. For IFRS reporting purposes, the transactions were measured in terms of the functional currency as discussed in Note 3f. Management has chosen the US Dollar as the group presentation currency. A summary of the significant adjustments to consolidated profit for the years ended December 31, 2008 and 2007 and to consolidated stockholders’ equity as of December 31, 2008 and 2007 from Indonesian GAAP to IFRS are set forth below: December 31, Note Profit for the year according to the consolidated statements of income prepared under Indonesian GAAP

2008 '000

Rp US$

IFRS adjustments - increase (decrease) due to: Amortization of goodwill Impairment of goodwill Depreciation of revalued vessels Gain on sale of property adjustment based on revalued amounts of vessels Net recovery of revaluation decrease Net revaluation decrease Amortization of landrights Amortization of deferred rent Interest on security deposits Measurement of financial liabilities at amortized cost Total adjustments Profit for the year in accordance with IFRS

- 59 -

2007 '000

1,557,962,302 218,364

758,981,783 87,148

(a) (a) (b)

US$ US$ US$

4,412 20,589 (11,882)

911

(b) (b) (b) (b) (c) (c)

US$ US$ US$ US$ US$ US$

(44,082) (161,679) (45) (90) 73

(c)

US$

(768)

678

(193,472)

(10,370)

24,892

76,778

(4,598) (12,856) 5,538 (43) -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) December 31, Note Equity according to the consolidated balance sheets prepared under Indonesian GAAP

2008 '000

Rp US$

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 Total adjustments Equity in accordance with IFRS

- 60 -

2007 '000

5,897,487,769 571,205

3,315,581,696 368,252

(a) (a) (b) (b)

US$ US$ US$ US$

8,501 20,590 234,454 (24,833)

4,089 208,571 (12,951)

(b)

US$

(57,773)

(13,691)

(b) (b) (b) (c) (c) (c) (c)

US$ US$ US$ US$ US$ US$ US$

95,120 (88) (177,020) (90) 73 (190) 177

36,387 (43) (15,341) (190) 177

(c)

US$

(802)

(34)

98,119

206,974

669,324

575,226

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) a. Reconciliation of consolidated balance sheet between IFRS and Indonesian GAAP at December 31, 2008. INDONESIAN GAAP

INDONESIAN GAAP

Reconciling Items

IFRS

IDR ('000,000)

US$ ('000)

US$ ('000)

US$ ('000)

Property, vessels and equipment - net Investments in associates Other non-current assets

20,657,220 2,388 775,548

1,913,642 273 75,285

68,618 23,161

1,982,260 273 98,446

Total Non-Current Assets

21,435,156

1,989,200

91,779

2,080,979


1,058,976 1,416,774 714,446 350,972

96,674 129,386 65,250 32,794

641

96,674 129,386 65,250 33,435


3,541,168

324,104

641

324,745

24,976,324

2,313,304

92,420

2,405,724

Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized loss on available-for-sale investments Revaluation reserve Retained earnings

286,830 570,659 (780,922) 1,362,125

62,191 64,823 (86,628) 398

(20,420) 4,479,216

(1,865) 532,286

234,454 (136,512)

(1,865) 234,454 395,774

Total Equity

5,897,488

571,205

98,119

669,324

Long-term liabilities - net of current maturities Bank loans Bonds payable Obligations under finance lease Convertible bonds Notes payable Other non-current liabilities

7,900,384 893,263 1,701,365 396,938 1,445,400 1,782,615

721,496 81,450 155,376 36,250 132,000 162,796

(4,503) 78 -

716,993 81,528 155,376 36,250 132,000 162,796

14,119,965

1,289,368

(4,425)

1,284,943

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

1,933,650 189,896 2,058,163 777,162

176,589 17,346 187,960 70,836

(1,274) -

176,589 17,346 186,686 70,836


4,958,871

452,731

(1,274)

451,457

24,976,324

2,313,304



- 61 -

177 -

92,420

62,191 65,000 (86,628) 398

2,405,724

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) b. Reconciliation of consolidated balance sheet between IFRS and Indonesian GAAP at December 31, 2007. INDONESIAN INDONESIAN GAAP GAAP IDR ('000,000)

US$ ('000)

Reconciling Items

IFRS

US$ ('000)

US$ ('000)

Property, vessels and equipment - net Advances for the purchase of property, vessels and equipment Investments in associates Other non-current assets

15,810,719

1,689,982

201,644

1,891,626

7,912 194,724 1,030,653

840 20,716 113,871

1,144

840 20,716 115,015

Total Non-Current Assets

17,044,008

1,825,409

202,788

2,028,197


713,432 680,967 1,980,423 249,795

75,669 72,297 210,315 26,563


3,624,617 20,668,625

Total Assets Share capital Additional paid-in capital Treasury stocks Translation adjustment Unrealized gain on available-for-sale investments Share of changes in associates' equity Revaluation reserve Retained earnings

45

75,669 72,297 210,315 26,608

384,844

45

384,889

2,210,253

202,833

2,413,086

259,938 533,010 (780,922) 192,460

59,348 60,842 (86,628) (91)

20,159

2,140

(39,164) 3,130,100

(4,158) 336,799

208,571 (1,774)

(4,158) 208,571 335,025

Total Equity

3,315,581

368,252

206,974

575,226

Long-term liabilities - net of current maturities Bank loans Bonds payable Obligations under finance lease Convertible bonds Notes payable Other non-current liabilities

5,707,025 891,338 810,079 1,210,730 3,255,836 279,205

605,933 94,597 86,005 128,541 345,667 29,643

(3,318) 10 -

602,615 94,607 86,005 128,541 345,667 29,643

12,154,213

1,290,386

(3,308)

1,287,078

CURRENT LIABILITIES Short-term bank loans Trade accounts payable Current maturities of long-term liabilities Other current liabilities

2,814,873 142,614 1,752,220 489,124

298,851 15,417 185,990 51,357

(833) -

298,851 15,417 185,157 51,357


5,198,831

551,615

(833)

550,782

20,668,625

2,210,253

202,833

2,413,086



- 62 -

177 -

59,348 61,019 (86,628) (91) 2,140

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) c.

Reconciliation of consolidated statement of income between IFRS and Indonesian GAAP for the year ended December 31, 2008.

Operating revenues Voyage expenses

INDONESIAN GAAP IDR ('000,000)

INDONESIAN GAAP US$ ('000)

7,005,851

723,682

-

(232,575) *

(90)

(232,665)

491,107

(90)

491,017

(375,650) *

(36,954) *

-

(36,954)

(1,024,358) *

(107,809) *

-

(107,809)

(1,113,406) *

(116,720) *

(11,882)

(128,602)

(2,137,764)

(224,529)

(11,882)

(236,411)

2,243,733

229,624

(11,972)

217,652

(36,311)

826

(35,485)

1,891,914

193,313

(11,146)

182,167

(2,919,873)

(280,410)

(1,639)

(282,049)

73

16,367

(2,248,704) *

Reconciling Items US$ ('000)

IFRS US$ ('000) 723,682

Operating revenues after voyage expenses Charter expenses Vessel depreciation and ship operating expenses Ship operating expenses Vessel depreciation

Gross profit General and administrative Income before financial and other items

4,757,147

(351,819)

Net financial and other items Finance costs Investment income

164,746

16,294

Share in losses of associates

(179,266)

(18,524)


2,610,290 (324,103)

Income before tax Tax expense Profit for the year

*

1,567,811 (9,849) 1,557,962

(18,524)

308,707

(180,760)

127,947

26,067

(182,326)

(156,259)

219,380

(193,472)

25,908

(1,016) 218,364

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

- 63 -

-

(193,472)

(1,016) 24,892

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) d. Reconciliation of consolidated statement of income between IFRS and Indonesian GAAP for the year ended at December 31, 2007.

Operating revenues Voyage expenses Operating revenues after voyage expenses

INDONESIAN GAAP IDR ('000,000)

INDONESIAN GAAP US$ ('000)

3,641,773

398,643

(932,930) *

2,708,843

Reconciling Items US$ ('000)

IFRS US$ ('000)

-

398,643

-

(103,790)

294,853

-

294,853

(103,790) *

Charter expenses

(269,784) *

(29,530) *

-

(29,530)

Vessel depreciation and ship operating expenses Ship operating expenses

(659,483) *

(72,182) *

-

(72,182)

(642,484) *

(71,251) *

(3,096)

(74,347)

Vessel depreciation

Gross profit General and administrative Income before financial and other items

(1,301,967)

(143,433)

(3,096)

(146,529)

1,137,092

121,890

(3,096)

118,794

(239,021)

(24,593)

2,623

(21,970)

898,071

97,297

(622,023)

(67,290)

(1,988)

(69,278)

108,126

11,815

-

11,815

(473)

96,824

Net financial and other items Finance costs Investment income Share in losses of associates Other gains and losses

Income before tax Tax expense Profit for the year

*

(219)

(24)

-

(24)

384,127

46,346

(7,909)

38,437

(129,989)

(9,153)

(9,897)

(19,050)

768,082

88,144

(10,370)

77,774

(9,100) 758,982

(996) 87,148

(10,370)

(996) 76,778

Presented as "Total direct costs" in Indonesian GAAP consolidated financial statements.

41. FINANCIAL INSTRUMENTS A. Capital risk management The Company and its subsidiaries manage their capital to ensure that they will be able to continue as a going concern while 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 17, 18, 19, 20, 23 and 25, cash, available-for-sale investments, restricted cash and equity attributable to equity holders of the parent, comprising issued capital, reserves and retained earnings as disclosed in Notes 8, 11, 13, 14, 15, 16 and 42. 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.

- 64 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) The gearing ratio as of December 31, 2008 and 2007 is as follows:

2008 US$'000

2007 US$'000

Debt Cash, restricted cash and available-for-sale investments

1,471,831 194,636

1,741,443 311,812

Net debt Equity

1,277,195 669,324

1,429,631 575,226

Net debt to equity ratio

191%

249%

The Company’s management executed certain plans in 2008 to reduce the net gearing ratio which includes, among others, the repayment of certain loans. In 2008 and 2007, the other long-term payable to Teekay Corp., amounting to US$ 13 million, was not considered by the Company’s management in the calculation of the consolidated net debt to equity ratio (CNDER). In 2007, the Company’s management also included the restricted cash of US$ 29.2 million in the calculation of the CNDER. As of Dec 31, 2008, had the other long-term payable to Teekay Corp. been considered, the CNDER would have been 193% and as of Dec 31, 2007, had the other long-term payable to Teekay Corp. been considered and the restricted cash been excluded, the CNDER would have been 256%. B. Significant Accounting Policies Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of measurement and the basis on which income and expenses are recognised, in respect of each class of financial asset, financial liability and equity instrument are disclosed in Note 3 to the consolidated financial statements. C. Categories of Financial Instruments Financial assets at FVTPL US$'000 As of December 31, 2008 Security deposits Trade accounts receivable Other accounts receivable Available-for-sale investments Cash

As of December 31, 2007 Restricted cash Derivative financial instruments Trade accounts receivable Other accounts receivable Available-for-sale investments Cash

Availablefor-sale investments US$'000

receivables US$'000

-

129,386 -

15,104 96,674 4,667 65,250

-

-

129,386

181,695

-

72,297 -

29,200 75,669 2,788 210,315

-

72,297

317,972

-

132 132

- 65 -

Loans and

Held-tomaturity investments US$'000

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Financial Liabilities As of December 31, 2008 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000 Long-term bank loans Bonds payable Notes payable Other long-term payable Convertible bonds Obligations under finance lease Derivative financial instruments Short-term bank loans Trade accounts payable Other current liabilities

As of December 31, 2007 Financial Other liabilities at financial FVTPL liabilities US$'000 US$'000

132,000 36,250 175,983 -

814,936 81,528 13,000 243,528 176,589 16,927 2,677

345,667 128,541 20,753 -

687,495 136,956 13,000 143,933 298,851 15,417 6,651

344,233

1,349,185

494,961

1,302,303

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. The fair value and the change in that fair value attributable to changes in credit risk are presented as follows:

2008 Convertible Notes bonds payable US$'000 US$'000 Contractual amount to be paid at maturity Fair values Changes in fair value not attributable to changes in market conditions Difference between carrying amount and amount contractually required to be paid at maturity

2007 Convertible Notes bonds payable US$'000 US$'000

161,975

400,000

161,975

400,000

36,250

132,000

128,541

345,667

(114,142)

(108,966)

(5,312)

(23,941)

125,725

268,000

33,434

54,333

The change in fair value attributable to change in credit risk is determined as the residual of the change in fair value attributable to the change in market risk from the total change in fair value of the financial liabilities. The change in fair value attributable to its change in market risk was computed using the benchmark interest rates as at the balance sheet date. The change in fair value was impacted by the downgrade of the notes payable’s and convertible bonds’ credit rating from BB- to B+ in 2007 and to B in 2008. 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.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Foreign Exchange Risk Management The Company and its subsidiaries conduct business in currencies other than their respective functional currency primarily in Indonesian Rupiah, Japanese Yen, Singapore Dollar and British Pound Sterling. Foreign currency exposures and fluctuations have not had a material impact on the Company and its subsidiaries in recent years. It is the Company and its subsidiaries’ policy to manage foreign exchange risks within prudent levels so as to maximize its profits. The Company and its subsidiaries have practices that include the periodic review of the impact of movements in foreign exchange rates on profitability so that appropriate action is taken to mitigate these risks. Foreign exchange risk exposures are measured using a sensitivity analysis as shown below. The carrying amounts of the Company and its subsidiaries monetary assets and monetary liabilities denominated in currencies other than their respective functional currency at the reporting dates are as follows:

Assets 2008 2007 US$'000 US$'000 Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

4,819 236 3,056 3,227 2,458 2,049 436 16,281

7,821 302 28,900 2,519 664 911 333 41,450

Liabilities 2008 2007 US$'000 US$'000 211,907 52 168 71 329 212,527

176,100 362 9 138 2 34 5,211 181,856

The following table details the Company and its subsidiaries’ sensitivity to changes in US Dollar against the above currencies. The sensitivity rate below are used when reporting foreign currency risk internally to key management personnel and represents management’s assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for the change in foreign currency exchange rates. A positive number below indicates an increase in profit and equity where the above currencies strengthen at certain percentage against the U.S. Dollar. For the same percentage of weakening of the above currencies against the U.S. Dollar, there would be an equal and opposite impact on profit and equity.

2008 Sensitivity rate

Indonesian Rupiah Japanese Yen British Pound Sterling Euro Chinese Renminbi Hong Kong Dollar Singapore Dollar

6% 12% 10% 6% 5% 1% 5%

2007 Effect on Effect on profit or loss Sensitivity profit or loss and equity rate and equity US$'000 US$'000 (12,425) 11 367 306 119 17 22

2% 5% 5% 3% 3% 1% 3%

(3,366) (2) 1,445 119 20 9 (146)

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.

- 67 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 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 and interest rate swap derivative contracts outstanding as at reporting date:

Notional Amounts 2008 2007 US$'000 US$'000 Less than 1 year 1 to 2 years 2 to 5 years

Fair value 2008 2007 US$'000 US$'000

156,667 6,676 677,272

54,858 6,666 108,949

30,784 1,405 61,233

6,386 132 14,103

840,615

170,473

93,422

20,621

Interest Rate Risk Management The Company is also exposed to interest rate risk as they also borrow funds in Rupiah and U.S. Dollar at both fixed and floating interest rates. The risk is managed by maintaining an appropriate mix between fixed and floating rate borrowings and minimizing the exposure through cross currency swap contracts (combined interest rate swap contracts and forward foreign exchange contracts). The Company’s exposure to interest rate on financial assets and financial liabilities are detailed in the liquidity risk management section on this note. The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the balance sheet date. For floating rate liabilities, the analysis is prepared assuming the amount of liability outstanding at the balance sheet date was outstanding for the whole year. A 120 basis points (2007:50 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 120 basis points (2007: 50 basis points) higher or lower and all other variables were held constant, the Company and its subsidiaries’ profit for the year ended December 31, 2008 and December 31, 2007 would decrease/increase by US$ 11,799 thousand and US$ 2,422 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, they consider the following factors: the financial strength of the customer, the customer’s historical payment record, the length of the relationship with the customer and the distance or duration of a specific voyage. Based on these factors, the Company and its subsidiaries’ credit terms may vary. The credit terms may also be modified based on negotiations with each customer. It is the Company and its subsidiaries’ policy to monitor the financial standing of these receivables on an on-going basis to ensure that the Company and its subsidiaries are exposed to minimal credit risk. Bank balances and investments are placed with credit worthy financial institutions. Although the Company and its subsidiaries generate more than 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 41C) represents the Company and its subsidiaries maximum exposure to credit risk without taking account of the value of any collateral obtained.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Liquidity risk management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has built an appropriate liquidity risk management framework for the management of the Company and its subsidiaries’ short, medium and long-term funding and liquidity management requirements. The Company and its subsidiaries manage liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Liquidity and interest rate risk tables The following tables detail the Company and its subsidiaries remaining contractual maturity for its non-derivative financial liabilities. The tables have been drawn up based on the undiscounted cash flows of financial assets based on the contract and obligations of the counterparty and financial liabilities based on the earliest date on which the Company and its subsidiaries can be required to pay. The table includes both interest and principal cash flows. Interest on financial instruments classified as floating rate is repriced at intervals of less than one year. Interest on financial instruments classified as fixed rate is fixed until the maturity of the instrument. The other financial instruments of the Company and its subsidiaries that are not included in the tables are non-interest bearing and are therefore not subject to interest rate risk. The Company and its subsidiaries’ policy is to borrow principally on the floating rate basis but to retain a proportion of fixed rate debt. The objectives for the mix between fix and floating rate borrowings are set to reduce the impact of an upward change in interest rate while enabling benefits to be enjoyed if interest rates fall. Financial Liabilities Weighted average effective interest rate 2008 Non interest bearing Obligations under finance lease Floating interest rate instruments Fixed interest rate instruments

2007 Non interest bearing Obligations under finance lease 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

9,264

9,580

1,459

161,975

-

182,278

7.97%

2,509

4,802

88,388

177,568

-

273,267

5.89%

90,336

33,055

112,993

428,530

335,778

9.46%

After 5 years US$'000

Total US$ 000

1,000,692

18,146

37,472

37,733

233,502

424,679

751,532

120,255

84,909

240,573

1,001,575

760,457

2,207,769

16,561

3,561

1,946

161,975

-

184,043

10.00%

2,089

4,043

64,942

95,781

-

166,855

8.02%

3,286

27,972

400,529

362,777

317,171

1,111,735

11.07%

2,496

1,467

72,951

260,315

456,523

793,752

24,432

37,043

540,368

880,848

773,694

2,256,385

- 69 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 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

2008 Non interest bearing Floating interest rate

2007 Non interest bearing Floating interest rate

W eighted average effective interest rate %

Less than 1 month US$'000

1 - 3 months US$'000

3 months to 1 year US$'000

2.54%

75,193 -

48,289 36,688

135,807 -

-

15,104 -

274,393 36,688

75,193

84,977

135,807

-

-

311,081

36,109 9,569

19,967 62,516

22,381 212

29,200

-

78,457 101,497

45,678

82,483

22,593

29,200

-

179,954

6.34%

1- 5 years US$'000

After 5 years US$'000

Total US$'000

The Company and its subsidiaries expect to meet their other obligations from operating cash flows, proceeds of maturing financial assets, bank and equity financing. Other price risks In addition to market price risk on available-for-sale investments, the Company is exposed to market price risks because of the convertible bonds and notes payable issued by BLTF BV and which were classified as financial liability at fair value through profit or loss (see Notes 19 and 23). To manage its price risk arising on convertible bonds, the Company’s management supervises and monitors the Company and its subsidiaries’ performance. As of December 31, 2008 and 2007, if the market price of the financial liabilities had increased/decreased by the following sensitivity rates with all other variables held constant, posttax profit for the year would have been lower/higher as follows, mainly as a result of the change in the fair value of the convertible bonds and notes payable recognized in profit or loss.

2008 Effect on profit Sensitivity or loss and equity Rate US$'000 Convertible bonds Notes payable

25% 20%

9,062 26,400

2007 Effect on profit Sensitivity or loss and equity Rate US$'000 1% 9%

1,445 29,728

If prices for available-for-sale investments increase or decrease by 1% with all other variables being constant, the effect on equity is as follows:

2008 US$'000 Increase/Decrease in equity

1,294

- 70 -

2007 US$'000 723

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) Fair value of financial instruments Except as detailed in the following table, the management considers that the carrying amounts of financial assets and financial liabilities recorded at amortised cost in the financial statements (Note 41C) approximate their fair values:

2008 Carrying amount US$'000 Borrowings: Bonds payable Other long-term payable at fixed rate

2007 Fair value US$'000

Carrying amount US$'000

Fair value US$'000

81,528

96,323

136,956

137,989

13,000

14,528

13,000

12,712

The fair values of financial assets and financial liabilities are determined as follows: x the fair value of financial assets and financial liabilities with standard terms and conditions and traded on active liquid markets is determined with reference to quoted market prices; x the fair value of other financial assets and financial liabilities (excluding derivative instruments) is determined in accordance with generally accepted pricing models based on discounted cash flow analysis using prices from observable current market transactions and dealer quotes for similar instruments; x the fair value of derivative instruments is calculated using quoted prices. Where such prices are not available, use is made of discounted cash flow analysis using the applicable yield curve for the duration of the instruments for non-optional derivatives, and option pricing models for option derivatives. 42. COMMITMENTS a. The Company and its subsidiaries have some charter contracts with Pertamina amounting to US$ 7 million - US$ 64 million per year, which will end between 2009 - 2011. At balance sheet date, the Company and its subsidiaries have contracts with Pertamina with the following future minimum lease receipts:

2008 US$'000 Within one year In the second to fifth years inclusive Total

2007 US$'000

63,697 51,064

43,857 54,701

114,761

98,558

Revenues earned by the Company on those contracts amounted to US$ 55,950 thousand and US$ 43,426 thousand in 2008 and 2007, respectively. b. The Company and its subsidiaries have outstanding charter contracts under operating leases with third parties amounting to US$ 16 million to US$ 51 million per year, which will end between 2009-2020.

- 71 -

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) At balance sheet date, the Company and its subsidiaries has outstanding commitments under non-cancellable charter contracts, with scheduled maturities as follows:

2008 US$'000

2007 US$'000

Within one year In the second to fifth years inclusive After five years

50,533 193,469 115,769

32,709 134,046 -

Total

359,771

166,755

The minimum lease payments under charter contracts recognized as an expense amounted to US$ 36,954 thousand and US$ 29,530 thousand in 2008 and 2007, respectively. c.

The Company and its subsidiaries have several contracts with shipyards in Japan for the construction of new vessels with total contract price of approximately JPY 53,079 million in 2008 and JPY 26,695 million in 2007.

d. In 2007, Chembulk Trading II LLC (a subsidiary) obtained a letter of credit facility amounting to US$ 29,200 thousand with Nordea Bank Norge ASA, Grand Cayman Branch. Such facility is secured by a bank account amounting to US$ 29,200 thousand which is presented under Restricted Cash as of December 31, 2007. In 2008, such facility was terminated. 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. e. Chembulk Trading II LLC has also entered into a Time Charter Contract for a chemical vessel which is expected to be delivered in 2009. 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 out of the 360 million square meters will 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, 2008, Richesse Logistics (Fangcheng Port) Co., Ltd. has paid RMB 70,574 thousand (US$ 10,086 thousand) for the property mentioned above, which is included under the building in progress account.

43. SUBSEQUENT EVENTS a. On January 2, 2009, the remaining US$ 50 million credit facility from DnB NOR Bank, ASA, and NIBC Bank Ltd. was further increased to US$ 75 million with Fortis Bank (Nederland) N.V. as additional lender. The loan was paid in full on March 2009 (Note 25A). b. On January 20, 2009, a subsidiary obtained a secured term loan facility from DVB Group Merchant Bank (Asia) Ltd. with a maximum credit US$ 25 million. The loan is secured by a registered mortage over the subsidiary’s vessel and guarantee by the Company. The facility shall be reduced quarterly by US$ 1,094 thousand and shall be repaid in its entirety 12 months from the first Utilization Date.

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2008 AND 2007 AND FOR THE YEARS THEN ENDED (Continued) c. On December 17, 2008, a subsidiary obtained a secured Junior Term Loan Facility from Mount Gede LLC with a maximum credit of US$ 25 million. The loan is secured by a registered mortgage over the subsidiaries vessels and a guarantee by the Company. The facility shall be reduced by an amount of US$ 5 million on the first repayment date and shall be repaid in its entirety on or before December 31, 2009. In January 2009, US$ 20 million has been utilized from the loan facility. d. In February 2009, Bank UOB Indonesia approved to review the Investment Credit Facility and extend the Working Capital Credit Facility of the Company. As a result, the new line of credit is composed of: 1) Term Loan Facility amounting to US$ 8,760 thousand, payable in 10 quarterly installments of US$ 360 thousand each and one final installment of US$5,160 thousand upon its maturity in October 2011. 2) Working Capital Credit Facility as follows: (a) Short Term Advance I amounting to US$ 1,500 thousand within the Term Loan Facility above, and (b) Short Term Advance II amounting to Rp 150 billion. These facilities will be due February 2010. These loan facilities are secured by a registered mortgage on a subsidiary's vessel and the assignment of accounts receivable from Pertamina in respect of the vessel used as collateral. e. In January 2009, the Company fully paid its loan from PT Bank Mandiri Tbk (Note 25C).

44. IMPACT OF GLOBAL FINANCIAL CRISIS The global financial and capital markets have experienced severe credit crunch and volatility. The ability of the Company and its subsidiaries to maintain operations and profitability and to pay their debts as they mature may be dependent to a large extent on the effectiveness of the fiscal measures and other actions, beyond their control, undertaken to achieve economic recovery. Nevertheless, the Company and its subsidiaries maintain considerable financial resources and access to bank financing, together with long-term contracts with a number of customers and suppliers across diversified geographic areas and industries. The management has a reasonable expectation that the Company and its subsidiaries are well placed to manage its business risks successfully despite the current uncertain economic outlook and believes that the Company and its subsidiaries 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. 45. APPROVAL OF CONSOLIDATED FINANCIAL STATEMENTS The consolidated financial statements were approved by the Board of Directors and authorized for issue on March 19, 2009.

*******

- 73 -

GROUP ADDRESSES HEAD OFFICE PT Berlian Laju Tanker Tbk Head Office Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300 Fax : +62 21 30060389 Email : [email protected], [email protected] BRANCH OFFICE PT Berlian Laju Tanker Tbk Dumai Branch Graha Berlian Dumai, 3rd floor Jalan Yos Sudarso No.159 Dumai 28814 – Indonesia Phone : +62 765 38466, 439143 Fax : +62 765 31884 Email : [email protected], [email protected] PT Berlian Laju Tanker Tbk Merak Branch Jalan Pulorida No.18, Desa Tamansari, Merak Banten 42438 – Indonesia Phone : +62 254 570560, 570561 Fax : +62 350 5406 Email : [email protected] SUBSIDIARIES PT Banyu Laju Shipping Wisma BSG, 10th floor Jalan Abdul Muis No.40 Jakarta 10160 – Indonesia Phone : +62 21 30060300 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]

GBLT Shipmanagement Pte Ltd 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone : +65 6508 8380 Fax : +65 6508 8381 , +65 6508 8382 Email : [email protected], [email protected] GBLT Shipmanagement (UK) Limited 301 Springhill Parkway Glasgow, G69 6GA Scotland, United Kingdom Phone : + 44 141 773 2110 Fax : +44 141 771 9530 Email : [email protected] Chembulk Tankers LLC 11 Wilton Road Westport, CT 06880 Phone : 203 682 1700 Fax : 203 227 0141 Email : [email protected], [email protected] Chembulk Management Private Ltd. Singapore 120, Lower Delta Road #08-02, Cendex Centre Singapore 169208 Phone : +65 6508 8377 Fax : +65 6508 8376 Email : [email protected], [email protected] Chembulk Management B.V Nobelstraat 19b. 3231 BA Brielle – The Netherland Phone : +31(0)181 419333 Fax : +31(0)181 411733 Email : [email protected] REPRESENTATIVE BLT Beijing Room 701, BLK 3, Huaqiao Building No.24 Jian Guo Men Wai Road Chao Yang District, Beijing 100022, China Phone : +86 10 65150116 Fax : +86 10 65159590 Email : [email protected]

BLT Shanghai Room 3007-08, 30th floor Hongkong Plaza, South Building No.283 Huai Hai Zhong Road Shanghai 200021, China Phone : +86 21 63906060 Fax : +86 2163906060 Email : [email protected], [email protected] BLT Taiwan 5th floor, Tai Hong Building No.71 Nanking East Road, Sec.2 Taipei, Taiwan, R.O.C Phone : +886 2 25428611, 2563140-42 Fax : +886 2 25718119, 25517990 Email : [email protected]

BLT Dubai 3rd floor, Mashreg Bank Building (Barwil Dubai Office area) Khor Baranch, Bur Dubai, Dubai, UEA Phone : +971 4 3533737 Fax : +971 4 3533828 Email : [email protected] BLT Mumbai Liaison Room 243, DBS Business Center 2nd Floor Raheja Chamber Free Press Journal Road 213 Nariman Point Mumbai 400 021, India Phone : +91 22 40509243 Fax : +91 22 22872640 Email : [email protected] BLT Xiamen Room 3202, 32/F, The Bank Centre, No. 189 Xiahe Road, Xiamen City Fujian Province, China Phone + 86 592 2218172 Email : [email protected] 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 www.blt.co.id

PT BERLIAN LAJU TANKER Tbk. Leveraging On Our Strengths

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