PT FIRST MEDIA Tbk AND SUBSIDIARIES. PT FIRST MEDIA Tbk DAN PERUSAHAAN ANAK

PT FIRST MEDIA Tbk DAN PERUSAHAAN ANAK

Laporan Keuangan Konsolidasian Untuk Periode 9 (Sembilan) Bulan yang Berakhir 30 September 2009 dan 2008 (Tidak Diaudit)

PT FIRST MEDIA Tbk AND SUBSIDIARIES

Consolidated Financial Statements For the Period of 9 (Nine) Months Ended September 30, 2009 and 2008 (Unaudited)

PT FIRST MEDIATbk DAN PERUSAHAAN ANAK

PT FIRST MEDIATbk AND SUBSIDIARIES

NERACA KONSOLIDASIAN Per 30 September 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

ASET

Catatan/ Note

ASET LANCAR Kas dan Setara Kas Investasi Jangka Pendek Piutang Usaha

CONSOLIDATED BALANCE SHEETS As of September 30, 2009 and 2008 (Unaudited) (In Full Rupiah)

30 Sep 2009/ Sep 30, 2009

30 Sep 2008/ Sep 30, 2008

2d, 2f, 4 2d, 2g, 5

11.587.674.028 --

12.649.042.687 30.960.902.820

2d, 2e, 2i, 6,7 2d, 2i, 6

19.595.398.658 74.494.912.166 94.090.310.824 129.629.756 11.826.529.947 117.634.144.555

13.349.574.712 75.483.140.089 88.832.714.801 59.631.094 28.521.744.028 161.024.035.430

5.025.000.000 33.039.351.053 13.963.467.417

25.000.000 10.708.677.301 20.245.454.366

(Setelah dikurangi penyisihan piutang ragu-ragu masing-masing sebesar Rp 8.495.491.656 dan Rp 2.244.023.253 per 30 September 2009 dan 2008) Pihak yang Memiliki Hubungan Istimewa Pihak Ketiga Jumlah Piutang Lain-lain Pajak dan Biaya Dibayar di Muka

2j, 2r

Jumlah Aset Lancar ASET TIDAK LANCAR Investasi Saham Aset Pajak Tangguhan – Bersih Piutang Hubungan Istimewa Aset Tetap (Setelah dikurangi akumulasi penyusutan masing-masing sebesar Rp 551.735.026.203 dan Rp 433.710.927.185 per 30 September 2009 dan 2008 dan penyisihan penurunan nilai aset tetap sebesar Rp 1.074.410.798 per 30 September 2009 dan 2008) Uang Muka Aset Lain-lain – Bersih Jumlah Aset Tidak Lancar JUMLAH ASET

1c, 2h, 8 2s, 16c 2e, 7

2k, 2l, 2n, 9

1.155.349.482.172 1.017.173.620.429

10 2d, 2o, 11

25.624.146.247 28.094.364.621 53.197.359.477 37.790.267.559 1.286.198.806.366 1.114.037.384.276 1.403.832.950.921 1.275.061.419.706

Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian tidak terpisahkan dari Laporan ini

ASSETS CURRENT ASSETS Cash and Cash Equivalents Short-term Investments Accounts Receivable (Net of allowance for doubtful accounts of Rp 8.495.491.656 and Rp 2.244.023.253 as of September 30, 2009 and 2008, respectively) Related Parties Third Parties Total Other Receivables Prepaid Taxes and Expenses Total Current Assets NON-CURRENT ASSETS Investment in Shares of Stock Deferred Tax Assets - Net Due from Related Parties Property and Equipment (Net of accumulated depreciation of Rp 551.735.026.203 and Rp 433.710.927.185 as of September 30, 2009 and 2008 and allowance for impairment of property and equipment of Rp 1.074.410.798 as of September 30, 2009 and 2008 respectively) Advances Other Assets - Net Total Non-Current Assets TOTAL ASSETS

See the Accompanying Notes which are an integral part of these Consolidated Financial Statements

1



NERACA KONSOLIDASIAN (Lanjutan) Per 30 September 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh) KEWAJIBAN DAN EKUITAS

Catatan/ Note

CONSOLIDATED BALANCE SHEETS (Continued) As of September 30, 2009 and 2008 (Unaudited) (In Full Rupiah) 30 Sep 2009/ Sep 30, 2009

30 Sep 2008/ Sep 30, 2008

LIABILITIES AND STOCKHOLDERS’ EQUITY

KEWAJIBAN KEWAJIBAN LANCAR Surat Promes Hutang Jangka Panjang yang Jatuh Tempo dalam Satu Tahun Pinjaman Bank Hutang Sewa Pembiayaan Hutang Usaha Pihak yang Memiliki Hubungan Istimewa Pihak Ketiga Jumlah Hutang Lain-lain Hutang Pajak Beban Masih Harus Dibayar Pendapatan Jasa Langganan Ditangguhkan Setoran Jaminan dari Pelanggan Kewajiban Anjak Piutang

LIABILITIES

273.960.752.169

213.138.805.326

12 2n, 7, 17

96.810.000.000 29.922.115.896

12.205.466.555

2d, 2e, 7, 15

9.725.857.418

5.099.210.934

Related Parties

116.525.705.593 126.251.563.011

102.985.403.723 108.084.614.657

Third Parties Total

2d

5.144.724.836

557.133.288

Other Payables

2s, 16a 2d, 2e, 18

10.617.940.830 55.883.918.923

4.100.761.077 27.598.841.639

Taxes Payable Accrued Expenses

23.846.938.952

15.540.914.015

Unearned Subscription Fees

1.561.412.674 20.000.000.000 643.999.367.291

1.763.077.399 -382.989.613.956

Subscribers’ Deposits Factoring Payable

2d, 15

2r, 19 2d 2q, 20

Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang Jangka Panjang setelah dikurangi Bagian yang Jatuh Tempo dalam Satu Tahun Pinjaman Bank Hutang Sewa Pembiayaan Kewajiban Diestimasi Atas Imbalan Kerja Hutang Hubungan Istimewa

13 2n, 7, 17 2t, 21 2e, 7

Jumlah Kewajiban Tidak Lancar Jumlah Kewajiban

435.645.000.000 22.390.329.479

515.790.000.000 24.261.047.534

9.654.771.176 -467.690.100.655

6.205.593.222 1.365.339 546.258.006.095

1.111.689.467.946

929.247.620.051

1.538.287

--

Hak Minoritas EKUITAS Modal Saham - Nilai Nominal Rp 500 per Saham Modal Dasar - 1.497.200.000 Saham Modal Ditempatkan dan Disetor Penuh masing-masing 829.474.000 saham per 30 September 2009 dan 2008 Tambahan Modal Disetor – Bersih Selisih nilai transaksi restrukturisasi entitas Sepengendali Defisit Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

CURRENT LIABILITIES Promissory Notes Current Maturities of Long-term Debts Bank Loans Leased obligation under capital lease Trade Payable

2d, 2p, 14

22

414.737.000.000

414.737.000.000

2u

(1.144.845.814)

(1.144.845.814)

2c, 3

(8.590.762.453)

(8.590.762.453)

(112.859.447.045) 292.141.944.688

(59.187.592.078) 345.813.799.655

1.403.832.950.921 1.275.061.419.706


Total Current Liabilities NON-CURRENT LIABILITIES Long-term Debts - Net of Current Maturities Bank Loans Leased obligation under capital lease Estimated Liabilities on Employee Benefits Due to Related Parties Total Non-Current Liabilities Total Liabilities Minority Interest STOCKHOLDERS’ EQUITY Capital Stock - Par Value of Rp 500 per Share Authorized – 1,497,200,000 Shares Issued and Fully Paid 829,474,000 Shares as of September 30, 2009 and 2008, respectively Additional Paid in Capital - Net Difference in value of restructuring Transactions of entities under common control Deficit Total Stockholders’ Equity TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY


2



LAPORAN LABA RUGI KONSOLIDASIAN Untuk Periode 9 (Sembilan) Bulan yang Berakhir 30 September 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

Catatan/ Note PENDAPATAN BEBAN LAYANAN

CONSOLIDATED STATEMENTS OF INCOME For the Period of 9 (Nine) Months Ended September 30, 2009 and 2008 (Unaudited) (In Full Rupiah) 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months)

2e, 2r, 7,23

531.281.390.175

395.833.370.166

REVENUES

2e, 2o, 2r, 7, 24

238.252.284.867

180.829.948.351

COST OF SERVICES

293.029.105.308

215.003.421.815

GROSS PROFIT

37.831.172.947 118.233.760.248 97.191.977.414 253.256.910.609

46.721.702.011 77.621.647.763 64.828.534.068 189.171.883.842

39.772.194.699

25.831.537.973

INCOME FROM OPERATIONS

87.162.035.181

309.357.723

(55.362.471.839)

(21.653.753.658)

OTHER INCOME (CHARGES) Gain on Foreign Exchange – Net Interest and Other FinancingCharges – Net

(5.312.187.890) 26.487.375.452

(3.055.463.208) (24.399.859.143)

66.259.570.151

1.431.678.830

(6.054.150.684) (13.549.718.261) (19.603.868.945)

(557.587.379) (235.810.841) (793.398.220)

46.655.701.206

638.280.611

NET INCOME BEFORE EXTRAORDINARY ITEM

--

4.843.000.283

EXTRAORDINARY ITEM

46.655.701.206

5.481.280.893

23.266.524

--

46.678.967.730

5.481.280.893

NET INCOME AFTER EFFECT OF PRO FORMA ADJUSTMENTS

--

(6.853.056.679)

EFFECT OF PRO FORMA ADJUSTMENTS

46.678.967.730

(1.371.775.786)

INCOME (LOSS) BEFORE EFFECT OF PRO FORMA ADJUSTMENTS

56 56

7 (2)

LABA KOTOR BEBAN USAHA Penjualan Umum dan Administrasi Penyusutan

2r, 25 2e, 2n, 2r, 7, 25 2k, 9

Jumlah Beban Usaha LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Laba Selisih Kurs – Bersih Beban Bunga dan Pendanaan Lainnya - Bersih

2d

Lain-lain – Bersih Jumlah Penghasilan (Beban) Lain-lain – Bersih LABA SEBELUM BEBAN PAJAK PENGHASILAN BEBAN PAJAK PENGHASILAN Kini Tangguhan

2s 16b 16c

LABA BERSIH SEBELUM POS LUAR BIASA POS LUAR BIASA

26

LABA BERSIH SEBELUM HAK MINORITAS HAK MINORITAS LABA BERSIH SETELAH EFEK PENYESUAIAN PROFORMA EFEK PENYESUAIAN PROFORMA LABA (RUGI) BERSIH SEBELUM EFEK PENYESUAIAN PROFORMA LABA (RUGI) PER SAHAM DASAR Setelah Efek Penyesuaian Proforma Sebelum Efek Penyesuaian Proforma

30 Sep 2008/ Sep 30, 2008 (9 Bulan/Months)

2v


OPERATING EXPENSES Selling General and Administrative Depreciation Total Operating Expenses

Miscellaneous – Net Total Other Income ( Charges) – Net INCOME BEFORE INCOME TAX EXPENSE INCOME TAX EXPENSE Current Deferred

NET INCOME BEFORE MINORITY INTEREST MINORITY INTEREST

BASIC EARNING (LOSS) PER SHARE After effect of Pro Forma Adjustments Before Effect of Pro Forma Adjustments


3

PT FIRST MEDIATbk DAN PERUSAHAAN ANAK LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN Untuk Periode 9 (Sembilan) Bulan yang Berakhir 30 September 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

PT FIRST MEDIA Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY For the Period of 9 (Nine) Months Ended September 30, 2009 and 2008 (Unaudited) (In Full Rupiah) Defisit/ Deficit

Catatan/ Note

SALDO PER 31 DESEMBER 2007 Penambahan Modal Disetor Melalui Pelaksanaan atas Waran Seri 1 Penyesuaian yang timbul dari transaksi restrukturisasi entitas sepengendali

Modal Saham/ Capital Stock

407.987.000.000 22

6.750.000.000

Tambahan Modal Disetor/ Additional Paid in Capital

Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali/Differe nce in Value of Restructuring Transactions of Entities under Common Control

(7.894.845.814)

Ditentukan Penggunaannya/ Appropriated

100.000.000

Belum Ditentukan Penggunaannya/ Unappropriated

(57.915.816.292)

6.750.000.000

Jumlah Ekuitas/ Total Stockholders’ Equity

342.276.337.894

(8.590.762.453) 5.481.280.893

Net Income (9 Months) after Effect of Pro-Forma Adjustments

13.500.000.000

2c, 3 (8.590.762.453)

Laba Bersih (9 Bulan) setelah Efek Penyesuaian Proforma

5.481.280.893

Efek Penyesuaian Proforma

BALANCE AS OF DECEMBER 31, 2007 Additional Paid in Capital Through Exercise of Warrant Serie 1 Adjustments arising from restructuring transaction of entities under common control

(6.853.056.679)

(6.853.056.679)

Effect of Pro-Forma Adjustments

SALDO PER 30 SEPTEMBER 2008

414.737.000.000

(1.144.845.814)

(8.590.762.453)

100.000.000

(59.287.592.078)

345.813.799.655

BALANCE AS OF SEPTEMBER 30, 2008

SALDO PER 31 DESEMBER 2008

414.737.000.000

(1.144.845.814)

(8.590.762.453)

100.000.000

(159.638.414.775)

245.462.976.958

BALANCE AS OF DECEMBER 31, 2008

46.678.967.730

46.678.967.730

Net Income (9 Months)

(112.959.447.045)

292.141.944.688

BALANCE AS OF SEPTEMBER 30, 2009

Laba Bersih (9 Bulan) SALDO PER 30 SEPTEMBER 2009

414.737.000.000


(1.144.845.814)

(8.590.762.453)

100.000.000




LAPORAN ARUS KAS KONSOLIDASIAN Untuk Periode 9 (Sembilan) Bulan yang Berakhir 30 September 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

CONSOLIDATED STATEMENTS OF CASH FLOWS For the Period of 9 (Nine) Months Ended September 30, 2009 and 2008 (Unaudited) (In Full Rupiah) 30 Sep 2008/ Sep 30, 2008 (9 Bulan/Months)

30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) ARUS KAS DARI AKTIVITAS OPERASI Penerimaan Kas dari Pelanggan Pengeluaran Kas untuk: Pemasok Gaji dan Kesejahteraan Karyawan Beban Usaha Tidak Termasuk Gaji dan Kesejahteraan Karyawan Kas Bersih Diperoleh dari Operasi Pembayaran Bunga – Bersih Pembayaran Beban Pajak Pengeluaran Lainnya – Bersih Arus Kas Bersih Diperoleh dari Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Hasil Penjualan Aset Tetap Perolehan Aset Tetap Hasil Pelepasan Investasi Jangka Pendek Penempatan pada Investasi Jangka Pendek Akuisisi Perusahaan Arus Kas Bersih Digunakan untuk Aktivitas Investasi

547.124.847.382

420.163.095.180

(265.361.003.122) (76.243.740.289)

(221.708.846.684) (63.240.248.954)

(96.445.141.529)

(120.218.191.655)

109.074.962.442 (58.118.315.041) (3.048.380.539) (17.532.693.862) 30.375.573.000

14.995.807.887 (39.430.138.009) (2.232.377.056) (7.690.060.833) (34.356.768.011)

1.199.005.000 (120.000.305.746) 30.366.367.768 --(88.434.932.978)

CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers and Subscribers Cash Disbursements for: Suppliers Salaries and Employee Benefits Operating Expense Excluding Salaries and Employee Benefits Net Cash Provided by Operations Interest Paid - Net Payment of Tax Expense Other Disbursements - Net Net Cash Flows Provided by Operating Activities

CASH FLOWS FROM INVESTING ACTIVITIES 31.505.389.170 Proceeds from Disposal of Property and Equipment (185.273.929.468) Acquisition of Property and Equipment 9.975.682.357 Proceed from Disposal of Short-term Investments (9.925.042.207) Placement in Short-term Investments (1.500) Acquisition of Company Net Cash Flows Used in Investing (153.717.901.648) Activities

ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan dari Penambahan Modal Disetor Penerimaan dari Pinjaman Bank dan Surat Promes Pembayaran Pinjaman Bank dan Surat Promes Pembayaran sewa pembiayaan Penerimaan dari Transaksi Hubungan Istimewa – Bersih Arus Kas Bersih Diperoleh dari Aktivitas Pendanaan

52.139.921.161

171.557.000.000

(9.622.409.955) (23.342.847.802)

(76.817.389.735)

134.099.484

6.499.000.000

19.308.762.888

114.738.610.265

KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS

(38.750.597.090)

(73.336.059.394)

NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS

SALDO KAS DAN SETARA KAS PADA AWAL PERIODE/TAHUN

50.338.271.118

85.985.102.081

CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE PERIOD/YEAR

SALDO KAS DAN SETARA KAS PADA AKHIR PERIODE/TAHUN

11.587.674.028

12.649.042.687

CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD/YEAR

1.800.000.000

38.375.208.312

Aktivitas yang Tidak Mempengaruhi Arus Kas Penambahan Aset Sewa Pembiayaan

--


13.500.000.000

CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from Additional of Capital Stock Proceeds from Bank Loans and Promissory Notes Repayment of Bank Loans and Notes Payable Repayment of lease obligation under capital lease Proceeds from Related Parties Transactions – Net Net Cash Flows Provided by Financing Activities

Activities not Affecting Cash Flows Addition of Assets under Capital Lease


5



CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Untuk Periode 9 (Sembilan) Bulan yang Berakhir 30 September 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Period of 9 (Nine) Months Ended September 30, 2009 and 2008 (Unaudited) (In Full Rupiah)

1. Umum

1. General

1.a. Pendirian Perusahaan PT First Media Tbk (dahulu PT Broadband Multimedia Tbk) (Perusahaan) didirikan pada tanggal 6 Januari 1994 dengan Akta No. 37 yang dibuat dihadapan Siti Safariyah, SH CN, pengganti B.R.A.Y. Mahyastoeti Notonagoro, SH, notaris Jakarta dengan nama PT Safira Ananda. Akta pendirian ini telah disahkan oleh Menteri Kehakiman dalam surat keputusan No. C2-1.446.HT.01.01.Th.95 tanggal 1 Pebruari 1995 dan telah diumumkan dalam Berita Negara No. 81 Tambahan No. 6613 tanggal 8 Oktober 1999. Anggaran dasar Perusahaan telah mengalami beberapa perubahan, terakhir dengan akta notaris Lindasari Bachroem, SH, No. 42, tanggal 15 Agustus 2008, mengenai penyesuaian dan penyusunan kembali seluruh anggaran dasar perseroan dengan Undang-Undang Nomor 40 tahun 2007 tentang Perseroan Terbatas. Perubahan terakhir tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia dalam surat keputusan No. AHU-74501.AH.01.02 tahun 2008 tanggal 16 Oktober 2008.

1.a. The Company’s Establishment PT First Media Tbk (formerly PT Broadband Multimedia Tbk) (the Company) was established on January 6, 1994, based on notarial deed No. 37 drawn before Siti Safariyah, SH CN, substitute of B.R.A.Y. Mahyastoeti Notonagoro, SH, notary in Jakarta, under the name of PT Safira Ananda. The deed establishment was approved by the Minister of Justice in his decree No. C2-1.446.HT.01.01.Th.95 dated February 1, 1995 and was published in the State Gazette No. 81 Supplement No. 6613 dated October 8, 1999. The Company’s articles of association has been amended, most recently by notarial deed No. 42 of Lindasari Bachroem, SH, dated August 15, 2008 concerning the adjustment of company’s Article of Association to Law No.40 Year 2007 regarding Limited Laibility Company. The latest amendment was approved by the Minister of Law and Human Rights on October 16,2008 in his decree No. AHU 74501.AH.01.02 Year 2008.

Perusahaan terutama bergerak dalam penyediaan jasa melalui jaringan komunikasi pita lebar (“jaringan”) (broadband communication network) dan pendistribusian sinyal elektronik melalui jaringan tersebut, yang saat ini pendapatannya terutama dihasilkan dari jasa pendistribusian program televisi di Jakarta, Bogor,Tangerang, Bekasi, Surabaya, Bali dan Pekanbaru.

The Company is engaged primarily in the provision of services through a broadband communication network (“the network”) and the distribution of various electronic signals through the network, with its revenue currently derived primarily from distribution of television program in Jakarta Bogor, Tangerang, Bekasi, Surabaya, Bali and Pekanbaru.

Perusahaan berdomisili di Gedung Citra Graha Lantai 4, Jl. Gatot Subroto Kav 35-36 Jakarta.

The Company is domiciled at Citra Graha Building 4th Floor, Jl. Gatot Subroto Kav 35-36 Jakarta.

Perusahaan memulai kegiatan komersialnya pada tanggal 1 Maret 1999.

The Company started its commercial operations on March 1, 1999.

Pada tanggal 26 September 2001, Perusahaan mendapat Izin Lokal Packet-Switch yang dapat diperbaharui setiap lima tahun dari Menteri Perhubungan dalam Surat Keputusan No. KP. 227 Tahun 2001.

On September 26, 2001, the Company obtained a five-year renewable Local Packet- Switch Licence from the Minister of Transportation in his letter No.KP 227 Year 2001.

Pada tanggal 3 September 2004, Perusahaan mendapat Izin Penyelenggaraan Jasa Televisi Berbayar berlaku sampai jangka waktu yang tidak terbatas dan terhadap izin ini akan dilakukan evaluasi secara menyeluruh setiap 5 (lima) tahun berdasarkan Surat Keputusan Direktur Jenderal Pos dan Telekomunikasi No. 256/Dirjen/2004 yang menggantikan surat sebelumnya No. 261/DIRJEN/1999 tanggal 31 Desember 1999.

On September 3, 2004, the Company obtained unlimited period nationwide cable television license and this license will be subject to comprehensive evaluation every 5 (five) years based on the Letter from the Director General of Post and Telecommunications No. 256/Dirjen/2004 revoking the previous letter No. 261/DIRJEN/1999 dated December 31, 1999.

6





1.b. Penawaran Umum Saham Perusahaan Pernyataan Pendaftaran Perusahaan untuk menawarkan 20.000.000 sahamnya kepada masyarakat dengan harga Rp 500 per saham dinyatakan efektif oleh Badan Pengawas Pasar Modal (BAPEPAM) dalam suratnya No. S-73/PM/2000 tanggal 27 Januari 2000. Saham Perusahaan telah tercatat di Bursa Efek Surabaya pada tanggal 25 Pebruari 2000.

1.b. The Company’s Public Offering The Company’s Registration Statement to offer 20,000,000 shares to the public at the price of Rp 500 per share was declared effective by the Capital Market Supervisory Agency (BAPEPAM) in its letter No. S-73/PM/2000 dated January 27, 2000. The Company's shares were listed at the Surabaya Stock Exchange on February 25, 2000.

Pada tahun 2006, Perusahaan melakukan Penawaran Umum Terbatas I kepada para pemegang saham dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu (HMETD) sejumlah 441.674.000 saham baru (dengan nilai nominal Rp 500 per saham) dengan harga penawaran Rp 500 per saham dan sebanyak-banyaknya 129.904.118 Waran Seri I yang diterbitkan menyertai saham baru yang diberikan secara cuma-cuma sebagai insentif bagi Pemegang Saham Perusahaan dan/atau pemegang HMETD yang melaksanakan HMETD. Penawaran tersebut telah mendapat pemberitahuan efektifnya pernyataan berdasarkan Surat Ketua Badan Pengawas Pasar Modal No. S-3415/BL/2006 tanggal 28 Desember 2006, dan menjadi efektif setelah mendapat persetujuan dari Rapat Umum Pemegang Saham Perusahaan tanggal 29 Desember 2006. Periode perdagangan HMETD dari tanggal 15 Januari sampai dengan tanggal 30 Januari 2007 dengan tanggal penjatahan saham pada tanggal 2 Pebruari 2007.

In 2006, the Company conducted Limited Public Offering in connection with Pre-Emptive Rights Issuance I of 441,674,000 new shares (at par value Rp 500 per share) at an offering price of Rp 500 per share and a maximum of 129,904,118 Warrant Serie I will be issued attached to the new shares which given freely as incentive for the stockholders of the Company and/or pre-emptive rights holders who exercise their rights. The offering has received an effective notification statement based on the Letter from the Chairman of Capital Market Supervisory Agency No. S3415/BL/2006 dated December 28, 2006, and became effective after obtained an approval from the Company’s Stockholders General Meeting dated December 29, 2006. The trading period of the pre-emptive rights was from January 15 until January 30, 2007 with share distribution date on February 2, 2007.

Pada tanggal 30 September 2009 dan 2008 seluruh saham Perusahaan telah tercatat di Bursa Efek Indonesia (sebelumnya terdaftar di Bursa Efek Surabaya).

As of September 30, 2009 and 2008, all of the Company's shares are listed on the Indonesian Stock Exchange (previously listed in the Surabaya Stock Exchange).

1.c. Struktur Perusahaan Anak

1.c. Structure of Subsidiaries

(1). Perusahaan mempunyai perusahaan anak yang dimiliki secara langsung sebagai berikut: Anak Perusahaan / Subsidiaries

PT Margayu Vatri Chantiqa (MVC) PT Ayunda Prima Mitra (APM) PT Link Net (LNI)

Domisili/ Domicile

Jakarta Jakarta Jakarta

Bidang Usaha/ Operations

(1). The Company has direct ownership over the following subsidiaries:

Persentase Tahun Operasi Pemilikan/ Komersial/ Percentage of Start of Commercial Ownership Operations 30 Sep 30 Sep 2009/ 2008/ Sep Sep 30,2009 30,2008 % %

Perdagangan/ 100.00 Trading Perdagangan/ 100.00 Trading Penyedia jasa 100.00 internet/ Internet Service Provider

100.00 100.00 100.00

7

Belum Beroperasi/ Non Operating Belum Beroperasi/ Non Operating 2000

Jumlah Aset/ Total Assets

30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

95.665.015

26.062.015

14.130.431.778

4.947.272.673

9.698.143.177

9.136.110.102




Anak Perusahaan / Subsidiaries

Domisili/ Domicile

PT First Media Production

Jakarta

PT First Media News

Jakarta

PT First Media Television

Jakarta

Bidang Usaha/ Operations


Persentase Tahun Operasi Pemilikan/ Komersial/ Percentage of Start of Commercial Ownership Operations 30 Sep 30 Sep 2009/ 2008/ Sep Sep 30,2009 30,2008 % %

Perfilman dan 99.00 Perekaman Video/ Film and Video Recording Perfilman dan 100.00 Perekaman Video/ Film and Video Recording Penyiaran 100.00 Berlangganan/ Subscription Broadcasting

Jumlah Aset/ Total Assets

30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

-

2009

1.725.470.928

--

-

Belum Beroperasi/ Non Operating

7.184.301.396

--

-

Belum Beroperasi/ Non Operating

2.512.492.760

--

(2).Pada tanggal 1 Maret 2005, Perusahaan melalui PT Ayunda Prima Mitra, perusahaan anak, membeli 245 lembar saham (nominal Rp 500.000 per saham) PT Direct Vision (DV). Kemudian pada tanggal yang sama, modal ditempatkan di DV telah ditingkatkan sehingga jumlah modal disetor milik Perusahaan menjadi Rp 2.450.000.000,- Persentase kepemilikan efektif Perusahaan atas DV adalah 49%. Pada tahun 2006, DV telah mulai beroperasi. Pada tanggal 30 September 2009 dan 2008, nilai tercatat investasi Perusahaan di DV adalah nol.

(2). On March 1, 2005, the Company through PT Ayunda Prima Mitra, a subsidiary, purchased 245 shares (par value of Rp 500,000 per share) of PT Direct Vision (DV). Then on the same date, the paid in capital in DV has been increased that the paid in capital owned by Company became Rp 2,450,000,000. The effective Company’s ownership in DV is 49%. DV began to operate in 2006. As of September 30, 2009 and 2008 the carrying amount of investment of the Company in DV is nil.

(3). Berdasarkan persetujuan Rapat Umum Pemegang Saham Luar Biasa tanggal 13 Juni 2008, pada tanggal 24 Juni 2008, Perusahaan membeli 128.700.000 lembar saham (nominal Rp 500 per saham) PT Link Net dengan harga pengalihan saham sebesar Rp 1.000,-. Pada tanggal yang sama, PT Margayu Vatri Chantiqa, perusahaan anak, membeli 1.300.000 lembar saham (nominal Rp 500 per saham) PT Link Net dengan harga pengalihan saham sebesar Rp 500,Persentase kepemilikan efektif Perusahaan atas PT Link Net adalah 100%. PT Link Net mulai beroperasi pada tahun 2000.

(3). Based on approval from the Company’s Extraordinary General Meeting of Stockholders dated June 13,2008, on June 24, 2008, the Company purchased 128,700,000 shares (par value of Rp 500 per share) of PT Link Net with the transfer price amounted to Rp 1,000. On the same date, PT Margayu Vatri Chantiqa, a subsidiary, purchased 1,300,000 shares (par value of Rp 500 per share) of PT Link Net with the transfer price amounted to Rp 500. The effective Company’s ownership in PT Link Net is 100%.PT Link Net began operating in 2000.

(4). Berdasarkan akta pendirian No. 6 tanggal 4 Juli 2008 oleh Notaris Selam Bastomi, SH, M.Kn, notaris di Jakarta, didirikan PT First Media Production (FMP). Perusahaan telah menyetorkan modal sebesar Rp 2.475.000.000,- untuk kepemilikan sejumlah 4.950.000 lembar saham (nominal Rp 500 per saham). Persentase efektif kepemilikan Perusahaan atas FMP adalah 99%. FMP mulai beroperasi sejak tahun 2009.

(4) Based on deed of establishment No. 6 dated July 4, 2008 by Notary Selam Bastomi, SH, M.Kn, notary in Jakarta, PT First Media Production (FMP) was established. The Company has paid in capital amounting to Rp 2,475,000,000 for the ownership of 4,950,000 shares (par value of Rp 500 per share). The Company’s effective ownership in FMP is 99%. FMP began operating in 2009. 8





(5) Berdasarkan akta pendirian No. 5 tanggal 5 Agustus 2008 oleh Notaris Charles Hermawan, SH, notaris di Tangerang, didirikan PT First Media News (FMN). Perusahaaan dan PT Margayu Vatri Chantiqa, perusahaan anak, telah menyetorkan modal masingmasing sebesar Rp 2.475.000.000 dan Rp 25.000.000 untuk kepemilikan sejumlah 2.475 dan 25 lembar saham (nominal Rp 1.000.000 per saham). Persentase efektif kepemilikan Perusahaan atas FMN adalah 100%. FMN belum beroperasi.

(5) Based on deed of establishment No. 5 dated August 5, 2008 by Notary Charles Hermawan, SH, notary in Tangerang, PT First Media News (FMN) was established. The Company and PT Margayu Vatri Chantiqa, a subsidiary, has paid in capital amounting to Rp 2,475,000,000 and Rp 25,000,000 for the ownership of 2,475 and 25 shares (par value of Rp 1,000,000 per share), respectively. The the Company’s effective ownership in FMN is 100%. FMN has not started its operation.

(6) Berdasarkan Pernyataan Keputusan Rapat Umum Pemegang Saham PT Ayunda Prima Mitra yang diaktakan dalam akta No. 80 tanggal 16 Agustus 2008 oleh notaris Sri Hidianingsih A.S., SH, notaris di Jakarta, PT Ayunda Prima Mitra, perusahaan anak, meningkatkan modal dasar dari Rp 20.000.000 menjadi Rp 140.000.000 dan meningkatkan modal disetor dari Rp 5.000.000 menjadi Rp 35.000.000.

(6) Based on Statement of Shareholder Meeting of PT Ayunda Prima Mitra which notarialized by deed No. 80 dated August 16, 2008 by notary Sri Hidianingsih A.S., SH, notary in Jakarta, PT Ayunda Prima Mitra, a subsidiary, increase authorized capital from Rp 20,000,000 to Rp 140,000,000 and paid in capital from Rp 5,000,000 to Rp 35,000,000.

(7) Berdasarkan Pernyataan Keputusan Rapat Umum Pemegang Saham PT Margayu Vatri Chantiqa yang diaktakan dalam akta No. 19 tanggal 31 Oktober 2008 oleh notaris Charles Hermawan, SH, notaris di Tangerang, PT Margayu Vatri Chantiqa, perusahaan anak, meningkatkan modal dasar dari Rp 20.000.000 menjadi Rp 50.000.000 dan meningkatkan modal disetor dari Rp 5.000.000 menjadi Rp 12.500.000.

(7) Based on Statement of Shareholder Meeting of PT Margayu Vatri Chantiqa which notarialized by deed No. 19 dated October 31, 2008 by notary Charles Hermawan, SH, notary in Tangerang, PT Margayu Vatri Chantiqa, a subsidiary, increase authorized capital from Rp 20,000,000 to Rp 50,000,000 and paid in capital from Rp 5,000,000 to Rp 12,500,000.

(8) Berdasarkan akta pendirian No. 3 tanggal 9 Oktober 2008 oleh Notaris Charles Hermawan, SH, notaris di Tangerang, didirikan PT First Media Television (FMTV). Perusahaan mempunyai kepemilikan 10.000 lembar saham (nominal Rp 250.000 per saham) atau sebesar Rp 2.500.000.000. Persentase efektif kepemilikan Perusahaan atas FMTV adalah 100%. FMTV belum beroperasi.

(8) Based on deed of establishment No. 3 dated October 9, 2008 by Notary Charles Hermawan, SH, notary in Tangerang, PT First Media Television (FMTV) was established. The Company owns 10,000 shares (par value of Rp 250,000 per share) or amounting to Rp 2,500,000,000. The Company’s effective ownership in FMTV is 100%. FMTV has not started its operation.

1.d. Dewan Komisaris, Direksi, Komite Audit dan Karyawan Per 30 September 2009, susunan anggota Dewan Komisaris dan Direksi Perusahaan berdasarkan Rapat Umum Pemegang Saham Tahunan yang diselenggarakan pada tanggal 24 April 2009, yang diaktakan dalam akta notaris Lindasari Bachroem SH No. 19 adalah sebagai berikut:

1.d. Board of Commissioners, Directors, Audit Committee and Employees As of September 30, 2009, the members of the Company’s Boards of Commissioners and Directors based on the Annual Stockholders’ General Meeting held on April 24, 2009, as covered by notarial deed No. 19 of Lindasari Bachroem SH are as follows:

9





Dewan Komisaris Presiden Komisaris Komisaris Independen Komisaris Independen Komisaris Independen Komisaris Independen Komisaris Independen Komisaris Direksi Presiden Direktur Direktur Direktur Direktur Direktur Direktur Direktur

Board of Commissioners Peter Frans Gontha Prof. Dr. Didik J. Rachbini Ferliana Suminto Dr. Rizal Ramli Drs. Irman Gusman, MBA Jonathan L. Parapak Dr. Cheng Cheng Wen Akan ditentukan kemudian/Will be determined later Dr. Yen Hsu Lin, Ming Chih (Vincent Lin) Irwan Djaja Harianda Noerlan Dicky Setiadi Moechtar Shen, Ching Wen (Wendell Shen)

Per 30 September 2008, susunan anggota Dewan Komisaris dan Direksi Perusahaan berdasarkan Rapat Umum Pemegang Saham Tahunan yang diselenggarakan pada tanggal 13 Juni 2008, yang diaktakan dalam akta pernyataan keputusan rapat notaris Lindasari Bachroem, SH No. 17, adalah sebagai berikut:

President Commissioner Independent Commissioner Independent Commissioner Independent Commissioner Independent Commissioner Independent Commissioner Commissioner Directors President Director Director Director Director Director Director Director

As of September 30, 2008, the members of the Company’s Boards of Commisioners and Directors based on the Annual Stockholders’ General Meeting held on June 13, 2008, as covered by notarial deed No. 17 of Lindasari Bachroem, SH, are as follows:

Dewan Komisaris Presiden Komisaris Komisaris Independen Komisaris Independen Komisaris Independen Komisaris Independen Komisaris Komisaris Komisaris

Jonathan Limbong Parapak Drs. Irman Gusman, MBA Prof. Dr. Didik J. Rachbini Ferliana Suminto Dr. Rizal Ramli Marshall Wallace Cooper Dr. Cheng Cheng Wen Peter Frans Gontha

Board of Commissioners President Commissioner Independent Commissioner Independent Commissioner Independent Commissioner Independent Commissioner Commissioner Commissioner Commissioner

Direksi Presiden Direktur Wakil Presiden Direktur Direktur Direktur Direktur Direktur Direktur Direktur Direktur

Khrisnadi Kartawidjaja Dr. Yen Hsu Tao Ming Cheng Lin, Ming Chih (Vincent Lin) Harianda Noerlan Dicky Setiadi Moechtar Dr. Chen, Lih Woei (Lewis Chen) Kuo, Fang Jen (Fred Kuo) Shen, Ching Wen (Wendell Shen)

Directors President Director Deputy to President Director Director Director Director Director Director Director Director

Pada tanggal 30 September 2009 dan 2008, Perusahaan mempunyai masing-masing sekitar 464 dan 471 karyawan tetap.

As of September 30, 2009 and 2008, the Company has approximately 464 and 471 permanent employees, respectively.

10





2. Ikhtisar Kebijakan Akuntansi

2. Summary of Accounting Policies

2.a. Dasar Pengukuran dan Penyusunan Laporan Keuangan Konsolidasian Laporan keuangan konsolidasian disusun sesuai dengan prinsip dan praktik akuntansi yang berlaku umum di Indonesia yang meliputi Pernyataan Standar Akuntansi Keuangan (PSAK) yang dikeluarkan oleh Ikatan Akuntan Indonesia (IAI), dan Peraturan Badan Pengawas Pasar Modal (BAPEPAM) No. VIII.G.7 tentang pedoman penyajian laporan keuangan emiten atau perusahaan publik. Laporan keuangan konsolidasian disusun dengan dasar akrual, kecuali untuk laporan arus kas, dan menggunakan konsep biaya perolehan (historical cost) Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung (direct method) dengan mengelompokan arus kas ke dalam aktivitas operasi, investasi dan pendanaan. Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasian ini adalah Rupiah.

2.a. Basis Measurement and Preparation of Consolidated Financial Statements These consolidated financial statements are prepared in conformity with accounting principles generally accepted in Indonesia, that are covered by Statements of Financial Accounting Standard (SFAS) issued by the Indonesian Institute of Accountants (IAI), and the Decree of the Capital Market Supervisory Agency (BAPEPAM) No. VIII.G.7 regarding the guidelines for financial statement presentation for listed company. The consolidated financial statements have been prepared based on the accrual basis, except for statements of cash flows, and using the historical cost method of accounting. The consolidated statements of cash flows are prepared using direct method by classifying cash flows into operating, investing and financing activities.

2.b. Prinsip-prinsip Konsolidasi Laporan keuangan konsolidasian meliputi akun-akun dari Perusahaan dan perusahaan anak sebagaimana yang diuraikan dalam Catatan 1.c.

2.b. Consolidation Principles The consolidated financial statements included accounts of the Company and subsidiaries as described in Note 1.c.

Penyajian laporan keuangan konsolidasian dilakukan berdasarkan konsep satuan usaha (entity concept). Akunakun, transaksi dan laba yang signifikan yang saling berhubungan diantara perusahaan yang dikonsolidasikan dieliminasi untuk mencerminkan posisi keuangan dan hasil usaha sebagai satu kesatuan.

The presentation of consolidated financial statements are carried out based on entity concept. All significant interrelated accounts, transactions and profit among consolidated companies have been eliminated to reflect the financial position and result of operations as a single entity.

2.c. Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali Transaksi restrukturisasi antara entitas sepengendali berupa pengalihan aset, kewajiban, saham, atau instrumen kepemilikan lainnya yang dilakukan dalam rangka reorganisasi entitas-entitas yang berada dalam suatu kelompok usaha yang sama tidak mengakibatkan perubahan substansi ekonomi kepemilikan, dan oleh karena itu, transaksi tersebut tidak menimbulkan laba atau rugi bagi seluruh kelompok perusahaan maupun bagi entitas individu dalam kelompok perusahaan tersebut. Berdasarkan PSAK No. 38 (Revisi 2004), “Akuntansi Restrukturisasi Entitas Sepengendali”, transaksi tersebut harus dicatat sesuai dengan nilai buku seperti penggabungan usaha berdasarkan metode penyatuan kepemilikan (pooling-of-interests method).

2.c. Difference in Value of Restructuring Transactions of Entities under Common Control Restructuring transaction between entities under common control in the form of transfer of assets, liabilities, shares or other ownership instruments conducted within the framework of reorganization of entities under the same business segment, do not constitute a change of ownership within the meaning of economic substance, so that such transactions would not result in a gain or loss to the company group or to the individual entity within the same group. In accordance with PSAK No. 38 (Revised 2004), “Accounting of Restructuring Transactions of Entities under Common Control”, the transactions must be recorded at book values similar to a business combination using the pooling-of-interests method.

Dalam menerapkan metode penyatuan kepemilikan, unsurunsur laporan keuangan dari entitas-entitas yang direstrukturisasi untuk tahun terjadinya restrukturisasi

In applying the pooling-of-interests method, the financial statement items of the restructured entities for the year in which the restructuring occurs and for any comparative

The reporting currency used in the preparation of these consolidated financial statements is Indonesian Rupiah.

11





tersebut dan untuk tahun perbandingan yang disajikan, harus disajikan sedemikian rupa seolah-olah perusahaan tersebut telah bergabung sejak permulaan tahun perbandingan yang disajikan tersebut. Selisih antara harga pengalihan dengan nilai buku dalam transaksi restrukturisasi entitas sepengendali dicatat dalam akun “Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali” yang disjaikan sebagai bagian dari ekuitas pada neraca konsolidasi.

period presented, should be presented in such a manner as if they had been combined from the beginning of the year presented. Any difference between the transfer price and book value of each restructuring transaction between entities under common control is recorded in the account “Difference in Value of Restructuring Transactions of Entities under Common Control” which is presented as part of Equity in the consolidated balance sheets.

Jika substansi sepengendali antara entitas yang pernah melakukan transaksi restrukturisasi entitas sepengendali tersebut telah hilang atau terjadi pelepasan aset, kewajiban, saham, atau instrumen kepemilikan lainnya yang mendasari terjadinya selisih nilai transaksi restrukrisasi entitas sepengendali kepada pihak lain yang tidak sepengendali, maka saldo akun selisih nilai transaksi restrukturisasi entitas sepengendali dicatat sebagai laba atau rugi yang direalisasi pada laporan laba rugi konsolidasi.

If the subtance among entities who have been involved in the restructuring transactions of entities under common control has been lost or the underlying assets, liabilities, shares or other ownership instruments which previously resulted in the difference in value of restructuring transactions of entities under common control account is disposed to another party not under common control, the difference in restructuring transactions of entities under common control is recognized as a realized gain or loss in the consolidated statements of income.

2.d. Transaksi dan Saldo dalam Mata Uang Asing Transaksi dalam mata uang asing dicatat berdasarkan kurs yang berlaku pada saat transaksi dilakukan.

2.d. Foreign Currency Transactions and Balances Transactions involving foreign currencies are recorded at the rates of exchange prevailing at the time the transactions are made.

Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang asing dilaporkan ke dalam Rupiah menggunakan kurs yang diumumkan oleh Bank Indonesia yang berlaku pada tanggal tersebut (per 30 September 2009 dan 2008, kurs tukar yang digunakan adalah USD 1 = Rp 9.681 dan USD 1 = Rp 9.378). Laba atau rugi selisih kurs dibebankan pada laporan laba rugi tahun berjalan kecuali yang diperbolehkan untuk dikapitalisasi.

On balance sheets date, monetary assets and liabilities denominated in foreign currencies are reported in Rupiah using the rate of exchange prevailing at such date as published by Bank Indonesia (September 30, 2009 and 2008: USD 1 = Rp 9,681 and USD 1 = Rp9,378 ). The resulting gains or losses are credited or charged to the current statement of income except those which are allowed to be capitalized.

2.e. Transaksi dengan Pihak-pihak Hubungan Istimewa Perusahaan dan perusahaan anak melakukan transaksi dengan pihak-pihak yang mempunyai hubungan istimewa seperti yang didefinisikan dalam PSAK No. 7, "Pengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa".

2.e. Transactions with Related Parties The Company and subsidiaries have transactions with parties which are related to them as defined under the SFAS No. 7, "Related Party Disclosures ".

Seluruh transaksi signifikan dengan pihak-pihak yang mempunyai hubungan istimewa, baik yang dilakukan maupun tidak dilakukan dengan persyaratan dan kondisi yang sama dengan pihak ketiga, diungkapkan dalam catatan atas laporan keuangan konsolidasian.

All significant transactions with related parties, whether or not conducted at terms and conditions similar to those with third parties, are disclosed in the notes to the consolidated financial statements.

12





2.f. Setara Kas Setara kas terdiri dari deposito jangka pendek dengan jangka waktu jatuh tempo 3 (tiga) bulan atau kurang sejak tanggal penempatannya, tidak digunakan sebagai jaminan dan tidak dibatasi penggunaannya.

2.f. Cash Equivalents Cash equivalents consist of short-term time deposits with maturities of 3 (three) months or less since the time of their placement, not pledged as collateral and unrestricted.

2.g. Investasi Jangka Pendek Investasi jangka pendek merupakan deposito berjangka yang digunakan sebagai jaminan. Deposito berjangka ini memiliki jangka waktu jatuh tempo lebih dari tiga bulan tetapi tidak lebih dari satu tahun. Deposito disajikan sebesar nilai nominal.

2.g. Short-term Investments Short-term investments represent time deposits which are used as collateral. These time deposits have maturities more than 3 (three) months but not more than one year. Deposits are presented at face value.

2.h. Investasi Saham Investasi saham dimana Perusahaan dan perusahaan anak mempunyai pemilikan paling sedikit 20% tetapi tidak lebih dari 50% dicatat dengan menggunakan metode ekuitas. Berdasarkan metode ini, investasi awal dinyatakan sebesar harga perolehan, disesuaikan dengan bagian Perusahaan dan perusahaan anak atas laba (rugi) bersih perusahaan asosiasi setelah tanggal akuisisi, dividen yang diterima dan amortisasi dengan menggunakan metode garis lurus (straight-line method) selama 20 (dua puluh) tahun atas selisih antara harga perolehan investasi dan bagian atas aset bersih perusahaan asosiasi pada tanggal akuisisi. Investasi di mana Perusahaan mempunyai penyertaan dengan pemilikan kurang dari 20% dan harga pasar tidak tersedia dinyatakan sebesar harga perolehan. Perusahaan menelaah dan mengevaluasi nilai tercatat atas selisih antara harga perolehan investasi dan bagian atas aset bersih perusahaan asosiasi secara berkala, dengan mempertimbangkan hasil usaha tahun berjalan dan prospek di masa yang akan datang dari perusahaan asosiasi tersebut.

2.h. Investments in Shares of Stock Investments in shares of stock wherein the Company and subsidiaries have an ownership interest of at least 20% but not exceeding 50% are accounted for under the equity method. Under this method, the investments are initially stated at cost, adjusted for the Company's and subsidiaries' share in the net earnings (losses) of the associated companies after acquisition, dividends received and straight-line amortization over a 20 (twenty) years period of the difference between the cost of such investment and the investor's proportionate share in the underlying net assets of the investee at the date of acquisition. Investment wherein the Company and subsidiaries have an ownership interest of less than 20% and its market price is not readily determinable are stated at cost. The Company reviews and evaluates periodically the carrying values of goodwill, taking into consideration current results and future prospects of the related associate.

2.i. Penyisihan Piutang Ragu-ragu Penyisihan piutang ragu-ragu ditentukan berdasarkan penelaahan terhadap kemungkinan tertagihnya akun piutang masing-masing pelanggan.

2.i. Allowance for Doubtful Accounts Allowance for doubtful accounts is determined based on a review of the status of each debtor.

2.j. Biaya Dibayar di Muka Biaya dibayar di muka diamortisasi selama masa manfaatnya dengan menggunakan metode garis lurus.

2.j. Prepaid Expenses Prepaid expenses are amortized over the periods benefitted by using the straight-line method.

2.k. Aset Tetap Aset tetap dinyatakan sebesar harga perolehan dikurangi akumulasi penyusutannya. Aset tetap, kecuali hak atas tanah, disusutkan dengan menggunakan metode garis lurus sesuai dengan taksiran masa manfaatnya sebagai berikut:

2.k. Property and Equipment Property and equipment are carried at cost less their accumulated depreciation. Property and equipment, except for landrights, are depreciated using the straight line method over the estimated useful lives of the assets as follows:

13





Tahun/ Years Bangunan Jaringan Distribusi (Jaringan) Renovasi Head-end Electronic Peralatan Kantor, Perabotan, Kabel Modem, Converter, Decoder dan Kendaraan Set Top Box Peralatan untuk Saluran Olimpiade

15 15 4 4 - 7, 5 4–5 4 4

Building Distribution Network (the Network) Leasehold Improvements Head-end Electronics Office Equipment, Furniture and Fixtures, Cable Modem, Converters, Decoders, and Vehicles Set Top Box Equipment for Olympic Channel

Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan.

Land is carried at cost and not depreciated.

Beban pemeliharaan dan perbaikan dibebankan langsung ke laporan laba rugi pada saat terjadinya. Sedangkan biaya-biaya yang sifatnya meningkatkan masa manfaat aset secara signifikan, dikapitalisasi. Apabila suatu aset tetap tidak digunakan lagi atau dijual, biaya perolehan dan akumulasi penyusutan aset tetap tersebut dikeluarkan dari kelompok aset tetap, dan laba atau rugi yang terjadi dilaporkan dalam laporan laba rugi tahun bersangkutan.

The cost of maintenance and repairs is directly charged to statement of income as incurred. While significant renewal and betterments which increase the property and equipment condition are capitalized. When property and equipment are retired or otherwise disposed of, their cost and related accumulated depreciation are removed from the account and any resulting gain or loss is reflected in the statement of income for the year.

Pada tanggal neraca nilai aset tetap direview terhadap kemungkinan penurunan nilai, apakah terdapat peristiwa atau kondisi yang menunjukkan bahwa nilai tercatat aset tetap tidak dapat dipulihkan. Penyisihan atas penurunan nilai aset tetap diakui pada periode terjadinya penurunan nilai.

At the balance sheet date the carrying value of property and equipment is reviewed for impairment whenever events and circumstances that the carrying value of property and equipment may not be recoverable. The provision for impairment of value is recognized in the period it occurred.

2.l. Aset dalam Penyelesaian Aset dalam penyelesaian terdiri dari bagian dari jaringan dan pekerjaan proyek yang masih dalam penyelesaian. Pengeluaran seperti material, perlengkapan, peralatan, overhead dan semua biaya yang berhubungan dengan konstruksi dan operasional di lapangan termasuk bunga, selisih kurs atas pinjaman dalam valuta asing dan beban pendanaan lainnya yang berhubungan dengan pinjaman yang digunakan untuk keperluan konstruksi dan pembangunan jaringan, dikapitalisasi sebagai bagian aset dalam penyelesaian, sesuai dengan PSAK No.26 (Revisi), “Biaya Pinjaman”.

2.l. Construction in Progress Construction in progress consists of portions of the Network and project which are still under construction. Expenditures such as raw materials, supplies, equipment, overhead and all costs relating to the construction and operations in the field including interests, foreign exchange differences on borrowings and other financing charges incurred on loans obtained to finance the construction and network build out, are capitalized as part of construction in progress, in accordance with the revised SFAS No.26 (Revised), “Borrowing Costs”.

2.m. Periode Prematur Periode prematur adalah periode dimana jaringan distribusi televisi sedang dalam tahap pembangunan dan pelayanan. Periode prematur dimulai ketika pendapatan dari pelanggan pertama diterima dan berakhir ketika pembangunan jaringan distribusi selesai, termasuk waktu yang cukup untuk menyiapkan instalasi drops pelanggan beserta perangkat keras yang berhubungan. Perusahaan menetapkan jangka waktu periode prematur selama 3 (tiga) tahun.

2.m. Prematurity Period The prematurity period defined as the period in which the cable television distribution network is partially under construction and partially in service. Prematurity period begins when the first subscriber’s revenue is earned and ends when the construction of the distribution network is completed, including a reasonable time to provide for installation of subscriber drops and related hardware. Management has determined the length of the prematurity period to be 3 (three) years. 14





2.n. Sewa Efektif tanggal 1 Januari 2008, Perusahaan menerapkan PSAK 30 (Revisi 2007), “Sewa” yang menggantikan PSAK 30 (1990), “Akuntansi Sewa Guna Usaha”. Menurut PSAK revisi ini, klasifikasi sewa didasarkan atas sejauh mana resiko dan manfaat yang terkait dengan kepemilikan aset sewaan berada di tangan lessor atau lessee.

2.n. Leases Effective January 1, 2008, the Companies have applied PSAK 30 (Revised 2007), “Leases”, which supersedes PSAK 30 (1990) “Accounting for Leases”. Under this revised PSAK, a lease that transfers substantially all the risks and rewards incidental to ownership is classified as finance lease.

Suatu sewa yang tidak mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset diklasifikasikan sebagai sewa operasi. Pembayaran sewa dalam sewa operasi diakui sebagai beban dalam laporan laba rugi dengan dasar garis lurus (straight-line basis) selama masa sewa.

Leases which do not transfer substantially all the risks and rewards incidental to ownership are classified as operatimh leases. Operating lease payments are recognized as an expense on a straight-line basis over the lease term.

2.o. Aset Tidak Berwujud Aset tak berwujud merupakan perangkat lunak komputer dan diamortisasi dengan menggunakan metode garis lurus selama 4 (empat) tahun.

2.o. Intangible Assets Intangible assets represent computer software and amortized using the straight line method over the estimated useful life of 4 (four) years.

2.p. Diskonto Surat Promes Diskonto yang berasal dari penerbitan surat promes diamortisasi sesuai dengan periode jatuh tempo masingmasing surat promes dengan menggunakan metode garis lurus.

2.p. Discount on Promissory Notes Discount arising from the issuance of promissory notes is amortized over the period of the related notes using the straight-line method.

2.q. Kewajiban Anjak Piutang Jumlah yang diterima dari pengalihan tagihan anjak piutang with recourse diakui sebagai kewajiban anjak piutang sebesar nilai piutang yang dialihkan. Selisih antara nilai piutang yang dialihkan dengan dana yang diterima ditambah retensi, jika ada diakui sebagai biaya bunga selama periode anjak piutang.

2.q. Factoring Payable Funds received from factoring receivables transferred with recourse arrangement are recognized as factoring liability at the amount of transferred receivables. The difference between the transferred receivables and the funds received plus the retention, if any, is recognized as interest expense over the factoring period.

2.r. Pengakuan Pendapatan dan Beban Jasa langganan untuk televisi kabel diakui sebagai pendapatan berdasarkan waktu penayangan untuk paket berlangganan atau pada saat penayangan program untuk program yang dibayar per tayangan (pay per view). Jasa langganan yang ditagih atau diterima di muka ditangguhkan (dilaporkan sebagai Pendapatan Jasa Langganan Ditangguhkan) dan diamortisasi sesuai dengan jangka waktu berlangganan. Pemasangan iklan diakui sebagai pendapatan pada saat iklan telah disiarkan. Jasa langganan untuk akses internet kabel kecepatan tinggi, diakui sebagai pendapatan berdasarkan pengaksesan internet. Pendapatan dari akses jaringan korporasi diakui pada saat pemasangan.

2.r. Revenue and Expenses Recognition Subscription fees for cable television programs are recognized as revenue on a time apportionment basis for subscription package or upon rendering of programs for pay per view programs. Subscription fees billed or received in advance are deferred (reported as Unearned Subscription Fees) and amortized based on the respective subscription terms. Insertions fees are recognized as revenues when the advertisement is placed in the channel. Subscriptions fees for high speed cable internet access are recognized as revenue upon rendering of the access to the internet. Revenues from corporate access network are recognized as income at the time the connections take place.

Beban diakui pada saat terjadinya.

Expenses are recognized when these are incurred.

15





2.s. Manfaat (Beban) Pajak Penghasilan Seluruh perbedaan temporer antara jumlah tercatat aset dan kewajiban dengan dasar pengenaan pajaknya diakui sebagai pajak tangguhan dengan metode kewajiban (liability). Pajak tangguhan dihitung dengan tarif pajak yang berlaku saat ini.

2.s. Income Tax Benefit (Expense) All temporary differences arising between the tax bases of assets and liabilities and their carrying value are recognized as deferred tax using liability method. Currently enacted tax rates are used to determine deferred income tax.

Saldo rugi fiskal yang dapat dikompensasi diakui sebagai aset pajak tangguhan apabila besar kemungkinan bahwa jumlah laba fiskal dimasa mendatang akan memadai untuk dikompensasi. Penilaian penyisihan dibentuk atas bagian aset pajak tangguhan yang diperkirakan tidak dapat direalisasi di masa yang akan datang. Koreksi terhadap kewajiban perpajakan diakui saat surat ketetapan pajak diterima atau jika mengajukan keberatan, pada saat keputusan atas keberatan tersebut telah ditetapkan.

Deferred tax assets relating to the carryforward of unused tax losses are recognized to the extent that it is probable that the future taxable profit will be available against which the unused tax losses can be utilized. A valuation allowance is provided for the portion of deferred tax assets which is not expected to be realized in the future. Amendment to tax obligations are recorded when an assessment is received or, if appealed against, when the result of the appeal is determined.

Pajak kini dihitung berdasarkan laba kena pajak, yakni laba yang telah disesuaikan dengan peraturan perpajakan yang berlaku.

Current tax is recognized based on taxable income for the year, in accordance with the current tax regulation.

2.t. Imbalan Kerja Imbalan kerja jangka pendek diakui sebesar jumlah tak terdiskonto ketika pekerja telah memberikan jasanya kepada perusahaan dalam suatu periode akuntansi.

2.t. Employee Benefits Short-term employee benefits are recognized at undiscounted amount when an employee has rendered service to the Company during an accounting period.

Imbalan pasca kerja diakui sebesar jumlah yang diukur dengan menggunakan dasar diskonto ketika pekerja telah memberikan jasanya kepada perusahaan dalam suatu periode akuntansi. Kewajiban dan beban diukur dengan menggunakan teknik aktuaria yang mencakup pula kewajiban konstruktif yang timbul dari praktik kebiasaan perusahaan. Dalam perhitungan kewajiban, imbalan harus didiskontokan dengan menggunakan metode projected unit credit.

Post-employment benefits are recognized at a discounted amount when an employee has rendered service to the Company during an accounting period. Liabilities and expenses are measured using actuarial techniques which include constructive obligation that arises from the Company’s informal practices. In calculating the liabilities, benefits should be discounted by using projected unit credit method.

Pesangon pemutusan kontrak kerja diakui jika, dan hanya jika, perusahaan berkomitmen untuk: (a) memberhentikan seorang atau sekelompok pekerja sebelum tanggal pensiun normal; atau (b) menyediakan pesangon bagi pekerja yang menerima penawaran mengundurkan diri secara sukarela.

Termination benefits are recognized when, and only when, the Company is demonstrably committed to either: (a) terminate an employee or group of employees before the normal retirement date; or (b) provide termination benefits as a result of an offer made in order to encourage voluntary redundancy.

2.u. Biaya Emisi Saham Biaya emisi saham merupakan biaya yang berkaitan dengan penerbitan saham Perusahaan. Biaya ini mencakup fee dan komisi yang dibayarkan kepada penjamin emisi, lembaga dan profesi penunjang pasar modal, serta biaya pencetakan dokumen pernyataan pendaftaran, biaya pencatatan efek ekuitas di bursa efek, dan biaya promosi. Biaya-biaya yang berkaitan dengan pencatatan saham di bursa efek atas saham yang sudah beredar dan biaya yang berkaitan dengan dividen saham

2.u. Stock Issuance Cost Stock issuance cost represents expenses which relate to the issuance of the stock of the Company. This expenses include fee and commission which paid to underwriter, stock exhanges’ supporting institutions and professionals, and registration document printing expenses, listing at stock exchange expense and promotion expenses. Expenses relate to the listing of outstanding stock at stock exchange and expenses relate to stock dividend and stock split does not include in this stock issuance cost. 16





dan pemecahan saham tidak termasuk dalam pos biaya emisi efek ekuitas. Efektif tanggal 1 Januari 2000, sesuai dengan Surat Keputusan Badan Pengawas Pasar Modal (BAPEPAM) No. KEP-06/PM/2000 tanggal 13 Maret 2000, beban yang terjadi sehubungan dengan penawaran saham Perusahaan kepada masyarakat dibebankan ke “Tambahan Modal Disetor”.

Effective on January 1, 2000, in accordance with the decree of the Capital Market Supervisory Agency (BAPEPAM) No. KEP-06/PM/2000 dated March 13, 2000, the expenses incur in regard with the shares offered by the Company to public will be recorded at “Paid In Capital”.

2.v. Laba per Saham Laba per saham (LPS) dihitung dengan membagi laba bersih dengan rata-rata tertimbang dari jumlah saham yang beredar pada tahun yang bersangkutan, sedangkan untuk LPS dilusian dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham biasa dalam 1 (satu) periode pelaporan ditambah efek berpotensi saham biasa. Jumlah rata-rata tertimbang saham beredar masingmasing pada tanggal 30 September 2009 dan 2008 adalah sebesar 829.474.000 saham.

2.v. Earning per Share Earning per share (EPS) is computed by dividing net income with the weighted average number of shares outstanding during the year, while for diluted EPS is computed by dividing net income with the weighted average number of shares outstanding during the year plus dilutive potential common stocks which are 829,474,000 shares as of September 30, 2009 and 2008, respectively.

3. Transaksi Restrukturisasi Entitas Sepengendali

3. Restructuring Transactions of Entities Under Common Control

Pada tanggal 24 Juni 2008, Perusahaan melakukan transaksi restrukturisasi sebagai berikut: (i) Perusahaan mengakuisisi 99% kepemilikan saham PT Link Net (LNI) dari PT Lippo On Line, perusahaan afiliasi, dengan harga pengalihan sebesar Rp 1.000. (ii) Melalui anak Perusahaan, PT Margayu Vatri Chantiqa, Perusahaan juga mengakuisisi 1% kepemilikan saham LNI dari PT Asianet Multimedia, perusahaan afiliasi, dengan harga pengalihan saham sebesar Rp 500.

On June 24, 2008, the Company did the restructuring transactions as follows: (i) The Company acquired from PT Lippo On Line 99% share ownership in PT Link Net (LNI), afiliated company, with the transfer price amounted to Rp 1,000. (ii) Through it’s subsidiaries, PT Margayu Vatri Chantiqa, the Company also acquired from PT Asianet Multimedia 1 % share ownership in LNI, affiliated company, with the transfer price amounted to Rp 500.

Transaksi-transaksi akuisisi tersebut dicatat sesuai dengan PSAK No. 38 (Revisi 2004) tentang “Akuntansi Restrukturisasi Entitas Sepengendali”. Oleh karena itu, selisih bersih antara harga pengalihan saham dengan bagian proporsional saham atas nilai buku aset bersih Anak perusahaan yang diakuisisi sebesar Rp 8.590.762.453 disajikan sebagai “Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali” sebagai bagian dari Ekuitas pada neraca konsolidasi.

The above acquisition transactions are accounted in accordance with PSAK No. 38 (Revised 2004), “Accounting for Restructuring Transactions of Entities under Common Control”. Accordingly, the net difference between the transfer prices and the proportionate share in the book value of the net assets of the Subsidiries amounting to Rp 8,590,762,453 is presented as “ue of Restructuring Transactions of Entities under Common Control” as part of the Equity section of the consolidated balance sheets.

17





4. Kas dan Setara Kas

4. 30 Sep 2009/ Sep 30, 2009 Rp

Bank Pihak ketiga Rupiah PT Bank CIMB Niaga Tbk (d/h PT Bank Lippo Tbk) PT Bank Negara IndonesiaTbk PT Bank Mega Tbk PT Bank Internasional Indonesia Tbk PT Bank Sinarmas PT Bank Mandiri (Persero) Tbk PT Bank Central Asia Tbk Hongkong & Shanghai Bank Dolar AS PT CIMB Niaga Tbk (d/h PT Bank Lippo Tbk) (2009: USD 175.686 ; 2008: USD 74.999) Raiffeisen Zentralbank Oesterreich AG. Cabang Singapura (2009: USD 8.538; 2008: USD 8.608) Hongkong & Shanghai Bank (2009: USD 4.461; 2008: USD 26.654) PT Bank Mega Tbk (2009: USD 3.350; 2008: USD 84.843) Deposito Berjangka Pihak ketiga Rupiah PT Bank CIMB Niaga Tbk (d/h PT Bank Lippo Tbk) PT Bank Mega Tbk Hongkong & Shanghai Bank PT Bank Sinarmas Dolar AS Hongkong & Shanghai Bank (2009: USD 1.784; 2008: USD Nil) PT Bank CIMB Niaga Tbk (d/h Lippo Bank Tbk) (2009: USD 18.420; 2008: USD Nil) Jumlah

30 Sep 2008/ Sep 30, 2008 Rp

226.027.784

Kas

Cash and Cash Equivalents

219.707.972

5.729.482.366

6.610.947.964

238.858.156 105.321.560 48.454.648 45.893.824 300.460.373 160.304.414 36.675.048

721.400.976 621.358.697 143.276.547 -556.736.795 1.013.818.706 20.917.987

1.700.813.455

703.342.465

82.655.119

80.724.605

43.190.813

249.963.557

32.435.222

795.664.125

195.370.000

195.370.000

33.600.000 12.540.000 2.400.000.000

715.812.291 ---

17.267.225

--

178.324.021

--

11.587.674.028

12.649.042.687 18

Cash on Hand Cash in Banks Third Parties Rupiah PT Bank CIMB Niaga Tbk (formerly PT Bank Lippo Tbk) PT Bank Negara Indonesia Tbk PT Bank Mega Tbk PT Bank Internasional Indonesia Tbk PT Bank Sinarmas PT Bank Mandiri (Persero) Tbk PT Bank Central Asia Tbk Hongkong & Shanghai Bank US Dollar PT Bank CIMB Niaga Tbk (formerly PT Bank Lippo Tbk) (2009: USD 175,686 ; 2008: USD 74,999) Raiffeisen Zentralbank Oesterreich AG. Singapore Branch (2009:USD 8,538 ; 2008: USD 8,608) Hongkong & Shanghai Bank (2009: USD 4,461 ; 2008: USD 26,654) PT Bank Mega Tbk (2009: USD 3,350 ; 2008: USD 84,843) Time Deposits Third Parties Rupiah PT Bank CIMB Niaga Tbk (formerly PT Bank Lippo Tbk) PT Bank Mega Tbk Hongkong & Shanghai Bank PT Bank Sinarmas US Dollar Hongkong & Shanghai Bank (2009: USD1,784; 2008: USD Nil) PT Bank CIMB Niaga Tbk (formerly Bank Lippo Tbk) (2009: USD 18,420; 2008: USD Nil ) Total





Deposito berjangka memperoleh tingkat bunga tahunan 6% dan 8% pada tahun 2009 dan 2008 untuk deposito berjangka dalam Rupiah dan 4.2% - 5.2% pada tahun 2008 untuk deposito berjangka dalam US Dolar. 5.

Time deposits earn annual interest rates of 6 % and 8% in 2009 and 2008 for Rupiah time deposits and in the range of 4.2% 5.2% in 2008 for US Dollar time deposits.

Investasi Jangka Pendek

5.

Short Term Investment

Investasi jangka pendek merupakan deposito berjangka yang digunakan sebagai jaminan. Deposito berjangka ini ditempatkan di Bank HSBC pihak ketiga sebesar Rp 30.960.902.820 (US$ 3.301.440) pada tanggal 30 September 2008.

Short-term investments represent time deposits which are used as collateral. These time deposits are placed in HSBC Bank third party amounting Rp 30,960,902,820 (US$ 3,301,440) as of September 30, 2008.

Deposito berjangka ini dijaminkan sehubungan dengan fasilitas Bank Garansi dan Letter of Credit yang diterima oleh Perusahaan.

This time deposit is related to Bank Guarantee and Letter of Credit facilities which were received by the Company.

Perusahaan memperoleh tingkat bunga tahunan sebesar 0,25% – 4,5% pada tahun 2008 untuk deposito berjangka dalam US Dolar yang digunakan sebagai jaminan tersebut.

Time deposits earn annual interest rates from 0.25% to 4.5% in 2008 for the US Dollar time deposits which are used as collateral.

6.

Piutang Usaha

6. 30 Sep 2009/ Sep 30. 2009 Rp

Pihak yang Memiliki Hubungan Istimewa (lihat Catatan 7) Pihak Ketiga PT Metropolis Propertindo Utama PT Asia Media Network PT Wira Pamungkas Pariwara PT Mediate Indonesia PT Adi Karya Visi PT Densu Indonesia PT Advatama Niaga PT Star Reachers Indonesia PT Optik Tunggal Sempurna PT Kompas Cyber Media PT Advisindo Artistika PT Bintang Mediathama Indonesia PT Indosat Mega Media PT Komunika Cergas Ilhami PT Cyberindo Aditama PT Fajar Cahaya Buana PT Cipta Kreasi Komunindo PT Bintang Multi Mediathama PT Indika 22 Lain-lain (masing-masing di bawah Rp 500.000.000) Jumlah Dikurangi: Penyisihan Piutang Ragu-ragu Bersih

Accounts Receivable

30 Sep 2008/ Sep 30. 2008 Rp Related Parties (see Note 7)

19.595.398.658

13.349.574.712

14.547.150.000 2.957.379.391 2.532.371.240 1.135.431.296 795.908.610 713.565.561 653.400.000 644.821.000 607.000.000 554.654.042 481.535.708 420.360.920 409.856.705 383.410.000 377.962.793 327.125.000 214.000.000 147.161.599 78.186.978

14.535.000.000 1.790.375.657 2.473.074.147 167.114.300 288.209.040 1.718.794.419 358.290.000 376.459.426 203.500.000 -393.720.625 -1.119.872.854 246.562.500 828.193.608 856.384.998 493.350.000 556.076.000 376.495.000

55.009.122.979

50.945.690.768

102.585.802.480 (8.495.491.656)

91.076.738.054 (2.244.023.253)

Third Parties PT Metropolis Propertindo Utama PT Asia Media Network PT Wira Pamungkas Pariwara PT Mediate Indonesia PT Adi Karya Visi PT Densu Indonesia PT Advatama Niaga PT Star Reachers Indonesia PT Optik Tunggal Sempurna PT Kompas Cyber Media PT Advisindo Artistika PT Bintang Mediathama Indonesia PT Indosat Mega Media PT Komunika Cergas Ilhami PT Cyberindo Aditama PT Fajar Cahaya Buana PT Cipta Kreasi Komunindo PT Bintang Multi Mediathama PT Indika 22 Others (each below Rp 500,000,000) Total Less: Allowance for Doubtful Accounts

94.090.310.824

88.832.714.801

Net

19





30 Sep 2009/ Sep 30. 2009 Rp

Analisa umur piutang usaha adalah sebagai berikut:

30 Sep 2008/ Sep 30. 2008 Rp

The aging of accounts receivable are as follows:

30 Sep 2009/ Sep 30, 2009 Rp Kurang dari 31 hari 31 – 60 hari 61 – 90 hari Di atas 90 hari Jumlah Dikurangi : Penyisihan Piutang Ragu-ragu Bersih

30 Sep 2008/ Sep 30, 2008 Rp

32.191.475.110 7.854.065.915 5.624.408.803 56.915.852.652 102.585.802.480 (8.495.491.656)

22.937.120.074 8.910.027.376 6.117.901.438 53.111.689.166 91.076.738.054 (2.244.023.253)

Less than 31 days 31 – 60 days 61 – 90 days More than 90 days Total Less: Allowance for doubtfull account

94.090.310.824

88.832.714.801

Net

Perubahan penyisihan piutang ragu-ragu adalah sebagai The changes in the allowance for doubtful accounts are as follows: berikut: 30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

Saldo Awal Tahun/Periode Penyisihan Selama Tahun/Periode Berjalan

3.096.133.825 5.399.357.831

1.733.013.222 511.010.031

Balance at Beginning of the Year/Period Provision During the Year/Period

Saldo Akhir Tahun/Periode

8.495.491.656

2.244.023.253

Balance at End of Year/Period

Manajemen Perusahaan berpendapat bahwa penyisihan The Company’s management believes that the allowance for piutang ragu-ragu tersebut cukup memadai untuk menutup doubtful accounts is adequate to cover possible losses on kemungkinan tidak tertagihnya piutang usaha. uncollectible accounts. 7. Transaksi dan Saldo dengan Pihak-pihak yang Memiliki Hubungan Istimewa

7.

Jumlah/ Total

Piutang Usaha PT Almaron Perkasa Yayasan Pelita Harapan PT Sanggraha Nusa Raya (dahulu PT JO Metropolitan) PT Matahari Putra Prima Tbk PT Natrindo Kartu Panggil* PT Lippo Karawaci Tbk PT Jakarta Globe Media Lain-lain (masing-masing di bawah Rp 200.000.000) Bersih

Transactions and Balances with Related Parties

Persentase Terhadap Jumlah Aset/Kewajiban/ Pendapatan/Beban yang Bersangkutan/ Percentage of Total Respective Assets/Liabilities/ Revenue/Expenses 30 Sep 2009/ 30 Sep 2008/ Sep 30. 2009 Sep 30. 2008 % %

30 Sep 2009/ Sep 30. 2009 Rp

30 Sep 2008/ Sep 30. 2008 Rp

10.455.480.000 3.615.709.459

10.139.240.000 --

0.74 0.26

0.79 --

2.701.953.026

1.842.004.317

0.19

0.14

1.164.944.697 -516.936.524 470.705.376

501.968.697 382.159.980 213.533.994 --

0.08 -0.04 0.03

0.04 0.03 0.02 --

669.669.576

270.667.724

0.05

0.02

19.595.398.658

13.349.574.712

1.39

1.04

20

Accounts Receivable PT Almaron Perkasa Yayasan Pelita Harapan PT Sanggraha Nusa Raya (formerly PT JO Metropolitan) PT Matahari Putra Prima Tbk PT Natrindo Kartu Panggil* PT Lippo Karawaci Tbk PT Jakarta Globe Media Others (each below Rp 200,000,000)





Jumlah/ Total

Persentase Terhadap Jumlah Aset/Kewajiban/ Pendapatan/Beban yang Bersangkutan/ Percentage of Total Respective Assets/Liabilities/ Revenue/Expenses 30 Sep 2009/ 30 Sep 2008/ Sep 30. 2009 Sep 30. 2008 % %

30 Sep 2009/ Sep 30. 2009 Rp

30 Sep 2008/ Sep 30. 2008 Rp

12.338.364.768 6.094.349.915 1.828.785.165 45.009.344

12.052.800.178 6.094.349.915 1.816.665.063 250.922.861

0.87 0.43 0.13 0.00

0.94 0.48 0.14 0.02

1.502.216

30.716.349

0.00

0.00

Jumlah

20.388.011.408

20.245.454.366

1.43

1.58

Total

Penyisihan Piutang Ragu-ragu

(6.344.543.991)

--

(0.45)

--

Allowance for Doubtful Accounts

Bersih

13.963.467.417

20.245.454.366

0.98

1.58

Net

5.615.702.013

2.880.763.138

0.50

0.31

1.879.777.428

337.498.133

0.17

0.04

1.788.150.408 296.082.201

-1.597.927.103

0.16 0.03

0.00 0.17

146.145.368

283.022.560

0.01

0.03

9.725.857.418

5.099.210.934

0.87

0.55

Piutang Hubungan Istimewa PT Direct Vision PT Wireless Vision PT Asianet Multimedia PT Multipolar Tbk Lain-lain (masing-masing di bawah Rp 200.000.000)

Hutang Usaha PT Multipolar Tbk PT Sanggraha Nusa Raya (dahulu PT JO Metropolitan) PT Galeri Investor PT Matahari Putra Prima Tbk Lain-lain (masing-masing di bawah Rp 200.000.000) Jumlah Hutang Sewa Pembiayaan PT Ciptadana Multifinance

Due from Related Parties PT Direct Vision PT Wireless Vision PT Asianet Multimedia PT Multipolar Tbk Others (each below Rp 200,000,000)

Accounts Payable PT Multipolar Tbk PT Sanggraha Nusa Raya (formerly PT JO Metropolitan) PT Galeri Investor PT Matahari Putra Prima Tbk Others (each below Rp 200,000,000) Total

Leased Obligation Under Capital Lease -PT Ciptadana Multifinance

18.262.643.400

--

2.82

Hutang Hubungan Istimewa PT Lippo General Insurance Tbk

--

1.365.339

--

0.00

Due to Related Parties PT Lippo General Insurance Tbk

Jumlah

--

1.365.339

--

0.00

Total

Surat Promes PT Ciptadana Capital PT Ciptadana Securities

196.500.000.000 33.883.500.000

-153.823.000.000

17.56 3.03

-16.51

Promissory Notes PT Ciptadana Capital PT Ciptadana Securities

Jumlah

230.383.500.000

153.823.000.000

20.59

16.51

Total

20.000.000.000

--

1.78

--

Factoring Payable PT Ciptadana Multifinance

Kewajiban Anjak Piutang PT Ciptadana Multifinance Jasa Langganan Televisi Kabel PT Sanggraha Nusa Raya (dahulu PT JO Metropolitan) PT Lippo Karawaci Tbk (eks PT Aryaduta Hotel Tbk) Jumlah

907.978.500

1.167.198.169

0.17

0.29

695.208.252

237.773.622

0.13

0.06

1.603.186.752

1.404.971.791

0.30

0.35

21

Subscription Fees for Cable Television PT Sanggraha Nusa Raya (formerly PT JO Metropolitan) PT Lippo Karawaci Tbk (ex PT Aryaduta Hotel Tbk) Total




Pendapatan Pemasangan Media Iklan PT Matahari Putra Prima Tbk Jumlah

Pendapatan Layanan Komunikasi Data PT Lippo Karawaci Tbk PT Matahari Putra Prima Tbk PT Visionet Internatonal Yayasan Pelita Harapan PT Natrindo Kartu Panggil* PT Jakarta Globe Media


---

180.000.000 180.000.000

---

0.05

Advertising Services PT Matahari Putra Prima Tbk

0.05

Total

Data Communication Services 421.000.000 735.400.000 653.000.000 859.677.419 -309.250.000 2.978.327.419

150.000.000 521.306.452 320.000.000 -60.454.543 -1.051.760.995

0.08 0.13 0.12 0.16 -0.05 0.54

0.04 0.13 0.08 0.00 0.02 -0.27

234.500.000 270.000.000

---

0.04 0.05

0.00 0.00

83.600.000

--

0.01

Jumlah

588.100.000

--

0.10

Advertising Production Services Yayasan Pelita Harapan PT Lippo Karawaci Tbk Others (each below 0.00 Rp 100,000,000) 0.00 Total

Jasa Sponsor PT Matahari Putra Prima Tbk

500.000.000

--

0.09

0.00

Sponsorship Services PT Matahari Putra Prima Tbk

9.701.296.500

9.394.344.500

25.64

20.10

Promotion Expense PT Galeri Investor

Beban Asuransi PT Lippo General Insurance Tbk

468.952.677

400.642.230

0.40

0.52

Insurance Expense PT Lippo General Insurance Tbk

Beban Honorarium Tenaga Ahli PT Visionet Internatonal

254.837.677

247.795.677

0.22

0.32

Professional Fees PT Visionet International

Beban Sewa PT Matahari Putra Prima Tbk

337.500.000

1.438.134.393

0.29

1.85

Rental Expense PT Matahari Putra Prima Tbk

402.444.628

17.726.800

0.34

0.02

Jumlah Jasa Pembuatan Iklan Yayasan Pelita Harapan PT Lippo Karawaci Tbk Lain-lain (masing-masing di bawah Rp 100.000.000)

Beban Promosi PT Galeri Investor

Beban Perjalanan PT Sanggraha Nusa Raya (dahulu PT JO Metropolitan)

PT Lippo Karawaci Tbk PT Matahari Putra Prima Tbk PT Visionet International Yayasan Pelita Harapan PT Natrindo Kartu Panggil* PT Jakarta Globe Media Total

Travelling Expense PT Sanggraha Nusa Raya (formerly PT JO Metropolitan)

Beban Bunga dan Pendanaan Lainnya PT Ciptadana Capital PT Ciptadana Securities

25.499.133.333 2.631.253.375

-7.409.825.625

46.05 4.75

-34.21

Interest Expense and other financing PT Ciptadana Capital PT Ciptadana Securities

Jumlah

28.138.386.708

7.409.825.625

50.80

34.21

Total

Dalam kegiatan usaha normal, Perseroan melakukan transaksi dengan pihak-pihak hubungan istimewa, yang terutama terdiri dari penjualan atau penyediaan jasa, pembelian peralatan dan jasa asuransi yang dilakukan dengan tetap memperhatikan kebijakan harga yang sama dengan pihak ketiga (arm’s length basis), dan uang muka antar perusahaan.

The Company, in the normal course of business, have engaged in transactions with related parties principally consisting of sales, providing services, purchase of equipments and insurance services which are made on an arm’s length basis, and intercompany advances.

Hubungan dan jenis transaksi dengan pihak yang memiliki hubungan istimewa sebagai berikut:

The relationship and nature of transactions with related parties are described as follows:

22




No.

Pihak yang Memiliki Hubungan Istimewa/ Related Parties


Hubungan dengan Perusahaan/Relationship with the Company

Transaksi/Transaction

1

PT AsiaNet Multimedia

Afiliasi/ Affiliated

2

PT Sanggraha Nusa Raya (Joint Operation Metropolitan)


3

PT Lippo General Insurance Tbk


Asuransi/ Insurance

4

PT Lippo Karawaci Tbk


Langganan untuk televisi kabel/ Subscription for cable television

5

PT Matahari Putra Prima Tbk


Layanan komunikasi data dan pemasangan iklan/ Data communication services and insertion

6

PT Multipolar Tbk


Layanan komunikasi data dan pembelian aset tetap/ Data communication services and purchase of fixed assets

7

PT Natrindo Kartu Panggil *


Uang muka antar perusahaan, layanan komunikasi data/ Intercompany advances, data communication services

8

PT Sharestar Indonesia


Jasa manajemen, aset yang dijaminkan dan honorarium tenaga ahli untuk pemeliharaan sistem keuangan/ Management services, collateralization of assets and professional fees for maintenance of financial system

9

PT Direct Vision

Asosiasi/ Association

Uang muka antar perusahaan dan penyewaan peralatan/ Intercompany advances and equipment rental

10

PT Wireless Vision


Uang muka antar perusahaan/ Intercompany advances

11

PT Visionet Internasional


Penyewaan sistem keuangan Oracle/ Oracle financial system rental

12

PT Almaron Perkasa


Sewa lease line/ Lease line rental

13

PT Lippo On Line


Jual beli saham/ Sale and purchase of shares

14

PT Galeri Investor Indonesia


Promosi dan percetakan/ Promotion and printing

15

PT Jakarta Globe Media


Pemasangan dan penyewaan jaringan dan akses jaringan korporasi/ Installation and lease line fee-Network

16

Yayasan Pelita Harapan


Layanan komunikasi data dan jasa pembuatan iklan/ Data communication services and advertising production services

17

PT Multifiling Mitra Indonesia


Jasa penyimpanan data/ Filing fees

18

PT Ciptadana Capital


Surat promes atas unjuk/Bearer notes

19

PT Ciptadana Securities


Surat promes atas unjuk/Bearer notes

20

PT Ciptadana Multifinance


Sewa Pembiayaan dan Anjak Piutang/ Financial Lease and factoring

21

PT Lippo Cikarang


Jasa Pembuatan Iklan/ Advertising Production Services

22

PT San Diego Hills Memorial Park


Jasa Pembuatan Iklan/ Advertising Production Services

* Tidak menjadi afiliasi sejak Juni tahun 2009

Uang muka antar perusahaanIntercompany advances Pelanggan televisi kabel/ Cable television subscriber

* No longer affiliate since June 2009 23





Pada tanggal 19 Maret 2008, hutang PT Link Net (LNI), perusahaan anak , kepada PT Villa Permata Cibodas sebesar Rp 1.318.573.033,- telah dialihkan kepada PT Asianet Multimedia, yang telah disetujui oleh PT Asianet Multimedia dan PT Villa Permata Cibodas. Kemudian, pada tanggal 31 Maret 2008, PT Asianet Multimedia telah menyetujui penghapusan hutang LNI kepada PT Asianet Multimedia sebesar Rp 2.259.160.283,- (lihat Catatan 25). 8.

On March 19, 2008, PT Link Net (LNI)’s payable to PT Villa Permata Cibodas amounting to Rp 1,318,573,033 has been transferred to PT Asianet Multimedia, which has been agreed by PT Asianet Multimedia and PT Villa Permata Cibodas. Then, on March 31, 2008, PT Asianet Multimedia has agreed to write off LNI’s payable to PT Asianet Multimedia amounting to Rp 2,259,160,283 (see Note 25).

Investasi Saham

8. 30 Sep 2009/ Sep 30, 2009 Rp

PT Jakarta Marcapada Media PT Wireless Vision Jumlah

Investment in Shares of Stock

30 Sep 2008/ Sep 30, 2008 Rp

5.000.000.000

--

PT Jakarta Marcapada Media

25.000.000

25.000.000

PT Wireless Vision

5.025.000.000

25.000.000

Total

Berdasarkan akta No. 22 tanggal 17 November 2008 oleh Notaris Lindasari Bachroem, SH, notaris di Jakarta, Perusahaan membeli dan menerima penyerahan dari PT Spektrum Duta Corporasi sebanyak 3.334 saham dengan nominal sebesar Rp 1.000.000,- yang merupakan 12,5% dari jumlah saham yang dikeluarkan dalam PT Jakarta Marcapada Media, dengan harga Rp 5.000.000.000.

Based on notarial deed No. 22 dated November 17, 2008 by Notary Lindasari Bachroem, SH, notary in Jakarta, the Company has purchased and accepted of 3,334 shares from PT Spektrum Duta Corporasi with par value of Rp 1,000,000 per share which represents 12.5% from total shares of PT Jakarta Marcapada Media with amounting to Rp 5,000,000,000.

PT Margayu Vatri Chantiqa, perusahaan anak, memiliki sejumlah 25 saham atau kepemilikan 10% saham di PT Wireless Vision.

PT Margayu Vatri Chantiqa, a subsidiary, has 25 shares or 10% share ownership in PT Wireless Vision.

24




9.


Aset Tetap

9. Saldo Awal/ Beginning Balance Rp

Penambahan/ Additions Rp

30 Sep 2009/Sep 30, 2009 Pengurangan/ Reklasifikasi/ Deductions Reclassification Rp Rp

Property and Equipment

Saldo Akhir/ Ending Balance Rp

Biaya Perolehan Pemilikan Langsung Hak atas tanah Bangunan Renovasi Head-end Electronic Perabotan Peralatan Kantor Kendaraan Converter Decoder Jaringan Distribusi Peralatan untuk Saluran Olimpiade Kabel Modem Set Top Box Aset Sewa Pembiayaan Jumlah Akumulasi Penyusutan Pemilikan Langsung Bangunan Renovasi Headend Electronic Perabotan Peralatan Kantor Kendaraan Converter Decoder Jaringan Distribusi Peralatan untuk Saluran Olimpiade Kabel Modem Set Top Box Aset Sewa Pembiayaan Jumlah Penyisihan Penurunan Nilai Aset Tetap Material Konstruksi Jumlah Nilai Buku

Acquisition Cost 3.732.161.315 9.340.818.647 18.260.899.672 43.998.565.837 6.905.555.661 62.011.996.737 2.644.918.850 22.062.292.679 2.432.690.499 1.210.217.071.471 2.780.559.339 11.038.507.484 64.114.196.685 82.033.205.812 1.541.573.440.688

--1.561.810.544 5.339.523.138 944.400.708 2.961.495.254 -2.702.839.382 -142.992.088.820 --10.169.415.000 1.800.000.000 168.471.572.846

--91.973.421 -68.200.000 1.422.815.940 303.105.000 -------1.886.094.361

----------------

3.732.161.315 9.340.818.647 19.730.736.795 49.338.088.975 7.781.756.369 63.550.676.051 2.341.813.850 24.765.132.061 2.432.690.499 1.353.209.160.291 2.780.559.339 11.038.507.484 74.283.611.685 83.833.205.812 1.708.158.919.173

4.251.521.260 13.045.048.873 31.002.709.642 4.719.446.861 47.631.668.083 1.545.672.361 15.903.016.678 2.290.747.801 302.627.309.143 2.780.559.334 5.483.725.407 16.188.931.598 7.484.376.352 454.954.733.393

514.372.370 1.361.402.658 2.780.131.257 663.559.500 4.681.940.453 235.019.655 148.149.073 54.557.082 56.652.123.923 -1.436.431.789 13.208.063.565 15.456.226.089 97.191.977.414

-1.862.500 -8.525.000 330.572.604 70.724.500 -------411.684.604

---------------

4.765.893.630 14.404.589.031 33.782.840.899 5.374.481.361 51.983.035.932 1.709.967.516 16.051.165.751 2.345.304.883 359.279.433.066 2.780.559.334 6.920.157.196 29.396.995.163 22.940.602.441 551.735.026.203

1.074.410.798 1.074.410.798 1.085.544.296.497

---

---

---

1.074.410.798 1.074.410.798 1.155.349.482.172

Direct Ownership Landrights Building Leasehold Improvement Head-end Electronics Furniture and Fixtures Office Equipment Vehicles Converters Decoders Distribution Network Equipment for Olympic Channel Cable Modem Set Top Box Financing Leased Asset Total Accumulated Depreciation Direct Ownership Building Leasehold Improvement Headend Electronics Furniture and Fixtures Office Equipment Vehicles Converters Decoders Distribution Network Equipment for Olympic Channel Cable Modem Set Top Box Financing Leased Assets Total Allowance for Impairment of Property and Equipment Constructions Materials Total Net Book Value

30 Sep 2008/ Sep 30. 2008 Saldo Awal/ Beginning Balance Rp


Pengurangan/ Deductions Rp

Reklasifikasi/ Reclassification Rp

Saldo Akhir/ Ending Balance Rp Acquisition Cost

Biaya Perolehan Pemilikan Langsung Hak atas tanah Bangunan Renovasi Head-end Electronic Perabotan Peralatan Kantor Kendaraan Converter Decoder Jaringan Distribusi Peralatan untuk Saluran Olimpiade Kabel Modem Set Top Box Other Leased Assets Aset dalam Penyelesaian

3.732.161.315 9.340.818.647 14.336.433.432 46.374.761.196 4.928.043.153 66.656.408.000 2.372.878.174 26.664.673.945 2.424.455.574 906.303.051.085 2.780.559.339 7.793.054.913 34.566.479.180 3.157.997.500 1.131.431.775.453 32.975.365.829 1.164.407.141.282

--2.219.167.762 20.759.162.202 1.062.383.909 8.030.225.482 303.105.000 -8.234.925 62.373.819.800 -5.454.603.205 44.850.805.604 38.375.208.312 183.436.716.201 135.836.764.427 319.273.480.628

---19.514.687.372 -584.010.417 31.064.322 ----2.800.751.387 8.791.150.000 -31.721.663.498 -31.721.663.498

25

------------------

3.732.161.315 9.340.818.647 16.555.601.194 47.619.236.026 5.990.427.062 74.102.623.065 2.644.918.852 26.664.673.945 2.432.690.499 968.676.870.885 2.780.559.339 10.446.906.731 70.626.134.784 41.533.205.812 1.283.146.828.156 168.812.130.256 1.451.958.958.412

Direct Ownership Landrights Building Leasehold Improvement Head-end Electronics Furniture and Fixtures Office Equipment Vehicles Converters Decoders Distribution Network Equipment for Olympic Channel Cable Modem Set Top Box Other Leased Assets Construction in Progress





30 Sep 2008/ Sep 30. 2008 Saldo Awal/ Beginning Balance Rp Akumulasi Penyusutan Pemilikan Langsung Bangunan Renovasi Headend Electronic Perabotan Peralatan Kantor Kendaraan Converter Decoder Jaringan Distribusi Peralatan untuk Saluran Olimpiade Kabel Modem Set Top Box Other Leased Assets Penyisihan Penurunan Nilai Aset Tetap Kabel Modem Material Konstruksi Nilai Buku


Pengurangan/ Deductions Rp

Reklasifikasi/ Reclassification Rp

Saldo Akhir/ Ending Balance Rp

3.565.692.264 11.636.756.816 27.584.709.501 4.291.171.964 43.778.782.241 1.298.739.393 15.712.222.101 2.148.258.344 248.650.368.634 2.759.884.646 3.658.019.820 4.420.614.093 723.707.765

514.372.023 961.635.808 3.092.448.966 268.496.425 7.498.703.178 258.818.144 174.552.802 115.352.931 36.717.386.387 20.674.684 1.352.814.445 9.688.435.051 4.164.843.224

----523.713.570 90.225.061 -----732.595.834 --

--------------

4.080.064.287 12.598.392.624 30.677.158.467 4.559.668.389 50.753.771.849 1.467.332.476 15.886.774.903 2.263.611.275 285.367.755.021 2.780.559.330 5.010.834.265 13.376.453.310 4.888.550.989

370.228.927.582

64.828.534.068

1.346.534.465

--

433.710.927.185

19.839.906 1.054.570.892 1.074.410.798 788.885.866.270

---

---

---

19.839.906 1.054.570.892 1.074.410.798 1.017.173.620.429

Accumulated Depreciation Direct Ownership Building Leasehold Improvement Headend Electronics Furniture and Fixtures Office Equipment Vehicles Converters Decoders Distribution Network Equipment for Olympic Channel Cable Modem Set Top Box Other Leased Assets Allowance for Impairment of Property and Equipment Cable Modems Constructions Materials Net Book Value

Penyusutan yang dibebankan pada operasi tahun berjalan masing-masing sebesar Rp 97.191.977.414 dan Rp 64.828.534.068 untuk periode 9 (sembilan) bulan yang berakhir 30 September 2009 dan 2008. Head-end electronic, peralatan untuk saluran olimpiade, bangunan dan peralatan lain Perusahaan diasuransikan terhadap risiko kerugian akibat terorisme dan sabotase material sejumlah Rp 220.852.153.970 dan risiko usaha sejumlah Rp 168.000.000.000 masing-masing kepada PT Asuransi Bintang Tbk dan PT Lippo General Insurance Tbk (pihak yang memiliki hubungan istimewa) untuk jangka waktu sejak tanggal 31.Desember 2008 sampai tanggal 31 Desember 2009. Manajemen berpendapat bahwa nilai pertanggungan asuransi tersebut cukup untuk menutup kemungkinan kerugian atas risiko tersebut. Kepemilikan tanah bangunan Perusahaan adalah atas nama Perusahaan.

Depreciation charged to current year operations amounted to Rp 97.191.977.414 and Rp 64.828.534.068 for the period 9 (nine) months ended September 30, 2009 and 2008, respectively. The Company’s head-end electronics, olympic channel equipment, building and other equipment are covered by insurance against terrorism and sabotage risk amounting to Rp 220,852,153,970 and business interruption risk amounting to Rp 168,000,000,000 with PT Asuransi Bintang Tbk and PT Lippo General Insurance Tbk (a related party), respectively, for the period from December 31, 2008 to December 31, 2009. Management believes that the foregoing insurance coverage is adequate to cover possible losses from the said risks.

Pada tanggal 30 September 2009 dan 2008, Perusahaan mencatat keuntungan dari hasil penjualan aset tetap sebagai berikut:

As of September 30, 2009 and 2008, the Company recorded gain from the sales of certain property and equipment, as follows:

Harga Jual Nilai Buku Keuntungan Penjualan Aset Tetap

The ownership of landrights and building is under the name of the Company.

30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

1.785.372.058 (1.474.409.757)

31.505.389.170 (31.179.248.510)

310.962.301

326.140.660

26

Proceeds Net Book Value Gain on Sales of Property and Equipment




10.


Uang Muka

10.

Advances

Uang muka merupakan pembayaran yang dilakukan Perusahaan terlebih dahulu dalam jumlah tertentu untuk transaksi pembelian barang atau jasa.

Advances is the payment made by the Company in advance for certain amounts in regard with the purchase of goods and services.

Rincian uang muka adalah sebagai berikut:

The details of advance is as follows: 30 Sep 2009/ Sep 30, 2009 Rp

Uang Muka Pembelian Material Biaya Pengurusan Impor Barang Lain-lain

21.600.890.300 -4.023.255.947

Jumlah

25.624.146.247

11.

30 Sep 2008/ Sep 30, 2008 Rp 25.045.048.699 1.387.311.647 1.662.004.275 28.094.364.621

Aset Lain-lain-Bersih

Advances for Purchase of Materials Import Handling Cost Others Total

11. 30 Sep 2009/ Sep 30, 2009 Rp

Other Assets-Net11

30 Sep 2008/ Sep 30, 2008 Rp

Uang Jaminan Biaya Jasa Teknik dan Distribusi Program Ditangguhkan Aktiva Tak Berwujud Lain-lain

25.676.040.756

3.747.057.134 16.667.748.016

Deposits Deferred Programming Distribution and Technical 19.848.470.354 Services 1.713.076.951 Intangible asset 5.162.584.559 Others

Jumlah

53.197.359.477

37.790.267.559

12.

11.066.135.695

7.106.513.571

Pinjaman Jangka Pendek

Total

12.

Shortterm Loan

Perusahaan memperoleh pinjaman tanpa jaminan jangka pendek dari Raiffeisen Zentralbank Oesterreich AG, Cabang Singapura, sebesar Rp 507.375.000.000 (USD 55,000,000) pada tanggal 30 Juni 2008. Di bulan Agustus 2008, pinjaman ini telah diperpanjang dan akan jatuh tempo pada tanggal 31 Mei 2011. Dengan demikian, per 30 September 2009, pinjaman tersebut sejumlah Rp 435.645.000.000 (USD 45,000,000) dicatat sebagai pinjaman jangka panjang (lihat Catatan 13).

The Company obtained unsecured short-term credit facility from Raiffeisen Zentralbank Oesterreich AG, Singapore, amounting to Rp 507,375,000,000 (USD 55,000,000) as of June 30, 2008. In August 2008, the loan has been extended and will mature on May 31, 2011. Therefore, as of June 30, 2009, the credit facility amounting to Rp 435,645,000,000 (USD 45,000,000) was recorded as long term loan (see Note 13).

Pinjaman ini digunakan untuk pembiayaan umum, termasuk tetapi tidak terbatas untuk keperluan modal kerja. Fasilitas pinjaman tersebut dikenakan tingkat bunga tahunan sebesar 2,6% diatas USD LIBOR. Mulai bulan Juni 2008 tingkat bunga tahunan berubah menjadi sebesar 2,9% diatas USD LIBOR.

This loan is used for general corporate purposes, include but not limited to working capital requirements. This facility bears annual interest rate at 2.6% over USD LIBOR. Starting on June 2008, the bears annual interest rate were changed at 2.9% over USD LIBOR.

Perjanjian tersebut di atas mensyaratkan, antara lain bahwa Perusahaan tidak diperkenankan, kecuali dengan mendapatkan persetujuan dari kreditur untuk mengubah anggaran dasar Perusahaan menjual, mengalihkan atau melepaskan seluruh atau sebagian asetnya yang besarnya melebihi 20% dari total aset Perusahaan, mengubah struktur Perusahaan melalui

The above loan agreement provides among others, that the Company may not, unless obtained approval from the creditors to alter the article of association of the Company, sell, transfer or otherwise dispose the, whole or any part of its assets for above 20% of the Company’s asset, change its corporate structure either by business combination or acquisition, 27





penggabungan usaha atau akuisisi, membagikan laba atau dividen jika deviden tersebut melebihi 30% dari laba bersih. 13.

distribute profits or dividends for above 30% of the net income.

Pinjaman Jangka Panjang

Raiffeisen Zentralbank Oesterreich AG Jumlah Dikurangi: Bagian yang Jatuh Tempo Dalam Satu Tahun Bagian Jangka Panjang

13. 30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

532.455.000.000 532.455.000.000

515.790.000.000 515.790.000.000

(96.810.000.000)

--

435.645.000.000

515.790.000.000

Long-term Loans

Raiffeisen Zentralbank Oesterreich AG Total Less: Current Maturities Longterm Portion

Pinjaman dari Raiffeisen Zentralbank Oesterreich AG, Cabang Singapura sejumlah Rp 532.455.000.000,- (USD 55,000,000) merupakan reklasifikasi dari pinjaman jangka pendek per 30 Juni 2008 menjadi pinjaman jangka panjang per 30 September 2009 (lihat Catatan 12)

The credit facility from Raiffeisen Zentralbank Oesterreich AG, Singapore amounting to Rp 532,455,000,000 (USD 55,000,000) was reclassification from short term loan as of June 30, 2008 into long term loan as of September 30, 2009 (see Note 12)

Perjanjian-perjanjian pinjaman tersebut di atas mensyaratkan, antara lain bahwa Perusahaan tidak diperkenankan, kecuali dengan mendapatkan persetujuan dari kreditur untuk memindahkan dan atau menyewakan perusahaan dalam bentuk dan maksud apapun kepada pihak lain, mengubah bentuk atas status hukum Perusahaan, mengubah anggaran dasar Perusahaan, memindahtangankan status saham Perusahaan baik antara pemegang saham maupun kepada pihak lain, memperoleh pinjaman kecuali pinjaman dan hak sewa guna usaha yang telah dilaksanakan oleh Perusahaan pada saat persetujuan perubahan perjanjian kredit terakhir ditandatangani, yaitu fasilitas kredit dari Raiffeisen Zentralbank Oesterreich AG atau memberikan pinjaman kecuali dalam rangka transaksi transaksi dagang, menjual, mengalihkan atau melepaskan seluruh atau sebagian asetnya, mengubah struktur Perusahaan melalui penggabungan usaha, akuisisi atau likuidasi, bertindak sebagai penjamin atau menjaminkan asetnya kepada pihak lain, melakukan investasi atau penyertaan dengan pembiayaan menggunakan sumber dana jangka pendek, membayar hutang pemegang saham, membagikan laba atau dividen, kecuali kepada pemegang saham publik yang telah terdaftar di bursa saham, memperoleh hutang sewa guna usaha, membuka cabang atau perwakilan usaha baru, mengubah susunan anggota dewan komisaris dan direksi.

The above loan agreements provide among others, that the Company may not, unless obtained approval from the creditors, transfer and or lease the Company in any form and substance to other parties, amend the legal title of the Company, alter the article of association of the Company, transfer the rights or the Company’s shares for both among the shareholders and or to other parties, receive any loans except loan and leasing owed by the Company when the latest loan agreement with Raiffeisen Zentralbank Oesterreich AG was signed or grant any credit, sell, transfer or otherwise dispose the, whole or any part of its assets, change its corporate structure either by merger, acquisition or liquidation, acting as guarantor or collateralize its assets to other parties, invest or finance using short term fund, repay the stockholders’ loan, distribute profits or dividends, except for shareholders which were listed in stock exchange, obtain any lease financing, open new branch or business representative, change the composition of its members of boards of commissioners and directors.

28




14.


Surat Promes

14. 30 Sep 2008/ Sep 30, 2008 Rp

30 Sep 2009/ Sep 30, 2009 Rp Surat Promes Jangka Pendek Commercial Paper Surat Promes Atas Unjuk (termasuk 2009 dan 2008: USD 3,500,000) Jumlah

Promissory Notes

43.577.252.169

59.315.805.326

230.383.500.000

153.823.000.000

Short term Promissory Notes Commercial Paper Bearer Notes (including 2009 and 2008: USD 3,500,000)

273.960.752.169

213.138.805.326

Total

a. Commercial Papers Pada tanggal 30 September 2009 dan 2008, Commercial Papers (CP) kepada pihak ketiga adalah masing-masing sebesar Rp 43.577.252.169 dan Rp 59.315.805.326. Penerbitan CP ini dilakukan untuk memenuhi kebutuhan operasional Perusahaan.

a. Commercial Papers As of September 30, 2009 and 2008, the Commercial Papers (CP) to third parties were amounting to Rp 43,577,252,169 and Rp 59,315,805,326 . The issuance of these CP is to fulfill the operational needs of the Company.

CP ini dikenakan tingkat bunga berkisar antara 15,50 % sampai dengan 17% dan akan jatuh tempo pada berbagai tanggal sampai dengan tanggal 23 Juni 2010.

The CP bear interest at 15.50 % to 17 % and will be due on various dates until June 23, 2010.

b. Surat Promes atas Unjuk Sampai dengan 30 September 2009, Perusahaan menerbitkan surat promes atas unjuk kepada PT Ciptadana Capital, pihak yang memiliki hubungan istimewa, sebesar Rp 196.500.000.000. Perusahaan juga menerbitkan surat promes atas unjuk kepada PT Ciptadana Securities, pihak yang memiliki hubungan istimewa, sebesar Rp 33.883.500.000 (USD 3,500,000) sampai dengan 30 September 2009 dan Rp 153.823.000.000 sampai dengan 30 September 2008.

b. Bearer Notes Until September 30, 2009, the Company issued bearer notes tp PT Ciptadana Capital, a related party, amounting to Rp 196,500,000,000. The Company also issued bearer notes to PT Ciptadana Securities, a related party, amounting to Rp 33,883,500,000 (USD 3,500,000) until September 30, 2009 and Rp 153,823,000,000, until September 30, 2008.

Surat promes atas unjuk ini dikenakan tingkat bunga tahunan sebesar 18% - 20% untuk surat promes dalam Rupiah dan 9% untuk surat promes dalam US Dolar. Surat promes atas unjuk ini akan jatuh tempo pada tanggal 17 Desember 2009

These bearer notes bear annual interest at 18%-20% for Rupiah bearer notes and 9% for USD bearer notes. These bearer notes will be due on December 17, 2009.

29




15.


Hutang Usaha

15. Accounts Payable 30 Sep 2009/ Sep 30, 2009 Rp

Pihak yang Memiliki Hubungan Istimewa (lihat Catatan 7) Pihak Ketiga Home Box Office ESPN & Star Sports International Global Network BV (“Star”) E! Entertainment Television, Inc. Eastern Electronic Pte. Ltd Eurosport SA Business News Asia Private PT Catur Mitra Adhikara Discovery Asia, Inc Buena Vista International Inc PT Galeri Investor Indonesia PT Merbau Prima Sakti STR International Celestial Movie Channel Limited AXN Holdings LLC MTV Asia LDC NBC Universal Nickelodeon Asia Holdings Ltd PT Elmekon PT Mitra Integrasi Informatika PT Furukawa Supreme Optical Cable PT NAP Info Lintas Nusa Nagra Cards SA Lain-lain (masing-masing di bawah Rp. 1.000.000.000) Bersih

30 Sep 2008/ Sep 30, 2008 Rp

9.725.857.418

5.099.210.934

20.469.731.483 17.690.347.459 16.380.712.138 3.036.498.411 2.725.975.980 2.691.117.701 2.367.909.674 2.304.473.440 2.205.394.049 3.359.878.857 1.783.894.408 1.736.960.320 1.258.689.737 1.220.036.218 1.101.225.754 1.081.719.604 1.056.583.469 936.822.819 845.115.274 618.544.606 200.397.542 158.314.546 --

10.458.874.519 13.110.260.003 4.799.466.275 801.158.695 -1.094.225.040 419.428.799 476.005.385 1.508.426.636 4.186.643.610 1.175.079.208 420.876.195 10.143.864.310 2.027.971.400 2.118.921.119 386.227.772 356.777.945 323.046.217 255.598.864 1.268.421.394 785.461.849 -2.658.663.000

31.295.362.104

44.210.005.488

126.251.563.011

108.084.614.657

Analisa umur hutang usaha adalah sebagai berikut:

Jumlah

Net

The aging of accounts payable is as follows:

30 Sep 2009/ Sep 30, 2009 Rp Kurang dari 31 hari 31 – 60 hari 61 – 90 hari Di atas 90 hari

Related Parties (see Note 7 ) Third Parties Home Box Office ESPN & Star Sports International Global Network E! Entertainment Television, Inc. Eastern Electronic Pte. Ltd Eurosport SA Business News Asia Private PT Catur Mitra Adhikara Discovery Asia, Inc Buena Vista International Inc PT Galeri Investor Indonesia PT Merbau Prima Sakti STR International Celestial Movie Channel Limited AXN Holdings LLC MTV Asia LDC NBC Universal Nickelodeon Asia Holdings Ltd PT Elmekon PT Mitra Integrasi Informatika PT Furukawa Supreme Optical Cable PT NAP Info Lintas Nusa Nagra Cards SA Others (each below Rp 1,000,000,000)

30 Sep 2008/ Sep 30, 2008 Rp

28.618.982.924 15.282.423.234 4.767.403.112 77.582.753.741

57.464.016.677 22.558.397.879 7.880.059.625 20.182.140.476

Less than 31 days 31 – 60 days 61 – 90 days More than 90 days

126.251.563.011

108.084.614.657

Total

30




16. a.


Perpajakan

16. Taxation

Hutang Pajak

a. 30 Sep 2009/ Sep 30, 2009 Rp

Pajak Penghasilan Pasal 21 Pajak Penghasilan Pasal 23 Pajak Penghasilan Pasal 26 Pajak Penghasilan Pasal 29 Pajak Pertambahan Nilai Jumlah

30 Sep 2008/ Sep 30, 2008 Rp

1.550.062.015 783.981.698 114.725.357 6.054.150.684 2.115.021.076

2.051.631.402 856.295.175 285.247.121 557.587.379 350.000.000

Income Tax Article 21 Income Tax Article 23 Income Tax Article 26 Income Tax Article 29 Value Added Tax

10.617.940.830

4.100.761.077

Total

b. Current Tax A reconciliation between income (loss) before estimated tax benefit (expense) as shown in the consolidated statements of income and estimated taxable income (tax loss) of the Company for the period of 9 (nine) months ended September 30, 2009 and 2008 is as follows:

b. Pajak Kini Rekonsiliasi antara laba (rugi) sebelum taksiran beban pajak penghasilan, seperti yang disajikan dalam laporan laba rugi konsolidasi dan taksiran penghasilan kena pajak (rugi fiskal) Perusahaan, termasuk akumulasi rugi fiskal untuk periode 9 (sembilan) bulan yang berakhir pada 30 September 2009 dan 2008 adalah sebagai berikut: 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp Laba sebelum Pajak Penghasilan sesuai dengan Laporan Laba Rugi Konsolidasi Rugi sebelum Beban Pajak Penghasilan dari Perusahaan Anak yang Dikonsolidasi Laba (Rugi) sebelum Beban Pajak Penghasilan Perusahaan Beda Waktu: Beban layanan Penyusutan Penyisihan piutang ragu-ragu Bersih Penyusutan sewa pembiayaan Angsuran sewa pembiayaan Kewajiban diestimasi atas imbalan kerja Beban selisih kurs Beda Tetap: Sumbangan Sewa Listrik, air dan telepon Jamuan Beban Pajak Penghasilan bunga yang telah dikenakan pajak penghasilan final Lain-lain Laba kena pajak pada akhir periode

Taxes Payable

30 Sep 2008/ Sep 30, 2008 (9 Bulan/Months) Rp

66.259.570.150

1.431.678.830

Income before Income Tax Expense According to Consolidated Statement of Income

4.995.783.760

(2.520.646.521)

Loss before Income Tax Expense of Consolidated Subsidiaries

71.255.353.910

(1.088.967.691)

Income (Loss) before Income Tax Expense Attributable to the Company

(15.915.382.583) (7.115.384.541) 5.399.357.832 15.456.226.089 (24.195.611.344) 1.080.882.000 (33.586.312.500)

-(2.067.726.620) 850.690.700 420.999.785 ----

-509.913.033 264.347.311 491.841.557 5.498.849.855

368.649.900 964.811.268 287.594.200 514.381.836 3.333.662.300

(149.030.692)

(2.147.566.212)

1.120.037.906

506.928.461

20.115.087.833

1.943.457.927

31

Timing Differences: Cost of Services Depreciation Provision for doubtful account Net Depreciation of Assets under Capital Lease Lease Installments Estimated libalities on employee benefits Loss on foreign exchange Permanent Differences: Donation Rental Electricity, water and telephone Entertainment Tax Expenses Interest income already subjected to final tax Others Taxable income at End of period





Beban pajak penghasilan dan perhitungan taksiran hutang pajak penghasilan badan (klaim atas pengembalian pajak penghasilan) adalah sebagai berikut:

The income tax expense and computations of the estimated corporate income tax payable (claim for tax refund) are as follows:

30 Sep 2009/ 30 Sep 2008/ Sep 30, 2009 Sep 30, 2008 (9 Bulan/Months) (9 Bulan/Months) Rp Rp 20.115.087.833 1.943.457.927 5.632.224.593 565.537.378

Taksiran Laba Kena Pajak Beban Pajak Penghasilan Pajak Penghasilan Dibayar Dimuka Pasal 22 Pasal 23 Pasal 25 Jumlah Pajak Penghasilan Dibayar Dimuka Taksiran Hutang Pajak Penghasilan Badan (Klaim atas Pengembalian Pajak Penghasilan)

(777.939.506) (269.074.175) (1.767.022.048) (2.814.035.729)

(1.527.166.374) (129.066.733) (1.877.100.050) (3.533.333.159)

2.818.188.864

(2.967.795.781)

c. Aset Pajak Tangguhan Bersih Perhitungan beban pajak tangguhan atas perbedaan temporer untuk periode 9 (sembilan) bulan yang berakhir 30 September 2009 dan 2008. dengan menggunakan maksimum tarif pajak sebesar 28% adalah sebagai berikut: 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp Rugi Fiskal Rugi selisih kurs Kewajiban diestimasi atas imbalan kerja Penyisihan piutang ragu-ragu Penyusutan Aset sewa pembiayaan

Estimated Taxable Income Income Tax Expense Prepayment of Income Tax Article 22 Article 23 Article 25 Total Prepayment of Income Tax Estimated Corporate Income Tax Payable (Claim for Income Tax Refund

c. Deferred Tax Assets Net A computation of deferred tax expense on temporary differences for the period of 9 (nine) months ended September 30, 2009 and 2008 using the maximum tax rate of 28% is as follows:

30 Sep 2008/ Sep 30, 2008 (9 Bulan/Months) Rp ---258.207.210 (620.317.987) 126.299.936

Fiscall loss Loss on foreign exchange Estimated liabilities on employee benefits Provision for doubtful accounts Depreciation of property and equipment Leased Asset under capital lease

Beban distribusi program

(32.215.039.165) 15.673.612.500 302.646.960 (196.066.189) (1.992.307.672) (2.447.027.871) (102.715.363) 7.427.178.539

--

Programming distribution

Beban Pajak Tangguhan

(13.549.718.261)

(235.810.841)

Deferred Income Tax Expense

Rincian aset pajak tangguhan bersih adalah sebagai berikut: The details of deferred tax assets net are as follows: 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp


Penyusutan aset tetap Aset sewa pembiayaan Rugi selisih kurs Penyisihan piutang ragu-ragu Kewajiban diestimasi atas imbalan kerja Penyisihan penurunan nilai aset tetap Beban distribusi program

5.257.558.468 (2.423.867.781) 15.673.612.500 4.145.500.383 2.658.533.920 300.835.024 7.427.178.539

6.573.574.675 126.299.936 -1.756.856.775 1.819.570.501 432.375.414 --

Depreciation of property and equipment Leased Asset under capital lease Loss on foreign exchange Allowance for doubtful accounts Estimated liabilities on employee benefits Allowance for impairment of property and equipment Programming distribution

Jumlah

33.039.351.053

10.708.677.301

Total

32




17.


Hutang Sewa Pembiayaan

17. Leased Obligation Under Capital Lease

Perusahaan mengadakan perjanjian sewa guna usaha dengan PT Orix Finance Indonesia untuk Set Top Box, Cable Modem, CMTS, Cisco and Fiber Driver, Catalyst Metro 6500, PT Ciptadana Multifinance untuk peralatan Set Top Box, Transmitter, Power Supply, Wavetex, Scramble + Mux dan PT Asiatic Sejahtera Finance untuk dengan masing – masing dengan jangka waktu 3 tahun pada tahun 2009 dan 2008.

The Company entered into leasing agreement with PT Orix Finance Indonesia for Set Top Box, Cable Modem, CMTS, Cisco and Fiber Driver, Catalyst Metro 6500, PT Ciptadana Multifinance for Set Top Box, Transmitter, Power Supply, Wavetex, Scramble + Mux and PT Asiatic Sejahtera Finance for period of years in 2009 and 2008.

Pembayaran sewa minimum masa datang dalam perjanjian sewa guna usaha per 30 September 2009 dan 2008 adalah sebagai berikut:

The minimum rental payment in leasing agreement as of September 30, 2009 and 2008 are as follows:

30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

Tahun:

Years:

--

4.660.689.500

October – December 2008

2009

13.342.165.325

16.116.360.000

2009

2010

24.549.132.788

15.127.097.000

2010

2011

9.466.214.578

6.900.676.397

2011

2012

9.419.598.625

--

2012

56.777.111.316

42.804.822.897

Total

4.464.665.941

6.338.308.808

Deducted by Interests

Bersih

52.312.445.375

36.466.514.089

Net

Bagian yang Jatuh Tempo dalam 1 Tahun

29.922.115.896

12.205.466.555

Current Maturity in 1 Year

Bagian Jangka Panjang

22.390.329.479

24.261.047.534

Long Term Portion

Oktober – Desember 2008

Jumlah Dikurangi Bagian Bunga

33





18. Beban Masih Harus Dibayar

18. Accrued Expenses 30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

Distribusi Program Bunga dan Beban Pendanaan Lainnya Biaya Hak Penggunaan Jasa Telekomunikasi Biaya Karyawan Jasa Profesional Promosi Lain-lain (masing-masing di bawah Rp 500.000.000)

25.203.822.783 7.576.246.981

5.656.360.999 6.663.537.896

5.571.245.364

5.937.899.701

301.893.311 804.051.250 297.785.912

272.441.988 1.698.952.700 411.878.500

16.128.873.322

6.957.769.855

Jumlah

55.883.918.923

27.598.841.639

19. Pendapatan Jasa Langganan Ditangguhkan 30 Sep 2009/ Sep 30, 2009 Rp

Programming Distribution Interest and Other Financing Charges Telecommunication Service Usage Expense Employees Expenses Professional Fee Promotion Others (each below Rp 500,000,000) Total

19. Unearned Subscription Fees 30 Sep 2008/ Sep 30, 2008 Rp

Jasa Langganan untuk Televisi Kabel Pelanggan Rumah Tangga Akses Jaringan Korporasi

12.183.350.966 11.663.587.986

9.395.040.979 6.145.873.036

Subscription Fees for Cable Television Household Subscribers Corporate Access Network

Jumlah

23.846.938.952

15.540.914.015

Total

20. Kewajiban Anjak Piutang

Kewajiban Anjak Piutang - Bersih

20. Factoring Payable 30 Sep 2009/ Sep 30, 2009

30 Sep 2008/ Sep 30, 2008

Rp

Rp

20.000.000.000

--

Pada tanggal 23 April 2009, Perusahaan dan PT Ciptadana Multifinance menandatangani perjanjian Anjak Piutang with recourse. Fasilitas Anjak Piutang ini akan jatuh tempo pada tanggal 23 April 2010.

Factoring Payable - Net

On April 23 2009, the Company entered into a factoring agreement with recourse with PT Ciptadana Multifinance. This facility will be matured on April 23, 2010.

21. Kewajiban Diestimasi atas Imbalan Kerja

21. Estimated Liabilities on Employee Benefits

Perusahaan menghitung kewajiban estimasi atas pemberhentian karyawan dan imbalan kerja pada kasus pemecatan karyawan berdasarkan masa tahun kerja karyawan. Kewajiban estimasi dihitung berdasarkan Peraturan Ketenagakerjaan. Pada tanggal 30 September 2009 dan 2008, Perusahaan membentuk penyisihan untuk pemutusan kerja dan pembayaran kompensasi masing-masing sebesar Rp 9.654.771.176 dan Rp 6.205.593.222.

The Company has determined an estimated liabilities on their employee’s termination, gratuity and compensation benefits in case of employment dismissal based on employees’ number of years of service provided. The estimated liabilities are calculated based on existing manpower regulations. As of September 30, 2009 and 2008, the Company have provided a provision for severance gratuity and compensation payments amounted to Rp 9,654,771,176 and Rp 6,205,593,222, respectively. 34





22. Modal Saham

22. Capital Stock

Susunan pemegang saham Perusahaan dan masing-masing kepemilikan saham adalah sebagai berikut:

The composition of the Company’s stockholders and their respective shareholdings are as follows:

30 Sep 2009 / Sep 30, 2009 Jumlah Saham/ Persentase Jumlah/ Total Kepemilikan/ Number of Shares Percentage of Ownership % Rp AcrossAsia Ltd PT Reksa Puspita Karya Masyarakat dan Kepemilikan dibawah 5% Jumlah

457.131.716 280.079.704 92.262.580 829.474.000

55,11 33,77 11,12

228.565.858.000 140.039.852.000 46.131.290.000

AcrossAsia Ltd PT Reksa Puspita Karya Public and Ownership below 5%

100.00

414.737.000.000

Total

30 Sep 2008/ Sep 30, 2008 Jumlah Saham/ Persentase Jumlah/ Total Number of Kepemilikan/ Shares Percentage of Ownership % Rp AcrossAsia Ltd PT Reksa Puspita Karya Masyarakat dan Kepemilikan dibawah 5% Jumlah

457.131.716 280.079.704 92.262.580 829.474.000

55,11 33,77 11,12

228.565.858.000 140.039.852.000 46.131.290.000

AcrossAsia Ltd PT Reksa Puspita Karya Public and Ownership below 5%

100.00

414.737.000.000

Total

Pada tahun 2006, Perusahaan melakukan Penawaran Umum Terbatas I kepada para pemegang saham dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu (HMETD) sejumlah 441.674.000 saham baru dengan harga penawaran sebesar Rp 500 per saham dan sebanyak-banyaknya 129.904.118 Waran Seri I. Penawaran tersebut telah mendapat pernyataan efektifnya dari Badan Pengawas Pasar Modal dan telah mendapat persetujuan dari Rapat Umum Pemegang Saham Perusahaan tanggal 29 Desember 2006. Periode perdagangan HMETD dari tanggal 15 Januari 2007 sampai dengan tanggal 30 Januari 2007 dengan tanggal penjatahan saham pada tanggal 2 Pebruari 2007 (lihat Catatan 1.b).

In 2006, the Company conducted Limited Public Offering in connection with Pre-Emptive Rights Issuance I of 441,674,000 new shares at an offering price of Rp 500 per share and a maximum of 129,904,118 Warrant Serie I. The offering has received an effective notification statement from the Capital Market Supervisory Agency and obtained an approval from the Company’s Stockholders General Meeting dated December 29, 2006. The trading period of pre-emptive rights was from January 15, 2007 until January 30, 2007 with share distribution date on February 2, 2007 (see Note 1.b).

Pada tanggal 26 dan 30 Juni 2008, PT Reksa Puspita Karya, pemegang saham, melakukan exercise Waran Seri 1 atas saham Perusahaan masing-masing sejumlah 13.000.000 dan 500.000 lembar waran dengan harga exercise sebesar Rp 1.000 per lembar waran. Dana exercise Waran Seri 1 tersebut telah diterima oleh Perusahaan pada tanggal 27 Juni 2008 dan 1 Juli 2008 masing-masing sebesar Rp 13.000.000.000 dan Rp 500.000.000.

On June 26 and 30, 2008, PT Reksa Puspita Karya, a stockholder, exercised Warrant Serie 1 of the Company totalling 13,000,000 and 500,000 warrants, respectively, with exercise price of Rp 1,000 per warrant. The Company has received the exercised fund of the Warrant Serie 1 on June 27, 2008 and July 1, 2008 amounting to Rp 13,000,000,000 and Rp 500,000,000 respectively.

35





Rincian tambahan modal disetor Perusahaan adalah sebagai berikut:

The details of the Company’s additional paid in capital are as follows:

Biaya Emisi Saham Agio Saham

30 Sep 2009/ Sep 30, 2009 Rp (7.894.845.814) 6.750.000.000

30 Sep 2008/ Sep 30, 2008 Rp (7.894.845.814) 6.750.000.000

Stock Issuance Cost Premium on Stock

Jumlah

(1.144.845.814)

(1.144.845.814)

Total

Harga exercise Waran Seri 1 sebesar Rp 1.000 per waran lebih besar Rp 500 dibandingkan dengan nilai nominal sebesar Rp 500 per saham. Agio saham yang dicatat dari pelaksanaan 13.500.000 lembar Waran Seri 1 di atas adalah sebesar Rp 6.750.000.000.

The exercised price of the Warrant Serie 1 of Rp 1,000 per warrant is greater of Rp 500 compare with par value of Rp 500 per share. Premium on stock which is recorded from exercised of 13,500,000 Warrant Serie 1 above was amounted to Rp 6,750,000,000.

23. Pendapatan

23. Revenues 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp


Jasa Langganan untuk Televisi Kabel Pelanggan Rumah Tangga Pelanggan Komersial dan Lainnya Jasa Langganan untuk Internet Pita Lebar Kecepatan Tinggi Layanan Komunikasi Data Pemasangan Media Iklan Lain-lain

181.074.413.011 9.847.857.407

149.509.330.657 12.182.532.047

237.021.886.698 48.788.376.816 27.226.705.367 27.322.150.876

132.362.585.808 43.111.110.462 32.926.545.372 25.741.265.820

Subscription Fees for Cable Television Household Subscribers Commercial and Other Subscribers Subscription Fees for Fast Speed Broadband Internet Data Communication Services Media Sales Others

Jumlah

531.281.390.175

395.833.370.166

Total

Pendapatan layanan komunikasi data sebagian besar berasal dari pemasangan dan penyewaan jaringan dari jaringan distribusi Perusahaan dan penjualan peralatan akses jaringan korporasi.

Data communication services revenues are derived mainly from installation and rental line fees of the Company's distribution network and selling equipment of corporate accesss network

Pemasangan iklan merupakan pendapatan iklan yang berasal dari pelanggan yang menempatkan iklan pada program televisi kabel.

Insertion fees represent advertising revenues generated from customers who place advertisements on cable television programs.

36





Pendapatan lain-lain sebagian besar terdiri dari penjualan kabel modem, penyewaan converter dan peralatan, biaya keanggotaan, biaya pemasangan dan jasa terkait lainnya.

Other revenues mainly consist of income from the sale of cable modem, converter and equipment rental, joining fee and other related services.

Rincian pendapatan berdasarkan hubungan pelanggan adalah sebagai berikut:

The details of revenue based on relationship of subscribers are as follows:

30 Sep 2009/ Sep 30, 2009 Rp

30 Sep 2008/ Sep 30, 2008 Rp

Pihak hubungan istimewa (lihat catatan 7) Pihak ketiga

5.669.614.171 525.611.776.004

2.636.732.786 393.196.637.380

Related Party (see note 7) Third Party

Jumlah

531.281.390.175

395.833.370.166

Total

Jumlah pelanggan televisi kabel Perusahaan (setelah dikurangi pelanggan antenna) adalah sebagai berikut:

The number of cable television subscribers of the Company (after excluding antenna subscribers) is as follows:

30 Sep 2009/ Sep 30, 2009

30 Sep 2008/ Sep 30, 2008

Pelanggan Rumah Tangga Pelanggan Korporasi

109.686 15.195

99.212 16.977

Household Subscribers Corporate Subscribers

Jumlah

124.881

116.189

Total

Informasi Lainnya: Average Revenue Per Unit (ARPU) untuk Pelanggan Rumah Tangga

198.360

202.537

24. Beban Layanan

24. Cost of Services 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp

Televisi Kabel Distribusi Program dan Jasa Teknis Tiang Tumpu Internet Pita Lebar Beban Bandwidth Internet Beban Sewa Peralatan Internet Layanan Komunikasi Data Beban Instalasi dan Peralatan Pemasangan Iklan Beban Produksi dan Lainnya Lain-lain Jumlah

Other Information: Average Revenue Per Unit (ARPU) for Household Subcribers


141.827.972.143

96.065.824.107

2.546.166.664

1.293.555.271

63.617.434.075 2.114.465.000

58.261.663.684 2.361.029.800

423.026.772

1.542.316.438

7.553.263.031 20.169.957.182

2.328.550.663 18.977.008.388

Cable Television Programming Distribution and Technical Services Pole and Duct Broadband Internet Internet Bandwidth Fees Rental Fees of Internet Equipment Data Communication Services Installation Fees and Equipment Media Sales Production Cost and Others Others

238.252.284.867

180.829.948.351

Total

37





25. Beban Penjualan, Umum dan Administrasi

25. Selling, General and Administrative Expenses 30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp

Beban Penjualan Promosi Gaji dan Kesejahteraan Karyawan Komisi Pos dan Kurir Listrik, Air dan Telepon Sewa Perjalanan dan Akomodasi Perlengkapan Kantor Lain-lain (masingmasing di bawah Rp 200.000.000) Jumlah


12.795.844.045 11.386.182.361 6.594.179.609 1.968.922.291 1.724.571.532 1.258.313.591 1.071.683.620 181.264.900

14.373.038.878 13.718.519.416 10.715.969.264 203.026.478 1.798.215.168 877.716.413 1.297.621.157 734.426.413

850.210.998

3.003.168.824

37.831.172.947

46.721.702.011

30 Sep 2009/ Sep 30, 2009 (9 Bulan/Months) Rp Beban Umum dan Administrasi Gaji dan Kesejahteraan Karyawan Sewa Listrik, Air dan Telepon Perjalanan dan Akomodasi Honorarium Tenaga Ahli Perbaikan dan Pemeliharaan Perlengkapan Kantor Perizinan Penyisihan piutang ragu-ragu Lain-lain (masing-masing di bawah Rp 200.000.000) Jumlah

Selling Expenses Promotion Salaries and Employee Benefits Commissions Postage and Courier Electricity, Water and Telephone Rent Travelling and Accommodation Office Supplies Others (each below Rp 200,000,000) Total


59.440.715.585 20.394.306.169 12.149.744.504 5.907.997.783 5.886.488.472 2.687.094.724 2.289.787.773 555.505.962 5.399.357.832

27.736.083.932 18.038.314.925 8.615.849.932 6.055.895.736 5.610.730.340 2.867.665.380 2.331.662.093 313.904.322 899.154.255

3.522.761.444

5.152.386.848

118.233.760.248

77.621.647.763

26. Pos Luar Biasa

General and Administrative Expenses Salaries and Employee Benefits Rent Electricity, Water and Telephone Travelling and Accommodation Professional Fees Repairs and Maintenance Office Supplies Permits and Licenses Bad Debt Expense Other (each below Rp 200,000,000) Total

26. Extraordinary Item

Pos luar biasa merupakan keuntungan dari penghapusan surat promes atas unjuk yang dikeluarkan oleh PT Link Net, perusahaan anak sebesar Rp 2.583.840.000 (USD 280.000) dan penghapusan hutang kepada PT Asianet Multimedia, pihak hubungan istimewa, sebesar Rp 2.259.160.283.

Extraordinary item represents gain on write off bearer promissory notes issued by PT Link Net, a subsidiary amouting to Rp 2,583,840,000 (USD 280,000) and the write off of payable to PT Asianet Multimedia, a related party, amounting to Rp2,259,160,283.

27. Tanggung Jawab Manajemen atas Laporan Keuangan Konsolidasian

27. Management Responsibility on the Consolidated Financial Statements

Manajemen Perusahaan bertanggung jawab atas penyusunan laporan keuangan konsolidasian yang diselesaikan pada tanggal 30 Oktober 2009.

The management of the Company is responsible for the preparation of the consolidated financial statements that were completed on October 30, 2009.

38

PT FIRST MEDIA Tbk AND SUBSIDIARIES. PT FIRST MEDIA Tbk DAN PERUSAHAAN ANAK

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