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 6 (Enam) Bulan yang Berakhir 30 Juni 2009 dan 2008 (Tidak Diaudit)

PT FIRST MEDIA Tbk AND SUBSIDIARIES

Consolidated Financial Statements For the Period of 6 (Six) Months Ended June 30, 2009 and 2008 (Unaudited)

PT FIRST MEDIATbk DAN PERUSAHAAN ANAK

PT FIRST MEDIATbk AND SUBSIDIARIES

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

ASET

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

Catatan/ Note

ASET LANCAR Kas dan Setara Kas Investasi Jangka Pendek Piutang Usaha

30 Jun 2009/ Jun 30, 2009

30 Jun 2008/ Jun 30, 2008

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

14.567.909.398 --

24.197.867.511 38.992.193.100

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

19.953.596.262 66.509.777.993 86.463.374.255 129.642.956 10.525.174.056 111.686.100.665

12.465.292.427 79.684.470.899 92.149.763.326 59.631.094 31.722.356.927 187.121.811.958

5.025.000.000 44.502.746.428 14.778.260.946

25.000.000 10.925.385.521 22.444.294.815

2k, 2l, 2n, 9

1.148.786.423.062

952.911.750.523

10 2d, 2o, 11

32.463.562.543 18.268.554.212 52.918.860.298 40.418.055.559 1.298.474.853.277 1.044.993.040.630

(Setelah dikurangi penyisihan piutang ragu-ragu masing-masing sebesar Rp 6.691.427.729 dan Rp 2.231.476.777 per 30 Juni 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 519.124.532.817 dan Rp 411.550.226.651 per 30 Juni 2009 dan 2008 dan penyisihan penurunan nilai aset tetap sebesar Rp 1.074.410.798 per 30 Juni 2009 dan 2008) Uang Muka Aset Lain-lain – Bersih Jumlah Aset Tidak Lancar JUMLAH ASET

1c, 2h 2s, 15c 2e, 7

1.410.160.953.942 1.232.114.852.588

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 6,691,427,729 and Rp 2,231,476,777 as of June 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 519,124,532,817 and Rp 411,550,226,651 as of June 30, 2009 and 2008 and allowance for impairment of property and equipment of Rp 1,074,410,798 as of June 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 Juni 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh) KEWAJIBAN DAN EKUITAS

Catatan/ Note

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

30 Jun 2008/ Jun 30, 2008

KEWAJIBAN KEWAJIBAN LANCAR Pinjaman Jangka Pendek 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

2d, 12 2d, 2p, 14

-264.587.500.362

507.375.000.000 134.065.805.175

12 2n, 7, 17

51.125.000.000 40.424.563.584

22.346.301.156 9.129.398.629

2d, 2e, 7, 15

7.308.658.023

3.794.721.318

Related Parties

99.700.335.559 103.495.056.877

Third Parties Total

2d

1.172.473.104

13.470.347.892

Other Payables

2s, 16a 2d, 2e, 7, 18

7.344.747.654 39.066.125.465

8.054.652.806 34.703.369.525

Taxes Payable Accrued Expenses

28.941.346.159

15.804.214.139

Unearned Subscription Fees

1.574.249.473 20.000.000.000 603.032.016.528

2.068.472.886 -850.512.619.085

Subscribers’ Deposits Factoring Payable

2q, 19 2d 2q, 20

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

Jumlah Kewajiban Tidak Lancar Jumlah Kewajiban EKUITAS Modal Saham - Nilai Nominal Rp 500 per Saham Modal Dasar - 1.497.200.000 Saham Modal Ditempatkan dan Disetor Penuh 829.474.000 Saham per 30 Juni 2009 dan 828.974.000 Saham per 30 Juni 2008 Tambahan Modal Disetor – Bersih Selisih nilai transaksi restrukturisasi entitas Sepengendali Defisit Jumlah Ekuitas JUMLAH KEWAJIBAN DAN EKUITAS

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

141.487.352.704 148.796.010.727

2d, 15

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

LIABILITIES AND STOCKHOLDERS’ EQUITY

511.250.000.000 22.621.604.116

-17.468.211.614

9.654.771.176 -543.526.375.292

6.205.593.222 26.355.963 23.700.160.799

1.146.558.391.820

874.212.779.884

22 2u

414.737.000.000 (1.144.845.814)

414.487.000.000 (1.394.845.814)

2c, 3

(8.590.762.453)

(8.590.762.453)

(141.398.829.611) 263.602.562.122

(46.599.319.029) 357.902.072.704

1.410.160.953.942 1.232.114.852.588


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 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 June 30, 2009 and 828,974,000 Shares as of June 30, 2008 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 6 (Enam) Bulan yang Berakhir 30 Juni 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

Catatan/ Note PENDAPATAN BEBAN LAYANAN

CONSOLIDATED STATEMENTS OF INCOME For the Period of 6 (Six) Months Ended June 30, 2009 and 2008 (Unaudited) (In Full Rupiah) 30 Jun 2009/ 30 Jun 2008/ Jun 30, 2009 Jun 30, 2008 (6 Bulan/Months) (6 Bulan/Months)

2e, 2r, 7,23

346.469.526.416

262.973.969.067

REVENUES

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

166.643.246.040

121.442.978.447

COST OF SERVICES

179.826.280.376

141.530.990.620

GROSS PROFIT

25.333.058.709 79.443.324.382 64.453.977.748 169.230.360.839

32.282.250.131 48.282.181.639 41.399.247.802 121.963.679.572

10.595.919.537

19.567.311.048

INCOME FROM OPERATIONS

51.406.726.721

9.956.449.169

(31.965.455.337)

(11.206.623.468)

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

(4.573.134.638) 14.868.136.746

(533.507.430) (1.783.681.729)

25.464.056.283

17.783.629.319

(5.262.953.044) (2.086.322.886) (7.349.275.930)

(4.537.973.039) (19.102.621) (4.557.075.660)

18.114.780.353

13.226.553.659

NET INCOME BEFORE EXTRAORDINARY ITEM

--

4.843.000.283

EXTRAORDINARY ITEM

18.114.780.353

18.069.553.942

24.804.811

--

NET INCOME BEFORE MINORITY INTEREST MINORITY INTEREST

18.139.585.164

18.069.553.942

NET INCOME AFTER EFFECT OF PRO FORMA ADJUSTMENTS

--

(6.853.056.679)

EFFECT OF PRO FORMA ADJUSTMENTS

18.139.585.164

11.216.497.263

INCOME BEFORE EFFECT OF PRO FORMA ADJUSTMENTS

22 22

21 13

LABA KOTOR BEBAN USAHA Penjualan Umum dan Administrasi Penyusutan

2r, 25 2e, 2n, 2r, 7, 25 2k, 8

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 BERSIH SEBELUM EFEK PENYESUAIAN PROFORMA LABA PER SAHAM DASAR Setelah Efek Penyesuaian Proforma Sebelum Efek Penyesuaian Proforma

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

BASIC EARNING 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 6 (Enam) Bulan yang Berakhir 30 Juni 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 6 (Six) Months Ended June 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

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

Tambahan Modal Disetor/ Additional Paid in Capital

Modal Saham/ Capital Stock

407.987.000.000

(7.894.845.814)

Ditentukan Penggunaannya/ Appropriated

Belum Ditentukan Penggunaannya/ Unappropriated

_

100.000.000

(57.915.816.292)

_

_

_

Jumlah Ekuitas/ Total Stockholders’ Equity

342.276.337.894

BALANCE AS OF DECEMBER 31, 2007

6.500.000.000

6.500.000.000

_

_

(8.590.762.453)

_

_

(8.590.762.453)

Additional Paid in Capital Through Exercise of Warrant Serie 1 Adjustments arising from restructuring transaction of entities under common control

Laba Bersih (6 Bulan) setelah Efek Penyesuaian Proforma

--

--

--

--

18.069.553.942

18.069.553.942

Net Income (6 Months) after Effect of Pro-Forma Adjustments

Efek Penyesuaian Proforma

--

--

--

--

(6.853.056.679)

(6.853.056.679)

Effect of Pro-Forma Adjustments

SALDO PER 30 JUNI 2008

414.487.000.000

(1.394.845.814)

(8.590.762.453)

100.000.000

(46.699.319.029)

357.902.072.704

BALANCE AS OF JUNE 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

--

--

--

--

18.139.585.164

18.139.585.164

Net Income (6 Months)

414.737.000.000

(1.144.845.814)

(8.590.762.453)

100.000.000

(141.498.829.611)

263.602.562.122

BALANCE AS OF JUNE 30, 2009

22

Laba Bersih (6 Bulan) SALDO PER 30 JUNI 2009

13.000.000.000

2c, 3

--





LAPORAN ARUS KAS KONSOLIDASIAN Untuk Periode 6 (Enam) Bulan yang Berakhir 30 Juni 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

CONSOLIDATED STATEMENTS OF CASH FLOWS For the Period of 6 (Six) Months Ended June 30, 2009 and 2008 (Unaudited) (In Full Rupiah)

30 Jun 2009/ Jun 30, 2009 (6 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 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 Pengeluaran untuk Transaksi Hubungan Istimewa – Bersih Arus Kas Bersih Diperoleh dari Aktivitas Pendanaan KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS

30 Jun 2008/ Jun 30, 2008 (6 Bulan/Months)

364.605.830.476

273.104.512.314

(185.164.747.841) (50.168.615.962)

(137.237.144.914) (39.184.506.622)

(69.173.185.154)

(74.776.932.179)

60.099.281.519 (41.480.406.043) (2.356.000.315) (11.651.959.617) 4.610.915.544

21.905.928.599 (24.399.918.986) (7.014.298.263) (9.508.288.650)

1.199.005.000 (93.160.961.011) 30.366.367.768 (61.595.588.243)

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 - Proceeds from Disposal of Property and Equipment (104.924.378.805) Acquisition of Property and Equipment 9.975.682.357 Proceed from Disposal of Short-term Investments (8.885.896.145) Placement in Short-term Investments (1.500) Acquisition of Company Net Cash Flows Used in Investing (103.834.594.093) Activities 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 Disbursement to Related Parties Transactions – Net Net Cash Flows Provided by Financing Activities

-

13.000.000.000

37.039.921.161

69.000.000.000

(5.549.889.774) (10.154.873.681)

(30.444.351.827) -

(120.846.727)

-

21.214.310.979

51.555.648.173

(35.770.361.720)

(61.787.234.570)

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

14.567.909.398

24.197.867.511

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

1.200.000.000

25.621.512.549

Aktivitas yang Tidak Mempengaruhi Arus Kas Penambahan Aset Sewa Pembiayaan


Activities not Affecting Cash Flows Addition of Assets under Capital Lease


5



CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Untuk Periode 6 (Enam) Bulan yang Berakhir 30 Juni 2009 dan 2008 (Tidak Diaudit) (Dalam Rupiah Penuh)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS For the Period of 6 (Six) Months Ended June 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 Tintin Surtini, SH, MH, Mkn, No. 37, Notaris pengganti dari Surjadi SH, tanggal 25 Mei 2007, mengenai perubahan nama Perusahaan dari PT Broadband Multimedia Tbk menjadi PT First Media Tbk. Perubahan terakhir tersebut telah disetujui oleh Menteri Kehakiman dan Hak Asasi Manusia dalam surat keputusan No. W7-06790 HT.01.04-TH.2007 tanggal 19 Juni 2007.

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. 37 of Tintin Surtini, SH, MH, Mkn, substitute Notary of Surjadi, SH,dated May 25, 2007 concerning the change of name of the Company from PT Broadband Multimedia Tbk to PT First Media Tbk. The latest amendment was approved by the Minister of Justice and Human Rights on June 19, 2007 in his decree No. W7-06790.HT.01.04.TH.2007.

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 Juni 2009 dan 2008 seluruh saham Perusahaan telah tercatat di Bursa Efek Indonesia (sebelumnya terdaftar di Bursa Efek Surabaya).

As of June 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 Jun 30 Jun 2009/ 2008/ Jun Jun 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

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Belum Beroperasi/ Non Operating Belum Beroperasi/ Non Operating 2000

Jumlah Aset/ Total Assets

30 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

95.746.015

6.324.760.515

10.632.836.518

4.356.658.584

9.172.342.880

6.344.089.986




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 Jun 30 Jun 2009/ 2008/ Jun Jun 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 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

-

2009

1.591.116.880

---

-

Belum Beroperasi/ Non Operating

7.030.212.765

---

-

Belum Beroperasi/ Non Operating

2.509.259.513

---

(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 Juni 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 June 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, notaries 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.

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(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 Juni 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 June 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:

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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 Irman Gusman 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 Juni 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 June 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 Komisaris Komisaris

Jonathan Limbong Parapak 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 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 Juni 2009 dan 2008, Perusahaan mempunyai masing-masing sekitar 527 dan 436 karyawan tetap (tidak diaudit).

As of June 30, 2009 and 2008, the Company has approximately 527 and 436 permanent employees, respectively (unaudited).

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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

In applying the pooling-of-interests method, the financial statement items of the restructured entities for the year in

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

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direstrukturisasi untuk tahun terjadinya restrukturisasi 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.

which the restructuring occurs and for any comparative 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 Juni 2009 dan 2008, kurs tukar yang digunakan adalah USD 1 = Rp 10.225 dan USD 1 = Rp 9.225). 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 (June 30, 2009 and 2008: USD 1 = Rp 10,225 and USD 1 = Rp9,225 ). 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.

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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:

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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.

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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 Juni 2009 dan 2008 adalah sebesar 829.474.000 saham dan 828.974.000 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 and 828,974,000 shares as of June 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 Jun 2009/ Jun 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 268.339; 2008: USD 388.108) Raiffeisen Zentralbank Oesterreich AG. Cabang Singapura (2009: USD 8.608; 2008: USD 8.608) Hongkong & Shanghai Bank (2009: USD 4.489; 2008: USD 95.411) PT Bank Mega Tbk (2009: USD 3.361; 2008: USD 26.843) Deposito Berjangka Pihak ketiga Rupiah PT Bank CIMB Niaga Tbk (d/h PT Bank Lippo Tbk) PT Bank Mega Tbk Hongkong & Shanghai Bank Dolar AS Hongkong & Shanghai Bank (2009: USD 1.784; 2008: USD 19.384) PT Bank CIMB Niaga Tbk (d/h Lippo Bank Tbk) (2009: USD 18.420; 2008: USD Nil) Jumlah

30 Jun 2008/ Jun 30, 2008 Rp

300.078.044

Kas

Cash and Cash Equivalents

148.967.791

8.515.297.877

9.865.952.200

262.045.143 33.323.615 77.948.971 13.039.396 285.170.881 1.524.622.695 93.018.954

1.396.164.023 289.794.744 320.125.983 -886.899.752 1.747.552.707 2.999.794.000

2.743.761.315

3.580.298.875

88.015.471

79.407.601

45.899.309

880.163.339

34.365.612

247.627.782

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 268,339; 2008: USD 388,108) Raiffeisen Zentralbank Oesterreich AG. Singapore Branch (2009:USD 8,608; 2008: USD 8,608) Hongkong & Shanghai Bank (2009: USD 4,489; 2008: USD 95,411) PT Bank Mega Tbk (2009: USD 3,361; 2008: USD 26,843)

195.370.000

195.370.000

133.975.000 12.540.000

1.390.856.215 --

18.237.515

168.892.499

191.199.600

--

Time Deposits Third Parties Rupiah PT Bank CIMB Niaga Tbk (formerly PT Bank Lippo Tbk) PT Bank Mega Tbk Hongkong & Shanghai Bank US Dollar Hongkong & Shanghai Bank (2009: USD 1,784; 2008: USD 18,308) PT Bank CIMB Niaga Tbk (formerly Bank Lippo Tbk) (2009: USD 18,420; 2008: USD Nil )

14.567.909.398

24.197.867.511

Total

18





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 38.992.193.100 (US$ 4.226.976) pada tanggal 30 Juni 2008.

Short-term investments represent time deposits which are used as collateral. These time deposits are placed in HSBC Bank third party amounting Rp 38,992,193,100 (US$ 4,226,976) as of June 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

Pihak yang Memiliki Hubungan Istimewa (lihat Catatan 7)

6. 30 Jun 2009/ Jun 30. 2009 Rp

30 Jun 2008/ Jun 30. 2008 Rp

19.953.596.262

12.465.292.427

14.535.050.000 2.644.448.541 1.964.440.181 1.540.984.715 987.250.000 726.649.000 689.209.561 668.165.000 619.511.702 545.081.690 425.590.000 353.702.399 349.530.000 266.158.290 233.631.241

14.535.000.000 1.566.376.000 1.785.600.988 142.195.200 297.550.000 56.096.800 1.402.034.419 253.600.000 253.000.000 -512.133.350 824.910.400 569.251.974 668.552.711 504.179.697

Accounts Receivable

Related Parties (see Note 7)

Pihak Ketiga PT Metropolis Propertindo Utama PT Asia Media Network PT Wira Pamungkas Pariwara PT Adi Karya Visi PT Cipta Kreasi Komunindo PT Mediate Indonesia PT Densu Indonesia PT Star Reachers Indonesia PT Fajar Cahaya Buana PT Bintang Mediathama Indonesia PT Advisindo Artistika PT Bintang Multi Mediathama PT Komunika Cergas Ilhami PT Indosat Mega Media PT Indika 22 Lain-lain (masing-masing di bawah Rp 500.000.000) Jumlah Dikurangi: Penyisihan Piutang Ragu-ragu

46.651.803.402

58.545.466.137

93.154.801.984 (6.691.427.729)

94.381.240.103 (2.231.476.777)

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

Bersih

86.463.374.255

92.149.763.326

Net

19





Analisa umur piutang usaha adalah sebagai berikut:

The aging of accounts receivable are as follows:

30 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

Kurang dari 31 hari 31 – 60 hari 61 – 90 hari Di atas 90 hari Jumlah Dikurangi : Penyisihan Piutang Ragu-ragu

27.164.757.869 10.944.595.900 4.061.130.474 50.984.317.741 93.154.801.984 (6.691.427.729)

20.923.600.483 16.279.544.668 3.572.983.899 53.605.111.053 94.381.240.103 (2.231.476.777)

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

Bersih

86.463.374.255

92.149.763.326

Net

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

30 Jun 2008/ Jun 30, 2008 Rp

Saldo Awal Tahun/Periode Penyisihan Selama Tahun/Periode Berjalan

3.096.133.825 3.595.293.904

1.733.013.222 498.463.555

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

Saldo Akhir Tahun/Periode

6.691.427.729

2.231.476.777

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

30 Jun 2009/ Jun 30. 2009 Rp 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) Jumlah Penyisihan Piutang Ragu-ragu Bersih

30 Jun 2008/ Jun 30. 2008 Rp

Transactions and Balances with Related Parties

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

11.167.200.000 3.704.966.936

9.974.675.000 --

0.79 0.26

0.82

2.968.417.741

1.363.026.932

0.21

0.11

1.006.568.697 -343.497.455 346.680.376

303.766.198 367.999.980 255.764.317 --

0.07 0.00 0.02 0.02

0.02 0.03 0.02 0.00

416.265.057

200.060.000

0.03

0.02

19.953.596.262 --

12.465.292.427 --

19.953.596.262

12.465.292.427

1.41 -1.41

1.02 -1.02

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) Total Allowance for Doubtful Accounts Net





Jumlah/ Total

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

30 Jun 2009/ Jun 30. 2009 Rp

30 Jun 2008/ Jun 30. 2008 Rp

12.850.801.228 6.094.349.915 -1.850.545.063 261.841.983

14.236.142.003 6.119.349.915 30.716.349 1.810.545.063 247.541.485

0.91 0.43 0.00 0.02 0.01

1.62 0.69 0.00 0.20 0.02

65.266.748

--

0.00

0.00

Jumlah

21.122.804.937

22.444.294.815

1.37

2.56

Penyisihan Piutang Ragu-ragu

(6.344.543.991)

Bersih

14.778.260.946

22.444.294.815

1.05

2.56

4.320.572.119

3.101.537.250

0.38

0.36

1.879.777.428

493.355.356

0.16

0.06

682.801.358 295.577.118 --

--33.000.000

0.06 0.02 0.00

--0.00

129.930.000

166.828.712

0.01

0.02

7.308.658.023

3.794.721.318

0.63

0.44

Piutang Hubungan Istimewa PT Direct Vision PT Wireless Vision PT Natrindo Kartu Panggil* 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 PT Lippo Karawaci Tbk Lain-lain (masing-masing di bawah Rp 200.000.000) Jumlah

Due from Related Parties PT Direct Vision PT Wireless Vision PT Natrindo Kartu Panggil* PT Asianet Multimedia PT Multipolar Tbk Others (each below Rp 200,000,000) Total Allowance for Doubtful Accounts

Hutang Sewa Pembiayaan

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

26.252.530.121

--

2.28

Leased Obligation Under Capital Lease 0.00 PT Ciptadana Multifinance

Hutang Hubungan Istimewa PT Lippo General Insurance Tbk PT Wireless Vision

---

1.355.963 25.000.000

0.00 0.00

0.00 0.00

Due to Related Parties PT Lippo General Insurance Tbk PT Wireless Vision

Jumlah

--

26.355.963

0.00

0.00

Total

Surat Promes PT Ciptadana Capital PT Ciptadana Securities

190.500.000.000 35.787.500.362

-69.000.000.000

16.69 3.13

0.00 7.93

Promissory Notes PT Ciptadana Capital PT Ciptadana Securities

Jumlah

226.287.500.362

69.000.000.000

19.82

7.93

Total

20.000.000.000

--

1.75

0.00

Factoring Payable PT Ciptadana Multifinance

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

477.761.625

779.056.294

0.14

0.31

242.320.230

125.793.000

0.07

0.05

720.081.855

904.849.294

0.21

0.36

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 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 Lain-lain (masing-masing di bawah Rp 100.000.000)


Data Communication Services 233.000.000 561.000.000 435.000.000 554.129.032 0.00 173.750.000

150.000.000 316.306.452 120.000.000 -48.181.816 --

0.07 0.16 0.12 0.16 0.00 0.05

0.06 0.13 0.05 0.00 0.02 0.00

112.387.238

--

0.03

0.00

Jumlah

2.069.266.270

634.488.268

0.60

0.26

Total

Beban Promosi PT Galeri Investor

6.435.026.500

5.318.123.500

3.80

4.36

Promotion Expense PT Galeri Investor

Beban Asuransi PT Lippo General Insurance Tbk

852.221.622

523.616.343

0.50

0.43

Insurance Expense PT Lippo General Insurance Tbk

Beban Honorarium Tenaga Ahli PT Visionet Internatonal

189.439.318

165.197.118

0.11

0.14

Professional Fees PT Visionet International

Beban Sewa PT Matahari Putra Prima Tbk

337.500.000

1.006.944.000

0.20

0.83

Rental Expense PT Matahari Putra Prima Tbk

Beban Perjalanan PT Sanggraha Nusa Raya (dahulu PT JO Metropolitan) Beban Bunga dan Pendanaan Lainnya PT Ciptadana Capital PT Ciptadana Securities Jumlah

402.444.628

16.364.351.250 3.579.088.718 19.943.439.968

257.334.557

-2.093.000.000 2.093.000000

0.51

0.21

51.19 11.20 67.69

0.00 18.68 18.68

PT Lippo Karawaci Tbk PT Matahari Putra Prima Tbk PT Visionet International Yayasan Pelita Harapan PT Natrindo Kartu Panggil* PT Jakarta Globe Media Others (each below Rp 100,000,000)

Travelling Expense PT Sanggraha Nusa Raya (formerly PT JO Metropolitan) Interest Expense and other financing PT Ciptadana Capital PT Ciptadana Securities 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:

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/ Data communication services

22

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




No.

Pihak yang Memiliki Hubungan Istimewa/ Related Parties


Hubungan dengan Perusahaan/Relationship with the Company

Transaksi/Transaction

6

PT Multipolar Tbk


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

7

PT Natrindo Global Telekomunikasi



8

PT Natrindo Kartu Panggil *


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

9

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

10

PT Direct Vision

Asosiasi/ Association

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

11

PT Wireless Vision


Uang muka antar perusahaan/ Intercompany advances

12

PT Visionet Internasional


Penyewaan sistem keuangan Oracle/ Oracle financial system rental

13

PT Almaron Perkasa


Sewa lease line/ Lease line rental

14

PT Lippo On Line


Jual beli saham/ Sale and purchase of shares

15

PT Galeri Investor Indonesia


Promosi dan percetakan/ Promotion and printing

16

PT Jakarta Globe Media


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

17

Yayasan Pelita Harapan



18

PT Multifiling Mitra Indonesia


Jasa penyimpanan data/ Filing fees

19

PT Ciptadana Capital


Surat promes atas unjuk/Bearer notes

20

PT Ciptadana Securities


Surat promes atas unjuk/Bearer notes

21

PT Ciptadana Multifinance


Sewa Pembiayaan dan Anjak Piutang/ Financial Lease and factoring

* Tidak menjadi afiliasi sejak Juni tahun 2009

* No longer affiliate since June 2009

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).

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).

23




8.


Investasi Saham

8. 30 Jun 2009/ Jun 30, 2009 Rp

PT Jakarta Marcapada Media PT Wireless Vision Jumlah

Investment in Shares of Stock

30 Jun 2008/ Jun 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 Jun 2009/Jun 30, 2009 Pengurangan/ Reklasifikasi/ Deductions Reclassification Rp Rp

Property and Equipment

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 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

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

--724.577.967 4.783.748.138 944.400.709 2.475.980.765 -2.513.025.150 -105.890.643.229 --10.169.415.000 1.200.000.000 128.701.790.958

-----1.289.864.969 --------1.289.864.969

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

3.732.161.315 9.340.818.647 18.985.477.639 48.782.313.975 7.849.956.370 63.198.112.533 2.644.918.850 24.575.317.829 2.432.690.499 1.316.107.714.700 2.780.559.339 11.038.507.484 74.283.611.685 83.233.205.812 1.668.985.366.677

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

342.914.682 930.109.480 1.790.909.571 440.621.736 3.309.292.801 156.679.770 107.323.796 40.721.445 37.531.550.224 0 984.365.680 8.565.337.837 10.254.150.726 64.453.977.748

----284.178.324 --------284.178.324

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

4.594.435.942 13.975.158.353 32.793.619.213 5.160.068.597 50.656.782.560 1.702.352.131 16.010.340.474 2.331.469.246 340.158.859.367 2.780.559.334 6.468.091.087 24.754.269.435 17.738.527.078 519.124.532.817

1.074.410.798 1.074.410.798 1.085.544.296.497

---

----

--

----

1.074.410.798 1.074.410.798 1.148.786.423.062

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

Penambahan/ Additions Rp

Pengurangan/ Deductions Rp

Reklasifikasi/ Reclassification Rp

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 Other Leased Assets Aset dalam Penyelesaian

Acquisition Cost 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

--789.330.001 20.289.433.399 449.644.818 4.999.128.072 --8.234.925 53.136.354.065 -2.653.851.818 34.663.953.759 25.621.512.549 142.611.443.406 78.109.439.387

---19.517.944.568 -44.111.165 29.580.370 -------19.591.636.103 --

25

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

3.732.161.315 9.340.818.647 15.125.763.433 47.146.250.027 5.377.687.971 71.611.424.907 2.343.297.804 26.664.673.945 2.432.690.499 959.439.405.150 2.780.559.339 10.446.906.731 69.230.432.939 28.779.510.049 1.254.451.582.756 111.084.805.216

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 Jun 2008/ Jun 30. 2008 Saldo Awal/ Beginning Balance Rp 1.164.407.141.282 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 Material Konstruksi Nilai Buku

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 4.420.614.093 723.707.765 370.228.927.582

1.074.410.798 1.074.410.798 788.885.866.270

Penambahan/ Additions Rp 220.720.882.793

Pengurangan/ Deductions Rp 19.591.636.103

342.914.673 613.815.981 2.127.066.391 155.784.818 5.017.372.546 126.369.270 113.925.948 85.629.132 24.473.728.733 18.404.922 892.248.319 5.727.830.908 1.704.156.161 41.399.247.802

Reklasifikasi/ Reclassification Rp --

--4.257.196 -44.111.166 29.580.370 -------77.948.732

---

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

---

---

Saldo Akhir/ Ending Balance Rp 1.365.536.387.972

3.908.606.937 12.250.572.797 29.707.518.696 4.446.956.782 48.752.043.620 1.395.528.293 15.826.148.049 2.233.887.476 273.124.097.367 2.778.289.568 4.550.268.139 10.148.445.001 2.427.863.926 411.550.226.651

1.074.410.798 1.074.410.798 952.911.750.523

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 Constructions Materials Net Book Value

Penyusutan yang dibebankan pada operasi tahun berjalan masing-masing sebesar Rp 64.453.977.748 dan Rp 41.399.247.802 untuk periode 6 (enam) bulan yang berakhir 30 Juni 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.

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 Juni 2009 dan 2008, Perusahaan mencatat keuntungan dari hasil penjualan aset tetap sebagai berikut:

As of June 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

Depreciation charged to current year operations amounted to Rp 64,453,977,748 and Rp 41,399,247,802 for the period 6 (six) months ended June 30, 2009 and 2008, respectively.

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

30 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

1.199.005.000 (1.005.686.645)

19.496.239.872 (19.496.239.872)

193.318.355

--

26

Proceeds Net Book Value Gain on Sales of Property and Equipment





30 Jun 2009/ Jun 30, 2009

10.

30 Jun 2008/ Jun 30, 2008

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 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

Uang Muka Pembelian Material Biaya Pengurusan Impor Barang Lain-lain

26.982.052.693 1.077.442.165 4.404.067.685

14.463.567.440 1.773.345.130 2.031.641.642

Advances for Purchase of Materials Import Handling Cost Others

Jumlah

32.463.562.543

18.268.554.212

Total

11.

Aset Lain-lain-Bersih

11. 30 Jun 2009/ Jun 30, 2009 Rp

Other Assets-Net11

30 Jun 2008/ Jun 30, 2008 Rp

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

26.042.249.260

1.841.961.830 10.821.622.063

Deposits Deferred Programming Distribution and Technical 18.669.714.380 Services 1.818.024.872 Intangible asset 8.606.607.969 Others

Jumlah

52.918.860.298

40.418.055.559

12.

11.323.708.338

14.213.027.145

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 Juni 2009, pinjaman tersebut sejumlah Rp 511.250.000.000 (USD 50,000,000) 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 511,250,000,000 (USD 50,000,000) 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

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

27





Perusahaan menjual, mengalihkan atau melepaskan seluruh atau sebagian asetnya yang besarnya melebihi 20% dari total aset Perusahaan, mengubah struktur Perusahaan melalui penggabungan usaha atau akuisisi, membagikan laba atau dividen jika deviden tersebut melebihi 30% dari laba bersih. 13.

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

Pinjaman Jangka Panjang

13. 30 Jun 2009/ Jun 30, 2009 Rp

Raiffeisen Zentralbank Oesterreich AG PT Bank Negara Indonesia (Persero) Tbk Fasilitas Kredit Pendanaan Kembali Investasi Fasilitas Kredit Investasi Jumlah Dikurangi: Bagian yang Jatuh Tempo dalam Satu Tahun Bagian Jangka Panjang

Long-term Loans

30 Jun 2008/ Jun 30, 2008 Rp

562.375.000.000

--

--

6.977.714.454

-562.375.000.000

15.368.586.702 22.346.301.156

(51.125.000.000)

(22.346.301.156)

511.125.000.000

--

Raiffeisen Zentralbank Oesterreich AG PT Bank Negara Indonesia (Persero) Tbk Refinancing Investment Credit Facility Investment Credit Facility Total Less: Current Maturities Longterm Portion

Pinjaman dari Raiffeisen Zentralbank Oesterreich AG, Cabang Singapura sejumlah Rp 562.375.000.000,- (USD 55,000,000) merupakan reklasifikasi dari pinjaman jangka pendek per 31 Maret 2008 menjadi pinjaman jangka panjang per 30 Juni 2009 (lihat Catatan 12)

The credit facility from Raiffeisen Zentralbank Oesterreich AG, Singapore amounting to Rp 562,375,000,000 (USD 55,000,000) was reclassification from short term loan as of March 31, 2008 into long term loan as of June 30, 2009 (see Note 12)

Pada tanggal 12 Pebruari 2004, Perusahaan memperoleh pinjaman dari PT Bank Negara Indonesia (Persero) Tbk dengan maksimum fasilitas kredit sebesar Rp 48.000.000.000,Pinjaman ini digunakan untuk mendanai kembali investasi diantaranya pinjaman dari PT Bank Mayapada Tbk sebesar Rp 10.000.000.000,- Pinjaman ini dikenakan tingkat bunga tahunan sebesar 15,50% dengan periode tanpa bunga selama 12 bulan dan dijamin dengan tanah dan bangunan, dan Headend Electronics .

On February 12, 2004, the Company obtained a credit facility from PT Bank Negara Indonesia (Persero) Tbk with a maximum credit facility of Rp 48,000,000,000. This loan is used to refinancing its investment, among others, the loan obtained from PT Bank Mayapada Tbk amounting to Rp 10,000,000,000. This loan bears annual interest rate of 15.50% with grace period of 12 months and is collateralized by land and buildings, and Headend Electronics .

Pada tanggal 22 Desember 2004, Perusahaan juga memperoleh pinjaman dari PT Bank Negara Indonesia (Persero) Tbk dengan maksimum kredit sebesar Rp 96.000.000.000,- dan dikenakan tingkat bunga sebesar 15% per tahun dengan periode tanpa bunga selama 6 bulan. Mulai bulan Oktober 2005, pinjaman ini dikenakan tingkat bunga sebesar 17,25%. Pada tanggal 26 Januari 2007, Perusahaan merubah Perjanjian Kredit dengan PT Bank Negara Indonesia (Persero) Tbk diatas dengan maksimum kredit sebesar Rp 75.258.586.702,- dengan tingkat bunga sebesar 14,50% per tahun terhitung tanggal 22 Desember 2004 sampai dengan tanggal 21 Pebruari 2009. Pinjaman ini digunakan untuk mendanai investasi pembangunan penambahan proyek jaringan fiber optic dan HFC. Pada bulan Agustus 2008, Perusahaan telah mempercepat

On December 22, 2004, the Company also obtained a credit facility from PT Bank Negara Indonesia (Persero) Tbk with a maximum amount of Rp 96,000,000,000 and bears annual interest of 15% with grace period of 6 months. Starting October 2005, this loan bears annual interest of 17.25%. On January 26, 2007, the Company amended the loan agreement with PT Bank Negara Indonesia (Persero) Tbk with a maximum credit facility of Rp 75,258,586,702 and bears annual interest rate of 14.50% from December 22, 2004 up to February 21, 2009. This loan is used for financing the investment of additional fiber optic and HFC distribution network.

In August 2008, the Company had paid earlier the bank loan to

28





pelunasan hutang bank kepada PT Bank Negara Indonesia (Persero) Tbk sebelum hutang bank tersebut jatuh tempo.

PT Bank Negara Indonesia (Persero) Tbk before the bank loan had become due.

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.

14.

Surat Promes

14. 30 Jun 2009/ Jun 30, 2009 Rp

Surat Promes Jangka Pendek Commercial Paper Surat Promes Atas Unjuk (termasuk 2009 : USD 3.500.000) Jumlah

Promissory Notes

30 Jun 2008/ Jun 30, 2008 Rp

38.300.000.000

65.065.805.175

226.287.500.362

69.000.000.000

264.587.500.362

134.065.805.175

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

a. Commercial Papers Pada tanggal 30 Juni 2009 dan 2008, Commercial Papers (CP) kepada pihak ketiga adalah masing-masing sebesar Rp 38.300.000.000 dan RP 65.065.805.175. Penerbitan CP ini dilakukan untuk memenuhi kebutuhan operasional Perusahaan.

a. Commercial Papers As of June 30, 2009 and 2008, the Commercial Papers (CP) to third parties were amounting to Rp 38,000,000,000 and Rp 65,065,805,175. The issuance of these CP is to fulfill the operational needs of the Company.

CP ini dikenakan tingkat bunga berkisar antara 16,5% sampai dengan 17% dan akan jatuh tempo pada berbagai tanggal sampai dengan tanggal 23 September 2009.

The CP bear interest at 16,5% to 17% and will be due on various dates until September 23, 2009.

29





b. Surat Promes atas Unjuk Sampai dengan 30 Juni 2009, Perusahaan menerbitkan surat promes atas unjuk kepada PT Ciptadana Capital, pihak yang memiliki hubungan istimewa, sebesar Rp 190.500.000.000. Perusahaan juga menerbitkan surat promes atas unjuk kepada PT Ciptadana Securities, pihak yang memiliki hubungan istimewa, sebesar Rp 35.787.500.362 (USD 3,500,000) sampai dengan 30 Juni 2009 dan Rp 69.000.000.000 sampai dengan 30 Juni 2008. 15.

b. Bearer Notes Until June 30, 2009, the Company issued bearer notes tp PT Ciptadana Capital, a related party, amounting to Rp 190,500,000,000. The Company also issued bearer notes to PT Ciptadana Securities, a related party, amounting to Rp 35,787,500,362 (USD 3,500,000) until June 30, 2009 and Rp 69,000,000,000, until June 30, 2008.

Hutang Usaha

16. Accounts Payable 30 Jun 2009/ Jun 30, 2009 Rp

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

30 Jun 2008/ Jun 30, 2008 Rp

7.308.658.023

3.794.721.318

24.526.789.402 18.772.637.830 15.601.477.495 6.353.512.237 5.402.916.380 4.517.983.019 4.661.852.757 3.750.942.272 3.074.937.021 2.879.155.500 2.700.317.387 2.618.702.050 2.306.952.843 1.783.427.424 1.626.704.554 1.453.508.494 1.219.293.417 1.047.216.406 1.009.037.079 -501.423.775 481.380.542 ----

13.124.390.711 7.478.362.485 1.567.551.575 1.083.225.423 1.766.214.810 1.194.873.106 2.869.290.864 452.225.736 1.774.031.553 -589.321.967 538.186.500 1.721.240.168 238.245.589 -603.836.397 153.767.651 -261.420.000 1.573.724.258 7.703.774.438 1.696.058.709 6.312.113.816 5.359.658.488 2.615.287.500

35.875.730.179

39.023.533.815

148.796.010.727

103.495.056.877

30

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





Rincian hutang usaha berdasarkan satuan mata uang adalah sebagai berikut:

The details of accounts payable based on currency are as follows:

30 Jun 2009/ Jun 30, 2009 Rp Rupiah

30 Jun 2008/ Jun 30, 2008 Rp 36.874.616.077

Rupiah

124.542.028.306

66.620.440.800

US Dollar (2009: USD 10,759,570; 2008: USD 7,221,728)

148.796.010.727

103.495.056.877

Total

24.253.982.421

Dolar Amerika Serikat (2009: USD 10.759.570; 2008: USD 7.221.728) Jumlah

Analisa umur hutang usaha adalah sebagai berikut:

The aging of accounts payable is as follows:

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

16. a.

30 Jun 2008/ Jun 30, 2008 Rp

39.073.324.612 35.306.167.754 16.321.274.640 58.095.243.721

50.164.605.105 7.975.604.015 1.708.538.026 43.646.309.731

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

148.796.010.727

103.495.056.877

Total

Perpajakan

16. Taxation

Hutang Pajak

a. 30 Jun 2009/ Jun 30, 2009 Rp

Taxes Payable 30 Jun 2008/ Jun 30, 2008 Rp

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

904.605.269 890.790.863 265.114.984 5.262.953.045 21.283.493

1.450.131.558 678.997.782 335.520.265 4.537.973.039 1.052.030.162

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

Jumlah

7.344.747.654

8.054.652.806

Total

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 6 (enam) bulan yang berakhir pada 30 Juni 2009 dan 2008 adalah sebagai berikut:

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 6 (six) months ended June 30, 2009 and 2008 is as follows:

31





30 Jun 2009/ Jun 30, 2009 (6 Bulan/Months) Rp Laba sebelum Pajak Penghasilan sesuai dengan Laporan Laba Rugi Konsolidasi Laba sebelum Beban Pajak Penghasilan dari Perusahaan Anak yang Dikonsolidasi Laba 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

30 Jun 2008/ Jun 30, 2008 (6 Bulan/Months) Rp

37.864.583.139

17.783.629.319

Income before Income Tax Expense According to Consolidated Statement of Income

(6.283.173.498)

2.009.684.397

Income before Income Tax Expense of Consolidated Subsidiaries

31.581.409.641

15.773.944.922

Income before Income Tax Expense Attributable to the Company

(5.305.127.528) (4.161.725.351) 3.595.293.905 10.254.150.726 (12.861.887.954) 1.080.882.000 (11.195.437.500)

-(514.366.103) 450.690.700 -----

-343.149.622 185.586.579 662.095.831 5.110.520.380

132.863.500 -190.357.631 659.939.160 6.461.145

(122.279.434)

(1.999.018.824)

(370.370.049)

484.038.000

18.796.260.870

15.184.910.131

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

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)

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

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

30 Jun 2009/ 30 Jun 2008/ Jun 30, 2009 Jun 30, 2008 (6 Bulan/Months) (6 Bulan/Months) Rp Rp 18.796.260.870 15.184.910.131 5.262.953.045 4.537.973.039 (508.663.339) (115.942.276) (1.246.003.540) (1.870.609.155)

(1.294.442.441) (757.086.810) (915.000.000) (2.966.529.251)

3.392.343.890

(1.571.443.788)

32

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. Aset Pajak Tangguhan Bersih Perhitungan beban pajak tangguhan atas perbedaan temporer untuk periode 6 (enam) bulan yang berakhir 30 Juni 2009 dan 2008. dengan menggunakan maksimum tarif pajak sebesar 28% adalah sebagai berikut: 30 Jun 2009/ Jun 30, 2009 (6 Bulan/Months) Rp Rugi Fiskal Rugi selisih kurs Kewajiban diestimasi atas imbalan kerja Penyisihan piutang ragu-ragu Penyusutan Aset Sewa pembiayaan Beban distribusi program Beban Pajak Tangguhan

c. Deferred Tax Assets Net A computation of deferred tax expense on temporary differences for the period of 6 (six) months ended June 30, 2009 and 2008 using the maximum tax rate of 28% is as follows:


(32.215.039.165) 21.943.057.500 302.646.960 (619.588.613) (1.165.283.098) (730.166.424) 10.398.049.954

---135.207.210 (154.309.831) ---

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 Programming distribution

(2.086.322.886)

(19.102.621)

Deferred Income Tax Expense

Rincian aset pajak tangguhan bersih adalah sebagai berikut: The details of deferred tax assets net are as follows: 30 Jun 2009/ Jun 30, 2009 (6 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

6.084.583.041 (707.006.332) 21.943.057.500 3.721.977.960 2.658.533.920 403.550.386 10.398.049.953

7.039.582.831 --1.633.856.775 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

44.502.746.428

10.925.385.521

Total

33




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 Juni 2009 dan 2008 adalah sebagai berikut:

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

30 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

Tahun:

Years:

--

6.188.136.500

July – December 2008

2009

26.716.375.986

11.113.074.000

2009

2010

24.602.129.960

10.144.452.500

2010

2011

9.403.580.668

3.794.046.500

2011

2012

9.177.047.728

--

2012

69.899.134.342

31.239.709.500

Total

6.852.966.640

4.642.099.257

Deducted by Interests

Bersih

63.046.167.700

26.597.610.243

Net

Bagian yang Jatuh Tempo dalam 1 Tahun

40.424.563.584

9.129.398.629

Current Maturity in 1 Year

Bagian Jangka Panjang

22.621.604.116

17.468.211.614

Long Term Portion

Juli – Desember 2008

Jumlah Dikurangi Bagian Bunga

34





18. Beban Masih Harus Dibayar

18. Accrued Expenses 30 Jun 2009/ Jun 30, 2009 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) Jumlah

30 Jun 2008/ Jun 30, 2008 Rp

9.205.038.768 9.308.218.353

7.281.145.049 6.737.061.348

4.159.035.855

4.756.877.872

2.668.109.884 921.545.650 1.217.617.912

3.065.378.307 1.557.626.150 1.464.676.676

11.586.559.043

9.840.604.123

39.066.125.465

34.703.369.525

19. Pendapatan Jasa Langganan Ditangguhkan 30 Jun 2009/ Jun 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 Jun 2008/ Jun 30, 2008 Rp

Jasa Langganan untuk Televisi Kabel Pelanggan Rumah Tangga Akses Jaringan Korporasi

12.254.332.180 16.687.013.979

9.916.907.986 5.887.306.153

Subscription Fees for Cable Television Household Subscribers Corporate Access Network

Jumlah

28.941.346.159

15.804.214.139

Total

20. Kewajiban Anjak Piutang

Kewajiban Anjak Piutang - Bersih

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

30 Jun 2008/ Jun 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.

--

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 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 Juni 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.

Factoring Payable - Net

21. Estimated Liabilities on Employee Benefits 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 June 30, 2009 and 2008, the Company have provided a provision for severance gratuity and compensation payments amounted to Rp9,654,771,176 and Rp 6,205,593,222, respectively.

35





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 Jun 2009 / Jun 30, 2009 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

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

457.131.716 279.579.704 92.262.580

55,14 33,73 11,13

228.565.858.000 139.789.852.000 46.131.290.000

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

Jumlah

828.974.000

100.00

414.487.000.000

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, respectively.

36





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

30 Jun 2008/ Jun 30, 2008 Rp (7.894.845.814) 6.500.000.000

Stock Issuance Cost Premium on Stock

Jumlah

(1.144.845.814)

(1.394.845.814)

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 13.000.000 lembar Waran Seri 1 di atas adalah sebesar Rp 6.500.000.000 (lihat Catatan 21).

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 13,000,000 Warrant Serie 1 above was amounted to Rp 6,500,000,000 (see Note 21).

23. Pendapatan

23. Revenues 30 Jun 2009/ Jun 30, 2009 (6 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

120.386.434.108 6.643.818.260

96.867.372.435 8.178.237.669

151.097.746.953 30.967.190.106 17.146.077.957 20.228.259.032

82.640.862.184 34.335.787.402 24.114.495.120 16.837.214.257

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

346.469.526.416

262.973.969.067

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.

37





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 Jun 2009/ Jun 30, 2009 Rp

30 Jun 2008/ Jun 30, 2008 Rp

Pihak hubungan istimewa (lihat catatan 7) Pihak ketiga

2.789.348.125 343.680.178.291

1.539.337.562 261.434.631.505

Related Party (see note 7) Third Party

Jumlah

346.469.526.416

262.973.969.067

Total

Jumlah pelanggan televise 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 Jun 2009/ Jun 30, 2009

30 Jun 2008/ Jun 30, 2008

Pelanggan Rumah Tangga Pelanggan Korporasi

111.730 14.588

93.195 17.810

Household Subscribers Corporate Subscribers

Jumlah

126.318

111.005

Total

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

191.050

199.660

24. Beban Layanan

24. Cost of Services 30 Jun 2009/ Jun 30, 2009 (6 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


96.014.786.233

70.484.071.931

1.814.169.776

1.169.769.014

46.388.793.625 1.318.770.000

33.139.498.884 1.632.694.800

412.787.173

1.480.802.938

1.553.622.128 19.140.317.105

1.746.215.696 11.789.925.184

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

166.643.246.040

121.442.978.447

Total

38





25. Beban Penjualan, Umum dan Administrasi

25. Selling, General and Administrative Expenses 30 Jun 2009/ Jun 30, 2009 (6 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

8.178.567.058 7.593.093.253 4.562.240.637 1.197.933.391 1.265.559.886 1.024.726.522 744.877.947 166.283.300

9.934.082.634 9.736.162.543 7.332.943.418 1.548.687.245 1.141.110.932 659.844.211 790.826.215 523.743.038

599.776.715

614.849.895

25.333.058.709

32.282.250.131

30 Jun 2009/ Jun 30, 2009 (6 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

30 Jun 2008/ Jun 30, 2008 (6 Bulan/Months) Rp 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


38.900.120.424 13.895.400.489 7.907.609.100 4.232.695.819 4.738.103.858 1.792.801.641 1.672.028.374 409.053.423 3.595.293.905

17.482.391.810 11.800.951.153 5.318.615.082 3.918.788.530 3.224.479.228 1.793.008.385 1.457.884.651 934.664.923 --

2.300.217.349

2.351.397.877

79.443.324.382

48.282.181.639

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 31 Juli 2009.

The management of the Company is responsible for the preparation of the consolidated financial statements that were completed on July 31, 2009.

39

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

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