INFORMATION MEMORANDUM DATED 26 APRIL 2010
Up to US$100,000,000
Bakrie Sumatera Plantations
PT Bakrie Sumatera Plantations Tbk (Incorporated under the laws of the Republic of Indonesia)
8.0% Guaranteed Equity-linked Redeemable Notes due 2013 Unconditionally and Irrevocably Guaranteed by
PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Agro Mitra Madani, PT Huma Indah Mekar and PT Air Muring (each incorporated with limited liability under the laws of the Republic of Indonesia)
_______________ Pursuant to the trust deed (as amended or supplemented from time to time) (the “Trust Deed”) dated 18 February 2010 entered into between PT Bakrie Sumatera Plantations Tbk (“BSP” or the “Issuer”), the Guarantors (as defined below) and The Bank of New York Mellon as trustee for the holders of the Notes, the Issuer had on 18 February 2010 (the “Issue Date”) issued in aggregate principal amount of US$77,500,000 of 8.0% Guaranteed Equity-linked Redeemable Notes due 2013 (the “Existing Notes”, together with the Additional Notes (as defined below), the “Notes”). The Issuer also granted to Arch Advisory Limited the option, within a period of six months from the Issue Date, to purchase or procure the purchase of such number of Notes (the “Additional Notes”), which when aggregated with the Existing Notes, will amount to an aggregate principal amount of up to US$100,000,000. The offering of the Additional Notes shall be referred to as the “Additional Offering”. The Notes will mature on 1 March 2013. Interest will accrue from 18 February 2010 and be payable semi-annually in arrears on 1 March and 1 September of each year, commencing on 1 September 2010. Each of PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Agro Mitra Madani, PT Huma Indah Mekar and PT Air Muring (the “Guarantors”) on a joint and several basis unconditionally and irrevocably guarantees (the “Guarantee”) the due payment of all sums, including principal, premium and interest, and of any additional amounts payable by the Issuer under the Trust Deed and the Notes, and the due and punctual performance of all the Issuer’s obligations under the Trust Deed and the Notes. The Issuer may redeem the Notes in whole or in part on or at any time after the Issue Date but prior to 18 November 2012 at the Early Redemption Amount (as defined in the “Terms and Conditions of the Notes”) in cash, or if the relevant Noteholders (as defined in the “Terms and Conditions of the Notes”) agree, by delivery of such number of Shares (as defined in the “Terms and Conditions of the Notes”) by dividing the Early Redemption Amount (as defined in the “Terms and Conditions of the Notes”) with the Conversion Price (as defined in the “Terms and Conditions of the Notes”), or both. Each Noteholder has the right to require the Issuer to redeem its Notes at any time on and after 18 August 2010 up to the close of business on 31 December 2012 or if such Note shall have been called for redemption by the Issuer before 31 December 2012, then up to the close of business on a date no later than ten Business Days prior to the date fixed for redemption thereof (the “Redemption Right”). If a Noteholder exercises its Redemption Right, the Issuer has the option to redeem the Notes either by way of delivering to the relevant Noteholder (i) Indonesian Listed Shares (as defined in the “Terms and Conditions of the Notes”) pursuant to the Share Settlement Option (as defined in the “Terms and Conditions of the Notes”) provided in Condition 6.1.3 of the “Terms and Conditions of the Notes”; and/or (ii) cash pursuant to the Cash Settlement Option (as defined in the “Terms and Conditions of the Notes”) provided in Condition 6.1.2 of the “Terms and Conditions of the Notes”. The Issuer will, at the option of any Noteholder, redeem in cash all or some of that Noteholder’s Notes, in a minimum principal amount of US$100,000 and integral multiples of US$1,000 in excess thereof, on any of the following dates 18 February 2012, 18 May 2012, 18 August 2012 and 18 November 2012 at a percentage of their principal amounts (as specified in Condition 8.4.1 of the “Terms and Conditions of the Notes”), plus any accrued but unpaid interest and any amounts due, as set out in the Trust Deed. If the Issuer experiences a Change of Control (as defined in the “Terms and Conditions of the Notes”), each Noteholder will have the option to require the Issuer to redeem in cash in whole but not in part such Noteholder’s Notes on the Change of Control Put Date (as defined in the “Terms and Conditions of the Notes”) at 100% of their principal amount plus the Redemption Premium (as defined in the “Terms and Conditions of the Notes”) together with any accrued but unpaid interest and any other amounts due under the Notes (in each case calculated up to the date of redemption). At any time the Issuer may, having given not less than 30 nor more than 90 days’ notice to the Noteholders, the Trustee and the Principal Paying Agent (which notice shall be irrevocable) redeem the Notes in whole but not in part at 100% of their principal amount plus the Redemption Premium (calculated up to the date of redemption) together with accrued and unpaid interest upon the occurrence of certain changes in applicable tax law. In the event the Shares cease to be listed or cease to be admitted to trading on either the Indonesian Stock Exchange or the Alternative Stock Exchange (as defined in the “Terms and Conditions of the Notes”) (a “Delisting”), each Noteholder shall have the right, at such Noteholder’s option, to require the Issuer to redeem in cash (in whole but not in part) such Noteholder’s Notes on the
twentieth Indonesian Business Day after notice has been given to Noteholders regarding the Delisting in accordance with Condition 8.6.2 of the “Terms and Conditions of the Notes” or, if such notice is not given, the twentieth Business Day after the Delisting at 100% of their principal amount plus the Redemption Premium together with any accrued but unpaid interest (in each case calculated up to the date of redemption). The Issuer will use best efforts to create and perfect the Second Security (as defined in the “Terms and Conditions of the Notes”), within 90 days after the Issue Date, provided that the Issuer shall not be obliged to pay consent fees to holders (the “2006 Noteholders”) of the 10.75% Senior Secured Notes due 2011 issued by BSP Finance B.V. (the “2006 Notes”) for an amount exceeding 0.5% of the aggregate outstanding principal amount of the 2006 Notes as consideration for the 2006 Noteholders to provide their consent to the creation of the Second Security. In the event that the Second Security is not created and perfected within the said 90 days, the Issuer shall notify the Noteholders that the Second Security has not been created and perfected, and each Noteholder shall have the option (exercisable by notice to the Issuer, and accompanied by a return of the Notes held by such Noteholder for cancellation, within 5 Business Days immediately following the Issuer’s notice) to treat the sale and purchase of the Notes between the Issuer and such Noteholder under its respective purchase agreement as void ab initio, and upon the exercise of such option the Issuer shall within five Business Days of such Noteholder’s notice, return the purchase consideration paid or delivered by such Noteholder for its Notes under its purchase agreement with the Issuer in relation to the purchase of their Notes, and thereupon the Notes shall be deemed to be cancelled. The Second Security, when created, will rank junior in priority to the existing security securing the 2006 Notes. The Notes and the Guarantees constitute direct, unsubordinated, unconditional and (subject to the provisions of Condition 1.2.2 and Condition 4 of the “Terms and Conditions of the Notes”) unsecured obligations (at the Issue Date) of the Issuer and the Guarantors, respectively, and shall at all times rank pari passu and without any preference or priority among themselves. The payment obligations of the Issuer and the Guarantors under the Notes and the Guarantee, respectively, shall, save for such exceptions as may be provided by mandatory provisions of applicable law and subject to Condition 4 of the “Terms and Conditions of the Notes”, at all times rank at least equally with all of their respective other present and future direct, unsubordinated, unconditional and unsecured obligations. The obligations of the Guarantors under the Trust Deed and the Notes are joint and several. Investing in the notes involves risks. See “Risk Factors” on page 21. We have received approval-in-principle for the listing of the Notes on the Singapore Exchange Securities Trading Limited (the “SGX-ST”). The SGX-ST assumes no responsibility for the correctness of any of the statements made or opinions or reports contained in this Information Memorandum. Admission of the Notes to the Official List of the SGX-ST is not to be taken as an indication of the merits of the Issuer, the Guarantors or the Notes. The Notes, the Guarantees and the Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “U.S. Securities Act”), or the securities laws of any other jurisdiction and may not be offered or sold within the United States, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Notes are being offered and sold only to non-U.S. persons outside the United States in reliance on Regulation S under the U.S. Securities Act (“Regulation S”).
NOTICE TO INVESTORS This Information Memorandum has been prepared it solely for use in connection with the application to the SGX-ST for listing and quotation of the Notes and the Additional Offering. You may not reproduce or distribute this Information Memorandum, in whole or in part, and you may not disclose any of the contents of this Information Memorandum, or use any information in this Information Memorandum for any purpose. You may not distribute this Information Memorandum or disclose its contents to anyone without our prior written consent. The information in this Information Memorandum is current only as of the date on its cover. For any time after the cover date of this Information Memorandum, the information contained in this Information Memorandum, including information regarding our business, prospects, financial condition or results of operations, may have changed. We, having made all reasonable inquires, confirm that this document contains all information with respect to us, our subsidiaries, the Notes and the Guarantees, that the information contained herein is true and accurate in all material respects, that the opinions and intentions expressed herein are honestly held; provided that, this Information Memorandum contains summaries which we believe to be accurate with respect to certain terms of some documents, but for complete information regarding the documents, you may obtain copies of the actual documents upon request to us; and provided further that, economic and other data included in this Information Memorandum on the rubber and palm oil industry, is based on industry publications or the good faith belief of our management. Although we believe that such industry sources are reliable, we take responsibility for only the accurate reproduction and extraction of such summaries and data, but accept no other responsibility for such information. The accuracy and completeness of such information are not guaranteed and have not been independently verified by us. The Notes, the Guarantees and the Shares have not been and will not be registered under the U.S. Securities Act or the securities laws of any other jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Notes have been and will be offered and sold only to non-U.S. persons outside of the United States in reliance on Regulation S. We are relying on an exemption from registration under the Securities Act and Section 274 and/or Section 275 of the Securities and Futures Act (Chapter 289) of Singapore (“SFA”) for offers and sales of securities that do not involve a public offering. By purchasing the Notes, you will be deemed to have made the acknowledgments, representations, warranties and agreements described in “Transfer Restrictions”. You will be required to bear the financial risks of your investment which may be for an indefinite period of time. Each of Arch Advisory Limited (“Arch Advisory”), the Trustee, The Bank of New York Mellon, as principal, paying, redemption and transfer agent (“Principal Agent”, “Paying Agent”, “Redemption Agent” and “Transfer Agent”), The Bank of New York Mellon as registrar (the “Registrar” and, together with the Principal Agent, Paying Agent, Redemption Agent and Transfer Agent, the “Agents” and each an “Agent”) has not verified, and makes no representation or warranty, express or implied, as to the accuracy or completeness of, the information in this Information Memorandum. In making an investment decision, you must rely on your own examination of us and the terms of the Additional Offering, including the merits and risks involved.You acknowledge that you have not relied on Arch Advisory, the Trustee and the Agents in connection with your investigation of the accuracy of the information in this Information Memorandum or your investment decision. Neither we nor Arch Advisory, the Trustee or Agents are making any representation to any purchaser of the Notes regarding the legality of an investment in the Notes by such purchaser under any legal investment or similar laws or regulations. You should not consider any information in this Information Memorandum to be legal, business, financial or tax advice. You should consult your own attorney, business advisor and tax advisor for legal, business, financial and tax advice regarding an investment in the Notes. The distribution and possession of this Information Memorandum and the purchase, offer and sale of the Notes in certain jurisdictions may be restricted by law. Each purchaser of the Notes must comply with all applicable laws in each jurisdiction in which it purchases, offers or sells the Notes or possesses this Information Memorandum and neither we nor Arch Advisory shall have any responsibility therefor. See “Plan of Distribution”. The Notes have not been approved or disapproved by the U.S. Securities and Exchange Commission (the “SEC”) or any state or foreign securities commission or regulatory authority. The foregoing authorities have not confirmed the accuracy or determined the adequacy of this Information Memorandum. Any representation to the contrary is a criminal offense in the United States. _______________
ENFORCEABILITY OF FOREIGN JUDGMENTS Each of BSP and its subsidiaries (except for Agri International Resources Pte Ltd, Agri Resources B.V., Bookwise Management Limited, BSP Finance B.V. and Fordway Management Limited) is incorporated in Indonesia. Substantially all of the commissioners and directors of BSP and its subsidiaries reside in Indonesia. As a result, it may be difficult for investors to effect service of process, including judgments, on us or our commissioners and directors outside Indonesia or in England, or to enforce against the Guarantors or our commissioners and directors judgments obtained in non-Indonesian courts, including judgments predicated upon the provisions of non-Indonesian securities laws. We have been advised by our Indonesian legal advisors that judgments of non-Indonesian courts are not enforceable in Indonesian courts. However, a foreign court judgment could be offered and accepted into non-conclusive evidence in a proceeding on the underlying claim in an Indonesia court as the Indonesian court may deem appropriate in its sole discretion. A claimant may be required to pursue claims in Indonesian courts on the basis of Indonesian law. There is doubt as to whether Indonesian courts will enter judgments in original actions brought in Indonesian courts predicated solely upon the civil liability of jurisdictions other than Indonesia. As a result, Holders of the Notes would be required to pursue claims against the Issuer and the Guarantors or their respective commissioners and directors in Indonesian courts. There can be no assurance that the claims or remedies available under Indonesian law will be the same, or as extensive, as those available in other jurisdictions. Each of BSP and the Guarantors have appointed Gravitas Nominees Limited as its agent for service of process in England with respect to the Notes. _______________ ENFORCEMENT OF THE NOTES AND THE GUARANTEES Under the Indonesian Civil Code, a guarantor may waive its right to require the obligee to exhaust its legal remedies against the obligor’s assets on a guaranteed obligation prior to the obligee exercising its rights under the related guarantee, and the waiver is enforceable against the guarantor. The Guarantees of the Notes contain a waiver of this right. The Guarantors have been advised by their Indonesian legal advisor that they may argue that even though a guarantee contains such waivers, the Guarantors may nevertheless require that the obligee must first prove that all available legal remedies against the obligor have, in fact, been exhausted. Accordingly, the Guarantors may not be required to comply with their obligations under the Guarantees until all remedies against the Issuer have been exhausted. For a description of potential limitations on your rights under the Guarantees, see “Risk Factors — Risks Relating to the Notes and Guarantees — Noteholders may be exposed to a legal system subject to considerable discretion and uncertainty; and Noteholders may have difficulty pursuing claims under the Notes and the Guarantees”. _______________ FORWARD-LOOKING STATEMENTS All statements contained in this Information Memorandum, statements made in press releases and oral statements that may be made by us or our officers, directors or employees acting on our behalf that are not statements of historical fact constitute “forward-looking statements”. You can identify some of these forward-looking statements by terms such as “expects,” “believes,” “plans,” “intends,” “estimates,” “anticipates,” “may,” “will,” “would” and “could” or similar words and expressions. However, you should note that these words and expressions are not the exclusive means of identifying forwardlooking statements. The future events referred to in these forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond the control of the Issuer or the Guarantors, which may cause the actual results, performance or achievements, or industry results to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. These forward-looking statements are based on numerous assumptions regarding the Issuer’s present and future business strategies and the environment in which they will operate in the future and are not a guarantee of future performance. Important factors that could cause the actual results, performance or achievements to differ materially from those in the forward-looking statements include, among others, the following: •
the price of rubber and crude palm oil, including factors influencing the price of rubber and crude palm oil, such as regional and global supply and demand;
•
the effects of, and changes in, the regulatory policy of the government of Indonesia (the “Government”) related to the rubber and palm oil industry and generally;
•
the effects of competition in the geographic and business areas in which we conduct our operations;
•
the effects of changes in laws, regulations, taxation or accounting standards or practices;
•
the ability to maintain or increase our market share for rubber and palm oil products while controlling expenses;
•
reductions of purchases by major customers;
•
acquisitions, divestitures and various business opportunities that we may pursue;
•
technological changes that affect the extraction, processing, shipping of rubber and palm oil products;
•
changes or volatility in inflation, interest rates and foreign exchange rates;
•
the effects of international and domestic political events on our businesses;
•
unusual weather patterns that affect crop productivity, such as El Niño; and
•
accidents, natural disasters or outbreaks of infectious diseases in our markets.
This list of important factors is not exhaustive. Additional factors that could cause the actual results, performance or achievements to differ materially include, but are not limited to, those discussed under “Risk Factors”. When relying on forward-looking statements, you should carefully consider the foregoing factors and other uncertainties and events, especially in light of the political, economic, social and legal environment in which we operate. Such forward-looking statements speak only as of the date on which they are made. Accordingly, neither the Issuer nor any Guarantor undertakes any obligation to update or revise any of them, whether as a result of new information, future events or otherwise. Neither the Issuer nor any Guarantor makes any representation, warranty or prediction that the results anticipated by such forward-looking statements will be achieved, and such forward-looking statements represent, in each case, only one of many possible scenarios and should not be viewed as the most likely or standard scenario. Accordingly, you should not place undue reliance on any forward-looking statements. _______________ CERTAIN DEFINED TERMS AND CONVENTIONS Unless the context indicates otherwise, the terms, “we,” “us,” “our” and the “Issuer” refer to BSP, and its consolidated operating subsidiaries and the term “Guarantors” refers to PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Agro Mitra Madani, PT Huma Indah Mekar and PT Air Muring. All references to “Indonesia” herein are references to the Republic of Indonesia. References to “United States” or “U.S.” are to the United States of America. Unless otherwise specified, references herein to “Dollar,” “Dollars” or “US$” are to the lawful currency of the United States of America and references to “Rupiah” or “Rp.” are to the lawful currency of Indonesia. All references to “tonne” or “tonnes” are to a metric tonne or to metric tonnes, respectively. A metric tonne is a unit of mass equal to 1,000 kilograms, or approximately 2,204.6 pounds. A “hectare” is a unit of area equal to 10,000 square meters, or approximately 2.471 acres. Rounding adjustments have been made in calculating some of the data included in this Information Memorandum. As a result, the totals in some tables may not be exact arithmetic aggregations of the figures that precede them. _______________ PRESENTATION OF FINANCIAL INFORMATION Our consolidated financial statements are prepared in Rupiah. Solely for the convenience of the reader, unless otherwise indicated, Rupiah amounts have been translated to U.S. dollars based on the middle exchange rate announced by Bank Indonesia for the year 2009, which was Rp. 10,398 = US$1.00, for the amounts given at the end of 2009. On 28 February 2010, Bank Indonesia’s middle exchange rate was Rp. 9,335 = US$1.00. We make no representation that the Rupiah or U.S. dollar amounts in this Information Memorandum could have been or could be converted into U.S. dollars or Rupiah, as the case may be, at any particular rate or at all. See “Exchange Rates and Exchange Controls”. Our consolidated financial statements are prepared using accounting principles and reporting practices generally accepted in Indonesia (“Indonesian GAAP”) and are not intended to present our financial condition, results of operations and cash flows in accordance with accounting principles and practices generally accepted in countries and jurisdictions, including
the United States, other than those in Indonesia. “EBITDA,” when used in references to the Issuer, is defined in note (2) of “Summary — Summary Consolidated Historical Financial and Operating Data”. _______________ NON-GAAP FINANCIAL MEASURES “EBITDA” is defined in this Information Memorandum as earnings before depreciation and amortization, interest income/expense, income tax expense and other non-operating income/expense. EBITDA is not a standard measure under either Indonesian GAAP and may not be comparable to similarly fitted measures reported by other companies due to potential inconsistencies in the method of calculation. As our business is capital intensive, capital expenditure requirements and levels of debt and interest expense may have a significant impact on the net income of companies with similar operating results. As a measure of our operating performance, we believe that the most directly comparable Indonesian GAAP measure to EBITDA is net income. We have included EBITDA in addition to net income because we believe it is an indicative measure of our operating performance and is used by investors and analysts to evaluate companies in our industry. Also, net income includes many accounting items associated with capital expenditures, such as depreciation, as well as non-operating items, such as interest income and interest expense and foreign exchange gains and losses. These accounting items may vary between companies depending on the method of accounting adopted by each company. Funds depicted by EBITDA may not be available for debt service due to covenant restrictions, capital expenditure requirements and other commitments. _______________ INDUSTRY AND MARKET DATA We have obtained certain market data, industry forecasts and data relating to Indonesia used throughout this Information Memorandum from internal surveys, market research, publicly available information and industry publications. Industry publications generally state that the information contained therein has been obtained from sources believed to be reliable, but that the accuracy and completeness of the information is not guaranteed. Similarly, while we believe these industry forecasts and market research to be reliable, we have not independently verified those information and do not make any representation as to the accuracy of such information.
TABLE OF CONTENTS SUMMARY .................................................................................................................................................................................. 8 RISK FACTORS ......................................................................................................................................................................... 21 USE OF PROCEEDS .................................................................................................................................................................. 40 EXCHANGE RATES AND EXCHANGE CONTROLS ........................................................................................................... 41 CAPITALIZATION .................................................................................................................................................................... 43 SELECTED CONSOLIDATED HISTORICAL FINANCIAL AND OPERATING DATA ..................................................... 44 INDUSTRY OVERVIEW........................................................................................................................................................... 46 BUSINESS .................................................................................................................................................................................. 48 DESCRIPTION OF MATERIAL INDEBTEDNESS ................................................................................................................. 59 MANAGEMENT ........................................................................................................................................................................ 61 PRINCIPAL SHAREHOLDERS ................................................................................................................................................ 65 RELATED PARTY TRANSACTIONS...................................................................................................................................... 66 TERMS AND CONDITIONS OF THE NOTES ........................................................................................................................ 67 TAXATION ................................................................................................................................................................................ 96 SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM ............................................. 100 PLAN OF DISTRIBUTION...................................................................................................................................................... 103 TRANSFER RESTRICTIONS.................................................................................................................................................. 105 LEGAL MATTERS .................................................................................................................................................................. 106 INDEPENDENT AUDITORS .................................................................................................................................................. 106 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
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SUMMARY This summary highlights selected information from this Information Memorandum and may not contain all of the information that may be important to you. You should read this Information Memorandum, including our consolidated financial statements and related notes, in its entirety before making an investment decision regarding the Notes. The Issuer’s financial information is presented in Rupiah and according to Indonesian GAAP. To understand the terms of the Notes, you should carefully read the section of this Information Memorandum entitled “Terms and Conditions of the Notes” and the risks of investing in the Notes in “Risk Factors”. The Issuer We are one of Indonesia’s oldest producers of natural rubber, its single largest latex producer, and one of its leading crude palm oil (“CPO”) producers. BSP’s shares have been listed on the Jakarta Stock Exchange (the “JSX”) and the Surabaya Stock Exchange (the “SSX”) since May 1990. The Issuer had a market capitalization of Rp. 6,753.8 billion (US$723.5 million) as of 28 February 2010. As of 31 December 2009, we own 18,042 hectares of plantation devoted to the cultivation of rubber and 48,519 hectares of nucleus oil palm plantation which has produced and 1,596 hectares of non-producing plantation. We also manage 12,698 hectares of plantation that is owned by neighboring farmers. We have been operating rubber plantations in Indonesia since 1911. Our natural rubber products are of prime quality and are sold domestically as well as in North and South America, Europe and Asia. Our natural rubber products are used in the production of automobile and aerospace tires, automobile parts, latex examination and surgical gloves, medical equipment, footwear and various adhesives. We expanded our operations in 1990 to include oil palm plantations. Our CPO is mainly sold in the domestic market. CPO is primarily refined into cooking oil. We are one of the few plantation companies in Southeast Asia that offer a balanced exposure to rubber and palm oil, with rubber representing 20% of our 2009 net sales and palm oil and derivatives representing the remaining 80% of our 2009 net sales. We attribute the strength of our business largely to our diversified platform, which is aimed at ensuring a profitable supply of rubber and palm oil at favorable prices in a wide range of market conditions. In 2009, our rubber plantations produced over 26,875 tonnes of rubber. Since 1992, we have invested approximately US$7.2 million to convert 6,000 hectares of our rubber plantations and production facilities to oil palm plantations in order to take advantage of the growing demand for palm oil as the premier vegetable-based oil. In 2009, our oil palm plantations produced over 752,000 tonnes of fresh fruit bunches (“FFB”). We believe that our replanting strategy allows us to continue to create longterm sustainable growth for both our rubber and palm oil production businesses. For the year ended 31 December 2009, we generated net sales, EBITDA and net income of Rp. 2,325.3 billion (US$223.63 million), Rp. 597.3 billion (US$57.4 million) and Rp. 252.8 billion (US$24.31 million), respectively. Our Products Rubber We are one of Indonesia’s oldest producers of natural rubber and the country’s single largest latex producer. As of 31 December 2009, we own 18,042 hectares of plantation devoted to the cultivation of rubber and 48,519 hectares of nucleus oil palm plantation which has produced and 1,596 hectares of non-producing plantation. We also manage 12,698 hectares of plantation that is owned by neighboring farmers. Approximately 64.9% of our rubber plantations are located in Kisaran, North Sumatra, and the remaining 35.1% are in Lampung and Bengkulu, South Sumatra. About 53% of our rubber trees are at their prime age of six to 20 years old, 20% are less than six years old and considered immature, and 27% are more than 20 years old and considered past their prime production age. Since 1990, our rubber plantations have been fully integrated — we harvest rubber from our trees and process the rubber with our own processing facilities located on our plantations. This enables us to produce high quality products on a timely basis. We have consistently met the quality demands of our customers, particularly with respect to latex examination and surgical gloves. Our products are widely acknowledged and recognized in the rubber industry in Indonesia as being of high and consistent quality. We are one of the few Indonesian plantation companies that are International Standards Organization (“ISO”) 14001 certified as a result of meeting environmental standards that exceed industry standards. We are also ISO 9001 certified and our approach to quality management has always been that quality control starts from the field, through processing, to grading, packing and storage. We produce high quality natural rubber of various product types which are used as base materials, such as, liquid latex (of both the cream and centrifuged types), crumb rubber, ribbed smoked sheet (“RSS”), block and sheet skim rubber. About two-thirds of natural rubber production in the world is used for making automobile and aerospace tires. The majority of the remaining production is used for latex products such as gloves and condoms, engineering products such as hoses and 8
engine mountings, footwear such as shoe soles and slippers, adhesive and other products such as upholstery, mattresses, carpets, rubber bands, pencil erasers, medical catheters and electrical insulation. Our factories are equipped with versatile production processes, enabling us to maintain a balanced product mix to meet the demands and specifications of our customers. Specifically, our factory in Kisaran, North Sumatra, produces crumb rubber, cream and centrifuged latex, while our factory in Lampung, South Sumatra, produces RSS rubber and centrifuged latex, and our factory in Bengkulu, South Sumatra, produces RSS rubber. To fulfill a specific niche market, we have developed a unique product, Cream Latex NC 358, which has been marketed to manufacturers of examination and surgical gloves, condoms and adhesives. We also produce Centrifuged Latex NC 405 and Centrifuged Latex NC 411 for the production of examination and surgical gloves, condoms and latex catheters. In addition, we also produce a range of Standard Indonesian Rubber (“SIR”) such as the 3CV and 10/20 types for application in the manufacture of tires for aerospace and automotive uses. The table below includes a summary description of our products. Product
End Markets / Applications
Centrifuged and Cream Latex
Gloves, condoms, medical equipment and balloons
Crumb Rubber
Aerospace and automobile tires, automobile parts and various high end rubber products
Sheet Rubber
Sheet Rubber Aerospace and automobile tires, automobile parts and various high end rubber products
Block Skim Rubber
Footwear
Palm Oil In 1990, we expanded our business by establishing PT Bakrie Pasaman Plantations (“BPP”) in West Sumatra which manages oil palm plantations. In the following year, we acquired PT Agrowiyana (“Agrowiyana”), another oil palm plantation in Central Sumatra. In 1992, we converted part of our rubber plantations in Kisaran, North Sumatra, into oil palm plantations. We entered the palm oil industry to take advantage of our long history of operating plantations, the higher yield of oil palms as compared to other plantation commodities, and the better suitability of oil palm plantations to Asia’s climate. We currently operate three oil palm plantations of which 48,519 hectares are Company-owned and 12,698 hectares are “plasma estates,” meaning that they are owned by local farmers, but managed by us and under contract to us as exclusive purchasers of their respective crops. Our plantations are all located on Sumatra at three main locations: Central Sumatra (49.4% of land holdings), North Sumatra (32.8% of land holdings) and West Sumatra (17.9% of land holdings). Approximately 56% of our oil palm trees are at the prime production age for such trees, six to 15 years old, and the remaining 44% are less than six years old and considered immature. None of our trees are older than 15 years. We produce all of our CPO and Palm Kernel (“PK”) at mills located on our oil palm plantations. CPO and PK are used as raw materials for many kinds of edible oil and shortening, and industrial uses such as detergents and soaps. We integrated our plantations by acquiring or building mills on our plantations. BPP first established a palm oil mill in 1996 with a production capacity of 30 tonnes of FFB per hour. In line with increased FFB yield as the trees matured, we increased the production capacity of the mill to its maximum capacity of 60 tonnes of FFB per hour as of 2009 through the installation of additional sterilization units. In 2004, we increased our ownership interests to 100% interest in PT Agro Mitra Madani (“AMM”), a palm oil company in Central Sumatra operating a CPO mill with a capacity of 60 tonnes of FFB per hour. We have established a CPO mill at Kisaran, North Sumatra, which has a maximum production capacity of 45 tonnes of FFB per hour. The increase in our processing capacity ensures that all of our FFB can be processed at our own mills, reducing transportation distances and costs as well as the FFB bruising that can occur over long transportation distances and enabling us to maintain the freshness of the fruits.
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The table below includes a summary description of our palm oil products. Product
End Markets / Applications
FFB
Palm oil and PK
CPO
Food products, including margarine, shortening and vegetable cooking oil, detergents, soaps and cosmetics
PK
Palm Kernel Oil (“PK”), margarine, soaps and detergents
Industry Overview Rubber Market The global natural rubber market is dominated by Southeast Asian producers. Approximately two-thirds of natural rubber production in the world is used to make automobile and aerospace tires. The majority of the remainder is used for latex products such as gloves and condoms, engineering products such as hoses and engine mounting, footwear such as shoe soles and slippers, adhesive and others such as upholstery, mattresses, carpet, rubber bands, pencil erasers, medical catheters and electrical insulation. Rubber can be harvested from rubber trees or produced synthetically from petroleum. However, natural rubber has properties that cannot be replicated in synthetic rubber. Natural rubber has the ability to absorb and dissipate heat, such as heat caused by high friction of aerospace tires, which occurs during takeoff and landing. Natural rubber can also withstand extremely low temperatures while maintaining its flexible and dynamic properties, making it ideal for aerospace applications. Natural rubber offers superior elasticity compared to synthetic rubber. Due to its inherent properties and distinct characteristics, its utilization in some parts of the tire is irreplaceable. Natural rubber prices have enjoyed a strong and stable increase, driven by high crude oil prices, strong growth of automobile and motorcycle demand in Asia, and tightening of supply, thereby increasing its market share against synthetic rubber. Palm Oil Market The global market for palm oil is also dominated by Southeast Asian producers. Palm oil is the fastest growing vegetable oil and has overtaken soybean oil as the most consumed edible oil in the world. Demand for palm oil is expected to increase and is driven by increasing demand for biodiesel, health concerns related to other vegetable oils and the rising global consumption of vegetable oils. Our Competitive Strengths We believe we are well-positioned to take advantage of the growth in our markets and that the combination of the following competitive strengths will continue to differentiate us from our competitors. Oldest producer of natural rubber and single largest producer of latex in Indonesia with an established brand name. We own 18,042 hectares of plantation devoted to the cultivation of rubber, with approximately 12,844 of those hectares in Kisaran, North Sumatra, which is one of the oldest and also one of the largest rubber plantations in Indonesia. Our established and respected brand name has a reputation for quality, demonstrated by our consistent ability to meet the specifications for the manufacture of surgical gloves and medical/healthcare equipment. Our brand name and high quality products allow us to command a price premium on top of benchmark prices for certain products. We continually strive to improve our product quality and have consistently achieved quality certifications from various international and industry organizations over the years. Existing trees in the nucleus oil plantation are in the optimum production stage. As of 31 December 2009, we own 48,519 hectares of nucleus oil palm plantations which has produced and 1,596 hectares of non-producing plantations. Approximately 17% of the total oil palm plantation trees are between the age of 11 years to 15 years. Generally, trees that are older than 20 years of age have decreased productivity. We are also continuously acquiring other palm oil plantations and preparing existing land owned by the Group in order to maintain our palm oil production. Well-balanced exposure to both rubber and palm oil. We originally started as a rubber plantation company in Indonesia in 1911. In 1990, we entered the palm oil business by establishing a plantation in West Sumatra. Subsequently, we acquired a palm oil company in Central Sumatra and began converting hectares of our existing rubber plantations into oil palm plantations. As of 31 December 2009, we own 18,042 hectares of plantation devoted to the cultivation of rubber and 48,519 hectares of nucleus oil palm plantation which has produced and 1,596 hectares of non-producing plantation, and we manage 12,698 hectares of plantation which is owned by neighboring farmers. We are one of the few plantation companies in Southeast Asia that offer a balanced exposure to rubber and palm oil, with rubber representing 20% of our 2009 net sales and palm oil and derivatives representing the remaining 80% of our 2009 net sales. Because rubber and palm oil prices typically move in opposite price trends, we believe that we are insulated from any prolonged weakness in any one market. 10
Concentration of sales in high margin products and high margin domestic market. Approximately 39% of our rubber sales in 2009 were from higher margin centrifuged and cream latex which receives a price premium. We are able to command a price premium because our rubber products are generally acknowledged in the industry as being of high quality. All our centrifuged latex sales are made to domestic customers. Domestic sales are more profitable in respect of centrifuged latex because of the lack of special sales taxes and lower port handling and transportation costs. Experienced executive management team. Our executive management team is comprised of five seasoned, highly talented industry veterans that have an average of 14 years of experience in the plantation industry. Howard Sargeant, our Operations Director, who, prior to joining us, spent more than 40 years managing and developing plantations in Africa and Asia, is one of the most experienced in the industry. The members of our management team have an established record in the plantation industry of improving productivity and continually delivering and increasing operating results. Business Strategy Our overall business objective is to maximize the long-term profitability of our operations while maintaining a strong financial position through the various business and market cycles. Our continuing strategies for achieving this objective are as follows: Selectively pursue acquisition, alliance and partnership opportunities. The rubber and palm oil markets offer numerous opportunities for consolidation and expansion into downstream businesses. The proceeds from the Notes and the rights offering recently carried out by the Issuer will be used to acquire additional assets through investments in companies owning plantations and land which may be developed into plantations and/or plantation land. We plan to increase our rubber plantation hectarage by between 40,000 to 60,000 hectares and our palm oil plantation hectarage by between 60,000 to 90,000 hectares. We will also continue to examine potential acquisition opportunities by utilizing a disciplined approach to the evaluation and integration of acquisitions. We plan to opportunistically seek companies that our senior management believes will enhance our global presence, broaden our product portfolio, increase our market share and provide operational and financial benefits. As a result of acquiring and successfully integrating several companies in the past 16 years, we are experienced at identifying, executing and integrating synergistic opportunities and improving the operating performance of acquired businesses. Developing an integrated production chain. In anticipation of the oversupply of crude palm oil, we are developing an integrated production chain to include both the upstream and downstream industries. The downstream businesses we intend to enter into include FFB plantation and production and palm oil processing, which we believe will provide stable profits to the Group. Capitalize on favorable industry trends. We believe that favorable industry trends will help increase demand for our rubber and palm oil products. The rubber industry shows a bright future, as the demand for natural rubber continues to increase, particularly in China. Additionally, the rise in synthetic rubber prices due to rising crude oil prices is expected to increase the price and consumption of natural rubber. We believe demand for palm oil will continue to be driven by increase in demand for biodiesel, concerns over the harmful effect of trans-fatty acid in soybean oils and rising global consumption of edible oils. Expand plantations through new planting. We intend to supplement our growth through the less expensive, longterm strategy of new plantings. We currently have the capacity to increase our plantation area as we have approximately 73,500 hectares of land bank that can be translated into approximately 66,150 hectares of plantable area, which would more than double our existing 50,873 hectare plantation. The land bank is located in Central Borneo (51.0%), Central Sumatra (34.0%) and South Sumatra (15.0%). Approximately 55.0% of the land bank is directly owned by us, while the remaining plantations are owned by local plasma farmers. We plan to maintain a ratio of 60:40 between new oil palm and rubber plantings. Increase capacity and production efficiency. We intend to leverage our strong brand name, rubber processing expertise and excess factory and mill capacity, especially during the off-seasons, to bolster our value-added sales. These sales are generated from buying raw materials such as cup lump (which is hardened latex) and FFB and processing them in our factories or mills, and buying finished goods like centrifuged latex from third parties which we reprocess or CPO from third parties which we rebrand as our product and sell at higher prices. Seed garden development. We plan to invest US$6.0 million over six years to develop an oil palm seed garden. This long-term investment will require seven years to come to fruition due to the long breeding cycle of oil palms. However, we expect that this strategy will ensure sufficient supply of high quality seeds for our internal demand and will also generate external sales due to the strong demand in Indonesia for oil palm seeds.
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BSP The Issuer is an Indonesian corporation. Our headquarters are located at Jl. Ir. H. Juanda, Kisaran 21202, Kab. Asahan, Sumatera Utara, Indonesia. For purposes of inquiries with respect to this Information Memorandum, our address is Wisma Bakrie 2, 15th Floor, Jl. H.R. Rasuna Said Kav. B-2, Jakarta 12920, Indonesia, our telephone number is +62 21 252 1288 and our website address is http://www.bakriesumatera.com. The content of our website is not part of this Information Memorandum. Recent Developments relating to Us On 18 February 2010, we issued in aggregate principal amount of US$77,500,000 of Notes. Part of the net proceeds from the Existing Notes has been used to acquire further interests in Agri International Resources Pte Ltd and Indogreen International Limited. On 24 February 2010, we completed a rights offering on the Indonesian Stock Exchange and the net proceeds of the rights offering amounted to approximately Rp. 4,963,739,726,925. Following the rights offering, we appointed RSM AAJ Associates (“RSM”) to calculate the adjustment to the conversion price of our Notes. (See “Terms and Conditions of the Notes – Redemption – Redemption Right”.) Based on RSM’s calculations, the conversion price of our Notes should be adjusted from Rp. 611 per share to Rp. 562 per share. Our net sales for the year ended 31 December 2009 to be approximately Rp. 2,325.28 billion (US$223.63 million), a decrease of approximately 20.7% over the year ended 31 December 2008 and EBITDA to be approximately Rp. 597.3 billion (US$57.4 million), a decrease of approximately 30% over the year ended 31 December 2008. The foregoing financial information was not prepared with a view to complying with Statements on Standards for Accounting and Review Services issued by the Indonesian Institute of Accountants for preparation and presentation of prospective financial information. The EBITDA information provided above are inherently subject to uncertainty due to factors identified under “Risk Factors,” many of which are not within our control. Our actual results may differ from such prospective financial information and such differences may be material.
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The Notes The following is a brief summary of the terms of the Notes and is qualified in its entirety by the remainder of this Information Memorandum. The terms and conditions of the Notes contained in “Terms and Conditions of the Notes” and the trust deed (the “Trust Deed”) relating to the Notes will prevail to the extent of any inconsistency with the terms set out in this section. Capitalized terms used in this summary and not otherwise defined shall have the meanings given to them in “Terms and Conditions of the Notes”. Notes...........................................................................................
Up to US$100,000,000 in aggregate principal amount of 8.0% Guaranteed Equity-linked Redeemable Notes due 2013. US$77,500,000 in aggregate principal amount of the Notes have been issued on 18 February 2010 (the “Issue Date”) under the Trust Deed.
Issuer ..........................................................................................
PT Bakrie Sumatera Plantations Tbk. (the “Issuer”), an Indonesian corporation listed on the Indonesian Stock Exchange.
Guarantors ..................................................................................
Each of the following subsidiaries of the Issuer: • • • • •
PT Bakrie Pasaman Plantations (“BPP”) PT Agrowiyana (“Agrowiyana”) PT Agro Mitra Madani (“AMM”) PT Huma Indah Mekar (“HIM”) PT Air Muring (“AM”)
Guarantees ..................................................................................
The Notes are unconditionally and irrevocably guaranteed as to the due payment of all sums, including principal, premium, interest and any additional amounts, and as to the due and punctual performance of the Issuer’s obligations under the Trust Deed and the Notes, by the Guarantors.
Maturity......................................................................................
The Notes will mature on 1 March 2013.
Interest Rate and Payment Dates ................................................
We will pay interest in cash on the principal amount of the Notes at a rate of 8.0% per annum. We will make interest payments on the Notes semi-annually in arrears, on every 1 September and 1 March of each year, commencing on 1 September 2010.
Status ..........................................................................................
The Notes and the Guarantees constitute direct, unsubordinated, unconditional and (subject to the provisions of Condition 1.2.2 and Condition 4) unsecured obligations (at the Issue Date) of the Issuer and the Guarantors, respectively, and shall at all times rank pari passu and without any preference or priority among themselves. The payment obligations of the Issuer and the Guarantors under the Notes and the Guarantee, respectively, shall, save for such exceptions as may be provided by mandatory provisions of applicable law and subject to Condition 4, at all times rank at least equally with all of their respective other present and future direct, unsubordinated, unconditional and unsecured obligations. The obligations of the Guarantors under the Trust Deed and the Notes are joint and several.
Security Interest..........................................................................
The Issuer will use best efforts to create and perfect the Second Security (as defined in Condition 4.2.6), within 90 days after the Issue Date, provided that the Issuer shall not be obliged to pay consent fees to holders of the 2006 Notes (as defined in Condition 4.2.9) for an amount exceeding 0.5% of the aggregate outstanding principal
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amount of the 2006 Notes as consideration for such holders to provide their consent to the creation of the Second Security. In the event that the Second Security is not created and perfected within the said 90 days, the Issuer shall notify the Noteholders that the Second Security has not been created and perfected, and each Noteholder shall have the option (exercisable by notice to the Issuer, and accompanied by a return of the Notes held by such Noteholder for cancellation, within 5 Business Days immediately following the Issuer’s notice) to treat the sale and purchase of the Notes between the Issuer and such Noteholder under its respective purchase agreement as void ab initio, and upon the exercise of such option the Issuer shall within five Business Days of such Noteholder’s notice, return the purchase consideration paid or delivered by the Noteholder for its Notes under its purchase agreement with the Issuer in relation to the purchase of their Notes, and thereupon the Notes shall be deemed to be cancelled. The Second Security will rank junior in priority to the existing security securing the 2006 Notes. See “Terms and Conditions of the Notes – Status”. Redemption Rights of Noteholders ............................................
Subject to the Terms and Conditions of the Notes, each Noteholder has the right to require the Issuer to redeem its Notes at any time during the Redemption Period (as defined below) in a minimum amount of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. The right of a Noteholder to require the redemption of any Note under Condition 6.1 is called the “Redemption Right”. If a Noteholder exercises the Redemption Right, the Issuer has the option to redeem the Notes either by way of delivering to the relevant Noteholder (i) Indonesian Listed Shares pursuant to the Share Settlement Option provided in Condition 6.1.3; and/or (ii) cash pursuant to the Cash Settlement Option provided in Condition 6.1.2. Subject to and upon compliance with the provisions of Condition 6.1.1 and Condition 3.5, the Redemption Right may be exercised, at the option of the Noteholder, at any time on and after 18 August 2010 (being the date falling on six months after the Issue Date) up to the close of business (at the place where the Certificate evidencing such Note is deposited for redemption) on 31 December 2012 (being the date falling 60 days prior to the Maturity Date) (but, except as provided in Condition 6.1.7, in no event thereafter) or if such Note shall have been called for redemption by the Issuer before 31 December 2012, then up to the close of business (at the place aforesaid) on a date no later than ten Business Days (at the place aforesaid) prior to the date fixed for redemption thereof. See “Terms and Conditions of the Notes — Redemption — Redemption Right”.
Conversion Price and Conversion Ratio.....................................
The price at which the Shares will be delivered upon redemption pursuant to the Share Settlement Option, as adjusted and/or reset from time to time (the “Conversion Price”) will initially be IDR 611 per Share (the “Initial Conversion Price”) (being 115% of the VWAP of the Shares for the period of 15 Trading Days immediately preceding the Issue Date (the “Initial VWAP”)) but will be subject to adjustment in the manner provided in Condition 6.3 and subject to reset in the manner provided in Condition 6.3.11. See “Terms and Conditions of the Notes — Redemption — Redemption Right”.
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Conversion Price Reset.........................................................
If the VWAP of the Shares for a period of 10 Trading Days up to and including any date (a “Pre-Redemption Reset Date”) prior to 18 August 2010 (being the date falling six (6) months after the Issue Date) is lower than the Initial VWAP by 15% or more, then the Conversion Price shall be reset to an amount equal to such VWAP with effect from such date. On the date falling on six months from the Issue Date, the Conversion Price will be reset to the lower of (a) the Initial Conversion Price, (b) the VWAP of Shares for the period of 10 consecutive Trading Days immediately before such date (being the date falling 6 months after the Issue Date) or (c) 85% of the Initial VWAP, only if the VWAP for any 10 consecutive Trading Days within the six-month period after the Issue Date is at least 15% lower than the Initial VWAP; in each case, for the avoidance of doubt, taking into account any adjustments required under Conditions 6.3.1 to 6.3.10 since the Issue Date, as determined by the Issuer or, as the case may be, the relevant independent investment bank of international repute. If the VWAP of the Shares for a period of 15 Trading Days up to and including the date falling on (a) 9 months, (b) 12 months, (c) 15 months, (d) 18 months and (e) 21 months, respectively, after the Issue Date (each, a “Reset Date”) is lower than the Conversion Price then in effect, then the Conversion Price will be reset to such VWAP with effect from, and including, the Reset Date. See “Terms and Conditions of the Notes — Redemption — Adjustments to Conversion Price”.
Top-Up .......................................................................................
In the case where the Share Settlement Option has been applied and the VWAP of the Shares for the period of 15 Trading Days immediately preceding the actual date of delivery of the Shares upon redemption (converted into U.S. Dollars at the Prevailing Exchange Rate) is below the Conversion Price applicable to the Redemption Notice (converted into U.S. Dollars at the Prevailing Exchange Rate on the Redemption Date), the Issuer shall, at its option, either deliver additional Shares (calculated based on such VWAP) to make up the shortfall, or pay the Noteholder the shortfall difference in U.S. Dollars (calculated by multiplying such number of additional Shares with such VWAP, converted into U.S. Dollars at the Prevailing Exchange Rate on the Redemption Date). See “Terms and Conditions of the Notes — Redemption — Redemption Right”.
Redemption at the Option of the Issuer ......................................
On or at any time after the Issue Date but prior to the expiration of 21 months from the Issue Date, the Issuer may, having given not less than 30 nor more than 90 days’ notice to the Noteholders, the Trustee, the Registrar and the Principal Agent (which notice shall be irrevocable), either redeem the Notes in whole or in part at their Early Redemption Amount (as defined in Condition 8.11.5) in cash, or if the relevant Noteholders agree, by delivery of (x) such number of Shares to such agreeing Noteholders calculated by dividing the Early Redemption Amount with the Conversion Price in effect, or (y) a combination of both. “Terms and Conditions of the Notes — Redemption, Purchase and Cancellation — Redemption at the Option of the Issuer”.
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Cash Redemption at the Option of Noteholders .........................
The Issuer will, at the option of any Noteholder, redeem in cash all or some of that Noteholder’s Notes, in a minimum principal amount of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof, on any of the following dates (if such day is not a Business Day, then on the first Business Day thereafter, each, the “Relevant Date” or “Put Option Date”) at the corresponding percentage (the “Relevant Percentage”) of their principal amounts plus any accrued but unpaid interest and any other amounts due thereupon: Relevant Date (i)
Relevant Percentage
the date falling 24 months from the Issue Date
106.513
the date falling 27 months from the Issue Date
107.456
(iii) the date falling 30 months from the Issue Date
108.371
(ii)
(iv)
the date falling 33 months from the Issue Date
109.366
See “Terms and Conditions of the Notes — Redemption, Purchase and Cancellation — Cash Redemption at the Option of the Noteholders”. Redemption for Taxation Reasons .............................................
At any time the Issuer may, having given not less than 30 nor more than 90 days’ notice to the Noteholders, the Trustee and the Principal Paying Agent (which notice shall be irrevocable) redeem the Notes in whole but not in part at 100% of their principal amount plus the Redemption Premium (calculated up to the date of redemption) together with accrued and unpaid interest upon the occurrence of certain changes in applicable tax law. See “Terms and Conditions of the Notes — Redemption, Purchase and Cancellation — Redemption for Taxation Reasons”.
Cash Redemption for Change of Control ...................................
Following the occurrence of a Change of Control as defined in Condition 8.11.2, each Noteholder will have the option to require the Issuer to redeem in cash in whole but not in part such Noteholder’s Notes on the Change of Control Put Date at 100% of their principal amount plus the Redemption Premium together with any accrued but unpaid interest and any other amounts due under the Notes (in each case calculated up to the date of redemption). See “Terms and Conditions of the Notes — Redemption, Purchase and Cancellation — Cash Redemption for Change of Control”.
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Delisting Put Right .....................................................................
In the event the Shares cease to be listed or cease to be admitted to trading on either the IDX or the Alternative Stock Exchange (a “Delisting”), each Noteholder shall have the right (the “Delisting Put Right”), at such Noteholder’s option, to require the Issuer to redeem in cash (in whole but not in part) such Noteholder’s Notes on the twentieth Indonesian Business Day after notice has been given to Noteholders regarding the Delisting in accordance with Condition 8.6.2 or, if such notice is not given, the twentieth Business Day after the Delisting (the “Delisting Put Date”) at 100% of their principal amount plus the Redemption Premium together with any accrued but unpaid interest (the “Delisting Put Price”) (in each case calculated up to the date of redemption). See “Terms and Conditions of the Notes — Redemption, Purchase and Cancellation — Delisting Put Right”.
Negative Pledge..........................................................................
So long as any Note remains outstanding (as defined in the Trust Deed), neither the Issuer nor the Guarantors will create or permit to subsist, any Security (other than Permitted Security) upon the whole or part of its present or future undertakings, assets or revenues, to secure any International Investment Securities or to secure any guarantee of or indemnity in respect of any International Investment Securities unless, at the same time or prior thereto, the Issuer’s obligations under the Notes and the Trust Deed or, as the case may be, each Guarantor’s obligations under the Guarantee (a) are secured equally and rateably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as the Trustee in its absolute discretion shall deem to be not materially less beneficial to the Noteholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders. See “Terms and Conditions of the Notes — Negative Pledge — Creation of Security”.
Withholding Taxes .....................................................................
All payments to be made on the Notes by the Issuer or, as the case may be, the Guarantors will be made free from any restriction or condition and be made without deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Republic of Indonesia or any authority thereof or therein having power to tax, unless deduction or withholding of such taxes, duties, assessments or governmental charges is compelled by law. In such event, the Issuer or the Guarantors, as the case may be, will pay such additional amounts as would have been paid had no such deduction or withholding been required. This obligation is subject to certain exceptions that are described in “Terms and Conditions of the Notes — Taxation”.
Additional Notes.........................................................................
The Issuer has granted to Arch Advisory Limited an option, within a period of six months from the Issue Date, to purchase or procure the purchase of such number of Notes, which when aggregated with the Existing Notes issued on 18 February 2010, will amount to an aggregate principal amount of up to US$100,000,000. See “Terms and Conditions of the Notes — Option to Arch Advisory”.
Transfer Restrictions ..................................................................
The Notes have not been and will not be registered under
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the U.S. Securities Act and are subject to certain restrictions on transfer and sale. See “Transfer Restrictions”. Listing and Trading of the Notes................................................
The Existing Notes have been issued in denominations of US$100,000 and integral multiples of US$1,000 thereafter. The Additional Notes will similarly be issued in denominations of US$100,000 and integral multiples of US$1,000 thereafter. Approval in-principle has been obtained from the SGX-ST for the listing and quotation of the Notes on the SGX-ST. The Notes will be traded in minimum board lot sizes of US$200,000 so long as any of the Notes remain listed on the SGX-ST.
Book-Entry, Delivery and Form.................................................
The Notes will fully registered with a common and registered depositary.
Governing Law...........................................................................
The Notes and the Trust Deed are governed by, and shall be construed in accordance with, the laws of England.
Trustee, Principal Agent, Paying Agent, Redemption Agent and Transfer Agent .................................................................
The Bank of New York Mellon.
Registrar .....................................................................................
The Bank of New York Mellon.
be represented by a global certificate in form without interest coupons deposited depositary for Euroclear and Clearstream with a nominee for such common
Risk Factors In evaluating an investment in the Notes, prospective investors should carefully consider, along with the other information set forth on or incorporated by reference into this Information Memorandum, the specific factors set forth under “Risk Factors” for risks involved with an investment in the Notes.
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Summary Consolidated Historical Financial and Operating Data The following table sets forth our summary consolidated historical financial and operating data. The summary historical financial data set forth below for the years ended 31 December 2007, 2008 and 2009 have been derived from our audited financial statements, which are included elsewhere in this Information Memorandum. The historical financial data for the years ended 31 December 2007 and 2008 have been audited by Doli, Bambang, Sudarmadji & Dadang (an independent member of BKR International) and the consolidated financial statements for the year ended 31 December 2009 have been audited by Tjiendradjaja & Handoko Tomo (Mazars). Our financial statements have been prepared and presented in accordance with Indonesian GAAP. Years Ended 31 December 2008 2009 2009 2007 (Rp.) (Rp.) (Rp.) (US$) (Rp. in billions and US$ in millions, except where otherwise indicated) Income Statement Data: Net Sales ................................................. Gross Profit............................................. Selling, general and administrative expenses.................................................. Operating income.................................... Net income..............................................
1,755.3 661.0
2,931.4 1,022.0
2,325.3 672.5
223.6 64.6
167.9 493.1 206.6
262.3 759.7 173.6
202.2 470.3 252.8
19.4 45.2 24.3
Other Financial Data: EBITDA(2)............................................... Depreciation and amortization ................ Capital expenditures ...............................
578.4 85.2 510.1
853.8 94.1 84.4
597.3 126.9 6.4
57.4 12.2 0.6
Other Data: Sales Volume: Rubber (‘000 tonnes) .............................. CPO (‘000 tonnes) ..................................
29.5 211.9
29.1 272.8
29.2 279.8
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As of 31 December 2009 (US$)(1) (Rp.) (Rp. in billions and US$ in millions) Balance Sheet Data: Cash and cash equivalents .................................................... Plantations............................................................................. Property and equipment, net ................................................. Total assets ............................................................................... Total debt.................................................................................. Total liabilities.......................................................................... Total stockholders’ equity ........................................................ __________
167.3 1,531.3 687.5 5,071.8 1,741.3 2,401.1 2,669.8
17.8 162.9 73.1 539.5 185.2 255.4 284.0
Note: (1) Based on the middle exchange rate announced by Bank Indonesia as of 31 December 2009 of Rp. 9400 = US$1.00. (2)
We use EBITDA to provide additional information about our operating performance. EBITDA refers to our earnings before the following items:
depreciation and amortization;
interest income/expense;
income tax expense; and
other non-operating income/expense.
EBITDA is not a standard measure under Indonesian GAAP and may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. As our business is capital intensive, capital expenditure requirements and levels of debt and interest expenses may have a significant impact on our net income as well as on the net income of companies with similar operating results. As a measure of our operating performance, we believe that the most directly comparable Indonesian GAAP measure to EBITDA is net income. We have included EBITDA in addition to net income because we believe it is an indicative measure of our operating performance and is used by investors
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and analysts to evaluate companies in our industry. Also, net income includes many accounting items associated with capital expenditures, such as depreciation, as well as non-operating items, such as interest income and interest expense and foreign exchange gains and losses. These accounting items may vary between companies depending on the method of accounting adopted by each company. Funds depicted by EBITDA may not be available for debt service due to covenant restrictions, capital expenditure requirements and other commitments. The following table reconciles our net income under Indonesian GAAP to EBITDA (as defined by us) for the periods indicated:
2007 (Rp.) EBITDA ................................................................. Adjustments: Depreciation and amortization ............................ Interest and financial expenses ........................... Income tax (expense) benefit .............................. Other income (expenses), net.............................. Extraordinary items............................................. Third party interests in net losses (earnings) of consolidated subsidiaries............................. Net income.............................................................
578.4 (85.2) (157.1) (90.6) (23.0) (15.9) 0.19 206.6
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Years Ended 31 December 2008 2009 (Rp.) (Rp.) (Rp. in billions and US$ in millions) 853.8 597.3 (94.1) (188.9) (106.2) (292.1) 1.2 (0.01) 173.6
(126.9) (193.1) (115.2) 103.5 (12.9) 0.101 252.8
2009 (US$) 57.4 (12.2) (18.5) (11.0) 9.9 (1.2) 0.009 24.31
RISK FACTORS An investment in the Notes is subject to significant risks. The following describes some of the significant risks that could affect us and the value of the Notes. Additionally, some risks may be unknown to us and other risks, currently believed to be immaterial, could be material. All of these could materially and adversely affect our business, financial condition, results of operations and prospects. The market price of the Notes could decline due to any of these risks and you may lose all or part of your investment. This Information Memorandum also contains forward-looking statements that involve risks and uncertainties. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors, including the risks faced by us described below and elsewhere in this Information Memorandum. In general, investing in securities of issuers in emerging market countries, such as Indonesia, involves risks not typically associated with investing in the securities of companies in countries with more developed economies and regulatory regimes. Risks Relating to Our Business Cyclicality in the rubber and palm oil industries have in the past resulted, and may in the future result, in reduced operating margins or operating losses. Our historical operating results reflect the cyclical and volatile nature of the rubber and palm oil industries which are mature and capital intensive industries. Margins in both industries are sensitive to supply and demand balances which have been cyclical both domestically and internationally. The cycles are generally characterized by periods of tight supply, leading to higher operating rates and margins, followed by periods of oversupply primarily resulting from significant capacity additions, leading to reduced operating rates and lower margins. Because of the cyclical nature of our business, our pricing or profitability in the future may not be comparable to any particular historical period. Our profitability is affected by the worldwide and regional levels of demand for palm oil and rubber, along with vigorous price competition which may intensify due, among other things, to new industry capacity. Future product demand may not be sufficient to utilize the domestic and regional capacity in our markets. Moreover, weak economic conditions whether globally, in Asia generally or in Indonesia specifically, may reduce demand and put pressure on margins. However, it is not possible to predict accurately the supply and demand balances, market conditions and other factors that will affect industry operating margins in the future. A substantial downturn in the Asian or Indonesian economy that reduces demand for our products, or an oversupply of our products in those markets, could have a material adverse effect on our business, financial condition and results of operations. We sell commodity products in competitive markets where our customers are price-sensitive. Pricing in our markets may be unpredictable. We actively compete with companies producing the same or similar products. Due to the commodity nature of most of our saleable products, competition in these markets is based primarily on price and, to a lesser extent, on performance, product quality, product deliverability and customer service. Some of our competitors may have more significant financial resources than us, which might allow them to expand their capacity more quickly than us, reduce prices predatorily in certain markets, or otherwise take steps to expand their market shares at the expense of ours. We have limited ability to influence prices in the markets for our products and generally are not able to protect our market position for these products by product differentiation and may not be able to pass on cost increases to our customers. Accordingly, increases in raw material and other costs may not necessarily correlate with changes in prices for these products, either in the direction of the price change or in magnitude. Our raw materials for rubber production include seeds and various chemicals including ammonia and formic and sulfuric acids. Any interruption of our ability to purchase these raw materials, or to obtain such raw materials of the quality and use we require may have a negative effect on productivity. Specifically, timing differences in pricing between raw material prices, which may change daily, and contract product prices, which in many cases are negotiated only monthly, quarterly or less often, sometimes with an additional lag in effective dates for increases, have had and may continue to have a negative effect on profitability. Significant volatility in raw material costs tends to put pressure on product margins, as sales price increases generally tend to lag behind raw material cost increases. Conversely, when raw material costs decrease, customers seek relief in the form of lower sales prices. Decreases in the average selling prices of our products could have a material adverse effect on our business, operating results or financial condition. While we strive to maintain or increase our profitability by reducing costs through improving production efficiency, rebalancing production from time to time to emphasize higher-margin products, and controlling selling and administration expenses, these efforts are usually not sufficient to offset fully the effect of declining rubber or palm oil prices on operating results.
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Our competitors could cause a reduction in the prices for some of our products as a result of intensified price competition. Further, in Indonesia, our foreign competitors are currently disadvantaged by Indonesian tariffs that make their products less competitive in the Indonesian market than they would otherwise be. We cannot guarantee that such tariffs will be maintained at current levels or at all, and any decrease or discontinuation of any such tariffs could cause a reduction in the average selling prices of our products. Furthermore, reductions in currently high freight rates will reduce our cost advantage over imported products. We are subject to an Indonesian export tax on crude palm oil (“CPO”) and restrictions applied by the importing country may have an adverse impact on the Group’s business. In 1994, the Government applied a CPO and a derivatives export tax to control the selling price of CPO derivative products in the domestic market, that had already experienced an increase which corresponded with the increase in the commodity prices internationally. The decrease in the Rupiah exchange rate in 1997 and in early 1998, caused a significant increase in the price of cooking oil in the domestic market, which made the export of palm oil products more profitable. As a result, the Government imposed a ban on exporting CPO and its derivative products. The ban was lifted in April 1998 and was replaced with an export tax on CPO. The export tax on various types of CPO derivative products initially ranged from 10% to 40%, which had subsequently increased to 20% to 60%. The Government thereafter decreased the export tax by 10% in July 1999 from the rate of 60% imposed in 1998. At that time, the market price that was used to calculate the export tax was decreased from US$535 per tonne to US$120 per tonne. There were further fluctuations in the market price, for example, the market price that was used in 1998 was US$660 per tonne and the market price that was used in the third quarter of 1999 was US$270 per tonne. In December 2008, the Regulation of Minister of Finance No. 223/PMK.011/2008 was issued. This Regulation set out the applicable export tax rates on the various CPO prices (c.i.f Rotterdam) as follows: Export Standard Price
US$ 1.251 ..........................................................................
Tax Rate Zero 1.5 3.0 4.5 6.0 7.5 10.0 12.5 15.0 17.5 20.0 22.5 25.0
From 1 February to 28 February 2009, the effective export tax rate was 0% because the export standard prices were below US$700. Currently, most of our CPO products are sold in the domestic market. However, if we increases our sale of CPO products to the international market, any increase by the Government of export tax on CPO products or any directive by the Government to ban CPO exports, may have a negative impact on our business. We derive a significant amount of our net sales from a few customers and the loss of one or more of these customers could result in a material decline in our revenues. We have a number of major customers in Europe and Asia. During the years ended December 2007, 2008 and 2009, our five largest customers accounted for approximately 60.09%, 58.67% and 61.28% respectively, of net sales in those periods. We anticipate that significant customer concentrations may continue for the foreseeable future, although the companies which constitute our largest customers may change. The loss of one or more of our largest customers, or material decreases in sales to one or more of our largest customers may result in a material decrease in our revenues or may force us to sell our products to smaller customers, which may result in payment defaults. Our net sales could be affected if any of the off-take contracts are not fulfilled. We have entered into long-term off-take contracts, which are designed to reduce the risks of over-supply or lack of demand in the rubber and palm oil markets by guaranteeing the purchase of at least one-third of our anticipated production capacity during the next three years. However, the purchase price of CPO and rubber under these contracts are not fixed, but instead fluctuate with market prices, which means that we continue to bear much of the market risk. Moreover, we cannot assure you that the counter-parties to these contracts will fulfill their obligations. 22
Our business is exposed to significant competition from other companies, substitute products and consumer preference. Our rubber and palm oil products are commodities that can be substituted, in some circumstances, with similar products. For example, our rubber products are derived from natural rubber in the sap of trees, primarily Hevea brasiliensis. However, rubber can also be produced synthetically from petroleum and other minerals. Similarly, palm oil is a commodity that can be substituted with soybean oil, rapeseed oil, sunflower oil or other types of vegetable oil. Presently, palm oil is priced competitively compared to other vegetable oils. However, if the prices of other vegetable oils decrease in the future and if synthetic alternatives become more widely available, the price of palm oil is likely to decrease. The edible oils business is also characterized by frequent changes in consumer preferences. Consumers in the markets we serve are increasingly becoming more health-conscious and may select oils based on considerations other than price and taste. Our success will depend on our ability to anticipate and respond to the competitive factors affecting the industry, including the introduction of new products, pricing policies of our competitors, changing consumer preferences, the prices of alternative edible oils and regional and local economic conditions. We cannot assure you that we will be successful in predicting consumer preferences or that we will be able to compete effectively or that the level of existing and future competition will not adversely affect our business, financial condition, results of operations and prospects. Our plantation operations would be adversely affected by the revocation or restriction of land rights granted by the Government. We have been granted Hak Guna Usaha (“Right to Use the Land for Agricultural Purposes”) land rights by the Government to all of our Issuer-owned (or “nucleus”) plantations for terms of 35 years initially, with each subsequent renewal period being a maximum of 25 years. These land rights expire, but may be renewed by application prior to or at the end of the term. We cannot guarantee that these rights can be renewed, however Hak Guna Usaha rights are not easily severed, as they are typically renewed upon application, and can only be interrupted by an act of the President of Indonesia. In addition, we manage plasma estates and hold intermediate land rights with respect to land bank in the form of Ijin Lokasi. Ijin Lokasi are intermediate land rights granted by the Indonesian government, that are less than the full rights over those of the lands represented by Hak Guna Usaha land rights, during the initial stages of the land rights approval process, whereby the grantee demonstrates through operations to the Government the intended use of the land as a prelude to the grant of Hak Guna Usaha rights. The State Minister for Agrarian Affairs (the “Ministry”) issued regulations in October 1998, further implemented on February 1999, that limit the aggregate size of agricultural plantations (including oil palm plantations) which can be held by any person or company or any group of related persons or companies. The regulations establish the policy of the Ministry regarding the granting of land rights for use as a plantation. According to the regulations, the aggregate size limitations for oil palm plantations are generally 20,000 hectares for each province in Indonesia, except for the province of Papua (formerly called Irian Jaya) where the limitation is 40,000 hectares, with an aggregate of 100,000 hectares nationally. In practice, the limitations do not apply to land for which Hak Guna Usaha rights have been granted. The application of the regulations to land for which Ijin Lokasi rights have been granted is, however, unclear. According to the regulations, Ijin Lokasi rights will remain effective until those rights expire or Hak Guna Usaha rights are issued, which is generally two years after issuance of the applicable Ijin Lokasi right for each parcel of land. However, the Ijin Lokasi is applicable for 12 months and may be extended up to the maximum period of 12 months, provided that the land acquisition process has reached 50% of the total land referred to in the Ijin Lokasi grant. Based upon the regulations, if the land acquisition process cannot be completed within the duration of the Ijin Lokasi and its extension, the Ministry will not issue additional Hak Guna Usaha rights for the land held under Ijin Lokasi rights. We cannot guarantee that we will complete 50% of land acquisition within 12 months as is required to extend our Ijin Lokasi rights, or, if we complete 50% of required land acquisition and are granted an extension of 12 months to complete the remaining 50%, we cannot guarantee that we will complete such land acquisition in order to cause the rights granted under Ijin Lokasi to be certificated as Hak Guna Usaha rights. If we do not complete the acquisition for the first 12-month period, the Ministry will not permit us to continue to use the land for which we hold Ijin Lokasi rights, nor permit us to renew these rights upon the expiration of the relevant license. Loss of or failure to renew our Ijin Lokasi rights would affect the entirety of our land bank. One of the conditions stipulated in the 1996 Decision of the National Land Office in Kisaran (the “National Land Office”) for granting an extension of the Hak Guna Usaha rights to us in Kisaran Timur for another 25 years, was that we would be required to release an area of land amounting to a total of 1,408 hectares in accordance with general planning and 23
usage for Kisaran. There is no specified schedule stipulating when this area of land may be required to be released and we will receive compensation from the Government whenever we are required to release a part of, or the whole of, this area. To date, we have been asked to release and have released a total area of 38.3 hectares of land. We had, in January 2007, received a request from the Government to release another 18.0 hectares of land which will be used to build a conservation park that forms part of a green belt and a mosque. We are negotiating the terms of the compensation for the release of this land with the Government. We may be required to release further areas of land to the Kisaran local government up to the total of 1,408 hectares during the term of the Notes if during the term of the Notes, the Kisaran local government intends to implement local development planning which involves the utilization of part of our land. Accordingly, this area of land will not be subject to a security interest in favor of the holders of Notes. As a group, the Hak Guna Usaha land rights we hold in Sumatra and the aggregate Hak Guna Usaha land rights we hold nationally exceed the specified limitations. If the Ministry applies the limitations in a manner that restricts our ability to use our existing Ijin Lokasi land bank or our ability to obtain additional land rights in any material way, we intend to seek to qualify under the exceptions stated in the regulations by conducting a public offering of shares of, and listing, one or more of our group companies in Indonesia to own our plantation land. If, however, we are unable to do so, we could be required to release our Ijin Lokasi land, which we presently use and plan to use for expansion purposes, and we may not receive compensation for any investment we have made in this land. In addition, we may be prohibited from acquiring further land rights in Indonesia. Either case would have a material and adverse effect on our business, financial condition, results of operations and prospects. We may be subject to land ownership disputes with plasma estate growers or local farmers. Approximately 12,698 hectares of the palm oil and rubber plantations we manage are plasma estates. Plasma estates are typically associated with governmental programs to resettle plantation farmers in under-developed areas of Indonesia, and our participation in such programs are a requirement for our continued ability to lease land from the Government. Through our participation in these programs, we are required to assist the plasma estate holders, or “smallholders,” in developing relationships that enable the smallholders to obtain bank loans, train the smallholders, manage the estates, and purchase crops produced on the plasma estates, in consideration of a requirement imposed on such smallholders that FFB produced by the plasma estates are to be sold to us at market price. We enter into tripartite agreements with the smallholders, the lending institutions making loans to the smallholders and the Government. If the smallholders fail to make payments on the loans made to them, the lending institutions may repossess the plasma estates. We would have the responsibility of taking over all management of the plasma estate that was the object of the defaulted loan (and allocating capital and labor in support thereof) to continue to pay the smallholder loan, by continuing to purchase all the output of such plasma estate. If the smallholders fail to sell all the FFB produced by their respective plasma estates in contravention of the tripartite agreement, we may be required to resort to litigation against the counter-parties, which could be expensive and may not provide an adequate remedy. As our plantations are located in rural areas of Indonesia, we may be subject, from time to time, to disputes with local farmers with respect to land ownership. In March 2006, our contracted replanting agents deployed security personnel and police to evict persons who were illegally squatting and farming on 20 hectares of our land in North Sumatra in a total disputed area of 220 hectares, resulting in the arrests of four trespassers. Our actions have been criticized by a human rights nongovernmental organization and our land ownership disputed by a local farmers’ union although no legal proceedings have been initiated against us. While we believe that we are unlikely to lose the land dispute if tested in court, we are unable to ascertain any claims which may be made against us. Any unfavorable rulings against us may have an adverse effect on our business and operations. Our plantations may suffer losses due to theft. We estimate that we lose approximately 3.0% of our yield of FFB and rubber each year due to theft. The theft involves removal of unprocessed product from the plantations by individual intruders which are sold to black market small agents who, in turn, sell to processing companies without plantations. The thefts occur in small amounts and are very difficult to police and insure against, as the thefts typically occur before such time when the crop yield is measured, and prior to processing. We have taken steps to mitigate theft, including retaining military personnel as security guards and creating ditches around plantation properties in order to deter intruders, but these methods are not always successful. We may experience a delay in obtaining product yield due to new planting and seed garden investments. We currently purchase oil palm seeds and seedlings from third parties as we are in the process of developing our own seed garden. If we are unable to develop a seed garden, we will need to continue to purchase seeds and seedlings from third parties. We currently operate a seed garden for rubber tree seeds. Our productivity could be adversely affected by damage to the seed garden by adverse weather conditions. See “ — Our businesses would be adversely affected by poor weather 24
conditions”. Further, there is a possibility that we could encounter a fungal disease (leaf blight), which had previously wiped out a large part of South American rubber trees in the past (thereby resulting in the decline in the supply of natural rubber from South America where the rubber tree originates). Although Southeast Asia has only encountered a few cases, all from different, less damaging varieties of leaf blight, we cannot guarantee that Southeast Asia will not be affected by a more severe form of leaf blight in the future. Our business is dependent on the supply of key raw materials. We are dependent upon the continued supply of raw materials at reasonable prices, the quality, supply and costs of which can be subject to significant variation due to factors outside our control. As a result, a significant proportion of our costs of goods sold are beyond our control. Our costs for our principal raw materials, fertilizer for the trees and certain chemicals used in the palm oil and rubber production processes, represented approximately 92.78%, 78.38% and 77.90% of our total costs of goods sold during the years ended 31 December 2007, 2008 and 2009 respectively. There can be no assurances that the supply of such raw materials will be available in the quantities we require, at prices which are reasonable and at the quality we specify, or that the supply of such raw materials will not be delayed or interrupted, which interruption could result in production delays and increased costs if alternate suppliers are unable to timely provide such raw materials at the same or lower prices. Any deterioration in the availability, purity or quality of the key raw materials supplied to us may adversely impact our ability to produce rubber and CPO to acceptable quality standards or in an efficient manner, which could have an adverse effect on our business and operations. In periods of supply shortages, even if we could obtain acceptable alternative supplies for key raw materials, we could incur increased expenses in procuring them from alternative sources. If we are unable to pass these increased costs on to our customers, then these factors would result in an increase in our operating expenses and a reduction in our operating margins. As a manufacturing business, our success depends on the smooth supply and transportation of the various raw materials required for our mills and factories and of our products from our factories to our customers, both of which are subject to various uncertainties and risks. Our raw materials, including fertilizer, are transported to our plantations by highway and rail transport, which is subject to various bottlenecks and other hazards beyond our control, including weather, strikes or civil disruption. We are also dependent on land and ocean transport for the delivery of products from our mills and factories (our “facilities”) to our customers. A failure to maintain a continuous supply of raw materials or to deliver our products to our customers in an efficient and reliable manner could have a material and adverse effect on our business, financial condition and results of operations. Increases in the costs of fuel used in transportation are reflected in our cost of transporting raw materials to our facilities and our products to our customers and may materially and adversely affect our business, financial condition and results of operations. Transportation costs, which are directly impacted by fuel prices, may magnify the impact of economic cycles on our business, financial condition and results of operations. Although increasing freight rates may improve the competitiveness of our products in our domestic and regional export markets, they may reduce the competitiveness of our products in more distant export markets. Conversely, decreasing freight rates may contribute to increased competition from imports into Indonesia. Changes in freight and other transportation costs will continue to affect our markets and could materially and adversely affect our business, results of operations and financial condition. Our acquisition strategy may subject us to risks. Future acquisitions form part of our strategy to further expand our business. If we are presented with appropriate opportunities that we feel will enhance our revenue growth, operations and profitability, we may acquire additional land, plantations, and businesses that are complementary to our core businesses. Such acquisitions could result in the use of significant amounts of cash and also involve other significant risks. For example, our integration of such acquired entities and/or operations into our business may not be successful and may not enable us to expand into new business platforms as well as we expect. This would significantly affect the expected benefits of these acquisitions. Moreover, the integration of new businesses into our operations may require significant attention from our management. Other risks that may arise out of our acquisition strategy include the following: •
risks associated with unforeseen or hidden liabilities;
•
the diversion of resources from our existing businesses;
•
potential loss, or harm to, relationships with employees or customers as a result of our integration of new businesses; and 25
•
costs, including those relating to intangible assets or goodwill, in excess of our projected costs for these transactions.
Our businesses would be adversely affected by poor weather conditions. Our rubber and FFB yield is dependent on weather conditions. Excessive rainfall or extended periods of dry weather will lead to a decrease in the overall yield from our plantations. Excessive rainfall will generally lead to poor pollination of oil palms and decrease the effectiveness of fertilizers, while drought in plantations could also result in fire outbreaks. Our plantations have previously been affected by a drought in Indonesia caused by the El Niño weather phenomenon, as well as smaller localized periods of drought or deluge which has caused delays to our fertilizing schedules. Our plantations have also been affected by haze from forest fires on the Indonesian islands of Sumatra and Java, where a number of our plantations are located. We believe that a significant number of these fires were started by small landowners to clear their properties of underbrush. During this period, we experienced minor incidents of fires at some of our plantations. We believe that these fires started on land adjacent to our plantations and spread to our plantations. While our plantations maintain fire patrols to spot fires, whether they spread from adjacent properties or on our plantations, these patrols are not equipped to battle any such fires. There can be no assurance that these fires will not recur in the future or result in significant damage to our plantations which could materially and adversely affect our business, financial condition, results of operations and prospects. We have implemented various measures on our plantations to reduce the impact of weather conditions. However, we cannot assure you that any of these measures will be effective. Historically, palm oil prices typically increase when supply is adversely affected by weather conditions, thereby reducing the impact of the decrease in supply. However, we cannot assure you that this will always occur. Any poor weather conditions, especially if continued for a prolonged period, could materially and adversely affect our business, financial condition, results of operations and prospects. Compliance with environmental protection and other governmental requirements may adversely affect our operations. Our operations are subject to environmental, health and safety laws and regulations. Based on the size of our operations, we are required to conduct annual environmental audits for each of our facilities. The nature of our business exposes us to risks of liability under these laws and regulations due to the production, storage, transportation, treatment or disposal and/or sale of materials and/or waste that can cause contamination or personal injury if released into the environment or workplace. These laws and regulations may also expose us to liability for the conduct of, or conditions caused by, its acts. We may incur substantial costs, including fines, damages, criminal or civil sanctions, remediation costs, or experience interruptions in our operations for violations arising under any of these laws. Any change in Indonesian laws and regulations applicable to us, including environmental laws and regulations and increased governmental enforcement of environmental laws or other similar developments in the future, may require us to make additional capital expenditures or incur additional operating expenses in order to maintain our current operating activities, curtail our production activities or take other actions that could materially and adversely affect our business, financial condition or results of operations. We may be required to invest significant financial and managerial resources to comply with environmental and safety laws and regulations and we anticipate that we will continue to be required to do so in the future in order to comply with laws in Indonesia and our other primary markets. Our directors, commissioners and other key personnel are critical to our business, and they may not remain with us in the future, which could hurt our business. Our success will depend to a significant extent on the continued service of our directors, commissioners and other key employees. Our senior management handles our key customer and supplier relationships. Our directors, commissioners and key employees do not have employment contracts. If we lose the services of one or more of our directors, commissioners or other key employees, our business and ability to implement our business objectives successfully could be harmed, particularly if one or more of them decided to join a competitor or otherwise compete directly with us. Our operations may be adversely affected if relations with employees were to deteriorate. Approximately half of our employees are employed under the terms of a collective bargaining agreement, in Indonesia referred to as a “collective labor agreement”. Our current collective labor agreement expires in September 2010. Although we have a three-month period (during which period the employees are required by law to continue work) to renegotiate the collective bargaining agreement when it expires by its terms, in the future we could be involved in labor disputes that could lead to strikes or work stoppages, and the resulting production delays could have a material adverse effect on our business, financial condition or results of operations. Although we have no history of significant labor disputes generally, and the most recent labor dispute was localized to Kisaran, North Sumatra, in 2002 and has since been resolved, labor disputes are not 26
uncommon in Indonesia and we cannot guarantee that such disputes will not arise in the future. Additionally, we may face labor competition or wage pressure from many geographically-proximate employers in the same or similar industries. In Malaysia and Indonesia, our competitors or other similar producers may pay their employees more than we do from time to time, which could result in a loss of employees or increase our cost of labor. Shortages of skilled labor or increases in the cost of that labor could have a material adverse effect on our business, financial condition or results of operations. Our insurance coverage may be inadequate to fully protect us from all losses. While we believe that we maintain insurance coverage in amounts which conform to industry norms in Indonesia, we are not fully insured against all potential hazards incident to our business and if any or all of the production facilities are damaged and our operations are interrupted for a sustained period, there can be no assurance that our insurance policies (including business interruption insurance policy) will be adequate to cover any or all of the losses that may be incurred as a result of such interruptions or the costs of repairing or replacing the damaged facilities. Our property insurance does not cover acts of terrorism and, in the event of a terrorist attack, our facilities could be damaged or destroyed and our operations curtailed. In recent years, most insurers have created exclusions for losses from terrorism from our “all risk” property insurance policies. While separate terrorism insurance coverage is available, premiums for such coverage are very expensive and the policies are subject to very high deductibles. Available terrorism coverage typically excludes coverage for losses from acts of foreign governments as well as nuclear, biological and chemical attacks. We have determined that it is not economically prudent to obtain terrorism insurance, especially given the significant risks that are not covered by such insurance, and we do not carry terrorism insurance on our property at this time. In the event of a terrorist attack, explosion or other accident impacting one or more of our facilities, we could lose the net sales from the facilities and the plantations themselves, and could become liable for any contamination or for personal or property damage due to exposure to hazardous materials caused by any catastrophic release that may result from such attack. Indonesian accounting standards differ from U.S. GAAP. We prepare our consolidated financial statements in accordance with Indonesian GAAP, which differ from U.S. GAAP. As a result, our financial statements and reported earnings could be significantly different from those that would be reported under U.S. GAAP. This Information Memorandum does not contain a reconciliation of our consolidated financial statements to U.S. GAAP, and we cannot assure you that such a reconciliation would not reveal material differences. Risks Relating to Our Existing Indebtedness We have substantial indebtedness and may incur substantial additional indebtedness in the future which could adversely affect our financial health and our ability to generate sufficient cash to satisfy our outstanding and future debt obligations. We have a substantial amount of indebtedness. As of 28 February 2010, we have an outstanding indebtedness of US$160.0 million of senior secured notes due 2011 and US$77.336 million of the Notes, respectively. We also have a revolving loan facility of US$15.0 million and a term loan facility of US$15.0 million with Raiffesen Zentralbank Osterreich AG. See “Description of Material Indebtedness”. Our substantial indebtedness could have important consequences. For example, it could: •
limit our ability to satisfy our obligations under the Notes and other debt;
•
increase our vulnerability to adverse general economic and industry conditions;
•
require us to dedicate a substantial portion of our cash flow from operations to servicing and repaying our indebtedness, thereby reducing the availability of our cash flow to fund working capital, capital expenditures and other general corporate purposes;
•
limit our flexibility in planning for or reacting to changes in our businesses and the industry in which we operate;
•
place us at a competitive disadvantage compared to our competitors that have less debt;
•
limit, along with the financial and other restrictive covenants of our indebtedness, among other things, our ability to borrow additional funds; and
27
•
increase the cost of additional financing.
Our ability to generate sufficient cash to satisfy our outstanding and future debt obligations will depend upon our future operating performance, which will be affected by prevailing economic conditions and financial, business and other factors, many of which are beyond our control. We anticipate that our operating cash flow will be sufficient to meet our anticipated operating expenses and to service our debt obligations as they become due. However, we may not generate sufficient cash flow for these purposes. If we are unable to service our indebtedness, we will be forced to adopt an alternative strategy that may include actions such as reducing or delaying capital expenditures, selling assets, restructuring or refinancing our indebtedness or seeking equity capital. These strategies may not be instituted on satisfactory terms, if at all. Risks Relating to Indonesia We are incorporated in Indonesia. The majority of our commissioners, directors and officers are based in Indonesia. As a result, future political, economic, legal and social conditions in Indonesia, as well as certain actions and policies that the Government may or may not take or adopt, could have a material adverse effect on our business, prospects, financial condition and results of operations and our ability to make payments under the Notes and the Guarantees. Domestic, regional or global economic changes may materially and adversely affect the Indonesian economy and our business. The economic crisis that affected Southeast Asia, including Indonesia, from mid-1997 was characterized in Indonesia by, among other effects, currency depreciation, a significant decline in real gross domestic product (“GDP”), high interest rates, social unrest and extraordinary political developments. These conditions had a material adverse effect on Indonesian businesses, including our business and financial conditions. Indonesia entered a recessionary phase with relatively low levels of growth in 1999, 2000, 2001 and 2002. The rate of growth has increased in recent years, from 4.1% in 2003 to 5.1% in 2004, 5.6% in 2005, 5.5% in 2006, 6.3% in 2007 and 6.1% in 2008. However, there has been extraordinary and intensifying disruption and volatility in global capital and credit markets since mid-2007, when deterioration in asset prices in the United States sub-prime residential mortgage market began to impinge substantially on liquidity in the United States, and later in European and Asian capital and credit markets. Volatility and disruption intensified following the filing for bankruptcy by Lehman Brothers Holdings Inc. in the United States on September 15, 2008 and the extension of a US$85 billion loan (with warrants) by the Federal Reserve Board to American International Group on September 16, 2008. Share prices, particularly those of financial institutions, declined sharply globally and such declines, as well as substantial mark-to-market writedowns of assets by financial institutions, initially of mortgage related assets but later including credit default swaps and other derivative securities, have caused many financial institutions to seek new capital, merge with stronger and larger institutions (voluntarily or at the behest of regulators) and, in some cases, fail. Following these disruptions in the financial sector, there has been a significant reduction in business activity in various industries and in consumer spending in developed markets around the world. Consequently, unemployment in these markets has been increasing and some major companies have been experiencing significantly diminished results and, in some cases, bankruptcy or a significant threat of bankruptcy. As of the end of 2008, the United States, various European countries and Japan were all officially declared to be in economic recession. These extremely negative economic developments have adversely affected developing markets, including Indonesia and other Association of Southeast Asian Nations (“ASEAN”) countries. In particular, there have been capital outflows from some developing markets and reductions in their exports and export revenues. Certain developing or smaller economies such as Pakistan, Iceland, Hungary, Belarus, Serbia and Ukraine have sought assistance from the International Monetary Fund (“IMF”) to deal with severe balance of payments difficulties. Throughout Asia, stock market indices, including those of Japan and South Korea, declined sharply in October and November 2008 and Asian currencies (excluding the Japanese yen) declined sharply against the U.S. dollar in October and November 2008. The eventual duration, magnitude and scope of these extremely negative economic developments remain unknown and economic conditions in developed markets are not expected to improve substantially in the near term. Indonesia and other ASEAN countries have been negatively affected, along with developing market countries globally, by the unprecedented financial and economic conditions in developed markets. Although the Government has taken a number of responses to these unprecedented conditions with the aim of maintaining economic stability and public confidence in the Indonesian economy, continuation of these unprecedented conditions may negatively impact economic growth, the Government’s fiscal position, the Rupiah’s exchange rate and other facets of the Indonesian economy. In addition, the Government continues to have a large fiscal deficit and a high level of sovereign debt, its foreign currency reserves are modest, the Rupiah continues to be volatile and has poor liquidity, and the banking sector is weak and suffers from high levels of non-performing loans. Government funding requirements to areas affected by the December 2004 28
tsunami and other natural disasters, as well as increasing oil prices, may increase the Government’s fiscal deficits. The economic difficulties faced by Indonesia during the Asian economic crisis that began in 1997 resulted in, among other things, volatility in interest rates, which had a material adverse impact on the ability of many Indonesian companies to service their existing indebtedness. While the interest rate for one-month Bank Indonesia certificates has declined from a peak of 70.8% in late July 1998 to 6.75% in July 2009, there can be no assurance that the recent improvement in economic condition will continue or the previous adverse economic condition in Indonesia and the rest of the Asia-Pacific region will not occur in the future. In particular, a loss of investor confidence in the financial systems of emerging and other markets, or other factors, may cause increased volatility in the Indonesian financial markets and inhibit or reverse the growth of the Indonesian economy. Any such increased volatility, slowdown or negative growth could materially and adversely affect our business, financial condition, results of operations and prospects, and our ability to make payments under the Notes. Political and social instability in Indonesia may adversely affect the economy, which in turn could have a material adverse effect on our business, prospects, financial condition and results of operations. Since the collapse of President Soeharto’s regime in 1998, Indonesia has experienced a process of democratic change, resulting in political and social events that have highlighted the unpredictable nature of Indonesia’s changing political landscape. These events have resulted in political instability, as well as general social and civil unrest on certain occasions in recent years. Indonesia is a republic with a president, vice president and a parliamentary form of government. From its independence in 1945 until 1998, there were only two presidents in Indonesia. At the end of the term of each of these presidents, Indonesia experienced political instability and many cities in Indonesia, including Jakarta, experienced rioting, unrest and destruction of property. The most recent election took place on July 9, 2009, and independently verified election results confirm that the incumbent, President Susilo Bambang Yudhoyono, received more than 60% of the votes, enough to avoid a run-off election in September 2009. Political instability led to the resignation of then-President Soeharto in May 1998. Promptly thereafter, Vice President Baharuddin Jusuf Habibie was sworn in as President and called for reforms and parliamentary elections to be held in October 1999. Prior to and during the presidential and parliamentary elections, there was significant social unrest that resulted in additional rioting, unrest and destruction of property. Following the elections, the People’s Consultative Assembly (Majelis Permusyawaratan Rakyat) selected Abdurrahman Wahid as president and Megawati Sukarnoputri as vice president. In February 2001, a committee of the Indonesian parliament, the People’s Representative Council (Dewan Perwakilan Rakyat) alleged that the then-President Wahid was involved in instances of corruption. In July 2001, the People’s Consultative Assembly impeached then-President Wahid and elected Megawati Sukarnoputri in his place. The first direct presidential elections in the history of Indonesia were held in Indonesia on July 5, 2004 and September 20, 2004. In the second round, the former coordinating minister for politics and security, Susilo Bambang Yudhoyono, defeated incumbent President Megawati Sukarnoputri. President Yudhoyono was inaugurated on October 20, 2004. In 2009, representatives of Indonesian parliament were elected in April and the President and Vice President were elected in July. Upon taking office in October 2004, President Yudhoyono appointed a new cabinet and announced plans to improve economic conditions. However, past political instability has continued to have an adverse effect on investor confidence in the Indonesian economy. Changes in the Government and Government policies may have a direct impact on our business, including on the trading of the Notes. For example, since 2000, thousands of Indonesians have participated in demonstrations in Jakarta and other Indonesian cities in response to specific issues, such as fuel subsidy reductions, privatization of state assets, anticorruption measures, decentralization and provincial autonomy and potential increases in electricity tariffs. Although these demonstrations were generally peaceful, some have turned violent. In June 2001, demonstrations and strikes affected at least 19 cities after the Government mandated a 30% increase in fuel prices. Similar demonstrations occurred in January 2003, when the Government again tried to increase fuel prices, as well as electricity rates and telephone charges. In both instances, the Government was forced to drop or substantially reduce the proposed increases. In March 2005, the Government implemented an approximately 29% increase in fuel prices. In October 2005, the Government decreased fuel subsidies to the public, which raised the price of premium gasoline by 87.5% to Rp. 4,500 (US$0.44 on that date) per litre, the price of regular gasoline and diesel fuel by 104.8% to Rp. 4,300 (US$0.42 on that date) per litre, and the price of kerosene by 185.7% to Rp. 2,000 (approximately US$0.19 on that date) per litre, resulting in large public demonstrations. In May 2008, the Government further decreased fuel subsidies to the public, which has also led to public demonstrations. Similar fuel subsidy cuts contributed to the political instability that led to the resignation of then President Soeharto in 1998, which had adverse effects on the businesses in Indonesia. There can be no assurance that cuts in fuel subsidies, or further cuts in the future, will not result in political and social instability. Our business may be affected by similar Government actions including, but not limited to, changes in crude oil or natural gas policies, responses to war and terrorist acts, renegotiation or nullification of existing concessions and contracts, 29
changes in tax laws, treaties or policies, the imposition of foreign exchange restrictions and responses to international developments. Separatist movements and clashes between religious and ethnic groups have resulted in social and civil unrest in parts of Indonesia. In the provinces of Aceh and Papua (formerly Irian Jaya), there have been clashes between supporters of those separatist movements and the Indonesian military. In Papua, continued activity by separatist rebels has led to violent incidents; in Maluku, clashes between religious groups have resulted in casualties and displaced persons; and in the province of Kalimantan, clashes between ethnic groups have produced fatalities and refugees over the past several years. In recent years, the Government has made progress in negotiations with these troubled regions (including the memorandum of understanding that was signed on August 15, 2005 between the Government and the leaders of the Aceh separatist movement), but has not been able to reach a successful resolution of all of the outstanding issues. There is no guarantee that the terms of any agreement reached between the Government and the separatists will be upheld. Individuals who are alleged to have acted in violation of human rights, including those from high-ranking military positions, have recently begun to be more actively prosecuted in Indonesia, most notably with respect to alleged violations occurring in Aceh, Papua and Maluku. However, the success of these prosecutions has been mixed, and many public commentators and demonstrators have criticized the Government’s failure to prosecute human rights violations in Indonesia more vigorously. Natural disasters could disrupt the Indonesian economy, our operations and lead to social unrest and economic loss. All of our existing operations are located in the Indonesian archipelago. The Indonesian archipelago is one of the most volcanically active regions in the world. Because it is located in the convergence zone of three major lithospheric plates, it is subject to significant seismic activity that can lead to destructive earthquakes and tsunamis, or tidal waves. Our properties, as well as our plants, may be exposed to the effects of such natural disasters, and may be damaged or destroyed. On December 26, 2004, an underwater earthquake off the coast of Sumatra released a tsunami that devastated coastal communities in Indonesia, Thailand and Sri Lanka. In Indonesia, more than 220,000 people died or were recorded as missing in the disaster. Aftershocks from the December 2004 tsunami also claimed casualties. In May 2006, a major earthquake struck Bantul, Yogyakarta and central Java, and Mount Merapi, a volcano in central Java, erupted. In July 2006, an underwater earthquake off the southern coast of Java triggered tsunami waves, causing damage to coastal areas. In March 2007, a major earthquake struck Solok in central Sumatera and, in September 2007, a major earthquake struck Southern Sumatra and in September 2009, a major earthquake struck central Java and also at West Sumatra, causing significant damage in these areas. While recent seismic events have not had a significant economic impact on Indonesian capital markets, the Government has had to expend significant amounts of resources on emergency aid and resettlement efforts. A significant portion of these costs has been underwritten by foreign governments and international aid agencies. However, there can be no assurance that such aid will continue to be forthcoming, or that it will be delivered to recipients on a timely basis. If the Government is unable to deliver foreign aid to affected communities in a timely manner, political and social unrest could result. Additionally, recovery and relief efforts are likely to continue to strain the Government’s finances and may affect its ability to meet its obligations on its sovereign debt. Any such failure on the part of the Government, or declaration by it of a moratorium on its sovereign debt, could potentially trigger an event of default under numerous private-sector borrowings including ours, thereby materially and adversely affecting our respective businesses, financial conditions, results of operations and prospects. In addition, there can be no assurance that future geological occurrences will not significantly impact the Indonesian economy or our respective operations. A significant earthquake or other geological disturbance in any of Indonesia’s more populated cities and financial centers could severely disrupt the Indonesian economy and undermine investor confidence, thereby materially and adversely affecting our business, prospects, financial condition and results of operations. Such occurrences may also adversely impact our business, prospects, financial condition and results of operations should they occur in the regions in which we carry out activities, in particular west Java.
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Terrorist attacks on the United States and responses of the United States and/or its allies thereto, terrorist activities in Indonesia and certain destabilizing events in Southeast Asia have led to substantial and continuing economic and social volatility, which may materially and adversely affect our respective businesses. The terrorist attacks on the United States on September 11, 2001, together with the military response by the United States and its allies in Afghanistan and continuing military activities in Iraq and Afghanistan, have resulted in substantial and continuing economic volatility and social unrest in Southeast Asia. The recent terrorist attacks in Southeast Asia have exacerbated this volatility. Further developments stemming from these events or other similar events could cause further volatility. Any additional significant military or other response by the United States and/or its allies, or any further terrorist activities, could also materially and adversely affect international financial markets and the Indonesian economy. In Indonesia during the last seven years, there have been various bombing incidents directed toward the Government and foreign governments, and public and commercial buildings frequented by foreigners, including the Jakarta Stock Exchange Building and Jakarta’s Soekarno-Hatta International Airport. On October 12, 2002, over 200 people were killed in a bombing at a tourist area in Bali. On August 5, 2003, a bomb exploded at the JW Marriott Hotel in Jakarta, killing at least 13 people and injuring 149 others. On September 9, 2004, a car bomb exploded at the Australian Embassy in Jakarta, killing more than six people. On May 28, 2005, bomb blasts in Central Sulawesi killed at least 21 people and injured at least 60 people. On October 1, 2005, bomb blasts in Bali killed at least 23 people and injured at least 101 others. On July 17, 2009, two suicide bombers detonated bombs at the JW Marriott and Ritz Carlton Hotels in Jakarta, killing 9 people and injuring 53 others. Indonesian, Australian and U.S. government officials have indicated that these bombings may be linked to an international terrorist organization. Demonstrations have also taken place in Indonesia in response to plans for and subsequent to U.S., British and Australian military action in Iraq. The Indonesian authorities are still investigating these incidents, but have suggested that they may be linked to the activities of certain Islamic militant groups. There can be no assurance that further terrorist acts will not occur in the future. Following the military involvement of the United States and its allies in Iraq, a number of governments have issued warnings to their citizens in relation to a perceived increase in the possibility of terrorist activities in Indonesia, targeting foreign, particularly U.S., interests. Such terrorist acts could destabilize Indonesia and increase internal divisions within the Government as it considers responses to such instability and unrest, thereby adversely affecting investors’ confidence in Indonesia and the Indonesian economy. Violent acts arising from and leading to instability and unrest have in the past had, and could continue to have, a material adverse effect on investment and confidence in, and the performance of, the Indonesian economy, and in turn our business. Any of the events described above, including any terrorist attack targeted at our infrastructure, properties and equipment, could cause interruption and materially and adversely affect our business, prospects, financial conditions and results of operations. An outbreak of the highly pathogenic avian influenza caused by the H5N1 virus (“avian flu”), Severe Acute Respiratory Syndrome (“SARs”), influenza caused by the H1N1 virus (“swine flu”) or other contagious disease may have an adverse effect on the economies of Asian countries and may adversely affect us. An outbreak of avian flu, SARs, or, more recently, swine flu, may potentially result in a quarantine of infected employees and related persons, and adversely affect our operations at one or more project sites or the operations of our customers or suppliers. We cannot predict at this time the impact that avian flu, SARs, swine flu or any other future outbreak could have on our business and results of operations. During the last three years, large parts of Asia experienced outbreaks of avian flu. As of December 31, 2009, the World Health Organization (“WHO”) had confirmed a total of 282 fatalities and a total number of 467 cases reported to the WHO, which only reports laboratory confirmed cases of avian flu. Of these, the Indonesian Ministry of Health reported to the WHO134 fatalities of a total number of 161 cases of avian flu in Indonesia. In addition, the WHO announced in June 2006 that human-to-human transmission of avian flu had been confirmed in Sumatera, Indonesia. No fully-effective avian flu vaccines have been developed. An effective vaccine may not be discovered in time to protect against a potential pandemic. In 2003, certain countries in Asia experienced an outbreak of SARs, a highly-contagious form of a typical pneumonia, which seriously interrupted economic activity and the demand for goods throughout Asia. An outbreak of avian flu, SARs, swine flu or other contagious disease or the measures taken by the governments of affected countries against such potential outbreaks, could have a material adverse effect on our business, financial condition, results of operations and prospects. The perception that an outbreak of avian flu or SARs may occur again also may have an adverse effect on the economic conditions of countries in Asia. In June 2009, the WHO raised the swine flu alert to its highest level, stating the H1N1 virus has spread to enough countries to be considered a global pandemic. As of August 23, 2009, the WHO has confirmed swine flu to have spread to 135 countries, with 94,512 confirmed cases and 429 related deaths. As of August 31, 2009, 1,055 laboratory-confirmed cases of 31
swine flu and eight related deaths have been reported in the Indonesian archipelago. International measures relating to swine flu could cause disruptions in the flow of material goods and supplies in Asia. This could have a material adverse effect on our business. Growing regional autonomy creates an uncertain business environment for us and may increase our costs of doing business. In response to a rise in demand for and assertion of autonomy in local governments in Indonesia, the Government has recently devolved some autonomy to local governments, allowing the imposition by such local governments of taxes and other charges on businesses within their jurisdiction and often requiring local participation and investment in such businesses. Increased regional autonomy may increase regulation of our business, disrupt sources of raw materials, require organizational restructuring to be undertaken and increase taxes and other costs of doing business, all of which could have a material and adverse effect upon our business, prospects, financial condition, cash flows and results of operations. Labor activism and unrest may materially and adversely affect us. Laws and regulations which facilitate the forming of labor unions, combined with weak economic conditions, have resulted and may continue to result in labor unrest and activism in Indonesia. In 2000, the Government of Indonesia issued Law No. 21 of 2000, a labor union law allowing employees to form unions without employer intervention. In February 2003, a committee of the Indonesian parliament, the People’s Representative Council, Dewan Perwakilan Rakyat (“DPR”) passed Law No. 13 of 2003 (the “Labor Law”) which, among other things, increased the amount of severance, service and compensation payments to terminated employees. The Labor Law took effect in March 2003 and requires further implementation of regulations that may substantively affect labor relations in Indonesia. The Labor Law requires bipartite forums with participation from employers and employees and the participation of more than 50.0% of the employees of a company in order for a collective labor agreement to be negotiated and creates procedures that are more permissive to the staging of strikes. Under the Labor Law, employees who voluntarily resign are also entitled to payments for, among other things, (i) unclaimed annual leave; and (ii) relocation expenses. Employees have the right to refuse to continue their employment if there is a change of status, change of ownership, merger or consolidation of a company. Following the enactment, several labor unions urged the Indonesian Constitutional Court to declare the Labor Law unconstitutional and order the Government of Indonesia to revoke it. The Indonesian Constitutional Court declared the Labor Law valid except for certain provisions relating to, among others, (i) the right of an employer to terminate its employee who committed a serious mistake; and (ii) the imprisonment of, or imposition of a monetary penalty on, an employee who instigates or participates in an illegal labor strike or persuades other employees to participate in a labor strike. Labor unrest and activism in Indonesia could disrupt our operations, suppliers or contractors and could affect the financial condition of Indonesian companies in general, depressing the prices of Indonesian securities on the Indonesian Stock Exchange (“IDX”) and the value of the Rupiah relative to other currencies. Such events and any significant labor dispute or labor action that we or our contractors experience could have a material adverse affect on us. An appreciation in the value of the Rupiah may adversely affect our financial condition and results of operations. One of the most important immediate causes of the economic crisis which began in Indonesia in mid-1997 was the depreciation and volatility of the value of the Rupiah, as measured against other currencies, such as the Dollar. Although the Rupiah has appreciated considerably from its low point of approximately Rp. 17,000 per Dollar in January 1998, the Rupiah continues to experience significant volatility. See “Exchange Rates and Exchange Controls” for further information on changes in the value of the Rupiah as measured against the Dollar in recent periods. Changes in exchange rates have affected and may continue to affect our results of operations and cash flows. A substantial portion of our debt is denominated in Dollars. Most of our sales are also denominated in dollars. However, since a substantial portion of our costs, including raw materials costs and personnel expenses, are incurred in Rupiah, appreciation of the Rupiah against the Dollar has the effect of increasing our cost of sales as a percentage of total sales, thereby adversely affecting our margins and profitability. Indonesia relies heavily on funding from multinational lenders, and the inability to obtain such funding would have adverse consequences for Indonesia and us. In 1997, the Government sought financial assistance from the IMF to confront the economic crisis in Indonesia and, in October 1997, the IMF agreed to provide financial assistance to Indonesia contingent upon the implementation of numerous economic reforms such as undertaking asset sales and abolishing subsidies. The IMF disbursed funds to the Government from late 1997, although disbursements were from time to time delayed. The most recent disbursement by the IMF was in October 2003, when it disbursed approximately US$493.0 million to the Government. When the IMF withheld disbursement of funds, it 32
did so on the basis that the Government had not adequately complied with the terms of its then-current letter of intent, which imposed various conditions to funding such as the completion of certain asset sales and the implementation of various reforms. The Government discontinued its reliance on financial assistance from the IMF upon expiration of its extended fund facility arrangement at the end of 2003 and repaid the remainder of its debt to the IMF in 2005. Given the Government’s fiscal deficit and modest foreign exchange reserves, however, the discontinuance of the IMF facility could cause the Government to be unable to fund subsidies for staples such as food and fuel, which, in turn, could have serious political and social consequences. There can be no assurance that the Government will be able to obtain alternative funding to replace the funding previously provided by the IMF. In addition to the IMF, the World Bank has been an important source of funding for Indonesia. From 1967 through 2008, the World Bank financed approximately US$27.4 billion of development projects and programs in all sectors of the Indonesian economy. The World Bank’s lending program is subject to regular compliance reviews and can be reduced or withdrawn at anytime. The inability of the Government to obtain adequate funding as a result of the termination of the Government’s IMF program, a reduction or elimination of funding from the World Bank, or otherwise, could have adverse economic, political and social consequences in Indonesia, which, in turn, could have a material and adverse effect on our business, prospects, financial condition, results of operations and cash flows. Downgrades of credit ratings of Indonesia and Indonesian companies could materially and adversely affect us and the market price of the Notes. In 1997, certain recognized statistical rating organizations, including Moody’s and Standard & Poor’s, downgraded Indonesia’s sovereign rating and the credit ratings of various credit instruments of the Government and a large number of Indonesian banks and other companies. Currently, Indonesia’s sovereign foreign currency longterm debt is rated “Ba2” by Moody’s, upgraded from “Ba3” on September 16, 2009, “BB_” by Standard & Poor’s, upgraded from “B+” on July 26, 2006 and “BB” by Fitch, upgraded from “BB_” on February 14, 2008 and its short-term foreign currency debt is rated “NP” by Moody’s, “B” by Standard & Poor’s and “B” by Fitch. On June 11, 2009, Moody’s revised its outlook on the sovereign rating for Indonesia from stable to positive. These ratings reflect an assessment of the Government’s overall financial capacity to pay its obligations and its ability or willingness to meet its financial commitments as they become due. No assurance can be given that Moody’s, Standard & Poor’s, Fitch or any other statistical rating organization will not further downgrade the credit ratings of Indonesia or other Indonesian companies. Any such downgrade could have an adverse impact on liquidity in the Indonesian financial markets, the ability of the Government and Indonesian companies, including us, to raise additional financing and the interest rates and other commercial terms at which such additional financing is available and could have a material adverse effect on our business, financial condition, results of operations and prospects. Investors may have difficulty enforcing judgments of non-Indonesian courts against us or our management. Substantially all of our assets and operations are located in Indonesia. In addition, all of our commissioners and directors reside in Indonesia. As a result, it may be difficult for investors to effect service of process, including judgments, on us or our commissioners and directors outside Indonesia or in England, or to enforce against the Guarantors or our commissioners and directors judgments obtained in non-Indonesian courts, including judgments predicated upon the provisions of non-Indonesian securities laws. We have been advised by our Indonesian legal advisors that judgments of non-Indonesian courts are not enforceable in Indonesian courts. However, a foreign court judgment could be offered and accepted into non-conclusive evidence in a proceeding on the underlying claim in an Indonesia court as the Indonesian court may deem appropriate in its sole discretion. A claimant may be required to pursue claims in Indonesian courts on the basis of Indonesian law. There is doubt as to whether Indonesian courts will enter judgments in original actions brought in Indonesian courts predicated solely upon the civil liability of jurisdictions other than Indonesia. As a result, Holders of the Notes would be required to pursue claims against the Guarantors or their respective or its commissioners and directors in Indonesian courts. There can be no assurance that the claims or remedies available under Indonesian law will be the same, or as extensive, as those available in other jurisdictions.
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Indonesian corporate disclosure and governance standards differ from those of countries with more established securities markets. We are a public company in Indonesia and our capital stock is traded on the JSX and the SSX. Accordingly, we publish information about our business in accordance with stock exchange rules and Government regulations and are subject to corporate governance norms as established under Indonesian law and Government regulations and the rules of the JSX and the SSX. We are not subject to significant disclosure and corporate governance requirements under the laws or rules in any other country. Accordingly, our disclosure and corporate governance standards may not be as well developed as those of companies in the United Kingdom, United States or the European Union member states. Risks relating to the Notes and Guarantees Noteholders may be exposed to a legal system subject to considerable discretion and uncertainty; Noteholders may have difficulty pursuing claims under the Notes and the Guarantees. Indonesian legal principles relating to the rights of debtors and creditors and their practical implementation by Indonesian courts differ materially from those that would apply within the United States or the European Union. Neither the rights of debtors nor the rights of creditors under Indonesian law are as clearly established or recognized as under legislation or judicial precedent in most United States and European Union jurisdictions. In addition, under Indonesian law, debtors may have rights and defenses to actions filed by creditors that such debtors would not have in jurisdictions such as the United States and the European Union member states. Indonesia’s legal system is a civil law system based on written statutes; judicial and administrative decisions do not constitute binding precedent and are not systematically published. Indonesia’s commercial and civil laws were historically based on Dutch law as in effect prior to Indonesia’s independence in 1945, and some of these have not been revised to reflect the complexities of modern financial transactions and instruments. Indonesian courts may be unfamiliar with sophisticated commercial or financial transactions, leading in practice to uncertainty in the interpretation and application of Indonesian legal principles. The application of Indonesian laws depends upon subjective criteria such as the good faith of the parties to the transaction and principles of public policy, the practical effect of which is difficult or impossible to predict. Indonesian judges have very broad fact-finding powers and a high level of discretion in relation to the manner in which those powers are exercised. As a result, the administration and enforcement of laws and regulations by Indonesian courts and Indonesian governmental agencies may be subject to considerable discretion and uncertainty. Furthermore, corruption in the court system in Indonesia has been widely reported in publicly-available sources. See, for example, U.S. Department of State, Indonesia: Country Reports on Human Rights Practices (2008), Transparency International Corruption Perceptions Index (2008) and World Bank, Raising Investment in Indonesia; A Second Generation of Reforms (2005). In addition, under the Indonesian Civil Code, although a guarantor may ostensibly waive its right to require the obligee to exhaust its legal remedies against the obligor’s assets prior to the obligee exercising its rights under the related guarantee, a guarantor may be able to argue successfully that the guarantor can nonetheless require the obligee to exhaust such remedies before acting against the guarantor. No assurance can be given that an Indonesian court would give effect to the express waiver by the Guarantors of this obligation in the Guarantees. Under Indonesian law, parties to an agreement are free to choose the laws which govern their agreements provided that the law chosen has sufficient relationship with the agreement or the parties to that agreement and provided that the choice of law is not contrary to public policy in Indonesia. Subject to considerations of Indonesian public policy, the choice of English law as the governing law of the Notes, the Guarantees and the related transaction documents is a valid choice of law and Indonesian courts should honor this choice of law, provided that the courts will be in a position to determine the applicable rules of English law. A judgment of a non-Indonesian court will not be enforceable in Indonesia although such judgment could be admissible as non-conclusive evidence in proceedings on the underlying claim in an Indonesian court. However, in practice Indonesian courts from time to time have applied Indonesian law notwithstanding the choice of law provisions in the relevant documents. A non-Indonesian judgment may, however, be given such evidentiary weight as an Indonesian court considers appropriate. As a result, it may be difficult for Holders of the Notes to pursue a claim against us in Indonesia, which may adversely affect or eliminate entirely such Holders’ ability to obtain and enforce a judgment against us in Indonesia or increase their costs of pursuing, and the time required to pursue, claims against us.
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Should a Noteholder exercise its Redemption Right (as defined in Condition 6.1) under the Terms and Conditions of the Notes, we have the option to redeem the Notes either by delivering to the Noteholder the Indonesian Listed Shares and/or cash. We currently do not have any treasury shares and may not be able to obtain our shareholders’ approval for the issuance of new shares, in which event we will need to redeem the Notes in cash. Under Condition 6.1 of the “Terms and Conditions of the Notes”, Noteholders have the right to require the Issuer to redeem its Note at any time during the Redemption Period (as defined in Condition 6.1.1) in a minimum amount of US$100,000 and integral multiples of US$1,000 in excess thereof. If the Noteholder exercises the Redemption Right, we have the option to redeem the Notes either by way of delivering to the Noteholder (i) Indonesian Listed Shares (as defined in Condition 6.1.1) pursuant to the Share Settlement Option provided in Condition 6.1.3 and/or (ii) cash pursuant to the Cash Settlement Option provided in Condition 6.1.2. We currently do not have treasury shares for the purposes of issuing shares pursuant to the Share Settlement Option and any issuance of new shares will require our shareholders’ approval. Our shareholders may not approve the issuance of new shares for the purposes of redeeming the Notes pursuant to the Share Settlement Option, in which case we will need to redeem the Notes in cash pursuant to the Cash Settlement Option. Redemption of the Notes in cash will deplete our cash resources. We are subject to restrictive covenants that may limit our ability to finance their future operations and capital needs and to pursue business opportunities and activities. The Trust Deed will, among other things, restrict our and the Guarantors’ ability (where applicable) to: •
create or incur any mortgage, charge, pledge, lien, hypothecation, fiduciary security liens; and
•
consolidate or merge with other entities.
See “Terms and Conditions of the Notes”. These restrictions could limit our or the Guarantors’ ability to finance our future operations and capital needs and our ability to pursue business opportunities and activities that may be in their interest. Any future inability to incur additional debt could materially and adversely affect our business, financial conditions, results of operations and prospects. The Guarantees may be challenged under applicable financial assistance, insolvency or fraudulent transfer laws, which could impair the enforceability of the Guarantees. Under bankruptcy laws, fraudulent transfer laws, financial assistance, insolvency or unfair preference or similar laws in Indonesia, where the Guarantors are incorporated and where all of their significant assets are currently located (as well as under the law of certain other jurisdictions to which in certain circumstances the Guarantors may be subject), the enforceability of a guarantee may be impaired if certain statutory conditions are met. In particular, a guarantee may be voided, or claims in respect of a guarantee could be subordinated to all other debts of that guarantor, if the guarantor, at the time that it incurred the indebtedness evidenced by, or when it gives, its guarantee: •
incurred the debt with the intent to hinder, delay or defraud creditors or was influenced by a desire to put the beneficiary of the guarantee in a position which, in the event of the guarantor’s insolvency, would be better than the position the beneficiary would have been in had the guarantee not been given;
•
received less than reasonably equivalent value or fair consideration for the incurrence of such guarantee;
•
received no commercial benefit;
•
was insolvent or rendered insolvent by reason of such incurrence;
•
was engaged in a business or transaction for which the guarantor’s remaining assets constituted unreasonably small capital; or
•
intended to incur, or believed that it would incur, debts beyond its ability to pay such debts as they mature.
The test for insolvency, the other particular requirements for the enforcement of fraudulent transfer law, and the nature of the remedy if a fraudulent transfer is found, may vary depending on the law of the jurisdiction which is being applied. Under the laws of Indonesia, it would also be necessary for the directors to ensure that the guarantor is solvent immediately after entry into, and performance of any obligation under, the transaction, that is: 35
(a)
it will be able to satisfy its liabilities as they become due in the ordinary course of its business; and
(b)
the realizable value of the assets of the guarantor will not be less than the sum of its total liabilities other than deferred taxes, as shown in the books of account, and its capital.
The directors are required to ensure that the issued capital of the guarantor is maintained and that, after the giving of a guarantee, the guarantor would have sufficient net assets to cover the nominal value of its issued share capital. If a court voided the Guarantees, or held the Guarantees unenforceable for any other reason, then the Noteholders would cease to have a claim against the Guarantors based upon such Guarantees, and would solely be creditors of the Issuer. If a court subordinated the Guarantee to other indebtedness of a Guarantor, then claims under the Guarantee would be subject to the prior payment of all liabilities (including trade payables). We cannot assure you that, after providing for all prior claims, there would be sufficient assets to satisfy the claims of the Noteholders. The Trust Deed and certain other documents entered into in connection with the issuance of the Notes have been prepared in Bahasa Indonesia as required under Indonesian law. However, there can be no assurance that, in the event of inconsistencies between the Bahasa Indonesia and English language versions of these documents, an Indonesian court would hold that the English language versions of such documents would prevail. Pursuant to Law No. 24 of 2009 regarding Flag, Language, Coat of Arms and National Anthem enacted July 9, 2009 (“Law No. 24”), agreements between Indonesian entities and other parties must be set out in Bahasa Indonesia, which is the national language of Indonesia, save that where such party is a foreign entity or individual, the agreement may also be prepared in the language of such foreign party or in the English language. Law No. 24 does not expressly specify any consequences in the event that applicable agreements are not prepared in the Bahasa Indonesia language, and to date, no implementing regulations have been issued. The Trust Deed and certain other documents entered into in connection with the issuance of the Notes have been prepared in dual English and Bahasa Indonesia form as required under Law No. 24 and, pursuant to Law No. 24, each version will be considered equally original. Whilst these documents will expressly state that the Bahasa Indonesia versions are for informational purposes, there can be no assurance that, in the event of inconsistencies between the Bahasa Indonesia and English language versions of these documents, an Indonesian court would hold that the English language versions of such documents would prevail. Some concepts in the English language may not have a corresponding term in Bahasa Indonesia, or may not be fully captured by the Bahasa Indonesia version. If this occurs, there can be no assurance that the terms of the Notes, including the security for the Notes, will be as described in this Information Memorandum, or will be interpreted and enforced by the Indonesian courts as intended. We will require a significant amount of cash to meet the obligations under the Notes and to sustain our operations which we may not be able to generate or raise. Our ability to make scheduled principal (including mandatory redemption or optional redemption) or interest payments on our indebtedness, including under the Notes, and to fund our ongoing operations, will depend on our future performance and our ability to generate cash which, to a certain extent, is subject to general economic, financial, competitive, legislative, legal, regulatory and other factors, as discussed in this section, many of which are beyond our control. If our future cash flows from operations and other capital resources are insufficient to pay our debt obligations, including our obligations under the Notes or to fund other liquidity needs, we may be forced to sell assets, attempt to restructure or refinance our existing indebtedness. No assurance can be given that we would be able to accomplish any of these measures on a timely basis or on satisfactory terms or at all. There has been no prior market for the Notes, an active trading market for the Notes may not develop or be sustained, and the trading price of the Notes could be materially and adversely affected accordingly. The Notes are a new issue of securities for which there is currently no trading market. We cannot predict whether an active trading market for the Notes will develop or be sustained. If an active trading market were to develop, the Notes could trade at prices that may be lower than the initial offering price. The price at which the Notes trade depends on many factors, including, but not limited to: •
prevailing interest rates and the markets for similar securities;
•
general economic conditions;
•
our financial condition, historical financial performance and future prospects; and
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•
the interest of securities dealers in making a market for the Notes.
If an active market for the Notes fails to develop or be sustained, the trading price of the Notes could be materially and adversely affected. Approval in-principle has been received for the listing of the Notes on the SGX-ST. However, no assurance can be given that we will be able to obtain or maintain such listing or that, if listed, a trading market will develop. We do not intend to apply for listing of the Notes on any securities exchange other than the SGX-ST. Lack of a liquid, active trading market for the Notes may adversely affect the price of the Notes or may otherwise impede a Holder’s ability to dispose of the Notes. Historically, the market for non-investment grade debt has been subject to disruptions that have caused substantial volatility in the prices of such securities. There can be no assurance that the market for the Notes will not be subject to similar disruptions. Any such disruption may have an adverse effect on Noteholders. Indonesian tax rulings may adversely affect us by increasing withholding tax payable on our interest payments under the Notes. On 5 November 2009, the Indonesian Director General of Taxation (“DGT”) issued two regulations which are designed to combat tax treaty abuse, i.e. DGT Regulation No. 61/PJ./2009 (“DGT- 61”) regarding the administrative procedures to apply a double tax treaty and DGT Regulation No. 62/PJ./2009 (“DGT-62”) regarding the avoidance of double tax treaty abuse. Both new regulations are effective starting 1 January 2010. These new regulations set out stringent anti treaty abuse tests and administrative requirements to be satisfied. In general, to obtain tax treaty benefits, the non resident income recipients must be able to demonstrate that they are the beneficial owners of such income. An agent, a nominee, and a conduit company are not regarded as a beneficial owner. In addition, as part of the administrative requirements to be able to obtain tax treaty benefits, the non resident income recipients must provide the payer of income their certificate of tax domicile in the prescribed form acceptable by the DGT (commonly referred as Form DGT 1 or Form DGT 2). The requirements stated in the DGT Forms must be satisfied to enable the tax treaty benefits to apply. Failure to comply with the conditions means that Indonesian withholding tax will apply at the statutory rate of 20.0%. We will be required to deduct and pay to the Government withholding tax at the statutory rate of 20.0% on interest payable under the Notes offered herein. The terms of the Notes offered herein would require us to gross up payments to the Note holders for any withholding tax so deducted. An increase in the amount of withholding tax payable on interest payments under the Additional Notes to the statutory rate of 20.0% could have a material adverse effect on our business, financial condition and results of operations. Failure by the Issuer and the Guarantors to create and perfect the Second Security over their respective immoveable assets within the time periods stipulated for the perfection of such security will not result in an event of default but only in allowing the Noteholders to have the option to return the Notes held by such Noteholder for cancellation. Until such security is perfected, the Notes are unsecured. The Issuer and the Guarantors have agreed to create and perfect the Second Security over their respective immoveable assets, within 90 days after the Issue Date, provided that the Issuer shall not be obliged to pay consent fees to holders of the 2006 Notes for an amount exceeding 0.5% of the aggregate outstanding principal amount of the 2006 Notes as consideration for such holders to provide their consent to the creation of the Second Security. If the Second Security is not created or perfected within the time period stipulated, Noteholders will not be entitled to declare an event of default or accelerate payment under the Notes. The only result is that the Noteholders will have the option to return the Notes to the Issuer for cancellation and treat the sale and purchase of the Notes between the Issuer and the Noteholder as void ab initio. See “Terms and Conditions of the Notes — Guarantee and Status — Status”. We had on 12 April 2010 sought consents from the holders of the 2006 Notes for the purposes of, inter alia, creating and perfecting the Second Security (the “Consent Solicitation”). The Consent Solicitation is scheduled to expire on 3 May 2010. Until the Second Security is created and perfected, the Notes are unsecured. The Second Security, if created, will rank junior to the First Mortgages. Further, Noteholders may not while the Second Security is in force, commence any enforcement action upon the occurrence of an event of default under the Notes, except after the 2006 Noteholders. Consequently, the sale of the immoveable assets may be insufficient to satisfy our debt in the event of a default. The obligations of the Issuer and the Guarantors under the 2006 Notes are secured by way of legal mortgage over the immoveable assets of the Issuer and the Guarantors pursuant to the Deeds of Mortgage (Hak Tanggungan) (the “First Mortgages”). The Second Security, if created, will rank junior in priority to the existing security over the immoveable assets of 37
the Issuer and the Guarantors pursuant to the First Mortgages. As a condition under the Second Security, the Holders shall not while any Second Security is in force, commence any enforcement action in relation to the Second Security upon the occurrence of an event of default under the Notes, except after the commencement of an enforcement action by the 2006 Noteholders. There is uncertainty as to whether security interests in Indonesia can be enforced in full and in accordance with their terms. The immoveable assets of the Issuer and the Guarantors securing the Issuer’s and the Guarantors’ obligations in respect of the Notes under the Second Security, if created, are located in Indonesia and will be subject to respective Indonesian law (the “Indonesian Security Documents”). There is uncertainty as to whether the Indonesian Security Documents can be enforced in full and in accordance with their terms for several reasons, including: •
The ability of the Trustee and the security agent to enforce their rights under the Indonesian Security Documents will depend on whether an Indonesian court is willing to recognize and enforce the principal debt obligations represented by the Trust Deed or Indonesian Security Documents. Accordingly, enforcement of claims will be subject to an Indonesian court accepting English law as the governing law of the Notes, the Guarantees and the Trust Deed or, alternatively, to an Indonesian court’s interpretation of the English law trust principles contained in the Trust Deed were Indonesian law to be applied. Indonesian courts have, in practice from time to time, disregarded the parties’ choice of foreign law and applied Indonesian law in such cases, and there can be no assurance that an Indonesian court would apply English law in any proceedings relating to the enforcement of the Notes, the Guarantees or Trust Deed.
•
Judgments of foreign courts, including English courts, are not enforceable in Indonesia. As a result, the Trustee or an agent of the Trustee may be required, prior to the enforcement of the Indonesian Security Documents, to pursue claims based upon the Notes, the Guarantees and the Trust Deed through the Indonesian courts.
•
The enforcement of the Indonesian Security Documents will be subject to the rules of civil procedures and/or public auction procedures as applied by the Indonesian courts, which rules include court and state auction agency fees being payable in respect of proceedings instituted on the basis of the Indonesian Security Documents. Specific performance may not always be available under the laws of Indonesia.
•
The security to be created by the Indonesian Security Documents will be subject to higher ranking priority rights created by statute, including rights created pursuant to Articles 1137 and 1139 of the Indonesian Civil Code (burgerlijk wetboek) in respect of claims made by the Government such as tax claims of the Indonesian State Treasury and court and other administrative costs relating to enforcement of the Indonesian Security Documents and costs to safeguard the relevant secured assets.
If the Second Security is created and perfected, and in the event that we default on our obligations under the 2006 Notes and/or under the Notes, Holders of the Notes will have to rely on the enforcement of the security and sale of the immoveable assets of the Issuer and the Guarantors for re-payment of any amounts due on the Notes. The proceeds from the enforcement of the security may not be sufficient to satisfy the Issuer’s obligations under the Notes. The amount of the proceeds will depend on a number of factors, including the market value of the immoveable assets of the Issuer and the Guarantors at the time of enforcement, the jurisdiction in which the enforcement action or sale is completed, the condition of the immoveable assets, and the Trustee’s (or its agents) ability to dispose of the security to a willing purchaser. If an event of default with respect to the 2006 Notes and/or the Notes were to occur, our ability to realize such value upon the sale of the immoveable assets and to satisfy our obligations with respect to the Notes will depend upon the extent of the indebtedness due under the 2006 Notes, market and economic conditions, the physical condition of the immoveable assets, the availability of buyers and other similar facts at the time of sale. Accordingly, there can be no assurance that the proceeds of any sale of the immoveable assets following an event of default under the Notes would be sufficient to satisfy payments due on the Notes. Furthermore, Second Security ranks junior in priority to the First Mortgages. If the proceeds from a sale of the immoveable assets are not sufficient to satisfy payments due on the 2006 Notes, the Holders of the Notes (to the extent not repaid from the proceeds of the sale of the immoveable assets) will have only unsecured claims against our remaining assets. The security will not be granted directly to the Noteholders. The security for the obligations of the Issuer under the Notes, the Trust Deed and the Guarantees will not be granted directly to the Noteholders but will only be granted in favor of the security agent. As a consequence, Noteholders will not have direct security and will not be entitled to take enforcement action in respect of the security for the Notes and the Guarantees 38
except through the security agent and the Trustee, who has agreed to apply any proceeds of enforcement on such security towards such obligations. In addition, other than the Indonesian capital markets regulations, Indonesian law does not recognize the concept of trustee, including without limitation, the relationship of trustee and beneficiary or other fiduciary relationships. Accordingly, enforcement of the provisions granting security in favor of third party beneficiaries and otherwise relating to the nature of the relationship between a trustee (in its capacity as such) and the beneficiaries of a trust, in Indonesia will be subject to an Indonesian court accepting the concept of trustee under English law and accepting proof of the application of equitable principles under such security documents. We may not be able to finance a change of control triggering event offer. Under the terms of the Trust Deed, upon the occurrence of specified change of control events, we are required to offer to repurchase all outstanding Notes for cash at a price of 100% of their principal amount plus the Redemption Premium (as defined in Condition 8.11.7), together with any accrued interest and any amounts due under the Notes. In connection with our repurchase of the Notes, we may be required to repay all or a portion of our other outstanding debt, if such debt has a similar change of control provision, or obtain consents from the lenders of our outstanding debt to permit the repurchase of the Notes. If we are unable to repay such debt or obtain such consents, we can either repurchase the Notes in violation of these other debt agreements or choose not to repurchase the Notes. The source of funds for any such purchase would be our available cash or third-party financing. However, we may not have enough available funds at the time of the occurrence of a change of control event to make purchases of tendered outstanding Notes. The failure to repurchase the Notes would be an event of default under the Trust Deed. This event of default may, in turn, constitute an event of default under other indebtedness, any of which could cause the related debt to be accelerated after any applicable notice or grace periods. If our other debt were to be accelerated, we may not have sufficient funds to repay the Notes and repay the debt. We cannot assure you that we would have sufficient funds available at the time of a change of control event to make any debt repayment, including a repurchase of the Notes, as described above. See “Terms and Conditions of the Notes — Redemption, Purchase and Cancellation — Cash Redemption for Change of Control” for a description of the specified change of control events. Also, upon a change of control, we may be required to repurchase the outstanding 2006 Notes under equivalent provisions in the 2006 Notes at the same time, as or prior to, repurchasing any of the Notes. We may not have sufficient funds to satisfy such obligations and to repurchase the Notes as required by the terms and conditions of the Notes. In addition, the definition of a change of control for purposes of the Trust Deed does not necessarily afford protection for the Note holders in the event of some highly leveraged transactions, including certain acquisitions, refinancings, restructurings or other recapitalizations, although these types of transactions could increase our indebtedness or otherwise affect our capital structure or our or the Issuer’s credit ratings and the Holders of the Notes. The definition of “change of control” for purposes of the Trust Deed also includes a phrase relating to the sale of “all or substantially all” of our assets. There is no precise established definition. Accordingly, our obligation to make an offer to purchase the Notes, and the ability of an existing Noteholder or a Noteholder to require us to purchase its Notes pursuant to the offer as a result of a highly leveraged transaction or a sale of less than all of our assets may be uncertain. Investment in the Notes may subject you to foreign exchange risks. The Notes are denominated and payable in U.S. dollars. If you measure your investment returns by reference to a currency other than U.S. dollars, an investment in the Notes entails foreign exchange-related risks, including possible significant changes in the value of the U.S. dollars relative to the currency by reference to which you measure your investment returns, due to, among other things, economic, political and other factors over which we have no control. Depreciation of the U.S. dollar against the currency by reference to which you measure your investment returns could cause a decrease in the effective yield of the Notes below their stated coupon rates and could result in a loss to you when the return on the Notes is translated into the currency by reference to which you measure your investment returns. In addition, there may be tax consequences for you as a result of any foreign exchange gains resulting from any investment in the Notes. It may not be possible for the Trustee to take certain actions. The Notes and the Trust Deed provide for the Trustee to take action on behalf of the Noteholders in certain circumstances, but only if the Trustee is indemnified to its satisfaction. It may not be possible for the Trustee to take certain actions and accordingly in such circumstances the Trustee will be unable to take such actions, notwithstanding the provision of an indemnity to it, and it will be for the Noteholders to take such actions directly.
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USE OF PROCEEDS Part of the net proceeds of the US$77,336,000 in principal amount of the Existing Notes has been used to acquire further interests in Agri International Resources Pte Ltd and Indogreen International Limited, and the remaining net proceeds of the Existing Notes and the Additional Notes will be used for other potential acquisitions, and the purchase of debt securities as well as for general working capital purposes and general corporate purposes. The amount and timing of any expenditure we may make with the proceeds of the Notes may vary depending on the amount of cash generated by our operations, competitive developments, and negotiations with third parties, Government regulation, acquisition opportunities, and other developments affecting our business.
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EXCHANGE RATES AND EXCHANGE CONTROLS Exchange Rates Bank Indonesia is the sole issuer of the Indonesian Rupiah and is responsible for maintaining the stability of the Indonesian Rupiah. Since 1970, Indonesia has implemented three exchange rate systems: (i) a fixed rate between 1970 and 1978, (ii) a managed floating exchange rate system between 1978 and 1997 and (iii) a free-floating exchange rate system since August 14, 1997. Under the second system, Bank Indonesia maintained the stability of the Indonesian Rupiah through a trading band policy, pursuant to which Bank Indonesia would enter the foreign currency market and buy or sell Indonesian Rupiah, as required, when trading in the Indonesian Rupiah exceeded bid and offer prices announced by Bank Indonesia on a daily basis. On August 14, 1997, Bank Indonesia terminated the trading band policy and permitted the exchange rate for the Indonesian Rupiah to float without an announced level at which it would intervene, which resulted in a substantial decrease in the value of the Indonesian Rupiah relative to the U.S. dollar. Under the current system, the exchange rate of the Rupiah is determined solely by the market, reflecting the interaction of supply and demand in the market. Bank Indonesia may take measures, however, to maintain a stable exchange rate. The following table shows the exchange rate of Indonesian Rupiah to U.S. dollars based on the middle exchange rates at the end of each month or day, as the case may be, during the periods indicated. The Indonesian Rupiah middle exchange rate is calculated based on Bank Indonesia’s buying and selling rates. We make no representation that the U.S. dollar amounts referred to in this Information Memorandum could have been or could be converted into Indonesian Rupiah at the rate indicated or any other rate, or at all.
Low(1) 2005............................................................................ 2006............................................................................ 2007............................................................................ 2008............................................................................ 2009............................................................................ November 2009 .......................................................... December 2009 .......................................................... January 2010 .............................................................. February 2010 ............................................................ March 2010 ................................................................ __________
9,133 8,720 8,828 9,051 9,293 9,403 9,400 9,130 9,280 9,070
High(1) 10,800 9,795 9,419 12,151 12,065 9,610 9,505 9,408 9,413 9.313
Exchange rates Average(1) (Rp. per US$) 9,712 9,141 9,164 9,757 10,398 9,470 9,458 9,275 9,348 9,174
Period end 9,830 9,020 9,419 10,950 9,400 9,480 9,400 9,365 9,335 9,115
Source: Statistik Ekonomi dan Keuangan Indonesia (Indonesian Financial Statistics) published monthly by Bank Indonesia, Internet website of Bank Indonesia, available at: http://www.bi.go.id/web/en/Moneter/Kurs+Bank+Indonesia/Kurs+Transaksi/ Notes: (1) For full years, the high and low amounts are determined, and the average shown is calculated, based upon the middle exchange rate announced by Bank Indonesia on the last day of each month during the year indicated. For each month, the high and low amounts are determined, and the average shown is calculated, based on the daily middle exchange rate announced by Bank Indonesia during the month indicated.
The middle exchange rate on 28 February 2010 was Rp. 9,335 = US$1.00. The Federal Reserve Bank of New York does not certify for customs purposes a noon buying rate for cable transfers in Indonesian Rupiah. Exchange Controls Indonesia has limited foreign exchange controls. The Rupiah has been, and in general is, freely convertible within or from Indonesia. However, to maintain the stability of the Rupiah, and to prevent the utilization of the Rupiah for speculative purposes by non-residents, Bank Indonesia has introduced regulations to restrict the movement of Rupiah from banks within Indonesia to offshore banks, an offshore branch of an Indonesian bank, or any investment denominated in Rupiah with foreign parties and/or Indonesian parties domiciled or permanently residing outside Indonesia, thereby limiting offshore trading to existing sources of liquidity. In addition, Bank Indonesia has the authority to request information and data concerning the foreign exchange activities of all persons and legal entities that are domiciled, or who plan to be domiciled in Indonesia for at least one year. Bank Indonesia regulations also require companies that have total assets or total annual gross revenues of at least Rp. 100 billion to report to Bank Indonesia all data concerning their foreign currency activities, if the relevant transaction is not conducted via a domestic bank or domestic non-bank financial institution (for example, insurance companies, securities companies, finance companies, or venture capital companies). However, if the transaction is conducted via a domestic bank 41
and/or domestic non-bank financial institution, the requirement to report to Bank Indonesia is imposed instead on the relevant domestic banks or non-bank financial institutions that carried out the transaction. The transactions that must be reported include receipt and payment through bank accounts outside of Indonesia. Bank Indonesia also introduced Bank Indonesia Regulation No. 10/28/PBI/2008 dated November 12, 2008, that limits the conversion of the Rupiah into foreign currency to a maximum of US$100,000 per month. Any foreign exchange conversion that exceeds such maximum limit must be based on an underlying transaction and supported by underlying transaction documents. Further, the maximum amount of such foreign exchange conversion cannot exceed the value of the underlying transaction.
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CAPITALIZATION The following table sets forth the unaudited cash and cash equivalents, total debt, stockholders’ equity and capitalization of the Issuer as of 31 December 2009 as determined under Indonesian GAAP and as adjusted to give effect to the issue of the Notes and the application of the net proceeds thereof. You should read this table in conjunction with our consolidated financial statements and the related notes thereto included elsewhere in this Information Memorandum; and the sections in this Information Memorandum entitled “Use of Proceeds”. As of 31 December 2009 As Adjusted (1)(2) (US$) (Rp.) (US$) (Rp. in billions and US$ in millions) 0.02 0.17 0.02
Actual (Rp.) 0.17
Cash and cash equivalents ................................ Debt: Existing credit facility
282.00
30.00
282.00
0.38
0.04
0.38
30.00 0.04
1,504.00 -
160.00
1,504.00
160.0
728.50
77.5
1,786.38
190.04
211.50 2,726.55
22.5 290.04
2,669.84 4,456.06
284.03 474.05
7,633.59 10,359.80
812.08 1,102.11
Capital and operating leases ............................. Senior secured notes issued .............................. Existing Notes issued........................................ Additional Notes that may be issued pursuant to the exercise of the option granted to Arch Advisory ....................................................... Total debt(1) ................................................. Stockholders’ equity ....................................... Total capitalization ..................................... __________
-
Notes:
(1)
Taking into account the completion of the rights offering on 24 February 2010 and the issue of US$100,000,000 of the Notes and assumes net proceeds of Rp 5,904 million.
(2)
Based on the middle exchange rate announced by Bank Indonesia as of 31 December 2009 of Rp. 9400 = US$1.00.
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SELECTED CONSOLIDATED HISTORICAL FINANCIAL AND OPERATING DATA The following table sets forth our selected consolidated historical financial and operating data. The selected historical financial data set forth below for the years ended 31 December 2007, 2008 and 2009 have been derived from our audited financial statements, which are included elsewhere in this Information Memorandum. The historical financial data for the years ended 31 December 2007 and 2008 have been audited by Doli, Bambang, Sudarmadji & Dadang (an independent member of BKR International) and the consolidated financial statements for the year ended 31 December 2009 included in this Information Memorandum have been audited by Tjiendradjaja & Handoko Tomo (Mazars). You should read the selected consolidated historical financial data presented below in conjunction with the consolidated financial statements and the related notes thereto that are contained elsewhere in this Information Memorandum. Years Ended 31 December 2008 2009 2009 2007 (Rp.) (Rp.) (Rp.) (US$) (Rp. in billions and US$ in millions, except where otherwise indicated) Income Statement Data: Net Sales ................................................. Gross Profit............................................. Selling, general and administrative expenses.................................................. Operating income.................................... Net income..............................................
1,755.3 661.0
2,931.4 1,022.0
2,325.3 672.5
223.6 64.6
167.9 493.1 206.6
262.3 759.7 173.6
202.2 470.3 252.8
19.4 45.2 24.3
Other Financial Data: EBITDA(2)............................................... Depreciation and amortization ................ Capital expenditures ...............................
578.4 85.2 510.1
853.8 94.1 84.4
597.3 126.9 6.4
57.4 12.2 0.6
Other Data: Sales Volume: Rubber (‘000 tonnes) .............................. CPO (‘000 tonnes) ..................................
29.5 211.9
29.1 272.8
29.2 279.8
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As of 31 December 2009 (US$)(1) (Rp.) (Rp. in billions and US$ in millions) Balance Sheet Data: Cash and cash equivalents .................................................... Plantations............................................................................. Property and equipment, net ................................................. Total assets ............................................................................... Total debt.................................................................................. Total liabilities.......................................................................... Total stockholders’ equity ........................................................ __________
167.3 1,531.3 687.5 5,071.8 1,741.3 2,401.1 2,669.8
17.8 162.9 73.1 539.5 185.2 255.4 284.0
Note: (1) Based on the middle exchange rate announced by Bank Indonesia as of 31 December 2009 of Rp. 9400 = US$1.00. (2)
We use EBITDA to provide additional information about our operating performance. EBITDA refers to our earnings before the following items:
depreciation and amortization;
interest income/expense;
income tax expense; and
other non-operating income/expense.
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EBITDA is not a standard measure under Indonesian GAAP and may not be comparable to similarly titled measures reported by other companies due to potential inconsistencies in the method of calculation. As our business is capital intensive, capital expenditure requirements and levels of debt and interest expenses may have a significant impact on our net income as well as on the net income of companies with similar operating results. As a measure of our operating performance, we believe that the most directly comparable Indonesian GAAP measure to EBITDA is net income. We have included EBITDA in addition to net income because we believe it is an indicative measure of our operating performance and is used by investors and analysts to evaluate companies in our industry. Also, net income includes many accounting items associated with capital expenditures, such as depreciation, as well as non-operating items, such as interest income and interest expense and foreign exchange gains and losses. These accounting items may vary between companies depending on the method of accounting adopted by each company. Funds depicted by EBITDA may not be available for debt service due to covenant restrictions, capital expenditure requirements and other commitments. The following table reconciles our net income under Indonesian GAAP to EBITDA (as defined by us) for the periods indicated:
2007 (Rp.) EBITDA ................................................................. Adjustments: Depreciation and amortization ............................ Interest and financial expenses ........................... Income tax (expense) benefit .............................. Other income (expenses), net.............................. Extraordinary items............................................. Third party interests in net losses (earnings) of consolidated subsidiaries............................. Net income.............................................................
578.4 (85.2) (157.1) (90.6) (23.0) (15.9) 0.19 206.6
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Years Ended 31 December 2008 2009 (Rp.) (Rp.) (Rp. in billions and US$ in millions) 853.8 597.3 (94.1) (188.9) (106.2) (292.1) 1.2 (0.01) 173.6
(126.9) (193.1) (115.2) 103.5 (12.9) 0.101 252.8
2009 (US$) 57.4 (12.2) (18.5) (11.0) 9.9 (1.2) 0.009 24.31
INDUSTRY OVERVIEW The Rubber Industry Product Description Rubber is an elastic hydrocarbon polymer that occurs initially as a milky emulsion (known as latex) in the sap of trees, primarily Hevea brasiliensis. However, rubber can also be produced synthetically from petroleum and other minerals. About two-thirds of natural rubber production in the world is used for making tires. The remaining is for latex products like gloves and condoms, engineering products like hoses and engine mountings, footwear like shoe soles and slippers, adhesive and other products such as upholstery, mattresses, carpets, rubber bands, pencil erasers, medical catheters and electrical insulation. Natural rubber has properties that cannot be substituted by synthetic rubber. Only natural rubber has the capacity to dissipate heat generated during tire operation, and withstand low temperatures while maintaining its flexible properties. Natural rubber offers superior elasticity compared to synthetic rubber and its utilization in some parts of the tire is irreplaceable. The largest of these is truck tires, which account for an estimated one-third of total natural rubber consumption, as they contain up to 80.0% natural rubber. Other important uses are aerospace tires and earthmover tires. Passenger car tires also include natural rubber, at a lower concentration, but still account for a significant percentage of natural rubber use given their large quantity. Rubber exports from Indonesia take various forms, including industrial raw materials (sheet crumb rubber and Standard Indonesian Rubber, or “SIR”) and derivative products such as tires, their components, etc. Supply and Demand Southeast Asia is the world’s main producer of natural rubber, aided in part by its tropical climate, available land and inexpensive labor. The adverse global economic conditions that occurred in the recent years is likely to affect the demand for natural rubber. For example, automobile manufacturers have generally decreased their production of vehicles, which in turn contributed to the decrease in demand for natural rubber. In 2009, the total supply of natural rubber in the member countries of the Association of Natural Rubber Producing Countries fell 5.1% to 8.686 million tonnes during the 12 months ended December 2009 from 9.150 million tonnes in the previous year. However, the Issuer believes that demand for natural rubber may increase on the basis that China and India will increase their production of automobiles, which in turn will generate demand for natural rubber, as one of the raw materials used to create tyres. Natural Rubber Price Recent drivers of natural rubber prices have included the following: A sharp rise in crude oil prices. Synthetic rubber, the closest substitute to natural rubber, is created from two materials, styrene and butadiene. Both materials are currently obtained from crude oil. Given the increase in the price of crude oil, the price of synthetic rubber has also been increasing. Surge in demand from China and Malaysia. China’s consumption of natural rubber grew at an annualized rate of 16.7% in the third quarter and 30.2% in the fourth quarter of 2009. Malaysia also increased its import of natural rubber. Fall in global supply. As a result of the wintering, there is a continued decrease in the global supply of natural rubber. The Palm Oil Industry Product Description Palm oil is a form of edible vegetable oil obtained from the fruit of the oil palm Elaies guineensis. Cultivated oil palms generally grow to be about 10 to 12 meters tall and are replanted after 25 years when they reach about 12 meters in height, as this presents difficulty in harvesting and yields begin to decline. Oil palms are insect pollinated.
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Supply and Demand Palm oil is a commodity that is internationally traded. The demand for palm oil is estimated to increase, and factors affecting such demand includes: Increasing demand for biodiesel. Biodiesel is a renewable fuel for diesel engines derived from vegetable oils, which can be mixed with petroleum-based fuel to power standard diesel engines. Global government initiatives aimed at establishing standards for renewable fuels, as well as private sector investments in replacing petroleum raw materials with renewable resources will play increasing roles in the growth of vegetable oils. Palm oil is one of the raw materials used for the manufacture of biodiesel. Concerns over the harmful effect of trans fatty acids in soybean oil. Trans-fatty acid has been linked with heart disease and measures taken by governments in developed countries (such those taken by the United States Government requiring all manufacturers to put the trans-fatty acid content in every food label) has driven more food manufacturers to switch to palm oil as a substitute to soybean oil. Rising global consumption of vegetable oils. This increase, primarily related to confectionary products (baked goods), soaps and cooking oils, is due to (i) rising population, (ii) increasing GDP per capita, and (iii) low per capita consumption in countries outside the United States and the European Union, which will increase as incomes rise in those countries.
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BUSINESS Overview We are one of Indonesia’s oldest producers of natural rubber, its single largest latex producer, and one of its leading CPO producers. The Issuer’s shares have been listed on the JSX and the SSX since May 1990. The Issuer had a market capitalization of Rp. 6,753.8 billion (US$723.5 million) as of 28 February 2010. As of 31 December 2009, we own 18,042 hectares of plantation devoted to the cultivation of rubber and 48,519 hectares of nucleus oil palm plantation which has produced and 1,596 hectares of non-producing plantation. We also manage 12,698 hectares of plantation that is owned by neighboring farmers. We have been operating rubber plantations in Indonesia since 1911. Our natural rubber products are of prime quality and are sold domestically as well as in North and South America, Europe and Asia. Our natural rubber products are used in the production of automobile and aerospace tires, automobile parts, latex examination and surgical gloves, medical equipment, footwear and various adhesives. We expanded our operations in 1990 to include oil palm plantations. Our CPO is mainly sold in the domestic market. CPO is primarily refined into cooking oil. We are one of the few plantation companies in Southeast Asia that offer a balanced exposure to rubber and palm oil, with rubber representing 20% of our 2009 net sales and palm oil and derivatives representing the remaining 80% of our 2009 net sales. We attribute the strength of our business largely to our diversified platform, which is aimed at ensuring a profitable supply of rubber and palm oil at favorable prices in a wide range of market conditions. In 2009, our rubber plantations produced over 26,875 tonnes of rubber. Since 1992, we have invested approximately US$7.2 million to convert 6,000 hectares of our rubber plantations and production facilities to oil palm plantations in order to take advantage of the growing demand for palm oil as the premier vegetable-based oil. In 2009, our oil palm plantations produced over 752,000 tonnes of fresh fruit bunches (“FFB”). We believe that our replanting strategy allows us to continue to create long-term sustainable growth for both our rubber and palm oil production businesses. Our History and Development Our Issuer was founded in 1911, and was originally named “NV Hollandsch Amerikansche Plantage Maatschappij”. Our plantation in Kisaran, North Sumatra, is one of the oldest rubber plantation companies in Indonesia. We have been listed on the JSX and SSX since May 1990, offering 30.0% of our outstanding shares to the public under the name “United Sumatera Plantations,” after the acquisition of that company by our parent, PT Bakrie & Brothers Tbk., from Uniroyal Sumatera Plantations in 1986. We changed our name to “PT Bakrie Sumatera Plantations” in 1992. Although we began our operations as a rubber plantation company, in 1990, like many Indonesian rubber plantations, we vertically integrated our operations to expand into palm oil production, in our case through the establishment of BPP in West Sumatra, and the acquisition of Agrowiyana in Central Sumatra in 1991. In 1992 we converted 6,000 hectares of our rubber plantations in North Sumatra, into oil palm plantations. Subsequently, we directly or indirectly acquired a 100% interest in HIM, a rubber plantation in South Sumatra with 3,669 hectares of mature rubber plantations, a 100% interest in AMM, an oil palm company in Central Sumatra operating a palm oil mill with a capacity of 60 tonnes per hour and a 100% interest in AM, a rubber plantation in South Sumatra with 2,184 hectares of mature rubber plantations and a rubber processing factory with the capacity to produce approximately 2,000 tonnes of RSS annually. As of 31 December 2009, we have 66,560 hectares of planted land, 48,519 hectares of palm oil plantations (66.16)% mature) and 18,042 hectares of rubber plantations (80.0% mature). We currently have three wholly-owned oil palm plantations (BSP Kisaran, BPP and Agrowiyana) and three whollyowned rubber plantations (BSP Kisaran, HIM and AM). Each of BPP and AMM, BSP Kisaran operates a CPO mill. Each of the integrated rubber plantations has their own rubber factories as well. By having our own CPO mills and rubber factories, we are able to ensure timely processing of FFB and latex to produce high quality products and reduce transportation costs to faraway mills and factories, while minimizing thefts en route to factories and mills outside plantation areas, and eliminate discounts demanded by millers for smaller FFB. For a further description of our facilities, see “ — Property and Facilities” below. We were accredited ISO 9001:2000 and ISO 14001:1996 in addition to being awarded “The Best Public Listed Company” in 2004 by SWA Magazine, MAKSI FE Universitas Indonesia, MarkPlus & Co. We were awarded the 3rd and 5th Best Annual Report Award for the category of public listed company in the fiscal year 2004 and 2009 respectively by the joint committee from the Ministry of State-owned Company, BAPEPAM, the JSX, Directorate General of Tax, Bank of Indonesia, National Committee on Governance and Indonesian Accountant Association.
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Our Product Segments Well-balanced exposure to both rubber and palm oil. We originally started as a rubber plantation company in Indonesia in 1911. In 1990, we entered the palm oil business by establishing a plantation in West Sumatra. Subsequently, we acquired a palm oil company in Central Sumatra and began converting hectares of our existing rubber plantations into oil palm plantations. As of 31 December 2009, we own 18,042 hectares of plantation devoted to the cultivation of rubber and 48,519 hectares of nucleus oil palm plantation which has produced and 1,596 hectares of non-producing plantation, and we manage 12,698 hectares of plantation which is owned by neighboring farmers. Because rubber and palm oil prices typically move in opposite price trends, we believe that we are insulated from any prolonged weakness in any one market. We are one of the few plantation companies in Southeast Asia that offer a balanced exposure to rubber and palm oil, with rubber representing 20% of our 2009 net sales and palm oil and derivatives representing the remaining 80% of our 2009 net sales. Our main products include CPO and its derivatives, and various natural rubber products, including cream and centrifuged latex and crumb rubber. With a core business in rubber plantations, we produce natural rubber with various product types and quality. The acquisition of HIM allowed us to add RSS to our product range to include nearly all major rubber products: latex (centrifuged and cream), crumb rubber, RSS and BSR. We also produce high quality concentrated latex and Technically Specified Rubber (“TSR”) in Indonesia. Rubber – Overview We have owned rubber plantations since 1911, and the tradition continues to this day. Our rubber plantations in Kisaran, North Sumatra, now represent the third generation of such operations. We undertake a structured rubber tree replanting program, replanting each tree when it reaches the age of 25 years. This program is designed to produce rubber trees of the highest quality, and is achieved by using high quality seeds, intensive selection during the cultivation of seedlings, and the application of management and fertilizer processes that ensures optimum growth so that harvesting can commence within a period of less than four years. We operate 48,519 hectares of mature rubber plantations. We also have 2,844 hectares of immature rubber plantations. Approximately 64.9% of our rubber plantations are located in Kisaran, North Sumatra, and the remaining 35.1% are in Lampung and Bengkulu, South Sumatra. About 53% of our rubber trees are at their prime age of six to 20 years old, 20% are less than six years old and considered immature, and 27% are more than 20 years old and considered past their prime production age. Rubber trees typically start producing at the age of five, with yields peaking in the 7 to 21 age bracket before declining. Replanting is usually required when trees are 25 years old. The following table shows the age profile of our rubber trees:
Hectares..................................... Percent (%)................................
Age Profile of Rubber Trees (in years) 11-15 16-20 21-25
0-5
6-10
3,574 20%
3,228 18%
2,467 14%
3,952 22%
4,820 27%
Total 18,042 100%
Based on our 2009 average rubber plantation yields at 1.4 tonnes per hectare and 2009 average rubber price at US$1,351 per tonne, our rubber plantations generate about US$1,900 per hectare. This is similar to US$1,800 per hectare generated from our oil palm plantations, which yield about 4.7 tonnes of CPO and 0.9 tonnes of PK per hectare at an average price of US$341 per tonne and US$223 per tonne, respectively, in 2009. Cultivation and Harvesting Tapping of rubber trees generally begins five years after field planting. Our rubber trees are tapped once every three to four days, depending on the age of the tree. The rubber is initially collected in the form of “field latex” in cups attached to the trees. The collected field latex is pre-treated with various amounts of chemicals, primarily ammonia, depending on the endproduct to be produced. The chemicals are designed to minimize the coagulation of the collected field latex. After field latex collection in the plantations, the residual latex left in the cups (referred to as “cup lump”) is collected during tapping by the tappers for use in producing crumb rubber. Field latex tapped and collected from rubber trees is transported by truck to its rubber factory. Production Process Our natural rubber processing factories are located in Kisaran, North Sumatra, and Lampung and Bengkulu, South 49
Sumatra. The largest portion of our rubber production is processed into concentrated cream latex and concentrated centrifuged latex. Besides cream latex and centrifuged latex, our other products include SIR 3CV, SIR 10/20 and BSR, with the respective production capacities for these products as follows:
Centrifuged Latex ........................................................................... Cream Latex.................................................................................... SIR 3CV.......................................................................................... SIR 10/20 ........................................................................................ RSS-1.............................................................................................. BSR.................................................................................................
Installed Capacity (tonnes) 26,130 19,000 4,275 12,600 3,060 3,100
Upon receipt at the rubber processing factory, each batch of field latex is tested for ammonia and solid levels and dry rubber content. Field latex which is to be converted into cream latex is mixed with ammonium oleate and lauric acid. The mixture is slowly stirred and then allowed to stand for a minimum of six hours. If necessary, ammonia is added to the mixture. When the latex is sufficiently stable, it is passed through a series of centrifuges which remove the remaining magnesium ammonium phosphate in the latex. The latex is then fed into “steaming tanks” where creaming agents are added and the mixture is stirred and heated. After the temperature of the latex has reached the required level, the latex is left to stand undisturbed for at least 20 hours. During the heating process, approximately 35% of the serum in the latex is drained from the tank. After the serum is removed, sequestrene is added to the latex and the latex is then transferred to a “creaming tank”. The latex is left undisturbed in the creaming tank for a further 21 days and serum is again drained off. After testing, up to 14% of the cream latex is sent to our rubber factory at Kisaran, North Sumatra or sold domestically. This latex is called “first cream” and has a dry rubber content of less than 66%. The remaining cream is allowed to stand for another 14 days until its reaches a dry rubber content of 66%. Serum which is drained off from the steaming and creaming tanks is recovered and treated to produce crumb rubber. Skim latex which is recovered as a by product during the creaming process is processed into BSR. Since processing of cream latex is not continuous but is done in batches, the size of each batch is determined by the tank capacity. Field latex which is to be converted into crumb rubber is produced by a coagulation and drying process. Field latex is drained for coagulation and the coagulation slab is passed through a series of size reduction rollers, which produces a thin torn blanket which is then shredded for drying. After drying, the dried crumb rubber is graded in accordance with SIR specifications and pressed in a bale press to produce a standard 35 kg block of crumb rubber. Crumb rubber is also produced from cup lump collected during the collection of field latex and serum drained during the production of cream latex. Rubber Products We produce natural rubber with various product types and quality. About two-thirds of natural rubber production in the world is used for making tires. The remaining is for latex products like examination and surgical gloves, medical catheters and condoms, engineering products like hoses and engine mountings, footwear like shoe soles and slippers, adhesive and other products such as upholstery, mattresses, carpets, rubber bands, pencil erasers and electrical insulation. Latex We market the majority of our centrifuged latex on the domestic market, due to the fact that domestic prices are between 3.0% and 4.0% higher than export. We sell directly to firms that manufacture surgical gloves and rubber thread. Our main customers of centrifuged latex include PT WRP Buana Multicorpora, PT Mandiri Inti Buana, PT Healthcare Glovindo and PT Intan Hevea Industry. Previously, cream latex was our principal rubber product, and we are the largest producer of cream latex in the world. However, the market for cream latex has declined due to the closure of a significant number of U.S. manufacturing companies. Asian-based manufacturing companies prefer centrifuged latex, of which we have produced 12.21 tonnes in 2009. To fulfill a specific niche market, we produce two unique centrifuged latex products, NC 405 and NC 411, which have been marketed to manufacturers of examination and surgical gloves, condoms and adhesives. Technically Specified Rubber TSR is produced under well controlled conditions to achieve product uniformity and consistency. Most of our TSR is sold at premium. Currently, we produce five grades of TSR, namely, SIR 3CV, SIR 10, SIR 20, SIR 10 VK and SIR20VK. All these grades must meet or exceed the specifications of SIR before they are exported. SIR 3CV is a high quality rubber produced from field latex. Hydroxylamine Neutral Sulphite is added in the process to achieve a constant viscosity in rubber. Therefore, storage hardening of rubber is inhibited and maintained after the rubber has been shipped to the users. This low 50
Mooney viscosity, an industry standard of softness, provides the users a shorter mixing time and hence reduces energy costs. Our SIR 10/20 grades are general-purpose TSR produced from the carefully selected lower grades from the field. Our SIR 10/20 VK grades are Mooney viscosity stabilized rubber which must also meet the specifications of SIR 10/20 grade. They are used in automobile and aerospace tires, engine mounts and other high quality rubber products. Crumb Rubber – SIR 3 CV We sell this product directly to customers both domestically and for export. Crumb rubber is mainly used for tires, engine mounts and other high quality products. Our main customers for crumb rubber, SIR 3 CV include Sri Trang International Pte. Ltd. (Singapore), Safic Alcan (France), PT Arim Rubber Trade (Indonesia) and Astlett Rubber (Canada). Crumb Rubber SIR 10/20 This product is primarily sold to rubber dealers in Singapore. Crumb rubber is mainly used for tires, engine mounts and other high quality products. Our main customers include Tong Teik Pte. Ltd. (Singapore), Safic Alcan (France), Eastland Produce (Singapore) and Astlett Rubber (Canada). RSS-1 Most RSS sales are for export. The main purchaser of RRS-1 is Tong Teik Pte. Ltd. (Singapore). Sales are conducted directly without going through a distributor. RSS-1 is usually used for tires, adhesives and other molded rubber goods. Block Skim Rubber/Skim Crepe The raw materials for Block Skim Rubber are by-products of the latex production process. We sell this product domestically to trading companies such as PT Kana Jaya Mandiri. These firms then sell it to the factories that produce lowquality shoes and sandals. These firms then sell it to the factories that produce low-quality shoes and sandals. The following tables provide statistical data regarding sales of our key rubber products: Centrifuged Latex 12,530
By Volume (tonnes) SIR 10/20 RSS-1 9,927 2,478
SIR 3CV 1,982
BSR 1,030
Others 747
Total 28,694
1,904
1,129
536
29,079
3,832
1,053
711
29,217
By Amount (Rp. in millions) SIR 10/20 RSS-1 182,364 45,008
BSR 7,342
Others 9,852
Total 543,213
2007 .............
Cream latex -
2008 .............
-
11,830
326
13,354
2009 .............
-
11,460
363
11,799
2007 .............
Cream latex -
2008 .............
-
314,534
8,750
329,514
48,488
15,583
8,232
725,101
2009 .............
-
209,229
8,321
140,148
53,165
9,440
46,472
467,034
Centrifuged Latex 265,956
SIR 3CV 32,691
By Average Selling Price (Rp. in thousands per tonne) Centrifuged Latex 21.23
SIR 3CV 16.50
2007.......................................
Cream latex -
2008.......................................
-
26.59
26.84
2009.......................................
-
18.26
22.93
SIR 10/20 18.37
RSS-1 18.17
BSR 7.13
Others 13.19
24.68
25.47
13.80
15.36
11.90
13.88
8.96
65.37
Palm Oil – Overview We currently operate three oil palm plantations, of which 48,519 hectares are Company-owned, and 12,698 hectares of plasma estates that are managed by us and under contract to us as exclusive purchasers of their respective crops. We are not the largest palm oil producer in Indonesia, but we believe we are among the most efficient. FFB yields from our nucleus plantations in Central Sumatra and Kisaran, North Sumatra, average 24.0 tonnes per hectare, among the best in the industry. Overall yields from nucleus plantations were 22.5 tonnes per hectare in 2009. We expect our yields to increase to 23.0 tonnes per hectare by end 2010 as yields hit their optimal level. Yields from plasma plantations were lower at 12.3 tonnes per hectare in 2009. The main reason for previous low yields was lack of proper maintenance on the part of the smallholders. We have embarked on a serious drive to increase yields by buying fertilizers for the plasma estate holders, and monitoring proper application. As a result, we expect plasma yields to be 16.0 tonnes per hectare over the next two years. Although FFB yields are not directly comparable across BSP companies due to different geographic locations and age profiles of the various plantations, 51
such yield information remains a useful gauge of plantation productivity. As of 31 December 2009, the oil palm plantations managed by BSP and its subsidiaries are found in a number of locations, as shown in the following table: Area (Hectares) Mature
Immature
Total
BSP....................................................................... BPP: Nucleus............................................................ Plasma ............................................................ Agrowiyana: Nucleus............................................................ Plasma ............................................................ Development Project ......................................
6,366
1,742
8,108
8,663 4,997
756
8,663 5,753
4,418 7,700
-
4,418 7,700
-
686
686
Total.....................................................................
32,144
3,184
35,328
The following table shows the age profile of our oil palms as of 31 December 2009: Age Profile of Oil Palms (in years) Hectares.................................................... Percent (%)...............................................
0-5
6-10
11-15
16-20
21,399 44%
7,356 15%
8,320 17%
11,442 24%
Total 48,517 100%
Cultivation and Harvesting We purchase for our oil palm plantations the highest quality seeds to ensure that we continue to achieve higher than average yields. We typically purchase our seeds from unaffiliated Indonesian growers and from Costa Rican growers. After the germinated seeds are purchased, they are delivered to the pre-nurseries at each of our oil palm plantations. After approximately three months in the pre-nursery, the plants are planted in the main nurseries. Plants are grown in the main nursery for twelve months before field planting. The young oil palm trees are generally planted approximately nine meters apart, which results in approximately 128 to 140 trees per hectare. From field planting to commercial maturity, which generally occurs between 25 and 36 months later, we attempt to ensure that the immature oil palms are fertilized efficiently and correctly, that the area surrounding each young oil palm is free from other vegetation (which may compete with the oil palms for fertilizer, water and sunlight), that a cover crop is established and that the young oil palms are protected from pests and disease. The FFB of the oil palms are only harvested when an appropriate quantity of fruit has become detached from the FFB, indicating peak ripeness. Since fatty acids begin to build up in the harvested fruit after harvesting, thereby reducing the quality of palm oil and palm kernel extracted, all FFB harvested at our West Sumatra and Central Sumatra plantations are transported promptly to the processing facility located adjacent to the respective plantations and processed within 24 hours to ensure a high quality of palm oil and palm kernel. Palm Oil Production We integrated our plantations by acquiring or building mills on our plantations. BPP first established a palm oil mill in 1996 with a production capacity of 30 tonnes of FFB per hour. In line with increased FFB yield as the trees matured, we increased the production capacity of the mill to its maximum capacity of 60 tonnes of FFB per hour as of 2005 through the installation of additional sterilization units. In 2004, we acquired a 100% interest in AMM, a palm oil company in Central Sumatra operating a CPO mill with a capacity of 60 tonnes of FFB per hour. We established a palm oil mill in 2004 at Kisaran, North Sumatra, which has a maximum production capacity of 45 tonnes of FFB per hour. The increase in our processing capacity ensures that all of our FFB can be processed at our own mills, reducing transportation distances and costs as well as the FFB bruising that can occur over long transportation distances and enabling us to maintain the freshness of the fruits.
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In the last few years, our sales of oil palm related products have been as follows:
2007 .............................................................................. 2008 .............................................................................. 2009 ..............................................................................
Sales Of Oil Palm Related Products FFB CPO PK (in tonnes) 4,230 211,890 44,200 272,800 59,100 193,761 42,868
The process of producing palm oil begins with the harvesting of ripe FFB from the plantation. Harvested FFB are transported by truck to the mill. The FFB are graded for quality at the reception station and, in order to prevent a build-up of free fatty acids in the FFB which lowers the quality of palm oil, the newly-harvested FFB are forwarded in cages to the sterilization station where they are exposed to a steam sterilization cycle in closed, high pressure vessels for 90 minutes, which deactivates free fatty acid enzymes and enables the fruitlets to be readily separated from the bunch body. After the steaming process, palm fruitlets are separated from their bunches by using a thresher. The empty fruit bunches are used for organic fertilizer. The palm oil extract is sent to a clarification station to remove moisture, solids and impurities by means of a centrifuge. The palm oil emerging from the centrifuge is CPO which is loaded into tankers and is shipped to storage tanks before delivery to third party purchasers. The extraction process of palm oil generates by-products in the form of fiber and PK. The fiber, from which most of the oil has been removed is used as a process by product fuel in our mill’s boiler rooms for steam and electrical generation to provide energy to run the palm oil mill. Palm Oil Products We produce all of our CPO and PK at mills located on our oil palm plantations. CPO and PK are used as raw materials for many kinds of edible oil and shortening, and industrial uses such as detergents and soaps. Crude Palm Oil CPO is produced at our mills, located on or within the vicinity of our oil palm plantations. This ensures that all of our FFB are transported a short distance, enabling us to maintain freshness of the fruits, thus guaranteeing premium quality CPO. CPO is used as a raw material for a wide range of edible oils, shortening and oleo chemical products such as RDB olein, fatty acid and stearin. Our main buyers of CPO include PT Musim Mas Group, PT Inti Benua Perkasatama, PT Bukit Kapur Reksa, PT Multimas Nabati Asahan, PT Indo Karya Internusa Medan, PT Wilmar Nabati Indonesia and PT Wilmar Nabati Indonesia. Palm Kernels Palm kernels are extracted from the core of the individual palm fruit and are used both whole, for sale to external oil manufacturers for secondary use, and processed for palm kernel oil, which is primarily used in the production of margarine, soaps and detergents. We sell our product domestically, the main buyers including PT Berkat Sawit Sejati, PT Musim Mas Group, PT Kurnia Tunggal Nugraha, PT Usaha Inti Padang, PT Multimas Nabati Asahan and PT Sinar Alam Permai. Competitive Strengths We believe we are well positioned to take advantage of the growth in our markets and that the combination of the following competitive strengths will continue to differentiate us from our competitors: Oldest producer of natural rubber and single largest producer of latex in Indonesia with an established brand name. We own 18,042 hectares of plantation devoted to the cultivation of rubber, with approximately 12,844 of those hectares in Kisaran, North Sumatra, which is one of the oldest and also one of the largest rubber plantations in Indonesia. Our established and respected brand name has a reputation for quality, demonstrated by our consistent ability to meet the specifications for the manufacture of surgical gloves and medical/healthcare equipment. Our brand name and high quality products allow us to command a price premium on top of benchmark prices for certain products. We continually strive to improve our product quality and have consistently achieved quality certifications from various international and industry organizations over the years. Existing trees in the nucleus oil plantation are in the optimum production stage. As of 31 December 2009, we own 48,519 hectares of nucleus oil palm plantations which has produced and 1,596 hectares of non-producing plantations. Approximately 17% of the total oil palm plantation trees are between the age of 11 years to 15 years. Generally, trees that are older than 20 years of age have decreased productivity. We are also continuously acquiring other palm oil plantations and preparing existing land owned by the Group in order to maintain our palm oil production. 53
Well-balanced exposure to both rubber and palm oil. We originally started as a rubber plantation company in Indonesia in 1911. In 1990, we entered the palm oil business by establishing a plantation in West Sumatra. Subsequently, we acquired a palm oil company in Central Sumatra and began converting hectares of our existing rubber plantations into oil palm plantations. As of 31 December 2009, we own 18,042 hectares of plantation devoted to the cultivation of rubber and 48,519 hectares of nucleus oil palm plantation which has produced and 1,596 hectares of non-producing plantation, and we manage 12,698 hectares of plantation which is owned by neighboring farmers. We are one of the few plantation companies in Southeast Asia that offer a balanced exposure to rubber and palm oil, with rubber representing 20% of our 2009 net sales and palm oil and derivatives representing the remaining 80% of our 2009 net sales. Because rubber and palm oil prices typically move in opposite price trends, we believe that we are insulated from any prolonged weakness in any one market. Concentration of sales in high margin products and high margin domestic market. Approximately 39% of our rubber sales in 2009 were from higher margin centrifuged and cream latex which receives a price premium. We are able to command a price premium because our rubber products are generally acknowledged in the industry as being of high quality. All our centrifuged latex sales are made to domestic customers. Domestic sales are more profitable in respect of centrifuged latex because of the lack of special sales taxes and lower port handling and transportation costs. Experienced executive management team. Our executive management team is comprised of five seasoned, highly talented industry veterans that have an average of 14 years of experience in the plantation industry. Howard Sargeant, our Operations Director, who, prior to joining us, spent more than 40 years managing and developing plantations in Africa and Asia, is one of the most experienced in the industry. The members of our management team have an established record in the plantation industry of improving productivity and continually delivering and increasing operating results. Business Strategy Our overall business objective is to maximize the long-term profitability of our operations while maintaining a strong financial position through the various business and market cycles. Our continuing strategies for achieving this objective are as follows: Selectively pursue acquisition, alliance and partnership opportunities. The rubber and palm oil markets offer numerous opportunities for consolidation and expansion into downstream businesses. The proceeds from the Notes and the rights offering recently carried out by the Issuer will be used primarily to acquire additional assets through investments in companies owning plantations and land which may be developed into plantations and/or plantation land. We plan to increase our rubber plantation hectarage by between 40,000 to 60,000 hectares and our palm oil plantation hectarage by between 60,000 to 90,000 hectares. We will also continue to examine potential acquisition opportunities by utilizing a disciplined approach to the evaluation and integration of acquisitions. We plan to opportunistically seek companies that our senior management believes will enhance our global presence, broaden our product portfolio, increase our market share and provide operational and financial benefits. As a result of acquiring and successfully integrating several companies in the past 16 years, we are experienced at identifying, executing and integrating synergistic opportunities and improving the operating performance of acquired businesses. Developing an integrated production chain. In anticipation of the oversupply of crude palm oil, we developing an integrated production chain to include both the upstream and downstream industries. The downstream businesses we intend to enter into include FFB plantation and production and palm oil processing, which we believe will provide stable profits to the Group. Capitalize on favorable industry trends. We believe that favorable industry trends will help increase demand for our rubber and palm oil products. The rubber industry shows a bright future, as the demand for natural rubber continues to increase, particularly in China. Additionally, the rise in synthetic rubber prices due to rising crude oil prices is expected to increase the price and consumption of natural rubber. We believe demand for palm oil will continue to be driven by concerns over the harmful effect of trans-fatty acid in soybean oils, lifting of the palm oil import quotas in 2006 by China and rising global consumption of edible oils. Expand plantations through new planting. We intend to supplement our growth through the less expensive, longterm strategy of new plantings. We currently have the capacity to increase our plantation area as we have approximately 73,500 hectares of land bank that can be translated into approximately 66,150 hectares of plantable area, which would more than double our existing 50,873 hectare plantation. The land bank is located in Central Borneo (51.0%), Central Sumatra (34.0%) and South Sumatra (15.0%). Approximately 55.0% of the land bank is directly owned by us, while the remaining plantations are owned by local plasma farmers. We plan to maintain a ratio of 60:40 between new oil palm and rubber plantings. 54
Increase capacity and production efficiency. We intend to leverage our strong brand name, rubber processing expertise and excess factory and mill capacity, especially during the off-seasons, to bolster our value-added sales. These sales are generated from buying raw materials such as cup lump (which is hardened latex) and FFB and processing them in our factories or mills, and buying finished goods like centrifuged latex from third parties which we reprocess or CPO from third parties which we rebrand as our product and sell at higher prices. Seed garden development. We plan to invest US$6.0 million over six years to develop an oil palm seed garden. This long-term investment will require seven years to come to fruition due to the long breeding cycle of oil palms. However, we expect that this strategy will ensure sufficient supply of high quality seeds for our internal demand and will also generate external sales due to the strong demand in Indonesia for oil palm seeds. Customers As of 31 December 2009, approximately 39.5% of our rubber sales were derived from domestic sales and the remaining 60.5% were generated from export sales. For palm oil and derivatives, about 100% of sales were domestic. Generally, domestic sales are more profitable as (i) there is no special sales tax (other than value-added tax (“VAT”), which is offset by certain cost of goods sold) such as that imposed on CPO exports; and (ii) port handling and transportation costs are lower as many domestic customers obtain their CPO and rubber directly from our CPO mills and rubber factories. The biggest portion of our domestic rubber sales comes from centrifuged latex as the price domestically is still higher than the export price and the demand is also higher. Going forward, however, we anticipate that the export portion of our sales both for rubber and oil palm products will increase as our value-added services are marketed in larger, export markets. We have a strong customer base with no single customer accounting for more than 17% of net sales in 2009. Our top ten customers accounted for 61% of our net sales in 2009. We also consider our continuing customer relationships as evidence of our recognized high and consistent quality. Sales and Distribution Our export sales of rubber are mostly delivered to rubber dealers and/or trading companies while end consumers (for example, rubber glove manufacturers) represent most of our domestic sales. With respect to export sales, it is more efficient given the amount of product we produce to sell directly to dealers and/or trading companies. Once we achieve greater production volumes, we intend to sell directly to the end users. In the case of domestic sales, we sell directly to the end users as they are located close to our plantations. For CPO export sales, we sell to a few large companies, in which the shipments are normally purchased in thousands of tonnes of CPO. Our large customers purchase the palm oil either for their own use in their refineries/oleochemical industries, or for trading in the international market. For domestic sales, we sell smaller quantities, which we store at our factories/tank installations. Property and Facilities As of 31 December 2009, we own a total of 66,560 hectares of plantation (excluding plasma estates). Of our plantation holdings, approximately 27.1% of our land is devoted to rubber plantation while the remaining 72.9% is devoted to oil palm plantation. When we take into account plasma estates, oil palm plantations account for nearly two-thirds of our plantations and rubber plantations account for the remaining portion. We control and operate 32,113 hectares of mature oil palm plantations, and 16,406 hectares of immature oil palm plantations. We control and operate 14,487 hectares of mature rubber plantations, and 3,555 hectares of immature rubber plantations. Bakrie Pasaman Plantations. BPP has doubled its CPO mill capacity from 30 tonnes of FFB per hour to 60 tonnes of FFB per hour currently. Agrowiyana Plantations. Agrowiyana acquired 100% of the CPO mill at AMM which has a current capacity of 60 tonnes of FFB per hour. BSP Kisaran Plantations. BSP Kisaran has a current capacity of more than 58,000 tonnes of rubber per year. The rubber factory can produce various types of latexes, such as centrifuged and cream latex, and various types of rubber, including crumb rubber (SIR 3CV, SIR 10 and SIR 20) and BSR. The flexibility to produce multiple types of rubber is one of our chief competitive advantages. It has a CPO mill with a capacity of 45 tonnes FFB per hour.
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Huma Indah Mekar Plantations. HIM has a current capacity to produce 7,128 tonnes of centrifuged latex and 1,260 tonnes of RSS per annum. Air Muring Plantations. AM has the capacity to produce approximately 2,000 tonnes of RSS per annum. We entered into a joint venture and shareholders’ agreement on April 18, 2006 with PT Rekayasa Industri (“Rekin”), a state-owned company, to form a joint venture company, PT Bakrie-Rekin Bio Energy, the initial objective of which is to develop a green-field biodiesel plant. We will hold a 70.0% interest in PT Bakrie-Rekin Bio Energy, with the remaining 30% to be held by Rekin. We will be responsible for supplying feedstock while Rekin will provide the technical expertise for the construction of the plant. We, together with Rekin, have also entered into a memorandum of understanding with Mitsui & Co., Ltd on April 18, 2006 to carry out a joint feasibility study in connection with the development of the biodiesel plant. If the outcome of the feasibility study is positive, the plant is likely to be constructed in 2007 in Batam and will take approximately 18 months to complete. We have postponed and are evaluating the development of the biodiesel plant in view of the current market conditions in the biofuel industry. Employees As of 31 December 2009, we had approximately 14,227 employees and independent contractors, with approximately 12,653 employees at our plantations, 978 at our factories and mills and the remaining 596 employees at our branches and representative offices in administration, sales and marketing. Approximately 4,119 of our employees are unionized. We are a member of the Coordination Body of Sumatra Planters Association (“BKS-PPS”) so our employees’ collective labor agreement follows the Collective Bargaining Contract of BKS-PPS. We are one of the few plantation companies in Indonesia to have a pension fund and to provide healthcare facilities for all of our employees, including manual laborers. Management continuously strives to improve communications and openness between us and the employees by holding regular monthly meetings. During these meetings, all managerial levels (including plantation, finance and marketing managers) give presentations regarding the progress of our business and the constraints faced in reaching set targets. There have been no strikes or lockouts and we have not experienced any work stoppages, although there was a labor dispute limited to Kisaran, North Sumatra, in 2002. That incident lasted one day and involved plantation workers demonstrating on-site during the periods after their work shifts, regarding demands for greater pay bonuses (which are not normative in Indonesia in any event); and did not cause a work slow down or stoppage. We believe that we have a good relationship with our employees, the local union officials and the collective bargaining committees. In Indonesia, employers and union employees have three months to renegotiate expired collective bargaining agreements, during which employees are required by law to continue working with the understanding that any salary increases are to be paid retroactively with respect to the negotiating period. If the employer and union employees cannot reach agreement in a three-month period, the Government requires that the collective bargaining agreement be reinstated under the same terms as of the time of expiration. Competition Since CPO and PK are traded in the international commodity markets and the products are homogeneous, we do not compete directly with other CPO producers, except on the basis of delivery time. There are a large number of producers of palm oil-based products located both in Indonesia and internationally. The Indonesian oil palm plantation industry is composed of Government-owned plantation companies, private sector plantation companies represented by large business groups such as the Sinar Mas Group, Salim Group, the Astra Agro Group and the Raja Garuda Mas Group, as well as other independent companies and small landholders. The Government-owned plantation companies as a group are the largest producers of CPO in Indonesia. Besides having to compete with Malaysian and other international producers, including competitors such as IOI Berhad, Golden Hope Plantations Berhad, Kumpulan Guthrie Berhad, Indonesian palm oil producers as a whole face competition from producers of other types of vegetable oils. As these oils are almost perfect substitutes to each other, competition among the various types of oils can be intense and has an effect on the prices of particular oils. CPO competition comes primarily from soybean oil and rapeseed oil. However, their respective production costs per tonne are much higher than that of palm oil, since oil palm is a perennial crop compared to soybean, rapeseed and sunflower, which are annual crops. Under favorable climatic conditions, palm oil achieves the highest yield compared to other vegetable oils and the lowest cost of production on a per hectare basis. This gives palm oil a competitive edge in terms of pricing. However, research advances including genetic modification technologies could reduce the production cost of other vegetable oils in the future. 56
We compete directly with rubber producers on the basis of price, quality and delivery time. In this regard, the Issuer faces competition from both domestic and international rubber producers, predominantly located in Southeast Asia. The Indonesian rubber industry is composed of Government-owned plantation companies, private sector plantation companies and small scale companies and landholders. Our major Indonesian competitors include PT PP London Sumatra Tbk and PTP 3. Given our high level of export sales of rubber products, we also face significant competition from international producers, primarily from Malaysia, Vietnam and Thailand. Such international competitors include Sri Trang International and Lee Rubber. Large competitors, like the competitors identified, may have greater financial and other resources in the rubber industry than us. Besides having to compete with natural rubber producers, we face competition from producers of synthetic rubber products, those manufactured synthetically from petroleum. Synthetic rubber products however do not have the same quality characteristics as naturally produced rubber, such as heat dissipation qualities, the ability to withstand extreme temperatures while maintaining flexible and dynamic properties and elasticity. Technology and Intellectual Property We do not own or license from any third parties, any material technology and intellectual property rights. Tax Issues We do not have any material tax issues. Insurance We maintain “all-risk” insurance on our properties, factories and equipment for loss due to, among other risks, fire, flood, earthquake, mechanical breakdown and civil unrest which had total coverage of approximately Rp. 1,108 billion (US$117.9 million) as of December 31, 2009. We also maintain business interruption insurance for BPP which had total coverage of Rp. 108.8 billion (US$11.1 million) as of December 31, 2009. We comply with Government requirements relating to pension and disability insurance and we also have medical insurance policies and personal-accident insurance policies for our employees. We believe that our insurance coverage is customary and consistent with industry standards, although such insurance may not cover losses arising from terrorism and similar threats. See “Risk Factors — Risks Relating to Our Business — Our insurance coverage may be inadequate to fully protect us from all losses”. Environment and Safety Our Facilities and Plantations We follow Government requirements regarding the use of pesticides, anti-erosion riverbank build-out distance and effluent monitoring and storage. We are currently compliant with respect to air emissions, including that of ambient gases, based upon governmental specification monitored in bi-annual site visits by a Government authority. We currently carry all required licenses and permits with respect to occupation safety in our factories. We have all licenses required to operate the machinery in our factories, as well as the appropriate licenses from the Government’s Ministry of Environment (Kementerian Negara Lingkungan Hidup Republik Indonesia) for the storage and disposal of hazardous materials. Indonesian and Global Environmental Compliance Indonesian Environmental Regulations Law No. 23/1997 is the main environmental regulation for Indonesia. Article 6 paragraph (2) of the Law No. 23/1997 states that every person carrying out a business or other activity must provide true and accurate information regarding environmental management. The environmental management report consists of: 1.
Environment Impact Analysis (Analisis Mengenai Dampak Lingkungan – “AMDAL”), which covers: •
Reference Outline of Environmental Impact Analysis (Kerangka Acuan Analisis Dampak Lingkungan – “KA ANDAL”). At this stage, a person or a company (hereinafter referred as to the “Initiator”) makes and prepares an analysis of the negative impact that its products may have;
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2.
•
Environment Impact Analysis (Analisis Dampak Lingkungan – “ANDAL”). At this stage, the Initiator then studies the material impact from the analysis of the production results that is contained in the KA ANDAL;
•
Environmental Management Plan (Rencana Pengelolaan Lingkungan – “RKL”). At this stage, Initiator provides a management plan of their production results that have a negative impact to the environment; and
•
Environment Monitoring Plan (Rencana Pemantauan Lingkungan – “RPL”). Lastly, Initiator prepares a monitoring plan which will be conducted to manage the production results that have a negative impact to the environment.
Environment Management Effort (Upaya Pengelolaan Lingkungan – “UKL”) and Environment Monitoring Effort (Upaya Pemantauan Lingkungan – “UPL”). UKL and UPL are issued for a business activity or a plan that does not have large and significant impact.
According to Article 3 paragraph (2) of the Government Regulation No. 27/1999 concerning Environmental Impact Analysis (AMDAL), the type of business and/or activities that must provide the AMDAL is determined by the Minister after considering the suggestions and opinions of other relevant ministers and/or Head of Government Institution Non-Department. Equator Principles In 2001, an increasing number of international banks adopted the World Bank Guidelines of 1989 on Environmental Assessment as the industry benchmark to evaluate environmental and social changes of new projects, or changes to existing projects (commonly referred as the ‘Equator Principles’). A wide range of different interpretation of these environmental safeguards exists among the banking industry. A threshold of US$50.0 million per project is accepted as the trigger at which project compliance with the Equator Principle is required. The original context of the World Bank Guidelines of 1989 is to assess the environmental impact of new projects, or impact of significant changes to the project. While change of ownership for example is a project change, it is commonly not considerable as a significant environmental impact. The existing plantations comply with the Equator Principles standards for plantation management (detailed in the International Finance Corporation’s (“IFC”) Environmental, Health and Safety Guidelines for Plantations). There are no existing guidelines for rubber and palm oil processing factories. The existing environmental approvals for the sites (inclusive of AMDAL in Indonesia, monitoring and management plans) pre-date the existence of the Equator Principles and comply with the applicable Government requirements. HIM’s monitoring and management plans were required to be revised by the Government in February 2006 in relation to its expansion of production capacities and currently, such revision is being finalized. Other Governmental Regulation Except as described above in “ — Environment and Safety,” we have no material governmental regulation issues. Legal and Regulatory Proceedings From time to time, we may be a party to various legal proceedings. As of 28 February 2010, , we are not a party to any proceedings (actual or pending).
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DESCRIPTION OF MATERIAL INDEBTEDNESS The following is a summary only of the principal terms of our material indebtedness as of the date of this Information Memorandum and does not purport to be complete. Please refer to our audited consolidated financial statements and the notes thereto included elsewhere in this Information Memorandum for additional information with respect to our indebtedness. 10.75% senior secured Notes due 2011 (the “2006 Notes”) Pursuant to an indenture dated as 17 October 2006, as supplemented by a first supplemental indenture dated 7 March 2007 and a second supplemental indenture dated 16 October 2009 (collectively, the “2006 Indenture”), BSP Finance B.V. (“BSP Finance”), a wholly owned subsidiary of the Issuer, issued an aggregate principal amount of US$185.0 million of 2006 Notes. The proceeds from the 2006 Notes were lent by BSP Finance to the Issuer by way of an intercompany loan. The Issuer used the proceeds borrowed from BSP Finance to acquire additional assets through investment companies owning plantations and land which may be developed into plantations and/or plantation land, and for capital expenditures relating to such acquired assets. As of 28 February 2010, the outstanding aggregate principal amount of the 2006 Notes was US$160.0 million. Summaries of certain terms and conditions of the 2006 Notes are set out below. Escrow Account The Issuer will deposit US$45.5 million of the net proceeds from the sale of an aggregate principal amount of US$45.0 million 2006 Notes on or about February 2007 borrowed from BSP Finance into the Escrow Account (as defined in the 2006 Indenture), for future permissible acquisitions, capital expenditures and to fund a portion of the future interest payment on the 2006 Notes. Maturity Date and Interest The maturity date for the 2006 Notes is 1 November 2011. BSP Finance will pay interest in cash on the principal amount of the 2006 Notes at a rate of 10.75% per annum. Optional Redemption BSP Finance will have the right to redeem at any time on or after 1 November 2009 all or some of the 2006 Notes at the redemption prices set forth in 2006 Indenture, in each case plus accrued and unpaid interest. BSP Finance will also have the right to redeem some or all of the 2006 Notes at any time prior to 1 November 2009 by paying a make-whole amount. At any time prior to 1 November 2009, BSP Finance may also on one or more occasions redeem up to 35.0% of the aggregate principal amount of the 2006 Notes with the proceeds of certain equity offerings at a redemption price of 110.75% of the principal amount, plus accrued plus unpaid interest, if any, to the date of redemption. In addition, BSP Finance may redeem all of the 2006 Notes at a price equal to their principal amount plus accrued and unpaid interest and certain additional amounts, if any, to the date of redemption upon the occurrence of certain changes in applicable tax law. Special Mandatory Offer If the aggregate amount of funds in the Escrow Account exceeds US$5.0 million on 7 March 2008, BSP Finance must make an offer to all holders of the 2006 Notes to purchase up to an aggregate principal amount of 2006 Notes equal to the amount remaining in the Escrow Account, at 103.00% of the principal amount, plus accrued and unpaid interest. As of 7 March 2008, the aggregate amount of funds in the Escrow Account was less than US$5.0 million, and as such, a special mandatory offer was not required. Change of Control Offer If the Issuer experiences a change of control, subject to certain conditions, BSP Finance must give holders of the 2006 Notes the opportunity to sell us their Notes at 101% of the aggregate principal amount, plus accrued and unpaid interest. Liens The terms of the 2006 Notes include a restriction on the Issuer and certain of its subsidiaries on creating any Lien (as defined in the Indenture) of any kind upon any of their property or assets, other than Permitted Liens (as defined in the Indenture). In the Consent Solicitation, the Issuer has sought consents from the holders of the 2006 Notes to, inter alia, amend the definition of “Permitted Liens” in the 2006 Indenture to include the Second Security. 59
The Notes On 18 February 2010, the Issuer issued the Existing Notes (which is an aggregate principal amount of US$77.5 million Notes). The Issuer has granted to Arch Advisory Limited an option, within a period of six months from the Issue Date, to purchase or procure the purchase of such number of Notes, which when aggregated with the Existing Notes issued on 18 February 2010, will amount to an aggregate principal amount of up to US$100,000,000. As of 28 February 2010, the outstanding aggregate principal amount of Existing Notes was US$77,336,000. The terms and condition of the Notes are set out in this Information Memorandum. See “Terms and Conditions of the Notes”. Revolving Loan Facility Pursuant to an agreement dated 13 August 2007 (as amended by a supplemental letter dated 3 August 2009), Raiffesen Zentralbank Osterreich AG (RZB Austria), Singapore Branch (“RZB”) and other banks extended to PT Grahadura Leidong Prima (“GLP”), a subsidiary of the Issuer, a US$15.0 million revolving loan facility (the “Revolving Loan Facility”), to finance GLP’s working capital requirements. As of 28 February 2010, an amount of US$15.0 million remains outstanding under the Revolving Loan Facility. Term Loan Facility Pursuant to an agreement dated 16 September 2009 (as amended by a supplemental letter dated 29 October 2009), Raiffesen Zentralbank Osterreich AG (RZB Austria), Singapore Branch (“RZB”) extended to GLP a US$15.0 million term loan facility (the “Term Loan Facility”), the proceeds of which will be lent to Fordway Management Limited (“Fordway”), a subsidiary of BSP, to finance Fordway’s purchase of some of the 2006 Notes. As of 28 February 2010, an amount of US$15.0 million remains outstanding under the Term Loan Facility.
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MANAGEMENT Our Management In accordance with Indonesian corporate law, the management and day-to-day operation of the Issuer are carried out by the Board of Directors under the supervision of a Board of Commissioners. The two boards are separate, and no individual may be a member of both boards, although the two Boards are permitted to hold joint meetings. The rights and obligations of each member of the Board of Commissioners and Board of Directors are regulated in the Articles of Association by the decisions of the Issuer’s shareholders in a general meeting. Our Articles of Association require that the Board of Commissioners consists of at least three members and the Board of Directors consists of at least three Directors and that one of our Directors be designated as President Director. Our Commissioners and Directors are appointed by our shareholders at our annual general meeting of shareholders for three-year terms. These terms may be extended without prejudice to the rights of the general meeting of shareholders to dismiss a Commissioner or Director during such person’s term of office or to reappoint a Commissioner or Director whose term of office has expired. Commissioners and Directors Board of Commissioners A member of the Board of Commissioners may not assume a concurrent position which may cause a conflict of interest with our interests, directly or indirectly, without the approval of our independent shareholders, voting in a general meeting, in accordance with regulations of the Indonesian Capital Markets Supervisory Agency, or BAPEPAM. The Commissioners’ business address is Jl. Ir. H. Juanda, Kisaran 21202, Kab. Asahan, Sumatera Utara, Indonesia. Our Board of Commissioners currently has four members, who are responsible for overall supervision of the Issuer: Soedjai Kartasasmita .......................................... Bungaran Saragih ............................................... Gafur Sulistyo Umar .......................................... Yuanita Rohali ...................................................
Age 83 77 41 42
Title Independent / President Commissioner Independent Commissioner Commissioner Commissioner
In accordance with BAPEPAM regulations and Jakarta Stock Exchange rules, we have designated Mr. Soedjai Kartasasmita and Mr. Bungaran Saragih as our Independent Commissioners. Set forth below is a short biography of each of our Commissioners: Mr. Soedjai Kartasasmita. Mr. Kartasasmita was appointed as our President Commissioner/Independent Commissioner on December 13, 2001, with the responsibility of monitoring the plantations operations. Currently, Mr. Kartasasmita also serves as President Commissioner of BPP and Chairman of the Audit Committee. Previously, from November 1982 to April 1988, he was the Secretary of Indonesia’s Sugar Board Council (Dewan Gula Indonesia). Between June 1979 and October 1982, Mr. Kartasasmita assisted the Minister of Agriculture in managing state-owned plantations within the Department of Agriculture. He also served as President Director of PNP6 (1968-1979), Coordinator of PP Dwikora I, II, II North Sumatra (June 1965 - April 1968), Director of PP Dwikora II, Sumut, ex Harrisons & Crossfields (April 1965 - April 1968) and Production Director of PP Dwikora III, North Sumatra (December 1964). Mr. Kartasasmita obtained his formal education from Middelbare Landbouwschool Bogor, European Business School (INSEAD) - Fontainbleau, France and Advanced Management Programmes INSEAD in Fontainbleau, Tokyo, Seoul, Singapore and San Francisco. Mr. Bungaran Saragih. Mr. Saragih was appointed as our Commissioner in April 2008. Mr. Saragih previously served as a minister of Agriculture of the Republic of Indonesia in the Persatuan Cabinet (2000-2001) and Gotong Royong Cabinet (2001-2004). Mr. Saragih received the Matsuda Award (in Recognition of Distinguished Contribution to the Advancement of Agricultural Sciences and Agricultural Development in Indonesia) from the International Society for Southeast Asian Agricultural Sciences in 2005. Mr. Saragih obtained his Master’s degree in Economics in 1977 and Doctorate in Economic Sociology in 1980 from the North Carolina State University, Raleigh, United States of America. Mr. Gafur Sulistyo Umar. Mr. Umar was appointed as our Commissioner in July 2002. Previously, he served as one of our Directors. Currently, Mr. Umar also serves as member of the Board of Commissioners of our subsidiary, Agrowiyana. Mr. Umar was previously a Project Manager for restructuring and acquisition for the Mango Plantations Project at PT Bakrie & Brothers Tbk. He also served as Assistant to Chairman of Bakrie Group, assistant to Chairman of the Indonesian Chamber of Commerce, Vice Chairman of the Indonesian Palm Oil Producers Association (Gabungan Pengusaha Kelapa Sawit Indonesia 61
(GAPKI)) West Sumatra Branch, and Head of Plantations Sector at KADIN Jambi. Mr. Umar obtained his Master of Business Administration (MBA) degree from University of Arkansas, Little Rock, Arkansas USA. Ms. Yuanita Rohali. Ms. Rohali was appointed as our Commissioner in May 2005. Ms. Rohali began her career as an Analyst Programmer of the Information Technology Department at PT Gajah Tunggal Tbk in 1991. She then joined Bank Credit Lyonnais Indonesia (1995-2000) and later assumed the post of Head of Corporate Banking. Ms. Rohali joined PT Bakrie & Brothers Tbk as Senior Manager Business Development in 2002; in 2004, she was appointed as Deputy Director Finance and Administration and then named Finance Director in June 2004. Currently, she serves as the head of institutional relationships at Indonesia Public Listed Companies Association. Ms. Rohali graduated from the University of Indonesia of 1991, with a Bachelor’s degree in Computer Science. She also obtained a Master’s degree in Management for International Management in 1992 from the University of Indonesia, and she obtained a scholarship to complete a Master’s degree in Commerce in Advanced Finance from the University of New South Wales, Sydney, Australia, in 1994. Board of Directors Within 30 days after a vacancy on the Board of Directors that causes the number of members of the Board of Directors to be less than the minimum required number of Directors as stipulated in our Articles of Association, an announcement for a general meeting of shareholders to fill the vacancy will be convened must be published. A member of the Board of Directors may not assume a concurrent position, which may cause a conflict of interest, directly or indirectly, with our interests, without the approval of our independent shareholders, in accordance with BAPEPAM regulations. A member of our Board of Directors who has a conflict of interest with the Issuer on a particular matter is prohibited from representing us in respect of such particular matter, and in such matter we will be represented by a Director who does not have a conflict of interest with us. The business address of the Board of Directors is Jl. Ir. H. Juanda, Kisaran 21202, Kab. Asahan, Sumatera Utara, Indonesia. Our Board of Directors currently has five members, who are responsible for day-to-day management: Ambono Janurianto....................................................... Harry M. Nadir ............................................................. Bambang A. Wisena ..................................................... Howard J. Sargeant ....................................................... M. Iqbal Zainuddin .......................................................
Age 50 49 47 67 42
Title President Director Director Director Director Director
Mr. Ambono Janurianto. Mr. Janurianto was appointed our President Director in June 2000, with primary responsibility for general management. He was previously our Chief Financial Officer. Today, he serves as member of the Board of Commissioners in each of our subsidiaries, Vice Chairman II of Sumatra Planters Association (BKS-PPS), a member of the Executive Committee of Asean Rubber Business Council (ARBC), the Asian rubber industry counsel and Member of the Indonesia Public Listed Company Association (Asosiasi Emiten Indonesia (AEI)). Prior to joining us, Mr. Janurianto was the Finance-Accounting & Tax General Manager of PT Satelit Palapa Indonesia, Finance Director of PT Sony Music Entertainment Indonesia, Finance Manager of PT Motorola Indonesia and PT Philips Ralin Electronic. Mr. Janurianto graduated with a degree in economics from Universitas Katolik Parahyangan, Bandung in 1986. Mr. Harry M. Nadir. Mr. Nadir was appointed as a Director in July 2002, where he is primarily responsible for overseeing our financial affairs. Mr. Nadir joined us in 2000 as a Corporate Auditor, responsible for conducting an internal audit. He was then appointed as Corporate Secretary in 2001 before becoming a member of the Audit Committee. Prior to joining us, Mr. Nadir was the Head of Surveillance at the JSX, and Head of Risk and Compliance at Trimegah Sekuritas. Mr. Nadir completed his formal education from Indonesia’s State College of Accountancy. Mr. Bambang A. Wisena. Mr. Wisena was appointed as Director in June 2003, with primary responsibility for commercial aspects and overseeing the factory operations at Kisaran. Initially, in 1999, Mr. Wisena joined BPP, one of our subsidiaries, as Senior Manager Finance and Administration. He was then appointed as Chief Operating Officer in 2001 before becoming the Director of BPP in August 2002, the position he currently holds. Prior to joining us, Mr. Wisena held positions as Regulatory and Escrow Manager of PT Thames Pam Jaya, General Manager of Finance & Administration of PT Arseto Internusa Polystyrene, General Manager of Operations of PT Adityadasa Cipta Manunggal, and Manager of Finance & Budget of PT CIRI (Cipta Isthika Rucitra Indonesia). Mr. Wisena obtained his Master’s degree in Business Administration from Prasetiya Mulya Business School in 1991. Mr. Howard J. Sargeant. Mr. Sargeant was appointed as a Director and the Director of Operations in May 2004. Prior to joining us, he held positions as Vice President of Agronomy of Sinar Mas Plantations, Consultant at European Union and the Ministry of Forestry, and Estate Director of PT REA Kaltim Plantations. Mr. Sargeant obtained his Agronomy degree from London University in 1963. 62
Mr. M. Iqbal Zainuddin. Mr. Zainuddin was appointed as Director in May 2005. He joined Agrowiyana as Planning Control Manager in 1998. He was appointed as Director of Agrowiyana in August 2002 and has been Director of PT Agro Mitra Madani from March 2005. Mr. Zainuddin obtained his Master’s degree in Business Administration from Western Michigan University, Kalamazoo, Michigan in 1994. Board Practices Board of Commissioners Our Board of Commissioners acts as our overall supervisory and monitoring body with principal functions including reviewing our development plan, monitoring the performance of our work plan, reviewing and approving the budget prior to the submission of the same to the general meeting of shareholders for approval. In order to take certain actions, the Board of Directors must obtain written approval from, or have the related document signed by, the President Commissioner and the other members of Board of Commissioners. If the President Commissioner is absent or cannot be present for any reason whatsoever, then the authority of President Commissioner is represented by either of (a) a member of Board of Commissioners who is appointed by the President Commissioner to act in his absence, plus the other members of Board of Commissioners; or (b) a member of the Board of Commissioners who is appointed at a meeting of the Board of Commissioners to act as temporary President Commissioner for purposes of taking such actions. In carrying out its supervisory activities, the Board of Commissioners must act in the interest of the Issuer and is accountable to our shareholders. The actions of the Board of Directors for and on behalf of the Issuer that require specific Board of Commissioners’ authority and approval are: (i) accepting funding from another party, or to make a commitment to fund another party, if the amount of funding is the exceeds the amount stated in the annual budget as approved by the Board of Commissioners; and (ii) making loans that are not directly related to the Issuer’s trading activities in commodities markets; and (iii) binding the Issuer as a guarantor; and (iv) making a pledge on or encumbering/placing the Issuer assets as security, except to the extent of a material pledge or encumbrance of the Issuer’s assets (in which case shareholder approval is also required); and (v) purchasing, acquiring or releasing the immovable assets of the Issuer (i.e., land rights and improvements thereon that are not fixtures); and (vi) investing or divesting shares or participation interests in other companies, whether related or unrelated; and (vii) proposing issuance of new shares; and (viii) determining annual budget, business plan and business strategy; and (ix) determining and/or amending the management structure of the Issuer; and (x) appointing the chief executive officers at the senior management level of the Issuer’s subsidiaries. When considering (iii) or (iv), the Board of Commissioners is subject to prevailing capital markets regulations and, in the event a transaction represents more than 10% of the Issuer’s revenues, or 20% of shareholders’ equity or exceeds a threshold contained in the capital markets regulations, shareholders’ approval is required. Meetings of the Board of Commissioners can be held at any time (i) whenever deemed necessary by the President Commissioner; (ii) by two other Commissioners; (iii) when requested in writing by members of the Board of Directors; or (iv) when requested in writing by one or more shareholders jointly representing at least 10% of the total shares with valid votes. A meeting of the Board of Commissioners shall be valid and binding resolutions may be adopted only if members constituting more than two-thirds of the total number of members of the Board of Commissioners are present or represented at such meeting. Each member of the Board of Commissioners who is present shall be entitled to cast 1 (one) vote and 1 (one) additional vote for every member of the Board of Commissioners whom he/she represent. A Commissioner may be represented at a meeting of the Board of Commissioners only by another Commissioner appointed pursuant to a power of attorney. Any resolution of a meeting of the Board of Commissioners shall be adopted under the principle of deliberation to reach a consensus. In the event that no resolution can be reached based upon the principle of the deliberation to reach a consensus, the resolution shall be adopted by voting based upon approval of more than 50% of the total number of votes lawfully cast at such meeting. In the event of a tie, the Chairman of the meeting of the Board of Commissioners shall make the decision. The Board of Commissioners may also adopt lawful and binding resolutions without convening a meeting of the Board of Commissioners, provided that all members of the Board of Commissioners have been given written notices thereof and all members of the Board of Commissioners grant their approval in writing to the submitted proposal and sign such approval. Board of Directors The Board of Directors is generally responsible for managing our business in accordance with applicable laws, as reflected in the Articles of Association. Two members of Board of Directors may jointly represent the Board of Directors and be entitled to act in the name of and authorize represent the company without prejudice the provisions in Article 12 paragraph (3) and paragraph (6) of the Articles of Association. Meetings of the Board of Directors may be convened (i) whenever deemed necessary by the President Director; (ii) by two members of the Board of Directors; (iii) by the Board of Commissioners; (iv) or when requested in writing by one or more members of the Board of Commissioners; or (v) at the written request of one or more shareholders jointly representing at least 63
10% of the total shares with a valid vote. A meeting of the Directors shall be lawful and entitled to adopt binding resolutions only if 2/3 of the total numbers of members of the Board of Directors is present or represented. A Director may be represented at a meeting of the Board of Directors only by another Director appointed pursuant to a power of attorney issued for that particular purpose. At any meeting of the Board of Directors each Director is entitled to one vote for himself and one vote for each other Director he is representing. Resolutions of the Board of Directors must be adopted under the principle of deliberation to reach a consensus. In the event that no resolution can be reached based upon the principle of the deliberation to reach a consensus, the resolutions must be adopted by the approval of more than 50% of the members of the total number of votes lawfully cast at such meeting, and, in the event of a tie vote, the Chairman of the meeting has a deciding vote. The Board of Directors may adopt valid and binding resolutions without convening a meeting of the Directors if all members of the Board of Directors have been given written notices thereof and all members of the Board of Directors grant their approvals in writing to the submitted proposal and sign such approvals. Individual Directors are charged with specific responsibilities. In the event that a vacancy occurs in the Board of Directors, announcement must be published within 30 days of such vacancy that a general meeting of shareholders will be convened to fill the position. If for any reason we cease to have any Directors, the Board of Commissioners will assume the ongoing obligations of the Board of Directors until new members of the Board of Directors are elected. The Articles of Association provide that if there is a conflict between our interests and those of a Director, then in the relevant transaction we shall be represented by another member of the Board of Directors who does not have a conflict of interest with us. If all Directors have a conflict, we shall be represented by the Board of Commissioners. Under JSX rules, our Board of Directors is required to hold formal meetings and to keep and maintain minutes of each of its meetings. These minutes must then be submitted to our Commissioners. The JSX may be able to impose penalties on us for failure to comply with its rules. If the Board of Directors due to its failure or negligence, including as a result of its failure to hold formal meetings and to keep and maintain minutes, has caused losses to the Issuer, the Directors are liable to the Issuer for such loss, and a holder of 10% of the total voting shares issued by the Issuer has the right to lodge an action on behalf of the Issuer against the Board of Directors. Audit Committee In accordance with BAPEPAM and JSX regulations, we have formed an independent Audit Committee chaired by our Independent Commissioner and includes two independent outside members, one of whom must be a person with sufficient experience in the field of either accounting or finance. The current members of our Audit Committee are Mr. Soedjai Kartasasmita who serves as Audit Committee Head, Mr. Apandi Kosasih and Mr. Marzuki Ramli. Messrs. Kosasih and Ramli serve as independent outside members of our Audit Committee pursuant to BAPEPAM regulations on the “independence” requirements. The duties of the Audit Committee include providing professional, independent advice to the Board of Commissioners and identifying matters that require the attention of the Board of Commissioners, including the review of (i) our financial information (including financial reports and projections); (ii) the independence and objectivity of our public accountant; (iii) the adequacy of our public accountant’s audits to ensure that all material risks have been taken into consideration; (iv) the effectiveness of our internal controls; (v) our compliance as a listed company with the prevailing capital markets regulations; and (vi) other regulations related to our business and our internal auditors’ duties. The Audit Committee also examines and reports complaints to the Board of Commissioners, maintains the confidentiality of documents, data and information relating to us, conducts an audit of any alleged mistake in the resolutions of a Board of Directors’ meeting or deviations in the implementation of the resolutions of such meeting and maintains the Audit Committee charter.
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PRINCIPAL SHAREHOLDERS The following table sets forth certain information regarding ownership of our ordinary shares as of 28 February 2010 by all persons who, according to the shareholders’ list issued by Biro Administrasi Efek Perusahaan (Securities Administrative Bureau of the Company), own beneficially 5.0% or more of our ordinary voting shares. Our shareholders as of 28 February 2010, were:
PT Bakrie & Brothers Tbk ................................................................
Beneficial ownership % of Shares No. of Shares 5,104,761,000 38.55%
The authorized share capital of the Issuer is Rp. 1,500 billion comprising 15,000,000,000 shares of Rp. 100 each, of which 13,242,739,272 shares were issued as of 28 February 2010.
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RELATED PARTY TRANSACTIONS We moved into new office space on the 15th floor of Wisma Bakrie 2 at Jalan H.R. Rasuna Said Kav. B-2, Jakarta 12920, Indonesia which is significantly larger than our previous rented space. We rent our office space from Koperasi Karyawan PT Bakrie Sumatera Plantations Jakarta and have a written lease (including utilities) on arm’s length terms at an amount of Rp. 490.5 million per month. In the course of our ordinary business activities, we conduct transactions with related parties mainly relating to the provision of raw materials to such parties. Such sales transactions have been conducted under terms and conditions similar to those granted to independent third parties. As of 31 December 2009, we were owed approximately Rp. 24.0 billion by PT Bakrie Rubber Industry, a subsidiary of one of our substantial shareholders, representing interest/penalty from past due trade receivables, advances to finance its operations and reimbursement of expenses. We have not changed interest on such amounts and have partially provided an allowance for doubtful debts on these amounts since 1999. For further information on our related party transactions, see Note 34 to our audited consolidated financial statements included elsewhere in this Information Memorandum.
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TERMS AND CONDITIONS OF THE NOTES The following other than the paragraphs in italics is the text of the Terms and Conditions of the Notes, which will appear on the reverse of each of the definitive certificates evidencing the Notes: The issue of up to U.S.$100,000,000 in aggregate principal amount of 8.0% Guaranteed Equity-linked Redeemable Notes due 2013 (the “Notes”, which term shall include, unless the context requires otherwise, any further Notes issued in accordance with Condition 16 and consolidated and forming a single series therewith) of PT Bakrie Sumatera Plantations Tbk (the “Issuer”), will be authorised by a resolution of the Board of Directors of the Issuer dated on or about 12 February 2010. The guarantee of the Notes was authorised by resolutions of the respective Board of Directors and the Board of Commissioners of the subsidiaries of the Issuer listed in Schedule 5 to the Trust Deed (as defined below) (the “Guarantors”). The Notes are constituted by a trust deed (as amended or supplemented from time to time) (the “Trust Deed”) dated 18 February 2010 and made between the Issuer, the Guarantors and The Bank of New York Mellon as trustee for the holders of the Notes (the “Trustee”, which term shall, where the context so permits, include all other persons for the time being acting as trustee or trustees under the Trust Deed). The Issuer and the Guarantors have entered into an agency agreement, as amended or supplemented from time to time (the “Agency Agreement”) dated 18 February 2010 with the Trustee, The Bank of New York Mellon, as principal paying, redemption and transfer agent (the “Principal Agent”, “Paying Agent”, “Redemption Agent” and “Transfer Agent”) and The Bank of New York Mellon, as registrar (the “Registrar” and, together with the Principal Agent, Paying Agent, Redemption Agent and Transfer Agent, the “Agents” and each an “Agent”. The statements in these terms and conditions (these “Conditions”) include, and are subject to, the detailed provisions of the Trust Deed. Unless otherwise defined, terms used in these Conditions have the meaning specified in the Trust Deed. Copies of the Trust Deed and of the Agency Agreement are available for inspection during normal business hours at the principal office of the Trustee being at the date hereof at 40th Floor, One Canada Square, London E14 5AL, United Kingdom and at the specified offices of each of the Agents. The Noteholders (as defined in Condition 2.2) are entitled to the benefit of the Trust Deed and are bound by, and are deemed to have notice of, all the provisions of the Trust Deed and the Agency Agreement applicable to them. 1.
GUARANTEE AND STATUS
1.1
Guarantee
Each of the Guarantors (on a joint and several basis) unconditionally and irrevocably guarantees (the “Guarantee”) the due payment of all sums, including principal, premium and interest, and of any additional amounts payable by the Issuer under the Trust Deed and the Notes, and the due and punctual performance of all the Issuer’s obligations under the Trust Deed and the Notes. The obligations of the Guarantors in respect of the Guarantee are contained in the Trust Deed. 1.2
Status 1.2.1.
The Notes and the Guarantee constitute direct, unsubordinated, unconditional and (subject to the provisions of Condition 1.2.2 and Condition 4) unsecured obligations (at the Issue Date) of the Issuer and the Guarantors, respectively, and shall at all times rank pari passu and without any preference or priority among themselves. The payment obligations of the Issuer and the Guarantors under the Notes and the Guarantee, respectively, shall, save for such exceptions as may be provided by mandatory provisions of applicable law and subject to Condition 4, at all times rank at least equally with all of their respective other present and future direct, unsubordinated, unconditional and unsecured obligations. The obligations of the Guarantors under this Trust Deed and the Notes are joint and several.
1.2.2
The Issuer will use best efforts to create and perfect the Second Security (as defined in Condition 4.2.6), within 90 days after the Issue Date, provided that the Issuer shall not be obliged to pay consent fees to holders of the 2006 Notes (as defined in Condition 4.2.9) for an amount exceeding 0.5% of the aggregate outstanding principal amount of the 2006 Notes as consideration for such holders to provide their consent to the creation of the Second Security. In the event that the Second Security is not created and perfected within the said 90 days, the Issuer shall notify the Noteholders that the Second Security has not been created and perfected, and each Noteholder shall have the option (exercisable by notice to the Issuer, and accompanied by a return of the Notes held by such Noteholder for cancellation, within 5 Business Days immediately following the Issuer’s notice) to treat the sale and purchase of the Notes between the Issuer and such Noteholder under its respective purchase agreement as void ab initio, and upon the exercise of such option the Issuer shall within five Business Days of such Noteholder’s notice, return the purchase consideration paid or delivered by the Noteholder for its Notes under its purchase agreement with the Issuer in relation to the purchase of their Notes, and thereupon the Notes shall be deemed to be cancelled. The Issuer shall procure that all 67
documentation (including appropriate discharges and releases) reasonably satisfactory to the Trustee is entered into in connection with such cancellation and discharge. 1.2.3
As a condition under the Second Security, the Noteholders shall not, while the Second Security is in force, commence any enforcement action in relation to the Second Security upon the occurrence an Event of Default under the Notes, except after the commencement of an enforcement action by the holders of the 2006 Notes. For the avoidance of doubt, this Condition 1.2.3 shall not restrict or prohibit the Noteholders and/or the Trustee from accelerating the Notes pursuant to Condition 10.1 or redeeming the Notes pursuant to Condition 6.
1.2.4
The Noteholders hereby irrevocably authorise and instruct the Trustee (if it is the security trustee in respect of the Second Security, in such capacity) or (if the Trustee is not such security trustee) the security trustee in respect of the Second Security to, at the written request and costs of the Issuer (and without the requirement for any further consent or instructions), release all security interests in relation to the Second Security prior to the Maturity Date without recourse or warranty and under the following circumstances: (i)
in the event that (a) additional 2006 Notes are to be issued pursuant to the Indenture (as defined in Condition 4.2.11) on a senior secured basis (“2006 Notes Tack-On Security”); (b) the Issuer or the Guarantors have entered into any engagement or arrangement to raise financing on a senior secured basis to refinance the 2006 Notes (such financing, the “2006 Notes Refinancing”); and/or (c) any Permitted Security (as defined in Condition 4.2.5) otherwise permitted under the Indenture is to be created or perfected; and
(ii)
the Issuer and the Guarantors have supplied to the Trustee or the security trustee (as the case may be) such appropriate documents evidencing that pursuant to the release of the Second Security in accordance with this Condition 1.2.4 and upon the completion of the 2006 Notes Tack-On Security, the 2006 Notes Refinancing and/or the relevant Permitted Security under the Indenture, as the case may be, the Noteholders will be provided with security interests over the relevant assets which are subject of the Second Security of equivalent ranking and priority as the Second Security (the “Replacement Second Security”), provided that (1) the Replacement Second Security will rank junior to any security interests created in favour of the 2006 Notes Tack-On Security, the 2006 Notes Refinancing and/or the Permitted Security under the Indenture; and (2) a legal opinion from reputable counsel is provided in relation to the release and creation of such security interests.
The Replacement Second Security and the legal opinion related thereto shall be perfected or delivered to the Trustee as soon as reasonably practicable following the completion of the 2006 Notes Tack-On Security, the 2006 Notes Refinancing and/or the relevant Permitted Security under the Indenture, as the case may be, but in any event no later than 30 days thereafter. The Noteholders acknowledge and understand that the Trustee shall be fully protected and indemnified by the Issuer in acting on the authorization set out in this Condition 1.2.4 and each Noteholder waives any claims it may have against the Trustee in this regard, except in the case of the Trustee’s gross negligence, wilful misconduct or fraud. 2.
FORM, DENOMINATION AND TITLE
2.1
Form and Denomination
The Notes are issued in registered form in the denomination of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. A Note certificate (each a “Certificate”) will be issued to each Noteholder in respect of its registered holding of Notes. Each Certificate will be numbered serially with an identifying number which will be recorded on the relevant Certificate and in the Register (as defined in Condition 3.1) which the Issuer will procure to be kept by the Registrar as specified in Condition 3. Upon issue, the Notes will be represented by a Global Certificate registered in the name of a nominee of, Euroclear Bank S.A./N.V. (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream”) and deposited with a common depositary for Euroclear and Clearstream. The Conditions are modified by certain provisions contained in the Global Certificate. Definitive Certificates in respect of the Notes will not be issued in exchange for the Global Certificate, except in very limited circumstances as described in the Global Certificate. The Notes are not issuable in bearer form. 68
2.2
Title
Title to the Notes passes only by transfer and registration in the Register. The holder of any Note will (except as otherwise required by law) be treated as its absolute owner for all purposes (whether or not it is overdue and regardless of any notice of ownership, trust or any interest in it or any writing on, or the theft or loss of, the Certificate issued in respect of it) and no person will be liable for so treating the holder. In these Conditions “Noteholder” and (in relation to a Note) “holder” means the person in whose name a Note is registered in the Register. 3.
TRANSFERS OF NOTES; ISSUE OF CERTIFICATES
3.1
Register
The Issuer will cause to be kept at the specified office of the Registrar outside the United Kingdom and in accordance with the terms of the Agency Agreement a register on which shall be entered the names and addresses of the Noteholders and the particulars of the Notes held by them and of all transfers of the Notes (the “Register”). Unless otherwise requested by a Noteholder and agreed by the Issuer, such agreement not to be unreasonably withheld, a Noteholder shall be entitled to receive only one Certificate in respect of its entire holding. 3.2
Transfers
Subject to Conditions 3.5 and 3.6 and the terms of the Agency Agreement, a Note may be transferred or exchanged by delivery of the Certificate issued in respect of that Note, with the form of transfer on the back duly completed and signed by the holder or his attorney duly authorised in writing, to the specified office of the Registrar or any of the Transfer Agents. No transfer of title to a Note will be valid unless and until entered on the Register. Transfers of interests in the Notes evidenced by the Global Certificate will be effected in accordance with the rules of the relevant clearing systems. 3.3
Delivery of New Certificates 3.3.1
Each new Certificate to be issued upon a transfer or exchange of Notes will, within seven Business Days (as defined in Condition 4.2.2) of receipt (at the place of the relevant specified office) by the Registrar or, as the case may be, any other relevant Transfer Agent of the form of transfer duly completed and signed, be made available for collection at the specified office of the Registrar or such other relevant Transfer Agent or, if so requested in the form of transfer, be mailed by uninsured mail at the risk of the holder entitled to the Notes (at the Issuer’s expense) to the address specified in the form of transfer. The form of transfer is available at the specified office of the Transfer Agent. Except in the limited circumstances described herein, owners of interests in the Notes represented by the Global Certificate will not be entitled to receive physical delivery of Certificates in respect of their individual holdings of Notes.
3.3.2
3.4
Where only part of a principal amount of the Notes (being that of one or more Notes) in respect of which a Certificate is issued is to be transferred, exchanged or converted, a new Certificate in respect of the Notes not so transferred, exchanged or converted will, within seven Business Days of delivery (at the place of the relevant Specified Office) of the original Certificate to the Registrar or other relevant Agent, be made available for collection at the specified office of the Registrar or such other relevant Agent or, if so requested in the form of transfer, be mailed by uninsured mail at the risk of the holder of the Notes not so transferred, exchanged or converted (at the Issuer’s expense) to the address of such holder appearing on the Register.
Formalities Free of Charge
Registration of a transfer of Notes will be effected without charge by or on behalf of the Issuer or any of the Agents, but upon (i) payment by the transferring Noteholder (or the giving of such indemnity as the Issuer or any of the Agents may require) in respect of any tax or other governmental charges which may be imposed in relation to such transfer; and (ii) the Issuer or the relevant Transfer Agent being satisfied that the regulations concerning transfers of Notes have been complied with.
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3.5
Closed Periods
No Noteholder may require the transfer of a Note to be registered (i) during the period of 15 days ending on (and including) (x) the dates for redemption pursuant to Condition 8.2 and Condition 8.3 and (y) an Interest Payment Date (as defined in Condition 5.1); (ii) after a Redemption Notice (as defined in Condition 6.2.1) has been delivered with respect to a Note; (iii) after a Put Option Notice (as defined in Condition 8.4.2) has been deposited in respect of such a Note; (iv) after a Change of Control Put Exercise Notice (as defined in Condition 8.5.1) has been deposited in respect of such a Note or (v) after a Delisting Put Exercise Notice (as defined in Condition 8.6.3) has been deposited in respect of such a Note, each such period being a “Closed Period”. 3.6
Regulations
All transfers of Notes and entries on the Register will be made subject to the detailed regulations concerning transfer of Notes scheduled to the Agency Agreement. The regulations may be changed by the Issuer, and advised to the Trustee and the Registrar in writing. A copy of the current regulations will be mailed (at the Issuer’s expense) by the Registrar to any Noteholder upon request. 4.
NEGATIVE PLEDGE
4.1
Creation of Security
So long as any Note remains outstanding (as defined in the Trust Deed), neither the Issuer nor the Guarantors will create or permit to subsist, any Security (as defined in Condition 4.2.7) (other than Permitted Security) upon the whole or part of its present or future undertakings, assets or revenues, to secure any International Investment Securities (as defined in Condition 4.2.3) or to secure any guarantee of or indemnity in respect of any International Investment Securities unless, at the same time or prior thereto, the Issuer’s obligations under the Notes and the Trust Deed or, as the case may be, each Guarantor’s obligations under the Guarantee (a) are secured equally and rateably therewith, or (b) have the benefit of such other security, guarantee, indemnity or other arrangement as the Trustee in its absolute discretion shall deem to be not materially less beneficial to the Noteholders or as shall be approved by an Extraordinary Resolution (as defined in the Trust Deed) of the Noteholders. 4.2
Definitions For the purposes of these Conditions, 4.2.1
“Affiliate” means any person or entity controlled, directly or indirectly, by the relevant party, any entity that controls, directly or indirectly, the relevant party or any entity directly or indirectly under common control with the relevant party. For this purpose, “control” of any entity or person means ownership of a majority of the voting power of the entity or person.
4.2.2
“Business Day” means a day (other than a Saturday or Sunday) on which banks are open for business in London, New York, Hong Kong and Jakarta and in the case of transfer or surrender of Certificates, in the city in which the specified office of the Registrar (if a Certificate is deposited with it in connection with a transfer or redemption) or the Agent with whom a Certificate is deposited in connection with a transfer or redemption, is located.
4.2.3
“International Investment Securities” means any present or future indebtedness in the form of, or represented by, bonds, debentures, notes or other investment securities other than in connection with the 2006 Refinancing and 2006 Notes Tack-On Security or payable or optionally payable in a currency other than Rupiah.
4.2.4
“KSEI” means the Indonesian Central Securities Depository.
4.2.5
“Permitted Security” means (a) any Security granted or required to be granted under the Indenture; (b) any other Security described as “Permitted Liens” under the Indenture; and (c) any Security to be granted over the assets of the Issuer and the Guarantors in respect of the Notes.
4.2.6
“Second Security” means, with respect to the immovable assets of the Issuer and the Guarantors currently securing the 2006 Notes, a second mortgage on such immovable assets, to the extent permissible under the applicable laws, securing the obligations of the Issuer and the Guarantors under the Notes and the Trust Deed, which shall rank junior in priority to the existing security over such assets pursuant to the Indenture. 70
4.2.7
“Security” means any mortgage, charge, pledge, lien, hypothecation, fiduciary security, or other form of encumbrance or security interest of any kind (including, without limitation, anything analogous to any of the foregoing under the laws of any jurisdiction and any conditional sale or other title retention agreement or lease in the nature thereof).
4.2.8
“Subsidiary” or “subsidiary” of any person means any company or other business entity of which that person owns or controls (either directly or through one or more other Subsidiaries) more than 50% of the issued share capital or other ownership interest having ordinary voting power to elect directors, commissioners, managers or trustees of such company or other business entity or any company or other business entity which at any time has its accounts consolidated with those of that person or which, under the laws, regulations or generally accepted accounting principles in effect from time-to-time of its jurisdiction of incorporation or of the Republic of Indonesia, should have its accounts consolidated with those of that person.
4.2.9
“2006 Notes” means the 10.75% senior secured Notes due 2011 issued by BSP Finance B.V. and guaranteed by PT Bakrie Sumatera Plantations Tbk and certain of its subsidiaries as described in the Indenture (including the Guarantors).
4.2.10
“IDX” means the Indonesian Stock Exchange.
4.2.11
“Indenture” means the indenture, dated 17 October 2006, governing the 2006 Notes, as amended and supplemented by a first supplemental indenture dated 7 March 2007 and a second supplemental indenture dated 16 October 2009 in respect of the 2006 Notes, and as may be supplemented and modified or reinstated from time to time.
4.2.12
“Indonesian Listed Shares” means Shares which are listed on the IDX and are deposited with KSEI.
4.2.13
“Shares” means ordinary shares with a par value of Rp. 100 each of the Issuer (which include ordinary shares of the Issuer listed on the IDX) or shares of any class or classes resulting from any subdivision, consolidation or re-classification of those shares, which as between themselves have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or dissolution of the Issuer.
5.
INTEREST
5.1
The Notes shall bear interest at a rate of 8.0% per annum calculated by reference to the principal amount thereof and payable semi-annually in arrears on 1 September and 1 March in each year (each an “Interest Payment Date”), commencing with the Interest Payment Date falling on 1 September 2010 (the “First Interest Payment Date”) except that the last payment of interest will be made on the Maturity Date (as defined in Condition 8.1) in respect of the period from (and including) 1 September 2012 to (but excluding) the Maturity Date.
5.2
Each Note will cease to bear interest on the Maturity Date or the due date for redemption of that Note unless, after surrender of the Certificate, payment of principal is improperly withheld or refused or default is otherwise made in respect of such payment. In such case interest will continue to accrue at the rate specified in Condition 5.3 until whichever is the earlier of: 5.2.1
the date on which all amounts due in respect of such Notes are received by or on behalf of the relevant Noteholder; and
5.2.2
seven Business Days after the date on which the full amount payable in respect of that Note has been received by the Principal Agent and notice to the effect has been given to the Noteholders in accordance with Condition 17.
5.3
If the Issuer or, as the case may be, any Guarantor fails to pay any sum in respect of the Notes when the same becomes due and payable under these Conditions, interest will accrue (both before and after any judgment) on such unpaid amount at the rate of 11.0% per annum (instead of 8.0%), from the due date up to but excluding the date on which such unpaid amount is paid in full.
5.4
Where interest is required to be calculated in respect of a period of less than 12 months, it shall be calculated on the basis of a 360-day year consisting of 12 months of 30 days each and in the case of an incomplete month, the number of days elapsed in such month.
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6.
REDEMPTION
6.1
Redemption Right 6.1.1
Redemption Period: Subject as hereinafter provided, each Noteholder has the right to require the Issuer to redeem its Notes at any time during the Redemption Period (as defined below) in a minimum amount of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof. The right of a Noteholder to require the redemption of any Note under this Condition 6.1 is called the “Redemption Right”. If a Noteholder exercises the Redemption Right, the Issuer has the option to redeem the Notes either by way of delivering to the relevant Noteholder (i) Indonesian Listed Shares pursuant to the Share Settlement Option provided in Condition 6.1.3; and/or (ii) cash pursuant to the Cash Settlement Option provided in Condition 6.1.2. Subject to and upon compliance with the provisions of this Condition and Condition 3.5, the Redemption Right may be exercised, at the option of the Noteholder, at any time on and after 18 August 2010 (being the date falling on six months after the Issue Date) up to the close of business (at the place where the Certificate evidencing such Note is deposited for redemption) on 31 December 2012 (being the date falling 60 days prior to the Maturity Date) (but, except as provided in Condition 6.1.7, in no event thereafter) or if such Note shall have been called for redemption by the Issuer before 31 December 2012, then up to the close of business (at the place aforesaid) on a date no later than ten Business Days (at the place aforesaid) prior to the date fixed for redemption thereof (the “Redemption Period”). Upon receipt of the Redemption Notice (as defined in Condition 6.2.1) from the Redemption Agent, the Calculation Agent (as defined in Condition 6.4.23) shall calculate and notify in writing to the Trustee and the Issuer by the second Business Day after such receipt, (a) the Cash Settlement Amount to be paid pursuant to the Cash Settlement Option for each U.S.$1,000 principal amount of Notes (rounded down to the second decimal point), (b) the number of Shares to be delivered pursuant to the Share Settlement Option for each U.S.$1,000 principal amount of Notes (rounded down to the second decimal point), (c) the Cash Settlement Amount to be paid pursuant to the Cash Settlement Option (assuming all the Notes to which the Redemption Notice applies will be redeemed pursuant to Cash Settlement Option (as defined below)), and (d) the number of Shares to be delivered pursuant to the Share Settlement Option assuming that all the Notes to which the Redemption Notice applies will be redeemed pursuant to the Share Settlement Option.
6.1.2
Cash Settlement: Upon the receipt of a Noteholder’s Redemption Notice from the Redemption Agent, the Issuer shall have the option (the “Cash Settlement Option”) in its absolute discretion to pay to the relevant Noteholder an amount of cash in U.S. Dollars equal to the Cash Settlement Amount (as defined below) for each U.S.$1,000 principal amount of Notes which are subject of the Redemption Notice in full or in part (in which case the redemption of the remaining Notes shall be satisfied pursuant to the Share Settlement Option (as defined in Condition 6.1.3). In order to exercise the Cash Settlement Option, the Issuer shall provide notice of the exercise of the Cash Settlement Option (the “Cash Settlement Notice”) either by notice to the Trustee or to the relevant Noteholder as soon as practicable but in any event no later than the fourth Business Day after the Redemption Date (as defined in Condition 6.2.1(ii)) (the “Cash Settlement Notice Date”). The Cash Settlement Notice must specify the principal amount of Notes in U.S.$1,000 increments in respect of which the Issuer will make cash payment in the manner described in this Condition. The Issuer shall pay the Cash Settlement Amount directly to the Noteholders on a Business Day not less than five Trading Days but no more than 13 Trading Days (as defined in Condition 6.4.14) following the Cash Settlement Notice Date. If the Issuer exercises the Cash Settlement Option in respect of Notes held by any Noteholder, the Issuer shall make the same proportion of cash and Shares available to each other Noteholder who serves its Redemption Notice for the same Redemption Date (as defined in Condition 6.2.1(ii)). “Cash Settlement Amount” means for each U.S.$1,000 principal amount of Notes, an amount calculated as follows: Cash Settlement Amount = A x B/C Where, A =
U.S.$1,000 principal amount of Notes plus the Redemption Premium (as defined in Condition 8.11.7) together with any accrued but unpaid interest (in each case in respect of U.S.$1,000 principal amount of Notes and calculated up to the Redemption Date);
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B =
the VWAP (as defined in Condition 6.4.22) of the Shares for the period of 15 Trading Days prior to the Redemption Date (converted into U.S. Dollars at the Prevailing Exchange Rate (as defined in Condition 6.4.12) on the Redemption Date); and
C =
the Conversion Price (as defined in Condition 6.1.5) in effect (converted into U.S. Dollars at the Prevailing Exchange Rate on the Redemption Date).
6.1.3
Share Settlement: Upon the receipt of a Noteholder’s Redemption Notice from the Redemption Agent, the Issuer shall have the option (the “Share Settlement Option”) in its absolute discretion to redeem the Notes to which the Redemption Notice applies by delivery of the number of Shares to be determined by dividing (a) the aggregate principal amount of the Notes to be redeemed plus any accrued and unpaid interest or other amounts payable on such aggregate principal amount (in each case calculated up to the Redemption Date) by (b) the Conversion Price then in effect (converted into U.S. Dollars at the Prevailing Exchange Rate on the Redemption Date). In the event that the Cash Settlement Option is not selected or if it applies to only part (and not all) of the Notes to which the Redemption Notice applies, the redemption of the Notes or, as the case may be, the remaining part of the Notes shall be satisfied by the delivery of Shares. The delivery of Shares pursuant to the Share Settlement Option shall be made as soon as practicable but not later than the fifth Business Day from the date of the Issuer’s receipt of the Calculation Agent’s notice of determination, in accordance with these Conditions. Additional Shares may be required to be delivered pursuant to the provisions in Condition 6.1.6, if applicable.
6.1.4
Fractions of Shares: Fractions of Shares will not be delivered on redemption and no cash adjustments will be made in respect thereof. If the Redemption Right in respect of more than one Note is exercised at any one time such that Shares to be delivered pursuant to the Share Settlement Option are to be registered in the same name, the number of such Shares to be delivered in respect thereof shall be calculated on the basis of the aggregate principal amount of such Notes and rounded down to the nearest whole number of Shares. Notwithstanding the foregoing, in the event of a consolidation or re-classification of Shares by operation of law or otherwise occurring after 18 February 2010, which reduces the number of Shares outstanding, the Issuer will pay in cash (in U.S. Dollars by means of a U.S. Dollar cheque drawn on a bank in New York) a sum equal to such portion of the principal amount of the Note or Notes evidenced by the Certificate deposited in connection with the exercise of Redemption Rights, aggregated as provided in Condition 6.1.1, as corresponds to any fraction of a Share not issued as a result of such consolidation or re-classification if such sum exceeds U.S.$10.
6.1.5
Conversion Price and Conversion Ratio: The price at which the Shares will be delivered upon redemption pursuant to the Share Settlement Option, as adjusted and/or reset from time to time (the “Conversion Price”) will initially be IDR 611 per Share (the “Initial Conversion Price”) (being 115% of the VWAP of the Shares for the period of 15 Trading Days immediately preceding the Issue Date (the “Initial VWAP”)) but will be subject to adjustment in the manner provided in Condition 6.3 and to reset in the manner provided in Condition 6.3.11.
6.1.6
Top Up: In the case where the Share Settlement Option has been applied and the VWAP of the Shares for the period of 15 Trading Days immediately preceding the actual date of delivery of the Shares upon redemption (converted into U.S. Dollars at the Prevailing Exchange Rate) is below the Conversion Price applicable to the Redemption Notice (converted into U.S. Dollars at the Prevailing Exchange Rate on the Redemption Date), the Issuer shall, at its option, either deliver additional Shares (calculated based on such VWAP) to make up the shortfall, or pay the Noteholder the shortfall difference in U.S. Dollars (calculated by multiplying such number of additional Shares with such VWAP, converted into U.S. Dollars at the Prevailing Exchange Rate on the Redemption Date).
6.1.7
Revival and survival after Default: Notwithstanding the provisions of Condition 6.1.1, if (a) the Issuer shall default in making payment in full in respect of any Note which shall have been called for redemption on the date fixed for redemption thereof, (b) any Note has become due and payable prior to the Maturity Date by reason of the occurrence of any of the events referred to in Condition 10, (c) any Note in relation to which a notice has been given under Condition 8.4 but in relation to which the Issuer has not redeemed in full, or (d) any Note is not redeemed on the Maturity Date in accordance with Condition 8.1, the Redemption Right attaching to such Note will revive and be exercisable up to, and including, the close of business (at the place where the Certificate evidencing such Note is deposited) on the date upon which the full amount of the moneys payable in respect of such Note has been duly received by the Principal Agent or the Trustee and notice of such receipt has been duly given to the Noteholders and, notwithstanding the provisions of Condition 6.1.1, any Note in respect of which the Certificate and Redemption Notice are deposited prior to 73
such date shall be redeemed on the relevant Redemption Date (as defined in Condition 6.2.1(ii)) notwithstanding that the full amount of the moneys payable in respect of such Note shall have been received by the Principal Agent or the Trustee before such Redemption Date or that the Redemption Period may have expired before such Redemption Date. 6.1.8
6.2
Upon exercise of Redemption Rights in relation to any Note and the fulfilment by the Issuer of all its obligations in respect thereof, the relevant Noteholder shall have no further rights in respect of such Note and the obligations of the Issuer and the Guarantors in respect thereof shall be extinguished.
Redemption Procedure 6.2.1
Redemption Notice: (i)
To exercise the Redemption Right attaching to any Note, the holder thereof must complete, execute and deposit at his own expense from 9 a.m. to 3 p.m. on a Business Day at the specified office of any Redemption Agent a notice of Redemption (a “Redemption Notice”) in duplicate in the form (for the time being current) obtainable from the specified office of each Agent, together with the relevant Certificate and any amounts required to be paid by the Noteholder under Condition 6.2.2. A Redemption Notice deposited outside the business hours specified above or on a day that is not a Business Day at the place of the specified office of the Redemption Agent shall for all purposes be deemed to have been deposited with the Redemption Agent during the business hours specified above on the next Business Day at such place. A Noteholder will be required to represent in the Redemption Notice that he is not a Major Shareholder (as defined under Law No. 8 of 1995 regarding Capital Market), director or commissioner of the Issuer or any Guarantor or an Affiliate (as defined under Indonesian capital market regulations) of a Major Shareholder, director or commissioner of any Guarantor.
(ii)
The redemption date in respect of a Note (the “Redemption Date”) must fall at a time when the Redemption Right attaching to that Note is expressed in these Conditions to be exercisable (subject to the provisions of Condition 6.1.7 above) and will be deemed to be the Business Day (as defined below) immediately following the date of the surrender of the Certificate in respect of such Note and delivery of such Redemption Notice and, if applicable, any payment to be made or indemnity given under these Conditions in connection with the exercise of such Redemption Right, as well as the fulfilment of all other conditions precedent to redemption of the Note. A Redemption Notice once delivered shall be irrevocable and may not be withdrawn unless the Issuer consents to such withdrawal.
(iii)
The Redemption Agent and the Issuer may reject any incomplete or incorrect Redemption Notice or any Redemption Notice that is not accompanied by any relevant Certificates in respect thereof.
6.2.2
Stamp Duty etc.: A Noteholder delivering a Certificate in respect of a Note for redemption must pay directly to the relevant authorities: (i) any fee charged by the Noteholder’s broker/custodian in relation to the transfer, which may include the KSEI fee, and (ii) any taxes and capital, stamp, issue and registration duties arising on redemption (other than any taxes or capital or stamp duties payable in the Republic of Indonesia in respect of the transfer of Shares on redemption, which shall be for the Issuer’s account) and such Noteholder must pay directly to the relevant authorities all, if any, taxes arising by reference to any disposal or deemed disposal of a Note in connection with such redemption. The Issuer will pay all other expenses arising on the issue of Shares on redemption of the Notes and all charges of the Agents and the share transfer agent for the Shares in connection with redemption. No Agent is under any obligation to determine whether a Noteholder is liable to pay any taxes including stamp, issue, registration or similar taxes and duties or the amounts payable (if any) in connection with this Condition 6.2.2. The relevant Redemption Agent shall not be concerned with, nor shall it be obliged or required to enquire into, the sufficiency of any amount paid by such Noteholder. Nothing in this Condition 6.2.2 shall require the Issuer to pay any amounts with respect to any tax or duty assessed on the Notes or Shares if that tax or duty is imposed on or calculated by reference to the net income received or receivable by a Noteholder.
6.2.3
Registration: (i)
Upon exercise by a Noteholder of its Redemption Right, and the Issuer’s election of its Share Settlement Option as provided in Condition 6.1.3, the Issuer shall procure the delivery of Shares in 74
accordance with paragraphs (ii) and (iii) below. Shares to be delivered will be listed and trade on the IDX, which will be delivered in accordance with paragraph (ii) below and the holder of record will be in accordance with paragraph (iv) below. (ii)
Upon exercise by a Noteholder of its Redemption Right, as soon as practicable but not later than five Business Days after the date of its receipt of the notice of determination from the Calculation Agent, the Issuer will, subject to receipt of a duly completed Redemption Notice and the relevant Certificate and deposit or payment by the relevant Noteholder of amounts required under Conditions 6.2.1 and 6.2.2, (a) procure that the relevant number of Shares are credited to the Sub-Account (as defined in paragraph (vii) below) or (if the Shares are listed on an Alternative Stock Exchange (as defined in Condition 6.4.1)) such other relevant securities account designated in the Redemption Notice, (b) instruct, through its broker or custodian, the KSEI or such other depository to deliver the Shares free of payment to the relevant Sub-Account or (if the Shares are listed on an Alternative Stock Exchange) other relevant securities account of the Noteholder designated for the purpose in the Redemption Notice as holder(s) of the relevant number of Shares, and (c) make available for collection at the specified office of the Issuer in Indonesia or, if so required in the relevant Redemption Notice, mail (at the risk, and, if sent at the request of such person otherwise than by ordinary mail, at the expense, of such person) the relevant notice(s) of transfer to the person or persons and at the place specified in the Redemption Notice as soon as practicable but not later than five Business Days after the date of its receipt of the notice of determination from the Calculation Agent, together with any cash required to be delivered upon redemption pursuant to Condition 6.1.4 and such assignments and other documents (if any) as may be required by law to effect the transfer thereof. No share certificates will be issued to the Noteholder(s) for so long as Shares are deposited with the KSEI or such depository. Subject to the above, where Shares in certificated form are allotted and issued, certificates for Shares issued on redemption will be made available for collection at the specified office of the Issuer or, if so requested in the relevant Redemption Notice, will be mailed (at the risk, and, if sent at the request of such person otherwise than by ordinary mail, at the expense, of the person to whom such certificate or certificates are sent) to the person and at the place specified in the Redemption Notice, as soon as practicable but not later than five Business Days after the date of its receipt of the notice of determination from the Calculation Agent.
(iii)
Notwithstanding the foregoing, if the Redemption Date in respect of a Note falls during a period in which the register of shareholders of the Issuer is closed generally or for the purpose of establishing entitlement to any dividend, distribution or other rights attaching to the Shares (a “Book Closure Period”), the delivery of Shares as set out above shall be postponed to the later of (a) 10 Trading Days after the Redemption Date and (b) the first Trading Day after the expiry of such Book Closure Period. The Issuer undertakes to ensure that any Book Closure Period is as short a period as is reasonably practicable, having regard to applicable Indonesian law.
(iv)
The person or persons designated in the relevant Redemption Notice will be deemed to be the holder of record of the number of Shares deliverable upon redemption with effect from the date the relevant Shares are credited into his or their Sub-Account or (if the Shares are listed on an Alternative Stock Exchange) other relevant securities account or, if the Shares are no longer deposited the KSEI or the depositary for the Alternative Stock Exchange, the date on which he is or they are registered as such in the Issuer’s shareholders’ register (the “Registration Date”). The Shares delivered upon redemption of the Notes will in all respects rank pari passu with the Shares in issue on the relevant Registration Date. Save as set out in these Conditions, a holder of Shares delivered on redemption of Notes shall not be entitled to any rights the record date for which precedes the relevant Registration Date.
(v)
If the Redemption Date in relation to any Note shall be after the record date for any issue, distribution, grant, offer or other event as gives rise to the adjustment of the Conversion Price pursuant to Condition 6.3, but before the relevant adjustment becomes effective under the relevant Condition, the Conversion Price may be adjusted pursuant to Condition 6.3.10.
(vi)
If the record date for the payment of any dividend or other distribution (other than a distribution in respect of which an adjustment has been or is to be made) in respect of the Shares with respect to the Share Settlement Option and/or cash with respect to the Cash Settlement Option (collectively, the “Redemption Consideration”) to be delivered to the relevant Noteholder is on or after the Redemption Date in respect of any Note but before the Registration Date (disregarding any dividend or distribution for which an adjustment of the Conversion Price is made pursuant to Condition 75
6.2.3(iv)), the Issuer will pay to the relevant Noteholder in lieu of such dividend or distribution an amount in U.S. Dollars at the Prevailing Exchange Rate (the “Equivalent Amount”) equal to the amount of any such dividend or other distribution to which such Noteholder would have been entitled had he on that record date been a shareholder of record of such Shares less any deductions that would have been required by law to be made from such payment and will make the relevant payment to the relevant Noteholder at the same time that it makes payment of the dividend or other distribution. The Equivalent Amount shall be paid by means of a U.S. Dollar cheque drawn on a bank in New York and sent to the address specified in the relevant Redemption Notice. (vii)
As used in these Conditions, “Sub-Account” means, with respect to any Noteholder, any securities sub-account of such Noteholder’s broker’s or custodian’s Securities Account, registered under the name of the relevant Noteholder, which sub-account is intended to receive Shares delivered pursuant to a Redemption Right and “Securities Account” means, with respect to a broker or a custodian, the securities account registered under the name of such broker or custodian with KSEI, in respect of Indonesian Listed Shares, which details, inter alia, the ownership of certain securities and/or funds belonging to such broker or custodian or administered by such broker or custodian on behalf of any of its clients.
(viii)
If the Redemption Date or Registration Date falls within a Restricted Period (as defined below), the relevant Noteholders shall not be entitled to payment of any dividend (as may be otherwise payable to holders of Shares on the record date for such Restricted Period) in respect of such Redemption Consideration to be delivered to the relevant Noteholder.
For the purposes hereof, “Restricted Period” means the period from and including the date of the annual general meeting of the shareholders of the Issuer during which an announcement of any dividend is made, up to and including the record date for the payment of such dividend, subject to a maximum of 30 days. 6.3
Adjustments to Conversion Price
The Conversion Price will be subject to adjustment (any such adjustment to be determined by the Issuer without any responsibility on the part of the Trustee or the Agents to verify such determination) in the following events: 6.3.1
Consolidation, Subdivision or Reclassification: If and whenever there shall be an alteration to the number of Shares as a result of consolidation, subdivision or reclassification, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such alteration by the following fraction: A B where: A
is the number of issued Shares immediately before such alteration; and
B
is the number of issued Shares immediately after such alteration.
Such adjustment shall become effective on the date the alteration takes effect. 6.3.2
Capitalisation of Profits or Reserves:
(i)
If and whenever the Issuer shall issue any Shares credited as fully paid to all or substantially all of the holders of the Shares (the “Shareholders”) by way of capitalisation of profits or reserves (including any share premium account) including Shares paid up out of distributable profits or reserves and/or share premium account issued, save where Shares are issued in lieu of the whole or any part of a specifically declared cash dividend (the “Relevant Cash Dividend”), being a dividend which the Shareholders concerned would or could otherwise have received (a “Scrip Dividend”) and which would not have constituted a Capital Distribution (as defined in Condition 6.4.3), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such issue by the following fraction: A B 76
where: A
is the number of issued Shares immediately before such issue; and
B
is the number of issued Shares immediately after such issue.
Such adjustment shall become effective on the date of issue of such Shares or if a record date is fixed therefor, immediately after such record date. (ii)
In the case of an issue of Shares by way of a Scrip Dividend where the Current Market Price (as defined in Condition 6.4.5) of such Shares exceeds the amount of the Relevant Cash Dividend or the relevant part thereof and which would not have constituted a Capital Distribution, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before the issue of such Shares by the following fraction: A+B A+C where: A
is the number of issued Shares immediately before such issue;
B
is the number of Shares issued by way of such Scrip Dividend multiplied by a fraction of which (i) the numerator is the amount of the whole of the Relevant Cash Dividend and (ii) the denominator is the Current Market Price of the Shares issued by way of Scrip Dividend in respect of one Share; and
C
is the number of Shares issued by way of such Scrip Dividend;
Such adjustment shall become effective on the date of issue of such Shares or if a record date is fixed therefor, immediately after such record date. 6.3.3
Capital Distribution: If and whenever the Issuer shall pay or make any Capital Distribution (as defined below) to the Shareholders (except where the Conversion Price falls to be adjusted under Condition 6.3.2 above), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such Capital Distribution by the following fraction: A–B A where, A
is the Current Market Price of one Share on the last Trading Day preceding the date on which the Capital Distribution is publicly announced; and
B
is the Fair Market Value (as defined in Condition 6.4.8) on the date of such announcement, as determined in good faith by a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, of the portion of the Capital Distribution attributable to one Share.
Such adjustment shall become effective on the date that such Capital Distribution is made. When the Capital Distribution is by means of distribution of a cash dividend, only such portion of cash dividend or distribution which exceeds the amounts referred to in Condition 6.4.7(a) (the “excess portion”) shall be regarded as Capital Distribution and only the excess portion shall be taken into account in the determination of the Fair Market Value of the portion of the Capital Distribution attributable to one Share. 6.3.4
Rights Issues of Shares or Options over Shares: If and whenever the Issuer shall issue Shares to all or substantially all the Shareholders as a class by way of rights, or issue or grant to all or substantially all the Shareholders as a class, by way of rights, of options, warrants or other rights to subscribe for or purchase any 77
Shares, in each case at less than the Current Market Price (as defined below) per Share on the last Trading Day preceding the date of the announcement of the terms of such issue or grant, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such issue or grant by the following fraction: A+B A+C where, A
is the number of Shares in issue immediately before such announcement;
B
is the number of Shares which the aggregate amount (if any) payable for the Shares issued by way of rights or for the options or warrants or other rights issued by way of rights and for the total number of Shares comprised therein would purchase at such Current Market Price per Share; and
C
is the aggregate number of Shares issued or, as the case may be, comprised in the issue or grant of such options, warrants or other rights.
Such adjustment shall become effective on the date of issue of such Shares or issue or grant of such options, warrants or other rights (as the case may be). 6.3.5
Rights Issues of Other Securities: If and whenever the Issuer shall issue any securities (other than Shares or options, warrants or other rights to subscribe for or purchase Shares) to all or substantially all the Shareholders as a class, by way of rights, or the grant to all or substantially all the Shareholders as a class by way of rights, of any options, warrants or other rights to subscribe for or purchase, any securities (other than Shares or options, warrants or other rights to subscribe or purchase Shares), the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such issue or grant by the following fraction: A-B A where: A
is the Current Market Price of one Share on the last Trading Day preceding the date on which such issue or grant is publicly announced; and
B
is the Fair Market Value on the date of such announcement, as determined in good faith by a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, of the portion of the rights attributable to one Share.
Such adjustment shall become effective on the date of issue of the securities or grant of such rights, options or warrants (as the case may be). 6.3.6
Issues at less than Current Market Price: If and whenever the Issuer shall issue (otherwise than as mentioned in Condition 6.3.4 above) wholly for cash any Shares (other than Shares issued on the exercise of Redemption Rights or on the exercise of any other rights of conversion into, or exchange or subscription for, Shares) or the issue or grant of (otherwise as mentioned in Condition 6.3.4 above) options, warrants or other rights to subscribe or purchase Shares in each case at a price per Share which is less than 95% of the Current Market Price on the last Trading Day preceding the date of announcement of the terms of such issue, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such issue by the following fraction: A+B C where:
78
A
is the number of Shares in issue immediately before the issue of such additional Shares or the grant of such options, warrants or other rights to subscribe for or purchase any Shares;
B
is the number of Shares which the aggregate consideration receivable for the issue of such additional Shares would purchase at such Current Market Price per Share; and
C
is the number of Shares in issue immediately after the issue of such additional Shares.
References to additional Shares in the above formula shall, in the case of an issue by the Issuer of options, warrants or other rights to subscribe or purchase Shares, mean such Shares to be issued, or otherwise made available, assuming that such options, warrants or other rights are exercised in full at the initial exercise price (if applicable) on the date of issue of such options, warrants or other rights. Such adjustment shall become effective on the date of issue of such additional Shares or, as the case may be, the grant of such options, warrants or other rights. 6.3.7
Other Issues at less than Current Market Price: Save in the case of an issue of securities arising from a conversion or exchange of other securities in accordance with the terms applicable to such securities themselves falling within the provisions of this Condition 6.3.7, the issue wholly for cash by the Issuer or any Subsidiary (otherwise than as mentioned in Conditions 6.3.4, 6.3.5 or 6.3.6 above) or (at the direction or request of or pursuant to any arrangements with the Issuer or any Subsidiary) any other company, person or entity of any securities (other than the Notes) which by their terms of issue carry rights of conversion into, or exchange or subscription for, Shares to be issued by the Issuer upon conversion, exchange or subscription at a consideration per Share which is less than 95% of the Current Market Price on the last Trading Day preceding the date of the announcement of the terms of issue of such securities. In such an event, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such issue by the following fraction: A+B A+C where: A
is the number of Shares in issue immediately before such issue;
B
is the number of Shares which the aggregate consideration receivable by the Issuer for the Shares to be issued on conversion or exchange or on exercise of the right of subscription attached to such securities would purchase at such Current Market Price per Share; and
C
is the maximum number of Shares to be issued on conversion or exchange of such securities or on the exercise of such rights of subscription attached thereto at the initial conversion, exchange or subscription price or rate.
Such adjustment shall become effective on the date of issue of such securities. 6.3.8
Modification of Rights of Conversion etc: If and whenever there shall be any modification of the rights of conversion, exchange or subscription attaching to any such securities as are mentioned in Condition 6.3.7 above (other than in accordance with the terms applicable to such securities) so that the consideration per Share (for the number of Shares available on conversion, exchange or subscription following the modification) is less than the Current Market Price on the last Trading Day preceding the date of announcement of the proposals for such modification. In such an event, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such modification by the following fraction: A+B A+C where, 79
A
is the number of Shares in issue immediately before such modification;
B
is the number of Shares which the aggregate consideration (if any) receivable by the Issuer for the Shares to be issued, or otherwise made available, on conversion or exchange or on exercise of the right of subscription attached to the securities, in each case so modified, would purchase at such Current Market Price per Share or, if lower, the existing conversion, exchange or subscription price of such securities; and
C
is the maximum number of Shares to be issued, or otherwise made available, on conversion or exchange of such securities or on the exercise of such rights of subscription attached thereto at the modified conversion, exchange or subscription price or rate but giving credit in such manner as a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, considers appropriate (if at all) for any previous adjustment under this Condition 6.3.8 or Condition 6.3.7 above.
Such adjustment shall become effective on the date of modification of the rights of conversion, exchange or subscription attaching to such securities. 6.3.9
Other Offers to Shareholders: If and whenever the issue, sale or distribution by or on behalf of the Issuer or any Subsidiary or (at the direction or request of or pursuant to any arrangements with the Issuer or any Subsidiary) any other company, person or entity of any securities in connection with an offer by or on behalf of the Issuer or any Subsidiary or such other company, person or entity pursuant to which offer the Shareholders generally (meaning for these purposes the holders of at least 60% of the Shares outstanding at the time such offer is made) are entitled to participate in arrangements whereby such securities may be acquired by them (except where the Conversion Price falls to be adjusted under Conditions 6.3.4, 6.3.5, 6.3.6 or 6.3.7 above). In such an event, the Conversion Price shall be adjusted by multiplying the Conversion Price in force immediately before such issue by the following fraction: A–B A where, A
is the Current Market Price of one Share on the last Trading Day preceding the date on which such issue is publicly announced; and
B
is the Fair Market Value on the date of such announcement, as determined in good faith by a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, of the portion of the rights attributable to one Share.
Such adjustment shall become effective on the date of issue of the securities. 6.3.10
Other Events: If the Issuer determines that an adjustment should be made to the Conversion Price as a result of one or more events or circumstances not referred to in Conditions 6.3.1 to 6.3.9 (inclusive), the Issuer shall at its own expense request a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, to determine as soon as practicable what adjustment (if any) to the Conversion Price is fair and reasonable to take account thereof, if the adjustment would result in a reduction in the Conversion Price, and the date on which such adjustment should take effect and upon such determination such adjustment (if any) shall be made and shall take effect in accordance with such determination PROVIDED THAT where the circumstances giving rise to any adjustment pursuant to Conditions 6.3.1 to 6.3.9 (inclusive) have already resulted or will result in an adjustment to the Conversion Price or where the circumstances giving rise to any adjustment arise by virtue of circumstances which have already given rise or will give rise to an adjustment to the Conversion Price, such modification (if any) shall be made to the operation of the provisions of this Condition 6.3.10 as may be advised by a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, to be in their opinion appropriate to give the intended result.
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6.3.11
Conversion Price Reset: If the VWAP of the Shares for a period of 10 Trading Days up to and including any date (a “Pre-Redemption Reset Date”) prior to 18 August 2010 (being the date falling six (6) months after the Issue Date) is lower than the Initial VWAP by 15% or more, then the Conversion Price shall be reset to an amount equal to such VWAP with effect from such date. On the date falling on six months from the Issue Date, the Conversion Price will be reset to the lower of (a) the Initial Conversion Price, (b) the VWAP of Shares for the period of 10 consecutive Trading Days immediately before such date (being the date falling 6 months after the Issue Date), (c) 85% of the Initial VWAP only if the VWAP for any 10 consecutive Trading Days within the six-month period after the Issue Date is at least 15% lower than the Initial VWAP; in each case, for the avoidance of doubt, taking into account any adjustments required under Conditions 6.3.1 to 6.3.10 since the Issue Date, as determined by the Issuer or as the case may be, the relevant independent investment bank of international repute. If the VWAP of the Shares for a period of 15 Trading Days up to and including the date falling on (a) 9 months, (b) 12 months, (c) 15 months, (d) 18 months and (e) 21 months, respectively, after the Issue Date (each, a “Reset Date”) is lower than the Conversion Price then in effect, then the Conversion Price will be reset to such VWAP with effect from, and including, the Reset Date. The Calculation Agent will determine the reset Conversion Price in effect as at and with effect from the date falling on the sixth month, ninth month, twelfth month, fifteenth month, eighteenth month and twenty-first month after the Issue Date, and will notify the Trustee (with a copy to the Issuer) of such reset Conversion Price. Any adjustment pursuant to the reset provisions herein shall become effective as of the relevant Reset Date, and shall be notified to the Noteholders (with a copy to the Trustee and the Issuer) as soon as practicable thereafter. Neither the Trustee, the Calculation Agent nor the Registrar shall be responsible for monitoring whether any reset of the Conversion Price may occur, and shall not be liable for (i) any failure to monitor, or (ii) any reset or lack of reset of the Conversion Price.
6.4
For the purposes of these Conditions: 6.4.1
“Alternative Stock Exchange” means at any time, in the case of the Shares, if they are not at that time listed and traded on the IDX, the principal stock exchange or securities market on which the Shares are then listed or quoted or dealt in. In the event that the Shares are only listed on an Alternative Stock Exchange, the provisions of these Conditions shall apply, mutatis mutandis, in the same manner (or as closely as possible thereto) as if the Shares were Indonesian Listed Shares.
6.4.2
“Average Closing Price” is the arithmetic average of the closing price per Share on the IDX for each Trading Day during the Relevant Period (as defined in Condition 6.4.13).
6.4.3
“Capital Distribution” means: (i) any cash dividend or distribution of any kind by the Issuer for any financial period (whenever paid and however described) which is and to the extent that it is an Extraordinary Cash Dividend (as defined in Condition 6.4.7) and (ii) any distribution of assets in specie by the Issuer for any financial period whenever paid or made and however described (and for these purposes a distribution of assets in specie includes without limitation an issue of Shares or other securities credited as fully or partly paid (other than Shares credited as fully paid) by way of capitalisation of reserves) unless: (i)
(and to the extent that) in the case of a distribution in specie only, it does not, when taken together with the aggregate of the Fair Market Value of any other Dividends (as defined in Condition 6.4.6) previously made or paid in respect of all periods ending after 31 December 2008, exceed the aggregate of the consolidated net profits for such periods (less the aggregate of any consolidated net losses) attributable to Shareholders for all periods ending after 31 December 2008, after deducting minority interests and preference dividends (if any) but (a) deducting any amounts in respect of any asset previously credited to the Issuer’s reserves (in respect of any period or date up to and including 31 December 2008) pursuant to any revaluation of such asset, where amounts arising on the disposal of such asset have contributed to such profits and (b) deducting any exceptional and extraordinary items, (and for the avoidance of doubt after excluding any amount arising as a result of any reduction in registered capital, share premium account or capital redemption reserve), but including any profit transferred from any reserve), in each case calculated by reference to the audited consolidated profit and loss accounts for such periods of the Issuer and its Subsidiaries; or
81
(ii)
it comprises a purchase or redemption of Shares, followed by the cancellation of such Shares, by or on behalf of the Issuer (or a purchase of Shares by or on behalf of a Subsidiary of the Issuer) where the weighted average price (before expenses) on any one day in respect of such purchases does not exceed the average closing market price of the Shares as quoted by the IDX or, as the case may be, Alternative Stock Exchange, by more than 5% either (a) for the five Trading Days on which transactions in the Shares were recorded preceding the day of the purchase, or (b) where an announcement has been made of the intention to purchase Shares at some future date at a specified price, on the Trading Day immediately preceding the date of such announcement (excluding, for the avoidance of doubt, general authority for such purchases given by a Shareholders’ meeting of the Issuer, or any notice convening such meeting) and, if in the case of either (a) or (b) above, the relevant day is not a Trading Day, the immediately preceding Trading Day.
In making any such calculation under Condition 6.3.3, such adjustments (if any) shall be made as two leading independent investment banks of international repute (acting as experts), selected by the Issuer and advised in writing to the Trustee, may consider appropriate to reflect (a) any consolidation or subdivision of the Shares, (b) issues of Shares by way of capitalisation of profits or reserves, or any like or similar event or (c) the modification of any rights to Dividends of Shares. 6.4.4
“closing price” for the Shares for any Trading Day shall be the closing market price derived from the IDX (or the equivalent quotations sheet of the Alternative Stock Exchange, as the case may be) for such Trading Day.
6.4.5
“Current Market Price” means, in respect of a Share at a particular time on a particular date, the average of the closing prices derived from IDX (or the equivalent quotations sheet of the Alternative Stock Exchange, as the case may be) for one Share (being a Share carrying full entitlement to dividend) for the 10 consecutive Trading Days ending on the Trading Day immediately preceding such date; provided that if at any time during the said 10 Trading Day period the Shares shall have been quoted ex-dividend and during some other part of that period the Shares shall have been quoted cum-dividend then: (i)
if the Shares to be issued in such circumstances do not rank for the dividend in question, the quotations on the dates on which the Shares shall have been quoted cum-dividend shall for the purpose of this definition be deemed to be the Fair Market Value thereof reduced by an amount equal to the amount of that dividend per Share; or
(ii)
if the Shares to be issued in such circumstances rank for the dividend in question, the quotations on the dates on which the Shares shall have been quoted ex-dividend shall for the purpose of this definition be deemed to be the amount thereof increased by such similar amount;
and provided further that if the Shares on each of the said 10 Trading Days have been quoted cum-dividend in respect of a dividend which has been declared or announced but the Shares to be issued do not rank for that dividend, the quotations on each of such dates shall for the purpose of this definition be deemed to be the amount thereof reduced by an amount equal to the Fair Market Value of that dividend per Share. and provided further that:
6.4.6
(i)
if such closing prices are not available on each of the 10 Trading Days (each such day being a Trading Day even if no closing price is available on such day), then the arithmetic average of such closing prices which are available during such period shall be used (subject to a minimum of two such closing prices); and
(ii)
if only one or no such closing prices is available in such period, then the Current Market Price shall be determined in good faith by two independent investment banks of international repute (acting as experts) appointed by the Issuer and advised to the Trustee in writing.
“Dividend” means any dividend or distribution, whether of cash, assets or other property, and whenever paid or made and however described (and for these purposes a distribution of assets includes, without limitation, an issue of Shares or other securities credited as fully or partly paid up) provided that: (i)
where a cash Dividend is announced which is to be, or may at the election of a holder or holders of Shares be, satisfied by the issue or delivery of Shares or other property or assets, then, the Dividend in question shall be treated as a Dividend of (a) the cash Dividend so announced or (b) the Current 82
Market Price on the date of announcement of such Dividend, of such Shares or the Fair Market Value of other property or assets to be issued or delivered in satisfaction of such Dividend (or which would be issued if all holders of Shares elected therefor, regardless of whether any such election is made) if the Current Market Price of such Shares or the Fair Market Value of other property or assets is greater than the cash Dividend so announced; and (ii) 6.4.7
any issue of Shares falling within Condition 6.3.2 shall be disregarded.
“Extraordinary Cash Dividend” means the excess of (a) the aggregate, on a per Share basis, of all dividends or distributions in cash charged or provided for in the accounts of the Issuer in respect of the same financial year, over (b) 3% of the Average Closing Price of one Share during the Relevant Period. For the avoidance of doubt, more than one adjustment to the Conversion Price may be required in respect of Extraordinary Cash Dividend in any financial year, however the full amount of any cash dividend or distribution which is charged or provided for in the accounts of the Issuer for the same financial year in respect of which an adjustment has already been made, shall be treated as an Extraordinary Cash Dividend.
6.4.8
“Fair Market Value” means, with respect to any assets, security, option, warrants or other right on any date, the fair market value of that asset, security, option, warrant or other right as determined by a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, acting as experts; provided that (i) the fair market value of a cash Dividend paid or to be paid per Share shall be the amount of such cash Dividend per Share determined as at the date of announcement of such Dividend; and (ii) where options, warrants or other rights are publicly traded in a market of adequate liquidity (as determined by such investment bank) the fair market value of such options, warrants or other rights shall equal the arithmetic mean of the daily closing prices of such options, warrants or other rights during the period of five Trading Days on the relevant market commencing on the first such Trading Day such options, warrants or other rights are publicly traded.
6.4.9
“Initial Conversion Price” has the meaning ascribed to it in Condition 6.1.5.
6.4.10
“Initial VWAP” has the meaning ascribed to it in Condition 6.1.5.
6.4.11
“Issue Date” means the date of issue of the Notes.
6.4.12
“Prevailing Exchange Rate” means with respect to any Business Day, the closing rate for the purchase of U.S. Dollars with Rupiah, expressed as the number of Rupiah per U.S.$1.00 on such Business Day, as shown on the Bloomberg page at 11.00 a.m. (Singapore time) on such date, or, if no such rate is published for such day, the latest available rate of exchange on the most recent prior day for which such rate was so published. If the relevant page is replaced or the service ceases to be available, the Calculation Agent (after consultation with the Issuer) may specify another page or service displaying the appropriate rate.
6.4.13
“Relevant Period” means the period beginning on the thirtieth Trading Day prior to the record day for the first dividend or distribution, and ending on the Trading Day immediately preceding the record date for the latest dividend or distribution, which when aggregated with any intervening dividends or distributions, causes an adjustment to the Conversion Price to be made pursuant to Condition 6.3.
6.4.14
“Trading Day” means a day when the IDX or, as the case may be, an Alternative Stock Exchange is open for dealing business, provided that if no closing price is reported in respect of the relevant Shares on the IDX or, as the case may be, the Alternative Stock Exchange for one or more consecutive dealing days such day or days will be disregarded in any relevant calculation and shall be deemed not to have existed when ascertaining any period of dealing days.
6.4.15
On any adjustment, the relevant Conversion Price, if not an integral multiple of Indonesian Listed Shares, Rp. 1.00, shall be rounded up to the nearest Rp. 1.00. No adjustment shall be made to the Conversion Price where such adjustment (rounded up if applicable) would be less than 1% of the Conversion Price then in effect. Any adjustment not required to be made, and any amount by which the Conversion Price has not been rounded up, shall be carried forward and taken into account in any subsequent adjustment. Notice of any adjustment shall be given to Noteholders in accordance with Condition 17 as soon as practicable after the determination thereof.
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6.4.16
The Conversion Price may not be reduced so that, on redemption of the Notes pursuant to the Share Settlement Option, Shares would be issued at a discount to their nominal value or would require Shares to be issued in any other circumstances not permitted by applicable law.
6.4.17
Where more than one event which gives or may give rise to an adjustment to the Conversion Price occurs within such a short period of time that in the opinion of a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, the foregoing provisions would need to be operated subject to some modification in order to give the intended result, such modification shall be made to the operation of the foregoing provisions as may be advised by a leading independent investment bank of international repute (acting as an expert), selected by the Issuer and advised in writing to the Trustee, to be in their opinion appropriate in order to give such intended result.
6.4.18
In the case of an issue or grant of options, warrants or other rights to subscribe for or purchase Shares, or the issuance of securities convertible or exchangeable for Shares, any adjustment to the Conversion Price shall take into account (i) the consideration received by the Issuer for any such options, warrants, other rights, securities convertible or exchangeable for Shares; and (ii) the additional consideration (if any) to be received by the Issuer upon (and assuming) the exercise, conversion or exchange thereof (as the case may be) at the initial subscription price, purchase price, conversion or exchange price or rate (as the case may be), provided however that the Conversion Price shall be adjusted to the extent that any such securities are not exercised at or prior to the time permitted for such exercise. No adjustment shall be made to the Conversion Price where Shares or other securities (including rights, warrants or options) are issued, offered, exercised, allotted, appropriated, modified or granted to or for the benefit of employees or former employees (including directors) of the Issuer or any Subsidiary of the Issuer pursuant to any employees’ share scheme or plan (including a dividend reinvestment plan) provided that such issues do not amount to, relate to, or entitle such persons to receive, Shares in excess of 5% of the issued and paid-up Shares calculated on an annual basis.
6.4.19
No adjustment involving an increase in the Conversion Price will be made above the Initial Conversion Price, except in the case of a consolidation of the Shares as referred to in Condition 6.3.1 above or to correct an error.
6.4.20
If the Issuer fails to select an independent investment bank or independent international accounting firm when required for the purposes of Condition 6.3, the Trustee may, but shall not be obliged to, select such a bank. The Trustee and the Agents shall not be under any duty to monitor whether any event or circumstance has happened or exists which may require an adjustment to be made to the Conversion Price, and they may assume until they have received express notice in writing from the Issuer to the contrary, that no such event has occurred and will not be responsible to Noteholders for any loss arising from any failure by them to monitor such events or circumstances.
6.4.21
The Issuer shall within seven Business Days of an adjustment event send to the Trustee a certificate signed by two authorised officers of the Issuer setting out particulars relating to each adjustment of the Conversion Price (including reference to which adjustment from Condition 6.3 has been triggered and the adjusted Conversion Price) and the date on which such adjustment takes effect and in any case setting out such other information as the Trustee may require and certifying such particulars. The Trustee may, but shall not be obliged to inquire of the Issuer whether any event which has occurred requires an adjustment of the Conversion Price, in which case if it does not, the Issuer shall promptly send to the Trustee a certificate signed by two authorized officers of the Issuer (together with a letter from an investment bank of international repute supporting such determination) confirming that such event does not require an adjustment to the Conversion Price. The Trustee’s approval of any adjustment, or the absence of any adjustment pursuant to the paragraph above, may be subject to any condition that the Trustee may require, including but not limited to the delivery of an opinion (at the expense of the Issuer) of a financial, legal or other expert, and shall be binding on the holders of the Notes. Following confirmation by the Trustee that the certificate and any requested opinion are in form and substance satisfactory to the Trustee, the Issuer shall also cause a notice containing the same information to be given to Noteholders, such notice to be approved by the Trustee in its absolute discretion before it is given to Noteholders. For the avoidance of doubt, and notwithstanding anything else to the contrary set forth in these Conditions, no adjustments to the Conversion Price shall become effective until such certificate and any requested legal opinion are given to the Trustee.
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6.4.22
“VWAP” means the arithmetic average of the volume weighted average price per Share on the IDX as reported on Bloomberg for each day during the specified period.
6.4.23
All calculations of any nature whatsoever under these Conditions, the Trust Deed and the Agency Agreement shall be performed by an independent accounting firm of international repute or independent investment bank of international repute appointed by the Issuer for such purpose (the “Calculation Agent”). A copy of the instrument appointing such Calculation Agent shall be provided by the Issuer to the Trustee. Any calculation by the Calculation Agent shall in the absence of manifest error be conclusive evidence of the matter to which it relates. Neither the Trustee nor the Agents shall be responsible or liable for any failure of the Calculation Agent to perform its obligations or any error on the part of the Calculation Agent in such performance.
7.
PAYMENTS
7.1
Principal and Premium
Payments of principal, premium, interest and any other amounts due will be made by transfer to the registered account of the Noteholder or by U.S. Dollar cheque drawn on a bank in New York mailed to the registered address of the Noteholder if it does not have a registered account. Interest due on an Interest Payment Date will be paid to the holder shown on the Register at the close of business on the fifteenth Business Day before such Interest Payment Date. Final payment on a Note will only be made after surrender of the relevant Certificate at the specified office of any of the Agents. 7.2
Registered Accounts and Registered Addresses
For the purposes of this Condition, a Noteholder’s registered account means the U.S. Dollar account maintained by or on behalf of it with a bank in New York, details of which appear on the Register at the close of business on the second Business Day before the due date for payment, and a Noteholder’s registered address means its address appearing on the Register at that time. 7.3
Fiscal Laws
All payments are subject in all cases to any applicable laws and regulations in the place of payment, but without prejudice to the provisions of Condition 9. No commissions or expenses shall be charged to the Noteholders in respect of such payments. 7.4
Payment Initiation
Where payment is to be made by transfer to a registered account, payment instructions (for value on the due date or, if that is not a Business Day, for value on the first following day which is a Business Day) will be initiated and, where payment is to be made by cheque, the cheque will be mailed (at the risk and, if mailed at the request of the holder otherwise than by ordinary mail, expense of the holder) on the due date for payment (or, if it is not a Business Day, the immediately following Business Day) or, in the case of a the final payment on a Note, if later, on the Business Day on which the relevant Certificate is surrendered at the specified office of an Agent. 7.5
Delay In Payment
Subject to Condition 5, Noteholders will not be entitled to any additional interest or other payment for any delay in receiving the amount due as a result of the due date not being a Business Day, if the Noteholder is late in surrendering its Certificate (if required to do so) or if a cheque mailed in accordance with this Condition and arrives after the due date for payment. 8.
REDEMPTION, PURCHASE AND CANCELLATION
8.1
Maturity
Unless previously redeemed, converted or purchased and cancelled as provided herein, the Issuer will redeem in cash each Note at 110.332% of its principal amount plus any accrued and unpaid interest and any other amounts due on 1 March 2013 (the “Maturity Date”). The Issuer may not redeem the Notes at its option prior to that date except as provided in Condition 8.2 or Condition 8.3 below (but without prejudice to Condition 10).
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8.2
8.3
Redemption at the Option of the Issuer 8.2.1
On or at any time after the Issue Date but prior to the expiration of 21 months from the Issue Date, the Issuer may, having given not less than 30 nor more than 90 days’ notice to the Noteholders, the Trustee, the Registrar and the Principal Agent (which notice shall be irrevocable), either redeem the Notes in whole or in part at their Early Redemption Amount (as defined in Condition 8.11.5) in cash, or if the relevant Noteholders agree, by delivery of (x) such number of Shares to such agreeing Noteholders calculated by dividing the Early Redemption Amount with the Conversion Price in effect, or (y) a combination of both.
8.2.2
If less than all of the Notes are to be redeemed at any time, the Trustee will select Notes for redemption on a pro rata basis by lot or such other method as the Trustee in its sole discretion shall deem fair and appropriate and according to the applicable procedures of the common depositary unless otherwise required by law or applicable stock exchange requirements.
8.2.3
Upon the expiry of any redemption notice, the Issuer will be bound to redeem the Notes to which such notice applies at the date fixed for such redemption.
8.2.4
If at any time the aggregate principal amount of the Notes outstanding is 10% or less of the aggregate principal amount originally issued (including any Notes issued pursuant to Condition 16), the Issuer shall have the option to redeem such outstanding Notes in whole but not in part at their Early Redemption Amount in cash. The Issuer will give at least 30 days’ but not more than 90 days’ prior notice to the holders for such redemption.
Redemption for Taxation Reasons 8.3.1
At any time the Issuer may, having given not less than 30 nor more than 90 days’ notice to the Noteholders, the Trustee and the Principal Paying Agent (which notice shall be irrevocable) redeem the Notes in whole but not in part at 100% of their principal amount plus the Redemption Premium (calculated up to the date of redemption) together with accrued and unpaid interest, if: (i)
the Issuer satisfies the Trustee immediately prior to the giving of such notice that the Issuer or, if the Guarantee was called, any of the Guarantors has or will become obliged to pay additional amounts as referred to in Condition 9 as a result of any change in, or amendment to, the laws or treaties (or any regulations or rulings promulgated thereunder) of the Republic of Indonesia (or any political subdivision or any authority thereof or therein having power to tax), or any change in the position regarding the application, administration or any new or different interpretation of such laws, treaties, regulations or rulings, which change, amendment, application or interpretation becomes effective on or after the Issue Date, PROVIDED that Condition 8.3 shall only have effect to permit the Notes to be redeemed in the event that the rate of withholding or deduction required by a law or treaty of the Republic of Indonesia is in excess of 20% (“Minimum Withholding Level”), and
(ii)
such obligation cannot be avoided by the Issuer or the Guarantors, as the case may be, taking reasonable measures available to it, provided that no such notice of redemption shall be given earlier than 90 days prior to the earliest date on which the Issuer or the Guarantors, as the case may be, would be obliged to pay such additional amounts in respect of a payment under the Notes or the Guarantee, as the case may be.
Prior to the publication of any notice of redemption pursuant to this paragraph, the Issuer shall deliver to the Trustee: (i)
a certificate signed by two directors of the Issuer or the Guarantors, as the case may be, stating that the obligation referred to in (i) above cannot be avoided by the Issuer or the Guarantors, as the case may be (taking reasonable measures available to it), and
(ii)
an opinion of independent legal or tax advisers of recognised international standing to the effect that such change or amendment has occurred (irrespective of whether such amendment or change is then effective) and, if applicable, that the Minimum Withholding Level has been exceeded,
and the Trustee shall be entitled to accept such certificate and opinion as sufficient evidence thereof in which event it shall be conclusive and binding on the Noteholders.
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8.4
8.3.2
Upon the expiry of any such notice (such date, the “Tax Redemption Date”), the Issuer will be bound to redeem the Notes at the redemption amount referred to in Condition 8.3.1, unless the Noteholders exercise their Redemption Right pursuant to Condition 6.
8.3.3
If the Issuer gives a notice of redemption pursuant to Condition 8.3.1, each Noteholder will have the right to elect that its Note(s) shall not be redeemed and that the provisions of Condition 9 shall not apply in respect of any payment of principal or premium to be made in respect of such Note(s), which falls due after the relevant Tax Redemption Date, whereupon no additional amounts shall be payable in respect thereof pursuant to Condition 9 and payment of all amounts shall be made subject to the deduction or withholding of the taxation required to be withheld or deducted by the Republic of Indonesia (or any partial subdivision or any authority thereof or therein having power to tax). For the avoidance of doubt, any additional amounts which had been payable in respect of the Notes as a result of the laws or regulations of the Republic of Indonesia (or any partial subdivision or any authority thereof or therein having power to tax) prior to the Issue Date, will continue to be payable to such Noteholders. To exercise such right, the holder of the relevant Note must complete, sign and deposit at the specified office of any Paying Agent a duly completed and signed notice of election in the form obtainable from the specified office of any Paying Agent together with the Certificate evidencing the Notes on or before the day falling 10 days prior to the Tax Redemption Date.
Cash Redemption at the Option of the Noteholders 8.4.1
8.4.2
8.5
The Issuer will, at the option of any Noteholder, redeem in cash all or some of that Noteholder’s Notes, in a minimum principal amount of U.S.$100,000 and integral multiples of U.S.$1,000 in excess thereof, on any of the following dates (if such day is not a Business Day, then on the first Business Day thereafter, each, the “Relevant Date” or “Put Option Date”) at the corresponding percentage (the “Relevant Percentage”) of their principal amounts plus any accrued but unpaid interest and any other amounts due thereupon: Relevant Date
Relevant Percentage
(i)
the date falling 24 months from the Issue Date
106.513
(ii)
the date falling 27 months from the Issue Date
107.456
(iii)
the date falling 30 months from the Issue Date
108.371
(iv)
the date falling 33 months from the Issue Date
109.366
To exercise the right of redemption referred to in Condition 8.4.1 the relevant Noteholder must complete, sign and deposit at the specified office of any Paying Agent a duly completed and signed notice (the “Put Option Notice”) together with the Certificate evidencing the Notes to be redeemed no later than the twentyfifth Business Day prior to the Relevant Date, provided that such Put Option Notice may be revoked by the relevant Noteholder before the fourteenth day prior to the Relevant Date.
Cash Redemption for Change of Control 8.5.1
Following the occurrence of a Change of Control (as defined in Condition 8.11.2), each Noteholder will have the option to require the Issuer to redeem in cash in whole but not in part such Noteholder’s Notes on the Change of Control Put Date (as defined below) at 100% of their principal amount plus the Redemption Premium together with any accrued but unpaid interest and any other amounts due under the Notes (in each case calculated up to the date of redemption). To exercise such right, the holder of the relevant Note must complete, sign and deposit at the specified office of any Paying Agent a duly completed and signed notice of redemption, in the form for the time being current, obtainable during normal business hours from the specified office of any Paying Agent (“Change of Control Put Exercise Notice”) together with the Certificate evidencing the Notes to be redeemed by not later than 30 days following a Change of Control, or, if later, 30 days following the date upon which notice thereof is given to Noteholders by the Issuer in accordance with Condition 17. The “Change of Control Put Date” shall be the fourteenth day after the expiry of such period of 30 days as referred to above.
8.5.2
A Change of Control Put Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem the Notes that form the subject of the Change of Control Put Exercise Notices delivered as aforesaid on the Change of Control Put Date.
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8.6
8.5.3
The Trustee shall not be required to take any steps to ascertain whether a Change of Control or any event which could lead to the occurrence of a Change of Control has occurred and shall not be responsible or liable to the Noteholders or any person for any loss arising from any failure by it to do so.
8.5.4
Not later than seven days after becoming aware of a Change of Control, the Issuer shall procure that notice regarding the Change of Control shall be delivered to Noteholders (in accordance with Condition 17) stating: (i)
the Change of Control Put Date;
(ii)
the date of such Change of Control and, briefly, the events causing such Change of Control;
(iii)
the date by which the Change of Control Put Exercise Notice must be given;
(iv)
the redemption amount and the method by which such amount will be paid;
(v)
the names and addresses of all Paying Agents;
(vi)
briefly, the Redemption Right and the then current Conversion Price;
(vii)
the procedures that Noteholders must follow and the requirements that Noteholders must satisfy in order to exercise the Change of Control Put Right or Redemption Right; and
(viii)
that a Change of Control Put Exercise Notice, once validly given, may not be withdrawn.
Delisting Put Right 8.6.1
In the event the Shares cease to be listed or cease to be admitted to trading on either the IDX or the Alternative Stock Exchange (a “Delisting”), each Noteholder shall have the right (the “Delisting Put Right”), at such Noteholder’s option, to require the Issuer to redeem in cash (in whole but not in part) such Noteholder’s Notes on the twentieth Indonesian Business Day after notice has been given to Noteholders regarding the Delisting in accordance with Condition 8.6.2 below or, if such notice is not given, the twentieth Business Day after the Delisting (the “Delisting Put Date”) at 100% of their principal amount plus the Redemption Premium together with any accrued but unpaid interest (the “Delisting Put Price”) (in each case calculated up to the date of redemption).
8.6.2
Promptly after becoming aware of a Delisting, the Issuer shall procure that notice regarding the Delisting Put Right shall be given to Noteholders (in accordance with Condition 17) stating:
8.6.3
(i)
the Delisting Put Date;
(ii)
the date of such Delisting and, briefly, the events causing such Delisting;
(iii)
the date by which the Delisting Put Exercise Notice (as defined in Condition 8.6.3) must be given;
(iv)
the Delisting Put Price and the method by which such amount will be paid;
(v)
the names and addresses of all Paying Agents;
(vi)
briefly, the Redemption Right and the then current Conversion Price;
(vii)
the procedures that Noteholders must follow and the requirements that Noteholders must satisfy in order to exercise the Delisting Put Right or Redemption Right; and
(viii)
that a Purchase Notice, once validly given, may not be withdrawn.
To exercise its rights to require the Issuer to redeem its Notes, the Noteholder must deliver a written irrevocable notice of the exercise of such right (a “Delisting Put Exercise Notice”), in the form obtainable during normal business hours from the specified office of any Agent, to any Paying Agent together with the Certificate evidencing the Notes to be redeemed, on any Business Day prior to the close of business at the
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location of such Paying Agent on such day and which day is not less than ten Business Days prior to the Delisting Put Date.
8.7
8.6.4
A Delisting Put Exercise Notice, once delivered, shall be irrevocable and the Issuer shall redeem the Notes, which form the subject of the Delisting Notices delivered as aforesaid on the Delisting Put Date.
8.6.5
The Trustee shall not be required to take any steps to ascertain whether a Delisting or any event which could lead to the occurrence of a Delisting has occurred and shall not be responsible or liable to the Noteholders or any person for any loss arising from any failure by it to do so.
Redemption following exercise of a Put Option
Upon the exercise of any put option specified in Conditions 8.4, 8.5 or 8.6, payment of the applicable redemption amount shall be conditional upon delivery of the Noteholder’s Certificate (together with any necessary endorsements) to any Paying Agent on any Business Day (at the place where the Certificate evidencing such Note is deposited for redemption) together with the delivery of any other document(s) required by these Conditions, and will be made promptly following the later of the date set for redemption and the time of delivery of such Certificate. If the Paying Agent holds on the Put Date (as defined below) money sufficient to pay the applicable redemption moneys of Notes for which notices have been delivered in accordance with the provisions hereof upon exercise of such right, then, whether or not such Certificate is delivered to the Paying Agent, on and after such Put Date, (i) such Note will cease to be outstanding; (ii) such Note will be deemed paid; and (iii) all other rights of the Noteholder shall terminate (other than the right to receive the applicable redemption moneys). “Put Date” shall mean the Change of Control Put Date, the Put Option Date or the Delisting Put Date, as applicable. 8.8
Purchases
The Issuer, the Guarantors or any of their respective Subsidiaries may at any time and from time to time purchase Notes at any price in the open market or otherwise. Notes purchased by any Guarantor or any of its Subsidiaries or by any Subsidiary of the Issuer at its option, may be held, resold or cancelled. Notes purchased by the Issuer shall not be reissued or resold and shall be cancelled upon purchase. The Notes so acquired, while held on behalf of the Issuer, the Guarantors or any of their respective Subsidiaries, affiliates, agents, directors, commissioners or employees, shall not entitle the holders thereof to convert the Notes in accordance with these Conditions nor exercise any voting rights with respect to such Notes. 8.9
Cancellation
All Notes that are redeemed or converted by the Issuer, the Guarantors or any of their respective Subsidiaries, will forthwith be cancelled. Certificates in respect of all Notes cancelled will be forwarded to or to the order of the Registrar and such Notes may not be reissued or resold. 8.10
8.11
Redemption Notices and Notice of the Redemption Premium 8.10.1
All notices to Noteholders given by or on behalf of the Issuer pursuant to this Condition will be given in accordance with Condition 17 and shall include the closing price of the Shares as quoted on the IDX as at the latest practicable date prior to the publication of the notice and the then current Conversion Price, the date for redemption, the manner in which redemption will be effected, the aggregate principal amount of the Notes outstanding as at the latest practicable date prior to the publication of the notice and the Redemption Premium, if applicable, as calculated by the Calculation Agent and notified to the Issuer and Trustee.
8.10.2
Where any amount is to be paid under the Notes requires the calculation of the Redemption Premium, the Calculation Agent shall determine the relevant amount of the Redemption Premium calculated up to the relevant date of redemption, and shall give notice of such determination to the Trustee and the Issuer.
Definitions For the purposes of this Condition 8: 8.11.1
“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”), except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by redemption or exercise of other securities, whether such right is currently exercisable or is
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exercisable only after the passage of time. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 8.11.2
8.11.3
a “Change of Control” means the occurrence of any of the following: (i)
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and the Guarantors taken as a whole to any person (as defined in Condition 8.11.4) other than a Principal (as defined in Condition 8.11.6) or a Related Party (as defined in Condition 8.11.8) of a Principal;
(ii)
the adoption of a plan relating to the liquidation, dissolution or winding up of the Issuer; or
(iii)
the consummation of any transaction (including, without limitation, any merger or consolidation), the result of which is that (a) the Principal and/or its Related Parties ceases to be the Beneficial Owner(s), directly or indirectly, of at least 40% of the Voting Stock (as defined in Condition 8.11.9) of the Issuer, measured by voting power rather than number of shares, and (b) a majority of the members of the Board of Directors of the Company are not Continuing Directors.
“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Issuer who: (i)
was a member of such Board of Directors on the Issue Date; or
(ii)
was nominated for election or elected to such Board of Directors with the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination or election.
8.11.4
a “person” includes any individual, company, corporation, firm, partnership, joint venture, undertaking, association, organisation, trust, state or agency of a state (in each case whether or not being a separate legal entity) but does not include the Issuer’s Board of Directors or any other governing board and does not include the Issuer’s wholly-owned direct or indirect subsidiaries.
8.11.5
“Early Redemption Amount” means, for each U.S.$1,000 principal amount of the Notes to be redeemed pursuant to Condition 8.2, the higher of (i) an amount determined so that it results in an internal rate of return of 25% per annum on a compounded basis from the Issue Date (taking into account all interest already paid on such Note up to the date of redemption); and (ii) an amount which is the product of (x) the number of the Shares otherwise deliverable on redemption of the Notes based on the Conversion Price then in effect converted into U.S. Dollars at the Prevailing Exchange Rate and (y) the VWAP of the Shares for fifteen Trading Days immediately prior to the redemption date (converted into U.S. Dollars at the Prevailing Exchange Rate), in each case as determined by the Calculation Agent.
8.11.6
“Principal” means PT Bakrie & Brothers Tbk.
8.11.7
“Redemption Premium” means an amount in U.S. Dollars calculated as follows: principal amount of such Notes x 3.0% x actual number of days elapsed from the Issue Date to the date of such redemption 360
8.11.8
“Related Party” means: (i)
any controlling stockholder, 80% (or more) - owned Subsidiary or immediate family member (in the case of an individual) of the Principal; or
(ii)
any trust, corporation, partnership, limited liability company or other entity, the beneficiaries, stockholders, partners, members, owners or persons (as defined above) beneficially holding an 80% or more controlling interest of the Principal and/or such other persons (as defined above) referred to in the immediately preceding paragraph (a).
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8.11.9
“Voting Stock” of any specified Person as of any date means the capital stock of such Person that is at the time entitled to vote in the election of the board of directors of such Person.
9.
TAXATION
9.1
All payments to be made on the Notes by the Issuer or, as the case may be, the Guarantors will be made free from any restriction or condition and be made without deduction or withholding for or on account of any present or future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or on behalf of the Republic of Indonesia or any authority thereof or therein having power to tax, unless deduction or withholding of such taxes, duties, assessments or governmental charges is compelled by law. In such event, the Issuer or the Guarantors, as the case may be, will pay such additional amounts as would have been paid had no such deduction or withholding been required except that no such additional amount shall be payable in respect of any Note: 9.1.1
to a holder (or to a third party on behalf of a holder) who is subject to such taxes, duties, assessments or governmental charges in respect of such Note by reason of his having some connection with the Republic of Indonesia, as the case may be, otherwise than merely by holding the Note or by the receipt of amounts in respect of the Note or where the withholding or deduction could be avoided by the holder making a declaration of non-residence or other similar claim for exemption to the appropriate authority which such holder is legally capable and competent of making but fails to do so; or
9.1.2
if the Certificate in respect of such Note is surrendered more than 30 days after the relevant date except to the extent that the holder would have been entitled to such additional amount on surrendering the relevant Certificate for payment on the last day of such period of 30 days; or
9.1.3
where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to European Council Directive 2003/48/EC or any other European Union Directive implementing the conclusions of the ECOFIN Council meeting of 26-27 November 2000 on the taxation of savings income or any law implementing or complying with, or introduced in order to conform to, such Directive; or
9.1.4
presented for payment by or on behalf of a holder who would have been able to avoid such withholding or deduction by presenting the relevant Note to another Payment Agent or Redemption Agent in a Member State of the European Union.
9.2
For the purposes hereof, “relevant date” means the date on which such payment first becomes due except that if the full amount payable has not been received by the Trustee or the Principal Agent on or prior to such due date, the date on which, the full amount having been so received, notice to that effect shall have been given to the Noteholders and cheques despatched or payment made.
9.3
References in these Conditions to principal and interest shall be deemed also to refer to any additional amounts which may be payable under this Condition or any undertaking or covenant given in addition thereto or in substitution therefor pursuant to the Trust Deed.
9.4
If the Issuer (or the Guarantors) become subject at any time to any taxing jurisdiction other than the Republic of Indonesia, references in these Conditions to the Republic of Indonesia shall be construed as references to the Republic of Indonesia and any such other taxing jurisdiction.
10.
EVENTS OF DEFAULT
10.1
If any of the following events (each an “Event of Default”) occurs, the Trustee shall, if so requested in writing by the holders of not less than 25% in principal amount of the Notes then outstanding or if so directed by an Extraordinary Resolution (subject to being indemnified and/or secured by the Noteholders to its satisfaction), give notice to the Issuer that the Notes are, and they shall accordingly thereby become, immediately due and repayable at an amount equal to 100% of the principal amount of the Notes plus the Redemption Premium plus any accrued and unpaid interest and any other amounts due under the Notes (subject as provided below and without prejudice to the right of Noteholders to exercise the Redemption Right in respect of their Notes in accordance with Condition 6) if any of the following events has occurred: 10.1
default is made in the payment of any principal or premium due in respect of the Notes pursuant to Condition 8; 91
10.1.2
a default is made in the payment of any interest or any other amounts due in respect of the Notes (other than the amounts referred to in Condition 10.1.1 above) and continuance of such default for a period of five Business Days;
10.1.3
the Issuer or any Guarantor does not perform or comply with one or more of its other obligations in the Notes or the Trust Deed which default (other than the default referred to in Conditions 10.1.1 and 10.1.2) is not remedied within 30 days after the Issuer or any Guarantor becomes aware of the default or written notice of such default shall have been given to the Issuer or any Guarantor by the Trustee;
10.1.4
the Issuer or any Guarantor is or becomes insolvent or bankrupt or unable to pay its debts when they fall due, stops, suspends or threatens to stop or suspend, payment of all or a material part of its debts, or makes a general assignment or an arrangement or composition with or for the benefit of the relevant creditors in respect of any of such debts or a moratorium is agreed or declared in respect of or affecting all or any material part of the debts of the Issuer or any Guarantor;
10.1.5
(i) any other present or future indebtedness of the Issuer or any Guarantor for or in respect of moneys borrowed or raised becomes due and payable prior to its stated maturity by reason of any actual or potential default, event of default or the like (howsoever described), (ii) any such indebtedness is not paid when due or, as the case may be, within any applicable grace period or (iii) the Issuer or any Guarantor fails to pay when due or as the case may be, within any applicable grace period, any amount payable by it under any present or future guarantee for, or indemnity in respect of, any moneys borrowed or raised, provided that the aggregate amount of the relevant indebtedness, guarantees and indemnities in respect of which one or more of the events mentioned above in this Condition 10.1.5 have occurred equals or exceeds U.S.$5 million or its equivalent (as reasonably determined on the basis of the middle spot rate for the relevant currency against the U.S. Dollar as quoted by any leading independent bank of international repute selected by the Trustee in its sole discretion and at the expense of the Issuer on the day on which such indebtedness becomes due and payable or is not paid or any such amount becomes due and payable or is not paid under any such guarantee or indemnity);
10.1.6
any material part of the property, assets or revenues of the Issuer or any Guarantor, which is material to the Issuer or any Guarantor, is seized or attached in a legal process and not released or stayed within 30 days;
10.1.7
an order is made or an effective resolution passed for the winding-up or dissolution, judicial management or administration of the Issuer or any Guarantor, or the Issuer or any Guarantor ceases or threatens to cease to carry on all or substantially all of its business or operations, except for the purpose of and followed by a reconstruction, amalgamation, reorganisation, merger or consolidation on terms approved by an Extraordinary Resolution of the Noteholders;
10.1.8
a receiver or an administrator is appointed of the whole or any substantial part of the property, assets or revenues of the Issuer or any Guarantor (as the case may be) and is not discharged within 30 days;
10.1.9
it is or will become unlawful for the Issuer or any Guarantor to perform or comply with any one or more of its material obligations under any of the Notes or the Trust Deed;
10.1.10 any step is taken by any federal, state or local government body or agency in the Republic of Indonesia or any entity that is owned or controlled by such a governmental body or agency, with a view to the seizure, compulsory acquisition, expropriation or nationalisation of all or a material part of the assets of the Issuer or any Guarantor, which is material to the Issuer or any Guarantor; 10.1.11 the entire share capital of any Guarantor ceases to be wholly owned, directly or indirectly, by the Issuer; 10.1.12 any Guarantee of the Notes is not (or is claimed by any Guarantor not to be) in full force or effect; or 10.1.13 any event occurs which under the laws of any relevant jurisdiction has an analogous effect to any of the events referred to in any of the foregoing paragraphs.
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11.
CONSOLIDATION, AMALGAMATION OR MERGER
Each of the Issuer and the Guarantors will not consolidate with, merge or amalgamate into or transfer its assets substantially as an entirety to any corporation or convey or transfer its properties and assets substantially as an entirety to any person (the consummation of any such event, a “Merger”), unless: (i)
prior thereto, the Issuer shall have notified the Trustee and the Noteholders of such event in accordance with Condition 17;
(ii)
the corporation formed by such Merger or the person that acquired such properties and assets shall expressly assume, by a supplemental trust deed, all obligations of the Issuer or any Guarantor under the Trust Deed, the Agency Agreement and the Notes and the performance of every covenant and agreement applicable to it contained therein;
(iii)
immediately after giving effect to any such Merger, no Event of Default shall have occurred or be continuing or would result therefrom; and
(iv)
the corporation formed by such Merger, or the person that acquired such properties and assets, shall expressly agree, among other things, to indemnify each holder of a Note against any tax, assessment or governmental charge payable by withholding or deduction thereafter imposed on such holder solely as a consequence of such Merger with respect to the payment of principal, premium and interest on the Notes.
Such supplemental trust deed shall provide for adjustments, which will be as equivalent as practicable to the adjustments provided for in the foregoing provisions of this Condition 11, except that if the Issuer is the surviving entity, no supplemental trust deed will need to be executed. The Trustee shall be entitled to require from the Issuer such opinions, consents, documents and other matters at the expense of the Issuer in connection with the foregoing as it may consider appropriate and may rely on such opinions, consents and documents without liability to any person. The above provisions of this Condition 11 will apply in the same way to any subsequent consolidations, amalgamations, mergers, sales or transfers. 12.
LIMITATION
Claims in respect of amounts due in respect of the Notes will become prescribed unless made within 10 years (in the case of principal and premium) and five years (in the case of interest) from the relevant date for payment. 13.
ENFORCEMENT
At any time after the Notes have become due and repayable, the Trustee may, at its sole discretion and without further notice, take such proceedings against the Issuer or any Guarantor as it may think fit to enforce repayment of the Notes and to enforce the provisions of the Trust Deed, but it will not be bound to take any such proceedings unless (i) it shall have been so requested in writing by the holders of not less than 25% in principal amount of the Notes then outstanding or shall have been so directed by an Extraordinary Resolution of the Noteholders and (ii) it shall have been indemnified and/or been provided with security to its satisfaction. No Noteholder will be entitled to proceed directly against the Issuer or any Guarantor unless the Trustee, having become bound to do so, fails to do so within a reasonable period and such failure shall be continuing and no direction inconsistent with such written request or Extraordinary Resolution has been given to the Trustee. For the purpose of this Condition 13, the calculation of principal amount of Notes then outstanding shall exclude Notes held by the Issuer or any of its Affiliates. 14.
MEETINGS OF NOTEHOLDERS, MODIFICATION, WAIVER AND SUBSTITUTION
14.1
Meetings
The Trust Deed contains provisions for convening meetings of Noteholders to consider any matter affecting their interests, including the sanctioning by Extraordinary Resolution of a modification of the Notes or the provisions of the Trust Deed. The quorum at any such meeting for passing an Extraordinary Resolution will be two or more persons holding or representing more than 50% in principal amount of the Notes for the time being outstanding or, at any adjourned such meeting, two or more persons being or representing Noteholders whatever the principal amount of the Notes so held or represented unless the business of such meeting includes consideration of proposals, inter alia, (i) to modify the due date for any payment in respect of the Notes, (ii) to reduce or cancel the amount of principal of or premium or interest on the Notes or amend the Redemption Amount, Early Redemption Amount or change the method of calculation thereof, (iii) to change the currency of payment of the Notes, (iv) to modify Conditions 6, 8, 9 or 10, (v) to modify the obligation of the Issuer to maintain Agents, (vi) 93
to modify or cancel the Guarantee, or (vii) to modify the provisions concerning the quorum required at any meeting of the Noteholders or the majority required to pass an Extraordinary Resolution, in which case the necessary quorum for passing an Extraordinary Resolution will be two or more persons holding or representing not less than 75%, or at any adjourned such meeting not less than 25%, in principal amount of the Notes for the time being outstanding. An Extraordinary Resolution passed at any meeting of Noteholders will be binding on all Noteholders, whether or not they are present at the meeting. The Trust Deed provides that a written resolution signed by or on behalf of the holders of not less than 75% of the aggregate principal amount of Notes outstanding shall be as valid and effective as a duly passed Extraordinary Resolution. 14.2
Modification and Waiver
The Trustee may agree, but shall not be obliged to without the consent of the Noteholders, to (i) any modification (except as mentioned in Condition 14.1 above) to, or the waiver or authorisation of any breach or proposed breach of, the Notes, the Agency Agreement or the Trust Deed which is not, in the opinion of the Trustee, materially prejudicial to the interests of the Noteholders or (ii) any modification to the Notes or the Trust Deed which, in the Trustee’s opinion, is of a formal, minor or technical nature or to correct a manifest error or to comply with mandatory provisions of law. Any such modification, waiver or authorisation will be binding on the Noteholders and, unless the Trustee agrees otherwise, any such modifications will be notified by the Issuer to the Noteholders as soon as practicable thereafter. The Trustee’s agreement may be subject to any condition that the Trustee requires including but not limited to obtaining, at the expense of the Issuer, an opinion of any investment bank or legal or other expert and being indemnified and /or secured to its satisfaction. 14.3
Substitution
The Trust Deed contains provisions permitting the Trustee to agree but it shall not be obliged to so agree, subject to amendment of the Trust Deed and such other conditions as the Trustee may require, but without the consent of the Noteholders, to the substitution of any other company in place of the Issuer, or of any previous substituted company, as principal debtor under the Trust Deed and the Notes. In such event, the Issuer shall give notice to Noteholders in accordance with Condition 17 and, so long as the Notes are listed on the SGX-ST, shall inform the SGX-ST and prepare a supplemental listing memorandum, if required. 14.4
Interests of Noteholders
In connection with the exercise of its functions (including but not limited to those in relation to any proposed modification, authorisation, waiver or substitution) the Trustee shall have regard to the interests of the Noteholders as a class and shall not have regard to the consequences of such exercise for individual Noteholders and the Trustee shall not be entitled to require, nor shall any Noteholder be entitled to claim, from the Issuer, the Guarantors or the Trustee, any indemnification or payment in respect of any tax consequences of any such exercise upon individual Noteholders except to the extent provided for in Condition 9 and/or any undertakings given in addition thereto or in substitution therefor pursuant to the Trust Deed. 14.5
Certificates/Reports
Any certificate or report of any expert or other person called for by or provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of these Conditions or the Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts therein (and shall, in absence of manifest error, be conclusive and binding on all parties) notwithstanding that such certificate or report and/or engagement letter or other document entered into by the Trustee, Issuer or the Guarantors, as the case may be, in connection therewith contains a monetary or other limit on the liability of the relevant expert or person in respect thereof. 15.
REPLACEMENT OF CERTIFICATES
If any Certificate is mutilated, defaced, destroyed, stolen or lost, it may be replaced at the specified office of the Registrar or any Agent upon payment by the claimant of such costs as may be incurred in connection therewith and on such terms as to evidence and indemnity as the Issuer and such Agent may reasonably require. Mutilated or defaced Certificates must be surrendered before replacements will be issued. 16.
OPTION TO ARCH ADVISORY LIMITED
16.1
The Issuer has granted to Arch Advisory Limited of Unit 3(I), Main Office Tower Financial Park Labuan, Jalan Merdeka 87000 F.T. Labuan, the option within a period of six months from the Issue Date to purchase or procure the purchase of, such number of Notes, which when aggregated with the Notes issued on or about the Issue Date (the “Original Notes”), will amount to an aggregate principal amount of up to U.S.$100,000,000.
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16.2
Pursuant to Condition 16.1, the Issuer may, upon exercise of the option referred to in Condition 16.1, issue additional Notes on the same terms and conditions under which the Original Notes were issued (except that holders of such additional Notes shall only be entitled to interest accruing after the issue date of such additional Notes).
17.
NOTICES
All notices to Noteholders shall be validly given if mailed by first class mail or overnight courier to them at their respective addresses in the Register maintained by the Registrar or published (arranged by the Issuer and at the Issuer’s expense) in a leading newspaper having general circulation in Asia (which is expected to be the Asian Wall Street Journal). Any such notice shall be deemed to have been given on the later of the date of such publication and the seventh day after being so mailed, as the case may be. So long as any of the Notes are represented by the Global Certificate, notices required to be published in accordance with this Condition may be given by delivery of the relevant notice to Euroclear and Clearstream, Luxembourg for communication by them to the relevant accountholders. 18.
AGENTS
The names of the initial Agents and the Registrar and their specified offices are set out below. The Issuer reserves the right, subject to the prior written approval of the Trustee, at any time to vary or terminate the appointment of any Agent or the Registrar and to appoint additional or other Agents or a replacement Registrar. The Issuer will at all times maintain (i) a Principal Agent, (ii) a Registrar and (iii) a paying agent, transfer agent and redemption agent having a specified office in Singapore where the Notes may be presented or surrendered for payment or redemption, so long as the Notes are listed on the Singapore Exchange Trading Limited (“SGX-ST”) and the rules of that exchange so require. Notice of any such termination or appointment, of any changes in the specified offices of any Agent or the Registrar and of any change in the identity of the Registrar or the Principal Agent will be given promptly by the Issuer to the Noteholders in accordance with Condition 17 and in any event not less than 45 days’ notice will be given. In the event and so long as the Notes are listed on the SGX-ST and the rules of that exchange so require, in the event that the Global Certificate is exchanged for definitive Certificates, the Issuer shall appoint and maintain a paying agent in Singapore, where the Notes may be presented or surrendered for payment or redemption. In addition, in the event that the Global Certificate is exchanged for definitive Certificates, announcement of such exchange shall be made by or on behalf of the Issuer through the SGX-ST and such announcement will include all material information with respect to the delivery of the definitive Certificates, including details of the Singapore agent. 19.
INDEMNIFICATION
The Trust Deed contains provisions for the indemnification of the Trustee and for its relief from responsibility, including provisions relieving it from taking proceedings to enforce repayment unless indemnified to its satisfaction. The Trustee is entitled to enter into business transactions with the Issuer or the Guarantors without accounting for any profit. Any certificate or report of any expert, accountants, financial advisers, investment bank or other person called for by or provided to the Trustee (whether or not addressed to the Trustee) in accordance with or for the purposes of these Conditions or the Trust Deed may be relied upon by the Trustee as sufficient evidence of the facts therein and shall, in absence of manifest error, be conclusive and binding on all parties notwithstanding that such certificate or report and/or engagement letter or other document entered into by the Trustee and/or the Issuer or any Guarantor, as the case may be, in connection therewith contains a monetary or other limit on the liability of the relevant expert or person in respect thereof and the Trustee shall not be responsible for any loss occasioned by acting on any such certificate or report. 20.
CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 No person shall have any right to enforce any of these Conditions under the Contracts (Rights of Third Parties) Act
1999. 21.
GOVERNING LAW AND JURISDICTION
The Notes, the Trust Deed, the Agency Agreement and all non-contractual obligations arising out of or in connection with any of them are governed by, and shall be construed in accordance with, the laws of England. In relation to any legal action or proceedings arising out of or in connection with the Trust Deed or the Notes, each of the Issuer and the Guarantors will in the Trust Deed, subject to the arbitration agreement set out therein, irrevocably submit to the jurisdiction of the courts of England and in relation thereto has appointed Gravitas Nominees Limited, now at 110 Cannon Street, London EC4N GAR, as its agent for service of process in England.
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TAXATION Indonesian Taxation The following is a summary of the principal Indonesian tax consequences relevant to prospective Noteholders who are not tax resident in Indonesia and have no permanent establishment in Indonesia. The following is a summary with respect to taxes imposed by the Republic of Indonesia under Indonesian tax laws and their implementing regulations. The summary does not address any laws other than the tax laws of the Republic of Indonesia in force as of the date of this Information Memorandum. General Generally, an individual is considered to be a non-resident of Indonesia if the individual does not reside in Indonesia or does not stay in Indonesia for more than 183 days within a twelve month period. A company will be considered as a nonresident of Indonesia if the company is not established or domiciled in Indonesia. In determining the residency and tax status of an individual or corporation, consideration will also be given to the provision of any applicable double tax treaty which Indonesia has concluded with other countries. In this section, both a non-resident individual and a non-resident corporation will be referred to as “non-resident taxpayers”. Resident taxpayers, individual or corporate, are subject to income tax in Indonesia. Subject to the provisions of any applicable agreement for the avoidance of double taxation (“tax treaty”), non-resident taxpayers, namely individuals or corporations not domiciled or established in Indonesia, which derive income sourced in Indonesia from, among other things, interest, royalties or dividends from Indonesia, are subject to a final withholding tax on that income at the rate of 20%, so long as the income is not effectively connected with a permanent establishment of such individuals or corporations in Indonesia. If the income is effectively connected with a permanent establishment in Indonesia, the income is subject to branch profit tax of 20% imposed on the net profit after being deducted with income tax applicable for permanent establishment (the income tax rate being 25% starting 2010 onwards). Taxation on Interest Payments or accruals of principal of the Notes by the Issuer are not subject to Indonesian withholding tax. However, any amount of payment or accruals by the Issuer attributable to interest or premium (which in general is also treated as interest) payable on the Notes to a non-resident taxpayer is subject to Indonesian withholding tax. The statutory withholding tax rate on interest payments or accruals by the Issuer to non-resident taxpayers is 20%. However, the interest withholding tax rate could be reduced under an applicable tax treaty. The 20% withholding tax is a final tax. The reduced withholding tax rate applicable to non-resident taxpayer who resides in a tax treaty country is also subject to satisfying the eligibility and reporting requirements for the relevant tax treaty and domestic tax regulations. See “Anti Avoidance Rule on the Tax Treaty”. Taxation on Capital Gains Income derived by non-resident tax payers, without a permanent establishment in Indonesia, from the disposal of Notes is subject to Indonesian final withholding tax at the rate of 20%. The final withholding tax rate could be reduced or exempted under the relevant tax treaty. The reduced or exempted withholding tax rate applicable to non-resident taxpayer who resides in a tax treaty country is also subject to satisfying the eligibility and reporting requirements for the relevant tax treaty and domestic tax regulations. See “Anti Avoidance Rule on the Tax Treaty and New CoD Requirements”. If such gains from disposal of the Notes are derived by a resident taxpayer, whether an individual or a corporation, and permanent establishment, the capital gain is subject to the final withholding tax at the rate of 15%. Taxation on Dividends Payment or accruals of dividends to non-resident taxpayers will be subject to withholding tax at the statutory rate of 20%. A reduced rate of withholding tax will apply to non-residents of Indonesia who are tax residents in tax treaty countries, subject to satisfying the eligibility and reporting requirements of the relevant tax treaty. See “Anti Avoidance Rule on the Tax Treaty”.
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Taxation on the Disposition of Shares Under the Indonesian Income Tax Law, the sale of unlisted shares by a non-resident taxpayer is subject to final Indonesian withholding tax, currently at the rate of 20%, on the estimated net income. The estimated net income for the sale of unlisted shares is 25% of the sale price resulting in an effective final withholding tax rate of 5% of the sale price (irrespective of whether or not there is a profit on the sale of the unlisted shares). The obligation to pay the final withholding tax lies with the buyer (if it is a resident taxpayer) or the Indonesian company whose shares being traded (if the buyer is also a non-resident taxpayer). Exemption from the 5% final withholding tax on the sale of unlisted shares may be available to non-resident sellers of shares depending on the provisions of the applicable tax treaties. In order to benefit from the exemption under the relevant tax treaty, the non-resident seller must provide a Certificate of Tax Domicile (“CoD”) in the prescribed form acceptable by the Indonesian Tax Authorities (“ITA”) and certified by the competent tax authority, or its designee, of the jurisdiction where the non-resident seller is domiciled to the buyer (or the Indonesian company if the buyer is a non-resident taxpayer) and to the Indonesian tax office that has jurisdiction over the buyer (or over the Indonesian company if the buyer is a non-resident taxpayer. See below on the new CoD requirements. Pursuant to Government Regulation No. 41 of 1994 regarding Withholding Tax on Income from Share Trading Transactions on the Stock Exchange dated December 23, 1994 and its amendments in Government Regulation No. 14 of 1997 dated May 29, 1997, the sale or transfer of shares that are listed on the IDX through the IDX is subject to final withholding tax of 0.1% of the gross amount of the transaction value and should be withheld by the broker handling the transaction. Currently, the tax regulations for listed shares do not contain any provision in respect of treaty protections. In practice, the 0.1% final withholding tax is applied irrespective of the fact that there may be treaty exemptions. Indonesian tax authorities have a general rule regarding refunds, which may be used in case of an applicable treaty exemption. Taxation of Rights Issues The grant by BSP of statutory subscription rights for its shares in compliance with Indonesian Law (a “Rights Issue”) should not be subject to Indonesian tax. However, should a shareholder sell its Rights, the proceeds from such sale should be considered as taxable income. Any income from the sale of Rights by a non-resident taxpayer is arguably not subject to Indonesian tax since the relevant implementing regulation has not yet been issued. Stamp Duty According to Government Regulation No. 24 of 2000, a document that effects a sale of Indonesian notes is subject to stamp duty. Currently, the nominal amount of the Indonesian stamp duty is Rp. 6,000 for transactions having a value greater than Rp. 1,000,000 and Rp. 3,000 for transactions having a value up to a maximum of Rp. 1,000,000. Generally, the stamp duty is due at the time the document is executed. Stamp duty is payable by the party who benefit from the executed document unless both parties stated otherwise. Anti Avoidance Rule on the Tax Treaty and New CoD Requirements Indonesia has concluded tax treaties with a number of countries including Australia, Belgium, Canada, France, Germany, Japan, The Netherlands, Singapore, Sweden, Switzerland, the United Kingdom and the United States of America. The relevant tax treaty may also affect the definition of non-resident taxpayers. Where a tax treaty exists and the eligibility requirements of that treaty are satisfied, a reduced rate of withholding tax may be applicable in the case of interest (or payments in the nature of interest such as premium) and dividends. This is also subject to there being no abuse of the tax treaties and the non-resident taxpayers meeting the administrative requirements under the Indonesian tax regulations. Some tax treaties also provide an exemption from Indonesian tax on any capital gains of nonresident taxpayers arising from the sale of shares or notes issued by an Indonesian company. To obtain the benefit of an applicable tax treaty, the non-resident taxpayer must be the beneficial owner of the income received from Indonesia and comply with the eligibility requirements of the tax treaty and the specific requirements in Indonesia. Please see below the specific requirements to obtain tax treaty benefit s in Indonesia. On 5 November 2009, the Indonesian Director General of Taxation (“DGT”) issued two regulations which are designed to combat tax treaty abuse, i.e. DGT Regulation No. 61/PJ./2009 (“DGT-61”) regarding the administrative procedures to apply a double tax treaty and DGT Regulation No. 62/PJ./2009 (“DGT-62”) regarding the avoidance of double tax treaty abuse. These new regulations set out stringent anti treaty abuse tests and administrative requirements to be satisfied. Failure to comply with the conditions means that Indonesian withholding tax will apply at the statutory rate of 20%.
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Under DGT-61 and DGT-62, in order for a non- resident recipient of the payment from Indonesia to be eligible for tax treaty benefit, the non-resident taxpayer must: (a)
Not be an Indonesian tax resident;
(b)
Fulfill the administrative requirements to implement the tax treaty provisions; and
(c)
Not committed any tax treaty abuse.
Under DGT-61, the administrative requirements to be fulfilled by the non- resident taxpayer in order to apply the tax treaty are in the new CoD form, which must be: (a)
In the form prescribed by the DGT (i.e. Form DGT-1 or Form DGT-2, where applicable);
(b)
Filled in completely by the non- resident;
(c)
Signed by the non- resident;
(d)
Certified by the competent tax authority of the treaty country of the non- resident; and
(e)
Given prior to the lodgment of the relevant monthly tax return of the Indonesian Issuer of the Notes.
Further, DGT-62 defined beneficial owner of the income as the non-resident income recipient, which is not acting as an agent, a nominee, or a conduit company. Agent is then defined as a person or body who acts as an intermediary and conduct action to and/or on behalf of other party. A nominee is defined as a person or a body, which legally own an asset and/or income (i.e. a legal owner) for the benefit or in accordance to the instruction/mandate from the party who is the actual owner of the asset and/or the party who actually enjoy the benefit on the income. A conduit company is defined as a company which enjoys the tax treaty benefits in relation to income sourced from other country. However, the economic benefits from such income are owned by persons in other country, which do not have rights to enjoy tax treaty benefits if such income is directly received by them. Further DGT-62 states that the following non-resident taxpayers, residing in a treaty partner country, shall be deemed not to participate in tax treaty abuse: (a)
An individual who is not acting as an agent or a nominee;
(b)
Institutions whose names are clearly stated in the tax treaty or those that have been agreed by the competent authorities in Indonesia and the treaty partner country;
(c)
Non-resident taxpayer that receive or earn income through custodian in relation to income from transaction on the transfer of shares or bonds, which are traded or reported in the IDX, in case the non-resident taxpayer is not acting as an agent or as a nominee;
(d)
A company, whose shares are listed in the stock exchange and are regularly traded;
(e)
A bank; or
(f)
A company that satisfies the following conditions: (1) (2) (3) (4) (5) (6)
The establishment of the company or the transaction is not motivated to take advantage of treaty benefits; The company has its own management to conduct the business and the management has an independent discretion; The company employs sufficient qualified personnel; The company engages in active conduct of a trade or business; The income derived from Indonesia is subject to tax in its country of residence; No more than 50% of the company’s income is used to satisfy claims by other persons in the form of interest, royalty, or other fees (excluding salary to employees).
If a particular transaction or structure is found to be abusing a tax treaty, the Indonesian payer of the income, who is obligated to withhold the tax, is not allowed to resort to the benefits of the relevant tax treaty and must withhold tax which is 98
payable in accordance with Indonesian tax regulations at the applicable rate (i.e. 20% rate). In addition, in the event that it is found that a legal form of a structure of a particular transaction is different from its economic substance, the ITA will apply the “substance over form” principle in imposing taxes in accordance with the economic substance of the transaction. The new CoD Forms (i.e. Form DGT-1 page 1 and Form DGT-2) are valid for 12 months since the date of issue and must be renewed subsequently. However, Form DGT-1 page 2 shall be produced by the non-bank non-resident income recipient in respect of each payment of income.
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SUMMARY OF PROVISIONS RELATING TO THE NOTES WHILE IN GLOBAL FORM The Global Certificate contains provisions which apply to the Notes while they are in global form, some of which modify the effect of the Conditions set out in this Information Memorandum. Terms defined in the Conditions have the same meaning in the paragraphs below. The following summary of certain of those provisions. Book-Entry; Delivery and Form The Notes have been or will be sold pursuant to a private placement exemption under the U.S. Securities Act and outside the United States, in reliance on Regulation S of the U.S. Securities Act. The Exiting Notes were initially represented by one note in registered, global form (“Global Note”). The Global Note was deposited, on 18 February 2010, with The Bank of New York Mellon and registered in the name of the nominee of the common depositary for the accounts of Euroclear and Clearstream. Ownership of interests in the Global Note (the “Book-Entry Interests”) will be limited to persons that have accounts with Euroclear and/or Clearstream or persons that may hold interests through such participants. Book-Entry Interests will be shown on, and transfers thereof will be effected only through, records maintained in book-entry form by Euroclear and Clearstream and their participants. The Book-Entry Interests will not be held in definitive form. Instead, Euroclear and/or Clearstream will credit on their respective book-entry registration and transfer systems a participant’s account with the interest beneficially owned by such participant. The laws of some jurisdictions may require that certain purchasers of securities take physical delivery of such securities in definitive form. The foregoing limitations may impair the ability to own, transfer or pledge Book-Entry Interests. In addition, while the Notes are in global form, “holders” of Book-Entry Interests will not be considered the owners or “holders” of such Notes for any purpose. As long as the Notes are held in global form, Euroclear and/or Clearstream, as applicable, (or their respective nominees) will be considered the sole owner or holder of the Global Note for all purposes under the Notes and the Trust Deed. As such, participants must rely on the procedures of Euroclear and/or Clearstream and indirect participants must rely on the procedures of Euroclear and/or Clearstream and the participants through which they own Book-Entry Interests in order to exercise any rights of holders under the Trust Deed. Neither we nor the Trustee nor any of our respective agents will have any responsibility or be liable for any aspect of the records relating to the Book-Entry Interests. Meetings The holder of the Global Certificate shall be treated at any meeting of holders as being two persons for the purposes of any quorum requirements of, or the right to demand a poll at, a meeting of holders and, at any such meeting, as having one vote in respect of each US$1,000 principal amount of Notes for which the Global Certificate may be exchanged. The Trustee may allow a person with an interest in Notes in respect of which the Global Certificate has been issued to attend and speak at a meeting of holders on appropriate proof of his identity and interest. Repurchase, Conversion and Redemption Cancellation of any Notes represented by the Global Certificate which is required by the conditions to be cancelled following its repurchase, conversion or redemption will be effected by reduction in the principal amount of the Notes in the register of Noteholders and of the Global Certificate on its presentation to or to the order of the Principal Agent for notation. Trustee’s Powers In considering the interests of holders in circumstances where the Global Certificate is held on behalf of any one or more of the Clearing Agents, the Trustee may, to the extent it considers it appropriate to do so in the circumstances, (a) have regard to such information as may have been made available to it by or on behalf of the relevant clearing system or its operator as to the identity of its accountholders (either individually or by way of category) with entitlements in respect of the Global Certificate and (b) consider such interests on the basis that such accountholders were the holder of the Global Certificate.
100
Redemption at Option of the Holder The Noteholders’ put options in Conditions 8.4, 8.5 and 8.6 may be exercised by the holder of the Global Certificate giving notice to the Principal Agent of the principal amount of Notes in respect of which the option is exercised and presenting the Global Certificate for endorsement or exercise within the time limits specified in such Conditions. Transfers Transfers of interests in the Notes will be effected through the records of the Clearing Agents and their respective participants in accordance with the rules and procedures of the Clearing Agents and their respective direct and indirect participants. The laws of certain jurisdictions require that certain purchasers of the Notes take physical delivery of such Notes in definitive form. Accordingly, the ability of beneficial owners to hold, transfer or pledge beneficial interest in the Global Certificate may be limited by such laws. Conversion through participants in the Clearing Agents will be effected in an ordinary way in accordance with their respective rules and operating procedures. None of the Issuer, the Trustee, the Common Depositary (as defined in the Trust Deed), the Agents or any custodian will have any responsibility for the performance by Euroclear, Clearstream, Luxembourg or any Clearing Agent (as defined in the Trust Deed), or their respective participants or account holders, of their respective obligations under the rules and procedures governing their operations. Redemption Subject to the requirements of the Clearing Agents, the Redemption Right attaching to a Note in respect of which the Global Certificate is issued, may be exercised by the presentation to or to the order of the Principal Agent of one of more Redemption Notices duly completed by or on behalf of a holder of a book-entry interest in the Note. Deposit of the Global Certificate with the Principal Agent together with the relevant Redemption Notice shall not be required. In such a case, the delivery of the Redemption Notice will constitute or be deemed to constitute confirmation by the beneficial owner of the Notes to be redeemed that the information and representations in the Redemption Notice are true and accurate on the date of delivery. The exercise of the Redemption Right shall be notified by the Principal Agent to the Registrar and the holder of the Global Certificate. Enforcement For the purposes of enforcement of the provisions of the Trust Deed against the Trustee, the persons named in a certificate of the holder of the Notes in respect of which the Global Certificate is issued shall be recognised as the beneficiaries of the trusts set out in the Trust Deed, to the extent of the principal amount of their interest in the Notes set out in the certificate of the holder, as if they were themselves the Holders of the Notes in such principal amounts. Accountholders For so long as any of the Notes are represented by the Global Certificate and such Global Certificate is held on behalf of the Clearing Agent, each person who is for the time being shown in the records of the Clearing Agents, as the holder of a particular principal amount of such Notes (each an “Accountholder”) (in which regard any certificate or other document issued by the Clearing Agents, as to the principal amount of such Notes standing to the account of any person shall be conclusive and binding for all purposes) shall be treated as the holder of such principal amount of such Notes for all purposes (including for the purposes of any quorum requirements of, or in the right to demand a poll at, meetings of the Noteholders) other than with request to the payment of principal and premium (if any) on such Notes, the right to which shall be vested, as against the Issuer, solely in the holder of the Global Certificate in accordance with and subject to its terms and the terms of the Trust Deed. Each Accountholder must look solely to the Clearing Agents for its share of each payment made to the holder of the Global Certificate. Exchange and Registration of Title In the circumstances mentioned herein, where the Noteholders are entitled to receive Definitive Certificates, the Issuer will make arrangements for the exchange of interest in the Global Certificate in whole but not in part for Definitive Certificates 101
and will cause sufficient individual Definitive Certificates to be executed and delivered to the Registrar in sufficient quantities for completion, authentication and dispatch to the relevant Noteholders. A person exchanging interests in the Global Certificate for one or more of the Definitive Certificates must provide to the Registrar, through the relevant the Clearing Agent, a written order containing instructions and such other information as the Issuer and the Registrar may require to complete, execute and deliver such individual Definitive Certificates. Any Definitive Certificates delivered in exchange for the Global Certificate or beneficial interests therein will be registered in the names requested, and issued in any denominations approved, by the relevant clearing system. Information Concerning Euroclear and Clearstream All Book-Entry Interests will be subject to the operations and procedures of Euroclear and Clearstream, as applicable. We provide the following summaries of those operations and procedures solely for the convenience of investors. The operations and procedures of each settlement system are controlled by that settlement system and may be changed at any time. None of the Issuer, the Guarantors, the Trustee, the Registrar, Agents and any of our or their respective agents is responsible for those operations or procedures. Euroclear and Clearstream hold securities for participating organizations. They also facilitate the clearance and settlement of securities transactions between their respective participants through electronic book-entry changes in the accounts of such participants. Euroclear and Clearstream provide various services to their participants, including the safekeeping, administration, clearance, settlement, lending and borrowing of internationally traded securities. Euroclear and Clearstream interface with domestic securities markets. Euroclear and Clearstream participants are financial institutions such as underwriters, securities brokers and dealers, banks, trust companies and certain other organizations. Indirect access to Euroclear and Clearstream is also available to others such as banks, brokers, dealers and trust companies that clear through or maintain a custodial relationship with a Euroclear and Clearstream participant, either directly or indirectly. Because Euroclear and Clearstream can only act on behalf of participants, who in turn act on behalf of indirect participants and certain banks, the ability of an owner of a beneficial interest to pledge such interest to persons or entities that do not participate in the Euroclear or Clearstream systems, or otherwise take actions in respect of such interest, may be limited by the lack of a definite certificate for that interest. The laws of some jurisdictions require that certain persons take physical delivery of securities in definitive form. Consequently, the ability to transfer beneficial interests to such persons may be limited. Initial Settlement Initial settlement for the Notes will be made in Dollars. Book-Entry Interests owned through Euroclear or Clearstream accounts will follow the settlement procedures applicable to conventional Eurobonds in registered form. Book-Entry Interests will be credited to the securities custody accounts of Euroclear and Clearstream holders on the business day following the settlement date against payment. Secondary Market Trading The Book-Entry Interests will trade through participants of Euroclear or Clearstream and will settle in same-day funds. Since the purchase determines the place of delivery, it is important to establish at the time of trading of any Book-Entry Interests where both the purchaser’s and the seller’s accounts are located to ensure that settlement can be made on the desired value date.
102
PLAN OF DISTRIBUTION Pursuant to certain purchase agreements (“Purchase Agreements”) entered into between the Issuer, Guarantors and the various purchasers, we have sold an aggregate principal amount of US$77,336,000 of the Existing Notes on the Issue Date. Part of the net proceeds of the US$77,336,000 from the sale of the Existing Notes has been used to acquire further interests in Agri International Resources Pte Ltd and Indogreen International Limited. See “Use of Proceeds”. The Issuer has granted to Arch Advisory Limited an option, within a period of six months from the Issue Date, to purchase or procure the purchase of such number of Notes, which when aggregated with the Existing Notes issued on 18 February 2010, will amount to an aggregate principal amount of up to US$100,000,000. Selling Restrictions General No action has been or will be taken in any jurisdiction by us or the purchasers that would, or is intended to, permit a public offering of the Notes, or possession or distribution of this Information Memorandum (in preliminary, proof or final form) or any other offering material relating to the Notes, in any country or jurisdiction where action for that purpose is required. Persons into whose hands this Information Memorandum comes are required by us to comply with all applicable laws and regulations in each country or jurisdiction in which they purchase, offer, sell or deliver the notes and guarantees or have in their possession, distribute or publish this Information Memorandum (in preliminary, proof or final form) or any other offering material relating to the Notes, in all cases at their own expense. United States The Notes and the Guarantees have not been and will not be registered under the U.S. Securities Act or the securities laws of any other jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Notes are being offered and sold only to non-U.S. persons outside the United States in reliance on Regulation S. European Economic Area In relation to each member state of the European Economic Area which has implemented the Prospectus Directive (each, a “Relevant Member State”), with effect from and including the date on which the Prospectus Directive is implemented in that Relevant Member State (“Relevant Implementation Date”), an offer of the Notes has not been made and will not be made to the public in that Relevant Member State except that it may, with effect from and including the Relevant Implementation Date, make an offer of Notes to the public in that Relevant Member State: (i)
at any time to legal entities which are authorised or regulated to operate in the financial markets or, if not so authorised or regulated, whose corporate purpose is solely to invest in securities;
(ii)
at any time to any legal entity which has two or more of (A) an average of at least 250 employees during the last financial year; (B) a total balance sheet of more than €43,000,000 and (C) an annual net turnover of more than €50,000,000, as shown in its last annual or consolidated accounts;
(iii)
to fewer than 100 natural or legal persons (other than qualified investors as defined in the Prospectus Directive) subject to obtaining the prior consent of each of the Issuer and the Guarantors; or
(iv)
at any time in any other circumstances which do not require the publication by the Issuer of a prospectus pursuant to Article 3 of the Prospectus Directive;
The expression an “offer of Notes to the public” in relation to any Notes in any Relevant Member State means the communication in any form and by any means of sufficient information on the terms of the offer and the Notes to be offered so as to enable an investor to decide to purchase or subscribe for the Notes, as the same may be varied in that Member State by any measure implementing the Prospectus Directive in that Member State and the expression “Prospectus Directive” means Directive 2003/71/EC and includes any relevant implementing measure in each Relevant Member State.
103
United Kingdom Anything done by the purchasers in relation to the Notes in, from or otherwise involving the United Kingdom will comply with all applicable provisions of the Financial Services and Markets Act 2000 (“FSMA”); and the purchasers of the Notes may only communicate or caused to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) in connection with the issue or sale of any Notes in circumstances in which section 21(1) of the FSMA does not apply to the Issuer or the Guarantors.
Singapore This Information Memorandum has not been registered as a prospectus with the Monetary Authority of Singapore. Accordingly, this Information Memorandum and any other document or material in connection with the offer or sale, or invitation for subscription or purchase, of the Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the SFA, (ii) to a relevant person pursuant to Section 275(1), or any person pursuant to Section 275(1A), and in accordance with the conditions specified in Section 275, of the SFA, or (iii) otherwise pursuant to, and in accordance with the conditions of, any other applicable provision of the SFA. Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which is: (a)
a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole business of which is to hold investments and the entire share capital of which is owned by one or more individuals, each of whom is an accredited investor; or
(b)
a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments and each beneficiary of the trust is an individual who is an accredited investor,
securities (as defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest (howsoever described) in that trust shall not be transferred within six months after that corporation or that trust has acquired the Notes pursuant to an offer made under Section 275 of the SFA except: (1)
to an institutional investor or to a relevant person defined in Section 275(2) of the SFA, or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B) of the SFA;
(2)
where no consideration is or will be given for the transfer;
(3)
where the transfer is by operation of law; or
(4)
as specified in Section 276(7) of the SFA.
Hong Kong The Notes may not be offered or sold in Hong Kong by means of any document other than to (1) professional investors within the meaning of the Securities and Futures Ordinance (Cap. 571) of the laws of Hong Kong and any rules made thereunder, or (2) in circumstances that do not result in the document being a “prospectus” as defined in the Companies Ordinance (Cap. 32) of the laws of Hong Kong or that do not constitute an offer to the public within the meaning of that Ordinance. No invitation, advertisement or document relating to the Notes may be issued, whether in Hong Kong or elsewhere, that is directed at, or the contents of which are likely to be accessed or read by, the public of Hong Kong (except if permitted to do so under the securities laws of Hong Kong) other than with respect to the Notes that are intended to be disposed of only to persons outside Hong Kong or only to professional investors, as defined under the Securities and Futures Ordinance (Cap. 571) of the laws of Hong Kong and any rule made thereunder.
104
TRANSFER RESTRICTIONS Due to the following restrictions, investors are advised to consult legal counsel prior to making any offer, resale, pledge or transfer of the Notes offered and sold in reliance on Regulation S. The Notes, the Guarantees and the Shares have not been and will not be registered under the U.S. Securities Act or the securities laws of any other jurisdiction and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the U.S. Securities Act. The Notes have been and will be offered and sold only to non-U.S. persons outside of the United States in reliance on Regulation S. Each purchaser of the Notes will be required to represent and agree as follows: (i) it is not a “U.S. Person” and is purchasing the Notes in an “offshore transaction,” as both terms are defined in Regulation S and it is purchasing the Notes as the principal and not as a nominee for any other person. (ii) its purchase of the Notes is lawful under the securities laws of the jurisdiction in which it accepts the offer to purchase the Notes. (iii) it understands and acknowledges that (a) the Notes have not been registered under the U.S. Securities Act, or any other applicable securities laws, and are “restricted securities” as defined under the U.S. Securities Act and (b) the Notes are being offered for sale in transactions not requiring registration under the U.S. Securities Act. (iv) it will not offer, sell, pledge or otherwise transfer the Notes except in compliance with the registration requirements of the U.S. Securities Act, and any other applicable securities laws, pursuant to an exemption therefrom or in a transaction not subject thereto.
105
LEGAL MATTERS Certain legal matters in connection with the issue and sale of the Notes will be passed for us by K&L Gates LLP as to matters of English law, and by Ery Yunasri & Partners as to matters of Indonesian law. Certain legal matters will be passed upon for Arch Advisory Limited by Latham & Watkins LLP with respect to English law.
INDEPENDENT AUDITORS The consolidated financial statements for the years ended as of 31 December 2007 and 2008 included in this Information Memorandum have been audited by Doli, Bambang, Sudarmadji & Dadang (an independent member of BKR International), and the consolidated financial statements for the year ended 31 December 2009 included in this Information Memorandum have been audited by Tjiendradjaja & Handoko Tomo (Mazars), independent public accountants in Indonesia, as stated in their reports which is included in this Information Memorandum herein.
106
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS Annex Consolidated Financial Statements for the Year Ended December 31, 2009 ....................................................
A
Consolidated Financial Statements for the Years Ended December 31, 2008 and 2007 ...................................
B
EMAzARS
& HANDOKO TOI\,4O TJIENDRADJAJA
Daftar Isi
Table of Contents
Halaman/ Page Surat Pernyataan Direksi
Directors’ Statement Letter
Laporan Auditor Independen
Independent Auditors’ Report
Laporan Keuangan Konsolidasian
Consolidated Financial Statements
Neraca Konsolidasian
1
Consolidated Balance Sheet
Laporan Laba Rugi Konsolidasian
5
Consolidated Statement of Income
Laporan Perubahan Ekuitas Konsolidasian
7
Consolidated Statement of Changes in Equity
Laporan Arus Kas Konsolidasian
8
Consolidated Statement of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian
10
Notes to Consolidated Financial Statements
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 31 DESEMBER 2009 (Dengan Angka Perbandingan 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DECEMBER 31, 2009 (With Comparative Figures as of December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2009
2008
ASET ASET LANCAR Kas dan setara kas
ASSETS 2d,4
Investasi pada efek pihak hubungan istimewa 2e,5,34f Piutang usaha 2f Pihak hubungan istimewa setelah dikurangi penyisihan ragu-ragu sebesar Rp24.000.000 pada tahun 2009 dan 2008 2g,6a,34a Pihak ketiga - setelah dikurangi penyisihan piutang ragu-ragu sebesar Rp3.378.644 pada tahun 2009 dan 2008 6b Piutang lain-lain Pihak hubungan istimewa 2g,34b Pihak ketiga - setelah dikurangi penyisihan piutang ragu-ragu sebesar Rp9.408.369 pada tahun 2009 dan Rp3.517.163 pada tahun 2008 Persediaan - setelah dikurangi penyisihan persediaan usang sebesar Rp203.099 pada tahun 2009 dan 2008 2h,7 Pajak dibayar di muka 33a Biaya dibayar di muka 2i Aset lancar lainnya 8 Jumlah Aset Lancar
167.303.590
352.300.659
26.862.948
-
-
-
CURRENT ASSETS Cash and cash equivalents Investments in marketable securities related party Trade receivables Related party - net of allowance for doubtful accounts of Rp24,000,000 in 2009 and 2008
143.154.819
98.337.153
81.676.019
6.644.469
9.152.228
11.172.719
108.785.887 11.224.917 3.193.877 114.865.600
141.536.732 14.290.279 2.647.799 106.068.760
Third parties - net of allowance for doubtful accounts of Rp3,378,644 in 2009 and in 2008 Other receivables Related party Third parties - net of allowance for doubtful accounts of Rp9,408,369 in 2009 and Rp3,517,163 in 2008 Inventories - net of allowance for inventory obsolescence of Rp203,099 in 2009 and 2008 Prepaid tax Prepaid expenses Other current assets
666.219.885
732.998.570
Total Current Assets
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
1
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 31 DESEMBER 2009 (Dengan Angka Perbandingan 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes ASET TIDAK LANCAR Piutang hubungan istimewa setelah dikurangi penyisihan piutang ragu-ragu sebesar Rp3.149.362 pada tahun 2009 dan Rp2.991.629 pada tahun 2008 2g,34c Piutang plasma 2j,9 Aset pajak tangguhan - bersih 2z,33d Investasi pada perusahaan asosiasi - setelah dikurangi penyisihan atas investasi yang tidak dapat dipulihkan sebesar Rp511.353 pada tahun 2009 dan 2008 2k,10,34e Tanaman perkebunan 2l,2n Tanaman menghasilkan setelah dikurangi akumulasi penyusutan sebesar Rp347.700.684 pada tahun 2009 dan Rp301.334.173 pada tahun 2008 11a Tanaman belum menghasilkan 11b Aset tetap - setelah dikurangi akumulasi penyusutan sebesar Rp371.761.734 pada tahun 2009 dan Rp320.389.877 pada tahun 2008 2m,2n,12 Goodwill - setelah dikurangi akumulasi amortisasi sebesar Rp72.610.089 pada tahun 2009 dan Rp46.020.894 pada tahun 2008 2c,2n,13 Dana dalam pembatasan 2o,14 Proyek pengembangan usaha 2p,15 Beban tangguhan hak atas tanah - setelah dikurangi akumulasi amortisasi sebesar Rp6.262.321 pada tahun 2009 dan Rp5.140.379 pada tahun 2008 2q,16 Taksiran tagihan kelebihan pajak 33b Aset tidak lancar lainnya
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DECEMBER 31, 2009 (With Comparative Figures as of December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2009
2008
266.472.346 56.780.923 18.259.296
233.221.959 49.314.094 40.407.926
659.728.583
569.307.139
1.014.197.337 517.148.550
1.006.360.964 346.687.737
687.480.880
458.510.103 47.433.197 616.748.522
29.454.995 33.023.544 339.152
NON-CURRENT ASSETS Due from related parties - net of allowance for doubtful accounts of Rp3,149,362 in 2009 and Rp2,991,629 in 2008 Due from plasma Deferred tax assets - net Investments in associated companies - net of allowance for unrecoverable investments of Rp511,353 in 2009 and 2008 Plantations Mature plantations - net of accumulated depreciation of Rp347,700,684 in 2009 and Rp301,334,173 in 2008 Immature plantations
Fixed assets - net of accumulated depreciation of Rp371,761,734 in 2009 and 743.285.954 Rp320,389,877 in 2008 Goodwill - net of accumulated amortization of Rp72,610,089 in 2009 and 485.099.298 Rp46,020,894 in 2008 47.394.400 Restricted funds Business development 410.129.160 projects Deferred cost of land rights - net of accumulated amortization of Rp6,262,321 in 2009 and 32.870.500 Rp5,140,379 in 2008 Estimated claims 505.605 for tax refund 2.735.531 Other non-current assets
Jumlah Aset Tidak lancar
4.405.577.428
3.967.320.267
Total Non-Current Assets
JUMLAH ASET
5.071.797.313
4.700.318.837
TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
2
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DECEMBER 31, 2009 (With Comparative Figures as of December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 31 DESEMBER 2009 (Dengan Angka Perbandingan 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes
2009
2008
KEWAJIBAN DAN EKUITAS KEWAJIBAN LANCAR Hutang bank jangka pendek Hutang usaha Pihak hubungan istimewa Pihak ketiga Hutang lain-lain pihak ketiga Beban masih harus dibayar Hutang pajak Hutang dividen Uang muka penjualan Hutang jangka panjang jatuh tempo dalam satu tahun pinjaman jangka panjang
LIABILITIES AND EQUITY 17
141.000.000
164.250.000
2g 18
181.939.282
43.737 119.515.448
19 2z,33c 2r,20 21
6.177.447 81.039.960 81.865.179 1.528.313 163.560.829
18.950.914 56.079.716 55.017.501 1.474.484 55.438.592
CURRENT LIABILITIES Short-term bank loan Trade payables Related parties Third parties Other payables third parties Accrued expenses Taxes payable Dividends payable Advances on sales
2.391.226
2.647.767
Current maturities of long-term loans
659.502.236
473.418.159
Total Current Liabilities
22
Jumlah Kewajiban Lancar KEWAJIBAN TIDAK LANCAR Hutang hubungan istimewa Kewajiban pajak tangguhan - bersih Kewajiban imbalan kerja Hutang jangka panjang dikurangi bagian jatuh tempo dalam satu tahun: Pinjaman jangka panjang Hutang sewa pembiayaan Hutang obligasi
NON-CURRENT LIABILITIES Due to related parties Deferred tax 15.773.734 liabilities - net 31.960.827 Employees benefits obligation
2g,34d
100.547.650
2z,33d 2s,23
20.591.307 20.135.396
22 2t 2u,24
144.011.977 1.456.267.459
588.230 35.000 1.679.275.328
Net of current maturities: Long-term loans Lease payable Bonds payable
Jumlah Kewajiban Tidak Lancar
1.741.553.789
1.755.722.359
Total Non-Current Liabilities
Jumlah Kewajiban
2.401.056.025
2.229.140.518
Total Liabilities
1.000.035
MINORITY INTERESTS IN NET ASSETS OF CONSOLIDATED SUBSIDIARIES
HAK MINORITAS ATAS ASET BERSIH ANAK PERUSAHAAN YANG DIKONSOLIDASIAN
2b
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
898.118
28.089.240
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
3
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN NERACA KONSOLIDASIAN 31 DESEMBER 2009 (Dengan Angka Perbandingan 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes EKUITAS Modal saham - nilai nominal Rp100 Modal dasar 15.000.000.000 saham Modal ditempatkan dan disetor penuh 3.787.996.935 saham Tambahan modal disetor - bersih Selisih nilai transaksi restrukturisasi entitas sepengendali Saham beredar yang diperoleh kembali Selisih kurs karena penjabaran laporan keuangan Saldo laba
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEET DECEMBER 31, 2009 (With Comparative Figures as of December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2009
2008 EQUITY Capital stock Rp100 par value Authorized 15,000,000,000 shares
25a 2v,26
378.799.694
378.799.694
1.572.235.622
1.572.235.622
2c
(22.029.000 )
(22.029.000 )
2w,25b
(1.996.490 )
(1.996.490 )
2y,27
(18.986.164 ) 761.819.508
Issued and fully paid 3,787,996,935 shares Additional paid-in capital - net Difference in value from restructuring transactions with entities under common control
95.205 543.073.253
Treasury shares Exchange differences due to financial statements translation Retained earnings
Ekuitas - Bersih
2.669.843.170
2.470.178.284
Equity - Net
JUMLAH KEWAJIBAN DAN EKUITAS
5.071.797.313
4.700.318.837
TOTAL LIABILITIES AND EQUITY
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
4
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes PENJUALAN BERSIH
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2009
2008
2x,28
2.325.282.030
2.931.418.722
NET SALES
BEBAN POKOK PENJUALAN 2x,29
1.652.785.384
1.909.396.602
COST OF GOODS SOLD
672.496.646
1.022.022.120
GROSS PROFIT
27.889.696 174.283.928
98.952.135 163.373.071
OPERATING EXPENSES Selling General and administrative
Jumlah Beban Usaha
202.173.624
262.325.206
Total Operating Expenses
LABA USAHA
470.323.022
759.696.914
OPERATING INCOME
LABA KOTOR BEBAN USAHA Penjualan Umum dan administrasi
PENGHASILAN (BEBAN) LAIN-LAIN Laba (rugi) selisih kurs - bersih Bagian laba (rugi) bersih perusahaan asosiasi Penghasilan bunga
2x,30
2x 2y
138.015.265
(243.036.843 )
2k,10
59.636.759 2.946.199
(78.689.723 ) 31.124.165
Beban bunga dan keuangan 31 Rugi penghapusan proyek pengembangan usaha 15 Amortisasi goodwill 2c,13 Rugi penghapusan tanaman perkebunan 11a Lain-lain - bersih 32
(193.081.146 )
(188.983.710 )
(83.458.484 ) (26.589.195 )
(26.589.197 )
(13.630.827 ) 13.705.354
(1.528.946 ) 27.782.733
Beban Lain-lain - Bersih
(102.456.077 )
(479.921.521 )
367.866.945
279.775.393
LABA SEBELUM MANFAAT (BEBAN) PAJAK MANFAAT (BEBAN) PAJAK Kini Tangguhan Beban Pajak - Bersih
2z,33d
OTHER INCOME (EXPENSES) Gain (loss) on foreign exchange - net Equity in net income (loss) of associated companies Interest income Interest and financial expenses Loss on written-off business development project Amortization of goodwill Loss on written-off plantations Miscellaneous - net Other Expenses - Net INCOME BEFORE TAX BENEFIT (EXPENSE)
(88.219.332 ) (26.966.203 )
(123.938.666 ) 17.733.228
TAX BENEFIT (EXPENSE) Current Deferred
(115.185.535 )
(106.205.438 )
Tax Expense - Net
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
5
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN LAPORAN LABA RUGI KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes LABA SEBELUM HAK MINORITAS ATAS RUGI (LABA) BERSIH ANAK PERUSAHAAN YANG DIKONSOLIDASIAN HAK MINORITAS ATAS RUGI (LABA) BERSIH ANAK PERUSAHAAN YANG DIKONSOLIDASIAN
LABA BERSIH PER SAHAM DASAR (DALAM ANGKA PENUH) LABA BERSIH PER SAHAM DILUSIAN (DALAM ANGKA PENUH)
2009
2008
252.681.410
INCOME BEFORE MINORITY INTEREST IN NET LOSS (INCOME) OF CONSOLIDATED 173.569.955 SUBSIDIARIES
101.917
MINORITY INTEREST IN NET LOSS (INCOME) OF CONSOLIDATED SUBSIDIARIES
2b
LABA BERSIH
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
252.783.327
2aa,35
2aa,35
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
66,73
64,72
(591 ) 173.569.364
NET INCOME
45,82
BASIC EARNINGS PER SHARE (IN FULL AMOUNT)
44,44
DILUTED EARNINGS PER SHARE (IN FULL AMOUNT)
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
6
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
Catatan / Notes Saldo, 1 Januari 2008
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
Modal Saham Ditempatkan dan Disetor Penuh / Capital Stock Issued and Fully Paid
Tambahan Modal Disetor Bersih / Additional Paid-in Capital - Net
Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali / Difference in Value from Restructuring Transactions with Entities Under Common Control
378.787.500
1.572.080.155
-
Saham Beredar yang Diperoleh Kembali / Treasury Shares -
Selisih Kurs Karena Penjabaran Laporan Keuangan / Exchange Differences Due to Financial Statements Translations
Saldo Laba / Retained Earnings
438.468
Ekuitas Bersih / Equity - Net
433.899.857
2.385.205.980
-
-
(22.029.000)
Difference in value from restructuring transaction with entity under common control
-
-
(1.996.490)
Treasury shares
-
(343.263)
Exchange differences due to financial statements translation
-
-
167.661
Warrant execution
-
-
173.569.364
173.569.364
Net income for the year
-
-
(64.395.968 )
(64.395.968)
Selisih nilai transaksi restrukturisasi entitas sepengendali
2c
-
-
Saham beredar yang diperoleh kembali
2w
-
-
-
Selisih kurs karena penjabaran laporan keuangan
2y
-
-
-
-
12.194
155.467
-
-
-
-
-
-
-
-
378.799.694
1.572.235.622
-
-
-
-
-
-
-
-
-
252.783.327
252.783.327
-
-
-
-
-
(34.037.072 )
(34.037.072)
378.799.694
1.572.235.622
Pelaksanakan waran Laba bersih tahun berjalan Dividen
2r
Saldo, 31 Desember 2008 Selisih kurs karena penjabaran laporan keuangan
2y
Laba bersih tahun berjalan Dividen Saldo, 31 Desember 2009
2r,20
(22.029.000)
(22.029.000)
(22.029.000)
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
Balance, January 1, 2008
(1.996.490 )
(1.996.490 )
(1.996.490 )
(343.263)
95.205 (19.081.369)
(18.986.164)
543.073.253 -
761.819.508
2.470.178.284 (19.081.369)
2.669.843.170
Dividend Balance, December 31, 2008 Exchange differences due to financial statements translation Net income for the year Dividend Balance, December 31, 2009
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
7
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2009
2008
ARUS KAS DARI AKTIVITAS OPERASI Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok, karyawan dan aktivitas operational lainnya Kas yang dihasilkan dari operasi Penerimaan bunga Pembayaran pajak penghasilan Pembayaran bunga Kas Bersih yang Diperoleh dari Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Penjualan aset tetap Penambahan dana dalam pembatasan Pembayaran pada plasma Investasi pada efek Akuisisi anak perusahaan Pembelian aset tetap Penambahan tanaman belum menghasilkan Penambahan proyek dalam pengembangan Penurunan investasi jangka pendek Pembayaran beban tangguhan hak atas tanah Kas Bersih yang Digunakan untuk Aktivitas Investasi
2.388.586.601 (1.605.644.564 )
CASH FLOWS FROM OPERATING ACTIVITIES Cash received 3.073.600.090 from customers Cash paid to suppliers, employees and (2.144.599.131 ) other operational activities Cash received from operations Interest received Income tax paid Interest paid
782.942.037 2.946.199 (91.963.873 ) (189.391.880 )
929.000.959 31.124.165 (105.003.014 ) (186.513.515 )
504.532.483
668.608.595
Net Cash Provided from Operating Activities
11.543.659
CASH FLOWS FROM INVESTING ACTIVITIES Disposal of fixed assets
7.339.783 (38.797 ) (7.466.829 ) (26.862.948 ) (30.784.686 ) (42.327.859 ) (206.230.279 ) (290.077.846 ) (596.449.461 )
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
- Additions to restricted funds (20.451.118 ) Payment to plasma Investment in marketable securities (367.781.944 ) Acquisition of subsidiaries (96.615.769 ) Acquisition of fixed sssets Additions in (164.055.182 ) immature plantations Increase in business (324.051.935 ) development projects Decrease in 523.301.872 short-term investment Payment of deferred cost of (2.742.634 ) land rights (440.853.051 )
Net Cash Used for Investing Activities
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
8
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN LAPORAN ARUS KAS KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2009 ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan (pembayaran) hutang jangka panjang: Pinjaman jangka panjang Sewa pembiayaan Kenaikan (penurunan) hutang pihak hubungan istimewa Pembayaran dividen Kenaikan piutang hubungan istimewa Eksekusi waran Pembelian saham beredar diperoleh kembali Kas Bersih yang Diperoleh dari (Digunakan untuk) Aktivitas Pendanaan KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS DAMPAK PERUBAHAN SELISIH KURS TERHADAP ARUS KAS KAS DAN SETARA KAS AWAL TAHUN KAS DAN SETARA KAS AKHIR TAHUN
Informasi Tambahan Arus Kas: Reklasifikasi tanaman belum menghasilkan ke tanaman menghasilkan Reklasifikasi dari aset dalam penyelesaian ke tanaman belum menghasilkan Reklasifikasi beban umum ke tanaman belum menghasilkan Reklasifikasi aset dalam penyelesaian ke aset tetap Reklasifikasi dari aset sewaan ke aset tetap
2008
143.167.206 (35.000 )
(106.066 )
72.458.410 (33.983.243 )
(28.089.240 ) (64.281.992 )
(33.250.387 ) -
(191.555.139 ) 167.661
CASH FLOWS FROM FINANCING ACTIVITIES Proceeds (payment) of long-term debts: Long-term loan Lease payable Increase (decrease) in due to related parties Dividend payment Increase in due from related parties Warrant execution
-
(1.996.490 ) Purchase of treasury shares
148.356.986
Net Cash Provided from (Used for) Financing Activities
56.440.008
(241.437.077 )
352.300.659
167.303.590
88.383.501 39.471.298 29.096.936 24.678.711 3.504.607
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
(285.861.266 )
NET INCREASE (DECREASE) IN CASH AND (58.105.722 ) CASH EQUIVALENTS
46.980.285
EFFECT OF FOREIGN EXCHANGE TO CASH FLOW
363.426.096
CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR
352.300.659
CASH AND CASH EQUIVALENTS AT END OF YEAR
Supplemental Cash Flows Information: Reclassifications of immature 122.252.965 to mature plantations Reclassifications from construction-in-progress to immature plantations Reclassifications of general charges to immature 18.462.691 plantations Reclassification of construction-in-progress 172.788.994 to fixed assets Reclassification of leased 1.231.230 assets to fixed assets
The accompanying notes to consolidated financial statements form an integral part of these consolidated financial statements.
9
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
1.
1.
UMUM a. Pendirian dan Informasi Umum
GENERAL a. Establishment and General Information
PT Bakrie Sumatera Plantations Tbk. (“Perusahaan”) didirikan di Republik Indonesia pada tahun 1911 dengan nama “NV Hollandsch Amerikanse Plantage Maatschappij.” Nama Perusahaan telah beberapa kali mengalami perubahan, terakhir dengan nama PT Bakrie Sumatera Plantations Tbk. Anggaran Dasar Perusahaan pertama kali diumumkan dalam Lembaran Berita Negara Republik Indonesia No. 14 tanggal 18 Februari 1941 Tambahan No. 101. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta Notaris Sutjipto, S.H., M.Kn., Notaris di Jakarta, No. 98 tanggal 14 Mei 2008 mengenai perubahan seluruh Anggaran Dasar Perusahaan dalam rangka penyesuaian terhadap Undang-undang Republik Indonesia No. 40 tahun 2007 tentang Perseroan Terbatas serta Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK) No. IX.J.1 sebagai Lampiran Keputusan Ketua Bapepam-LK No. Kep-179/BL/2008 tanggal 14 Mei 2008 tentang Pokok-Pokok Anggaran Dasar Perusahaan Yang Melakukan Penawaran Umum Efek Bersifat Ekuitas dan Perusahaan Publik. Perubahan tersebut telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia dalam Surat Keputusan Menteri Hukum dan Hak Asasi Manusia Republik Indonesia No. AHU-03156.AH.01.02 tahun 2009.
PT Bakrie Sumatera Plantations Tbk. (“the Company”) was established in the Republic of Indonesia in 1911 under the name of “NV Hollandsch Amerikanse Plantage Maatschappij.” The name of the Company has been changed several times, the latest being to PT Bakrie Sumatera Plantations Tbk. The Articles of Association of the Company were first published in the State Gazette of the Republic of Indonesia No. 14 dated February 18, 1941 Supplement No. 101. The Articles of Association of the Company have been amended several times, most recently in Notarial Deed No. 98 of Sutjipto, S.H., M.Kn., notary in Jakarta, dated May 14, 2008, in order to be in compliance with Law No. 40 of the Republic of Indonesia of year 2007 concerning Limited Liability Companies and Regulation of Capital Market and Financial Institution Supervisory Board (Bapepam-LK) No. IX.J.1 according to Chairman of Bapepam-LK decision in his letter No. Kep-179/BL/2008 dated May 14, 2008 concerning The Principles of Articles of Association for Equity Listed Companies and Public Companies. The changes have already been approved by the Ministry of Law and Human Rights in its decree No. AHU-03156.AH.01.02 Year 2009.
Sesuai dengan pasal 3 Anggaran Dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi bidang perkebunan, pengolahan, perdagangan dan pengangkutan hasil tanaman dan produk industri, serta pabrik kertas. Saat ini Perusahaan bergerak dibidang perkebunan, pengolahan dan perdagangan hasil tanaman dan industri.
In accordance with Article 3 of the Company’s Articles of Association, the scope of its activities consists of agriculture, processing, trading and transporting of agricultural and industrial products and also paper mill. Currently, the Company is engaged in agriculture, processing and trading agricultural and industrial products.
Saat ini Perusahaan bergerak dalam bidang perkebunan. Luas perkebunan Perusahaan 66.560 hektar. Perusahaan telah beroperasi komersial sejak tahun 1911.
Currently, the Company is engaged in plantations. The Company’s plantations area is 66,560 hectares. The Company started their commercial operations in 1911.
Perusahaan berdomisili di Kisaran dengan kantor pusat berlokasi di Jl. H. Juanda, Kisaran 21202, Kabupaten Asahan, Sumatera Utara, sedangkan perkebunan serta pabriknya berlokasi di Kisaran, Kabupaten Asahan, Sumatera Utara.
The Company is domiciled in Kisaran, with its head office located at Jl. H. Juanda, Kisaran 21202, Asahan District, North Sumatra, while its plantations and factory are located in Kisaran, Asahan District, North Sumatra.
10
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
1.
1.
UMUM (Lanjutan) b. Penawaran Umum Efek Perusahaan
GENERAL (Continued) b. Public Offering of the Company’s Shares
Pada tanggal 6 Januari 1990, Perusahaan memperoleh ijin dari Menteri Keuangan Republik Indonesia dengan Surat No. SI/075/SHM/MK.10/1990 untuk melakukan penawaran umum kepada masyarakat atas 11,1 juta saham dengan nilai nominal Rp1.000 (angka penuh) per saham melalui bursa saham di Indonesia dengan harga penawaran Rp10.700 (angka penuh) per saham. Pada tahun 1997, Perusahaan melakukan pemecahan saham (stock split) 2 untuk 1 sehingga mengubah nilai nominal saham biasa dari Rp1.000 (angka penuh) menjadi Rp500 (angka penuh) serta mengumumkan sembilan saham bonus untuk lima saham lama dari tambahan modal disetor.
On January 6, 1990, the Company obtained a license from the Ministry of Finance of the Republic of Indonesia as per his Letter No. SI/075/SHM/MK.10/1990 to hold a public offering of its 11.1 million shares with par value of Rp1,000 (full amount) per share through the stock exchange in Indonesia at the offering price of Rp10,700 (full amount) per share. In 1997, the Company declared a stock split of 2-for-1, which changed the common stock par value from Rp1,000 (full amount) to Rp500 (full amount) per share, plus a nine-for-five stock bonus from additional paid-in capital.
Pada bulan Juni 1999, Perusahaan mengumumkan satu dividen saham untuk lima saham lama dari saldo laba. Pada tanggal 31 Desember 1999, Perusahaan telah mencatatkan semua saham yang ditempatkan dan disetor penuh di Bursa Efek Jakarta dan Surabaya (sekarang Bursa Efek Indonesia).
In June 1999, the Company declared a one-for-five stock dividend from retained earnings. As of December 31, 1999, the Company had listed all of its issued and fully paid shares on the Jakarta and Surabaya Stock Exchanges (currently Indonesia Stock Exchange).
Pada tanggal 18 Oktober 2004, Perusahaan melakukan pemecahan saham 5 untuk 1 sehingga mengubah nilai nominal saham biasa dari Rp500 (angka penuh) menjadi Rp100 (angka penuh), dan pada tanggal 10 November 2004, Perusahaan melakukan penawaran umum terbatas I dengan Hak Memesan Efek Terlebih Dahulu sebanyak 1.087.800.000 lembar saham, yang seluruh saham yang ditempatkan dan disetor penuh telah dicatatkan di Bursa Efek Jakarta dan Surabaya. Harga penawaran umum terbatas I tersebut di atas adalah sebesar Rp200 (angka penuh) per saham.
On October 18, 2004, the Company declared a stock split of 5-for-1, which changed the common stock par value from Rp500 (full amount) to Rp100 (full amount), and on November 10, 2004, the Company held a limited public offering I through Pre-emptive Right Issues of 1,087,800,000 shares, of which all of its issued and fully paid shares had been listed on the Jakarta and Surabaya Stock Exchanges. The offering price in the above limited public offering I amounted to Rp200 (full amount) per share.
Pada tanggal 29 Agustus 2007, Perusahaan melakukan penawaran umum terbatas II dengan Hak Memesan Efek Terlebih Dahulu sebanyak 1.456.875.000 lembar saham dan disertai dengan 364.218.750 waran yang melekat pada saham yang dikeluarkan dan yang diberikan secara cuma-cuma sebagai insentif bagi pemegang saham dengan harga pelaksanaan waran Rp1.375. Penawaran umum ini telah dicatatkan di Bursa Efek Jakarta dan Surabaya. Harga penawaran umum terbatas II tersebut di atas adalah sebesar Rp1.100 (angka penuh) per saham.
On August 29, 2007, the Company held a limited public offering II through Pre-emptive Right Issues of 1,456,875,000 shares, simultaneously issuing 364,218,750 warrants accompanying the new shares issued, which are to be granted free as an incentive for the shareholders at an exercise price of the warrant of Rp1,375, listed on the Jakarta and Surabaya Stock Exchanges. The offering price in above limited public offering II amounted to Rp1,100 (full amount) per share.
11
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
1.
1.
UMUM (Lanjutan)
GENERAL (Continued)
Sampai dengan 31 Desember 2009, hak waran yang digunakan adalah sebesar 121.935 lembar saham dari sisa hak waran sebesar 364.218.750 lembar. c. Struktur Perusahaan dan Anak perusahaan
As of December 31, 2009 the Company’s warrants had been exercised by 121,935 shares from the remaining warrant totaling 364,218,750 shares. c. The Structure of the Company and its Subsidiaries
Pada tanggal 31 Desember 2009 dan 2008, Perusahaan memiliki Anak perusahaan dengan kepemilikan langsung dan tidak langsung sebagai berikut:
As of December 31, 2009 and 2008, the Company had direct and indirect ownerships in Subsidiaries as follows: 31 Desember 2009 / December 31, 2009
Anak perusahaan / Subsidiaries
Persentase Kepemilikan / Percentage of Ownership
Mulai Operasi Komersil / Start of Commercial Operations
99,76 99,93 85,00 96,55
1998 1998 2004 1992
680.841.508 514.627.507 244.847.158 437.247.098
100,00 70,00 99,99 90,00
2006 2005 2002
1.783.877.780 33.813.239 315.884.770 256.391.916
99,99
2000
1.622.131.823
Bengkulu
96,55
1998
226.751.778
Riau Kepulauan Virgin Britania Raya/ British Virgin Islands Kepulauan Virgin Britania Raya/ British Virgin Islands
100,00
2003
912.419.977
100,00
2009
94.000
100,00
2009
145.992.130
Lokasi / Domicile
Jumlah Aset Sebelum Eliminasi / Total Assets Before Elimination
Kepemilikan saham secara langsung / Direct ownership: PT Bakrie Pasaman Plantations PT Agrowiyana PT Agro Mitra Madani PT Huma Indah Mekar BSP Finance B.V. PT Bakrie Rekin Bio Energi PT Sumbertama Nusapertiwi PT Nibung Arthamulia PT Grahadura Leidong Prima Kepemilikan saham secara tidak langsung / Indirect ownership: PT Air Muring (melalui / through PT Huma Indah Mekar) PT Guntung Idamannusa (melalui / through PT Grahadura Leidong Prima dan / and PT Sumbertama Nusapertiwi) (Catatan 3h / Note 3h) Fordways Management Ltd. (melalui / through PT Grahadura Leidong Prima) Bookwise Investments Ltd. (melalui / through PT Nibung Arthamulia)
Sumatera Barat / West Sumatra Jambi Jambi Lampung Belanda / Netherlands Batam Jambi Palembang Sumatera Utara / North Sumatra
Pada tanggal 18 Maret 2009, PT Nibung Arthamulia, Anak perusahaan, mendirikan Bookwise Investments Limited yang merupakan Entitas Bertujuan Khusus dibentuk dengan tujuan menerbitkan obligasi oleh BSP Finance B.V. (Catatan 24) berdasarkan hukum Kepulauan Virgin Britania Raya.
On March 18, 2009, PT Nibung Arthamulia, a Subsidiary, established Bookwise Investments Limited which is Special Purpose Entity (SPE) established for the purpose of Bond Issue of BSP Finance B.V. (Note 24) under the law of British Virgin Islands.
12
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
1.
1.
UMUM (Lanjutan) Pada 19 Oktober 2009, PT Grahadura Leidong Prima, Anak Perusahaan, mengakuisisi 100% saham Fordways Management Limited, suatu perseroan terbatas swasta yang didirikan berdasarkan hukum Kepulauan Virgin Britania Raya.
GENERAL (Continued) On October 19, 2009, PT Grahadura Leidong Prima, Subsidiary, acquired 100% of the shares of Fordways Management Limited, a Private Limited Entity which is established under the law of British Virgin Islands.
31 Desember 2008 / December 31, 2008
Anak perusahaan / Subsidiaries
Persentase Kepemilikan / Percentage of Ownership
Mulai Operasi Komersil / Start of Commercial Operations
99,76 99,93 85,00 96,55
1998 1998 2004 1992
636.521.985 477.259.133 209.021.302 272.754.331
100,00 70,00 99,99 90,00
2006 2005 2002
1.817.253.487 35.787.856 315.444.691 80.063.283
99,99
2000
914.149.360
Bengkulu
96,55
1998
165.187.575
Riau
100,00
2003
678.189.392
Lokasi / Domicile
Jumlah Aset Sebelum Eliminasi / Total Assets Before Elimination
Kepemilikan saham secara langsung / Direct ownership: PT Bakrie Pasaman Plantations PT Agrowiyana PT Agro Mitra Madani PT Huma Indah Mekar BSP Finance B.V. PT Bakrie Rekin Bio Energi PT Sumbertama Nusapertiwi PT Nibung Arthamulia PT Grahadura Leidong Prima
Sumatera Barat / West Sumatra Jambi Jambi Lampung Belanda / Netherlands Batam Jambi Palembang Sumatera Utara / North Sumatra
Kepemilikan saham secara tidak langsung / Indirect ownership: PT Air Muring (melalui / through PT Huma Indah Mekar) PT Guntung Idamannusa (melalui / through PT Grahadura Leidong Prima dan / and PT Sumbertama Nusapertiwi) (Catatan 3h / Note 3h)
Kegiatan usaha Anak perusahaan adalah sebagai berikut:
The Subsidiaries are engaged in the following industries:
Anak perusahaan / Subsidiaries Perkebunan kelapa sawit di Air Balam dan Sungai Aur, Pasaman, Sumatera Barat masing-masing seluas 5.350 hektar dan 4.370 hektar dengan masa umur HGU masing-masing sampai dengan tahun 2038 dan tahun 2039, dan pengolahan minyak sawit. Perkebunan kelapa sawit di Tungkal Ulu, Jambi seluas 4.686 hektar dengan masa umur HGU sampai dengan tahun 2039. Pengolahan minyak sawit. Perkebunan karet dan pengolahannya di Panumangan Baru, Tulang Bawang Tengah, Lampung seluas 4.407 hektar dengan masa umur HGU sampai dengan tahun 2010 dan 2019.
PT Bakrie Pasaman Plantations
PT Agrowiyana PT Agro Mitra Madani
PT Huma Indah Mekar
Oil palm plantations in Air Balam and Sungai Aur, Pasaman, West Sumatra of 5,350 hectares and 4,370 hectares respectively, each having useful life of landrights until 2038 and 2039, and oil palm processing. Oil palm plantations in Tungkal Ulu, Jambi of 4,686 hectares with useful life of landrights until 2039. Oil palm processing. Rubber plantations and processing in Panumangan Baru, Central Tulang Bawang Tengah, Lampung of 4,407 hectares with useful life of landrights until 2010 and 2019.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
1.
1.
UMUM (Lanjutan)
GENERAL (Continued)
Anak perusahaan / Subsidiaries Perkebunan karet dan pengolahannya yang terletak di jalan Desa Air Muring, Putri Hijau Sebelat, Bengkulu Utara seluas 3.639 hektar dengan masa umur HGU sampai dengan tahun 2026.
PT Air Muring
Jasa pendanaan, didirikan dalam rangka penerbitan Senior Notes.
BSP Finance B.V.
Bio diesel. Perkebunan dan pengolahan kelapa sawit yang terletak di Desa Arang-Arang, Kecamatan Kumpeh Ulu, Kabupaten Muaro Jambi, Jambi seluas 7.555 hektar masa HGU sampai dengan tahun 2025. Pengolahan dan perdagangan hasil perkebunan karet. Perkebunan kelapa sawit dan pengolahannya yang terletak di Sukarame Baru, Kecamatan Kuala Hulu, Aek Kanopan, Labuhan Batu, Sumatera Utara seluas 8.323 hektar dengan masa HGU sampai dengan tahun 2038. Perkebunan kelapa sawit dan pengolahannya yang terletak di Sungai Guntung, Kecamatan Kateman Kabupaten Hilir, Propinsi Riau seluas 12.547 hektar dengan masa HGU sampai dengan tahun 2038. Jasa keuangan Jasa keuangan, didirikan untuk tujuan administrasi Senior Notes yang diterbitkan oleh BSP Finance B.V.
PT Bakrie Rekin Bio Energi
PT Sumbertama Nusapertiwi PT Nibung Arthamulia
Rubber plantations and processing in Jalan Desa Air Muring, Putri Hijau Sebelat, North Bengkulu of 3,639 hectares with useful life of land rights until 2026. Financial services, established for issuing Senior Notes. Bio diesel. Oil palm plantations and its processing located in Arang-Arang Village, Kumpeh Ulu, Muaro Jambi. Jambi of 7,555 hectares with useful life of landrights until 2025. Processing and trading of rubber plantations crop.
PT Grahadura Leidong Prima
Oil palm plantations and their processing located in Sukarame Baru, Kecamatan Kuala Hulu, Aek Kanopan, Labuhan Batu, North Sumatra of 8,323 hectares with useful life of landrights until 2038.
PT Guntung Idamannusa
Oil palm plantations and their processing located in Sungai Guntung, Kecamatan Kateman Kabupaten Hilir, Province of Riau of 12,547 hectares with useful life of landrights until 2038.
Fordways Management Limited
Financial services
Bookwise Investments Limited
Financial services, established for administration of Senior Notes issuance of BSP Finance B.V .
14
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
1.
1.
UMUM (Lanjutan) d. Dewan Komisaris dan Direksi, Komite Audit dan Karyawan Pada tanggal 31 Desember 2009 dan 2008, susunan Dewan Komisaris dan Direksi Perusahaan adalah sebagai berikut: Komisaris Komisaris Utama dan Komisaris Independen Komisaris dan Komisaris Independen Komisaris Komisaris
As of December 31, 2009 and 2008, the members of the Company’s Boards of Commissioners and Directors were as follows:
Dr. Ir. Bungaran Saragih Ir. Gafur Sulistyo Umar Yuanita Rohali Ambono Janurianto Harry Mohammad Nadir Bambang Aria Wisena Howard James Sargeant Ir. Muhammad Iqbal Zainuddin
Komite Audit Perusahaan pada tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:
2008
Soedjai Kartasasmita Apandih Kosasih Marzuki Ramli
Soedjai Kartasasmita Apandih Kosasih Marzuki Ramli
2009 1.765.435 12.920.535 1.176.670
Pada tanggal 31 Desember 2009 dan 2008, Perusahaan memiliki masing-masing lebih kurang 14.227 dan 12.768 orang pegawai tetap (tidak diaudit).
Commissioners President Commissioner and Independent Commissioner Commissioner and Independent Commissioner Commissioner Commissioner Directors President Director Finance Director Production and Commerce Director Operations and Estate Director Business Development Director
The Company’s Audit Committee as of December 31, 2009 and 2008 was as follows:
2009
Remunerasi untuk Dewan Komisaris dan Direksi dan Komite Audit untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:
Dewan Komisaris Dewan Direksi Komite Audit
d. Boards of Commissioners and Directors, Audit Committee and Employees
Soedjai Kartasasmita
Direksi Direktur Utama Direktur Keuangan Direktur Produksi dan Komersial Direktur Operasional dan Kebun Direktur Pengembangan Usaha
Ketua Anggota Anggota
GENERAL (Continued)
Chairman Member Member
Remuneration for Boards of Commissioners and Directors and Audit Committee for the years ended December 31, 2009 and 2008 were as follows: 2008 1.416.475 9.005.068 1.277.462
Board of Commissioners Board of Directors Audit Committee
As of December 31, 2009 and 2008, the Company had approximately 14,227 and 12,768 permanent employees, respectively (unaudited).
15
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Laporan keuangan konsolidasian disajikan sesuai dengan prinsip dan praktek akuntansi yang berlaku umum di Indonesia, yaitu Pernyataan Standar Akuntansi Keuangan (PSAK) yang dikeluarkan oleh Ikatan Akuntan Indonesia (IAI) dan Pedoman Penyajian dan Pengungkapan Laporan Keuangan, khususnya Industri Perkebunan, yang dikeluarkan oleh Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK). Kebijakan akuntansi yang signifikan diterapkan secara konsisten, adalah sebagai berikut:
The consolidated financial statements have been prepared in accordance with the generally accepted accounting principles and practices in Indonesia (“Indonesian GAAP”), which are covered by the Statement of Financial Accounting Standards (PSAK) issued by the Indonesian Institute of Accountants (IAI) and Guidelines for Presentation and Disclosure of Financial Statements for Plantations Industry set out by the Capital Market and Financial Institution Supervisory Agency (Bapepam-LK). The accounting principles applied consistently in the preparation of the consolidated financial statements were as follows:
a. Dasar Penyajian Laporan Keuangan Konsolidasian
a. Basis of Preparation of the Consolidated Financial Statements
Laporan keuangan konsolidasian, kecuali laporan arus kas konsolidasian, disusun dengan dasar akrual dengan menggunakan konsep biaya historis, kecuali beberapa akun tertentu yang disusun berdasarkan dasar lain sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun terkait.
The consolidated financial statements, except for the consolidated statements of cash flows, are prepared under the accrual basis of accounting, with the measurement basis being historical cost, except for certain accounts that are measured on the basis described in the related accounting policies.
Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasian adalah mata uang Rupiah (“Rp”).
The reporting currency used in the preparation of the consolidated financial statements is Indonesian Rupiah (“Rp”).
Laporan arus kas konsolidasian menyajikan penerimaan dan pengeluaran kas yang diklasifikasikan ke dalam aktivitas operasi, investasi dan pendanaan. Arus kas dari aktivitas operasi disajikan dengan menggunakan metode langsung.
The consolidated statements of cash flows present receipts and payments of cash classified into operating, investing and financing activities. Cash flows from operating activities are presented using the direct method.
b. Prinsip-Prinsip Konsolidasi
b. Principles of Consolidation
Laporan keuangan konsolidasian menggabungkan seluruh Anak perusahaan yang dikendalikan oleh Perusahaan. Pengendalian dianggap ada apabila Perusahaan memiliki baik secara langsung atau tidak langsung (melalui Anak perusahaan), lebih dari 50% hak suara pada suatu Anak perusahaan. Walaupun Perusahaan memiliki hak suara 50% atau kurang, pengendalian tetap dianggap ada apabila adanya salah satu kondisi berikut:
The consolidated financial statements include all Subsidiaries that are controlled by the Company. Control is presumed to exist when the Company owns, directly or indirectly (through Subsidiaries), more than 50% of the voting rights of the Subsidiaries. Even when the Company owns 50% or less of the voting rights, control exists when one of the following conditions is met:
a) mempunyai hak suara yang lebih dari 50% berdasarkan suatu perjanjian dengan investor lainnya; b) mempunyai hak untuk mengatur dan menentukan kebijakan finansial dan operasional Anak perusahaan berdasarkan anggaran dasar atau perjanjian;
a) having more than 50% of the voting rights by virtue of agreement with other investors; b) having the right to govern the financial and operating policies of the Subsidiaries under the articles of association or an agreement; 16
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) c) mampu menunjuk atau memberhentikan mayoritas pengurus Anak perusahaan; d) mampu menguasai suara mayoritas dalam rapat pengurus.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) c) ability to appoint or remove the majority of the members of the Subsidiaries’ management; d) ability to control the majority of votes at meetings of management;
Proporsi bagian pemilikan pemegang saham minoritas atas ekuitas Anak perusahaan yang dikonsolidasian disajikan dalam akun “Hak Minoritas atas Aset Bersih Anak perusahaan yang Dikonsolidasian” pada neraca konsolidasian, sedangkan proporsi bagian pemilikan pemegang saham minoritas atas laba atau rugi bersih Anak perusahaan yang dikonsolidasian disajikan dalam akun “Hak Minoritas atas Laba atau Rugi Bersih Anak perusahaan yang Dikonsolidasian” pada laporan laba rugi konsolidasian.
The minority shareholders’ proportionate share in the equity of the consolidated subsidiaries is presented under “Minority Interests in Net Assets of Consolidated Subsidiaries” in the consolidated balance sheets, while the minority shareholders’ proportionate share in the net income or loss of consolidated subsidiaries is presented under “Minority Interests in Net Income or Loss of Consolidated Subsidiaries” in the consolidated statements of income.
Seluruh saldo akun dan transaksi yang material antar perusahaan yang dikonsolidasi telah dieliminasi.
All significant inter-company transactions and balances have been eliminated.
c. Penggabungan Usaha
c. Business Acquisitions
Akuisisi dicatat dengan metode pembelian sesuai dengan PSAK No. 22, “Penggabungan Usaha.” Pada saat akuisisi, aset dan kewajiban Anak perusahaan dinilai dengan nilai wajar pada tanggal akuisisi. Selisih lebih antara biaya perolehan dengan nilai wajar aset bersih yang diperoleh dan dapat diidentifikasi diakui sebagai goodwill dan diamortisasi dengan menggunakan metode garis lurus selama dua puluh (20) tahun.
Acquisitions are accounted for using the purchase method in accordance with the requirements of PSAK No. 22, “Business Combination.” On acquisition, the assets and liabilities of a Subsidiary are measured at their fair values at the date of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets acquired is recognized as goodwill and amortized using the straight-line basis over twenty (20) years.
Jika biaya perolehan lebih rendah dari bagian Perusahaan atas nilai wajar aset dan kewajiban yang dapat diidentifikasi pada tanggal akuisisi (diskon atas akuisisi), nilai wajar aset non-moneter dikurangi secara proporsional sampai seluruh selisih tersebut tereliminasi. Sisa lebih setelah penurunan nilai wajar aset non-moneter tersebut diakui sebagai goodwill negatif, yang diperlakukan sebagai pendapatan ditangguhkan dan diakui sebagai pendapatan berdasarkan metode garis lurus selama dua puluh (20) tahun.
When the cost of acquisition is less than the fair values of the identifiable assets and liabilities acquired as at the date of acquisition (i.e. discount on acquisition), fair values of the acquired non-monetary assets are reduced proportionately until all the excess is eliminated. The remaining excess after reducing the fair values of non-monetary assets acquired is recognized as negative goodwill, treated as deferred revenue and recognized as revenue on a straight-line basis over twenty (20) years.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) Akuisisi Anak perusahaan yang memenuhi kriteria sebagai transaksi restrukturisasi entitas sepengendali dicatat berdasarkan PSAK No. 38 (Revisi 2004), “Akuntansi Restrukturisasi Entitas Sepengendali”. Berdasarkan standar ini, akuisisi Anak perusahaan dicatat berdasarkan metode penyatuan kepentingan (pooling of interest) dimana aset dan kewajiban Anak perusahaan dicatat dengan nilai buku. Selisih antara harga penyerahan dan bagian Perusahaan atas nilai buku Anak perusahaan, jika ada, dicatat sebagai “Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali” dan disajikan sebagai komponen terpisah pada ekuitas Perusahaan. Saldo “Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali” direalisasi sebagai laba atau rugi sejak hilangnya sifat sepengendali antara entitas yang bertransaksi.
d. Kas dan Setara Kas
Acquisitions of Subsidiaries that represent a restructuring transaction of entities under common control are accounted for in accordance with PSAK No. 38 (Revised 2004), “Accounting for Restructuring Transaction of Entities Under Common Control.” Based on this standard, acquisition of a Subsidiary is accounted based on the pooling of interest, wherein assets and liabilities of a subsidiary are recorded at their book values. The difference between the transfer price and the Company’s interest in the Subsidiary’s book values, if any, is recorded as “Difference in Value from Restructuring Transaction of Entities Under Common Control” and presented as a separate component in the Company’s equity. The balance of “Difference in Value from Restructuring Transactions of Entities Under Common Control” can be realized to gain or loss from the time the common control no longer exists between the entities that entered into the transaction. d. Cash and Cash Equivalents
Kas dan setara kas terdiri dari saldo kas dan bank, serta deposito berjangka yang jatuh tempo dalam waktu tiga bulan atau kurang dan tidak digunakan sebagai jaminan atau dibatasi penggunaannya. e. Investasi pada Efek Efek diklasifikasikan atas investasi sebagai berikut:
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Cash and cash equivalents consist of cash on hand and in banks and time deposits with maturities of within three months or less and not pledged as collateral or restricted in use. e. Investment in Marketable Securities
dasar
tujuan
1) Dimiliki hingga jatuh tempo Efek dalam kategori ini dinyatakan berdasarkan biaya perolehan yang disesuaikan dengan jumlah amortisasi premi atau diskonto sampai tanggal jatuh tempo. 2) Tersedia untuk dijual Efek yang diklasifikasikan sebagai tersedia untuk dijual dinyatakan berdasarkan nilai pasar. Laba atau rugi yang belum direalisasi akibat kenaikan atau penurunan nilai pasar disajikan dalam komponen ekuitas.
Marketable securities are classified based on the purpose or intention of maintaining such investments as follows: 1) Held to maturity Marketable securities under this category are stated at cost, adjusted for the amortization of premium or discount to maturity. 2) Available-for-sale Marketable securities classified as available-for-sale are stated at market value. Any unrealized gain or loss arising from increase or decrease in market value is presented under equity.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) Harga pokok efek yang dijual ditentukan berdasarkan metode identifikasi khusus. f. Piutang Piutang diakui dan dicatat sebesar nilai asalnya dikurangi dengan penyisihan piutang ragu-ragu. Penyisihan piutang ragu-ragu ditentukan berdasarkan hasil penelaahan terhadap keadaan akun piutang masingmasing pelanggan pada akhir tahun. Besarnya penyisihan ini ditentukan berdasarkan pertimbangan manajemen dan faktor lainnya yang dapat mempengaruhi kemungkinan tidak tertagihnya piutang. g. Transaksi Pihak Mempunyai Hubungan Istimewa
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Cost of marketable determined on the identification method.
securities sold is basis of specific
f. Receivables Receivables are recognized and carried at original amount less any allowance for doubtful accounts. Allowance for doubtful accounts is provided based on a review of the status of individual receivable accounts at the end of the year. The level of this allowance is based on management’s evaluation of collection experience and other factors that may affect collectibility. g. Transactions with Related Parties
Perusahaan dan Anak perusahaan melakukan transaksi dengan pihak-pihak yang memiliki hubungan istimewa, sebagaimana yang didefinisikan oleh PSAK No. 7, “Pengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa.”
The Company and its Subsidiaries have transactions with certain parties, which have a related party relationship, as defined in PSAK No. 7, “Related Party Disclosures.”
Semua transaksi yang penting dengan pihak-pihak yang mempunyai hubungan istimewa, baik yang dilakukan dengan syarat dan kondisi yang sama dengan pihak ketiga ataupun tidak, diungkapkan dalam catatan atas laporan keuangan konsolidasian.
All significant transactions with related parties whether or not conducted under the same terms and conditions as those with third parties, are disclosed in the notes to consolidated financial statements.
h. Persediaan
h. Inventories
Efektif tanggal 1 Januari 2009, Perusahaan dan Anak perusahaan menerapkan PSAK No. 14 (Revisi 2008), “Persediaan” (“PSAK 14 Revisi”), yang menggantikan PSAK No. 14 (1994), “Persediaan”. Penerapan PSAK 14 Revisi ini tidak menimbulkan dampak yang signifikan terhadap laporan keuangan konsolidasian.
Effective January 1, 2009, the Company and Subsidiaries applied PSAK No.14 (Revised 2008), “Inventories” (“Revised PSAK 14”), which supersedes PSAK No. 14 (1994), “Inventories.” The adoption of Revised PSAK 14 had no significant impact on the consolidated financial statements.
Persediaan dinyatakan sebesar nilai yang lebih rendah antara biaya perolehan atau nilai realisasi bersih (lower of cost or net realizable value). Biaya perolehan ditentukan dengan metode rata-rata (average method). Penyisihan persediaan usang ditentukan berdasarkan hasil penelaahan atas keadaan persediaan pada akhir tahun.
Inventories are valued at the lower of cost or net realizable value. Cost is determined using the average method. Allowance for inventory obsolescence is provided based on a review of the condition of inventories at the end of the year.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) i. Biaya Dibayar di Muka Biaya dibayar di muka diamortisasi selama masa manfaat masing-masing biaya. j. Perkebunan Inti Plasma (Plasma) Plasma merupakan kebijakan pemerintah Indonesia berkaitan dengan kerjasama pengembangan perkebunan. Sebagai pihak inti, Anak perusahaan tertentu berkewajiban untuk melatih dan mengawasi Plasma dan membeli hasil perkebunan milik Plasma. k. Investasi pada Perusahaan Asosiasi
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) i. Prepaid Expenses Prepaid expenses are amortized over the periods benefited. j. Nucleus Plasma Plantations (Plasma) Plasma is a government policy in connection with the development of plantations. Certain Subsidiaries, being a major part of the project, are required to train project personnel and control the Plasma project, as well as purchase Plasma plantation crops. k. Investments in Associated Companies
Investasi pada perusahaan asosiasi dengan persentase pemilikan paling sedikit 20% tetapi tidak lebih dari 50% dan tidak memiliki kemampuan untuk mengendalikan, atau jika Perusahaan atau Anak perusahaan mempunyai pengaruh signifikan terhadap perusahaan asosiasi, dicatat dengan menggunakan metode ekuitas (equity method). Dengan metode ini, investasi pada perusahaan asosiasi dinyatakan sebesar biaya perolehannya dan ditambah atau dikurangi dengan bagian Perusahaan atau Anak perusahaan atas laba atau rugi bersih perusahaan asosiasi sejak tanggal perolehan serta dikurangi dengan dividen kas yang diterima. Investasi dengan presentase kepemilikan kurang dari 20% dinyatakan sebesar biaya perolehan (cost method).
Investments in associated companies with an ownership interest of at least 20% but not exceeding 50% and with no ability to control, or when the Company or Subsidiaries have significant influence over the associated companies, are accounted for under the equity method whereby the costs of the investments are increased or decreased by the Company or Subsidiaries equity in the net income or loss of the associated companies since the date of acquisition and decreased by cash dividend received. Investment with ownership interest of less than 20% is carried at cost.
Apabila perusahaan asosiasi menggunakan kebijakan akuntansi selain yang digunakan oleh Perusahaan dan Anak perusahaan untuk transaksi dan peristiwa yang sama, maka penyesuaian tertentu dilakukan terhadap laporan keuangan perusahaan asosiasi apabila laporan tersebut digunakan oleh Perusahaan dan Anak perusahaan dalam menerapkan metode ekuitas. Apabila hal penyesuaian semacam itu tidak dapat dilakukan, fakta adanya perbedaan tersebut harus diungkapkan.
If associated companies use accounting policies other than those adopted by the Company and Subsidiaries for like transactions and events in similar circumstances, appropriate adjustments are made to the associated companies’ financial statements when they are used by the Company or Subsidiaries in applying the equity method. If it is not practicable for such adjustments to be calculated, that fact is generally disclosed.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) l. Tanaman Perkebunan
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) l. Plantations
Tanaman perkebunan dibedakan menjadi tanaman menghasilkan dan tanaman belum menghasilkan. Tanaman belum menghasilkan dinyatakan sebesar harga perolehan yang terdiri dari biaya pembibitan, persiapan lahan, penanaman, pemupukan dan pemeliharaan serta alokasi biaya tidak langsung.
Plantations consist of mature and immature plantations. Immature plantations are stated at cost consisting of seedlings, land preparation, planting, fertilizing and maintenance, and allocation of indirect cost.
Tanaman belum menghasilkan akan direklasifikasi ke dalam tanaman menghasilkan dan mulai disusutkan apabila sudah memenuhi kriteria sebagai berikut:
Immature plantations will be reclassified to mature plantations and depreciated when they fulfill the criteria as follows:
1) Tanaman karet dinyatakan sebagai tanaman menghasilkan apabila 70% dari jumlah seluruh pohon per blok sudah dapat dideres dan mempunyai ukuran lilit batang 45 cm atau lebih pada ketinggian 160 cm dari permukaan tanah. 2) Tanaman kelapa sawit dinyatakan sebagai tanaman menghasilkan apabila 60% dari jumlah seluruh pohon per blok telah menghasilkan tandan buah dan dua lingkaran tandan telah matang atau berat rata-rata buah per tandan telah mencapai 3 (tiga) kilogram atau lebih.
1) Rubber plantation is considered as mature when 70% of the trees per block are tapable, that is, the circumference of the tree trunk is 45 cm or more at the height of 160 cm from the ground.
Tanaman menghasilkan disusutkan dengan metode garis lurus dengan perkiraan masa manfaat 20 tahun sampai 30 tahun.
Mature plantation is depreciated using the straight-line method with an estimated useful life of 20 to 30 years.
m. Aset Tetap
2) Oil palm plantations are considered as mature when 60% of the trees per block bear fruit bunches, where two rows of these bunches are ripe or if the average weight per bunch is 3 kg or more.
m. Fixed Assets
Perusahaan dan Anak perusahaan menerapkan PSAK No. 16 (Revisi 2007), “Aset Tetap” (“PSAK 16 Revisi”). Berdasarkan PSAK 16 Revisi, suatu entitas harus memilih antara model biaya dan model revaluasi sebagai kebijakan akuntansi pengukuran atas aset tetap. Perusahaan dan Anak perusahaan telah memilih untuk menggunakan model biaya sebagai kebijakan akuntansi pengukuran aset tetapnya.
The Company and Subsidiaries applied PSAK No. 16 (Revised 2007), “Fixed Assets” (“Revised PSAK 16”). Based on Revised PSAK 16, an entity shall choose between the cost model and revaluation model as the accounting policy for its fixed assets measurement. The Company and Subsidiaries have chosen the cost model as the accounting policy for their fixed assets measurement.
Aset tetap tertentu yang digunakan dalam kegiatan usaha Perusahaan telah dinilai kembali berdasarkan hasil penilaian yang dilakukan pada tahun 1987 sesuai dengan peraturan pemerintah yang berlaku.
Certain fixed assets that are used in operations by the Company were revalued based on revaluation conducted in 1987 in accordance with government regulations.
Tanah dinyatakan sebesar nilai perolehan dan tidak disusutkan.
Land is stated at cost and is not depreciated.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan)
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aset tetap sebagai berikut:
Depreciation is computed using the straightline method over the estimated useful lives of the assets as follows:
Tahun / Years Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan: Kendaraan di atas rel Mobil dan truk Peralatan dan perabot kantor
10 - 30 8 - 20 5 - 10 20 5 5
Roads, bridges and drainage Buildings and improvements Machinery and equipment Transportation equipment: Railroad equipment Vehicles and trucks Furniture and office equipment
Umur dan metode penyusutan aset ditelaah, dan disesuaikan jika layak, pada setiap akhir tahun.
The assets’ useful lives and method of depreciation are reviewed, and adjusted if appropriate, at the end of the year.
Aset dalam penyelesaian dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari “Aset Tetap“ dalam neraca konsolidasian. Akumulasi biaya perolehan akan dipindahkan ke masing-masing akun aset tetap yang bersangkutan pada saat aset tersebut selesai dikerjakan dan siap digunakan.
Construction-in-progress is stated at cost and presented as part of “Fixed Assets” in the consolidated balance sheets. The accumulated costs will be reclassified to the appropriate fixed assets account when construction is completed and the assets are ready for their intended use.
Beban perbaikan dan pemeliharaan dibebankan pada laporan laba rugi konsolidasian pada saat terjadinya; biaya penggantian atau inspeksi yang signifikan dikapitalisasi pada saat terjadinya dan jika besar kemungkinan manfaat ekonomis di masa depan berkenaan dengan aset tersebut akan mengalir ke Perusahaan dan Anak perusahaan, dan biaya perolehan aset dapat diukur secara andal. Aset tetap dihentikan pengakuannya pada saat dilepaskan atau ketika tidak ada manfaat ekonomis masa depan yang diharapkan dari penggunaan atau pelepasannya. Laba atau rugi yang timbul dari penghentian pengakuan aset dimasukkan dalam laporan laba rugi konsolidasian pada tahun aset tersebut dihentikan pengakuannya.
The cost of repairs and maintenance is charged to consolidated statements of income as incurred; replacement or major inspection costs are capitalized when incurred if it is probable that future economic benefits associated with the item will flow to the Company and Subsidiaries, and the cost of the item can be measured reliably. An item of fixed assets is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the asset is included in consolidated statements of income in the year the asset is derecognized.
n. Penurunan Nilai Aset Nilai aset ditelaah terhadap kemungkinan adanya penurunan nilai pada saat kejadiankejadian atau perubahan-perubahan keadaan mengindikasikan nilai tercatatnya mungkin tidak dapat dipulihkan kembali. Apabila nilai tercatat aset melebihi jumlah yang dapat diperoleh kembali, maka selisihnya dibebankan pada laporan laba rugi konsolidasian tahun berjalan. Nilai yang dapat diperoleh kembali adalah nilai tertinggi antara harga jual neto dengan nilai pakai suatu aset.
n. Impairment of Assets Value Asset values are reviewed for any impairment and possible write-down to fair value whenever events or changes in circumstances indicate that the carrying value may not be recoverable. Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss is recognized in the current year consolidated statements of income. Recoverable amount is the higher of an asset’s net selling price and its value in use. 22
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) o. Dana dalam pembatasan Rekening bank yang dibatasi penggunaannya disajikan sebagai aset tidak lancar. p. Proyek Pengembangan Usaha Biaya-biaya yang terjadi sehubungan dengan rencana pengembangan proyek Perusahaan dan Anak perusahaan dikelompokkan sebagai proyek pengembangan usaha. Biaya-biaya ini akan dikapitalisasi ke proyek bersangkutan berdasarkan realisasinya atau dihapuskan bila proyek tersebut gagal. q. Biaya Tangguhan Hak Atas Tanah Biaya-biaya pengurusan legal hak atas tanah, sehubungan dengan perolehan hak atas tanah, ditangguhkan dan diamortisasi dengan menggunakan metode garis lurus sepanjang umur hukum hak atau umur ekonomis aset tanah, yang mana lebih pendek. r. Dividen Pembagian dividen final diakui sebagai kewajiban ketika dividen tersebut disetujui Rapat Umum Pemegang Saham Perusahaan. Pembagian dividen diakui sebagai kewajiban ketika dividen disetujui berdasarkan keputusan rapat Direksi sesuai dengan Anggaran Dasar Perusahaan.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) o. Restricted Funds Restricted cash in banks are restricted in use are presented under non-current assets. p. Business Development Projects Expenses incurred in connection with the Company and Subsidiaries’ ongoing projects are classified as business development projects. These expenses will be capitalized to the corresponding projects upon their realization or written-off if the project is abandoned. q. Deferred Cost of Land Rights Specific legal costs associated with acquisition of land rights are deferred amortized using the straight-line method the legal term or economic life of the assets, whichever is shorter.
the and over land
r. Dividend Final dividend distributions are recognized as a liability when the dividends are approved by the Company’s General Meeting of the Shareholders. Dividend distributions are recognized as a liability when approved by the Board of Directors’ resolution in accordance with the Company’s Articles of Association.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) s. Imbalan Kerja
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) s. Employee Benefits
Perusahaan dan Anak perusahaan menerapkan PSAK No. 24 (Revisi 2004), “Imbalan Kerja” (“PSAK 24 Revisi”) untuk menentukan kewajiban imbalan kerja sesuai dengan Undang-undang Ketenagakerjaan No. 13/2003 (“Undang-undang”) tanggal 25 Maret 2003. Sesuai PSAK 24 Revisi, beban imbalan kerja berdasarkan Undang-undang ditentukan dengan menggunakan metode aktuarial “Projected Unit Credit”. Keuntungan atau kerugian aktuarial diakui sebagai pendapatan atau beban apabila akumulasi keuntungan atau kerugian aktuarial bersih yang belum diakui pada akhir tahun pelaporan sebelumnya melebihi jumlah yang lebih besar diantara 10% dari nilai kini imbalan pasti dan 10% dari nilai wajar aset program pada tanggal neraca. Keuntungan atau kerugian diakui atas dasar metode garis lurus selama rata-rata sisa masa kerja karyawan yang diharapkan. Beban jasa lalu yang terjadi ketika memperkenalkan program imbalan pasti atau mengubah imbalan terhutang pada program imbalan pasti yang ada, diamortisasi selama tahun sampai imbalan tersebut menjadi hak.
The Company and Subsidiaries adopted PSAK No. 24 (Revised 2004) on “Employee Benefits” (“Revised PSAK 24”) to determine their employee benefits obligation under the Labor Law No. 13/2003 dated March 25, 2003 (the “Law”). Under Revised PSAK 24, the cost of employee benefits based on the Law is determined using the “Projected Unit Credit” actuarial valuation method. Actuarial gains or losses are recognized as income or expense when the net cumulative unrecognized actuarial gains and losses at the end of the previous reporting year exceed the higher of 10% of the defined benefit obligation and 10% of the fair value of plan assets at that date. These gains or losses are recognized on a straight-line basis method over the expected average remaining working lives of the employees. Past-service cost arising from the introduction of a defined benefit plan or changes in the benefits obligation of an existing plan are required to be amortized over the period until the benefits concerned become vested.
Perusahaan dan Anak perusahaan memiliki program pensiun manfaat pasti untuk semua karyawan tetap yang memenuhi syarat. Pendanaan program ini terdiri dari iuran yang dihitung secara aktuarial termasuk biaya jasa lalu yang diamortisasi selama sisa taksiran masa kerja rata-rata karyawan, yaitu selama 5 sampai 27 tahun. Kontribusi karyawan untuk dana pensiun adalah sebesar 5% dari gaji pokok untuk biaya jasa kini dan 3,9% sampai 4,6% dari gaji pokok untuk amortisasi biaya lalu.
The Company and Subsidiaries have defined benefit retirement plans covering substantially all of their eligible permanent employees. Funding of this program consist of actuarially computed contributions, including pastservice costs that are amortized over the average expected remaining working life of existing employees of 5 to 27 years. Contributions to the retirement fund are 5% of the basic salary of the employees for current-service cost and between 3.9% and 4.6% of the basic salary of the employees for amortization of past-service cost.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) t. Sewa
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) t. Leases
Perusahaan dan Anak perusahaan menerapkan PSAK No. 30 (Revisi 2007), “Sewa” (“PSAK 30 Revisi”). Menurut PSAK 30 Revisi, sewa yang mengalihkan secara substansial semua risiko dan manfaat yang terkait dengan kepemilikan aset kepada lessee diklasifikasikan sebagai sewa pembiayaan. Pada awal masa sewa, sewa pembiayaan dikapitalisasi sebesar nilai wajar aset sewaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Pembayaran sewa minimum dipisahkan antara bagian yang merupakan beban keuangan dan bagian yang merupakan pelunasan kewajiban sehingga menghasilkan suatu tingkat bunga periodik yang konstan atas saldo kewajiban. Beban keuangan dibebankan pada laporan laba rugi konsolidasian. Aset sewaan yang dimiliki oleh lessee dengan dasar sewa pembiayaan dicatat pada akun aset tetap dan disusutkan sepanjang masa manfaat dari aset sewaan tersebut atau periode masa sewa, mana yang lebih pendek, jika tidak ada kepastian yang memadai bahwa lessee akan mendapatkan hak kepemilikan pada akhir masa sewa.
The Company and Subsidiaries applied PSAK No. 30 (Revised 2007), “Leases” (“Revised PSAK 30”). Under Revised PSAK 30, leases that transfer substantially all the risks and benefits incidental to ownership of the leased item to the lessee are classified as finance leases. Finance leases are capitalized at the inception of the lease at the fair value of the leased assets or at the present value of the minimum lease payments if the present value is lower than the fair value. Lease payments are apportioned between finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining balance of the liability. Finance charges are recorded in the consolidated statements of income. Leased assets held by the lessee under finance leases are included in fixed assets and depreciated over the estimated useful life of the assets or the lease term, whichever is shorter, if there is no reasonable certainty that lessee will obtain ownership by the end of the lease term.
Sewa yang tidak mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset diklasifikasikan sebagai sewa operasi.
Leases that do not transfer substantially all the risks and benefits incidental to ownership of the leased item are classified as operating leases.
u. Hutang Obligasi
u. Bonds payable
Obligasi dicatat sebesar nilai nominalnya, dikurangi dengan biaya penerbitan obligasi yang belum diamortisasi.
Bonds are presented at nominal value, net of unamortized bonds issuance cost.
Beban yang terkait dengan penerbitan obligasi dikurangkan dari penerimaan obligasi tersebut. Selisih antara jumlah penerimaan dengan nilai nominal obligasi diakui sebagai premi atau diskonto yang diamortisasi selama jangka waktu obligasi.
Cost incurred in connection with the issuance of bonds are deducted from the proceeds thereof. The difference between the net proceeds and the nominal value of the bonds is recognized as premium or discount that is amortized over the term of the bonds.
v. Beban Emisi Saham Berdasarkan Keputusan Bapepam tanggal 13 Maret 2000 No. KEP-06/PM/2000, semua beban yang terjadi sehubungan dengan Penawaran Umum Perdana dan Penawaran Umum Terbatas disajikan sebagai “Tambahan Modal Disetor” pada akun ekuitas.
v. Stock Issuance Costs Based on the Bapepam’s Decision Letter No. KEP-06/PM/2000 dated March 13, 2000, all costs incurred in relation to Initial Public Offering and Rights Issue are presented as “Additional Paid-in Capital” in equity.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
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2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) w. Saham Beredar Yang Diperoleh Kembali
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) w. Treasury Shares
Saham beredar yang diperoleh kembali dicatat menggunakan metode biaya dan disajikan sebagai pengurang modal. x. Pengakuan Pendapatan dan Beban
Treasury shares are recorded using the cost method and presented as a deduction to equity. x. Revenue and Expense Recognition
Pendapatan dari penjualan ekspor diakui pada saat penyerahan barang di atas kapal di pelabuhan pengiriman. Pendapatan dari penjualan domestik diakui pada saat penyerahan barang kepada pelanggan. Beban diakui pada saat terjadinya (accrual basis). y. Transaksi dan Saldo dalam Mata Uang Asing
Revenues from export sales are recognized when the goods are shipped. Revenues from domestic sales are recognized when the goods are delivered to the customers. Expenses are recognized when incurred (accrual basis). y. Foreign Currency Transactions and Balances
Transaksi dalam mata uang selain Rupiah dicatat berdasarkan kurs yang berlaku pada tanggal transaksi.
Transactions in currencies other than Rupiah are recorded at the prevailing rates of exchange in effect on the date of the transactions.
Pada tanggal neraca, seluruh aset dan kewajiban moneter dalam mata uang asing dijabarkan ke dalam Rupiah dengan menggunakan kurs tengah yang ditetapkan oleh Bank Indonesia pada tanggal tersebut. Laba atau rugi selisih kurs yang timbul diakui pada laporan laba rugi konsolidasian tahun berjalan.
As of balance sheet date, all foreign currency monetary assets and liabilities are translated at the middle exchange rates quoted by Bank Indonesia on that date. The resulting net foreign exchange gains or losses are recognized in current year’s consolidated statements of income.
Pembukuan satu Anak perusahaan diselenggarakan dalam mata uang selain Rupiah. Untuk tujuan penyajian laporan keuangan konsolidasian, aset dan kewajiban Anak perusahaan pada tanggal neraca dijabarkan kedalam Rupiah dengan menggunakan kurs yang berlaku pada tanggal tersebut, sedangkan pendapatan dan beban dijabarkan dengan menggunakan kurs ratarata. Selisih kurs yang terjadi disajikan sebagai bagian dari ekuitas pada akun “Selisih Kurs Penjabaran Laporan Keuangan.”
The book of accounts of certain Subsidiaries are maintained in currency other than Rupiah. For consolidation purposes, assets and liabilities of the Subsidiaries at balance sheet date are translated into Rupiah using the exchange rates at balance sheet date, while revenues and expenses are translated at the average rates of exchange for the year. Resulting translation adjustments are shown as part of equity as “Exchange Differences Due to Financial Statements Translation.”
Kurs (satuan penuh) yang digunakan pada tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:
The exchange rates used (full amount) as of December 31, 2009 and 2008 were as follows:
2009 USD Euro
2008 9.400 13.510
10.950 15.432
USD Euro
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) z. Pajak Penghasilan
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) z. Income Taxes
Beban pajak kini ditetapkan berdasarkan taksiran laba kena pajak tahun berjalan.
Current tax expense is provided based on the estimated taxable income for the year.
Aset dan kewajiban pajak tangguhan diakui atas perbedaan temporer antara aset dan kewajiban untuk tujuan komersial dan untuk tujuan perpajakan setiap tanggal pelaporan. Aset pajak tangguhan diakui untuk seluruh perbedaan temporer yang boleh dikurangkan, sepanjang besar kemungkinan perbedaan temporer yang boleh dikurangkan tersebut dapat dimanfaatkan untuk mengurangi laba fiskal pada masa yang akan datang. Kewajiban pajak tangguhan diakui atas semua perbedaan temporer kena pajak. Manfaat pajak di masa mendatang, seperti saldo rugi fiskal yang belum digunakan, diakui sejauh besar kemungkinan realisasi atas manfaat pajak tersebut.
Deferred tax assets and liabilities are recognized for temporary differences between the financial and the tax bases of assets and liabilities at each reporting date. Deferred tax assets are recognized for all deductible temporary differences to the extent that it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax liabilities are recognized for all taxable temporary differences. Future tax benefits, such as the carry-forward of unused tax losses, are also recognized to the extent that realization of such benefits is probable.
Aset dan kewajiban pajak tangguhan diukur pada tarif pajak yang diharapkan akan digunakan pada tahun ketika aset direalisasi atau ketika kewajiban dilunasi berdasarkan tarif pajak (dan peraturan perpajakan) yang berlaku atau secara substansial telah diberlakukan pada tanggal neraca.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the balance sheet date.
Perubahan terhadap kewajiban perpajakan diakui pada saat Surat Ketetapan Pajak (“SKP”) diterima dan/atau, jika Perusahaan dan Anak perusahaan mengajukan keberatan dan/atau banding, pada saat keputusan atas keberatan dan/atau banding tersebut telah ditetapkan.
Amendments to tax obligations are recorded when an assessment is received and/or, if objected to and/or appealed against by the Company and Subsidiaries, when the result of the objection and/or appeal is determined.
aa. Laba Per Saham
aa. Earnings Per Share
Berdasarkan PSAK No. 56, “Laba per Saham”, laba per saham dasar dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham yang beredar pada tahun yang bersangkutan.
In accordance with PSAK No. 56, “Earnings per Share,” basic earnings per share are computed by dividing net income by the weighted average number of shares outstanding during the year.
Laba per saham dilusian dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham yang beredar setelah disesuaikan dengan efek berpotensi saham biasa yang sifatnya dilutif.
Diluted earnings per share are computed by dividing net income by the weighted average number of shares outstanding as adjusted for the effects of all potential dilution.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
2.
2.
IKHTISAR KEBIJAKAN AKUNTANSI PENTING (Lanjutan) ab. Informasi Segmen
ab. Segment Information
Informasi segmen disajikan menurut ketentuan PSAK No. 5 (Revisi 2000) tentang Akuntansi Segmen. Perusahaan dan Anak perusahaan melaporkan segmen usaha sebagai bentuk pelaporan primer dan segmen geografis sebagai bentuk pelaporan sekunder.
Segment information is presented based on PSAK No. 5 (Revised 2000) regarding Segment Accounting. The Company and its Subsidiaries’ primary reporting segment information is based on business segment, while its secondary reporting segment information is based on geographical segment.
ac. Penggunaan Estimasi
ac. Use of Estimates
Penyusunan laporan keuangan konsolidasian berdasarkan prinsip akuntansi yang berlaku umum di Indonesia mengharuskan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah yang dilaporkan dalam laporan keuangan konsolidasian. Karena adanya ketidakpastian yang melekat dalam penetapan estimasi, maka jumlah sesungguhnya yang akan dilaporkan di masa mendatang mungkin berbeda dari jumlah yang diestimasi tersebut. 3.
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued)
The preparation of consolidated financial statements in conformity with generally accepted accounting principles in Indonesia requires management to make estimations and assumptions that affect amounts reported therein. Due to the inherent uncertainty in making estimates, actual results reported in future periods may be based on amounts that differ from those estimates.
3.
ACQUISITION AND DIVESTMENT OF SUBSIDIARIES
a. Pada tanggal 22 Februari 2008, Perusahaan telah mengalihkan 10 lembar saham PT Grahadura Leidong Prima (GLP), Anak perusahaan, dengan nilai nominal Rp10 juta (0,01% kepemilikan saham) kepada PT Sumbertama Nusapertiwi (SNP), Anak perusahaan.
a. On February 22, 2008, the Company transferred 10 shares of PT Grahadura Leidong Prima (GLP), a subsidiary, with nominal value of Rp10 million (0.01% share ownership) to PT Sumbertama Nusapertiwi (SNP), a Subsidiary.
b. Pada tanggal 20 Februari 2008, Perusahaan mengadakan perjanjian jual beli saham PT Menthobi Mitra Lestari (MMiL) dan PT Menthobi Makmur Lestari (MMaL) yang masing-masing dimiliki secara bersama-sama oleh Tn. Fuad Hasan Masyhur dan PT Tanjung Menthobi. Pada kedua perusahaan tersebut, Tn. Fuad Hasan Masyhur dan PT Tanjung Menthobi masing-masing memiliki 75 lembar saham (nilai nominal Rp37,50 juta) dan 300 lembar saham (nilai nominal Rp150 juta) yang keseluruhannya berjumlah 37,50% kepemilikan. Harga beli saham kedua perusahaan tersebut masing-masing adalah sebesar Rp11,20 miliar. Perjanjian tersebut telah diaktakan berdasarkan Akta Notaris Yurisa Martanti, S.H., notaris di Jakarta, No. 23 dan 22 pada tanggal yang sama.
b. On February 20, 2008, the Company entered into a Shares Sale and Purchase Agreement of PT Menthobi Mitra Lestari (MMiL) and PT Menthobi Makmur Lestari (MMaL) owned by both Mr. Fuad Hasan Masyhur and PT Tanjung Menthobi of 75 shares (nominal value of Rp37.50 million) and 300 shares (nominal value of Rp150 million), respectively, representing 37.50% ownership. The acquisition price of these companies amountied to Rp11.20 billion. The foregoing agreements were notarized in Notarial Deeds Nos. 23 and 22 of Notary Yurisa Martanti, S.H., Notary in Jakarta on the same date.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
3.
3.
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN (Lanjutan)
ACQUISITION AND DIVESTMENT OF SUBSIDIARIES (Continued)
c. Pada tanggal 18 Maret 2008, Perusahaan telah mengalihkan 10 lembar saham SNP dengan nilai nominal Rp10 juta (0,01% kepemilikan saham) kepada PT Agrowiyana, Anak perusahaan.
c. On March 18, 2008, the Company transferred 10 shares of SNP with face value of Rp10 million (0.01% ownership shares) to PT Agrowiyana, a Subsidiary.
d. Pada tanggal 29 Mei 2008, Perusahaan telah menyetujui peningkatan penyertaan saham pada GLP sebesar Rp219,53 miliar.
d. On May 29, 2008, the Company approved increasing its shares ownership in GLP, amounting to Rp219.53 billion.
Sehubungan dengan hal tersebut, pada tanggal 19 Mei 2008, Perusahaan telah mengalihkan kepemilikan saham di MMiL dan MMaL masing masing sebesar 37,50% kepada GLP sebagai tambahan penyertaan saham Perusahaan di GLP sesuai dengan Akta No. 14 dan 15 oleh Notaris Yurisa Martanti, S.H. pada tanggal yang sama. Nilai pengalihan saham MMiL dan MMaL masingmasing adalah sebesar Rp6,99 miliar dan Rp43,65 miliar.
In relation to this transaction, on May 19, 2008, the Company transferred its ownership of 37.50% in MMiL and MMaL to GLP as the Company’s additional investment in shares in GLP, which were notarized in Notarial Deeds No. 14 and 15 of Yurisa Martanti, S.H., on the same date, amounting to Rp6.99 billion and Rp43.65 billion, respectively.
Berdasarkan laporan penilaian yang dikeluarkan oleh PT Pronilai Konsulis Indonesia, penilai independen dalam laporannya tertanggal 23 April 2008, nilai pasar wajar 37,50% kepemilikan saham MMal adalah berkisar antara Rp26,38 miliar dan Rp44,06 miliar.
According to the valuation report dated April 23, 2008 issued by PT Pronilai Konsulis Indonesia, an independent appraiser, the fair value of 37.50% shares ownership of MMal amounted to between Rp26.38 billion and Rp44.06 billion.
e. Pada tanggal 29 Mei 2008, GLP menyetujui peningkatan penyertaan saham pada PT Guntung Idamanussa (GIN) sebesar Rp168,891 miliar.
e. On May 29, 2008, GLP approved increasing its shares ownership in PT Guntung Idamannusa (GIN) amounting to Rp168.891 billion.
Pada tanggal 6 Juni 2008, GLP menyetujui peningkatan penyertaan saham pada GIN sebesar Rp50,64 miliar yang dilakukan melalui pengalihan kepemilikan saham pada MMiL dan MMaL masing masing sebesar 37,50% dengan nilai Rp6,99 miliar dan Rp43,65 miliar sesuai dengan Akta Inbreng No. 14 pada tanggal yang sama.
On June 6, 2008, GLP approved increasing its shares ownership in GIN amounting to Rp50.64 billion by transferring its share ownership in MMiL and MMaL of 37.50% equivalent to Rp6.99 billion and Rp43.65 billion, respectively, as notarized in Transfer Deed No. 14 on the same date.
f. Pada tanggal 30 Juli 2008, Perusahaan menandatangani Perjanjian Pemegang Saham yang isinya pada dasarnya menyetujui adanya penambahan modal secara bertahap terhadap BSEP oleh IGI B.V. Penambahan modal pertama dilakukan pada tanggal 31 Juli 2008. Dengan penambahan modal pertama tersebut kepemilikan Perusahaan terhadap BSEP terdilusi yang sebelumnya 100% menjadi 63,4%. Penambahan modal kedua dilakukan pada tanggal 27 November 2008 dengan akte No. 53.
f. On July 30, 2008, the Company signed a Shareholders’ Agreement wherein the Company agreed to the injection of additional equity into BSEP by IGI B.V. The first equity addition was made on July 31, 2008. With this additional equity injection, the Company’s ownership percentage was diluted from the previous 100% to 63.4%. The second additional equity was made on November 27, 2008 as recorded in Deed No. 53.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
3.
3.
4.
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN (Lanjutan)
ACQUISITION AND DIVESTMENT OF SUBSIDIARIES (Continued)
Dengan penambahan modal kedua tersebut, kepemilikan perusahaan terhadap BSEP terdilusi yang sebelumnya 63,4% menjadi 21,5%, yang menyebabkan BSEP menjadi Perusahaan dalam Penanaman Modal Asing. Dan karena kepemilikan perusahaan terhadap BSEP hanya 21,5%, maka Perusahaan tidak lagi mengkonsolidasi BSEP tetapi tetap mencatat investasi di BSEP menggunakan metode ekuitas.
With this equity injection, the Company’s ownership percentage was diluted from the previous 63.4% to 21.5 %, which also resulted in BSEP becoming a foreign investment company. Due to the fact that the company only has 21.5% shares ownership in BSEP, the Company no longer consolidates BSEP but still records its investment in BSEP using the equity method.
g. Pada tanggal 18 Maret 2009, PT Nibung Arthamulia, Anak perusahaan, mendirikan Bookwise Investments Limited Limited yang merupakan Entitas Bertujuan Khusus dibentuk dengan tujuan berkaitan dengan penerbitan obligasi BSP Finance B.V. (Catatan 24) berdasarkan hukum Kepulauan Virgin Britania Raya.
g. On March 18, 2009, PT Nibung Arthamulia, a Subsidiary, established Bookwise Investments Limited Limited which is Special Purpose Entity (SPE) established for the purpose related to Bond Issuance of BSP Finance B.V. (Note 24) under the law of the British Virgin Islands.
h. Pada 19 Oktober 2009, PT Grahadura Leidong Prima, Anak Perusahaan, mengakuisisi 100% saham untuk Fordways Management Limited, suatu perseroan terbatas swasta yang didirikan berdasarkan hukum Kepulauan Virgin Britania Raya.
h. On October 19, 2009, PT Grahadura Leidong Prima, a Subsidiary, acquired 100% shares in Fordways Management Limited, a Private Limited Entity which is established under the law of the British Virgin Islands.
KAS DAN SETARA KAS
4.
Akun ini terdiri dari:
This account consists of: 2009
Kas: Rupiah Kas di Bank: Rupiah: PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Sumatera Utara PT Bank Rakyat Indonesia (Persero) Tbk Standard Chartered Bank, Jakarta PT Bank Pembangunan Daerah Sumbar PT Bank Mega Tbk PT Bank CIMB Niaga Tbk Lainnya Euro: ING Bank, Belanda (EUR141 pada tahun 2009 dan EUR100 pada tahun 2008)
CASH AND CASH EQUIVALENTS
2008
1.079.299
1.593.692
Cash on Hand: Rupiah
10.002.780
12.130.033
4.421.709 3.787.499
2.900.966 -
3.269.934 2.338.790
2.794.489 1.450.183
316.131 170.510 6.401 40.075
3.263.018 170.510 3.149.698 1.725.555
Cash in Banks: Rupiah: PT Bank Mandiri (Persero) Tbk PT Bank Negara Indonesia (Persero) Tbk PT Bank Sumatera Utara PT Bank Rakyat Indonesia (Persero) Tbk Standard Chartered Bank, Jakarta PT Bank Pembangunan Daerah Sumbar PT Bank Mega Tbk PT Bank CIMB Niaga Tbk Others
1.544
Euro: ING Bank, the Netherlands (EUR141 in 2009 and EUR100 in 2008)
1.325
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
4.
4.
KAS DAN SETARA KAS (Lanjutan) 2009 Dolar Amerika Serikat: RZB-Austria, Singapura (USD10.888.744 pada tahun 2009, USD307.879 pada tahun 2008) Bank of New York, London (USD419.376 pada tahun 2009, USD456.858 pada tahun 2008) PT Bank CIMB Niaga Tbk (USD310.361 pada tahun 2009, USD405.845 pada tahun 2008) PT Bank Negara Indonesia (Persero) Tbk (USD220.797 pada tahun 2009 , USD220.082 pada tahun 2008) Standard Chartered Bank, Jakarta (USD102.155 pada tahun 2009, USD11.151.501 pada tahun 2008) PT Bank Mandiri (Persero) Tbk (USD97.837 pada tahun 2009, USD560.214 pada tahun 2008) PT Bank Sumitomo Mitsui Indonesia (USD nihil pada tahun 2009, USD200 pada tahun 2008) Jumlah Kas di Bank Setara Kas: Deposito Berjangka Rupiah: PT Bank CIMB Niaga Tbk PT Bank Mandiri (Persero) Tbk Standard Chartered Bank, Jakarta PT Bank Negara Indonesia (Persero) Tbk
2008
102.354.194
3.371.283
3.942.133
5.002.600
2.917.394
4.444.006
2.075.490
2.409.908
960.251
122.110.544
919.675
5.912.708
-
2.192
US Dollar Accounts: RZB-Austria, Singapore (USD10,888,744 in 2009, USD307,879 in 2008) Bank of New York, London (USD419,376 in 2009, USD456,858 in 2008) PT Bank CIMB Niaga Tbk (USD310,361 in 2009, USD405,845 in 2008) PT Bank Negara Indonesia (Persero) Tbk (USD220,797 in 2009, USD220,082 in 2008) Standard Chartered Bank, Jakarta (USD102,155 in 2009, USD11,151,501 in 2008) PT Bank Mandiri (Persero)Tbk (USD97,837 in 2009, USD560,214 in 2008) PT Bank Sumitomo Mitsui, Indonesia (USD nil in 2009, USD200 in 2008)
137.524.291
170.839.237
Total Cash in Banks
25.100.000
150.390.000
2.900.000
14.900.000
700.000
7.575.000
-
1.000.000
Dolar Amerika Serikat: PT Bank CIMB Niaga Tbk (USD nihil pada tahun 2009, USD548.000 pada tahun 2008) Jumlah Deposito Berjangka Jumlah
Cash Equivalents: Time Deposits Rupiah: PT Bank CIMB Niaga Tbk PT Bank Mandiri (Persero) Tbk Standard Chartered Bank, Jakarta PT Bank Negara Indonesia (Persero) Tbk US Dollar: PT Bank CIMB Niaga Tbk (USD nil in 2009, USD548,000 in 2008)
-
6.002.730
28.700.000
179.867.730
Total Time Deposits
167.303.590
352.300.659
Total
Suku bunga tahunan untuk deposito berjangka adalah sebagai berikut: 2009 % Rupiah Dolar Amerika Serikat
CASH AND CASH EQUIVALENTS (Continued)
5,0-7,0 -
The annual interest rates of time deposits were as follows: 2008 % 5,0-13,0 1,2-3,5
Rupiah US Dollar
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
5.
5.
INVESTASI PADA EFEK Akun ini terdiri dari:
This account consists of: 2009
Efek - tersedia untuk dijual Obligasi Diskonto yang belum diamortisasi Jumlah
6.
INVESTMENT IN MARKETABLE SECURITIES
2008
47.000.000
-
Marketable securities available-for-sale Bonds Unamortized discount
-
Total
(20.137.052 ) 26.862.948
Pada tanggal 22 Desember 2009, Perusahaan membeli 5.000.000 lembar obligasi AI Finance B.V., perusahaan afiliasi, dengan nilai nominal sebesar USD5.000.000 dengan tingkat bunga 10,875% per tahun. Perusahaan memperoleh Obligasi dengan tingkat diskonto 57,15% senilai USD2.857.760. Obligasi tersebut akan jatuh tempo pada 15 Juli 2012.
On December 22, 2009, the Company purchased 5,000,000, 10.875% bonds with nominal value of USD5,000,000 in AI Finance B.V., an affiliated company. The Company acquired the bond at a discounted price of 57.15% amounting to USD2,857,760. This bond will mature on July 15, 2012.
Pada tahun 2009, seluruh efek Perusahaan ditujukan sebagai tersedia untuk dijual.
In 2009, the Company’s marketable securities were intended as available-for-sale.
PIUTANG USAHA
6.
TRADE RECEIVABLES
Akun ini terdiri dari:
This account consists of:
a. Pihak hubungan istimewa (Catatan 34):
a. Related party (Note 34):
2009 Dolar Amerika Serikat PT Bakrie Rubber Industry Dikurangi penyisihan piutang ragu-ragu
2008
24.000.000
24.000.000
(24.000.000 )
(24.000.000 )
Bersih
-
-
United States DollarPT Bakrie Rubber Industry Less allowance for doubtful accounts Net
Pada tanggal 31 Desember 2009 dan 2008, piutang usaha pihak hubungan istimewa memiliki umur piutang lebih dari 90 hari.
As of December 31, 2009 and 2008, the aging of trade receivables from related party was more than 90 days.
Tidak ada mutasi penyisihan piutang ragu-ragu atas piutang usaha - pihak hubungan istimewa.
There were no movements in the allowance for doubtful accounts of trade receivables related party.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
6.
6.
PIUTANG USAHA (Lanjutan) b. Pihak ketiga:
b. Third parties: 2009
Dolar Amerika Serikat: Welcome Trading (USD2.262.911 pada tahun 2009, USD1.540.817 pada tahun 2008) Tong Teik Pte., Ltd., Singapura (USD1.077.592 pada tahun 2009, USD nihil pada tahun 2008) PT Sri Sumatera Sejahtera (USD1.051.008 pada tahun 2009, USD nihil pada tahun 2008) Sri Trang International, Amerika (USD635.978 pada tahun 2009, USD638.424 pada tahun 2008) Sinochem International Overseas, Singapura (USD629.032 pada tahu 2009, USD nihil pada tahun 2008) Sri Trang International, Singapura (USD417.887 pada tahun 2009, USD508.990 pada tahun 2008) PT Mandiri Inti Buana Medan (USD327.411 pada tahun 2009, USD473.839 pada tahun 2008) PT Mahakarya Inti Buana Medan (USD234.916 pada tahun 2009, USD252.258 pada tahun 2008) PT Swasthi Parama Mulya (USD215.571 pada tahun 2009, USD nihil pada tahun 2008) ED & F Man Malaysia Sdn Bhd, Malaysia (USD192.326 pada tahun 2009, USD nihil pada tahun 2008) Wurfbain Nordmann B.V., Belanda (USD155.727 pada tahun 2009, USD150.918 pada tahun 2008,
TRADE RECEIVABLES (Continued)
2008 United States Dollar:
21.271.359
16.871.948
10.129.363
9.879.474
5.978.197
5.912.901
3.928.134
3.077.664
2.208.213
2.026.363
-
Tong Teik Pte., Ltd., Singapore (USD1,077,592 in 2009, USD nil in 2008)
-
PT Sri Sumatera Sejahtera (USD1,051,008 in 2009, USD nil in 2008)
6.990.738
Sri Trang International, USA (USD635,978 in 2009, USD638,424 in 2008)
-
Sinochem International Overseas,Singapore (USD629,032 in 2009, USD nil in 2008)
5.573.446
Sri Trang International Singapore (USD417,887 in 2009, USD508,990 in 2008)
5.188.539
PT Mandiri Inti Buana Medan (USD327,411 in 2009 USD473,839 in 2008)
2.762.225
PT Mahakarya Inti Buana Medan (USD234,916 in 2009, USD252,258 in 2008)
-
PT Swasthi Parama Mulya (USD215,571 in 2009, USD nil in 2008)
1.807.868
1.463.834
Welcome Trading (USD2,262,911 in 2009, USD1,540,817 in 2008)
-
1.652.552
ED & F Man Malaysia Sdn Bhd, Malaysia (USD192,326 in 2009, USD nil in 2008) Wurfbain Nordmann B.V., Netherlands (USD155,727 in 2009, USD150,918 in 2008)
33
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
6.
6.
PIUTANG USAHA (Lanjutan) 2009 PT Nuansa Karya Cipta (USD111.537 pada tahun 2009, USD82.912 pada tahun 2008) PT Intercontinental Oil and Fats Pte., Ltd. (USD nihil pada tahun 2009, USD811.980 pada tahun 2008) Lain-lain (masing-masing dibawah Rp1 miliar)
TRADE RECEIVABLES (Continued) 2008
1.048.445
908.689
PT Nuansa Karya Cipta (USD111,537 in 2009, USD82,912 in 2008) PT Intercontinental Oil and Fats Pte., Ltd (USD nil in 2009, USD811,980 in 2008) Others (each under Rp1 billion)
-
8.891.181
2.755.491
5.405.626
Sub-jumlah Dikurangi penyisihan piutang ragu-ragu
71.487.306
54.244.944
(3.018.967 )
(3.018.967 )
Dolar Amerika Serikat - Bersih
68.468.339
51.225.977
13.493.000 8.617.754 8.305.243 7.048.826 5.387.088 4.688.618 3.505.214 2.735.967 1.941.795 1.982.308 1.836.458 1.567.813 1.378.827 1.212.322 1.023.421 729.816 -
4.566.683 2.710.366 2.832.157 2.735.967 1.941.795 2.937.779 1.567.813 1.378.827 14.909.867 2.267.481 1.923.567
9.591.687
7.698.551
Sub-jumlah Dikurangi penyisihan piutang ragu-ragu
75.046.157
47.470.853
Rupiah - Bersih
74.686.480
47.111.176
Rupiah - Net
143.154.819
98.337.153
Trade Receivables From Third Parties - Net
Rupiah: PT Intan Surya Pratama PT Wilmar Nabati Indonesia Titi Latex Sdn Bhd PT Lingga Manik PT Kana Jaya Mandiri PT Julang Oca Permana PT Garuda Mas Perkasa Medan PT Muliaraya Internusa PT Sumber Cahaya Mulia PT Musim Mas PT Industri Karet Deli PT Raberindo Pratama PT Bitung Gunasejahtera CV. Dramaga PT Bukit Kapur Reksa PT Sinar Alam Permai PT Swasti Parama Mulya PT Multimas Nabati Asahan Lain-lain (masing- masing dibawah Rp1 miliar)
Piutang Usaha Pihak Ketiga - Bersih
(359.677 )
(359.677 )
Sub-total Less allowance for doubtful accounts US Dollar - Net Rupiah: PT Intan Surya Pratama PT Wilmar Nabati Indonesia Titi Latex Sdn Bhd PT Lingga Manik PT Kana Jaya Mandiri PT Julang Oca Permana PT Garuda Mas Perkasa Medan PT Muliaraya Internusa PT Sumber Cahaya Mulia PT Musim Mas PT Industri Karet Deli PT Raberindo Pratama PT Bitung Gunasejahtera CV. Dramaga PT Bukit Kapur Reksa PT Sinar Alam Permai PT Swasti Parama Mulya PT Multimas Nabati Asahan Others (each under Rp1 billion) Sub-total Less allowance for doubtful accounts
34
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
6.
6.
PIUTANG USAHA (Lanjutan) Rincian umur piutang usaha kepada pihak ketiga adalah sebagai berikut:
The details of aging schedule of trade receivables from third parties were as follows:
2009 Sampai dengan 30 hari 31 hari sampai 60 hari 61 hari sampai 90 hari Lebih dari 90 hari
TRADE RECEIVABLES (Continued)
2008
57.916.017 13.102.303 1.676.698 73.838.445
53.453.630 23.470.889 18.115.217 6.676.061
Current up to 30 days 31 days to 60 days 61 days to 90 days More than 90 days
Jumlah Dikurangi penyisihan piutang ragu-ragu
146.533.463
101.715.797 (3.378.644)
Total Less allowance for doubtful accounts
Bersih
143.154.819
98.337.153
Net
(3.378.644 )
Mutasi penyisihan piutang ragu-ragu atas piutang usaha - pihak ketiga adalah sebagai berikut:
Movements of allowance for doubtful accounts of trade receivables - third parties were as follows:
2009
2008
Saldo awal tahun Penambahan penyisihan pada tahun berjalan:
3.378.644
2.972.794
-
405.850
Beginning balance Additional provisions during the year
Saldo akhir tahun
3.378.644
3.378.644
Ending balance
Manajemen Perusahaan dan Anak perusahaan berpendapat bahwa penyisihan piutang ragu-ragu tersebut cukup untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang usaha tersebut.
The management of the Company and Subsidiaries believe that the allowance for doubtful accounts is adequate to cover possible losses from non-collectiblility of the trade receivables.
Pada tanggal 31 Desember 2009 dan 2008, seluruh piutang usaha Perusahaan dan Anak perusahaan dengan nilai buku masing-masing sebesar Rp105,23 miliar dan Rp91,29 miliar, kecuali SNP, GLP, GIN, NAM dan BRBE, digunakan sebagai jaminan atas hutang obligasi Senior Notes yang diperoleh BSP Finance B.V., Anak perusahaan (Catatan 24).
As of December 31, 2009 and 2008, all trade receivables of the Company and Subsidiaries with carrying value amounting to Rp105.23 billion and Rp91.29 billion, respectively, except SNP, GLP, GIN, NAM and BRBE were pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance B.V., a Subsidiary (Note 24).
Pada tanggal 31 Desember 2009 dan 2008, seluruh piutang usaha GLP dan GIN digunakan sebagai jaminan atas hutang bank jangka pendek yang diperoleh dari RZB-Austria (Catatan 17 dan 22) dan piutang usaha NAM atas hutang PT Bank CIMB Niaga Tbk (Catatan 22).
As of December 31, 2009 and 2008, all trade receivables of GLP and GIN were pledged as collateral for short-term bank loan obtained from RZB-Austria (Notes 17 and 22) and all receivables of NAM for loan obtained from PT Bank CIMB Niaga Tbk (Note 22).
35
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
7.
7.
PERSEDIAAN Akun ini terdiri dari:
This account consists of: 2009
Bahan baku Tandan buah segar Karet
INVENTORIES
2008
5.597.175 833.168
1.868.193 19.424.884
Raw materials Fresh fruit bunches Rubber
6.430.343
21.293.077
Sub-total
5.823.802
8.310.825
Work-in-process Rubber
38.656.611 7.781.866 3.531.727
25.408.504 30.598.130 5.825.775
Finished goods Rubber Crude palm oil Palm kernel
49.970.204
61.832.409
Sub-total
8.601.774 6.138.988
4.377.323 2.425.991
Seedlings Rubber Oil Palm
14.740.762
6.803.314
Sub-total
19.134.244 12.889.631
28.352.249 15.147.957
Materials and supplies Fertilizers and chemicals Spare-parts and supplies
32.023.875
43.500.206
Sub-total
Jumlah Dikurangi penyisihan persediaan usang
108.988.986
141.739.831
Total Less allowance for inventory obsolescence
Bersih
108.785.887
Sub-jumlah Barang dalam proses Karet Barang jadi Karet Minyak kelapa sawit Inti kelapa sawit Sub-jumlah Bibit tanaman Karet Kelapa sawit Sub-jumlah Bahan pembantu Pupuk dan bahan kimia Suku cadang dan perlengkapan Sub-jumlah
(203.099 )
(203.099 ) 141.536.732
Net
Pada tanggal 31 Desember 2009 dan 2008, seluruh persediaan Perusahaan dan Anak perusahaan dengan nilai buku masing-masing sebesar Rp76,10 miliar dan Rp89,27 miliar, kecuali SNP, GLP, GIN, NAM dan BRBE, digunakan sebagai jaminan atas hutang obligasi Senior Notes yang diperoleh BSP Finance B.V., Anak perusahaan (Catatan 24).
As of December 31, 2009 and 2008, all inventories of the Company and Subsidiaries with carrying value amounting to Rp76.10 billion and Rp89.27 billion, respectively, except for SNP, GLP, GIN, NAM and BRBE, were pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance B.V., a Subsidiary (Note 24).
Pada tanggal 31 Desember 2009 dan 2008, persediaan diasuransikan terhadap risiko kebakaran dan kerugian lainnya berdasarkan suatu paket polis tertentu dengan nilai pertanggungan masing-masing sebesar Rp56,36 miliar dan USD4,8 juta dan Rp50,32 miliar dan USD3,89 juta, yang menurut pendapat manajemen Perusahaan dan Anak perusahaan cukup untuk menutupi kemungkinan kerugian akibat resiko-resiko tersebut.
As of December 31, 2009 and 2008, inventories were insured against losses from fire and other risks under blanket policies amounting to Rp56.36 billion and USD4.8 million and Rp50.32 billion and USD3.89 million, respectively, which the management of the Company and Subsidiaries believe is adequate to cover possible losses arising from such risks.
36
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
7.
7.
PERSEDIAAN (Lanjutan) Berdasarkan hasil penelahaan terhadap kondisi persediaan pada akhir tahun, manajemen Perusahaan dan Anak perusahaan berpendapat bahwa penyisihan persediaan usang adalah cukup.
8.
ASET LANCAR LAIN-LAIN
Based on a review of the condition of inventories at the end of the year, the management of the Company and Subsidiaries believe that the allowance for inventory obsolescence is adequate. 8.
Akun ini terdiri dari:
Jumlah
9.
OTHER CURRENT ASSETS This account consists of:
2009 Uang muka pembelian Uang muka kepada pemasok Uang muka kepada kontraktor Perjalanan dinas Lain - lain
INVENTORIES (Continued)
2008
66.457.500 39.300.529 5.474.328 1.787.415 1.845.828
32.335.000 56.778.353 15.977.960 977.447
Advances for purchase Advances to suppliers Advances to contractors Travel Others
114.865.600
106.068.760
Total
PIUTANG PLASMA
9.
Akun ini terdiri dari :
DUE FROM PLASMA This account consists of :
2009
2008
Perkebunan Inti Rakyat (PIR) - Plasma Kredit Koperasi Primer untuk para Anggotanya (KKPA)
39.320.026
21.584.818
17.460.897
27.729.276
Nucleus Estate Smallholders (PIR) -Plasma Primary Cooperative Credit for the Members (KKPA)
Jumlah
56.780.923
49.314.094
Total
Akun ini merupakan penggunaan sementara dana Anak perusahaan, menunggu pengucuran dana dari bank sebagai penyandang dana untuk proyek-proyek:
This account represents advances given by Subsidiaries and awaiting reimbursement from banks as the lenders to the following projects:
i. Piutang Plasma KKPA merupakan kelebihan penggunaan dana yang digunakan untuk pembangunan proyek kebun plasma yang dibiayai oleh PT Bank Nusa Nasional (BNN), Medan, sehubungan dengan dua (2) perjanjian kerjasama antara PT Agrowiyana, anak perusahaan, Koperasi Unit Desa Swakarsa, Koperasi Unit Desa Suka Makmur (Catatan 36e dan 36f) serta BNN dalam mengembangkan dua (2) areal proyek kebun plasma. Karena BNN berstatus sebagai Bank Take Over (BTO) maka pembangunan proyek kebun plasma diteruskan oleh Bank Muamalat Indonesia Tbk, sebagai bank pelaksana yang baru. Bunga dibebankan pada proyek kebun plasma.
i. Due from Plasma from KKPA is the excess usage of the funds used for the development of the plantation project and funded by the PT Bank Nusa Nasional (BNN), Medan, in connection with two agreements between the PT Agrowiyana, a subsidiaries, Unit Cooperative Desa Swakarsa, Unit Cooperative Desa Suka Makmur (Notes 36e and 36f) and BNN for the development of two areas of the plantations project plasma. Since the status of BNN is a Taken Over Bank (BTO), the project development and plasma plantation were forwarded by PT Bank Muamalat Indonesia Tbk, as the new implementing bank. Interest is charged by plasma in the plantation project.
37
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
9.
9.
PIUTANG PLASMA (Lanjutan)
DUE FROM PLASMA (Continued)
ii. Pembangunan Proyek Kebun Plasma yang dibiayai oleh Danamon sehubungan dengan perjanjian kerjasama antara BPP, Anak perusahaan, Danamon dan beberapa koperasi tertentu (Catatan 36c dan 36d). Namun mulai tanggal 6 Maret 1998, proyek ini tidak lagi didanai oleh Danamon tetapi oleh Perusahaan sendiri.
ii. The development of Plasma Estate Project was funded by Danamon, in connection with the cooperation agreements between BPP, a Subsidiaries, Danamon and certain cooperatives (Note 36c and 36d). However, starting on March 6, 1998, the project has been financed by the Company instead of Danamon.
iii. Pembangunan Proyek Kebun Plasma yang dibiayai oleh SNP sehubungan dengan perjanjian kerjasama antara SNP dengan Koperasi Unit Desa Wahana Jaya (Catatan 36h). Bunga dibebankan pada proyek kebun plasma.
iii. The development of Plasma Estate Project is funded by SNP in line with cooperative agreements between the SNP and Koperasi Unit Desa Wahana Jaya (Note 36h). The interest is charged to plasma plantations project.
AGW, BPP dan SNP, Anak perusahaan, tidak mencadangkan piutang plasma yang tidak tertagih karena manajemen Anak perusahaan berpendapat bahwa seluruh piutang plasma tersebut masih dapat tertagih.
AGW, BPP and SNP, the Subsidiaries, did not provide any allowance for doubtful account since the Subsidiaries’ managements believe that all plasma receivables are collectible.
10. INVESTASI PADA PERUSAHAAN ASOSIASI
10. INVESTMENTS IN ASSOCIATED COMPANIES
Akun ini terdiri dari:
This account consists of: 31 Desember 2009 / December 31, 2009
Persentase Kepemilikan / Percentage of Ownership Metode ekuitas: Agri International Resources Pte. Ltd.* Agri Resources B.V.* Metode biaya: PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Biaya Perolehan / Acquisition Cost
Akumulasi Bagian Laba (Rugi) Bersih Perusahaan Asosiasi / Accumulated Equity in Net Income (Loss) of Associated Companies
Nilai Tercatat / Net Carrying Value
36,54%. 25,00%
393.724.628 167.916.588
13,16% 5,22% 0,08% 0,03%
107.190.909 4.842.000 511.353 174.999
-
107.190.909 4.842.000 511.353 174.999
0,01%
44.934
-
44.934
Cost Method: PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
660.239.936
Total
Jumlah Dikurangi penyisihan atas investasi yang tidak dapat dipulihkan
674.405.411
Bersih
673.894.058
(511.353 )
10.366.703 (24.532.178 )
(14.165.475 ) (14.165.475 )
404.091.331 143.384.410
Equity Method: Agri International Resources Pte. Ltd.* Agri Resources B.V.*
(511.353 ) 659.728.583
Less allowance for unrecoverable investments Net
38
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
10. INVESTASI PADA PERUSAHAAN ASOSIASI (Lanjutan)
10. INVESTMENTS IN ASSOCIATED COMPANIES (Continued)
31 Desember 2008 / December 31, 2008
Persentase Kepemilikan / Percentage of Ownership Metode ekuitas: Agri International Resources Pte. Ltd.* Agri Resources B.V.* PT Bakrie Sentosa Persada Metode biaya: PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Biaya Perolehan / Acquisition Cost
Akumulasi Bagian Laba (Rugi) Bersih Perusahaan Asosiasi / Accumulated Equity in Net Loss of Associated Companies
Nilai Tercatat / Net Carrying Value
34,68% 25,00% 21,50%
367.781.943 167.916.588 112.713.000
0,08% 0,03%
511.353 174.999
-
511.353 174.999
0,01%
44.934
-
44.934
Cost Method: PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
569.818.492
Total
Jumlah Dikurangi penyisihan atas investasi yang tidak dapat dipulihkan
649.142.817
Bersih
648.631.464
(511.353 )
(26.806.984 ) (48.214.591 ) (4.302.750 )
(79.324.325 ) (79.324.325 )
340.974.959 119.701.997 108.410.250
Equity Method: Agri International Resources Pte. Ltd.* Agri Resources B.V.* PT Bakrie Sentosa Persada
(511.353 ) 569.307.139
Less allowance for unrecoverable investments Net
*Agri International Resources Pte. Ltd. (AIRPL) dan Agri Resources B.V. (ARBV) mengggunakan kebijakan akuntansi selain yang diterapkan oleh Perusahaan dan Anak perusahaan. Manajemen dari Perusahaan dan Anak yakin bahwa penyesuaian untuk transaksi dan kejadian yang berkaitan tidak praktis dihitung untuk menerapkan metode ekuitas.
*Agri International Resources Pte. Ltd. (AIRPL) and Agri Resources B.V. (ARBV) use accounting policies other than those adopted by the Company and Subsidiaries. The management of the Company and Subsidiaries believe that it is not practicable to calculate adjustments for like transactions and events under similar circumstances in applying the equity method.
Pada tanggal 7 Desember 2009, Perusahaan mentransfer seluruh kepemilikannya dalam PT Bakrie Sentosa Persada (“BSEP”) sebesar 13,16% atau senilai Rp107,19 miliar kepada PT Guntung Idamannusa ("GIN"), Anak perusahaan, sesuai dengan akta Inbreng No. 9 pada tanggal 9 Desember 2009.
On December 7, 2009, PT Grahadura Leidong Prima (GLP) transferred the all of its ownership in PT Bakrie Sentosa Persada (“BSEP”) of 13.16% or equivalent to Rp107.19 billion to PT Guntung Idamannusa ("GIN"), a Subsidiaries, as notarized by transfer Deed No. 9 dated December 9, 2009.
Penambahan modal dilakukan terhadap BSEP oleh IGI B.V. (Catatan 36j). kepemilikan GLP terhadap BSEP terdilusi yang sebelumnya 21,5% menjadi 13,16%. Karena kepemilikan perusahaan terhadap BSEP hanya 13,16%, maka Perusahaan mencatat investasi di BSEP menggunakan metode biaya. GLP mencatat bagian dari saldo rugi BSEP senilai Rp1,22 miliar pada periode berjalan sampai dengan penambahan modal tersebut terjadi.
Additional equity injection are made into BSEP by IGI B.V. (Note 36j). GLP’s ownership percentage was diluted from the previous 21.5% to 13.16%. Due to the fact that the company only has 13.16% shares ownership in BSEP, GLP records its investment in BSEP using the cost method. GLP recorded equity in net loss of BSEP amounting to Rp1.22 billion for the period until such equity injection was made.
39
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
10. INVESTASI PADA PERUSAHAAN ASOSIASI (Lanjutan)
10. INVESTMENTS IN ASSOCIATED COMPANIES (Continued)
Pada tanggal 4 Juni 2009, pemegang saham PT Multi Persada Gatra Megah (MPG) telah setuju untuk mengalihkan sebanyak 4.842 lembar saham Seri A dengan nilai Rp4.842.000.000.
On June 4, 2009, the shareholder’s of PT Multi Persada Gatra Megah (MPG) agreed to transfer 4,842 Series A shares amounting to Rp4,842,000,000.
Pada tanggal 26 Februari 2009, pemegang saham MPG setuju untuk membatalkan pengalihan saham Perusahaan, dan sebagai gantinya, mengalihkan saham tersebut kepada PT Nibung Arthamulia, Anak perusahaan, sebagai gantinya.
On February 26, 2009, the shareholders of MPG agreed to cancel the transfer of shares to the Company and to transfer said shares to PT Nibung Arthamulia, a Subsidiaries, instead.
Pada tanggal 3 Juli 2009, Perusahan telah melakukan pembelian saham di AIRPL sejumlah 17 saham, masing-masing yang dimiliki oleh Spinneker Global Emerging Markets Fund Ltd. sejumlah 16 saham dan Lim Asia Arbitrage Fund Inc. sejumlah 1 saham dengan total nilai transaksi sebesar USD2.54 juta. Dengan demikian, jumlah kepemilikan saham Perusahaan pada AIRPL yang semula 317 saham meningkat menjadi 334 saham sehingga kepemilikan menjadi 36,54%.
On July 3, 2009, The Company bought 17 shares of AIRPL, 16 shares from Spinneker Global Emerging Markets Fund Ltd. and 1 share from Lim Asia Arbitrage Fund Inc. amounting to USD2.54 million in total. As a result of the transaction, Company ownership in AIRPL increased from 317 shares to 334 shares, whereby the ownership changed to 36.54%.
Pada tanggal 10 Desember 2008, Perusahaan mentransfer kepemilikan BSEP sebesar 21,50% atau senilai Rp112,71 miliar kepada GLP, Anak perusahaan, sesuai dengan akta Inbreng No. 26 pada tanggal yang sama.
On December 10, 2008, the Company transferred the ownership of BSEP) of 21.50% or equivalent to Rp112.71 billion, to GLP, a Subsidiary, as notarized by transfer Deed No. 26 of the same date.
Pada tanggal 30 Juli 2008, Perusahaan menandatangani Perjanjian Pemegang Saham yang isinya pada dasarnya menyetujui adanya penambahan modal terhadap BSEP oleh IGI B.V. (Catatan 36j).
On July 30, 2008, the Company signed a Shareholders’ Agreement that in principal agreed to an additional equity injection being made into BSEP by IGI B.V. (Note 36j).
Pada tanggal 30 Juni 2008 dan 16 Juli 2008, Perusahaan melakukan peningkatan kepemilikan terhadap ARBV, perusahaan assosiasi secara tidak langsung melalui AIRPL dengan mengakuisisi 317 lembar saham senilai USD40,11 juta atau setara dengan Rp367,782 miliar sehingga kepemilikan menjadi 34,68%.
On June 30, 2008, and July 16, 2008, the Company increased its ownership in ARBV, an associated company, indirectly through AIRPL by acquiring, 317 shares amounting to USD40.11 milion or equivalent to Rp367.782 billion, whereby the ownership changed to 34.68%.
Berdasarkan rapat umum para pemegang saham luar biasa yang diselenggarakan pada tanggal 30 Juni 2008 sebagaimana tertuang dalam Akta Notaris No. 275 Notaris Sutjipto, S.H., M.Kn., pemegang saham menyetujui perubahan penggunaan dana hasil Penawaran Umum Terbatas II untuk melakukan pembelian saham di AIRPL sejumlah 317 saham atau sebesar 34,68% maksimum senilai USD41,22 juta yang masingmasing dimiliki oleh Spinnaker Global Emerging Markets Fund Ltd. sejumlah 278 saham, Lim Asia Arbitrage Fund Inc. sejumlah 34 saham dan Jefferies Singapore sejumlah 5 saham.
Based on the Extraordinary General Meeting of Shareholders’ dated June 30, 2008, as recorded in Notarial Deed No 275 of Sutjipto, S.H., M.Kn., the shareholders approved the changed in usage of the funds raised from Limited Public Offering II to purchase 317 existing shares in AIRPL or 34.68% at a maximum price of USD41.22 million, of which 278 shares were owned by Spinnaker Global Emerging Markets Fund Ltd., 34 shares by Lim Asia Arbitrage Fund Inc. And 5 shares by Jefferies Singapore.
40
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
10. INVESTASI PADA PERUSAHAAN ASOSIASI (Lanjutan)
10. INVESTMENTS IN ASSOCIATED COMPANIES (Continued)
Manajemen Perusahaan dan Anak perusahaan berkeyakinan bahwa penyisihan atas investasi pada perusahaan asosiasi yang tidak dapat dipulihkan adalah cukup. 11. TANAMAN PERKEBUNAN
The management of the Company and Subsidiaries believes that the allowance for unrecoverable investments in associated companies is adequate. 11. PLANTATIONS
Akun ini terdiri dari:
This account consists of:
a. Tanaman Menghasilkan
a. Mature Plantations 31 Desember 2009 / December 31, 2009
Saldo Awal / Beginning Balance
Penambahan / Additions
Pengurangan / Deductions
Saldo Akhir / Ending Balance
Biaya Perolehan Kelapa sawit Karet
1.025.473.896 282.221.241
41.476.122 46.907.379
(27.103.280 ) (7.077.337 )
1.039.846.738 322.051.283
Carrying Value Oil palm Rubber
Jumlah
1.307.695.137
88.383.501
(34.180.617 )
1.361.898.021
Total
Akumulasi Penyusutan Kelapa sawit Karet
220.633.244 80.700.929
52.950.251 13.966.050
(15.828.053 ) (4.721.737 )
257.755.442 89.945.242
Accumulated Depreciation Oil palm Rubber
Jumlah
301.334.173
66.916.301
(20.549.790 )
347.700.684
Total
1.014.197.337
Net Book Value
Nilai Buku Bersih
1.006.360.964 31 Desember 2008 / December 31, 2008 Saldo Awal / Beginning Balance
Biaya Perolehan Kelapa sawit Karet
Penambahan / Additions
Pengurangan / Deductions
Saldo Akhir / Ending Balance
950.409.811 248.417.356
75.064.085 37.188.880
(3.384.995 )
1.025.473.896 282.221.241
Carrying Value Oil palm Rubber
1.198.827.167
112.252.965
(3.384.995 )
1.307.695.137
Total
Akumulasi Penyusutan Kelapa sawit Karet
177.203.539 74.708.355
43.429.705 7.848.623
(1.856.049 )
220.633.244 80.700.929
Accumulated Depreciation Oil palm Rubber
Jumlah
251.911.894
51.278.328
(1.856.049 )
301.334.173
Total
Nilai Buku Bersih
946.915.273
1.006.360.964
Net Book Value
Jumlah
41
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
11. TANAMAN PERKEBUNAN (Lanjutan)
11. PLANTATIONS (Continued)
Tanaman menghasilkan tersebar di berbagai lokasi Perusahaan dan Anak perusahaan, sebagai berikut:
Mature plantations are spread over various operational locations of the Company and Subsidiaries, as follows:
2009
2008
Dalam Ha / In Ha
Dalam Ha / In Ha
Kisaran - Sumatera Utara Pasaman - Sumatera Barat Labuhan Batu - Sumatera Utara Tungkal Ulu - Jambi Indragiri Hilir - Riau Tulang Bawang Tengah - Lampung Arang-arang - Jambi Bengkulu
14.999 8.663 5.737 4.418 4.610 3.669 2.319 2.184
15.559 8.663 5.616 4.418 4.039 3.669 2.319 2.139
Kisaran - North Sumatra Pasaman - West Sumatra Labuhan Batu - North Sumatra Tungkal Ulu - Jambi Indragiri Hilir - Riau Tulang Bawang Central - Lampung Arang-arang - Jambi Bengkulu
Jumlah
46.599
46.422
Total
Penambahan nilai perolehan tanaman menghasilkan berasal dari reklasifikasi tanaman belum menghasilkan masing-masing sebesar Rp88.383.501 dan Rp112.252.965 pada tanggal 31 Desember 2009 dan 2008.
Additions in carrying value of mature plantations consist of reclassifications from immature plantations amounting to Rp88,383,501 and Rp112,252,965 as of December 31, 2009 and 2008, respectively.
Penambahan akumulasi penyusutan tanaman menghasilkan terdiri dari:
Additions in accumulated depreciation of mature plantations consist of:
2009
2008
Beban penyusutan pada tahun berjalan Beban penyusutan yang berasal dari selisih antara nilai wajar dan nilai perolehan tanaman menghasilkan Anak perusahaan yang diakuisisi: PT Grahadura Leidong Prima PT Guntung Idamannusa PT Air Muring PT Sumbertama Nusapertiwi
13.599.873 6.571.819 1.345.792 (298.666 )
13.599.873 6.571.818 1.345.792 (298.666 )
Jumlah
66.916.301
51.278.328
45.697.483
b. Tanaman Belum Menghasilkan
Depreciation expenses during the year
30.059.511
Excess cost of acquisition over the fair value of mature plantations in the acquired subsidiaries: PT Grahadura Leidong Prima PT Guntung Idamannusa PT Air Muring PT Sumbertama Nusapertiwi Total
b. Immature Plantations 31 Desember 2009 / December 31, 2009
Saldo Awal / Beginning Balance
Penambahan / Additions
Pengurangan / Deductions
Saldo Akhir / Ending Balance
Biaya Perolehan Kelapa sawit Karet
208.869.736 137.818.001
252.082.777 22.715.736
(57.430.321 ) (46.907.379 )
403.522.192 113.626.358
Carrying Value Oil palm Rubber
Jumlah
346.687.737
274.798.513
(104.337.700 )
517.148.550
Total
42
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
11. TANAMAN PERKEBUNAN (Lanjutan)
11. PLANTATIONS (Continued)
31 Desember 2008 / December 31, 2008 Saldo Awal / Beginning Balance
Penambahan / Additions
Pengurangan / Deductions
Saldo Akhir / Ending Balance
Biaya Perolehan Kelapa sawit Karet
168.817.432 122.683.093
115.116.389 52.323.788
(75.064.085 ) (37.188.880 )
208.869.736 137.818.001
Carrying Value Oil palm Rubber
Jumlah
291.500.525
167.440.177
(112.252.965 )
346.687.737
Total
Penambahan biaya perolehan tanaman belum menghasilkan terdiri dari:
Additions in carrying value of immature plantations consist of:
2009
2008
Penambahan biaya selama tahun berjalan Reklasifikasi dari beban umum Reklasifikasi dari aset tetap
206.230.279 29.096.936 39.471.298
148.977.486 Additional cost during the year 18.462.691 Reclassification from general charges Reclassification from fixed assets
Jumlah
274.798.513
167.440.177
Pengurangan biaya perolehan tanaman belum menghasilkan terdiri dari:
Deductions in carrying value of immature plantations consist of:
2009 Reklasifikasi ke tanaman menghasilkan Reklasifikasi ke pembibitan Jumlah
2008
88.383.501 15.954.199
112.252.965 -
Reclassification to mature plantations Reclassification to seedlings
104.337.700
112.252.965
Total
Tanaman belum menghasilkan tersebar di berbagai lokasi operasi Perusahaan dan Anak perusahaan, sebagai berikut:
Indragiri Hilir - Riau Arang-arang - Jambi Kisaran - Sumatera Utara Labuhan Batu - Sumatera Utara Bengkulu Tulang Bawang Tengah Lampung Pasaman - Sumatera Barat Jumlah
Total
Immature plantations are spread over several operational locations of the Company and Subsidiaries as follows:
2009
2008
Dalam Ha / In Ha
Dalam Ha / In Ha
7.591 5.024 4.823 2.049 460
8.162 3.355 3.765 2.289 505
14 -
14 719
Indragiri Hilir - Riau Arang-arang - Jambi Kisaran - North Sumatra Labuhan Batu - North Sumatra Bengkulu Tulang Bawang Tengah Lampung Pasaman - West Sumatra
19.961
18.809
Total
Penambahan biaya perolehan tanaman belum menghasilkan terdiri dari penambahan biaya atas pengembangan tanaman belum menghasilkan pada tahun 2009 dan 2008.
Additions in carrying value of immature plantations consist of additional cost incurred in the development of immature plantations in 2009 and 2008.
43
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
11. TANAMAN PERKEBUNAN (Lanjutan)
11. PLANTATIONS (Continued)
Akun tanaman belum menghasilkan merupakan pembebanan biaya untuk pengembangan tanaman karet dan kelapa sawit yang mencakup biaya persiapan lahan, penanaman, pemupukan, pemeliharaan bibit dan beban keuangan.
Immature plantations represent expenditures for the development of rubber and oil palm plantations, which include cost for field preparation, planting, fertilizing, maintenance and borrowing costs.
Status tanah yang digunakan untuk menanam adalah Hak Guna Usaha (HGU) (Catatan 1c).
The land titles used for plantations are Land Rights (HGU) (Note 1c).
Pada tanggal 31 Desember 2009 dan 2008, seluruh tanaman perkebunan Perusahaan dan Anak perusahaan dengan nilai buku masingmasing sebesar Rp606,04 miliar dan Rp670,83 miliar, kecuali SNP, GLP dan GIN, digunakan sebagai jaminan atas hutang obligasi - Senior Notes yang diperoleh BSP Finance B.V., Anak perusahaan (Catatan 24).
As of December 31, 2009 and 2008, all plantations of the Company and Subsidiaries with net book value amounting to Rp606.04 billion and Rp670.83 billion, respectively, except SNP, GLP and GIN, were pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance B.V., a Subsidiary (Note 24).
Tanaman menghasilkan dan tanaman belum menghasilkan tidak diasuransikan terhadap risiko kerugian akibat kebakaran karena belum ada perusahaan asuransi yang dapat memberikan nilai pertanggungan yang wajar.
Mature and immature plantations are not covered by insurance against losses from fire, as there is no insurance company that is able to provide sufficient coverage.
Berdasarkan evaluasi manajemen tidak terdapat kejadian-kejadian atau perubahan-perubahan keadaan yang mengindikasikan adanya penurunan nilai tanaman perkebunan Perusahaan dan Anak perusahaan.
Based on the evaluation of the Company’s management there are no events or changes in circumstances that indicate impairment in the value of the Company’s and Subsidiaries’ plantations.
12. ASET TETAP
12. FIXED ASSETS
Akun ini terdiri dari:
This account consists of: 31 Desember 2009 / December 31, 2009 Saldo Awal / Beginning Balance
Reklasifikasi/ Reclassifications Pengurangan / Deductions
Penambahan / Additions
Nilai Tercatat Pemilikan Langsung Tanah Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor
126.173.777
-
194.462.408 131.638.910 434.900.621 58.622.762 25.421.274
14.380.768 10.926.471 10.837.085 241.929 4.412.465
Sub-jumlah
971.219.752
40.798.718
Saldo Akhir / Ending Balance
126.173.777
Carrying Value Direct Ownership Land
(92.994 ) (1.599.641 ) (1.395.579 ) (4.201.564 )
208.843.176 142.472.387 444.138.065 57.469.112 25.632.175
Roads, bridges and drainages Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
(7.289.778 )
1.004.728.692
Sub-total
-
Aset dalam Penyelesaian Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Peralatan dan perabot kantor Alat pengangkutan
Construction-in-Progress 44.437.708 33.835.177 9.160.379 1.518.208 -
11.088.970 6.043.696 10.039.065 2.159.935 380.789
(50.012.182 ) (21.498.352 ) 8.721.384 (2.234.317 ) 873.462
5.514.496 18.380.521 27.920.828 1.443.826 1.254.251
Roads, bridges and drainage Buildings and improvements Machinery and equipment Furniture and office equipment Transportation equipment
Sub-jumlah
88.951.472
29.712.455
(64.150.005 )
54.513.922
Sub-total
44
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
12. ASET TETAP (Lanjutan)
12. FIXED ASSETS (Continued) 31 Desember 2009 / December 31, 2009 Saldo Awal / Beginning Balance
Pemilikan Tidak Langsung Aset Sewaan Alat pengangkutan Jumlah Nilai Tercatat
Reklasifikasi/ Reclassifications Pengurangan / Deductions
Penambahan / Additions
Saldo Akhir / Ending Balance
3.504.607
-
(3.504.607 )
-
Indirect Ownership Leased Assets Transportation equipment
1.063.675.831
70.511.173
(74.944.390 )
1.059.242.614
Total Carrying Value
Akumulasi Penyusutan Pemilikan Langsung Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor
39.689.720 66.638.234 142.956.597 49.191.457 19.592.701
10.900.500 3.181.955 43.944.157 452.588 1.476.520
(81.984 ) (1.280.103 ) (1.314.378 ) (3.586.230 )
50.590.220 69.738.205 185.620.651 48.329.667 17.482.991
Roads, bridges and drainage Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
Sub-jumlah
318.068.709
59.955.720
(6.262.695 )
371.761.734
Sub-total
Pemilikan Tidak Langsung Aset Sewaan Alat pengangkutan
Accumulated Depreciation Direct Ownership
2.321.168
78.750
(2.399.918 )
-
Indirect Ownership Leased Assets Transportation equipment
Jumlah Akumulasi Penyusutan
320.389.877
60.034.470
(8.662.613 )
371.761.734
Total Accumulated Depreciation
Nilai Buku Bersih
743.285.954
687.480.880
Net Book Value
31 Desember 2008 / December 31, 2008 Saldo Awal / Beginning Balance
Penambahan / Additions
Reklasifikasi/ Reclassifications Pengurangan / Deductions
Saldo Akhir / Ending Balance
Nilai Tercatat Pemilikan Langsung Tanah Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor
118.619.513
8.134.700
(580.436 )
126.173.777
Carrying Value Direct Ownership Land
169.981.569 96.759.039 352.177.522 51.802.175 20.978.217
24.564.951 50.868.034 86.012.009 6.820.587 4.523.414
(84.112 ) (15.988.163 ) (3.288.910 ) (80.357 )
194.462.408 131.638.910 434.900.621 58.622.762 25.421.274
Roads, bridges and drainage Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
Sub-jumlah
810.318.035
180.923.695
(20.021.978 )
971.219.752
Sub-total
Aset dalam Penyelesaian Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Peralatan dan perabot kantor
24.833.998 136.224.392 9.464.836 14.987.061
44.168.661 17.583.590 14.477.928 -
(24.564.951 ) (119.972.805 ) (14.782.385 ) (13.468.853 )
44.437.708 33.835.177 9.160.379 1.518.208
Roads, bridges and drainage Buildings and improvements Machinery and equipment Furniture and office equipment
Sub-jumlah
185.510.287
76.230.179
(172.788.994 )
88.951.472
Sub-total
Pemilikan Tidak Langsung Aset Sewaan Alat pengangkutan Jumlah Nilai Tercatat
Construction-in-Progress
4.028.607
707.230
(1.231.230 )
3.504.607
Indirect Ownership Leased Assets Transportation equipment
999.856.929
257.861.104
(194.042.202 )
1.063.675.831
Total Carrying Value
45
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
12. ASET TETAP (Lanjutan)
12. FIXED ASSETS (Continued)
Akun ini terdiri dari:
This account consists of: 31 Desember 2008 / December 31, 2008 Saldo Awal / Beginning Balance
Reklasifikasi/ Reclassifications Pengurangan / Deductions
Penambahan / Additions
Saldo Akhir / Ending Balance
Akumulasi Penyusutan Pemilikan Langsung Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor
26.149.596 56.379.347 120.116.929 41.051.751 12.905.219
15.524.854 14.353.240 25.006.799 9.082.017 6.756.946
(1.984.730 ) (4.094.353 ) (2.167.131 ) (942.311 ) (69.464 )
39.689.720 66.638.234 142.956.597 49.191.457 19.592.701
Roads, bridges and drainage Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
Sub-jumlah
256.602.842
70.723.856
(9.257.989 )
318.068.709
Sub-total
Pemilikan Tidak Langsung Aset Sewaan Alat pengangkutan
Accumulated Depreciation Direct Ownership
2.165.364
607.364
(451.560 )
2.321.168
Indirect Ownership Leased Assets Transportation equipment
Jumlah Akumulasi Penyusutan
258.768.206
71.331.220
(9.709.549 )
320.389.877
Total Accumulated Depreciation
Nilai Buku Bersih
741.088.723
743.285.954
Net Book Value
Pembebanan penyusutan adalah sebagai berikut:
The details of depreciation expenses were as follows:
2009
2008
Beban pokok penjualan Beban umum dan administrasi
56.963.117 3.071.353
52.268.977 19.062.243
Cost of goods sold General and administrative expenses
Jumlah
60.034.470
71.331.220
Total
Rincian dari aset dalam penyelesaian adalah sebagai berikut:
The details of construction-in-progress accounts were as follows:
31 Desember 2009 / December 31, 2009 Persentase Penyelesaian / Percentage of Completion
Akumulasi Biaya / Accumulated Cost
Jalan, jembatan dan saluran air
30% - 40%
5.514.496
Bangunan dan prasarana Mesin dan peralatan Peralatan dan perabot kantor Alat pengangkutan
20% - 60% 70% - 85% 60% - 90% 50% - 80%
18.380.521 27.920.828 1.443.826 1.254.251
Jumlah
54.513.922
Estimasi Penyelesaian / Estimated Completion Date Agustus 2010/ August 2010 November 2010 Mei 2010/May 2010 Maret 2010/March 2010 Mei 2010/May 2010
Roads, bridges and drainage Buildings and improvement Machineries and equipment Furniture and office equipment Transportation equipment Total
46
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
12. ASET TETAP (Lanjutan)
12. FIXED ASSETS (Continued) 31 Desember 2008 / December 31, 2008 Persentase Penyelesaian / Percentage of Completion
Akumulasi Biaya / Accumulated Cost
Jalan, jembatan dan saluran air
30% - 70%
44.437.708
Bangunan dan prasarana
10% - 95%
33.835.177
Mesin dan peralatan Peralatan dan perabot kantor
10% - 95% 70% - 95%
9.160.379 1.518.208
Jumlah
Estimasi Penyelesaian / Estimated Completion Date Mei 2009/ May 2009 Mei 2009/ May 2009 Agustus 2009/ August 2009 September 2009
88.951.472
Roads, bridges and drainage Buildings and improvements Machinery and equipment Furniture and office equipment Total
Aset dalam penyelesaian berupa bangunan dan prasarana pada tahun 2009 dan 2008, termasuk di dalamnya pembangunan proyek pabrik kelapa sawit Perusahaan dan Anak perusahaan tertentu.
Construction-in-progress of building and improvements in 2009 and 2008, includes the development cost of oil palm factory project of the Company and certain Subsidiaries.
Penambahan nilai perolehan aset tetap terdiri dari:
Additions in carrying value of fixed assets consist of:
2009
2008
Perolehan selama tahun berjalan Reklasifikasi dari aset dalam penyelesaian Reklasifikasi dari aset sewaan
42.327.855
83.840.880
24.678.711 3.504.607
172.788.994 1.231.230
Acquisitions during the year Reclassifications from construction-in-progress Reclassifications from leased assets
Jumlah
70.511.173
257.861.104
Total
Pengurangan nilai perolehan aset tetap terdiri dari: 2009 Reklasifikasi dari aset dalam penyelesaian ke tanaman belum menghasilkan Reklasifikasi dari aset dalam penyelesaian ke aset tetap Reklasifikasi dari aset sewaan Penghapusan Jumlah
Deductions in carrying value of fixed assets consist of: 2008
39.471.298
-
24.678.711 3.504.607 7.289.774
172.788.994 1.231.230 20.021.978
Reclassifications from construction-in-progress to immature plantations Reclassifications from constructionin-progress to fixed assets Reclassifications from leased assets Disposals
74.944.390
194.042.202
Total
Tanah seluas kurang lebih 66.229 hektar berupa Hak Guna Usaha (HGU) yang akan berakhir pada berbagai tanggal antara tahun 2010 sampai dengan 2039. Manajemen Perusahaan dan Anak perusahaan berkeyakinan bahwa HGU tersebut dapat diperpanjang pada saat berakhirnya hak tersebut.
Land area approximately 66,229 hectares represent Land Rights (HGU) that will expire on various dates from 2010 to 2039. The Company and Subsidiaries’ management believes that the HGU can be renewed upon expiry.
47
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
12. ASET TETAP (Lanjutan)
12. FIXED ASSETS (Continued)
Penambahan akumulasi penyusutan aset tetap terdiri dari: 2009 Beban penyusutan atas nilai perolehan sampai dengan akhir tahun Beban penyusutan yang berasal dari selisih antara nilai wajar dan nilai perolehan aset tetap Anak perusahaan yang diakuisisi: PT Sumbertama Nusapertiwi PT Grahadura Leidong Prima PT Guntung Idamannusa PT Air Muring Reklasifikasi dari aset sewaan Jumlah
67.983.463
(883.010 ) (10.900.042 ) 1.219.195 214.946
Additions in accumulated depreciation of fixed assets consist of: 2008
72.040.475
(1.324.515 ) (1.336.166 ) 1.284.920 214.946
Depreciation expenses of carrying value for the year Excess cost of acquisition over the fair value of fixed assets in the acquired Subsidiaries: PT Sumbertama Nusapertiwi PT Grahadura Leidong Prima PT Guntung Idamannusa PT Air Muring
2.399.918
451.560
Reclassication from leased assets
60.034.470
71.331.220
Total
Berdasarkan evaluasi manajemen tidak terdapat kejadian-kejadian atau perubahan-perubahan keadaan yang mengindikasikan adanya penurunan nilai aset tetap Perusahaan dan Anak perusahaan.
Based on the evaluation of the management there are no events or changes in circumstances that indicate impairment in the value of the Company’s and Subsidiaries’ fixed assets.
Aset tetap dengan pemilikan langsung diasuransikan terhadap risiko kebakaran, risiko gempa bumi dan risiko lainnya berdasarkan suatu paket polis tertentu dengan nilai pertanggungan masing-masing sebesar Rp1,108 triliun pada tahun 2009 dan Rp1,269 triliun pada tahun 2008. Menurut pendapat manajemen Perusahaan dan Anak perusahaan bahwa nilai pertanggungan cukup untuk menutupi kemungkinan kerugian akibat kebakaran dan risiko-risiko lainnya.
Fixed assets under direct ownership are insured against losses from fire, earthquake and other risks under blanket policies with total coverage of Rp1.108 trillion in 2009 and Rp1.269 trillion in 2008, which the management believes is adequate to cover possible losses from fire and other risks.
Pada tanggal 31 Desember 2009 dan 2008, seluruh aset tetap Perusahaan dan Anak perusahaan digunakan sebagai jaminan atas hutang obligasi - Senior Notes yang diperoleh BSP Finance B.V. dengan nilai buku masingmasing sebesar Rp356,03 miliar dan Rp460,34 miliar, kecuali NAM, GLP, GIN dan BRBE (Catatan 24). Pada tanggal 31 Desember 2009 dan 2008, aset tetap, tanah dan bangunan senilai Rp3,25 miliar dan mesin pabrik senilai Rp5 miliar milik NAM digunakan sebagai jaminan atas hutang bank yang diperoleh dari PT Bank CIMB Niaga Tbk (Catatan 22).
As of December 31, 2009 and 2008, all fixed assets of the Company and Subsidiaries were pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance B.V., with carrying value amounting to Rp356.03 billion and Rp460.34 billion, respectively, except for NAM, GLP, GIN and BRBE (Note 24). As of December 31, 2009 and 2008, fixed assets, land and building amounting to Rp3.25 billion and machinery amounting to Rp5 billion owned by NAM were pledged as collateral for bank loans obtained from PT Bank CIMB Niaga Tbk (Note 22).
48
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
13. GOODWILL
13. GOODWILL
Akun ini terdiri dari:
This account consists of: 2009
2008
Selisih lebih antara biaya perolehan dengan nilai wajar aset bersih yang diperoleh Anak perusahaan: PT Grahadura Leidong Prima PT Sumbertama Nusapertiwi PT Huma Indah Mekar PT Agro Mitra Madani PT Nibung Arthamulia PT Agrowiyana
329.219.267 101.011.423 67.598.639 23.859.613 7.181.250 2.250.000
329.219.267 101.011.423 67.598.639 23.859.613 7.181.250 2.250.000
Jumlah Akumulasi amortisasi
531.120.192 (72.610.089 )
531.120.192 (46.020.894 )
Bersih
458.510.103
485.099.298
Mutasi akumulasi amortisasi atas selisih lebih biaya perolehan dari aset bersih Anak perusahaan (goodwill) adalah sebagai berikut: 2009
The excess of cost over fair value of net assets of Subsidiaries: PT Grahadura Leidong Prima PT Sumbertama Nusapertiwi PT Huma Indah Mekar PT Agro Mitra Madani PT Nibung Arthamulia PT Agrowiyana Total Accumulated amortization Net
Movements in accumulated amortization of the excess of cost over fair value of net assets of Subsidiaries (goodwill) were as follows: 2008
Saldo awal Amortisasi untuk tahun berjalan
46.020.894 26.589.195
19.431.697 26.589.197
Beginning balance Amortization during the year
Saldo akhir
72.610.089
46.020.894
Ending balance
14. DANA DALAM PEMBATASAN
14. RESTRICTED FUNDS
Rincian dana dalam pembatasan terdiri dari:
Restricted funds consist of:
2009
2008
PT Bank CIMB Niaga Tbk PT Bank Muamalat Indonesia Tbk PT Bank Danamon Indonesia Tbk PT Bank Pembangunan Daerah Sumatera Barat
43.579.000 3.620.000 159.221
43.579.000 3.620.000 159.221
74.976
36.179
PT Bank CIMB Niaga Tbk PT Bank Muamalat Indonesia Tbk PT Bank Danamon Indonesia Tbk PT Bank Pembangunan Daerah Sumatera Barat
Jumlah
47.433.197
47.394.400
Total
a. Dana dalam pembatasan pada PT Bank CIMB Niaga Tbk merupakan deposito PT Bakrie Pasaman Plantations (BPP), Anak perusahaan, yang dijadikan sebagai agunan atas fasilitas pembiayaan yang diperoleh KUD Sungai Aur, KUD Parit dan Koptan Silawai Jaya binaan BPP untuk mengembangkan kebun kelapa sawit yang dimiliki oleh anggota Koperasi binaan di Sumatera Barat (Catatan 36c dan 36d).
a. Restricted fund in PT Bank CIMB Niaga Tbk represents time deposits of PT Bakrie Pasaman Plantations (BPP), a Subsidiary, which are pledged as collateral for the bank loan obtained by KUD Sungai Aur, KUD Parit and Koptan Silawai Jaya under supervision of BPP to develop oil palm plantations owned by the members of the Cooperatives in West Sumatra (Notes 36c and 36d).
49
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
14. DANA DALAM PEMBATASAN (Lanjutan)
14. RESTRICTED FUNDS (Continued)
b. Dana dalam pembatasan pada PT Bank Muamalat Indonesia merupakan deposito berjangka AGW, Anak perusahaan, yang dijadikan sebagai agunan atas fasilitas pembiayaan yang diperoleh KUD Suka Makmur dan KUD Swakarsa binaan AGW, dari BMI untuk mengembangkan 4.915,31 hektar kebun kelapa sawit yang dimiliki oleh anggota Koperasi binaan di Jambi. AGW bertindak sebagai pengembang perkebunan dan penjamin fasilitas pembiayaan tersebut (Catatan 36e and 36f).
b. Restricted fund in PT Bank Muamalat Indonesia represents time deposits of AGW, a Subsidiary, which are pledged as collateral for the loan obtained by KUD Suka Makmur and KUD Swakarsa under the supervision of AGW for the development of 4,915.31 hectares of oil palm plantations owned by the members of the Cooperatives in Jambi. AGW acts as the developer of the plantations and as guarantor for such loan (Notes 36e and 36f).
c. Dana dalam pembatasan pada PT Bank Danamon Indonesia Tbk (Danamon), merupakan saldo kas AGW, Anak perusahaan, yang ditempatkan pada PT Bank Nusa Nasional (BNN), hubungan istimewa. Sejak tahun 2000, rekening ini telah dipindahkan ke Danamon sebagai akibat penggabungan BNN dengan Danamon.
c. Restricted fund in PT Bank Danamon Tbk (Danamon), represents cash balances of AGW, a Subsidiary, placed in PT Bank Nusa Nasional (BNN), a related party. Since 2000, when BNN was merged with Danamon this account has been transferred to Danamon.
Berdasarkan Surat Keputusan Bersama Direksi Bank Indonesia dan Ketua BPPN No. 30/270/KEP/DIR dan No. 1/BPPN/1998, tanggal 6 Maret 1998, seluruh bank yang berada di bawah pengawasan BPPN tidak diizinkan untuk mencairkan dana (seluruh rekening) kepada afiliasi mereka, kecuali untuk biaya kepegawaian.
Based on Decision Letter from the Director of Bank Indonesia and the Head of IBRA No. 30/270/KEP/DIR and No. 1/BPPN/1998, dated March 6, 1998, companies under the control of IBRA are not allowed to withdraw funds (all accounts) to their affiliates, except for personnel costs.
Sejak tanggal 25 Februari 1999, tidak ada pendapatan bunga yang diakui dalam laporan laba rugi konsolidasian.
Since February 25, 1999, no interest income has been recognized in the consolidated statements of income.
d. Dana dalam pembatasan pada PT Bank Pembangunan Daerah Sumatera Barat merupakan kas dana milik para petani plasma yang tergabung dalam beberapa Koperasi Unit Desa yang menjadi binaan BPP. Akun kas ini dikelola penggunaannya oleh BPP untuk keperluan para petani plasma tersebut. Akun kas ini timbul sehubungan dengan pembelian bahan baku tandan buah segar oleh Perusahaan dari para petani plasma.
d. Restricted fund in PT Bank Pembangunan Daerah Sumatera Barat represents the cash owned by the plasma farmers who are members of certain Cooperatives that are under the supervision of BPP. The usage of the cash account is managed by BPP for the purpose and need of the plasma farmers only. This account is incurred in connection with the purchases of fresh fruit bunches made by the Company from the plasma farmers.
Dana ini digunakan untuk keperluan operasional kebun petani plasma dan pembayaran angsuran pinjaman kepada bank.
This fund is used for the operating expense of the plasma farmer estates and the loan installments to the bank.
50
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
15. PROYEK PENGEMBANGAN USAHA
15. BUSINESS DEVELOPMENT PROJECTS 2009
2008
Proyek Karet Proyek Pesisir Proyek Internasional Proyek Sarolangun Proyek Seed Procesing Unit Proyek Tebo Proyek Batanghari Proyek NTT Busdev Proyek Merauke Lain-lain
212.246.899 98.443.988 93.446.056 86.825.673 60.454.970 44.779.073 20.046.567 505.296
96.207.027 49.356.615 40.498.746 96.864.800 47.292.031 39.191.389 9.519.267 10.570.893 7.419.122 13.209.270
Rubber Project Pesisir Project International Project Project in Sarolangun Seed Procesing Unit Project Tebo Project Batanghari Project NTT Busdev Project Merauke Project Other
Jumlah
616.748.522
410.129.160
Total
Pada tahun 2009 dan 2008, akun ini merupakan biaya yang dikeluarkan oleh AGW, BPP, HIM, AMR dan BSEP, Anak perusahaan, dan Perusahaan sehubungan dengan rencana proyek pengembangan perkebunan kelapa sawit di Kabupaten Muara Tebo, Jambi dengan luas areal 15.000 Ha, Kabupaten Sarolangun, Jambi dengan luas areal 10.000 Ha dan Pangkalan Bun, Kalimantan Tengah dengan luas areal 58.000 Ha dan Kabupaten Indragiri Hilir kurang lebih 12.500 Ha.
In 2009 and 2008, this account consists of the expenses incurred by AGW, BPP, HIM, AMR and BSEP, Subsidiaries, and the Company in regard to the development on the project plan of oil palm plantations in Kabupaten Muara Tebo, Jambi of 15,000 Ha, Kabupaten Sarolangun, Jambi of 10,000 Ha and Pangkalan Bun, Central of Kalimantan of 58,000 ha and Kabupaten Indragiri Hilir of approximately 12,500 Ha.
a. Proyek Karet
a. Rubber Project
Sampai dengan tanggal 31 Desember 2009, biaya yang dikeluarkan Perusahaan dan Anak perusahaan untuk Proyek Karet sehubungan dengan rencana proyek pengembangan perkebunan karet di Bengkulu dengan luas areal 3.528 Ha. Jumlah biaya yang telah dikeluarkan untuk proyek ini adalah sebesar Rp212,25 miliar yang merupakan biaya survey lapangan, pengurusan perijinan, dan operasional kebun. b. Proyek Pesisir Sampai dengan tanggal 31 Desember 2009, biaya yang dikeluarkan Perusahaan dan Anak perusahaan untuk Proyek Pesisir sehubungan dengan rencana proyek pengembangan perkebunan kelapa sawit di Desa Rawang Bubur, Kecamatan Basa Ampek Balai Tapan, Kabupaten Pesisir Selatan, Sumatera Barat dengan luas areal 3.000 Ha, adalah sebesar Rp98,44 miliar yang merupakan biaya survey lapangan, pengurusan perijinan dan rencana pengembangan areal kebun.
As of December 31, 2009, cost incurred by the Company and Subsidiaries for Rubber Project is related to the development of the project plan of rubber in Bengkulu of 3,528 Ha. Total disbursement for this project amounted to Rp212.25 billion, which consists of surveys, license processing, and plant operational costs.
b. Pesisir Project As of December 31, 2009, costs incurred by the Company and Subsidiaries for Pesisir Project regarding the development the project plan of oil palm plantations in Rawang Bubur Village, Kecamatan Basa Ampek Balai Tapan, Kabupaten Pesisir Selatan, West Sumatra of 3,000 Ha amounted to Rp98.44 billion, which consisted of surveys, license processing and land development plan costs.
51
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 15. PROYEK PENGEMBANGAN USAHA (Lanjutan) c. Proyek Internasional Sampai dengan tanggal 31 Desember 2009, biaya yang dikeluarkan Perusahaan dan Anak perusahaan untuk Proyek Internasional sehubungan dengan rencana proyek pengembangan perkebunan karet seluas 4.000 Ha dan perkebunan kelapa sawit seluas 4.000 Ha di Liberia, Afrika Barat, adalah sebesar Rp93,45 miliar yang merupakan biaya survey lapangan dan pengurusan perijinan. d. Proyek Sarolangun Sampai dengan tanggal 31 Desember 2009, rencana pengembangan perkebunan kelapa sawit di Kabupaten Sarolangun telah sampai pada pemetaan lahan seluas 6.378 Ha, land clearing 2.154 Ha, pembangunan jalan dan jembatan produksi lebar 7M sepanjang 18.198 meter, pembangunan jalan dan jembatan koleksi lebar 5M sepanjang 69.705 meter, pembibitan 499.612 pokok dan penanaman seluas 1.920 Ha. Biaya yang dikeluarkan sampai dengan 31 Desember 2009 adalah sebesar Rp86,83 miliar. e. Proyek Seed Processing Unit Pada tahun 2008, Perusahaan mengembangkan kegiatan operasinya di bidang pembibitan yang berlokasi di Kisaran. Sampai dengan tanggal 31 Desember 2009, jumlah biaya yang dikeluarkan untuk pengembangan usaha ini adalah sebesar Rp60,45 miliar yang meliputi biaya penelitian dan perawatan bibit tanaman. f. Proyek Tebo Sampai dengan tanggal 31 Desember 2009 rencana pengembangan perkebunan kelapa sawit di Kabupaten Muara Tebo telah sampai pada pemetaan lahan seluas 6.225 Ha, land clearing 538,12 Ha, pembangunan jalan dan jembatan produksi lebar 7M sepanjang 7.493 meter, pembangunan jalan dan jembatan untuk pengumpulan dengan lebar 5M sepanjang 28.469 meter, pembibitan 17.867 pokok dan penanaman kelapa sawit seluas 532,43 Ha. Biaya yang dikeluarkan sampai dengan 31 Desember 2009 adalah sebesar Rp44,78 miliar.
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 15. BUSINESS DEVELOPMENT PROJECTS (Continued) c. International Project As of December 31, 2009, costs incurred by the Company and Subsidiaries for International Project in relation to the development project plan of 4,000 Ha of rubber and 4,000 Ha of oil palm plantations in Liberia, West Africa, amounted to Rp93.45 billion, which consisted of surveys and license processing costs. d. Sarolangun Project As of December 31, 2009, the development of the project plan of oil palm plantations in Kabupaten Sarolangun has achieved the blocking of an area amounting to 6,378 Ha, land clearing of 2,154 Ha, infrastructure road and bridge for production of 7M width of 18,198 metres, infrastructure road and bridge for collection of 5M width of 69,705 metres, 499,612 seedlings and planting of 1,920 Ha. Costs incurred as of December 31, 2009 amounted to Rp86.83 billion. e. Seed Processing Unit Project In 2008, the Company expanded it’s operations in its seed processing unit located in Kisaran. As of December 31, 2009, costs incurred in relation to the development project amounted to Rp60.45 billion, which consisted of research and development and seed maintenance costs. f. Tebo Project As of December 31, 2009, the development of the project plan of oil palm plantations in Kabupaten Muara Tebo has already achieved the blocking of an area of 6,225 Ha, land clearing of 538.12 Ha, infrastructure road and bridge for production of 7M width of 7,493 meters, infrastructure road and bridge for collection of 5M width of 28,469 meters, 17,867 seedlings and oil palm planting of 532.43 Ha. Costs incurred as of December 31, 2009 amounted to Rp44.78 billion
52
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 15. PROYEK PENGEMBANGAN USAHA (Lanjutan) g. Proyek Batanghari
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 15. BUSINESS DEVELOPMENT PROJECTS (Continued) g. Batanghari Project
Sampai dengan tanggal 31 Desember 2009, biaya yang dikeluarkan untuk proyek Batanghari sehubungan dengan rencana proyek pengembangan perkebunan karet adalah sebesar Rp20,05 miliar yang merupakan biaya dalam rangka survey lapangan dan pengurusan perijinan. h. Proyek NTT Busdev
As of December 31, 2009, the costs incurred for Batanghari project in relation to the rubber development project plan amounted to Rp20.05 billion, which consisted of surveys and license processing costs.
h. NTT Busdev Project
Sampai dengan tanggal 31 Desember 2009, biaya yang dikeluarkan untuk proyek NTT Busdev sehubungan dengan rencana proyek pengembangan perkebunan kelapa sawit merupakan biaya dalam rangka survey lapangan dan pengurusan perijinan. Manajemen Anak perusahaan, PT Agrowiyana (AGW), berkeyakinan bahwa proyek tersebut tidak akan menghasilkan manfaat di masa depan dan melakukan penghapusan proyek tersebut. i. Proyek Merauke
As of December 31, 2009, the costs incurred for NTT Busdev project in relation to the palm oil development project plan consisted of surveys and license processing. The management of the Subsidiary, PT Agrowiyana (AGW), believes that there will be no future benefits relating to the project and written-off this project.
i. Merauke Project
Sampai dengan tanggal 31 Desember 2009, biaya yang dikeluarkan untuk proyek Merauke sehubungan dengan rencana proyek pengembangan perkebunan tebu merupakan biaya dalam rangka survey lapangan dan pengurusan perijinan. Manajemen AGW berkeyakinan bahwa proyek tersebut tidak akan menghasilkan manfaat di masa depan dan melakukan penghapusan proyek tersebut.
As of December 31, 2009, costs incurred for Merauke project in respect of the sugar cane development project plan consisted of surveys and license processing costs. The management of AGW believes that there will be no future benefits relating to the project and written-off this project.
Berdasarkan evaluasi manajemen tidak terdapat kejadian-kejadian atau perubahan-perubahan keadaan yang mengindikasikan adanya penurunan nilai proyek pengembangan usaha Perusahaan dan Anak perusahaan.
Based on the evaluation of the management, there are no events or changes in circumstances that indicate impairment in the value of the Company and Subsidiaries’ business development projects.
16. BEBAN TANGGUHAN HAK ATAS TANAH
16. DEFERRED COST OF LAND RIGHTS
Akun ini terdiri dari:
This account consists of: 2009
2008
Beban tangguhan hak atas tanah Penambahan Pengurangan
38.010.879 (2.293.563 )
33.271.804 4.739.075 -
Jumlah Akumulasi amortisasi
35.717.316 (6.262.321 )
38.010.879 (5.140.379 )
Bersih
29.454.995
32.870.500
Deferred cost of of land rights Additions Deductions Total Accumulated amortization Net
53
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
16. BEBAN TANGGUHAN HAK ATAS TANAH (Lanjutan)
16. DEFERRED COST OF LAND RIGHTS (Continued)
Mutasi akumulasi amortisasi beban tangguhan hak atas tanah adalah sebagai berikut: 2009
Movements of the accumulated amortization of deferred cost of land rights were as follows: 2008
Saldo awal Beban amortisasi tahun berjalan
5.140.379
3.858.365
1.121.942
1.282.014
Beginning balance Amortization expense for the year
Saldo akhir
6.262.321
5.140.379
Ending balance
17. HUTANG BANK JANGKA PENDEK
17. SHORT-TERM BANK LOAN
Pada tanggal 13 Agustus 2007, PT Grahadura Leidong Prima (GLP), Anak perusahaan, memperoleh pinjaman dari Raiffesen Zentralbank Osterreich AG (RZB - Austria), cabang Singapura, dengan fasilitas kredit keseluruhan adalah sebesar USD15 juta. Pinjaman tersebut digunakan GLP untuk membiayai modal kerjanya. Fasilitas ini dikenakan bunga pinjaman sebesar LIBOR ditambah 2,75% per tahun dan jatuh tempo pada tanggal 12 Agustus 2008.
On August 13, 2007, PT Grahadura Leidong Prima (GLP), a subsidiary, entered into a bank loan agreement with Raiffesen Zentralbank Osterreich AG (RZB - Austria), Singapore branch, with a loan facility amounting to USD15 million. This loan facility was used to finance its working capital. This facility bears interest rate of LIBOR + 2.75% per annum and was due on August 12, 2008.
Pada tanggal 27 Juli 2009, GLP melakukan perpanjangan hutang bank jangka pendek selama satu tahun yang akan jatuh tempo pada tanggal 30 Juli 2010.
On July 27, 2009, GLP rolled over the short-term bank loan for one year with due date being on July 30, 2010.
Hutang bank ini dijaminkan dengan piutang dan klaim asuransi serta hipotek pertama dari satu tanaman perkebunan GLP and PT Guntung Idamannusa (GIN), Anak perusahaan.
This loan is secured by fiduciary of receivables and any claims of insurance and first ranking mortgage of the plantations of GLP and PT Guntung Idamannusa (GIN), also a subsidiaries.
Pada tanggal 31 Desember 2009 dan 2008 saldo hutang bank jangka pendek yang masih terhutang masing-masing adalah sebesar Rp141 miliar dan Rp164,25 miliar.
As of December 31, 2009 and 2008, the outstanding balance of the short-term bank loan amounted to Rp141 billion and Rp164.25 billion, respectively.
Sesuai dengan perjanjian, GLP dan GIN selaku debitur diwajibkan memenuhi persyaratan tertentu, antara lain batasan rasio keuangan dan persyaratan administrasi. Pada tanggal 31 Desember 2009 dan 2008, Anak Perusahaan telah memenuhi rasio keuangan sesuai dengan yang dipersyaratkan dalam perjanjian.
Based on the agreement, GLP and GIN are required to fulfill certain requirements, such as maintaining certain financial ratios and administration requirements. As of December 31, 2009 and 2008, the Subsidiaries is in compliance with the financial ratios as required under the terms of the agreement.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
18. HUTANG USAHA - PIHAK KETIGA
18. TRADE PAYABLES - THIRD PARTIES
Akun ini terdiri dari:
This account consists of: 2009
Dolar Amerika Serikat: PT Pupuk Hi-Kay (USD3.036.447 pada tahun 2009, USD4.223.144 pada tahun 2008) PT Intan Surya Pratama (USD862.402 pada tahun 2009, USD nihil pada tahun 2008) De Smet Ballestra (Sea) Pte. Ltd (USD663.815 pada tahun 2009, USD663.800 pada tahun 2008) PT Taiko Persada Indoprima (USD372.904 pada tahun 2009, USD nihil pada tahun 2008) PT Sasco (USD332.846 pada tahun 2009, USD nihil pada tahun 2008) PT Lingga Manik (USD207.187 pada tahun 2009, USD nihil pada tahun 2008) Lain-lain (masing-masing dibawah Rp1 Miliar)
2008 United States Dollar:
28.542.603
46.243.425
PT Pupuk Hi-Kay (USD3,036,447 in 2009, USD4,223,144 in 2008)
8.106.576
-
6.239.863
7.268.610
PT Intan Surya Pratama (USD862,402 in 2009, USD nil in 2008) De Smet Ballestra (Sea) Pte. Ltd (USD663,815 in 2009, USD663,800 in 2008)
-
PT Taiko Persada Indoprima (USD372,904 in 2009, USD nil in 2008)
-
PT Sasco (USD332,846 in 2009, USD nil in 2008)
3.505.297
3.128.749
1.947.560
-
-
8.304.249
PT Lingga Manik (USD207,187 in 2009, USD nil in 2008) Others (each under Rp1 Billion)
51.470.648
61.816.284
Sub-total
217.214
-
Euro: PT Alva Laval (EUR16,078 in 2009 and EUR nil in 2008)
24.583.810 13.087.645 10.822.614 10.264.564 8.204.175 5.690.598 4.475.001 2.933.505 2.274.287 2.054.961 2.046.605 1.354.352 1.216.617 856.355 579.271 -
4.442.403 2.255.552 2.743.261 6.198.135 3.505.296 3.217.716 2.766.165 2.537.809
39.807.060
30.032.827
Rupiah: PT Sri Sumatra Sejahtera PT Intan Surya Pratama PT Pupuk Hi-Kay PT Lingga Manik PT Julang Oca Permana PT Bhanda Graha Reksa UD Pertiwi PT Cipta Agro Sejahtera PT Bintika Kusuma PT Makin CIRAD PT Sumber Jaya PT Caraka Agrindotama PT Swasti Tunggal Mandiri PT Taiko Persada Indoprima PT Mega Eltra PT Bitung Guna Sejahtera PT Bona Nusantara Raya Sakti Others (each under Rp1 billion)
Sub-jumlah
130.251.420
57.699.164
Sub-total
Jumlah
181.939.282
119.515.448
Total
Sub-jumlah Euro: PT Alva Laval (EUR16.078 pada tahun 2009, dan EUR nihil pada tahun 2008 Rupiah: PT Sri Sumatra Sejahtera PT Intan Surya Pratama PT Pupuk Hi-Kay PT Lingga Manik PT Julang Oca Permana PT Bhanda Graha Reksa UD Pertiwi PT Cipta Agro Sejahtera PT Bintika Kusuma PT Makin CIRAD PT Sumber Jaya PT Caraka Agrindotama PT Swasti Tunggal Mandiri PT Taiko Persada Indoprima PT Mega Eltra PT Bitung Guna Sejahtera PT Bona Nusantara Raya Sakti Lain-lain (masing-masing dibawah Rp1 miliar)
55
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 18. HUTANG USAHA - PIHAK KETIGA (Lanjutan)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 18. TRADE PAYABLES - THIRD PARTIES (Continued)
Hutang usaha merupakan hutang untuk pembelian bahan baku, bahan kimia, pupuk, suku cadang dan peralatan lainnya.
Trade payables represent payables for purchases of raw materials, chemicals, fertilizers, spareparts and other equipment.
Rincian umur hutang usaha dihitung sejak tanggal faktur sebagai berikut:
The details of the aging schedule for trade payables, which are determined by reference to the dates of invoices, were as follows:
2009 Sampai dengan 30 hari 31 hari sampai 60 hari 61 hari sampai 90 hari Lebih dari 90 hari Jumlah
2008
57.546.196 18.097.481 9.212.286 97.083.319
29.025.269 25.511.591 29.198.724 35.779.864
Current up to 30 days 31 days to 60 days 61 days to 90 days More than 90 days
181.939.282
119.515.448
Total
19. BEBAN MASIH HARUS DIBAYAR
19. ACCRUED EXPENSES
Akun ini terdiri dari:
This account consists of: 2009
2008
Bunga Gaji, upah dan tunjangan Jasa profesional Lain-lain (masing-masing dibawah Rp1 miliar)
39.882.891 26.975.862 1.015.330
32.658.185 14.621.740 571.018
13.165.877
8.228.773
Interest Salaries,wages and fringe benefits Professional fees Others (each under Rp1 billion)
Jumlah
81.039.960
56.079.716
Total
20. HUTANG DIVIDEN
20. DIVIDENDS PAYABLE
Berdasarkan Rapat Umum Pemegang Saham Tahunan yang diselenggarakan pada tanggal 10 Juni 2009, pemegang saham Perusahaan menyetujui pembagian dividen tunai tahun buku 2008, yaitu sebesar 20% dari laba bersih atau Rp9 (angka penuh) setiap saham.
Based on the Company’s Annual Shareholders’ General Meeting held on June 10, 2009, the Company’s shareholders approved the distribution of profit as cash dividends of 2008, which represented 20% of net income or Rp9 (full amount) per share.
Hutang dividen pada tanggal 31 Desember 2009 dan 2008 masing-masing sebesar Rp1,53 miliar dan Rp1,47 miliar dengan rincian sebagai berikut:
As of December 31, 2009 and 2008, dividends payable amounted to Rp1.53 billion and Rp1.47 billion, respectively, with details as follows:
2009 Terhutang sejak: Tahun 2008 Tahun 2007 Tahun 2006 Sebelum tahun 2006 Jumlah
2008 53.829 111.901 383.537 979.046
111.901 383.537 979.046
Outstanding since: Year 2008 Year 2007 Year 2006 Before year 2006
1.528.313
1.474.484
Total
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
21. UANG MUKA PENJUALAN
21. ADVANCES ON SALES
Akun ini merupakan uang muka penjualan atas produk karet, minyak sawit, inti sawit, tandan buah segar dan kayu karet, terdiri dari: 2009 PT Sinar Alam Permai Leonard Djajali Perdagangan PT Intan Surya Pratama PT Wilmar Nabati Indonesia PT Mulitimas Nabati Asahan Medan PT Welcome Trading PT Sri Sumatera Sejahtera PT Musim Mas Lain-lain (masing-masing dibawah Rp1 miliar) Jumlah
2008
34.746.096 34.121.472 23.266.764 23.007.588 18.387.751 13.633.987 1.754.277 306.956
14.338.290 5.942.278
14.335.938
35.158.024
PT Sinar Alam Permai Leonard Djajali Perdagangan PT Intan Surya Pratama PT Wilmar Nabati Indonesia PT Mulitimas Nabati Asahan Medan PT Welcome Trading PT Sri Sumatera Sejahtera PT Musim Mas Others (each under Rp1 billion)
163.560.829
55.438.592
Total
22. PINJAMAN JANGKA PANJANG
22. LONG-TERM LOANS
Akun ini terdiri dari hutang kepada pihak ketiga sebagai berikut: 2009 Dolar Amerika Serikat Raiffesen Zentralbank Osterreich AG (RZB - Austria), Singapura Rupiah PT Bank CIMB Niaga Tbk: PT Nibung Arthamulia PT Grahadura Leidong Prima Pengadaan Kendaraan Operasional Sub-jumlah Bagian jatuh tempo dalam satu tahun: Rupiah PT Bank CIMB Niaga Tbk: PT Nibung Arthamulia PT Grahadura Leidong Prima Pengadaan Kendaraan Operasional Jumlah bagian jatuh tempo dalam satu tahun
This account represents advances on sales of rubber products, crude palm oil, palm kernel, fresh fruit bunches and rubber wood, which consists of the following:
This account consisted of the following loans from third parties: 2008
141.000.000
-
4.325.474 697.766
3.235.997 -
379.963
-
146.403.203
3.235.997
US Dollar Raiffesen Zentralbank Osterreich AG (RZB - Austria), Singapore Rupiah PT Bank CIMB Niaga Tbk: PT Nibung Arthamulia PT Grahadura Leidong Prima Procurement of Vehicle Operations Sub-total
1.667.756 515.933
2.647.767 -
207.537
-
Current maturities of long-term loans: Rupiah PT Bank CIMB Niaga Tbk: PT Nibung Arthamulia PT Grahadura Leidong Prima Procurement of Vehicle Operations
2.391.226
2.647.767
Total current maturities of long-term loans
57
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
22. PINJAMAN JANGKA PANJANG (Lanjutan)
22. LONG-TERM LOANS (Continued)
2009 Pinjaman jangka panjang setelah dikurangi bagian yang jatuh tempo dalam satu tahun - pihak ketiga Dolar Amerika Serikat Raiffesen Zentralbank Osterreich AG (RZB - Austria), Singapura Rupiah PT Bank CIMB Niaga Tbk: PT Nibung Arthamulia PT Grahadura Leidong Prima Pengadaan Kendaraan Operasional Bersih
2008
141.000.000
-
2.657.718 181.833
588.230 -
172.426
-
Long-term loans - net of current maturities - third parties US Dollar Raiffesen Zentralbank Osterreich AG (RZB - Austria), Singapore Rupiah PT Bank CIMB Niaga Tbk: PT Nibung Arthamulia PT Grahadura Leidong Prima Procurement of Vehicle Operations
144.011.977
588.230
Net
Raiffesen Zentralbank Osterreich AG (RZB Austria), Singapura
Raiffesen Zentralbank Osterreich AG (RZB Austria), Singapore
Pada tanggal 16 September 2009, GLP, Anak perusahaan memperoleh pinjaman baru dari Raiffesen Zentralbank Osterreich AG (RZB Austria), cabang Singapura, dengan fasilitas kredit keseluruhan sebesar USD15 juta. Pinjaman tersebut digunakan GLP untuk membiayai penerbitan obligasi (Catatan 24). Fasilitas ini dikenakan bunga sebesar 10,75% per tahun dan jatuh tempo pada tanggal 30 November 2011.
On September 16, 2009, GLP, a Subsidiaries, entered into a bank loan agreement with Raiffesen Zentralbank Osterreich AG (RZB Austria), Singapore branch, with a loan facility amounting to USD15 million. This loan facility was used to finance its purchase of the relevant Purchased Notes (Note 24). This facility bears interest rate of 10.75% per annum and is due on November 30, 2011.
Pinjaman ini dijaminkan dengan piutang dan klaim asuransi serta hiptek pertama dari tanaman perkebunan GLP dan PT Guntung Idamannusa (GIN) , Anak perusahaan.
This loan is secured by fiduciary of receivables and any claims of insurance and first ranking mortgage of plantations of GLP and PT Guntung Idamannusa (GIN), Subsidiaries.
Sesuai dengan perjanjian, GLP dan GIN selaku debitur diwajibkan memenuhi persyaratan tertentu, antara lain batasan rasio keuangan dan persyaratan administrasi. Pada tanggal 31 Desember 2009, Anak Perusahaan telah memenuhi rasio keuangan sesuai dengan yang dipersyaratkan dalam perjanjian.
Based on the agreement, GLP and GIN is required to fulfill certain requirements, such as maintaining certain financial ratios and administration requirements. As of December 31, 2009, the Subsidiaries is in compliance with the financial ratios as required under the terms of the agreement.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
22. PINJAMAN JANGKA PANJANG (Lanjutan)
22. LONG-TERM LOANS (Continued)
PT Bank CIMB Niaga Tbk
PT Bank CIMB Niaga Tbk
a. PT Nibung Arthamulia
a. PT Nibung Arthamulia
Pada tanggal 26 Februari 2007, NAM, Anak perusahaan, mengadakan perjanjian fasilitas pinjaman dengan PT Bank CIMB Niaga Tbk, yang terdiri dari fasilitas (1) Pinjaman Transaksi Khusus I dengan pagu maksimum sebesar Rp3 miliar. Jangka waktu pinjaman adalah 3 tahun sejak tanggal penarikan 28 Februari 2007. Pinjaman ini dikenai bunga sebesar 15% per tahun dan digunakan sebagai tambahan modal kerja, (2) Pinjaman Transaksi Khusus II dengan pagu maksimum sebesar Rp3 miliar. Jangka waktu pinjaman adalah 3 tahun sejak tanggal penarikan 28 Februari 2007. Pinjaman ini dikenai bunga sebesar 14,50% per tahun dan digunakan sebagai pembiayaan kembali pabrik.
On February 26, 2007, NAM, a Subsidiaries, entered into a loan facility agreement with PT Bank CIMB Niaga Tbk, based on of the following facilities: (1) Special Loan Transaction I with loan credit ceiling of Rp3 billion. The loan is due in 3 years from the receipt on February 28, 2007. This loan bears interest of 15% per annum and was used for additional working capital, (2) Special Transaction Loan II with credit ceiling of Rp3 billion. The loan is due in 3 years from receipt of the proceeds on February 28, 2007. This loan bears interest of 14.50% per annum and was used for refinancing the factory.
Pinjaman tersebut dijamin dengan tanah dan bangunan senilai Rp3,25 miliar dan mesin pabrik senilai Rp5 miliar dan fiducia atas tagihan dari NAM senilai Rp3 miliar.
These loans are guaranteed with land and buildings of Rp3.25 billion and factory machinery of Rp5 billion and fiduciary of receivables from the NAM of Rp3 billion.
b. PT Grahadura Leidong Prima Pada tanggal 4 Oktober 2008, GLP, Anak perusahaan mengadakan perjanjian fasilitas pinjaman dengan PT Bank CIMB Niaga Tbk untuk fasilitas kredit Transaksi Pinjaman Khusus Rp1,20 miliar (tingkat bunga 11,50% per tahun) dengan tujuan pembelian 1 unit Motor Grader dengan periode 24 bulan yang akan berakhir 10 April 2011.
b. PT Grahadura Leidong Prima On October 4, 2008, GLP, a Subsidiaries, entered into a Special Transaction Loan credit facility with PT Bank CIMB Niaga Tbk amounting up to Rp1.20 billion (interest rate 11.50% per annum) for the purpose of purchasing 1 unit Motor Grader with installment period of 24 months that will end on April 10, 2011.
Pengadaan Kendaraan operasional
Procurement of Vehicles Operation
Merupakan hutang yang dimiliki Perusahaan atas pengadaan kendaraan operasional Perusahaan dan karyawan secara kredit. Atas pengadaan kendaraan operasional karyawan yang dibayarkan terlebih dahulu oleh Perusahaan akan dilunasi melalui pemotongan gaji setiap bulan dan pelunasan hutang tersebut akan dilakukan secara cicilan selama 36 bulan sejak tanggal persetujuan kredit. Jadwal pelunasan kredit bervariasi antara tahun 2010-2011 dan 2009-2010 masing-masing untuk tahun yang berakhir pada tanggal-tanggal pada tanggal 31 Desember 2009 dan 2008. Pinjaman ini dijamin dengan surat-surat pemilikan kendaraan yang kepemilikannya dibiayai oleh masing-masing pinjaman ini.
This represents loans obtained by the Company to purchase the Company’s and the employees’ vehicles on credit. For the employees’ vehicles, the Company advances first and then deducts from the employee’s monthly salary in 36 monthly installments starting from the date of credit approval. The schedule of installment payments for the years ended December 31, 2009 and 2008 ranged from 2010 to 2011 and 2009 to 2010, respectively. These loans are secured by documents of ownership of the assets financed by the loans.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
23. KEWAJIBAN IMBALAN KERJA
23. EMPLOYEE BENEFITS OBLIGATION
Perusahaan dan Anak perusahaan menyelenggarakan program pensiun manfaat pasti untuk seluruh karyawan tetap yang memenuhi syarat. Aset program pensiun Perusahaan dan Anak perusahaan (AGW, BPP dan HIM) dikelola oleh Dana Pensiun Bakrie yang didirikan berdasarkan Surat Keputusan Menteri Keuangan Republik Indonesia.
The Company and Subsidiaries have defined retirement benefit plans covering substantially all of their eligible permanent employees. The pension plan’s assets of the Company and Subsidiaries (AGW, BPP and HIM) are being managed by Dana Pensiun Bakrie, which was established based on the decision letter of the Minister of Finance of the Republic of Indonesia.
Dana pensiun dibebankan dalam beban usaha (biaya jasa kini dan amortisasi biaya jasa lalu) berdasarkan penilaian aktuaria. Program ini efektif sejak tanggal 1 Januari 1996 untuk Perusahaan dan 9 Juni 1999 untuk Anak perusahaan.
The retirement benefit costs charged to operations (current-service cost and amortization of past-service cost) are based on actuarial valuation. This plan has been effective since January 1, 1996 for the Company and June 9, 1999 for the Subsidiaries.
Aset dana pensiun terutama terdiri dari deposito berjangka, surat-surat berharga dan investasi jangka panjang dalam bentuk saham.
The pension plan’s assets consist mainly of time deposits, marketable securities and long-term investment in shares.
Penilaian aktuaria terakhir atas dana pensiun Perusahaan dan Anak perusahaan per tanggal 31 Desember 2009 dan 2008, PT Rileos Pratama, aktuaris independen, menggunakan metode “Projected Unit Credit” dengan asumsi-asumsi sebagai berikut:
The Company and Subsidiaries’ retirement benefit costs as of December 31, 2009 and 2008, were calculated by PT Rileos Pratama, independent actuary firm, using the “Projected Unit Credit” method with assumption as follows:
Perusahaan dan Anak perusahaan / The Company and Subsidiaries Tingkat diskonto
11% untuk tahun yang berakhir 31 Desember 2009/ 11% for the year ended December 31, 2009 12% untuk tahun yang berakhir 31 Desember 2009/ 12% for the year ended December 31, 2008
Tingkat kenaikan gaji tahunan Tingkat kematian Usia pensiun normal Tingkat pengunduran diri peserta Proporsional s/d 0% (usia 45 tahun) Tingkat cacat Tingkat pengunduran dipercepat
8% Tabel Mortalitas CSO 1980 / Mortality Table CSO 1980 55 tahun / 55 years 10% (usia 25 tahun) dan menurun / 10% (age 25 years) and declined rate 1% dari / from CSO 1980 2% (usia 45 -54 tahun) / 2% (age 45 - 54 years)
Discount rate
Rate of salary increase per year Mortality rate Normal pension age Participants’ resignation Proportionally until 0% (age 45 years) Handicap rate Accelerate resignation rate
60
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 23. KEWAJIBAN IMBALAN KERJA (Lanjutan)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 23. EMPLOYEE BENEFITS OBLIGATION (Continued)
Rincian beban penyisihan imbalan kerja Perusahaan dan Anak perusahaan yang diakui pada laporan laba rugi konsolidasian adalah sebagai berikut : 2009
The details of retirement benefit expense of the Company and Subsidiaries in the consolidated statements of income were as follows : 2008
Biaya jasa kini Biaya bunga Amortisasi biaya jasa lalu (non-vested) Amortisasi (keuntungan) kerugian aktuaria Biaya jasa lalu (vested)
1.458.361 874.103
782.228 640.957
187.148
284.208
122.272 (918.382 )
9.795 (571.718 )
Jumlah
1.723.502
1.145.470
Current-service cost Interest cost Amortization of past-service cost (non-vested) Amortization of actuarial losses ( gains) Past service cost (vested) Total
Beban atas imbalan kerja karyawan disajikan sebagai bagian dari akun “Beban Umum dan Administrasi” dalam laporan laba rugi konsolidasian tahun berjalan.
The retirement benefit expense is presented as part of “General and Administrative Expenses” in the consolidated statements of income for the current year.
Jumlah penyisihan imbalan kerja yang diakui dalam neraca konsolidasian adalah sebagai berikut:
Employee benefits obligation presented in the consolidated balance sheets was as follows :
2009 Nilai kini kewajiban Nilai aset program
2008
71.480.879 (64.566.018 )
73.262.167 (56.109.519 )
Selisih lebih nilai kini kewajiban Biaya jasa lalu yang belum diamortisasi (non-vested) Keuntungan aktuaria yang belum diakui
6.914.861
17.152.648
(428.134 ) 13.648.669
(737.554 ) 15.545.733
Bersih
20.135.396
31.960.827
Rekonsiliasi imbalan kerja karyawan yang disajikan di neraca konsolidasian adalah sebagai berikut: 2009 Awal tahun Biaya yang dibebankan untuk tahun berjalan Manfaat yang dibayar Akhir tahun
Present value of defined benefits obligation Fair value of plan assets Excess of fair value of liabilities over plan assets Unamortized past-service cost (non-vested) Unrecognized actuarial gains Net
Reconciliation of employee benefits obligation presented on the consolidated balance sheets is as follows: 2008
31.960.827
41.065.873
1.723.502 (13.548.933 )
1.145.470 (10.250.516 )
20.135.396
31.960.827
Beginning balance Expenses charged in the current year Benefits paid Ending balance
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
24. HUTANG OBLIGASI
24. BONDS PAYABLE
Hutang obligasi terdiri dari:
Bonds payable consists of the following: 2009
Hutang obligasi - pihak ketiga: Unconditionally and Irrevocably Senior Notes - bersih (USD155.100.230 pada tahun 2009 dan USD155.666.152 pada tahun 2008)
1.456.267.459
2008
1.679.275.328
Bonds payable - third parties: Unconditionally and Irrevocably Senior Notes - net (USD155,100,230 in 2009 and USD155,666,152 in 2008)
Pada tanggal 17 Oktober 2006, BSP Finance B.V., Anak perusahaan, menerbitkan Hutang Obligasi Senior (“Obligasi”) dengan tingkat bunga 10,75% senilai USD110 juta dengan persyaratan yang tertera dalam sirkulasi penawaran tertanggal 5 Oktober 2006 dengan harga penerbitan 98%, dimana Obligasi dijamin tanpa syarat dan tidak dapat dibatalkan oleh Perusahaan dan akan terdaftar di Bursa Sekuritas Singapura. Penerimaan bersih sebesar USD107,8 juta diterima pada 17 Oktober 2006.
On October 17, 2006, the BSP Finance B.V., a Subsidiaries, issued a 10.75% Senior Secured Notes (the “Notes”) in the amount of USD110 million under the conditions as reflected in the offering circular dated October 5, 2006 at an issue price of 98%, unconditionally and irrevocably guaranteed by the Company and listed on the Singapore Exchange Securities Trading Limited. The net proceeds of USD107.8 million were received on October 17, 2006.
Pinjaman jangka panjang terdiri dari hutang obligasi dengan tingkat bunga 10,75% per tahun, pembayaran bunga akan jatuh tempo pada tanggal 1 Mei dan 1 November tiap tahunnya, Obligasi ini dijamin dengan suatu hak gadai (tunduk atas seluruh hak gadai yang diizinkan) pada hakikatnya atas seluruh piutang, klaim asuransi, persediaan, properti Perusahaan dan Anak perusahaan serta saham Anak perusahaan yang dimiliki oleh Perusahaan (Catatan 6, 7, 11 dan 12).
The Notes bear interest at the rate 10.75% per annum and payments of the interest will be due on May 1 and November 1 each year. The Notes are secured by lien (subject to any permitted liens) on substantially all of the Company’s and its Subsidiaries’ receivables, insurance proceeds, inventories, properties and capital stock of each subsidiaries owned by the Company (Notes 6, 7, 11, and 12).
Penerimaan dari penerbitan Obligasi akan digunakan oleh Perusahaan sebagai pelunasan hutang dan untuk keperluan modal kerja.
Proceeds from issuing the Notes were used by the Company for settlement of loan and for working capital requirements.
BSP Finance B.V. menunjuk Bank of New York, cabang London, sebagai trustee, agen pembayaran, agen transfer dan agen Escrow; dan PT Bank Danamon Indonesia Tbk sebagai Agen Penjaminan di Indonesia. Berdasarkan tingkat kredit yang diterbitkan oleh Moody’s Investor Service Inc. dan Standard & Poor’s rating group, sebuah divisi dari McGraw-Hill Companies Inc. tertanggal 19 September 2009, Obligasi mendapat nilai “B-” dan “B-”.
BSP Finance B.V. appointed the Bank of New York, London Branch, as trustee, paying agent, transfer agent and Escrow agent and PT Bank Danamon Indonesia Tbk as Indonesian Collateral Agent. Based on credit rating issued by Moody’s Investor Service Inc. and Standard & Poor’s rating Group, a division of the McGraw-Hill Companies Inc. dated September 19, 2009, the Notes are rated “B-” and “B-”.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
24. HUTANG OBLIGASI (Lanjutan)
24. BONDS PAYABLE (Continued)
Pada tanggal 7 Maret 2007, BSP Finance B.V. menerbitkan Obligasi baru sebesar USD50 juta dengan tingkat bunga 10,75% dengan persyaratan tertera pada sirkulasi penawaran tertanggal 27 Februari 2007 dengan harga penerbitan 101% dibawah persyaratan yang sama dengan Obligasi tertanggal 17 Oktober 2006. Premi dengan jumlah USD500.000 akan diamortisasi menggunakan metode garis lurus pada durasi Obligasi.
On March 7, 2007 the BSP Finance B.V. issued new 10.75% Notes in the amount of USD50 million under the conditions as reflected in the offering circular dated February 27, 2007 at an issue price of 101% under the same conditions as the Notes issued on October 17, 2006. The premium on the amount of USD500,000 on the Notes will be amortized on a straight-line basis over the duration of the Notes.
Perusahaan (“Pemberi Garansi”) menyepakati sebuah Perjanjian Garansi (“Perjanjian”) dengan BSP Finance B.V. pada tanggal 17 Oktober 2006, dimana Pemberi Garansi setuju untuk membayar BSP Finance B.V. senilai sama dengan hutang BSP Finance B.V. terhadap para pemegang Obligasi, kurang dari jumlah dari modal ekuitas perusahaan, sama dengan modal saham yang telah diterbitkan Perusahaan, dan surplus kontribusi modal atau modal lain Perusahaan yang relevan untuk memenuhi resiko keadaan ekonomi sesuai dengan Keputusan Kementrian Keuangan Kerajaan Belanda tertanggal 11 Agustus 2004. Perjanjian ini akan berlanjut sampai dan akan berakhir dengan pelunasan penuh dari hutang obligasi. Perjanjian ini diatur dan terikat dengan hukum Kerajaan Belanda.
The Company (“Guarantor”) entered into a Guarantee Agreement (the “Agreement”) with BSP Finance B.V. on October 17, 2006 wherein the Guarantor has agreed to pay BSP Finance B.V. amounts equal to the amounts payable by BSP Finance B.V. to the holders of the Notes, less an amount of the BSP Finance’s equity capital, being equal to the BSP Finance’s issued and paid-up share capital and capital surplus contribution or any other such amount of the BSP Finance’s equity capital as relevant to meet the substance and economic risk conditions in accordance with the Decree of the Netherlands Ministry of Finance, dated August 11, 2004. The Agreement will continue until and terminate upon full payment of the Notes. The Agreement is governed by and construed in accordance with the laws of the Netherlands.
Rincian hutang obligasi - Senior Notes - bersih pada tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:
The details of bonds payable - Senior Notes - net as of December 31, 2009 and 2008 were as follows:
2009 Senior Notes jatuh tempo pada tahun 2011 (USD110.000.000) Ditambah (dikurangi): Diskonto yang belum diamortisasi (USD788.334 pada tahun 2009 dan (USD788,334 in 2009 and USD1.338.334 pada tahun 2008) Biaya penerbitan Senior Notes (USD7.107.267) Akumulasi amortisasi penerbitan Senior Notes (USD4.187.603 pada tahun 2009, USD2.766.155 pada tahun 2008)
1.034.000.000
2008 1.204.500.000
Senior Notes due in 2011 (USD110,000,000) Add (Deduct): Unamortized discount
(7.410.340 )
(13.450.247 )
(72.710.958 )
(72.710.958 )
43.604.643
29.084.383
Sub-jumlah
(36.516.655 )
(57.076.822 )
Bersih
997.483.345
1.147.423.178
USD1,338,334 in 2008) Issuance cost of Senior Notes (USD7,107,267) Accumulated amortization issuance of Senior Notes (USD4,187,603 in 2009 and USD2,766,155 in 2008) Sub-total Net
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
24. HUTANG OBLIGASI (Lanjutan)
24. BONDS PAYABLE (Continued) 2009
Senior Notes jatuh tempo pada tahun 2011 (USD50.000.000) Ditambah (dikurangi): Premium yang belum diamortisasi (USD206.306 pada tahun 2009 dan (USD206,306 in 2009 and USD306.306 pada tahun 2008) Biaya penerbitan Senior Notes (USD2.905.934) Akumulasi amortisasi penerbitan Senior Notes (USD1.507.856 pada tahun 2009, dan USD926.672 pada tahun 2008)
470.000.000
2008 547.500.000
Senior Notes due in 2011 (USD50,000,000) Add (Deduct): Unamortized premium
1.939.276
3.354.051
(29.233.694 )
(29.233.694 )
16.078.532
10.231.793
Sub-jumlah
(11.215.886 )
(15.647.850 )
Bersih
458.784.114
531.852.150
USD306,306 in 2008) Issuance cost of Senior Notes (USD2,905,934) Accumulated amortization issuance of Senior Notes (USD1,507,856 in 2009, and USD926,672 in 2008) Sub-total Net
Pada tanggal 16 Oktober 2009, BSP Finance B.V. telah melakukan penerbitan Senior Secured Notes (“Obligasi Baru”) sebesar USD25 juta dengan tingkat bunga 10,75% yang akan jatuh tempo pada tahun 2011 dengan harga penerbitan 99% dengan prasyarat sama dengan Obligasi yang diterbitkan pada tanggal 17 Oktober 2006. Diskonto senilai USD205.000 akan diamortisasi menggunakan metode garis lurus selama periode Obligasi Sejak diterbitkannya laporan keuangan ini, Obligasi Baru belum dilepas ke umum, dan diakuisi dan ditahan oleh PT Grahadura Leidong Prima, Anak perusahaan.
On October 16, 2009, BSP Finance B.V. has closed down the issuance of USD25 million, 10.75% Senior Secured Notes due 2011 (“New Notes”) at an issue price of 99% under the same conditions as the Notes issued on October 17, 2006. The discount in the amount of USD205,000 will be amortized on a straight-line basis over the duration of the Notes. As of the date of this report, the New Notes have not been released to the public yet and were acquired and are being held by PT Grahadura Leidong Prima, a Subsidiaries.
Sesuai dengan perjanjian, Perusahaan selaku debitur diwajibkan memenuhi persyaratan tertentu, antara lain batasan rasio keuangan dan persyaratan administrasi. Pada tanggal 31 Desember 2009 dan 2008, Perusahaan telah memenuhi rasio keuangan sesuai dengan yang dipersyaratkan dalam Senior Notes.
Based on the agreement, the Company is required to fulfill certain requirements, such as maintaining certain financial ratios and administration requirements. As of December 31, 2009 and 2008, the Company is in compliance with the financial ratios as required under the terms of the Senior Notes.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
25. MODAL SAHAM
25. CAPITAL STOCK
a. Modal ditempatkan dan disetor penuh
a. Issued and fully paid
Rincian pemilikan saham Perusahaan pada tanggal 31 Desember 2009, 31 Desember 2008, 2007 dan 2006 adalah sebagai berikut:
The details of the Company’s share ownership as of December 31, 2009, December 31, 2008, 2007 and 2006 were as follows:
31 Desember 2009 / December 31, 2009
Pemegang Saham
Jumlah Saham / Number of Shares
Persentase Kepemilikan / Percentage of Ownership
Jumlah / Amount
Shareholders
Credit Suisse Singapore Branch S/A Sun Dragon Capital Ltd. PT Bakrie & Brothers Bank Sarasin Rabo (Asia) Limited a/c PT Bakrie + Brothers Tbk PT Danatama Makmur Bakrie & Brothers Tbk, PT PT Bakrie & Brothers Tbk Bakrie & Brothers, PT Masyarakat
430.000.000 200.000.000
11,37 5,29
43.000.000 20.000.000
200.000.000 114.000.000 82.637.265 13.585.483 4.329.000 2.737.345.187
5,29 3,01 2,19 0,36 0,11 72,38
20.000.000 11.400.000 8.263.727 1.358.548 432.900 273.734.519
Credit Suisse Singapore Branch S/A Sun Dragon Capital Ltd. PT Bakrie & Brothers Bank Sarasin Rabo (Asia) Limited a/c PT Bakrie + Brothers Tbk PT Danatama Makmur Bakrie & Brothers Tbk, PT PT Bakrie & Brothers Tbk Bakrie & Brothers, PT Public
Jumlah
3.781.896.935
100,00
378.189.694
Total
6.100.000
610.000
Treasury shares
3.787.996.935
378.799.694
Net
Saham beredar yang diperoleh kembali Bersih
31 Desember 2008 / December 31, 2008
Pemegang Saham
Jumlah Saham / Number of Shares
Persentase Kepemilikan / Percentage of Ownership
Jumlah / Amount
Shareholders
PT Bakrie Brothers Tbk Masyarakat
1.024.747.752 2.757.149.183
27,10 72,90
102.474.775 275.714.919
PT Bakrie Brothers Tbk Public
Jumlah
3.781.896.935
100,00
378.189.694
Total
6.100.000
610.000
Treasury shares
3.787.996.935
378.799.694
Net
Saham beredar yang diperoleh kembali Bersih
Saham yang dipegang oleh Credit Suisse Singapore Branch S/A Sun Dragon Capital Ltd. dan PT Danatama Makmur adalah milik PT Bakrie & Brothers Tbk.
Shares held by Credit Suisse Singapore Branch S/A Sun Dragon Capital Ltd. and PT Danatama Makmur are owned for PT Bakrie & Brothers Tbk.
65
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
25. MODAL SAHAM (Lanjutan)
25. CAPITAL STOCK (Continued)
b. Saham Beredar yang Dibeli Kembali
b. Treasury Shares
Sebagaimana diputuskan dalam keputusan diluar rapat oleh Dewan Komisaris Perusahaan tanggal 15 Oktober 2008, telah disetujui perolehan kembali saham sebanyakbanyaknya 20% dari modal disetor Perusahaan. Pelaksanaan pembelian kembali saham dilakukan dalam tahun 21 Oktober 2008 sampai dengan 19 Januari 2009. Jumlah saham yang dibeli kembali dalam tahun tersebut adalah sejumlah 6.100.000 lembar saham dengan menggunakan dana sebesar Rp1.996.490.000. 26. TAMBAHAN MODAL DISETOR - BERSIH Akun ini berasal dari selisih antara nilai nominal, seperti yang dinyatakan dalam Anggaran Dasar Perusahaan, dengan harga jual yang ditawarkan kepada masyarakat setelah dikurangi dengan seluruh beban yang berhubungan dengan penawaran umum saham Perusahaan, termasuk juga dari saham bonus dan dividen saham yang diumumkan oleh Perusahaan (Catatan 1b). Saldo Tambahan modal disetor bersih untuk tahun yang berakhir pada tanggal-tanggal 31 Desember 2009 dan 2008 adalah sebesar Rp1,57 triliun. 27. SELISIH KURS KARENA PENJABARAN LAPORAN KEUANGAN Akun ini merupakan selisih yang timbul sebagai akibat dari penjabaran laporan keuangan BSP Finance B.V., Fordways Management Limited and Bookwise Investments Limited, Anak perusahaan yang berdomisili di luar negeri. 28. PENJUALAN BERSIH
As decided in the meeting of the Board of Commissioners dated October 15, 2008, the acquisition of treasury shares at a maximum 20% of the paid-in capital of the Company was approved. The acquisition of the treasury shares started from October 21, 2008 until January 19, 2009. A total of 6,100,000 treasury shares were acquired during the year at a cost of Rp1,996,490,000.
26. ADDITIONAL PAID-IN CAPITAL - NET This account represents the difference between the par value, as stated in the Company’s Articles of Association, and actual selling price offered to the public after the deduction of all stock issuance cost of the Company’s limited public offering. It also includes the issuance of bonus shares and declaration of dividend shares (Note 1b). As of December 31, 2009 and 2008, the balance of additional paid-in capital amounted to Rp1.57 trillion, respectively.
27. EXCHANGE DIFFERENCES DUE TO FINANCIAL STATEMENTS TRANSLATION This account represents exchange differences as a result of translation of the financial statements of BSP Finance B.V., Fordways Management Limited and Bookwise Investments Limited, overseas Subsidiaries. 28. NET SALES
Rincian penjualan bersih Perusahaan dan Anak perusahaan berdasarkan kelompok produk utama adalah sebagai berikut: 2009
Details of net sales of the Company and Subsidiaries based on grouping of main products were as follows: 2008
Kelapa sawit dan produk turunannya Karet Tandan buah segar
1.871.299.142 518.203.431 259.374.264
2.211.500.344 776.644.952 316.055.268
Oil palm and derivatives Rubber Fresh fruit bunches
Jumlah sebelum eliminasi Eliminasi
2.648.876.837 (323.594.807 )
3.304.200.564 (372.781.842 )
Total before elimination Elimination
Jumlah setelah eliminasi
2.325.282.030
2.931.418.722
Total after elimination
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
28. PENJUALAN BERSIH (Lanjutan)
28. NET SALES (Continued)
Pada tahun 2009 dan 2008, jumlah penjualan kepada pihak hubungan istimewa masing-masing adalah sebesar Rp323,59 miliar atau (12,22% dari jumlah penjualan) dan Rp372,78 miliar atau (11,28% dari jumlah penjualan).
In 2009 and 2008, total sales to related parties amounted to Rp323.59 billion or (12.22% of total sales) and Rp372.78 billion or (11.28% of total sales), respectively.
Rincian penjualan produk utama dan pendapatan jasa titip olah kepada pihak hubungan istimewa yang memiliki saldo diatas Rp1 miliar sebelum dieliminasi adalah sebagai berikut:
The details of main product sales and toll fee revenue to related parties, which amounted to above Rp1 billion before elimination were as follows:
2009 Penjualan produk utama: PT Agro Mitra Madani PT Nibung Arthamulia PT Huma Indah Mekar PT Agrowiyana PT Bakrie Sumatera Plantations Tbk. PT Sumbertama Nusapertiwi Pendapatan Jasa titip olah: PT Agrowiyana Jumlah
2008
259.364.635 38.883.496 12.285.551 8.279.744
311.957.887 35.962.217 3.863.541 -
-
12.834.659 4.080.941
4.781.381
4.082.597
Main product sales: PT Agro Mitra Madani PT Nibung Arthamulia PT Huma Indah Mekar PT Agrowiyana PT Bakrie Sumatera Plantations Tbk. PT Sumbertama Nusapertiwi Toll fee: PT Agrowiyana
323.594.807
372.781.842
Total
Rincian pelanggan dengan nilai penjualan melebihi 10% dari penjualan Perusahaan dan Anak perusahaan adalah sebagai berikut:
The details of customers with total sales of more than 10% of total sales of the Company and Subsidiaries were as follows:
31 Desember 2009 / December 31, 2009 Jumlah / Total PT Musim Mas PT Wilmar Nabati Indonesia PT Agro Mitra Madani Anak Perusahaan *) PT Multimas Nabati Asahan Lain-lain (masing-masing di bawah 10%) Jumlah
Persetase / Percentage
386.938.392 308.958.679
15% 12%
267.644.379 263.823.836
10% 10%
PT Musim Mas PT Wilmar Nabati Indonesia PT Agro Mitra Madani Subsidiary *) PT Multimas Nabati Asahan
1.421.511.551
53%
Others (each under 10%)
2.648.876.837
100%
Total
31 Desember 2008 / December 31, 2008 Jumlah / Total PT Wilmar Nabati Indonesia PT Musim Mas PT Agro Mitra Madani Anak Perusahaan *) Lain-lain (masing-masing di bawah 10%) Jumlah
*) Dieliminasi
Persetase / Percentage
439.638.006 362.234.654
13% 11%
311.957.887
9%
PT Wilmar Nabati Indonesia PT Musim Mas PT Agro Mitra Madani Subsidiary *)
2.190.370.017
67%
Others (each under 10%)
3.304.200.564
100%
Total
*) Eliminated 67
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
29. BEBAN POKOK PENJUALAN
29. COST OF GOODS SOLD
Rincian beban pokok penjualan adalah sebagai berikut: 2009 Beban Pokok Penjualan: Beban produksi: Biaya bahan baku Biaya pengolahan Penyusutan (Catatan 12) Gaji, upah dan kesejahteraan karyawan Lain-lain Jumlah Persediaan bahan baku Awal Akhir Produk dalam proses Awal Akhir Persediaan produk jadi Awal Akhir Pembelian barang jadi dari pihak ketiga
The details of the cost of goods sold were as follows: 2008
879.335.150 408.244.165 56.963.117
1.196.525.518 449.938.858 52.268.977
18.620.422 19.993.901
17.405.789 18.365.645
Cost of good sold: Production cost: Raw materials Processing cost Depreciation (Note 12) Salary, wages and fringe benefits Others
1.383.156.755
1.734.504.787
Total Raw materials Beginning Ending
21.293.077 (6.430.343 )
22.548.009 (21.293.077 )
8.310.825 (5.823.802 )
2.763.468 (8.310.825 )
61.832.409 (49.970.204 )
93.262.271 (61.832.409 )
552.901.499
499.018.737
Jumlah sebelum eliminasi Eliminasi
1.965.270.216 (312.484.832 )
2.260.660.961 (351.264.359 )
Total before elimination Elimination
Jumlah setelah eliminasi
1.652.785.384
1.909.396.602
Total after elimination
Jumlah pembelian Perusahaan dan Anak perusahaan pada tahun 2009 dan 2008 masingmasing sebesar Rp1,43 miliar dan Rp1,69 trilyun. Rincian pemasok yang melebihi 10% dari pembelian Perusahaan dan Anak perusahaan sebagai berikut:
Work in process Beginning Ending Finished goods Beginning Ending Purchases of finished goods from third parties
In 2009 and 2008, total purchases of the Company and Subsidiaries amounted to Rp1.43 billion and Rp1.69 trillion, respectively. The details of suppliers with purchases of more than 10% of total purchases of the Company and Subsidiaries were as follows:
31 Desember 2009 / December 31, 2009
Jumlah / Total Agri B.V. PT Agrowiyana, Anak perusahaan *) KUD Suka Makmur Lain-lain (masing-masing di bawah 10%) Jumlah
Persentase Terhadap Jumlah Pembelian / Percentage to Total Purchases
532.649.833
37,19%
Agri B.V.
259.364.636 193.287.840
18,11% 13,49%
PT Agrowiyana, a Subsidiary *) KUD Suka Makmur
446.934.340
31,21%
Others (each under 10%)
1.432.236.649
100,00%
Total
68
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
29. BEBAN POKOK PENJUALAN (Lanjutan)
29. COST OF GOODS SOLD (Continued)
31 Desember 2008 / December 31, 2008
Jumlah / Total Agri B.V. PT Agrowiyana, Anak perusahaan *) KUD Suka Makmur KUD Pirtrans Lain-lain (masing-masing di bawah 10%) Jumlah
Persentase Terhadap Jumlah Pembelian / Percentage to Total Purchases
499.018.738
29,43%
Agri B.V.
311.957.888 166.679.398 101.627.840
18,40% 9,83% 5,99%
PT Agrowiyana, Subsidiary *) KUD Suka Makmur KUD Pirtrans
616.260.391
36,35%
Others (each under 10%)
1.695.544.255
100,00%
Total
*) Dieliminasi
*) Eliminated
Pada tanggal 31 Desember 2009 dan 2008, jumlah pembelian dari dan jasa titip olah pihak hubungan istimewa adalah sebesar Rp323,59 miliar (22,59% dari jumlah pembelian), Rp372,78 miliar (21,99% dari jumlah pembelian).
As of December 31, 2009 and 2008, total purchases from and toll fee to related parties amounted to Rp323.59 billion (22.59% of total purchases) and Rp372.78 billion (21.99% of total purchases), respectively.
30. BEBAN USAHA
30. OPERATING EXPENSES
Rincian beban usaha adalah sebagai berikut:
The details of operating expenses were as follows:
2009 Beban Penjualan: Bongkar muat dan pelabuhan Komisi penjualan dan beban bank Lain-lain Beban penjualan Beban Umum dan Administrasi: Gaji dan tunjangan lainnya Jasa profesional Perjalanan dinas Beban iuran dana pensiun Biaya alokasi kantor pusat Sewa Komunikasi Penyisihan piutang ragu-ragu Pajak Jamuan Perbaikan dan reparasi Penyusutan (Catatan 12)
2008
18.490.187
19.058.772
Selling Expenses: Docking and loading
5.728.759 3.670.750
77.393.239 2.500.124
Sales and bank commissions Others
27.889.696
98.952.135
Selling Expenses
59.073.333 20.417.453 10.705.738 9.448.527 2.223.272 7.493.956 6.742.951 405.850 2.668.738 2.052.935 4.885.709 19.062.243
General and Administrative Expenses: Salaries and fringe benefits Professional fees Traveling Pension contribution expense Allocation from head office Rental Communication Provision for doubtful accounts Taxes Representation Maintenance and repairs Depreciation (Note 12)
85.678.396 16.912.237 15.075.257 10.215.224 9.185.658 7.826.522 7.079.184 6.048.939 5.390.445 4.857.743 3.880.660 3.071.353
69
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
30. BEBAN USAHA (Lanjutan)
30. OPERATING EXPENSES (Continued) 2009
Keamanan Pesangon Beban administrasi lainnya (masing-masing di bawah Rp1 miliar)
2008
2.137.092 635.887
3.252.177 1.750.806
Security Severance pay
25.386.267
31.652.074
Other administrative expenses (each under Rp1 billion)
203.380.864
181.835.762
Sub-total
(29.096.936 )
(18.462.691 )
Beban umum dan administrasi - bersih
174.283.928
163.373.071
General and administrative expenses - net
Jumlah
202.173.624
262.325.206
Total
Sub-jumlah Beban umum yang dikapitalisasi ke tanaman belum menghasilkan
31. BEBAN BUNGA DAN KEUANGAN
General charges capitalized to immature plantations
31. INTEREST AND FINANCIAL EXPENSES
Rincian beban bunga dan keuangan adalah sebagai berikut: 2009
The details of interest and financial expenses were as follows: 2008
Hutang obligasi Senior notes RZB - Austria Administrasi bank Lain-lain
181.258.530 7.169.421 3.395.358 1.257.837
171.801.647 15.761.124 1.129.011 291.928
Bonds payable - Senior notes RZB - Austria Bank charges Others
Jumlah
193.081.146
188.983.710
Total
32. LAIN-LAIN-BERSIH
32. MISCELLANEOUS-NET
Akun ini terdiri dari:
This account consists of: 2009
Jasa manajemen Amortisasi biaya penerbitan Senior Notes (Catatan 24) Lain-lain - bersih Bersih
2008
29.810.652
33.257.291
(20.388.930 ) 4.283.632
(20.388.929 ) 14.914.371
13.705.354
27.782.733
Management fee Amortization of Senior Notes issuance cost (Note 24) Others - net Net
70
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
33. PERPAJAKAN
33. TAXATION
a. Pajak dibayar di muka
a. Prepaid tax
Pajak dibayar di muka terdiri dari Pajak Pertambahan Nilai (PPN) atas tagihan restitusi kepada Pemerintah Indonesia sehubungan dengan PPN Masukan yang dibayarkan Perusahaan dan Anak perusahaan dalam pembelian bahan impor maupun lokal yang diperlukan. Manajemen Perusahaan dan Anak perusahaan berkeyakinan bahwa PPN Masukan yang telah dibayarkan tersebut akan dapat ditagih kembali sehingga tidak perlu dibentuk penyisihannya. Jumlah PPN dibayar di muka masing-masing sebesar Rp11.224.917 dan Rp14.290.279 pada tanggal 31 Desember 2009 dan 2008. b. Taksiran tagihan kelebihan pajak
b. Estimated claims for tax refund
Akun ini terdiri dari :
This account consists of : 2009
Pajak penghasilan: Pasal 22 Pasal 23 Pasal 25 Bea Perolehan Hak atas Tanah dan Bangunan Fiskal Jumlah
Prepaid tax consists of Value Added Tax (VAT) refund claims to the Government of Indonesia in connection with VAT - In that as paid by the Company and its Subsidiaries in relation to imports and local purchases of materials and supplies. The management of the Company and its Subsidiaries believes that VAT - In is recoverable. The balance of the prepaid VAT amounted to Rp11,224,917 and Rp14,290,279, as of December 31, 2009 and 2008, respectively.
2008
578.847 23.669 30.205.823
505.605
2.111.915 103.290
-
Income taxes: Article 22 Article 23 Article 25 Duty on Acquisition of Land and Building Rights Fiscal
33.023.544
505.605
Total
c. Hutang pajak
c. Tax payables
Akun ini terdiri dari:
This account consists of: 2009
2008
Pajak penghasilan: Pasal 21 Pasal 22 Pasal 23 Pasal 25 Pasal 26 Pasal 29 Pasal 4 (2) Pajak pertambahan nilai Pajak bumi dan bangunan Retribusi pajak daerah Lain-lain
799.459 158.162 503.833 33.944.504 13.997.820 24.590.212 40.080 3.744.433 3.567.002 519.674
67.264 405.210 6.282.506 4.002.232 41.390.656 2.569.831 299.802 -
Income taxes: Article 21 Article 22 Article 23 Article 25 Article 26 Article 29 Article 4 (2) Value added tax Land and buillding tax Regional tax Others
Jumlah
81.865.179
55.017.501
Total
71
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
33. PERPAJAKAN (Lanjutan)
33. TAXATION (Continued)
d. Manfaat (beban) pajak
d. Tax benefits (expenses)
Manfaat (beban) pajak Perusahaan dan Anak perusahaan adalah sebagai berikut: 2009
Tax benefit (expense) of the Company and Subsidiaries was as follows: 2008
Pajak kini Perusahaan Anak perusahaan
(20.526.581 ) (67.692.751 )
(13.654.880 ) (110.283.786 )
Current tax Company Subsidiaries
Sub - jumlah
(88.219.332 )
(123.938.666 )
Sub - total
Pajak tangguhan Perusahaan Anak perusahaan
(1.698.768 ) (25.267.435 )
2.754.809 14.978.419
Deferred tax Company Subsidiaries
Sub - jumlah
(26.966.203 )
17.733.228
Sub - total
(115.185.535 )
(106.205.438 )
Bersih
Net
Pajak kini
Current tax
Rekonsiliasi antara laba sebelum manfaat (beban) pajak, seperti dinyatakan pada laporan laba rugi konsolidasian dan taksiran laba fiskal Perusahaan adalah sebagai berikut:
Reconciliation between income before tax benefit (expense), as recorded in the consolidated statements of income and estimated fiscal income of the Company was as follows:
2009 Laba sebelum manfaat (beban) pajak menurut laporan laba rugi konsolidasian Ditambah (dikurangi): Amortisasi goodwill Selisih antara nilai wajar dan nilai perolehan aset PT Sumbertama Nusapertiwi dan PT Grahadura Leidong Prima pada saat akuisisi berdasarkan laporan perusahaan penilai Laba Anak perusahaan sebelum taksiran pajak penghasilan Laba sebelum beban pajak Perusahaan Beda temporer: Penyisihan untuk bonus Penyisihan piutang ragu-ragu Penyusutan aset tetap Amortisasi biaya ditangguhkan
2008
367.866.945
279.775.393
26.589.195
26.589.196
Income before tax benefit (expense) in the consolidated statements of income Additions (deductions): Amortization of goodwill
14.436.044
30.203.224
The difference between fair value and carrying value PT Sumbertama Nusapertiwi and PT Grahadura Leidong Prima on acquisition base on independent appraisal report
(133.883.509 )
(152.098.378 )
275.008.675
184.469.435
10.577.859
-
5.891.206 503.039 (5.097.233 )
(5.279.932 ) 17.293.008
Income of Subsidiaries before provision for income tax Income before tax expense - Company Temporary differences: Provision for bonus Allowance for bad debt expense Depreciation of fixed assets Amortization of deferred charges
72
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
33. PERPAJAKAN (Lanjutan)
33. TAXATION (Continued) 2009
2008
Penyisihan imbalan kerja Laba penjualan aset tetap
(1.383.800 ) -
Jumlah beda temporer
10.491.071
(7.447.239 ) 1.521.098 6.086.935
Provision for employee benefits Gain on sale of fixed assets Total temporary differences
Beda tetap: Beban yang tidak dapat dikurangkan Pendapatan bunga yang telah kenakan PPh 23 final Bagian Perusahaan atas laba (rugi) Anak perusahaan
Permanent differences:
(505.060 )
(858.683 )
(198.760.686 )
(146.048.033 )
Non-deductible expenses Company’s portion on income subjected to income tax article 23 final Company’s share in net income (loss) of Subsidiaries
Jumlah beda tetap
(196.253.742 )
(135.886.849 )
Total permanent differences
89.246.004
54.669.521
3.012.004
Taksiran Laba Fiskal Perusahaan
11.019.867
Estimated Fiscal Income the Company
Beban Pajak Kini Perusahaan Beban Pajak Kini Anak Perusahaan
20.526.581
13.654.880
67.692.751
110.283.786
Current Tax Expense of the Company Current Tax Expense of the Subsidiaries
Jumlah
88.219.332
123.938.666
Total
Pajak Tangguhan
Deferred Tax
Perhitungan manfaat (beban) pajak tangguhan Perusahaan dan Anak perusahaan pada tanggal 31 Desember 2009 dan 2008 adalah sebagai berikut:
Calculation of deferred tax benefit (expenses) of the Company and Subsidiaries on December 31, 2009 and 2008 were as follows:
1 Januari 2009/ January 1, 2009 Rp Penyisihan atas investasi perusahaan asosiasi yang tidak dapat dipulihkan Kewajiban imbalan kerja karyawan Penyisihan piutang ragu-ragu Hutang sewa Bonus yang akan diterima Penyisihan atas persediaan usang Koreksi penjualan Selisih kurs ditangguhkan Depresiasi dan amortisasi aset non-keuangan Beban umum dikapitalisasi Kewajiban Pajak Tangguhan Perusahaan - Bersih Kewajiban Pajak Tangguhan Anak perusahaan Jumlah Kewajiban Pajak Tangguhan Aset Pajak Tangguhan Anak perusahaan Bersih
Manfaat (beban)/ Benefit (expense) 2009 Rp
31 Desember/ December 31, 2009 Rp
14.012.217
(13.909.946 )
102.271
7.272.566 3.469.077 24.328 -
(5.023.516 ) 3.882.858 (24.328 ) 2.115.572
2.249.050 7.351.935 2.115.572
(475.064 ) (2.266.578 )
40.620 475.064 2.266.578
(13.078.915 ) (19.596.997 )
(11.118.667 ) 19.596.997
(24.197.582 ) -
(10.639.366 )
(1.698.768 )
(12.338.134 )
(5.134.368 )
(3.118.805 )
(8.253.173 )
(15.773.734 )
(4.817.573 )
(20.591.307 )
40.407.926
(22.148.630 )
18.259.296
24.634.192
(26.966.203 )
(2.332.011 )
40.620 -
Allowance for unrecoverable investment in associated companies Employee benefits obligation Allowance for doubtful accounts Lease payable Accrued bonus Allowance for inventory obsolescence Sales correction Deferred foreign exchange differences Depreciation and amortization of non-financial assets General expenses capitalized Company’s Deferred Tax Liabilities - Net Subsidiaries’ Deferred Tax Liabilities Total Deferred Tax Liabilities Subsidiaries’ Deferred Tax Assets Net
73
PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
33. PERPAJAKAN (Lanjutan)
33. TAXATION (Continued) 1 Januari 2008/ January 1, 2008 Rp
Penyisihan atas investasi perusahaan asosiasi yang tidak dapat dipulihkan Kewajiban imbalan kerja karyawan Penyisihan piutang ragu-ragu Hutang sewa Koreksi penjualan Selisih kurs ditangguhkan Depresiasi dan amortisasi aset non-keuangan Beban umum dikapitalisasi Kewajiban Pajak Tangguhan Perusahaan - Bersih Kewajiban Pajak Tangguhan Anak perusahaan Jumlah Kewajiban Pajak Tangguhan Aset Pajak Tangguhan Anak perusahaan Bersih
Manfaat (beban)/ Benefit (expense) 2008 Rp
14.012.217 9.506.739 3.469.077 24.328 (475.064 )
31 Desember/ December 31, 2008 Rp
-
14.012.217
(2.234.173 ) -
7.272.566 3.469.077 24.328 (475.064 )
(2.266.578 )
-
(2.266.578 )
(18.067.897 ) (19.596.997 )
4.988.982 -
(13.078.915 ) (19.596.997 )
(13.394.175 )
2.754.809
(10.639.366 )
(4.814.541 )
(319.827 )
(5.134.368 )
Allowance for unrecoverable investment in associated companies Employee benefits obligation Allowance for doubtful accounts Lease payable Sales correction Deferred foreign exchange differences Depreciation and amortization of non-financial assets General expenses capitalized Company’s Deferred Tax Liabilities - Net Subsidiaries’ Deferred Tax Liabilities
(18.208.716 )
2.434.982
25.109.680
15.298.246
40.407.926
Total Deferred Tax Liabilities Subsidiaries’ Deferred Tax Assets
6.900.964
17.733.228
24.634.192
Net
Manajemen berpendapat bahwa aset pajak tangguhan yang timbul dari perbedaan temporer diperkirakan akan dapat direalisasikan pada tahun mendatang. e. Peraturan Pemerintah
(15.773.734 )
Management believes that the deferred tax assets arising from temporary difference are recoverable in the future years. e. Government Regulations
Pada September 2008, Undang-undang No.7 Tahun 1983 mengenai “Pajak Penghasilan” diubah untuk keempat kalinya dengan Undang-undang No. 36 Tahun 2008. Perubahan tersebut juga mencakup perubahan tarif pajak penghasilan badan dari sebelumnya menggunakan tarif pajak bertingkat menjadi tarif tunggal yaitu 28% untuk tahun fiskal 2009 dan 25% untuk tahun fiskal 2010 dan seterusnya.
In September 2008, Law No.7 Year 1983 regarding “Income Tax” has been revised for the fourth time with Law No. 36 Year 2008. The revised Law stipulates changes in corporate tax rate from a marginal tax rate to a single rate of 28% for fiscal year 2009 and 25% for fiscal year 2010 onwards.
Berdasarkan undang-undang baru tersebut, Perusahaan Terbuka dapat memperoleh penurunan tarif Pajak Penghasilan sebesar 5% lebih rendah dari tarif tertinggi, jika memenuhi persyaratan-persyaratan yang telah ditentukan.
Accordingly, a public company could obtain discount of about 5% of higher tariff of income tax after fulfilling the requirements determined.
Pada tanggal 31 Desember 2009, Perusahaan telah memenuhi ketentuan tersebut, oleh karena itu, telah menggunakan tingkat pengurangan pajak sebesar 5% dalam penghitungan pajak penghasilan untuk tahun yang berakhir 31 Desember 2009. Aset dan kewajiban pajak tangguhan juga telah dihitung dengan menggunakan tarif-tarif tersebut.
As of December 31, 2009, the Company has complied with the requirements, therefore, has effected the 5% tax rate reduction in its corporate income tax computation for the year ended December 31, 2009. Accordingly, the deferred tax assets and liabilities have been also calculated using these enacted tax rates.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
34. SALDO DAN TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA
34. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
Dalam kegiatan usaha normal, Perusahaan dan Anak perusahaan melakukan transaksi dengan pihak-pihak yang mempunyai hubungan istimewa. Transaksi-transaksi tersebut adalah sebagai berikut:
The Company and Subsidiaries, in their regular conduct of business, have engaged in transactions with related parties. These transactions are as follows:
a. Piutang usaha (Catatan 6):
a. Trade receivables (Note 6): 2009
Dolar Amerika Serikat PT Bakrie Rubber Industry Dikurangi penyisihan piutang ragu-ragu
2008
24.000.000
24.000.000
(24.000.000 )
(24.000.000 )
Bersih
-
United States DollarPT Bakrie Rubber Industry Less allowance for doubtful accounts
-
Net
Persentase Terhadap Jumlah Aset/ Percentage to Total Assets 2009 % PT Bakrie Rubber Industry Penyisihan piutang ragu-ragu
2008 % 0,473 (0,473 )
Bersih
0,511 (0,511 )
-
Piutang dari PT Bakrie Rubber Industry merupakan bunga/denda atas keterlambatan pelunasan dari piutang usaha yang telah jatuh tempo, pengeluaran dana untuk membiayai operasinya dan penggantian biaya. Sejak tahun 1999 piutang usaha yang sudah jatuh tempo tidak lagi dikenakan bunga. b. Piutang lain-lain:
PT Bakrie Rubber Industry Allowance for doubtful accounts
-
Net
Receivable from PT Bakrie Rubber Industry represents interest/penalty from past-due trade receivables, advances to finance its operations and reimbursement of expenses. No interest has been charged since 1999.
b. Other receivables: 2009
2008
Agri Resources B.V. Pinjaman karyawan
77.895.968 3.780.051
6.644.469
Agri Resources B.V. Loans to employees
Jumlah
81.676.019
6.644.469
Total
Persentase Terhadap Jumlah Kewajiban / Percentage to Total Liabilities 2009 %
2008 %
Agri Resources B.V. Piutang karyawan
1,536 0,075
0,141
Agri Resources B.V. Loans to employees
Jumlah
1,611
0,141
Total
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 34. SALDO DAN TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 34. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Continued)
Piutang kepada Agri Resources B.V. merupakan pinjaman sehubungan dengan perjanjian manajemen pada tanggal 26 Juni 2007 (Catatan 36i)
Receivables from Agri Resources B.V. represents receivable regarding the management agreement dated June 26, 2007 (Note 36i)
Perusahaan dan Anak perusahaan memberikan pinjaman tanpa bunga kepada direksi dan karyawan. Pinjaman ini akan dilunasi melalui pemotongan gaji setiap bulan.
The Company and Subsidiaries granted noninterest bearing loans to their directors and employees. The loans will be collected through monthly salary deduction.
c. Piutang pihak yang mempunyai hubungan istimewa:
c. Due from related parties:
2009
2008
PT Bakrie Sentosa Persada PT Menthobi Mitra Lestari Koperasi karyawan PT Bakrie Rubber Industry PT Menthobi Makmur Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak Jaya PT Perjapin Prima Lain-lain (masing-masing dibawah Rp1 miliar)
238.711.669 17.004.744 9.520.585 2.991.629 4.000 -
108.337.522 16.873.755 12.918.058 2.991.629 62.473.003 11.387.283 7.111.695 5.246.341 3.758.222 2.892.114 1.389.260
1.389.081
834.706
Jumlah Dikurangi penyisihan piutang ragu-ragu
269.621.708
236.213.588
Bersih
266.472.346
(3.149.362 )
(2.991.629 ) 233.221.959
PT Bakrie Sentosa Persada PT Menthobi Mitra Lestari Employee cooperative PT Bakrie Rubber Industry PT Menthobi Makmur Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak Jaya PT Perjapin Prima Others (each below Rp1 billion) Total Less allowance for doubtful accounts Net
Persentase Terhadap Jumlah Aset/ Percentage to Total Assets 2009 % PT Bakrie Sentosa Persada PT Menthobi Mitra Lestari Koperasi karyawan PT Bakrie Rubber Industry PT Menthobi Makmur Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak Jaya PT Perjapin Prima Lain-lain Penyisihan piutang ragu-ragu Bersih
2008 % 4,707 0,335 0,188 0,059 0,027 (0,062 )
2,305 0,359 0,275 0,064 1,329 0,242 0,151 0,112 0,080 0,062 0,030 0,018 (0,064 )
5,254
4,963
PT Bakrie Sentosa Persada PT Menthobi Mitra Lestari Employee cooperative PT Bakrie Rubber Industry PT Menthobi Makmur Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak Jaya PT Perjapin Prima Others Allowance for doubtful accounts Net
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 34. SALDO DAN TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 34. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Continued)
Piutang pihak yang mempunyai hubungan istimewa merupakan pinjaman yang diberikan tanpa dikenakan bunga dan tidak memiliki jangka waktu pembayaran tetap. Pinjaman tersebut diberikan tanpa jaminan.
Due from related parties represents noninterest bearing loans with no fixed repayment schedule. These loans are unsecured.
Piutang PT Bakrie Rubber Industry (BRI) merupakan talangan dana yang diberikan Perusahaan kepada BRI. Pinjaman ini tidak dikenakan bunga dan tidak ada jadwal pembayaran yang tetap. Sejak tahun 1999, Perusahaan membentuk penyisihan piutang ragu-ragu sebesar Rp2,99 miliar sehubungan dengan kesulitan keuangan yang dialami BRI akibat menurunnya permintaan pasar terhadap produk BRI. Selama tahun 2009 and 2008, tidak terdapat mutasi penyisihan piutang raguragu.
Due from PT Bakrie Rubber Industry (BRI) represent advances provided by the Company to BRI, which bears no interest and has no fixed repayment schedule. The Company has provided an allowance for doubtful accounts on due from a related party amounting to Rp2.99 billion since 1999 because of financial difficulties experienced by BRI as a result of the decline in market demand for BRI’s products. During the year 2009 and 2008, there was no movement of allowance for doubtful accounts.
d. Hutang pihak yang mempunyai hubungan istimewa:
d. Due to related parties:
2009 PT Menthobi Makmur Lestari PT Rekayasa Industri PT Menthobi Mitra Lestari PT Multrada Multi Maju Lainnya Jumlah
2008
84.570.272 12.974.163 3.000.000 3.215
13.795.391 14.293.849 -
PT Menthobi Makmur Lestari PT Rekayasa Industri PT Menthobi Mitra Lestari PT Multrada Multi Maju Others
100.547.650
28.089.240
Total
Persentase Terhadap Jumlah Kewajiban / Percentage to Total Liabilities 2009 %
2008 %
PT Menthobi Makmur Lestari PT Rekayasa Industri PT Menthobi Mitra Lestari PT Multrada Multi Maju Lainnya
3,522 0,540 0,125 0,000
0,619 0,641 -
PT Menthobi Makmur Lestari PT Rekayasa Industri PT Menthobi Mitra Lestari PT Multrada Multi Maju Others
Jumlah
4,187
1,251
Total
Hutang hubungan istimewa merupakan pinjaman yang diperoleh tanpa dikenakan bunga dan tidak memiliki jangka waktu pembayaran tetap. Pinjaman tersebut diberikan tanpa jaminan.
Due to related parties represents non-interest bearing loans with no fixed repayment schedule. These loans are unsecured.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 34. SALDO DAN TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
34. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Continued)
e. Investasi penyertaan saham (Catatan 10)
e. Investments (Note 10)
2009 Agri International Resources Pte., Ltd. Agri Resources B.V. PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah PT United Sumatera Rubber Product PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
in
associated
companies
2008
404.091.331 143.384.410 107.190.909 4.842.000
340.974.959 119.701.997 108.410.250 -
Agri International Resources Pte., Ltd. Agri Resources B.V. PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah
511.353 174.999
511.353 174.999
44.934
44.934
PT United Sumatera Rubber Product PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Jumlah Penyisihan atas penyertaan saham yang tidak terpulihkan
660.239.936
569.818.492
Bersih
659.728.583
(511.353 )
(511.353 )
Total Provision for unrecoverable investment in shares of stocks
569.307.139
Net
Persentase Terhadap Jumlah Aset/ Percentage to Total Assets 2009 % Agri International Resources Pte., Ltd. Agri Resources B.V. PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah PT United Sumatera Rubber Product PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
2008 % 7,967 2,827 2,113 0,095
7,254 2,547 2,306 -
Agri International Resources Pte., Ltd. Agri Resources B.V. PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah
0,010 0,003
0,011 0,004
0,001
0,001
PT United Sumatera Rubber Product PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Jumlah Penyisihan atas penyertaan saham yang tidak terpulihkan
13,016
12,123
(0,010 )
(0,011 )
Bersih
13,006
12,112
f. Investasi pada efek (Catatan 5)
Total Provision for unrecoverable investment in shares of stocks Net
f. Investments in marketable securities (Note 5) 2009
2008
Efek - tersedia untuk dijual Obligasi AI Finance B.V.
26.862.948
-
Marketable securities available for sale Bonds AI Finance B.V.
Jumlah
26.862.948
-
Total
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 34. SALDO DAN TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 34. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Continued)
Persentase Terhadap Jumlah Aset / Percentage to Total Assets 2009 %
2008 %
Efek - tersedia untuk dijual Obligasi AI Finance B.V.
0,530
-
Marketable securities available-for-sale Bonds AI Finance B.V.
Jumlah
0,530
-
Total
Rincian pihak yang mempunyai hubungan istimewa, hubungan dengan Perusahaan dan sifat saldo akun/transaksi, adalah sebagai berikut: Pihak yang Mempunyai Hubungan Istimewa / Related Parties
The details of related parties, relationship with the Company and nature of transactions were as follows:
Hubungan / Relationship
Sifat Saldo Akun/Transaksi / Nature of Transactions
PT Bakrie Rubber Industry
Afiliasi / Affiliate
Piutang usaha dan pendapatan bunga / Trade receivable and interest revenue
Agri Resources B.V. PT Bakrie Sentosa Persada PT Menthobi Mitra Lestari PT Bakrie Rubber Industry PT Menthobi Makmur Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak Jaya PT Perjapin Prima
Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate
Biaya manajemen / Management fee
PT Menthobi Makmur Lestari PT Rekayasa Industri PT Menthobi Mitra Lestari PT Multrada Multi Maju
Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate
Agri International Resources Pte., Ltd. Agri Resources B.V. PT Bakrie Sentosa Persada PT Multi Persada Gatra Megah PT United Sumatera Rubber Project PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate Afiliasi / Affiliate
AI Finance B.V.
Afiliasi / Affiliate
Perusahaan afiliasi merupakan entitas sepengendali yang memiliki pemegang saham dan atau anggota direksi dan dewan komisaris yang sama dengan Perusahaan atau Anak perusahaan.
Beban-beban tertentu perusahaan afiliasi yang dibayar dimuka oleh Perusahaan / Certain expenses paid in advance by the Company on behalf of affiliated companies.
Beban-beban tertentu Perusahaan yang dibayar dimuka oleh perusahaan afiliasi / Certain expenses relating to the Company that were paid in advance by affiliated companies.
Investasi penyertaan saham / Investments in shares of stocks
Investasi pada efek / Investments in marketable securities
The affiliated companies are under common control of the same shareholders and/or same members of the boards of directors or commissioners as the Company or Subsidiaries.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 34. SALDO DAN TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
34. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Continued)
Karena memiliki sifat hubungan istimewa, hal ini memungkinkan syarat dan kondisi transaksi dengan pihak yang mempunyai hubungan istimewa tidak sama jika transaksi tersebut dilakukan dengan pihak ketiga. 35. LABA PER SAHAM
2009
Jumlah Saham Jumlah rata-rata tertimbang saham untuk perhitungan laba per saham dasar Laba per saham dasar (dalam angka penuh) Jumlah rata-rata tertimbang saham untuk perhitungan laba per saham dilusian Laba Per Saham Dilusian (dalam angka penuh)
Because of these relationships it is possible that the terms and conditions of these transactions are not the same as those that would result from transactions with third parties. 35. EARNINGS PER SHARE
Berikut adalah perhitungan laba per saham dasar yang digunakan pada tanggal 31 Desember 2009 dan 2008:
Laba bersih
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
The following is the computation of earnings per share as of December 31, 2009 and 2008: 2008
252.783.327
173.569.364
Net income
Saham / Shares
Saham / Shares
Number of shares
3.787.996.935
3.787.996.935
Weighted average of shares to compute basic earnings per share
66,73
45,82
Basic earnings per share (in full amount)
3.906.072.013
3.906.072.013
Weighted average of shares to computed diluted earnings per share
64,72
44,44
Diluted Earnings Per Share (in full amount)
36. PERJANJIAN SIGNIFIKAN
36. SIGNIFICANT AGREEMENTS
a. Pada tanggal 26 Juni 2007, Perusahaan melakukan perjanjian dengan Agri Resources B.V. (ARBV), perusahaan asosiasi, dimana Perusahaan menyetujui untuk melakukan jual beli CPO dan PK dari ARBV dan Anak perusahaannya.
a. On June 26, 2007, the Company entered into an Off-Take Agreement with Agri Resources B.V. (ARBV), an associated company, wherein the Company agreed to purchase and sell CPO and PK from ARBV and its Subsidiaries.
b. Pada tanggal 18 April 2006, Perusahaan dan PT Rekayasa Industri (Rekin) mengadakan perjanjian usaha patungan untuk membentuk suatu perusahaan usaha patungan yakni PT Bakrie Rekin Bio Energi (JV Company), yang bertujuan untuk mengembangkan pabrik green-field bio-diesel dimana kepemilikan Perusahaan 70% dan kepemilikan Rekin 30%. Perusahaan bertanggung jawab untuk menyediakan persediaan yang dibutuhkan berdasarkan pada suatu jaminan minimum bulanan pada harga pasar dan Rekin bertanggung jawab untuk menyediakan tenaga ahli untuk pembangunan pabrik bio-diesel.
b. On April 18, 2006, the Company and PT Rekayasa Industri (Rekin) entered into a joint venture agreement to establish a joint venture company namely PT Bakrie Rekin Bio Energi (JV Company), whose objective is to develop a green-field bio-diesel plant. The Company and Rekin hold 70% and 30% ownership, repectively. The Company will be responsible for supplying the feedstock based on a guaranteed monthly minimum at market price and Rekin will be responsible for providing the technical expertise for the construction of the bio-diesel plant.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
36. PERJANJIAN SIGNIFIKAN (Lanjutan)
36. SIGNIFICANT AGREEMENTS (Continued)
PT Bakrie Rekin Bio Energi didirikan berdasarkan Akta Notaris Sutjipto, S.H., M.Kn No. 27 tanggal 2 Agustus 2006. Pada tanggal 28 November 2006, pendirian PT Bakrie Rekin Bio Energi telah mendapat persetujuan dari Menteri Kehakiman dan Hak Asasi Republik Indonesia.
PT Bakrie Rekin Bio Energi was established based on Notarial Deed No. 27 of Sutjipto, S.H., M.Kn on August 2, 2006 and obtained its approval from the Minister of Law and Human Rights of the Republic of Indonesia on November 28, 2006.
c. Pada tanggal 15 Januari 2005, PT Bakrie Pasaman Plantations (BPP), Anak perusahaan, mengadakan kesepakatan bersama tentang pelaksanaan konversi lahan perkebunan sawit Perusahaan dengan Koperasi Plasma Nagari Parit (KPNP).
c. On January 15, 2005, PT Bakrie Pasaman Plantations (BPP), a Subsidiary, entered into an agreement with Koperasi Plasma Nagari Parit (KPNP) regarding oil palm plantation conversion.
Sehubungan dengan kesepakatan bersama tersebut, BPP menyetujui untuk:
According to the agreement, BPP agreed to:
•
•
•
•
Menyerahkan kebun yang akan dikonversi seluas 250,60 hektar kepada KPNP sesuai dengan hasil pengukuran Kantor Wilayah Badan Pertanahan Nasional Propinsi Sumatera Barat; Pembagian hasil dihitung dari hasil bersih panen Tandan Buah Segar (TBS) setiap bulannya setelah dipotong 30% oleh Perusahaan yang disisihkan untuk cicilan kredit; BPP berkewajiban membeli hasil TBS dari KPNP.
•
•
Transfer the plantations that will be converted for 250.60 hectares to KPNP in accordance with the measurement by the Regional Office of West Sumatra Land Agency; The distribution of return is counted under monthly net yield crops (Fresh Fruit Bunches) after the Company’s deduction of 30% allocated for loan installment; BPP has an obligation to buy the fresh fruit bunches that are produced by KPNP.
d. Pada tanggal 14 Juni 2005, BPP, Anak perusahaan mengadakan Perjanjian Kerjasama Program Pengelolaan, Pengembangan dan Pembiayaan Kebun Kelapa Sawit dengan Koperasi Unit Desa Sungai Aur I (KUD SA I).
d. On June 14, 2005, BPP, a Subsidiary, entered into a cooperation agreement with Koperasi Unit Desa Sungai Aur I (KUD SA I) in regard to oil palm plantations management, for improvement and financing.
Luas lahan yang diikutsertakan untuk KUD SA I, KUD Parit dan Koptan Silawai Jaya masingmasing adalah seluas 4.570 hektar, 1.800 hektar dan 627 hektar.
The areas that are included for KUD SA I, KUD Parit and Koptan Silawai Jaya are 4,570 hectares, 1,800 hectares and 627 hectares, respectively.
Sehubungan dengan perjanjian kerjasama tersebut BPP menyetujui untuk:
In relation to the agreement, BPP agreed to:
•
•
•
Membeli seluruh hasil perkebunan kelapa sawit KUD SA I dan KUD Parit dan Koptan Silawai Jaya. Memotong hasil penjualan TBS (setelah dipotong biaya produksi) sebesar 30% untuk KUD SA I, KUD Parit, Koptan Silawai Jaya dan KPNP.
•
Buy the whole yield of oil palm plantations of KUD SA I, KUD Parit and Koptan Silawai Jaya. Deduct revenue of FFB (after deductions of production cost) for 30% for KUD SA I, KUD Parit, Koptan Silawai Jaya and KPNP.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
36. PERJANJIAN SIGNIFIKAN (Lanjutan)
36. SIGNIFICANT AGREEMENTS (Continued)
Perjanjian ini merupakan addendum dari perjanjian kerjasama dengan KUD Parit dan KUD SA I dengan PT Bank Nusa Nasional (BNN), yang dimerger ke dalam PT Bank Danamon Indonesia Tbk (Danamon), pada tanggal 2 Agustus 1994 dan KUD SA I dengan BNN pada tanggal 22 Februari 1995. Sehubungan dengan adanya perjanjian kerjasama di atas, maka perjanjian kerjasama sebelumnya tidak berlaku lagi.
This agreement is an addendum to the cooperative agreement between KUP Parit and KUD SA I and PT Bank Nusa Nasional (BNN), which merged into PT Bank Danamon Indonesia Tbk (Danamon), on August 2, 1994 and KUD SA I and BNN on February 22, 1995. In respect of the above cooperation agreement, the previous agreement is no longer valid.
Laporan keuangan dan administrasi proyek dilaksanakan secara terpisah oleh BPP.
Administration and financial statements reporting of these projects are maintained separately by BPP.
e. Pada tanggal 13 September 2000, PT Agrowiyana (AGW) telah menandatangani kesepakatan dengan PT Bank Muamalat Indonesia (BMI), KUD Swakarsa dan KUD Sukamakmur untuk pengembangan 1.710,17 dan 3.205,14 hektar tanaman kelapa sawit (Proyek Kebun Plasma) di atas lahan milik para anggota koperasi. Koperasi memperoleh pinjaman jangka panjang dari BMI dengan pagu maksimum sebesar Rp28,92 miliar dan Rp43,07 miliar masing-masing untuk KUD Swakarsa dan KUD Suka Makmur yang seterusnya diserahkan kepada AGW yang bertindak sebagai pelaksana proyek dan penjamin fasilitas pembiayaan.
e. On September 13, 2000, PT Agrowiyana (AGW) entered into an agreement with PT Bank Muamalat Indonesia (BMI), KUD Swakarsa and KUD Sukamakmur, to develop 1,710.17 and 3,205.14 hectares, respectively, of oil palm plantations (Plasma Estate Projects) in the areas owned by the members of the cooperatives. The cooperatives obtained long-term loans from BMI amounting to Rp28.92 billion and Rp43.07 billion for KUD Swakarsa and KUD Suka Makmur, respectively, the proceeds of which were forwarded to AGW as the developer of the projects and also as the guarantor.
Sampai dengan tanggal 31 Desember 2009 dana yang telah dicairkan dari BMI adalah sebesar Rp71,99 miliar, sedangkan sampai dengan tanggal 31 Desember 2009 dana yang telah terpakai adalah sebesar Rp42,43 miliar dan Rp27,41 miliar masing-masing untuk KUD Suka Makmur dan KUD Swakarsa.
As of December 31, 2009, the loans facility that had been withdrawn from BMI amounted to Rp71.99 billion. Meanwhile up to December 31, 2009, total advance agreed amounted to Rp42.43 billion for KUD Suka Makmur and Rp27.41 billion for KUD Swakarsa.
Dalam perjanjian kredit antara AGW, anggota Koperasi Unit Desa dan BMI, AGW bertindak sebagai penjamin atas fasilitas pembiayaan dan berkewajiban untuk membeli kebun plasma apabila terjadi suatu kondisi yang menurut penilaian BMI, AGW harus mengambil alih kebun plasma, dalam rangka penyelesaian kewajiban pinjaman.
In the loans agreement between AGW, Cooperatives and BMI, AGW acts as the guarantor of the cooperatives’ loans and should buy back the plasma estate, when the condition according to BMI suggests that AGW has to take over the plasma estate as a settlement of the loan.
Sampai dengan tanggal 31 Desember 2009, perkiraan luas lahan yang sudah ditanami adalah 8.252,87 hektar.
As of December 31, 2009, approximately 8,252.87 hectares were planted.
Laporan keuangan dan administrasi proyek dilaksanakan secara terpisah oleh AGW.
Administration and financial statements reporting of these projects are maintained separately by AGW.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
36. PERJANJIAN SIGNIFIKAN (Lanjutan)
36. SIGNIFICANT AGREEMENTS (Continued)
f. AGW ditunjuk sebagai pelaksana dan pengembang proyek atas perjanjian tanggal 10 Mei 1996 antara PT Bank Mandiri (Persero) Tbk, Jambi (Bank Mandiri) dengan Plasma PIR dalam rangka pengembangan 3.600 hektar kebun kelapa sawit di sekitar area kebun AGW.
f. AGW was appointed as the developer of the projects with regard to the agreement between PT Bank Mandiri (Persero) Tbk, Jambi (Bank Mandiri) and Nucleus Estate Small holder Project (Plasma PIR) on May 10, 1996 to develop 3,600 hectares of oil palm plantations in an area close to AGW.
Atas nama proyek, AGW mendapat pinjaman jangka panjang dari Bank Mandiri dengan pagu maksimum Rp24,39 miliar. Dana ini akan diteruskan ke proyek Plasma PIR sesuai dengan permintaan dari proyek yang bersangkutan dan bunga dibebankan pada proyek Plasma PIR.
AGW, on behalf of the project, obtained a long-term loan from Bank Mandiri with a maximum credit limit of Rp24.39 billion. The funds will be transferred to the Plasma PIR projects in accordance with the requirements of the projects and the interest expense is charged to the projects.
Sehubungan dengan perjanjian ini, AGW berkewajiban menyelesaikan pembangunan kebun kelapa sawit Plasma PIR dan melaksanakan konversi sesuai dengan jadwal yang ditetapkan atau paling lambat pada tahun 2005.
In relation to this agreement, AGW has an obligation to develop the oil palm plantations Plasma PIR completely on schedule and convert these on schedule by 2005 at the latest.
Selisih antara nilai pada saat konversi dan biaya pengembangan kebun plasma akan menjadi beban atau keuntungan AGW.
Any difference between the value at the time of conversion and the cost to develop the plasma estate will be for the account of AGW.
Sampai dengan tanggal 31 Desember 2009, luas areal yang sudah ditanami adalah 4.418 hektar.
As of December 31, 2009, approximately 4,418 hectares were planted.
Laporan keuangan dan administrasi proyek dilaksanakan secara terpisah oleh AGW.
Administration and financial statements reporting of these projects are maintained separately by AGW.
g. Pada tanggal 9 Desember 2004, telah ditandatangani perjanjian antara Perusahaan dan Anak perusahaan tertentu dengan PT Multi Kontrol Nusantara, pihak hubungan istimewa, untuk pengembangan piranti lunak E-Plantations, penyewaan piranti lunak dan memperoleh Annual Technical Support. Nilai kontrak adalah USD362.500 untuk implementasi piranti lunak E-Plantations. Biaya sewa piranti lunak adalah sebesar USD2 per hektar aktual dan biaya Annual Technical Support sebesar USD0,5 per hektar aktual.
g. On December 9, 2004, the Company and certain Subsidiaries entered into an agreement with PT Multi Kontrol Nusantara, a related party, to develop the E-Plantations software, to rent the software and to obtain Annual Technical Support. The sum of the contract amounts to USD362,500 for the implementation of E-Plantations software. Software rental cost amounts to USD2 per actual hectare and Annual Technical Support cost amounts to USD0.5 per actual hectare.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
36. PERJANJIAN SIGNIFIKAN (Lanjutan)
36. SIGNIFICANT AGREEMENTS (Continued)
h. Pada tahun 2000, PT Sumbertama Nusapertiwi (SNP), Anak perusahaan, melakukan perjanjian dengan KUD Wahana Jaya (Koperasi) untuk pembangunan areal kebun kelapa sawit seluas 8.000 hektar dengan pola kemitraan dengan komposisi kepemilikan SNP adalah sebesar 80% atau seluas 6.400 hektar dan Koperasi sebesar 20% atau seluas 1.600 hektar sesuai dengan Akta Perjanjian Kesepakatan Bersama No. 14 tanggal 24 September 2002 oleh Notaris Nany Ratna Wirdanialis, S.H. Setelah kebun kelapa sawit dikonversi dan telah menghasilkan (lebih kurang 36 bulan setelah penanaman) maka Koperasi berkewajiban untuk mencicil pembayaran pinjaman dengan pemotongan 30% dari hasil panen setiap bulannya sampai pinjaman tersebut lunas.
h. In 2000, PT Sumbertama Nusapertiwi (SNP), a Subsidiary, entered into an agreement with KUD Wahana Jaya (Cooperatives) to develop palm oil plantations of 8,000 hectares in a partnership alliance whereby SNP and the Coopertives hold 80% and 20% ownership, equivalent to 6,400 hectares and 1,600 hectares, respectively, according to the Deed of Memorandum of Understanding that was notarized by Nany Ratna Wirdanialis, S.H., in Deed No. 14 dated September 24, 2002. Whenever, the plant was converted and matured (which is around 36 months from the first planting), Cooperatives are obliged to pay a monthly deduction of 30% from its yield until the loan is settled.
i. Pada tanggal 26 Juni 2007, Perusahaan mengadakan Perjanjian Manajemen dengan Agri Resources B.V. (ARBV), dimana Perusahaan akan menyediakan jasa manajemen kepada ARBV selama 7 (tujuh) tahun dan menerima jasa manajemen sebesar USD100 per hektar atas tanaman yang belum menghasilkan yang akan ditagih tiap bulan.
i. On June 26, 2007, the Company entered into a Management Agreement with Agri Resources B.V. (ARBV), whereby the Company will provide ARBV with management services for a period of seven (7) years and receive a management fee amounting to USD100 per hectare of immature plantations, which will be payable monthly.
Selain itu, Perusahaan akan menerima jasa insentif yang dihitung dan dibayarkan sebagai bagian dari distribusi laba / dividen dengan target sebesar USD30,35 per saham.
In addition, the Company is entitled to receive an incentive fee calculated and paid as a portion of dividend / profit distribution the target of USD30.35 per share.
j. Pada tanggal 30 Juli 2008, Perusahaan dan Anak-anak perusahaan PT Bakrie Sentosa Persada (BSEP), PT Guntung Idamannusa (GIN) dan GLP telah menandatangani perjanjian pemegang saham dengan para investor asing, untuk mengatur pelaksanaan rencana investasi di dalam BSEP melalui GIN, dan para investor asing dimaksud melalui sebuah perusahaan investasi, yang telah didirikan berdasarkan ketentuan hukum Kerajaan Belanda (Perusahaan Investasi).
j. On July 30, 2008, the Company and Subsidiaries PT Bakrie Sentosa Persada (BSEP), PT Guntung Idamannusa (GIN), and GLP entered into a shareholders’ agreement with foreign investors, to arrange investment plan in BSEP through GIN and foreign investors, which was already established under Netherlands law (Investment Company).
Rencana kerjasama investasi dimaksud dilakukan untuk membiayai ekspansi usaha Perusahaan, melalui BSEP, dengan cara melakukan pembangunan perkebunan kelapa sawit dari greenfields.
The purpose for mentioned investment plan is to finance the Company’s business expansion in developing palm oil plantation from greenfields, through BSEP.
Perusahaan Investasi akan meningkatkan investasi sebesar USD80 juta, dengan tahap investasi awal sebesar USD12 juta
Investment Company will increase investment amounting USD80 million, with first phase of investment amounting USD12 million
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
37. INFORMASI SEGMEN
37. SEGMENT INFORMATION
Segmen Usaha
Operational Segment
Perusahaan dan Anak perusahaan dikelola dan dikelompokkan dalam divisi usaha yang terdiri dari divisi karet dan divisi kelapa sawit serta produk turunannya. Pengelompokan ini digunakan sebagai dasar pelaporan informasi segmen usaha.
The Company and Subsidiaries operations by dividing them into palm plantations and derivatives division is used as reporting operational segment information.
Informasi segmen usaha Perusahaan dan Anak perusahaan adalah sebagai berikut:
The information on operational segment of the Company and Subsidiaries is as follows:
manage their rubber and oil products. The basis for the
31 Desember 2009 / December 31, 2009
Karet / Rubber
Sawit dan Turunannya / Oil Palm and Derivatives
Eliminasi / Elimination
Konsolidasian / Consolidated
PENDAPATAN Penjualan pihak eksternal
518.203.431
2.130.673.407
(323.594.808 )
2.325.282.030
REVENUES External parties sales
BEBAN POKOK PENJUALAN Pihak eksternal
360.021.512
1.591.947.497
(299.183.625 )
1.652.785.384
COST OF GOODS SOLD External parties
HASIL Hasil segmen
158.181.919
538.725.910
(24.411.183 )
672.496.646
RESULT Segment Result
202.173.624
OPERATING EXPENSES UNALLOCATED
BEBAN USAHA TIDAK DAPAT DIALOKASI LABA USAHA Laba selisih kurs - bersih Bagian laba bersih perusahaan asosiasi Penghasilan bunga Penghapusan tanaman menghasilkan Amortisasi goodwill Penyisihan untuk penghapusan proyek pengembangan usaha Beban bunga dan keuangan Lain-lain - bersih LABA SEBELUM BEBAN PAJAK BEBAN PAJAK LABA SEBELUM HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN LABA BERSIH
470.323.022 138.015.265 59.636.759 2.946.199 (13.630.827 ) (26.589.195 ) (83.458.484 ) (193.081.146 ) 13.705.354
OPERATING PROFIT Gain on foreign exchange - net Equity in net income of associated companies Interest income Loss on written-off mature plantations Amortization of goodwill Provision for business development project write-off Interest and financial expense Others - net
367.866.945 INCOME BEFORE TAX EXPENSE (115.185.535 )
TAX EXPENSE
252.681.410
INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES
101.917
MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES
252.783.327
NET INCOME
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
37. INFORMASI SEGMEN (Lanjutan)
37. SEGMENT INFORMATION (Continued) 31 Desember 2009 / December 31, 2009
Sawit dan Turunannya / Oil palm and Derivatives
Karet / Rubber Aset segmen Kebun
Eliminasi / Elimination
Konsolidasian / Consolidated
Mesin dan peralatan Investasi pada Perusahaan asosiasi Aset tidak dapat dialokasi
155.763.186
480.337.471
334.973.650 -
2.896.361.215 -
(2.571.606.282 ) -
659.728.583 2.193.241.965
Segment Assets Plantations Machinery and equipment Investment in associated companies Unallocated assets
Jumlah Aset
836.469.235
4.517.093.887
(2.475.007.774 )
5.071.797.313
Total Assets
87.083.916
76.476.913
-
163.560.829
Segment liabilities
-
-
-
2.236.119.743 2.672.116.741
Unallocated liabilities Equity
87.083.916
76.476.913
-
5.071.797.313
Total Liabilities and Equity
Kewajiban segmen Kewajiban tidak dapat dialokasi Ekuitas Jumlah Kewajiban dan Ekuitas
345.732.399
1.140.395.201
45.218.287
1.531.345.887
51.380.221
687.480.878
31 Desember 2008 / December 31, 2008
Karet / Rubber
Sawit dan Turunannya / Oil palm and Derivatives
Eliminasi / Elimination
Konsolidasian / Consolidated
PENDAPATAN Penjualan pihak eksternal
776.644.951
2.527.555.613
(372.781.842 )
2.931.418.722
REVENUES External parties
BEBAN POKOK PENJUALAN Pihak eksternal
468.664.093
1.791.996.869
(351.264.360 )
1.909.396.602
COST OF GOODS SOLD External parties
HASIL Hasil segmen
307.980.858
735.558.744
(21.517.482 )
1.022.022.120
RESULT Segment Result
262.325.206
OPERATING EXPENSES UNALLOCATED
BEBAN USAHA TIDAK DAPAT DIALOKASI LABA USAHA Rugi selisih kurs - bersih Bagian rugi bersih perusahaan asosiasi Penghasilan bunga Amortisasi goodwill Beban bunga dan keuangan Penghapusan tanaman menghasilkan Lain-lain – bersih LABA SEBELUM BEBAN PAJAK BEBAN PAJAK LABA SEBELUM HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN LABA BERSIH
759.696.914 (243.036.843 ) (78.689.723 ) 31.124.165 (26.589.197 ) (188.983.710 ) (1.528.946 ) 27.782.733 279.775.393 (106.205.438 )
173.569.955
(591 ) 173.569.364
OPERATING PROFIT Loss on foreign exchange - net Equity in net loss of associated companies Interest income Amortization of goodwill Interest and financial expense Loss on written-off mature plantations Others - net INCOME BEFORE TAX EXPENSE TAX EXPENSE INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES NET INCOME
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
37. INFORMASI SEGMEN (Lanjutan)
37. SEGMENT INFORMATION (Continued) 31 Desember 2008 / December 31, 2008 Sawit dan Turunannya / Oil palm and Derivatives
Karet / Rubber Aset segmen Kebun
Eliminasi / Elimination
Konsolidasian / Consolidated
Mesin dan peralatan Investasi pada perusahaan asosiasi Aset tidak dapat dialokasi
193.225.548
506.601.522
431.151.494 -
2.734.380.634 -
(2.596.224.989 ) -
569.307.139 2.078.135.929
Segment Assets Plantations Machinery and equipment Investment in associated companies Unallocated assets
Jumlah Aset
927.892.056
4.129.672.894
(2.435.382.042 )
4.700.318.837
Total Assets
Kewajiban segmen Kewajiban tidak dapat dialokasi Ekuitas
262.144.614
800.646.346
(10.271.638 )
1.052.519.322
Segment liabilities
-
-
1.177.621.231 2.470.178.284
Unallocated liabilities Equity
262.144.614
800.646.346
4.700.318.837
Total Liabilities and Equity
Jumlah Kewajiban dan Ekuitas
303.515.014
888.690.738
160.842.947
1.353.048.699
-
699.827.070
Segmen Geografis
(10.271.638 )
Geographics Segment
Analisis penjualan berdasarkan pemasaran adalah sebagai berikut:
wilayah 2009
The analysis of revenues based on market geographical location is as follows: 2008
Domestik Ekspor
1.917.810.535 407.471.495
1.011.621.641 1.919.797.081
Domestic Export
Jumlah
2.325.282.030
2.931.418.722
Total
38. ASET DAN KEWAJIBAN MONETER DALAM MATA UANG ASING
38. MONETARY ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
31 Desember 2009 / December 31, 2009 Mata Uang Asing (Angka Penuh) / Foreign Currency (Full Amount) Aset Kas dan setara kas Investasi pada efek Piutang usaha Piutang lain-lain Jumlah aset moneter dalam mata uang asing
Setara Rupiah / Equivalent Rupiah
USD EUR USD USD USD
10.990.298 141 2.857.760 7.422.591 7.403.288
Assets 113.169.140 Cash and cash equivalents 1.325 26.862.948 Investment in marketable securities 68.468.339 Trade receivables 69.590.904 Other receivables
USD EUR
28.673.937 141
278.061.331 1.325
Total monetary assets in foreign currrency
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
38. ASET DAN KEWAJIBAN MONETER DALAM MATA UANG ASING (Lanjutan)
38. MONETARY ASSETS AND LIABILITIES IN FOREIGN CURRENCIES (Continued)
31 Desember 2009 / December 31, 2009 Mata Uang Asing (Angka Penuh) / Foreign Currency (Full Amount) Kewajiban: Hutang usaha Beban masih harus dibayar Hutang bank jangka pendek Hutang bank jangka panjang Hutang obligasi Jumlah kewajiban moneter dalam mata uang asing
Setara Rupiah / Equivalent Rupiah
USD 5.475.601 EUR 16.078 USD 2.818.888 USD 15.000.000 USD 15.000.000 USD 155.100.230
51.470.648 217.214 26.497.550 141.000.000 141.000.000 1.456.267.459
USD 193.394.719 EUR 16.078
1.816.235.657 217.214
Kewajiban moneter dalam mata uang asing - bersih
(1.538.390.215 )
Liabilities: Trade payables Accrued expenses Short-term bank loan Long term bank loan Bonds payable Total monetary liabilities in foreign currency Monetary liabilities in foreign currency - net
31 Desember 2008 / December 31, 2008 Mata Uang Asing (Angka Penuh) / Foreign Currency (Full Amount) Aset Kas dan setara kas
Setara Rupiah / Equivalent Rupiah Assets Cash and cash equivalents
USD EUR USD
13.650.579 100 4.678.171
149.473.840 1.544 51.225.977
USD EUR
18.328.750 100
200.699.817 1.544
Kewajiban Hutang usaha Beban masih harus dibayar Hutang bank jangka pendek Hutang obligasi
USD 5.645.323 USD 10.797.867 USD 15.000.000 USD 155.666.152
61.816.284 118.236.639 164.250.000 1.679.275.328
Liabilities Trade payables Accrued expenses Short-term bank loan Bonds payable
Jumlah kewajiban moneter dalam mata uang asing
USD 187.109.342
2.023.578.251
Total monetary liabilities in foreign currrency
(1.822.876.890 )
Monetary liabilities in foreign currency - net
Piutang usaha Jumlah aset moneter dalam mata uang asing
Kewajiban moneter dalam mata uang asing - bersih
Trade receivables Total monetary assets in foreign currency
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain)
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
39. KEWAJIBAN BERSYARAT
39. CONTINGENCIES
a. Berdasarkan Surat Bupati Kepala Daerah Tingkat II Asahan No. 620/6671 tanggal 29 Agustus 1996 dan No. 593/1146 tanggal 5 Februari 1997 mengenai “Pembebasan Tanah dalam Rangka Penataan Kotif Kisaran” dan berdasarkan Keputusan Menteri Negara Agraria/Kepala Badan Pertanahan Nasional No. 66/HGU/DA/85/B/51 mengenai perubahan nama pemegang hak dan pemberian perpanjangan hak guna usaha (HGU) kepada Perusahaan atas tanah di kabupaten Asahan, ditetapkan bahwa pemegang HGU diwajibkan untuk melepaskan areal tanah perkebunan seluas kurang lebih 1.408 hektar.
a. Based on Local Government of Asahan Letter No. 620/6671 dated August 29, 1996 and No. 593/1146 dated February 5, 1997 concering “Relinquishment of the Land Right Concerning the City Design of Kisaran” and based on Agrarian Affairs Minister Decision/National Agrarian Agency Head No. 66/HGU/DA/85/B/51 concerning the revision of the rightholder and extension of landright to the Company on Asahan Regency’s land, it has been decided that the land right holder has the obligation to relinquish 1,408 hectares of its plantation land.
Selanjutnya Perusahaan diminta melepas tanah areal HGU Perusahaan seluas 1.408 hektar secara bertahap yang akan digunakan untuk arahan peribadatan, perumahan non-urban, pasar, perdagangan, pendidikan dan lain-lain sesuai dengan Surat Bupati Kepala Daerah Tingkat II Asahan No. 620/4157 tanggal 21 September 1999. Sampai dengan tahun 2005, tanah yang telah dialokasikan adalah seluas kurang lebih 44 hektar. Proyeksi potensi kerugian atas pelepasan tanah seluas 1.364 hektar terdiri dari:
Furthermore, the Company should relinquish the land right of 1,408 hectares gradually to be developed as places of worship, non-urban residences, traditional markets, trade centers, schools, etc. based on Local Government of Asahan Letter No. 620/4157 dated September 21, 1999. Until 2005, the land allocated was 44 hectares. Projection of potential loss on relinquishing land rights of 1,364 hectares consists of:
-
-
Perkebunan karet: 873 hektar yang berlokasi di Tanah Raja dan Serbangan dengan potensi kerugian produksi dan pemberian pesangon karyawan masingmasing kurang lebih adalah sebesar 4.768 ton dan Rp2,98 miliar untuk 182 karyawan. Perkebunan kelapa sawit: 491 hektar yang berlokasi di Tanah Raja dengan potensi kerugian produksi dan pemberian pesangon karyawan masing-masing adalah sebesar 228.777 ton dan Rp868 juta atas 58 karyawan.
b. Pada tanggal 6 Desember 2005, PT Shamrock Manufacturing Corpora (“Shamrock”) mengajukan gugatan kepada Pengadilan Negeri Jakarta Selatan terhadap Plantations & General Investment PLC, sebagai tergugat kesatu (“PGI”), Bengkulu Rubber Company, sebagai tergugat kedua (“BRC”), The Anglo Indonesia Corporation, sebagai tergugat ketiga (“AIC”), Rabobank International, sebagai tergugat keempat dan PT Air Muring (AM), Anak perusahaan, sebagai tergugat kelima sehubungan dengan klaim yang didalilkan oleh Shamrock, yang timbul atas satu dari pelanggan Shamrock dimana Shamrock diharuskan membayar penalti sebesar USD28.426.294,75.
-
-
Rubber plantation: 873 hectares located in Tanah Raja and Serbangan with potential loss of production and severance pay of approximately 4,768 tonnes and Rp2.98 million for 182 employees, respectively. Oil palm plantation: 491 hectares located in Tanah Raja with potential loss of production and severance pay of approximately 228,777 tonnes and Rp868 billion for 58 employees, respectively.
b. On December 6, 2005, PT Shamrock Manufacturing Corpora (“Shamrock”) filed an appeal to the District Court of South Jakarta against Plantations & General Investment PLC, as the first defendant (“PGI”), Bengkulu Rubber Company, as the second defendant (“BRC”), The Anglo Indonesia Corporation, as the third defendant (“AIC”), Rabobank International, as the fourth defendant and PT Air Muring (AM), a Subsidiary, as the fifth defendant due to a claim argued by Shamrock that arose from one of Shamrock’s customers wherein Shamrock should pay a penalty of USD28,426,294.75.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated)
39. KEWAJIBAN BERSYARAT (Lanjutan)
39. CONTINGENCIES (Continued)
Menurut dalil yang disampaikan oleh Shamrock dalam gugatannya, penalti dikenakan kepada Shamrock sehubungan dengan kegagalan mengirimkan pesanan. Berdasarkan pendapat Shamrock, kegagalan tersebut disebabkan karena pembatalan penjualan saham AM yang dimiliki oleh PGI, BRC dan AIC kepada Shamrock.
According to the arguments of Shamrock in their claim, the penalty was charged to Shamrock because of its failure to deliver the order. Based on Shamrock’s opinion the failure was caused by the cancellation made by PGI, BRC and AIC to sell their shares in AM to Shamrock.
Pada bulan November 2005, PT Huma Indah Mekar, Anak perusahaan, telah mengambil alih saham AM yang dimiliki oleh BRC dan AIC.
In November 2005, PT Huma Indah Mekar, a Subsidiary, had taken over the shares of AM owned by BRC and AIC.
Berdasarkan Putusan Pengadilan Negeri Jakarta Selatan No. 1276/PDT.G/2005/PN. Jak-Sel tanggal 14 Februari 2007 diputuskan bahwa gugatan Shamrock terhadap para tergugat ditolak, karena tidak memiliki dasar hukum. Dengan lain perkataan, AM dan tergugat lainnya telah diputuskan menang atas kasus gugatan Shamrock. Atas putusan pengadilan tersebut, Shamrock, PGI, BRC, dan AIC menyatakan banding. Berdasarkan Putusan Pengadilan Tinggi Jakarta No. 01/PDT/2008/PT. DKI tanggal 26 Februari 2008 telah menguatkan putusan Pengadilan Negeri Jakarta Selatan. Saat ini Shamrock telah mengajukan kasasi di tingkat Mahkamah Agung atas putusan Pengadilan Tinggi dan belum ada keputusan Mahkamah Agung atas hal itu.
Based on the Decision of the District Court of South Jakarta No. 1276/PDT.G/2005/PN. Jak-Sel dated February 14, 2007, the claim of Shamrock against the Defendants was denied because it has no legal standing, AM and other defendants won against Shamrock. Based on these court decisions, Shamrock, PGI, BRC and AIC declared an objection. Based on the Decision of Supreme Court Jakarta No. 01/PDT/2008/PT. DKI dated on February 26, 2008, the decision of the District Court of South Jakarta was confirmed by the Supreme Court decision. Shamrock has submitted a cessation upon the Hight Court Decision to the Supreme Court of Justice and as of the date of this report, no decision has been issued.
40. PERISTIWA SETELAH TANGGAL NERACA a. Pada tanggal 2 Februari 2010 telah diadakan Rapat Umum Pemegang Saham Luar Biasa yang telah diaktakan oleh Notaris Aulia Taufani, S.H., No. 21 pada tanggal 3 Feburari 2010, yang menyetujui rencana Perusahaan untuk menambah modal sahamnya melalui penerbitan Hak Memesan Efek Terlebih Dahulu III (HMETD III) yang disertai dengan waran seri II yang merupakan bagian tak terpisahkan dari saham yang dikeluarkan dan diberikan kepada pemegang saham. Jumlah saham yang ditawarkan adalah 9.454.742.337 lembar dengan harga sebesar Rp525 per lembar. Rasio saham dengan HMETD adalah 2:5. Jumlah waran seri II yang diterbitkan adalah 630.316.155 lembar dengan harga pelaksanaan waran sebesar Rp530.
40. SUBSEQUENT EVENTS a. On February 2, 2010, the Company held an Extraordinary Shareholders’ General Meeting, which was notarized in Notarial Deed No. 21 of Aulia Taufani, S.H., on February 3, 2010, wherein the shareholders approved the Company’s plan to increase its capital stock through issuance of Pre-emptive Rights Issue which includes issuing Warrant III, the total number of shares offered is 9,454,742,337 with price of Rp525 per shares. The ratio of shares with Right Issue is 2:5. Total number of Warrant II that will be issued is 630,316,155 with exercise price of Rp530 per warrant.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 40. SUBSEQUENT EVENTS (Continued)
Rasio HMETD terhadap waran adalah 15:1. Selain itu, Rapat Umum Pemegang Saham Luar Biasa juga menyetujui pelaksanaan transaksi material sehubungan dengan rencana Perusahaan untuk melakukan akuisisi atas saham-saham dari berbagai perusahaan yang bergerak di bidang perkebunan dan pengolahan kelapa sawit, karet serta oleochemical.
The ratio of right issue to warrants is 15:1. Furthermore, the Extraordinary Shareholders’ General Meeting also approved the execution of material transactions for the Company’s plan to acquire shares from various palm oil and rubber plantation companies, and also oleochemical companies.
b. Pada tanggal 19 Februari 2010, Perusahaan telah menerbitkan Equity Link Notes (Notes) sejumlah USD77,34 juta dengan nilai maksimum USD100 juta, Notes tersebut akan jatuh tempo pada tahun 2013 dengan suku bunga 8% per tahun. Hasil penerbitan Notes tersebut akan digunakan Perusahaan untuk:
b. On February 19, 2010, the Company issued Equity Link Notes (Notes) amounting USD77.34 million with maximum amount of USD100 million, This Notes will mature on 2013 with interest rate 8% per annum. The proceeds from the issuance of this Notes will be used by the Company for the following:
1. Peningkatan penyertaan saham pada Agri International Pte Ltd (AIRPL) sejumlah 334 saham atau sebesar 36,54% dari jumlah seluruh saham dalam AIRPL. Transaksi ini menambah penyertaan saham Perusahaan menjadi 538 saham atau 58,86%. 2. Penyertaan saham pada Indogreen International Ltd (IGI) sebesar 150 lembar saham atau 18,45% dari seluruh saham IGI.
1. To increase its shares in Agri International Pte Ltd (AIRPL) amounting 334 shares or 36.54% from all of shares in AIRPL. This transaction will increase the Company’s shares into 538 shares or 58.86%.
41. REKLASIFIKASI AKUN
2. Share ownership of Indogreen International Ltd (IGI) amounting to 150 shares or 18.45% of IGI’s total shares.
41. RECLASSIFICATION OF ACCOUNTS
Beberapa akun dalam laporan keuangan konsolidasian tanggal 31 Desember 2008 direklasifikasi untuk menyesuaikan dengan penyajian laporan keuangan konsolidasian tanggal 31 Desember 2009. Dilaporkan Sebelumnya/ Previously Reported Tanaman menghasilkan Kelapa sawit 1.036.206.356 Tanaman belum menghasilkan Karet 269.708.719 Kelapa sawit 66.246.558 Piutang lain-lain Pihak hubungan istimewa 19.562.527 Piutang hubungan istimewa 220.303.901 Hutang lain-lain Pihak hubungan istimewa 14.293.849 Pihak ketiga 37.188.708 Hutang hubungan istimewa Beban pajak kini (121.435.632 ) Manfaat pajak tangguhan 15.230.194
Certain accounts in the consolidated financial statements for December 31, 2008 have been reclassified to conform to the presentation of accounts in the consolidated financial statement for December 31, 2009.
Reklasifikasi/ Reclassification
Setelah Reklasifikasi/ After Reclassification
(10.732.460 )
1.025.473.896
(131.890.718 ) 142.623.178
137.818.001 208.869.736
(12.918.058 ) 12.918.058
6.644.469 233.221.959
(14.293.849 ) (18.237.794 ) 28.089.240 (2.503.034 ) 2.503.034
18.950.914 28.089.240 (123.938.666 ) 17.733.228
Mature plantations Oil palm Immature plantations Rubber Oil palm Other receivables Related parties Due from related parties Other payables Related parties Third parties Due to related parties Current tax expense Deferred tax benefit
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 42. STANDAR AKUNTANSI YANG BARU
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 42. NEW ACCOUNTING STANDARDS PRONOUNCEMENTS
Ikatan Akuntan Indonesia (IAI) telah menerbitkan revisi atas beberapa standar akuntansi yang mungkin berdampak pada laporan keuangan konsolidasian.
The Indonesian Institute of Accountants (IAI) has released revisions to several accounting standards that may have certain impacts on the consolidated financial statements.
Revisi berikut ini berlaku untuk laporan keuangan yang periodenya dimulai pada atau setelah 1 Januari 2010:
The following revisions are effective for financial statements for the period commencing from on or after January 1, 2010:
-
-
-
PSAK 26 (Revisi 2009) - Biaya Pinjaman. PSAK 50 (Revisi 2006) - Instrumen Keuangan: Panyajian dan Pengungkapan. PSAK 55 (Revisi 2006) - Instrumen Keuangan: Pengakuan dan Pengukuran.
-
PSAK 26 (Revised 2009) - Borrowing Costs. PSAK 50 (Revised 2006) - Financial Instruments: Presentation and Disclosure. PSAK 55 (Revised 2006) - Financial Instruments: Recognition and Measurements.
Revisi yang mungkin relevan berikut ini berlaku untuk laporan keuangan yang periodenya dimulai pada atau setelah 1 Januari 2011:
The following revisions that maybe relevant are effective for financial statements for the period commencing from on or after January 1, 2011:
-
PSAK 1 (Revisi 2009) - Penyajian Laporan Keuangan. PSAK 2 (Revisi 2009) - Laporan Arus Kas.
-
PSAK 4 (Revisi 2009) - Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri. PSAK 5 (Revisi 2009) - Segmen Operasi.
-
PSAK 15 (Revisi 2009) - Investasi pada Entitas Asosiasi. PSAK 25 (Revisi 2009) - Kebijakan Akuntansi, Perubahan Estimasi Akuntansi dan Kesalahan.
-
-
PSAK 48 (Revisi 2009) - Penurunan Nilai Aset.
-
-
PSAK 57 (Revisi 2009) - Provisi, Liabilitas Kontinjensi dan Aset Kontinjensi. ISAK 7 (Revisi 2009) - Konsolidasi Entitas Bertujuan Khusus.
-
-
-
-
-
-
-
PSAK 1 (Revised 2009) - Presentation of Financial Statements. PSAK 2 (Revised 2009) - Statement of Cash Flows. PSAK 4 (Revised 2009) - Consolidated and Separate Financial Statements. PSAK 5 (Revised 2009) - Operating Segments. PSAK 15 (Revised 2009) - Investments in Associates. PSAK 25 (Revised 2009) - Accounting Policies, Changes in Accounting Estimates and Errors. PSAK 48 (Revised 2009) - Impairment of Assets. PSAK 57 (Revised 2009) - Provisions, Contingent Liabilities and Contingent Assets. ISAK 7 (Revised 2009) - Consolidation Special Purpose Entities.
Selain itu, IAI juga telah mencabut beberapa standar akuntansi, yang tanggal efektifnya mengikuti ketentuan tanggal efektif dalam PSAK lain yang terkait yang mungkin relevan, sebagai berikut:
Moreover, IAI has revoked several accounting standards, the effective dates of which follow the effective date of the provisions of the other related PSAKs, the ones that maybe relevant are as follows:
-
PPSAK 2 - Pencabutan PSAK 41: Akuntansi Waran dan PSAK 43: Akuntansi Anjak Piutang. PPSAK 3 - Pencabutan PSAK 54: Akuntansi Restrukturisasi Utang Piutang Bermasalah.
-
PPSAK No. 5 - Pencabutan ISAK 06: Interpretasi atas Paragraf 12 dan 16 PSAK No. 55 (1999) tentang Instrumen Derivatif Melekat pada Kontrak dalam Mata Uang Asing.
-
-
-
PPSAK No. 2 - Revocation of PSAK 41 Accounting for Warrants and PSAK 43 Accounting for Factoring. PPSAK No. 3 - Revocation of PSAK 54 Accounting for the Restructuring of Troubled Debt. PPSAK No. 5 - Revocation of ISAK 06: Interpretation of Paragraphs 12 and 16 of PSAK 55 (1999) on Embedded Derivative Instruments in Foreign Currency Contract.
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PT BAKRIE SUMATERA PLANTATIONS Tbk. DAN ANAK PERUSAHAAN CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK TAHUN YANG BERAKHIR PADA TANGGAL 31 DESEMBER 2009 (Dengan Angka Perbandingan untuk Tahun yang Berakhir pada Tanggal 31 Desember 2008) (Disajikan dalam Ribuan Rupiah, kecuali dinyatakan lain) 42. STANDAR AKUNTANSI YANG BARU (Lanjutan) Perusahaan dan Anak perusahaan sedang mempelajari dampak yang mungkin timbul dari penerapan standar-standar ini terhadap laporan keuangan konsolidasian. 43. PENYELESAIAN LAPORAN KEUANGAN KONSOLIDASIAN Manajemen Perusahaan bertanggung jawab atas penyusunan laporan keuangan konsolidasian ini yang diselesaikan pada tanggal 26 Maret 2010.
PT BAKRIE SUMATERA PLANTATIONS Tbk. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2009 (With Comparative Figures for the Year Ended December 31, 2008) (Expressed in Thousand Rupiah, unless otherwise stated) 42. NEW ACCOUNTING STANDARDS PRONOUNCEMENTS (Continued) The Company and Subsidiaries are evaluating the potential impact on the consolidated financial statements as a result of the adoption of the above new accounting standards. 43. COMPLETION OF THE CONSOLIDATED FINANCIAL STATEMENTS The management of the Company is responsible for the preparation of these consolidated financial statements that were completed on March 26, 2010.
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PT BAKRIE SUMATERA PLANTATIONS TBK. DAN ANAK PERUSAHAAN Laporan Keuangan Konsolidasian Untuk Tahun yang Berakhir pada TanggalTanggal 31 Desember 2008 dan 2007
PT BAKRIE SUMATERA PLANTATIONS TBK. AND SUBSIDIARIES Consolidated Financial Statements For The Years Ended December 31, 2008 and 2007
.a ao' IO-r ./
C J Bakfie Sumatera Plantations DIREKSITENTANGTAI.IGGUNG SURATPERNYATAAN JAWABATASLAPORANKEUANGANKONSOLIDASIAN PADATANGGALUNTUKTAHUNYANGBERAKHIR PTBAKRIE 31 DESEMBER 2OO8 DAN2OO7 TANGGAL PLANTATIONS TBK,DANANAK SUMATERA PERUSAHAAN ini: bertanda tanoandibawah Kamivano 1.
2.
Nama Alamat kantor
: :
AmbonoJanurianto WismaBakrie2 Lt. 15 Jl. H.R. Rasuna SaidKavB-2 Jakafta12920
Alamatdomisili sesuai KTP atau identitaslain
:
Nomortelepon Jabatan
: :
Jl. lbnuArmahNo.54 RT.01/ RW.04 Pangkalan Jati, Depok 021- 7698369 DirekturUtama
Nama Alamat kantor
: :
Harry[r. Nadir WismaBakrie2 Lt. 15 SaidKavB-2 Jl.H.R. Rasuna Jakarta'12920
Alamatdomisili sesuai KTP atau identitaslain
:
Nomortelepon Jabatan
: :
Jl. LubukKasihBlokR No.30 RT.001iRW.025Jatiwaringin PondokGede,Bekasi 021-84993893 Direktur
Menyatakanbahwa:
DIRECTORS'STATEMENTLETTERRELATINGTO THE FINANCIAL O^l THE CONSOLIDATED RESPO'"S'BTLTTY 31, FORTHEYEARSENDEDDECEMBER STATEMENTS PLANTATIONS PT BAKRIESUMATERA 2OO8AND2OO7 TBK,AND SUBSIDIARIES we. the undercianed: Office Address
: :
Domicileas stated : in lD Card
2.
PhoneNumber Position
: :
Name OfticeAddress
: :
Domicileas stated : in lD Cad Phone Number Position
: :
Ambono Janurianto wisma Bakie 2 18hfloor JL H.R. Rasuna SaidKav B-2 Jakafta 12920
Jl. lbnuArmahNo.54RT.01/ RW,04 PangkalanJati , Depok 021- 7698369 PrcsidentDirector HarryM. Nadi wisma Bakrie2 1dnfloor Jl. H.R. RasunaSaidKavB-2 Jakafta12920 Jl. Lubuk KasihBlokR No.30 RT.001/RW.025Jatiwaingin PondokGede,Bekasi 021-84993893 Director
Sfaie thati
1.
Beftanggungjawab atas penyusunandan penyajian laporankeuangankonsolidasian.
1.
We are responsiblefor the prcparationand presentation of the consolidatedtinancialstatements.
2.
Laporan keuangan konsolidasiantelah disusun dan disajikansesuaidenganprinsipakuntansiyang berlaku umumdi lndonesia.
2.
The consolidated financial staferrerts have been prcpared and presented in accordancewith generay principles in lndonesia. acceptedaccounting
3.
a.
Semua informasi dalam laporan keuangan konsotidasian telah dimuat secara lengkap dan benar, konsolidasian tidak Laporan keuangan mengandung informasi atau fakta material yang tidak benar, dan tidak menghilangkaninformasi atau fakta material.
3.
a.
A information contained in the consolidated financialstatementsis completeandcoffect,
b.
The consolidated financial statements do not contain misleading material informationor facts, and do not onit mateial informationand facts.
b.
4.
Bertanggung jawab atas sistem pengendalian intern dan Anak perusahaan. dalamPerusahaan
We are responsiblefor the Company and its intemalcontrclsysten. Subsidiaies's
4.
Demikianpernyataanini dibuat dengan sebenarnya.
Thisstatenent letteris madetruthfu y.
Kisaran,29 Maret2009
Kisarcn,March29,2009 Director / Direktur Pf. Bakrie Sumateta Plantations Tbk
I
\t4 tr,l^i (Ambono Janurianto)
(Harry M. Nadir)
Visma Bakrie2, 15thFloo, Jl. H. R. RasunaSaid,Kav. &2 Jakarta12920,Indonesia Telephone:+62 21 252 1286- 88 Facsimrlc : +62-21252 1252 Plantation Office : Kisenn 21202 Kab. Asahan SumateraUtara - Indonesia Telephone: +62 623 41434 Facsimile : +62 623 41066
dbssd
Doli,Bambang,Sudarmadji& Dadang RegisteredPublic Accountants
MenaraKuningan 11th Floot Jl. HR RasunaSaidBiok X'7 Kav5 Jakarta12940Indonesia Phone : (62 2\ 30A15102- 05 Fax : (62 21) 30015101 E-mail : [email protected]
Nomor:R.1/045/03/08 LaDoranAuditor Independen danDireksi Pemegang Saham,Komisaris PT Bakrie Sumatera PlantationsTbk
Number: R.1/045/03/08 I ndependen t Au ditors' Repofi and Director TheShareholders,Commissioner PT Bakrie Sumatera Plantations Tbk
PT Bakrie Kami telah mengauditneraca konsolidasian Sumatera PlantationsTbk ("Perusahaan')dan Anak padatanggal31 Desember2008 dan 2007, Perusahaan laporanperubahan sertalaporanlaba rugi konsolidasian, dan laporanarus kas konsolidasian ekuitaskonsolidasian tersebut. untuktahunyangberakhlrpadatanggaFtanggal jawab keuangan konsolidasian adalahtan99un9 Laporan jawabkamiterletak Tanggung Perusahaan. manajemen pada pernyataan pendapat atas laporan keuangan berdasarkanaudit kami. Kami tidak konsolidasian mengauditlaporankeuanganBSP FinanceBV, Anak yangberdomisili yanglaporannya perusahaan di Belanda, 4l,630/0dan 35,760/odari jumlah aktiva mencerminkan dan 11,82olodan nihll% dari jumlah konsolidasian pendapatan untuktahunyangberakhir bersihkonsolidasian pada tanggal 31 Desember2008 dan 2007. Laporan tersebutdiauditoleh auditor keuanganAnakPerusahaan kepada lainyanglaporannya telahdiserahkan independen berkaitan dengan kami dan pendapatkami,sepanjang jumlah-jumlah dimaksud, sematauntukAnakperusahaan atas laporanauditor independenlain mata berdasarkan tersebut.
We have audited the accompanyingbalancesheets of PTBakrieSumateraPlantationsTbk,("the Conpany') and its Subsidiariesas of December31, 2008 and 2002 and the related consolidated statements of income, consolidatedchanges in the stockholders'equity and consolidatedcashflows for the yearsthen ended. These consolidatedfinancialstatementsare the responsibilitvof the Company'emanagement. Our responsibilityis to express an opinion on these consolidated frnancial statementsbased on ou audits. We did not audit the nnancial statements of BSP Finance BV a Subsidiary domiciledin the Netherlandthat represent41.630/0and 35.760/0of the total consolidatedassetsand 11.82and nil o/oof the total consolidatednet revenuesfor the years endedDecember31, 2008 and 2007 respectively.These frnancialstatementswere audited by other independent auditor whoserepoft has been provided to ut and our opinion,in so far as it relates to amountsincludedthose Subsidiaries,is based solely on the report of the other independentauditor.
audit berdasarkan standarauditing Kami melaksanakan yang ditetapkanoleh Istitut AkuntanPublikIndonesia. kamimerencanakan dan Standartersebutmengharuskan keyakinan memadai auditagarmemperoleh melaksanakan bahwalaporankeuanganbebasdari salahsaji material. atas dasarpengujian, Suatuaudit meliputipemeriksaan, bukti-bukti yang mendukung jumlah-jumlahdan pengungkapan dalam laporankeuangankonsolidasian Auditjuga meliputipenllaianatas secarakeseluruhan. yangdigunakan prinsipakuntansi signifikan danestimasi yang dibuat oleh rnanajemen,serta penilaianterhadap penyajianlaporankeuangansecarakeseluruhan.Kami yakinbahwaauditkamimemberikan dasarmemadaiuntuk pendapat. menyatakan
We conduded our audits in accordancewith auditing standards establishedby the Indonesian Institute of Gftified PublicAccountanE.Thosestandardsrequirethat we plan and perform the audits to obtain reasonable aseurance about whether the consolidated financial statementsare free of material misstatements.An audit includesexamining,on a test basE evidencesupporting theamountsanddisclosuresin thefrnancialstatements.An auditalsoincludesassessingtheaccountingprinciplesused andsignificantestimatesmadeby management,as wellas evaluatingthe overallfinancialstatementpresentation.We believethat our audits providea reasonablebasigfor our oDinion,
An independenlmemberofBKR Int€rnational, with officesthroughoutthe World
Doli, Bambang,Sudarrnadji& Dadang I4enurutpendapatkami, berdasarkanaudit kami dan laporanauditor independenlain, laporan keuangan yangkamisebutdi atasmenyajikan secara konsolidasian posisikeuangan PT wajar,dalamsemuahalyangmaterial, pada Plantation TbkdanAnakperusahban BakrieSumatera tanggal31 Desember2008 dan 2007,serta hasilusaha perubahanekuitaskonsolidasian sertaarus konsolidasian, untuktahunyangberakhirpadatanggakaskonsolidasian tanggaltersebutsesuaidenganprinsipakuntansiyang umumdi Indonesia. berlaku
In our opinion,basedon ourauditsand otherindependent auditors report, the consolidatedfinancial statements referredto abovepresentfairly,in all materialrespecb,the consolidated financial position of the Company and subsidiariesas of December31, 2008 and 2002 and the consolidated results of their operations and their consolidated results of their operations and their consolidatedcash flows for the vears then ended in conformitywithgenerallyacceptedaccountingprinciplesin Indonesia.
DOLI, BAMBANG,SUDARMADJI& DADANG KEP-295/KN4.5/2005 IzlnUsaha / FirmLicenseNo.
wDrc, fskandar Pane, Alt MM NomorIzin AkuntanPublikI Licenseof PublicAccountant99.1.0612 Jakarta,29 Maret 2009 / March 29,2009
Noticeto Readers equtty flrarn"t tt t b are intendedto presentthe financiatpositions,resultsof operations,changesin sharehotders' Th" "r@mp"rrng flowsin accordancewith accountingpinciples andpmcticesgenerallyacceptedin Indonesiaand not that of any otherjurisdictt:ons and cash fhe standards,proceduresandpracticesto audit suchfinancialstatementsare thosegenerallyacceptedand appliedin Indonesia'
TABLE OF CONTENTS
DAFTAR ISI Halaman/
Page
SURAT PERNYATAAN DIREKSI
I.
DIRECTORS’ STATEMENT LETTER
II. LAPORAN AUDITOR INDEPENDEN
II.
INDEPENDENT AUDITORS’ REPORT
III. LAPORAN KEUANGAN KONSOLIDASIAN
III. CONSOLIDATED FINANCIAL STATEMENTS
I.
-
Consolidated Balance Sheets
- Neraca Konsolidasian
i-iv
- Laporan Laba Rugi Konsolidasian
v-vi
-
Consolidated Statements of Income
vii
-
Consolidated Statements of Changes in Stockholders’ Equity
- Laporan Arus Kas Konsolidasian
viii-ix
-
Consolidated Statements of Cash Flows
- Catatan Atas Laporan Keuangan Konsolidasian
1-89
-
Notes to Consolidated Financial Statements
- Laporan Perubahan Ekuitas Konsolidasian
**************************
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Balance Sheets As of December 31, 2008 and 2007 (In thousands of Indonesian Rupiah, Except For Par Value)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Neraca Konsolidasian Per 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah, Kecuali Nominal Saham)
Catatan/
Notes
2008
2007
Assets
Aktiva Aktiva Lancar Kas dan setara kas Investasi jangka pendek Piutang usaha Pihak ketiga - setelah dikurangi penyisihan piutang ragu-ragu sebesar Rp 3.378.644 pada tahun 2008 dan Rp 2.972.794 pada 2007 Piutang lain-lain Pihak ketiga - setelah dikurangi penyisihan piutang ragu-ragu sebesar Rp 3.517.163 pada tahun 2008 dan Rp 3.747.162 pada tahun 2007 Pihak hubungan istimewa Persediaan - setelah dikurangi penyisihan persediaan usang sebesar Rp 203.099 pada tahun 2008 dan 2007. Pajak dibayar di muka Biaya dibayar di muka Uang muka
2e,42
11.172.719 19.562.527
64.053.265 39.040.111
2f,8,29 9,39a 2g,10,28a 11
141.536.732 14.795.884 2.647.799 106.068.760
147.161.787 25.124.008 22.659.843 37.741.711
Current Assets Cash and cash equivalents Short- term investment Trade receivables Third parties - net of allowance for doubtful accounts of Rp 3,378,644 in 2008 and Rp 2,972,794 in 2007 Other receivables Third parties - net of allowance for doubtful accounts of Rp 3,517,163 in 2008 and Rp 3,747,162 in 2007 Related parties Inventories - net of allowance for inventories obsoles of Rp 203,099 in 2008 and 2007 Prepaid taxes Prepaid expenses Advances
746.422.233
1.427.343.468
Total current assets Non-Current Assets Due from related parties – net of allowance for doubtful accounts of Rp 2,991,629 in 2008 and 2007
2c,4 2w,5 2d,6,29
98.337.153
Piutang plasma Aktiva pajak tangguhan - bersih Penyertaan saham - setelah dikurangi penyisihan atas penyertaan saham yang tidak dapat dipulihkan sebesar Rp 511.353 pada tahun 2008 dan 2007 Tanaman perkebunan Tanaman menghasilkan - setelah dikurangi akumulasi penyusutan sebesar Rp 301.334.173 pada tahun 2008 dan Rp 251.911.894 pada tahun 2007 Tanaman belum menghasilkan
363.426.096 523.301.872
204.834.775
2d,7
Jumlah aktiva lancar Aktiva Tidak Lancar Piutang hubungan istimewa – setelah Dikurangi penyisihan piutang ragu-ragu sebesar Rp 2.991.629 pada tahun 2008 dan 2007
352.300.659 -
2d,2e,13,42 2l,14,44c 44d,44e,44g 2u,39b
220.303.901
659.523
49.314.094 40.407.926
28.862.975 25.109.680
2b,2y,12,42 2h,15,29
569.307.139
168.128.454
1.017.093.424 335.955.275
946.915.273 291.500.525
Due from plasma Deferred tax assets - net Investments in shares of stock - net of allowance for unrecoverable investments in shares of stock of Rp 511,353 in 2008 and in 2007 Plantations Mature plantations - net of accumulated depreciation of Rp 301,334,173 in 2008 and Rp 251,911,894 in 2007 Immature plantations
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements.
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. i
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Balance Sheets (Continued) As of December 31, 2008 and 2007 (In thousands of Indonesian Rupiah, Except For Par Value)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Neraca Konsolidasian (Lanjutan) Per 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah, Kecuali Nominal Saham)
Catatan/
Notes
Aktiva tetap - setelah dikurangi akumulasi penyusutan sebesar Rp 320.389.877 pada tahun 2008 dan Rp 258.768.206 pada tahun 2007 Goodwill - setelah dikurangi akumulasi amortisasi sebesar Rp 46.020.894 pada tahun 2008 dan Rp 19.431.697 pada tahun 2007 Aktiva lain-lain Dana dalam pembatasan Proyek dalam pengembangan Beban ditangguhkan - bersih Beban tangguhan hak atas tanah - setelah dikurangi akumulasi amortisasi sebesar Rp 5.140.379 pada tahun 2008 dan Rp 3.858.365 pada tahun 2007 Lain-lain
2008
2i,2j,2k,16,29
2007
743.285.954
741.088.723
2n,17
485.099.298
511.688.495
18 2q,19 2o,20
47.394.400 410.129.160 109.666
51.795.993 86.077.225 824.093
2i,21 2m
32.870.500 2.625.867
Jumlah Aktiva
Deferred expenses of land rights - net of accumulated amortization of Rp 5,140,379 in 2008 and Rp 3,858,365 29.413.439 in 2007 Others 1.495.718
493.129.593
169.606.468
Total other assets
3.953.896.604
2.883.560.116
Total non-current assets
4.700.318.837
4.310.903.584
Total Assets
Jumlah aktiva lain-lain Jumlah aktiva tidak lancar
Property, plant and equipment - net of accumulated depreciation of Rp 320,389,877 in 2008 and Rp 258,768,206 in 2007 Goodwill - net of accumulated amortization of Rp 46,020,894 in 2008 and Rp 19,431,697 in 2007 Other assets Restricted funds Business development project Deferred charges - net
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements.
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. ii
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Balance Sheets (Continued) As of December 31, 2008 and 2007 (In thousands of Indonesian Rupiah, Except For Par Value)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Neraca Konsolidasian (Lanjutan) Per 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah, Kecuali Nominal Saham)
Catatan/
Notes
Kewajiban dan Ekuitas Kewajiban Lancar Hutang bank jangka pendek Hutang usaha Pihak ketiga Pihak hubungan istimewa Hutang lain-lain Pihak ketiga Pihak hubungan istimewa Biaya masih harus dibayar Hutang pajak Hutang dividen Uang muka penjualan Hutang jangka panjang jatuh tempo dalam satu tahun: Pinjaman jangka panjang Hutang sewa guna usaha
2008
27
164.250.000
141.285.000
22 2e,42
115.073.045 43.737
70.272.401 2.804.550
23 2e,42 24 2u,25,39a 2aa,33 26
37.188.708 14.293.849 56.079.716 55.017.501 1.474.484 55.438.592
55.640.949 59.198.399 47.497.106 48.913.007 1.362.583 19.754.846
Liabilities and Stockholders’Equity Current Liabilities Short-term loan Trade payables Third parties Related parties Other payables Third parties Related parties Accrued expenses Taxes payables Dividends payable Advances on sales
2v,28 2k,16,31
2.647.767 -
3.008.936 106.066
Current maturities of: Long-term loan Obligation under capital lease
501.507.399
449.843.843
Total current liabilities
15.773.734 31.960.827
18.208.716 41.065.873
Non-Current Liabilities Deferred tax liabilities - net Employees retirement benefit liabilities
Jumlah kewajiban lancar Kewajiban Tidak Lancar Kewajiban pajak tangguhan - bersih Kewajiban imbalan kerja Hutang jangka panjang - setelah dikurangi bagian jatuh tempo dalam satu tahun: Pinjaman jangka panjang Hutang obligasi Hutang sewa guna usaha
2007
2u,39b 2r,40
588.230 1.679.275.328 35.000
3.281.271 1.411.879.939 35.000
Long-term debts - net of current maturities: Long-term loan Bonds payable Obligation under capital lease
1.727.633.119
1.474.470.799
Total non-current liabilities
1.000.035
1.382.962
Minority Interest in Net Assets of Subsidiaries Stockholders’ Equity Capital stock Rp 100 par value in 2008 and 2007 Authorized - 15,000,000,000 shares in 2008 and 15,000,000,000 shares in 2007 Issued and fully paid3,787,996,935 shares in 2008 and 3,787,875,000 shares in 2007
2v,28 29 2k,16,30
Jumlah kewajiban tidak lancar Hak Minoritas Atas Aktiva Bersih Anak Perusahaan Ekuitas Modal saham - nilai nominal Rp 100 pada tahun 2008 dan 2007 Modal dasar - 15.000.000.000 saham pada tahun 2008 dan 15.000.000.000 saham pada tahun 2007 Modal ditempatkan dan disetor penuh - 3.787.996.935 saham pada tahun 2008 dan 3.787.875.000 saham pada tahun 2007 Tambahan modal disetor - agio saham - bersih
31
378.799.694
378.787.500
2p,32
1.572.235.622
1.572.080.155
Selisih nilai transaksi restrukturisasi entitas sepengendali
3h,i,j,k
(
22.029.000 )
-
Additional paid-in capital - net Difference in value restructuring transaction with entity under common control
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements.
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
iii
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Balance Sheets (Continued) As of December 31, 2008 and 2007 (In thousands of Indonesian Rupiah, Except For Par Value)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Neraca Konsolidasian (Lanjutan) Per 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah, Kecuali Nominal Saham)
Catatan/
Notes
2008
2007
95.205 543.073.253
438.468 433.899.857
Treasury stock Exchange differences due to financial statements translation Retained earnings
Jumlah ekuitas
2.470.178.284
2.385.205.980
Total stockholders’ equity
Jumlah Kewajiban dan Ekuitas
4.700.318.837
4.310.903.584
Total Liabilities and Stockholders’ Equity
Saham beredar yang diperoleh kembali Selisih kurs karena penjabaran laporan keuangan Saldo laba
2ab
( 1.996.490 )
2s
-
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements.
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
iv
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Statements of Income For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah, Except For Income Per Share)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Laporan Laba Rugi Konsolidasian Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah, Kecuali Laba Per Saham)
Catatan/
Notes
PENJUALAN BERSIH BEBAN POKOK PENJUALAN
2008
2007
2t,6,34
2.931.418.722
1.949.017.782
NET SALES
2t,15,16,35
1.909.396.602
1.278.975.125
COST OF GOODS SOLD
1.022.022.120
670.042.657
GROSS PROFIT
98.952.135 163.373.071
38.625.180 142.546.274
OPERATING EXPENSES Selling General and administrative
262.325.206
181.171.454
Total Operating Expenses
759.696.914
488.871.203
INCOME FROM OPERATIONS
LABA KOTOR BEBAN USAHA: Penjualan Umum dan administrasi
2r,2t,15,16,36
Jumlah Beban Usaha LABA USAHA PENGHASILAN (BEBAN) LAIN-LAIN Bagian laba perusahaan asosiasi Laba (rugi) selisih kurs - bersih Penghasilan bunga Laba (rugi) penjualan aktiva tetap Beban bunga dan keuangan Laba penjualan investasi saham pada anak perusahaan Rugi penghapusan tanaman perkebunan Lain-lain - bersih
12 2s,28,29 2c,4,5
( (
78.689.723) 243.036.843) 31.124.165
16
(
80.306.224 ) 40.934.102
-
(
376 )
188.983.710)
(
169.803.767 )
28,37
(
3d 15 38
(
1.528.946 ) 1.193.536
( (
78.387.692 1.548.729 ) 12.604.115 )
(
479.921.521 )
(
144.941.417 )
Jumlah Beban Lain-lain - Bersih LABA SEBELUM TAKSIRAN MANFAAT (BEBAN) PAJAK TAKSIRAN MANFAAT (BEBAN) PAJAK Periode berjalan Tangguhan
-
279.775.393
2u, 39a ( 2u, 39b
121.435.632 ) ( 15.230.194 (
(
106.205.438 ) (
Jumlah Taksiran Beban Pajak LABA SEBELUM HAK MINORITAS ATAS LABA BERSIH ANAK PERUSAHAAN
173.569.955
343.929.786
OTHER INCOME (EXPENSES) Income from associates Gain (loss) on foreign exchange - net Interest income Gain (loss) on sale of property, plant and equipment Interest and financial expenses Gain on sale of investment in a subsidiary Loss on written off plantations Miscellaneous - net Other Expenses - Net INCOME BEFORE TAX BENEFITS (EXPENSES)
85.038.529 ) 16.036.307 )
TAX BENEFITS (EXPENSES) Current period Deferred
101.074.836 )
Total Tax Expenses
_____________________
242.854.950
INCOME BEFORE MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements.
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
v
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Statements of Income (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah, Except For Income Per Share)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Laporan Laba Rugi Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah, Kecuali Laba Per Saham)
Catatan/
Notes
2008
LABA BERSIH ANAK PERUSAHAAN YANG DIKONSOLIDASIKAN SEBELUM DIAKUSISI
2007
-
LABA SEBELUM HAK HAK MINORITAS ATAS RUGI BERSIH ANAK PERUSAHAAN
(36.471.715)
CONSOLIDATED SUBSIDIARIES NET INCOME BEFORE ACQUISITION INCOME BEFORE MINORITY INTEREST IN NET LOSS OF SUBSIDIARIES
173.569.955
206.383.235
591)
192.037
173.569.364
206.575.272
45,85
70,33
DILUSIAN
44,44
69,58
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements.
HAK MINORITAS ATAS RUGI BERSIH ANAK PERUSAHAAN
(
LABA BERSIH LABA BERSIH PER SAHAM: DASAR
2x,41
vi
MINORITY INTEREST IN NET INCOME OF SUBSIDIARIES NET INCOME NET EARNINGS PER SHARE: BASIC DILUTED
R.1/045/03/08
R.1/045/03/08
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Statements of Changes in Stockholders’ Equity For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Laporan Perubahan Ekuitas Konsolidasian Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah)
Modal Saham Ditempatkan dan Disetor Penuh /
Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali /
Tambahan Modal Disetor Agio Saham - Bersih /
Capital Stock Issued and Fully Paid
Difference in Value in Restructuring Transaction with Entity under Common Control
Additional Paid-in Capital - Net
Saldo, 1 Januari 2007
233.100.000
147.256.406
-
Peningkatan modal disetor Melalui Hak Memesan Efek Terlebih Dahulu (HMETD) (Catatan 32)
145.687.500
1.456.875.000
-
Beban penerbitan saham dengan Hak memesan efek terlebih dahulu
(
Selisih Kurs Karena Penjabaran Laporan Keuangan / Exchange
Differences Due to Financial Statements Translations (
Modal Saham yang Diperoleh Kembali/
Saldo Laba /
Retained Earnings
160.672 )
Jumlah Ekuitas /
Total Stockholders’ Equity
Treasury Stock
262.289.585
-
32.051.251)
-
642.485.319
Balance, January 1, 2007
-
1.602.562.500
Right Issue (Note 32)
-
(
32.051.251)
Stock Issuance cost through pre-emptive right issue Exchange differences due to financial statements translation (note 2s) Net income for the period
Selisih kurs karena penjabaran laporan keuangan (Catatan 2s)
-
-
-
Laba bersih periode berjalan
-
-
-
-
Pembagian dividen (Catatan 33)
-
-
-
- (
378.787.500
1.572.080.155
-
438.468
433.899.857
-
2.385.205.980
Balance, December 31, 2007
378.787.500
1.572.080.155
-
438.468
433.899.857
-
2.385.205.980
Balance January 1, 2008 Difference in value in restructuring transaction with entity under common control
Saldo, 31 Desember 2007 Saldo, 1 Januari 2008 Selisih nilai transaksi restrukturisasi entitas sepengendali
-
599.140
206.575.272
-
206.575.272
34.965.000 )
-
-
12.194
155.467
-
Laba bersih periode berjalan
-
-
-
-
173.569.364
-
Pembagian dividen (Catatan 33)
-
-
-
- (
64.395.968)
- (
378.799.694
1.572.235.622
-
(
22.029.000)
(343.263)
95.205
-
-
-
-
- (
-
Saldo, 31 Desember 2008
22.029.000 )
-
-
Saham beredar yang diperoleh kembali Selisih kurs karena penjabaran laporan keuangan (Catatan 2s) Pelaksanakan warrant
(
599.140
-
(
-
543.073.253
- (
22.029.000)
1.996.490) (
1.996.490)
- (
-
(
34.965.000 )
1.996.490)
Dividend payment (Note 33)
Treasury Stock Exchange differences due to 343.263) financial statements translation (Note 2s) 167.661 Warrant execution
173.569.364 64.395.968 ) 2.470.178.284
Net income for the period Dividend payment (Note 33) Balance, December 31, 2008
The accompanying Notes to Consolidated Financial Statements are an integral part of the consolidated financial statements.
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan. vii
R.1/045/03/08
R.1/045/03/08 PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Statements of Cash Flows For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Laporan Arus Kas Konsolidasian Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah)
2008 ARUS KAS DARI AKTIVITAS OPERASI Penerimaan kas dari pelanggan Pembayaran kas kepada pemasok dan karyawan
2007
3.073.600.090 (
2.144.599.131 )
Kas yang dihasilkan dari operasi Penerimaan bunga Pembayaran bunga (Catatan 24 dan 37) ( Pembayaran pajak penghasilan (
929.000.959 31.124.165 186.513.515 ) 105.003.014 )
Kas Bersih yang Diperoleh dari Aktivitas Operasi
Kas Bersih yang Digunakan untuk Aktivitas Investasi ARUS KAS DARI AKTIVITAS PENDANAAN Penambahan piutang hubungan istimewa (Catatan 13) Pembayaran dividen (Catatan 33) Penurunan (penambahan) piutang plasma (Catatan 14) Pembelian Treasury stock Penambahan modal saham Kenaikan hutang obligasi Penerimaan dari pemegang saham non pengendalian Penerimaan hutang jangka pendek : Bank (Catatan 27) Kenaikan dana dalam pembatasan Penurunan aktiva lain-lain Biaya penerbitan saham (Catatan 32) Biaya penerbitan hutang obligasi (Catatan 29)
(
1.470.885.057 )
Cash paid to suppliers and employees
( (
424.774.842 26.217.243 161.532.528 ) 105.212.263 )
Cash received from operations Interest received Interest payment (Notes 24 and 37) Income tax payment
668.608.595
ARUS KAS DARI AKTIVITAS INVESTASI Penurunan (penambahan) aktiva lain-lain Penambahan marketable securities Penambahan tanaman belum menghasilkan ( Pembelian aktiva tetap (Catatan 16) Penambahan proyek dalam pengembangan (Catatan 19) Penurunan investasi jangka pendek Akuisisi Anak perusahaan (Catatan 3.m) Pembayaran beban tangguhan hak atas Tanah
1.895.659.899
184.247.294
164.055.182 )
( ( (
19.911.836) 323.301.872) 258.524.996)
(
85.072.110 )
(
141.452.385)
(
324.051.935 ) 523.301.872
(
23.323.217) -
(
367.781.944 )
(
1.699.350.587)
(
2.742.634 )
(
420.401.933 )
( (
219.644.379 ) 64.281.992 )
( (
20.451.118 ) 1.996.490 ) -
(
(
2.465.864.893 )
3.838.350 34.581.462) 4.425.500 1.602.562.500 540.641.755
-
500.375.000
-
6.000.000 257.764 257.763
-
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
CASH FLOWS FROM OPERATING ACTIVITIES Cash received from customers
( (
32.051.250) 29.233.694)
Net Cash Provided from Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Decrease (increase) in other assets Increase in marketable securities Increase in immature Acquisition of property, plant and equipment (Note 16) Decrease in business project in development (Note 19) Increase in short term investment Acquisition of Subsidiaries (Note 3.m) Payment of deferred expenses of land rights Net Cash Used for Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Increase in due from related parties (Note 13) Dividend payment (see Note 33) Decrease (increase) in due from plasma (Note 14) Purchase of Treasury Stock Additional Paid in Capital Increase in bonds payable Proceeds from shareholder of non under commoncontrol Proceeds from short-term debts: Bank (Note 27) Increase in due from related parties Decrease in other assets Cost concerning right issues (Note 32) Cost concerning Senior Notes (Note 29)
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements. viii
R.1/045/03/08
R.1/045/03/08 PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Consolidated Statements of Cash Flows For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Laporan Arus Kas Konsolidasian Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah)
2008
Eksekusi waran Pembayaran hutang jangka panjang: Bank (Catatan 28) Sewa guna usaha Lain-lain
2007
167.661 (
106.066 ) -
Kas Bersih yang Diperoleh dari (Digunakan untuk) Aktivitas Pendanaan
(
306.312.384 )
KENAIKAN (PENURUNAN) BERSIH KAS DAN SETARA KAS
(
58.105.722)
DAMPAK PERUBAHAN SELISIH KURS TERHADAP ARUS KAS KAS DAN SETARA KAS AWAL TAHUN Dilaporkan sebelumnya Kas dan setara kas Anak perusahaan yang diakuisisi dan didekonsolidasi
KAS DAN SETARA KAS AKHIR TAHUN
46.980.285
( ( (
15.128.409 ) 418.056 ) 307.766 )
(
2.546.637.995
Net Cash Provided from (Used for) Financing Activities
265.020.396
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
7.829.637)
363.426.096
87.230.692
-
19.004.645
363.426.096
106.235.337
352.300.659
363.426.096
Catatan atas Laporan Keuangan Konsolidasian merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan.
Warrant execution Payment of long-term debts: Bank (Note 28) Obligation under capital lease Others
EFFECT OF FOREIGN EXCHANGE TO CASH FLOW CASH AND CASH EQUIVALENTS AT BEGINNING OF YEAR Previously reported Cash and cash equivalents of acquired and deconsolidated of Subsidiaries
CASH AND CASH EQUIVALENTS AT END OF YEAR
The accompanying Notes to The Consolidated Financial Statements are an integral part of the consolidated financial statements. ix
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Unless Otherwise Stated)
1.
UMUM a.
b.
GENERAL a.
Pendirian dan Informasi Umum
Establishment and General Information
PT Bakrie Sumatera Plantations Tbk. (“Perusahaan”) berdiri di Republik Indonesia pada tahun 1911 dengan nama “NV Hollandsch Amerikanse Plantage Maatschappij”. Nama Perusahaan telah beberapa kali mengalami perubahan, terakhir dengan nama PT Bakrie Sumatera Plantations Tbk. Anggaran Dasar Perusahaan pertama kali diumumkan dalam Lembaran Berita Negara Republik Indonesia No. 14 tanggal 18 Februari 1941 Tambahan No. 101. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir dengan Akta Notaris Aulia Taufani, S.H., No. 2 tanggal 31 Oktober 2007 mengenai peningkatan modal dasar Perusahaan dari 4,144 miliar lembar saham menjadi 15 miliar lembar saham. Perubahan tersebut masih dalam proses persetujuan dari Menteri Hukum dan Hak Asasi Manusia.
PT Bakrie Sumatera Plantations Tbk. (“the Company”) was established in the Republic of Indonesia in 1911 under the name of “NV Hollandsch Amerikanse Plantage Maatschappij”. The name of the Company was changed several times, the latest of which was PT Bakrie Sumatera Plantations Tbk. The Articles of Association of the Company were first published in the State Gazette of the Republic of Indonesia No. 14 dated February 18, 1941 Supplement No. 101. The Articles of Association of the Company were amended several times, the most recently in Notarial Deed No. 2 of Aulia Taufani, S.H., dated October 31, 2007 to increase the authorized capital stock from 4.144 billion shares to 15 billion shares. The changes are still in the approval process by the Minister of Justice and Human Rights.
Sesuai dengan pasal 3 Anggaran Dasar Perusahaan, Perusahaan bergerak dalam bidang perkebunan, pengolahan dan perdagangan hasil tanaman dan produk industri.
In accordance with Article 3 of the Company’s Articles of Association, the scope of its activities consists of agriculture, processing and trading of agricultural and industrial products.
Perusahaan berdomisili di Kisaran dengan kantor pusat berlokasi di Jl. H. Juanda, Kisaran 21202, Kabupaten Asahan, Sumatera Utara, sedangkan perkebunan serta pabriknya berlokasi di Kisaran, Kabupaten Asahan, Sumatera Utara.
The Company is domiciled in Kisaran with head office located at Jl. H. Juanda, Kisaran 21202, Kabupaten Asahan, North Sumatera, while its plantations and factory are in Kisaran, Asahan District, North Sumatera.
Usaha perkebunan telah beroperasi komersil sejak tahun 1911.
The plantations have been in operation since 1911. b.
Penawaran Umum Efek Perusahaan
Public Offering of Shares and Bonds of the Company
Pada tanggal 6 Januari 1990, Perusahaan memperoleh ijin dari Menteri Keuangan Republik Indonesia dengan Surat No. SI/075/SHM/MK.10/1990 untuk melakukan penawaran umum kepada masyarakat atas 11,1 juta saham dengan nilai nominal Rp 1.000 (Rupiah penuh) per saham melalui bursa saham di Indonesia dengan harga penawaran Rp 10.700 (Rupiah penuh) per saham. Pada tahun 1997 Perusahaan melakukan pemecahan saham (stock split) 2-untuk-1 sehingga mengubah nilai nominal saham biasa dari Rp 1.000 (Rupiah penuh) menjadi Rp 500 (Rupiah penuh) serta mengumumkan sembilan saham bonus untuk lima saham lama dari tambahan modal disetor.
On January 6, 1990, the Company obtained a license from the Minister of Finance of the Republic of Indonesia in his Letter No. SI/075/SHM/MK.10/1990 to hold a public offering of its 11.1 million shares with par value of Rp 1,000 (full amount) per share through the stock exchange in Indonesia at the offering price of Rp 10,700 (full amount) per share. In 1997, the Company declared stock split of 2-for-1, which changed the common stock par value from Rp 1,000 (full amount) to Rp 500 (full amount) per share and nine-for-five stock bonus from additional paid in capital.
Pada bulan Juni 1999, Perusahaan mengumumkan satu dividen saham untuk lima saham lama dari saldo laba (lihat Catatan 31, 32 dan 33). Pada tanggal 31 Desember 1999, Perusahaan telah mencatatkan semua saham yang ditempatkan dan disetor penuh di Bursa Efek Jakarta dan Surabaya.
In June 1999, the Company declared one-for-five stock dividend from retained earnings (see Notes 31, 32 and 33). As of December 31, 1999, the Company has listed all of its shares issued and fully paid shares in the Jakarta and Surabaya Stock Exchanges.
1
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
1. GENERAL (Continued)
UMUM (Lanjutan) b.
c.
b.
Penawaran Umum Efek Perusahaan (Lanjutan)
Public Offering of Shares of the Company (Continued)
Pada tanggal 18 Oktober 2004, Perusahaan melakukan pemecahan saham 5-untuk-1 sehingga mengubah nilai nominal saham biasa dari Rp 500 (Rupiah penuh) menjadi Rp 100 (Rupiah penuh), dan pada tanggal 10 Nopember 2004, Perusahaan melakukan penawaran umum terbatas I dengan Hak Memesan Efek Terlebih Dahulu sebanyak 1.087.800.000 lembar saham, yang seluruh saham yang ditempatkan dan disetor penuh telah dicatatkan di Bursa Efek Jakarta dan Surabaya (lihat Catatan 31 dan 32). Harga penawaran umum terbatas I tersebut di atas adalah sebesar Rp 200 (Rupiah penuh).
On October 18, 2004, the Company declared stock split of 5-for-1 which changed the common stock par value from Rp 500 (full amount) to Rp 100 (full amount), and on November 10, 2004, the Company held a limited public offering I through pre-emptive right issues of 1,087,800,000 shares, which all of its shares issued and fully paid shares has been listed in the Jakarta and Surabaya Stock Exchanges (see Notes 31 and 32). The offering price in limited public offering I above is amounted to Rp 200 (full amount).
Pada tanggal 29 Agustus 2007, Perusahaan melakukan penawaran umum terbatas II dengan Hak Memesan Efek Terlebih Dahulu sebanyak 1.456.875.000 lembar saham, yang seluruh sahamnya telah ditempatkan dan disetor penuh serta telah dicatatkan di Bursa Efek Indonesia (lihat Catatan 31 dan 32). Harga penawaran umum terbatas II tersebut diatas adalah sebesar Rp 1.100 (Rupiah penuh).
On August 29, 2007, the Company held a limited public offering II through pre-emptive right issues of 1,456,875,000 shares, which all of its issued and fully paid shares had been listed in Jakarta and Surabaya Stock Exchanges (see Notes 31 and 32). The offering price in limited public offering II above is amounted to Rp 1,100 (full amount). c.
Struktur Perusahaan dan Anak perusahaan
The Structures of the Company and Subsidiaries As of December 31, 2008 and 2007, the Company has direct and indirect ownerships in subsidiaries as follows:
Pada tanggal 31 Desember 2008 dan 2007, Perusahaan memiliki Anak perusahaan dengan kepemilikan langsung dan tidak langsung sebagai berikut: 2008
Persentase Kepemilikan /
Anak perusahaan /
Subsidiaries
Kepemilikan saham secara langsung / Direct ownership: PT PT PT PT
Bakrie Pasaman Plantations Agrowiyana Agro Mitra Madani Huma Indah Mekar
BSP Finance BV PT Bakrie Rekin Bio Energy PT Sumbertama Nusapertiwi PT Nibung Arthamulia
Percentage of Ownership
Lokasi /
Domicile
Mulai Operasi Komersiil /
Start of Commercial Operations
Jumlah aktiva /
Total Assets
Sumatera Barat /
West Sumatera
99,76% 99,93 85,00 96,55
Jambi Jambi Lampung Belanda /
Netherland
100,00 70,00 99,99 99,66
Batam Jambi Palembang
2
1998 1998 2004 1992
Rp Rp Rp Rp
636.521.985 477.259.133 209.021.302 272.754.331
2006 2005 2002
Rp 1.817.253.487 Rp 35.787.856 Rp 315.444.691 Rp 80.063.283
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
1. GENERAL (Continued)
UMUM (Lanjutan) c.
c.
Struktur Perusahaan dan Anak perusahaan (Lanjutan)
The Structures of the Company and Subsidiaries (Continued)
2008 Persentase Kepemilikan /
Anak perusahaan /
Subsidiaries
Mulai Operasi Komersil /
Percentage of Ownership
Start of Commercial Operations
North Sumatera
99,99
2000
Rp
914.149.360
Bengkulu
96,55
1998
Rp
165.187.575
Riau
100,00
2003
Rp
678.189.392
Lokasi /
Domicile
Jumlah aktiva /
Total Assets
Kepemilikan saham secara Langsung (lanjutan) / Direct
Ownership (continued):
PT Grahadura Leidong Prima Kepemilikan saham secara tidak langsung / Indirect ownership: PT Air Muring (melalui / through PT Huma Indah Mekar) PT Guntung Idamannusa (melalui / through PT Grahadura Leidong Prima dan / and PT Sumbertama Nusapertiwi) (lihat Catatan 3 butir h) /
(see Note 3 point h)
Sumatera Utara /
On December 4, 2007, the Company acquired 100% shares ownership in PT Grahadura Leidong Prima. On February 22, 2008, the Company has transferred 10 shares of GLP with nominal value of Rp 10 million (0.01% shares ownership) to PT Sumbertama Nusapertiwi, a Subsidiary (see Note 3 point a).
Pada tanggal 4 Desember 2007, Perusahaan mengakuisisi 100% saham PT Grahadura Leidong Prima (GLP). Pada tanggal 22 Februari 2008, Perusahaan telah mengalihkan 10 lembar saham GLP dengan nilai nominal Rp 10 juta (0,01% kepemilikan saham) kepada PT Sumbertama Nusapertiwi, Anak perusahaan (lihat Catatan 3 butir a). 2007
Persentase Kepemilikan /
Anak perusahaan /
Subsidiaries
Kepemilikan saham secara langsung / Direct ownership: PT PT PT PT
Bakrie Pasaman Plantations Agrowiyana Agro Mitra Madani Huma Indah Mekar
BSP Finance BV PT Bakrie Rekin Bio Energy PT Nibung Arthamulia PT Sumbertama Nusapertiwi PT Bakrie Sentosa Persada
Percentage of Ownership
Lokasi /
Domicile
Mulai Operasi Komersil /
Start of Commercial Operations
Jumlah aktiva /
Total Assets
Sumatera Barat /
West Sumatra
99,76% 99,93 85,00 96,55
Jambi Jambi Lampung Belanda / Netherland Batam Palembang Jambi Jakarta
100,00 70,00 99,66 100,00 99,00
3
1998 1998 2004 1992
Rp Rp Rp Rp
446.588.588 294.709.983 188.771.135 202.055.858
2006 2002 2005 -
Rp 1.541.532.161 Rp 28.227.723 Rp 50.718.390 Rp 311.972.357 Rp 611.675
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
1. GENERAL (Continued)
UMUM (Lanjutan) c.
c.
Struktur Perusahaan dan Anak perusahaan (Lanjutan) PT Grahadura Leidong Prima
Kepemilikan saham secara tidak langsung / Indirect ownership: PT Air Muring (melalui / through PT Huma Indah Mekar) PT Guntung Idamannusa (melalui / through PT Grahadura Leidong Prima dan / and PT Sumbertama Nusapertiwi) (lihat Catatan 3 butir h) /
(see Note 3 point h)
PT Menthobi Mitra Lestari (melalui / through PT Bakrie Sentosa Persada) (Lihat Catatan 3 butir c) / (see
Note 3 point c)
PT Menthobi Makmur Lestari (melalui / through PT Bakrie Sentosa Persada) (Lihat Catatan 3 butir c) / (see
Note 3 point c)
The Structures of the Company and Subsidiaries (Continued)
Sumatera Utara /
North Sumatera
100,00
2000
Rp
876.294.173
Bengkulu
96,55
1998
Rp
76.732.660
Riau
100,00
2003
Rp 358.057.958
62,50
-
Rp
13.984.794
62,50
-
Rp
56.313.770
Kalimantan Tengah /
Central Kalimantan Kalimantan Tengah /
Central Kalimantan
Pada tanggal 11 Januari 2007, Perusahaan dan PT Huma Indah Mekar, Anak perusahaan, mengakuisisi masing-masing 90% dan 10% kepemilikan saham PT Nibung Arthamulia (lihat Catatan 3 butir g).
On January 11, 2007, the Company and PT Huma Indah Mekar, a Subsidiary, acquired 90% and 10% share ownership, respectively, in PT Nibung Arthamulia (see Note 3 point g).
Pada tanggal 23 Februari 2007, Perusahaan dan PT Agrowiyana, Anak Perusahaan, mendirikan PT Bakrie Sentosa Persada, masing-masing 99% dan 1% kepemilikan saham. Sampai dengan tanggal laporan, PT Bakrie Sentosa Persada merupakan perusahaan dalam tahap pengembangan (lihat Catatan 3 butir f).
On February 23, 2007, the Company and PT Agrowiyana, a Subsidiary, established PT Bakrie Sentosa Persada with 99% and 1% share ownership, respectively. Until the date of this report, PT Bakrie Sentosa Persada is a company under development stage (see Note 3 point f).
Pada tanggal 9 Juli 2007, Perusahaan mengakuisisi 100% kepemilikan saham PT Sumbertama Nusapertiwi (SNP), perusahaan yang didirikan di Jambi, yang merupakan perusahaan perkebunan dan pengolahan kelapa sawit. Pada tanggal 18 Maret 2008, Perusahaan telah mengalihkan 10 lembar saham SNP dengan nilai nominal Rp 10 juta (0,01% kepemilikan saham) kepada PT Agrowiyana, Anak perusahaan (lihat Catatan 3 butir d).
On July 9, 2007, the Company acquired 100% shares ownership in PT Sumbertama Nusapertiwi (SNP), an oil palm plantations and mill company. On March 18, 2008, the Company transferred 10 shares of SNP with nominal value of Rp 10 million (0.01% share ownership) to PT Agrowiyana, a Subsidiary (see Note 3 point d).
4
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
1. GENERAL (Continued)
UMUM (Lanjutan) c.
c.
Struktur Perusahaan dan Anak perusahaan (Lanjutan)
The Structures of the Company and Subsidiaries (Continued) The Subsidiaries are engaged in the following industries:
Kegiatan usaha Anak perusahaan adalah sebagai berikut: Anak perusahaan / Perkebunan kelapa sawit di Air Balam dan Sungai Aur, Pasaman, Sumatera Barat masing-masing seluas 5.350 hektar dan 4.370 hektar dengan masa umur HGU masing-masing sampai dengan tahun 2038 dan tahun 2039, dan pengolahan minyak sawit. Perkebunan kelapa sawit di Tungkal Ulu, Jambi seluas 4.686 hektar dengan masa umur HGU sampai dengan tahun 2039. Pengolahan minyak sawit. Perkebunan karet dan pengolahannya di Panumangan Baru, Tulang Bawang Tengah, Lampung seluas 4.407 hektar dengan masa umur HGU sampai dengan tahun 2010 dan 2019. Perkebunan karet dan pengolahannya yang terletak di jalan Desa Air Muring, Putri Hijau Sebelat, Bengkulu Utara seluas 3.639 hektar dengan masa umur HGU sampai dengan tahun 2026. Jasa pendanaan, didirikan dalam rangka penerbitan Senior Notes. Bio diesel. Perkebunan dan pengolahan kelapa sawit yang terletak di Desa Arang-Arang, Kecamatan Kumpeh Ulu,Kabupaten Muaro Jambi, Jambi seluas 7.555 hektar masa HGU sampai dengan tahun 2025. Pengolahan dan perdagangan hasil perkebunan karet. Perkebunan kelapa sawit dan pengolahannya yang terletak di Sukarame Baru, Kecamatan Kuala Hulu, Aek Kanopan, Labuhan Batu, Sumatera Utara seluas 8.323 hektar dengan masa HGU sampai dengan tahun 2038. Perkebunan kelapa sawit dan pengolahannya yang terletak di Sungai Guntung, Kecamatan Kateman Kabupaten Hilir, Propinsi Riau seluas 12.547 hektar dengan masa HGU sampai dengan tahun 2038.
PT Bakrie Pasaman Plantations
PT Agrowiyana
Oil palm plantations in Air Balam and Sungai Aur, Pasaman, West Sumatera are 5,350 hectares and 4,370 hectares respectively with each useful life of landrights until 2038 and 2039, and oil palm processing. Oil palm plantations in Tungkal Ulu, Jambi is 4,686 hectares with useful life of landrights until 2039.
PT Agro Mitra Madani
Oil palm processing.
PT Huma Indah Mekar
Rubber plantations and processing in Panumangan Baru, Tulang Bawang Tengah, Lampung is 4,407 hectares with useful life of landrights until 2010 and 2019.
PT Air Muring
Rubber plantations and processing in jalan Desa Air Muring, Putri Hijau Sebelat, North Bengkulu is 3,639 hectares with useful life of landrights until 2026.
BSP Finance BV PT Bakrie Rekin Bio Energy
PT Sumbertama Nusa Pertiwi PT Nibung Arthamulia
PT Grahadura Leidong Prima
PT Guntung Idamannusa
5
Financial services, established for issuing Senior Notes. Bio diesel. Oil palm plantations and its processing located in Arang-Arang Village, Kumpeh Ulu, Muaro Jambi, Jambi is 7,555 hectares with useful life of landrights until 2025. Processing and trading of rubber plantations yield Oil palm plantations and its processing located in Sukarame Baru, Kecamatan Kuala Hulu, Aek Kanopan, Labuhan Batu, North Sumatera is 8,323 hectares with useful life of landrights until 2038. Oil palm plantations and its processing located in Sungai Guntung, Kecamatan Kateman Kabupaten Hilir, Province of Riau is 12,547 hectares with useful life of landrights until 2038
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
1. GENERAL (Continued)
UMUM (Lanjutan) d.
d.
Karyawan, Direksi dan Dewan Komisaris
Employees, Board of Directors and Commissioners As of December 31, 2008 and 2007, the members of the Company’s boards of commissioners and directors are as follows:
Pada tanggal 31 Desember 2008 dan 2007, susunan dewan komisaris dan direksi Perusahaan adalah sebagai berikut: 2008 Komisaris / Commissioners 1. Soedjai Kartasasmita
2. Dr. Ir. Bungaran Saragih
Direksi / Directors
- Komisaris Utama dan Komisaris Independen /
1. Ambono Janurianto
President Commissioner and Independent Commissioner
- Komisaris dan Komisaris 2. Harry Mohammad Nadir Independen / Commissioner
3. Ir. Gafur Sulistyo Umar
and Independent Commissioner - Komisaris / Commissioner 3. Bambang Aria Wisena
4. Yuanita Rohali
- Komisaris / Commissioner
- Direktur Utama /
President Director
- Direktur Keuangan /
Finance Director
- Direktur Produksi dan Komersial / Production
and Commerce Director
4. Howard James Sargeant
- Direktur Operasional dan Kebun / Operations and
5. Ir. Muhammad. Iqbal Zainuddin
- Direktur Pengembangan Usaha / Business
Estate Director
Development Director
2007 Komisaris / Commissioners 1. Soedjai Kartasasmita
Direksi / Directors
- Komisaris Utama dan Komisaris Independen /
1. Ambono Janurianto
- Direktur Utama /
2. A. Nukman Halim Nasution
President Commissioner and Independent Commissioner - Komisaris / Commissioner
2. Harry Mohammad Nadir
- Direktur Keuangan /
3. Ir. Gafur Sulistyo Umar
- Komisaris / Commissioner
3. Bambang Aria Wisena
- Direktur Produksi dan Komersial / Production
4. Yuanita Rohali
- Komisaris / Commissioner
4. Howard James Sargeant
- Direktur Operasional dan Kebun / Operations and
5. Ir. Muhammad Iqbal Zainuddin
- Direktur Pengembangan Usaha / Business
6
President Director
Finance Director
and Commerce Director Estate Director
Development Director
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
1.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
1. GENERAL (Continued)
UMUM (Lanjutan) d.
d.
Karyawan, Direksi dan Dewan Komisaris (Lanjutan)
Employees, Board of Directors and Commissioners (Continued)
Dewan komisaris dan direksi untuk tahun 2008 dan 2007 diangkat masing-masing berdasarkan Pernyataan Keputusan Rapat Perusahaan pada tanggal 14 Mei 2008 sebagaimana disahkan dengan Akta Notaris Sutjipto, S.H., M.Kn., No. 97 pada tanggal yang sama dan keputusan Rapat Umum Pemegang Saham Tahunan Perusahaan pada tanggal 18 Mei 2005 sebagaimana disahkan dengan Akta Notaris Agus Madjid, S.H., No. 30 pada tanggal yang sama.
Boards of commissioners and directors for the years ended on December 31, 2008 and 2007 were appointed based on the Company’s General Meeting held on May 14, 2008 as notarized in Notarial Deed No. 97 of Sutjipto, S.H., M.Kn., on the same date and the Company’s Shareholders’ General Meeting held on May 18, 2005 as notarized in Notarial Deed No. 30 of Agus Madjid, S.H., on the same date, respectively.
Pembentukan komite audit Perusahaan mengacu pada Peraturan Bapepam No. IX. I. 5, dimana susunan anggota komite audit pada tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut:
The Company’s audit committee is set to conform with Bapepam Regulation No. IX. I. 5, where as the member of audit committee as of December 31, 2008 and 2007 are as follows: 2008
1. Ketua / Chairman 2. Anggota / Member 3. Anggota / Member
Soedjai Kartasasmita Apandih Kosasih Marzuki Ramli
2007 Soedjai Kartasasmita Apandih Kosasih Marzuki Ramli
Pada tanggal 31 Desember 2008 dan 2007, Perusahaan dan Anak perusahaan memiliki masingmasing lebih kurang 12.768 dan 9.081 orang pegawai tetap (tidak diaudit).
As of December 31, 2008 and 2007, the Company and its Subsidiaries had approximately 12.768 and 9.081 permanent employees, respectively (unaudited).
Remunerasi untuk dewan komisaris, dewan direksi dan komite audit Perusahaan pada periode sembilan bulan yang berakhir pada tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut:
Remuneration for boards of commissioners, directors and Company audit committee for the eight-month period ended on December 31, 2008 and 2007, are as follows:
2008 1. Dewan Komisaris / Boards of Commissioners 2. Dewan Direksi / Boards of Director 3. Komite Audit / Audit Committee
1.416.475 9.005.068 1.277.462
7
2007 1.786.789 6.892.341 265.113
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES
KEBIJAKAN AKUNTANSI a.
b.
a.
Dasar Penyajian Laporan Keuangan Konsolidasian
Basis of Consolidated Financial Statements
Laporan keuangan konsolidasian disajikan sesuai dengan Prinsip Akuntansi yang berlaku umum di Indonesia, yaitu Standar Akuntansi Keuangan dan Peraturan Badan Pengawas Pasar Modal (BAPEPAM) bagi perusahaan perkebunan yang menawarkan sahamnya kepada masyarakat.
The consolidated financial statements have been prepared in conformity with Generally Accepted Accounting Principle in Indonesia, namely Statements of Financial Accounting Standard (PSAK) and regulation of the Chairman of the Capital Market Supervisory Board (BAPEPAM) for plantations companies which offer their shares to the public.
Dasar pengukuran dalam penyusunan laporan keuangan konsolidasian adalah konsep biaya perolehan kecuali aktiva tetap tertentu yang telah dinilai kembali (revaluasi) pada tahun 1987 dan persediaan dinyatakan sebesar nilai terendah antara biaya perolehan dengan nilai realisasi bersih.
The consolidated financial statements have been prepared on the historical cost basis, except for certain property, plant and equipment, which were revalued in 1987, and inventories which are valued at the lower of cost or net realizable value.
Laporan keuangan konsolidasian disajikan sesuai klasifikasi untuk neraca dan multiple step untuk laporan laba rugi setelah mempertimbangkan jenis usaha Perusahaan dan Anak perusahaan secara terkonsolidasi. Laporan arus kas disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.
The consolidated financial statements are prepared based on classification for balance sheets and multiple steps for statements of income taking into effect the nature of the Company and Subsidiaries’ consolidated business. The statements of cash flows are prepared using direct method, where cash transactions are classified into operating, investing, and financing activities.
Penyusunan laporan keuangan konsolidasian sesuai dengan prinsip akuntansi yang berlaku umum, mengharuskan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah aktiva dan kewajiban dan pengungkapan aktiva dan kewajiban kontijen pada tanggal laporan keuangan konsolidasian serta jumlah pendapatan dan beban selama periode pelaporan. Hasil yang sebenarnya dapat berbeda dari jumlah yang diestimasi.
The preparation of the consolidated financial statements requires the use of management’s estimates and assumptions in determining the carrying values of certain assets and liabilities and disclosures of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts for certain revenues and expenses during the reporting period. Actual results could differ from those estimated.
Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasian adalah mata uang Rupiah.
The reporting currency used in presentation of the consolidated financial statements is the Indonesian Rupiah. b.
Prinsip-Prinsip Konsolidasian
Principles of Consolidation The consolidated financial statements include the accounts of the Company and its Subsidiaries, with more than 50% ownership, either directly or indirectly. Investments in which the Company or its Subsidiaries have with ownership interest of at least 20% are accounted for by the cost method.
Laporan keuangan konsolidasian meliputi laporan keuangan Perusahaan dan Anak perusahaan dengan pemilikan lebih dari 50%, baik langsung maupun tidak langsung. Penyertaan saham Perusahaan dan Anak perusahaan dengan pemilikan kurang dari 20% dicatat dengan metode biaya perolehan.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan)
c.
d.
Saldo dan transaksi, termasuk keuntungan /kerugian yang belum direalisasi, atas transaksi antar perusahaan terkonsolidasi dieliminasi untuk mencerminkan posisi keuangan dan hasil usaha Perusahaan dan Anak perusahaan sebagai satu kesatuan usaha.
Balances and transactions, including unrealized gain/loss, on the consolidated inter-company transactions are eliminated to reflect the financial position and result of operation of the Company and Subsidiaries as a single business entity.
Apabila diperlukan, laporan keuangan Anak perusahaan disesuaikan agar sesuai dengan kebijakan akuntansi Perusahaan dan Anak perusahaan.
The financial statements of the Subsidiaries, if necessary, are adjusted to conform with the Company’s and Subsidiaries accounting policies.
Hak minoritas atas laba (rugi) bersih dan ekuitas Anak perusahaan dinyatakan sebesar proporsi pemegang saham minoritas atas laba (rugi) bersih dan ekuitas Anak perusahaan tersebut.
Minority interest in net income (loss) and equity of Subsidiaries are stated at the proportion of ownership of the minority shareholders in net income (loss) and equity of the related Subsidiaries.
Pada saat akuisisi, aktiva dan kewajiban Anak perusahaan diukur sebesar nilai wajar pada tanggal akuisisi. Selisih lebih antara biaya perolehan dan bagian perusahaan atas nilai wajar aktiva dan kewajiban yang dapat diidentifikasi diakui sebagai goodwill dan diamortisasi.
On acquisition, the assets and liabilities of a Subsidiary are measured at their fair values at the date of acquisition. Any excess of the acquisition cost over the fair values of the identifiable net assets acquired is recognized as goodwill and amortized.
Jika biaya perolehan lebih rendah dari bagian perusahaan atas nilai wajar aktiva dan kewajiban yang dapat diidentifikasi yang diakui pada tanggal transaksi, maka nilai wajar aktiva non-moneter yang diakuisisi harus diturunkan secara proporsional, sampai seluruh selisih tersebut tereliminasi. Sisa selisih lebih setelah penurunan nilai wajar aktiva dan kewajiban non-moneter tersebut diakui sebagai goodwill negatif, dan diperlakukan sebagai pendapatan ditangguhkan dan diakui sebagai pendapatan dengan menggunakan garis lurus.
When the cost of acquisition is less than the interest in the fair values of the identifiable assets and liabilities acquired at the date of acquisition, the fair values of the acquired non-monetary assets are reduced proportionately until all the excess is eliminated. The excess remaining after reducing the fair values of non-monetary assets and liabilities acquired is recognized as negative goodwill, treated as deferred revenue and recognized as revenue on a straight-line method.
c.
Kas dan Setara Kas
Cash and Cash Equivalents
Kas terdiri dari kas dan kas di bank yang tidak dibatasi penggunaannya. Setara kas adalah semua deposito berjangka dengan jangka waktu tiga bulan atau kurang sejak tanggal penempatan dan tidak dijadikan sebagai jaminan atas pinjaman.
Cash consists of unrestricted cash on hand and cash in banks. Cash equivalents are all time deposits with maturities of three months or less at the time of placement and not pledged as collateral for loans.
Deposito berjangka yang jatuh temponya lebih dari tiga bulan pada saat penempatan disajikan sebagai “Investasi Jangka pendek”. Deposito disajikan sebesar nilai nominal.
Time deposits with maturities of three months or less at the time of placement are stated as “Short Term Investment”. Deposits are stated as fair value. d.
Penyisihan Piutang Ragu-ragu
Allowance for Doubtful Accounts The Company provides allowance for doubtful accounts based on a review of the status of the individual receivable accounts at the end of the period.
Perusahaan menetapkan penyisihan piutang raguragu berdasarkan hasil penelaahan terhadap keadaan masing-masing piutang pada akhir periode.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) e.
e.
Transaksi dengan Pihak-pihak yang Mempunyai Hubungan Istimewa
Transactions with Related Parties
Perusahaan dan Anak perusahaan melakukan transaksi dengan pihak-pihak tertentu yang dianggap mempunyai hubungan istimewa. Sesuai dengan PSAK No. 7, “Pengungkapan Pihak-pihak yang Mempunyai Hubungan Istimewa”, yang dimaksud pihak-pihak yang mempunyai hubungan istimewa adalah:
The Company and its Subsidiaries conduct transactions with certain parties, which have related party relationships. In accordance with PSAK No. 7, “Related Party Disclosures”, related parties are defined as follows:
(1) perusahaan yang melalui satu atau lebih perantara, mengendalikan, atau dikendalikan oleh, atau berada di bawah pengendalian bersama, dengan perusahaan pelapor (termasuk perusahaan induk dan anak perusahaan);
(1)
enterprises that, through one or more intermediaries, control, or are controlled by, or are under common control with, the reporting enterprise (including holding companies, subsidiaries and fellow subsidiaries);
(2) perusahaan asosiasi;
(2)
associated companies;
(3) perorangan yang memiliki, baik secara langsung maupun tidak langsung, suatu kepentingan hak suara di perusahaan pelapor yang mempengaruhi perusahaan secara signifikan dan anggota keluarga dekat dari perorangan tersebut (yang dimaksudkan dengan anggota keluarga dekat adalah mereka yang dapat diharapkan mempengaruhi atau dipengaruhi perorangan tersebut dalam transaksinya dengan perusahaan pelapor);
(3)
individuals owning, directly or indirectly, an interest in the voting power of the reporting enterprise that gives them significant influence over the enterprise, and close members of the family of any such individual (close members of a family are defined as those members who are able to exercise influence or can be influenced by such individuals, in conjunction with their transactions with the reporting enterprise);
(4) manajemen kunci, yaitu orang-orang yang mempunyai wewenang dan tanggung jawab untuk merencanakan, memimpin dan mengendalikan kegiatan perusahaan pelapor yang meliputi anggota dewan komisaris, direksi dan manajer dari perusahaan serta anggota keluarga dekat orang-orang tersebut; dan
(4)
key management personnel, that is, those persons having authority and responsibility for planning, directing and controlling the activities of the reporting enterprise, including commissioners, directors and managers of the enterprise and close members of the families of such individuals; and
(5)
(5)
enterprises in which a substantial interest in the voting power is owned, directly or indirectly, by any person described in (3) or (4) or over which such a person is able to exercise significant influence. This definition includes enterprises owned by the commissioners, directors or major stockholders of the reporting enterprise and enterprises that have a member of key management in common with the reporting enterprise.
perusahaan bilamana suatu kepentingan substansial dalam hak suara dimiliki baik secara langsung maupun tidak langsung oleh setiap orang yang diuraikan dalam butir (3) atau (4) atau setiap orang tersebut mempunyai pengaruh signifikan atas perusahaan tersebut. Hal ini mencakup perusahaan-perusahaan yang dimiliki anggota dewan komisaris, direksi atau pemegang saham utama dari perusahaan pelapor dan perusahaan-perusahaan yang mempunyai anggota manajemen kunci yang sama dengan perusahaan pelapor.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan)
All transactions with related parties, whether or not under the normal price and condition as those conducted with third parties, are disclosed in the notes to consolidated financial statements.
Semua transaksi dengan pihak-pihak yang mempunyai hubungan istimewa, baik ataupun tidak dengan harga dan persyaratan normal yang dilakukan terhadap pihak ketiga, diungkapkan dalam catatan atas laporan keuangan konsolidasian. f.
g.
f.
Persediaan Persediaan dinyatakan dengan nilai terendah antara biaya perolehan dengan nilai realisasi bersih. Biaya perolehan ditentukan dengan metode ratarata tertimbang.
Inventories are stated at the lower of cost or net realizable value. Cost is determined by the weighted-average method.
Penyisihan persediaan usang ditentukan berdasarkan hasil penelaahan terhadap keadaan pada akhir periode.
Allowance for obsolescence of inventories is determined based on the review of the inventories condition at the end of the periode. g.
Biaya Dibayar di Muka
Prepaid Expenses Prepaid expenses are charged over the periods benefited.
Biaya dibayar di muka dibebankan selama masa manfaatnya. h.
Inventories
h.
Tanaman Perkebunan
Plantations
Tanaman produksi dibedakan menjadi tanaman menghasilkan dan tanaman belum menghasilkan. Tanaman belum menghasilkan dinyatakan sebesar harga perolehan yang terdiri dari biaya pembibitan, persiapan lahan, penanaman, pemupukan dan pemeliharaan serta alokasi biaya tidak langsung.
Plantations consist of mature and immature plantations. Immature plantations are stated at cost consisting of seedlings, land preparation, planting, fertilizing and maintenance, and allocation of indirect cost.
Tanaman belum menghasilkan akan direklasifikasi ke dalam tanaman menghasilkan dan mulai disusutkan apabila sudah memenuhi kriteria sebagai berikut:
Immature plantations will be reclassified to mature plantations and depreciated when they fulfill the criteria as follows:
1)
Tanaman karet dinyatakan sebagai tanaman menghasilkan apabila 70% dari jumlah seluruh pohon per blok sudah dapat dideres dan mempunyai ukuran lilit batang 45 cm atau lebih pada ketinggian 160 cm dari permukaan tanah.
1)
Rubber plantation is considered as mature when 70% of the trees per block are tapable, that is, the circumference of the tree trunk is 45 cm or more at the height of 160 cm from the ground.
2)
Tanaman kelapa sawit dinyatakan sebagai tanaman menghasilkan apabila 60% dari jumlah seluruh pohon per blok telah menghasilkan tandan buah dan dua lingkaran tandan telah matang atau berat rata-rata buah per tandan telah mencapai 3 kilogram atau lebih.
2)
Oil Palm plantations are considered as mature when 60% of the trees per block bear fruit bunches, where two rows of these bunches are ripe or if the average weight per bunch is 3 kg or more.
Mature plantation is depreciated using the straight-line method with an estimated useful life of 20 to 30 years.
Tanaman menghasilkan disusutkan dengan metode garis lurus dengan perkiraan masa manfaat 20 tahun sampai 30 tahun.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) i.
i.
Aktiva Tetap
Property, Plant and Equipment
Aktiva tetap kecuali aktiva tetap tertentu yang dinilai kembali sesuai dengan Peraturan Pemerintah, dinyatakan sebesar biaya perolehan setelah dikurangi akumulasi penyusutan, kecuali tanah tidak disusutkan.
Except for certain assets revalued in accordance with government regulations, property, plant and equipment are stated at cost less accumulated depreciation, except for land it is not depreciated.
Biaya perolehan mencakup pengeluaran perbaikan, penggantian, pemugaran peningkatan daya guna aktiva tetap jumlahnya signifikan serta selisih kurs dan bunga tertentu atas kewajiban yang timbul memperoleh aktiva tetap.
untuk dan yang beban untuk
Acquisition costs include repairs, replacements, betterments and improvements and certain foreign exchange differences and interest incurred to finance the property, plant and equipment.
Aktiva tetap tertentu yang digunakan dalam kegiatan usaha Perusahaan dan Anak perusahaan telah dinilai kembali berdasarkan hasil penilaian yang dilakukan pada tahun 1987 sesuai dengan peraturan pemerintah yang berlaku.
Certain property, plant and equipment which are used in operations by the Company and Subsidiaries were revalued based on revaluation conducted in 1987 in accordance with government regulations.
Penyusutan dan amortisasi dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis aktiva tetap sebagai berikut:
Depreciation and amortization are computed using the straight-line method over the estimated useful lives of the assets as follows:
Tahun / Years Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan: Kendaraan di atas rel Mobil dan truk Peralatan dan perabot kantor
10 - 30 8 - 20 5 - 10 20 5 5
Roads, bridges and ditches Buildings and improvements Machinery and equipment Transportation equipment: Railroad equipment Motor cars and trucks Furniture and office equipment
Aktiva dalam penyelesaian dinyatakan sebesar biaya perolehan dan disajikan sebagai bagian dari aktiva tetap. Akumulasi biaya perolehan akan dipindahkan ke aktiva tetap yang bersangkutan pada saat aktiva tersebut selesai dan siap digunakan.
Construction-in-progress is stated at cost and presented as part of the property, plant and equipment. The accumulated costs will be reclassified to the appropriate property, plant and equipment account when the construction is substantially completed and the asset is ready for its intended use.
Biaya pemeliharaan dan perbaikan dibebankan pada laporan laba rugi konsolidasian pada saat terjadinya; pemugaran dan penambahan dalam jumlah signifikan dikapitalisasi. Aktiva tetap yang sudah tidak dipergunakan atau yang dijual, nilai tercatat serta akumulasi penyusutan dikeluarkan dari kelompok aktiva tetap yang bersangkutan dan laba atau rugi yang terjadi dibukukan dalam laporan laba rugi konsolidasian periode yang bersangkutan.
The cost of maintenance and repairs is charged to expense as incurred while significant renewals and betterments are capitalized. When assets are retired, or otherwise disposed of, their carrying values and related accumulated depreciation are removed from the accounts and any resulting gain or loss is reflected in the consolidated statements of income for the period.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) i.
i.
Aktiva Tetap (Lanjutan)
Property, Plant and Equipment (Continued)
Sesuai dengan PSAK No. 47 “Akuntansi Tanah”, perolehan tanah dinyatakan berdasarkan biaya perolehan dan tidak diamortisasi. Biaya-biaya sehubungan dengan perolehan atau pengurusan legal Hak Atas Tanah yang terjadi setelah tanggal 1 Januari 1999 ditangguhkan dan diamortisasi selama masa manfaat tanah dan disajikan pada akun “Beban Tangguhan Hak Atas Tanah” dalam neraca konsolidasian yang terpisah dari beban tangguhan lain.
In accordance with PSAK No. 47, “Accounting for Land”, land acquisitions are stated at acquisition cost and not amarized. Certain expenses incurred after January 1, 1999 in relation to the acquisition or renewal of land rights are deferred and amortized over the useful life of the land, and presented as “Deferred Expenses of Land Rights” accounts which are presented separately from other deferred charges accounts.
Biaya-biaya yang timbul sehubungan dengan peningkatan kemampuan sistem komputer Perusahaan dan aplikasi perangkat lunak diamortisasi selama 4 tahun sejak tanggal penerapannya.
Costs incurred in relation to the upgrading of the Company’s computer systems and application software are amortized over 4 years from its implementation date.
Sesuai dengan PSAK No. 48, “Penurunan Nilai Aktiva”, Perusahaan dan Anak perusahaan menelaah aktiva untuk menentukan kemungkinan penurunan nilai aktiva apabila terdapat kejadian atau perubahan kondisi yang mengindikasikan nilai tercatat aktiva tersebut mungkin tidak dapat diperoleh kembali. Jika nilai tercatat aktiva melebihi nilai yang dapat diperoleh kembali, kerugian penurunan nilai diakui pada laporan laba rugi periode berjalan. Nilai yang dapat diperoleh kembali adalah nilai tertinggi antara harga jual neto dengan nilai pakai aktiva.
In accordance with PSAK No. 48, “Impairment of Asset Values”, property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset exceed its recoverable amount, an impairment loss recognized in the current period statements of income. The recoverable amount is the highest of the asset net selling price and value in use.
Harga jual neto adalah jumlah yang dapat diperoleh dari penjualan aktiva dalam transaksi antar pihak-pihak yang bebas, setelah dikurangi biaya yang terkait. Nilai pakai adalah nilai sekarang dari taksiran aliran kas masa depan yang diharapkan akan diterima atas penggunaan aktiva dan dari penghentian penggunaan aktiva pada akhir masa manfaatnya. Nilai yang dapat diperoleh kembali ditentukan untuk aktiva secara individual atau, jika tidak memungkinkan, untuk unit penghasil kas.
The net selling price is the amount obtainable from the sale of an asset in an arms’ length transaction net of the related expense. Value in use is the present value of estimated future cash flow expected to arise from the continuing use of an asset and from its disposal at the end of its useful life. Recoverable amounts are estimated for individual assets or, if not possible, for the cashgenerating unit.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) k.
l.
k.
Sewa Guna Usaha Transaksi sewa guna usaha digolongkan sebagai sewa guna usaha dengan hak opsi apabila memenuhi semua kriteria yang disyaratkan pada PSAK No. 30, “Akuntansi Sewa Guna Usaha”. Jika salah satu kriteria tidak dipenuhi, maka transaksi sewa guna usaha dikelompokkan sebagai transaksi sewa menyewa biasa. Aktiva sewa guna usaha disajikan sebagai bagian dalam aktiva tetap pada neraca konsolidasian dan dinyatakan sebesar nilai tunai dari seluruh pembayaran sewa guna usaha pada awal masa sewa guna usaha ditambah nilai sisa (harga opsi) yang harus dibayar pada akhir masa sewa guna usaha.
Lease transactions are accounted for under the capital lease method when the required capitalization criteria under PSAK No. 30 “Accounting for Lease Transactions” are met. Leases that do not meet any of the required capitalization criteria are accounted for under the operating lease method. Assets under capital lease are presented in the consolidated balance sheets as part of property, plant and equipment based on the present value of the lease payments at the beginning of the lease term plus residual value (option price) to be paid at the end of the lease period.
Penyusutan dihitung dengan menggunakan metode garis lurus berdasarkan taksiran masa manfaat ekonomis yang sama dengan yang diterapkan untuk aktiva tetap yang diperoleh dengan pemilikan langsung.
Depreciation is computed using the straight-line method based on the estimated useful life of the leased assets, which is similar to that property, plant and equipment acquired under direct ownership.
Hutang sewa guna usaha disajikan sebesar nilai tunai dari pembayaran sewa guna usaha.
Obligations under capital lease are presented at the present value of the lease payments. l.
Perkebunan Inti Plasma (Plasma)
m. Assets Not Used in Operations
Aktiva Tetap yang Tidak Digunakan dalam Usaha
Assets not used in normal operations of the Company are stated at cost and not depreciated.
Aktiva tetap yang tidak digunakan dalam kegiatan usaha normal Perusahaan dinyatakan sebesar harga perolehan dan tidak disusutkan. n.
Goodwill
n.
Goodwill The excess of the purchase price over the underlying fair value of the net assets of the acquired subsidiaries is booked as “Goodwill” and is amortized using the straight-line method over 15 to 20 years.
Selisih lebih antara harga perolehan dan nilai wajar aktiva bersih Anak perusahaan yang diakuisisi dibukukan sebagai “Goodwill” dan diamortisasi dengan menggunakan metode garis lurus selama 15 sampai dengan 20 tahun. o.
Nucleus Plasma Plantations (Plasma) PT Bakrie Pasaman Plantations, PT Agrowiyana and PT Sumbertama Nusapertiwi, Subsidiaries, participate in Plasma projects. Plasma is a government policy in connection with the development of plantations. Certain Subsidiaries, being a major part of the project, are required to train project personnel and control the Plasma project as well as purchase Plasma plantation crops.
PT Bakrie Pasaman Plantations, PT Agrowiyana dan PT Sumbertama Nusapertiwi, Anak perusahaan membangun Plasma. Plasma merupakan kebijakan pemerintah Indonesia berkaitan dengan kerjasama pengembangan perkebunan. Sebagai pihak inti, Anak perusahaan tertentu berkewajiban untuk melatih dan mengawasi Plasma dan membeli hasil perkebunan milik Plasma. m.
Leases
o.
Biaya Ditangguhkan
Deferred Charges Expenses incurred which provide benefits in the future are deferred and amortized over their beneficial periods by using the straight-line method.
Biaya-biaya yang memberikan manfaat pada masa yang akan datang ditangguhkan dan diamortisasi sesuai masa manfaatnya dengan menggunakan metode garis lurus.
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PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2.
KEBIJAKAN AKUNTANSI (Lanjutan) p.
ACCOUNTING POLICIES (Continued) p.
Beban Emisi Saham
All expenses related to the Company’s stock issuance to the public are recorded as deduction of “Additional Paid in Capital - Net” account which is part of the stockholders’ equity in the consolidated balance sheets.
Seluruh beban yang terjadi sehubungan dengan penawaran saham Perusahaan kepada masyarakat dicatat sebagai pengurang “Tambahan Modal Disetor - Agio Saham - Bersih” yang merupakan komponen ekuitas dalam neraca konsolidasian. q.
q.
Proyek Pengembangan Usaha
s.
Business Development Projects Expenses incurred in connection with the Company and Subsidiaries’ on going projects are classified as business development projects. These expenses will be capitalized to the corresponding projects upon their realization or write off if the project is abandoned.
Biaya-biaya yang terjadi sehubungan dengan rencana pengembangan proyek Perusahaan dan Anak perusahaan dikelompokkan sebagai proyek pengembangan usaha. Biaya-biaya ini akan dikapitalisasi ke proyek bersangkutan berdasarkan realisasinya atau dihapuskan bila proyek tersebut gagal. r.
Stock Issuance Costs
r.
Dana Pensiun
Retirement Benefits
Perusahaan dan Anak perusahaan mengikuti program pensiun manfaat pasti untuk semua karyawan tetap yang memenuhi syarat. Pendanaan program ini terdiri dari iuran yang dihitung secara aktuarial termasuk biaya jasa lalu yang diamortisasi selama sisa taksiran masa kerja rata-rata karyawan, yaitu selama 5 sampai 27 tahun.
The Company and Subsidiaries have defined benefit retirement plans covering substantially all of their eligible permanent employees. Costs are funded and they consist of actuarially computed contributions, including past service costs which are amortized over the average expected remaining working life of existing employees of 5 to 27 years.
Kontribusi karyawan untuk dana pensiun adalah sebesar 5% dari gaji pokok untuk iuran normal dan 3,9% sampai 4,6% dari gaji pokok untuk iuran tambahan.
Contributions to the retirement fund are 5% of the basic salary of the employees for current service cost and between 3.9% and 4.6% of the basic salary of the employees for amortization of past service cost.
Perusahaan dan Anak Perusahaan menerapkan PSAK No. 24 (Revisi 2004), “Imbalan Kerja”, dimana perhitungan estimasi kewajiban untuk imbalan kerja karyawan berdasarkan UndangUndang ditentukan dengan menggunakan metode aktuarial “Projected Unit Credit”.
The Company and Subsidiaries implemented PSAK No. 24 (Revison of 2004), “Retirement Benefit”, whereas an actuarially method “Projected Unit Credit” is determined as a base of the calculation of estimated liabilities for retirement benefit of employees. s.
Transaksi dan Saldo dalam Mata Uang Asing
Foreign Currency Transactions and Balances Transactions involving foreign currencies are recorded in Rupiah amount at the rate of exchange prevailing at the time the transactions are made. At balance sheet date, assets and liabilities denominated in foreign currencies are adjusted to Rupiah to reflect the prevailing rate of exchange as published by Bank Indonesia at the last banking transaction date for the year. The resulting gains or losses are credited or charged to operations of the current year.
Transaksi dalam mata uang asing dicatat berdasarkan kurs yang berlaku pada saat transaksi dilakukan. Pada tanggal neraca, aktiva dan kewajiban moneter dalam mata uang asing disesuaikan ke mata uang Rupiah berdasarkan kurs yang berlaku pada tanggal tersebut sesuai dengan yang ditetapkan oleh Bank Indonesia pada hari terakhir transaksi di tahun yang bersangkutan. Laba atau rugi kurs yang terjadi dikreditkan atau dibebankan pada operasi tahun berjalan.
15
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) s.
s.
Transaksi dan Saldo dalam Mata Uang Asing (Lanjutan)
Foreign Currency Transactions and Balances (Continued) As of December 31, 2008 and 2007, the exchange rates used were:
Pada tanggal 31 Desember 2008 dan 2007, nilai tukar yang digunakan masing-masing adalah:
2008 1 US$ 1 EUR
10.950 15.432
t.
Pengakuan Pendapatan dan Beban
u.
Taksiran Pajak Penghasilan
Income Tax The Company and Subsidiaries have implemented deferred tax method to determine provision for income tax in accordance with PSAK No. 46, “Accounting for Income Taxes”. The deferred income tax is provided to reflect the tax effect on the timing differences between the commercial and fiscal reporting and accumulated fiscal losses.
Perusahaan dan Anak perusahaan menerapkan metode penangguhan pajak untuk menentukan taksiran pajak penghasilan sesuai dengan PSAK No. 46, “Akuntansi Pajak Penghasilan”. Penangguhan pajak penghasilan dilakukan untuk mencerminkan pengaruh pajak atas beda waktu antara pelaporan komersil dan fiskal dan akumulasi rugi fiskal. v.
Revenue and Expense Recognition Revenue from export sales is recognized based on the sales contract and availability of the products which are ready for shipment. Revenue from local sales is recognized based on evidence of delivery in accordance with the sales contract. Expenses are recognized when incurred (accrual basis).
Pendapatan dari transaksi penjualan ekspor diakui berdasarkan kontrak penjualan dan tersedianya produk yang siap dikapalkan. Pendapatan dari transaksi penjualan lokal diakui berdasarkan bukti serah terima barang yang telah sesuai dengan kontrak penjualan. Beban diakui pada saat terjadinya (dasar akrual). u.
9.419 13.760
The accounts of Subsidiaries denominated in foreign currency are translated into Rupiah amounts using the Bank Indonesia’s middle rate as of balance sheet date for asset and liability accounts, historical rate for equity accounts and the average rate during the year for profit and loss accounts. The difference resulting from translation of those accounts is shown separately as “Exchange Differences Due to Financial Statements Translation” under the stockholders’ equity section of the consolidated balance sheets.
Laporan keuangan Anak perusahaan dalam mata uang asing dijabarkan ke dalam mata uang Rupiah dengan menggunakan kurs tengah Bank Indonesia pada tanggal neraca untuk akun-akun aktiva dan kewajiban, kurs historis untuk akun-akun ekuitas dan kurs rata-rata selama tahun bersangkutan untuk akun-akun laporan laba rugi. Selisih kurs karena penjabaran laporan keuangan Anak perusahaan disajikan secara terpisah sebagai bagian dari ekuitas dalam akun “Selisih Kurs karena Penjabaran Laporan Keuangan” dalam komponen ekuitas pada neraca konsolidasian. t.
2007
v.
Hutang Obligasi
Bonds payable Bonds issued are presented at nominal value deducted by unamortized discount and added by unamortized premium. Costs incurred in connection with bonds and discount / premium are offset directly from the proceed and amortized using the straight line method over the period of the bonds, whice is 5 years.
Hutang Obligasi yang diterbitkan dicatat sebesar nilai nominal dikurangi saldo diskonto yang belum diamortisasi dan ditambah saldo premium yang belum diamortisasi. Biaya yang terjadi sehubungan dengan penerbitan hutang obligasi dan diskonto/ premium dikurangkan/ditambahkan langsung dari hasil emisi dan diamortisasi dengan menggunakan metode garis lurus selama jangka waktu hutang obligasi, yaitu 5 tahun.
16
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) w.
w. Short-term investments
Investasi jangka pendek Deposito yang memiliki jatuh tempo lebih dari tiga bulan sejak tanggal penempatan diakui sebagai “Investasi Jangka Pendek” dalam neraca konsolidasian. Deposito tersebut dinyatakan dalam nilai nominal.
Time deposits with maturities of more than three months at the time of placement are considered as “Short-term investments”. Time deposits are stated in nominal value.
Perusahaan dan Anak perusahaan menggolongkan investasi efek hutang dan ekuitas ke dalam tiga kelompok sebagai berikut:
The Company and Subsidiaries classify the investment in debt securities and equity securities, into three categories as follows:
1. Diperdagangkan
1.
2.
2. Dimiliki-hingga-jatuh-tempo
Held-to-maturity Investment in debt securities intended to hold until maturity are measured at cost adjusted by the amortization of premium or unamortized discount.
Investasi dalam efek hutang yang dimaksudkan untuk dimiliki-hingga-jatuh-tempo yang diukur sebesar harga perolehan yang disesuaikan dengan amortisasi premi atau diskonto yang belum diamortisasi.
3. Available-for-sale
3. Tersedia-untuk-dijual
x.
Trading Securities purchased and owned for resale in the near future are measured at their fair value.
Efek yang dibeli dan dimiliki untuk dijual kembali dalam waktu dekat yang diukur secara nilai wajarnya.
Investasi yang tidak memenuhi kriteria kelompok diperdagangkan dan yang dimiliki hingga-jatuh-tempo diukur sebesar nilai wajarnya. Laba atau rugi yang belum direalisasi dari kepemilikan efek ini disajikan sebagai “Laba atau Rugi Belum Direalisasi atas Investasi Jangka Pendek Tersedia untuk Dijual” dalam komponen ekuitas pada neraca konsolidasian.
Investment in securites which are not classified under either the trading or held-tomaturity category, measured at their fair value. Unrealized gains or losses as result of the ownership of securities are reported as “Unrealized Gains or Losses of Investment Available for Sale” in equity component of the consolidated balance sheets.
Kontrak pengelolaan dana dicatat sebesar nilai perolehan dan pendapatan bunga atas kontrak pengelolaan dana tersebut dicatat secara akrual basis dan disajikan sebagai penghasilan bunga dalam laporan laba rugi konsolidasian.
Discretionary fund are recorded at nominal value and interest income from these discretionary fund recorded as accrual basis and presented as interest income in the consolidated statements of income. x.
Laba Per Saham
Earnings Per Share
Perhitungan laba bersih per saham dasar adalah dengan membagi laba bersih dengan jumlah ratarata tertimbang saham yang beredar selama periode yang bersangkutan.
Basic earnings per shares are computed by dividing net income by the weighted-average number of common shares outstanding during the period.
Laba bersih per saham dilusian dihitung dengan membagi laba bersih dengan jumlah rata-rata tertimbang saham biasa yang beredar selama periode pelaporan setelah disesuaikan dengan efek saham biasa yang sifatnya berpotensi dilutif.
Diluted earnings per share are computed by dividing net income by the weighted-average number of common shares outstanding as adjusted for the effects of all potential dilution.
17
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
2.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
2. ACCOUNTING POLICIES (Continued)
KEBIJAKAN AKUNTANSI (Lanjutan) y.
z.
y.
Kewajiban Diestimasi
Estimated Liabilities
Kewajiban diestimasi diakui apabila Perusahan dan Anak perusahaan mempunyai kewajiban kini (baik bersifat hukum maupun bersifat konstruktif) sebagai akibat peristiwa masa lalu dan besar kemungkinan penyelesaian kewajiban tersebut mengakibatkan arus keluar sumber daya dan kewajiban tersebut dapat diestimasi secara andal.
Estimated liabilities are recognized when the Company and Subsidiaries have a present obligation (legal as well as constructive) as a result of past events and it is most likely that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
Apabila terdapat sejumlah kewajiban serupa, kemungkinan arus keluar sumber daya untuk menyelesaikan kewajiban tersebut ditentukan dengan mempertimbangkan kelompok kewajiban tersebut secara keseluruhan. Kewajiban diestimasi diakui walaupun kemungkinan arus kas keluar untuk masing-masing unsur dalam kewajiban tersebut kecil.
Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognized even if the likelihood of an outflow with respect to any one item included in the same class of obligation may be small. z.
Informasi Segmen
Segment Information Segment information of the Company and Subsidiaries are presented based on grouping of operations. Operation segment consists of identified components which produce a differing product based on industrial and geographical segments.
Informasi segmen Perusahaan dan Anak perusahaan disajikan menurut pengelompokan usaha. Segmen usaha adalah komponen yang dapat dibedakan dan menghasilkan produk yang berbeda menurut pembagian industri dan geografis.
aa. Dividend
aa. Dividen
Final dividend distributions are recognized as a liability when the dividends are approved by the Company’s General Meeting of the Shareholders. Interim dividend distributions are recognized as a liability when approved by the Board of Directors’ resolution in accordance with the Company’s Articles of Association.
Pembagian dividen final diakui sebagai kewajiban ketika dividen tersebut disetujui Rapat Umum Pemegang Saham Perusahaan. Pembagian dividen interim diakui sebagai kewajiban ketika dividen disetujui berdasarkan keputusan rapat Direksi sesuai dengan Anggaran Dasar Perusahaan.
ab. Treasury Stock
ab. Saham Beredar Yang Diperoleh Kembali
Treasury stocks are recorded using cost method and presented as deduction of equity
Saham beredar yang diperoleh kembali dicatat menggunakan metode biaya dan disajikan sebagai pengurang modal.
18
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
3.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
3. ACQUISITION AND DIVESTMENT OF SUBSIDIARIES
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN a.
b.
a.
Pada tanggal 4 Desember 2007, Perusahaan mengakuisisi 100% kepemilikan (540.000 lembar saham) pada PT Grahadura Leidong Prima (GLP), perusahaan yang didirikan di Labuhan Batu, Sumatera Utara, yang merupakan perusahaan perkebunan dan pengolahan kelapa sawit, yang dibeli dari PT Esa Citra Buana dan PT Cepu Batu sesuai dengan Akta Jual Beli Saham No. 3 oleh Notaris Yurisa Martanti, S.H., pada tanggal yang sama. Harga akuisisi saham tersebut adalah sebesar Rp 1,038 triliun. Akuisisi tersebut dicatat dengan metode pembelian. Oleh karena itu, sejak tanggal akuisisi, Perusahaan mengkonsolidasikan setiap akun dan mengeluarkan laba bersih Anak perusahaan sebelum diakuisisi untuk memperoleh laba bersih konsolidasi setelah diakuisisi.
On December 4, 2007, the Company acquired 100% ownership (540,000 shares) in PT Grahadura Leidong Prima (GLP), located in Labuhan Batu, North Sumatera, owning an oil palm plantations and processing mill, from PT Esa Citra Buana dan PT Cepu Batu in accordance with the Deed of Shares Sale and Purchase No. 3 of Yurisa Martanti, S.H., on the same date. The cost of acquisition is amounted to Rp 1.038 trillion. The acquisition is recorded based on purchase method. Therefore, since the date of acquisition, the Company consolidated each account and take out the preacquisition earnings to obtain consolidated net income consolidated after acquisition.
Berdasarkan laporan penilaian yang dikeluarkan oleh PT Asian Appraisal Indonesia, penilai independen dalam laporannya tertanggal 7 Juni 2007 dan 22 Juni 2007, nilai pasar aktiva tetap GIN dan GLP pada tanggal 31 Maret 2007 masing-masing adalah Rp 416,78 miliar dan Rp 287,81 miliar.
According to valuation reports issued by PT Asian Appraisal Indonesia, an independent appraisal, dated June 7, 2007 and June 22, 2007, the fair value of property, plant and equipment in GIN and GLP as of March 31, 2007 is amounting to Rp 416.78 billion and Rp 287.81 billion.
Selisih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aktiva dan kewajiban yang dapat diidentifikasi berdasarkan laporan penilai independen yang diakui pada tanggal akuisisi sebesar Rp 329,22 miliar dicatat sebagai goodwill positif dan amortisasi selama 20 tahun (lihat Catatan 17).
The difference between cost and fair value of identifiable assets and liabilities based on an independent appraisal report recognized on the acquisition date amounting to Rp 329.22 billion is recorded as positive goodwill and amortized during 20 years (see Note 17).
Pada tanggal 22 Februari 2008, Perusahaan telah mengalihkan 10 lembar saham GLP dengan nilai nominal Rp 10 juta (0,01% kepemilikan saham) kepada PT Sumbertama Nusapertiwi, Anak perusahaan.
On February 22, 2008, the Company transferred 10 shares of GLP with nominal value of Rp 10 million (0.01% share ownership) to PT Sumbertama Nusapertiwi, a Subsidiary. b.
Pada tanggal 17 September 2007, PT Bakrie Sentosa Persada, Anak perusahaan, mengadakan perjanjian jual beli saham PT Menthobi Makmur Lestari (MMaL), dari Ny. Rusmidawati, Ny. Hajjah Jumiati dan Tn. Haji Ruslan Achmad Saleh masingmasing sebanyak 25, 100 dan 500 lembar saham. Harga beli saham tersebut adalah sebesar nilai nominal yaitu Rp 312,50 juta dengan total kepemilikan 62,50%. Perjanjian jual beli saham tersebut telah diaktakan berdasarkan Akta Notaris Surya, S.H, notaris di Pangkalan Bun, Kalimantan Tengah, No. 07, 08 dan 09 pada tanggal yang sama.
19
On September 17, 2007, PT Bakrie Sentosa Persada, a Subsidiary, entered into Share Sale and Purchase Agreement to acquire PT Menthobi Makmur Lestari (MmaL) from Mrs. Rusmidawati, Mrs. Hajjah Jumiati and Mr. Haji Ruslan Achmad Saleh of 25 shares, 100 shares and 500 shares, respectively, at par value totalling of Rp 312.50 million represents 62.50% ownership. The agreement was notarized Notarial Deed No. 07, 08 and 09 of Notary Surya SH., Notary in Pangkalan Bun, Central Kalimantan on the same date.
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
3.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
3. ACQUISITION AND DIVESTMENT OF SUBSIDIARIES (Continued)
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN (Lanjutan) c.
Pada tanggal 17 September 2007, PT Bakrie Sentosa Persada, Anak perusahaan, mengadakan perjanjian jual beli saham PT Menthobi Mitra Lestari, dari Tn. Muhamad Yasir Syam, Tn. Muhamad Yaser Arafat, Ny. Hajjah Jumiati dan Tn. Haji Ruslan Achmad Saleh masing-masing sebanyak 20, 25, 80 dan 500 lembar saham seharga nilai nominal nilai nominal yaitu Rp 312,50 juta dengan total kepemilikan 62,50%. Perjanjian jual beli saham tersebut telah diaktakan berdasarkan Akta Notaris Surya, S.H, notaris di Pangkalan Bun, Kalimantan Tengah, No. 11, 12, 13 dan 14 pada tanggal yang sama.
c.
On September 17, 2007, PT Bakrie Sentosa Persada, a Subsidiary, entered into Share Sale and Purchase Agreement to acquire PT Menthobi Mitra Lestari from Mr. Muhamad Yasir Syam, Mr. Muhamad Yaser Arafat, Mrs. Hajjah Jumiati and Mr. Haji Ruslan Achmad Sales of 20 shares, 25 shares, 80 shares and 500 shares, respectively, at par value totalling of Rp 312.50 million representing 62.50% ownership. The agreement was notarized in Notarial Deed No. 11, 12, 13, and 14 of Surya SH., Notary in Pangkalan Bun, Central Kalimantan on the same date.
d.
Pada tanggal 9 Juli 2007, Perusahaan mengakuisisi 100% kepemilikan (185.520 lembar saham) pada PT Sumbertama Nusapertiwi (SNP), Anak perusahaan yang didirikan di Jambi, yang merupakan Perusahaan perkebunan dan pengolahan kelapa sawit, yang dibeli dari PT Grahadura Leidong Prima sesuai dengan Akta Jual Beli Saham No. 30 oleh Notaris Yurisa Martanti, S.H., pada tanggal yang sama. Harga akuisisi saham tersebut adalah sebesar Rp 260 miliar. Akuisisi itu dicatat dengan metode pembelian, oleh karena sejak tanggal akuisisi, perusahaan mengkonsolidasikan setiap akun dan mengurangi laba bersih, Anak perusahaan sebelum diakusisi untuk memperoleh laba bersih konsolidasian setelah diakusisi.
d.
On July 9, 2007, the Company acquired 100% ownership (185,520 shares) in PT Sumbertama Nusapertiwi (SNP), a Subsidiary established in Jambi, owning oil palm plantations and processing mill, from PT Grahadura Leidong Prima in accordance with the Deed of Shares Sale and Purchase No. 30 of Yurisa Martanti, S.H., on the same date. The cost of acquisition is amounted to Rp 260 billion. The acquisition is recorded based on purchase method. Therefore, since the date of acquisition, the Company consolidated each account and deducted preacquisition earnings to obtain the consolidated net income after acquisition.
Berdasarkan laporan penilaian yang diterbitkan oleh PT Asian Appraisal Indonesia, penilai independen tertanggal 27 Maret 2007, nilai pasar aktiva tetap SNP adalah sebesar Rp 174,42 miliar atas aktiva tetap kebun kelapa sawit yang terletak di Desa Arang-Arang dan Parit, Kecamatan Kumpeh Hulu, Kabupaten Muaro Jambi, Propinsi Jambi, pada tanggal 31 Desember 2006 dan sebesar Rp 1,62 miliar atas aktiva tetap yang terletak di Jl. Kol. Pol. Moh. Taher No. 1A, Jambi, pada tanggal 30 Maret 2007 (lihat Catatan 15 dan 16).
According to valuation report published by PT Asian Appraisal Indonesia, an independent appraisal dated March 27, 2007, the fair value of property, plant and equipment of SNP oil palm plantations SNP located in Desa Arang-Arang dan Parit, Kecamatan Kumpeh Hulu, Kabupaten Muaro Jambi, Province of Jambi, as of December 31, 2006 is amounting to Rp 1.62 billion and located in Jl. Kol. Pol. Moh. Taher No. 1A, Jambi, as of March 30, 2007 is amounting to Rp 1.62 billion (see Notes 15 and 16).
Pada tanggal 18 Maret 2008, Perusahaan telah mengalihkan 10 lembar saham SNP dengan nilai nominal Rp 10 juta (0,01% kepemilikan saham) kepada PT Agrowiyana, Anak perusahaan
On March 18, 2008, the Company transferred 10 shares of SNP with nominal value of Rp 10 million (0.01% shares ownership) to PT Agrowiyana, a Subsidiary
Selisih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aktiva dan kewajiban yang dapat diidentifikasi berdasarkan laporan penilai independen yang diakui pada tanggal akuisisi sebesar Rp 101,01 miliar dicatat sebagai goodwill positif dan diamortisasi selama 20 tahun (lihat Catatan 17).
The difference between cost and fair value of identifiable assets and liabilities based on an independent appraisal report recognized on the acquisition date amounting to Rp 101.01 billion is recorded as positive goodwill and amortized during 20 years (see Note 17).
20
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
3.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
3. ACQUISITION AND DIVESTMENT OF SUBSIDIARIES (Continued)
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN (Lanjutan) e.
e.
Pada tanggal 26 Juni 2007, Perusahaan melakukan penyertaan saham sebesar US$ 10 juta untuk kepemilikan 20% di Agri Resources BV (Agri), sebuah perusahaan yang didirikan berdasarkan hukum Belanda. Pada tanggal 21 Desember 2007, Perusahaan telah menambah 5% penyertaan saham pada Agri sebesar US$ 8,24 juta atau setara dengan Rp 76,85 miliar.
Agri was established to acquire and become a holding company of the oil palm plantation Companies.
Agri didirikan untuk mengakuisisi dan menjadi holding dari perusahaan-perusahaan perkebunan kelapa sawit. f.
f.
Pada tanggal 23 Februari 2007, Perusahaan dan PT Agrowiyana, Anak perusahaan, mendirikan PT Bakrie Sentosa Persada, perusahaan yang berkedudukan di Jakarta bergerak dalam bidang perkebunan. Sehubungan dengan pendirian tersebut, Perusahaan dan PT Agrowiyana memiliki masing-masing 99% dan 1% kepemilikan PT Bakrie Sentosa Persada dengan nilai kepemilikan adalah sebesar Rp 247,5 juta.
On February 23, 2007, the Company and PT Agrowiyana (Agro), a Subsidiary, established PT Bakrie Sentosa Persada, a company domiciled in Jakarta engaged in plantation activities. According to the establishment, the Company and Agro has 99% and 1% shares ownership in PT Bakrie Sentosa Persada amounting to Rp 247.5 million. The establishment of PT Bakrie Sentosa Persada has obtained approval from the Minister of Justice and Human Rights of the Republic of Indonesia based on his Decision Letter No. W7-06604 HT.01.01-TH.2007 dated June 14, 2007.
Pendirian PT Bakrie Sentosa Persada tersebut telah mendapat persetujuan dari Menteri Kehakiman dan Hak Asasi Manusia Republik Indonesia berdasarkan Surat Keputusan No. W7-06604 HT.01.01-TH.2007 tanggal 14 Juni 2007. g.
On June 26, 2007, the Company invested US$ 10 million for 20% shares ownership in Agri Resources BV (Agri), a Company established under the law of Netherland. On December 21, 2007, the Company increased 5% shares ownership in Agri amounting to US$ 8.24 million or equivalent to Rp 76.85 billion.
Pada tanggal 11 Januari 2007, Perusahaan dan PT Huma Indah Mekar (HIM), Anak perusahaan mengakuisisi masing-masing 90% kepemilikan (2.700 lembar saham) dan 10% kepemilikan (300 lembar saham) pada PT Nibung Arthamulia (NA), perusahaan yang didirikan di Palembang, Indonesia, yang merupakan pabrik pengolahan karet, yang dibeli dari Tn. Husin, Tn. Hariyanto Wijaya dan Tn. John Murasia sesuai dengan Akta Jual Beli Saham No. 8, 9 dan 10 oleh Notaris Janti Gunardi, S.H.
g.
On January 11, 2007, the Company and PT Huma Indah Mekar (HIM), a Subsidiary, entered into a deed of Shares Sale and purchase No. 8, 9 and 10 of Janti Gunardi, S.H., with PT Nibung Arthamulia (NA), a rubber factory company established in Palembang, Indonesia. Based on the deed of shares sale and purchase above, the Company and HIM acquired 90% ownership (2,700 shares) and 10% ownership (300 shares) in NA from Mr. Husin, Mr. Hariyanto Wijaya and Mr. John Murasia.
Biaya akuisisi oleh Perusahaan dan HIM masingmasing adalah sebesar Rp 10,35 miliar dan Rp 1,15 miliar. Akuisisi tersebut diatas dicatat dengan metode pembelian. Nilai buku ekuitas NA pada saat akuisisi adalah sebesar Rp 4,32 miliar. Tidak terdapat laporan penilai independen sehubungan dengan transaksi akuisisi tersebut.
The cost of acquisition by the Company and HIM is amounted to Rp 10.35 billion and Rp 1.15 billion, respectively. The acquisition is recorded based on purchase method. The book value of stockholders equity in NA as the acquisition date is amounting to Rp 4.32 billion. There is no independent valuation report for this transaction.
Dengan demikian, manajemen Perusahaan mencatat selisih antara biaya perolehan dengan nilai buku ekuitas NA sebesar Rp 7,18 miliar dicatat sebagai goodwill positif dan diamortisasi selama 20 tahun (lihat Catatan 17).
Therefore, the Company’s management recorded the excess of the acquisition cost over the book value of stockholders equity NA amounted to Rp 7.18 billion as positive goodwill and amortized during 20 years (see Note 17).
21
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
3.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
3. ACQUISITION AND DIVESTMENT OF SUBSIDIARIES (Continued)
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN (Lanjutan) h.
h.
Pada tanggal 18 Juli 2007, PT Grahadura Leidong Prima mengakuisisi 100% kepemilikan (16.176 lembar saham) pada PT Guntung Idamannusa (GIN), merupakan Perusahaan perkebunan kelapa sawit dan pengolahannya yang terletak di Sungai Guntung, Propinsi Riau, yang dibeli dari PT Sumatera Timur Indonesia dan Yayasan Bahtera Dwipa Abadi masing-masing sebanyak 15.776 lembar saham dengan harga akuisisi Rp 5,6 miliar dan 400 lembar saham dengan harga akuisisi Rp 220,864 miliar.
On July 18, 2007, PT Grahadura Leidong Prima acquired 100% ownership (16,761 shares) in PT Guntung Idamannusa (GIN), a Company located in Sungai Guntung, province of Riau, owning an oil palm plantations and processing mill from PT Sumatera Timur Indonesia and Yayasan Bahtera Dwipa Abadi amounted to 15,776 shares with acquisition price of Rp 5.6 billion and 400 shares with acquisition price of Rp 220.864 billion, respectively. The difference between cost and fair value of identifiable assets and liabilities based on an independent appraisal report recognized on the acquisition date amounting to Rp 329.22 billion is recorded as positive goodwill and amortized during 20 years (see Note 17).
Selisih antara biaya perolehan dengan bagian Perusahaan atas nilai wajar aktiva dan kewajiban yang dapat diidentifikasi berdasarkan laporan penilai independen yang diakui pada tanggal akuisisi sebesar Rp 329,22 miliar dicatat sebagai goodwill positif dan diamortisasi selama 20 tahun (lihat Catatan 17). i.
Pada tanggal 9 Juli 2007, PT Grahadura Leidong Prima menjual kepemilikan sahamnya pada PT Sumbertama Nusapetiwi (SNP), Anak perusahaan, dengan harga jual Rp 260 miliar (lihat Catatan 3 butir d).
i.
On July 9, 2007, PT Grahadura Leidong Prima sold its share ownership in PT Sumbertama Nusapertiwi (SNP), a Subsidiary, with selling price of Rp 260 billion (see Note 3 point d).
j.
Pada tanggal 20 Februari 2008, Perusahaan mengadakan perjanjian jual beli saham PT Menthobi Mitra Lestari (MMiL) dan PT Menthobi Makmur Lestari (MMaL) yang masing-masing dimiliki secara bersama-sama oleh Tn. Fuad Hasan Masyhur dan PT Tanjung Menthobi. Pada kedua perusahaan tersebut, Tn. Fuad Hasan Masyhur dan PT Tanjung Menthobi masing-masing memiliki 75 lembar saham (nilai nominal Rp 37,50 juta) dan 300 lembar saham (nilai nominal Rp 150 juta) yang keseluruhannya berjumlah 37,50% kepemilikan. Harga beli saham kedua perusahaan tersebut masing-masing adalah sebesar Rp 11,202 miliar. Perjanjian tersebut telah diaktakan berdasarkan Akta Notaris Yurisa Martanti., S.H., notaris di Jakarta, No. 23 dan 22 pada tanggal yang sama.
j.
On February 20, 2008, the Company entered into Shares Sale and Purchase Agreement of PT Menthobi Mitra Lestari (MMiL) and PT Menthobi Makmur Lestari (MMaL) owned by both are Mr. Fuad Hasan Masyhur and PT Tanjung Menthobi of 75 shares (nominal value of Rp 37.50 million) and 300 shares (nominal value of Rp 150 million), respectively, representing 37.50% shares ownership. The acquisition price of those companies is amounting to Rp 11.202 billion, respectively. The agreement above was notarized by Notarial Deed No. 23 and 22 of Notary Yurisa Martanti, S.H., Notary in Jakarta on the same date.
k.
Pada tanggal 29 Mei 2008, Perusahaan telah menyetujui peningkatan penyertaan saham pada PT Grahadura Leidong Prima (GLP) sebesar Rp 219,531 miliar.
k.
On May 29, 2008, the Company has approved to increase its shares ownership in PT Grahadura Leidong Prima (GLP), amounting to Rp 219.531 billion. In regard to this transaction, on May 19, 2008, the Company has transferred its ownership of 37.50% in MMiL and MMal, respectively, to PT Grahadura Leidong Prima (GLP) as the Company’s additional investment in share in GLP as notarized in Notarial Deed No. 14 and 15 of Yurisa Martanti, S.H., on the same date, amounting to Rp 6.99 billion and Rp 43.65 billion, respectively.
Sehubungan dengan hal tersebut, pada tanggal 19 Mei 2008, Perusahaan telah mengalihkan kepemilikan saham di MMiL dan MMal masingmasing sebesar 37,50% kepada PT Grahadura Leidong Prima (GLP) sebagai tambahan penyertaan saham Perusahaan di GLP sesuai dengan Akta No. 14 dan 15 oleh Notaris Yurisa Martanti, S.H. pada tanggal yang sama. Nilai pengalihan saham MMiL dan MMaL masing-masing adalah sebesar Rp 6,99 miliar dan Rp 43,65 miliar.
22
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
3.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
AKUISISI DAN PELEPASAN (DIVESTASI) ANAK PERUSAHAAN (Lanjutan)
3.
ACQUISITION AND DIVESTMENT OF SUBSIDIARIES (Continued)
According to valuation report issued by PT Pronilai Konsulis Indonesia, an independent appraisal, dated April 23, 2008, the fair value of 37.50% shares ownership of MMal is amounting between Rp 26.38 billion and Rp 44.06 billion.
Berdasarkan laporan penilaian yang dikeluarkan oleh PT Pronilai Konsulis Indonesia, penilai independen dalam laporannya tertanggal 23 April 2008, nilai pasar wajar 37,50% kepemilikan saham MMal adalah berkisar antara Rp 26,38 miliar dan Rp 44,06 miliar. l.
l.
Pada tanggal 29 Mei 2008, GLP menyetujui peningkatan penyertaan saham pada PT Guntung Idamannusa (GIN) sebesar Rp 168,891 miliar.
On May 29, 2008, GLP approved to increase its shares ownership in PT Guntung Idamannusa (GIN) amounting to Rp 168.891 billion. On June 6, 2008, GLP approved to increase its shares ownership in GIN amounting to Rp 50.64 billion by transferring its share ownership in MMil and MMaL of 37.50% equivalent to Rp 6.99 billion and Rp 43.65 billion, respectively, as notarized by Transfer Deed No. 14 on the same date.
Pada tanggal 6 Juni 2008, GLP menyetujui peningkatan penyertaan saham pada GIN sebesar Rp 50,64 miliar yang dilakukan melalui pengalihan kepemilikan saham pada MMiL dan MMal masingmasing sebesar 37,50% dengan nilai Rp 6,99 miliar dan Rp 43,65 miliar sesuai dengan Akta Inbreng No. 14 pada tanggal yang sama. m.
Pada tanggal 30 Juni 2008 dan 16 Juli 2008, Perusahaan melakukan peningkatan kepemilikan terhadap ARBV secara tidak langsung melalui AIRPL dengan mengakuisisi 317 lembar saham senilai US$ 40,108 juta atau setara dengan Rp 367,782 miliar.
m.
On June 30, 2008, and July 16, 2008, the company increased its ownership to ARBV indirectly through AIRPL by acquiring 317 shares amounting to US$ 40.108 milion or equivalent to Rp 367.782 bilion.
n.
Pada tanggal 30 Juli 2008, perusahaan menandatangani Perjanjian Pemegang Saham yang isinya pada dasarnya menyetujui adanya penambahan modal secara bertahap terhadap PT Bakrie Sentosa Persada (BSEP) oleh IGI BV. Penambahan modal pertama dilakukan pada tanggal 31 Juli 2008 dengan akte nomor 29. Dengan penambahan modal pertama tersebut kepemilikan perusahaan terhadap BSEP terdilusi yang sebelumnya 100% menjadi 63,4%. Penambahan modal kedua dilakukan pada tanggal 27 Nopember 2008 dengan akte nomor 53. Dengan penambahan modal kedua tersebut, kepemilikan perusahaan terhadap BSEP terdilusi yang sebelumnya 63,4% menjadi 21,5%. Dan juga, hal ini menyebabkan BSEP menjadi PT dalam Penanaman Modal Asing (PT PMA). Dan karena kepemilikan perusahaan terhadap BSEP hanya 21,5%, maka perusahaan tidak lagi mengkonsolidasi BSEP tetapi tetap mencatat investasi di BSEP menggunakan metode ekuitas.
n.
On July 30, 2008, the company signed Shareholders’ Agreement which in principal agree to additional equity injection to PT Bakrie Sentosa Persada (BSEP) by IGI BV. The first equty addition was done on July 31, 2008 with deed no. 29. With this additional equity injection, company’s ownership percentage was diluted from previously 100% to 63.4%. The second additional equity was done on November 27, 2008 with deed no. 53. With this equity injection company ownership percentage was diluted from previously 63.4% to 21.5%. Which also caused BSEP to become foreign investment company. Due to the fact that the company only has 21.5% to share ownership in BSEP, the company no longer consolidates BSEP but still record its investment in BSEP using equity method.
23
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
4.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
4. CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS
Cash and cash equivalents consist of the following:
Kas dan setara kas terdiri dari: 2008 Kas: Rupiah Bank - pihak ketiga: Rekening Rupiah: PT Bank Mandiri (Persero) Tbk. PT Bank Pembangunan Daerah Sumbar PT Bank Niaga Tbk. PT Bank Negara Indonesia (Persero) Tbk. PT Bank Rakyat Indonesia (Persero) Tbk. PT Bank Pembangunan Daerah Bengkulu Standard Chartered Bank, Jakarta PT Bank Mega Tbk PT Bank Mestika Dharma PT Bank Muamalat Indonesia Rekening Euro: ING Bank, Belanda (EUR 100 pada tahun 2008 dan EUR 34.407 pada tahun 2007) Rekening Dolar Amerika Serikat: Standard Chartered Bank, Jakarta (US$ 11.151.501.pada tahun 2008 dan US$ 52.029 pada tahun 2007) PT Bank Mandiri (Persero) Tbk. (US$ 560.214 pada tahun 2008 dan US$ 408.115 pada tahun 2007) Bank of New York, London (US$ 456.858 pada tahun 2008 dan US$ 377.195 pada tahun 2007) PT Bank Niaga Tbk. (US$ 405.845 pada tahun 2008 dan US$ 2.466.839 pada tahun 2007) RZB-Austria, Singapura (US$ 307.879 pada tahun 2008 dan US$ 332.791 pada tahun 2007) PT Bank Negara Indonesia (Persero) Tbk. (US$ 220.082 pada tahun 2008 dan US$ 112.547 pada tahun 2007) PT Bank Sumitomo Mitsui Indonesia (US$ 200 pada tahun 2008 dan US$ 211 pada tahun 2007) Jumlah kas di bank
2007
1.593.692
1.689.988
12.130.033
17.584.031
3.263.018 3.149.698
1.619.922 97.376.387
2.900.966
4.608.281
2.794.489
1.242.653
1.679.205 1.450.183 170.510 25.887 20.463
10.048.152 2.197.709 1.404.763 19.119
1.544
122.110.544
5.912.708
5.002.600
Bank - third parties: Rupiah Accounts: PT Bank Mandiri (Persero) Tbk. PT Bank Pembangunan Daerah Sumbar PT Bank Niaga Tbk. PT Bank Negara Indonesia (Persero) Tbk. PT Bank Rakyat Indonesia (Persero) Tbk. PT Bank Pembangunan Daerah Bengkulu Standard Chartered Bank, Jakarta PT Bank Mega Tbk PT Bank Mestika Dharma PT Bank Muamalat Indonesia
473.436
Euro Accounts: ING Bank, the Netherlands (EUR 100 in 2008 and EUR 34,407 in 2007)
490.061
US Dollar Accounts: Standard Chartered Bank, Jakarta (US$ 11,151,501 in 2008 and US$ 52,209 in 2007)
3.844.034
PT Bank Mandiri (Persero)Tbk. (US 560,214 in 2008 and US$ 408,115 in 2007)
3.552.804
Bank of New York, London (US$ 456,858 in 2008 and US$ 377,195 in 2007)
4.444.006
23.235.153
3.371.283
3.134.554
2.409.908
1.060.076
2.192
1.988
170.839.237
171.893.123
24
Cash: Rupiah
PT Bank Niaga Tbk. (US 405,845 in 2008 and US$ 2,466,839 in 2007) RZB-Austria, Singapore (US$ 307,879 in 2008 US$ 332,791 in 2007) PT Bank Negara Indonesia (Persero) Tbk. (US$ 220,082 in 2008 and US$ 112,547 in 2007 ) PT Bank Sumitomo Mitsui Indonesia (US$ 200 in 2008 and US$ 211 in 2007) Total cash in banks
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
4.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
4. CASH AND CASH EQUIVALENTS (Continued)
KAS DAN SETARA KAS (Lanjutan) 2008 Deposito berjangka - pihak ketiga: Rekening Rupiah: PT Bank Niaga Tbk. PT Bank Mandiri (Persero) Tbk. Standard Chartered Bank, Jakarta Bank Negara Indonesia’46 Rekening Dolar Amerika Serikat:: PT.Bank Niaga Tbk. (US$ 548.000 pada tahun 2008) Standard Chartered Bank, Jakarta (US$ nihil pada tahun 2008 dan US$ 3.815.000 pada tahun 2007 PT. Bank Mandiri (Persero ) Tbk (US$ nihil pada tahun 2008 Dan US$ 500.000 pada Tahun 2007) Jumlah deposito berjangka Jumlah
2007
Time deposits - third parties: Rupiah Accounts: PT Bank Niaga Tbk. 10.000.000 PT Bank Mandiri (Persero) Tbk. Standard Chartered Bank, Jakarta 139.200.000 Bank Negara Indonesia’46 US Dollar Accounts: PT. Bank Niaga Tbk. (US$ 548,000 in 2008) Standard Chartered Bank, Jakarta (US$ nil in 2008 and US$ 3,815,000 in 2007)
150.390.000 14.900.000 7.575.000 1.000.000 6.002.730
-
35.933.485
-
4.709.500
179.867.730
189.842.985
352.300.659
363.426.096
5.
Total time deposits Total
The annual interest rates of time deposits are as follows:
Kisaran suku bunga tahunan untuk deposito berjangka adalah sebagai berikut:
Rupiah Dolar Amerika Serikat
PT. Bank Mandiri (Persero) Tbk (US$ nil in 2008 and US$ 500,000 in 2007)
2008 (%)
2007 (%)
5 – 13 1,2 – 3,5
4,2 – 7,6 2,0 – 4,2
Rupiah United States Dollar
5. SHORT-TERM INVESTMENTS
INVESTASI JANGKA PENDEK
Short-term investments consist of the following:
Investasi jangka pendek terdiri dari: 2008
2007
Deposito berjangka - pihak ketiga: Rekening Rupiah: PT Bank Mega Tbk.
-
523.301.872
Jumlah
-
523.301.872
Time deposits - third parties: Rupiah Accounts: PT Bank Mega Tbk. Total
Interest income as of december 2008 amounting to Rp 24 billion is presented in “Other Income (Expenses) - Interest Income” in the consolidated statements of income.
Pendapatan bunga sampai dengan tanggal 31 Desember 2008 adalah sebesar Rp 24 miliar disajikan pada akun “Pendapatan (Beban) Lain-lain - Pendapatan Bunga” pada laporan laba rugi konsolidasian.
25
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
6.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
6. TRADE RECEIVABLES
PIUTANG USAHA
Rincian piutang usaha adalah sebagai berikut:
The details of trade receivables are as follows:
a. Pihak ketiga:
a. Third parties: 2008
2007
US Dollar:
Dolar Amerika Serikat: Welcome Trading (US$ 1.540.817 pada tahun 2008 dan US$ nihil pada tahun 2007) PT Intercontinental Oil and Fats Ltd (US$ 811.980 pada tahun 2008) Sri Trang International,Amerika (US$ 638.424 pada tahun 2008 dan US$ 635.031 pada tahun 2007) Sri Trang International, singapura (US$ 508.990 pada tahun 2008 US$ 647.710 pada tahun 2007) PT Mandiri Inti Buana Medan (US$ 473.839 pada tahun 2008 dan US$ 163.230 pada tahun 2007) Eastland Produce, Singapore (US$ 78.187 pada tahun 2007) Mahakarya Inti Buana (US$ 25.258 pada tahun 2008 dan US$ 216.765 pada tahun 2007 PT Universal Gloves industry (US$ 171.669 pada tahun 2008 dan US$ 197.384 pada tahun 2007) Wurfbai (US$ 150.918 pada tahun 2008) PT Asia Rubberindo (US$ 104.328 pada tahun 2008) PT Nuansa Karya Cipta (US$ 82.912 pada tahun 2008 dan US$ 234.864 pada tahun 2007) PT Garuda Mas Medan (US$ 71.366 pada tahun 2008) PT Sentang Raya indo (US$ 35.683 pada tahun 2008) Samur Halilari San Ve Tic A.S. Turkey (US$ 33.112 pada tahun 2008) Amtel Investment (US$ 29.205 pada tahun 2008) Weber+Schaer GMBH German (US$ 19.208 pada tahun 2008 dan US$ 86.654 pada tahun 2007)
16.871.948
-
8.891.181
-
6.990.738
5.981.356
5.573.446
6.100.785
5.188.539
1.537.463
-
736.440
2.762.225
2.041.711
1.881.961
1.859.159
1.652.552
-
1.142.392
-
908.689
2.212.184
781.462
-
390.731
-
362.574
-
319.794
-
210.331
816.189
26
Welcome Trading (US$ 1,540,817 in 2008 and US$ nil in 2007) PT Intercontinental Oil and Fats Ltd (US$ 811,980 in 2008) Sri Trang International, USA (US$ 638,424 in 2008 and US$ 635,031 in 2007) and US$ nil in 2007 Sri Trang International, Singapore (US$ 508,990 in 2008 and (US$ 647,710 in 2007 PT Mandiri Inti Buana Medan (US$ 473,839 in 2008 and US$ 163,230 in 2007) Eastland Produce, Singapore (US$ 78,187 in 2007) Mahakarya Inti Buana (US$ 25,258 in 2008 and US$ 216,765 in 2007) PT Universal Gloves industry (US$ 171,669 in 2008 and US$ 197,384 in 2007) Wurfbain (US 150,918. in 2008) PT Asia Rubberindo (US$ 104,328 in 2008) PT Nuansa Karya Cipta Nuansa (US$ 82,912 in 2008 and US$ 234,864 in 2007) PT Garuda Mas Medan (US$ 71,366 In 2008) Sentang Raya indo (US$ 35,683 in 2008)
Samur Halilari San Ve Tic A.S. Turkey (US$ 33,112 in 2008) Amtel Investment (US$ 29,205 in 2008) Weber+Schaer GMBH German (US$ 19,208 in 2008 and US$ 86,654 in 2007
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
6.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
6. TRADE RECEIVABLES (Continued)
PIUTANG USAHA (Lanjutan) 2008 PT Meridian Jati Indonesia (US$ nihil pada tahun 2008 dan US$ 208.828 pada tahun 2007) Sinochem International Overseas (US$ nihil pada tahun 2008 dan US$ 220.918 tahun 2007) Wilmar Trading Pte., Ltd., Singapura (US$ nihil pada tahun 2008 dan US$ 2.605.940 pada tahun 2007) PT Intan Surya Pratama (US$ nihil pada tahun 2008 US$ 1.367.421 pada tahun 2007) Tong Teik Pte., Ltd., Singapura (US$ nihil pada tahun 2008 dan US$ 1.305.639 pada tahun 2007) Lain-lain (masing-masing dibawah Rp 100 juta) Jumlah Dolar Amerika Serikat Dikurangi penyisihan piutang ragu-ragu
(
2007
-
1.966.947
PT Meridian Jati Indonesia (US$ nil in 2008 and US$ 208,828 in 2007)
Sinochem International Overseas -
2.074.041
-
24.545.347
(US$ nil in 2008 and US$ 220,198 in 2007)
Wilmar Trading Pte., Ltd., Singapore (US$ nil in 2008 and US$ 2,605,940 in 2007)
PT Intan Surya Pratama
(US$ nil in 2008 and US$ 1,367,421 in 2007) Tong Teik Pte. Ltd., Singapore (US$ nil in 2008 and US$ 1,305,639 in 2007)
-
12.879.740
-
12.297.815
316.381
197.312
Others (each under Rp 100 million)
54.244.944
77.134.024
Total US Dollar
3.018.967)
(
1.800.000 )
Jumlah Dolar Amerika Serikat
51.225.977
75.334.024
Rupiah: PT Sinar Alam Permai PT Intan Surya Pratama UD Makmur PT Musim Mas PT Garuda Mas Perkasa Medan PT Muliaraya Internusa Bukit Kapur Reksa PT Swasthi Parama Mulya PT Sumber Cahaya Mulia PT Multimas Nabati Asahan PT Raberindo Pratama PT Bitung Guna Sejahtera PT Dharma Medipro PT Abbergummi Medical PT Sugih Instrumendo Abadi PT Pelita Agung Agrindustri Citra Kencana PT Asia Karet Medan Wira Inno Mas UKS/Syahrial Indosco Utama Jabar PT. Naga Mas Palm Oil Lestari PT. Asia Rubberrindo PT. Usaha Inti Padang PT Kurnia Tunggal Nugraha
14.909.867 4.566.683 3.103.899 2.936.779 2.832.157 2.735.967 2.710.366 2.267.481 1.941.795 1.923.567 1.567.813 1.378.827 847.943 704.742 655.000 490.128 479.385 452.298 402.424 134.035 57.459 44.751 12.470 11.207 6.650
49.685.207 14.972.116 3.506.570 3.181.004 10.083.806 916.159 1.567.813 1.353.496 704.742 761.600 20.348.832 995.135 745.000
27
Less allowance for doubtful accounts Total US Dollar Rupiah: PT Sinar Alam Permai PT Intan Surya Pratama UD Makmur PT Musim Mas PT Garuda Mas Perkasa Medan PT Muliaraya Internusa Bukit Kapur Reksa PT Swasthi Parama Mulya PT Sumber Cahaya Mulia PT Multimas Nabati Asahan PT Raberindo Pratama PT Bitung Guna Sejahtera PT Dharma Medipro PT Abbergummi Medical PT Sugih Instrumendo Abadi PT Pelita Agung Agrindustri Citra Kencana PT Asia Karet Medan Wira Inno Mas UKS/Syahrial Indosco Utama Jabar PT. Naga Mas Palm Oil Lestari PT. Asia Rubberrindo PT. Usaha Inti Padang PT Kurnia Tunggal Nugraha
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
6.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
6. TRADE RECEIVABLES (Continued)
PIUTANG USAHA (Lanjutan) 2008 PT Karya Mitra Andalan PT Atmindo PT. Berkar Sawit Sumatera Lain-lain (masing-masing dibawah Rp 100 juta) Jumlah Rupiah Dikurangi penyisihan piutang ragu-ragu
(
Jumlah Rupiah Jumlah piutang usaha pihak ketiga - bersih
2007 -
2.105.759 17.272.728
353.118
2.473.578
47.470.853
130.673.545
359.677)
(
129.500.751
Total Rupiah
98.337.153
204.834.775
Total trade receivables from third parties
The details of aging schedule of trade receivables from third parties are as follows:
2008
Dikurangi penyisihan piutang ragu-ragu Jumlah
(
2007
53.453.630 23.470.889 18.115.217 6.676.062
155.396.726 4.105.138 21.122.616 27.183.069
101.715.798
207.807.569
3.378.644 ) 98.337.153
2.972.794 )
Current up to 31 days to 61 days to More than
30 days 60 days 90 days 90 days
Less allowance for doubtful accounts Total
The changes of allowance for doubtful accounts of trade receivables - third parties are as follows:
2008
Jumlah
(
204.834.775
Mutasi penyisihan piutang ragu-ragu atas piutang usaha - pihak ketiga adalah sebagai berikut:
Saldo awal tahun Perubahan selama tahun berjalan: Penambahan penyisihan
Total Less allowance for doubtful accounts
47.111.176
Rincian umur piutang usaha kepada pihak ketiga adalah sebagai berikut:
Sampai dengan 30 hari 31 hari sampai 60 hari 61 hari sampai 90 hari Lebih dari 90 hari
1.172.794)
PT Karya Mitra Andalan PT Atmindo PT. Berkar Sawit Sumatera Others (each under Rp 100 million)
2007
2.972.794
359.677
405.850
2.613.117
Beginning balance Changes during the year: Addition of allowances
3.378.644
2.972.794
Total
28
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
6.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
6. TRADE RECEIVABLES (Continued)
PIUTANG USAHA (Lanjutan)
The details of trade receivables from third parties based on currencies are as follows:
Rincian piutang usaha kepada pihak ketiga menurut mata uang adalah sebagai berikut: 2008 Rupiah Dolar Amerika Serikat Dikurangi penyisihan piutang ragu-ragu
Dolar Amerika Serikat: PT Bakrie Rubber Industry Dikurangi penyisihan piutang ragu-ragu
47.470.853 54.244.944
130.673.545 77.134.024
101.715.797
207.807.569
(
Jumlah
(
2007
3.378.644)
(
98.337.153
204.834.775
24.000.000
24.000.000
24.000.000 )
Jumlah piutang usaha pihak hubungan istimewa
24.000.000 ) -
Less allowance for doubtful accounts Total US Dollar: PT Bakrie Rubber Industry Less allowance for doubtful accounts Total trade receivable from related parties
As of December 31, 2008 and 2007, the aging of trade receivables from related parties is more than 90 days. b. Related parties (see Note 42):
b. Pihak hubungan istimewa (lihat Catatan 42):
The changes of allowance for doubtful accounts of trade receivables - third parties are as follows:
Mutasi penyisihan piutang ragu-ragu atas piutang usaha - pihak ketiga adalah sebagai berikut: 2008
Jumlah
(
-
Pada tanggal 31 Desember 2008 dan 2007, piutang usaha pihak hubungan istimewa memiliki umur piutang lebih dari 90 hari.
Saldo awal tahun Perubahan selama tahun berjalan: Penambahan penyisihan
2.972.794 )
Rupiah US Dollar
2007
24.000.000
24.000.000
-
-
Beginning balance Changes during the year: Addition of allowances
24.000.000
24.000.000
Total
Manajemen Perusahaan dan Anak perusahaan berpendapat bahwa penyisihan piutang ragu-ragu tersebut cukup untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang usaha tersebut.
The managements of the Company and Subsidiarie management believe that the allowance for doubtful accounts is adequate to cover possible losses from non-collectible of the accounts.
Transaksi penjualan Perusahaan kepada pihak hubungan istimewa dilaksanakan dengan syaratsyarat dan kondisi yang sama dengan transaksi penjualan kepada pihak ketiga.
The sales transactions with related party have been conducted under the normal price, terms and conditions similar to those of third parties principally.
29
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
6.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
6. TRADE RECEIVABLES (Continued)
PIUTANG USAHA (Lanjutan)
As of December 31, 2008 and 2007, all trade receivables of the Company and Subsidiaries, except PT Sumbertama Nusapertiwi, PT Grahadura Leidong Prima (GLP), PT Guntung Idamannusa (GIN), PT Nibung Arthamulia (NAM), PT Bakrie Rekin Bio Energy (BRBE) and PT Bakrie Sentosa Persada (BSEP) are pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance BV, a Subsidiary (see Note 29). As of December 31, 2008 and 2007, all trade receivables of GLP and GIN are pledged as collateral for short-term bank loan obtained from RZB-Austria (see Note 27) and all receivables of NAM for loan obtained from PT Bank Niaga Tbk. (see Note 28 point a).
Pada tanggal 31 Desember 2008 dan 2007, seluruh piutang usaha Perusahaan dan Anak perusahaan, kecuali PT Sumbertama Nusapertiwi, PT Grahadura Leidong Prima (GLP), PT Guntung Idamannusa (GIN), PT Nibung Arthamulia (NAM), PT Bakrie Rekin Bio Energy (BRBE) dan PT Bakrie Sentosa Persada (BSEP) digunakan sebagai jaminan atas hutang obligasi Senior Notes yang diperoleh BSP Finance BV, Anak perusahaan (lihat Catatan 29). Pada tanggal 31 Desember 2008 dan 2007, seluruh piutang usaha GLP dan GIN digunakan sebagai jaminan atas hutang bank jangka pendek yang diperoleh dari RZB-Austria (lihat catatan 27) dan piutang usaha NAM atas hutang PT Bank Niaga Tbk. (lihat Catatan 28 butir a).
7.
7. OTHER RECEIVABLES
PIUTANG LAIN-LAIN Akun ini terdiri dari:
This account consists of:
a. Pihak ketiga:
a. Third parties: 2008
PT Kilang Vecolina Pasien Rumah Sakit Ibu Kartini PT Esa Citra Buana PT Bank Mega Tbk.(lihat Catatan 5) PT Mahakam Nusa Energi PT Asia Makmur Lestari PT Sumatera Timur Indonesia PT Tatar Anyar Indonesia Lain-lain (masing-masing di bawah Rp 100 juta) Dikurangi penyisihan piutang ragu-ragu Jumlah
(
2007
7.145.037 1.646.702 -
7.145.037 1.519.446 43.666.666 7.654.064 1.062.500 1.800.071 1.731.600 230.000
5.898.143
2.991.043
14.689.882
67.800.427
3.517.163 ) 11.172.719
(
3.747.162 ) 64.053.265
PT Kilang Vecolina Patients of Ibu Kartini Hospital PT Esa Citra Buana PT Bank Mega Tbk. (see Note 5) PT Mahakam Nusa Energi PT Asia Makmur Lestari PT Sumatera Timur Indonesia PT Tatar Anyar Indonesia Others (each under of Rp 100 million) Less allowance for doubtful accounts Total
Receivable from PT Kilang Vecolina (KV) represents the Company’s receivable to KV which has not been paid until the date of sale of investment in KV by the Company and PT Bakrie Pasaman Plantations (BPP), a Subsidiary. As of October 5, 2006, the Company and KV has signed a settlement agreement of KV loan, whereas KV promise to settle the loan not later than April 2009.
Piutang PT Kilang Vecolina (KV) merupakan piutang Perusahaan kepada KV yang belum diselesaikan pada saat jual beli saham KV dari Perusahaan dan PT Bakrie Pasaman Plantations (BPP), Anak perusahaan. Pada tanggal 5 Oktober 2006, Perusahaan dan KV telah menandatangani perjanjian penyelesaian atas hutang KV, dimana KV berjanji akan menyelesaikan hutang tersebut paling lambat April 2009.
30
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
7.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
7. OTHER RECEIVABLES (Continued)
PIUTANG LAIN-LAIN (Lanjutan)
a. Third parties (Continued):
a. Pihak ketiga (Lanjutan): Perusahaan telah menerima pelunasan piutang dari KV sebesar Rp 46,04 miliar. Pada tanggal 31 Desember 2008, sisa piutang yang belum dilunasi adalah sebesar Rp 7,15 miliar.
The Company has received payment of Rp 46.04 billion from KV regarding to this receivable. As of December 31, 2008, the remaining receivable from KV is amounting to Rp 7.15 billion.
Piutang PT Asia Makmur Lestari merupakan piutang yang berasal dari pengambilalihan hutang (novasi) oleh PT Huma Indah Mekar, Anak perusahaan.
Receivable from PT Asia Makmur Lestari is receivable arising from novation of payables by PT Huma Indah Mekar, a Subsidiary.
Piutang Pasien Rumah Sakit Ibu Kartini adalah piutang Perusahaan yang timbul berkaitan dengan rumah sakit yang dimiliki oleh Perusahaan. Rumah Sakit Ibu Kartini adalah rumah sakit Perusahaan yang memberikan jasa pelayanan medik kepada masyarakat sekitar dan perusahaan-perusahaan di sekitar Perusahaan. Piutang tersebut merupakan tagihan Perusahaan kepada para pelanggan Rumah Sakit Ibu Kartini.
Receivable from patients of Ibu Kartini Hospital represents receivable regarding to hospital services owned by the Company. Ibu Kartini Hospital is the Company’s hospital that serves medical services to communities and companies in the Company’s surrounding. The receivable is bills of the Company to customers of Ibu Kartini Hospital.
Manajemen Perusahaan dan Anak perusahaan berpendapat bahwa penyisihan piutang ragu-ragu adalah cukup untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang lain-lain tersebut.
The management on the Company’s and Subsidiaries’ management believes that the allowance for doubtful accounts is adequate to cover possible losses from non-collectible receivables. b. Related parties (see Note 42):
b. Pihak hubungan istimewa (lihat Catatan 42): 2008 Agri Resources BV Koperasi Karyawan Pinjaman staf dan karyawan Jumlah
2007
12.918.058 6.644.469
12.969.014 20.963.245 5.107.852
Agri Resources BV Employee cooperative Staff and employee loan
19.562.527
39.040.111
Total
Pinjaman kepada karyawan tidak dibebani bunga dan diangsur secara bulanan melalui pemotongan gaji bulanan.
Receivables from staff and employees are non interest bearing and are collected through monthly salary deduction.
Piutang kepada Agri Resources BV (ARBV) merupakan pinjaman sehubungan dengan perjanjian manajemen pada tanggal 26 Juni 2007 (lihat Catatan 43 butir k).
Receivables from Agri Resources BV (ARBV) represent receivable regarding the management agreement dated June 26, 2007 (see Note 43 point k).
31
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
8.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
8. INVENTORIES
PERSEDIAAN
Inventories consist of:
Persediaan terdiri dari: 2008 Bahan baku Karet Tandan buah segar
2007
Raw materials Rubber Fresh fruit bunches
19.424.884 1.868.193
20.240.689 1.992.520
21.293.077
22.233.209
8.310.825
2.763.468
Work-in-process Rubber
30.598.130 25.408.504 5.825.775
52.199.395 35.759.041 6.095.483
Finished goods Crude palm oil Rubber Palm kernel
61.832.409
94.053.919
4.377.323 2.425.991
3.717.650 1.656.100
6.803.314
5.373.750
Bahan pembantu Pupuk dan bahan kimia Suku cadang dan perlengkapan
28.352.249 15.147.957
10.401.665 12.538.875
Materials and supplies Fertilizers and chemicals Spare parts and supplies
Jumlah
43.500.206
22.940.540
Total
Barang dalam proses Karet Barang jadi Minyak kelapa sawit Karet Kernel
Bibit tanaman Karet Kelapa sawit
Dikurangi penyisihan persediaan usang Jumlah
(
203.099)
(
141.536.732
203.099 ) 147.161.787
Seedlings Rubber Oil Palm
Less allowance for inventories obsolescence Total
Pada tanggal 31 Desember 2008 dan 2007, seluruh persediaan Perusahaan dan Anak perusahaan, kecuali PT Sumbertama Nusapertiwi, PT Grahadura Leidong Prima (GLP), PT Guntung Idamannusa (GIN), PT Nibung Arthamulia (NAM), PT Bakrie Rekin Bio Energy (BRBE) dan PT Bakrie Sentosa Persada (BSEP) digunakan sebagai jaminan atas hutang obligasi - Senior Notes yang diperoleh BSP Finance BV, Anak perusahaan (lihat Catatan 29).
As of December 31, 2008 and 2007, all inventories of the Company and Subsidiaries, except for PT Sumbertama Nusapertiwi, PT Grahadura Leidong Prima (GLP), PT Guntung Idamannusa (GIN), PT Nibung Arthamulia (NAM), PT Bakrie Rekin Bio Energy (BRBE) and PT Bakrie Sentosa Persada (BSEP) are pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance BV, a Subsidiary (see Note 29).
Pada tanggal 31 Desember 2008 dan 2007, seluruh persediaan GLP dan GIN dijadikan jaminan atas hutang jangka pendek yang diperoleh dari RZB-Austria (lihat catatan 27).
As of December 31, 2008 and 2007, all inventories of GLP and GIN are pledged as collateral for short-term bank loan obtained from RZB-Austria (see Note 27).
32
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
8.
9.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
8. INVENTORIES (Continued)
PERSEDIAAN (Lanjutan) Persediaan diasuransikan terhadap risiko kebakaran dan kerugian lainnya berdasarkan suatu paket polis tertentu dengan nilai pertanggungan sebesar Rp 50,321 miliar dan US$ 3,89 juta pada tahun 2008 dan Rp 40,84 miliar dan US$ 5,52 juta pada tahun 2007, yang menurut pendapat manajemen Perusahaan dan Anak perusahaan cukup untuk menutupi kemungkinan kerugian akibat resiko-resiko tersebut.
Inventories are insured against losses from fire and other risks under blanket policies amounting to Rp 50.321 billion and US$ 3.89 million in 2008 and Rp 40.84 billion and US$ 5.52 million in 2007, which opinion of the management of the Company and Subsidiaries’ according of the believe that the amount is adequate to cover possible losses arising from such risks.
Berdasarkan hasil penelahaan terhadap kondisi persediaan pada akhir periode, manajemen Perusahaan dan Anak perusahaan berpendapat bahwa tidak terdapat penurunan nilai persediaan.
Based on the review of the condition of inventories at the end of the period, the managements of this Company and Subsidiarie believe that there is no impairment of inventory is neccessary.
9. PREPAID TAXES
PAJAK DIBAYAR DI MUKA
This account consists of :
Akun ini terdiri dari : 2008 PPN - masukan Taksiran tagihan kelebihan pajak: Tahun Berjalan Tahun Sebelumnya Jumlah
2007
14.075.608
9.704.609
3.886 501.719
6.957.541 8.461.858
VAT in Estimated claim tax refund Current year Previous Year
14.795.884
25.124.008
Total
10. PREPAID EXPENSES
10. BIAYA DIBAYAR DI MUKA
This account represents prepayments of:
Biaya dibayar di muka terdiri dari: 2008
2007
Asuransi Sewa Pensiun Lain-lain
812.427 552.613 1.282.759
655.353 240.598 243.038 21.520.854
Insurance Rent Pension Others
Jumlah
2.647.799
22.659.843
Total
33
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
11. ADVANCES
11. UANG MUKA
This account represents advances on purchases of fertilizers, chemicals, materials and supplies, travelling and contractors, as follows:
Akun ini merupakan uang muka kepada pemasok atas pembelian pupuk, bahan kimia, bahan pembantu dan perjalanan dinas serta kontraktor dengan rincian sebagai berikut: 2008
2007
32.335.000 9.430.738 7.534.400 6.159.592 5.904.620 5.530.274 3.942.606 2.471.467 1.287.500 1.247.660 1.152.050
7.534.400 5.276.618 2.190.000 -
12.117.446
4.189.417
Suppliers MP Oleo Chemical Taiko Persada PT Eramitra Agro Lestari PT Tritunggal Kharisma Lingga Manik Leonard Djajali Formitra Multi Prakasa PT Atmindo PT Multimas Nabati Asahan PT Ometraco Arya PT Pupuk Hikay Others (each under Rp 1 billion)
Jumlah pemasok
89.113.353
19.190.435
Total suppliers
Kontraktor Perjalanan dinas Lain - lain
15.977.960 977.447
15.988.448 1.408.850 1.153.978
Contractors Travelling Others
106.068.760
37.741.711
Total
Pemasok MP Oleo Chemical Taiko Persada PT Eramitra Agro Lestari PT Tritunggal Kharisma Lingga Manik Leonard Djajali Formitra Multi Prakasa PT Atmindo PT Multimas Nabati Asahan PT Ometraco Arya PT Pupuk Hikay Lain-lain (masing-masing dibawah Rp 1 miliar)
Jumlah
34
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
12. INVESTMENTS IN SHARES OF STOCK
12. PENYERTAAN SAHAM
This account consists of investments in shares of stock in associated companies which are stated at cost, as follows:
Akun ini merupakan penyertaan saham pada perusahaan-perusahaan yang dinyatakan dengan metode biaya perolehan yang terdiri dari: 2008
Persentase Kepemilikan /
Biaya Perolehan /
Percentage of Ownership Penyertaan saham Metode ekuitas: Agri Resources BV (lihat Catatan 3 butir e) PT Bakrie Sentosa Persada (lihat catatan 3 butir n) Agri International Resources Pte. Ltd. (lihat Catatan 3 butir m) Metode biaya: PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Bagian atas Laba Bersih Anak Perusahaan /
Accumulated Equity in Net Earnings
Acquisition Cost
Nilai Tercatat /
Net Carrying Value
investment in shares Equity Method: 25%
167.916.588
21,5%
112.078.398
(
(
48.214.591)
119.701.997
3.668.148)
108.410.250
34,68%
367.781.943
0,08%
511.353
0,03%
174.999
-
174.999
0,01%
44.934
-
44.934
648.508.215
( 78.689.723)
569.818.492
511.353)
-
Jumlah Dikurangi penyisihan atas Penyertaan saham yang tidak dapat dipulihkan
(
Bersih
647.996.862
( 26.806.984)
340.974.959 511.353
( 78.689.723 )
35
Agri Resources BV (see Note 3 point e) PT Bakrie Sentosa Persada (see note 3 point n) Agri International Resources Pte. Ltd. (see Note 3 point m) Cost Method: PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
511.353)
Total Less allowance for unrecoverable investment in shares in stock
569.307.139
Net
(
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
12. INVESTMENTS IN SHARES OF STOCK (Continued)
12. PENYERTAAN SAHAM (Lanjutan)
2007
Persentase Kepemilikan /
Biaya Perolehan /
Percentage of Ownership Penyertaan saham Metode ekuitas: Agri Resources BV (lihat Catatan 3 butir e) Metode biaya: PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
Bersih
Accumulated Equity in Net Earnings
Acquisition Cost
Nilai Tercatat /
Net Carrying Value
investment in shares Equity Method: 25,00%
167.916.588
-
167.916.588
Agri Resources BV (see Note 3 point e)
0,30%
511.353
-
511.353
2,29%
172.118
-
172.118
39.748
-
39.748
Cost Method: PT United Sumatra Rubber PT Sarana Jambi Ventura PT Sarana Sumatera Barat Ventura
168.639.807
-
168.639.807
Total
0,46%
Jumlah Dikurangi penyisihan atas Penyertaan saham yang tidak dapat dipulihkan
Bagian atas Laba Bersih Anak Perusahaan /
(
511.353)
-
168.128.454
-
(
511.353 ) 168.128.454
unrecoverable investment in shares in stock Net
Pada tanggal 1 Februari 2008, PT Bakrie Sentosa Persada (BSEP), Anak perusahaan, menandatangani Perjanjian Pengikatan Jual Beli Saham PT Multipersada Gatramegah sebanyak 32.632 lembar saham dengan harga Rp 120 miliar dengan cara pembayaran Rp 10 miliar pada saat ditandatangani PPJB dan sisanya dibayar secara bertahap.
On February 1, 2008, PT Bakrie Sentosa Persada (BSEP), a Subsidiary, entered into Conditional Shares Sale and Puchase Agreement of PT Multipersada Gatramegah representing of 32,632 shares with purchase price of Rp 120 billion. The condition of payment are Rp 10 billion be paid at the date of signing and the remaining be paid by installment.
Berdasarkan Rapat Umum Pemegang Saham PT Sarana Jambi Ventura (SJV) yang diadakan pada tanggal 6 Maret 2008, para pemegang saham SJV menyetujui pembagian laba dari tahun buku 2007 berupa dividen tunai dan dividen saham. Bagian PT Agrowiyana (Agro), Anak perusahaan atas dividen tunai untuk tahun yang berakhir pada tanggal 31 Desember 2008 adalah sebesar Rp 2,88 juta, disajikan pada akun “Pendapatan (Beban) Lain-lain - Lain-lain - Bersih” pada laporan laba rugi konsolidasian. Sedangkan dividen saham sebesar Rp 2,88 juta dicatat sebagai tambahan investasi.
Based on PT Sarana Jambi Ventura (SJV)’s Shareholders’ General Meeting, held on March 6, 2008, the SJV’ shareholders of SJV approved the distribution of cash and stock dividend from retained earnings of 2007. The portion of cash dividend of PT Agrowiyana (Agro), a Subsidiary, for the year ended on December 31, 2008 amounted to Rp 2.88 million, is presented as “Other Income (Expense) - Others - Net” in the consolidated statements of income. While the stock dividend amounted to Rp 2.88 million is recorded as an additional cost of investment.
36
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
12. INVESTMENTS IN SHARES OF STOCK (Continued)
12. PENYERTAAN SAHAM (Lanjutan) Berdasarkan Rapat Umum Pemegang Saham PT Sarana Jambi Ventura (SJV) yang diadakan pada tanggal 6 Juni 2007, para pemegang saham SJV menyetujui pembagian laba dari tahun buku 2006 berupa dividen tunai dan dividen saham. Bagian PT Agrowiyana (Agro), Anak perusahaan atas dividen tunai untuk tahun yang berakhir pada tanggal 31 Desember 2007 adalah sebesar Rp 4,19 juta, disajikan pada akun “Pendapatan (Beban) Lain-lain - Lain-lain - Bersih” pada laporan laba rugi konsolidasian. Sedangkan dividen saham sebesar Rp 4,19 juta dicatat sebagai tambahan investasi.
Based on PT Sarana Jambi Ventura (SJV)’s Shareholders’ General Meeting, held on June 6, 2007, the shareholders of SJV approved the distribution of cash and stock dividend from retained earnings of 2006. The portion of cash dividend of PT Agrowiyana (Agro), a Subsidiary, for the year ended on December 31, 2007 amounted to Rp 4.19 million, is presented as “Other Income (Expense) - Others - Net” in the consolidated statements of income. While the stock dividend amounted to Rp 4.19 million is recorded as an additional cost of investment.
Berdasarkan Rapat Umum Pemegang Saham PT Sarana Sumatera Barat Ventura (SSBV) yang diadakan pada tanggal 1 April 2008, para pemegang saham SSBV telah menyetujui pembagian laba dari tahun buku 2007 berupa dividen tunai dan saham. Bagian PT Bakrie Pasaman Plantations (BPP), Anak perusahaan, atas dividen tunai untuk tahun yang berakhir pada tanggal 31 Desember 2008 adalah sebesar Rp 1,44 juta, disajikan pada akun “Pendapatan (Beban) Lain-lain - Lain-lain Bersih” pada laporan laba rugi konsolidasian. Sedangkan dividen saham sebesar Rp 2,59 juta dicatat sebagai tambahan investasi.
Based on PT Sarana Sumatera Barat Ventura (SSBV)’s Shareholders’ General Meeting, held on April 1, 2008, the shareholders of SSBV the distribution approved of cash and stock dividend from retained earnings of 2007. The portion of cash dividend of PT Bakrie Pasaman Plantations (BPP), a Subsidiary, for the year ended on December 31, 2008 amounted to Rp 1.44 million, is presented as “Other Income (Expense) Others - Net” in the consolidated statements of income. While the stock dividend amounted to Rp 2.59 million is recorded as an additional cost of investment.
Berdasarkan Rapat Umum Pemegang Saham PT Sarana Sumatera Barat Ventura (SSBV) yang diadakan pada tanggal 26 April 2007, para pemegang saham SSBV telah menyetujui pembagian laba dari tahun buku 2006 berupa dividen tunai dan saham. Bagian PT Bakrie Pasaman Plantations (BPP), Anak perusahaan, atas dividen tunai untuk tahun yang berakhir pada tanggal 31 Desember 2007 adalah sebesar Rp 1,15 juta, disajikan pada akun “Pendapatan (Beban) Lain-lain - Lain-lain Bersih” pada laporan laba rugi konsolidasian. Sedangkan dividen saham sebesar Rp 2,59 juta dicatat sebagai tambahan investasi.
Based on PT Sarana Sumatera Barat Ventura (SSBV)’s Shareholders’ General Meeting, held on April 26, 2007, the shareholders of SSBV approved the distribution of cash and stock dividend from retained on earnings of 2006. The portion of cash dividend of PT Bakrie Pasaman Plantations (BPP), a Subsidiary, for the year ended December 31, 2007 amounted to Rp 1.15 million, is presented as “Other Income (Expense) Others - Net” in the consolidated statements of income. While the stock dividend amounted to Rp 2.59 million is recorded as an additional cost of investment.
Pada tanggal 30 Juli 2008, perusahaan menandatangani Perjanjian Pemegang Saham yang isinya pada dasarnya menyetujui adanya penambahan modal terhadap PT Bakrie Sentosa Persada (BSEP) oleh IGI BV (lihat Catatan 3 butir n).
On July 30, 2008, the company signed Shareholders’ Agreement which in principal agree to perform additional equity injection to PT Bakrie Sentosa Persada (BSEP) by IGI BV (please see Note 3 point n).
Pada tanggal 21 Desember 2007, Perusahaan telah menambah penyertaan saham pada Agri Resources BV (Agri) sebesar US$ 8.240 juta atau setara dengan Rp 76,85 milliar. Sehingga pada tanggal 31 Desember 2007, jumlah kepemilikan saham pada Agri menjadi sebesar 25%.
On December 21, 2007, the Company increased its investment in Agri Resources BV (Agri) Amounting to US$ 8,240 million or equivalent Rp 76.85 billion. On December 31, 2007, the percentage of the shares ownership in Agri became 25%.
Pada tanggal 30 Juni 2008 dan 16 Juli 2008, Perusahaan melakukan peningkatan kepemilikan terhadap ARBV secara tidak langsung melalui AIRPL dengan mengakuisisi 317 lembar saham senilai US$ 40,108 juta atau setara dengan Rp 367.782 miliar.
On June 30, 2008, and July 16, 2008, the company increased its ownership in ARBV indirectly through AIRPL by acquiring 317 shares amounting to US$ 40,108 milion or equivalent to Rp 367,782 bilion.
37
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
12. INVESTMENTS IN SHARES OF STOCK (Continued)
12. PENYERTAAN SAHAM (Lanjutan)
The management of the Company’s and Subsidiaries’ management believed that allowance for unrecoverable investment in shares of stock is adequate.
Manajemen Perusahaan dan Anak perusahaan berkeyakinan bahwa penyisihan atas penyertaan saham yang tidak dapat dipulihkan adalah cukup.
13. DUE FROM RELATED PARTIES
13. PIUTANG HUBUNGAN ISTIMEWA
This account consists of:
Akun ini terdiri dari: 2008
2007
PT Bakrie Sentosa Persada PT Menthobi Makmur Lestari PT Menthobi Mitra Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Bakrie Rubber Industry PT Padang Bolak PT Perjapin Prima PT Multi Persada Gatra Megah ARBV PT Julang Oca Permana PT Bakrie & Brothers PT Bakrie Communication
108.337.522 62.473.003 16.873.755 11.387.283 7.111.695 5.246.341 3.758.222 2.991.629 2.892.114 1.389.260 330.330 303.590 200.786 -
2.991.629 250.000 409.522
Jumlah Dikurangi penyisihan piutang ragu-ragu
223.295.530
3.651.151
Bersih
-
(
2.991.629 ) 220.303.901
(
2.991.629 ) 659.523
PT Bakrie Sentosa Persada PT Menthobi Makmur Lestari PT Menthobi Mitra Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Bakrie Rubber Industry PT Padang Bolak PT Perjapin Prima PT Multi Persada Gatra Megah ARBV PT Julang Oca Permana PT Bakrie & Brother PT. Bakrie Communication Less allowance for doubtful accounts Net
Piutang PT Bakrie Rubber Industry merupakan talangan dana yang diberikan Perusahaan kepada PT Bakrie Rubber Industry (BRI). Pinjaman ini tidak dikenakan bunga dan tidak ada jadwal pembayaran yang tetap.
Due from PT Bakrie Rubber Industry represent advances provided by the Company to PT Bakrie Rubber Industry (BRI), which bears no interest and no fixed schedule repayment.
Sejak tahun 1999, Perusahaan membentuk penyisihan piutang ragu-ragu sebesar Rp 2,99 miliar sehubungan dengan kesulitan keuangan yang dialami BRI akibat menurunnya permintaan pasar terhadap produk BRI. Selama tahun 2008 dan 2007, tidak terdapat mutasi penyisihan piutang ragu-ragu. Manajemen Perusahaan berpendapat bahwa penyisihan piutang ragu-ragu tersebut cukup untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang hubungan istimewa tersebut.
The Company has provided an allowance for doubtful accounts on due from a related party amounted to Rp 2.99 billion since 1999 because of financial difficulties experienced by BRI as a result of the decline in market demand for BRI’s products. During the year of 2008 and 2007, there was no mutation of allowance for doubtful accounts and the Company’s management believes that the allowance for doubtful accounts is adequate to cover possible losses from non-collectible receivables.
38
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
14. DUE FROM PLASMA
14. PIUTANG PLASMA
This account consists of:
Akun ini terdiri dari: 2008 a. Kredit Koperasi Primer untuk para Anggotanya (KKPA) b. Perkebunan Inti Rakyat (PIR) - Plasma c. Lain-lainnya Bersih
2007
27.729.276
28.862.975
21.584.818 -
-
49.314.094
28.862.975
a. Primary Cooperative Credit for the Members (KKPA) b. Nucleus Estate Smallholders (PIR) - Plasma Others
Net
Akun ini merupakan penggunaan sementara (talangan) dana Anak perusahaan, menunggu pengucuran dana dari bank sebagai penyandang dana untuk proyek-proyek:
This account represents advances given by Subsidiaries and awaiting reimbursement from banks as the lenders of the following projects:
i. Pembangunan Proyek Kebun Plasma yang dibiayai oleh PT Bank Danamon Indonesia Tbk. ((Danamon) dahulu PT Bank Nusa Nasional (BNN)) sehubungan dengan perjanjian kerjasama antara PT Agrowiyana (Agro), Anak perusahaan, Koperasi Unit Desa Swakarsa, Koperasi Unit Desa Suka Makmur serta Danamon dalam mengembangkan areal proyek kebun plasma.
i. The development of Plasma Estate Project funded by PT Bank Danamon Indonesia Tbk. (Danamon (formerly funded by PT Bank Nusa Nasional (BNN)), in connection with cooperation agreements between PT Agrowiyana (Agro), a Subsidiary, Koperasi Unit Desa Swakarsa, Koperasi Unit Desa Suka Makmur and Danamon in developing plasma estate projects.
Sejak tanggal 13 September 2000, pembangunan proyek kebun plasma dibiayai oleh PT Bank Muamalat Indonesia sebagai bank pelaksana yang baru (lihat Catatan 44 butir f). Bunga dibebankan pada proyek kebun plasma.
Since September 13, 2000, the financing of the Plasma Estate Project has been funded by PT Bank Muamalat Indonesia, as a new lender (see Note 44 point f). Interest expense was charged to the Plasma Estate Project.
ii. Pembangunan Proyek Kebun Plasma yang dibiayai oleh Danamon sehubungan dengan perjanjian kerjasama antara PT Bakrie Pasaman Plantations (BPP), Anak perusahaan, Danamon dan beberapa koperasi tertentu (lihat Catatan 44 butir e dan f). Namun mulai tanggal 6 Maret 1998, proyek ini tidak lagi didanai oleh Danamon tetapi oleh Perusahaan sendiri.
ii. The development of Plasma Estate Project was funded by Danamon, in connection with the cooperation agreements between PT Bakrie Pasaman Plantations (BPP), a Subsidiary, Danamon and certain cooperatives (see Note 44 point e and f). How ever Starting on March 6, 1998, the project has been financed by the Company instead of by Danamon.
iii. Pembangunan Proyek Kebun Plasma yang dibiayai oleh PT Bank Mandiri (Persero) Tbk. sehubungan dengan perjanjian kerjasama antara PT Sumbertama Nusapertiwi (SNP), Anak perusahaan, PT Bank Mandiri (Persero) Tbk. dan Koperasi Unit Desa Wahana Jaya (lihat Catatan 44 butir j).
iii. The development of Plasma Estate Project is funded by PT Bank Mandiri (Persero) Tbk. in connection with the cooperation agreements between PT Sumbertama Nusapertiwi (SNP), a Subsidiary, PT Bank Mandiri (Persero) Tbk and Koperasi Unit Desa Wahana Jaya (see Note 44 point j).
Agro dan BPP, Anak perusahaan tidak mencadangkan piutang plasma yang tidak tertagih karena manajemen Anak perusahaan berpendapat bahwa seluruh piutang plasma tersebut masih dapat tertagih.
Agro dan BPP, Subsidiaries, do not provide any allowance for doubtful account since the Subsidiaries’ management believe that all receivables are collectible.
39
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
15. PLANTATIONS
15. TANAMAN PERKEBUNAN
a. Mature Plantations
a. Tanaman Menghasilkan
31 Desember 2008 / December 31, 2008 Saldo Awal /
Beginning Balance
Biaya Perolehan Karet Kelapa sawit
Penambahan /
Pengurangan /
Additions
Deductions
Saldo Akhir /
Ending Balance
248.417.356 950.409.811
37.188.880 85.796.545
3.384.995 -
282.221.241 1.036.206.356
1.198.827.167
122.985.425
3.384.995
1.318.427.597
Akumulasi Penyusutan Karet 74.708.355 Kelapa sawit 177.203.539
7.848.623 43.429.705
1.856.049 -
80.700.929 220.633.244
251.911.894
51.278.328
1.856.049
301.334.173
Nilai Buku
946.915.273
1.017.093.424
Carrying Value Rubber Oil palm
Accumulated Depreciation Rubber Oil palm
Net Book Value
31 Desember 2007 / December 31, 2007 Saldo Awal /
Beginning Balance
Biaya Perolehan Karet Kelapa sawit
Penambahan /
Pengurangan /
Additions
Deductions
Saldo Akhir /
Ending Balance
237.935.438 369.110.632
14.679.235 581.421.549
4.197.317 122.370
248.417.356 950.409.811
607.046.070
596.100.784
4.319.687
1.198.827.167
Akumulasi Penyusutan Karet 68.078.418 Kelapa sawit 135.836.844
9.356.436 41.411.154
2.726.499 44.459
74.708.355 177.203.539
203.915.262
50.767.590
2.770.958
251.911.894
Nilai Buku
403.130.808
946.915.273
40
Carrying Value Rubber Oil palm
Accumulated Depreciation Rubber Oil palm
Net Book Value
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
15. PLANTATIONS (Continued)
15. TANAMAN PERKEBUNAN (Lanjutan)
Mature plantations are spread over some operational locations of the Company and Subsidiaries, as follows:
Tanaman menghasilkan tersebar di berbagai lokasi Perusahaan dan Anak perusahaan, sebagai berikut: 2008 15.559 8.067 5.616 4.418 4.039 3.669 2.139 2.319
14.940 7.907 4.573 4.418 4.039 3.669 2.096 803
Kisaran - North Sumatera Pasaman - West Sumatera Labuhan Batu - North Sumatera Tungkal Ulu - Jambi Indragiri Hilir - Province of Riau Tulang Bawang Tengah - Lampung Bengkulu Arang-arang - Jambi
45.826
42.445
Total
Kisaran - Sumatera Utara Pasaman - Sumatera Barat Labuhan Batu -Sumatera Utara Tungkal Ulu - Jambi Indragiri Hilir - Riau Tulang Bawang Tengah - Lampung Bengkulu Arang-arang - Jambi Jumlah
2007
Additions in carrying value of mature plantations consist of:
Penambahan nilai perolehan tanaman menghasilkan terdiri dari: 2008
2007
Perolehan awal tahun tahun tanaman Menghasilkan Anak perusahaan Yang diakuisisi : PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa
-
77.167.717 28.419.179
Carrying value of acquired Subsidiaries Mature Plantation at beginning of the year PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa
Jumlah
-
105.658.896
Total
122.985.425
92.981.357
5.973.315) 271.997.456 131.436.390
Reclasification from immature Excess of acquisition over the fair value of mature palntations in The acquired subsidiaries PT. Sumbertama Nusapertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa
596.100.784
Total Carrying Value
Reklasifikasi dari tanaman belum menghasilkan Selisih antara nilai wajar dan nilai perolehan tanaman menghasilkan Anak perusahaan yang d akuisisi: PT. Sumbertama Nusapertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa Jumlah Nilai Perolehan
-
(
122.985.425
41
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
15. PLANTATIONS (Continued)
15. TANAMAN PERKEBUNAN (Lanjutan) Penambahan akumulasi menghasilkan terdiri dari:
penyusutan
Additions in accumulated depreciation of mature plantations consist of:
tanaman 2008
Beban penyusutan atas perolehan selama tahun berjalan Akumulasi Penyusutan Awal tahun Tanaman menghasilakan anak Perusahaan yang d akuisisi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa Beban penyusutan berasal dari Selisih antara nilai wajar dan nilai perolehan tanaman menghasilkan Anak perusahaan yang diakuisisi: PT Sumbertama Nusapertiwi PT Grahadura Leidong Prima PT Guntung Idamannusa
(
Jumlah akumulasi penyusutan
2007
31.405.303
33.316.701
-
11.967.081 1.213.907
298.666 ) 13.599.873 6.571.819 51.278.329
(
Depreciation expenses during the year Accumulated Depreciation of acquired Subsidiaries mature of plantations at beggining of the year PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa
Depreciation expenses arising from excess cost of acquisition over the fair value of mature plantations in the acquired Subsidiaries PT Sumbertama Nusapertiwi 149.333 ) 1.133.323 PT Grahadura Leidong Prima PT Guntung Idamannusa 3.285.911 Total accumulated depreciation
50.767.590
b. Immature Plantations
b. Tanaman Belum Menghasilkan
31 Desember 2008 / December 31, 2008 Saldo Awal /
Beginning Balance Biaya Perolehan Karet Kelapa sawit Jumlah
Penambahan Biaya /
Saldo Akhir /
Additional Cost
Decrease
Ending Balance
Penurunan /
254.573.811 36.926.714
52.323.788 115.116.389
37.188.880 85.796.545
269.708.719 66.246.558
Carrying Value Rubber Oil palm
291.500.525
167.440.177
122.985.425
335.955.277
Total
31 Desember 2007 / December 31, 2007 Saldo Awal /
Beginning Balance Biaya Perolehan Karet Kelapa sawit Jumlah
Penambahan Biaya /
Saldo Akhir /
Additional Cost
Decrease
Ending Balance
Penurunan /
95.530.338 17.596.973
173.196.949 98.157.622
14.153.476 78.827.881
254.573.811 36.926.714
Carrying Value Rubber Oil palm
113.127.311
271.354.571
92.981.357
291.500.525
Total
42
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
15. PLANTATIONS (Continued)
15. TANAMAN PERKEBUNAN (Lanjutan)
Immature plantations are spread over some operational locations of the Company and Subsidiaries as follows:
Tanaman belum menghasilkan tersebar di berbagai lokasi operasi Perusahaan dan Anak perusahaan, sebagai berikut: 2008 (Dalam Ha) / (In Ha) 8.162 3.355 3.765 2.289 719 505 14
6.231 4.127 2.214 3.816 1.590 630 548 14
Indragiri Hilir - Province of Riau Arang-arang - Jambi Central Kalimantan Kisaran - North Sumatera Labuhan Batu - North Sumatera Pasaman - West Sumatera Bengkulu Tulang Bawang Tengah - Lampung
18.809
19.170
Total
Indragiri Hilir - Riau Arang-arang - Jambi Kalimantan Tengah Kisaran - Sumatera Utara Labuhan Batu - Sumatera Utara Pasaman - Sumatera Barat Bengkulu Tulang Bawang Tengah - Lampung Jumlah
Penambahan nilai perolehan menghasilkan terdiri dari:
Penambahan biaya selama tahun berjalan Perolehan awal tahun tanaman belum menghasilkan anak perusahaan yang diakuisisi PT. Sumbertama Nusapertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa Selisih antara nilai wajar dan nilai Perolehan tanaman belum Menghasilkan anak perusahaan Yang di akuisisi : PT. Sumbertama Nusapertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa Jumlah Nilai Perolehan
Penurunan nilai perolehan menghasilkan terdiri dari:
tanaman
2007 (Dalam Ha) / (In Ha)
Additions in carrying value of immature plantations consist of:
belum
2008
2007
167.440.177
258.524.997
-
89.874.874 78.303.167 92.949.486
Additional expenses during the year Carrying value of acquired Subsidiaries Immature Plantations at beginning of the year : PT. Sumbertama Nusapertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa
23.964.175 ) 153.301.075 ) 71.032.703 )
Excess cost of acqusition over the fair value of immature plantations in the acquired subsidiaries PT. Sumbertama Nusapertiwi PT. Grahadura Leidong Prima PT Guntung Idaman Nusa
-
( ( (
167.440.177
tanaman
271.354.571
Deductions in carrying plantations consist of:
belum
2008 Reklasifikasi ke tanaman menghasilkan Jumlah Nilai Perolehan
Total Carrying Value
value
of
immature
2007
122.985.425
92.981.357
Reclassification to mature plantations
122.985.425
92.981.357
Total Carrying Value
43
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
15. PLANTATIONS (Continued)
15. TANAMAN PERKEBUNAN (Lanjutan) Akun tanaman belum menghasilkan merupakan pembebanan biaya untuk pengembangan tanaman karet dan kelapa sawit yang mencakup biaya persiapan lahan, penanaman, pemupukan, pemeliharaan bibit dan beban keuangan.
Immature plantations represent expenditures for the development of rubber and oil palm plantations, which include cost for field preparation, planting, fertilizing, maintenance and borrowing costs.
Pada tanggal 31 Desember 2008, seluruh tanaman perkebunan Perusahaan dan Anak perusahaan, kecuali PT Sumbertama Nusapertiwi, PT Grahadura Leidong Prima (GLP), PT Guntung Idamannusa (GIN), PT Menthobi Makmur Lestari (MMaL) dan PT Menthobi Mitra Lestari (MMiL) digunakan sebagai jaminan atas hutang obligasi - Senior Notes yang diperoleh BSP Finance BV, Anak perusahaan (lihat Catatan 29).
As of December 31, 2008, all plantations of the Company and Subsidiaries, except PT Sumbertama Nusapertiwi, PT Grahadura Leidong Prima (GLP), PT Guntung Idamannusa (GIN), PT Menthobi Makmur Lestari (MMaL) and PT Menthobi Mitra Lestari (MMiL) are pledged as collateral for bonds payable - Senior Notes obtained by BSP Finance BV, a Subsidiary (see Note 29).
Tanaman menghasilkan (TM) dan tanaman belum menghasilkan (TBM) tidak diasuransikan terhadap risiko kerugian akibat kebakaran karena belum ada perusahaan asuransi yang dapat memberikan nilai pertanggungan yang wajar.
Mature and immature plantations are not covered by insurance against losses from fire, as there is no insurance company that is able to provide sufficient coverage.
16. PROPERTY, PLANT AND EQUIPMENT
16. AKTIVA TETAP
The details of property, plant and equipment are as follows:
Aktiva tetap terdiri dari:
31 Desember 2008 / December 31, 2008 Saldo Awal /
Beginning Balance
Penambahan /
Pengurangan /
Additions
Deductions
Saldo Akhir /
Ending Balance
Nilai Tercatat Pemilikan Langsung Tanah Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor
118.619.513 169.981.569 96.759.039 352.177.522 51.802.175 20.978.217
8.134.700 24.564.951 50.868.034 86.012.009 6.820.587 4.523.414
580.436 84.112 15.988.163 3.288.910 80.357
126.173.777 194.462.408 131.638.910 434.900.621 58.622.762 25.421.274
Carrying Value Direct Ownership Land Roads, bridges and ditches Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
Jumlah
810.318.035
180.923.694
20.021.978
971.219.752
Total
Aktiva Sewa Guna Usaha Alat pengangkutan
4.028.607
707.230
1.231.230
3.504.607
Asset Under Capital Lease Transportation equipment
Jumlah
4.028.607
707.230
1.231.230
3.504.607
Total
44.168.661 17.583.590 14.477.928
24.564.951 119.972.805 14.782.385
44.437.708 33.835.177 9.160.379
-
13.468.853
1.518.208
Construction-in-Progress Roads, bridges andditches Buildings and improvements Machinery and equipment ORACLE application software
Aktiva dalam Penyelesaian Jalan, jembatan dan saluran air 24.833.998 Bangunan dan prasarana 136.224.392 Mesin dan peralatan 9.464.836 Aplikasi perangkat lunak ORACLE 14.987.061 Jumlah
185.510.287
76.230.179
172.788.994
88.951.472
Total
Jumlah Nilai Tercatat
999.856.929
257.861.103
194.024.201
1.063.675.831
Total Carrying Value
44
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
16. PROPERTY, PLANT AND EQUIPMENT (Continued)
16. AKTIVA TETAP (Lanjutan)
31 Desember 2008 / December 31, 2008 Saldo Awal /
Beginning Balance
Akumulasi Penyusutan Pemilikan Langsung Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor Jumlah Aktiva Sewa Guna Usaha Alat pengangkutan Jumlah Akumulasi Penyusutan Nilai Buku Bersih
Penambahan /
Pengurangan /
Additions
Saldo Akhir /
Ending Balance
Deductions
26.149.596 56.379.347 120.116.929 41.051.751
15.524.854 14.353.240 25.006.799 9.082.017
1.984.730 4.094.353 2.167.131 942.311
39.689.720 66.638.234 142.956.597 49.191.457
12.905.219
6.756.946
69.464
19.592.701
Accumulated Depreciation Direct Ownership Roads, bridges and ditches Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
256.602.842
70.723.856
9.257.989
318.068.709
Total
2.165.364
607.364
451.560
2.321.168
Asset Under Capital Lease Transportation equipment
258.768.206
71.331.221
9.709.546
320.389.877
Total Accumulated Depreciation
743.285.954
Net Book Value
741.088.723
31 Desember 2007 / December 31, 2007 Saldo Awal /
Beginning Balance
Nilai Tercatat Pemilikan Langsung Tanah Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor Jumlah Aktiva Sewa Guna Usaha Alat pengangkutan Mesin dan peralatan
Penambahan /
Pengurangan /
Additions
Deductions
Saldo Akhir /
Ending Balance
24.115.421
94.804.092
300.000
118.619.513
33.616.839 98.963.113 172.517.339 27.426.085
136.532.434 179.704.949 24.490.590
167.704 2.204.074 44.766 114.500
169.981.569 96.759.039 352.177.522 51.802.175
15.302.886
5.696.830
21.499
20.978.217
Carrying Value Direct Ownership Land Roads, bridges and ditches Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
371.941.683
441.228.895
2.852.543
810.318.035
Total
4.827.993
2.277.689 2.690.697
3.077.075 2.690.697
4.028.607 -
Asset Under Capital Lease Transportation equipment Machinery and equipment
8.069.038 99.579.199 7.420.795
35.985.276 86.291.431 8.489.979
19.220.316 49.646.238 6.445.938
24.833.998 136.224.392 9.464.836
1.538.071
13.784.116
335.126
14.987.061
Construction-in-Progress Roads, bridges and ditches Buildings and improvements Machinery and equipment ORACLE application software
Jumlah
116.607.103
144.550.802
75.647.618
185.510.287
Total
Jumlah Nilai Tercatat
493.376.779
590.748.083
84.267.933
999.856.929
Total Carrying Value
Aktiva dalam Penyelesaian Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Aplikasi perangkat lunak ORACLE
45
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
16. PROPERTY, PLANT AND EQUIPMENT (Continued)
16. AKTIVA TETAP (Lanjutan)
31 Desember 2007 / December 31, 2007 Saldo Awal /
Beginning Balance
Akumulasi Penyusutan dan Amortisasi Pemilikan Langsung Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Alat pengangkutan Peralatan dan perabot kantor Jumlah
Nilai Buku Bersih
Pengurangan /
Additions
Saldo Akhir /
Ending Balance
Deductions
12.433.485 40.632.338 72.611.238 16.701.136
13.883.815 16.319.132 47.550.458 24.465.115
167.704 572.123 44.767 114.500
26.149.596 56.379.347 120.116.929 41.051.751
8.675.865
4.250.479
21.125
12.905.219
Accumulated Depreciation and Amortization Direct Ownership Roads, bridges and ditches Buildings and improvements Machinery and equipment Transportation equipment Furniture and office equipment
151.054.062
106.468.999
920.219
256.602.842
Total
1.940.437
3.375.046
3.150.119
2.165.364
Asset Under Capital Lease Transportation equipment
Aktiva Sewa Guna Usaha Alat pengangkutan Jumlah Akumulasi Penyusutan dan Amortisasi
Penambahan /
152.994.499
109.844.045
4.070.338
258.768.206
340.382.280
741.088.723
Net Book Value
The details of depreciation charged are as follows:
Pembebanan penyusutan adalah sebagai berikut: 2008
2007
44.011.901 19.062.243
43.813.688 12.778.340
Cost of goods manufactured General and administrative expenses
63.074.144
56.592.028
Total
Harga pokok produksi Beban umum dan administrasi Jumlah
Total Accumulated Depreciation
The details of depreciation charged are as follows:
Rincian dari aktiva dalam penyelesaian adalah sebagai berikut: 2008 Persentase Penyelesaian /
Percentage of Completion
Jalan, jembatan dan saluran air Bangunan dan prasarana Mesin dan peralatan Aplikasi perangkat lunak (lihat Catatan 44 butir i) Jumlah
Akumulasi Biaya /
Accumulated Cost
Estimasi Penyelesaian /
Estimated Completion Date
30% - 70% 10% - 95% 10% - 95%
44.437.708 33.835.177 9.160.379
Mei 2009 Mei 2009 Agustus 2009
70% - 95%
1.518.208
September 2009
88.951.472
46
Roads, bridges and ditches Buildings and improvements Machinery and equipment Application software (see Note 44 point i) Total
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
16. PROPERTY, PLANT AND EQUIPMENT (Continued)
16. AKTIVA TETAP (Lanjutan)
2007 Persentase Penyelesaian /
Akumulasi Biaya /
Percentage of Completion
Estimasi Penyelesaian /
Accumulated Cost
Estimated Completion Date Roads, bridges and ditches
Jalan, jembatan dan saluran air
50% - 80%
24.833.998
April 2008
Perelatan dan perabot Kantor (Hardware dari Oracle)
90% - 95%
1.257.364
February 2008
65% - 90% 25% - 95%
136.224.392 8.207.472
January 2011 May 2008
85%
14.987.061
May 2008
Bangunan dan prasarana Mesin dan peralatan Aplikasi perangkat lunak (lihat Catatan 44 butir h) Jumlah
185.510.287
2008
Total
2007
-
132.326.153 100.151.861 76.393.835 8.154.736
Carrying value of acquired Subsidiaries’ fixed assets at beginning of the year PT Grahadura Leidong Prima PT. Guntung Idaman Nusa PT Sumbertama Nusa Pertiwi PT Nibung Arthamulia
-
317.026.585
Total
83.840.879
141.452.385
-
9.828.910 38.406.193 2.618.620
1.231.230
5.767.772
172.788.994
75.647.618
Acquisition during the year Excess cost of acquisition over the fair value of fixed assets in the acquired subsidiaries PT sumbertama Nusa Pertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa Reclassification from assets under capital lease Reclassification from construction in progress
257.861.103
590.748.083
Total Carrying Value
Perolehan awal tahun aktiva tetap Anak perusahaan yang diakuisisi: PT Grahadura Leidong Prima PT. Guntung Idaman Nusa PT Sumbertama Nusa Pertiwi PT Nibung Arthamulia Jumlah
Jumlah Nilai Perolehan
(Hardware from Oracle)
Buildings and improvements Machinery and equipment Application software (see Note 44 point h)
Additions in carrying value of property, plant and equipment consist of:
Penambahan nilai perolehan aktiva tetap terdiri dari:
Perolehan Selama tahun berjalan Selisih antara nilai wajar dan nilai perolehan aktiva tetap anak Perusahaan yang diakuisisi: PT Sumbertama Nusa Pertiwi PT. Grahadura Leidong Prima PT. Guntung Idaman Nusa Reklasifikasi dari aktiva sewa guna usaha Reklasifikasi dari aktiva dalam penyelesaian
Furniture and office Equipment
Pada tahun 2007 penurunan perolehan aktiva tetap bangunan termasuk didalamnya selisih antara nilai wajar dan nilai perolehan bangunan sebesar Rp 1,63 miliar sehubungan dengan akuisisi PT Grahadura Leidong Prima, Anak perusahaan oleh Perusahaan.
In 2007 deductions of carrying value of property, plant and equipment include excess cost of acquisition over the fair value of buildings amounting to Rp 1.63 billion regarding the acquisition of PT Grahadura Leidong Prima, a Subsidiary, by the Company.
Penurunan perolehan aktiva tetap - tanah termasuk didalamnya reklasifikasi ke akun beban tangguhan hak atas tanah sebesar Rp 300 juta.
Deductions of carrying value of property, plant and equipment include reclassification to deferied charges of landrights account amounting to Rp 300 million.
47
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
16. PROPERTY, PLANT AND EQUIPMENT (Continued)
16. AKTIVA TETAP (Lanjutan)
Additions in accumulated depreciation of property, plant and equipment consist of:
Penambahan akumulasi penyusutan aktiva tetap terdiri dari: 2008
-
9.428.631 37.964.990 646.389 2.061.888
Accumulated depreciations of Acquired Subsidiaries fixed assets at Beginning of the year PT. Sumbertama Nusa Pertiwi PT Grahadura Leidong Prima PT Guntung Idaman Nusa PT Nibung Artha Mulia
-
50.101.898
Total
72.255.425
57.070.591
Depreciation expenses of acquisition until the end of period
Akumulasi Penyusutan Awal tahun Aktiva Tetap Anak Perusahaan Yang d akuisisi : PT Sumbertama Nusa Pertiwi PT Grahadura Leidong Prima PT Guntung Idaman Nusa PT Nibung Artha Mulia Jumlah Beban penyusutan atas perolehan sampai dengan akhir periode Beban penyusutan yang berasal dari selisih antara nilai wajar dan nilai perolehan aktiva tetap Anak perusahaan yang diakuisisi: PT Sumbertama Nusapertiwi ( PT Grahadura Leidong Prima ( PT Guntung Idamannusa Reklasifikasi dari sewa guna usaha Jumlah Akumulasi Penyusutan
2007
1.324.515 ) 1.336.166 ) 1.284.920 451.557 71.331.221
( (
Depreciation expenses arising from Excess cost of acquisition over the fair value of fixed assets in the acquired Subsidiaries PT Sumbertama Nusapertiwi 441.505 ) 102.782 ) PT Grahadura Leidong Prima PT Guntung Idamannusa 65.724 Reclassication from obligation under capital lease 3.150.119 109.844.045
Total accumulated depreciation
Manajemen Perusahaan dan Anak perusahaan berkeyakinan bahwa tidak terdapat indikasi penurunan nilai aktiva pada tahun 2008 dan 2007.
The management of the Company’s and Subsidiaries’ management believed that no impairment of assets is neccessary in 2008 and 2007.
Aktiva tetap dengan pemilikan langsung diasuransikan terhadap risiko kebakaran, risiko gempa bumi dan risiko lainnya berdasarkan suatu paket polis tertentu dengan nilai pertanggungan masing-masing sebesar Rp 1,269 triliun pada tahun 2008 dan 2007 yang menurut pendapat manajemen Perusahaan dan Anak perusahaan cukup untuk menutupi kemungkinan kerugian akibat kebakaran dan risiko lainnya.
Property, plant and equipment under direct ownership are insured against losses from fire, earthquake and other risks under blanket policies with total coverage of Rp 1.269 trillion in 2008 and 2007, respectively, which according to the opinion of the Company and Subsidiaries’ management is adequate to cover possible losses from fire and other risks.
Pada tanggal 31 Desember 2008 dan 2007, seluruh aktiva tetap Perusahaan dan Anak perusahaan digunakan sebagai jaminan atas hutang obligasi - Senior Notes kecuali, PT Nibung Arthamulia (NAM), PT Grahadura Leidong Prima, PT Guntung Idamannusa, PT Bakrie Rekin Bio Energy dan PT Bakrie Sentosa Persada yang diperoleh BSP Finance BV, Anak perusahaan (lihat Catatan 29). Pada tanggal 31 Desember 2008 dan 2007, aktiva tetap tanah dan bangunan senilai Rp 3,25 miliar dan mesin pabrik senilai Rp 5 miliar milik NAM digunakan sebagai jaminan atas hutang bank yang diperoleh dari PT Bank Niaga Tbk.(lihat Catatan 28 butir a)
As of December 31, 2008 and 2007, all property, plant and equipment of the Company and Subsidiaries are pledged as collateral for bonds payable - Senior Notes, except for PT Nibung Arthamulia(NAM), PT Grahadura Leidong Prima, PT Guntung Idamannusa, PT Bakrie Rekin Bio Energy dan PT Bakrie Sentosa Persada, obtained by BSP Finance BV, a Subsidiary (see Note 29). As of December 31, 2008 and 2007, property, plant and equipment, land and building amounting to Rp 3.25 billion and machinery Rp 5 billion owned by NAM are pledged as collateral for bank loan obtained from PT Bank Niaga Tbk. (see Note 28 point a).
48
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
16. PROPERTY. PLANT AND EQUIPMENT (Continued)
16. AKTIVA TETAP (Lanjutan)
Construction in progress of building and improvements in 2008 and 2007, includes the development of oil palm factory project of the Company and certain Subsidiaries (see Notes 44 point h and i).
Aktiva dalam penyelesaian berupa bangunan dan prasarana pada tahun 2008 dan 2007, termasuk didalamnya pembangunan proyek pabrik kelapa sawit Perusahaan dan Anak perusahaan tertentu (lihat Catatan 44 butir h dan i).
17. GOODWILL
17. GOODWILL
This account consists of:
Akun ini terdiri dari: 2008 Selisih lebih antara biaya perolehan dan bagian aktiva bersih Anak perusahaan: PT Grahadura Leidong Prima PT Sumbertama Nusapertiwi PT Huma Indah Mekar PT Agro Mitra Madani PT Nibung Arthamulia PT Agrowiyana Jumlah Akumulasi Amortisasi
2007
329.219.267 101.011.423 67.598.639 23.859.613 7.181.250 2.250.000 (
Jumlah Goodwill - Bersih
329.219.267 101.011.423 67.598.639 23.859.613 7.181.250 2.250.000
531.120.192 46.020.894 )
(
485.099.298
531.120.192 19.431.697 ) 511.688.495
The excess cost over net asset of Subsidiaries’ PT Grahadura Leidong Prima PT Sumbertama Nusapertiwi PT Huma Indah Mekar PT Agro Mitra Madani PT Nibung Arthamulia PT Agrowiyana Total Accumulated Amortization Total Goodwill - Net
The excess cost over net asset of Subsidiaries (goodwill) are as follows:
Selisih lebih harga perolehan dari aktiva bersih Anak perusahaan (goodwill) adalah sebagai berikut: 2008
2007
Carrying Value:
Nilai tercatat: Selisih lebih antara biaya perolehan dan bagian aktiva bersih Anak perusahaan Penambahan atas perolehan Anak perusahaan Jumlah Nilai Tercatat
The excess cost over net assets of Subsidiaries’
531.120.192
93.708.250
0
437.411.942
Addition in value Subsidiaries’
531.120.192
531.120.192
Total Carrying Value
Akumulasi amortisasi: Saldo awal tahun Pembebanan tahun berjalan
( (
19.431.697 ) 26.589.197 )
( (
10.457.002 ) 8.974.695 )
Accumulated amortization: Beginning balance of the year Current year charges
Jumlah Akumulasi Amortisasi
(
46.020.894 )
(
19.431.697 )
Total Accumulated Amortization
Jumlah Goodwill - Bersih
485.099.298
511.688.495
49
Total Goodwill - Net
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
18. RESTRICTED FUNDS
18. DANA DALAM PEMBATASAN
Restricted funds consist of:
Rincian dana dalam pembatasan terdiri dari: 2008 a. PT Bank Niaga Tbk. b. PT Bank Muamalat Indonesia c. PT Bank Danamon Indonesia Tbk., Rekening giro d. PT Bank Pembangunan Daerah Sumatera Barat e. Lain-lain Jumlah
2007
43.579.000 3.620.000 159.221 -
47.914.500 3.620.000
36.179 -
102.272 -
a. PT Bank Niaga Tbk. b. PT Bank Muamalat Indonesia d. PT Bank Danamon Indonesia Tbk., Checking accounts c. PT Bank Pembangunan Daerah Sumatera Barat Others
47.394.400
51.795.993
Total
159.221
a. Dana dalam pembatasan pada PT Bank Niaga Tbk. merupakan deposito PT Bakrie Pasaman Plantations (BPP), Anak perusahaan yang dijadikan sebagai agunan atas fasilitas pembiayaan yang diperoleh KUD Sungai Aur, KUD Parit dan Koptan Silawai Jaya binaan BPP untuk mengembangkan kebun kelapa sawit yang dimiliki oleh anggota Koperasi binaan di Sumatera Barat (lihat Catatan 44 butir e).
a. Restricted fund in PT Bank Niaga Tbk. represents time deposits of PT Bakrie Pasaman Plantations (BPP), a Subsidiary, which are pledged as collateral for the bank loan obtained by KUD Sungai Aur, KUD Parit and Koptan Silawai Jaya under supervision of BPP to develop oil palm plantations owned by the members of the Cooperatives in West Sumatra (see Note 44 point e).
b. Dana dalam pembatasan pada PT Bank Muamalat Indonesia merupakan deposito berjangka PT Agrowiyana (Agro), Anak perusahaan, yang dijadikan sebagai agunan atas fasilitas pembiayaan yang diperoleh KUD Suka Makmur dan KUD Swakarsa binaan Agrowiyana, dari BMI untuk mengembangkan sampai dengan 4.915,31 hektar kebun kelapa sawit yang dimiliki oleh anggota Koperasi binaan di Jambi. Agro bertindak sebagai pengembang perkebunan dan penjamin fasilitas pembiayaan tersebut (lihat Catatan 44 butir g).
b. Restricted fund in PT Bank Muamalat Indonesia represents time deposits of PT Agrowiyana (Agro), a Subsidiary, which are pledged as collateral for the loan obtained by KUD Suka Makmur and KUD Swakarsa under supervision of Agrowiyana for the development of 4,915.31 hectares of oil palm plantations owned by the members of the Cooperatives in Jambi. Agro acts as the developer of the plantations and as guarantor of such loan (see Note 44 point g).
c. Akun kas pada PT Bank Pembangunan Daerah Sumatera Barat merupakan kas milik para petani plasma yang tergabung dalam beberapa Koperasi Unit Desa yang menjadi binaan BPP. Akun kas ini dikelola penggunaannya oleh BPP namun terbatas hanya untuk keperluan para petani plasma tersebut. Kas ini timbul sehubungan dengan pembelian bahan baku tandan buah segar oleh Perusahaan dari para petani plasma.
c. The account of cash and cash equivalent (the cash account) placed in PT Bank Pembangunan Daerah Sumatra Barat represents the cash owned by the plasma farmers who are members of some Cooperative, which are under supervision of BPP. The usage of cash account is managed by BPP for the purpose and need of the plasma farmers only. This account incurred in connection to the purchases of fresh fruit bunches made by the Company from the plasma farmers.
Kas ini digunakan untuk keperluan operasional kebun petani plasma dan pembayaran angsuran pinjaman kepada bank.
This cash is used for the operating expenses of the plasma farmer estates and the installment of loan to the Bank.
d. Saldo kas di bank, pada PT Bank Danamon Indonesia Tbk., merupakan saldo kas Agro, Anak perusahaan, yang ditempatkan pada PT Bank Nusa Nasional (BNN), hubungan istimewa. Sejak tahun 2000, rekening ini telah dipindahkan ke PT Bank Danamon Indonesia Tbk. (Danamon) sebagai akibat penggabungan BNN dengan Danamon.
d. Cash in banks, in PT Bank Danamon Tbk., represents cash balances of Agro, a Subsidiary, placed in PT Bank Nusa Nasional (BNN), related party. Since 2000, this account has been transferred to PT Bank Danamon Indonesia Tbk. (Danamon), since BNN was merged with Danamon.
50
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
19. BUSINESS DEVELOPMENT PROJECT
19. PROYEK PENGEMBANGAN USAHA 2008 Proyek Sarolangun Proyek Rubber Plantation Proyek Pesisir Proyek Seed Procesing Unit Proyek Internasional Proyek Tebo Proyek Karet Proyek Kalimantan Tengah Proyek NTT Busdev Proyek Batanghari Proyek Merauke Proyek Biodiesel Proyek Indragiri Hilir Lain-lain Jumlah
2007
96.864.800 62.564.815 49.356.615 47.292.031 40.498.746 39.191.389 33.642.212 11.857.087 10.570.893 9.519.267 7.419.122 5.297 1.346.886
22.880.295 2.794.622 5.847.393 24.682.153 4.699.447 304.541 710.356 23.833.600 324.818
Project in Sarolangun Rubber Plantation Project Pesisir Project Seed Procesing Unit Project International Project Project in Tebo Rubber Project Central Kalimantan Project NTT Busdev Project Batanghari Project Merauke Project Biodiesel Project Indragiri Hilir Project Others
410.129.160
86.077.225
Total
Pada tahun 2008 dan 2007, akun ini merupakan biaya yang dikeluarkan oleh PT Agrowiyana (Agro), PT Bakrie Pasaman Plantations, PT Huma Indah Mekar, PT Air Muring dan PT Bakrie Sentosa Persada, Anak perusahaan, dan Perusahaan sehubungan dengan rencana proyek pengembangan perkebunan kelapa sawit di Kabupaten Muara Tebo, Jambi dengan luas areal 15.000 Ha, Kabupaten Sarolangun, Jambi dengan luas areal 10.000 Ha dan Pangkalan Bun, Kalimantan Tengah dengan luas areal 58.000 Ha dan Kabupaten Indragiri Hilir kurang lebih 12.500 Ha.
In 2008 and 2007, this account consists of the expenses incurred by PT Agrowiyana (Agro), PT Bakrie Pasaman Plantations, PT Huma Indah Mekar, PT Air Muring and PT Bakrie Sentosa Persada, Subsidiaries, and the Company regarding the development on project plan of oil palm plantations in Kabupaten Muara Tebo, Jambi of 15,000 Ha, Kabupaten Sarolangun, Jambi of 10,000 Ha and Pangkalan Bun, Central of Kalimantan of 58,000 ha and Indragiri Hilir of approximately 12,500 Ha.
Sampai dengan tanggal 31 Desember 2008, biaya yang dikeluarkan Perusahaan untuk Proyek Karet sehubungan dengan rencana proyek pengembangan perkebunan karet di Bengkulu dengan luas areal 3.528 Ha. Jumlah biaya yang telah dikeluarkan untuk proyek ini adalah sebesar Rp 33,64 miliar yang merupakan biaya survey lapangan, pengurusan perijinan, dan operasional kebun.
Until December 31, 2008, cost incurred by Company for Rubber project is regarding the development on project plan of rubber in Bengkulu of 3,528 Ha. Total disbursement for this project is amounting to Rp 33.64 billion, which consists of surveys, licences process, and plant operational expense.
Sampai dengan tanggal 31 Desember 2008, rencana pengembangan perkebunan kelapa sawit di Kabupaten Sarolangun telah sampai pada pemetaan lahan seluas 6.378 Ha, land clearing 1,809.66 Ha, pembangunan jalan dan jembatan produksi lebar 7M seluas 18.198 meter, pembangunan jalan dan jembatan koleksi lebar 5M seluas 69.133 meter, pembibitan 645.609 pokok dan penanaman seluas 1.756,15 Ha. Jumlah pemakaian dana yang telah dipergunakan sampai dengan 31 Desember 2008 adalah sebesar Rp 96,86 miliar.
Until December 31, 2008, the development project plan of oil palm plantations in Kabupaten Sarolangun has already reached of the blocking area amounted 6,378 Ha, land clearing 1,809.66 Ha, infrastructure road and bridge for production width 7M of 18,198 meter, infrastructure road and bridge for collection width 5M of 69,133 meter, seedlings 645,609 seeds and planting of 1,756.15 Ha. Total disbursement as of December 31, 2008 is amounting to Rp 96.86 billion
51
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
19. PROYEK (Lanjutan)
PENGEMBANGAN
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
19. BUSINESS (Continued)
USAHA
DEVELOPMENT
PROJECT
Sampai dengan tanggal 31 Desember 2008 rencana pengembangan perkebunan kelapa sawit di Kabupaten Muara Tebo telah sampai pada pemetaan lahan seluas 6.225 Ha, land clearing 538,12 Ha, pembangunan jalan dan jembatan produksi lebar 7M seluas 7.493 meter, pembangunan jalan dan jembatan koleksi lebar 5M seluas 28.469 meter, pembibitan 722.637 pokok dan penanaman kelapa sawit seluas 527,47 Ha. Jumlah pemakaian dana yang telah dipergunakan sampai dengan 31 Desember 2008 sebesar Rp 39,19 miliar yang terdiri dari infrastruktur Rp 13,32 miliar, pembibitan Rp 11,92 miliar dan penanaman kelapa sawit Rp 13,95 miliar.
Until December 31, 2008, the development project plan of oil palm plantations in Kabupaten Muara Tebo has already reached blocking area of 6,225 Ha, Land clearing of 538.12 Ha, infrastructure road and bridge for production with 7M with 7,493 meter, infrastructure road and bridge for collection with 5M with 28,469 meter, seedlings of 722,637 seeds and oil palm planting of 527.47 Ha. Total disbursment as of December 31, 2008 is amounting Rp 39.19 billion which consists of infrastructure Rp 13.32 billion, seedling Rp 11.92 billion and oil palm planting Rp 13.95 billion.
Pada tahun 2008, Perusahaan mengembangkan kegiatan operasinya di bidang pembibitan yang berlokasi di Kisaran. Sampai dengan tanggal 31 Desember 2008, jumlah biaya yang dikeluarkan untuk pengembangan usaha ini adalah sebesar Rp 47,29 miliar yang meliputi biaya penelitian dan perawatan bibit tanaman.
In 2008, the Company expanded it’s operation in seed processing unit that located in Kisaran. Until December 31, 2008, cost incurred in relation with the project is amounted to Rp 47.29 billion which consist cost of research and development and maintenance seed.
Sampai dengan tanggal 31 Desember 2008, biaya yang dikeluarkan Perusahaan untuk Proyek Pesisir sehubungan dengan rencana proyek pengembangan perkebunan kelapa sawit di Desa Rawang Bubur, Kecamatan Basa Ampek Balai Tapan Kabupaten Pesisir Selatan, Sumatera Barat dengan luas areal 3.000 Ha, adalah sebesar Rp 49,36 miliar yang merupakan biaya survey lapangan, pengurusan perijinan dan rencana pengembangan areal kebun.
Until December 31, 2008, cost incurred by the Company and Subsidiaries for Pesisir Project regarding the development project plan of oil palm plantations in Rawang Bubur Village, Kecamatan Basa Ampek Balai Tapan, Kabupaten Pesisir Selatan, West Sumatra of 3,000 Ha. Amounting to Rp 49.36 billion which consists of surveys, licenses process and planning to development land clearing.
Sampai dengan tanggal 31 Desember 2008, biaya yang dikeluarkan Perusahaan untuk Proyek Internasional sehubungan dengan rencana proyek pengembangan perkebunan karet seluas 4.000 Ha dan perkebunan kelapa sawit seluas 4.000 Ha di Liberia, Afrika Barat, adalah sebesar Rp 40,50 miliar yang merupakan biaya survey lapangan dan pengurusan perijinan.
Until December 31, 2008 cost incurred by the Company and Subsidiaries for International Project is regarding to the development project plan of rubber amounted 4,000 Ha and oil palm plantations amounted 4,000 Ha in Liberia, West Africa, is amounting to Rp 40.50 billion which consists of surveys and licenses process.
Sampai dengan tanggal 31 Desember 2008, biaya yang dikeluarkan untuk proyek Merauke adalah sehubungan dengan rencana proyek pengembangan perkebunan tebu. ini adalah sebesar Rp 7,42 miliar yang merupakan biaya dalam rangka survey lapangan dan pengurusan perijinan.
Until December 31, 2008, cost incurred for Merauke project regarding the sugar cane development project plan, is amounting to Rp 7.42 billion, which consists of surveys and licences process.
Sampai dengan tanggal 31 Desember 2008, biaya yang dikeluarkan untuk proyek Batanghari adalah sehubungan dengan rencana proyek pengembangan perkebunan karet, adalah sebesar Rp 9,52 miliar yang merupakan biaya dalam rangka survey lapangan, sosialisasi masyarakat setempat dan pengurusan perijinan.
Until December 31, 2008, the cost incurred for Batanghari project regarding the rubber development project plant. is amounting to Rp 9.52 billion, which consists of surveys and licences process.
52
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
20. DEFERRED CHARGES
20. BEBAN DITANGGUHKAN
This account represents the expenditures incurred by PT Bakrie Rekin Bio Energi, Subsidiaries comprises of legal and permit expenses.
Akun ini merupakan biaya yang dikeluarkan oleh PT Bakrie Rekin Bio Energi, Anak perusahaan berkaitan dengan biaya legalitas perijinan.
21. DEFERRED CHARGES OF LANDRIGHTS
21. BEBAN TANGGUHAN HAK ATAS TANAH
This account consists of:
Akun ini terdiri dari: 2008 Beban tangguhan hak atas tanah Akumulasi amortisasi
(
Jumlah
2007
38.010.879 5.140.379 ) 32.870.500
2007
1.282.014
1.654.019 1.239.416
Beginning balance Beginning balance of accumulated amortization in PT Sumbertama Nusapertiwi which acquired by the Company in 2007 Amortization expense current year
5.140.379
3.858.365
Total
3.858.365
964.930
-
22. TRADE PAYABLES
22. HUTANG USAHA
Trade payables represents purchases of raw materials, chemicals, fertilizers, spare parts and other equipment from:
Hutang usaha merupakan pembelian bahan baku, bahan kimia, pupuk, suku cadang dan peralatan lainnya yang terdiri dari: 2008 Dolar Amerika Serikat: PT Pupuk Hi-kay (US$ 4.223.144 pada tahun 2008) De Smet Ballestra (Sea) Pte. Ltd (US$ 663.800 pada tahun 2008 dan US$ 662.954 pada tahun 2007) PT Sasco Indonesia (US$ 312.694 pada tahun 2008) PT Mitra Kuningan Lestari (US$ 232.791 pada tahun 2008 dan US$ 95.717 pada tahun 2007)
Total
Mutation of accumulated amortization of deferred charges of landrights are as follows:
2008
Jumlah
Deferred charges of landright Accumulated amortization
33.271.804 3.858.365 ) 29.413.439
Mutasi akumulasi amortisasi beban tangguhan hak atas tanah adalah sebagai berikut:
Saldo awal Saldo awal akumulasi amortisasi pada PT Sumbertama Nusapertiwi yang diakuisisi Perusahaan pada tahun 2007 Beban amortisasi tahun berjalan
(
2007
46.243.425
-
7.268.610
6.244.366
3.423.999
-
2.549.061
901.560
53
US Dollar: PT Pupuk Hi-kay (US$ 4,223,144 in 2008) De Smet Ballestra (Sea) Pte. Ltd (US$ 663,800 in 2008 and (US$ 662,954 in 2007) PT Sasco Indonesia (US$ 312,694 in 2008)
PT Mitra Kuningan Lestari (US$ 232,791 in 2008 and US$ 95,717 in 2007)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
22. TRADE PAYABLES (Continued)
22. HUTANG USAHA (Lanjutan) 2008 PT Taiko Persada Indo Prima (US$ 126.252 pada tahun 2008) PT Sumber Jaya (US$ 73.308 pada tahun 2008) PT Sumber Agrindo Sejahtera (nihil pada tahun 2008 dan US$ 31.520 pada tahun 2007) PT. Riau Alamindo Sejahtera (US$ nihil pada tahun 2008 dan US$ 4.257 pada tahun 2007) Lain-lain (masing-masing dibawah Rp 500 juta) Jumlah Euro : PT. Alva Laval (£ nihil pada tahun 2008 dan £ 109 pada tahun 2007) Rupiah: PT Caraka Agrindotama PT Taiko Persada Indoprima Mega Eltra PT Bitung Guna Sejahtera PT Makin Bona Nusantara Raya Sakti PT Bintika Kusuma PT Meroke Tetap Jaya PT Pertamina PT Sasco Indonesia PT Persada Indonesia Alfa laval PT Formitra Multi Prakasa Xena PT Gresik Cipta Sejahtera PT Pedati Indah Lestari Swasti Tunggal Mandiri PT Sentral Inti Gas PT Rolimex Kimia Nusamas PT Pupuk Hi-Kay PT Tazar Guna Mandiri PT Buluh Cawang PT Muara Kahuripan Indonesia PT. Cipta Agro Sejahtera Lain-lain (masing-masing dibawah Rp 500 juta)
Jumlah pihak ketiga
2007
1.382.462
-
802.730
-
-
296.883
PT Taiko Persada Indo Prima (US$ 126,252 in 2008) PT Sumber Jaya (US$ 73,308 in 2008) PT Sumber Agrindo Sejahtera (US$ nihil in 2008 and US$ 31,520 in 2007) PT. Riau Alamindo Sejahtera (US$ nil in 2008 and US$ 4,257 in 2007)
-
40.095
145.997
430.693
Others (each under Rp 500 million)
61.816.284
7.913.597
Total
-
1.502
PT. Alva Laval (£ nil in 2008 and £ 109 in 2007)
6.198.135 3.505.296 3.217.716 2.766.165 2.743.261 2.537.809 2.255.552 1.481.786 1.349.907 1.186.763 1.149.780 940.295 865.190 818.883 790.440 662.800 647.223 645.728 609.785 -
1.251.633 1.349.007 466.454 1.099.512 995.056 2.437.142 1.523.215 18.731.945 2.079.426 1.767.225 1.624.874 1.090.635
18.884.231
23.163.971
53.256.761
62.357.302
115.073.045
70.272.401
Euro:
54
Rupiah: PT Caraka Agrindotama PT Taiko Persada Indoprima Mega Eltra PT Bitung Guna Sejahtera PT Makin Bona Nusantara Raya Sakti PT Bintika Kusuma PT Meroke Tetap Jaya PT Pertamina PT Sasco Indonesia PT Persada Indonesia Alvalaval PT Formitra Multi Prakasa Xena PT Gresik Cipta Sejahtera PT Pedati Indah Lestari Swasti Tunggal Mandiri PT Sentral Inti Gas PT Rolimex Kimia Nusamas PT Pupuk Hi-Kay PT Tazar Guna Mandiri PT Buluh Cawang PT Muara Kahuripan Indonesia PT Cipta Agro Sejahtera Others (each under Rp 500 million)
Total third parties
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
22. TRADE PAYABLES (Continued)
22. HUTANG USAHA (Lanjutan) 2008
43.737
2.804.550
Related Parties (See Notes42): Employee Cooperative of GLP
115.116.782
73.076.951
Total
Pihak Hubungan Istimewa (lihat Catatan 42): Koperasi Karyawan GLP Jumlah
2007
The details of aging schedule for trade payables which are determined by the date of invoices are as follows:
Rincian umur hutang usaha dihitung sejak tanggal faktur sebagai berikut: 2008 Sampai dengan 30 hari 31 hari sampai 60 hari 61 hari sampai 90 hari Lebih dari 90 hari Jumlah
2007
29.025.269 25.511.591 29.198.724 31.381.198
4.375.883 22.956.833 24.813.688 20.930.547
115.116.782
73.076.951
2008
Jumlah
53.300.498 61.816.284 -
65.161.852 7.913.597 1.502
Rupiah US Dollar Euro
115.116.782
73.076.951
Total
23. OTHER PAYABLES Other payables represent payables to contractor of estate and plantations maintenance and purchase of employees’ rice. This account consists of:
Hutang ini merupakan hutang pembayaran kontraktor pemeliharaan kebun dan tanaman, pembelian beras karyawan yang terdiri dari: 2008
Rupiah: PT Rekayasa Industri UD Pertiwi Tn. Husain
Total
2007
23. HUTANG LAIN-LAIN
Pihak ketiga: Dolar Amerika Serikat: Tong Teik Pte Ltd Singapura (US$ nihil pada tahun 2008 dan US$ 461.738 pada tahun 2007)
30 days 60 days 90 days 90 days
The details of trade payables based on currencies are as follows:
Rincian hutang usaha menurut jenis mata uang:
Rupiah Dolar Amerika Serikat Euro
Current up to 31 days to 61 days to More than
2007
Third parties: US Dollar: Tong Teik Pte Ltd, Singapore -
4.349.109
(US$ nihil in 2008 and US$ 461,738 in 2007)
13.795.391 4.442.403 2.196.235
12.977.805 4.167.083 3.196.235
Rupiah: PT Rekayasa Industri UD Pertiwi Mr. Husain
55
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
23. OTHER PAYABLES (Continued)
23. HUTANG LAIN-LAIN (Lanjutan) 2008 Koperasi Karyawan CV Niaga Kilang Padi Transport FFB CV Prima Concrite UD Aulia Boustead MI Rumah Sakit Ibu Kartini UD Surya Makmur PT Sentang raya Indonesia PT Triroyal Timur Raya CV Putra Utama Karya PT Sinar Pandawa PT Esa Citra Buana PTP Nusantara III PT Adei Plantations and Industries PT Bintika Kusuma PT Sari Persada Raya Lain-lain (masing-masing dibawah Rp 500 juta) Jumlah pihak ketiga
2007
Employee Cooprative CV Niaga Kilang Padi FFB Transport CV Prima Concrite UD Aulia Boustead MI Ibu Kartini Hospital UD Surya Makmur PT Sentang Raya Indonesia PT Triroyal Timur Raya CV Putra Utama Karya PT Sinar Pandawa PT. Esa Buana Citra PTP Nusantara III PT Adei Plantations and Industries PT. Bintika Kusuma PT Sari Persada Raya Others (each under Rp 500 million)
1.702.228 1.370.470 1.325.646 972.348 850.898 792.754 627.742 521.186 511.458 -
891.039 621.608 1.524.598 590.798 175.358 4.264.838 120.523 117.701 8.033.050 2.980.130 2.734.624 2.273.512 2.039.800
8.079.949
4.583.538
37.188.708
55.640.949
Total third parties
Pihak hubungan istimewa (lihat Catatan 42): PT Multrada Multi Maju PT Eramitra Agrolestari PT Jambi Agrowijaya PT Bakrie Coggurated Metal Industry PT Dana Pensiun Bakrie
14.293.849 -
39.193.533 10.989.560 6.463.091 242.593 2.309.532
Related parties (see Note 42): PT. Multrada Multi Maju PT. Eramitra Agrolestari PT. Jambi Agrowijaya PT Bakrie Coggurated Metal Industry PT Dana Pensiun Bakrie
Jumlah pihak hubungan istimewa
14.293.849
59.198.399
Total related parties
51.482.557
114.839.348
Total
Jumlah
The payable to PT Dana Pensiun Bakrie is related to the severance pay for the Company’s and Subsidiaries’ employees.
Hutang PT Dana Pensiun Bakrie merupakan hutang sehubungan dengan iuran dana pensiun karyawan Perusahaan dan Anak perusahaan tertentu.
24. ACCRUED EXPENSES
24. BIAYA MASIH HARUS DIBAYAR
This account consists of:
Akun ini terdiri dari: 2008 Bunga Gaji, upah dan tunjangan Jasa profesional Listrik, telepon dan air Jamsostek Lain-lain Jumlah
2007
32.658.185 14.621.740 571.018 402.918 356.670 7.469.185
30.187.990 13.189.809 1.018.862 273.950 687.901 2.138.594
Interest Salaries and fringe benefits Professional fees Electricity, telephone and water Jamsostek Others
56.079.716
47.497.106
Total
56
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
25. TAXES PAYABLE
25. HUTANG PAJAK
Taxe payables consist of:
Hutang pajak terdiri dari: 2008 Pajak penghasilan: Pasal 21 Pasal 22 Pasal 23 Pasal 25 Pasal 26 Pasal 29 (lihat Catatan 39) Pajak Pertambahan Nilai Pajak Bumi dan Bangunan Retribusi Pajak Daerah Jumlah
2007
67.264 405.210 6.282.506 4.002.232 41.390.656 2.569.831 299.802
377.121 655.440 2.761.858 4.097.281 2.325.953 38.476.369 218.985 -
Income taxes: Article 21 Article 22 Article 23 Article 25 Article 26 Article 29 (see Note 39) Value Added Tax Land and Buillding Tax Region tax
55.017.501
48.913.007
Total
26. ADVANCES ON SALES
26. UANG MUKA PENJUALAN
This account represents advances on sales of rubber products, crude palm oil, palm kernel, fresh fruit bunches and rubber wood, consisting of the following:
Akun ini merupakan uang muka penjualan atas produk karet, minyak sawit, inti sawit, tandan buah segar dan kayu karet, terdiri dari: 2008 PT Bukit Kapur Reksa PT Indokarya Internusa PT Musim Mas PT Inti Benua Perkasa Leonard Djalali Tong Teik Pte Ltd PT Welcome Trading PT Sri Sumatera Sejahtera PT Kana Jaya Mandiri Eastland Produce PT Mandiri Inti Buana PT Garuda Mas Perkasa PT Multi Mas Nabati PT WRP Buana Multicorpora Medan PT Usaha Inti Padang PT Mardec Nusa Riau Lain-lain (masing-masing dibawah Rp 500 juta) Jumlah
2007
2.076.101
3.840.876
PT Bukit Kapur Reksa PT Indokarya Internusa PT Musim Mas PT Inti Benua Perkasa Leonard Djalali Tong Teik Pte Ltd PT Welcome Trading PT Sri Sumatera Sejahtera PT Kana Jaya Mandiri Eastland Produce PT Mandiri Inti Buana PT Garuda Mas Perkasa PT Multi Mas Nabati PT WRP Buana Multicorpora Medan PT Usaha Inti Padang PT. Mardec Nusa Riau Others (each under Rp 500 million)
55.438.592
19.754.846
Total
14.338.290 6.366.938 5.942.278 5.754.931 5.130.435 4.373.972 3.883.153 3.724.403 1.355.841 676.590 670.482 634.303 510.875 -
9.112.465 2.946.193 2.643.409 500.769 711.134
57
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
27. SHORT-TERM LOAN
27. HUTANG BANK JANGKA PENDEK
On August 13, 2007, PT Grahadura Leidong Prima (GLP), a Subsidiary, entered into a bank loan agreement with Raiffesen Zentralbank Osterreich AG (RZB - Austria), Singapore branch with loan facility amounting to US$ 15 milion. This loan facility used to finance it’s working capital. This facility was bears interest rate of Libor + 2.75% per annum and is due on August 12, 2008. On July 29, 2008, GLP rolled over short term bank loan for 1 year and due date on August 12, 2009.This loan secured by fiduciarry of receivables and any claims of insurance and first ranking mortgage of plantations. As of December 30, 2008, the short-term bank loan above is amounting to Rp 164.24 billion. GLP has paid interest of this loan amounted to US$ 896,361 or equivalent to Rp 15.76 billion.
Pada tanggal 13 Agustus 2007, PT Grahadura Leidong Prima (GLP), Anak perusahaan, memperoleh pinjaman dari Raiffesen Zentralbank Osterreich AG (RZB - Austria), cabang Singapura dengan fasilitas kredit keseluruhan adalah sebesar US$ 15 juta. Pinjaman tersebut digunakan GLP untuk membiayai modal kerjanya. Fasilitas ini dikenakan bunga pinjaman sebesar LIBOR + 2,75% per tahun dan jatuh tempo pada tanggal 12 Agustus 2008. Pada tanggal 29 Juli 2008 GLP melakukan perpanjangan hutang selama 1 tahun yang akan jatuh tempo pada tanggal 12 Agustus 2009. Pinjaman ini dijaminkan dengan piutang dan klaim asuransi serta hak tanggungan ke satu tanaman perkebunan. Pada tanggal 31 Desember 2008, hutang bank jangka pendek tersebut adalah sebesar Rp 164,25 miliar. GLP telah melakukan pembayaran bunga sebesar US$ 896,361 atau setara dengan Rp 15,76 miliar.
28. LONG-TERM LOAN
28. PINJAMAN JANGKA PANJANG
Long-term loan consists of the following:
Pinjaman jangka panjang terdiri dari: 2008
2007
Pinjaman jangka panjang - pihak ketiga: Rupiah a. PT Bank Niaga Tbk. b. Pengadaan kendaraan operasional
3.235.997 -
5.308.257 981.950
Long-term loan - third parties: Rupiah a. PT Bank Niaga Tbk. b. Procurement of vehicle operation
Jumlah
3.235.997
6.290.207
Total
Bagian jatuh tempo dalam satu tahun: Rupiah a. PT Bank Niaga Tbk b. Pengadaan kendaraan operasional
2.647.767 -
2.374.037 634.899
Current portion of long-term debts: Rupiah a. PT Bank Niaga Tbk. b. Procurement of vehicle operation
Jumlah bagian jatuh tempo dalam satu tahun
2.647.767
3.008.936
Total current portion of long-term debts
3.281.271
Total current portion of long-term Long-term portion - net third parties
Jumlah pinjaman jangka panjang setelah dikurangi bagian yang jatuh tempo dalam 1 tahun pihak ketiga
588.230
a. On February 26, 2007 PT Nibung Arthamulia (NAM), a Subsidiary, entered into loan facility agreement with PT Bank Niaga Tbk., based on agreement No. 109/MDN-PTS/2007, consist in of 2 types of facilities (1) Special Loan Transaction with loan credit ceiling of Rp 3 billion. The loan is due in 3 years since the withdrawal in February 28, 2007. These loan bears annual interest of 15 % per annum and used for additional working capital. (2)Special
a. Pada tanggal 26 Februari 2007, PT Nibung Arthamulia (NAM), Anak perusahaan, mengadakan perjanjian fasilitas pinjaman dengan PT Bank Niaga Tbk., berdasarkan Perjanjian No. 109/MDN-PTS/2007 terdapat 2 macam fasilitas (1) Pinjaman Transaksi Khusus I dengan pagu maksimum sebesar Rp 3 miliar. Jangka waktu pinjaman adalah 3 tahun sejak tanggal penarikan 28 Februari 2007. Pinjaman ini dikenai bunga sebesar 15 % per tahun dan
58
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
28.
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
28.
PINJAMAN JANGKA PANJANG (Lanjutan)
LONG-TERM LOAN (Lanjutan)
digunakan sebagai tambahan modal kerja. (2) Pinjaman Transaksi Khusus dengan pagu maksimum sebesar Rp 3 miliar. Jangka waktu pinjaman adalah 3 tahun sejak tanggal penarikan 28 Februari 2007. Pinjaman ini dikenai bunga sebesar 14,50 % per tahun dan digunakan sebagai pembiayaan kembali pabrik.
Transaction Loan with credit ceiling of Rp 3 billion. The loan is due in 3 years since the withdrawal date on February 28, 2007. These loan bear annual interest of 14.50 % per annum and are used for refinancing the factory.
Pinjaman tersebut dijamin dengan tanah dan bangunan senilai Rp 3,25 miliar dan mesin pabrik senilai Rp 5 miliar dan fiducia atas tagihan dari PT Bakrie Sumatera Plantations Tbk. (Perusahaan) senilai Rp 3 miliar.
These loans are guaranteed with land and building of Rp 3.25 billion and factory machinery of Rp 5 billion and fiducia of receivable from PT Bakrie Sumatera Plantations Tbk. (the Company) of Rp 3 billion.
b. Merupakan hutang yang dimiliki Perusahaan atas pengadaan kendaraan operasional Perusahaan dan karyawan secara kredit. Atas pengadaan kendaraan operasional karyawan yang dibayarkan terlebih dahulu oleh Perusahaan akan dilunasi melalui pemotongan gaji setiap bulan dan pelunasan hutang tersebut akan dilakukan secara cicilan selama 36 bulan sejak tanggal persetujuan kredit. Jadwal pelunasan kredit bervariasi antara tahun 2008- 2009 dan 2007-2008 masing-masing untuk tahun yang berakhir pada tanggal-tanggal pada tanggal 31 Desember 2008 dan 2007. Pinjaman ini dijamin dengan surat-surat pemilikan yang kepemilikannya dibiayai oleh masing-masing pinjaman ini.
b. This represents loans obtained by the Company to purchase the Company’s and the employee’s vehicles on credit. For the employees’ vehicle, the Company repays first and then deducts through employee’s monthly salary in 36 monthly installments starting from date of credit approval. The schedule of installment payments for the year ended December 31, 2008 and 2007 ranges from 2008 to 2009 and 2007 to 2008, respectively. These loans are secured by documents of ownership of the assets financed by these loans.
29. BONDS PAYABLE
29. HUTANG OBLIGASI
Bonds payable consists of the following:
Hutang obligasi terdiri dari: 2008
2007
Bonds payable - third parties: Unconditionally and Irrevocably Senior Notes - net
Hutang obligasi - pihak ketiga:
Unconditionally and Irrevocably Senior Notes - bersih
(US$ 155.666.152 pada tahun 2008 dan US$ 149.168.079 pada tahun 2007
1.679.275.328
1.411.879.939
Jumlah hutang obligasi jangka panjang
1.679.275.328
1.411.879.939
(US$ 151,666,152 in 2008 and US$ 149,168,079 in 2007) Total long-term bonds payable
On October 17, 2006, BSP Finance BV, a Subsidiary, issued Unconditionally and Irrevocably Senior Notes of US$ 110 million with bearing interest of 10.75% per annum, maturity in 2011 and is issued at price of 98% and are listed in the Singapore Exchange Securities Trading Limited. These Senior Notes are pledged by a lien (subject to any permitted liens) on substantially all of the Company’s and Subsidiaries’ receivables, insurance proceeds, inventories, properties and capital stock of each Subsidiary owned by the Company. Senior Notes issued cost is amounting Rp 72.71 billion.
Pada tanggal 17 Oktober 2006, BSP Finance BV, Anak perusahaan, menerbitkan Unconditionally and Irrevocably Senior Notes sebesar US$ 110 juta dengan tingkat bunga 10,75% per tahun, jatuh tempo pada tahun 2011 dan diterbitkan pada harga penerbitan 98% dan dicatatkan pada Bursa Efek Singapura. Senior Notes tersebut dijamin dengan suatu hak gadai (tunduk atas seluruh hak gadai yang diijinkan) pada hakekatnya atas seluruh piutang, klaim asuransi, persediaan, aktiva tetap Perusahaan dan Anak perusahaan serta saham Anak Perusahaan yang dimiliki oleh Perusahaan. Biaya penerbitan Senior Notes adalah sebesar Rp 72,71 miliar.
59
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
29. BONDS PAYABLE (Continued)
29. HUTANG OBLIGASI (Lanjutan) Dana yang diperoleh dari penerbitan Senior Notes tersebut sebesar US$ 107,8 juta dan setelah dikurangi dengan biaya penerbitan Senior Notes sebesar US$ 7,9 juta, digunakan antara lain oleh: (1) Perusahaan sebesar US$ 76,48 juta dimana untuk pelunasan hutang pokok kepada RZB Austria sebesar US$ 62,5 juta (lihat Catatan 29) dan sisanya untuk modal kerja, dan (2) PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Huma Indah Mekar, dan PT Agro Mitra Madani, Anak perusahaan, masing-masing sebesar US$ 10,67 juta, US$ 3,10 juta, US$ 3,45 juta dan US$ 6,20 juta yang digunakan untuk modal kerja.
Proceeds from issuing Senior Notes amounting to US$ 107.8 million and after deducted for issuance cost amounting to US$ 7.9 million, is used among others by: (1) the Company amounting to US$ 76.48 million, for settlement of principal loan to RZB Austria amounting to US$ 62.5 million (see Note 27) and working capital, and (2) PT Bakrie Pasaman Plantations, PT Agrowiyana, PT Huma Indah Mekar, and PT Agro Mitra Madani, Subsidiaries, amounting to US$ 10.67 million, US$ 3.10 million, US$ 3.45 million and US$ 6.20 million, respectively, for working capital.
Pembayaran bunga obligasi akan dilakukan setiap 6 bulan yaitu pada setiap tanggal 1 Mei dan 1 Nopember setiap tahun, dan pembayaran pertama dilakukan pada tanggal 1 Mei 2007.
Interest will be paid semi-annually in arrears on May 1 and November 1 in each year end and the first payment commencing on May 1, 2007.
BSP Finance BV telah menunjuk The Bank of New York, Cabang London, sebagai wali amanat, agen pembayaran, agen pelaksana dan agen Escrow, dan PT Bank Danamon Indonesia Tbk. bertindak sebagai agen penjamin di Indonesia. Berdasarkan hasil pemeringkat yang dikeluarkan oleh Moody’s Investor Service, Inc. dan Standard & Poor’s Rating Group, masing-masing tertanggal 22 September 2006, obligasi Senior Notes ini mendapat peringkat “B2” dan “B”.
BSP Finance BV appointed The Bank of New York, London Branch, as trustee, paying agent, transfer agent and Escrow agent dan PT Bank Danamon Indonesia Tbk. as Indonesian collateral agent. Based on credit rating issued by Moody’s Investor Service, Inc. and Standard & Poor’s Rating Group, dated September 22, 2006, the bonds - Senior Notes are rated “B2” and “B”.
Pada tanggal 27 Februari 2007, BSP Finance BV, Anak perusahaan, menerbitkan Unconditionally and Irrevocably Senior Notes sebesar US$ 50 juta, yang merupakan tambahan dan diperlakukan sebagai satu kesatuan atas Senior Notes yang diterbitkan pada tanggal 17 Oktober 2006. Tingkat bunga Senior Notes tambahan tersebut di atas adalah 10,75% per tahun, jatuh tempo pada tahun 2011 dan diterbitkan pada harga penerbitan 101% dan dicatatkan pada Bursa Efek Singapura.
On February 27, 2007, BSP Finance BV, a Subsidiary, issued additional Unconditionally and Irrevocably Senior Notes of US$ 50 million as additional for Senior Notes issued on October 17, 2006. These additional Senior Notes bear-annual interest of 10.75, maturity in 2011 and issue at price of 101% and are listed in the Singapore Exchange Securities Trading Limited.
BSP Finance BV telah menunjuk The Bank of New York, Cabang London, sebagai wali amanat, agen pembayaran, agen pelaksana dan agen Escrow, dan PT Bank Danamon Indonesia Tbk. bertindak sebagai agen penjamin di Indonesia. Berdasarkan hasil pemeringkat yang dikeluarkan oleh Moody’s Investor Service, Inc. dan Standard & Poor’s Rating Group, masing-masing tertanggal 27 Februari 2007, obligasi Senior Notes ini mendapat peringkat “B2” dan “B”.
BSP Finance BV appointed The Bank of New York, London Branch, as trustee, paying agent, transfer agent and Escrow agent dan PT Bank Danamon Indonesia Tbk. as Indonesian collateral agent. Based on credit rating issued by Moody’s Investor Service, Inc. and Standard & Poor’s Rating Group, dated February 27, 2006, the bonds - Senior Notes are rated “B2” and “B”.
Dana yang diperoleh dari tambahan penerbitan Senior Notes sebagian besar digunakan: (a) mengakuisisi PT Sumbertama Nusapertiwi, perusahaan yang memiliki tanah, kebun kelapa sawit dan pabrik kelapa sawit (b) untuk pengeluaran modal.
Proceeds from issuing the additional Senior Notes is used among others for: (a) acquire PT Sumbertama Nusapertiwi, a company own palm oil plantations and processing mill, and (b) finance capital expenditure.
60
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
29. BONDS PAYABLE (Continued)
29. HUTANG OBLIGASI (Lanjutan)
The details of bonds payable - Senior Notes - Net As of December 31, 2008 and 2007 is as follows:
Rincian hutang obligasi - Senior Notes - bersih pada tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut: 2008
Senior Notes jatuh tempo pada
tahun 2011 (US$ 110.000.000) Dikurangi: Diskonto yang belum diamortisasi (US$ 1.338.334 pada tahun 2008 dan US$ 1.668.333 pada tahun 2007) ( Biaya penerbitan Senior Notes (US$ 7.903.300 pada tahun 2008 dan 2007) ( Akumulasi amortisasi penerbitan Senior Notes (US$ 2.766.155 pada tahun 2008 dan US$ 1.580.660 pada tahun 2007) Bersih
Senior Notes jatuh tempo pada
tahun 2011 (US$ 50.000.000) Ditambah (dikurangi): Premium yang belum diamortisasi (US$ pada tahun 2008 US$ 306.306 dan US$ 379.167 pada tahun 2007) Biaya penerbitan Senior Notes (US$ 3.089.207) ( Akumulasi amortisasi penerbitan Senior Notes (US$ 926.672 pada tahun 2008 dan US$ 493.088 pada tahun 2007) Bersih
2007
1.204.500.000
Senior Notes due in 2011 (US$ 110,000,000) Less:
1.036.090.000
13.450.247 )
(
15.714.029 )
72.710.958 )
(
72.710.958 )
Unamortized discount (US$ 1,338,334 in 2008 and US$ 1,668,333 in 2007) Issuance cost of Senior Notes (US$ 7,903,300 in 2008 and 2007)
29.084.383
14.542.192
Accumulated amortization issuance of Senior Notes (US$ 2,766,155 in 2008 and US$ 1,580,660 in 2007)
1.147.423.178
962.207.205
Net
547.500.000
470.950.000
Senior Notes due in 2011 (US$ 50,000,000) Addition (less):
10.231.793
4.385.055
Unamortized premium (US$ 306,306 in 2008 and US$ 379,167 in 2007) Issuance cost of Senior Notes (US$ 3,089,207) Accumulated amortization issuance of Senior Notes (US$ 926,672 in 2008 and US$ 493,088 in 2007
531.852.150
449.672.734
Net
3.354.051
3.571.374
29.233.694)
(
Sehubungan dengan penerbitan obligasi - Senior Notes, Perusahaan diwajibkan memenuhi persyaratan sebagai berikut: 1. Menjaga rasio-rasio yang ditentukan seperti di bawah ini: Consolidated leverage ratio : tidak boleh lebih dari 3,5:1 Fixed charge coverage ratio : tidak boleh kurang dari 2:1
29.233.695 )
Under the term of Bonds - Senior Notes above, the company must meet the following requirement: 1. Keeping the ratio as determined below: Consolidated leverage ratio Fixed charge coverage ratio
61
: not more 3.5:1 : not less 2:1
than than
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
29. BONDS PAYABLE (Continued)
29. HUTANG OBLIGASI (Lanjutan)
2. The Company and Subsidiaries directly or indirectly is prohibited, among othesr to:
2. Perusahaan dan Anak perusahaan, baik secara langsung atau tidak langsung tidak diperkenankan untuk antara lain: - membagikan dividen atau mendistribusikan modal sahamnya lebih dari 50% dari laba bersih konsolidasian kepada Perusahaan atau Anak perusahan yang dibatasi. - menerbitkan saham istimewa dan mengadakan hutang baru. - menjual atau mengalihkan aktiva kecuali jika nilainya sekurang-kurangnya sama dengan harga pasar wajar dan 75% dari penerimaan atas aktiva yang dijual tersebut adalah dalam bentuk kas dan setara kas.
- Pay dividends or make any other distributions on its capital stock more than 50% of the consolidated net income to the Company or any of its restricted Subsidiaries. - Issue preferred stock and incurrence of new indebtedness. - Sell assets unless at least equal to the fair market value and 75% of the consideration received in the asset sale is in the form of cash or cash equivalents.
30. OBLIGATION UNDER CAPITAL LEASE
30. HUTANG SEWA GUNA USAHA
Details of the obligation under capital lease are as follows:
Rincian sewa guna usaha adalah sebagai berikut: Perusahaan Sewa Guna Usaha Jenis Aktiva PT Orix Indonesia Finance PT Astra International Auto 2000 PT Astra Credit Company PT Oto Multiartha PT Bank Niaga Kopkar Tungkal Ulu
2008
2007
Alat-alat pengangkutan
-
3.166
Kendaraan
-
kendaraan Kendaraan Kendaraan Kendaraan
35.000 -
137.900 -
35.000
141.066
Jumlah Dikurangi bagian yang jatuh tempo dalam satu tahun Bagian jangka panjang
(
-) ( 35.000
106.066 ) 35.000
62
Description Transportation equipment Vehicle Vehicle Vehicle Vehicle Vehicle
Lessor Company PT Orix Indonesia Finance PT Astra International Auto 2000 PT Astra Credit Company 2000 PT Oto Multiartha PT Bank Niaga Kopkar Tungkal Ulu Total
Less current maturities Long-term portion
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
31. CAPITAL STOCK
31. MODAL SAHAM
The details of the Company’s shares of ownership as of December 31, 2008 and 2007 are as follows:
Rincian pemilikan saham Perusahaan pada tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut:
31 Desember 2008 / December 31, 2008 Jumlah Saham /
Pemegang Saham PT Bakrie & Brothers Tbk. Masyarakat Jumlah
Persentase Kepemilikan /
Number of Shares
Percentage of Ownership
Jumlah /
Amount
Stockholders
1.024.747.752 2.763.249.183
27,05% 72,95%
102.474.775 276.324.919
PT Bakrie & Brothers Tbk. Public
3.787.996.935
100%
378.799.694
Total
31 Desember 2007 / December 31, 2007 Jumlah Saham /
Pemegang Saham Bank Of New York qq PT Bakrie Brothers Tbk. Bank Of New York qq Bakrie (BSP) Limited PT Bakrie & Brothers Tbk. qq Bakrie Sumatera Plantations (BSP) limited PT Bakrie Brothers Tbk Masyarakat Jumlah
Persentase Kepemilikan /
Number of Shares
Percentage of Ownership
357.106.264
9,43
430.508.716 1.055.019.984 1.945.240.036 3.787.875.000
11,37 27,86 51,43 100,00%
Jumlah /
Amount
Stockholders
43.050.872 105.501.998 194.524.004
Bank Of New York qq PT Bakrie Brothers Tbk. Bank Of New York qq Bakrie (BSP) Limited PT Bakrie & Brothers Tbk. qq Bakrie Sumatera Plantations (BSP) Limited PT Bakrie Brothers Tbk Public
378.787.500
Total
35.710.626 -
Pada tanggal 29 Agustus 2007, telah diadakan Rapat Umum Pemegang Saham Luar Biasa Perusahaan yang telah diaktakan oleh Notaris Aulia Taufani, S.H. No. 267 pada tanggal yang sama, yang menyetujui: 1. untuk menambah modal saham Perusahaan melalui Hak Memesan Efek Terlebih Dahulu II, dengan cara menerbitkan saham baru sebanyak-banyaknya 1.456.875.000 lembar saham dari portepel, disertai dengan 364.218.750 Waran yang melekat pada saham yang dikeluarkan dan yang diberikan secara cuma-cuma sebagai insentif bagi pemegang saham dengan harga pelaksanaan waran Rp 1.375.
On Agust 29, 2007, the Company held Extraordinary Shareholders’ General Meeting which has been notarized in Notarial Deed No. 267 of AuliaTaufani, S.H., on the same date, and the followings is approved: 1. to increase its capital by Pre-emptive rights II, by issuing new shares maximum amounting to 1,456,875,000 shares from susbscrition stocks stimultanously issue 364,218,750 warrant accompanying the new share issued granted free as an incentive for the shareholders with exercise price of warrant of Rp 1,375.
2. meningkatkan modal ditempatkan dan disetor Perusahaan dan merubah Anggaran Dasar Perusahaan pasal 4 ayat (2).
2. to increase the Company’s issued and fully paid shares and ammend the article 4 point (2) of the Company’s Article Association.
3. membeli saham PT Grahadura Leidong Prima, Perusahaan perkebunan kelapa sawit yang berkedudukan di Medan, Sumatera Utara.
3. to acquire PT Grahadura Leidong Prima, a palm oil plantations company domiciled in Medan, North Sumatera.
63
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
31. CAPITAL STOCK (Continued)
31. MODAL SAHAM (Lanjutan) 4. melaksanakan Management Stock Option Program (MSOP).
4. to conduct Management Stock Option Program (MSOP).
Pada tanggal 31 Oktober 2007 telah diadakan Rapat Umum Pemegang Saham Luar Biasa yang telah diaktakan oleh Notaris Wahyu Nurani, S.H. No. 2 pada tanggal yang sama, yang meyetujui peningkatan modal dasar Perusahaan dari Rp 414,4 miliar yang terbagi atas 4.144 milliar lembar saham menjadi Rp 1,5 triliun yang terbagi atas 15 miliar lembar saham.
On October 31, 2007, the Company held Extraordinary Shareholders’ General Meeting which has been notarized in Notarial Deed Wahyu Nurani, S.H., No. 2 on the same date, where it is approved to increase the authorized capital from Rp 414.4 billion divided on 4,144 billion shares become Rp 1,5 trillion divided on 15 billion share.
Sampai dengan tanggal 31 Desember 2008, waran Perusahaan yang telah diexercise oleh pemegang saham Perusahaan adalah sebanyak 121.935
Until December 31, 2008, the Company’s warrant has been exercised by the Company’s shareholders amounting to 121,935.
32. TAMBAHAN MODAL DISETOR - AGIO SAHAM - BERSIH
32. ADDITIONAL PAID-IN CAPITAL - NET
This account represents the difference between the par value, as stated in the Company’s Articles of Association, and actual selling price offerred to public after deducted by all stock issuance cost of the Company’s limited public offering. It also includes the issuance of bonus shares and declaration of dividend shares (see Notes 1 point b and 31).
Akun ini berasal dari selisih antara nilai nominal, seperti yang dinyatakan dalam Anggaran Dasar Perusahaan, dengan harga jual yang ditawarkan kepada masyarakat setelah dikurangi dengan seluruh beban yang berhubungan dengan penawaran umum saham Perusahaan, termasuk juga dari saham bonus dan dividen saham yang diumumkan oleh Perusahaan (lihat Catatan 1 butir b dan 31).
33. DIVIDENDS
33. DIVIDEN
Berdasarkan Rapat Umum Tahunan para Pemegang Saham yang diselenggarakan pada tanggal 14 Mei 2008 yang tertuang dalam Akta Notaris No. 95 oleh Notaris Sutjipto S.H., M.kn., pemegang saham Perusahaan menyetujui penggunaan keuntungan untuk pembagian dividen tunai tahun buku 2007 yaitu sebesar lebih dari 30% dari laba bersih atau Rp 17 setiap saham.
Based on the Company’s Annual Shareholders’ General Meeting held on May 14, 2008 which was notarized in Notarial Deed No. 95 of Sutjipto S.H., M.kn., the Company’s Shareholders approved to is distribute the profit as cash dividend of 2007 which 30% from net income or amounting to Rp 17 per share.
Berdasarkan Rapat Umum Tahunan para Pemegang Saham yang diselenggarakan pada tanggal 30 April 2007 yang tertuang dalam Akta Notaris No. 218 oleh Notaris Sutjipto S.H., M.kn., pemegang saham Perusahaan menyetujui penggunaan keuntungan untuk dipergunakan sebagai berikut: - dana cadangan sebesar Rp 34,6 miliar; dan - tunai untuk tahun buku 2006 yaitu sebesar Rp 15 setiap saham.
Based on the Company’s Annual Shareholders’ General Meeting held on April 30, 2007 which was notarized in Notarial Deed No. 218 of Sutjipto S.H., M.kn., the Company’s Shareholders approved to distribute the profit as follows: - amounting to Rp 34.6 billion as retained earning; and - cash dividend of 2006 is amounting to Rp 15 per share.
64
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
33. DIVIDENDS (Continued)
33. DIVIDEN (Lanjutan) Berdasarkan rapat umum tahunan para pemegang saham yang diselenggarakan pada tanggal 1 Juni 2006 yang tertuang dalam Akta Notaris No. 1 Notaris Sutjipto S.H., M.Kn., pemegang saham Perusahaan menyetujui pembagian dividen tunai untuk tahun buku 2005 sejumlah Rp 20,98 miliar atau Rp 9 setiap saham. Pada tanggal 18 Juli 2006, Perusahaan telah melakukan pembayaran dividen tunai tersebut di atas kepada pemegang saham yang tercatat pada tanggal 4 Juli 2006.
Based on the Company’s Annual Shareholders’ General Meeting held on June 1, 2006 which was notarized in Notarial Deed No. 1 of Sutjipto, S.H., M.Kn., the Company’s Shareholders approved to declare cash dividend from retained earnings of 2005 amounting to Rp 20.98 billion or Rp 9 per share to the Shareholders. On July 18, 2006, the Company has already paid cash dividend above to the shareholders listed on July 4, 2006.
Berdasarkan rapat umum tahunan para pemegang saham yang diselenggarakan pada tanggal 18 Mei 2005 yang tertuang dalam Akta Notaris No. 29 Notaris Agus Madjid S.H., pemegang saham Perusahaan menyetujui pembagian dividen tunai sejumlah Rp 13,99 miliar atau Rp 6 setiap saham kepada para pemegang saham yang tercatat pada tanggal 16 Juni 2005.
Based on the Company’s Annual Shareholders’ General Meeting held on May 18, 2005 which was notarized in Notarial Deed No. 29 of Agus Madjid, S.H., the Company’s Shareholders approved to declare cash dividend amounting to Rp 13.99 billion or Rp 6 per share to the Shareholders listed on June 16, 2005.
Berdasarkan rapat umum tahunan para pemegang saham yang diselenggarakan pada tanggal 24 Juni 1999 dan 29 Juni 1998, pemegang saham Perusahaan menyetujui pembagian satu dividen saham atas lima saham pada harga pasar Rp 1.450 sejumlah Rp 60,09 miliar dan dividen tunai sejumlah Rp 15,54 miliar atau Rp 75 per saham kepada para pemegang saham yang tercatat pada tanggal 21 Juli 1999 dan 28 Juli 1998, yang masing-masing dibayar mulai pada tanggal 19 Agustus 1999 dan 27 Agustus 1998.
Based on the Company’s Annual Shareholders’ General Meeting held on June 24, 1999 and June 29, 1998, the shareholders approved the declaration of one-for-five stock dividend based on the market price of Rp 1,450 (full amount) per share totaling Rp 60.09 billion and cash dividend totaling Rp 15.54 billion or Rp 75 (full amount) per share to the registered shareholders as of July 21, 1999 and July 28, 1998 and were paid starting August 19, 1999 and August 27, 1998.
Hutang dividen pada tanggal 31 Desember 2008 dan 2007 adalah masing-masing sebesar Rp 1,47 miliar dan Rp 1,36 miliar.
As of December 31, 2008 and 2007, dividends payable amounted to Rp 1.47 billion and Rp 1.36 billion, respectively.
34. NET SALES
34. PENJUALAN BERSIH
Details of net sales of the Company and Subsidiaries based on grouping of main products are as follows:
Rincian penjualan bersih Perusahaan dan Anak perusahaan berdasarkan kelompok produk utama adalah sebagai berikut: 2008 Produk turunan kelapa sawit Karet Tandan buah segar Jumlah sebelum eliminasi Eliminasi Jumlah setelah eliminasi
2007
2.211.500.344 776.644.952 316.055.268 (
3.304.200.564 372.781.842 ) 2.931.418.722
(
1.539.691.073 573.425.302 256.855.153
Oil palm and derivatives Rubber Fresh fruit bunches
2.369.971.528 420.953.746 )
Total before elimination Elimination
1.949.017.782
Total after elimination
In 2008 and 2007, total sales to related parties amounted to Rp 372.78 billion or (12.72% of total sales) and Rp 321.20 billion or (16.48% of total sales, respectively.
Pada tahun 2008 dan 2007, jumlah penjualan kepada pihak hubungan istimewa masing-masing adalah sebesar Rp 372,78 miliar atau (12,72% dari jumlah penjualan) dan Rp 321,20 miliar atau (16,48% dari jumlah penjualan).
65
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
34. NET SALES (Continued)
34. PENJUALAN BERSIH (Lanjutan)
The details of main product sales and toll fee revenue to related parties which amounting above Rp 1 billion before elimination are as follow:
Rincian penjualan produk utama dan pendapatan jasa titip olah kepada pihak hubungan istimewa yang memiliki saldo diatas Rp 1 miliar sebelum dieliminasi adalah sebagai berikut: 2008 Penjualan produk utama: PT Agro Mitra Madani PT Nibung Arthamulia PT Bakrie Sumatera Plantations Tbk. PT Sumbertama Nusa Pertiwi PT Huma Indah Mekar Pendapatan Jasa titip olah: PT. Agro Mitra Madani
2007
311.957.887 35.962.217
244.821.641 47.594.956
12.834.659 4.080.941 3.863.541
26.036.660 -
4.082.597
2.748.106
372.781.842
321.201.363
Toll fee:
Jumlah
Total
Persentase Terhadap Jumlah Penjualan Bersih /
Jumlah /
Amount
Percentage to Total Net Sales 2007
362.234.654
222.997.858
10,96%
13,57%
PT Musim Mas
PT Bukit Kapur Reksa PT Sinar Alam Permai PT Agro Mitra Madani
439.638.006 311.957.887
244.821.641
13,31% 9,44%
9,40%
PT Bukit Kapur Reksa PT Sinar Alam Permai PT. Agro Mitra Madani
2.190.370.017
1.902.152.029
66,29%
77,03%
3.304.200.564
2.369.971.528
100,00%
100,00%
Jumlah
2007
Customers
2008
PT Musim Mas
Lain-lain (di bawah 10%)
2008
PT. Agro Mitra Madani
The details of customers with total sales more than 10% of total sales of the Company and Subsidiaries are as follows:
Rincian pembeli dengan nilai penjualan bersih melebihi 10% dari penjualan Perusahaan dan Anak perusahaan adalah sebagai berikut:
Pembeli
Main product sales: PT Agro Mitra Madani PT Nibung Arthamulia PT Bakrie Sumatera Plantations Tbk. PT Sumbertama Nusa Pertiwi PT HUma Indah Mekar
Total
35. COST OF GOODS SOLD
35. BEBAN POKOK PENJUALAN
The details of the cost of goods sold are as follows:
Rincian beban pokok penjualan adalah sebagai berikut: 2008 Beban pokok penjualan: Beban produksi : Biaya bahan baku Penggunaan bahan baku dan biaya pengolahan Biaya pemungutan hasil Penyusutan dan amortisasi Gaji, upah dan kesejahteraan karyawan Lain-lain
Others (each under 10%)
2007
1.196.525.517
913.092.683
300.025.017 127.128.057 75.054.761
255.249.065 124.967.498 85.755.852
17.405.789 18.365.646
18.203.009 12.908.437
1.734.504.787
1.410.176.544
66
Net sales : Production cost: Raw materials
Material used and processing cost
Collecting Depreciation and amortization Salary, wages and fringe benefits Others
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
35. COST OF GOODS SOLD (Continued)
35. BEBAN POKOK PENJUALAN (Lanjutan) 2008 Persediaan bahan baku Awal Akhir Persediaan produk dalam proses Awal Akhir Persediaan produk jadi Awal Akhir Pembelian barang jadi dari pihak ketiga Jumlah sebelum eliminasi Eliminasi
2007
(
22.548.009 21.293.077 )
(
3.372.887 22.548.009 )
(
2.763.468 8.310.825 )
(
433.945 2.763.468 )
(
93.262.271 61.832.409 )
(
43.246.743 93.262.271 )
499.018.737 (
Jumlah setelah eliminasi
361.272.500
2.260.660.961 351.264.359 ) 1.909.396.602
Total before elimination Elimination
1.699.928.871 420.953.746 )
Total after elimination
In 2008 and 2007, total purchases of the Company and Subsidiaries amounted to Rp 1,69 trilion and Rp 473,04 billion, respectively. The details of suppliers with purchase more than 10% of total purchase of the Company and Subsidiaries are as follows: Persentase Terhadap Jumlah Penjualan Bersih /
Jumlah /
Amount
Percentage to Total Purchases 2007
499.018.738
-
29,43%
-
PT Agrowiyana, Anak Perusahaan KUD Suka Makmur KUD Pirtrans
311.957.888 166.679.398 101.627.840
84.971.101 81.514.418 94.183.234
18,40% 9,83% 6.00%
17,96% 17,23% 19,91%
PT Agrowiyana, a Subsidiary *) KUD Suka Makmur
Lain-lain (di bawah 10%)
616.260.391
212.373.592
36,34%
44,90%
Others (each under 10%)
100,00%
100,00%
1.695.644.255
2007
Suppliers
2008
Agri BV
Jumlah
2008
(
1.278.975.125
Jumlah pembelian Perusahaan dan Anak Perusahaan pada tahun 2008 dan 2007 masing-masing sebesar Rp 1,69 trilyun dan Rp 473,04 miliar. Rincian pemasok yang melebihi 10% dari pembelian Perusahaan dan Anak Perusahaan sebagai berikut :
Pemasok
Raw material Beginning Ending Work in process Beginning Ending Finished goods Beginning Ending Purchase finished goods from third parties
473.042.345
Agri BV
KUD Pirtrans
Total
*) In 2008 and 2007. eliminated
*) Pada tahun 2008 dan 2007 dieliminasi
In 2008 and 2007, total purchases of toll fee to related parties amounted to Rp 4.08 billion or (0,24% of total purchase)and Rp 84,97 billion or (17.96% of total purchase), respectively.
Pada tahun 2008 dan 2007, jumlah pembelian jasa titip oleh pihak hubungan istimewa adalah sebesar Rp 4,08 miliar (atau 0,24% dari jumlah pembelian) dan Rp 84,97 miliar (atau 17,96% dari jumlah pembelian).
67
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
36. OPERATING EXPENSES
36. BEBAN USAHA
The details of operating expenses are as follows:
Rincian beban usaha adalah sebagai berikut: 2008 Beban Penjualan: Bongkar muat dan pelabuhan Komisi penjualan dan beban bank Pungutan ekspor Lain-lain Beban penjualan
Beban Umum dan Administrasi: Gaji dan tunjangan lainnya Jasa profesional Penyusutan (lihat Catatan 16) Perjalanan dinas Penyisihan piutang ragu-ragu (lihat Catatan 6) Beban iuran dana pensiun Komunikasi Perbaikan dan reparasi Sewa Kantor Pajak Keamanan Perijinan dan retribusi Jamuan Imbalan kerja karyawan Pesangon Biaya alokasi kantor pusat Beban administrasi lainnya (masing -masing di bawah Rp 1 miliar)
Beban umum yang dikapitalisasi ke tanaman belum menghasilkan ( Beban umum dan administrasi - bersih Jumlah Beban Usaha
2007
2.500.124
31.275.078 7.055.039 295.063
Selling Expenses: Docking and loading Sales and bank commissions Export duty Others
98.952.135
38.625.180
Selling Expenses
57.927.863 20.417.453
53.668.112 27.079.156
19.062.243 10.705.738
12.778.340 14.904.662
9.448.527 6.742.951 4.885.709 7.493.956 5.939.558 2.668.738 3.252.177 3.382.576 2.052.935 1.145.470 1.750.806 2.223.272
6.295.569 7.414.935 5.703.000 4.092.469 3.469.007 6.330.090 3.190.633 3.129.855 2.891.234 1.709.260 4.271.634 547.339 3.427.680
22.736.410
13.489.953
181.836.382
174.392.928
19.058.772 77.393.239
18.462.691 )
(
31.846.654 )
General and Administrative Expenses: Salaries and fringe benefits Professional fees Depreciation (see Note 16) Traveling Bad debt expenses see Note 6) Contribution payable Communication Maintenance and repairs Rental Office Taxes Security Licences and retributions Representation Employee retirement benefit Severance pays Allocation from head office Other administrative expenses (each under Rp 1 billion)
General charges capitalized to immature plantations
163.373.071
142.546.274
General and Administrative Expenses - net
262.325.206
181.171.454
Total Operating Expenses
68
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
37. INTEREST AND FINANCIAL EXPENSES
37. BEBAN BUNGA DAN KEUANGAN Rincian beban bunga dan keuangan berikut:
Hutang obligasi - Senior Notes Sewa guna usaha RZB - Austria Administrasi bank PT Bank Niaga Tbk. Lain-lain Jumlah - Bersih
The details of interest and financial expenses are as follows:
adalah sebagai 2008
2007
171.801.647 285.471 15.761.124 1.129.011 6.457
152.949.672 266.340 12.661.588 3.326.340 599.827 -
Bonds payable - Senior Notes Leasing RZB - Austria Bank charges PT Bank Niaga Tbk. Others
188.983.710
169.803.767
Total - Net
38. MISCELLANEOUS - NET
38. LAIN-LAIN - BERSIH
The details of other income (expenses) - net are as follows:
Rincian penghasilan (beban) lain-lain - bersih adalah sebagai berikut: 2008 Jasa manajemen Amortisasi goodwill (lihat Catatan 17) Amortisasi biaya penerbitan Senior Notes (lihat Catatan 29) Lain-lain - bersih
2007
(
26.589.196 )
(
8.974.695)
(
20.388.930 ) 14.914.371
(
18.927.247 ) 4.481.351
Management fee Amortization of goodwill (see Note 17) Amortization of Senior Notes issuance cost (see Note 29) Others - net
1.193.536
(
12.604.115 )
Total - Net
33.257.291
Jumlah - Bersih
10.816.476
39. INCOME TAX
39. PAJAK PENGHASILAN
Tax expense of the Company and Subsidiaries consist of:
Beban pajak Perusahaan dan Anak perusahaan terdiri dari: 2008 Pajak kini Perusahaan Anak perusahaan Pajak tangguhan Perusahaan Anak perusahaan Jumlah
( (
2007
13.654.880 107.780.752
14.898.697 70.139.832
2.754.809) 12.475.385)
4.798.318 11.237.989
Current tax Company Subsidiaries Deferred tax Company Subsidiaries
106.205.438
101.074.836
Total
69
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
39. INCOME TAX (Continued)
39. PAJAK PENGHASILAN (Lanjutan)
a. Current Tax
a. Pajak Kini
Reconciliation against income before provision for income tax, as recorded in the consolidated statements of income and estimated taxable fiscal loss of the Company is as follows:
Rekonsiliasi antara laba sebelum taksiran pajak penghasilan, seperti dinyatakan pada laporan laba rugi konsolidasian dengan taksiran rugi fiskal Perusahaan adalah sebagai berikut: 2008 Laba sebelum taksiran pajak penghasilan menurut laporan laba rugi konsolidasian (setelah pos luar biasa) Ditambah (dikurangi): Laba Anak perusahaan sebelum taksiran pajak penghasilan ( Bagian Perusahaan atas laba (rugi) Anak perusahaan Amortisasi goodwill Selisih antara nilai wajar dan nilai perolehan aktiva PT Sumbertama Nusapertiwi dan PT Grahadura Leidong Prima pada saat akuisisi berdasarkan laporan perusahaan penilai (lihat Catatan 3 butir d) Laba sebelum taksiran pajak penghasilan Koreksi fiskal: Beda waktu: Penyisihan piutang ragu-ragu Biaya umum dikapitalisasi Penyusutan dan amortisasi aktiva tetap ( Laba penjualan aktiva tetap Amortisasi biaya Ditangguhkan Penyisihan imbalan kerja ( Jumlah beda waktu
2007
257.302.949 26.589.196
153.528.971 8.974.695
30.203.224
531.637
Income before provision for income tax per consolidated statements of income (after extraordinary item) Additions (deductions): Income of Subsidiaries before provision for income tax Company’s portion on income (loss) of Subsidiaries Amortization of goodwill The difference between fair value and carrying value PT Sumbertama Nusapertiwi dan PT Grahadura Leidong Prima on acquisition base on independent appraisal report (see Note 3 point d)
184.469.435
226.272.267
Income before provision for income tax Attributable to the Company
279.775.393
343.929.786
409.401.327 )
(
280.692.822)
Fiscal correction:
5.279.932 ) 1.521.098
(
1.790.537 ) -
Timing differences: Allowance for bad debt expense Capitalization of general charges Depreciation and amortization of property, plant and equipment Gain on sale of fixed assets
17.293.008 7.447.239 )
(
100.848 ) 1.711.510
Amortization of deferred charges Provision for retirement benefit
6.086.935
(
15.994.392 )
-
(
3.452.453 19.266.970 )
Total timing differences
Beda tetap: Non deductible expenses Bagian laba Anak perusahaan Pendapatan bunga yang telah dikenakan PPh 23 final
(
146.048.033 )
(
153.528.971 )
Permanent differences: Non deductible expenses Company’s portion on income of Subsidiaries
(
858.683 )
(
10.378.270 )
Interest income subjected to Income tax article 23 final
Jumlah beda tetap
(
135.886.849 )
(
160.557.216 )
Total permanent differences
49.720.659
Estimated taxable income of the Company
Taksiran laba fiskal Perusahaan
11.019.867
3.350.025
54.669.521
70
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
39. INCOME TAX (Continued)
39. PAJAK PENGHASILAN (Lanjutan)
The calculation of current income tax expenses is as follows:
Perhitungan beban pajak kini adalah sebagai berikut: 2008
2007
54.669.521
49.720.659
Estimated taxable income: Company
Taksiran beban pajak kini: Perusahaan Anak perusahaan
13.654.880 107.780.752
14.898.697 70.139.832
Provision for income tax - current: Company Subsidiaries
Jumlah taksiran beban pajak kini
121.435.632
85.038.529
Total provision for income tax - current
Taksiran penghasilan kena pajak: Perusahaan
The calculation of income tax payable (claim) for the year ended on December 31, 2008 and 2007 is as follows:
Perhitungan hutang (tagihan) pajak penghasilan untuk tahun yang berakhir pada tanggal 31 Desember 2008 dan 2007 adalah sebagai berikut: 2008
2007
Taksiran penghasilan kena pajak: Perusahaan Anak perusahaan
13.654.880 107.780.752
14.898.697 70.139.832
Jumlah taksiran beban pajak kini
121.435.632
85.038.529
Pajak dibayar di muka: Perusahaan: PPh 22 PPh 23 PPh 25 Fiskal luar negeri
Anak perusahaan: PPh 22 PPh 23 PPh 25
Jumlah pajak dibayar di muka Taksiran hutang pajak penghasilan (PPh 29) tahun berjalan: Perusahaan Anak perusahaan
Taksiran tagihan pajak penghasilan tahun berjalan: Perusahaan
Estimated taxable income: Company Subsidiaries
Prepayment of income tax: Company: Article 22 Article 23 Article 25 Fiscal Tax
1.178.201 12.310.337 112.000
163.785 112.084 21.580.369 -
13.600.538
21.856.238
1.281.286 711.810 64.451.341
1.119.109 114.395 37.291.636
66.444.437
38.525.140
80.044.975
60.381.378
Total prepayment of income tax
54.342 41.336.315
31.614.692
Estimated income tax payable (Article 29) current year: Company Subsidiaries
41.390.657
31.614.692
-
6.957.541
71
Subsidiaries: Article 22 Article 23 Article 25
Estimated claim for income current year: Company
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
39. INCOME TAX (Continued)
39. PAJAK PENGHASILAN (Lanjutan)
b. Deferred tax
b. Pajak Tangguhan
The computation of provision for deferred income tax is as follows:
Perhitungan taksiran pajak penghasilan tangguhan adalah sebagai berikut: 2008 Taksiran pajak penghasilan tangguhan atas pengaruh beda waktu dengan memakai tarif (30%) Perusahaan Penyisihan imbalan kerja ( Penyisihan piutang ragu-ragu Biaya umum dikapitalisasi Amortisasi biaya ditangguhkan Penyusutan dan amortisasi aktiva tetap ( Pajak penghasilan tangguhan Perusahaan Pajak penghasilan tangguhan Anak perusahaan: PT Bakrie Pasaman Plantations PT Huma Indah Mekar PT Agro Mitra Madani PT Agrowiyana PT Bakrie Rekin Bio Energi PT Sumbertama Nusapertiwi PT Air Muring ( PT Nibung Arthamulia PT Guntung Idaman Nusa ( PT Grahadura Leidong Prima Jumlah pajak penghasilan Anak perusahaan Taksiran pajak penghasilan tangguhan
2007
2.234.172 ) -
513.453 1.035.736 5.780.092)
(
6.116.680
-
Estimated deferred income tax on timing differences using the maximum tax rate (30%) Company Provision for retirement benefit Capitalization of general charges Amortization of deferred charges Depreciation and amortization of property, plant and equipment
1.127.699 )
(
567.415)
2.754.809
(
4.798.318)
Deferred income tax Company
(
2.656.766 54.471 176.808) 237.651 276.912 3.524.122) 45.695 10.808.554)
Deferred income tax Subsidiaries: PT Bakrie Pasaman Plantations PT Huma Indah Mekar PT Agro Mitra Madani PT Agrowiyana PT Bakrie Rekin Bio Energi PT Sumbertama Nusapertiwi PT Air Muring PT Nibung Arthamulia PT Guntung Idaman Nusa PT Grahadura Leidong Prima
12.475.385
(
11.237.989)
Total deferred income tax Subsidiaries
15.230.194
(
16.036.307)
Estimated deferred income tax
3.196.669 968.349 1.681 43.916 89.490 365.423 ) 3.944 1.031.814 ) 9.568.573
72
( (
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
39. INCOME TAX (Continued)
39. PAJAK PENGHASILAN (Lanjutan)
The details of deferred income tax assets and liabilities are as follows:
Rincian aktiva dan kewajiban pajak penghasilan tangguhan adalah sebagai berikut: 2008
Deferred Tax Asset Subsidiaries:
Aktiva Pajak Tangguhan Anak perusahaan: PT Bakrie Pasaman Plantations PT Sumbertama Nusapertiwi PT Huma Indah Mekar PT Bakrie Rekin Bio Energi PT Bakrie Sentosa Persada PT Nibung Arthamulia PT Grahadura Leidong Prima PT Guntung Idamannusa
11.393.480 7.024.340 2.328.394 289.875 48.490 18.421.029 902.318
Jumlah aktiva pajak tangguhan pada laporan keuangan konsolidasian Kewajiban Pajak Tangguhan Perusahaan: Penyisihan imbalan kerja Beban umum dikapitalisasi ( Penyisihan atas penyertaan saham yang tidak dapat dipulihkan dan piutang ragu-ragu - bersih Penyisihan piutang ragu-ragu Transaksi sewa guna usaha Nilai buku bersih aktiva tetap ( Koreksi penjualan ( Amortisasi Selisih kurs ditangguhkan
Anak perusahaan: PT Huma Indah Mekar PT Agrowiyana PT Agro Mitra Madani PT Air Muring
Jumlah kewajiban pajak tangguhan pada laporan keuangan konsolidasian Aktiva (kewajiban) pajak tangguhan - bersih
2007
8.196.812 6.934.848 1.360.046 289.875 175.255 44.546 8.108.298 -
40.407.926
25.109.680
7.272.566 19.596.997 )
(
14.012.217 3.469.077 24.328
9.506.739 19.596.997 )
14.012.217 3.469.077 24.328
19.195.596 ) 475.063 ) 6.116.680
( (
18.067.897 ) 475.064 ) -
(
2.266.578 )
(
2.266.578 )
(
10.639.366 )
(
13.394.175 )
( ( (
3.189.622 ) 1.401.456 ) 543.290 )
( ( (
177.867 ) 3.233.538 ) 1.403.136 ) -
(
5.134.368 )
(
4.814.541 )
(
15.773.734 )
(
24.634.192
(
73
PT Bakrie Pasaman Plantations PT Sumbertama Nusapertiwi PT Huma Indah Mekar PT Bakrie Rekin Bio Energi PT Bakrie Sentosa Persada PT NiIbung Arthamulia PT Grahadura Leidong Prima PT Guntung Idamannusa Total deferred income tax assets in the consolidated financial statements Deferred Tax Liabilities Company: Provision for retirement benefit Capitalization of general expense Allowance for unrecoverable investment in shares of stock and doubtful accounts - net Allowance for bad debt expense Capital lease transaction Net book value of property, plant and equipment Sales correction Amortization Deferred foreign exchange difference
Subsidiaries: PT Huma Indah Mekar PT Agrowiyana PT Agro Mitra Madani PT Air Muring
Total deferred income tax liabilities in the consolidated financial 18.208.716 ) statements 6.900.964 )
Deferred tax liabilities - net
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
40. RETIREMENT BENEFITS
40. DANA PENSIUN PERUSAHAAN Perusahaan dan Anak perusahaan menyelenggarakan program pensiun sebagai berikut:
The Company and Subsidiaries have the following retirement benefit plans:
Program pensiun manfaat pasti
Defined retirement benefit plan
Perusahaan dan Anak perusahaan menyelenggarakan program pensiun manfaat pasti untuk seluruh karyawan tetap yang memenuhi syarat.
The Company and Subsidiaries have defined retirement benefit plans covering substantially all of their eligible permanent employees.
Aktiva program pensiun Perusahaan dan Anak perusahaan dikelola oleh Dana Pensiun Bakrie yang didirikan berdasarkan Surat Keputusan Menteri Keuangan Republik Indonesia. Dana pensiun yang dibebankan dalam beban usaha (biaya jasa kini dan amortisasi biaya jasa lalu) berdasarkan penilaian aktuaria. Program ini efektif sejak tanggal 1 Januari 1996 untuk Perusahaan dan 9 Juni 1999 untuk Anak perusahaan.
The pension plan’s assets of the Company and Subsidiaries are being managed by Dana Pensiun Bakrie, which was established based on the decision letter of the Minister of Finance of the Republic of Indonesia. The retirement benefit costs charged to operations (current service cost and amortization of past service cost) are based on actuarial valuation. This plan has been effective since January 1, 1996 for the Company and June 9, 1999 for the Subsidiaries.
Aktiva dana pensiun terutama terdiri dari deposito berjangka, surat-surat berharga dan investasi jangka panjang dalam bentuk saham.
The pension plan’s assets consist mainly of time deposits, marketable securities and long-term investment in shares.
Penilaian aktuaria terakhir atas dana pensiun Perusahaan dan Anak perusahaan per tanggal 31 Desember 2008 dan 2007 masing-masing dilakukan oleh PT Rileos Pratama, aktuaris dengan asumsi-asumsi sebagai berikut:
The Company and Subsidiaries’ retirement benefit costs as of December 31, 2008 and 2007 were calculated by PT Rileos Pratama, independent actuary firm, using the “Projected Unit Credit” method with assumption are as follows: The Company and Subsidiaries
Perusahaan dan Anak perusahaan
9,75%
Tingkat diskonto 12,00% Tingkat kenaikan gaji tahunan 8% Tingkat kematian Tabel Mortalitas CSO 1980 Usia pensiun normal 55 thn Tingkat pengunduran diri peserta 10% (usia 25thn) dan menurun Proporsional s/d 0% (usia 45thn) Tingkat cacat 1% dari CSO 1980 Tingkat pengunduran dipercepat 2% (usia 45 -54thn)
8% Mortality Table CSO 1980 55 years 10% (age 25 years) and declined Proportionally until 0% (age 45 years) 10% of CSO 1980 2% (age 45 - 54 years)
2008
Jumlah
Handicap rate Accelerate resignation rate
The details of retirement benefit expense of the Company and Subsidiaries in the consolidated statements of income is as follows :
Rincian beban penyisihan imbalan kerja Perusahaan dan Anak perusahaan yang diakui pada laporan laba rugi konsolidasian adalah sebagai berikut :
Program pensiun manfaat pasti: Biaya jasa kini Biaya bunga Amortisasi biaya jasa lalu Amortisasi keuntungan/kerugian aktuaria Kewajiban yang diamortisasi Biaya jasa lalu-vested yang diakui langsung (
Discount rate Rate of salary increase per year Mortality rate Normal pension age Participants’ resignation rate
2007
782.228 640.957 -
2.327.196 1.615.563 15.077
9.795 284.208
(
30.086 ) 294.344
571.718)
49.540
1.145.470
4.271.634
74
Defined retirement benefit plan: Current service cost Interest cost Amortization of past service cost Amortization of actuary gain/ (loss) Amortization of liabilities Past service cost–vested which is admitted Total
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
40. RETIREMENT BENEFITS (Continued)
40. DANA PENSIUN PERUSAHAAN (Lanjutan)
Provision for retirement benefit presented in the consolidated balance sheet is as follows :
Jumlah penyisihan imbalan kerja yang diakui dalam neraca konsolidasian adalah sebagai berikut : 2008 Nilai kini kewajiban Nilai aktiva program Selisih lebih nilai kini kewajiban Biaya jasa lalu yang belum diakui Biaya jasa lalu yang belum diamortisasi Keuntungan aktuaria Jumlah
2007
73.262.167 (56.109.519)
(
87.700.043 48.502.692)
17.152.648 (737.554)
(
39.197.351 795.804)
15.545.733
1.165.685 1.498.641
31.960.827
41.065.873
Fair value of liabilities Fair value of plan assets Over fair value of liabilities Non vested past service cost Unamortized past service cost Actuary’s gain Total
Pada tahun 2008 dan 2007, beban atas imbalan kerja karyawan disajikan sebagai bagian dari akun “Beban Umum dan Administrasi – Imbalan Kerja Karyawan” dalam laporan laba rugi konsolidasian tahun berjalan (lihat catatan 36).
In 2008 and 2007, employee retirement benefit expense is presented as partof “General and Administrative Expenses – Employee Retirement Benefit” in the consolidated statements of income for the current year (see Note 36).
Manajemen Perusahaan dan Anak Perusahaan berkeyakinan bahwa kewajiban imbalan kerja karyawan pada tanggal 31 Desember 2008 dan 2007 cukup untuk memenuhi persyaratan UU No. 13 tahun 2003 tentang ketenagakerjaan.
The managements of the Company’s and Subsidiaries management believe that employee benefit liabilities as of December 31, 2008 and 2007are adequate to cover the requirements of Labor Law No. 13, 2003.
Karyawan Perusahaan dan Anak perusahaan juga dijamin dengan jaminan sosial wajib yang diselenggarakan oleh pemerintah yang disebut dengan JAMSOSTEK.
The employees of the Company’s and Subsidiaries employees are also covered by a compulsory social security plan called “JAMSOSTEK” set up by an agency of the Indonesia Government.
41. BASIC INCOME PER SHARE
41. LABA PER SAHAM DASAR
The following is the computation of basic income per share as of December 31, 2008 and 2007:
Berikut adalah perhitungan laba per saham dasar yang digunakan pada tanggal 30 Desember 2008 dan 2007: Laba Laba bersih Jumlah Saham Jumlah rata-rata tertimbang saham untuk perhitungan laba per saham dasar Laba per saham dasar (Rupiah penuh) Jumlah rata-rata tertimbang saham untuk perhitungan laba per saham dilusian Laba per saham dasar (Rupiah penuh)
2008
Earning
2007
173.569.364 Saham / Shares
206.575.272 Saham / Shares
Net income Number of shares
3.787.996.935
2.937.219.658
Weighted average of shares to computed basic earnings per share
45,85
70,33
Basic earnings per share (full amount) *)
3.906.072.013
2.968.901.368
Weighted average of shares to computed diluted earnings per share
44,44
69,58
Diluted earnings per share (full amount)
75
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
41. LABA PER SAHAM DASAR (Lanjuta)
41. BASIC INCOME PER SHARE (Continued)
*)
*)
Laba per saham dasar pada tahun 2007 disajikan kembali sehubungan dengan penerbitan saham dengan hak memesan efek terlebih dahulu pada tahun 2008.
42. BALANCES AND TRANSACTION WITH RELATED PARTIES
42. TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA
The details of related parties, relationship with the Company and nature of transactions are as follows:
Rincian pihak yang mempunyai hubungan istimewa, hubungan dengan Perusahaan dan sifat saldo akun/transaksi, adalah sebagai berikut: No.
Pihak yang Mempunyai Hubungan Istimewa / Related Parties
Basic earnings per share in 2007, is restated due to the shares issuance by pre-emptive rights in 2008.
Hubungan / Relation
1.
PT Bakrie Rubber Industry
Afiliasi / Affiliated
2.
PT Bakrie & Brothers Tbk.
Afiliasi / Affiliated
3.
Dana Pensiun Bakrie
Afiliasi / Affiliated
4.
PT United Sumatra Rubber Products
5.
Agri Resources BV.
6.
Perusahaan Asosiasi /
Sifat Saldo Akun/Transaksi /
Nature of Transactions
Piutang usaha dan pendapatan /
Trade receivable and interest revenue Hutang penggantian biaya-biaya /
Payable of reimbursement expense Hutang iuran dana pensiun /
Contribution payable
Penyertaan saham /
Associated Company Afiliasi / Affiliated
Investment in shares of stock
PT Sarana Jambi Ventura
Perusahaan Asosiasi /
Penyertaan saham /
7.
PT Sarana Sumatera Barat Ventura
Perusahaan Asosiasi /
8.
Koperasi karyawan
9.
Yayasan BPP
Afiliasi / Affiliated
10.
Karyawan
Afiliasi / Affiliated
11.
PT Bakrie Corrugated Metal Industry
Afiliasi / Affiliated
Hutang lain-lain / Other payable
12.
PT Multrada Multi Maju
Afiliasi / Affiliated
Hutang usaha, pembelian /
13.
PT Eramitra Agro Lestari
Afiliasi / Affiliated
Hutang usaha, pembelian /
14.
PT Bakrie Sentosa Persada
Afiliasi / Affiliated
Piutang lain-lain /
Other receivable
Associated Company
Investment in shares of stock
Associated Company Afiliasi / Affiliated
Investment in shares of stock
76
Penyertaan saham /
Piutang lain-lain dan hutang lain-lain /
Other receivable and other payable
Piutang lain-lain /
Other receivable
Piutang karyawan /
Employee receivable
Trade payable, purchasing Trade payable, purchasing Penyertaan saham /
Investment in shares of stock
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
42. BALANCES AND TRANSACTION WITH RELATED PARTIES (Continued)
42. TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
The account balances of related parties and the percentages to total assets/liabilities, revenues and expenditures are as follows:
Saldo-saldo akun dengan pihak yang mempunyai hubungan istimewa dan persentase terhadap jumlah aktiva/kewajiban, pendapatan dan beban adalah sebagai berikut:
Persentase Terhadap Jumlah Aktiva/Kewajiban Pendapatan/Beban
Percentage to Total Assets/Liabilities Revenues/Expenses
Jumlah /
Amount
Piutang usaha (lihat Catatan 6): PT Bakrie Rubber Industry Penyisihan piutang ragu-ragu
(
Piutang lain-lain (lihat Catatan 7): Agri Resources BV Koperasi karyawan Pinjaman karyawan Jumlah Aktiva/Kewajiban
2007
%
%
(
(
24.000.000 24.000.000 )
(
0,557 0,557 ) (
0,557 0,557 )
Account receivables (see Note 6): PT Bakrie Rubber Industry Allowance for doubtful accounts
-
-
-
-
Total related parties - net
12.918.058 6.644.469
12.969.014 20.963.245 5.107.852
0,275 0,141
0,301 0,486 0,118
Other receivables (see Note 7): Agri Resources BV Employee cooperative Staff and employee
0,905
Total Asset / Liabilities
0,905
Total related parties - net
39.040.111
19.562.527
Penyertaan Saham (lihat Catatan 12): Agri Resources BV Agri International Resources Pte., Ltd. PT United Sumatera Rubber Product PT Sarana Sumatera Barat Ventura PT Sarana Jambi Ventura PT Bakrie Sentosa Persada
Piutang hubungan istimewa (lihat Catatan 13): PT Bakrie Sentosa Persada PT Menthobi Makmur Lestari PT Menthobi Mitra Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak PT Perjapin Prima PT Multi Persada Gatra Megah PT Agri Resources BV
2008
Rp
19.562.527
Jumlah hubungan istimewa - bersih
Jumlah hubungan istimewa - bersih
2007
Rp 24.000.000 24.000.000 )
Jumlah hubungan istimewa - bersih
Uang muka Penyertaan Saham (lihat Catatan 12): Penyisihan atas penyertaan saham yang tidak terpulihkan
2008
0,416
39.040.111
0,416
119.701.997 340.974.959 511.353 44.934 174.999 108.410.250
167.916.588 511.353 39.748 172.118 -
2,547 7,254 0,011 0,001 0,004 2,306
3,895 0,012 0,001 0,004 -
569.818.492
168.639.807
12,123
3,912
511.353) 569.307.139
(
511.353 ) 168.128.454
108.337.522 62.473.003 16.873.755 11.387.283 7.111.695 5.246.341 3.758.222 2.892.114 1.389.260 330.330 303.590
-
77
(
0,011 ) ( 12,112
2,305 1,329 0,359 0,242 0,151 0,112 0,080 0,062 0,030 0,007 0,006
Investment in shares of stocks (see Note 12): Agri Resources BV Agri International Resources Pte., Ltd. PT United Sumatera Rubber Product PT Sarana Sumatera Barat Ventura PT Sarana Jambi Ventura PT Bakrie Sentosa Persada
0,012 ) 3,900
Bakrie Sentosa Persada Advance for investment: (see Note 12): Provision for unrecoverable investment in shares of stocks Total related parties - net Due from a related party (see Note 13): PT Bakrie Sentosa Persada PT Menthobi Makmur Lestari PT Menthobi Mitra Lestari PT Era Mitra Agro Lestari PT Jambi Agrowijaya PT Multrada Multi Maju PT Trimitra Sumber Perkasa PT Padang Bolak PT Perjapin Prima PT Multi Persada Gatra Megah PT Agri Resources BV
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
42. BALANCES AND TRANSACTION WITH RELATED PARTIES (Continued)
42. TRANSAKSI-TRANSAKSI DENGAN PIHAK YANG MEMPUNYAI HUBUNGAN ISTIMEWA (Lanjutan)
Persentase Terhadap Jumlah Aktiva/Kewajiban Pendapatan/Beban
Percentage to Total Assets/Liabilities Revenues/Expenses
Jumlah /
Amount
PT Julang Oca Permana PT Bakrie Rubber Industry PT Bakrie & Brothers Tbk. PT Bakrie Communication Penyisihan piutang ragu-ragu
(
2008
2007
2008
2007
Rp
Rp
%
%
200.786 2.991.629 2.991.629 )
2.991.629 409.523 250.000 3.651.151 )
(
0,004 (
0,0069
)(
0,069 0,006 0,006 0,069)
PT Julang Oka Permana PT Bakrie Rubber Industry PT Bakrie & Brothers Tbk. PT Bakrie Communication Allowance for doubtful accounts
220.303.901
659.523
4.687
0,016
Total related parties - net
43.737
2.804.550
-
0,146
Trade payables (see Note 22) : PT Grahadura Leidong Prima
Hutang lain-lain (lihat Catatan 23) PT Multitrada Multi Maju PT Eramitra Agrolestari PT Jambi Agrowijaya Dana Pensiun Bakrie PT Bakrie Corrugated Metal Industry
14.293.848 -
39.193.533 10.989.650 6.463.091 2.309.532 242.593
0,304 -
3,436 PT Multitrada Multi Maju 0,964 PT Eramitra Agrolestari 0,336 PT Jambi Agrowijaya 0,120 Dana Pensiun Bakrie 0,013 PT Bakrie Corrugated Metal Industry
Jumlah hubungan Istimewa - bersih
14.293.848
59.198.399
0,304
1,143
Jumlah hubungan Istimewa - bersih Hutang usaha (lihat catatan 22) : Koperasi PT Grahadura Leidong Prima
Other payables (see Note 23) :
Total related parties - net
Transaksi penjualan dan pembelian dengan pihak hubungan istimewa menggunakan kebijakan harga dan syarat yang sama dengan pihak ketiga.
The sales and purchase transactions with related parties have been conducted under terms and conditions similar to those of third parties, principally.
Piutang dari PT Bakrie Rubber Industry merupakan bunga/denda atas keterlambatan pelunasan dari piutang usaha yang telah jatuh tempo, pengeluaran dana untuk membiayai operasinya dan penggantian biaya. Sejak tahun 1999 piutang usaha yang sudah jatuh tempo tidak lagi dikenakan bunga.
Receivable from PT Bakrie Rubber Industry represents interest/penalty from past due trade receivables, advances to finance its operations and reimbursement of expenses. There were no interests charged since 1999.
43. SIGNIFICANT AGREEMENTS
43. PERJANJIAN SIGNIFIKAN
a. Based on Extraordinary General Meeting of Shareholders’ held on June 30, 2008 which was notarized by Notarial Deed No. 275 of Sutjipto, S.H., M.Kn., the Company’s Shareholders approved to change the use of the funds of raised from Limited Public Offering II and approved the Company planning to purchase existing shares in Agri International Resources Pte Ltd (AIRPL) of 317 shares or 34,68% with maximum price of US$ 41.22 million which was owned by Spinnaker Global Emerging Markets Fund Ltd amounting to 278 shares, Lim Asia Arbitrage Fund Inc amounting to 34 shares and Jefferies Singapore amounting to 5 shares.
a. Berdasarkan rapat umum para pemegang saham luar biasa yang diselenggarakan pada tanggal 30 Juni 2008 sebagaimana tertuang dalam Akta Notaris No. 275 Notaris Sutjipto S.H., M.Kn., pemegang saham Perusahaan menyetujui perubahan penggunaan dana hasil Penawaran Umum Terbatas II dan menyetujui rencana Perusahaan melakukan pembelian saham di Agri International Resources Pte Ltd (AIRPL) sejumlah 317 saham atau sebesar 34,68% maksimum senilai US$ 41,22 juta yang masing-masing dimiliki oleh Spinnaker Global Emerging Markets Fund Ltd sejumlah 278 saham, Lim Asia Arbitrage Fund Inc sejumlah 34 saham dan Jefferies Singapore sejumlah 5 saham.
78
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
43. SIGNIFICANT AGREEMENTS (Continued)
43. PERJANJIAN SIGNIFIKAN (Lanjutan) b. Pada tanggal 18 Januari 2007 Perusahaan dan PT Grahadura Leidong Prima dan PT Esa Citra Buana (ECB) melakukan perubahan atas Perjanjian Manajemen dan Jasa Teknis. Pada tanggal yang sama, Perusahaan mengadakan “Offtake Agreement for Crude Palm Oil in Bulk” dengan GLP.
b. On January 18, 2007, the Company, PT Grahadura Leidong Prima and PT Esa Citra Buana (ECB) ammended the Technical and Management Service Agreement. On the same date, the Company and GLP executed “Offtake Agreement for Crude Palm Oil in Bulk” with GLP.
Dalam Perjanjian tersebut berkewajiban untuk membeli produksi CPO sejumlah 1.000 ton per bulan dari GLP sejak tanggal perjanjian disepakati sampai dengan tanggal 31 Agustus 2007 dan sejak tanggal 1 September 2007 sampai dengan 30 September 2007, pengambilan kuantitas tidak boleh kurang dari 43.000 ton. Perusahaan akan melakukan pembayaran dimuka sebesar US$ 1.500.000 kepada GLP paling lambat tanggal 18 Januari 2007 sejak kecukupan produksi CPO GLP dan dikirimkan kepada Perusahaan.
In the agreement it is stated that the Company obliged to purchase CPO from GLP amounting 1,000 tons per month from the commencement of the Agreement up to August 31, 2007 and at least 43,000 tons from September 1, 2007 up to September 30, 2007. The Company will pay in advance amounting to US$ 1,500,000 on January 18, 2007 at the latest if the GLP production are adequate and shipped to the Company.
c. Pada tanggal 18 April 2006, Perusahaan dan PT Rekayasa Industri (Rekin) mengadakan perjanjian usaha patungan untuk membentuk suatu perusahaan usaha patungan yakni PT Bakrie-Rekin Bio Energy (JV Company), yang bertujuan untuk mengembangkan pabrik green-field bio-diesel dimana Perusahaan memiliki 70,00% dan Rekin memiliki 30,00%. Perusahaan bertanggung jawab untuk menyediakan persediaan yang dibutuhkan berdasarkan pada suatu jaminan minimum bulanan pada harga pasar dan Rekin bertanggung jawab untuk menyediakan tenaga ahli untuk pembangunan perkebunan bio-diesel.
c. On April 18, 2006, the Company and PT Rekayasa Industri (Rekin) entered into a joint venture agreement to establish a joint venture company namely PT Bakrie-Rekin Bio Energy (JV Company), whose objective is to develop a green-field biodiesel plant. The Company and Rekin hold 70.00% and 30.00% of ownership, repectively. The Company will be responsible to supply the feedstock based on a guaranteed monthly minimum at market price and Rekin will be responsible to provide the technical expertise for the construction of the biodiesel plant. .
PT Bakrie-Rekin Bio Energy didirikan berdasarkan Akta Notaris Sutjipto, S.H., MKn No. 27 tanggal 2 Agustus 2006. Pada tanggal 28 Nopember 2006, pendirian PT Bakrie-Rekin Bio Energy telah mendapat persetujuan dari Menteri Kehakiman dan Hak Asasi Republik Indonesia.
PT Bakrie-Rekin Bio Energy was established based on Notarial Deed No. 27 of Sutjipto, S.H., MKn on August 2, 2006 and on November 28, 2006 has obtained the approval from the Minister of Justice and Human Rights of the Republic of Indonesia.
Perusahaan juga diberikan opsi yang tidak dapat dibatalkan, untuk membeli seluruh modal GLP yang dikeluarkan dan dimiliki oleh ECB, dan dapat dilakukan setiap waktu sepanjang periode lima tahun.
The Company will also be granted an irrevocable option to acquire GLP from ECB, exercisable at any time during the period of five years.
d. Pada tanggal 15 Januari 2005, PT Bakrie Pasaman Plantations (BPP), Anak perusahaan, mengadakan kesepakatan bersama tentang pelaksanaan konversi lahan perkebunan sawit Perusahaan dengan Koperasi Plasma Nagari Parit (KPNP).
d. On January 15, 2005, PT Bakrie Pasaman Plantations (BPP), a Subsidiary, entered into an agreement with Koperasi Plasma Nagari Parit (KPNP) regarding oil palm plantation convertion.
Sehubungan dengan kesepakatan bersama tersebut Perusahaan menyetujui untuk:
According to the agreement, the Company agreed to:
• Menyerahkan kebun yang akan dikonversi seluas 250,60 hektar kepada KPNP sesuai dengan hasil pengukuran Kantor Wilayah Badan Pertanahan Nasional Propinsi Sumatera Barat;
• Transfer the plantations which will be coverted for 250.60 hectares to KPNP in accordance with the measurement by Regional Office of West Sumatra Land Agency;
79
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
43. SIGNIFICANT AGREEMENTS (Continued)
43. PERJANJIAN SIGNIFIKAN (Lanjutan) • Pembagian hasil dihitung dari hasil bersih panen Tandan Buah Segar (TBS) setiap bulannya setelah dipotong 30% oleh Perusahaan yang disisihkan untuk cicilan kredit;
• The distribution of return is counted under monthly net yield crops (Fresh Fruit Bunches) after the Company’s deduction of 30% allocated for loan installment;
• Perusahaan berkewajiban membeli hasil TBS dari KPNP.
• The Company has obligation to buy the fresh fruit bunches which is produced by KPNP.
e. Pada tanggal 14 Juni 2005, BPP, Anak Perusahaan mengadakan Perjanjian Kerjasama Program Pengelolaan, Pengembangan dan Pembiayaan Kebun Kelapa Sawit dengan Koperasi Unit Desa Sungai Aur I (KUD SA I).
e. On June 14, 2005, BPP, a Subsidiary, entered into cooperation agreement with Koperasi Unit Desa Sungai Aur I (KUD SA I) to oil palm plantations management, improvement and financing.
Sedangkan pada tanggal 17 Juni 2005, BPP mengadakan perjanjian yang sama dengan Koperasi Unit Desa Parit. Pada tanggal 14 Agustus 2006, BPP juga mengadakan perjanjian Kerjasama dengan Koperasi Tani (Koptan) Silawai Jaya. Luas lahan yang diikutsertakan untuk KUD SA I, KUD Parit dan Koptan Silawai Jaya masing-masing adalah seluas 4.570 hektar, 1.800 hektar dan 627 hektar.
Meanwhile on June 17, 2005, BPP entered into the same agreement with Koperasi Unit Desa Parit. On August 14, 2006, BPP entered into the same agreement with Koperasi Tani (Koptan) Silawai Jaya. The areas are 4,570 hectares for KUD SA I, 1,800 hectares for KUD Parit and 627 hectares for Koptan Silawai Jaya.
Sehubungan dengan perjanjian kerjasama tersebut BPP menyetujui untuk:
In relation to the agreement BPP agreed to:
• Membeli seluruh hasil perkebunan kelapa sawit KUD SA I dan KUD Parit dan Koptan Silawai Jaya
• Buy the whole yield of oil palm plantations of KUD SA I, KUD Parit and Koptan Silawai Jaya
• Memotong hasil penjualan TBS (setelah dipotong biaya produksi) sebesar 30% untuk KUD SA I dan 35% untuk KUD Parit, Koptan Silawai Jaya dan KPNP.
• Deduct revenue of FFB (before deductions of production cost) for 30% for KUD SA I and Koptan Silawai Jaya 35% and KPNP for KUD Parit.
Perjanjian ini merupakan addendum dari perjanjian kerjasama dengan KUD Parit dan KUD SA I dengan PT Bank Nusa Nasional (BNN) pada tanggal 2 Agustus 1994 dan KUD SA I dengan BNN pada tanggal 22 Februari 1995. Sehubungan dengan adanya perjanjian kerjasama di atas, maka perjanjian kerjasama sebelumnya tidak berlaku lagi.
This agreement is an addendum for the cooperative agreement between KUP Parit and KUD SA I and PT Bank Nusa Nasional (BNN) on August 2, 1994 and KUD SA I and BNN on February 22, 1995. Regarding the above cooperation agreement, previous agreement is no longer valid.
Laporan keuangan dan administrasi dilaksanakan secara terpisah oleh BPP.
proyek
Administration and financial statement reporting of these projects are maintained separately by BPP.
f. Pada tanggal 13 September 2000, PT Agrowiyana (Agro) telah menandatangani kesepakatan dengan PT Bank Muamalat Indonesia (BMI), KUD Swakarsa dan KUD Sukamakmur untuk pengembangan 1.710,17 dan 3.205,14 hektar tanaman kelapa sawit (proyek kebun plasma) di atas lahan milik para anggota koperasi. Koperasi memperoleh pinjaman jangka panjang dari BMI dengan pagu maksimum sebesar Rp 28,92 miliar dan Rp 43,07 miliar masingmasing untuk KUD Swakarsa dan KUD Sukamakmur yang seterusnya diserahkan kepada Agro yang bertindak sebagai pelaksana proyek dan penjamin fasilitas pembiayaan.
f. On September 13, 2000, PT Agrowiyana (Agro) entered into an agreement with PT Bank Muamalat Indonesia (BMI), KUD Swakarsa and KUD Sukamakmur, to develop 1,710.17 and 3,205.14 hectares, respectively, of oil palm plantations (Plasma Estate Projects) at the areas owned by the members of the cooperatives. The cooperatives obtained long-term loans from BMI amounting to Rp 28.92 billion and Rp 43.07 billion for KUD Swakarsa and KUD Sukamakmur, respectively, the proceeds of which were forwarded to Agro as the developer of the projects and also as the guarantor.
80
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
43. SIGNIFICANT AGREEMENTS (Continued)
43. PERJANJIAN SIGNIFIKAN (Lanjutan) Sampai dengan 31 Desember 2008 dana yang telah dicairkan dari BMI adalah sebesar Rp 71,99 miliar, sedangkan dana yang telah terpakai adalah sebesar Rp 42,43 miliar dan Rp 27,18 miliar masing-masing untuk KUD Suka Makmur dan KUD Swakarsa.
As of December 31, 2008, the loans facility which had been withdrawn from BMI amounted to Rp 71.99 billion. Meanwhile up to June 30, 2008, total advance agreed are amounted to Rp 42.43 billion for KUD Suka Makmur and Rp 27.18 billion for KUD Swakarsa.
Dalam perjanjian kredit antara Agro, anggota Koperasi Unit Desa dan BMI, Agro bertindak sebagai penjamin atas fasilitas pembiayaan dan berkewajiban untuk membeli kebun plasma apabila terjadi suatu kondisi yang menurut penilaian BMI, Agro harus mengambil alih kebun plasma, dalam rangka penyelesaian kewajiban pinjaman.
In the loans agreement between Agro, cooperatives and BMI, Agro acts as the guarantor of cooperatives’ loans and should buy back the plasma estate, when condition according to BMI suggests that Agro has to take over the plasma estate as a settlement of the loan.
Sampai dengan tanggal 31 Desember 2008, luas lahan yang sudah ditanami adalah 8.252,87 hektar.
As of December 31, 2008, 8,252.87 hectares were planted.
Laporan keuangan dan administrasi dilaksanakan secara terpisah oleh Agro.
proyek
Administration and financial statement reporting of these projects are maintained separately by Agro.
g. Agro ditunjuk sebagai pelaksana dan pengembang proyek atas perjanjian tanggal 10 Mei 1996 antara PT Bank Mandiri (Persero) Tbk., Jambi (Bank Mandiri) dengan Plasma PIR dalam rangka pengembangan 3.600 hektar kebun kelapa sawit di areal kebun Agro.
g. Agro was appointed as the developer of the projects with regard to the agreement between PT Bank Mandiri (Persero) Tbk., Jambi (Bank Mandiri) and Nucleus Estate Smallholder Project (Plasma PIR), on May 10, 1996, to develop 3,600 hectares of oil palm plantations at an area close to Agro.
Atas nama proyek, Agro mendapat pinjaman dari Bank Mandiri dengan pagu maksimum Rp 24,39 miliar. Dana ini akan diteruskan ke proyek PIR Plasma sesuai dengan permintaan dari proyek yang bersangkutan. Bunga dibebankan pada proyek PIR Plasma.
Agro, on behalf of the project, obtained a longterm loan from Bank Mandiri with a maximum credit limit of Rp 24.39 billion. The funds will be transferred to the Plasma PIR projects in accordance with the requirements of the projects and the interest expense is charged to the projects.
Sehubungan dengan perjanjian ini, Agro berkewajiban menyelesaikan pembangunan kebun kelapa sawit PIR Plasma dan melaksanakan konversi sesuai dengan jadwal yang ditetapkan atau paling lambat pada tahun 2005. Selisih antara nilai pada saat konversi dan biaya pengembangan kebun plasma akan menjadi beban atau keuntungan Agro.
In relation to this agreement, Agro has an obligation to develop the oil palm plantations Plasma PIR completely on schedule and convert it on schedule of 2005 at the latest. Any difference between the value at the time of conversion and the cost to develop the plasma estate will be for the account of Agro.
Sampai dengan tanggal 31 Desember 2008, luas areal yang sudah ditanami adalah 4.418 hektar.
As of December 31, 2008, 4,418 hectares were planted.
Laporan keuangan dan administrasi dilaksanakan secara terpisah oleh Agro.
Administration and financial statement reporting of these projects are maintained separately by Agro.
proyek
81
approximately
approximately
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
43. SIGNIFICANT AGREEMENTS (Continued)
43. PERJANJIAN SIGNIFIKAN (Lanjutan) h. Pada tanggal 9 Desember 2004, telah ditandatangani perjanjian antara Perusahaan dan Anak perusahaan tertentu dengan PT Multi Kontrol Nusantara, pihak hubungan istimewa untuk pengembangan piranti lunak E-Plantations, penyewaan piranti lunak dan Annual Technical Support. Nilai kontrak adalah US$ 362.500 untuk implementasi piranti lunak EPlantations. Biaya sewa piranti lunak adalah sebesar US$ 2 per aktual hektar dan biaya Annual Technical Support sebesar US$ 0,5 per aktual hektar (lihat Catatan 16).
h. On December 9, 2004, the Company and certain Subsidiaries entered into agreement with PT Multi Kontrol Nusantara, a related party, to develop the E-Plantations software, to rent a software and to get an Annual Technical Support. The sum of contract amounts to US$ 362,500 for implementation of E-Plantations software. Software rental cost amounts to US$ 2 per actual hectares and Annual Technical Support cost amounts to US$ 0.5 per actual hectares (see Note 16).
i. Pada tahun 2000, PT Sumbertama Nusapertiwi (SNP), Anak perusahaan, melakukan perjanjian dengan KUD Wahana Jaya (Koperasi) untuk pembangunan areal kebun kelapa sawit seluas 8.000 hektar dengan pola kemitraan dengan komposisi kepemilikan luas kebun kelapa sawit SNP adalah sebesar 80% atau seluas 6.400 hektar dan Koperasi sebesar 20% atau seluas 1.600 hektar sesuai dengan Akta Perjanjian Kesepakatan Bersama No. 14 tanggal 24 September 2002 oleh Notaris Nany Ratna Wirdanialis, S.H. Setelah kebun kelapa sawit dikonversi dan telah menghasilkan (lebih kurang 36 bulan setelah penanaman) maka Koperasi berkewajiban untuk mencicil pembayaran pinjaman dengan pemotongan 30% dari hasil panen setiap bulannya sampai pinjaman tersebut lunas.
i. In 2000, PT Sumbertama Nusapertiwi (SNP), a Subsidiary, entered into agreement with Cooperatives Wahana Jaya (Cooperatives) to develope palm oil plantations of 8,000 hectare with partnership alliance whereby SNP and Coopertives hold 80% and 20% ownership, equivalent to 6,400 hectare and 1,600 hectare respectively according to the Deed of Memorandum of Understanding which was notarized by Nany Ratna Wirdanialis., S.H., No. 14 dated September 24, 2002. Whenever, the plant was converted and matured (which is around 30 months from the first planting), Coopertives are obliged to install by monthly deduction of 30% from its yeild up to the loan settled.
j. Pada tanggal 26 Juni 2007, Perusahaan mengadakan Perjanjian Manajemen dengan Agri Resources BV (ARBV), dimana Perusahaan akan menyediakan jasa manajemen kepada ARBV selama 7 (tujuh) tahun dan menerima jasa manajemen sebesar US$ 100 per hektar tanaman dengan umur kurang dari sebulan.
j. On June 26, 2007, the Company entered into Management Agreement with Agri Resources BV (ARBV), whereby the Company will provide ARBV with management services for a period of 7 (seven) years and receive management fee amounting to US$ 100 per hectare of immature plantations which will be payable monthly.
Selain itu, Perusahaan akan menerima jasa insentif yang dihitung dan dibayarkan sebagai bagian dari distribusi laba / dividen dengan target sebesar US$ 30,35 per saham.
In addition, the Company is entitle to receive incentive fee calculated and paid as a portion of target of US$ 30.35 per share.
k. Pada bulan Juli 2008, Perusahaan telah melakukan perjanjian Lindung Nilai dengan Merril Lynch International Bank Ltd. Dan Barclays Bank Plc. Perjanjian ini berlaku sampai dengan satu tahun ke depan.
k. In July 2008, the Company entered into Hedging Transactions with Merril Lynch International Bank Ltd. and Barclays Bank Plc. The agreements are valid for one year.
82
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
44. SEGMENT INFORMATION
44. INFORMASI SEGMEN
Segmen Usaha
Operational Segment
Perusahaan dan Anak perusahaan dikelola dan dikelompokkan dalam divisi usaha yang terdiri dari karet dan kelapa sawit serta produk turunannya. Divisi ini digunakan sebagai dasar pelaporan informasi segmen usaha.
The Company and Subsidiaries managed their operations by dividing them into rubber and oil palm plantations and derivatives products. The division is used as reporting basis of the operational segment information. The information on operational segment of the Company and Subsidiaries are as follows:
Informasi segmen usaha Perusahaan perusahaan adalah sebagai berikut:
dan
Anak 2008
Sawit dan Turunannya /
Rubber
Karet /
Oil palm and Derivatives
PENDAPATAN Penjualan pihak eksternal Penjualan antar segmen
776.644.951 -
2.527.555.613 -
(
372.781.842 ) -
2.931.418.722 -
REVENUES External parties Intersegment
HARGA POKOK Pihak eksternal Antar segmen
468.664.093 -
1.791.996.869 -
(
351.264.360 ) -
1.909.396.602 -
COST OF GOODS SOLD External parties Intersegment
Jumlah harga pokok
468.664.093
1.791.996.869
(
351.264.360 )
1.909.396.602
HASIL Hasil segmen
307.980.858
735.558.744
21.517.482)
1.022.022.120
RESULT Segmen Result
BEBAN USAHA TIDAK DAPAT DIALOKASI
262.325.205
OPERATING EXPENSES UNALLOCATED
LABA USAHA
759.696.915
OPERATING PROFIT
Eliminasi /
Konsolidasian /
Elimination
(
Laba (rugi) investasi Beban bunga dan keuangan Laba (rugi) selisih kurs - bersih Lain-lain - bersih LABA SEBELUM PAJAK BEBAN PAJAK LABA BERSIH ANAK PERUSAHAN YANG DIKONSOLIDASI SEBELUM DI AKUISISI HAK MINORITAS ATAS RUGI BERSIH ANAK PERUSAHAAN
Consolidated
(
78.689.723 )
(
188.983.710)
(
243.036.843) 30.788.754
(
(
LABA BERSIH
279.775.393 106.205.438)
591) 173.569.364
83
Total Cost of Goods Sold
Equity in net earning(loss) of investee Interest and financial expenses Gain (loss) on foreign - net Others - net INCOME BEFORE TAX TAX EXPENSE CONSOLIDATED SUBSIDIARIES NET INCOME BEFORE ACQUISITION MINORITY INTEREST IN NET LOSS OF SUBSIDIARIES NET INCOME
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
44. SEGMENT INFORMATION (Continued)
44. INFORMASI SEGMEN (Lanjutan)
Operational Segment (Continued)
Segmen Usaha (Lanjutan) 2008 Sawit dan Turunannya /
Oil palm and Derivatives
Karet /
Aktiva segmen Kebun Mesin dan peralatan Investasi pada perusahaan Asosiasi Aktiva tidak dapat dialokasi Jumlah Aktiva Kewajiban segmen Kewajiban tidak dapat dialokasi Ekuitas Jumlah Kewajiban dan Ekuitas
Rubber
Eliminasi /
Konsolidasian /
Elimination
Consolidated
569.307.139
Segment Assets Plantations Machineries and equipment Investment in associate companies
2.078.135.929
Unallocated assets
2.435.382.042 )
4.700.318.837
Total Assets
10.271.638 )
1.052.519.322
Segment liabilities
1.177.621.231 2.470.178.284
Unallocated liabilities Equity
303.515.014
888.690.738
160.842.947
1.353.048.699
193.225.548
506.601.523
-
699.827.070
431.151.494
2.734.380.635
-
-
927.892.056
4.129.678.895
(
262.144.614
800.646.346
(
-
-
262.144.614
800.646.346
(
2.596.224.989 )
(
10.271.638 )
4.700.318.837
Total Liabilities and Equity
2007 Sawit dan Turunannya /
Rubber
Karet /
Oil palm and Derivatives
PENDAPATAN Penjualan pihak eksternal Penjualan antar segmen
573.425.301 -
1.796.546.226 -
HARGA POKOK Pihak eksternal Antar segmen
373.632.741 -
1.325.145.924 -
Jumlah harga pokok
373.672.741
1.325.145.924
HASIL Hasil segmen
199.752.560
471.400.302
Eliminasi /
Konsolidasian /
Elimination
Consolidated
420.953.745 ) -
1.949.017.782 -
REVENUES External parties Intersegment
419.803.540 ) -
1.278.975.125 -
COST OF GOODS SOLD External parties Intersegment
(
419.803.540 )
1.278.975.125
(
1.150.205 )
670.042.657
RESULT Segmen Result
181.171.454
OPERATING EXPENSES UNALLOCATED
(
(
BEBAN USAHA TIDAK DAPAT DIALOKASI LABA USAHA Beban bunga dan keuangan Laba (rugi) selisih kurs - bersih Lain-lain - bersih
(
169.803.767)
(
80.306.224 ) 105.168.574
OPERATING PROFIT Interest and financial expenses Gain (loss) on foreign - net Others - net
343.929.786 101.074.836 )
INCOME BEFORE TAX TAX EXPENSE
488.871.203
LABA SEBELUM PAJAK BEBAN PAJAK LABA BERSIH ANAK PERUSAHAAN YANG DIKONSOLIDASI SEBELUM DIAKUISISI
(
(
84
Total Cost of Goods Sold
INCOME INCOME OF CONSOLIDATED SUBSIDIARIES BEFORE ACQUISITION 36.471.715)
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
44. SEGMENT INFORMATION (Continued)
44. INFORMASI SEGMEN (Lanjutan)
Operational Segment (Continued)
Segmen Usaha (Lanjutan) 2007 Sawit dan Turunannya /
Oil palm and Derivatives
Karet /
Rubber
Eliminasi /
Konsolidasian /
Elimination
Consolidated
CONSOLIDATED SUBSIDIARIES’ NET INCOME BEFORE ACQUISTION
LABA (RUGI) BERSIH ANAK PERUSAHAAN YANG DIKONSOLIDASI HAK MINORITAS ATAS RUGI (LABA) BERSIH ANAK PERUSAHAAN
192.037
LABA BERSIH
MINORITY INTEREST IN NET LOSS (INCOME) OF SUBSIDIARIES NET INCOME
206.575.272
Segmen Assets
Aktiva segmen Kebun Mesin dan peralatan Investasi pada perusahaan Asosiasi Aktiva tidak dapat dialokasi Jumlah Aktiva Kewajiban segmen Kewajiban tidak dapat dialokasi Ekuitas Jumlah Kewajiban dan Ekuitas
Unallocated assets
2.016.150.521 )
4.315.903.584
Total Assets
10.271.637 )
1.035.838.502
Segment liabilities
889.859.102 2.385.205.980
Unallocated liabilities Equity
-
1.109.483.121
10.779.881
175.062.225
-
185.842.106
227.785.827
1.961.493.148
-
-
534.957.800
2.949.646.402
(
104.800.487
941.309.652
(
-
-
104.800.487
941.309.652
Analisis penjualan berdasarkan adalah sebagai berikut:
(
2.016.150.521 ) -
-
(
10.271.637 )
4.310.903.584
Total Liabilities and Equity
Geographics Segment wilayah
The analysis of revenues based geographical location are as follows:
pemasaran
2008
Jumlah
2.847.449.903
813.091.029
Segmen Geografis
Domestik Ekspor
173.128.454
Plantations Machineries and equipment Investment in associate companies
296.392.092
on
market
2007
1.011.621.641 1.919.797.081
1.280.605.375 668.412.407
Domestics Export
2.931.418.722
1.949.017.782
Total
85
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
45. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
45. AKTIVA DAN KEWAJIBAN DALAM MATA UANG ASING 2008 Mata Uang Asing /
Setara Rupiah
Foreign Currency Aktiva: Lancar: Kas dan setara kas Piutang usaha Jumlah aktiva moneter dalam mata uang asing
Equivalent Rupiah
US$ EUR US$
13.082.629 100 4.678.171
143.254.788 1.544 51.225.972
US$ EUR
17.760.800 100
194.480.760 1.544
Assets: Current: Cash and cash equivalent Trade receivable Monetary assets in foreign currrency
Kewajiban: Jangka pendek: Hutang usaha Biaya masih harus dibayar Hutang bank jangka pendek
( US$ ( US$ ( US$
5.645.323 ) 10.797.867 ) 15.000.000 )
( ( (
61.816.284 ) 118.236.639) 164.250.000 )
Liabilities: Short-term: Trade payable Accrued expenses Short-term bank loan
Jumlah kewajiban moneter dalam mata uang asing
( US$
31.443.190 )
(
344.302.923 )
Monetary liabilities in foreign currrency
(
149.820.616 )
Kewajiban moneter dalam mata uang asing - bersih
Monetary liabilities in foreign currency - net
2007 Mata Uang Asing /
Setara Rupiah Equivalent Rupiah
Foreign Currency Aktiva: Lancar: Kas dan setara kas Piutang usaha Jumlah aktiva moneter dalam mata uang asing
US$ EUR US$
8.064.726 34.407 10.546.134
75.961.655 473.436 99.334.032
US$ EUR
18.610.860 34.407
175.295.687 473.436
Kewajiban: Jangka pendek: Hutang usaha ( US$ Biaya masih harus dibayar (US$ Jangka panjang: Hutang jangka panjang - setelah dikurangi bagian jatuh tempo dalam satu tahun ( US$ Jumlah kewajiban moneter dalam mata uang asing
( US$ (EUR
840.174) 837.281)
( (
15.000.000 )
(
141.285.000)
16.677.455 ) 109 )
( (
157.084.950) 1.502)
(
18.684.170)
Kewajiban moneter dalam mata uang asing - bersih
86
7.913.600 ) 7.887.855 )
Assets: Current: Cash and cash equivalent Trade receivable Monetary assets in foreign currrency Liabilities: Short-term: Trade payable Accrued expenses Long-term: Long-term loan - net of current portion matured within one year Monetary liabilities in foreign currrency Monetary liabilities in foreign currency - net
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
46. SELISIH KURS KARENA LAPORAN KEUANGAN
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
46. EXCHANGE DIFFERENCES DUE TO FINANCIAL STATEMENTS TRANSLATION
PENJABARAN
This account represents exchange differences as a result of translation of BSP Finance BV, an overseas Subsidiary.
Akun ini merupakan selisih yang timbul sebagai akibat dari selisih kurs penjabaran laporan keuangan mata uang asing BSP Finance BV, Anak perusahaan yang berdomisili di luar negeri.
47. CONTINGENCIES
47. KEWAJIBAN BERSYARAT a. Berdasarkan Surat Bupati Kepala Daerah Tingkat II Asahan No. 620/6671 tanggal 29 Agustus 1996 dan No. 593/1146 tanggal 5 Pebuari 1997 mengenai “Pembebasan Tanah dalam Rangka Penataan Kotif Kisaran” dan berdasarkan Keputusan Menteri Negara Agraria/Kepala Badan Pertanahan Nasional No. 66/HGU/DA/85/B/51 mengenai perubahan nama pemegang hak dan pemberian perpanjangan hak guna usaha (HGU) kepada Perusahaan atas tanah di kabupaten Asahan, pada huruf e ditetapkan bahwa pemegang HGU diwajibkan untuk melepaskan areal tanah perkebunan seluas kurang lebih 1.408 hektar.
a. Based on Local Government of Asahan Letter No. 620/6671 dated August 29, 1996 and No. 593/1146 dated February 5, 1997 concering “Relinquishment of the Land Right Concerning to the City Design of Kisaran” and based on Agrarian Affairs Minister Decision/National Agrarian Agency Head No. 66/HGU/DA/85/B/51 about concerning the revision of the rightholder and extension of landright to the Company on Asahan regency’s land, in section e, it is decided that the landright holder has the obligation to relinquish 1,408 hectares of its plantations land.
Selanjutnya Perusahaan diminta melepas tanah areal HGU Perusahaan seluas 1.408 hektar secara bertahap yang akan digunakan untuk arahan peribadatan, perumahan non-urban, pasar, perdagangan, pendidikan, dan lain-lain sesuai dengan Surat Bupati Kepala Daerah Tingkat II Asahan No. 620/4157 tanggal 21 September 1999. Sampai dengan tahun 2005, tanah yang telah dialokasikan adalah seluas kurang lebih 44 hektar. Proyeksi potensi kerugian atas pelepasan tanah seluas 1.364 hektar terdiri dari:
Furthermor the Company should relinquish the land right of 1,408 hectares gradually to be developed as places of worship, non-urban residences, traditional markets, trade centers, schools, etc. based on Local Government of Asahan Letter No. 620/4157 dated September 21, 1999. Until 2005, the land allocated is 44 hectares. Projection of potential loss on relinquishing land rights of 1,364 hectares consists of:
- Perkebunan karet: 873 hektar yang berlokasi di Tanah Raja dan Serbangan dengan potensi kerugian produksi dan pemberian pesangon karyawan masing-masing kurang lebih adalah sebesar 4.768 ton dan Rp 2,98 miliar atau 182 karyawan
-
Rubber plantation: 873 hectares located in Tanah Raja and Serbangan with potential loss of production and severance pay of approximately 4,786 tons and Rp 2.98 million for 182 employees, respectively.
- Perkebunan kelapa sawit: 491 hektar yang berlokasi di Tanah Raja dengan potensi kerugian produksi dan pemberian pesangon karyawan masing-masing adalah sebesar 228.777 ton dan Rp 868 juta atas 58 karyawan.
-
Oil palm plantation: 491 hectares located in Tanah Raja with potential loss of production and severance pay of approximately 228,777 tons and Rp 868 million for 58 employees, respectively.
87
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
47. CONTINGENCIES (Continued)
47. KEWAJIBAN BERSYARAT (Lanjutan) b. Pada tanggal 6 Desember 2005, PT Shamrock Manufacturing Corpora (“Shamrock”) mengajukan gugatan kepada Pengadilan Negeri Jakarta Selatan terhadap Plantations & General Investment PLC, sebagai tergugat kesatu (“PGI”), Bengkulu Rubber Company, sebagai tergugat kedua (“BRC”), The Anglo Indonesia Corporation, sebagai tergugat ketiga (“AIC”), Rabobank International, sebagai tergugat keempat dan PT Air Muring (AM), Anak perusahaan, sebagai tergugat kelima sehubungan dengan klaim yang didalilkan oleh Shamrock, yang timbul atas satu dari pelanggan Shamrock dimana Shamrock diharuskan membayar penalti sebesar US$ 28.426.294,75.
b. On December 6, 2005, PT Shamrock Manufacturing Corpora (“Shamrock”) has filed an appreal to the District Court of South Jakarta against Plantations & General Investment PLC, as the first defendant (“PGI”), Bengkulu Rubber Company, as the second defendant (“BRC”), The Anglo Indonesia Corporation, as the third defendant (“AIC”), Rabobank International, as the fourth defendant and PT Air Muring (AM), a Subsidiary, as the fifth defendant due to claim argued by Shamrock which arised from one of Shamrock’s customer whereas Shamrock should pay a penalty of US$ 28,426,294.75.
Menurut dalil yang disampaikan oleh Shamrock dalam gugatannya, penalti dikenakan kepada Shamrock sehubungan dengan kegagalan mengirimkan pesanan. Berdasarkan pendapat Shamrock, kegagalan tersebut disebabkan karena pembatalan penjualan saham AM yang dimiliki oleh PGI, BRC dan AIC kepada Shamrock.
According to the argumentation of Shamrock in their claim, the penalty was charged to Shamrock because of its failure to deliver the order. Based on Shamrock’s opinion the failure was caused by the cancellation made by PGI, BRC and AIC to sell their shares in AM to Shamrock.
Pada bulan Nopember 2005, PT Huma Indah Mekar, Anak perusahaan, telah mengambil alih saham AM yang dimiliki oleh BRC dan AIC.
In November 2005, PT Huma Indah Mekar, a Subsidiary, has taken over shares of AM owned by BRC and AIC.
Berdasarkan Putusan Pengadilan Negeri Jakarta Selatan No. 1276/PDT.G/2005/PN.Jak-Sel tanggal 14 Februari 2007 diputuskan bahwa gugatan Shamrock terhadap para tergugat ditolak, karena tidak memiliki dasar hukum. Dengan lain perkataan, AM dan tergugat lainnya telah diputuskan menang atas kasus gugatan PT Shamrock Manufacturing Corpora. Atas putusan pengadilan tersebut, Shamrock, PGI, BRC, dan AIC menyatakan banding. Berdasarkan Putusan Pengadilan Tinggi Jakarta No. 01/PDT/2008/PT. DKI tanggal 26 Februari 2008 telah menguatkan putusan Pengadilan Negeri. Saat ini Shamrock telah mengajukan kasasi di tingkat Mahkamah Agung atas putusan Pengadilan Tinggi dan belum ada keputusan Mahkamah Agung atas hal itu.
Based on the Decision of District Court of South Jakarta No. 1276/PDT.G/2005/PN.Jak-Sel dated February 14, 2007 decided that the claim of Shamrock against the Defendants was refused because it had no legal standing, AM and other defendants won on defendant case of PT Shamrock Manufacturing Corpora. Based on these court decision, Shamrock, PGI, BRC and AIC declare for objection. Based on the Decision of Supreme Court - Jakarta No. 01/PDT /2008/PT. DKI dated on February 26, 2008 confirmed the decision by dishict court of south Jakarta the Supreme Court decide. Shamrock has submitted a cessation upon the Hight Court Decision to the Supreme Court of Justice and until now, no judgment has been issued yet.
88
PT Bakrie Sumatera Plantations Tbk. dan Anak Perusahaan Catatan Atas Laporan Keuangan Konsolidasian (Lanjutan) Untuk Tahun yang Berakhir pada Tanggal-Tanggal 31 Desember 2008 dan 2007 (Dalam Ribuan Rupiah Kecuali Dinyatakan Lain)
PT Bakrie Sumatera Plantations Tbk. and Subsidiaries Notes to Consolidated Financial Statements (Continued) For the Years Ended December 31, 2008 and 2007 (In thousands of Indonesian Rupiah Except for Otherwise stated)
48. SUBSEQUENT EVENTS
48. KEJADIAN SETELAH TANGGAL NERACA
As governed in regulation BAPEPAM-LK No.XI.B.3, Attachment of verdict of Bapepam-LK Verdict No XI.B.3, Attachment of verdict of Bapepam-LK Verdict No. Kep-401/BL/2008 regarding Shares Buy Back in Potentially Crisis Market (“Rules XI.B.3), Company plans to buy back its shares listed in Indonesian Stock Exchanges. This buy back will be done within 3 months starting October 21, 2009 to January 19, 2008. Total shares allowed to be bought back is 757,599,375 shares (representing 20% of Paid in Capital) and maximum fund that will be used (including transaction cost) is Rp 100 billion. Until November 17, 2008 the Company has bought back 6,100,000 shares amounting to Rp 1.99 billion. Company apposided PT Bahana Securities to act as broker that will help the Company to perform the transaction.
Sesuai dengan Peraturan BAPEPAM-LK No.XI.B.3, Lampiran Keputusan Ketua Bapepam-LK No XI.B.3, Lampiran Keputusan Ketua Bapepam-LK No. Kep401/BL/2008 tentang Pembelian Kembali Saham Emiten atau Perusahaan Publik dalam Kondisi Pasar yang Berpotensi Krisis (“Peraturan XI.B.3), Perusahaan merencanakan untuk melakukan pembelian kembali saham Perusahaan yang telah tercatat di Bursa Efek Indonesia. Pembelian kembali itu akan dilaksanakan dalam waktu 3 bulan mulai 21 Oktober 2008 sampai dengan 19 Januari 2009. Jumlah lembar saham yang diperbolehkan untuk dibeli kembali adalah 757.599.375 lembar saham (20% dari modal disetor) dan jumlah dana maksimal pembelian kembali (termasuk biaya transaksi) adalah Rp 100 milyar. Sampai dengan tanggal 17 Nopember 2008 perusahaan telah melakukan pembelian kembali sebanyak 6.100.000 lembar saham senilai Rp 1,99 milyar. Perusahaan telah menunjuk PT Bahana Securities untuk bertindak sebagai Perusahaan Wakil Perantara Perdagangan Efek yang akan membantu Perusahaan dalam pelaksanaan rencana transaksi tersebut.
49. PERNYATAAN STANDAR KEUANGAN (PSAK) BARU
49. NEW STATEMENTS OF FINANCIAL ACCOUNTING STANDARDS (PSAK)
AKUNTANSI
Ikatan Akuntansi Indonesia (“IAI”) telah menerbitkan beberapa standar akuntansi revisi yang mungkin berdampak ke laporan keuangan Perseroan sebagai berikut:
The Indonesian Institute of Accountant issued several revised Accounting Standards which possibly effect the Company financial statements, as follows:
- PSAK 50 (Revisi 2007) - Instrumen Keuangan: Penyajian dan Pengungkapan (berlaku untuk laporan keuangan yang periodenya dimulai pada atau setelah tanggal 1 Januari 2009).
-
PSAK 50 (Revision of 2007) - Financial Instruments: Presentation and Disclosures (effective for financial statements beginning on or after January 1, 2009).
- PSAK 55 (Revisi 2007) - Instrumen Keuangan: Pengakuan dan Pengukuran (berlaku untuk laporan keuangan yang periodenya dimulai pada atau setelah tanggal 1 Januari 2008).
-
PSAK 55 (Revision of 2007) - Financial Instruments: Recognition and Measurement (effective for financial statements beginning on or after January 1, 2008).
Perusahaan masih mengevaluasi dampak yang mungkin timbul dari penerapan standar-standar ini terhadap laporan keuangan konsolidasian.
The Company is shill evaluating the effects of these standards on the consolidated financial statements.
89
REGISTERED OFFICE OF THE ISSUER PT Bakrie Sumatera Plantations Tbk Wisma Bakrie 2 15th Floor, Jl. H.R. Rasuna Said Kav. B-2 Jakarta 12920, Indonesia
TRUSTEE, PRINCIPAL AGENT, PAYING AGENT, REDEMPTION AGENT AND TRANSFER AGENT The Bank of New York Mellon 40th Floor, One Canada Square London E14 5AL United Kingdom
REGISTRAR The Bank of New York Mellon 21st Floor West 101 Barclay Street New York, NY 10286 United States of America
LEGAL ADVISORS TO THE ISSUER IN RESPECT OF THE SALE OF THE EXISTING NOTES as to English law as to Indonesian law K&L Gates LLP Ery Yunasri & Partners One Raffles Quay The Energy Building, 17th Floor #19-01, North Tower Sudirman Central Business District Lot 11.A Singapore 048583 Jl. Jendral Sudirman Kav. 52-53 Jakarta 12190, Indonesia
LEGAL ADVISORS TO ARCH ADVISORY LIMITED IN RESPECT OF THE SALE OF THE EXISTING NOTES as to English law Latham & Watkins LLP 9 Raffles Place, #42-02 Republic Plaza Singapore 048619
LEGAL ADVISORS TO THE TRUSTEE as to English law Lovells Lee & Lee 80 Raffles Place #54-01, UOB Plaza 1 Singapore 048624
AUDITORS TO THE COMPANY Tjiendradjaja & Handoko Tomo (Mazars) Jl. Sisingamangaraja No. 26 2nd Floor Jakarta 12120 Indonesia LISTING AGENT Latham & Watkins LLP 9 Raffles Place, #42-02 Republic Plaza Singapore 048619
