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Surat Pernyataan Direksi Laporan Auditor Independen Laporan Keuangan Konsolidasian Untuk Tahun-tahun yang Berakhir pada Tanggal 31 Desember 2011 dan 2010, serta Laporan Posisi Keuangan Konsolidasian Pada Tanggal 1 Januari 2010/ 31 Desember 2009 Laporan Posisi Keuangan Konsolidasian Laporan Laba Rugi Komprehensif Konsolidasian Laporan Perubahan Ekuitas Konsolidasian Laporan Arus Kas Konsolidasian Catatan Atas Laporan Keuangan Konsolidasian 1 3 4 5 6
Directors Statement Letter Independent Auditors Report Consolidated Financial Statements For the Years Ended December 31, 2011 and 2010, and Consolidated Statement of Financial Position as of January 1, 2010/ December 31, 2009 Consolidated Statements of Financial Position Consolidated Statements of Comprehensive Income Consolidated Statements of Changes in Equity Consolidated Statements of Cash Flows Notes to Consolidated Financial Statements
634,673 170,000 --
15,427 -1,158
21,523 -1,158
3.u, 36 3.e, 8, 36
473,758 791
159,843 2,024
141,709 3,140
CURRENT ASSETS Cash and Cash Equivalents Short Term Investment Accounts Receivable Related Party Third Parties (Net of allowance for impairment Value of Rp 701 as of Dec 31, 2011 and Rp 843 as of Dec 31, 2010 and Jan 1, 2010/ Dec 31, 2009, respectively) Other Receivables Inventories (Net of impairment value amounted to Rp 250 as of Dec 31,2011 and 2010, and Jan 1, 2010/ Dec 31, 2009, respectively) Prepaid Taxes Prepaid Expenses Purchase Advances Total Current Assets NON-CURRENT ASSETS Due from Related Parties Investment in Shares of Stock Plasma Receivable Deferred Tax Assets Property, Plant and Equipments (Net of accumulated depreciation amounted to Rp 369,330, Rp 310,243 and Rp 218,649 as of Dec 31, 2011 and 2010, and Jan 1, 2010/ Dec 31, 2009, respectively) Plantations (Net of accumulated depreciation amounted to Rp 12,058, Rp 7,180 and Rp 9,022 as of Dec 31, 2011 and 2010, and Jan 1, 2010/ Dec 31, 2009, respectively) Deferred Land Rights Cost - Net Long-term Advances Unutilized Assets Intangible Assets - Net Other Assets Total Non-Current Assets TOTAL ASSETS *) As restated (Note 2.a)
3.u, 3.v, 7, 36 3.u 3.i, 3.u, 34, 36 3.r, 9.b 3.g, 3.h, 12
43,257 29 -6,582
29,000 28 -269
933,668 3.j, 13
620,043
548,527
Catatan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan
The accompanying notes form an integral part of these consolidated financial statements
paraf:
LIABILITAS
Catatan/ Note
LIABILITIES
LIABILITAS JANGKA PENDEK Hutang Bank dan Lembaga Keuangan Hutang Usaha Pihak Berelasi Pihak Ketiga Hutang Pajak Uang Muka Penjualan Beban Masih Harus Dibayar Bagian Liabilitas Jangka Panjang yang Jatuh Tempo Dalam Satu Tahun: Hutang Sewa Pembiayaan Hutang Bank Jangka Panjang Hutang Lain-lain Jumlah Liabilitas Jangka Pendek LIABILITAS JANGKA PANJANG Liabilitas Jangka Panjang - Setelah Dikurangi Bagian yang Jatuh Tempo Dalam Satu Tahun: Hutang Sewa Pembiayaan Hutang Bank Jangka Panjang Liabilitas Jangka Panjang Lainnya Hutang Pihak Berelasi Liabilitas Pajak Tangguhan Liabilitas Imbalan Kerja Karyawan Hutang Obligasi Konversi Jumlah Liabilitas Jangka Panjang JUMLAH LIABILITAS EKUITAS Ekuitas yang Dapat Diatribusikan Kepada Pemilik Entitas Induk: Modal Saham Nilai Nominal Saham Seri A: Rp 500 Saham Seri B: Rp 200 Modal Dasar Saham Seri A: 135.000.000 saham Saham Seri B: 4.652.500.000 saham Modal Ditempatkan dan Disetor Penuh Saham Seri A: 135.000.000 lembar Saham Seri B: 2.791.000.000 lembar pada 31 Des 2011 dan 1.537.000.000 lembar masing-masing pada 31 Des 2010 dan 1 Jan 2010/ 31 Des 2009 Tambahan Modal Disetor - Bersih Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali Selisih Transaksi Perubahan Ekuitas Entitas Anak dan Pihak Nonpengendali Proforma Modal yang Timbul dari Transaksi Restrukturisasi Entitas Sepengendali Saldo Laba (Defisit) KEPENTINGAN NONPENGENDALI JUMLAH EKUITAS JUMLAH LIABILITAS DAN EKUITAS *) Disajikan kembali (Catatan 2.a)
3.u, 16, 36 3.t, 3.u, 17, 35, 36 3.v, 7 3.r, 9.c 3.u 18, 36 3.u, 36 3.h, 19, 35 20 3.u, 36
CURRENT LIABILITIES Loans from Bank and Financial Institution Accounts Payable Related party Third Parties Taxes Payable Sales Advance Accrued Expenses Current Maturities of Long-term Liabilities: Obligation under Finance Leases Long-term Bank Loans Other Payables Total Current Liabilities NON-CURRENT LIABILITIES Long-term Liabilities - Net of Current Maturities: Obligation under Finance Leases Long-term Bank Loans Other Long-Term Liability Due to Related Parties Deferred Tax Liabilities Provision Liability on Employee Benefits Convertible Bonds Total Non-Current Liabilities TOTAL LIABILITIES EQUITY Equity Atributable to Owners of the Parent Entity Capital Stock Par Value Serie A Shares: Rp 500 Serie B Shares: Rp 200 Authorized Capital Serie A Shares: 135,000,000 shares Serie B Shares: 4,652,500,000 shares Issued and Fully Paid Capital Serie A Shares: 135,000,000 shares Serie B Shares: 2,791,000,000 shares as of Dec 31, 2011 and 1,537,000,000 shares as of Dec 31, 2010 and January 1, 2010/ December 31, 2009, respectively) Additional Paid-in Capital - Net Difference in Value from Restructuring Transactions between Entities Under Common Control Changes in Equity Transaction of a Subsidiary and Non-controlling Interest Pro Forma Capital Arising from Restructuring Transactions of Entities Under Common Control Retained Earning (Deficit) NON-CONTROLLING INTEREST TOTAL EQUITY TOTAL LIABILITIES AND EQUITY *) As restated (Note 2.a)
3.u, 36 3.h, 19, 35 20 3.u, 21, 36 3.u, 3.v, 7, 36 3.r, 9.b 3.l, 22 3.m, 3.u 2,267 825,006 -1,680 284 16,419 -845,656 1,757,492 24,544 576,900 60,000 151,921 3,571 11,650 -828,586 1,346,881 41,139 492,857 -6,750 1,405 7,931 3,500 553,582 925,857
23
625,700
374,900
374,900
3.n, 24 3.p, 25
657,256
217,816
217,816
1,216 26 381,493
1,216 (60)
(70,810) --
Catatan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan
The accompanying notes form an integral part of these consolidated financial statements
paraf:
3.t 31
45.37
Catatan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan
The accompanying notes form an integral part of these consolidated financial statements
paraf:
Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali/ Difference in Value from Restructuring Transactions Between Entities Under Common Control Rp
Rp SALDO PER 31 DESEMBER 2009 Selisih Transaksi Perubahan Ekuitas Entitas Anak Proforma Modal yang Timbul dari Transaksi Restrukturisasi Entitas Sepengendali Selisih Nilai Transaksi Restrukturisasi Entitas Sepengendali Laba Komprehensif Tahun Berjalan Efek Penyesuaian Proforma Penambahan Kepentingan Non Pengendali Karena Akuisisi Entitas Anak SALDO PER 31 DESEMBER 2010 Penambahan Modal Modal Disetor dari Penawaran Umum Terbatas III - Bersih Laba Komprehensif Tahun Berjalan Penerimaan Uang Muka Setoran Modal dari Pihak Ketiga Oleh Entitas Anak Penambahan Kepentingan Non Pengendali karena Peningkatan Modal Pada entitas anak SALDO PER 31 DESEMBER 2011 374,900 ------374,900 250,800
Pro Forma Modal Selisih Transaksi yang Timbul dari Perubahan Ekuitas Transaksi Restrukturisasi Entitas Anak dan Entitas Sepengendali/ Transaksi dengan Pro Forma Equity Pihak Nonpengendali/ Arising from Changes in Equity Restructuring Transaction of Transactions of a Subsidiary and Transaction Entities Under with Non-controlling Common Control Interest Rp Rp 205,254 -(72,026) --(133,228) -----(60) -----(60) ---
Rp 642,973 (60) (72,026) 72,026 80,066 (133,228) 318 590,069 -690,240 149,951 381,553 21,004 1,832,817
BALANCE AS OF DECEMBER 31, 2009
Changes in Equity Transaction of a Subsidiary Pro Forma Capital Arising from Restructuring Transactions of Entities Under Common Control Difference in Value of Restructuring Transactions Between Companies Under Common Control Comprehensive Income for the Year Effect of Pro Forma Adjustments Additional of Non-Controlling Interest Because of Acquisition of Subsidiaries
BALANCE AS OF DECEMBER 31, 2010
--625,700
--657,256
--1,216
----
381,553 -381,493
Additional Stock Paid-in Capital Through Limited Public Offering III - Net Comprehensive Income for the Year Additional Susbcription Stock foom Third Party at Subsidiary Additional of Non-Controlling Interest Because of Additional Share in Subsidiary
BALANCE AS OF DECEMBER 31, 2011
Catatan terlampir merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasian secara keseluruhan
The accompanying notes form an integral part of these consolidated financial statements
paraf:
PT TIGA PILAR SEJAHTERA FOOD Tbk DAN ENTITAS ANAK LAPORAN ARUS KAS KONSOLIDASIAN Untuk Tahun-tahun yang Berakhir 31 Desember 2011 dan 2010 (Dalam Jutaan Rupiah)
2011 Rp ARUS KAS DARI AKTIVITAS OPERASI Penerimaan dari Pelanggan Pembayaran kepada Pemasok dan Pihak Ketiga Kas yang Dihasilkan dari Operasi Penerimaan Penghasilan Bunga Pembayaran Pajak Penerimaan Restitusi Pajak Pembayaran Bunga dan Beban Keuangan Pembayaran Karyawan Arus Kas Bersih Diperoleh dari (Digunakan untuk) Aktivitas Operasi ARUS KAS DARI AKTIVITAS INVESTASI Penempatan Investasi Jangka Pendek Penjualan Lahan dan Tanaman Perkebunan Pengeluaran untuk Hak Atas Tanah Uang Muka Jangka Panjang Pemeliharaan Tanaman Perkebunan Belum Menghasilkan Perolehan Aset Tetap Perolehan Merk Dagang Akuisisi Entitas Anak Arus Kas Bersih Digunakan untuk Aktivitas Investasi ARUS KAS DARI AKTIVITAS PENDANAAN Penerimaan dari Hutang Bank - Jangka Pendek Penerimaan dari Hutang Bank - Jangka Panjang Penerimaan dari Pihak-Pihak Berelasi Pembayaran kepada Pihak-Pihak Berelasi Pembayaran Obligasi Konversi Pembayaran Hutang Sewa Pembiayaan Pembayaran Bunga Pinjaman Bank - Kredit Investasi Pembayaran Hutang Bank - Jangka Panjang Pembayaran Hutang Bank - Jangka Pendek Pembayaran Hutang Jangka Panjang Lainnya Penerimaan Bersih dari Penawaran Umum Terbatas III Penerimaan Penambahan Setoran Modal Penerimaan Uang Muka Pemesanan Saham dari Pihak Ketiga oleh Entitas Anak Arus Kas Bersih Diperoleh dari Aktivitas Pendanaan PENINGKATAN (PENURUNAN) BERSIH KAS DAN SETARA KAS DAMPAK SELISIH KURS ATAS KAS DAN SETARA KAS SALDO KAS DAN SETARA KAS PADA AWAL TAHUN SALDO KAS DAN SETARA KAS ENTITAS ANAK YANG DIAKUISISI SALDO KAS DAN SETARA KAS PADA AKHIR TAHUN Jumlah Kas dan Setara Kas pada Akhir Tahun terdiri dari: Kas Bank Deposito Berjangka Jumlah Kas dan Setara Kas Aktivitas yang Tidak Mempengaruhi Arus Kas: Penambahan Aset Tetap Menggunakan Fasilitas Sewa Pembiayaan 2010 Rp
PT TIGA PILAR SEJAHTERA FOOD Tbk AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS For the Years Ended December 31, 2011 and 2010 (In Million Rupiah)
1,495,227 (1,271,353) 223,874 701 (12,232) 311 (97,770) (85,222) 29,662 (170,000) -(11,023) (35,106) (22,584) (355,371) (209,489) -(803,573) 766,609 479,700 1,606 (151,953) -(39,637) (55,388) (95,998) (540,001) (60,000) 690,240 21,026 381,553 1,397,757 623,846 (4,600) 15,427 -634,673
632,332 (553,055) 79,277 371 (3,751) -(44,679) (54,343) (23,125) -76,091 (2,973) (8,329) (8,703) (12,786) -(167,375) (124,075) 260,637 129,560 35,208 -(3,500) (18,259) (44,865) (44,146) (177,867) ----136,768 (10,432) (130) 21,523 4,466 15,427
CASH FLOWS FROM OPERATING ACTIVITIES Cash Received from Customers Payment to Supplier and Third Parties Cash Proceeds from Operations Cash Generated from Operations Payment of Taxes Receipt from Tax Restitution Payment for Interest and Financial Charges Payment to Employees Net Cash Flow Provided by (Used for) Operating Activities CASH FLOWS FROM INVESTING ACTIVITIES Placement of Short-Term Investments Disposal of Land and Palm Oil Plantation Payment for Land Rights Long-term Advances Maintenance of Immature Plantation Purchase of Property, Plant and Equipment Purchase of Trademarks Acquisition of Subsidiaries Net Cash Flows Used for Investing Activities CASH FLOWS FROM FINANCING ACTIVITIES Proceed from Bank Loan - Short Term Proceed from Bank Loan - Long Term Cash Received from Related Parties Payment to Related Parties Payment for Convertible Bond Payment of Obligation Under Finance Leases Payment for Interest Bank Loan - Investment Credit Repayment of Bank Loan - Long Term Repayment of Bank Loan - Short Term Repayment of Other Long Term Liabilities Net Proceed from Limited Public Offering III Cash Received from Additional of Capital Stock Proceed from Advance for Subscription of Stock from Third Party to Subsidiary Net Cash Flows Provided by Financing Activities NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS EFFECT OF FOREIGN EXCHANGE ON CASH AND CASH EQUIVALENTS CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR CASH AND CASH EQUIVALENTS OF ACQUIRED SUBSIDIARY CASH AND CASH EQUIVALENTS AT END OF THE YEAR Cash and Cash Equivalents at the End of the Year consist of: Cash on Hand Cash in Banks Time Deposits Total Cash and Cash Equivalents Activities not Affecting Cash Flows: Addition of Property, Plant and Equipment using Finance Leases Facilities
2,142
2,537
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paraf:
1.a. Pendirian Perusahaan PT Tiga Pilar Sejahtera Food Tbk (Perusahaan) didirikan pada tanggal 26 Januari 1990 berdasarkan Akta Pendirian No. 143 yang dibuat dihadapan Winanto Wiryomartani, S.H., Notaris di Jakarta, dengan nama PT Asia Intiselera. Akta pendirian ini disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-1827.HT.01.01.Th.91 tanggal 31 Mei 1991 serta diumumkan dalam Berita Negara Republik Indonesia No. 65, Tambahan No. 2504 tanggal 13 Agustus 1991. Anggaran Dasar Perusahaan telah mengalami beberapa kali perubahan, terakhir melalui Akta Pernyataan Keputusan Rapat No. 41 tanggal 8 Agustus 2008 yang dibuat di hadapan Poerbaningsih Adi Warsito, S.H., Notaris di Jakarta, mengenai penyesuaian Anggaran Dasar Perusahaan dengan Undang-undang Perseroan Terbatas No. 40/2007. Perubahan ini telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia melalui Surat Keputusan No. AHU-85499.AH.01.02.Tahun.2008 tanggal 13 Nopember 2008, serta diumumkan dalam BNRI No. 6, Tambahan No. 1588 tanggal 20 Januari 2009. Sesuai dengan pasal 3 anggaran dasar Perusahaan, ruang lingkup kegiatan Perusahaan meliputi usaha bidang perdagangan, perindustrian, peternakan, perkebunan, pertanian, perikanan dan jasa. Sedangkan kegiatan usaha entitas anak meliputi usaha industri mie dan perdagangan mie, khususnya mie kering, mie instan dan bihun, snack, industri biskuit, permen, perkebunan kelapa sawit, pembangkit tenaga listrik, pengolahan dan distribusi beras. Perusahaan mulai beroperasi secara komersial pada tahun 1990. Kantor pusat Perusahaan beralamat di Gedung Alun Graha, Jl. Prof. Dr. Soepomo No. 233 Jakarta. Lokasi pabrik mie kering, biskuit dan permen terletak di Sragen, Jawa Tengah. Usaha perkebunan kelapa sawit terletak di beberapa lokasi di Sumatera dan Kalimantan. Usaha pengolahan dan distribusi beras terletak di Cikarang, Jawa Barat dan Sragen, Jawa Tengah. 1.b. Penawaran Efek Perusahaan Pada tanggal 14 Mei 1997, Perusahaan memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal - Lembaga Keuangan (Bapepam-LK) dengan suratnya No. S-919/PM/1997 untuk melakukan penawaran umum 45 juta saham dengan nilai nominal Rp 500 (dalam Rupiah penuh) per saham kepada masyarakat. Pada tanggal 11 Juni 1997, saham d1/ April 16, 2012
On October 24, 2003, the Company obtained the approval from Stockholders General Meeting to issue 547.5 million of B Series shares with par value of Rp 200 through the Companys Limited Public Offering I. On November 7, 2003, the shares were listed at the IDX.
On October 27, 2003, PT Tiga Pilar Sekuritas, as one of the holder of convertible bonds, converted 53 convertible bonds amounting to Rp 26,500 into 132.5 million of B Series shares with par value of Rp 200 (in full Rupiah). The shares were effectively listed at the IDX on November 19, 2003.
In 2008, the Company held a Limited Public Offering II to its stockholders with Pre-Emptive Rights amounting to 627 million of B Series common shares with par value of Rp 200 (in full Rupiah) and offering price of Rp 522 (in full Rupiah) per share. This offering had obtained effective notification based on the Chairman of the Indonesian Capital Market and Financial Institution Supervisory Agency (BapepamLK) Letter No. S-2478/BL/2008 dated April 28, 2008, and had obtained approval from the Companys Extraordinary General Meeting of Stockholders on April 29, 2008. On May 14, 2008, Companys new share were listed in IDX resulting to 1,672 million of outstanding shares as of December 31, 2008.
In 2011, the Company held the Limited Public Offering III to its stockholders with Pre-Emptive Rights amounted to 1,254 millions of B Series common shares with par value of Rp 200 and offering price of Rp 560 (in full Rupiah) per share. This offering had paraf:
1.c. The Structure of Subsidiaries The Company owns, either directly or indirectly, more than 50% shares in subsidiaries and/or has a control over management of subsidiaries as follows:
Entitas Anak/ Subsidiary Pemilikan Langsung/ Direct Ownership PT Tiga Pilar Sejahtera PT Poly Meditra Indonesia PT Bumiraya Investindo dan/ and Entitas Anak/ Subsdiaries PT Dunia Pangan dan/and Entitas Anak/ Subsdiaries PT Patra Power Nusantara* PT Balaraja Bisco Paloma* Pemilikan Tidak Langsung/ Indirect Ownership Melalui/ Through PT Bumiraya Investindo: PT Charindo Palma Oetama PT Muarobungo Plantation PT Airlangga Sawit Jaya PT Mitra Jaya Agro Palm PT Tugu Palma Sumatera Pemilikan Tidak Langsung/ Indirect Ownership Melalui/ Through PT Dunia Pangan: PT Jatisari Srirejeki PT Indo Beras Unggul
Domisili/ Domicile
Industri dan Perdagangan Mie/ Snack Noodle/ Snack Industry and Trading Industri Makanan Ringan/ Snack Industry Industi Perkebunan Kelapa Sawit/ Palm Oil Plantations Industri dan Perdagangan Beras/ Rice Mill and Trading Industri Pembangkit Tenaga Listrik/ Electric Power Plant Industry Distribusi, Perdagangan dan Keagenan/ Distribution, Trading and Agency
Industi Perkebunan Kelapa Sawit/ Palm Oil Plantations Industi Perkebunan Kelapa Sawit/ Palm Oil Plantations Industi Perkebunan Kelapa Sawit/ Palm Oil Plantations Industi Perkebunan Kelapa Sawit/ Palm Oil Plantations Industi Perkebunan Kelapa Sawit/ Palm Oil Plantations
Karawang Jakarta
Industri dan Perdagangan Beras/ Rice Mill and Trading Industri dan Perdagangan Beras/ Rice Mill and Trading
2003 2008
99.99 70.00
99.99 70.00
259,456 314,701
251,523 1,703
Pemilikan Tidak Langsung/ Indirect Ownership Melalui/ Through PT Balaraja Bisco Paloma*: PT Putra Taro Paloma* Balaraja Industri Makanan Ringan Snack Industry 2011 99.96 -289,319 --
*)
Pada tahun 2010, Perusahaan dan entitas anak melakukan restrukturisasi grup usahanya dengan mengakuisisi 6 (enam) perusahaan yang masih tergabung dalam pengendalian yang sama. Perusahaan mengakuisi saham PT Dunia Pangan (DP) dan PT Bumiraya Investindo, entitas anak, d1/ April 16, 2012 8
In 2010, the Company carried out restructuring of its business group by acquiring 6 (six) companies that are still under common control. The Company acquired the shares of PT Dunia Pangan (DP) and PT Bumiraya Investindo, a subsidiary, PT Mitra Jaya Agro Palm (MJAP), PT Airlangga Sawit Jaya (ASJ), PT Charindo paraf:
Furthermore, The Companies through its subsidiary, DP, acquired 99.99% ownership in PT Jatisari Srirejeki from third parties and 70% ownership in PT Indo Beras Unggul (IBU) in December 2010. The summary of shares acquisition activities is as follows:
Jumlah Lembar Saham/ Tota l Shares 21 ,000 875 39 ,999 109,999 149,999 19 ,999 2, 499 50 ,199 Persentase Ke pemilikan/ Percentage of Ownership 70.00% 70.00% 99.99 % 99.99 % 99.99 % 99.99 % 99.96% 99.99 %
Tanggal Transaksi/ Transaction Date 15 Desember 2010 /December 15, 2010 20 Agu stus 2010/ Au gust 2 0, 2010 15 Desember 2010 /December 15, 2010 15 Desember 2010 /December 15, 2010 15 Desember 2010 /December 15, 2010 15 Desember 2010 /December 15, 2010 15 Desember 2010 /December 15, 2010 31 Desember 2010 /December 31, 2010
Pada tanggal 15 Desember 2010, Perusahaan mengakuisisi 70% kepemilikan di PT Dunia Pangan (DP) berdasarkan akta pengalihan saham No. 23 dan 24 yang dibuat dihadapan Notaris Benediktus Andy Widyanto, SH, akuisisi saham terdiri dari: 18.000 lembar saham milik Stefanus Joko Mogoginta, Direktur Perusahaan; 3.000 lembar saham milik Budhi Istanto Suwito, Komisaris Perusahaan. Berdasarkan Akta No. 20 dan 21 tanggal 15 Desember 2010 dari Notaris Benediktus Andy Widyanto, SH, disetujui penjualan saham MJAP kepada BRI yang terdiri dari: 39.996 lembar saham milik PT Permata Handrawina Sakti, pemegang saham; 3 lembar saham milik Stefanus Joko Mogoginta, Direktur Perusahaan. Berdasarkan Akta No. 13 tanggal 15 Desember 2010 dari Notaris Benediktus Andy Widyanto, SH, disetujui penjualan saham ASJ milik PT Tugu Palma Sejahtera, pihak berelasi, kepada BRI sejumlah 109.999 lembar saham. Berdasarkan Akta No. 11 tanggal 15 Desember 2010 dari Notaris Benediktus Andy Widyanto, SH, disetujui penjualan saham CPO milik PT Tugu Palma Sejahtera kepada BRI sejumlah 149.999 lembar saham. Berdasarkan Akta No. 15 tanggal 15 Desember 2010 dari Notaris Benediktus Andy Widyanto, SH, disetujui d1/ April 16, 2012 9
On December 15, 2010, the Company acquired 70% ownership of PT Dunia Pangan (DP) based on the deed of shares acquisitions No. 23 and 24, made before Benediktus Andy Widyanto, SH, the aquired shares consists of: 18,000 shares owned by Stefanus Joko Mogoginta the Companys Director; and 3,000 shares owned by Budhi Istanto Suwito, the Companys Commissioner. Based on the deed No. 20 and 21 dated December 15, 2010, of Benediktus Andy Widyanto, SH, BRI acquired the shares of MJAP consisting of: 39,996 shares owned by PT Permata Handrawina Sakti, a stockholder; 3 shares owned by Stefanus Joko Mogoginta, the Companys Director. Based on the deed No. 13 dated December 15, 2010, of Benediktus Andy Widyanto, SH, BRI acquired 109,999 ASJ previously shares owned by PT Tugu Palma Sejahtera. Based on the deed No. 11 dated December 15, 2010, of Benediktus Andy Widyanto, SH, BRI acquired 149,999 CPO shares previously owned by PT Tugu Palma Sejahtera. Based on the deed No. 15 dated December 15, 2010, of Benediktus Andy Widyanto, SH, BRI aquired 19,999 paraf:
Based on Conditional Share Purchase Agreement dated December 31, 2010 which was subsequently paraf:
45,180 shares owned by WN; 5,020 shares owned by HCT. The acquisition cost of the shares amounted to Rp 35,000. DP used the loan facility from Primanex, Pte Ltd is amounting to Rp 35,000 to fund the shares acquisition (see Note 6). The acquisition JS was accounted in accordance with the Statement of Financial Accounting Standard (PSAK) No. 22 (2007 Revision) regarding Business Combination. Consequently, net difference between shares acquisition price with the net book value of assets of acquired subsidiaries amounting to Rp 73,111 was recorded as Goodwill in the assets section of the consolidated statements of financial position (see Note 10). PT Balaraja Bisco Paloma was established in May 13, 2001 based on Noctarial Deed No. 143 of Arry Supratno, S.H., in Jakarta. The deed of establishment was approved by Minister of Justice and Human Rights of Republic of Indonesia in his decree No. AHU27301.AH.01.01.Tahun 2011 dated May 30, 2011. In September 2011, PT Balaraja Bisco Paloma, a subsidiary, acquired 2,499 shares of PT Putra Taro Paloma for Rp 1,249.5 which represents 99.96% ownership. 1.d. Board of Commissioners, Board of Directors, Audit Committee and Employees Based on Deed of Annual General Meeting of Stockholders No 76 dated June 28, 2011 made in the presence of Poerbaningsih Adi Warsito, S.H., a notary in Jakarta, Deed of Annual General Meeting of Stockholders No. 63 dated June 25, 2009 made in the presence of Poerbaningsih Adi Warsito, S.H., a notary in Jakarta the composition of the Companys Board of Commissioners, Board of Directors and Audit Committee as of December 31, 2011 and 2010 is as follows:
11
paraf:
Corporate Secretary Perusahaan pada tanggal 31 Desember 2011 and 2010 masing-masing dijabat oleh Yulianni Liyuwardi. Komite Audit Perusahaan pada tanggal 31 Desember 2011 and 2010 masing-masing dijabat sebagai berikut: Ketua Anggota Anggota
The Companys corporate secretary as of December 31, 2011 and 2010 is Yulianni Liyuwardi. The Audit Committee of the Company as of December 31, 2011 and 2010 is as follow: Chairman Member Member
Jumlah remunerasi yang dibayarkan kepada dewan komisaris dan direksi untuk tahun-tahun yang berakhir pada 31 Desember 2011 dan 2010 adalah sebagai berikut:
2011 Rp Imbalan Kerja Jangka Pendek Imbalan Pascakerja Jumlah 5,230 3,466 8,696
Remuneration paid to Board of Commissioners and Board of Directors of the Company for the years ended December 31, 2011 and 2010, are as follows:
2010 Rp 5,196 3,109 8,305 Short -Term Employee Benefits Post -Employment Benefits Total
Pada tanggal 31 Desember 2011 dan 2010, jumlah keseluruhan karyawan tetap Perusahaan dan entitas anak adalah 2.059 dan 1.816 orang (tidak diaudit). 2. Penerapan Pernyataan dan Interpretasi Standar Akuntansi Keuangan yang Direvisi (PSAK Revisi dan ISAK) 2.a. Standar yang Berlaku Efektif pada Tahun Berjalan Berikut adalah standar baru, perubahan atas standar dan interpretasi standar yang wajib diterapkan oleh Perusahaan untuk pertama kalinya untuk tahun buku yang dimulai 1 Januari 2011. PSAK No. 1 (Revisi 2009): Penyajian Laporan Keuangan PSAK No. 2 (Revisi 2009): Laporan Arus Kas
As of December 31, 2011 and 2010, the Company and subsidiaries have 2,059 and 1,816 permanent employees, respectively (unaudited). 2. Adoption of Revised Statement of Financial Accounting Standards and Interpretation to Statement of Financial Accounting Standards (Revised SFAS and IFAS) 2.a. Standards Effective in the Current Year The following new standards, amendments to standards and interpretations are mandatory for the Company for the first time for the financial year beginning January 1, 2011: SFAS No. 1 (Revised 2009): Presentation of Financial Statements SFAS No. 2 (Revised 2009): Statement of Cash Flows 12 paraf:
Informasi komparatif telah disajikan kembali agar sesuai dengan standar tersebut. Karena perubahan pada kebijakan akuntansi hanya mempengaruhi aspek pengungkapan, maka tidak ada dampak terhadap laba per saham. PSAK No. 4 (Revisi 2009): Laporan Keuangan Konsolidasian dan Laporan Keuangan Tersendiri Ruang lingkup Standar ini termasuk mengatur mengenai laporan keuangan tersendiri sebagai informasi tambahan pada laporan keuangan konsolidasian. Perusahaan tidak menyajikan laporan keuangan tersendiri pada laporan keuangan konsolidasian ini. PSAK No. 5 (Revisi 2009): Segmen Operasi Standar mengharuskan Perusahaan untuk mengungkapkan informasi yang memungkinkan pengguna laporan keuangan untuk mengevaluasi sifat dan dampak keuangan dari aktivitas bisnis. Standar juga menyempurnakan definisi segmen operasi dan prosedur yang digunakan untuk mengidentifikasi dan melaporkan segmen operasi. Standar mengharuskan pendekatan manajemen dalam menyajikan informasi segmen menggunakan dasar yang sama seperti halnya pelaporan internal. Perusahaan mengoperasikan dan menjalankan bisnisnya melalui 3 (tiga) segmen yang terdiri dari segmen manufaktur makanan, produk beras dan agribisnis. Segmen operasi dilaporkan dengan cara yang konsisten dengan pelaporan internal yang disampaikan kepada pengambil keputusan operasional. Dalam hal ini pengambil keputusan operasional yang mengambil keputusan strategis adalah Direksi. PSAK No. 7 (Revisi 2010): Pengungkapan Pihakpihak Berelasi Standar menyempurnakan panduan untuk pengungkapan hubungan pihak-pihak berelasi, transaksi dan saldo termasuk komitmen. Standar juga memberikan penjelasan bahwa anggota personil manajemen kunci adalah pihak berelasi, 14
Comparative information has been presented to conform with the revised standard. The changes in accounting policy only impacts presentation aspects and has no impact on earnings per share. SFAS No. 4 (Revised 2009): Consolidated and Separate Financial Statements The scope of the standard is applicable when a parent entity prepares separate financial statements as supplementary information of the consolidated financial statements. The Company did not present a separate financial report to the consolidated financial statements. SFAS No. 5 (Revised 2009): Operating Segments The standard requires the Company to disclose information that enable users of the financial statements to evaluate the nature and financial effects of the business activities. The standard also enhances the definition of operating segment and the procedures used to identify and report operating segment. It requires a management approach under which segment information is presented on the same basis as that used for internal reporting purposes. The Company operates and manages its business through three (3) segments which consist of food manufacturing, ricemill and agribusiness segments.
Operating segment is reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker has been identified as the board of directors that makes strategic decisions. SFAS No. 7 (Revised 2010): Related Party Disclosures The standard enhances the guidance in the disclosure of related party relationships, transactions, outstanding balances, and commitments. It also clears out that a member of the key management personnel is a related party. paraf:
SFAS 22 (Revisied 2010): Business Combination Starting January 1, 2011, goodwill is no longer amortized. The accumulated amortization is writtenoff to its acquisition costs. Subsequently, goodwill is measured at cost less accumulated impairment losses, if any. This refers to the annual impairment testing in accordance with PSAK No. 48 (Revised 2009), Impairment of Assets.
Beginning January 1, 2011, the carrying amount of negative goodwill that resulted from the business combinations prior to January 1, 2011 was derecognized by adjusting the retained earnings.
SFAS No. 48 (Revised 2009): Impairment of Assets This standard provides new guidance or clarifications with respect to the frequency of impairment testing, identifying the cash-generating units to which the assets belong, allocating goodwill to cash generating units, timing of impairment testing for goodwill. In particular, this standard requires at least an annual impairment testing of the following: i. the recoverable amount of an intangible asset with an indefinite useful life to be measured annually, irrespective of whether there is any indication of impairment; ii. the recoverable amount of an intangible asset not yet available for use to be measured annually, irrespective of whether there is any indication of impairment; iii. goodwill acquired in a business combination.
15
paraf:
SFAS No. 34 (Revised 2010): Construction Contracts SFAS No. 36 (Revised 2010): Accounting for Life Insurance SFAS No. 45 (Revised 2011): Financial Reporting for Non-Profit Organizations SFAS No. 46 (Revised 2010): Accounting for Income Taxes SFAS No. 50 (Revised 2010): Financial Instruments: Presentation SFAS No. 53 (Revised 2010): Share-based Payment SFAS No. 55 (Revised 2011) SFAS No. 55 (Revised 2011): Financial Instruments: Recognition and Measurement SFAS No. 56 (Revised 2010): Earnings per Share SFAS No. 60: Financial Instruments: Disclosures SFAS No. 61: Accounting for Government Grants and Disclosure of Government Assistance SFAS No. 62: Insurance Contracts SFAS No. 63: Financial Reporting in Hyperinflationary Economies SFAS No. 64: Exploration and Evaluation of Mineral Resources IFAS No. 13: Hedges of a Net Investment in a Foreign Operation IFAS No. 15, SFAS No. 24 - The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction IFAS No. 16: Service Concession Arrangements paraf:
Perusahaan tidak melakukan penerapan dini PSAK, ISAK dan pencabutan PSAK tersebut serta belum menentukan dampaknya terhadap laporan keuangan konsolidasian.
The Company did not early adopt the abovementioned SFAS, IFAS and withdrawal of SFAS and has not determined the impact to its consolidated financial statements.
3.
Summary Policies
of
Significant
Accounting
3.a. Kepatuhan Terhadap Standar Akuntansi Keuangan (SAK) Laporan keuangan Perusahaan telah disusun sesuai dengan Standar Akuntansi Keuangan di Indonesia yang meliputi Pernyataan Standar Akuntansi Keuangan (PSAK) dan Interpretasi Standar Akuntansi Keuangan (ISAK) yang diterbitkan oleh Dewan Standar Akuntansi Keuangan Ikatan Akuntan Indonesia (IAI), serta Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (Bapepam-LK) No. VIII.G.7 (Revisi 2000) tentang Pedoman Penyajian Laporan Keuangan dan Keputusaan No. KEP-554/BL/2010 tentang perubahan atas Peraturan No. VIII.G.7 dan ketentuan akuntansi lainnya yang lazim berlaku di Pasar Modal. 3.b. Dasar Pengukuran dan Penyusunan Laporan Keuangan Konsolidasian Laporan keuangan konsolidasian disusun berdasarkan asumsi kelangsungan usaha serta atas dasar accrual, kecuali laporan arus kas konsolidasian yang menggunakan dasar kas. Dasar pengukuran dalam penyusunan laporan keuangan konsolidasian ini adalah konsep biaya perolehan, kecuali beberapa akun tertentu yang didasarkan pengukuran lain sebagaimana dijelaskan dalam kebijakan akuntansi masing-masing akun tersebut. Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi, dan pendanaan. Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangan konsolidasian ini adalah Rupiah dan seluruh angka dalam laporan keuangan dibulatkan menjadi jutaan Rupiah, kecuali dinyatakan lain. d1/ April 16, 2012 18
3.a. Compliance with Financial Accounting Standards (FAS) The Companys financial statements have been prepared in accordance with the Indonesian Financial Accounting Standards which include the Statement of Financial Accounting Standards (SFAS) and Interpretation of Financial Accounting Standards (IFAS) issued by the Financial Accounting Standards Board Indonesian Institute of Accountants (IIA) and Regulations of Capital Market and Supervisory Board and Financial Institution (Bapepam-LK) No. VIII.G.7 (Revision 2000) regarding the Preparation of Financial Statements and Decree No. KEP-554/BL/2010 regarding the Amendment to Regulation No. VIII.G.7 and other accounting policies which are prevalent in the Capital Market. 3.b. Basis of Measurement and Preparation of Consolidated Financial Statements The consolidated financial statements have been prepared based on a going concern assumption and accrual basis, except for the consolidated statements of cash flows which used the cash basis. The basis of measurement in the preparation of these consolidated financial statements is the historical cost concept, except for certain accounts which have been prepared on the basis of other measurements as described in their respective policies. The consolidated statements of cash flows have been prepared using the direct method by classifying cash flows into operating, investing, and financing activities. The reporting currency used in the preparation of these consolidated financial statements is Rupiah and figures in the financial statements were rounded off to millions of Rupiah, unless otherwise stated.
paraf:
c.
d.
The existence and effect of potential voting rights that can be implemented or converted on the date of the reporting period should be considered when assessing whether an entity has the power to govern financial and operating policies of another entity.
The entities are consolidated from the date on which effective control was transferred to the Company and are no longer consolidated when the Company ceases to have effective control. The effects of all significant transactions and balances between companies within the Company have been eliminated in the consolidated financial statements to reflect the financial position and results of operations of the Company as one business entity.
The non-controiling interest in the net income (loss) and equity of a subsidiary is stated as a proportion of the minority shareholders in the net income (loss) and equity of subsidiary. Transaction difference in equity changes of subsidiaries is stated as an addition to equity in the account Difference in Transactions Concerning Equity Change of Subsidiaries in the consolidated statements of financial position.
19
paraf:
An allowance for obsolete inventories is provided based on the periodic review of the condition of the inventories. 3.f. Prepaid Expenses Prepaid expenses are amortized according to the periods benefited by using straight line method. 3.g. Property, Plant and Equipment Property, plant and equipment are recorded based on cost model which stated at cost less their accumulated depreciation and accumulated impairment value, if any, except for land which are carried at cost and are not depreciated. Depreciation is computed using the straight line method based on the estimated useful lives of the asset as follows:
Tahun/Year Bangunan dan Infrastruktur Mesin Peralatan Pabrik Kendaraan Perabot dan Peralatan Kantor Biaya pemeliharaan dan perbaikan dibebankan ke dalam laporan laba rugi komprehensif konsolidasian d1/ April 16, 2012 20 10 20 4 10 8 48 48 Building and Infrastructures Machineries Factory Equipments Vehicles Office Furniture and Fixtures The cost of repairs and maintenance is charged to the consolidated statement of comprehensive income as paraf:
Aset tetap yang tidak digunakan lagi dikeluarkan dari aset tetap berdasarkan jumlah nilai tercatatnya. 3.h. Sewa Suatu sewa diklasifikasikan sebagai sewa pembiayaan jika sewa tersebut mengalihkan secara substansial seluruh risiko dan manfaat yang terkait dengan kepemilikan aset. Semua bentuk sewa lainnya diklasifikasikan sebagai sewa menyewa biasa. Pada awal masa sewa, lessee mengakui sewa pembiayaan sebagai aset dan liabilitas dalam laporan posisi keuangan sebesar nilai wajar aset sewaan atau sebesar nilai kini dari pembayaran sewa minimum, jika nilai kini lebih rendah dari nilai wajar. Penilaian nilai wajar aset ditentukan pada awal kontrak. Tingkat diskonto yang digunakan dalam perhitungan nilai kini dari pembayaran sewa minimum adalah tingkat suku bunga implisit dalam sewa, jika dapat ditentukan dengan praktis, jika tidak, digunakan tingkat suku bunga pinjaman inkremental lessee. Biaya langsung awal yang dikeluarkan lessee ditambahkan ke dalam jumlah yang diakui sebagai aset. Kebijakan penyusutan aset sewaan adalah konsisten dengan aset tetap yang dimiliki sendiri. 3.i. Perkebunan plasma Pengembangan perkebunan plasma dibiayai oleh kredit investasi perkebunan plasma dari bank atau melalui pembiayaan sendiri. Biaya-biaya yang terjadi dalam tahap pengembangan perkebunan plasma sampai perkebunan plasma tersebut diserahkan kepada petani plasma dikapitalisasi. Akumulasi biaya pengembangan perkebunan plasma disajikan sebesar nilai bersihnya setelah dikurangi dengan kredit investasi yang diterima sebagai aset atau liabilitas pada laporan posisi keuangan konsolidasian.
21
paraf:
3.m. Obligasi Diperoleh Kembali Perolehan kembali instrumen hutang yang tidak dimaksudkan sebagai pelunasan, diperlakukan seolah-olah telah terjadi pelunasan dalam laporan d1/ April 16, 2012
Certain brand names which are intangible and have future benefits are amortized over a period of 20 years using the straight-line method.
3.p. Difference in Value from Restructuring Transactions between Entities Under Common Control The restructuring transactions between entities under common control, such as transfers of assets, liabilities, shares or other ownership instruments by re-organizing entities within the same group, does not represent changes of ownership in terms of economic substance, thus does not result in gain or loss for the group companies as a whole or for the individual entity in the group.
23
paraf:
If the control, in substance, of entities involved in the restructuring transaction no longer exists or there is a removal of assets, liabilities, stocks, or others ownership instruments that becomes the basis of difference in value of restructuring transactions between companies under common control, then the account balance of difference in value of restructuring transactions between companies under common control are recorded as gain or loss realized in the consolidated statements of comprehensive income.
3.q. Revenue and Expense Recognition Revenues are recognized when goods are transferred to the customers. Sales paid in advance are recognized as revenue when the goods are transferred to the customers. Expenses are recognized as incurred. 3.r. Income Tax All temporary differences arising between the tax bases of assets and liabilities and their carrying value for financial reporting purposes are recognized as deferred tax using the balance sheet liability method. Currently enacted tax rates are used to determine deferred tax. Deferred income tax is determined using tax rates that have been enacted or substantially enacted at the statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred tax assets relating to the carryforward of unused tax losses are recognized to the extent that it is probable that future taxable profit will be available against which the unused tax losses can be utilized. Adjustments to tax obligations are recognized when an assessment letter is received or, if an objection submitted, when the result of the decision for the objection determined, or if appealed, when the result of the decision on appeal from tax court is determined.
paraf:
Keuntungan atau kerugian kurs yang timbul dikreditkan atau dibebankan pada laporan laba rugi komprehensif konsolidasian tahun yang bersangkutan. 3.u. Instrumen Keuangan Aset Keuangan Perusahaan mengklasifikasikan aset keuangannya dalam kategori (i) aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi, (ii) pinjaman yang diberikan dan piutang, (iii) investasi yang dimiliki hingga jatuh tempo serta (iv) aset keuangan yang tersedia untuk dijual. Klasifikasi ini tergantung dari tujuan perolehan aset keuangan tersebut. Manajemen menentukan klasifikasi aset keuangan tersebut pada saat awal pengakuannya. Aset Keuangan yang Diukur pada Nilai Wajar Melalui Laporan Laba Rugi (FVTPL) Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugi adalah aset keuangan yang ditujukan untuk diperdagangkan. Aset keuangan diklasifikasikan sebagai diperdagangkan jika diperoleh terutama untuk d1/ April 16, 2012 25
The resulting gains or losses on foreign currencies are credited or charged to the current year consolidated statement of comprehensive income. 3.u. Financial Instruments Financial Assets The Company classifies its financial asset in the following categories (i) financial assets at fair value through profit or loss; (ii) loans and receivables; (iii) heldto-maturity investments; an (iv) available-for-sale financial assets. The classification depends on the Companys purpose of financial assets acquisition. Management recognizes financial assets classification at initial acquisition. Financial Assets At Fair Value Through Profit or Loss (FVTPL) Financial assets which recognized at fair value through profit or loss are financial assets held for trading. Financial assets are classified in this category when they are held principally for the purpose of selling or repurchasing in the near term paraf:
The Company and subsidiaries have no financial assets at fair value through profit or loss. Loans and Receivables Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. At initial recognition, loans and receivables are recognized at fair value plus transaction costs and subsequently measured at amortized cost using the effective interest rate method.
The financial assets which are classified as loans and receivables are cash and cash equivalents, accounts receivable, other receivables from related and third parties and security deposits which are recorded as part of other non-current assets. Held-to-Maturity Investments (HTM) Held-to-maturity investments are non-derivative financial assets with fixed or determinable payments and fixed maturity that Management has the positive intention and ability to hold to maturity, other than:
a) Investments which from initial recognition were designated as financial assets measured at fair value through profit or loss; b) Investments were designated as available for sale; and c) Investments that meet the definition of loans and receivables. Available-for-Sale (AFS) Financial Assets AFS Financial assets are non-derivative financial assets that held during a certain period with intention to sell in order to fulfill liquidity needs, changes in interest rates or foreign exchange, or are not classified as loans and receivables, investments that classified into held-to-maturity or financial assets at fair value through profit or loss.
26
paraf:
Financial Liabilities and Equity Instruments Classification as debt or equity Financial liabilities and equity instruments issued by the Company are classified according to the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. Equity Instruments An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities. Equity instruments are recorded at the proceeds received, net of direct issue costs. Reacquisition of the Companys previously issued stock is accounted for using the cost method. Treasury stock is recorded at acquisition cost and presented as a deduction from the capital stock account.
The Company and subsidiaries have no equity instruments. Financial Liabilities Financial liabilities are classified into (i) financial liabilities at FVTPL and (ii) financial liabilities at amortized cost. Financial Liabilities at FVTPL The fair value of financial liabilities at FVTPL are the financial liabilities that are designated for trading. Financial liabilities are classified for trading if acquired primarily for the purpose of selling or repurchasing in the near term and there is evidence of a pattern of short-term profit taking. Derivatives paraf:
At initial recognition, financial liabilities measured at fair value, net of transaction costs, and are subsequently measured at amortized cost using effective interest rate method. The Company and subsidiaries have no financial liabilities at FVTPL. Financial Liabilities at Amortized Cost Financial liabilities that are not classified as financial liabilities at FVTPL are categorized and measured using amortized cost.
Financial liabilities at amortized cost consists of short and long term bank loans, accounts payable - third parties, other payables - third parties and accrued expenses. Impairment of Financial Assets Financial assets, other than those at FVTPL, are assessed for indicators of impairment at each financial position date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been impacted.
For listed and unlisted equity investments classified as AFS, a significant or prolonged decline in the fair value of the security below its cost is considered to be objective evidence of impairment.
Some objective evidence of impairment in value includes: significant financial difficulty of the issuer or counterparty; or default or delinquency in interest or principal payments; or it becoming probable that the borrower will enter bankruptcy or financial reorganisation.
paraf:
The carrying amount of the financial asset is reduced by the impairment loss directly for all financial assets with the exception of receivables, where the carrying amount is reduced through the use of an allowance account. When a receivable is considered uncollectible, it is written off against the allowance account. Subsequent recoveries of amounts previously written off are credited against the allowance account. Changes in the carrying amount of the allowance account are recognized in the consolidated statements of comprehensive income.
When an AFS financial asset is considered to be impaired, cumulative gains or losses previously recognised in other comprehensive income are reclassified to current period consolidated profit and loss. With the exception of AFS equity instruments, if, in a subsequent period, the amount of the impairment loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognised, the previously recognised impairment loss is reversed through the consolidated statement of comprehensive income to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortised cost would have been had the impairment not been recognized. In respect of AFS equity securities, impairment losses previously recognised in the current period of profit and loss are not reversed through the consolidated statement of comprehensive income. Any increase in fair value subsequent to an impairment loss is recognised directly in equity.
29
paraf:
The Company and subsidiaries derecognize financial liabilities when, and only when, the Companys and subsidiaries obligations are discharged, cancelled or they expire. Effective Interest Method The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial instrument, or, where appropriate, a shorter period to the net carrying amount on initial recognition.
Income is recognized on an effective interest basis for financial instruments other than those financial instruments at FVTPL.
30
paraf:
3.v. Related Parties Transactions A related party is a person or entity that is related to the entity that is preparing its financial statements (referred to as the reporting entity). A person or a close member of that persons family is related to a reporting entity if that person: (a) has control or joint control over the reporting entity; (b) has significant influence over the reporting entity; or (c) is a member of the key management personnel of the reporting entity or of a parent of the reporting entity. An entity is related to a reporting entity if any of the following conditions applies: (a) The entity and the reporting entity are members of the same group (which means that each parent, subsidiaries and fellow subsidiary are related to the others). (b) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a member of a group of which the other entity is a member).
Both entities are joint ventures of the same third party. (d) One entity is a joint venture of a third entity and the other entity is an associate of the third entity. (e) The entity is a post-employment benefit plan for the benefit of employees of either the reporting entity or an entity related to the reporting entity. If the reporting entity is itself such a plan, the sponsoring employers are also related to the reporting entity. paraf:
(c)
f)
(f)
The entity is controlled or jointly controlled by a person identified in (a). A person identified in (a) (i) has significant influence over the entity or is a member of the key management personnel of the entity (or of a parent of the entity).
g)
(g)
3.w. Penggunaan Estimasi Penyusunan laporan keuangan konsolidasian sesuai dengan prinsip akuntansi yang berlaku umum mengharuskan manajemen untuk membuat estimasi dan asumsi yang mempengaruhi jumlah aset dan liabilitasnya yang dilaporkan dalam laporan keuangan konsolidasian selama periode pelaporan. Hasil sesungguhnya mungkin berbeda dengan estimasi tersebut.
3.w. Use of Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted requires the Companys management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the consolidated financial statements. Actual results could differ from those estimates.
4.
Kas Bank - Pihak Ketiga Rupiah PT Bank CIMB Niaga Tbk PT Bank Central Asia Tbk PT Bank Mandiri (Persero) Tbk PT Bank Muamalat Indonesia PT Bank Internasional Indonesia Tbk PT Bank Rabobank International Indonesia PT Bank UOB Indonesia Tbk Lain-lain (masing-masing di bawah Rp 1.000) Dolar AS PT Bank DBS Indonesia (2011: 41,638,041; 2010: 8,602) PT Bank Muamalat Indonesia (2011: 54,967; 2010: 294,194) PT Bank Mandiri (Persero) Tbk (2011: 19,785; 2010: 222,547) Lain-lain (masing-masing di bawah Rp 500) (2011: 14,565; 2010: 15,088) Sub Jumlah Bank
Cash on Hand Cash in Banks - Third Parties Rupiah PT Bank CIMB Niaga Tbk PT Bank Central Asia Tbk PT Bank Mandiri (Persero) Tbk PT Bank Muamalat Indonesia PT Bank Internasional Indonesia Tbk PT Bank Rabobank International Indonesia PT Bank UOB Indonesia Tbk Others (each below Rp 1,000) US Dollar PT Bank DBS Indonesia
(2011: 41,638,041; 2010: 8,602) PT Bank Muamalat Indonesia (2011: 54,967; 2010: 294,194) PT Bank Mandiri (Persero) Tbk (2011: 19,785; 2010: 222,547) Others (each below Rp 500) (2011: 14,565; 2010: 15,088) Sub Total Cash in Banks
32
paraf:
Suku bunga dan periode yang berlaku untuk deposito berjangka pada tahun 2011 dan 2010 adalah sebagai berikut:
2011 Suku Bunga Jatuh Tempo 6.5% - 8.75% 1 - 3 bulan/ months
Interest rate and period of maturity applied for time deposit in 2011 and 2010 are as follows:
5.
5. Short-Term Investment Short-term investment represents time deposit in Rupiah at PT Bank UOB Indonesia amounted to Rp 160,000 with annual interest of 5% and PT Bank Muamalat Indonesia amounted to Rp 10,000 with annual interest rate of 8.75%. This Time Deposit is pledged as collateral to PT Bank UOB Indonesia and PT Bank Muamalat Indonesia (see Note 16).
Investasi jangka pendek merupakan penempatan deposito berjangka dalam Rupiah pada PT Bank UOB Indonesia sebesar Rp 160.000 dan memperoleh bunga 5% per tahun dan PT Bank Muamalat Indonesia sebesar Rp 10.000 dan memperoleh bunga 8,75% per tahun. Deposito ini digunakan sebagai Jaminan kepada PT Bank UOB Indonesia dan PT Bank Muamalat Indonesia (lihat Catatan 16).
6.
Piutang Usaha
2011 Rp 2010 Rp -143,329 86,865 51,201 47,416 41,707 25,391 10,791 67,759 474,459 (701) 473,758 473,758 1,158 36,285 34,354 13,225 32,428 7,810 12,103 -24,481 160,686 (843) 159,843 161,001
6. Accounts Receivable
Pihak Berelasi (lihat Catatan 7) Pihak Ketiga PT Semar Kencana Sejati PT Tata Makmur Sejahtera PT Kereta Kencana Mulia United Nations for World Food Programme PT Kereta Kencana Mandiri PT Kereta Kencana Murni PT Prima Indo Meal Lain-lain (masing-masing di bawah Rp 5.000) Sub Jumlah Piutang Pihak Ketiga Dikurangi : Penurunan Nilai Jumlah Piutang Pihak Ketiga - Bersih Jumlah Piutang Usaha - Bersih
Related Party (see Note 7) Third Parties PT Semar Kencana Sejati PT Tata Makmur Sejahtera PT Kereta Kencana Mulia United Nations for World Food Programme PT Kereta Kencana Mandiri PT Kereta Kencana Murni PT Prima Indo Meal Others (each below Rp 5,000) Sub Total Third Parties Less: Impairment Value Accounts Receivable Third Parties - Net Accounts Receivable - Net
33
paraf:
Piutang usaha PT Tiga Pilar Sejahtera dan PT Poly Meditra Indonesia, seluruhnya entitas anak, dijadikan jaminan atas fasilitas pinjaman yang diperoleh dari PT Bank Mandiri (Persero) Tbk (lihat Catatan 16). Seluruh piutang usaha PT Bumiraya Investindo, entitas anak, dijadikan jaminan atas fasilitas pinjaman yang diperoleh dari PT Bank Mandiri (Persero) Tbk (lihat Catatan 20). Manajemen berpendapat bahwa penyisihan tersebut cukup untuk menutupi risiko penurunan nilai piutang.
Accounts receivable of PT Tiga Pilar Sejahtera and PT Poly Meditra Indonesia, all subsidiaries, are pledged as collateral for loan obtained from PT Bank Mandiri (Persero) Tbk (see Note 16). All accounts receivable of PT Bumiraya Investindo, a subsidiary, are pledged as collateral for loan obtained from PT Bank Mandiri (Persero) Tbk (see Note 20). Management believes that the allowance for impairment losses is adequate to cover the possible impairment risk of receivables.
34
paraf:
Dalam kegiatan bisnis normal, Perusahaan dan entitas anak melakukan transaksi dengan pihak-pihak berelasi sebagai berikut:
Jumlah/ Amount 2011 Rp Piutang Usaha PT Sarana Indoboga Pratama Piutang Pihak Berelasi PT Naga Mas Sakti Perkasa PT Tugu Palma Sejahtera Jumlah Piutang Pihak-Pihak Berelasi
Hutang Usaha PT Dinamika Energitama Nusantara PT Tiga Pilar Corpora Jumlah Hutang Usaha Hutang Lain-lain PT Tiga Pilar Corpora Primanex Pte Ltd PT Sarana Indoboga Pratama Lain-lain (masing-masing dibawah Rp 1.000) Jumlah Hutang Lain-lain Beban Manajemen dan Royalti PT Tiga Pilar Corpora -5,823 5,823 2,778 -2,778
2010 Rp -1,158
2011 (%) --
2010 (%) 0.06 Accounts Receivable PT Sarana Indoboga Pratama Due From Related Parties PT Naga Mas Sakti Perkasa PT Tugu Palma Sejahtera Total Due from Related Parties
Accounts Payable -0.33 0.33 0.21 -0.21 PT Dinamika Energitama Nusantara PT Tiga Pilar Corpora Total Accounts Payable Others Payable PT Tiga Pilar Corpora Primanex Pte Ltd PT Sarana Indoboga Pratama Others (each below Rp 1,000) Total Others Payable Royalty and Management Fee Expenses PT Tiga Pilar Corpora
43,257 -43,257
2.23 -2.23
5,609
7,392
21.73
(18.18)
Transaksi-transaksi tersebut diperlakukan sama dengan transaksi pihak ketiga, kecuali diungkapkan lain. Piutang kepada NMSP merupakan beban antar perusahaan pada saat NMSP masih menjadi entitas anak. Piutang ini dijamin dengan tanah atas nama NMSP. Hutang kepada Primanex Pte Ltd (Primanex), pemegang saham, sebesar Rp 150.0000 terdiri dari hutang PT Dunia Pangan, entitas anak, kepada Primanex sebesar Rp 35.000 yang digunakan untuk mengakuisisi PT Jatisari Srirejeki (JS) (lihat Catatan 1.c) dan hutang JS kepada Primanex sebesar Rp 115.000 berdasarkan Perjanjian Jual Beli Piutang tanggal 31 Desember 2010. Hutang ini telah dilunasi pada Desember 2011. Sebagai bagian dalam upaya akuisisi entitas anak, PT Bumiraya Investindo (BRI), entitas anak, menerbitkan obligasi wajib konversi kepada Perusahaan (lihat catatan 1.c). BRI menerbitkan obligasi wajib konversi pada tanggal 15 Desember 2010 kepada Perusahaan sebesar Rp 145.000 dengan jangka waktu 3 (tiga) tahun, tanpa bunga dan tidak ada jaminan. Obligasi ini akan dikonversi dengan saham BRI pada saat jatuh tempo tanggal 15 Desember 2013. Saldo investasi pada obligasi wajib konversi di pembukuan Perusahaan dan liabilitas obligasi wajib konversi di pembukuan BRI untuk tujuan penyusunan laporan keuangan d1/ April 16, 2012 35
The transactions were conducted in an arms length basis, unless stated otherwise. Receivable from NMSP represents intercompany charges when NMSP was still a subsidiary. This receivable is secured with a land under the name of NMSP. Due to Primanex Pte Ltd (Primanex), a shareholder, amounting to Rp 150,000 consist of payable of PT Dunia Pangan, a subsidiary, to Primanex amounting to Rp 35,000 which was used to acquire the shares of PT Jatisari Srirejeki (JS) (see Note 1.c) and payable of JS to Primanex amounted to Rp 115,000 based on Cessie Agreement dated December 31, 2010. This loan was fully paid during December , 2011.
As part of its effort to acquire a subsidiary, PT Bumiraya Investindo (BRI), a subsidiary, issued mandatory convertible bonds to the Company (see Note 1.c). BRI issued Mandatory Convertible Bond on December 15, 2010 to the Company amounting to Rp 145,000, for 3 (three) years period, non-interest bearing and not secured. These bonds will be converted to BRI shares upon maturity on December 15, 2013. The balance of investment on mandatory convertible bond recorded in the Companys books and mandatory convertible bond liability recorded in BRIs books for the purpose of the paraf:
PT Dinamika Energitama Nusantara PT Tiga Pilar Corpora PT Naga Mas Sakti Perkasa
8.
Persediaan
2011 Rp 2010 Rp 236,987 51,845 17,380 13,609 12,328 332,149 (250) 331,899 252,903 56,601 96,552 9,957 8,569 424,582 (250) 424,332
8. Inventories
Bahan Baku Bahan Pembantu Barang Jadi Suku Cadang dan Bahan Bakar Lain-lain Sub Jumlah Dikurangi: Penurunan Nilai Jumlah Persediaan - Bersih
Raw Materials Supporting Materials Finished Goods Spareparts and Fuel Others Subtotal Less: Allowance for Inventory Obsolence Inventories - Net
Pada 31 Desember 2011 dan 2010, persediaan PT Tiga Pilar Sejahtera dan PT Poly Meditra Indonesia, seluruhnya entitas anak, dijadikan jaminan atas fasilitas pinjaman yang diperoleh dari PT Bank Mandiri (Persero) Tbk (lihat Catatan 16). Pada 31 Desember 2011 dan 2010, persediaan PT Bumiraya Investindo, entitas anak, dijadikan jaminan atas fasilitas pinjaman yang diperoleh dari PT Bank Mandiri (Persero) Tbk (lihat Catatan 20). Pada 31 Desember 2011 dan 2010, persediaan PT Dunia Pangan, entitas anak, dijadikan jaminan atas fasilitas pinjaman yang diperoleh dari PT Bank Internasional Indonesia Tbk (lihat Catatan 16).
As of December 31, 2011 and 2010, inventories of PT Tiga Pilar Sejahtera and PT Poly Meditra Indonesia, all subsidiaries, are pledged as collateral for loan obtained from PT Bank Mandiri (Persero) Tbk (see Note 16). As of December 31, 2011 and 2010, inventories of PT Bumiraya Investindo, a subsidiary, are pledged as collateral for loan obtained from PT Bank Mandiri (Persero) Tbk (see Note 20). As of December 31, 2011 and 2010, inventories of PT Dunia Pangan, a subsidiary, are pledged as collateral for loan obtained from PT Bank Internasional Indonesia Tbk (see Note 16).
36
paraf:
630 630
571 571
-2,442 3,072
514 -1,085
b.
Pajak Tangguhan
b. Deferred Tax The movements in the Companys deferred tax asset (liabilities) as of December 31, 2011 and 2010 is as follows:
Penyesuaian/ Correction 2011
Mutasi aset pajak tangguhan Perusahaan pada tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut:
2010 Dibebankan (Dikreditkan) pada Laporan Laba (Rugi) Konsolidasian/ Charged (Credited) to Consolidated Statements of Income Rp
Rp
Rp
Rp
78 78
---
---
78 78
Entitas Anak Aset Pajak Tangguhan Jumlah Aset Pajak Tangguhan Liabilitas Pajak Tangguhan
--(484)
Subsidiaries Deferred Tax Assets Total Deferred Tax Assets Deferred Tax Liabilities
37
paraf:
Perusahaan Aset Pajak Tangguhan Penurunan Nilai Piutang Entitas Anak Aset Pajak Tangguhan Jumlah Aset Pajak Tangguhan Liabilitas Pajak Tangguhan
Rp
The Company Deferred Tax Assets Impairment Value of Receivable Subsidiaries Deferred Tax Assets Total Deferred Tax Assets Deferred Tax Liabilities
c.
Hutang Pajak
2011 Rp 2010 Rp
c. Taxes Payable
Perusahaan Pajak Penghasilan Pasal 25 Pasal 23 Pasal 21 Pajak Pertambahan Nilai Sub Jumlah Entitas Anak Pajak Penghasilan Pasal 29 Pasal 23 Pasal 25 Pasal 21 Pasal 4 (2) Pajak Pertambahan Nilai Sub Jumlah Jumlah Hutang Pajak
134 99 57 9 299
The Company Income Taxes Article 25 Article 23 Article 21 Value Added Tax Subtotal Subsidiaries Income Taxes Article 29 Article 23 Article 25 Article 21 Article 4 (2) Value Added Tax Subtotal Total Taxes Payable
d.
Perusahaan Kini Tangguhan Subjumlah Entitas Anak Kini Tangguhan Subjumlah Jumlah Beban Pajak Penghasilan
The Company Current Deferred Subtotal Subsidiaries Current Deferred Subtotal Total Income Tax Expense
38
paraf:
Rekonsiliasi antara beban pajak penghasilan yang dihitung dengan tarif pajak yang berlaku dan beban pajak penghasilan sesuai laporan laba rugi komprehensif konsolidasian untuk tahun yang berakhir pada 31 Desember 2011 dan 2010 adalah sebagai berikut:
2011 Rp Laba Sebelum Pajak Penghasilan Sesuai Laporan Laba Rugi Konsolidasian Dikurangi: Bagian Laba dari Entitas Anak - Bersih Laba Perusahaan Sebelum Taksiran Pajak Penghasilan Pajak Penghasilan dengan Tarif yang Berlaku Rugi Fiskal yang Tidak Dapat Dikompensasi Beban Pajak Representasi dan Sumbangan Penghasilan Jasa Giro Keuntungan Pelepasan Entitas Anak Lain-lain Jumlah Beban Pajak Perusahaan Jumlah Beban Pajak Entitas Anak Beban Pajak Penghasilan Konsolidasian 185,179 (211,274) (26,095) 6,524 (6,218) (437) (52) 301 -(118) -(35,228) (35,228)
A reconciliation between income tax expense calculated with applicable income tax rate and income tax expense as presented in the consolidated statements of comprehensive income for the the year ended December 31, 2011 and 2010 is as follows:
2010 Rp 94,186 (61,132) 33,054 (8,264) (2,464) (291) (63) 7 11,075 --(14,743) (14,743) Income before Income Tax as Presented in Consolidated Statements of Income Less: Equity Portion of Subsidiaries Net Income - Net The Company's Profit Before Estimated Income Tax Income Tax at Applicable Rate Uncompensated Tax Loss Tax Expenses Representation and Donations Interest on Current Accounts Gain on Disposal of Subsidiaries Others Total Tax Expense of the Company Income Tax Expense of Subsidiaries Consolidated Income Tax Expenses
Pada 13 Juli 2011, PT Jatisari Srirejeki, entitas anak, menerima Surat Ketetapan Pajak Lebih Bayar (SKPLB) untuk tahun fiskal 2009 sebesar Rp 311 pajak penghasilan pasal 22 setelah dipotong kompensasi kurang pajak sebesar Rp 41. d1/ April 16, 2012 39
On July 13, 2011, JS, a subsidiary, received Overpayment Tax Assesment Notice (SKPLB) of tax article 22 for the tax period 2009 amounting to Rp 311 after withholding tax on compensation of Rp 41.
paraf:
11.
Saldo Awal/ Beginning Balance Rp Harga Perolehan Goodwill Piranti Lunak Merk Dagang Jumlah Harga Perolehan Akumulasi Amortisasi Piranti Lunak Merk Dagang Jumlah Akumulasi Amortisasi Nilai Tercatat
73,111 3,992 --
Acquisition Cost Goodwill Software Trademark Total Acquisition Cost Accumulated Amortization Software Trademark Total Accumulated Amortization Carrying Value
77,103
---
209,489
998 563
286,592
998 563
-77,103
1,561
1,561 285,031
Saldo Awal/ Beginning Balanc e Rp Harga Perole han Goo dwill Piranti Lunak Jumlah Harga Perolehan Nilai Tercatat
-3,992
Acquisition Cost Goodwill Software Total Acquisition Cost Carry ing Value
3,992 3,992
73,111
77,103 77,103
Merek dagang terdiri dari merek-merek dagang atas produk yang diproduksi oleh PT Indo Beras Unggul dan PT Putera Taro Paloma, yang timbul sehubungan dengan akuisisi aset tetap dan merek dagang dari PT Alam Makmur Sembada dan PT Unilever Indonesia. Merek-merek dagang tersebut diantaranya adalah Taro dan Ayam Jago. Goodwill merupakan selisih antara biaya akuisisi PT Jatisari Srirejeki dengan nilai wajar aset bersih yang diperoleh. Tidak terdapat indikasi penurunan nilai terhadap unit penghasil kas atau kelompok unit penghasil kas dari entitas yang menimbulkan goodwill tersebut.
Trademark consists of the brand names of the products produced by PT Indo Beras Unggul and PT Putera Taro Paloma, which resulted from the acquisition of fixed assets and trademarks of PT Alam Makmur Sembada and PT Unilever Indonesia. The brand names are Taro and Ayam Jago. Goodwill represents the difference between the acquisition cost of PT Jatisari Srirejeki and fair value of net assets acquired. There is no indication of impairment value of the cash generating unit or group of cash generating unit from the entity where the goodwill belongs.
40
paraf:
2011 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Addition Deduction Koreksi Ending Balance Reclassification/ Balance Correction Rp Rp Rp Rp Rp Harga Perolehan Kepemilikan Langsung Tanah Bangunan Infrastruktur Mesin Peralatan Pabrik Perabot dan Peralatan Kendaraan Jumlah Sewa Pembiayaan Mesin Kendaraan Aset Dalam Penyelesaian Bangunan Mesin Jumlah Harga Perolehan Akumulasi Penyusutan Kepemilikan Langsung Bangunan Infrastruktur Mesin Peralatan Pabrik Perabot dan Peralatan Kendaraan Jumlah Sewa Pembiayaan Mesin Kendaraan Jumlah Akumulasi Penyusutan Nilai Tercatat Acquisition Cost Direct Ownership Land Buildings Infrastructures Machineries Factory Equipments Furniture and Fixtures Vehicles Total Under Capital Lease Machineries Vehicles Construction in Progress Buildings Machineries Total Acquisition Cost Accumulated Depreciation Direct Ownership Buildings Infrastructures Machineries Factory Equipments Furniture and Fixtures Vehicles Total Under Capital Lease Machineries Vehicles Total Accumulated Depreciation Carrying Value
139,223 133,505 10,237 494,187 9,327 9,937 20,026 816,442 43,902 3,486 31,633 34,823 930,286
125,407 45,536 210 147,273 23 372 352 319,173 1,559 583 27,925 23,472 372,712
--------------
-336 (2) 22,507 265 454 (1,573) 21,987 (43,271) (3,486) 39,357 (14,587) --
264,630 179,377 10,445 663,967 9,615 10,763 18,805 1,157,602 2,190 583 98,915 43,708 1,302,998
45,466 3,578 239,355 2,960 4,245 11,900 307,504 1,567 1,172 310,243 620,043
7,333 668 44,302 511 679 773 54,266 3,408 1,413 59,087
-----------
52,799 4,246 287,048 3,471 4,924 12,600 365,088 4,975 (733) 369,330 933,668
2010 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Addition Deduction Reclassification Ending Balance Balance Rp Rp Rp Rp Rp Harga Perolehan Kepemilikan Langsung Tanah Bangunan Infrastruktur Mesin Peralatan Pabrik Perabot dan Peralatan Kendaraan Jumlah Sewa Pembiayaan Mesin Kendaraan Aset Dalam Penyelesaian Bangunan Mesin Jumlah Harga Perolehan Acquisition Cost Direct Ownership Land Buildings Infrastructures Machineries Factory Equipments Furniture and Fixtures Vehicles Total Under Capital Lease Machineries Vehicles Construction in Progress Buildings Machineries Total Acquisition Cost
122,384 110,470 8,920 366,679 1,698 4,496 10,885 625,532 68,860 9,761 9,298 53,725 767,176
16,839 23,225 1,811 81,217 7,629 5,306 1,749 137,776 1,538 999 22,356 450 163,119
--------------
-(190) (494) 46,291 -135 7,392 53,134 (26,496) (7,274) (21) (19,352) (9)
139,223 133,505 10,237 494,187 9,327 9,937 20,026 816,442 43,902 3,486 31,633 34,823 930,286
41
paraf:
2010 Saldo Awal/ Penambahan/ Pengurangan/ Reklasifikasi/ Saldo Akhir/ Beginning Addition Deduction Reclassification Ending Balance Balance Rp Rp Rp Rp Rp
Akumulasi Penyusutan Kepemilikan Langsung Bangunan Infrastruktur Mesin Peralatan Pabrik Perabot dan Peralatan Kendaraan Jumlah Sewa Pembiayaan Mesin Kendaraan Jumlah Akumulasi Penyusutan Nilai Tercatat
33,535 1,715 168,406 1,000 2,692 8,597 215,945 1,567 1,137 218,649 548,527
-----------
45,466 3,578 239,355 2,960 4,245 11,900 307,504 1,567 1,172 310,243 620,043
Accumulated Depreciation Direct Ownership Buildings Infrastructures Machineries Factory Equipments Furniture and Fixtures Vehicles Total Under Capital Lease Machineries Vehicles Total Accumulated Depreciation Carrying Value
Rp Beban Pokok Penjualan Beban Umum dan Administrasi Beban Penjualan Jumlah Beban Depresiasi 50,837 6,198 2,052 59,087
Rp 50,457 2,169 469 53,095 Cost of Goods Sold Gen eral and Administrative Expenses Selling Expenses Total Depreciation Charge
Pada tahun 2010, penambahan aset tetap termasuk penambahan aset dari transaksi akuisisi PT Jatisari Srirejeki dengan harga perolehan sebesar Rp 147.796 dan akumulasi penyusutan sebesar Rp 38.499. Pada tahun 2011, penambahan aset tetap termasuk pembelian aset termasuk tanah, bangunan dan mesin-mesin dari PT Alam Makmur Sembada dan PT Unilever Indonesia. Sebagian tanah sedang dalam proses balik nama menjadi nama Perusahaan dan entitas anak. Jenis kepemilikan hak atas tanah Perusahaan dan entitas anak seluruhnya berupa Hak Guna Bangunan (HGB). Hak atas tanah tersebut akan berakhir pada berbagai tanggal antara tahun 2013 sampai tahun 2037. Manajemen berpendapat tidak akan ada hambatan dalam memperbaharui seluruh sertifikat tanah pada saat habis masa berlakunya. Saldo aset dalam penyelesaian terutama berasal dari proyek pembangunan pembangkit tenaga listrik PT Patra Power Niaga (PPN), entitas anak dalam tahap pengembangan, yang terletak di Sragen - Jawa Tengah. Pada tanggal 31 Desember 2011, kemajuan proyek pembangunan pembangkit tenaga listrik telah mencapai 68%.
In year 2010, the additions to fixed assets include additional assets from the acquisition of PT Jatisari Srirejeki with the acquisition cost of Rp 147,796 and accumulated depreciation of Rp 38,499. In 2011, the additions to fixed assets include purchases of land, buildings and machinery and from PT Alam Makmur Sembada and PT Unilever Indonesia. Several lands are in progress of ownership title transfer to become the Companys and subsidarys name. The Companys and the subsidiaries title of ownership on its landrights for building use or Hak Guna Bangunan (HGB). The HGB which are valid from 2013 to 2037 .
Management considers that there will be no difficulties in obtaining renewals of land certificates upon expiry date. Balance of construction in progress consist primarily of construction of electric power plant of PT Patra Power Niaga (PPN), a subsidiary, which is under development stage, located in Sragen - Central Java. As of December 31, 2011, the progress of electric power plant construction has reached 68%.
42
paraf:
13. Plantations
54,479 4,878
---
---
Acquisit ion Cost Palm Oil Trees Accu mu lated Depreciation Palm Oil Trees Carrying Value
43
paraf:
Berdasarkan perjanjian No. 001/SPK-KOPBUN/SS/PTBRI/I/2010 tanggal 7 Januari 2010 antara PT Bumiraya Investindo (BRI), entitas anak, dengan Koperasi Perkebunan Sipatuo Sejahtera (program petani plasma), telah disepakati bahwa kedua belah pihak mengadakan kerjasama proyek pembangunan kebun plasma seluas 3.000 hektar. Sehubungan dengan perjanjian ini, BRI mengalihkan lahan lahan seluas 3.000 hektar kepada petani plasma (anggota Koperasi Perkebunan Sipatuo Sejahtera) dengan harga pengalihan sebesar Rp 76.092. Manajemen berpendapat bahwa tidak perlu dibentuk penyisihan penurunan nilai piutang karena seluruh piutang dapat ditagih. Beban penyusutan tanaman menghasilkan dibebankan pada beban pokok penjualan. Beban bunga pinjaman yang dikapitalisasi ke tanaman belum menghasilkan adalah sebesar Rp 9.451 dan Rp 4.134 masing-masing pada 31 Desember 2011 dan 2010. Rincian mutasi tanaman perkebunan adalah sebagai berikut:
2011
Based on agreement No. 001/SPK-KOPBUN/SS/PTBRI/I/2010 dated January 7, 2010 between PT Bumiraya Investindo (BRI), a subsidiary, with Koperasi Perkebunan Sipatuo Sejahtera (plasma farmers program), it was agreed that both parties entered into a joint cooperation to developing plasma plantation for 3,000 hectares. According to this agreement, BRI transferred 3,000 hectares land of plantations to plasma farmers (member of Koperasi Perkebunan Sipatuo Sejahtera) with the transferred value amounting to Rp 76,092. Management believes that no allowance for impairment value of receivable is needed since all receivables are collectible. Depreciation expenses from mature plantations are charged to cost of goods sold. Borrowing costs that were capitalized to immature plantations amounted Rp 9,451 and Rp 4,134 as of December 31, 2011 and 2010, respectively. A movement of plantation plants is as follows:
2010
Rp Tanaman Perkebunan Menghasilkan Saldo Awal Pengalihan untuk Program Plasma Reklasifikasi dari Tanaman Perkebunan Belum Menghasilkan Akumulasi Penyusutan Saldo Akhir Tanaman Perkebunan Belum Menghasilkan Saldo Awal Kapitalisasi Biaya Pengalihan untuk Program Plasma Reklasifikasi ke Tanaman Perkebunan Menghasilkan Saldo Akhir Jumlah Tanaman Perkebunan 93,342 -910 94,252 (12,058) 82,194 237,853 54,479 -(910) 291,422 373,616
Rp 76,545 (53,841) 70,638 93,342 (7,180) 86,162 310,555 26,228 (28,292) (70,638) 237,853 324,015 Mature Plantation Beginning Balance Transferred for Plasma Program Reclassification from Immature Plantation Accumulated Depreciation Ending Balance Immature Plantation Beginning Balance Capitalized Expenditures Transferred for Plasma Program Reclassification to Mature Plantation Ending Balance Total Biological Assets
44
paraf:
Tanaman perkebunan milik PT Bumiraya Investindo, entitas anak, dijadikan jaminan atas pinjaman yang diperoleh dari PT Bank Mandiri (Persero) Tbk (lihat Catatan 20). Tanah perkebunan milik PT Mitra Jaya Agro Palm dan PT Airlangga Sawit Jaya, keduanya entitas anak, dijadikan jaminan atas pinjaman yang diperoleh dari Lembaga Pembiayaan Ekspor Indonesia (lihat Catatan 20). Tanaman Perkebunan Menghasilkan PT Mitra Jaya Agro Palm, entitas anak, telah diasuransikan terhadap risiko kehilangan, kebakaran dan kerusakan pada PT Asuransi Central Asia dengan nilai pertanggungan sebesar Rp 110.000. 14. Biaya Hak atas Tanah Ditangguhkan Bersih
2011
Plantation land of PT Bumiraya Investindo, a subsidiary, are pledged as collateral for a loan obtained from PT Bank Mandiri (Persero) Tbk (see Note 20). Plantation land of PT Mitra Jaya Agro Palm and PT Airlangga Sawit Jaya, both of subsidiaries, are pledged as collateral for a loan obtained from Lembaga Pembiayaan Ekspor Indonesia (see Note 20). The mature plantation trees of Mitra Jaya Agro Palm, a subsidiary, have have been insured against loss, fire, other risks to PT Asuransi Central Asia with the sum insured amounted to Rp 110,000.
Rp Biaya Hak atas Tanah Ditangguhkan Dikurangi: Akumulasi Amortisasi Jumlah Biaya Hak atas Tanah Ditangguhkan - Bersih 156,208 (2,729) 153,479
Rp 144,472 (776) 143,696 Deferred Land Rights Cost Less: Accumulated Amortization Deferred Land Rights Cost - Net
PT Bumiraya Investindo (BRI), entitas anak, telah memperoleh Sertifikat Hak Guna Usaha (SHGU) No. 30 dan No. 68-70, seluruhnya terdaftar atas nama BRI, seluas kurang lebih 2.803 hektar dan berlokasi di KotabaruKalimantan Selatan. Masing-masing SHGU akan berlaku sampai tahun 2035-2044. PT Airlangga Sawit Jaya (ASJ), entitas anak, telah memperoleh SHGU No. 11-16, seluruhnya terdaftar atas nama ASJ, seluas kurang lebih 4.037 hektar dan berlokasi di Desa Jambu Tembawang, Engkadik Pade, Dange Aji, Temoyok, Serimbu. Masing-masing SHGU akan berlaku sampai tahun 17 Nopember 2045. PT Charindo Palma Oetama (CPO), entitas anak, telah memperoleh Sertifikat Hak Guna Usaha (SHGU) No. 17-22 atas nama CPO seluas 3.622 hektar dan berlokasi di Kecamatan Air Besar yang terbagi di Desa Sepangah, Semuntik, Sekendal, Temoyok, Nyanum, Semedang. Masing-masing SHGU tersebut akan berakhir pada tanggal 17 November 2045. d1/ April 16, 2012 45
PT Bumiraya Investindo (BRI), a subsidiary, obtained Land Cultivion Rights (SHGU) No. 30 and No. 68-70, all registered under BRI name, with an area approximately of 2,803 hectares located in Kotabaru-South Kalimantan. Each SHGU are valid until 2035-2044. PT Airlangga Sawit Jaya (ASJ), a subsidiary, obtained SHGU No. 11-16, all registered under ASJ, with an area approximately of 4,037 hectares located in Desa Jambu Tembawang, Engkadik Pade, Dange Aji, Temoyok, Serimbu. Each SHGU are valid until November 17, 2045. PT Charindo Palma Oetama (CPO) a subsidiary, has obtained SHGU No. 17-22, all registered under CPO, with an area approximately of 3,622 hectares located in District of Air Besar, that spread in Sub-district of Sepangah, Semuntik, Sekendal, Temoyok, Nyanum, Semedang. Each SHGU are valid until November 17, 2045.
paraf:
Pembangunan Pabrik Pengembangan Proyek Perkebunan Lainnya Jumlah Uang Muka Jangka Panjang
54,106 --54,106
Uang muka pembangunan pabrik merupakan uang muka dalam rangka pembangunan pabrik pengolahan minyak kelapa sawit milik PT Bumiraya Investindo, entitas anak dan pabrik penggilingan beras milik PT Dunia Pangan, entitas anak (lihat Catatan 32). Uang muka pengembangan proyek perkebunan terutama merupakan biaya pengembangan dan pematangan tanah perkebunan.
Advances for mill construction represents advanced in regards of construction of palm oil mill factory owned by PT Bumiraya Investindo, a subsidiary and rice mill factory owned by PT Dunia Pangan, a subsidiary (see Note 32). Advances for development of plantation project mainly represents of cost of development and improvement of the plantation land.
Rp Rupiah PT Bank Mandiri (Persero) Tbk PT Bank UOB Indonesia Lembaga Pembiayaan Ekspor Indonesia PT Bank Internasional Indonesia Tbk PT Bank Muamalat Indonesia PT Bank Rakyat Indonesia (Persero) Tbk Jumlah Hutang Bank Jangka Pendek 310,431 160,000 50,000 22,924 10,000 -553,355
Rp 264,238 -25,000 12,365 -4,019 305,622 Rupiah PT Bank Mandiri (Persero) Tbk PT Bank UOB Indonesia Lembaga Pembiayaan Ekspor Indonesia PT Bank Internasional Indonesia Tbk PT Bank Muamalat Indonesia PT Bank Rakyat Indonesia (Persero) Tbk Total Short-term Bank Loans
a. PT Bank Mandiri (Persero) Tbk (Bank Mandiri) Berdasarkan Akta Perjanjian Kredit Modal Kerja No. KPCRO/CBC-JPM/111/PK-KMK/2009 No. 15 tanggal 6 Nopember 2009, Akta Perjanjian Kredit Modal Kerja Fixed Loan Nomor KP-CRO/CBC-JPM/112/PKKMK/2009 No. 16 tanggal 6 Nopember 2009, Akta Perjanjian Pemberian Fasilitas Non Cash Loan Dengan d1/ April 16, 2012 46
a. PT Bank Mandiri (Persero) Tbk (Bank Mandiri) Based on Deed of Working Capital Agreement No. KPCRO/CBC-JPM/111/PK-KMK/2009 No. 15 dated November 6, 2009, Deed of Fixed Loan Working Capital Agreement Nomor KP-CRO/CBC-JPM/112/PKKMK/2009 No. 16 dated November 6, 2009, Deed of Non Cash Loan with Trust Receipt Facility Agreement No. KPparaf:
Non-Cash Loan Bank Guarantee and performance bonds is used by TPS to participate in tender with maximum limit amounting to Rp 7,000 and term period according to the contract. As of December 31, 2011 and 2010, all outstanding balance of Non-Cash Loan-Letter of Credit/ SKBDN. Trust Receipt and Bank Guarantee facility amounted to Rp 79,306 and Rp 44,200, respectively.
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Bill Purchasing Line facility is used by TPS to obtain early payment on export sales, has a credit limit amounting to USD 300,000, with a facility period of (one) 1 year and is non-interest bearing. There is no outstanding balance from this facility as of December 31, 2011 and 2010.
All above short-term facilities have been extended to November 5, 2012 under amendment Agreement II dated November 4, 2011. In addition to the abovementioned facilities, TPS also obtained Investment Credit facility from Bank Mandiri and presented as Long-term Bank Loans in the consolidated statements of financial statement (see Note 20). The collaterals for abovementioned banking facilities are as follows: Land with Building Right Title (SHGB) No. 1-4, 6-13, 19, 22, 27-28, 30-32, 36-38, all registered under the name of TPS, and land under certification process, all located in Sragen Central Java (see Note 12), All factory buildings and infrastructures attached on the abovementioned land (see Note 12), All machinery and equipments (see Note 12), Land with Property Right (SHM) Nos. 415 and 450, all registered under the name of Priyo Hadi Sutanto, President Commissioner, Land with SHGB No. 7, registered under the name of PT Naga Mas Sakti Perkasa, a related party, Inventories and accounts receivable of TPS with minimum value of 120% from the outstanding balance of Revolving Working Capital facility (see Notes 8 and 6), Corporate Guarantee from the Company, and Personal Guarantee from Stefanus Joko Mogoginta, President Director. Based on Deed of Working Capital Agreement Nomor KP-CRO/CBC-JPM/113/PK-KMK/2009 No. 25 dated November 6, 2009, all made in the presence of Sri Ismiyati, a notary in Jakarta, PT Poly Meditra Indonesia (PMI), a subsidiary, obtained Working Capital facility from Bank Mandiri which is used to increase the PMI working capital.
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c. Lembaga Pembiayaan Ekspor Indonesia (LPEI) Based on Deed No. 9 dated September 3, 2010 made in the presence of Yualita Widyadhari, SH, a notary in Jakarta, the Company obtained a financing facility amounting to Rp 50,000 in support the contract of export sales for a period of 12 months starting from August 27, 2010. The loan was amended by agreement No. 094/AADPK/08/2011 dated August 26, 2011, was extended until September 3, 2012 and changes the interest rate to 10% per annum.
The loan facilities is secured by accounts receivable owned by a subsidiary amounting to Rp 100,000 (see Note 6).
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e. PT Bank Muamalat Indonesia Based on the Amendment of Loan Agreement No. 03/BMI/MSY/XII/2011 on December 21, 2011, PT Mitra Jaya Agro Palm (MJAP), a subsidiary, obtained Al Musyarakah financing facility. This Facility will be due in January 21, 2012. The collaterals for the loan facility is time deposit of TPS, a subsidiary, amounting to Rp 10,000. f. PT Bank Rakyat Indonesia (Persero) Tbk (BRI) Based on the Deed of Working Capital Loan Agreement No. R.II.367-KCK/PBI/ADK/12/2005 No. 16 dated December 15, 2005, made before Yatty Srijati Suhadiwiraatmaja, SH, MM, MH, a Notary in Jakarta,
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Pihak Berelasi (lihat Catatan 7) Pihak Ketiga: PT Ridda Manna Sejati PT Solindo Garpika PT Jumbo Glory Manildra Flour Mills Lain-lain (masing-masing dibawah Rp 2.500) Subjumlah Jumlah Hutang Usaha
Related Party (see Note 7) Third Parties: PT Ridda Manna Sejati PT Solindo Garpika PT Jumbo Glory Manildra Flour Mills Others (each below Rp 2,500) Subtotal Total Accounts Payable
Bunga Pinjaman Bank Direstrukturisasi Bunga Pinjaman Bank Sub Jumlah Bunga Gaji dan Kesejahteraan Karyawan Lain-lain (masing-masing dibawah Rp 1.000) Jumlah Beban Masih Harus Dibayar
Interest from Restructured Bank Loan Bank Loan Sub Total Interest Salaries and Allowances Others (each below Rp 1,000) Total Accrued Expenses
Bunga atas pinjaman bank direstrukturisasi merupakan bunga pinjaman dari PT Bank Rakyat Indonesia (Persero) Tbk yang diperoleh PT Jatisari Srirejeki, entitas anak (lihat Catatan 20).
Interest from restructured bank loan represents loan interest from PT Bank Rakyat Indonesia (Persero) Tbk obtained by PT Jatisari Srirejeki, a subsidiary (see Note 20).
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a. PT BCA Finance b. PT Austindo Nusantara Jaya Finance c. Lain-lain (masing-masing di bawah Rp 1.5 00) Jumlah Hutang Se wa Pembiayaan
a. PT BCA Finance b. PT Austindo Nusantara Jaya Finance c. Others (each below Rp 1,500) Total Obliga tions under Finance Leases
Pembayaran sewa minimum masa datang berdasarkan masing-masing perjanjian sewa pembiayaan pada 31 Desember 2011 dan 2010 adalah sebagai berikut:
2011 Rp
The future minimum lease payments based on each respective lease agreements as of December 31, 2011 and 2010 are as follows:
2010 Rp
2011 2012 2013 Jumlah Dikurangi: Bagian Bunga Hutang Sewa Pembiayaan - Bersih Hutang Sewa Pembiayaan - Jatuh Tempo Dalam Satu Tahun Hutang Sewa Pembiayaan - Setelah Dikurangi Jatuh Tempo Dalam Satu Tahun
2011 2012 2013 Total Less: Interest Portion Obligations under Finance Leases - Net Obligations under Finance Leases Current Maturities Obligations under Finance Leases Net of Current Maturities
a.
PT BCA Finance (BCA) TPS, entitas anak, memperoleh beberapa fasilitas sewa pembiayaan dari BCA sejak tahun 2007 sampai 2009 untuk pembelian kendaraan bermotor yang digunakan untuk mendukung kegiatan operasional TPS. Fasilitas sewa pembiayaan memiliki masa pembayaran berkisar antara tahun 2012-2013 dan dikenakan bunga efektif sebesar 10,46%-17,20% per tahun.
a.
PT BCA Finance (BCA) TPS, a subsidiary, obtained several leasing facilities granted by BCA from 2007 to 2009 for purchase of vehicles to be used in TPS operations.
The lease facilities payment periods ranging from 2012-2013 and effective annual interest rates ranging from 10.46%-17.20%. b. PT Austindo Nusantara Jaya Finance (ANJ) Based on Master Lease Agreement dated December 24, 2007 and legalized by Teddy Anwar, S.H., a notary in Jakarta and Offer to Lease and Acceptance dated January 8, 2008, TPS, a subsidiary, obtained leasing facility for the acquisition of machinery for dry noodle processing amounting to Rp 26,549 with a payment period of 66 months until July 15, 2013. The facility bears an interest rate of Jakarta Interbank Offered Rate (JIBOR) + 3% per annum.
b.
PT Austindo Nusantara Jaya Finance (ANJ) Berdasarkan Master Lease Agreement tanggal 24 Desember 2007 yang telah dilegalisasi oleh Teddy Anwar, S.H., Notaris di Jakarta dan Offer to Lease and Acceptance tanggal 8 Januari 2008, TPS, entitas anak, mendapatkan fasilitas sewa pembiayaan untuk pembelian mesin pabrik pengolahan mie kering senilai Rp 26.549 dengan periode 66 bulan sampai dengan tanggal 15 Juli 2013. Pembiayaan ini dikenakan bunga sebesar Jakarta Interbank Offered Rate (JIBOR) + 3% per tahun. 52
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Rupiah a. PT Bank Mandiri (Persero) Tbk b. PT Bank UOB I ndonesia c. PT Bank Rabobank International Indonesia d. PT Bank Muamalat Indonesia e. Lemba ga Pembiayaan Ekspor Indonesia f. PT Bank Rakyat I ndonesia (Persero ) Tbk Jumlah Hutang Ba nk Jangka Panjang
Dikurangi: Jatuh Tempo dalam Satu Tahun Rupiah a. PT Bank Mandiri (Persero) Tbk b. PT Bank UOB I ndonesia c. PT Bank Rabobank International Indonesia d. PT Bank Muamalat Indonesia e. Lemba ga Pembiayaan Ekspor Indonesia f. PT Bank Rakyat I ndonesia (Persero ) Tbk Jum lah Jatuh Tempo dalam Sa tu Tahu n Hutang Bank Jangka Panjang - Setelah Dikura ngi Jatuh Tempo da lam Satu Tahun
Ru piah a. PT Ba nk Mandiri (Persero) Tbk b. PT Bank UOB Indonesia c. PT Bank Rabobank International Indonesia d. PT Bank Muam alat Indonesia e. Lembaga Pe mbia yaan Ekspor Indonesia f. PT Bank Rakyat Indonesia (Persero) Tbk Total Long-term Ba nk L oans
Less: Current Maturities Ru piah a. PT Ba nk Mandiri (Persero) Tbk b. PT Bank UOB Indonesia c. PT Bank Rabobank International Indonesia d. PT Bank Muam alat Indonesia e. Lembaga Pe mbia yaan Ekspor Indonesia f. PT Bank Rakyat Indonesia (Persero) Tbk Total Current Maturities Long-term Bank Loans Net of Current Maturities
a.
PT Bank Mandiri (Persero) Tbk (Bank Mandiri) Berdasarkan Akta Perjanjian Kredit Investasi Nomor KP-CRO/CBC-JPM/014/PK-KI/2009 No. 14 tanggal 6 Nopember 2009 yang dibuat di hadapan Sri Ismiyati, Notaris di Jakarta, PT Tiga Pilar Sejahtera (TPS), entitas anak, memperoleh fasilitas Kredit Investasi yang digunakan oleh TPS untuk pembiayaan kembali kompleks pabrik TPS yang berlokasi di Desa Sepat, Kecamatan Masaran, Sragen Jawa Tengah dan mengambil alih seluruh fasilitas pinjaman yang diberikan kepada TPS dari bank lain. Fasilitas Kredit Investasi memiliki pagu kredit sebesar Rp 280.000 dengan periode pinjaman 6 (enam) tahun 3 (tiga) bulan. Pada 31 Desember 2011 dan 2010, saldo terhutang atas fasilitas ini adalah sebesar Rp 238.000 dan
a.
PT Bank Mandiri (Persero) Tbk (Bank Mandiri) Based on Deed of Investment Credit Agreement Nomor KP-CRO/CBC-JPM/014/PK-KI/2009 No. 14 dated November 6, 2009 made in the presence of Sri Ismiyati, a notary in Jakarta, PT Tiga Pilar Sejahtera (TPS), a subsidiary, obtained an Investment Credit facility which is used by TPS for refinancing of existing TPS factory complex located in Sepat Village, Masaran District, Sragen Central Java and to take over all credit facilities granted for TPS from other banks. Investment Credity facility has credit limit amounted to Rp 280,000 with a loan period of six (6) years and three (3) months. As of December 31, 2011 and 2010, outstanding balance of this loan facility amounted to Rp 238,000
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55
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As of December 31, 2011, the outstanding balance on this facility amounted to Rp 185,000. PT Bank Muamalat Indonesia (BMI) Based on Deed of Wad Murabahah Financing No. 42 dated May 25, 2009 made in the presence of Yualita Widyadhari, S.H., a notary in Jakarta, PT Tiga Pilar Sejahtera (TPS), a subsidiary, obtained a loan facility from BMI that was used to increase the TPS working capital with credit limit amounting to Rp 100,000 with payment period of 60 months. The collaterals for abovementioned loan facility are as follows: Land with Building Right Title (SHGB) No. 14 18, Nos. 20 26, No. 29 and No. 33 35, all registered under the name of TPS, located in Sepat Village, Masaran District, Sragen Central Java, Land with an area of 15,750 hectar, office building, palm oil plantation with a area of 4,533 hectares located in Bambulung and Ketab Village, Pematang District, East Barito-Central Kalimantan, owned by PT Mitra Jaya Agro Jaya, a subsidiary, 24.222 shares of PT Mitra Jaya Agro Jaya shares, a subsidiary, and paraf:
The facility has a credit limit amounting to Rp 23,500 with a payment period of 60 months including the grace period of 6 months. The collaterals for the loan facility are as follows: Land with Certificate of Rights (SHGB) No. 12/Cibadak with area of 2,250 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 13/Cibadak with area of 1,970 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 14/Cibadak with area of 1,290 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 15/Cibadak with area of 1,755 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 16/Cibadak with area of 1,350 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 17/Cibadak with area of 1,560 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 18/Cibadak with area of 1,800 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 19/Cibadak with area of 3,700 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten; Land with Certificate of Rights (SHGB) No. 21/Cibadak with area of 1,380 sqm, that registered under the name of Stefanus Joko Mogoginta, located in the village of Cibadak Subdistrict, District Cikupa Tangerang Banten;
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The collaterals for the loan facility are as follows: Plantation land of 3,621 hectares including infrastructures thereon in Air Besar and Kualabehe sub-districts, West Kalimantan, registered under the name of PT Charindo Palma Oetama, a subsidiary (see Note 13); Plantation land of 4,037 hectares including infrastructures thereon in Air Besar and Kualabehe subdistricts, West Kalimantan, registered under the name of of PT Airlangga Sawit Jaya, a subsidiary (see Note 13); First Class Mortgage over the land area of 3,135 sqm including infrastructures thereon, at Palur highway, Karanganyar regency, Central Java, registered under the name of Iie Dewi Koestanto, a related party; First Class Mortgage over the land area of 3,200 sqm including infrastructures thereon located at Palur highway, Karanganyar regency, Central Java, registered under the name of Stefanus Joko Mogoginta, a related party; First Class Mortgage over the land area of 3,710 sqm including infrastructures thereon located at Palur Highway, Karanganyar regency, Central Java, registered under the name of Hengky Koestanto, a related party; First Class Mortgage over the land area of 3,132 sqm including infrastructures thereon located at Palur Highway, Karanganyar regency, Central Java, registered under the name of Budi Istanto Suwito, a related party; First Class Mortgage over the land area of 2,519 sqm including infrastructures thereon located at Palur Highway, Sukoharjo regency, Central Java, registered under the name of PT Sarana Indoboga Pratama, a related party; Rating First Mortgage over the land area of 955 sqm the following facilities and infrastructure located in Alor Street 13, Surakarta, Central Java, registered under the paraf:
PT Bank Rakyat Indonesia (Persero) Tbk (BRI) Based on Deed of the Investment Credit Agreement No. 15 dated December 15, 2005, of Yatty Srijati Suhadiwiraatmaja, SH, MM, MH, a notary in Jakarta, PT Jatisari Srirejeki (JS), a subsidiary, obtained an investment credit facility with a maximum amount of Rp 68,000 and bears an interest rate of 7.5% per annum. Later, based on the letter from BRI No. R.II.487.ADK/DKR/11/2007 dated November 12, 2007 about the Decision of JS Credit Restructuring, the repayment schedule was extended, from June 15, 2011 to June 15, 2014.
This Loan Restructuring also regulates that the accrued interest and penalties outstanding JS shall be paid in installment until 2014. Total interest arrears and penalties at December 31, 2010 amounting to Rp 11,000, were is recorded in the accrued expenses account (see Note 18). The collaterals for this loan facility are as follows: The land area of 76,539 sqm (see Note 12); Factory buildings and infrastructures (see Note 12); Factory machinery (see Note 12); Inventories of merchandise (see Note 8). During the period of loan facilities, JS is restricted to: Perform merger, acquisitions, and sales of the Companys asset; Act as guarantor or pledge assets to other parties; Amend the Articles of Association, change the management, and in stock ownership outside the public stock; Obtain new loan/credit from banks; Invest in other companies; Distribute dividends to stockholders except those already stated in the prospectus; Perform payments on stockholders loan before the bank loan is settled or the financial condition of the Company is considered stable by the bank; Grant receivables to stockholders, for any reason; and Enter into transactions with a person or a party, including but not limited to its affiliates, in ways are paraf:
21. Hutang Jangka Panjang Lainnya Hutang jangka panjang lainnya sebesar Rp 60.000, terjadi sehubungan dengan Perjanjian Jual Beli Piutang antara PT Dunia Pangan, entitas anak, dengan PT Hap Chuan Trading (HCT) dan PT Wahana Nusantara (WN) pada tanggal 21 Desember 2010. Pada tanggal 12 April 2011, liabilitas kepada WN sebesar Rp 10.000 telah diaktakan dalam Akta No. 216 yang dibuat Arry Supratno, SH., Notaris di Jakarta. Pengakuan hutang ini tidak dikenakan bunga, tidak dijamin dan akan jatuh tempo pada tanggal 13 April 2012. Hutang ini telah dibayar lunas pada bulan Desember 2011.
21. Other Long Term Liability Other long term liability amounting to Rp 60,000, occurred based on Cessie Agreement between PT Dunia Pangan, a subsidiary, with PT Hap Chuan Trading (HCT) and PT Wahana Nusantara (WN) dated December 21, 2010. Dated on April 12, 2011, liability to WN amounted to Rp 10,000 has been legally documented by notarial deed No. 216 made in the presence of Arry Supratno, SH., a notary in Jakarta. These Debenture Notes are non interest bearing, unsecured and will mature on April 13, 2012. This loan has been fully paid by Company on December 2011. 22. Provision Liability on Employee Benefits The Company and subsidiaries recognized liability on employee benefits based on the existing Labor Law. The balance of the Companys and subsidiaries estimated liability on employee benefits as of December 31, 2011 and 2010 were calculated by PT Dian Artha Tama, independent actuary, in its reports dated April 9, 2012 and March 14, 2011, respectively. The details of employee benefit for the years ended December 31, 2011 and 2010 are as follows:
2010 Rp
22. Liabilitas Imbalan Kerja Karyawan Perusahaan dan entitas anak mengakui liabilitas manfaat karyawan sesuai dengan peraturan ketenagakerjaan yang berlaku. Liabilitas diestimasi atas imbalan kerja Perusahaan dan entitas anak pada 30 Desember 2011 dan 2010 dihitung oleh Aktuaris Independen PT Dian Artha Tama dengan tanggal laporan masing-masing 9 April 2012 dan 14 Maret 2011. Rincian beban imbalan kerja pada untuk tahun-tahun yang berakhir pada 31 Desember 2011 dan 2010 adalah sebagai berikut:
2011 Rp
Beban Jasa Kini Beban Bunga Amortisasi Biaya Jasa Masa Lalu (Non Vested) Imbalan Kerja dari Entitas Anak yang Dibeli Kerugian (Keuntungan) Aktuaria Curtailment (Actuarial G/L) Curtailment on PVBO Jumlah Beban Imbalan Kerja
Current Service Cost Interest Expenses Amortization of Non-vested Past Service Cost Employee Benefit from Acquired Subsidiaries Actuarial Loss (Gain) Curtailment (Actuarial G/L) Curtailment on PVBO Total Employee Benefit Expense
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Saldo Awal Tahun Beban Imbalan Kerja yang Diakui pada Tahun Berjalan Realisasi Pembayaran Tahun Berjalan Saldo Akhir Tahun
Beginning Balance Employee Benefits Expense Recognized in the Current Year Realization of Payment in Current Year Ending Balance
Asumsi aktuaria yang digunakan dalam menentukan beban dan liabilitas diestimasi atas imbalan kerja pada tanggal 31 Desember 2011 dan 2010 adalah sebagai berikut:
Usia Pensiun Normal Estimasi Kenaikan Gaji Tingkat Diskonto Tingka Mortalita Tingkat Pengunduran Diri Metode
The actuarial assumptions used in calculation of estimated liabilities on employee benefits as of December 31, 2011 and 2010, are as follows:
Normal Pension Age Estimated Salary Increase Discount Rate Mortality Rate Resignation Rate Method
55 Tahun/Years 8% 6% (2010: 8%) Commissioners Standard Ordinary (CSO)- 1980 Usia/Age 18-44 : 5% per tahun/annually Usia/Age 45-54 : 0% per tahun/annually Projected Unit Credit
23. Modal Saham Berdasarkan data PT Sinartama Gunita, Biro Administrasi Efek Perusahaan, pemegang saham Perusahaan pada 31 Desember 2011 dan 2010 adalah sebagai berikut:
Nama Pemegang Saham Jumlah Saham/ Number of Shares
23. Capital Stock According to data of PT Sinartama Gunita, the Companys Share Registrar, the Companys stockholders as of December 31, 2011 and 2010 are as follows:
Ditempatkan dan Disetor Penuh/ Issued and Fully Paid Rp 67,500 163,020 61,434 59,238 33,482 30,421 210,605 558,200 625,700 Name of Stockholders
2011 Persentase Kepemilikan/ Percentage of Ownership % 4.61 27.86 10.50 10.12 5.72 5.20 35.99 95.39 100.00
Saham Seri A Masyarakat (masing- masing dibawah 5%) Saham Seri B PT Tiga Pilar Corpora Primanex Pte. Ltd. PT Permata Handrawira Sakti Pandawa Treasures Pte. Ltd. PT Tiga Pilar Sekuritas Masyarakat (masing-masing dibawah 5%) Sub Jumlah Jumlah Modal Saham
Series A Share Public (each below 5%) Series B Share PT Tiga Pilar Corpora Primanex Pte. Ltd. PT Permata Handrawira Sakti Pandawa Treasures Pte. Ltd. PT Tiga Pilar Sekuritas Public (each below 5%) Subtotal Total Capital Stock
2010 Persentase Kepemilikan/ Percentage of Ownership % 8.07 17.71 12.14 11.33 8.60 6.36 35.79 91.93 100.00
Ditempatkan dan Disetor Penuh/ Issued and Fully Paid Rp 67,500 59,238 40,606 37,902 28,744 21,272 119,639 307,400 374,900
Name of Stockholders
Saham Seri A Masyarakat (masing- masing dibawah 5%) Saham Seri B PT Permata Handrawira Sakti Primanex Pte. Ltd. HSBC-Fund Services Basinale Investment Ltd Pandawa Treasures Pte. Ltd. Masyarakat (masing-masing dibawah 5%) Sub Jumlah Jumlah Modal Saham
Series A Share Public (each below 5%) Series B Share PT Permata Handrawira Sakti Primanex Pte. Ltd. HSBC-Fund Services Basinale Investment Ltd Pandawa Treasures Pte. Ltd. Public (each below 5%) Subtotal Total Capital Stock
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Pada tahun 2011, Perusahaan melakukan Penawaran Umum Terbatas III dalam rangka penerbitan Hak Memesan Efek Terlebih Dahulu (HMETD) sejumlah 1.254.000.000 saham baru (lihat Catatan 1.b). Saham-saham baru tersebut seluruhnya telah dicatatkan di Bursa Efek Indonesia pada tanggal 20 Desember 2011. 24. Tambahan Modal Disetor - Bersih
2011 Rp Penawaran Umum Perdana Agio Saham Penawaran Umum Terbatas II Agio Saham Biaya Emisi Saham Sub Jumlah Penawaran Umum Terbatas III Agio Saham Biaya Emisi Saham Sub Jumlah Jumlah Tambahan Modal Disetor - Bersih 20,250 201,894 (4,328) 197,566 451,440 (12,000) 439,440 657,256
In 2011, the Company issued 1,254,000,000 new shares with preemptive rights (see Note 1.b) through Limited Public Offering III. On December 20, 2011, these shares were listed in the Indonesian Stock Exchange.
Agio saham merupakan selisih antara nilai nominal saham dengan jumlah penerimaan harga penawaran saham pada saat Perusahaan melakukan Penawaran Saham kepada masyarakat dan Penawaran Umum Terbatas III dengan Hak Memesan Efek Terlebih Dahulu.
Premium on stock represents the difference between par value of share and its offered price when the Company performed Public Offering to the public and Limited Public Offering III with Preemptive Right.
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PT Tiga Pilar Sejahtera PT Bumiraya Investindo PT Poly Meditra Indonesia PT Patra Power Nusantara PT Dunia Pangan PT Mitra Jaya Agro Palm PT Airlangga Sawit Jaya PT Charindo Palma Oetama PT Muarobungo Plantation PT Tugu Palma Sumatera Jumlah/ Total
Berdasarkan Akta Jual Beli Saham No. 17 tanggal 24 Oktober 2003 yang dibuat di hadapan Saal Bumela, S.H., Notaris di Jakarta, Perusahaan mengakuisisi 99,90% kepemilikan di PT Tiga Pilar Sejahtera, entitas anak, dari pihak-pihak berelasi. Berdasarkan Akta Jual Beli Saham No. 7 tanggal 12 Juni 2008 dan Akta Jual Beli Saham No. 8 tanggal 12 Juni 2008, seluruhnya dibuat di hadapan Syarifah Chozie, S.H., M.H., Notaris di Jakarta, Perusahaan mengakuisisi 99,90% kepemilikan saham di PT Bumiraya Investindo, entitas anak, dari pihak-pihak berelasi. Berdasarkan Akta Jual Beli Saham No. 9 tanggal 12 Juni 2008 yang dibuat di hadapan Syarifah Chozie, S.H., M.H., Notaris di Jakarta, Perusahaan mengakuisisi 99,96% persen kepemilikan di PT Poly Meditra Indonesia, entitas anak, dari pihak-pihak berelasi. Berdasarkan Akta Jual Beli Saham No. 10 tanggal 12 Juni 2008 dan Akta Jual Beli Saham No. 11 tanggal 12 Juni 2008, seluruhnya dibuat di hadapan Syarifah Chozie, S.H., M.H., Notaris di Jakarta, Perusahaan mengakuisisi 99,90% kepemilikan di PT Patra Power Niaga, entitas anak, dari pihak-pihak berelasi. Seluruh nilai transaksi restrukturisasi entitas sepengendali yang timbul pada 31 Desember 2010 berasal dari transaksi akuisisi sebagaimana dijelaskan pada Catatan 1.c.
Based on the Deed of Sale and Purchase of Shares No. 17 dated October 24, 2003 made in the presence of Saal Bumela, S.H., a notary in Jakarta, the Company acquired 99.90% ownership in PT Tiga Pilar Sejahtera, a subsidiary, from related parties. Based on the Deed of Sale and Purchase of Shares No. 7 dated June 12, 2008 and Deed of Sale and Purchase of Shares No. 8 dated June 12, 2008, all made in the presence of Syarifah Chozie, S.H., M.H., a notary in Jakarta, the Company acquired 99.90% ownership in PT Bumiraya Investindo, a subsidiary, from related parties. Based on the Deed of Sale and Purchase of Shares No. 9 dated June 12, 2008 made in the presence of Syarifah Chozie, S.H., M.H., a notary in Jakarta, the Company acquired 99.96% ownership in PT Poly Meditra Indonesia, a subsidiary, from related parties. Based on the Deed of Sale and Purchase of Shares No. 10 dated June 12, 2008 and Deed of Sale and Purchase of Shares No. 11, dated June 12, 2008, all made in the presence of Syarifah Chozie, S.H., M.H., a notary in Jakarta, the Company acquired 99.90% ownership in PT Patra Power Nusantara, a subsidiary, from related parties. Balances of value in restructuring transactions of entities under common control as of December 31, 2010 arising from acquisition transaction according are disclosed in Note 1.c.
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284,756 119,487 404,243 191,718 205,745 62,692 39,492 77,767 577,414 981,657 725,891 80,677 1,788,225 (35,423) 1,752,802
190,822 92,130 282,952 166,073 122,002 7,525 13,941 40,386 349,927 632,879 34,609 46,169 713,657 (8,437) 705,220
Penjualan dengan nilai jual bersih melebihi 10% dari jumlah penjualan bersih adalah kepada United Nations for World Food Programme dengan nilai penjualan sebesar Rp 141.301 (8,06%) dan Rp 47.818 (15,79%) untuk tahun yang berakhir pada 31 Desember 2011 dan 2010.
Sales with net sales amount exceeding 10% of total net sales pertain to transaction with United Nations for World Food Programme amounting to Rp 101,118 (8,06%) and Rp 47,818 (15.79%) for the years ended December 31, 2011 and 2010.
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Produk Konsumen Bahan Baku Digunakan Saldo Awal Pembelian Saldo Akhir Jumlah Bahan Baku Digunakan Tenaga Kerja Langsung Biaya Produksi Tidak Langsung Biaya Pokok Produksi Persediaan Barang Jadi Awal tahun Akhir Tahun Jumlah Beban Pokok Penjualan Produk Konsumen
Produk Beras Bahan Baku Digunakan Saldo Awal Pembelian Berasal dari Entitas Anak yang Diakuisisi Saldo Akhir Jumlah Bahan Baku Digunakan Tenaga Kerja Langsung Biaya Produksi Tidak Langsung Biaya Pokok Produksi Persediaan Barang Jadi Awal tahun Pembelian Berasal dari Entitas Anak yang Diakuisisi Akhir Tahun Jumlah Beban Pokok Penjualan Produk Beras Produk Perkebunan Beban Produksi Langsung Upah Langsung Pemeliharaan dan Perbaikan Penyusutan Tanaman Perkebunan Menghasilkan Pengangkutan dan Panen Insentif Petani Plasma Sub Jumlah Beban Produksi Langsung Beban Produksi Tidak Langsung Jumlah Beban Pokok Penjualan Produk Perkebunan Jumlah Beban Pokok Penjualan
224,597 419,926 (156,868) 487,655 26,972 117,591 632,218 28,716 (10,512) 650,421
135,605 423,964 (224,597) 334,972 23,730 94,066 452,768 33,262 (28,716) 457,314
Consumers Product Usage of Raw Materials Beginning Balance Purchases Ending Balance Total Usage of Raw Materials Direct Labor Factory Overhead Expenses Cost of Good Manufactured Finished Good Beginning Balance Ending Balance Cost of Goods Sold for Consumers Product
Rice Product Usage of Raw Materials Beginning Balance Purchases From Subsidiary Acquisition Ending Balance Total Usage of Raw Materials Direct Labor Factory Overhead Expenses Cost of Good Manufactured Finished Good Beginning Balance Purchases From Subsidiary Acquisition Ending Balance Cost of Goods Sold for Rice Product Plantations Product Direct Costs Wages Maintenance and Recovery Depreciation of Matured Plantations Transportation and Harvesting Incentive to Plasma Farmer Subtotal Direct Costs Indirect Production Costs Cost of Goods Sold for Plantations Product Total Cost of Goods Sold
28,306 491,780 -(80,119) 439,967 12,202 2,902 455,071 67,836 108,833 -(6,868) 624,873
Pembelian dengan nilai pembelian bersih melebihi 10% dari jumlah seluruh pembelian bersih adalah kepada PT Sriboga Ratu Raya dengan nilai pembelian sebesar Rp 110.816 (10,86%) dan Rp 107.242 (22,00%) untuk tahun-tahun yang berakhir pada 31 Desember 2011 dan 2010. d1/ April 16, 2012 68
Purchases with net purchase amount exceeding 10% of total net purchases pertain to transaction with PT Sriboga Ratu Raya amounting to Rp 110,816 (10.86%) and Rp 107,242 (22.00%) for the years ended December 31, 2011 and 2010, respectively. paraf:
Pengangkutan Promosi Gaji dan Kesejahteraan Karyawan Penyusutan Aset Tetap Utilitas Sewa Transportasi dan Akomodasi Lain-lain (masing-masing dibawah Rp 400) Jumlah
Transportation Promotion Employee Salaries and Allowances Depreciation of Fixed Asset Utilities Rental Transportation and Accomodation Others (each below Rp 400) Total
Gaji dan Kesejahteraan Karyawan Penyusutan Aset Tetap Profesional dan Konsultan Transportasi dan Akomodasi Beban dan Denda Pajak Sewa Listrik dan Air Pemeliharaan Bangunan dan Kebersihan Perlengkapan Kantor Representasi dan Jamuan Lain-lain (masing-masing dibawah Rp 400) Jumlah
17,991 6,198 2,843 3,933 3,170 1,620 1,393 759 656 501 1,593 40,657
13,080 2,169 2,278 3,112 1,464 1,042 1,290 474 1,311 544 1,972 28,736
Employee Salaries and Allowances Depreciation of Fixed Asset Professional and Consultant Transportation and Accomodation Tax Penalties and Expenses Rental Electricity and Water Building Maintenance and Cleaning Office Supplies Representation and Entertainment Others (each below Rp 400) Total
31. Laba Pelepasan Entitas Anak Berdasarkan Akta Jual Beli Saham No. 30 dan 32 tanggal 20 Desember 2010, seluruhnya dibuat di hadapan Benediktus Andy Widyanto, SH, Notaris di Tangerang Selatan, Perusahaan menjual kepemilikan saham pada PT Nagamas Sakti Perkasa dan PT Asianiaga Prakarsatama masing-masing sebesar 21.488.500 dan 12.995 lembar saham kepada PT Tunas Pupuk Sejati, dengan harga perolehan masing-masing sebesar Rp 1. Berdasarkan transaksi tersebut, Perusahaan mengkredit ke laporan laba rugi komprehensif atas tanggungan bagian rugi PT Nagamas Sakti Perkasa dan PT Asianiaga Prakarsatama, sebesar Rp 44.302 yang sebelumnya disajikan sebagai kewajiban Perusahaan.
31. Gain on Disposal of Subsidiaries Based on the Deed of Sale and Purchase of Shares No. 30 and 32 dated December 20, 2010, all made in the presence of Benediktus Andy Widyanto, S.H., a notary in Jakarta, the Company acquired 99.90% ownership in South Tangerang, the Company sold its 21,488,500 shares in PT Nagamas Sakti and 12,995 of shares in PT Asianiaga Prakarsatama to PT Tunas Pupuk Sejati for price to Rp 1.
In connection with the transaction, the Company credited to comprehensive income of PT Nagamas Sakti Perkasa and PT Asianiaga Prakarsatama that previously recorded as the Company liability amounting to Rp 44,302.
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33. Laba per Saham Perhitungan laba per saham adalah sebagai berikut:
2011 2010
Laba Tahun Berjalan yang Diatribusikan kepada Pemilik Entitas Induk Rata-rata Tertimbang Jumlah Saham yang Beredar Laba per Saham Dasar (dalam Rupiah Penuh)
Konsolidasian/
Agribusiness Rp 80,677 55,268 25,409 7,298 18,111 5,263 (4,682) 581 17,530 (4,219)
Consolidated Rp 1,752,802 1,330,461 422,341 114,489 307,852 117,901 4,772 122,673 185,179 (35,228) 149,951 Sales - Net Cost of Goods Sold Gross Profit Allocated Operating Expenses Operating Income Finance Charges - Net Operating Expense Total Income before Income Tax Expense Income Tax Expense - Net Total Net Income Total of Comprehensive Income Atributable to: Owners of The Parent Non-Controlling Interest Total Segment Assets Segment Liabilities Other Segment Information: Capital Expenditures Depreciation of Property Plant and Equipment
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Agribisnis/
Konsolidasian/
Penjualan - Bersih Beban Pokok Penjualan Laba Kotor Alokasi Beban Usaha Laba Usaha - Bersih Beban (Pendapatan) Keuangan - Bersih Laba Pelepsan Entitas Anak Laba atas Pengalihan Piutang Beban (Pendapatan) Usaha Lainnya Jumlah Laba sebelum Beban Pajak Penghasilan Beban Pajak Penghasilan - Bersih Pendapatan Komprehensif Setelah Efek Penyesuaian Pro Forma Jumlah Pendapatan Komprehensif yang Diatribusikan Kepada: Pemilik Entitas Induk Kepentingan Nonpengendali Jumlah Aset Segmen Liabilitas Segmen Informasi Segmen Lainnya: Belanja Modal Penyusutan Aset Tetap
Agribusiness Rp 46,169 30,565 15,604 5,585 10,019 4,190 --3,618 7,808 2,211 (703)
Consolidated Rp 705,220 521,405 183,815 59,620 124,195 86,841 (44,302) (13,920) 1,390 30,009 94,186 (14,743) 79,443
Sales - Net Cost of Goods Sold Gross Profit Allocated Operating Expenses Net - Operating Income Finance Charges (Income) - Net Gain on Subsidiaries Disposal Gain on Cessie of Receivable Other Operating Expenses (Income) Total Income before Income Tax Expense Income Tax Expense - Net Comprehensive Income After Effect Pro-Forma Adjustment Total of Comprehensive Income Atributable to: Owners of the Parent Non - Controlling Interest Total Segment Assets Segment Liabilities Other Segment Information: Capital Expenditures Depreciationof Property, Plant and Equipment
75,857 4,209 80,066 1,056,218 962,264 10,108 51,416 353,148 307,647 147,796 -527,584 76,970 2,678 1,679 1,936,950 1,346,881 160,582 53,095
SGD
EUR
---
---
----
----
265,990.30 -265,990.30
----
----
(149.01) (2,160.00)
355,205.12
--
--
3, 221
(7,087,129.26 )
(10,4 80.40)
(2,160.00)
(21,299)
36. Instrumen Keuangan dan Manajemen Risiko Keuangan a. Faktor dan Kebijakan Manajemen Risiko Keuangan Dalam menjalankan aktivitas operasi, investasi dan pendanaan, Perusahaan menghadapi risiko keuangan yaitu risiko kredit, risiko likuiditas dan risiko pasar dan mendefinisikan risiko-risiko tersebut sebagai berikut: Risiko kredit: kemungkinan bahwa pelanggan tidak membayar semua atau sebagian piutang atau tidak membayar secara tepat waktu dan akan menyebabkan kerugian Perusahaan. d1/ April 16, 2012 71
36. Financial Instrument and Financial Risks Management a. Factors and Policies of Financial Risk Management In its operating, investing and financing activities, the Company is exposed to the following financial risks: credit risk, liquidity risk and market risk and it defines those risks as follows: Credit risk: possibility that a customer will not pay the whole or part of a receivable or will not pay in a timely manner and hence, the Company will incur loss.
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-239,820 --239,820
Cash and Cash Equivalents Accounts Receivable Other Receivables Due from Related Parties Total
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-71,024 --71,024
-10,656 --10,656
Cash and Cash Equivalents Accounts Receivable Other Receivables Due from Related Parties Total
Risiko Likuiditas Pada saat ini Perusahaan berharap dapat membayar semua liabilitas pada saat jatuh tempo. Untuk memenuhi komitmen kas, Perusahaan berharap kegiatan operasinya dapat menghasilkan arus kas masuk yang cukup. Perusahaan mengelola risiko likuiditas dengan pengawasan proyeksi dari arus kas aktual secara terus menerus serta pengawasan tanggal jatuh tempo dari liabilitas keuangan. Tabel berikut menganalisis rincian liabilitas keuangan berdasarkan sisa umur jatuh temponya:
Liquidity Risks Currently the Company expects to pay all liabilities at the maturity. In order to meet the cash commitments, the Company expects its operating activities to generate sufficient cash inflows. The Company manages its liquidity risk by monitoring actual cashflow projections continuously and supervises the maturity of its financial liabilities. The following table analyzes the breakdown of financial liabilities based on maturity:
Jatuh Tempo Tidak Ditentukan/ Maturity not Determined --------2010
2011 Akan Jatuh Tempo/ Will Due on Kurang dari 1 - 5 tahun/ Lebih 5 Tahun/ 1 Tahun/ 1 - 5 year More Than 5 Less than 1 year Years Pinjaman Bank Jangka Pendek Pinjaman Bank Jangka Panjang Hutang Pihak Berelasi Hutang Usaha - Pihak Ketiga Hutang Lain-lain Beban Masih harus Dibayar Hutang Sewa Pembiayaan Jumlah 553,355 218,085 -24,293 27,229 27,575 2,799 853,336 -825,006 ----2,267 827,273
Jumlah/ Total
--1,680 ----1,680
Short Term Bank Loans Long Term Bank Loans Due to Related Parties Accounts Payable - Third Parties Other Payables Accrued Expense Obligations under Finance Lease Total
Akan Jatuh Tempo/ Will Due on Kurang dari 1 Tahun/ Less than 1 year Pinjaman Bank Jangka Pendek Pinjaman Bank Jangka Panjang Hutang Pihak Berelasi Hutang Usaha - Pihak Ketiga Hutang Lain-lain Beban Masih harus Dibayar Kewajiban Jangka Panjang Lainnya Hutang Sewa Pembiayaan Jumlah 305,622 101,105 -44,606 3,895 22,080 -17,202 494,510 1 - 5 tahun/ 1 - 5 year Lebih 5 Tahun/ More Than 5 Years -12,652 ------12,652
Short Term Bank Loans Long Term Bank Loans Due to Related Parties Accounts Payable - Third Parties Other Payables Accrued Expense Other Long Term Liability Obligations under Finance Lease Total
Risiko Suku Bunga Perusahaan terekspos risiko suku bunga terutama menyangkut liabilitas keuangan. Perusahaan memiliki pinjaman yang bersifat jangka panjang kepada bank yang menggunakan tingkat bunga pasar. Pada saat ini, Perusahaan menerapkan kebijakan atau pengaturan tertentu untuk mengelola risiko tingkat bunga dengan:
Interest Rate Risks The Company exposure to interest rate risk is primarily related to financial liabilities. The Company has long-term loans to banks that use interest rate market. At this time, the Company adopted certain policies or arrangements to manage interest rate risk as follows:
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2011 Akan Jatuh Tempo/ Will Due on Kurang dari 1 - 5 tahun/ Lebih 5 Tahun/ 1 Tahun/ 1 - 5 year More Than 5 Less than 1 year Years Tanpa Bunga Bunga Tetap Bunga Mengambang Jumlah 79,097 299,765 474,474 853,336 -756,747 70,526 827,273
2010 Akan Jatuh Tempo/ Will Due on Kurang dari 1 Tahun/ Less than 1 year Tanpa Bunga Bunga Tetap Bunga Mengambang Jumlah 70,581 414,247 6,904 491,732 1 - 5 tahun/ 1 - 5 year -559,329 29,463 588,792 Lebih 5 Tahun/ More Than 5 Years -12,652 12,652 Jatuh Tempo Tidak Ditentukan/ Maturity not Determined 211,921 --211,921 Jumlah/ Total
Risiko Nilai Tukar Perusahaan tidak memiliki risiko yang signifikan atas risiko nilai tukar mata uang asing khususnya Dolar AS, karena sebagian liabilitas dalam mata uang asing telah banyak berkurang. Untuk meminimalkan risiko ini perusahaan akan selalu berhati-hati dalam melakukan transaksi mata uang asing dan menyediakan kas yang cukup untuk mengantisipasi terjadinya lonjakan nilai tukar. b. Nilai Wajar Instrumen Keuangan Manajemen berpendapat bahwa nilai tercatat aset dan liabilitas keuangan yang dicatat sebesar biaya perolehan diamortisasi dalam laporan keuangan konsolidasi mendekati nilai wajarnya baik yang jatuh tempo dalam jangka pendek atau yang dibawa berdasarkan tingkat suku bunga pasar. Nilai wajar instrumen keuangan ditentukan melalui analisis arus kas yang didiskonto dengan menggunakan tingkat diskonto yang setara dengan tingkat pengembalian yang berlaku bagi instrumen keuangan yang memiliki syarat dan periode jatuh tempo yang sama.
Foreign Currency Risks The Company has no significant foreign currency risk especially in US Dollar, since most of the liabilities denominated in foreign currency have been reduced significantly. In order to minimize this risk, the Company will always be selective in performing the foreign currency transactions and provide sufficient fund to anticipate foreign currency fluctuations.
b. Fair Value of Financial Instruments Management considers that the carrying amounts of financial assets and financial liabilities recorded at amortized cost in the consolidated financial statements approximate their fair values either because of their shortterm maturities or they are carried at market rates of interest. The fair value for the above financial instruments was determined by discounting estimated cashflows using discount rates for financial instruments with similar term and maturity.
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Based on Purchase Contract No.IDN/2011/4500037748 and HQ/2011/4500036781 dated June 7, 2011, PT Tiga Pilar Sejahtera (TPS), a subsidiary, signed a sales contract with World Food Programme (WFP). This agreement required TPS to produce Fortified Biscuits (Biscuit which riched by vitamin and mineral) of 6,464 (Metric Tons Net) MTN.
Based on Contract Agreement No. 001/MINDOTECH/VI/2009 dated June 10, 2009, PT Bumiraya Investindo (BRI), a subsidiary, appointed PT Mindo Tech as the contractor for the construction of palm oil mill with a contract value amounting to USD 5,448,335 and Rp 20,699.
Until December 31, 2011, realization of contract has been completed Rp 26,969.
Net Liabilities: Total Liabilities Less: Cash and Cash Equivalents Total Net Liability Total Adjusted Equity Net Liabilities Ratio to adjusted Equity
Tujuan utama Perusahaan dalam hal pengelolaan modal adalah mengoptimalisasi saldo hutang dan ekuitas Perusahaan dalam rangka mempertahankan perkembangan bisnis di masa depan dan memaksimalkan nilai pemegang saham. Perusahaan mengelola struktur modal dan membuat penyesuaian yang diperlukan dengan memperhatikan perubahan kondisi ekonomi dan tujuan strategis Perusahaan. Untuk menjaga dan mengelola struktur modal, Perusahaan mungkin mengelola jumlah dividen yang dibayar kepada pemegang saham, menerbitkan saham baru, memperoleh pinjaman baru atau melakukan pelunasan pinjaman.
The Company's main objective in managing capital is to optimize the balance of debt and equity in order to maintain future business growth of the Company and maximizing the shareholders value. The Company manages its capital structure and makes some necessary modification by considering changes in economic conditions and the Company's strategic objectives. In order to maintain and manage the capital structure, the Company may manage the amount of dividends paid to shareholders, issue new shares, obtaining new loans or loan repayment.
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Asumsi utama masa depan dan sumber utama estimasi ketidak pastian lain pada tanggal pelaporan yang memiliki risiko signifikan bagi penyesuaian yang material terhadap nilai tercatat asset dan liabilitas untuk periode/tahun berikutnya diungkapkan dibawah ini:
Estimasi umur manfaat aset tetap dan tanaman perkebunan Perusahaan melakukan penelaahan secara berkala atas masa manfaat ekonomis aset tetap dan tanaman perkebunan berdasarkan kondisi teknis aset terkait dan perubahan teknologi yang berpengaruh pada masa manfaat aset tersebut. Imbalan pasca kerja Nilai kini liabilitas imbal pasca kerja dan biaya dana pensiun yang masih harus dibayar tergantung pada beberapa faktor yang ditentukan dengan dasar aktuarial berdasarkan beberapa asumsi. Asumsi yang digunakan untuk menentukan biaya (penghasilan) pensiun neto mencakup tingkat diskonto. Perubahan asumsi ini akan mempengaruhi jumlah tercatat imbalan pasca kerja dan dana pensiun.
Perusahaan menentukan perubahan tingkat diskonto yang sesuai pada akhir masa pelaporan, yaitu tingkat suku bunga yang harus digunakan untuk menentukan nilai kini arus kas keluar masa depan estimasian yang diharapkan untuk menyelesaikan liabilitas. Dalam mempertimbangkan tingkat suku bunga yang sesuai, Perusahaan mempertimbangkan suku bunga pinjaman bank dikombinasikan dengan suku bunga SBI. Estimasi Aset Pajak Tangguhan Pertimbangan manajemen diperlukan untuk menentukan jumlah pajak tangguhan yang diakui sebagai laba atau rugi serta jumlah yang dicatat sebagai aset pajak tangguhan. Pengakuan tersebut dilakukan hanya jika besar kemungkinan aset tersebut akan terpulihkan dalam bentuk manfaat ekonomi yang akan diterima pada periode mendatang, dimana perbedaan temporer dan akumulasi rugi fiskal masih dapat digunakan. Manajemen juga d1/ April 16, 2012
40. Kejadian setelah Tanggal Laporan Posisi Keuangan Berdasarkan akta Notaris No. 82 tanggal 20 Januari 2012 yang dibuat dihadapan Mala Mukti, S.H., LL,M. Notaris di Jakarta, BRI, entitas anak, menambah modal dasar menjadi 157.662 lembar saham atau Rp 459.361 yang terdiri dari saham seri A sejumlah 91.000 lembar dengan nilai nominal Rp 1 dan saham seri B sejumlah 66.662 lembar saham dengan nilai nominal Rp 5,6. Dari nilai nominal tersebut telah disetorkan penuh atau sejumlah 157.662 lembar saham, yang masing-masing dimiliki oleh Perusahaan sebesar 90.909 saham seri A, Aunur Rofiq sebesar 91 saham seri A dan Bungee Agribusiness Pte Ltd sebesar 66.662 saham seri B. Akta tersebut telah disetujui oleh Menteri Hukum dan Hak Asasi Manusia Republik Indonesia berdasarkan surat No. AHU-05122.AH.01.02.Tahun 2012 tanggal 31 Januari 2012. 41. Tanggung Jawab Manajemen atas Laporan Keuangan Konsolidasian Manajemen Perusahaan bertanggung jawab penyusunan laporan keuangan konsolidasian diselesaikan pada tanggal 12 April 2012. atas yang
40. Subsequent Events after Statements of Financial Position Based on Notarial Deed No. 82 dated January 20, 2012, which was made by Mala Mukti, SH, LL, M., a notary in Jakarta, stocks of the Company was increased to 157,662 shares or Rp 459,361, consisting of 91,000 shares of series A with a par value Rp 1 and 66,662 shares of series B, with a par value Rp 5.6. All of the nominal value has been paid in full or a number of 157,662 shares, each of which is owned by the Company of 90,909 series A shares of, Aunur Rofiq of 91 series A shares of and Bungee Agribusiness Pte Ltd of 66,662 series B shares of.
The Deed has been approved by the Minister of Justice and Human Rights Republic of Indonesia based on the letter No. AHU-05122.AH.01.02.Tahun 2012 dated January 31, 2012. 41. Management Responsibility On the Consolidated Financial Statements The management of the Company is responsible for the preparation of these consolidated financial statements which were completed on April 12, 2012.
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