ABM English PDF

2011
annual report
Building A Solid Foundation

2011 Building A Solid Foundation 1
annual report contents
Performance Highlights 2011 2
About ABM
ABM Investama at a Glance 8
Vision, Mission and Core Values 10
The Business in Synergy 12
Operational Area 14
Historical Background of PT ABM Investama 16
Event Highlights 2011 18
Awards and Certifications 2011 19
Financial Highlights 20
Stock Highlights 22
Operational Highlights 24
Overview of Plans and Strategies in 2011 25
Industrial Analysis 29
From the Management

Report from the Board of Commissioners 42
Report from the Board of Directors 48
Business Review 58
Business Performance Review 60
Business Support Review 80
Human Resources 96
Information Technology 102
Corporate Social Responsibility 106

CSR Report 108
Corporate Governance Report 114

Corporate Governance 116
Financial Review 136

Management Discussion and Analysis 138
Corporate Data 161

Board of Commissioners 162
Board of Directors 164
Organization Structure 166
The Subsidiaries 168
Supporting Institutions and Professions 168
Responsibility of the Members of Board of Commissioners
and Board of Directors Towards the Annual Report 2011 169
Consolidated Financial Statement 171

1
The year 2011 represents a dynamic year for ABM Investama.
The synergy of business units, the hard work and the spirit to reach
ABM Investama • 2011 Annual Report

the highest achievements have resulted in significantly increased
performance. At the same time, the Company focused on building
a solid operational foundation in all business units by streamlining
business procedures, building effective and reliable systems
reflecting characteristics of each business unit, and grooming
competent human resources with strong characters. “Building a
solid foundation” accurately describes our determination and spirit
Building A Solid Foundation

in building ABM group into a resilient national business group able
to meet any challenge, and to flourish through this century and into
the next.
From Corporate Social Corporate Consolidated
About ABM Business Review Financial Review Corporate Data
the Management Responsibility Governance Report Financial Statement
Creating
sustainable
growth
performance
2
Supported by the synergy from its integrated business

units comprising the energy resources business,
energy services business and energy infrastructure
business, as well as the support of reliable human
capital, ABM Investama in 2011 succeeded in posting
a 47.7% growth in revenues as well as a 226% increase
in net income, which reflected a consistent and
sustainable performance growth by all business units
in the ABM group.
226 %
(in million Rupiah)
415,740
127,324
NET INCOME increased

significantly over the
previous year.
2010 2011
47.7 %
(in million Rupiah)
6,626,275
4,486,419
REVENUE grew fast

compared with the previous
year.
2010 2011
4
Quality People
Rising up to the challenges and adapting to the

demands of a dynamic and evolving market, ABM
Investama invested heavily to develop quality and
capable human resources in order to make the
Company stronger and more competitive.
6
Contributing
CSR Programs
benefits to the
community.
The Company’s business activities have an

economic, social or environmental impact on
communities, and are directed to create economic
self-sufficiency that can add value and improve
quality of life in communities around the mine sites.
ABM INVESTAMA AT A GLANCE
8
PT ABM Investama Tbk (ABM Investama), is an integrated energy
company making strategic investments in energy resources, services
and infrastructure. ABM group provides integrated energy solution with
business synergy focusing on three key businesses units in coal production,

mining contract services, and power solutions supported by two crucial
components of engineering services and integrated logistics.
The Company was established on 1 June 2006 under the name of

PT Adiratna Bani Makmur under the group of Tiara Marga Trakindo (TMT).
TMT Group is a business group with 12 subsidiaries engaged in heavy
equipment industry and has already built its business reputation for 40
years. The establishment of the Company indicated TMT group’s intention
to develop and to optimize its energy-related business units to create the
best synergy and efficiency.
In 2009 the Company changed its name into PT ABM Investama and
acquired majority shares of several companies under TMT group. Such
reorganization has positioned ABM Investama to be a solid holding
company designated to provide guidance as well as business planning
and expansion through strategic investment so as to create a more open,
more progressive and more responsive business units to cope with a more
competitive yet challenging business climate and to create added values for
all stakeholders.
ABM Investama at a Glance
Developing a comprehensive,
synergistic and integrated
organization
9
On 6 December 2011, the Company through strategic investments in each
registered 550.6 million of shares of its subsidiaries. At present, the
in Indonesia Stock Exchange ticker business units of ABM Investama

name ABMM. Since then, PT ABM namely PT Reswara Minergi Hartama
Investama became a publicly listed (Reswara), PT Cipta Kridatama
company under the name of PT ABM (CK), PT Sumberdaya Sewatama
Investama Tbk. (Sewatama), PT Sanggar Sarana Baja
(SSB) and PT Cipta Krida Bahari (CKB
As a holding company, the role Logistics), have become sub-holding
of ABM Investama is not only companies with 11 subsidiaries with a
to create integration within its total number of 7,500 employees.
subsidiaries, but also to perform
strategic investments in the effort of The Company will continuously strive
empowering business units for them to expand its business portfolio in
to experience faster and stronger energy sector by growing its business
growth and to be able to create units, increasing its profitability
added values for all stakeholders. and developing comprehensive,
Within the last two years, ABM mutually in synergy and integrated
Investama has successfully guided organizations.
its subsidiaries to make expansion
Vision, Mission and Core Values
Vision
To be the leading investment company

with strategic investments in energy
resources, energy services, and energy
infrastructures.
Mission
1. To continually create meaningful and challenging job

opportunities for as many Indonesians as possible.
10
2. To ensure sustainable and profitable growth that

maximizes shareholder value.
3. To provide value adding solutions that will optimize

customer satisfaction.
4. To actively engage within communities as a good

corporate citizen.
Our people have the passion

for challenges, continues
improvement and excellence.
Vision, Mission and Core Values
Core Values
We instill each value in our day-to-day operations to strengthen our leadership.
INTEGRITY
We enforce the highest ethical and moral standards, demonstrating honesty and fairness in
all activities.
CONTINUOUS DEVELOPMENT
We are committed to continuously developing both our companies and employees.
EXCELLENCE
We continuously strive to achieve the highest standards of results.
PROACTIVE
We pursue new techniques and approaches in improving our business quality.
ACCOUNTABILITY
We assume responsibility to shareholders for all of decisions and actions taken.
TEAMWORK
We promote and support a multicultural workforce, based on trust and respect, achieving
goals by communicating appropriately.
11

Leadership Traits
COMPETENT
Display leadership competence in making correct decisions.
VISIONARY
Set encompassing goals; have a well-communicated vision that all members of the
organization would take into ownership; envision how to succeed and establish priorities
based on core values.
INSPIRING
Exhibit confidence in all interactions; take charge; demonstrate endurance; communicate,
inspire and empower others to achieve new heights.
SELF-ACTUALIZATION
Develop self potential and seek new challenge.
HONEST AND HUMBLE

Be sincere, modest, reliable, and straightforward in maintaining trustworthy.
The Business in Synergy
Estimated 221 million tons of coal reserves

and 561 million tons of coal resources
Production capacity is expected to ramp up Ability to leverage services offered by the

significantly from 1.0 million tons to 12.5 million ABM Group.
tons in the medium term.
Leading temporary power Among the top 5*

provider, with 42% market mining contractors in
share in Indonesia. Indonesia.
Electricity generation capacity Provides full end-to-end “pit to port”

close to 1 GW. contract mining services
Expand portfolio through

leveraging its business in the
Independent Power Production
(IPP) sector.
12
SSB and CKB to provide engineering services and

integrated logistics support to the ABM group and TMT groups.
The Group subsidiaries provide substantial intragroup services, thereby achieving cost
efficiency and increasing business support.
We see our business as three key business units in coal production, contract mining and power solutions, supported by
two crucial components of engineering services and integrated logistics.
Committed to provide a wider range of energy related products and services offering, this integrated businesses create
a synergy and offer end-to-end energy solution, that enable us to provide a more efficient cost structure; increasing
profitability; and assuring business sustainability.
* Provided that Thiess and Leighton are considered as one group, namely Leighton Group.
The Business in Synergy
ABM Investama is
an Integrated Energy Company
Valle Verde Pte. PT Tiara Marga

Public
Ltd. Trakindo (“TMT”)
55% 23% 22%
99.99% 99.99% 99.98% 99.96% 99.99%
PT Reswara PT Cipta PT Sumberdaya PT Sanggar PT Cipta Krida

Minergi Hartama Kridatama Sewatama Sarana Baja Bahari
COAL PRODUCTION CONTRACT MINING POWER SOLUTIONS ENGINEERING SERVICES INTEGRATED LOGISTICS
PT Tunas Inti PT Prima Wiguna PT Alfa Trans

PT Meppogen 13
Abadi Parama Raya
COAL PRODUCER IPP – GAS MATERIAL HANDLING SHIPPING COMPANY

PT Pelabuhan PT Pradipa PT Baruna Dirga
Buana Reja Aryasatya Dharma
PORT SERVICE/ IPP – THERMAL ENERGY COAL LOGISTICS
MANAGEMENT
PT Media Djaya PT Nagata Bisma

Bersama Shakti
IPP – RENEWABLE
HOLDING COMPANY ENERGY
PT Bara Energi
Lestari
COAL PRODUCER
PT Mifa
Bersaudara
COAL PRODUCER
Committed to grow in the focused activities of coal

production, contract mining, power solutions,
engineering services, and integrated logistics.
Operational Area
14
COMPREHENSIVE FOOTPRINT AND MARKET COVERAGE ACROSS INDONESIA
As one of the leading integrated energy company, we recognize that our responsibilities
to the nation merely begin with our most important role of providing energy supply
that powers modern life. Our responsibilities also extended to the manner of
proper business conduct, our adherence to the highest legal and ethical standards,
our environmental performance, the practice of good corporate citizenship in the
communities, and the quality of our interactions with our stakeholders – in effect, the
public at large.
Operational Area
Having its fully integrated operation since 2009 across Indonesia,

through its subsidiaries, ABM is ensuring its presence and providing
services from the western regions to as far afield as eastern regions
of Indonesia.
15
Integrated Contract Mining Engineering Engineering

Logistics Offices Project Sites Services Workshop Services Office
Historical Background of PT ABM Investama
PT Alfa Trans Raya was

established as a subsidiary of
CKB Logistics on November
AHK Hamami founded PT Sumberdaya
28, as a shipping company
PT Trakindo Utama (Trakindo), Sewatama, (SS), a
primarily serving energy-related
which became the sole subsidiary of Trakindo was Trakindo Utama become
sectors, and purchased its first
authorized dealer in Indonesia for established on March 27, an integrated holding
ship named Alfa Trans Satu in
Caterpillar heavy equipment and to provide power through company, marked
PT Cipta Krida Bahari, December.
machinery products. leasing power generators with the change of
a freight forwarding
for all kinds of projects. PT Trakindo Utama to
company, was
established on May 9. become PT Tiara Marga
Trakindo (TMT) on
August 16.
16
1970 1977 1992 2006

1997 2000
PT Cipta Krida Bahari introduced

its new branding and company
Trakindo established a PT Cipta Kridatama (CK) was logo as CKB Logistics.
subsidiary, PT Sanggar established on April 8, to fulfill
Sarana Baja, on March the market demand for heavy
19, to provide design and machinery rental, subsequently
fabrication services for the becoming a contractor for the
heavy equipment market. mining industry.
Historical Background of PT ABM Investama
In March, PT ABM Investama increased its equity through convertion of

Mandatory Convertible Bonds equal to a value of 64,7111% ownership
of PT ABM Investama by Valle Verde Ltd, a Singaporean-based company
owned by The Hamami Family.
PT ABM Investama becomes the

majority shareholders of PT Cipta
Kridatama on December 10.
On May 23, PT Sumberdaya Sewatama (SS) established 2 new
subsidiaries under the name PT Nagata Bisma Shakti (Nagata), which
focuses on renewable energy, and PT Pradipa Aryasatya (Pradipa)
focusing on thermal energy, in line with its expansion plan into
Independent/Captive Power Plants.
In December, PT Sumberdaya PT Reswara Minergi Hartama

Sewatama and PT Sanggar was established on November On May 26, PT Cipta Krida Bahari (CKB Logistic) also expanded its
Sarana Baja acquired PT Tunas 16, taking the position of holding portfolio through establishing PT Baruna Dirga Dharma (BDD), a coal
Inti Abadi, a compliant coal company for all coal mining transport tug & barge service company.
concession located in South related business.
Kalimantan. On June 26, PT Sanggar Saran a Baja (SSB) established PT Prima Wiguna
Parama (PWP) to manage material handling for equipments related to
energy industry.
2009
2007 2010 2011 17

PT Tiara Marga Trakindo
acquired PT Adiratna Bani
Makmur in August, and On June 28, Reswara acquired PT Media Djaya Bersama (MDB) that
changed its name to PT ABM In December, to support PT TIA
operates 2 coal concessions in Aceh namely PT MIFA Bersaudara and
Investama. The company and other coal trading activities,
PT Bara Energi Lestari (BEL).
then acquired majority shares Reswara established a port
in PT Sanggar Sarana Baja, company named PT Pelabuhan
PT Sumberdaya Sewatama, Buana Reja (PBR) to serve the
PT CKB Logistics and coal industry.
PT Tunas Inti Abadi. Its also
acquired minority shares in
PT Cipta Kridatama. On September 21, PT Sanggar Sarana Baja (SSB) introduced its new
company logo.
In November, PT Sumberdaya
Sewatama acquired minority
shares in PT Metaepsi Pejebe
On December 6, ABM Investama held its initial public listing at the
Power Generation (Meppogen),
Indonesia Stock Exchange and officially become a Public Listed
a power generation company
Company.
operating in South Sumatra.
Event Highlights 2011
03
01
December
May 26
CKB Logistics expanded its portfolio
through the establishment of PT Baruna November
Dirga Dharma (BDD), coal transportation
March services company (Tug & Barges).
ABM Investama increased its October
equity through conversion of ABM’s
Mandatory Convertible Bonds owned by
Valle Verde Ltd. September
02
August
July
08
May 23
Sumberdaya Sewatama established 2
subsidiaries, namely PT Nagata Bisma June
Shakti & PT Pradipa Aryasatya.
May
18 December 6
Listing Day at IDX
April
March 09 December 26
ABM Investama paid its debt to Bank
Permata amounted to Rp225 billion.
February 06 September 22
ABM Investama signed prospectus to
be submitted to Bappepam as part of
January the process towards IPO.
04
07
June 28
ABM Investama’s subsidiary,
Reswara acquired PT Media Djaja
Bersama (MDB), which operates 2
coal-concessions in Nanggroe Aceh
Darussalam.
November 8
Public Expose at Ritz Carlton.
05
September 21
Sanggar Sarana Baja introduced
new logo to further strengthen its
positioning.
Awards and Certifications 2011
KADARIGAT AWARD KADARIGAT AWARD KADARIGAT AWARD

(Medium W/S – Best EMS ISO 14001) (Medium W/S – Best Hydrocarbon (Medium W/S – Best Total Score)
PT Sumberdaya Sewatama Management) PT Sumberdaya Sewatama
PT Sumberdaya Sewatama
19

OHSAS 18001:2007 Upakarti Pratama
Certification Safety Mining Award
PT Sumberdaya PT Tunas Inti Abadi
Sewatama
Zero Accident Award
PT Tunas Inti Abadi
Certification of Safety and Indonesia Stock Exchange
Work Heatlh Audit System Listing Certification
Management PT ABM Investama
PT Sumberdaya
Sewatama
ISO 9001:2008 ISO 14001:2004

Certification Certification
PT Sanggar Sarana Baja PT Sanggar Sarana Baja
Financial Highlights
(in million of Rupiah)

Description 2011 2010 2009 2008 2007
FINANCIAL BALANCE STATEMENT
Current Assets 4,268,611 2,106,194 2,001,334 1,384,649 1,174,987

Fixed Assets – Net 4,007,349 2,107,655 1,532,725 1,469,802 1,266,307
Total Assets 9,883,180 4,890,266 4,199,977 3,549,129 3,062,585
Current Liabilities 3,134,821 2,359,085 1,797,869 2,338,481 1,743,025
Non-Current Liabilities 3,725,353 1,404,745 1,301,583 2,022,469 1,559,872
Total Liabilities 6,860,174 3,763,830 3,099,452 4,360,950 3,302,897
Total Equity 3,023,006 1,126,436 1,100,525 (811,821) (240,312)
Total Liabilities and Equity 9,883,180 4,890,266 4,199,977 3,549,129 3,062,585
OPERATIONAL PERFORMANCE
Sales and Service 6,626,275 4,486,419 3,926,320 3,235,172 2,379,876

Gross Profit 1,381,717 713,025 469,094 120,790 168,762
Income from Operations 656,022 315,772 491,429 (469,841) (341,516)
Income (Loss) before Income Tax 464,406 237,417 379,814 (578,617) (413,843)
Comprehensive Net Income (Loss) 415,740 127,324 (11,346) (3,913) (3,817)
BUSINESS RATIO
20
Income from Operations/Sales and Service 9.9% 7.0% 12.5% -14.5% -14.4%
Revenues
Comprehensive Net Income (Loss)/Sales and 6.3% 2.8% -0.3% -0.1% -0.2%
Service
Income from Operations/Total Equity 21.7% 28.0% 44.7% -57.9% -142.1%
Comprehensive Net Income (Loss)/Total Equity 13.8% 11.3% -1.0% -0.5% -1.6%
Income from Operations/Total Assets 6.6% 6.5% 11.7% -13.2% -11.2%
Comprehensive Net Income (Loss)/Total Assets 4.2% 2.6% -0.3% -0.1% -0.1%
GROWTH RATIO
Sales and Service 47.7% 14.3% 21.4% 35.9% -

Gross Profit 93.8% 52.0% 288.4% -28.4% -
Income from Operations 107.8% -35.7% 204.6% -37.6% -
Comprehensive Net Income (Loss) 226.5% 1222% -190.0% -2.5% -
Total Assets 102.1% 16.4% 18.3% 15.9% -
Total Liabilities 82.3% 21.4% -28.9% 32.0% -
Total Equity 168.4% 2.4% 235.6% -237.8% -

Financial Highlights
Total Assets and Total Liabilities

9,883,180
6,860,174
4,890,266
4,360,950
4,199,977
3,763,830
3,549,129
3,302,897
3,099,452
3,062,585
Total Assets
Total Liabilities
11 10 09 08 07
Total Debt and Total Equity

4,928,352
1,924,066
1,882,069
21
1,726,372
1,678,949
1,126,436
1,100,525
3,023,006
(811,821)
(240,312)
Total Debt

Total Equity
11 10 09 08 07
Sales & Service and Income from Operations

6,626,275
4,486,419
3,926,320
3,235,172
656,022
2,379,876
491,429
315,772
(341,516)
(469,841)
Sales & Service
Income from Operations
11 10 09 08 07
Stock Highlights
Initial Public Offering shares), comprising 137,463,000 550.6

On 28 November 2011, PT ABM
Investama Tbk conducted an Initial
common shares owned by TMT and
5,000 common shares owned by million
Public Offering of 550,633,000 shares Achmad Hadiat Hamami. Shares issued in the IPO of ABM
at a par value of Rp500. The shares are Investama (20%)
registered at PT Bursa Efek Indonesia At most, ten percent (10%) of the total
(BEI) in accordance with the Preliminary number of shares being offered in the IPO
or 55,063,000 shares shall be allocated
3,750
Listing Agreement of Shares Registration
entered into between the Company and
BEI No.S-05664/BEI/PPJ/08-2011 dated
to the Management and Employee Stock
Allocation (MESA) program in accordance
Rp
16 August 2011. with the Circular Resolution in Lieu of
the Extraordinary General Meeting of IPO Share Offering Price
The number of shares being offered Shareholders as the replacement of the
represents 20% (twenty percent) of the General Meeting of Shareholders dated
Company’s issued and fully paid capital 27 July 2011.
following the IPO, which comprises the
following: All shares are offered at the IPO price
• A total of 413,165,000 common shares of Rp3,750, resulting in a total IPO price
which represents the Company’s new of Rp2,064,873,750,000, comprised of
shares at par value of Rp 500; Rp1,549,368,750,000 from common
• A total of 137,468,000 common shares shares and Rp515,505,000,000 from
22 owned by the Selling Shareholders at divestment shares.
par value of Rp500 each (divestment
Shareholding Structure
Owner of Minimum of 500 Shares
No Owner Status
Number of Shareholders Number of Shares % Ownership
DOMESTIC INVESTORS
1. Individual, Indonesian citizen 595 74,632,500 2.71079
2. Employees 423 7,270,500 0.26408
3. Foundations 3 5,047,500 0.16333
4. Pension Funds 7 5,863,000 2.21295
5. Insurance 2 1,300,000 0.04722
6. Corporations 30 667,822,000 24.25652
7. Mutual Funds 20 50,049,500 1.81789
Sub Total 1,080 811,985,000 29.49278
OVERSEAS INVESTORS
8. Individual, Foreign 10 1,160,000 0.04213
9. Business Entity, Foreign 50 1,940,020,000 70.46508
Sub Total 60 1,941,180,000 70.50721
TOTAL 1,140 2,753,165,000 100
Stock Highlights
Composition of Shareholders per DeCember 31, 2011
11.54% 10.46%
23.00%
CitiBank Singapore A/C BJBS AS Asia
PT Tiara Marga Trakindo

Controlling Shareholders
Valle Verde PTE LTD
Public under 5%
55.00%
STOCK PERFORMANCE IN DECEMBER 2011 POST IPO
23

Dividend Policy
Based on Law No. 40/2007 regarding fully paid capital as well as its reserve from time to time, amend the Company’s
Limited Liability Companies, the requirements. The interim dividend dividend payment policy. Directors may
distribution of dividends shall be distribution is determined by the Board reduce the number of dividends paid or
conducted based on the Resolution of of Directors after obtaining approval from waive dividend payment entirely. Future
General Meeting of Shareholders (GMS) the Board of Commissioners. dividend payments shall depend on a
or Extraordinary Shareholders Meeting. number of factors, such as:
Following the IPO, commencing in 2013 • Retained earnings, operational and
Prior to the end of fiscal year, the and based on net income in 2012, the financial performance, financial
interim dividend may be distributed Company planned to maintain a dividend condition, liquidity condition, future
as long as the Company’s articles of payment ratio of a maximum 35% of net business prospects, cash flow,
association allow such distribution and income for the following years. business opportunities; and
the interim dividend distribution shall • Compliance with prevailing rules and
not make the amount of the Company’s By also taking into account the regulations and other factors deemed
assets any lower than its issued and resolutions of GMS, the Directors may, relevant by the Directors.
Operational Highlights
Coal Mining
Production and Sales Average Strip Ratio*

(thousand tons) (%)
5.8
2,163
4.4
4.1
1,179
113
11 10 09 11 10 09
* Average Strip Ratio is a number used to determine the cost
of mining in accordance with the JORC reports
Mining Contractor
Over Burden Coal Extraction

(million BCM) (million tons)
24
118
10.6
104
100
8.3
7.1
11 10 09 11 10 09
Electricity Solution
Total Installed Capacity Average Utilization Rate

(MW) (%)
934
792
758
74
74
70
11 10 09 11 10 09
Overview of Plans and Strategies in 2011
In 2011, the Company focused on

ensuring that all business units have
been integrated in a comprehensive
and synergistic manner, as well as
strengthening the commitment to improve 25
and streamline business procedures in all
areas to create a sustainable system.

As of the end of 2011, Indonesia showed Growth Strategy
highly favorable economic conditions. Vision of ABM Investama is to become
The growth rate of GDP reached 6.1% the leading investment company in
which represented the highest rate the areas of energy resources, energy
compared to those in prior years. Such services and energy infrastructure. Having
condition was also supported by relatively such a vision, the Company must ensure
stable and controlled social and political that sufficient resources are available and
situations during the whole year capable the right strategy are set to well support
of reviving the investment climate which its existing business portfolio to become
was once stagnant. Based on such facts, leaders in their respective industries.
ABM Investama optimistically stepped A good strategy must have measurable
into 2011 with a plan of accelerating its implementation steps with continuous
growth through higher production rate, improvements of its business processes.
and acquisitions together with several
alternative funding plans for its business
expansion.
The Company persistently keeps on the Company does not limit the
searching and developing the energy- opportunities of investing in other industry
related business opportunities, both segments such as oil and gas, renewable
through organic and non-organic growth energy resources and others that are still
strategies. The organic growth is driven relevant with the Company’s vision.
by increasing the capacity of the current
business units, while non-organic growth Cost Efficiency Strategy
is achieved through acquisitions. In Other strategy that The Company is
assessing the potential target acquisitions, intensively putting the efforts to is cost
one important consideration is to see reduction to the most efficient. This is
26 whether there is possibility to have conducted by integrating its business
new synergy businesses between and building an optimum synergy among
the existing business portfolio and the subsidiaries, including maintaining
target acquisitions Such consideration is continuous improvements and refining

important to ensure that the acquisition the business processes. In addition, the
would create added values and could Company is also developing an initiative
integrate within the Company’s called Center of Excellence (COE).
operating activities.
COE is an initiative to synergize various
As the holding company, the Company operating activities which could be more
focuses on the non-organic growth effective if managed at the holding level
whereas the organic growth is under the whereby the economic scales of which
responsibility of the business units to would be higher and hence create mutual
formulate and successfully implement the benefits for both the holding company and
strategic steps to achieve such growth. the business units as well. The mutual
Yet, being the holding company, the benefits could be manifested in the forms
Company always make a comprehensive of cost efficiency, human resources
review periodically over the growth efficiency and system reliability. Those
of each business unit to keep the that could be centrally managed among
composition in balance. others are centralization of financial
reporting of all business units, information
At present the Company focuses on and communication technology (ICT),
developing the business in coal mining cash management or cash pooling that
industry and power solutions. However, manages idle fund from all business units
to be used as one funding option.
Implementation of Strategies in 2011 established in May 2011 as subsidiary

The business of ABM Investama is of PT Cipta Krida Bahari (CKB Logistics),
continuously developed through the already entered into a coal logistics
main drivers of its integrated business. agreement with TIA.
Those are coal production operated
by PT Reswara Minergi Hartama Refining Business Process
(Reswara), mining contractor carried One of the significant and quite
out by PT Cipta Kridatama (CK) and successful corporate actions in 2011
energy infrastructure business through was the Initial Public Offering (IPO) in
PT Sumberdaya Sewatama (Sewatama). Indonesia Stock Exchange. The road to
These three businesses are supported IPO serves as the right momentum to
by two important components which strengthen the commitment of all lines
are integrated logistics business and within the Company to deliver better
engineering service managed by performance in improving and refining the
PT Cipta Krida Bahari (CKB Logistics) and business processes of all subsidiaries to
PT Sanggar Sarana Baja (SSB). create a sustainable system.
In 2011, one major focus of the Company The business process refining strategy
was to ensure that its coal mining adopts a tool called APEX (ABM Business
business has been completely and Practice and Process Excellence) which 27
synergistically integrated with other is divided into four phases. APEX1 is the
business units. Currently, the existing phase of building strategies, that starts

business units owned by the Company, from establishing the vision, mission,
which are coal mines, mining contractors, corporate values, targets, SWOT analysis,
coal logistics, port operator and coal-fired SWOT matrix, and quantitative strategy
power plant have been synergistically and preparation (budgeting).
connectedly integrated.
The second phase or APEX2 translates
The Company has strengthened the already-established strategies
Reswara’s business portfolio to become into individual tasks by using balance
a sub-holding of coal mining business. scorecard. The targets already formulated
Reswara, established in 2010, has would then be distributed to Directors, to
acquired PT Media Djaya Bersama (MDB), all business units up to supervisory levels.
which owns coal mining concession rights
in Aceh and established a subsidiary The third phase or APEX3 is to align
namely PT Pelabuhan Buana Redja (PBR) all operational references starting
which manages port. MDB and PT Tunas from strategies, job description, work
Inti Abadi (TIA), the other subsidiary of instructions, and others. The mechanism
Reswara that owns coal concession of reporting system, monitoring and
rights in South Kalimantan, will become coordination is standardized in the forms
the driver for Reswara’s coal production of periodic meetings, starting from
supported by PT Cipta Kridatama (CK) annual meetings, quarterly meetings,
as the main mining contractor and monthly meetings, weekly meetings, to
PT Baruna Dirga Dharma (BDD) that will daily meetings. Daily meetings enable
handle the coal logistics BDD being newly Directors to monitor performance and to
obtain the most recent operational data the coal produced by TIA marketed under
reports immediately including EBITDA and the brand name of TIA Compliant Coal
daily profit. is its low sulfur and ash composition,
that could fall under the category of
The fourth phase or APEX4 is the environmentally-friendly coal since such
refinement process and quality control coal releases a cleaner coal combustion.
by adopting the proven management
tools commonly used in business such In addition, the Company’s conduct
as Six Sigma and Toyota Ways. During of mining business has also shown
this phase, the Company expects to find its care and commitment towards the
improvements in the quality, effectiveness environment. In the conduct of its
and efficiency in its business performance mining operations, the Company has
achievements. consistently carried out the reclamation
and rehabilitation of land by performing
Such phases would continuously be the re-vegetation projects as an effort to
repeated to achieve a more excellent repair, restore and improve the critically-
system and in turn, the currently running disturbed land condition which would then
system would automatically turn into a be replanted.
corporate culture.
28 The commitment to such business
Future Challenges sustainability has been consistently
The Company operates in a very implemented in each of business activities
competitive industry due to the highly in ABM Investama. The Company

promising prospect in Indonesia’s energy has a long-term business orientation.
industry. With the upgraded level of Each investment made should show a
Indonesia’s debt rating to “Investment sustainable and profitable growth. This
Grade” by Fitch Ratings and Moody’s shall differentiate that ABM Investama
Investors Services, more competitors is not an investment company with
from a high number of foreign players short term orientation. The business
have shown intentions to compete in this units under ABM Investama were built
energy business, while the old players from zero more than tens of years ago
have also been developing and becoming and they have already maintained their
more solid. As for ABM Investama, such own positioning in respective industries.
competition reflects a challenge, both Therefore, the role of ABM Investama is
with local or foreign competitors. more as a strategic investment company
which completes its current business
The environmental issues associated with portfolio with long-term investments to
coal products may affect the Company’s improve synergy.
performance. One of the plus points of
Industrial Analysis
29

Coal Mining Industry in b) Thermal coal, which is used for the
Indonesia burning process creating the steam
for power plants, heating systems and
Coal is the natural resources produced by industrial applications such as cement
various countries all over the world. Coal is production.
a product which is heterogeneous in nature,
with the significant differentiation in quality The classification of thermal coal based
and price based on the types, calorific value, on its energy density may refer to various
moisture content, mineral content and quality references such as US system (ASTM),
which serve as the standard criteria in coal International System (UN-ECE), Amendment
trading. of I-SNI 13-50414-1998 and Presidential
Decree no. 13/2000 amended by Government
Based on its final usage, the coal market Regulation no. 45/2003 of Tariff on Types of
is categorized into two main sub-markets, Non Tax State Revenue Applicable in Ministry
which are: of Mining and Energy in General Mining
a) Metallurgical coal, which is used for steel Section.
production. The coal is used to produce
coke, which would then be put into the Referring to Presidential Decree 13/2000
upper part of blast furnace together with and Government Regulation 45/2003, the
iron ores. categorization of coal quality in Indonesia is
depicted in the table below:
Industrial Analysis
Classification of Thermal Coal based on Presidential Decree No. 13/2000 and

Government Regulation No. 45/2003
Type of Coal Calorific Value (kal/g adb)
Low Calorie <5,100

Medium Calorie 5,100 – 6,100
High Calorie 6,100 – 7,100
Very High Calorie >7,100
The quality of coal is determined based on Thermal Coal Market

the following factors such as temperature, The thermal and metallurgic coal market
pressure, and the coal forming period has no influence on one and another.
which is known as organic maturity levels. The thermal coal contributed more than
The higher the organic maturity is, the 98% of the total production and export
higher the quality of the coal production is, of Indonesia’s coal. The historical data of
and vice versa. Based on such maturity, global demand of the thermal coal supply
the coal is identified within 5 types, within the period of 10 years (2000-2010)
which are: has shown a steadily increasing trend;
a) Anthracite, which is the highest class therefore, it is projected that in 2014 the
30 of coal with the color of black luster/ increasing demand would reach 830 mtpa
metallic black. The carbon (C) density (million tons per annum).
is very high, ranging between 86%-
98% and with very low water density,

which is only 8%.
b) Bituminous, containing lower carbon Historical of Global Import Demand of
density which is 68% - 86% with Thermal Coal (2000-2010)
water density between 8% - 10% of mtpa
its weight. This type of coal is mostly 700
mined in Australia.
600
c) Sub-Bituminous, containing more
water than carbon, therefore creating 500
less heat.
400
d) Lignite, having very low carbon
density. The coal is no longer black in 300
color, but brown. The water density is

200
very high, 35% - 75% of total weight.
e) Turf, having pore texture with the 100
highest water density, more than 75%.

0
00 01 02 03 04 05 06 07 08 09 10
Industrial Analysis
The projected demand growth in Asia Pacific export; therefore, the export from Indonesia
market is stronger compared to Atlantic and Australia which at present in total is
market, whereby there is a slowing down of controlling the 55% of the world’s total
economic growth and the strengthening of coal supply would increase more than 60%
environmental issues which limit the usage in 2014.
of coal for power plants. Asia Pacific market
demand at present contributes 70% to the The production growth in Indonesia could
global market demand. support the increase in export and could meet
the growing domestic demand. Indonesia’s
In Asia Pacific market, East Asia serves as export growth would be dominated by low
the center of market demand. The traditional calorie sub-bituminous type of coal, though
buyers from East Asia are Japan, South Korea the export of bituminous coal would still
and Taiwan. The biggest importer from East remain high. The low costs of production and
Asia is China. In 2011 the import in China transportation, combined with competitive
reached 114 million tons including a number tariff, would continue to support the strong
of low calorie sub-bituminous coal in a growth of Indonesia’s low calorie coal export.
significant quantity from Indonesia.
The increasing local and export demand
In West Asia, India is projected to experience has significantly driven the increasing
the highest growth in the demand of thermal coal production in Indonesia. The majority 31
coal. In the future India would surpass of product growth is arising from the
China and Japan as the biggest thermal coal existing mining operations or from the new

importer in the world. A number of major projects immediately accelerating their
power plants are currently being constructed production capacity.
which are designed to be compatible of using
low calorie sub-bituminous coal. The steadily Indonesia’s Coal Resources and
growing demand from India will be met Reserves
by the supplies from Indonesia and South Referring to the data from the Geology
Africa which are geographically located in Resources Center of Geology Institution of
close proximity. Ministry of Energy and Mineral Resources in
2011, the total coal resources in Indonesia
The demand from ASEAN countries reached 161.34 billion tons. Sumatera has
particularly from Malaysia, Thailand, Vietnam the largest resources which is 85.25 billion
and Philippines, would also increase along tons and Kalimantan 75.03 billion tons. The
with the construction of coal power plants in remaining is spread all over Jawa, Sulawesi,
such countries. Maluku and Papua. Out of the total resources,
the coal reserves reached 28.17 billion tons
Thermal Coal Supplies with probable reserves of 17.7 billion tons and
Thermal coal supplies are predicted to proven reserves of 10.3 billion tons. Based
increase from 700 million tons in 2011 to on its calorie level, Indonesia retains the low
830 million tons in 2014 corresponding calorie coal reserves of 10 billion tons, middle
to the increasing demand. Australia and calorie of 16.1 billion tons and high calorie of
Indonesia would expand their thermal coal 1.6 billion tons.
Industrial Analysis
Coal Resources and Reserves in Indonesia
32
(Sumber: Badan Geologi Kementerian ESDM)

Sumatera retains the proven reserves of the exploitation of middle calorie and low
3.4 billion tons while Kalimantan 6.8 billion calorie coal reserves would intensify.
tons. The probable reserves in Sumatera
reach 11.3 billion tons and Kalimantan 6.4 Production and Export
billion tons. The “proven reserves” and The coal production in Indonesia is largely
“probable reserves” are the geological originating from Kalimantan. In 2011,
categorization based on the data of coal Kalimantan contributed 92% of national
samples taken by performing a drilling coal production or amounting to 293
with the density (number) of drilling holes million tons. The mines in Kalimantan
within a certain distance/area. would still provide the largest contribution
for Indonesia production for a few years
Approximately 98% of Indonesia’s coal to come. This is due to more favorable
reserves are thermal coal. The remaining geographical location of Kalimantan and to
represents a small volume of metallurgy the more decent transportation and port
coal deposit found in Kalimantan. Along infrastructure in Kalimantan compared to
with the decreasing volume of very high other mining areas in Indonesia.
calorie and high calorie coal reserves,
Industrial Analysis
Projected Coal Production Based on Coal Type (2011-2014)
Total Production Export Only

mta mt
550 60% 400 60%

500
350
450 50% 50%
400 300
350 250
40% 40%
300
200
250
30% 30%
200 150
150
100
100 20% 20%
50 50
0 10% 0 10%
2011 2012 2013 2014 2011 2012 2013 2014
Bituminous Sub-bituminous Bituminous Sub-bituminous
Low rank Metallurgical Low rank Metallurgical
Low rank (%) Low rank (%)
33

Sumatera coal production would also The domestic supply is particularly
develop rapidly. Out of the national used to meet the power demand and
production reaching 317 million tons in a small portion of which is allocated for
2011, Sumatera production is relatively cement industry and other industries.
low which is at 24 million tons (8%). The consumption of power plants would
However, it is predicted that in the continue to increase in the following years
next 3 years the coal production from in line with the crash program of power
Sumatera would increase to more than plants developments. The government
38 million tons. A number of contributing would expand the capacity of additional
factors to such growth in Sumatera are plant at 7 GW (Giga Watt) prior to 2014,
among others the increasing domestic resulting to an increase in Indonesia’s
coal demand and the increasing market domestic thermal coal demand predicted
acceptance to the low calorie coal which to reach 90 million tons in 2014. The new
is abundantly available in Sumatera. The plants are designed to be compatible
production development in Sumatera with the low calorie sub-bituminous type
largely depends on a number of of coal.
developments of infrastructure and fleet
of barges.
Industrial Analysis
Projected of Domestic Demand of Thermal Coal Based on Sector

(mtpa)
90
70
domestic demand (mt)
50
30 General Industry
Cement Production
10 Power Generation
2011 2012 2013 2014
Product Excellence for buyers and suppliers of low calorie

Indonesia’s low calorie coal products have sub-bituminous coal trying to compete in
lower calorific values and higher humidity the market. The customers’ requirements
compared to the coal previously accepted of low level of ash and sulfur content
34 by the market. However, the low would be more anticipated. The low
production costs and competitive pricing content of sulfur is preferred by most of
have driven a strong growth in the export the companies with various underlying
of this type of coal. The main market for reasons, such as postponing or even
Indonesia’s low calorie coal is India and avoiding the installation of flue gas
China, which is operating new power desulphurization (FGD) equipment, or
plants designed to be compatible with the combining such type of coal with high
use of low calorie coal. sulfur coal from other resources.
Other quality parameters such as Increasing preference in the low ash and
sulfur also affect the coal performance. sulfur content has created an opportunity
Indonesia’s thermal coal is basically low in for the coal produced in the concession
ash and sulfur, compared to the majority areas of TIA and MDB, the subsidiaries
of coal being available in the market. of Reswara. TIA’s compliant coal type
The coal from South Africa, Australia and is an export coal with low calorie based
China has relatively high content of ash, on the main quality parameters such as
10% to 15%, resulting to substantial energy level, total humidity, and ash and
handling costs incurred by the users for sulfur density. MDB coal has low energy
the residual burning of which, particularly level and higher water density compared
for densely populated countries with high to the average of low calorie supplies in
environmental awareness such as Hong Indonesia, yet having very low sulfur thus
Kong, Taiwan, Japan and West Europe. attracting more consumers, particularly
for mixed coal. Similar to other low calorie
Consumer pressure on the producers to coal from Indonesia, this type of coal also
reduce the ash density would continue displays low level of ash density.
and would serve as a bargaining power
Industrial Analysis
Indonesia’s Mining Contract through a more accurate drilling

Service Industry process, and the development of mining
infrastructure and facilities such as haul
Contractors play an important role in road, port facilities, crusher machine,
Indonesia’s mining sector. The producers conveyor load-out and others. In addition,
of mining commodity have delivered the contractors are expected to share the
their concession operations to the mining investment and risks in the procurement
contractors under long term agreements, of mining equipment and production
in several cases under agreements valid process. Therefore, the efficiency
as long as the useful lives of the mines and effectiveness in the utilization of
themselves. Such condition has allowed equipment for the contractors in meeting
them to have good understanding in their the production target largely determine
operational activities which in turn would the profitability level of the mining
improve efficiency. contractor.
Contractors play a role in the activities of Competition Level

coal extraction and overburden removal, At present there are 116 mining
and other services including exploration, service contractors in Indonesia. Those
mining planning, coal processing, companies are serving approximately 60
transportation (haulage, shipping coal producers. Several major players in 35
with barges and transshipment) and the mining service contracts in Indonesia
rehabilitation and reclamation of mining are PT Pamapersada Nusantara (PAMA),

areas. PT Thiess Contractors Indonesia and
PT Bukit Makmur Utama Mandiri (BUMA).
The contract of overburden removal Other major players are PT Leighton
generates the main revenue for mining Contractors Indonesia, which together
contractors. The contractors are required with Thiess play as a part of multinational
by the concession owners as the partners conglomerates, Leighton Group and
for “risk sharing” in the mining business PT Saptaindra Sejati (SIS), a subsidiary of
which inherits a large number of risks. The Adaro Energy.
major mining concessions tend to utilize
a number of contractors to minimize the The biggest contractor is PAMA, a
risks arising from a sole contractor should subsidiary of PT United Tractors Tbk,
there be any conditions pertaining to less with a market share of 33%. The second
satisfactory performance. biggest national coal mining contractor
with 19% market share is BUMA. Thiess
The “risk sharing” among concession is positioned at the third with 12% market
owners and contractors is particularly share. The contractor namely PT Cipta
found in capital investment. The Kridatama (CK), a business unit of PT ABM
investment of concession owner has Investama, in 2010 has been positioned
been mostly made during the stage as one of the big 6 of major contractors in
of ”confidence level in total reserves” terms of overburden removal.
Industrial Analysis
Major Mining Contractors Based on Coal Extraction and Overburden Removal in 2010
Coal Extraction Overburden Removal
Petrosea Madhani
Darma Henwa Darma Henwa
Cipta Kridatama Petrosea
Madhani Cipta Kridatama
Leighton SIS
SIS Leighton
Thiess Thiess
BUMA BUMA
Other Other
PAMA PAMA
0 10 20 30 40 50 60 70 80 90 0 100 200 300 400 500 600 700
Raw Coal Mining (MT) Overburden (Mbcm)
36
The more-settled players generally have Ministry develops a General Scheme of

strong alliance with the producers and National Power Affairs (Rencana Umum
suppliers of heavy vehicles. Contractors Ketenagalistrikan Nasional/RUKN) which
having a solid relationship with suppliers established the wide development policy
of heavy vehicles would enjoy more for power sector including the provision of
benefits in being the preferred bidders power supplies, management of supplies
since the availability and reliability of their and the demand for the optimization
equipment are closely associated to the of the use of power resources. RUKN
smoothness of operating activities. Other prepares the projection of the demand
than the availability factor, the supplies and supply of power and sets out the
of particular heavy vehicles require the investment and funding policies.
lead time of 18-24 months in advance.
The large number of fleet with advanced Based on RUKN, the Ministry prepares
technologies has also improved efficiency the General Scheme of Power Resources
and productivity. Provision 2010-2019 (Rencana Umum
Penyediaan Tenaga Listrik/RUPTL)
which serves as the power resources
Power Plant Sector in development plan within ten years.
Indonesia RUPTL is prepared by the state-owned
Enterprises in power resources, PT PLN
Power plant sector in Indonesia is (Persero), and is approved by ESDM
supervised by the Ministry of Energy Ministry, and is granted the authority in
and Mineral Resources (ESDM). ESDM accordance with the prevailing rules and
Industrial Analysis
regulations. RUPTL sets out the projected power activities for the purpose of
demand and the plant, the expansion partnership between the government and
plan for the plant capacity, the estimated private sector.
demand of fuel and the planned projects
to be developed by PLN and by private The Law of Electricity in 2009 has
financing companies. categorized electricity power activities in
two major categories which are: 37
PT PLN (Persero) 1. Electricity Provision Business,
PT PLN (Persero) is a state owned including power plants for self use or

company having the authority over public sales, transmission, distribution
electricity power services in Indonesia. and sales.
PLN is operating in 33 provinces all over 2. Electricity Support Business,
Indonesia divided into 23 operational including the activities of consultancy,
areas. As a state-owned company, PLN development, installation, operation
is regulated and supervised by Ministry and maintenance of electricity power
of ESDM, Ministry of state-owned equipment and development of
Enterprises (BUMN) and Ministry of electricity technology support.
Finance. PLN is currently held accountable
for more than 85% of the total installed The Law of Electricity in 2009 has revoked
capacity in Indonesia. the role of PLN as the Holder of Electricity
Business Authority (Pemegang Kuasa
In 2009, the government of Indonesia Usaha Ketenagalistrikan/PKUK). The role
already issued the new Law of Power of PLN at present is only as the holder of
Affairs to strengthen the framework Business License for Electricity Provision
of electricity sector regulations. Such Services (IUPTL). However, PLN is still
regulations have granted more authorities having the exclusive authority in relation
for Regional Governments in terms of to the transmission, distribution and
licensing and pricing. Such regulation supply of electricity for general public,
has encouraged investment from which grants the rights for PLN to reject
private companies by allowing private the provision of electricity services in
entities to participate in the electricity a particular area, before the Central
Industrial Analysis
or Regional Government could offer Approximately half of the capacity of the

such opportunities to regionally-owned 10,000 MW Acceleration Program II would
companies, or private companies or be constructed by PLN and the remaining
cooperatives located within such region. half of which would be constructed by
IPP. Unlike the 10,000 MW Acceleration
The 10,000 MW Acceleration Program I, whereby the costs to obtain
Program – Phase I the financing would be solely borne by
The rapidly increasing demand has PLN itself, the credit guarantee for 10,000
resulted in the constantly insufficient MW Acceleration Program II would be
power resources in Indonesia. Such borne by both PLN and private sectors.
insufficiency has now become a common
issue all over Indonesia and a quarter of Independent Power Producers – IPP
population in Indonesia has not enjoyed In the past, the low electricity tariff and
the benefits of electricity power. To the less attractive Return on Investment
manage such insufficiencies, in 2006 the (ROI) made private companies withdraw
government of Indonesia initiated the themselves from being involved in power
10,000 MW Acceleration Program starting plant projects in Indonesia. In addition to
with the issuance of President Decree the financing issue that became the main
no. 71/2006 in August 2006. Under such challenge for which, the global financial
38 program, the government is planning for crisis has forced a large number of energy
the development of coal power plant with companies to hold their investment, to
a total capacity of 10 GW in 35 locations postpone or even to cancel their projects.
in Indonesia. All installations of the power

plants for such 10,000 MW Acceleration The rapidly increasing demand and the
Program I would be constructed by PLN urgent needs have driven the government
with the financing through export credit to continuously attract private sectors
from China government, and would be to make investment in this sector. The
paid through China’s power installation improvements made in the relevant
company. regulations, combined with the fiscal
support to protect against certain risks,
The 10,000 MW Acceleration are expected to resolve the current issues
Program – Phase II and to draw the investment from private
The 10,000 MW Acceleration Program – sector in the future.
Phase II sets the target of an additional
capacity of a total 10 GW from 2014 to Demand of Electricity Supply
2018 in 94 locations all over Indonesia. The demand of electricity supply in
More than 55% of such capacity is Indonesia in 2011 in total is projected to
designed for the power grid of Jawa- reach 155 TeraWatt hour (TWh) and would
Bali. Approximately 47% of the total continue to increase in line with the GDP
planned capacity would benefit from the growth. The electricity demand is arising
geothermal power resources. from the residential and commercial
sectors, and also industrial sector.
Industrial Analysis
Projected Demand of Electricity Supply Based on Customer and Regional Sectors
Demand by Sectors Demand by Regions
250 250
200 200
150 150
Power demand (TWh)
Power demand (TWh)

100 100
50 50
0 0
2011 2012 2013 2014 2011 2012 2013 2014
Business and Residential Industry Jawa-Bali Sumatera
Other Indonesia Region
39
In line with RUPTL 2009, the government Demand of Captive Electricity

set the target of electrification from The captive electricity demand in
65% in 2009 to 96% in 2018. Such Indonesia is arising from the oil, gas and
large increase would then be impossibly mining industry, reaching to the thousands
implemented within a short period of generator set units used both for main
by considering the limited network electricity supply and standby electricity
infrastructure at present. supply for industries. Electricity serves
as the only power resource for a large
As an archipelago country, the number of people in the regions or remote
geographical condition of a number of areas. The demand of captive electricity
islands and remote areas has compelled is widely spread since PLN has not been
the construction of separate power able to meet the demand and since a
plants which will not be connected to any large number of companies have switched
regional electricity network anywhere. to their own generator sets due to the low
The electricity investment for such remote quality variables and reliability of supplies
areas would not be easy, while connecting from PLN.
such plant to the regional grid by utilizing
a transmission cable may not be feasible. Sumatera has shown a very high
Private companies would not be attracted proportion of electricity demand due
to invest in such remote installation, to the consumption of mining, paper
and PLN is encountering difficulties in manufacturing, fertilizer and oil and gas
financing the pre-planned projects. industries. Prior to 2010, the demand of
Industrial Analysis
captive electricity in Sumatera already To meet the demand of power resources

surpassed the demand of grid electricity. in remote areas unreachable by
It is predicted that the demand of transmission network, the small size
captive electricity would slow down and power plant installations located near
would then remain stable following the the consumers have become as the only
40 finalization of a large number of coal resolution. Temporary power plants would
power plants under the 10,000 MW play an important role in meeting the
Acceleration Program. The new power demand of electricity for those living in
plants would increase the electricity remote areas. The temporary electricity
supply and would draw the electricity market is projected to remain stable at
power users. the figure of 1.5 GW within the next
five years.
The Market of Indonesia’s Temporary
Power Plants The market of temporary power plants
Indonesia is an archipelago country with in Indonesia is largely allocated to meet
more than 17,000 islands with 6,000 of the demand in remote areas and the
which have been inhabited. Due to widely electricity demand during PLN’s peak
spread population, the power sector load. Most of the temporary electricity
in Indonesia is gradually developing as demand at present is supplied by diesel
a combination of inter-connected grid power plants due to the highly flexible
for the equal electricity distribution, and easily mobile diesel operation.
and remote power system to serve the The capacity of diesel power plants at
villages whose population are remotely present is provided by PLN, IPP and rental
separated from the main islands, or generator set providers. Nevertheless,
separate grids for smaller islands. the opportunities of biomass resources
and other renewable resources may play
a role in the market of temporary power
resources.
Industrial Analysis
Key Players Aggreko is playing as one of the largest

The players in temporary power market in global players, and the existence of which
Indonesia are ranging from small, middle has been more prevalent. However,
and large sized companies. The short term Aggreko is operating only through its
and the long term leasing rental services regional office in Singapore and the
of generator sets have become the core generator rental business in Indonesia is
business of those market players. Most of conducted by its appointed agents.
them focus on serving the mining, oil and
gas industries, and other industries. The PT Coates Hire and PT Atlas Copco are
new players have found no entry barriers subsidiaries which are wholly owned by
and the generator sets equipment in their international holding company. Both
various capacities are found from various companies focus on the rental business
international manufacturers such as and diesel generator leasing to industrial
Caterpillar, Cummins, Perkin, Mercedes, sector and mining sector, with small
Deutz and Honda. In compliance with volume of penetration to PLN market.
the regulations in Indonesia, international
companies are not allowed to perform PT Sumberdaya Sewatama (Sewatama) is
direct operations in Indonesia. They one of the largest players in the temporary
operate through subsidiaries or the power market with its main focus on PLN
appointed agents. sector. The majority of the equipment 41
available for rental is from Caterpillar,
whereby its sole agent in Indonesia which

is Trakindo Utama is a sister company of
Sewatama.
Report from the Board of Commissioners
42
RACHMAT MULYANA HAMAMI

President Commissioner
Dear valued shareholders,

By expressing gratitude to the God In general, the business climate in
Almighty, herewith we deliver to you, the 2011 was quite satisfactory due to the
shareholders of PT ABM Investama Tbk, prevailing economic fundamentals which
the report of Board of Commissioners had been conducive to the Company’s
concerning the development and business. The economic growth reached
management of the Company the level of 6.5%, the inflation rate was
during 2011. relatively low and Rupiah currency is
relatively stable. Indonesia economic
Favourable external conditions have given us more

confidence to accelerate growth, conduct significant
corporate initiatives and to encourage business
units to continuously improve their capacities and
performance, building synergy and improving
efficiency.
43
stability has also been recognized by and to achieve favorable and sustainable
international community. In mid December growth. In addition, we encourage our
2011, the credit rating agency, Fitch subsidiaries and affiliates to continually

Ratings, upgraded Indonesia’s credit rating improve their capacity and performance,
for long term foreign exchange from BB+ to build a synergy among subsidiaries and
to BBB- with stable outlook. With such to improve efficiency.
rating, Indonesia has been declared as an
investment-grade country. Other than its Achievements in 2011
positive impact on investors and foreign The Board of Commissioners extends
buyers, such rating has improved public our appreciation to the Directors and
trust so that the consumer trust index all employees of ABM group who had
would be strengthening and domestic been capable of achieving a very good
market would be expanding as well. performance by generating revenue of
Rp6.626 trillion, increasing by 47.7%
The favorable external conditions have compared to that of in 2010 amounting to
made us more confident in spurring Rp4.486 trillion. The Company recorded
the Company’s growth with optimistic Net Income of Rp415.7 billion, increasing
achievement targets. During 2011, by 226% from Net Income in 2010.
ABM Investama already initiated various
corporate actions such as acquisition and We believe that such achievement
establishment of new subsidiaries under represents the outcome from the
the existing business units. We evaluated Directors’ capability in prudently
and selected the best opportunities to managing the company with professional
strengthen our business portfolios, to management principles including
achieve the investment effectiveness, building communication to all channels,
to optimize the allocation of resources, and implementing the good corporate
governance practices. The company’s for TIA mining operations is provided by

success should be construed as an CKB Logistics by establishing a subsidiary
integral part of the hard work of the namely PT Baruna Dirga Dharma (BDD)
Company’s business units, which are operating tugs and barges to transport
PT Reswara Minergi Hartama (Reswara), TIA’s products from the port to the mother
PT Cipta Kridatama (CK), PT Sumberdaya vessel’s anchor point in the middle
Sewatama (Sewatama), PT Cipta Krida of ocean.
Bahari (CKB Logistics) and PT Sanggar
Sarana Baja (SSB). The Board of Energy infrastructure still provides large
Commissioners conveys our appreciation opportunities. The ratio of electrification
and gratitude to Directors and employees in Indonesia is relatively low; therefore,
of Subsidiaries for their good performance the temporary power business managed
and solid synergy during 2011. by Sewatama has a promising outlook
with very good growth rate. On the other
The Board of Commissioners supports side, the government has already opened
and provides guidance for various up the opportunities for private sector
strategic steps to seize the opportunities to enter into the Independent Power
of generating higher revenue and Producer (IPP) business to support the
profitability including developing the acceleration program of 10,000 MW.
44 integrated business which focuses on Following the entry in IPP business
strengthening the Company’s portfolio in in 2011 through the acquisition of
energy resources and infrastructure. PT Meppogen, an IPP company in South
Sumatera, in 2011 Sewatama has spread

In 2011, Reswara acquired PT Media its wings wider in IPP business by signing
Djaya Bersama (MDB) in Aceh. MDB has a Conditional Sale and Purchase of Share
169 million tons coal reserves of 455 Agreement (CSPA) to acquire a coal power
million tons low calorie sub-bituminous plant 15 MW in Aceh and gas power plant
coal resources. Being supported by 100 MW in Jambi.
various competitive advantages such
as very strategic geographical location Sewatama also established two
and proximity to the port location and subsidiaries which are PT Pradipa
short distance of transportation to West Aryasatya which will focus on the
Asia market, MDB would become the business of thermal power plant such as
Company’s driver of growth in the future. coal and gas, and PT Nagata Bisma Shakti
which will develop the renewable energy
To complete the mining infrastructure power plant such as micro hydro.
and business support facilities, Reswara
established PT Pelabuhan Buana Reja Initial Public Offering
(PBR) which operates the port owned ABM Investama already made a
by PT Tunas Inti Abadi (TIA) which is historical step by conducting an Initial
also subsidiary of Reswara. PBR already Public Offering (IPO) in Indonesia Stock
obtained its Port Business License and Exchange on 6 December 2011. Being a
is therefore granted with approval to publicly listed company, the company’s
provide port operation services in any purpose is not solely for the purpose
location in Indonesia. The logistic support of raising fund, but also for managing
From left to right
MIVIDA HAMAMI
Commissioner

the Company in a more transparent, The Company sold 550.6 millions of 45
ERRY RIYANA HARDJAPAMEKAS accountable and open manner by involving shares (20%) to public with IPO price at
Independent Commissioner
the participation from public. By managing Rp3,750 at par value and raised Rp2.1

public fund, the Company should always trillion. The IPO of ABM Investama was
improve its performance, maintain its the third biggest IPO in Indonesia Stock
reputation and comply with capital market Exchange in 2011.
regulations including periodical and timely
financial reporting. Good Corporate Governance
The Board of Commissioners fully
The IPO plan so diligently prepared by supports the implementation of good
all sections within the Company and corporate governance based on the
its business units since the beginning GCG principles covering transparency,
of 2011 was once disrupted due to the accountability, responsibility,
unfavorable global economic conditions in independence, and fairness in all aspects
the third quarter. The financial crisis in US of the Company’s activities. The Board of
and Europe has created negative impacts Commissioners together with Directors
on the performance of shares in the already agreed to implement the GCG
prominent foreign exchanges in the world principles in a consistent manner and to
such as UK, Germany, France, Japan and create the good corporate governance
Hong Kong. However, with full support practices as its operational foundation.
from TMT as the holding company having
good reputation and high credibility in the The Board of Commissioners is equipped
eyes of the investors, the IPO continued with an Audit Committee established in
and succeeded. November 2011. The Audit Committee
is currently preparing a work program
and has already prepared its working at the holding level and at subsidiaries
tool including the Audit Committee level through various tools, policies and
Charter. Pertaining to the audit of financial procedures and methodologies.
statements for fiscal year 2011, the Audit
Committee already held a kick-off meeting Changes in Composition of the Board
with external auditor, Internal Audit and of Commissioners
management. Audit Committee will We truly welcome the presence of
perform their duties effectively in 2012. Mr. Erry Riyana Hardjapamekas as
our Independent Commissioner. We
In 2012, the Board of Commissioners believe that his widely-known reputation
shall prepare other committees to and commitment in the eradication
assist the Board of Commissioners in of corruption would make GCG
performing their roles and responsibilities implementation in ABM Investama move
which are Nomination and Remuneration in the appropriate corridor in accordance
Committee and Investment Committee. with legal principles as good corporate
The Investment Committee will assist the citizens.
Board of Commissioners in performing
comprehensive evaluations concerning Prospects in 2012
the new business opportunities from The commodity price of coal in Indonesia
46 different perspectives, including in 2012 is projected to increase by 5-10%,
identifying the potential risks attributed as triggered by the increasing domestic
to them. The result of evaluations made and export demand. The domestic
by the committee will serve as a basis demand would continue to increase in

for considering the important investment line with the government’s crash program
decisions. to build coal power plant centers. The
export demand particularly from China and
The constantly and dynamically India shows an increasing trend. India is
changing business environment has operating new power plants designed to
given emphasis on the importance be compatible with low calorie coal that
of a reliable risk management. The the Company is capable of supplying with
Board of Commissioners supports the its product, which is MDB coal falling into
Directors to perform a comprehensive the category of low calorie sub-bituminous
risk management process by taking coal with low ash and sulphur. MDB coal
systematic steps to identify, measure, is produced by a mining concession in
evaluate and manage various prevalent Aceh having its advantages in terms of a
factors, either strategic risks or relatively short distance of transportation
operational risks in the Company. The risk within the proximity of India market.
management process has been performed
We believe that the company is capable of Closing Remarks

seizing well such opportunity and would Finally, on behalf of the Board of
continue on strengthening its position as Commissioners, hereby I convey my
a prominent coal producer in the midst of gratitude for the support and trust given
a growing market. With a solid synergy, by the shareholders and stakeholders of
other business units would be also ABM Investama. Our sincere appreciation
growing in energy sector in an integrated is extended to Directors, management
and profitable manner. and all employees of PT ABM Investama
Tbk and Subsidiaries who have whole
heartedly and dedicatedly exerted their
efforts to bring the Company’s vision
and mission to life. We expect that the
Company could always contribute for the
well being of all of our fellow Indonesians.
On behalf of the Board of Commissioners 47

Rachmat Mulyana Hamami
Report from the Board of Directors
48
ACHMAD ANANDA DJAJANEGARA

President Director
Dear valued shareholders,

By expressing gratitude to the God United States. Nevertheless, the stable
Almighty, herewith we report to you the conditions of Indonesia’s economic and
summary of performance of PT ABM political fundamentals have been capable
Investama Tbk (ABM Investama) for the of minimizing the negative impacts of
year ended 31 December 2011. such global crisis. The macroeconomic
indicators were within a relatively good
At the end of 2011 the global economic condition. The inflation rate at 3.79%
situation was still under suppression due was much lower compared to the prior
to the economic crisis in Europe and the year’s 6.96%. The Gross Domestic
The revenue growth of 47.7% and a three-fold

increase in net income represent significant
achievements and reflect the consistency in
maintaining sustainable performance from all
business units, contributing to the business synergy
of the ABM group.
49
Product (GDP) grew by 6.5% compared destination of investment to Indonesia.
to 6.1% in 2010. The observers predicted On the other side, the rapid economic
that Indonesia would become a major growth in China and India requiring a large

investment-grade country, due to the amount of energy supplies, has increased
steadily increasing economic growth, the demand and price of coal commodity
the security and comfort in the conduct utilized for power plants.
of business, and its sustainable stability
as well. Performance and Achievements
in 2011
In the beginning of the year, Capital ABM Investama as an integrated energy
Market Coordinating Board (BKPM) service provider has been capable of
targeted the achievement of Foreign seizing well its market opportunities. All
Direct Investment (FDI) and Domestic subsidiaries have demonstrated much
Direct Investment (DDI) would increase better business and financial performance
by 15% in 2010 to Rp240 trillion. The compared to 2010. In total, the Company
fact is the realization of foreign and generated revenues more than Rp6.626
local capital investment in 2011 reached trillion, or growing by 47.7% compared
Rp251.3 trillion or 4.7% above the target. to 2010. The Company has also recorded
Approaching the end of the year, the net income amounting to Rp415.7 billion,
international credit rating agency, Fitch increasing more than three times
Ratings, upgraded Indonesia’s credit compared to prior years. Such highly
rating from BB+ to BBB- indicating that significant achievements reflected the
Indonesia is now an investment-grade consistent performance improvements
country. It is predicted that such condition in a continuous manner from all business
would immediately spur the shift of the units building a business synergy in
ABM group.
Integrated Coal Business costs. Better managed port operations

The coal business managed by and scheduled shipping schedule
PT Reswara Minergi Hartama (Reswara) would reduce the potential penalties
sub-holding company has recorded from buyers, prevent the demurrage
notable achievements. In 2011, Reswara expenses, and cut down the operating
recorded its coal production and sales expenses. Reswara’s business strategy
reaching 2.163 million of metric tons, with is producing sub-bituminous coal at the
contributed income amounting to Rp918.6 most competitive expenses at its most
billion to ABM Investama’s consolidated possible level.
income. The production increased twice
as much as that of in prior year, whereby As of the end of 2011, TIA’s port
nearly all of which was arising from the developments in South Kalimantan have
contribution from Reswara’s subsidiary been finalized and have now been utilized
which is PT Tunas Inti Abadi (TIA) having for delivering TIA’s coal products.
Mining Business License (IUP) in South
Kalimantan. TIA produced low-calorie Mining Contract Business
sub-bituminous coal marketed under the The business of mining contract service
brand name of “TIA Compliant Coal”. TIA provider managed by PT Cipta Kridatama
products have the characteristics of low (CK) continues growing in line with the
50 sulfur and low ash being sought more mining industry growth. In addition to
by the market due to its relatively more performing mining operations at TIA’s
environmentally friendly characteristics mining sites in South Kalimantan, at
and its less consuming expenses for present CK also has mining contracts from
burning residuals which represent six other coal producers.
substantial amounts for power plants.
CK is one of 160 coal mining contractors
In 2011 Reswara acquired PT Media operating in Indonesia. One of CK
Djaya Bersama (MDB) already obtaining competitive edges is “close relationship”
a mining concession in Aceh. At present with the prominent heavy equipment
MDB has not been fully operating and producers in addition to full support
is only supplying coal for power plant from Trakindo Utama as the dealer of
at the mining locations. The company “Caterpillar” heavy vehicles. With such
is currently preparing for mining competitive advantages, CK’s scale of
infrastructure and a port in Aceh and will operation is among the big six prime
soon increase its production commencing mining contractors particularly in terms of
in the mid 2012 to provide supplies for the overburden removal.
highly prospective market in West Asia.
In 2011 CK contributed its income
Reswara through its subsidiary, amounting to Rp2.961 trillion to ABM
PT Pelabuhan Buana Reja (PBR), is Investama’s consolidated income,
managing the port affairs to support TIA’s increasing by 45.6% from 2010
mining activities in South Kalimantan and amounting to Rp2.034 trillion. The
MDB in Aceh. This port would support volume of overburden removal showed
the mining operations and improve the an increase of 18% to 118 million BCM
efficiency of transportation and shipping
From left to right
WILLY AGUNG ADIPRADHANA

Finance Director

President Director
and the coal extraction increased by 28% utilization level at 74% and contributed its 51
SYAHNAN POERBA to 10.6 million tons. Such achievements income amounting to Rp989.9 billion to
Corporate Support Services Director
reflected an aggressive growth level to ABM Investama’s consolidated income,

YOVIE PRIADI reach the peak of production immediately or increasing by 26% of Rp788.4 billion
Corporate Strategy Director
in several years to come. compared to 2010. At present Sewatama
is controlling the biggest market share in
Power Producer Business temporary power business in Indonesia,
PT Sumberdaya Sewatama (Sewatama) both in terms of income and the installed
which has been strengthening its power capacity.
existence in the provider of temporary
power service has now developed as a The major customer of temporary power
power solution provider. After acquiring is PT PLN (Persero). Other customers are
Meppogen, an independent power plant private sectors from mining and oil and
with 80 MW capacity in South Sumatera gas industry. The market share of non-
in 2010, then in 2011 Sewatama PLN is still wide open for an increase in
established two subsidiaries which will income, so is the temporary power for
focus on being an Independent Power industries which require the continuity of
Producer (IPP) with thermal energy and power supply in their production process.
renewable energy resources.
Integrated Logistic Business
In 2011, Sewatama managed more than The integrated logistics business
70 projects of diesel and gas power managed by PT Cipta Krida Bahari (CKB
rental service all over Indonesia, either Logistics) includes the services of freight
for PLN or non PLN customer segment. forwarding, warehouse management,
Sewatama has already maintained the project logistic, shorebase management,
electricity capacity of 934 MW with the shipping and coal logistics. CKB Logistics
has been making efforts to improve its In 2011 SSB built an additional workshop
ability in serving well its customers from facility for remanufacturing service in
internal group as well as external parties. Kariangau and Samarinda, East Kalimantan
CKB Logistics already built a coal logistic and site services facilities in Kuala
business chain to support the mining Kencana, Papua. The facilities are within
operations. Since 2011, its subsidiary the proximity of its customers enabling
which is PT Baruna Dirga Dharma (BDD) the company to provide efficient services
has already provided services to TIA for in terms of time, transportation and
coal transportation from the port to the expenses for its customers.
anchor point in the middle of the ocean.
BBD already purchased a set of tug and SSB contributed its recorded income
barge namely Kaili VIII and Moana VIII, amounting to Rp1.006 trillion to ABM
and ordered the other six sets of tugs Investama’s consolidated income in 2011,
and barges scheduled to be delivered increasing by 24% of the total income in
during 2012 for the purpose of supporting prior year amounting to Rp808.5 billion.
TIA activities. The income which hit the amount of
Rp1 trillion was quite a self delight in
Another subsidiary which is PT Alfa the midst of the tightening competition
Trans Raya (ATR) provides the vessel particularly in manufacturing sector and
52 rental service for offshore industry. of the increasing prices of materials
Approximately 60% of ATR fleet is rented particularly for steel.
by mining and oil and gas companies,
while the 40% of ATR fleet is serving Initial Public Offering

the cargo delivery business and project One of the crucial corporate actions
logistics of CKB Logistics. for ABM Investama is the conduct of
Initial Public Offering (IPO) in Indonesia
In 2011 CKB contributed its income Stock Exchange on 6 December 2011.
amounting to Rp750.2 billion to ABM Not merely for the purpose of raising
Investama’s consolidated income, fund, the Company’s purpose for being a
increasing by 62% of the total income in publicly listed company is to strengthen
2010 amounting to Rp461.4 billion. our commitment to continuously improve
the aspects of operational work quality,
Engineering Services Business services for customers and other
PT Sanggar Sarana Baja (SSB) has already stakeholders and also financial reporting
gained long experiences in building its and monitoring system, since the
reputation in engineering solutions. SSB Company’s performance will be directly
provides engineering services which under public scrutiny.
cover manufacturing, site services,
remanufacturing and transport equipment The weakening global market condition
to customers engaged in mining, oil and entering into the third quarter of 2011
gas, petrochemical and power industries. nearly made the Company withdraw its
plan to conduct IPO that year. However,
by considering the hard work and
high spirit from all of the Company’s
components including the subsidiaries
for one full year to prepare for such IPO In 2010, the Company already built a
and the support from stakeholders and sub-holding company to handle its coal
investors, IPO continued to proceed mining business. Subsequently, the
and was proven to be successful. The resources related to the integrated mining
Company sold 550.6 million shares (20%) business were prepared simultaneously,
with the initial IPO price at Rp3.750 at starting from the coal mining concession
par value and raised fund amounting to companies, mining contractors, coal
Rp2.1 trillion. The better contentment was logistics, ports and coal power plants.
arising from the fact that the IPO of ABM
Investama was recognized as the third The next strategy was to strengthen and
biggest IPO of the total 25 companies to develop our three main businesses
conducting IPO in 2011. which are coal producers, mining
contractors, and power service providers.
Focus of Strategies in 2011 The three of them would be supported
The Company still performed various by integrated logistics business and
improvements in all aspects in a engineering service.
continuous manner with the focus
on three areas. The first area was the The strategies already established prior to
improvement in the processes, which 2011 are still in progress up to present.
include production process, engineering The good achievements in 2011 were only 53
process and manufacturing process. a preliminary step. There would be greater
The second area was the refinement of challenges in 2012 since, during the IPO,

systems to make them truly reliable and the Company already promised a better
tailored to the needs of each business growth for the investors in accordance
unit. The third area was human resources with ABM Investama’s determination to
(HR) whose competence should always become a fast growing, profitable, and
be improved to be able to operate the integrated energy company.
system well.
Human Resources Development
Various performance parameters showed The Company’s core values are among
that ABM Investama’s business growth others the high commitment to always
continued to increase rapidly. In terms of perform continuous human resources
its size of business, the growth from 2010 developments and to exert efforts
to 2011 increased by 40%. The needs to achieve the highest performance
of skilled workers particularly in mining standards. In alignment with such values,
industry (Reswara and CK) are very high the management’s responsibility is to
within the next two years. Therefore, the develop its human resources to reach the
Company’s growth should be supported world class competence ready to face
by the seamless process and system any challenges. At the holding level, the
and also proper HR management. As HR development focuses on soft skill
a result, all business units would be development whereas the functional
ready to welcome the rapid growth skills should be conducted by the
and would become the leaders in their subsidiaries themselves.
respective industries.
To maintain quality human resources Core values such as integrity, continous

is a specific challenge. The majority of development, excellence, pro-active,
our subsidiaries is within the currently accountability and teamwork have
booming industry, which are coal mining been translated into simple and straight
and mining contract services. The language so that they can be understood
specialized workers in such sectors are and become the basic characters
still limited in number and become the and behaviors of all employees in the
solicited targets of our competitors. The conduct of their activities. A leader in
Company has designed programs which ABM Investama group should at least
take sides more on the employees to have the 5 basic characters which are
minimize the turn-over. In addition to the visionary, honest and humble, competent,
programs which are reactive in nature, inspirational and self actualization to
we are planning to create a Talent Pool enable the Company to operate in a
program in the future to identify human sustainable business, with a proper
resources who have demonstrated good competition, as a good corporate citizen
performance both in work performance and to be capable of reaching its vision to
and also in leadership performance be the prominent investement company.
(talent employee). The Company has
been continuously seeking for the In 2011, the Company performed
54 right strategies in terms of personal the codification of the values already
development, career and compensation embedded in the corporate culture
and benefits so that our employees would to be written in guidelines such as
remain and continue progressing with us. Board Manual, Code of Conduct, Audit
Committee Charter and Corporate
Good Corporate Governance Regulations. The socialization and signing
In ABM Investama, the implementation of Code of Conduct has been finalized at
of good corporate governance (GCG) has the holding level and in 2012 have been
already been embedded in the Company’s passed on to all subsidiaries.
work culture and operational activities.
Though the Company is still relatively Since November 2011, the Company
new as a holding company, several has already established its own Audit
subsidiaries have been operating for 20 Committee which will assist the
years and even more by highly upholding Board of Commissioners in ensuring
the integrity values in accordance with the conformity with the principles of
the proper business ethics in its business transparency, responsibility, accountability,
conduct. The Company’s core values independence and equality in the planning
which have been instilled by the founders and implementation of the Company’s
of TMT group and have been consistently operations including the financial
and consequently implemented for more reporting.
than 40 years in TMT group have been
adopted for implementation in all of the The Internal Audit Unit has already been
Company’s operational activities. established through the Decision of
Directors in September 2011 requiring
the enactment of Internal Audit Charter The public development programs have
and assigning the Risk Management been performed by TIA in the villages near
Department Manager to perform the TIA concession area, providing benefits for
functions of Head of Internal Audit. The more than 8,000 citizens. CK as a mining
Internal Audit Head is assigned to prepare contractor provides job opportunities for
the audit working tool, organization and local community, sub-contractors and
program to be implemented in 2012. local entities as working partners. CK
also supports the improvement programs
We also perform the risk management for the infrastructure and facilities near
process to anticipate the possibility of the the mining sites. Sewatama builds a
Company encountering financial pressure relationship with other parties to build
and protecting against serious losses. mini hydro power plant based on the
The Risk Management Department village community empowerment in 26
manages the risk management process, locations in Eastern Indonesia.
including facilitating the subsidiaries to
establish risk management section in each In the future, CSR activities performed
organization unit. by each business unit spread in various
locations will be coordinated by a special
For the purpose of socialization, in 2011 department to handle such affairs. The
the Risk Management Department (ERM CSR activities with good assessment 55
Department) conducted a large workshop results in quality and with long term
for Risk Management Committee and Risk impact will be adopted as corporate

Management Coordinator and continued CSR program to be implemented on an
with road show at the business units to integrated basis.
perform workshops and risk awareness
presentation. The purpose of which is to Changes in the Composition of
align the vision concerning the importance Directors
of risk management in each business To strengthen the performance of
activity prior to making decisions. Directors, on 17 January 2011 the
shareholders approved the changes in the
Corporate Social Responsibility composition of the Company’s Directors
For ABM Investama, the Company should by assigning Yovie Priadi as the Director of
have positive impacts that the public could Corporate Strategies.
benefit from. We begin our understanding
on the Corporate Social Responsibility Future Prospect
(CSR) based on our interactions with the Looking forward, the challenges in 2012
surrounding community living nearby would be greater than before. As an
the Company’s mining sites. Principally, integrated energy company, at the macro
we support the subsidiaries to perform level the Company is highly sensitive to
beneficial actions to improve the health, the global economic recession which
education and social economic public always has an impact on the commodity
welfare. price particularly for coal. Government’s
policy in infrastructure could also have
influences on the power business. Yet, the Company is also seriously studying
as a public company, we should hold the IPP business development opportunity
on the commitment of growth that we by building an IPP with alternative energy
have conveyed to public. The Company’s resources including geothermal, solar
quantitative and qualitative achievements power and other renewable energy
should display better results. resources.
We are optimistic that the subsidiaries’ Logistics business is also believed to

business prospects would still be expand further since such business not
promising. It is expected that our coal only serves the external market needs,
company would be operating at full but also the internal needs which would
speed supported by the port and other also increase either for coal transportation
infrastructure facilities that we have been or mobilization of heavy vehicles and
continuously preparing for. The mining other mining equipment and power plant
contract business is also promising equipment. The engineering business
as well, since there are not many would continue to support the Company’s
competitors who have access to heavy business growth.
vehicles as we do. The power service
business has a bright prospect in line with With good fundamentals, the Company’s
56 the government program to speed up the operating achievements would continue
infrastructure growth including power to perform quantum leap until several
resources. years to come since the mining company
namely PT Media Djaya Bersama (MDB)

With the ratio of electrification in in Aceh would be fully operating and
Indonesia ranging at the level of 70%, the supporting Reswara’s growth. When
temporary power business opportunity is the time comes, other business units
still open, particularly for the areas which would also be growing as well and having
geographically have no access to energy optimal and profitable synergy.
sources such as coal and gas. In addition,
Appreciation who have shown their dedication and

Representing all Directors, I would professionalism at work and their
express our gratitude to all shareholders, consistency in upholding our corporate
Board of Commissioners, customers values. We believe that with the support
and business partners for their support from all parties, in the future ABM
and cooperation. I would also extend Investama would not only become the
my appreciation to all employees of leading energy company, but also become
ABM Investama and Directors as a company whose existence could benefit
well as employees of subsidiaries the public.
On behalf of Directors
57

Achmad Ananda Djajanegara
President Director
58
Business Review
59
Creating Synergy
among Businesses
in the ABM Group
Business Performance Review
COAL PRODUCTION
As of year end 2011, Reswara realized
production and sales of approximately
2.163 million metric tons. This will
increase with the expansion in logistics
capacity and the extension of an integrated
coal-logistics chain.
60
PT Reswara Minergi Hartama (Reswara) TIA’s coal production is marketed under
was established in 2010 positioned as the brand name of TIA Compliant Coal for
a sub-holding of integrated coal mining the customers of power plant industry in
company. Following its establishment, India, China, Thailand and Philippines, in

the company immediately took a number addition to domestic market supply. TIA
of important measures to strengthen its is also running a coal trading business
business portfolio in coal mining business. by purchasing a certain volume of coal
In December 2010, Reswara acquired from another producer which will then be
PT Tunas Inti Abadi (TIA) owning coal marketed as TIA Traded Coal.
mining concession in South Kalimantan
and in 2011 Reswara acquired PT Media To support the coal shipping activities,
Djaya Bersama (MDB). in December 2011 the company also
established PT Pelabuhan Buana Reja
TIA’s mining concession is located in (PBR) to manage shipping services. PBR
Loban River and Kusan Hulu area, Tanah has also obtained the Port Business
Bumbu regency, South Kalimantan within License from Ministry of Transportation
an area of 3,074 hectares of land. TIA’s and accordingly PBR could run the
concession area has been positively shipping services business for TIA. At
confirmed containing 52 metric tons coal the end of 2011, the port managed
reserves from 106 metric tons resources by PBR in TIA already achieved its full
with its estimated mine life of 13 years. capacity and could provide the services
TIA’s coal reserves generally contain low of managing stockpile, crushing, loading
calorie sub-bituminous with low sulfur barge conveyor, and quay within TIA’s
and ash coal consumed in coal-powered concession area.
thermal power plant.
COAL PRODUCTION
61
In June 2011, the Company acquired targeted growth up to 66% to reach 17
PT Media Djaya Bersama (MDB), million metric tons production. A volume
which through two of its subsidiaries, of 5 million metric tons will be generated

PT Bara Energi Lestari (BEL) and PT Mifa by TIA and 12 million metric tons will be
Bersaudara (Mifa), own coal mining produced by MDB. From infrastructure
concession adjacent to each other in point of view, the Company should have
Nanggroe Aceh Darussalam province. reached the capacity of 15 million metric
Such mining concessions in total occupy tons by that time enabling the Company
4,629 hectares of land in Seunagan, to meet its targeted production within the
Suka Makmue, Nagan Raya Municipality next four years.
(BEL) and in Meulaboh, West Aceh
Municipality (Mifa). Within those two PT Tunas Inti Abadi (TIA)
concession areas, MDB is predicted to Prior to being acquired by Reswara, TIA
have 169 million metric tons coal reserves was a subsidiary of ABM Investama.
out of 455 million metric tons sub- At that time TIA which was still in
bituminous coal. construction stage already produced and
sold its products to the export market
Accordingly, in total Reswara concession from October 2009 with the volume of
area covers the area of 7,703 hectares of 0.1 million metric tons. Subsequently,
land with the estimated 561 million metric TIA already produced 1 million metric
tons coal resources, 221 million metric tons in 2010. It was a rather aggressive
tons of which are proven reserves. Within achievement by considering that the
the next four years (2012-2016), TIA company was still making use of shipping
and MDB will become the driving factor facilities owned by another party. In 2011
of Reswara’s coal production with the TIA already finalized the construction of
COAL PRODUCTION
62
its mining infrastructure and supporting investment in infrastructure yet making
facilities including the main hauling significant impacts on the smooth running
road, stockpile port, crushing plant and of coal hauling to the port, minimizing
barge loading facility which enabled the expenses and minimizing the risks
the company to be fully operating in of dependency on external parties’
accordance with its designed capacity. infrastructure.
In 2011, TIA already booked the sales
volume up to 2.163 million metric tons. With such favorable factors, the mining
sites near TIA’s location are highly
TIA’s mine site is situated in a potential to enter into cooperation for the
geographically favorable location since the purpose of expanding the capacity of TIA
coal hauling distance from the mining pits trading. In May 2011, TIA already obtained
to the port is only 24 kilometers in which the license of transportation and sales
most of the road accesses are located of coal from the Ministry of Energy and
within the company’s self-built areas. Mineral Resources and of the purchase
of coal from another concession located
The coal hauling does not cross over near the company’s concession area. The
residential areas, public roads or provincial company sells TIA Compliant Coal and
roads. The company provides 20-meter TIA Traded Coal through the coal traders
weatherproof coal hauling with stock which are generally supplying the coal to
capacity up to 50 tons. The company also the power plant companies in China, India,
built an underpass at the intersection Thailand and Philippines. In addition to the
point with the provincial main roads. sales with forward agreements for fixed
The construction of the private road and period, the company also performs sales
the underpass required a relatively large through spot market.
COAL PRODUCTION
63
PT Media Djaya Bersama (MDB) developments planned to commence
MDB concession is located approximately in 2012.
14 kilometers north of Meulaboh, West

Aceh. MDB concession is estimated to In terms of market share, MDB mining
contain 169 million metric tons reserves site in Sumatera’s west coast is located
identified as low calorie sub-bituminous very closely to the West Asia market. The
coal. In addition to its relatively large west Asia market, such as India itself, is
volume of resources, MDB has many a user of sub-bituminous coal with low
competitive advantages both in terms sulfur and ash which is a product of MDB
of easy access to mining sites and mining site.
market share.
The company already set an aggressive
In terms of easy access, MDB concession growth target for MDB. Within a two-year
site is only within 30 minutes from cycle, MDB capacity would expand twice
Cut Nyak Dhien airport in Nagan Raya, as much to support Reswara’s target of
approximately 45 kilometers from production growth at 10 million metric
Meulaboh and pioneering tracks have tons within the next two years. With the
already been available. In addition, the planning of the company’s infrastructure
mining sites are only 12.3 kilometers developments comprising stockpile, main
from the sea shore. The company coal hauling, crusher, overland conveyor,
already made a conceptual design and barge loading conveyor, a choice of FBOS
conducted a feasibility study based on the or Floating Crane, MDB is projected to
geotechnical, hydrology and oceanography produce large scale of coal (>10 million
data prepared by international consultants metric tons per annum). The infrastructure
to build the mining infrastructure and support and short transportation distance
COAL PRODUCTION
to West Asia market has made the On 25 July 2011, PBR obtained Port
company achieve competitive Delivered Business License issued by Ministry of
Energy Unit (DEU) when compared to Transportation. The port infrastructure was
other mining sites in its category. DEU ready and operated at the end of 2011
value which reflects the speed of delivery with the capacity of 5 million metric tons
time largely determines the product sales per annum. At present PBR port still focus
values in addition to the characteristics on supporting TIA business activities. PBR
and types of the coal itself. is projected to develop as a provider of
integrated coal port services which cover
The company already approached India the following:
market by signing an MOU with a power 1. Stockpiling management, including
plant in India, Sarash, to provide 5 stockpile or reserves with the capacity
million metric tons of coal produced by of 120,000 metric tons;
MDB within a period to be set forth in 2. Coal crushing through crushing plant
the agreement. The company has also with the output capacity reaching 750
discussed another long term contract with metric tons of coal crushes per hour;
another company in India. 3. Loading of 900-meter conveyor with
the capacity of 5 million metric tons
PT Pelabuhan Buana Reja per annum and jetty loading.
64 (PBR)
PBR operates a port located in Sebamban Market and Customer Profile
Baru, South Kalimantan which covers The company supplied the coal to China,
an area of 27 hectares of land. The India, Thailand, Philippines and domestic

port is equipped with 900-meter-wide market. The company also performs coal
conveyor facilities to facilitate the coal trading and purchases coal from another
loading process and with two sea berths producer for the purpose of supplying
which can accommodate 300-feet additional coal to customers when the
barges (8,000 metric tons). The port is demand is relatively higher than the
located approximately 25 kilometers from available supply. The sales to international
TIA’s concession area. Such condition market is performed through a trading
creates short loading distance and lower company serving several coal powered
transportation expenses. The nearby power plant companies such as Agarwal,
location and easy access of mining site MSPL, Sarash and Oorja, which generally
in the barge loading facilities and to the supply the coal to the end users of power
customers in Asia and India will then plants in India. The other coal customers
reduce the coal delivery expenses and are LG, IMR and Sinar Energi Alam which
will in turn create certain competitive generally supply coal to the end users of
advantages. power plants in China. Another customer
in 2011 was Siam Cement Group.
The complete description of the world’s

coal market is found in Industrial Review.
COAL PRODUCTION
Plans and Strategies The productivity improvement efforts are

The company realizes that the mine’s also performed by operating the ports
useful life is limited to a certain period of and managing the shipping schedules in
time until its economical value decreases. a better and more organized manner to
To maintain and improve the company’s minimize the penalty from buyer which
growth level and to support the portfolio would directly increase the operating
of ABM group, within a period of 2-3 expenses.
years the company should increase
the volume of its coal property, either Operational Performance
through acquisitions or joint operations. Reswara’s performance experienced
In addition, the company would also significant improvements in 2011. With
establish a coal trading division to facilitate a very good growth level, the company
coal companies in seizing their market projected that TIA’s coal production would
share. Such trading division would also reach 5 million metric tons in 2013 with
support the joint operation strategy plan. synergetic support from other subsidiaries
of ABM group. As of year end 2011,
To support its operation excellence, the Reswara realized production and sales of
company should make various innovations approximately 2,163 million metric tons.
to optimize its productivity to minimize This will increase with the expansion in
the production costs. The company logistics capacity and the extension of 65
implements SHE (Safety, Health and integrated coal-logistics chain.
Environment) in a stringent manner to

prevent any fatal accidents and to create In 2011 MDB has not fully operated and
a safe mining operation. The company only supplied coal to power plants located
develops its own safety and health within the mining site. MDB is preparing
management system (sistem manajemen for the developments of infrastructure
keselamatan dan kesehatan kerja - SMK3), for coal logistics including the port and its
which the company develops itself by roads starting in 2012. For the time being,
referring to risk-based SMK3 with the the company would still make use of the
preventive elements of fatal accidents currently available infrastructure, including
tailored based on the company’s actual the government-owned port and roads.
needs on field in accordance with the
risk assessments already performed Reswara’s operational performance
comprehensively in all operational is reflected in the coal production
areas. In addition, the company also compared to the strip ratio which
adopts SHE management system of represents the strip volume for disposal
OHSAS 18001:2007 and environmental calculated in meter cubic to produce
management system ISO 14001:2004. (extract) one million coal. The company’s
performance in 2011 is summarized in the
following charts:
COAL PRODUCTION
Operation Performance Parameters
Average Strip Ratio* Production and Average Selling Price

(%) Sales Volume (US$/metric ton)
(thousand ton)
5.8
47.1
2,163
4.4
37.1
4.1
28.4
83.5%
1,179
113
Growth of Sales Volume

2010-2011
11 10 09 11 10 09 11 10 09
* Average Strip Ratio is a number used
to determine the cost of mining in
accordance with the JORC reports
66
New Contract Wins in 2011 2. Contract to Sale & Purchase of Coal
The company’s coal sales are generally No. 023/S&P.VSL/TCT-MS/XII/2010
made in one-year contract, in nine-month dated 9 December 2010 amended by
contract and in the spot market. The coal Addendum-A Contract to Purchase &
purchase and sales agreements entered Sale of Coal dated 20 January 2011
into in 2011 with TIA as the seller are as entered into with MSPL, whereby
follows: MSPL agreed to purchase 600,000
metric tons of coal from TIA for the
1. Contract to Sale & Purchase of Coal period of shipping commencing
No. 022/S&P.VSL/TCC-ACC/XII/2010 January 2011 to December 2011 with
dated 9 December 2010 amended by the agreed-upon price of FOB Muara
Addendum-A Contract to Purchase & Satui Anchorage.
Sale of Coal dated 20 January 2011 3. Contract to Sale & Purchase of Coal
entered into with Agarwal, whereby No. 024/S&P.VSL/TCC-MS/XII/2010
Agarwal agreed to purchase 1,200,000 dated 9 December 2010 amended by
metric tons of coal from TIA for the Addendum-A Contract to Purchase &
period of shipping commencing Sale of Coal dated 20 January 2011
February 2011 to January 2012 entered into with MSPL, whereby
COAL PRODUCTION
MSPL agreed to purchase 600,000 Building a Synergy

metric tons of coal from TIA for the The mining contractor in ABM Investama
period of shipping commencing group, which is PT Cipta Kridatama (CK),
January 2011 to December 2011 with provides mining services for TIA. CK
the agreed upon price of FOB Muara mines and transports by using trucks to
Satui Anchorage. the locations closer to the port in which
4. Contract to Sale & Purchase of Coal there is a coal loading facility to the barge
No.TCC-029/BYR/FOB-VSL/TIA-MS/ to be transported in the mother vessel.
XII-11 dated 6 December 2012
entered into with Mega Strada Pte Since July 2011, PT Cipta Krida Bahari
Ltd, whereby Mega Strada Pte Ltd (CKB Logistics) started to provide barge
agreed to purchase 1,200,000 metric services for TIA by loading the coal to
tons of coal from TIA for the period barges at the volume reaching 100,000
of shipping commencing January to tons of coal per month.
December 2012.
67

CONTRACT MINING
In 2011, CK conducted overburden removal
of 118 million BCM (Bank Cubic Meter)
and extracted 10.6 million tons of coal, an
increase of 18.2% and 27% respectively
compared to the previous year.
68
Established in 1997, PT Cipta Kridatama through GPS (global positioning system)
(CK) is a further development of rental and communication and technology. The
sales division of Caterpillar re-conditioned Company’s historical relationship with
heavy equipment owned by PT Trakindo Trakindo Utama has served as distinctive

Utama. At present CK has transformed competitive advantages for CK since not
into one of major players in mining service many of those mining contractors have
in Indonesia supported by more than the privilege of easy access to heavy
2,800 employees and four representative vehicles. CK also builds a close alliance
offices in Kalimantan. The Company with other producers and suppliers of
provides the “pit to port” contract mining heavy vehicles.
services covering the exploration, mining
scheme, stripping, extraction and coal To support its business process, the
loading, transportation and management, Company maintains a production and
reclamation and rehabilitation. planning monitoring system to monitor
and review the operations in each project
As of 31 December 2011 CK owns 428 sites on a daily basis through a program
heavy vehicles and mining equipment called Project Calculator in its internal
utilized in the mining and production operation management system called
of coal such as excavator, truck, dozer, CMOS (Ciptakridatama Management
grader, wheel loader, compactor Operating System). Under such an
and drilling machines. The Company integrated system, CK has been able
implements jigsaw management to monitor the Company’s business
system to monitor the performance processes in various project sites on a
level of the units and the equipment real-time basis.
CONTRACT MINING
69
Market and Profile of Customers number of mining sites in East, Central
In Indonesia, the ten largest coal and South Kalimantan. Tata is an Indian
producers contribute nearly 60% of conglomerate company having partnership

the total domestic coal production. with Bumi Resources.
Adaro Energy and Bumi Resources
contribute more than a quarter of such Other than the players mentioned above,
total production. Both companies retain the lower scale coal producers also serve
substantial reserves and expansion as a potential market for CK. In 2011, the
plans. Other players include Tata, Indo Company entered into mining service
Tambangraya Megah (ITM), and Berau contracts with seven coal producers
Coal Energy. which are PT Mahakam Sumber Jaya,
PT Gema Rahmi Persada, PT Kaltim Bumi
Adaro Energy is the owner of large Manunggal, PT Multi Harapan Utama,
mining sites of Tutupan and Wara in PT Arutmin Indonesia, PT Titan Wijaya,
South Kalimantan. Bumi Resources is and a company under ABM group which
the majority shareholder of Arutmin is PT Tunas Inti Abadi (TIA). The contracts
Indonesia and of Kaltim Prima Coal (KPC) with coal producers shall generally be
in addition to being a coal project owner binding and remain in force ranging
in Pendopo Energi Batubara in Sumatera. from three-year period until the end of
Arutmin owns the mining sites in Satui, the useful lives of the mining sites. As
Mulia, Batulicin and Senakin located in of 31 December 2011, out of seven
South Kalimantan and KPC owns the agreements entered into, CK have and will
mining sites in Sangatta and Bengalon produce 34.4 MT coal of 465.3 millions of
located in East Kalimantan. ITM owns a BCM overburden.
CONTRACT MINING
Profiles of CK Mining Service Projects

Estimated Outstanding
Contracted Volume of Coal/
Lokasi
MiningOperasi CK Pada Tahun 2011 Dengan Tujuh Perjanjian Operasional
Mining Site Duration of Mining Contract Overburden (Million Tons/
Concession
Million BCM) as of Dec
31, 2011
Samarinda – East
1 Kalimantan
June 14, 2004– August 31 2015 125.0
Kotabangun, Kutai 2 1
From December 2007 – all works to be completed < 42
2 Kertanegara – East 12.5 4
months from the commencement of overburden removal 3
Kalimantan
Desa Batuah (Air

Panas), Kecamatan 6
From Mar 18, 2005 – Target of 54.2 million BCM of 5
3 Los Janan, Kabupaten 2.8/12.3
overburden and/or 7.7 MT coal ROM is reached
Kutai Kertanegara –
East Kalimantan
Jonggong, Busang
4 dan Loa Kulu – East From Nov 29, 2007 – 19 October, 2015 1.1/14.4
Kalimantan
Satui dan Kusan Hulu,

5 Tanah Bumbu – East From Jun 25, 2009 – Later of Life of Mine, or Jun 30, 2020 27.0/155.3
Kalimantan
From Jul 1, 2006 – Life of mine

Batulicin – South Sungkai site: From start or operations or by Aug 2008 – Earlier
6 3.5/16.2
Kalimantan of Jul 2011 or when the pit coal reserve is considered to be
7
un-economical to mine
Desa Tanjung Dalam From March 18, 2011 – 72 months from start of operations, or
7 -/129.6
– Bengkulu completion of obligations, whicever is earlier
Total 34.4/465.3
70
CK Operational Sites in 2011 with Seven Mining Contracts

PT GEMA RAHMI PERSADA PT MULTI HARAPAN UTAMA PT MAHAKAM SUMBER JAYA PT KALTIM BATU MANUNGGAL
Kota Banggun, South Kalimantan Jonggon, East Kalimantan Kutai Kertanegara, East Kalimantan Sanga-sanga, East Kalimantan
KALIMANTAN
SUMATERA
SULAWESI
IRIAN
JAYA
JAWA
PT TITAN WIJAYA
Air Muning Muko-muko, Bengkulu
PT ARUTMIN INDONESIA PT ARUTMIN INDONESIA PT ARUTMIN INDONESIA
Mangkal Api, South Kalimantan Sangkai, South Kalimantan Batulicin ATA, South Kalimantan
PT TUNAS INTI ABADI
Sungai Danau, South Kalimantan
CONTRACT MINING
Plans and Strategies central and regional government

To face the future challenges, the by building a good communication
Company has continued to internally build system and cooperation with both
and strengthen its human resources (HR), governmental and non-governmental
its complete availability of equipment, organizations.
sound financial condition and business 2. Optimizing the utilization of applied
process in alignment with corporate technologies to improve the efficiency
values through commitment and good and effectiveness of all resources.
work procedures. 3. Developing human resources with
high level of competence through the
To maximize its potentials, the Company Individual Performance Assessment
takes the following measures: and Training Development for
1. Maintaining and improving employees in accordance with each
performance and guarding the individual’s career planning.
Company’s image.
2. Developing a structured organization, Operational Performance
encouraging the innovative In 2011, the Company conducted
developments through the expertise overburden of 118 million of BCM (Bank
building in engineering, operation Cubic Metre), increasing from 100 millions
excellence, HSE and supply chain of BCM in 2010 and extracted 10.6 million 71
efficiency. tons of coal, which showed a significant
3. Performing the initiatives of backward increase compared to 8.2 million tons

integration in the Company’s portfolio in 2010.
of initiatives.
The increasing production was noted in
In addition, the Company also performs the projects having low stripping ratios.
the following strategies to minimize the TIA and projects in PT Arutmin Indonesia
external obstacles by taking the following already went into a low stripping ratio area
measures: resulting to an increase of 27.7% in the
1. Improving its capabilities in analyzing coal extraction compared to 2010.
the trend of policies stipulated by
CONTRACT MINING
Operational Performance 2009-2010
Overburden Removal Coal Extraction

(million BCM) (million ton)
118.0
10.6
104.2
100.0
8.3
7.1
11 10 09 11 10 09
New Contract during 2011 tons of coal delivered within an agreed

72 In 2011, the company secured new wins upon period.
as follows:
1. Extension of joint mining services In the mining sites owned by TIA, CK
contract between PT Cipta Kridatama performs the mining, transporting and

and PT Titan Wijaya for 6 (six) years truck loading activities to the locations
until 2017 with the targeted production nearer to the port situated in Bunati,
of 1.8 million BCM overburden per South Kalimantan, in which there is a
month, signed on 18 March 2011. facility for barge loading which shall then
2. Expansion of joint mining services be transferred into the vessels offshore.
contract with tariff amendments
between PT Cipta Kridatama and In the event that TIA increases its coal
PT Mahakam Sumber Jaya for a period production from its concession area, CK
of 5 (five) years until 2016. is committed to providing mining contract
services for such additional production,
Building a Synergy and also for other concession areas, such
As part ABM group, CK builds a close as concession areas of PT Bara Energi
relationship with Reswara to operate Lestari (BEL) and PT Mifa Bersaudara
the mining sites based on the mining (Mifa), a subsidiary of Reswara in Aceh.
scheme and on the related government
regulations. The company already entered Future Prospect
into a forwards contract with TIA, which The market demand of coal in domestic
is Reswara’s subsidiary, in which the and export market has shown a relatively
payment terms and conditions shall be significant growth with the estimated
governed based on the fixed costs per growth rate ranging from 5-10%.
BCM overburden and on the volume of The demand growth has encouraged
CONTRACT MINING
producers to increase its production by vehicles dealers such as Hitachi, Libherr,

expanding and intensifying the strong Terex and others, in addition to the full
infrastructure development in all mining support received from PT Trakindo Utama
projects under its management. Such as a dealer of Caterpillar. With regard to
condition has made positive impact on the meeting the needs of skilled workers,
industrial growth of mining contractors. the company builds a cooperation with
However, such booming in mining universities and vocational schools to
industry has not been followed by the conduct knowledge sharing sessions in
equal growth of neither the heavy vehicles mining industry while at the same time
nor the skilled mining workers. seeking and selecting candidates for
recruitment from the best graduates of
The company anticipates the potentially such universities and schools.
arising heavy-vehicles-related issues by
building a close relationship with heavy
73

POWER SOLUTIONS
POWER SOLUTIONS
Installed capacity reached 934 MW
in 2011, an increase of 17.9% with a
utilization level at 74%, reflecting a
real growth of customer demand and
generating a significant increase in
income.
74
PT Sumberdaya Sewatama (Sewatama) solutions provider”. Until the end of
was established in 1992 as a division 2011, Sewatama has already reached a
providing generator set rental services total electricity power capacity of close
owned by PT Trakindo Utama. In line with to 1 Giga Watt (934 MW) with scope of
the restructuring of PT Trakindo Utama as services covering all over Indonesia.
an integrated holding company of PT Tiara
Marga Trakindo (TMT), in 2000 Sewatama To support its business development as
became a business entity under TMT the power solutions provider, at present
as its holding company. Subsequently, Sewatama has three divisions which are:
starting in 2009 Sewatama has become a • Temporary Power division, which
part of ABM group. gives the biggest contribution to
the Company from its temporary
Starting its generator set rental service power generator set rental service,
business 20 years ago, the Company emergency power generator, instant
has been developing its core business electricity power, standby/back-up
of temporary power service to include electricity power, long term electricity
also the equipment rental service and power, temporary electricity power
maintenance service, consultation, and uninterrupted electricity power.
planning and implementation. In 2006, • Operational & Maintenance (O&M)
Sewatama’s vision to be a “leading division, which focuses on providing
power rental provider in Indonesia” had operation and maintenance of end-
been achieved by achieving the total to-end power generator service. The
electricity power capacity of 400 Mega target customers are the government
Watt (MW). Since then, Sewatama has and private/independent power
enlarged its vision to be “a leading power providers, oil and gas industry and
mining industry.
POWER SOLUTIONS
75
• Pillar division, which provides of technology and resources suffices,
centrifugal pump for dewatering the Company would also probe the
activities particularly for customers possibilities of geothermal, solar cell and

conducting mining operations and for wind power as the sources of new and
those being prepared to accommodate renewable energies.
Sewatama activities in energy
efficiency, consulting and optimization. Market and Profile of Customers
The customers of Pillar division are The market of power generators in
mostly mining contract companies, Indonesia is highly competitive and
including PT Cipta Kridatama (CK), one the competitors have large operational
of subsidiaries in ABM group. activities and market share. Sewatama’s
major competitor is Aggreko, the
In addition, to respond to the rapid international provider of temporary power
business growth dynamics, Sewatama service, with the operational network
established two subsidiaries which are in 34 countries and 148 locations.
PT Pradipa Aryasatya, which will serve Aggreko provides services to a wide
as an investment vehicle for Sewatama array of industries, including mining, oil
in thermal power generator such as coal and gas, development, petrochemicals,
and gas, and PT Nagata Bisma Shakti, shipping and telecommunications. As an
which is designed to perform a number international company, Aggreko shall be
of investments and acquisitions for the obliged to work in cooperation with local
renewable energy power generator partners such as Bima Goltens Powerindo
business developments such as micro and and PT Cogindo Daya Bersama, which are
hydro. In the future, when the mastery subsidiaries of PLN.
POWER SOLUTIONS
Within the business of independent dewatering pump plays an important

power producer, the Company is faced role in operating activities. The Company
with competitors from both thermal provides dewatering system with high
power producers and renewable energy volume and multistage hydraulic pumps
producers. The major players in IPP sector and also corrosive resistant pumps.
are among others PT Indika Energy Tbk, For customers in oil and gas industry,
Bakrie Power and Medco Power, and Sewatama provides cooling tower pumps
independent companies such as Navigat and fire pumps for the purpose of cooling
Energy and Keramasan Power. system to handle easily flammable liquid
and easily explosive gas. The Company
The major customer of Sewatama is also provides high volume and high
PT PLN (Persero), the authorized body of pressure water system to perform tests
national electricity provider. Other than on the tanks, pipes, vessels and other
PLN being referred to as a customer in steel construction works in marine
utility segment, the Company also has industry and also water pump system for
a strong customer base in non-utility customers in property industry.
segment from mining, oil and gas,
construction, building management and The Company is of the opinion that the
event organizer companies. Sewatama generator set rental business would
76 manages more than 70 projects of diesel continue growing rapidly with the
and gas power rental services all over growth rate reaching at 20% per annum.
Indonesia. Though PLN growth is relatively high, the
Company expects that non-utility segment

At present the utility segment still would also continue growing significantly.
contributes 85% to the total revenue of The trend outside Java island has shown
Sewatama. The Company has entered a tendency of growth in non-utility sector
into power generator rental agreements such as mining, oil, plantation and marine
with PLN in various locations in Indonesia. sector. In utility segment, the Company is
In general, the agreements are binding capable of providing high value premium
for a period of 6 to 12 months, yet they solutions for critical needs. Nevertheless,
may also exist for a longer period of time. in terms of volume, PLN segment still
Based on such agreements, the Company generates the relatively high revenue for
shall provide generator sets with the total the Company. It is expected that within
installed capacity of 934 MW distributed the next 5 years, the Company would
to East Indonesia (Sulawesi – Maluku reach the ideal composition of 60%:40%
– Papua), Kalimantan, Bali and Nusa for utility and non-utility segments so that
Tenggara and Jawa. The agreements with both segments can create a synergetic
non-utility customers are generally within profile and provide the optimal profitability.
a shorter period of time, ranging from 3 to
6 months. Plan and Strategy
The strategies adopted in 2011 are part of
The non-utility customers are still highly the grand strategies already established
potential to augment the Company’s since 4 years ago, which are:
income. In mining industry, the
POWER SOLUTIONS
• Maintaining and developing the core OJT (on the job training) in the project
business of temporary power service sites, the Company as a shareholder also
and related services, such as O&M expects to yield good returns in time.
and Pillar.
• Balancing the growth in temporary In 2011 Sewatama already took a
power by entering into the business of further step in IPP business by signing
independent power producer (IPP) by a Conditional Sale and Purchase of
using either thermal power (coal and Share Agreement (CSPA) to acquire two
gas) or renewable energy resources. power plant projects. Such projects are
coal power plant 15 MW in Aceh and
The Company has made a step forward by gas power plant 100 MW in Jambi. The
building the fundamentals of its business agreement shall be expected to proceed
developments by widening the scope of with Sale and Purchase Agreement in
power business. A number of acquisition 2012. By acquiring both plants, Sewatama
decisions have been made so as to enable has secured a more firm position in IPP
Sewatama to enter into IPP business and business.
to recognize all of the issues attributed to
such decisions. In turn, Sewatama would Prior in 2009 Sewatama built a partnership
build its own power plant equipped with with Jaya Dinamika Geohidroteknika
better competence and better knowledge. (JDG) supported by grant fund from 77
IFC (International Finance Corporation)
In 2010 Sewatama began to enter into to develop the mini hydro power

the business of independent power plant project in 26 locations in eastern
producer (IPP) by acquiring 20% shares Indonesia region. It is expected that in
of PT Metaepsi Pejebe Power Generation aggregate, out of such mini hydro power
(Meppogen), an IPP company owning and plants in 26 locations, they are capable
operating the gas-powered Simple Cycle of producing the power of 50 MW. Such
Power Plant (SCPP) with the total capacity cooperation has enriched Sewatama
of 80 MW in Kecamatan Gunung Megang, portfolio in the usage of renewable energy
Kabupaten Muara Enim, South Sumatera. for the benefits of public in general.
At present Meppogen is increasing
its power capacity by converting to a Operational Performance
combined cycle scheme so as to enable Sewatama performance has grown in
the Company to produce 110 MW. a sustainable manner and has shown
Meppogen already entered into a Power a growth rate equal to the competitors
Purchase Agreement (PPA) with PLN in operating at the global scale at relevant
2005 for a period of 20 years. comparative parameters. The growth of
temporary power services is shown in
Such measure taken has become an the power capacity they own which has
entry point for Sewatama to enter into reached 934 MW in 2011 or increasing by
IPP world of business and to be directly 17.9% compared to 2010. The growth of
involved with private power producers installed capacity and the stable utilization
already in operation. In addition to level at 74% in general reflecting the real
seizing the opportunities to improve the growth of customers.
competence of employees by performing
POWER SOLUTIONS
Operation Performance of Temporary Power Service
Total Electricity Power Average Utilization Level Average Rental Rate

Capacity (%) (Rp/kWh)
(MW)
934
255
792
235
758
74
74
70
199
11 10 09 11 10 09 11 10 09
Out of the Company’s total revenue in New Wins in 2011

2011 amounting to Rp1,007 billion, the Within 2011, Sewatama wins new
Temporary Power division has contributed contracts arising from the rental service
its income amounting to Rp952.0 billion of diesel and gas power generator sets
78
(94.5%), Pillar division Rp49.5 billion for both utility sector (PLN) and non-
(4.9%) and O&M division of utility sector. A number of contracts with
Rp5.5 billion (0.5%). contract values exceeding Rp250 million
per month are as follows:
Contract Value/Month
Customer/Project Location Product/Service
(billion Rp)
UTILITY – PLN
PT PLN (Persero) Northorn Sumatera Power Plant Diesel Genset 8.91
(PLTG/D Teluk Lembu)
PT PLN (Persero) Lampung Region (PLTD Tarahan) Diesel Genset 2.22
PT PLN (Persero) South Kalimantan Region and Central Diesel Genset 4.53
Kalimantan (PLTD Maburai)
PT PLN (Persero) South Kalimantan Region and Central Diesel Genset 4.53
Kalimantan (GI Rantau)
NON UTILITY
PT Pertamina EP UBEP Tanjung (Kalimantan) Diesel Genset 0.69
PT Pertamina EP, Tanjung (Kalimantan) Diesel Genset 0.50
PT Bhumi Pala Perkasa (Kalimantan) Diesel Genset 0.43
PT TanjungEnim Lestari Pulp and Paper, Muara Enim – Diesel Genset 0.39
Palembang (South Sumatera)
PT Bhumi Pala Perkasa, Badak NGL Bontang Diesel Genset 0.33
(East Kalimantan)
PT Asahimas Chemical – Anyer, Cilegon Diesel Genset 0.29
PT Pertamina EP UBEP Sangasanga & Tarakan Gas Genset 0.29
(East Kalimantan)
POWER SOLUTIONS
Building a Synergy The ratio of electrification in Indonesia

Sewatama keeps on building and is still ranging at the level of 70%.
improving a strong synergy with all More years are needed to achieve an
business units under the holding company ideal ratio since building a power plant
of ABM Investama. The supply and requires a long period of time with high
transportation of coal to the locations infrastructure costs.
where IPP and the manufacturer of
power plant components are located On the other side, IPP business
are examples of end-to-end synergy provides such a large opportunity. Yet,
conducted by Sewatama and other the Company has been responding to
business units. PT Sanggar Sarana Baja such IPP investment opportunity in a
assisted to create a module of power very prudent manner by considering
generator packaged in a container which the fundamental factors of sustainable
enables improvements in flexibility, business growth including the
speed and efficiency in the installation of commercial, social, and environmental
temporary electricity based on customer factors. Not all opportunities should be
requests. The fleet of CKB Logistics has seized regardless of the fact that the
enabled the mobilization-demobilization competence and financial support would
of such machines to the project sites allow such seizure.
scattered all over Indonesia. 79
The captive power demand in Indonesia
Business Prospects covers a very wide segment ranging

Sewatama has foreseen that the from oil and gas industry, the readily
competition climate would be more available resources for industry, to the
tightening. The competition dynamics remote villages and outer islands not yet
which have been predicted earlier with covered by the energy sources. Sumatera
the entry of global players in Indonesia as in particular has an exceptionally high
a destination country for their investment, proportion of electricity demand. This is
including in power sector. On the other due to the demand from mining industry,
side, more tightening competition would paper and fertilizer manufacturing industry
provide a lot of learning opportunities and and oil and gas projects. In addition, many
would drive continuous improvements to industries have relied more on the supply
create better performance in Sewatama. from generator sets due to the quality and
reliability of PLN supply in several areas.
The electricity demand in Indonesia All of those factors mentioned above have
would continue to increase. The demand shown that the potential market for power
of power arises from the residential and service through generator set rental
commercial sector and industrial sector service is still wide open as opportunities
in line with the increasing domestic for the Company.
economy growth. The demand level
would remain high since PLN is incapable
of meeting the demand immediately.
Business Support Review
ENGINEERING SERVICES
The performance of four SSB divisions
contributed significantly to a revenue
generation of Rp1 trillion, a 19.2%
increase over the previous year.
80
PT Sanggar Sarana Baja better known some of whom are capable of performing
as SSB was established in 1977 as a Titanium welding. As of 31 December
business support for PT Trakindo Utama. 2011, SSB employs 2,883 employees
SSB is focusing itself on producing the (permanent and contract) distributed at

components and accessories for the the head office, at the factories and at the
heavy equipment manufactured by workshops in 10 locations in Indonesia.
Caterpillar. In line with the expanding
engineering capability and the increasing Manufacturing Division (SSBF)
production facilities, in 1985 SSB In 1983, SSB established Manufacturing
began to enter into oil and gas industry, Division to serve the increasing number
petrochemicals and power plants yet still of customers both from local and
strengthening its core business in mining international companies. Such division
industry. At present SSB has four divisions provides integrated manufacturing
ready to provide engineering solutions for services, starting from the design,
various industrial needs. manufacturing of equipment, installation
at sites and solutions for the process
The Company maintains a very complete controls and installation. SSBF is
array of resources in terms of human supported by experienced engineers
resources, facilities, machinery and who are certified with the required skills
workshops which are situated within the in the designing and manufacturing
proximity of its customer’s locations. The services. The manufacturing process is
experience and skills of the company’s conducted at the company’s premise in
human resources have been recognized Pulogadung, Jakarta. The installation and
by the market as the Company’s core commissioning works could be conducted
competence. SSB has the welders who on site if deemed necessary.
are certified to the highest G6 level and
The equipment manufactured by SSBF are 81

The company’s engineering skills have
been recognized by various parties with among others the high pressure vessel,
the various certifications obtained from gas separator, heat exchanger, carbon

prominent certification institutions. In dioxide removal. SSBF is performing
2008 SSBF obtained a certification from the steel manufacturing works to create
National Board Inspection Code (NBIC) for incinerator, silo, bin and chute, metering
the certification of R Stamp and in 2009 skid, clamp shell, transformer and
from American Society of Mechanical mud tank equipment. As of today the
Engineers (ASME) for the certification Manufacturing Division has maintained
of U, U2 and S Stamp categories. SSB quite a long business relationship with
Manufacturing Division had also taken prominent companies such as PT Chevron
its assessments and had been certified Pacific Indonesia (PT CPI), PT Total
by PT Chevron Pacific Indonesia (PT CPI) Indonesie and PT Pertamina (Persero).
and SSB was accordingly recognized as
a contractor successfully implementing Site Service Division (SSBS)
the HSE Management System (HSEMS). Site Service Division (SSBS) provides the
The Company also obtained Decision technical services and repairs for mining
Letter from Directorate General of Oil and companies on site or at the nearest
Gas – Ministry of ESDM as a company workshops owned by the Company.
providing supporting services for oil and By providing repair services on site,
gas works as required under the law. In the customers need not deliver the
environmental health and safety (HSE), equipment requiring repairs to Jakarta
the Company obtained OHSAS 18001 or to any other location which will then
Certification for Work Safety and Health resulting in a minimized downtime and
Management System and ISO 14001 for maximized availability of such equipment.
Environmental Management System.
The Site Service Division provides repair extend the life time of the machines and
services starting from basic maintenance equipment by replacing or repairing certain
to the structural repairs for the equipment main components. SSBR performs the
utilized in the mining activities such remanufacturing or repairing works of the
as wheel loader, dozer, grader and main components of drive train, trackpad
OHT truck. SSBS performs the repairs shoe, hydraulic cylinder, parts of machines
of chassis, modifications as needed, and rotating equipment manufactured
refurbishment and upgrades of mining by Caterpillar, Hitachi and other heavy
equipment. vehicles manufacturers utilized in mining
operations. The Company provides the
In general, the services provided by SSBS main components of particular heavy
cover the following: vehicles for customers or refurbishes
• Welding and machinery works (line the main components installed in the
boring, lathe, milling, and others). customers’ equipment so as to extend the
• Assembly of mining truck dump life time of such equipment.
body, repairs on the structural cracks,
structural welding, manufacturing The Company is handling most of the
services and crack failure analysis refurbishment services at the company’s
services, and solutions for premises in Pulogadung, Jakarta and
82 alignment matters. Kariangau, Balikpapan – East Kalimantan.
• Repairs of chassis and mining truck The first premise in Kariangau operated
dump body. in October 2009 and was expanded in
• Refurbishment of components and 2011. The additional facilities were built

modification of supporting tools. in Kuala Kencana – Papua and started
• Layering with liner wear plate its operations at the end of 2011. Such
to protect the interior of truck facilities were situated within close
dump body. proximity of the customers and the
• Designing and special manufacturing potential customers engaged in mining
to meet customer’s specific needs. operations, which were favorable for
the customers in terms of efficiency,
Remanufacturing Division (SSBR) transportation and delivery time.
Remanufacturing division (SSBR)
is focusing on the repairs and The main components remanufactured
remanufacturing of main components or refurbished by the Remanufacturing
of heavy vehicles utilized in the Division are stamped with “SSB Reman”.
mining industry. The customers of The Company has been developing its
Remanufacturing Division are local capabilities in remanufacturing the main
and international companies engaged components with high quality by making
in mining industry in Indonesia. The investments in the purchase of the latest
remanufacturing services provided by machineries and by implementing modern
SSBR have enabled the customers to manufacturing system.
Transport Equipment Division (SSBT) To serve customers from oil and gas and
SSBT provides specialized services for aviation sectors, SSBR is also producing
transportation equipment in mining fuel tank vehicles including those for
industry, such as designing, producing and aircraft fuel equipped with its dispenser,
distributing the products for personnel which are designed to the highest safety
transportation (man-haul bus) and for standards.
transfer of materials. At present the
Transport Equipment has its facilities Market and Profile of Customers
at Millenium Industrial Area (Tigaraksa), The long journey of SSB for 35 years has
Tangerang. established a specific customer base
in a product-quality-oriented segment.
SSBT is producing and distributing highly The Company has continued to exert
various products for transportation efforts in improving its competitive
equipment, including the specially- edges by improving its human resources
designed equipment such as: competence and creating values in the
• Dump body, side tipper, trailer, bulk manufactured products for the purpose
haulage, service truck (including fuel of being appreciated by the market at the
tank and water tank, truck for lubricant premium price range.
service, crane tray and low loader) and
modified bus for mining sites, both for Manufacturing Division has several 83
special purposes in the haul road or main customers from oil, gas and
main road. mining industries and other industries

• Crane, hook loader, aerial lift platform, already having a long history of business
aluminum fuel tank and container relationship, among others PT Chevron
side loader. For such products, SSBT Pacific Indonesia, PT Semen Tonasa and
is holding the agency license for the PT Salamander Energy. The manufacturing
brand names of Palfinger (Europe) division has made important breakthrough
for crane, Heil (North America) by entering into service contract market
for aluminum tanker and Hammar for its manufactured products. In 2011,
(Sweden) for handling equipment. the Company entered into a binding
• Maintenance services, spare parts service contract with Chevron and
services, and repairs for the products ConocoPhillips.
mentioned above.
Site Services Division also provides
One of prime products of SSBT is light services for major mining projects in
weight body, which is the truck body for Indonesia, such as Newmont in Batu
transporting goods or humans with strong Hijau – West Nusa Tenggara, Freeport in
yet light materials which minimize the Grassberg mine - Papua, PT International
additional weights on the vehicles. As Nickel Indonesia (INCO) in Soroako –
a result, the transportation capacity and South Sulawesi, mine of PT Kaltim Prima
truck capacity could be maximized and Coal in Sangatta – East Kalimantan and
the transportation cost could be more several operating areas of its sister
efficient. company PT Cipta Kridatama (CK) in
South Kalimantan and East Kalimantan. By perceiving good opportunities arising

The Company also provides services to from the planned expansion of Newmont
sub-contractors in a few mining sites mining site in Batu Hijau, the Company
such as Trakindo Utama, PT Thiess would improve its abilities and capacity of
Contractors Indonesia and PT Liebherr its workshop in Batu Hijau to be able to
Indonesia Perkasa. serve immediately the increasing demand
of repairs and maintenance of mining
At the end of 2011, SSB contributed equipment in Batu Hijau. As a company
its best value for PT Freeport Indonesia already having existing facilities in such
(PTFI) which at that time was having area, SSB would not allow its competitors
problem with the damages on the to bypass the opportunities to serve
concentrate pipeline. SSB Papua was such customer expansion. In addition,
assigned to repair such pipeline with a the new facilities would also be opened
total connecting distance of 80 kilometers. in Kalimantan and Papua which still
SSB Papua was capable of finalizing such remain as the main area of growth for the
pipeline works on 21 December 2011, company’s business.
earlier than the target established by PTFI.
Good appreciation for such work has been In 2012 the Company made the
given by the assigning party. With such acquisition of new products as the next
84 achievements, Site Service Division has investment step. The Company will enter
proven that SSB is still the best in terms into new segments by offering specific
of quality, speed and accuracy to support products.
welding works in any areas and under any

conditions. Operational Performance
The four divisions in SSB have different
Remanufacturing Division has built a achievements and market competition
business relationship for more than 5 levels. In 2011, Site Service Division
years with its main customers such as recorded the highest income while the
PT Trakindo Utama, PT Kaltim Prima Coal, highest demand was shown by Transport
Leighton Contractors and Newmont. The Equipment Division. The demand for
Company also provides remanufacturing Manufacturing Division was also high;
services to CK. however, the increasing prices of steel
materials as well as tight competition
Plans and Strategies have made corrections on its level
In 2011, the Company made important of income.
investments to improve the corporate
image in the perception of its customers. In total, the company’s income grew
The Company introduced its new logo by 20% compared to prior year. The
by participating in the Mining, Oil & new contract for Transport Equipment
Gas Exhibition. The corporate website division from PT Pertamina (Persero) and
improvements were designed to create PT Chevron Pacific Indonesia made its
more professional and informative image.
contribution to the company’s increasing of Tonnage in the equipment being

income. Another achievement made by manufactured. While the performance
the Company in terms of income is the of divisions providing services such
success to hit the psychological number as Site Service Division (SSBS) and
of Rp1 trillion. Remanufacturing Division (SSBR) is
measured by the indicator of Service
The operational performance of Hours in which the achievements in 2011
Manufacturing Division (SSBF) and and their comparative figures in 2010 and
Transport Equipment Division (SSBR) 2009 as follows:
could be measured by the indicator
SSB Income in the Last 3 Years

(million Rupiah)
1,006,083
85
844,208
716,539

11 10 09
Operational Performance of Each Division in the Last 3 Years
Manufacturing – SSBF Trasnport Equipment – SSBT Site Service – SSBS Remanufacturing – SSBR
(tonnage) (tonnage) (thousand - service hour) (thousand - service hour)
1,700.0
7,351
6,836
1,411.9
5,261
4,576
4,486
4,483
679.5
549.0
525.3
220.2
11 10 09 11 10 09 11 10 09 11 10 09
In 2011 the Company successfully Engineers (ASME) for the certification of

obtained ISO 14001 and OHSAS 18001 U3 class which represents the highest
certification. Both certifications serve competence in mechanical engineering.
as one of important requirements to The U3 certification has shown the
compete in the oil and gas industry. It recognition for SSB competence in
was a special achievement and pride manufacturing pressure vessel equipment
for all lines in the Company that such with pressure level up to 100 bar. Not
certifications could be obtained without many engineering companies are capable
any aids from consultants and with only of being certified in which. Even more,
six month preparation. Such success SSB is the only one certified in Indonesia
has proven that the company’s human and South East Asia region.
resources are highly competent.
New Wins in 2011
Another achievement was the certification A number of new contracts and contract
from American Society of Mechanical renewals of significant values in 2011 are
as follows:
Project Name/ Delivery date

No Customer Value
Description (by Contract)
86
1 PT Chakra Jawara Manhaul Bus Body 30/11/2011 - 31/3/2012 USD5,403,600
PT Tri Swardana Supporting
2 30/4/2012 - 31/10/2012 USD3,660,000
Utama Equipment
Fuel Lube Service

3 PT Thiess Contractors 31/10/2011 - 30/9/2011 USD2,891,580
Body on CAT740
4 PT Freeport Indonesia Double Trailer 17/12/2011 USD1,937,061
PT Bukit Makmur
5 Coal Body 25/1/2012 - 23/3/2012 USD1,650,000
Mandiri Utama
6 PT Freeport Indonesia Trailers 20/11/2011 - 24/1/2012 USD1,380,933
No Project Name/Description Customer Value
Heat Exchanger Service, Repair and ConocoPhillips

1 USD4,960,155.40
Modification Indonesia Inc, Ltd.
2 Tracks FL Smith USD4,128,336.00
Pembangunan Unit Heavy Poly Nuclear
Adsorption (HPNA) Removal Hydrocracking
3 PT Pertamina (Persero) USD3,250,000.00
Complex Unit (HCU-A) Refinery Unit V
Balikpapan
Pekerjaan Desain, Fabrikasi, dan Penggantian
4 Column CDU 1.C.01 Refinery Unit VII PT Pertamina (Persero) Rp28,050,000,000.00
Kasim-Sorong
Supply of Glycol Dehydration Package USD2,348,780.00
Amendment I ConocoPhillips USD162,500.00
5
(Grissik) Ltd.
Service order - HAZOP Meeting of Glycol
USD22,500.00
Package
Building a Synergy Business Prospects

As a part of ABM group, the Company During 2011 the Company has established 87
supports ABM Investama efforts to fundamental strategies to expand
empower energy as its big vision. The its market, not only local but also
Company is ready to contribute in the international market. The strategic steps

engineering synergy by remaining to have been taken including widening the
adopt fairness principles in professional infrastructure, obtaining the necessary
business corridor. At present the certifications and improving competence
Company is supporting the operations as an asset to enter into LNG market.
of PT Cipta Kridatama (CK) in South A number of export markets have
Kalimantan and East Kalimantan, been wide open, yet the Company still
and building the “packager” for responds with prudent principles and
PT Sumberdaya Sewatama. well-thought considerations particularly
for the working capital allocation and
human resources readiness to be
assigned abroad.
INTEGRATED LOGISTICS
The income and dynamic profitability from
six business services of CKB Logistics
have made a complementary and mutually
supportive contribution to consolidated
income through continual positive growth.
88
PT Cipta Krida Bahari (CKB Logistics) The company has 35 branches all over
was established in 1997 as a company Indonesia, including those in 60 cities and
providing logistics services including the in remote areas difficult to reach by using
land, sea and air transportation. At the commercial transportation. CKB Logistics
beginning CKB Logistics offices were services cover Integrated Logistics,
located only in Jakarta and Surabaya to Warehouse Management, Project
provide the logistics services through Logistics, Shore-base Management,
Tanjung Priok and Tanjung Perak Industrial Shipping and Coal Logistics. In
ports. With the due course of time, general the company serves the sectors
the company’s services have been of energy (oil and gas, mining), industry
continuously developed to cover the (heavy vehicles, fertilizer factory), and
logistics services for land, sea and air infrastructure (PLN, EPC Contractor).
transportation so that the company is
capable of transporting the equipment and The company’s support fleet comprises
heavy vehicles to project sites which shall trucks, equipment, mother vessels and
then be categorized under the name of barges whose total count at the end of
project logistics services. 2011 are as follows:
1. Truck:
During a period of 14 years, CKB Logistics – 130 trucks with the capacities
has been rapidly developing to be a sub- ranging from 0.5T-12T
holding company providing integrated – Flat Bed Trailers 20’ and 40’
logistics services with the focus on energy – Low Loader with 20T-80T capacity
customers. At present CKB Logistics has 2. Heavy Vehicles:
two subsidiaries with a total number of – Forklift 2.5T, 5T, 30T capacity
877 employees as of 31 December 2011 – Heavy Duty Loader: Multi Axle
(permanent, contractual and outsourced). Commetto (10 Axles)
– Hydraullic Roller and Jacking Tools
89
3. Vessels: 3. Project logistics, which provides
– MV Alfa Trans Satu: 60 TEU Semi special transportation services for
Container Vessel the delivery of over weight over

– MV Alfa Trans Dua: 1,500 DWT size (OWOS) cargo such as heavy
LCT equipment, machineries, plant
– MV JNW: 2,000 DWT LCT equipment, and power generator to
– MV Adinda Azula : 1,200 LCT remote areas.
4. Supply base or shorebase
At present, CKB Logistics already has 6 management, which serves oil and
business portfolios as follows, which are: gas companies conducting drilling,
1. Integrated logistics services, providing exploration and production activities
freight-forwarding services covering which need base or locations to
the logistics services and regular temporarily store the goods that will
cargo delivery via land, sea and air be supplied to the vessel’s bridge. This
transportation. service covers the handling of storage,
2. Warehouse management with port affairs, delivery and loading-
warehouse locations in Jakarta, unloading.
Surabaya, Banjarmasin, Balikpapan 5. The subsidiary, PT Alfa Trans Raya
and Samarinda. Through this service, (ATR). which serves industrial
CKB Logistics provides the solutions shipping, renting the vessels in
for storage of goods and for the accordance with the needs of mining
preparations of further distributions and energy customers.
to the locations requested by the
customers.
6. The subsidiary, PT Baruna Dirga Market and Profile of Customers

Dharma (BDD), which runs the Starting from merely serving only a
business of coal logistics, conducting customer, CKB Logistics competence
the transshipment of coal from has been tested and sharpened more by
stockpile to mother vessel in the serving the energy customers requiring
middle of the ocean by using barges. the delivery service of heavy equipment,
materials and machineries to remote
PT Alfa Trans Raya (ATR) areas. The customer base is not only
ATR was established in 2006 as a freight- from companies within a group but also
forwarding company to strengthen the from multinational mining, oil and gas
activities of logistics operations and companies and heavy equipment dealers
vessel rental. As of 2011, ATR owns such as Patria, Komatsu and Hitachi.
three vessels, which are multi-purpose
Alfa Trans Satu vessel, Alfa Trans Dua At present, approximately 60% of ATR
and Adinda Azula landing-craft-tank (LCT). fleet is under contractual agreements
ATR already purchased two more vessels for one to four years for customers
which were LCT Adinda Bela and Adinda to use in oil and gas exploration and
Celinna currently still in the construction production. Approximately 40% of ATR
process in dock yard and will be delivered vessel capacity is utilized to support
90 in mid 2012. In addition, to meet its CKB business of cargo delivery and
customer needs, ATR also rents and project logistics services. The shorebase
operates six additional LCTs with forwards management services were utilized by BP
contract. and ConocoPhillips during 2010-2011.
PT Baruna Dirga Dharma In the market of logistics business, the

(BDD) company’s six portfolios generated gross
BDD was established in May 2011 to profits at different levels. The integrated
run the business in coal logistic services. logistics or freight-forwarding business is
BDD already purchased tug and barges playing in tight competition environment
of Kaili VIII and Moana VIII and ordered 6 with low margin. Whereas the shipping
sets of barges to the dock yard which will business segment has been capable of
then be delivered in 2012. BDD already generating gross profit at a good level yet
has a contract with PT Tunas Inti Abadi, on the other side requiring high capital
a subsidiary of Reswara which owns expenditures. Warehouse service also
coal concession in South Kalimantan, for requires high capital expenditures, but
transporting the coal from the port to the capable of generating good profits at a
mother vessel’s anchor drop point in the good level, particularly for the integrated
middle of the ocean. warehouse services which provide
delivery services until reaching the Subsequently, in 2012-2013 CKB Logistics

project locations. Project logistics which would provide floating crane to improve
offer solutions for customers intending the services in coal logistic segment. By
to deliver Over Weight and Over Size utilizing the floating crane, the capacity of
(OWOS) cargo to remote areas with high loading the coal into mother vessel could
difficulty and risk level could generate be improved and customers could enjoy
premium income since the services the benefits of using a larger vessel.
being offered are accuracy, consistency
and reliability in delivery. Such conditions Business patterns, customer needs
have created a balance in the company’s and market trend have always been the
portfolio. underlying factors for making strategic
decisions in purchasing critical assets.
Plans and Strategies Using its own assets would create a
CKB Logistics already established its long positive impact on the company’s bottom
term goal for the next 5 years which is to line. Therefore, the company has been
be the leader in providing the integrated gradually adding the number of its assets
logistics solution in energy sector. The such as warehouse, truck and vessels.
annual strategic steps and financial
targets have been formulated as well. To expand its customer base serves as
In 2011 the company made inventories the company’s vision to grow together 91
of its critical assets potentially making with its customers. The company resolved
impacts on its operational performance that the income from those outside the

and the company also created excellent group should be higher than the income
services for customers. CKB Logistics from internal group.
purchased a warehouse in Samarinda,
built a warehouse in Banjarmasin and Operational Performance
built a new warehouse in Jakarta on an Individually, the integrated logistic
area of 7.5 hectares of land in Cakung. business segment recorded the highest
The warehouse in Cakung is scheduled to income, which is Rp819.92 billion,
have its official opening in May 2012. growing by 60.3% from Rp511.40 billion
in 2010. While the vessel rental service
In the efforts of providing integrated managed by ATR contributed an income
logistics solutions, CKB Logistics already of Rp99.63 billion, growing by 156.6%
established a new subsidiary, which is from Rp38.83 billion in 2010. In 2011 the
BDD, and added the number of ATR newly established company, BDD, which
fleet. The purchase of new vessels is for manages coal logistics services already
the purpose of strengthening its fleet, recorded an income of Rp5.27 billion.
improving its reliability in serving its
customers.
CKB Income per Business Segment in 2011
CKB ATR BDD

Integrated Logistic Vessel Rental Coal Logistic
(billion Rupiah) (billion Rupiah) (billion Rupiah)
819.917
511.404
457.088
99.631
38.822
31.055
5.269
11 10 09 11 10 09 11 10 09
Achievement of CKB group’s operational of collies, number of manifest as well as

performance can be indicated through the total volume and weight of goods handled
achievement of volume figures such as by CKB group which represents an
number of DA (Delivery Advice), number increase in the last three years as shown
92 in the following figures:
Total DA Total Collies Total Weight

(million kg)
1,029,225
431.1
339,104
877,883
871,676
314,925
290,936
269.3
227.5
11 10 09 11 10 09 11 10 09
Total Volume Total Manifest

(million meter cubic)
190,793
12.4
10.6
134,907
120,006
1.5
11 10 09 11 10 09
New Wins in 2011 increase of CKB Logistics revenue

Some new or renewal contracts obtained significantly is as follows:
in 2011 which have contributed to the
Execution
Customer Subjek Contract Value Category
Date
Indo Muro Kencana, Manage and coordinate Rp1,920,000,000/ Service 26-Feb-11

PT Land Transportation in year
MuaraTeweh
ConocoPhillips Provide Landing Craft Tank USD 759,500 Vessel 1-Apr-11
Indonesia, Inc. Ltd (LCT) on rental basis
ConocoPhillips Amandement 2 Agreement Rp1,576,230,000 Vessel 17-Jun-11
(Grissik) Ltd. to extend Contract term and
to add the total contract value
until April 13, 2012
ConocoPhillips Truck charter from Rp7,924,052,000 16-Sep-11
(Grissik) Ltd. Jabodetabek/Cilegon to
dayung/rawa staging area
Mangsang/Grissik and
airfreight services from
Jakarta to Palembang/Jambi
Medco E&P Perjanjian jasa sewa dan Rp266,040,000 Warehouse 1-Oct-11
Indonesia, PT pengelolaan pergudangan
Medco E&P Ekspedisi door-to-door Rp587,983,750 Airfreight 1-Nov-11
93
Indonesia, PT angkutan udara gudang
Medco ke lokasi
Medco E&P Jasa Pengiriman Barang Rp13,308,409,000 Transportation 1-Nov-11
Indonesia, PT Kondisi FOT dari Medco

Jakarta ke Wilayah
Operasional Medco
ConocoPhillips Rental Light Vehicles and Rp9,104,097,500 Trucking 29-Dec-11
Equipment forMatak Base
ConocoPhillips Addendum additional USD759,500 Transportation 1-Apr-11
Indonesia, Inc. Ltd route for loading offloading
equipments & mobilization
tools from jetty to Dayung-
Rawa
Trakindo Utama, PT Layanan transportasi untuk Rp1,250,000,000/ Vessel 1-Mar-11
pengiriman impor alat-alat round trip atas LCT
berat merk Caterpillar dari
Pelabuhan Singapura ke
lokasi pelanggan PTTU area
Kalimantan (Banjarmasin,
Balikpapan, Samarinda)
Suberdaya Sewa Forklift Kapasitas 25 Rp72,000,000/bulan Forklift 30-Jul-11
Sewatama, PT ton
Building a Synergy Business Prospects

The synergy of CKB Logistics with other In the future, the company shall continue
subsidiaries under ABM Investama group making efforts to achieve the vision in
has already been created since a long 2016 which is to build CKB Logistics as a
time ago particularly in supporting the process based company. CKB Logistics
activities which require the services of has also exerted efforts to be always the
freight-forwarding, custom clearance leader in the sector in which the company
and project logistics. The company performs its activities by growing together
provides the transportation services of with its customers who are also the
heavy vehicles for PT Cipta Kridatama’s leaders in their respective industries.
operating activities in mining contract.
The needs of coal hauling have driven The major obstacle in logistic business
CKB Logistics to add its portfolio by is the low quality of infrastructure. Such
establishing a new subsidiary, BDD, and condition is beyond the company’s
the company will also continue growing control. However, the company could
together with Reswara’s coal business minimize the risks by selecting the
growth. The company also supports the appropriate assets adjusted to the
mobilization activities and demobilization condition of its available infrastructure.
of Sewatama generator set to all locations
94 in Indonesia. The company’s competitive edge is
a relatively complete and mutually
supportive business portfolio. Each
of them has different competition. By

playing in six portfolios, the income and
profitability from each business which
differ from one to another could support
each other and if consolidated, would
always provide a positive growth.
95

HUMAN RESOURCES
HUMAN RESOURCES
Human resources development focused on
the instilling core values and leadership
traits to foster a positive attitude and
ethical leadership in ABM Investama.
Building and Empowering Human our human resources in managing their

Resources with Characters and career development (career plan).
Competencies
96
For ABM Investama, human resources HR Development Strategy
(HR) represent as the important To respond to the challenges and to
factor in achieving its vision to be the adapt itself towards the dynamic market
renowned investment company in energy demands, ABM Investama makes the

resources, services and infrastructure. most of all of its resources and capabilities
ABM Investama should be leading in to create a strong and competitive
seizing the market opportunity with its company. Each employee, either as
own comparative advantages. We are an individual or in a team, is given
seriously designing the recruitment and opportunities to take bigger parts in their
competence development programs roles and responsibilities so that they give
for approximately 7,500 employees maximum contribution for the Company’s
positioned in 16 companies incorporated performance as well as a platform to
in the ABM group as our strategic enhance their competence.
partners in conducting our business.
In general, in accordance with the concept
Before we review about HR development, of Balance Scorecard, the Company
we must prepare the organization already set out its corporate objectives
structure customized to business which are divided into four synergy
processes both at the holding level or perspectives, which are financial synergy,
subsidiaries which is ready to achieve the customer synergy, process synergy and
Company’s vision, mission and short- learning and growth synergy. From HR
term goals. It is very important to plan, management standpoint, we focus on
for the fulfillment of the organization/HR the perspective of learning and growth
(manpower planning) in accordance with synergy, in which ABM Investama as the
operational work plan and to be known by holding company takes a strategic role in
HR development, which is as follows:
HUMAN RESOURCES
1. Exerting the efforts to ensure that the composition of evaluation may reach
the best organizational performance 60%:40%, whereby the 60% portion
has been achieved by assisting the represents the technical competence in
97
business units in conducting the handling their engagements while the
recruitment process and promotions or remaining 40% represents leadership and
employees developments particularly core value.

to fill in the strategic positions in each
business unit which are believed to The Company involves consultants to
realize the organizational goals. The provide training modules for the purpose
Company at its most possible extent of improving and strengthening the
shall assist to find solutions including core value and leadership. In October –
recruiting the qualified personnel November, the 360o (degree) Core Value
having experiences in the areas and Leadership Survey was conducted
needed or transferring candidates from so as to enable each employee to assess
another business unit who possess other fellow co-workers in terms of value,
the required skills. integrity and leadership. The Company
2. Designing HR competence would also conduct a management
improvement programs based on workshop pertaining to core value and
leadership viewpoint and making leadership to create an understanding
efforts to build the aspects which concerning the importance of positive
support job satisfaction. behaviour and good leadership in ABM
Investama. The selected workshop
Developing Core Values and participants would then be assigned
Leadership Traits to Create a as the future trainers in performing the
character Leadership socialization of core value and leadership
The importance of leadership and for employees under his level. It is
core value aspects is reflected in the expected that in 2013 such program could
performance evaluation composition. For have covered all employees up to the
managerial level up to executive level, operator level.
HUMAN RESOURCES
In the future, HR programs at the holding actions, either in terms of compensation

level would focus more on the soft and benefits, career path, job positioning,
skills development, while the technical and others.
or functional competence development
would be conducted independently by Further, the aspects of job satisfaction
each business unit. The trainings held improvement can be describe in 3 (three)
at the holding company level would not parts, which are:
only improve the cost effectiveness and 1. Career Development Program
efficiency but also build the relationship 2. Training
among employees across business units 3. Compensation and Benefit.
which are believed to be very beneficial in
98 building a synergy. Career Development Program
The Company already set an ambitious
Aspects of Job Satisfaction growth target to expand its business scale
The job satisfaction serves as an within the next four years. Each business
important factor since the Company and unit has important roles in the process of
employees are both partners mutually achieving such target. To support such
supporting each other to achieve the target, in 2011 the Company performed
Company’s goals. Basically employees a mapping to identify the potentials and
would feel engaged when the duties competence of its employees.
they concentrate in is aligned with their
interests. Such matter could motivate Within a year the Company made
the employees to perform their duties identifications to select employees who
effectively and not merely as a work can be categorized as talents or star
demand. The Company performs employees showing good performance
Employee Engagement Survey conducted and core values including leadership. The
in July – August 2011 to gain better Company prepares career development
understanding of employees’ opinion plans through a series of trainings and
and job satisfaction level in working for special assignments. The system has
ABM group. The input from the survey been effectively creating a talent pool
result which is generated in the form of which is beneficial to anticipate the
data and statistics would be followed Company’s future developments.
up by performing continuous corrective
HUMAN RESOURCES
Training which were conducted in-house (at the

It has been the Company’s commitment corporate or at the subsidiary premises),
to develop and train its employees in a or at external training institutes/
continuous manner as one of the keys educational institutions. The types of
in maintaining the performance quality. training might vary, ranging from the 99
Through the managerial development skills development, technical/functional

programs, all managers from all levels competence, specific skills required for

have been continuously empowered daily tasks, managerial education and
for the purpose of accelerating the various knowledge sharing sessions to
competence development process and sharpen HR qualities.
creating the best human resources to fill
in the Company’s strategic positions. During 2011, ABM Investama has spent
HR training and development expenses
Each employee has equal opportunities amounted to Rp599,817,047 or increasing
to improve his/her competence in by 304% compared to that of in the
accordance with the potentials, abilities previous year.
and skills required. The Company held
various types of trainings to improve the HR courses/seminars/trainings held at the
employees knowledge and competence holding level in 2011 are as follows:
No. Training
1 Inhouse English Training
2 Valuation and Technical Economic Assessment of Mining Project (Singapore)
3 Socialization on Performance Management Process
4 Socialization on 360 Degree Survey (TMT Core Values & Leadership Traits)
5 Workshop IDP (Individual Development Plan) “Workshop on IDP Filling”
6 Socialization on Company Regulation
7 Socialization on Employee Opinion Survey
8 Socialization on SPT Filling (Personal Tax Report Form)
HUMAN RESOURCES
No. Training
9 3 Indonesia Coal Conference
rd
10 IPO-Learning from State Owned and Private Enterprises, Panel Discussion

11 Workshop on PSAK
12 The Future Policy Direction on Mining Tax
13 Accounting for Mining (Singapore)
14 Capital Market Legal Profession Basic 1 Training
15 Legal & Corporate Communication Workshop
16 Tax Aspects on IFRS
17 GCG Workshop "How to do GCG Assessment Effectively”
18 Cloud Fundamentals, Cloud Deployment Option & Cloud Strategies for the Future
19 SAP BPC 420 Consolidation Administration
20 SAP BPC 430 Planning & Reporting
21 Targeted Selection Interview
22 SAP HR Master Data
23 How to Develop your KRI to Strengthen your Organization ERM
24 Guide in Implementing Project Risk Management
25 SAP BPC 430 Planning & Budgeting
100
26 Certified Talent Management Professional
27 Professional Director Program
Compensation and Benefit periodical basis, the Company ensures

Compensation represents all rewards that the compensation received by its
received by employees for all of the work employees covering salary, allowances,
products generated by such employees. THR and bonus in total are quite
The Company provides compensation to competitive compared to companies in a
all employees based on their performance similar industry.
evaluation by creating a hierarchical and
fair evaluation system. HR Profile
As of 31 December 2011, the total
The company has been making efforts number of employees of ABM Investama
to make equal the compensation and reached 7,582 people, increasing by
benefits received by employees in all 20% compared to 2010 totalling 6,335
business units by establishing a policy personnel. The increase in the number of
for job grading and by issuing a guideline employees is in line with the Company’s
so that HR policies in the business units growth and business expansion during
constantly conform with the prevailing 2011. The profile of HR of ABM
labor rules. By performing compensation Investama in 2011 and its comparison in
and benefit survey in the market on a 2010 is depicted in the table below:
HUMAN RESOURCES
Workers Based on Business Function

Business Function 2011 2010
Management 101 12
Support 1,173 371
Sales Marketing 214 94
Operational 6,094 5,858
TOTAL 7,582 6,335
Workers Based on Management Position

Management Position 2011 2010
Director 16 10
General Manager & Senior Manager 44 28
Manager 212 151
Staff & Non Staff 7,310 6,146
TOTAL 7,582 6,335
Workers Based on Age

Age 2011 2010
< 25 year 1,533 1,244
25 – 45 year 5,554 4,649 101
46 – > 55 year 495 442

TOTAL 7,582 6,335

Workers Based on Education Level
Education Level 2011 2010
Elementary School 127
Junior High School 675
High School 3,831
Diploma (D1, D2, D3) 6,487 798
Under Graduate 1,013 867
Post Graduate 82 37
TOTAL 7,582 6,335
Workers Based on Employee Status

Employee Status 2011 2010
Permanent 4,768 4,076
Contract 2,814 2,259
TOTAL 7,582 6,335
INFORMATION TECHNOLOGY
The development of information and communications
technology resulted in improvements in human
resources capability, which in turn supported the
development of business applications, building
infrastructure such as a Disaster Recovery Unit and an
Intranet network which integrates all business units.
102
Information and Communication In the beginning, the ICT development
Technology (ICT) Department in ABM in ABM Investama received supports
Investama plays a role as a unit supporting from a company within the group which
the Company’s operational activities by is engaged in information technology,

providing information and communication PT Mitra Solusi Telematika (MST). MST
technology service that is reliable and has provided technical and functional
aligned with the business needs in the supports in the application modules
Company and its subsidiaries. developed since 2010. In line with
the increasing demand of information
ICT Development Strategy technology, the Company began to
The Company already prepared a establish and develop SAP (System
corporate plan concerning the long-term Application and Product in data
ICT development for the next 5 years processing) application as the standard
from 2010 to 2014. The plan starts from application in ABM Investama group to
preparing the competence of its human support the operational activities in an
resources, developing the infrastructure effective and efficient manner. SAP as
of software and hardware, and integrating a software for Enterprise Resources
the intranet network to all business Planning (ERP) assists the Company in
units. In the future, after strengthening planning and performing various day-to-
its internal network, the Company day tasks. The Company adopts SAP
would open a network for customers since SAP has a number of application
and vendors to access the Company’s modules capable of supporting all
information (CRM and SRM) and internet necessary transactions. All application
for public to access such information. modules in SAP are capable of performing
integrated works.
the operational performance and 103

As a holding company, the Company
set priorities in application development productivity of all business units.
in 2011 on the system that supported

the preparation of the Company’s BPC implementation for the consolidated
consolidated financial statements. The financial statements system was the
Company operated an application named first one in Indonesia that made ABM
Business Planning & Consolidation (BPC) Investama in 2011 received an award
as one of SAP’s product applications for from CPM Consulting Pte. Ltd. as the
planning and budgeting. Best EPM Project.
In 2011 ABM Investama still focused Simultaneously, the Human Resources

on the implementation of Financial Information System (HRIS) module
and Controlling (FICO) module for the related to the personnel administration
Company to prepare its consolidated and employee competence development
financial statements. In the following would continue to be developed in stages.
year, the Company would start to The functions such as interviews, planning
implement new General Ledger to and career development and training
conform with PSAK (Pernyataan have been embedded in the system
Standar Akuntansi Keuangan) and new and have been adopted by a number of
IFRS (International Financial Reporting subsidiaries. The development plan of
Standard) requirements concerning such application module in the future
functional currency. The following is the includes the employee self-service facility
development of budgeting system and enabling each employee to access the
Business Intelligence applications that system to obtain the data regarding the
could support management in monitoring balance of his/her vacation leave, trainings
already completed, and others. As for in data center. The investment value of
managers, a system called Manager Self ICT infrastructure development in 2011
Service has also been developed which which covered procurement of DRC
enables them to grant approval through hardware, server system infrastructure
the system process. and application amounted to USD500,000.
Building ICT Infrastructure The Company purchased the most recent

Reliable and secure infrastructure serves anti-virus software from McAfee. The anti-
as the main foundation in operating a virus software for subsidiaries offices
system of business applications and in could be installed and updated from
meeting the needs of data access and Head Office.
communication within the Company. In
2011, the Company made an investment Training and Development of ICT
in building Disaster Recovery System Human Resources
(DRC) as a back-up system for Data ICT Department continues increasing
Center. DRC works simultaneously to and improving the competence of
update its data content; therefore, when its human resources. The Company
troubles are detected in Data Center, hired an external consultant to recruit
within a short period of time the system personnel with minimum qualification of
104 would transfer itself to DRC server SAP 2 cycle implementation capable of
location. Such DRC investment which providing supports up to the business
included building a network infrastructure process flow modifications phase
to connect both servers was completed at (system customization). Personnel

the end of August 2011. with such qualifications are required to
support the in-house business application
DRC development serves as one of system development. At present ICT
the risk mitigating processes already Department is supported by 4 permanent
performed to anticipate any disruptions staff comprising ICT Department Head
assisted by one staff in Fille Application
Support, one Logistics Application and • SAP BPC 420 Consolidation

one ABAP Programmer. ICT Department Administration
is also supported by external consultant • SAP BPC 430 Planning & Reporting
with experiences in at least 2 cycle • SAP HR Master Data
implementation. • SAP TBW 10, TBW20 and TBW 42
Enterprise Data Warehousing and
To improve their current competence, ICT Reporting
personnel are equipped with intensive
trainings aligned with ICT development Forward Looking
directions in ABM Investama. The In 2012, the development plans would
trainings held during 2011 covered the aim more at the implementation of
management of Business Warehouse, applications in all subsidiaries. The
which serves as the Company’s center of investment in hardware might be needed
database, and SAP application modules upon making repairs in the network
such as: access path for branches and projects
located in remote areas.
105

106
Adding value to the

quality of life of
communities
Corporate Social
Responsibility 107

CSR Report
ABM group CSR is based on creating value

for stakeholders in a wider scope of social,
economic and environmental perspectives.
108
ABM Investama believes that the cultures of local people. While according
business sustainability would not to World Business Council on Sustainable
be achieved by mere operational Development, CSR represents the
targets, not only be influenced by Company’s commitment to have ethical

financial performance, but would behaviour and to contribute to the
also be positively correlated to social sustainable economic development,
performance providing added values for while improving the quality of life for
all stakeholders including employees and its employees and their families, local
their families, shareholders, customers, community and general public.
suppliers, business partners, public and
government. The Company has a moral Basically, CSR activities conducted by
obligation to provide benefits for others, subsidiaries of ABM group have been
including widening the opportunities for made along with the journey of the
Indonesians to achieve better life in a business of such subsidiaries. Each
sustainable manner. Such determination is subsidiary may design its own CSR
not only reflected in the principal mission program either in an independent or
of ABM group, but is also in accordance synergetic manner together with the
with the widely known CSR definition. holding company or another subsidiary
in the effort of creating better future for
Article 74 of Law No. 40/2007 of public, and for local community including
Limited Liability Company states that employees and their families. In addition,
the implementation of Corporate Social the Company should also be responsive
Responsibility (CSR) is designed to towards the calamity issues such as
create a harmonious relationship with natural disasters and other disasters in
the environment, values, norms and the community.
CSR Report
109
CSR Activities in 2011 General Facilities and Infrastructure,
The CSR activities of subsidiaries in Public Empowerment and
2011 may generally be categorized Environment

into the areas of (1) Health, (2) General • Proactive community development
Facilities and Infrastructure, (3) Public program by providing equipment and
Empowerment and Environment, facilities for the greening activities and
(3) Social Religion and (4) Education. by providing seeds for the plantation
and animal husbandry conducted by
Health PT Tunas Inti Abadi (TIA) in six villages
CSR program for health is focused on the near TIA operational areas in South
betterments and improvements of the Kalimantan with the total population
quality of public health facilities around the of 8,000.
Company which are materialized into the • Reclamation and rehabilitation of
following activities, among others: land by performing the vegetation as
• Rehabilitation of eight supporting an effort to repair, restore and improve
Puskesmas (Public/Community Health the critical condition of ex mining
Center) conducted by PT Media Djaya areas which will then be replanted by
Bersama (MDB) near its concession Reswara together with CK.
areas in Aceh, already completed in • Drilling of wells for clean water for
July 2011. three villages in Pucok Reudeup and
• Provision of medicine to a number Reudeup, West Aceh and handing
of Puskesmas near the mining over those wells to local community,
location and the blood donor programs conducted by MDB in August 2011.
periodically conducted by PT Cipta
Kridatama (CK).
CSR Report
• Rehabilitation of Micro Hydro Water yards of Puskesmas and Market at

Power Plants (PLTMH) in location of Mentewe Village.
Gunung Halimun Salak National Park – Repairs of main road connecting
(TNGHS) in Sirna Rasa village, Cikakak Muara Wis village to main road of
Sub-District, Sukabumi Region, SP II.
West Java conducted by Sewatama – Aid for the clean water reservoir
together with IBEKA (Institut Bisnis with 2,000 liter capacity for the
dan Ekonomi Kerakyatan) foundation. residents of Blok Adi Dusun SP II.
In the project of “Rehabilitation of – Aid for sport facilities by building a
PLTMH Cipanas I”, the employees of football court for the Karang Taruna
110 Sewatama were given opportunities of Joggon village, MHU site.
to accompany IBEKA to perform the • Activities for the empowerment
rehabilitation of turbines and generator of local community in the form of
set and to educate the community economy programs conducted by CK
receiving such equipment to perform such as providing job opportunities and

independent maintenance of PLTMH. chances to create job opportunities
During the activity, Sewatama also for local community in accordance
received support from its sister with the Company’s needs, and the
company, CKB Logistics. assignment of local sub-contractors or
• Aid for general facilities and local companies as business partners
infrastructure for the community as long as they are capable of meeting
living near the mining locations of the required quality standards.
PT Arutmin Batulicin such as:
– Aid for the rehabilitation of Social Religion
residential houses and lighting • Programs to visit Orphanage
facilities for 12 houses in Mentewe of Remaja Masa Depan located
village km 42. in Jakarta to provide donation,
– Aid for solar oil for the lighting to interact and to motivate the
of residential houses of villagers children conducted by CKB Logistics
near Batuharang village, km 48- on Saturday and Sunday, 10-11
50, Mentewe village and Teluk September 2011. The program of
Kepayang village. motivation days with the theme
– Aid for reclamation and repairs of of “I Have a Dream!” involved the
yards and water drainage at SD employees of CKB Logistics and was
Negeri 4, Mentewe Village and the attended by 50 children of orphanage
CSR Report
• Construction of mosques of 111

of Remaja Masa Depan with ages
ranging from 5 to 18 years old. Baiturahman and small mosque of
• Repairs/renovation of places of Darul Falah at Site Arutmin Batulicin

worship, completing the facilities of conducted by CK together PT Arutmin
the religious houses and the activities Tambang Batulicin.
of providing donation for orphans in • Safari Ramadhan dan fasting break
15 villages in West Aceh conducted with the congregation of several
by MDB. The renovation of religious mosque elders in a number of villages
houses was also conducted by CKB near the mining location of PT Gemida
Logistics. among others in Kedung Murung
• Social donations by donating eating village, Muarawis, Kotabangun
utensils such as plates and glasses Sub-district. The donation of animal
totaling 36 dozens of which to the sacrifice offering for Idul Adha day and
Balai Adat Dayak during the harvest sarong and prayer mat for the mosque
ceremony in Gunung Raya village, Site elders in SP II village, site Gemida,
ATA, conducted by CK. conducted by CK.
• Procurement of mattresses,
20 sets of which for the Islamic Education
boarding schools in Kotabangun • Public Lecture of D3 Program Study of
village, providing donations to the Company Hygiene, Health (Hiperkes)
destitute and orphans, rehabilitation and Work Safety of Faculty of
of mosques and small mosques and Medicine, Universitas Sebelas Maret
various religious activities with local Surakarta (FK UNS) at Tirtomoyo
community conducted by CK. Jebres campus conducted by CK
on 7 June 2011 intended to widen
CSR Report
the horizon of the college students – TK Tunas Harapan, Km 50, Rejosari

for the implementation of Hiperkes Village.
knowledge and Work Health at work – TK Mantawakan Mulya,
place particularly for mining companies Mantawakan Mulya Village.
with the materials including mining – TK Tunas Rimba and SD Teluk
operational system, HSE system and Kapayang2, Teluk Kapayang Village.
motivation. – TK/TPA Dinniyah Darussalam,
• Cooperation with various campuses Dukuhrejo Village.
such as UNS Surakarta and Unisba – TK/TPA Al Istiqomah dan SD Negeri
Bandung conducted by CK to mutually 1, Manunggal Village.
assist, to make use of the supporting – SD Sukadami 1 and Madrasah
facilities and to provide the experts Tsanawiyah Bahrul Ulum,
with their respective duties and Sukadamai Village.
skills. CK provides opportunities for – SD Mekarsari, Mekarsari Village.
college students to perform field – SD Sarigadung, Sari Gadung
work, internship and final assignment VIllage.
research at the project locations
and to provide scholarships for Other CSR Activities
college students with academic • For the purpose of celebrating
112 achievements. Similar things were Indonesia’s 66th independence day,
also done by CKB Logistics on 13 May a series of activities were conducted
2011 with Sekolah Tinggi Manajemen by CKB Logistics’ Balikpapan office.
Transportasi Trisakti (STMT Trisakti) to It was started with the “go green”
work in cooperation to improve the activities by cleaning the thrash at the
quality and to widen the horizon of beach followed by all employees of
STMT Trisakti college students. CKB CKB Logistics, the 17 August festivals,
Logistics would then provide public and the donations for fasting break
lectures periodically to be delivered by at Yasma Orphanage, Tanjung Kelor –
Directors and Senior Managers. Manggar.
• Donation for learning activities • Activities were conducted for the
for several schools at kindergarten purpose of inauguration of CKB
(TK/TPA), elementary schools Logistics’ new facilities in Samarinda
(SD) or Islamic schools (Madrasah covering the improvements of
Tsanawiyah) in local villages in the Posyandu (community health kiosk),
form of donations and several buses repairs of mosques and repairs of
for tour/trips, provided by CK for the bridges.
following schools:
– TK Melati and TK Budi Luhur,
Km 42, SD Mentewe 2, Km 2,
SD Batuharang and Madrasah
Tsanawiyah Miftahul Ulum
Batuharang, Mentewe Village.
CSR Report
Our Determination in the Future The Company realizes that CSR activities
In addition to CSR activities mentioned we have conducted were not yet optimal
above, ABM Investama should also and not yet rooted in terms of providing
be sensitive and responsive towards positive contribution for the Company’s
particular activities and needs which reputation. Therefore, we keep on
are incidental in nature, by meeting making efforts to seek for programs
the temporary needs or emergency whose activities are mostly needed to be
responses. In terms of providing developed and whose scope of programs
donations in the event of calamities, the needs to be widened so that they would
Company would provide assistance for have significant and continuous impact. In
the infrastructure in an integrated manner the future, CSR activities should not only
by using the resources owned by the build the Company’s positive image but
subsidiaries. The examples of activities should also have long term impact so that
already conducted were CK participation all parties, stakeholders in wider scope,
in emergency situations (emergency who are Indonesians, could have the
response team and open kitchen) and continuous benefits from it.
restoration during the collapse of Kutai
Kertanegara bridge in East Kalimantan.
113

Corporate Governance
Report
114
115
Implementation ABM Investama • 2011 Annual Report
of Good Corporate
Governance as a
corporate culture
The implementation of good corporate

governance in each business activity of
ABM Investama will increase the value of
the Company in the eyes of shareholders
and other stakeholders and ensure
sustainable business growth.
116
Commitment to GCG a. Transparency, which is the openness
Implementation in the decision making process and
ABM Investama is committed to uphold openness in disclosing material and
the integrity values and to implement relevant information concerning the

the good corporate governance (GCG) Company;
principles in each of its business activities. b. Accountability, which is the clarity
The corporate governance practices in of functions, implementation and
line with the highest ethic standards accountability of the organisation
have actually been merged in each of so as to have effective corporate
the Company’s business activities in management;
accordance with the corporate values c. Responsibility, which is the conformity
instilled by the founders of TMT group of corporate management with the
already operating for more than 40 years. prevailing regulations and healthy
All lines within the Company believe corporate principles;
that fulfilling GCG aspects could support d. Independence, which is the condition
the Company’s objectives in terms of in which the company is professionally
business growth, profitability and added managed, without any conflict of
values for all stakeholders, and long term interest and any influence/pressure
sustainability as well. from any parties.
e. Fairness, which is fairness and equality
GCG Principles in meeting the rights of stakeholders
GCG principles implemented in each arising from the prevailing rules and
business and operational aspects in ABM regulations.
Investama refer to the fulfillment of five
GCG basic principles as follows:
117
Assessments of GCG Implementation 2. GCG policy;
In 2011 ABM Investama invited 3. GCG implementation;
independent GCG consultants to perform 4. Disclosure;

assessments of the implementation 5. Risk Management;
of corporate governance values in 6. Stakeholders Relation;
the Company. The GCG assessments 7. Commitment.
conducted from 22 May 2011 to 17 June
2011 were designed to: Out of the seven main aspects, the
a. Perform the mapping and evaluation Company has identified which aspects
of the completeness of documents, should be prioritized for improvements
infrastructure and soft structure and which aspects should be refined. A
related to GCG and identify the number of aspects related to business
company’s scoring in terms of GCG practices in accordance with ethical
practices. standards obtained the scoring results
b. Identify the aspects that need which reflected that GCG principles
improvements in GCG implementation have been implemented in each of
so as to conform with the best the Company’s activities though still
practices. need some repairs and improvements.
However, the Company has yet to
The assessment of GCG implementation establish well-documented written
is conducted by adopting the criteria and guidelines such as GGC Guidelines,
methodology covering 7 main aspects as Board Manual, Code of Conduct,
follows: Audit Committee Charter, Internal
1. Rights and Obligations of Audit Charter, Internal Control System
Shareholders/GMS (Shareholders); Policy, Gifts and Gratification Policy,
External Communication Policy which Internal Audit Unit in September 2011 and
includes information management, conducting the socialization of Corporate
Asset Management Policy, Corporate Ethic Standards to all employees of
Secretary Charter, Whistle blowing Policy, ABM Investama and to a number of
Subsidiaries Control Policy, Information subsidiaries. Such socialization is intended
Technology (IT) Policy and Corporate to improve and remedy the weaknesses
Social Responsibility (CSR) Policy. in GCG implementation which has
actually been implemented within the
As a publicly listed company and a good group. In 2011 all employees of ABM
corporate citizen assuring the effective Investama already signed the declaration
and sustainable GCG implementation, of commitment to the understanding
the Company realizes the importance of Corporate Code of Conduct and the
of preparing the codification and Company set the target that in 2012 the
supporting tools of GCG in accordance socialization and signing of which should
with government regulations and other have covered all of the employees within
prevailing regulations. An ad-hoc team the group.
has already been assigned to prepare
such codification and supporting tools of Therefore, as of the end of 2011, the
GCG implementation by referring to Law Company already completed the working
118 of Republic of Indonesia No. 40/2007 of tools and facilities required in the
Limited Liability Companies (Company implementation of GCG which will then
Law), Law of Republic of Indonesia No. continue by assigning personnel having
8/1995 of Capital Market, Regulations of the required competence in line with their
Bapepam-LK, Regulations of Indonesia respective scope of work. The Company
Stock Exchange, General Guidelines Good has also set a target of achieving 70%
Corporate Governance in Indonesia issued GCG compliance in 2012.
by National Committee of Governance
Policy (KNKG), best practices in the Corporate Governance Structure
business world as well as the core values Based on Company Law, the organs of a
and leadership traits already growing and company are made up of three elements,
being strongly rooted in TMT group as the which are shareholders through the
holding company, which is known to have General Meeting of Shareholders (GMS)
been implementing GCG practices in a as a forum for the highest decision
consistent manner. making for shareholders, the Board of
Commissioners (BoC) as the supervising
Until the end of 2011 the GCG ad-hoc party of the Company’s management,
team had been working and gradually and Directors as the managing party of
finalizing a number of codifications such the Company. BoC and Directors have
as corporate Code of Conduct, Corporate clear authorities and responsibilities in
Regulations, Board Manual, and Audit accordance with their respective functions
Committee Charter and Internal Audit based on the articles of association and
Charter. Management conducted the rules and regulations.
follow-ups on which by establishing
At the end of 2011 the Company already General Meeting of Shareholders

issued Board Manual through the The General Meeting of Shareholders
Decision of BoC and Directors of PT ABM (GMS) represents the highest organ
Investama Tbk No. 004/ABM-BOC-BOD/ in the Company whose authority is
XII/2011. The Board Manual contains governed by the regulations and articles
the agreement between Directors of association. GMS has the authorities
and BoC concerning the duties, roles among others to appoint and terminate
and responsibilities of each organ to the members of BoC and Directors, to
improve the quality and effectiveness of evaluate the performance of BoC and
work relationship among the organs, to Directors, to approve the amendments to
implement GCG principles and to build the Company’s articles of association, to
independency in making a decision and to approve the financial statements, and to
be capable of conducting their respective establish the amount of remuneration for
roles and responsibilities in accordance BoC and Directors.
with the expectation of shareholders and
other stakeholders. GMS comprises Annual GMS and
Extraordinary GMS. The Annual GMS in
BoC already completed the working 2011 was held on 25 May 2011 which
tools and facilities required in such GCG among others resolved the following:
implementation by establishing an Audit 1. Approving and endorsing the Annual 119
Committee in 2011 to assist BoC in Report and Financial Statements
performing its monitoring functions and for the year ended 31 December

in providing suggestions in accordance 2010 including the report concerning
with the scope of work such Committee the Company’s management and
including monitoring the Company’s activities and granting full acquittal and
financial policy. Further, the Company dismissal to the Directors and BoC
is planning to establish a Nomination of Company for their management
and Remuneration Committee, and and supervision for the year ended 31
Investment Committee in 2012. December 2010.
2. Approving the assignment of Public
In addition, management already Accountant Purwantono, Suherman
established Directors’ supporting organs dan Surja (Ernst & Young) for the year
as the working units to control, to ended 31 December 2011.
accompany and to be held accountable for 3. Approving the granting of authorities
the implementation of GCG carried out by to the BoC of the Company to
GCG ad-hoc team, while at the same also determine the salaries, allowance and
functioning as the working partners for facilities received by the Directors of
the committee under BoC. The working the Company.
units outside of the GCG ad-hoc team are
Corporate Secretary and Internal Audit.
Both supporting organs are appointed and
reporting to President Director.
In addition to such Annual GMS, in Board of Commissioners

2011 the Company’s shareholders
made a number of decisions outside the Roles and Responsibilities of Board
meetings by referring to the prevailing of Commissioners (BoC)
regulations regarding limited liability BoC shall be reporting to GMS and the
company. The shareholders made the roles of the President Commissioner are
following decisions: to coordinate the activities of BoC.
1. On 24 January 2011 approving
the changes to the most recent Collectively, the main roles of BoC are to:
composition of the Directors by 1) Supervise the management of the
appointing Mr. Yovie Priadi as a Company conducted by Directors
Director of the Company. and provide advice and approvals
2. On 8 March 2011 approving the related to the policies made by
conversion of Mandatory Convertible Directors concerning the Company’s
Bond owned by Valle Verde Pte Ltd as development plans, Long Term
the Company’s shares ownership. Work Plans (RKJP), Annual Work
3. On 20 June 2011 approving the Plan (RKT) and the duties, roles and
changes to the composition of responsibilities in accordance with
BoC by appointing Mr. Erry Riyana the articles of association and GMS
120 Hardjapamekas as the Company’s resolutions and the prevailing rules and
Independent Commissioners. regulations.
4. On 21 July 2011 approving the 2) Take actions for the interest of the
amendments to the Company’s Company and then report to GMS. In

articles of association as a such capacity, the BoC shall monitor
consequence of the change in the the Company’s developments of
status of the Company from a private activities, and shall immediately report
company to a publicly listed company. to GMS should the Company show
5. On 27 July 2011 approving the any indications of significant slowing
implementation of Management down along with the corrective
and Employee Stock Allocation measures to be taken. BoC also
(MESA) program pertaining to provides recommendations in line
the implementation of IPO of with the BoC’s monitoring functions
ABM Investama. over GMS regarding other issues
deemed necessary, including making
suggestions to GMS pertaining to the
public accountant that will be assigned
to perform the audit in the Company.
3) Establish the nomination system,
performance evaluation, transparent
remuneration for BoC and Directors
to be submitted to obtain approval
from GMS. BoC also establishes the
nomination system, remuneration, Tenure of BoC

performance evaluation of senior The members of BoC are appointed and
executives (General Manager or its terminated by GMS. Each BoC member
equivalents) who are not holding any shall serve for a period commencing at
position as a member of Directors. the appointed date in the GMS and shall
4) Establish Directors’ Key Performance be terminated at the closing of the third
Indicators (KPI) at the beginning of Annual GMS following such appointment
each fiscal year and monitor the and may be re-elected for the next period
effectiveness of GCG practices and of service. GMS reserves all rights to
implementation of the Corporate terminate any BoC member prior to the
Social Responsibilities (CSR) activities. end of his/her tenure.
In the conduct of its duties to supervise Independent Commissioner

the management of the Company, the Independent Commissioner represents
BoC has the rights and authorities as BoC member who is not originating
follows: from the Company, who has no financial
1) Checking the books, letters and relationship, managerial relationship,
other documents, checking the shares ownership and/or family
cash, securities and wealth of the relationship with other BOC members,
Company including making inquiries Directors and/or controlling shareholders 121
to the Directors and/other officers or any other relationship that may affect
concerning all matters pertaining his/her ability to act independently.

to the Company’s management for
verification purpose. The Company already appointed its
2) Attending the Directors meetings own Independent Commissioner who is
and providing inputs on the topics of Mr. Erry Riyana Hardjapamekas based
discussion, and requiring the Directors on the Resolution of Extraordinary GMS
and/or other officers under the dated 20 June 2011 notarized under
Directors to attend the BoC meeting Notarial Deed of Ny.N Djumini Setyoadi,
with the Directors’ consent. SH. Mkn. No.32 dated 20 June 2011.
3) Through the meetings, being entitled Accordingly, the composition of the
at all times to terminate temporarily Company’s Board of Commissioners
one or more Director(s) should they already met the regulations stipulated
breach the articles of association or by Capital Market Supervisory Board
should there be any indications of – Financial Institution (Bapepam-LK)
inflicting losses on the Company or regarding the total number of Independent
neglecting his/her responsibilities Commissioner which is at least 1/3 of
or should there be any other total number of Commissioners.
urgent reasons for the interest of
the Company.
Composition of BoC According to the Company’s articles of

The BoC of ABM Investama comprises association and Board Manual, BOC may
3 members, who are 1 (one) President hold a meeting if deemed necessary
Commissioner, 1 (one) Commissioner by one or several BoC members,
and 1 (one) Independent Commissioner. upon a written request of one or more
The composition of BoC of ABM shareholders representing at least one-
Investama at present is based on the tenths (1/10) of shares or more with
Deed No. 32 dated 20 June 2011 voting rights by clearly declaring the
prepared by Ny. Djumini Setyoadi, SH, agenda of such meetings.
a notary in Jakarta, which has already
been submitted to the Ministry of Justice During 2011 the BoC already held 3
and Human Rights through the Receipt meetings, which were on 27 April, 10
of Changes on the Company’s Data August, and 29 November 2011 by inviting
No. AHU-AH.01.10-21037 dated 5 July Directors to receive the Directors report
2011 which is as follows: regarding their performance in managing
the Company for a certain period of
Name Position time. The BoC of ABM Investama in
Rachmat Mulyana President the conduct of its monitoring functions
Hamami Commissioner also held informal meetings. Other than
122 Mivida Hamami Commissioner that, BoC also made decisions through
Erry Riyana Independent the Circular Board of Commissioners as
Hardjapamekas Commissioner follows:
1. Establishment of the Company’s Audit

Segregation of Duties of BoC Committee along with the enactment
The segregation of duties among BoC of Audit Committee Charter;
members is independently governed. 2. Approval of shareholder’s loan to
For the purpose of efficient conduct of PT Cipta Krida Bahari;
their duties, BoC may be assisted by a 3. Approval of shareholder’s loan to
Secretary to BoC who is appointed by PT Sanggar Sarana Baja;
BoC at the Company’s expenses. 4. Approval of shareholder’s loan to
PT Sumberdaya Sewatama;
BoC Meetings 5. Approval of shareholder’s loan to
BoC meetings are meetings held by BoC PT Reswara Minergi Hartama; and
pertaining to their respective roles and 6. Approval and enactment of the
functions. If deemed necessary, BoC Company’s Board Manual.
meetings may invite the Directors.
AUDIT COMMITTEE Committee to work as written in the

Audit Committee is a committee Decision Letter of BoC of PT ABM
established by BoC to assist the Board in Investama Tbk No.005/ABM-RES-
monitoring the Company that it has been BOC/XII/2011 of Enactment of Audit
managed in accordance with the good Committee Charter dated 22 December
corporate governance principles. In the 2011. The charter governs in details the
conduct of its duties, Audit Committee is vision, mission, objectives, targets, and
independent, and shall report to BoC. duties of Audit Committee, as well as the
authority and code of ethics, reporting
The establishment of Audit Committee responsibility, and induction program for
for a public company and criteria of its new members.
members refers to the Attachment of
Bapepam Chairman Decision No. Kep- The composition of the Audit Committee
29/PM/2004 dated 24 September 2004, of ABM Investama is as follows:
Regulation No. IX.15 of the Establishment
and Implementation Guidelines for Audit Name Position
Committee. Under such regulations, the Erry Riyana Chairman/Independent
Audit Committee is composed of at least Hardjapamekas Commissioner
one Independent Commissioner as the Andradiet J. Alis Member
Head of Committee and two independent Lucy Saptari Member 123
personnel.
To maintain independence in the conduct

The qualifications for member of the of their duties, two members of Audit
Audit Committee are mainly having Committee are those who have no
high integrity, accounting or finance relationship, either direct or indirect, with
educational background, sufficient the Company. Thus, all members of Audit
competence in reading and understanding Committee have already met the criteria
financial statements, sufficient of independence, skills, experience and
knowledge and experience in line with integrity required under the prevailing
his/her educational background and good regulations.
communication skills.
Roles, Responsibilities and
Composition of Audit Committee Authorities of Audit Committee
The audit committee of PT ABM The roles and responsibilities of Audit
Investama Tbk was established Committee are to assist the BoC in
based on Decision Letter of Board of performing the supervisory function and
Commissioners of PT ABM Investama providing input to management. In this
No. 001/ABM-RES-BOC/XI/2011 dated 9 regard, the Audit Committee performs its
November 2011. The Audit Committee roles and responsibilities in a professional
is assisted by GCG ad-hoc team already and independent manner without any
preparing the Audit Committee Charter interference from any parties which
which will serve as guidelines for Audit are not in conformity with the laws and
regulations.
Audit Committee supports the Andradiet J. Alis (Member)

establishment of healthy practices in Born in Pangkalpinang – Bangka, on 17
financial reporting, risk management, August 1963, Andradiet J. Alis (Andre
internal control, and good business ethics. Alis) graduated with a Bachelor degree
In conducting its duties, Audit Committee in Mining, Faculty of Mining and Oil
is fully responsible for the presentation Engineering of Institut Teknologi Bandung
of financial statements in conformity with (FTTM ITB) in 1988. He started his career
the prevailing standards and regulations, in PT Kaltim Prima Coal (KPC) as a Trainee
for the adequacy of risk management Engineer in 1988, and Andre Alis has
and internal control system and for the developed his professional career for
compliance with prevailing regulations. more than 20 years in various national
and multinational mining industries not
In performing its functions, Audit only within engineering and production
Committee is entitled to have access to areas, but also in marketing, project
the records and information of employees, management, mining consultation and
financial data, assets and other resources business advisory. He was once serving
within the Company for the purpose of as a member of Audit Committee of
performing their duties. In exercising its PT Timah (Persero) Tbk (2007-June 2011)
authorities, Audit Committee works in and since July 2011 up to present he
124 cooperation and coordination with Internal has been serving as a member of GCG
Audit Unit and External Audit. Committee of PT Timah (Persero) Tbk.
He is actively involved in the professional
Activities of Audit Committee in 2011 organization committee such as

Audit Committee was recently established Indonesia’s Audit Committee Association
in November 2011 and accordingly the (KAI) and Association of Indonesia’s
Audit Committee had not been fully Mining Experts (PERHAPI), and is also
implementing its monitoring functions actively teaching as an academic staff
in 2011. Yet, within the period of 16 (Visiting Lecturer) at Mining Engineering
November 2011 to 31 December 2011 Department of Trisakti University.
the Audit Committee already performed
activities as written in the “Report of Lucy Saptari (Member)
Audit Committee Activities in 2011” Born in Jakarta on 30 April 1969, Lucy
attached in this Annual Report. Saptari (Lucy) graduated from Sekolah
Tinggi Akuntansi Negara in 1991
Audit Committee Profile and obtained her Bachelor degree in
Erry Riyana Hardjapamekas Economics from Faculty of Economics,
(Chairman) Universitas Indonesia in 1998. She
The profile of Mr. Erry Riyana started her career as an Auditor of BPKP
Hardjapamekas is available in the Profile (1991-1997), then for 10 years became
of Board of Commissioners. an auditor in a public accounting firm
(1997-2007), Manager in PT Advisia Sigma
Dinamika (2007-2009) and since 2009 up
to present she has been a member of
Audit Committee in Sucofindo-Surveyor
Indonesia Joint Operation.
Report of Audit Committee Activities in 2011
The Audit Committee of PT ABM Investama Tbk (Audit Committee) was established and commenced its duties on 16 November
2011. Audit Committee, working professionally and independently by referring to the Audit Committee Charter, plays a role in
assisting and supporting the Board of Commissioners in monitoring and providing advice to the Company’s management.
The composition of Audit Committee and their attendance in the meetings held within the period of 16 November 2011-
31 December 2011 are as follows:
Percentage of
Name Position Attendance
Attendance in Meeting
1. Erry Riyana Hardjapamekas Chairman 3 100%
2. Andradiet J. Alis Member 3 100%
3. Lucy Saptari Member 3 100%
Note: Audit Committee held 3 meeetings in 2011
The roles and responsibilities of Audit Committee are as follows:

1. Reviewing the compliance with the prevailing accounting standards and policies in the process of preparing financial
statements, and other financial information to be published by the Company;
2. Encouraging the establishment of sufficient internal control in the Company’s management, by evaluating and providing 125
recommendations for the improvements of the Company’s internal control system and the implementations, as well as
ensuring that Management follows up the recommendations given by Internal Auditor and External Auditor;
3. Reviewing the quality of work and independence of Internal Auditor and External Auditor;

4. Reviewing the business risks management conducted by the Company and the adequate implementation of good corporate
governance principles in accordance with the best practices;
5. Identifying and evaluating the matters deemed important by BoC, including reports from other stakeholders.
6. Performing other duties assigned by BoC pertaining to the roles and responsibilities of BoC.
Within the period of 16 November 2011-31 December 2011, the Audit Committee already conducted the following activities:
1. Finalization of Audit Committee Charter of PT ABM Investama Tbk.
2. Kick-off meeting for the audit of the Company’s 2011 fiscal year, attended by Management, External Auditor and Internal
Auditor.
3. Preparation of Audit Committee work program 2012.
Jakarta, 4 January 2012

Audit Committee,
Erry Riyana Hardjapamekas Andradiet J. Alis Lucy Saptari

Chairman Member Member
DIRECTORS 5) Propose the draft RKT and RKJP,

The main responsibilities of Directors are establish the proposals and
managing the Company in accordance amendments to RKT and RKJP and
with the Company’s interests and set the targets and performance
goals and acting as the leaders in evaluation of working units under each
such management roles. Directors are member of Directors in accordance
authorized to perform all necessary with RKT and RKJP.
actions and dealings both for the 6) Establish and exert the most possible
management of and ownership of the efforts to achieve the targets/ Key
Company’s assets including binding the Performance Indicator (KPI) of the
Company with other parties, under the Company and its subsidiaries in
limitations stipulated in the Company’s accordance with RKT and RKJP,
Articles of Association. Legally, Directors coordinate the implementation of RKT
represent the Company either in court or and RKJP related to the accounting
outside the court and finance control, treasury, and
management and development of the
Roles and Responsibilities of Company’s resources.
Directors 7) Propose the policy and periodical
In carrying out such responsibilities, evaluation of Limit of Authority which
126 Directors are collegially among others regulates the threshold of values of
assigned to and held accountable to: transactions or the use/acquisition of
1) Establish the Company’s vision, assets under Director’s authority by
mission, and strategies with referring to the Company’s financial

the approval of the Board of policy.
Commissioners, and formulate the 8) Appoint, terminate, promote and
understanding, commitment and demote the Company’s officers.
improvements of the Company’s 9) Perform risk analysis, establish the
vision, mission and strategies. mitigating measures and manage
2) Establish the Company’s fundamental actions for various risks encountered
policies for strategies, finance, by the Company.
organization, Human Resources 10) Review, analyze, correct and
and information and communication approve the implementation of each
technology (ICT) system. investment project in accordance
3) Propose for the draft policies, Standard with the authorities of Directors, and
Operating Procedure (SOP) and monitor the implementation of such
manage the Company in accordance projects and investments already
with the authorities of Directors, as approved.
stipulated in the articles of association, 11) Formulate, improve and implement the
General Meeting of Shareholders business plan to develop ABM group.
resolutions and/or Board Manual. 12) Identify and develop values that may
4) Provide explanations concerning improve the Company’s competitive
all inquiries made by Board of edges by providing compensation
Commissioners that all Directors and benefits to its human resources
and each member of Directors are (Compensation & Benefit).
obligated to respond.
13) Design and develop an organization Nomination and Appointment of

that is capable of effectively Directors
performing business strategies and The procedures for nomination,
achieving efficiency in conducting replacement and dismissal of members of
routine operations of the Company Directors are governed in the Company’s
(Organization Planning). Articles of Association. The appointment
14) Recruit, develop and maintain key and dismissal of members of Directors
personnel required by ABM group are performed by GMS in which such
(Leadership development). members of Directors are selected from
15) Manage, develop and ensure the candidates nominated by the Board of
communication to stakeholders Commissioners.
through effective corporate
communication in accordance with the Individuals being nominated as candidates
Company’s policies. of members of Directors shall undertake
16) Plan, coordinate and implement fit and proper test by the BoC. The
the Company’s obligations related candidates already passing the fit and
to the social and environmental proper test and the members of Directors
responsibilities. being re-elected are required to sign
a management contract prior to being
Authorities of Directors declared as members of Directors. 127
Directors are authorized to but not limited
to the following: Tenure of Directors

1) Represent and/or bind the Company Each member of Directors shall serve for
with other parties in accordance a period commencing on the appointed
with the authorities set forth in the date in the GMS and shall be terminated
Company’s articles of association. at the closing of the third Annual GMS
2) Hold Directors meetings at any time following such appointment and may be
deemed necessary by one or more re-elected for the next period of service.
members of Directors.
3) Approve the Company’s annual report The tenure of Directors shall end when
including the Company’s financial they pass away, when the tenure ends,
statements. and when they are terminated based on
4) Prepare policies and procedures in the resolution of shareholders since they
each department or work units under are no longer meeting the requirements
each member of Directors to achieve for being a member of Directors.
the business objectives of each
department or work unit. Independence of Directors
5) Establish the Company’s The independence of the Directors serves
organizational structure and establish as one of important factors that they
the Company’s human resources need to maintain in order to enable them
management system. to act at their best for the interest of the
Company. To maintain its independence,
the Company governs that any parties
except for the Company’s organs are
prohibited from managing or being
involved in the Company’s management Name Position

and the members of Directors are Achmad Ananda President Director
prohibited from conducting activities Djajanegara
that may breach their independence in Willy Agung Finance Director
managing the Company. Adipradhana
Syahnan Poerba Corporate Support
Composition of Directors Services Director
ABM Investama’s Directors consist of 4 Yovie Priadi Corporate Strategy

Director
(four) personnel and they work collegially.
So as to create more efficiency and
Segregation of Duties of Directors
effectiveness in the conduct of their
The segregation of duties of Directors is
duties, the Company segregates the
made to ensure the effectiveness of the
duties among the members of Directors
conduct of the duties of all members of
in accordance with their areas of expertise
Directors in managing the Company. The
and competence without diminishing the
segregation of duties and responsibilities
collegial responsibilities of the Directors
of Directors in general is available in the
in managing the Company. Each member
section of Company Data in this Annual
of Directors may perform the duties and
Report. The duties of each members
make his/her decisions yet such decision
of Directors of ABM Investama are
128 shall represent a shared responsibility.
as follows:
All members of Directors including the
President Director have equal positions.
1. Achmad Ananda Djajanegara,
The role of President Director as primus

President Director
inter pares is to coordinate the activities of
Responsible for all activities in
all Directors.
ABM Investama and its subsidiaries
including:
The composition of Directors of PT ABM
– Providing guidelines and controlling
Investama Tbk based on Notarial Deed
the Company’s policies, vision,
No. 25 dated 24 January 2011 prepared
mission and strategies.
by Ny Djumini Setyoadi, SH, a notary
– Coordinating the problem solving
in Jakarta, already submitted to the
within the Company, planning
Ministry of Justice and Human Rights
policy, achievement of the
through Receipt of Amendments on the
Company’s long term goals, audit
Company’s Data No. AHU-AH.01.10-
policy, work culture improvements,
05228 dated 21 February 2011 is
corporate image and corporate
as follows:
governance (GCG).
– Holding and leading Directors’
periodical meetings or other
meetings if deemed necessary.
– Endorsing all Directors decisions.
– Selecting and providing information
pertaining to the Company for the
interest of stakeholders.
– Supervising Internal Audit Unit and – Supervising the departments of

Corporate Secretary. Legal, Corporate Communication,
Risk Management and Human
2. Willy Agung Adipradhana, Finance Resources.
Director
Responsible for the control of all 4. Yovie Priadi, Director of Corporate
financial policies including: Strategy
– Performing efficiency and Responsible for the aspects of
effectiveness of financial business developments and
functions in the Company and its investments including:
subsidiaries. – Monitoring the implementation of
– Coordinating the implementation projects and investments already
of annual and long-term work plans approved.
(RKT and RKJP) related to the – Formulating, improving and
accounting, finance control, and implementing the new business
treasury as well as management development plans of ABM group.
of resources for the Company’s – Seeking for and establishing
developments. strategic business partner.
– Building and maintaining – Supervising the department of
relationship with public investors. Business Process Improvement, 129
– Supervising the departments of Corporate Planning & Budgeting,
Treasury, Accounting & Tax, ICT as well as Strategic Planning and

and Investor Relations. Business Development Division.
3. Syahnan Poerba, Director of Directors Meetings

Corporate Support Services Directors meetings are periodically held
Responsible for the Company’s once in two weeks. Other than such
operational support aspects including: periodical meetings, Directors may hold a
– Formulating strategies for meeting at any time deemed necessary
management and development by one or more members of Directors
of human resources, recruiting, or upon a written request made by one
developing and maintaining high or more members of BoC or upon a
performing human resources written request made by one or more
and core values (Leadership shareholders representing at least
Development) including the one-tenths (1/10) of total shares with
aspects of welfare and rewards voting rights.
(Compensation and Benefit).
– Designing and developing effective During 2011, Directors held 28
organization. meetings for evaluating the Company’s
– Managing, developing and performance achievements or for other
ensuring the communication to matters considered of significance. The
stakeholders. attendance of each member of Directors
– Planning, coordinating and is as follows:
implementing social and
environmental responsibilities.
Name Position Attendance

Achmad Ananda Djajanegara President Director 100%
Willy Agung Adipradhana Finance Director 100%
Syahnan Poerba Corporate Support Services Director 100%
Yovie Priadi Corporate Strategy Director 100%
Remuneration of Commissioners and and responsibilities, and then adjusted

Directors to the executive remuneration level in
In accordance with the Company’s similar industry. The remuneration of key
articles of association, the remuneration officers in accordance with the definition
of Board of Commissioners and in PSAK No. 7 (Revision 2010) which
Directors is established through GMS. is in this context is for the Directors
In determining the remuneration of of the Company for the year ended
Directors, BoC proposes to GMS to 31 December 2011 was amounting
determine the amount of compensation Rp20,415,000,000, whereas in 2010
given to Directors. The establishment of amounting to Rp7,688,000,000.
the amount of compensation for Director
is made based on a transparent process The Knowledge Enrichment Program
and formula and BoC monitors the The Knowledge Enrichment Program is
130
implementation of such remuneration. designed to update the Directors at all
times with the latest developments in
Based on GMS resolution on 25 May the Company’s core business in energy
2011, shareholders delegated the sector. The Knowledge Enrichment

authority of determining the amount of Program is conducted for the purpose of
salary and facilities for Directors to the improving the effectiveness of Directors
BoC of the Company. in performing their duties.
The amount of remuneration is In 2011, the Directors participated in

established by considering the amount a number of trainings, seminars and
of income in prior years, the workload workshops as follows:
Board of Director’s Training in 2011

No Date Subject Organizer Participant
1 22-Feb-11 Human Resources IICD Foundation Syahnan Poerba
Development
2 12-Apr-11 Summit Meeting Coal Coaltrans Conferences Ltd Achmad Ananda
Djajanegara, Yovie
Priadi, Syahnan
Poerba
3 2-May-11 Seminar on Evaluation IBC Asia Pte Ltd Yovie Priadi
and Technical Economic
Assessment Mining Project
4 8-Jun-11 Seminar on Mining and Financial IBC Asia Pte Ltd Willy Agung
Accounting Adipradhana
5 31-Dec-11 Understand all standards Euromoney Institutional Willy Agung
relating to financial instrument, Investor (Jersey) Ltd Adipradhana
including NEW IFRS 9
Internal Audit To perform its duties, Internal Audit

To ensure effective and integrated internal prepares an annual audit plan approved
control system among the Company and and endorsed by Directors. Internal Audit
its subsidiaries and to ensure the well- performs examination and assessment
performing operational activities, capable of the efficiency and effectiveness in
of improving the Company’s values finance, accounting, operations, human
through effective management based on resources, marketing, information
GCG principles and risk management, technology and other activities.
the Company established Internal Audit
in September 2011. Internal Audit serves Based on audit results, Internal Audit
as a partner of management in achieving prepares audit reports to be submitted
the Company’s goals by performing audit to Directors and BoC. Further, Internal
function and consultation function in an Audit performs the follow-up monitoring
independent and objective manner. to ensure that the agreed-upon
corrective recommendations have been
Internal Audit is led by an Internal Audit implemented in accordance with the
Head reporting directly to Directors. In commitment of the auditee.
the conduct of its duties, Internal Audit
maintains a consultative relationship Internal Audit Charter
with Audit Committee in which the Audit To perform its functions in an independent 131
Committee will provide inputs regarding and objective manner, Internal Audit Unit
the preparation of annual audit plan, inputs maintains an Internal Audit Charter issued

concerning the methodology, supporting by the Decision of Directors of PT ABM
tools and audit resources, and will review Investama Tbk No. ABM-BOD/092/
the Internal Audit reports as well as BOD/09/2011 dated 21 September
monitor the follow up on audit findings. 2011 regarding the Appointment of
Internal Audit Head and Enactment of
Internal Audit activities are categorized Internal Audit Charter. The Internal Audit
into regular audit, special audit, follow- Charter shall serve as a guideline in
up monitoring, and audit development. the implementation of all internal audit
Regular audit is audit activities based activities.
on annual audit plan, which determines
the focus and direction of the respective The Internal Audit Charter serves as a
year’s audit with the priorities being set working guideline for the Internal Audit
in line with the result of risk assessment. unit containing the objectives, vision,
Special audit is audit activities outside the mission, structure and work relationship,
annual audit plan but conducted based functions, roles and responsibilities,
on the proposal from Internal Audit or authorities, scope of work, policies, code
assignment from Directors. of ethics, evaluation and improvements.
The Internal Audit Charter also governs
Roles and Responsibilities the prohibition of double task/duties for
Internal Audit is assigned to test and the positions of auditor and the executing
evaluate the implementation of internal personnel in Internal Audit Unit for the
control and risk management system in implementation of operational activities
accordance with the Company’s policies. either at the holding level or at the
subsidiary level.
The Decision of Directors also appointed Risk Management

Bernado Agustono Mochtar as the Internal In the beginning, the policies of risk
Audit Head which was effective upon the management and procedures of risk
date such Directors Decision was made. management in ABM Investama
adopted the risk management policies
Internal Audit Activities in 2011 of PT Tiara Marga Trakindo as the
In 2011 the Internal Audit had not yet holding company. However, in the
performed internal audit activities. Internal course of its developments, the current
Audit coordinated with Audit Committee risk management procedures are not
to prepare the working tools such as applicable for the business characteristics
annual audit plan for year 2012, audit of ABM group. Therefore, in 2011 the
procedures, supporting tools and internal Company began to restructure its risk
auditor personnel. management policies starting from the
preparation of framework, infrastructure
Profile of Internal Audit Head and soft structure until finally creating
The Head of Internal Audit is Bernado the risk management structure. The risk
Agustono Mochtar duly appointed management procedures are formulated
in Directors Decision Letter No. in Standard Operating Procedures
ABM-BOD/092/BOD/09/2011 dated Enterprise Risk Management (SOP ERM)
132 21 September 2011 and already reported with document numbers starting from
to PT Bursa Efek Indonesia in its letter SOP/ERM-ABM01 to SOP/ERM-ABM04.
No. ABM-BOD/092/BOC/2011 dated
21 September 2011. At present Bernado The risk management in ABM Investama

Agustono Mochtar is also serving as ERM is managed by ERM (Enterprise Risk
Department Head of ABM Investama. He Management) Department. The function
has had experiences for more than 10 of ERM Department is managing the risk
years in various companies among others management process in ABM group,
being an underwriter and underwriting facilitating and providing guidance to the
audit for national private insurance risk owners to manage the risks arising
company, risk management and integrated in each subsidiary or business unit. ERM
audit in a publicly listed company engaged Department also encourages subsidiaries
in contract mining services and risk to establish risk management unit in each
management in international oil and gas organization being referred to as Risk
company – BPMIGAS Joint Contractor. Management Unit (RMU).
He is certified in Integrated management
system course for ISO 9001:2008, ISO In 2011 ERM Department conducted the
14001:2004 and OHSAS 18001:2007; socialization of risk management policies
Certified Risk Management Profession in the effort of building the awareness
and Enterprise Risk Management concerning the importance of risk
Certified Profession. management. The Company’s policy at
present tends to provide understanding
of risk management and to explain how
to manage them in a consistent manner process is monitored and evaluated to

so that they become a culture in each ensure whether such mitigation has
activity prior to executing a business been effective and appropriate enough
decision. In addition to the conduct of or the new mitigation model needs to be
workshops for the purpose of assigning designed.
RMU Coordinator, ERM Department also
conducted road show to the subsidiaries The risk identification is made by each
to give presentations concerning Risk subsidiary. Each subsidiary identifies
Awareness, and continued with Risk the Top Ten Risks including strategic
Workshop for case study and group operations and finance depending on
discussion. At least five Risk Workshops, their respective business characteristics,
one large seminar and five case studies prepares a risk register and formulates
outside the focus group have been the mitigations. Then RMU Coordinator
conducted. as the representative from subsidiaries
would report those risks in RMC forum
Based on Inter Office Memo from the periodically on a quarter or annual basis.
President Director of ABM Investama, RMC Forum discusses such input and
on 2 March 2011 Risk Management ensures that all aspects have been
Committee (RMC) of ABM Investama was completely identified. RMC performs
established. RMC is led by the Director of analysis of risk register, provides 133
Corporate Support Services, comprising recommendations including the mitigation
Financial Director, ERM Department improvements recommendations, without

Head and other Department Head in altering the contents of which. The results
ABM Investama and RMU Coordinators of risk identification will then be compiled,
in each subsidiary. The Risk Management completed with risk mitigation then
Committee assists the Directors’ work reported to Directors in the form of ABM
functions in managing risks by facilitating Operation Risk Management Report.
and ensuring that risk management
process has been performed by all
subsidiaries. The Committee also has the Corporate Secretary
duties of providing recommendations, Corporate Secretary is appointed and
input and corrections towards the directly reporting to President Director.
implementation of risk management In general, the function of Corporate
currently being implemented. Secretary is as a Compliance Officer
assisting the duties of Directors in
The risk management process refers meeting the good corporate governance
to the Standard of Risk Management requirements.
Implementation ISO31000 in which
the process begins from determining Such functions are detailed in the roles
the scope and context of risks to be and responsibilities of Corporate Secretary
managed and the risk appetite to as follows:
be taken, and continues to the risk 1) Acting as a contact person and
management assessment process communication facilitator among
covering the identification, evaluation, Directors, BoC, shareholders, related
analysis and mitigation. The mitigation government/institutions, public and
stakeholders.
2) Coordinating the opinions given 9) Coordinating the activities related

from legal perspective, managing to the interest of the Company to
documents, protocol and ceremonial liaise with the stakeholders and other
public relations to support the external parties.
Company’s activities effectively
and efficiently and improving Profile of Corporate Secretary
corporate image. In accordance with the report of the
3) Conducting the secretarial activities Company submitted to PT Bursa Efek
for Directors, BoC and Company and Indonesia in its letter no: ABM-BOD/126/
the administration of which including ADJ/2011 dated 5 December 2011,
managing the GMS documents, the Corporate Secretary of PT ABM
Directors and BoC minutes of Investama is Ade Renaldi Satari. He
meeting, joint meetings, List of possesses deep knowledge in compliance
Special Shareholders, documentation principles in Capital Market regulations
of dissenting opinion, invitation, through his experiences in being the
agenda, and materials of meetings and Corporate Secretary of a public company
other documents. engaged in oil and gas services for more
4) Coordinating the conduct of GMS, than 9 years since November 2002. Ade
Directors meeting, BoC meetings, Renaldi Satari has sufficient knowledge in
134 joint meetings, managing the meeting basic financial principles and passed CFA
schedule to reach effectiveness in the level 1, and also possesses understanding
conduct of such meetings. in investor and media relations through
5) Coordinating the provision of his experience as Investor Relations and

information in the form of formal Media Relations in a public company
orientation, clipping, electronic mail engaged in banking services since 1999.
and other media to Directors and BoC
and other stakeholders. TRANSPARENCY OF INFORMATION
6) Providing periodical information to In classifying the information, the
Directors and BoC if needed, to Company always refers to the prevailing
ensure that the Company meets rules and regulations. Non-confidential
the transparency requirements in information is allowed for publication and
accordance with the Company’s is accessible for public through proper
regulations and the prevailing rules and means of communication and facilities.
regulations.
7) Coordinating the Directors activities To obtain information regarding ABM
related to the corporate events to Investama, the Company opens wide the
support the effectiveness of Directors access to information for stakeholders,
functions and the Company’s general public and investors through a
performance. website www.abm-investama.com which
8) Representing Directors to contains the most recent information such
communicate with external or internal as corporate profile, subsidiaries profiles,
parties in accordance with the corporate news, organizational structure,
assignments given and the policies investor relations, good corporate
stipulated.
governance (GCG), financial statements, TRANSACTION WITH CONFLICT OF

corporate actions, Corporate Social INTEREST
Responsibility (CSR), job opportunities In 2011, at corporate level ABM
and others. Investama entered into no transactions
which may have conflicting interests,
LITIGATION AND SIGNIFICANT as stipulated under Bapepam Regulaton
DISPUTES No.IX.E.1, Attachment to Decision of
During 2011 there were no significant Bapepam-LK Chairman No. Kep-614/
disputes directly involving neither BL/2011 dated 28 November 2011.
ABM Investama nor Directors and
Commissioners currently serving in the
Company. A number of legal issues are
involving subsidiaries yet not having
any material negative impact on the
Company’s business sustainability and
finance. More complete information
regarding the litigation cases involving
the subsidiaries is available in the
Consolidated Financial Statements 2011,
pp. 148-150. 135

136
Financial Review
Achieving
improved
business
and financial
performance
137

Management Discussion and Analysis
Optimal performance of business units

has enabled ABM Investama to generate
revenue of Rp6.626 trillion and post a net
income of Rp415.7 billion, an increase of
47.7% and 226% respectively compared to
the previous year.
138
Macro Economic Review increasing economic growth rate whereby
In 2011 financial crisis hit Europe as an the Gross Domestic Product (GDP) grew
impact of Greek debt crisis. The world by 6.5% compared to 6.1% in 2010. Such
was also concerned about the possibility favorable economic condition has made
of economic recession in US following the the credit rating agency, Fitch Ratings, in
downgrade of US credit rating for the first mid December 2011 upgraded Indonesia’s
time in history. The uncertainties leads to credit rating from BB+ to BBB- or
slowing down the global economic. “investment-grade country”. It is believed
that such condition would increase the
Nevertheless, Indonesia is capable of flow of foreign investment and would spur
maintaining the stability of economic higher economic growth.
growth and politic to minimize negative
impacts. The macro-economic indicators Achievements
in 2011 showed a relatively good In response to positive external signal, the
condition. Rupiah currency in 2011 in Company already set an optimistic target
average was appreciated by 3.56% of growth and encouraged subsidiaries
compared to the average in 2010. to demonstrate better operational and
Although in second semester 2010, financial performance compared to
Rupiah was depreciated due to the that of 2010. In total, the subsidiaries
worsening perception in Europe crisis. have shown their optimal contribution
The inflation rate during the whole year resulting to the Company’s success in
was controlled at the level of 3.79%, generating the revenue of Rp6.626 trillion,
sharply decreasing compared to inflation or growing by 47.7% compared to 2010.
in 2010 reaching the level of 6.96%. The The Company also recorded net income
stable interest rate has also driven an amounting to Rp415.7 billion, an increased
of 226% compared to prior year.
139
Business Growth The three business segments generated
The Company segmentate its business as revenue at significant growth rate
follows: compared to achievements in 2010.

1. Mining Contractor and Coal Mining. The two diagrams below depicted the
2. Services: growth of each business segment and
a. Power Engine rental service the composition of contribution of each
b. Transport Equipment Division, segment to the Company’s revenue.
Site Service Division and
Re-manufacturing Division
Business Growth per Segment Based
c. Integrated logistics and vessel
on Income
rental (in billion Rupiah)
3. Manufacturing. 2011
3,880.1
2010
2,525.9
2,427.8
1,916.6
220.2
142.0
Mining Contractor Services Manufacturer

and Coal Mining
Contribution of Income per Business Segment
3%
12%
11%
Mining Contractor and Coal Mining

59%
Power Engine Rental Service
140 Integrated Logistics and Vessel Rental
Transport Equipment Division, Site Service

15% Division and Remanufacturing Division
Manufacturing
Factors Affecting the Company’s The increasing volume of coal

Performance production depends on the coal planning
The Company’s financial performance management and logistics management
and condition are driven by a number to extract the coal and the transportation
of important factors, both internal and from mining concession areas to the
external factors. They are: barge loading locations at the port, and to
the coal shipping point as well. The coal
Mining Contractor and Coal Mining mining activities may be affected by bad
The Company’s sales and services weather during the rainy seasons which
largely depend on the Mining Contractor may occur at any time. Therefore, the
business segment, covering the business production volume needs to be increased
activities of coal getting and overburden during the dry months for the purpose of
removal performed by PT Cipta Kridatama. accumulating the coal supplies so as to
The revenue generated from coal mining balance the insufficient production volume
business managed by PT Reswara during the rainy season. The production
Minergi Hartama (Reswara) also increased and sales volume is also influenced by
corresponding to the continuous market demand, vessel availability and
expansion of coal mining. capacity and contractor performance.
141
World’s Fluctuating Coal Price the price and will also decrease the
The world’s coal price fluctuates and is Company’s income.
highly cyclical in nature. The fluctuation

could largely influence the Company’s Cost of Goods Sold and Services
income generated from mining business. The cost of goods sold and services
As a commodity product, the world’s coal (COGS) serves as an important factor for
price is also influenced by the dynamics of the Company’s profitability level. COGS
supply and market demand in global coal comprises overburden removal, coal
export and local demand particularly for extraction, crushing, coal transportation,
power plant sector. explosives, fuel, spare parts, depreciation
of equipment, amortization of deferred
The market is sensitive towards the exploration costs, equipment maintenance
dynamics in mining business, including expenses, rental expenses, direct labor,
the closing and opening of new mining subcontractor fees and other expenses.
sites, discovery of new deposits,
expansion of mining activities, disruption The COGS of mining contractor business
to coal distribution, increasing demand counts for the largest contribution to
from the coal end users due to the the consolidated COGS amount and it
construction of new power plants and substantially represents fuel and lubricant
new industry facilities, and changes in costs and labor expenses. Therefore,
the world’s economy. On the other side, the fuel price significantly influences
the world’s coal increasing price would the Company’s operating income. The
also encourage coal producers to expand increasing fuel price will trigger increasing
their capacity which in turn will create a expenses in mining contractor and coal
surplus. The coal oversupply will decrease mining business, and also expenses for
other businesses, such as logistics service Mining Contractor Expenses

and vessel rental, and will also increase In mining contractor service business
the coal transportation expenses. (CK), the Company should provide
equipment, machine, equipment, and
COGS would continue to increase labor and plant in a certain agreed-upon
corresponding to the expansion of coal portion, to be able to perform mining
operational activities in South Kalimantan activities in the targeted pit. Therefore,
and Aceh, and expansion of other the Company should spend a significant
businesses including the independent capital expenditure to perform such
power producer and coal logistics. operational activities and to forecast the
working capital requirements to expand its
Mining Strip Ratio mining contractor service business.
The coal production expenses are
influenced by strip ratio upon extracting The fees received for such mining
the coal from the mines. The strip ratio contractor service are based on the strip
is the cubic meter volume of overburden ratio in the mining area. The revenue from
(stone and soil) that needs to be removed mining project increases corresponding
to acquire one ton of coal. The higher the to the increasing strip ratio in such mining
strip ratio is, the higher the volume of area. The revenue from mining contractor
142 soil that needs to be removed to acquire business remains fluctuating due to the
the coal, which at the end will increase strip ratio in the mining areas owned by
the production costs. Upon mining concession holders not CK’s customers.
in new areas, the Company will have

different strip ratios depending on the Royalty Payment to the Government
geological characteristics of the coal to be of Indonesia
excavated. Government Regulation No. 45/2003
which is the Tariff of Non Taxable Revenue
The Company’s average strip ratios are Applicable for Ministry of Energy and
fluctuating correspond to the increasing Mineral Resources/ESDM (PP 45/2003)
production and are projected to increase requires the royalty payment of 5% of
within a short time in line with the efforts the revenue generated from coal sales.
of developing new areas to expand the In addition, there is also a requirement
coal production areas. If the average for the contribution to the development
strip ratios increase in the future, the of local areas ranging at 2% of the coal
Company will be exposed with the high sales.
coal production costs particularly due to
the increasing price of contractor fees In the consolidated financial statements,
and production costs incurred during the the payment made to ESDM Ministry
Company’s operations. is recorded in the COGS as a royalty
payment to Indonesia government.
Government Regulation and Changes or non-renewal of the contract, the

in Regulation Company would experience a low
Based on Regulation of Ministry of Energy utilization level.
and Mineral Resources No. 17/2010 of
Procedures for the Settling of Benchmark The agreements for mining contractor
Prices for Mineral and Coal Sales, the coal business are generally in a long term
benchmark prices shall be issued monthly period, with a period of more than 3 years
by Director General of Minerals and Coal up to the life time of the mine itself. On
based on the formula referring to the the other side, the power engine rental
average of coal price index in accordance agreements are generally ranging from
with the market mechanism and/or in six months to one year, including the
accordance with the common price in contract renewal options. The service
the international market. Such regulation contracts related to the services provided
also governs that the holder of IUP by the Divisions of Transport Equipment,
Operational Production shall perform the Site Service, Re-manufacturing and
sales of the coal produced by referring to Manufacturing, and Logistics and Vessel
the benchmark price for both export and Rental generally have shorter period
local sales. of time.
The policies of Indonesia government The agreement entered into between the 143
which are related to the coal mining Company and PLN provides a significant
industry are generally market-oriented. portion of income.

Nevertheless, Indonesia government from
time to time may establish new policies or Business Expansion and Acquisition
legal regulations which may have impact The Company and its subsidiaries
on mining contractor and coal mining already acquired a number of business
companies. entities including companies owning coal
concessions and independent power
Fleet and Utilization Level producers. The Company would continue
The majority of income from mining to consider and assess each opportunity
contractor business (CK) and power to perform expansion and acquisition.
engine rental service managed by
PT Sumberdaya Sewatama (Sewatama) is The Company’s Relationship with
arising from the utilization of machine and PLN
equipment being managed and operated, Since most of the Company’s income is
from the days or hours the unit operates arising from the payment made by PLN
within a certain period (utilization level) for the power engine rental service, any
and the tariff charged on such rendered events adversely impacting PLN’s results
service (daily tariff). Upon the termination of operations and financial condition
may also have adverse effects on the
Company. A number of factors which may
have impact on PLN financial condition
are among others, government policies
on PLN, and also development and Third Party Subcontractor, Main

amendments on the drafted regulations Supplier and Other Expenses
or draft bills in connection with PLN and The Company hires subcontractor services
power industry in Indonesia. to assist in finalizing various contracts,
particularly for the mining contract
Payment of Penalties Based on operational business activities. The
Power Engine Rental Contracts utilization of working partners may reduce
The Company entered into power engine the capital expenditure and working
rental agreements with PLN and other capital requirements. The estimated
customers, whereby the Company shall costs for the third party contractor are
provide generators with the total installed accumulated in the total estimated costs
capacity of 934 MW, with the capacity in mining contractor projects during the
factor ranging from 70% - 75% distributed bidding process. Increasing sub-contractor
all over Indonesia. The power engine fees due to increasing fuel prices,
rental contract with PLN sets forth the materials and labor costs would result in
agreed-upon terms and conditions that higher contract values.
secure the performance output guarantee
provisions to provide power service with Terms and Conditions in the
an agreed-upon percentage within a Contracts
144 certain period of time. The Company’s contracts are basically
categorized into fixed price contracts
Based on the contract between the and on-call contracts which allow the
Company and PLN and also other collection of time charges spent and
customers, generally the Company would materials consumption used.
be imposed on sanctions in the event
that: Fixed price contracts set forth a particular
(1) The Company’s power generator amount of contract value which includes
consumes fuel exceeding the agreed all costs incurred including the profit
upon fuel consumption limit; margin for the scope of work conducted
(2) There is a delay in generating the by the contractor. The fixed price
required power from the Company’s contracts generally have higher risks
power generator, and since this type of contract requires the
(3) The Company fails to meet the agreed Company to estimate the workload and
upon performance output. the necessary expenses to perform
such work. The Company is exposed
In general the Company would receive to a number of risks starting from the
full billing amount from PLN which is early stage of the contract until the
recorded as income and the Company completion of the contract, which are
would pay to PLN the applicable amount among others the risks of excessive
of economic penalties, which are recorded production costs, inflation in operational
as cost of goods sold and services from expenses, fluctuating commodity price,
Power Engine Rental. changes in basic price, manpower,
productivity, suppliers and subcontractor
performance. Nevertheless, such contract
is potentially leading to higher profits in April 2011, the world’s energy

since the customer pays a premium to consumption in 2009 to 2035 is projected
minimize risks. The profitability from to increase reaching nearly 50%.
fixed price contracts is arising from the Indonesia is also projected to experience
level of efficiency in finalizing the work in a strong growth in energy consumption.
accordance with the work schedule and The energy consumption growth has
from the controlling power in the contract made impact on the growing energy
value. The power engine rental service industries in Indonesia. Subsidiaries
agreement adopts the fixed price contract have generated substantial income from
system. the sales and services for customers
operating in coal, oil and gas, and utilities
The on-call contracts in which the time industries.
charges and materials consumption are
collectible are the contracts whose values Impact of Volatility of Rupiah against
are based on the actual costs incurred US Dollar
based on the time charges spent or based The Company’s consolidated financial
on work variables measured based on the statements are denominated in Rupiah
applicable tariff units, including the man while the 24% and 76% of the Company’s
hours. The profitability of such contracts income is denominated in Rupiah and
is arising from the certain percentages of US dollar, respectively. The percentage 145
the costs incurred. The on-call contracts of the Company’s contract expenses
have lower risks compared to fixed-price and operating expenses denominated

contracts since the customer is the party in Rupiah is far higher compared to
being exposed to the risks of fluctuating those denominated in US dollar. The
costs. Contract mining agreements strengthening of rupiah may increase
generally fall into the category of on- the contract expenses and operating
call contracts. The income from on- expenses denominated or pegged in
call contracts is relatively more stable Rupiah, including the procurement of
compared to the income from fixed price materials and other equipment and the
contracts since the Company may perform purchase of machines denominated in
routine collections, and customers are Rupiah or translated into Rupiah based on
allowed to make adjustments due to the the exchange rate at the time of purchase.
fluctuating prices of fuel, materials, spare On the contrary, the weakening of US
parts and manpower. dollar may have impact on the Company’s
results of operations with the decrease
Coal, Oil and Gas, and Utilities in the relative value of income from the
Industry in Indonesia contracts denominated or pegged in US
Based on International Energy Outlook dollar against the expenses denominated
issued by International Energy Agency in Rupiah.
Income Statement vessel rental contract with Talisman

Energy commencing the end of
Sales and Services February 2012.
The Company’s consolidated sales and • Increase in services from Power
services in 2011 increased by 47.7% Engine Rental at 25.6% or reaching
to Rp6.626 trillion compared to the Rp989.935 billion from Rp788.375
consolidated sales and services in 2010 billion in 2010. Such increase was
amounting to Rp4.486 trillion, particularly mainly due to the additional new
due to: projects during 2011 such as among
• Increase in the mining contractor others Teluk Lembu Diesel Power
services at 45.6% to Rp2.961 trillion Plant 40 MW, Maburai & Rantau
from Rp2.034 trillion in 2010, due to 40 MW, Tarahan 50 MW and
the intensifying overburden and coal Tegineneng 20 MW.
getting activities in line with expansion
of mining areas from CK customers. The composition of income from
Power Engine Rental was made up
• Increase in sales from coal mining at of income from Temporary Power
232% to Rp918.6 billion from Rp393.6 Division at 94.5%, income from Pillar
billion in 2010 particularly due to the Division at 4.5% and income from
146 increasing production capacity and due O&M Division at 0.5%.
to the increasing coal sales price. The
sales of coal mostly arising from TIA. • Increase in sales from Manufacturing
segment reached 55.1% or reaching

• Increase in services from Integrated Rp220.206 billion in 2011 compared
Logistics and vessel rental at 62.5% to prior year amounting to Rp141.951
to Rp750.25 billion from Rp461.617 billion. The increase was also arising
billion in 2010. The largest contribution from Divisions of Transport Equipment,
to the increasing income was arising Site Service and Remanufacturing
from Project Logistics Division which increased by 17.9% or
which increased by Rp156.6 billion Rp785.752 billion compared to prior
or increasing by 93% compared year amounting to Rp666.639 billion.
to prior year due to the increasing
quantity of the goods transported
at 68.8% compared to prior year.
While the income from vessel rental
business increased due to the
For the Years Ended December 31

Revenue per 2011 (audited) 2010 (audited) Growth
Segment Rp Rp Rp
% % %
billion billion billion
Mining Contractor 3,880 58.6% 2,428 54.1% 1,452 59.8%
and Coal Mining
Services
Power Engine 990 14.9% 788 17.6% 202 25.6%
Rental Service
Integrated 750 11.3% 461 10.3% 289 62.6%
Logistics and
Vessel Rental
Transport 786 11.9% 667 14.9% 119 17.9%
Equipment
Division,
Site Service
Division and
Remanufacturing
Division
Manufacturing 220 3.3% 142 3.2% 78 55% 147
TOTAL 6.626 100% 4,486 100% 2,140 47.7%

Cost of Goods Sold and Services Rp694.97 billion from Rp413.85 billion in
Cost of goods sold and services increased 2010. The increasing costs in this sector
by 39% or reaching Rp5,244.56 billion were particularly due to the increasing
from Rp3,773.4 billion in 2010. Such freight costs and vessel rental expenses
increase was mostly arising from the in line with the Company’s increasing
Mining and Mining Contractor expenses business activities.
which increased by 49.6% or reaching
Rp3,210.5 billion from Rp2,146.1 billion Cost of goods sold and services from
in 2010 which covered mining cost, Manufacturing segment also increased
depreciation, fuel & lubricant, sub- by 75% or reaching Rp208.5 billion
contractor fees, equipment and other from Rp119.1 billion in 2010. Such
spare parts as an impact of the increasing increasing expenses were mainly due
coal production volume and overburden to the increasing use of raw material
activities. and sub-contractor fees in line with the
Company’s increasing production and also
Cost of goods sold and services from due to the effects of products in which a
Integrated Logistics and Vessel Rental high number of works in Manufacturing
also increased by 67.9% or reaching Division required larger volume
of materials.
Cost of Goods For the Years Ended December 31

Sold and Service 2011 (audited) 2010 (audited) Growth
Revenue per Rp % Rp % Rp %
Business Segment billion Sales billion Sales billion Sales
Mining Contractor 3,210 61.2% 2,146 56.9% 1,064 49.6%
and Coal Mining
Services
Power Engine 565 10.8% 570 15.1% (5) -0.8%
Rental Service
Integrated 695 13.3% 414 11.0% 281 67.9%
Logistics and
Vessel Rental
Transport 565 10.8% 524 13.9% 41 7.8%
Equipment
Division,
Site Service
Division and
Remanufacturing
Division
148
Manufacturing 208 4.0% 119 3.2% 89 75.0%
TOTAL 5,245 79.1% 3,773 84.1% 1,471 39.0%
Gross Profit and Gross Profit Margin The increasing gross profit was also
The Company recorded Gross Profit arising from Power Engine Rental which
amounting to Rp1.382 trillion or increase successfully recorded gross profit
by 93.8% compared to Rp713 billion in amounting to Rp424.4 billion or increasing
2010. Such increase was mainly due by 94.6% compared to Rp218.1 billion
to the increase in the Gross Profit from in 2010. The increasing gross profit was
Mining Contractor and Coal Mining mainly due to the Company’s success
which recorded gross profit amounting in reducing the repair and maintenance
to Rp669.6 billion or increasing by expenses with a better schedule of
137.6% compared to gross profit in repair and maintenance program, as
2010 amounting to Rp281.8 billion. The well as efficient use in consumables by
increase in gross profit was mainly due using local lubricant oil (Pertamina) at a
to the increasing coal sales volume from more competitive price. The increasing
1,178,776 tons in 2010 to 2,163,021 tons production efficiency had an impact on the
in 2011. The increasing gross profit was decreasing amount of penalties payable
also an impact of the increasing average to PLN.
of coal sales price to USD47.1 per ton in
2011 from an average of USD39.5 per ton
in 2010.
Such increase in gross profit was slightly In total, the Gross Profit Margin (GPM)
adjusted with the decrease in the gross in 2011 increased by 20.9% compared
profit of Manufacturing segment whereby to the 15.9% increase in 2010. Such
there was a decrease amounting to increase in GPM was mainly due to the
Rp11 billion in 2011 due to higher use of GPM in Power Engine Rental and Mining
materials compared to prior year (mixed and Mining Contractor. Such margin
products). increase was not only arising from the
increasing sales, but also due to the more
efficient production process.
Gross Profit and For the Years Ended December 31

Gross Profit Margin 2011 (audited) 2010 (audited) Growth
per Business Rp % Rp % Rp %
Segment billion Margin billion Margin billion Margin
Mining Contractor 669.6 17.3% 281.8 11.6% 387.8 137.6%
and Coal Mining
Services 149
Power Engine 424.4 42.9% 218.1 27.7% 206.3 94.6%
Rental Service

Integrated 55.3 7.4% 47.8 10.3% 7.5 15.7%
Logistics and
Vessel Rental
Transport 220.7 28.1% 142.5 21.4% 78.2 54.8%
Equipment
Division,
Site Service
Division and
Remanufacturing
Division
Manufacturing 11.7 5.3% 22.8 16.1% (11.1) -48.6%
TOTAL 1,381.7 20.9% 713.0 15.9% 668.7 93.8%
Selling, General and Administrative Rp21 billion particularly related to the

Expenses additional space of office rental from
The total selling, general and PT Triyasa Propertindo in line with the
administrative expenses increased by additional numbers of subsidiaries and
55.1% or reaching Rp718.95 billion also office expansion to support the
compared to Rp463.6 billion in 2010 Company’s business growth.
particularly due to the following:
• Travelling expenses in 2011 increased
• Salaries and employee benefits by 78% or increasing Rp14.5 billion
increased by 53% to Rp337.2 billion for local and foreign business
or increasing by Rp116.5 billion from travel related to the Company’s
2010 amounting to Rp220.8 billion due business needs.
to the following matters: (1) Increasing
number of employees in 2011, • Other expenses represent depreciation
whereby the permanent employees and amortization, office maintenance,
increased to 4,752 personnel from office expenses, communication
2010 totalling 4,067 personnel, (2) expenses, insurance expenses, bank
Additional employee bonus in the form charges, and others. The increase in
of shares (MESA) related to the IPO, such accounts are closely related to
150 (3) Regular annual increase of salary the additional number of employees,
due to inflation (4) Salary increase due business expansion and additional
to promotions. office space.
• Selling expenses increased by 83.7% Other Operating Income, Other

or increasing by Rp41 billion mostly Operating Expenses and Forex Gain
due to the increasing shipping costs (Loss)
from Coal Mining in line with the Other operating income represents the
Company’s increasing turnover. income other than the income generated
from its core business. Most of the Other
• Professional fees increased by Operating Income was arising from the
233% or increasing to Rp50.5 billion gain on sales of used fixed assets, sales
covering the consultant fees for of scrap materials and income from
various improvement projects in ICT, the users of the roads owned by the
accounting and management, tax Company at the mining sites which was
consultant fee and legal consultant allocated for the routine maintenance
fees for Mining Contractor and Coal of such roads. Other operating income
Mining. increased by 193.3% to Rp70.9 billion
from Rp24.2 billion in 2010.
• Rental expenses in selling, general
and administrative expenses represent Other operating expenses were largely
the building rental expenses for office arising from the tax payables paid by the
building and operational vehicles Company related to the bonus of shares
rental expenses. The increase in rental for employees and the tax payables
expenses in 2011 reached 78.4% or arising from the Tax Assessment Letter
regarding the examination conducted by billion in 2010 to Rp23.7 billion. The

the Tax Office. Other operating expenses deposit interest rate in 2011 was ranging
increased by 480.8% to Rp13.5 billion from 4%-8.5% for IDR and from 0.3%-
from Rp2.3 billion in 2010. 3.1% for USD.
The Company suffered from a relatively Financing cost which represents interest
large amount of forex loss particularly expense in 2011 reached Rp215.62 billion
related to the Company’s net monetary or increasing by 113.9% compared to
liabilities in USD which significantly interest expense in 2010 amounting to
increased to USD303,246,714 compared Rp100.8 billion due to the increase in the
to 2010 amounting to USD2,749,893. The bank loans payable to Bank Mandiri, DBS
forex rate in 2011 was closed at Rp9,068 and ANZ for the purposes of working
per 1 USD or was weakening compared to capital and investment particularly in
the year end forex rate in 2010 at Rp8,991 Mining Contractor, Power Engine Rental,
per USD. Forex gain (loss) increased by Engineering Contract and Coal Mining
244.1% from Rp44.5 billion in 2010 to segments.
Rp(64.1) billion in 2011.
Income before Income Tax
Income from Operations The Company recorded Income before
The consolidated Income from Operations Income Tax amounting to Rp464.4 billion 151
in 2011 was recorded at Rp656.02 billion or increasing by 95.6% from Rp237.4
or increasing by 107.8% from Rp315.8 billion in 2010. Income before income

billion in 2010. The increase in Income tax increased significantly mainly due to
from Operations was mainly arising achievement of the Company’s gross
from the increase in sales and services profit which also increased by Rp668.7
resulting to an increase in the Company’s billion or increasing by 93.8% compared
Gross Profit Margin. to 2010.
Equity in Net Income of Associated Income Tax Expense

Companies, Financing Income and Income Tax Expense which represents
Financing Cost current tax expense and deferred tax
Equity in net income of associated expense decreased by 28.5% from
companies amounting to Rp0.3 billion Rp66.2 billion in 2010 to Rp51.5 billion
represents the company’s portion on net in 2011.
income of an associated company
(PT Meppogen). Since December 2011, Current income tax in 2011 amounting
the Company’s share ownership in to Rp39.4 billion or decreasing by 36%
PT Meppogen has been diluted to 12% compared to Rp61.5 billion in 2010.
due to the conversion of shareholder’s The decreasing current income tax was
loan (PT Widjaja Tunggal Sejahtera) into mainly due to the increase in negative
capital amounting to USD10 million. fiscal reconciliation in Power Engine
Rental segment due to the temporary
Financing income which represents differences adjusted in 2011 whereby,
the interest income on the Company’s based on accounting treatments, such
deposits increased by 5.7% from Rp22.5 differences were recognized as income
since they decrease expenses, but based CURRENT ASSETS

on tax approach, such differences were
negatively reconciled. The decrease in 1. Cash and Cash Equivalents
current income tax was also due to the Balance of consolidated Cash and
Company’s fiscal recognition of income in Cash Equivalents amounted to
2010 from the disposal of subsidiaries at Rp1,668.67 billion or increasing
Rp40.7 billion. 385% compared to Cash and Cash
Equivalents in 2010. The increase in
Deferred tax in 2011 amounted to Cash and Cash Equivalents was mainly
Rp12.14 billion or increasing by 162% due to the cash provided by financing
compared to deferred tax in 2010 due activities amounting to Rp3,510.5
to the increasing temporary differences billion or significantly increasing
resulting to an increase in the negative compared to the balance in 2010
fiscal correction. amounting to Rp197.25 billion. The
increasing cash provided by financing
Total Comprehensive Income for the activities is mainly arising from bank
Year loan amounting to Rp3,339.8 billion
The Company’s consolidated in 2011 for the purposes of working
comprehensive income for the year in capital, investment or refinancing. The
152 2011 amounted to Rp415.7 billion or total bank loan in 2010 was amounting
increasing by 226% compared to the to Rp1,636 billion.
total comprehensive income in 2010
amounting to Rp127.3 billion. Such Cash from Operating Activities

increase in the comprehensive income decreased to Rp148.1 billion from
is due to the Company’s success in Rp612.5 billion in 2010 due to the
increasing its sales by 47.7% compared increase in the payment to suppliers,
to prior year, and also in improving the interest payment and income tax
efficiency in production process. payment.
The balance of Cash from Investing

Balance Sheet Activities decreased to minus
Rp2,425.4 billion from previously
TOTAL ASSETS minus Rp983.4 billion in 2010 due to
The Company’s total consolidated highly significant increase in payment
assets increased by 102% or reaching for the acquisition of fixed assets and
Rp9,883 billion in 2011 compared to subsidiaries.
2010 amounting to Rp4.890 billion. The
increase in total assets was mainly due to 2. Restricted Cash and Cash
the increase in Cash and Cash Equivalents Equivalents
increasing by Rp1,235.6 billion, increase Restricted Cash and Cash Equivalents
in Trade Receivables by Rp420.4 billion, mostly represent restricted time
increase in Fixed Assets by Rp1,889.7 deposits by Bank DBS pertaining to
billion, increase in Inventory by Rp114.3 the Company’s joint borrowing loan
billion, and goodwill by Rp593.9 billion. agreement for Power Engine Rental
between PT Eramas Persada and PT Arutmin Indonesia, which are still

PT Bank DBS. In 2011, the amount ongoing and will be fully claimed when
increased by 2347% to Rp187 billion the coal products arrive at the port.
from Rp8 billion in 2010. In 2011 Mining Services in Process
amounted to Rp174 billion, decreasing
3. Trade Receivables by 22% from 2010 amounting to
The Company’s consolidated trade Rp224 billion. Such decrease in Mining
receivables in 2011 increased by Services in Process was due to the
43% to Rp1,406 billion compared to fact that a portion of such payment
Rp985 billion in prior year. The Trade has already been made by PT Arutmin
Receivables represent receivables Indonesia.
from third parties amounting to
Rp1,219 billion increasing by 33% 6. Inventories
compare Rp918 billion in 2010 and The Company’s inventories increased
receivable from related parties Rp186 by 38% to Rp416 billion compared
billion, increasing by 178% from Rp67 to prior year amounting to Rp301
billion in 2010. Such increase in Trade billion. Such increase in Inventories
Receivables represents the immediate was mainly due to increasing volume
effect of increase in the Company’s of inventories of coal due to the
sales and services at 47.7% in 2011. Company’s increasing business 153
The collectibility of trade receivables in activities and also to the increase
2011 showed an average of 76 days or in the volume of materials for

3 days faster compared to the average Manufacturing. Such increase in
of collectibility of trade receivables in Inventories made no impact on the
2010 of 79 days. level of Inventories which was still
ranging for 30 days in 2011 and 2010.
4. Other Receivables
Other Receivables amounting to 7. Advance Payments
Rp162 billion represents receivables Increase in Advance Payments
from third parties mainly arising from in 2011 amounted to Rp73 billion
Power Engine Rental which represents mainly pertaining to the advances
receivables from PT Energi Alam Raya of purchase in Manufacturing and
for the Gas Power Plant (PLTG) Payo Mining Contractor segments due to
Selincah 100 MW and receivables the Company’s increasing business
from PT Sinergi Pancawahana for the activities.
advances for the purchases of shares
that the Company subsequently 8. Prepaid Expenses
cancelled. Prepaid Expenses increased by
127% from Rp12 billion in 2010 to
5. Mining Services in Process Rp26 billion. Such increase in Prepaid
Mining Services in Process pertains to Expenses was mainly for the advance
costs incurred for overburden works, payment of insurance and office rental
coal extraction and coal hauling in expenses.
the provision of mining services to
9. Prepaid Tax Rp2,107.6 billion. Such increase in

Prepaid Tax in 2011 increased by the net Fixed Assets was noted in
108% from Rp62 billion in 2010 most of the Company’s business
to Rp129 billion, mainly due to the segments due to the Company’s
increase in Value Added Tax in Mining business growth.
Contractor and Power Engine Rental
in line with the Company’s increasing Total capital expenditures incurred in
activities. 2011 amounted to Rp2,489.9 billion
for the following:
10. Other Current Assets a. Purchase of machineries and
Other Current Assets decreased by equipment amounting to Rp1,509
64% from Rp67 billion in 2010 to billion.
Rp24 billion. The decrease in Other b. Purchase of buildings and
Current Assets was mainly due to infrastructure amounting to Rp63.9
the reclassification of account for billion.
the billings on the cancellation of c. Land acquisition amounting to
advances for the purchase of shares Rp62.8 billion.
of PT Kwartadaya Dirganusa to Other d. Purchase of vehicles amounting to
Receivables. Rp45.7 billion.
154 e. Expenses for road and
NON CURRENT ASSETS infrastructure amounting to Rp23.8
billion. Expenses for construction in
1. Deferred Tax Assets progress (vessel, port, machineries

Deferred Tax Assets represents and equipment) amounting to
the total recoverable income tax in Rp729.6 billion. Expenses for
the future period due to deductible supplies, furniture and fixtures
temporary differences and the amounting to Rp55.1 billion.
remaining balances of tax loss carry-
forward. The Deferred Tax Assets The total financing resources for such
in 2011 amounted to Rp156 billion, capital expenditures were arising from
increasing by 16% from Rp134 billion operational activities, banking credit
in 2011. The increase in Deferred Tax facilities and shareholders loan.
Assets in 2011 was mainly due to
the increase in deductible temporary 3. Goodwill
differences in future period. In 2011 the Company recognized
goodwill amounting to Rp593.8
2. Fixed Assets billion for the difference between
The Company’s Fixed Assets in 2011 the purchase price and the asset
amounted to Rp4,007.3 billion or values and liabilities identified during
increasing by 90% of the total fixed the acquisition of coal concession
assets – net in 2010 amounting to company (MDB) in June 2011.
4. Deferred Mining Exploration and The Company also recorded an increase in

Development Costs short term liabilities amounting to Rp775.7
Deferred Mining Exploration and billion or reaching Rp3,134.8 billion in
Development Costs increased by 2011 compared to prior year amounting to
107% to Rp145 billion from Rp70 Rp2,359.1 billion. Increase in liability was
billion in 2010 due to the increasing mainly due to:
deferred mining exploration and
development costs amounting to Rp75 1. Short Term Bank Loan
billion in 2011. Such increase was The increase in short term bank loan
mainly due to the expansion of mining amounted to Rp202 billion or reached
areas in Kalimantan and Aceh. Rp494 billion in 2011, increasing by
69% of the total short term loan in
5. Other Non-Current Assets 2010 amounting to Rp292 billion.
The Company recognized an increase The increase in short term loan was
in Other Non-Current Assets at mainly from Bank Mandiri, Bank DBS,
1,351% in 2011 or reaching Rp345 ANZ and Standard Chartered Bank for
billion compared to Rp24 billion in capital financing purpose.
2010. The increase in other non-
current assets was mainly due to 2. Trade Payables
the increase in deferred overburden The Company recorded an increase in 155
removal cost related to the mining Trade Payables amounting to Rp124.9
area expansion and due to the actual billion or reaching Rp1,395.4 billion in

stripping ratio being higher than the 2011, increasing by 10% compared
projected stripping ratio. The increase to the total Trade Payables in 2010
in Other Non-Current Assets was also amounting to Rp1,270.5 billion. The
due to the advances for the purchases increase in Trade Payables was mainly
of shares in PT Energi Alamraya due to the transactions with third
Semesta (PT EAS). parties for the sub-contractor services,
material suppliers, fuel suppliers,
LIABILITIES equipment and others.
The Company’s total liabilities in 2011 3. Other Payables

amounted to Rp6,860.2 billion or The Company recorded Other
increasing by 82% from Rp3,763.8 billion Payables amounting to Rp59.6 billion
in 2010. The increase in liabilities was or increasing by 55% from Rp38.5
mainly due to the increase in long term billion in 2010. The increase in such
liabilities amounting to Rp2,320.6 billion or Other Payables was due to a high
increasing 164% from Rp1,404.7 billion in portion of Other Payables not yet
2010. The increase in long term liabilities reaching mature dates such as ICT
was mainly due to the additional bank loan software prices, consultant fees, and
in significant amounts from Bank Mandiri, others.
Bank DBS, ANZ and OCBS NISP in 2011
mostly used for investment purposes in
most of business segments.
4. Tax Payables 8. Deferred Tax Liabilities

The Company recorded Tax Payables Deferred Tax Liabilities amounting
amounting to Rp55.1 billion or to Rp33.8 billion in 2011 represents
increasing by 63% compared to Tax the Company’s deferred tax liabilities
Payables in 2010 amounting to Rp33.8 arising from Power Engine Rental due
billion. Such increase in Tax Payables to the adjustments in the provisional
was mainly arising from tax payables fees of repair and maintenance
Art. 23, Art. 21 and CIT to be paid in 2011. Based on accounting
upon maturity in January 2012. treatments, such amount was
recognized as a gain while based on
5. Accrued Expenses tax approach, such amount required
Accrued Expenses in 2011 amounted negative fiscal reconciliation resulting
to Rp231.9 billion, decreasing by 18% to a recoverable temporary difference
compared to the Accrued Expenses in the future period by conducting a
in 2010 amounting to Rp282.1 billion. positive fiscal reconciliation.
Such decrease was mainly due to the
decrease in the provision or allowance 9. Employee Benefits Liability
for repair and maintenance expenses. In 2011, the Employee Benefits
Liability increased by 36% to Rp92.2
156 6. Obligations under Finance Lease billion from Rp67.9 billion in 2010. The
The Company recognized Obligations increase in Employee Benefits Liability
under Finance Lease amounted to represents the immediate effect of
Rp1,133 billion in 2011, increasing by additional number of employees,

72% from Rp658 billion in 2010. The increasing salaries and total years of
increase in Obligation under Finance service.
Lease was due to the obligations
under finance lease to third parties Equity
which were PT Caterpillar Finance The Company’s equity in 2011 amounted
Indonesia and PT Austindo Nusantara to Rp3,023 billion or increasing 168%
Jaya Finance to finance the Company’s of the total equity in 2010 amounting to
capital expenditures. Rp1,126.4 billion. The increase in equity
was due to the issued and fully-paid
7. Bank Loans up capital which in 2011 amounted to
Bank Loans amounting to Rp3,302 Rp1,376.6 billion while in 2010 amounting
billion represents bank loan to Bank to Rp1,170 billion, which consist of issued
Mandiri, DBS, ANZ, and OCBC NISP and fully paid capital amounting to Rp413
utilized by the Company for financing billion and mandatory convertible bond
its investments and refinancing. Rp757 billion, additional paid-in capital
amounting to Rp1,273.7 billion and
increasing Net Income in current year Extraordinary Events

amounting to Rp415.74 billion. The Company has no extraordinary
events.
Solvability and Collectibility
Compared to 2010, the Company’s Substantial Components of Other
solvability decreased from 0.8 to 0.7 due Income or Expenses
to the increasing total liabilities at 82%. Other Operating Income which represents
However, the total assets also increased the Company’s income generated from
by 102% compared to prior year. The non core business was arising from the
collectability of trade payables increased gain on the disposal of used fixed assets,
from an average of 76 days in 2011 disposal of scrap materials, and revenues
compared to 79 days in 2010. from the users of the roads owned by
the Company at the mining sites which
Company’s Liquidity Level in total recorded a significant growth at
The Company’s Current Asset Ratio 193.3% from Rp24.2 billion in 2010 to
increased to 1.4 compared to 0.9 in 2010 Rp70.9 billion.
which displayed the Company’s improving
ability to meet its short term liabilities. While Other Operating Expenses recorded
an increase of 480% from Rp2.3 billion
Company’s Capital Structure in 2010 to Rp13.5 billion which was 157
The Company’s capital structure is arising from the tax expenses paid by the
as follows: Company pertaining to the bonus shares

for the employees and tax expenses
Issued Paid and Fully related to the issuance of Tax Assessment
Paid Capital Letter for the examination conducted by
(in million Rupiah)
Tax Office.
Valle Verde Pte,Ltd 757,120
TMT 316,614
Material Increase or Decrease in Net
Momentum Fund SP.B 144,000
Sales or Income
Public (each with 157,769
ownership interest In 2011, there were no material increases
below 5%)
or decreases in net sales or income.
Total Issued Paid and 1,376,583
Fully Paid Capital
Impact of Price Changes on Net Sales
Capital Structure Policies and Income
The main objective of the Company’s Increase in net sales and income was
capital policies is to ensure that the mainly due to the Company’s increasing
Company maintains a healthy capital volume in sales and services. In addition,
ratio for the purpose of supporting the the Company also recorded a higher
business and maximizing the Company’s productivity level compared to prior year.
values. The impact of price changes on the net
sales and income could be deemed
insignificant.
Events After the Balance Sheet Date CK

On February 29, 2012, CK signed a coal
Sewatama mining service contract with PT Riau
In March 2012, SS obtained specific Baraharum with estimated contract value
transaction loan III facility with total of USD300,000,000 covering a period
maximum credit of Rp600 billion from of five years. The scope of the services
Mandiri, which is available within one year includes land clearing, overburden
from the signing date of the agreement. removal and equipment rentals.
The loan from the facility would bear
interest at the annual rate of 9.50%. In Dividend Payment Policy and
addition, SS also amended the maximum Dividend Payout Ratio
bank guarantee facility limit obtained from Subsequent to the conduct of IPO in
Mandiri from Rp70 billion to become December 2011, commencing in 2013
Rp143 billion, with the availability period and based on the net income in 2012, the
extended to September 26, 2013. Company would apply the dividend payout
ratio at the maximum percentage of 35%
ATR of the net income. Up to present the
On January 16, 2012, PT Talisman Company has not conducted any dividend
Energy Nuigini Limited (Talisman), a third distribution.
158 party customer in Papua New Guinea,
terminated Time Charter Agreement Realization of IPO Proceeds
Contract No. TENL00146 commencing The realization of IPO proceeds amounted
on October 11, 2010. Talisman agreed of Rp2.06 trillion comprising Rp1.55 trillion
to pay ATR USD460,165 as the final of common shares and Rp515.5 billion
settlement of the contract as stated in of divestment shares. Less all shares
a letter of contract settlement dated issuance costs and certain IPO-related
February 8, 2012. expenses, the total sales of divestment
shares of PT Tiara Marga Trakindo (TMT)
Reswara have been repaid to TMT and an amount
On January 20, 2012, Reswara through of Rp1.55 trillion in accordance with the
agreements made between TIA, a scheme in the prospectus shall be used
subsidiary of Reswara, and Subham as follows:
Corporation Pvt. Ltd., entered into sale a. Approximately 70% of which shall be
and purchase contracts of 800,000 metric used to increase the investment in
tons of coal with shipment period from and/or to provide loan to subsidiaries
January 2012 until December 2012. The which will be used by subsidiaries to
contract values were approximated to finance its capital expenditure from
USD40,200,000 which will be reviewed 2012-2013.
quarterly to align with market values.
b. Approximately 24% of which shall Significant Changes in Regulations

be used by the Company to make In 2011 there were no significant changes
repayment to the banks in which such in regulations having impact on the
loan has been utilized to finance the operational activities and consolidated
acquisition through subsidiaries and/or financial statements of ABM Investama.
projects in accordance with the ABM
group’s strategies of growth. Significant Accounting Policies
c. Approximately 6% of which shall Significant accounting policies are
be used to finance the capital disclosed in the independent auditor’s
requirements covering operational report on page 20 to 79.
expenses such as general expenses
and office furniture, which are
related to the implementation of
the Company’s strategy plans and
business developments.
159

160
the Management Responsibility Governance Financial Statement
Corporate Data
161

Board of Commissioners
162

Indonesian Citizen, 47 years of age. Earned his Bachelor of Arts from Business Studies, University
of Brighton, Sussex, England in 1989.
Appointed as President Commissioner of the Company in 2010.
Concurrently, he is the Director of Valle Verde Pte. Ltd. (2010-now), President Director of PT Tiara
Marga Trakindo (2005-now), President Commissioner of PT Mahadana Dasha Utama
(2010-sekarang) and Commissioner of PT Chandra Sakti Utama Leasing (2005-now). Previously
held the position of President Director of PT ABM Investama (2009-2010), President Commissioner
of PT Tri Swardana Utama (2008-2010), President Director of PT Chakra Jawara (2006-2010),
Commissioner of PT Sanggar Sarana Baja (2002-2010), President Director of PT Trakindo Utama
(2005-2008), Secretary General of KADIN KIKT (Indonesian Chamber Chinese Committee) (2005-
2009), Director of PT Cipta Kridatama (1997-2004), Marketing Manager of PT Trakindo Utama (1997-
2005), Group Credit Controller of PT Trakindo Utama (1991-1997), Credit Manager of Finning Ltd.
Vancouver, Canada (1990-1991), Credit Supervisor of Leverton Plc, Windsor–UK (1989-1990), Risk
Management of Standard Chartered Bank Plc, London–UK (1987-1988).
MIVIDA HAMAMI
Commissioner
Indonesian Citizen, 50 years of age. Graduated with a Degree in Business Administration from the
Faculty of Social and Politic Science, University of Indonesia in 1988, and in 1989 earned her First
English Certificate from The Bell School of Languages Bath - England. Diploma in Marketing from
The Hotel Career Centre, Bournemouth, England in 1990 and Master of Business Administration
from New Hampshire College, Manchester, United States of America in 1992.
Appointed as Commissioner of the Company in 2009.
Concurrently, she also held the position of President Director of PT Mahadana Dasha Utama
(2010-now), Director of PT Tiara Marga Trakindo (2005- now), President Commissioner of PT Chakra
Jawara (2010- now), President Commissioner of PT Tri Swardana Utama (2010-now), President
Commissioner of PT Mitra Solusi Telematika (2010-now), President Commissioner of PT Triyasa
Propertindo (2010-now), and Commissioner of PT Chitra Paratama (2010- now). Previously, she
held the position of President Director of PT Sumberdaya Sewatama (2008-2010), Director of
PT Sumberdaya Sewatama (2004-2008), President Director of PT Cipta Krida Bahari (2007-2010),
Director of PT Cipta Krida Bahari (2002-2007), General Manager of PT Cipta Krida Bahari (1998-
2002), General Administration Manager PT Krida Cipta Bahari (1997-1998), Trainee at Caterpillar
Asia Pte Ltd – CDL 200 Program, Singapore (1997), Sales & Marketing Manager of Aryaduta Hotel
Management (1996), Business Development Manager of PT Wynncor Bali Grand Hyatt Bali Hotel
(1993-1996), Sales Executive of PT Wynncor Bali Grand Hyatt Bali Hotel (1992-1993).
163
ERRY RIYANA HARDJAPAMEKAS

Independent Commissioner
Indonesian Citizen, 62 years of age. Earned his Bachelor Degree in Economy from the Faculty of
Economy, Universitas Padjadjaran, Bandung in 1978.
Appointed as Independent Commissioner of the Company since 2011.
Concurrently, he also held the position of Commissioner of PT Weda Bay Nickel (2010-now).
Independent Commissioner of PT Hero Supermarket Tbk. (2009-now), Independent Commissioner
of PT Tirta Investama/Danone (2011- now). Previously, he held the position of President
Commissioner of Bank BNI (2008-2009), Head of the Executive Team of National Team of the
Transfer of Indonesian Armed Forces Business Activities (2008-2009), Vice Chairman of KPK
(2003-2007), Independent Commissioner of PT Kaltim Prima Coal (2003), Audit Committee and
Independent Commissioner of PT Kabelindo Murni Tbk. (2002-2003), Independent Commissioner
and Chairman of the Audit Committee of PT Hero Supermarket Tbk. (2002-2003), Commissioner
and Chairman of the Audit Committee of PT Pembangunan Jaya Ancol (2001-2003), Counselor
and Member of the Audit Committee of PT Unilever Indonesia (2001-2003), Counselor and
Independent Commissioner of PT Semen Cibinong Tbk. (2001-2003), Counselor of Commissioner
of PT Semen Cibinong Tbk. (2001), President Commissioner of PT Agrakom (2000-2003), President
Commissioner of Bursa Efek Jakarta (1998-2001), Commissioner of Bursa Efek Jakarta (1996-1998),
President Director of PT Timah Tbk. (1994-2002), Director of Finance of PT Timah Tbk. (1991-1994),
Head of the Accounting Division of PT Tambang Batubara Bukit Asam (Persero) (1987-1991),
Head of Accounting and Verification Affair of PT Tambang Batu Bara Bukit Asam (Persero) (1982-
1987), Head of Accounting Department of Perum Perumnas (1980-1982), Head of Financial Audit
Department of Perum Perumnas (1979-1980).
Board of Directors
164

President Director
Indonesian Citizen, 45 years of age. Earned his Bachelor Degree in Business Administration
from the Faculty of Social and Politic Science, Universitas Indonesia in 1990, and Master of
Business Administration from Rotterdam School of Management, Erasmus University, Rotterdam,
Netherlands in 1992.
Appointed as President Director of the Company since 2010.
Previously he held the position of Managing Director the Company (2009-2010), Chief Strategy
Officer of PT Tiara Marga Trakindo (2008-2009), Managing Director of Standard Chartered Bank
(2007-2008), Senior Director of Standard Chartered Bank (2006-2007), Partner of Corporate Finance
and Advisory Fund Asia (2006-2006), Managing Director of Abacus Capital (2001-2003), he once
worked at Bank of America since 1992 with the position of Assistant Vice President/Account
& Credit Manager (1995-1996), Vice President/Relationship Manager (1996-2000), Senior Vice
President (2000-2001).
Board of Directors
SYAHNAN POERBA
Corporate Support Services Director
Indonesian Citizen, 51 years of age. Earned his Bachelor Degree in Accounting from the Faculty of
Economy, Universitas Indonesia in 1986 and Master of Economics in Accounting and Finance from
Macquarie University, Sydney, Australia in 1992.
Appointed as Corporate Support Service Director of the Company since 2009.
Previously he was Country Manager of PT D&B (Dun & Bradstreet) Indonesia (2007-2009), Director
of Operational of PT AXA Mandiri Financial Services (2004-2007), Director & Chief Financial Officer
of John Hancock Indonesia (2000-2004), Senior Facilitator and Team Leader for Jakarta & Bandung
area of The Jakarta Initiative Task Force/JITF (Prakarsa Jakarta) (1999-2000), Corporate Secretary
of PT Bangun Tjipta Pratama Group (1997-1999), Managing Director of PT Surya Pelita Pratama
(a subsidiary of PT Bangun Tjipta Pratama Group) (1994-1997), Accounting and Tax Manager of
PT Bangun Tjipta Pratama Group (1992-1994), Management Consultant of The Flagler Management
Group Inc. (Jakarta Office) (1987-1990), Auditor at Arthur Young International – Public Accounting
Firm (1986-1987).
WILLY A. ADIPRADHANA
Finance Director
Indonesian Citizen, 43 years of age. Graduated with a Bachelor Degree in Economy from the Faculty
of Economy, Universitas Katolik Parahyangan, Bandung in 1989.
Held the position of Finance Director of the Company since 2009.
Previously he served as Chief Financial Officer for Sime Darby (Minamas Plantation) (2007-2009),
Chief Financial Officer of San Miguel Indonesia (2003-2007), Senior Financial Controller of PT John 165
Crane Indonesia (1999-2003), General Manager at Corporate Finance and Administration of Keris
Group (1997-1999), Deputy General Manager of Sinar Mas Group (1996-1997), Corporate Controller of
Sinar Mas Group (1995-1997), Financial Controller of Sinar Mas Group (1994-1995) and Supervisor at

Prasetio Utomo & Co (1989-1994).
YOVIE PRIADI
Corporate Strategy Director
Indonesian Citizen, 42 years of age. Earned his Engineer Degree from the Faculty of Industrial
Technology, Universitas Trisakti, Jakarta in 1991 and Master of Business Administration from the San
Francisco State University, San Francisco, United States of America in 1996.
Appointed as Corporate Strategy Director of the Company since 2011.
Previously he held the position of President Director of PT Mitra Energi Batam and PT Dalle Energy
Batam (part of Medco Energi Group) (2009-2010), Senior Vice President of the corporate growth
and planning of PT Medco Power Indonesia (2008-2009), Vice President Commercial & Planning of
PT Medco Power Indonesia (2006-2008), Commercial Manager of Corporate Business Development
Division of PT Medco Energi Internasional Tbk. (2003-2006), Manager/Department Head Finance
& Planning Department PT Medco Energi Internasional Tbk. (2001-2003), Section Head, Budget,
Planning & Treasury, Finance & Planning Department PT Medco Energi Internasional Tbk. (2000-
2001), Business Development PT Pasaman & Soeparman Ch. Eng. (1999-2000), and in Bimantara
Group (1991-1999). In Bimantara Group, he held a number of positions, among others was division
of Infrastructure, including as Project Controller/Scheduler, Project Engineer, Business Analyst
and Manager.
Organization Structure
President Director
Achmad Ananda
Djajanegara
Corporate Internal
Audit
166
Corporate Support
Finance Director
Services Director
Willy A. Adipradhana
Syahnan Poerba
Head of Corporate
Head of Head of Corporate
Information & Corporate Head of Corporate Head of Corporate
Corporate Finance &
Communication Investor Relations Legal Human Resources
Treasury Accounting
Technology (ICT)
Organization Structure
Executive
Secretary
Corporate Secretary
Executive
Secretary
Secretary
167
Corporate Strategic
Director
Yovie Priadi

Head of Corporate
Head of Head of Corporate Head of Business
Head of Corporate Strategy Planning
Enterprise Planning & Process
Communication & Business
Risk Management Budgeting Improvement
Development
The Subsidiaries
PT Reswara Minergi Hartama PT Sumberdaya Sewatama PT Cipta Kridatama

Gedung TMT 1, 9th Fl Suite 902 Gedung TMT 2 , Floor 1 & 2 Gedung TMT 2, 2nd & 3rd Floor
Jl, Cilandak KKO No. 1 Jl. Cilandak KKO No. 1 Jakarta 12560 Jl. Cilandak KKO No.1 Jakarta 12560
Jakarta 12560 Tel. : +62 21 2997 6712 (Hunting) Indonesia
Tel. : +62 21 2997 6733 Fax. : +62 21 2997 6725 Tel. : +62 21 2997 6866
Fax. : +62 21 2997 6731 / 6732 Fax. : +62 21 2997 6867
PT Cipta Krida Bahari PT Sanggar Sarana Baja

Gedung TMT 1, 7th Floor Suite 701 Gedung TMT 1, 5th Floor Suite 501
Jl. Cilandak KKO No. 1, Jakarta 12560 Jl. Cilandak KKO No. 1, Jakarta 12560
Tel. : +62 21 2997 67 77/88 Tel. : +62 21 2997 6830
168 Fax. : +62 21 2997 6797 Fax. : +62 21 2997 6835
Supporting Institutions and Professions

Public Accountant Firm: Share Registrar:
KAP Purwantono, Suherman & Surja PT Datindo Entrycom

Gedung Bursa Efek Indonesia Puri Datindo – Wisma Sudirman
Menara 2, 7th Floor Jl. Jenderal Sudirman Kavling 34-35
Jl. Jend. Sudirman Kav. 52-53 Jakarta 10220
Jakarta 12190 Tel. : +62 21 5709009
Indonesia Fax. : +62 21 5709026
Tel. : +62 21 5289 5000
Fax. : +62 21 5289 4100
Responsibility of the Members of Board of
Commissioners and Board of Directors Towards the
Annual Report 2011
All members of the Board of Director (BoD) and Board of Commissioners (BoC) of PT ABM Investama Tbk
(the Company) are fully responsible for the preparation and presentation of the Annual Report 2011 that includes
the Audited Consolidated Financial Statements for the year ended December 31, 2011 (Financial Statements
Year 2011).
The Company’s 2011 Annual Report has been prepared and presented in accordance with the Rules of the
Capital Market and Financial Institutions Supervisory Agency (BAPEPAM-LK) Number X.K.6 regarding Obligation
to Submit Annual Report for Issuers or Public Companies. The consolidated financial statements have been
prepared in accordance with Indonesian Financial Accounting Standards (SAK), which comprise the Statements
of Financial Accounting Standards (PSAKs) and Interpretations to Financial Accounting Standards (ISAKs) issued
by the Financial Accounting Standards Board of the Indonesian Institute of Accountants, and Regulation of
BAPEPAM-LK No. VIII.G.7 regarding the Guidelines on Financial Statement Presentation.
The 2011 Consolidated Financial Statements have been audited by Registered Public Accountant Purwantono,
Suherman & Surja, the members of Ernst & Young Global (EY), an independent auditors appointed by the
shareholders as decided in the Annual General Meeting of Shareholders dated 25 May 2011.
169
We, the undersigned, being the members of the BoC and BoD of the Company, hereby, declare that we are fully
responsible towards the preparation and presentation of Annual report and Financial Statement Year 2011. All

information in the Annual Report and Financial Statements Year 2011 have been fully and accurately disclosed,
and the Report do not contain false or omitted information or material fact.
This statement was made by the BoC and BoD in good faith by putting their signatures below.
The Responsibility for the 2011 Annual Report

MIVIDA HAMAMI ERRY RIYANA HARDJAPAMEKAS

Commissioner Independent Commissioner
170
Board of Directors

President Director
SYAHNAN POERBA WILLY AGUNG ADIPRADHANA YOVIE PRIADI

Director Director Director
Consolidated Financial
Statement
PT ABM Investama Tbk
and its Subsidiaries
Consolidated Financial Statements

with Independent Auditors’ Report
for the years ended
December 31, 2011 and 2010
The consolidated financial statements are originally issued in
the Indonesian language.
PT ABM INVESTAMA Tbk DAN ENTITAS ANAK PT ABM INVESTAMA Tbk AND SUBSIDIARIES
LAPORAN KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTS
BESERTA LAPORAN AUDITOR INDEPENDEN WITH INDEPENDENT AUDITORS’ REPORT
TAHUN YANG BERAKHIR PADA FOR THE YEARS ENDED
TANGGAL-TANGGAL DECEMBER 31, 2011 AND 2010
31 DESEMBER 2011 DAN 2010
Daftar Isi Halaman/ Table of Contents

Page
Laporan Auditor Independen Independent Auditors’ Report
Laporan Posisi Keuangan Konsolidasian …………… 1-3 ……. Consolidated Statements of Financial Position
Laporan Laba Rugi Komprehensif Konsolidasian ….. 4-5 ……… Consolidated Statements of Comprehensive
Income
Laporan Perubahan Ekuitas Konsolidasian ………… 6 …… Consolidated Statements of Changes in Equity
Laporan Arus Kas Konsolidasian ............................... 7-8 ………..…. Consolidated Statements of Cash Flows
Catatan atas Laporan Keuangan Konsolidasian ........ 9 - 160 ….. Notes to the Consolidated Financial Statements
***************************
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL
31 Desember 2011 dan 2010 POSITION
(Disajikan dalam jutaan rupiah, December 31, 2011 and 2010
kecuali dinyatakan lain) (Expressed in millions of rupiah,
unless otherwise stated)
Catatan/
2011 Notes 2010
ASET ASSETS
ASET LANCAR CURRENT ASSETS

Kas dan setara kas 1.668.670 2e,2x,4,34,35 433.039 Cash and cash equivalents
Kas dan setara kas yang Restricted cash and cash
dibatasi penggunaannya 186.577 2f,2x,5,34,35 7.626 equivalents
Piutang usaha 2h,2x,6,34,35 Trade receivables
Pihak ketiga -
setelah dikurangi Third parties -
penyisihan kerugian atas net of allowance for
penurunan nilai sebesar impairment of
Rp20.707 pada tanggal Rp20,707 as of
31 Desember 2011 dan December 31, 2011 and
31 Desember 2010 1.219.389 918.142 December 31, 2010
Pihak-pihak berelasi 186.207 2g,30 67.096 Related parties
Piutang lainnya 161.938 2h,2x,33,34,35 9.950 Other receivables
Jasa pertambangan dalam proses 173.613 7 223.634 Mining services in process
Persediaan - setelah dikurangi Inventories - net of allowance for
penyisihan keusangan dan inventory obsolescence
penurunan nilai persediaan and decline in value of
usang Rp798 pada tanggal Rp798 as of
31 Desember 2011 dan December 31, 2011 and
31 Desember 2010 415.693 2i,2p,8 301.356 December 31, 2010
Uang muka 77.188 4.399 Advances
Beban dibayar dimuka 26.239 2j 11.526 Prepaid expenses
Pajak dibayar dimuka 129.049 62.091 Prepaid taxes
Aset lancar lainnya 24.048 2x,9,35 67.335 Other current assets
TOTAL ASET LANCAR 4.268.611 2.106.194 TOTAL CURRENT ASSETS
ASET TIDAK LANCAR NON-CURRENT ASSETS

Penyertaan saham 59.780 2k,2x,10,35 59.919 Investment in shares of stock
Aset pajak tangguhan 156.082 2t,21e 134.465 Deferred tax assets
Aset tetap - setelah dikurangi Fixed assets - net of
akumulasi penyusutan accumulated depreciation
sebesar Rp2.283.129 pada of Rp2,283,129 as of
tanggal 31 Desember 2011 December 31, 2011
dan Rp1.890.848 pada 2g,2l,2n, and Rp1,890,848 as of
tanggal 31 Desember 2010 4.007.349 2p,2q,11,30 2.107.655 December 31, 2010
Taksiran tagihan pajak 307.172 21a 388.039 Estimated claims for tax refund
Goodwill 593.883 1c,2c,2o,2p - Goodwill
Biaya ekplorasi dan pengembangan Deferred mining exploration
tambang ditangguhkan 145.489 2m,12 70.222 and development costs
2j,2o
Aset tidak lancar lainnya 344.814 2u,2x,13,33,35 23.772 Other non-current assets
TOTAL ASET TIDAK LANCAR 5.614.569 2.784.072 TOTAL NON-CURRENT ASSETS
TOTAL ASET 9.883.180 4.890.266 TOTAL ASSETS
Catatan atas laporan keuangan konsolidasian terlampir The accompanying notes to the consolidated financial
merupakan bagian yang tidak terpisahkan statements form an integral part of these consolidated financial
dari laporan keuangan konsolidasian secara keseluruhan. statements taken as a whole.
1
(lanjutan) POSITION (continued)
31 Desember 2011 dan 2010 December 31, 2011 and 2010
(Disajikan dalam jutaan rupiah, (Expressed in millions of rupiah,
kecuali dinyatakan lain) unless otherwise stated)
Catatan/
2011 Notes 2010
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY
LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank jangka pendek 493.852 2x,14,34,35 292.208 Short-term bank loans
Utang usaha 2x,15,34,35 Trade payables
Pihak ketiga 615.875 478.751 Third parties
Utang lainnya 2x,34,35 Other payables
Utang pajak 55.086 21b 33.836 Taxes payable
Beban yang masih harus dibayar 231.911 2v,2x,17,34,35 282.130 Accrued expenses
Uang muka pelanggan 29.442 2g,18,30 20.831 Advances from customers
Kewajiban jangka panjang yang Current maturities of
jatuh tempo dalam satu tahun: 2x long-term debts:
Utang bank jangka panjang 470.526 16,34,35 131.813 Long-term bank loans
Utang sewa pembiayaan 2l,19,34,35 Obligations under finance lease
Pihak berelasi 201.759 2g,30 194.173 Related party
TOTAL LIABILITAS JANGKA

PENDEK 3.134.821 2.359.085 TOTAL CURRENT LIABILITIES
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Kewajiban jangka panjang - setelah Long-term debts - net of current
dikurangi bagian yang jatuh maturities:
tempo dalam satu tahun: 2x
Utang bank jangka panjang 2.831.156 16,34,35 715.785 Long-term bank loans
Utang sewa pembiayaan 2l,19,34,35 Obligations under finance lease
Pihak berelasi 172.429 2g,30 294.204 Related party
Utang jangka panjang lainnya - 2g,20, Other long-term loan -
Pihak berelasi - 30,34,35 125.874 Related party
Liabilitas pajak tangguhan 33.766 2t,21e - Deferred tax liabilities
Liabilitas imbalan kerja 92.194 2w,29 67.939 Employee benefits liability
Utang usaha jangka panjang - 2g,2x,15,30,35 56.435 Long-term trade payable
Beban yang masih harus dibayar
- setelah dikurangi bagian yang Accrued expenses - net of
jatuh tempo dalam satu tahun - 2x,17,35 35.361 current maturities
Uang muka pelanggan 34.458 2g,18,30 34.166 Advances from customers
TOTAL LIABILITAS JANGKA TOTAL NON-CURRENT

PANJANG 3.725.353 1.404.745 LIABILITIES
TOTAL LIABILITAS 6.860.174 3.763.830 TOTAL LIABILITIES
2
(lanjutan) POSITION (continued)
Catatan/
2011 Notes 2010
EKUITAS EQUITY
EKUITAS YANG DAPAT EQUITY ATTRIBUTABLE TO

DIATRIBUSIKAN KEPADA OWNERS OF THE
PEMILIK ENTITAS INDUK PARENT COMPANY
Modal saham - nilai nominal Share capital - Rp500 (full
Rp500 (dalam angka penuh) amount) par value
per saham pada tanggal per share as of
tanggal 31 Desember 2011 dan December 31, 2011
Rp1.000 (dalam angka penuh) and Rp1,000 (full amount)
pada tanggal 31 Desember 2010 as of December 31, 2010
Modal dasar - Authorized capital -
9.360.000.000 saham pada 9,360,000,000 shares as of
tanggal 31 Desember 2011 December 31, 2011 and
dan 1.651.520.000 saham pada 1,651,520,000 shares
tanggal 31 Desember 2010 as of December 31, 2010
Modal ditempatkan dan
disetor penuh - Issued and fully paid capital -
2.753.165.000 saham pada 2,753,165,000 shares as of
tanggal 31 Desember 2011 December 31, 2011 and
dan 412.880.000 saham pada 412,880,000 shares as
tanggal 31 Desember 2010 1.376.583 23 412.880 of December 31, 2010
Tambahan modal disetor - neto 1.273.719 2z,24 - Additional paid-in capital - net
Obligasi wajib konversi - 2g,2x,22 757.120 Mandatory convertible bonds
Difference arising from restructuring

Selisih nilai transaksi restrukturisasi transactions of entities under
entitas sepengendali (152.914) 2c,2d,25 (152.914) common control
Saldo laba 525.038 109.298 Retained earnings
Sub-total 3.022.426 1.126.384 Sub-total
Kepentingan nonpengendali 580 1c,2b 52 Non-controlling interests
TOTAL EKUITAS 3.023.006 1.126.436 TOTAL EQUITY
TOTAL LIABILITAS DAN TOTAL LIABILITIES AND

EKUITAS 9.883.180 4.890.266 EQUITY
3
LAPORAN LABA RUGI KOMPREHENSIF CONSOLIDATED STATEMENTS OF
KONSOLIDASIAN COMPREHENSIVE INCOME
Tahun yang berakhir pada tanggal-tanggal Years ended December 31, 2011 and 2010
31 Desember 2011 dan 2010 (Expressed in millions of rupiah,
(Disajikan dalam jutaan rupiah, unless otherwise stated)
kecuali dinyatakan lain)
Catatan/
2011 Notes 2010
PENJUALAN DAN PENDAPATAN

JASA 6.626.275 2g,2r,26 4.486.419 SALES AND SERVICES
BEBAN POKOK PENJUALAN COST OF GOODS SOLD

DAN PENDAPATAN JASA 5.244.558 2g,2r,27 3.773.394 AND SERVICES
LABA BRUTO 1.381.717 713.025 GROSS PROFIT
Beban penjualan, umum dan Selling, general and

administrasi (718.953) 2g,2r,2aa,28 (463.599) administrative expenses
Pendapatan operasi lainnya 70.864 2r,11 24.161 Other operating income
Laba (rugi) selisih kurs - bersih (64.126) 2s 44.506 Gain (loss) on foreign exchange - net
Beban operasi lainnya (13.480) 2r,11 (2.321) Other operating expenses
LABA USAHA 656.022 315.772 INCOME FROM OPERATIONS
Bagian atas laba neto entitas Equity in net income of

asosiasi 261 2k,10 - associated company
Pendapatan keuangan 23.743 22.456 Finance income
Biaya keuangan (215.620) 2g,30 (100.811) Finance charges
LABA SEBELUM INCOME BEFORE

PAJAK PENGHASILAN 464.406 237.417 INCOME TAX
BEBAN PAJAK PENGHASILAN 2t,21c INCOME TAX EXPENSE

Kini 39.375 61.528 Current
Tangguhan 12.148 21e 4.635 Deferred
Total beban pajak penghasilan 51.523 66.163 Total income tax expense
LABA SEBELUM INCOME BEFORE

RUGI PROFORMA PROFORMA LOSS ARISING
DARI TRANSAKSI FROM RESTRUCTURING
RESTRUKTURISASI TRANSACTIONS OF ENTITIES
ENTITAS SEPENGENDALI 412.883 171.254 UNDER COMMON CONTROL
RUGI PROFORMA PROFORMA LOSS

DARI TRANSAKSI ARISING FROM RESTRUCTURING
RESTRUKTURISASI TRANSACTIONS OF ENTITIES
ENTITAS SEPENGENDALI - 1c (43.878) UNDER COMMON CONTROL
LABA BERSIH TAHUN BERJALAN 412.883 127.376 NET INCOME FOR THE YEAR
PENDAPATAN
KOMPREHENSIF LAIN - - OTHER COMPREHENSIVE INCOME
TOTAL LABA BERSIH

KOMPREHENSIF TOTAL COMPREHENSIVE
TAHUN BERJALAN 412.883 127.376 INCOME FOR THE YEAR
Laba bersih/total laba

komprehensif tahun berjalan yang Net income/total comprehensive
dapat diatribusikan kepada: income for the year attributable to:
Pemilik entitas induk 415.740 127.324 Owners of the parent company
Kepentingan nonpengendali (2.857) 2b 52 Non-controlling interests
TOTAL 412.883 127.376 TOTAL
4
LAPORAN LABA RUGI KOMPREHENSIF CONSOLIDATED STATEMENTS OF
KONSOLIDASIAN (lanjutan) COMPREHENSIVE INCOME (continued)
(Disajikan dalam jutaan rupiah, unless otherwise stated)
Catatan/
2011 Notes 2010
LABA BERSIH PER SAHAM EARNINGS PER SHARE

YANG DAPAT DIATRIBUSIKAN ATTRIBUTABLE TO THE
KEPADA PEMILIK ENTITAS OWNERS OF THE PARENT
INDUK (DALAM ANGKA PENUH) 2y,31 COMPANY (FULL AMOUNT)
Dasar 192 154 Basic
Dilusian 176 54 Diluted
5
The consolidated financial statements are originally issued in the Indonesian language.
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
Tahun yang berakhir pada tanggal-tanggal Years ended
(Disajikan dalam jutaan rupiah, kecuali dinyatakan lain) (Expressed in millions of rupiah, unless otherwise stated)
Ekuitas yang dapat diatribusikan kepada pemilik entitas induk/Equity attributable to owners of the parent company
Selisih Modal proforma

nilai transaksi dari transaksi
restukturisasi restrukturisasi
entitas entitas
sepengendali/ sepengendali/
Difference Proforma capital
Modal saham arising from arising from
ditempatkan dan Tambahan restructuring restructuring
disetor penuh/ modal transactions transactions Obligasi Saldo laba
Issued disetor - neto/ of entities of entities wajib konversi/ (defisit)/ Kepentingan
and fully Additional under under Mandatory Retained nonpengendali/ Total
Catatan/ paid paid-in-capital common common convertible earnings Total/ Non-controlling ekuitas /
Notes capital - net control control bonds (deficit) Total Interests Net equity
Saldo, 31 Desember 2009 412.880 - (143.454) 92.005 757.120 (18.026) 1.100.525 - 1.100.525 Balance, December 31, 2009
Proforma capital arising from
Modal proforma dari transaksi restructuring transactions of
restrukturisasi entitas sepengendali 1c - - - (92.005) - - (92.005) - (92.005) entities under common control
Difference arising from restructuring
Selisih nilai transaksi restrukturisasi transactions of entities
entitas sepengendali 2d,25 - - (9.460) - - - (9.460) - (9.460) under common control
Total laba komprehensif Total comprehensive income
tahun berjalan - - - - - 127.324 127.324 52 127.376 for the year
Saldo, 31 Desember 2010 412.880 - (152.914) - 757.120 109.298 1.126.384 52 1.126.436 Balance, December 31, 2010
Conversion of mandatory
Konversi obligasi wajib konversi 22 757.120 - - - (757.120) - - - - convertible bonds
Penerbitan saham melalui Issuance of shares through
penawaran umum 1b, 23 206.583 1.273.719 - - - - 1.480.302 - 1.480.302 public offering
Total laba komprehensif Total comprehensive income
tahun berjalan - - - - - 415.740 415.740 (2.857) 412.883 for the year
Kepentingan nonpengendali pada Non-controlling interest in newly
entitas anak yang baru diakuisisi 1c - - - - - - - 3.385 3.385 acquired subsidiary
Saldo, 31 Desember 2011 1.376.583 1.273.719 (152.914) - - 525.038 3.022.426 580 3.023.006 Balance, December 31, 2011
Catatan atas laporan keuangan konsolidasian terlampir merupakan bagian yang tidak terpisahkan The accompanying notes to the consolidated financial statements form an integral part of these consolidated
dari laporan keuangan konsolidasian secara keseluruhan. financial statements taken as a whole.
6
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
Tahun yang berakhir pada tanggal-tanggal Years ended
Catatan/
2011 Notes 2010
ARUS KAS DARI AKTIVITAS CASH FLOWS FROM

OPERASI OPERATING ACTIVITIES
Penerimaan dari pelanggan 6.214.820 4.586.444 Receipts from customers
Pembayaran kepada pemasok, Payments to suppliers,
karyawan dan lainnya (5.877.532) (3.867.027) employees and others
Kas diperoleh dari operasi 337.288 719.417 Cash generated from operations
Penerimaan dari taksiran Receipts from estimated

tagihan pajak 80.867 21a 128.286 claims for tax refund
Penerimaan lainnya 45.032 2.134 Receipts from others
Penerimaan dari pendapatan bunga 23.743 22.456 Receipts from interest income
Pembayaran bunga (195.152) (112.342) Payments for interest
Pembayaran pajak penghasilan (130.223) (104.006) Payments for income taxes
Pembayaran lainnya (13.480) (43.469) Other payments
Kas neto yang diperoleh Net cash provided by

dari aktivitas operasi 148.075 612.476 operating activities
ARUS KAS DARI CASH FLOWS FROM

AKTIVITAS INVESTASI INVESTING ACTIVITIES
Hasil penjualan aset tetap 54.773 11 25.757 Proceeds from sale of fixed assets
Hasil dari penjualan Proceeds from sale of investment
penyertaan saham 1.000 10 - in shares of stock
Penambahan aset tetap (1.532.977) 11,38 (786.936) Acquisitions of fixed assets
Akuisisi Entitas Anak (601.310) 1c,38 - Acquisition of Subsidiary
Deposito berjangka yang digunakan Time deposits used
sebagai jaminan pinjaman (175.627) 5 - as loan collateral
Penambahan uang muka pembelian Payments of advances for purchases
aset tetap (72.852) 13 - of fixed assets
Penambahan biaya eksplorasi dan Expenditures for mining exploration
pengembangan tambang (56.708) 12,38 (9.897) and development costs
Penambahan uang muka Addition of advance for purchase
penyertaan saham (41.711) 13 - of investment in shares
Acquisition of additional investment
Penambahan penyertaan saham - (204.862) in shares of stock
Penambahan aset takberwujud - (7.426) Acquisitions of intangible assets
Kas neto yang digunakan untuk Net cash used in

aktivitas investasi (2.425.412) (983.364) investing activities
ARUS KAS DARI CASH FLOWS FROM

AKTIVITAS PENDANAAN FINANCING ACTIVITIES
Perolehan utang bank 3.339.779 1.636.017 Proceeds from bank loans
Penerimaan dari penawaran umum Proceeds from initial
perdana saham - bersih setelah public offering of shares - net of
dikurangi biaya penerbitan 1.480.302 1b,24 - issuance costs
Pembayaran utang bank (855.112) (583.346) Payments of bank loans
Pembayaran utang sewa Payments of obligations under
pembiayaan (328.584) (593.461) finance lease
Pembayaran utang jangka panjang (125.874) 20 - Payments of long-term loans
Penambahan dari pihak-pihak berelasi - 166.220 Proceeds of loan from related parties
Pembayaran kepada
pihak-pihak berelasi - (428.179) Payments to related parties
Kas neto yang diperoleh dari Net cash provided by

aktivitas pendanaan 3.510.511 197.251 financing activities
7
LAPORAN ARUS KAS KONSOLIDASIAN (lanjutan) CONSOLIDATED STATEMENTS OF CASH FLOWS
Tahun yang berakhir pada tanggal-tanggal (continued)
31 Desember 2011 dan 2010 Years ended
(Disajikan dalam jutaan rupiah, December 31, 2011 and 2010
kecuali dinyatakan lain) (Expressed in millions of rupiah,
unless otherwise stated)
Catatan/
2011 Notes 2010
KENAIKAN (PENURUNAN) NET INCREASE (DECREASE) IN

NETO KAS DAN SETARA KAS 1.233.174 (173.637) CASH AND CASH EQUIVALENTS
DAMPAK NETO PERUBAHAN NET EFFECT OF CHANGES

NILAI TUKAR ATAS KAS DAN IN EXCHANGE RATES ON
SETARA KAS 2.457 (7.899) CASH AND CASH EQUIVALENTS
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 433.039 4 614.575 AT BEGINNING OF YEAR
KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AKHIR TAHUN 1.668.670 4 433.039 AT END OF YEAR
Tambahan informasi arus kas disajikan pada Catatan 38. Supporting cash flow information is presented in
Note 38.
8
CATATAN ATAS LAPORAN KEUANGAN NOTES TO THE CONSOLIDATED
KONSOLIDASIAN FINANCIAL STATEMENTS
(Disajikan dalam jutaan Rupiah, unless otherwise stated)
1. UMUM 1. GENERAL
a. Pendirian Perusahaan a. The Company’s establishment
PT ABM Investama Tbk (Perusahaan) didirikan PT ABM Investama Tbk (the Company) was
berdasarkan Akta Notaris Asih Wahyuni established based on Notarial Deed No. 01
Martaningrum, S.H., No. 01 tanggal dated June 1, 2006 of Notary Asih Wahyuni
1 Juni 2006 di Depok, Indonesia dengan nama Martaningrum, S.H., in Depok, Indonesia
PT Adiratna Bani Makmur. Akta pendirian ini under the name PT Adiratna Bani Makmur.
telah disahkan oleh Menteri Hukum dan Hak The deed of establishment was approved by
Asasi Manusia Republik Indonesia dengan the Ministry of Laws and Human Rights of the
Surat Keputusan No. C-22790.HT.01.01. Republic of Indonesia through Decision Letter
Tahun 2006 tanggal 3 Agustus 2006. No. C-22790.HT.01.01 Year 2006 dated
August 3, 2006.
Berdasarkan Akta Notaris Dwi Yulianti, S.H., Based on Notarial Deed No. 5 dated August
No. 5 tanggal 31 Agustus 2009, nama 31, 2009 of Dwi Yulianti, S.H., the Company’s
Perusahaan diubah dari PT Adiratna Bani name was changed from PT Adiratna Bani
Makmur menjadi PT ABM Investama. Makmur to PT ABM Investama. The change
Perubahan tersebut telah disetujui oleh was approved by the Minister of Laws and
Menteri Hukum dan Hak Asasi Manusia Human Rights of the Republic of Indonesia
Republik Indonesia dengan Surat Keputusan through Decision Letter No. AHU-
No. AHU-50239.AH.01.02 Tahun 2009 tanggal 50239.AH.01.02 Year 2009 dated October 16,
16 Oktober 2009. 2009.
Anggaran Dasar Perusahaan telah mengalami The Company’s Articles of Association have
beberapa kali perubahan, perubahan terakhir been amended several times, the latest of
berdasarkan Akta Notaris Aulia Taufani, S.H. which was based on Notarial Deed No. 163
No. 163 tanggal 21 Juli 2011, sehubungan dated July 21, 2011 of Aulia Taufani, S.H., in
dengan Penawaran Umum Saham Perdana connection with the Initial Public Offering (IPO)
Perusahaan kepada masyarakat. Perubahan of the Company. The latest amendment of the
anggaran dasar terakhir telah disahkan oleh Articles of Association was accepted by the
Menteri Hukum dan Hak Asasi Manusia Minister of Law and Human Rights of the
Republik Indonesia dengan Surat Keputusan Republic of Indonesia in Decree No. AHU-
No. AHU-38025.AH.01.02. Tahun 2011 38025.AH.01.02. Year 2011 dated July 28,
tanggal 28 Juli 2011. 2011.
Perusahaan berkedudukan di gedung Tiara The Company is domiciled in Tiara Marga

th
Marga Trakindo lantai 18, Jl. Cilandak KKO Trakindo Building, 18 floor, Jl. Cilandak KKO
No.1, Jakarta Selatan, Indonesia. Perusahaan No. 1, South Jakarta, Indonesia. The
mulai beroperasi secara komersial tahun 2006. Company started its commercial operations in
2006.
Sesuai dengan pasal 3 Anggaran Dasar In accordance with Article 3 of the Company’s
Perusahaan, ruang lingkup kegiatan usaha Articles of Association, the Company’s scope
Perusahaan adalah menjalankan jasa of activities are conducting business
konsultasi manajemen bisnis. management consultancy services.
Valle Verde Pte. Ltd., yang didirikan di Valle Verde Pte. Ltd., incorporated in
Singapura, adalah entitas induk akhir (ultimate Singapore, is the ultimate parent of the
parent) dari Perusahaan dan Entitas Anak Company and Subsidiaries (collectively
(secara bersama-sama disebut “Grup”). referred to as “the Group”).
9
1. UMUM (lanjutan) 1. GENERAL (continued)
b. Penawaran umum Perusahaan b. The Company’s public offerings

Pada tanggal 24 November 2011, Perusahaan On November 24, 2011, the Company
memperoleh pernyataan efektif dari Badan obtained the effective statement from the
Pengawas Pasar Modal dan Lembaga Capital Market and Financial Institution
Keuangan (BAPEPAM-LK) untuk melakukan Supervisory Agency (BAPEPAM and
penawaran umum saham kepada masyarakat Lembaga Keuangan or BAPEPAM-LK) to
sebanyak 550.633.000 saham dengan nilai conduct public offering of its 550,633,000
nominal Rp500 (dalam angka penuh) per shares with nominal value of Rp500 (full
saham dengan harga Rp3.750 (dalam angka amount) per share at a price of Rp3,750 (full
penuh) per saham. Pada tanggal 6 Desember amount) per share. On December 6, 2011, the
2011, Perusahaan mencatatkan seluruh Company listed all of its issued shares in the
saham yang telah diterbitkan di Bursa Efek Indonesia Stock Exchange.
Indonesia.
c. Entitas Anak dan Entitas Asosiasi c. The Subsidiaries and Associated Company
Persentase kepemilikan Perusahaan, baik The percentages of ownership, either directly
secara langsung maupun tidak langsung, dan or indirectly, of the Company in, and total
total aset entitas anak dan entitas asosiasi assets of, the subsidiaries and associated
adalah sebagai berikut: company are as follows:
Tahun usaha
komersial Persentase Total aset sebelum
Kedudukan, dimulai/ kepemilikan/ eliminasi/
Ruang lingkup tanggal pendirian/ Year Percentage of Total assets before
aktivitas/ Domicile, commercial ownership elimination
Nama entitas/ Scope of date of operations
Name of entity activities establishment started 2011 2010 2011 2010
Entitas Anak/Subsidiaries
Kepemilikan langsung:/
Direct ownership:
PT Cipta Kridatama (CK) Kontraktor Jakarta, 1999 100% 100% 3.384.825 2.190.288
Pertambangan/ 8 April 1997/
Mining April 8, 1997
contractor
PT Sumberdaya Sewatama Penyewaan Jakarta, 1992 100% 100% 2.283.863 1.297.272
(SS) mesin pembangkit 31 Januari 1992/
tenaga listrik/ January 31,1992
Power engines
rental
PT Reswara Minergi Perdagangan/ Jakarta, 2011 100% 100% 1.145.727 250.576
Hartama (Reswara) Trading 19 Oktober 2010/
October 19, 2010
PT Sanggar Sarana Baja Perencanaan Jakarta, 1977 99,96% 99,96% 1.127.498 819.986
(SSB) rekayasa mesin, 19 Maret 1977/
pengembangan, March 19, 1977
dan pembuatan
perlengkapan
penunjang alat-
alat berat dan alat
angkut bahan/
Engineering,
development
and manufacture
of heavy
equipment
attachment
and materials
handling
products
10
c. Entitas Anak dan Entitas Asosiasi (lanjutan) c. The Subsidiaries and Associated Company
(continued)
Tahun usaha
aktivitas/ Domicile, commercial ownership elimination
Kepemilikan langsung:/
Direct ownership:
Cipta Krida Bahari Jasa Jakarta, 1997 100% 100% 478.356 231
(CKB) logistik/ 9 Mei 1997/
Logistic May 9, 1997
services
Kepemilikan tidak langsung:/

Indirect ownership:
Melalui SS:/
Through SS:
PT Pradipa Aryasatya Industri pembangkit Jakarta, - 100% - 43.523 -

(PAS) listrik energi thermal/ 13 Mei 2011/
Thermal energy IPP May 13, 2011
PT Nagata Bisma Shakti Industri pembangkit Jakarta, - 100% - 1.026 -

(NBS) listrik energi yang 13 Mei 2011/
terbarukan/ May 13, 2011
Renewable energy IPP
Melalui Reswara:/
Through Reswara:
PT Tunas Inti Abadi Pengembangan Jakarta, 2009 100% 100% 820.826 311.253
(TIA) dan pertambangan 11 November 2003/
sumberdaya, November 11, 2003
terutama
batubara/
Development
and mining
resources,
principally coal
PT Media Djaya Bersama Perdagangan, Jakarta, - 70% - 121.772 -

(MDB) pengembangan 6 Mei 2005/
dan industri/ May 6, 2005
Trading,
development
and industry
PT Pelabuhan Buana Jasa Jakarta, - 100% 100% 52.264 50.003

Reja (PBR) pengelolaan 2 Desember 2010/
Pelabuhan/ December 2, 2010
Port
management
services
PT Mifa Bersaudara Pertambangan Aceh Darusalam, - 70% - 47.043 -

(Mifa) batubara/ 14 Januari 2002/
Coal mining January 14, 2002
PT Bara Energi Lestari Pertambangan Aceh Darusalam, 2011 70% - 12.691 -

(BEL) batubara/ 24 Juni 2005/
Coal mining June 24, 2005
Melalui SSB:/
Through SSB:
PT Prima Wiguna Parama Perdagangan Jakarta, - 100% - 5.000 -

(PWP) dan konstruksi/ 20 Juni 2011/
General trading June 20, 2011
and construction
11
(continued)
Tahun usaha
Aktivitas/ Domicile, commercial ownership elimination
Kepemilikan tidak langsung:/

Indirect ownership:
Melalui CKB:/
Through CKB:
PT Alfa Trans Raya Transportasi laut/ Jakarta, 2007 100% 100% 127.265 71.401
(ATR) Sea transportation 28 November 2006/
November 28, 2006
PT Baruna Dirga Dharma Transportasi laut Jakarta, 2011 100% - 74.655 -

(BDD) domestik/ 24 Mei 2011/
Domestic sea May 24, 2011
transportation
Entitas Asosiasi/
Associated Company
PT Metaepsi Pejebe Pembangkit Jakarta, 2007 12% 20% - -

Power Generation tenaga listrik/ 31 Januari 2005/
(Meppogen)*) Power January 31, 2005
generation
*) Pada tanggal 31 Oktober 2011, investasi di Meppogen terdilusi menjadi 12% (Catatan 10)/As of October 31, 2011, the investment in
Meppogen was diluted to become 12% (Note 10).
CK CK
Berdasarkan Akta Notaris Djumini Setyoadi, Based on Notarial Deed No. 18 dated
SH. M.Kn., No. 18 tanggal 14 Desember December 14, 2010 of Djumini Setyoadi, SH.
2010, Perusahaan meningkatkan kepemilikan M.Kn., the Company increased its investment
saham di CK sebesar Rp484.475 sehingga in CK by Rp484,475 making its equity interest
pemilikan saham di CK menjadi sebesar in CK to become 99.99%. As of December 31,
99,99%. Pada tanggal 31 Desember 2011 dan 2011 and 2010, the Company’s investment,
2010, pemilikan saham Perusahaan bersama together with that of SSB, in CK shares
dengan pemilikan saham SSB di CK represented 100% equity interest in CK. The
mencerminkan 100% kepemilikan saham di said increase in the investment constituted a
CK. Peningkatan investasi tersebut merupakan restructuring transaction among entities under
transaksi restrukturisasi entitas sepengendali, common control and, therefore, was
dan oleh karena itu, dicatat dengan metode accounted for in a manner similar to the
penyatuan kepemilikan (pooling-of-interests) pooling-of-interests method in accordance with
sesuai dengan Pernyataan Standar Akuntansi Statement of Financial Accounting Standards
Keuangan (PSAK) No. 38 (Revisi 2004), (PSAK) No. 38 (Revised 2004), “Accounting
"Akuntansi Restrukturisasi Entitas for Restructuring Transaction of Entities under
Sepengendali". Common Control”.
Reswara Reswara
Berdasarkan Akta Notaris Justriany Koni, S.H. Based on Notarial Deed No. 38 dated October
No. 38 tanggal 19 Oktober 2010, Perusahaan 19, 2010 of Justriany Koni, S.H., the Company
mendirikan Reswara dengan total modal awal established Reswara with total paid-in capital
yang disetor Rp250.000. Jumlah penyertaan amounting to Rp250,000. The Company’s
modal Perusahaan bersama dengan investment, together with that of SSB in
kepemilikan saham SSB di Reswara sebesar Reswara, amounted to Rp250,000,
Rp250.000, mewakili 100% kepemilikan representing 100% equity interest.
saham.
12
(continued)
Reswara (lanjutan) Reswara (continued)
Reswara memiliki 99,99% kepemilikan saham Reswara has 99.99% equity interest in TIA
atas TIA dan PBR dan 70% atas MDB. and PBR and 70% in MDB.
PAS PAS
Berdasarkan Akta Notaris Djumini Setyoadi, Based on Notarial Deed No. 25 dated May 13,
S.H., M.Kn., No. 25 tanggal 13 Mei 2011, SS 2011 of Djumini Setyoadi, S.H., M.Kn., SS and
dan SSB mendirikan entitas anak dengan SSB established a subsidiary under the name
nama PT Pradipa Aryasatya, dengan total PT Pradipa Aryasatya, with total initial paid-in
modal awal disetor Rp1.000. capital of Rp1,000.
NBS NBS
S.H., M.Kn., No. 26 tanggal 13 Mei 2011, SS 2011 of Djumini Setyoadi, S.H., M.Kn., SS and
dan SSB mendirikan entitas anak dengan SSB established a subsidiary under the name
nama PT Nagata Bisma Shakti, dengan total PT Nagata Bisma Shakti, with total initial paid-
modal awal yang disetor Rp1.000. in capital of Rp1,000.
TIA TIA
Pada tanggal 31 Desember 2011, TIA memiliki As of December 31, 2011, TIA has mining
Ijin Usaha Pertambangan (IUP), sebagai business rights (Ijin Usaha Pertambangan/
berikut: IUP), as follows:
(Dalam jutaan ton)- tidak diaudit/

(In million tonnes)- unaudited
Produksi
untuk Tahun yang
Berakhir pada
tanggal Akumulasi Total
31 Desember Produksi pada
2011/ tanggal
IUP Operasi Production 31 Desember 2011/
Produksi/ for the Year Accumulated Total Sisa Cadangan/
Lokasi/ Kode Area/ Luas (ha)/ IUP Production Total Cadangan/ Ended December Production as of Remaining
Location Area Code Area (ha) Operations Total Reserves 31, 2011 December 31, 2011 Reserves
No. 51.A Tahun

2011
Kusan Hulu
TB.07 718,7 Berlaku sampai
dan/and Sungai
OKTPR 45 5 Maret 2021/
Loban Sub-district
Valid until
March 5, 2021 52,0 1,91 3,08 48,92
No. 217 Tahun
Kusan Hulu 2.355,2 2011
TB.04
dan/and Sungai Berlaku sampai
FEBPR 03
Loban Sub-district 16 Maret 2021/
Valid until
March 16, 2021
Cadangan didasarkan pada hasil survei yang The reserves are based on the results of the
dilakukan oleh PT Runge Indonesia untuk survey conducted by PT Runge Indonesia to
menilai cadangan dari daerah di atas appraise the reserves of the above areas as
berdasarkan laporan No. ADV-JA- described in its report No. ADV-JA-
03768_TIA_2011 yang dikeluarkan pada bulan 03768_TIA_2011 issued in September 2011.
September 2011.
13
(continued)
TIA (lanjutan) TIA (continued)
TIA telah mendapatkan izin lokasi untuk TIA has obtained location permit for special
pembangunan pelabuhan khusus dengan port construction based on Decision Letter No.
Surat Keputusan No. 95 Tahun 2005 tanggal 95 Year 2005 dated June 3, 2005 and special
3 Juni 2005 dan izin pembangunan pelabuhan port construction permit based on Decision
khusus dengan Surat Keputusan No. 125 Letter No. 125 Year 2007 dated May 10, 2007.
Tahun 2007 tanggal 10 Mei 2007. Kedua izin Both permits issued by the District Head of
tersebut dikeluarkan oleh Pemerintah Daerah Tanah Bumbu, located at Sebamban Baru
Tanah Bumbu, yang berlokasi di Desa Village, Sungai Loban Sub-district, Tanah
Sebamban Baru, Kecamatan Sungai Loban, Bumbu Regency, South Kalimantan covered
Kabupaten Tanah Bumbu, Kalimantan Selatan 221 hectares.
mencakup 221 hektar.
Pada tanggal 10 Maret 2008, TIA On March 10, 2008, TIA obtained operational
mendapatkan izin operasional dari Pemerintah permit from the District Head of Tanah Bumbu
Daerah Tanah Bumbu dengan Surat with Decision Letter No. 220 Year 2008 to
Keputusan No. 220 Tahun 2008 untuk operate a special port in Bunati Village,
menjalankan pelabuhan khusus di Desa Angsana Sub-district, Tanah Bumbu Regency,
Bunati, Kecamatan Angsana, Kabupaten South Kalimantan. This Decision Letter is valid
Tanah Bumbu, Kalimantan Selatan. Surat until March 10, 2013. TIA has also obtained
Keputusan ini berlaku sampai dengan tanggal permit No. 483 Year 2010 to Operate Special
10 Maret 2013. TIA juga telah memperoleh Port from the Minister of Transportation, which
Persetujuan Pengelolaan Terminal untuk shall be valid as long as the port is used to
kepentingan sendiri berdasarkan keputusan support TIA’s main business activities.
Menteri Perhubungan No. 483 Tahun 2010
yang berlaku selama terminal dikelola untuk
menunjang kegiatan usaha pokok TIA.
TIA mengadakan perjanjian “Pinjam Pakai TIA entered into a “Pinjam Pakai Lahan”
Lahan” dengan PT Hutan Rindang Benua agreement dated January 19, 2010 with
(HRB) pada tanggal 19 Januari 2010, dimana PT Hutan Rindang Benua (HRB), wherein
HRB menyetujui untuk meminjamkan area HRB agreed to lend the Industrial Timber
Hutan Tanaman Industri kepada TIA sebesar Plantation area to TIA with an area of 1,753.8
1.753,8 hektar yang berlokasi di Kabupaten hectares located in Tanah Bumbu Regency,
Tanah Bumbu, Kalimantan Selatan. Perjanjian South Kalimantan. The agreement is valid
tersebut berlaku selama umur tambang TIA. during the life of TIA’s mine. The rights of
Izin mengenai Pinjam Pakai Kawasan Hutan “Pinjam Pakai Kawasan Hutan” have been
telah mendapat persetujuan dari Menteri approved by the Minister of Forestry based on
Kehutanan berdasarkan Surat Keputusan Decision Letters No. SK.370/Menhut-II/2009
No. SK.370/Menhut-II/2009 tanggal 23 Juni dated June 23, 2009 and No. SK.479/Menhut-
2009 dan No.SK.479/Menhut-II/2010 tanggal II/2010 dated August 24, 2010.
24 Agustus 2010.
MDB MDB
Pada tanggal 10 Juni 2011, PT Agrotama On June 10, 2011, PT Agrotama Raya
Raya (Agrotama) dan Equity First International (Agrotama) and Equity First International
Limited (EFIL), keduanya adalah pihak ketiga, Limited (EFIL), both third parties, signed an
menandatangani option agreement, dimana option agreement, whereby Agrotama granted
Agrotama memberikan opsi tanpa syarat dan EFIL the unconditional and absolute option to
mutlak kepada EFIL untuk membeli 54.250 purchase Agrotama’s 54,250 MDB shares,
saham milik Agrotama di MDB yang mewakili representing 70% equity interest in MDB.
70% dari kepemilikan saham MDB.
14
(continued)
MDB (lanjutan) MDB (continued)

Pada tanggal 17 Juni 2011, Reswara, On June 17, 2011, Reswara, Agrotama and
Agrotama dan EFIL menandatangani EFIL signed an assignment agreement
perjanjian pengalihan dimana EFIL whereby EFIL assigned the above option to
mengalihkan opsi untuk membeli saham MDB purchase MDB shares to Reswara for an
diatas kepada Reswara dengan harga assignment option price subsequently set at
pengalihan opsi sebesar USD60.000.000 USD60,000,000 (equivalent to Rp512,820),
(setara dengan Rp512.820), yang telah which Reswara paid to EFIL on June 30, 2011.
dibayar Reswara kepada EFIL pada tanggal
30 Juni 2011.
Selain itu, pada tanggal 17 Juni 2011, Also, on June 17, 2011, Reswara, Agrotama
Reswara, Agrotama dan EFIL and EFIL signed a conditional shares sale and
menandatangani perjanjian jual beli saham purchase agreement, whereby Agrotama
bersyarat, dimana Agrotama setuju untuk agreed to transfer the above-mentioned MDB
mengalihkan saham MDB yang disebutkan shares to Reswara for a total purchase price of
di atas kepada Reswara dengan harga USD10,000,000 (equivalent to Rp86,095),
USD10.000.000 (setara dengan Rp86.095), which Reswara fully paid to Agrotama on June
yang telah dibayar Reswara sepenuhnya 27, 2011. Based on Notarial Deed No. 167
kepada Agrotama pada tanggal 27 Juni 2011. dated June 28, 2011 of Humberg Lie, S.H.,
Berdasarkan Akta Notaris Humberg Lie, S.H., S.E., M.kn., Reswara owns a total of 54,250
S.E., M.Kn., No. 167 tanggal 28 Juni 2011, shares of MDB.
Reswara memiliki 54.250 saham MDB.
Total biaya perolehan saham MDB adalah Total cost of the investment in MDB shares
sebesar USD70.000.000 (setara dengan amounted to USD70,000,000 (equivalent to
Rp601.915). Sehubungan dengan akuisisi Rp601,915). In connection with the acquisition
saham MDB, Reswara mengakui goodwill of MDB shares, Reswara recognized goodwill
sebesar Rp593.883 dalam laporan posisi amounting to Rp593,883 in the 2011
keuangan konsolidasian tahun 2011. consolidated statement of financial position.
Nilai wajar aset teridentifikasi yang diperoleh The fair values of the identifiable assets
dan liabilitas yang diambil alih dari akuisisi acquired and liabilities assumed from the
di atas beserta nilai tercatat goodwil yang above transaction, and the resulting goodwill
timbul merupakan jumlah sementara are provisional pending receipt of the final
menunggu penyelesaian penilaian nilai wajar valuations of the fair values of those assets
aset dan liabilitas tersebut (Catatan 2c). and liabilities (Note 2c).
PBR PBR
Berdasarkan Akta Notaris Justriany Koni, S.H., Based on Notarial Deed No. 3 dated
No. 3 tanggal 2 Desember 2010, Reswara December 2, 2010 of Justriany Koni, S.H.,
bersama dengan SSB mendirikan PBR Reswara, together with SSB, established PBR
dengan total penyertaan modal sebesar with total paid-in capital amounting to
Rp50.000. Jumlah penyertaan Reswara, Rp50,000. Reswara’s investment, together
bersama dengan penyertaan SSB pada PBR, with that of SSB in PBR, amounted to
adalah sebesar Rp50.000, mewakili 100% Rp50,000, representing equity interest of
kepemilikan saham. 100%.
15
(continued)
Mifa Mifa
Mifa adalah entitas anak dari MDB, yang Mifa is a subsidiary of MDB, which owns
memiliki 99,997% dari total saham yang 99.997% of Mifa’s total issued shares.
dikeluarkan Mifa.
Pada tanggal 31 Desember 2011, Mifa As of December 31, 2011, Mifa has IUP, as
memiliki IUP, sebagai berikut: follows:
Produksi
untuk Tahun
yang Berakhir
pada tanggal Akumulasi Total
2011/ tanggal
Production 31 Desember 2011/
Luas for the Year Accumulated Total Sisa
(ha)/ IUP Operasi Produksi/ Ended Production as of Cadangan/
Lokasi/ Kode Area/ Area IUP Production Total Cadangan/ December 31, December 31, Remaining
Location Area Code (ha) Operations Total Reserves 2011 2011 Reserves
No. 117.b Tahun 2011

Meureubo, 150,00 - - 150,00
KW 020505/MB 3.134 Berlaku sampai
Aceh Barat
13 April 2025/
Valid until April 13, 2025
menilai cadangan dari daerah di atas appraise the reserves of the above area as
03770_MDB_2011 yang dikeluarkan pada 03770_MDB_2011 issued on July 22, 2011.
tanggal 22 Juli 2011.
Mifa memegang Izin Eksplorasi No. 157 Mifa holds Exploration Permit No. 157 dated
tanggal 30 Agustus 2003 untuk wilayah August 30, 2003 for a mining area of 3,000
pertambangan 3.000 hektar di Meureubo dan hectares at Meureubo and Kaway XVI Sub-
Kecamatan Kaway XVI, Kabupaten Aceh districts, West Aceh Regency, Nanggroe Aceh
Barat, Nanggroe Aceh Darussalam; Izin Darussalam; Mining Exploitation Permit
Pertambangan Eksploitasi No. 96 tanggal No. 96 dated August 1, 2005; and Permit for
1 Agustus 2005; dan Izin untuk Mengangkut Transfer and Selling for Mining No. 95 dated
dan Menjual Barang Tambang No. 95 tanggal August 1, 2005 from the Regent of West Aceh.
1 Agustus 2005 dari Bupati Aceh Barat.
Mifa juga memiliki izin lokasi untuk wilayah Mifa also has a location permit for a coal
penambangan batubara seluas 3.134 hektar di mining area of 3,134 hectares in Meureubo
Meureubo dan Kecamatan Kaway XVI, and Kaway XVI Sub-districts, West Aceh
Kabupaten Aceh Barat, Nanggroe Aceh Regency, Nanggroe Aceh Darussalam which
Darussalam yang terakhir diubah berdasarkan was last amended based on Decision Letter
Surat Keputusan Bupati Aceh Barat No. 179 No. 179 Year 2008 dated May 31, 2008 of the
Tahun 2008, tanggal 31 Mei 2008. Regent of West Aceh.
16
(continued)
Mifa (lanjutan) Mifa (continued)
Pada tanggal 13 April 2010, Mifa memperoleh On April 13, 2010, Mifa obtained IUP from the
IUP dari Bupati Aceh Barat berdasarkan Surat Regent of West Aceh based on Decision Letter
Keputusan No. 124 Tahun 2010 untuk No. 124 Year 2010 to conduct construction,
melakukan konstruksi, produksi, memuat dan production, loading and selling, and
menjual, dan pengolahan dan pemurnian di processing and purifying in the area of the IUP
lahan IUP untuk periode lima tahun yang for a period of five years ending on April 13,
berakhir pada tanggal 13 April 2015. 2015. Based on Decision Letter No. 117.b
Berdasarkan Surat Keputusan Bupati Aceh Year 2011 dated March 30, 2011 from the
Barat No. 117.b Tahun 2011 tanggal 30 Maret Regent of West Aceh, this permit has been
2011, izin ini telah disesuaikan untuk periode adjusted to become effective for a period of 20
20 tahun yang berakhir pada tanggal 13 April years ending on April 13, 2025.
2025.
BEL BEL
BEL adalah entitas anak dari MDB, dengan BEL is a subsidiary of MDB, which owns
kepemilikan 99,995% dari jumlah saham yang 99.995% of BEL’s total issued shares.
dikeluarkan BEL.
Pada tanggal 31 Desember 2011, BEL As of December 31, 2011, BEL has IUP, as
memiliki IUP, sebagai berikut: follows:

Produksi
untuk Tahun
yang Berakhir
pada tanggal Akumulasi Total
2011/ tanggal
Production 31 Desember 2011/
Luas for the Year Accumulated Total Sisa
(ha)/ IUP Operasi Produksi/ Ended Production as of Cadangan/
Lokasi/ Kode Area/ Area IUP Production Total Cadangan/ December 31, December 31, Remaining
Location Area Code (ha) Operations Total Reserves 2011 2011 Reserves
No. 545/41/SK/IUP-
Seunagan OP/2010 Tahun 2011
dan/and Suka Berlaku sampai 19,00 0,03 0,03 18,97
KW Sng 01 Ep 2007 1.495
Makmue, 26 September 2017/
Nagan Raya Valid until September
26, 2017
menilai cadangan dari daerah di atas appraise the reserves of the above area as
03770_MDB_2011 yang dikeluarkan pada 03770_MDB_2011 issued on July 22, 2011.
tanggal 22 Juli 2011.
Berdasarkan Keputusan Kabupaten Nagan Based on Nagan Raya Regency Decree

Raya No. 545/41/SK/IUP-OP/2010 tanggal No. 545/41/SK/IUP-OP/2010 dated March 18,
18 Maret 2010, BEL telah memperoleh 2010, BEL has obtained an approval for a
persetujuan untuk perubahan izin change of its mining exploitation right to
pertambangan eksploitasi menjadi IUP yang become IUP which is valid until September 26,
berlaku hingga tanggal 26 September 2017. 2017.
17
(continued)
PWP PWP
Berdasarkan Akta Notaris Djumini Setyoadi, Based on Notarial Deed No. 31 dated June 20,
S.H., M.Kn. No. 31 tanggal 20 Juni 2011, SSB 2011 of Djumini Setyoadi, S.H., M.Kn., SSB
dan CKB mendirikan entitas anak dengan and CKB established a subsidiary under the
nama PT Prima Wiguna Parama, dengan total name PT Prima Wiguna Parama, with total
modal awal yang disetor Rp5.000. initial paid-in capital of Rp5,000.
ATR ATR
Berdasarkan Akta Notaris Justriany Koni, S.H., Based on Notarial Deed No. 20 dated
No. 20 tanggal 28 September 2010, ATR September 28, 2010 of Justriany Koni, S.H.,
menerima tambahan setoran modal dari CKB ATR received additional capital contribution
sebesar Rp10.000 pada bulan September from CKB amounting to Rp10,000 in
2010. September 2010.
Berdasarkan Akta Notaris Djumini Setyoadi, Based on Notarial Deed No. 7 dated June 1,
S.H., M.Kn., No. 7 tanggal 1 Juni 2011, ATR 2011 of Djumini Setyoadi, S.H., M.Kn., ATR
meningkatkan modal dasar menjadi increased its authorized capital to Rp180,000
Rp180.000 dan menerima tambahan setoran and received additional capital contribution
modal dari CKB sebesar Rp25.000 pada bulan from CKB amounting to Rp25,000 in June
Juni 2011. 2011.
BDD BDD
S.H., M.Kn., No. 44 tanggal 24 Mei 2011, CKB 2011 of Djumini Setyoadi, S.H., M.Kn., CKB
dan SS mendirikan entitas anak dengan nama and SS established a subsidiary under the
PT Baruna Dirga Dharma, dengan total modal name PT Baruna Dirga Dharma, with total
awal disetor Rp1.000. initial paid-in capital of Rp1,000.
Berdasarkan Akta Notaris Djumini Setyoadi, Based on Notarial Deed No.7 dated August
S.H., M.Kn., No. 7 tanggal 25 Agustus 2011, 25, 2011 of Djumini Setyoadi, S.H., M.Kn.,
BDD meningkatkan modal dasar menjadi BDD increased its authorized capital to
Rp252.000 dan menerima tambahan setoran Rp252,000 and received additional capital
modal dari CKB sebesar Rp62.000 pada bulan contribution from CKB amounting to Rp62,000
Agustus 2011. in August 2011.
Meppogen Meppogen
Berdasarkan Akta Notaris Andreas, S.H., Based on Notarial Deed No. 36 dated
LL.M., No. 36 pada tanggal 24 November November 24, 2010 of Andreas, S.H., LL. M.,
2010, SS mengakuisisi 27.900 saham (dengan SS acquired 27,900 shares (at par value of
nilai nominal Rp1.000.000 [dalam angka Rp1,000,000 [full amount] per share) of
penuh] per saham) Meppogen dari PT Widjaja Meppogen from PT Widjaja Tunggal
Tunggal Sejahtera, pihak ketiga, sebesar Sejahtera, a third party, amounting to
USD6.500.000 (setara dengan Rp59.519), USD6,500,000 (equivalent to Rp59,519),
yang mewakili 20% kepemilikan di Meppogen. representing 20% equity interest in Meppogen.
Pada tanggal 31 Oktober 2011, pemegang On October 31, 2011, the other shareholders
saham Meppogen lainnya melakukan konversi of Meppogen converted their convertible loans
pinjamannya, yang mengakibatkan which diluted the equity interest of SS in
kepemilikan SS di Meppogen terdilusi menjadi Meppogen to 12%.
12%.
18
d. Dewan Komisaris dan Direksi, Komite Audit d. Boards of Commissioners and Directors,
dan karyawan Audit Committee and employees
Susunan Dewan Komisaris dan Direksi The composition of the Boards of

Perusahaan pada tanggal-tanggal Commissioners and Directors of the Company
31 Desember 2011 dan 2010 adalah sebagai as of December 31, 2011 and 2010 is as
berikut: follows:
2011 2010
Dewan Komisaris Board of Commissioners
Rachmat Rachmat
Komisaris Utama Mulyana Hamami Mulyana Hamami President Commissioner
Komisaris Mivida Hamami Mivida Hamami Commissioner

Erry Riyana
Komisaris Independen Hardjapamekas - Independent Commissioner
2011 2010
Direksi Board of Directors
Direktur Utama Achmad Ananda Djajanegara Achmad Ananda Djajanegara President Director
Direktur Willy Agung Adipradhana Willy Agung Adipradhana Director
Direktur Syahnan Poerba Syahnan Poerba Director
Direktur Yovie Priadi - Director
Berdasarkan Pernyataan Keputusan Para Based on the Circular Resolution of

Pemegang Saham, yang telah diaktakan Shareholders, as notarized under Deed No. 25
dengan Akta Notaris No. 25 tanggal 24 Januari dated January 24, 2011 of Djumini Setyoadi,
2011 dari Notaris Djumini Setyoadi, S.H., S.H., M.kn., the shareholders approved the
M.Kn., para pemegang saham menyetujui appointment of Yovie Priadi as Director.
pengangkatan Yovie Priadi sebagai Direktur.
Berdasarkan Pernyataan Keputusan Para Based on the Circular Resolution of

Pemegang Saham, yang telah diaktakan Shareholders, as notarized under Deed No. 4
dengan Akta Notaris No. 4 tanggal dated December 14, 2010 of Djumini Setyoadi,
14 Desember 2010 dari Notaris Djumini S.H., M.kn., the shareholders approved the
Setyoadi, S.H., M.Kn., para pemegang saham appointment of Rachmat Mulyana Hamami as
menyetujui pengangkatan Rachmat Mulyana President Commissioner.
Hamami sebagai Komisaris Utama.
Berdasarkan Surat Keputusan Dewan Based on the Board of Commissioners’

Komisaris tanggal 9 November 2011, Dewan Decision Letter dated November 9, 2011, the
Komisaris Perusahaan menyetujui commissioners approved the establishment of
pembentukan Komite Audit Perusahaan the Audit Committee relating to the change in
sehubungan dengan perubahan status the Company’s status from a private company
Perusahaan dari perusahaan tertutup menjadi to a public company in accordance with the
perusahaan publik sesuai dengan peraturan regulation of BAPEPAM-LK.
BAPEPAM-LK.
19
d. Dewan Komisaris dan Direksi, Komite Audit d. Boards of Commissioners and Directors,
dan karyawan (lanjutan) Audit Committee and employees
(continued)
Susunan Komite Audit Perusahaan pada The composition of the Company’s Audit
tanggal 31 Desember 2011 adalah sebagai Committee as of December 31, 2011 is as
berikut: follows:
Ketua Erry Riyana Hardjapamekas Chairman
Anggota Andradiet I.J Alis Member
Anggota Lucy Member
Berdasarkan Surat Keputusan Dewan Direksi Based on the Board of Directors’ Decision
No. ABM-BOD/092/BOD/09/2011 tanggal Letter No. ABM-BOD/092/BOD/09/2011 dated
21 September 2011, Direksi menyetujui September 21, 2011, the directors approved
pengangkatan Bernando Agustono Mochtar the appointment of Bernando Agustono
sebagai Ketua Internal Audit. Mochtar as Internal Audit Chairman.
Grup mempunyai jumlah karyawan tetap The Group had a total of 4,752 and 4,067
masing-masing adalah 4.752 dan 4.067 (tidak (unaudited) permanent employees as of
diaudit) pada tanggal 31 Desember 2011 dan December 31, 2011 and 2010, respectively.
2010.
2. IKHTISAR KEBIJAKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING

POLICIES
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the consolidated

konsolidasian financial statements
Laporan keuangan konsolidasian telah disusun The consolidated financial statements have
sesuai dengan Standar Akuntansi Keuangan di been prepared in accordance with Indonesian
Indonesia (SAK), yang mencakup Pernyataan Financial Accounting Standards (SAK), which
Standar Akuntansi Keuangan (PSAKs) dan comprise the Statements of Financial
Interpretasi Standar Akuntansi Keuangan Accounting Standards (PSAKs) and
(ISAKs) yang dikeluarkan oleh Dewan Standar Interpretations to Financial Acccounting
Akuntansi Keuangan Ikatan Akuntan Standards (ISAKs) issued by the Financial
Indonesia, serta Peraturan No. VIII.G.7 yang Accounting Standards Board of the Indonesian
terdapat di dalam Peraturan dan Pedoman Institute of Accountants, and Rule No. VIII.G.7
Penyajian dan Pengungkapan Laporan on the Regulations and the Guidelines on
Keuangan yang diterbitkan oleh BAPEPAM- Financial Statement Presentation and
LK. Seperti diungkapkan dalam catatan- Disclosures issued by the BAPEPAM-LK. As
catatan terkait di bawah ini. beberapa standar disclosed further in the relevant succeeding
akuntansi yang telah direvisi dan diterbitkan, notes, several amended and published
diterapkan efektif tanggal 1 Januari 2011 accounting standards were adopted effective
secara prospektif atau retrospektif. January 1, 2011, prospectively or
retrospectively.
Laporan keuangan konsolidasian disusun The consolidated financial statements are

sesuai dengan PSAK No. 1 (Revisi 2009), prepared in accordance with PSAK No. 1
“Penyajian Laporan Keuangan” yang (Revised 2009), “Presentation of Financial
diterapkan pada tanggal 1 Januari 2011. Statements”, adopted on January 1, 2011.
20

(lanjutan) POLICIES (continued)
a. Dasar penyusunan laporan keuangan a. Basis of preparation of the consolidated

konsolidasian (lanjutan) financial statements (continued)
PSAK No. 1 (Revisi 2009) mengatur penyajian PSAK No. 1 (Revised 2009) regulates the
laporan keuangan, yaitu antara lain, tujuan presentation of financial statements as to,
pelaporan, komponen laporan keuangan, among others, the objective, components of
penyajian secara wajar, materialitas dan financial statements, fair presentation,
agregasi, saling hapus, perbedaan antara aset materiality and aggregation, offsetting,
lancar dan tidak lancar dan kewajiban jangka distinction between current and non-current
pendek dan jangka panjang, informasi assets and liabilities, comparative information
komparatif, konsistensi penyajian dan and consistency, and introduces new
memperkenalkan pengungkapan baru, antara disclosures, such as key estimations and
lain, sumber estimasi ketidakpastian dan judgments, capital management, other
pertimbangan, pengelolaan permodalan, comprehensive income, departures from
pendapatan komprehensif lain, penyimpangan accounting standards and statement of
dari standar akuntansi keuangan, dan compliance.
pernyataan kepatuhan.
Penerapan PSAK No. 1 (Revisi 2009) tersebut The adoption of PSAK No. 1 (Revised 2009)
memberikan pengaruh yang signifikan bagi has significant impact on the related
penyajian dan pengungkapan terkait dalam presentation and disclosures in the
laporan keuangan konsolidasian. consolidated financial statements.
Kebijakan akuntansi yang diterapkan dalam The accounting policies adopted in the
penyusunan laporan keuangan konsolidasian preparation of the consolidated financial
adalah selaras dengan kebijakan akuntansi statements are consistent with those made in
yang diterapkan dalam penyusunan laporan the preparation of the Group’s consolidated
keuangan konsolidasian untuk tahun yang financial statements for the year ended
berakhir pada tanggal 31 Desember 2010, December 31, 2010, except for the adoption of
kecuali bagi penerapan beberapa SAK yang several amended PSAKs effective January 1,
telah direvisi efektif sejak tanggal 1 Januari 2011 as disclosed in this note.
2011 seperti yang diungkapkan pada catatan
ini.
Laporan keuangan konsolidasian disusun The consolidated financial statements have

berdasarkan konsep akrual, dan dasar been prepared using the accrual basis, and
pengukuran dengan menggunakan konsep the measurement basis used is historical cost,
biaya historis, kecuali untuk akun tertentu yang except for certain accounts which are
diukur dengan menggunakan dasar seperti measured on the bases as described in the
yang disebutkan dalam catatan yang relevan. relevant notes herein.
Laporan arus kas konsolidasian, menyajikan The consolidated statements of cash flows
penerimaan dan pengeluaran kas dan setara present cash receipts and payments classified
kas yang diklasifikasikan ke dalam aktivitas into operating, investing and financing
operasi, investasi dan pendanaan dengan activities using the direct method.
menggunakan metode langsung.
Efektif tanggal 1 Januari 2011, Perusahaan Effective January 1, 2011, the Company has
telah menerapkan PSAK No. 2 (Revisi 2009), adopted PSAK No. 2 (Revised 2009),
"Laporan Arus Kas", yang menggantikan “Statement of Cash Flows”, which superseded
PSAK No. 2 dengan judul yang sama. PSAK No. 2 with the same title. The
Penerapan PSAK No. 2 (Revisi 2009) tidak implementation of PSAK No. 2 (Revised 2009)
memiliki dampak yang signifikan terhadap does not have significant impact on the
Mata uang pelaporan yang digunakan dalam The reporting currency used in the
laporan keuangan konsolidasian adalah consolidated financial statements is the
Rupiah. Indonesian rupiah.
21

b. Prinsip-prinsip konsolidasi b. Principles of consolidation
Sejak 1 Januari 2011 From January 1, 2011
Efektif 1 Januari 2011, Grup menerapkan Effective January 1, 2011, the Group adopted
PSAK No. 4 (Revisi 2009), “Laporan PSAK No. 4 (Revised 2009), “Consolidated
Keuangan Konsolidasian dan Laporan and Separate Financial Statements”, except
Keuangan Tersendiri”, kecuali beberapa hal for the following items that were applied
berikut yang diterapkan secara prospektif: (i) prospectively: (i) losses of a subsidiary that
rugi entitas anak yang menyebabkan saldo result in a deficit balance to non-controlling
defisit bagi kepentingan nonpengendali (KNP); interests (NCI); (ii) loss of control over a
(ii) kehilangan pengendalian pada entitas subsidiary; (iii) change in the ownership
anak; (iii) perubahan kepemilikan pada entitas interest in a subsidiary that does not result in a
anak yang tidak mengakibatkan hilangnya loss of control; (iv) potential voting rights in
pengendalian; (iv) hak suara potensial dalam determining the existence of control; and (v)
menilai keberadaan pengendalian; dan (v) consolidation of a subsidiary that is subject to
konsolidasian atas entitas anak yang dibatasi long-term restriction.
oleh restriksi jangka panjang.
PSAK No. 4 (Revisi 2009) mengatur PSAK No. 4 (Revised 2009) provides for the
penyusunan dan penyajian laporan keuangan preparation and presentation of consolidated
konsolidasian untuk sekelompok entitas yang financial statements for a group of entities
berada dalam pengendalian suatu entitas under the control of a parent, and the
induk, dan akuntansi untuk investasi pada accounting for investments in subsidiaries,
entitas anak, pengendalian bersama entitas, jointly controlled entities and associated
dan entitas asosiasi ketika laporan keuangan entities when separate financial statements
tersendiri disajikan sebagai informasi are presented as additional information.
tambahan.
Seperti diuraikan pada bagian ini, penerapan As described herein, the adoption of PSAK
PSAK No. 4 (Revisi 2009) tersebut No. 4 (Revised 2009) has a significant impact
memberikan pengaruh yang signifikan on the financial reporting, including the related
terhadap pelaporan keuangan, termasuk disclosures, in the consolidated financial
pengungkapan terkait, dalam laporan statements.
keuangan konsolidasian.
Laporan keuangan konsolidasian meliputi The consolidated financial statements include

laporan keuangan entitas anak (CK, SS, the accounts of the subsidiaries (CK, SS,
Reswara, SSB, CKB, PAS, NBS, TIA, MDB, Reswara, SSB, CKB, PAS, NBS, TIA, MDB,
PBR, Mifa, BEL, PWP, ATR dan BDD) dimana PBR, Mifa, BEL, PWP, ATR and BDD) in
Perusahaan, baik secara langsung atau tidak which the Company owns more than 50%
langsung, memiliki lebih dari 50% kepemilikan share ownership, either directly or indirectly.
saham.
Semua akun dan transaksi antar Perusahaan All material intercompany accounts and
yang material, termasuk keuntungan atau transactions, including unrealized gains or
kerugian yang belum direalisasi, jika ada, losses, if any, are eliminated to reflect the
dieliminasi untuk mencerminkan posisi financial position and the results of operations
keuangan dan hasil operasi Grup sebagai satu of the Group as one business entity.
kesatuan usaha.
22

b. Prinsip-prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued)
Sejak 1 Januari 2011 (lanjutan) From January 1, 2011 (conitnued)
Entitas Anak dikonsolidasi secara penuh sejak Subsidiaries are fully consolidated from the
tanggal akuisisi, yaitu tanggal Perusahaan dates of acquisition, being the date on which
memperoleh pengendalian, sampai dengan the Company obtains control, and continue to
tanggal entitas induk kehilangan pengendalian. be consolidated until the date such control
Pengendalian dianggap ada ketika ceases. Control is presumed to exist if the
Perusahaan memiliki secara langsung atau Company owns, directly or indirectly through
tidak langsung melalui Entitas Anak, lebih dari Subsidiaries, more than half of the voting
setengah kekuasaan suara suatu entitas. power of an entity.
Pengendalian juga ada ketika Perusahaan Control also exists when the Company owns
memiliki setengah atau kurang kekuasaan half or less of the voting power of an entity
suara suatu entitas jika terdapat: when there is:
a) kekuasaan yang melebihi setengah hak a) power over more than half of the voting
suara sesuai perjanjian dengan investor rights by virtue of an agreement with other
lain; investors;
b) kekuasaan untuk mengatur kebijakan b) power to govern the financial and
keuangan dan operasional entitas operating policies of the entity under a
berdasarkan anggaran dasar atau statute or an agreement;
perjanjian;
c) kekuasaan untuk menunjuk atau mengganti c) power to appoint or remove the majority of
sebagian besar direksi atau organ pengatur the members of the board of directors or
setara dan mengendalikan entitas melalui equivalent governing body and control of
direksi atau organ tersebut; atau the entity is by that board or body; or
d) kekuasaan untuk memberikan suara d) power to cast the majority of votes at
mayoritas pada rapat dewan direksi atau meetings of the board of directors or
organ pengatur setara dan mengendalikan equivalent governing body and control of
entitas melalui direksi atau organ tersebut. the entity is by that board or body.
Rugi entitas anak yang tidak dimiliki secara Losses of a non-wholly owned subsidiary are
penuh diatribusikan pada KNP bahkan jika hal attributed to the NCI even if such losses result
ini mengakibatkan KNP mempunyai saldo in a deficit balance for the NCI.
defisit.
Jika kehilangan pengendalian atas suatu In case of loss of control over a subsidiary, the
entitas anak, maka Perusahaan: Company:
- menghentikan pengakuan aset (termasuk - derecognizes the assets (including
setiap goodwill) dan liabilitas entitas anak; goodwill) and liabilities of the subsidiary;
- menghentikan pengakuan jumlah tercatat - derecognizes the carrying amount of any
setiap KNP; NCI;
- menghentikan pengakuan akumulasi - derecognizes the cumulative translation
selisih penjabaran, yang dicatat di ekuitas, differences, recorded in equity, if any;
bila ada;
- mengakui nilai wajar pembayaran yang - recognizes the fair value of the
diterima; consideration received;
- mengakui setiap sisa investasi pada nilai - recognizes the fair value of any
wajarnya; investment retained;
- mengakui setiap perbedaan yang - recognizes any surplus or deficit in profit
dihasilkan sebagai keuntungan atau or loss; and,
kerugian dalam laporan laba rugi; dan
- mereklasifikasi bagian entitas induk atas - reclassifies its share of components
komponen yang sebelumnya diakui previously recognized in other
sebagai pendapatan komprehensif ke comprehensive income to profit or loss or
laporan laba rugi atau ke saldo laba. retained earnings, as appropriate.
23
b. Prinsip-prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued)
Sejak 1 Januari 2011 (lanjutan) From January 1, 2011 (conitnued)
KNP mencerminkan bagian atas laba atau rugi NCI represent the portion of the profit or loss
dan aset neto dari entitas-entitas anak yang and net assets of the Subsidiaries attributable
tidak dapat diatribusikan secara langsung to equity interests that are not owned directly
maupun tidak langsung oleh Perusahaan, or indirectly by the Company, which are
yang masing-masing disajikan dalam laporan presented in the consolidated statements of
laba rugi komprehensif konsolidasian dan comprehensive income and under the equity
dalam ekuitas pada laporan posisi keuangan section of the consolidated statements of
konsolidasian, terpisah dari bagian yang dapat financial position, respectively, separately from
diatribusikan kepada pemilik entitas induk. the corresponding portion attributable to the
owners of the parent company.
Sebelum 1 Januari 2011 Prior to January 1, 2011
Proporsi bagian pemilikan pemegang saham The proportionate shares of minority

minoritas atas aset bersih dan laba atau rugi shareholders in net assets and net income or
bersih entitas anak konsolidasian sebelumnya loss of the consolidated subsidiaries were
disajikan sebagai "Hak Minoritas atas Aset previously presented as “Minority Interest in
Neto Entitas Anak" pada laporan posisi Net Assets of Subsidiaries” in the consolidated
keuangan konsolidasian dan sebagai "Hak statements of financial position and as
Minoritas di Laba (Rugi) Neto Entitas Anak" “Minority Interest in Net Income (Loss) of
pada laporan laba rugi komprehensif Subsidiaries” in the consolidated statements of
konsolidasian. comprehensive income.
Kerugian yang menjadi bagian pemegang The losses applicable to the minority interests
saham minoritas pada suatu Entitas Anak in a Subsidiary may have exceeded the
dapat melebihi bagiannya dalam modal minority interests in the equity of the
disetor. Kelebihan tersebut dan kerugian lebih Subsidiary. The excess and any further losses
lanjut yang menjadi bagian pemegang saham applicable to the minority interests were
minoritas, dibebankan pada Perusahaan absorbed by the Company as the majority
sebagai pemegang saham mayoritas, kecuali shareholder, except to the extent that the
apabila pemegang saham minoritas memiliki minority interests had other long-term interest
kepentingan jangka panjang lainnya pada in the related Subsidiary or had binding
Entitas Anak tersebut atau terdapat kewajiban obligations for, and were able to make good of,
yang mengikat untuk menutupi kerugian the losses. If the Subsidiary subsequently
tersebut dan pemegang saham minoritas reported profits, all such profits were allocated
mampu memenuhi kewajibannya. Apabila to the majority interest holder, in this case, the
pada tahun selanjutnya Entitas Anak Company, until the minority interests’ share of
melaporkan laba, maka laba tersebut terlebih losses previously absorbed by the Company
dahulu dialokasikan kepada Perusahaan were recovered.
sebagai pemegang saham mayoritas sampai
seluruh bagian kerugian pemegang saham
minoritas yang di bebankan pada Perusahaan
terpulihkan.
24

c. Kombinasi bisnis c. Business combinations
Sejak 1 Januari 2011 From January 1, 2011
Efektif 1 Januari 2011, Grup menerapkan Effective January 1, 2011, the Group
secara prospektif PSAK No. 22 (Revisi 2010), prospectively adopted PSAK No. 22 (Revised
“Kombinasi Bisnis”, yang diterapkan bagi 2010), “Business Combinations”, applicable for
kombinasi bisnis yang terjadi pada atau business combinations that occur on or after
setelah awal tahun buku yang dimulai pada the beginning of a financial year commencing
atau setelah tanggal 1 Januari 2011. on or after January 1, 2011.
PSAK No. 22 (Revisi 2010) menjelaskan PSAK No. 22 (Revised 2010) stipulates the
transaksi atau peristiwa lain yang memenuhi nature of a transaction or other event that
definisi kombinasi bisnis guna meningkatkan meets the definition of a business combination
relevansi, keandalan, dan daya banding to improve the relevance, reliability and
informasi yang disampaikan entitas pelapor comparability of the information that a
dalam laporan keuangannya tentang reporting entity provides in its financial
kombinasi bisnis dan dampaknya. statements about a business combination and
its effects.
Seperti diuraikan pada bagian ini, penerapan As described herein, the adoption of PSAK No.
PSAK No. 22 (Revisi 2010) tersebut tidak 22 (Revised 2010) did not have a significant
memberikan pengaruh yang signifikan impact on the financial reporting, including the
terhadap pelaporan keuangan, termasuk related disclosures, in the consolidated
pengungkapan terkait, dalam laporan financial statements.
Kombinasi bisnis dicatat dengan Business combinations are accounted for

menggunakan metode akuisisi. Biaya using the acquisition method. The cost of an
perolehan dari sebuah akuisisi diukur pada acquisition is measured as the aggregate of
nilai agregat imbalan yang dialihkan, diukur the consideration transferred, measured at
pada nilai wajar pada tanggal akuisisi, dan acquisition-date fair value, and the amount of
jumlah setiap KNP pada pihak yang diakuisisi. any NCI in the acquiree. For each business
Untuk setiap kombinasi bisnis, pihak combination, the acquirer measures the NCI in
pengakuisisi mengukur KNP pada entitas yang the acquiree either at fair value or at the
diakuisisi baik pada nilai wajar ataupun pada proportionate share of the acquiree’s
proporsi kepemilikan KNP atas aset neto yang identifiable net assets. Transaction costs
teridentifikasi dari entitas yang diakuisisi. incurred are directly expensed and included in
Biaya-biaya akuisisi yang timbul dibebankan “Selling, General and Administrative
langsung dan disajikan dalam “Beban Expenses”.
Penjualan, Umum dan Administrasi”.
Ketika melakukan akuisisi atas sebuah bisnis, When the Group acquires a business, it
Grup mengklasifikasikan dan menentukan aset assesses the financial assets acquired and
keuangan yang diperoleh dan liabilitas liabilities assumed for appropriate
keuangan yang diambil alih berdasarkan pada classification and designation in accordance
persyaratan kontraktual, kondisi ekonomi dan with the contractual terms, economic
kondisi terkait lain yang ada pada tanggal circumstances and pertinent conditions as at
akuisisi. Hal ini termasuk pengelompokan the acquisition date. This includes the
derivatif melekat dalam kontrak utama oleh separation of embedded derivatives in host
pihak yang diakuisisi. contracts by the acquiree.
25

c. Kombinasi bisnis (lanjutan) c. Business combinations (continued)
Sejak 1 Januari 2011 (lanjutan) From January 1, 2011 (continued)
Jika proses akuntansi awal untuk kombinasi When the initial accounting for a business
bisnis belum selesai pada akhir periode combination is incomplete by the end of the
pelaporan saat kombinasi terjadi, maka Grup reporting period in which the combination
melaporkan jumlah sementara untuk pos-pos occurs, the Group reports in its consolidated
yang proses akuntansinya belum selesai financial statements provisional amounts for
dalam laporan keuangan konsolidasiannya. the items for which the accounting is
Selama periode pengukuran, Grup incomplete. During the measurement period,
menyesuaikan secara retrospektif jumlah the Group shall retrospectively adjust the
sementara yang diakui pada tanggal akuisisi provisional amounts recognised at the
untuk mencerminkan informasi baru yang acquisition date to reflect new information
diperoleh tentang fakta dan keadaan yang ada obtained about facts and circumstances that
pada tanggal akuisisi dan, jika diketahui, telah existed as of the acquisition date and, if
berdampak pada pengukuran jumlah yang known, would have affected the measurement
diakui pada tanggal tersebut. Periode of the amounts recognised as of that date. The
pengukuran berakhir segera setelah Grup measurement period ends as soon as the
menerima informasi yang dicari tentang fakta Group receives the information it was seeking
dan keadaan yang ada pada tanggal akuisisi about facts and circumstances that existed as
atau mempelajari bahwa informasi lebih tidak of the acquisition date or learns that more
dapat diperoleh. Namun demikian, periode information is not obtainable. However, the
pengukuran tidak boleh melebihi satu tahun measurement period shall not exceed one
dari tanggal akuisisi. year from the acquisition date.
Dalam suatu kombinasi bisnis yang dilakukan If the business combination is achieved in
secara bertahap, pihak pengakuisisi mengukur stages, the acquisition-date fair value of the
kembali kepentingan ekuitas yang dimiliki acquirer’s previously held equity interest in the
sebelumnya pada pihak yang diakuisisi pada acquiree is remeasured to fair value at the
nilai wajar tanggal akuisisi dan mengakui acquisition date through profit or loss.
keuntungan atau kerugian yang dihasilkan
melalui laba atau rugi.
Imbalan kontinjensi yang dialihkan oleh pihak Any contingent consideration to be transferred
pengakuisisi diakui pada nilai wajar tanggal by the acquirer will be recognized at fair value
akuisisi. Perubahan nilai wajar atas imbalan at the acquisition date. Subsequent changes to
kontinjensi setelah tanggal akuisisi yang the fair value of the contingent consideration
diklasifikasikan sebagai aset atau liabilitas, which is deemed to be an asset or liability will
akan diakui dalam laporan laba rugi atau be recognized in accordance with PSAK No.
pendapatan komprehensif lain sesuai dengan 55 (Revised 2006) either in profit or loss or as
PSAK No. 55 (Revisi 2006). Jika other comprehensive income. If the contingent
diklasifikasikan sebagai ekuitas, imbalan consideration is classified as equity, it should
kontinjensi tidak diukur kembali dan not be remeasured until it is finally settled
penyelesaian selanjutnya diperhitungkan within equity.
dalam ekuitas.
Pada tanggal akuisisi, goodwill awalnya diukur At acquisition date, goodwill is initially
pada harga perolehan yang merupakan selisih measured at cost being the excess of the
lebih nilai agregat dari imbalan yang dialihkan aggregate of the consideration transferred and
dan jumlah setiap KNP atas jumlah neto dari the amount recognized for NCI over the net
aset teridentifikasi yang diperoleh dan liabilitas identifiable assets acquired and liabilities
yang diambil alih. Jika imbalan tersebut kurang assumed. If this consideration is lower than the
dari nilai wajar aset neto entitas anak yang fair value of the net assets of the Subsidiary
diakuisisi, selisih tersebut diakui dalam laporan acquired, the difference is recognized in
laba rugi kompehensif konsolidasian. consolidated statement of comprehensive
income.
26
Sejak 1 Januari 2011 (lanjutan) From January 1, 2011 (continued)
Setelah pengakuan awal, goodwill diukur pada After initial recognition, goodwill is measured
jumlah tercatat dikurangi akumulasi kerugian at cost less any accumulated impairment
penurunan nilai. Untuk tujuan uji penurunan losses. For the purpose of impairment testing,
nilai, goodwill yang diperoleh dari suatu goodwill acquired in a business combination is
kombinasi bisnis, sejak tanggal akuisisi, allocated from the acquisition date, to each of
dialokasikan kepada setiap Unit Penghasil Kas the Group’s cash-generating units (CGU) that
(UPK) dari Grup yang diharapkan akan are expected to benefit from the combination,
bermanfaat dari sinergi kombinasi tersebut, irrespective of whether other assets or
terlepas dari apakah aset atau liabilitas lain liabilities of the acquirer are assigned to those
dari pihak yang diakuisisi dialokasikan atas CGUs.
UPK tersebut.
Jika goodwill telah dialokasikan pada suatu Where goodwill forms part of a CGU and part
UPK dan operasi tertentu dalam UPK tersebut of the operations within that CGU is disposed
dihentikan, maka goodwill yang diasosiasikan of, the goodwill associated with the operations
dengan operasi yang dihentikan tersebut disposed of is included in the carrying amount
termasuk dalam jumlah tercatat operasi of the operations when determining the gain or
tersebut ketika menentukan keuntungan atau loss on disposal of the operations. Goodwill
kerugian dari penghentian operasi. Goodwill disposed of in this circumstance is measured
yang dilepaskan tersebut diukur berdasarkan based on the relative values of the operations
nilai relatif operasi yang dihentikan dan porsi disposed of and the portion of the CGU
UPK yang ditahan. retained.
Sebelum 1 Januari 2011 Prior to January 1, 2011
Sebagai perbandingan dengan persyaratan- In comparison to the above, the following were
persyaratan tersebut diatas, kebijakan the accounting policies applied for business
akuntansi atas kombinasi bisnis sebelum combinations prior to January 1, 2011:
tanggal 1 Januari 2011 adalah sebagai berikut:
i. Kombinasi bisnis dicatat dengan i. Business combinations were accounted

menggunakan metode pembelian. Biaya- for using the purchase method.
biaya transaksi yang secara langsung Transaction costs directly attributable to
dapat diatribusikan pada akuisisi the acquisition formed part of the
merupakan bagian dari harga perolehan acquisition costs. The NCI (formerly
akuisisi. KNP (sebelumnya disebut hak known as minority interest) was measured
minoritas) diukur berdasarkan proporsi at the book value of the proportionate
atas nilai tercatat aset neto teridentifikasi; share of the acquiree’s identifiable net
assets;
ii. Kombinasi bisnis yang diperoleh secara ii. Business combinations achieved in stages
bertahap diakui sebagai tahap-tahap yang were accounted for as separate steps.
terpisah. Tambahan kepemilikan saham Any additional acquired equity interest did
tidak mempengaruhi goodwill yang telah not affect previously recognized goodwill;
diakui sebelumnya;
27

Sebelum 1 Januari 2011 (lanjutan) Prior to January 1, 2011 (continued)
iii. Ketika Grup mengakuisisi sebuah bisnis, iii. When the Group acquired a business,
derivatif melekat yang dipisahkan dari embedded derivatives separated from the
kontrak utama oleh pihak yang diakuisisi host contract by the acquiree were not
tidak diukur kembali pada saat akusisi, reassessed on acquisition unless the
kecuali kombinasi bisnis menyebabkan business combination resulted in a
perubahan syarat-syarat kontrak yang change in the terms of the contract that
secara signifikan merubah arus kas yang significantly modified the cash flows that
semula disyaratkan dalam kontrak; otherwise would have been required
under the contract;
iv. Imbalan kontinjensi diakui jika, dan hanya iv. Contingent consideration was recognized
jika, Grup mempunyai kewajiban saat ini, if, and only if, the Group had a present
kemungkinan besar terjadi arus ekonomis obligation, the economic outflow was
keluar, dan dapat diestimasi secara more likely than not and a reliable
memadai diestimasi. Penyesuaian setelah estimate was determinable. Subsequent
tanggal akuisisi terhadap imbalan adjustments to the contingent
kontinjensi diakui sebagai bagian dari consideration were recognized as part of
goodwill. goodwill.
d. Restrukturisasi entitas sepengendali d. Restructuring transactions of entities
under common control
Akuisisi atau pengalihan saham antara entitas Acquisition or transfer of shares among
sepengendali, dicatat sesuai dengan PSAK entities under common control is accounted in
No. 38 (Revisi 2004), "Akuntansi accordance with PSAK No. 38 (Revised 2004),
Restrukturisasi Entitas Sepengendali". Dalam “Accounting for Restructuring of Entities under
PSAK No. 38 (Revisi 2004), pengalihan aset, Common Control”. Under PSAK No. 38
kewajiban, saham, dan instrumen kepemilikan (Revised 2004), transfer of assets, liabilities,
lainnya dari entitas sepengendali tidak akan shares, and other instruments of ownership of
menghasilkan laba atau rugi bagi Perusahaan entities under common control would not result
atau entitas individual dalam kelompok yang in a gain or loss to the Company or to the
sama. individual entity within the same group.
Karena transaksi restrukturisasi entitas Since the restructuring transaction of entities
sepengendali tidak mengakibatkan perubahan under common control does not result in a
substansi ekonomi pemilikan atas aset, change of the economic substance of the
kewajiban, saham atau instrumen kepemilikan ownership of assets, liabilities, shares or other
lainnya yang dipertukarkan, aset atau instruments of ownership which are
kewajiban yang dialihkan dicatat pada nilai exchanged, assets or liabilities transferred are
buku sebagai kombinasi bisnis dengan recorded at book values as a business
menggunakan metode penyatuan kepemilikan combination using the pooling-of-interests
(pooling-of-interests). method.
Dalam menerapkan metode penyatuan In applying the pooling-of-interests method,
kepemilikan, komponen laporan keuangan the components of the financial statements for
untuk periode dimana terjadi restrukturisasi the period during which the restructuring
dan untuk periode lain yang disajikan untuk occurred and for other periods presented for
tujuan perbandingan, disajikan sedemikian comparison purposes, are presented in such a
rupa seolah-olah restrukturisasi telah terjadi manner as if the restructuring has already
sejak awal periode laporan keuangan yang happened since the beginning of the earliest
disajikan. Selisih antara nilai tercatat investasi period presented. The difference between the
pada tanggal efektif dan harga pengalihan carrying values of the investments at the
diakui dalam akun "Selisih Nilai Transaksi effective date and the transfer price is
Restrukturisasi Entitas Sepengendali". recognized under the account “Difference
Arising from Restructuring Transactions of
Entities under Common Control”.
28
e. Kas dan setara kas e. Cash and cash equivalents
Kas dan setara kas terdiri atas kas dan bank Cash and cash equivalents include cash on
dan deposito berjangka dengan jangka waktu hand and in banks and time deposits with
tiga bulan atau kurang sejak saat penempatan original maturity periods of three months or
dan tidak dibatasi penggunaannya. less and not restricted in use.
f. Kas dan setara kas yang dibatasi f. Restricted cash and cash equivalents
penggunaannya
Kas di bank yang terkait dengan uang muka Cash in banks relating to customer deposits
dari pelanggan yang penggunaannya dibatasi which are restricted for the payments of tax
untuk pembayaran surat keterangan fiskal (tax clearance in accordance with goods handling
clearance) sehubungan dengan proses activities in ports and time deposits which are
pengeluaran barang di pelabuhan dan pledged for loan facility are presented as
deposito berjangka yang dijaminkan untuk “Restricted Cash and Cash Equivalents”.
fasilitas pinjaman disajikan sebagai “Kas dan
Setara Kas yang Dibatasi Penggunaannya”.
g. Transaksi dengan pihak-pihak berelasi g. Transactions with related parties
Efektif 1 Januari 2011, Grup menerapkan Effective January 1, 2011, the Group applied
PSAK No. 7 (Revisi 2010), “Pengungkapan PSAK No. 7 (Revised 2010), “Related Party
Pihak-pihak Berelasi”, yang menggantikan Disclosures”, which superseded PSAK No. 7
PSAK No. 7 (Revisi 1994), "Pengungkapan (Revised 1994), “Related Party Disclosures”.
Pihak-Pihak yang mempunyai Hubungan PSAK No. 7 (Revised 2010) requires
Istimewa". PSAK No. 7 (Revisi 2010) disclosure of related party relationships,
mensyaratkan pengungkapan hubungan, transactions and outstanding balances,
transaksi dan saldo pihak-pihak berelasi, including commitments, in the consolidated
termasuk komitmen, dalam laporan keuangan and separate financial statements of a parent,
konsolidasian dan laporan keuangan tersendiri and also applies to individual financial
entitas induk, dan juga diterapkan terhadap statements. The adoption of PSAK No. 7
laporan keuangan secara individual. (Revised 2010) did not have a significant
Penerapan PSAK No. 7 (Revisi 2010) tidak impact on the related disclosures in the
memberikan pengaruh yang signifikan consolidated financial statements.
terhadap pengungkapan terkait dalam laporan
Suatu pihak dianggap berelasi dengan Grup A party is considered to be related to the Group if:
jika:
a langsung, atau tidak langsung yang a. directly, or indirectly through one or more
melalui satu atau lebih perantara, suatu intermediaries, the party (i) controls, is
pihak (i) mengendalikan, atau controlled by, or is under common control with,
dikendalikan oleh, atau berada di bawah the Group; (ii) has an interest in the Group that
pengendalian bersama dengan, Grup; (ii) gives it significant influence over the Group; or,
memiliki kepentingan dalam Grup yang (iii) has joint control over the Group;
memberikan pengaruh signifikan atas
Grup; atau (iii) memiliki pengendalian
bersama atas Grup;
b. suatu pihak adalah entitas asosiasi Grup; b. the party is an associate of the Group;
29
g. Transaksi dengan pihak-pihak berelasi g. Transactions with related parties

(lanjutan) (continued)
c. suatu pihak adalah ventura bersama di c. the party is a joint venture in which the
mana Grup sebagai venturer; Group is a venturer;
d. suatu pihak adalah anggota dari personil d. the party is a member of the key
manajemen kunci Grup atau entitas induk management personnel of the Group or its
Grup; parent;
e. suatu pihak adalah anggota keluarga e. the party is a close member of the family
dekat dari individu yang diuraikan dalam of any individual referred to in (a) or (d);
butir (a) atau (d);
f. suatu pihak adalah entitas yang f. the party is an entity that is controlled,
dikendalikan, dikendalikan bersama atau jointly controlled or significantly influenced
dipengaruhi signifikan oleh atau di mana by or for which significant voting power in
hak suara signifikan dimiliki oleh, langsung such entity resides with, directly or
maupun tidak langsung, individu seperti indirectly, any individual referred to in (d)
diuraikan dalam butir (d) atau (e); atau or (e); or,
g. suatu pihak adalah suatu program g. the party is a post-employment benefit

imbalan pasca kerja untuk imbalan kerja plan for the benefit of employees of the
dari Grup atau entitas yang terkait dengan Group, or of any entity that is a related
Grup. party of the Group.
Transaksi ini dilakukan berdasarkan The transactions are made based on terms
persyaratan yang disetujui oleh kedua belah agreed by the parties. Such terms may not be
pihak. Beberapa persyaratan tersebut mungkin the same as those of the transactions between
tidak sama dengan persyaratan yang unrelated parties.
dilakukan dengan pihak-pihak yang tidak
berelasi.
Seluruh transaksi dan saldo dengan pihak- All transactions and balances with related
pihak berelasi diungkapkan dalam catatan atas parties are disclosed in the notes to the
h. Penyisihan kerugian penurunan nilai h. Allowance for impairment losses of

piutang receivables
Grup melakukan penyisihan kerugian The Group provides allowance for impairment
penurunan nilai piutang sesuai dengan PSAK losses of receivables in accordance with the
No. 55 (Revisi 2006) (Catatan 2x). provisions of PSAK No. 55 (Revised 2006)
(Note 2x).
30
i. Persediaan i. Inventories
Persediaan dinyatakan sebesar nilai terendah Inventories are stated at the lower of cost or
antara biaya perolehan dengan nilai realisasi net realizable value.
bersih.
Biaya perolehan ditentukan dengan metode Cost is determined using the weighted-
rata-rata tertimbang yang terdiri dari semua average method which comprises all costs of
biaya pembelian, biaya konversi dan biaya purchase, costs of conversion and other costs
lainnya yang terjadi pada saat membawa incurred in bringing the inventories to their
persediaan ke lokasi dan kondisi yang present location and condition. Allowance for
sekarang. Penyisihan untuk persediaan usang inventory obsolescence and/or decline in the
dan/atau penurunan nilai persediaan value of inventories is provided to reduce the
ditetapkan untuk menurunkan nilai tercatat carrying value of inventories to their net
persediaan ke nilai realisasi bersih. realizable value.
Nilai realisasi bersih adalah taksiran harga jual Net realizable value is the estimated selling
dalam kegiatan usaha normal, dikurangi price in the ordinary course of business, less
dengan estimasi biaya penyelesaian dan estimated costs of completion and the
perkiraan biaya yang diperlukan untuk estimated costs necessary to make the sale.
membuat penjualan.
j. Beban dibayar dimuka j. Prepaid expenses
Beban dibayar dimuka diamortisasi dan Prepaid expenses are amortized and charged
dibebankan pada operasi selama masa to operations over the periods benefited. The
manfaatnya. Bagian jangka panjang dari long-term portion of prepaid expenses is
beban dibayar di muka disajikan sebagai presented as part of “Other Non-current
bagian dari "Aset Tidak Lancar lainnya" dalam Assets” account in the consolidated
laporan posisi keuangan konsolidasian. statements of financial position.
k. Penyertaan saham k. Investments in shares of stock
Penyertaan saham pada entitas dimana Grup Investments in shares of stock of entities
tidak memiliki pengaruh yang signifikan dicatat wherein the Group does not have significant
sesuai dengan PSAK No. 55 (Revisi 2006). influence are accounted for in accordance with
PSAK No. 55 (Revised 2006).
Efektif 1 Januari, 2011, Grup menerapkan Effective January 1, 2011, the Group applied
PSAK No. 15 (Revisi 2009), “Investasi pada PSAK No. 15 (Revised 2009), “Investments in
Entitas Asosiasi”. PSAK revisi ini diterapkan Associated Companies”. PSAK No. 15
secara retrospektif dan mengatur akuntansi (Revised 2009) is applied retrospectively and
investasi dalam entitas asosiasi dalam hal prescribes the accounting for investments in
penentuan pengaruh signifikan, metode associated companies in relation to the
akuntansi yang harus diterapkan, penurunan determination of significant influence,
nilai investasi dan laporan keuangan tersendiri. accounting method to be applied, impairment
Penerapan PSAK No. 15 (Revisi 2009) yang in values of investments and separate financial
direvisi tersebut tidak memberikan pengaruh statements. The adoption of PSAK No. 15
yang berarti terhadap laporan keuangan (Revised 2009) has no significant impact on
konsolidasian. the consolidated financial statements.
31
k. Penyertaan saham (lanjutan) k. Investments in shares of stock (continued)
Investasi Grup pada entitas asosiasi diukur The Group’s investment in its associated
dengan menggunakan metode ekuitas. Entitas company is accounted for using the equity
asosiasi adalah suatu entitas di mana Grup method. An associated company is an entity in
mempunyai pengaruh signifikan. Sesuai which the Group has significant influence.
dengan metode ekuitas, nilai perolehan Under the equity method, the cost of
investasi ditambah atau dikurang dengan investment is increased or decreased by the
bagian Grup atas laba atau rugi bersih, dan Group’s share in net earnings or losses of, and
penerimaan dividen dari investee sejak tanggal dividends received from, the investee since the
perolehan. date of acquisition.
Laporan laba rugi komprehensif konsolidasian The consolidated statements of

mencerminkan bagian atas hasil operasi dari comprehensive income reflect the Group’s
entitas asosiasi. Bila terdapat perubahan yang share of the results of operations of the
diakui langsung pada ekuitas dari entitas associated company. Where there has been a
asosiasi, Grup mengakui bagiannya atas change recognized directly in the equity of the
perubahan tersebut dan mengungkapkan hal associated company, the Group recognizes its
ini, jika ada, dalam laporan perubahan ekuitas share of any such changes and discloses this,
konsolidasian. Laba atau rugi yang belum when applicable, in the consolidated
direalisasi sebagai hasil dari transaksi- statements of changes in equity. Unrealized
transaksi antara Grup dengan entitas asosiasi gains or losses resulting from transactions
dieliminasi sesuai dengan kepemilikan Grup between the Group and the associated
dalam entitas asosiasi. company are eliminated to the extent of the
Group’s interest in the associated company.
Grup menentukan apakah diperlukan untuk The Group determines whether it is necessary
mengakui rugi penurunan nilai atas investasi to recognize an impairment loss on the
Grup dalam entitas asosiasi. Grup menentukan Group’s investment in its associated company.
pada setiap tanggal pelaporan apakah The Group determines at each reporting date
terdapat bukti yang obyektif yang whether there is any objective evidence that
mengindikasikan bahwa investasi dalam the investment in the associated company is
entitas asosiasi mengalami penurunan nilai. impaired. If this is the case, the Group
Dalam hal ini, Grup menghitung jumlah calculates the amount of impairment as the
penurunan nilai berdasarkan selisih antara difference between the recoverable amount of
jumlah terpulihkan atas investasi dalam entitas the investment in shares of stock and its
asosiasi dan nilai tercatatnya dan carrying value, and recognizes the amount in
mengakuinya dalam laporan laba rugi the consolidated statements of comprehensive
komprehensif konsolidasian. income.
32
l. Sewa l. Leases
Berdasarkan PSAK No. 30 (Revisi 2007), Based on PSAK No. 30 (Revised 2007),
“Sewa”, penentuan apakah suatu perjanjian “Leases”, the determination of whether an
merupakan perjanjian sewa atau perjanjian arrangement is, or contains, a lease is based
yang mengandung sewa didasarkan atas on the substance of the arrangement at
substansi perjanjian pada tanggal awal sewa inception date and whether the fulfillment of
dan apakah pemenuhan perjanjian tergantung the arrangement is dependent on the use of a
pada penggunaan suatu aset tertentu dan specific asset and the arrangement conveys a
perjanjian tersebut memberikan suatu hak right to use the asset. Under PSAK No. 30
untuk menggunakan aset tersebut. Menurut (Revised 2007), leases that transfer
PSAK No. 30 (Revisi 2007) ini, sewa yang substantially to the lessee all the risks and
mengalihkan secara substansial seluruh risiko rewards incidental to ownership of the leased
dan manfaat yang terkait dengan kepemilikan asset are classified as financial leases.
aset, diklasifikasikan sebagai sewa
pembiayaan.
Selanjutnya, suatu sewa diklasifikasikan Moreover, leases which do not transfer

sebagai sewa operasi, jika sewa tidak substantially all the risks and rewards
mengalihkan secara substantial seluruh risiko incidental to ownership of the leased asset are
dan manfaat yang terkait dengan kepemilikan classified as operating leases.
aset.
Grup sebagai lessee The Group as lessee
i. Berdasarkan PSAK 30 (Revisi 2007), i. Based on PSAK No. 30 (Revised 2007),

dalam sewa pembiayaan, Grup sebagai under a finance lease, the Group, as
lessee mengakui aset dan liabilitas dalam lessee, recognizes assets and liabilities in
laporan posisi keuangan konsolidasian the consolidated statements of financial
pada awal masa sewa, sebesar nilai wajar position at amounts equal to the fair value
aset sewaan atau sebesar nilai kini dari of the leased fixed asset or, if lower, the
pembayaran sewa minimum, jika nilai kini present value of the minimum lease
lebih rendah dari nilai wajar. Pembayaran payments, each determined at the
sewa dipisahkan antara bagian yang inception of the lease. The finance charge
merupakan biaya keuangan dan bagian is allocated to each period during the
yang merupakan pelunasan liabilitas lease term so as to produce a constant
sewa. Biaya keuangan dialokasikan pada periodic rate of interest on the remaining
setiap periode selama masa sewa, balance of the liability. Contingent rents
sehingga menghasilkan tingkat suku are charged as expenses in the periods in
bunga periodik yang konstan atas saldo which they are incurred. Finance charges
liabilitas. Rental kontinjen dibebankan are reflected in the consolidated
pada periode terjadinya. Biaya keuangan statements of comprehensive income.
dicatat dalam laporan laba rugi
komprehensif konsolidasian.
33
l. Sewa (lanjutan) l. Leases (continued)
Grup sebagai lessee (lanjutan) The Group as lessee (continued)
ii Aset sewaan (disajikan sebagai bagian ii. Capitalized leased asset (presented as a
“Aset Tetap”) disusutkan selama jangka part of the “Fixed Assets” account) is
waktu yang lebih pendek antara umur depreciated over the shorter of the
manfaat aset sewaan dan periode estimated useful life of the asset and the
masa sewa, jika tidak ada kepastian lease term, if there is no reasonable
yang memadai bahwa Grup akan certainty that the Group will obtain
mendapatkan hak kepemilikan pada akhir ownership by the end of the lease term.
masa sewa.
iii. Dalam sewa operasi, Grup mengakui iii. Under an operating lease, the Group
pembayaran sewa sebagai beban dengan recognizes lease payments as an
metode garis lurus (straight-line method) expense on a straight-line basis over the
selama masa sewa. lease term.
Grup sebagai lessor The Group as lessor
i. Berdasarkan PSAK No. 30 (Revisi 2007), i. Based on PSAK No. 30 (Revised 2007),
dalam sewa pembiayaan, Grup mengakui under a finance lease, the Group
aset berupa piutang sewa pembiayaan di recognizes assets held under a finance
laporan posisi keuangan konsolidasian lease in its consolidated statements of
sebesar jumlah yang sama dengan financial position and present them as a
investasi sewa neto. Penerimaan piutang receivable at an amount equal to the net
sewa diperlakukan sebagai pembayaran investment in the lease. Lease receivable
pokok dan pendapatan pembiayaan. is treated as repayment of principal and
Pengakuan pendapatan pembiayaan finance income. The recognition of finance
didasarkan pada suatu pola yang income is based on a pattern reflecting a
mencerminkan suatu tingkat constant periodic rate of return on the
pengembalian periodik yang konstan atas Group’s net investment in the finance
investasi bersih sebagai lessor dalam lease.
sewa pembiayaan.
ii. Dalam sewa operasi, Grup mengakui aset ii. Under an operating lease, the Group
untuk sewa operasi di laporan posisi presents the asset subject to operating
keuangan konsolidasian sesuai sifat aset leases in its consolidated statements of
tersebut. Biaya langsung awal financial position according to the nature
sehubungan proses negosiasi sewa of the asset. Initial direct costs incurred in
operasi ditambahkan ke jumlah tercatat negotiating an operating lease are added
dari aset sewaan dan diakui sebagai to the carrying amount of the leased asset
beban selama masa sewa dengan dasar and recognized over the lease term on the
yang sama dengan pendapatan sewa. same basis as rental income. Contingent
Rental kontinjen, apabila ada, diakui rents, if any, are recognized as revenue in
sebagai pendapatan pada periode the periods in which they are earned.
terjadinya. Pendapatan sewa operasi Lease income from operating leases is
diakui sebagai pendapatan atas dasar recognized as income on a straight-line
garis lurus selama masa sewa. method over the lease term.
34
m. Biaya eksplorasi dan pengembangan m. Deferred mining exploration and

tambang ditangguhkan development costs
Biaya eksplorasi diakumulasi untuk setiap area Exploration expenditures are accumulated for
of interest dan ditangguhkan sebagai aset each area of interest and deferred as an asset
apabila biaya-biaya tersebut diharapkan akan when the costs are expected to be recouped
dapat diperoleh kembali melalui eksploitasi through exploitation or sale, or where activities
atau penjualan, atau ketika kegiatan tersebut in the area of interest have not yet reached a
belum mencapai tahap yang memungkinkan stage which permits a reasonable assessment
untuk memastikan apakah kegiatan tersebut of the existence or otherwise of economically
akan dapat menghasilkan cadangan yang recoverable reserves, and active and
secara ekonomis dapat diperoleh, kegiatan significant operations in, or in relation to, the
yang signifikan dalam, atau terkait dengan, area of interest are continuing.
area of interest masih berlangsung.
Biaya pengembangan termasuk biaya-biaya Development expenditures which incorporate

untuk mengembangkan area of interest costs for developing an area of interest prior to
sebelum dimulainya kegiatan operasi dalam the commencement of operations in the
area of interest yang bersangkutan respective area are capitalized and are
dikapitalisasi dan diamortisasi selama masa amortized based on anticipated coal
produksi yang diharapkan atau berdasarkan production during the mine life or estimated
estimasi umur tambang atau periode IUP, yang IUP period, whichever is shorter. Unamortized
mana yang lebih pendek. Biaya yang tidak costs are written off in the period in which the
diamortisasi dihapuskan pada saat Grup Group determines that no future value is
menentukan bahwa tidak ada lagi nilai yang expected from the area of interest.
dapat diharapkan dari area of interest yang
bersangkutan di masa mendatang.
Setiap area of interest ditelaah pada setiap Each area of interest is reviewed at the end of
akhir periode akuntansi dan apabila each accounting period and, where
diperlukan, penyesuaian dibuat untuk appropriate, an adjustment is made to write off
menghapuskan biaya eksplorasi tangguhan deferred exploration expenditures to the extent
sepanjang nilainya tidak dapat dipulihkan that they are not recoverable.
kembali di masa yang akan datang.
Biaya eksplorasi dan pengembangan tambang Deferred mining exploration and development
tangguhan diamortisasi dengan menggunakan expenditures are amortized on the unit-of-
metode unit produksi yang dihitung sejak production method from the date of
tanggal dimulainya produksi komersial dari commencement of commercial production of
setiap area of interest yang bersangkutan. each respective area of interest.
35
n. Aset tetap n. Fixed assets
Aset tetap, kecuali tanah, dinyatakan sebesar Fixed assets, except for land, are stated at
biaya perolehan dikurangi akumulasi cost less accumulated depreciation and
penyusutan dan rugi penurunan nilai. Biaya impairment losses. Such cost includes the cost
perolehan termasuk biaya penggantian bagian of replacing part of the fixed assets when that
aset tetap saat biaya tersebut terjadi, jika cost is incurred, if the recognition criteria are
memenuhi kriteria pengakuan. Selanjutnya, met. Likewise, when a major inspection is
pada saat inspeksi yang signifikan dilakukan, performed, its cost is recognized in the
biaya inspeksi itu diakui ke dalam nilai tercatat carrying amount of the fixed assets as a
aset tetap sebagai suatu penggantian jika replacement if the recognition criteria are
memenuhi kriteria pengakuan. Semua biaya satisfied. All other repairs and maintenance
pemeliharaan dan perbaikan yang tidak costs that do not meet the recognition criteria
memenuhi kriteria pengakuan diakui dalam are recognized in the consolidated statements
laporan laba rugi komprehensif konsolidasian of comprehensive income as incurred.
pada saat terjadinya. Penyusutan dihitung Depreciation is computed using the straight-
dengan menggunakan metode garis lurus, line method over the estimated useful lives of
dengan estimasi masa manfaat atas aset the assets, as follows:
adalah sebagai berikut:
Tahun/Years
Kepemilikan langsung Direct ownership

Jalan dan infrastruktur 10 Roads and infrastructure
Bangunan dan prasarana 5 - 25 Building and improvement
Perlengkapan, perabot, dan peralatan kantor 3-5 Office furniture, fixtures and equipment
Kendaraan 3-8 Vehicles
Kapal 3 - 16 Vessels
Mesin dan peralatan 3-8 Machineries and equipment
Aset sewa Leased assets

Kendaraan 3-5 Vehicles
Mesin dan peralatan 3-5 Machineries and equipment
Tanah dinyatakan sebesar biaya perolehan Land is stated at cost and not amortized.
dan tidak diamortisasi. Biaya tertentu Specific costs associated with the acquisition
sehubungan dengan perolehan atau or renewal of land titles may be deferred and
perpanjangan hak atas tanah dapat amortized over the legal term of the landrights
ditangguhkan dan diamortisasi selama jangka or economic life of the land, whichever is
hukum hak atas tanah atau umur ekonomis shorter.
tanah, mana yang lebih pendek.
Aset dalam penyelesaian dinyatakan sebesar Construction in progress is stated at cost and
biaya perolehan dan disajikan sebagai bagian presented as part of “Fixed Assets” in the
dari “Aset Tetap” dalam laporan posisi consolidated statements of financial position.
keuangan konsolidasian. Akumulasi biaya The accumulated costs will be reclassified to
perolehan untuk aset dalam penyelesaian the appropriate fixed asset account when the
akan dipindahkan ke masing-masing aset construction is substantially completed and the
tetap yang bersangkutan pada saat aset constructed asset is ready for its intended use.
tersebut selesai dikerjakan dan siap digunakan
sesuai dengan tujuannya.
36
n. Aset tetap (lanjutan) n. Fixed assets (continued)
Uang muka pembelian kapal dinyatakan Advances for purchase of vessels are stated at
sebesar biaya perolehan dan disajikan sebagai cost and presented as part of “Fixed Assets” in
bagian dari “Aset Tetap” dalam laporan posisi the consolidated statements of financial
keuangan konsolidasian. Uang muka akan position. The advances will be reclassified to
dipindahkan ke akun aset tetap yang sesuai the appropriate fixed asset account when the
pada saat kapal tersebut diterima dan siap vessels are received and ready for their
digunakan sesuai dengan tujuannya. intended use.
Biaya perbaikan dan pemeliharaan The cost of repairs and maintenance is

dibebankan pada operasi pada saat terjadinya; charged to operations as incurred; significant
pembaruan dan perbaikan yang signifikan renewals and betterments are capitalized.
akan dikapitalisasi ke dalam nilai aset. Aset When assets are retired or otherwise
tetap yang sudah tidak digunakan lagi atau disposed, their costs and the related
yang dijual, biaya perolehan serta akumulasi accumulated depreciation are removed from
penyusutannya dikeluarkan dari akun aset the accounts and any resulting gain or loss is
tetap dan laba atau rugi yang terjadi credited or charged to current operations.
dibebankan pada tahun berjalan.
Jumlah tercatat aset tetap dihentikan An item of fixed assets is derecognized upon
pengakuannya pada saat dilepaskan atau saat disposal or when no future economic benefits
tidak ada manfaat ekonomis masa depan yang are expected from its use or disposal. Any gain
diharapkan dari penggunaan atau or loss arising on derecognition of the asset
pelepasannya. Laba atau rugi yang timbul dari (calculated as the difference between the net
penghentian pengakuan aset (dihitung sebagai disposal proceeds and the carrying amount of
perbedaan antara jumlah neto hasil pelepasan the asset) is included in the consolidated
dan jumlah tercatat dari aset) dimasukkan statement of comprehensive income in the
dalam laporan laba rugi komprehensif year the asset is derecognized.
konsolidasian pada tahun aset tersebut
dihentikan pengakuannya.
Pada setiap akhir tahun buku, manajemen The residual values, useful lives and methods
mereviu nilai residu, masa manfaat dan of depreciation of fixed assets are reviewed at
metode penyusutan aset tetap. each financial year end.
37

o. Aset takberwujud o. Intangible assets
PSAK No. 19 (Revisi 2010), "Aset PSAK No. 19 (Revised 2010), “Intangible
Takberwujud". PSAK No. 19 (Revisi 2010), Assets”. PSAK No. 19 (Revised 2010), which
yang menggantikan PSAK No. 19 (Revisi superseded PSAK No. 19 (Revised 2000),
2000), "Aktiva Tidak Berwujud". PSAK No. 19 “Intangible Assets”, prescribes the accounting
(Revisi 2010) mengatur perlakuan akuntansi treatment for intangible assets that are not
untuk aset takberwujud yang tidak dibahas dealt with specifically in other PSAKs, and
secara khusus dalam PSAK lainnya, dan requires the recognition of an intangible asset
mengharuskan pengakuan suatu aset if, and only if: (1) the asset is separable, (2)
takberwujud jika, dan hanya jika: (1) aset the asset arises from contractual or other
tersebut dapat dipisahkan, (2) aset tersebut rights, and (3) the Group has the power to
timbul dari hak kontraktual atau hak legal lain, obtain the future economic benefits flowing
dan (3) Grup memiliki kemampuan untuk from the asset and to restrict the access of
memperoleh manfaat ekonomi masa depan others to those benefits. PSAK No. 19
yang timbul dari aset tersebut dan dapat (Revised 2010) also specifies how to measure
membatasi akses pihak lain dalam the carrying amount of intangible assets and
memperoleh manfaat ekonomi tersebut. PSAK the related disclosures. The adoption of PSAK
No. 19 (Revisi 2010) juga menentukan No. 19 (Revised 2010) has no significant
bagaimana mengukur jumlah tercatat aset impact on the consolidated financial
takberwujud dan pengungkapan yang terkait. statements.
Penerapan PSAK No. 19 (Revisi 2010) tidak
memiliki dampak signifikan terhadap laporan
Keuntungan atau kerugian yang timbul dari Gain or loss arising from derecognition of an
penghentian pengakuan suatu aset intangible asset is measured as the difference
takberwujud diukur sebagai perbedaan antara between the net disposal proceeds and the net
hasil pelepasan bersih dan nilai tercatat bersih carrying amount of the asset, and is
aset, dan diakui dalam laporan laba rugi recognized in the consolidated statements of
komprehensif konsolidasian saat aset comprehensive income when the asset is
dihentikan pengakuannya. derecognized.
p. Penurunan nilai aset non-keuangan p. Impairment of non-financial assets
Efektif 1 Januari 2011, Grup menerapkan Effective January 1, 2011, the Group
secara prospektif PSAK No. 48 (Revisi 2009), prospectively adopted PSAK No. 48 (Revised
“Penurunan Nilai Aset”, termasuk goodwill dan 2009), “Impairment of Assets”, including
aset yang berasal dari kombinasi bisnis goodwill and assets acquired from business
sebelum 1 Januari 2011. PSAK No. 48 (Revisi combinations before January 1, 2011. PSAK
2009) menggantikan PSAK No. 48 (Revisi No. 48 (Revised 2009) superseded PSAK
1998), "Penurunan Nilai Aktiva". No. 48 (Revised 1998), “Impairment of
Assets”.
38

PSAK No. 48 (Revisi 2009) menetapkan PSAK No. 48 (Revised 2009) prescribes the
prosedur-prosedur yang diterapkan entitas procedures to be employed by an entity to
agar aset dicatat tidak melebihi jumlah ensure that its assets are carried at no more
terpulihkannya. than their recoverable amounts.
Seperti diuraikan pada bagian ini, penerapan As described herein, the adoption of PSAK
PSAK No. 48 (Revisi 2009) tersebut No. 48 (Revised 2009) has a significant impact
memberikan pengaruh yang signifikan on financial reporting, including for the related
terhadap pelaporan keuangan, berikut disclosures, mainly on the impairment test of
pengungkapan terkait, terutama atas uji goodwill which is required at least once a year
penurunan nilai bagi goodwill yang diharuskan and more frequently when indications for
minimal satu kali setiap tahun atau lebih sering impairment exist.
bila ada indikasi penurunan nilai.
Pada setiap akhir periode pelaporan, Grup The Group assesses at each annual reporting
menilai apakah terdapat indikasi suatu aset period whether there is an indication that an
mengalami penurunan nilai. Jika terdapat asset may be impaired. If any such indication
indikasi tersebut atau pada saat pengujian exists, or when annual impairment testing for
penurunan nilai aset (yaitu aset takberwujud an asset (i.e., an intangible asset with an
dengan umur manfaat tidak terbatas, aset indefinite useful life, an intangible asset not yet
takberwujud yang belum dapat digunakan, available for use, or goodwill acquired in a
atau goodwill yang diperoleh dalam suatu business combination) is required, the Group
kombinasi bisnis) diperlukan, maka Grup makes an estimate of the asset’s recoverable
membuat estimasi formal jumlah terpulihkan amount.
aset tersebut.
Jumlah terpulihkan yang ditentukan untuk aset An asset’s recoverable amount is the higher of
individual adalah jumlah yang lebih tinggi the asset’s or its CGU’s fair value less costs to
antara nilai wajar aset atau UPK dikurangi sell and its value in use, and is determined for
biaya untuk menjual dengan nilai pakainya, an individual asset, unless the asset does not
kecuali aset tersebut tidak menghasilkan arus generate cash inflows that are largely
kas masuk yang sebagian besar independen independent of those from other assets or
dari aset atau kelompok aset lain. Jika nilai groups of assets. Where the carrying amount
tercatat aset lebih besar daripada nilai of an asset exceeds its recoverable amount,
terpulihkannya, maka aset tersebut mengalami the asset is considered impaired and is written
penurunan nilai dan nilai tercatat aset down to its recoverable amount. Impairment
diturunkan menjadi sebesar nilai losses of continuing operations are recognized
terpulihkannya. Rugi penurunan nilai dari in the consolidated statements of
operasi yang dilanjutkan diakui pada laporan comprehensive income as “impairment
laba rugi komprehensif konsolidasian sebagai losses”. In assessing the value in use, the
“rugi penurunan nilai”. Dalam menghitung nilai estimated net future cash flows are discounted
pakai, estimasi arus kas masa depan bersih to their present value using a pre-tax discount
didiskontokan ke nilai kini dengan rate that reflects current market assessments
menggunakan tingkat diskonto sebelum pajak of the time value of money and the risks
yang menggambarkan penilaian pasar terkini specific to the asset. If no such transactions
atas nilai waktu dari uang dan risiko spesifik can be identified, an appropriate valuation
dari aset. Jika tidak terdapat transaksi model is used to determine the fair value of the
tersebut, Grup menggunakan model penilaian assets. These calculations are corroborated by
yang sesuai untuk menentukan nilai wajar valuation multiples or other available fair value
aset. Perhitungan-perhitungan ini dikuatkan indicators.
oleh penilaian berganda atau indikasi nilai
wajar yang tersedia.
39

Dalam menentukan nilai wajar dikurangi biaya In determining fair value less costs to sell,
untuk menjual, digunakan harga penawaran recent market transactions are taken into
pasar terakhir, jika tersedia. Kerugian account, if available. Impairment losses of
penurunan nilai dari operasi yang dilanjutkan, continuing operations, if any, are recognized in
jika ada, diakui pada laporan laba rugi the consolidated statements of comprehensive
komprehensif konsolidasian sesuai dengan income under expense categories that are
kategori beban yang konsisten dengan fungsi consistent with the functions of the impaired
dari aset yang diturunkan nilainya. assets.
Penilaian dilakukan pada akhir setiap periode An assessment is made at each annual
pelaporan tahunan apakah terdapat indikasi reporting period as to whether there is any
bahwa rugi penurunan nilai yang telah diakui indication that previously recognized
dalam periode sebelumnya untuk aset selain impairment losses recognized for an asset
goodwill mungkin tidak ada lagi atau mungkin other than goodwill may no longer exist or may
telah menurun. Jika indikasi dimaksud have decreased. If such indication exists, the
ditemukan, maka entitas mengestimasi jumlah recoverable amount is estimated. A previously
terpulihkan aset tersebut. Kerugian penurunan recognized impairment loss for an asset other
nilai yang telah diakui dalam periode than goodwill is reversed only if there has
sebelumnya untuk aset selain goodwill dibalik been a change in the assumptions used to
hanya jika terdapat perubahan asumsi-asumsi determine the asset’s recoverable amount
yang digunakan untuk menentukan jumlah since the last impairment loss was recognized.
terpulihkan aset tersebut sejak rugi penurunan If that is the case, the carrying amount of the
nilai terakhir diakui. Dalam hal ini, jumlah asset is increased to its recoverable amount.
tercatat aset dinaikkan ke jumlah The reversal is limited so that the carrying
terpulihkannya. Pembalikan tersebut dibatasi amount of the asset does not exceed its
sehingga jumlah tercatat aset tidak melebihi recoverable amount, nor exceeds the carrying
jumlah terpulihkannya maupun jumlah tercatat, amount that would have been determined, net
neto setelah penyusutan, seandainya tidak of depreciation, had no impairment loss been
ada rugi penurunan nilai yang telah diakui recognized for the asset in prior years.
untuk aset tersebut pada tahun sebelumnya. Reversal of an impairment loss is recognized
Pembalikan rugi penurunan nilai diakui dalam in the consolidated statement of
laporan laba rugi komprehensif konsolidasian. comprehensive income. After such a reversal,
Setelah pembalikan tersebut, penyusutan aset the depreciation charge on the said asset is
tersebut disesuaikan di periode mendatang adjusted in future periods to allocate the
untuk mengalokasikan jumlah tercatat aset asset’s revised carrying amount, less any
yang direvisi, dikurangi nilai sisanya, dengan residual value, on a systematic basis over its
dasar yang sistematis selama sisa umur remaining useful life.
manfaatnya.
Goodwill diuji untuk penurunan setiap tahun Goodwill is tested for impairment annually (as
(per 31 Desember) dan ketika keadaan yang at December 31) and when circumstances
mengindikasikan bahwa nilai tercatat indicate that the carrying value may be
mengalami penurunan nilai. Penurunan nilai impaired. Impairment is determined for
goodwill ditetapkan dengan menentukan goodwill by assessing the recoverable amount
jumlah tercatat tiap UPK (atau kelompok UPK) of each CGU (or group of CGUs) to which the
dimana goodwill terkait. Jika jumlah terpulihkan goodwill relates. Where the recoverable
dari UPK kurang dari jumlah tercatatnya, rugi amount of the CGU is less than its carrying
penurunan nilai diakui. Kerugian penurunan amount, an impairment loss is recognized.
nilai yang berhubungan dengan goodwill tidak Impairment losses relating to goodwill cannot
dapat dibalik pada periode berikutnya. be reversed in future periods.
Manajemen berkeyakinan bahwa tidak Management believes that there is no

terdapat indikasi atas penurunan nilai aset indication of potential impairment in values of
non-keuangan pada tanggal 31 Desember non-financial assets as of December 31, 2011
2011 dan 2010. and 2010.
40
q. Kapitalisasi biaya pinjaman q. Capitalization of borrowing costs
Sesuai dengan PSAK No. 26 (Revisi 2008), In accordance with PSAK No. 26 (Revised
“Biaya Pinjaman”, Grup mengkapitalisasi 2008), “Borrowing Costs”, the Group
beban bunga dan selisih kurs atas pinjaman capitalizes interest charges and foreign
dan biaya pinjaman lainnya yang digunakan exchange differences incurred on borrowings
untuk mendanai uang muka pembelian kapal, and other related costs to finance advances for
dan pembangunan atau instalasi aset tetap. purchase of vessels, and the construction or
Kapitalisasi atas biaya pinjaman dihentikan installation of major facilities. Capitalization of
pada saat pembangunan atau instalasi aset these borrowing costs ceases when the
tersebut selesai dan aset yang telah selesai construction or installation is completed and
dibangun atau telah diinstalasi tersebut serta the related asset constructed or installed and
kapal-kapal yang telah dibeli dan diterima telah the vessels purchased and delivered are ready
siap untuk digunakan. for their intended use.
r. Pengakuan pendapatan dan beban r. Revenue and expense recognition
PSAK No. 23 (Revisi 2010), “Pendapatan”. PSAK No. 23 (Revised 2010), “Revenue”.
PSAK No. 23 (Revisi 2010) ini mengidentifikasi PSAK No. 23 (Revised 2010) identifies the
terpenuhinya kriteria pengakuan pendapatan, circumstances in which the criteria on revenue
sehingga pendapatan dapat diakui, dan recognition are met and, therefore, revenue
mengatur perlakuan akuntansi atas may be recognized, and prescribes the
pendapatan yang timbul dari transaksi dan accounting treatment of revenue arising from
kejadian tertentu, serta memberikan panduan certain types of transactions and events, and
praktis dalam penerapan kriteria mengenai also provides practical guidance on the
pengakuan pendapatan. Penerapan PSAK application of the criteria on revenue
No. 23 (Revisi 2010) tersebut tidak recognition. The adoption of PSAK No. 23
memberikan pengaruh yang signifikan (Revised 2010) has no significant impact on
terhadap laporan keuangan konsolidasian. the consolidated financial statements.
Pendapatan diakui bila besar kemungkinan Revenue is recognized to the extent that it is
manfaat ekonomi akan diperoleh oleh Grup probable that the economic benefits will flow to
dan jumlahnya dapat diukur secara handal. the Group and the revenue can be reliably
Pendapatan diukur pada nilai wajar measured. Revenue is measured at the fair
pembayaran yang diterima, tidak termasuk value of the consideration received, excluding
diskon, rabat dan Pajak Pertambahan Nilai discounts, rebates and Value Added Taxes
(PPN). Kriteria spesifik berikut juga harus (VAT). The following specific recognition
dipenuhi sebelum pendapatan diakui: criteria must also be met before revenue is
recognized:
Penjualan Barang Sales of Goods
Pendapatan dari penjualan yang timbul dari Revenue from sales arising from physical
pengiriman fisik produk-produk Grup diakui bila delivery of the Group’s products is recognized
risiko dan manfaat yang signifikan telah at the time when the significant risks and
dipindahkan kepada pembeli, yang pada rewards of ownership of the products have
umumnya terjadi pada saat yang bersamaan passed to the buyer, which time generally
dengan pengiriman dan penerimaan barang. coincides with their delivery and acceptance.
41
r. Pengakuan pendapatan dan beban r. Revenue and expense recognition

Pendapatan jasa Revenues from Services
Pendapatan dan jasa diakui pada saat jasa Revenues from services are recognized when
diberikan. Pembayaran diterima untuk bagian the services are rendered. Payments received
jasa yang belum selesai diakui sebagai for the uncompleted portion of services are
pendapatan diterima di muka dan dicatat recognized as unearned revenues and
sebagai bagian dari uang muka yang diterima recorded as part of advances from customers.
dari pelanggan.
1. Pendapatan dari jasa logistik, jasa 1. Revenues from logistic services, container
penanganan kargo dan kontainer, dan dari equipment and cargo handling services,
kegiatan keagenan dan terminal diakui and from agency and terminal activities
pada saat jasa diberikan. are recognized when the services are
rendered.
2. Pendapatan sewa kapal (time charter) 2. Time charter revenue is recognized over
diakui selama masa perjanjian sewa kapal. the life of the time charter agreement.
Pendapatan dari jasa pengangkutan batu Revenue from coal affreightment is
bara diakui berdasarkan jumlah muatan recognized based on metric ton
dalam metrik ton. measurement.
3. Pendapatan dari penyediaan forwarding 3. Revenues from rendering sea freight
angkutan laut diakui pada saat jasa forwarding are recognized when the
diberikan. services are rendered.
4. Pendapatan yang dihasilkan dari dan biaya 4. Revenues from and cost of contracting
yang dikeluarkan untuk aktivitas kontrak- activities, such as from fabrication work,
kontrak tertentu, seperti kegiatan pabrikasi, are recognized based on the stage of
diakui berdasarkan metode persentase completion. When it is probable that the
penyelesaian. Jika kemungkinan besar total contract costs will exceed total
terjadi bahwa total biaya kontrak akan contract revenue, the expected loss is
melebihi total pendapatan kontrak, maka recognized as an expense immediately.
taksiran rugi segera diakui sebagai beban.
Pendapatan dan Beban Bunga Interest Income and Expense
Untuk semua instrumen keuangan yang diukur For all financial instruments measured at
pada biaya perolehan diamortisasi, amortized cost, interest income or expense is
pendapatan atau beban bunga dicatat dengan recorded using the effective interest rate (EIR),
menggunakan metode suku bunga efektif which is the rate that exactly discounts the
(SBE), yaitu suku bunga yang secara tepat estimated future cash payments or receipts
mendiskontokan estimasi pembayaran atau through the expected life of the financial
penerimaan kas di masa datang selama instrument or a shorter period, where
perkiraan umur dari instrumen keuangan, atau appropriate, to the net carrying amount of the
jika lebih tepat, digunakan periode yang lebih financial asset or liability.
singkat, sebesar nilai tercatat bersih dari aset
keuangan atau liabilitas keuangan.
Beban diakui pada saat terjadinya. Expenses are recognized when they are
incurred.
42

s. Transaksi dan saldo dalam mata uang s. Foreign currency transactions and
asing balances
Transaksi dalam mata uang asing dicatat Transactions involving foreign currencies are
berdasarkan kurs yang berlaku pada saat recorded at the rates prevailing at the time the
terjadinya transaksi. Pada tanggal laporan transactions are made. At the consolidated
posisi keuangan konsolidasian, aset dan statement of financial position date, monetary
liabilitas moneter dalam mata uang asing assets and liabilities denominated in foreign
disesuaikan ke dalam Rupiah untuk currencies are adjusted to rupiah using the
mencerminkan kurs tengah Bank Indonesia middle rates of foreign currency bank notes
pada tanggal tersebut. Jika ada keuntungan published by Bank Indonesia. The resulting
atau kerugian akan dikreditkan atau gains or losses are credited or charged to
dibebankan di tahun berjalan. current operations.
Kurs (dalam angka penuh) yang digunakan The exchange rates (in full amounts) used to
untuk menjabarkan aset dan liabilitas moneter translate the monetary assets and liabilities
dalam mata uang asing pada tanggal denominated in foreign currencies as of
31 Desember 2011 dan 2010 adalah sebagai December 31, 2011 and 2010 are as follows:
berikut:
2011 2010
Euro (EUR)1/rupiah 11.739 11.956 Euro (EUR)1/ rupiah

Dolar Australia (AUD)1/rupiah 9.203 9.143 Australian dollar (AUD)1/ rupiah
Dolar Amerika Serikat (USD)1/rupiah 9.068 8.991 United States dollar (USD)1/ rupiah
t. Pajak penghasilan t. Income tax
Pajak penghasilan tidak final Non-final income tax
Beban pajak kini ditentukan berdasarkan laba Current tax expense is determined based on
kena pajak tahun berjalan yang dihitung the taxable income for the year computed
berdasarkan tarif pajak yang berlaku. using prevailing tax rates.
Aset dan liabilitas pajak tangguhan diakui atas Deferred tax assets and liabilities are
konsekuensi pajak pada masa mendatang recognized for the future tax consequences
yang timbul dari perbedaan jumlah tercatat attributable to differences between the
aset dan liabilitas menurut laporan keuangan financial statement carrying amounts of
dengan dasar pengenaan pajak aset dan existing assets and liabilities and their
liabilitas yang bersangkutan, kecuali respective tax bases, except those differences
perbedaan tersebut dikenakan pajak final. that are subject to final tax. Deferred tax
Liabilitas pajak tangguhan diakui untuk semua liabilities are recognized for all taxable
perbedaan temporer kena pajak dan aset temporary differences while deferred tax
pajak tangguhan diakui untuk perbedaan assets are recognized for deductible
temporer yang boleh dikurangkan dan temporary differences to the extent that it is
akumulasi rugi fiskal, sepanjang besar probable that taxable income will be available
kemungkinan perbedaan temporer yang boleh in future periods against which the deductible
dikurangkan dan akumulasi rugi fiskal tersebut temporary differences can be utilized.
dapat dimanfaatkan untuk mengurangi laba
kena pajak pada masa mendatang.
43

t. Pajak penghasilan (lanjutan) t. Income tax (continued)
Pajak penghasilan tidak final (lanjutan) Non-final income tax (continued)
Pajak tangguhan dihitung dengan Deferred tax is calculated at the tax rates that
menggunakan tarif pajak yang berlaku atau have been enacted or substantively enacted at
secara substansial telah berlaku pada tanggal the consolidated statement of financial position
laporan posisi keuangan konsolidasian. date. Changes in the carrying amount of
Perubahan nilai tercatat aset dan liabilitas deferred tax assets and liabilities due to a
pajak tangguhan yang disebabkan oleh change in tax rates are charged to current
perubahan tarif pajak dibebankan pada usaha operations, except to the extent that they
berjalan, kecuali untuk transaksi-transaksi relate to items previously charged or credited
yang sebelumnya telah langsung dibebankan to equity. The deferred tax effect arising from
atau dikreditkan ke ekuitas. Efek pajak business acquisitions is recognized as part of
tangguhan yang timbul dari akuisisi bisnis “Deferred tax asset or liability” account.
disajikan sebagai bagian dari akun “Aset atau
liabilitas pajak tangguhan”.
Aset dan liabilitas pajak tangguhan disajikan Deferred tax assets and liabilities are offset in
secara saling hapus di laporan posisi the consolidated statements of financial
keuangan konsolidasian, kecuali aset dan position, except if these are for different legal
liabilitas pajak tangguhan untuk entitas yang entities, in the same manner the current tax
berbeda, penyajian yang sama dilakukan assets and liabilities are presented.
untuk aset dan liabilitas pajak kini.
Pajak penghasilan final Final income tax
Berdasarkan Peraturan Pemerintah No. 51 Based on Government Regulation No. 51 Year

Tahun 2008 tanggal 20 Juli 2008 yang telah 2008 dated July 20, 2008 which was amended
diubah dengan No. 40 Tahun 2009 tanggal by Government Regulation No. 40 Year 2009
4 Juni 2009, penghasilan dari jasa konstruksi dated June 4, 2009, income derived from
dikenakan pajak final. Peraturan ini berlaku construction services is subject to final income
efektif tanggal 1 Agustus 2008. tax. This regulation is effective on August 1,
2008.
Berdasarkan Surat Keputusan Menteri Based on the Decision Letters No. 416/
Keuangan Republik Indonesia No. 416/ KMK.04/1996 and No. 417/KMK.04/1996
KMK.04/1996 dan No. 417/KMK.04/1996 dated June 14, 1996 of the Ministry of Finance
tanggal 14 Juni 1996 dan Surat Edaran of the Republic of Indonesia and Circular
Direktorat Jenderal Pajak Letter No. 29/PJ.4/1996 dated August 13,
No. 29/PJ.4/1996 tanggal 13 Agustus 1996, 1996 of the Directorate General of Taxes,
pendapatan dari jasa pengangkutan dan sewa revenues from freight operations and charter
kapal yang diterima Wajib Pajak Dalam Negeri of vessels are subject to final income tax
dan Wajib Pajak Luar Negeri dikenakan pajak computed at 1.20% and 2.64% of the
bersifat final masing-masing sebesar 1,20% revenues for domestic and foreign companies,
dan 2,64% dari pendapatan, serta biaya respectively, and the related costs and
sehubungan dengan kegiatan diatas tidak expenses are considered non-deductible for
dapat dikurangkan untuk tujuan perhitungan income tax purposes.
pajak penghasilan.
44

t. Pajak penghasilan (lanjutan) t. Income tax (continued)
Pajak penghasilan final (lanjutan) Final income tax (continued)
Beban pajak kini sehubungan dengan Current tax expense related to income subject
penghasilan yang dikenakan pajak to final income tax is recognized in proportion
penghasilan final diakui proposional dengan to total income recognized during the current
jumlah pendapatan yang diakui pada tahun year for accounting purposes. The difference
berjalan untuk tujuan akuntansi. Selisih antara between the final income tax paid and the final
pajak penghasilan final yang telah dibayar income tax expense for the current year is
dengan beban pajak penghasilan final pada recognized as prepaid tax or tax payable.
tahun berjalan diakui sebagai pajak dibayar di
muka atau utang pajak.
Perbedaan nilai tercatat aset atau liabilitas The differences between the carrying amounts
yang berhubungan dengan pajak penghasilan of existing assets or liabilities related to the
final dengan dasar pengenaan pajaknya tidak final income tax and their respective tax bases
diakui sebagai aset atau liabilitas pajak are not recognized as deferred tax assets or
tangguhan. liabilities.
Perubahan terhadap liabilitas perpajakan Adjustment to tax obligation is recorded when

diakui pada saat surat ketetapan pajak a tax assessment letter is received or, if
diterima atau, jika diajukan keberatan, pada appealed against, when the result of the
saat keputusan atas keberatan ditetapkan. appeal is determined.
u. Biaya pengupasan u. Stripping costs
Biaya pengupasan tanah diakui sebagai biaya Stripping costs are recognized as production
produksi berdasarkan rata-rata rasio costs based on the average of the estimated
pengupasan yang diperkirakan selama usia stripping ratio over the life of the mine. When
tambang. Bila rasio pengupasan aktual the actual stripping ratio exceeds the average of
melebihi rata-rata rasio pengupasan yang the estimated stripping ratio over the life of the
diperkirakan selama usia tambang, kelebihan mine, the excess stripping costs are deferred
biaya pengupasan ditangguhkan dan dicatat and recorded in the consolidated statements of
dalam laporan posisi keuangan sebagai biaya financial position as deferred stripping costs. In
pengupasan ditangguhkan. Selain itu, biaya addition, these deferred stripping costs are
pengupasan tanah tangguhan dibebankan expensed as production costs in the year where
sebagai biaya produksi pada tahun di mana the actual ratio is significantly lower than the
rasio aktual secara signifikan lebih rendah average of the estimated stripping ratio, over
daripada rata-rata rasio pengupasan yang the life of the mine. Changes in the average of
diperkirakan, selama usia tambang. the estimated stripping ratio are accounted for
Perubahan rata-rata rasio pengupasan yang on a prospective basis over the remaining mine
diperkirakan dicatat secara prospektif selama life.
sisa umur tambang.
45

v. Provisi v. Provisions
PSAK No. 57 (Revisi 2009), "Provisi, Liabilitas PSAK No. 57 (Revised 2009), “Provisions,
Kontinjensi dan Aset Kontinjensi". Contingent Liabilities, and Contingent Assets”.
PSAK No. 57 (Revisi 2009) harus diterapkan PSAK No. 57 (Revised 2009) is applied
secara prospektif dan menetapkan kriteria prospectively and provides that appropriate
pengakuan dan dasar pengukuran untuk recognition criteria and measurement bases
provisi, liabilitas kontinjensi dan aset are applied to provisions, contingent liabilities
kontinjensi, dan untuk memastikan bahwa and contingent assets, and to ensure that
informasi yang memadai diungkapkan dalam sufficient information is disclosed in the notes
catatan atas laporan keuangan untuk to enable users to understand the nature,
memungkinkan pengguna memahami sifat, timing and amount related to the information.
waktu dan jumlah yang terkait dengan The adoption of PSAK No. 57 (Revised 2009)
informasi tersebut. Penerapan PSAK No. 57 has no significant impact on the consolidated
(Revisi 2009) tidak memiliki dampak signifikan financial statements.
terhadap laporan keuangan konsolidasian.
Provisi diakui jika Grup memiliki kewajiban kini Provisions are recognized when the Group has
(baik bersifat hukum maupun bersifat a present obligation (legal or constructive)
konstruktif) jika, sebagai akibat peristiwa masa where, as a result of a past event, it is
lalu, besar kemungkinan penyelesaian probable that an outflow of resources
kewajiban tersebut mengakibatkan arus keluar embodying economic benefits will be required
sumber daya yang mengandung manfaat to settle the obligation and a reliable estimate
ekonomi dan estimasi yang andal mengenai can be made of the amount of the obligation.
jumlah kewajiban tersebut dapat dibuat.
Provisi ditelaah pada setiap tanggal pelaporan Provisions are reviewed at each reporting date
dan disesuaikan untuk mencerminkan estimasi and adjusted to reflect the current best
terbaik yang paling kini. Jika kemungkinan estimate. If it is no longer probable that an
besar tidak terjadi arus keluar sumber daya outflow of resources embodying economic
yang mengandung manfaat ekonomi untuk benefits will be required to settle the obligation,
menyelesaikan kewajiban tersebut, maka the provision is reversed.
provisi dibatalkan.
Provisi untuk biaya pembongkaran aset Provision for asset dismantling costs is
diestimasi berdasarkan beberapa asumsi dan estimated based on certain assumptions and
disajikan pada nilai wajar sesuai dengan carried at fair value based on applicable
tingkat diskonto yang berlaku. discount rates.
Restorasi, rehabilitasi dan pengeluaran Restoration, rehabilitation, and other

lingkungan lainnya yang timbul selama tahap environmental expenditures incurred during
produksi dibebankan sebagai bagian dari the production phase of operations are
biaya produksi. charged as part of the cost of production.
Grup memiliki kewajiban tertentu untuk The Group has certain obligations to restore
memulihkan dan merehabilitasi daerah and rehabilitate mining areas following the
pertambangan setelah selesai produksi. completion of production. Such obligations are
Kewajiban di akru menggunakan metode unit being accrued using the unit-of-production
produksi sepanjang umur tambang sehingga method over the life of the mine so that the
akrual tersebut akan cukup untuk memenuhi accrual will be adequate to meet those
kewajiban ketika produksi dari sumber daya obligations once production from the resource
selesai. Perubahan dalam estimasi biaya is completed. Changes in estimated
restorasi dan lingkungan yang harus restoration and environmental costs to be
dibayarkan dicatat secara prospektif selama incurred are accounted for on a prospective
sisa umur tambang. basis over the remaining life of the mine.
46
w. Liabilitas imbalan kerja w. Employee benefits liability
Grup mengakui liabilitas imbalan kerja sesuai The Group recognizes employee benefits
dengan PSAK No. 24 (Revisi 2004), ”Imbalan liability in accordance with PSAK No. 24
Kerja”. Pernyataan ini mengharuskan Grup Revised 2004), “Employee Benefits”. This
mengakui seluruh imbalan kerja yang statement requires the Group to provide all
diberikan melalui program atau perjanjian employee benefits under formal and informal
formal dan informal, peraturan perundang- plans or agreements, under legislative
undangan atau peraturan industri, yang requirements or through industry
mencakup imbalan pasca-kerja, imbalan kerja arrangements, including post-employment
jangka pendek dan jangka panjang lainnya, benefits, short-term and other long-term
pesangon pemutusan hubungan kerja dan employee benefits, termination benefits and
imbalan berbasis ekuitas. equity compensation benefits.
Imbalan kerja jangka panjang Grup meliputi: Long-term employee benefits of the Group
comprise the following:
Program Pensiun Iuran Pasti Defined Contribution Pension Plan
Perusahaan dan Entitas Anak tertentu The Company and certain Subsidiaries have a
menyelenggarakan program pensiun iuran defined contribution pension plan for all of their
pasti untuk semua karyawan tetap yang eligible permanent employees.
memenuhi syarat.
Kontribusi program pensiun iuran pasti diakui Contributions for the defined contribution
sebagai beban pada usaha tahun berjalan. pension plan are charged to current
operations.
Program Pensiun Manfaat Pasti, Undang- Defined Benefit Pension Plan, Labor Law
undang Ketenagakerjaan No.13/2003 dan No.13/2003 and Other Post-employment
Imbalan Pasca-kerja Lainnya. Benefits.
Grup menyelenggarakan program manfaat The Group has a defined benefit pension plan
pasti (dana pensiun) untuk seluruh karyawan covering substantially all of its eligible
tetap yang memenuhi syarat dan liabilitas employees and an unfunded employee
imbalan kerja yang tidak didanai menurut benefits liability in accordance with Labor Law
Undang-undang Ketenagakerjaan No. 13/2003 No. 13/2003 dated March 25, 2003 (the
tanggal 25 Maret 2003 (UU). Penyisihan “Law”). The provision for the Law has been
berdasarkan UU telah dihitung dengan calculated by comparing the benefit that will be
membandingkan manfaat yang akan diterima received by an employee at normal pension
oleh karyawan pada umur wajar pensiun dari age from the Pension Plan with the benefit as
dana pensiun dengan manfaat yang diatur stipulated under the Law after deduction of
dalam UU setelah dikurangi akumulasi accumulated employee contributions and the
kontribusi dari karyawan dan hasil investasi related investment results.
yang berkaitan.
Jika manfaat dana pensiun yang didanai If the employer-funded portion of the Pension
pemberi kerja lebih kecil dari manfaat sesuai Plan benefit is less than the benefit as required
UU, Grup akan menyediakan kekurangannya. by the Law, the Group will provide for such
shortage.
Grup juga memberikan imbalan kerja jangka The Group also provides long-term
panjang selain pensiun berupa jubile yang employment benefits other than pension, such
tidak didanai. as jubilee, which are unfunded.
47
w. Liabilitas imbalan kerja (lanjutan) w. Employee benefits liability (continued)
Berdasarkan PSAK No. 24 (Revisi 2004), Under PSAK No. 24 (Revised 2004), the
perhitungan estimasi liabilitas atas imbalan calculation of estimated liability of employees
kerja, ditentukan dengan menggunakan benefits is determined using the projected-unit-
metode penilaian aktuaria projected-unit-credit. credit method. Actuarial gains or losses are
Keuntungan dan kerugian aktuarial diakui recognized as income or expense when the
sebagai penghasilan atau beban apabila net cumulative unrecognized actuarial gains or
akumulasi keuntungan dan kerugian aktuarial losses at the end of the previous reporting
bersih yang belum diakui pada akhir tahun year exceed 10% of the present value of the
pelaporan sebelumnya melebihi 10% dari nilai defined benefit obligation at that date. These
kini imbalan pasti. Keuntungan dan kerugian gains or losses are recognized on a straight-
ini diakui dengan menggunakan metode garis line basis over the expected average
lurus berdasarkan rata-rata sisa masa kerja remaining service years of the employees.
karyawan yang diperkirakan.
Lebih lanjut, biaya jasa lalu atas pengenalan Furthermore, past service costs arising from
program manfaat pasti atau perubahan utang the introduction of a defined benefit plan or
imbalan dari program yang ada diamortisasi changes in the benefit payable of an existing
dengan metode garis lurus sepanjang periode plan are required to be amortized using the
sampai imbalan tersebut menjadi hak atau straight-line method over the period until the
vested. benefits concerned become vested.
Keuntungan atau kerugian atas kurtailmen Gains or losses on the curtailment or

atau penyelesaian suatu program imbalan settlement of a defined benefit plan are
pasti diakui ketika kurtailmen atau recognized when the curtailment or settlement
penyelesaian terjadi. occurs.
Kurtailmen terjadi apabila salah satu dari A curtailment occurs when an entity either:
kondisi berikut terpenuhi:
i. Menunjukkan komitmennya untuk i. Is demonstrably committed to make a

mengurangi secara signifikan jumlah significant reduction in the number of
pekerja yang ditanggung oleh program; employees covered by a plan; or
atau,
ii. Mengubah ketentuan dalam program ii. Amends the terms of a defined benefit
imbalan pasti yang menyebabkan bagian plan so that a significant element of future
yang material dari jasa masa depan service by current employees will no
pekerja tidak lagi memberikan imbalan longer qualify for benefits, or will qualify
atau memberikan imbalan yang lebih only for reduced benefits.
rendah.
Penyelesaian program terjadi ketika Grup A settlement occurs when the Group enters
melakukan transaksi yang menghapuskan into a transaction that eliminates all further
semua kewajiban hukum atau konstruktif atas legal or constructive obligation for part or all of
sebagian atau seluruh imbalan dalam program the benefits provided under a defined benefit
imbalan pasti. plan.
48
x. Instrumen keuangan x. Financial instruments
PSAK No. 50 (Revisi 2006), "Instrumen PSAK No. 50 (Revised 2006), “Financial
Keuangan: Penyajian dan Pengungkapan", Instruments: Presentation and Disclosures”
dan PSAK No. 55 (Revisi 2006), "Instrumen and PSAK No. 55 (Revised 2006), “Financial
Keuangan: Pengakuan dan Pengukuran". Instruments: Recognition and Measurement”.
i. Aset keuangan i. Financial assets
Pengakuan awal Initial recognition
Aset keuangan dalam lingkup PSAK Financial assets within the scope of PSAK
No. 55 (Revisi 2006) diklasifikasikan No. 55 (Revised 2006) are classified as
sebagai aset keuangan yang diukur pada financial assets at fair value through profit
nilai wajar melalui laporan laba atau rugi, or loss, loans and receivables, held-to-
pinjaman yang diberikan dan piutang, maturity investments, available-for-sale
investasi dimiliki hingga jatuh tempo, aset financial assets.
keuangan tersedia untuk dijual.
Pada tanggal 1 Januari 2010, Grup tidak On January 1, 2010, the Group did not
memiliki aset keuangan selain kas dan have financial assets other than cash and
setara kas, kas dan setara kas yang cash equivalents, restricted cash and
dibatasi penggunaannya, piutang usaha, cash equivalents, trade receivables, other
piutang lainnya, aset lancar lainnya, dan receivables, other current assets, and
uang jaminan. Grup menentukan security deposits. The Group determines
klasifikasi aset keuangan tersebut pada the classification of its financial assets at
pengakuan awal dan, jika diperbolehkan initial recognition and, where allowed and
dan sesuai, akan mengevaluasi kembali appropriate, re-evaluates the classification
pengklasifikasian aset tersebut pada of those assets at each financial period-
setiap akhir periode pelaporan. end.
Aset keuangan pada awalnya diukur pada Financial assets are recognized initially at
nilai wajar ditambah dengan, dan dalam fair value plus, in the case of financial
hal aset keuangan yang tidak diukur pada assets not at fair value through profit or
nilai wajar melalui laporan laba atau rugi, loss, directly attributable transaction costs.
biaya transaksi yang dapat diatribusikan
secara langsung.
Pengukuran setelah pengakuan awal Subsequent measurement
Pengukuran aset keuangan setelah The subsequent measurement of financial

pengakuan awal tergantung pada assets depends on their classification as
klasifikasinya sebagai berikut: follows:
• Aset keuangan yang diukur pada nilai • Financial assets at fair value through
wajar melalui laporan laba atau rugi profit or loss
Aset keuangan yang diukur pada nilai Financial assets at fair value through
wajar melalui laporan laba atau rugi profit or loss include financial assets
termasuk aset keuangan untuk held for trading and financial assets
diperdagangkan dan aset keuangan designated upon initial recognition at
yang ditetapkan pada saat fair value through profit or loss.
pengakuan awal untuk diukur pada
nilai wajar melalui laporan laba atau
rugi.
49

x. Instrumen keuangan (lanjutan) x. Financial instruments (continued)
i. Aset keuangan (lanjutan) i. Financial assets (continued)
Pengukuran setelah pengakuan awal Subsequent measurement (continued)

(lanjutan)
Aset derivatif diklasifikasikan sebagai Derivative assets are classified as

kelompok diperdagangkan kecuali held for trading unless they are
mereka ditetapkan sebagai instrumen designated as effective hedging
lindung nilai efektif. Aset keuangan instruments. Financial assets at fair
yang diukur pada nilai wajar melalui value through profit or loss are
laporan laba atau rugi disajikan dalam carried in the consolidated
laporan posisi keuangan statements of financial position at fair
konsolidasian pada nilai wajar value with gains or losses recognized
dengan keuntungan atau kerugian in the consolidated statements of
dari perubahan nilai wajar diakui comprehensive income.
dalam laporan laba rugi komprehensif
konsolidasian.
• Aset keuangan yang diukur pada nilai • Financial assets at fair value through
wajar melalui laporan laba atau rugi profit or loss (continued)
(lanjutan)
Grup tidak memiliki aset keuangan The Group did not have financial
yang diukur pada nilai wajar melalui assets at fair value through profit or
laporan laba atau rugi pada tanggal loss as of December 31, 2011 and
31 Desember 2011 dan 2010. 2010.
• Pinjaman yang diberikan dan piutang • Loans and receivables
Pinjaman yang diberikan dan piutang Loans and receivables are non-
adalah aset keuangan non derivatif derivative financial assets with fixed
dengan pembayaran tetap atau telah or determinable payments that are
ditentukan, yang tidak mempunyai not quoted in an active market. After
kuotasi di pasar aktif. Setelah initial measurement, such financial
pengakuan awal, aset keuangan assets are carried at amortized cost
tersebut dicatat pada biaya perolehan using the effective interest rate
diamortisasi dengan menggunakan method, which is a method of
metode suku bunga efektif, yang calculating the amortized cost of a
merupakan metode yang digunakan financial asset or a financial liability
untuk menghitung biaya perolehan (or group of financial assets or
yang diamortisasi dari aset keuangan financial liabilities) and of allocating
atau liabilitas keuangan (atau grup the interest income or interest
aset keuangan atau liabilitas expense over the relevant period.
keuangan) dan alokasi pendapatan Gains and losses are recognized in
bunga atau biaya bunga sepanjang the consolidated statements of
periode yang bersangkutan. comprehensive income when the
Keuntungan dan kerugian terkait loans and receivables are
diakui dalam laporan laba rugi derecognized or impaired, as well as
komprehensif konsolidasian pada through the amortization process.
saat pinjaman yang diberikan dan
piutang dihentikan pengakuannya
atau mengalami penurunan nilai,
demikian juga melalui proses
amortisasi.
50


(lanjutan)
• Pinjaman yang diberikan dan piutang • Loans and receivables (continued)

(lanjutan)
Grup memiliki kas dan setara kas, kas The Group’s cash and cash
dan setara kas yang dibatasi equivalents, restricted cash and cash
penggunaannya, piutang usaha, equivalents, trade receivables, other
piutang lainnya, aset lancar lainnya receivables, other current assets
(piutang lainnya, pinjaman karyawan, (other receivable, staff loans, and
dan dana ditahan untuk bank garansi) deposit for bank guarantee) and other
dan aset tidak lancar lainnya (uang non-current assets (security deposits)
jaminan) dalam kategori ini. are classified under this category.
• Investasi dimiliki hingga jatuh tempo • Held-to-maturity (HTM) investments

(HTM)
Aset keuangan non derivatif dengan Non-derivative financial assets with

pembayaran tetap atau telah fixed or determinable payments and
ditentukan dan jatuh temponya telah fixed maturities are classified as HTM
ditetapkan diklasifikasi sebagai when the Group has the positive
investasi dimiliki hingga jatuh tempo intention and ability to hold them to
jika Grup mempunyai maksud dan maturity. After initial measurement,
kemampuan untuk memiliki aset HTM investments are measured at
keuangan tersebut hingga jatuh amortized cost using the effective
tempo. Setelah pengukuran awal, interest rate method. This method
investasi dalam kelompok dimiliki uses an effective interest rate that
hingga jatuh tempo diukur pada biaya exactly discounts estimated future
perolehan yang diamortisasi dengan cash receipts through the expected
menggunakan metode suku bunga life of the financial asset to the net
efektif. Metode ini menggunakan suku carrying amount of the financial
bunga efektif untuk mendiskonto asset.
penerimaan kas di masa yang akan
datang selama perkiraan umur aset
keuangan menjadi nilai tercatat
bersihnya.
Laba atau rugi diakui pada laporan Gains or losses are recognized in the
laba rugi komprehensif konsolidasian consolidated statements of
ketika investasi dihentikan comprehensive income when the
pengakuannya atau mengalami investments are derecognized or
penurunan nilai, serta melalui proses impaired, as well as through the
amortisasi. amortization process.
Grup tidak mempunyai investasi HTM The Group did not have any HTM
pada tanggal 31 Desember 2011 dan investments as of December 31,
2010. 2011 and 2010.
51

(lanjutan)
• Aset keuangan tersedia untuk dijual • Available-For-Sale (AFS) financial

assets
Aset keuangan tersedia untuk dijual AFS financial assets are non-
adalah aset keuangan non derivatif derivative financial assets that are
yang ditetapkan sebagai tersedia designated as available-for-sale or
untuk dijual atau yang tidak are not classified in any of the three
diklasifikasikan dalam tiga kategori preceding categories. After initial
sebelumnya. Setelah pengukuran measurement, AFS financial assets
awal, aset keuangan tersedia untuk are measured at fair value with
dijual diukur dengan nilai wajar unrealized gains or losses recognized
dengan keuntungan atau kerugian in equity until the investment is
yang belum terealisasi diakui dalam derecognized. At that time, the
ekuitas sampai investasi tersebut cumulative gain or loss previously
dihentikan pengakuannya. Pada saat recognized in equity shall be
itu, keuntungan atau kerugian reclassified to the consolidated
kumulatif yang sebelumnya diakui statements of comprehensive income
dalam ekuitas akan direklasifikasi ke as a reclassification adjustment.
laporan laba rugi komprehensif
konsolidasian sebagai penyesuaian
reklasifikasi.
Grup memiliki penyertaan saham The Group has investments in shares

yang nilai wajarnya tidak tersedia of stock that do not have readily
dimana kepemilikan saham kurang determinable fair value in which the
dari 20%. Investasi ini dinyatakan ownership of equity interest is less
sebesar biaya perolehan. than 20%. These investments are
carried at cost.
Penghentian pengakuan aset keuangan Derecognition of financial assets
Penghentian pengakuan atas suatu aset A financial asset, or where applicable, a

keuangan, atau, bila dapat diterapkan part of a financial asset or part of a group
untuk bagian dari aset keuangan atau of similar financial assets, is
bagian dari kelompok aset keuangan derecognized when:
serupa, terjadi bila:
i. hak kontraktual atas arus kas yang i. the contractual rights to receive cash
berasal dari aset keuangan tersebut flows from the asset have expired; or
berakhir; atau
52

ii. Grup mentransfer hak untuk ii. The Group has transferred its rights to
menerima arus kas yang berasal dari receive cash flows from the asset or
aset keuangan tersebut atau has assumed an obligation to pay
menanggung kewajiban untuk the received cash flows in full
membayar arus kas yang diterima without material delay to a third party
tersebut tanpa penundaan yang under a “pass-through”
signifikan kepada pihak ketiga melalui arrangement; and either (a)
suatu kesepakatan penyerahan dan substantially transferred all the risks
(a) secara substansial mentransfer and rewards of the asset, or (b)
seluruh risiko dan manfaat atas neither transferred nor retained
kepemilikan aset keuangan tersebut, substantially all the risks and
atau (b) secara substansial tidak rewards of the asset, but has
mentransfer dan tidak memiliki transferred control of the asset.
seluruh risiko dan manfaat atas
kepemilikan aset keuangan tersebut,
namun telah mentransfer
pengendalian atas aset keuangan
tersebut.
Apabila Grup mentransfer hak untuk When the Group has transferred its rights
menerima arus kas yang berasal dari to receive cash flows from an asset or has
aset keuangan atau mengadakan entered into a pass-through arrangement,
kesepakatan penyerahan dan tidak and has neither transferred nor retained
mentransfer maupun tidak memiliki substantially all the risks and rewards of
secara substansial seluruh risiko dan the asset nor transferred control of the
manfaat atas aset keuangan tersebut dan asset, the asset is recognized to the
juga tidak mentransfer pengendalian atas extent of the Group’s continuing
aset keuangan tersebut, maka suatu aset involvement in the asset.
keuangan baru diakui oleh Grup sebesar
keterlibatannya yang berkelanjutan
dengan aset keuangan tersebut.
Keterlibatan berkelanjutan yang Continuing involvement that takes the

berbentuk pemberian jaminan atas aset form of a guarantee over the transferred
yang ditransfer diukur sebesar jumlah asset, is measured at the lower of the
terendah antara nilai aset yang ditransfer original carrying amount of the asset and
dan nilai maksimal dari pembayaran yang the maximum amount of consideration
diterima yang mungkin harus dibayar that the Group could be required to repay.
kembali oleh Grup.
53

Pada saat penghentian pengakuan atas On derecognition of a financial asset in

aset keuangan secara keseluruhan, maka its entirety, the difference between the
selisih antara nilai tercatat dan jumlah carrying amount and the sum of (i) the
dari (i) pembayaran yang diterima, consideration received, including any
termasuk aset baru yang diperoleh new assets obtained less any new
dikurangi dengan liabilitas baru yang liabilities assumed, and (ii) any
ditanggung; dan (ii) keuntungan atau cumulative gain or loss which had been
kerugian kumulatif yang telah diakui recognized in the equity, should be
secara langsung dalam ekuitas, harus recognized in the consolidated
diakui pada laporan laba rugi statements of comprehensive income.
Penurunan nilai dari aset keuangan Impairment of financial assets
Pada setiap tanggal laporan posisi At each consolidated statement of

keuangan konsolidasian, Grup financial position date, the Group
mengevaluasi apakah terdapat bukti yang assesses whether there is any objective
obyektif bahwa aset keuangan atau evidence that a financial asset or a group
kelompok aset keuangan mengalami of financial assets is impaired. A financial
penurunan nilai. Penurunan nilai atas aset asset or a group of financial assets is
keuangan atau kelompok aset keuangan deemed to be impaired if, and only if,
dianggap telah terjadi, jika dan hanya jika, there is objective evidence of impairment
terdapat bukti yang obyektif mengenai as a result of one or more events that
penurunan nilai tersebut sebagai akibat have occurred after the initial recognition
dari salah satu atau lebih peristiwa yang of the asset (an incurred ‘loss event’) and
terjadi setelah pengakuan awal aset that loss event has an impact on the
tersebut (peristiwa yang merugikan), dan estimated future cash flows of the
peristiwa yang merugikan tersebut financial asset or the group of financial
berdampak pada estimasi arus kas masa assets that can be reliably estimated.
depan atas aset keuangan atau kelompok
aset keuangan yang dapat diestimasi
secara handal.
54
Penurunan nilai dari aset keuangan Impairment of financial assets (continued)

(lanjutan)
Bukti penurunan nilai dapat meliputi Evidence of impairment may include

indikasi pihak peminjam atau kelompok indications that the debtors or a group of
pihak peminjam mengalami kesulitan debtors is experiencing significant
keuangan signifikan, wanprestasi atau financial difficulty, default or delinquency
tunggakan pembayaran bunga atau in interest or principal payments, the
pokok, terdapat kemungkinan bahwa probability that they will enter bankruptcy
pihak peminjam akan dinyatakan pailit or other financial reorganization and
atau melakukan reorganisasi keuangan where observable data indicate that there
lainnya dan pada saat data yang dapat is a measurable decrease in the estimated
diobservasi mengindikasikan adanya future cash flows, such as changes in
penurunan yang dapat diukur atas arrears or economic conditions that
estimasi arus kas masa datang, seperti correlate with defaults.
meningkatnya tunggakan atau kondisi
ekonomi yang berkorelasi dengan
wanprestasi.
● Aset keuangan yang dicatat pada ● Financial assets carried at amortized

biaya perolehan diamortisasi cost
Untuk pinjaman yang diberikan dan For loans and receivables carried at
piutang yang dicatat pada biaya amortized cost, the Group first
perolehan diamortisasi, Grup pertama assesses whether objective evidence
kali menentukan apakah terdapat of impairment exists individually for
bukti obyektif mengenai penurunan financial assets that are individually
nilai secara individual atas aset significant, or collectively for financial
keuangan yang signifikan secara assets that are not individually
individual, atau secara kolektif untuk significant.
aset keuangan yang jumlahnya tidak
signifikan secara individual.
Jika Grup menentukan tidak terdapat If the Group determines that no

bukti obyektif mengenai penurunan objective evidence of impairment
nilai atas aset keuangan yang dinilai exists for an individually assessed
secara individual, terlepas aset financial asset, whether significant or
keuangan tersebut signifikan atau not, the asset is included in a group
tidak, maka aset tersebut dimasukkan of financial assets with similar credit
ke dalam kelompok aset keuangan risk characteristics and the group is
yang memiliki karakteristik risiko collectively assessed for impairment.
kredit yang sejenis dan menilai Assets that are individually assessed
penurunan nilai kelompok tersebut for impairment and for which an
secara kolektif. Aset yang penurunan impairment loss is, or continues to be,
nilainya dinilai secara individual, dan recognized are not included in a
untuk itu kerugian penurunan nilai collective assessment of impairment.
diakui atau tetap diakui, tidak
termasuk dalam penilaian penurunan
nilai secara kolektif.
55

(lanjutan)

biaya perolehan diamortisasi cost (continued)
(lanjutan)
Jika terdapat bukti obyektif bahwa If there is objective evidence that an

kerugian penurunan nilai telah terjadi, impairment loss has occurred, the
jumlah kerugian tersebut diukur amount of the loss is measured as
sebagai selisih antara nilai tercatat the difference between the asset’s
aset dengan nilai kini estimasi arus carrying amount and the present
kas masa datang (tidak termasuk value of estimated future cash flows
ekspektasi kerugian kredit masa (excluding future expected credit
datang yang belum terjadi). Nilai kini losses that have not yet been
estimasi arus kas masa datang incurred). The present value of the
didiskonto menggunakan suku bunga estimated future cash flows is
efektif awal dari aset keuangan discounted at the financial asset’s
tersebut. Jika pinjaman yang original effective interest rate. If a
diberikan dan piutang memiliki suku “loans and receivables” financial
bunga variabel, tingkat diskonto yang asset has a variable interest rate, the
digunakan untuk mengukur setiap discount rate for measuring
kerugian penurunan nilai adalah suku impairment loss is the current
bunga efektif yang berlaku. effective interest rate.
Nilai tercatat aset tersebut dikurangi The carrying amount of the asset is
melalui penggunaan akun penyisihan reduced through the use of an
dan jumlah kerugian tersebut diakui allowance account and the amount of
secara langsung dalam laporan laba the loss is recognized in the
rugi komprehensif konsolidasian. consolidated statements of
Pendapatan bunga tetap diakui comprehensive income. Interest
berdasarkan nilai tercatat yang telah income continues to be accrued on
dikurangi, berdasarkan suku bunga the reduced carrying amount based
efektif atas aset keuangan tersebut. on the original effective interest rate
Pinjaman yang diberikan dan piutang, of the asset. Loans and receivables,
bersama-sama dengan penyisihan together with the associated
terkait, akan dihapuskan pada saat allowance, are written off when there
tidak terdapat kemungkinan yang is no realistic prospect of future
realistis atas pemulihan di masa recovery and all collateral, if any, has
mendatang dan seluruh agunan, jika been realized or has been transferred
ada, telah direalisasi atau telah to the Group.
dialihkan kepada Grup.
56

(lanjutan)

biaya perolehan diamortisasi cost (continued)
(lanjutan)
Jika, pada tahun berikutnya, nilai If in a subsequent year, the amount of

estimasi kerugian penurunan nilai the estimated impairment loss
aset keuangan bertambah atau increases or decreases because of
berkurang karena suatu peristiwa an event occurring after the
yang terjadi setelah penurunan nilai impairment was recognized, the
diakui, maka kerugian penurunan nilai previously recognized impairment
yang sebelumnya diakui ditambah loss is increased or reduced
atau dikurangi (dipulihkan) dengan (reversed) by adjusting the allowance
menyesuaikan akun penyisihan. account. The recovery should not
Pemulihan tersebut tidak boleh lead to the carrying amount of the
mengakibatkan nilai tercatat aset asset exceeding its amortized cost
keuangan melebihi biaya perolehan that would have been determined had
diamortisasi yang seharusnya jika no impairment loss been recognized
penurunan nilai tidak diakui pada for the asset at the reversal date. The
tanggal pemulihan dilakukan. Jumlah amount of reversal is recognized in
pemulihan aset keuangan diakui pada the consolidated statements of
laporan laba rugi komprehensif comprehensive income. If a future
konsolidasian. Jika penghapusan write-off is later recovered, the
kemudian dipulihkan, maka recovery is recognized in the
pemulihan tersebut diakui dalam consolidated statements of
laporan laba rugi komprehensif comprehensive income.
konsolidasian.
● Aset keuangan yang dicatat pada ● Financial assets carried at cost

biaya perolehan
Jika terdapat bukti obyektif bahwa If there is objective evidence that an

kerugian penurunan nilai telah terjadi impairment has occurred over equity
atas instrumen ekuitas yang tidak instruments that do not have
memiliki kuotasi dan tidak dicatat quotations and are not carried at fair
pada nilai wajar karena nilai wajarnya value because fair value can not be
tidak dapat diukur secara handal, measured reliably, then the amount of
maka jumlah kerugian penurunan nilai any impairment loss is measured as
diukur berdasarkan selisih antara nilai the difference between the carrying
tercatat aset keuangan dan nilai kini value of the financial asset and the
estimasi arus kas masa mendatang present value of estimated future
yang didiskontokan pada tingkat cash flows discounted at the
pengembalian yang berlaku di pasar prevailing rate of return on the market
untuk aset keuangan serupa. for a similar financial asset.
Kerugian penurunan nilai tersebut Impairment losses may not be
tidak dapat dipulihkan pada tahun- reversed in succeeding years.
tahun berikutnya.
57

ii. Liabilitas keuangan dan instrumen ii. Financial liabilities and equity
ekuitas instruments
Pengakuan awal Initial recognition
Grup menetapkan klasifikasi liabilitas The Group determines the classification of

keuangannya pada saat pengakuan awal. its financial liabilities at initial recognition.
Instrumen utang dan ekuitas Debt and equity instruments are classified
dikelompokkan sebagai liabilitas as either financial liabilities or as equity in
keuangan atau sebagai ekuitas sesuai accordance with the substance of the
dengan substansi pengaturan kontraktual. contractual arrangement.
Liabilitas keuangan dalam lingkup PSAK Financial liabilities within the scope of
No. 55 (Revisi 2006) diklasifikasikan PSAK No. 55 (Revised 2006) are
sebagai liabilitas keuangan yang diukur classified as financial liabilities at fair
pada nilai wajar melalui laporan laba atau value through profit or loss, loans and
rugi, utang dan pinjaman, atau derivatif borrowings, or as derivatives designated
yang ditetapkan untuk tujuan instrumen as hedging instruments in an effective
lindung nilai dalam lindung nilai yang hedge, as appropriate. The Group
efektif, jika sesuai. Grup menentukan determines the classification of its
klasifikasi liabilitas keuangan pada saat financial liabilities at initial recognition.
pengakuan awal.
Liabilitas keuangan pada awalnya diukur Financial liabilities are recognized initially
pada nilai wajar dan, dalam hal utang dan at fair value and, in the case of loans and
pinjaman, termasuk biaya transaksi yang borrowings, inclusive of directly
dapat diatribusikan secara langsung. attributable transaction costs.
Liabilitas keuangan Grup meliputi utang The Group’s financial liabilities include
usaha, beban yang masih harus dibayar, trade payables, accrued expenses, bank
utang bank, utang lainnya, utang jangka loan, other payables, other long-term
panjang lainnya dan utang sewa loans and obligations under finance lease.
pembiayaan.
Instrumen ekuitas adalah setiap kontrak An equity instrument is any contract that
yang memberikan hak residual atas aset evidences a residual interest in the assets
suatu entitas setelah dikurangi dengan of an entity after deducting all of its
seluruh kewajibannya. Instrumen ekuitas liabilities. Equity instruments issued by the
yang diterbitkan oleh Grup akan dicatat Group are recorded at the amount of the
sebesar jumlah yang diperoleh, setelah proceeds received, net of direct issuance
dikurangi dengan biaya emisi langsung. costs.
Suatu instrumen merupakan instrumen The instrument is an equity instrument if,

ekuitas jika, dan hanya jika, kedua kondisi and only if, both conditions (a) and (b)
(a) dan (b) di bawah ini terpenuhi. below are met.
58

ekuitas (lanjutan) instruments (continued)
Pengakuan awal (lanjutan) Initial recognition (continued)
(a) Instrumen tersebut tidak memiliki (a) The instrument includes no

kewajiban kontraktual: contractual obligation:
i. Untuk memberikan kas atau aset i. To deliver cash or another

keuangan lainnya kepada entitas financial asset to another entity;
lain; atau or
ii. Untuk menukar aset keuangan ii. To exchange financial assets or

atau liabilitas keuangan dengan financial liabilities with another
entitas lain dalam kondisi yang entity under conditions that are
tidak menguntungkan bagi potentially unfavorable to the
penerbit. issuer.
b) Jika instrumen akan atau dapat (b) If the instrument will or may be settled
diselesaikan oleh penerbit yang in the issuer's own equity
memiliki instrumen ekuitas, apabila instruments, it is:
instrumen itu:
i. non-derivatif yang tidak memiliki i. a non-derivative that includes no

kewajiban kontraktual terhadap contractual obligation for the
penerbit untuk memberikan issuer to deliver a variable
sejumlah variabel terhadap number of its own equity
instrumen ekuitas pemilik; atau instruments; or
ii. derivatif yang akan diselesaikan ii a derivative that will be settled

oleh penerbit hanya dengan only by the issuer exchanging a
menukarkan sejumlah uang tunai fixed amount of cash or another
atau aset keuangan lainnya financial asset for a fixed number
untuk sejumlah instrumen ekuitas of its own equity instruments. For
pemilik. Untuk kepentingan ini, this purpose the issuer's own
instrumen ekuitas milik penerbit equity instruments do not include
tidak meliputi instrumen yang instruments that are themselves
terikat kontrak untuk penerimaan contracts for the future receipt or
di masa mendatang atau delivery of the issuer's own
pengiriman instrumen ekuitas equity instruments.
milik penerbit.
Instrumen ekuitas Grup meliputi saham The Group’s equity instruments include
biasa dan obligasi wajib konversi. common shares and mandatory
convertible bonds.
59
Pengakuan awal (lanjutan) Initial recognition (continued)
Instrumen keuangan majemuk, seperti Compound financial instruments, such as

obligasi atau instrumen konversi sejenis bond or similar instrument convertible by
yang diubah menjadi sejumlah saham the holder into a fixed number of ordinary
biasa oleh pemegangnya, diklasifikasikan shares, are classified separately as
secara terpisah sebagai liabilitas financial liabilities and equity in
keuangan dan ekuitas sesuai dengan accordance with the substance of the
materi dalam perjanjian kontraktual. Pada contractual arrangement. At the date of
tanggal penerbitan instrumen keuangan issuance of compound financial
majemuk, nilai wajar dari komponen instruments, the fair value of the liability
kewajiban diestimasi menggunakan component is estimated using the
tingkat suku bunga pasar yang berlaku prevailing market interest rate for a similar
untuk instrumen non-konversi yang non-convertible instrument. This amount
sejenis. Jumlah ini dicatat sebagai is recorded as a liability on an amortized
kewajiban atas dasar biaya perolehan cost basis using the effective interest rate
yang diamortisasi dengan menggunakan method until extinguished upon
metode bunga efektif sampai dengan conversion or at the instrument’s maturity
pelaksanaan konversi atau pada tanggal date. The equity component is determined
jatuh tempo instrumen. Komponen ekuitas by deducting the amount of the liability
ditentukan dengan mengurangi jumlah component from the fair value of the
komponen kewajiban dari nilai wajar compound financial instruments as a
instrumen keuangan majemuk secara whole. This amount is recognized and
keseluruhan. Jumlah ini diakui dan included in equity, net of income tax
dimasukkan ke dalam ekuitas, setelah effects, and is not subsequently
dikurangi dengan efek pajak penghasilan, remeasured.
dan tidak diperhitungkan kembali.
Pengukuran setelah pengakuan awal Subsequent measurement
Pengukuran liabilitas keuangan The measurement of financial liabilities

tergantung pada klasifikasinya sebagai depends on their classification as follows:
berikut:
• Liabilitas keuangan yang diukur pada • Financial liabilities at fair value

nilai wajar melalui laporan laba atau through profit or loss
rugi
Liabilitas keuangan yang diukur pada Financial liabilities at fair value

nilai wajar melalui laporan laba atau through profit or loss include financial
rugi termasuk liabilitas keuangan liabilities held for trading and financial
untuk diperdagangkan dan liabilitas liabilities designated upon initial
keuangan yang ditetapkan pada saat recognition at fair value through profit
pengakuan awal untuk diukur pada or loss.
nilai wajar melalui laporan laba atau
rugi.
60

(lanjutan)
• Liabilitas keuangan yang diukur pada • Financial liabilities at fair value

nilai wajar melalui laporan laba atau through profit or loss (continued)
rugi (lanjutan)
Liabilitas keuangan diklasifikasikan Financial liabilities are classified as

sebagai kelompok diperdagangkan held for trading if they are acquired
jika mereka diperoleh untuk tujuan for the purpose of selling in the near
dijual kembali dalam waktu dekat. term. Derivative liabilities are also
Liabilitas derivatif juga diklasifikasikan classified as held for trading unless
sebagai kelompok diperdagangkan they are designated as effective
kecuali derivatif yang ditetapkan hedging instruments.
sebagai instrumen lindung nilai yang
efektif.
Keuntungan atau kerugian atas Gains or losses on liabilities held for

liabilitas dalam kelompok trading are recognized in the
diperdagangkan diakui dalam laporan consolidated statements of
laba rugi komprehensif konsolidasian. comprehensive income.
• Utang dan pinjaman • Loans and borrowings
Setelah pengakuan awal, utang yang After initial recognition, interest-

dikenakan bunga dan pinjaman bearing loans and borrowings are
selanjutnya diukur pada biaya subsequently measured at amortized
perolehan diamortisasi dengan cost using the effective interest rate
menggunakan metode suku bunga method. At consolidated statement of
efektif. Pada tanggal laporan posisi financial position date, the accrued
keuangan konsolidasian, biaya bunga interest is recorded separately from
yang masih harus dibayar dicatat the respective principal loans as part
secara terpisah dari pokok pinjaman of current liabilities. Gains or losses
terkait dalam bagian liabilitas lancar. are recognized in the consolidated
Keuntungan dan kerugian diakui statements of comprehensive income
dalam laporan laba rugi komprehensif when the liabilities are derecognized
konsolidasian ketika liabilitas as well as through the amortization
dihentikan pengakuannya serta process using the effective interest
melalui proses amortisasi rate method.
menggunakan metode suku bunga
efektif.
61
Penghentian pengakuan liabilitas Derecognition of financial liabilities

keuangan
Liabilitas keuangan dihentikan A financial liability is derecognized when

pengakuannya pada saat liabilitas the obligation under the liability is
tersebut dihentikan atau dibatalkan atau discharged or cancelled or has expired.
kadaluwarsa.
Ketika sebuah liabilitas keuangan ditukar When an existing financial liability is

dengan liabilitas keuangan lain dari replaced by another from the same lender
pemberi pinjaman yang sama atas on substantially different terms, or the
persyaratan yang secara substansial terms of an existing liability are
berbeda, atau bila persyaratan dari substantially modified, such an exchange
liabilitas keuangan tersebut secara or modification is treated as a
substansial dimodifikasi, pertukaran atau derecognition of the original liability and
modifikasi persyaratan tersebut dicatat the recognition of a new liability, and the
sebagai penghentian pengakuan liabilitas difference in the respective carrying
keuangan awal dan pengakuan liabilitas amounts is recognized in the consolidated
keuangan baru, dan selisih antara nilai statements of comprehensive income.
tercatat masing-masing liabilitas keuangan
tersebut diakui dalam laporan laba rugi
Instrumen keuangan derivatif Derivative financial instruments
Grup menandatangani kontrak swap The Group enters into and engages in
valuta asing yang diperbolehkan, jika permitted foreign currency swap
dianggap perlu, untuk tujuan mengelola contracts, if considered necessary, for the
risiko perubahan nilai tukar mata uang purpose of managing the foreign
asing yang berasal dari utang Grup dalam exchange exposures emanating from the
mata uang asing. Instrumen keuangan Group’s loans in foreign currencies. These
derivatif tersebut tidak ditetapkan untuk derivative financial instruments are not
suatu hubungan lindung nilai yang designated in a qualifying hedge
memenuhi syarat (qualifying hedge relationship and are initially recognized at
relationship) dan pada awalnya diakui fair value on the date on which a
pada nilai wajar pada tanggal kontrak derivative contract is entered into and are
derivatif ditandatangani dan kemudian subsequently re-measured at fair value.
diukur kembali pada nilai wajarnya. Derivatives are carried as financial assets
Derivatif dicatat sebagai aset keuangan when the fair value is positive and as
saat memiliki nilai wajar positif dan financial liabilities when the fair value is
sebagai liabilitas keuangan apabila negative.
memiliki nilai wajar negatif.
62
Instrumen keuangan derivatif (lanjutan) Derivative financial instruments

(continued)
Keuntungan atau kerugian yang timbul Any gains or losses arising from changes
dari perubahan nilai wajar derivatif selama in fair value of derivatives during the year
tahun berjalan yang tidak memenuhi that do not qualify for hedge accounting
persyaratan sebagai akuntansi lindung are taken directly to the consolidated
nilai diakui langsung pada laporan laba statements of comprehensive income.
rugi komprehensif konsolidasian.
Aset dan liabilitas derivatif disajikan Derivative assets and liabilities are
masing-masing sebagai aset dan liabilitas presented under current assets and
lancar. Derivatif melekat disajikan current liabilities, respectively. Embedded
bersama dengan kontrak utamanya pada derivative is presented with the host
laporan posisi keuangan konsolidasian contract on the consolidated statements of
yang mencerminkan penyajian yang tepat financial position, which presentation is an
atas seluruh arus kas pada masa datang appropriate disclosure of overall future
dari instrumen tersebut secara cash flows for the instrument taken as a
keseluruhan. whole.
Perubahan bersih nilai wajar instrumen Net changes in fair value of derivative
derivatif dan penyelesaian dari instrumen instruments and settlement of derivative
derivatif dibebankan atau dikreditkan pada instruments are charged or credited to
usaha tahun berjalan. current operations.
iii. Saling hapus instrumen keuangan iii. Offsetting of financial instruments
Aset keuangan dan liabilitas keuangan Financial assets and financial liabilities
saling hapus dan nilai bersihnya are offset and the net amount reported in
dilaporkan dalam laporan posisi keuangan the consolidated statements of financial
konsolidasian jika, dan hanya jika, position if, and only if, there is a currently
terdapat hak yang berkekuatan hukum enforceable legal right to offset the
untuk melakukan saling hapus atas jumlah recognized amounts and there is an
yang telah diakui dari aset keuangan dan intention to settle on a net basis, or to
liabilitas keuangan tersebut dan terdapat realize the assets and settle the liabilities
intensi untuk menyelesaikan secara neto, simultaneously.
atau untuk merealisasikan aset dan
menyelesaikan liabilitasnya secara
bersamaan.
63

iv. Nilai wajar instrumen keuangan iv. Fair value of financial instruments
Nilai wajar instrumen keuangan yang The fair value of financial instruments that
secara aktif diperdagangkan di pasar are actively traded in organized financial
keuangan yang teroganisir, ditentukan markets is determined by reference to
dengan mengacu pada kuotasi harga quoted market bid prices at the close of
penawaran pasar yang berlaku pada business at the end of the reporting
penutupan pasar pada akhir periode period. For financial instruments where
pelaporan. Untuk instrumen keuangan there is no active market, fair value is
yang tidak diperdagangkan di pasar aktif, determined using valuation techniques.
nilai wajar ditentukan dengan Such techniques may include using recent
menggunakan teknik penilaian. Teknik arm’s length market transactions,
penilaian tersebut meliputi penggunaan reference to the current fair value of
transaksi pasar terkini yang dilakukan another instrument that is substantially the
secara wajar; referensi atas nilai wajar same, discounted cash flow analysis, or
terkini dari instrument lain yang secara other valuation models.
substansial sama; analisa arus kas yang
didiskonto; atau model penilaian lainnya.
y. Laba per saham y. Earnings per share

Sesuai dengan PSAK No. 56, "Laba per In accordance with PSAK No. 56, ”Earnings
Saham", laba per saham dihitung dengan per Share”, the amount of basic earnings per
membagi laba bersih tahun berjalan yang share is calculated by dividing the net income
dapat diatribusikan kepada pemilik entitas for the year attributable to owners of the parent
induk dengan jumlah rata-rata tertimbang company by the weighted-average number of
saham yang beredar selama tahun setelah shares outstanding during the year after
mempertimbangkan efek pemecahan saham considering the effect of stock split
(Catatan 31). (Note 31).
Laba per saham dilusi dihitung dengan The amount of diluted earnings per share is
membagi laba bersih tahun berjalan yang calculated by dividing the net income for the
dapat diatribusikan kepada pemilik entitas year attributable to owners of the parent
induk dengan jumlah rata-rata tertimbang company by the weighted-average number of
saham yang beredar selama tahun ditambah shares outstanding during the year plus the
jumlah saham rata-rata tertimbang yang akan the weighted-average number of shares that
dikeluarkan pada saat obligasi wajib konversi would be issued on conversion of mandatory
dikonversi menjadi saham biasa. convertible bonds into ordinary shares.
64
z. Biaya emisi saham z. Shares issuance costs
Biaya emisi saham disajikan sebagai Shares issuance costs are presented as a
pengurang terhadap tambahan modal disetor - reduction to additional paid-in capital - net
bersih pada bagian ekuitas di laporan posisi under the equity section of the consolidated
keuangan konsolidasian. statements of financial position.
aa. Program penjatahan saham manajemen aa. Management and employee stock
dan karyawan allocation program
Beban kompensasi yang terjadi sehubungan Compensation expense in relation to

dengan pelaksanaan program penjatahan management and employee stock allocation
saham manajemen dan karyawan diakui pada program is recognized in the year of granting
tahun berjalan saat saham diberikan kepada such stocks, as stated in PSAK No. 53,
manajemen dan karyawan, sesuai dengan “Share-Based Compensation Accounting”.
PSAK No. 53, “Akuntansi Kompensasi
Berbasis Saham”.
ab. Informasi segmen ab. Segment information
Efektif 1 Januari 2011, Grup menerapkan Effective January 1, 2011, the Group applied
PSAK No. 5 (Revisi 2009), "Segmen Operasi", PSAK No. 5 (Revised 2009), “Operating
yang menggantikan PSAK No. 5 (Revisi 2000), Segments”, which superseded PSAK No. 5
"Pelaporan Segmen". PSAK No. 5 (Revisi (Revised 2000), “Segment Reporting”. PSAK
2009) mengatur pengungkapan yang akan No. 5 (Revised 2009) requires disclosures that
memungkinkan pengguna laporan keuangan will enable users of financial statements to
untuk mengevaluasi sifat dan dampak evaluate the nature and financial effects of the
keuangan dari aktivitas bisnis yang mana business activities in which the entity engages
entitas terlibat dan lingkungan ekonomi di and the economic environments in which it
mana entitas beroperasi. Penerapan PSAK operates. The adoption of PSAK No. 5
No. 5 (Revisi 2009) tidak memiliki dampak (Revised 2009) has no significant impact on
signifikan terhadap laporan keuangan the consolidated financial statements.
konsolidasian.
Segmen adalah komponen yang dapat A segment is a distinguishable component of

dibedakan dari Grup yang terlibat baik dalam the Group that is engaged either in providing
menyediakan produk-produk tertentu (segmen certain products (business segment), or in
usaha), atau dalam menyediakan produk providing products within a particular economic
dalam lingkungan ekonomi tertentu (segmen environment (geographical segment), which is
geografis), yang memiliki risiko dan imbalan subject to risks and rewards that are different
yang berbeda dari segmen lainnya. from those of other segments.
Pendapatan, beban, hasil, aset dan liabilitas Segment revenue, expenses, results, assets
segmen termasuk item-item yang dapat and liabilities include items directly attributable
diatribusikan secara langsung kepada suatu to a segment as well as those that can be
segmen serta hal-hal yang dapat dialokasikan allocated on a reasonable basis to that
dengan dasar yang memadai untuk segmen segment. They are determined before intra-
tersebut. Segmen ditentukan sebelum saldo group balances and intragroup transactions
dan transaksi antar Grup dieliminasi sebagai are eliminated.
bagian dari proses konsolidasi.
65
ac. Penerapan standar dan interpretasi ac. Adoption of other revised accounting
akuntansi lainnya yang telah direvisi standards and interpretations
Selain standar akuntansi yang telah direvisi Other than the revised accounting standards
yang telah disebutkan sebelumnya pada previously mentioned above, the Group also
tanggal 1 Januari 2011, Grup juga adopted the following revised accounting
menerapkan standar akuntansi yang telah standards and interpretations on January 1,
direvisi berikut, yang dianggap relevan 2011, which are considered relevant to the
terhadap laporan keuangan konsolidasian consolidated financial statements but did not
namun tidak menimbulkan dampak yang have significant impact except for the related
signifikan kecuali bagi pengungkapan terkait: disclosures:
• PSAK No. 8 (Revisi 2009), "Peristiwa • PSAK No. 8 (Revised 2009), "Events after
Setelah Periode Pelaporan" the Reporting Period"
• PSAK No. 25 (Revisi 2009), “Kebijakan • PSAK No. 25 (Revised 2009), “Accounting
Akuntansi, Perubahan Estimasi Akuntansi, Policies, Changes in Accounting
dan Kesalahan” Estimates and Errors”
• PSAK No. 58 (Revisi 2009), “Aset Tidak • PSAK No. 58 (Revised 2009), “Non-
Lancar yang Dimiliki untuk Dijual dan current Assets Held for Sale and
Operasi yang dihentikan” Discontinued Operations”
• ISAK No. 9, “Perubahan atas Liabilitas • ISAK No. 9, “Changes in Existing

Aktivitas Purna Operasi, Restorasi dan Decommissioning Restoration and Similar
Liabilitas Serupa”. Liabilities”.
ad. Pernyataan dan interprestasi yang telah ad. Standards and interpretations issued but
dikeluarkan tapi belum efektif berlaku not yet effective
PSAK dan ISAK yang diterbitkan oleh Dewan The PSAKs and ISAKs issued by the
Standar Akuntansi Keuangan (DSAK) dan Indonesian Financial Accounting Standards
relevan untuk Grup tetapi berlaku efektif pada Board (DSAK), which are relevant to the
tanggal 1 Januari 2012 adalah sebagai berikut: Group but are effective only starting on
January 1, 2012, are summarized below:
• PSAK No. 10 (Revisi 2010), “Pengaruh • PSAK No. 10 (Revised 2010), “The Effect
Perubahan Kurs Valuta Asing”, of Changes in Foreign Exchange Rates”,
menjelaskan bagaimana memasukkan prescribes how to include foreign currency
transaksi dalam mata uang asing dan transactions and foreign operations in the
kegiatan usaha luar negeri ke dalam financial statements of an entity and how
laporan keuangan entitas dan bagaimana to translate financial statements into a
menjabarkan laporan keuangan kedalam presentation currency.
mata uang penyajian.
66
2. IKHTISAR KEBIJKAN AKUNTANSI PENTING 2. SUMMARY OF SIGNIFICANT ACCOUNTING

dikeluarkan tapi belum efektif berlaku not yet effective (continued)
(lanjutan)
• PSAK No. 16 (Revisi 2011), “Aset Tetap”, • PSAK No. 16 (Revised 2011), “Property,
mengatur perlakuan akuntansi aset tetap, Plant and Equipment”, prescribes the
sehingga pengguna laporan keuangan accounting treatment for property, plant
dapat memahami informasi mengenai and equipment so that users of the
investasi entitas dalam aset tetap dan financial statements can discern
perubahan dalam investasi tersebut. information about an entity's investment in
Masalah utama dalam akuntansi aset its property, plant and equipment and the
tetap adalah pengakuan aset, penentuan changes in such investment. The principal
jumlah tercatat, pembebanan penyusutan, issues in accounting for property, plant
dan rugi penurunan nilainya. and equipment are the recognition of the
assets, the determination of their carrying
amounts and the depreciation charges
and impairment losses to be recognized in
relation to them.
• PSAK No. 18 (Revisi 2010), “Akuntansi • PSAK No. 18 (Revised 2010), “Accounting
dan Pelaporan Program Manfaat and Reporting by Retirement Benefit
Purnakarya”, mengatur akuntansi dan Plans”, establishes the accounting and
pelaporan program manfaat purnakarya reporting by the plans to all participants as
untuk semua peserta sebagai suatu a group. This PSAK complements PSAK
kelompok. PSAK ini melengkapi PSAK No. 24 (Revised 2010), “Employee
No. 24 (Revisi 2010), “Imbalan Kerja”. Benefits”.
• PSAK No. 24 (Revisi 2010), “Imbalan • PSAK No. 24 (Revised 2010), “Employee
Kerja”, mengatur akuntansi dan Benefits”, establishes the accounting and
pengungkapan imbalan kerja. disclosures for employee benefits.
• PSAK No. 26 (Revisi 2011), “Biaya • PSAK No. 26 (Revised 2011), “Borrowing
Pinjaman”, menentukan biaya pinjaman Costs”, provides that borrowing costs
yang dapat diatribusikan secara langsung directly attributable to the acquisition,
dengan perolehan, konstruksi, atau construction or production of a qualifying
produksi aset kualifikasian dikapitalisasi asset form part of the cost of that asset.
sebagai bagian biaya perolehan aset Other borrowing costs are recognized as
tersebut. Biaya pinjaman lainnya diakui an expense.
sebagai beban.
• PSAK 30 (Revisi 2011), “Sewa”, mengatur • PSAK 30 (Revised 2011), “Leases”,

kebijakan akuntansi dan pengungkapan prescribes, for lessees and lessors, the
yang sesuai, baik bagi lessee maupun appropriate accounting policies and
lessor terkait dengan sewa, yang berlaku disclosure to apply in relation to leases
untuk perjanjian yang mengalihkan hak which apply to agreements that transfer
untuk menggunakan aset meskipun the right to use assets even though
penyediaan jasa substansial oleh lessor substantial services by the lessor may be
tetap diperlukan dalam mengoperasikan called for in connection with the operation
atau memelihara aset tersebut. or maintenance of such assets.
67

(lanjutan)
• PSAK No. 33 (Revisi 2011), “Aktivitas • PSAK No. 33 (Revised 2011), “Stripping
Pengupasan Lapisan Tanah dan and Environmental Management Activities
Pengelolaan Lingkungan Hidup pada in General Mining”, applies to accounting
Pertambangan Umum”, diterapkan untuk for general mining in relation to stripping
akuntansi pertambangan umum yang activity and environmental management
terkait dengan aktivitas pengupasan activity.
lapisan tanah dan aktivitas pengelolaan
lingkungan hidup.
• PSAK No. 34 (Revisi 2010), “Kontrak • PSAK No. 34 (Revised 2010), “Accounting
Konstruksi”, mengatur perlakuan for Construction Contracts”, prescribes the
akuntansi pendapatan dan biaya yang accounting treatment of revenue and
berhubungan dengan kontrak konstruksi. costs associated with construction
contracts.
• PSAK No. 46 (Revisi 2010), “Pajak • PSAK No. 46 (Revised 2010), “Accounting
Penghasilan”, mengatur perlakuan for Income Taxes”, prescribes the
akuntansi untuk pajak penghasilan dalam accounting treatment for income taxes to
menghitung konsekuensi pajak kini dan account for the current and future tax
masa depan untuk pemulihan consequences of the future recovery
(penyelesaian) jumlah tercatat aset (settlement) of the carrying amount of
(liabilitas) di masa depan yang diakui assets (liabilities) that are recognized in
pada laporan posisi keuangan; serta the statement of financial position; and
transaksi-transaksi dan kejadian-kejadian transactions and other events of the
lain pada periode kini yang diakui pada current period that are recognized in the
laporan keuangan. financial statements.
• PSAK No. 50 (Revisi 2010), “Instrumen • PSAK No. 50 (Revised 2010), “Financial
Keuangan: Penyajian”, menetapkan Instruments: Presentation”, establishes
prinsip penyajian instrumen keuangan the principles for presenting financial
sebagai liabilitas atau ekuitas dan saling instruments as liabilities or equity and for
hapus aset keuangan dan liabilitas offsetting financial assets and financial
keuangan. liabilities.
• PSAK No. 53 (Revisi 2010), “Pembayaran • PSAK No. 53 (Revised 2010), “Share-
Berbasis Saham”, mengatur pelaporan based Payment”, specifies the financial
keuangan entitas yang melakukan reporting by an entity when it undertakes
transaksi pembayaran berbasis saham. a share-based payment transaction.
68

(lanjutan)
• PSAK No. 55 (Revisi 2011), “Instrumen • PSAK No. 55 (Revised 2011), “Financial
Keuangan: Pengakuan dan Pengukuran”, Instruments: Recognition and
mengatur prinsip-prinsip dasar pengakuan Measurement”, establishes principles for
dan pengukuran aset keuangan, liabilitas recognizing and measuring financial
keuangan, dan kontrak pembelian atau assets, financial liabilities and some
penjualan item nonkeuangan. Persyaratan contracts to purchase or sell non-financial
penyajian informasi instrumen keuangan items. The requirements for presenting
diatur dalam PSAK No. 50 (revisi 2010), information about financial instruments
“Instrumen Keuangan: Penyajian”. are prescribed in PSAK No. 50 (Revised
Persyaratan pengungkapan informasi 2010), “Financial Instruments:
instrumen keuangan diatur dalam PSAK Presentation”. The requirements for
No. 60 “Instrumen Keuangan: information that needs to be disclosed
Pengungkapan”. about financial instruments are prescribed
in PSAK No. 60, “Financial Instruments:
Disclosures”.
• PSAK No. 56 (Revisi 2011), “Laba per • PSAK No. 56 (Revised 2011), “Earnings
Saham”, menetapkan prinsip penentuan per Share”, prescribed principles for the
dan penyajian laba per saham, sehingga determination and presentation of
meningkatkan daya banding kinerja antar earnings per share, so as to improve
entitas berbeda pada periode pelaporan performance comparisons between
sama dan antar periode pelaporan different entities in the same period and
berbeda untuk entitas yang sama. between different reporting periods for the
same entity.
• PSAK No. 60, “Instrumen Keuangan: • PSAK No. 60, “Financial Instruments:
Pengungkapan”, mensyaratkan Disclosures”, requires disclosures in the
pengungkapan dalam laporan keuangan financial statements that enable users to
yang memungkinkan para pengguna evaluate the significance of financial
untuk mengevaluasi signifikansi instrumen instruments for financial position and
keuangan terhadap posisi dan kinerja performance; and the nature and extent of
keuangan; dan sifat dan luas risiko yang risks arising from financial instruments to
timbul dari instrumen keuangan yang which the entity is exposed during the
mana entitas terekspos selama periode period and at the end of the reporting
dan pada akhir periode pelaporan, dan period, and how the entity manages those
bagaimana entitas mengelola risiko-risiko risks.
tersebut.
• PSAK No. 64, “Aktivitas Eksplorasi dan • PSAK No. 64, ”Exploration for and
Evaluasi pada Pertambangan Sumber Evaluation of Mineral Resources”,
Daya Mineral”, menetapkan pelaporan specifies the financial reporting for the
keuangan atas eksplorasi dan evaluasi exploration and evaluation of mineral
pada pertambangan sumber daya mineral, resource, requires entities that recognize
yang mensyaratkan entitas yang exploration and evaluation assets to
mengakui aset eksplorasi dan evaluasi assess such assets for impairment in
untuk menilai apakah aset tersebut accordance with this PSAK and measure
mengalami penurunan nilai sesuai dengan any impairment in accordance with PSAK
Pernyataan ini dan mengukur setiap No. 48 (Revised 2009), “Impairment of
penurunan nilai sesuai dengan PSAK Assets.”
No. 48 (Revisi 2009), “Penurunan Nilai
Aset.”
69

(lanjutan)
• ISAK No. 15, “PSAK No. 24 - Batas Aset • ISAK No. 15, “PSAK No. 24 - The Limit on
Imbalan Pasti, Persyaratan Pendanaan a Defined Benefit Asset, Minimum
Minimum dan Interaksinya”, memberikan Funding Requirements and their
pedoman bagaimana menilai pembatasan Interaction”, provides guidance on how to
jumlah surplus dalam program imbalan assess the limit on the amount of surplus
pasti yang dapat diakui sebagai aset in a defined scheme that can be
sesuai PSAK No. 24 (Revisi 2010), recognized as an asset under PSAK No.
“Imbalan Kerja”. 24 (Revised 2010), “Employee Benefits”.
• ISAK No. 20, “Pajak penghasilan - • ISAK No. 20, “Income Taxes - Changes in
Perubahan Dalam Status Pajak Entitas the Tax Status of an Entity or its
atau Para Pemegang Saham”, membahas Shareholders”, prescribes how an entity
bagaimana suatu entitas should account for the current and
memperhitungkan konsekuensi pajak kini deferred tax consequences of a change in
dan pajak tangguhan karena perubahan its tax status or that of its shareholders.
dalam status pajaknya atau pemegang
sahamnya.
• ISAK No. 24, ”Evaluasi Substansi • ISAK No. 24, “Evaluating the Substance
beberapa Transaksi yang Melibatkan of Transactions Involving the Legal Form
suatu Bentuk Legal Sewa”, memberikan of a Lease”, provides guidance on how to
pedoman bagaimana menentukan apakah determine whether a series of
serangkaian transaksi adalah terkait dan transactions is linked and should be
dicatatkan sebagai transaksi tunggal; dan accounted for as one transaction; and
menentukan apakah perjanjian yang ada whether the arrangement meets the
memenuhi definisi sewa berdasarkan definition of a lease under PSAK No. 30
PSAK No. 30 (Revisi 2007), “Sewa”. (Revised 2007), “Leases”.
• ISAK No. 25, ”Hak atas Tanah”, • ISAK No. 25, “Land Rights”, provides
memberikan pedoman bagaimana guidance on how to account for the
mencatat biaya perolehan hak atas tanah acquired cost of Land Rights in the form of
dalam bentuk Hak Guna Usaha, Hak Right to Exploit (Hak Guna Usaha), Right
Guna Bangunan dan Hak Pakai beserta to Build (Hak Guna Bangunan) and Right
biaya pengurusan legal hak atas tanah to Use (Hak Pakai), and also the cost to
awal dan perpanjangan atau obtain the legal rights at the beginning
pembaruannya. and at the extension or renewal of the
rights.
• ISAK No. 26, “Penilaian Ulang Derivatif • ISAK No. 26, “Reassessment of
Melekat”, membahas kapan penilaian Embedded Derivatives”, prescribes when
terhadap derivatif melekat yang terdapat the assessment shall be made on whether
dalam kontrak dipisahkan dari kontrak embedded derivatives contained in a
utamanya, apakah harus dilakukan ketika contract are required to be separated from
entitas pertama kali menjadi pihak dalam the host contract, whether it should be
kontrak, atau penilaian tersebut dilakukan made only when the entity first becomes a
sepanjang umur kontrak. party to the contract, or it should be
considered throughout the life of the
contract.
Grup sedang mengevaluasi dan belum The Group is presently evaluating and has not
menentukan dampak dari standar yang direvisi yet determined the effects of these revised and
dan yang baru tersebut terhadap laporan new standards and interpretations on the
keuangan konsolidasian. consolidated financial statements.
70
3. SUMBER ESTIMASI KETIDAKPASTIAN 3. SOURCES OF ESTIMATION UNCERTAINTY
Penyusunan laporan keuangan konsolidasian Grup The preparation of the Group’s consolidated
mengharuskan manajemen untuk membuat financial statements requires management to make
pertimbangan, estimasi dan asumsi yang judgments, estimates and assumptions that affect
mempengaruhi jumlah pendapatan, beban, aset the reported amounts of revenues, expenses,
dan liabilitas yang dilaporkan dan pengungkapan assets and liabilities, and the disclosure of
atas liabilitas kontijensi, pada akhir periode contingent liabilities, at the end of the reporting
pelaporan. Ketidakpastian mengenai asumsi dan period. Uncertainty about these assumptions and
estimasi tersebut dapat mengakibatkan estimates could result in outcomes that require a
penyesuaian material terhadap nilai tercatat aset material adjustment to the carrying amounts of
dan liabilitas di masa mendatang. assets and liabilities affected in future years.
Pertimbangan Judgments
Pertimbangan berikut ini dibuat oleh manajemen The following judgments are made by management
dalam rangka penerapan kebijakan akuntansi Grup in the process of applying the Group’s accounting
yang memiliki pengaruh paling signifikan atas policies that have the most significant effects on
jumlah yang diakui dalam laporan keuangan the amounts recognized in the consolidated
konsolidasian: financial statements:
Klasifikasi Aset dan Liabilitas Keuangan Classification of Financial Assets and Financial
Liabilities
Grup menetapkan klasifikasi atas aset dan liabilitas The Group determines the classifications of certain
tertentu sebagai aset keuangan dan liabilitas assets and liabilities as financial assets and
keuangan dengan pertimbangan bila definisi yang financial liabilities by judging if they meet the
ditetapkan PSAK No. 55 (Revisi 2006) terpenuhi. definition set forth in PSAK No. 55 (Revised 2006).
Dengan demikian, aset keuangan dan liabilitas Accordingly, the financial assets and financial
keuangan diakui sesuai dengan kebijakan liabilities are accounted for in accordance with the
akuntansi Grup seperti diungkapkan pada Group’s accounting policies disclosed in Note 2x.
Catatan 2x.
Alokasi Harga Beli dan Penurunan Nilai Goodwill Purchase Price Allocation and Goodwill Impairment
Akuntansi akuisisi mensyaratkan penggunaan Acquisition accounting requires extensive use of

estimasi akuntansi secara ekstensif dalam accounting estimates to allocate the purchase price
mengalokasikan harga beli kepada nilai pasar to the reliable fair market values of the assets and
wajar yang dapat diandalkan aset dan liabilitas liabilities purchased, including intangible assets.
yang diperoleh, termasuk aset takberwujud. Certain business acquisitions of the Group have
Akuisisi bisnis tertentu oleh Grup menimbulkan resulted in goodwill. Under PSAK No. 22 (Revised
goodwill. Sesuai PSAK No. 22 (Revisi 2009), 2009), “Business Combinations”, such goodwill is
“Kombinasi Bisnis”, goodwill tidak diamortisasi dan not amortized and subject to an annual impairment
diuji bagi penurunan nilai setiap tahunnya. Nilai testing. The carrying amount of the Group’s
tercatat goodwill Grup pada tanggal 31 Desember goodwill as of December 31, 2011 amounted to
2011 adalah sebesar Rp593.883. Seperti Rp593,883. As discussed in Note 1c, the carrying
dijelaskan dalam Catatan 1c, nilai tercatat tersebut amount is provisional pending receipt of the final
merupakan jumlah sementara menunggu hasil valuation of the fair values of the acquired assets
penilaian nilai wajar aset dan liabilitas yang and liability. Further details are disclosed in
diperoleh. Rincian lebih lanjut diungkapkan dalam Note 1c.
Catatan 1c.
Uji penurunan nilai dilakukan apabila terdapat Impairment testing is performed when certain
indikasi penurunan nilai. Dalam hal goodwill, aset impairment indicators are present. In the case of
diuji untuk penurunan nilai setiap tahunnya dan jika goodwill, such assets are subject to annual
terdapat indikasi penurunan nilai, Manajemen impairment testing and whenever there is an
harus menggunakan pertimbangan dalam indication that such asset may be impaired,
mengestimasi nilai terpulihkan dan menentukan management has to use its judgment in estimating
jumlah penurunan nilai. the recoverable value and determining the amount
of impairment.
71
Pertimbangan (lanjutan) Judgments (continued)
Penyisihan atas Penurunan Nilai Piutang Usaha Allowance for Impairment of Trade Receivables
Grup mengevaluasi akun tertentu jika terdapat The Group evaluates specific accounts where it
informasi bahwa pelanggan yang bersangkutan has information that certain customers are unable
tidak dapat memenuhi kewajiban keuangannya. to meet their financial obligations. In these cases,
Dalam hal tersebut, Grup mempertimbangkan, the Group uses judgment, based on the best
berdasarkan fakta dan situasi yang tersedia, available facts and circumstances, including but not
termasuk namun tidak terbatas pada, jangka waktu limited to, the length of its relationship with the
hubungan dengan pelanggan dan status kredit dari customer and the customer’s current credit status
pelanggan berdasarkan catatan kredit dari pihak based on third party credit reports and known
ketiga dan faktor pasar yang telah diketahui, untuk market factors, to record specific provisions for
mencatat provisi spesifik atas jumlah piutang customers against amounts due to reduce the
pelanggan guna mengurangi jumlah piutang yang receivable amounts that the Group expects to
diharapkan dapat diterima oleh Grup. Provisi collect. These specific provisions are re-evaluated
spesifik ini dievaluasi kembali dan disesuaikan jika and adjusted as additional information received
tambahan informasi yang diterima mempengaruhi affects the amounts of allowance for impairment of
jumlah penyisihan untuk piutang usaha. Nilai trade receivables. The carrying amount of the
tercatat dari piutang usaha Grup sebelum Group’s trade receivables before allowance for
penyisihan penurunan nilai pada tanggal impairment as of December 31, 2011 and 2010
31 Desember 2011 dan 2010 masing-masing amounted to Rp1,426,303 and Rp1,021,616,
sebesar Rp1.426.303 dan Rp1.021.616. respectively. Further details are presented in
Penjelasan lebih lanjut diungkapkan dalam Catatan Note 6.
6.
Estimasi dan Asumsi Estimates and Assumptions
Asumsi utama masa depan dan sumber utama The key assumptions concerning the future and
estimasi ketidakpastian lain pada tanggal other key sources of estimation uncertainty at the
pelaporan yang memiliki risiko signifikan reporting date that have a significant risk of causing
mengakibatkan penyesuaian yang material a material adjustment to the carrying amounts of
terhadap nilai tercatat aset dan liabilitas untuk assets and liabilities within the next financial year
tahun berikutnya diungkapkan di bawah ini. Grup are disclosed below. The Group based its
mendasarkan asumsi dan estimasi pada parameter assumptions and estimates on parameters
yang tersedia pada saat laporan keuangan available when the consolidated financial
konsolidasian disusun. Asumsi dan situasi statements were prepared. Existing circumstances
mengenai perkembangan masa depan mungkin and assumptions about future developments may
berubah akibat perubahan pasar atau situasi yang change due to market changes or circumstances
di luar kendali Grup. Perubahan tersebut arising beyond the control of the Group. Such
dicerminkan dalam asumsi terkait pada saat changes are reflected in the assumptions when
terjadinya. they occur.
72

Estimasi dan Asumsi (lanjutan) Estimates and Assumptions (lanjutan)
Pensiun dan Imbalan Kerja Pension and Employee Benefits
Penentuan kewajiban dan biaya pensiun dan The determination of the Group’s obligations and
liabilitas imbalan kerja Grup bergantung pada cost for pension and employee benefits liabilities is
pemilihan asumsi yang digunakan oleh aktuaris dependent on its selection of certain assumptions
independen dalam menghitung jumlah-jumlah used by the independent actuaries in calculating
tersebut. Asumsi tersebut termasuk antara lain, such amounts. Those assumptions include
tingkat diskonto, tingkat kenaikan gaji tahunan, discount rates, future annual salary increase,
tingkat pengunduran diri karyawan tahunan, tingkat annual employee turn-over rate, disability rate,
kecacatan, umur pensiun dan tingkat kematian. retirement age and mortality rate. Actual results
Hasil aktual yang berbeda dari asumsi yang that differ from the Group’s assumptions are
ditetapkan Grup langsung diakui dalam laba atau recognized immediately in profit or loss as and
rugi pada saat terjadinya. Sementara Grup when they occur. While the Group believes that its
berkeyakinan bahwa asumsi tersebut adalah wajar assumptions are reasonable and appropriate,
dan sesuai, perbedaan signifikan pada hasil aktual significant differences in the Group’s actual
atau perubahan signifikan dalam asumsi yang experiences or significant changes in the Group’s
ditetapkan dapat mempengaruhi secara material assumptions may materially affect its estimated
liabilitas diestimasi atas pensiun dan imbalan kerja liabilities for pension and employee benefits and
dan beban imbalan kerja bersih. Nilai tercatat atas net employee benefits expense. The carrying
liabilitas diestimasi imbalan kerja Grup pada amount of the Group’s estimated liabilities for
tanggal 31 Desember 2011 dan 2010 masing- employee benefits as of December 31, 2011 and
masing sebesar Rp92.194 dan Rp67.939. 2010 amounted to Rp92,194 and Rp67,939,
Penjelasan lebih rinci diungkapkan dalam respectively. Further details are disclosed in
Catatan 29. Note 29.
Penyusutan Aset Tetap Depreciation of Fixed Assets
Biaya perolehan aset tetap disusutkan dengan The costs of fixed assets are depreciated on a
menggunakan metode garis lurus berdasarkan straight-line basis over their estimated useful lives.
taksiran masa manfaat ekonomisnya. Manajemen Management estimates the useful lives of these
mengestimasi masa manfaat ekonomis aset tetap fixed assets to be within 3 to 25 years. These are
antara 3 sampai 25 tahun. Ini adalah umur yang common life expectancies applied in the industries
secara umum diharapkan dalam industri di mana where the Group conducts its businesses.
Grup menjalankan bisnisnya. Perubahan tingkat Changes in the expected level of usage and
pemakaian dan perkembangan teknologi dapat technological development could impact the
mempengaruhi masa manfaat ekonomis dan nilai economic useful lives and the residual values of
sisa aset, dan karenanya biaya penyusutan masa these assets, and therefore future depreciation
depan mungkin direvisi. Nilai tercatat bersih atas charges could be revised. The net carrying amount
aset tetap Grup pada tanggal 31 Desember 2011 of the Group’s fixed assets as of December 31,
dan 2010 masing-masing sebesar Rp4.007.349 2011 and 2010 amounted to Rp4,007,349 and
dan Rp2.107.655. Penjelasan lebih rinci Rp2,107,655, respectively. Further details are
diungkapkan dalam Catatan 11. disclosed in Note 11.
73

Estimasi dan Asumsi (lanjutan) Estimates and Assumptions (continued)
Pajak Penghasilan Income Tax

Pertimbangan signifikan dilakukan dalam Significant judgment is involved in determining the
menentukan provisi atas pajak penghasilan badan. provision for corporate income tax. There are
Terdapat transaksi dan perhitungan tertentu yang certain transactions and computation for which the
penentuan pajak akhirnya adalah tidak pasti dalam ultimate tax determination is uncertain during the
kegiatan usaha normal. Grup mengakui liabilitas ordinary course of business. The Group recognizes
atas pajak penghasilan badan berdasarkan liabilities for expected corporate income tax issues
estimasi apakah akan terdapat tambahan pajak based on estimates of whether additional corporate
penghasilan badan. Penjelasan lebih lanjut income tax will be due. Further details are
diungkapkan dalam Catatan 21. disclosed in Note 21.
Realisasi dari Aset Pajak Tangguhan Realization of Deferred Tax Assets
Grup melakukan penelaahan atas nilai tercatat aset The Group reviews the carrying amounts of
pajak tangguhan pada setiap akhir periode deferred tax assets at the end of each reporting
pelaporan dan mengurangi nilai tersebut sebesar period and reduces these to the extent that
penghasilan kena pajak tersedia untuk sufficient taxable income will be available to allow
penggunaan seluruh atau sebagian dari aset pajak all or part of the deferred income tax assets to be
tangguhan tersebut. Penelaahan Grup atas utilized. The Group’s assessment on the
pengakuan aset pajak tangguhan untuk perbedaan recognition of deferred tax assets on deductible
temporer yang dapat dikurangkan didasarkan atas temporary differences is based on the level and
tingkat dan waktu taksiran penghasilan kena pajak timing of forecasted taxable income of the
pada periode pelaporan berikutnya. subsequent reporting periods.
Taksiran penghasilan kena pajak didasarkan pada The forecast of taxable income is based on the
hasil pencapaian Grup di masa lalu dan ekspektasi Group’s past results and future expectations on
di masa depan terhadap pendapatan dan beban, revenues and expenses as well as future tax
serta strategi perencanaan perpajakan di masa planning strategies. However, there is no
depan. Namun, tidak terdapat kepastian bahwa assurance that the Group will generate sufficient
Grup dapat menghasilkan penghasilan kena pajak taxable income to allow all or part of the deferred
yang memadai untuk memungkinkan penggunaan tax assets to be utilized. Further details are
sebagian atau seluruh bagian dari aset pajak disclosed in Note 21.
tangguhan tersebut. Penjelasan lebih lanjut
diungkapkan dalam Catatan 21.
Aset pajak tangguhan diakui atas seluruh rugi fiskal Deferred tax assets are recognized for all unused
yang belum digunakan sepanjang besar tax losses to the extent that it is probable that
kemungkinannya bahwa penghasilan kena pajak taxable profit will be available against which the
akan tersedia sehingga rugi fiskal tersebut dapat losses can be utilized. Significant management
digunakan. Estimasi signifikan oleh manajemen estimates are required to determine the amount of
disyaratkan dalam menentukan jumlah aset pajak deferred tax assets that can be recognized, based
tangguhan yang dapat diakui, berdasarkan saat upon the likely timing and the level of future taxable
penggunaan dan tingkat penghasilan kena pajak profits, together with future tax planning strategies.
dan strategi perencanaan pajak masa depan.
74

Ketidakpastian Liabilitas Perpajakan Uncertain Tax Exposure
Dalam situasi tertentu, Grup tidak dapat In certain circumstances, the Group may not be
menentukan secara pasti jumlah liabilitas pajak able to determine the exact amount of its current or
mereka pada saat ini atau masa depan karena future tax liabilities due to ongoing investigations by
proses pemeriksaan oleh otoritas perpajakan yang the taxation authority. Uncertainties exist with
masih berlangsung. Ketidakpastian timbul terkait respect to the interpretation of complex tax
dengan interpretasi dari peraturan perpajakan yang regulations and the amount and timing of future
kompleks dan jumlah dan waktu dari penghasilan taxable income. In determining the amount to be
kena pajak di masa depan. Dalam menentukan recognized in respect of an uncertain tax liability,
jumlah yang harus diakui terkait dengan liabilitas the Group applies similar considerations as it would
pajak yang tidak pasti, Grup menerapkan use in determining the amount of a provision to be
pertimbangan yang sama yang akan mereka recognized in accordance with PSAK No. 57,
gunakan dalam menentukan jumlah cadangan “Provisions, Contingent Liabilities and Contingent
yang harus diakui sesuai dengan PSAK No. 57, Assets”. The Group makes an analysis of all tax
“Provisi, Liabilitas Kontinjensi dan Aset positions related to income taxes to determine
Kontinjensi”. Grup membuat analisa untuk semua whether a tax liability of unrecognized tax benefit
posisi pajak terkait dengan pajak penghasilan should be recognized.
untuk menentukan apakah liabilitas pajak atas
manfaat pajak yang belum diakui harus diakui.
Grup menyajikan bunga dan denda untuk The Group presents interest and penalties for the
kekurangan pembayaran pajak penghasilan underpayment of income tax as part of “Other
sebagai bagian dari “Beban Operasi Lain” pada Operating Expenses” in the consolidated
laporan laba rugi komprehensif konsolidasian. statements of comprehensive income.
Penyisihan Keusangan dan Penurunan Nilai Allowance for Inventory Obsolescence and Decline
Persediaan in Value
Penyisihan keusangan dan penurunan nilai Allowance for inventory obsolescence and decline
persediaan diestimasi berdasarkan fakta dan in value is estimated based on the best available
keadaan yang tersedia, termasuk namun tidak facts and circumstances, including but not limited
terbatas kepada, kondisi fisik persediaan yang to, the inventories’ own physical conditions, their
dimiliki, harga jual pasar, estimasi biaya market selling prices, estimated costs of
penyelesaian dan estimasi biaya yang timbul untuk completion and estimated costs to sell. The
penjualan. Provisi dievaluasi kembali dan provisions are re-evaluated and adjusted as
disesuaikan jika terdapat tambahan informasi yang additional information received affects the amount
mempengaruhi jumlah yang diestimasi. Nilai estimated. The carrying amount of the Group’s
tercatat persediaan Grup sebelum penyisihan atas inventories before allowance for obsolescence and
keusangan dan penurunan nilai pasar pada tanggal decline in market values as of December 31, 2011
31 Desember 2011 dan 2010 masing-masing and 2010 amounted to Rp416,491 and Rp303,633,
sebesar Rp416.491 dan Rp303.633. Penjelasan respectively. Further details are disclosed in
lebih rinci diungkapkan dalam Catatan 8. Note 8.
75
Penentuan Nilai Wajar dari Instrumen Keuangan Fair Value of Financial Instruments
Ketika nilai wajar dari aset keuangan dan liabilitas When the fair value of financial assets and financial
keuangan dicatat dalam laporan posisi keuangan liabilities recorded in the consolidated statement of
konsolidasian tidak dapat diperoleh dari pasar yang financial position cannot be derived from active
aktif, maka nilai wajarnya ditentukan dengan markets, their fair value is determined using
menggunakan teknik penilaian termasuk model valuation techniques including the discounted cash
discounted cash flow. Masukan untuk model flow model. The inputs to these models are taken
tersebut dapat diambil dari pasar yang dapat from observable markets where possible, but
diobservasi, tetapi apabila hal ini tidak where this is not feasible, a degree of judgment is
dimungkinkan, pertimbangan disyaratkan dalam required in establishing fair values. The judgments
menetapkan nilai wajar. Pertimbangan tersebut include considerations of inputs such as liquidity
mencakup penggunaan masukan seperti risiko risk, credit risk and volatility. Changes in
likuiditas, risiko kredit dan volatilitas. Perubahan assumptions about these factors could affect the
dalam asumsi mengenai faktor-faktor tersebut reported fair value of financial instruments.
dapat mempengaruhi nilai wajar dari instrumen
keuangan yang dilaporkan.
Estimasi Cadangan Reserve Estimates
Cadangan merupakan estimasi jumlah batubara Reserves are estimates of the quantity of coal that
yang dapat diekstraksi secara ekonomis dan legal can be economically and legally extracted from
dari wilayah kuasa pertambangan milik TIA, Mifa TIA, Mifa and BEL’s (Coal Mining Group) mining
dan BEL (Grup Pertambangan Batubara). Grup authorization areas. The Coal Mining Group
Pertambangan Batubara menentukan dan determines and reports its coal reserves under the
melaporkan cadangan batubara berdasarkan principles incorporated in the “Standar Nasional
prinsip-prinsip yang terkandung dalam “Standar Indonesia”. In order to estimate coal reserves,
Nasional Indonesia”. Dalam memperkirakan assumptions are required about a range of
cadangan batubara diperlukan beberapa asumsi geological, technical and economic factors,
seperti faktor geologi, teknis dan ekonomi, including quantities, production techniques,
termasuk jumlah, teknik produksi, rasio stripping ratio, production costs, transport costs,
pengupasan tanah, biaya produksi, biaya commodity demand, commodity prices and
transportasi, permintaan komoditas, harga exchange rates.
komoditas dan nilai tukar mata uang.
Penaksiran jumlah dan/atau nilai kalori cadangan Estimating the quantity and/or calorific value of
batubara mengharuskan ukuran, bentuk dan coal reserves requires the size, shape and depth of
kedalaman batubara atau lahan ditentukan dengan coal bodies or fields to be determined by analyzing
menganalisa data geologis seperti sampel geological data such as drilling samples. This
pengeboran. Proses ini mungkin memerlukan process may require complex and difficult
pertimbangan geologis yang kompleks dan sulit geological judgments to interpret the data.
dalam menginterpretasikan data.
76
Estimasi Cadangan (lanjutan) Reserve Estimates (continued)
Karena asumsi-asumsi ekonomi yang digunakan Because the economic assumptions used to
dalam membuat estimasi cadangan berubah dari estimate reserves change from period to period,
waktu ke waktu dan karena tambahan data and because additional geological data are
geologis dihasilkan selama periode operasi, maka generated during the course of operations,
jumlah estimasi cadangan dapat berubah dari estimates of reserves may change from period to
waktu ke waktu. Perubahan cadangan yang period. Changes in reported reserves may affect
dilaporkan dapat mempengaruhi hasil dan posisi the Coal Mining Group’s financial results and
keuangan Grup Pertambangan Batubara dalam positions in a number of ways, including the
berbagai cara, diantaranya: following:
- Penyusutan dan amortisasi yang dibebankan - Depreciation and amortization charged in the
dalam laporan laba rugi komprehensif consolidated statements of comprehensive
konsolidasian dapat berubah jika biaya income may change where such charges are
tersebut ditentukan berdasarkan basis unit determined on the units-of-production basis.
produksi.
- Provisi untuk pengelolaan dan reklamasi - Provision for environmental and reclamation
lingkungan hidup dapat berubah karena costs may change where changes in estimated
perubahan estimasi cadangan mempengaruhi reserves affect expectations about the timing or
ekspektasi atas saat atau biaya kegiatan- cost of these activities.
kegiatan tersebut.
Biaya Eksplorasi dan Pengembangan Tambang Deferred Mining Exploration and Development
Ditangguhkan Costs
Kebijakan akuntansi Grup Pertambangan Batubara The Coal Mining Group’s accounting policy for
untuk biaya eksplorasi menyebabkan adanya exploration expenditure results in certain items of
beberapa biaya yang dikapitalisasi untuk suatu expenditure being capitalized for an area of interest
area of interest dimana biaya tersebut dianggap where it is considered likely to be recoverable by
dapat dipulihkan melalui kegiatan eksploitasi di future exploitation or sale or where the activities
masa depan atau penjualan atau dimana kegiatan have not yet reached a stage which permits a
belum mencapai tahap yang memungkinkan reasonable assessment of the existence of
penilaian yang wajar atas keberadaan cadangan. reserves. This policy requires management to
Kebijakan ini mengharuskan manajemen untuk make certain estimates and assumptions as to
membuat estimasi dan asumsi tertentu future events and circumstances, in particular
sehubungan peristiwa dan keadaan di masa whether an economically viable extraction
depan, khususnya apakah operasi ekstraksi yang operation can be established. Any such estimates
ekonomis dapat dilaksanakan. Setiap perkiraan and assumptions may change as new information
dan asumsi tersebut dapat berubah seiring becomes available. If, after having capitalized the
tersedianya informasi baru. Jikalau, setelah biaya expenditure under the policy, a judgment is made
dikapitalisasi, kemungkinan kecil biaya dapat that recovery of the expenditure is unlikely, the
dipulihkan, maka biaya yang dikapitalisasi tersebut capitalized amount will be charged to the
dibebankan dalam laporan laba rugi komprehensif consolidated statement of comprehensive income.
konsolidasian.
77
Biaya Eksplorasi dan Pengembangan Tambang Deferred Mining Exploration and Development
Ditangguhkan (lanjutan) Costs (continued)
Kegiatan pengembangan dimulai setelah dilakukan Development activities commence after project
pengesahan proyek oleh tingkat manajemen yang sanctioning by the appropriate level of
berwenang. Manajemen melakukan pertimbangan management. Judgment is applied by management
untuk menentukan kapan suatu proyek layak in determining when a project is economically
dikembangkan secara ekonomis. Dalam viable. In exercising this judgment, management is
melaksanakan pertimbangan tersebut, manajemen required to make certain estimates and
perlu membuat estimasi dan asumsi tertentu assumptions similar to those described above for
seperti yang dijelaskan di atas untuk biaya capitalized exploration expenditure. Any such
eksplorasi yang dikapitalisasi. Setiap estimasi dan estimates and assumptions may change as new
asumsi tersebut dapat berubah seiring tersedianya information becomes available. If, after having
informasi baru. Jika, setelah memulai kegiatan commenced the development activity, a judgment
pengembangan, dinilai bahwa terdapat penurunan is made that a development asset is impaired, the
nilai aset pengembangan, jumlah penurunan nilai appropriate amount will be charged to the
akan dibebankan dalam laporan laba rugi consolidated statement of comprehensive income.
komprehensif konsolidasian. Penjelasan lebih rinci Further details are disclosed in Note 12.
diungkapkan dalam Catatan 12.
Provisi untuk Biaya Pengelolaan dan Reklamasi Provision for Environmental and Reclamation
Lingkungan Hidup Costs
Kebijakan akuntansi Grup Pertambangan Batubara The Coal Mining Group’s accounting policy for the
untuk pengakuan nilai provisi untuk biaya recognition of provision for environmental and
pengelolaan dan reklamasi lingkungan hidup reclamation costs requires significant estimates
membutuhkan estimasi dan asumsi yang signifikan, and assumptions, such as requirements of the
seperti persyaratan hukum dan regulasi yang relevant legal and regulatory framework, and the
relevan, serta waktu, cakupan dan biaya yang timing, extent and costs of required environmental
dibutuhkan untuk kegiatan pengelolaan dan and reclamation activity. These uncertainties may
reklamasi lingkungan hidup. Ketidakpastian ini result in future actual expenditure differing from the
dapat menimbulkan perbedaan atas biaya aktual di amounts currently provided. The provision
masa mendatang dengan jumlah yang recognized for each location is periodically
dicadangkan saat ini. Pencadangan yang diakui reviewed and updated based on the facts and
untuk setiap lokasi ditinjau dan diperbarui secara circumstances available at that time. The balance
berkala berdasarkan pada fakta dan keadaan pada of the provision is recorded as part of “Accrued
saat itu. Saldo provisi ini dicatat sebagai bagian Expenses - Others” (Note 17).
dari “Beban yang Masih Harus Dibayar - Lain-lain”
(Catatan 17).
Biaya Pengupasan Tangguhan Deferred Stripping Costs
Grup Pertambangan Batubara menangguhkan The Coal Mining Group defers advanced stripping
biaya pengupasan tanah yang timbul selama tahap costs incurred during the production stage of its
produksi operasinya. Perhitungan ini memerlukan operations. This calculation requires the use of
pertimbangan dan estimasi seperti perkiraan judgments and estimates such as estimates of bcm
jumlah bcm (bank cubic meter) lapisan tanah (bank cubic meter) of overburden to be removed
penutup yang akan dibuang sepanjang umur area over the life of the mining area and economically
pertambangan dan cadangan yang secara recoverable reserves extracted as a result.
ekonomis dapat diekstrak. Perubahan pada umur Changes in a mine’s life and design will usually
dan desain tambang biasanya akan menghasilkan result in changes to the expected stripping ratio
perubahan pada rasio pengupasan yang (overburden to mineral reserves ratio). These
diharapkan (rasio lapisan tanah penutup terhadap changes are accounted for prospectively. Further
cadangan mineral). Perubahan ini dicatat secara details are disclosed in Note 13.
prospektif. Penjelasan lebih rinci diungkapkan
dalam Catatan 13.
78
Tanggal mulai produksi Production start date
Grup Pertambangan Batubara menilai kondisi The Coal Mining Group assesses the stage of each
setiap tambang dalam tahap pengembangan untuk mine under development to determine when a mine
menetapkan kapan suatu tambang dipindahkan ke moves into the production stage, being the time
tahap produksi yaitu saat dimana tambang tersebut when the mine is substantially developed and
secara substansial telah selesai dan sudah siap ready for commercial production. The criteria used
digunakan. Kriteria yang digunakan untuk to assess the start date are determined based on
menentukan tanggal mulai produksi didasarkan the unique nature of each mine construction
pada kondisi masing-masing tambang, seperti project, such as the complexity of a plant and its
kompleksitas dan lokasi tambang yang dimaksud. location. The Group considers various relevant
Grup mempertimbangkan beberapa kriteria dalam criteria to assess when the production phase is
menentukan kapan tahap produksi dapat dimulai considered to commence and all related amounts
dan mereklasifikasi nilai terkait dari “Biaya are reclassified from “Deferred mining exploration
eksplorasi dan pengembangan tambang and development costs related to areas of interest
ditangguhkan sehubungan dengan area of interest which have not yet reached the commercial
yang belum mencapai tahap produksi komersial” production stage” to “Deferred mining exploration
menjadi “Biaya eksplorasi dan pengembangan and development costs related to areas of interest
tambang ditangguhkan sehubungan dengan area which have reached the commercial production
of interest yang telah mencapai tahap produksi stage”.
komersial”.
Berikut beberapa kriteria yang digunakan, Some of the criteria used will include, but are not
termasuk namun tidak terbatas: limited to, the following:
- Besaran belanja modal yang telah terjadi - Level of capital expenditure incurred
dibandingkan dengan estimasi biaya compared to the original construction cost
konstruksi awal estimates
- Penyelesaian periode pengujian yang - Completion of a reasonable period of testing
memadai atas tambang beserta peralatannya of the mine plant and equipment
- Kemampuan untuk memproduksi hasil - Ability to produce metal in saleable form
tambang dalam bentuk siap jual (dengan (within specifications)
spesifikasi tertentu) - Ability to sustain ongoing production of metal.
- Kemampuan untuk mempertahankan
kesinambungan produksi.
Pada saat sebuah tambang dalam tahap When a mine development/construction project
pengembangan/konstruksi dipindahkan ke tahap moves into the production stage, the capitalization
produksi, kapitalisasi biaya pengembangan of certain mine development/construction costs
tambang dihentikan dan biaya yang timbul dicatat ceases and costs are either regarded as forming
sebagai bagian dari beban pokok penjualan, part of the cost of inventory sold, except for costs
kecuali untuk biaya yang memenuhi kriteria untuk that qualify for capitalization relating to mining
dikapitalisasi sehubungan dengan penambahan asset additions or improvements or mineable
atau pengembangan aset tambang atau reserve development. It is also at this point that
pengembangan cadangan tambang. Pada tahap depreciation/amortization commences.
ini penyusutan/amortisasi dimulai.
79
4. KAS DAN SETARA KAS 4. CASH AND CASH EQUIVALENTS
2011 2010
Kas Cash on hand

Rupiah 1.768 1.438 Rupiah
Dolar Amerika Serikat 131 - United States dollar
Mata uang asing lainnya 1 - Other foreign currencies
Sub-total 1.900 1.438 Sub-total
Pihak ketiga Third parties

Bank Cash in banks
Rupiah Rupiah
PT Bank Mandiri (Persero) Tbk 97.152 51.412 PT Bank Mandiri (Persero) Tbk
PT Bank Negara Indonesia PT Bank Negara Indonesia
(Persero) Tbk 32.166 11.111 (Persero) Tbk
PT Bank Internasional Indonesia Tbk 26.923 - PT Bank Internasional IndonesiaTbk
Citibank, N. A., Indonesia 4.927 5.949 Citibank, N. A., Indonesia
Standard Chartered Bank, Standard Chartered Bank,
Indonesia 2.140 520 Indonesia
PT Bank ANZ Panin 1.391 - PT Bank ANZ Panin
PT Bank Permata Tbk 980 5.361 PT Bank Permata Tbk
PT Bank DBS Indonesia 611 138 PT Bank DBS Indonesia
PT Bank Central Asia Tbk 239 - PT Bank Central Asia Tbk
Lain-lain 53 10 Others
Dolar Amerika Serikat United States dollar

PT Bank ANZ Panin 163.605 - PT Bank ANZ Panin
Citibank, N. A., Indonesia 56.378 45.833 Citibank, N.A., Indonesia
PT Bank Internasional Indonesia Tbk 9.068 - PT Bank Internasional IndonesiaTbk
Indonesia 841 2.379 Indonesia
PT Bank DBS Indonesia 126 1.182 PT Bank DBS Indonesia
PT Bank OCBC NISP Tbk 37 - PT Bank OCBC NISP Tbk
Euro Eropa European euro

Citibank, N. A., Indonesia 545 164 Citibank, N. A., Indonesia
Indonesia 110 113 Indonesia
Lain-lain 663 258 Others
Deposito Berjangka Time deposits

Rupiah Rupiah
PT Bank CIMB Niaga Tbk 195.653 86.885 PT Bank CIMB Niaga Tbk
PT Bank UOB Buana 175.000 - PT Bank UOB Buana
PT Bank Internasional Indonesia Tbk 175.000 - PT Bank Internasional Indonesia Tbk
PT Bank ICBC Indonesia 175.000 - PT Bank ICBC Indonesia
PT Bank Permata Tbk 175.000 - PT Bank Permata Tbk
PT Danamon Indonesia Tbk 50.000 - PT Danamon Indonesia Tbk
PT Bank DBS Indonesia 50.000 - PT Bank DBS Indonesia
PT Bank Central Asia Tbk 25.000 - PT Bank Central AsiaTbk
PT Bank Bukopin Tbk 22.000 - PT Bank BukopinTbk
Citibank, N. A., Indonesia 8.800 4.500 Citibank, N. A., Indonesia
PT Bank Syariah Mandiri - 6.500 PT Bank Syariah Mandiri
80
4. KAS DAN SETARA KAS (lanjutan) 4. CASH AND CASH EQUIVALENTS (continued)
2011 2010

PT Bank Internasional Indonesia Tbk 13.602 - PT Bank Internasional Indonesia Tbk
PT Bank UOB Buana 13.602 - PT Bank UOB Buana
Citibank, N. A., Indonesia - 9.800 Citibank, N. A., Indonesia
PT Bank Syariah Mandiri - 8.991 PT Bank Syariah Mandiri
Sub-total 1.157.971 170.374 Sub-total
Total kas dan setara kas 1.668.670 433.039 Total cash and cash equivalents
Tingkat suku bunga deposito berjangka per tahun The ranges of time deposit interest rates per
adalah sebagai berikut: annum were as follows:
2011 2010
Rupiah 5,50% - 8,50% 5,30 - 7,00% Rupiah

Dolar Amerika Serikat 0,25% - 3,10% 0,25 - 1,91% United States dollar
5. KAS DAN SETARA KAS YANG DIBATASI 5. RESTRICTED CASH AND CASH EQUIVALENTS
PENGGUNAANNYA
2011 2010
Deposito berjangka yang

dibatasi penggunaannya Restricted time deposits
PT Bank DBS Indonesia (DBS) 184.547 - PT Bank DBS Indonesia (DBS)
Kas di bank yang dibatasi penggunaannya Restricted cash in bank
PT Bank Mandiri (Persero) Tbk (Mandiri) 2.030 7.626 PT Bank Mandiri (Persero) Tbk (Mandiri)
Total 186.577 7.626 Total
Pada tanggal 31 Desember 2011, deposito As of December 31, 2011, the restricted time
berjangka yang dibatasi penggunaannya pada deposits in DBS amounting to USD17,881,444 (or
DBS sebesar USD17.881.444 (setara dengan equivalent to Rp162,149) and USD2,470,000 (or
Rp162.149) dan USD2.470.000 (setara dengan equivalent to Rp22,398) are related to the joint
Rp22.398) masing-masing sehubungan dengan borrowing loan agreement between SS/PT Eramas
perjanjian pinjaman gabungan antara SS/ Persada Energy and PT Bank DBS Indonesia
PT Eramas Persada Energy dan PT Bank DBS (Note 33) and for the issuance of L/C for the
Indonesia (Catatan 33), dan untuk penerbitan L/C purchase of fixed assets (Note 14), respectively.
untuk pembelian aset tetap (Catatan 14).
Pada tanggal 31 Desember 2011 dan 2010, saldo As of December 31, 2011 and 2010, the balances
kas yang dibatasi penggunaannya milik CKB pada of the restricted cash in Mandiri of CKB amounting
Mandiri masing-masing sebesar Rp2.030 dan to Rp2,030 and Rp7,626, respectively, are related
Rp7.626 merupakan uang muka dari SSB, CJ dan to deposits from SSB, CJ and TU, and are
TU yang khusus digunakan untuk pembayaran restricted for the payments of tax clearance in
surat keterangan fiskal (tax clearance) sehubungan connection with goods handling activities in ports
dengan proses pengeluaran barang di pelabuhan. only.
81
6. PIUTANG USAHA 6. TRADE RECEIVABLES
2011 2010
Piutang usaha Trade receivables

Pihak ketiga 1.240.096 954.520 Third parties
Penyisihan kerugian penurunan nilai (20.707) (36.378) Allowance for impairment
Neto 1.219.389 918.142 Net

Pihak berelasi (Catatan 30) 186.207 67.096 Related parties (Note 30)
Piutang usaha, neto 1.405.596 985.238 Trade receivables, net
Rincian piutang usaha pihak ketiga berdasarkan The details of trade receivables from third parties
pelanggan adalah sebagai berikut: based on customers are as follows:
2011 2010

PT Multi Harapan Utama 239.428 63.311 PT Multi Harapan Utama
PT PLN (Persero) 189.219 146.005 PT PLN (Persero)
PT Arutmin Indonesia 161.878 64.439 PT Arutmin Indonesia
PT Mahakam Sumber Jaya 117.447 129.919 PT Mahakam Sumber Jaya
PT Kaltim Batu Manunggal 61.318 42.552 PT Kaltim Batu Manunggal
Lain-lain 470.806 508.294 Others
Total 1.240.096 954.520 Total
Rincian piutang usaha berdasarkan mata uang Details of trade receivables based on currencies
adalah sebagai berikut: are as follows:
2011 2010
Dolar Amerika Serikat 1.032.696 807.745 United States dollar

Mata uang asing lainnya 2 1.610 Other foreign currencies
Total 1.426.303 1.021.616 Total

Analisis umur piutang usaha adalah sebagai The aging analysis of trade receivables is as
berikut: follows:
2011 2010
Belum jatuh tempo 1.152.390 529.503 Current

Lewat jatuh tempo: Overdue:
1 sampai 30 hari 30.310 243.694 1 to 30 days
Lebih dari 90 hari 94.914 147.437 Over than 90 days
Total 1.426.303 1.021.616 Total

82
6. PIUTANG USAHA (lanjutan) 6. TRADE RECEIVABLES (continued)
Perubahan penyisihan kerugian penurunan nilai The changes in the allowance for impairment of
piutang usaha adalah sebagai berikut: trade receivable are as follows:
2011 2010
Saldo awal 36.378 108.388 Beginning balance

Penyisihan selama tahun berjalan 2.972 7.829 Provision during the year
Pemulihan penyisihan (14.807) (3.530) Reversal
Penghapusan (3.836) (76.309) Write-off
Saldo akhir 20.707 36.378 Ending balance
Berdasarkan hasil penelaahan terhadap keadaan Based on the review of the status of the individual
akun piutang masing-masing pelanggan pada akhir receivables at the end of each year, the Group’s
setiap tahun, manajemen Grup berpendapat bahwa management is of the opinion that the allowance
penyisihan kerugian penurunan nilai yang dibentuk for impairment of receivables is adequate to cover
adalah cukup untuk menutup kemungkinan any loss from uncollectible accounts.
kerugian atas tidak tertagihnya piutang usaha.
Pada tanggal 31 Desember 2011, piutang usaha As of December 31, 2011, trade receivables owned
milik Entitas Anak tertentu sebesar USD73.928.522 by certain Subsidiaries amounted to
dan Rp973.922 digunakan sebagai jaminan atas USD73,928,522 and Rp973,922 were pledged as
hutang bank (Catatan 14 dan 16). collateral for their respective loans payable (Notes
14 and 16).
7. JASA PERTAMBANGAN DALAM PROSES 7. MINING SERVICES IN PROCESS
Akun ini terdiri atas biaya pengupasan tanah This account pertains to costs incurred for
tambang, penambangan batubara, dan overburden works, coal extraction and coal hauling
pengangkutan batubara dalam penyediaan jasa in the provision of mining services to PT Arutmin
pertambangan kepada PT Arutmin Indonesia, yang Indonesia, which are still ongoing and will be fully
masih dalam pelaksanaan dan akan ditagihkan claimed when the coal products arrive at the port.
seluruhnya pada saat batubara tiba di pelabuhan.
Berdasarkan hasil penelaahan terhadap jasa Based on the review of the condition of mining
pertambangan dalam proses, manajemen services in process, management is of the opinion
berpendapat bahwa penyisihan kerugian tidak that no allowance for losses is required.
diperlukan.
8. PERSEDIAAN 8. INVENTORIES
2011 2010
Bahan baku dan barang setengah jadi 152.232 99.374 Raw materials and semi-finished goods
Barang dalam proses 136.234 98.634 Work in process
Suku cadang 69.976 72.902 Spare parts
Barang jadi 56.869 30.785 Finished goods
Total 416.491 303.633 Total

Penyisihan keusangan dan penurunan Allowance for inventory obsolescence
nilai persediaan (798) (2.277) and decline in value
Persediaan, neto 415.693 301.356 Inventories, net
83
8. PERSEDIAAN (lanjutan) 8. INVENTORIES (continued)
Perubahan penyisihan keusangan dan penurunan The changes in the allowance for inventory
nilai persediaan sebagai berikut: obsolescence and decline in value are as follows:
2011 2010
Saldo awal 2.277 5.694 Beginning balance

Penyisihan selama tahun berjalan 3.224 1.404 Provision during the year
Pemulihan penyisihan (4.703) (4.821) Reversal
Saldo akhir 798 2.277 Ending balance
Berdasarkan hasil penelaahan kondisi persediaan Based on the review of the condition of inventories
pada setiap akhir tahun, manajemen Grup at the end of each year, the Group’s management
berpendapat bahwa penyisihan keusangan dan is of the opinion that the allowance for inventory
penurunan nilai persediaan adalah cukup untuk obsolescence and decline in value is adequate to
menutupi kemungkinan kerugian penurunan nilai cover possible losses that may arise from non-
dan kerugian yang mungkin timbul dari nilai yang recoverability of slow-moving inventories.
tidak terpulihkan dari persediaan yang lambat
pergerakannya.
Pada tanggal 31 Desember 2011, persediaan milik As of December 31, 2011, the inventories of
Entitas Anak dilindungi asuransi oleh PT Asuransi Subsidiaries are covered by insurance, with
AXA Indonesia, PT Asuransi MSIG Indonesia, PT Asuransi AXA Indonesia, PT Asuransi MSIG
kesemuanya adalah pihak ketiga, yang bertindak Indonesia, all third parties, as co-insurers, against
sebagai co-insurers, terhadap kerugian akibat losses from fire and other risks under insurance
kebakaran dan risiko lainnya berdasarkan agreement with PT Tiara Marga Trakindo (TMT)
perjanjian asuransi bersama PT Tiara Marga totaling USD54,954,716. The Group’s management
Trakindo (TMT) sebesar USD54.954.716. believes that the above coverage is sufficient to
Manajemen Grup berkeyakinan bahwa nilai cover possible losses arising from those risks.
tersebut cukup untuk menutupi kerugian yang
mungkin timbul dari risiko-risiko tersebut.
Pada tanggal 31 Desember 2011, persediaan milik As of December 31, 2011, inventories owned by
Entitas Anak tertentu sebesar Rp99.724 digunakan certain Subsidiaries amounting to Rp99,724 was
sebagai jaminan atas hutang bank masing-masing pledged as collateral for their respective loans
Entitas Anak (Catatan 14 dan 16). payable (Notes 14 and 16).
9. ASET LANCAR LAINNYA 9. OTHER CURRENT ASSETS
2011 2010
Uang muka operasional 11.079 33.758 Advances for operations

Pinjaman karyawan 3.621 732 Staff loans
Uang muka perjalanan dinas 2.339 2.532 Travel advances
Advance for purchase of
Uang muka penyertaan saham - 26.871 investment in shares of stock
Total aset lancar lainnya 24.048 67.335 Total other current assets
84
9. ASET LANCAR LAINNYA (lanjutan) 9. OTHER CURRENT ASSETS (continued)
Uang muka penyertaan saham mencerminkan Advance for purchase of investment in shares of
uang muka yang dibayarkan oleh SS sebesar stock represents advance made by SS amounting
USD3.000.000 atau setara dengan Rp26.871 to USD3,000,000 or equivalent to Rp26,871 in
pada tahun 2010 untuk pembelian 75% 2010 to purchase 75% equity ownership
kepemilikan saham (setara dengan 54.000 saham (equivalent to 54,000 shares with par value of
dengan nilai nominal Rp1.000.000 [dalam angka Rp1,000,000 [full amount] per share) in
penuh] per saham) pada PT Kwartadaya PT Kwartadaya Dirganusa (KDD) from
Dirganusa (KDD) dari PT Sinergi Pancawahana PT Sinergi Pancawahana Setara (SPS), with
Setara (SPS), dengan harga beli sebesar purchase value of USD5,000,000.
USD5.000.000.
Selanjutnya, pada bulan Maret 2011, SS Subsequently in March 2011, SS decided to cancel
memutuskan untuk membatalkan pembelian dan the purchase and requested the advance to be
meminta pengembalian uang muka yang telah refunded. In 2011, SS received a payment
disetorkan. Pada tahun 2011, SS telah menerima amounting to USD75,000. As stated in the sales
pembayaran sebesar USD75.000. Sesuai dengan and purchase agreement between SS and SPS,
perjanjian jual beli antara SS dan SPS, uang muka the balance will be charged interest at 6% per
tersebut dikenakan tingkat bunga sebesar 6% per annum. This receivable is collateralized by a
tahun. Piutang ini dijamin dengan fiduciary fiduciary assignment over 2 generator sets. As of
assignment atas 2 set generator. Pada tanggal December 31, 2011, the outstanding receivable
31 Desember 2011, saldo piutang beserta bunga and related interest amounting to USD3,128,000
yang terkait adalah sebesar USD3.128.000 (setara (equivalent to Rp28,365), are recorded as part of
dengan Rp28.365), yang dicatat sebagai bagian other receivables.
dari piutang lainnya.
10. PENYERTAAN SAHAM 10. INVESTMENT IN SHARES OF STOCK

2011 2010
Tersedia untuk dijual: Available-for-sale:

PT Metaepsi Pejebe Power PT Metaepsi Pejebe Power
Generation (Meppogen) 59.780 - Generation (Meppogen)
Metode ekuitas: Equity method:

Meppogen - 59.519 Meppogen
Metode harga perolehan: Cost method:

PT Chandra Sakti Utama Leasing PT Chandra Sakti Utama
(CSUL) - 400 Leasing (CSUL)
Total penyertaan saham 59.780 59.919 Total investment in shares of stock
Meppogen Meppogen
Berdasarkan Akta No. 36 tanggal 24 November Based on Notarial Deed No. 36 dated November
2010 dari Notaris Andreas, S.H., LL.M, SS 24, 2010 of Andreas, S.H., LL.M, SS acquired
mengakuisisi 27.900 saham Meppogen (dengan 27,900 shares (at par value of Rp1,000,000 [full
nilai nominal Rp1.000.000 [dalam angka penuh] amount] per share) of Meppogen from PT Widjaja
per saham) dari PT Widjaja Tunggal Sejahtera Tunggal Sejahtera for USD6,500,000 or equivalent
sebesar USD6.500.000 atau setara dengan to Rp59,519, representing 20% equity ownership in
Rp59.519, yang mewakili 20% kepemilikan saham Meppogen. The equity in net income of this
di Meppogen. Bagian atas laba neto entitas investee amounted to Rp261 in 2011. On October
asosiasi adalah sebesar Rp261 pada tahun 2011. 31, 2011, SS investment in Meppogen was diluted
Pada tanggal 31 Oktober, 2011, investasi SS pada to 12%. Consequently, SS has discontinued the
Meppogen terdilusi menjadi 12%. Oleh karena itu, use of the equity method and has accounted for the
SS telah menghentikan pencatatan dengan investment in accordance with PSAK No. 55
menggunakan metode ekuitas dan mencatat (Revised 2006) from that date.
investasinya sesuai dengan PSAK No. 55 (Revisi
2006) sejak tanggal tersebut diatas.
85
10. PENYERTAAN SAHAM (lanjutan) 10. INVESTMENT IN SHARES OF STOCK
(continued)
CSUL CSUL
SS mengakuisisi 40 saham pada nilai nominal SS acquired 40 shares at par value of

Rp10.000.000 per saham (dalam angka penuh) Rp10,000,000 (full amount) per share on
pada tanggal 24 Oktober 1996. Akuisisi tersebut October 24, 1996. The acquisition represented
mewakili 0,45% kepemilikan saham. share ownership of 0.45%.
Pada tanggal 24 Juni 2011, SS menjual semua On June 24, 2011, SS sold all its investment in
penyertaan saham di CSUL kepada PT Mahadana CSUL to PT Mahadana Dasha Utama (MDU), a
Dasha Utama (MDU), pihak berelasi, sebesar related party, for Rp1,000.
Rp1.000.
11. ASET TETAP 11. FIXED ASSETS

2011
Saldo awal/ Saldo akhir/

Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balances Additions Deductions Reclassifications balances
Biaya perolehan Acquisition cost

Tanah 23.048 62.767 - - 85.815 Landrights
Jalan dan infrastruktur 41.848 23.856 - - 65.704 Road and infrastructure
Bangunan dan prasarana 123.380 63.950 7.037 70.210 250.503 Building and improvements
Perlengkapan, perabot dan Office furniture, fixtures and
peralatan kantor 57.669 53.061* 666 7.769 117.833 equipment
Kendaraan 43.803 15.164* 3.365 8.296 63.898 Vehicles
Kapal 55.452 199 - 63.474 119.125 Vessels
Mesin dan peralatan 1.812.576 739.764* 184.964 358.433 2.725.809 Machineries and equipment
Sub-total 2.157.776 958.761 196.032 508.182 3.428.687 Sub-total
Aset dalam penyelesaian 161.970 649.150 - (149.616) 661.504 Construction in progress
Uang muka pembelian kapal 4.883 80.457 - (23.840) 61.500 Advances for purchase of vessels
Sewa pembiayaan Finance lease

peralatan kantor 664 - - (664) - equipment
Kendaraan 27.773 30.589 210 (7.934) 50.218 Vehicles
Mesin dan peralatan 1.640.429 769.231 1.723 (326.128) 2.081.809 Machineries and equipment
Aset dalam penyelesaian - mesin Construction in progress -
dan peralatan 5.008 1.752 - - 6.760 machineries and equipment
Sub-total 1.673.874 801.572 1.933 (334.726) 2.138.787 Sub-total
Total biaya perolehan 3.998.503 2.489.940 197.965 - 6.290.478 Total acquisition cost
Akumulasi penyusutan Accumulated depreciation

Bangunan dan prasarana 28.299 11.207 4.788 - 34.718 Building and improvements
Perlengkapan, perabot dan Office furniture, fixtures
peralatan kantor 34.141 15.204 458 721 49.608 and equipment
Kendaraan 34.211 5.495 3.213 5.074 41.567 Vehicles
Kapal 11.489 6.089 - - 17.578 Vessels
Mesin dan peralatan 961.492 256.060 158.949 250.356 1.308.959 Machineries and equipment

peralatan kantor 284 - - (284) - and equipment
Kendaraan 9.823 7.501 57 (5.044) 12.223 Vehicles
Mesin dan peralatan 806.272 253.745 959 (250.823) 808.235 Machineries and equipment
Sub-total 816.379 261.246 1.016 (256.151) 820.458 Sub-total
Total akumulasi penyusutan 1.890.848 560.705 168.424 - 2.283.129 Total accumulated depreciation
Nilai tercatat 2.107.655 4.007.349 Carrying amount
* termasuk saldo awal dari entitas anak baru yang terdiri dari biaya perolehan dan akumulasi penyusutan masing-masing sebesar Rp1.491 dan Rp983 (Catatan 1c)/
including beginning balances of new subsidiaries, which consist of acquisition cost and accumulated depreciation totaling Rp1,491 and Rp983, respectively (Note 1c)
86
11. ASET TETAP (lanjutan) 11. FIXED ASSETS (continued)
2010

Beginning Penambahan/ Pengurangan/ Reklasifikasi/ Ending
balances Additions Deductions Reclassifications balances

Tanah 6.251 - - 16.797 23.048 Landrights
Bangunan dan prasarana 61.082 19.381 - 42.917 123.380 Building and improvements
peralatan kantor 49.296 14.138 1.207 (4.558) 57.669 equipment
Kendaraan 42.555 2.056 2.005 1.197 43.803 Vehicles
Kapal 53.563 1.688 - 201 55.452 Vessels
Mesin dan peralatan 872.854 648.039 47.077 338.760 1.812.576 Machineries and equipment
Aset dalam penyelesaian 86.522 140.052 - (64.604) 161.970 Construction in progress
Uang muka pembelian kapal - 4.883 - - 4.883 Advances for purchase of vessels

peralatan kantor - - - 664 664 equipment
Kendaraan 14.623 12.242 172 1.080 27.773 Vehicles
Mesin dan peralatan 1.808.596 163.981 16.496 (315.652) 1.640.429 Machineries and equipment
Aset dalam penyelesaian - mesin Construction in progress -
dan peralatan 15.370 6.440 - (16.802) 5.008 machineries and equipment
Sub-total 1.838.589 182.663 16.668 (330.710) 1.673.874 Sub-total
Total biaya perolehan 3.046.337 1.019.123 66.957 - 3.998.503 Total acquisition cost
Akumulasi penyusutan Accumulated depreciation

Bangunan dan prasarana 22.041 6.258 - - 28.299 Building and improvements
peralatan kantor 30.249 9.554 1.036 (4.626) 34.141 and equipment
Kendaraan 31.652 4.389 2.003 173 34.211 Vehicles
Kapal 7.647 3.842 - - 11.489 Vessels
Mesin dan peralatan 622.914 134.910 38.400 242.068 961.492 Machineries and equipment
Sub-total 715.512 162.781 41.439 237.615 1.074.469 Sub-total

peralatan kantor - 134 - 150 284 and equipment
Kendaraan 5.311 4.709 97 (100) 9.823 Vehicles
Mesin dan peralatan 792.789 264.019 12.871 (237.665) 806.272 Machineries and equipment
Sub-total 798.100 268.862 12.968 (237.615) 816.379 Sub-total
Total akumulasi penyusutan 1.513.612 431.643 54.407 - 1.890.848 Total accumulated depreciation
Nilai tercatat 1.532.725 2.107.655 Carrying amount
Rincian laba penjualan aset tetap adalah sebagai The details of gain on sales of fixed assets are as
berikut: follows:
2011 2010
Hasil penjualan aset tetap 54.773 25.757 Proceeds from sales of fixed assets
Nilai tercatat aset tetap 29.280 12.550 Carrying amount of fixed assets
Laba penjualan aset tetap 25.493 13.207 Gain on sales of fixed assets
Laba penjualan aset tetap disajikan sebagai bagian Gain on sales of fixed assets is presented as part
dari “Pendapatan Operasi Lainnya” pada laporan of “Other Operating Income” in consolidated
laba rugi komprehensif konsolidasian. statements of comprehensive income.
87
Pada tahun 2011, SS dan SSB menghapus aset In 2011, SS and SSB disposed fixed assets with
tetapnya dengan nilai tercatat sebesar Rp261 dan carrying amount of Rp261 and recognized loss on
mengakui rugi penghapusan aset tetap yang disposal of fixed assets which is presented as part
disajikan sebagai bagian dari “Beban Operasi of “Other Operating Expenses” in the consolidated
Lainnya” pada laporan laba rugi komprehensif statements of comprehensive income.
konsolidasian.
Beban penyusutan dialokasikan sebagai berikut: Allocation of depreciation expense is as follows:
2011 2010
Beban pokok penjualan

dan pendapatan jasa 538.315 420.139 Cost of goods sold and services
Beban penjualan, umum Selling, general and
dan administrasi 21.407 11.504 administrative expenses
Total 559.722 431.643 Total
Pada tahun 2011 dan 2010, aset dalam In 2011 and 2010, construction in progress mainly
penyelesaian terutama berupa bangunan dan represents building and improvements, and
prasarana serta mesin dan peralatan dengan machineries and equipments wherein the
persentase penyelesaian berkisar antara 94% dan percentage of completion is approximately 94%
96%. and 96%.
Pada tanggal 31 Desember 2011, tidak terdapat There are no significant obstacles to the
hambatan yang signifikan dalam penyelesaian aset completion of the construction in progress as of
dalam penyelesaian di atas. December 31, 2011.
Uang muka pembelian kapal merupakan The advances for purchase of vessels represent
pembayaran uang muka atas dua kontrak the advance payments under two contracts to
pembelian dua Landing Craft Tank (LCT) dan purchase two Landing Craft Tank (LCT) and six
enam set kapal penarik dan tongkang. Sampai sets of tug boats and barges. As of December 31,
dengan tanggal 31 Desember 2011, pembayaran 2011, the advance payments represent 30% and
uang muka masing-masing mencerminkan 30% 25% of the total contract, respectively.
dan 25% dari total nilai kontrak.
Pada tanggal 31 Desember 2011, Grup As of December 31, 2011, the Group has insured
mengasuransikan aset tetapnya, kecuali tanah, its fixed assets, except landrights, against losses
terhadap kerugian dari kebakaran dan risiko from fire and other risk under blanket policies with
lainnya dengan nilai pertanggungan Rp20.156 dan a total insurance coverage of Rp20,156 and
USD60.684.340 dengan PT Asuransi AXA USD60,684,340 with PT Asuransi AXA Indonesia,
Indonesia, PT Asuransi MSIG Indonesia, PT Asuransi MSIG Indonesia, PT Asuransi
PT Asuransi Indrapura dan PT Asuransi Dayin Indrapura and PT Asuransi Dayin Mitra Tbk, all
Mitra Tbk, semuanya pihak ketiga, sebagai co- third parties, as co-insurers. In management’s
insurers. Manajemen berpendapat bahwa nilai opinion, the insurance coverage is adequate to
pertanggungan asuransi tersebut cukup untuk cover possible losses that may arise from such
menutupi kemungkinan kerugian yang timbul dari risks.
risiko-risiko tersebut.
Entitas Anak (SSB, CKB, dan TIA) memiliki dua Certain subsidiaries (TIA, SSB and CKB) have
puluh delapan Hak Guna Bangunan (HGB) yang twenty-eight parcels of land with Rights to Build
akan berakhir pada berbagai tanggal antara tahun and Use the Building (HGB), which will expire on
2014 sampai 2041. Manajemen berpendapat HGB various dates from year 2014 up to 2041.
tersebut dapat diperpanjang pada saat berakhirnya Management is of the opinion that the landrights
hak tersebut. can be extended on their respective expiration
dates.
88
Biaya pinjaman yang dikapitalisasi ke dalam aset The borrowing costs capitalized to construction in
dalam penyelesaian adalah masing-masing progress amounted to Rp16,242 and Rp3,811 in
sebesar Rp16.242 dan Rp3.811 pada tahun 2011 2011 and 2010, respectively, while, the borrowing
dan 2010, sedangkan biaya pinjaman yang costs capitalized to advances for purchase of
dikapitalisasi ke dalam uang muka pembelian kapal vessels amounted to Rp386 and Rp137 in 2011
adalah masing-masing sebesar Rp386 dan Rp137 and 2010, respectively.
pada tahun 2011 dan 2010.
Pada tanggal 31 Desember 2011, aset tetap milik As of December 31, 2011, fixed assets owned by
Entitas Anak tertentu digunakan sebagai jaminan certain Subsidiaries are pledged as collateral for
atas hutang bank masing-masing Entitas Anak their respective loans payable (Notes 14 and 16).
(Catatan 14 dan 16).
Berdasarkan hasil evaluasi manajemen Grup, tidak Based on the assessment of the Group’s
terdapat peristiwa atau perubahan keadaan yang management, there were no events or changes in
mengindikasikan adanya penurunan nilai aset tetap circumstances which may indicate impairment in
pada tanggal-tanggal 31 Desember 2011 dan the value of fixed assets as of December 31, 2011
2010. and 2010.
12. BIAYA EKSPLORASI DAN PENGEMBANGAN 12. DEFERRED MINING EXPLORATION AND
TAMBANG DITANGGUHKAN DEVELOPMENT COSTS
2011 2010
Biaya eksplorasi dan pengembangan Deferred mining exploration and
tambang ditangguhkan development costs related
sehubungan dengan area to areas of interest which have
of interest yang belum mencapai not yet reached the
tahap produksi komersial 122.395 67.322 commercial production stage
tambang ditangguhkan development costs related
sehubungan dengan area to areas of interest which have
of interest yang telah mencapai reached the commercial
tahap produksi komersial - bersih 23.094 2.900 production stage - net
Biaya eksplorasi dan pengembangan Deferred mining exploration
tambang ditangguhkan, neto 145.489 70.222 and development costs, net
Mutasi biaya eksplorasi dan pengembangan Movements in deferred mining exploration and
tambang ditangguhkan adalah sebagai berikut: development costs are as follows:
2011

Beginning Penambahan/ Reklasifikasi/ Ending
balance Additions Reclassifications balance
Biaya perolehan Cost of acquisition

Biaya eksplorasi dan pengembangan tambang Deferred mining exploration and
ditangguhkan sehubungan dengan area development costs related to areas of
of interest yang belum mencapai tahap interest which have not yet reached
produksi komersial 67.322 73.136* (18.063) 122.395 the commercial production stage
ditangguhkan sehubungan dengan area development costs related to areas
of interest yang telah mencapai tahap of interest which have reached the
produksi komersial 5.604 6.029* 18.063 29.696 commercial production stage
Total 72.926 79.165 - 152.091 Total

Akumulasi amortisasi Accumulated amortization
of interest yang telah mencapai tahap of interest which have reached
produksi komersial 2.704 3.898* - 6.602 the commercial production stage
Neto 70.222 145.489 Net
* termasuk saldo awal dari entitas anak baru yang terdiri dari biaya perolehan dan akumulasi amortisasi masing-masing sebesar Rp22.457 dan Rp903 (Catatan 1c)/
including beginning balances of new subsidiaries, which consist of acquisition cost and accumulated amortization totaling Rp22,457 and Rp903, respectively (Note 1c)
89
12. BIAYA EKSPLORASI DAN PENGEMBANGAN 12. DEFERRED MINING EXPLORATION AND
TAMBANG DITANGGUHKAN (lanjutan) DEVELOPMENT COSTS (continued)
2010

Beginning Penambahan/ Reklasifikasi/ Ending
balance Additions Reclassifications balance
Biaya perolehan Cost of acquisition

ditangguhkan sehubungan dengan area development costs related to areas of
of interest yang belum mencapai tahap interest which have not yet reached
produksi komersial 57.425 9.897 - 67.322 the commercial production stage
of interest yang telah mencapai tahap of interest which have reached the
produksi komersial 5.604 - - 5.604 commercial production stage
Total 63.029 9.897 - 72.926 Total
Akumulasi amortisasi Accumulated amortization

of interest yang telah mencapai tahap of interest which have reached
produksi komersial 287 2.417 - 2.704 the commercial production stage
Neto 62.742 70.222 Net
Amortisasi biaya eksplorasi dan pengembangan Amortization of deferred mining exploration and
tambang ditangguhkan yang dibebankan pada development costs charged to operations for the
operasi untuk tahun yang berakhir pada tanggal years ended December 31, 2011 and 2010
31 Desember 2011 dan 2010 masing-masing amounted to Rp2,995 and Rp2,417, respectively.
sebesar Rp2.995 dan Rp2.417.
Tidak ada biaya pinjaman yang dikapitalisasi ke There were no borrowing costs capitalized to
biaya eksplorasi dan pengembangan tambang deferred mining exploration and development costs
ditangguhkan pada tahun 2011 dan 2010. in 2011 and 2010.
Berdasarkan hasil evaluasi manajemen Grup, tidak Based on the Group’s management’s assessment,
ada peristiwa atau perubahan keadaan yang dapat there were no events or changes in circumstances
mempengaruhi pemulihan aset diatas pada tanggal which may affect the recoverability of the above
31 Desember 2011 dan 2010. assets as of December 31, 2011 and 2010.
13. ASET TIDAK LANCAR LAINNYA 13. OTHER NON-CURRENT ASSETS

2011 2010
Biaya pengupasan tangguhan 165.530 - Deferred stripping costs

Uang muka pembelian aset tetap 80.148 7.296 Advances for purchases of fixed assets
Advance for purchase of investment
Uang muka penyertaan saham 41.711 - in shares of stock
Uang jaminan 13.038 4.700 Security deposits
Aset takberwujud - perangkat lunak 5.698 7.426 Intangible asset- software
Lain-lain (Catatan 33) 38.689 4.350 Others (Note 33)
Total 344.814 23.772 Total
Biaya pengupasan tangguhan Deferred stripping costs
Biaya pengupasan tangguhan akan dibebankan The deferred stripping costs will be charged as
sebagai biaya produksi untuk daerah dimana rasio production costs for areas where the actual ratio is
aktual secara signifikan lebih rendah dari pada significantly lower than the planned stripping ratio.
rasio pengupasan yang direncanakan.
90
13. ASET TIDAK LANCAR LAINNYA (lanjutan) 13. OTHER NON-CURRENT ASSETS (continued)
Biaya pengupasan tangguhan (lanjutan) Deferred stripping costs (comtinued)
Rasio pengupasan rata-rata aktual untuk periode The actual average stripping ratios as of December
yang berakhir pada tanggal 31 Desember 2011 dan 31, 2011 and 2010 were 7.08:1 and 4.47:1
2010 masing-masing adalah 7,08:1 dan 4,47:1 (unaudited), respectively. The estimated average
(tidak diaudit). Estimasi rasio pengupasan rata-rata stripping ratios as of December 31, 2011 and 2010
pada tanggal 31 Desember 2011 dan 2010 masing- were 4.43:1 and 4.21:1 (unaudited), respectively,
masing adalah 4,43:1 dan 4,21:1 (tidak diaudit), based on management’s mine plan for those
berdasarkan rencana manajemen atas pengelolaan periods.
tambang pada periode yang bersangkutan.
Uang muka penyertaan saham Advance for purchase of investment in shares of

stock
Berdasarkan perjanjian jual beli saham bersyarat Based on a conditional share sale and purchase
tanggal 14 Juni 2011, PAS setuju untuk mengambil agreement dated June 14, 2011, PAS agreed to
alih 70% kepemilikan saham (yang merupakan take over the 70% equity ownership (represented
5.950 saham) di PT Energi Alamraya Semesta by 5,950 shares) in PT Energi Alamraya Semesta
(EAS) dari Link Energy Pte. Ltd, Hendry Jurnawan (EAS) from Link Energy Pte. Ltd., Hendry
dan Toh Seng Hee dengan harga total Jurnawan and Toh Seng Hee for a total price of
USD7.000.000, yang akan dibayarkan sebagai USD7,000,000, which will be paid as follows:
berikut:
- Pembayaran awal USD2.500.000, yang harus - Initial payment of USD2,500,000, which should
dibayar pada Pemberitahuan Pemenuhan be paid upon the First Notification of
Pertama. Fulfillment.
nd
- Pembayaran ke 2 USD2.000.000, yang harus - 2 payment of USD2,000,000, which shall be
dibayar pada Pemberitahuan Pemenuhan paid upon the Second Notification of
Kedua. Fulfillment.
rd
- Pembayaran ke 3 USD2.000.000, yang harus - 3 payment of USD2,000,000, which shall be
dibayar pada Pemberitahuan Pemenuhan paid upon the Third Notification of Fulfillment.
Ketiga.
- Pembayaran akhir USD500.000, yang harus - Final payment of USD500,000, which shall be
dibayar pada Pemberitahuan Pemenuhan paid upon the Fourth Notification of Fulfillment.
Keempat.
Pada tanggal 31 Desember 2011, PAS telah As of December 31, 2011, PAS has made
melakukan pembayaran sebesar USD4.500.000 payments amounting to USD4,500,000 (equivalent
(setara dengan Rp38.486) dan Rp3.225. to Rp38,486) and Rp3,225.
14. UTANG BANK JANGKA PENDEK 14. SHORT-TERM BANK LOANS
2011 2010
Rupiah Rupiah
PT Bank Mandiri (Persero) Tbk PT Bank Mandiri (Persero) Tbk
(Mandiri) 84.826 - (Mandiri)
PT Bank DBS Indonesia (DBS) 49.593 - PT Bank DBS Indonesia (DBS)

PT ANZ Panin Bank (ANZ) 131.214 - PT ANZ Panin Bank (ANZ)
Mandiri 90.531 89.910 Mandiri
DBS 89.781 35.964 DBS
Indonesia (SCB) 47.907 8.991 Indonesia (SCB)
Citibank N.A, Indonesia (Citibank) - 157.343 Citibank N.A, Indonesia (Citibank)
Total 493.852 292.208 Total
91
14. UTANG BANK JANGKA PENDEK (lanjutan) 14. SHORT-TERM BANK LOANS (continued)
Mandiri Mandiri
Pada tanggal 25 April 2011, TIA memperoleh On April 25, 2011, TIA obtained a revolving loan
fasilitas pinjaman revolving untuk modal kerja dari facility for working capital from Mandiri with a total
Mandiri dengan jumlah fasilitas sebesar Rp75.000. facility of Rp75,000. The loan from this facility
Fasilitas pinjaman ini dikenakan tingkat bunga bears interest at the annual rate of 10.25%. The
tahunan sebesar 10,25%. Saldo pinjaman ini akan loan will mature on April 24, 2012. The outstanding
jatuh tempo pada tanggal 24 April 2012. Saldo balance of the loan as of December 31, 2011 at
pinjaman pada tanggal 31 Desember 2011 adalah amortized cost amounted to Rp65,826 (net of
sebesar Rp65.826 (setelah dikurangi biaya unamortized transaction cost amounting to Rp174).
transaksi yang belum diamortisasi sebesar Rp174).
Berdasarkan perjanjian pinjaman, TIA diharuskan The loan agreement requires TIA to maintain
untuk menjaga rasio keuangan tertentu, sebagai certain financial ratios, as follows:
berikut:
a. Rasio pendapatan sebelum bunga, pajak, a. Ratio of earnings before interest, taxes,
depresiasi dan amortisasi (EBITDA) terhadap depreciation and amortization (EBITDA) over
bunga minimal 150% interest at a minimum of 150%
b. Rasio debt service coverage minimal 100%. b. Debt service coverage ratio at a minimum of
100%.
Pembatasan pinjaman ini berlaku untuk semua This loan covenant applies to all loan facilities
fasilitas utang yang diperoleh dari Mandiri, obtained from Mandiri, including the long-term
termasuk utang bank jangka panjang (Catatan 16). bank loan facilities (Note 16).
Pinjaman dari fasilitas tersebut di atas, bersama- The loan from the above facility, together with
sama dengan pinjaman TIA lainnya dari fasilitas TIA’s other loans in Mandiri which are drawn from
kredit investasi dalam mata uang rupiah dan dolar rupiah and U.S. dollar investment credit facilities
AS dari Mandiri (Catatan 16) dijamin dengan (Note 16), is collateralized by a parcel of land with
sebidang tanah seluas 273.866 meter persegi an area of 273,866 square meters with guaranteed
dengan nilai jaminan sebesar Rp40.837 serta value of Rp40,837, and coal inventory and trade
persediaan batubara dan piutang usaha dengan receivables with guaranteed values totaling
nilai jaminan masing-masing sebesar Rp47.857 Rp47,857 and USD7,625,000, respectively
dan USD7.625.000 (Catatan 6, 8 dan 11). (Notes 6, 8 and 11).
Pada tanggal 15 Agustus 2011, SS memperoleh On August 15, 2011, SS obtained a revolving
fasilitas pinjaman revolving untuk modal kerja dan working capital and bank guarantee facility with
bank garansi dengan batas kredit maksimum total maximum credit limits of Rp50,000 and
masing-masing sebesar Rp50.000 dan Rp70.000. Rp70,000, respectively.
Fasilitas tersebut tersedia sampai dengan tanggal The facilities are available up to
26 September 2012. Pinjaman dari fasilitas modal September 26, 2012. The loan from the working
kerja dikenakan tingkat bunga sebesar 9,50% per capital facility bears interest at 9.50% per annum.
tahun. Saldo pinjaman dari fasilitas modal kerja The outstanding working capital loan as of
pada tanggal 31 Desember 2011 adalah sebesar December 31, 2011 amounted to Rp10,000, while
Rp10.000, sedangkan fasilitas bank garansi yang the bank guarantee facility used as of
telah digunakan pada tanggal 31 Desember 2011 December 31, 2011 amounted to Rp57,269.
adalah sebesar Rp57.269.
Tidak ada aset yang digunakan sebagai jaminan No assets are pledged as collateral for loan
atas pinjaman dari fasilitas ini. obtained from the facilities.
92
Mandiri (lanjutan) Mandiri (continued)
Berdasarkan perjanjian pinjaman, SS diharuskan The loan agreement requires SS to maintain

berikut:
a. Rasio utang atas ekuitas maksimal 300% a. Debt-to-equity ratio at a maximum of 300%
b. Rasio debt service coverage minimal 150%. b. Debt service coverage ratio at a minimum of
150%.
Pada tanggal 3 Oktober 2011, CKB memperoleh On October 3, 2011, CKB obtained a revolving
fasilitas pinjaman revolving untuk modal kerja dari working capital facility from Mandiri with total
Mandiri dengan total fasilitas sebesar Rp12.500 facility amount of Rp12,500 and interest at the
dan tingkat bunga sebesar 9,75% per tahun. annual rate of 9.75%. As of December 31, 2011,
Pada tanggal 31 Desember 2011, saldo pinjaman the outstanding loan from this facility amounted to
terutang dari fasilitas ini adalah sebesar Rp9.000, Rp9,000, which will mature on September 26,
yang akan jatuh tempo pada tanggal 2012.
26 September 2012.
Pinjaman dari fasilitas di atas, bersama dengan The loan from the above facility, together with
hutang jangka panjang CKB lainnya dari Mandiri, CKB’s other long-term loan from Mandiri, is
dijaminkan dengan tanah seluas 17.500 meter secured by a parcel of land with an area of 17,500
persegi dan piutang usaha dengan nilai square meters and trade receivables with
penjaminan masing-masing sebesar Rp51.732 guaranteed value of Rp51,732 and Rp93,283,
dan Rp93.283 (Catatan 16). respectively (Note 16).
Berdasarkan perjanjian pinjaman, CKB diharuskan The loan agreement requires CKB to maintain
berikut: a. Current ratio at a minimum of 100%
a. Rasio lancar minimal 100% b. Leverage ratio at a maximum of 200%
b. Rasio leverage maksimum sebesar 200% c. Debt service coverage ratio at a minimum of
c. Rasio debt service coverage minimal 120%. 120%.
93
Pada tanggal 28 September 2010, SSB juga On September 28, 2010, SSB also obtained the
memperoleh fasilitas pinjaman dari Mandiri sebagai following loan facilities from Mandiri:
berikut:
a. Fasilitas pinjaman revolving non tunai (non- a. Revolving non-cash loan facility with a
cash loan) dengan batas kredit maksimum maximum credit limit of USD10,000,000 can
USD10.000.000 dapat digunakan untuk be used for issuance of Letter of Credit (LC),
penerbitan Letter of Credit (LC), Surat Kredit Surat Kredit Berdokumen Dalam Negeri
Berdokumen dalam Negeri (SKBDN) dan (SKBDN) and bank guarantee. This facility is
garansi bank. Fasilitas ini tersedia selama available for a period of 1 year starting from
1 tahun dimulai dari 27 September 2010 September 27, 2010 up to September 26,
sampai dengan 26 September 2011. SSB 2011. SSB may make payment of the principal
dapat melakukan pembayaran pokok sebelum prior to maturity. On October 21, 2011, the
jatuh tempo. Pada tanggal 21 Oktober 2011, credit facility was converted to Rp85,000 and
fasilitas ini dikonversi menjadi Rp85.000 dan the facility period was extended to
jangka waktu fasilitas diperpanjang sampai September 26, 2012. The loan is subject to
dengan 26 September 2012. Pinjaman ini certain provisional fees as stipulated in the
dikenakan biaya provisi tertentu sebagaimana agreement. The bank guarantee facility used
diatur dalam perjanjian. Fasilitas bank garansi as of December 31, 2011 amounted to
yang telah digunakan pada tanggal Rp29,177.
31 Desember 2011 adalah sebesar Rp29.177.
b. Fasilitas pinjaman revolving untuk modal kerja b. Revolving working capital loan facility with a
dengan batas kredit maksimum maximum credit limit of USD10,000,000 and
USD10.000.000 dan tingkat bunga sebesar interest at SIBOR plus 3.75% per annum. This
SIBOR ditambah 3,75% per tahun. Fasilitas ini facility is available for a period of 1 year
tersedia selama 1 tahun dimulai dari starting from September 27, 2010 up to
27 September 2010 sampai dengan September 26, 2011. SSB may make payment
26 September 2011. SSB dapat melakukan of the principal prior to maturity. On
pembayaran pokok sebelum jatuh tempo. October 21, 2011, the facility period was
Pada tanggal 21 Oktober 2011, jangka waktu extended to September 26, 2012 and the
fasilitas ini diperpanjang sampai dengan interest rate was increased to SIBOR 3
26 September 2012 dan tingkat bunga months plus 5.5% per annum. As of December
ditingkatkan menjadi SIBOR 3 bulan ditambah 31, 2011, the outstanding loan balance from
5,5% per tahun. Pada tanggal 31 Desember this facility amounted to USD9,983,333
2011, saldo pinjaman terutang dari fasilitas ini (equivalent to Rp90,531), net of unamortized
sebesar USD9.983.333 (setara dengan transaction cost amounting to Rp149, while as
Rp90.531), setelah dikurangi biaya transaksi of December 31, 2010, the loan balance
yang belum diamortisasi sebesar Rp149, dan amounted to USD10,000,000 (equivalent to
pada tanggal 31 Desember 2010, sebesar Rp89,910).
USD10.000.000 (setara dengan Rp89.910).
Tidak ada aset yang digunakan sebagai jaminan No assets are pledged as collateral for this loan.
untuk fasilitas kredit ini.
Berdasarkan perubahan perjanjian pinjaman Based on the amendment of the loan agreement
tanggal 21 Oktober 2011, SSB diharuskan untuk made on October 21, 2011, SSB was required to
menjaga rasio keuangan tertentu, sebagai berikut: maintain certain financial ratios, as follows:
a. Rasio lancar minimal 100% a. Current ratio at a minimum of 100%
b. Rasio utang atas ekuitas maksimum sebesar b. Debt-to-equity ratio at a maximum of 500% in
500% pada tahun 2011, 475% pada tahun 2011, 475% in 2012, 400% in 2013, 330% in
2012, 400% pada tahun 2013, 330% pada 2014, and 300% in 2015
tahun 2014, dan 300% pada tahun 2015 c. Debt service coverage ratio at a minimum of
c. Rasio debt service coverage minimal 100%. 100%.
94
DBS DBS
Pada tanggal 19 Oktober 2010, SSB memperoleh On October 19, 2010, SSB obtained from DBS the
fasilitas pinjaman dari DBS dengan total batas following banking facilities with aggregate
kredit maksimum sebesar USD35.000.000 dan maximum credit limits of USD35,000,000 and
Rp40.000 sebagai berikut: Rp40,000:
a. Fasilitas kredit amortisasi berjangka (ATL) a. Amortizing term loan (ATL) facility with a
dengan batas kredit maksimum sebesar maximum credit limit of USD16,000,000 and
USD16.000.000 dan tingkat bunga sebesar interest at Fund Transfer Pricing (FTP) plus
Fund Tranfer Pricing (FTP) ditambah 1,8% per 1.8% per annum. The loan drawn from this
tahun. Pinjaman yang ditarik dari fasilitas ini facility is payable in 20 quartely installments
terutang dalam 20 cicilan triwulan sejak from January 20, 2011 up to October 20, 2015.
tanggal 20 Januari 2011 sampai 20 Oktober As of December 31, 2011, the outstanding
2015. Pada tanggal 31 Desember 2011, saldo loan balance from this facility amounted to
pinjaman terutang dari fasilitas ini sebesar USD14,904,187 (equivalent to Rp135,151),
USD14.904.187 (setara dengan Rp135.151), net of unamortized transaction cost amounting
setelah dikurangi biaya transaksi yang belum to Rp1,232, while as of December 31, 2010,
diamortisasi sebesar Rp1.232, sedangkan the loan balance amounted to USD16,000,000
pada tanggal 31 Desember 2010, sebesar (equivalent to Rp143,856) which is presented
USD16.000.000 (setara dengan Rp143.856), as part of “Long-term Bank Loans” in the
yang disajikan sebagai bagian dari "Utang consolidated statement of financial position
Bank Jangka Panjang" dalam laporan posisi (Note 16).
keuangan konsolidasian (Catatan 16).
b. Fasilitas kredit uncommitted revolving (RCF 1) b. Uncommitted revolving credit facility (RCF 1)
dengan batas kredit maksimum sebesar with a maximum credit limit of USD4,000,000
USD4.000.000 dan tingkat bunga sebesar FTP and interest at FTP plus 2.25% per annum.
ditambah 2,25% per tahun. Fasilitas ini jatuh The facility was available up to October 20,
tempo pada 20 Oktober 2011 dan telah 2011 and was extended up to June 30, 2012.
diperpanjang sampai dengan 30 Juni 2012. As of December 31, 2011 and 2010, the
Pada tanggal 31 Desember 2011 dan 2010, outstanding loan balance from this facility
saldo terutang dari fasilitas ini sebesar amounted to USD4,000,000 (equivalent to
USD4.000.000 (setara dengan Rp36.272 di Rp36,272 in 2011 and Rp35,964 in 2010).
2011 dan Rp35.964 di 2010).
c. Fasilitas kredit uncommitted revolving (RCF 2) c. Uncommitted revolving credit facility (RCF 2)
dengan batas kredit maksimum sebesar with a maximum credit limit of Rp40,000 and
Rp40.000 dan tingkat bunga sebesar FTP interest at FTP plus 2.25% per annum. The
ditambah 2,25% per tahun. Fasilitas kredit facility, which was originally available up to
yang tersedia sampai dengan 20 Oktober 2011 October 20, 2011, was extended up to May 22,
telah diperpanjang sampai dengan 22 Mei 2012 and June 12, 2012 for the outstanding
2012 dan 12 Juni 2012 untuk saldo pinjaman loans amounting to Rp25,000 and Rp10,000,
masing-masing sebesar Rp25.000 dan respectively. As of December 31, 2011 and
Rp10.000. Pada tanggal 31 Desember 2011 2010, the outstanding loan balance from this
dan 2010, saldo pinjaman terutang dari facility amounted to Rp35,000 and nil,
fasilitas ini sebesar Rp35.000 dan nol. respectively.
95
DBS (lanjutan) DBS (continued)
d. Fasilitas uncommitted trade finance dengan d. Uncommitted trade finance facility with a
batas kredit gabungan maksimum sebesar combined maximum limit of USD15,000,000 or
USD15.000.000 atau setara rupiah nya, dan its rupiah equivalent, and interest at FTP plus
tingkat bunga sebesar FTP ditambah 2,0% per 2.0% per annum. As of December 31, 2011,
tahun. Pada tanggal 31 Desember 2011, the outstanding loans from this facility
saldo pinjaman terutang dari fasilitas ini adalah amounted to USD690,857 (equivalent to
sebesar USD690.857 (setara dengan Rp6,265) and Rp14,593. There was no
Rp6.265) dan Rp14.593. Tidak ada saldo outstanding loan from this facility as of
pinjaman terutang dari fasilitas ini pada December 31, 2010.
tanggal 31 Desember 2010.
Tidak ada aset yang digunakan sebagai jaminan No assets are pledged as collateral for these loans.
Berdasarkan perjanjian pinjaman, SSB diharuskan The loan agreement requires SSB to maintain
berikut:
a. Rasio debt service coverage minimal 100% a. Debt service coverage ratio at a minimum of
100%
b. Rasio gearing maksimum sebesar 500% pada b. Gearing ratio at a maximum of 500% in 2010,
tahun 2010, 450% pada tahun 2011, 400% 450% in 2011, 400% in 2012 and 350% in
pada tahun 2012 dan 350% pada tahun 2013. 2013.
Pada tahun 2011, SS memperoleh uncommitted In 2011, SS obtained an uncommitted import letter
import letter of credit (L/C) sejumlah of credit (L/C) totaling USD5,210,000 (equivalent to
USD5.210.000 (setara dengan Rp47.244) dari Rp47,244) from DBS for the purpose of Gas
DBS untuk pembelian Gas Turbin dari Chromalloy Turbine purchases from Chromalloy San Diego
San Diego Corporation (Catatan 33). L/C tersebut Corporation (Note 33). The L/C is due within 270
jatuh tempo pada 270 hari sejak tanggal penarikan days of the drawdown date and was charged with
dan dikenakan biaya acceptance sebesar 1% per an acceptance fee of 1% per annum in 2011. The
tahun di tahun 2011. Penarikan L/C ini dijaminkan L/C drawdown is collateralized by restricted time
oleh deposito yang dibatasi penggunaannya di deposits placed in DBS amounting to
DBS sebesar USD2.470.000 (Catatan 5). USD2,470,000 (Note 5).
ANZ ANZ
Pada tanggal 16 Agustus 2011, SS memperoleh On August 16, 2011, SS obtained a facility from
fasilitas pinjaman dari ANZ untuk membiayai ANZ to finance its purchase of spare parts,
pembelian suku cadang, biaya perbaikan dan maintenance cost and working capital with a
modal kerja dengan batas kredit maksimum maximum credit limit of USD20,000,000 and
sebesar USD20.000.000 dan tingkat bunga interest at Cost of Fund (COF) plus 2.5% per
sebesar Cost of Fund (COF) ditambah 2,5% per annum. The annual interest rate ranged from
tahun. Tingkat bunga tahunan yang dikenakan 3.75% to 4.30% in 2011. This facility is available
berkisar antara 3,75% sampai dengan 4,30% di up to twelve months from the signing date of the
tahun 2011. Fasilitas ini akan jatuh tempo dalam agreement.
12 bulan setelah penandatanganan perjanjian.
96
ANZ (lanjutan) ANZ (continued)

berikut:
a. Rasio debt service coverage minimal 1,5 kali a. Debt service coverage ratio at minimum of 1.5
times
b. Rasio utang terhadap EBITDA maksimum b. Debt to EBITDA ratio at maximum of 3 times.
sebesar 3 kali.
Pada tanggal 31 Desember 2011 saldo pinjaman The outstanding balance of the loan as of
terutang sebesar USD14.470.000 (setara dengan December 31, 2011 amounted to USD14,470,000
Rp131.214). (equivalent to Rp131,214).
SCB SCB
Pada April 1996, SSB memperoleh fasilitas In April 1996, SSB obtained loan facilities from
pinjaman dari SCB yang telah diperbaharui dan SCB which were renewed and amended on July 7,
diubah pada tanggal 7 Juli 2011 menjadi sebagai 2011 to become:
berikut:
a. Fasilitas pinjaman jangka pendek untuk modal a. Short-term loan facility for working capital with
kerja dengan batas kredit maksimum sebesar a maximum credit limit of USD2,000,000 (or its
USD2.000.000 (atau setara rupiahnya) dan equivalent in rupiah) and interest at COF plus
tingkat bunga per tahun sebesar COF 2.25% per annum. The outstanding balance
ditambah 2,25%. Saldo terutang dari fasilitas under this facility amounted to USD2,000,000
ini sebesar USD2.000.000 (setara dengan (equivalent to Rp18,136) and USD1,000,000
Rp18.136) dan USD1.000.000 (setara dengan (equivalent to Rp8,991) as of December 31,
Rp8.991) masing-masing pada tanggal 31 2011 and 2010, respectively.
Desember 2011 dan 2010.
b. Fasilitas import letter of credit dengan batas b. Import letter of credit facility with aggregate
kredit gabungan maksimum sebesar maximum credit limit of USD4,000,000 (or its
USD4.000.000 (atau setara dalam berbagai equivalent in multiple currencies) and interest
mata uang) dan tingkat bunga tahunan rates from 2% to 2.25% above COF per
sebesar 2% sampai 2,25% di atas COF. annum. This facility is available up to May 31,
Fasilitas ini tersedia sampai dengan 31 Mei 2012. As of December 31, 2011, the
2012. Pada tanggal 31 Desember 2011, saldo outstanding loan balance from the facility
pinjaman terutang dari fasilitas ini adalah amounted to USD3,283,064 (equivalent to
sebesar USD3.283.064 (setara dengan Rp29,771) which has been fully paid on
Rp29.771) dan telah dilunasi terakhir pada February 21, 2012. There was no outstanding
tanggal 21 Februari 2012. Tidak ada saldo loan balance under this facility as of
terutang dari fasilitas ini pada tanggal December 31, 2010. In 2011, this loan was
31 Desember 2010. Pada tahun 2011, collateralized by trade receivables amounting
pinjaman ini dijamin dengan piutang usaha to USD3,283,064 (Note 6).
terkait sebesar USD3.283.064 (Catatan 6).
97
Citibank Citibank
Pada bulan Juli 2004, TMT memperoleh fasilitas In July 2004, TMT obtained a revolving credit
pinjaman revolving dari Citibank dalam mata uang facility from Citibank in either rupiah or USD or a
Rupiah atau Dolar Amerika Serikat atau gabungan combination thereof, with a maximum combined
keduanya, dengan batas kredit gabungan facility credit of USD50,000,000. The combined
maksimum sebesar USD50.000.000. Batas kredit facility credit limit was provided for CSUL, CK,
gabungan fasilitas tersebut diberikan kepada SSB, TU and TMT. The total outstanding loan
CSUL, CK, SSB, TU dan TMT. Jumlah saldo should not exceed the combined facility credit limit.
pinjaman terutang tidak diperkenankan melebihi The loan bore interest at the annual rate of 2%
batas fasilitas kredit gabungan. Pinjaman ini above the COF if at least 75% of the short-term
dikenakan tingkat bunga tahunan sebesar 2% facility was drawn and utilized, or at 2.25% above
diatas COF jika setidaknya 75% dari fasilitas COF if less than 75% of the short-term facility was
jangka pendek telah ditarik dan dimanfaatkan, atau drawn and utilized. The outstanding loan balance
2,25% diatas COF jika kurang dari 75% dari from CK and SSB as of December 31, 2010
fasilitas jangka pendek ditarik dan dimanfaatkan. amounted to USD17,500,000 (equivalent to
Pada tanggal 31 Desember 2010, saldo pinjaman Rp157,343), which was fully paid in 2011.
terutang dari CK dan SSB atas fasilitas ini sebesar
USD17.500.000 (setara dengan Rp157.343) telah
dibayar penuh di tahun 2011.
Pembatasan utang Debt Covenants
Sebagai tambahan dari rincian tersebut di atas, In addition to those detailed above, the Group,
Grup harus mematuhi batasan-batasan tertentu, under the loan agreements, is subject to various
antara lain untuk memperoleh persetujuan tertulis covenants, which include obtaining written approval
dari pemberi pinjaman sebelum melakukan from the lenders before entering into certain
transaksi-transaksi tertentu seperti penggabungan transactions such as mergers, takeovers,
usaha, pengambilalihan, likuidasi atau perubahan liquidation or change in status and the articles of
status dan Anggaran Dasar, pengurangan modal association; reducing the authorized, issued and
dasar, ditempatkan dan disetor penuh; pembatasan fully paid capital; restrictions on lending money to
pemberian pinjaman kepada pihak ketiga; third parties; negative pledges, with certain
penjaminan negatif, dengan pengecualian tertentu; exceptions; restrictions on change in core business
pembatasan dalam perubahan kegiatan bisnis activities and payments of dividends; and
utama dan pembagian dividen; dan persyaratan requirement to comply with certain financial ratios.
untuk memenuhi rasio-rasio keuangan tertentu.
Pada tanggal 31 Desember 2011, Grup telah As of December 31, 2011, the Group is in
memenuhi pembatasan finansial dari semua utang compliance with the financial covenants of all the
bank jangka pendek. short-term bank loans.
Manajemen menyatakan bahwa selama periode Management declares that during the reporting
pelaporan dan sampai dengan tanggal laporan periods and up to the date of the consolidated
keuangan konsolidasian, Grup tidak pernah gagal financial statements, the Group has not defaulted
bayar atas pemenuhan kewajibannya. in the payment of any of its obligations.
98
15. UTANG USAHA 15. TRADE PAYABLES
Utang usaha merupakan utang atas pembelian Trade payables represent payables for purchases
barang dan jasa, dengan rincian sebagai berikut: of goods and services, with details as follows:
2011 2010
Utang usaha Trade payables

Pihak-pihak berelasi (Catatan 30) 779.531 848.227 Related parties (Note 30)
1.395.406 1.326.978
Dikurangi: Less:
Pihak-pihak berelasi yang jatuh tempo
dalam satu tahun 779.531 791.792 Related parties - current maturities
Pihak ketiga yang jatuh tempo
dalam satu tahun 615.875 478.751 Third parties - current maturities
1.395.406 1.270.543
Utang usaha jangka panjang Long-term trade payables

- pihak berelasi - 56.435 - related party
Rincian utang usaha kepada pihak ketiga The details of trade payables to third parties based
berdasarkan pemasok adalah sebagai berikut: on suppliers are as follows:
2011 2010

PT Berkat Manunggal Jaya 22.994 7.707 PT Berkat Manunggal Jaya
PT Patra Niaga 17.593 - PT Patra Niaga
PT Halcon Prima Logistics Pte. Ltd. 16.605 36.038 PT Halcon Prima Logistics Pte. Ltd.
Total 615.875 478.751 Total
Rincian utang usaha berdasarkan mata uang Details of trade payables based on currency are as
adalah sebagai berikut: follows:
2011 2010

Dolar Amerika Serikat 657.600 1.133.404 United States dollar
Euro Eropa 13.589 11.594 European euro
Mata uang asing lainnya 15.432 12.515 Other foreign currencies
Total 1.395.406 1.326.978 Total
Rincian umur utang usaha adalah sebagai berikut: Aging of trade payables is as follows:
2011 2010
Belum jatuh tempo 728.979 472.369 Current

Lewat jatuh tempo Overdue:
1 - 30 hari 354.076 181.178 1 - 30 days
31 - 60 hari 102.234 62.002 31 - 60 days
61 - 90 hari 71.944 68.516 61 - 90 days
Lebih dari 90 hari 138.173 542.913 More than 90 days
Total 1.395.406 1.326.978 Total
99
16. UTANG BANK JANGKA PANJANG 16. LONG-TERM BANK LOANS
2011 2010
Rupiah Rupiah
DBS 318.810 213.978 DBS

ANZ Banking Group Limited - ANZ Banking Group Limited -
Syndicated loan 1.016.486 - Syndicated loan
DBS Bank Ltd. 815.941 - DBS Bank Ltd.
DBS (Catatan 14) 135.151 143.856 DBS (Note 14)
PT Bank OCBC NISP Tbk (OCBC NISP) 7.105 - PT Bank OCBC NISP Tbk (OCBC NISP)
Total 3.301.682 847.598 Total

Dikurangi bagian yang jatuh tempo
dalam satu tahun (470.526) (131.813) Less current maturities
Bagian jangka panjang 2.831.156 715.785 Long-term portion
Mandiri Mandiri
SS memperoleh fasilitas pinjaman dari Bank SS obtained a loan facility from Mandiri on June
Mandiri pada tanggal 28 Juni 2010 sebesar 28, 2010 in the amount of Rp600,000, available
Rp600.000, yang tersedia selama satu tahun sejak within one year from the signing date of the
tanggal penandatanganan perjanjian, yang telah agreement, which was extended up to
diperpanjang sampai dengan tanggal 31 Desember December 31, 2011, and divided into:
2011, dan terbagi atas:
a. Pinjaman transaksi khusus I sebesar a. Specific transaction loan I amounting to
Rp350.000 Rp350,000
b. Pinjaman transaksi khusus II sebesar b. Specific transaction loan II amounting to
Rp250.000. Rp250,000.
Pinjaman tersebut digunakan untuk membiayai The loan proceeds were used to finance capital
pengeluaran modal. Pinjaman dari fasilitas ini expenditures. The loan from the facility bears
dikenakan tingkat bunga sebesar 9,50% per tahun interest at 9.50% per annum which is subject to
yang dapat berubah berdasarkan tingkat bunga change based on current market rate and is
pasar saat ini dan dibayarkan pada maksimum 48 payable at a maximum of 48 monthly installments
cicilan bulanan yang dimulai dari Juni 2010. starting in June 2010. The loan bore interest at the
Pinjaman ini dikenakan tingkat bunga sebesar rate of 9.50% for the years ended December 31,
9,50% untuk tahun yang berakhir pada tanggal- 2011 and 2010. As of December 31, 2011, the
tanggal 31 Desember 2011 dan 2010. Pada outstanding balance of the loan amounted to
tanggal 31 Desember 2011, saldo pinjaman adalah Rp476,910, which is net of unamortized transaction
sebesar Rp476.910, setelah dikurangi biaya cost amounting to Rp1,255, while as of
transaksi yang belum diamortisasi sebesar December 31, 2010, the loan balance amounted to
Rp1.255, sementara pada tanggal 31 Desember Rp303,282.
2010, saldo pinjaman adalah sebesar Rp303.282.
Pada tanggal 25 April 2011, TIA memperoleh On April 25, 2011, TIA obtained an investment
fasilitas kredit investasi sebesar Rp116.500 dari credit facility of Rp116,500 from Mandiri. The loan
Mandiri. Pinjaman ini dikenakan tingkat bunga facility bears interest at the annual rate of 10.25%.
tahunan sebesar 10,25%. Pinjaman ini akan jatuh This loan will mature on April 24, 2016. As of
tempo pada tanggal 24 April 2016. Pada tanggal December 31, 2011, the outstanding balance of the
31 Desember 2011, saldo pinjaman adalah loan amounted to Rp115,640, which is net of
sebesar Rp115.640, setelah dikurangi biaya unamortized transaction cost amounting to Rp860.
transaksi yang belum diamortisasi sebesar Rp860.
100
16. UTANG BANK JANGKA PANJANG (lanjutan) 16. LONG-TERM BANK LOANS (continued)
Pada tanggal 3 Oktober 2011, CKB memperoleh On October 3, 2011, CKB obtained an investment
fasilitas kredit investasi pinjaman dengan batas credit facility with a maximum of Rp40,000 from
kredit maksimum Rp40.000 dari Mandiri. Pinjaman Mandiri. The loan drawn from this facility bears
ini dikenakan tingkat bunga tahunan sebesar 10% interest at the annual rate of 10% and is payable in
dan terutang dalam 33 cicilan bulanan sejak 33 monthly installments from January 23, 2012
tanggal 23 Januari 2012 sampai 23 September until September 23, 2014. As of December 31,
2014. Pada tanggal 31 Desember 2011, saldo 2011, the loan is presented at amortized cost of
pinjaman adalah sebesar Rp39.800, setelah Rp39,800, which is net of unamortized transaction
dikurangi dengan biaya transaksi yang belum cost amounting to Rp200.
diamortisasi sebesar Rp200.
Pada tanggal 21 Oktober 2011, SSB menerima On October 21, 2011, SSB obtained Non-Revolving
fasilitas Pinjaman Transaksi Khusus III dari Specific Transaction Loan III facility from Mandiri
Mandiri dengan batas kredit maksimum with a maximum credit limit of Rp135,000 and
Rp135.000 dan tingkat bunga sebesar 9,75% per interest at 9.75% per annum. On November 8,
tahun. Pada tanggal 8 November 2011, pinjaman 2011, this facility was amended to become:
ini diperbaharui menjadi sebagai berikut :
a. Fasilitas Pinjaman Transaksi Khusus III a. Non-revolving specific transaction loan III (PTK
(PTK III) dengan batas kredit maksimum III) facility with a maximum credit limit of
Rp66.000 dan tingkat bunga sebesar 9,75% Rp66,000 and interest at 9.75% per annum.
per tahun. Pinjaman tersebut digunakan untuk The loan proceeds were used to purchase
membiayai pembelian kantor dan workshop SSB’s office and workshop in Tangerang
SSB di Tangerang (Catatan 11). Pinjaman (Note 11). The loan drawn from this facility is
yang ditarik dari fasilitas ini terutang dalam 19 payable in 19 quarterly installments from the
cicilan triwulanan sejak tanggal signing date of the agreement, until September
penandatanganan perjanjian sampai 30, 2016. As of December 31, 2011, the
30 September 2016. Pada tanggal outstanding loan balance from this facility
31 Desember 2011, saldo pinjaman dari amounted to Rp65,826, net of unamortized
fasilitas ini adalah sebesar Rp65.826, setelah transaction cost amounting to Rp173.
dikurangi biaya transaksi yang belum
diamortisasi sebesar Rp173.
b. Fasilitas Pinjaman Transaksi Khusus IV b. Non-revolving specific transaction loan IV (PTK
(PTK IV) dengan batas kredit maksimum IV) facility with a maximum credit limit of
Rp69.000 dan tingkat bunga sebesar 9,75% Rp69,000 and interest at 9.75% per annum.
per tahun. Pinjaman tersebut digunakan untuk The loan proceeds will be used to finance
membiayai operasional SSB. Fasilitas ini SSB’s operations. This facility is available up to
tersedia sampai dengan 30 November 2012. November 30, 2012. As of December 31, 2011,
Pada tanggal 31 Desember 2011, tidak ada SSB has not utilized this loan facility.
fasilitas pinjaman yang telah digunakan oleh
SSB.
101
Pada tanggal 28 September 2010, SSB On September 28, 2010, SSB obtained the
memperoleh fasilitas pinjaman dari Mandiri following loan facilities from Mandiri:
sebagai berikut:
a. Fasilitas Pinjaman Transaksi Khusus I (PTK I) a. Non-revolving specific transaction loan I (PTK I)
dengan batas kredit maksimum facility with a maximum credit limit of
USD8.000.000 dan tingkat bunga sebesar USD8,000,000 and interest at SIBOR 3 months
SIBOR 3 bulan ditambah 5,5% per tahun. plus 5.5% per annum.The facility was used to
Fasilitas ini digunakan untuk melunasi hutang refinance a loan from PT Halcon Prima Logistic
ke PT Halcon Prima Logistic Pte. Ltd. Pte. Ltd. The loan drawn from this facility is
Pinjaman yang ditarik dari fasilitas ini terutang payable in 20 quarterly installments from
dalam 20 cicilan triwulanan sejak tanggal March 23, 2011 until December 23, 2015. As of
23 Maret 2011 sampai 23 Desember 2015. December 31, 2011 and 2010, the outstanding
Pada tanggal 31 Desember 2011 dan 2010, loan balance from this facility amounted to
saldo pinjaman dari fasilitas ini masing- USD7,518,653 (equivalent to Rp68,179), net of
masing sebesar USD7.518.653 (setara unamortized transaction cost amounting to
dengan Rp68.179), setelah dikurangi biaya Rp12 and USD8,000,000 (equivalent to
transaksi yang belum diamortisasi sebesar Rp71,928), respectively.
Rp12, dan USD8.000.000 (setara dengan
Rp71.928).
b. Fasilitas Pinjaman Transaksi Khusus II (PTK b. Non-revolving specific transaction loan II (PTK
II) dengan batas kredit maksimum II) facility with a maximum credit limit of
USD10.000.000 dan tingkat bunga sebesar USD10,000,000 and interest at SIBOR 3
SIBOR 3 bulan ditambah 5,5% per tahun. months plus 5.5% per annum. The loan was
Pinjaman tersebut digunakan untuk used to finance capital expenditures. The
membiayai pengeluaran modal. Pinjaman proceeds were drawn from this facility is
yang ditarik dari fasilitas ini terutang dalam 20 payable in 20 quarterly installments from
cicilan triwulanan sejak tanggal 23 Maret 2011 March 23, 2011 until December 23, 2015. As of
sampai 23 Desember 2015. Pada tanggal December 31, 2011 and 2010, the outstanding
31 Desember 2011 dan 2010, saldo pinjaman loan balance from this facility amounted to
dari fasilitas ini masing-masing sebesar USD8,046,679 (equivalent to Rp72,967), net of
USD8.046.679 (setara dengan Rp72.967), unamortized transaction cost amounting to
setelah dikurangi biaya transaksi yang belum Rp121 and USD8,660,045 (equivalent to
diamortisasi sebesar Rp121, dan Rp77,862), respectively.
USD8.660.045 (setara dengan Rp77.862).
Tidak ada aset yang digunakan sebagai jaminan No assets are pledged as collateral for the loan.
102
Pada tanggal 25 April 2011, TIA memperoleh On April 25, 2011, TIA obtained a non-revolving
fasilitas non-revolving Kredit Investasi sebesar investment credit facility of USD22,500,000 from
USD22.500.000 dari Mandiri. Pinjaman ini Mandiri. The loan from the facility bears interest at
dikenakan tingkat bunga tahunan berdasarkan annual rate based on SIBOR for a period of 3
SIBOR untuk periode 3 bulan ditambah 4%. months plus 4% annually. This loan will mature on
Pinjaman ini akan jatuh tempo pada tanggal April 24, 2016. As of December 31, 2011, the loan
24 April 2016. Pada tanggal 31 Desember 2011, amounted to USD13,526,346 (equivalent to
saldo pinjaman sebesar USD13.526.346 (setara Rp122,657), which is net of unamortized transaction
dengan Rp122.657), setelah dikurangi biaya cost amounting to Rp1,525.
transaksi yang belum diamortisasi sebesar
Rp1.525.
Pada tanggal 23 November 2010, ATR On November 23, 2010, ATR obtained the following
memperoleh fasilitas kredit dengan batas kredit credit facilities with aggregate maximum credit limit
maksimum gabungan sebesar USD6.200.000 dari of USD6,200,000 from Mandiri and interest rate at
Mandiri dan tingkat bunga sebesar 4% diatas 4% above SIBOR per annum:
SIBOR per tahun sebagai berikut:
a. Fasilitas Pinjaman Transaksi Khusus I (PTK I) a. Specific transaction loan I (PTK I) facility with a
dengan batas kredit maksimum maximum credit limit of USD4,150,000. PTK I
USD4.150.000. Fasilitas PTK I ini digunakan facility was used to refinance a loan from
untuk melunasi pinjaman dari Perusahaan the Company for the acquisition of Multi-
untuk pembelian Kapal Multi Purpose Purpose Container (MPC) Alfa Trans Satu and
Container (MPC) Alfa Trans Satu dan Landing Landing Craft Tank (LCT) Alfa Trans Dua
Craft Tank (LCT) Alfa Trans Dua dan juga vessels and also for financing the modification
untuk pembiayaan modifikasi LCT Alfa Trans of LCT Alfa Trans Dua. The loan was drawn
Dua. Pinjaman ini ditarik pada tanggal on November 25, 2010 and is payable in 60
25 November 2010 dan terutang dalam 60 monthly installments from December 2010
cicilan bulanan sejak Desember 2010 sampai until November 2015. The loan is collateralized
November 2015. Pinjaman ini dijamin dengan by Alfa Trans Satu and Alfa Trans Dua
kapal Alfa Trans Satu dan Alfa Trans Dua. vessels.
b. Fasilitas Pinjaman Transaksi Khusus II (PTK II) b. Specific transaction loan II (PTK II) facility with
dengan batas kredit maksimum a maximum credit limit of USD2,050,000. PTK
USD2.050.000. Fasilitas PTK II ini digunakan II facility was used to finance the building of
untuk membiayai pembuatan kapal LCT LCT Adinda Azula vessel. The availability
Adinda Azula. Fasilitas ini awalnya tersedia period of the facility was originally set on June
hingga tanggal 30 Juni 2011 dan telah 30, 2011, which subsequently extended up to
diperpanjang sampai 31 Desember 2011. December 31, 2011. The loan is payable in 60
Fasilitas pinjaman ini terutang dalam 60 kali monthly installments from July 2011 until June
cicilan bulanan sejak Juli 2011 sampai dengan 2016. The loan is collateralized by Adinda
Juni 2016. Pinjaman ini dijamin dengan kapal Azula vessel.
Adinda Azula.
Pada tanggal 31 Desember 2011 dan 2010, saldo As of December 31, 2011 and 2010, the
pinjaman masing-masing sebesar USD5.095.896 outstanding balance of the loans amounted to
(setara dengan Rp46.210) dan USD4.080.945 USD5,095,896 (equivalent to Rp46,210) and
(setara dengan Rp36.692). USD4,080,945 (equivalent to Rp36,692),
respectively.
Berdasarkan perjanjian pinjaman, ATR diharuskan The loan agreement requires ATR to maintain
untuk menjaga rasio leverage maksimum sebesar leverage ratio at a maximum of 233%.
233%.
103
DBS DBS
SS menandatangani perjanjian fasilitas pinjaman SS entered into a loan facility agreement with DBS
dengan DBS pada tanggal 22 Juni 2010. Fasilitas on June 22, 2010. The facility has a maximum
ini memiliki batas kredit maksimum Rp400.000 credit limit of Rp400,000 which is available for six
yang tersedia selama enam bulan sejak tanggal months from the signing date of the agreement,
penandatanganan perjanjian, yang telah which was extended up to June 22, 2011. The loan
diperpanjang sampai dengan tanggal 22 Juni 2011. proceeds were used to finance capital
Pinjaman tersebut digunakan untuk membiayai expenditures. The loan from the facility is payable
pengeluaran modal. Pinjaman dari fasilitas ini in installments up to June 22, 2015 and is subject
terutang dalam cicilan sampai tanggal 22 Juni 2015 to interest at COF plus 1.8% per annum. The
dan dikenakan tingkat bunga sebesar COF annual interest rates ranged from 10.25% to
ditambah 1,8% per tahun. Tingkat bunga tahunan 10.75% for the year ended December 31, 2011 and
berkisar antara 10,25% sampai 10,75% untuk from 9.50% to 10% for the year ended December
tahun yang berakhir pada tanggal 31 Desember 31, 2010. As of December 31, 2011, the
2011 dan antara 9,50% sampai 10% untuk tahun outstanding balance of the loan amounted to
yang berakhir pada tanggal 31 Desember 2010. Rp318,810 which is net of unamortized transaction
Pada 31 Desember 2011, saldo pinjaman adalah cost amounting to Rp3,504, while as of December
sebesar Rp318.810, setelah dikurangi biaya 31, 2010, the loan balance amounted to
transaksi yang belum diamortisasi sebesar Rp213,978.
Rp3.504, sementara pada tanggal 31 Desember
2010, saldo pinjaman adalah sebesar Rp213.978.

berikut:
a. Rasio debt service coverage minimal 100% a. Debt service coverage ratio at minimum of
100%
b. Rasio gearing maksimum sebesar 300%. b. Gearing ratio at maximum of 300%.
ANZ Banking Group Limited - Pinjaman Sindikasi ANZ Banking Group Limited - Syndicated Loan
Pada tanggal 17 Juni 2011, CK mengadakan On June 17, 2011, CK, as the borrower, entered
perjanjian fasilitas pinjaman sindikasi dengan into a term loan facility agreement with several
beberapa bank asing dan bank lokal (“Pemberi foreign and local banks (the “Lenders”), which
Pinjaman”), yang terdiri dari Overseas-Chinese consisted of Overseas-Chinese Banking
Banking Corporation (OCBC), PT ANZ Panin Bank Corporation (OCBC), PT ANZ Panin Bank (ANZ
(ANZ Panin), PT Bank OCBC NISP Tbk (OCBC Panin), PT Bank OCBC NISP Tbk (OCBC NISP),
NISP), Standard Chartered Bank (cabang Jakarta) Standard Chartered Bank (Jakarta Branch) (SCB),
(SCB), dan The Royal Bank of Scotland N.V. and The Royal Bank of Scotland N.V. (Singapore
(cabang Singapura) (RBS). OCBC NISP dan ANZ Branch) (RBS). OCBC NISP and ANZ Banking
Banking Group Limited bertindak masing-masing Group Limited serve as Security Agent and Facility
sebagai Security Agent dan Facility Agent. Agent, respectively. Based on the agreement, the
Berdasarkan perjanjian, Pemberi Pinjaman setuju Lenders agreed to grant U.S. dollar term loan,
untuk memberikan fasilitas pinjaman dolar Amerika broken down into Facility A and Facility B, with
Serikat yang terdiri dari Fasilitas A dan Fasilitas B maximum amounts of USD75,000,000 and
dengan nilai maksimum masing-masing sebesar USD40,000,000, respectively, and interest rates at
USD75.000.000 dan USD40.000.000 dengan London Interbank Offered Rate (LIBOR) plus a
tingkat bunga berdasarkan London Interbank certain percentage, payable every quarter with
Offered Rate (LIBOR) ditambah dengan grace period of one year for Facility A and nine
presentase tertentu, terutang setiap kuartal dengan months for Facility B. This loan facility was used to
masa tenggang satu tahun untuk Fasilitas A dan refinance some of CK’s existing loans.
sembilan bulan untuk Fasilitas B. Fasilitas pinjaman
ini digunakan untuk membiayai kembali (refinance)
beberapa pinjaman CK yang ada.
104
ANZ Banking Group Limited - Pinjaman Sindikasi ANZ Banking Group Limited - Syndicated Loan
Pada tanggal 23 Juni 2011, CK melakukan On June 23, 2011, CK fully availed of Facility A
penarikan penuh atas Fasilitas A sebesar amounting to USD75,000,000, payable in specified
USD75.000.000, yang akan dibayarkan dalam quarterly installments as indicated in the
cicilan triwulanan, dimulai sejak Juni 2012 sampai agreement over a total term of five years from June
Juni 2016 selama lima tahun sesuai dengan 2012 until June 2016. On September 30, 2011 and
perjanjian. Pada tanggal 30 September 2011 dan December 15, 2011, CK fully availed of Facility B
15 Desember 2011 CK melakukan penarikan amounting to USD40,000,000, payable in specified
penuh atas Fasilitas B sebesar USD40.000.000, quarterly installments as indicated in the
yang akan dibayarkan dalam cicilan triwulan, agreement over a total term of five years from
dimulai sejak Maret 2012 sampai Juni 2016 selama March 2012 until June 2016. The loan from this
lima tahun sesuai dengan perjanjian. Fasilitas ini facility bears interest at LIBOR plus a certain
dikenakan tingkat bunga sebesar LIBOR ditambah percentage, payable every quarter. As of
persentase tertentu, yang dibayarkan setiap December 31, 2011, the loan is presented at
triwulanan. Pada tanggal 31 Desember 2011, saldo amortized cost of USD112,095,959 (or equivalent
pinjaman terutang adalah sebesar to Rp1,016,486), which is net of unamortized
USD112.095.959 (atau setara dengan transaction cost amounting to Rp26,334.
Rp1.016.486), setelah dikurangi biaya transaksi
yang belum diamortisasi sebesar Rp26.334.
Pinjaman ini dijamin dengan (i) Kontrak Penugasan The loan is collateralized by (i) the Assignment of
(Catatan 33) dan (ii) fiduciary assignment atas Contracts (Note 33) and (ii) fiduciary assignment
piutang, persediaan, aset bergerak dan klaim/hasil over receivables, inventory, movable asset and
asuransi masing-masing sebesar USD63.020.458, insurance claim/proceeds amounting to
Rp40.066, Rp73.190 dan USD165.742.827. USD63,020,458, Rp40,066, Rp73,190 and
USD165,742,827, respectively.
Berdasarkan perjanjian pinjaman, CK diharuskan The loan agreement requires CK to maintain

berikut:
a. Rasio debt service coverage minimal 125% a. Debt service coverage ratio at a minimum of
b. Rasio utang terhadap nilai aset bersih 125%
konsolidasian maksimal sebesar 425% pada b. Total debt to consolidated net worth ratio at a
tahun 2011, 375% pada tahun 2012, 325% maximum of 425% in 2011, 375% in 2012,
pada tahun 2013 dan 300% pada tahun 2014 325% in 2013 and 300% in 2014 and
dan seterusnya. thereafter.
DBS Bank Ltd. DBS Bank Ltd.
Pada tanggal 15 Juni 2011, Perusahaan On June 15, 2011, the Company signed a loan
menandatangani perjanjian fasilitas pinjaman facility agreement with DBS Bank Ltd. with a
dengan DBS Bank Ltd. dengan total fasilitas maximum facility amount of USD90,000,000 for
maksimum sebesar USD90.000.000 untuk working capital requirement and interest at 4% per
kebutuhan modal kerja dengan tingkat bunga annum. The loan will be due on June 17, 2016.
sebesar 4% per tahun. Pinjaman ini akan jatuh Interest is payable annually. As of December 31,
tempo pada 17 Juni 2016. Bunga dibayarkan setiap 2011, the outstanding balance of the loan
tahun. Pada tanggal 31 Desember 2011, saldo amounted to USD89,980,222 (equivalent to
pinjaman terutang sebesar USD89.980.222 (setara Rp815,941), net of unamortized transaction cost
dengan Rp815.941), setelah dikurangi biaya amounting to Rp179. No assets are pledged as
transaksi yang belum diamortisasi sebesar Rp179. collateral for the loan.
Tidak ada aset yang digunakan sebagai jaminan
105
OCBC NISP OCBC NISP
Pada tanggal 24 Oktober 2011, ATR memperoleh On October 24, 2011, ATR obtained a term loan
fasilitas pinjaman dari OCBC NISP dengan batas facility from OCBC NISP with a maximum credit
kredit maksimum sebesar USD7.150.000. limit of USD7,150,000. The loan from the facility
Pinjaman dari fasilitas ini dikenakan tingkat bunga bears interest at monthly USD SIBOR rate plus 4%
SIBOR perbulan ditambah 4% per tahun dan per annum and is available for sixty months from
tersedia selama 60 bulan dari tanggal pencairan the first drawdown date or up to October 28, 2016.
dana pertama atau sampai tanggal 28 Oktober As of December 31, 2011, the outstanding loan
2016. Pada tanggal 31 Desember 2011, saldo balance from this facility amounted to USD783,575
pinjaman dari fasilitas ini adalah sebesar (equivalent to Rp7,105), net of unamortized
USD783.575 (setara dengan Rp7.105) setelah transaction cost amounting to Rp86. The loan is
dikurangi biaya transaksi yang belum diamortisasi collateralized by, among others, LCT Adinda Bella
sebesar Rp86. Pinjaman ini dijaminkan, antara lain, and Adinda Celina vessels, trade receivable from
dengan kapal LCT Adinda Bella dan Adinda Celina, contract operations of the vessel, letter of
piutang usaha dari kontrak operasi kapal, Letter of undertaking and letter of comfort from CKB.
Undertaking, dan Letter of Comfort dari CKB.
Berdasarkan perjanjian pinjaman, ATR diharuskan The loan agreement requires ATR to maintain
untuk menjaga rasio-rasio keuangan tertentu, certain financial ratios, as follows:
sebagai berikut:
a. Rasio debt service coverage minimal 1x di a. Debt service coverage ratio at a minimum of
2011 dan 2012, dan 1,25x di 2013, dan 1x in 2011 and 2012, and 1.25x in 2013
seterusnya onwards
b. Rasio leverage yang disesuaikan maksimal b. Adjusted leverage ratio at a maximum of 2.33x
2,33x
c. Kontrak Time charter dengan nilai minimal c. Time charter contract amount at a minimum of
125% dari nilai saldo pinjaman terhutang. 125% of the outstanding loan.
Pembatasan utang Debt Covenants
Sebagai tambahan dari rincian tersebut di atas, In addition to those detailed above, the Group,
Grup harus mematuhi batasan-batasan tertentu, under the loan agreements, is subject to various
antara lain untuk memperoleh persetujuan tertulis covenants, which include obtaining written approval
dari pemberi pinjaman sebelum melakukan from the lenders before entering into certain
transaksi-transaksi tertentu seperti penggabungan transactions such as mergers, takeovers,
usaha, pengambilalihan, likuidasi atau perubahan liquidation or change in status and the articles of
status dan Anggaran Dasar; pengurangan modal association; reducing the authorized, issued and
dasar, ditempatkan dan disetor penuh; pembatasan fully paid capital; restrictions on lending money to
pemberian pinjaman kepada pihak ketiga; third parties; negative pledges, with certain
penjaminan negatif, dengan pengecualian tertentu; exceptions; restrictions on change in core business
pembatasan dalam perubahan kegiatan bisnis activities and payments of dividends; and
utama dan pembagian dividen; dan persyaratan requirement to comply with certain financial ratios.
untuk memenuhi rasio-rasio keuangan tertentu.
Pada tanggal 31 Desember 2011, Grup telah As of December 31, 2011, the Group is in
memenuhi pembatasan finansial dari semua utang compliance with the financial covenants of all its
bank jangka panjang. long-term bank loans.
Manajemen menyatakan bahwa selama periode Management declares that during the reporting
pelaporan dan sampai dengan tanggal laporan periods and up to the date of the consolidated
keuangan konsolidasian, Grup tidak pernah gagal financial statements, the Group has not defaulted
bayar atas pemenuhan kewajibannya. in the payment of its obligations.
106
17. BEBAN YANG MASIH HARUS DIBAYAR 17. ACCRUED EXPENSES
Akun ini terdiri dari: This account consists of:
2011 2010
Biaya perbaikan dan pemeliharaan

mesin 57.410 237.798 Repairs and maintenance on machinery
Gaji dan kesejahteraan karyawan 50.385 35.454 Salaries and employees’ benefits
Biaya proyek 39.226 31.615 Project cost
Jasa profesional 32.609 1.302 Professional fees
Bunga 24.308 3.840 Interest
Total beban yang masih

harus dibayar 231.911 317.491 Total accrued expenses
Dikurangi: bagian yang jatuh tempo
dalam satu tahun 231.911 282.130 Less current maturities
Beban yang masih harus

dibayar - setelah dikurangi
bagian yang jatuh tempo Accrued expenses
dalam satu tahun - 35.361 - net of current maturities
18. UANG MUKA PELANGGAN 18. ADVANCES FROM CUSTOMERS
2011 2010
Uang muka pelanggan 63.900 54.997 Advances from customers

Dikurangi: bagian yang jatuh tempo
dalam satu tahun 29.442 20.831 Less current maturities
Uang muka pelanggan -

setelah dikurangi bagian
yang jatuh tempo Advances from customers
dalam satu tahun 34.458 34.166 - net of current maturities
Uang muka yang diterima terutama berasal dari The advances received were mainly from the
pelanggan TIA dan SSB. customers of TIA and SSB.
107
18. UANG MUKA PELANGGAN (lanjutan) 18. ADVANCES FROM CUSTOMERS (continued)
Pada tanggal 9 Desember 2010, TIA mengadakan On December 9, 2010, TIA entered into a
Perjanjian Kesepahaman dengan Mega Strada Pte. Memorandum of Understanding with Mega Strada
Ltd. (MSPL), pihak berelasi, dimana MSPL setuju Pte. Ltd. (MSPL), a related party, whereby MSPL
memberikan uang muka sebesar USD5.000.000 agreed to make an advance payment amounting to
kepada TIA untuk pembelian batubara sebesar USD5,000,000 to TIA for the purchase of
5.000.000MT yang akan dikirim pada Januari 2011 5,000,000 MT coal that will be delivered from
sampai dengan Desember 2016. Sebagai January 2011 to December 2016. In addition, on
tambahan, pada tanggal 9 Desember 2010, TIA December 9, 2010, TIA entered into a Coal Sale
mengadakan perjanjian Jual Beli Batubara, dimana and Purchase agreement, whereby TIA agreed to
TIA setuju untuk menjual batubara kepada MSPL sell 1,200,000MT coal to MSPL, with shipment
sebesar 1.200.000MT, yang akan dikirimkan pada period from January 2011 to December 2012.
Januari 2011 sampai dengan Desember 2012. Furthermore, the agreed coal prices, based on the
Lebih lanjut, harga batubara yang disepakati, agreement, ranging from USD42.50 to USD47.50
berdasarkan perjanjian adalah sebesar USD42,50 depending on the market price and condition of
sampai USD47,50 tergantung pada harga pasar coal will be partially settled from the above
dan kondisi batubara, sebagian akan diselesaikan advance payments at the rate of USD1/MT. The
dengan pembayaran uang muka diatas dengan outstanding balance of the advances from the
tarif sebesar USD1/MT. Saldo uang muka customers as of December 31, 2011 which will be
pelanggan pada 31 Desember 2011, yang akan settled in one year based on the coal Sale and
digunakan dalam satu tahun berdasarkan Purchase agreement described above amounted to
perjanjian Jual Beli Batubara tersebut diatas USD878,140 (equivalent to Rp7,963), and the
sebesar USD878.140 (setara dengan Rp7.963) remaining balance amounting to USD3,800,000
dan sisanya akan diselesaikan pada tahun 2013 (equivalent to Rp34,458) will be settled in 2013
sampai dengan 2016 sebesar USD3.800.000 until 2016.
(setara dengan Rp34.458).
Selain itu, uang muka lainnya sebesar In addition, other advance payment amounting to
USD1.671.233 (setara dengan Rp15.155) dan USD1,671,233 (equivalent to Rp15,155) and
Rp926 diterima oleh SSB dari pelanggannya Rp926 is received by SSB from its customer in
sehubungan dengan kegiatan usaha yang relation to its contracting activities.
dihasilkan dari kontrak-kontrak tertentu.
108
19. UTANG SEWA PEMBIAYAAN 19. OBLIGATIONS UNDER FINANCE LEASE
2011 2010
Pihak ketiga: Third parties:

PT Caterpillar Finance PT Caterpillar Finance
Indonesia 570.627 180.024 Indonesia
PT Austindo Nusantara PT Austindo Nusantara
Jaya Finance 257.809 - Jaya Finance
Pihak berelasi: Related party:
PT Chandra Sakti Utama Leasing 403.819 533.197 PT Chandra Sakti Utama Leasing
Utang sewa pembiayaan 1.232.255 713.221 Obligations under finance lease

Dikurangi beban bunga 99.437 54.835 Less amount applicable to interest
Utang sewa pembiayaan, bersih 1.132.818 658.386 Obligations under finance lease, net
Dikurangi bagian yang jatuh
tempo dalam satu tahun Less current maturities
PT Caterpillar Finance Indonesia 129.278 95.028 PT Caterpillar Finance Indonesia
PT Austindo Nusantara Jaya Finance 68.002 - PT Austindo Nusantara Finance
Pihak berelasi Related party
PT Chandra Sakti Utama PT Chandra Sakti Utama
Leasing (Catatan 30) 201.759 194.173 Leasing (Note 30)
Utang sewa pembiayaan

- setelah dikurangi bagian yang Obligations under finance lease
jatuh tempo dalam satu tahun - net of current maturities
PT Caterpillar Finance Indonesia 389.922 74.981 PT Caterpillar Finance Indonesia
PT Austindo Nusantara Jaya Finance 171.428 - PT Austindo Nusantara Finance
Pihak berelasi Related party
PT Chandra Sakti Utama PT Chandra Sakti Utama
Leasing (Catatan 30) 172.429 294.204 Leasing (Note 30)
Jadwal pembayaran nilai kini utang sewa The present values of the scheduled payments of
pembiayaan berdasarkan tahun jatuh tempo adalah the obligations under finance lease by the year of
sebagai berikut: maturity are as follows:
2011
______________________________________________________________________________ _
Pembayaran
Utang Sewa
Pembiayaan
Minimum/
Minimum Leasing Komponen Bunga/ Nilai Kini/
Payment Interest Component Present Value
Dalam 1 tahun 448.854 (49.815) 399.039 Within 1 year

Dalam 1 - 2 tahun 348.927 (28.017) 320.910 Within 1 - 2 years
Lebih dari 3 tahun 215.396 (7.574) 207.822 More than 3 years
________________ _________________ _________________
Total 1.232.255 (99.437) 1.132.818 Total
109
19. UTANG SEWA PEMBIAYAAN (lanjutan) 19. OBLIGATIONS UNDER FINANCE LEASE
(continued)
2010
______________________________________________________________________________ _
Pembayaran
Utang Sewa
Pembiayaan
Minimum/
Minimum Leasing Komponen Bunga/ Nilai Kini/
Payment Interest Component Present Value
Dalam 1 tahun 321.179 (31.978) 289.201 Within 1 year

Lebih dari 3 tahun 26.987 (804) 26.183 More than 3 years
________________ _________________ _________________
Total 713.221 (54.835) 658.386 Total
Tingkat bunga per tahun Interest rates per annum
2011 2010
PT Chandra Sakti Utama Leasing PT Chandra Sakti Utama Leasing

Dolar Amerika Serikat 5,0% - 7,2% 7,0% - 8,0% United States dollar
Rupiah 12,0% - 23,0% 15% - 17% Rupiah
PT Caterpillar Finance Indonesia PT Caterpillar Finance Indonesia

Dolar Amerika Serikat 2,3% - 5,2% 2,3% - 6,4% United States dollar
PT Austindo Nusantara Finance PT Austindo Nusantara Finance

Dolar Amerika Serikat 3,7% - 3,8% - United States dollar
Seluruh aset yang diperoleh melalui perjanjian All assets acquired under finance lease
sewa pembiayaan digunakan sebagai jaminan atas agreements are used as collateral for the
utang sewa pembiayaan tersebut. obligations under finance leases.
Grup memiliki komitmen sewa pembiayaan The Group has lease commitments covering office
mencakup perlengkapan, perabot dan peralatan furniture, fixtures and equipment, vehicles and
kantor, kendaraan dan mesin dan peralatan machineries and equipment with lease terms
dengan jangka waktu sewa mulai dari tiga sampai ranging from three to five years and expiring on
lima tahun dan jatuh tempo pada berbagai tanggal. various dates.
20. UTANG JANGKA PANJANG LAINNYA 20. OTHER LONG-TERM LOAN
Pada tanggal 26 Oktober 2010, CK memperoleh On October 26, 2010, CK obtained a subordinated
fasilitas pinjaman subordinasi dari TMT dengan loan facility from TMT with maximum amount of
jumlah maksimum sebesar USD20.000.000 atau USD20,000,000 or its equivalent in other
setara dengan mata uang lainnya, dengan tanggal currencies, available up to October 26, 2015.
jatuh tempo pada tanggal 26 Oktober 2015. Tingkat Interest rate was determined based on market
bunga ditetapkan berdasarkan tingkat bunga pasar. rates. On December 31, 2010, the interest rate was
Pada tanggal 31 Desember 2010, bunga yang 3.7% per annum. The outstanding balance of the
ditetapkan sebesar 3,7% per tahun. Saldo loan as of December 31, 2010 amounted to
pinjaman pada tanggal 31 Desember 2010 adalah USD14,000,000 (equivalent to Rp125,874). On
sebesar USD14.000.000 (setara dengan June 24, 2011, the loan was fully paid. The interest
Rp125.874). Pinjaman ini telah dilunasi pada expense amounted to USD256,355 (equivalent to
tanggal 24 Juni 2011. Beban bunga sebesar Rp2,236) which is presented as part of “Finance
USD256.355 (setara dengan Rp2.236) disajikan Charges” in the 2011 consolidated statement of
sebagai bagian dari “Biaya Keuangan” di laporan comprehensive income.
laba rugi komprehensif konsolidasian 2011.
110
21. PERPAJAKAN 21. TAXATION
a. Taksiran tagihan pajak a. Estimated claims for tax refund
2011 2010
Lebih bayar pajak Overpayments of corporate

penghasilan badan: income taxes:
2011 85.870 - 2011
2010 94.298 91.208 2010
2009 - 99.616 2009
2008 1.503 2.652 2008
2007 - 996 2007
2005 1.447 62.803 2005
Lebih bayar pajak pertambahan nilai (PPN): Overpayments of value-added tax (VAT):
2011 29.015 - 2011
2010 22.658 1.249 2010
2009 - 277 2009
2008 247 247 2008
2007 535 535 2007
2005 - - 2005
Pembayaran ketetapan pajak untuk: Payment of tax assessments for:
(i) Pajak penghasilan: (i) Income taxes:

2008 217 5.362 2008
2007 2.125 2.125 2007
2005 13.253 58.770 2005
(ii) Pajak Pertambahan Nilai: (ii) Value-added tax:

2008 2.007 2.007 2008
2007 16.213 16.213 2007
2006 51.621 54.539 2006
2005 5.220 6.483 2005
2004 1.460 1.460 2004
2003 5.626 5.626 2003
2002 - - 2002

Penyisihan kerugian atas Allowance for losses on estimated
taksiran tagihan pajak (26.143) (24.129) claims for tax refund
Taksiran tagihan pajak, bersih 307.172 388.039 Net estimated claims for tax refund
Perusahaan The Company
Pada tahun 2011, Perusahaan menerima In 2011, the Company received several Tax
beberapa Surat Tagihan Pajak (STP) untuk Collection Letters (Surat Ketetapan Pajak or
Pajak Penghasilan Pasal 21 dan 4(2) sejumlah STP) for 2008 Income Tax Article 21 and 4(2)
Rp1 untuk tahun 2008 dan STP Pajak amounting to Rp1 and 2009 income tax article
Penghasilan Pasal 21, 26, 4(2), dan PPN 21, 26, 4(2) and VAT amounting to Rp102. In
sejumlah Rp102 untuk tahun 2009. Sebagai addition, the Company also received STPs for
tambahan, Perusahaan juga menerima STP Income Tax Articles 21, 23 and 4 (2) totaling
untuk Pajak Penghasilan Pasal 21, 23 dan Rp5 for the year 2010.
4(2) sejumlah Rp5 untuk tahun 2010.
111
21. PERPAJAKAN (lanjutan) 21. TAXATION (continued)
a. Taksiran tagihan pajak (lanjutan) a. Estimated claims for tax refund (continued)
Perusahaan (lanjutan) The Company (continued)
Pada tahun 2010, Perusahaan menerima In 2010, the Company received several Tax
beberapa Surat Ketetapan Pajak Kurang/Lebih Underpayment/Overpayment Assessment
Bayar (SKPs) untuk Pajak Penghasilan Badan, Letters (SKPs) for the fiscal year 2008
Pajak Penghasilan 23, 26, dan 4(2) dan PPN Corporate Income Tax, Income Tax Articles
untuk tahun 2008. Berdasarkan SKP tersebut, 23, 26 and 4(2) and VAT. Based on the SKPs
Perusahaan dinyatakan kurang bayar bersih and STPs, the Company was assessed for net
sebesar Rp246 yang dicatat sebagai bagian underpayment of taxes amounting to Rp246
dari "Beban Penjualan, Umum dan which was recorded as part of “Selling,
Administrasi" pada tahun 2010. General and Administrative Expenses” in
2010.
CK CK
Pada tanggal 27 Juli 2011, CK menerima On July 27, 2011, CK received SPMKP for its
Surat Perintah Membayar Kelebihan Pajak Tax Overpayment Assesment Letter (SKPLB)
(SPMKP) atas Surat Ketetapan Pajak Lebih for 2009 Corporate Income Tax amounting to
Bayar (SKPLB) Pajak Penghasilan Badan Rp99,616, which is the same as CK’s tax
tahun 2009 sebesar Rp99.616 sama dengan claim. CK received the refund amounting to
jumlah yang diajukan oleh CK. CK menerima Rp99,302, and the balance amounting to
pengembalian sebesar Rp99.302, dan sisanya Rp314 has been compensated with VAT
sebesar Rp314 dikompensasikan untuk pajak underpayment for the periods June, October
kurang bayar PPN masa Juni, Oktober dan and December 2009 amounting to Rp36 and
Desember 2009 sebesar Rp36 dan pajak income tax payable article 21 for the year 2009
kurang bayar PPh 21 tahun 2009 sebesar amounting to Rp278.
Rp278.
Pada tanggal 4 Agustus 2011, CK menerima On August 4, 2011, CK received SPMKP for
SPMKP atas Surat Putusan Pengadilan Pajak Tax Court Decision Letter that approved CK’s
yang menyetujui banding yang diajukan CK objection on the adjustment to its 2005
atas Pajak Penghasilan Badan tahun 2005 Corporate Income Tax for the amount of
sebesar Rp104.450, lebih kecil sebesar Rp104,450, which is Rp6,337 lower than CK’s
Rp6.337 dari total klaim yang diajukan oleh original claim. As of December 31, 2011, CK is
CK. Per tanggal 31 Desember 2011, CK in the process of filing “Judicial Review (PK)”
sedang mempersiapkan proses “Pengajuan to the Supreme Court against such Tax Court
Kembali (PK)” kepada Mahkamah Agung atas decision.
keputusan Pengadilan Pajak tersebut.
Pada tanggal 17 Juni 2010, CK menerima On June 17, 2010, CK received SKPLB for
SKPLB atas Pajak Penghasilan Badan tahun 2008 Corporate Income Tax amounting to
2008 sebesar Rp80.989 dari Rp81.094 yang Rp80,989 out of Rp81,094 which previously
sebelumnya diklaim oleh CK. Sisa sebesar was claimed by CK. The balance amounting to
Rp105 masih dalam proses banding. Rp105 is still in tax appeal process. In
Disamping itu, rugi fiskal tahun 2008 CK addition, CK‘s 2008 tax loss amounting to
sebesar Rp431.624 dikoreksi menjadi Rp431,624 was adjusted to become
Rp249.023. Koreksi sebesar Rp8.888 disetujui Rp249,023. Some adjustments amounting to
oleh CK, sedangkan atas sisa koreksi sebesar Rp8,888 was agreed by CK, while the
Rp173.713 masih dalam proses banding di remaining adjustments of Rp173,713 is still in
Pengadilan Pajak. tax appeal process in the Tax Court.
Pada tanggal yang sama, CK menerima On the same date, CK received SKPLB for
SKPLB atas PPN tahun 2008 sebesar 2008 VAT amounting to Rp30,330 out of
Rp30.330 dari Rp30.577 yang diklaim oleh CK. Rp30,577 that was claimed by CK. The
Sisanya sebesar Rp247 masih dalam proses difference amounting to Rp247 is still in tax
banding di Pengadilan Pajak. appeal process in the Tax Court.
112
CK (lanjutan) CK (continued)
Pada tanggal 29 Mei 2009, CK menerima On May 29, 2009, CK received SKPLB for its
SKPLB Pajak Penghasilan Badan tahun 2007 2007 Corporate Income Tax amounting to
sebesar Rp62.993 sama dengan jumlah yang Rp62,993 as claimed by CK. In addition, CK’s
diklaim oleh CK. Disamping itu, rugi fiskal 2007 tax loss was adjusted from Rp273,385 to
tahun 2007 CK dikoreksi dari Rp273.385 become Rp192,811. CK disagrees with some
menjadi Rp192.811. Dari koreksi tersebut adjustments totalling Rp80,574 and submitted
sebesar Rp80.574, CK mengajukan banding its appeal to the Tax Court. On December 19,
pada Pengadilan Pajak. Pada tanggal 2011, the Tax Court decided that CK’s tax loss
19 Desember 2011, Pengadilan Pajak is Rp228,781. As of December 31, 2011, CK is
memutuskan bahwa rugi fiskal adalah sebesar in the process of filing PK to the Supreme
Rp228.781. Per tanggal 31 Desember 2011 Court against such Tax Court decision.
CK sedang mempersiapkan proses PK kepada
Mahkamah Agung atas keputusan Pengadilan
Pajak tersebut.
SS SS
Pada bulan November 2011, SS menerima In November 2011, SS received Tax Court
Surat Putusan Pengadilan Pajak yang Decision Letter regarding the approval of its
menyetujui banding yang diajukan SS atas objection to the 2007 Corporate Income Tax
Pajak Penghasilan Badan dan PPN tahun and VAT with total amounting to Rp764
2007 dengan jumlah sebesar Rp764 (Rp232 (Rp232 less than the original amount of the
lebih kecil dari jumlah yang diajukan SS). SS claim). SS received the refund in November
telah menerima pembayaran pada bulan 2011.
November 2011.
Pada bulan November 2011, SS menerima In November 2011, SS received Tax
Surat Ketetapan Pajak Kurang Bayar untuk Underpayment Assessment Letter for 2008
Pajak Pertambahan Nilai dan Pajak value-added tax and Income Tax Article 23
Penghasilan Pasal 23 tahun 2008 sebesar totaling Rp1,149. SS filed an objection to the
Rp1.149. Atas koreksi tersebut, SS telah assessment.
mengajukan keberatan.
Pada bulan September 2010, SS menerima In September 2010, SS received SKPLB for
SKPLB atas Pajak Penghasilan Badan tahun 2008 Corporate Income Tax amounting to
2008 sebesar Rp16.499 dari Rp18.956 yang Rp16,499 out of Rp18,956 that was claimed by
diklaim oleh SS. SS menerima pembayaran SS. SS received the refund on October 13,
pada tanggal 13 Oktober 2010. Atas selisih 2010. SS has filed an objection for the
yang masih belum disetujui, SS telah unapproved portion of its claim. In addition, SS
mengajukan keberatan, di samping itu SS has written off a part of the 2008 Corporate
menghapusbukukan klaim Pajak Penghasilan Income Tax refund claim amounting to
Badan tahun 2008 sebesar Rp1.149, agar Rp1,149, to conform with the balance under
sesuai dengan jumlah yang diajukan dalam objection.
proses keberatan.
113
SS (lanjutan) SS (continued)
Berdasarkan penelaahan dari status taksiran Based on the review of the status of individual
tagihan pajak pada tanggal 31 Desember estimated claims for tax refund as of
2011, manajemen berpendapat bahwa December 31, 2011, the management is of the
penyisihan untuk taksiran tagihan pajak adalah opinion that the allowance for estimated claims
cukup untuk menutup kerugian dari klaim tidak for tax refund is adequate to cover any loss
tertagih. from uncollectible claims.
b. Utang pajak b. Taxes payable
2011 2010
Pajak Penghasilan: Income Taxes:

Pasal 4 (2) 1.747 866 Article 4 (2)
Pasal 15 744 140 Article 15
Pasal 21 14.228 5.035 Article 21
Pasal 23 19.109 6.168 Article 23
Pasal 25 1.513 630 Article 25
Pasal 26 782 - Article 26
Pasal 29 (Catatan 21d) 10.700 18.772 Article 29 (Note 21d)
Pajak Pertambahan Nilai 6.263 2.225 Value-added tax
Total utang pajak 55.086 33.836 Total taxes payable
c. Manfaat (beban) pajak c. Tax benefit (expense)
Manfaat (beban) pajak Grup adalah sebagai Tax benefit (expense) of the Group consist of
berikut: the following:
2011 2010
Kini Current
Perusahaan - (8.136) The Company
Entitas Anak (39.375) (53.392) Subsidiaries
Sub-total (39.375) (61.528) Sub-total

Tangguhan Deferred
Perusahaan 11.661 902 The Company
Lainnya Other
Keuntungan yang belum
direalisasi atas transaksi
intragrup 5.810 - Unrealized intra-group profits
Bersih (12.148) (4.635) Net

Beban pajak, neto (51.523) (66.163) Tax expense, net
114
d. Pajak kini d. Current tax
Rekonsiliasi antara laba sebelum beban pajak, The reconciliation between income before
seperti yang tercantum dalam laporan laba income tax, as shown in the consolidated
rugi komprehensif konsolidasian, dan taksiran statements of comprehensive income, and
laba (rugi) kena pajak adalah sebagai berikut: estimated taxable income (tax loss) is as
follows:
2011 2010
Laba sebelum pajak penghasilan Income before income tax

per laporan laba rugi per consolidated statements
komprehensif konsolidasian 464.406 237.417 of comprehensive income
Laba sebelum pajak penghasilan Income before income
Entitas Anak 551.835 233.358 tax of the Subsidiaries
Laba (rugi) sebelum Income (loss) before income

pajak penghasilan Perusahaan (87.429) 4.059 tax of the Company
Beda temporer Temporary differences

Beban yang masih harus
dibayar 25.390 2.895 Accrued expenses
Liabilitas imbalan kerja 1.188 941 Employee benefits liability
Penyusutan dan amortisasi 1.048 (65) Depreciation and amortization
Utang sewa pembiayaan (851) (164) Obligations under finance lease
Beda temporer, neto 26.775 3.607 Temporary differences, net

Beda tetap Permanent differences
Denda pajak 7.721 255 Tax penalties
Penghasilan bunga yang
telah dikenakan pajak Interest income already
penghasilan final (11.263) (17.359) subjected to final income tax
Beda tetap, neto 13.185 24.876 Permanent differences, net

Taksiran penghasilan kena pajak Estimated taxable income
(rugi fiskal) (47.469) 32.542 (tax loss)
Beban pajak kini - Perusahaan - 8.136 Current tax expense - the Company
Pembayaran pajak
penghasilan dibayar dimuka
Pajak Penghasilan Pasal 23 Prepayments of income taxes
dan 25 (6.614) (1.686) Income Tax Articles 23 and 25
Taksiran utang Estimated payable for

(tagihan pajak) Pajak (claims for tax refund of)
.. . Penghasilan Badan (6.614) 6.450 Corporate Income Tax
Taksiran tagihan pajak Estimated claims for tax refund

Perusahaan (6.614) - The Company
Entitas Anak (79.256) - Subsidiaries
Claims for tax refund

Tagihan pajak (Catatan 21a) (85.870) - (Note 21a)
Utang pajak Tax payable

Perusahaan - 6.450 The Company
Entitas Anak 10.700 12.322 Subsidiaries
Utang pajak Corporate income tax payable
penghasilan badan (Catatan 21b) 10.700 18.772 (Note 21b)
115
d. Pajak kini (lanjutan) d. Current tax (continued)
Taksiran laba kena pajak untuk tahun 2010 Estimated taxable income for 2010 is in
telah sesuai dengan jumlah yang dilaporkan agreement with the information reported in the
dalam Surat Pemberitahuan Tahunan (SPT) 2010 annual income tax return of the
Pajak Penghasilan Badan tahun 2010 yang Company, which was submitted to the Tax
dilaporkan Perusahaan ke Kantor Pelayanan Office.
Pajak.
Pada tanggal penyelesaian laporan keuangan As of the date of completion of the

konsolidasi, Perusahaan belum consolidated financial statements, the
menyampaikan SPT Pajak Penghasilan Badan Company has not yet submitted its 2011
tahun 2011 kepada Kantor Pajak. Manajemen annual income tax return to the Tax Office.
Perusahaan menyatakan bahwa SPT Pajak The Company’s management has declared
Penghasilan Badan tahun 2011 akan that the Company’s 2011 annual income tax
dilaporkan sesuai dengan perhitungan pajak di return will be reported based on the
atas. computation above.
e. Pajak tangguhan e. Deferred tax
Rincian dari aset dan liabilitas pajak The details of deferred tax assets and deferred
tangguhan adalah sebagai berikut: tax liabilities are as follows:
2011 2010
Perusahaan Company
Aset pajak tangguhan Deferred tax assets
Akumulasi rugi fiskal 11.867 - Tax loss carry-forward
Liabilitas imbalan kerja 532 235 Employee benefits liability
Aset tetap 218 - Fixed assets
Beban yang masih harus dibayar - 673 Accrued expenses
Liabilitas pajak tangguhan Deferred tax liabilities
Aset tetap - (16) Fixed assets
Aset pajak tangguhan neto - Net deferred tax

Perusahaan 12.511 851 assets - Company
Entitas Anak Subsidiaries
Aset pajak tangguhan Deferred tax assets
PT Cipta Kridatama 93.016 90.591 PT Cipta Kridatama
PT Sanggar Sarana Baja 19.462 9.850 PT Sanggar Sarana Baja
PT Reswara Minergi Hartama 10.581 - PT Reswara Minergi Hartama
PT Tunas Inti Abadi 10.175 19.641 PT Tunas Inti Abadi
PT Cipta Krida Bahari 2.143 1.294 PT Cipta Krida Bahari
PT Pradipa Aryasatya 806 - PT Pradipa Aryasatya
PT Mifa Bersaudara 783 - PT Mifa Bersaudara
PT Bara Energi Lestari 768 - PT Bara Energi Lestari
PT Nagata Bisma Shakti 19 - PT Nagata Bisma Shakti
PT Alfa Trans Raya 8 6 PT Alfa Trans Raya
PT Sumberdaya Sewatama - 12.232 PT Sumberdaya Sewatama
Aset pajak tangguhan - Deferred tax assets -
Entitas Anak 137.761 133.614 Subsidiaries

Aset pajak tangguhan - neto 156.082 134.465 Deferred tax assets - net
116
e. Pajak tangguhan (lanjutan) e. Deferred tax (continued)
2011 2010
Entitas Anak Subsidiary

Liabilitas pajak tangguhan Deferred tax liabilities
PT Sumberdaya Sewatama 33.766 - PT Sumberdaya Sewatama
Liabilitas pajak tangguhan - neto 33.766 - Total deferred tax liabilities - net
Rincian manfaat (beban) pajak tangguhan The details of deferred tax benefit (expense)
adalah sebagai berikut: are as follows:
2011 2010
Perusahaan Company
Pengaruh pajak atas beda Effects of temporary
temporer pada tarif pajak differences at
maksimum: maximum tax rates:
Kompensasi rugi fiskal 11.867 - Tax loss carry-forward
Liabilitas imbalan kerja 297 235 Employees benefits liability
Aset tetap 235 (16) Fixed assets
Beban yang masih harus dibayar (674) 724 Accrued expenses
Total - Perusahaan 11.660 902 Total - Company

Lainnya Other
Beban pajak
tangguhan, bersih (12.148) (4.635) Deferred tax expense, net
117
e. Pajak tangguhan (lanjutan) e. Deferred tax (continued)
Rekonsiliasi antara beban pajak penghasilan The reconciliation between tax expense
yang dihitung dengan menggunakan tarif pajak computed using the prevailing tax rates on
yang berlaku dari laba akuntansi sebelum the accounting income before tax benefit
beban pajak penghasilan dan beban pajak expense and the tax expense reported in the
seperti yang tercantum dalam laporan laba consolidated statements of comprehensive
rugi komprehensif konsolidasian untuk tahun income for the years ended December 31,
yang berakhir pada tanggal-tanggal 2011 and 2010 is as follows:
31 Desember 2011 dan 2010, sebagai berikut:
2011 2010
Laba sebelum Income before income tax

pajak per laporan laba rugi per consolidated statements
komprehensif konsolidasian 464.406 237.417 of comprehensive income
Laba sebelum beban pajak Income before income
Entitas Anak 551.835 233.358 tax of the Subsidiaries
Laba (rugi) sebelum beban Income (loss) before income

pajak Perusahaan (Catatan 21d) (87.429) 4.059 tax of the Company (Note 21d)
Manfaat (beban) pajak Tax benefit (expense) computed

dengan tarif pajak yang berlaku 21.857 (1.015) using the applicable tax rate
Pengaruh pajak atas beda Tax effect on the Company’s
tetap Perusahaan (6.112) (10.558) permanent differences
Penghasilan bunga yang telah Less interest income subject
dikenakan pajak final 2.816 4.340 to final tax
Lainnya (6.901) - Others
Manfaat (beban) pajak: Tax benefits (expense):

Perusahaan 11.660 (7.233) The Company
Beban pajak Tax expense, net

bersih menurut laporan per consolidated
laba rugi komprehensif statements of
konsolidasian (51.523) (66.163) comprehensive income
22. OBLIGASI WAJIB KONVERSI 22. MANDATORY CONVERTIBLE BONDS
Pada tanggal 1 Oktober 2009, Perusahaan On October 1, 2009, the Company entered into a
mendatangani perjanjian Obligasi Wajib Konversi Mandatory Convertible Bonds (MCB) subscription
(OWK) dengan AHK Holding Pte. Ltd. (AHKH), agreement with AHK Holding Pte. Ltd. (AHKH),
dengan batas kredit maksimum sebesar with maximum facility amounting to Rp600,000. On
Rp600.000. Pada tanggal 11 Desember 2009, December 11, 2009, the facility was increased by
fasilitas ini bertambah sebesar Rp157.120. Pada Rp157,120. As of December 31, 2010, the
tanggal 31 Desember 2010, saldo obligasi ini outstanding bonds amounted to Rp757,120. The
adalah sebesar Rp757.120. Fasilitas obligasi ini bonds bore no interest and would be converted into
tidak dikenakan bunga dan akan dikonversikan common shares of the Company at nominal value
menjadi saham biasa Perusahaan dengan nilai on the date when the entire issued shares of the
nominal pada saat seluruh saham yang diterbitkan Company were listed in the Indonesia Stock
oleh Perusahaan tercatat di Bursa Efek Indonesia Exchange or other date as to be mutually agreed
atau tanggal lain yang telah disepakati bersama by the parties.
oleh para pihak.
118
22. OBLIGASI WAJIB KONVERSI (lanjutan) 22. MANDATORY CONVERTIBLE BONDS
(continued)
Pada tanggal 29 Desember 2010, Perusahaan On December 29, 2010, the Company amended
melakukan amandemen terhadap perjanjian OWK. the MCB subscription agreement. AHKH, as
AHKH, sebagai pemegang obligasi menyerahkan subscriber, assigned and transferred its rights and
dan memindahkan hak dan liabilitasnya dalam obligations in the agreement to Valle Verde Pte.
perjanjian kepada Valle Verde Pte. Ltd., sesuai Ltd., pursuant to a Sale and Purchase Agreement.
dengan Perjanjian Jual Beli.
Pada Maret 2011, OWK telah dikonversi menjadi In March 2011, the MCBs were converted into
757.120.000 saham Perusahaan dengan nilai 757,120,000 shares of the Company with nominal
nominal Rp1.000 (dalam angka penuh) per saham value of Rp1,000 (full amount) per share (Notes 23
(Catatan 23 dan 30a). and 30a).
23. MODAL SAHAM 23. SHARE CAPITAL
Susunan pemegang saham Perusahaan adalah The composition of the Company’s shareholders is
sebagai berikut: as follows:
2011
______________________________________________________________________________ _
Modal
ditempatkan
dan disetor penuh/
Jumlah Saham/ Persentase/ Issued and
Pemegang saham Number of Shares Percentage Fully Paid Shareholders
Valle Verde Pte. Ltd. 1.514.240.000 55,0000% 757.120 Valle Verde Pte. Ltd.
TMT 633.229.000 23,0000% 316.614 TMT
Momentum Fund SP.B 288.000.000 10,4607% 144.000 Momentum Fund SP.B
Achmad Ananda Djajanegara 890.000 0,0323% 445 Achmad Ananda Djajanegara
(Direktur Utama) (President Director)
Willy Agung Adipradhana 403.000 0,0146% 202 Willy Agung Adipradhana
(Direktur) (Director)
Syahnan Poerba 285.500 0,0104% 143 Syahnan Poerba
Yovie Priadi 280.000 0,0102% 140 Yovie Priadi
Rachmat Mulyana Hamami 165.500 0,0060% 83 Rachmat Mulyana Hamami
(Komisaris Utama) (President Commissioner)
Mivida Hamami 133.500 0,0048% 67 Mivida Hamami
(Komisaris) (Commissioner)
Masyarakat umum dan Public and employees (each
karyawan (dengan pemilikan with ownership
masing-masing dibawah 5%) 315.538.500 11,4610% 157.769 interest below 5%)
Total 2.753.165.000 100,0000% 1.376.583 Total
2010
______________________________________________________________________________ _
Modal
ditempatkan
dan disetor penuh/
Jumlah Saham/ Persentase/ Issued and
Pemegang saham Number of Shares Percentage Fully Paid Shareholders
TMT 412.877.500 99,999% 412.877 TMT

Achmad Hadiat Kismet Hamami 2.500 0,001% 3 Achmad Hadiat Kismet Hamami
Total 412.880.000 100,000% 412.880 Total
119
23. MODAL SAHAM (lanjutan) 23. SHARE CAPITAL (continued)
Pada tanggal 6 Desember 2011, Perusahaan On December 6, 2011, the Company completed its
menyelesaikan penawaran umum perdana (IPO) initial public offering (IPO) of 550,633,000 shares
atas 550.633.000 saham kepada masyarakat (including 137,468,000 of founders’ shares) to the
(termasuk 137.468.000 saham pendiri) dengan public at Rp3,750 per share (full amount).
harga Rp3.750 per saham (dalam angka penuh).
Sehubungan dengan IPO dan berdasarkan In connection with the IPO and in accordance with
perjanjian tertentu dengan para penjamin certain agreements with the underwriters, TMT sold
pelaksana emisi efek, TMT menjual tambahan additional 55,063,000 shares to cover the over-
55.063.000 saham guna menutup penjatahan lebih allotments during the IPO process.
selama proses IPO.
Berdasarkan Akta Notaris Aulia Taufani, S.H. Based on Notarial Deed No.163 dated July 21,
No.163 tanggal 21 Juli 2011, para pemegang 2011 of Aulia Taufani, S.H., the Company’s
saham Perusahaan menyetujui hal-hal berikut: shareholders approved the following matters:
- Pemecahan nilai nominal saham Perusahaan - Stock split of the par value of the Company’s
dari Rp1.000 (dalam angka penuh) per saham shares from Rp1,000 (full amount) per share
menjadi Rp500 (dalam angka penuh) per to Rp500 (full amount) per share.
saham.
- Peningkatan modal dasar Perusahaan menjadi - Increase in the authorized capital of the
Rp4.680.000 yang terbagi atas 9.360.000.000 Company to become Rp4,680,000, consisting
saham dengan nilai nominal Rp500 (dalam of 9,360,000,000 shares with par value of
angka penuh) per saham. Rp500 (full amount) per share.
- Penerbitan saham baru sebanyak 413.165.000 - Issuance of new shares by as much as

saham dengan nilai nominal Rp500 (dalam 413,165,000 shares with par value of Rp500
angka penuh) per saham untuk ditawarkan (full amount) per share to be offered to the
kepada masyarakat melalui IPO. public through the IPO.
- Pelepasan kepemilikan PT Tiara Marga - Release of the ownership of PT Tiara Marga

Trakindo sebanyak 137.463.000 saham, Trakindo in 137,463,000 shares, after the
setelah pemecahan saham, dengan nilai stock split, with par value of Rp500 (full
nominal Rp500 (dalam angka penuh) per amount) per share or amounting to Rp68,732,
saham atau sebesar Rp68.732, kepada to the public through the IPO.
masyarakat melalui IPO.
- Pelepasan kepemilikan saham Achmad Hadiat - Release of the ownership of Mr. Achmad
Hamami sebanyak 5.000 saham, setelah Hadiat Hamami in 5,000 shares, after the
pemecahan saham, dengan nilai nominal stock split, with par value of Rp500 (full
Rp500 (dalam angka penuh) per saham atau amount) per share or amounting to Rp2.5, to
sebesar Rp2,5, kepada masyarakat melalui the public through the IPO.
IPO.
- Perubahan status Perusahaan dari - Change of the status of the Company from a
Perusahaan Terbatas menjadi Perusahaan Limited Liability Company to become a Public
Terbuka. Company.
120
23. MODAL SAHAM (lanjutan) 23. SHARE CAPITAL (continued)
- Perubahan anggaran dasar Perusahaan - Amendment of the Company’s articles of

sesuai dengan Peraturan BAPEPAM-LK association to comply with BAPEPAM-LK
No.IX.J.1, tentang Pokok-Pokok Anggaran Regulation No.IX.J.1, on Articles of
Dasar Perseroan Yang Melakukan Penawaran Association of Companies Conducting Public
Umum Efek Bersifat Ekuitas dan Perusahaan Offering and Public Companies.
Publik.
Pada bulan Maret 2011, OWK (Catatan 22) telah In March 2011, the MCBs (Note 22) were
dikonversi menjadi 757.120.000 saham converted into 757,120,000 shares of the Company
Perusahaan dengan nilai nominal Rp1.000 (dalam with nominal value of Rp1,000 (full amount) per
angka penuh) per saham. Konversi ini telah share. The conversion was approved by the
disahkan oleh Menteri Hukum dan Hak Asasi Minister of Laws and Human Rights of the Republic
Manusia Republik Indonesia dengan Surat Indonesia in his Decision Letter No. AHU-
Keputusan No. AHU-19151.AH.01.02 Tahun 2011 19151.AH.01.02 Year 2011 dated April 15, 2011.
tanggal 15 April 2011. Pengumuman konversi The publication of the conversion in the State
dalam Berita Negara masih dalam proses. Gazette is still in process.
Manajemen Modal Capital Management
Tujuan utama dari pengelolaan modal Perusahaan The primary objective of the Company’s capital
adalah untuk memastikan agar Perusahaan management is to ensure that it maintains healthy
mempertahankan rasio modal yang sehat dalam capital ratios in order to support its business and
rangka untuk mendukung usaha dan maximize stockholder value.
memaksimalkan nilai pemegang saham.
24. TAMBAHAN MODAL DISETOR - BERSIH 24. ADDITIONAL PAID-IN-CAPITAL - NET
Saldo akun ini merupakan selisih antara nilai This account represents the difference between
nominal saham baru yang diterbitkan dalam rangka the total par value of new shares issued in
IPO pada bulan Desember 2011 dengan hasil yang connection with the IPO conducted in December
diterima, setelah dikurangi biaya penerbitan saham 2011 and the related proceeds, net of the share
sebesar Rp69.067. issuance costs of Rp69,067.
25. SELISIH NILAI TRANSAKSI RESTRUKTURISASI 25. DIFFERENCE ARISING FROM

ENTITAS SEPENGENDALI RESTRUCTURING TRANSACTIONS OF
ENTITIES UNDER COMMON CONTROL
2011 2010
Saldo awal tahun 152.914 143.454 Balance at beginning of year

Penambahan - 9.460 Additions
Saldo akhir 152.914 152.914 Ending balance
Pada tahun 2009, Perusahaan memperoleh saham In 2009, the Company acquired subsidiaries’
beberapa entitas anak yang sebelumnya dimiliki shares from TMT, TU and SS (entities under
oleh TMT, TU dan SS (entitas sepengendali). common control). The resulting difference arising
Selisih yang timbul dari transaksi from the acquisitions/restructuring transactions is
perolehan/restrukturisasi adalah sebagai berikut: as follows:
121
25. SELISIH NILAI TRANSAKSI RESTRUKTURISASI 25. DIFFERENCE ARISING FROM
ENTITAS SEPENGENDALI (lanjutan) RESTRUCTURING TRANSACTIONS OF
ENTITIES UNDER COMMON CONTROL
(continued)
Nilai buku yang diperoleh dalam Net book value acquired

restrukturisasi from restructuring:
PT Sumberdaya Sewatama 73.522 PT Sumberdaya Sewatama
PT Sanggar Sarana Baja 60.544 PT Sanggar Sarana Baja
PT Cipta Krida Bahari 46.085 PT Cipta Krida Bahari
PT Cipta Kridatama (217.474) PT Cipta Kridatama
PT Tunas Inti Abadi (90.107) PT Tunas Inti Abadi
Sub-total (127.430) Sub-total

PT Sumberdaya Sewatama 527 PT Sumberdaya Sewatama
PT Sanggar Sarana Baja 2.929 PT Sanggar Sarana Baja
PT Cipta Krida Bahari 805 PT Cipta Krida Bahari
PT Cipta Kridatama 1.472 PT Cipta Kridatama
PT Tunas Inti Abadi 10.291 PT Tunas Inti Abadi
Sub-total 16.024 Sub-total
Selisih bersih (143.454) Net difference
Pada tahun 2010, Perusahaan memperoleh saham In 2010, the Company acquired shares of CK
CK (entitas sepengendali). Perbedaan yang timbul (an entity under common control). The
dari transaksi perolehan/restrukturisasi adalah resulting difference arising from the
sebagai berikut: acquisition/restructuring transaction is as
follows:
Nilai buku yang diperoleh dari restrukturisasi 135.881 Net book value acquired from restructuring
Biaya perolehan 145.341 Acquisition cost
Selisih (9.460) Difference
26. PENJUALAN DAN PENDAPATAN JASA 26. SALES AND SERVICES
2011 2010
Kontraktor tambang dan

tambang batubara 3.880.132 2.427.837 Mining contractors and coal mining
Jasa Services
Sewa mesin pembangkit
tenaga listrik 989.935 788.375 Power engine rental
Divisi Transport Equipment Transport Equipment Division
(TED), Site Services (TED), Site Services
(SSD) dan Division (SSD), and
Repabrikasi (Reman) 785.752 666.639 Remanufacturing (Reman)
Logistik dan sewa kapal 750.250 461.617 Logistics and vessel rental
Pabrikasi 220.206 141.951 Manufacturing
Total 6.626.275 4.486.419 Total
Rincian penjualan dan pendapatan jasa kepada The details of sales and services to individual
pelanggan yang melebihi 10% dari total penjualan customers representing more than 10% of the total
dan pendapatan jasa adalah sebagai berikut: sales and services are as follows:
122
26. PENJUALAN DAN PENDAPATAN JASA 26. SALES AND SERVICES (continued)
(lanjutan)
2011 2010
Nilai: Amount:
PT Trakindo Utama 1.107.381 485.435 PT Trakindo Utama
PT Arutmin Indonesia 1.039.464 671.258 PT Arutmin Indonesia
PT PLN (Persero) 847.095 656.610 PT PLN (Persero)
Persentase: Percentage:
PT Trakindo Utama 16,71% 10,82% PT Trakindo Utama
PT Arutmin Indonesia 15,69% 14,96% PT Arutmin Indonesia
PT PLN (Persero) 12,78% 14,63% PT PLN (Persero)
27. BEBAN POKOK PENJUALAN DAN 27. COST OF GOODS SOLD AND SERVICES
PENDAPATAN JASA
2011 2010
Kontraktor tambang dan

tambang batubara 3.210.547 2.146.079 Mining contractors and coal mining
Jasa Services
Sewa mesin pembangkit tenaga listrik 565.520 570.235 Power engine rental
Divisi Transport Equipment Transport Equipment Division
(TED), Site Services (SSD), dan (TED), Site Services Division (SSD)
Repabrikasi (Reman) 565.065 524.118 and Remanufacturing (Reman)
Logistik dan sewa kapal 694.966 413.846 Logistic and vessel rental
Pabrikasi 208.460 119.116 Manufacturing
Total 5.244.558 3.773.394 Total
Tidak ada pembelian dari satu pihak yang melebihi There were no purchases from individual suppliers
10% dari penjualan dan pendapatan jasa untuk which exceeded 10% of the sales and services for
tahun yang berakhir pada tanggal-tanggal the years ended December 31, 2011 and 2010
31 Desember 2011 dan 2010, kecuali untuk except for the purchases from PT Trakindo Utama
pembelian dari PT Trakindo Utama masing-masing amounting to Rp1,830,814 and Rp721,827 which
sebesar Rp1.830.814 dan Rp721.827, yang represent 27.63% and 16.09% of the sales for the
mewakili 27,63% dan 16,09%, dari penjualan dan years ended December 31, 2011 and 2010,
pendapatan jasa untuk tahun yang berakhir pada respectively.
tanggal-tanggal 31 Desember 2011 dan 2010.
28. BEBAN PENJUALAN, UMUM DAN 28. SELLING, GENERAL AND ADMINISTRATIVE
ADMINISTRASI EXPENSES
2011 2010
Penjualan, umum dan administrasi Selling, general and administrative

Gaji dan kesejahteraan karyawan 337.218 220.758 Salaries and employees’ benefits
Biaya penjualan 90.090 49.048 Selling expense
Jasa profesional 72.209 21.670 Professional fees
Sewa 47.701 26.744 Rental
Perjalanan dinas 33.074 18.583 Travelling
Perbaikan dan pemeliharaan 22.271 16.293 Repairs and maintenance
Peralatan dan fasilitas 21.554 44.615 Utilities and facilities
Penyusutan 21.407 11.504 Depreciation
Total beban penjualan, Total selling, general and

umum dan administrasi 718.953 463.599 administrative expenses
123
29. LIABILITAS IMBALAN KERJA 29. EMPLOYEE BENEFITS LIABILITY
Dana pensiun iuran pasti Defined contribution pension plan
Perusahaan dan Entitas Anak tertentu The Company and certain Subsidiaries have a
menyelenggarakan program pensiun iuran pasti defined contribution pension plan for all of their
untuk semua karyawan tetap yang memenuhi eligible permanent employees. The Company’s
syarat. Program pensiun iuran pasti Perusahaan defined contribution pension plan is managed by
dikelola oleh Dana Pensiun Lembaga Keuangan Dana Pensiun Lembaga Keuangan PT Bank
PT Bank Negara Indonesia (Persero) Tbk. Negara Indonesia (Persero) Tbk.
Dana pensiun manfaat pasti Defined benefit pension plan
Perusahaan dan beberapa Entitas Anak The Company and certain Subsidiaries have a
menyelenggarakan dana pensiun manfaat pasti defined benefit pension plan, covering certain
untuk sebagian karyawan tetap yang didanai permanent employees, which plan is funded
melalui kontribusi bulanan kepada dana pensiun through monthly contributions to a separately
yang dikelola terpisah. Program pensiun manfaat administered fund. The pension plan is managed
pasti Perusahaan dikelola oleh Dana Pensiun by Dana Pensiun PT Trakindo Utama. The fund for
PT Trakindo Utama. Sumber dana program the pension plan is contributed by the Company
pensiun berasal dari kontribusi Perusahaan dan and certain Subsidiaries and their covered
beberapa Entitas Anak tertentu, dan karyawan employees. The benefits under such pension plan
yang termasuk dalam program pensiun ini. Manfaat have been adjusted to cover minimum benefits
dana pensiun tersebut telah disesuaikan dengan under Labor Law No. 13/2003 dated March 25,
manfaat minimal sesuai UU No. 13/2003 tanggal 2003 (“the Law”). The additional benefits under the
25 Maret 2003 (Undang-undang). Tambahan Law are unfunded. The normal retirement age is 55
manfaat pasti diluar dari Undang-undang tidak years.
didanai. Umur normal pensiun adalah 55 tahun.
Liabilitas berdasarkan Undang-undang telah The obligation under the Law has been calculated
dihitung dengan membandingkan manfaat yang by comparing the benefit that will be received by an
akan diterima oleh karyawan pada umur wajar employee at normal pension age from the Pension
pensiun dari Dana Pensiun dengan manfaat yang Plan with the benefit as stipulated under the Law
diperoleh sesuai dengan Undang-undang setelah after deducting the accumulated employer
dikurangi akumulasi kontribusi dari pemberi kerja contributions and the related investment results. If
dan hasil investasi terkait. Jika manfaat dana yang the employer-funded portion of the Pension Plan
didanai pemberi kerja lebih kecil dari manfaat benefit is less than the benefit as required by the
sesuai UU, Grup akan menyediakan Law, the Group will provide for such shortage.
kekurangannya.
Beberapa karyawan tetap tidak ikut serta dalam Some permanent employees are not covered in
kedua program. Liabilitas imbalan kerja Grup atas both programs. The Group’s liability for the benefits
karyawan tersebut dihitung berdasarkan of these employees is calculated based on the
persyaratan minimum Undang-undang. minimum requirement of the Law.
Tabel berikut ini merupakan rangkuman komponen The following tables summarize the components of
beban imbalan kerja bersih yang diakui pada net employee benefit expense recognized in the
laporan laba rugi komprehensif konsolidasian, dan consolidated statements of comprehensive income
status pendanaan dan liabilitas atas imbalan kerja and the funded status and amounts recognized in
karyawan yang diakui pada laporan posisi the consolidated statements of financial position for
keuangan konsolidasian pada tanggal-tanggal the employee benefits liability as of December 31,
31 Desember 2011 dan 2010 yang ditentukan 2011 and 2010, as determined by an independent
berdasarkan perhitungan aktuaria independen actuary (PT Sentra Jasa Aktuaria) in its reports
(PT Sentra Jasa Aktuaria) berdasarkan laporannya dated February 15, 2012 and January 28, 2011,
tertanggal 15 Februari 2012 dan 28 Januari 2011. respectively.
124
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITY (continued)
Asumsi-asumsi penting yang digunakan dalam The principal assumptions used in determining
menghitung liabilitas imbalan kerja pada tanggal employee benefits liability as of December 31,
tanggal 31 Desember 2011 dan 2010 adalah 2011 and 2010 are as follows:
sebagai berikut:
2011 2010
Tingkat diskonto 7,0% p.a. 8,5% p.a. Discount rate

Kenaikan gaji tahunan 8,0% p.a. 10,0% p.a. Annual salary increase
Tingkat investasi 9,0% p.a. 9,0% p.a. Investment rate
Tingkat mortalitas TMI 99 TMI 99 Mortality rate
Usia pensiun 55 tahun (asumsi seluruh karyawan pensiun pada usia pensiun)/ Retirement age
55 years (all employees are assumed to retire at the retirement age)
Tingkat pengunduran diri 6% dari karyawan usia dibawah 30 tahun dan menurun hingga 0% Resignation rate
pada usia 52 tahun/
6% from employees before age of 30 years and will linearly decrease
until 0% at the age of 52 years
Tingkat kecacatan 10% dari tingkat mortalitas/ Disability rate

10% of the mortality rate
a. Beban imbalan kerja a. Net employee benefits expense

2011 2010
Didanai/ Tidak didanai/ Total/ Didanai/ Tidak didanai/ Total/

Funded Plan Unfunded Plan Total Funded Plan Unfunded Plan Total
Biaya jasa kini 4.221 24.586 28.807 4.234 16.967 21.201 Current service cost
Biaya bunga 4.237 8.582 12.819 3.296 5.678 8.974 Interest cost
Rugi (laba) aktuaria, Net actuarial losses
bersih 84 290 374 (366) 4.442 4.076 (gains)
Biaya jasa lalu - non vested - 156 156 - 156 156 Past service cost non-vested
Biaya jasa lalu - (175) (175) - 1 1 Past service cost
Pengembalian aset program Expected return on plan
yang diharapkan (4.246) - (4.246) (3.266) - (3.266) asset
Lain-lain - (5.178) (5.178) (101) (1.872) (1.973) Others
Net employee benefits

Beban imbalan kerja 4.296 28.261 32.557 3.797 25.372 29.169 expense
b. Liabilitas imbalan kerja b. Employee benefits liability

2011 2010

Present value
of employee benefits
Nilai kini liabilitas imbalan kerja 56.716 115.772 172.488 49.842 88.798 138.640 obligation (PBO)
Nilai wajar aktiva program (48.594) - (48.594) (47.178) - (47.178) Fair value of plan assets
Nilai kini liabilitas imbalan

kerja, bersih 8.122 115.772 123.894 2.664 88.798 91.462 PBO, net
Keuntungan (kerugian) Unrecognized actuarial
aktuaria yang belum diakui (2.739) (27.367) (30.106) 528 (22.300) (21.772) gains (losses)
Past service cost - non-
Biaya jasa lalu - non vested - (1.594) (1.594) - (1.751) (1.751) vested
Liabilitas imbalan kerja 5.383 86.811 92.194 3.192 64.747 67.939 Employee benefits liability
125
29. LIABILITAS IMBALAN KERJA (lanjutan) 29. EMPLOYEE BENEFITS LIABILITY (continued)
Perubahan liabilitas imbalan kerja selama Movements in the employee benefits liability
tahun yang berakhir pada tanggal-tanggal for the years ended December 31, 2011 and
31 Desember 2011 dan 2010 adalah sebagai 2010 are as follows:
berikut:
2011 2010

Saldo awal 3.192 64.747 67.939 1.470 41.839 43.309 Beginning balance
Employee benefits
Beban imbalan kerja 4.296 28.261 32.557 3.797 25.372 29.169 expense
Transfer masuk/keluar - - - - 437 437 Transfer in/out
Pembayaran manfaat - (6.197) (6.197) - (2.901) - Benefit paid
Pembayaran kontribusi (2.105) - (2.105) (2.075) - (4.976) Contribution paid
Saldo akhir 5.383 86.811 92.194 3.192 64.747 67.939 Ending balance
30. SALDO DAN TRANSAKSI DENGAN PIHAK- 30. BALANCES AND TRANSACTIONS WITH
PIHAK BERELASI RELATED PARTIES
Dalam kegiatan usaha normal, Grup melakukan In the normal course of business, the Group has
transaksi dengan pihak-pihak berelasi. Entitas transactions with entities which are considered
dianggap sebagai pihak berelasi dari Grup related parties. The entities are considered related
berkaitan dengan kesamaan pemilik dan parties of the Group in view of their common
manajemen. Harga jual atau beli antara pihak- ownership and management. Sales or purchase
pihak berelasi ditentukan berdasarkan harga yang price among related parties is determined based on
disepakati oleh kedua belah pihak. prices agreed by both parties.
Rincian transaksi dan saldo transaksi dengan Details of transactions and balances with related
pihak-pihak berelasi adalah sebagai berikut: parties are as follows:
a. Saldo signifikan dari pihak-pihak berelasi a. Significant balances with related parties
Persentase terhadap
total aset konsolidasian (%)/
Percentage to total consolidated
Total assets (%)
2011 2010 2011 2010
Piutang usaha (Catatan 6) Trade receivables (Note 6)
PT Trakindo Utama 115.875 45.961 1,17 0,94 PT Trakindo Utama

Megastrada Pte. Ltd. 34.240 - 0,35 - Megastrada Pte. Ltd.
PT Chakra Jawara 21.257 11.754 0,22 0,24 PT Chakra Jawara
PT Tri Swardana Utama 14.318 8.724 0,14 0,18 PT Tri Swardana Utama
PT Chitra Paratama 302 345 0,00 0,01 PT Chitra Paratama
PT Mitra Solusi Telematika 196 - 0,00 - PT Mitra Solusi Telematika
PT Chandra Sakti Utama Leasing 10 - 0,00 - PT Chandra Sakti Utama Leasing
PT Tiara Marga Trakindo 9 167 0,00 0,00 PT Tiara Marga Trakindo
PT Mahadana Dasha Utama - 145 - 0,00 PT Mahadana Dasha Utama
Total 186.207 67.096 1,88 1,37 Total
126
PIHAK BERELASI (lanjutan) RELATED PARTIES (continued)
a. Saldo signifikan dari pihak-pihak berelasi a. Significant balances with related parties
Persentase terhadap
total liabilitas konsolidasian (%)/
Total liabilities (%)
2011 2010 2011 2010
Utang usaha (Catatan 15) Trade payables (Note 15)

PT Tri Swardana Utama 44.452 - 0,65 - PT Tri Swardana Utama
PT Tiara Marga Trakindo 6.336 4.549 0,10 0,12 PT Tiara Marga Trakindo
PT Mitra Solusi Telematika 3.017 - 0,04 - PT Mitra Solusi Telematika
PT Chitra Paratama 1.715 10.076 0,02 0,27 PT Chitra Paratama
PT Triyasa Propertindo 72 - 0,00 - PT Triyasa Propertindo
PT Mahadana Dasha Utama 15 3.862 0,00 0,10 PT Mahadana Dasha Utama
PT Chandra Sakti Utama Leasing - 7.504 - 0,20 PT Chandra Sakti Utama Leasing
Total 779.531 848.227 11,36 22,54 Total
Utang lainnya Other payables
PT Trakindo Utama 524 43 0,01 0,00 PT Trakindo Utama
PT Chakra Jawara 475 - 0,01 - PT Chakra Jawara
PT Mahadana Dasha Utama 40 52 0,00 0,00 PT Mahadana Dasha Utama
Total 12.889 1.102 0,19 0,03 Total
Uang muka pelanggan (Catatan 18) Advances from customers (Note 18)
Mega Strada Pte. Ltd. 42.421 - 0,62% - Mega Strada Pte. Ltd.
Obligations under finance lease

Utang sewa pembiayaan (Catatan 19) (Note 19)
PT Chandra Sakti Utama Leasing 374.188 488.377 5,45 12,98 PT Chandra Sakti Utama Leasing
Utang jangka panjang lainnya Other long-term loan

(Catatan 20) (Note 20)
PT Tiara Marga Trakindo - 125.874 - 3,34 PT Tiara Marga Trakindo
Obligasi wajib konversi (Catatan 22) Mandatory convertible bonds (Note 22)
Valle Verde Pte. Ltd. - 757.120 - 20,12 Valle Verde Pte. Ltd.
127
b. Transaksi signifikan dengan pihak-pihak b. Significant transactions with related parties

berelasi
Persentase terhadap total
penjualan dan pendapatan jasa (%)/
Total sales and services (%)
2011 2010 2011 2010
Penjualan dan pendapatan jasa Sales and services

PT Tri Swardana Utama 26.672 11.529 0,40 0,26 PT Tri Swardana Utama
PT Chandra Sakti Utama Leasing 46 734 0,00 0,02 PT Chandra Sakti Utama Leasing
PT Tiara Marga Trakindo 1 170 0,00 - PT Tiara Marga Trakindo
PT Mahadana Dasha Utama - 1.252 - 0,03 PT Mahadana Dasha Utama
Total penjualan dan

pendapatan jasa 821.860 553.408 12,40 12,34 Total sales and services
Persentase terhadap
Total aset konsolidasian (%)/
Total assets (%)
2011 2010 2011 2010
Pembelian aset tetap Purchased fixed assets
PT Trakindo Utama 1.507.765 869.668 15,26 17,78 PT Trakindo Utama

PT Tri Swardana Utama 78.097 - 0,79 - PT Tri Swardana Utama
PT Mitra Solusi Telematika 6.197 7.719 0,06 0,16 PT Mitra Solusi Telematika
PT Mahadana Dasha Utama 3.087 - 0,03 - PT Mahadana Dasha Utama
Total pembelian aset tetap 1.736.536 879.117 17,57 17,98 Total purchased fixed assets
Persentase terhadap
beban terkait (%)/
Percentage to total respective
Total expenses (%)
2011 2010 2011 2010
Sewa ruang kantor, tempat parkir, Rented office, parking spaces

dan kendaraan and vehicles
PT Chakra Jawara 213 - 0,03 - PT Chakra Jawara
Total sewa ruang kantor, tempat Total rented office, parking spaces
parkir dan kendaraan 98.714 28.116 13,73 6,06 and vehicles
Pembelian jasa teknologi Purchased Information and

dan informasi technology services
PT Mitra Solusi Telematika dan PT Mitra Solusi Telematika and

PT Mahadana Dasha Utama 16.726 21.938 2,33 4,73 PT Mahadana Dasha Utama
128
b. Transaksi signifikan dengan pihak-pihak b. Significant transactions with related parties
berelasi (lanjutan) (continued)
Persentase terhadap
beban terkait (%)/
Percentage to total respective
Total expenses (%)
2011 2010 2011 2010
Pembelian suku cadang dan

lain-lain Purchased sparepart and others

PT Tri Swardana Utama 38 - 0,00 - PT Tri Swardana Utama
Total pembelian suku cadang

dan lain-lain 375.020 405.437 7,15 10,75 Total purchased sparepart and others
Pelatihan karyawan Employee training

PT Trakindo Utama 535 - 0,07 - PT Trakindo Utama
PT Tiara Marga Trakindo 31 - 0,00 - PT Tiara Marga Trakindo
Total pelatihan karyawan 2.095 - 0,29 - Total employee trainning
Biaya keuangan Finance expenses
PT Chandra Sakti Utama Leasing 30.266 41.833 14,04 41,50 PT Chandra Sakti Utama Leasing
c. Transaksi dengan karyawan kunci c. Transaction with key management

personnel
Program Penjatahan Saham Manajemen dan Management and Employee Stock Allocation
Karyawan (MESA) Program (MESA)
Berdasarkan Pernyataan Keputusan Rapat Based on the Circular Resolution in lieu of

Para Pemegang Saham Secara Edaran General Meeting of the Shareholders dated
Sebagai Pengganti Rapat Umum Pemegang July 27, 2011, the shareholders approved,
Saham Perseroan tanggal 27 Juli 2011, para among others, the allocation of a maximum of
pemegang saham menyetujui, antara lain, 10% of the shares offered in the IPO for
alokasi saham sebanyak-banyaknya sebesar Management and Employee Stock Allocation
10% dari jumlah saham yang ditawarkan Program (the MESA). The MESA granted
dalam IPO dalam rangka Program Penjatahan certain quantity of shares offered in the IPO to
Saham Manajemen dan Karyawan (MESA). certain qualifying personnel of the Group, the
MESA memberikan sejumlah saham yang allocation of which is determined based on
ditawarkan dalam IPO kepada personil Grup certain formula.
tertentu yang memenuhi syarat, dimana
alokasi saham tersebut ditentukan
berdasarkan perhitungan tertentu.
Pada tanggal 31 Desember 2011, Perusahan As of December 31, 2011, the Company has
telah menerbitkan 7.270.500 saham atas allocated 7,270,500 shares pursuant to the
pelaksanaan program MESA tersebut dan MESA Program and recorded the related costs
mencatat beban yang terkait sebesar amounting to Rp34,720 as part of “Selling,
Rp34.720 sebagai bagian dari “Beban General and Administrative Expenses” (Note
Penjualan, Umum dan Administrasi” (Catatan 28).
28).
129
c. Transaksi dengan karyawan kunci (lanjutan) c. Transaction with key management

personnel (continued)
Kompensasi personil kunci Grup Compensation of key management personnel

of the Group
2011 2010
Imbalan kerja jangka pendek 12.668 7.058 Short-term employee benefits

MESA 6.969 - MESA
Imbalan pasca-kerja 778 630 Post-employment benefit
Total 20.415 7.688 Total
Jumlah yang dilaporkan dalam tabel The amounts disclosed in the table are
merupakan jumlah yang dicatat sebagai biaya amounts recognized as an expense during the
tahun berjalan. reporting periods.
Sifat hubungan dengan pihak-pihak berelasi The nature of the relationship with each of the
adalah sebagai berikut: related parties is as follows:
Perusahaan/Company Sifat hubungan/Nature of relationship
Valle Verde Pte. Ltd. Pemegang saham akhir (ultimate shareholder) Grup/
Ultimate Shareholder of the Group
PT Tiara Marga Trakindo (TMT) Entitas yang mempunyai pengaruh signifikan terhadap Grup/
Entity with significant influence over the Group
Mega Strada Pte. Ltd. Entitas yang dikendalikan oleh ultimate shareholder Grup /
Entity controlled by Ultimate Shareholder of the Group
PT Trakindo Utama (TU) Entitas yang dikendalikan oleh TMT/
Entity controlled by TMT
PT Chandra Sakti Utama Leasing Entitas yang dikendalikan oleh TMT/
Entity controlled by TMT
PT Mahadana Dasha Utama (Mahadasha)
(dahulu PT Mitra Solusi Telematika/ Entitas yang dikendalikan oleh TMT/
formerly PT Mitra Solusi Telematika) Entity controlled by TMT
PT Chakra Jawara Entitas yang dikendalikan oleh TMT melalui Mahadasha/
Entity controlled by TMT through Mahadasha
PT Chitra Paratama Entitas yang dikendalikan oleh TMT melalui Mahadasha/
PT Tri Swadarna Utama Entitas yang dikendalikan oleh TMT melalui Mahadasha/
PT Triyasa Propertindo Entitas yang dikendalikan oleh TMT melalui Mahadasha/
PT Mitra Solusi Telematika
(dahulu PT Mitra Sembada/ Entitas yang dikendalikan oleh TMT melalui Mahadasha/
formerly PT Mitra Sembada) Entity controlled by TMT through Mahadasha
Dana Pensiun PT Trakindo Utama Program manfaat kerja dari Grup/
Post-employment benefit plan of the Group
130
31. LABA PER SAHAM 31. EARNINGS PER SHARE
Berikut merupakan data laba dan saham yang The following reflects the income and shares data
digunakan dalam perhitungan laba bersih per used in the basic and diluted earnings per share
saham dasar dan dilusian: computations:
2011 2010
Laba yang dapat diatribusikan Net income attributable to owners

ke pemilik entitas induk 415.740 127.324 of the parent company
Rata-rata tertimbang jumlah saham Weighted average number of shares

untuk perhitungan laba per saham for calculation of basic earnings
dasar (dalam angka penuh): per share (full amount):
Saldo awal sebelum pengaruh Beginning balance before effect

pemecahan saham 412.880.000 412.880.000 of stock splits
Pengaruh konversi OWK menjadi Effect of conversion of MCBs into

saham bulan Maret 2011 (Catatan 22) 657.280.000 - shares on March 2011 (Note 22)
Pengaruh pemecahan saham Effect of stock split on

bulan Juli 2011 (Catatan 23) 1.070.160.000 412.880.000 July 2011 (Note 23)
Pengaruh penerbitan saham baru Effect of issuance of new shares

dalam rangka IPO (Catatan 23) 28.376.717 - in connection with the IPO (Note 23)
Total 2.168.696.717 825.760.000 Total
Rata-rata tertimbang jumlah saham Weighted average number of shares for

untuk perhitungan laba per saham calculation of diluted earnings per share
dilusian (dalam angka penuh): (full amount):
Rata-rata tertimbang total saham Weighted average number of shares for

untuk perhitungan laba per saham dasar 2.168.696.717 825.760.000 calculation of basic earnings per share
Pengaruh dilusi OWK setelah Effect of dilution of mandatory convertible
mempertimbangkan pengaruh bonds after considering the effect
pemecahan saham tahun 2011 199.680.000 1.514.240.000 of 2011 stock split
Total 2.368.376.717 2.340.000.000 Total
Laba per saham

(dalam angka penuh): Earnings per share (full amount):
Dasar 192 154 Basic
Dilusian 176 54 Diluted
131
32. INFORMASI SEGMEN 32. SEGMENT INFORMATION
Segmen primer Primary segments
Grup mengklasifikasikan usahanya menjadi tiga The Group classifies its business into three
segmen usaha yaitu jasa, pabrikasi dan business segments, namely services,
pertambangan batubara. Informasi mengenai manufacturing and coal mining. Information
segmen usaha Grup adalah sebagai berikut: concerning the Group’s business segments is as
follows:
2011
Tambang
Jasa/ Pabrikasi/ batubara/ Lain-lain/ Eliminasi/ Neto/
Services Manufacturing Coal Mining Others Elimination Net
Penjualan dan pendapatan Sales and services

jasa dari pelanggan eksternal 5.165.347 542.310 918.618 - - 6.626.275 from external customers
jasa antar segmen 568.328 124 6.785 - (575.237) - inter-segment
Penjualan dan pendapatan jasa 5.733.675 542.434 925.403 - (575.237) 6.626.275 Sales and services
Beban pokok penjualan dan Cost of goods sold and
pendapatan jasa 4.596.992 459.762 692.078 - (504.274) 5.244.558 services
Laba bruto 1.136.683 82.672 233.325 - (70.963) 1.381.717 Gross profit

dan administrasi (718.953) administrative expenses
Pendapatan operasi lainnya 70.864 Other operating income
Loss on foreign
Rugi selisih kurs - bersih (64.126) exchange - net
Beban operasi lainnya (13.480) Other operating expenses
Laba usaha 656.022 Income from operations
Equity in net income

Bagian atas laba neto entitas asosiasi 261 of associated company
Pendapatan keuangan 23.743 Finance income
Biaya keuangan (215.620) Finance charges
Laba sebelum pajak penghasilan 464.406 Income before income tax
Beban pajak penghasilan Income tax expense

Kini 39.375 Current
Tangguhan 12.148 Deferred
Total beban pajak penghasilan 51.523 Total income tax expense
Income before proforma loss

Laba sebelum rugi proforma arising from restructuring
dari transaksi restrukturisasi transactions of entities
entitas sepengendali 412.883 under common control
Proforma loss arising from

restructuring transactions
Rugi proforma dari transaksi of entities under common
restrukturisasi entitas sepengendali - control
Laba bersih tahun berjalan 412.883 Net income for the year
Other comprehensive
Pendapatan komprehensif lain - income
Total laba bersih komprehensif Total comprehensive

tahun berjalan 412.883 income for the year
Segmen aset 6.694.753 527.512 1.514.506 1.178.723 (32.314) 9.883.180 Segment assets
Segmen liabilitas 4.811.199 844.712 460.023 895.363 (151.123) 6.860.174 Segment liabilities
Informasi lainnya Other information
Belanja modal 2.084.081 192.592 254.149 14.335 - 2.545.157 Capital expenditures
Depreciation and
Biaya depresiasi dan amortisasi 525.769 23.314 11.521 2.113 - 562.717 amortization expense
132
32. INFORMASI SEGMEN (lanjutan) 32. SEGMENT INFORMATION (continued)
Segmen primer (lanjutan) Primary segments (continued)

2010
Tambang
Jasa/ Pabrikasi/ batubara/ Lain-lain/ Eliminasi/ Neto/
Services Manufacturing Coal Mining Others Elimination Net

jasa dari pelanggan eksternal 3.599.216 493.614 393.589 - - 4.486.419 from external customers
jasa antar segmen 321.894 5.030 - - (326.924) - inter-segment
Penjualan dan pendapatan jasa 3.921.110 498.644 393.589 - (326.924) 4.486.419 Sales and services
Beban pokok penjualan dan Cost of goods sold and
pendapatan jasa 3.329.410 409.188 361.720 - (326.924) 3.773.394 services
Laba bruto 591.700 89.456 31.869 - - 713.025 Gross profit

dan administrasi (463.599) administrative expenses
Pendapatan operasi lainnya 24.161 Other operating income
Gain on foreign
Laba selisih kurs - bersih 44.506 exchange - net
Beban operasi lainnya (2.321) Other operating expenses
Laba usaha 315.772 Income from operations
Pendapatan keuangan 22.456 Finance income

Biaya keuangan (100.811) Finance charges
Laba sebelum pajak penghasilan 237.417 Income before income tax
Beban pajak penghasilan Income tax expense
Kini 61.528 Current
Tangguhan 4.635 Deferred
Total beban pajak penghasilan 66.163 Total income tax expense
Income before proforma loss

Laba sebelum rugi proforma arising from restructuring
dari transaksi restrukturisasi transactions of entities
entitas sepengendali 171.254 under common control
Proforma loss arising from

restructuring transactions
Rugi proforma dari transaksi of entities under common
restrukturisasi entitas sepengendali (43.878) control
Laba bersih tahun berjalan 127.376 Net income for the year
Other comprehensive
Pendapatan komprehensif lain - income
Total laba bersih komprehensif Total comprehensive

tahun berjalan 127.376 income for the year
Segmen aset 3.362.156 416.859 311.253 853.422 (53.424) 4.890.266 Segment assets
Segmen liabilitas 2.207.866 595.963 306.145 779.719 (125.863) 3.763.830 Segment liabilities
Informasi lainnya Other information
Belanja modal 870.481 67.116 87.250 4.173 - 1.029.020 Capital expenditures
Depreciation and
Biaya depresiasi dan amortisasi 419.116 6.073 7.946 925 - 434.060 amortization expense
133
33. PERJANJIAN PENTING, PERIKATAN DAN 33. SIGNIFICANT AGREEMENTS, COMMITMENTS

KONTINJENSI AND CONTINGENCIES
Grup mengadakan perjanjian-perjanjian penting The Group has the following significant
sebagai berikut: agreements:
a. Grup, bersama-sama dengan TMT dan seluruh a. The Group, together with TMT and all the TMT
entitas anak TMT, menandatangani fasilitas subsidiaries, entered into a “Notional Pooling
perjanjian "Notional Pooling Facility" dengan Facility” agreement with Mandiri on
Mandiri pada tanggal 12 September 2007. September 12, 2007. It was agreed that
Disepakati bahwa Mandiri akan Mandiri would consolidate all the bank
mengkonsolidasikan semua rekening bank di accounts in TMT Group and allow the TMT
Grup TMT dan memungkinkan entitas anak subsidiaries to draw an overdraft within the
untuk menarik overdraft dalam batas yang limit which had been agreed by TMT and
telah disepakati oleh TMT dan disetujui oleh approved by Mandiri. This agreement has
Mandiri. Perjanjian ini telah diperpanjang been renewed several times, with the latest
beberapa kali, dengan perpanjangan terakhir renewal extending up to September 12, 2013.
sampai tanggal 12 September 2013.
b. Pada tanggal 1 Februari 2007, SSB dan SS b. On February 1, 2007, SSB and SS signed an
menandatangani perjanjian "account-linked “account-linked deposit” agreement with
deposit" dengan Citibank NA, dimana setiap Citibank N.A., whereby any amount on the
saldo rekening bank diatas Rp2.000 atau balance of bank account over Rp2,000 or
USD200.000 akan otomatis didebet dan USD200,000 will be automatically debited and
dikonversikan menjadi "deposito berjangka" taken as “time deposit” with a minimum term of
dengan jangka waktu minimal satu minggu. one week. This agreement was renewed with
Perjanjian ini diperbaharui dengan perjanjian the agreement signed on August 26, 2009,
yang ditandatangani pada tanggal whereby any amount on the balance of bank
26 Agustus 2009, dimana setiap saldo account over USD50,000 will be automatically
rekening bank di atas USD50.000 akan debited and taken as “time deposit” with a
otomatis didebet dan dikonversikan menjadi minimum term of one week.
"deposito berjangka" dengan jangka waktu
minimal satu minggu.
SS SS
a. Pada tanggal 31 Oktober 2011, SS dan a. On October 31, 2011, SS and Chromalloy San
Chromalloy San Diego Corporation Diego Corporation (Chromalloy) entered into a
(Chromalloy) menandatangani perjanjian jual purchase and sale agreement covering
beli LM2500 Generator Package, yang terdiri LM2500 Generator Package, consisting of a
atas mesin gas turbin lengkap dengan complete gas turbine engine and a package of
perlengkapan pendukungnya seharga support equipment with total purchase price
USD6.000.000. Pada tanggal 31 Desember amounting to USD6,000,000. As of December
2011, SS telah melakukan pembayaran 31, 2011, SS has paid the amount of the total
sebesar USD5.710.000 (setara dengan purchase price of USD5,710,000 (equivalent to
Rp30.392). Rp30,392).
134
KONTINJENSI (lanjutan) AND CONTINGENCIES (continued)
b. Pada tanggal 16 Agustus 2011, Eramas b. On August 16, 2011, Eramas signed a loan
menandatangani perjanjian pinjaman dengan agreement with SS for the development of
SS untuk menyelesaikan pelaksanaan proyek “lease purchase” of 100 MW gas-fired power
pembangunan penyewaan pembangkit listrik plant in Payoselincah, Jambi, with a maximum
100 MW berbahan bakar gas di Payoselincah, amount of USD15,000,000 and interest at
Jambi, dengan jumlah maksimum sebesar COF plus 2.5% per annum. This loan will be
USD15.000.000 dan dikenakan bunga COF due twelve months after the signing of the
ditambah 2,5% per tahun. Pinjaman ini akan agreement. As of December 31, 2011, the total
jatuh tempo dua belas bulan setelah outstanding loan and related interest
penandatanganan perjanjian. Pada tanggal amounted to USD11,683,727 (equivalent to
31 Desember 2011, saldo pinjaman dan bunga Rp105,948), which are recorded as part of
sebesar USD11.683.727 (setara dengan “Other Receivables”.
Rp105.948), yang dicatat sebagai bagian dari
“Piutang Lainnya”.
c. Pada tanggal 17 Juni 2011, SS dan Eramas c. On June 17, 2011, SS and Eramas entered
menandatangani perjanjian fasilitas pinjaman into a joint borrowing agreement with DBS to
bersama dengan DBS untuk memperoleh obtain an Uncommitted Import Usance Letter
fasilitas Uncommitted Import Usance Letter of of Credit (Usance L/C) facility with a total
Credit (Usance L/C) dengan fasilitas pinjaman facility amount of USD18,000,000 which is
sebesar USD18.000.000 yang tersedia sampai available up to June 17, 2012. The loan from
dengan tanggal 17 Juni 2012. Fasilitas the facility bears interest at the applicable bank
pinjaman ini dikenakan bunga sebesar suku interest rate. The loan will be used to finance
bunga bank yang berlaku. Pinjaman akan the purchase of machine related to Eramas’
digunakan untuk membiayai pembelian mesin project in Payo Selincah and is collateralized
yang berhubungan dengan proyek Eramas di by time deposits amounting to
Payo Selincah dan dijamin dengan deposito USD18,000,000, which collateral is supported
berjangka sebesar USD18.000.000, dengan by the mortgage agreement signed on the
jaminan yang didukung oleh mortgage same date (Note 5). On July 12, 2011, SS and
agreement yang ditandatangani pada tanggal Eramas subsequently entered into an
yang sama (Catatan 5). Selanjutnya pada Addendum of the Loan Agreement with DBS.
tanggal 12 Juli 2011, SS dan Eramas The addendum increased the principal facility
menandatangani perubahan fasilitas pinjaman amount to a maximum of USD45,000,000. The
dengan total fasilitas maksimum menjadi addendum also requires SS and Eramas to
USD45.000.000. Perubahan tersebut juga maintain certain financial ratios, which is also
mengharuskan SS dan Eramas untuk required on the long-term bank loan obtained
memenuhi rasio-rasio keuangan sebagaimana from DBS (Note 16), and Eramas to provide
dipersyaratkan atas utang bank jangka additional collateral at the minimum of
panjang yang diperoleh dari DBS (Catatan 16) USD45,000,000.
dan mengharuskan Eramas untuk
menyediakan tambahan jaminan senilai
minimum USD45.000.000.
Sebelum perjanjian diatas dilakukan, pada Prior to the above-mentioned agreement, on
tanggal 16 Juni 2011, SS, PT Elektrindo June 16, 2011, SS, PT Elektrindo Perkasa
Perkasa Utama (EPU) dan Eramas Utama (EPU) and Eramas entered into an
menandatangani perjanjian peminjaman agreement for a facility to borrow the time
deposito berjangka sebesar USD17.800.000 deposits amounting to USD17,800,000 of SS
milik SS yang ditempatkan di DBS, yang placed in DBS, which facility is available from
fasilitasnya tersedia dari tanggal 17 Juni 2011 June 17, 2011 up to June 16, 2012. The
sampai dengan tanggal 16 Juni 2012. Tingkat applicable interest rate on the borrowing is 6%
suku bunga yang berlaku adalah 6% per per annum. The borrowing is collateralized by
tahun. Fasilitas pinjaman ini dijamin dengan EPU’s 51% equity ownership in Eramas and
51% kepemilikan saham EPU di Eramas dan its shareholder’s loan receivable from Eramas.
piutang pinjaman pemegang saham EPU dari
Eramas.
135
d. Pada tanggal 30 Desember 2010, SS d. On December 30, 2010, SS entered into a sale
menandatangani perjanjian jual beli dengan and purchase agreement with TU for SS to
TU untuk membeli 23 unit Caterpillar purchase 23 units of Caterpillar Generator Set
Generator Set seharga USD6.888.500, tidak for USD6,888,500, excluding VAT. The
termasuk PPN. Pembayaran akan dicicil dalam payment of the purchase price was set to be
12 angsuran bulanan mulai dari tanggal made in 12 monthly installments starting from
1 Januari 2012 sampai dengan tanggal January 1, 2012 until December 30, 2012. On
30 Desember 2012. Pada tanggal 28 Juni June 28, 2011, SS fully paid the purchase
2011, SS telah melunasi seluruh nilai price.
pembelian.
e. Pada tanggal 1 Oktober 2010, SS e. On October 1, 2010, SS entered into a Joint

menandatangani Perjanjian Operasi Bersama Operation Agreement (JOA) with PT Jaya
(JOA) dengan PT Jaya Dinamika Geohidro Dinamika Geohidro Energi (JDGE) in the
Energi (JDGE) untuk pengembangan development of a Mini-hydro Power Plant
Minihydro Power Plant dalam satu program under a program covering up to a maximum of
yang meliputi maksimum 10 sub-proyek 10 sub-projects (with maximum capacity of 10
(dengan maksimal kapasitas 10 MW untuk MW for each sub-project) in East Indonesia.
masing-masing sub-proyek) di Indonesia Prior to this JOA, SS has entered into a
Timur. Sebelum JOA, SS telah Convertible Grant and Option Agreement
menandatangani “Convertible Grant and (CGA) with International Finance Corporation
Option Agreement” (CGA) dengan (IFC), where IFC agreed to establish a grant
International Finance Corporation (IFC), facility convertible to a loan to SS to partially
dimana IFC sepakat untuk membentuk fasilitas finance the development of the projects. IFC is
pinjaman Convertible Grant ke SS untuk a foundation under a World Bank group which
membiayai sebagian pengembangan proyek. aims to develop and support prospective
IFC adalah yayasan di bawah grup Bank renewable energy investments in International
Dunia yang bertujuan untuk mengembangkan Development Association (IDA) countries and
dan mendukung investasi energi terbaharui Indonesia. The grant will be disbursed partially
pada negara-negara kelompok International on a quarterly basis and shall be limited to
Development Association (IDA) dan Indonesia. 50% of the project cost budgeted and will be
Bantuan tersebut akan dicairkan sebagian totaling only up to USD900,000, and the
setiap triwulanan dan hanya terbatas pada remaining project cost will be borne jointly by
50% dari biaya proyek yang dianggarkan dan SS and JDGE (together, the Grantee) with
maksimum USD900.000, dan sisa biaya composition of 25% for each party. Upon the
proyek akan ditanggung bersama oleh SS dan completion of the development process of the
JDGE (bersama-sama disebut penerima projects, IFC has the right to make equity
pinjaman) dengan komposisi 25% untuk investment or extend any other form of
masing-masing pihak. Setelah pembangunan financing to the relevant sub-projects. IFC also
proyek selesai, IFC memiliki hak untuk has the option to (i) transfer its option to the
menjadikan pembiayaan tersebut menjadi Grantee or a third party, or (ii) reimburse the
investasi ekuitas atau perpanjangan bentuk grant from the equity investment or the long-
lain dari pembiayaan yang sesuai dengan term financing that it proposes to make in
masing-masing sub-proyek. IFC juga memiliki connection with the sub-projects. As of
opsi untuk (i) mengalihkan pinjaman kepada December 31, 2011, the portion amounting to
penerima pinjaman atau pihak ketiga, atau (ii) Rp1,720 of the development cost of the
meminta pengembalian bantuan dalam bentuk projects which has been paid by SS is
investasi ekuitas atau pembiayaan jangka recorded as part of “Other Non-current Assets
panjang yang sesuai untuk masing-masing - Others” (Note 13).
sub-proyek. Pada tanggal 31 Desember 2011,
porsi sebesar Rp1.720 dari biaya
pengembangan proyek yang telah dicairkan
oleh SS dicatat sebagai bagian dari "Aset
Tidak Lancar Lainnya - Lain-lain" (Catatan 13).
136
PAS PAS
Berdasarkan perjanjian jual beli saham bersyarat Based on a conditional share sale and purchase
pada tanggal 1 Juni 2011, PAS menyetujui untuk agreement dated June 1, 2011, PAS agreed to
mengambil alih 51% kepemilikan saham (diwakili take over the 51% equity ownership (represented
oleh 306 saham) di Eramas dari EPU dengan total by 306 shares) in Eramas from EPU for a total
harga pembelian Rp371 dan mengambil alih purchase price of Rp371 and take over
piutang pinjaman pemegang saham EPU dari shareholder’s loan receivable from Eramas
Eramas sebesar USD15.252.000. Pembelian amounting to USD15,252,000. The purchase will
tersebut akan dilakukan dalam 2 tahap sebagai be conducted in 2 phases as follows:
berikut:
- Tahap 1: 240 saham dengan harga pembelian - Phase 1: 240 shares at a total purchase price
sebesar Rp288 (setara dengan 40% of Rp288 (equivalent to 40% shares
kepemilikan saham) dan mengambil-alih ownership) and take-over of the shareholder’s
pinjaman pemegang saham sebesar loan amounting to USD11,856,000, which will
USD11.856.000 yang akan dibayarkan setelah be paid after the due diligence process is
proses due diligence selesai, atau paling completed or at the latest, on the Commercial
lambat pada Tanggal Operasi Komersial. Operation Date.
- Tahap 2: 66 saham pada total harga - Phase 2: 66 shares at a total purchase price of
pembelian Rp83 (setara dengan 11% Rp83 (equivalent to 11% shares ownership)
kepemilikan saham) dan mengambil alih and take-over of the shareholder’s loan
pinjaman pemegang saham sebesar amounting to USD3,396,000, which will be
USD3.396.000 yang akan dibayarkan 1 tahun paid one year after the Commercial Operation
setelah Tanggal Operasi Komersial. Date.
Jika ada bagian dari ketentuan tersebut tidak If any such provision is not met or is not
terpenuhi atau tidak sesuai sebelum penyelesaian, appropriate before the settlement, PAS has the
PAS memiliki pilihan untuk: option to:
a) Menyesuaikan harga pembelian yang akan a) Adjust the purchase price that will be
ditentukan lebih lanjut, atau determined further, or
b) Membatalkan perjanjian dan mendapatkan b) Cancel the agreement and get a refund for the
pengembalian dana atas uang muka transaksi first transaction downpayment.
pertama.
Pada tanggal 31 Desember 2011, proses due As of December 31, 2011, the due diligence
diligence masih berlangsung. process is still in progress.
137
CKB CKB
a. Pada tanggal 3 Oktober 2011, CKB a. On October 3, 2011, CKB obtained a bank
memperoleh fasilitas bank garansi dari Mandiri guarantee facility from Mandiri with a
dengan batas kredit maksimum sebesar maximum credit limit of Rp25,000. Any loan
Rp25.000. Pinjaman tersebut akan jatuh tempo drawn from the facility will mature on
pada tanggal 26 September 2012. Pada tanggal September 26, 2012. As of December 31,
31 Desember 2011, tidak ada saldo pinjaman 2011, there is no outstanding loan balance
dari fasilitas ini. from this facility.
b. Pada tanggal 16 Mei 2011, CKB b. On May 16, 2011, CKB entered into a building
menandatangani perjanjian sewa bangunan dan and warehouse rental agreement with PT Multi
gudang dengan PT Multi Sejahtera Abadi. Sejahtera Abadi. The agreement period is for
Periode perjanjian ini selama lima tahun dari five years from the date of the handover of the
tanggal penyerahan obyek sewa atau selambat- lease object or no later than March 1, 2012
lambatnya 1 Maret 2012 sampai dengan until February 28, 2017. The terms and
28 Februari 2017. Syarat dan ketentuan conditions concerning the rights and
mengenai hak dan kewajiban kedua belah pihak obligations of both parties are stated in the
dinyatakan dalam kontrak perjanjian. agreement.
Pada tanggal 31 Desember 2011, CKB telah As of December 31, 2011, CKB made down
melakukan pembayaran uang muka sebesar payment amounting to Rp6,356, which is
Rp6.356 yang disajikan sebagai bagian dari presented as part of “Other Non-current
“Aset Tidak Lancar Lainnya” pada laporan Assets” in the 2011 consolidated statement of
posisi keuangan konsolidasian tahun 2011. financial position.
c. Pada tanggal 28 Oktober 2010, CKB melakukan c. On October 28, 2010, CKB entered into a
perjanjian jasa logistik dengan PT International Logistic Services Agreement with
Nickel Indonesia Tbk (INCO). Periode perjanjian PT International Nickel Indonesia Tbk (INCO).
adalah 2 tahun dan dapat diperpanjang selama The period of the agreement is 2 years and
2 tahun. may be extended for another 2 years.
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended December 31, 2011 and
31 Desember 2011 dan 2010, pendapatan yang 2010, revenue amounted to Rp33,733 and nil,
diakui masing-masing sebesar Rp33.733 dan respectively, which is presented in the
nihil, yang disajikan pada laporan laba rugi consolidated statements of comprehensive
komprehensif konsolidasian. income.
d. Pada tanggal 20 April 2009, CKB melakukan d. On April 20, 2009, CKB entered into an
perjanjian jasa impor logistik dengan BUT BP Inbound Logistic Services Agreement with
Berau Ltd. (BP) untuk menyediakan jasa logistik BUT BP Berau Ltd. (BP) to provide integrated
terpadu dan jasa pengaturan barang dan logistics and materials management services
logistik selama 5 tahun sejak tanggal 20 April for five years starting from April 20, 2009 or a
2009 dengan nilai kontrak tidak melebihi maximum contract value not to exceed
USD19.502.670. USD19,502,670.
Untuk tahun yang berakhir pada tanggal-tanggal For the years ended December 31, 2011 and
31 Desember 2011 dan 2010, pendapatan jasa 2010, service fees amounted to Rp45,510 and
yang diakui masing-masing sebesar Rp45.510 Rp21,664, respectively, which are presented
dan Rp21.664, yang disajikan pada laporan in the consolidated statements of
138
CK CK
Perjanjian pengangkutan, pemindahan Coal transportation, barging, transhipment

batubara, dan lainnya and other agreement
CK sebagai penyedia jasa kontraktor CK, as a provider of mining services to coal

pertambangan kepada produsen batubara producers, entered into several agreements with
mengadakan beberapa perjanjian dengan produsen coal producers. Under these agreements, CK
batubara. Berdasarkan perjanjian-perjanjian provides manpower, equipment, and materials
tersebut, CK menyediakan tenaga kerja, peralatan, for the disposal of overburden, coal mining, and
dan material untuk pembuangan overburden, transport of overburden and coal, and is required
penambangan batubara, dan pengangkutan to meet certain minimum production for these
overburden dan batubara, dan diharuskan untuk activities. CK receives a fee, calculated on a
memenuhi produksi minimum tertentu untuk monthly basis, based on a formula that includes
aktivitas-aktivitas ini. CK akan menerima imbalan some adjustment clauses.
jasa yang dihitung secara bulanan, berdasarkan
suatu rumusan yang meliputi beberapa klausa
penyesuaian.
Periode Kontrak atau Tingkat Produksi (Metric

Tonnes/MT)/
Produsen Batubara/ Tanggal Perjanjian/ Contract Period or Production Level (Metrik
Coal Producer Agreement Date Ton/MT)
PT Arutmin Indonesia (Ata & Mangkal Api) 1 Juli 2006/ Sampai masa umur tambang berakhir/
July 1, 2006 Until the life of the mine
PT Arutmin Indonesia (Sungkai) 1 Juli 2006/ Agustus 2008 - Juli 2011 atau saat seluruh cadangan
July1,2006 ekonomis tambang batubara telah habis/
August 2008 - July 2011 or until all of the economical
coal reserves are depleted
PT Kaltim Batumanunggal 18 Maret 2005/ Sampai target produksi tercapai/
March 18, 2005 Until target production is achieved
PT Mahakam Sumber Jaya 24 November 2011/ 1 September 2010 - 31 Agustus 2015/
November 24, 2011 September 1, 2010 - August 31, 2015
PT Gema Rahmi Persada 24 November 2011/ Maret 2008 - April 2012/
November 24, 2011 March 2008 - April 2012
PT Multi Harapan Utama 29 November 2007/ 19 Oktober 2010 - 18 Oktober 2015/
November 29, 2007 October 19, 2010 - October 18, 2015
Sampai berakhir masa pakai tambang atau sampai
PT Tunas Inti Abadi 25 Juni 2009/ 30 Juni 2020/
June 25, 2009 Until the expiration of the life of mine or until June 30,
2020
18 Maret 2011/ 72 bulan terhitung dari tanggal mulainya CK
PT Titan Wijaya March 18, 2011 beroperasi di tambang Titan/
72 months from the date CK starts its operations in the
Titan site
Piutang yang berasal dari kontrak jasa pertambangan Receivables from coal mining service contracts
batubara antara CK dengan para produsen batubara between CK and the coal producers are pledged
dijaminkan untuk fasilitas pinjaman sindikasi as collateral to a Syndicated Loan facility
(Catatan 16). (Note 16).
Seluruh perjanjian dengan para produsen batubara All the agreements with coal producers have been
telah dijaminkan untuk fasilitas pinjaman sindikasi di assigned to syndicated banks in relation to the
ANZ Banking Group Limited. ANZ Banking Group Limited loan facility.
139
ATR ATR
a. Fasilitas pinjaman a. Loan facility
Pada tanggal 24 Oktober 2011, ATR On October 24, 2011, ATR obtained demand
memperoleh fasilitas demand loan dari OCBC loan facility from OCBC NISP with total
NISP dengan batas kredit kredit maksimum amount of USD500,000. The loan from this
sebesar USD500.000. Pinjaman ini dikenakan facility bears interest at SIBOR plus 4% per
tingkat bunga tahunan sebesar SIBOR annum. At the same time, ATR also obtained
ditambah 4% per tahun. Pada saat bersamaan overdraft facility in the amount of Rp1,000
ATR juga memperoleh fasilitas rekening koran with interest rate based on monthly Sertifikat
sebesar Rp1.000 dan dengan tingkat bunga Bank Indonesia (SBI) rate plus 4% per
sebesar Sertifikat Bank Indonesia (SBI) per annum and foreign currency transaction
bulan ditambah 4% per tahun, dan fasilitas facility in the amount of USD1,000,000.
transaksi mata uang asing sebesar
USD1.000.000.
Fasilitas pinjaman tersebut diatas berlaku dua The facilities as stated above are available for
belas bulan sejak tanggal penandatanganan twelve months from the signing date of the
perjanjian. Pada tanggal 31 Desember 2011, agreement. As of December 31, 2011, there
tidak terdapat saldo pinjaman dari fasilitas ini. is no outstanding loan balance from those
facilities.
b. Kontrak Sewa Kapal b. Contract of affreightment
Pada tanggal 22 Juni 2011, ATR On June 22, 2011, ATR entered into contract
menandatangani kontrak sewa kapal dengan of affreightment with PT Mitrabahtera Segara
PT Mitrabahtera Segara Sejati Tbk (MBSS) Sejati Tbk (MBSS) for coal. The contract
untuk batu bara. Periode kontrak tersebut period is from July 1, 2011 up to June 30,
dimulai dari tanggal 1 Juli 2011 sampai tanggal 2012, whereby MBSS will provide tug boat
30 Juni 2012, dimana MBSS akan menyediakan and barge to load up to 2,200,000MT of coal.
kapal penarik dan tongkang untuk memuat The price for the service will be evaluated and
2.200.000MT batubara. Harga akan dievaluasi adjusted every month based on, among
dan disesuaikan setiap bulan berdasarkan others, fuel price. As of December 31, 2011,
antara lain harga bahan bakar. Pada tanggal ATR has handed over the contract to BDD.
31 Desember 2011 ATR mengalihkan kontrak
tersebut kepada BDD.
Untuk tahun yang berakhir pada tanggal For the year ended December 31, 2011,
31 Desember 2011, biaya jasa yang diakui service fee amounted to Rp31,606, which is
sebesar Rp31.606, yang disajikan pada laporan presented in the consolidated statement of
140
ATR (lanjutan) ATR (continued)
c. Perjanjian pembangunan kapal c. Shipbuilding contracts
Pada tanggal 27 Mei 2011, ATR On May 27, 2011, ATR entered into a
menandatangani perjanjian pembangunan LCT contract with PT Dok dan Perkapalan
N 11607 Adinda Bella dan N 11608 Adinda Surabaya (Persero) for the latter to build the
Cellina dengan PT Dok dan Perkapalan LCT N 11607 Adinda Bella and N 11608
Surabaya (Persero). Nilai kontrak untuk setiap Adinda Cellina. The total contract price for
kapal yang akan diserahkan kepada ATR each vessel amounted to USD3,965,000
adalah sebesar USD3.965.000 tidak termasuk excluding tax and other expenses. As of
pajak dan biaya lainnya. Pada tanggal December 31, 2011, total payments for the
31 Desember 2011, total pembayaran adalah contract price amounted to USD2,379,000
sebesar USD2.379.000 (setara dengan (equivalent to Rp20,724). The completion of
Rp20.724). Penyelesaian pembangunan LCT building the LCT is estimated in June 2012.
diestimasikan pada bulan Juni 2012. Kontrak This shipbuilding contract is financed with
pembuatan kapal ini dibiayai dengan pinjaman loan from OCBC NISP (Note 16).
dari OCBC NISP (Catatan 16).
Pada tanggal 8 September 2010, ATR On September 8, 2010, ATR entered into a
menandatangani perjanjian pembangunan LCT contract with PT Dok dan Perkapalan
Adinda Azula dengan PT Dok dan Perkapalan Surabaya (Persero) for the latter to build the
Surabaya (Persero) berdasarkan kontrak HULL LCT Adinda Azula based on contract HULL
No. N 10605. Nilai kontrak untuk kapal yang No. N 10605. The contract price of the
akan diserahkan kepada Perusahaan adalah shipbuilding amounted to USD2,662,000
sebesar USD2.662.000 tidak termasuk PPN. excluding VAT. As of December 31, 2011,
Pada tanggal 31 Desember 2011, CKB telah CKB has fully paid the contract price. This
melunasi seluruh nilai kontrak. Kontrak shipbuilding contract is financed by the
pembuatan kapal ini dibiayai dengan pinjaman proceeds of the PTK II loan from Mandiri
PTK II dari Mandiri (Catatan 16). (Note 16).
d. Fasilitas jaminan d. Bond facility
Berdasarkan perjanjian No. 071/FA/ANZ/V/ Based on agreement No. 071/FA/ANZ/V/2011

2011 tanggal 11 Mei 2011, ATR memperoleh dated May 11, 2011, ATR obtained a bond
fasilitas jaminan dari ANZ untuk memfasilitasi facility from ANZ to facilitate the tender
proses tender dan pengiriman kapal melalui process and delivery of vessel through the
penerbitan performance bond, bid bond dan issuance of performance bond, bid bond and
customs bond dengan jumlah maksimum customs bond for a maximum amount of
USD750.000, yang tanpa jaminan. Periode USD750,000, which is unsecured. The
maksimum untuk setiap instrumen jaminan maximum period for each guarantee
yang dikeluarkan oleh ANZ adalah satu tahun. instrument issued by ANZ is one year. As of
Pada tanggal 31 Desember 2011, ATR telah December 31, 2011, ATR has used
menggunakan USD543.976 dari fasilitas USD543,976 from the facility.
tersebut.
141
ATR (lanjutan) ATR (continued)
e. Perjanjian penyewaan kapal dengan e. Time charter vessel agreement with

Talisman Energy Niugini Limited (Talisman) Talisman Energy Niugini Limited
(Talisman)
Pada bulan Oktober 2010, ATR melakukan In October 2010, ATR entered into a time
perjanjian sewa menyewa kapal (time charter) charter agreement with Talisman based on
dengan Talisman berdasarkan kontrak contract TENL00146, whereby ATR agreed to
TENL00146, dimana ATR menyetujui untuk charter Alfa Trans Dua vessel to Talisman
menyewakan kapal Alfa Trans Dua ke Talisman commencing on October 11, 2010 for an
terhitung tanggal 11 Oktober 2010 untuk jangka original term of two years, extendable for
waktu 2 tahun, dan dapat diperpanjang selama another one year (Note 40). The charter price
1 tahun (Catatan 40). Harga sewa adalah is USD6,325 per day.
USD6.325 per hari.
Perjanjian sewa kapal tersebut dijamin dengan The above-mentioned vessel agreement is
jaminan kinerja dari CKB. covered by a performance guarantee from
CKB.
Untuk tahun yang berakhir pada tanggal- For the years ended December 31, 2011 and
tanggal 31 Desember 2011 dan 2010, 2010, revenue amounted to USD2,027,109
pendapatan yang diakui masing-masing (equivalent toRp17,735) and nil, respectively,
sebesar USD2.027.109 (setara dengan which is presented in the consolidated
Rp17.735) dan nihil, yang disajikan pada statements of comprehensive income.
laporan laba rugi komprehensif konsolidasian.
f. Perjanjian penyewaan kapal dengan INCO f. Time charter vessel agreement with INCO
Pada bulan Desember 2006, ATR melakukan In December 2006, ATR entered into a time
perjanjian sewa menyewa kapal (time charter) charter agreement with INCO, whereby ATR
dengan INCO dimana ATR menyetujui untuk agreed to charter Alfa Trans Satu vessel to
menyewakan kapal Alfa Trans Satu kepada INCO commencing January 1, 2007 to
INCO pada tanggal 1 Januari 2007 sampai December 31, 2010. The charter price was
dengan 31 Desember 2010. Harga sewa USD94,000 per month in the first two years,
USD94.000 per bulan untuk dua tahun pertama, USD87,000 per month in 2009 and
USD87.000 per bulan untuk tahun 2009 dan USD86,000 per month in 2010.
USD86.000 per bulan untuk tahun 2010.
Pendapatan ATR dari perjanjian dengan INCO Revenue from INCO amounted to
masing-masing sebesar USD1.032.000 (setara USD1,032,000 (equivalent to Rp9,416) for the
dengan Rp9.416) untuk tahun yang berakhir year ended December 31, 2010.
pada tanggal 31 Desember 2010.
142
BDD BDD
a. Fasilitas pinjaman a. Loan facility
Pada tanggal 22 Desember 2011, BDD On December 22, 2011, BDD obtained
memperoleh fasilitas pinjaman demand loan demand loan facility for working capital from
untuk membiayai kebutuhan modal kerja dari OCBC NISP in the amount of USD200,000
OCBC NISP sebesar USD200.000 dengan with floating interest rate of 6% per annum
tingkat bunga mengambang pinjaman sebesar and can be adjusted by OCBC NISP at
6% per tahun dan dapat disesuaikan oleh bank anytime. As of December 31, 2011, there is no
sewaktu-waktu. Pada tanggal 31 Desember outstanding loan balance from the facility.
2011, tidak terdapat saldo terutang dari fasilitas
ini.
Pada tanggal 22 Desember 2011, BDD On December 22, 2011, BDD also entered
menandatangani perjanjian fasilitas pinjaman into a loan facility agreement with OCBC NISP
dengan OCBC NISP dengan batas kredit with a maximum credit limit of
maksimum USD15.052.000 yang terbagi atas: USD15,052,000, consisting of:
a. Fasilitas Pinjaman Berjangka 1 sebesar a. Term Loan Facility 1 for USD5,594,500

USD5.594.500 yang tersedia 66 bulan dari which is availabile for 66 months from the
tanggal penarikan pinjaman pertama. first drawdrown date.
b. Fasilitas Pinjaman Berjangka 2 sebesar b. Term Loan Facility 2 for USD9,457,500

USD9.457.500 yang tersedia 66 bulan dari which is available for 66 months from the
tanggal penarikan pinjaman pertama. first drawdrown date.
Fasilitas ini memiliki tingkat bunga 6% per tahun The loan from the facility bears interest at the
dan dapat berubah sesuai dengan suku bunga annual rate of 6% subject to fluctuation based
pasar. Sampai dengan 31 Desember 2011 tidak on market interest rates. As of December 31,
terdapat saldo terutang dari fasilitas ini. 2011, there is no outstanding loan balance
from the facility.
b. Perjanjian pembangunan kapal b. Shipbuilding contract
Pada tanggal 25 Agustus 2011, BDD On August 25, 2011, BDD entered into a
menandatangani kontrak dengan PT Palma contract with PT Palma Progress Shipyard for
Progress Shipyard untuk membuat kapal the latter to build tug boat and barges for a
penarik dan tongkang dengan total harga total contract price of USD18,510,000. As of
kontrak sebesar USD18.510.000. Pada tanggal December 31, 2011, BDD has made a total
31 Desember 2011, BDD telah melakukan payment amounting to USD4,627,500
pembayaran sebesar USD4.627.500 (setara (equivalent to Rp40,699) which is presented
dengan Rp40.699) yang disajikan sebagai as part of “Fixed Assets” as advance for
bagian dari “Aset Tetap” sebagai uang muka purchase of vessels in the consolidated
pembelian kapal pada laporan posisi keuangan statements of financial position. The
konsolidasian. Penyelesaian pembangunan completion of the shipbuilding will be divided
kapal terbagi dalam beberapa tahap yang into several phases that are estimated to be
diestimasikan akan selesai antara Februari dan completed between February and September
September 2012. 2012.
143
TIA TIA
a. Jual beli tanah a. Sale and purchase of land
Berdasarkan Akta Notaris No. 20 tanggal Based on Notarial Deed No. 20 dated June 16,
16 Juni 2011 oleh Notaris Djumini Setyoadi, 2011 of Djumini Setyoadi, S.H., M.Kn., TIA will
S.H., M.Kn., TIA akan menjual beberapa bidang sell several parcels of land in Desa Sebamban
tanah di Desa Sebamban kepada PBR dengan to PBR for selling prices totaling Rp150,000.
nilai penjualan sebesar Rp150.000. Namun However, the certificates of land rights are still
demikian sertifikat hak atas tanah tersebut used as guarantee to TIA’s loan from Mandiri.
masih digunakan sebagai jaminan utang TIA
kepada Mandiri.
Jual beli akan dilakukan jika persyaratan yang The sale and purchase will be executed if
ditetapkan telah dipenuhi oleh kedua belah certain conditions are fulfilled by both parties, as
pihak, sebagai berikut: follows:
- TIA telah memperoleh surat pembebasan - TIA has obtained the release letter of
jaminan atas tanah dari Mandiri; collateral for the land from Mandiri;
- PBR telah memperoleh izin dari Badan - PBR has obtained permission from the Port
Usaha Pelabuhan Republik Indonesia cq Enterprise Agency of the Republic of
Departemen Perhubungan Direktorat Indonesia cq the Ministry of Transportation
Jenderal Perhubungan Laut Directorate General of Sea Transportation;
- Pembayaran dari nilai pembelian tanah - The payment of the purchase price of the
akan dilakukan dengan angsuran; land will be made in installments;
- Setiap pihak telah memperoleh izin yang - Each party has obtained the required
diperlukan, dari otoritas pemerintah/pusat permits, from the government/central
atau otoritas pemerintah/daerah yang authorities or government/local authorities
terlibat dalam pelaksanaan perjanjian involved in the implementation of
berkaitan dengan penjualan dan agreements related to the sale and
pembelian tanah. purchase of land.
b. Jasa sampling dan analisa batubara b. Coal sampling and analysis
Pada tanggal 10 Februari 2011, TIA On February 10, 2011, TIA entered into an
mengadakan perjanjian dengan agreement with PT Geoservices for sampling
PT Geoservices untuk jasa sampling dan and analysis services at TIA’s stockpile
analisa batubara di wilayah operasional TIA di operation in South Kalimantan. The minimum
Kalimantan Selatan. Biaya minimum atas jasa cost of this service is USD30,000/month. The
ini adalah USD30.000/bulan. Jangka waktu period of this contract is from January 1, 2011
kontrak ini berlaku dari tanggal 1 Januari 2011 to December 31, 2014 and may be extended
sampai dengan tanggal 31 Desember 2014 dan by both parties.
dapat diperpanjang oleh kedua belah pihak.
Untuk tahun yang berakhir pada tanggal For the year ended December 31, 2011, coal
31 Desember 2011, biaya jasa sampling dan sampling and analysis service cost charged to
analisa batubara yang dibebankan pada current operations amounted to Rp5,224,
operasi tahun berjalan sebesar Rp5.224, yang which is presented as part of ”Selling, General
disajikan sebagai bagian dari “Beban and Administrative Expenses” in the
Penjualan, Umum dan Administrasi” pada consolidated statements of comprehensive
laporan laba rugi komprehensif konsolidasian income (Note 28).
(Catatan 28).
144
c. Pembangunan jetty c. Construction of jetty
Pada tanggal 11 Januari 2011, TIA On January 11, 2011, TIA signed a contract
menandatangani kontrak perjanjian untuk with PT Bangun Arta Hutama for the
pembangunan jetty dengan PT Bangun Arta construction of a jetty at Desa Sebamban,
Hutama di Desa Sebamban, Kabupaten Tanah District Tanah Bumbu, South Kalimantan. The
Bumbu, Kalimantan Selatan. Nilai kontrak contract price is Rp53,000 (before value added
sebesar Rp53.000 (sebelum pajak tax). As of December 31, 2011, the completion
pertambahan nilai). Pada tanggal 31 Desember of the construction is around 35%, and TIA has
2011, penyelesaian atas konstruksi ini already paid Rp18,688 of the contract price.
diperkirakan mencapai 35%, dan TIA telah The construction is recorded as construction in
membayar Rp18.688 dari nilai kontrak dan progress, which is presented as part of “Fixed
dicatat sebagai aset dalam penyelesaian yang Assets” in the consolidated statements of
disajikan sebagai bagian dari "Aset tetap” pada financial position (Note 11).
laporan posisi keuangan konsolidasian (Catatan
11).
d. Perjanjian penjualan batubara d. Coal sales agreement
TIA mempunyai beberapa komitmen untuk TIA has various commitments to sell coal to
menjual batubara kepada beberapa pelanggan various buyers at specified agreed quantities.
dengan jumlah tertentu yang disepakati. The products are periodically delivered for
Penyerahan barang akan dilakukan secara periods ranging from one week to one month.
berkala selama jangka waktu tertentu yang
berkisar antara satu minggu hingga satu bulan.
Pada tanggal 9 Desember 2010, TIA telah On December 9, 2010, TIA entered into a
melakukan perjanjian dengan MSPL untuk commitment to sell 5,000,000MT of coal to
menjual 5.000.000MT batubara dengan harga MSPL, a proportion of which is subject to price
yang disepakati dalam perjanjian. Pengiriman agreement. The coal will be delivered during the
batubara dilakukan selama periode Januari period January 2011 until December 2016
2011 sampai dengan Desember 2016 (Note 18).
(Catatan 18).
e. Pemeliharaan jalan hauling batubara e. Coal hauling road maintenance
Pada tanggal 26 November 2010, TIA dan On November 26, 2010, TIA and PT Borneo
PT Borneo Indobara (BIB) menandatangani Indobara (BIB) entered into coal hauling road
perjanjian kerjasama pemeliharaan jalan maintenance agreement. BIB may pass the
hauling batubara. BIB dapat melintasi jalan hauling road which is owned by TIA for a total
hauling batubara milik TIA untuk total volume volume of 15,000,000MT for five years or for
batubara 15.000.000MT selama lima tahun 3,000,000MT per year and pay maintenance
atau 3.000.000MT per tahun dan membayar fees as follows: (i) hauling road amounting to
biaya pemeliharaan sebagai berikut: (i) jalan USD0.067/MT/KM and (ii) Minamas road
hauling sebesar USD0,067/MT/KM dan (ii) amounting to Rp71 per month. During 2011,
jalan Minamas Rp71 per bulan. Selama tahun total maintenance fees recognized by TIA
2011, total biaya pemeliharaan yang diakui amounted to Rp4,608, which is presented as
TIA adalah sebesar Rp4.608, yang disajikan part of “Other Operating Income” in the
sebagai bagian dari “Pendapatan Operasi consolidated statements of comprehensive
Lainnya” pada laporan laba rugi komprehensif income.
konsolidasian.
145
f. Perjanjian layanan hukum f. Legal service agreement
Pada tanggal 1 April 2010, TIA mengadakan On April 1, 2010, TIA entered into legal service
perjanjian jasa hukum dengan Yanuar & agreement with Yanuar & Partners Law Office
Partners Law Office dalam rangka memberikan in the framework of providing legal services in
pelayanan hukum dalam proses penambangan the course of coal mining in the mining area.
batubara di area pertambangan. Perjanjian ini This agreement is valid until March 31, 2013
berlaku sampai dengan tanggal 31 Maret 2013 and can be extended by both parties.
dan dapat diperpanjang oleh kedua belah
pihak.
tanggal 31 Desember 2011 dan 2010, biaya 2010, legal service fees charged to current
layanan hukum yang dibebankan pada operasi operations amounted to Rp15,044 and
tahun berjalan masing-masing sebesar Rp8,200, respectively, which are presented as
Rp15.044 dan Rp8.200, yang disajikan part of ”Selling, General and Administrative
sebagai bagian dari “Beban Penjualan, Umum Expenses” in the consolidated statements of
dan Administrasi” pada laporan laba rugi comprehensive income (Note 28).
komprehensif konsolidasian (Catatan 28).
g. Perjanjian penggunaan jasa pelabuhan g. Port utilization service agreement
TIA menandatangani perjanjian No. 001/CA- TIA entered into agreement No. 001/CA-
VDR/TIA-BBC/IX/09 mengenai penggunaan VDR/TIA-BBC/IX/09, dated September 7, 2009
jasa pelabuhan dengan PT Berkat Borneo Coal to render port utilization service to PT Berkat
(BBC) sebagai pemilik sekaligus pengelola Borneo Coal (BBC) as owner and operator of
fasilitas pelabuhan pada tanggal 7 September coal port facility. Coal that will be produced and
2009. Batubara yang akan diproduksi dan shipped during the contract term of one year is
dikapalkan selama satu tahun jangka waktu 800,000MT on which will be charged port
perjanjian sejumlah 800.000MT yang akan service fee amounting to Rp50,000/MT (full
dikenakan ongkos jasa pelabuhan sebesar amount) (including port fee, crushing, re-
Rp50.000/MT (dalam angka penuh) (termasuk handling, loading, and jetty fee).
didalamnya biaya pelabuhan, crushing, re-
handling, pemuatan, dan biaya jetty).
Perjanjian ini diubah pada tanggal 21 Juni 2010, The agreement was amended on June 21,
untuk merubah ongkos jasa pelabuhan menjadi 2010, changing the service fee to Rp37,000/MT
Rp37.000/MT (dalam angka penuh) untuk (full amount) for coal in ROM, and
batubara di ROM dan Rp50.000/MT (dalam Rp50,000/MT (full amount) for crushed coal
angka penuh) untuk batubara crushed (including port fee, crushing, re-handling,
(termasuk biaya pelabuhan, crushing, re- loading, and jetty fee).
handling, pemuatan, dan biaya jetty).
tanggal 31 Desember 2011 dan 2010, biaya 2010, port utilization service fee charged to
jasa penggunaan pelabuhan yang telah current operations amounted to Rp27,037 and
dibebankan pada operasi tahun berjalan Rp35,951, respectively, which is presented as
masing-masing sebesar Rp27.037 dan part of “Cost of Goods Sold and Services” in
Rp35.951, yang disajikan sebagai bagian dari the consolidated statements of comprehensive
“Beban Pokok Penjualan dan Pendapatan income (Note 27).
Jasa” pada laporan laba rugi komprehensif
konsolidasian (Catatan 27).
146

h. Biaya eksploitasi h. Exploitation fee
Berdasarkan Peraturan Pemerintah Based on Government Regulation No. 45/2003,

No. 45/2003 seluruh perusahaan yang memiliki all companies holding mining rights will have an
ijin eksploitasi diwajibkan untuk membayar iuran obligation to pay exploitation fees ranging from
eksploitasi sebesar 4% sampai 5% dari nilai 4% to 5% of sales, net of selling expenses. The
penjualan, setelah dikurangi beban penjualan. fees are presented as part of “Cost of Goods
Iuran eksploitasi (royalti) disajikan sebagai Sold and Services” in the consolidated
“Beban Pokok Penjualan dan Pendapatan Jasa” statements of comprehensive income (Note 27).
pada laporan laba rugi komprehensif
konsolidasian (Catatan 27).
tanggal 31 Desember 2011 dan 2010, iuran 2010, exploitation fees charged to current
eksploitasi yang telah dibebankan pada operations amounted to Rp55,448 and
operasi tahun berjalan masing-masing adalah Rp23,956, respectively.
sebesar Rp55.448 dan Rp23.956.
i. Biaya keagenan i. Agency fees
TIA memiliki perjanjian keagenan dengan TIA has an agency agreement with Mr. Girish
Tn. Girish Raghavan, seorang agen, untuk Raghavan, an agent, to market coal to certain
memasarkan batubara kepada beberapa customers. Under the agreement, the agent
pelanggan tertentu. Agen tersebut would receive commission of USD0.75/MT
mendapatkan komisi sebesar USD0,75/MT based on quantity sold to customers.
berdasarkan jumlah penjualan batubara kepada
pelanggan.
Sejak Oktober 2011, perjanjian keagenan In October 2011, the agency agreement was
dengan Tn. Girish Reaghavan tidak dilanjutkan, terminated, hence, TIA entered into an agency
tetapi TIA menandatangani perjanjian keagenan agreement with Reswara. Commission is paid
dengan Reswara. Komisi yang dibayarkan at USD1.00/MT based on quantity sold to
sebesar USD1,00/MT berdasarkan jumlah customers.
penjualan batubara kepada pelanggan.
MDB MDB
Pada tanggal 28 April 2011, MDB dan PT Tata On April 28, 2011, MDB and PT Tata Bara Utama
Bara Utama (TBU) menandatangani perjanjian (TBU) signed an agreement for the infrastructure
pekerjaan pembangunan infrastruktur dan development and coal mining in the IUP of MIFA
penambangan batubara di wilayah IUP MIFA dan and BEL, for a period of 36 months effective on
BEL, dengan jangka waktu pekerjaan selama May 23, 2011 up to May 23, 2014.
periode 36 bulan, mulai dilaksanakan pada tanggal
23 Mei 2011 sampai dengan 23 Mei 2014.
147

MDB (lanjutan) MDB (continued)
Selama tahun 2011, total biaya yang dikeluarkan During 2011, total costs incurred for work
untuk pekerjaan tersebut sebesar Rp8.886 amounted to Rp8,886 (excluding VAT). TBU is
(sebelum pajak pertambahan nilai). TBU berhak entitled to receive a management fee of 15% per
menerima management fee sebesar 15% setiap month that is calculated based on total actual
bulan yang dihitung berdasarkan total biaya operating expenses per month.
operasional aktual setiap bulan.
Proses litigasi Litigations
a. CK terlibat dalam perkara dengan Bulk a. CK is involved in litigation proceedings with

Trading, sehubungan dengan kegagalan Bulk Bulk Trading, in relation to Bulk Trading's
Trading untuk melakukan pembayaran atas payment default amounting to USD7,100,000
pekerjaan yang telah dilakukan oleh CK senilai and Rp3,800 under a coal mining services
USD7.100.000 dan Rp3.800 berdasarkan contract dated February 20, 2007 between CK
kontrak pekerjaan penambangan batubara and Bulk Trading which was terminated by CK
tanggal 20 Februari 2007 antara CK dan Bulk on June 24, 2008. Pursuant to the Supreme
Trading yang diakhiri oleh CK pada tanggal Court Decision No. 396/PDT.SUS/2010, the
24 Juni 2008. Merujuk pada Putusan Supreme Court decided in favor of BANI’s
No. 396K/PDT.SUS/2010, Mahkamah Agung request and cancelled the decision of the
memutuskan menerima permohonan banding South Jakarta District Court. CK subsequently
dari BANI dan membatalkan Penetapan submitted an appeal for review on July 22,
Pengadilan Negeri Jakarta Selatan. CK 2011. As of the date of this report, the case is
kemudian mengajukan permohonan still in the process of investigation by the
Peninjauan Kembali pada tanggal 22 Juli 2011 Supreme Court.
kepada Mahkamah Agung. Sampai dengan
tanggal laporan, perkara ini masih dalam
proses pemeriksaan Mahkamah Agung.
b. CK juga terlibat dalam perkara lainnya b. CK is also involved in a legal dispute in

sehubungan dengan sengketa kepemilikan connection with the ownership rights to two
dua buah bidang tanah yang terletak di plots of land located in Mantewe, Tanah
Mantewe, Kabupaten Tanah Bumbu, Bumbu, South Kalimantan with a total area of
Kalimantan Selatan dengan luas total tanah 20,000 square meters. In 2011, Abdul Hadi
sebesar 20.000 meter persegi. Pada tahun filed a lawsuit against PT Arutmin Indonesia,
2011, Abdul Hadi mengajukan gugatan CK and H. Darmawan as the defendants, with
terhadap PT. Arutmin Indonesia, CK dan the Kotabaru District Court, claiming (i)
H. Darmansyah pada Pengadilan Negeri material loss amounting to Rp358,800 and
Kotabaru. Dalam gugatan tersebut, penggugat Rp3,120 and (ii) moral damage suffered by the
menuntut pembayaran (i) kerugian material plaintiff amounting to Rp10,000. The plaintiff
sebesar Rp358.800 dan Rp3.120 serta (ii) further seeks to cease CK's mining contracting
kerugian immaterial yang diderita oleh activity on the disputed land until the court has
penggugat sebesar Rp10.000. Penggugat issued its decision. As of the date of this
juga menuntut CK untuk menghentikan report, CK is in the process of proceeding in
kegiatan pertambangan yang dilakukan di the District Court of Kotabaru.
tanah sengketa sampai ada putusan
pengadilan yang menetapkan hak milik dari
obyek sengketa. Sampai dengan tanggal
laporan, proses beracara di pengadilan Negeri
Kotabaru masih berlangsung
148
Proses litigasi (lanjutan) Litigations (continued)
c. CK terlibat dalam gugatan hukum dengan Bulk c. CK is involved in litigation proceedings with Bulk
Trading SA, dimana CK digugat oleh Bulk Trading SA whereby CK was sued by Bulk
Trading melalui Pengadilan Negeri Jakarta Trading in the District Court of South Jakarta
Selatan karena telah memutuskan kontrak for unilaterally terminating a contract and
secara sepihak dan mencairkan bank garansi withdrawing the Bank Guarantee of
senilai USD2.000.000 yang ada di Credit USD2,000,000 at Credit Agricole (Suisse) SA,
Agricole (Suisse) SA, Swiss. Pengadilan Switzerland. The District Court of South
Negeri Jakarta Selatan berdasarkan Jakarta, in its decision No.481/Pdt.G.2010/
putusannya No. 481/Pdt.G/2010/PN.Jkt.Sel. PN.Jak.Sel., stated that the suit filed by Bulk
menyatakan bahwa gugatan Bulk Trading dan Trading and the exception by CK is not
eksepsi CK tidak dapat diterima. Pada tanggal accepted. On October 21, 2011, CK filed an
21 Oktober 2011, CK telah melakukan upaya appeal with the Supreme Court. As of the date
hukum banding dan mengajukan Memori of this report, no decision has been made by
Banding ke Mahkamah Agung. Sampai dengan the Supreme Court.
tanggal laporan, CK masih dalam proses
banding di Mahkamah Agung.
d. TIA terlibat dalam gugatan hukum sehubungan d. TIA is involved in legal proceedings in
dengan kompensasi bagi pemanfaatan lahan connection with the compensation for the
yang berada pada area konsesi milik TIA. utilization of a parcel of land in TIA's
Pada bulan Januari 2011, Haji Adi selaku concession area. In January 2011, Haji Adi as
penggugat mendaftarkan gugatan terhadap the plaintiff filed a lawsuit with the District
TIA di Pengadilan Negeri Banjarmasin. Court of Banjarmasin against TIA. The plaintiff
Penggugat juga berusaha untuk mencabut dan also seeks the revocation and nullification of
membatalkan IUP milik TIA berikut ijin pinjam TIA's IUPs as well as the forestry borrow-use
pakai kawasan hutan yang telah diberikan permits granted to TIA. In September 2011,
kepada TIA. Pada bulan September 2011, the District Court of Banjarmasin rejected the
Pengadilan Negeri Banjarmasin telah lawsuit and gave 14 (fourteen) days for the
mengeluarkan putusan yang menolak gugatan plantiff to appeal to the High Court of South
penggugat dan memberikan waktu 14 hari bagi Kalimantan. Since the plaintiff did not submit
penggugat untuk mengajukan perlawanan his appeal until the determined date, the
hukum (banding) ke Pengadilan Tinggi decision of the District Court of Banjarmasin is
Kalimantan Selatan. Namun demikian, karena legally binding.
penggugat sampai dengan tanggal yang
ditetapkan tidak mengajukan banding, maka
putusan Pengadilan Negeri Banjarmasin telah
berkekuatan hukum tetap.
149
Proses litigasi (lanjutan) Litigation (continued)
e. TIA juga terlibat dalam gugatan hukum e. TIA is also involved in a legal proceeding in
sehubungan dengan kepemilikan tanah yang connection with the land ownership rights
berada didalam area konsesi milik TIA. Pada within TIA's concession area. In January 2011,
bulan Januari 2011, Froperi (sebuah organisasi Fropery (a local mass organization) as the
massa setempat) selaku penggugat plaintiff filed a lawsuit against TIA, among
mendaftarkan gugatan kepada, salah satunya, other defendants, with the District Court of
TIA di Pengadilan Negeri Kotabaru. Penggugat Kotabaru. The plaintiff also seeks TIA's
meminta TIA melepaskan tanah yang menjadi relinquishment of the disputed land to the
sengketa untuk dikembalikan kepada community. On November 2011, the District
masyarakat. Pada bulan November 2011, Court of Kotabaru has rejected the lawsuit.
Pengadilan Negeri Kotabaru telah Upon The verdict, plaintiff appealed to the
mengeluarkan putusan yang menolak gugatan High Court of South Kalimantan. As of the date
penggugat. Terhadap putusan tersebut, of the report, the case is still in process at the
penggugat mengajukan banding ke Pengadilan High Court of South Kalimantan.
Tinggi Kalimantan Selatan. Sampai dengan
tanggal laporan, perkara ini masih di proses di
Pengadilan Tinggi Kalimantan Selatan.
f. CKB terlibat dalam perkara pidana lingkungan, f. CKB is involved in environmental criminal
dimana Antonius Roni Setyawan selaku cases, where Antonius Roni Setyawan as
Direktur CKB, dituntut atas tindak pidana Director of CKB, charged with environmental
lingkungan. Berdasarkan Putusan No. 1060/ crimes. Pursuant to Decision No. 1060/
Pid.B/2010/PN.Mks. tanggal 16 Desember Pid.B/2010/PN.Mks. dated December 16, 2010
2010 di Pengadilan Negeri Makassar, Direktur in District Court of Makassar, Director of CKB
CKB dinyatakan tidak terbukti secara sah dan is expressed not proven legally and
meyakinkan bersalah melakukan tindak pidana convincingly guilty of committing a crime and
dan membebaskannya dari semua tuntutan. acquitted him of all charges. Over this decision
Atas putusan ini Jaksa Penuntut Umum the Public Prosecutor appealed to the
mengajukan kasasi ke Mahkamah Agung, Supreme Court, which Director of CKB also
dimana Direktur CKB juga telah has expressed Kontra Memori Kasasi on
menyampaikan Kontra Memori Kasasi pada January 28, 2011. As of the date of this report,
tanggal 28 Januari 2011. Sampai dengan the case is still in the process of the Supreme
tanggal laporan ini, perkara ini masih dalam Court.
proses kasasi di Mahkamah Agung.
150
34. ASET DAN LIABILITAS MONETER DALAM 34. ASSETS AND LIABILITIES DENOMINATED IN
MATA UANG ASING FOREIGN CURRENCIES
Pada tanggal 31 Desember 2011 dan 2010, As of December 31, 2011 and 2010, the Group has
Grup memiliki aset dan liabilitas moneter significant monetary assets and liabilities
dalam mata uang asing yang signifikan denominated in foreign currencies as follows:
sebagai berikut:
2011 2010
Setara dengan Setara dengan

Rupiah/Equivalent Rupiah/Equivalent
USD Amount in Rupiah USD Amount in Rupiah

Aset Assets
Kas dan setara kas 40.808.066 370.048 22.998.554 206.780 Cash and cash equivalents
Kas dan setara kas yang dibatasi
penggunaannya 20.351.444 184.547 - - Restricted cash and cash equivalent
Piutang usaha 113.883.578 1.032.696 89.839.284 807.745 Trade receivables
Piutang lainnya 14.811.727 134.313 - - Other recevaibles
Sub-total 189.854.815 1.721.604 112.837.838 1.014.525 Sub-total
Liabilitas Liabilities
Utang bank jangka pendek 39.637.254 359.433 32.500.000 292.208 Short-term bank loans
Utang usaha 72.518.766 657.600 126.059.838 1.133.404 Trade payables
Utang lainnya 1.418.375 12.862 - - Other payables
Beban yang masih harus dibayar 6.406.774 58.097 - - Accrued expenses
Utang bank jangka panjang 251.951.517 2.284.696 36.740.990 330.338 Long-term bank loans
Utang sewa pembiayaan 119.406.851 1.082.781 68.325.272 64.313 Obligations under finance lease
Utang jangka panjang lainnya - - 14.000.000 125.874 Other long-term loan
Sub-total 491.339.537 4.455.469 277.626.100 1.946.137 Sub-total
Liabilitas dalam Liabilities in

Dolar Amerika United States
Serikat, neto 301.484.722 2.733.865 164.788.262 931.612 dollar, net

Euro Amount in Rupiah Euro Amount in Rupiah
Euro Eropa European Euro

Aset Asset
Kas dan setara kas 55.824 655 23.168 277 Cash and cash equivalents
Liabilitas Liability
Utang usaha 1.157.582 13.589 969.722 11.594 Trade payables
Liabilitas dalam Euro, neto 1.101.758 12.934 946.554 11.317 Liability in Euro, net

Amount in Rupiah Amount in Rupiah
Mata uang asing lainnya Other foreign currencies

Aset Assets
Kas dan setara kas 664 258 Cash and cash equivalents
Piutang usaha 2 1.610 Trade receivables
Sub-total 666 1.868 Sub-total
Liabilitas Liability
Utang usaha 15.432 12.515 Trade payables
Liabilitas dalam mata uang Liability in other

asing lainnya, neto 14.766 10.647 foreign currencies, net
151
35. NILAI WAJAR INSTRUMEN KEUANGAN 35. FAIR VALUES OF FINANCIAL INSTRUMENTS
Nilai wajar atas aset dan liabilitas keuangan adalah Fair values of the financial assets and liabilities are
nilai dimana instrumen dapat dipertukarkan/ included at the amounts at which the instruments
diselesaikan antar pihak yang memahami dan could be exchanged in a current transaction
berkeinginan untuk melakukan transaksi secara between knowledgeable willing parties in an arm's
wajar (arm's length transaction), yang bukan length transaction, other than in a forced or
berasal dari penjualan yang dipaksakan atau liquidation sale.
likuidasi.
Berikut ini adalah metode dan asumsi yang The following are the methods and assumptions
digunakan untuk memperkirakan nilai wajar setiap used to estimate the fair value of each class of the
kelompok dari instrumen keuangan Grup: Group’s financial instruments:
a. Kas dan setara kas, kas dan setara kas yang a. Cash and cash equivalents, restricted cash
dibatasi penggunaannya, piutang usaha, and cash equivalents, trade receivables, other
piutang lainnya, aset lancar lainnya, utang receivables, other current assets, trade
usaha, utang lainnya dan beban yang masih payables, other payables and accrued
harus dibayar mendekati nilai tercatatnya expenses approximate their carrying amounts
karena bersifat jangka pendek. largely due to the short-term maturities of
these instruments.
b. Nilai wajar aset keuangan tersedia untuk dijual b. The fair value of unquoted available-for-sale
yang tidak tersedia nilai wajarnya diperkirakan financial assets is estimated using appropriate
dengan menggunakan metode penilaian. valuation techiques.
c. Nilai tercatat dari utang bank dan utang jangka c. The carrying values of bank loans and other
panjang lainnya mendekati nilai wajarnya long-term loans approximate their fair values
disebabkan oleh pemakaian suku bunga due to the floating rate interests on these
mengambang atas instrumen tersebut, dimana instruments which are subject to adjustments
tingkat bunga tersebut selalu disesuaikan oleh by the banks.
bank.
d. Nilai wajar aset tidak lancar lainnya, utang d. The fair values of non-current assets,
sewa pembiayaan, utang usaha jangka obligations under finance lease, long-term
panjang dan beban yang masih harus dibayar trade payables and long-term accrued
jangka panjang diperkirakan dengan expenses are estimated by discounting future
mendiskontokan arus kas masa depan cash flows, using rates currently available for
menggunakan tingkat suku bunga saat ini bagi debt on similar terms, credit risks and
pinjaman, yang mempersyaratkan risiko kredit remaining maturities. However, since the
dan sisa masa jatuh tempo yang serupa. differences between the carrying values and
Namun karena selisih antara nilai yang tercatat fair values are not material, these are no
dengan nilai wajarnya tidak material, maka longer adjusted.
tidak dilakukan penyesuaian.
152
35. NILAI WAJAR INSTRUMEN KEUANGAN 35. FAIR VALUES OF FINANCIAL INSTRUMENTS
Tabel berikut menyajikan nilai wajar, yang The following tables set forth the fair values, which
mendekati nilai tercatat, atas aset keuangan dan approximate the carrying amounts, of financial
liabilitas keuangan Grup: assets and financial liabilities of the Group:
2011 2010
Aset Keuangan Lancar Current Financial Assets
Pinjaman yang diberikan dan piutang Loans and receivables
Kas dan setara kas 1.668.670 433.039 Cash and cash equivalents
Kas dan setara kas yang dibatasi Restricted cash and cash
penggunaannya 186.577 7.626 equivalents
Piutang usaha 1.405.596 985.238 Trade receivables
Piutang lainnya 161.938 9.950 Other receivables
Aset lancar lainnya 3.621 732 Other current assets
Total Aset Keuangan Lancar 3.426.402 1.436.585 Total Current Financial Assets
Aset Keuangan Tidak Lancar Non-current Financial Assets

Pinjaman yang diberikan dan piutang Loans and receivables
Aset tidak lancar lainnya 13.038 4.700 Other non-current assets
Aset keuangan tersedia untuk dijual Financial asset available-for-sale

Penyertaan saham 59.780 - Investment in shares of stock
Total Aset Keuangan 3.499.220 1.441.285 Total Financial Assets
Liabilitas Keuangan Jangka Pendek Current Financial Liabilities

Liabilitas yang dicatat pada nilai
wajar atau biaya perolehan yang Liabilities at fair value or amortized
diamortisasi cost
Utang bank jangka pendek 493.852 292.208 Short-term bank loans
Utang usaha 1.395.406 1.270.543 Trade payables
Utang lainnya 59.559 38.523 Other payables
Beban yang masih harus dibayar 231.911 282.130 Accrued expenses
Bagian yang jatuh tempo dalam Current maturities of:
satu tahun:
Utang bank jangka panjang 470.526 131.813 Long-term bank loans
Utang sewa pembiayaan 399.039 289.201 Obligations under finance lease
Total Liabilitas Keuangan Jangka Pendek 3.050.293 2.304.418 Total Current Financial Liabilities
Liabilitas Keuangan Jangka Panjang Non-current Financial Liabilities

Liabilitas yang dicatat pada nilai
wajar atau biaya perolehan yang
diamortisasi
Kewajiban jangka panjang - Liabilities at fair value or amortized cost
setelah dikurangi bagian yang Long-term debts - net of current
jatuh tempo dalam satu tahun maturities
Utang bank jangka panjang 2.831.156 715.785 Long-term bank loans
Utang jangka panjang lainnya - 125.874 Other long-term loans
Utang sewa pembiayaan 733.779 369.185 Obligations under finance lease
Utang usaha jangka panjang - 56.435 Long-term trade payable
Beban yang masih harus dibayar -
setelah dikurangi bagian yang Accrued expenses - net of current
jatuh tempo dalam satu tahun - 35.361 maturities
Total Liabilitas Keuangan Jangka Panjang 3.564.935 1.302.640 Total Non-current Financial Liabilities
Total Liabilitas Keuangan 6.615.228 3.607.058 Total Financial Liabilities
153
36. KEBIJAKAN DAN TUJUAN MANAJEMEN 36. FINANCIAL RISK MANAGEMENT OBJECTIVES
RISIKO KEUANGAN AND POLICIES
Liabilitas keuangan utama Grup meliputi utang The principal financial liabilities of the Group
jangka pendek dan jangka panjang, utang usaha consist of short-term and long-term loans, trade
dan lainnya, utang sewa pembiayaan, dan beban and other payables, obligations under finance
yang masih harus dibayar. Tujuan utama dari lease, and accrued expenses. The main purpose of
liabilitas keuangan ini adalah untuk mengumpulkan these financial liabilities is to raise funds for the
dana untuk operasi Grup. Grup juga mempunyai operations of the Group. The Group also has
berbagai aset keuangan seperti kas dan setara various financial assets such as cash and cash
kas, kas dan setara kas yang dibatasi equivalents, restricted cash and cash equivalents,
penggunaannya, piutang usaha dan lainnya, aset trade and other receivables, other current assets
lancar lainnya, dan aset tidak lancar lainnya yang and other non-current assets which arise directly
dihasilkan langsung dari kegiatan usahanya. from its operations.
Risiko utama yang timbul dari instrumen keuangan The main risks arising from the Group’s financial
Grup adalah risiko suku bunga atas nilai wajar dan instruments are fair value and cash flow interest
arus kas, risiko mata uang, risiko kredit dan risiko rate risk, foreign exchange rate risk, credit risk and
likuiditas. Kepentingan untuk mengelola risiko ini liquidity risk. The importance of managing these
telah meningkat secara signifikan seiring risks has significantly increased in light of the
perubahan dan volatilitas pasar keuangan baik di considerable change and volatility in both
Indonesia maupun internasional. Direksi Indonesian and international financial markets. The
Perusahaan menelaah dan menyetujui kebijakan Company's Board of Directors reviews and
untuk mengelola risiko-risiko yang dirangkum di approves the policies for managing these risks
bawah ini. which are summarized below.
a. Risiko suku bunga atas nilai wajar dan arus a. Fair value and cash flow interest rate risk
kas
Risiko suku bunga atas nilai wajar dan arus Fair value and cash flow interest rate risk is
kas adalah risiko dimana nilai wajar atau arus the risk that the fair value or future cash flows
kas masa depan dari suatu instrumen of a financial instrument will fluctuate because
keuangan akan berfluktuasi akibat perubahan of changes in market interest rates. The Group
suku bunga pasar. Eksposur Grup terhadap is exposed to the risk of changes in market
risiko perubahan suku bunga pasar terutama interest rates relating primarily to its short-term
terkait dengan utang bank jangka pendek dan bank loans and long-term loans. Interest rate
utang jangka panjangnya. Fluktuasi suku fluctuations influence the cost of new loans
bunga mempengaruhi biaya atas pinjaman and the interest on the outstanding variable
baru dan bunga atas saldo utang Grup yang rate loans of the Group.
dikenakan suku bunga mengambang.
Kebijakan Grup terkait dengan risiko suku The Group’s policies relating to interest rate
bunga adalah dengan mengelola biaya bunga risk are to manage interest cost through a mix
melalui kombinasi pinjaman dengan suku of fixed and variable rate debts. The Group
bunga tetap dan mengambang. Grup evaluates the fixed to floating ratio of its short-
mengevaluasi perbandingan suku bunga tetap term bank loans and other long-term loans in
terhadap suku bunga mengambang dari utang line with movements of relevant interest rates
bank jangka pendek dan utang jangka panjang in the financial markets. Based on
lainnya sejalan dengan perubahan suku bunga management's assessment, new financing will
yang relevan di pasar uang. Berdasarkan be priced either on a fixed or floating rate
penilaian manajemen, pembiayaan baru akan basis.
ditentukan pada suku bunga tetap atau
mengambang.
Saat ini, Grup tidak mempunyai kebijakan Currently, the Group does not have a formal
lindung nilai formal atas risiko suku bunga. hedging policy for interest rate exposures. For
Untuk utang sewa pembiayaan dan utang obligations under finance lease and long-term
jangka panjang, Grup mengelola risiko suku loan, the Group may seek to mitigate its
bunga dengan mengalihkannya kepada para interest rate risk by passing it on to its
pelanggan. customers.
154
RISIKO KEUANGAN (lanjutan) AND POLICIES (continued)
b. Risiko mata uang b. Foreign exchange rate risk
Risiko mata uang adalah risiko dimana nilai Foreign exchange rate risk is the risk that the
wajar atau arus kas masa depan dari suatu fair value or future cash flows of a financial
instrumen keuangan akan berfluktuasi akibat instrument will fluctuate because of changes in
perubahan nilai tukar mata uang asing. foreign exchange rates. The Group’s exposure
Dampak fluktuasi nilai tukar terhadap Grup to exchange rate fluctuations results primarily
terutama berasal dari utang jangka pendek, from short-term loans, long-term loans, trade
utang jangka panjang, piutang usaha dari receivables from sales in foreign currencies
penjualan dalam mata uang asing dan utang and trade payables from purchases in foreign
usaha dari pembelian dalam mata uang asing. currencies.
Aset dan liabilitas moneter Grup dalam mata Monetary assets and liabilities of the Group
uang asing pada tanggal 31 Desember 2011 which are denominated in foreign currencies
dan 2010 disajikan pada Catatan 34. as of December 31, 2011 and 2010 are
presented in Note 34.
Grup tidak mempunyai kebijakan lindung nilai The Group does not have any formal hedging
yang formal untuk risiko pertukaran mata uang policy for foreign exchange exposure.
asing. Walaupun demikian, terkait dengan hal- However, in relation to the matters discussed
hal yang telah didiskusikan pada paragraf in the preceding paragraph, the fluctuations in
diatas, fluktuasi nilai tukar rupiah masing- the exchange rates between the rupiah and
masing terhadap, dolar Amerika Serikat, dolar each of the United States dollar, Australian
Australia, dan Euro menghasilkan lindung nilai dollar, and Euro provide some degree of
natural terhadap risiko mata uang Grup. natural hedge for the Group’s foreign
exchange exposure.
c. Risiko kredit c. Credit risk
Risiko kredit adalah risiko dimana salah satu Credit risk is the risk that a party to a financial
pihak terhadap suatu instrumen keuangan instrument will fail to discharge its obligation
gagal memenuhi kewajibannya dan and will result in a financial loss to the other
menyebabkan pihak lain mengalami kerugian party. The Group is exposed to credit risk
keuangan. Risiko kredit yang dihadapi Grup arising from the credit granted to its
berasal dari kredit yang diberikan kepada customers. The Group trades only with
pelanggan. Grup melakukan hubungan usaha recognized and creditworthy third parties. It is
hanya dengan pihak ketiga yang diakui dan the Group’s policy that all customers who wish
kredibel. Grup memiliki kebijakan untuk semua to trade on credit terms are subject to credit
pelanggan yang akan melakukan perdagangan verification procedures.
secara kredit harus melalui prosedur verifikasi
kredit.
Sebagai tambahan, saldo piutang dipantau In addition, receivable balances are monitored
secara terus menerus untuk mengurangi risiko on an ongoing basis to reduce the exposure to
piutang yang tidak tertagih. Nilai maksimal bad debts. The maximum exposure to credit
eksposur terhadap risiko kredit adalah sebesar risk is represented by the carrying amount of
nilai tercatat piutang sebagaimana receivables as shown in Note 6. There is no
diungkapkan pada Catatan 6. Tidak ada risiko concentration of credit risk.
kredit yang terpusat.
155
RISIKO KEUANGAN (lanjutan) AND POLICIES (continued)
c. Risiko kredit (lanjutan) c. Credit risk (continued)
Sehubungan dengan risiko kredit yang timbul With respect to credit risk arising from the
dari aset keuangan lainnya yang mencakup other financial assets, which comprise cash
kas dan setara kas, kas yang dibatasi and cash equivalents, restricted cash and cash
penggunaanya, dan investasi jangka pendek equivalent, short-term investment in terms of
dalam bentuk deposito, risiko kredit yang time deposits and certain derivative
dihadapi timbul karena wanprestasi dari pihak instruments, the Group’s exposure to credit
terkait. Grup memiliki kebijakan untuk tidak risk arises from default of the counterparty.
menempatkan investasi pada instrumen yang The Group has a policy not to place
memiliki risiko kredit tinggi dan hanya investments in instruments that have a high
menempatkan investasinya pada bank-bank credit risk and to put the investments only in
dengan peringkat kredit yang tinggi. Nilai banks with high credit ratings.The maximum
maksimal eksposur terhadap risiko ini adalah exposure to this risk is equal to the carrying
sebesar nilai tercatat dari aset keuangan amounts of the above-mentioned financial
sebagaimana diungkapkan pada Catatan 4, 5 assets disclosed in Notes 4, 5 and 6.
dan 6.
d. Risiko likuiditas d. Liquidity risk
Dalam mengelola risiko likuiditas, Grup In the management of liquidity risk, the Group
memantau dan menjaga tingkat kas dan setara monitors and maintains a level of cash and
kas yang dianggap memadai untuk membiayai cash equivalents deemed adequate to finance
operasi Grup dan untuk mengatasi dampak the Group’s operations and to mitigate the
dari fluktuasi arus kas. Grup juga secara rutin effects of fluctuation in cash flows. The Group
mengevaluasi proyeksi arus kas dan arus kas also regularly evaluates the projected and
aktual, termasuk jadwal jatuh tempo utang actual cash flows, including its long-term loan
jangka panjang mereka, dan terus menelaah maturity profiles, and continuously assesses
kondisi pasar keuangan untuk memelihara conditions in the financial markets to maintain
fleksibilitas pendanaan dengan cara menjaga flexibility in funding by keeping committed
ketersediaan komitmen fasilitas kredit. credit facilities available.
Tabel di bawah ini merupakan jadwal jatuh The table below summarizes the maturity
tempo liabilitas keuangan Grup pada tanggal profile of the Group’s financial liabilities as of
31 Desember 2011 berdasarkan pembayaran December 31, 2011 based on contractual
kontraktual yang tidak didiskontokan (tidak undiscounted payments to be made (excluding
termasuk pembayaran bunga): interest payments):
2011
Kurang dari
1 tahun/ 1 - 2 tahun/ 3 - 5 tahun/ Total/
Below 1 year 1 - 2 years 3 - 5 years Total
Liabilitas jangka pendek Current liabilities

Utang bank jangka pendek 493.852 - - 493.852 Short-term bank loans
Utang usaha 1.395.406 - - 1.395.406 Trade payables
Utang lainnya 59.559 - - 59.559 Other payables
Beban yang masih harus dibayar 231.911 - - 231.911 Accrued expenses
Sub-total 2.180.728 - - 2.180.728 Sub-total
Liabilitas jangka panjang Non-current liabilities

Utang bank jangka panjang* 483.120 617.668 2.236.375 3.337.163 Long-term bank loans*
Utang sewa pembiayaan* 399.039 525.957 207.822 1.132.818 Obligations under finance lease*
Sub-total 882.159 1.143.625 2.444.197 4.469.981 Sub-total
Total 3.062.887 1.143.625 2.444.197 6.650.709 Total
Biaya transaksi yang

belum diamortisasi (35.481) Unamortized transaction cost
Neto 6.686.190 Net
*Termasuk bagian yang jatuh tempo dalam satu tahun * including current maturities
156
37. PERATURAN MENTERI 37. MINISTERIAL REGULATIONS
a. Peraturan Menteri No. 28/2009 a. Ministerial Regulation No. 28/2009
Pada bulan September 2009, Menteri Energi In September 2009, the Minister of Energy and
dan Sumber Daya Mineral mengeluarkan Mineral Resources issued Ministerial
Peraturan Menteri No. 28/2009, mengatur, Regulation No. 28/2009 which, among other
antara lain, pengelompokan perusahaan jasa regulates categorization of mining contractor
pertambangan dan penggunaan perusahaan and the utilization of a mining service
jasa pertambangan termasuk perusahaan contractor including affiliated company by the
afiliasi oleh para pemegang ijin usaha owner of mining concession.
pertambangan (IUP).
Direktur Jenderal Mineral, Batubara dan Panas The Director General of Mineral, Coal and
Bumi telah mengeluarkan peraturan Geothermal has issued implementation
pelaksanaan atas Peraturan Menteri No. 28 regulation of Minister Decree No. 28 Year
Tahun 2009 melalui Peraturan Direktur 2009 through the Director General Regulation
Jenderal No. 376.K/30/DJB/2010 tertanggal No. 376.K/30/DJB/2010 dated May 10, 2010
10 Mei 2010 tentang tata cara dan persyaratan on the procedures and requirements of a
permohonan persetujuan keikutsertaan entitas request for approval to involve a subsidiary
anak dan afiliasi dalam usaha jasa and/or an affiliate in mining service activities
pertambangan. Peraturan ini mengatur dan (Peraturan Dirjen). Peraturan Dirjen further
menjelaskan lebih lanjut mengenai definisi dan regulates and explains the definition of and the
syarat penggunaan entitas anak dan afiliasi requirement to use a subsidiary and an affiliate
pemegang IUP dalam bidang usaha jasa company of IUP holders at mining service
oertambangan di wilayah usaha pertambangan contractor in their mining area in order
yang diusahakannya, untuk dijadikan pedoman providing guidance for the utilization of an
dalam penggunaan perusahaan jasa affiliated mining contractor services company.
pertambangan afiliasi.
CK selaku perusahaan pertambangan nasional CK as a national mining contractor company is

sedang mempertimbangkan dampak dari considering the impact of the regulation since
peraturan tersebut oleh karena CK CK provides mining contractor services to third
menyediakan jasa kontraktor pertambangan parties at several locations in Indonesia.
kepada pihak ketiga di berbagai lokasi di
Indonesia.
b. Peraturan Menteri No. 34/2009 b. Ministerial Regulation No. 34/2009
Pada Desember 2009, Kementerian Energi In December 2009, the Minister of Energy and
dan Sumber Daya Mineral (KESDM) Mineral Resources (MEMR) issued Ministerial
mengeluarkan Peraturan Menteri No. 34/2009, Regulation No. 34/2009, which provides a
yang menetapkan kerangka hukum yang legal framework to require mining companies
mengharuskan perusahaan pertambangan to sell a portion of their output to domestic
untuk menjual sebagian produknya ke customers (Domestic Market Obligation or
pelanggan dalam negeri (Domestic Market DMO). The list of mining companies that are
Obligation atau DMO). Daftar perusahaan required to fulfill DMO and the related
pertambangan yang diwajibkan untuk minimum percentage of coal sales for DMO is
memenuhi DMO beserta persentase minimal determined based on the Decree of the MEMR
penjualan batubara untuk DMO ditetapkan every year. Based on the latest Decree of the
berdasarkan keputusan KESDM setiap MEMR on the 2012 DMO, TIA is not required
tahunnya. Berdasarkan keputusan KESDM to fulfill DMO. However, TIA is closely
terakhir yang mengatur DMO tahun 2012, TIA monitoring the progress of the implementation
tidak diwajibkan untuk memenuhi DMO. of the Regulation, and will consider its impact
Namun demikian, TIA terus memonitor on its operations, if any, when the revised
perkembangan dari peraturan pelaksanaan, implementing regulations are issued.
dan akan mempertimbangkan pengaruh
peraturan tersebut, bila ada, ketika peraturan
pelaksanaan revisi diterbitkan.
157
37. PERATURAN MENTERI (lanjutan) 37. MINISTERIAL REGULATIONS (continued)
c. Peraturan Menteri No. 17/2010 c. Ministerial Regulation No. 17/2010
Pada bulan September 2010, Menteri Energi In September 2010, the Minister of Energy and
dan Sumber Daya Mineral mengeluarkan Mineral Resources issued Ministerial
Peraturan Menteri No. 17/2010 tentang “Tata Regulation No. 17/2010 on “The Procedure for
Cara Penetapan Harga Patokan Penjualan the Setting of Benchmark Prices for Mineral
Mineral dan Batubara” yang mengatur bahwa and Coal Sales”, which regulates that the sale
penjualan batubara dilaksanakan dengan of coal shall be conducted with reference to
berpedoman pada harga patokan yang the benchmark price as issued by the
ditetapkan oleh Direktur Jenderal Mineral dan Directorate General of Mineral and Coal. In the
Batubara. Di dalam Peraturan Menteri Ministerial Regulation, existing spot and term
tersebut, kontrak penjualan langsung (spot) contracts which have been signed prior to the
dan penjualan jangka tertentu (term) yang date of the Ministerial Regulation must
telah ditandatangani sebelum tanggal conform their provisions with the provisions
ditetapkannya Peraturan Menteri ini, wajib under the Ministerial Regulation within 6
disesuaikan dengan ketentuan dalam months for spot contracts and 12 months for
Peraturan Menteri ini dalam jangka waktu term contracts. Those contracts whose coal
paling lama 6 bulan untuk kontrak penjualan sales prices have been renegotiated under
langsung dan 12 bulan untuk kontrak and in accordance with the instruction of the
penjualan jangka tertentu. Kontrak dimana Minister or Director General are exempted. TIA
harga penjualan batubara telah dinegosiasikan is still studying the impact of the above
kembali sesuai instruksi Menteri atau regulation on its operations.
Direktorat Jenderal dikecualikan dari peraturan
ini. TIA masih mempelajari pengaruh atas
pemberlakuan peraturan tersebut terhadap
kegiatan operasional.
38. TAMBAHAN INFORMASI ARUS KAS 38. SUPPLEMENTAL CASH FLOWS INFORMATION
Akuisisi Entitas Anak (Catatan 1c) Acquisition of a Subsidiary (Note 1c)
Nilai wajar aset yang diperoleh dan liabilitas yang The fair values of assets acquired and liabilities
diambil-alih adalah sebagai berikut: assumed were as follows:
Amount
Kas dan bank 605 Cash on hand and cash in banks

Uang muka 4.071 Advances
Aset tetap - net 508 Fixed assets - net
Goodwill 593.883 Goodwill
tambang ditangguhkan 21.554 development costs
Aset tidak lancar lainnya 20 Other non-current assets
Utang lainnya (15.341) Other payables
Bagian kepentingan nonpengendali (3.385) Non-controlling interests portion
Total harga beli yang dibayarkan 601.915 Total purchase price paid in cash
Dikurangi: kas dari Entitas Anak (605) Less: cash of acquired Subsidiary
Arus kas neto akuisisi Entitas Anak 601.310 Net cash paid to acquire Subsidiary
158
38. TAMBAHAN INFORMASI ARUS KAS (lanjutan) 38. SUPPLEMENTAL CASH FLOWS INFORMATION
(continued)
Transaksi non-kas yang signifikan Significant non-cash transactions
2011 2010
Aktivitas Investasi: Investing activities:

Perolehan aset tetap dengan: Acquisition of fixed assets under:
Utang sewa pembiayaan 801.572 182.663 Finance lease arrangements
Utang usaha 153.900 73.759 Trade payables
Aktivitas Pendanaan: Financing activity:

Konversi OWK menjadi modal saham 757.120 - Conversion of MCBs to share capital
39. REKLASIFIKASI AKUN 39. RECLASSIFICATION OF ACCOUNT
Reklasifikasi dari beban penjualan, umum dan Reclassification from selling, general and
administrasi - royalti ke beban pokok penjualan administrative - royalty expenses to cost of goods
dan pendapatan jasa sebesar Rp23.956 telah sold and services amounting to Rp23,956 was
dibuat pada laporan laba rugi komprehensif made to the consolidated statements of
konsolidasian per tanggal 31 Desember 2010 agar comprehensive income for the year ended
sesuai dengan penyajian pada laporan keuangan December 31, 2010 to conform with the
per tanggal 31 Desember 2011. presentation in the financial statements for the year
ended December 31, 2011.
40. PERISTIWA SETELAH TANGGAL PELAPORAN 40. EVENTS AFTER THE REPORTING PERIOD
SS SS
Pada bulan Maret 2012, SS memperoleh fasilitas In March 2012, SS obtained specific transaction
pinjaman transaksi khusus III dengan total loan III facility with total maximum credit of
maksimum kredit sebesar Rp600.000 dari Mandiri, Rp600,000 from Mandiri, which is available within
yang tersedia selama satu tahun sejak tanggal one year from the signing date of the agreement.
penandatanganan perjanjian. Pinjaman dari The loan from the facility will bear interest at the
fasilitas ini dikenakan tingkat suku bunga 9,50% annual rate of 9.50%. In addition, SS also
per tahun. Selain itu, SS melakukan perubahan amended the maximum bank guarantee facility
batas maksimum fasilitas bank garansi yang limit obtained from Mandiri from Rp70,000 to
diperoleh dari Mandiri dari Rp70.000 menjadi become Rp143,000, with the availability period
Rp143.000, dengan periode penarikan extended to September 26, 2013 (Note 14).
diperpanjang sampai tanggal 26 September 2013
(Catatan 14).
ATR ATR
Pada tanggal 16 Januari 2012, PT Talisman On January 16, 2012, PT Talisman Energy Nuigini
Energy Nuigini Limited (Talisman), pelanggan Limited (Talisman), a third party customer in Papua
pihak ketiga di Papua Nuigini memutuskan kontrak New Guinea, terminated Time Charter Agreement
sewa menyewa kapal No. TENL00146 yang Contract No. TENL00146 that was commenced on
dimulai pada tanggal 11 Oktober 2010. Talisman October 11, 2010. Talisman agreed to pay ATR
setuju untuk membayar ATR sebesar USD460.165 USD460,165 as the final settlement of the contract
sebagai penyelesaian akhir kontrak seperti tercatat that is stated in a letter of contract settlement dated
dalam surat penyelesaian kontrak tanggal February 8, 2012.
8 Februari 2012.
159
40. PERISTIWA SETELAH TANGGAL PELAPORAN 40. EVENTS AFTER THE REPORTING PERIOD
Reswara Reswara
Pada tanggal 20 Januari 2012, Reswara melalui On January 20, 2012, Reswara through
perjanjian antara TIA, anak perusahaan Reswara, agreements made between TIA, a subsidiary of
dan Mega Strada Pte. Ltd. dan Subham Reswara, and each of Mega Strada Pte. Ltd. and
Corporation Pvt. Ltd., menandatangani kontrak Subham Corporation Pvt. Ltd., entered into sale
jual beli batubara sebanyak 1.200.000MT dan and purchase contracts of coal involving
800.000MT dengan periode pengapalan antara 1,200,000MT and 800,000MT, respectively, with
Januari 2012 sampai dengan Desember 2012. shipment period from January 2012 until
Nilai kontrak berkisar antara USD40.200.000 December 2012. The contract values were
sampai dengan USD59.400.000 yang akan dikaji determined to range from USD40,200,000 to
setiap tiga bulan sesuai dengan harga pasar. USD59,400,000 which will be reviewed quarterly to
align with market values.
CK CK
Pada tanggal 29 Februari 2012, CK On February 29, 2012, CK signed a coal mining
menandatangani kontrak jasa pertambangan service contracts with PT Riau Bara Harum with
batubara dengan PT Riau Bara Harum dengan estimated contract value of USD300,000,000
nilai kontrak USD300.000.000 selama lima tahun. covering five years. The scope of the services
Jasa yang disediakan meliputi pembersihan lahan, includes land clearing, overburden removal and
pengupasan lahan dan penyewaan alat. equipment rentals.
41. PENYELESAIAN LAPORAN KEUANGAN 41. COMPLETION OF THE CONSOLIDATED

Manajemen Grup bertanggung jawab atas The management of the Group is responsible for
penyusunan laporan keuangan konsolidasian yang the preparation of the consolidated financial
diselesaikan pada tanggal 22 Maret 2012. statements that were completed on March 22,
2012.
160
2011
annual report
PT ABM Investama Tbk

Gedung TMT 1, 18th Floor
Jl. Cilandak KKO No. 1, Jakarta 12560
T +62 21 2997 6767
F +62 21 2997 6768
www.abm-investama.com
A member of Tiara Marga Trakindo Group

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2011

Building A Solid Foundation

From the Management

Corporate Social Responsibility 106

Corporate Governance Report 114

Financial Review 136

Corporate Data 161

Consolidated Financial Statement 171

ABM Investama • 2011 Annual Report

Building A Solid Foundation

Supported by the synergy from its integrated business

NET INCOME increased

REVENUE grew fast

ABM Investama • 2011 Annual Report

Rising up to the challenges and adapting to the

ABM Investama • 2011 Annual Report

The Company’s business activities have an

ABM INVESTAMA AT A GLANCE

business synergy focusing on three key businesses units in coal production,

The Company was established on 1 June 2006 under the name of

ABM Investama at a Glance

ABM Investama • 2011 Annual Report

Vision, Mission and Core Values

To be the leading investment company

1. To continually create meaningful and challenging job

2. To ensure sustainable and profitable growth that

maximizes shareholder value.

3. To provide value adding solutions that will optimize

4. To actively engage within communities as a good

Our people have the passion

Vision, Mission and Core Values

ABM Investama • 2011 Annual Report

HONEST AND HUMBLE

The Business in Synergy

Estimated 221 million tons of coal reserves

Production capacity is expected to ramp up Ability to leverage services offered by the

Leading temporary power Among the top 5*

Electricity generation capacity Provides full end-to-end “pit to port”

Expand portfolio through

SSB and CKB to provide engineering services and

The Business in Synergy

Valle Verde Pte. PT Tiara Marga

99.99% 99.99% 99.98% 99.96% 99.99%

PT Reswara PT Cipta PT Sumberdaya PT Sanggar PT Cipta Krida

PT Tunas Inti PT Prima Wiguna PT Alfa Trans

ABM Investama • 2011 Annual Report

PT Media Djaya PT Nagata Bisma

Committed to grow in the focused activities of coal

COMPREHENSIVE FOOTPRINT AND MARKET COVERAGE ACROSS INDONESIA

Having its fully integrated operation since 2009 across Indonesia,

ABM Investama • 2011 Annual Report

Integrated Contract Mining Engineering Engineering

Historical Background of PT ABM Investama

PT Alfa Trans Raya was

1970 1977 1992 2006

PT Cipta Krida Bahari introduced

Historical Background of PT ABM Investama

In March, PT ABM Investama increased its equity through convertion of

PT ABM Investama becomes the

In December, PT Sumberdaya PT Reswara Minergi Hartama

ABM Investama • 2011 Annual Report

Event Highlights 2011

Awards and Certifications 2011