Beruflich Dokumente
Kultur Dokumente
AND SUBSIDIARIES
Consolidated Financial Statements
For the 3 (three) Months Ended
March 31, 2011
(Unaudited)
Notes
3,277,153,195,959
907,170,881,773
3,660,087,191,120
534,223,727,332
610,505,712,110
656,604,474,581
5,790,632,641
216,759,785,228
5,083,171,699
141,624,955,538
7,125,618,664,830
7,068,539,007,802
304,924,801,512
628,050,375,478
9,146,393,783
255,637,355,778
699,295,415,957
9,373,247,862
65,664,305,025
1,009,590,875,905
513,457,542,021
72,636,806,041
953,759,187,924
517,985,863,654
1,422,866,081,050
1,206,374,544,429
211,416,101,400
104,623,556,841
315,716,269,659
269,536,413,368
16,623,831,618,374
16,155,384,919,926
paraf:
Notes
LIABILITIES
Loans
2.c,2.m,2.p, 2.s, 2.x,
Third Parties
15, 35, 37
Trade Accounts Payable
2.c, 2.x, 35, 37
Third Parties
Related Party
2.f, 9
Other Accounts Payable
2.c, 2.x, 35, 37
Accrued Expenses
2.c, 2.t, 2.x, 16, 33.i, 35, 37
Taxes Payable
2.u, 17.c
Advance from Customers
2.t, 2.x, 18, 37
Customer Deposit
2.x, 37
Deferred Income
2.f, 2.t, 9, 19
Obligations Under Finance Lease
2.l
Due to Related Parties
2.f, 2.x, 9, 37
Deferred Gain on Sale and Leaseback Transactions
2.l, 20, 33.b
Estimated Liabilities on Employees Benefits
2.q, 21
Total Liabilities
EQUITY
Equity attributable to the owners of parent
Capital Stock
Par Value of Rp 100 per share
Authorized Capital - 64,000,000,000 shares
Issued and Fully Paid - 21,627,689,619 shares
Additional Paid in Capital - Net
Difference in Value from Restructuring Transactions
between Entities Under Common Control - Net
Unrealized Gain on Changes in Fair Value of
Available-for-Sale Financial Assets
Difference from Foreign Currency Translations
Retained Earnings
Appropriated
Unappropriated
3,481,452,093,013
3,375,862,742,114
199,882,031,476
8,331,926,427
145,780,909,912
574,077,845,705
203,309,563,410
1,768,790,496,362
31,045,522,853
899,860,852,054
14,871,319,687
668,827,698,544
117,089,448,839
8,113,319,708,281
265,820,833,435
9,710,280,000
194,951,414,425
487,353,660,423
202,293,996,406
1,678,589,772,974
27,417,395,136
910,929,546,289
3,860,271
10,307,468,479
695,637,180,197
117,089,448,839
7,975,967,598,988
2,162,768,961,900
3,238,912,357,453
2,162,768,961,900
3,244,737,189,310
2.b, 2.r, 24
19,535,347,265
19,535,347,265
154,161,598,785
5,364,434,660
25,583,562,051
3,281,827,017
4,000,000,000
2,431,246,384,606
8,015,989,084,669
494,522,825,424
8,510,511,910,093
4,000,000,000
2,250,001,459,123
7,709,908,346,666
469,508,974,272
8,179,417,320,938
16,623,831,618,374
16,155,384,919,926
22
23
Non-controlling Interest
Total Equity
2.b
paraf:
2.f, 2.t, 9, 27
881,773,348,954
705,379,985,617
2.t, 28
503,524,316,781
382,524,334,336
378,249,032,173
322,855,651,281
(45,732,289,475)
(143,701,862,683)
35,860,388,935
11,792,633,139
19,090,000
(2,323,660,741)
(9,926,335,766)
(20,289,447,808)
450,301,991
(33,825,687,964)
(137,185,858,472)
7,229,972,922
(12,796,561,103)
153,042,452
4,041,204,617
(10,169,541,566)
4,297,320,217
1,223,746,895
204,397,849,765
145,823,289,279
(36,309,667,486)
(6,972,501,016)
(43,282,168,502)
(20,994,748,133)
7,291,949,384
(13,702,798,749)
161,115,681,263
132,120,490,530
128,578,036,734
45,143,095,372
2,082,607,643
175,803,739,749
5,319,744,802
-646,232,822
5,965,977,624
336,919,421,012
138,086,468,154
136,101,830,111
25,013,851,152
113,179,713,133
18,940,777,397
161,115,681,263
132,120,490,530
311,905,569,860
25,013,851,152
119,145,690,757
18,940,777,397
336,919,421,012
138,086,468,154
6.29
6.54
2.t, 29.a
2.t, 29.b
2.c
31
2.k, 12
30
2.l, 2.o, 2.x
2.e, 2.x, 4.b
2.b
2.b
2.v, 32
paraf:
Rp
1,730,215,169,500 1,304,222,206,548
58,597,260,712
Difference
from Foreign
Currency
Translations
Retained Earnings
Rp
Total
Non-controlling
Interest
Total
Equity
Rp
Rp
Appropriated
Unappropriated
Rp
Rp
Rp
(3,814,354,758)
3,000,000,000
1,775,485,869,998
4,887,241,499,265
401,690,095,653
5,288,931,594,918
--
--
--
5,319,744,802
--
--
--
5,319,744,802
--
5,319,744,802
2.c
--
--
--
--
646,232,822
--
--
646,232,822
--
646,232,822
--
--
--
--
--
--
113,179,713,133
113,179,713,133
18,940,777,397
132,120,490,530
1,730,215,169,500 1,304,222,206,548
19,535,347,265
63,917,005,514
(3,168,121,936)
3,000,000,000
1,888,665,583,131
5,006,387,190,022
420,630,873,050
5,427,018,063,072
2,162,768,961,900 3,244,737,189,310
19,535,347,265
25,583,562,051
3,281,827,017
4,000,000,000
2,250,001,459,123
7,709,908,346,666
469,508,974,272
8,179,417,320,938
Net Income
--
--
--
128,578,036,734
--
--
--
128,578,036,734
--
128,578,036,734
--
(5,824,831,857)
--
--
--
--
--
(5,824,831,857)
--
(5,824,831,857)
--
--
--
--
--
--
45,143,095,372
45,143,095,372
--
45,143,095,372
--
--
--
--
2,082,607,643
--
--
2,082,607,643
--
2,082,607,643
--
--
--
--
--
--
136,101,830,111
136,101,830,111
25,013,851,152
161,115,681,263
2,162,768,961,900 3,238,912,357,453
19,535,347,265
154,161,598,785
5,364,434,660
4,000,000,000
2,431,246,384,606
8,015,989,084,669
494,522,825,424
8,510,511,910,093
2.c
Net Income
BALANCE AS OF MARCH 31, 2011
Paraf:
Rp
Rp
1,052,587,801,138
(955,812,032,520)
(82,461,229,524)
14,314,539,094
6,618,733,095
(120,874,127,045)
(99,940,854,856)
675,711,038,908
(382,759,558,000)
(80,090,276,362)
212,861,204,546
(134,562,650,392)
(71,028,699,269)
7,269,854,885
4,495,500,000
760,352,741
75,574,697
(20,048,149,241)
(121,051,281,326)
(242,340,899,854)
(378,108,902,983)
9,400,000,000
8,420,653,991
222,664,250
(9,093,392,631)
(37,039,500,215)
-(28,089,574,605)
568,970,232,006
5,041,333,421
(454,622,201,824)
119,389,363,603
-3,767,816,415
(45,508,940,664)
(41,741,124,249)
(358,660,394,236)
(62,560,843,969)
(24,273,600,925)
(39,982,038,329)
3,660,087,191,120
1,533,259,921,843
3,277,153,195,959
1,430,717,039,545
Cash and Cash Equivalent at the End of the Period consist of:
Cash on Hand
Cash in Banks
Time Deposits
5,422,387,953
645,361,416,830
2,626,369,391,176
5,371,351,736
137,984,473,425
1,287,361,214,384
3,277,153,195,959
1,430,717,039,545
Effect of Foreign Exchanges on Cash and Cash Equivalent at the End of the Period
Total
Paraf:
General
1.a. The Companys Establishment
PT Lippo Karawaci Tbk (the Company) was established under the name of PT Tunggal Reksakencana on
October 15, 1990 based on Deed of Establishment No. 233, made in presence of Misahardi
Wilamarta, S.H., a notary in Jakarta. The deed of establishment was approved by the Minister of Justice
of the Republic Indonesia in his Decree No. C2-6974.HT.01.01.TH.91 dated November 22, 1991 and
published in the State Gazette No. 62, Supplement No. 3593 on August 4, 1992. The Companys article of
association have been amended several times, the latest by the Deed of Extraordinary General Meeting
of Shareholders Resolution No. 12 dated March 9, 2011, made in presence of Unita Christina Winata,
S.H., a notary in Tangerang, concerning the changes of the Company's scope of activities. The deed was
in the process of obtaining approval from the Minister of Law and Human Rights of the Republic of
Indonesia.
In accordance with article 3 of the Companys articles of association, the Companys scope of activities
include real estate, urban development, land purchasing and clearing, land cut and fill, land development
and excavation; infrastructure development; planning, developing, leasing, selling, and managing of
buildings, houses, offices and industrial estates, hotels, hospitals, commercial centers, sports centers as
well as supporting infrastructure, including but not limited to golf courses, club houses, restaurants, other
entertainment centers, medical laboratories, medical pharmacies and related facilities, directly or by
investment or capital divestment; build and operate environment infrastructure, build and manage public
facilities as well as accommodation services, operating activities in services consisting of public
transportation, security services and other supporting services, except for legal and taxation services.
As at the reporting date, the main activities of the Company are conducting businesses related to Urban
Development, Large Scale Integrated Development, Retail Malls, Healthcare, Hospitality and
Infrastructure, and Property and Portfolio Management.
The Company is domiciled in 7 Boulevard Palem Raya # 22-23, Menara Matahari, Lippo Karawaci
Central, Tangerang 15811, Banten - Indonesia.
1.b. The Companys Public Stock Offering
The Companys initial public offering of 30,800,000 shares was declared effective by the Chairman of
Capital Market and Financial Institution Supervisory Agency (Bapepam-LK) (formerly Capital Market
Supervisory Board) in his Decree No. S-878/PM/1996 dated June 3, 1996, and was listed at Indonesia
Stock Exchange on June 28, 1996.
Subsequently, the Company offered 607,796,000 shares to its existing stockholders through Limited
Public Offering I, as approved by the Decree of the Chairman of Bapepam-LK in his letter
No. S-2969/PM/1997 dated December 30, 1997. These shares were listed in Indonesia Stock Exchange
on January 16, 1998.
On July 30, 2004, the Company acquired and merged with several companies. As part of the merger, the
Company issued 1,063,275,250 new shares, and then the Companys total outstanding shares became
2,050,943,750 shares. The increase of authorized, issued and fully paid capital was approved by the
Minister of Law and Human Rights of the Republic of Indonesia in his Decree
No. C-19039.HT.01.04.Th.04 dated July 30, 2004.
Domicile
Netherlands
Singapore
Singapore
Singapore
Singapore
Singapore
Malaysia
Malaysia
Singapore
Tangerang
Tangerang
Jakarta
Bandung
PT PuriParagon
Tangerang
PT PluitParagon Mall
Tangerang
PT BaliParagon Mall
Tangerang
Main Business
Activity
Investment, Trading
and Services
Investment
Trading
Investment, Trading
and Services
Investment, Trading
and Services
Investment, Trading
and Services
Investment, Trading
and Services
Investment, Trading
and Services
Investment, Trading
and Services
Real Estate
Real Estate
Real Estate
Investment, Trading
and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
Rp
Rp
100.00%
--
2006
20,608,254,354
632,579,344,913
100.00%
-100.00%
-100.00%
--
----
3,536,235,205,384
3,625,768,364,233
87,519,686,550
2,476,049,606,236
2,480,608,298,041
79,187,319,423
--
100.00%
--
87,519,693,456
79,224,388,113
--
80.00%
2006
87,519,686,550
79,224,381,132
100.00%
--
--
133,748,139,168
124,035,378,178
--
100.00%
--
133,748,147,877
124,035,387,169
--
60.00%
2007
133,630,189,168
123,917,428,178
100.00%
----
-99.83%
90.00%
81.00%
-----
1,464,315,812,759
65,090,898,617
22,165,883,460
42,324,084,900
1,457,840,502,027
65,094,751,048
22,073,769,891
42,233,313,149
--
99.83%
--
586,225,942
587,202,942
--
99.83%
--
10,165,432,000
587,672,942
--
99.83%
--
586,869,941
587,677,941
Main Business
Activity
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
Tangerang
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Services
Development and
Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Real Estate
Development,
Trading and Services
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
--
99.83%
--
103,463,070,352
103,637,536,035
--
99.83%
--
102,488,197,859
102,663,055,542
--
99.83%
--
102,449,617,359
102,624,475,042
--
80.02%
--
92,065,138,934
92,239,996,617
--
99.83%
--
581,902,441
587,677,941
--
99.83%
--
582,783,691
587,672,941
--
99.83%
--
--
587,677,941
--
99.83%
--
587,014,941
587,672,941
--
99.83%
--
1,207,258,295
1,207,258,295
--
99.83%
--
582,050,941
582,772,941
--
99.83%
--
5,001,187,000
5,001,945,000
--
99.83%
--
10,001,187,000
10,001,945,000
--
99.83%
--
10,002,887,000
10,001,945,000
--
99.83%
--
5,002,887,000
5,001,945,000
---
99.83%
99.83%
---
276,787,523,926
276,045,223,478
283,592,670,223
282,851,627,569
--
99.83%
--
154,332,063,370
169,332,075,861
--
99.83%
--
594,290,000
594,548,000
--
99.83%
--
600,000,000
600,000,000
---
99.83%
100.00%
2003
--
1,008,389,782,846
3,985,109,782
1,001,295,265,806
2,185,114,678
--100.00%
---
99.83%
99.83%
-100.00%
100.00%
----1997
577,586,250
578,075,000
2,126,477,284,452
571,929,542
313,461,214,624
577,444,250
578,147,000
2,049,794,325,694
572,637,542
308,795,832,869
Tangerang
Tangerang
Jakarta
Tangerang
Tangerang
PT PalembangParagon Mall
Tangerang
PT MedanParagon Mall
Tangerang
Tangerang
Tangerang
PT SurabayaParagon Mall
Tangerang
PT SemarangParagon Mall
Tangerang
PT LampungParagon Mall
Tangerang
PT PontianakParagon Mall
Tangerang
Jakarta
Jakarta
Jakarta
Tangerang
Tangerang
Total Assets
March 31, 2011
December 31, 2010
Domicile
Jakarta
Jakarta
Tangerang
Tangerang
Jakarta
Jakarta
Tangerang
Tangerang
Jakarta
Tangerang
Cianjur
Cianjur
Cianjur
Cianjur
Cianjur
Cianjur
Cianjur
Tangerang
Tangerang
Tangerang
PT Saptapersada Jagatnusa
PT Sejatijaya Selaras
PT Surya Makmur Alam Persada
PT Bahtera Pratama Wirasakti
PT Sentra Office Realty
PT Dinamika Intertrans
PT Imperial Karawaci Golf
PT Agung Sepadan
PT Prudential Townhouse Development
PT Wahana Tatabangun Cemerlang Matahari
PT Wahana Tatabangun Cemerlang
Tangerang
Jakarta
Jakarta
Jakarta
Tangerang
Tangerang
Tangerang
Tangerang
Jakarta
Jakarta
Jakarta
Rp
Rp
Tangerang
Home
Improvement
--
100.00%
2001
85,786,550,673
56,832,112,554
Tangerang
Tangerang
Real Estate
Town
Management
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Installation and
Water Treatment
Real Estate
Town
Management
Bowling
Real Estate
Real Estate
Real Estate
Building Management
Transportation
Golf
Real Estate
Real Estate
Real Estate
Real Estate
---
52.70%
42.16%
1997
2001
114,468,480,647
28,409,560
114,275,570,952
30,825,310
------------
100.00%
99.98%
99.98%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-2002
1995
1994
1994
1994
1994
1994
--1994
205,353,158,704
175,296,724,120
108,979,177,758
75,782,211,397
23,234,729,364
8,778,457,151
7,206,315,631
1,974,638,141
50,000,000
50,000,000
85,105,692,997
224,753,019,752
194,323,576,784
131,875,246,423
75,343,212,255
23,234,895,364
8,778,623,151
7,206,481,631
1,974,804,141
50,000,000
50,000,000
81,281,303,685
---
100.00%
100.00%
-1999
33,316,557,392
122,867,153,072
33,316,901,392
117,291,870,668
------------
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
1998
---1998
1994
------
10,229,072,988
18,630,981,118
20,286,613,984
15,741,663,163
714,765,952
469,816,008
479,137,000
2,547,437,804
85,192,385
17,832,808
18,366,066
10,229,072,988
18,631,139,118
20,286,871,984
15,741,785,860
714,765,952
501,493,395
479,137,000
2,473,198,654
91,219,153
17,754,808
18,624,066
Domicile
Main Business
Activity
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
PT Paragon City
Tangerang
--
100.00%
--
Seychelles
--
100.00%
2006
Tangerang
--
100.00%
--
1,320,607,110,350
1,214,423,387,202
--
233,101,000
233,199,000
100.00%
--
65,610,110,316
66,859,401,774
--
100.00%
--
82,882,511
150,429,533
--
100.00%
--
41,442,906
75,216,435
--
100.00%
--
20,724,906
37,611,708
--
100.00%
--
41,442,906
75,216,435
--
100.00%
--
20,724,906
37,611,708
100.00%
---
-100.00%
100.00%
----
3,625,562,022,791
113,511,250
1,280,629,185,224
3,635,476,380,002
113,758,250
1,222,664,290,150
------
92.00%
92.00%
92.00%
100.00%
100.00%
-2005
----
1,280,553,461,614
1,224,422,837,161
58,359,212,267
238,323,599,768
233,405,893,944
1,222,588,508,657
1,165,467,237,362
58,359,253,960
236,147,769,530
231,229,807,461
----------
100.00%
100.00%
80.00%
72.00%
100.00%
100.00%
95.00%
94.68%
100.00%
1992*
1993*
---1994*
-2004
--
294,367,213
631,168,019
2,182,517,119
-73,224,494,618
73,205,480,271
132,703,876,244
223,615,004,637
123,317,765,917
294,850,466
631,364,667
5,750,735
3,329,600
73,447,484,301
73,428,299,001
256,072,204,309
223,585,477,468
131,624,957,928
Jakarta
Jakarta
Makassar
Trading
Services
Services
Services
Trading
Trading and Services
Trading and Services
Real Estate
Accommodation
Services
Trading and Services
Trading and Services
Real Estate
----
100.00%
100.00%
100.00%
--2002
75,701,258,956
1,368,910,542
70,416,744,736
76,903,130,556
1,370,068,764
70,787,135,544
Makassar
Jakarta
Jakarta
Jakarta
Jakarta
Tangerang
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
------------------
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
80.00%
80.00%
80.00%
2002
2003
---1992*
1998*
--2004
---2005
-2005
--
187,094,671
17,515,672,319
114,749,933,891
128,234,743,707
24,632,420
2,469,548,150
369,814,852
79,636,540
244,045,141,100
244,045,141,100
-5,091,000
277,455,898,395
277,366,081,716
89,326,415,644
89,365,103,144
10,215,516,893
198,082,657
18,115,009,413
127,241,295,095
127,241,295,095
236,147,769,530
2,468,975,084
369,814,852
79,786,676
242,918,229,385
242,918,229,385
-5,199,000
278,042,663,904
277,952,759,699
88,698,163,627
88,731,137,627
10,096,848,000
Jakarta
Jakarta
---
80.00%
80.00%
---
1,746,841,917
493,609,200
1,550,275,017
495,000,000
--
100.00%
2005
415,344,267,782
416,908,133,063
Sidoarjo
Sidoarjo
Surabaya
Services
Real Estate and
Urban Development
Real Estate and
Urban Development
Trading
Trading and Services
Accommodation Services
----
85.00%
85.01%
99.99%
-2005
--
418,064,595,351
418,542,737,575
2,000,000,000
419,628,357,708
419,931,340,307
2,000,000,000
Jakarta
Jakarta
Trading
Real Estate
---
100.00%
100.00%
---
109,419,042
2,228,510,900
109,591,042
2,227,827,000
Malaysia
Rp
7,501,935,126
Malaysia
Rp
7,501,727,126
Total Assets
March 31, 2011
December 31, 2010
Singapore
Singapore
Singapore
Singapore
Jakarta
Jakarta
Tangerang
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Tangerang
Jakarta
Jakarta
Medan
Jakarta
Domicile
Tangerang
Tangerang
Tangerang
Tangerang
Tangerang
Tangerang
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Bogor
Jakarta
Jakarta
Jakarta
Jakarta
British
Virgin
Island
Singapore
Jakarta
Malaysia
Tangerang
Tangerang
PT CB Commercial
Tangerang
Tangerang
Tangerang
Main Business
Activity
Development,
Industry,
Agribusiness,
Transportation,
Trading and Services
Services
Development,
Trading and Services
Real Estate and
Urban Development
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Development,
Transportation
Trading and Services
Trading, Real Estate,
Industry, Printing,
Agribusiness,
Transportation
and Services
Development,
Industry, Mining,
Agribusiness,
Transportation
Trading and Services
Development,
Transportation
Trading and Services
Development,
Transportation
Trading and Services
Development,
Industry,
Agribusiness, Park
Trading and Services
Trading, Real Estate,
Industry,
Agribusiness,
Transportation
and Services
Trading,
Development,
Industry, Gardens,
Agribusiness
and Services
Investment
Investment
Trading,
Development and
Real Estate
Investment, Trading
and Services
Trading,
Development,
Transportation and
Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
10
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
Rp
Rp
--
100.00%
--
20,025,119,392
18,568,721,613
---
100.00%
99.83%
---
20,632,578,392
4,160,936,732
19,162,355,554
2,075,920,801
--
100.00%
--
62,306,847,752
51,767,789,172
------------
100.00%
65.00%
100.00%
100.00%
100.00%
100.00%
78.60%
55.02%
54.97%
100.00%
100.00%
------------
487,625,000
12,875,000
17,317,400
589,158,900
490,000,000
132,703,876,244
129,896,479,282
129,396,479,282
128,896,479,282
523,752,791
584,380,100
487,625,000
12,875,000
17,317,400
589,158,900
490,000,000
129,989,792,419
127,182,032,457
126,682,032,457
126,182,032,457
523,827,191
584,262,750
--
100.00%
--
114,749,933,891
115,150,774,145
--
80.00%
--
50,452,382,314
51,092,390,908
--
80.00%
--
50,356,274,314
50,996,024,908
--
100.00%
--
269,105,450,762
265,474,762,293
--
100.00%
--
269,062,863,910
265,431,266,774
--
100.00%
--
269,434,038,034
265,801,582,898
--
99.60%
--
3,149,233,900
3,149,343,900
--
100.00%
--
267,945,606,733
264,305,151,736
---
100.00%
100.00%
-2008
268,445,606,733
268,704,653,100
264,805,151,736
264,892,379,903
--
100.00%
--
21,772,500
22,477,500
--
100.00%
2006
309,667,774,094
309,426,625,564
--
100.00%
2010
587,339,941
588,715,941
--
100.00%
--
586,624,482
586,879,045
--
100.00%
--
2,466,893,000
2,467,151,000
--
100.00%
--
2,216,817,102
2,039,467,400
Domicile
Tangerang
Tangerang
Tangerang
Tangerang
Tangerang
Tangerang
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Jakarta
Bogor
Jakarta
Jakarta
Jakarta
Jakarta
British
Virgin
Island
Singapore
Jakarta
Malaysia
Tangerang
Tangerang
PT CB Commercial
Tangerang
Tangerang
Tangerang
Main Business
Activity
Development,
Industry,
Agribusiness,
Transportation,
Trading and Services
Services
Development,
Trading and Services
Real Estate and
Urban Development
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Real Estate
Development,
Transportation
Trading and Services
Trading, Real Estate,
Industry, Printing,
Agribusiness,
Transportation
and Services
Development,
Industry, Mining,
Agribusiness,
Transportation
Trading and Services
Development,
Transportation
Trading and Services
Development,
Transportation
Trading and Services
Development,
Industry,
Agribusiness, Park
Trading and Services
Trading, Real Estate,
Industry,
Agribusiness,
Transportation
and Services
Trading,
Development,
Industry, Gardens,
Agribusiness
and Services
Investment
Investment
Trading,
Development and
Real Estate
Investment, Trading
and Services
Trading,
Development,
Transportation and
Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
Development,
Trading and Services
11
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
Rp
Rp
--
100.00%
--
20,025,119,392
18,568,721,613
---
100.00%
99.83%
---
20,632,578,392
4,160,936,732
19,162,355,554
2,075,920,801
--
100.00%
--
62,306,847,752
51,767,789,172
------------
100.00%
65.00%
100.00%
100.00%
100.00%
100.00%
78.60%
55.02%
54.97%
100.00%
100.00%
------------
487,625,000
12,875,000
17,317,400
589,158,900
490,000,000
132,703,876,244
129,896,479,282
129,396,479,282
128,896,479,282
523,752,791
584,380,100
487,625,000
12,875,000
17,317,400
589,158,900
490,000,000
129,989,792,419
127,182,032,457
126,682,032,457
126,182,032,457
523,827,191
584,262,750
--
100.00%
--
114,749,933,891
115,150,774,145
--
80.00%
--
50,452,382,314
51,092,390,908
--
80.00%
--
50,356,274,314
50,996,024,908
--
100.00%
--
269,105,450,762
265,474,762,293
--
100.00%
--
269,062,863,910
265,431,266,774
--
100.00%
--
269,434,038,034
265,801,582,898
--
99.60%
--
3,149,233,900
3,149,343,900
--
100.00%
--
267,945,606,733
264,305,151,736
---
100.00%
100.00%
-2008
268,445,606,733
268,704,653,100
264,805,151,736
264,892,379,903
--
100.00%
--
21,772,500
22,477,500
--
100.00%
2006
309,667,774,094
309,426,625,564
--
100.00%
2010
587,339,941
588,715,941
--
100.00%
--
586,624,482
586,879,045
--
100.00%
--
2,466,893,000
2,467,151,000
--
100.00%
--
2,216,817,102
2,039,467,400
Domicile
Main Business
Activity
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
Bekasi
Bekasi
Real Estate
Town
Management
and Real Estate
Town
Management
Real Estate
Public
Transportation
Recreation
Services
Property Management
Clean and Waste
Water Treatment
Trading
Trading
Investment
---
51.64%
51.64%
1989
1992
1,731,898,344,683
130,389,015,827
1,670,186,556,526
130,670,667,728
--
51.60%
2010
17,151,894,436
14,768,516,629
---
51.64%
51.64%
-1993
16,980,287,500
47,332,424
16,980,287,500
30,261,195
--
51.38%
1993
3,984,887,280
3,817,135,487
---
99.00%
99.00%
2011
2011
1,370,685,242
9,500,873,890
---
----
100.00%
100.00%
100.00%
----
6,790,208,086
16,930
17,418
6,790,208,086
16,930
17,982
Bekasi
PT Erabaru Realindo
PT Dian Citimarga
Bekasi
Bekasi
Bekasi
Bekasi
Bekasi
Vanuatu
Vanuatu
Cook Island
Cook Island
Trading
--
100.00%
--
8,709
8,991
Tangerang
Investment, Trading
and Services
Healthcare
Healthcare
Development,
Trading, Industry
and Services
Development,
Trading and Services
Healthcare
Development,
Transportation,
Trading and Services
Healthcare
Development,
and Services
Healthcare
Development,
and Services
Healthcare
Healthcare
Trading and Services
Development,
Transportation,
Trading and Services
Healthcare
Development,
Transportation,
Trading and Services
Development,
Transportation
Trading and Services
Development and
Services
Services
Healthcare
Services
Healthcare
Investment, Trading
and Services
General
Restaurant, Bar,
Catering, Etc
Management
Services
Services
Services
Services
Services
Services
Services
100.00%
--
--
923,914,218,119
778,429,334,016
----
100.00%
100.00%
100.00%
----
923,789,104,479
2,833,255,695
2,855,311,500
778,303,291,607
2,411,189,792
2,855,311,500
--
100.00%
--
2,686,843,025
2,686,843,025
---
71.00%
100.00%
---
849,214,066
198,815,329,521
849,214,066
297,312,374,317
---
85.50%
100.00%
2002
--
198,815,329,521
86,923,798,218
297,068,375,317
--
---
83.00%
100.00%
2008
--
85,557,680,612
88,158,401,551
-99.99%
---
79.61%
0.01%
100.00%
100.00%
2007
----
51,024,790,782
141,132,646,654
27,682,523,242
33,224,036,989
-80,765,165,404
26,848,599,088
27,287,229,822
---
100.00%
100.00%
2005
--
3,154,512,057
26,527,582,500
3,823,569,397
26,653,057,078
--
100.00%
--
46,880,849,700
49,048,805,314
--
100.00%
--
42,045,005,716
40,925,150,010
0.01%
99.99%
--
18,918,500
20,898,000
--
100.00%
--
18,918,500
19,793,000
100.00%
--
--
579,931,300
579,931,300
0.01%
--
99.99%
100.00%
1998
1989
2,406,920
947,076,544
2,578,920
859,400,618
--
100.00%
1998
11,795,819,064
10,977,241,804
-------
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
-------
590,394,178
590,588,000
590,708,062
594,994,449
1,918,852,364
584,200,500
590,648,178
590,851,000
590,971,062
595,248,449
1,771,451,047
584,463,500
PT Multiselaras Anugrah
Jakarta
Jakarta
Jakarta
Tangerang
Bekasi
Jakarta
Bekasi
Jakarta
Jakarta
Jakarta
Balikpapan
Jakarta
Jakarta
Jakarta
Jakarta
Surabaya
PT Mahaduta Purnama
Jakarta
Jakarta
PT Serasi Adikarsa
Jakarta
Jakarta
Tangerang
Jakarta
Jakarta
Jakarta
Surabaya
Medan
Tangerang
Makassar
Jakarta
Jakarta
12
---
Domicile
Main Business
Activity
Ownership
Percentage
Directly
Ownership
Percentage
Indirectly
Year of
Operation
Started
Tangerang
Jakarta
100.00%
--
-100.00%
---
449,477,018,239
100,006,000
678,437,900
100,006,000
Jakarta
Real Estate
Trading, Real Estate,
and Development
General Trading
Rp
Rp
--
99.99%
--
444,849,281
204,379,650
Jakarta
General Trading
--
99.99%
--
4,853,342,793
2,204,855,750
Jakarta
General Trading
--
99.99%
--
6,655,228,852
3,022,718,666
Jakarta
General Trading
--
99.99%
--
6,442,698,404
2,923,731,973
Jakarta
General Trading
--
99.99%
--
4,855,192,793
2,206,741,750
Jakarta
Jakarta
Makassar
General Trading
General Trading
General Trading
----
100.00%
89.74%
88.66%
----
50,019,404,990
51,810,804,490
49,845,447,712
47,179,654,493
48,968,945,993
46,963,247,615
Makassar
Real Estate
and Property
4.92%
45.33%
1997
378,771,830,514
358,990,245,776
* Liquidated
** Transferred
Sigma Capital Pte. Ltd. and Sigma Trilium Pte. Ltd. were established on March 22, 2010 in Singapore.
On November 8, 2010, all ownership in Platinum Strategic Investment Pte. Ltd., a subsidiary, was sold.
On December 1, 2010, all ownership in PT Menara Abadi Megah, a subsidiary, was sold.
On March 11, 2011, two subsidiaries namely PT Siloam International Hospitals (SIH) and PT
Megapratama Karya Persada (MKP) acquired 99.98% and 0.02% ownership of PT Guchi Kencana Emas
(GKE), respectively. GKE owned 83% shares in PT Golden First Atlanta. On the same day, SIH and MKP
acquired 99.8% and 0.2% ownership of PT Prawira Tata Semesta (PTS), respectively. PTS owned
79.61% shares in PT Balikpapan Damai Husada.
13
Board of Commissioners:
President Commissioner
Vice President Commissioner
Independent Commissioner
Independent Commissioner
Independent Commissioner
Independent Commissioner
Independent Commissioner
Commissioner
: Theo L. Sambuaga
: Surjadi Soedirdja*
: Tanri Abeng
: Agum Gumelar
: Farid Harianto
: Jonathan Limbong Parapak
: -: Gouw Vi Ven (Viven G. Sitiabudi)
Theo L. Sambuaga
Surjadi Soedirdja*
Tanri Abeng
Agum Gumelar
Farid Harianto
Jonathan Limbong Parapak
Adrianus Mooy
Gouw Vi Ven (Viven G. Sitiabudi)
Directors:
President Director
Director
Director
Director
Director
Director
Director
The audit committee composition as of March 31, 2011 and December 31, 2010 are as follows:
March 31, 2011
Chairman
Member
Member
The Companys corporate secretary as of March 31, 2011 and December 31, 2010 is Jenny Kuistono.
Total remuneration of the Companys Commissioners and Directors for the period ended March 31, 2011
and year ended December 31, 2010 are as follows:
March 31, 2011
Rp
Board of Commissioners
Directors
Total
1,283,337,000
2,330,020,000
3,613,357,000
As of March 31, 2011 and December 31, 2010, the Company and subsidiaries have 4,114 and 4,067
permanent employees, respectively (unaudited).
14
USD 1
SGD 1
EUR 1
JPY 100
AUD 1
The accounts of foreign subsidiaries were translated into Rupiah at the middle rate of exchange prevailing
at balance sheet date for balance sheet accounts and the average rate during the period for statement of
income accounts. The differences resulting from the translations of the financial statements of
subsidiaries which are an integral part of the Company are debited or credited to "Gain (Loss) On Foreign
Exchanges" in the consolidated financial statements, while for the subsidiaries which are not an integral
part of the Company, are debited or credited to "Difference from Foreign Currency Translations".
2.d. Cash Equivalent
Cash equivalent consists of time deposits with maturities of not more than or equal to 3 (three) months
since the date of placement, not restricted and are not used as collateral to any liabilities.
15
Investment in Associates
Investments with ownership from 20% up to 50%, either direct or indirect, are carried at acquisition
cost by adding or deducting with the Companys share in net earnings or losses of the investee from
the date of acquisition in proportion to the percentage of ownership and less the dividend received
(equity method).
16
17
:
:
:
:
:
:
:
:
:
4 - 40
5
20
4-8
3 - 10
3 - 10
3 - 10
10
5
The cost of repairs and maintenance is charged to operation as incurred, whilst significant renovations
and additions are capitalized. When assets are retired or otherwise disposed of, the cost and the related
accumulated depreciation are removed from the accounts and any resulting gains or losses are reflected
in the consolidated statement of income for the period.
Unutilized property and equipment are presented as a component of other assets and carried at the lower
of its carrying value or net realizable value.
Construction in progress represents expenditure incurred directly to infrastructure development and
property and equipment preparation. Expenditure including borrowing cost on loan used for developing
assets during the construction period. Construction in progress will be transferred to the appropriate
property and equipment account when the construction is completed and ready for its intended use.
18
19
20
21
22
(ii)
(iii)
(iv)
23
(ii)
24
5,422,387,953
5,063,225,418
71,461,502,490
49,076,266,549
26,228,787,098
23,750,288,967
14,994,424,543
10,449,957,876
5,086,918,494
3,827,805,341
3,572,561,479
1,483,732,793
1,178,215,565
767,683,790
633,593,614
350,547,800
252,599,238
198,815,763
102,125,483
108,394,506
27,019,168,345
67,899,337,216
18,072,023,981
4,642,252,107
2,707,330,012
5,487,108,526
4,086,250,203
8,938,951,317
4,889,620,144
3,134,006,870
5,705,991,399
747,432,770
844,162,206
-465,278,289
88,514,013
-136,805,201
328,186,249,421
49,380,619,726
41,454,078,331
--
28,416,147,827
22,331,537,166
12,204,613,656
1,930,508,395
10,620,754,771
16,992,235,576
9,371,010,994
10,812,728,838
1,023,122,068
561,218,373
645,361,416,830
245,393,806,826
830,048,941
502,535,718,067
1,215,349,000,632
547,550,000,000
23,500,000,000
4,600,000,000
2,000,000,000
12,624,787
--
1,686,217,347,826
745,550,000,000
26,500,000,000
4,600,000,000
--245,813,680
653,175,000,000
87,090,000,000
78,381,000,000
13,812,000,000
765,244,676
108,264,767
26,256,314
2,626,369,391,176
674,325,000,000
--13,962,000,000
789,624,145
108,264,767
190,197,217
3,152,488,247,635
3,277,153,195,959
3,660,087,191,120
4.
5.25% - 8.00%
0.20% - 3.60%
5.25% - 8.00%
0.20% - 3.60%
Investments
778,871,139,667
406,294,289,217
69,982,219,095
58,317,523,011
69,571,917,104
58,357,521,011
Total Investments
907,170,881,773
534,223,727,332
26
563,278,669,330
319,341,196,911
62,872,236,707
507,946,762
63,555,036,845
(236,194,673)
(1,949,311,917)
154,161,598,785
(1,949,311,917)
25,583,562,051
778,871,139,667
406,294,289,217
This account represents investments in REITs which is listed in Singapore Stock Exchange.
b.
PT Supermal Karawaci
PT East Jakarta Industrial Park
PT Spinindo Mitradaya
Others
Tangerang
Jakarta
Jakarta
--
c.
57,372,704,000
766,935,000
160,000,000
17,884,011
57,372,704,000
766,935,000
160,000,000
57,882,011
58,317,523,011
58,357,521,011
Investment in Associates
Domicile
Equity Method
PT Surya Cipta Investama
PT Hyundai Inti Development
PT Menara Inti Development
PT Tritunggal Sentra Utama
PT Lippo Indorent
PT Lippo Hyundai Development
PT Bumi Lemahabang Permai
Sub Total
Cost Method
PT Medika Sehat Lestari *
PT Dunia Air Indah *
PT Adnansindo Intiprima *
PT Swadaya Teknopolis *
PT Ilmu Intiswadaya *
PT Bekasi Mega Power *
PT Taman Karawaci Permai
PT Tunggal Griya Semesta
Sub Total
Percentage
of
Ownership
%
Bekasi
Bekasi
Bekasi
Surabaya
Jakarta
Jakarta
Bekasi
49.81
45.00
40.00
20.00
50.00
40.00
30.00
Jakarta
Bekasi
Jakarta
Bekasi
Jakarta
Bekasi
Jakarta
Bekasi
25.00
100.00
30.00
99.99
20.00
100.00
10.00
5.00
Acquisition
Cost
Rp
Carrying Value
Rp
500,000,000
36,820,138,263 (1,000,000,000)
6,155,423,370
80,135,665,312 (72,584,873,862)
100,000,000
8,476,356,829 (1,512,000,000)
583,500,000
1,784,653,241
-2,906,000,000 (1,879,146,558)
-16,216,500,000 (16,216,500,000)
-37,500,000
(37,500,000)
-26,498,923,370 109,083,667,087 (75,096,873,862)
4,999,994,000
3,781,609,500
300,000,000
249,999,000
100,000,000
49,900,000
12,500,000
2,500,000
9,496,502,500
35,995,425,870
27
Accumulated
Dividend
Received
Rp
----------
36,320,138,263
13,706,214,820
7,064,356,829
2,368,153,241
1,026,853,442
--60,485,716,595
----------
4,999,994,000
3,781,609,500
300,000,000
249,999,000
100,000,000
49,900,000
12,500,000
2,500,000
9,496,502,500
109,083,667,087 (75,096,873,862)
69,982,219,095
Percentage
of
Ownership
%
Equity Method
PT Surya Cipta Investama
PT Hyundai Inti Development
PT Menara Inti Development
PT Tritunggal Sentra Utama
PT Lippo Indorent
PT Lippo Hyundai Development
PT Bumi Lemahabang Permai
Sub Total
Bekasi
Bekasi
Bekasi
Surabaya
Jakarta
Jakarta
Bekasi
49.81
45.00
40.00
20.00
50.00
40.00
30.00
Cost Method
PT Medika Sehat Lestari *
PT Dunia Air Indah *
PT Adnansindo Intiprima *
PT Swadaya Teknopolis *
PT Ilmu Intiswadaya *
PT Bekasi Mega Power *
PT Tirta Sari Nirmala **
PT Chandramulia Adidharma **
Sub Total
Jakarta
Bekasi
Jakarta
Bekasi
Jakarta
Bekasi
Bekasi
Bekasi
25.00
100.00
30.00
99.99
20.00
100.00
100.00
100.00
*
**
Accumulated
Dividend
Received
Rp
Carrying Value
Rp
32,964,983,496
3,355,154,767
-6,155,423,370
79,160,538,069 (72,568,730,625)
100,000,000
8,985,038,844 (1,512,000,000)
583,500,000
1,784,653,241
-200,000,000
826,853,442
-16,216,500,000 (16,216,500,000)
-37,500,000
(37,500,000)
-56,257,906,866
77,858,238,363 (74,080,730,625)
4,999,994,000
3,781,609,500
300,000,000
249,999,000
100,000,000
49,900,000
40,000,000
15,000,000
9,536,502,500
65,794,409,366
----------
36,320,138,263
12,747,230,814
7,573,038,844
2,368,153,241
1,026,853,442
--60,035,414,604
----------
4,999,994,000
3,781,609,500
300,000,000
249,999,000
100,000,000
49,900,000
40,000,000
15,000,000
9,536,502,500
77,858,238,363 (74,080,730,625)
69,571,917,104
Dormant
Consolidated in 2011
The Companys investments in dormant companies are accounted using cost method because the fair
value of the investments cannot be determined.
On September 2, 2010, PT Wisma Jatim Propertindo, a subsidiary, swapped its share in PT Multifiling
Mitra Indonesia as paid in capital for establishment of PT Surya Cipta Investama.
5.
Third Parties
Urban Development:
Land Lots
Residential Houses and Shophouses
Memorial Park
Asset Enhancements
Sub Total
69,255,553,589
32,060,695,798
25,497,000,073
4,710,229,514
131,523,478,974
36,522,738,817
85,623,090,499
29,373,886,548
1,847,572,394
153,367,288,258
24,763,706,858
6,897,838,016
31,661,544,874
25,620,888,057
5,955,895,249
31,576,783,306
123,590,790,057
23,377,403,242
172,295,775
147,140,489,074
129,245,814,631
22,871,814,202
172,295,775
152,289,924,608
Retail Malls:
Shopping Centers
Asset Enhancements
Others
Sub Total
28
91,351,287,601
73,174,728,266
73,642,867,269
24,970,968,851
60,491,441
7,890,569,062
106,564,896,623
72,451,745,585
22,024,183,551
5,020,547,825
7,140,675,642
106,637,152,603
147,154,574,991
655,396,272,137
(44,890,560,027)
610,505,712,110
184,292,716,719
701,338,593,760
(44,734,119,179)
656,604,474,581
5,790,632,641
-5,790,632,641
5,083,171,699
-5,083,171,699
616,296,344,751
661,687,646,280
Related Parties
Healthcare:
Inpatient and Outpatient
Less : Allowance for Doubtful Accounts
Total Trade Accounts Receivable from Related Parties - Net
Total Trade Accounts Receivable - Net
The trade accounts receivable schedule from the date of the invoice is as follows:
March 31, 2011
Rp
Third Parties
Current
Over Due
Up to 3 Months
> 3 months - 6 months
> 6 months - 1 year
> 1 year
Sub Total
Less: Allowance for Doubtful Accounts
Total Trade Accounts Receivable from Third Parties - Net
Related Parties
Current
Over Due
Up to 3 Months
> 3 months - 6 months
> 6 months - 1 year
> 1 year
Sub Total
Less: Allowance for Doubtful Accounts
Total Trade Accounts Receivable from Related Parties - Net
Total Trade Accounts Receivable - Net
29
425,697,910,985
485,797,044,845
90,038,222,154
25,507,096,150
22,433,303,813
91,719,739,035
655,396,272,137
(44,890,560,027)
610,505,712,110
75,533,741,629
27,492,332,406
19,257,330,509
93,258,144,371
701,338,593,760
(44,734,119,179)
656,604,474,581
--
--
3,899,307,974
273,313,167
515,354,725
1,102,656,775
5,790,632,641
-5,790,632,641
2,506,470,079
1,187,728,745
753,186,728
635,786,147
5,083,171,699
-5,083,171,699
616,296,344,751
661,687,646,280
Third Parties
Beginning Balance
Addition
Reversal
44,734,119,179
156,440,848
--
52,696,124,794
-(7,962,005,615)
Ending Balance
44,890,560,027
44,734,119,179
Related Parties
Beginning Balance
Reversal
---
749,719,412
(749,719,412)
Ending Balance
--
--
Addition or reversal of allowance for doubtful account of related parties is based on review of the status of
debtors at the end of the period.
Trade accounts receivable of PT Golden First Atlanta, a subsidiary, have been pledged as collateral for loans
obtained from PT Bank Central Asia Tbk (see Notes 15.b).
Management believes that the allowance for doubtful account is adequate to cover the possibility of
uncollectible trade accounts receivable.
6.
Third Parties
Promissory Notes (2010: USD 3,500,000 and 2009: USD 4,000,000)
Tenant Association for Apartments, Condominium and Shopping Centers
Call Spread Option (see Note 33.c)
Dividend
Security Services
Others (each less than Rp 5 billion)
Sub Total
Less: Allowance for Doubtful Accounts
30,481,500,000
13,716,739,915
12,945,065,260
6,836,250,023
6,431,088,288
152,702,435,704
223,113,079,190
(6,353,293,962)
35,964,000,000
13,766,739,915
16,992,504,426
16,387,970,632
6,431,088,288
58,435,946,239
147,978,249,500
(6,353,293,962)
216,759,785,228
141,624,955,538
Promissory note represents non-interest bearing promissory notes received from PT Makassar Hotel Network
for sales of Aryaduta Hotel Makassar in 2008. The notes were issued by PT Makassar Capital (MC) with total
amount of USD 6,000,000. First promissory note amounted to USD 3,000,000 had due on December 31, 2008
and was extended based on Rescheduling Agreement (RA) dated April 22, 2009. Based on RA, MC shall pay
to the Company on installment basis whereby the last installment should be paid on October 22, 2009. Up to
reporting date, MC had made installment of USD 2,500,000 and the balance of USD 3,500,000 is in process to
be extended.
Receivable from Tenant Association for Apartments, Condominium and Shopping Centers represents
receivables of maintenance, security, electricity and water.
30
Inventories
March 31, 2011
Rp
Urban Development:
Land under Development
Residential Houses and Shophouses
Apartments
Others
Sub Total
3,159,311,995,775
581,919,658,519
32,670,973,692
7,274,286,595
3,781,176,914,581
3,176,257,613,520
563,789,954,872
40,353,799,109
6,526,120,007
3,786,927,487,508
807,091,058,686
579,562,384,391
571,632,175,185
1,958,285,618,262
805,150,121,700
459,661,068,085
587,146,043,382
1,851,957,233,167
Retail Malls:
Shopping Centers
Land under Development
Sub Total
824,096,464,033
522,637,838,673
1,346,734,302,706
818,936,315,818
574,938,160,855
1,393,874,476,673
35,135,576,866
31,407,575,642
3,222,253,783
914,081,007
189,423,308
(39,505,683)
4,286,252,415
3,346,698,197
869,272,842
195,769,456
(39,505,683)
4,372,234,812
7,125,618,664,830
7,068,539,007,802
Healthcare:
Medical and Non-Medical Supplies
Hospitality and Infrastructure:
Hotels and Restaurants
Recreation and Sports
Others
Less: Allowance for Decline in Inventories Value
Sub Total
Total Inventories - Net
In 2010, land under development amounted to Rp 117,603,913,069 has been reclassified to investment
properties (see Notes 11), and property and equipment has been reclassified to inventory amounted to
Rp 221,894,237,841 (see Note 12).
In 2011, inventory amounted to Rp 544,781,346 has been reclassified to investment properties (see Note 11).
31
Advances
March 31, 2011
Rp
Rp
273,400,000,000
--273,400,000,000
255,000,000,000
57,443,246,813
46,655,579,000
359,098,825,813
212,692,943,303
91,313,335,874
50,644,096,301
225,838,118,982
57,284,570,705
57,073,900,457
Total
628,050,375,478
699,295,415,957
32
March 31,
2011
Rp
December 31,
2010
Rp
Investment in Associates
PT Surya Citra Investama
PT Hyundai Inti Development
PT Menara Inti Development
PT Medika Sehat Lestari
PT Dunia Air Indah
PT Tritunggal Sentra Utama
PT Lippo Indorent
Others
36,320,138,263
13,706,214,820
7,064,356,829
4,999,994,000
3,781,609,500
2,368,153,241
1,026,853,442
714,899,000
36,320,138,263
12,747,230,814
7,573,038,844
4,999,994,000
3,781,609,500
2,368,153,241
1,026,853,442
754,899,000
0.22
0.08
0.04
0.03
0.02
0.01
0.01
--
0.22
0.08
0.05
0.03
0.02
0.01
0.01
--
69,982,219,095
69,571,917,104
0.41
0.42
5,790,632,641
--
5,083,171,699
--
0.03
--
0.03
--
5,790,632,641
5,083,171,699
0.03
0.03
9,917,213,291
4,891,935,451
1,948,692,448
4,393,252,931
21,151,094,121
(12,004,700,338)
9,917,213,291
4,891,935,451
1,975,306,724
4,844,120,868
21,628,576,334
(12,255,328,472)
0.06
0.03
0.01
0.03
0.13
(0.07)
0.06
0.03
0.01
0.03
0.13
(0.08)
9,146,393,783
9,373,247,862
0.06
0.05
8,331,926,427
9,710,280,000
0.10
0.12
3,790,587,326
1,620,804,400
654,785,672
233,811,968
-8,571,330,321
3,790,587,326
1,620,804,400
599,731,672
224,811,968
2,799,999,500
1,271,533,613
0.05
0.02
0.01
--0.11
0.05
0.02
0.01
-0.04
0.02
14,871,319,687
10,307,468,479
0.19
0.14
802,842,894,420
776,312,009,263
9.90
9.73
2,491,125,186
2,491,125,186
0.28
0.35
33
Associate
Associate
Associate
Associate
Associate
Associate
Under Common Control
Associate
Transactions
Deferred income and net sales
Non-interest bearing of intercompany charges, advance
in connection with the cancellation of land
Investment in shares of stock
Investment in shares of stock
Investment in shares of stock
Investment in shares of stock
Investment in shares of stock
Investment in shares of stock
Non-interest bearing of intercompany charges
Investment in shares of stock and non-interest bearing of
intercompany charges
Non-interest bearing of intercompany charges
Non-interest bearing of intercompany charges
Intercompany advances
Rental of lease line
Receivable from PT Bumi Lemahabang Permai (BLP) represents receivable of PT Lippo Cikarang Tbk (LC), a
subsidiary, which mainly consists of non-interest intercompany accounts arisen from operational cost,
unsecured and no fixed repayment period.
Payable to BLP represents non-interest bearing of intercompany charges, unsecured and no fixed repayment
period.
10. Land for Development
Area
sqm
The Company
Subsidiaries
PT Lippo Cikarang Tbk
PT Gowa Makassar Tourism Development Tbk
PT Muliasentosa Dinamika
PT Erabaru Realindo
PT Sentragraha Mandiri
PT Sejatijaya Selaras
PT Bahtera Pratama Wirasakti
PT Surya Makmur Alam Persada
Total Land for Development
1,001,010
203,350,714,722
1,001,010
203,350,714,722
3,184,944
445,701,364,382
2,093,094
143,208,729,875
803,413
112,455,747,318
692,082
16,961,287,500
239,759
33,313,592,430
121,543
18,620,363,550
83,405
15,695,452,595
71,303
20,283,623,533
8,290,553 1,009,590,875,905
3,567,083
2,066,224
803,413
692,082
239,759
121,543
83,405
71,303
8,645,822
395,545,217,623
137,533,188,653
112,455,747,318
16,961,287,500
33,313,592,430
18,620,363,550
15,695,452,595
20,283,623,533
953,759,187,924
34
Accumulated Depreciation
Building
Total Accumulated Depreciation
Carrying Value
Reclassification
Rp
Rp
Rp
Ending
Balance
Rp
104,497,432,432
459,734,537,752
564,231,970,184
----
----
-544,781,346
544,781,346
104,497,432,432
460,279,319,098
564,776,751,530
46,246,106,530
46,246,106,530
5,073,102,979
5,073,102,979
---
---
51,319,209,509
51,319,209,509
517,985,863,654
Beginning
Balance
Rp
Acquisition Cost
Land
Building
Total Acquisition Cost
Addition
513,457,542,021
December 31, 2010
Deduction
Reclassification
Addition
Rp
Rp
Rp
Ending
Balance
Rp
101,874,921,232
343,909,635,883
445,784,557,115
----
----
2,622,511,200
115,824,901,869
118,447,413,069
104,497,432,432
459,734,537,752
564,231,970,184
24,766,419,985
24,766,419,985
21,479,686,545
21,479,686,545
---
---
46,246,106,530
46,246,106,530
421,018,137,130
517,985,863,654
In 2010, the Company had reclassified inventories, and property and equipment to investment properties
amounted to Rp 117,603,913,069 and Rp 843,500,000, respectively. In 2011, the Company had reclassified
inventories to investment properties amounted to Rp 544,781,346. Those inventories and property and
equipment were reclassified to investment properties when they were intended to generate rental revenue.
Rental revenue earned from investment properties amounted to Rp 21,676,696,098 for period ended March 31,
2011 and Rp 70,390,281,725 for the year ended December 31, 2010.
35
2,991,931,767
2,081,171,212
5,073,102,979
12,200,180,872
9,279,505,673
21,479,686,545
The Companys investment properties have been insured against fire damage and other risks to PT Lippo
General Insurance Tbk, related party, with sum insured amounted to Rp 341.7 billion as of March 31, 2011 and
December 31, 2010, respectively. The Company and subsidiaries management were in opinion that the sum
insured is adequate to cover any possible losses.
12. Property and Equipment
Beginning
Balance
Rp
Addition
Reclassification
Rp
Rp
Rp
Ending
Balance
Rp
Acquisition Cost
Direct Ownership
Land
Building, Infrastructure and Renovations
Parks and Interiors
Golf Course and Club House
Transportation Equipment and Vehicles
Furniture Fixtures and Office Equipment
Tools and Medical Equipment
Machinery and Project Equipment
Bowling Machinery
Playground Areas
Sub Total
Assets under Finance Lease
Construction in Progress
Total Acquisition Cost
289,359,411,869
501,468,320,680
20,870,163,890
168,182,844,789
27,472,340,628
328,807,744,262
403,939,873,178
152,774,839,260
14,385,991,861
3,135,746,092
1,910,397,276,509
191,830,000
104,213,945,447
2,014,803,051,956
14,984,140,580
85,695,887,363
-18,500,010
1,853,805,334
27,649,805,994
91,839,390,676
1,691,843,431
--223,733,373,388
-59,511,105,835
283,244,479,223
----13,575,000
92,500,000
----106,075,000
--106,075,000
(50,791,167)
17,968,090,983
--18,666,666
1,776,239,656
(228,173,281)
270,415,074
--19,754,447,931
-(21,717,180,599)
(1,962,732,668)
304,292,761,282
605,132,299,026
20,870,163,890
168,201,344,799
29,331,237,628
358,141,289,912
495,551,090,573
154,737,097,765
14,385,991,861
3,135,746,092
2,153,779,022,828
191,830,000
142,007,870,683
2,295,978,723,511
Accumulated Depreciation
Direct Ownership
Building, Infrastructure and Renovations
Parks and Interiors
Golf Course and Club House
Transportation Equipment and Vehicles
Furniture Fixtures and Office Equipment
Tools and Medical Equipment
Machinery and Project Equipment
Bowling Machinery
Playground Areas
Sub Total
Assets under Finance Lease
Total Accumulated Depreciation
111,055,091,073
17,043,115,891
115,303,326,467
19,264,052,975
252,332,706,809
191,782,402,984
84,048,201,964
14,272,033,272
3,135,746,092
808,236,677,527
191,830,000
808,428,507,527
21,703,028,316
371,873,646
1,808,615,263
1,607,356,746
13,440,647,874
24,627,269,318
3,137,666,742
--66,696,457,905
-66,696,457,905
---49,590,303
-----49,590,303
-49,590,303
(1,541,103,544)
--19,124,168
(325,578,043)
(220,654,609)
104,766,116
713,244
-(1,962,732,668)
-(1,962,732,668)
131,217,015,845
17,414,989,537
117,111,941,730
20,840,943,586
265,447,776,640
216,189,017,693
87,290,634,822
14,272,746,516
3,135,746,092
872,920,812,461
191,830,000
873,112,642,461
Carrying Value
1,206,374,544,429
1,422,866,081,050
36
Addition
Rp
Rp
Correction/
Reclassification
Rp
Ending
Balance
Rp
Acquisition Cost
Direct Ownership
Land
Building, Infrastructure and Renovations
Parks and Interiors
Golf Course and Club House
Transportation Equipment and Vehicles
Furniture Fixtures and Office Equipment
Tools and Medical Equipment
Machinery and Project Equipment
Bowling Machinery
Playground Areas
Sub Total
Assets under Finance Lease
Construction in Progress
Total Acquisition Cost
302,826,803,774
498,376,261,259
20,296,594,123
166,999,719,857
22,522,232,431
307,406,423,243
245,291,159,735
137,120,945,514
14,385,991,861
3,536,633,375
1,718,762,765,172
1,896,813,500
245,752,916,546
1,966,412,495,218
741,108,095
27,399,979,052
573,569,767
1,259,502,376
5,251,480,727
21,467,800,152
156,347,049,627
6,366,565,350
--219,407,055,146
-111,219,957,472
330,627,012,618
13,365,000,000
38,663,844,292
--631,132,432
673,543,146
25,658,135
172,947,900
--53,532,125,905
--53,532,125,905
(843,500,000)
14,355,924,661
-(76,377,444)
329,759,902
607,064,013
2,327,321,951
9,460,276,296
-(400,887,283)
25,759,582,096
(1,704,983,500)
(252,758,928,571)
(228,704,329,975)
289,359,411,869
501,468,320,680
20,870,163,890
168,182,844,789
27,472,340,628
328,807,744,262
403,939,873,178
152,774,839,260
14,385,991,861
3,135,746,092
1,910,397,276,509
191,830,000
104,213,945,447
2,014,803,051,956
Accumulated Depreciation
Direct Ownership
Building, Infrastructure and Renovations
Parks and Interiors
Golf Course and Club House
Transportation Equipment and Vehicles
Furniture Fixtures and Office Equipment
Tools and Medical Equipment
Machinery and Project Equipment
Bowling Machinery
Playground Areas
Sub Total
Assets under Finance Lease
Total Accumulated Depreciation
100,677,427,451
14,735,083,023
106,170,433,407
18,435,563,379
218,090,815,403
173,943,979,066
70,208,162,956
14,241,375,456
3,502,354,774
720,005,194,915
745,949,638
720,751,144,553
27,303,087,873
2,308,032,868
9,353,186,350
1,000,625,335
34,265,032,618
23,227,836,770
13,393,457,873
30,657,816
504,034
110,882,421,537
-110,882,421,537
16,523,081,980
--566,852,432
95,117,205
16,699,802
36,715,010
--17,238,466,429
(402,342,271)
-(220,293,290)
394,716,693
71,975,993
(5,372,713,050)
483,296,145
-(367,112,716)
(5,412,472,496)
(554,119,638)
(5,966,592,134)
111,055,091,073
17,043,115,891
115,303,326,467
19,264,052,975
252,332,706,809
191,782,402,984
84,048,201,964
14,272,033,272
3,135,746,092
808,236,677,527
191,830,000
808,428,507,527
Carrying Value
17,238,466,429
1,245,661,350,665
1,206,374,544,429
20,706,451,410
6,084,720,053
1,323,750,503
65,881,266,199
29,808,662,072
15,192,493,266
28,114,921,966
110,882,421,537
The disposal of property and equipment represents sale of assets with details as follows:
March 31, 2011
Rp
Acquisition Cost
Accumulated Depreciation
Carrying Value
Selling Price
Gain on Disposal
Deferred Gain on Sale and Leaseback Transaction (Note 20)
Gain on Disposal Credited to Statement of Income
106,075,000
49,590,303
56,484,697
75,574,697
19,090,000
-19,090,000
37
38
342,064,609,865
5,906,113,407
347,970,723,272
(136,554,621,872)
234,065,201,770
5,062,808,194
239,128,009,964
(134,504,453,123)
211,416,101,400
104,623,556,841
Deferred Charges
Restricted Funds
Project Advances
Others
156,615,309,462
113,400,784,756
11,941,180,245
33,758,995,196
143,749,535,621
93,352,635,515
11,834,755,354
20,599,486,878
315,716,269,659
269,536,413,368
Deferred charges represents the Companys training and development of professional employees for
preparation of Mochtar Riady Comprehensive Cancer Center operation, and marketing and sales expenditures
incurred by PT Almaron Perkasa and PT Mandiri Cipta Gemilang, subsidiaries, for Kemang Village and
St. Moritz project, respectively. The cost will be amortized systematically in accordance with recognition of
revenue from the abovementioned projects.
Restricted fund represents the Company and subsidiaries time deposits placement in relation to mortgages
agreements (KPR and KPA) entered by the Company and subsidiaries with their respective banks. These
deposits earn an equal interest to the Rupiahs denominated time deposits owned by the Company and
subsidiaries (see Note 3).
39
d.
Based on Deed of Credit Agreement No. 45 dated March 29, 2007 made in presence of H. Zamri,
S.H., a notary in Jakarta, the Company obtained a term loan credit facility with maximum amount of
Rp 270,000,000,000. This loan bears an annual interest rate of 13.5%. The loan was used to finance
the Companys projects in Urban Development, Large Scale Integrated Development, Retail Malls,
Healthcare and Hospitality and Infrastructure, except for land acquisition and matured on March 29,
2011.
41
Bonds
March 31, 2011
Rp
3,445,350,072,000
84,614,871,109
(134,646,747,270)
3,028,654,314,000
-(112,413,773,710)
Total
3,395,318,195,839
2,916,240,540,290
153,189,136,408
(18,542,389,118)
185,559,382,173
(73,145,608,463)
134,646,747,290
112,413,773,710
On March 9, 2006, Lippo Karawaci Finance B.V., a subsidiary, issued unsecured bonds with nominal
value of USD 250,000,000 and annual interest rate of 8.875% and were listed in Singapore Stock
Exchange. The bond has 5 years period and will due on March 9, 2011. Payments of interest will be
conducted every 6 months. As of December 31, 2010, the outstanding accrued interest expense
amounted to USD 1,828,390 (equivalent to Rp 16,439,050). On May 11, 2010, part of bonds amounted to
USD 183,754,000 was exchanged with bonds issued by Sigma Capital Pte. Ltd., a subsidiary. This Bond
has been fully paid on March 9, 2011.
In relation to exchange offer program of bonds, on May 11, 2010, Sigma Capital Pte. Ltd. (SC), a
subsidiary, issued unsecured bonds with nominal value of USD 270,608,000 and furthermore on February
17, 2011, SC issued unsecured bonds with nominal value of USD 125,000,000. Both bonds bear an
annual interest rate of 9% and were listed in Singapore Stock Exchange and will due on April 30, 2015.
Payments of interest will be conducted every 6 months. As of March 31, 2011 and December 31, 2010,
accrued interest expense amounted to USD 14,835,300 and USD 4,059,120 (equivalent to
Rp 129,200,627,700 and Rp 36,495,547,920), respectively.
42
309,889,180,884
130,952,430,843
26,497,622,934
16,506,627,416
15,483,161,777
12,422,041,790
7,935,476,555
7,112,240,584
47,279,062,922
310,549,884,908
56,279,388,686
25,183,410,755
10,752,187,050
21,596,987,047
5,615,267,862
8,067,017,486
3,173,775,373
46,135,741,256
574,077,845,705
487,353,660,423
17. Taxation
a.
Current
Deferred
(36,309,667,486)
(6,972,501,016)
(20,994,748,133)
7,291,949,384
(43,282,168,502)
(13,702,798,749)
43
204,397,849,765
145,823,289,279
218,888,358,864
(14,490,509,099)
104,025,283,362
41,798,005,917
--(1,001,904,194)
(1,825,861,686)
(2,827,765,880)
28,416,392
(14,185,984)
(657,899,455)
(1,825,861,686)
(2,469,530,733)
Permanent Differences
Expense of Income Subjected to Final Tax
Donation and Representation
Interest Income
Income Subject to Final Tax - Net
Sub Total
54,904,599,354
170,583,626
(29,138,599,494)
(38,870,848,724)
(12,934,265,238)
6,652,815,083
320,427,655
(929,249,676)
(77,693,337,277)
(71,649,344,215)
(30,252,540,217)
(32,320,869,031)
Temporary Differences
Depreciation of Assets Under Finance Lease
Amortization of Deferred Charges
Depreciation of Direct Ownership of Property and Equipment
Deferred Gain on Sale and Leaseback Transactions
Sub Total
(30,252,540,217)
(32,320,869,031)
62,892,846,445
15,514,227,708
13,631,158,966
-13,631,158,966
3,878,556,927
-3,878,556,927
1,631,693,809
21,046,814,711
22,678,508,520
3,632,108,043
13,484,083,163
17,116,191,206
36,309,667,486
20,994,748,133
13,631,158,966
96,629,845,755
3,878,556,927
56,382,375,418
110,261,004,721
60,260,932,345
Subsidiaries
Estimated Taxable Income
Current Income Tax
Tax Credit
Estimated Income Tax of Subsidiaries Article 29
44
204,397,849,765
145,823,289,279
218,888,358,864
(14,490,509,099)
104,025,283,362
41,798,005,917
3,622,627,275
9,717,712,181
7,284,649,873
(42,645,907)
(7,563,135,054)
(13,726,149,839)
(706,941,471)
(1,631,693,809)
(2,338,635,280)
(10,449,501,479)
19,423,334,319
232,312,419
(80,106,914)
(8,080,217,258)
(1,663,203,771)
(617,382,684)
(3,632,108,043)
(4,249,490,727)
(6,265,559,545)
(13,631,158,966)
(21,046,814,711)
(40,943,533,222)
7,909,332,068
(3,878,556,927)
(13,484,083,163)
(9,453,308,022)
(43,282,168,502)
(13,702,798,749)
b.
Rp
The Company
Amortization of Deferred Income from Sale
and Lease Back Transactions
Estimated Liabilities on Employees Benefits
Allowance for Doubtful Accounts
Amortization of Deferred Expense
Depreciation
Charged to
Consolidated
Statements of
Income
Rp
Rp
Subsidiaries
21,804,924,745
16,352,576,986
3,772,701,536
3,546,496
(7,353,881,702)
34,579,868,061
26,549,743,687
(1,825,861,686)
(10,835,548,730)
(807,074,928)
(3,546,496)
(76,355,939)
(13,548,387,779)
25,055,582,072
19,979,063,059
5,517,028,256
2,965,626,608
-(7,430,237,641)
21,031,480,282
51,605,325,759
61,129,611,748
11,507,194,293
72,636,806,041
45
Rp
The Company
Amortization of Deferred Income from Sale
and Lease Back Transactions
Estimated Liabilities on Employees Benefits
Allowance for Doubtful Accounts
Depreciation
c.
Charged to
Consolidated
Statements of
Income
Rp
Rp
Subsidiaries
19,979,063,059
5,517,028,256
2,965,626,608
(7,430,237,641)
21,031,480,282
51,605,325,759
(456,465,422)
--(250,476,049)
(706,941,471)
(6,265,559,545)
19,522,597,637
5,517,028,256
2,965,626,608
(7,680,713,690)
20,324,538,811
45,339,766,214
72,636,806,041
(6,972,501,016)
65,664,305,025
Taxes Payable
March 31, 2011
Rp
Income Tax
Article 25/29
Final
Article 23
Article 21
Article 26
Value Added Tax
Hotel and Restaurant Tax
Entertainment Tax
110,261,004,721
26,275,025,283
25,729,570,468
8,113,458,890
136,294,650
29,697,944,468
2,489,143,285
607,121,645
97,275,355,671
26,863,044,134
2,488,509,563
8,363,788,639
23,047,376,387
41,307,611,464
2,341,188,903
607,121,645
203,309,563,410
202,293,996,406
The Company received Under Payment Tax Assessment Letters (SKPKB) for Income Tax Article 23,
Income Tax Article 26 and Value Added Tax amounted to Rp 16.2 billion, Rp 73.1 billion and Rp 18.7
billion, respectively for fiscal year 2007, meanwhile for fiscal year 2008, the Company also received
SKPKB for Income Tax Article 21, Income Tax Article 23, Income Tax Article 26, Income Tax Article 4(2)
and Income Tax Article 29 amounting to Rp 759 million, Rp 1.6 billion, Rp 7.1 billion, Rp 778 million,
Rp 11.45 billion, respectively. The Company objected for all SKPKB.
On October 25, 2010, the Company received a Decision Letter No. KEP-1037/WPJ.07/2010 and
No: KEP 1039/WPJ.07/2010 from tax office which rejected the Companys objection on SKPKB. The
Company filed an appeal to such decision for income tax article 26 and until the completion date of the
consolidated financial statements, the Company has not received the decision from Tax Court.
46
355,495,649,540
944,871,243,921
243,047,186,471
225,376,416,430
742,933,483,836
392,699,251,812
317,524,174,081
225,432,863,245
1,768,790,496,362
1,678,589,772,974
Details of the percentage of advances from customer to sales price on March 31, 2011 and December 31,
2010:
March 31, 2011
Rp
100%
50% - 99%
20% - 49%
below 20%
1,050,785,023,099
318,434,214,977
321,912,637,986
77,658,620,300
1,011,478,106,884
257,375,012,910
341,937,536,831
67,799,116,349
Total
1,768,790,496,362
1,678,589,772,974
47
802,842,894,420
776,312,009,263
85,439,958,793
-11,577,998,841
97,017,957,634
80,478,700,928
45,143,095,372
8,995,740,726
134,617,537,026
899,860,852,054
910,929,546,289
474,480,916,099
127,538,766,701
346,942,149,398
1,246,965,217,595
5,949,923,669
894,073,144,528
(20,597,368,462)
(204,648,077,522)
474,480,916,099
127,538,766,701
346,942,149,398
1,246,965,217,595
5,949,923,669
894,073,144,528
(5,840,960,634)
(192,595,003,697)
668,827,698,544
695,637,180,197
Deferred gain on sale and leaseback transactions is amortized proportionally over 15 years of lease period
using the straight line method (see Note 33.b).
21. Estimated Liabilities on Employees Benefits
The Company and subsidiaries appointed independent actuaries to determined and recognized liabilities on
employees benefits in accordance with the existing manpower regulations. Estimated liabilities on employees
benefits as of December 31, 2010 was calculated by PT Jasa Aktuaria Japa and PT Dayamandiri
Dharmakonsilindo whose reports dated January 12, 2011, respectively. Management is in the opinion that the
estimate of employees benefits is sufficient to cover such liabilities.
Reconciliation of changes on liabilities recognized in consolidated balance sheets:
December 31, 2010
Rp
Liabilities at Beginning of the Year
Payment of Employees Benefit in Current Year
Companys Contribution
Recognized Employees' Benefit Expense in Current Year
112,248,363,748
(17,973,978,002)
373,312,533
22,441,750,560
117,089,448,839
Present value of liability, related current service cost and past service cost has been calculated by independent
actuaries by using the following assumptions:
2010
Interest Rates
Salary Increase Projection Rate
Mortality Rate
Permanent Disability Rate
Withdrawal Rate
: 10%
: 8%
: Indonesia II
: 10% x TMI II
: 1% for age 18 44,
0% for age 45 54
: None
48
Total
Shares
Issued
and Fully Paid
Rp
3,039,619,908
1,227,975,625
1,138,293,750
16,221,800,336
14.05
303,961,990,800
5.68
122,797,562,500
5.26
113,829,375,000
75.00 1,622,180,033,600
Total
21,627,689,619
100.00 2,162,768,961,900
Stockholders
Total
Shares
3,039,619,908
1,227,975,625
1,138,293,750
16,221,800,336
21,627,689,619
14.05
303,961,990,800
5.68
122,797,562,500
5.26
113,829,375,000
75.00 1,622,180,033,600
100.00 2,162,768,961,900
In December 2010, the Company issued 4,325,537,924 new shares (see Note 1.b) through Limited Public
Offering III. On December 29, 2010, these shares were listed in Indonesia Stock Exchange.
23. Additional Paid-in Capital Net
March 31, 2011
Rp
Rights Issue I
Premium on Stock
Stock Issuance Cost
Sub Total
87,283,750,000
(11,844,180,664)
75,439,569,336
87,283,750,000
(11,844,180,664)
75,439,569,336
Rights Issue II
Premium on Stock
Stock Issuance Cost
Sub Total
485,048,197,150
(7,442,812,013)
477,605,385,137
485,048,197,150
(7,442,812,013)
477,605,385,137
659,475,970,000
659,475,970,000
49
91,701,282,075
91,701,282,075
Addition:
Rights Issue III
Premium on Stock
Stock Issuance Cost
Sub Total
1,946,492,065,800
(11,801,914,895)
1,934,690,150,905
1,946,492,065,800
(5,977,083,038)
1,940,514,982,762
3,238,912,357,453
3,244,737,189,310
The excess of market value over par value of stock issued during business combination exercised under
purchase method represents the difference between the highest share price reached during the 90 day period
prior to the announcement of the business combination and par value of the Companys issued shares.
Premium on exercising Warrant Series I represents the difference between warrant execution price and par
value.
24. Difference in Value from Restructuring Transactions between Entities Under
Common Control Net
Rp
Transaction from Before Business Combination
Net Asset Value of PT Saptapersada Jagatnusa
Acquisition Cost
Difference in Value
322,884,648
(5,000,000,000)
(4,677,115,352)
275,837,221,176
(85,173,967,500)
190,663,253,676
(84,027,724,260)
106,635,529,416
69,227,950,557
(265,747,071,500)
(196,519,120,943)
199,314,766,000
(39,637,690,500)
159,677,075,500
(45,581,021,356)
114,096,054,144
Total - Net
19,535,347,265
Difference in value from the restructuring transaction of PT Saptapersada Jagatnusa (SPJN), was incurred
during the acquisition of SPJN by the Company in 2001.
50
110,369,144,031
12,848,959,612
(11,327,794,104)
10,091,153,200
30,943,495,142
26,820,202,955
154,161,598,785
25,583,562,051
51
Rp
Rp
Urban Development:
Land Lots
Residential Houses and Shophouses
Memorial Park
Asset Enhancements
Sub Total
122,557,545,496
122,292,027,925
25,179,211,597
3,560,503,838
273,589,288,856
147,555,365,255
46,355,262,967
20,565,354,244
2,581,857,946
217,057,840,412
131,359,546,761
6,521,938,672
137,881,485,433
90,847,512,369
4,352,088,287
95,199,600,656
Retail Malls:
Asset Enhancements
Shopping Centers
Sales Return of Shopping Centers
Sub Total
31,128,566,062
2,050,691,756
(1,368,456,349)
31,810,801,469
21,115,526,328
2,163,564,940
(4,745,364,288)
18,533,726,980
Healthcare:
Inpatient Department
Medical Support Services and Professional Fees
Drugs and Medical Supplies
Ward Fees
Administration Fees
Operating Theater
Delivery Fees
Others
Outpatient Department
Medical Support Services and Professional Fees
Drugs and Medical Supplies
Registration Fees
Others
Sub Total
63,044,705,432
61,762,007,555
20,983,883,568
7,335,945,225
3,633,665,847
164,970,940
9,407,887,228
56,600,611,033
50,523,889,446
20,268,483,693
7,064,091,456
3,260,519,923
130,460,550
6,251,386,878
76,110,339,388
37,324,281,492
4,117,447,197
3,624,256,876
287,509,390,748
66,031,817,731
30,595,993,941
3,912,130,586
1,964,902,473
246,604,287,710
51,860,301,648
20,529,511,330
20,169,906,950
11,944,702,592
4,572,984,417
109,077,406,937
47,578,312,969
20,940,065,161
17,489,910,670
11,437,767,811
7,444,216,738
104,890,273,349
41,904,975,511
23,094,256,510
881,773,348,954
705,379,985,617
Management fees revenue represents revenue of shopping centers management services and as manager of
REIT. Revenue from asset enhancement represents revenue from rental of the Companys assets.
There are no sales to customer with sales amount above 10% of net revenues for respective periods.
52
Urban Development:
Land Lots
Residential Houses and Shophouses
Memorial Park
Sub Total
Rp
Rp
74,005,109,274
82,056,747,324
4,849,925,270
160,911,781,868
56,039,494,557
30,421,382,794
3,110,291,628
89,571,168,979
66,626,862,762
414,007,572
67,040,870,334
50,298,099,920
1,767,927,802
52,066,027,722
Retail Malls:
Asset Enhancements
Shopping Centers
Sales Return of Shopping Centers
Sub Total
7,887,406,763
954,211,914
(834,786,531)
8,006,832,146
7,749,078,788
628,378,275
(1,510,252,487)
6,867,204,576
63,375,194,841
44,169,993,199
6,472,956,138
3,955,716,588
3,412,035,355
1,229,923,413
4,021,678,120
53,544,478,648
31,705,536,819
5,994,948,171
3,893,140,483
3,209,505,965
1,200,587,756
3,976,887,389
49,120,963,205
23,704,970,158
4,692,822,999
2,129,003,466
819,148,532
3,477,950,404
210,582,356,418
42,560,415,250
25,955,641,421
5,316,536,604
2,163,740,698
723,081,367
2,824,888,494
183,069,389,065
18,470,692,232
10,169,138,381
6,466,895,838
4,057,481,218
2,474,895,507
41,639,103,176
21,600,279,641
10,978,762,588
6,905,764,223
3,992,563,789
4,480,329,053
47,957,699,294
15,343,372,839
2,992,844,700
503,524,316,781
382,524,334,336
Healthcare:
Inpatient Department
Salaries and Employees Benefits
Drugs and Medical Supplies
Clinical Supplies
Depreciation
Food and Beverages
Repair and Maintenance
Others
Outpatient Department
Salaries and Employees Benefits
Drugs and Medical Supplies
Clinical Supplies
Depreciation
Repair and Maintenance
Others
Sub Total
There are no purchases above 10% of net revenues for respective periods.
53
b.
Distribution Expenses
March 31, 2011
Rp
Rp
18,502,523,511
8,356,070,386
5,531,798,001
3,404,921,715
2,672,734,703
2,074,240,445
1,735,830,806
1,280,923,032
990,205,269
313,935,757
869,105,850
11,438,707,947
8,105,002,255
2,553,415,453
3,434,962,968
966,447,229
1,856,530,955
1,447,267,489
1,875,493,641
1,079,882,537
569,058,382
498,919,108
45,732,289,475
33,825,687,964
Rp
Rp
50,230,343,968
27,195,223,428
20,706,451,410
14,049,914,785
8,170,851,473
6,062,263,924
5,928,549,008
4,086,430,461
1,997,979,037
943,249,890
790,118,124
773,537,942
535,721,634
458,808,560
-1,772,419,039
45,776,025,124
25,693,484,902
18,761,601,582
12,412,168,927
6,313,405,267
5,248,777,827
6,806,934,476
4,901,166,546
2,461,160,044
1,181,714,668
1,987,398,425
946,635,984
587,625,677
10,687,121
51,229,492
4,045,842,410
143,701,862,683
137,185,858,472
54
Interest Income
Interest Expenses
Total Interest Income (Expenses) - Net
Rp
Rp
31,200,842,248
(19,408,209,109)
5,068,575,858
(17,865,136,961)
11,792,633,139
(12,796,561,103)
Interest income represents interest earned from bank accounts, cash equivalent and restricted fund (see
Notes 3 and 14), while interest expense represents interest of loans (see Note 15).
32. Basic Earnings Per Share
The calculation basic earning per share is as follows:
March 31, 2011
136,101,830,111
113,179,713,133
21,627,689,619
17,302,151,695
6.29
6.54
33. Commitments
a.
On September 13, 1995, the Company entered into cooperation agreement for the construction and
development of Karawaci Interchange and Crossing Gate of Jakarta-Merak with PT Jasa Marga
(Persero) (JM), based on Deed of Revenue Sharing Agreement No. 84 dated September 13, 1995
made in presence of Agus Madjid, S.H., a notary in Jakarta. The construction shall be completed by
the Company within a certain period as mutually agreed upon by both parties with total project cost
of Rp 31,509,304,000, consisting of Rp 20,113,174,000 for the Karawaci Interchange and
Rp 11,396,130,000 for the Crossing Gate. JM will operate the project upon completion and
reimburse the project cost to the Company amounted to 40.5% of the daily toll revenues.
The payment from JM to the Company was arranged as follows:
Payment for the Karawaci Interchange amounted to 17.5% of toll revenues for a period of
10 (ten) years since commencement date. This payment does not include interest; and
Payment for the Crossing Gate amounted to 23% of toll revenues for a period of 10 (ten) years
since commencement date and should there remain as unpaid obligation at the end of the ten
years, and JM shall pay the entire debt within 3 (three) months thereafter. This payment includes
interest at 2.5% above the average one-year time deposit rate of 5 (five) government banks.
Based on Deed of Amendment on Revenue Sharing Agreement No. 94 dated March 30, 2004 made
in presence of Agus Majid, S.H., a notary in Jakarta, the Company and JM amended the RevenueSharing Agreement for the construction and development of Karawaci Interchange and Crossing
Gate of Jakarta-Merak. The construction which was completed by the Company with total project
cost of Rp 19,426,689,000 will be refunded by JM based upon a profit sharing scheme of the daily
55
On September 17, 1993, ex Aryaduta entered into an agreement with the Regional Government of
Riau (Riau Government) in connection with the operation of Aryaduta Hotel Pekanbaru (AHP).
According to the agreement, the Company agreed to plan, develop and operate AHP whilst the Riau
Government agreed to provide Right to Use No. 466 with land area of 21,360 sqm at Jl. Diponegoro,
Simpang Empat, Pekanbaru. The Government receives a royalty fee and a share in the hotels
profits as compensation. This agreement is valid for 25 years commencing from the date of the
grand opening of the hotel and can be extended for another 10 years. In an amendment to the
agreement with the Regional Government dated July 7, 1997, the Regional Government of Riau
granted a land right in the name of ex Aryaduta which will be returned to Regional Government of
Riau at the end of the agreement. The grand opening was conducted at January 1, 2001.
Royalty fee expenses charged to operations for the periods ended March 31, 2011 and 2010
amounted to Rp 55,555,500, respectively.
On August 20, 2004, the Company entered into agreement with PT Untaian Rejeki Abadi (URA)
whereby the Company will provide technical and marketing services to URAs business property with
area of 10,568 sqm for a period up to May 27, 2034, which can be extended. URA shall pay a
certain amount as specified in the agreement.
On April 9, 2006, PT Consulting & Management Service Division (CMSD), a subsidiary, entered into
shopping centers management agreement with their main shareholders to manage, to sell and
maintain the shopping centers facilities. CMSD shall receive certain management service fee as
stipulated in the agreement. Total management fee earned for the periods ended March 31, 2011
and 2010 amounted to Rp 10.1 billion and Rp 5.2 billion, respectively.
Lippo-Mapletree Indonesia Retail Trust Management Ltd (LMIR TM), a subsidiary, entered into an
agreement with HSBC Institutional Trust Services (Singapore) Limited, as trustee of Lippo-Mapletree
Indonesia Retail Trust (LMIR Trust) effectively since listing date of LMIR Trust (November 14, 2007).
Based on the agreement, LMIR TM will provide management services to LMIR Trust, among others,
investment strategic and investment as well as divestment recommendation. For such services,
LMIR TM shall receive certain compensation as stated in the agreement.
On September 19, 2008, the Company and Carbon Worldwide Sdn. Bhd. (CW) entered into
agreement to organize A1 Grand Prix at Lippo Karawaci, Tangerang for the period of 2009 up to
2013. The Company shall pay USD 1,000,000 per annum and share to CW part of ticketing and
others revenue in certain proportion as stated in the agreement. The agreement has been
terminated earlier on July 17, 2009 and no outstanding commitment or obligation existed as of
March 31, 2011.
As of March 31, 2011, the Company and PT Lippo Cikarang Tbk, a subsidiary, have unused fixed
loan on demand facilities obtained from PT Bank ICBC Indonesia totaling to Rp 180,000,000,000.
56
As of March 31, 2011, PT Lippo Cikarang Tbk, a subsidiary, has unused working capital and term
loan facilities obtained from PT Bank Negara Indonesia Tbk (Persero) totaling to Rp 50,000,000,000
and Rp 432,782,000,000, respectively.
The Company and subsidiaries entered into several agreements with contractors for development of
their projects. As of March 31, 2011 and December 31, 2010 total outstanding commitment
amounted to Rp 843 billion and Rp 803 billion, respectively. Several of significant contracts that are
unrealized on March 31, 2011 are as follows:
Subsidiaries
Contractor
Contract
Value
(Rp billion)
b.
PT Trilogi Suryawisesa
PT Pembangunan Perumahan
PT Lampiri
PT Pembangunan Perumahan
PT Surya Marga Luhur
PT Glenindo Citramandiri
PT Surya Bangun Persada Indah
PT Inter World Steel Mills Indonesia
PT Jakarta Cakratunggal Steel mills
PT Cahaya Teknindo Majumandiri
PT Surya Marga Luhur
PT Superhelindo Jaya
PT Pelitamaju Multiswakarsa
PT Pangkal Multikarya
PT Adhimix Precast Indonesia
PT Indonesia Pondasi Raya
PT Pangkal Multikarya
278
118
88
65
63
54
45
42
40
39
32
25
32
32
25
22
22
Unrealized
of Contract
Value
(Rp billion)
166
30
87
16
15
32
10
2
24
33
27
25
18
4
6
9
20
Rental Agreements
Based on Deed of Lease Agreement No. 06 dated November 12, 2008 made in presence of Julijanti
Sundjaja, S.H., a notary in Tangerang, PT Mandiri Cipta Gemilang (MCG), subsidiary, entered lease
agreement with PT Matahari Putra Prima Tbk (MPPA) for a period of 20 years started from opening
date of St. Moritz with total rental income amounted to Rp 324,259,600,000.
Based on Deed of Sale and Purchase Agreements Nos. 233, 234, 235, 236, 237, 238, 239, 240,
241, 242, 243, 244, 245, 246, 247, 248, 249, 250, 251, 252, 253 and 254 dated December 11, 2006,
all made in presence of Unita Christina, S.H., a notary in Tangerang, Deed of Sale and Purchase
Agreements Nos. 135, 136, 137, 138, 139, 140, 141, 142 and 143 dated December 11, 2006, all
made in presence of Rusdi Muljono,S.H., a notary in Surabaya; and Deed of Sale and Purchase
57
On December 31, 2010, based on Deed of Sale and Purchase Agreement No 146/2010, PT East
Jakarta Medika (EJM), subsidiary, sold land and building of Siloam Cikarang Hospital (the Property)
to PT Graha Pilar Sejahtera (GPS), a wholly owned subsidiary of First Real Estate Investment Trust
(First REIT), at the selling price of SGD 33,333,333 and leasedback the Property.
Based on rental agreement of Allen & Gledhill Advocates & Solicitors dated November 8, 2010, the
Company entered into lease agreement with GPS for 15 years. The Company shall pay certain
amount as stipulated in the agreement.
Sale and lease-back transaction above meets the classification of operating lease. Since the
transaction price is above its fair value, then the difference is recognized as deferred gain (see Note
20).
Rental expense for the period ended March 31, 2011 amounted to Rp 6,217,200,000.
c.
Based on rental agreement of Allen & Gledhill Advocates & Solicitors dated November 8, 2010, the
Company entered into lease agreement with PT Primatama Cemerlang (PC), the owner of land and
building of Mochtar Riady Comprehensive Cancer Centre for 15 years. PC is wholly owned by First
REIT. The Company shall pay certain amount as stipulated in the agreement.
On March 24, 2006, the Company entered into Non Deliverable USD Call Spread Option facility with
BNP Paribas, Singapore branch amounted to USD 25,000,000 for spread between Rp 9,200 to
Rp 12,000 with annual Premium Rate of 2.525% from Notional Amount. Premium will be paid on
every March 9 and September 9. This facility will due on March 9, 2011. On June 7, 2010, the
Company has unwind this facility and realized gain amounted to USD 460,000.
58
On March 28, 2006, the Company entered into Non Deliverable USD Call Spread Option facility with
UBS AG, Singapore branch amounted to USD 25,000,000 for spread between Rp 9,015 to
Rp 12,000 with annual Premium Rate of 2.72% from Notional Amount. Premium will be paid on
every March 9 and September 9. This facility will due on March 9, 2011. On August 31, 2010, the
Company has unwind this facility and realized gain amounted to USD 450,000.
On April 4, 2006, the Company entered into Non Deliverable USD Call Spread Option facility with
Deutsche Bank AG, Jakarta branch amounted to USD 25,000,000 for spread between Rp 9,000 to
Rp 12,000 with annual Premium Rate of 2.69% from Notional Amount. Premium will be paid on
every March 9 and September 9. This facility will due on March 9, 2011. On July 5, 2010, the
Company has unwind this facility and realized gain amounted to USD 305,000.
On April 5, 2006, the Company entered into Non Deliverable USD Call Spread Option facility with
Merrill Lynch & Co, Singapore branch amounted to USD 50,000,000 for spread between Rp 9,200 to
Rp 12,000 with annual Premium Rate of 2.475% from Notional Amount. Premium will be paid on
every March 9 and September 9. This facility will due on March 9, 2011. On September 7, 2010, the
Company has unwind this facility and realized gain amounted to USD 50,000.
On May 17, 2006, the Company entered into Non Deliverable USD Call Spread Option facility with
UBS AG, Singapore branch amounted to USD 25,000,000 for spread between Rp 9,200 to
Rp 12,000 with annual Premium Rate of 2.59% from Notional Amount. Premium will be paid on
every March 9 and September 9. This facility will due on March 9, 2011. On August 31, 2010, the
Company has unwind this facility and realized gain amounted to USD 210,000.
On November 8, 2006, the Company entered into Non Deliverable USD Call Spread Option facility
with BNP Paribas, Singapore branch amounted to USD 15,000,000 for spread between Rp 9,200;
Rp 9,200 and Rp 12,000 with annual Premium Rate of 1.525% from Notional Amount. Premium will
be paid on every March 9 and September 9. This facility will due on March 9, 2011. On June 7,
2010, the Company has unwind this facility and no gain or loss realized.
On May 31, 2010, the Company entered into Non Deliverable USD Call Spread Option facilities with
J.P. Morgan (S.E.A.) Limited, Singapore branch amounted to USD 60,000,000, with spread between
Rp 8,500; Rp 9,000 and Rp 12,000 with annual Premium Rates of 1.433% from Notional Amount.
Premium will be paid on every April 30 and October 31. This facility will due on April 30, 2015. As of
March 31, 2011, the fair value of this facility is amounting to USD 808,514.06 (equivalent to
Rp 7,041,348,914).
On June 7, 2010, the Company entered into Non Deliverable USD Call Spread Option facility with
BNP Paribas, Singapore branch amounted to USD 60,000,000 for spread between Rp 8,250;
Rp 9,000 and Rp 12,000 with annual Premium Rate of 1.5% from Notional Amount. Premium will be
paid on every April 30 and October 31. This facility will due on April 30, 2015. As of March 31, 2011,
the fair value of this facility is amounting to USD 987,538.00 (equivalent to Rp 8,600,468,442).
59
On July 5 and September 2, 2010, the Company entered into Non Deliverable USD Call Spread
Option facilities with Morgan Stanley & Co amounted to USD 50,000,000 with spread between
Rp 8,500; Rp 9,000 and Rp 12,000 and USD 25,600,000 with spread between Rp 8,000; Rp 9,000
and Rp 11,500 with annual Premium Rates of 1.78% and 2%, respectively, from Notional Amount.
Premium will be paid on every April 30 and October 31. Those facilities will due on April 30, 2015. As
of March 31, 2011, the fair value of these facilities is amounting to USD 103,493.60 (equivalent to
Rp 901,325,762) and USD -252,029.73 (equivalent to Rp -2,194,926,919), respectively.
On August 31, 2010, the Company entered into Non Deliverable USD Call Spread Option facilities
with J.P. Morgan (S.E.A.) Limited, Singapore branch amounted to USD 50,000,000, with spread
between Rp 8,000; Rp 9,000 and Rp 11,500 with annual Premium Rates of 1.78% from Notional
Amount. Premium will be paid on every April 30 and October 31. This facility will due on April 30,
2015. As of March 31, 2011, the fair value of this facility is amounting to USD 77,298.95 (equivalent
to Rp 673,196,572).
On September 7, 2010, the Company entered into Non Deliverable USD Call Spread Option facility
with BNP Paribas, Singapore branch amounted to USD 25,000,000 for spread between Rp 8,000;
Rp 9,000 and Rp 11,500 with annual Premium Rate of 1.95% from Notional Amount. Premium will
be paid on every April 30 and October 31. This facility will due on April 30, 2015. As of March 31,
2011, the fair value of this facility is amounting to USD -238,414.00 (equivalent to
Rp -2,076,347,526).
60
Large Scale
Integrated
Development
Rp
Property and
Portfolio
Management
Rp
Consolidated
Rp
Revenues
External
273,589,289
137,881,485
31,810,801
287,509,391
109,077,407
41,904,976
881,773,349
Gross Profit
112,677,507
70,840,615
23,803,969
76,927,034
67,438,304
26,561,603
378,249,032
Operating Expenses
Interest Income (Expenses) - Net
Other Income (Expenses) - Net
Income (Loss) of Associates
(75,748,073)
16,597,050
10,452,184
(1,933,477)
(12,140,911)
(2,410,617)
(6,553,889)
--
(11,905,365)
13,829
3,836,802
--
(42,567,518)
(2,080,147)
(4,073,333)
--
(31,949,077)
(345,329)
(1,080,435)
2,383,779
(15,123,208)
17,847
758,705
--
(189,434,152)
11,792,633
3,340,034
450,302
62,045,191
49,735,198
15,749,235
28,206,036
36,447,242
12,214,947
204,397,849
(17,037,336)
(5,653,204)
39,354,651
(7,196,531)
-42,538,667
(2,293,968)
-13,455,267
(7,905,012)
237,519
20,538,543
(20,705)
(1,556,816)
34,869,721
(1,856,115)
-10,358,832
(36,309,667)
(6,972,501)
161,115,681
20,443,074
18,911,577
41,435,395
1,103,272
13,148,396
306,871
20,538,543
--
34,869,721
--
5,666,701
4,692,131
136,101,830
25,013,851
Net Income
39,354,651
42,538,667
13,455,267
20,538,543
34,869,721
10,358,832
161,115,681
9,990,653,374
62,585,094
2,553,787,757
--
1,974,131,562
--
1,192,566,834
7,394,145
601,461,131
2,980
241,248,741 16,553,849,399
-69,982,219
10,053,238,468
2,553,787,757
1,974,131,562
1,199,960,979
601,464,111
241,248,741 16,623,831,618
5,297,819,744
1,933,470,329
255,308,408
476,280,144
105,156,979
45,284,105
8,113,319,708
29,894,660
5,591,890
6,039,351
1,334,813
1,210,593
2,950,823
83,086,588
10,428,974
820,089
12,587,905
-293,620
121,051,281
33,188,025
9,682,342
620
64,232
179,142
--
--
9,926,336
440,495,225
(373,710,011)
(120,264,754)
146,742,865
(232,679,420)
(7,303,370)
53,227,644
20,674,521
(2,919,080)
268,611,634
(249,974,848)
(54,909,693)
105,636,221
(82,207,110)
(4,346,719)
37,874,212
(37,915,165)
(6,973,007)
1,052,587,801
(955,812,033)
(196,716,623)
(53,479,540)
(93,239,925)
70,983,085
(36,272,907)
19,082,392
(7,013,960)
(99,940,855)
-(6,039,351)
--
-(1,210,593)
--
-(83,086,588)
(33,025)
-(820,089)
--
758,978
---
(237,085,047)
(121,051,281)
(19,972,576)
(287,678,236)
(6,039,351)
(1,210,593)
(83,119,613)
(820,089)
758,978
(378,108,904)
568,970,232
--
--
--
--
--
568,970,232
(454,622,202)
(294,109,344)
-110,429,842
-(65,200,119)
-263,641,946
-(19,206,378)
-9,485,387
(454,622,202)
5,041,334
(179,761,314)
110,429,842
(65,200,119)
263,641,946
(19,206,378)
9,485,387
119,389,364
Segment Assets
Investment in Associates
Total Assets
Segment Liabilities
Capital Expenditures
Depreciation
Non Cash Expenses Other than
Depreciation
Cash Flows from Operating
Receipt from Costumers
Payment to Third Parties
Others
61
Urban
Development
Rp
Large Scale
Integrated
Development
Rp
Property and
Portfolio
Management
Rp
Consolidated
Rp
Revenues
External
217,057,840
95,199,601
18,533,727
246,604,288
104,890,273
23,094,257
705,379,986
Gross Profit
127,486,671
43,133,573
11,666,522
63,534,899
56,932,574
20,101,412
322,855,651
Operating Expenses
Interest Income (Expenses) - Net
Other Income (Expenses) - Net
Income (Loss) of Associates
(77,439,545)
(10,731,925)
4,895,970
(787,850)
(7,369,165)
17,076
427,936
--
(9,760,885)
36,829
1,953,922
--
(28,728,477)
(1,717,708)
(3,555,507)
--
(34,341,149)
(416,443)
(11,760)
2,011,597
(13,372,325)
15,610
1,841,437
--
(171,011,546)
(12,796,561)
5,551,998
1,223,747
43,423,321
36,209,420
3,896,388
29,533,207
24,174,819
8,586,134
145,823,289
(11,423,028)
7,381,982
39,382,275
(4,925,970)
-31,283,450
(1,593,676)
-2,302,712
--29,533,207
(1,479,930)
(90,033)
22,604,856
(1,572,144)
-7,013,990
(20,994,748)
7,291,949
132,120,490
26,668,318
12,713,957
28,830,709
2,452,741
1,831,429
471,283
29,533,207
--
22,604,856
--
3,711,194
3,302,796
113,179,713
18,940,777
Net Income
39,382,275
31,283,450
2,302,712
29,533,207
22,604,856
7,013,990
132,120,490
Segment Assets
Investment in Associates
6,965,231,097
67,150,406
1,767,797,149
--
2,161,954,083
--
438,247,893
2,609,826
627,494,859
2,980
126,324,221 12,087,049,302
-69,763,212
Total Assets
7,032,381,503
1,767,797,149
2,161,954,083
440,857,719
627,497,839
126,324,221 12,156,812,514
Segment Liabilities
4,282,581,394
1,862,121,708
324,613,506
140,026,441
106,484,088
15,712,093
6,731,539,230
7,167,713
5,071,228
16,751,448
1,036,380
730,268
2,919,424
10,242,706
8,794,127
2,147,365
13,227,741
-135,948
37,039,500
31,184,848
7,446,256
1,931,150
258,674
533,462
--
--
10,169,542
283,388,769
(99,384,422)
(229,534,252)
57,454,927
(35,248,316)
(2,710,693)
12,265,654
(5,227,906)
(2,938,322)
236,190,088
(176,985,637)
(35,004,545)
68,842,918
(56,632,775)
(5,754,437)
17,568,683
(9,280,502)
(9,739,377)
675,711,039
(382,759,558)
(285,681,626)
(45,529,905)
19,495,918
4,099,426
24,199,906
6,455,706
(1,451,196)
7,269,855
15,978,933
(7,167,713)
(8,895,229)
-(16,751,448)
--
-(730,268)
--
-(10,242,706)
24,500
-(2,147,365)
--
1,841,721
---
17,820,654
(37,039,500)
(8,870,729)
(84,009)
(16,751,448)
(730,268)
(10,218,206)
(2,147,365)
1,841,721
(28,089,575)
(37,224,103)
11,696,084
---
(7,532,167)
--
(752,671)
(7,928,267)
---
---
(45,508,941)
3,767,817
(25,528,019)
--
(7,532,167)
(8,680,938)
--
--
(41,741,124)
Capital Expenditures
Depreciation
Non Cash Expenses Other than
Depreciation
Cash Flows from Operating
Receipt from Costumers
Payment to Third Parties
Others
62
JPY
SGD
Equivalent
EUR
AUD
Rupiah
Assets
Cash and Cash Equivalent
120,774,347
113,800
30,915,728
21,285
6,369
1,265,659,260,727
112,781,804
778,871,139,667
1,723,251
1,847,708
27,768,061,368
6,466,922
4,398,107
86,693,746,075
Other Assets
49,950
3,955,649
27,752,726,240
Total Assets
129,014,471
113,800
153,898,996
21,285
6,369
2,186,744,934,077
Investments
Liabilities
Loans
395,608,000
3,445,350,072,000
1,007,837
3,486,803
32,857,115,399
54,000
470,286,000
Accrued Expenses
Total Liabilities
Total Asset (Liabilities) - Net
16,733,653
780,927
151,126,464,199
413,403,491
--
4,267,730
--
3,629,803,937,598
(284,389,020)
113,800
149,631,266
21,285
6,369
(1,443,059,003,521)
JPY
SGD
Equivalent
EUR
AUD
Rupiah
Assets
Cash and Cash Equivalent
83,014,645
113,800
41,688,435
11,324
6,419
1,037,618,267,593
--
--
58,200,013
--
--
406,294,289,217
1,828,147
--
2,578,342
--
--
34,436,275,179
6,405,706
--
2,814,438
--
--
77,241,294,324
Other Assets
49,950
--
2,142,900
--
--
15,408,685,350
Total Assets
91,298,448
113,800
107,424,128
11,324
6,419
1,570,998,811,663
Investments
Liabilities
Loans
336,854,000
--
--
--
--
3,028,654,314,000
1,251,512
--
3,516,366
--
--
35,800,095,438
54,000
--
--
--
--
485,514,000
Accrued Expenses
Total Liabilities
Total Asset (Liabilities) - Net
7,171,629
--
1,330,808
--
--
73,770,486,987
345,331,141
--
4,847,174
--
--
3,138,710,410,425
(254,032,693)
113,800
102,576,954
11,324
6,419
(1,567,711,598,762)
In relation to the balance of liabilities denominated in foreign currencies, the Company has conducted several
derivative contracts with other parties to manage the risk of foreign currency exchange rates (see Note 33.c).
36. Contingencies
Based on the Legal Case Register No. 79/PDTG/2005/PN.TNG dated April 12, 2005, Silvia Sunardi sued
the Company (ex Lippo Land). Based on the case, it was stated that compensation was demanded due to the
allegation that kiosks at Depok Town Square was sold to the above mentioned party at the point where the land
status was still under dispute (court case). In 2005, the Legal Case Register was rejected by Tangerang District
Courts. Upon the judgments to the case aforesaid, the plaintiff is pursuing remedy either by cassation through
Supreme Court of the Republic Indonesia or by appeal through Banten High Court. According to the
Companys legal counsel, the event will not influence nor threat the ownership status of the land on which
Depok Town Square was built.
63
Credit Risk
Credit risk is the risk that the Company and Subsidiaries will incur a loss arising from their customers,
clients or counterparties that fail to discharge their contractual obligations. The Company and
Subsidiaries financial instrument that potentially containing credit risk are cash and cash equivalent,
trade accounts receivable, other accounts receivable and investments. Maximum total credit risks
exposure are equal to the amount of the respective accounts.
The Company and Subsidiaries manage and control this credit risk by setting limits on the amount of risk
they are willing to accept for respective customers and more selective in choosing banks and financial
institutions, which only choose reputable and creditworthy banks and financial institutions.
(ii)
Price Risk
Price risk is a risk that fluctuate value of financial instrument as a result of changes in market price. The
Company and Subsidiaries possess to price risk because primarily they own an investment classified in
to available-for-sale financial assets.
The Company and Subsidiaries manage this price risk by regularly evaluate financial performance and
market price of their investment and continuously monitor global market developments.
64
45,879,562,556
35,254,334,638
5,000,000,000
-86,133,897,194
--11,450,000,000
448,172,201,824
459,622,201,824
Non Bank
e. Bonds (2011: USD 395,608,000; 2010: USD 336,854,000)
3,395,318,195,819
2,916,240,540,290
Total Loans
3,481,452,093,013
3,375,862,742,114
a.
b.
40
65