PT.

GAJAH TUNGGAL Tbk AND ITS SUBSIDIARY

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2014 AND 2013

2014 2013
ASSETS
CURRENT ASSETS
Cash and cash equivalents Rp 957,144 Rp 1,998,591
Other financial assets - current Rp 93,077 Rp 237,492
Trade accounts receivable
Related parties Rp 211,048 Rp 190,575
Third parties Rp 1,857,526 Rp 1,887,194
Other accounts receivable
Related parties Rp 185,102 Rp 154,139
Third parties Rp 84,900 Rp 50,960
Inventories Rp 2,247,074 Rp 1,820,112
Advances Rp 86,925 Rp 157,673
Prepaid taxes Rp 555,010 Rp 341,724
Prepaid expenses Rp 5,446 Rp 5,393
Total Current Assets Rp 6,283,252 Rp 6,843,853

NON-CURRENT ASSETS
Other accounts receivable from a related party Rp 648,456 ###
Deferred tax assets Rp 46,431 Rp 40,050
Investment in associate Rp 938,646 Rp 995,149
Other non-current financial assets Rp 88,442 Rp 84,277
Investment properties Rp 155,834 Rp -
Property, plant and equipment - net of
accumulated depreciation of
Rp 5,500,307 million in 2014
and Rp 4,931,728 million in 2013 Rp 7,611,453 Rp 6,415,815
Advances for purchase of property, plant
and equipment Rp 270,383 Rp 323,154
Total Non-current Assets Rp 9,759,645 Rp 8,506,901
TOTAL ASSETS Rp 16,042,897 Rp 15,350,754

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Bank loans 246,815 0
Trade accounts payable
Related parties 200,796 172,860
Third parties 1,004,161 1,151,466
Other accounts payable
Related parties 15,310 7,797
Third parties 188,057 167,347
Taxes payable 132,703 158,331
Dividends payable 2,294 2,245
Accrued expenses 352,565 331,676
Sales advances 11,777 12,771
Dealers' guarantee 961,745 959,742
Total Current Liabilities 3,116,223 2,964,235

NON-CURRENT LIABILITIES
Bonds payable 6,123,637 5,960,737
Post-employment benefits obligations 819,745 701,439

Total Non-current Liabilities 6,943,382 6,662,176

Total Liabilities 10,059,605 9,626,411

EQUITY
Capital stock - Rp 500 par value per share
Authorized - 12,000,000,000 shares
Subscribed and paid-up -
3,484,800,000 shares Rp 1,742,400 Rp 1,742,400
Additional paid-in capital Rp (502,515) Rp (502,515)
Other comprehensive income Rp 712,223 Rp 688,294
Retained earnings
Appropriated Rp 55,000 Rp 50,000
Dealers' guarantee Rp 3,976,623 Rp 3,746,603
Total Rp 5,983,731 Rp 5,724,782

Less cost of treasury stocks- 254,000 shares Rp (439) Rp (439)

Total Equity Rp 5,983,292 Rp 5,724,343
TOTAL LIABILITIES AND EQUITY Rp 16,042,897 Rp 15,350,754

PT. GAJAH TUNGGAL Tbk AND ITS SUBSIDIARY

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
DECEMBER 31, 2014 AND 2013

2014 2013
Net Sales Rp 13,070,734 Rp 12,352,917
Cost Of Good Sold Rp 10,625,591 Rp 9,864,990
Gross Profit Rp 2,445,143 Rp 2,487,927

Selling expense Rp (793,732) Rp (709,685)

General and Administrative exp Rp (497,675) Rp (412,910)
Finance cost Rp (621,108) Rp (576,137)
Loss on Foreign exchange- net Rp (179,426) Rp (889,998)
Equity in net income (loss) of associate Rp (74,192) Rp 4,790
Interest Income Rp 50,292 Rp 55,985
Other gains and loss Rp 64,757 Rp 206,501
 Income Before Tax Rp 394,059 Rp 166,473

Tax Expense Rp (124,191) Rp (46,143)

Net Income For The Year Rp 269,868 Rp 120,330
IARY
OSITION

Increase or (Decrease)
during 2014
Amount Percent

Rp (1,041,447) -52.11%
Rp (144,415) -60.81%

Rp 20,473 10.74%
Rp (29,668) -1.57%

Rp 30,963 20.09%
Rp 33,940 66.60%
Rp 426,962 23.46%
Rp (70,748) -44.87%
Rp 213,286 62.41%
Rp 53 0.98%
Rp (560,601) -8.19%

Rp - 0.00%
Rp 6,381 15.93%
Rp (56,503) -5.68%
Rp 4,165 4.94%
Rp 155,834 -

Rp 1,195,638 18.64%

Rp (52,771) -16.33%
Rp 1,252,744 14.73%
Rp 692,143 4.51%

Rp 246,815

Rp 27,936 16.16%
Rp (147,305) -12.79%
Rp -
Rp 7,513 96.36%
Rp 20,710 12.38%
Rp (25,628) -16.19%
Rp 49 2.18%
 Rp 20,889 6.30%
Rp (994) -7.78%
Rp 2,003 0.21%
Rp 151,988 5.13%
Rp -
Rp -
Rp 162,900 2.73%
Rp 118,306 16.87%
Rp -
Rp 281,206 4.22%
Rp 433,194 4.50%

Rp - 0.00%
0.00%
Rp 23,929 3.48%

Rp 5,000 10.00%
Rp 230,020 6.14%
Rp 258,949 4.52%

Rp - 0.00%
Rp 258,949 4.52%
Rp 692,143 4.51%

IARY
VE INCOME

Increase or (Decrease)
during 2014
Amount Percent
Rp 717,817 5.81%
Rp 760,601 7.71%
Rp (42,784) -1.72%

Rp (84,047) 11.84%
Rp (84,765) 20.53%
Rp (44,971) 7.81%
Rp 710,572 -79.84%
Rp (78,982) -1648.89%
Rp (5,693) -10.17%
Rp (141,744) -68.64%
Rp 227,586 136.71%

Rp (78,048) 169.14%
Rp 149,538 124.27%
 PT. GAJAH TUNGGAL Tbk AND ITS SUBSI
CONSOLIDATED STATEMENTS OF FINANCIAL
DECEMBER 31, 2014 AND 2013

ASSETS
CURRENT ASSETS
Cash and cash equivalents
Other financial assets - current
Trade accounts receivable
Related parties
Third parties
Other accounts receivable
Related parties
Third parties
Inventories
Advances
Prepaid taxes
Prepaid expenses
Total Current Assets

NON-CURRENT ASSETS
Other accounts receivable from a related party
Deferred tax assets
Investment in associate
Other non-current financial assets
Investment properties
Property, plant and equipment - net of
accumulated depreciation of
Rp 5,500,307 million in 2014
and Rp 4,931,728 million in 2013
Advances for purchase of property, plant
and equipment
Total Non-current Assets
TOTAL ASSETS

LIABILITIES AND EQUITY

CURRENT LIABILITIES
Bank loans
Trade accounts payable
Related parties
Third parties
Other accounts payable
Related parties
 Third parties
Taxes payable
Dividends payable
Accrued expenses
Sales advances
Dealers' guarantee
Total Current Liabilities

NON-CURRENT LIABILITIES
Bonds payable
Post-employment benefits obligations

Total Non-current Liabilities

Total Liabilities

EQUITY
Capital stock - Rp 500 par value per share
Authorized - 12,000,000,000 shares
Subscribed and paid-up -
3,484,800,000 shares
Additional paid-in capital
Other comprehensive income
Retained earnings
Appropriated
Dealers' guarantee
Total

Less cost of treasury stocks- 254,000 shares

Total Equity
TOTAL LIABILITIES AND EQUITY

PT. GAJAH TUNGGAL Tbk AND

FOR THE YEARS ITS SUBSI
ENDED
DECEMBER 31, 2014 AND 2013
DECEMBER 31, 2014 AND 2013

Net Sales
Cost Of Good Sold
Gross Profit

Selling expense
General and Administrative exp
Finance cost
Loss on Foreign exchange- net
Equity in net income (loss) of associate
Interest Income
Other gains and loss
Income Before Tax
Tax Expense
Net Income For The Year
 H TUNGGAL Tbk AND ITS SUBSIDIARY
TED STATEMENTS OF FINANCIAL POSITION
DECEMBER 31, 2014 AND 2013

2014 2013
Amount Percent Amount Percent

Rp 957,144 5.97% Rp 1,998,591 13.02%

Rp 93,077 0.58% Rp 237,492 1.55%
0.00%
Rp 211,048 1.32% Rp 190,575 1.24%
Rp 1,857,526 11.58% Rp 1,887,194 12.29%
0.00%
Rp 185,102 1.15% Rp 154,139 1.00%
Rp 84,900 0.53% Rp 50,960 0.33%
Rp 2,247,074 14.01% Rp 1,820,112 11.86%
Rp 86,925 0.54% Rp 157,673 1.03%
Rp 555,010 3.46% Rp 341,724 2.23%
Rp 5,446 0.03% Rp 5,393 0.04%
Rp 6,283,252 39.17% Rp 6,843,853 44.58%
0.00%
0.00%
Rp 648,456 4.04% Rp 648,456 4.22%
Rp 46,431 0.29% Rp 40,050 0.26%
Rp 938,646 5.85% Rp 995,149 6.48%
Rp 88,442 0.55% Rp 84,277 0.55%
Rp 155,834 0.97% Rp - 0.00%

Rp 7,611,453 47.44% Rp 6,415,815 41.79%

Rp 270,383 1.69% Rp 323,154 2.11%

Rp 9,759,645 60.83% Rp 8,506,901 55.42%
Rp 16,042,897 100.00% Rp 15,350,754 100.00%

246,815 1.54% 0

200,796 1.25% 172,860 1.13%

1,004,161 6.26% 1,151,466 7.50%
0.00%
15,310 0.10% 7,797 0.05%
 188,057 1.17% 167,347 1.09%
132,703 0.83% 158,331 1.03%
2,294 0.01% 2,245 0.01%
352,565 2.20% 331,676 2.16%
11,777 0.07% 12,771 0.08%
961,745 5.99% 959,742 6.25%
3,116,223 19.42% 2,964,235 19.31%

6,123,637 38.17% 5,960,737 38.83%

819,745 5.11% 701,439 4.57%
0.00% 0.00%
6,943,382 43.28% 6,662,176 43.40%
10,059,605 62.70% 9,626,411 62.71%
0.00%
0.00%

Rp 1,742,400 10.86% Rp 1,742,400 11.35%

Rp (502,515) -3.13% Rp (502,515)
Rp 712,223 4.44% Rp 688,294

Rp 55,000 0.34% Rp 50,000 -3.27%

Rp 3,976,623 24.79% Rp 3,746,603
Rp 5,983,731 37.30% Rp 5,724,782

Rp (439) 0.00% Rp (439) 24.41%

Rp 5,983,292 37.30% Rp 5,724,343 37.29%
Rp 16,042,897 100.00% Rp 15,350,754 100.00%

H TUNGGAL Tbk AND

FOR THE YEARS ITS SUBSIDIARY
ENDED
DECEMBER 31, 2014 AND 2013
DECEMBER 31, 2014 AND 2013

2014 2015
Amount Percent Amount Percent
13,070,734 100.00% 12,352,917 100.00%
10,625,591 81.29% 9,864,990 79.86%
2,445,143 18.71% 2,487,927 20.14%

-793,732 -6.07% -709,685 -5.75%

-497,675 -3.81% -412,910 -3.34%
-621,108 -4.75% -576,137 -4.66%
-179,426 -1.37% -889,998 -7.20%
-74,192 -0.57% 4,790 0.04%
50,292 0.38% 55,985 0.45%
64,757 0.50% 206,501 1.67%
394,059 3.01% 166,473 1.35%
-124,191 -0.95% -46,143 -0.37%
269,868 2.06% 120,330 0.97%
 Liquidity Ratios

1. Current Ratio
Current Assets : Current Liabilites
2014
Current Assets Rp 6,283,252
Current Liabilites Rp 3,116,223
2.02

2. Acid Test Ratio

(Cash + Short - Term Investment + Receivables Net) : Current
2014
Cash 957,144
Short- Term Investment
Receivables Net

3.
os

sets : Current Liabilites

2013
Rp 6,843,853
Rp 2,964,235
2.31

ent + Receivables Net) : Current Liabilities

2013
1,998,591