PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
105
35. ASSETS AND LIABILITIES IN FOREIGN CURRENCIES
As of June 30, 2013 and December 31, 2012, 2011 and 2010, the Company and Subsidiaries have monetary assets and liabilities denominated in foreign currencies. The rupiah equivalents of the foreign
currency-denominated assets and liabilities as of June 30, 2013 and December 31, 2012, 2011 and 2010, and as of June 30, 2013 converted at the exchange rates as of the completion date August 19,
2013 of the consolidated financial statements are as follows:
Foreign Currencies Equivalent Amounts in Rupiah
December 31, December 31,
August 19, 2013 Auditors’
June 30, 2013 2012
2011 2010
2010 2011
2012 June 30, 2013 Report Date
Assets Cash and cash equivalents
U.S. dollar US
2,293,924 2,304,310
2,295,404 1,460,530
13,131,634 20,812,658
22,282,677 22,776,371
23,973,799 European euro
Euro 183,447
181,577 422,772
509,928 6,096,588
4,964,887 2,326,002
2,380,637 2,556,888
Australian dollar AUD
8,295 8,294
8,295 8,295
75,837 75,837
83,161 76,180
80,029 Japanese yen
JPY 97,211
107,555 -
- -
- 12,046
9,755 10,421
Singapore dollar SGD
433 431
454 456
3,186 3,166
3,411 3,395
3,557 Malaysian ringgit
RM 752
752 752
752 2,192
2,192 2,376
2,349 2,396
Hong Kong dollar HKD
1,606 1,605
1,745 1,536
1,775 2,007
2,003 2,056
2,165 Thailand baht
THB 4,914
4,909 4,914
- -
1,384 1,551
1,566 1,641
Other financial assets - restricted time deposits Note 14 US
- -
- 1,000,000 8,991,000
- -
- -
Total Assets in Foreign Currencies 28,302,212
25,862,131 24,713,227
25,252,309 26,630,896
Liabilities Short-term bank loans Note 15
U.S. dollar US
1,000,000 1,000,000
1,000,000 3,820,000
34,345,620 9,068,000
9,670,000 9,929,000
10,451,000 Trade payables to third parties
Note 18 European euro
Euro 788
13,441 2,050
2,040 24,390
24,063 172,174
10,226 10,983
U.S. dollar US
793 12,886
797 793
7,130 7,225
124,608 7,874
8,288 Singapore dollar
SGD 3,881
792 23,505
3,881 27,092
163,926 6,259
30,431 31,880
Other payables Note 19 U.S. dollar
US 1,023,027
- 128,947
179,451 1,613,439
1,169,291 -
10,158,032 10,692,073
European euro Euro
1,833 -
56,083 63,386
757,843 658,358
- 23,787
25,548 Deposits received Note 23
U.S. dollar US
21,794 4,500
26,294 26,294
236,409 238,434
43,515 216,393
227,769 Total Liabilities in Foreign Currencies
37,011,923 11,329,297
10,016,556 20,375,743
21,447,541
Net Assets Liabilities in Foreign Currencies
8,709,711 14,532,834
14,696,671 4,876,566
5,183,355
36. FINANCIAL ASSETS AND LIABILITIES
The following table sets out the carrying values and estimated fair values of the Company’s and Subsidiaries’ financial instruments as of June 30, 2013 and December 31, 2012, 2011 and 2010:
December 31, June 30, 2013
2012 2011
2010 Carrying Values Fair Values
Carrying Values Fair Values
Carrying Values Fair Values
Carrying Values Fair Values
Financial Assets Available-for-sale
Investment in associates and other entities
3,698,761 3,698,761
3,698,761 3,698,761
3,698,761 3,698,761
4,029,276 4,029,276
Loans and receivables
Cash and cash equivalents 2,723,508,878 2,723,508,878 2,427,999,474
2,427,999,474 1,495,900,816
1,495,900,816 1,120,483,310
1,120,483,310 Trade receivables
177,826,686 177,826,686
106,417,742 106,417,742
34,427,117 34,427,117
89,372,219 89,372,219
Other receivables 30,465,760
30,465,760 24,254,265
23,610,304 37,717,332
34,504,463 121,817,124
121,817,124 Due from related parties
331,765 331,765
110,931 110,931
2,397,055 2,397,055
5,536,859 5,536,859
Other current financial assets 1,350,954
1,350,954 1,215,414
1,215,414 -
- 8,991,000
8,991,000 Other non-current financial
assets 61,339,548
61,339,548 89,062,099
89,062,099 95,917,488
95,917,488 102,737,828
102,737,828
Total 2,998,522,352 2,998,522,352
2,652,758,686 2,652,114,725
1,670,058,569 1,666,845,700
1,452,967,616 1,452,967,616
PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
106
36. FINANCIAL ASSETS AND LIABILITIES continued
The following table sets out the carrying values and estimated fair values of the Company’s and Subsidiaries’ financial instruments as of June 30, 2013 and December 31, 2012, 2011 and 2010
continued:
December 31, June 30, 2013
2012 2011
2010 Carrying Values Fair Values
Carrying Values Fair Values
Carrying Values Fair Values
Carrying Values Fair Values
Financial Liabilities Financial liabilities at
amortized costs
Short-term loans from banks and financing
institution 74,361,926
74,361,926 13,248,512
13,248,512 52,942,822
52,942,822 3,596,787
3,596,787 Trade payables to third
parties 45,293,711
45,293,711 184,224,757
184,224,757 246,765,162
246,765,162 181,664,820
181,664,820 Other payables
407,969,462 407,969,462
95,282,200 95,282,200
54,591,942 54,591,942
26,790,622 26,790,622
Accrued expenses 680,404,665
680,404,665 313,974,574
313,974,574 166,605,190
166,605,190 157,399,494
157,399,494 Due to related parties
355,840,706 355,840,706
322,833,794 322,833,794
290,708,658 290,708,658
203,202,788 203,202,788
Deposits received - customer deposits
108,846,005 103,691,962
98,288,759 93,260,978
92,050,232 85,186,901
72,831,774 72,831,774
Long-term loans from banks and financing
institutions 1,306,594,238 1,305,020,219
809,574,927 808,188,102
788,837,639 549,509,431
471,798,443 471,798,443
Obligations under finance lease
261,699 236,418
- -
- -
- -
Bonds payable and sukuk ijarah
- -
299,315,736 280,071,379
298,499,099 246,367,137
297,652,024 219,814,949
Short-term employee benefits liabilities
- -
345,812 345,812
177,953 177,953
375,138 375,138
Other non-current financial liabilities
7,946,970 7,946,970
10,734,092 10,734,092
- -
- -
Total 2,987,519,382 2,980,766,039
2,147,823,163 2,122,164,200
1,991,178,697 1,692,855,196
1,415,311,890 1,337,474,815
Fair value is defined as the amount at which the instrument could be exchanged in a current transaction between knowledgeable willing parties in an arms length transaction, other than in a forced
or liquidation sale. Fair values are obtained from quoted market prices, discounted cash flows models and option pricing models, as appropriate.
The Company and Subsidiaries use the following hierarchy for determining the fair value of financial instruments:
• Level 1: Fair values measured based on quoted prices unadjusted in active markets for identical assets or liabilities.
• Level 2: Fair values measured based on valuation techniques for which all inputs which have a significant effect on the recorded fair values are observable, either directly or indirectly.
• Level 3: Fair values measured based on valuation techniques for which inputs which have a significant effect on the recorded fair values are not based on observable market data.
The following methods and assumptions are used to estimate the fair value of each class of financial instruments:
a. Short-term financial assets and liabilities Short-term financial instruments with remaining maturities of one year or less cash and cash
equivalents, trade receivables, other receivables, due from related parties, other current financial assets, short-term loans from banks and financing institution, trade payables to third parties, other
payables, accrued expenses, due to related parties, deposits received - customer deposits and short-term employee benefits liabilities approximate their carrying amounts due to their short-term
nature.
