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
81
15. LOANS FROM BANKS AND FINANCING INSTITUTIONS continued PT BCA Finance
The loans from PT BCA Finance represent drawdowns from various consumer financing credit facilities obtained by the Company, MOJ, SPM, SCK, SHO, IJP, BTK, ETK, MPP, MIC and LMD,
which were used to finance the acquisitions of vehicles. The loans are payable in monthly installments at different dates from January 4, 2008 up to May 14, 2017 and are collateralized by the vehicles
purchased Note 12. For the six-month period ended June 30, 2013 and year ended December 31, 2012, the Company and Subsidiaries made principal payments totaling Rp3,893,436 and
Rp8,909,854, respectively. The outstanding loans as of June 30, 2013 and December 31, 2012, 2011 and 2010 amounted to
Rp13,453,487, Rp10,385,927, Rp11,944,236 and Rp12,201,637, respectively.
PT Dipo Star Finance Dipo
The loan from Dipo represents drawdowns from an installment credit facility obtained by the Company which was used to finance the acquisition of vehicles. The loan was paid in monthly installments
starting from September 26, 2011 up to July 26, 2012 and was collateralized by the vehicles purchased Note 12. The outstanding loan balance as of December 31, 2011 and 2010 amounted to
Rp128,975 and Rp376,579, respectively. This credit facility was fully paid on its maturity date.
Ranges of interest rates of loans from banks and financing institutions are as follows:
December 31, June 30, 2013
2012 2011
2010
OCBC 9.50
- -
- BCA
9.00 9.00-9.50
9.50-9.75 9.75-11.00
Mandiri 9.00-9.25
9.25-9.75 9.75-10.50
10.50 BBA
10.00-10.50 10.00
11.00 -
Resona 9.96-10.07
10.38-11.01 10.38-11.01
10.60 PT BCA Finance
3.45-13.27 3.99-13.27
3.75-12.38 5.50-17.27
Dipo -
- 6
6-16.76
For all facilities with loan covenants as discussed above, the Company and Subsidiaries are not in default.
16. OBLIGATIONS UNDER FINANCE LEASE
In January 2013, the Company and PT Summerville Property Management SPM entered into lease commitments with ORIX Indonesia Finance ORIX covering two vehicles. The lease period is three
years. At the end of each of the lease periods, the Company and SPM have an option to purchase the vehicles at a price of Rp33,560 and Rp45,520, respectively.
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
82
17. BONDS PAYABLE AND SUKUK IJARAH
The details of bonds issued are as follows:
December 31, June 30, 2013
2012 2011
2010 Face Value
Sukuk Ijarah I 200,000,000
200,000,000 200,000,000
200,000,000 Rupiah Bonds II
100,000,000 100,000,000
100,000,000 100,000,000
Total face value 300,000,000
300,000,000 300,000,000
300,000,000 Payment
300,000,000 -
- -
Bonds payable and sukuk ijarah - net -
300.000.000 300.000.000
300.000.000 Less deferred issuance costs
net of current amortization of Rp684,264 in 2013, Rp816,637
in 2012, Rp847,075 in 2011 and Rp734,904 in 2010
- 684,264
1,500,901 2,347,976
Net -
299,315,736 298,499,099
297,652,024 Less of current maturities
- 299,315,736
- -
Long-term portion -
- 298,499,099
297,652,024
The details of the above deferred issuance costs and the related accumulated amortization are as follows:
December 31, June 30, 2013
2012 2011
2010
Sukuk Ijarah I 2,444,240
2,444,240 2,444,240
2,444,240 Rupiah Bonds II
1,276,099 1,276,099
1,276,099 1,276,099
Total 3,720,339
3,720,339 3,720,339
3,720,339 Less accumulated amortization of deferred
issuance costs inclusive of current amortization of Rp684,264 in 2013, Rp816,637 in 2012,
Rp847,075 in 2011 and Rp734,904 in 2010
3,720,339 3,036,075
2,219,438 1,372,363
Net -
684,264 1,500,901
2,347,976
Sukuk Ijarah I On June 25, 2008, the Company issued Sukuk Ijarah with a nominal value of Rp200,000,000, with
obligation to pay cicilan imbalan Ijarah amounting to Rp28,200,000 annually, payable over 5 years. Payments of the cicilan imbalan Ijarah were made quarterly in arrears starting September 25, 2008 up
to June 25, 2013, when the Sukuk Ijarah matured and were fully paid.
