Adaro Energy Annual Report 2008 www.adaro.com
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Contact Us Governing Adaro
Financial Report Corporate Social Responsibility
PT ADARO ENERGY Tbk Schedule 525
FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated
3. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES continued
t. Acquisition and disposal of PT Nusantara Power Energy by PT Jasapower Indonesia
On 3 December 2007, JPI acquired 70 interest in PT Nusantara Power Energy “NPE” for Rp 700,000. The details of the net assets acquired are as follows:
2007
Purchase consideration through cash payment 700
Net assets acquired 700
Goodwill -
Other assets 1,000
Net assets 1,000
Interest acquired 70
Net assets acquired 700
Goodwill -
Cash and cash equivalents in NPE -
Net cash outflow from acquisition of subsidiary 700
On 30 April 2008, JPI disposed of all of its interest in NPE for Rp 700,000. The details of the net assets disposed of are as follows:
2008
Other assets 5,000
Net assets 5,000
Interest disposed 70
Net assets disposed 3,500
Adjustment to net assets disposed of: - Loss on disposal of subsidiary
2,800 - Other receivable from disposal of subsidiary
700 Cash received from disposal of investments
- Cash and cash equivalents in NPE
- Net cash outflow from disposal of subsidiary
-
4. RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS
As disclosed in Note 3, acquisitions of additional interest in SIS, ATA and MSW were accounted for using the pooling-of-interests method as required under SFAS No. 38 Revised 2004. Therefore, the 31 December 2007 consolidated financial statements were
restated as if the restructuring transactions had already occurred as at 1 January 2007. In addition, the Board of Directors of Adaro is of the opinion that a restatement of the 31 December 2007 consolidated financial
statements is required resulting from adjustments to the Corporate Income Tax expense for fiscal years 2004, 2005, 2006 and 2007, amounting to US11,304,782, US33,233,919, US36,818,114 and US9,785,299, respectively, due to the different
interpretations of taxation regulations relating to Leveraged Buy-Out “LBO” transactions executed by the Group.
The adjustments were related to taxes payable, accrued expenses and retained earnings. The restatement of Adaro’s financial statements resulted in the restatement of these consolidated financial statements.
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Adaro Energy Annual Report 2008 www.adaro.com
Adaro in Summary From Us to You
Running Adaro Management Report
Owning Adaro
PT ADARO ENERGY Tbk Schedule 526
FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated
4. RESTATEMENT OF CONSOLIDATED FINANCIAL STATEMENTS continued
The comparative consolidated financial statements as at 31 December 2007 that have been restated, are as follows:
Before After
restatement restatement
Consolidated balance sheet Total assets
4,961,581 14,688,683
Total liabilities 2,547,203
11,979,726 Minority interest
138,714 558,403
Equity 2,275,664
2,150,554
Consolidated statement of income Operating income
243,596 2,252,519
Other expenses 199,172
1,305,494 Income tax benefitexpense
13,580 656,927
Pre-acquisition income -
38,048 Minority interest in net income of subsidiaries
659 163,516
Net income 57,345
88,534
5. CASH AND CASH EQUIVALENTS
2008 2007
Cash on hand: Rupiah
619 425
US Dollars 49
32 Singapore Dollars
15 -
Hong Kong Dollars 4
- Total cash on hand
687 457
Cash in banks: Rupiah
PT Bank DBS Indonesia 147,764
5,520 PT Bank Sumitomo Mitsui Indonesia
103,478 108,508
PT Bank Mandiri Persero Tbk 20,703
9,146 The Hongkong and Shanghai Banking Corporation Ltd
249 38,618
PT Bank OCBC NISP Tbk 4
3,408 Others each below Rp 3,000
6,151 3,259
Total Rupiah accounts 278,349
168,459
US Dollars Sumitomo Mitsui Banking Corporation
1,005,431 531,905
PT Bank DBS Indonesia 572,426
5,952 PT Bank Mega Tbk
17,183 6,897
The Hongkong and Shanghai Banking Corporation Ltd 5,716
24,096 Standard Chartered Bank
5,434 -
PT Bank CIMB Niaga Tbk 1,983
6,085 PT Bank Mandiri Persero Tbk
1,581 6,006
PT Bank OCBC NISP Tbk -
6,076 Others each below Rp 3,000
1, 151 2,708
Total US Dollars accounts 1,610,905
589,725
Singapore Dollars The Hongkong and Shanghai Banking Corporation Ltd
1,218 -
Total Singapore Dollars accounts 1,218
-
Euro ING Bank
2,521 -
MeesPierson Bank 2,059
5,071 Total Euro accounts
4,580 5,071
Total cash in banks 1,895,052
763,255
