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
55
4. CASH AND CASH EQUIVALENTS continued
Cash and cash equivalents consist of the following continued:
December 31, June 30, 2013
2012 2011
2010
Time deposits continued Rupiah continued
PT Bank Resona Perdania 1,196,253
1,172,215 1,125,454
1,074,486 PT Bank ICB Bumiputera Tbk
- 11,394,277
10,764,675 10,101,111
PT Bank Commonwealth -
- 3,084,586
13,931,084 PT Bank Rakyat Indonesia Persero Tbk
- -
- 16,000,000
PT Bank Pembangunan Daerah Jawa Barat dan Banten Tbk
- -
- 1,400,000
United States dollar PT Bank Central Asia Tbk
US678,472 in 2013, US677,325 in 2012,
US674,406 in 2011 and US672,674 in 2010
6,736,548 6,549,731
6,115,509 6,048,014
PT Bank Resona Perdania US282,937 in 2013,
US282,768 in 2012, US282,412 in 2011 and
US282,076 in 2010 2,809,279
2,734,367 2,560,912
2,536,142 PT Bank ANZ Indonesia
US1,000,000 -
- 9,068,000
- European euro
PT Bank Resona Perdania Euro314,675 in 2011 and
Euro314,222 in 2010 -
- 3,693,970
3,756,767 PT Bank ANZ Indonesia
Euro100,250 in 2011 and Euro100,054 in 2010
- -
1,176,834 1,196,226
Total time deposits 1,890,313,678
1,796,851,007 989,997,138
933,801,295
Total cash and cash equivalents 2,723,508,878
2,427,999,474 1,495,900,816
1,120,483,310
Ranges of annual interest rates of time deposits are as follows:
December 31, June 30, 2013
2012 2011
2010
Rupiah 3.25 - 8.00
3.25 - 8.00 5.00 - 8.50
3.50 - 9.50 United States dollar
0.15 - 0.50 0.01 - 1.50
0.15 - 0.40 0.15 - 7.00
European euro -
- 0.20 - 0.40
0.20 - 0.35
Interest income from time deposits is presented in the consolidated statements of comprehensive income as “Finance Income”.
All cash on hand is covered by insurance against theft and other risks with PT Asuransi Allianz Utama Indonesia and PT Asuransi Indrapura, all third parties, with total coverage of Rp72,390,000,
Rp40,705,000, Rp40,355,000 and Rp39,300,000 as of June 30, 2013 and December 31, 2012, 2011 and 2010, respectively. The Company and Subsidiaries’ management is of the opinion that the
coverage is adequate to cover possible losses arising from such risks.
All cash in banks and time deposits are placed in third-party banks. Certain deposit accounts in PT Bank Central Asia Tbk BCA owned by the Company, KSO
Summarecon Serpong and LMD are restricted as to their use, being maintained as escrow accounts for the loans obtained from the same bank Note 15. These escrow accounts are presented under
“Other Non-current Financial Assets” Note 14.
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
57
6. TRADE RECEIVABLES
The details of trade receivables are as follows:
December 31, June 30, 2013
2012 2011
2010
Related parties Note 34 Sale of apartment units
3,688,886 -
- -
Rental of residential and office investment properties
1,530,618 -
- -
Sale of houses, shops and landplots 459,091
734,545 1,366,364
2,648,182 Rental of retail and commercial investment
properties 434,647
1,130,291 -
- Monthly membership fees in sports club
- -
- -
Sale of offices -
- 8,886,569
- Third parties
Sale of apartment units 124,803,186
65,659,118 1,414,623
7,228,565 Rental of retail and commercial investment
properties 21,383,489
12,758,330 5,171,417
4,547,761 Sale of houses, shops and landplots
11,543,979 11,691,031
10,875,927 72,174,388
Rental of residential and office investment properties
4,063,447 6,786,838
3,836,790 765,510
Hotel services 2,753,854
1,305,444 1,236,633
1,038,218 Monthly membership fees in sports club
1,223,962 1,644,651
1,638,794 969,595
Others 5,941,527
4,707,494 -
-
Total trade receivables 177,826,686
106,417,742 34,427,117
89,372,219
All of the Company’s and Subsidiaries’ trade receivables are denominated in rupiah. As of June 30, 2013 and December 31, 2012, 2011 and 2010, trade receivables amounting to
Rp10,275,877, Rp8,891,942, Rp8,535,523 and Rp5,255,013, respectively, are pledged as collateral for loans payable to BCA Note 15.
Based on a review of the status of the individual trade receivables at the end of the year, the Company and Subsidiaries’ management believes that all of the trade receivables are fully collectible.
In relation to operating leases of the Company and Subsidiaries, the following is the aggregate amount of future minimum lease payments for each period under non-cancellable operating leases:
December 31, June 30, 2013
2012 2011
2010
1 year 195,372,546
83,563,566 66,222,348
119,988,781 1-5 years
351,227,182 105,464,658
103,348,827 159,467,480
5 years 3,935,663
55,251,199 53,669,615
4,899,293
Total operating lease receivables 550,535,391
244,279,423 223,240,790
284,355,554
For the six-month period ended June 30, 2013 and years ended December 31, 2012, 2011 and 2010, total contingent rent, which was recognized as revenue, amounted to Rp10,589,161, Rp17,467,841,
Rp15,958,602 and Rp14,832,252, respectively.