Adaro Energy Annual Report 2008 www.adaro.com
149
Contact Us Governing Adaro
Financial Report Corporate Social Responsibility
PT ADARO ENERGY Tbk Schedule 517
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
i. Disposal of PT Anugerah Kasih continued
2007
Net assets disposed of 990
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control - at acquisition
4,038 - Difference in value from restructuring transactions of entities under common control - at disposal
4,038 Cash received from disposal of subsidiary
990 Cash and cash equivalents in AK
- Net cash inflow from disposal of subsidiary
990
j. Disposal and acquisition of PT Karunia Barito Sejahtera
On 28 February 2007, the Company disposed of all of its interest in PT Karunia Barito Sejahtera “KBS” to BAS and AK for Rp 248. This disposal was accounted for as required under SFAS No. 38 Revised 2004, since the Company, BAS and AK
are entities under common control.
2007
Cash and cash equivalents -
Amounts due from related parties 250
Net assets 250
Interest disposed of 99
Net assets disposed of 248
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control - at acquisition
1,009 - Difference in value from restructuring transactions of entities under common control - at disposal
1,009 Cash received from disposal of subsidiary
248 Cash and cash equivalents in KBS
- Net cash inflow from disposal of subsidiary
248 On 30 April 2007, the Company reacquired its 33 interest in KBS for Rp 82. There was no difference between acquisition
cost and net assets acquired.
k. Acquisition and disposal of PT Bahtera Alam Tamiang
On 23 February 2007, the Company acquired an additional 0.90 interest in PT Bahtera Alam Tamiang “BAT” for Rp 9 from BAS. The difference between the acquisition cost and net assets acquired was accounted for as a difference in value from
restructuring transaction of entities under common control, as required under SFAS No. 38 Revised 2004, since the Company and BAS are entities under common control.
2007
Purchase consideration through cash payment 9
Net liabilities acquired 75
Difference in value from restructuring transactions of entities under common control 84
On 26 February 2007, BAT increased its issued and paid in capital through the issuance of 170,067 new shares with a par value of Rp 1,000,000 full amount per share. The Company acquired 100 of the shares issued, and the Company’s interest
in BAT increased from 99.90 to 99.99. Details of the net assets acquired and goodwill are as follows:
2007
Purchase consideration through cash payment 170,067
Net assets acquired 170,058
Goodwill 9
150
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 518
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
k. Acquisition and disposal of PT Bahtera Alam Tamiang continued
On 15 November 2007, the Company disposed of all of its interest in BAT to BAS for Rp 160,000. This disposal was accounted for as required under SFAS No. 38 Revised 2004, since the Company and BAS are entities under common
control.
2007
Carrying amounts of the investment at disposal 166,335
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control
5,437 - Adjustment to the net assets of the subsidiary eliminated previously in the consolidation process
898 Cash received from disposal of subsidiary
160,000 Cash and cash equivalents in BAT
330 Net cash inflow from disposal of subsidiary
159,670
l. Disposal of PT Anugerah Buminusantara Abadi
On 30 April 2007, the Company disposed of 0.78 interest in ABA to KBS for Rp 157. This disposal was accounted for as required under SFAS No. 38 Revised 2004, since both the Company and KBS are entities under common control.
2007
Carrying amounts of the investments at disposal 353
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control
196 Consideration received from disposal of investments
157 Receivables from disposal of investments
157 Net cash inflow from disposal of investments
- Difference in value from restructuring transactions of entities under common control - 2005
50,981 Difference in value from restructuring transactions of entities under common control - 2007
196 Difference in value from restructuring transactions of entities under common control
50,785
m. Acquisition of Revere Group Ltd and Decimal Investments Ltd i.
Acquisition of Revere Group Ltd
On 17 December 2007, ATA increased its interest in Revere by 53.57, resulting in it owning 100 of Revere for an amount of US37,500,000 Rp 347,835. As such, Revere has been consolidated to ATA’s and the Group’s consolidated
financial statements since December 2007.
2007
Purchase consideration through cash payment 347,835
Fair value of net assets acquired 58,163
Goodwill 289,672
Details of the assets and liabilities arising from the acquisition are as follows:
2007
Investment in equity securities 108,591
Accrued expenses 20
Net assets 108,571
Interest acquired 53.57
Net assets acquired 58,163
Goodwill 289,672
Cash and cash equivalents in Revere -
Net cash outflow from acquisition of subsidiary 347,835
