PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
47
11. FIXED ASSETS
CONTINUED Year ended December 31, 2015
Balance as of January 1, 2015
Additions Deductions
Reclassifications
Balance as of December 31,
2015 Accumulated depreciation
Buildings and infrastructures 97,822,089
14,194,434 144,562
- 111,871,961 Machinery and
heavy equipment 13,432,756
3,793,316 22,572
3,195,742 20,399,242 Vehicles
53,140,739 14,968,185
3,448,967 - 64,659,957
Furniture and office equipment 161,413,619
55,614,898 1,575,090
3,196,204 212,257,223 325,809,203
88,570,833 5,191,191
462 409,188,383 Under Finance Lease
Vehicle 96,935 55,389
- -
152,324 Total accumulated
depreciation 325,906,138 88,626,222
5,191,191 462 409,340,707
Net book
value 368,093,737
420,472,052
Depreciation was charged to the following:
June 30, 2016 June 30, 2015
General an administrative expenses Note 30 41,853,324
37,562,261 Cost of sales and direct costs
5,353,342 5,010,889
Total depreciation
47,206,666 42,573,150
The details of sales of fixed assets are as follows:
June 30, 2016 June 30, 2015
Cost 1,560,397
2,583,442 Accumulated
depreciation 1,028,921
1,948,000 Net book value
531,476 635,442
Selling price
929,174 1,170,724
Gain on sales of fixed assets - net 397,698
535,282
On June 30, 2016, the Company has disposed certain of its fixed assets with net book value of Rp285,508 2015: Rp213,252.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
48
11. FIXED ASSETS
CONTINUED
The details of construction in progress are as follows:
June 30, 2016 December 31, 2015
Total
Percentage of commpletion
Total
Percentage of commpletion
Bangunan KSO Biomassa 12,051,620
95,00 8,802,684 90,00
Gedung Arsip
- -
10,856,080 83,00
Renovation of Plaza Summarecon -
- 7,504,139
99,00 Others
8,823,323 - 3,132,421
-
Total construction in progress 20,874,943
30,295,324 Below are the estimated completion dates for the construction in progress as of June 30, 2016:
Estimated Completion Dates
Bangunan KSO Biomassa September 2016
The percentages of completion of the construction in progress are based on the actual expenditures incurred compared to the total budgeted project cost.
No borrowing costs have been capitalized to fixed for the six-month periods ended June 30, 2016 and 2015. As of June 30, 2016 and December 31, 2015, the reclassification from construction in progress to fixed assets amounting
to Rp18,938,517 and Rp16,494,743, respectively. As of June 30, 2016 and December 31, 2015
,
the reclassifications of fixed assets with net book value amounting to Rp97,706 and Rp1,769,435, respectively, to investment properties was due to the change in management’s intention on
the use of the related assets Note 12. As of June 30, 2016 and December 31, 2015, the reclassification of fixed assets with net book value amounting to Rp0
and Rp12,025,906, respectively, from investment properties Note 12 was due to the change in management’s intention on the use of the related assets.
As of June 30, 2016 and December 31, 2015, the reclassification from inventories with net book value amounting to Rp0 and Rp11,661,059 to fixed assets was due to the change in management’s intention on the use of the related assets.
Note 7.
As of June 30, 2016, fixed assets, except land, with net book value of Rp111,317,061 2014: Rp187,993,042 are covered by insurance against fire, flood and other risks all-risks under blanket policies with several companies, including PT
Asuransi Allianz Utama Indonesia, PT AIG Insurance Indonesia, PT Asuransi Central Asia, PT KSK Insurance Indonesia and PT Asuransi Asoka Mas, all third parties, for US15,104,365 and Rp187,529,319.
As of June 30, 2016, fixed assets with net book value Rp49,319,710 2015: Rp58,136,389 are used as collateral for the loans from banks and financing institutions Note 14.
The fair value of the fixed assets as of June 30, 2016 amounting to Rp798,490,000 was determined by independent appraisers KJPP Hendra Gunawan and Partners in its report dated May 23, 2014.
Based on the Group’s assessments, there were no events or changes in circumstances which indicated an impairment in the value of fixed assets as of June 30, 2016, as defined PSAK No. 48 Revised 2009.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
49
12. INVESTMENT PROPERTIES
