OTHER ASSETS SMRA Interim Acc - Q2 2012 Eng

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and For the period of six months ended 30 June 2012 and 2011 unaudited Expressed in thousand of rupiah, unless otherwise stated 47 PT Bank Bumi Arta Tbk In May 2011, BKV obtained several credit facilities as follows: a. Demand loan facility with a maximum amount of Rp42,000,000. The loan will be due in June 2022. The outstanding loan balance as of 30 June 2012 amounted to Rp30,000,000. b. Overdraft facility with a maximum amount of Rp10,000,000, which will be due on May 2013. The outstanding loan balance as of 30 June 2012 and 31 December 2011 amounted to Rp9,299,171 and Rp3,891,657,respectively. The above loans are collateralized by fixed assets and shares of BKV Note 12. The loans bear interest at the rate of 11 in 2012 and 2011. PT BCA Finance The loans from PT BCA Finance represent drawdowns from various consumer financing credit facilities obtained by the Company, SPM, SCK, SH and LMD, which were used to finance the acquisitions of vehicles. The loans are payable in monthly installments at different dates from 4 January 2008 until 27 August 2014 and are collateralized by the vehicles purchased Note 12. The outstanding loans as of 30 June 2012 and 31 December 2011 amounted to Rp9,704,727 and Rp11,944,236, respectively, and bear interest at annual rates ranging from 3.75 to 12.38 in 2012 and 2011. 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 is payable in monthly installments starting from 28 August 2006 until 26 July 2012 and is collateralized by the vehicles purchased Note 12. The outstanding loan balance as of 30 June 2012 and 31 December 2011 amounted to Rp18,425 and Rp128,975, respectively, and bears interest at the annual rate of 6.00 in 2012 and 2011. Under the loan agreements of the Company with all the above-mentioned credit grantors, the Company generally must comply with several covenants, including the following: a. Maintain certain financial ratios as follows: 1 Interest-bearing debt to equity ratio of not more than 3:1 in 2012 and 2011. 2 EBITDA to interest expense ratio of not less than 2.5:1 in 2012 and 2011. The Company has met all the above financial ratio requirements. b. The Company must obtain written approval from the creditors prior to performing the following activities, among others: 1 Accept from or provide loans to other parties, except under normal business transactions 2 Act as pledgor or pledge the Company’s assets to another party 3 Enter into merger or acquisition transactions 4 Amend its articles of association and change its Boards of Directors and Commissioners 5 Invest in or open new businesses. As of 30 June 2012 and 31 December 2011, the Company is not in default of the loan covenants stated above. There are no negative covenants in the loan agreements of the Subsidiaries. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and For the period of six months ended 30 June 2012 and 2011 unaudited Expressed in thousand of rupiah, unless otherwise stated 48

16. BONDS PAYABLE AND SUKUK IJARAH – NET

The details of bonds issued are as follows: 2012 2011 Face Value Sukuk Ijarah I 200,000,000 200,000,000 Rupiah Bonds II 100,000,000 100,000,000 Total face value 300,000,000 300,000,000 Less : deferred issuance costs net of current amortization of Rp307,846 in 2012 and Rp847,075 in 2011 1,193,055 1,500,901 Net 298,806,945 298,499,099 The details of the above deferred issuance costs and the related accumulated amortization are as follows: 2012 2011 Sukuk Ijarah I 2,444,240 2,444,240 Rupiah Bonds II 1,276,099 1,276,099 Total 3,720,339 3,720,339 Less : accumulated amortization of deferred issuance costs inclusive of current amortization of Rp307,846 in 2012 and Rp847,075 in 2011 2,527,284 2,219,438 Net 1,193,055 1,500,901 Sukuk Ijarah I On 25 June 2008, the Company issued S ukuk 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 are made quarterly in arrears. The Sukuk Ijarah will mature on 25 June 2013. The Sukuk Ijarah are secured by investment properties of LMD Note 13. The Sukuk Ijarah were given a rating of id A+ sy single A plus Syariah, stable outlook on 1 May 2012 from id A sy single A Syariah, stable outlook in 2011 by PT Pemeringkat Efek Indonesia Pefindo, an Indonesian rating agency. The amortization of Rupiah Bonds II and Sukuk Ijarah issuance costs amounting to Rp307,846 and Rp847,075 is presented as part of general and administrative expenses in the 2012 and 2011 consolidated statements of comprehensive income. Based on the minutes of the bondsholders and Sukuk Ijarah holders ’ general meeting held on August 5, 2008, the bondholders and Sukuk Ijarah holders agreed that about 70 of the funds generated from the issuance of the bonds and Sukuk Ijarah will be used to acquire land through the acquisition of GO and about 30 will be used for working capital.