Disposal of PT Anugerah Buminusantara Abadi

152 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 520 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

n. Acquisition of Arindo Holdings Mauritius Ltd by Rach Mauritius Ltd continued

Details of the assets and liabilities arising from this acquisition are as follows: 2008 Cash and cash equivalents 169,571 Receivables 210,902 Inventories 30,665 Fixed assets, net 423 Goodwill 3,985,825 Payables 351,599 Taxes payable 34,078 Borrowings 4,139,048 Net liabilities 127,339 Interest acquired 32 Net liabilities acquired 40,749 Goodwill 40,749 Purchase consideration through cash payment - Cash and cash equivalents in Arindo Holdings 169,571 Net cash inflow from acquisition of subsidiary 169,571 In 2007, Arindo Holdings was in a net liability position. As a result, no loss was recognised by Rach M with respect to its 32 interest amounting to Rp 83,989. The unrecognised share of the net loss in A rindo Holdings and the minority interest’s portion of net liabilities in Arindo Holdings was recognised by Rach M in 2008, dating from the increase of Rach M’s interest in Arindo Holdings to 64. At Group’s consolidation level, the previous unrecognis ed net loss and minority interest’s portions of the net liabilities were recorded as a reduction in retained earnings amounting to Rp 83,989. o. Acquisition of Ariane Investments Mezzanine Pte Ltd, Ariane Capital Singapore Pte Ltd formerly Kerry Coal Singapore Pte Ltd and Agalia Energy Investments Pte Ltd

i. Acquisition of Ariane Investments Mezzanine Pte Ltd

On 15 July 2008, ATA acquired a 71.15 interest in AIM for Rp 6,096,115. 2008 Purchase consideration through cash payment 6,096,115 Fair value of net liabilities acquired 162,995 Mining properties and goodwill 6,259,110 Details of the assets and liabilities arising from the acquisition are as follows: 2008 Cash and cash equivalents 760 Prepaid tax 682 Investments in equity securities 1,553,790 Other assets 2 Amounts due to related parties 3,461 Accrued expenses 1,584 Tax payable 3 Loans from related parties 1,713,181 Net liabilities 162,995 Interest acquired 71.15 Minority interest 28.85 Net liabilities acquired 162,995