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
111
38. SEGMENT INFORMATION continued
As of December 31, 2012 and for the year then ended Property
Investment Development
Property Others
Consolidation
Net revenues 2,502,231,279
786,258,836 174,673,157
3,463,163,272 Gross profit
1,105,443,495 410,824,919
75,718,491 1,591,986,905
Income from operations 702,974,384
251,426,568 56,500,474
1,010,901,426 Finance income
83,777,232 Finance costs
108,283,955 Profit before income tax
986,394,703 Income tax expense
194,308,738
Profit for the year 792,085,965
Other information
Segment assets 7,320,699,001
3,272,351,396 283,336,288
10,876,386,685 Segment liabilities
6,189,379,244 767,398,002
104,209,581 7,060,986,827
Acquisition of fixed assets and investment properties
44,935,760 644,146,871
20,300,355 709,382,986
Depreciation and amortization 36,933,381
75,088,730 20,914,058
132,936,169
As of December 31, 2011 and for the year then ended Property
Investment Development
Property Others
Consolidation
Net revenues 1,660,046,094
573,629,033 125,655,586
2,359,330,713 Gross profit
691,878,843 300,074,505
55,191,925 1,047,145,273
Income loss from operations 448,918,713
126,025,537 10,469,682
564,474,568 Finance income
62,645,588 Finance costs
96,204,425 Profit before income tax
530,915,731 Income tax expense
142,209,087
Profit for the year 388,706,644
Other information
Segment assets 3,473,230,121
2,649,382,608 1,976,561,952
8,099,174,681 Segment liabilities
3,901,688,319 1,087,621,866
632,764,546 5,622,074,731
Acquisition of fixed assets and investment properties
223,736,945 391,830,786
68,597,674 684,165,405
Depreciation and amortization 20,171,492
55,796,532 30,698,725
106,666,749
As of December 31, 2010 and for the year then ended Property
Investment Development
Property Others
Consolidation
Net revenues 1,154,713,936
473,788,281 72,330,200
1,700,832,417 Gross profit
448,744,910 274,146,409
30,162,805 753,054,124
Income loss from operations 250,817,662
179,175,630 31,007,530
398,985,762 Finance income
44,810,897 Finance costs
99,885,532 Profit before income tax
343,911,127 Income tax expense
109,574,488
Profit for the year 234,336,639
Other information
Segment assets 1,758,304,455
3,805,303,083 576,032,900
6,139,640,438 Segment liabilities
2,415,979,041 1,049,569,943
516,558,026 3,982,107,010
Acquisition of fixed assets and investment properties
27,580,631 120,481,833
80,099,189 228,161,653
Depreciation and amortization 14,437,160
57,894,455 13,702,827
86,034,442
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
114
39. SIGNIFICANT AGREEMENTS AND COMMITMENTS continued
i. On July 27, 2011, PT Citra Damai Agung CDA entered into a land sale and purchase agreement
with PT Citra Damai Abadi CDI to sell land property with a total area of 200,318 sqm, located in Rawa Terate for a selling price of Rp187,858,045. In 2011, CDI made payments amounting to
Rp79,317,841, while the remaining balance amounting to Rp127,326,009 was settled in 2012. As of December 31, 2012, all payments are recorded as part of Deposits Received in the
consolidated statements of financial position and as part of “Downpayments Received from the Sale of Landplots” in Note 23 due to pending completion of the related certificates of released
rights.
j. On December 30, 2011, PT Bali Indah Property BIP entered into a land sale and purchase
agreement with I Made Sudarta, representing Putradjaja Chandra Wisnu and Putra Wisnu Chandra, as owners of the certificate of HGB, to acquire 1,200 sqm land located in Kerobokan
Kelod, Bali. Total acquisition cost of the land is Rp2,293,000. As of June 30, 2013 and December 31, 2012, the land is shown as part of “Investment Properties” in the consolidated statements of
financial position.
k. In December 2011, PT Hotelindo Permata Jimbaran HPJ entered into a Hotel Technical Assistance Agreement with Movenpick Hotels and Resort Management AG MHR, wherein
MHR agreed to provide technical assistance and consultation for the design, construction, engineering, information technology and furnishing for the construction of HPJ’s resort project
located in Jimbaran, Bali. HPJ agreed to pay a fee of US175,000 for the service rendered by MHR. This agreement is valid until the opening and commencement of operations of the Hotel.
As of June 30, 2013 and 2012 and December 31, 2012, HPJ has paid Rp1,484,834, Rp468,320 and Rp956,333, respectively, to MHR. The total amount paid was capitalized to Investment
Properties in the consolidated statements of financial position and as part of “Construction in Progress” in Note 13.
l. On December 12, 2011, HPJ entered into a Marketing and Hotel Services Agreement with MHR,
wherein MHR agreed to provide hotel contribution including human resource development, marketing and reservations. MHR is entitled to receive contribution and marketing fees as
compensation, which are computed at the rate of 1.25 of total gross profit and at the rate of 2 of total room sales, respectively. This agreement is valid for 15 years, commencing from the start
of commercial operations of the hotel. As of June 30, 2013 and December 31, 2012, no contribution and marketing fees were paid to MHR, since the hotel has not yet commenced its
commercial operations.
m. On December 12, 2011, HPJ entered into a Tradename and Trademark License Agreement with MHR, wherein HPJ is authorized to use the name “Movenpick” and that the hotel will be named
“Movenpick Resort Spa Jimbaran, Bali”. HPJ agreed to pay royalty as compensation in accordance with the terms of the agreement at rates up to a maximum of 1 of total revenues.
This agreement is valid for 15 years, commencing from the start of the commercial operations of the hotel, as defined in the agreement. As of June 30, 2013 and December 31, 2012, no royalty
fees were paid to MHR, since the hotel has not yet commenced its commercial operations.
n. On December 12, 2011, PJA and HPJ entered into a Hotel Management Consulting Agreement with MHR, wherein MHR is engaged as the sole and exclusive advisor and consultant to
supervise, direct, manage and control the operations of Movenpick Resort Spa Jimbaran, Bali. MHR is entitled to receive consultation fees as compensation, which are computed at rates up to
a maximum of 9 of gross operating profit as defined in the agreement. This agreement is valid for 15 years. As of June 30, 2013 and December 31, 2012, no consultation fees were paid to
MHR, since the hotel has not yet commenced its commercial operations.
