CRITICAL ACCOUNTING JUDGEMENTS AND SIGNIFICANT ACCOUNTING ESTIMATES

Assuring the Move Into Next Level 462 Business Development Report Management Reports Company Information Information For Investors Operational Review PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Expressed in thousands of Rupiah, unless otherwise stated Continued - 48 - Taksiran masa manfaat ekonomis aset tetap dan properti investasi Estimated useful lives of fixed assets and investment property Manajemen menentukan estimasi masa manfaat dan beban penyusutan dari aset tetap. Depresiasi dihitung berdasarkan biaya komponen-komponen aset tetap dikurangi dengan nilai sisa. Estimasi utama mencakup estimasi masa manfaat pabrik semen yang bisa berbeda dengan masa manfaat sesungguhnya. Masa manfaat sesungguhnya akan bergantung pada berbagai faktor seperti pemeliharaan, perkembangan teknologi, pasar semen, dan sebagainya. Nilai sisa pabrik juga sulit diestimasi karena lamanya masa manfaat pabrik dan ketidakpastian akan kondisi ekonomi. Nilai sisa diestimasi setiap tahun berdasarkan kondisi teknis peralatan tersebut. Management determines the estimated useful lives and depreciation of fixed assets. Depreciation is calculated based on the various components of the cost of fixed assets less the residual value. The main estimate includes the estimated useful life of the cement plant which could differ from the actual useful life. Actual useful life will depend on various factors such as maintenance, technology development, cement market, etc. Residual value of the plant is also difficult to estimate because of the length of the useful life of the plant and the uncertainty of economic conditions. The residual value is estimated annualy based on the technical condition of the equipment. Jika estimasi masa manfaat dan nilai sisa harus direvisi, tambahan beban depresiasi dapat terjadi di masa yang akan datang. Penjelasan lebih lanjut diungkapkan dalam Catatan 14 dan 15. If the estimated useful lives and residual values should be revised, additional depreciation expense may occur in the future. Further details are disclosed in Note 14 and 15. Penurunan Nilai Aset Non-Keuangan Impairment of Non-Financial Assets Penurunan nilai muncul saat nilai tercatat aset atau Unit Penghasil Kas UPK melebihi nilai terpulihkannya, yang lebih besar antara nilai wajar dikurangi biaya untuk menjual dan nilai pakainya. Nilai wajar dikurangi biaya untuk menjual didasarkan pada ketersediaan data dari perjanjian penjualan yang mengikat yang dibuat dalam transaksi normal atas aset serupa atau harga pasar yang dapat diamati dikurangi dengan biaya tambahan yang dapat diatribusikan dengan pelepasan aset. An impairment exists when the carrying value of an asset or a Cash Generating Unit CGU exceeds its recoverable amount, which is the higher of its fair value less costs to sell and its value in use. The fair value less costs to sell calculation is based on available data from binding sales transactions in an arm’s length transaction of si milar assets or observable market prices less incremental costs for disposing the asset. Perhitungan nilai pakai didasarkan pada model arus kas yang didiskontokan. Perhitungan nilai pakai mengharuskan manajemen untuk mengestimasi arus kas masa mendatang yang diharapkan akan diperoleh dari unit penghasil kas menggunakan tingkat pertumbuhan dan diskonto yang wajar dalam menghitung nilai kini. Proyeksi arus kas tidak termasuk aktivitas restrukturisasi yang belum ada perikatannya atau investasi signifikan di masa depan yang akan meningkatkan kinerja dari UPK yang diuji. Nilai terpulihkan paling sensitif terhadap tingkat diskonto yang digunakan untuk model arus kas yang didiskontokan seperti halnya dengan arus kas masuk masa depan yang diharapkan dan tingkat pertumbuhan yang digunakan untuk tujuan ekstrapolasi. Manajemen berkeyakinan bahwa tidak diperlukan pencatatan kerugian penurunan nilai pada tanggal 31 Desember 2014 dan 2013. The value in use calculation is based on a discounted cash flow model. The value in use calculation requires the management to estimate the future cash flows expected to arise from the cash-generating unit using an appropriate growth rate and a suitable discount rate in order to calculate present value. The future cash flow projection does not include restructuring activities that are not yet committed to or significant future investments that will enhance the asset’s performance of the CGU being tested. The recoverable amount is most sensitive to the discount rate used for the discounted cash flow model as well as the expected future cash inflows and the growth rate used for extrapolation purposes. The management believes that no impairment loss is required as of December 31, 2014 and 2013. Imbalan pascakerja Post-employment benefit Nilai kini liabilitas pascakerja tergantung pada beberapa faktor yang ditentukan dengan dasar aktuarial berdasarkan beberapa asumsi. Asumsi yang digunakan untuk menentukan biaya bersih imbalan pascakerja mencakup tingkat diskonto, tingkat kenaikan gaji, dan tingkat pengembalian investasi. Perubahan asumsi-asumsi ini akan mempengaruhi jumlah tercatat liabilitas imbalan pascakerja. The present value of post-employment liability depends on several factors that are determined by actuarial basis based on several assumptions. Assumptions used to determine the net cost of post-employment benefits include a discount rate, salary increase rate, and expected return on plan assets. Changes in these assumptions will affect the carrying amounts of post-employment liabilities. Assuring the Move Into Next Level 463 Corporate Governance Implementation Report Corporate Social Responsibility Report Corporate Data Management Discussion and Analysis Financial Statements PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Expressed in thousands of Rupiah, unless otherwise stated Continued - 49 - Tingkat diskonto ditentukan pada akhir periode pelaporan, yakni tingkat suku bunga untuk menentukan nilai kini arus kas keluar masa depan estimasian yang diharapkan untuk menyelesaikan liabilitas imbalan pascakerja. Dalam menentukan tingkat suku bunga yang sesuai, Grup mempertimbangkan tingkat suku bunga obligasi pemerintah yang didenominasikan dalam mata uang Rupiah, mata uang yang mana imbalan akan dibayar, dan yang memiliki jangka waktu yang serupa dengan jangka waktu liabilitas imbalan pascakerja yang terkait. The appropriate discount rate at the end of the reporting period is the interest rate used in determining the present value of estimated future cash outflows expected to settle the post- employment liabilities. In determining the appropriate level of interest rates, the Group considers the interest rates of government bonds denominated in Rupiah, the currency in which the benefits will be paid, and which has a similar time period with a period of related post-employment benefits liability. Asumsi utama yang digunakan untuk penentuan liabilitas imbalan pascakerja lainnya termasuk asumsi kondisi pasar saat ini. Informasi tambahan diungkapkan pada Catatan 41. The key assumption used for determining other post-employment liabilities included current market conditions. Additional information is disclosed in Note 41. Provisi pajak Provision for tax Pertimbangan signifikan dilakukan dalam menentukan provisi atas pajak penghasilan badan maupun pajak lainnya atas transaksi tertentu. Ketidakpastian timbul terkait dengan interpretasi dari peraturan perpajakan yang kompleks dan jumlah dan waktu dari penghasilan kena pajak di masa depan. Dalam menentukan jumlah yang harus diakui terkait dengan liabilitas pajak yang tidak pasti, Grup menerapkan pertimbangan yang sama yang akan digunakan dalam menentukan jumlah cadangan yang harus diakui sesuai dengan PSAK No. 57 revisi 2009, “Provisi, Liabilitas Kontinjensi, dan Aset Kontinjensi”. Grup membuat analisa terhadap semua posisi pajak yang terkait dengan pajak penghasilan untuk menentukan jika liabilitas pajak untuk manfaat pajak yang belum diakui harus diakui. Significant judgment is involved in determining the provision for corporate income tax and other taxes on certain transactions. Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. In determining the amount to be recognized in respect of an uncertain tax liability, the Group applies similar considerations as it would use in determining the amount of a provision to be recognized in accordance with PSAK No. 57 revised 2009, “Provisions, Contingent Liabilities and Contingent Asset”. The Group makes an analysis of all tax positions related to income taxes to determine if a tax liability for unrecognized tax benefit should be recognized. Grup mengakui liabilitas atas pajak penghasilan badan berdasarkan estimasi apakah akan terdapat tambahan pajak penghasilan badan. Penjelasan lebih rinci diungkapkan dalam Catatan 39. The Group recognizes liabilities for expected corporate income tax issues based on estimates of whether additional corporate income tax will be due. Further details are disclosed in Note 39. Aset pajak tangguhan Deferred tax assets Aset pajak tangguhan diakui atas seluruh perbedaan temporer yang dapat dikurangkan, sepanjang besar kemungkinannya bahwa penghasilan kena pajak akan tersedia sehingga perbedaan temporer tersebut dapat digunakan. Estimasi signifikan oleh manajemen disyaratkan dalam menentukan total aset pajak tangguhan yang dapat diakui, berdasarkan saat penggunaan dan tingkat penghasilan kena pajak serta strategi perencanaan pajak masa depan. Penjelasan lebih rinci diungkapkan dalam Catatan 39. Deferred tax assets are recognized for all deductible temporary differences, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences can be utilized. Significant management estimates are required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of the future taxable profits together with future tax planning strategies. Further details are disclosed in Note 39. Assuring the Move Into Next Level 464 Business Development Report Management Reports Company Information Information For Investors Operational Review PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Expressed in thousands of Rupiah, unless otherwise stated Continued - 50 - Penyisihan penurunan nilai persediaan usang dan bergerak lambat Allowance for obsolete and slow moving inventories Cadangan persediaan usang dan bergerak lambat diestimasi berdasarkan fakta dan situasi yang tersedia, termasuk namun tidak terbatas kepada, kondisi fisik persediaan yang dimiliki, harga jual pasar, estimasi biaya penyelesaian dan estimasi biaya yang timbul untuk penjualan. Cadangan dievaluasi kembali dan disesuaikan jika terdapat tambahan informasi yang mempengaruhi jumlah yang diestimasi. Penjelasan lebih rinci diungkapkan dalam Catatan 9. Allowance for obsolete and slow moving inventories is estimated based on the best available facts and circumstances, including but not limited to, the inventories’ own physical conditions, their market selling prices, estimated costs of completion and estimated costs to be incurred for their sales. The allowance is reevaluated and adjusted as additional information received affects the amount estimated. Further details are disclosed in Note 9. Provisi untuk biaya restorasi tanah tambang Provision for quarry restoration Grup melakukan penelaahan atas provisi restorasi tanah tambang pada akhir periode laporan. Dalam penentuan jumlah provisi untuk restorasi tanah tambang diperlukan estimasi dan asumsi yang signifikan karena terdapat banyak faktor yang mempengaruhi jumlah terhutang pada akhirnya. Faktor-faktor tersebut mencakup estimasi untuk waktu dan jumlah biaya untuk aktivitas restorasi, perubahan teknologi, perubahan peraturan, peningkatan biaya dibandingkan dengan tingkat inflasi dan perubahan tingkat bunga diskonto. Ketidakpastian tersebut dapat mengakibatkan jumlah pengeluaran aktual di masa mendatang dapat berbeda dengan jumlah yang dicadangkan saat ini. Jumlah provisi pada akhir periode pelaporan merupakan estimasi terbaik manajemen atas nilai kini dari biaya restorasi masa mendatang yang diperlukan. Penjelasan lebih rinci diungkapkan dalam Catatan 27. The Group assesesits quarry restoration provision at end of reporting period. Significant estimates and assumptions are made in determining the provision for quarry restoration as there are numerous factors that will affect the ultimate liability payable. These factors include estimates of the extent and costs of restoration activities, technological changes, regulatory changes, cost increases as compared to the inflation rates and changes in discount rates. Those uncertainties may result in future actual expenditure differing from the amounts currently provided. The provision at end of reporting period represents management’s best estimate of the present value of the future restoration costs required. Further details are disclosed in Note 27. Kewajiban pembongkaran dan pemindahan aset tetap Obligation for dismantling and removal of fixed assets Kewajiban pembongkaran dan pemindahan aset tetap diakui dalam tahun dimana terjadinya jika estimasi yang memadai terhadap nilai wajar dapat dibuat. Pengakuan kewajiban tersebut mensyaratkan estimasi terhadap biaya untuk restorasimembongkar untuk setiap lokasi dan berdasarkan estimasi terbaik dari pengeluaran yang diperlukan untuk menyelesaikan liabilitas dari restorasipembongkaran di masa depan, didiskontokan dengan menggunakan tarif sebelum pajak yang mencerminkan harga pasar saat ini untuk nilai waktu dari uang yang sesuai dengan risiko tertentu dari kewajiban. Penjelasan lebih rinci diungkapkan dalam Catatan 27. Obligation for dismantling and removal of fixed assets is recognized in the year in which it is incurred if reasonable estimates of fair value can be made. Recognition of liabilities requires estimation of the cost for restoration dismantling for each location and based on the best estimate of the expenditure required to settle the liabilities of the restorationdismantling in the future, discounted using a pre-tax rate that reflects current market rate for the time value of money and appropriate, certain risks of liability. Further details are disclosed in Note 27. Penurunan nilai goodwil Impairment of goodwill Menentukan apakah suatu goodwill turun nilainya mengharuskan estimasi nilai pakai unit penghasil kas dimana goodwill dialokasikan. Perhitungan nilai pakai mengharuskan manajemen untuk mengestimasi arus kas masa depan yang diharapkan timbul dari unit penghasil kas yang menggunakan tingkat pertumbuhan yang tepat dan tingkat diskonto yang sesuai untuk perhitungan nilai kini. Determining whether goodwill is impaired requires an estimation of the value in use of the cash- generating units to which goodwill has been allocated. The value in use calculation requires the management to estimate the future cash flows expected to arise from the cash-generating unit using an appropriate growth rate and a suitable discount rate in order to calculate present value. Assuring the Move Into Next Level 465 Corporate Governance Implementation Report Corporate Social Responsibility Report Corporate Data Management Discussion and Analysis Financial Statements PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Expressed in thousands of Rupiah, unless otherwise stated Continued - 51 - Manajemen berkeyakinan bahwa tidak diperlukan pencatatan kerugian penurunan nilai pada tanggal 31 Desember 2014 dan 2013. Management believes that there is no impairment loss required as of December 31, 2014 and 2013. 5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS 2014 2013 Kas 2.993.872 2.262.283 Cash on hand Bank 462.086.824 353.061.281 Cash in banks Deposito berjangka dan call deposits 4.474.565.666 3.767.768.463 Time and call deposits 4.939.646.362 4.123.092.027 Dikurangi: Less: Investasi jangka pendek: Short-term investments: Deposito dengan jatuh tempo lebih dari Time deposits with maturities tiga bulan of more than three months Rupiah: Rupiah: Pihak ketiga: Third parties: PT Bank CIMB Niaga Tbk - 15.000.000 PT Bank CIMB Niaga Tbk Kas dan setara kas yang dibatasi Restricted cash and cash penggunaannya equivalents Rupiah: Rupiah: Pihak berelasi: Related parties: PT Bank Negara Indonesia PT Bank Negara Indonesia Persero Tbk 13.682.627 4.382.469 Persero Tbk PT Bank Mandiri Persero Tbk 14.184 33.186.692 PT Bank Mandiri Persero Tbk 13.696.811 37.569.161 Dolar Amerika Serikat: United States Dollar: Pihak berelasi: Related parties: PT Bank Mandiri Persero Tbk - 22.485 PT Bank Mandiri Persero Tbk Euro: Euro: Pihak berelasi: Related parties: PT Bank Mandiri Persero Tbk - 7.510 PT Bank Mandiri Persero Tbk 13.696.811 37.599.156 4.925.949.551 4.070.492.871 Kas dan setara kas yang dibatasi penggunaannya pada PT Bank Mandiri Persero Tbk terdiri atas: Restricted cash and cash equivalents in PT Bank Mandiri Persero Tbk consist of: a. Rekening Bank entitas anak SP sebesar RpNihil, termasuk pendapatan bunga sebesar RpNihil 31 Desember 2013: Rp32.710.243, termasuk pendapatan bunga sebesar Rp2.710.243 sehubungan dengan permasalahan Surat Kredit Berdokumen Dalam Negeri SKBDN Catatan 48.4a. a. A subsidiary SP’s cash in bank of RpNil, which includes interest income of RpNil December 31, 2013: Rp32,710,243, which includes interest income of Rp2,710,243 in relation to Domestic Letter of Credit LC issued Note 48.4a. b. Rekening penampungan pada entitas anak ST sebesar Rp14.184 31 Desember 2013: Rp476.449, USD1.833 dan EUR445. b. The escrow accounts of subsidiary ST’s amounting Rp14,184 December 31, 2013: Rp476,449, USD1,833 and EUR445. Kas dan setara kas yang dibatasi penggunaannya pada PT Bank Negara Indonesia Persero Tbk merupakan margin deposit yang digunakan sebagai jaminan fasilitas LC dan bank garansi di entitas anak SP Catatan 20. Restricted cash and cash equivalents in PT Bank Negara Indonesia Persero Tbk represents a margin deposit for collateral of LC facility and bank guarantee in subsidiaries SP Note 20. Assuring the Move Into Next Level 466 Business Development Report Management Reports Company Information Information For Investors Operational Review PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Expressed in thousands of Rupiah, unless otherwise stated Continued - 52 - a. Kas a. Cash on hand 2014 2013 Rupiah 2.880.170 2.194.691 Rupiah Dong Vietnam 104.943 65.776 Vietnamese Dong Dolar Amerika Serikat 8.759 1.816 United States Dollars Jumlah 2.993.872 2.262.283 Total b. Bank b. Cash in banks 2014 2013 Rupiah: Rupiah: Pihak ketiga: Third parties: PT Bank Danamon PT Bank Danamon Indonesia Tbk 9.758.502 16.104.083 Indonesia Tbk PT Bank Central Asia Tbk 7.184.537 19.348.634 PT Bank Central Asia Tbk PT Bank Muamalat Tbk 7.021.580 63.559 PT Bank Muamalat Tbk PT Bank Permata Tbk 6.986.412 1.385.393 PT Bank Permata Tbk PT Bank Nagari 5.436.027 2.401.234 PT Bank Nagari PT Bank CIMB Niaga Tbk 5.043.076 9.406.726 PT Bank CIMB Niaga Tbk PT Bank Mega Tbk 1.148.151 1.834.844 PT Bank Mega Tbk PT Bank Sulselbar 529.413 886.943 PT Bank Sulselbar PT BPD Jatim Tbk 468.804 84.461 PT BPD Jatim Tbk PT Bank Tabungan Pensiunan PT Bank Tabungan Pensiunan Nasional Tbk 207.592 197.724 Nasional Tbk PT Bank Internasional PT Bank Internasional Indonesia Tbk 145.961 366.290 Indonesia Tbk Deutsche Bank, Surabaya 124.365 124.602 Deutsche Bank, Surabaya PT Bank Pundi Indonesia Tbk 16.721 25.571 PT Bank Pundi Indonesia Tbk PT Bank OCBC NISP Tbk 15.586 15.586 PT Bank OCBC NISP Tbk Citibank, Surabaya 7.293 7.559 Citibank, Surabaya PT Bank ICB Bumiputera Tbk - 344 PT Bank ICB Bumiputera Tbk Jumlah 44.094.020 52.253.553 Total Pihak berelasi: Related parties: PT Bank Mandiri Persero Tbk 194.338.748 113.262.597 PT Bank Mandiri Persero Tbk PT Bank Negara Indonesia PT Bank Negara Indonesia Persero Tbk 42.504.529 56.832.017 Persero Tbk PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia Persero Tbk 8.486.608 8.944.230 Persero Tbk PT Bank Bukopin Tbk 4.133.831 3.375.316 PT Bank Bukopin Tbk PT Bank Syariah Mandiri 708.331 1.620.860 PT Bank Syariah Mandiri PT Bank Tabungan Negara PT Bank Tabungan Negara Persero Tbk 3.079 9.277 Persero Tbk Jumlah 250.175.126 184.044.297 Total Jumlah 294.269.146 236.297.850 Total Dilanjutkan Forward Assuring the Move Into Next Level 467 Corporate Governance Implementation Report Corporate Social Responsibility Report Corporate Data Management Discussion and Analysis Financial Statements PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2014 AND 2013 Expressed in thousands of Rupiah, unless otherwise stated Continued - 53 - 2014 2013 Dolar Amerika Serikat: United States Dollars: Pihak ketiga: Third parties: Standard Chartered Bank 14.340.980 - Standard Chartered Bank Citibank 589.640 577.811 Citibank PT Bank CIMB Niaga Tbk 265.410 841.291 PT Bank CIMB Niaga Tbk An Binh Bank 123.964 223.283 An Binh Bank Military Commercial Joint Stock Military Commercial Joint Stock Bank 39.487 10.037 Bank Vietnam Maritime Commercial Vietnam Maritime Commercial Joint Stock Bank 33.234 32.399 Joint Stock Bank HSBC 10.010 131.500 HSBC Vietnam Prosperity Joint Stock Vietnam Prosperity Joint Stock Commercial Bank 9.809 9.610.354 Commercial Bank Bank for Investment and Bank for Investment and Development of Vietnam 5.030 4.960 Development of Vietnam Bank for Investment and Bank for Investment and Development of Cambodia Plc 4.932 55.250 Development of Cambodia Plc Ho Chi Minh City Development Ho Chi Minh City Development Joint-Stock Commercial Bank 4.182 - Joint-Stock Commercial Bank Lain-lain 8.537 8.389 Others Jumlah 15.435.215 11.495.274 Total Pihak berelasi: Related parties: PT Bank Mandiri Persero Tbk 21.259.464 66.777.581 PT Bank Mandiri Persero Tbk PT Bank Negara Indonesia PT Bank Negara Indonesia Persero Tbk 18.387.674 5.229.745 Persero Tbk Jumlah 39.647.138 72.007.326 Total Jumlah 55.082.353 83.502.600 Total Euro: Euro: Pihak ketiga: Third parties: PT Bank CIMB Niaga Tbk 468.613 143.818 PT Bank CIMB Niaga Tbk Vietnam Maritime Commercial Vietnam Maritime Commercial Joint Stock Bank 14.759 - Joint Stock Bank Bank for Investment and Bank for Investment and Development of Vietnam 2.095 3.977 Development of Vietnam An Binh Bank 1.722 3.461 An Binh Bank Vietnam Technological and Vietnam Technological and Commercial Bank 85 89 Commercial Bank Vietnam Prosperity Joint-Stock Vietnam Prosperity Joint-Stock Commercial Bank 50 - Commercial Bank Jumlah 487.324 151.345 Total Pihak berelasi: Related parties: PT Bank Mandiri Persero Tbk 64.954.074 15.136.521 PT Bank Mandiri Persero Tbk PT Bank Negara Indonesia PT Bank Negara Indonesia Persero Tbk 21.018.409 3.664.462 Persero Tbk PT Bank Rakyat Indonesia PT Bank Rakyat Indonesia Persero Tbk 11.099.836 97.825 Persero Tbk Jumlah 97.072.319 18.898.808 Total Jumlah 97.559.643 19.050.153 Total Dilanjutkan Forward