Laporan Posisi Keuangan KA BARANG FREIGHT TRAIN

735.137.839.426 357.277.986.669 182.641.260.598 570.405.376.766 568.313.387.644 2.048.493.329.907 203.238.487.848 - 4.210.274.321.908 464.001.928.389 229.550.735.806 2.061.394.568.149 2.842.432.417.954 3.045.670.905.802 489.434.944.880 5.583.599.180.589 712.966.818.173 794.367.341.883 125.627.458.760 459.011.357.461 26.602.662.012 1.867.320.720.770 - - 8.170.977.105.206 751.434.541.227 397.034.067.545 2.441.484.374.671 6.877.961.339.308 6.877.961.339.308 1.338.233.961.572 10.083.516.021.650 590.799.186.748 468.681.431.023 184.241.916.223 561.584.397.901 387.672.333.358 1.824.495.432.808 196.045.199.105 1.239.552.779 5.000.831.599.803 508.869.059.459 247.318.636.669 2.245.507.381.771 3.511.511.914.160 3.708.796.666.044 533.117.727.050 6.066.409.825.902 80,37 131,18 99,12 98,45 68,21 89,07 96,46 - 118,78 109,67 107,74 91,07 123,54 121,77 108,93 108,65 82,86 59,00 53,34 122,35 1.457,27 97,71 - - 61,20 67,72 62,29 108,03 51,05 53,92 39,84 60,16 Tabel NERACA PER 31 DESEMBER 2011 ST BALANCE BY DECEMBER 31 2011 REALISASI REALIZATION BY 31 DEC 2010 PER 31 DES 2010 ANGGARAN BUDGET REALISASI REALIZATION 4 : 2 4 : 3 2 3 4 5 6 URAIAN DESCRIPTION PER 31 DESEMBER 2011 ST BY DECEMBER 31 2011 Rasio Ratio 1 ASET ASET LANCAR 1. Kas dan Setara Kas 2. Piutang 3. Cadangan Piutang Ragu-ragu 4. Persediaan 5. Aset Lancar Lainnya JUMLAH ASET LANCAR ASET TIDAK LANCAR 1. Aset Pajak Tangguhan 2. Properti Investasi 3. Aset tetap a. Sarana b. Prasarana c. Fasilitas d. Akumulasi Penyusutan Jumlah Aset Tetap JUMLAH ASET TIDAK LANCAR ASET LAIN-LAIN TOTAL ASET Receivables Cash and Cash Equivalents Reserve for Doubtful Accounts Supply Other current assets CURRENT ASSETS TOTAL NON-CURRENT ASSETS Rolling Stock Infrastructure Facilities Depreciation Accumulation JUNON-CURRENT ASSETS TOTAL OTHER ASSETS ASSETS TOTAL CURRENT ASSETS ASSETS LIABILITAS DAN EKUITAS LIABILITY AND EQUITY LIABILITAS LIABILITY 1. Jangka Pendek Short-Term 2. Jangka Panjang Long-Term Jumlah Liabilitas Liability Total EKUITAS EQUITY 1. Modal dasar Persero sebesar Rp. 3,5 T Perseros basic capital Rp. 3,5 T 2. Modal Saham Stock Capital 3. Modal disetor lainnya Other deposited capitals 4. BPYBDS 5. Penyertaan Modal Negara State Capitals 6. Selisih Penilaian Kembali Revaluation 7. Saldo Laba Profit Balance a. Laba Rugi Ditahan Retained Income b. Laba Rugi berjalan Running Income 8. Kepentingan Non Pengendali Non-Controlling Business JUMLAH EKUITAS EQUITY TOTAL TOTAL KEWAJIBAN DAN EKUITAS ACCOUNTABILITY AND EQUITY TOTAL 163,77 106,09 133,57 - 100,00 - 77,04 - 100,00 209,85 93,33 98,20 98,76 108,65 115,61 21,35 40,77 - 100,00 - 53,33 - 100,00 83,45 60,03 96,40 80,78 60,16 773.497.601.414 812.291.527.883 1.585.789.129.298 - 2.470.000.000.000 - 1.072.940.984.034 - 968.134.948 192.996.282.209 216.336.087.231 44.568.562.869 3.997.810.051.291 5.583.599.180.589 1.070.527.763.647 4.125.174.325.786 5.195.702.089.433 - 2.470.000.000.000 - 1.549.777.626.034 - 968.134.948 485.321.774.881 336.345.125.729 45.401.270.625 4.887.813.932.217 10.083.516.021.650 1.237.591.454.835 880.623.076.766 2.118.214.531.601 - 2.470.000.000.000 - 826.546.294.646 - 968.134.948 405.005.649.441 201.908.093.809 43.767.121.457 3.948.195.294.301 6.066.409.825.902 Laporan Tahunan Annual Report 2011 Tinjauan Keuangan Financial Review

I. Laporan Posisi Keuangan

Financial Report Analisis dan Pembahasan Manajemen Atas Kinerja Perusahaan Management Discussion and Analysis of the Companys Performance 59 Aset Lancar Realisasi Piutang netto sebesar Rp. 284.439.514.800,- terkait adanya realisasi piutang usaha bruto yang mengalami kenaikan, piutang angkutan barang yang belum terealisasi dan penyisihan piutang ragu-ragu yang belum dihapus. Aset Tetap Realisasi nilai buku Aset Tetap sebesar Rp. 3.511.511.914.160,- , disebabkan adanya koreksi atas pencatatan aset asal BPYBDS yang semula berdasarkan BASTO menjadi BAST dan realisasi investasi Tahun 2011 baru tercapai 20,63. Aset Lain-lain Realisasi Aset Lain-lain sebesar Rp. 730.402.478.934,- merupakan aset pajak tangguhan, pekerjaan dalam proses, aset tetap dalam penyelesaian, persediaan scrap, aset tetap dihentikan dari operasi dan Dana Non Operasi Dana Iuran Pegawai Swakelola. Liabilitas Jangka Pendek R e a l i s a s i L i a b i l i t a s J a n g k a P e n d e k s e b e s a r Rp. 1.237.591.454.835,- hal ini terkait dengan meningkatnya hutang kepada pihak ketiga, adanya hutang pajak, kenaikan biaya yang masih harus dibayar dan adanya realisasi Kredit Modal Kerja KMK termasuk anak perusahaan. Liabilitas Jangka Panjang R e a l i s a s i L i a b i l i t a s J a n g k a P a n j a n g s e b e s a r Rp. 880.623.076.766,- adalah pembayaran hutang PSL dan anggaran termasuk pinjaman Bank sedangkan realisasi dicatat di liabilitas jangka pendek. Ekuitas Realisasi Ekuitas Perusahaan sebesar Rp. 3.948.195.294.301, terkait dengan pencatatan AT BPYBDS semula berdasarkan BASTO menjadi BAST. Laporan Tahunan Annual Report 2011 Current Assets Net receivables realization reaches Rp. 284,439,514,800,00 due to the increase in gross business receivables, the unresolved freight receivables, and also the unresolved exclusion for the doubtful. Fixed Assets Cash value for fixed assets realization reaches Rp. 3,511,511,914,160,00 due to correction for the recording of the BPYBDSs assets of origin which is formerly based on BASTO to BAST and also investment realization in 2011 has only reached 20.63. Other assets Other assets realization reaches Rp. 730,402,478,934,00 which includes deferred taxes, ongoing projects, fixed assets in progress, scrap stocks, suspended fixed assets, and Non- Operation Budget Self-Managed Employees Funds. Short-Term Liability S h o r t - t e r m L i a b i l i t y r e a l i z a t i o n r e a c h e s Rp .1,237,591,454,835.00. which includes the increase in debts to the third parties, the augment of unresolved budget, and Working Capital Credits KMK, including the subsidiaries. Long-Term Liability Long-term liability realization reaches Rp. 880,623,076,766.00 which includes the payment of PSL debts and also bank loan which realization is recorded in short-term liability. Equity C o m p a n y s E q u i t y R e a l i z a t i o n r e a c h e s Rp. 3,948,195,294,301.00, which includes the recording of AT BPYBDS which is formerly based on BASTO to BAST. Analisis dan Pembahasan Manajemen Atas Kinerja Perusahaan Management Discussion and Analysis of the Companys Performance 60

II. Laporan Laba Rugi Komprehensif