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
63
2012 2011
Foreign currency Equivalent amount
in rupiah Foreign currency
Equivalent amount in rupiah
Liabilities Loans from banks and financing
institutions US 1,000,000
9,480,000 US 1,000,000
9,068,000 Trade
payables U.S. dollar
US 507,295 4,809,161 US 797
7,225 European euro
Euro 192,090 2,266,859 Euro 2,050
24,063 Singapore dollar
Sin 10,434 77,368 Sin 23,505
163,926 Other
payables U,S, dollar
US 126,913 1,203,135 US 128,947
1,169,291 European euro
Euro 740 8,733 Euro 56,083
658,358 Deposits received
US 26,294 249,267 US 26,294
238,434
Total Liabilities in Foreign Currencies 18,094,523
11,329,297 Net Assets Liabilities in Foreign
Currencies
7,820,577 14,532,834
35. SEGMENT INFORMATION
2012 Property
Development Investment
Property Other Businesses
Consolidation
Net revenues
1,079,056,387 346,233,000
89,330,441 1,514,619,828 Gross
profit 512,302,510
185,185,549 57,755,607 755,243,666
Income loss from operations 287,252,102
127,207,080 5,123,658 419,582,840
Finance income
28,248,053 Gain on foreign exchange - net
321,817 Gain on derivative instrument
23 Finance
costs 54,966,746
Profit before income tax 393,185,987
Income tax expense - net 86,078,057
Profit for the year 307,107,930
Other information
Segment assets 7,640,196,424
1,781,802,218 180,055,824 9,602,054,466
Segment liabilities 6,026,190,456
789,932,317 69,047,903 6,885,170,676
Depreciation and amortization 18,941,419
35,858,043 10,361,727 65,161,189
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
64
2011 Property
Development Investment
Property Other Businesses
Consolidation
Net revenues 627,883,819
266,006,262 44,688,504 938,578,585
Gross profit 276,041,297
143,296,824 32,307,535 451,645,656
Income loss from operations 124,078,591
113,065,319 2,530,685 234,613,225
Finance income 27,200,437
Gain on foreign exchange - net 718,530
Gain on derivative instrument 43,812
Finance costs 42,723,253
Profit before income tax 219,852,751
Income tax expense - net 64,503,502
Profit for the year
155,349,249
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
Depreciation and amortization 20,171,492
55,796,532 30,698,725 106,666,749
36. SIGNIFICANT AGREEMENTS AND COMMITMENTS
a. In 2011, the Company and Subsidiaries entered into marketing agreements with certain property
agents, whereby the Company and Subsidiaries agreed to pay certain commissions at certain rates to the property agents if they are able to achieve the targeted sales within certain periods of time.
Total sales commissions of property agents for sales recognized in 2011 amounted to Rp10,976,270, which is presented as part of selling expenses in the consolidated statements of
comprehensive income Note 31, while total sales commissions of property agents for sales which have not been recognized in 2011 amounted to Rp10,681,506, is presented in advances, as part of
the advances for sales commission Note 10.
b. In 2011, the Company entered into a new steel price agreement with PT Jakarta Cakratunggal Steel
PT CS for steel purchase amounting to Rp44,764,750, whereby the Company should pay 40 of the total contract as an advance to PT CS. The remaining 60 will be paid partially when delivery of
steel is made by PT CS. As of 31 December 2011, the Company has paid Rp17,905,900 which is presented in advances, as part of the advances for the purchase of construction materials Note 10.
c. On 9 June 2011, the Company, through PT Summarecon Property Development SPD, a
subsidiary, entered into a conditional shares sales and purchases agreement with Venture Hover Limited VHL, to acquire 51 ownership of PT Duta Sumara Abadi DSA for Rp288,953,091, which
is currently owned by VHL. The purpose of the acquisition of DSA is to acquire full ownership of a land property owned by DSA in the Bekasi area. As of 31 December 2011, SPD has paid
Rp150,062,000 to VHL, which is presented as other assets, as part of advance for investment Note 14.
d.
On 21 October 2010, the Company entered into a rental agreement with North Jakarta International School Foundation NJIS for a land property located in Kelapa Gading which was used as a school.
The rental was Rp5,000,000 per year. This agreement was valid from 14 August 2010 until 30 June 2011.
