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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 522
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
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 continued
iii. Acquisition of Agalia Energy Investments Pte Ltd
On 15 July 2008, ATA acquired 100 interest in Agalia amounting to Rp 1,632,635.
2008
Purchase consideration through cash payment 1,632,635
Fair value of net assets acquired 35,146
Mining properties and goodwill 1,597,489
Details of the assets and liabilities arising from the acquisition are as follows:
2008
Investments in equity securities 35,955
Accrued expenses 240
Net assets 35,715
Interest acquired 100
Net assets acquired 35,715
Mining properties 1,443,467
Goodwill 516,981
Deferred tax liabilities 363,528
Purchase consideration through cash payment 1,632,635
Cash and cash equivalents in Agalia -
Net cash outflow from acquisition of subsidiary 1,632,635
By holding 100 interest in AIM, Ariane Capital and Agalia, ATA has consolidated the financial statements of AIM, Ariane Capital and Agalia, and recognised pre-acquisition income amounting to Rp 165,575.
Through its ownership in AIM and Agalia, ATA has indirect ownership of 100 in Viscaya, Biscayne and Arindo Holdings, and has increased its ownership in Arindo Global from 33.00 to 67.00. Ownership in Viscaya has resulted in an
increase in ATA’s direct and indirect ownership in Adaro from 66.07 to 99.54. Ownership in Biscayne h as resulted in an increase in ATA’s indirect ownership in IBT from 67.16 to 100.00. Ownership in Arindo Holdings has resulted in an
increase in ATA’s indirect ownership in Coaltrade from 64.00 to 100.00.
By consolidating the financial statements of AIM and Agalia which has total ownership in Viscaya of 100, mining properties amounting to Rp 1,017,069 are recorded at the Group level.
In September 2008, Arindo Holdings increased its issued and paid-up capital through a new shares issuance. ATA acquired 25,000,000 new shares at a par value of US1 per share or equivalent to Rp 227,783. Rach M, AIM and Agalia
did not subscribe any of issued shares, as a result, their ownership decreased from 100 to 0.03. There were no changes to the ownership of the Group.
Net cash outflow from the acquisitions of AIM, Ariane Capital, Agalia, Arindo Holdings and the consolidation of Arindo Global are as follows:
2008
Net cash outflow from acquisition of AIM 6,095,355
Net cash outflow from acquisition of Ariane Capital 2,230,285
Net cash outflow from acquisition of Agalia 1,632,635
Net cash inflow from acquisition of Arindo Holdings 169,571
Net cash inflow from consolidation of Arindo Global 2,454
Net cash outflow from acquisition of AIM, Ariane Capital, Agalia, Arindo Holdings and consolidation of Arindo Global
9,786,250
Adaro Energy Annual Report 2008 www.adaro.com
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Contact Us Governing Adaro
Financial Report Corporate Social Responsibility
PT ADARO ENERGY Tbk Schedule 523
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
p. Disposal of PT Anugerah Buminusantara Abadi by PT Saptaindra Sejati
On 30 April 2007, SIS disposed of 99.22 interest in ABA to KBS for Rp 20,000. The assets and liabilities of ABA disposed of on 30 April 2007 are as follows:
2007
Total assets 67,840
Total liabilities 52,598
Net assets 15,242
Interest disposed of 99.22
Net assets disposed of 15,123
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control
6,409 - Deferred tax asset on loss from investment in ABA
11,286 Cash received from disposal of subsidary
20,000 Receivables from disposal of subsidiary
20,000 Cash and cash equivalents in ABA
1,192 Net cash outflow from disposal of subsidiary
1,192
q. Acquisition of PT Sarana Daya Mandiri by PT Alam Tri Abadi
On 29 October 2008, ATA acquired 51.20 interest in SDM for Rp 128.
2008
Purchase consideration through cash payment 128
Net liabilities acquired 17,772
Goodwill 17,900
Details of the assets and liabilities arising from the acquisition are as follows:
2008
Cash and cash equivalents 1,450
Other receivables 887
Advances and prepayments 17
Prepaid taxes 29,107
Fixed assets, net 299,230
Other payables 108,373
Accrued expenses 4
Taxes payable 1,343
Other short-term loan 143
Loans from related parties 238,600
Net liabilities 17,772
Interest acquired 51.20
Minority interest 48.80
Net liabilities acquired 17,772
Goodwill 17,900
Purchase consideration through cash payment 128
Cash and cash equivalents in SDM 1,450
Net cash inflow from acquisition of subsidiary 1,322
By holding 51.20 in SDM, ATA has consolidated the financial statements of SDM and recognised pre -acquisition loss amounting to Rp 17,772.
