The consolidated financial statements presented in US Dollars are solely for the convenience of the reader and translated from financial statements in Rupiah using exchange rates as set out in Note 1d. See accompanying notes to consolidated financial statements which form an integral part of these consolidated financial statements
CONTINUED OPERATION
CASH FLOWS FROM OPERATING ACTIVITIES:
Cash received from customers 233,055,791
216,983,460 25,701
24,133 Cash paid to suppliers
181,001,314 174,931,989
19,960 19,456
Cash paid to employees 79,420,987
86,359,908 8,758
9,605 Cash paid for operating expenses
26,890,829 20,475,902
2,965 2,277
Cash generated used operationing 54,257,340
64,784,339 5,982
7,205
Income tax payment 44,832
2,829,144 5
315 Cash received from paid to others
642,684 896,210
71 100
Net cash used for operating activities 54,855,192
61,058,985 6,048
6,791 CASH FLOWS FROM INVESTING ACTIVITIES:
Purchases of fixed assets 4,864,769
817,022 536
91 Interest received
104,804 7,552
12 1
Proceeds from sale of fixed assets 37,500
12,729,972 4
1,416 Payment of fixed assets sales advance
- 571,017
- 64
Received from other assets -
56,021 -
7
Net cash provided by used for investing activities 4,722,465
11,405,506 520
1,269 CASH FLOWS FROM FINANCING ACTIVITIES:
Proceed from short-term and long-term bank loans
64,021,058 50,839,968
7,060 5,655
Interest paid 7,705,113
10,952,695 850
1,218 Proceed from payable to related parties
4,862,361 8,870,186
536 986
Net cash provided by used for financing activities 61,178,306
48,757,459 6,746
5,423 NET INCREASE DECREASE IN CASH AND CASH
EQUIVALENTS CONTINUING OPERATION 1,600,650
896,020 177
99
DISCONTINUING OPERATION
Net cash used in operating activities 205,429
427,083 23
48 Net cash provided by investing activities
- 104,209
- 12
Net cash used in financing activities -
- -
- NET INCREASE DECREASE IN CASH AND CASH
EQUIVALENTS FROM DISCONTINUING OPERATION 205,429
322,874 23
36 NET INCREASE DECREASE IN CASH AND
CASH EQUIVALENTS FROM ALL OPERATION 1,395,221
1,218,894 154
135 CASH AND CASH EQUIVALENTS
AT BEGINNING OF YEAR 5
951,842 2,170,736
105 241
CASH AND CASH EQUIVALENTS AT END OF YEAR
5 2,347,063
951,842 259
106 ACTIVITIES NOT AFFECTING CASH FLOWS:
Loan waiver 90,568,616
- 9,988
- Issuance new shares
24,038,237 -
2,651 -
Effect of implementation PSAK 5055 Revised 2006
8,920,589 -
984 -
Notes 2011
2010 2011
2010
Rp Rp
US US
01
GENERAL
a. Establishment and General Information
P Notarial Deed No.7 dated October 12, 1972 based on Deed prepared by Koerniatini Karim, Public Notary in Jakarta. The
Entitys Articles of Association have been amended several times, made on June 15, 2004 by Notarial Deed No. 79 prepared by Sutjipto, S.H., Public Notary in Jakarta concerning the change of the Entitys name from PT Eratex Djaja Ltd Tbk to PT
Eratex Djaja Tbk and an increase in the authorized capital to Rp 196,472,000. This amendment was approved by the Minister of Justice and Human Rights of the Republic of Indonesia under decision letter No. C-21010 HT.01.04.TH.2004 dated August
20, 2004; and the latest amendment was made on August 23, 2011, by Notarial Deed No.107 prepared by Aulia Taufani, S.H., Notary in Jakarta concerning the change of notarial deed of Entitys amendment due to increasing issued and fully paid-up
shares from 98,236,000 shares to 146,312,474 shares. On September 15, 2011, the notarial deed has been approved by the Minister of Justice and Human Rights with decision letter number AHU-AH.01.10-29187.
The activities of the Entity are integrated textile manufacturing, including spinning, weaving, finishing, garment making and sells its products in both local and export markets.
The Entity commenced its commercial operations in 1974. The Entitys factory is located at Jl. Soekarno-Hatta No.23, Probolinggo, East Java. As of December 31, 2011 and 2010, the
Entity had 2,404 employees and 2,485 employees un-audited, respectively. The Entitys registered office is in Jakarta with an executive office in Surabaya, and a branch in Hongkong opened in 1990.
On August 21, 1990, the Entity registered its shares on the Stock Exchange of Indonesia in accordance with approval of the Minister of Finance of the Republic of Indonesia no. SI-125SHMMK.101990 dated July 14, 1990. Since 2000, all shares
have been registered on the Indonesia Stock Exchange.
b. Board of Commissioners, Board of Directors and Independent Audit Committee
The compositions of the Board of Commissioners, Board of Directors and Independent Audit Committee of the Entity as of December 31, 2011 and 2010 were as follows:
December 31, 2011 December 31, 2010
Board of Commissioners President Commissioner
: Maniwanen President Commissioner
: Adrian Hau Chak Fu Independent Commissioner : Ferenz Cendrawasih
Independent Commissioner : Ferenz Cendrawasih Commissioner
: Julian Wong Wai Chua Commissioner
: Julian Wong Wai Chua Board of Directors
Board of Directors President Director
: Raj Kumar President Director Acting : Surojit Ghosh
Director : Frankie Ma Ngon
Director : Frankie Ma Ngon
Director Non-Affiliated : Surojit Ghosh
Director : Chow Chi Keung
Director Non-Affiliated : Sujoko Efferin
Independent Audit Committees Independent Audit Committees
Ferenz Cendrawasih Ferenz Cendrawasih
Hempy Ali Hempy Ali
Lea Buntaran Lea Buntaran
T ERATEX DJAJA Tbk the Entity was established in the framework of Foreign Capital Investment Law No.1, 1967 by
Board of Commissioners
Salaries and allowances for Board of Commissioners and Board of Directors as of December 31, 2011 and 2010
were as follows:
Board of Commissioners 135,598
132,565 Board of Directors
1,823,304 1,792,421
2011 2010
alaries and allowances for Independent Audit Committee of December 31, 2011 and 2010 were as follows:
Independent Audit Committee
54,000 54,000
2011 2010
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
For the years ended December 31, 2011 and 2010 Expressed in thousands of Rupiah and in thousands of United States Dollars, unless otherwise stated
105 104
Laporan Tahunan 2011 Annual Report 2011 PT. ERATEX DJAJA Tbk
PT. ERATEX DJAJA Tbk Laporan Tahunan 2011 Annual Report 2011
PT ERATEX DJAJA Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS
For the years ended December 31, 2011 and 2010 Expressed in thousands of Rupiah and in thousands of United States Dollars, unless otherwise stated
GENERAL continued
c. Subsidiaries Companies