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
35 The receivable from Mantolli is non-interest bearing and is collateralized by shares of stock of PT
Jakartabaru Graha Permai JBGP owned by Mantolli. The Company has the right to take over the collateral if Mantolli is not able to pay the receivable. This receivable was initially due on 18 December
2009 but this date was extended to 30 December 2013 and is repayable in annual installments of Rp17,484,000 each starting from 2009, with the final installment being due on 30 December 2013.
Installments were paid annually starting 31 December 2009.
Based on the review of the status of the individual receivables at the end of the year, management believes that all other receivables are fully collectible.
8. INVENTORIES
Inventories consist of:
2012 2011
Inventories available for sale Landplots
189,793,817 187,409,077
Houses 37,018,323
273,979,815 Shops
10,986,070 9,106,572
Apartments 344,347
344,347 Total Inventories available for sale
238,142,557 470,839,811
Inventories under developmentconstruction Apartments
108,930,279 100,500,221
Buildings 1,378,963,544
899,845,793 Land
803,901,138 1,259,274,168
Total Inventories under developmentconstruction 2,291,794,961 2,259,620,182
Others 128,826,582
10,622,416
Total inventories
2,658,764,100 2,741,082,409
The movements in the buildings inventories under construction account are as follows:
2012 2011
Beginning balance 922,110,438
540,462,327 Production
costs 644,687,077
1,281,493,904 Transfer to buildings inventories avaible for sale
187,833,971 922,110,438
Ending balance
1,378,963,544 899,845,793
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
36
8. INVENTORIES continued
2012 2011
Beginning balance
Houses 273,979,815
93,798,572 Shops
9,106,572 7,893,122
Transfer from building inventories under construction 187,833,971
922,110,438 Cost of sales
Houses 375,676,771
648,582,745 Shops
47,239,194 92,133,000
Ending balance 48,004,393
283,086,387
Real estate development inventories which are already covered by signed salespurchase agreements but have not yet been recognized as sales are as follows:
2012 2011
Inventories available for sale Houses
257,800,619 273,083,643
Shops 9,408,624
6,730,376 Total inventories available for sale
267,209,243 279,814,019
Inventories under developmentconstruction Buildings
669,463,357 681,799,184
Total Inventories under developmentconstruction 669,463,357
681,799,184
Total 936,672,600 961,613,203
As of 30 June 2012 and 31 December 2011, inventories in such properties known as Ebony, Clover, Royal Orchard 2, Maple Residence, Palm Residence, Graha Boulevard and Jasmine Residence are available for
sale, and inventories in Royal Orchard 2, Royal Orchard 3, Orchard Square 1, The Tiara, Graha Boulevard, Crystal, Spring Boulevard, Golden 8 extension, Grisea, Canary, Scarlet, Starling, Ruby extension, Pascal
Residence, Darwin Residence, Sherwood apartment and Scientia apartment are under developmentconstruction.
The borrowing costs which were capitalized to inventories amounted to Rp12,049,840 and Rp7,573,617 Notes 15 and 16 in 2012 and 2011, respectively.
Houses, shops and apartment inventories are covered by insurance against fire and other risks with PT Asuransi AXA Indonesia, PT Asuransi Central Asia and PT Asuransi Ekspor Indonesia Persero, all third
parties, with total coverage of US801,354 and Rp1,171,309,588 in 2012 and 2011. The Company and Subsidiaries’ management is of the opinion that the above coverage is adequate to cover possible losses
arising from such risks.
As of 30 June 2012 and 31 December 2011, inventories are not used as collateral for any loans. The Company and Subsidiaries’ management believes that inventories are realizable at the above
amounts and no provision for losses is necessary.
