Adaro Energy Annual Report 2008 www.adaro.com
153
Contact Us Governing Adaro
Financial Report Corporate Social Responsibility
PT ADARO ENERGY Tbk Schedule 521
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
i. Acquisition of Ariane Investments Mezzanine Pte Ltd continued
2008
Net liabilities acquired 162,995
Mining properties 5,657,657
Goodwill 2,026,300
Deferred tax liabilities 1,424,847
Purchase consideration through cash payment 6,096,115
Cash and cash equivalents in AIM 760
Net cash outflow from acquisition of subsidiary 6,095,355
ii. Acquisition of Ariane Capital Singapore Pte Ltd formerly Kerry Coal Singapore Pte Ltd
On 15 July 2008, ATA acquired 100 interest in Ariane Capital and a previous shareholder receivable amounting to Rp 32,288 for Rp 2,230,287.
2008
Purchase consideration through cash Payment 2,230,287
Assignment of receivables from previous shareholder 32,288
Acquisition cost 2,197,999
Fair value of net liabilities acquired 32,526
Mining properties and goodwill 2,230,525
Details of the assets and liabilities arising from the acquisition are as follows:
2008
Cash and cash equivalents 2
Accrued expenses 240
Loans from shareholders 32,288
Net liabilities 32,526
Interest acquired 100
Net liabilities acquired 32,526
Mining properties 2,016,188
Goodwill 722,102
Deferred tax liabilities 507,765
Acquisition cost 2,197,999
Assignment of receivables from previous shareholder 32,288
Cash and cash equivalents in Ariane Capital 2
Net cash outflow from acquisition of subsidiary 2,230,285
By holding a 100 interest in Ariane Capital, ATA has 100 direct and indirect ownership in AIM.
154
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
