INVESTMENTS IN ASSOCIATES LK SMI Q1 2016 Final Released

AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2016 AND 2015 Expressed in thousands of Rupiah, unless otherwise stated Continued - 70 - 31 Maret 31 Desember 31 Maret 31 Desember 31 Maret 31 Desember 31 Maret 31 Desember March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Aset lancar 599.264.646 527.568.391 1.040.835.230 1.088.653.036 324.366.438 350.565.773 94.093.926 94.093.926 Current assets Aset tidak lancar 69.613.168 59.360.068 700.237.938 642.073.426 112.179.732 121.240.578 29.801.698 29.801.698 Non-current assets Jumlah Aset 668.877.814 586.928.459 1.741.073.168 1.730.726.462 436.546.170 471.806.351 123.895.624 123.895.624 Total Assets Liabilitas jangka pendek 482.939.042 405.541.844 1.018.702.934 992.606.820 253.860.550 335.528.270 99.259.691 99.259.691 Current liabilities Liabilitas jangka panjang 71.456.067 69.952.124 188.334.538 179.219.537 43.478.058 57.465.083 23.396.717 23.396.717 Non-current liabilities Ekuitas yang dapat diatribusikan Equity attributable to owners kepada pemilik entitas induk 114.482.705 111.434.491 504.300.965 529.282.817 59.629.882 78.812.998 1.239.216 1.239.216 of the companies Kepentingan non-pengendali - - 29.734.731 29.617.288 - - - - Non-controlling interests Jumlah Liabilitas dan Ekuitas 668.877.814 586.928.459 1.741.073.168 1.730.726.462 356.968.490 471.806.351 123.895.624 123.895.624 Total Liabilities and Equity Pendapatan 258.771.851 1.053.035.734 1.096.017.864 4.936.417.299 137.970.335 779.557.942 445.194.748 445.194.748 Revenue Beban 236.742.316 1.024.898.088 1.082.506.313 4.817.776.701 136.901.800 765.969.047 444.614.856 444.614.856 Expenses Laba rugi periode berjalan 22.029.536 28.137.646 13.511.551 118.640.598 1.068.535 13.588.895 579.892 579.892 Profit loss for the period Laba rugi yang dapat diatribusikan kepada: Profit loss attributable to: Pemilik entitas induk 3.283.422 28.137.646 13.202.205 113.474.740 1.068.535 13.588.895 579.892 579.892 Owners of the companies Kepentingan non-pengendali - - 309.346 5.165.858 - - - - Non-controlling interests Laba rugi periode berjalan 3.283.422 28.137.646 13.511.551 118.640.598 1.068.535 13.588.895 579.892 579.892 Profit loss for the period Penghasilan komprehensif lain yang dapat Other comprehensive income diatribusikan kepada: attributable to: Pemilik entitas induk 235.132 1.335.574 - 3.051.591 - 350.096 - - Owners of the companies Kepentingan non-pengendali - - - 130.689 - - - - Non-controlling interests Jumlah penghasilan komprehensif lain Total other comprehensive income periode berjalan 235.132 1.335.574 - 3.182.280 - 350.096 - - for the period Jumlah laba komprehensif yang dapat Total comprehensive income diatribusikan kepada: attributable to: Pemilik entitas induk 3.048.289 26.802.072 13.202.205 110.423.149 1.068.535 13.238.799 579.892 579.892 Owners of the companies Kepentingan non-pengendali - - 309.346 5.035.169 - - - - Non-controlling interests Jumlah laba komprehensif Total comprehensive income periode berjalan 3.048.289 26.802.072 13.511.551 115.458.318 1.068.535 13.238.799 579.892 579.892 for the period PT Igasar PT Varia Usaha PT Varia Usaha Beton PT Swadya Graha Berikut ini merupakan rekonsiliasi dari ringkasan informasi keuangan di atas terhadap jumlah tercatat dari bagian entitas asosiasi yang diakui dalam laporan keuangan konsolidasian: Reconciliation of the above summarized financial information to the carrying amount of the interest in the associates recognized in the consolidated financial statements are as follows: 31 Maret 31 Desember 31 Maret 31 Desember 31 Maret 31 Desember 31 Maret 31 Desember March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2016 2015 2016 2015 2016 2015 2016 2015 Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Aset bersih entitas asosiasi 114.482.705 111.434.491 504.300.965 529.282.817 59.629.882 78.812.998 1.239.216 1.239.216 Net assets of the associate Proportion of the Groups ownerships Proporsi bagian kepemilikan Grup 25,00 25,00 24,95 24,95 36,67 36,67 12,00 12,00 interest Ekuitas yang diatribusikan Equity attributable to ke pemilik entitas induk 28.620.676 27.858.623 125.823.091 132.056.063 21.866.278 28.900.726 148.706 148.706 owners of the Company Goodwill - - - - - 1.328.371 - - Goodwill Penyesuaian nilai wajar ast tetap - - - - - 24.770.903 - - Fair falue adjustments of fixed assets Penyesuaian 10.023.369 4.418.796 13.561.092 4.034.170 3.798.779 - 435.881 435.881 Adjustments Nilai catat bagian Grup 38.644.045 32.277.419 139.384.183 136.090.233 25.665.056 55.000.000 584.587 584.587 Carrying amount of the Groups interest PT Swadya Graha PT Varia Usaha PT Varia Usaha Beton PT Igasar AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2016 AND 2015 Expressed in thousands of Rupiah, unless otherwise stated Continued - 71 - Saldo Saldo 31 Desember 31 Maret 2015 Bagian 2016 Balance at laba rugi Balance at Persentase December 31, bersih March 31, kepemilikan 2015 Akuisisi Equity in net Dividen 2016 Percentage of Nama entitas asosiasi Audited Acquisition income loss Dividends Unaudited ownership Name of associate Perseroan The Company PT Swadaya Graha 32.277.419 - 6.700.564 - 38.977.983 25,00 PT Swadaya Graha PT Varia Usaha 136.090.233 - 3.293.950 - 139.384.183 24,95 PT Varia Usaha PT Varia Usaha Beton 55.000.000 - 391.832 1.744.067 53.647.765 36,67 PT Varia Usaha Beton Entitas anak SP Subsidiary SP PT Igasar 584.587 - 66.699 - 651.286 12,00 PT Igasar 223.952.239 - 10.453.045 1.744.067 232.661.217 14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES 31 Desember 31 Maret December 31, March 31, 2015 Penambahan Pengurangan Reklasifikasi 2016 Audited Additions Deductions Reclassification Unaudited Biaya perolehan Acquisition cost Tanah 3.843.234 - - - 3.843.234 Land Bangunan dan prasarana 230.371.288 - - - 230.371.288 Buildings and infrastructure Jumlah 234.214.522 - - - 234.214.522 Total Akumulasi penyusutan Accumulated depreciation Bangunan dan prasarana 59.091.259 3.784.990 - - 62.876.249 Buildings and infrastructure Jumlah 59.091.259 3.784.990 - - 62.876.249 Total Nilai buku neto 175.123.263 171.338.273 Net book value Berdasarkan penilaian internal, nilai wajar properti investasi entitas anak SP dan KIG pada tanggal 31 Maret 2016, sebesar Rp461.003.800. Based on internal valuation, The fair value of investment property as of March 31, 2016 of the subsidiaries SP and KIG amounted to Rp461,003,800. Nilai wajar properti investasi entitas anak SP dan KIG pada tanggal 31 Maret 2016, sebesar Rp461.003.800 berdasarkan penilaian pada tanggal tersebut oleh Briskindo Konsultan SP dan KJPP Guntur Eki Andri dan Rekan KIG, penilai independen. The fair value of investment property as of March 31, 2016 of the subsidiaries SP and KIG amounted to Rp461,003,800, based on the valuation carried out at that date by Briskindo Konsultan SP and KJPP Guntur Eki Andri dan Rekan KIG, independent valuers. Beban penyusutan sebesar Rp3.784.989 dan Rp15.457.813 masing-masing untuk periode 31 Maret 2016 dan 31 Desember 2015 dicatat sebagai beban pokok pendapatan. Depreciation expense in March 31, 2016 and December 31, 2015 amounting to Rp3,784,989 and Rp15,457,813 were recorded under cost of revenue. Penghasilan sewa properti investasi periode 31 Maret 2016 dan 31 Desember 2015 masing-masing sebesar Rp13.957.228 dan Rp26.262.539. Rental income on investment properties in March 31, 2016 and December 31, 2015 amounted to Rp13,957,228 and Rp26,262,539, respectively. AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2016 AND 2015 Expressed in thousands of Rupiah, unless otherwise stated Continued - 72 - 15. ASET TETAP

15. FIXED ASSETS

31 Desember Selisih kurs 31 Maret December 31, Penambahan Pengurangan Reklasifikasi Foreign March 31, 2015 Additions Deductions Reclassifications exchange 2016 Audited Additions Deductions Reclassifications exchange Unaudited Biaya perolehan: Acquisition cost: Pemilikan Langsung Direct Ownership Tanah 228.355.778 - - - - 228.355.778 Land Tanah pertambangan 191.176.570 - - - - 191.176.570 Mining properties Bangunan, jalan, jembatan Buildings, roads, bridges dan pelabuhan 7.535.015.673 21.902.503 762.500 952.384 47.835.876 7.509.272.184 and harbors Mesin-mesin 19.684.714.643 33.360.287 - 20.803.552 88.062.678 19.650.815.804 Machinery Heavy equipment and Alat-alat berat dan kendaraan 1.021.051.927 11.613.636 6.492.145 2.611.720 489.752 1.028.295.386 vehicles Perlengkapan dan peralatan Furniture and office kantor 634.551.077 7.797.582 53.223 1.208.335 121.402 643.382.369 equipment Aset dalam penyelesaian: Construction in progress: Tanah 712.062.918 2.461.657 - - - 714.524.575 Land Bangunan, jalan, jembatan Buildings, roads, bridges dan pelabuhan 979.106.571 297.779.921 - 831.728 2.278.457 1.273.776.307 and harbors Mesin-mesin 2.536.360.180 473.455.554 - 19.815.112 - 2.990.000.622 Machinery Heavy equipment and Alat-alat berat dan kendaraan 9.565.404 920.843 - 2.611.720 - 7.874.527 vehicles Perlengkapan 88.571.310 134.874.640 - 1.208.338 - 222.237.612 Equipment Pabrik semen 2.643.836.627 439.645.233 - - - 3.083.481.860 Cement plant 36.264.368.678 1.423.811.856 7.307.868 1.109.093 138.788.165 37.543.193.594 Aset Sewa Pembiayaan Leased Assets Bangunan 141.135.734 22.298.860 - - - 163.434.594 Buildings Heavy equipment and Alat-alat berat dan kendaraan 209.317.527 - - - - 209.317.527 vehicles Perlengkapan dan peralatan Furniture and office kantor 36.150.520 - - - - 36.150.520 equipment 386.603.781 22.298.860 - - - 408.902.641 36.650.972.459 1.446.110.716 7.307.868 1.109.093 138.788.165 37.952.096.235 Akumulasi penyusutan Accumulated depreciation dan deplesi: and depletion: Pemilikan Langsung Direct Ownership Tanah pertambangan 98.738.990 764.793 - - - 99.503.783 Mining properties Bangunan, jalan, jembatan Buildings, roads, bridges dan pelabuhan 2.204.400.765 61.453.135 519.167 - 12.857.219 2.252.477.514 and harbors Mesin-mesin 7.745.741.522 280.167.395 8.059 47.438 43.619.182 7.982.329.114 Machinery Heavy equipment and Alat-alat berat dan kendaraan 798.654.517 16.896.671 5.355.206 1.061.657 59.025 811.198.614 vehicles Perlengkapan dan peralatan Furniture and office kantor 478.497.395 13.646.664 53.223 - 13.092 492.077.744 equipment 11.326.033.189 372.928.658 5.935.655 1.109.095 56.548.518 11.637.586.769 Aset Sewa Pembiayaan Leased Assets Bangunan 81.728.138 5.785.617 - - - 87.513.755 Buildings Heavy equipment and Alat-alat berat dan kendaraan 60.463.323 8.319.059 - - - 68.782.382 vehicles Perlengkapan dan peralatan Furniture and office kantor 15.065.099 208.676 - - - 15.273.775 equipment 157.256.560 14.313.352 - - - 171.569.912 11.483.289.749 387.242.010 5.935.655 1.109.095 56.548.518 11.809.156.681 Nilai tercatat neto 25.167.682.710 26.142.939.554 Net carrying amount