PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
68
32. OPERATING SEGMENT CONTINUED
For the six-month periods ended June 30, 2016 Property
Development Investment
Property Leisure
Hospitality Others
Consolidation
Net revenues 1,453,659,012
632,696,947 114,944,886
116,377,773 2,317,678,618
Gross profit 694,977,492
297,452,491 40,737,690
27,384,644 1,060,552,317
Income loss from operations
330,371,888 209,105,985
4,174,044 8,780,231
526,383,598 Finance income
45,131,483 Finance costs
307,477,015
Profit before final tax and income tax expense
264,038,066
Final tax expense 133,182,331
Profit before income tax 130,855,735
Income tax expense 8,032
Profit for the year 130,847,703
Other information
Segment assets 14,704,018,172
3,818,327,244 953,393,269
275,475,420 19,751,214,105
Segment liabilities 9,567,266,805
1,866,791,684 629,643,151
102,364,288 12,166,065,928
Acquisition of fixed assets and investment properties
24,025,527 40,646,303
102,872,052 4,852,929
172,396,811 Depreciation
19,601,236 83,322,847
20,725,691 10,571,913
134,221,661
33. SIGNIFICANT AGREEMENTS AND COMMITMENTS
a. In 2016, PT Inovasi Jaya Properti IVJP and PT Bintang Mentari Indah BNMI obtained credit facility from PT Sulisman Graha SLG, related party, amounting to Rp65,000,000 and Rp16,000,000 respectively. This credit
facility will due in 1 year and can be extended under the agreement between IVJP and BNMI with SLG. This credit facility bore interest at 9.25 p.a. During the year of 2017, there is no principle repayment due.
b. On July 28, 2016, PT Bhakti Karya Bangsa BTKB entered into an operational agreement with Yayasan Inti Prima Bangsa YPIB, whereby BTKB agreed to collaborate with YPIB in reforming the quality of education and
management system in YPIB, also to elevate Sekolah Tinggi Manajemen Informatika dan Komputer Inovasi Sains Teknologi dan Bisnis STMIK ISTB to a university with an international level of competency standard. As
compensation, YPIB will have to pay management fee with terms and conditions according to the agreement, starting from August 1, 2016.
c. On December 18, 2014, PT Multi Abadi Prima MTAP entered into a gas station operational agreement with PT Pertamina Retail PER, whereby MTAP will lease out to PER the rights to operate the Bekasi and Kelapa Gading
gas stations. As compensation, PER will receive fees of Rp220,000,000 for Bekasi gas stations and Rp60,000,000 for Kelapa Gading gas stations, from MTAP which will be paid quarterly in advance. This agreement is valid for a
period of 5 years, effective on January 1, 2015.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
69
33. SIGNIFICANT AGREEMENTS AND COMMITMENTS CONTINUED
d. In March 2014, PT Nirwana Jaya Semesta NWJS entered into the following agreements with PT AAPC Indonesia AAPC:
1. Hotel Technical Assistance Agreement, wherein AAPC agreed to provide technical assistance and consultation for the construction of Novotel Hotel located in Slipi, Jakarta. NWJS agreed to pay a fee as agreed based on
agreement for the service rendered by AAPC. This agreement is valid until the opening and commencement of operations of the Hotel.
2. Hotel Management Agreement, wherein AAPC is engaged as the operator of Novotel Hotel, Jakarta. As compensation, AAPC is entitled to receive fees, which are computed at the rate in accordance with the terms of
the agreement. e. In November 2014, PT Summarecon Hotelindo SMHO entered into the following agreements with Pop
International Hotels Corporation PIHC and PT Tauzia International Management Tauzia as follow: 1. Tradename and Trademark License Agreements, wherein SMHO is authorized to use the name “Pop Hotels”
and its hotel will be named “Pop Hotel Kelapa Gading”. SMHO agreed to pay royalty as compensation, in accordance with the terms of the agreement, at the rate of 2.5 of total revenue. This agreement is valid for 10
years starting from the commercial operations of the hotel.
2. Hotel Management Agreement, wherein Tauzia is engaged as the operator of Pop Hotel Kelapa Gading. Tauzia is entitled to receive fees which are computed at the rate in accordance with the terms of the
agreement. f. In November 2014, PT Summarecon Hotelindo SMHO entered into the following agreements with Harris
International Hotel Corporation HIHC and PT Tauzia International Management Tauzia: 1. Tradename and Trademark License Agreements, wherein SMHO is authorized to use the name “Harris”
and its hotel will be named “Harris Hotel Bekasi”. SMHO agreed to pay royalty as compensation in accordance with the terms of the agreement at the rate of 1.75 of total revenue of Harris Hotel Bekasi.
This agreement is valid for 10 years starting from the commercial operations of the hotel.
2. Hotel Management Agreement, wherein Tauzia is engaged as the operator of Harris Hotel Bekasi. Tauzia is entitled to receive fees which are computed at the rate in accordance with the terms of the agreement.
g. In December 2011, PT Hotelindo Permata Jimbaran HOPJ entered into the following agreements with Movenpick Hotels and Resort Management AG MHR as follows:
1. Hotel Technical Assistance Agreement with MHR, wherein MHR agreed to provide technical assistance and consultation for the construction of HOPJ’s resort project located in Jimbaran, Bali. HOPJ agreed to pay a fee
of US175,000 for the service rendered by MHR. This agreement is valid until the opening and commencement of operations of the Hotel.
2. Marketing and Hotel Services Agreement with MHR, wherein MHR agreed to provide hotel management services including human resource development, marketing and reservations. MHR is entitled to receive
contribution and marketing fees as compensation, which are computed at the rate of 1.25 of total gross profit and at the rate of 2 of total room sales, respectively. This agreement is valid for 15 years starting from the
commercial operations of the hotel.
3. Tradename and Trademark License Agreements with MHR, wherein HOPJ is authorized to use the name “Movenpick” and the hotel will be named “Movenpick Resort Spa Jimbaran, Bali”. HPJ agreed to pay royalty
as compensation in accordance with the terms of the agreement at rates up to a maximum of 1 of total revenues. This agreement is valid for 15 years, commencing from the start of the commercial operations of the
hotel, as defined in the agreement.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
70
33. SIGNIFICANT AGREEMENTS AND COMMITMENTS CONTINUED
