PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
82
17. BONDS PAYABLE AND SUKUK IJARAH
The details of bonds issued are as follows:
December 31, June 30, 2013
2012 2011
2010 Face Value
Sukuk Ijarah I 200,000,000
200,000,000 200,000,000
200,000,000 Rupiah Bonds II
100,000,000 100,000,000
100,000,000 100,000,000
Total face value 300,000,000
300,000,000 300,000,000
300,000,000 Payment
300,000,000 -
- -
Bonds payable and sukuk ijarah - net -
300.000.000 300.000.000
300.000.000 Less deferred issuance costs
net of current amortization of Rp684,264 in 2013, Rp816,637
in 2012, Rp847,075 in 2011 and Rp734,904 in 2010
- 684,264
1,500,901 2,347,976
Net -
299,315,736 298,499,099
297,652,024 Less of current maturities
- 299,315,736
- -
Long-term portion -
- 298,499,099
297,652,024
The details of the above deferred issuance costs and the related accumulated amortization are as follows:
December 31, June 30, 2013
2012 2011
2010
Sukuk Ijarah I 2,444,240
2,444,240 2,444,240
2,444,240 Rupiah Bonds II
1,276,099 1,276,099
1,276,099 1,276,099
Total 3,720,339
3,720,339 3,720,339
3,720,339 Less accumulated amortization of deferred
issuance costs inclusive of current amortization of Rp684,264 in 2013, Rp816,637 in 2012,
Rp847,075 in 2011 and Rp734,904 in 2010
3,720,339 3,036,075
2,219,438 1,372,363
Net -
684,264 1,500,901
2,347,976
Sukuk Ijarah I On June 25, 2008, the Company issued Sukuk Ijarah with a nominal value of Rp200,000,000, with
obligation to pay cicilan imbalan Ijarah amounting to Rp28,200,000 annually, payable over 5 years. Payments of the cicilan imbalan Ijarah were made quarterly in arrears starting September 25, 2008 up
to June 25, 2013, when the Sukuk Ijarah matured and were fully paid.
PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
83
17. BONDS PAYABLE AND SUKUK IJARAH continued Sukuk Ijarah I continued
The Sukuk Ijarah had been listed in the Indonesia Stock Exchange since June 25, 2008. The Sukuk Ijarah were secured by investment properties of LMD Note 13.
PT Pemeringkat Efek Indonesia Pefindo, a securities rating agency in Indonesia, gave a rating for the Sukuk Ijarah of
id
A+
sy
single A plus syariah in 2012 and
id
A
sy
single A Syariah, stable outlook in 2011.
Rupiah Bonds II On June 25, 2008, the Company issued bonds with a nominal value of Rp100,000,000 which bear
interest at the fixed rate of 14.10 per annum. Interest payments were made quarterly in arrears starting September 25, 2008 up to June 25, 2013, when the bonds matured and were fully paid.
The Rupiah Bonds II had been listed in the Indonesia Stock Exchange since June 25, 2008. The bonds were secured by undeveloped land and investment properties Notes 10 and 13.
Pefindo gave a rating for the bonds of
id
A+ single A plus in 2012 and
id
A single A, stable outlook in 2011.
The amortization of the Rupiah Bonds II and Sukuk Ijarah issuance costs amounted to Rp684,264, Rp408,319, Rp816,637, Rp847,075 and Rp734,904 for the six-month periods ended June 30, 2013
and 2012 and years ended December 31, 2012, 2011 and 2010, respectively, which is presented as part of general and administrative expenses in the consolidated statements of comprehensive income.
Based on the minutes of the bondsholders and Sukuk Ijarah holders’ general meeting held on August 5, 2008, the bondholders and Sukuk Ijarah holders agreed that about 70 of the funds
generated from the issuance of the bonds and Sukuk Ijarah will be used to acquire land through the acquisition of PT Gading Orchard and about 30 will be used for working capital.
Based on Perjanjian Perwaliamanatan Obligasi Sukuk Ijarah I and Rupiah Bonds II between the Company and BRI as a wali amanat trustee, the Company is required to comply with the following
covenants, among others:
a. Maintain certain financial ratios as follows: 1 Interest-bearing debt to equity ratio of not more than 3:1
2 EBITDA to interest expense ratio of not less than 2.5:1 3 Collateral value which should be appraised every year by an appraiser registered with
BAPEPAM-LK, to the bonds payable of not less than 1:1. The Company has complied all the above financial ratio requirements.
