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
58
6. TRADE RECEIVABLES continued
General terms and conditions of lessor agreements are as follows: -
Rental periods range from 1 to 10 years. -
Lessee is required to pay 20 non-refundable rental down payment at the beginning of the rental period, while the remaining rental fees can be paid in installments over the lease term as agreed
by both parties. -
Lessee is required to pay service charge at certain rate per square meter sqm, which is billed and paid on a quarterly basis.
- Lessee is required to pay promotion fees for promotion activities at a certain rate per sqm
annually. -
Lessee is required to pay rental security deposit equivalent to 1 month rental fee and 3 months’ service charge and pay telephone deposit at a certain rate per line.
- Utility charges are determined based on the condition set by the lessor.
- Penalty fee is 3 per month for any outstanding rental receivables and calculated from the due
date. -
Fit-out work is performed 4 weeks from the space handover date. The fit-out results must be appropriate with the concept design which was approved by the lessor.
7. OTHER RECEIVABLES
This account consists of receivables from third parties, as follows:
December 31, June 30, 2013
2012 2011
2010
Current other receivables Mantolli International Corporation Mantolli
16,044,845 14,605,691
17,832,375 17,500,253
Perhimpunan Penghuni Rumah Susun Hunian 1,157,928
978,240 82,781
4,060,165 PT Jakarta Cakratunggal Steel Mills
- -
- 55,892,247
Others 13,262,987
8,670,334 7,647,770
15,526,719 Total current other receivables
30,465,760 24,254,265
25,562,926 92,979,384
Non-current other receivables Mantolli
- -
12,154,406 28,837,740
Total other receivables 30,465,760
24,254,265 37,717,332
121,817,124
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 December 18, 2009 but this date was extended to December 30, 2013 and is repayable in annual
installments of Rp17,484,000 each starting from 2009, with the final installment being due on December 30, 2013.
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.
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
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8. INVENTORIES
Inventories consist of:
December 31, June 30, 2013
2012 2011
2010
Inventories available for sale Landplots
70,230,404 92,604,750
187,409,077 45,896,554
Shops 5,563,403
47,250,545 9,106,571
7,893,122 Houses
3,325,658 30,907,761
273,979,815 93,798,572
Apartments 344,347
344,347 344,347
3,300,128 Total inventories available for sale
79,463,812 171,107,403
470,839,810 150,888,376
Inventories under developmentconstruction Land
1,492,487,410 1,162,957,143
1,259,274,168 362,194,595
Buildings 1,673,116,758
1,251,815,891 864,120,453
787,765,111 Apartments
186,095,289 221,967,545
136,225,560 -
Total inventories under developmentconstruction 3,351,699,457
2,636,740,579 2,259,620,181
1,149,959,706 Others
16,747,061 12,335,918
10,622,418 7,585,275
Total inventories 3,447,910,330
2,820,183,900 2,741,082,409
1,308,433,357
The movements in the buildings and apartments inventories under construction account are as follows:
December 31, June 30, 2013
2012 2011
2010
Beginning balance 1,473,783,436
1,000,346,013 787,765,111
269,726,638 Production costs
761,417,232 1,411,399,988
1,213,624,983 1,058,500,800
Transfer to buildings inventories available for sale
375,988,622 937,962,565
1,001,044,081 540,462,327
Ending balance 1,859,212,046
1,473,783,436 1,000,346,013
787,765,111
The movements in the inventories shops, houses and apartments available for sale account are as follows:
December 31, June 30, 2013
2012 2011
2010
Beginning balance: Shops
47,250,545 9,106,571
7,893,122 20,172,005
Houses 30,907,761
273,979,815 93,798,572
32,124,911 Apartments
344,347 344,347
3,300,128 -
Transfer from building inventories under construction
375,988,622 937,962,565
1,001,044,081 540,462,327
Cost of sales: Houses
75,315,990 703,160,684
648,582,745 384,522,586
Shops 187,748,609
143,275,968 92,133,000
81,172,641 Apartments
182,193,268 296,453,993
2,955,782 22,072,194
Offices -
- 78,933,643
-
Ending balance 9,233,408
78,502,653 283,430,733
104,991,822