PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
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14. SHORT-TERM BANK LOANS AND LONG-TERM DEBTS CONTINUED PT Bank Central Asia Tbk BCA continued
a. Maintain ceratin financial ratios as follows: 1 EBITDA to interest expense ratio of not less than 1,5:1
2 Interest-bearing debt to equity ratio not more than 3:1 b. The Company must obtain written approval from BCA prior to act as guarantorpledger in any form and with any
name by an amount greater than Rp500,000,000 five hundred billion rupiah andor pledge the Companys assets to another party by an amount greater than, which is the lesser amount between Rp500,000,000 five hundred
billion rupiah and 25 of the net book value of the Companys assets.
SPCK obtained the following credit facility from BCA: -
Overdraft facility with a maximum amount of Rp30,000,000 and a credit period of one year. Furthermore, based on the amendment to the credit agreement dated April 9, 2015, this facility’s maximum amount has been increased to
Rp80,000,000 and extended up to March 21, 2016, The loan is collateralized by undeveloped land. The outstanding loan balance as of June 30, 2016 amounted to Rp71,398,731 2015: Rp79,249,490. In 2016, SPCK made principal
payments totaling Rp0 2015: Rp128,121,707.
- Investment Credit Facility 1 with a maximum amount of Rp100,000,000, obtained in January 2016, used for
financing The Spring Club, and is due on September 13, 2021 This facility has been transferred from several facilities with a maximum amount to Rp750,000,000. The loan is payable quarterly installments starting from June
13, 2016 up to September 13, 2021, and bear interest at the annual rate of 10,25. The loan is collateralized by undeveloped land which belongs to SPCK Note 10. The outstanding loan balance as of June 30, 2016 amounted
to Rp100,602,072 Rp0. In 2016, the Company has not made any principal payment.
- Investment Credit Facility II with a maximum amount of Rp200,000,000, obtained in April 2015, The loan is payable
quarterly installments starting from September 2017 up to June 2021 and is collateralized by undeveloped land which belongs to JYBA, JBC and SPCK. The outstanding loan balance as of June 30, 2016 amounted to
Rp181,535,450 2015: Rp173,099,781. In 2016, the Company has not made any principal payment.
- Investment credit Facility 3 with a maximum amount Rp400,000,000 used for general purpose capex and
development costs apartment, landed house and infrastructure area of Summarecon Serpong and due in 2022, The loan is collateralized by undeveloped land Note 9 and bear interest at the annual rate of 10,25. The outstanding
loan balance as of June 30, 2016 amounted to Rp305,221,025 2015: Rp0. In 2016, the Company has not made any principal payment.
- Time Loan Revolving Facility with a maximum amount of Rp100,000,000 used for capital expenditure SPCK. The
loan is collateralized by undeveloped land Notes 9, due on March 21, 2017 and bore interest at the annual rate of 10,25. As of June 30, 2016, the Company has not withdrawn any principal amount from this facility.
Under the loan agreements between SPCK with BCA above, SPCK must comply with several covenants, as follows: 1 Interest-bearing debt to equity ratio of not more than 2:1
2 EBITDA to interest expense ratio of not less than 1,5:1 until 2016, not less than 1,75:1 for 2017 and 2018, not less than 2:1 for 2019 and so on.
LTMD obtained the following credit facility from BCA: -
Investment credit facility II with maximum amount of Rp350,000,000, which had been fully drawn in 2011 and payable quarterly from June 2013 to March 2021, The loan is used for construction of Summarecon Mal Serpong
phase II, collateralized by trade receivables, investment property, and escrow accounts Notes 5, 12 and 13 and bore interest at the annual rate of 10,5 for six-month periods ended 2015: 10,25. The outstanding loan
balance as of June 30, 2016 amounted to Rp 270,759,228 2015: Rp287,328,301. In 2016, LTMD made principal payments totaling Rp16,625,000 2015: Rp28,875,000.
Under the loan agreements with BCA above, LTMD must comply with several covenants, as follows: a. Maintain certain financial ratios:
1 EBITDA to interest expense ratio of not less than 1,5:1, starting from 2013 2 Interest-bearing debt to equity ratio of not more than 2:1
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
57
14. SHORT-TERM BANK LOANS AND LONG-TERM DEBTS CONTINUED PT Bank Central Asia Tbk BCA continued
