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
34
4. CASH AND CASH EQUIVALENTS CONTINUED
June 30, 2017 December 31, 2016
Rupiah 4.05-7.00
4.25-9.50 United States dollar
0.75 0.35-0.75
As of June 30, 2017, cash on hand is covered by insurance against theft and other risks with PT Asuransi Allianz Utama Indonesia and PT Asuransi ACE, all third parties, with total coverage of Rp42,028,500. The Group’s management is of
the opinion that the coverage is adequate to cover possible losses arising from such risks. Interest income from time deposits is presented in the consolidated statements of profit of loss and other comprehensive
income as part of “finance income”. All cash in banks and time deposits are placed in third-party banks. As of June 30, 2017 and December 31, 2016, no
cash and cash equivalents pledged as collateral of loans.
5. TRADE RECEIVABLES
The details of trade receivables are as follows:
June 30, 2017 December 31, 2016
Related parties Note 30 Sale of houses, shops and landplots
23,727,885 36,680,361
Rental of retail and commercial investment properties 2,213,182
2,049,311 Sale of apartments
1,483,978 456,700
Sub-total 27,425,045
39,186,372 Third parties
Sale of houses, shops and landplots 299,774,434
291,884,496 Sale of apartments
182,423,929 195,346,569
Rental of retail and commercial investment properties 49,987,374
27,312,728 Hotel services
9,498,239 3,395,251
Rental of residential and office investment properties 1,897,918
914,264 Monthly membership fees in sports club
437,169 721,836
Others 25,589,598
19,841,236 Sub-total
569,608,661 539,416,380
Total trade receivables 597,033,706
578,602,752
Less of current maturities 525,727,252
539,087,187 Long term portion
71,306,454 39,515,565
All of the Group’s trade receivables are denominated in Rupiah. As of June 30, 2017, trade receivables from thrird parties belonged to specific subsidiaries, amounting to Rp52,415,224
2016: Rp28,351,960 are pledged as collateral for loans payable to BCA Note 12. Based on a review of the status of the individual trade receivables at the end of the year, the Group’s management
believes that all of the trade receivables are current and fully collectible, therefore no allowance for impairment of trade receivables is necessary.
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
35
6. INVENTORIES
June 30, 2017 December 31, 2016
Inventories consist of: Inventories available for sale:
Landplots 141,225,112
141,145,880 Houses
75,858,861 110,352,874
Shops 19,140,173
19,140,173 Total inventories available for sale
236,224,146 270,638,927
Inventories under construction: Buildings
2,312,496,858 2,366,607,014
Apartments 1,703,027,443
1,550,284,600 Landplots
1,269,241,810 1,285,765,558
Total inventories under construction 5,284,766,111
5,202,657,172 Others
59,181,864 57,750,613
Total inventories 5,580,172,121
5,531,046,712
The movements in the buildings and apartments inventories under construction account are as follows:
June 30, 2017 December 31, 2016
Beginning balance 3,916,891,614
3,545,317,375 Production costs
1,048,117,201 2,189,280,743
Transfer to buildings and apartments inventories available for sale 949,484,514
1,817,706,504
Ending balance 4,015,524,301
3,916,891,614
The movements in the buildings and apartments inventories available for sale account are as follows:
June 30, 2017 December 31, 2016
Beginning balance: Houses
110,352,874 43,612,358
Shops 19,140,173
27,719,539 Transfer from buildings and apartments inventories under construction
949,484,514 1,817,706,504
Cost of sales Note 27: Apartments
601,553,106 997,862,711
Houses 347,075,748
737,516,712 Shops
35,349,673 24,165,931
Ending balance 94,999,034
129,493,047
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
36
6. INVENTORIES CONTINUED
