Summary of Material Financial Data

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X. Summary of Material Financial Data

The following table consists of the summary of important financial data of the Company for the period of 6 six months ended 30 June 2010 and the years ended 31 December 2009, 2008, 2007, 2006 and 2005. Such important financial data are taken from the Consolidated Financial Statements of the Company for the period of 6 six months ended 30 June 2010 and years ended 31 December 2009, 2008 and 2007 audited by Kantor Akuntan Publik Aryanto, Amir Jusuf, Mawar Saptoto with unqualified opinion. The Financial Statements of the Issuer and each of its Subsidiaries dated 31 December 2006 and 2005 and for the years then ended have been audited by the Kantor Akuntan Publik Drs. Amir Hadyi with unqualified opinion. The Consolidated financial statements of the Company dated 31 December 2006 and 2005 and for the years then ended which have been represented constitute unaudited financial statements. The Company has represented its consolidated financial statements dated 31 December 2006 and 2005 and for the years then ended to apply accounting principles for restructuring of entities under common control retrospectively, which occurred in 2009, and recorded using pooling of interest method in accordance with PSAK No.38, as if such restructuring transactions between entities under common control had occurred since 1 January 2005, which constitutes the beginning years of the presented consolidated financial statements, to present a consolidated report for comparison purposes. Consolidated Balance Sheets in Thousands of Rupiah 31 December 30 June 2005 2006 2007 2008 2009 2010 ASSETS CURRENT ASSETS Cash and Cash Equivalents 28,833,643 25,490,777 47,636,985 26,714,215 40,491,760 37,703,574 Account Receivables Related Parties - 538,490 5,265,467 7,720,362 8,712,156 7,785,078 Third Parties 39,098,125 51,608,060 56,468,398 77,490,356 63,432,367 125,176,437 Other Receivables – Third Parties 47,583,073 25,878,800 11,486,694 7,360,304 7,702,467 4,668,849 Inventories - 60,290 377,624 797,037 697,521 697,521 Prepaid Taxes 2,165,297 11,284,766 23,365,156 15,835,224 7,102,361 7,208,190 Advance and prepaid expenses 702,487 3,118,650 2,942,444 7,382,327 3,783,824 12,483,854 Total Current Assets 118,382,625 117,979,835 147,542,768 143,299,825 131,922,456 195,723,503 NON CURRENT ASSETS Due from Related Parties - 30,015 4,762,585 18,108,312 45,397,109 15,255,134 Investment of Shares 27,786,086 30,411,672 8,698,030 2,751,346 2,435,538 135,544,542 Deferred Tax Assets 361,027 1,760,014 510,440 450,000 2,895,494 2,486,440 Fixed assets 189,800,053 336,631,856 427,588,508 573,936,855 668,795,443 1,107,626,330 Deferred Loss on Sale and Lease- back Transaction of Non current assets - Net 8,679,307 8,067,607 7,455,907 - - - Other Non Current Assets 2,655,145 4,346,417 1,883,922 16,449,155 30,628,523 32,455,808 Total Non Current Assets 229,281,618 381,247,581 450,899,392 611,695,668 750,152,107 1,293,368,254 TOTAL ASSETS 347,664,243 499,227,416 598,442,160 754,995,493 882,074,563 1.489.091.757 LIABILITIES, MINORITY INTEREST AND EQUITY SHORT TERM LIABILITIES Accounts Payable Related Parties 3,346,840 6,690,386 17,082,669 18,014,166 15,904,706 44,600,595 Third Parties 26,432,114 13,923,957 11,188,158 6,980,407 8,266,196 11,651,739 Taxes Payable 4,041,779 6,065,127 9,709,542 11,903,150 13,102,976 10,069,743 Accrued Expenses 1,235,845 1,269,791 1,351,384 1,863,949 1,009,647 989,978 Others Payable – Third Parties 8,900,543 35,221,108 16,313,746 3,735,971 6,916,456 61,865,349 Dividend Payable - - - - 18,877,320 8,125,320 Current Portion of Non current liabilities Bank loans 14,699,340 30,943,782 49,850,595 43,155,896 66,701,665 114,763,172 Lease Payables 10,576,294 9,569,572 7,149,928 12,773,345 11,162,541 10,202,597 130 130 31 December 30 June 2005 2006 2007 2008 2009 2010 Total Short Term Liabilities 69,232,754 103,683,723 112,646,022 98,426,884 141,941,507 262,268,493 NON CURRENT LIABILITIES Due to Related Parties 2,235 54,422,250 67,753,634 142,675,708 140,508,264 291,736,625 Non current liabilities Bank loans 26,933,615 36,656,635 76,475,026 47,565,637 70,676,500 363,511,050 Others Payable – Third Parties - - - - - 48,551 Lease Payables 12,241,653 10,220,512 3,531,321 37,857,647 21,337,539 15,475,204 Deferred Gain from Sale and Lea- seback 11,839,454 7,467,963 3,096,473 104,246 81,940 70,788 Estimated Liabilities on Employee Benefits 4,116,043 5,214,454 6,599,873 7,449,831 8,707,683 9,489,136 Total Non current liabilities 55,133,000 113,981,814 157,456,327 235,653,069 241,311,926 680,331,354 TOTAL LIABILITIES 124,365,754 217,665,537 270,102,349 334,079,953 383,253,433 942,599,847 MINORITY INTEREST IN NET ASSETS OF SUBSIDIARIES - - 1,310,300 3,259,486 4,007,083 21,831,116 STOCKHOLDER’S EQUITY Issued and Fully Paid Capital Stock 2,289,000 5,289,000 5,289,000 8,789,000 123,046,000 123,046,000 Difference in Value Resulting from Restructuring Transactions Between Entities Under Common Control - 1,325,039 1,325,039 60,968,812 337,777,203 337,777,203 Translation Adjustment - - - 984,000 Difference in Value Resulting from Changes in Equity of Subsidiaries - - - - 308,351 308,351 Pro Forma Capital Arising from Restructuring Transactions Between Entities Under Common Control 166,841,618 212,211,893 245,133,389 232,649,012 - - Retained Earnings 54,167,871 65,386,025 77,932,161 115,249,230 34,299,195 65,129,942 TOTAL STOCKHOLDER’S EQUITY 223,298,489 281,561,879 327,029,511 417,656,054 494,814,047 524,660,794 TOTAL LIABILITIES, MINORITY INTEREST, AND STOCKHOLDER’S EQUITY 347,664,243 499,227,416 598,442,160 754,995,493 882,074,563 1,489,091,757 Unaudited combine of consolidated financial statements. Consolidated Statements of Income 31 December For the period of 6 six months ended 30 June 2005 2006 2007 2008 2009 2010 REVENUES 125,795,381 197,571,513 261,558,620 313,403,833 394,229,193 270,307,079 DIRECT EXPENSES 74,338,351 121,263,868 157,768,621 180,377,440 263,495,549 187,820,452 GROSS PROFIT 51,457,030 76,307,645 103,789,999 133,026,393 130,733,644 82,486,626 OPERATING EXPENSES Marketing 4,966 137,992 181,760 188,478 806,372 28,624 General and Administrative 15,604,233 16,551,286 19,684,547 24,686,281 36,616,912 20,931,234 Total Operating Expenses 15,609,199 16,689,278 19,866,307 24,874,759 37,423,284 20,959,858 INCOME FROM OPERATIONS 35,847,831 59,618,367 83,923,692 108,151,634 93,310,360 61,526,768 OTHER INCOME CHARGES Gain Loss –on Foreign Exchange – Net 67,863 4,012,991 6,498,152 27,179,682 29,045,948 8,477,927 Gain on Disposal of Investment in Shares 905,199 317,430 - - 16,487,260 - Interest Income 395,262 289,655 437,411 485,471 427,232 252,013 Gain on Disposal of Non current assets 526,362 784,248 3,598,043 41,548,400 317,827 - Amortization Expenses 314,404 611,700 611,700 7,453,983 22,305 11,152 Amortization of Unearned Finance Income 4,371,491 4,371,491 4,371,491 3,096,473 - - Tax penalty -- -- - 6,988,948 649,221 - Loss on Impairment of Unused Assets -- -- - - 2,071,304 2,380,245 Provision for Doubtful Accounts -- -- - - 5,201,296 - 131 131 31 December For the period of 6 six months ended 30 June 2005 2006 2007 2008 2009 2010 Interest Expenses 3,784,388 9,713,803 15,836,540 15,343,765 19,158,861 10,119,004 Others 512,402 714,678 167,139 204,943 654,961 694,824 Total of other income Charges –Net 2,679,787 1,403,505 12,658,280 12,040,977 18,564,929 3,063,333 INCOME BEFORE EQUITY IN NET EARNINGS OF ASSOCIATES COMPANIES 38,527,618 58,214,862 71,265,412 96,110,657 111,875,289 58,483,435 EQUITY IN NET EARNING LOSS OF ASSOCIATES COMPANIES 9,023,629 5,902,962 6,101,520 379,526 305,938 3,089,155 INCOME BEFORE INCOME TAX 47,551,247 64,117,824 77,366,932 96,490,183 111,569,351 61,552,590 INCOME TAX BENEFIT EXPENSES Current Tax 1,536,388 4,176,864 7,056,716 11,574,579 12,751,412 6,242,182 Deferred Tax 446,577 1,398,987 1,699,574 60,440 2,445,494 409,054 Total Income Tax Expenses 1,089,810 2,777,876 8,756,290 11,635,019 10,305,919 6,651,236 INCOME BEFORE MINORITY INTEREST 46,461,437 61,339,947 68,610,642 84,855,164 101,263,433 54,901,354 MINORITY INTEREST - - 274,716 285,300 875,912 8,001,034 NET INCOME AFTER PROFORMA ADJUSTMENT 46,461,437 61,339,947 68,335,926 84,569,864 100,387,521 46,900,320 PROFORMA ADJUSTMENT 24,988,252 50,121,793 55,789,790 47,252,795 49,160,429 - NET INCOME BEFORE PROFORMA ADJUSTMENT 21,473,185 11,218,154 12,546,136 37,317,069 51,227,092 46,900,320 Significant Ratios Significant Ratios 31 December 30 June 2005 2006 2007 2008 2009 2010 GROWTH RATIO Revenues 36.81 57.06 32.39 38.65 13.64 -34.41 Cost of goods sold 30.52 63.12 30.10 45.55 22.54 -32.90 Gross profit 47.06 48.29 36.02 28.17 -1.72 -37.65 Operating expenses 26.85 6.92 19.04 25.21 50.45 -43.99 Operating income 58.03 66.31 40.77 28.87 -13.72 -35.11 Net income 121.24 -47.76 11.84 197.44 37.28 -10.35 EBITDA in thousands Rupiah 46,333,187 80,031,433 113,269,770 141,063,442 137,113,442 89,563,871 Total assets in thousands Rupiah 347,664,243 499,227,416 598,442,160 754,995,493 882,074,563 1,489,091,757 Total liabilities in thousands Rupiah 124,365,754 217,665,537 270,102,349 334,079,953 383,253,433 942,599,847 Total equity in thousands Rupiah 223,298,489 281,561,879 327,029,511 417,656,054 494,814,047 524,660,794 Operating Ratio Gross profit Revenues 40.91 38.62 39.68 42.44 33.16 30.52 Operating income Revenues 28.50 30.18 32.09 34.51 23.67 22.76 Net income Revenues 17.07 5.68 4.80 11.90 12.99 17.35 Operating income Assets 10.31 11.94 14.02 14.32 10.58 4.13 Net income Assets 6.18 2.25 2.10 4.94 5.81 3.15 Operating income Equity 16.05 21.17 25.66 25.89 18.86 11.73 Net income Equity 9.62 3.98 3.84 8.93 10.35 8.94 Financing Ratio Current asset current liabilities 170.99 113.79 130.98 145.59 92.94 74.63 Total liabilities total equity 55.69 77.31 82.59 79.99 77.45 179.66 Total liabilities total assets 35.77 43.60 45.13 44.25 43.45 63.30 EBITDA interest expense 12.24 8.24 7.15 9.19 7.16 8.85 DSCR 1.22 2.24 1.88 2.21 1.79 2.29 Gearing ratio 0.52 0.48 0.61 0.63 0.59 1.19 Loan Facilities between OCBC and PT PSV Indonesia 132 132 PT Wintermar Financial Leverage Maximum - - - - - 2.5 Gearing Ratio Maximum - - - - - 1.5 DSCR Minimum - - - - - 1.5 EBITDA Interest Minimum - - - - - 2.0 Net worth Minimum - - - - - 205 billion PT PSV Indonesia Financial Leverage Maximum - - - - - 3.5 Gearing Ratio Maximum - - - - - 3.0 DSCR Minimum - - - - - 0.5 EBITDA Interest Minimum - - - - - 1.5 Incomparable due to different periods. 133 133

XI. Equity