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
43
7. INVENTORIES CONTINUED
Real estate development inventories which are already covered by signed salespurchase agreements but have not yet been recognized as sales are as follows:
June 30, 2016 December 31, 2015
Inventories available for sale:
Houses 85,292,119
37,913,237 Landplots
56,604,073 56,466,401
Shops 20,989,073
21,687,072
Total inventories available for sale 162,885,265
116,066,710
Inventories under construction Buildings
2,858,308,185 3,401,479,798
Landplots 97,500,378
103,628,540
Total 3,118,693,828
3,621,175,048
The downpayments received related to the above-mentioned inventories as of June 30, 2016 amounting to Rp2,721,313,396 2015: Rp2,342,879,286 are presented as Deposits Received in the consolidated statement of financial
position and as part of “Downpayments Received from Sale” in Note 21.
As of June 30, 2016, inventories in such properties known as Goldfinch, Scarlet, Volta, The Crown, Pascal, Darwin Commercial, The Kensington Commercial, Lotus, Bluebell, Topaz Commercial, Vernonia and Royal Orchard 3 are
available for sale, and inventories Maxwell, Maxwell Commercial, Scientia Residence Phase II, Pelican, Goldfinch Commercial, Faraday, Faraday Commercial, Edison, Alloggio Commercial, Aristoteles Commercial, Volta Commercial,
Emerald Cove 2, Midtown Apartment, Alloggio, Rainbow Springs Condovillas, The Kensington Royal Suite, Blok KR, Graha PA Commercial, Cluster Sederhana, Ruby Commercial, The SpringLake Apartment, The SpringLake View
Apartment and The Primrose Condovilla are under construction.
As of June 30, 2016 and December 31, 2015, inventories are not used as collateral for debts. As of June 30, 2016, borrowing costs which were capitalized to inventories amounted to Rp36,122,278
2015: Rp14,918,649, As of June 30, 2016 and December 31, 2015, the reclassification from inventories to fixed asset amounting to Rp0 and
Rp11,661,059, was due to the change in management’s intention on the use of the related assets Note 11. As of June 30, 2016 and December 31, 2015, the reclassification to investment properties from inventories amounting to
Rp0 and Rp4,152,049, was due to the change in management’s intention on the use of the related assets Note 12. As of June 30, 2016 and December 31, 2015, the reclassification from investment properties to inventories amounting to
Rp102,800 and Rp22,960,837 was due to the change in management’s intention on the use of the related assets Note 12.
As of June 30, 2016, houses, shops and apartment inventories are covered by insurance against fire and other risks with PT Asuransi AXA Indonesia, PT Zurich Insurance Indonesia, PT Asuransi Alianz Utama Indonesia and PT Asuransi
Central Asia, all third parties, with total coverage of US10,846,949 and Rp2,933,008.113. The Group’s management is of the opinion that the above coverage is adequate to cover possible losses arising from such risks.
As of June 30, 2016, revenue from property development presented as part of net revenues in the consolidated statements of profit or loss and other comprehensive income amounted to Rp1,453,659,012 2015: Rp1,812,504,398
Note 28. The Group’s management believes that inventories are realizable at the above amounts and no provision for losses is
necessary.
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
44
8. PREPAID EXPENSES
