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
72
13. INVESTMENT PROPERTIES continued
Below are the estimated completion dates of the construction in progress as of June 30, 2013:
Estimated Completion Dates
Scientia Business Park March 2014
Summarecon Digital Centre March 2014
Harris Hotel Summarecon Bekasi September 2014
Movenpick Resort Spa, Jimbaran, Bali March 2015
The Springs Club March 2014
Pop Hotel Kelapa Gading August 2014
Genset Mal Kelapa Gading August - September 2014
Plaza Summarecon Bekasi September 2014
The percentages of completion of the construction in progress as of June 30, 2013 and December 31, 2012, 2011 and 2010 are based on the actual expenditures incurred compared to the total budgeted
project cost.
For the six-month period ended June 30, 2013 and years ended December 31, 2012 and 2011, interest capitalized to investment properties amounted to Rp4,513,108, Rp732,292 and Rp8,515,745,
respectively.
As of June 30, 2013, investment properties, except land with net book value of Rp1,460,770,863, are covered by insurance against fire, flood and other risks all-risks under blanket policies with several
companies, including PT KSK Insurance Indonesia, PT Asuransi Jasa Tania, PT Lippo General Insurance, PT Meritz Korindo Hanjin Insurance, PT Reguard General Insurance, PT Zurich Insurance
Indonesia, PT Asuransi Himalaya Pelindung, PT Asuransi Central Asia, PT Asuransi Allianz Utama Indonesia, PT Asuransi Adira Dinamika, PT China Taiping Insurance Indonesia, PT Asuransi
Rama Satria Wibawa, PT Kurnia Insurance Indonesia, PT Asuransi Umum Mega, PT Asuransi Indrapura, PT Tugu Kresna Pratama, PT Asuransi AXA Indonesia, PT Asuransi MSIG Indonesia and
PT ACE INA Insurance, all third parties, for US4,797,058,950 and Rp548,497,775. As of June 30, 2013, the Company and Subsidiaries also covered their investment properties by
insurance against terrorism and sabotage for US6,821,806,000 and Rp589,700,000. In addition, the Company and Subsidiaries also obtained insurance against business interruption amounting to
Rp693,973,000 as of June 30, 2013. The Company and Subsidiaries’ management is of the opinion that the above coverages are adequate to cover possible losses arising from such risks.
As of June 30, 2013 and December 31, 2012, 2011 and 2010, investment properties with net book value of Rp1,750,306,009, Rp1,519,485,639, Rp1,330,421,293 and Rp951,467,022, respectively, are
pledged as collateral for the loans from banks and financing institutions and obligations under finance lease Notes 15 and 16.
The fair value of the investment properties as of June 30, 2013 and December 31, 2012 and 2011 amounted to Rp6,507,712,630, Rp6,160,587,224 and Rp5,015,178,061, respectively, which was
determined partly by independent appraisers KJPP Hendra Gunawan and Partners based on its reports dated March 30, 2012 for June 30, 2013 and December 31, 2012, and May 13, 2011 for
December 31, 2011, and partly based on the Tax Offices sales value of tax object NJOP for each year.
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
73
13. INVESTMENT PROPERTIES continued
Rental income from investment properties recognized in the consolidated statements of comprehensive income amounted to Rp415,852,935 and Rp370,646,879, Rp786,258,836,
Rp573,629,033 and Rp473,788,281 for the six-month period ended June 30, 2013 and 2012 and years ended December 31, 2012, 2011 and 2010, respectively Note 30.
Based on the Company and Subsidiaries’ assessments, there were no events or changes in circumstances which indicated an impairment in the value of investment properties as of June 30,
2013 and December 31, 2012, 2011 and 2010.
14. OTHER FINANCIAL ASSETS
This account consists of:
December 31, June 30, 2013
2012 2011
2010
Other current financial assets: Restricted time deposits
PT Bank ANZ Indonesia US1,000,000 -
- -
8,991,000 Security deposit
1,350,954 1,215,414
- -
Total other current financial assets 1,350,954
1,215,414 -
8,991,000 Other non-current financial assets:
Restricted time deposits PT Bank Central Asia Tbk
21,422,735 27,789,276
47,537,165 40,299,407
PT Bank OCBC NISP Tbk 7,601,144
12,052,882 5,546,331
9,701,906 PT Bank Permata Tbk
10,155,163 11,981,327
10,309,990 16,115,754
PT Bank Internasional Indonesia Tbk 5,156,272
7,843,384 4,332,639
8,535,250 PT Bank Danamon Indonesia Tbk
1,186,816 7,732,187
1,186,816 8,400
PT Bank Mandiri Persero Tbk 3,498,623
3,684,384 2,035,498
2,260,580 PT Bank CIMB Niaga Tbk
1,606,217 3,062,094
1,688,252 7,662,413
PT Bank Panin Tbk 679,393
679,393 1,036,393
3,751,757 PT Bank UOB Indonesia Tbk
2,389,737 341,435
341,435 -
PT Bank Negara Indonesia Persero Tbk 107,442
107,442 107,442
107,442 Restricted cash in banks
PT Bank Central Asia Tbk 6,957,235
12,630,631 19,053,156
14,294,919 PT Bank Mandiri Persero Tbk
2,019 4,452
- -
PT Bank Internasional Indonesia Tbk 1,930
2,110 242,371
- Security deposit
574,822 1,151,102
2,500,000 -
Total other non-current financial assets 61,339,548
89,062,099 95,917,488
102,737,828
Total other financial assets 62,690,502
90,277,513 95,917,488
111,728,828
The restricted time deposit in PT Bank Central Asia Tbk BCA is used as collateral for a loan in BCA and the interest payments on the loans obtained from BCA Note 15 and for the corporate guarantee
provided to BCA by the Company and SCK, on the housing and apartment loans obtained by customers of the Company, and KSO Summarecon Serpong Note 39w.
The restricted time deposits in BCA, PT Bank OCBC NISP Tbk OCBC, PT Bank Permata Tbk Permata, PT Bank Internasional Indonesia Tbk BII, PT Bank Danamon Indonesia Tbk Danamon,
PT Bank Mandiri Persero Tbk Mandiri, PT Bank CIMB Niaga Tbk CIMB, PT Bank Panin Tbk Panin, PT Bank UOB Indonesia Tbk UOB and PT Bank Negara Indonesia Persero Tbk are used
as corporate guarantees provided by the Company and SCK to those banks on the housing loans obtained by the customers of the Company and KSO Summarecon Serpong Note 39w.
BCA, OCBC, Permata, BII, Danamon, Mandiri, CIMB, Panin, UOB and BNI agreed to grant housing and apartment loans to the customers of the Company and KSO Summarecon Serpong. The
Company and SCK on behalf of KSO Summarecon Serpong provide corporate guarantees on their customers’ loans from these banks until the Company and KSO Summarecon Serpong have submitted
the buyers’ land and building certificates to these banks Note 39w.
