PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 107 -
38. Other Equity Components
This account represents changes in value of investments of the Company due to changes in equity of the subsidiaries and associated companies which resulted from the change in
the Company’s ownership interest in AJSM. BS, PT Panji Ratu Jakarta and PT Super Wahana Tehno, unrealized loss on decrease in value of securities of ASM, AJSM and BS and changes in
fair values of derivative instruments of PT Oto Multiartha.
2011 2010
Rp 000,000 Rp 000,000
Unrealized gain loss on increase decrease in fair value of available for sale securities Note 5
29,237 93,723
Share in translation adjustment of a subsidiary 41
- Effects of transactions of subsidiary and
associated company with other investors 2,868,812
36,809 Changes in fair values of derivative instruments and others
9,099 9,099
Total 2,830,517
121,433 In 2010, in relation to sale of all of investment in shares of PT Certis CISCO CISCO by the
Company, the changes in ownership interest in CISCO was transferred to Gain on sale of Investment amounting to Rp 2,719 million was recognized as part of gain on sale of investment
amounted to Rp 12,718 million Note 17.
39. Difference in Value Arising from Restructuring Transactions Among Entities Under Common Control
In December 2006, the Company increased its investment in AJSM amounting to Rp 15,000 million. The increase in investment resulted to an increase in ownership interest of the Company
in AJS from 50.00 to 73.08, since the other stockholders, namely: PT Sinarindo Gerbangmas SG and PT Sinar Mas Tunggal SMT both are companies owned by Sinar Mas Group did not
increase their investments. Difference between the transfer price and book value of restructuring transactions among entities under common control amounting to Rp 46,028 million was recorded
in the account “Difference in Value Arising from Restucturing Transactions Among Entities Under Common Control” as part of equity in the consolidated financial statements.
In December 2007, the Company increased its investment in AJSM amounting to Rp 20,000 million. The increase in investment resulted to an increase in ownership interest of the Company
in AJS from 73.08 to 83.33, since SG and SMT did not increase their investments. Difference between the transfer price and book value of restructuring transactions among entities under
common control amounting to Rp 47,475 million was recorded in the account “Difference in Value Arising from Restucturing Transactions Among Entities Under Common Control” as part of equity
in the consolidated financial statements. In 2011, 2010, 2009 and 2008, the Company increased its investment in JTUM amounting to
Rp 25,000 million, Rp 15,000 million, Rp 20,000 million and Rp 8,000 million, respectively. The increase in investment resulted to an increase in ownership interest of the Company in JTUM to
99.93 in 2011, 99.90 in 2010, 99.86 in 2009, 99.67 in 2008, since the other stockholders, PT Kalibesar Raya Utama, a company owned by Sinar Mas Group, did not increase its
investment. Difference between the transfer price and book value of restructuring transactions among entities under common control amounting to Rp 1 million, Rp 1 million, Rp 7 million
and Rp 10 million, respectively, were recorded in “Difference in Value Arising from Restucturing Transactions Among Entities Under Common Control” as part of equity in the consolidated
financial statements.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 108 - The balance of this account as of December 31, 2011 and 2010, amounted to Rp 93,484 million
and Rp 93,485 million, respectively.
40. Cash Dividends
Based on the Extraordinary General Stockholders’ Meeting dated June 24, 2011, the shareholder approved the distribution of cash dividend for 2010 amounting to Rp 6,224 million or Rp 1 per
share. Based on the Extraordinary General Stockholders’ Meeting dated June 4, 2010, the shareholder
approved the distribution of cash dividend for 2009 amounting to Rp 6,182 million or Rp 1 per share.
41. General
Reserve
Based on the Extraordinary General Stockholders’ Meeting dated June 24, 2011, the Company provided general reserve based on the total issued and paid up capital amounting to Rp 264,101
million. Based on the Extraordinary General Stockholders’ Meeting dated June 4, 2010, the Company
provided general reserve based on the total issued and paid up capital amounting to Rp 263,230 million.
As of December 31, 2011 and 2010, the balance of general reserve amounted to Rp 527,331 million and Rp 263,230 million, respectively. This general reserve was provided in relation with
the Law of Republic of Indonesia No. 402007 dated August 16, 2007 regarding Limited Liability Company, which requires Companies to set up general reserve equivalent to at least 20 of the
total issued and paid up capital. There is no timeline over which this amount should be appropriated.
42. Warrants
Exercised up to Expired
Adjustment in December 31,
Exercised in Exercised in
unexcercised relation to Limited
Warrants 2009
2010 2011
warrants Total
Public Offering IV Series III
991,106,868 1,600,804
- 86,580
992,794,252 1,468,911
Series IV 383,764,094
41,933,667 8,745,391
- 434,443,152
- Total
1,374,870,962 43,534,471
8,745,391 86,580
1,427,237,404 1,468,911
In July 2005, the Company issued 991,325,341 Series III warrants detachable warrants, free of charge. These warrants can be exercised during the period from January 12, 2006 to
July 13, 2010. Every holder of a Series III warrant has a right to buy one Series B share at an exercise price of Rp 500 per share.
As of June 30, 2008, the price and total of Series II and Series III warrants have been adjusted in relation to Limited Public Offering IV. The new exercise price became Rp 430, and the new total
warrants became 10,516,070 warrants.
