Pihak ketiga Third parties

Ekshibit E37 Exhibit E37 PT BAKRIE SUMATERA PLANTATIONS Tbk PT BAKRIE SUMATERA PLANTATIONS Tbk DAN ANAK PERUSAHAAN AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010 DAN 2009 30 SEPTEMBER 2010 AND 2009 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Expressed in thousands of Rupiah, unless otherwise stated 6. PIUTANG USAHA Lanjutan 6. TRADE RECEIVABLES Continued b. Pihak ketiga Lanjutan

b. Third parties Continued

Mutasi penyisihan piutang ragu-ragu atas piutang usaha - pihak ketiga adalah sebagai berikut: Movements of allowance for doubtful accounts of trade receivables – third parties were as follows: 2 0 1 0 2 0 0 9 Saldo awal 3.378.644 3.378.644 Beginning balance Penambahan penyisihan Additional provisions during pada periode berjalan - 157.734 the period Penghapusan - 225.988 Write - off Saldo akhir tahun 3.378.644 3.310.390 Ending balance Manajemen Perusahaan dan Anak Perusahaan berpendapat bahwa penyisihan piutang ragu-ragu tersebut cukup untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang usaha tersebut. The management of the Company and Subsidiaries believes that the allowance for doubtful accounts is adequate to cover possible losses from noncollectibility of the trade receivables. Pada tanggal 30 September 2010 dan 2009, seluruh piutang usaha Perusahaan dan Anak Perusahaan dengan nilai buku masing-masing sebesar Rp 102.317.546 dan Rp 149.469.280, kecuali SNP, GLP, GIN, NAM dan BRBE, digunakan sebagai jaminan atas hutang obligasi Senior Notes yang diterbitkan BSP Finance B.V., Anak Perusahaan Catatan 24. As of 30 September 2010 and 2009, all trade receivables of the Company and Subsidiaries with carrying value amounting to Rp 102,317,546 and Rp 149,469,280, respectively, except SNP, GLP, GIN, NAM and BRBE were pledged as collateral for bonds payable - Senior Notes issued by BSP Finance B.V., a Subsidiary Note 24. Pada tanggal 30 September 2010 dan 2009, seluruh piutang usaha GLP dan GIN digunakan sebagai jaminan atas hutang bank jangka pendek dan pinjaman jangka panjang yang diperoleh dari RZB-Austria Catatan 17 dan 22 dan piutang usaha NAM atas hutang PT Bank CIMB Niaga Tbk Catatan 22. As of 30 September 2010 and 2009, all trade receivables of GLP and GIN were pledged as collateral for short-term bank loan and long-term loans obtained from RZB-Austria Notes 17 and 22 and all receivables of NAM for loan obtained from PT Bank CIMB Niaga Tbk Note 22. 7. PERSEDIAAN 7. INVENTORIES Akun ini terdiri dari: This account consists of: 2 0 1 0 2 0 0 9 Bahan baku Raw materials Karet 4.193.426 10.131.256 Rubber Tandan buah segar 2.438.353 1.240.384 Fresh fruit bunches Cangkang kering 363.919 - Dry sheel Sub - jumlah 6.995.698 11.371.640 Sub - total Barang dalam proses Work-in-process Karet 5.262.403 2.570.661 Rubber Minyak kelapa sawit 1.911.180 - Crude palm oil Cangkang kering 1.717.902 - Dry sheel Inti kelapa sawit 60.261 - Palm kernel Sub - jumlah 8.951.746 2.570.661 Sub - total Ekshibit E38 Exhibit E38 PT BAKRIE SUMATERA PLANTATIONS Tbk PT BAKRIE SUMATERA PLANTATIONS Tbk DAN ANAK PERUSAHAAN AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 30 SEPTEMBER 2010 DAN 2009 30 SEPTEMBER 2010 AND 2009 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Expressed in thousands of Rupiah, unless otherwise stated 7. PERSEDIAAN Lanjutan 7. INVENTORIES Continued 2 0 1 0 2 0 0 9 Barang jadi Finished goods Minyak kelapa sawit 29.049.426 26.202.457 Crude palm oil Inti kelapa sawit 6.920.908 5.714.270 Palm kernel Karet 4.257.583 19.476.349 Rubber Cangkang kering 112.940 - Dry sheel Sub - jumlah 40.340.857 51.393.076 Sub - total Bibit tanaman Seedlings Kelapa sawit 20.797.302 6.720.485 Oil palm Karet 9.949.743 5.532.560 Rubber Sub - jumlah 30.747.045 12.253.045 Sub - total Bahan pembantu Materials and supplies Pupuk dan bahan kimia 42.504.466 19.047.805 Fertilizers and chemicals Suku cadang dan perlengkapan 29.021.081 15.539.269 Spare-parts and supplies Sub - jumlah 71.525.547 34.587.074 Sub - total J u m l a h 158.560.893 112.175.496 T o t a l Penyisihan persediaan usang 203.099 203.099 Allowance for inventory obsolescence B e r s i h 158.357.794 111.972.397 N e t Pada tanggal 30 September 2010 dan 2009, seluruh persediaan Perusahaan dan Anak Perusahaan dengan nilai buku masing-masing sebesar Rp 60.904.065 dan Rp 111.972.397, kecuali SNP, GLP, GIN, NAM dan BRBE, digunakan sebagai jaminan atas hutang obligasi Senior Notes yang diterbitkan BSP Finance B.V., Anak Perusahaan Catatan 24. As of 30 September 2010 and 2009, all inventories of the Company and Subsidiaries with carrying value amounting to Rp 60,904,065 and Rp 111,972,397, respectively, except for SNP, GLP, GIN, NAM and BRBE, were pledged as collateral for bonds payable - Senior Notes issued by BSP Finance B.V., a Subsidiary Note 24. Pada tanggal 30 September 2010 dan 2009, persediaan diasuransikan terhadap risiko kebakaran dan risiko kerugian lainnya berdasarkan suatu paket polis tertentu dengan nilai pertanggungan masing-masing sebesar Rp 71,38 miliar dan USD 4,7 juta dan Rp 64,52 miliar dan USD 4,8 juta, yang menurut pendapat manajemen Perusahaan dan Anak Perusahaan cukup untuk menutupi kemungkinan kerugian akibat risiko-risiko tersebut. As of 30 September 2010 and 2009, inventories were insured against losses from fire and other risks under blanket policies amounting to Rp 71.38 billion and USD 4.7 million and Rp 64.52 billion and USD 4.8 million, respectively, which the management of the Company and Subsidiaries believe is adequate to cover possible losses arising from such risks. Berdasarkan hasil penelahaan terhadap kondisi persediaan pada akhir periode, manajemen Perusahaan dan Anak Perusahaan berpendapat bahwa penyisihan persediaan usang adalah cukup. Based on a review of the condition of inventories at the end of the period, the management of the Company and Subsidiaries believes that the allowance for inventory obsolescence is adequate.