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
64
15. BONDS PAYABLE AND SUKUK IJARAH CONTINUED
1
Interest-bearing debt to equity ratio of not more than 3:1;
2
EBITDA to interest expense ratio of not less than 1:1;
3
Collateral value, which should be appraised every year by an appraiser registered with BAPEPAM-LK, to the bonds payable of not less than 1:1.
The Company complied with all the above financial ratio requirements. b. The Company is not allowed to conduct the following activities, without the prior consent of the trustee:
1
Enter into merger or acquisition transactions, except for mergers or acquisitions made with entities engaged in other than real estate business and which do not have a negative impact on the Companys financial condition
and operations;
2
Reduce the Companys authorized, issued and fully paid capital stock;
3
Pledge the Company’s assets and revenues;
4
Transfer the Company’s assets representing more than 15 of its total assets;
5
Provide to or accept loans from other parties;
6
Grant corporate guarantee to another party;
7
Change the Company’s major activities;
8
Enter into business activities which contradict with Syariah principles particularly for Sukuk Ijarah. As of June 30, 2016 and December 31, 2015, the Company have complied with the covenants stated in the agreements
on the bonds and sukuk ijarah.
16. TRADE PAYABLES TO THIRD PARTIES
Trade payables to third parties consist of purchases of goods and services from the following:
June 30, 2016 December 31, 2015
Suppliers 51,905,376
50,580,874 Office construction contructors
3,369,392 5,319,982
Infrastructure construction contructors 1,423,714
2,854,613 House construction contructors
1,580,368 1,569,315
Apartments construction contructors 687,781
686,823 Shops construction contructors
79,136 79,136
Others 889,729
1,915,772
Total trade payables to third parties 59,935,496
63,006,515
The details of trade payables to third parties based on their original currencies Note 33 are as follows
June 30, 2016 December 31, 2015
Rupiah 56,910,728
59,252,454 United States Dollar US219,623 as of June 30, 2016 and
US262,428 as of December 31, 2015 2,894,631
3,620,194 European Euro €8,883 as of June 30, 2016 and December 31, 2015
130,137 133,867
Total trade payables to third parties 59,935,496
63,006,515
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
65
17.
OTHER PAYABLES
Other payables are liabilities to third parties and related parties and consist of:
June 30, 2016 December 31, 2015
Third parties : Deposit
payable 75,484,593
58,910,587 Dividend
74,381,025 2,253,152
Loan to Emerald Sanctuary Pte., Ltd. 52,601,380
41,260,845 Deferred lease income
18,336,538 18,342,155
Contractor 6,539,423
15,329,955 Rent
6,194,186 4,959,178
Provision 4,860,373
1,861,691 Land and building tax right of buyers
3,763,010 3,679,878
Purchase of land -
95,504,500 Others each below Rp2,000,000 31,773,210
36,931,626
Total other payables 273,933,738
279,033,567
Less current maturities 259,467,871
264,562,084
Long-term portion 14,465,867
14,471,483 18. ACCRUED
EXPENSES
This account consists of accruals for:
June 30, 2016 December 31, 2015
Development of project, infrastructure, social and public facilities 1,237,375,401
1,559,492,188 Promotion
27,247,410 11,415,019
Interest expense 24,820,069
23,924,722 Repairs and maintenance
20,288,921 25,287,328
Electricity, water and telephone 20,125,961
22,874,798 Security
8,126,087 10,463,618
Unbilled fixed assets anf investment properties 5,579,827
8,404,533 Parking
4,961,550 7,722,637
Professional fees 3,802,427
2,818,873 Bond issuance costs
109,091 4,323,910
Others each below Rp3,000,000 27,243,813
20,578,877
Total accrued expenses 1,379,680,557
1,697,306,503
As of June 30, 2016 and December 31, 2015, accruals of infrastructures, social and public facilities were provided for new projects of the Group which are involved in property development. The accruals were computed based on cost per square
meter sqm to be spent on the area to be developed as infrastructures, social and public facilities.
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
66
19. TAXATION June 30, 2016
