NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
48
16. BONDS PAYABLE AND SUKUK IJARAH – NET
The details of bonds issued are as follows:
2012 2011 Face Value
Sukuk Ijarah I 200,000,000
200,000,000 Rupiah Bonds II
100,000,000 100,000,000
Total face value 300,000,000
300,000,000
Less : deferred issuance costs net of current amortization of Rp307,846 in 2012 and Rp847,075 in 2011
1,193,055 1,500,901
Net 298,806,945
298,499,099
The details of the above deferred issuance costs and the related accumulated amortization are as follows:
2012 2011
Sukuk Ijarah I 2,444,240
2,444,240 Rupiah Bonds II
1,276,099 1,276,099
Total 3,720,339
3,720,339
Less : accumulated amortization of deferred issuance costs inclusive of current amortization of Rp307,846 in 2012
and Rp847,075 in 2011 2,527,284
2,219,438
Net 1,193,055
1,500,901
Sukuk Ijarah I
On 25 June 2008, the Company issued S ukuk Ijarah
with a nominal value of Rp200,000,000, with obligation to pay
cicilan imbalan ijarah amounting to Rp28,200,000 annually payable over 5 years.
Payments of the cicilan imbalan ijarah
are made quarterly in arrears. The Sukuk Ijarah
will mature on 25 June 2013.
The Sukuk Ijarah
are secured by investment properties of LMD Note 13. The
Sukuk Ijarah were given a rating of
id
A+
sy
single A plus Syariah, stable outlook on 1 May 2012 from
id
A
sy
single A Syariah, stable outlook in 2011 by PT Pemeringkat Efek Indonesia Pefindo, an Indonesian
rating agency. The amortization of Rupiah Bonds II and
Sukuk Ijarah issuance costs amounting to Rp307,846 and
Rp847,075 is presented as part of general and administrative expenses in the 2012 and 2011 consolidated statements of comprehensive income.
Based on the minutes of the bondsholders and Sukuk Ijarah
holders ’
general meeting held on August 5, 2008, the bondholders and
Sukuk Ijarah holders agreed that about 70 of the funds generated from the
issuance of the bonds and Sukuk Ijarah
will be used to acquire land through the acquisition of GO and about 30 will be used for working capital.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
49 Based on
Perjanjian Perwaliamanatan Obligasi between the Company and Mandiri as a
wali amanat trustee, the Company is required to comply with the following covenants, among others:
a. Maintain certain financial ratios as follows: 1 Interest-bearing debt to equity ratio of not more than 3:1
2 EBITDA to interest expense ratio of not less than 2.5:1 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 has met all the above financial ratio requirements.
b. The Company is not allowed to : 1 Enter into merger or acquisition transactions
2 Reduce the Company’s authorized, issued and fully paid capital stock 3 Pledge the Company’s assets and its revenues
4 Transfer the Company’s assets representing more than 15 of the 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 the Syariah
principles particularly for Sukuk
Ijarah .
As of 30 June 2012 and 31 December 2011, the Company is not in default of the covenants stated in the agreements on the bonds and Sukuk Ijarah.
Based on the minutes of the bondholders’ meeting held on 10 June 2010, which are covered by notarial deeds No, 22 and No, 19 of Fathiah Helmi, S.H., the bondholders approved the replacement of
Mandiri as a wali amanat trustee for the bonds by PT Bank Rakyat Indonesia Persero Tbk BRI as a result of new credit facilities amounting to Rp250,000,000 obtained by the Company from Bank
Mandiri in 2010.
Rupiah Bonds
II
On 25 June 2008, the Company issued bonds with a nominal value of Rp100,000,000 which bear interest at the fixed rate of 14.10 per annum, Interest payments are made quarterly in arrears. The bonds will
mature on 25 June 2013. The bonds are secured by undeveloped land and investment properties Notes 11 and 13.
The bonds were given a rating of idA+ single A Plus, stable outlook on 1 May 2012 from id A single A, stable outlook in 2011 by Pefindo.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
50
17. TRADE PAYABLES TO THIRD PARTIES
Trade payables to third parties consist of liabilities to the following:
2012 2011
Apartment construction contractors 182,690,118
30,333,696 Infrastructure
construction contractors
109,451,134 41,916,033
House construction contractors 4,789,740 110,905,241
Office construction
contractors 11,116,247
27,939,408 Shops construction contractors
40,988,505 1,754,200
Suppliers 53,008,414
33,916,584
Total trade payables to third parties 402,044,158
246,765,162
The details of trade payables to third parties based on their original currency Note 34 are as follows:
2012 2011
Rupiah 394,890,770
246,569,948 European
euro 2,266,859
24,063 United States dollar
4,809,161 7,225
Singapore dollar
77,368 163,926
Total trade payables to third parties 402,044,158
246,765,162
18. OTHER PAYABLES
The details of this account are as follows:
2012 2011
Contractors 22,665,374
29,059,114 Venture
Hover Limited
46,545,091 -
Dividend Payable
158,668,079 585,896
Others 37,456,746
24,898,914
Total other payables 265,335,290
54,543,924
The excess of interest in net assets of a Subsidiary over cost arose from the acquisition of LMD in 2004. In 2011, the
excess of interest in net assets of a Subsidiary over cost - net amounting to Rp1,021,260 was charged to beginning retained earnings due to the implementation of PSAK 22 Revised 2010, “Business
Combinations” Note 2c.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
51
19. ACCRUED EXPENSES
This account consists of accruals for :
2012 2011
Infrastructures, social and public facilities 144,034,922
64,897,342 Office
construction 53,981,937
50,984,415 Electricity, water and telephone
10,494,801 10,551,197
Interest expense
8,347,202 8,254,940
Promotion 1,578,453
4,294,858 Repairs and maintenance
3,155,783 3,838,873
Retention -
1,675,973 Professional
fees 90,000
1,252,504 Others
31,643,911 21,029,462
Total accrued expenses 253,327,009
166,779,564
In 2012 and 2011, GO recognized accruals of infrastructures and social and public facilities for the Grand Orchard Residence. In 2011, accruals were provided for new projects of the Company and Subsidiaries
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, and social and public facilities.
In 2012 and 2011, the Company also recognized accruals of office construction for Menara Satu Office Building.
20. TAXATION 2012 2011
A. Prepaid taxes consist of:
Final income
tax 199,906,866
194,386,547 Value
added tax
45,459,287 16,869,703
Income taxes : Article 21
1,856 -
Article 22 306,208
- Article 23
99 -
Article 25 72,505
- Claims for income tax refund
404,439 677,322
Total prepaid taxes 246,151,260
211,933,572
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
52
2012 2011 B.
Taxes payable consist of:
Income taxes
Article 21 1,703,589
10,395,026 Article 23
2,236,916 2,929,510
Article 25 -
37,385 Article 26
189,357 73,109
Article 29 266,495
1,777,285 Final
tax 20,582,327
21,238,608 Development
tax 1,558,009
1,393,899
Total taxes payable 26,536,693
37,844,822
21. EMPLOYEE BENEFITS LIABILITIES
The Company and Subsidiaries have defined contribution pension plans, covering substantially all of their eligible employees. Up to January 2006, the Company’s contribution to the retirement fund was computed
at 1 of the employees’ pensionable salaries while the employees made monthly contributions equal to 2,5 of their pensionable salaries. The Company also enrolled its eligible employees in Manulife Pension
Program MPP, an additional pension program. The plan is administered by Dana Pensiun Lembaga Keuangan Manulife Indonesia DPLK, the establishment of which was approved by the Ministry of Finance
on 17 June 2002. Starting February 2006, the Company has temporarily stopped contributions to the DPLK and MPP because the funds are already sufficient to cover potential withdrawals. The Company and
Subsidiaries provide additional minimum benefits under Labor Law No. 132003 dated 25 March 2003 “the Law”. The additional benefits under the Law are unfunded.
Employee Benefit Liabilities balance as of 30 June 2012 and 31 December 2011 amounted to Rp63,395,912 and Rp57,400,554,respectively.
