INVESTASI PADA ENTITAS ASOSIASI INVESTMENT IN ASSOCIATES

DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK PERIODE YANG BERAKHIR PADA TANGGAL-TANGGAL 31 MARET 2017 DAN 2016 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Lanjutan PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2017 AND 2016 Expressed in thousands of Rupiah, unless otherwise stated Continued - 65 - 31 Maret 31 Desember 31 Maret 31 Desember 31 Maret 31 Desember 31 Maret 31 Desember March 31, December 31, March 31, December 31, March 31, December 31, March 31, December 31, 2017 2016 2017 2016 2017 2016 2017 2016 Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Aset lancar 590.515.652 608.405.605 - - - - 82.708.266 83.453.086 Current assets Aset tidak lancar 115.280.460 121.382.940 - - - - 25.307.023 27.355.102 Non-current assets Jumlah Aset 705.796.112 729.788.545 - - - - 108.015.289 110.808.188 Total Assets Liabilitas jangka pendek 488.805.431 484.109.551 - - - - 82.550.207 85.498.583 Current liabilities Liabilitas jangka panjang 65.963.736 73.428.169 - - - - 19.308.008 19.659.612 Non-current liabilities Ekuitas yang dapat diatribusikan Equity attributable to owners kepada pemilik entitas induk 151.026.945 172.250.825 - - - - 6.157.073 5.649.993 of the companies Kepentingan non-pengendali - - - - - - - - Non-controlling interests Jumlah Liabilitas dan Ekuitas 705.796.112 729.788.545 - - - - 108.015.288 110.808.188 Total Liabilities and Equity 31 Maret 31 Maret 31 Maret 31 Maret 31 Maret 31 Maret 31 Maret 31 Maret March 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31, 2017 2016 2017 2016 2017 2016 2017 2016 Unaudited Audited Unaudited Audited Unaudited Audited Unaudited Audited Pendapatan 118.581.461 258.771.851 - 1.096.017.864 - 137.970.335 58.197.561 110.438.297 Revenue Beban 139.805.341 236.742.316 - 1.082.506.313 - 136.901.800 57.690.481 109.858.405 Expenses Laba rugi periode berjalan 21.223.880 22.029.535 - 13.511.551 - 1.068.535 507.080 579.892 Profit loss for the period Laba rugi yang dapat diatribusikan kepada: Profit loss attributable to: Pemilik entitas induk 21.223.880 3.283.422 - 13.202.205 - 1.068.535 507.080 579.892 Owners of the companies Kepentingan non-pengendali - - - 309.346 - - - - Non-controlling interests Laba rugi periode berjalan 21.223.880 3.283.422 - 13.511.551 - 1.068.535 507.080 579.892 Profit loss for the period Penghasilan komprehensif lain yang dapat Other comprehensive income diatribusikan kepada: attributable to: Pemilik entitas induk 211.040 235.132 - - - - - - Owners of the companies Kepentingan non-pengendali - - - - - - - - Non-controlling interests Jumlah penghasilan komprehensif lain Total other comprehensive income periode berjalan 211.040 235.132 - - - - - - for the period Jumlah laba komprehensif yang dapat Total comprehensive income diatribusikan kepada: attributable to: Pemilik entitas induk 21.434.920 3.048.290 - 13.202.205 - 1.068.535 507.080 579.892 Owners of the companies Kepentingan non-pengendali - - - 309.346 - - - - Non-controlling interests Jumlah laba komprehensif Total comprehensive income periode berjalan 21.434.920 3.048.290 - 13.511.551 - 1.068.535 507.080 579.892 for the period PT Igasar PT Semen Indonesia Logistik PT Varia Usaha Beton PT Swadya Graha Berikut ini merupakan rekonsiliasi dari ringkasan informasi keuangan di atas terhadap jumlah tercatat dari bagian entitas asosiasi yang diakui dalam laporan keuangan konsolidasian: Reconciliation of the above summarized financial information to the carrying amount of interest in the associates recognized in the consolidated financial statements are as follows: 31 Maret 31 Desember 31 Maret 31 Desember March 31, December 31, March 31, December 31, 2017 2016 2017 2016 Unaudited Audited Unaudited Audited Aset bersih entitas asosiasi 151.026.945 172.250.825 6.157.073 5.649.993 Net assets of the associate Proportion of the Groups ow nerships Proporsi bagian kepemilikan Grup 33,00 33,00 12,00 12,00 interest Ekuitas yang diatribusikan Equity attributable to ke pemilik entitas induk 49.929.508 56.946.123 738.849 677.999 ow ners of the Company Penyesuaian nilai w ajar ast tetap 30.517.106 30.517.106 - - Fair falue adjustments of fixed assets Penyesuaian 7.501.300 5.843.415 - - Adjustments Nilai catat bagian Grup 87.947.914 93.306.644 738.849 677.999 Carrying amount of the Groups intere PT Sw adya Graha PT Igasar Nilai aset bersih Saldo dialihkan darike Saldo 31 Desember perusahaan asosiasi,

Bagian 31 Maret

2016 Pelepasan dan lain-lain laba rugi 2017 Persentase Balance at Net asset transfer bersih Balance at kepemilikan December 31, fromto associates, Equity in net Dividen March 31, Percentage of Nama entitas asosiasi 2016 disposals and others income loss Dividends 2017 ow nership Name of associate Perseroan The Company PT Sw adaya Graha 93.306.644 - 5.358.730 - 87.947.914 33,06 PT Sw adaya Graha Entitas anak SP Subsidiary SP PT Igasar 677.999 - 60.850 - 738.849 12,00 PT Igasar 93.984.643 - 5.297.880 - 88.686.763 Saldo Nilai aset bersih Saldo 31 Desember dialihkan darike 31 Desember 2015 perusahaan asosiasi, Bagian 2016 Balance at Pelepasan dan lain-lain laba rugi Balance at Persentase December 31, Net asset transfer bersih December 31, kepemilikan 2015 fromto associates, Equity in net Dividen 2016 Percentage of Nama entitas asosiasi Audited disposals and others income loss Dividends Audited ow nership Name of associate Perseroan The Company PT Sw adaya Graha 32.277.419 45.825.187 17.314.407 2.110.369 93.306.644 25,00 PT Sw adaya Graha PT Semen Indonesia Logistik 136.090.233 144.010.978 19.248.493 11.327.748 - 24,95 PT Semen Indonesia Logistik Entitas anak SP Subsidiary SP PT Igasar 584.587 - 665.826 572.414 677.999 12,00 PT Igasar 168.952.239 98.185.791 37.228.726 14.010.531 93.984.643 DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK PERIODE YANG BERAKHIR PADA TANGGAL-TANGGAL 31 MARET 2017 DAN 2016 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Lanjutan PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2017 AND 2016 Expressed in thousands of Rupiah, unless otherwise stated Continued - 66 - 14. PROPERTI INVESTASI

14. INVESTMENT PROPERTIES

31 Desember 31 Maret December 31, Penambahan Pengurangan Reklasifikasi March 31, 2016 Additions Deductions Reclassification 2017 Biaya perolehan Acquisition cost Tanah 3.843.234 - - - 3.843.234 Land Bangunan dan prasarana 231.096.289 - - - 231.096.289 Buildings and infrastructure Jumlah 234.939.523 - - - 234.939.523 Total Akumulasi penyusutan Accumulated depreciation Bangunan dan prasarana 74.245.478 3.785.231 - - 78.030.709 Buildings and infrastructure Jumlah 74.245.478 3.785.231 - - 78.030.709 Total Nilai buku neto 160.694.045 156.908.814 Net book value 31 Desember 31 Desember December 31, Penambahan Pengurangan Reklasifikasi December 31, 2015 Additions Deductions Reclassification 2016 Biaya perolehan Acquisition cost Tanah 3.843.234 - - - 3.843.234 Land Bangunan dan prasarana 230.371.288 725.000 - - 231.096.288 Buildings and infrastructure Jumlah 234.214.522 725.000 - - 234.939.522 Total Akumulasi penyusutan Accumulated depreciation Bangunan dan prasarana 59.091.259 15.154.218 - - 74.245.477 Buildings and infrastructure Jumlah 59.091.259 15.154.218 - - 74.245.477 Total Nilai buku neto 175.123.263 160.694.045 Net book value Pada tanggal 31 Desember 2016, berdasarkan valuasi internal dari Manajemen nilai wajar properti investasi milik SP adalah sebesar Rp117.307.095. As of December 31, 2016, based on the internal valuation carried out by the Management the fair value of SP’s investment properties amounted to Rp117,307,095. Pada tanggal 31 Desember 2016, nilai wajar properti investasi milik KIG adalah sebesar Rp423.294.000. Nilai wajar ini berdasarkan laporan penilaian dari KJPP Samsul Hadi, Wahyono Adi, Hendra Gunawan dan Rekan Nomor PP.SAH-01.SBY.V.16.012 tanggal 30 Mei 2016. As of December 31, 2016, the fair value of KIG’s investment properties amounted to Rp423,294,000. This was based on the valuation report carried out by KJPP Samsul Hadi, Wahyono Adi, Hendra Gunawan and Partners No. PP.SAH- 01.SBY.V.16.012 dated May 30, 2016. Pada tanggal 31 Desember 2016, nilai wajar properti investasi milik KIG adalah sebesar Rp423.294.000. Nilai wajar ini berdasarkan laporan penilaian dari KJPP Samsul Hadi, Wahyono Adi, Hendra Gunawan dan Rekan tanggal 30 Mei 2016. As of December 31, 2016, the fair value of KIG’s investment properties amounted to Rp423,294,000. This was based on the valuation report carried out by KJPP Samsul Hadi, Wahyono Adi, Hendra Gunawan and Partners dated May 30, 2016. Pendekatan yang digunakan oleh penilai adalah: 1. Penilaian tanah menggunakan pendekatan nilai pasar; 2. Penilaian bangunan menggunakan pendekatan biaya. The approach used by the assessor are: 1. Assessment of land used market value approach; 2. Assessment of buildings used the cost approach. Berdasarkan penilaian internal, nilai wajar properti investasi entitas anak SP dan KIG pada tanggal 31 Desember 2015, sebesar Rp456.594.206. Based on internal valuation, the fair value of investment properties as of December 31, 2015 of the subsidiaries SP and KIG amounted to Rp456,594,206. Nilai wajar properti diatas didasarkan pada teknik penilaian yang mencakup input untuk aset atau liabilitas yang bukan berdasarkan data pasar yang dapat diobservasi input yang tidak dapat diobservasi menggunakan level 3 pengukuran nilai wajar. The fair values of investment properties are based on valuation techniques that include inputs that are not based on observable market data unobservable inputs, using Level 3 fair value measurements. DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN UNTUK PERIODE YANG BERAKHIR PADA TANGGAL-TANGGAL 31 MARET 2017 DAN 2016 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Lanjutan PT SEMEN INDONESIA PERSERO Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED MARCH 31, 2017 AND 2016 Expressed in thousands of Rupiah, unless otherwise stated Continued - 67 - Beban penyusutan sebesar Rp3.785.231 dan Rp15.154.218 masing-masing untuk tahun 2017 dan 2016 dicatat sebagai beban pokok pendapatan. Depreciation expense in 2017 and 2016 amounting to Rp3,785,231 and Rp15,154,218, respectively were recorded under cost of revenue. Penghasilan sewa properti investasi tahun 2017 dan 2016 masing-masing sebesar Rp7.028.963 dan Rp30.138.959. Rental income on investment properties in 2017 and 2016 amounted to Rp7,028,963 and Rp30,138,959, respectively. 15. ASET TETAP 15. FIXED ASSETS Akuisisi 31 Desember entitas anak Selisih kurs 31 Maret December 31, Acquisition of Penambahan Pengurangan Reklasifikasi Foreign March 31, 2016 subsidiary Additions Deductions Reclassifications exchange 2017 Biaya perolehan: Acquisition cost: Pemilikan Langsung Direct Ow nership Tanah 388.616.721 - - - - - 388.616.721 Land Tanah pertambangan 660.051.929 - 342.000 - - - 660.393.929 Mining properties Bangunan, jalan, jembatan Buildings, roads, bridges dan pelabuhan 8.021.905.571 - 42.051.389 - 24.496.277 27.554.784 8.060.898.453 and harbors Mesin-mesin 20.348.856.734 - 40.464.728 6.368.222 19.403.596 50.679.058 20.351.677.778 Machinery Heavy equipment and Alat-alat berat dan kendaraa 2.101.642.733 - 9.530.983 389.464 22.133.086 271.515 2.132.645.823 vehicles Perlengkapan dan peralatan Furniture and office kantor 780.718.101 - 10.833.481 - 5.256.600 89.907 796.718.275 equipment Aset dalam penyelesaian: Construction in progress Tanah 723.613.946 - 11.881.287 - - - 735.495.233 Land Bangunan, jalan, jembatan Buildings, roads, bridges dan pelabuhan 1.914.698.918 - 147.426.737 - 17.922.113 1.342.692 2.042.860.850 and harbors Mesin-mesin 3.915.462.660 - 81.086.630 - 29.447.645 - 3.967.101.645 Machinery Heavy equipment and Alat-alat berat dan kendaraa 52.714.849 - 90.750.118 - 22.133.086 - 121.331.881 vehicles Perlengkapan 625.635.807 - 110.751.865 - 4.585.715 - 731.801.957 Equipment Pabrik semen 4.052.044.735 - 239.309.792 - - - 4.291.354.527 Cement plant 43.585.962.704 - 784.429.010 6.757.686 2.799.000 79.937.956 44.280.897.072 Aset Sew a Pembiayaan Leased Assets Bangunan 221.449.918 - - - - - 221.449.918 Buildings Heavy equipment and Alat-alat berat dan kendaraa 597.357.737 - - 120.358 2.799.000 - 600.036.379 vehicles Perlengkapan dan peralatan Furniture and office kantor 36.150.520 - - - - - 36.150.520 equipment 854.958.175 - - 120.358 2.799.000 - 857.636.817 44.440.920.879 - 784.429.010 6.878.044 - 79.937.956 45.138.533.889 Akumulasi penyusutan Accumulated depreciation dan deplesi: and depletion: Pemilikan Langsung Direct Ow nership Tanah pertambangan 102.395.185 - 11.204 - - - 102.406.389 Mining properties Bangunan, jalan, jembatan Buildings, roads, bridges dan pelabuhan 2.472.053.503 - 68.276.763 - - 9.449.350 2.530.880.916 and harbors Mesin-mesin 8.827.639.785 - 302.409.603 6.368.222 - 46.579.797 9.077.101.369 Machinery Heavy equipment and Alat-alat berat dan kendaraa 1.353.944.175 - 33.886.229 389.464 - 293.734 1.387.734.674 vehicles Perlengkapan dan peralatan Furniture and office kantor 580.059.516 - 13.848.057 - - 86.541 593.994.114 equipment 13.336.092.164 - 418.431.856 6.757.686 - 55.648.872 13.692.117.462 Aset Sew a Pembiayaan Leased Assets Bangunan 116.646.103 - 8.103.351 - - - 124.749.454 Buildings Heavy equipment and Alat-alat berat dan kendaraa 125.823.407 - 22.747.874 120.359 - - 148.450.922 vehicles Perlengkapan dan peralatan Furniture and office kantor 15.608.998 - - - - - 15.608.998 equipment 258.078.508 - 30.851.225 120.359 - - 288.809.374 13.594.170.672 - 449.283.081 6.878.045 - 55.648.872 13.980.926.836 Nilai tercatat neto 30.846.750.207 31.157.607.053 Net carrying amount