PT SUMMARECON AGUNG Tbk AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2013 AND DECEMBER 31, 2012, 2011 AND 2010 AND FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2013 AND 2012 UNAUDITED
AND YEARS ENDED DECEMBER 31, 2012, 2011 AND 2010 Expressed in thousands of rupiah, unless otherwise stated
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12. FIXED ASSETS continued
The details of construction in progress are as follows:
June 30, 2013 December 31, 2012
Percentage of Percentage of
Project Amount
completion Amount
completion
Al Azhar School Bekasi 38,375,805
81.44 3,487,229
27.70 Plaza Summarecon renovation
4,285,748 95.00
3,769,908 75.79
Al-Azhar Mosque Bekasi 4,012,426
49.69 -
- Summarecon Mal Serpong II
- -
- -
Others 3,395,613
4,628,666
Total construction in progress 50,069,592
11,885,803 December 31, 2011
December 31, 2010 Percentage of
Percentage of Project
Amount completion
Amount completion
Summarecon Mal Serpong II 37,704,907
83.40 20,927,082
2 Pahoa Dormitory
- -
19,820,487 61
Plaza Summarecon -
- 16,868,943
35 Others
2,309,883 5,592,097
Total construction in progress 40,014,790
63,208,609
Below are the estimated completion dates for the construction in progress as of June 30, 2013:
Estimated Completion
Dates
Al Azhar School Bekasi July 2013
Plaza Summarecon renovation July 2013
Al-Azhar Mosque Bekasi October 2013
The percentages of completion of the construction in progress as of June 30, 2013 and December 31, 2012, 2011 and 2010 are based on the actual expenditures incurred compared to the total budgeted
project cost. No borrowing costs were capitalized to fixed assets for the six-month period ended June 30, 2013 and
years ended December 31, 2012, 2011 and 2010.
As of June 30, 2013, fixed assets, except land, with net book value of Rp162,130,607, are covered by insurance against fire, flood and other risks all-risks under blanket policies with several companies,
including PT KSK Insurance Indonesia, PT Asuransi Indrapura, PT Asuransi Tugu Kresna Pratama, PT Asuransi Himalaya Pelindung, PT Asuransi Central Asia, PT Asuransi Allianz Utama Indonesia and
PT Asuransi Sinar Mas, all third parties, for US14,572,390 and Rp163,815,411. In addition, the Company and Subsidiaries obtained insurance against business interruption for Rp1,928,000 in 2013.
The Company and Subsidiaries’ management is of the opinion that the above coverages are adequate to cover possible losses arising from such risks.
As of June 30, 2013 and December 31, 2012, 2011 and 2010, fixed assets with net book value of Rp68,570,025, Rp78,455,231, Rp62,633,714 and Rp29,182,935, respectively, are used as collateral
for the loans from banks and financing institutions Note 15.
