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Adaro Energy Annual Report 2008 www.adaro.com
Adaro in Summary From Us to You
Running Adaro Management Report
Owning Adaro
PT ADARO ENERGY Tbk Schedule 518
FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated
3. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES continued
k. Acquisition and disposal of PT Bahtera Alam Tamiang continued
On 15 November 2007, the Company disposed of all of its interest in BAT to BAS for Rp 160,000. This disposal was accounted for as required under SFAS No. 38 Revised 2004, since the Company and BAS are entities under common
control.
2007
Carrying amounts of the investment at disposal 166,335
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control
5,437 - Adjustment to the net assets of the subsidiary eliminated previously in the consolidation process
898 Cash received from disposal of subsidiary
160,000 Cash and cash equivalents in BAT
330 Net cash inflow from disposal of subsidiary
159,670
l. Disposal of PT Anugerah Buminusantara Abadi
On 30 April 2007, the Company disposed of 0.78 interest in ABA to KBS for Rp 157. This disposal was accounted for as required under SFAS No. 38 Revised 2004, since both the Company and KBS are entities under common control.
2007
Carrying amounts of the investments at disposal 353
Adjustment to net assets disposed of: - Difference in value from restructuring transactions of entities under common control
196 Consideration received from disposal of investments
157 Receivables from disposal of investments
157 Net cash inflow from disposal of investments
- Difference in value from restructuring transactions of entities under common control - 2005
50,981 Difference in value from restructuring transactions of entities under common control - 2007
196 Difference in value from restructuring transactions of entities under common control
50,785
m. Acquisition of Revere Group Ltd and Decimal Investments Ltd i.
Acquisition of Revere Group Ltd
On 17 December 2007, ATA increased its interest in Revere by 53.57, resulting in it owning 100 of Revere for an amount of US37,500,000 Rp 347,835. As such, Revere has been consolidated to ATA’s and the Group’s consolidated
financial statements since December 2007.
2007
Purchase consideration through cash payment 347,835
Fair value of net assets acquired 58,163
Goodwill 289,672
Details of the assets and liabilities arising from the acquisition are as follows:
2007
Investment in equity securities 108,591
Accrued expenses 20
Net assets 108,571
Interest acquired 53.57
Net assets acquired 58,163
Goodwill 289,672
Cash and cash equivalents in Revere -
Net cash outflow from acquisition of subsidiary 347,835
Adaro Energy Annual Report 2008 www.adaro.com
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Contact Us Governing Adaro
Financial Report Corporate Social Responsibility
PT ADARO ENERGY Tbk Schedule 519
FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated
3. ACQUISITIONS AND DISPOSALS OF SUBSIDIARIES continued
m. Acquisition of Revere Group Ltd and Decimal Investments Ltd continued ii.
Acquisition of Decimal Investments Ltd
On 17 December 2007, ATA increased its interest in Decimal by 53.57, resulting in it owning 100 of Decimal for an amount of US44,931,344 Rp 416,765. As such, Decimal has been consolidated to ATA and the Group’s consolidated
financial statements since December 2007.
2007
Purchase consideration through cash payment 416,765
Fair value of net assets acquired 53,067
Goodwill 363,698
Details of the assets and liabilities arising from the acquisition are as follows:
2007
Amounts due from related parties 114
Investments in equity securities 113,419
Accrued expenses 41
Amounts due to related parties 8,571
Loans from shareholders 5,861
Net assets 99,060
Interest acquired 53.57
Net assets acquired 53,067
Goodwill 363,698
Cash and cash equivalents in Decimal -
Net cash outflow from acquisition of subsidiary 416,765
Since December 2007, by holding the 100 interest in Revere and Decimal, ATA has acquired indirect ownership of 63.94 in Biscayne. Therefore, ATA consolidates the financial statements of Biscayne and its subsidiary. The ownership in Revere
and Decimal also resulted in a 50 indirect ownership in PT Rachindo Investments “Rachindo” amounting to Rp 4,778 and a 33 indirect ownership in Arindo Global amounting to Rp 50.
From its ownership in Biscayne and Dianlia, which own 58.23 and 8.93 interest in IBT, respectively, ATA has indirect ownership in IBT of 67.16. Dianlia’s portion of the net income of IBT has been recorded in the consolidated statement of
income of ATA and the Group.
n. Acquisition of Arindo Holdings Mauritius Ltd by Rach Mauritius Ltd
On 24 January 2008, Rach M, a subsidiary of Decimal, increased its interest in Arindo Holdings, which through Vindoor, owns 100 interest in Coaltrade, from 32 to 64, for US1 or equivalent to Rp 9,419 full amount. From this increase, the
financial statements of Arindo Holdings and its subsidiaries were consolidated to the consolidated financial statements of Rach M, ATA and the Group.
2008
Purchase consideration through cash payment -
Fair value of net liabilities acquired 40,749
Goodwill 40,749
