2,501.93 Adaro Energy 2008 Annual Report English

Adaro Energy Annual Report 2008 www.adaro.com 121 Financial Report 123 124 133 Directors Statement Regarding the Responsibility for the Consolidated Financial Statements Independent Auditor’s Report Notes to the Consolidated Financial Statements Contact Us Corporate Social Responsibility Governing Adaro Financial Report 122 Adaro Energy Annual Report 2008 www.adaro.com Adaro in Summary From Us to You Running Adaro Management Report Owning Adaro 124 Adaro Energy Annual Report 2008 www.adaro.com Adaro in Summary From Us to You Running Adaro Management Report Owning Adaro Adaro Energy Annual Report 2008 www.adaro.com 125 Contact Us Governing Adaro Financial Report Corporate Social Responsibility 126 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 11 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, except for par value and share data The accompanying notes form an integral part of these consolidated financial statements Notes 2008 2007 CURRENT ASSETS Cash and cash equivalents 2a, 5 2,415,853 831,840 Restricted cash and cash equivalents - current portion 2a, 6 - 64,595 Available-for-sale investments 2f, 7 1,096,081 1,734,330 Trade receivables, net of allowance for doubtful accounts of Rp nil 2007: Rp nil - Third parties 2d, 8 2,116,295 1,153,572 - Related parties 2d, 8, 38a 215,591 396,571 Other third party receivables 18,043 60,727 Advances and prepayments 9 567,508 83,638 Inventories, net of provision for obsolete stock of Rp nil 2007: Rp nil 2e, 10 304,670 238,148 Prepaid taxes 2q, 37a 286,826 153,997 Recoverable taxes 2q, 37b 709,722 210,171 Deferred financing costs, net - current portion 2n, 12 36,243 16,269 Deferred expenses, net - current portion 2o - 49,776 Other current assets 89,967 4,038 Total current assets 7,856,799 4,997,672 NON-CURRENT ASSETS Other related party receivables 2d, 38b 2,243 26,128 Fixed assets, net of accumulated depreciation of Rp 1,964,951 2007: Rp 1,364,994 2h, 2i,13 5,924,184 3,558,698 Investments in associates 2f, 14 5, 594 4,868 Mining properties, net of accumulated amortisation of Rp 255,349 2007:Rp 46,593 2b, 15 10,470,181 118,362 Goodwill, net of accumulated amortisation of Rp 425,632 2007: Rp 36,684 2b, 16 9,128,419 1,225,532 Deferred exploration and development expenditure, net of accumulated amortisation of Rp 304,223 2007: Rp 258,857 2j, 11 97,651 86,828 Loans to related parties 38c - 4,498,016 Deferred financing costs, net - non-current portion 2n, 12 144,292 59,728 Deferred expenses, net - non-current portion 2o 5,370 12,590 Deferred tax assets 2q, 37e 43,824 36,823 Restricted cash and cash equivalents - non-current portion 2a, 6 11,036 11,236 Other non-current assets 30,577 52,202 Total non-current assets 25,863,371 9,691,011 TOTAL ASSETS 33,720,170 14,688,683 As restated refer to Note 4 Adaro Energy Annual Report 2008 www.adaro.com 127 Contact Us Governing Adaro Financial Report Corporate Social Responsibility PT ADARO ENERGY Tbk Schedule 12 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS AS AT 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, except for par value and share data The accompanying notes form an integral part of these consolidated financial statements Notes 2008 2007 CURRENT LIABILITIES Short-term borrowings: - Bank loans 19 876,000 447,045 - Other third party loans 20 - 191,677 Trade payables - Third parties 17 2,391,923 1,505,851 - Related parties 17, 38d 249,386 182,322 Taxes payable 2q, 37c 1,151,214 1,020,045 Accrued expenses 18 265,093 306,127 Current maturity of long-term borrowings: - Finance lease payables 2k, 22 334,810 125,728 - Bank loans 23 818,538 747,892 - Other third party loans 24 - 6,594 - Derivative liabilities 2s, 25 51,112 - Other current liabilities 7,051 1,237 Royalties payable 21 576,500 583,452 Total current liabilities 6,721,627 5,117,970 NON-CURRENT LIABILITIES Amounts due to related parties 38e 6,339 8,765 Long-term borrowings, net of current maturities: - Finance lease payables 2k, 22 683,651 243,036 - Bank loans 23 8,325,942 5,535,428 - Other loans: - Third parties 24 - 23,753 - Related parties 38f - 10,945 - Subordinated loan 26 - 94,190 - Derivative liabilities 2s, 25 157,633 - Deferred tax liabilities 2q, 37f 3,144,306 473,922 Provision for employee benefits 2p 56,657 50,195 Accrued stripping costs 2m, 27 596,391 421,522 Total non-current liabilities 12,970,919 6,861,756 MINORITY INTEREST 2b, 28a 18,379 558,403 EQUITY Share capital - authorised 80,000,000,000 shares 2007: 80,000,000,000 shares issued and fully paid 31,985,962,000 shares 2007: 20,624,780,000 shares with par value of Rp 100 2007: Rp 100 per share 29 3,198,596 2,062,478 Additional paid-in-capital 2v, 30 10,732,663 - Exchange difference due to financial statement translation 2c 39,926 18,696 Difference in value from restructuring transactions of entities under common control 2w, 31 191,843 325,119 Difference from equity changes in subsidiaries and associates 32 4,188 - Fair value reserve 196,426 2,946 Retained earningsaccumulated losses 422,141 258,685 Total equity 14,009,245 2,150,554 TOTAL LIABILITIES AND EQUITY 33,720,170 14,688,683 As restated refer to Note 4 128 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 2 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF INCOME FOR THE YEARS ENDED 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, except for basic earnings per share The accompanying notes form an integral part of these consolidated financial statements Notes 2008 2007 Revenue 2r, 34 18,092,502 11,592,640 Cost of revenue 2r, 35 13,149,270 9,089,223 Gross profit 4,943,232 2,503,417 Operating expenses Selling and marketing 2r, 36a 528,316 173,173 General and administration 2r, 36b 203,058 77,725 Total operating expenses 731,374 250,898 Operating income 4,211,858 2,252,519 Other incomeexpenses Interest expenses and finance charges 616,310 1,725,928 Interest income 47,933 610,722 Loss on disposal of fixed assets 2h, 13 3,059 1,489 Foreign exchange loss, net 2c 455,357 167,799 Share in net loss of associates 2f, 14 - 20,541 Gain from sales of subsidiaries 95,203 - Gain on sale of available-for-sale investments 2f, 7 48,798 - Amortisation of goodwill 2b, 16 360,233 32,027 Other expensesincome, net 44,129 31,568 1,287,154 1,305,494 Profit before income tax 2,924,704 947,025 Income tax expense 2q, 37d 1,601,976 656,927 Profit from ordinary activity 1,322,728 290,098 Extraordinary item, net of tax 44 372,741 - Profit before pre-acquisition income 949,987 290,098 Pre-acquisition income 126,390 38,048 Profit before minority interest 823,597 252,050 Minority interest in net lossincome of subsidiaries 2b, 28b 63,601 163,516 Net income 887,198 88,534 Basic earnings per share 2t, 39 35 62 As restated refer to Note 4 Ad a ro En e rg y An n u a l R e p o rt 2 8 w w w .a d a ro .co m 1 2 9 C o n ta ct U s G o ve rn in g Ad a ro F in a n c ia l R e p o rt C o rp o ra te So ci a l R e sp o n si b ilit y PT ADARO ENERGY Tbk Schedule 31 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated The accompanying notes form an integral part of these consolidated financial statements Difference in value from Exchange restructuring Difference difference transactions from equity due to of entities changes in Retained Additional financial under subsidiaries earnings Share paid-in- statement common and Fair value accumulated capital capital translation control associates reserve losses Total Balance at 1 January 2007 143,628 - 22,596 113,970 - - 38,448 196,554 Adjustments related to the implementation of Statement of Financial Accounting Standards No. 38 Revised 2004 in 2007 due to acquisition of PT Saptaindra Sejati “SIS”, PT Alam Tri Abadi “ATA” and PT Makmur Sejahtera Wisesa “MSW” - - - 259,833 - - 5,877 253,956 Adjustment to retained earnings related to amendments of the Annual Tax Return for Corporate Income Tax for 2004, 2005 and 2006 of PT Adaro Indonesia “Adaro” - - 9,161 242,404 - - 251,564 484,807 Balance at 1 January 2007 - restated 143,628 - 13,435 131,399 - - 295,889 34,297 Net income for the year - - - - - - 88,534 88,534 The Company’s share of net income of entities under common control acquired prior to restructuring transactions MSW, SIS and ATA - - - 61,541 - - 61,541 - Changes in equity of subsidiaries related to exchange difference due to financial statement translation - - 32,131 32,131 - - - 64,262 Changes in equity of subsidiaries related to difference in value from restructuring transactions of entities under common control due to disposal of PT Anugerah Buminusantara Abadi “ABA” - - - 3,365 1,831 - - 5,196 Changes in equity of subsidiaries related to unrealised gain from available-for-sale investments - - - 3,131 - 2,946 - 6,077 As restated refer to Note 4 1 3 Ad a ro En e rg y An n u a l R e p o rt 2 8 w w w .a d a ro .co m Ad a ro in Su mma ry F ro m U s to Y o u R u n n in g Ad a ro Ma n a g e me n t R e p o rt O w n in g Ad a ro PT ADARO ENERGY Tbk Schedule 32 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated The accompanying notes form an integral part of these consolidated financial statements Difference in value from Exchange restructuring Difference difference transactions from equity due to of entities changes in Retained Additional financial under subsidiaries earnings Share paid-in- statement common and Fair value accumulated capital capital translation control associates reserve losses Total Deficit in changes in equity of subsidiaries and associates charged to retained earnings - - - - 1,831 - 1,831 - Issuance of share capital 1,918,850 - - - - - - 1,918,850 Adjustment to retained earnings related to recognition of income from investment in PT Indonesia Bulk Terminal which was not recognised previously using the cost method - - - 12,042 - - 12,042 24,084 Disposal of subsidiaries to entities under common control - - - 107,467 - - - 107,467 Difference from equity changes in subsidiaries and associates - - - 190,023 - - - 190,023 Payments to acquire entities under common control - - - 209,250 - - - 209,250 Balance at 31 December 2007 - restated 2,062,478 - 18,696 325,119 - 2,946 258,685 2,150,554 Net income for the year - - - - - - 887,198 887,198 The Company’s share of net income of entities under common control acquired prior to restructuring transactions MSW, SIS and ATA - - - 24,049 - - 24,049 - Adjustment to retained earnings related to recognition of income from investment in Adaro by MEC Indo Coal B.V. and net loss from additional interests in Arindo Holdings Mauritius Ltd and Rachmalta Investment Ltd - - - 6,702 - - 184,154 190,856 Issuance of share capital 1,136,118 10,732,663 - - - - - 11,868,781 As restated refer to Note 4 Ad a ro En e rg y An n u a l R e p o rt 2 8 w w w .a d a ro .co m 1 3 1 C o n ta ct U s G o ve rn in g Ad a ro F in a n c ia l R e p o rt C o rp o ra te So ci a l R e sp o n si b ilit y PT ADARO ENERGY Tbk Schedule 33 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE YEARS ENDED 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated The accompanying notes form an integral part of these consolidated financial statements Difference in value from Exchange restructuring Difference difference transactions from equity due to of entities changes in Retained Additional financial under subsidiaries earnings Share paid-in- statement common and Fair value accumulated capital capital translation control associates reserve losses Total Reversal of difference in value from restructuring transactions of entities under common control due to loss of under common control status between transacting entities - - - 98,003 - - - 98,003 Changes in equity of subsidiaries related to exchange difference due to financial statement translation - - 21,230 4,747 - - - 16,483 Changes in equity of subsidiaries related to unrealised gain from available-for- sale investments and unrealised loss from cash flow hedges - - - 5,809 - 199,372 - 193,563 Difference from equity changes in subsidiaries and associates - - - 12,454,326 6,019 - - 12,460,345 Reversal of difference from equity changes in subsidiaries and associates which was previously charged to retained earnings - - - - 1,831 - 1,831 - Payments to acquire entities under common control - - - 12,891,694 - - - 12,891,694 Balance at 31 December 2008 3,198,596 10,732,663 39,926 191,843 4,188 196,426 422,141 14,009,245 132 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 4 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE YEARS ENDED 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated The accompanying notes form an integral part of these consolidated financial statements 2008 2007 Cash flows from operating activities Receipts from customers 17,468,809 11,523,125 Payments to suppliers 12,462,109 6,766,613 Payments to employees 458,178 305,958 Receipts of interest income 46,309 684,316 Payments of royalties 1,075,532 564,864 Payments of income taxes 1,625,751 671,208 Payments of interest and finance charges 606,757 908,094 Other receipts 38,917 - Net cash flows provided from operating activities before extraordinary item 1,325,708 2,990,704 Payments for demurrage 647,326 - Net cash flows provided from operating activities 678,382 2,990,704 Cash flows from investing activities Purchase of fixed assets 1,463,972 650,770 Proceeds from disposal of fixed assets 6,250 12,743 Payments for addition of available-for-sale investments - 1,728,106 Proceeds from redemption of available-for-sale investments 701,492 - Payments of deferred expenses - 68,345 Payments for addition of investments in associates - 82 Loans to related parties - 3,187,880 Receipts from repayment of loans to related parties 46,061 4,762,757 Net cash outflow from acquisition of subsidiaries 10,299,789 749,005 Net cash inflow from disposal of subsidiaries 20,000 163,769 Net cash flows used in investing activities 10,989,958 1,444,919 Cash flows from financing activities Receipts from related party loans - 27,000 Repayments of related party loans 473,412 60,219 Receipts from third party loans 245,350 301,068 Repayments of third party loans 447,564 499,182 Receipts from bank loans 3,438,993 6,299,800 Repayments of bank loans 3,007,249 5,056,064 Payments of finance charges 116,752 108,304 Repayments of Notes - 3,654,400 Payments of obligations under finance leases 200,763 122,365 Receipts from issuance of new shares, net of share issuance cost 12,253,265 1,920,050 Payments of finance charges on early settlement of Notes - 548,211 Payments for security deposits - 174 Net cash flows provided fromused in financing activities 11,691,868 1,501,001 Net increase in cash and cash equivalents 1,380,292 44,784 Cash and cash equivalents at the beginning of the year 831,840 758,453 Effect of exchange rate changes on cash and cash equivalents 203,721 28,603 Cash and cash equivalents at the end of the year refer to Note 5 2,415,853 831,840 Non-cash activities: Acquisition of assets under finance leases 722,255 263,542 Acquisition of subsidiary through issuance of new shares 22,185 - As restated refer to Note 4 Adaro Energy Annual Report 2008 www.adaro.com 133 Contact Us Governing Adaro Financial Report Corporate Social Responsibility PT ADARO ENERGY Tbk Schedule 51 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated

1. GENERAL

a. Establishment of the Company and other information

PT Padang Karunia the “Company” was established by Notarial Deed of Sukawaty Sumadi, S.H., Notary in Jakarta, No. 25, dated 28 July 2004. The Deed was published in the State Gazette of the Republic of Indonesia No. 59, dated 25 July 2006, State Gazette Supplementary No. 8036 and was approved by the Minister of Justice of the Republic of Indonesia in Decree No. C-21493 HT.01.01.TH.2004 dated 26 August 2004. The amendment was made to the Articles of Association of the Company based on Notarial Deed of Robert Purba, S.H., Notary in Jakarta, No. 62, dated 18 April 2008, in relation to approval to change the Company’s name from PT Padang Karunia to PT Adaro Energy, to change the Company’s status from private to public company, to issue 11,726,230,000 shares, at a maxim um, to be offered to the public through an Initial Public Offering “IPO”, to change the composition of the Company’s Boards of Commissioners and Directors, and to amend the Company’s Articles of Association to conform with the requirements of Indonesian Limited Company Law No.402007. The amendment of the Articles of Association was approved by the Minister of Law and Human Rights of the Republic of Indonesia in Decree No. AHU-20330.AH.01.02.Tahun 2008 dated 23 April 2008 and No. AHU-21258.AH.01.02.Tahun 2008 dated 25 April 2008. The latest amendment was made to the Articles of Association of the Company based on Notarial No. 65 dated 31 October 2008 of Humberg Lie, S.H., S.E., M.Kn., to conform with the requirements of the Regulations of the Capital Market and Financial Institution Supervisory Board No. IX.J.1 dated 14 May 2008 for Principles of Articles of Association of Companies which Conduct Public Offering of Equity Securities and Public Company. In July 2008, the Company conducted an IPO of 11,139,331,000 shares or 34.8 of 31,985,962,000 shares issued and fully paid. The shares offered to the public in the IPO were listed on the Indonesia Stock Exchange on 16 July 2008. The Company used the proceeds from the IPO to 1 increase the Company’s investment in ATA, whereby ATA would use the fund to buy 100 of shares, directly or indirectly, in Ariane Investments Mezzanine Pte Ltd “AIM”, Agalia Energy Investments Pte Ltd “Agalia” and Ariane Capital Singapore Pte Ltd “Ariane Capital” and to pay off a portion of the syndicated loan of Adaro and Coaltrade Services International Pte Ltd “Coaltrade”; 2 purchase shares in ATA owned by PT Persada Capital Investama “PCI” and PT Saratoga Investama Sedaya “SRIS”; 3 purchase shares in SIS owned by PCI, SRIS and PT Cipta Sejahtera Persada “CSP”; and 4 increase the investment in SIS, whereby the fund would be used to fund capital expenditure and working capital of SIS. In accordance with Article 3 of the Articles of Association, the Company is engaged in trading, services, industry, coal hauling, workshop activities, mining and construction. The Company’s subsidiaries are engaged in coal mining, coal trading, mining contractor services, infrastructure, coal logistics and power plant service. The Company commenced its commercial operations in July 2005. The Company’s head office is domiciled in Jakarta and located at Menara Karya Building, 23 rd floor, Jl. H.R. Rasuna Said Blok X-5, Kav. 1-2, South Jakarta. The Company’s Boards of Commissioners and Directors were as follows: 2008 President Commissioner : Edwin Soeryadjaya Vice President Commissioner : Theodore Permadi Rachmat Commissioners : Ir. Subianto Lim Soon Huat Independent Commissioners : Djoko Suyanto Ir. Palgunadi Tatit Setyawan President Director : Garibaldi Thohir Vice President Director : Christian Ariano Rachmat Directors : Sandiaga Salahuddin Uno Andre Johannes Mamuaya David Tendian Chia Ah Hoo Alastair Bruce Grant 134 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 52 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated

1. GENERAL continued

a. Establishment of the Company and other information continued

2007 President Commissioner : Edwin Soeryadjaya Commissioners : Theodore Permadi Rachmat Ir. Subianto President Director : Garibaldi Thohir Directors : Christian Ariano Rachmat Sandiaga Salahuddin Uno Andre Johannes Mamuaya The composition of the Company’s Audit Committee as at the date of these consolidated financial statements was as follows: Chairman : Ir. Palgunadi Tatit Setyawan Members : Prof. Dr. Ir. Irwandy Arif, MSc Mamat Ma’mun, SE. The Boards of Commissioners and Directors of the Company and its subsidiaries collectively hereinafter referred to as the “Group” received remuneration amounting to Rp 28,041 for the year ended 31 December 2008 2007: Rp 14,500. As at 31 December 2008, the Group had 4,229 employees 2007: 3,269 employees unaudited.

b. Subsidiaries

The Company has direct and indirect ownerships in the following subsidiaries: Commencement Total assets Business of commercial Year of Percentage of in million Rupiah, Subsidiaries activity Domicile operations acquisition ownership before elimination 2008 2007 2008 2007 Direct PT Alam Tri Abadi Trading and Indonesia 2007 2005 100 50 29,043,949 11,767,296 “ATA” a service PT Saptaindra Mining services Indonesia 2002 2005 86 72 4,390,1 90 2,964,865 Sejati “SIS” a PT Makmur Trading and Indonesia - 2005 100 45 371,268 43,501 Sejahtera power plant Wisesa service “MSW” Indirect PT Satya Mandiri Service Indonesia 2006 2006 86 72 52,660 52,794 Persada “SMP” PT Adaro Indonesia Mining Indonesia 1992 2005 100 33 14,072,445 10,487,595 “Adaro” a PT Dianlia Mining services Indonesia 1995 2005 100 50 126,741 131,238 Setyamukti “Dianlia” Revere Group Ltd Investment British Virgin - 2006 - 50 - 108,591 “Revere” b Island s Decimal Investment British Virgin - 2006 - 50 - 113,533 Investments Island s Ltd “Decimal” b PT Jasapower Trading Indonesia - 2007 100 50 1,096,884 1,510,735 Indonesia “JPI” Adaro Finance B.V. Service Netherlands 2005 2005 100 33 12,914 13,437 “Adaro Finance” Saluno Investments Investment Singapore - 2006 - 50 - 108,591 Pte Ltd “SI” b Rachsing Holdings Investment Singapore - 2006 - 50 - 108,591 Pte Ltd “RH” b Adaro Energy Annual Report 2008 www.adaro.com 135 Contact Us Governing Adaro Financial Report Corporate Social Responsibility PT ADARO ENERGY Tbk Schedule 53 FORMERLY PT PADANG KARUNIA AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DECEMBER 2008 AND 2007 Expressed in million Rupiah, unless otherwise stated

1. GENERAL continued

b. Subsidiaries continued

Commencement Total assets Business of commercial Year of Percentage of in million Rupiah, Subsidiaries activity Domici le operations acquisition ownership before elimination 2008 2007 2008 2007 PT Biscayne Investment Indonesia - 2006 100 32 940,681 814,832 Investments “Biscayne” a PT Indonesia Bulk Coal handling Indonesia 1997 2006 100 34 1,934,580 1,658,782 Terminal “IBT” Rach Mauritius Investment Mauritius - 2006 100 50 170 - Ltd “Rach M” Rachpore Investment Singapore - 2006 100 50 2 44,821 4,942 Investments Pte Ltd “Rachpore” a Ari ndo Holdings Investment Mauritius - 2006 100 16 4,942,990 4,397,386 Mauritius Ltd “Arindo Holdings” a Vindoor Investment Mauritius - 2006 100 16 2,557,009 2,302,441 Investments Mauritius Ltd “Vindoor a Coaltrade Services Coal trading Singapore 2001 2006 100 16 2,556,820 2,302,264 International Pte Ltd “Coaltrade” Arindo Global Service Netherlands - 2006 67 17 14,488 10,177 Netherland B.V. “Arindo Global” PT Viscaya Investment Indonesia - 2008 100 - 2,070 ,832 - Investments “Viscaya” a Ariane Investments Investment Australia - 2008 100 - 45,865 - Pty Ltd a Indonesia Coal Investment Australia - 2008 100 - 45,865 - Pty Ltd Rachmalta Investment Malta - 2006 100 25 74,014 109,547 Investment Ltd “Rachmalta” MEC Indo Coal Investment Netherlands - 2006 100 25 73,766 109,547 B.V. “MEC” PT Sarana Daya Service Indonesia 2009 2008 51 - 460,225 - Mandiri “SDM” Ariane Investments Investment Singapore - 2008 - - - - Mezzanine Pte Ltd “AIM” b Ariane Capital Investment Singapore - 2008 - - - - Singapore Pte Ltd dahulu formerly Kerry Coal Singapore Pte Ltd “Ariane Capital” b Agalia Energy Investment Singapore - 2008 - - - - Investment Pte Ltd “Agalia” b a and subsidiaries b liquidated and investments in Biscayne, Viscaya, Rach M, Rachpore, Arindo Holdings and Arindo Global of 100, 100, 100, 100, 0.3 and 67, respectively, were transferred to ATA. Hence, there were no changes in the Group’s ownership in Adaro, IBT and Coaltrade. Revere, Decimal, SI, RH, AIM, Ariane Capital and Agalia were liquidated in October 2008.