INVESTASI PADA EFEK INVESTMENTS IN MARKETABLE SECURITIES

Ekshibit E53 Exhibit E53 PT BAKRIE SUMATERA PLANTATIONS Tbk PT BAKRIE SUMATERA PLANTATIONS Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2011 DAN 2010 31 DECEMBER 2011 AND 2010 Dengan Perbandingan 1 Januari 2010 31 Desember 2009 With Comparative 1 January 2010 31 December 2009 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Expressed in thousands of Rupiah, unless otherwise stated 6. PIUTANG USAHA Lanjutan 6. TRADE RECEIVABLES Continued a. Pihak ketiga Lanjutan a. Third parties Continued Rincian umur piutang usaha kepada pihak ketiga adalah sebagai berikut: The details of aging schedule of trade receivables from third parties were as follows: 2011 2010 2009 Sampai dengan 30 hari 193.045.260 65.216.207 57.916.017 Up to 30 days 31 hari sampai 60 hari 75.864.525 20.322.032 13.102.303 31 days to 60 days 61 hari sampai 90 hari 86.696.977 14.803.020 1.676.698 61 days to 90 days Lebih dari 90 hari 159.904.367 107.608.334 73.838.445 Over than 90 days T o t a l 515.511.129 207.949.593 146.533.463 T o t a l Dikurangi penyisihan Less allowance for impairment kerugian penurunan nilai 5.862.368 3.378.644 3.378.644 losses N e t o 509.648.761 204.570.949 143.154.819 N e t Mutasi penyisihan kerugian penurunan nilai atas piutang usaha - pihak ketiga adalah sebagai berikut: Movements of allowance for impairment losses of trade receivables – third parties were as follows: 2011 2010 2009 Saldo awal 3.378.644 3.378.644 3.378.644 Beginning balance Penambahan penyisihan Additional allowance during pada periode berjalan 2.483.724 - - the period Saldo akhir 5.862.368 3.378.644 3.378.644 Ending balance Manajemen Perusahaan dan Entitas Anak berpendapat bahwa penyisihan kerugian penurunan nilai tersebut cukup untuk menutupi kemungkinan kerugian atas tidak tertagihnya piutang usaha tersebut. The management of the Company and Subsidiaries believe that the allowance for impairment losses is adequate to cover possible losses from non-collectibility of the trade receivables. Pada tanggal 31 Desember 2011, seluruh piutang usaha dan piutang pihak berelasi Perusahaan dan Entitas Anak yang terdiri dari HIM, AM, BPP, AGW, AMM, GLP, GIN, dan MIB sebesar Rp 954,86 miliar digunakan sebagai jaminan atas utang dari Credit Suisse Cabang Singapura dengan fasilitas sampai dengan USD 250 juta. As of 31 December 2011, all trade receivables and due from of the Company and Subsidiaries consisting of HIM, AM, BPP, AGW, AMM, GLP, GIN, and MIB amounting to Rp 954.86 billion were pledged as collateral for debt from Credit Suisse, Singapore Branch with facilities up to USD 250 million. Pada tanggal 31 Desember 2011 dan 2010, seluruh piutang usaha Perusahaan dan Entitas Anak kecuali SNP, GLP, GIN, NAM dan BRBE, dengan nilai buku masing- masing sebesar Rp 146,06 miliar dan Rp 105,23 miliar, digunakan sebagai jaminan atas utang obligasi - Senior Notes yang diterbitkan BSP Finance B.V., Entitas Anak Catatan 24. As of 31 December 2011 and 2010, all trade receivables of the Company and Subsidiaries except for SNP, GLP, GIN, NAM and BRBE, with carrying value amounting to Rp 146.06 billion and Rp 105.23 billion, respectively, were pledged as collateral for bonds payable - Senior Notes issued by BSP Finance B.V., a Subsidiary Note 24. Pada tanggal 31 Desember 2010 dan 2009, seluruh piutang usaha GLP dan GIN digunakan sebagai jaminan atas utang bank jangka pendek dan pinjaman jangka panjang yang diperoleh dari Raiffeisen Bank International AG “RBI – Austria”, Cabang Singapura dahulu Raiffeisen Zentralbank Osterreich AG, Catatan 17 dan 22 dan piutang usaha NAM atas utang PT Bank CIMB Niaga Tbk Catatan 22. As of 31 December 2010 and 2009, all trade receivables of GLP and GIN were pledged as collateral for short-term bank loan and long-term loans obtained from Raiffeisen Bank International AG “RBI – Austria”, Singapore Branch formerly Raiffeisen Zentralbank Osterreich AG, Notes 17 and 22 and all receivables of NAM for loan obtained from PT Bank CIMB Niaga Tbk Note 22. Pada tanggal 31 Desember 2011 dan 2010, piutang usaha DAIP, DSIP dan FSC digunakan sebagai jaminan atas pinjaman jangka panjang yang diperoleh dari PT Bank Mandiri Persero Tbk Catatan 22. As of 31 December 2011 and 2010, trade receivables of DAIP, DSIP and FSC were pledged as collateral for long-term loans obtained from PT Bank Mandiri Persero Tbk Note 22. Ekshibit E54 Exhibit E54 PT BAKRIE SUMATERA PLANTATIONS Tbk PT BAKRIE SUMATERA PLANTATIONS Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2011 DAN 2010 31 DECEMBER 2011 AND 2010 Dengan Perbandingan 1 Januari 2010 31 Desember 2009 With Comparative 1 January 2010 31 December 2009 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Expressed in thousands of Rupiah, unless otherwise stated 6. PIUTANG USAHA Lanjutan 6. TRADE RECEIVABLES Continued b. Pihak berelasi Catatan 34a b. Related party Note 34a 2011 2010 2009 Dolar Amerika Serikat United States Dollar PT Bakrie Rubber Industry 24.000.000 24.000.000 24.000.000 PT Bakrie Rubber Industry Dikurangi penyisihan Less allowance for kerugian penurunan nilai 24.000.000 24.000.000 24.000.000 impairment losses N e t o - - - N e t Pada tanggal 31 Desember 2011, 2010 dan 2009, piutang usaha pihak berelasi memiliki umur piutang lebih dari 90 hari. As of 31 December 2011, 2010 and 2009, the aging of trade receivables from related party was more than 90 days. Tidak ada mutasi penyisihan kerugian penurunan nilai atas piutang usaha – pihak berelasi. There were no movements in the allowance for impairment losses of trade receivables – related party. 7. PERSEDIAAN 7. INVENTORIES Akun ini terdiri dari: This account consists of: 2011 2010 2009 Bahan baku Raw materials Oleo 4.421.982 14.034.566 - Oleo Karet 5.277.939 4.756.338 833.168 Rubber Tandan buah segar 849.060 1.111.226 5.597.175 Fresh fruit bunches Sub-total 10.548.981 19.902.130 6.430.343 Sub-total Barang dalam proses Work-in-process Oleo 21.149.529 22.100.582 - Oleo Karet 5.037.450 9.512.459 5.823.802 Rubber Minyak kelapa sawit - 1.863.233 - Crude palm oil Inti kelapa sawit - 242.718 - Palm kernel Sub-total 26.186.979 33.718.992 5.823.802 Sub-total Barang jadi Finished goods Oleo 34.169.362 29.481.017 - Oleo Karet 19.047.570 16.285.336 38.656.611 Rubber Minyak kelapa sawit 13.026.092 14.935.644 7.781.866 Crude palm oil Inti kelapa sawit 5.600.434 5.649.614 3.531.727 Palm kernel Sub-total 71.843.458 66.351.611 49.970.204 Sub-total Bibit tanaman Seedlings Kelapa sawit 16.625.602 17.446.314 6.138.988 Oil palm Karet 7.466.847 7.522.242 8.601.774 Rubber Sub-total 24.092.449 24.968.556 14.740.762 Sub-total Bahan pembantu Materials and supplies Pupuk dan bahan kimia 27.650.305 27.645.654 19.134.244 Fertilizers and chemicals Suku cadang dan perlengkapan 57.920.569 27.689.276 12.889.631 Spare-parts and supplies Sub-total 85.570.874 55.334.930 32.023.875 Sub-total T o t a l 218.242.741 200.276.219 108.988.986 T o t a l Dikurangi penyisihan persediaan Less allowance for inventory usang 1.721.936 203.099 203.099 obsolescence N e t o 216.520.805 200.073.120 108.785.887 N e t Pada tanggal 31 Desember 2011 dan 2010, persediaan DAIP, DSIP dan FSC digunakan sebagai jaminan atas pinjaman jangka panjang yang diperoleh dari PT Bank Mandiri Persero Tbk Catatan 22. As of 31 December 2011 and 2010, inventories of DAIP, DSIP and FSC were pledged as collateral for long-term loans obtained from PT Bank Mandiri Persero Tbk Note 22.