PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
40
9. FIXED ASSETS CONTINUED
December 31, 2016 Balance as of
January 1, 2016 Additions
Deductions Reclass
Balance as of December 31,
2016 Mutation 2016 continued
Accumulated depreciation continued
Under finance lease - Vehicle
152,324 -
- 152,324
- Total accumulated
depreciation 409,340,707
95,612,995 2,753,299
2,284,100 504,484,503
Net book value 420,472,052
451,343,312
Depreciation was charged to the following:
June 30, 2017 June 30, 2016
General an administrative expenses Note 28 47,324,216
41,853,324 Cost of sales and direct costs
4,522,953 5,353,342
Total 51,847,169
47,206,666
The details of sales of fixed assets are as follows:
June 30, 2017 June 30, 2016
Cost 5,582,682
1,560,397 Accumulated depreciation
5,213,165 1,028,921
Net book value 369,517
531,476 Selling price
876,256 929,174
Gain on sales of fixed assets - net 506,739
397,698
As of June 30, 2017, the Company disposed certain of its fixed assets with net book value of Rp1,480,229 2016: Rp431,751.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
41
9. FIXED ASSETS CONTINUED
The details of construction in progress are as follows:
June 30, 2017 December 31, 2016
Total Percentage
of commpletion
Total Percentage
of commpletion
Bandung Multipurpose Building 2,322,932
86.00 1,764,132
75.00 Karawang Main Monument
- -
2,716,632 44.00
Others 8,578,218
5,095,338 -
Total construction in progress 10,901,150
9,576,102 Below are the estimated completion dates for the construction in progress as of June 30, 2017:
Estimated Completion Dates
Bandung Multipurpose Building July 2017
The percentages of completion of the construction in progress are based on the actual expenditures incurred compared to the total budgeted project cost.
As of June 30, 2017 and December 31, 2016, the reclassification from construction in progress to fixed assets amounting to Rp2,700,876 and Rp32,382,437, respectively.
As of June 30, 2017 and December 31, 2016
,
the reclassifications of fixed assets with net book value amounting to Rp1,119,225 and Rp97,706, respectively, to investment properties was due to the change in management’s intention on
the use of the related assets Note 10. As of June 30, 2017 and December 31, 2016, the reclassification of fixed assets with net book value amounting to
Rp172,000 and Rp49,121,751, respectively, from investment properties was due to the change in management’s intention on the use of the related assets Note 10.
As of June 30, 2017 and December 31, 2016, the reclassification from fixed assets with net book value amounting to Rp2,111,335 and RpNil to inventories was due to the change in management’s intention on the use of the related assets.
Note 6.
As of June 30, 2017, fixed assets, except land, are covered by insurance against fire, flood and other risks all-risks under blanket policies with several companies, including PT Asuransi Allianz Utama Indonesia, PT AIG Insurance
Indonesia, PT Asuransi Central Asia, PT KSK Insurance Indonesia and PT Asuransi Asoka Mas, all third parties, for US25,972,559 and Rp199,172,398.
As of June 30, 2017, fixed assets with net book value Rp54,263,218 2016: Rp48,700,460 are used as collateral for the loans from banks and financing institutions Note 12.
The fair value of the fixed assets as of June 30, 2017 amounting to Rp798,490,000 was determined by independent appraisers KJPP Hendra Gunawan and Partners in its report dated May 23, 2014.
Based on the Group’s assessments, there were no events or changes in circumstances which indicated an impairment in the value of fixed assets as of June 30, 2017.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2017 and for the Six-Month Periods Then Ended Expressed in thousands of Indonesian Rupiah, unless otherwise stated
42
10. INVESTMENT PROPERTIES
