NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
31
4. CASH AND CASH EQUIVALENTS continued
2012
2011
Time deposits Rupiah
PT Bank Mega Tbk -
500,000 PT Bank Mandiri persero Tbk
305,794,878 297,931,190
PT Bank CIMB Niaga Tbk 127,040,196
172,387,626 PT Bank Permata Tbk
254,381,828 139,283,418
PT Bank OCBC NISP Tbk 30,494,068
57,606,511 PT Bank ICBC Indonesia
123,152,164 100,852,136
PT UOB Indonesia Tbk 203,870,130
92,806,757 PT Bank Central Asia Tbk
39,678,587 31,845,228
PT Bank Tabungan Negara persero Tbk 24,400,000
13,700,000 PT Bank Commonwealth
1,859,346 3,084,586
PT Bank Internasional Indonesia Tbk -
5,500,000 PT Bank ICB Bumiputra Tbk
10,997,758 10,764,675
PT Bank Bumi Arta Tbk 2,786,202
2,750,000 PT Bank Capital Indonesia Tbk
9,465,755 7,332,032
PT Bank Pan Indonesia Tbk 25,450,000
- PT Bank Resona Perdania
1,144,844 1,125,454
PT Bank Negara Indonesia persero Tbk 18,000,000
5,000,000 PT Bank Mayora
25,415,291 24,912,300
PT Standard Chartered Bank 563,788
-
United States dollar
PT Bank Central Asia 6,404,040
6,115,509 PT Bank Resona Perdania
2,678,640 2,560,912
PT Bank ANZ Indonesia -
9,068,000
European euro
PT Bank Resona Perdania 3,716,663
3,693,970 PT Bank ANZ Indonesia
1,183,514 1,176,834
Total time deposits 1,218,477,692
989,997,138 Total cash and cash equivalents
1,903,610,716 1,495,900,816
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
32
4. CASH AND CASH EQUIVALENTS continued
Ranges of annual interest rates of time deposits are as follows:
2012
2011
Rupiah 4.25 - 7.00
5.00 - 8.50 United States dollar
0.15 - 0.75 0.15 - 0.40
European euro 0.20
0.20-0.40 Cash on hand including cash in transit is covered by insurance against theft and other risks with PT
Asuransi Allianz Indonesia and PT Asuransi Indrapura, all third parties, with total coverage of Rp40,355,000 in 2012 and 2011, respectively. The Company and Subsidiaries’ management is of the opinion that the
coverage is adequate to cover possible losses arising from such risks.
Certain deposit accounts in PT Bank Central Asia Tbk BCA owned by the Company, SH, KSO Summarecon Serpong and LMD are restricted as to their use, being maintained as escrow accounts for the
loans obtained from the same bank Note 15. These escrow accounts are presented as part of Other Assets Note 14.
5. INVESTMENTS IN ASSOCIATED AND OTHER COMPANIES
This account consists of the following:
2012
Investee Percentage
of ownership
Cost Losses in equity
of associated companies
Carrying value 30 June 2012
Associated Companies PT Swaraeka Prasetia
25.33 7,600,000
7,600,000 - PT Sukmapersada Nusa
50.00 13,000
13,000 -
Total investment in associated company 7,613,000
7,613,000 -
Other Companies PT Jakartabaru Cosmopolitan
1.00 3,536,261
PT Graha REI Property 2.89
100,000 PT Daksawira Perdana
6.25 62,500
Total investment in other company 3,698,761
Total 3,698,761
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
33
2011
Investee Percentage
of ownership
Cost Losses in equity
of associated companies
Carrying value 31 December
2011
Associated Companies
PT Swaraeka
Prasetia 25.33
7,600,000 7,600,000 -
PT Sukmapersada Nusa 50.00
13,000 13,000
-
Total investment in associated company 7,613,000
7,613,000 -
Other Companies
PT Jakartabaru Cosmopolitan 1.00
3,536,261 PT Graha REI Property
2.89 100,000
PT Daksawira Perdana 6.25
62,500
Total investment in other company 3,698,761
Total 3,698,761
In October 2011, the Company acquired 59,999 additional shares of MLP for Rp59,999, with nominal amount of Rp1,000 full amount, increasing the percentage of ownership of the Company from 40,00000
to 99,99900. The fair value of the net identifiable assets of MLP at the time of acquisition amounted to Rp91,663. The
related excess of the cost of investment over the underlying fair value of the net identifiable assets in relation to the acquisition amounting to Rp5,002 was charged to 2011 operations as the amount is
immaterial.
In 2011, the Company acquired additional 79,99999 ownership in PT Anugrah Damai Abadi ADA through the purchase of share ownership from a third party for a total acquisition cost of Rp1,003,999, which
increased the Company’s ownership in ADA from 20,00000 in 2010 to become 99,99992 in 2011.
The fair value of the net identifiable assets of ADA at the time of acquisition amounted to Rp921,772. The related excess of the cost of investment over the underlying fair value of the net identifiable assets in
relation to the acquisition amounting to Rp266,582 was charged to 2011 operations as the amount is immaterial.
The above investees are domiciled in Indonesia and are involved in property development except for ADA which is involved in food and beverages retail sales.
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS As of 30 June 2012 unaudited and 31 December 2011 audited and
For the period of six months ended 30 June 2012 and 2011 unaudited
Expressed in thousand of rupiah, unless otherwise stated
34
6. TRADE RECEIVABLES
The details of trade receivables are as follows:
2012 2011 Related parties Note 33
Sale of offices 1,078,182
8,886,569 Sale of landplots
39,872 1,366,364
Third parties
Sale of apartment units 612,325
1,414,623 Sale of houses, shops and landplots
21,016,331 10,875,927
Rental of retail and commercial investment properties 18,813,175
5,171,417 Hotel services
2,019,670 1,236,633
Rental of residential and office investment properties 2,928,989
3,836,790 Monthly membership fees in sports club
844,249 1,638,794
Total trade receivables 47,352,793
34,427,117
The aging analysis of trade receivables is presented below:
2012 2011
Current 24,234,977 20,324,655
Overdue: 1 to 30 days
15,991,456 7,890,341
31 to 60 days 2,388,369
2,781,350 61 to 90 days
2,278,032 1,080,533
Over 90 days 2,459,959
2,350,238
Total trade receivables 47,352,793
34,427,117
As of 30 June 2012 and 31 December 2011, trade receivables amounting to Rp2,912,938,- and Rp8,535,523, respectively, are pledged as collateral for loans payable to BCA Note 15.
Based on a review of the status of the individual trade receivables at the end of the year, the Company and Subsidiaries’ management believes that all of the trade receivables are fully collectible.
7. OTHER RECEIVABLES
This account consists of receivables from :
2012 2011
Mantolli International
Corporation, Republik Mauritius
29,986,781 29,986,781
Perhimpunan Penghuni Rumah Susun Hunian -
82,781 Others
15,242,882 10,021,011
Total other receivables 45,229,663
40,090,573
