87
The Company fully believes that to oversee its operations and secure its wealth, an internal control system is required as a tool. The Company’s internal control system comprises the relevant risk
management policies and procedures to effectively perform the control function while minimizing the risks that may arise.
The Company has conducted various supervisory activities, both strategic and routine, in accordance with the Annual Work Program “PKPT”, including:
• Preparation of Self Assessment Guidelines for Good Corporate Governance GCG implementation,
and implementation of its self assessment. •
Preparation of Risk Based Audit Guidelines. •
Tasking external auditors as counterparties in internal control activities. •
Monitoring the follow-up of audit findings by the internal control staff and the external auditor public accounting firm.
• Improving the quality of the internal control system’s staff through education, seminars and
workshops. •
Maintaining the independence of the internal control system, which reports directly to the Directors. There can be no assurance that this internal control system will reduce risk of fraud or other risks.
However, the Company is committed to continuously improving its internal control system.
10. Description of Direct Subsidiaries and Indirect Subsidiary
As of the date of this Prospectus, the Company has direct and indirect ownerships in seven Subsidiaries and one Indirect Subsidiary as follows:
A.
Description of Direct Subsidiaries
As of the date of this Prospectus, the Company has seven Direct Subsidiaries, in which it has more than 50.0 shareholding. These include:
No. Subsidiary
Line of Business Percentage of
Ownership Year of
Initial Investment
Location of Operations
Operational Information
1. Intertrend
Industry and trade of industrial products
99.0 direct ownership by the
Company 2012
Sidoardjo, East Java
Operating 2.
Interkraft Trade, construction,
mining, industry, agriculture,
transportation, printing and service
99.0 direct ownership by the
Company 2012
Sidoardjo, East Java
Operating
3. Interkayu
Service 80.0 direct
ownership by the Company
2015 Sidoardjo,
East Java Operating
4. Belayan
Forestry, industry, trade, import and
agency 99.0 direct
ownership by the Company
2012 Samarinda,
East Kalimantan
Operating 5.
Narkata Forestry, industry,
trade, import and agency
99.0 direct ownership by the
Company 2011
Samarinda, East
Kalimantan Operating
6. Intera
Industry, service, trade, construction,
transportation, agriculture, animal
99.0 direct ownership by the
Company 2012
Sidoardjo, East Java
Operating
88
No. Subsidiary
Line of Business Percentage of
Ownership Year of
Initial Investment
Location of Operations
Operational Information
husbandry, fisheries, plantation, forestry and
mining. 7.
Integriya Trade and service
99.0 direct ownership by the
Company 2013
Sidoardjo, East Java
Operating
The following sets out the contributions of each Direct Subsidiary in relation to income, profit before tax, total assets and total liabilities from the consolidated financial statements of the Company for the year
ended on December 31, 2016 as follows:
in Rupiah
Name of Company Contribution to
Revenue Contribution to
Profit Loss Before Tax
Contribution to Total Assets
Contribution to Total Liabilities
The Company 721,991,285,692
226,082,727,426 1,748,598,784,324
715,964,754,853 Intertrend
268,280,536,674 33,617,011,508
643,789,530,229 310,904,984,135
Interkraft 128,376,213,013
7,085,070,404 551,351,273,799
282,929,357,109 Interkayu
77,000,321,155 2,242,692,473
75,866,792,817 44,449,499,492
Belayan 185,006,814,595
8,447,098,068 322,969,591,993
240,180,865,944 Narkata
61,344,043,338 11,938,939,766
123,485,183,728 68,490,816,246
Intera 136,741,268,362
34,712,415,959 171,087,267,570
113,015,861,751 Integriya
36,204,535,529 11,752,835,055
105,934,757,320 96,351,811,009
Elimination 291,556,039,319
112,806,511,081 661,208,971,285
220,446,721,870
Total Consolidated Amount 1,323,388,979,039
195,081,224,522 3,081,874,210,495
1,651,841,228,669
A1. Intertrend
Establishment and Business Activities
Intertrend, domiciled in Sidoarjo Regency, is a limited liability company established in the Republic of Indonesia. Intertrend was established under the Deed of Limited Liability Company Intertrend No. 04
dated March 4, 1993, as subsequently revised by the Deed No. 52 dated July 27, 1995, and Deed No. 49 dated January 23, 1996, drawn up before Ida Yudayati, S.H., a Notary in Sidoarjo. The
aforementioned deeds were approved by the Minister of Justice of the Republic of Indonesia under Decree No. 02-5.886.HT.01.01.TH.96 dated March 6, 1996, registered in the registry of Surabaya District
Court Administration Office under No. 12221996, Administrator of Surabaya District Court dated July 30, 1996.
Intertrend’s Articles of Association has been amended several times, and the most recent amendment was made based on the Deed of Meeting Resolutions No. 8 dated September 2, 2016, drawn up before
Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency. The deed was approved and reported to the MoLHR and registered in the Legal Entity Administration System database of the Ministry of Law
and Human Rights under i Letter of Approval on Amendment to Intertrend’s Articles of Association No. AHU-0016497.AH.01.02.Tahun 2016 dated September 14, 2016, and registered in the Company
Register in accordance with the Companies Law under No. AHU-0106811.AH.01.11.Tahun 2016 dated September 14, 2016, and ii the Receipt of Notification of Amendment to Articles of Association No.
AHU-AH.01.03-0079734 dated September 14, 2016, the Intertrend’s Articles of Association.
Intertrend is domiciled at Jl. Industri No. 28, RT 010 RW 003, Sukorejo Village, Buduran District, Sidoarjo Regency, East Java.
89
The aims and objectives of Intertrend as set out in the Deed of Minutes of Extraordinary General Meeting of Shareholders of the Limited Liability Company Intertrend No. 10 dated March 10, 2008, drawn up
before Choiriyah, S.H., a Notary in Sidoarjo, approved by the MoLHR and registered in the Legal Entity Administration System database of the Ministry of Law and Human Rights under the Letter of Approval
on Amendment to Intertrend’s Articles of Association AHU-24133.AH.01.02.Tahun 2008 and registered in the Company Register in accordance with the Companies Law under No. AHU-0035344.AH.01.09
Tahun 2008 dated May 9, 2008, are to engage in industrial activities and trade of industrial products. To achieve the aforementioned aims and objectives, Intertrend may carry out the following business
activities:
a. Operate a company engaged in industrial activities, by incorporating and operating the furniture
industry business; and b.
Trade the industrial products referred to above, both in the domestic and international markets through export, and other business activities related to the business activities referred to above.
Intertrend’s current business activities focus on the production of wood-based furniture and other wood- based building component products with market focus on in the US and countries in the EU such as
Germany, France and Netherlands.
Management and Supervision
Pursuant to Intertrend’s Articles of Association, the composition of the Board of Commissioners and Board of Directors of Intertrend are as follows:
Board of Commissioners Commissioner
: Halim Rusli
Directors President Director
: Meity Lin-lin Director
: Widjaja Karli
Capital Structure and Shareholder Composition
Based on Intertrend’s Articles of Association, its capital structure and shareholder composition are as follows:
Description Nominal Value Rp1.000.000.- per share
Percentage of Ownership
Number of Shares
Total Nominal Value Rp Authorized Capital
155,006 155,006,000,000
Issued and Fully paid-in capital
The Company 154,096
154,096,000,000 99.42
PT Duta Emerald Utama 910
910,000,000 0.58
Issued and Fully paid-in capital 155,006
155,006,000,000 100
Total Shares in Portfolio -
-
Key Financial Highlights
The following table presents Intertrend’s key financial highlights derived from Intertrend’s financial statements as of and for the years ended on December 31, 2016, 2015 and 2014.
Intertrend’s consolidated financial statements as of December 31, 2016, 2015, and 2014, and for the years ended on those dates were audited by Teramihardja, Pradhono Chandra, Registered Public
90
Accountans, an independent auditor, based on the auditing standards set out by Indonesian Institute of Public Accountant the IAPI. The auditor’s report dated April 28, 2017, which was unmodified and
signed by Agustina Felisa, with an emphasis of matter in relation to the change in the functional currency of the Company and certain Subsidiaries from USD to IDR.
In Rupiah
Description December 31
2014 2015
2016 Statements of Financial Position
Current Assets 204,545,854,980
256,140,861,752 304,008,771,450
Non-Current Assets 105,824,741,280
137,540,081,575 339,780,758,779
Total Assets 310,370,596,260
393,680,943,327 643,789,530,229
Current Liabilities 171,455,971,487
222,012,368,521 264,509,814,883
Non-Current Liabilities 12,249,962,088
13,450,833,567 46,395,169,252
Total Liabilities 183,705,933,575
235,463,202,088 310,904,984,135
Share Capital 35,000,000,000
55,000,000,000 155,006,000,000
Additional Paid-in Capital 20,000,000,000
- -
Revaluation Surplus of Fixed Assets - net 35,615,727,069
29,739,826,595 115,574,793,802
Exchange Difference Due to Translation of Financial Statements
15,137,118,402 34,619,020,345
34,619,020,345 Retained Earnings
20,911,817,214 38,858,894,299
27,684,731,947
Total Equity 126,664,662,685
158,217,741,239 332,884,546,094
Total Liabilities and Equity 310,370,596,260
393,680,943,327 643,789,530,229
a. Non-Current Assets December 31, 2016 compared to December 31, 2015
Intertrend’s total non-current assets as of December 31, 2016 increased by 147.0, or Rp202,240,677,204, from Rp137,540,081,575 as of December 31, 2015 to Rp339,780,758,779. The
increase was mainly due to the revaluation of fixed assets conducted by Intertrend.
b. Total Assets December 31, 2016 compared to December 31, 2015
Intertrend’s total assets as of December 31, 2016 increased by 63.5 or Rp250,108,585,902, from Rp393,6980,943,327 as of December 31, 2015 to Rp643,789,530,229. The increase was mainly due to
the revaluation of fixed assets conducted by Intertrend and an increase in advances for purchase of fixed assets.
c. Non-Current Liabilities December 31, 2016 compared to December 31, 2015
Intertrend’s total non-current liabilities as of December 31, 2016 increased by 244.9 or Rp32,944,355,685, from Rp13,450,833,567 as of December 31, 2015 to Rp46,395,169,252. The
increase was mainly due to an increase in deferred tax liabilities arising from revaluation of fixed assets.
d. Total Liabilities December 31, 2016 compared to December 31, 2015
91
Intertrend’s total liabilities as of December 31, 2016 increased by 32.0 or Rp75,441,782,047, from Rp235,463,202,088 as of December 31, 2015 to Rp310,904,984,135. The increase was mainly due to
the revaluation of fixed assets conducted by Intertrend, an increase in lease payables and an increase in bank loans, which were in line with Intertrend’s growing operational activities.
e. Total Equity December 31, 2016 compared to December 31, 2015
Intertrend’s total equity as of December 31, 2016 increased by 110.4 or Rp174,666,804,855, from Rp158,217,741,329 as of December 31, 2015 to Rp332,884,546,094. The increase was mainly due to
additional paid-in capital from Intertrend’s shareholders and the revaluation of fixed assets conducted by Intertrend in 2016.
In Rupiah
Description For the year ended on December 31
2014 2015
2016 STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
Net Sales 167,298,304,160
248,524,196,112 268,280,536,674
Gross Profit 30,848,733,896
63,586,153,440 80,157,562,138
Net Income 3,760,741,092
17,195,194,080 23,901,670,068
Total Comprehensive Income for the Year 3,779,689,754
31,553,078,554 110,660,804,855
a. Net sales Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Intertrend’s net sales for the year ended on December 31, 2015 increased by 48.6 or Rp81,225,891,952, from Rp167,298,304,160 for the year ended on December 31, 2014 to
Rp248,254,196,112. The increase in net sales was mainly due to an increase of export sales volume and an increase in new international and local customers.
b. Gross profit Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Intertrend’s gross profit for the year ended on December 31, 2015 increased 106.1 or Rp32,737,419,544, from Rp30,848,733,896 for the year ended on December 31, 2014 to
Rp63,586,153,440. The increase in gross profit was mainly due to more efficient use of raw materials and an increase in sales volume, resulting in lower fixed manufacturing costs as a result of the
economies of scale.
c. Profit for the year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
For the abovementioned reasons, Intertrend’s profit for the year ended on December 31, 2016 increased by 39.0 or Rp6,706,475,988, from Rp17,195,194,080 for the year ended on December 31, 2015 to
Rp23,901,670,068.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
92
For the abovementioned reasons, Intertrend’s profit for the year ended on December 31, 2015 increased by 357.2 or Rp13,434,452,988, from Rp3,760,741,092 for the year ended on December 31, 2014 to
Rp17,195,194,080.
d. Total comprehensive income for the year Year Ended December 31, 2016 compared to the Year Ended on December 31, 2015
Intertrend’s comprehensive income for the year ended on December 31, 2016 increased by 250.7 or Rp79,107,726,301, from Rp31,553,078,554 for the year ended on December 31, 2015 to
Rp110,660,804,855. The increase in comprehensive income for the year was mainly due to an increase in gain on revaluation of fixed assets.
93
Year Ended December 31, 2015 compared to the Year Ended on December 31, 2014
Intertrend’s comprehensive income for the year ended on December 31, 2015 increased by 734.8 or Rp27,773,388,800, from Rp3,779,680,754 for the year ended on December 31, 2014 to
Rp31,553,078,554. The increase in comprehensive income for the year was mainly due to an increase in export sales volume and an increase in translation adjustments in 2015.
A2. Interkraft
Establishment and Business Activities
Interkraft, domiciled in Sidoarjo Regency, is a limited liability company established under the laws and regulations in the Republic of Indonesia. Interkraft was established under the Deed of Limited Liability
Company Interkraft No. 12 dated January 8, 2002, drawn up before Ida Yudyati, S.H., a Notary in Sidoarjo. The aforementioned deed was approved by the Minister of Justice of the Republic of Indonesia
under Decree No. C-05345 HT.01.01.TH.2002 dated April 2, 2002, registered in the Company Register in accordance with the requirements of Mandatory Company Registration Law in the Company
Registration Office of Sidoarjo Regency under No. 92BH.1317VI2002 dated June 20, 2002 and was announced in the State Gazette of the Republic of Indonesia No. 88 dated November 4, 2003,
Supplement No. 11130 of 2003.
Interkraft’s Articles of Association has been amended several times, and the most recent amendment was made based on the Deed of Meeting Resolutions No. 5 dated June 30, 2016, drawn up before Dyah
Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency. The deed was approved and reported to the MoLHR and registered in the Legal Entity Administration System database of the Ministry of Law and
Human Rights under i Letter of Approval on Amendment to the Articles of Association of Interkraft, a Limited Liability Company No. AHU-0013760.AH.01.02.Tahun 2016 dated August 1, 2016, and
registered in the Company Register in accordance with the Companies Law under No. AHU- 0089204.AH.01.11.Tahun 2016 dated August 1, 2016, and ii the Receipt of Notification of Amendment
to Articles of Association of Interkraft No. AHU-AH.01.03-0068172 dated August 1, 2016, and registered in the Company Register in accordance with the Companies Law under No. AHU-
0089204.AH.01.11.TAHUN 2016 dated August 1, 2016.
Interkraft is domiciled at Jl. Rajawali Industri, Betro Village, Sedati District, Sidoarjo Regency, East Java. The aims and objectives of Interkraft as set forth in Article 3 of Interkraft’s Articles of Association, which
are set out in the Deed of Minutes of Extraordinary General Meeting of Shareholders of Interkraft No. 09 dated March 10, 2008, drawn up before Choiriyah, S.H., a Notary in Sidoarjo, which was approved by
the MoLHR and registered in the Legal Entity Administration System database of the Ministry of Law and Human Rights under the Letter of Approval on Amendment to Interkraft’s Articles of Association AHU-
24037.AH.01.02.Tahun 2008 dated May 8, 2008, and registered in the Company Register in accordance with the Companies Law under No. AHU-0035194.AH.01.09.Tahun 2008 dated May 8, 2008, are to
engage in trade, construction, mining, industrial, agriculture, transportation, printing and services. To achieve the aforementioned aims and objectives, Interkraft may carry out the following business
activities: a. Engage in general trade, including local, inter-island, import and export trades, vendor, supplier,
wholesaler, distributor and agency, whether such businesses are conducted on Interkraft’s own risk and gainloss or based on a commission from other parties on such parties’ gains losses;
b. Engage in general construction, including real estate, act as a contractor for buildings, roads, bridges, irrigations, electrical and water installations, building repair, maintenance or renovation;
c. Engage in general mining, among others, gold, coal, sandstone, and lime mining, exploration and exploitation of mineral water, nickel, lead and metal, iron and iron ore, drilling, excavation of stone
94
mine, clay, granite, limestone and sand by conducting drilling, processing and marketing the products;
d. Engage in industrial, among others, garment, furniture, building material, food and beverage, chemical, and wood industries, including forest crop industry, plywood sawmill industry;
e. Engage in agriculture, such as crops, including but not limited to, chocolate, coffee, oil palm, rubber, cotton, tea, tobacco plantations, forestry, and others;
f. Engage in the transportation business, both ground and river transportation, for passenger and goods using trucks, buses, and other vehicles;
g. Engage in the printing business, including binding, publishing, photocopy, reproduction, cartonage, graphic design;
h. Engage in the services business in general, including advertising, entertainment, management service, consulting for manpower services, except legal and tax services.
Interkraft’s current business activities focus on the production of wood-based furniture for both local and export markets.
Management and Supervision
Based on the Deed No. 9 dated September 2, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency, which was reported to the MoLHR and registered in the Legal Entity
Administration System database of the Ministry of Law and Human Rights under Receipt of Notification of Company Data Change No. AHU-AH.01.03-0079877 dated September 14, 2016, and registered in the
Company Register in accordance with the Companies Law under No. AHU-0107029.AH.01.11.Tahun 2016 dated September 14, 2016, the composition of the Board of Commissioners and the Board of
Directors of Interkraft are as follows:
Board of Commissioners Commissioner
: Halim Rusli
Directors President Director
: Dra. Sjany Tjandra Director
: Hendro Rusli
Capital Structure and Shareholder Composition
Based on the Deed of Meeting Resolutions No. 5 dated June 30, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency, which was approved by the MoLHR and
registered in the Legal Entity Administration System database of the Ministry of Law and Human Rights under Letter of Approval on Amendment to Interkraft’s Articles of Association No. AHU-
0013760.AH.01.02.Tahun 2016 dated August 1, 2016, and registered in the Company Register in accordance with the Companies Law under No. AHU-0089204.AH.01.11.Tahun 2016 dated August 1,
2016, Interkraft’s capital structure and shareholder composition are as follows:
Description Nominal Value Rp1.000.000.- per share
Percentage of Ownership
Number of Shares
Total Nominal Value Rp Authorized Capital
118,000 118,000,000,000
Issued and Fully paid-in capital
The Company 116,820
116,820,000,000 99
PT Alam Mentari Sejahtera 1,180
1,180,000,000 1
Issued and Fully paid-in capital 118,000
118,000,000,000 100
Total Shares in Portfolio -
-
95
Key Financial Highlights
The following table presents Interkraft’s key financial highlights derived from Interkraft’s financial statements as of and for the years ended on December 31, 2016, 2015 and 2014.
Interkraft’s consolidated financial statements as of December 31, 2016 and 2014, and the years then ended were audited by Teramihardja, Pradhono Chandra, Registered Public Accountants, an
independent auditor, based on the auditing standards set out by IAPI, with unmodified opinion and an emphasis of matter in relation to the change in the functional currency from USD to Rupiah and were
signed by Agustina Felisia.
Interkraft’s consolidated financial statements as of December 31, 2015, and for the year ended on those dates were audited by the Public Accounting Firm Herman, Dody, Tanumihardja Rekan, an
independent auditor, based on the auditing standards set out by IAPI, with unmodified opinion and were signed by Ahmad Nadhif.
In Rupiah
Description December 31
2014 2015
2016 Statements of Financial Position
Current Assets 115,066,660,768
209,113,920,637 187,912,658,231
Non-Current Assets 114,858,607,080
219,093,611,159 363,438,615,568
Total Assets 229,925,267,848
428,207,531,796 551,351,273,799
Current Liabilities 84,224,819,401
173,945,166,616 163,829,618,421
Non-Current Liabilities 11,074,807,503
104,820,279,675 119,099,738,688
Total Liabilities 95,299,626,904
278,765,446,291 282,929,357,109
Share Capital 20,000,000,000
65,000,000,000 118,000,000,000
Additional Paid-in Capital 45,000,000,000
- I.
Revaluation Surplus of Fixed Assets - net 27,318,750,040
- 114,912,116,985
Exchange Difference Due to Translation of Financial Statements
12,931,049,426 27,966,942.779
27,966,942,779 Retained Earnings
29,375,841,478 56,475,142,726
7,542,856,926
Total Equity 134,625,640,944
149,442,085,505 268,421,916,690
Total Liabilities and Equity 229,925,267,848
428,207,531,796 551,351,273,799
a. Current Assets December 31, 2015 compared to December 31, 2014
Interkraft’s total current assets as of December 31, 2015 increased by 81.7 or Rp94,047,259,869, from Rp115,066,660,768 as of December 31, 2014 to Rp209,113,920,637. The increase was mainly due to
an increase in cash and cash equivalent, inventories, and advances for procurement of raw materials to be used for production.
b. Non-Current Assets December 31, 2016 compared to December 31, 2015
Interkraft’s total non-current assets as of December 31, 2016 increased by 65.9 or Rp144,345,004,409, from Rp219,093,611,159 as of December 31, 2015 to Rp363,438,615,568. The
increase was mainly due to the revaluation of fixed assets conducted by Interkraft.
96
December 31, 2015 compared to December 31, 2014
Interkraft’s total non-current assets as of December 31, 2015 increased by 90.8 or Rp104,235,004,079, from Rp114,858,607,080 as of December 31, 2014 to Rp219,093,611,159. The
increase was mainly due to an acquisition of fixed assets in the form of land and buildings in Lamongan to expand Interkraft’s factory and office.
c. Total Assets December 31, 2015 compared to December 31, 2014
Interkraft’s total assets as of December 31, 2015 increased by 86.2 or Rp198,282,263,948, from Rp229,925,267,848 as of December 31, 2014 to Rp428,207,531,796. The increase was mainly due to
an increase in Interkraft’s advances for import purchases for production requirements and acquisition of fixed assets in the form of land and building to expand Interkraft’s factory and office.
d. Current Liabilities December 31, 2015 compared to December 31, 2014
Interkraft’s total current liabilities as of December 31, 2015 increased by 106.5 or Rp89,720,347,215, from Rp84,224,819,401 as of December 31, 2014 to Rp173,945,166,616. The increase was mainly due
to additional bank loans taken by Interkraft from BNI, which Interkraft used to finance working capital and investments.
e. Non-Current Liabilities December 31, 2015 compared to December 31, 2014
Interkraft’s total non-current liabilities as of December 31, 2015 increased by 846.5 or Rp93,745,472,172, from Rp11,074,807,503 as of December 31, 2014, to Rp104,820,279,675. The
increase was mainly due to additional bank loans taken by Interkraft from BNI, which Interkraft used to finance working capital and investments.
f. Total Liabilities December 31, 2015 compared to December 31, 2014
Interkraft’s total liabilities as of December 31, 2015 increased by 192.5 or Rp183,465,819,387, from Rp95,299,626,904 as of December 31, 2014 to Rp278,765,446,291. The increase was mainly due to
additional bank loans taken by Interkraft from BNI, which Interkraft used to finance working capital and investments.
g. Total Equity December 31, 2016 compared to December 31, 2015
Interkraft’s total equity as of December 31, 2016 increased by 79.6 or Rp118,979,831,185, from Rp149,442,085,505 as of December 31, 2015 to Rp268,421,916,690. The increase was mainly due to
additional paid-in capital from Interkraft’s shareholders and the revaluation of fixed assets.
97 In Rupiah
Description For the years ended on December 31
2014 2015
2016 STATEMENTS OF PROFIT OR LOSS AND
OTHER COMPREHENSIVE INCOME
Net Sales 129,023,230,860
121,776,670,080 128,376,213,013
Gross profit 17,136,022,382
24,953,675,184 50,840,246,251
Profit loss for the year 1,916,040.180
2,273,385,744 4,224,645,855
Total Comprehensive Income for the Year 1,572,148,590
12,725,813,529 118,979,831,185
a. Gross profit Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Interkraft’s gross profit for the year ended on December 31, 2016 increased by 103.7 or Rp25,886,571,067, from Rp24,953,675,184 for the year ended on December 31, 2015 to
Rp50,840,246,251. The increase in gross profit was mainly due to an increase in Interkraft’s sales by 5.4 and production cost efficiency.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Interkraft’s gross profit for the year ended on December 31, 2015 increased by 45.6 or Rp7,817,652,802, from Rp17,136,022,382 for the year ended on December 31, 2014 to
Rp24,953,675,184. The increase in gross profit was mainly due to increased production cost efficiency.
b. Profit for the year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
For the abovementioned reasons, Interkraft’s profit for the year ended on December 31, 2016 increased by 285.8 or Rp6,498,031,599, from a loss of Rp2,273,385,744 for the year ended on December 31,
2015 to Rp4,224,645,855.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
For the abovementioned reasons, Interkraft’s profit for the year ended on December 31, 2015 decreased by 218.7 or Rp4,189,425,924, from Rp1,916,040,180 for the year ended on December 31, 2014 to a
loss of Rp2,273,385,744.
c. Total comprehensive income for the year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Interkraft’s comprehensive income for the year ended on December 31, 2016 increased by 835.0 or Rp106,254,017,656, from Rp12,725,813,529 for the year ended on December 31, 2015 to
Rp118,979,831,185. The increase in comprehensive income for the year was mainly due to an increase in gain on revaluation of fixed assets.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Interkraft’s comprehensive income for the year ended on December 31, 2015 increased by 709.5 or Rp11,153,664,939, from Rp1,572,148,590 for the year ended on December 31, 2014 to
98
Rp12,725,813,529. The increase in comprehensive income for the year was mainly due to an increase in translation adjustments in 2015.
A3. Interkayu
Establishment and Business Activities
Interkayu, domiciled in Sidoarjo Regency, is a limited liability company established under the laws and regulations in the Republic of Indonesia. Interkayu was established under the Deed of Limited Liability
Company Interkayu No. 5 dated August 19, 2015, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency. The deed was approved by the MoLHR by Decree No. AHU-
2455440.AH.01.01.Tahun 2015 dated September 10, 2015. The deed was registered in the Company Register in accordance with the Companies Law under No. AHU-3552084.AH.01.11.TAHUN 2015 dated
September 10, 2015 the Interkayu’s Deed of Establishment.
Interkayu is domiciled at Jl. Raya Industri No. 678, RT 013 RW 07, Sukorejo Village, Sedati District, Sidoarjo Regency, East Java. No. Phone: 031 891 0434 Fax: 031 891 1391.
The aims and objectives of Interkayu as set forth in Article 3 of Interkayu’s Deed of Establishment are to engage in services. To achieve the aforementioned aims and objectives, Interkayu may carry out the
following business activities: a. Engage in the provision of services for the planning, coordination, consolidation, development,
control, and management of share ownership and operational activities of other companies; b. Engage in other service business related to administration of company management, facility and
finance; and c. Engage in construction and establishment of companies.
Interkayu is currently a non-operating holding company for a Indirect Subsidiary.
Management and Supervision
Based on the Deed of Shareholders Resolutions of Interkayu No. 12 dated September 2, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency, reported to the MoLHR,
registered in the Legal Entity Administration System database of the Ministry of Law and Human Rights under the Receipt of Notification of Company Data Change No. AHU-AH.01.03-0079878 dated
September 14, 2016, and registered in the Company Register in accordance with the Companies Law under No. 0107030.AH.01.11.Tahun 2016 dated September 14, 2016, the composition of the Board of
Commissioners and the Board of Directors of Interkayu are as follows:
Board of Commissioners President Commissioner
: Meity Lin-lin Commissioner
: Sandy Angdjaja
Directors Director
: Dra. Sjany Tjandra
Capital Structure and Shareholder Composition
Based on Interkayu’s Deed of Establishment, its capital structure and shareholder composition were as follows:
99
Description Nominal Value Rp1.000.000.- per share
Percentage of Ownership
Number of Shares
Total Nominal Value Rp Authorized Capital
16,560 16,560,000,000.00
Issued and Fully paid-in capital
The Company 13,248
13,248,000.00 80.0
Sandy Angdjaja 3,312
3,312,000.00 20.0
Issued and Fully paid-in capital 16,560
16,560,000,000.00 100.0
Total Shares in Portfolio -
-
Key Financial Highlights
The following table presents Interkayu’s key financial highlights derived from Interkayu’s financial statements as of and for the years ended on December 31, 2016 and 2015.
Interkayu’s financial statements as of December 31, 2016, and for the year ended on this date were audited by Teramihardja, Pradhono Chandra, Registered Public Accountants, an independent auditor,
based on the auditing standards set out by IAPI, with unmodified opinion and were signed by Pradhono.
Interkayu’s financial statements as of December 31, 2015 and for the period from its establishment until December 31, 2015 were unaudited.
In Rupiah
Description December 31
2015 2016
Statements of Financial Position Current Assets
22,189,188,703 56,748,445,398
Non-Current Assets 13,667,744,193
19,118,347,419
Total Assets 35,856,932,896
75,866,792,817
Current Liabilities 2,496,168,261
43,781,862,913 Non-Current Liabilities
- 667,636,579
Total Liabilities
2,496,168,261 44,449,499,492
Share Capital 16,560,000,000
16,560,000,000 Additional Paid-in Capital
- 41,200,000
Retained Earnings Deficit 244,818
994,153,387 Non-Controlling Interest
16,800,519,817 15,810,246,712
Total Equity 33,360,764,635
31,417,293,325 Total Liabilities and Equity
35,856,932,896 75,866,792,817
note: unaudited
a. Current Assets December 31, 2016 compared to December 31, 2015
Interkayu’s total current assets as of December 31, 2016 increased by 155.8 or Rp23,559,256,695, from Rp22,189,188,703 as of December 31, 2015 to Rp56,748,445,398. The increase was mainly due to
an increase in trade receivables, inventories and advances for purchases from WII, a subsidiary, which began commercial operations in March 2016.
b. Non-Current Assets December 31, 2016 compared to December 31, 2015
Interkayu’s total non-current assets as of December 31, 2016 increased by 39.9 or Rp5,450,603,226, from Rp13,667,744,193 as of December 31, 2015 to Rp19,118,347,419. The increase was mainly due to
100
investing activities, in the form of advances for purchases and acquisition of fixed assets to support the operational activities of WII, a subsidiary.
c. Total Assets December 31, 2016 compared to December 31, 2015
Interkayu’s total assets as of December 31, 2016 increased by 111.6 or Rp40,009,859,921, from Rp35,856,932,896 as of December 31, 2015 to Rp75,886,792,817. The increase was mainly due to an
increase in trade receivables, inventories, advances for purchases and the acquisition of fixed assets in connection with the operational activities of WII, a subsidiary, which began commercial operations in
March 2016.
d. Current Liabilities December 31, 2016,compared to December 31, 2015
Interkayu’s total current liabilities as of December 31, 2016 increased by 1,654.0 or Rp31,285,694,652, from Rp2,496,168,261 as of December 31, 2015 to Rp43,781,862,913. The increase was mainly due to
additional bank loans of USD1,600,000 taken by Interkayu, which was used to finance working capital, and an increase in trade payables in connection with procurement of raw materials.
e. Total Liabilities December 31, 2016 compared to as of December 31, 2015
Interkayu’s total liabilities as of December 31, 2016 increased by 1,680.7 or Rp41,953,331,231, from Rp2,496,168,261 as of December 31, 2015 to Rp44,449,499,492. The increase was mainly due to
additional bank loans of USD1,600,000 taken by Interkayu, which was used to finance working capital, and an increase in trade payables in connection with procurement of raw materials.
In Rupiah
Description For the years ended on December 31
2015 2016
STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Net Sales -
77,000,321,155 Gross Profit
- 4,098,706,636
Net Income 764,635
1,984,671,310 Total Comprehensive Income for the Year
764,635 1,984,671,310
f. Profit for the year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
For the abovementioned reasons, Interkayu’s profit for the year ended on December 31, 2016 decreased by 259.7 or Rp1,985,435,945, from Rp764,635 for the year ended on December 31, 2015 to a loss of
Rp1,984,671,310.
A4. Belayan
Establishment and Business Activities
101
Belayan, domiciled in Samarinda City, is a limited liability company established under the laws and regulations in the Republic of Indonesia. Belayan was established under the Deed of a Limited Liability
Company PT Samarinda Forest Development Company No. 13 dated January 31, 1972, drawn up before Mohamad Ali, S.H., a Notary in Jakarta. The aforementioned deed was approved by the Minister
of Justice currently the Minister of Law and Human Rights of the Republic of Indonesia under Decree No. Y.A.55455 dated December 23, 1977.
Belayan changed its name from PT Samarinda Forest Development Company to Belayan pursuant to the Deed of Amendment to PT Samarinda Forest Development Company No. 12 dated October 24,
1977, drawn up before Mohamad Ali, S.H., a Notary in Jakarta, which was approved by the Minister of Justice of the Republic of Indonesia under decree No. Y.A.55455 dated December 23, 1977.
Belayan’s Articles of Association has been amended several times, and the most recent amendment was made based on the Deed of Shareholder Resolutions of Belayan No. 4 dated July 21, 2016, drawn up
before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency. The deed was i approved by the MoLHR under Decree No. AHU-0013769.AH.01.02.Tahun 2016 dated August 1, 2016, and was
registered in the Company Register in accordance with the Companies Law under No. AHU- 0089273.AH.01.11.Tahun 2016 dated August 1, 2016; and ii reported to the MoLHR and registered in
the Legal Entity Administration System of the Ministry of Law and Human Rights under Receipt of Notification of Amendment to Belayan’s Articles of Association No. AHU-AH.01.03-0068218 dated
August 1, 2016, and registered in the Company Register in accordance with the Companies Law under No. AHU-0089273.AH.01.11.TAHUN 2016 dated August 1, 2016.
Belayan is domiciled at Jl. Pelita Perum. Pesona Mahakam Ruko No. 9 Harapan Baru, Loa Janan Ilir District, Samarinda City, East Kalimantan.
The aims and objectives of Belayan as set forth in Article 3 of Belayan’s Articles of Association, which are set out in the Deed of Resolutions of General Meeting of Shareholders No. 221 dated May 18, 2009,
drawn up before Hestyani Hassan, S.H., M.Kn., a Notary in Jakarta, are to engage in the forestry, industrial, trade, import and agency business. To achieve the aforementioned aims and objectives,
Belayan may carry out the following business activities: a. Engage in forestry and forest exploitation business;
b. Engage in forest product utilization and processing industry business; c. Trade forest products in domestic and international markets;
d. Import materialsequipment and machinery required for a forestry business; e. Serve as an agentrepresentative of other domestic and international companies that are related to
forestry. Belayan’s current business activity is to focus on natural forestry concessions that produce logs.
Management and Supervision
Based on the Deed of Resolutions of General Meeting of Shareholders of Belayan No. 16 dated September 5, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency,
which was reported as proven by the Receipt of Notification of Company Data Change No. AHU- AH.01.03-0079881 dated September 14, 2016, and registered in the Company Register in accordance
with the Companies Law under No. AHU-0107040.AH.01.11.TAHUN 2016 dated September 14, 2016, the composition of the Board of Commissioners and the Board of Directors of Belayan are as follows:
Board of Commissioners Commissioner
: Widjaja Karli
102
Directors President Director
: Dr. Untung Iskandar Vice President Director
: Halim Rusli Director
: Ir. Andreas Nugroho Adi Director
: Hendro Rusli
Capital Structure and Shareholder Composition
Based on the Deed of Resolutions of General Meeting of Shareholders of Belayan No. 16 dated September 5, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency,
its capital structure and shareholder composition are as follows:
Description Nominal Value Rp1.000.000.- per share
Percentage of Ownership
Number of Shares
Total Nominal Value Rp Authorized Capital
679,070 67,907,000,000
Issued and Fully paid-in capital
The Company 672,280
67,228,000,000 99
PT Integra Indo Lestari 6,790
679,000,000 1
Issued and Fully paid-in capital 679,070
67,907,000,000 100
Total Shares in Portfolio -
-
Key Financial Highlights
The following table presents Belayan’s key financial highlights derived from Belayan’s financial statements as of and for the years ended on December 31, 2016, 2015 and 2014.
Belayan’s financial statements as of December 31, 2016, and the year ended on those dates were audited by Teramihardja, Pradhono Chandra, Registered Public Accountants, an independent auditor,
based on the auditing standards set out by IAPI, with unmodified opinion and were signed by Pradhono.
Belayan’s financial statements as of December 31, 2015 and 2014, and the years ended on those dates were audited by Teramihardja, Pradhono Chandra, Registered Public Accountants, an independent
auditor, based on the auditing standards set out by IAPI, with unmodified opinion and were signed by Agustina Felisia.
In Rupiah
Description December 31
2014 2015
2016 Statements of Financial Position
Current Assets 131,409,493,179
252,404,109,153 227,619,306,563
Non-Current Assets 124,663,128,438
112,365,296,252 95,350,285,430
Total Assets 256,072,621,617
364,769,405,405 322,969,591,993
Current Liabilities 170,971,920,547
281,037,790,923 235,630,093,508
Non-Current Liabilities 13,078,682,309
9,449,115,748 4,550,772,436
Total Liabilities 184,050,602,856
290,486,906,671 240,180,865,944
Share Capital 56,407,000,000
56,407,000,000 67,907,000,000
Additional Paid-in Capital -
- 938,000,000
Retained Earnings 15,615,018,761
17,875,498,734 13,943,726,049
Total Equity 72,022,018,761
74,282,498,734 82,788,726,049
Total Liabilities and Equity 256,072,621,617
364,769,405,405 322,969,591,993
a. Current Assets December 31, 2015 compared to December 31, 2014
103
Belayan’s total current assets as of December 31, 2015 increased by 92.1 or Rp120,994,615,974, from Rp131,409,493,179 as of December 31, 2014 to Rp252,404,109,153. The increase was mainly due to
an increase in inventories and other receivables.
b. Total Assets December 31, 2015 compared to December 31, 2014
Belayan’s total assets as of December 31, 2015 increased by 42.5 or Rp108,696,783,788, from Rp256,072,621,617 as of December 31, 2014 to Rp364,769,405,405. The increase was mainly due to
an increase in inventories, other receivables and acquisition of fixed assets.
c. Current Liabilities December 31, 2015 compared to as of December 31, 2014
Belayan’s total current liabilities as of December 31, 2016 increased by 64.4 or Rp110,065,870,376, from Rp170,971,920,547 as of December 31, 2014 to Rp281,037,790,923. The increase was due to an
additional bank loan taken by Belayan from Exim and an increase in other payables to shareholders to finance working capital.
d. Total Liabilities December 31, 2015 compared to as of December 31, 2014
Belayan’s total liabilities as of December 31, 2015 increased by 57.8 or Rp106,436,303,815, from Rp184,050,602,856 as of December 31, 2014 to Rp290,486,906,671. The increase was due to an
additional bank loan taken by Belayan from Exim and an increase in other payables to shareholders to finance working capital.
In Rupiah
Description For the years ended on December 31
2014 2015
2016 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Net Sales 148,575,681,064
97,959,037,234 185,006,814,595
Gross Profit 26,845,498,546
30,127,882,538 44,206,818,317
Net Income 2,691,920,183
2,108,141,617 6,174,712,818
Total Comprehensive Income for the Year 2,881,293,716
2,260,479,973 7,568,227,315
a. Net sales Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Belayan’s net sales for the year ended on December 31, 2016 increased by 88.9 or Rp87,047,777,361, from Rp97,959,037,234 for the year ended on December 31, 2015 to
Rp185,006,814,595. The increase in net sales was mainly due to an increase in Belayan’s sales of timber in 2016.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Belayan’s net sales for the year ended on December 31, 2015 decreased by 34.1 or Rp50,616,643,830, from Rp148,575,681,064 for the year ended on December 31, 2014 to
104
Rp97,959,037,234. The decrease in net sales in 2015 was mainly due to reduced ability to transport logs from the logging site to the warehouse as the rivers had dried up.
b. Gross profit Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Belayan’s gross profit for the year ended on December 31, 2016 increased by 46.7 or Rp14,078,935,779, from Rp30,127,882,538 for the year ended on December 31, 2015 to
Rp44,206,818,317. The increase in gross profit was mainly due to an increase in sales and lower camp overhead cost.
c. Profit for the year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
For the abovementioned reasons, Belayan’s profit for the year ended on December 31, 2016 increased by 192.9 or Rp4,066,571,202, from Rp2,108,141,617 for the year ended on December 31, 2015 to
Rp6,174,712,818.
d. Total comprehensive income for the year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Belayan’s comprehensive income for the year ended on December 31, 2016 increased by 234.8 or Rp5,307,747,342, from Rp2,260,479,973 for the year ended on December 31, 2015 to Rp7,568,227,315.
A5. Narkata
Establishment and Business Activities
Narkata, domiciled in Samarinda, is a limited liability company established under the laws and regulations in the Republic of Indonesia. Narkata was established under the Deed of a Limited Liability
Company Narkata No. 8 dated June 13, 1978, as subsequently amended by the Deed of Amendment No. 3 dated March 6, 1979, drawn up before Mohamad Ali, S.H., a Notary in Jakarta. The
aforementioned deeds were approved by the Minister of Justice of the Republic of Indonesia under Decree No. Y.A.512512 dated April 3, 1979, and was registered in the registry of the Jakarta District
Court, each under No. 2438 and No. 2439, respectively, dated June 2, 1979 and was announced in the State Gazette of the Republic of Indonesia No. 74 dated September 14, 1979, Supplement No. 502.
Narkata’s Articles of Association has been amended several times, and the most recent amendment was made based on the Deed of Resolutions of General Meeting of Shareholders of Narkata No. 5 dated July
21, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency. The deed of which was i approved by the MoLHR under Decree No. AHU-0013768.AH.01.02.Tahun 2016 dated
August 1, 2016; and ii reported to the MoLHR and registered in the Legal Entity Administration System of the Ministry of Law and Human Rights under Receipt of Notification of Amendment to Narkata’s
Articles of Association No. AHU-AH.01.03-0068217 dated August 1, 2016, and registered in the Company Register in accordance with the Companies Law under No. AHU-0089272.AH.01.11.Tahun
2016 dated August 1, 2016.
Narkata is domiciled at Jl. Pelita Perum. Pesona Mahakam Ruko No. 9, RT 28, Harapan Baru, Loa Janan Ilir District, Samarinda City, East Kalimantan.
105
The aims and objectives of Narkata as set forth in Article 3 of Narkata’s Articles of Association, which are set out in the Deed of Resolutions of General Meeting of Shareholders of Narkata No. 10 dated April 27,
2009, drawn up before Hestyani Hassan, S.H., M.Kn., a Notary in Jakarta, are to engage in the forestry, industrial, trade, import and agency business. To achieve the aforementioned aims and objectives,
Narkata may carry out the following business activities:
a. Engage in forestry and forest exploitation business;
b. Engage in the forest product utilization and processing industry business;
c. Trade forest products in domestic and international markets;
d. Import materialsequipment and machinery required for a forestry business;
e. Serve as an agentrepresentative of other domestic and international companies that are related to
forestry. Narkata’s current business activity is to focus on natural forestry concessions that produce logs.
Management and Supervision
Based on the Deed of Shareholders Resolutions of Narkata No. 17 dated September 5, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency, reported to the MoLHR,
registered in the Legal Entity Administration System of the Ministry of Law and Human Rights under Receipt of Notification of Amendment to Narkata’s Articles of Association No. AHU-AH.01.03-0079888
dated September 14, 2016, and registered in the Company Register in accordance with the Companies Law under No. AHU-0107048.AH.01.11.TAHUN 2016 dated September 14, 2016, the composition of the
Board of Commissioners and the Board of Directors of Narkata are as follows:
Board of Commissioners Commissioner
: Widjaja Karli
Directors President Director
: Dr. Untung Iskandar Vice President Director
: Halim Rusli Director
: Andreas Nugroho Adi Director
: Hendro Rusli
Capital Structure and Shareholder Composition
Based on the Deed of Shareholders Resolutions of Narkata No. 17 dated September 5, 2016, drawn up before Dyah Ayu Ambarwati, S.H., M.Kn., a Notary in Pasuruan Regency, its capital structure and
shareholder composition were as follows:
Description Nominal Value Rp100.0.- per share
Percentage of Ownership
Number of Shares
Total Nominal Value Rp Authorized Capital
445,000 44,500,000,000
Issued and Fully paid-in capital
The Company 440,550
44,055,000,000 99.00
PT Alam Mentari Sejahtera 4,450
445,000,000 1.00
Issued and Fully paid-in capital 445,000
44,500,000,000 100.00
Total Shares in Portfolio -
-
Key Financial Highlights
106
The following table presents Narkata’s key financial highlights derived from Narkata’s financial statements as of and for the years ended on December 31, 2016, 2015 and 2014.
Narkata’s financial statements as of December 31, 2016, and the year ended on those dates were audited by Teramihardja, Pradhono Chandra, Registered Public Accountants, an independent auditor,
based on the auditing standards set out by IAPI, with unmodified opinion and were signed by Pradhono.
Narkata’s financial statements as of December 31, 2015 and 2014, and for the years ended on those dates were audited by Teramihardja, Pradhono Chandra, Registered Public Accountants, an
independent auditor, based on the auditing standards set out by IAPI, with unmodified opinion and were signed by Agustina Felisia.
107 In Rupiah
Description December 31
2014 2015
2016 Statements of Financial Position
Current Assets 61,197,240,074
67,510,556,818 89,993,658,770
Non-Current Assets 29,003,174,785
32,779,231,078 33,491,524,958
Total Assets 90,200,414,859
100,289,787,896 123,485,183,728
Current Liabilities 43,842,023,026
52,824,609,496 67,512,768,518
Non-Current Liabilities 2,379,459,456
1,934,862,778 978,047,728
Total Liabilities 46,221,482,482
54,759,472,274 68,490,816,246
Share Capital 30,000,000,000
30,000,000,000 44,500,000,000
Additional Paid-in Capital -
- 220,000,000
Retained Earnings 13,978,932,377
15,530,315,622 10,274,367,482
Total Equity 43,978,932,377
45,530,315,622 54,994,367,482
Total Liabilities and Equity 90,200,414,859
100,289,787,896 123,485,183,728
a. Current Assets December 31, 2016 compared to December 31, 2015
Narkata’s total current assets as of December 31, 2016 increased 33.3 or Rp22,483,101,952, from Rp67,510,556,818 as of December 31, 2015 to Rp89,993,658,770. The increase was mainly due to an
increase in trade receivables and this was offset with a decrease in inventories. The increase in trade receivables was due to an increase in sales to customers.
b. Non-Current Liabilities December 31, 2016 compared to December 31, 2015
Narkata’s total non-current liabilities as of December 31, 2016 decreased by 49.5 or Rp956,815,050, fromRp1,934,862,778 as of December 31, 2015 to Rp978,047,728. The decrease was mainly due to the
repayment of non-bank financial institutions loans of an amount greater than that of the additional loans taken in 2016, and a decrease in post-employment benefit obligation.
Description For the years ended on December 31
2014 2015
2016 STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
Net Sales 52,542,213,507
18,256,907,471 61,344,043,338
Gross Profit 12,591,901,356
7,297,769,018 19,217,082,655
Profit for the year 3,204,404,705
1,489,082,371 8,820,258,570
Total Comprehensive Income for the Year 3,344,758,137
1,551,383,245 9,244,051,860
a. Net Sales Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Narkata’s net sales for the year ended on December 31, 2016 increased by 236.0 or Rp43,087,135,867, from Rp18,256,907,471 for the year ended on December 31, 2015 to
Rp61,344,043,338. The increase in net sales was mainly due to an increase in Narkata’s sales of timber in 2016. In 2015, net sales decreased as delivery was hampered by the drying up of the river that
Narkata used as a distribution channel.
108
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Narkata’s net sales for the year ended on December 31, 2015 decreased by 65.3 or Rp34,285,306,036, from Rp52,542,213,507 for the year ended on December 31, 2014 to
Rp18,256,907,471. The decrease in net sales was mainly due to Narkata not being able to transport logs from the logging site to the warehouse as the rivers had dried up.
b. Gross profit Year Ended on December 31, 2016, compared to the Year Ended on December 31, 2015
Narkata’s gross profit for the year ended on December 31, 2016 increased by 163.3 or Rp11,919,313,637, from Rp7,297,769,018 for the year ended on December 31, 2015 to
Rp19,217,082,655. The increase in gross profit was mainly due to a decrease in camp overhead cost.
Year Ended on December 31, 2015, compared to the Year Ended on December 31, 2014
Narkata’s gross profit for the year ended on December 31, 2015 decreased by 42.0 or Rp5,294,132,338, from Rp12,591,901,356 for the year ended on December 31, 2014 to
Rp7,297,769,018. The decrease in gross profit was mainly due to a decrease in net sales as Narkata was unable to transport logs from the logging site to the warehouse as the rivers had dried up.
c. Profit for the year
Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
For the abovementioned reasons, Narkata’s profit for the year ended on December 31, 2016 increased by 492.3 or Rp7,331,176,199, from Rp1,489,082,371 for the year ended on December 31, 2015 to
Rp8,820,258,570.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
For the abovementioned reasons, Narkata’s profit for the year ended on December 31, 2015 decreased by 53.5 or Rp1,715,322,334, from Rp3,204,404,705 for the year ended on December 31, 2014 to
Rp1,489,082,371.
d. Total Comprehensive Income for the Year Year Ended on December 31, 2016 compared to the Year Ended on December 31, 2015
Narkata’s total comprehensive income for the year ended on December 31, 2016 increased by 495.9 or Rp7,692,668,615, from Rp1,551,383,245 for the year ended on December 31, 2015 to
Rp9,244,051,860. The increase in total comprehensive income for the year was mainly due to an increase in timber sales in 2016.
Year Ended on December 31, 2015 compared to the Year Ended on December 31, 2014
Narkata’s total comprehensive income for the year ended on December 31, 2016 decreased by 53.6 or Rp1,793,374,892, from Rp3,344,758,137 for the year ended on December 31, 2014 to Rp1,551,383,245.
The decrease in total comprehensive income for the year was mainly due to a decrease in net sales because Narkata was unable to transport logs from the logging site to the warehouse as the rivers had
dried up.
109
A6. Intera
Establishment and Business Activities
Intera, domiciled in Sidoarjo, is a limited liability company established under the laws and regulations in the Republic of Indonesia. Intera was established under the Deed of a Limited Liability Company Intera
No. 3 dated June 1, 2012, drawn up before Siti Nurul Yuliami, S.H., M.Kn., a Notary in Surabaya. The aforementioned deed was approved by the Minister of Justice of the Republic of Indonesia under Decree
No. AHU-56566.AH.01.01.Tahun 2012 dated November 5, 2012, and registered in the Company Register in accordance with the Mandatory Company Registration Law under No. AHU-
0095978.AH.01.09.Tahun 2012 dated November 5, 2012 and was announced in the State Gazette of the Republic of Indonesia No. 45 dated June 4, 2013, Supplement No. 63350.
Intera’s Articles of Association has been amended several times, and the most recent amendment was made based on the Deed of Resolutions of General Meeting of Shareholders No. 21 dated September
23, 2016, drawn up before Dyah Ayu Ambarwati, S.H., a Notary in Pasuruan Regency, with respect to the change in Intera’s aims and objectives. The deed was approved by the MoLHR under Decree No.
AHU-0018803.AH.01.02.Tahun 2016 dated October 13, 2016, and registered in the Company Register in accordance with the Companies Law under No. AHU-0120991.AH.01.11.Tahun 2016 dated October
13, 2016, the Deed No. 212016.