BEBAN LANGSUNG DIRECT COSTS BEBAN USAHA OPERATING EXPENSES

620 The original consolidated financial statements included herein are in Indonesian language. PT BLUE BIRD TBK DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Periode Empat Bulan yang Berakhir pada Tanggal 30 April 2014 dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2013, 2012 dan 2011 Dengan Angka Perbandingan Periode Empat Bulan yang Berakhir pada Tanggal 30 April 2013 Tidak Diaudit Disajikan dalam Rupiah, kecuali Dinyatakan Lain PT BLUE BIRD TBK AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Four-Month Period Ended April 30, 2014 and Years Ended December 31, 2013, 2012 and 2011 With Comparative Figures for the Four-Month Period Ended April 30, 2013 Unaudited Expressed in Rupiah, unless Otherwise Stated 23. BEBAN USAHA lanjutan 23. OPERATING EXPENSES continued 30 AprilApril 30, 31 DesemberDecember 31, 2014 2013 2013 2012 2011 General and administrative Beban umum dan administrasi expenses Gaji 44.937.971.755 34.500.050.049 117.267.807.403 194.557.129.673 192.737.278.955 Salaries Sewa dan pemeliharaan 16.869.462.831 17.355.944.826 50.783.336.721 87.216.200.341 79.540.209.870 Rent and maintenance Allowances and Tunjangan dan imbalan kerja 13.034.535.707 6.714.219.167 22.790.276.735 25.610.968.724 23.321.911.812 employee benefits Kantor 8.894.285.160 4.075.441.547 18.004.228.345 14.384.990.303 10.991.172.777 Office Utilitas 5.533.515.223 3.676.764.449 14.722.392.094 11.494.517.157 10.902.270.305 Utilities Penyusutan Catatan 10 5.073.641.759 3.168.585.761 11.859.314.190 8.821.594.123 7.606.365.135 Depreciation Note 10 Administrasi bank 4.036.095.347 2.834.122.875 7.791.700.988 5.225.883.289 3.885.954.820 Bank administration Pajak lain-lain 3.462.710.761 7.737.444.105 27.706.049.778 36.206.977.619 41.105.007.978 Other taxes Pelatihan dan penerimaan tenaga kerja 2.950.388.780 2.125.691.743 6.770.728.765 5.044.966.760 3.984.788.811 Training and recruitment Transportation and Transportasi dan akomodasi 2.904.986.953 2.168.757.542 8.183.647.068 12.954.559.957 10.716.763.967 accommodation Jasa profesional 2.564.400.123 3.413.646.243 9.993.797.123 17.787.809.019 5.297.225.150 Professional fees Piutang tak tertagih 259.986.370 226.169.778 535.304.389 1.600.995.956 895.680.591 Bad debt Lain-lain 6.731.557.517 8.193.795.126 36.641.293.318 45.869.551.005 20.321.850.246 Others Sub-total 117.253.538.286 96.190.633.211 333.049.876.917 466.776.143.926 411.306.480.417 Sub-total Total 120.790.072.352 97.697.145.163 342.568.531.493 474.384.035.255 412.828.800.462 Total

24. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO DAN PENGELOLAAN MODAL

24. FINANCIAL INSTRUMENTS, RISKS MANAGEMENT AND CAPITAL MANAGEMENT

a. Faktor dan Kebijakan Manajemen Risiko

Keuangan a. Factors and Policies of Financial Risk Management Dalam menjalankan aktivitas operasi, investasi dan pendanaan, Grup menghadapi risiko keuangan yaitu risiko kredit, risiko likuiditas dan risiko pasar dan mendefinisikan risiko- risiko sebagai berikut: In its operating, investing and financing activities, the Group is exposed to the following financial risks: credit risk, liquidity risk and market risk and define those risks as follows: • Risiko kredit: kemungkinan bahwa debitur tidak membayar semua atau sebagian pinjaman atau tidak membayar secara tepat waktu dan akan menyebabkan kerugian Grup. • Credit risk: the risk of financial loss to the Group if debtor will not repay all or a portion of a loan or will not repay in a timely manner. • Risiko likuiditas: risiko bahwa Grup tidak akan dapat memenuhi kewajiban keuangannya pada saat jatuh tempo. • Liquidity risk: the risk that the Group will not be able to meet its financial obligations as they fall due. • Risiko pasar: risiko bahwa perubahan dalam suku bunga dan kurs mata uang asing akan mempengaruhi pendapatan Grup atau nilai dari kepemilikan instrumen keuangan. • Market risk: the risk that changes in interest rates and foreign currency rates will affect the Group’s income or the value of its holdings of financial instruments. Tabel berikut menyajikan nilai tercatat aset dan liabilitas keuangan: The following table summarizes the carrying amount of financial assets and liabilities: 31 DesemberDecember 31, 30 April 2014 April 30, 2014 2013 2012 2011 Aset Keuangan Financial Assets Kas dan setara kas 349.959.225.203 267.075.839.864 590.225.550.501 397.409.614.108 Cash and cash equivalents Piutang usaha - neto 162.494.976.170 164.727.363.513 66.302.622.151 47.387.768.212 Trade receivables - net Piutang lain-lain 100.879.105.105 92.339.077.631 43.037.421.432 78.839.145.442 Other receivables Total 613.333.306.478 524.142.281.008 699.565.594.084 523.636.527.762 Total 621 The original consolidated financial statements included herein are in Indonesian language. PT BLUE BIRD TBK DAN ENTITAS ANAK CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN Periode Empat Bulan yang Berakhir pada Tanggal 30 April 2014 dan Tahun yang Berakhir pada Tanggal-tanggal 31 Desember 2013, 2012 dan 2011 Dengan Angka Perbandingan Periode Empat Bulan yang Berakhir pada Tanggal 30 April 2013 Tidak Diaudit Disajikan dalam Rupiah, kecuali Dinyatakan Lain PT BLUE BIRD TBK AND SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS Four-Month Period Ended April 30, 2014 and Years Ended December 31, 2013, 2012 and 2011 With Comparative Figures for the Four-Month Period Ended April 30, 2013 Unaudited Expressed in Rupiah, unless Otherwise Stated

24. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO DAN PENGELOLAAN MODAL lanjutan

24. FINANCIAL INSTRUMENTS, RISKS MANAGEMENT AND CAPITAL MANAGEMENT

continued

a. Faktor dan Kebijakan Manajemen Risiko

Keuangan lanjutan a. Factors and Policies of Financial Risk Management continued 31 DesemberDecember 31, 30 April 2014 April 30, 2014 2013 2012 2011 Liabilitas Keuangan Financial Liabilities Liabilitas keuangan jangka pendek Short-term financial liabilities Utang usaha 90.380.804.850 157.026.786.877 181.725.490.968 47.431.101.265 Trade payables Utang lain-lain 18.376.594.798 20.887.085.698 38.948.717.254 8.277.567.700 Other payables Utang dividen 204.611.918.364 253.743.850.975 4.320.345.457 - Dividends payable Liabilitas yang masih harus dibayar 46.175.282.549 34.723.900.164 112.270.679.079 120.967.326.467 Accrued liabilities Tabungan pengemudi 10.331.947.572 9.140.479.478 4.408.955.292 2.495.705.909 Drivers’ savings Bagian utang jangka panjang yang jatuh Current maturities of tempo dalam satu tahun: long-term loans: Utang bank 1.151.174.248.792 984.847.003.853 930.134.017.603 441.966.764.120 Bank loans Pinjaman jangka panjang lainnya - - - 270.079.937.382 Other long-term borrowings Liabilitas keuangan jangka panjang Long-term financial liabilities Utang jangka panjang setelah dikurangi bagian jatuh tempo Long-term loans- dalam satu tahun: net of current maturities: Utang bank 1.610.375.779.991 1.428.222.440.229 820.658.566.435 738.112.226.945 Bank loans Pinjaman jangka Other long-term panjang lainnya 280.830.199.009 296.829.636.195 269.331.305.850 - borrowings Uang jaminan pengemudi 14.535.679.079 12.411.213.869 5.975.003.808 2.824.500.865 Drivers’ security deposits Total 3.426.792.455.004 3.197.832.397.338 2.367.773.081.746 1.632.155.130.653 Total Risiko Kredit Credit Risk Risiko kredit adalah risiko bahwa Grup akan mengalami kerugian yang timbul dari pelanggan, klien, pengemudi dan pihak ketiga lain yang gagal memenuhi kewajiban kontraktual mereka. Risiko kredit Grup terutama melekat pada kas dan setara kas, piutang usaha, dan piutang lain-lain. Grup memiliki kebijakan untuk menempatkan kas dan setara kas pada bank terkemuka dengan hasil yang tinggi dari bunga. Saat ini, tidak terdapat risiko kredit yang terkonsentrasi secara signifikan. Credit risk is a risk where the Group will face a loss which arises from customers, clients, drivers and other third parties who fail to meet their contractual obligation. The Group’s credit risks are primarily attributed to their cash and cash equivalents, trade receivables, and other receivables. The Group has a policy to place its cash and cash equivalents on reputable banks with high yield of interest. Currently, there are no significant concentrations of credit risk related to receivables. Tabel berikut ini menunjukkan informasi mengenai eksposur risiko kredit berdasarkan evaluasi penurunan nilai pada aset keuangan Grup per tanggal 30 April 2014: The following table provides information regarding the credit risk exposure based on impairment assesment on the Group’s financial assets as of April 30, 2014: Belum Telah jatuh Telah jatuh jatuh tempo tempo namun tempo maupun tidak dan mengalami mengalami mengalami penurunan nilai penurunan penurunan Neither nilai nilai past due Past due but Past due Total nor impaired not impaired and impaired Total Kas dan setara kas 349.959.225.203 - - 349.959.225.203 Cash and cash equivalents Piutang usaha 85.823.025.151 76.671.951.019 686.813.724 163.181.789.894 Trade receivables Piutang lain-lain 100.879.105.105 - - 100.879.105.105 Other receivables Total 536.661.355.459 76.671.951.019 686.813.724 614.020.120.202 Total 1 - 30 hari 31 - 90 hari 90 hari Total days days days Total Piutang usaha 58.051.779.912 14.272.793.395 4.347.377.712 76.671.951.019 Trade receivables