23
23
Comparison between the year ended on 31 December 2009 and the year ended on 31 December 2008 Net income after pro forma adjustment of the Company increased by Rp.15,817,657 thousand or approximately 18.7 from
Rp.84,569,864 thousand in 2008 to Rp.100,387,521 thousand in 2009. This was because the amount of tax paid for final revenue tax is lower. The total tax expenses recorded in 2008 was Rp.11,635,019 thousand and Rp.10,305,918 thousand in 2009.
Comparison between the year ended on 31 December 2008 and the year ended on 31 December 2007 Net income after pro forma adjustment of the Company increased by Rp.16,233,938 thousand or approximately 23.75.Tax
expenses in 2007 increased due to gain in sale of assets.
B. ASSETS, LIABILITIES, AND EQUITY a. Total Assets
in thousands Rupiah
Information 31 December
For the period of 6 six months ended on 30 June
2007 2008
2009 2010
Current Assets
Cash and cash equivalents 47,636,985
26,714,215 40,491,760
37,703,574 Accounts Receivable
Related parties 5,265,467
7,720,362 8,712,156
7,785,078 Third parties
56,468,398 77,490,356
63,432,367 125,176,437
Other Receivables – Third Parties 11,486,694
7,360,304 7,702,467
4,668,849 Inventories
377,624 797,037
697,521 697,521
Prepaid Taxes 23,365,156
15,835,224 7,102,361
7,208,190 Advances and Prepaid Expenses
2,942,444 7,382,327
3,783,824 12,483,854
Total Current Assets 147,542,768
143,299,825 131,922,456
195,723,503
Non Current Assets
Due from Related parties 4,762,585
18,108,312 45,397,109
15,255,134 Investment in shares
8,698,030 2,751,346
2,435,538 135,544,542
Deferred tax assets 510,440
450,000 2,895,494
2,486,440 Fixed assets
427,588,508 573,936,855
668,795,443 1,107,626,330
Deferred Loss on sale and leaseback transactions of Non current assets – net
7,455,907 -
- -
Other Non Current Assets 1,883,922
16,449,155 30,628,523
32,455,808 Total Non Current Assets
450,899,392 611,695,668
750,152,107 1,293,368,254
Total 598,442,160
754,995,493 882,074,563
1,489,091,757
The period of 6 six months ended on 30 June 2010 Total assets of the Company on 30 June 2010 amounted to Rp.1,489,091,757 thousand. Total assets of the Company increased
by Rp.607,017,194 thousand or approximately 68.82 compared to total assets in 2009. This increase was primarily due to the purchase of two platform supply vessels in April 2010 at a value of USD49.65 million. In addition, investment in shares also
experienced a significant increase from Rp.2,435,538 thousand to Rp.135,544,542 thousand, which was caused by the acquisition of 100 of shares of Abbeypure Pte Ltd in Singapore.
Comparison between the year ended on 31 December 2009 and the year ended on 31 December 2008 Total assets of the Company increased by Rp.127,079,070 thousand or approximately 16.83 from Rp.754,995,493 thousand in
2008 to Rp.882,074,563 thousand in 2009. The increase was primarily due to an increase in fixed assets of the Company due to the purchase of new vessels, primarily vessels with high utilities, which contributed to the increase in assets amounting to
Rp.94,858,588 thousand or approximately 16.53 from Rp.573,936,855 thousand in 2008 to Rp.668,795,443 thousand in 2009. In addition, other non current assets also increased by Rp.14,179,368 thousand or approximately 86.20 from Rp.16,449,155
thousand in 2008 to Rp.30,628,523 thousand in 2009. This increase was primarily because of orders made for new vessels, which are currently still in construction phase.
Comparison between the year ended on 31 December 2008 and the year ended on 31 December 2007 Total assets of the Company increased by Rp.156,553,333 thousand or approximately 26.16 from Rp.598,442,160 thousand in
2007 to Rp.754,995,493 thousand in 2008. The increase was primarily due to the increase in fixed assets amounting to Rp.146,348,347 thousand or approximately 34.23 from Rp.427,588,508 thousand in 2007 to Rp.573,936,855 thousand in 2008.
In addition, accounts receivable - third parties also increased by Rp.21,021,958 thousand or approximately 37.23 from Rp.56,468,398 thousand in 2007 to Rp.77,490,356 thousand in 2008.
24
24
b. Total Liabilities
in thousands Rupiah
Information 31 December
For the period of 6 six months
ended on 30 June 2007
2008 2009
2010 Short term liabilities
Accounts Payable Related parties
17,082,669 18,014,166
15,904,706 44,600,595
Third parties 11,188,158
6,980,407 8,266,196
11,651,739 Taxes payable
9,709,542 11,903,150
13,102,976 10,069,743
Accrued expenses 1,351,384
1,863,949 1,009,647
989,978 Other Payables to third parties
16,313,746 3,735,971
6,916,456 61,865,349
Dividend payable -
- 18,877,320
8,125,320 Current portion of Non current liabilities
Bank loans 49,850,595
43,155,896 66,701,665
114,763,172 Lease Payables
7,149,928 12,773,345
11,162,541 10,202,597
Total short term liabilities 112,646,022
98,426,884 141,941,507
262,268,493
Non current liabilities
Due to Related Parties 67,753,634
142,675,708 140,508,264
291,736,625 Non current liabilities
Bank loans 76,475,026
47,565,637 70,676,500
363,511,050 Other payables to third parties
- -
- 48,551
Lease Payables 3,531,321
37,857,647 21,337,539
15,475,204 Deferred Gain from sale and leaseback transac-
tions of Non current assets - net -
104,246 81,940
70,788 Deferred Gain from Financing
3,096,473 -
- -
Estimated liabilities on employee benefits 6,599,873
7,449,831 8,707,683
9,489,136 Total Non current liabilities
157,456,327 235,653,069
241,311,926 680,331,354
Total liabilities 270,102,349
334,079,953 383,253,433
942,599,847
The period of 6 six months ended on 30 June 2010 Total liabilities of the Company on 30 June 2010 amounted to Rp.942,599,847 thousand. Total liabilities increased by
Rp.559,346,414 thousand compared to total liabilities in 2009, most of which was caused by the increase in the loan used for acquisition of new vessels.
Comparison between the year ended on 31 December 2009 and the year ended on 31 December 2008 Total liabilities of the Company increased by Rp.49,173,480 thousand or approximately 14.72 from Rp.334,079,953 thousand in
2008 to Rp.383,253,433 thousand in 2009. This increase was due to the increase in short term liabilities of the Company amounting to Rp.43,514,623 thousand or approximately 44.21 and Non current liabilities amounting to Rp.5,658,857 thousand
or approximately 2.4. The increase in short term liabilities was primarily due to the increase in Current portion of Non current liabilities in the form of Bank loans of the Company amounting to Rp.23,545,769 thousand or approximately 54.56 and dividend
payable amounting to Rp.18,877,320 thousand in 2009. Meanwhile the increase in Non current liabilities was primarily due to the increase in Bank loans amounting to Rp.23,110,863 thousand or approximately 48.59 compared to 2008.
Comparison between the year ended on 31 December 2008 and the year ended on 31 December 2007 Total liabilities of the Company increased by Rp.63,977,604 thousand or approximately 23.69 from Rp.270,102,349 thousand in
2007 to Rp.334,079,953 thousand in 2008. This increase was due to the decrease in short term liabilities of the Company amounting to Rp.14,219,138 thousand or approximately 12.62 and the increase in Non current liabilities amounting to
Rp.78,196,742 thousand or approximately 49.66. The decrease in short term liabilities was primarily due to the decrease in Accounts Payable and Other Payables to third parties and Current portion of long term Bank loans. Meanwhile, the increase in
Non current liabilities was primarily caused by the increase in Due to Related Parties amounting to Rp.74,922,074 thousand in 2008.
25
25
c. Total Equity
in thousands Rupiah
Information 31 December
For the period of 6 six months ended
on 30 June 2007
2008 2009
2010
Issued and paid up capital 5,289,000
8,789,000 123,046,000
123,046,000 Difference in value resulting from restructuring transac-
tions between entities under common control 1,325,039
60,968,812 337,777,203
337,777,203 Translation adjustment
- -
- 984,000
Difference due to changes of equity in subsidiaries -
- 308,351
308,351 Pro forma capital arising from restructuring transactions
between entities under common control 245,133,389
232,649,012 -
- Retained earnings
77,932,161 115,249,230
34,299,195 65,129,942
Total 327,029,511
417,656,054 494,814,047
524,660,794
The period of 6 six months ended on 30 June 2010 Total equity of the Company on 30 June 2010 amounted to Rp.524,660,794 thousand. Equity increased by Rp.29,846,747
thousand or approximately 6.03 compared to Total Equity in 2009 affected by profit for the period of 6 six months ended on 30 June 2010 and distribution of interim dividends.
Comparison between the year ended on 31 December 2009 and the year ended on 31 December 2008 Total equity of the Company increased by Rp.77,157,992 thousand or approximately 18.47 from Rp.417,656,054 thousand in
2008 to Rp.494,814,047 thousand in 2009. This increase was due to the increase in difference in value resulting from restructuring transactions between entities under common control amounting to Rp.276,808,391 thousand or approximately 454.02 and
Issued and paid up capital amounting to Rp.114,257,000 thousand or approximately 1,300 compared to 2008. Due to the company restructuring acquisition conducted in preparation of the Issuer’s initial public offering, a pooling of interest
method was applied in recording company restructuring, in order to be in accordance with Indonesian GAAP. The application of this pooling of interest method generated accounts namely difference in value resulting from restructuring transactions between
entities under common control and pro forma capital arising from restructuring transactions between entities under common control. At the time the company restructuring took effect, the difference between the value of net assets that can be identified
from the company acquired and the transaction value was recorded in the difference in value resulting from restructuring transactions between entities under common control account, while the pro forma capital arising from restructuring transactions
between entities under common control account occurred due to the representation of financial statements of the previous years, as if the company restructuring transactions had been implemented since January 2007, which was the beginning of the period
presented in order to present a financial statement for the purpose of comparison. In 2009, the acquisition of PT Wintermar as part of the company restructuring resulted in an increase in the equity of the Company amounting to Rp.276,808,391 thousand.
Comparison between the year ended on 31 December 2008 and the year ended on 31 December 2007 Total equity of the Company increased by Rp.90,626,543 thousand or approximately 27.71 from Rp.327,029,511 thousand in
2007 to Rp.417,656,054 thousand in 2008. This increase was due to the increase in difference in value resulting from restructuring transactions between entities under common control amounting to Rp.62,293,851 thousand or approximately 4,701.28 and
retained earnings amounting to Rp.37,317,069 thousand in 2007. In 2008, the acquisition of PT Sentosasegara Mulia Shipping as part of the company restructuring resulted in an increase in the
equity of the Company amounting to Rp.62,293,851 thousand. As the impact of the application of the pooling of interest method in recording the acquisition of PT Sentosasegara Mulia Shipping and PT Wintermar, at the end of 2008 the Company recorded the
pro forma capital arising from restructuring transactions between entities under common control amounting to Rp.232,649,012 thousand.
26
26
Development of Assets, Liabilities, and Equity 2007 – 30 June 2010
C. CASH FLOWS
