LIABILITAS IMBALAN KERJA KARYAWAN POST-EMPLOYMENT BENEFITS OBLIGATION

Ekshibit E91 Exhibit E91 PT BAKRIE SUMATERA PLANTATIONS Tbk PT BAKRIE SUMATERA PLANTATIONS Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2011 DAN 2010 31 DECEMBER 2011 AND 2010 Dengan Perbandingan 1 Januari 2010 31 Desember 2009 With Comparative 1 January 2010 31 December 2009 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Expressed in thousands of Rupiah, unless otherwise stated 24. UTANG OBLIGASI Lanjutan 24. BONDS PAYABLE Continued Perusahaan “Pemberi Garansi” menyepakati sebuah Perjanjian Garansi “Perjanjian” dengan BSP Finance B.V. pada tanggal 17 Oktober 2006, dimana Pemberi Garansi setuju untuk membayar BSP Finance B.V. senilai sama dengan utang BSP Finance B.V. terhadap para pemegang Obligasi, kurang dari total modal ekuitas perusahaan, sama dengan modal saham yang telah diterbitkan Perusahaan, dan surplus kontribusi modal atau modal lain Perusahaan yang relevan untuk memenuhi risiko keadaan ekonomi sesuai dengan Keputusan Kementerian Keuangan Kerajaan Belanda tertanggal 11 Agustus 2004. Perjanjian ini akan berlanjut sampai dan akan berakhir dengan pelunasan penuh dari utang obligasi. Pejanjian ini diatur dan terikat dengan hukum Kerajaan Belanda. The Company “Guarantor” entered into a Guarantee Agreement the “Agreement” with BSP Finance B. V. on 17 October 2006 wherein the Guarantor has agreed to pay BSP Finance B.V. amounts equal to the amounts payable by BSP Finance B.V. to the holders of the Notes, less amount of the BSP Finance’s equity capital, being equal to the BSP Finance’s issued and paid-up share capital and capital surplus contribution or any other such amount of the BSP Finance’s equity capital as relevant to meet the substance and economic risk conditions in accordance with the Decree of the Netherlands Ministry of Finance, dated 11 August 2004. The Agreement will continue until and terminated upon full payment of the Notes. The Agreement is governed by and construed in accordance with the laws of the Netherlands Kingdom. Pada tanggal 16 Oktober 2009, BSP Finance B.V. telah melakukan penerbitan Senior Secured Notes “Obligasi Baru” sebesar USD 25 juta dengan tingkat bunga 10,75 yang akan jatuh tempo pada tahun 2011 dengan harga penerbitan 99 dengan prasyarat sama dengan Obligasi yang diterbitkan pada tanggal 17 Oktober 2006. Diskonto senilai USD 205.000 diamortisasi menggunakan metode garis lurus selama periode Obligasi. On 16 October 2009, BSP Finance B.V. has closed down the issuance of USD 25 million, 10.75 Senior Secured Notes due 2011 “New Notes” at an issue price of 99 under the same conditions as the Notes issued on 17 October 2006. The discount amount of USD 205,000 is amortized on a straight-line basis over the duration of the Notes. Sesuai dengan perjanjian, Perusahaan selaku debitur diwajibkan memenuhi persyaratan tertentu, antara lain batasan rasio keuangan dan persyaratan administrasi. Pada tanggal 31 Desember 2011, rasio keuangan Perusahaan melewati rasio yang dipersyaratkan dalam Senior Notes karena akan jatuh tempo. Based on the agreements, the Company is required to fulfill certain requirements, such as maintaining certain financial ratios and administration requirements. As of 31 December 2011, financial ratio of the Company has breached the ratio as required under the terms of the Senior Notes due to current maturity. Pada tanggal 26 Juni 2007 , AI Finance B.V. “AI Finance”, Entitas Anak , menerbitkan Obligasi baru sebesar USD 150 juta dengan tingkat bunga 10,875 dengan persyaratan tertera pada sirkulasi penawaran tertanggal 20 Juni 2007 dengan harga penerbitan 95,813, dimana Obligasi dijamin tanpa syarat dan tidak dapat dibatalkan oleh Agri International Resources Pte., Ltd. “AIRPL”. Penerimaan neto sebesar USD 146,30 juta diterima pada 27 Juni 2007. On 26 June 2007, the AI Finance B.V. the “AI Finance”, a Subsidiary, issued a 10.875 Notes in the amount of USD 150 million under the conditions as reflected in the offering circular dated 20 June 2007 at an issue price of 95.813, unconditionally and irrevocably guaranteed by the Agri International Resources Pte., Ltd. the “AIRPL”. The net proceeds of USD 146.30 million were received on 27 June 2007. Pinjaman jangka panjang terdiri dari utang obligasi dengan tingkat bunga 10,875 per tahun dan pembayaran bunga akan jatuh tempo pada tanggal 15 Januari dan 15 Juli tiap tahunnya. Obligasi ini dijamin dengan saham dan piutang AIRPL. The Notes bear interest at the rate 10.875 per annum and payments of the interest will be due on 15 January and 15 July of each year. The Notes are secured by the AIRPL’s shares and receivables. Hasil dari penerbitan obligasi dipinjamkan kepada Agri Resources B.V. dengan tujuan memperoleh dan mengembangkan aset tanaman dan modal kerja serta biaya- biaya yang berhubungan dengan modal kerja. Proceeds from issuing the Notes were on lent by way of an intercompany loan to the Agri Resources B.V. for the purposes of acquiring and developing further plantation assets and for related capital expenditures and working capital purposes. Ekshibit E92 Exhibit E92 PT BAKRIE SUMATERA PLANTATIONS Tbk PT BAKRIE SUMATERA PLANTATIONS Tbk DAN ENTITAS ANAK AND SUBSIDIARIES CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS 31 DESEMBER 2011 DAN 2010 31 DECEMBER 2011 AND 2010 Dengan Perbandingan 1 Januari 2010 31 Desember 2009 With Comparative 1 January 2010 31 December 2009 Disajikan dalam ribuan Rupiah, kecuali dinyatakan lain Expressed in thousands of Rupiah, unless otherwise stated 24. UTANG OBLIGASI Lanjutan 24. BONDS PAYABLE Continued Rincian utang obligasi – Senior Notes – neto pada tanggal 31 Desember 2011, 2010 dan 2009 adalah sebagai berikut: The details of bonds payable – Senior Notes – net as of 31 December 2011, 2010 and 2009 were as follows: 2011 2010 2009 Senior Notes jatuh tempo pada Senior Notes due in 2011 tahun 2011 USD 110.000.000 - 989.010.000 1.034.000.000 USD 110,000,000 Ditambah dikurangi: Add deduct: Diskonto yang belum diamortisasi - 3.131.868 7.410.340 Unamortized discount Biaya penerbitan Senior Notes Issuance cost of Senior Notes USD 7.107.267 - 72.710.958 72.710.958 USD 7,107,267 Akumulasi amortisasi penerbitan Accumulated amortization issuance Senior Notes - 52.564.620 43.604.643 Senior Notes Sub –total - 23.278.206 36.516.655 Sub –total N e t o - 965.731.794 997.483.345 N e t 2011 2010 2009 Senior Notes jatuh tempo pada Senior Notes due in 2011 tahun 2011 USD 50.000.000 - 449.550.000 470.000.000 USD 50,000,000 Ditambah dikurangi: Addition deduction: Premi yang belum diamortisasi - 955.979 1.939.276 Unamortized premium Biaya penerbitan Senior Notes Issuance cost of Senior Notes USD 2.905.934 - 29.233.694 29.233.694 USD 2,905,934 Akumulasi amortisasi penerbitan Accumulated amortization issuance Senior Notes - 19.582.544 16.078.532 of Senior Notes Sub –total - 8.695.171 11.215.886 Sub-total N e t o - 440.854.829 458.784.114 N e t 2011 2010 2009 Senior Notes jatuh tempo pada tahun 2011 USD 25.000.000 - 224.775.000 - Senior Notes due in 2011 USD 25,000,000 Ditambah dikurangi: Addition deduction: Biaya penerbitan Senior Notes Issuance cost of Senior Notes USD 205.000 - 1.843.155 - USD 205,000 N e t o - 222.931.845 - N e t 2011 2010 2009 Senior Notes jatuh tempo pada Senior Notes due in 2012 tahun 2012 USD 150.000.000 1.360.200.000 1.348.650.000 - USD 150,000,000 Ditambah dikurangi: Addition deduction: Treasury USD 5.000.000 45.340.000 44.955.000 - Treasury USD 5,000,000 Premi yang belum diamortisasi 5.505.319 16.752.166 - Unamortized premium Diskon atas penarikan Bonds kembali 53.875.983 19.260.876 - Treasury bonds discount Biaya penerbitan Senior Notes Issuance cost of Senior Notes USD 6.167.535 55.927.207 55.748.349 - USD 6,167,535 Akumulasi amortisasi biaya Accumulated amortization issuance costs penerbitan Senior Notes 51.446.255 39.154.614 - of Senior Notes Sub –total 1.450.288 59.040.025 - Sub –total N e t o 1.358.749.712 1.289.609.975 - N e t Utang obligasi - Senior Notes yang jatuh tempo pada tahun 2011 telah dilunasi pada tanggal 1 Nopember 2011. Sedangkan, sampai dengan tanggal laporan akuntan auditor 4 April 2012, penyelesaian utang obligasi – Senior notes yang diterbitkan oleh AI Finance B.V. “AI Finance”, Entitas Anak, yang akan jatuh tempo pada tahun 2012 sedang dikaji oleh manajemen Perusahaan. The bonds payable – Senior Notes due in 2011 have been fully paid on 1 November 2011. As of the date of the independent auditors’s report 4 April 2012, the settlement of the bonds payable – Senior Notes which due in 2012 issued by AI Finance B.V. “AI Finance”, a Subsidiary, is still being evaluated by the management of the Company.