PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 89 -
January 1, December 31,
2010 Addition
Deduction Reclassification
2010 Rp 000,000
Rp 000,000 Rp 000,000
Rp 000,000 Rp 000,000
At cost
Building 77,988
1,053 -
- 79,041
Accumulated depreciation
Building 3,899
3,926 -
- 7,825
Net Book Value
74,089 71,216
Changes during 2010
Building under construction represents the accumulated costs of building construction under the Cooperation Agreement of Build, Operate and Transfer, for Plaza Simas office building which is
located at Jl. Fachrudin, Central Jakarta. The Cooperation period is 99 years which will commence at the time of start of operations of the building. The ownership of the building will be
transferred to ASM at the end of the Cooperation Agreement. As of December 31, 2011, Property under Build, Operate and Transfer Agreement are insured
with ASM, a subsidiary, for Rp Rp 215,774 million and US 345,840. Management believes that the insurance coverage is adequate to cover any possible losses that might arise from the assets
insured. As of December 31, 2011 and 2010, based on the Company management, there is no
impairment in value of property under build, operate and transfer agreement.
21. Assets for Lease
This account represents assets for lease owned by ABSM and SMF, subsidiaries, with details as follows:
January 1, December 31,
2011 Additions
Deductions 2011
Rp 000,000 Rp 000,000
Rp 000,000 Rp 000,000
At cost
Motor vehicles 34,740
19,599 -
54,339 Office equipment
25,929 1,988
- 27,917
Machineries and equipment 18,776
8,543 -
27,319 Total
79,445 30,130
- 109,575
Accumulated depreciation
Motor vehicles 11,364
9,066 -
20,430 Office equipment
19,200 4,289
- 23,489
Machineries and equipment 15,257
2,661 -
17,918 Total
45,821 16,016
- 61,837
Net Book Value 33,624
47,738 Changes during 2011
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 90 -
January 1, December 31,
2010 Additions
Deductions 2010
Rp 000,000 Rp 000,000
Rp 000,000 Rp 000,000
At cost
Motor vehicles 18,846
15,894 -
34,740 Office equipment
22,110 3,819
- 25,929
Machineries and equipment 18,110
666 -
18,776 Total
59,066 20,379
- 79,445
Accumulated depreciation
Motor vehicles 6,735
4,629 -
11,364 Office equipment
14,027 5,173
- 19,200
Machineries and equipment 12,348
2,909 -
15,257 Total
33,110 12,711
- 45,821
Net Book Value 25,956
33,624 Changes during 2010
As of December 31, 2011 and 2010, assets for lease are insured with ASM, a subsidiary, for Rp 49,655 million and Rp 43,668 million, respectively. Management believes that the insurance
coverages are adequate to cover any possible losses that might arise from the assets insured. Management believes that there is no impairment in value of the aforementioned assets for lease
as of December 31, 2011 and 2010.
22. Foreclosed Properties
Foreclosed properties were obtained by SMF and BS, subsidiaries, from settlement of their receivables from and loans to customers. SMF’s ownership on the foreclosed properties is
supported by Letter of Transfer of Rights to SMF and Power of Attorney to Sell.
2011 2010
Rp 000,000 Rp 000,000
Land, houses, and apartments 74,569
68,469 Vehicles
15,422 5,929
Heavy equipment 371
1,524 Total
90,362 75,922
Allowance for impairment losses 442
4,683 Net 89,920
71,239
These foreclosed properties are not insured. At this point in time, SMF and BS are still in the process of selling the foreclosed properties, i.e.
by cooperating with property agents to sell the land, houses and apartment units. As of December 31, 2011 and 2010, management believes that the allowance for impairment
losses is adequate to cover the possible losses which might arise from the decline in values of the foreclosed properties.
PT SINAR MAS MULTIARTHA Tbk AND ITS SUBSIDIARIES Notes to Consolidated Financial Statements
December 31, 2011 and 2010 and For the Years then Ended
- 91 -
23. Other Assets
2011 2010
Rp 000,000 Rp 000,000
Advanced payment for purchase of property and equipment
180,779 54,431
Prepaid expenses 91,595
60,204 Advanced payment for buildings renovation
87,748 12,778
Security deposits 21,746
10,239 Inventories
13,410 5,349
Derivative assets 7,548
- Prepaid taxes
6,890 8,601
Advances for investment 500
2,000 Others
14,351 6,205
Total 424,567
159,807
Advanced payment for purchase of property and equipment and advanced payment for buildings renovation represent purchasing and or payment to supplier and contractor which have not been
settled as of the date of consolidated financial position. Prepaid expenses include prepayments of office rental, shares administration charges, stamp
duties and insurance premiums. As of December 31, 2011, advance for investment represents advances for investment in shares
of PT Golden Health, amounting to Rp 500 million, while as of December 31, 2010, advance for investment represents advances for investment in shares of PT Golden Tropical, amounting to
Rp 1,500 million and Golden Health amounting to Rp 500 million. As of December 31, 2011 and 2010, the balances of other assets from related parties amounted
to Rp 11,108 million and Rp 9,622 million, respectively Note 54. As of December 31, 2011 and 2010, the balances of other assets denominated in foreign
currency amounted to US 236,368 and US 144,957, respectively Note 59.
24. Deposits and Deposits from Other Banks
These represent deposits and deposits from other banks placed in BS, a subsidiary. 2011
2010 Rp 000,000
Rp 000,000 Demand deposits
2,466,701 1,718,103
Savings deposits 2,367,613
1,371,475 Time deposits
9,420,767 6,147,679
Deposits from other banks 323,675
366,853 Total
14,578,756 9,604,110
