ASET REAL ESTAT REAL ESTATE ASSETS

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 AND FOR THE YEARS THEN ENDED Continued - 48 - Hak legal atas tanah aset real estat berupa HGB atas nama Perusahaan dan entitas anak berjangka waktu 20 - 30 tahun yang akan jatuh tempo pada tahun 2013 - 2040. Manajemen berpendapat tidak terdapat masalah dalam perpanjangan dan proses sertifikasi hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai. The legal rights over the land in the form of HGB under the name of the Company and its subsidiaries has a period of 20 – 30 years until 2013 - 2040. Management believes that there will be no difficulty in the extension of the landrights since all the land were acquired legally and supported by sufficient evidence of ownership. Akumulasi biaya pinjaman yang dikapitalisasi ke aset real estat sampai dengan 31 Desember 2011 dan 2010 dan 1 Januari 201031 Desember 2009 masing-masing adalah sebesar Rp 476.695.847 ribu, Rp 345.064.257 ribu dan Rp 237.069.327 ribu. Tingkat kapitalisasi biaya pinjaman sampai dengan 31 Desember 2011 dan 2010 dan 1 Januari 2010 31 Desember 2009 masing-masing adalah 55, 55 dan 58. Accumulated borrowing costs capitalized to real estate assets amounted to Rp 476,695,847 thousand, Rp 345,064,257 thousand and Rp 237,069,327 thousand, as of December 31, 2011 and 2010 and January 1 2010December 31, 2009, respectively. Borrowing costs capitalization rates as of December 31, 2011 and 2010 and January 1, 2010December 31, 2009 are 55, 55 and 58, respectively. Aset real estat, aset tetap bangunan dalam penyelesaian dan properti investasi diasuransikan kepada beberapa perusahaan asuransi yang merupakan pihak ketiga, dengan jenis pertanggungan Contractors and Property All Risk Insurance dengan nilai pertanggungan Rp 6.906.030.268 ribu dan Rp 5.550.839.538 ribu masing-masing pada tanggal 31 Desember 2011 dan 2010. Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan. Real estate assets, property and equipment construction in progress and investment properties were insured by some insurance company from third parties, in the form of Contractors All Risk Insurance for Rp 6,906,030,268 thousand and Rp 5,550,839,538 thousand as of December 31, 2011 and 2010, respectively. Management believes that the insurance coverage is adequate to cover possible losses on the assets insured. Berdasarkan penelaahan terhadap aset real estat pada akhir periode, manajemen berkeyakinan bahwa tidak perlu dilakukan penurunan nilai aset real estat. Based on the review of real estate assets at the end of the period, management believes that there is no decline in the value of real estate assets. Pada tanggal 31 Desember 2011 dan 2010 dan 1 Januari 201031 Desember 2009, aset real estat masing-masing sebesar Rp 915.418.108 ribu, Rp 1.650.647.574 ribu dan Rp 1.687.312.537 ribu, digunakan sebagai jaminan utang bank Catatan 20. As of December 31, 2011 and 2010 and January 1, 2010December 31, 2009, real estate assets amounting to Rp 915,418,108 thousand, Rp 1,650,647,574 thousand and Rp 1,687,312,537 thousand, respectively, are used as collateral for bank loans Note 20. 12. PAJAK DIBAYAR DIMUKA 12. PREPAID TAXES 1 Januari 2010 31 Desember 2009 January 1, 2010 2011 2010 December 31, 2009 Rp000 Rp000 Rp000 Pajak penghasilan final - Pasal 4 ayat 2 93.199.195 61.415.200 51.332.942 Final income taxes - Article 4 2 Pajak pertambahan nilai - bersih 48.892.237 79.080.305 63.587.697 Value added tax - net Jumlah 142.091.432 140.495.505 114.920.639 Total 31 DesemberDecember 31, NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 AND FOR THE YEARS THEN ENDED Continued - 49 - 13. INVESTASI SAHAM PADA ENTITAS ASOSIASI

13. INVESTMENT IN ASSOCIATES

Rincian investasi saham pada entitas asosiasi yang dicatat dengan metode ekuitas adalah sebagai berikut: Details of investment in associates accounted for under the equity method are as follows: 1 Januari 2010 31 Desember 2009 January 1, 2010 2011 2010 December 31, 2009 Rp000 Rp000 Rp000 PT Manggala Gelora Perkasa MGP 146.532.203 105.961.934 - PT Manggala Gelora Perkasa MGP PT Citra Gemilang Nusantara CGN 71.931.653 64.259.706 - PT Citra Gemilang Nusantara CGN PT Tiara Metropolitan Indah TMI - - 670.176 PT Tiara Metropolitan Indah TMI Jumlah 218.463.856 170.221.640 670.176 Total 31 DesemberDecember 31, Mutasi investasi pada entitas asosiasi adalah sebagai berikut: Movements of investment in associates are as follows: 1 Januari 2010 31 Desember 2009 January 1, 2010 2011 2010 December 31, 2009 Rp000 Rp000 Rp000 PT Manggala Gelora Perkasa PT Manggala Gelora Perkasa Saldo awal 105.961.934 - - Beginning balance Perubahan tahun berjalan Changes during the current year Penambahan investasi - 76.409.258 - Additional investment Pembagian dividen 7.650.000 - - Dividend distribution Bagian laba bersih 48.220.269 29.552.676 - Equity in net income Saldo akhir 146.532.203 105.961.934 - Ending balance PT Citra Gemilang Nusantara PT Citra Gemilang Nusantara Saldo awal 64.259.706 - - Beginning balance Perubahan tahun berjalan Changes during the current year Penambahan investasi - 45.889.813 - Additional investment Pembagian dividen 5.250.000 - - Dividend distribution Bagian laba bersih 12.921.947 18.369.893 - Equity in net income Saldo akhir 71.931.653 64.259.706 - Ending balance PT Tiara Metropolitan Indah PT Tiara Metropolitan Indah Saldo awal - 670.176 679.535 Beginning balance Perubahan tahun berjalan Changes during the current year Bagian rugi bersih - - 9.359 Equity in net loss Pelepasan investasi - 670.176 - Disposal of investments Saldo akhir - - 670.176 Ending balance 31 DesemberDecember 31, NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 AND FOR THE YEARS THEN ENDED Continued - 50 - Ringkasan informasi keuangan dari entitas asosiasi diatas adalah sebagai berikut: Summarized financial information in respect of the associates is set out below: 1 Januari 2010 31 Desember 2009 January 1, 2010 2011 2010 December 31, 2009 Rp000 Rp000 Rp000 Jumlah aset 1.755.572.962 1.765.289.281 56.870.134 Total assets Jumlah liabilitas 919.434.613 1.110.904.415 55.396.194 Total liabilities Aset bersih 836.138.349 654.384.866 1.473.940 Net assets Jumlah pendapatan tahun berjalan 537.913.237 511.325.021 - Total revenue for the year Laba bersih tahun berjalan 226.753.483 230.675.871 20.582 Net income for the year 31 DesemberDecember 31, Pada tanggal 8 April 2010, Perusahaan membeli investasi saham MGP sebesar 25,5 dari PT Sunter Agung, pihak berelasi, dengan harga perolehan Rp 76.409.258 ribu. MGP berkedudukan di Jakarta dengan proyek Mal Senayan City. On April 8, 2010, the Company acquired 25.5 ownership in MGP, domiciled in Jakarta with Senayan City project, through the purchase of shares owned by PT Sunter Agung, a related party, with an acquisition cost of Rp 76,409,258 thousand. Pada tanggal 7 April 2010, Perusahaan membeli investasi saham CGN sebesar 35 dari PT Indofica, pihak berelasi, dengan harga perolehan Rp 45.889.813 ribu. CGN berkedudukan di Jakarta dengan proyek Lindeteves Trade Center. On April 7, 2010, the Company acquired 35 ownership in CGN, through the purchase of shares owned by PT Indofica, a related party, with an acquisition cost of Rp 45,889,813 thousand. CGN is domiciled in Jakarta with Lindeteves Trade Center as its project. Pada tanggal 25 September 2008, Perusahaan menempatkan 45,47 persentase kepemilikan investasi saham TMI, berkedudukan di Jakarta. Pada tanggal 9 April 2010, Perusahaan menjual seluruh kepemilikan investasi tersebut kepada PT Almira Eka Sakti, pihak ketiga, dengan harga jual Rp 682.000 ribu. Atas penjualan ini, Perusahaan mencatat keuntungan sebesar Rp 11.824 ribu. On September 25, 2008, the Company purchased shares of stock of TMI, domiciled in Jakarta which represents 45.47 ownership. On April 9, 2010, the Company sold all the shares to PT Almira Eka Sakti, third party, with a selling price of Rp 682,000 thousand. The Company recognized gain amounting Rp 11,824 thousand from this transaction. Investasi pada perusahaan tersebut diatas diperoleh terutama untuk tujuan potensi pertumbuhan jangka panjang, karena seluruh entitas tersebut bergerak dalam industri properti yang sama dengan industri Perusahaan dan entitas anak. The investments in the above companies are held primarily for long-term growth potential, since these companies are engaged in the property industry similar to the Company and its subsidiaries. 14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES 1 Januari 31 Desember January 1, Penambahan Pengurangan Reklasifikasi December 31, 2011 Additions Deductions Reclassification 2011 Rp000 Rp000 Rp000 Rp000 Rp000 Biaya perolehan: Cost: Tanah 380.725.026 89.105.144 - 6.319.662 476.149.832 Land Bangunan dan prasarana 1.464.942.305 816.361.357 - 183.218.444 2.464.522.106 Building and infrastructures Mesin dan peralatan 116.665.184 - - - 116.665.184 Machinery and equipment Jumlah 1.962.332.515 905.466.501 - 189.538.106 3.057.337.122 Total Akumulasi penyusutan: Accumulated depreciation: Bangunan dan prasarana 38.390.610 105.226.577 - - 143.617.187 Building and infrastructures Mesin dan peralatan 6.202.771 7.468.219 - - 13.670.990 Machinery and equipment Jumlah 44.593.381 112.694.796 - - 157.288.177 Jumlah Tercatat 1.917.739.134 2.900.048.945 Net Book Value NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 AND FOR THE YEARS THEN ENDED Continued - 51 - 1 Januari 31 Desember January 1, Penambahan Pengurangan Reklasifikasi December 31, 2010 Additions Deductions Reclassification 2010 Rp000 Rp000 Rp000 Rp000 Rp000 Biaya perolehan: Cost: Tanah - - - 380.725.026 380.725.026 Land Bangunan dan prasarana - - - 1.464.942.305 1.464.942.305 Building and infrastructures Mesin dan peralatan - - - 116.665.184 116.665.184 Machinery and equipment Jumlah - - - 1.962.332.515 1.962.332.515 Total Akumulasi penyusutan: Accumulated depreciation: Bangunan dan prasarana - 38.390.610 - - 38.390.610 Building and infrastructures Mesin dan peralatan - 6.202.771 - - 6.202.771 Machinery and equipment Jumlah - 44.593.381 - - 44.593.381 Jumlah Tercatat - 1.917.739.134 Net Book Value Dalam penambahan properti investasi tahun 2011 termasuk properti investasi Mal Emporium dengan biaya perolehan dan akumulasi penyusutan masing-masing sebesar Rp 857.976.745 ribu dan Rp 34.438.415 ribu yang diakuisisi pada tahun 2011 Catatan 37. Additions to investment property include the cost and accumulated depreciation of investment property of Emporium Mall amounting to Rp 857,976,745 thousand and Rp 34,438,415 thousand, respectively, which was acquired in 2011 Note 37. Properti investasi merupakan Mal Central Park dan Mal Festival CityLink yang direklasifikasi dari aset tetap pada tahun 2011 dan 2010 Catatan 15, serta Mal Emporium Pluit yang diakuisisi pada tahun 2011. This account represents the cost of Central Park Mall and Festival CityLink Mall that were reclassified from property and equipment in 2011 and 2010 Note 15 and Emporium Pluit Mall which was acquired in 2011. Penghasilan sewa dari properti investasi adalah sebesar Rp 331.336.511 ribu dan Rp 102.680.853 ribu untuk tahun-tahun yang berakhir 31 Desember 2011 dan 2010. Rent income recognized from investment properties amounted to Rp 331,336,511 thousand and Rp 102,680,853 thousand for the years ended December 31, 2011 and 2010, respectively. Beban penyusutan sebesar Rp 78.256.381 ribu dan Rp 44.593.381 ribu pada tahun 2011 dan 2010 disajikan sebagai beban langsung Catatan 30. Properti investasi diasuransikan bersama dengan aset real estat dan aset tetap Catatan 11 dan 15. Depreciation expense amounting to Rp 78,256,381 thousand in 2011 and Rp 44,593,381 thousand in 2010 was recorded as part of direct costs Note 30. Investment properties were insured along with real estate assets and property and equipment Notes 11 and 15. Hak legal atas tanah properti investasi berupa HGB atas nama Perusahaan dan entitas anak berjangka waktu 20 tahun yang akan jatuh tempo pada tahun 2013 - 2031. Manajemen berpendapat tidak terdapat masalah dalam perpanjangan dan proses sertifikasi hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai. The legal right over the land in the form of HGB under the name of the Company and its subsidiaries has a period of 20 years until 2013 - 2031. Management believes that there will be no difficulty in the extension of the landrights since all the land were acquired legally and supported by sufficient evidence of ownership. Seluruh properti investasi digunakan sebagai jaminan atas utang bank dan utang obligasi Catatan 20 dan 21. All of investment properties are used as collateral for bank loans and bonds payable Notes 20 and 21. Pada tahun 2011, nilai wajar properti investasi adalah sebesar Rp 5.447.040.000 ribu. Penilaian dilakukan oleh KJPP Hendra Gunawan dan Rekan, penilai independen, berdasarkan metode biaya dan pendapatan. In 2011, the fair value of investment properties amounted to Rp 5,447,040,000 thousand. The assessment was conducted by KJPP Hendra Gunawan and Rekan, an independent appraiser based on cost and income method. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 AND FOR THE YEARS THEN ENDED Continued - 52 - Rincian nilai tercatat dan nilai wajar properti investasi pada tahun 2011 adalah sebagai berikut: Details of the Carrying value and fair value of investment properties in 2011 are as follows: Nilai tercatat Nilai wajar Nama proyek Carrying value Fair value Project name Rp000 Rp000 Mall Central Park 1.626.671.344 3.637.640.000 Central Park Mall Mall Emporium 847.784.993 1.168.000.000 Emporium Mall Mall Festival Citylink 425.592.608 641.400.000 Festival Citylink Mall 15. ASET TETAP 15. PROPERTY AND EQUIPMENT 1 Januari 2011 Penambahan Pengurangan Reklasifikasi 31 Desember 2011 January 1, 2011 Additions Deductions Reclassification December 31, 2011 Rp000 Rp000 Rp000 Rp000 Rp000 Biaya perolehan: Cost: Pemilikan langsung: Direct acquisition Tanah 142.852.953 38.146.161 - 6.319.662 174.679.452 Land Bangunan dan prasarana 58.035 20.465.993 - 584.508.545 605.032.573 Building and facilities Peralatan kantor 20.068.045 26.040.892 345.632 2.165.171 47.928.476 Office equipment Kendaraan 6.160.702 5.801.391 - 47.495 12.009.588 Vehicles Perlengkapan proyek 176.248 63.167.959 - - 63.344.207 Project equipment Mesin dan peralatan - 3.156.080 - 17.463.398 20.619.478 Machine and equipment Aset dalam penyelesaian 522.182.635 1.415.131.368 - 659.505.148 1.277.808.855 Construction in progress Jumlah 691.498.618 1.571.909.844 345.632 61.640.201 2.201.422.629 Total Akumulasi penyusutan: Accumulated depreciation: Bangunan dan prasarana 9.672 6.206.665 - 740.725 5.475.612 Building and facilities Peralatan kantor 7.230.550 10.241.672 112.969 725.911 18.085.164 Office equipment Kendaraan 2.426.641 1.740.107 - 14.814 4.181.562 Vehicles Perlengkapan proyek 34.571 3.596.791 - - 3.631.362 Machine and equipment Mesin dan peralatan - 920.950 - - 920.950 Project equipment Jumlah 9.701.434 22.706.185 112.969 - 32.294.650 Total Jumlah Tercatat 681.797.184 2.169.127.979 Net Book Value Dalam penambahan aset tetap tahun 2011 termasuk aset tetap PP dan GPL dengan biaya perolehan dan akumulasi penyusutan masing-masing sebesar Rp 401.833.123 ribu dan Rp 3.660.371 ribu yang diakuisisi pada tahun 2011 Catatan 37. Addition to property and equipment include the cost and accumulated depreciation of investment property of PP and GPL amounting to Rp 401,833,123 thousand and Rp 3,660,371 thousand, respectively, which was acquired in 2011 Note 37. 1 Januari 2010 Penambahan Pengurangan Reklasifikasi 31 Desember 2010 January 1, 2010 Additions Deductions Reclassification December 31, 2010 Rp000 Rp000 Rp000 Rp000 Rp000 Biaya perolehan: Cost: Pemilikan langsung: Direct acquisition Tanah 440.517.322 65.918.179 - 363.582.548 142.852.953 Land Gedung 58.035 - - - 58.035 Building Peralatan kantor 9.720.955 10.347.090 - - 20.068.045 Office equipment Kendaraan 3.771.862 2.388.840 - - 6.160.702 Vehicles Perlengkapan proyek 49.128 127.120 - - 176.248 Project equipment Aset dalam penyelesaian 1.303.741.395 690.830.004 - 1.472.388.764 522.182.635 Construction in progress Jumlah 1.757.858.697 769.611.233 - 1.835.971.312 691.498.618 Total Akumulasi penyusutan: Accumulated depreciation: Gedung 3.224 6.448 - - 9.672 Building Peralatan kantor 3.959.857 3.270.693 - - 7.230.550 Office equipment Kendaraan 1.757.352 669.289 - - 2.426.641 Vehicles Perlengkapan proyek 21.912 12.659 - - 34.571 Project equipment Jumlah 5.742.345 3.959.089 - - 9.701.434 Total Jumlah Tercatat 1.752.116.352 681.797.184 Net Book Value Disajikan kembali Catatan 4As restated - Note 4 Dalam penambahan aset tetap tahun 2010 termasuk aset tetap BSP dan BSM dengan biaya perolehan dan akumulasi penyusutan masing-masing sebesar Rp 354.638.298 ribu dan Rp 52.059 ribu yang diakuisisi pada tahun 2010 Catatan 37. Additions to property and equipment in 2010 include the cost and accumulated depreciation of property and equipment of BSP and BSM amounting to Rp 354,638,298 thousand and Rp 52,059 thousand, respectively, which was acquired in 2010 Note 37. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2011 AND 2010 AND FOR THE YEARS THEN ENDED Continued - 53 - Beban penyusutan dialokasikan antara lain: Depreciation expense was allocated as follows: 2011 2010 Rp000 Rp000 Beban langsung Catatan 30 6.632.174 - Direct cost Note 30 Beban penjualan Catatan 31 111.245 10.535 Selling expense Note 31 Beban umum dan administrasi 12.302.395 3.948.554 General and administrative expense Jumlah 19.045.814 3.959.089 Total Tanah dan aset dalam penyelesaian terdiri dari Mal Central Park, Hotel Pullman Jakarta Central Park, Mal Festival CityLink, Hotel Harris, Hotel Pop Harris dan Mal Kuningan City. Pada tahun 2011 dan 2010, sebagian tanah dan aset dalam penyelesaian tersebut telah selesai pembangunannya dan telah beroperasi, sehingga harga perolehan sebesar Rp 237.877.406 ribu dan Rp 1.962.332.515 ribu masing-masing pada tahun 2011 dan 2010, direklasifikasi ke properti investasi Catatan 14. Hotel Pop Harris diperkirakan akan selesai sepenuhnya pada tahun 2012. Land and construction in progress consists of Central Park Mall, Pullman Jakarta, Central Park Hotel, Festival CityLink Mall, Harris Hotel, Pop Harris Hotel and Kuningan City Mall. In 2011 and 2010, some part of the land and construction were completed and operated, with a cost of Rp 237,877,406 thousand in 2011 and Rp 1,962,332,515 thousand in 2010 and were reclassified as investment properties Note 14. The construction of Pop Harris Hotel is expected to be fully completed in 2012. Pada tahun 2011, Perusahaan melakukan perubahan rencana manajemen atas pengelolaan ballroom hotel Pullman Jakarta Central Park yang di kelola oleh CPP, entitas anak sehingga biaya perolehan dan akumulasi penyusutan sebesar Rp 48.339.300 ribu dan Rp 870.539 ribu direklasifikasi ke aset tetap dari properti investasi. In 2011, the Company conducted a change of management plan for the Management of Ballroom Hotel Pullman Jakarta Central Park which will be managed by CPP, a subsidiary, therefore the acquisition cost and accumulated depreciation amounting to Rp 48,339,300 thousand and Rp 870,539 thousand reclassified to property and equipment from investment property. Akumulasi biaya pinjaman yang dikapitalisasi ke aset tetap sampai dengan 31 Desember 2011 dan 2010 masing-masing adalah sebesar Rp 340.867.609 ribu dan Rp 252.400.919 ribu. Tingkat kapitalisasi biaya pinjaman sampai dengan 31 Desember 2011 dan 2010 masing-masing adalah 39 dan 40. Accumulated borrowing costs capitalized to property and equipment as of December 31, 2010 and 2010 amounted to Rp 340,867,609 thousand and Rp 252,400,919 thousand, respectively. Borrowing costs capitalization rates as of December 31, 2011 and 2010 are 39 and 40, respectively. Hak legal atas tanah berupa HGB atas nama Perusahaan dan entitas anak berjangka waktu 20 tahun yang akan jatuh tempo pada tahun 2013 - 2031. Manajemen berpendapat tidak terdapat masalah dalam perpanjangan dan proses sertifikasi hak atas tanah karena seluruh tanah diperoleh secara sah dan didukung dengan bukti pemilikan yang memadai. The legal rights over the land in the form of HGB under the name of the Company and its subsidiaries has a period of 20 years until 2013 - 2031. Management believes that there will be no difficulty in the extension of the landrights since all the land were acquired legally and supported by sufficient evidence of ownership. Berdasarkan penelaahan terhadap aset tetap pada akhir periode, manajemen berkeyakinan bahwa tidak perlu dilakukan penurunan nilai aset tetap. Based on the review of property and equipment at the end of the period, management believes that there is no decline in the value of property and equipment. Aset dalam penyelesaian milik Perusahaan, ASA dan KUS diasuransikan bersama dengan aset real estat Catatan 11. Aset lainnya milik BSP telah diasuransikan kepada beberapa perusahaan asuransi, pihak ketiga, terhadap risiko kecelakaan, pencurian dan risiko lainnya dengan jumlah pertanggungan sebesar Rp 755.250 ribu dan Rp 301.000 ribu masing-masing pada tanggal 31 Desember 2011 dan 2010. Manajemen berpendapat bahwa nilai pertanggungan tersebut cukup untuk menutupi kemungkinan kerugian atas aset yang dipertanggungkan. Construction in progress owned by the Company, ASA and KUS were insured along with real estate assets Note 11. Other assets owned by BSP were insured to several of insurance companies, third parties, against accident, theft and other risks for Rp 755,250 thousand and Rp 301,000 thousand as of December 31, 2011 and 2010, respectively. Management believes that the insurance coverage is adequate to cover possible losses on the assets insured. Tanah dan aset dalam penyelesaian digunakan sebagai jaminan utang bank Catatan 20. Land and construction in progress are used as collaterals for bank loans Note 20.