PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
81
35. FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES CONTINUED
Capital management
The Group aims to achieve an optimal capital structure in pursuit of its business objectives, which include maintaining healthy capital ratios and strong credit ratings and maximizing stockholder value.
Some of the Group’s debt instruments contain covenants that impose maximum leverage ratios. In addition, the Group’s have complied with all capital requirements by bank creditors.
Management monitors capital using several financial leverage measurements such as debt-to-equity ratio. The Group’s objective is to maintain its debt-to-equity ratio at a maximum of 10 as of June 30, 2016.
As of June 30, 2016 and December 31, 2015, the Group’s debt-to-equity ratios are as follows:
June 30, 2016 December 31, 2015
Short-term bank loans 846,948,552
808,553,471 Long-term
debts 3,658,669,063
2,912,893,695 Bonds payable and sukuk ijarah 2,479,107,100
2,476,372,934
Total Liabilities 6,984,724,715
6,197,820,100 Total Equity
7,585,148,177 7,529,749,914
Debt to equity ratio 0,92
0,82 36. OPERATING
SEGMENT For the six-month periods ended June 30, 2016
Property Development
Investment Property
Leisure Hospitality Others
Consolidation
Net revenues
1,453,659,012 632,696,947
114,944,886 116,237,773
2,317,538,618 Gross
profit 694,977,492
297,452,491 40,737,690
27,244,644 1,060,412,317
Income loss from operations
330,371,888 209,105,985
4,174,044 8,920,231
526,383,598 Finance
income 45,131,483
Finance costs
307,477,015
Profit before final tax and income tax expense
264,038,066
Final tax expense 133,182,331
Profit before income tax 130,855,735
Income tax expense 8,032
Profit for the year 130,847,703
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
82
36. OPERATING SEGMENT CONTINUED
For the six-month periods ended June 30, 2016 Property
Development Investment
Property Leisure
Hospitality Others Consolidation
Other information
Segment assets
14,704,018,172 3,818,327,244
953,393,269 275,475,420 19,751,214,105
Segment liabilities
9,567,266,805 1,866,791,684
629,643,151 102,364,288 12,166,065,928
Acquisition of fixed assets and investment properties
24,025,527 40,646,303
102,872,052 4,852,929 172,396,811
Depreciation 19,601,236
83,322,847 20,725,691
10,571,913 134,221,661
For the six-month periods ended June 30, 2015 Property
Development Investment
Property Leisure
Hospitality Others Consolidation
Net revenues
1,812,504,398 596,668,937
94,031,087 93,459,573
2,596,663,995 Gross
profit 1,090,743,598
263,393,961 24,246,184
15,031,893 1,393,415,636
Income loss from operations
686,434,181 171,901,695
11,534,263 13,396,109
833,405,504 Finance
income 44,785,239
Finance costs
210,325,995
Profit before final tax and income tax expense
667,864,748
Final tax expense 141,786,594
Profit before income tax 526,078,154
Income tax expense 948,377
Profit for the year 525,129,777
Other information
Segment assets
12,447,604,025 3,699,778,630
759,824,194 265,178,798
17,172,385,647 Segment
liabilities 7,866,261,427
1,922,302,069 424,980,540
102,736,857 10,316,280,893
Acquisition of fixed assets and investment properties
67,809,842 118,614,048
52,049,130 19,671,322 258,144,342
Depreciation 18,535,803
84,690,582 22,902,851
8,735,275 134,864,511 37. SIGNIFICANT
AGREEMENTS AND
COMMITMENTS
a. In 2015, PT Inovasi Jaya Properti IVJP and PT Bintang Mentari Indah BNMI obtained credit facilities from Emerald Sanctuary Pte. Ltd EMS amounted to US1,106,000 and US1,885,000, respectively. This credit facility
will due in 1 year and can be extended under the loan agreements between IVJP and BNMI with EMS. This credit facility bore interests by 4,50 p.a. As of June 30, 2016 total balance of the loans payable from the facilities are
Rp52,984,516 2015: Rp41,260,845 and already recorded as part of Other payable Note 17.
PT SUMMARECON AGUNG Tbk AND ITS SUBSIDIARIES NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
As of June 30, 2016 unaudited and December 31, 2015 audited and For the period of six months ended June 30, 2016 and 2015 unaudited
Expressed in thousands of Indonesian Rupiah, unless otherwise stated
83
37. SIGNIFICANT AGREEMENTS
