Audited Financial Report 2010

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LAPORAN KEUANGAN

FINANCIAL REPORT

PT Bakrieland Development Tbk

Dan Anak Perusahaan

Laporan Keuangan Konsolidasian

Untuk Tahun yang Berakhir pada

Tanggal 31 Desember 2010 dan 2009

PT Bakrieland Development Tbk

And Subsidiaries

Consolidated Financial Statements

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

Catatan/

Notes 2010 2009

A S E T A S S E T S

Kas dan setara kas 2c,2h,4,48 860.557.957.179 760.415.537.235 Cash and cash equivalents

Investasi jangka pendek 2h,5,48 775.342.421.134 77.175.208.377 Short-term investment

Piutang usaha Trade receivables

Pihak ketiga - setelah dikurangi Third parties - net of allowance

penyisihan piutang ragu-ragu sebesar for doubtful accounts of

Rp 44.540.176.057 pada tahun 2010 Rp 44,540,176,057 in 2010

dan Rp 7.881.117.267 pada tahun 2009 2h,6,48 1.042.256.529.855 748.623.121.618 and Rp 7,881,117,267 in 2009

Pihak hubungan istimewa - setelah dikurangi Related parties - net of allowance

penyisihan piutang ragu-ragu sebesar for doubtful accounts of

Rp 1.872.500.645 pada tahun 2010 dan 2e,2h,6, Rp 1,872,500,645 in 2010 and

Rp 1.731.274.723 pada tahun 2009 39a,48 126.170.674.401 136.083.510.817 Rp 1,731,274,723 in 2009

Piutang lain-lain Other receivables

Pihak ketiga - setelah dikurangi Third parties - net of allowance

penyisihan piutang ragu-ragu sebesar for doubtful accounts of

Rp 44.001.669 pada tahun 2010 Rp 44,001,669 in 2010

dan 2009 2h,7,48 565.891.395.417 593.573.891.319 and 2009

Pihak hubungan istimewa - setelah dikurangi Related parties - net of allowance

penyisihan piutang ragu-ragu sebesar for doubtful accounts of

Rp 2.866.983.437 pada tahun 2010 2e,2h, Rp 2,866,983,437 in 2010

dan 2009 39d,48 - - and 2009

Persediaan 2i,8 1.557.527.766.718 1.697.868.067.485 Inventories

Pajak dibayar di muka 2s,23a 2.507.258.722 178.841.801.794 Prepaid taxes

Uang muka dan biaya dibayar di muka 2f,9 596.144.709.624 73.954.679.242 Advances and prepaid expenses

Dana dalam pembatasan 2c,2h,10,48 293.916.870.346 175.575.619.823 Restricted funds

Piutang hubungan istimewa - setelah

dikurangi penyisihan piutang Due from related parties - net of

ragu-ragu sebesar Rp 411.758.406 2e,2h,17 allowance for doubtful accounts of

pada tahun 2010 dan 2009 39b,48 11.041.775.494 76.600.017.623 Rp 411,758,406 in 2010 and 2009

Investment in shares of stock in

Penyertaan saham pada perusahaan Asosiasi 2l,11 349.338.252.880 265.075.767.433 Associated companies

Tanah yang belum dikembangkan 2k,12 4.755.002.320.140 1.973.224.105.466 Land bank

Properti investasi - setelah dikurangi akumulasi Investment properties - net

penyusutan masing-masing sebesar of accumulated depreciation of

Rp 9.289.959.853 pada tahun 2010 Rp 9,289,959,853 in 2010 and

dan Rp 5.921.505.921 pada tahun 2009 2m,13 61.359.992.704 51.663.106.209 Rp 5,921,505,921 in 2009

Aset tetap - setelah dikurangi akumulasi Fixed assets - net of accumulated

penyusutan masing-masing sebesar depreciation of Rp 578,894,515,086

Rp 578.894.515.086 pada tahun 2010 dan 2j,2n,2o, in 2010 and Rp 475,357,357,557

Rp 475.357.357.557 pada tahun 2009 2p,14 5.639.422.127.074 4.615.514.120.951 in 2009

Aset pajak tangguhan - bersih 2s,23f 67.887.921.653 32.852.413.801 Deferred tax assets - net

Selisih lebih harga perolehan terhadap nilai Excess of acquisition cost over

wajar Anak perusahaan - bersih 2x,15a 41.239.243.053 50.359.316.453 Subsidiaries' fair value - net

Aset lain-lain 2h,16,48 318.588.557.863 85.231.201.587 Other assets

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

Catatan/

Notes 2010 2009

LIABILITIES AND

KEWAJIBAN DAN EKUITAS STOCKHOLDERS’ EQUITY

Kewajiban Liabilities

Hutang bank jangka pendek 2h,17,48 238.226.382.762 174.209.000.000 Short-term bank loans

Hutang usaha - pihak ketiga 2h,18,48 387.603.089.842 718.561.894.846 Trade payables - third parties

Hutang lain-lain - pihak ketiga 2h,19,48 307.904.777.776 535.101.138.660 Other payables - third parties

Biaya masih harus dibayar 2h,2u,20,37,48 340.478.431.206 362.282.138.098 Accrued expenses

Uang muka pelanggan 2h,2r,21,39e,48 85.492.258.249 48.681.249.003 Advances from customers

Pendapatan ditangguhkan 2r,22,39f 198.465.347.012 296.166.096.900 Deferred income

Hutang pajak 2s,23b 256.758.512.669 220.235.933.542 Taxes payable

Kewajiban jangka panjang yang jatuh tempo Current maturities

dalam satu tahun of long-term debts

Hutang bank dan lembaga keuangan 2h,24,48 317.686.308.835 320.725.185.349 Bank and financial institution loans

Hutang usaha 2h,25,38,48 24.612.496.806 22.111.886.018 Trade payables

Hutang sewa pembiayaan 2h,2p,27,48 2.102.779.634 4.150.640.989 Obligation under capital lease

Hutang hubungan istimewa 2h,2e,39c,48 31.007.529.263 22.849.092.318 Due to related parties

Hutang obligasi 2h,2z,26,48 1.695.722.490.240 644.135.605.166 Bonds payable

Hutang deviden 2d,28 680.164.779 - Dividends payable

Kewajiban derivatif 2h,41,48 118.881.474.525 - Derivative liabilities

Kewajiban jangka panjang - setelah

dikurangi bagian jatuh tempo dalam Long-term debts - net of current

satu tahun maturities of long- term debts

Hutang bank dan lembaga keuangan 2h,24,48 2.134.122.234.868 1.942.852.231.164 Bank and financial institution loans

Hutang usaha 2h,25,48 13.605.009.364 26.307.399.076 Trade payables

Hutang sewa pembiayaan 2h,2p,27,48 1.385.048.857 2.592.177.865 Obligation under capital lease

Cadangan atas penggantian perabotan Reserve for replacement of furniture

dan peralatan 2v,2w 1.743.209.829 1.513.937.249 and equipment

Kewajiban pajak tangguhan - bersih 2s,23f 21.842.049.664 22.417.793.275 Deferred tax liabilities - net

Selisih lebih nilai wajar terhadap harga perolehan Excess of Subsidiaries' fair

Anak perusahaan - bersih 2x,15b 404.407.833.016 429.245.177.429 value over acquisition cost - net

Jumlah kewajiban 6.582.727.429.196 5.794.138.576.947 Total liabilities

Hak minoritas atas aset bersih Anak Minority interest in net assets

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

Catatan/

Notes 2010 2009

Ekuitas Stockholders’ Equity

Modal saham - nilai nominal saham seri A Capital stock - par value A series of

Rp 500 per saham dan saham seri B Rp 500 per share and B series

Rp 100 per saham of Rp 100 per share

Modal dasar - terdiri dari 1.400.000.000 Authorized capital - 1,400,000,000 shares

saham seri A dan 93.000.000.000 for A series and 93,000,000,000

saham seri B shares for B series

Ditempatkan dan disetor penuh - Issued and fully paid - A series

1.400.000.000 saham seri A of 1,400,000,000 shares and

dan 38.519.771.390 saham B series of 38,519,771,390

seri B pada tahun 2010 dan shares in 2010 and

1.400.000.000 saham seri A A series of 1,400,000,000 shares

dan 18.516.859.473 saham and B series of 18,516,859,473

seri B pada tahun 2009 28 4.551.977.139.000 2.551.685.947.300 shares in 2009

Tambahan modal disetor - bersih 2q,30 2.692.134.649.679 1.603.132.327.929 Additional paid-in capital - net

Saham yang diperoleh kembali sebanyak Treasury stock of

120.750.000 saham pada tahun 2010 120,750,000 in 2010 and

dan 8.250.000 saham pada tahun 2009 2ee,31 ( 27.835.501.000 ) ( 1.499.819.652 ) 8,250,000 shares in 2009

Laba (rugi) yang belum terealisasi atas investasi Unrealized gain (loss) on investment

efek yang tersedia untuk dijual 2h,5 46.650.853.943 ( 2.467.491.020 ) under available-for-sale

Selisih transaksi perubahan ekuitas Difference in the equity transaction

perusahaan Asosiasi 2b,45 100.987.678.898 ( 14.882.633.354 ) of Associated companies

Difference in value of restructuring

Selisih nilai transaksi restrukturisasi transaction with entities under

entitas sepengendali 2t,44 54.732.012.959 54.732.012.959 common control

Selisih kurs karena penjabaran laporan Exchange differences due to financial

keuangan 2b ( 984.331.528 ) - statements translation

Saldo laba Retained earnings

Ditentukan penggunaannya 40.435.548.418 27.209.957.137 Appropriated

Belum ditentukan penggunaannya 563.631.180.053 424.617.813.270 Unappropriated

Jumlah ekuitas 8.021.729.230.422 4.642.528.114.569 Total stockholders' equity

Total Liabilities and

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

Catatan/

Notes 2010 2009

PENGHASILAN USAHA BERSIH 2r,32,39a 1.367.555.681.767 1.059.003.993.596 NET REVENUES

BEBAN POKOK PENGHASILAN 2n,2r,33 698.282.199.482 560.906.036.017 COST OF REVENUES

LABA KOTOR 669.273.482.285 498.097.957.579 GROSS PROFIT

BEBAN USAHA 2n,2r,2u,2aa, OPERATING EXPENSES

14,34,36,37

Penjualan 55.663.930.508 51.511.551.578 Selling

Umum dan administrasi 371.895.950.934 279.835.462.878 General and administrative

Jumlah beban usaha 427.559.881.442 331.347.014.456 Total operating expenses

LABA USAHA 241.713.600.843 166.750.943.123 INCOME FROM OPERATIONS

PENGHASILAN (BEBAN) LAIN-LAIN OTHER INCOME (EXPENSES)

Amortization of excess of

Amortisasi selisih lebih nilai wajar terhadap Subsidiaries' fair value over

harga perolehan Anak perusahaan 15 15.717.271.010 10.475.317.112 acquisition cost - net

Laba selisih kurs - bersih 2g 14.618.072.906 4.554.878.171 Gain on foreign exchange - net

Bagian atas laba bersih perusahaan equity in net earnings of

Asosiasi - bersih 11 6.827.637.625 - Associated companies - net

Penghasilan (beban) bunga dan Interest income (expense)

keuangan - bersih 16,35 ( 53.652.019.959 ) 23.938.387.639 and financial charges - net

Laba atas penjualan investasi saham Anak Gain on sales of investments

perusahaan - bersih 3f,3j - 4.058.794.341 in Subsidiaries - net

Beban pengelolaan kawasan 49 ( 3.362.555.046 ) ( 5.319.415.723 ) Expenses from estate management

Penyisihan untuk penggantian peralatan Reserve for replacement of

usaha 49 ( 1.501.437.273 ) ( 1.180.158.036 ) operating equipment

Rugi penjualan/penghapusan Loss on sale/disposal

aset tetap 14 ( 392.216.107 ) ( 6.788.629.887 ) of property and equipment

Lain-lain - bersih 49 5.686.714.717 6.679.236.879 Others - net

Pendapatan (beban) lain-lain - bersih ( 16.058.532.127 ) 36.418.410.496 Other income (expenses) - net

LABA SEBELUM TAKSIRAN INCOME BEFORE PROVISION

MANFAAT (BEBAN) PAJAK 225.655.068.716 203.169.353.619 FOR TAX BENEFIT (EXPENSES)

PROVISION FOR TAX BENEFIT

TAKSIRAN MANFAAT (BEBAN) PAJAK 2s,23c,23e (EXPENSES)

Final ( 35.504.457.285 ) ( 31.600.158.135 ) Final

Tahun berjalan ( 14.697.576.993 ) ( 12.452.170.732 ) Current

Tangguhan 34.932.951.308 1.860.465.095 Deferred

Jumlah taksiran beban pajak - bersih ( 15.269.082.970 ) ( 42.191.863.772 ) Total provision for tax expenses - net

LABA SEBELUM HAK MINORITAS

ATAS LABA BERSIH ANAK INCOME BEFORE MINORITY

PERUSAHAAN YANG INTEREST ON NET INCOME OF

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

Catatan/

Notes 2010 2009

HAK MINORITAS ATAS LABA MINORITY INTEREST IN

BERSIH ANAK PERUSAHAAN CONSOLIDATED NET

YANG DIKONSOLIDASI 2y,43b ( 31.681.383.886 ) ( 28.721.577.042 ) INCOME OF SUBSIDIARIES

LABA BERSIH 178.704.601.860 132.255.912.805 NET INCOME

Laba per saham dasar*) _2cc,46 _{Basic earnings per share}*)

Laba usaha per saham 7,76 8,37 Operating income per share

Laba bersih per saham 5,74 6,64 Net income per share

Laba per saham dilusian 2cc,46 Diluted earnings per share

Laba usaha per saham 7,60 7,22 Operating income per share

Laba bersih per saham 5,62 5,72 Net income per share

*) _{Laba per saham dasar disajikan kembali sehubungan}

dengan penerbitan saham dengan hak memesan efek terlebih dahulu pada tahun 2010.

*) _{Basic earnings per share has been restated to present} the subscription of shares through pre-emptive rights to issue in 2010.

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

dan Disetor Modal Saham yang untuk Dijual / in Value Assosiasi / Keuangan / Saldo Laba / Retained Earnings Penuh / Disetor - Bersih / Diperoleh Unrealized of Restructuring Difference in the Exchange Difference

Capital Stock Additional Kembali/ Gain (Loss) on Transaction Equity Transaction Due to Financial Ditentukan Belum Ditentukan Jumlah Ekuitas / Issued and Paid-in Treasury Investment under of Entities under of Associate Statements Penggunaannya/ Penggunaannya/ Total Stockholders’

Fully Paid Capital - Net Stock Available-for-sale Common Control Companies Translation Appropriated Unappropriated Equity

Saldo 1 Januari 2009 2.551.607.447.300 1.599.628.005.271 - ( 2.511.587.520) 54.732.012.959 ( 15.348.965.854) - 27.209.957.137 292.361.900.465 4.507.678.769.758 Balance January 1, 2009

Laba bersih tahun 2009 - - - 132.255.912.805 132.255.912.805 Net income in 2009 Difference in the

Selisih transaksi perubahan equity transaction of

ekuitas perusahaan Associate companies

Asosiasi (Catatan 2b) - - - 466.332.500 - - - 466.332.500 (Note 2b)

Pemberian kompensasi

berbasis saham kepada Stock based

karyawan (Catatan 2aa compensation

dan 36) - 3.386.572.658 - - - 3.386.572.658 (Notes 2aa and 36)

Pelaksanaan waran Exercise warrants

(Catatan 29) 78.500.000 117.750.000 - - - 196.250.000 (Note 29)

Saham yang diperoleh

kembali (Catatan 2ee Treasury stock

dan 31) - - ( 1.499.819.652) - - - ( 1.499.819.652 ) (Notes 2ee and 31)

Tersedia untuk dijual Available-for-sale

(Catatan 2h dan 5) - - - 44.096.500 - - - 44.096.500 (Notes 2h and 5)

Saldo Balance

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

7 Terealisasi atas Entitas Perubahan

Modal Saham Investasi Efek Sepengendali / Ekuitas Selisih Kurs Karena

Ditempatkan Tambahan yang Tersedia Difference Perusahaan Penjabaran Laporan

Fully Paid Capital - Net Stock Available-for-sale Common Control Companies Translation Appropriated Unappropriated Equity

Saldo 1 Januari 2010 2.551.685.947.300 1.603.132.327.929 ( 1.499.819.652 ) ( 2.467.491.020) 54.732.012.959 ( 14.882.633.354) - 27.209.957.137 424.617.813.270 4.642.528.114.569 Balance January 1, 2010

Dampak penerapan awal Effect of first time adoption

PSAK No. 50 (Revisi of PSAK No. 50 (Revised

2006) dan PSAK No. 55 2006 and PSAK No. 55

(Revisi 2006) (Revised 2006)

(Catatan 2h dan 2ff) - - - ( 6.505.758.101 ) ( 6.505.758.101) (Notes 2h and 2ff)

Saldo pada tanggal Balance as of

1 Januari 2010 January 1, 2010 after

setelah dampak effect of first time

penerapan awal adoption of PSAK No. 50

PSAK No. 50 (Revisi (Revised 2006) and

2006) dan PSAK PSAK No. 55 (Revised

No. 55 (Revisi 2006) 2.551.685.947.300 1.603.132.327.929 ( 1.499.819.652 ) ( 2.467.491.020) 54.732.012.959 ( 14.882.633.354) - 27.209.957.137 418.112.055.169 4.636.022.356.468 2006)

Pencadangan saldo laba

sebagai cadangan Appropriation of retained

umum - - - 13.225.591.281 ( 13.225.591.281) - earnings

Laba bersih tahun 2010 - - - 178.704.601.860 178.704.601.860 Net income in 2010

Selisih transaksi perubahan Difference in the

ekuitas perusahaan equity transaction of

Asosiasi (Catatan 2b Associate companies

dan 45) - - - 115.870.312.252 - - - 115.870.312.252 (Note 2b and 45)

Tambahan modal disetor Additional paid-in capital

(Catatan 30) 1.995.988.569.500 1.079.161.815.792 - - - 3.075.150.385.292 (Note 30)

Pemberian kompensasi

berbasis saham kepada Stock based

karyawan (Catatan 2aa - - compensation

dan 36) - 3.386.572.658 - - - 3.386.572.658 (Notes 2aa and 36)

Pelaksanaan waran Exercise warrants

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

Modal Saham Investasi Efek Sepengendali / Ekuitas Selisih Kurs Karena

Ditempatkan Tambahan yang Tersedia Difference Perusahaan Penjabaran Laporan

Fully Paid Capital - Net Stock Available-for-sale Common Control Companies Translation Appropriated Unappropriated Equity

Pembayaran deviden Dividend payments

(Catatan 28) - - - ( 19.959.885.695) ( 19.959.885.695) (Note 28)

Saham yang diperoleh

kembali (Catatan 2ee Treasury stock

dan 31) - - ( 26.335.681.348) - - - ( 26.335.681.348 ) (Notes 2ee and 31)

Tersedia untuk dijual Available-for-sale

(Catatan 2h dan 5) - - - 49.118.344.963 - - - 49.118.344.963 (Notes 2h and 5)

Selisih kurs penjabaran Exchange difference

laporan keuangan financial statements

(Catatan 2b) - - - ( 984.331.528 ) - - ( 984.331.528 ) translation (Note 2b)

Saldo Balance

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Lihat Catatan atas Laporan Keuangan Konsolidasian yang merupakan bagian yang tidak terpisahkan dari Laporan Keuangan Konsolidasian secara keseluruhan.

See accompanying Notes to Consolidated Financial Statements which are an integral part of these Consolidated Financial Statements.

2010 2009

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM OPERATING

Penerimaan kas dari pelanggan 1.064.548.631.200 907.321.016.408 Cash received from customers

Pembayaran kas kepada pemasok ( 616.237.675.019 ) ( 795.570.694.966 ) Cash paid to suppliers

Pembayaran kas kepada karyawan ( 160.574.298.348 ) ( 102.192.850.240 ) Cash paid to employees

Pembayaran kas untuk beban usaha ( 253.115.793.299 ) ( 213.274.885.021 ) Cash paid for operating expenses

Pembelian tanah ( 2.066.303.809.277 ) ( 10.601.761.500 ) Acquisition of land

Kas yang digunakan untuk operasi ( 2.031.682.944.743 ) ( 214.319.175.319 ) Cash used in operations

Penerimaan bunga 33.578.038.740 71.779.643.703 Interest received

Pembayaran beban keuangan ( 140.886.534.078 ) ( 51.384.354.391 ) Interest and financial expenses payment

Pembayaran pajak ( 69.645.960.677 ) ( 171.754.061.533 ) Tax payment

Kas bersih yang digunakan untuk

aktivitas operasi ( 2.208.637.400.758 ) ( 365.677.947.540 ) Net cash used for operating activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM INVESTING

INVESTASI ACTIVITIES

Pembelian aset tetap ( 934.049.685.136 ) ( 1.574.316.322.007 ) Acquisition of fixed assets

Penurunan (peningkatan) penyertaan saham Decrease (increase) in investment in shares

dan uang muka pembelian saham ( 339.832.014.500 ) ( 245.735.872.953 ) of stock and advance for share purchase

Peningkatan properti investasi ( 13.065.340.427 ) ( 18.739.447.036 ) Increased in investment properties

Penurunan (peningkatan) investasi jangka

pendek ( 649.048.867.794 ) 283.941.207.655 Decrease(increase) in short-term investments

Penurunan (peningkatan)

dana dalam pembatasan ( 118.341.250.523 ) 60.773.468.022 Decrease(increase) in restricted funds

Penerimaan penjualan aset tetap 335.539.400 5.000.000 Proceeds from sale of fixed assets

Kas bersih yang digunakan untuk

aktivitas investasi ( 2.054.001.618.980 ) ( 1.494.071.966.319 ) Net cash used for investing activities

ARUS KAS DARI AKTIVITAS CASH FLOWS FROM FINANCING

PENDANAAN ACTIVITIES

Peningkatan pinjaman jangka panjang 188.231.127.190 1.682.613.254.372 Increase in long-term debt

Penerimaan dari obligasi dan sukuk Receipt from bonds and sukuk

- Obligasi 1.009.981.481.413 - Bonds

-- Sukuk - 150.000.000.000 Sukuk

-Peningkatan pinjaman bank jangka pendek 64.017.382.762 98.482.798.450 Increase in short-term bank loans

Peningkatan tambahan modal disetor Increased in additional paid-in capital

- Penerbitan saham 1.193.420.915.865 - Issuance of share

-- Realisasi waran 6.453.933.300 117.750.000 Exercise warrant

-Peningkatan (penurunan) hutang hubungan Increase (decrease) in due to

Istimewa 8.158.436.945 ( 11.524.550.344 ) related parties

Peningkatan modal disetor Increase in issued and fully paid capital stock

- Penerbitan saham 1.995.988.569.500 - Issuance of share

-- Realisasi waran 4.302.622.200 78.500.000 Exercise warrant

-Pembayaran deviden ( 19.279.720.916 ) - Dividend payment

Peningkatan hutang sewa pembiayaan ( 3.254.990.362 ) 2.832.817.313 Increase in obligation under capital lease

Peningkatan piutang hubungan istimewa 65.558.242.129 ( 28.770.014.973 ) Increase in due from related parties

Penurunan hutang usaha jangka panjang ( 10.201.778.923 ) ( 10.450.303.022 ) Decrease in long-term trade payables

Biaya penerbitan sukuk - ( 2.025.000.000 ) Sukuk issuance costs

Biaya penerbitan saham ( 114.259.100.073 ) - Share issuance costs

Peningkatan saham diperoleh kembali ( 26.335.681.348 ) ( 1.499.819.652 ) Increase in treasury stocks

Kas bersih yang diperoleh dari

aktivitas pendanaan 4.362.781.439.682 1.879.855.432.144 Net cash provided from financing activities

KENAIKAN BERSIH NET INCREASED IN

KAS DAN SETARA KAS 100.142.419.944 20.105.518.285 CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

AWAL TAHUN 760.415.537.235 740.310.018.950 AT BEGINNING OF THE YEAR

KAS DAN SETARA KAS CASH AND CASH EQUIVALENTS

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a. Pendirian Perusahaan dan informasi umum a. Establishment and general information

PT Bakrieland Development Tbk. (Perusahaan) didirikan pada tanggal 12 Juni 1990 dengan Akta Notaris John Leonard Waworuntu, S.H., No. 209. Akta pendirian Perusahaan disahkan oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2 1978.HT.01.01.TH.91 tanggal 31 Mei 1991 dan diumumkan dalam Berita Negara Republik Indonesia No. 93 tanggal 19 Nopember 1991. Anggaran dasar Perusahaan telah mengalami beberapa kali perubahan, antara lain, mengenai perubahan nama dari PT Elang Realty Tbk. menjadi PT Bakrieland Development Tbk. yang diaktakan dengan Akta Notaris Harun Kamil, S.H., No. 29 tanggal 3 April 1997, yang telah disetujui oleh Menteri Kehakiman Republik Indonesia dalam Surat Keputusan No. C2-3097.HT.01.04.Th.97 tanggal 25 April 1997, dan perubahan terakhir dengan Akta Notaris Sutjipto, S.H., M.Kn., No. 216 tanggal 23 Juni 2008 mengenai penyesuaian Anggaran Dasar Perusahaan untuk disesuaikan dengan Undang-Undang No. 40 Tahun 2007 tentang Perseroan Terbatas. Perubahan ini telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia dalam Surat Keputusan No. AHU-58505-AH.01.02. Tahun 2008 tanggal 3 September 2008 dan telah diumumkan dalam Berita Negara Republik Indonesia No. 96 tanggal 28 Nopember 2008 Tambahan No. 25686.

PT Bakrieland Development Tbk. (the Company) was established with Notarial Deed No. 209 of John Leonard Waworuntu, S.H., dated June 12, 1990. The Company’s articles of incorporation was approved by the Minister of Justice of the Republic of Indonesia in its Decision Letter No. C2 1978.HT.01.01.TH.91 dated May 31, 1991 and was published in the State Gazette No. 93 dated November 19, 1991. The Company’s articles of association have been amended several times, among others, the changes of the Company’s name from PT Elang Realty Tbk. to PT Bakrieland Development Tbk. which have been notarized by Notarial Deed No. 29 of Harun Kamil, S.H., dated April 3, 1997. The change was approved by the Minister of Justice of the Republic of Indonesia, in its Decision Letter No. C2-3097.HT.01.04.Th.97 dated April 25, 1997 and the latest were amended by Notarial Deed No. 216 of Sutjipto, S.H., M.Kn., dated June 23, 2008 in order to conform with Corporate Law No. 40 Year 2007. This amendment was approved by the Ministry of Justice and Human Rights in its Decision Letter No.

AHU-58505-AH.01.02 Year 2008 dated

September 3, 2008 and was published in Supplement No. 25686 of State Gazette No. 96 dated November 28, 2008.

Sesuai dengan pasal 3 Anggaran Dasarnya, Perusahaan bergerak dalam bidang pembangunan, perdagangan dan jasa, termasuk usaha jasa manajemen dan penyertaan pada perusahaan yang berhubungan dengan usaha real estat dan properti, serta dalam bidang infrastruktur.

According to Article 3 of the Article of Association, the scope of the Company’s activities comprises of development, trading and services, including management service and investment in real estate and property, and infrastructure.

Perusahaan berdomisili di Jakarta, kantor pusat Perusahaan berlokasi di Gedung Wisma Bakrie 1 Lantai 6 dan 7, Jalan H.R. Rasuna Said Kav. B1, Jakarta Selatan. Saat ini Perusahaan dan Anak perusahaan memiliki properti yang terletak di Jakarta, Bogor, Malang, Sukabumi, Bekasi, Lampung, Batam, Balikpapan, Tangerang dan Bali.

The Company is domiciled in Jakarta and its head office is located at Wisma Bakrie 1, 6th and 7th Floor, Jalan H.R Rasuna Said Kav. B1, South Jakarta. The Company and its Subsidiaries have property at Jakarta, Bogor, Malang, Sukabumi, Bekasi, Lampung, Batam, Balikpapan, Tangerang and Bali.

Perusahaan mulai beroperasi secara komersial pada

tahun 1990. The Company started its commercial operations in 1990.

b. Penawaran umum efek dan obligasi Perusahaan b. Public offering of shares and bonds of the

Company

Pada tanggal 13 Oktober 1995, Perusahaan telah memperoleh pernyataan efektif dari Ketua Badan Pengawas Pasar Modal (BAPEPAM) No. S-1304/PM/1995 untuk melakukan Penawaran Umum Perdana kepada masyarakat atas 110 juta saham dengan nilai nominal Rp 500 per saham melalui Bursa Efek Jakarta dengan harga penawaran Rp 625 per saham. Perusahaan telah mencatatkan seluruh sahamnya di Bursa Efek Jakarta pada tanggal 30 Oktober 1995.

On October 13, 1995, the Company has obtained an effective statement letter from the Chairman of the Capital Market Supervisory Agency (BAPEPAM) No. S-1304/PM/1995 to undertake an Intial Public Offering of its 110 million shares with par value of Rp 500 per share through Jakarta Stock Exchange at the offering price of Rp 625 per share. The Company has listed all its shares issued and fully paid in the Jakarta Stock Exchange on October 30, 1995.

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b. Penawaran umum efek dan obligasi Perusahaan

(Lanjutan) b. Public offering of shares and bonds of theCompany (Continued)

Pada tanggal 15 September 1997, Perusahaan melakukan Penawaran Umum Terbatas I dengan Hak Memesan Efek Terlebih Dahulu (HMETD) atas 1.050 juta saham dengan nilai nominal dan harga penawaran Rp 500 per saham. Seluruh saham telah dicatatkan di Bursa Efek Jakarta pada tanggal 6 Oktober 1997.

On September 15, 1997, the Company conducted a Limited Public Offering I through pre-emptive rights to issue 1,050 million shares with par value and offering price of Rp 500 per share. The whole shares have been listed in the Jakarta Stock Exchange on October 6, 1997.

Pada tanggal 22 Nopember 2005, Perusahaan melakukan Penawaran Umum Terbatas II dengan HMETD atas 4,2 miliar saham biasa seri B dengan nilai nominal Rp 100 per saham dan harga penawaran Rp 150 per saham yang seluruh saham yang ditempatkan dan disetor penuh telah dicatatkan di Bursa Efek Jakarta pada tanggal 12 Desember 2005.

On November 22, 2005, the Company conducted a Limited Public Offering II through pre-emptive rights to issue 4.2 billion B series shares with par value of Rp 100 per share and offering price of Rp 150 per share, which all of its shares issued and fully paid have been listed in the Jakarta Stock Exchange on December 12, 2005.

Pada tanggal 16 April 2007 Perusahaan memperoleh Surat Pemberitahuan Efektif atas Pernyataan Pendaftaran Emisi Saham dari ketua Bapepam-LK untuk melakukan Penawaran Umum Terbatas III dengan HMETD atas 14 miliar saham biasa seri B dengan nominal Rp 100 per saham dan harga penawaran Rp 200 per saham, yang seluruh saham ditempatkan dan disetor penuh telah dicatatkan di Bursa Efek Jakarta pada tanggal 1 Mei 2007. Dengan diterbitkannya saham tersebut, maka jumlah saham Perusahaan yang telah dicatatkan di bursa menjadi sebanyak 19.600.000.000 saham.

On April 16, 2007, the Company received Effective Letter for share issuance from Bapepam-LK to conduct a Limited Public Offering III through pre-emptive rights to issue 14 billion B series shares with par value Rp 100 per share and offering price of Rp 200 per share, which all of its shares issued and fully paid have been listed in the Jakarta Stock Exchange on May 1, 2007. Therefore the total of shares listed on Stock Exchange is 19,600,000,000 shares.

Berkenaan dengan Penawaran Umum Terbatas III, Perusahaan juga menerbitkan waran, dimana untuk setiap 50 saham baru hasil pelaksanaan HMETD tersebut melekat 7 Waran Seri I yang diberikan cuma-cuma sebagai insentif bagi pemegang saham Perusahaan dan/atau pemegang HMETD yang melaksanakan haknya (lihat Catatan 29).

In regards to Limited Public Offering III, the Company also issued Warrant Seri I in which for each 50 new shares from pre-emptive rights includes 7 warrants issued as incentive for the Company shareholders and/or pre-emptive rights holders that exercise their right (see Note 29).

Pada tanggal 30 Nopember 2007, Bursa Efek Jakarta dan Bursa Efek Surabaya telah bergabung menjadi Bursa Efek Indonesia.

On November 30, 2007, Jakarta Stock Exchange and Surabaya Stock Exchange have merged to become Indonesia Stock Exchange.

Pada tanggal 28 Pebruari 2008, Perusahaan telah mendapatkan pemberitahuan efektif pernyataan pendaftaran dalam rangka Penawaran Umum Obligasi I Bakrieland Development Tahun 2008 dengan Tingkat Bunga Tetap dari Badan Pengawas Pasar Modal dan Lembaga Keuangan berdasarkan Surat No. S-1220/BL/2008.

On February 28, 2008, the Company received effective confirmation statement in regards with Public Offering of Fixed Rate Bonds I Bakrieland Development Year 2008 from Capital Market and Financial Institution Supervisory Agency’s based on its Letter No. S-1220/BL/2008.

Pada tanggal 11 Maret 2008, Perusahaan menerbitkan Obligasi I Bakrieland Development Tahun 2008 dengan Tingkat Bunga Tetap, dengan PT Bank Permata Tbk. sebagai wali amanat. Nilai nominal obligasi keseluruhan adalah Rp 500 miliar (lihat Catatan 26b).

On March 11, 2008, the Company issued its Bakrieland Development Bonds I Year 2008 with Fixed Rates, with PT Bank Permata Tbk. as the trustee. The bonds have a total face value of Rp 500 billion (see Note 26b).

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b. Penawaran umum efek dan obligasi Perusahaan

(Lanjutan) b. Public offering of shares and bonds of theCompany (Continued)

Pada tanggal 29 Juni 2009, Perusahaan telah mendapatkan pemberitahuan efektif pernyataan pendaftaran dalam rangka Penawaran Umum Sukuk Ijarah I Bakrieland Development Tahun 2009 dengan cicilan imbalan ijarah sebesar Rp 314,8 juta dari Badan Pengawas Pasar Modal dan Lembaga Keuangan berdasarkan Surat No. S-5660/BL/2009.

On June 29, 2009, the Company received effective confirmation statement in regards with Public Offering of Sukuk Ijarah I Bakrieland Development Year 2009 with annual fixed Ijarah return (“Cicilan Imbalan Ijarah”) totalling of Rp 314.8 million from Capital Market and Financial Institution Supervisory Agency’s based on its Letter No. S-5660/BL/2009. Pada tanggal 7 Juli 2009, Perusahaan menerbitkan

Sukuk Ijarah I Bakrieland Development Tahun 2009, dengan PT Bank Mega Tbk. sebagai wali amanat. Nilai nominal Sukuk Ijarah keseluruhan sebesar Rp 150 miliar (lihat Catatan 26c).

On July 7, 2009, the Company issued its Sukuk Ijarah I Bakrieland Development Year 2009, with PT Bank Mega Tbk. as the trustee. The bonds have a total face value of Rp 150 billion (see Note 26c).

Pada tanggal 25 Juni 2010 Perusahaan memperoleh Surat Pemberitahuan Efektif atas Pernyataan Pendaftaran Emisi Saham dari ketua Bapepam-LK untuk melakukan Penawaran Umum Terbatas IV dengan HMETD atas 19,96 miliar saham biasa seri B dengan nominal Rp 100 per saham dan harga penawaran Rp 160 per saham. Dengan diterbitkannya saham tersebut, maka jumlah saham Perusahaan yang telah dicatatkan di bursa menjadi sebanyak 39,92 miliar saham.

On June 25, 2010, the Company received Effective Letter for share issuance from Bapepam-LK to conduct a Limited Public Offering IV through pre-emptive rights to issue 19.96 billion series shares with par value of Rp 100 per share and offering price of Rp 160 per share. Therefore the total of shares listed on Stock Exchange is 39.92 billion shares.

Berkenaan dengan Penawaran Umum Terbatas IV tersebut, Perusahaan juga menerbitkan waran, dimana untuk setiap 20 saham baru hasil pelaksanaan HMETD tersebut melekat 7 Waran Seri II yang diberikan cuma-cuma sebagai insentif bagi pemegang saham Perusahaan dan/atau pemegang HMETD yang melaksanakan haknya (lihat Catatan 29).

In regards to the Limited Public Offering IV, the Company also issued Warrant Series II in which for each 20 new shares from pre-emptive rights includes 7 warrants series II issued as incentive for the Company shareholders and/or pre-emptive rights holders that exercise their right (see Note 29).

c. Perusahaan dan Anak perusahaan c. The Company and its Subsidiaries

Pada tanggal 31 Desember 2010 dan 2009, Perusahaan memiliki Anak perusahaan sebagai berikut:

As of December 31, 2010 and 2009, the Company has Subsidiaries as follows:

2010

Persentase Jumlah Aset

Kepemilikan / (sebelum eliminasi) /

Anak Perusahaan / Lokasi Proyek / Percentage of Tahun Pendirian / Total Assets

Subsidiaries Domicile Ownership Establishment (before elimination)

Kepemilikan saham secara Langsung / Direct Ownership:

PT Citrasaudara Abadi (“CSA”)a) _Tangerang,

Banten 99,99 1988 Rp 10.427.471.844

PT Villa Del Sol (“VDS”) a) b) _Cipanas,

Jawa Barat 99,99 1990 Rp 253.425.244.685

PT Krakatau Lampung Tourism

Development (“KLTD”) a) _Lampung _90,00 ₁₉₉₄ _Rp _{148.049.386.943}

PT Graha Andrasentra Bogor,

Propertindo (“GAP”) Jawa Barat 99,78 1988 Rp 3.033.193.319.948

PT Bakrie Swasakti Utama

(“BSU”) Jakarta 69,62 1982 Rp 3.078.764.502.389

PT Superwish Perkasa (“SP”) b) _Jakarta _69,99 ₂₀₀₆ _Rp _{610.786.807.528}

PT Bakrie Nirwana Semesta (“BNS”) Jakarta 99,99 2007 Rp 912.638.571.740

PT Bumi Daya Makmur (“BDM”) Jakarta 69,99 2006 Rp 528.772.853.023

PT Bakrie Infrastructure (“BI”) Jakarta 99,99 2007 Rp 3.217.731.252.128

PT Bakrie Pangripta Loka (“BPL2”) Jakarta 99,99 2008 Rp 116.623.804.536

PT Bakrie Graha Investama (“BGI”) a) b) _Jakarta _99,96 ₂₀₀₉ _Rp _{8.242.780.913}

PT Bakrie Sentra Investama (“BSI”)a) b) _Jakarta _99,98 ₂₀₀₉ _Rp _{21.501.209.079}

BLD Investment Pte. Ltd. (”BLDI”) a) _Singapura _100,00 ₂₀₁₀ _{Rp 1.117.262.560.059}

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c. Perusahaan dan Anak perusahaan (Lanjutan) c. The Company and its Subsidiaries (Continued) 2010

Persentase Jumlah Aset

Kepemilikan / (sebelum eliminasi) /

Anak Perusahaan / Lokasi Proyek / Percentage of Tahun Pendirian / Total Assets

Subsidiaries Domicile Ownership Establishment (before elimination)

Kepemilikan saham secara tidak Langsung / Indirect ownership: Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Bekasi,

(“SPS”) Sukabumi,

Jawa Barat 99,30 1995 Rp 16.799.770.847

PT Graha Intan Bali (“GIB”) a) c) _Bali _98,78 ₁₉₉₇ _Rp _{148.242.031.219}

PT Samudra Asia Nasional

(“SAN”) a) _Bali _99,78 ₂₀₀₃ _Rp _{445.855.330.029}

PT Dutaperkasa Unggullestari

(“DPUL”) Malang, Jawa Timur 64,86 1992 Rp 189.016.115.842

PT Mutiara Permata Biru (“MPB”)a) _Batam _99,77 ₁₉₉₉ _Rp _{68.222.089.943}

PT Bahana Sukmasejahtera

(“BSS”)b) _{Bogor, Jawa Barat} _99,96 ₁₉₉₆ _Rp _{921.809.283.498}

Melalui BSU / Through BSU:

PT Bakrie Pesona Rasuna (“BPR”) Jakarta 94,70 1996 Rp 12.867.708.995

PT Rasuna Residence Development

(“RRD”) Jakarta 94,70 2004 Rp 15.047.819.114

Melalui BNS / Through BNS:

PT Libratindo Gemilang (“LG”) a) b) _Balikpapan,

Kalimantan Timur 99,99 2006 Rp 61.538.574.530

PT Berkah Puhu Lestari (“BPL”) a) b) _{Ubud, Bali} _99,99 ₁₉₉₉ _Rp _{15.526.907.166}

PT Bakrie Graha Nirwana (“BGN”) a) b) _Jakarta _99,80 ₂₀₀₈ _Rp _{5.445.676.063}

PT Nirwana Legian Hotel (“NLH”) a) b) _{Kuta, Bali} _99,92 ₂₀₀₈ _Rp _{14.610.662.097}

PT Bali Nirwana Resort (“BNR”) Tanah Lot, Bali 52,55 1992 Rp 749.463.275.164

Melalui BI / Through BI:

PT Bakrie Toll Road (“BTR”) Jakarta 99,99 2008 Rp 3.155.775.243.763

PT Alberta Utilities (AI) a) b) _Jakarta _75,03 ₂₀₀₆ _Rp _{3.907.636.481}

Melalui BTR / Through BTR:

PT Satria Cita Perkasa (“SCP”) Jakarta 99,99 2002 Rp 3.006.491.049.810

Transglobal Finance Limited

(“TGF”)a) _{British Virgin Island} _100,00 ₂₀₀₁ _Rp _{229.609.088.351}

Pan Galactic Invesment (“PGI”)a) _{British Virgin Island} _100,00 ₁₉₉₉ _Rp _{137.765.456.946}

Melalui SCP / Through SCP:

PT Semesta Marga Raya (“SMR”) Jawa Barat 60,00 2005 Rp 3.006.473.210.058

Melalui TGF / Through TGF:

PT Semesta Marga Raya (“SMR”) Jawa Barat 25,00 2005 Rp 3.006.473.210.058

Melalui PGI / Through PGI:

PT Semesta Marga Raya (“SMR”) Jawa Barat 15,00 2005 Rp 3.006.473.210.058

Melalui BPL2 / Through BPL2:

PT Provices Indonesia (“PVI”) Jakarta 99,74 2008 Rp 27.217.081.426

PT Rasuna Caturtama

Corpora (“RCC”)a) c) _Jakarta _99,59 ₁₉₉₄ _Rp _485.921.700

Melalui BLDI / Through BLDI:

BLD Asia Pte. Ltd. (“BLDA”)a) _Singapura _100,00 ₂₀₁₀ _Rp _{852.462.541.143}

Melalui BGI / Through BGI: PT Hotel Elty Tenggarong

(formerly PT Bakrie Armo

Nirwana) (“BAN”)a) _Balikpapan,

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c. Perusahaan dan Anak perusahaan (Lanjutan) c. The Company and its Subsidiaries (Continued) 2009

Persentase Jumlah Aset

Kepemilikan / (sebelum eliminasi) /

Anak Perusahaan / Lokasi Proyek / Percentage of Tahun Pendirian / Total Assets

Subsidiaries Domicile Ownership Establishment (before elimination)

Kepemilikan saham secara Langsung / Direct Ownership:

PT Citrasaudara Abadi (“CSA”)a) _Tangerang,

Banten 99,99 1988 Rp 10.485.815.951

PT Villa Del Sol (“VDS”) a) b) _Cipanas,

Jawa Barat 99,99 1990 Rp 254.192.912.083

PT Krakatau Lampung Tourism

Development (“KLTD”) a) _Lampung _90,00 ₁₉₉₄ _Rp _{147.311.449.858}

PT Graha Andrasentra Bogor,

Propertindo (“GAP”) Jawa Barat 99,78 1988 Rp 2.187.179.851.419

PT Bakrie Swasakti Utama

(“BSU”) Jakarta 69,62 1982 Rp 3.006.511.742.390

PT Superwish Perkasa (“SP”) b) _Jakarta _69,99 ₂₀₀₆ _Rp _{595.847.253.246}

PT Bakrie Nirwana Semesta (“BNS”) a) _Jakarta _99,99 ₂₀₀₇ _Rp _{797.166.650.279}

PT Bumi Daya Makmur (“BDM”) Jakarta 69,99 2006 Rp 489.885.471.695

PT Bakrie Infrastructure (“BI”) Jakarta 99,99 2007 Rp 3.144.852.918.209

PT Bakrie Pangripta Loka (“BPL2”) Jakarta 99,99 2008 Rp 52.385.190.985

PT Bakrie Graha Investama (“BGI”) a) b) _Jakarta _99,96 ₂₀₀₉ _Rp _{5.372.059.535}

PT Bakrie Sentra Investama (“BSI”)b) _Jakarta _99,98 ₂₀₀₉ _Rp _{5.753.248.763}

Kepemilikan saham secara tidak Langsung / Indirect ownership: Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Bekasi,

(“SPS”) Sukabumi,

Jawa Barat 99,30 1995 Rp 19.324.212.926

PT Graha Intan Bali (“GIB”) a) c) _Bali _98,78 ₁₉₉₇ _Rp _{148.242.031.219}

PT Samudra Asia Nasional

(“SAN”) a) _Bali _99,78 ₂₀₀₃ _Rp _{368.088.101.574}

PT Dutaperkasa Unggullestari

(“DPUL”) Malang, Jawa Timur 64,86 1992 Rp 163.883.055.642

PT Mutiara Permata Biru (“MPB”) Batam 99,77 1999 Rp 67.332.804.424

PT Bahana Sukmasejahtera

(“BSS”) b) _{Bogor, Jawa Barat} _99,96 ₁₉₉₆ _Rp _{526.404.502.859}

Melalui BSU / Through BSU:

PT Bakrie Pesona Rasuna (“BPR”) Jakarta 94,70 1996 Rp 18.076.530.806

PT Rasuna Residence Development

(“RRD”) Jakarta 94,70 2004 Rp 12.742.193.409

Melalui BNS / Through BNS:

PT Libratindo Gemilang (“LG”) a) b) _Balikpapan,

Kalimantan Timur 99,99 2006 Rp 62.171.147.231

PT Berkah Puhu Lestari (“BPL”) a) b) _{Ubud, Bali} _99,99 ₁₉₉₉ _Rp _{15.619.274.553}

PT Bakrie Graha Nirwana (“BGN”) a) b) _Jakarta _99,80 ₂₀₀₈ _Rp _{3.057.141.235}

PT Bakrie Armo Nirwana (“BAN”)a) b) _Balikpapan,

Kalimantan Timur 70,00 2008 Rp 218.954.534

PT Nirwana Legian Hotel (“NLH”) a) b) _{Kuta, Bali} _99,92 ₂₀₀₈ _Rp _{9.983.782.819}

PT Bali Nirwana Resort (“BNR”)a) _{Tanah Lot, Bali} _52,55 ₁₉₉₂ _Rp _{681.721.901.182}

Melalui BI / Through BI:

PT Bakrie Toll Road (“BTR”) Jakarta 99,99 2008 Rp 3.121.600.700.904

PT Alberta Utilities (AI) a) b) _Jakarta _75,03 ₂₀₀₆ _Rp _{3.918.390.087}

Melalui BTR / Through BTR:

PT Satria Cita Perkasa (“SCP”) Jakarta 99,99 2002 Rp 809.346.083.997

Transglobal Finance Limited

(“TGF”)a) _{British Virgin Island} _100,00 ₂₀₀₁ _Rp _{179.703.517.276}

Pan Galactic Invesment (“PGI”)a) _{British Virgin Island} _100,00 ₁₉₉₉ _Rp _{108.000.012.629}

Melalui SCP / Through SCP:

PT Semesta Marga Raya (“SMR”)b) _{Jawa Barat} _24,99 ₂₀₀₅ _{Rp 2.859.904.218.004}

Melalui TGF / Through TGF:

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c. Perusahaan dan Anak perusahaan (Lanjutan) c. The Company and its Subsidiaries (Continued) 2009

Persentase Jumlah aset

Kepemilikan / (sebelum eliminasi) /

Anak perusahaan / Lokasi proyek / Percentage of Tahun Pendirian / Total Assets

Subsidiaries Domicile Ownership Establishment (before elimination)

Melalui PGI / Through PGI:

PT Semesta Marga Raya (“SMR”)b) _{Jawa Barat} _14,99 ₂₀₀₅ _{Rp 2.859.904.218.004}

Melalui BPL2/ Through BPL2:

PT Provices Indonesia (“PVI”) Jakarta 99,74 2008 Rp 23.435.558.475

PT Rasuna Caturtama

Corpora (“RCC”)a) c) _Jakarta _99,59 ₁₉₉₄ _Rp _485.921.700

a)_{Diaudit oleh Auditor Independen lain}

b)_{Perusahaan dalam tahap pengembangan}

c)_{Tidak aktif}

a)_{Audited by other Independent Auditors}

b)_{A company under development stage}

c)_Inactive

Kegiatan usaha Anak perusahaan adalah sebagai

berikut: Activities of Subsidiaries are as follows:

Anak perusahaan /

Subsidiaries Kegiatan usaha /Activities

Kepemilikan langsung / Direct ownership

PT Citrasaudara Abadi Perumahan / Residential area

PT Villa Del Sol Pengembangan pariwisata di Cianjur, Jawa Barat / Tourism Development in Cianjur, West Java

PT Krakatau Lampung Tourism Development Pembangunan kawasan wisata Krakatoa Nirwana Resort /

Krakatoa Nirwana Resort Tourism Resort Development

PT Graha Andrasentra Propertindo Real estat, properti, perumahan dan perhotelan / Real estate, property, residential and hotels

PT Bakrie Swasakti Utama Real estat, properti, apartemen, perhotelan dan perkantoran / Real estate, property, apartment, hotels and office spaces

PT Superwish Perkasa Pembangunan dan real estat / Construction and real estate

PT Bakrie Nirwana Semesta Pembangunan, perdagangan dan jasa / Construction, trading and services

PT Bumi Daya Makmur Perdagangan, pembangunan dan jasa / Trading, construction and services

PT Bakrie Infrastructure Pembangunan, perdagangan dan jasa / Construction, trading and services

PT Bakrie Pangripta Loka Perdagangan, pembangunan dan jasa / Trading, construction and services

PT Bakrie Graha Investama Perdagangan, pembangunan dan jasa / Trading, construction and services

PT Bakrie Sentra Investama Perdagangan, pembangunan dan jasa / Trading, construction and services

BLD Investment Pte. Ltd. Investasi dan pendanaan / Investments and refinancing

PT Bukit Jonggol Asri Perumahan dan real estat / Residential area and real estate

Kepemilikan tidak langsung / Indirect ownership

Melalui GAP / Through GAP:

PT Sanggraha Pelita Sentosa Perumahan Graha Taman Kebayoran dan Graha Taman Sukabumi / Housing of Graha Taman Kebayoran and Graha Taman Sukabumi

PT Graha Intan Bali Perhotelan / Hotels

PT Samudra Asia Nasional Perhotelan / Hotels

PT Dutaperkasa Unggullestari Perumahan dan real estat / Residential area and real estate

PT Mutiara Permata Biru Perumahan dan bidang industri estat / Residential area and real estate

(22)

c. Perusahaan dan Anak perusahaan (Lanjutan) c. The Company and its Subsidiaries (Continued) Anak perusahaan /

Subsidiaries Kegiatan usaha /Activities

Melalui BSU / Through BSU:

PT Bakrie Pesona Rasuna Pengelola Pasar Festival, Klub Rasuna, Gelanggang Mahasiswa “Soemantri Brojonegoro” / Management of Pasar Festival, Klub Rasuna, Sport Center “Soemantri Brojonegoro”

PT Rasuna Residence Development Pengelola Hotel Aston Residence / Management of Hotel Aston Residence

Melalui BNS / Through BNS:

PT Libratindo Gemilang Pembangunan dan real estat / Construction and real estate

PT Berkah Puhu Lestari Perhotelan / Hotels

PT Bakrie Graha Nirwana Perhotelan / Hotels

PT Nirwana Legian Hotel Perhotelen dan Pariwisata / Hotel and Tourism

PT Bali Nirwana Resort Perhotelen dan Pariwisata / Hotel and Tourism

Melalui BI / Through BI:

PT Bakrie Toll Road Pembangunan, perdagangan dan jasa / Construction, trading and services

PT Alberta Utilities Pembangunan, perdagangan dan jasa / Construction, trading and services

Melalui BTR / Through BTR:

PT Satria Cita Perkasa Perdagangan, pembangunan, jasa, pengangkutan darat, perbengkelan, percetakan, pertanian, pertambangan, real estate dan perindustrian / Trading, construction, service, transportation, workshop, printing, agriculture, mining, real estate and industry.

Transglobal Finance Limited Perusahaan investasi / Investment holding company

Pan Galactic Investment Limited Perusahaan investasi / Investment holding company

Melalui SCP / Through SCP:

PT Semesta Marga Raya Pembangunan dan pengusahaan jalan tol / construction and development of toll road project

Melalui TGF / Through TGF:

PT Semesta Marga Raya Pembangunan dan pengusahaan jalan tol / construction and development of toll road project

Melalui PGI / Through PGI:

PT Semesta Marga Raya Pembangunan dan pengusahaan jalan tol / construction and development of toll road project

Melalui BPL2 / Through BPL2:

PT Provices Indonesia Pengelola gedung, apartemen dan perumahan /

Management of building, apartment and residential area

PT Rasuna Caturtama Corpora Properti / Property

Melalui BGI / Through BGI:

PT Hotel Elty Tenggarong (dahulu PT Bakrie Armo

Nirwana) Perhotelan dan Pariwisata / Hotel and Tourism

Melalui BLDI / Through BLDI:

BLD Asia Pte. Ltd. Investasi dan pendanaan / Investments and refinancing

Pada tanggal 31 Desember 2010, PT Graha Intan Bali dan PT Rasuna Caturtama Corpora merupakan perusahaan yang tidak aktif beroperasi, sedangkan, PT Villa Del Sol, PT Superwish Perkasa, PT Libratindo Gemilang, PT Berkah Puhu Lestari, PT Bakrie Graha Nirwana, PT Nirwana Legian Hotel, PT Bahana Sukmasejahtera, PT Alberta Utilities, PT Bakrie Graha Investama, PT Bukit Jonggol Asri dan PT Bakrie Sentra Investama merupakan perusahaan yang masih dalam tahap pengembangan.

As of December 31, 2010, PT Graha Intan Bali and PT Rasuna Caturtama Corpora are inactive, meanwhile PT Villa Del Sol, PT Superwish Perkasa, PT Libratindo Gemilang, PT Berkah Puhu Lestari, PT Bakrie Graha Nirwana, PT Nirwana Legian Hotel, PT Bahana Sukmasejahtera, PT Alberta Utilities, PT Bakrie Graha Investama, PT Bukit Jonggol Asri and PT Bakrie Sentra Investama are under development stages.

(23)

d. Karyawan, direksi dan dewan komisaris d. Employees, board of directors and commissioners

Pada tanggal 31 Desember 2010 dan 2009, susunan dewan komisaris dan direksi Perusahaan masing-masing berdasarkan Akta Notaris Aulia Taufani, S.H., selaku pengganti dari Sutjipto, S.H., M.Kn., No. 121 tanggal 18 Mei 2010 dan Akta Notaris Sujipto, S.H., M.Kn., No. 111 tanggal 26 Mei 2009 adalah sebagai berikut:

As of December 31, 2010 and 2009, the Company’s boards of commissioners and directors based on Notarial Deed of Aulia Taufani, S.H., as a substitute of Sutjipto, S.H., M.Kn., No. 121 dated May 18, 2010 and Notarial Deed of Sujipto, S.H., M.Kn., No. 111 dated May 26, 2009, respectively, are as follows:

2010

Dewan Komisaris / Board of Commissioners Direksi / Board of Directors

1. Bambang Irawan Hendradi - Presiden Komisaris / 1. Hiramsyah Sambudhy Thaib - Presiden Direktur /

President Commissioner President Director

2. Supartono - Komisaris /Commissioner 2. Marudi Surachman - Direktur / Director

3. Edgardo Bautista - Komisaris /Commissioner 3. Hamid Mundzir - Direktur / Director

4. Mark Robert Harris - Komisaris /Commissioner 4. Sri Hascaryo - Direktur / Director

5. Lukman Purnomosidi - Komisaris Independen / 5. Ferdinand Sadeli *) _{- Direktur /}_Director

Independent Commissioner

6. Kanaka Puradiredja - Komisaris Independen /

Independent Commissioner

*) Mengundurkan diri pada tanggal 30 Oktober 2010 / resigned on October 30, 2010 2009

Dewan Komisaris / Board of Commissioners Direksi / Board of Directors

1. Bambang Irawan Hendradi - Presiden Komisaris / 1. Hiramsyah Sambudhy Thaib - Presiden Direktur /

President Commissioner President Director

2. Supartono - Komisaris /Commissioner 2. Marudi Surachman - Direktur / Director

3. Edgardo Bautista - Komisaris /Commissioner 3. Hamid Mundzir - Direktur / Director

4. Mark Robert Harris - Komisaris /Commissioner 4. Sri Hascaryo - Direktur / Director

5. Lukman Purnomosidi - Komisaris Independen /

Independent Commissioner

6. Kanaka Puradiredja - Komisaris Independen /

Independent Commissioner

Pada tanggal 31 Desember 2010 dan 2009, jumlah karyawan tetap Perusahaan dan Anak Perusahaan masing-masing adalah 1.844 dan 1.352 orang (tidak diaudit).

As of December 31, 2010 and 2009, the Company and its Subsidiaries have a total of 1,844 and 1,352 permanent employees, respectively (unaudited).

Gaji dan kompensasi lainnya yang dibayarkan kepada dewan komisaris dan direksi Perusahaan dan Anak Perusahaan untuk tahun 2010 dan 2009 adalah sebagai berikut:

Remunerations of the boards of commissioners and directors of the Company and its Subsidiaries for the year of 2010 and 2009 are as follows:

2010 2009

Dewan Komisaris 2.275.000.000 1.872.000.000 Board of Commissioners

Direksi 9.803.950.909 8.274.643.000 Board of Directors

Jumlah 12.078.950.909 10.146.643.000 Total

Susunan anggota komite audit pada tanggal 31 Desember 2010 dan 2009 adalah sebagai berikut:

The composition of audit committee as of December 31, 2010 and 2009 are as follows:

2010 dan/and2009

Ketua Kanaka Puradiredja Chairman

Anggota Soenarso Soemodiwirjo Member

Anggota Muhammad Hassan Member

Sekretaris Perusahaan pada tanggal 31 Desember 2010 dan 2009 adalah Nuzirman Nurdin.

Corporate secretary as of December 31, 2010 and 2009 is Nuzirman Nurdin.

(24)

POLICIES

a. Dasar penyajian laporan keuangan konsolidasian a. Basis preparation of consolidated financial

statements

Laporan keuangan konsolidasian disusun sesuai dengan prinsip akuntansi yang berlaku umum di Indonesia, yaitu Pernyataan Standar Akuntansi Keuangan (PSAK) dan Peraturan Badan Pengawas Pasar Modal dan Lembaga Keuangan (BAPEPAM-LK) No. VIII.G.7 tentang Pedoman Penyajian Laporan Keuangan, dan Surat Edaran No. SE-02/PM/2002 tanggal 27 Desember 2002 tentang Pedoman Penyajian dan Pengungkapan Laporan Keuangan Emiten atau Perusahaan Publik Industri Real Estat.

The consolidated financial statements have been prepared in accordance with generally accepted accounting principles in Indonesia, namely the Statement of Financial Accounting Standards (PSAK) and the Capital Market and Financial Institution Supervisory Agency’s (Bapepam-LK) No. VIII.G.7 regarding Guidelines for Financial Report Presentation, and Circular Letter No. SE-02/PM/2002 dated December 27, 2002 regarding Financial Statements Presentation and Disclosure Guidelines for Real Estate Company, which offered their shares to public.

Laporan keuangan konsolidasian, kecuali laporan arus kas disusun berdasarkan konsep akrual. Dasar pengukuran yang digunakan dalam penyusunan laporan keuangan adalah konsep biaya perolehan, kecuali beberapa akun tertentu disusun berdasarkan pengukuran lain, sebagaimana diuraikan dalam kebijakan akuntansi masing-masing akun tersebut.

The consolidated financial statements, except for the statements of cash flows are prepared using the accrual basis of accounting. The measurement basis used is historical cost, except for certain accounts which are measured on the basis described in the related accounting policies.

Neraca konsolidasian disajikan tanpa dikelompokkan ke dalam lancar dan tidak lancar (unclassified balance sheets) sesuai dengan PSAK No. 44, “Akuntansi Aktivitas Pengembangan Real Estat”.

The consolidated balance sheets are presented based on unclassified method in accordance with PSAK No. 44, “Accounting for Real Estate Development Activities”.

Laporan arus kas konsolidasian disusun dengan menggunakan metode langsung dengan mengelompokkan arus kas dalam aktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flow are prepared based on direct method by classifying cash flow on the basis of operating, investing and financing activities.

Mata uang yang digunakan dalam penyusunan laporan keuangan konsolidasian adalah Rupiah yang merupakan mata uang fungsional Perusahaan dan Anak perusahaan.

The reporting currency used in the preparation of the consolidated financial statements is Indonesian Rupiah, which is the functional currency of the Company and Subsidiaries.

b. Prinsip-prinsip konsolidasian b. Principles of consolidation

Laporan keuangan konsolidasian mencakup akun-akun keuangan Perusahaan dan Anak perusahaan dengan pemilikan lebih dari 50%, baik langsung maupun tidak langsung, kecuali Anak perusahaan yang pengendaliannya bersifat sementara atau terdapat pembatasan jangka panjang yang mempengaruhi kemampuan Anak perusahaan untuk mengalihkan dananya kepada Perusahaan.

The consolidated financial statements include the accounts of the Company and Subsidiaries which are owned more than 50% either directly or indirectly, except for the Subsidiaries which is intended to be temporarily controlled or operates under long-term restrictions which significantly affects the ability to transfer funds to the Company.

Sesuai dengan PSAK No. 12, “Pelaporan Keuangan Mengenai Bagian Partisipasi (Interest) dalam Pengendalian Bersama Operasi dan Aset (Jointly Controlled Operations and Assets)”, partisipasi PT Bakrie Pangripta Loka (BPL2), Anak perusahaan, dalam kerja sama operasi tersebut telah dicatat menggunakan metode ekuitas dalam pencatatan akuntansi dan pelaporan keuangan dimana bagian partisipasi (interest) pada kerjasama operasi pada awalnya dibukukan sebesar biaya perolehan (cost)

dan selanjutnya disesuaikan terhadap perubahan dalam bagian venturer atas pendapatan yang diperoleh dan beban-beban yang terjadi dari pengendalian bersama operasi.

In accordance with PSAK No. 12, “Financial Reporting of Interests in Jointly Controlled Operations and Assets”, participation of PT Bakrie Pangripta Loka (BPL2), a Subsidiary, in the joint operation has been accounted using equity method in accounting and financial reporting in which the participation (interest) portion on the joint operation was initially recorded at cost and adjusted with the changes in the venturer’s income received and expenses that occur from the joint controlled operations.

(1)

PT BAKRIELAND DEVELOPMENT Tbk.

Induk Perusahaan Saja

NERACA (Lanjutan)

PADA TANGGAL 31 DESEMBER 2010 DAN 2009

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

PT BAKRIELAND DEVELOPMENT Tbk.

Parent Company Only

BALANCE SHEET (Continued)

AS OF DECEMBER 31, 2010 AND 2009

(Expressed in Rupiah, unless otherwise stated)

2010 2009

LIABILITIES AND

KEWAJIBAN DAN EKUITAS

STOCKHOLDERS’ EQUITY

Kewajiban Liabilities

Hutang lain-lain - pihak ketiga 45.354.802.259 5.652.552.752 Other payables - third parties Biaya masih harus dibayar 8.583.511.497 19.731.232.362 Accrued expenses

Hutang pajak 609.739.336 579.474.290 Taxes payable

Uang muka pelanggan 101.613.500 950.000.000 Advances from customer Pendapatan ditangguhkan 50.017.929.164 92.043.286.665 Deferred income Hutang sewa pembiayaan jangka panjang Current maturities of

yang jatuh tempo dalam waktu satu tahun 214.092.346 341.843.078 obligation under capital leased Hutang hubungan istimewa 1.112.789.824.811 277.274.672.192 Due to related parties Hutang sewa pembiayaan jangka panjang

-setelah dikurangi bagian yang jatuh tempo Obligation under capital lease - net dalam waktu satu tahun 195.127.414 464.355.369 of current maturities Hutang obligasi 641.054.058.396 644.135.605.166 Bonds payable

Hutang deviden 680.164.779 - Dividends payable

Jumlah kewajiban 1.859.600.863.502 1.041.173.021.874 Total liabilities Excess of Subsidiaries' accumulated

Selisih lebih akumulasi kerugian Anak loss over investment in shares of

perusahaan atas penyertaan saham - bersih 72.764.660.231 14.233.518.615 stock value - net

Selisih lebih nilai wajar terhadap harga Excess of Subsidiaries' fair

perolehan Anak perusahaan - bersih 83.804.632.505 89.956.026.912 value over acquisition cost - net

Ekuitas Stockholders’ Equity

Modal saham - nilai nominal saham seri A Capital stock - par value A series of Rp 500 per saham dan saham seri B Rp 500 per share and B series

Rp 100 per saham of Rp 100 per share

Modal dasar - terdiri dari 1.400.000.000 Authorized capital - 1,400,000,000 shares saham seri A dan 93.000.000.000 for A series and 93,000,000,000

saham seri B shares for B series

Ditempatkan dan disetor penuh - Issued and fully paid - A series 1.400.000.000 saham seri A of 1,400,000,000 shares and dan 38.519.771.390 saham B series of 38,519,771,390

seri B pada tahun 2010 dan shares in 2010 and

1.400.000.000 saham seri A A series of 1,400,000,000 shares dan 18.516.859.473 saham and B series of 18,516,859,473 seri B pada tahun 2009 4.551.977.139.000 2.551.685.947.300 shares in 2009 Tambahan modal disetor - bersih 2.692.134.649.679 1.603.132.327.929 Additional paid-in capital - net Saham yang diperoleh kembali sebanyak Treasury stock of 120.750.000 saham pada tahun 2010 dan 120,750,000 shares in 2010 and 8.250.000 saham pada tahun 2009 ( 27.835.501.000 ) ( 1.499.819.652 ) 8,250,000 shares in 2009 Rugi yang belum terealisasi atas investasi Unrealized loss on investment

efek yang tersedia untuk dijual 46.686.284.523 ( 2.467.491.020 ) under available-for-sale Selisih transaksi perubahan ekuitas Difference in the equity transaction

perusahaan asosiasi 100.952.248.318 ( 14.882.633.354 ) of associate companies Difference in value of restructuring Selisih nilai transaksi restrukturisasi transaction with entities under

entitas sepengendali 54.732.012.959 54.732.012.959 common control Selisih kurs karena penjabaran laporan Exchange differences due to financial

keuangan ( 984.331.528 ) - statements translation

Saldo laba Retained earnings

Ditentukan penggunaannya 40.435.548.418 27.209.957.137 Appropriated Belum ditentukan penggunaannya 563.631.180.053 424.617.813.270 Unappropriated

(2)

PT BAKRIELAND DEVELOPMENT Tbk.

Induk Perusahaan Saja

LAPORAN LABA RUGI

UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL-TANGGAL

31 DESEMBER 2010 DAN 2009

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

PT BAKRIELAND DEVELOPMENT Tbk.

Parent Company Only

STATEMENTS OF INCOME

FOR THE YEARS ENDED

DECEMBER 31, 2010 AND 2009

(Expressed in Rupiah, unless otherwise stated)

2010 2009

Beban usaha Operating expenses

Umum dan administrasi 71.464.864.840 57.836.606.792 General and administrative

Rugi usaha ( 71.464.864.840 ) ( 57.836.606.792 ) Loss from operations

Penghasilan (beban) lain-lain Other Income (expenses)

Bagian atas laba bersih Equity in net earnings of

Anak perusahaan dan perusahaan Subsidiaries and Associated Asosiasi - bersih 280.022.151.221 159.409.108.966 companies - net Penghasilan bunga 23.548.986.580 56.069.817.673 Interest income Rugi transaksi derivatif ( 46.474.142.207 ) - Loss on derivative transaction Rugi selisih kurs - bersih ( 10.250.695.391 ) ( 21.108.238.676 ) Loss on foreign exchange - net Beban keuangan ( 2.703.960.218 ) ( 5.303.752.012 ) Financial charges Amortisasi selisih lebih harga

perolehan (nilai wajar) terhadap Excess of Subsidiaries acquisition cost nilai wajar (harga perolehan) (fair value) over fair value Anak perusahaan - bersih 4.883.015.933 ( 29.425.697 ) (acquisition cost) - net amortization

Loss on sale/disposal Rugi penjualan/penghapusan ( 549.396.807 ) - of property and equipment Rugi atas divestasi Anak perusahaan - ( 3.960.649.724 ) Loss on divestments of Subsidiaries Lain-lain - bersih ( 7.459.431.462 ) 521.766.708 Others - net Penghasilan lain-lain - bersih 241.016.527.649 185.598.627.238 Other income - net

Laba sebelum taksiran Income before provision

manfaat (beban) pajak 169.551.662.809 127.762.020.446 tax benefit (expenses)

Taksiran manfaat (beban) pajak Provision for tax benefit (expenses)

Tangguhan 9.152.939.051 4.493.892.359 Deferred

(3)

PT BAKRIELAND DEVELOPMENT Tbk.

Induk Perusahaan Saja

LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN

UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL-TANGGAL 31 DESEMBER 2010 DAN 2009

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

PT BAKRIELAND DEVELOPMENT Tbk. AND SUBSIDIARIES

Parent Company Only

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’ EQUITY

FOR THE YEARS ENDED

DECEMBER 31, 2010 AND 2009

(Expressed in Rupiah, unless otherwise stated)

Selisih

Laba (Rugi) Nilai Transaksi Selisih yang Belum Restrukturisasi Transaksi Terealisasi atas Entitas Perubahan

Modal Saham Investasi Efek Sepengendali / Ekuitas Selisih Kurs Karena Ditempatkan Tambahan yang Tersedia Difference Perusahaan Penjabaran Laporan

Fully Paid Capital - Net Stock Available-for-sale Common Control Companies Translation Appropriated Unappropriated Equity

Saldo 1 Januari 2009 2.551.607.447.300 1.599.628.005.271 - ( 2.511.587.520) 54.732.012.959 ( 15.348.965.854) - 27.209.957.137 292.361.900.465 4.507.678.769.758 Balance January 1, 2009

Laba bersih tahun 2009 - - - 132.255.912.805 132.255.912.805 Net income in 2009

Difference in the

Selisih transaksi perubahan equity transaction of

ekuitas perusahaan Associate companies

Asosiasi (Catatan 2b) - - - 466.332.500 - - - 466.332.500 (Note 2b)

Pemberian kompensasi

berbasis saham kepada Stock based

karyawan (Catatan 2aa compensation

dan 36) - 3.386.572.658 - - - 3.386.572.658 (Notes 2aa and 36)

Pelaksanaan waran Exercise warrants

(Catatan 29) 78.500.000 117.750.000 - - - 196.250.000 (Note 29)

Saham yang diperoleh

kembali (Catatan 2ee Treasury stock

dan 31) - - ( 1.499.819.652) - - - ( 1.499.819.652 ) (Notes 2ee and 31)

Tersedia untuk dijual Available-for-sale

(Catatan 2h dan 5) - - - 44.096.500 - - - 44.096.500 (Notes 2h and 5)

Saldo Balance

31 Desember 2009 2.551.685.947.300 1.603.132.327.929 ( 1.499.819.652 ) ( 2.467.491.020 ) 54.732.012.959 ( 14.882.633.354) - 27.209.957.137 424.617.813.270 4.642.528.114.569 December 31, 2009

Dampak penerapan awal Effect of first adoption

PSAK No. 50 (Revisi of PSAK No. 50 (Revised

2006) dan PSAK No. 55 2006 and PSAK No. 55

(Revisi 2006) (Revised 2006)

(4)

PT BAKRIELAND DEVELOPMENT Tbk.

Induk Perusahaan Saja

LAPORAN PERUBAHAN EKUITAS

KONSOLIDASIAN (Lanjutan)

UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL-TANGGAL 31 DESEMBER 2010 DAN 2009

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

PT BAKRIELAND DEVELOPMENT Tbk. AND SUBSIDIARIES

Parent Company Only

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS’

EQUITY (Continued)

FOR THE YEARS ENDED

DECEMBER 31, 2010 AND 2009

(Expressed in Rupiah, unless otherwise stated)

Selisih

Laba (Rugi) Nilai Transaksi Selisih yang Belum Restrukturisasi Transaksi Terealisasi atas Entitas Perubahan

Modal Saham Investasi Efek Sepengendali / Ekuitas Selisih Kurs Karena Ditempatkan Tambahan yang Tersedia Difference Perusahaan Penjabaran Laporan

Fully Paid Capital - Net Stock Available-for-sale Common Control Companies Translation Appropriated Unappropriated Equity Pencadangan saldo laba

sebagai cadangan Appropriation of retained

umum - - - 13.225.591.281 ( 13.225.591.281) - earnings

Laba bersih tahun 2010 - - - 178.704.601.860 178.704.601.860 Net income period 2010

Difference in the

Selisih transaksi perubahan equity transaction of

ekuitas perusahaan Associate companies

Asosiasi (Catatan 2b) - - - 115.834.881.672 - - - 115.834.881.672 (Note 2b)

Tambahan modal disetor Additional paid-in capital

(Catatan 28) 1.995.988.569.500 1.079.161.815.792 - - - 3.075.150.385.292 (Note 28)

Pemberian kompensasi

berbasis saham kepada Stock based

karyawan (Catatan 2aa compensation

dan 36) - 3.386.572.658 - - - 3.386.572.658 (Notes 2aa and 36)

Pelaksanaan waran Exercise warrants

(Catatan 29) 4.302.622.200 6.453.933.300 - - - 10.756.555.500 (Note 29)

Pembayaran deviden Dividend payments

(Catatan 28) - - - ( 19.959.885.695) ( 19.959.885.695) (Note 28)

Saham yang diperoleh

kembali (Catatan 2ee Treasury stock

dan 31) - - ( 26.335.681.348) - - - ( 26.335.681.348 ) (Notes 2ee and 31)

Tersedia untuk dijual Available-for-sale

(Catatan 2h dan 5) - - - 49.153.775.543 - - - 49.153.775.543 (Notes 2h and 5)

Selisih kurs penjabaran Exchange difference

laporan keuangan financial statements

(Catatan 2b) - - - ( 984.331.528 ) - - ( 984.331.528 ) translation (Note 2b)

Saldo Balance

(5)

PT BAKRIELAND DEVELOPMENT Tbk.

Induk Perusahaan Saja

LAPORAN ARUS KAS

UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL-TANGGAL

31 DESEMBER 2010 DAN 2009

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

PT BAKRIELAND DEVELOPMENT Tbk.

Parent Company Only

STATEMENTS OF CASH FLOWS

FOR THE YEARS ENDED

DECEMBER 31, 2010 AND 2009

(Expressed in Rupiah, unless otherwise stated)

2010 2009

Cash Flows From Operating

Arus Kas dari Kegiatan Usaha Activities

Laba bersih 178.704.601.860 132.255.912.805 Net Income Penyesuaian untuk merekonsiliasi laba Adjustments to reconcile net

bersih menjadi kas bersih yang income to net cash used in digunakan untuk aktivitas operasi: operating activities: Amortisasi beban emisi obligasi - 1.778.333.328 Amortization of bonds issuance costs Depreciation of property and Penyusutan aset tetap 1.280.675.947 1.290.482.441 equipments Bagian laba bersih Anak perusahaan Equity in net income of Subsidiaries

dan perusahaan Asosiasi ( 280.022.151.221 ) 158.791.865.307 and Associated companies Laba atas divestasi Anak perusahaan - 3.960.649.724 Gain on divestments of Subsidiaries Beban (manfaat) pajak tangguhan ( 9.152.939.051 ) ( 4.493.892.359 ) Deferred tax expense (benefit) Laba selisih kurs - bersih 17.648.350.039 65.483.273.458 Gain on foreign exchange - net Loss on sales/disposal of property Rugi penjualan/penghapusan aset tetap 549.396.807 - and equipments Dampak penerapan awal Effect of first time adoption of

PSAK No. 50 dan 55 ( 6.505.758.101 ) - PSAK No. 50 and 55 Perubahan dalam aset dan kewajiban Changes in operating assets

operasional: and liabilities:

Piutang lain-lain 59.937.741.171 ( 3.920.011.236 ) Other receivables Biaya dibayar di muka 1.134.000.000 ( 1.134.000.000 ) Prepaid expenses Uang muka ( 158.823.574.966 ) ( 20.321.025.528 ) Advances Aset lain-lain 10.446.342.032 4.847.121.926 Other assets Hutang lain-lain 39.702.249.507 ( 3.347.343.324 ) Other payables Biaya masih harus dibayar ( 11.147.720.865 ) ( 12.873.546.930 ) Accrued expenses Hutang pajak 30.265.046 ( 95.787.940 ) Taxes payable Pendapatan ditangguhkan ( 42.025.357.501 ) - Deferred income Uang muka pelanggan ( 848.386.500 ) ( 3.297.005.500 ) Advances from customer

Kas bersih yang diperoleh dari Net cash provided by operating

(digunakan untuk) kegiatan usaha ( 199.092.265.796 ) 318.925.026.172 (used for) activities Cash Flows From Investing

Arus Kas dari Kegiatan Investasi Activities

Peningkatan Investasi jangka pendek ( 590.718.560.111 ) 272.614.269.725 Increased in short-term investment Increased in investment in shares Peningkatan penyertaan saham ( 1.547.013.360.597 ) ( 445.378.472.501 ) of stock of Associated company Penerimaan atas penjualan Proceeds from sale of investment in

penyertaan saham - shares of stock

Peningkatan dana dalam pembatasan ( 133.729.263.110 ) 96.105.646.696 Increased in restricted funds Acquisition of property and Perolehan aset tetap ( 571.965.749 ) ( 1.171.406.145 ) equipment

Kas bersih yang digunakan untuk Net cash used for investing

(6)

PT BAKRIELAND DEVELOPMENT Tbk.

Induk Perusahaan Saja

LAPORAN ARUS KAS (Lanjutan)

UNTUK TAHUN YANG BERAKHIR

PADA TANGGAL-TANGGAL

31 DESEMBER 2010 DAN 2009

(Dinyatakan dalam Rupiah, kecuali dinyatakan lain)

PT BAKRIELAND DEVELOPMENT Tbk.

Parent Company Only

STATEMENTS OF CASH FLOWS (Continued)

FOR THE YEARS ENDED

DECEMBER 31, 2010 AND 2009

(Expressed in Rupiah, unless otherwise stated)

2010 2009

Cash Flows From Financing

Arus Kas dari Kegiatan Pembiayaan Activities

Peningkatan hutang obligasi ( 3.081.546.770 ) 150.000.000.000 Increased in bonds payable Peningkatan piutang hubungan istimewa ( 1.216.676.817.585 ) ( 545.839.456.384 ) Increase in due from related parties Peningkatan (penurunan) hutang Increase (decrease) in due to hubungan istimewa 838.135.152.619 5.180.898.930 related parties Biaya emisi obligasi - ( 2.025.000.000 ) Bond issuance costs

Increase in obligations under Peningkatan hutang sewa pembiayaan ( 396.978.688 ) ( 196.636.804 ) capital lease

Increase in issued and fully

Peningkatan setoran modal paid capital stock

- Penerbitan saham 1.995.988.569.500 - Share issuance -- Realisasi waran 4.302.622.200 78.500.000 Exercise warrant -Peningkatan tambahan modal disetor Increase in additional paid-in capital

- Penerbitan saham 1.200.979.714.358 - Share issuance -- Realisasi waran 6.453.933.300 3.504.322.658 Exercise warrant -Perolehan saham diperoleh kembali ( 26.335.681.348 ) ( 1.499.819.652 ) Purchase of treasury stocks Biaya emisi saham ( 118.431.325.908 ) - Share issuance cost Pembayaran deviden ( 19.279.720.916 ) - Divident payment

Kas bersih yang diperoleh dari (digunakan Net cash provided from (used for)

untuk) kegiatan pembiayaan 2.661.657.920.762 ( 390.797.191.252 ) financing activities

Peningkatan (penurunan) Increase (decrease) in cash and

kas dan setara kas 190.532.505.399 ( 149.702.127.305 ) cash equivalents

Cash and cash equivalents

Kas dan setara kas awal tahun 500.913.713.011 650.615.840.316 at beginning of the year

Cash and cash equivalents