Siloam Hospitals | Investor Relations - Financial Statements - Rumah Sakit Siloam Hospitals en fs q3 2014
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Interim Consolidated Financial Statements
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
Final
Paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Table of Contents
Page
Director’s Statement
Interim Consolidated Financial Statements
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
Interim Consolidated Statements of Financial Position
1
Interim Consolidated Statements of Comprehensive Income
2
Interim Consolidated Statements of Changes in Equity
3
Interim Consolidated Statements of Cash Flows
4
Notes to the Interim Consolidated Financial Statements
5
paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
ASSETS
CURRENT ASSETS
Cash and Cash Equivalent
Trade Receivables
Related Parties
Third Parties
Other Current Financial Assets
Inventories
Prepaid Expenses
Total Current Assets
NON-CURRENT ASSETS
Advances
Due from Related Parties Non-Trade
Property and Equipment
Goodwill
Intangible Assets
Deferred Tax Assets
Other Non-Current Financial Assets
Total Non-Current Assets
2.d, 2.e, 2.f, 2.r, 3, 10, 29, 30
2.r, 2.u, 4, 30
2.f, 10
2.r, 5, 30
2.g, 2.k, 6
2.h, 8
9
2.f, 2.r, 10, 30
2.i, 2.k, 2.u, 12
2.l, 2.m, 13.a
2.m, 2.u, 13.b
2.q, 7.c
11
TOTAL ASSETS
NON-CURRENT LIABILITIES
Long-Term Bank Loans
Due to Related Parties Non-Trade
Deferred Gain on Sale and Leaseback Transactions
Long-Term Employment Benefit Liabilities
Deferred Tax Liabilities
Total Non-Current Liabilities
December 31, 2013
Rp
398,953,577,217
515,437,837,445
2,517,710,058
352,140,821,852
6,065,221,598
97,180,594,855
35,902,321,199
892,760,246,779
2,432,208,891
268,370,030,779
3,143,279,756
94,831,081,782
23,250,233,636
907,464,672,289
77,682,444,357
914,471,479
1,540,491,751,537
296,617,245,648
9,643,633,474
20,962,118,957
15,992,076,944
1,962,303,742,396
60,581,873,952
515,189,971
1,402,270,240,507
180,791,360,696
7,332,931,883
18,981,601,213
22,836,666,648
1,693,309,864,870
2,855,063,989,175
2,600,774,537,159
173,938,501,504
3,757,141,530
122,184,168,429
12,766,928,870
15,272,479,171
138,238,789,299
14,742,964,829
163,966,851,520
4,927,167,196
66,910,610,412
9,915,718,285
16,983,882,633
9,526,754,910
11,792,174,233
Notes
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Trade Payables - Third Parties
Short-Term Bank Loans
Accrued Expenses
Advances from Patients
Taxes Payable
Other Current Financial Liabilities
Current Portion of Long-Term-Bank Loans
Current Portion of Deferred Gain on
Sale and Leaseback Transactions
Total Current Liabilities
September 30, 2014
Rp
2.r, 14, 30
2.r, 17, 30
2.f, 2.r, 10, 16, 30
2.p
2.q, 7.a
2.r, 15, 30
2.r, 17, 30
2.j, 18, 33.a
11,897,445,548
492,798,419,180
11,897,445,548
295,920,604,737
2.r, 17, 30
2.f, 2.r, 10, 30
2.j, 18, 33.a
2.n, 19
2.q, 7.c
99,176,244,395
340,395,590,691
121,908,072,186
86,246,231,976
25,677,299,034
673,403,438,282
42,960,940,232
387,074,492,750
130,806,709,541
93,036,906,549
11,983,104,371
665,862,153,443
1,166,201,857,462
961,782,758,180
Total Liabilities
EQUITY
Equity Attributable to Owners of the Parent Entity
Capital Stock, par Value - Rp100 per Share
Authorized Capital - 4,000,000,000 shares
Issued and Fully Paid
Additional Paid-in Capital - Net
Retained Earnings
Appropriated
Unappropriated
Total Equity Attributable to Owners of the Parent Entity
Non-Controlling Interest
TOTAL EQUITY
20
2.o, 21
2.c, 22
TOTAL LIABILITIES AND EQUITY
115,610,000,000
1,289,664,515,321
115,610,000,000
1,289,664,515,321
23,100,000,000
237,318,602,323
1,665,693,117,644
23,169,014,069
1,688,862,131,713
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979
2,855,063,989,175
2,600,774,537,159
The accompanying notes form an integral part of these
interim consolidated financial statements
1
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudit) and 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
2014
(9 Months)
Rp
2013
(9 Months)
Rp
REVENUE
2.p, 23
2,415,291,830,694
1,829,813,739,498
COST OF SALES
2.p, 24
(1,748,120,010,193)
(1,370,188,040,434)
667,171,820,501
459,625,699,064
(553,621,340,469)
(12,920,157,835)
(420,880,880,854)
(247,477,936)
100,630,322,197
38,497,340,274
12,041,784,471
(48,346,899,604)
4,946,205,484
(14,145,947,758)
64,325,207,064
29,297,598,000
(13,015,516,256)
(9,642,519,175)
51,309,690,808
19,655,078,825
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
51,309,690,808
19,655,078,825
2.c
54,310,067,492
(3,000,376,684)
51,309,690,808
20,140,073,304
(484,994,479)
19,655,078,825
2.c
54,310,067,492
(3,000,376,684)
51,309,690,808
20,140,073,304
(484,994,479)
19,655,078,825
46.98
19.93
GROSS PROFIT
Operating Expenses
Others - Net
2.f, 2.p, 10, 25
PROFIT FROM OPERATION
Interest Income
Financial Charges
26
26
PROFIT BEFORE TAX
Tax Expenses
2.q, 7.b
PROFIT FOR THE PERIOD
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-Controlling Interest
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-Controlling Interest
EARNINGS PER SHARE
Basic, Profit for the Period Attributable to
Ordinary Shareholders of the Parent Entity
2.s, 28
The accompanying notes form an integral part of these
interim consolidated financial statements
2
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Total Equity Attributable to Owner of Parent Entity
Notes
Paid-in
Capital
Excess of
Par
Rp
Rp
BALANCE AS OF DECEMBER 31, 2012
Additional Paid-in Capital - Net
Difference in Value
from Restructuring
Transactions between
Entities Under
Change in Equity
Common ControlTransactions of
Net
Subsidiaries
Rp
Rp
Capital Stock
Retained Earnings
Appropriated
Unappropriated
Total
Rp
Rp
Rp
Total Equity
Attributable to
Owners of the
Parent Entity
Non-Controlling
Interest
Total
Equity
Rp
Rp
Rp
100,000,000,000
--
(11,329,652,726)
(11,728,781,953)
(23,058,434,679)
--
156,238,115,976
233,179,681,297
11,461,117,212
244,640,798,509
15,610,000,000
--
1,312,722,950,000
--
---
---
1,312,722,950,000
--
--
---
1,328,332,950,000
--
-15,825,543,566
1,328,332,950,000
15,825,543,566
--
--
--
--
--
--
49,870,418,855
49,870,418,855
322,068,049
50,192,486,904
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
--
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979
(1,439,338,074)
Changes in Equity for the Year 2013
Proceeds from Initial
Public Offering - Net of Share Issuance Costs
Non-Controlling Interest
20,21
2.c
Total Comprehensive Income for the Year
BALANCE AS OF DECEMBER 31, 2013
Changes in Equity for the period ended September 30, 2014
--
--
--
--
--
--
--
--
(1,439,338,074)
Reserved Fund
--
--
--
--
--
23,100,000,000
(23,100,000,000)
--
--
--
Total Comprehensive Income for the Period
--
--
--
--
--
--
54,310,067,492
54,310,067,492
(3,000,376,684)
51,309,690,808
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
23,100,000,000
237,318,602,323
1,665,693,117,644
23,169,014,069
1,688,862,131,713
Non-Controlling Interest
BALANCE AS OF SEPTEMBER 30, 2014
2.c
The accompanying notes form an integral part of these
interim consolidated financial statements
3
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Collections from Customers
Payments to Suppliers and Third Parties
Payments to Management and Employees
Cash Flows from Operations
Financial Charges Payment - Net
Payments of Taxes
Net Cash Provided by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Advances for Purchase of Property and Equipment and Other Advances
Property and Equipment, and Software
Disposal
Acquisition
Acquisition of Subsidiaries
Payment of Software
Net Cash Used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Initial Public Offering
Payment to Related Parties
Bank Loans
Net Cash Provided by (Used in) Financing Activities
12
12, 13.b
17
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT
Effect of Foreign Exchange on Cash and Cash Equivalent
at the End of the Period
2014
(9 Months)
Rp
2013
(9 Months)
Rp
2,334,230,813,473
(1,648,878,065,240)
(394,758,350,842)
290,594,397,391
(4,927,616,836)
(16,712,885,295)
268,953,895,260
1,771,633,699,568
(1,329,081,900,093)
(303,510,169,085)
139,041,630,390
(9,199,742,274)
(19,276,077,498)
110,565,810,618
(40,982,714,490)
(15,418,327,066)
347,579,515
(267,631,837,645)
(11,731,480,787)
(4,072,624,522)
(324,071,077,929)
701,907,127
(296,600,868,975)
--
(47,078,183,567)
(9,956,667,197)
(57,034,850,764)
1,374,282,340,225
(368,649,974,074)
(8,286,394,412)
997,345,971,739
(112,152,033,433)
796,594,493,443
(4,332,226,795)
12,845,747,433
---
(311,317,288,914)
CASH AND CASH EQUIVALENT AT BEGINNING PERIOD
3
515,437,837,445
168,707,958,679
CASH AND CASH EQUIVALENT AT ENDING PERIOD
3
398,953,577,217
978,148,199,555
Additional information of non-cash transaction are presented in Note 32.
The accompanying notes form an integral part of these
interim consolidated financial statements
4
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
1. General
1.a. The Company’s Establishment
PT Siloam International Hospitals Tbk (“the Company”) was established under the name of PT
Sentralindo Wirasta on August 3, 1996 based on the Deed of Establishment No. 3, which was made in the
presence of Myra Yuwono, S.H., a notary in Sukabumi. The deed of establishment was approved by the
Minister of Justice of the Republic of Indonesia in his decree No. C2-8639.HT.01.01.TH.96 dated August
27, 1996 and was published in the State Gazette No. 97, Supplement No. 9518 on December 3, 1996.
The Company’s articles of association have been amended several times, and the latest was by Notarial
Deed No. 2 dated May 2, 2014, made in the presence of Nurlani Yusup, S.H, M.Kn., notary in Tangerang,
with regard to change among others the Company’s purpose and objectives. The change in articles of
association was approved by the Minister of Law and Human Rights of the Republic of Indonesia in his
decree No.AHU-02247.40.20.2014 dated May 5, 2014 and notification of the change in articles of
association was received by the Minister of Law and Human Rights of the Republic of Indonesia in his
decree No.AHU-01691.40.21.2014 dated May 5, 2014.
In accordance with Article 3 of the Company's articles of association, the Company's principal activity is
engage in public health services, including setting up and/or acquire and managing hospitals,
polyclinics,maternity hospitals, health facilities and supporting infrastructure, and engaging in government
healthcare programs.
The Company commenced commercial operations in 2010 after the restructuring of PT Lippo Karawaci
Tbk’s hospital units. The Company's principal activity is engage in public health services, including setting
up and managing hospitals. The operation of hospital units of the Company and the subsidiaries (the
Group) are in several cities on the island of Sumatra, Java, Bali, Kalimantan and Sulawesi.
The Company’s head office is located at Siloam Hospital Lippo Village 5th Floor, Jl. Siloam No. 6, Lippo
Village, Tangerang 15811, Banten - Indonesia. The parent entity of the Company is PT Megapratama
Karya Persada and the ultimate parent entity is PT Lippo Karawaci Tbk.
1.b. The Company’s Initial Public Offering
The Company’s initial public offering of 156,100,000 shares was declared effective by the Indonesian
Financial Services Authority in its letter No. S-260/D.04/2013 dated September 2, 2013, and was listed in
the Indonesian Stock Exchange on September 12, 2013.
5
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
1.c. The Group’s Structure
The Company has ownership of more than 50%, either direct or indirectly, in the following subsidiaries:
Subsidiary
Domic ile
Main
Direc t
Business
PT Aritasindo Permaisemesta
Jakarta
Trading,
Indirec t
Year of
Ownership
Ownership
Starting
Perc entage
Perc entage
Operation
Total Assets
September 30, 2014
Rp
Dec ember 31, 2013
Rp
99.99%
--
--
65,811,567
65,883,437
99.75%
--
--
139,940,484
139,940,484
99.99%
--
--
Development,
Mining,
Agric ulture, Servic e,
Land Transportation,
Printing and
Industry
PT Perdana Kenc ana Mandiri
Jakarta
Industry,
Development,
Trading,
Land Transportation,
Workshop,
Printing,
Agric ulture,
Mining
and Servic es
PT Multiselaras Anugerah
Tangerang
Development,
118,439,411
118,439,411
Trading
and Servic es
PT Nusa Medika Perkasa
Jakarta
Healthc are
--
59.69%
--
926,687,462
898,583,214
PT Siloam Graha Utama and Subsidiary
Jakarta
Trading,
99.99%
--
--
147,954,690,888
170,926,169,055
147,949,977,375
170,919,068,042
89,611,479,526
103,536,422,739
Development,
Land Transportation,
and Servic es
PT East Jakarta Medika
PT Guc hi Kenc ana Emas and Subsidiary
Bekasi
Healthc are
Jakarta
Development
Jambi
Healthc are and
--
79.84%
2002
99.97%
--
--
and Servic es
PT Golden First Atlanta
--
83.00%
2008
99.80%
--
--
89,607,295,602
103,525,497,989
229,037,922,404
220,387,041,953
--
79.61%
2007
191,821,467,872
2,774,307,802
Pharmac y
PT Prawira Tata Semesta and Subsidiary
Jakarta
Trading,
Development,
Industry,
Mining,
Land Transportation,
Agric ulture,
Printing,
Workshop and
Servic es exc ept
Servic es of Legal
and Tax
PT Balikpapan Damai Husada
Balikpapan
Healthc are
183,152,322,686
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Siloam Emergenc y Servic es
Tangerang
PT Medika Harapan Cemerlang Indonesia
Tangerang
Healthc are
99.99%
--
2013
Trading,
99.99%
--
2013
99.99%
--
--
--
80.00%
2006
99.90%
--
99.99%
2,230,026,221
1,391,968,353
2,969,022,018
Industry
and Servic es
PT Panc awarna Semesta and Subsidiary
Tangerang
Trading,
68,974,644,503
70,275,326,965
Development,
Printing
and Servic es
PT Diagram Healthc are Indonesia
Depok
Hospital servic es,
38,416,210,189
39,716,721,868
--
1,015,103,333
1,000,000,000
--
--
597,358,333
600,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
100,754,726,833
102,376,903,302
--
80.00%
--
100,749,886,563
102,368,878,302
--
56.00%
--
7,996,575,337
7,997,550,337
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and Other
Related Servic es
PT Adamanisa Karya Sejahtera
Jakarta
Trading,
Development,
Printing
and Servic es
PT Brenada Karya Bangsa
Tangerang
Trading,
Development,
Printing
and Servic es
PT Harmoni Selaras Indah
Tangerang
Trading,
Development,
Printing
and Servic es
PT Kusuma Primadana and Subsidiaries
Tangerang
Trading,
Development,
Printing
and Servic es
PT Adijaya Buana Sakti and Subsidiaries
Tangerang
Servic es,
Development,
Trading,
Workshop,
Land Transportation,
Industry ,
Printing
and Agric ulture
PT Siloam Sumsel Kemitraan
Tangerang
Trading,
Development
and Servic es
Healthc are
6
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domic ile
Main
Direc t
Business
PT RS Siloam Hospital Sumsel
Palembang
(d/h PT Karyatama Indah Sentosa)
Healtc are inc lude
Indirec t
Total Assets
Year of
Ownership
Ownership
Starting
Perc entage
Perc entage
Operation
September 30, 2014
Rp
Dec ember 31, 2013
Rp
--
70.00%
2012
101,739,614,281
102,356,656,020
99.90%
--
--
997,250,000
1,000,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
4,993,558,333
5,000,000,000
99.99%
--
--
743,985,729,516
406,737,757,798
--
99.99%
--
--
99.99%
--
105,859,569,241
50,878,778,974
--
99.99%
--
36,403,523,520
600,000,000
--
99.99%
--
7,219,584,785
7,000,000,000
--
99.99%
--
984,585,000
1,000,000,000
--
99.99%
--
1,012,445,000
1,000,000,000
--
99.99%
--
5,982,351,020
6,000,000,000
--
99.99%
--
610,095,000
600,000,000
--
99.99%
--
606,595,000
600,000,000
Hospital
Clinic al,
and
Health Center,
Polyc linic and
Other Related
Servic e
PT Optimum Karya Persada
Jakarta
Servic es,
Development,
Trading,
Workshop,
Land Transportation,
Industry,
Printing
and Agric ulture
PT Rosela Indah Cipta
Tangerang
Trading,
Development,
Printing
and Servic es
PT Sembada Karya Megah
Tangerang
Trading,
Development,
Printing
and Servic es
PT Trijaya Makmur Bersama
Tangerang
Trading,
Development,
Printing
and Servic es
PT Visindo Galaxi Jaya
Tangerang
Trading,
Development,
Real Estate,
Industry,
Printing,
Agribusiness,
Servic es
and Transport
PT Tunggal Pilar Perkasa and Subsidiary
Tangerang
Trading,
Development,
Real Estate,
Industry,
Printing,
Agribusiness,
Servic es
and Transport
PT Tirtasari Kenc ana
Serang
Hospital servic es,
1,139,092,218
658,921,700
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Gramari Prima Nusa
Medan
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Krisolis Jaya Mandiri
Kupang
Healthc are
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Kusuma Bhakti Anugerah
Tangerang
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Agung Cipta Raya
Semarang
Healthc are
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Bina Cipta Semesta
Padang
Healthc are
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Mega Buana Bhakti
Pangkal
Pinang
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Taruna Perkasa Megah
Yogyakarta
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Tataka Bumi Karya
Bogor
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
7
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domicile
Main
Direct
Business
PT Tataka Karya Indah
Bandung
Hospital services,
Indirect
Year of
Ownership
Ownership
Starting
Percentage
Percentage
Operation
Total Assets
September 30, 2014
Rp
December 31, 2013
Rp
--
99.99%
--
806,595,000
600,000,000
--
75.00%
--
9,572,890,565
600,000,000
--
99.99%
--
379,758,492,340
354,600,057,124
--
80.00%
2008
233,123,775,162
203,638,402,814
--
80.00%
2008
142,378,087,347
142,522,915,190
--
99.99%
2014
42,193,969,381
600,000,000
99.99%
--
--
43,228,408,351
600,000,000
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Services
PT Siloam Medika Cemerlang*)
Tangerang
Trading,
Industry,
Services
PT Koridor Usaha Maju and Subsidiaries
Tangerang
Trading,
Development,
Printing,
and Services
PT Medika Sarana Traliansia and Subsidiaries
Badung, Bali
Hospital Public
Services
PT Trisaka Reksa Waluya
Jakarta
Commence
Special Service
in Healthcare
PT Berlian Cahaya Indah
Tangerang
Hospital services,
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Services
PT Mahkota Buana Selaras
Tangerang
Trading,
Development,
Printing,
Services
PT Rashal Siar Cakra Medika
Jakarta
Healthcare
--
99.99%
2009
50,827,566,175
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
include Hospital,
Specialist Polyclinic,
Clinic, Health
Centre,
Healthcare Services
Provider, Healthcare
Facilities and Infrastructure
to support
Government Healthcare
Program
PT Genta Raya Internusa**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Indah Kemilau Abadi**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Inti Pratama Medika**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Karya Pesona Cemerlang**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Mulia Pratama Cemerlang**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Persada Dunia Semesta**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Sentra Sehat Sejahtera **)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
*)
Established in 2013
**)
Established in 2014
8
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
On September 10, 2013, the Company acquired 99.99% ownership in PT Tunggal Pilar Sejahtera (TPP)
from PT Primakreasi Propertindo and PT Grand Villa Persada at the acquisition cost of Rp599,999,000.
The acquisition transactions were recorded in accordance with PSAKNo.38 (Revised2012)
“BusinesCombination for Entities Under Common Control”. There was no net difference between the
purchase price and the proportionate of stocks on net book value of assets of the subsidiary acquired.
On September 11, 2013, the Company acquired ownership in PT Mahkota Buana Selaras (MBS) (through
direct ownership of 99.99% and 0.01% indirect ownership in TPP) at the acquisition cost of
Rp600,000,000. The acquisition transactions were recorded in accordance with PSAK No. 38 (Revised
2012) “Business Combination for Entities Under Common Control”. There was no net difference between
the purchase price and the proportionate of stocks on net book value of assets of the subsidiary acquired.
On November 26, 2013, TPP and MBS, acquired 99.99% and 0.01%, respectively, ownership in
PT Koridor Usaha Maju (KUM) from PT Primakreasi Propertindo and PT Grand Villa Persada, at the
acquisition cost of Rp599,999,000 and Rp 1,000, respectively. The acquisition transactions were recorded
in accordance with PSAK No. 38 (Revised 2012) “Business Combination for Entities Under Common
Control”. There was no net difference between the purchase price and the proportionate of stocks on net
book value of assets of the subsidiary acquired.
On December 6, 2013, TPP and MBS, acquired 75% and 25%, respectively, ownership in PT Gramari
Prima Nusa (GPN), at the acquisition cost of Rp750,000,000 and Rp250,000,000, respectively. At the
acquisition date, GPN had not yet started operations and therefore, it was recorded as an asset
acquisition.
Based on the deed Nos. 65, 66 and 67 on December 13, 2013 made in presence of Sriwi Bawana
Nawaksari, S.H., M.Kn., notary in Tangerang, KUM acquired 80% ownership in PT Medika Sarana
Traliansia (MST), at the acquisition cost of Rp189,600,000,000. This transaction represent business
combination (see Note 27). MST commenced commercial operations in 2008. MST had ownership
99.99% of PT Trisaka Reksa Waluya. TRW commenced commercial operations in 2008.
Based on the deed No. 29 on July 23, 2014 made in presence of Unita Christina Winata, S.H., Notary in
Jakarta, TPP and MBS acquired 75% and 25%, respectively ownership in PT Rashal Siar Cakra Medika
(RSCM), at the acquisition cost of Rp117,314,807,872. This transaction represent business combination
(see Note 27). RSCM commenced commercial operations in 2009.
1.d. Board of Commissioners, Directors, Employees and Audit Committee
Based on Notarial Deed No. 1 dated May 2, 2014, made in the presence of Nurlani Yusup, S.H., M.Kn.,
Notary in Tangerang, which has been accepted by the Ministry of Law and Human Rights of the Republic
of Indonesia through notification No. AHU-AH.01.10-15919 dated April 26, 2013, Notarial Deed No. 34
dated December 20, 2012, made in the presence of Sriwi Bawana Nawaksari, S.H, M.Kn, Notary in
Tangerang, which has been accepted by Ministry of Law and Human Rights of the Republic of Indonesia
through notification No. AHU-06412.40.22.2014 dated May 5, 2014, the composition of the Board of
Commisioners and Directors as of September 30, 2014 and December 31, 2013, are as follows:
9
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
September 30, 2014
December 31, 2013
Board of Commissioners
President Commissioner
Commissioner
Ketut Budi Wijaya
Theo Leo Sambuaga
Rahmawaty
Lambock V. Nahattands
Ketut Budi Wijaya
Theo Leo Sambuaga
Agus Benjamin
---
Independent Commissioner
Farid Harianto
Muladi
Jonathan Limbong Parapak
Farid Harianto
Muladi
Jonathan Limbong Parapak
Romeo Fernandez Lledo *)
Grace Frelita Indradjaja
Andry
Kailas N. Raina
George Mathew
Anang Prayudi
Gershu Chandy Paul
Grace Frelita Indradjaja
Sugianganto Budisuharto
Romeo Fernandez Lledo
George Mathew
Anang Prayudi *)
Directors
President Director
Director
*) Unaffiliated Director
The audit committee composition as of 30 September 2014 and December 31, 2013 are as follows:
Audit Committee
Chairman
Members
Farid Harianto
Lie Kwang T ak
Siswanto Pramono
As of September 30, 2014, the Company’s Corporate Secretary is Sugianganto Budisuharto and head of
internal audit is Gunawan HP.
As of September 30, 2014 and December 31, 2013, the Group have 6,393 and 4,905 permanent
employees, respectively.
2. Summary of Significant Accounting Policies
2.a. Compliance with the Financial Accounting Standards
The Group’s consolidated financial statements have been prepared and presented in accordance with the
Indonesian Financial Accounting Standards which include the Statements and the Interpretations as
issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants (DSAKIAI) and Regulation of Bapepam-LK No. VIII.G.7 regarding the “Guidance of Financial Statements
Presentation” as set forth in decree No. KEP-347/BL/2012 regarding the amendment to Regulation No.
VIII.G.7 and other accounting policies which prevailing in the Capital Market.
2.b. Basis of Measurement and Preparation of Consolidated Financial Statements
The consolidated financial statements have been prepared on a going concern assumption and on the
accrual basis, except for the consolidated statements of cash flows which used the cash basis. The basis
of measurement in the preparation of these consolidated financial statements is the historical cost
principle, except for certain accounts that were measured using other basis, as described in the
respective accounting policy.
The consolidated statements of cash flows have been presented by classifying the activities into
operating, investing and financing. The cash flows from operating activities were prepared using the direct
method.
10
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
The functional currency of the Group is Indonesian Rupiah. Transactions are recorded using the
functional currency. The reporting currency used in the preparation of these consolidated financial
statements is the Indonesian Rupiah.
New accounting standard or improvement on accounting standard which is relevant to the Group and
mandatory for the first time for the financial period beginning 1 January 2013 is PSAK No. 60 (Revised
2010) “Financial Instrument: Disclosures”. The Group’s management has evaluated the impact of the
improvement on PSAK No. 60 to be immaterial to the consolidated financial statements. Application of
PSAK No. 38, “Business Combinations on Entities under Common Control” resulted changes in
accounting policies as described in Note 2.o.
Meanwhile, revocation of PSAK No. 51, “Quasi Reorganizations” with an effective date of 1 January 2013
is not relevant, and did not result in changes to the Company's accounting policies and had no effect on
the amounts reported for the current period or prior financial years.
2.c. Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries (including
special purpose entities) either directly or indirectly controlled, as presented in Note 1.c.
Control also exists when the parent entity owns half or less of the voting power of an entity when there is:
a. power over more than half of the voting rights by virtue of an agreement with other investors;
b. power to govern the financial and operating policies of the entity under a statute or an agreement;
c. power to appoint or remove the majority of the members of the board of directors or equivalent
governing body and control of the entity is by that board or body; or
d. power to cast the majority of votes in the meetings of the board of directors or equivalent governing
body and control of the entity is by that board or body.
The existence and effect of potential voting rights that can be implemented or converted on the date of the
reporting period should be considered when assessing whether an entity has the power to govern
financial and operating policies of another entity.
The entities are consolidated from the date on which control was transferred to the Company and are no
longer consolidated when the Company ceases to have control. Control is obtained when the entity has
the power to govern the financial and operating policies of another entity to obtain the benefits of the
entity activity.
The consolidated financial statements have been prepared on the basis of entity concept. All significant
related intercompany accounts, transactions and profits among the consolidated companies have been
eliminated to reflect the financial position and result of operations as a whole entity.
The changes in the Company’s ownership interest in a subsidiary that do not result to a loss of control are
accounted for as equity transactions and attributed to the owners of the parent.
All major transactions and inter-company account balances (including significant unrealized gain or loss)
have been eliminated.
Non-controlling interest reflects the profit or loss and net assets of subsidiaries portion that are not
attributable directly or indirectly to the parent entity, which is presented in the consolidated statements of
comprehensive income and as equity in the consolidated statements of financial position, separated from
portion which is attributable to parent entity.
11
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
2.d. Foreign Currency Transactions
A foreign currency is a currency other than the functional currency. Transactions during the current year
using foreign currencies were recorded at the spot rate prevailing on the transaction date.
At the reporting date, transactions in foreign currencies were translated using the following closing rates:
1 United State Dollar (USD)
1 Euro (EUR)
1 Singapore Dollar (SGD)
1 Australian Dollar (AUD)
September 30, 2014
Rp
December 31, 2013
Rp
12,212
15,495
9,585
10,655
12,189
16,821
9,628
10,876
Gains and losses from foreign exchange differences arising from foreign currency transactions into
Rupiah were charged to profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated
using the exchange rate at the date of transaction. Non-monetary items that are measured at fair value in
a foreign currency shall be translated using the exchange rate when the fair value was determined.
2.e. Cash and Cash Equivalent
Cash consist of cash on hand and in banks, are not used as collateral and are not restricted.
Cash equivalent consists of time deposits certificates with maturities of not more than or equal to three (3)
months from the date of placement and are not restricted.
2.f. Transactions with Related Parties
In its normal business, the Company enters into transactions with related parties. A related party is a
person or entity that is related to the Company (referred to as the “reporting entity”), which includes:
a) A person or a close member of that person’s family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity;
(iii) is a member of the key management personnel of the reporting entity or of a parent of the
reporting entity.
b) An entity is related to the reporting entity if any of following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means that each
parent, subsidiary and fellow subsidiary is related to the others);
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a group of which the other entity is a member);
(iii) Both entities are joint ventures of the same third party;
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting
entity or an entity related to the reporting entity. If the reporting entity is managing the plan, the
sponsoring entity is also related to the reporting entity;
(vi) The entity is controlled or jointly controlled by a person identified in (a); or
(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key
management personnel of the entity (or a parent of the entity).
2.g. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined by the average
method. Net realizable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and selling cost. The Company determines the allowance for inventory
obsolescence based on a review of the status of its inventory at the end of period.
12
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
2.h. Prepaid Expenses
Prepaid expenses are amortized over the period benefitted using straight line method.
2.i. Property and Equipment
At initial recognition, property and equipment are measured at acquisition cost.
After initial recognition, property and equipment except land are accounted for using the cost model which
is carried at cost less accumulated depreciation and accumulated impairment losses. Land is not
depreciated and carried at cost less accumulated impairment losses.
Depreciation is computed by using the straight line method based on the estimated useful lives of the
assets as follows:
Years
Building, Infrastructure and Renovations
4 - 20
Equipment and Medical Supplies
4-8
Furniture, Fixtures and Office Equipment
4 - 10
Vehicles
5
The cost of repairs and maintenance is charged to profit or loss as incurred while significant renovations
and addition which add estimated useful life or future economic benefits are capitalized. When assets are
retired or otherwise disposed of, the cost and the related accumulated depreciation and accumulated
impairment loss, if any, are removed from the accounts and any resulting gains or losses are charged to
operations for the relevant period.
Accumulated construction costs of property and equipment are capitalized as "Construction in Progress "
and recorded in "property and equipment" account until the construction process is completed. These
costs are reclassified to property and equipment when the construction are completed.
The carrying amount of property and equipment is derecognized upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the
asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is credited or charged to operations in the year the asset is derecognized.
Management has reviewed the estimated useful lives, depreciation methods and residual values of the
propery and equipment, at each reporting period. Necessary adjustments made prospectively.
2.j. Leases
The determination of whether an arrangement is a lease agreement or lease agreement containing the
substance of the agreement based on the inception date and whether the fulfillment of the agreement
depends on the use of an asset and the agreement provides a right to use the asset.
Leases are classified as finance leases if the lease substantially transferred all the risks and benefits
related to ownership of the asset. Leases are classified as operating leases if the lease did not
substantially transfer all the risks and benefits related to ownership of the asset.
Group as Lessee
At the beginning of the lease term, the Group recognizes finance leases as assets and liabilities in the
consolidated statements of financial position at fair value of the leased property or the present value of the
minimum lease payments, if the present value is lower than the fair value. The valuation of a lease is
determined at the initial contract. The discount rate used in calculating the present value of the minimum
lease payments is the implicit interest rate of the lease, if practicable. If not, the discount rate used is the
level of the lessee's incremental borrowing rate applied. Initial direct costs of the lessee are capitalized
13
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
and recognized as an asset. Leased asset depreciation policy is consistent with the policy for the Group’s
own property and equipment.
Under an operating lease, the Group recognizes lease payments as an expense on a straight-line basis
over the lease term.
Group as lessor
The Group recognizes lease receivables in the consolidated statements of financial position as a net
lease investment. Collection of leases are considered as payments of lease principal and finance lease
income. Recognition of finance lease income is based on a pattern reflecting a constant periodic rate of
return on the Group's net investment as lessor in a finance lease.
The Group is required to present assets subject to operating leases in its consolidated statements of
financial position according to the nature of the asset. Initial direct costs incurred in negotiating an
operating lease are added to the carrying amount of the leased asset and recognized as an expense over
the lease term on the same basis as operating rental income. Contingent rents, if any, are recognized as
revenue in the periods in which they are earned. Lease income from operating leases is recognized as
income on a straight-line basis over the lease term.
Sale and Leaseback
A sale and leaseback transaction involves the sale of an asset and leasing back the same asset. If a sale
and leaseback transaction is a finance lease, any excess of sales proceeds over the carrying value is not
immediately recognized as income in the consolidated financial statements of a seller (lessee) but is
deferred and amortized over the lease period.
If a sale and leaseback transaction is an operating lease, and it is clear that the transaction is established
at fair value, any profit or loss is recognized immediately. If the sales price is below fair value, any profit or
loss is recognized immediately except if the loss is compensated by future lease payments below market
price where it is deferred and amortized in proportion to the lease payments over the period for which the
asset is expected to be used.
2.k. Impairment of Non-Financial Assets
The recover amount of non-financial assets shall be estimated at the time of the events or changes in
circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized
in the current period.
Impairment loss been recognized in prior periods is reversed, if and only if, there is a change in the
estimates used to determine the asset's recoverable amount since the last impairment loss was
recognized. If so, the carrying amount of the asset is increased to its recoverable amount. This increase is
a reversal of an impairment loss. Total assets increased due to the reversal of an impairment loss, should
not exceed the carrying amount if the asset does not bear an impairment loss in the previous period.
2.l. Business Combination
The Group accounts for each business combination by applying the acquisition method.
The consideration transferred for an acquisition is measured at the aggregate of the fair values of
assets given-up, liabilities assumed and equity instruments issued by the Company. Acquisition-related
costs are recognized in the profit or loss as incurred.
The Group recognizes the identifiable assets acquired and liabilities taken over at their fair value on the
acquisition date, except for the following:
14
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
• Deferred tax assets or liabilities that are related to assets acquired and liabilities taken over in
business combination are recognized and measured in accordance with PSAK No. 46 (Revised 2010),
“Income Taxes”.
• Liabilities (or assets, if any) related to employee benefit arrangements from the acquiree are
recognized and measured in accordance with PSAK No. 24 (Revised 2010), “Employee Benefits”.
• Liabilities or equity instruments related to the replacement of an acquiree’s share-based payment
awards are measured in accordance with PSAK No. 53 (Revised 2010), “Share-based Payment”.
• Non-current assets (or disposal groups) acquired which are classified as held for sale are measured in
accordance with PSAK No. 58 (Revised 2009), “Non-current Assets Held for Sale and Discontinued
Operations”.
2.m. Intangible Assets
Goodwill
Goodwill arising in a business combination is recognized as an asset on the date that control is acquired.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any
noncontrolling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest
in the acquiree over the net of the acquisition date amounts of the identifiable assets acquired and the
liabilities taken over.
Goodwill is not amortized but is reviewed for impairment at least annually or more frequently when there is
an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is
allocated to each of the cash-generating units expected to benefit from the synergies of the combination.
If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss
is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other
assets of the unit prorated on the basis of the carrying amount of each asset in the unit. An impairment
loss is charged to the consolidated statements of comprehensive income for the current period. An
impairment loss recognized for goodwill is not reversed in the subsequent period.
The negative goodwill that resulted from bargain purchases is recognized as gain in profit or loss. The
gain is attributed to the acquirer.
If goodwill has been allocated to a cash-generating unit and certain operations on the cash-generating
unit is stopped, the goodwill associated with discontinued operations are included in the carrying amount
of the operation when determining the gain or loss on disposal. Goodwill removed is measured based on
the relative value of discontinued operations and share of the cash-generating unit retained.
Cost of Software
Software costs are initially recognized at cost or amounts attributable to the assets at the time of
acquisition.
Acquisition cost of accounting software is deferred and amortized using the straight line method based on
the estimated economic useful life of five (5) years.
2.n. Employee Benefits
Short-term employee benefits
Short-term employee benefits are recognized as wages and salaries for rendered services to the
Company during the accounting period.
Post-employment Benefits
The Group has a defined benefit pension plan without funding for all its permanent employees and have
15
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
computed and recorded a provision for employee post-employment benefits in accordance with the
Labour Law No. 13/2003 and PSAK No. 24 (Revised 2010), "Employee Benefits".
Post-employment benefits are recognized at a discounted amount when the employees have rendered
services to the company during the accounting period. Liabilities and expenses are measured using
actuarial techniques which include constructive obligation that arises from the Grou
AND SUBSIDIARIES
Interim Consolidated Financial Statements
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
Final
Paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Table of Contents
Page
Director’s Statement
Interim Consolidated Financial Statements
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
Interim Consolidated Statements of Financial Position
1
Interim Consolidated Statements of Comprehensive Income
2
Interim Consolidated Statements of Changes in Equity
3
Interim Consolidated Statements of Cash Flows
4
Notes to the Interim Consolidated Financial Statements
5
paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
ASSETS
CURRENT ASSETS
Cash and Cash Equivalent
Trade Receivables
Related Parties
Third Parties
Other Current Financial Assets
Inventories
Prepaid Expenses
Total Current Assets
NON-CURRENT ASSETS
Advances
Due from Related Parties Non-Trade
Property and Equipment
Goodwill
Intangible Assets
Deferred Tax Assets
Other Non-Current Financial Assets
Total Non-Current Assets
2.d, 2.e, 2.f, 2.r, 3, 10, 29, 30
2.r, 2.u, 4, 30
2.f, 10
2.r, 5, 30
2.g, 2.k, 6
2.h, 8
9
2.f, 2.r, 10, 30
2.i, 2.k, 2.u, 12
2.l, 2.m, 13.a
2.m, 2.u, 13.b
2.q, 7.c
11
TOTAL ASSETS
NON-CURRENT LIABILITIES
Long-Term Bank Loans
Due to Related Parties Non-Trade
Deferred Gain on Sale and Leaseback Transactions
Long-Term Employment Benefit Liabilities
Deferred Tax Liabilities
Total Non-Current Liabilities
December 31, 2013
Rp
398,953,577,217
515,437,837,445
2,517,710,058
352,140,821,852
6,065,221,598
97,180,594,855
35,902,321,199
892,760,246,779
2,432,208,891
268,370,030,779
3,143,279,756
94,831,081,782
23,250,233,636
907,464,672,289
77,682,444,357
914,471,479
1,540,491,751,537
296,617,245,648
9,643,633,474
20,962,118,957
15,992,076,944
1,962,303,742,396
60,581,873,952
515,189,971
1,402,270,240,507
180,791,360,696
7,332,931,883
18,981,601,213
22,836,666,648
1,693,309,864,870
2,855,063,989,175
2,600,774,537,159
173,938,501,504
3,757,141,530
122,184,168,429
12,766,928,870
15,272,479,171
138,238,789,299
14,742,964,829
163,966,851,520
4,927,167,196
66,910,610,412
9,915,718,285
16,983,882,633
9,526,754,910
11,792,174,233
Notes
LIABILITIES AND EQUITY
LIABILITIES
CURRENT LIABILITIES
Trade Payables - Third Parties
Short-Term Bank Loans
Accrued Expenses
Advances from Patients
Taxes Payable
Other Current Financial Liabilities
Current Portion of Long-Term-Bank Loans
Current Portion of Deferred Gain on
Sale and Leaseback Transactions
Total Current Liabilities
September 30, 2014
Rp
2.r, 14, 30
2.r, 17, 30
2.f, 2.r, 10, 16, 30
2.p
2.q, 7.a
2.r, 15, 30
2.r, 17, 30
2.j, 18, 33.a
11,897,445,548
492,798,419,180
11,897,445,548
295,920,604,737
2.r, 17, 30
2.f, 2.r, 10, 30
2.j, 18, 33.a
2.n, 19
2.q, 7.c
99,176,244,395
340,395,590,691
121,908,072,186
86,246,231,976
25,677,299,034
673,403,438,282
42,960,940,232
387,074,492,750
130,806,709,541
93,036,906,549
11,983,104,371
665,862,153,443
1,166,201,857,462
961,782,758,180
Total Liabilities
EQUITY
Equity Attributable to Owners of the Parent Entity
Capital Stock, par Value - Rp100 per Share
Authorized Capital - 4,000,000,000 shares
Issued and Fully Paid
Additional Paid-in Capital - Net
Retained Earnings
Appropriated
Unappropriated
Total Equity Attributable to Owners of the Parent Entity
Non-Controlling Interest
TOTAL EQUITY
20
2.o, 21
2.c, 22
TOTAL LIABILITIES AND EQUITY
115,610,000,000
1,289,664,515,321
115,610,000,000
1,289,664,515,321
23,100,000,000
237,318,602,323
1,665,693,117,644
23,169,014,069
1,688,862,131,713
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979
2,855,063,989,175
2,600,774,537,159
The accompanying notes form an integral part of these
interim consolidated financial statements
1
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudit) and 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
2014
(9 Months)
Rp
2013
(9 Months)
Rp
REVENUE
2.p, 23
2,415,291,830,694
1,829,813,739,498
COST OF SALES
2.p, 24
(1,748,120,010,193)
(1,370,188,040,434)
667,171,820,501
459,625,699,064
(553,621,340,469)
(12,920,157,835)
(420,880,880,854)
(247,477,936)
100,630,322,197
38,497,340,274
12,041,784,471
(48,346,899,604)
4,946,205,484
(14,145,947,758)
64,325,207,064
29,297,598,000
(13,015,516,256)
(9,642,519,175)
51,309,690,808
19,655,078,825
OTHER COMPREHENSIVE INCOME
-
-
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
51,309,690,808
19,655,078,825
2.c
54,310,067,492
(3,000,376,684)
51,309,690,808
20,140,073,304
(484,994,479)
19,655,078,825
2.c
54,310,067,492
(3,000,376,684)
51,309,690,808
20,140,073,304
(484,994,479)
19,655,078,825
46.98
19.93
GROSS PROFIT
Operating Expenses
Others - Net
2.f, 2.p, 10, 25
PROFIT FROM OPERATION
Interest Income
Financial Charges
26
26
PROFIT BEFORE TAX
Tax Expenses
2.q, 7.b
PROFIT FOR THE PERIOD
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-Controlling Interest
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of the Parent Entity
Non-Controlling Interest
EARNINGS PER SHARE
Basic, Profit for the Period Attributable to
Ordinary Shareholders of the Parent Entity
2.s, 28
The accompanying notes form an integral part of these
interim consolidated financial statements
2
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Total Equity Attributable to Owner of Parent Entity
Notes
Paid-in
Capital
Excess of
Par
Rp
Rp
BALANCE AS OF DECEMBER 31, 2012
Additional Paid-in Capital - Net
Difference in Value
from Restructuring
Transactions between
Entities Under
Change in Equity
Common ControlTransactions of
Net
Subsidiaries
Rp
Rp
Capital Stock
Retained Earnings
Appropriated
Unappropriated
Total
Rp
Rp
Rp
Total Equity
Attributable to
Owners of the
Parent Entity
Non-Controlling
Interest
Total
Equity
Rp
Rp
Rp
100,000,000,000
--
(11,329,652,726)
(11,728,781,953)
(23,058,434,679)
--
156,238,115,976
233,179,681,297
11,461,117,212
244,640,798,509
15,610,000,000
--
1,312,722,950,000
--
---
---
1,312,722,950,000
--
--
---
1,328,332,950,000
--
-15,825,543,566
1,328,332,950,000
15,825,543,566
--
--
--
--
--
--
49,870,418,855
49,870,418,855
322,068,049
50,192,486,904
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
--
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979
(1,439,338,074)
Changes in Equity for the Year 2013
Proceeds from Initial
Public Offering - Net of Share Issuance Costs
Non-Controlling Interest
20,21
2.c
Total Comprehensive Income for the Year
BALANCE AS OF DECEMBER 31, 2013
Changes in Equity for the period ended September 30, 2014
--
--
--
--
--
--
--
--
(1,439,338,074)
Reserved Fund
--
--
--
--
--
23,100,000,000
(23,100,000,000)
--
--
--
Total Comprehensive Income for the Period
--
--
--
--
--
--
54,310,067,492
54,310,067,492
(3,000,376,684)
51,309,690,808
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
23,100,000,000
237,318,602,323
1,665,693,117,644
23,169,014,069
1,688,862,131,713
Non-Controlling Interest
BALANCE AS OF SEPTEMBER 30, 2014
2.c
The accompanying notes form an integral part of these
interim consolidated financial statements
3
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Notes
CASH FLOWS FROM OPERATING ACTIVITIES
Collections from Customers
Payments to Suppliers and Third Parties
Payments to Management and Employees
Cash Flows from Operations
Financial Charges Payment - Net
Payments of Taxes
Net Cash Provided by Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Advances for Purchase of Property and Equipment and Other Advances
Property and Equipment, and Software
Disposal
Acquisition
Acquisition of Subsidiaries
Payment of Software
Net Cash Used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Initial Public Offering
Payment to Related Parties
Bank Loans
Net Cash Provided by (Used in) Financing Activities
12
12, 13.b
17
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENT
Effect of Foreign Exchange on Cash and Cash Equivalent
at the End of the Period
2014
(9 Months)
Rp
2013
(9 Months)
Rp
2,334,230,813,473
(1,648,878,065,240)
(394,758,350,842)
290,594,397,391
(4,927,616,836)
(16,712,885,295)
268,953,895,260
1,771,633,699,568
(1,329,081,900,093)
(303,510,169,085)
139,041,630,390
(9,199,742,274)
(19,276,077,498)
110,565,810,618
(40,982,714,490)
(15,418,327,066)
347,579,515
(267,631,837,645)
(11,731,480,787)
(4,072,624,522)
(324,071,077,929)
701,907,127
(296,600,868,975)
--
(47,078,183,567)
(9,956,667,197)
(57,034,850,764)
1,374,282,340,225
(368,649,974,074)
(8,286,394,412)
997,345,971,739
(112,152,033,433)
796,594,493,443
(4,332,226,795)
12,845,747,433
---
(311,317,288,914)
CASH AND CASH EQUIVALENT AT BEGINNING PERIOD
3
515,437,837,445
168,707,958,679
CASH AND CASH EQUIVALENT AT ENDING PERIOD
3
398,953,577,217
978,148,199,555
Additional information of non-cash transaction are presented in Note 32.
The accompanying notes form an integral part of these
interim consolidated financial statements
4
Paraf:
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
1. General
1.a. The Company’s Establishment
PT Siloam International Hospitals Tbk (“the Company”) was established under the name of PT
Sentralindo Wirasta on August 3, 1996 based on the Deed of Establishment No. 3, which was made in the
presence of Myra Yuwono, S.H., a notary in Sukabumi. The deed of establishment was approved by the
Minister of Justice of the Republic of Indonesia in his decree No. C2-8639.HT.01.01.TH.96 dated August
27, 1996 and was published in the State Gazette No. 97, Supplement No. 9518 on December 3, 1996.
The Company’s articles of association have been amended several times, and the latest was by Notarial
Deed No. 2 dated May 2, 2014, made in the presence of Nurlani Yusup, S.H, M.Kn., notary in Tangerang,
with regard to change among others the Company’s purpose and objectives. The change in articles of
association was approved by the Minister of Law and Human Rights of the Republic of Indonesia in his
decree No.AHU-02247.40.20.2014 dated May 5, 2014 and notification of the change in articles of
association was received by the Minister of Law and Human Rights of the Republic of Indonesia in his
decree No.AHU-01691.40.21.2014 dated May 5, 2014.
In accordance with Article 3 of the Company's articles of association, the Company's principal activity is
engage in public health services, including setting up and/or acquire and managing hospitals,
polyclinics,maternity hospitals, health facilities and supporting infrastructure, and engaging in government
healthcare programs.
The Company commenced commercial operations in 2010 after the restructuring of PT Lippo Karawaci
Tbk’s hospital units. The Company's principal activity is engage in public health services, including setting
up and managing hospitals. The operation of hospital units of the Company and the subsidiaries (the
Group) are in several cities on the island of Sumatra, Java, Bali, Kalimantan and Sulawesi.
The Company’s head office is located at Siloam Hospital Lippo Village 5th Floor, Jl. Siloam No. 6, Lippo
Village, Tangerang 15811, Banten - Indonesia. The parent entity of the Company is PT Megapratama
Karya Persada and the ultimate parent entity is PT Lippo Karawaci Tbk.
1.b. The Company’s Initial Public Offering
The Company’s initial public offering of 156,100,000 shares was declared effective by the Indonesian
Financial Services Authority in its letter No. S-260/D.04/2013 dated September 2, 2013, and was listed in
the Indonesian Stock Exchange on September 12, 2013.
5
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
1.c. The Group’s Structure
The Company has ownership of more than 50%, either direct or indirectly, in the following subsidiaries:
Subsidiary
Domic ile
Main
Direc t
Business
PT Aritasindo Permaisemesta
Jakarta
Trading,
Indirec t
Year of
Ownership
Ownership
Starting
Perc entage
Perc entage
Operation
Total Assets
September 30, 2014
Rp
Dec ember 31, 2013
Rp
99.99%
--
--
65,811,567
65,883,437
99.75%
--
--
139,940,484
139,940,484
99.99%
--
--
Development,
Mining,
Agric ulture, Servic e,
Land Transportation,
Printing and
Industry
PT Perdana Kenc ana Mandiri
Jakarta
Industry,
Development,
Trading,
Land Transportation,
Workshop,
Printing,
Agric ulture,
Mining
and Servic es
PT Multiselaras Anugerah
Tangerang
Development,
118,439,411
118,439,411
Trading
and Servic es
PT Nusa Medika Perkasa
Jakarta
Healthc are
--
59.69%
--
926,687,462
898,583,214
PT Siloam Graha Utama and Subsidiary
Jakarta
Trading,
99.99%
--
--
147,954,690,888
170,926,169,055
147,949,977,375
170,919,068,042
89,611,479,526
103,536,422,739
Development,
Land Transportation,
and Servic es
PT East Jakarta Medika
PT Guc hi Kenc ana Emas and Subsidiary
Bekasi
Healthc are
Jakarta
Development
Jambi
Healthc are and
--
79.84%
2002
99.97%
--
--
and Servic es
PT Golden First Atlanta
--
83.00%
2008
99.80%
--
--
89,607,295,602
103,525,497,989
229,037,922,404
220,387,041,953
--
79.61%
2007
191,821,467,872
2,774,307,802
Pharmac y
PT Prawira Tata Semesta and Subsidiary
Jakarta
Trading,
Development,
Industry,
Mining,
Land Transportation,
Agric ulture,
Printing,
Workshop and
Servic es exc ept
Servic es of Legal
and Tax
PT Balikpapan Damai Husada
Balikpapan
Healthc are
183,152,322,686
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Siloam Emergenc y Servic es
Tangerang
PT Medika Harapan Cemerlang Indonesia
Tangerang
Healthc are
99.99%
--
2013
Trading,
99.99%
--
2013
99.99%
--
--
--
80.00%
2006
99.90%
--
99.99%
2,230,026,221
1,391,968,353
2,969,022,018
Industry
and Servic es
PT Panc awarna Semesta and Subsidiary
Tangerang
Trading,
68,974,644,503
70,275,326,965
Development,
Printing
and Servic es
PT Diagram Healthc are Indonesia
Depok
Hospital servic es,
38,416,210,189
39,716,721,868
--
1,015,103,333
1,000,000,000
--
--
597,358,333
600,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
100,754,726,833
102,376,903,302
--
80.00%
--
100,749,886,563
102,368,878,302
--
56.00%
--
7,996,575,337
7,997,550,337
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and Other
Related Servic es
PT Adamanisa Karya Sejahtera
Jakarta
Trading,
Development,
Printing
and Servic es
PT Brenada Karya Bangsa
Tangerang
Trading,
Development,
Printing
and Servic es
PT Harmoni Selaras Indah
Tangerang
Trading,
Development,
Printing
and Servic es
PT Kusuma Primadana and Subsidiaries
Tangerang
Trading,
Development,
Printing
and Servic es
PT Adijaya Buana Sakti and Subsidiaries
Tangerang
Servic es,
Development,
Trading,
Workshop,
Land Transportation,
Industry ,
Printing
and Agric ulture
PT Siloam Sumsel Kemitraan
Tangerang
Trading,
Development
and Servic es
Healthc are
6
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domic ile
Main
Direc t
Business
PT RS Siloam Hospital Sumsel
Palembang
(d/h PT Karyatama Indah Sentosa)
Healtc are inc lude
Indirec t
Total Assets
Year of
Ownership
Ownership
Starting
Perc entage
Perc entage
Operation
September 30, 2014
Rp
Dec ember 31, 2013
Rp
--
70.00%
2012
101,739,614,281
102,356,656,020
99.90%
--
--
997,250,000
1,000,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
597,358,333
600,000,000
99.99%
--
--
4,993,558,333
5,000,000,000
99.99%
--
--
743,985,729,516
406,737,757,798
--
99.99%
--
--
99.99%
--
105,859,569,241
50,878,778,974
--
99.99%
--
36,403,523,520
600,000,000
--
99.99%
--
7,219,584,785
7,000,000,000
--
99.99%
--
984,585,000
1,000,000,000
--
99.99%
--
1,012,445,000
1,000,000,000
--
99.99%
--
5,982,351,020
6,000,000,000
--
99.99%
--
610,095,000
600,000,000
--
99.99%
--
606,595,000
600,000,000
Hospital
Clinic al,
and
Health Center,
Polyc linic and
Other Related
Servic e
PT Optimum Karya Persada
Jakarta
Servic es,
Development,
Trading,
Workshop,
Land Transportation,
Industry,
Printing
and Agric ulture
PT Rosela Indah Cipta
Tangerang
Trading,
Development,
Printing
and Servic es
PT Sembada Karya Megah
Tangerang
Trading,
Development,
Printing
and Servic es
PT Trijaya Makmur Bersama
Tangerang
Trading,
Development,
Printing
and Servic es
PT Visindo Galaxi Jaya
Tangerang
Trading,
Development,
Real Estate,
Industry,
Printing,
Agribusiness,
Servic es
and Transport
PT Tunggal Pilar Perkasa and Subsidiary
Tangerang
Trading,
Development,
Real Estate,
Industry,
Printing,
Agribusiness,
Servic es
and Transport
PT Tirtasari Kenc ana
Serang
Hospital servic es,
1,139,092,218
658,921,700
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Gramari Prima Nusa
Medan
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Krisolis Jaya Mandiri
Kupang
Healthc are
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Kusuma Bhakti Anugerah
Tangerang
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Agung Cipta Raya
Semarang
Healthc are
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Bina Cipta Semesta
Padang
Healthc are
inc luding
Hospital
Clinic ,
Health Centre,
Polyc linic and
Other related
Servic es
PT Mega Buana Bhakti
Pangkal
Pinang
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Taruna Perkasa Megah
Yogyakarta
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
PT Tataka Bumi Karya
Bogor
Hospital servic es,
Clinic and
Polic linic ,
Medic al
Treatment Clinic
and
Other related
Servic es
7
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domicile
Main
Direct
Business
PT Tataka Karya Indah
Bandung
Hospital services,
Indirect
Year of
Ownership
Ownership
Starting
Percentage
Percentage
Operation
Total Assets
September 30, 2014
Rp
December 31, 2013
Rp
--
99.99%
--
806,595,000
600,000,000
--
75.00%
--
9,572,890,565
600,000,000
--
99.99%
--
379,758,492,340
354,600,057,124
--
80.00%
2008
233,123,775,162
203,638,402,814
--
80.00%
2008
142,378,087,347
142,522,915,190
--
99.99%
2014
42,193,969,381
600,000,000
99.99%
--
--
43,228,408,351
600,000,000
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Services
PT Siloam Medika Cemerlang*)
Tangerang
Trading,
Industry,
Services
PT Koridor Usaha Maju and Subsidiaries
Tangerang
Trading,
Development,
Printing,
and Services
PT Medika Sarana Traliansia and Subsidiaries
Badung, Bali
Hospital Public
Services
PT Trisaka Reksa Waluya
Jakarta
Commence
Special Service
in Healthcare
PT Berlian Cahaya Indah
Tangerang
Hospital services,
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Services
PT Mahkota Buana Selaras
Tangerang
Trading,
Development,
Printing,
Services
PT Rashal Siar Cakra Medika
Jakarta
Healthcare
--
99.99%
2009
50,827,566,175
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
include Hospital,
Specialist Polyclinic,
Clinic, Health
Centre,
Healthcare Services
Provider, Healthcare
Facilities and Infrastructure
to support
Government Healthcare
Program
PT Genta Raya Internusa**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Indah Kemilau Abadi**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Inti Pratama Medika**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Karya Pesona Cemerlang**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Mulia Pratama Cemerlang**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Persada Dunia Semesta**)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
PT Sentra Sehat Sejahtera **)
Tangerang
Healthcare
include Hospital,
Clinic and Polyclinic
and other Related
Services
*)
Established in 2013
**)
Established in 2014
8
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
On September 10, 2013, the Company acquired 99.99% ownership in PT Tunggal Pilar Sejahtera (TPP)
from PT Primakreasi Propertindo and PT Grand Villa Persada at the acquisition cost of Rp599,999,000.
The acquisition transactions were recorded in accordance with PSAKNo.38 (Revised2012)
“BusinesCombination for Entities Under Common Control”. There was no net difference between the
purchase price and the proportionate of stocks on net book value of assets of the subsidiary acquired.
On September 11, 2013, the Company acquired ownership in PT Mahkota Buana Selaras (MBS) (through
direct ownership of 99.99% and 0.01% indirect ownership in TPP) at the acquisition cost of
Rp600,000,000. The acquisition transactions were recorded in accordance with PSAK No. 38 (Revised
2012) “Business Combination for Entities Under Common Control”. There was no net difference between
the purchase price and the proportionate of stocks on net book value of assets of the subsidiary acquired.
On November 26, 2013, TPP and MBS, acquired 99.99% and 0.01%, respectively, ownership in
PT Koridor Usaha Maju (KUM) from PT Primakreasi Propertindo and PT Grand Villa Persada, at the
acquisition cost of Rp599,999,000 and Rp 1,000, respectively. The acquisition transactions were recorded
in accordance with PSAK No. 38 (Revised 2012) “Business Combination for Entities Under Common
Control”. There was no net difference between the purchase price and the proportionate of stocks on net
book value of assets of the subsidiary acquired.
On December 6, 2013, TPP and MBS, acquired 75% and 25%, respectively, ownership in PT Gramari
Prima Nusa (GPN), at the acquisition cost of Rp750,000,000 and Rp250,000,000, respectively. At the
acquisition date, GPN had not yet started operations and therefore, it was recorded as an asset
acquisition.
Based on the deed Nos. 65, 66 and 67 on December 13, 2013 made in presence of Sriwi Bawana
Nawaksari, S.H., M.Kn., notary in Tangerang, KUM acquired 80% ownership in PT Medika Sarana
Traliansia (MST), at the acquisition cost of Rp189,600,000,000. This transaction represent business
combination (see Note 27). MST commenced commercial operations in 2008. MST had ownership
99.99% of PT Trisaka Reksa Waluya. TRW commenced commercial operations in 2008.
Based on the deed No. 29 on July 23, 2014 made in presence of Unita Christina Winata, S.H., Notary in
Jakarta, TPP and MBS acquired 75% and 25%, respectively ownership in PT Rashal Siar Cakra Medika
(RSCM), at the acquisition cost of Rp117,314,807,872. This transaction represent business combination
(see Note 27). RSCM commenced commercial operations in 2009.
1.d. Board of Commissioners, Directors, Employees and Audit Committee
Based on Notarial Deed No. 1 dated May 2, 2014, made in the presence of Nurlani Yusup, S.H., M.Kn.,
Notary in Tangerang, which has been accepted by the Ministry of Law and Human Rights of the Republic
of Indonesia through notification No. AHU-AH.01.10-15919 dated April 26, 2013, Notarial Deed No. 34
dated December 20, 2012, made in the presence of Sriwi Bawana Nawaksari, S.H, M.Kn, Notary in
Tangerang, which has been accepted by Ministry of Law and Human Rights of the Republic of Indonesia
through notification No. AHU-06412.40.22.2014 dated May 5, 2014, the composition of the Board of
Commisioners and Directors as of September 30, 2014 and December 31, 2013, are as follows:
9
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
September 30, 2014
December 31, 2013
Board of Commissioners
President Commissioner
Commissioner
Ketut Budi Wijaya
Theo Leo Sambuaga
Rahmawaty
Lambock V. Nahattands
Ketut Budi Wijaya
Theo Leo Sambuaga
Agus Benjamin
---
Independent Commissioner
Farid Harianto
Muladi
Jonathan Limbong Parapak
Farid Harianto
Muladi
Jonathan Limbong Parapak
Romeo Fernandez Lledo *)
Grace Frelita Indradjaja
Andry
Kailas N. Raina
George Mathew
Anang Prayudi
Gershu Chandy Paul
Grace Frelita Indradjaja
Sugianganto Budisuharto
Romeo Fernandez Lledo
George Mathew
Anang Prayudi *)
Directors
President Director
Director
*) Unaffiliated Director
The audit committee composition as of 30 September 2014 and December 31, 2013 are as follows:
Audit Committee
Chairman
Members
Farid Harianto
Lie Kwang T ak
Siswanto Pramono
As of September 30, 2014, the Company’s Corporate Secretary is Sugianganto Budisuharto and head of
internal audit is Gunawan HP.
As of September 30, 2014 and December 31, 2013, the Group have 6,393 and 4,905 permanent
employees, respectively.
2. Summary of Significant Accounting Policies
2.a. Compliance with the Financial Accounting Standards
The Group’s consolidated financial statements have been prepared and presented in accordance with the
Indonesian Financial Accounting Standards which include the Statements and the Interpretations as
issued by the Financial Accounting Standards Board of the Indonesian Institute of Accountants (DSAKIAI) and Regulation of Bapepam-LK No. VIII.G.7 regarding the “Guidance of Financial Statements
Presentation” as set forth in decree No. KEP-347/BL/2012 regarding the amendment to Regulation No.
VIII.G.7 and other accounting policies which prevailing in the Capital Market.
2.b. Basis of Measurement and Preparation of Consolidated Financial Statements
The consolidated financial statements have been prepared on a going concern assumption and on the
accrual basis, except for the consolidated statements of cash flows which used the cash basis. The basis
of measurement in the preparation of these consolidated financial statements is the historical cost
principle, except for certain accounts that were measured using other basis, as described in the
respective accounting policy.
The consolidated statements of cash flows have been presented by classifying the activities into
operating, investing and financing. The cash flows from operating activities were prepared using the direct
method.
10
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
The functional currency of the Group is Indonesian Rupiah. Transactions are recorded using the
functional currency. The reporting currency used in the preparation of these consolidated financial
statements is the Indonesian Rupiah.
New accounting standard or improvement on accounting standard which is relevant to the Group and
mandatory for the first time for the financial period beginning 1 January 2013 is PSAK No. 60 (Revised
2010) “Financial Instrument: Disclosures”. The Group’s management has evaluated the impact of the
improvement on PSAK No. 60 to be immaterial to the consolidated financial statements. Application of
PSAK No. 38, “Business Combinations on Entities under Common Control” resulted changes in
accounting policies as described in Note 2.o.
Meanwhile, revocation of PSAK No. 51, “Quasi Reorganizations” with an effective date of 1 January 2013
is not relevant, and did not result in changes to the Company's accounting policies and had no effect on
the amounts reported for the current period or prior financial years.
2.c. Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries (including
special purpose entities) either directly or indirectly controlled, as presented in Note 1.c.
Control also exists when the parent entity owns half or less of the voting power of an entity when there is:
a. power over more than half of the voting rights by virtue of an agreement with other investors;
b. power to govern the financial and operating policies of the entity under a statute or an agreement;
c. power to appoint or remove the majority of the members of the board of directors or equivalent
governing body and control of the entity is by that board or body; or
d. power to cast the majority of votes in the meetings of the board of directors or equivalent governing
body and control of the entity is by that board or body.
The existence and effect of potential voting rights that can be implemented or converted on the date of the
reporting period should be considered when assessing whether an entity has the power to govern
financial and operating policies of another entity.
The entities are consolidated from the date on which control was transferred to the Company and are no
longer consolidated when the Company ceases to have control. Control is obtained when the entity has
the power to govern the financial and operating policies of another entity to obtain the benefits of the
entity activity.
The consolidated financial statements have been prepared on the basis of entity concept. All significant
related intercompany accounts, transactions and profits among the consolidated companies have been
eliminated to reflect the financial position and result of operations as a whole entity.
The changes in the Company’s ownership interest in a subsidiary that do not result to a loss of control are
accounted for as equity transactions and attributed to the owners of the parent.
All major transactions and inter-company account balances (including significant unrealized gain or loss)
have been eliminated.
Non-controlling interest reflects the profit or loss and net assets of subsidiaries portion that are not
attributable directly or indirectly to the parent entity, which is presented in the consolidated statements of
comprehensive income and as equity in the consolidated statements of financial position, separated from
portion which is attributable to parent entity.
11
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
2.d. Foreign Currency Transactions
A foreign currency is a currency other than the functional currency. Transactions during the current year
using foreign currencies were recorded at the spot rate prevailing on the transaction date.
At the reporting date, transactions in foreign currencies were translated using the following closing rates:
1 United State Dollar (USD)
1 Euro (EUR)
1 Singapore Dollar (SGD)
1 Australian Dollar (AUD)
September 30, 2014
Rp
December 31, 2013
Rp
12,212
15,495
9,585
10,655
12,189
16,821
9,628
10,876
Gains and losses from foreign exchange differences arising from foreign currency transactions into
Rupiah were charged to profit or loss.
Non-monetary items that are measured in terms of historical cost in a foreign currency shall be translated
using the exchange rate at the date of transaction. Non-monetary items that are measured at fair value in
a foreign currency shall be translated using the exchange rate when the fair value was determined.
2.e. Cash and Cash Equivalent
Cash consist of cash on hand and in banks, are not used as collateral and are not restricted.
Cash equivalent consists of time deposits certificates with maturities of not more than or equal to three (3)
months from the date of placement and are not restricted.
2.f. Transactions with Related Parties
In its normal business, the Company enters into transactions with related parties. A related party is a
person or entity that is related to the Company (referred to as the “reporting entity”), which includes:
a) A person or a close member of that person’s family is related to a reporting entity if that person:
(i) has control or joint control over the reporting entity;
(ii) has significant influence over the reporting entity;
(iii) is a member of the key management personnel of the reporting entity or of a parent of the
reporting entity.
b) An entity is related to the reporting entity if any of following conditions applies:
(i) The entity and the reporting entity are members of the same group (which means that each
parent, subsidiary and fellow subsidiary is related to the others);
(ii) One entity is an associate or joint venture of the other entity (or an associate or joint venture of a
member of a group of which the other entity is a member);
(iii) Both entities are joint ventures of the same third party;
(iv) One entity is a joint venture of a third entity and the other entity is an associate of the third entity.
(v) The entity is a post-employment benefit plan for the benefit of employees of either the reporting
entity or an entity related to the reporting entity. If the reporting entity is managing the plan, the
sponsoring entity is also related to the reporting entity;
(vi) The entity is controlled or jointly controlled by a person identified in (a); or
(vii) A person identified in (a) (i) has significant influence over the entity or is a member of the key
management personnel of the entity (or a parent of the entity).
2.g. Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined by the average
method. Net realizable value is the estimated selling price in the ordinary course of business less the
estimated costs of completion and selling cost. The Company determines the allowance for inventory
obsolescence based on a review of the status of its inventory at the end of period.
12
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
2.h. Prepaid Expenses
Prepaid expenses are amortized over the period benefitted using straight line method.
2.i. Property and Equipment
At initial recognition, property and equipment are measured at acquisition cost.
After initial recognition, property and equipment except land are accounted for using the cost model which
is carried at cost less accumulated depreciation and accumulated impairment losses. Land is not
depreciated and carried at cost less accumulated impairment losses.
Depreciation is computed by using the straight line method based on the estimated useful lives of the
assets as follows:
Years
Building, Infrastructure and Renovations
4 - 20
Equipment and Medical Supplies
4-8
Furniture, Fixtures and Office Equipment
4 - 10
Vehicles
5
The cost of repairs and maintenance is charged to profit or loss as incurred while significant renovations
and addition which add estimated useful life or future economic benefits are capitalized. When assets are
retired or otherwise disposed of, the cost and the related accumulated depreciation and accumulated
impairment loss, if any, are removed from the accounts and any resulting gains or losses are charged to
operations for the relevant period.
Accumulated construction costs of property and equipment are capitalized as "Construction in Progress "
and recorded in "property and equipment" account until the construction process is completed. These
costs are reclassified to property and equipment when the construction are completed.
The carrying amount of property and equipment is derecognized upon disposal or when no future
economic benefits are expected from its use or disposal. Any gain or loss arising on derecognition of the
asset (calculated as the difference between the net disposal proceeds and the carrying amount of the
asset) is credited or charged to operations in the year the asset is derecognized.
Management has reviewed the estimated useful lives, depreciation methods and residual values of the
propery and equipment, at each reporting period. Necessary adjustments made prospectively.
2.j. Leases
The determination of whether an arrangement is a lease agreement or lease agreement containing the
substance of the agreement based on the inception date and whether the fulfillment of the agreement
depends on the use of an asset and the agreement provides a right to use the asset.
Leases are classified as finance leases if the lease substantially transferred all the risks and benefits
related to ownership of the asset. Leases are classified as operating leases if the lease did not
substantially transfer all the risks and benefits related to ownership of the asset.
Group as Lessee
At the beginning of the lease term, the Group recognizes finance leases as assets and liabilities in the
consolidated statements of financial position at fair value of the leased property or the present value of the
minimum lease payments, if the present value is lower than the fair value. The valuation of a lease is
determined at the initial contract. The discount rate used in calculating the present value of the minimum
lease payments is the implicit interest rate of the lease, if practicable. If not, the discount rate used is the
level of the lessee's incremental borrowing rate applied. Initial direct costs of the lessee are capitalized
13
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
and recognized as an asset. Leased asset depreciation policy is consistent with the policy for the Group’s
own property and equipment.
Under an operating lease, the Group recognizes lease payments as an expense on a straight-line basis
over the lease term.
Group as lessor
The Group recognizes lease receivables in the consolidated statements of financial position as a net
lease investment. Collection of leases are considered as payments of lease principal and finance lease
income. Recognition of finance lease income is based on a pattern reflecting a constant periodic rate of
return on the Group's net investment as lessor in a finance lease.
The Group is required to present assets subject to operating leases in its consolidated statements of
financial position according to the nature of the asset. Initial direct costs incurred in negotiating an
operating lease are added to the carrying amount of the leased asset and recognized as an expense over
the lease term on the same basis as operating rental income. Contingent rents, if any, are recognized as
revenue in the periods in which they are earned. Lease income from operating leases is recognized as
income on a straight-line basis over the lease term.
Sale and Leaseback
A sale and leaseback transaction involves the sale of an asset and leasing back the same asset. If a sale
and leaseback transaction is a finance lease, any excess of sales proceeds over the carrying value is not
immediately recognized as income in the consolidated financial statements of a seller (lessee) but is
deferred and amortized over the lease period.
If a sale and leaseback transaction is an operating lease, and it is clear that the transaction is established
at fair value, any profit or loss is recognized immediately. If the sales price is below fair value, any profit or
loss is recognized immediately except if the loss is compensated by future lease payments below market
price where it is deferred and amortized in proportion to the lease payments over the period for which the
asset is expected to be used.
2.k. Impairment of Non-Financial Assets
The recover amount of non-financial assets shall be estimated at the time of the events or changes in
circumstances indicate that the carrying value may not be recoverable. An impairment loss is recognized
in the current period.
Impairment loss been recognized in prior periods is reversed, if and only if, there is a change in the
estimates used to determine the asset's recoverable amount since the last impairment loss was
recognized. If so, the carrying amount of the asset is increased to its recoverable amount. This increase is
a reversal of an impairment loss. Total assets increased due to the reversal of an impairment loss, should
not exceed the carrying amount if the asset does not bear an impairment loss in the previous period.
2.l. Business Combination
The Group accounts for each business combination by applying the acquisition method.
The consideration transferred for an acquisition is measured at the aggregate of the fair values of
assets given-up, liabilities assumed and equity instruments issued by the Company. Acquisition-related
costs are recognized in the profit or loss as incurred.
The Group recognizes the identifiable assets acquired and liabilities taken over at their fair value on the
acquisition date, except for the following:
14
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
• Deferred tax assets or liabilities that are related to assets acquired and liabilities taken over in
business combination are recognized and measured in accordance with PSAK No. 46 (Revised 2010),
“Income Taxes”.
• Liabilities (or assets, if any) related to employee benefit arrangements from the acquiree are
recognized and measured in accordance with PSAK No. 24 (Revised 2010), “Employee Benefits”.
• Liabilities or equity instruments related to the replacement of an acquiree’s share-based payment
awards are measured in accordance with PSAK No. 53 (Revised 2010), “Share-based Payment”.
• Non-current assets (or disposal groups) acquired which are classified as held for sale are measured in
accordance with PSAK No. 58 (Revised 2009), “Non-current Assets Held for Sale and Discontinued
Operations”.
2.m. Intangible Assets
Goodwill
Goodwill arising in a business combination is recognized as an asset on the date that control is acquired.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any
noncontrolling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest
in the acquiree over the net of the acquisition date amounts of the identifiable assets acquired and the
liabilities taken over.
Goodwill is not amortized but is reviewed for impairment at least annually or more frequently when there is
an indication that the goodwill may be impaired. For the purpose of impairment testing, goodwill is
allocated to each of the cash-generating units expected to benefit from the synergies of the combination.
If the recoverable amount of the cash-generating unit is less than its carrying amount, the impairment loss
is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other
assets of the unit prorated on the basis of the carrying amount of each asset in the unit. An impairment
loss is charged to the consolidated statements of comprehensive income for the current period. An
impairment loss recognized for goodwill is not reversed in the subsequent period.
The negative goodwill that resulted from bargain purchases is recognized as gain in profit or loss. The
gain is attributed to the acquirer.
If goodwill has been allocated to a cash-generating unit and certain operations on the cash-generating
unit is stopped, the goodwill associated with discontinued operations are included in the carrying amount
of the operation when determining the gain or loss on disposal. Goodwill removed is measured based on
the relative value of discontinued operations and share of the cash-generating unit retained.
Cost of Software
Software costs are initially recognized at cost or amounts attributable to the assets at the time of
acquisition.
Acquisition cost of accounting software is deferred and amortized using the straight line method based on
the estimated economic useful life of five (5) years.
2.n. Employee Benefits
Short-term employee benefits
Short-term employee benefits are recognized as wages and salaries for rendered services to the
Company during the accounting period.
Post-employment Benefits
The Group has a defined benefit pension plan without funding for all its permanent employees and have
15
These interim consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
NOTES TO THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS (Continued)
As of September 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2014 (Unaudited) and 2013 (Audited)
(In Full Rupiah, Unless Otherwise Stated)
computed and recorded a provision for employee post-employment benefits in accordance with the
Labour Law No. 13/2003 and PSAK No. 24 (Revised 2010), "Employee Benefits".
Post-employment benefits are recognized at a discounted amount when the employees have rendered
services to the company during the accounting period. Liabilities and expenses are measured using
actuarial techniques which include constructive obligation that arises from the Grou