Siloam Hospitals | Investor Relations - Financial Statements - Rumah Sakit Siloam Hospitals en fs q2 2014

PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Interim Consolidated Financial Statements
As of June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)

Final

Paraf:

PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES

Table of Contents

Page

Director’s Statement
Interim Consolidated Financial Statements
As of June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)

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 June 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
Total Aset
Tidak Lancar
TOTAL
ASET

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

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

434,490,727,355

515,437,837,445

2,311,891,040
328,195,707,008
5,579,460,412
92,554,507,305
31,610,918,327
894,743,211,447

2,432,208,891
268,370,030,779

3,143,279,756
94,831,081,782
23,250,233,636
907,464,672,289

83,458,611,211
774,263,509
1,423,115,290,901
180,789,948,469
6,697,134,120
21,800,185,623
29,664,192,324
1,746,299,626,157

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

2,641,042,837,604

2,600,774,537,159

154,745,964,038
4,501,626,098
95,393,867,488
12,720,574,631
12,125,426,771
26,602,680,947
12,104,808,996

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

2.j, 18, 33.a

11,897,445,548
330,092,394,517

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

36,828,141,282
368,013,684,483
124,906,880,379

88,049,705,414
11,043,210,333
628,841,621,891

42,960,940,232
387,074,492,750
130,806,709,541
93,036,906,549
11,983,104,371
665,862,153,443

958,934,016,408

961,782,758,180

115,610,000,000
1,289,664,515,321
252,245,406,890
1,657,519,922,211
24,588,898,985

1,682,108,821,196

115,610,000,000
1,289,664,515,321
206,108,534,831
1,611,383,050,152
27,608,728,827
1,638,991,778,979

2,641,042,837,604

2,600,774,537,159

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
Total Equity Attributable to Owners of the Parent Entity
Non-Controlling Interest
TOTAL EQUITY

December 31, 2013
Rp

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

June 30, 2014
Rp

20
2.o, 2.r, 21

2.c, 22

TOTAL LIABILITIES AND EQUITY

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 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(Expressed in Full Rupiah, Unless Otherwise Stated)

Notes

2014
(6 Months)
Rp

2013
(6 Months)
Rp

REVENUE

2.p, 23

1,567,853,446,208

1,201,339,162,981

COST OF SALES

2.p, 24

(1,136,251,925,085)

(881,967,979,879)

GROSS PROFIT
Operating Expenses
Others - Net

2.f, 2.p, 10, 25

431,601,521,123

319,371,183,102

(351,618,622,426)
(4,944,454,082)

(275,998,564,529)
(9,853,913,895)

75,038,444,615

33,518,704,678

8,972,372,520
(31,361,107,735)

1,925,682,671
(9,563,405,775)

52,649,709,400

25,880,981,574

(8,087,108,090)

(8,471,941,093)

44,562,601,310

17,409,040,481

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD

44,562,601,310

17,409,040,481

2.c

46,136,872,059
(1,574,270,749)
44,562,601,310

21,976,103,526
(4,567,063,045)
17,409,040,481

2.c

46,136,872,059
(1,574,270,749)
44,562,601,310

21,976,103,526
(4,567,063,045)
17,409,040,481

39.91

21.98

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 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(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

Total
Rp

Retained Earnings
Unappropriated

Total Equity
Attributable to
Owners of the
Parent Entity

Non-Controlling
Interest

Total
Equity

Rp

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

--

--

--

--

--

--

--

5,818,395

5,818,395

Changes in Equity for the Period ended June 30, 2013
KNon-Controlling Interest

2.c

--

--

--

--

--

21,976,103,526

21,976,103,526

(4,567,063,045)

17,409,040,481

BALANCE AS OF JUNE 30, 2013

100,000,000,000

--

(11,329,652,726)

(11,728,781,953)

(23,058,434,679)

178,214,219,502

255,155,784,823

6,899,872,562

262,055,657,385

BALANCE AS OF DECEMBER 31, 2013

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

--

--

--

--

--

--

--

(1,445,559,093)

(1,445,559,093)

Total Comprehensive Income for the Period

Changes in Equity for the period ended June 30, 2014
KNon-Controlling Interest

2.c

Total Comprehensive Income for the Period
BALANCE AS OF JUNE 30, 2014

--

--

--

--

--

46,136,872,059

46,136,872,059

(1,574,270,749)

44,562,601,310

115,610,000,000

1,312,722,950,000

(11,329,652,726)

(11,728,781,953)

1,289,664,515,321

252,245,406,890

1,657,519,922,211

24,588,898,985

1,682,108,821,196

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 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(Expressed in Full Rupiah, Unless Otherwise Stated)
Catatan

ARUS KAS DARI AKTIVITAS OPERASI
Penerimaan Kas dari Pelanggan
Pembayaran kepada Pemasok dan Pihak Ketiga Lainnya
Pembayaran kepada Manajemen dan Karyawan
Arus Kas Diperoleh dari Operasi
Pembayaran Beban Keuangan - Neto
Pembayaran Pajak Penghasilan
Arus Kas Neto Diperoleh dari Aktivitas Operasi
ARUS KAS DARI AKTIVITAS INVESTASI
Pembayaran Uang Muka Pembelian Aset Tetap dan Lainnya
Aset Tetap dan Perangkat Lunak
Penjualan
Pembelian
Arus Kas Neto Digunakan untuk Aktivitas Investasi

12
12, 13.b

2014
(6 Bulan)
Rp

2013
(6 Bulan)
Rp

1,510,897,008,608
(1,121,485,860,994)
(256,027,039,218)
133,384,108,396
(1,601,801,774)
(12,662,204,566)
119,120,102,056

1,141,619,663,204
(881,836,053,236)
(202,120,989,134)
57,662,620,834
(7,637,723,104)
(11,447,672,040)
38,577,225,690

(42,258,097,006)

(18,119,931,458)

60,105,000
(129,981,104,682)
(172,179,096,688)

550,000,000
(90,968,381,141)
(108,538,312,599)

(19,319,881,805)
(6,245,705,281)
(25,565,587,086)

66,520,631,402
(5,485,546,729)
61,035,084,673

(78,624,581,718)

(8,926,002,236)

(2,322,528,372)

(3,077,201,906)

ARUS KAS DARI AKTIVITAS PENDANAAN
Penerimaan dari (Pembayaran kepada) Pihak Berelasi - Bersih
Pinjaman Bank
Arus Kas Neto Diperoleh dari Aktivitas Pendanaan

17

KENAIKAN NETO KAS DAN SETARA KAS
Dampak Kurs atas Kas dan Setara Kas pada Akhir Periode
KAS DAN SETARA KAS AWAL PERIODE

3

515,437,837,445

168,707,958,679

KAS DAN SETARA KAS AKHIR PERIODE

3

434,490,727,355

156,704,754,537

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
As of June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(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, which has been accepted by the Minister of Law
and Human Rights of the Republic of Indonesia through notification 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

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(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

Indirect
Ownership
Percentage

Year of
Starting
Operation

99.99%

--

--

65,811,567

65,883,437

99.75%

--

--

139,940,484

139,940,484

99.99%

--

--

118,439,411

118,439,411

--

59.69%

--

916,100,929

898,583,214

Trading,
Dev elopment,
Land Transportation,
and Serv ices
Healthcare

99.99%

--

--

154,631,947,931

170,926,169,055

--

79.84%

2002

154,626,209,418

170,919,068,042

99.97%

--

--

94,677,993,260

103,536,422,739

--

83.00%

2008

94,667,301,235

103,525,497,989

99.98%

--

--

225,545,487,896

220,387,041,953

--

79.61%

2007

188,311,532,596

183,152,322,686

PT Siloam Emergency Serv ices

Dev elopment
and Serv ices
Jambi
Healthcare and
Pharmacy
Jakarta
Trading,
Dev elopment,
Industry ,
Mining,
Land Transportation,
Agriculture,
Printing,
Workshop and
Serv ices ex cept
Serv ices of
and Tax
Balikpapan
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Tangerang
Healthcare

99.99%

--

2013

2,186,208,428

1,391,968,353

PT Medika Harapan Cemerlang Indonesia

Tangerang

99.99%

--

2013

2,769,285,103

2,969,022,018

PT Pancaw arna Semesta and Subsidiary

Tangerang

99.99%

--

--

70,201,725,260

70,275,326,965

--

80.00%

2006

39,643,234,132

39,716,721,868

99.90%

--

--

1,015,220,000

1,000,000,000

99.99%

--

--

598,475,000

600,000,000

99.99%

--

--

598,475,000

600,000,000

99.99%

--

--

105,185,448,748

102,376,903,302

--

80.00%

--

105,179,533,478

102,368,878,302

--

56.00%

--

7,996,650,337

7,997,550,337

PT Perdana Kencana Mandiri

PT Multiselaras Anugerah

PT Nusa Medika Perkasa
PT Siloam Graha Utama and Subsidiary

PT East Jakarta Medika
PT Guchi Kencana Emas and Subsidiary
PT Golden First Atlanta
PT Praw ira Tata Semesta and Subsidiary

PT Balikpapan Damai Husada

PT Diagram Healthcare Indonesia

PT Adamanisa Kary a Sejahtera

Jakarta

Trading,
Dev elopment,
Mining,
Agriculture,
Land Transportation,
Printing and
Industry
Jakarta
Industry ,
Dev elopment,
Trading,
Land Transportation,
Workshop,
Printing,
Agriculture,
Mining
and Serv ices
Tangerang
Dev elopment,
Trading
and Serv ices
Jakarta
Healthcare
Jakarta

Bekasi
Jakarta

Depok

Jakarta

PT Brenada Kary a Bangsa**)

Tangerang

PT Harmoni Selaras Indah**)

Tangerang

PT Kusuma Primadana and Subsidiaries

Tangerang

PT Adijay a Buana Sakti and Subsidiaries

PT Siloam Sumsel Kemitraan

Main
Business

Total Assets
June 30, 2014
December 31, 2013
Rp
Rp

Direct
Ownership
Percentage

PT Aritasindo Permaisemesta

Domicile

Jakarta

Tangerang

Trading,
Industry
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Hospital serv ices,
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Serv ices,
Dev elopment,
Trading,
Workshop,
Land
Industry ,
Printing
and Agriculture
Trading,
Dev elopment
and Serv ices

6

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary

PT RS Siloam Hospital Sumsel
(d/h PT Kary atama Indah Sentosa)

PT Optimum Kary a Persada

Domicile

Main
Business

Palembang

Healtcare include
Hospital
Clinical,
and
Health Center,
Poly clinic and
Other Related
Serv ice
Serv ices,
Dev elopment,
Trading,
Workshop,
Land
Industry ,
Printing
and Agriculture
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport
Trading,
Dev elopment,
and Serv ices
Hospital serv ices,
Clinic and
Policlinic,
Medical
Treatment Clinic
and
Other related
Serv ices
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Real Estate,
Industry ,
Printing
Agribusiness,
Serv ices and
Transport
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Healthcare
including
Hospital
Clinic,
Health Centre,
Poly clinic and
Other related
Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agriculture,
Serv ices and
Transport
Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Printing
and Serv ices

Jakarta

PT Rosela Indah Cipta**)

Tangerang

PT Sembada Kary a Megah**)

Tangerang

PT Trijay a Makmur Bersama**)

Tangerang

PT Visindo Galax i Jay a

Tangerang

PT Tunggal Pilar Perkasa and Subsidiary

Tangerang

PT Tirtasari Kencana

Tangerang

PT Gramari Prima Nusa

Tangerang

PT Krisolis Jay a Mandiri**)

Tangerang

PT Kusuma Bhakti Anugerah

Tangerang

PT Agung Cipta Ray a

Tangerang

PT Bina Cipta Semesta

Jakarta

PT Mega Buana Bhakti

Tangerang

PT Taruna Perkasa Megah**)

Tangerang

PT Tataka Bumi Kary a**)

Tangerang

7

Direct
Ownership
Percentage
--

Indirect
Ownership
Percentage
70.00%

Year of
Starting
Operation
2012

Total Assets
June 30, 2014
December 31, 2013
Rp
Rp
106,169,111,196
102,356,656,020

99.90%

--

--

997,325,000

1,000,000,000

99.99%

--

--

598,475,000

600,000,000

99.99%

--

--

598,475,000

600,000,000

99.99%

--

--

598,475,000

600,000,000

99.99%

--

--

4,994,675,000

5,000,000,000

99.99%

--

--

519,391,203,396

406,737,757,798

--

99.99%

--

1,139,275,218

658,921,700

--

99.99%

--

80,078,535,260

50,878,778,974

--

99.99%

--

24,375,744,426

600,000,000

--

99.99%

--

7,167,934,044

7,000,000,000

--

99.99%

--

984,730,000

1,000,000,000

--

99.99%

--

1,012,590,000

1,000,000,000

--

99.99%

--

5,982,496,020

6,000,000,000

--

99.99%

--

610,615,000

600,000,000

--

99.99%

--

606,740,000

600,000,000

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary

Domicile

Main
Business

PT Tataka Kary a Indah**)

Tangerang

PT Siloam Medika Cemerlang

Tangerang

Trading,
Dev elopment,
Printing
and Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport

PT Koridor Usaha Maju dan Entitas Anak

Tangerang

PT Medika Sarana Traliansia dan Entitas Anak
PT Trisaka Raksa Waluy a

Badung, Bali
Jakarta

PT Berlian Cahay a Indah

Tangerang

PT Mahkota Buana Selaras

Tangerang

Trading,
Dev elopment,
Printing,
Agribusiness,
Serv ices
and Transport
Hospital Public
Serv ices
Commence
Special Serv ice
in Healthcare
Trading,
Dev elopment,
Printing,
and Serv ices
Trading,
Dev elopment,
Real Estate,
Industry ,
Printing,
Agribusiness,
Serv ices
and Transport

Direct
Ownership
Percentage
--

Indirect
Ownership
Percentage
99.99%

Year of
Starting
Operation
--

Total Assets
June 30, 2014
December 31, 2013
Rp
Rp
606,740,000
600,000,000

--

75.00%

--

9,772,054,708

600,000,000

--

99.99%

--

362,135,348,774

354,600,057,124

--

80.00%

2008

217,006,645,497

203,638,402,814

--

80.00%

2008

141,084,943,212

142,522,915,190

--

99.99%

--

34,222,288,156

600,000,000

99.99%

--

--

2,952,509,498

600,000,000

*) Established in 2013
**) Established in 2012

On September 10, 2013, the Company acquired 99.99% ownership in PT Tunggal Pilar Sejahtera 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 PSAK No.38 (Revised2012) “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 September 11, 2013, the Company acquired 99.99% ownership in PT Mahkota Buana Selaras (through
direct ownership of 99.99% and 0.01% indirect ownership in PT Tunggal Pilar Sejahtera) 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.
8

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

This transaction represent business combination (see Note 27). MST commenced commercial operations
in 2008. MST had ownership 99.99% of PT Trisaka Raksa Waluya. TRW commenced commercial
operations in 2008.
1.d. Board of Commissioners, Directors, Employees and Audit Committee
Based on Notarial Deed No. 369 dated April 24, 2013, made in the presence of, Dr. Irawan Soerodjo, S.H,
M.Si, notary in Jakarta, 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-AH.01.01-07152 dated February 28, 2013, the composition of the Board of
Commisioners and Directors as of June 30, 2014 and December 31, 2013, are as follows:
June 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 June 2014 and December 31, 2013 are as follows:
Audit Committee
Chairman
Members

Farid Harianto
Lie Kwang Tak
Siswanto Pramono

As of June 30, 2014, the Company’s Corporate Secretary is Sugianganto Budisuharto and head of internal
audit is Gunawan HP.
As of June 30, 2014 and December 31, 2013, the Group have 6,052 and 4,905 permanent employees,
respectively.

9

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

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 (DSAK-IAI) 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.
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

10

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

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.
2.d. Foreign Currency Transactions
A foreign currency is a currency other than the functional currency. Transactions during the current period
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)

June 30, 2014
Rp

December 31, 2013
Rp

11,969
16,333
9,583
11,265

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 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.

11

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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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

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.
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.

12

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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

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 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.
13

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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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

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:
 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.
14

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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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

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
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 Group’s common practices.
In calculating such liabilities, the benefit must be discounted using the projected unit credit method. Past
service cost is recognized in profit or loss when the benefit becomes vested and recognized as an expense
using the straight-line method for the average period of vested benefit. Accumulated unrecognized actuarial
gain (loss) that is more than 10% of the present value of defined benefit liabilities are amortized using the
straight line method over the remaining projected average service period of employees in the programme.
2.o. Difference in Value from Restructuring Transactions between Entities Under Common Control
The restructuring transactions between entities under common control, such as transfers of assets,
liabilities, shares or other ownership instruments by re-organizing entities within the same group, do not
represent changes of ownership in terms of economic substance, and thus, should not result in a gain or
loss for the group of companies as a whole or for the individual entity in the groups.
Since restructuring transactions with entities under common control do not result in changes in term of
economic substance of ownership in transferred assets, liabilities or other ownership instruments, the
transferred assets or liabilities (in legal form) should be recorded at book value in a manner similar to
business combination transactions using the pooling of interest method.
The difference between transfer price and book value does not represent goodwill. Such difference is
recorded in the account “Difference in Value from Restructuring Transactions between Entities under
Common Control” and is presented in additional paid in capital as part of equity.
Since the implementation of PSAK No. 38 (Revised 2012) “Business Combinations on Entities under
Common Control” starting in January 1, 2013, this account can not recognized as realized profit and loss
nor reclassified as retained earning.
15

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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 June 30, 2014 (Unaudited) and December 31, 2013 (Audited) and
For the 6 (Six) Months Period Ended June 30, 2014 and 2013 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)

2.p. Revenue and Expense Recognition
Revenue is recognized when medical services are rendered or when medical supplies are delivered to
patients.
Expenses are recognized when incurred.
2.q. Income Tax
Current income tax is calculated from taxable income, the earnings that have been adjusted to the
appropriate tax rules.
Amendments to taxation liabilities are recorded when an assessment is received or, if appealed against,
when the results of the appeal are determined.
Current tax assets and current tax liabilites are offset if, and only if, the entity:
1) has a legally enforceable right to set off the recognised amount; and
2) intends to settle in net basis, or realises and settles the asset and liabi