Siloam Hospitals | Investor Relations - Financial Statements - Rumah Sakit Siloam Hospitals en fs q3 2015
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Interim Consolidated Financial Statements
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
Final Draft/October 28, 2015
Paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Table of Contents
Page
Directors’ Statement Letter
Interim Consolidated Financial Statements
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
Interim Consolidated Statements of Financial Position
1
Interim Consolidated Statements of Comprehensive Income
3
Interim Consolidated Statements of Changes in Equity
4
Interim Consolidated Statements of Cash Flows
5
Notes to the Consolidated Financial Statements
6
Draft/October 28, 2015
paraf:
These consolidated financial statements are originally issued in Indonesian language
PT INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited)
(in Full Rupiah, Unless Otherwise Stated)
Notes
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents
Trade Receivables
Related Parties
Third Parties
Other Current Financial Assets
Inventories
Prepaid Taxes
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, 32, 33
2.r, 2.u, 4, 33
2.f, 10
2.r, 5, 33
2.g, 2.k, 6
2.q, 7.a
2.h, 8
9
2.f, 2.r, 10, 33
2.i, 2.k, 2.u, 12
2.l, 2.m, 13.a
2.m, 2.u, 13.b
2.q, 7.d
11
TOTAL
ota ASSETS
set da a ca
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
1
September 30, 2015 December 31, 2014
Rp
Rp
180,058,662,280
279,958,770,048
8,825,123,799
520,956,486,644
5,940,988,451
123,678,605,656
6,991,423,747
90,926,068,266
937,377,358,842
3,549,747,601
389,096,670,786
9,435,126,642
105,857,883,964
6,991,423,747
45,907,747,875
840,797,370,663
132,497,773,160
34,291,027,372
1,581,371,855,850
282,568,092,907
10,090,101,453
24,496,853,741
11,043,201,421
2,076,358,905,903
84,624,464,968
1,341,961,213
1,589,306,930,919
282,568,092,907
9,605,766,175
22,442,922,330
13,398,002,929
2,003,288,141,441
3,013,736,264,746
2,844,085,512,104
Paraf:
These consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued)
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited)
(in Full Rupiah, Unless Otherwise Stated)
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
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, 33
2.r, 17, 33
2.f, 2.r, 10, 16, 33
2.p
2.q, 7.b
2.r, 15, 33
2.r, 17, 33
229,351,660,599
2,586,226,452
235,125,582,359
16,833,898,503
30,565,195,495
79,422,071,868
12,969,341,132
192,762,995,806
3,540,195,011
145,004,370,941
14,914,613,299
33,130,693,777
64,476,339,112
12,435,856,488
2.j, 18, 36.a
11,897,445,548
618,751,421,955
11,897,445,548
478,162,509,982
2.r, 17, 33
2.f, 2.r, 10, 33
2.j, 18, 36.a
2.n, 19
2.q, 7.d
20,734,166,973
416,491,944,412
110,010,626,647
115,938,595,957
27,917,206,895
691,092,540,884
30,525,083,739
415,813,668,549
118,909,263,993
118,858,564,915
28,147,868,966
712,254,450,162
1,309,843,962,839
1,190,416,960,144
115,610,000,000
115,610,000,000
1,289,664,515,321
(35,431,929,951)
345,686,237,816
(12,622,920,294)
1,289,664,515,321
(25,748,354,393)
281,300,384,006
(12,622,920,294)
1,702,905,902,892
986,399,015
1,703,892,301,906
1,648,203,624,640
5,464,927,320
1,653,668,551,960
3,013,736,264,746
2,844,085,512,104
Total Liabilities
EQUITY
Equity Attributable to Owners of the Parent
Capital Stock, par Value - Rp100 per Share
Authorized Capital - 4,000,000,000 shares
Issued and Fully Paid:
1,156,100,000 Shares as of December 31, 2014 and 2013;
Additional Paid-in Capital - Net
Difference in Value from Non-controlling Interest
Retained Earnings
Other Comphrehensive Income
20
2.o, 21
22
2.n, 39
Total Equity Attributable to Owners of the Parent
Non-Controlling Interest
TOTAL EQUITY
2.c, 25
TOTAL LIABILITIES AND EQUITY
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
September 30, 2015 December 31, 2014
Rp
Rp
2
Paraf:
These consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(in Full Rupiah, Unless Otherwise Stated)
Notes
2015
(9 Months)
Rp
2014
(9 Months)
Rp
REVENUE
2.p, 26
3,013,142,142,653
2,415,291,830,694
COST OF REVENUE
2.p, 27
(2,156,668,016,584)
(1,748,120,010,193)
856,474,126,069
667,171,820,501
(694,664,909,010)
(20,885,623,267)
(553,621,340,469)
(12,920,157,835)
140,923,593,792
100,630,322,197
4,040,130,277
(41,922,232,218)
12,041,784,471
(48,346,899,604)
103,041,491,850
64,325,207,064
(35,436,134,827)
(13,015,516,256)
67,605,357,023
51,309,690,808
OTHER COMPREHENSIVE INCOME
--
--
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
67,605,357,023
51,309,690,808
GROSS PROFIT
Operating Expenses
Others - Net
2.f, 2.p, 10, 28
PROFIT FROM OPERATION
Interest Income
Financial Charges
29
29
PROFIT BEFORE TAX
Tax Expenses
2.q, 7.c
PROFIT FOR THE PERIOD
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Parent Company
Non-Controlling Interest
2.c
70,397,573,758
(2,792,216,735)
67,605,357,023
54,310,067,492
(3,000,376,684)
51,309,690,808
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of the Parent Company
Non-Controlling Interest
2.c
70,397,573,758
(2,792,216,735)
67,605,357,023
54,310,067,492
(3,000,376,684)
51,309,690,808
60.89
46.98
EARNINGS PER SHARE
Basic, Profit for the Period Attributable to
Ordinary Shareholders of the Parent Company
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
2.s, 31
3
Paraf:
These 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, 2015 and 2014 (Unaudited)
(in Full Rupiah, Unless Otherwise Stated)
Total Equity Attributable to Owner of Parent
Additional Paid in Capital - Net
Capital Stock
Notes
Rp
115,610,000,000
BALANCE AS OF DECEMBER 31, 2013
Total Equity
Non-Controlling
Total
Other
Attributable to
Interest
Equity
Rp
Rp
Retained Earnings
Appropriated
Unappropriated
Total
Difference in Value
Difference in Value
Comprehensive
Owners of the
Paid-in
between
from Non-Controlling
Income
Parent
Capital
Entities Under
Change in Equity
Excess of
Common Control-
Transactions of
Par
Net
Subsidiaries
Total
Rp
Rp
Rp
Rp
Rp
Rp
1,312,722,950,000
(11,329,652,726)
Interest
(11,728,781,953)
`
Rp
Rp
1,289,664,515,321
--
Rp
--
`
Rp
206,108,534,831
206,108,534,831
`
-`
1,611,383,050,152
`
27,608,728,827
`
1,638,991,778,979
`
Changes in Equity for September 30, 2014
Non-Controlling Interest
--
--
--
--
--
--
--
--
--
--
--
(1,439,338,074)
Total Comprehensive Income for the Period
--
--
--
--
--
--
--
54,310,067,492
54,310,067,492
--
54,310,067,492
(3,000,376,684)
51,309,690,808
BALANCE AS OF SEPTEMBER 30, 2014
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
--
--
260,418,602,323
260,418,602,323
--
1,665,693,117,644
23,169,014,069
1,688,862,131,713
BALANCE AS OF DECEMBER 31, 2014
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
(25,748,354,393)
23,100,000,000
245,577,463,712
268,677,463,712
1,648,203,624,640
5,464,927,320
1,653,668,551,960
--
--
--
--
--
--
--
12,622,920,294
12,622,920,294
(12,622,920,294)
--
--
--
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
(25,748,354,393)
23,100,000,000
258,200,384,006
281,300,384,006
(12,622,920,294)
1,648,203,624,640
5,464,927,320
1,653,668,551,960
Restatement for PSAK 24 (Revised 2013)
39
(1,439,338,074)
BALANCE AS OF DECEMBER 31, 2014
(After Restated)
Changes in Equity for September 30, 2015
--
--
--
--
--
--
--
--
(6,011,719,948)
--
--
--
--
(9,683,575,558)
--
(6,011,719,948)
--
(6,011,719,948)
--
(6,011,719,948)
--
--
Non-Controlling Interest
--
(9,683,575,558)
(1,686,311,570)
(11,369,887,129)
Total Comprehensive Income for the Period
--
--
--
--
--
--
--
70,397,573,758
70,397,573,758
--
70,397,573,758
(2,792,216,735)
67,605,357,023
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
(35,431,929,951)
23,100,000,000
322,586,237,816
345,686,237,816
(12,622,920,294)
1,702,905,902,892
986,399,015
1,703,892,301,906
Divident
BALANCE AS OF SEPTEMBER 30, 2015
23
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 October 2015
4
Paraf:
These 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, 2015 and 2014 (Unaudited)
(in Full Rupiah, Unless Otherwise Stated)
September 30, 2015 September 30, 2014
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
(9 Months)
(9 Months)
Rp
Rp
2,877,926,235,817
(2,116,830,299,640)
(521,588,602,221)
2,334,230,813,473
(1,648,878,065,240)
(394,758,350,842)
239,507,333,956
(9,710,189,545)
290,594,397,391
(4,927,616,836)
(17,166,734,547)
212,630,409,864
(16,712,885,295)
268,953,895,260
(73,541,773,128)
(40,982,714,490)
34,084,005
347,579,515
(217,957,674,968)
--
(271,704,462,167)
(11,731,480,787)
(6,011,720,008)
(297,477,084,099)
-(324,071,077,929)
(3,500,000,000)
(10,211,400,681)
(13,711,400,681)
(47,078,183,567)
(9,956,667,197)
(57,034,850,764)
(98,558,074,916)
(112,152,033,433)
(1,342,032,851)
(4,332,226,795)
CASH AND CASH EQUIVALENTS AT BEGINNING PERIOD
279,958,770,048
515,437,837,445
CASH AND CASH EQUIVALENTS AT ENDING PERIOD
180,058,662,280
398,953,577,217
CASH FLOWS FROM INVESTING ACTIVITIES
Advances for Purchase of Property and Equipment and Others
Property and Equipment and Software
Disposal
Acquisition
Acquisition of Subsidiaries
Payments of Dividend
Net Cash Used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from (Payment to) Related Parties
Payments of Bank Loan
Net Cash Used in Financing Activities
NET DECREASE IN CASH AND CASH EQUIVALENTS
Effect of Foreign Exchange on Cash and Cash Equivalents
at the End of the Period
Additional information of non-cash transaction are presented in Note 35.
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
5
Paraf:
These 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 September 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (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 changed was by
Notarial Deed No. 10 dated June 12, 2015, made in the presence of Nurlani Yusup, S.H., M.Kn., a
notary in Tangerang, about changes in the Company’s articles of association. Notification of changes
the Company’s articles of association have been received by the Minister of Law and Human Rights of
the Republic of Indonesia in his decree No. AHU-AH.01.03-0942343 dated June 17, 2015.
In accordance with Article 3 of the Company's articles of association, the Company's principal activity is
engage in healthcare provision, including setting up and managing hospitals, polyclinics, 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 healthcare provision, 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 Sumatera, Java, Bali, Kalimantan, Sulawesi and Nusa
Tenggara.
The Company’s head office is located at Building of Faculty Medicine UPH , 32th. Floor. JL. Bouleverad
Jend.Sudirman No.15, Tangerang 15810, 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.
1.c. The Group’s Structure
The Company has ownership of more than 50%, either direct or indirectly, in the following subsidiaries:
Final Draftt/October 28, 2015
6
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Direct
Ownership
Percentage
Indirect
Ownership
Percentage
Year of
Starting
Operation
99.99%
--
--
76,800,748
78,124,746
99.75%
--
--
520,403,206
520,403,206
99.99%
--
--
447,214,513
448,067,441
--
59.69%
--
935,358,517
926,687,462
Trading,
Dev elopment,
Land Transportation,
and Serv ices
Healthcare
99.99%
--
--
121,254,613,028
142,511,589,460
--
79.84%
2002
121,235,799,515
142,492,350,947
Jakarta
--
--
80,240,132,217
88,570,503,605
--
83.00%
2008
80,210,421,890
88,539,839,436
99.98%
--
--
227,246,231,822
237,404,060,017
--
79.61%
2007
188,028,325,765
198,183,010,595
PT Siloam Emergency Serv ices
Dev elopment
and Serv ices
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
99.97%
Jambi
99.99%
--
2013
2,622,470,612
2,624,415,127
PT Medika Harapan Cemerlang Indonesia
Tangerang
99.99%
--
2013
3,370,458,256
2,177,323,630
PT Pancaw arna Semesta and Subsidiary
Tangerang
99.99%
--
--
66,869,515,769
70,026,074,020
--
80.00%
2006
36,312,634,210
39,467,645,852
99.90%
--
--
1,060,022,148
995,085,833
99.99%
--
--
604,958,333
605,403,333
99.99%
--
--
594,625,000
597,340,833
99.99%
--
--
125,858,389,605
102,195,707,668
--
80.00%
--
125,854,364,605
102,188,966,835
--
56.00%
--
8,003,083,670
8,003,625,337
PT Aritasindo Permaisemesta
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
Domicile
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
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
Final Draft/October 28, 2015
Main
Business
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
7
Total Assets
September 30, 2015 December 31, 2014
Rp
Rp
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domicile
Main
Business
PT Tataka Bumi Kary a
Tangerang
PT Tataka Kary a Indah
Tangerang
PT Siloam Medika Cemerlang**)
Tangerang
PT Koridor Usaha Maju and Subsidiaries
Tangerang
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,
Printing,
Agribusiness,
Serv ices
and Transport
PT Medika Sarana Traliansia and Subsidiary
PT Trisaka Raksa Waluy a
PT Buana Utama Sejati*)
Indirect
Ownership
Percentage
99.99%
Year of
Starting
Operation
--
Total Assets
September 30, 2015 December 31, 2014
Rp
Rp
706,950,198
610,452,500
--
99.99%
--
833,463,258
837,254,382
--
99.99%
--
13,849,582,691
3,388,608,668
--
99.99%
--
480,431,482,030
458,363,437,079
Badung, Bali
Hospital Public
Serv ices
--
99.99%
2008
262,698,177,797
256,054,381,752
Jakarta
Commence
Special Serv ice
in Healthcare
Hospital Serv ice
Clinic, Policlinic,
Priv ate Hospital
Hospital Sev ice
Clinic, Policlinic,
and Treatment
Clinic
Trading,
Dev elopment,
Printing
and Serv ice
Trading,
Dev elopment,
Real Estate,
Printing
Agribusiness,
Serv ice
and Transport
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Trading,
Dev elopment,
Industry ,
Printing,
Serv ice,
and Transport
--
99.99%
2008
139,096,010,479
132,992,756,044
--
99.99%
--
23,443,938,645
16,312,100,196
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
103,742,750,539
45,004,044,700
--
99.99%
2008
56,751,833,773
53,352,264,266
--
99.99%
--
2,097,532,034
600,000,000
--
99.99%
--
890,935,225
600,000,000
--
99.99%
--
600,473,000
600,000,000
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
600,423,000
600,000,000
--
99.99%
--
890,935,225
600,000,000
--
99.99%
--
600,423,000
600,000,000
--
99.99%
--
26,761,381,504
600,000,000
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
600,000,000
600,000,000
99.99%
--
--
37,699,011,903
38,623,709,806
Tangerang
PT Sentra Sejahtera Utama*)
PT Berlian Cahay a Indah
Tangerang
PT Rashal Siar Cakra Medika
Tangerang
PT Mulia Pratama Cemerlang*)
Tangerang
PT Medika Rescue International ***)
Tangerang
PT Indah Kemilau Abadi*)
Tangerang
PT Persada Dunia Semesta*)
Tangerang
PT Inti Pratama Medika*)
Tangerang
PT Sentra Sehat Sejahtera*)
Tangerang
PT Genta Ray a Internusa*)
Tangerang
PT Sembilan Raksa Dinamika*)
Tangerang
PT Saritama Mandiri Zamrud*)
Tangerang
PT Gempita Nusa Sejahtera*)
Tangerang
PT Ary amedika Teguh Tunggal*)
Tangerang
PT Mahkota Buana Selaras
Tangerang
Final Draft/October 28, 2015
Direct
Ownership
Percentage
--
8
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domicile
PT Bumi Unggul Persada**)
Tangerang
PT Lintas Buana Jay a**)
NTT
PT Bina Bahtera Sejati**)
Bau Bau
PT Lintang Laksana Utama**)
Lubuk
Linggau,
Sum-sel
PT Ciptakary a Tirta Cemerlang**)
Tangerang
Main
Business
Hospital Serv ice
Clinic, Policlinic
and Treatment Clinic
Hospital Serv ice
Clinic, Policlinic
and Treatment Clinic
Hospital Serv ice
Clinic, Policlinic
and Treatment Clinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Direct
Ownership
Percentage
--
Indirect
Ownership
Percentage
99.99%
Year of
Starting
Operation
--
Total Assets
September 30, 2015 December 31, 2014
Rp
Rp
600,000,000
--
--
99.99%
--
627,722,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
On July 23, 2014, TPP and MBS, acquired 75% and 25%, respectively, ownership in PT Rashal Siar
Cakra Medika (RSCM), at the acquisition cost of Rp78,540,426,657 and Rp26,180,142,219, respectively.
This transaction represent business combination (see Note 30). RSCM commenced commercial
operations in 2008.
On November 28, 2014, TPP acquired 20% ownership of MST from Steer Clear Limited, at the
acquisition cost of Rp45,030,000,000. Difference from acquisition cost and investment value amounted
to Rp25,748,354,393.
1.d. Board of Commissioners, Directors, Employees and Audit Committee
Based on Notarial Deed No. 09 dated June 12, 2015, 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.01.03-0942314 dated June 17, 2015, the
composition of the Board of Commisioners and Directors as of September 30, 2015 and December 31,
2014, are as follows:
September 30, 2015
December 31, 2014
Ketut Budi Wijaya
Theo Leo Sambuaga
Jenny Kuistono
Lambock V. Nahattands
Farid Harianto
dr. Niel Byron Nielson
Jonathan Limbong Parapak
Ketut Budi Wijaya
Theo Leo Sambuaga
Rahmawaty
Lambock V. Nahattands
Farid Harianto
Muladi
Jonathan Limbong Parapak
Romeo Fernandez Lledo *)
Kailas N. Raina
Prof. George Mathew
dr. Grace Frelita Indradjaja
dr. Anang Prayudi
dr. Andry
Richard Hendro Setiadi WP.
Romeo Fernandez Lledo *)
Grace Frelita Indradjaja
Andry
Kailas N. Raina
George Mathew
Anang Prayudi *)
Board of Commissioners
President Commissioner
Commissioner
Independent Commissioner
Directors
President Director
Director
*) Independent Director
Final Draft/October 28, 2015
9
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
The audit committee composition as of September 30, 2015 and December 31, 2014 are as follows:
Audit Committee
Chairman
Members
Farid Harianto
Lie Kwang Tak
Siswanto Pramono
As of September 30, 2015 and December 31, 2014, the Company’s Corporate Secretary is Cindy
Riswantyo and Sugianganto Budisuharto, respectively. Head of internal audit is Gunawan HP.
As of September 30, 2015 and December 31, 2014, the Group have 6,565 and 6,547 permanent
employees, respectively (unaudited).
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” asset 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.
The following new Interpretations of financial accounting standard (ISAK) are effective on 1 January
2015 to the Group's consolidated financial statements:
- PSAK No. 1 (Revised 2013) “Presentation of financial statements”
- PSAK No. 4 (Revised 2013) “Separate financial statements”
- PSAK No. 15 (Revised 2013) “Investment in associates and joint ventures”
- PSAK No. 24 (Revised 2013) “Employee benefits”
- PSAK No. 46 (Revised 2014) ”Income Tax”
- PSAK No. 48 (Revised 2014) “Asset Impairment”
- PSAK No. 50 (Revised 2014) “Financial Instruments: Presentation”
- PSAK No. 55 (Revised 2014) “Financial Instruments: Recognition and Measurement”
- PSAK No. 60 (Revised 2014) “Financial Instruments: Disclosure”
- PSAK No. 65 “Consolidated financial statements”
Final Draft/October 28, 2015
10
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
- PSAK No. 66 “Joint arrangements”
- PSAK No. 67 “Disclosure of interests in other entities”
- PSAK No. 68 “Fair value measurement”
ISAK which will be effective in the financial year beginning January 1, 2015 are as follows:
- ISAK No. 26 (Revised 2014) “Reassessment of Embedded Derivative”
2.c. Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries
controlled directly with the percentage of ownership more than 50% 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.
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
profit or loss and other comprehensive income and as equity in the consolidated statements of financial
position, separated from portion which is attributable to parent.
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:
Final Draft/October 28, 2015
11
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
September 30, 2015
Rp
1 United State Dollar (USD)
1 Euro (EUR)
1 Singapore Dollar (SGD)
1 Australian Dollar (AUD)
December 31, 2014
Rp
14,657
16,492
10,274
10,270
12,440
15,133
9,422
10,218
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 six (6)
months from the date of placement and are not restricted.
2.f. 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 or 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. In determining obsolete inventory, the Group conducts a
regular review of each unit individually significant inventory and when obtained reliable evidence, the
Group will reduce the value of inventories to realizable value.
Final Draft/October 28, 2015
12
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(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 period 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
Final Draft/October 28, 2015
13
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(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
estimate used to determine the assets recoverable amount since the last impairment loss is recognized.
If so, the carrying amount of the asset is increased to its recoverable amount.
The increase is a reversal of an impairment loss. The carrying amount of assets increased due to the
reversal of an impairment loss, should not exceed the carrying amount of the asset if no impairment loss
for the previous period.
2.l. Business Combination
The Group accounts for each business combination by applying the acquisition method, including
measuring non-controlling interest.
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.
Final Draft/October 28, 2015
14
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
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. An impairment loss recognized for goodwill is not reversed in the subsequent period, whereas
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
In 2015, the Group has adopted PSAK 24 (Revised 2013), consequently, has made a retrospective
adjustment on the actuarial gains or losses recognised as other comprehensive income.
Final Draft/October 28, 2015
15
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
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 2013), "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 between Entities Under Common Control
Transactions business combination 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 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 and can not be
recognized as realized gain nor loss is reclassified to retained earning.
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
AND SUBSIDIARIES
Interim Consolidated Financial Statements
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
Final Draft/October 28, 2015
Paraf:
PT SILOAM INTERNATIONAL HOSPITALS Tbk
AND SUBSIDIARIES
Table of Contents
Page
Directors’ Statement Letter
Interim Consolidated Financial Statements
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
Interim Consolidated Statements of Financial Position
1
Interim Consolidated Statements of Comprehensive Income
3
Interim Consolidated Statements of Changes in Equity
4
Interim Consolidated Statements of Cash Flows
5
Notes to the Consolidated Financial Statements
6
Draft/October 28, 2015
paraf:
These consolidated financial statements are originally issued in Indonesian language
PT INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited)
(in Full Rupiah, Unless Otherwise Stated)
Notes
ASSETS
CURRENT ASSETS
Cash and Cash Equivalents
Trade Receivables
Related Parties
Third Parties
Other Current Financial Assets
Inventories
Prepaid Taxes
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, 32, 33
2.r, 2.u, 4, 33
2.f, 10
2.r, 5, 33
2.g, 2.k, 6
2.q, 7.a
2.h, 8
9
2.f, 2.r, 10, 33
2.i, 2.k, 2.u, 12
2.l, 2.m, 13.a
2.m, 2.u, 13.b
2.q, 7.d
11
TOTAL
ota ASSETS
set da a ca
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
1
September 30, 2015 December 31, 2014
Rp
Rp
180,058,662,280
279,958,770,048
8,825,123,799
520,956,486,644
5,940,988,451
123,678,605,656
6,991,423,747
90,926,068,266
937,377,358,842
3,549,747,601
389,096,670,786
9,435,126,642
105,857,883,964
6,991,423,747
45,907,747,875
840,797,370,663
132,497,773,160
34,291,027,372
1,581,371,855,850
282,568,092,907
10,090,101,453
24,496,853,741
11,043,201,421
2,076,358,905,903
84,624,464,968
1,341,961,213
1,589,306,930,919
282,568,092,907
9,605,766,175
22,442,922,330
13,398,002,929
2,003,288,141,441
3,013,736,264,746
2,844,085,512,104
Paraf:
These consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Continued)
As of September 30, 2015 (Unaudited) and December 31, 2014 (Audited)
(in Full Rupiah, Unless Otherwise Stated)
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
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, 33
2.r, 17, 33
2.f, 2.r, 10, 16, 33
2.p
2.q, 7.b
2.r, 15, 33
2.r, 17, 33
229,351,660,599
2,586,226,452
235,125,582,359
16,833,898,503
30,565,195,495
79,422,071,868
12,969,341,132
192,762,995,806
3,540,195,011
145,004,370,941
14,914,613,299
33,130,693,777
64,476,339,112
12,435,856,488
2.j, 18, 36.a
11,897,445,548
618,751,421,955
11,897,445,548
478,162,509,982
2.r, 17, 33
2.f, 2.r, 10, 33
2.j, 18, 36.a
2.n, 19
2.q, 7.d
20,734,166,973
416,491,944,412
110,010,626,647
115,938,595,957
27,917,206,895
691,092,540,884
30,525,083,739
415,813,668,549
118,909,263,993
118,858,564,915
28,147,868,966
712,254,450,162
1,309,843,962,839
1,190,416,960,144
115,610,000,000
115,610,000,000
1,289,664,515,321
(35,431,929,951)
345,686,237,816
(12,622,920,294)
1,289,664,515,321
(25,748,354,393)
281,300,384,006
(12,622,920,294)
1,702,905,902,892
986,399,015
1,703,892,301,906
1,648,203,624,640
5,464,927,320
1,653,668,551,960
3,013,736,264,746
2,844,085,512,104
Total Liabilities
EQUITY
Equity Attributable to Owners of the Parent
Capital Stock, par Value - Rp100 per Share
Authorized Capital - 4,000,000,000 shares
Issued and Fully Paid:
1,156,100,000 Shares as of December 31, 2014 and 2013;
Additional Paid-in Capital - Net
Difference in Value from Non-controlling Interest
Retained Earnings
Other Comphrehensive Income
20
2.o, 21
22
2.n, 39
Total Equity Attributable to Owners of the Parent
Non-Controlling Interest
TOTAL EQUITY
2.c, 25
TOTAL LIABILITIES AND EQUITY
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
September 30, 2015 December 31, 2014
Rp
Rp
2
Paraf:
These consolidated financial statements are originally issued in Indonesian language
PT SILOAM INTERNATIONAL HOSPITALS Tbk AND SUBSIDIARIES
INTERIM CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER
COMPREHENSIVE INCOME
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(in Full Rupiah, Unless Otherwise Stated)
Notes
2015
(9 Months)
Rp
2014
(9 Months)
Rp
REVENUE
2.p, 26
3,013,142,142,653
2,415,291,830,694
COST OF REVENUE
2.p, 27
(2,156,668,016,584)
(1,748,120,010,193)
856,474,126,069
667,171,820,501
(694,664,909,010)
(20,885,623,267)
(553,621,340,469)
(12,920,157,835)
140,923,593,792
100,630,322,197
4,040,130,277
(41,922,232,218)
12,041,784,471
(48,346,899,604)
103,041,491,850
64,325,207,064
(35,436,134,827)
(13,015,516,256)
67,605,357,023
51,309,690,808
OTHER COMPREHENSIVE INCOME
--
--
TOTAL COMPREHENSIVE INCOME
FOR THE PERIOD
67,605,357,023
51,309,690,808
GROSS PROFIT
Operating Expenses
Others - Net
2.f, 2.p, 10, 28
PROFIT FROM OPERATION
Interest Income
Financial Charges
29
29
PROFIT BEFORE TAX
Tax Expenses
2.q, 7.c
PROFIT FOR THE PERIOD
PROFIT FOR THE PERIOD ATTRIBUTABLE TO:
Owners of the Parent Company
Non-Controlling Interest
2.c
70,397,573,758
(2,792,216,735)
67,605,357,023
54,310,067,492
(3,000,376,684)
51,309,690,808
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD
ATTRIBUTABLE TO:
Owners of the Parent Company
Non-Controlling Interest
2.c
70,397,573,758
(2,792,216,735)
67,605,357,023
54,310,067,492
(3,000,376,684)
51,309,690,808
60.89
46.98
EARNINGS PER SHARE
Basic, Profit for the Period Attributable to
Ordinary Shareholders of the Parent Company
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
2.s, 31
3
Paraf:
These 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, 2015 and 2014 (Unaudited)
(in Full Rupiah, Unless Otherwise Stated)
Total Equity Attributable to Owner of Parent
Additional Paid in Capital - Net
Capital Stock
Notes
Rp
115,610,000,000
BALANCE AS OF DECEMBER 31, 2013
Total Equity
Non-Controlling
Total
Other
Attributable to
Interest
Equity
Rp
Rp
Retained Earnings
Appropriated
Unappropriated
Total
Difference in Value
Difference in Value
Comprehensive
Owners of the
Paid-in
between
from Non-Controlling
Income
Parent
Capital
Entities Under
Change in Equity
Excess of
Common Control-
Transactions of
Par
Net
Subsidiaries
Total
Rp
Rp
Rp
Rp
Rp
Rp
1,312,722,950,000
(11,329,652,726)
Interest
(11,728,781,953)
`
Rp
Rp
1,289,664,515,321
--
Rp
--
`
Rp
206,108,534,831
206,108,534,831
`
-`
1,611,383,050,152
`
27,608,728,827
`
1,638,991,778,979
`
Changes in Equity for September 30, 2014
Non-Controlling Interest
--
--
--
--
--
--
--
--
--
--
--
(1,439,338,074)
Total Comprehensive Income for the Period
--
--
--
--
--
--
--
54,310,067,492
54,310,067,492
--
54,310,067,492
(3,000,376,684)
51,309,690,808
BALANCE AS OF SEPTEMBER 30, 2014
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
--
--
260,418,602,323
260,418,602,323
--
1,665,693,117,644
23,169,014,069
1,688,862,131,713
BALANCE AS OF DECEMBER 31, 2014
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
(25,748,354,393)
23,100,000,000
245,577,463,712
268,677,463,712
1,648,203,624,640
5,464,927,320
1,653,668,551,960
--
--
--
--
--
--
--
12,622,920,294
12,622,920,294
(12,622,920,294)
--
--
--
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
(25,748,354,393)
23,100,000,000
258,200,384,006
281,300,384,006
(12,622,920,294)
1,648,203,624,640
5,464,927,320
1,653,668,551,960
Restatement for PSAK 24 (Revised 2013)
39
(1,439,338,074)
BALANCE AS OF DECEMBER 31, 2014
(After Restated)
Changes in Equity for September 30, 2015
--
--
--
--
--
--
--
--
(6,011,719,948)
--
--
--
--
(9,683,575,558)
--
(6,011,719,948)
--
(6,011,719,948)
--
(6,011,719,948)
--
--
Non-Controlling Interest
--
(9,683,575,558)
(1,686,311,570)
(11,369,887,129)
Total Comprehensive Income for the Period
--
--
--
--
--
--
--
70,397,573,758
70,397,573,758
--
70,397,573,758
(2,792,216,735)
67,605,357,023
115,610,000,000
1,312,722,950,000
(11,329,652,726)
(11,728,781,953)
1,289,664,515,321
(35,431,929,951)
23,100,000,000
322,586,237,816
345,686,237,816
(12,622,920,294)
1,702,905,902,892
986,399,015
1,703,892,301,906
Divident
BALANCE AS OF SEPTEMBER 30, 2015
23
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 October 2015
4
Paraf:
These 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, 2015 and 2014 (Unaudited)
(in Full Rupiah, Unless Otherwise Stated)
September 30, 2015 September 30, 2014
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
(9 Months)
(9 Months)
Rp
Rp
2,877,926,235,817
(2,116,830,299,640)
(521,588,602,221)
2,334,230,813,473
(1,648,878,065,240)
(394,758,350,842)
239,507,333,956
(9,710,189,545)
290,594,397,391
(4,927,616,836)
(17,166,734,547)
212,630,409,864
(16,712,885,295)
268,953,895,260
(73,541,773,128)
(40,982,714,490)
34,084,005
347,579,515
(217,957,674,968)
--
(271,704,462,167)
(11,731,480,787)
(6,011,720,008)
(297,477,084,099)
-(324,071,077,929)
(3,500,000,000)
(10,211,400,681)
(13,711,400,681)
(47,078,183,567)
(9,956,667,197)
(57,034,850,764)
(98,558,074,916)
(112,152,033,433)
(1,342,032,851)
(4,332,226,795)
CASH AND CASH EQUIVALENTS AT BEGINNING PERIOD
279,958,770,048
515,437,837,445
CASH AND CASH EQUIVALENTS AT ENDING PERIOD
180,058,662,280
398,953,577,217
CASH FLOWS FROM INVESTING ACTIVITIES
Advances for Purchase of Property and Equipment and Others
Property and Equipment and Software
Disposal
Acquisition
Acquisition of Subsidiaries
Payments of Dividend
Net Cash Used in Investing Activities
CASH FLOWS FROM FINANCING ACTIVITIES
Receipts from (Payment to) Related Parties
Payments of Bank Loan
Net Cash Used in Financing Activities
NET DECREASE IN CASH AND CASH EQUIVALENTS
Effect of Foreign Exchange on Cash and Cash Equivalents
at the End of the Period
Additional information of non-cash transaction are presented in Note 35.
The accompanying notes form an integral part of these
consolidated financial statements
Draft/28 Oktober 2015
5
Paraf:
These 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 September 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (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 changed was by
Notarial Deed No. 10 dated June 12, 2015, made in the presence of Nurlani Yusup, S.H., M.Kn., a
notary in Tangerang, about changes in the Company’s articles of association. Notification of changes
the Company’s articles of association have been received by the Minister of Law and Human Rights of
the Republic of Indonesia in his decree No. AHU-AH.01.03-0942343 dated June 17, 2015.
In accordance with Article 3 of the Company's articles of association, the Company's principal activity is
engage in healthcare provision, including setting up and managing hospitals, polyclinics, 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 healthcare provision, 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 Sumatera, Java, Bali, Kalimantan, Sulawesi and Nusa
Tenggara.
The Company’s head office is located at Building of Faculty Medicine UPH , 32th. Floor. JL. Bouleverad
Jend.Sudirman No.15, Tangerang 15810, 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.
1.c. The Group’s Structure
The Company has ownership of more than 50%, either direct or indirectly, in the following subsidiaries:
Final Draftt/October 28, 2015
6
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Direct
Ownership
Percentage
Indirect
Ownership
Percentage
Year of
Starting
Operation
99.99%
--
--
76,800,748
78,124,746
99.75%
--
--
520,403,206
520,403,206
99.99%
--
--
447,214,513
448,067,441
--
59.69%
--
935,358,517
926,687,462
Trading,
Dev elopment,
Land Transportation,
and Serv ices
Healthcare
99.99%
--
--
121,254,613,028
142,511,589,460
--
79.84%
2002
121,235,799,515
142,492,350,947
Jakarta
--
--
80,240,132,217
88,570,503,605
--
83.00%
2008
80,210,421,890
88,539,839,436
99.98%
--
--
227,246,231,822
237,404,060,017
--
79.61%
2007
188,028,325,765
198,183,010,595
PT Siloam Emergency Serv ices
Dev elopment
and Serv ices
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
99.97%
Jambi
99.99%
--
2013
2,622,470,612
2,624,415,127
PT Medika Harapan Cemerlang Indonesia
Tangerang
99.99%
--
2013
3,370,458,256
2,177,323,630
PT Pancaw arna Semesta and Subsidiary
Tangerang
99.99%
--
--
66,869,515,769
70,026,074,020
--
80.00%
2006
36,312,634,210
39,467,645,852
99.90%
--
--
1,060,022,148
995,085,833
99.99%
--
--
604,958,333
605,403,333
99.99%
--
--
594,625,000
597,340,833
99.99%
--
--
125,858,389,605
102,195,707,668
--
80.00%
--
125,854,364,605
102,188,966,835
--
56.00%
--
8,003,083,670
8,003,625,337
PT Aritasindo Permaisemesta
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
Domicile
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
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
Final Draft/October 28, 2015
Main
Business
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
7
Total Assets
September 30, 2015 December 31, 2014
Rp
Rp
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domicile
Main
Business
PT Tataka Bumi Kary a
Tangerang
PT Tataka Kary a Indah
Tangerang
PT Siloam Medika Cemerlang**)
Tangerang
PT Koridor Usaha Maju and Subsidiaries
Tangerang
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,
Printing,
Agribusiness,
Serv ices
and Transport
PT Medika Sarana Traliansia and Subsidiary
PT Trisaka Raksa Waluy a
PT Buana Utama Sejati*)
Indirect
Ownership
Percentage
99.99%
Year of
Starting
Operation
--
Total Assets
September 30, 2015 December 31, 2014
Rp
Rp
706,950,198
610,452,500
--
99.99%
--
833,463,258
837,254,382
--
99.99%
--
13,849,582,691
3,388,608,668
--
99.99%
--
480,431,482,030
458,363,437,079
Badung, Bali
Hospital Public
Serv ices
--
99.99%
2008
262,698,177,797
256,054,381,752
Jakarta
Commence
Special Serv ice
in Healthcare
Hospital Serv ice
Clinic, Policlinic,
Priv ate Hospital
Hospital Sev ice
Clinic, Policlinic,
and Treatment
Clinic
Trading,
Dev elopment,
Printing
and Serv ice
Trading,
Dev elopment,
Real Estate,
Printing
Agribusiness,
Serv ice
and Transport
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Trading,
Dev elopment,
Industry ,
Printing,
Serv ice,
and Transport
--
99.99%
2008
139,096,010,479
132,992,756,044
--
99.99%
--
23,443,938,645
16,312,100,196
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
103,742,750,539
45,004,044,700
--
99.99%
2008
56,751,833,773
53,352,264,266
--
99.99%
--
2,097,532,034
600,000,000
--
99.99%
--
890,935,225
600,000,000
--
99.99%
--
600,473,000
600,000,000
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
600,423,000
600,000,000
--
99.99%
--
890,935,225
600,000,000
--
99.99%
--
600,423,000
600,000,000
--
99.99%
--
26,761,381,504
600,000,000
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
600,000,000
600,000,000
--
99.99%
--
600,000,000
600,000,000
99.99%
--
--
37,699,011,903
38,623,709,806
Tangerang
PT Sentra Sejahtera Utama*)
PT Berlian Cahay a Indah
Tangerang
PT Rashal Siar Cakra Medika
Tangerang
PT Mulia Pratama Cemerlang*)
Tangerang
PT Medika Rescue International ***)
Tangerang
PT Indah Kemilau Abadi*)
Tangerang
PT Persada Dunia Semesta*)
Tangerang
PT Inti Pratama Medika*)
Tangerang
PT Sentra Sehat Sejahtera*)
Tangerang
PT Genta Ray a Internusa*)
Tangerang
PT Sembilan Raksa Dinamika*)
Tangerang
PT Saritama Mandiri Zamrud*)
Tangerang
PT Gempita Nusa Sejahtera*)
Tangerang
PT Ary amedika Teguh Tunggal*)
Tangerang
PT Mahkota Buana Selaras
Tangerang
Final Draft/October 28, 2015
Direct
Ownership
Percentage
--
8
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
Subsidiary
Domicile
PT Bumi Unggul Persada**)
Tangerang
PT Lintas Buana Jay a**)
NTT
PT Bina Bahtera Sejati**)
Bau Bau
PT Lintang Laksana Utama**)
Lubuk
Linggau,
Sum-sel
PT Ciptakary a Tirta Cemerlang**)
Tangerang
Main
Business
Hospital Serv ice
Clinic, Policlinic
and Treatment Clinic
Hospital Serv ice
Clinic, Policlinic
and Treatment Clinic
Hospital Serv ice
Clinic, Policlinic
and Treatment Clinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Hospital Serv ice
Clinic, Policlinic
and Treatment
Clinic, Policlinic
Direct
Ownership
Percentage
--
Indirect
Ownership
Percentage
99.99%
Year of
Starting
Operation
--
Total Assets
September 30, 2015 December 31, 2014
Rp
Rp
600,000,000
--
--
99.99%
--
627,722,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
--
99.99%
--
600,000,000
--
On July 23, 2014, TPP and MBS, acquired 75% and 25%, respectively, ownership in PT Rashal Siar
Cakra Medika (RSCM), at the acquisition cost of Rp78,540,426,657 and Rp26,180,142,219, respectively.
This transaction represent business combination (see Note 30). RSCM commenced commercial
operations in 2008.
On November 28, 2014, TPP acquired 20% ownership of MST from Steer Clear Limited, at the
acquisition cost of Rp45,030,000,000. Difference from acquisition cost and investment value amounted
to Rp25,748,354,393.
1.d. Board of Commissioners, Directors, Employees and Audit Committee
Based on Notarial Deed No. 09 dated June 12, 2015, 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.01.03-0942314 dated June 17, 2015, the
composition of the Board of Commisioners and Directors as of September 30, 2015 and December 31,
2014, are as follows:
September 30, 2015
December 31, 2014
Ketut Budi Wijaya
Theo Leo Sambuaga
Jenny Kuistono
Lambock V. Nahattands
Farid Harianto
dr. Niel Byron Nielson
Jonathan Limbong Parapak
Ketut Budi Wijaya
Theo Leo Sambuaga
Rahmawaty
Lambock V. Nahattands
Farid Harianto
Muladi
Jonathan Limbong Parapak
Romeo Fernandez Lledo *)
Kailas N. Raina
Prof. George Mathew
dr. Grace Frelita Indradjaja
dr. Anang Prayudi
dr. Andry
Richard Hendro Setiadi WP.
Romeo Fernandez Lledo *)
Grace Frelita Indradjaja
Andry
Kailas N. Raina
George Mathew
Anang Prayudi *)
Board of Commissioners
President Commissioner
Commissioner
Independent Commissioner
Directors
President Director
Director
*) Independent Director
Final Draft/October 28, 2015
9
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
The audit committee composition as of September 30, 2015 and December 31, 2014 are as follows:
Audit Committee
Chairman
Members
Farid Harianto
Lie Kwang Tak
Siswanto Pramono
As of September 30, 2015 and December 31, 2014, the Company’s Corporate Secretary is Cindy
Riswantyo and Sugianganto Budisuharto, respectively. Head of internal audit is Gunawan HP.
As of September 30, 2015 and December 31, 2014, the Group have 6,565 and 6,547 permanent
employees, respectively (unaudited).
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” asset 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.
The following new Interpretations of financial accounting standard (ISAK) are effective on 1 January
2015 to the Group's consolidated financial statements:
- PSAK No. 1 (Revised 2013) “Presentation of financial statements”
- PSAK No. 4 (Revised 2013) “Separate financial statements”
- PSAK No. 15 (Revised 2013) “Investment in associates and joint ventures”
- PSAK No. 24 (Revised 2013) “Employee benefits”
- PSAK No. 46 (Revised 2014) ”Income Tax”
- PSAK No. 48 (Revised 2014) “Asset Impairment”
- PSAK No. 50 (Revised 2014) “Financial Instruments: Presentation”
- PSAK No. 55 (Revised 2014) “Financial Instruments: Recognition and Measurement”
- PSAK No. 60 (Revised 2014) “Financial Instruments: Disclosure”
- PSAK No. 65 “Consolidated financial statements”
Final Draft/October 28, 2015
10
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
- PSAK No. 66 “Joint arrangements”
- PSAK No. 67 “Disclosure of interests in other entities”
- PSAK No. 68 “Fair value measurement”
ISAK which will be effective in the financial year beginning January 1, 2015 are as follows:
- ISAK No. 26 (Revised 2014) “Reassessment of Embedded Derivative”
2.c. Principles of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries
controlled directly with the percentage of ownership more than 50% 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.
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
profit or loss and other comprehensive income and as equity in the consolidated statements of financial
position, separated from portion which is attributable to parent.
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:
Final Draft/October 28, 2015
11
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
September 30, 2015
Rp
1 United State Dollar (USD)
1 Euro (EUR)
1 Singapore Dollar (SGD)
1 Australian Dollar (AUD)
December 31, 2014
Rp
14,657
16,492
10,274
10,270
12,440
15,133
9,422
10,218
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 six (6)
months from the date of placement and are not restricted.
2.f. 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 or 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. In determining obsolete inventory, the Group conducts a
regular review of each unit individually significant inventory and when obtained reliable evidence, the
Group will reduce the value of inventories to realizable value.
Final Draft/October 28, 2015
12
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(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 period 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
Final Draft/October 28, 2015
13
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(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
estimate used to determine the assets recoverable amount since the last impairment loss is recognized.
If so, the carrying amount of the asset is increased to its recoverable amount.
The increase is a reversal of an impairment loss. The carrying amount of assets increased due to the
reversal of an impairment loss, should not exceed the carrying amount of the asset if no impairment loss
for the previous period.
2.l. Business Combination
The Group accounts for each business combination by applying the acquisition method, including
measuring non-controlling interest.
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.
Final Draft/October 28, 2015
14
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
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. An impairment loss recognized for goodwill is not reversed in the subsequent period, whereas
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
In 2015, the Group has adopted PSAK 24 (Revised 2013), consequently, has made a retrospective
adjustment on the actuarial gains or losses recognised as other comprehensive income.
Final Draft/October 28, 2015
15
Paraf:
These 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 30,2015 (Unaudited) and December 31, 2014 (Audited) and
For the 9 (Nine) Months Period Ended September 30, 2015 and 2014 (Unaudited)
(In Full Rupiah, Unless Otherwise Stated)
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 2013), "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 between Entities Under Common Control
Transactions business combination 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 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 and can not be
recognized as realized gain nor loss is reclassified to retained earning.
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