English - Anabatic Technologies

Transcription

PT ANABATIC TECHNOLOGIES TBK
AND SUBSIDIARIES
CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2014, 2013 AND 2012
THE YEARS THEN ENDED
AND INDEPENDENT AUDITORS’ REPORT
(INDONESIAN CURRENCY)
These original consolidated financial statements included herein are in Indonesian language.
PT ANABATIC TECHNOLOGIES TBK AND SUBSIDIARIES
CONSOLODATED FINANCIAL STATEMENTS
DESEMBER 31, 2014, 2013 AND 2012
THE YEARS THE ENDED
AND INDEPENDENT AUDITORS’ REPORT
Table of Contents
Pages
Directors’ Statement
Independent Auditors’ Report
Consolidated Statements of Financial Position .................................................................................
1-3
Consolidated Statements of Comprehensive Income .......................................................................
4-5
Consolidated Statements of Changes in Equity.................................................................................
6-7
Consolidated Statements of Cash Flows ..........................................................................................
8
Notes to the Consolidated Financial Statements ..............................................................................
9 - 105
Attachment I – V ................................................................................................................................
106 - 110
The original report included herein is in Indonesian language.
Report No.KNTR-C2-20.05.2015/01
Shareholders, Board of Commissioners, and Directors
We have audited the accompanying consolidated financial statements of PT Anabatic Technologies Tbk and its
subsidiaries, which comprise the consolidated statement of financial position as of December 31, 2014, and the
consolidated statements of comprehensive income, changes in equity, and cash flows for the year ended
December 31, 2014, and a summary of significant accounting policies and other explanatory information.
Management’s responsibility for the consolidated financial statements
Management is responsible for the preparation and fair presentation of such consolidated financial statements in
accordance with Financial Accounting Standards in Indonesia and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material
misstatement, whether due to fraud or error.
Auditors’ responsibility
Our responsibility is to express an opinion on such consolidated financial statements based on our audit. We
conducted our audit in accordance with Standards on Auditing established by the Indonesian Institute of Certified
Public Accountants. Those standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether such consolidated financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the
risk of material misstatement of the financial statements, whether due to fraud or error. In making those risk
assessments, the auditors consider internal control relevant to the entity’s preparation and fair presentation of the
financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion of the effectiveness of the entity’s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates
made by management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the
consolidated financial position of PT Anabatic Technologies Tbk and its subsidiaries as of December 31, 2014,
and their consolidated financial performance and cash flows for the year ended December 31, 2014, in
accordance with Financial Accounting Standards in Indonesia.
Other matters
Our audit of the accompanying consolidated financial statements of PT Anabatic Technologies Tbk and its
subsidiaries as of December 31, 2014, and for the year ended December 31, 2014 were performed for the
purpose of forming an opinion on such consolidated financial statements taken as a whole. The accompanying
financial information of PT Anabatic Technologies Tbk (the “Company”), which comprises the statement of
financial position as of December 31, 2014, and the statements of comprehensive income, changes in equity and
cash flow for the year ended December 31, 2014 (collectively reffered to as “Company Financial Information”),
which is presented as a supplementary information to the accompanying consolidated financial statements, is
presented for the purposes of additional analysis and is not a required part of the accompanying consolidated
financial statements under Indonesian Financial Accounting Standards. The Company Financial Information is the
responsibility of management and was derived from and relates directly to the underlying accounting and other
records used to prepare the accompanying consolidated financial statements. The Company Financial
Information has been subjected to the auditing procedure applied in the audit of the accompanying consolidated
financial statements in accordance with Standards on Auditing established by the Indonesian Institute of Certified
Public Accountants. In our opinion, the Company Financial Information is fairly stated, in all material respects, in
relation to the accompanying consolidated financial statements taken as a whole.
This report has been prepared solely for inclusion in the prospectus in connection with the proposed initial public
offering of the equity shares of PT Anabatic Technologies Tbk on Indonesia Stock Exchange, and is not intended
to be, and should not be used, for any other purposes.
We have issued the independent auditors’ report No. KNTR-C2-12.03.2015/12, dated March 12, 2015 on the
consolidated financial statements of PT Anabatic Technologies Tbk and its subsidiaries as of December 31, 2014,
and for the year ended December 31, 2014. In relation with PT Anabatic Technologies Tbk plan to conduct initial
public offering, PT Anabatic Technologies Tbk reissued its consolidated financial statements as of December 31,
2014, and for the year ended December 31, 2014, with changes and additional disclosures in the notes to the
consolidated financial statements.
Quantitative information in the consolidated financial statements are presented comparatively with prior years for
all amounts reported in the current year consolidated financial statements.
KOSASIH, NURDIYAMAN, TJAHJO & REKAN
Juninho Widjaja, CPA
Public Accountant Registration Number AP.1029
May 20, 2015
Report No.KNTR-C2-20.05.2015/02
Shareholders, Board of Commissioners, and Directors
We have audited the consolidated financial statements of PT Anabatic Technologies Tbk and its subsidiaries as
of December 31, 2013 and 2012, and the related consolidated statements of comprehensive income, changes in
equity, and cash flow for the years then ended. These consolidated financial statements are the responsibility of
the Company’s management. Our responsibility is to express an opinion on these consolidated financial
statements based on our audits.
We conducted our audits in accordance with auditing standards established by the Indonesian Institute of
Certified Public Accountants. Those standards require that we plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free of material misstatement. An audit includes examining,
on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also
includes assessing the accounting principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for
our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
consolidated financial position of PT Anabatic Technologies Tbk and its subsidiaries as of December 31, 2013,
and 2012, and results of their operations, and their cash flow for the years then ended in conformity with Financial
Accounting Standards in Indonesia.
Our audits of the accompanying consolidated financial statements of PT Anabatic Technologies Tbk and its
subsidiaries as of December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012 were
performed for the purpose of forming an opinion on such consolidated financial statements taken as a whole. The
accompanying financial information of PT Anabatic Technologies Tbk (the “Company”), which comprises the
statements of financial position as of December 31, 2013 and 2012, and the statements of comprehensive
income, changes in equity, and cash flow for the years ended December 31, 2013 and 2012 (collectively reffered
to as ”Company Financial Information”), which is presented as a supplementary information to the accompanying
consolidated financial statements, is presented for the purposes of additional analysis and is not a required part of
the accompanying consolidated financial statements under Financial Accounting Standards in Indonesia. The
Company Financial Information is the responsibility of management and was derived from and relates directly to
the underlying accounting and other records used to prepare the accompanying consolidated financial
statements. The Company Financial Information has been subjected to the auditing procedure applied in the
audits of the accompanying consolidated financial statements in accordance with auditing standards established
by the Indonesian Institute of Certified Public Accountants. In our opinion, the Company Financial Information is
fairly stated, in all material respects, in relation to the accompanying consolidated financial statements taken as a
whole.
This report has been prepared solely for inclusion in the prospectus in connection with the proposed initial public
offering of the equity shares of PT Anabatic Technologies Tbk on Indonesia Stock Exchange, and is not intended
to be, and should not be used for any other purposes.
We have issued the independent auditors’ report No. KNT&R-C2/0091/14 dated May 9, 2014 on the consolidated
financial statements of PT Anabatic Technologies Tbk and its subsidiaries as of December 31, 2013 and 2012
and for the years ended December 31, 2013 and 2012. In relation with PT Anabatic Technologies Tbk plan to
conduct initial public offering, PT Anabatic Technologies Tbk reissued its consolidated financial statements as of
December 31, 2013 and 2012 and for the years ended December 31, 2013 and 2012 with changes and additional
disclosures in the notes to the consolidated financial statements.
KOSASIH, NURDIYAMAN, TJAHJO & REKAN
Drs. Emanuel Handojo Pranadjaja, Ak., CPA
Public Accountant Registration Number AP.0929
May 20, 2015
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
As of December 31, 2014, 2013 And 2012
(Expressed in Rupiah, unless otherwise stated)
2014*)
Notes
2013**)
2012 **) ***)
ASSETS
CURRENT ASSETS
Cash and cash equivalents
Trade receivables
Third parties - net of provision for
impairment of Rp 1,837,059,008
in 2014, Rp 647,298,500 in 2013
and Rp 624,826,668 in 2012
Related parties
Others receivables - third parties
Inventories
Advances and prepaid expenses
Prepaid taxes
2d,2e,4,34
2e,5,15,21,31,34
281,227,449,486
270,495,399,540
180,331,692,748
494,418,698,888
11,352,511,446
43,856,637,657
439,406,834,703
274,951,027,276
33,814,174,306
554,013,783,330
2,476,569,092
11,329,005,121
348,646,722,259
366,714,798,488
38,721,908,039
404,295,145,648
10,251,880,211
7,635,354,870
271,323,515,885
45,100,823,585
19,507,497,825
1,579,027,333,762
1,592,398,185,869
938,445,910,772
2d,2e,9,34
2e,2f,6b,34
2l,10
2e,2l,11,34
36,657,066,028
50,381,504,681
1,091,775,924
-
24,052,473,869
61,408,754,771
1,119,025,029
8,500,000,000
13,341,192,389
80,579,387,677
1,156,512,635
-
2i,2k,12,15,
21,29,31
2j,2k,13,31
2c,2k,14
2m,19e
2m,19f
2e,34
251,093,831,232
17,643,758,858
19,425,690,242
4,988,199,901
6,411,561,393
7,809,829,081
138,659,681,754
20,657,100,454
8,139,908,600
6,999,079,447
4,787,696,719
7,039,364,084
93,635,472,036
1,650,000,000
8,139,908,600
4,161,415,529
4,556,787,702
5,053,436,274
395,503,217,340
281,363,084,727
212,274,112,842
1,974,530,551,102
1,873,761,270,596
1,150,720,023,614
2f,6a
2e,34
2g,7,15,21
2h,8
2m,19a
Total Current Assets
NONCURRENT ASSETS
Restricted time deposits
Due from related parties
Investment in Associate Company
Other long-term investment
Fixed assets - net of accumulated
depreciation of Rp 133,855,417,163
in 2014, Rp 115,255,219,365
in 2013, and Rp 95,106,375,621
in 2012
Intangible assets
Goodwill
Deferred tax assets
Claim for tax refund
Others assets
Total Noncurrent Assets
TOTAL ASSETS
*)
The consolidated statement of financial position as of December 31, 2014 excluded statement of financial position of PT Xsis
Mitra Utama and PT Niagaprima Paramitra which deconsolidated by PT Computrade Technology International, a Subsidiary, on
December 24, 2014 (Note 1b).
**) The consolidated statement of financial position as of December 31, 2013 and 2012 excluded Anabatic Technologies International
Pte. Ltd., which established by the Company in 2014 and statement of financial position of PT Dunia Kerja Indonesia, PT Solusi
Karya Insani, PT Kontinum Global Studio, and PT Antero Karya Indonesia by PT Karyaputra Suryagemilang, a Subsidiary, in 2014
and statement of financial position of PT Helios Informatika Nusantara, Computrade Technology Philippines, Inc. and Computrade
Technology Malaysia Sdn, Bhd., by PT Computrade Technology International, a Subsidiary, and statement of financial position of
Anabatic Technologies India Private Limited and Anabatic Technologies Philippines Inc., by Anabatic Technologies International
Pte. Ltd., a Subsidiary (Note 1b).
***) The consolidated statement of financial position as of December 31, 2012 excluded statement of financial position of PT Puri
Amani Mulia which established by the Company in 2013 (Note 1b).
The accompanying Notes to the Consolidated Financial Statements from an integral part
of these Consolidated Financial Statements taken as a whole.
1
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)
2014*)
Notes
2013**)
2012 **) ***)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loans
Trade payables
Third parties
Related parties
Other payables
Third parties
Related parties
Accrued expenses
Taxes payable
Unearned revenues
Current maturities of long-term liabilities
Bank loans
Financing payables
Lease payables
2e,15,34,39
2e,16,34
2f,6c
2e,34
17
2f,6d
2e,18,34
2m,19b
2p,20
2e,21,34
2e,2f,2n,6e,22,34
2e,23,34
Total Current Liabilities
NONCURRENT LIABILITIES
Long-term liabilities - net of current maturities
Bank loans
Financing payables
Lease payables
Deferred tax liabilities
Employee’s benefit liabilities
Due to related parties
2e,21,34
2e,2n,6e,22,34
2e,23,34
2m,19e
2o,24
2e,2f,6f,34
Total Noncurrent Liabilites
TOTAL LIABILITIES
EQUITY
Equity Attributable to the Owner of
the Company
Share capital - par value of Rp 100 per share
in 2014, 2013 and Rp 500 per share in 2012
Authorized - 1,500,000,000 share
in 2014, 2013 and 40,000,000
share in 2012
Issued and fully paid - 1,500,000,000 share
in 2014, 2013 and 34,500,000
in 2012
25
726,745,259,723
756,385,170,761
396,272,372,180
285,543,727,200
211,743,252
394,581,488,815
9,033,479,889
177,660,467,226
432,033,562
19,589,297,742
24,300,000,000
265,016,908,469
23,375,789,740
98,687,839,012
5,151,831,291
5,000,000,000
294,837,158,392
15,669,879,309
22,517,412,215
22,151,962,555
271,037,255,110
19,501,853,255
39,654,521,087
28,400,969,752
1,230,080,851
2,141,751,993
9,140,981,744
1,037,220,621
764,429,293
4,073,437,811
180,184,323
320,476,891
1,475,243,367,734
1,514,119,052,330
931,284,564,000
68,153,174,373
2,793,297,507
3,147,973,233
364,424,715
13,944,214,434
4,751,976,810
32,327,451,875
2,400,323,351
491,995,959
226,730,222
12,397,309,000
801,726,500
2,448,926,795
136,733,516
637,447,014
164,184,600
7,822,875,000
1,751,633,312
93,155,061,072
48,645,536,907
12,961,800,237
1,568,398,428,806
1,562,764,589,237
944,246,364,237
150,000,000,000
150,000,000,000
17,250,000,000
2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (continued)
2014*)
Notes
Additional paid-in capital
Other comprehensive income - differences of
foreign exchange currency in financial
statements translation
Retained earnings
Total Equity Attributable to the Owner of
the Company
Noncontrolling Interest
2012 **) ***)
26
14,500,000,000
14,500,000,000
14,500,000,000
2q
152,654,763
103,410,832,595
43,021,224,078
72,108,169,692
268,063,487,358
138,068,634,938
207,521,224,078
103,475,457,281
103,858,169,692
102,615,489,685
406,132,122,296
310,996,681,359
206,473,659,377
1,974,530,551,102
1,873,761,270,596
1,150,720,023,614
2b
TOTAL EQUITY
TOTAL LIABILITIES AND EQUITY
*)
2013**)
The consolidated statement of financial position as of December 31, 2014 excluded statement of financial position of PT Xsis
Mitra Utama and PT Niagaprima Paramitra which deconsolidated by PT Computrade Technology International, a Subsidiary, on
December 24, 2014 (Note 1b).
**) The consolidated statement of financial position as of December 31, 2013 and 2012 excluded Anabatic Technologies International
Pte. Ltd., which established by the Company in 2014 and statement of financial position of PT Dunia Kerja Indonesia, PT Solusi
and statement of financial position of PT Helios Informatika Nusantara, Computrade Technology Philippines, Inc. and Computrade
Technology Malaysia Sdn, Bhd., by PT Computrade Technology International, a Subsidiary, and statement of financial position of
Anabatic Technologies India Private Limited and Anabatic Technologies Philippines Inc., by Anabatic Technologies International
Pte. Ltd., a Subsidiary (Note 1b).
***) The consolidated statement of financial position as of December 31, 2012 excluded statement of financial position of PT Puri
Amani Mulia which established by the Company in 2013 (Note 1b).
3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For The Years Ended December 31, 2014, 2013 And 2012
NET SALES
COST OF SALES
Notes
2014*)
2013**)
2p,28
2,570,022,676,658
2,481,602,549,429
2p,12,29
2012 **) ***)
2,244,093,834,465
(2,173,809,189,413) (2,081,479,987,642) (1,955,352,632,108 )
GROSS PROFIT
396,213,487,245
400,122,561,787
288,741,202,357
(22,262,659,985)
(20,689,294,520)
(14,079,980,343 )
(245,307,741,552)
(211,420,958,319)
(162,661,874,976 )
(267,570,401,537)
(232,110,252,839)
(176,741,855,319 )
OPERATING INCOME
128,643,085,708
168,012,308,948
111,999,347,038
OTHER INCOME (EXPENSES)
Interest expenses
Bank administration
Loss on investment in Associate Company
Gain (loss) on foreign exchange - net
Gain (loss) on sale of investment
Interest income
Gain (loss) on sale of fixed assets
Others - net
(34,781,560,985)
(3,827,923,992)
(27,249,105)
15,879,912,636
3,931,210,467
1,990,331,959
651,463,759
(623,989,430)
(27,294,579,590 )
(4,722,954,737 )
(37,487,606 )
(37,088,892,713 )
2,460,326,431
(89,316,076 )
939,986,313
(28,074,013,739 )
(3,938,742,015 )
(127,509,138 )
(2,181,994,302 )
(225,850,807 )
4,179,563,555
150,500,000
690,457,820
Total Other Expenses - Net
(16,807,804,691)
(65,832,917,978)
(29,527,588,626 )
INCOME BEFORE INCOME
TAX EXPENSE
111,835,281,017
102,179,390,970
82,471,758,412
(30,830,544,475)
(27,257,378,988 )
(20,805,574,044 )
81,004,736,542
74,922,011,982
61,666,184,368
841,550,509
-
-
81,846,287,051
74,922,011,982
61,666,184,368
60,389,608,517
20,615,128,025
38,163,054,386
36,758,957,596
32,777,707,412
28,888,476,956
81,004,736,542
74,922,011,982
61,666,184,368
OPERATING EXPENSES
Selling expenses
General and administrative expenses
2p,30
2p,19g,12,
13,24,31
Total Operating Expenses
INCOME TAX EXPENSE
2l,10
2r
1b
2i,12
19c
NET INCOME FOR THE YEAR
OTHERS COMPREHENSIVE INCOME
Differences of foreign exchange currency
in financial statements translation
2q
COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Owner of the Company
2b
TOTAL
4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (continued)
2014*)
Notes
COMPREHENSIVE INCOME
ATTRIBUTABLE TO:
Owner of the Company
2b
TOTAL
EARNINGS PER SHARE
ATTRIBUTABLE TO OWNER OF
THE COMPANY
*)
2s,32
2013**)
2012 **) ***)
60,542,263,280
21,304,023,771
38,163,054,386
36,758,957,596
32,777,707,412
28,888,476,956
81,846,287,051
74,922,011,982
61,666,184,368
40.26
151.51
190.02
The consolidated statement of comprehensive income for the year ended December 31, 2014 excluded statement of
comprehensive income of PT Xsis Mitra Utama and PT Niagaprima Paramitra which deconsolidated by PT Computrade
Technology International, a Subsidiary, on December 24, 2014 (Note 1b).
**) The consolidated statement of comprehensive income for the year ended December 31, 2013 and 2012 excluded Anabatic
Technologies International Pte. Ltd., which established by the Company in 2014 and statement of comprehensive income of
PT Dunia Kerja Indonesia, PT Solusi Karya Insani, PT Kontinum Global Studio, and PT Antero Karya Indonesia by PT Karyaputra
Suryagemilang, a Subsidiary, in 2014 and the statement of comprehensive income of PT Helios Informatika Nusantara,
Computrade Technology Philippines, Inc. and Computrade Technology Malaysia Sdn, Bhd., by PT Computrade Technology
International, a Subsidiary, and statement of comprehensive income of Anabatic Technologies India Private Limited and Anabatic
Technologies Philippines Inc., by Anabatic Technologies International Pte. Ltd., a Subsidiary (Note 1b).
***) The consolidated statement of comprehensive income for the year ended December 31, 2012 excluded statement of
comprehensive income of PT Puri Amani Mulia which established by the Company in 2013 (Note 1b).
5
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
For The Years Ended December 31, 2014*), 2013 And 2012 **) ***)
Equity Attributable to the Owners of the Company
Notes
Balance January 1, 2012
Cash dividend
27
Net income in 2012
Decline of investment in
Subsidiary
1b
Balance December 31, 2012
Share Capital Issued
and Fully Paid
Other
Comprehensive
Income
Additional Paidin Capital
Retained
Earnings
17,250,000,000
14,500,000,000
-
-
-
-
-
-
-
-
-
17,250,000,000
Noncontrolling
Interest
Total
43,430,462,280
75,180,462,280
77,626,161,918
(4,100,000,000 )
(2,760,000,000 )
(6,860,000,000 )
32,777,707,412
32,777,707,412
28,888,476,956
61,666,184,368
-
-
-
(1,139,149,189 )
(1,139,149,189 )
14,500,000,000
-
72,108,169,692
103,858,169,692
(4,100,000,000)
Share dividend
27
-
-
-
(64,500,000,000 )
(64,500,000,000 )
Cash dividend
27
-
-
-
(2,750,000,000 )
(2,750,000,000 )
-
-
-
38,163,054,386
Net income in 2013
Total Equity
102,615,489,685
-
152,806,624,198
206,473,659,377
(64,500,000,000 )
(25,900,000,000 )
(28,650,000,000 )
38,163,054,386
36,758,957,596
74,922,011,982
25
132,750,000,000
-
-
-
132,750,000,000
-
132,750,000,000
Investment in Subsidiaries by
1b
-
-
-
-
-
1,000,000
1,000,000
Decline of investment in
Subsidiary
1b
-
-
-
-
-
150,000,000,000
14,500,000,000
-
43,021,224,078
207,521,224,078
Balance December 31, 2013
6
(9,999,990,000 )
103,475,457,281
(9,999,990,000 )
310,996,681,359
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (continued)
For The Years Ended December 31, 2014*), 2013 And 2012 **) ***)
Notes
Cash dividend
27
Share Capital Issued
and Fully Paid
Equity Attributable to the Owners of the Company
Other
Additional PaidComprehensive
Retained
in Capital
Income
Earnings
-
-
-
-
Net income in 2014
-
-
-
-
60,389,608,517
60,389,608,517
7
Noncontrolling
Interest
Total
Total Equity
(3,250,000,000 )
(3,250,000,000 )
20,615,233,025
81,004,841,542
CONSOLIDATED STATEMENTS OF CASH FLOWS
For The Years Ended December 31, 2014*), 2013 And 2012**) ***)
2014
CASH FLOWS FROM OPERATING ACTIVITIES
Receipt from customers
Payments to suppliers and employees
Proceeds from (payments for):
Interest income
Interest expense
Income tax
Other operating activities
2013
2012
2,686,452,207,885 2,322,522,113,994 2,163,769,984,826
(2,445,751,806,536 ) (2,364,245,048,945 ) (2,094,964,338,027 )
Net Cash Provided by (Used for)
Operating Activities
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of fixed assets
Sales of investment in Subsidiary
Acquisition of fixed assets
Placement of investment in Subsidiary
Placement in restricted time deposits
Acquisition of intangible assets
Acquisition of other long-term investment
Withdraw of restricted time deposit
Net Cash Used for Investing Activities
1,990,331,959
(34,781,560,985)
(20,998,183,516)
(119,665,796,042)
2,460,326,431
(27,294,579,590 )
(53,309,790,462 )
(92,265,777,717 )
4,179,563,555
(28,074,013,739 )
(28,879,996,023 )
(20,003,682,440 )
67,245,192,765
(212,132,756,289 )
(3,972,481,848 )
4,834,526,344
3,350,000,000
(66,814,409,633)
(15,025,153,702)
(12,604,592,159)
(2,085,391,840)
-
219,547,370
(63,698,250,666)
(9,999,990,000 )
(10,711,281,480 )
(16,170,033,805 )
(8,500,000,000 )
-
570,059,490
(54,621,399,309 )
(4,731,717,241 )
3,627,200,000
(108,860,008,581 )
(55,155,857,060 )
(88,345,020,990)
CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from bank loans
Proceeds from due to third parties
Proceed of capital from Noncontrolling Interest
Proceeds from due to related parties
Additional of paid-in capital to Subsidiaries
Proceeds (payment) of due from related parties
Dividend payment to Shareholders of Noncontrolling Interest
Payment of financing payables
Payment of lease payables
Dividend payment
27,298,198,200
8,231,946,080
5,043,268,000
3,950,250,310
11,609
(7,913,098,303)
(3,250,000,000)
(1,380,121,395)
(1,353,919,885)
-
395,058,867,594
9,050,093,188
58,250,000,000
901,450,506
(25,900,000,000 )
(858,026,675 )
(530,098,653 )
(2,750,000,000 )
159,867,264,110
62,910,570
(805,074,891
(2,760,000,000
(216,359,924
(414,242,798
(4,100,000,000
Net Cash Provided by Financing Activities
30,626,534,616
433,222,285,960
151,634,497,067
9,526,706,391
112,229,521,090
92,506,158,159
4,281,875,657
(22,065,814,298 )
NET INCREASE OF CASH AND CASH EQUIVALENTS
EFFECT OF FOREIGN EXCHANGE RATES CHANGES
ON CASH AND CASH EQUIVALENT
CASH AND CASH EQUIVALENTS AT
THE BEGINNING OF YEAR
CASH AND CASH EQUIVALENTS SUBSIDIARIES
ON PURCHASE (SALES)
270,495,399,540
(3,076,532,102)
CASH AND CASH EQUIVALENTS AT
THE END OF YEAR
*)
180,331,692,748
281,227,449,486
)
)
)
)
)
883,901,332
86,941,633,257
-
270,495,399,540
-
180,331,692,748
The consolidated statement of cash flows for the year ended December 31, 2014 excluded statement of cash flow of PT Xsis Mitra
Utama and PT Niagaprima Paramitra which deconsolidated by PT Computrade Technology International, a Subsidiary, on December
24, 2014 (Note 1b).
**) The consolidated statement of cash flow for the years ended December 31, 2013 and 2012 excluded Anabatic Technologies
International Pte. Ltd., which established by the Company in 2014 and statement of cash flow of PT Dunia Kerja Indonesia, PT Solusi
and the statement of cash flow of PT Helios Informatika Nusantara, Computrade Technology Philippines, Inc. and Computrade
Technology Malaysia Sdn, Bhd., by PT Computrade Technology International, a Subsidiary, and statement of cash flow of Anabatic
Technologies India Private Limited and Anabatic Technologies Philippines Inc., by Anabatic Technologies International Pte. Ltd., a
Subsidiary (Note 1b).
***) The consolidated statement of cash flow for the year ended December 31, 2012 excluded statement of cash flow of PT Puri Amani
Mulia which established by the Company in 2013 (Note 1b).
8
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
And For The Years Then Ended
1. GENERAL
a.
The Company’s Establishment
PT Anabatic Technologies (the "Company"), previously known as PT Anabatic Teknologi, was
established in Indonesia on November 1, 2001 based on Notarial Deed of Poerbaningsih Adi
Warsito, S.H., No. 4. The Deed of Establishment was approved by the Ministry of Justice of the
Republic of Indonesia in its Decision Letter No. C-13242HT.01.01.TH.2001 dated
November 15, 2001 and was published in the State Gazette No. 18 Supplement No. 2134 dated
March 1, 2002. The Company’s articles of association has been amended several times, most
recently by notarial deed Myra Yuwono, S.H., No. 23 dated December 12, 2013 regarding
increase on issued and paid in capital and conversion of the Company’s payables to share
capital. This amendment was approved by Minister of Justice and Human Right of the Republic
of Indonesia on Decision Letter No. AHU-AH.01.10-55825.Tahun 2013 dated December 23,
2013 and was published in the State Gazette of the Republic of Indonesia No. 28, Supplement
No. 5003/L dated April 8, 2014.
According to Article 3 of the Company's articles of association, the scope of it’s business
activities are engaged in system integration services, including import, trading, distribution and
services of computers maintenance and related products, and as business partner of IBM,
Temenos Certified Partner, and the only distributor of FinArch. The Company is domiciled at
Graha BIP 7th floor, Jl. Gatot Subroto Kav. 23, Jakarta. The Company started its commercial
operations in 2002.
The Company’s ultimate parent company is PT Artha Investama Jaya, a company incorporated
and located Indonesia, however the ultimate shareholders of the Company is Mr. Handoko
Anindya Tanuadji.
b.
Ownership of Subsidiaries
The consolidated financial statements includes the financial statement of the Company’s and
Subsidiaries, collectively referred to as the Group, whether owned direcly by the Company or
indirectly through its Subsidiaries, by more than 50% of ownership, with details as follows:
Consolidated Subsidiaries
Main
Activities
Domicile
2014
Percentage of
Ownership
2013
2012
Year of
Commercial
Operation
2014
Total Assets
(in million Rupiah)
2013
2012
Directly owned by the Company :
PT Karyaputra Suryagemilang
(KPSG) and Subsidiaries
Outsourcing service
Jakarta
99.99%
99.99%
50.00%
1990
168,886
126,200
104,801
PT Mahacitta Teknologi (MT)
(previously PT Anabatic
Solusi Terpadu (ASTI))
27,856
10,167
Trading and service
Jakarta
99.99%
99.99%
99.99%
2013
12,636
PT Aristi Jasadata (AJ)
(previously PT Ellipse
System International (ESI)) Trading and service
Jakarta
99.88%
99.88%
99.88%
2014
12,919
112
34
PT Q2 Technologies
Trading and service
Jakarta
99.96%
80.00%
80.00%
2011
27,959
28,974
3,962
PT Computrade Technology
International (CTI) and
Subsidiaries
Trading and service
Jakarta
55.00%
55.00%
55.00%
2003
1,049,294
1,329,370
729,828
PT Puri Amani Mulia (PAM)
(previously PT Griya
Master Titan (GMT))
Property
Jakarta
99.99%
99.99%
-
2014
34,363
1,072
-
Singapore
100.00%
-
-
2014
98,282
-
-
Anabatic Technologies
International Pte., Ltd., and
Subsidiaries, Singapore
(ATI)
Integrity system service
9
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (continued)
As of December 31, 2014, 2013 and 2012
And For The Year Then Ended
1. GENERAL (continued)
b.
Ownership of Subsidiaries (continued)
Consolidated Subsidiaries
Main
Activities
Domisili
Persentage of
Year of
Ownership
Commercial
2014
2013
2012 Operation
Total Asset
(in millions Rupiah)
2014
2013
2012
Indirectly through KPSG, a Subsidiary:
PT Solusi Sistem Komunikasi
Terpadu (SSKT)*)
Outsourcing Service
Jakarta
99.00%
99.00%
99.00%
2000
PT Eva Distribusi Indonesia (EDI) *)
Office supplies and
spare parts trading
Jakarta
52.00%
52.00%
52.00%
2006
849
849
849
PT Sinergi Media Integrasi (SMI)
Trading and service
Jakarta
99.99%
52.00%
52.00%
2006
6,940
4,822
3,463
PT Master Link Indonesia (MLINK)
Outsourcing Service
Jakarta
55.00%
55.00%
55.00%
2007
4,576
7,004
7,004
PT Dunia Kerja Indonesia (DKI) *)
Digital marketing
Jakarta
99.99%
-
-
2014
1,178
-
-
520
-
-
8,750
-
-
6,000
-
-
Not
operate
yet
Not
operate
yet
Not
operate
yet
480
480
480
PT Solusi Karya Insani (SKI) *)
IT service
Jakarta
70.00%
-
-
PT Kontinum Global Studio (KGS) *)
Interior construction
Jakarta
60.00%
-
-
PT Antero Karya Indonesia (AKI) *)
Travel agent service
Jakarta
60.00%
-
-
PT Blue Power Technology (BPT)
Computer and
electronic trading
Jakarta
99.00%
99.00%
99.00%
2011
315,683
687,107
250,464
PT Centraldata Technology
Indonesia (CDT)
Computer and
electronic trading
Jakarta
80.00%
80.00%
80.00%
2011
199,719
273,023
204,070
Indirectly through CTI, a Subsidiary:
PT Virtus Technology Indonesia
10
b.
2)
Based on Minutes of Shareholders General Meeting notarized by Myra Yuwono, S.H.,
No. 68 dated July 30, 2012, ASTI change its name to PT Mahacitta Teknologi (MT).
Based on notarial deed of Myra Yuwono, S.H., No. 11 dated October 3, 2012, the Company
acquired 2,249,999 shares of MT or equivalent to Rp 2,249,999,000 that sold by Handoko
Anindya Tanuadji. Due to this transactions, percentage of ownership become 99.99%.
3)
Based on ESI’s Establishment Deed notarized by Myra Yuwono, S.H., No. 32 dated
June 20, 2007, the Company acquired 416 shares of ESI with amounted to
Rp 416,000,000 which equals to 52% ownership.
Based on Statement of Shareholders Agreement of ESI notarized by Notaris Myra Yuwono,
S.H., No. 25 dated November 9, 2011, the Company purchased ESI’s shares that sells by
Ricky Adrianto Santoso, Wiharto Yogi Widodo, Handojo Sutjipto, Yulianto, and Adriansyah
amounted to 383 shares or equivalent to Rp 383,000,000. Due to this transaction the
Company’s percentage of ownership become 99.88%. In the Statement of Shareholders
Agreement, ESI change the name to PT Aristi Consulting.
Based on Minutes of Shareholders General Meeting notarized by Myra Yuwono, S.H.,
No. 16 dated August 23, 2013, PT Aristi Consulting change its name to PT Aristi Jasadata
(AJ).
4)
Base on Shareholders General Meeting notarized by Notary Myra Yowono, S.H., No. 33
dated June 20, 2012, PT Q2 Technologies increased it’s authorized capital, issued and fully
paid capital from 850 shares or equivalent to Rp 850,000,000 to 2,500 shares or equivalent
to Rp 2,500,000,000, which taken and fully paid by the Company amounted to 2,000 shares
or equivalent to Rp 2,000,000,000, hence the percentage of the company ownership
become 80%.
Based on Statement of Shareholders Agreements notarized by Myra Yuwono, S.H., No. 22
dated February 11, 2014, the Company acqured 499 shares of PT Q2 Technologies or
equivalent to Rp 499,000,000 from PT Prima Optima, third parties, hence the Company’s
percentage of ownership become 99.96%.
5)
Based on Establishment Deed of CTI notarized by Nathalia Alvina Jinata, S.H., No. 6 dated
December 18, 2002, the Company acquired 5,500 shares of CTI amounted to Rp
5,500,000,000 or equivalent to 55% ownership.
6)
Based on Establishment Deed of GMT notarized by Notaris Myra Yuwono, S.H., No. 92
dated December 27, 2012, the Company acquired 8,000 shares of GMT amounted to
Rp 8,000,000,000 or equivalent to 40% ownership.
Based on Statement of Shareholders Agreement notarized by Myra Yuwono, S.H., No. 34
dated November 25, 2013, GMT change it’s name become PT Griya Anabatic Sejahtera
(GAS).
Based on Statement of Shareholders Agreement of GAS notarized by Myra Yuwono, S.H.,
No. 5 dated December 6, 2013, the Company purchased GAS’s shares from
PT Mastersystem Infotama and PT Global Multi Investama amounted to 11.999 shares or
equivalent to Rp 11,999,000,000. Due to this transaction, the Company’s percentage of
ownership become 99.99%.
11
b.
Based on Statement of Shareholders Agreement of GAS notarized by Myra Yuwono, S.H.,
No. 33 dated October 14, 2014, GAS change it’s name become PT Puri Amani Mulia.
7)
Based of Register of Members UEN 201331276H dated July 16, 2014, the Company
received ATI’s ownership of shares transferred by Handoko Anindya Tanuadji amounted to
1 shares with amounted to 1 USD equivalent to 100% ownership.
8)
Based on Statement of Shareholders Agreements notarized by Ny. Purbaningsih Adi
Warsito, S.H., No. 2, dated May 1, 2002, KPSG acquired SSKT shares from Suparman
Kusuma, Effendi Sutanto and Rusli Sutanto amount to 225 shares. Due to this transaction
KPSG’s percentage of ownership become 75%.
Based on Deed No. 5 dated September 3, 2004 notarized by Notaris Myra Yuono, S.H.,
KPSG acquired SSKT shares from Hanadi Johanes Randing amounted to 72 shares so that
become 297 shares, and KPSG’s percentage of ownership changed from 75% become
99%.
9)
Based on Establishment Deed of EDI notarized by Singgih Susilo S.H. No. 27 dated October
12, 2005, the Company acquired 240 shares amounted to Rp 120,000,000 or equivalent to
50% ownership.
Based on Statement of Shareholders Agreement notarized by Myra Yuwono, S.H., No. 73,
dated March 24, 2006, KPSG acquired EDI shares from the Company amounted to 200
shares or equivalent to 50% ownership.
Based on Statement of Shareholders Agreement notarized by Myra Yuwono, S.H., No. 75,
dated March 24, 2006, KPSG acquired EDI shares from the Company amounted to 8
shares. Due to this transaction KPSG’s percentage ownership become 52%.
10) Based on Statement of Shareholders Agreement notarized by Unita Christina Winata, S.H.,
No. 9 dated July 23, 2007, sharholders of SMI agreed to increase it’s authorized capital from
Rp 500,000,000 become Rp 4,000,000,000, and issued and fully paid capital from
Rp 150,000,000 become Rp 1,000,000,000. From this transaction, KPSG received addition
of shares ownership is 442.000 shares or amounting to Rp 442,000,000, and the percentage
of ownership remain the same at 52%.
Based on SMI’s Statement of Shareholders Agreement notarized by Myra Yuwono, S.H.,
No. 14 dated September 26, 2014, KPSG purchased SMI shares sold by Handojo Sutjipto,
Karuna Budhiwati Dharma, Yulianto, Benny Dictus Dharma and Idawati Supriadi amounted
to 479,999 shares or equals to Rp 479,999,000. Shareholders of SMI agreed to increase
SMI’s authorized capital from Rp 4,000,000,000 become Rp 11.000.000.000, and issued
and fully paid capital from Rp 1,000,000,000 become Rp 3,000,000,000. The issued and
fully paid capital, fully taken and paid by KPSG, so that the increased of KPSG’s of
ownership become 99,99%. Based on The Statement of Shareholders Agreement, SMI
changed it’s name become PT Sinergi Media Integrasi.
11) Based on Establishment Deed of MLINK notarized by Myra Yuwono, S.H., No. 3, dated
Agustus 3, 2006, KPSG acquired 550 shares MLINK shares amounted to Rp 550,000,000 or
equivalent to 55% ownership.
12
b.
12) Based on DKI’s Establishment Deed No. 40 notarized by Myra Yuwono, S.H., dated
Februari 20, 2014, KPSG acquired 999,999 shares of DKI amounted to Rp 999,999,000 or
equivalent to 99,99% ownership.
13) Based on SKI’s Establishment Deed No. 9 notarized by Myra Yuwono, S.H., dated
December 8, 2014, KPSG acquired 3,640 shares of SKI amounted to Rp 364,000,000 or
14) Based on KGS’s Establishment Deed No. 45 notarized by Myra Yuwono, S.H., dated
December 22, 2014, KPSG acquired 11,250 shares of KGS amounted to
Rp 11,250,000,000 or equivalent to 60% ownership.
15) Based on AKI’s Establishment Deed No. 47 notarized by Myra Yuwono, S.H., dated
December 23, 2014, KPSG acquired 3,600 shares of AKI amounted to Rp 3,600,000,000 or
16) Based on BPT’s establishment Deed No. 22 notarized by Myra Yuwono, S.H., dated
Agustus 23, 2010, CTI acquired’s 10,890 share of BPT amounted to Rp 10,890,000,000 or
17) Based on CDT’s Establishment Deed No. 27 notarized by Myra Yuwono, S.H., dated
February 19, 2010, CTI acquired 4,750 shares of CDT amounted to of Rp 4,750,000,000 or
equivalent to 95%.
Based on Notarial Deed of Myra Yuwono, S.H., Notary in Jakarta, No. 33, dated April 20,
2011, CDT issued 6,000 shares or equivalent to Rp 6,000,000,000, CDT shares becomes
11,000 or amounted to Rp 11,000,000,000, CTI acquired 8,800 shares or equivalent to
Rp8,800,000,000, hence the ownership percentage become 80%.
18) Based on Extraordinary General Meeting of VTI Shareholders notarized by Myra Yuwono,
S.H., No. 49, dated March 28, 2011, CTI’s shareholder decided to acquired VTI shares that
owned by PT Pada Utama Semesta amounted to 66,000 shares or Rp 660,000,000 or
equivalent to 60% of ownership. Futhermove, the shareholders of VTI agreed to increased
the authorized share capital from Rp 4,000,000,000 become Rp 20,000,000,000 and
increased issued and fully paid capital from Rp 1,100,000,000 become Rp 5,500,000,000.
From this transactions, CTI obtained additional shares of 319,000 shares or amounted to
Rp 3,190,000,000, and the percentage ownership become 70%.
19) Based on Notarial Deed No. 21, of Mahendra Adinegara, S.H., dated April 21, 2011, CTI
acquired 350 shares of XDCI, amounted to of Rp 350,000,000 or equivalent to 70% of
ownership.
Based to Extraordinary General Meeting of XDCI Shareholders notarized by Myra Yuwono,
S.H., No. 56, dated July 22, 2011, shareholders of XDCI agreed to increased the authorized
share capital attach initially amounting to Rp 500,000,000 become Rp 10,000,000,000 and
increased issued and fully paid capital from Rp 500,000,000 become Rp 5,500,000,000.
From this transaction, CTI obtained additional shares of 3,500 shares or amounted
Rp 3,500,000,000, while the percentage of its ownership remain the same at 70%.
13
b.
Based on Notarial Deed No. 50, of Myra Yuwono S.H., dated September 28, 2012, CTI
transferred it’s ownership of 275 XDCI shares or amounted to Rp 275,000,000 to Adiwinata
Satya Rahardja with transfer price of Rp 900,000,000. Due to this transaction the ownership
percentage of CTI becomes 65%.
20) Based on XMU’s Establishment Deed No. 48 notarized by Myra Yuwono, S.H., dated
January 26, 2005, CTI acquired 825,000 shares of XMU amounted to of Rp 825,000,000 or
Based on Annual General Meeting of XMU Shareholders No. 73 dated December 29, 2009,
CTI increased its investment in XMU amounted to Rp 1,000,000,000. This transaction
increased the ownership of CTI from 55% become 65%.
Based on Notarial Deed No. 50 dated December 24, 2014 of Myra Yuwono, S.H., CTI sold
its ownership in XMU to PT Equine Global, third party, amounted to Rp 3,250,000,000. Gain
on sales of investments amounted to Rp 4,539,572,322 recorded in account “Gain (loss)
sale of investment” at the consolidated statement of comprehensive income in 2014, hence
the financial statements of XMU deconsolidated by CTI in 2014.
The important financial information of XMU before it was sold are is as follows:
Current assets
Noncurrent assets
Total assets
Current liabilities
Noncurrent liabilities
Total liabilities
Net sales
Gross profit
Operating income
Comprehensive income
8,260,167,450
1,989,726,062
10,249,893,512
11,833,422,312
400,429,000
12,233,851,312
28,916,050,842
7,243,755,032
797,503,451
797,503,451
21) Based on Extraordinary General Meeting of NPP Shareholders notarized by Myra Yuwono,
S.H., No. 56, dated on June, 24, 2009, CTI acquired 6,245 shares of NPP or equivalent to
51.01% ownership amounted to Rp 3,697,500,000.
Based on Extraordinary General Meeting of NPP Shareholders notarized by Myra Yuwono,
S.H., No. 61 dated July 28, 2011, shareholders of NPP agreed to increase the authorized
capital which initially amounted to Rp 4,898,000,000 become Rp 20,000,000,000 and
increased issued and fully paid capital attach initially amounted to Rp 1,224,500,000
become Rp 11,224,500,000. From this transaction, CTI obtained additional shares
amounted to 51,010 shares or equivalent to Rp 5,101,000,000, while the percentage of its
ownership remain the same at 51.01%.
Based on Notarial Deed No. 48 dated December 24, 2014 Myra Yuwono, S.H., CTI sold its
ownership on NPP to PT Mitra Sejajar, third party, amounted to Rp 708,361,855. Loss on
sale of investments Statement amounted to Rp 608,361,855 recorded at account “Gain
(loss) sale of investments” at the consolidated of comprehensive income in 2014, hence the
financial statements of NPP deconsolidated by CTI in 2014.
14
b.
The important financial information of NPP before it was sold are as follows:
Current assets
Noncurrent assets
Total assets
Current liabilities
Noncurrent liabilities
Total liabilities
Net sales
Gross profit
Operating loss
Comprehensive loss
26,104,129,604
13,188,370,687
39,292,500,291
38,280,659,510
2,254,183,868
40,534,843,378
34,513,015,618
11,662,038,746
(6,816,823,783)
(6,816,823,783)
22) Based on HIN’s Establishment Deed No. 5 notarized by Myra Yuwono, S.H., dated
February 6, 2014, CTI acquired 6,050 shares of HIN amounted to Rp 6,050,000,000 or
23) Based on CTP’s Extraordinary Board of Director General Meeting legalized on December
15, 2014, CTI purchased 9,650,000 shares of CTP with amounted to PHP 9.650.000 or
Based on Deed of Assignment of CTP No. 143 notarized by Jasmine M. Jimenez dated
December 17, 2014, CTI purchased 8,350,000 shares of CTP amounted to PHP 8,350,000.
This transaction increased CTI’s ownership from 32% become 60%.
24) Based on Deed of Assignment of CTM dated December 15, 2014, CTI purchased 2,400,000
shares of CTM amounted to RM 1,800,000 or equivalent to 60% ownership.
25) Based on Minutes of the Sixth Board Meeting of Anabatic Technologies India Private
Limited, (ATIN), India, dated December 12, 2014, investment value of Anabatic
Technologies International Pte., Ltd. (ATI), Singapore, in ATIN amounted to INR 36,134,520
with investment value of 3,613,452 shares.
26) Based on Article of Association of ATP legalized by Angelo D. Muniz, No. 118, dated May
22, 2014, ATI acquired shares of ATP amounted of PHP 8.999.995 or equivalent to
99.99% ownership.
c.
Board of Commissioners, Directors and Employees
Based on Statement of the Company’s Director notarized by Myra Yuwono, S.H., No. 62, dated
July 24, 2012, the composition of board of commissioners and directors of the Company as of
December 31, 2014, 2013, and 2012 are as follows:
Board of Commissioners
President Commissioner
Commissioner
Commissioner
: Handoko Anindya Tanuadji
: Harry Surjanto Hambali
: A.F Warsito Hans Tanudjaja
Directors
President Director
Director
Director
Director
Director
Director
: Handojo Sutjipto
: Adriansyah
: Ferdinand Gunadi Abadi
: Sumarto Santosa
: Hendra Halim
: Agus Muljady
As of December 31, 2014, 2013, and 2012, the Group have 1,283, 1,132, and 967 permanent
employees, respectively (unaudited).
15
d.
Completion of the Financial Statements
The management responsible for the preparation of the accompanying consolidated financial
statements that were completed and authorized for issued by the Company’s management on
March 12, 2015.
2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
a.
Basis of Preparation of the Consolidated Financial Statements
The consolidated financial statements are prepared and presented in accordance with
Indonesian Financial Accounting Standards (SAK/”Standar Akuntansi Keuangan”), which
comprise the Statement of Financial Accounting Standard (PSAK/”Pernyataan Standar Akuntansi
Keuangan”) and Interpretations of Statement of Financial Accounting Standard
(ISAK/”Interpretasi Standar Akuntansi Keuangan”) issued by the Board of the Financial
Accounting Standards of the Indonesian Institute of Accountants (DSAK/”Dewan Standar
Akuntansi Keuangan”) and financial statements presentation and disclosure guidelines published
by the Capital Market and Financial Institution Supervisory Agency (“Bapepam-LK”) No. VIII.G.7,
which function has been transferred to Financial Service Authority (OJK/”Otoritas Jasa
Keuangan”) starting at January 1, 2013.
The accounting policies adopted in the preparation of the consolidated financial statements are
consistent with those followed in the preparation of the Group’s consolidated financial statements
as of December 31, 2013, and 2012 and for the years then ended, except for the adoption of
several amended SAKs effective January 1, 2014, as disclosed in this note.
The group elected to present one single consolidated Statement of Comprehensive Income and
disclosed sorce of estimation uncertainly in note 3 and capital management in Note 33.
The consolidated statement of financial statement, except the consolidated statement of cash
flow, have been prepared on the accrual basis using the concept of historical cost concept,
except for certain account which are measured on the basis described in the related accounting
policy of each account.
The consolidated statements of cash flows have been prepared using the direct methods,
present cash receipts and payments classified into operating, investing, and financing activities.
The reporting currency used in the preparation of the consolidated financial statements is
Rupiah, which is also the Group’s functional currency. Each entity has determine their functional
currency and measuring their transactions in their functional currency.
b.
Principles of Consolidation
The consolidated financial statements include the financial statements of the Subsidiaries as
mentioned in Note 1b, in which the Company owns more than 50% share ownership, either
directly or indirectly.
The financial statements of the Subsidiaries are prepared for the same reporting period as the
Company. The accounting policies adopted in preparing the consolidated financial statements
have been consistently applied by the Group, unless otherwise stated.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the
company obtains control, and continue to be consolidated until the date when such control
ceases. Control is presumed to exist if the Company owns, directly or indirectly through
Subsidiary, more than half of the voting power of an entity.
Intercompany transactions, balances and unrealized gains on transactions between Group
companies are eliminated. Unrealized losses are also eliminated. Accounting policies of
Subsidiaries have been changed where necessary to ensure consistency with the policies
adopted by the Group.
16
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
b.
Principles of Consolidation (continued)
Control also exists when the parent 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 statute of 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 of body; or
d. Power to cast the majority of votes at meetings of the board of directors or equivalent
governing body and control of the entity is by that board or body.
Losses within a Subsidiary are attributed to the non-controlling interest (NCI) even if that results
in a deficit balance for the NCI.
Transactions with NCI that do not result in loss of control are accounted for as equity
transactions. The difference between the fair value of any consideration paid and the relevant
share acquired of the carrying value of net assets of the subsidiary is recorded in equity. Gains or
losses on disposals to noncontrolling interests are also recorded in equity.
In case of loss of control over a subsidiary, the Company:







derecognizes the assets (including goodwill) and liabilities of the Subsidiaries;
derecognizes the carrying amount of any NCI;
derecognizes the cumulative translation differences, recorded in equity, if any;
recognizes the fair value of the consideration received;
recognizes the fair value of any investment retained;
recognizes any surplus or deficit in the consolidated statements of comprehensive income;
and;
reclassifies the company’s share of components previously recognized in other
comprehensive income to consolidated statement of comprehensive income or retained
earnings, as appropriate.
NCI represents the portion of the profit or loss and net assets of the Subsidiaries not attributable
directly or indirectly to the Company, which are presented respectively in the consolidated
statement of comprehensive income and under the equity section of the consolidated statement
of financial position, respectively, separately from the corresponding portion attributable to the
owner of the Company.
c.
Business Combination and Goodwill
Business combinations are accounted for using the acquisition method. The cost of an
acquisition is measured as the aggregate of the consideration transferred, measured at
acquisition date fair value, and the amount of any NCI in the acquiree. For each business
combination, the acquirer measures the NCI in the acquiree either at fair value or at the
proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are
directly expensed and included in administration expenses.
When the Group acquires a business, it assesses the financial assets acquired and liabilities
assumed for appropriate classification and designation in accordance with the contractual terms,
economic circumstances and pertinent conditions as at the acquisition date. This includes the
separation of embedded derivatives in host contracts by the acquiree.
17
c.
Business Combination and Goodwill (continued)
If the business combination is achieved in stages, the acquisition date fair value of the acquirer’s
previously held equity interest in the acquiree is remeasured to fair value at the acquisition date
through profit or loss.
At acquisition date, goodwill is initially measured at cost being the excess of the aggregate of the
consideration transferred and the amount recognized for NCI over the net identifiable assets
acquired and liabilities assumed. If this consideration is lower than the fair value of the net assets
of the subsidiary acquired, the diffrence is recognized in profit or loss as gain on bargain
purchase after previously assessing the identification and fair value measurement of the acquired
assets and the assumed liabilities.
After initial recognition, goodwil is measured at cost less any accumulated impairment losses. For
the purpose of impairment testing, goodwill acquired in a business combination is, from the
acquisition date, allocated to each of the Group’s Cash – Generating Units (“CGU”) that are
expected to benefit from the combinations, irrespective of whether other assets or liabilities of the
acquiree are assigned to those CGUs.
Where goodwill froms part of a CGU and part of the operations within that CGU is disposed of,
the goodwill associated with the operation disposed of is include in the carrying amount of the
operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in
this circumstance is measured based on the relative values of the operation disposed of land the
portion of the CGU retained.
If the initial accounting for a business combination is incomplete by the end of the reporting
period in which the combination occurs, the provisional amounts for the items for which the
accounting is incomplete will be reported. During the measurement period, which is not
exceeding one year, the provisional amounts recognized at the acquisition date shall be
retrospectively adjusted to reflect new information obtained about facts and circumstances that
existed as of the acquisition date.
During the measurement period, additional assets or liabilities shall also be recognized if new
information is obtained about facts and circumstances that existed as of the acquisition date. The
measurement period ends as soon as the receipt of the information being sought about facts and
circumstances that existed as of the acquisition date, or when it is learned that more information
is not obtainable.
d.
Cash and Cash Equivalents and Restricted Time Deposits
Cash and cash equivalents consist of cash on hand, cash in banks and time deposits with
maturity of three (3) months or less at the time of placement, not used as collateral and no
restricted for use.
Time deposits with maturities of more than 3 (three) months from the date of placement, used as
collateral and restricted used is recorded as “Restricted Time Deposits” in the consolidated
statement of financial position.
18
2. IKHTISAR KEBIJAKAN AKUNTANSI SIGNIFIKAN (lanjutan)
e.
Financial Instruments
Classification
i. Financial Assets
Financial assets are classified as financial assets at fair value through profit or loss, loans and
receivables, held to maturity investments, or available for sale financial assets, as appropriate.
The group determines the classification of its financial assets at initial recognition.
Group’s financial assets consist of cash and cash equivalents, trade receivables from third
parties and related parties, other receivables from third parties and related parties, restricted
time deposits, due from related parties and other assets - security deposit, are classified as
loans and receivables, and other long-term investments classified as available for sale
financial assets.
ii. Financial Liabilities
Financial liabilities are classified as financial liabilities at fair value through profit or loss and
financial liabilities measured at amortized cost. The Group determines the classification of its
financial liabilities at initial recognition.
Group’s financial liabilities consist of short-terms bank loans, trade payables to third parties
and related parties, other payables to third parties and related parties, accrued expenses,
bank loan, financing payables, lease payables and due to related parties, are classified as
financial liabilities measured at amortized cost.
Recognition and Measurement
i. Financial Assets
Financial assets are recognized initially at fair value, plus, in the case of financial assets not at
fair value through profit or loss, directly attributable transaction costs. The subsequent
measurement of financial assets depends on their classification.
All regular way purchases and sales of financial assets are recognized on the trade date, the
date that the Group commits to purchase or sell the asset. Regular way purchases or sales
are purchases or sales of financial assets that require delivery of assets within the period
generally established by regulation or convention in the marketplace concerned.

Loans and Receivables
Loans and receivables are nonderivative financial assets with fixed or determinable
payments that are not quoted in an active market. Subsequent to initial recognition, such
financial assets are carried at amortized cost using the effective interest rate method less
impairment, except for those assets in which the interest calculation is not material. Gains
or losses are recognized in consolidated statements of comprehensive income when the
financial assets are derecognized or impaired, as well as through the amortization
process.
19
e. Financial Instruments (continued)
Fair Value of Financial Instruments
The fair values of financial instruments that are actively traded in organized financial markets, if
any, are determined by reference to quoted market bid or ask prices at the close of business at the
end of the reporting period.
For financial instruments where there is no active market, fair value is determined using valuation
techniques. Such techniques may include using recent arm’s lengthmarket transactions; reference
to the current fair value of another instrument that is substantially the same; discounted cash flow
analysis; or other valuation models.
Amortized Cost of Financial Instruments
Amortized cost is computed using the effective interest rate method less any allowance for
impairment and principal repayment or reduction. The calculation takes into account any premium
or discount on acquisition and includes transaction costs and fees that are an integral part of the
effective interest rate.
Impairment of Financial Assets
The Group assesses at the end of each reporting period whether there is any objective evidence
that a financial asset or a Company of financial assets is impaired. A financial asset or a company
of financial assets is deemed to be impaired if, and only if, there is objective evidence of
impairment as a result of one or more events that has occurred after the initial recognition of the
asset (an incurred ‘loss event’) and that loss event has an impact on the estimated future cash
flows of the financial asset or the company of financial assets that can be reliably estimated.
Derecognition
i.
Financial Asset
The Group derecognizes a financial asset if, and only if, the contractual rights to receive cash
flows from the asset have expired; or the Group has transferred its rights to receive cash flows
from the asset or has assumed an obligation to pay the received cash flows in full without
material delay to a third party under a pass through arrangement; and either (a) the Group has
transferred substantially all the risks and rewards of the asset, or (b) the Group has neither
transferred nor retained substantially all the risks and rewards of the asset, but has transferred
control of the asset.
When the Group has transferred its rights to receive cash flows from an asset or has entered
into a pass-through arrangement, and has neither transferred nor retained substantially all of
the risks and rewards of the asset nor transferred control of the asset, the asset is recognized
to the extent of the Group continuing involvement in the asset.
In that case, the Group also recognizes an associated liability. The transferred asset and the
associated liability are measured on a basis that reflects the rights and obligations that the
Group has retained.
Continuing involvement that takes the form of a guarantee over the transferred asset is
measured at the lower of the original carrying amount of the asset and the maximum amount
of consideration that the Company could be required to repay.
21
e.
Financial Instruments (continued)
Derecognition (continued)
ii. Financial Liabilities
A financial liability is derecognized when the obligation specified in the contract is discharged
or cancelled or expired.
When an existing financial liability is replaced by another from the same lender on
substantially different terms, or the terms of an existing liability are substantially modified, such
an exchange or modification is treated as a derecognition of the original liability and the
recognition of a new liability, and the difference in the respective carrying amounts is
recognized in the consolidated statement of comprehensive income.
f.
Transactions with Related Parties
Related party represents a person or an entity who is related to the Group:
a. A person or a close member of the person’s family is related to the Group if that person;
i. Has control or joint control over the Group;
ii. Has significant influence over the Group; or,
iii. Is a member of the key management personnel of the Group.
b. An entity is related to the Group if any of the following conditions applies:
i. The entity and the Group are members of the same Group (which means that each Group,
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 venture 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 the employees’ benefits plan for the benefit of employees of either the Group
or an entity related to the Group. If the Group is itself such a plan, the sponsoring
employers are also related to the Group.
vi. The entity is controlled or jointly controlled by a person identified in (a).
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 of a parent of the entity).
Transactions with related parties are made on terms agreed by both parties. Some of these
requirements may not be the same as the requirements made by the parties are not related.
All significant transactions and balances with related parties are disclosed in the relevant Notes
to the financial statements herein.
22
g.
Inventories
23
j.
Intangible Assets
Intangible asset recorded base on acquisition cost less accumulated amortization and an
accumulation of impairment, if any. Intangible assets with finite useful lives are amortized in
straight line over its economic useful lives and tested for impairment whenever there is an
indication of an intangible asset is impaired. Amortization period and the amortization method for
an intangible asset with a finite useful life is reviewed at least at each reporting date.
Intangible assets with indefinite useful life are not amortized, but tested for impairment annually
either individually or at the cash generating unit level (CGU).
The Group intangible assets are the hardware and trademarks has indefinite useful life and not
amortized, while the license has 5 years estimated economic useful life amortized on a straightline basis over 5 years useful life and the business contract being amortized base on the period
of the business.
k.
Impairment of Nonfinancial Assets
The Group assesses at each annual reporting period whether there is an indication that an asset
may be impaired. If any such indication exist, or when annual impairment testing for an asset is
required, the Group makes an estimate of the asset’s recoverable amount.
An asset’s recoverable amount is the higher of an asset’s or Cash Generating Unit (CGU) fair
value less costs to sell and its value in use, and is determined for an individual asset, unless the
asset does not generate cash inflows that are largely independent of those from other assets or
groups of assets. Where the carrying amount of an asset exceds its recoverable amount, the
asset is considered impaired and is written down to its recoverable amount. Impairment losses of
continuing operations are recognized in the consolidated statements of comprehensive income
as impairment losses. In assessing the value in use, the estimated net future cash flows are
discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. If no such
transactions can be indentified, an appropriate valuation model is used to determine the fair
value of the assets. These calculations are corroborated by valuation multiples or other available
fair value indicators.
In determining fair value less costs to sell, recent market transactions are taken into account, if
available. Impairment losses of continuing operations, if any, are recognized in the consolidated
statements of comprehensive income under expense categories that are consistent with the
functions of the impaired assets.
An assesment is made at each reporting period whether there is any indication that previously
recognized impairment losses recognized for an asset other than goodwill may no longer exist or
may have decreased. If such indication exist, the recoverable amount is estimated. A previously
recognized impairment loss for an asset other than goodwill is reversed only if there has been a
change in the assumptions use to determine the asset’s recoverable amount since the last
impairment loss was recognized. If that is the case, the carrying amount of the asset is increased
to its recoverable amount. The reversal is limited so that the carrying amount of the asset does
not exceed its recoverable amount, nor exceed the carrying amount that would have been
determined, net of depreciation, had no impairment loss been recognized for the asset in prior
years. Reversal of an impairment loss is recognized in the consolidated statements of
comprehensive income. After such a reversal, the depreciation charge on the said asset is
adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value,
on a systematic basis over its remaining useful life.
Management believes that there is no indication of potential impairment in values of non-financial
assets as of December 31, 2014, 2013, and 2012.
24
l.
Investment in Associates
The Group’s investment in its Associate Company is accounted for using the equity method. An
Associate is an entity in which the Group has significant influence. Under the equity method, the
cost of investment is increased or decreased by the Group’s share in net earnings or losses of,
and dividends received from the investee since the date of acquisition. Goodwill relating to the
Associate is included in the carrying amount of the investment and is neither amortized nor
individually tested for impairment.
The profit or loss reflects the share of the results of operations of the Associate. Where there has
been a change recognized directly in the equity of the Associate Company, the Group recognizes
its share of any changes and discloses this, when applicable, in the statements of changes in
equity. Unrealized gains and losses resulting from transactions between the Group and the
Associate Company are eliminated to the extent of the interest in the Associate Company.
The share of profit of an Associate Company is shown on the face of the profit or loss. This is the
profit attributable to equity holders of the Associate and therefore is profit after tax NCI in the
Subsidiaries of the Associate.
The financial statements of the Associate Company are prepared for the same reporting period
as the Group. Where necessary, adjustments are made to bring the accounting policies in line
with those of the Group.
The Group determines whether it is necessary to recognize an additional impairment loss on the
Group’s investment in its Associate Company. The Group determines at each reporting date
whether there is any objective evidence that the investment in the associate is impaired. If this is
the case, the Group calculates the amount of impairment as the difference between the
recoverable amount of the investment in Associate and its carrying value, and recognizes the
amount in the consolidated statements of comprehensive income.
Upon loss of significant influence over the Associate, the Group measures and recognizes any
retaining investment at its fair value. Any difference between the carrying amount of the
Associate Company upon loss of significant influence and the fair value of the retaining
investment and proceeds from disposal is recognized in the consolidated statement of
comprehensive income.
m.
Taxation
Income tax expense comprises current and deferred tax. Income tax expense is recognized in
profit or loss except to the extent that it relates to items recognized directly in equity, in which
case it is recognized in other comprehensive income.
Final Income Tax
Income subject to final income tax is not to be reported as taxable income and all expenses
related to income subject to final income tax are not deductible. However, such income and
expenses are included in the profit and loss calculation for accounting purposes. Accordingly, no
temporary difference, deferred tax asset and liability are recognized.
If the recorded value of an asset or liability related to final income tax differs from its taxable
base, the difference is not recognized as deferred tax asset or deferred tax liability.
The current tax expense on income subject to final income tax is recognized in proportion to the
total income recognized during the year for accounting purposes.
25
m.
Taxation (continued)
The difference between the amount of final income tax payable and the amount charged as
current tax in consolidated statement of comprehensive income is recognized either as prepaid
taxes and taxes payable, accordingly.
Non-final Income Tax
Current tax expense is provided based on taxable income for the year.
Deferred tax assets and liabilities are recognized for temporary differences between the financial
and the tax bases of assets and liabilities at each reporting date. Future tax benefits, such as the
carry-forward of unused tax losses, are also recognized to the extent that realization of such
benefits is probable.
Deferred tax assets and liabilities are recognized for all deductible temporary differences and
carry forward of unused tax losses, to the extent that it is probable that taxable profits will be
available against which deductible temporary differences, and the carry forward of unused tax
losses can be utilized, except where the deferred tax asset relating to the deductible temporary
difference arises from the initial recognition of an asset or liability in a transaction that is not a
business combinatixon and, at the time of the transaction, affects neither the accounting profit
nor taxable profit or loss; or in respect of deductible temporary differences associated with
investments in subsidiaries, deferred tax assets are recognized only to the extent that it is
probable that the temporary differences will reverse in the foreseeable future and taxable profit
will be available against which the temporary differences can be utilized.
The carrying amount of a deferred tax asset is reviewed at each reporting date and reduced to
the extent that it is no longer probable that sufficient taxable income will be available to allow all
or part of the benefit of that deferred tax asset to be utilized. Unrecognized deferred tax assets
are reassessed at each reporting date and are recognized to the extent that it has become
probable that future taxable income will allow the deferred tax assets to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the
period when the asset is realized or the liability is settled, based on tax laws that have been
enacted or substantively enacted at the end of reporting period. The related tax effects of the
provisions for and/or reversals of all temporary differences during the year, including the effect of
change in tax rates, are included in the consolidated statement of comprehensive income of the
current year.
Deferred tax assets and liabilities are offset when a legally enforceable right exists to offset
current tax assets against current tax liabilities, or the deferred tax assets and the deferred tax
liabilities relate to the same taxable entity, or the Group intends to settle its current assets and
liabilities on a net basis.
Amendments to tax obligations are recorded when an assessment is received or, if appealed
against by the Group, when the result of the appeal is determined.
n.
Lease
Leases classified as finance lease if it transfers substantially all the risks and rewards incidental
to ownership. Leases classified as operating lease if it does not transfer substantially all the risks
and benefits incidental to ownership.
26
n.
Lease (continued)
At the end of the lease, finance lease should be recorded as assets and liabilities at the lower of
the fair value of assets and the present value of minimum lease payments. Lease payments
determined at the inception of the lease. The discount rate used to calculate the present value of
minimum lease payments is the implicit interest rate ofthat lease, if possible, or else at the
Group's incremental borrowing rate. Initial direct costs of the lease are added to the amount
recognized as an asset. Depreciation policy for leased assets should be consistent with the
assets.
o.
Employee Benefits Liabilities
Short-term employee benefits payable are recognized based on an accrual method.
Post-employment benefits such as retirement, severance and service payments are calculated
based on Labor Law No. 13/2003 (“Law 13/2003”).
The Group is required to provide a minimum amount of pension benefits in accordance with Law
13/2003. The Group’s pension plan based on the calculation of the benefit obligation performed
by the actuaries provides that the expected benefits under the Group’s pension plan will exceed
the minimum requirements of the Law 13/2003.
The cost of providing post-employment benefits is determined using the Projected Unit Credit
method. The accumulated unrecognized actuarial gains or losses that exceed 10% of the present
value of the defined benefit obligations at the beginning of the reporting period is recognized on a
straight-line basis over the expected average remaining working lives of the participating
employees.
Actuarial gains or losses arising from experience adjustments and changes in actuarial
assumptions in excess of the greater of 10% of the fair value of plan assets or 10% of the
present value of the defined benefit obligations at the beginning of the period are amortized and
recognized as expense or gain over the expected average remaining employees who entered
service period plan.
Past-service costs are recognized as an expense on a straight line basis over the average period
until the benefits become vested. If the benefits have already vested, immediately following the
introduction of, or changes to, a pension plan, past service costs are recognized immediately.
The Group recognized gains or losses on the curtailment or settlement of a defined benefit plan
when the curtailment or settlement occurs. The gain or loss on a curtailment or settlement
comprise change in the present value of the defined obligation and any related actuarial gains
and losses and past service cost not yet recognized previously.
p.
Revenue and Expense Recognition
Revenue is recognized when it is probable the economic benefits will flow to the Group and the
amount can be measured reliably. Revenue is measured at the fair value of the consideration
received, excluding discounts and Value Added Tax (VAT). The Group evaluates certain revenue
recognition criteria in order to determine whether acting as principal or agent. The following
specific recognition criteria must also be met before revenue and interest expense recognized:
Sales of services
Revenue is recognized when services are rendered.
Sales of goods
Revenue from sale of goods is recognized when the significant risks and rewards have been
transferred to the customer.
27
p.
Revenue and Expense Recognition (continued)
Interest income
Interest income arising from bank and deposits owned by the Group and recognize when
incurred.
Dividends
Revenue is recognized when the Group’s right to receive the payment is established.
Rental income
Rental income arising from operating leases is accounted for on a straight - line basis over the
lease terms and included in revenue due to its operating nature.
Expenses
Expenses are recognized when incurred (accrual basis).
q.
The financial statement translation in foreign currency
The Subsidiaries financial statements currencies which are presented in other currency’s than
Rupiah, translated in the consolidated financial statements with the following procedures:
a. Assets and liabilities for each statement of financial position currencies other than Rupiah are
translated using the closing exchange rate which issued by Bank Indonesia base on the date
of consolidated statement of financial position;
b. Income and expenses for each comprehensive income statement (including comparative)
are translated using the average foreign exchange rate in the respective period; and
c. All of the foreign exchange differences should be recognized in other comprehensive
income.
The accounts of the financial statements of Anabatic Technologies International Pte., Ltd. (ATI),
Computrade Technology Philippines, Inc. (CTP), and Computrade Technology Malaysia Sdn,
Bhd. (CTM), which respectively are located in Singapore, Philippines, and Malaysia held in their
respective currencies, which is United Stated Dollar, Philippines Peso and Malaysian Ringgit, are
translated into Indonesian Rupiah for the consolidated financial statements. The assets and
liabilities accounts are translated at the exchange rate on the date of the consolidated statement
of financial position (USD 1 = Rp 12,440.00, PHP 1 = Rp 277.87, and MYR 1 = Rp 3,561.93) as
of December 31, 2014, the share capital account are translated based on the historical rate
(USD 1 = Rp 11,609.00 on 19 November 2013, PHP 1 = Rp 266.48 on October 2, 2013, and
MYR 1 = Rp 3,134.24 on February 19, 2013) while revenue and expenses accounts are
translated at the average exchange rate in 2014 ( USD 1 = Rp 11,851.00, PHP 1 = Rp 267.43,
and MYR 1 = Rp 3,629.60). The translation differences of financial statements in foreign
currencies are recorded as other comprehensive income.
r.
Foreign Currency Transactions and Balances
Transactions involving foreign currencies are recorded in Rupiah at the rates of exchange
prevailing at the time the transactions are made. Statement financial position date, monetary
assets and liabilities denominated in foreign currencies are adjusted to Rupiah to reflect the
prevailing rates of exchange as published by Bank Indonesia middle rate of that date. The
resulting gains or losses arising on foreign currency transactions and on the translation of foreign
currency monetary assets and liabilities into Rupiah are recognized in the current year
consolidated statement of comprehensive income.
28
r.
Foreign Currency Transactions and Balances (continued)
As of December 31, 2014, 2013, and 2012, the exchange rate used are as follows:
2014
1 Great Britain Poundstarling
(GBP)
1 Euro (EUR)
1 United States Dollar (USD)
1 Australian Dollar (AUD)
1 Singapore Dollar (SGD)
1 Malaysian Ringgit (MYR)
1 Hongkong Dollar (HKD)
1 Philippines Peso (PHP)
1 India Rupee (INR)
1 Iran Rial (IRR)
s.
19,370
15,133
12,440
10,218
9,422
3,562
1,604
278
196
2.13
2013
20,097
16,821
12,189
10,876
9,628
3,708
1,572
275
196
2.04
2012
15,579
12,810
9,670
10,025
7,907
3,160
1,247
235
177
1.25
Earning Per Share
Basic earnings per share are calculated by dividing net profit for the year attributable to ordinary
equity holders of the parent by the weighted average number of ordinary shares outstanding
during the period.
t.
Operating Segment
Operating segment is a component from group which involved in business activity that earn
income, and incur expenses; operating results are regularly reviewed by the Group operating
decision maker to make decisions about resources to be allocated to the segment and assess its
performance; and financial information is available that can be separated.
The amount of each element of segment reported is a measure reported to the operating
decision maker for the purposes of making a decision to allocate resources to segments and
assessing their performance.
Revenues, expenses, results, assets and liabilities of the segment include items directly
attributable to a segment, and those that can be allocated on a reasonable basis to the segment.
Segment are determined before balances and transactions between the Group are eliminated as
part of the consolidation process.
u.
Events After the Reporting Date
Post year end events that provide additional information about the consolidated statement of
financial position at the reporting date (adjusting events), if any, are reflected in the consolidated
financial statements. Post year end events that are not adjusting events are disclosed in the
notes to consolidated financial statements when material.
29
3. USE OF JUDGMENTS, ESTIMATES, AND ASSUMPTIONS
The preparation of the Group’s consolidated financial statements requires management to make
judgments, estimations and assumptions that affect the reported amounts of revenues, expenses,
assets and liabilities, and the disclosure of contingent liabilities, at the end of the reporting period.
Uncertainty about these assumptions and estimations could result in outcomes that require a material
adjustment to the carrying amount of the asset and liability affected in future periods.
Judgments
The following judgments are made by management in the process of applying the Group accounting
policies that have the most significant effects on the amounts recognized in the consolidated financial
statements:
Classification of Financial Instruments
The Group determines the classifications of certain assets and liabilities as financial assets and
financial liabilities by judging if they meet the definition set forth in PSAK 55 (revised 2011).
Accordingly, the financial assets and financial liabilities are accounted for in accordance with the
Group’s accounting policies disclosed in Note 2e.
Allowance for Impairment of Trade Receivables
The Group evaluates specific accounts where it has information that certain customers are unable to
meet their financial obligations. In these cases, the Group uses judgment, based on the best available
facts and circumstances, including but not limited to, the length of its relationship with the customer
and the customer’s current credit status based on third party credit reports and known market factors,
to record specific provisions for customers against amounts due to reduce its receivable amounts
thatthe Group expects to collect. These specific provisions are re-evaluated and adjusted as additional
information received affects the amounts of allowance for impairment of trade receivables.
Determination of Functional Currency
The functional currencies of the Group are the currency of the primary economic environment in which
each entity operates. It is the currency that mainly influences the revenue and cost of rendering
services. Based on the Group’s management assessment, the Group functional currency is in Rupiah.
Estimates and Assumptions
The key assumptions concerning the future and other key sources of estimation uncertainty at the
reporting date that have a significant risk of causing a material adjustment to the carrying amounts of
assets and liabilities within the next financial period/year are disclosed below. The Group based its
assumptions and estimations on parameters available when the consolidated financial statements
were prepared. Existing circumstances and assumptions about future developments may change due
to market changes or circumstances arising beyond the control of the Group. Such changes are
reflected in the assumptions when they occur.
Financial Instruments
Group carries certain financial assets and liabilities at fair values, which requires the use of accounting
estimates. While significant components of fair value measurement were determined using verifiable
objective evidences, the amount of changes in fair values would differ if the Group utilized different
valuation methodology. Any changes in fair values of these financial assets and liabilities would affect
directly the Group’s consolidated statements of comprehensive income. The fair value of financial
assets and liabilities are set out in Note 34.
30
3. USE OF JUDGMENTS, ESTIMATES, AND ASSUMPTIONS (continued)
Employee Benefits Liabilities
The determination of the Group’s retirement benefit expenses and employee benefits liabilities is
dependent on the Management selection of certain assumptions used by the independent actuaries in
calculating such amounts. Those assumptions include among others, discount rates, future annual
salary increase, annual employee turn-over rate, disability rate, retirement age and mortality rate.
Actual results that differ from the Group assumptions that have effect more than 10% of certain
employees’ benefits liability, deferred and amortized with straight-line method over average of
remaining working lives of the employees. While the Group believes that its assumptions are
reasonable and appropriate, significant differences in the Company actual experiences or significant
changes in the Group assumptions may materially affect.
Depreciation of Fixed Assets
The costs of fixed assets are depreciated on a straight-line basis over their estimated useful lives.
Management estimates the useful lives of these fixed assets to be within 2 to 30 years. Changes in the
expected level of usage and technological development could impact the economic useful lives and
the residual values of these assets, and therefore future depreciation charges could be revised. The
details is set out in Note 12.
Income Tax
Significant judgment is involved in determining the provision for corporate income tax. There are
certain transactions and computation for which the ultimate tax determination is uncertain during the
ordinary course of business. The Group recognizes liabilities for expected corporate income tax issues
based on estimation of whether additional corporate income tax will be due.
Deferred Tax Assets and Liabilities
Deferred tax assets and liabilities are recognized for all unused tax losses to the extent that it is
probable that taxable profit will be available against which the losses can be utilized. Significant
management estimation are required to determine the amount of deferred tax assets that can be
recognized, based upon the likely timing and the level of future taxable profits together with future tax
planning strategies.
4. CASH AND CASH EQUIVALENTS
Cash and cash equivalents consist of:
2014
Cash
United States Dollar
(USD 125,181 in 2014,
USD 69,613 in 2013,
and USD 108,646 in 2012)
Rupiah
Euro
(EUR 4,092 in 2014,
EUR 949 in 2013,
and EUR 1,549 in 2012)
Malaysian Ringgit
(MYR 3,830 in 2014)
Iran Real
(IRR 5,470,601 in 2014)
2013
2012
1,557,255,487
515,211,901
848,517,169
467,068,174
1,050,614,865
479,370,600
61,917,018
15,963,546
19,842,473
13,642,192
-
-
11,652,380
-
-
31
4. CASH AND CASH EQUIVALENTS (continued)
2014
Australia Dollar
(AUD 953 in 2014, AUD 1,253
in 2013, and AUD 1,253 in 2012)
Singapore Dollar
(SGD 661 in 2014, SGD 64
in 2013, and SGD 74 in 2012)
India Rupee
(INR 40,609 in 2014)
Philippines Peso
(PHP 10,000 in 2014)
Hongkong Dollar
(HKD 7,578 in 2012)
Subjumlah
Bank
Indonesian Rupiah
Citibank, N.A.
PT Bank Central Asia Tbk
PT Bank Negara Indonesia (Persero) Tbk
PT Bank Permata Tbk
PT Bank Rakyat Indonesia (Persero) Tbk
PT Bank Mandiri (Persero) Tbk
PT Bank Tabungan Negara (Persero) Tbk
PT Bank Internasional Indonesia Tbk
PT Resona Perdania
PT Bank CIMB Niaga Tbk
PT Bank UOB Indonesia Tbk
PT Bank OCBC NISP Tbk
PT Bank Mutiara Tbk
PT Bank Mayapada Internasional Tbk
PT Bank DBS Indonesia
PT Bank ANZ Indonesia Tbk
PT Bank Pan Indonesia Tbk
The Hongkong and Shanghai
Banking Corporation Ltd,
PT Bank Mandiri Syariah
Lain-lain (masing-masing
di bawah Rp100 juta)
(USD 5,098,602 in 2014,
and USD 129,727 in 2012)
PT Bank Internasional indonesia Tbk
(USD 1,735,831 in 2014,
USD 909,009 in 2013,
and USD 957,774 in 2012)
(USD 975,460 in 2014,
USD 2,227,649 in 2013,
and USD 5,267,043 in 2012)
DBS Bank Ltd, Singapore
(USD 931,428 in 2014)
2013
2012
9,738,995
13,628,290
12,562,816
6,228,488
614,266
583,545
7,959,391
-
-
2,778,700
-
-
-
-
9,450,360
2,186,384,552
1,345,791,445
1,572,424,659
22,107,053,450
17,100,226,445
8,819,763,387
6,940,351,285
4,428,814,491
1,787,256,179
889,295,261
784,058,371
686,452,697
520,737,185
480,821,349
345,958,659
311,397,061
197,012,635
163,041,307
71,789,876
68,379,904
5,692,555,453
30,267,896,283
5,017,922,442
8,724,530,818
3,734,276,762
6,070,905,411
249,057,342
2,087,275,444
717,531,490
41,431,821
112,670,156
3,724,902,863
3,850,003
95,983,314
11,065,282
1,070,000
125,937,366
24,126,131,216
18,736,335,004
4,909,973,029
1,637,768,683
3,160,842,787
3,000,561,215
1,870,930,623
1,729,485,341
351,316,784
221,897,445
807,554,612
7,877,721,418
10,704,000
206,911,082
827,919
55,341,470
2,238,277
1,097,177,039
574,865,093
4,744,000
297,032,316
122,442,821
28,327,459
323,889,128
63,426,606,267
-
1,254,464,568
21,593,742,490
11,079,907,605
9,261,671,961
12,134,723,185
27,152,811,102
50,932,310,548
11,586,962,538
-
-
32
2014
(USD 621,065 in 2014,
USD 210,704 in 2013,
and USD 1,822,014 in 2012)
PT Bank Permata Tbk
(USD 577,549 in 2014,
USD 924,973 in 2013,
and USD 723, 400 in 2012)
Citibank, N,A,
(USD 468,935 in 2014,
USD 403,909 in 2013,
dan USD 752,214 in 2012)
(USD 387,755 in 2014,
USD 7,149,638 in 2013,
and USD 180,699 in 2012)
(USD 362,011 in 2014,
USD 42,570 in 2013,
and USD 31,211 in 2012)
Banking Corporation Ltd.
(USD 218,420 in 2014,
and USD 71,354 in 2013)
PT Bank Rakyat Indonesia
(Persero) Tbk
(USD 168,653 in 2014,
USD 448,810 in 2013,
and USD 99,166 in 2012)
2013
2012
7,726,044,495
2,568,268,936
17,618,871,029
7,184,714,610
11,274,493,776
6,995,278,774
5,833,549,410
4,923,246,183
7,273,908,123
4,823,676,182
87,146,933,696
1,747,366,293
4,503,422,189
518,884,267
301,815,108
2,717,140,073
869,737,806
-
2,098,038,966
33
5,470,542,
2014
2013
2012
2,042,104,268
332,849,534
347,768,997
51,028,327
12,769,660
9,724,349
1,366,784,279
334,894,805
-
58,281,121
-
-
India Rupee
HDFC Bank Ltd, India
(INR 4,546,519 in 2014)
State Bank of India, India
(INR 91,887 in 2014)
891,117,776
-
-
18,009,864
-
-
Malaysian Ringgit
HSBC Bank Malaysia Berhad, Malaysia
(MYR 191,843 in 2014)
AmBank (M) Berhad, Malaysia
(MYR 47,510 in 2014)
683,345,585
-
-
169,227,294
-
-
2,669,996,817
-
-
288,864,121
-
-
273,552,262
-
-
223,510,803,354
231,134,414,815
177,975,394,009
55,144,364,778
97,894,998
49,509,804
29,500,000
25,389,165,000
86,449,000
116,304,080
29,500,000
551,621,000
86,449,000
116,304,080
29,500,000
208,992,000
204,775,200
-
-
12,189,000,000
-
55,530,261,580
38,015,193,280
783,874,080
281,227,449,486
270,495,399,540
180,331,692,748
Euro
(EUR134,944 in 2014,
EUR 19,788 in 2013
and EUR 27,148 in 2012)
(EUR3,372 in 2014,
EUR 759 in 2013, and 2012)
Singapore Dollar
(SGD 145,063 in 2014 and
SGD 34,783 in 2013)
(SGD 6,186 in 2014)
Philippines Peso
Union Bank of the Phillippines, Phillippines
(PHP 9,604,305 in 2014)
HSBC Bank, Phillippines
(PHP 1,039,079 in 2014)
ANZ Bank, Phillippines
(PHP 984,000 in 2014)
Subtotal
Time Deposits
Rupiah
PT Bank Resona Perdania
PT Bank Permata Tbk
(USD 16,800 in 2014
and 2013)
PT Bank Pembangunan Daerah
Jawa Barat dan Banten Tbk
(USD 1,000,000 in 2013)
Subtotal
Total
34
The annual interest rate on time deposits in Rupiah currency are ranging from 3.50% - 7.00% in 2014,
4.00% - 5.75% in 2013 and 3.25% - 5.00% in 2012, while the annual interest rate on time deposit in
USD is 3.40% in 2013.
There are no cash and cash equivalents placement to related parties as of December 31, 2014, 2013,
and 2012.
5. TRADE RECEIVABLES
Details of trade receivables based on customers are as follows:
2014
Third Parties
PT Infracom Technologi
PT Bank CIMB Niaga Tbk
PT Sigma Cipta Utama
FPT Information System Company
Limited, Vietnam
PT Multipolar Technology
PT Dimension Data Indonesia
PT Berca Hardayaperkasa
PT IBM Indonesia
PT Mitra Integrasi Informatika
PT Mitra Infosarana
PT Sigma Solusi Integrasi
PT Wahana Cipta Sinatria
Temenos Headquarters SA
PT Bank Syariah Mandiri
Siena (M) Sdn,, Bhd,, Malaysia
PT Binareka Tatamandiri
PT Sigma Metrasys Solution
Temenos Singapore Pte,, Ltd, Singapore
PT Collega Inti Pratama
PT Bank Rakyat Indonesia (Persero) Tbk
PT Metrocom Global Solusi
PT Intikom Berlian Mustika
PT Prima Integrasi Network
PT Astra Graphia Information Technology
PT Mastersystem Infotama
PT Teknoglobal Multi Sistem Integrasi
PT Mitra Mandiri Informatika
PT Sisindikom Lintas Buana
PT Bank Tabungan Negara (Persero) Tbk
PT Bank Permata Tbk
PT Microreksa Infonet
PT Nusantara Compnet Integrator
PT Bank Negara Indonesia (Persero) Tbk
PT Logica Information Technology
PT Asaba Computer Center
PT Scientek Computindo
PT Application Solution
PT Schlumberger Geophysics Nusantara
PT Prima Integrasi Solusindo
PT Inti Indotek Informatika
PT Mycom Networks
PT Tab Solutions
PT Bank International Indonesia Tbk
2013
2012
50,394,423,304
29,656,320,697
27,675,205,879
12,828,651,527
-
404,307,179
3,312,600,157
27,319,564,860
26,548,633,359
22,928,719,663
20,152,638,444
16,922,189,631
14,674,745,776
12.651,930,395
11,110,320,496
10,846,257,992
10,543,720,418
10,312,254,750
9,455,128,937
5,962,613,043
5,689,457,107
5,444,552,600
5,028,685,789
4,720,341,340
4,175,839,173
4,042,091,682
3,988,851,758
3,942,061,788
3,617,524,150
2,913,837,372
2,207,517,524
1,553,684,724
1,354,000,000
743,326,100
521,071,066
432,625,860
398,108,626
364,421,692
105,356,961
19,173,212
-
18,558,574,510
6,573,501,573
3,264,565,895
23,502,268,870
3,478,214,555
13,849,982,416
3,527,831,915
6,728,949,030
4,864,989,462
30,800,251
5,680,097,774
6,654,810,959
17,024,395,239
2,828,554,027
38,851,913,340
14,127,915,014
93,808,699,285
2,958,651,816
7,728,757,794
18,351,226,346
9,425,051,657
5,099,463,678
5,627,796,144
2,163,528,456
3,133,849,263
11,087,935,300
6,071,011,081
3,152,186,560
40,061,595,728
19,746,044,679
13,839,380,958
13,452,464,900
6,193,033,095
5,609,009,220
4,868,786,336
40,220,234,983
1,720,329,946
2,751,743,878
13,592,230,148
2,417,396,576
2,489,167,039
15,505,155,596
5,408,730,770
7,171,404,189
12,781,308,987
2,786,548,201
8,391,190,197
18,318,905,385
13,365,876,383
3,178,964,851
14,206,034,343
860,787,906
22,214,955,296
5,790,654,555
13,696,072,317
8,849,451,439
11,801,140,000
18,498,839,855
6,138,085,736
6,373,676,757
32,342,382,204
7,498,409,742
35
5. TRADE RECEIVABLES (continued)
2014
2013
2012
Others (each below Rp 5 billion)
135,468,621,961
98,338,377,193
98,920,058,438
Subtotal
Provision for impairment value
496,255,757,896
(1,837,059,008)
554,661,081,830
(647,298,500 )
404,919,972,316
(624,826,668)
Third Parties - Net
Related Parties (Note 6a)
494,418,698,888
11,352,511,446
554,013,783,330
2,476,569,092
404,295,145,648
10,251,880,211
Total trade receivables
505,771,210,334
556,490,352,422
414,547,025,859
Movement of provision for impairment value of trade receivables are as follows:
2014
2013
2012
Beginning balance
Allowance for the current year (Note 31)
647,298,500
1,189,760,508
624,826,668
22,471,832
351,371,223
273,455,445
Ending balance
1,837,059,008
647,298,500
624,826,668
The details of trade receivables based on aging of receivables are as follows:
2014
2013
2012
Third Parties
Up to 30 days
31 - 60 days
61 - 90 days
More than 90 days
395,815,090,756
33,625,219,937
46,416,961,242
20,398,485,961
426,050,492,307
36,436,115,526
6,932,148,860
85,242,325,137
318,343,634,637
24,211,137,953
11,357,956,706
51,007,243,020
Subtotal
Allowance for impairment value
496,255,757,896
(1,837,059,008)
554,661,081,830
(647,298,500 )
404,919,972,316
(624,826,668)
Third Parties - Net
494,418,698,888
554,013,783,330
404,295,145,648
6,981,941,664
1,557,869,996
537,738,261
2,274,961,525
2,152,843,023
172,724,076
151,001,993
6,394,449,696
1,080,212,349
620,934,550
2,156,283,616
11,352,511,446
2,476,569,092
10,251,880,211
505,771,210,334
556,490,352,422
414,547,025,859
Related Parties
Up to 30 days
31 - 60 days
61 - 90 days
More than 90 days
Subtotal
Total
Detail of trade receivables based on currency are as follows:
2014
United States Dollar (USD 25,034,335
in 2014, USD 34,240,999 in 2013,
and USD 30,837,915 in 2012)
Rupiah
Malaysian Ringgit (MYR 4,803,274 in 2014)
Philippines Peso (PHP 5,762,602 in 2014)
311,427,122,678
174,320,255,597
17,108,901,742
1,602,003,356
36
2013
417,363,536,818
138,824,958,548
-
2012
298,202,642,595
116,344,383,264
-
5. TRADE RECEIVABLES (continued)
2014
India Rupee (INR 3,153,794 in 2014)
Euro (EUR 28,166 in 2014)
Singapore Dolar (SGD 28,502 in 2014
and SGD 31,352 in 2013)
Total
2013
2012
618,143,600
426,236,078
-
-
268,547,283
301,857,056
-
505,771,210,334
556,490,352,422
414,547,025,859
Trade receivables are used as collateral for bank loans (Notes 15 and 21).
The carrying amount value of trade receivables approximate their fair values.
Based on the review of the status of the trade receivable at the end of the year, the management
believes that the allowances for impairment are sufficient to cover possible losses from uncollectible
trade receivables in the future.
6. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
In the normal course of business, the Group entered into transaction which related parties, relating to
sells and purchase of services or products, at a price and term agreed by both parties and an arm’s
length basis.
a. Trade Receivables
2014
Total
PT Manggala Usaha
Manunggal
PT Titan Infra Energy
PT Swarnadwipa
Dermaga Jaya
PT Trusted
Outsourcing
Indonesia
PT Maritim Sumber
Energi
PT Titan Wijaya
PT Titan Mining
Energy
PT Indonesia
Mobilindo
PT Madani Citra
Mandiri
PT Multi Mineral
Utama Nusantara
PT Putera Tambang
Indonesia
PT Titan Mining
Indonesia
Others (each below
Rp 100 million)
Total
*)
2013
% *)
Total
2012
% *)
Total
% *)
6,807,281,008
2,670,294,000
0.344
0.135
1,371,410,889
-
0.073
-
1,046,825,849
-
0.091
-
620,522,675
0.031
-
-
-
-
452,545,305
0.023
-
-
492,430,743
0.043
415,844,297
184,574,111
0.021
0.009
-
-
-
-
78,278,558
0.004
19,972,500
0.001
1,469,717,202
0.128
7,444,000
0.000
17,459,847
0.000
126,148,153
0.011
377,769
0.000
799,849,356
0.043
-
-
375,000
0.000
55,065,000
0.003
104,610,000
0.009
75,000
0.000
41,250,000
0.002
1,907,032,765
0.166
-
-
-
-
4,821,582,500
0.419
114,899,723
0.006
171,561,500
0.009
283,532,999
0.025
11,352,511,446
0.573
2,476,569,092
0.131
10,251,880,211
0.892
Percentage to total consolidated assets.
37
6. BALANCES AND TRANSACTIONS WITH RELATED PARTIES
b. Due From Related Parties
2014
Total
PT Titan Mining
Energy
PT Indonesia
Mobilindo
PT Sam Investama
Stephanus Hardy
PT Flaminggo Mandiri
PT Cakra Karsa
Utama
Agus Gunawan
Handojo Sutjipto
Deddy Sudja
Royani Lo
PT Trusted
Outsourcing
Indonesia
Gunawan Rahardja
Indra Gunawan
Andi Hermaini
Andy Pranoto
Herman
PT Eva Solusi
Terpadu
Rachmat Gunawan
PT Titan Mining
Indonesia
Benyamin Harianto
Tjandra Lesmana
Lie David Limina
PT Turangga Prima
Paramitra
PT Turangga
Paramitra
PT Solusi Paramitra
Others (each below
Rp 100 million)
Total
2013
2012
% *)
Total
% *)
Total
% *)
8,000,000,000
0.404
16,945,943,780
0.904
40,252,711,947
3.498
6,212,551,966
7,673,005,391
7,500,000,000
3,615,000,000
0.314
0.388
0.379
0.183
6,179,606,796
6,789,005,391
535,000,000
0.330
0.362
0.029
5,848,973,788
6,789,005,391
4,045,000,000
0.508
0.590
0.352
3,265,979,562
2,400,000,000
1,500,000,000
825,000,000
825,000,000
0.165
0.121
0.076
0.042
0.042
3,200,082,386
1,500,000,000
-
0.171
0.080
-
2,538,747,779
1,500,000,000
-
0.221
0.130
-
743,148,026
130,000,000
295,000,000
255,000,000
180,000,000
44,000,000
0.038
0.007
0.015
0.013
0.009
0.002
2,964,008,030
295,000,000
0.158
0.016
2,632,390,640
853,000,000
0.229
0.074
180,000,000
1,773,833,333
0.010
0.095
522,000,000
2,055,170,000
0.045
0.179
14,200,000
-
0.001
-
4,514,200,000
4,461,448,000
0.241
0.238
-
-
-
-
1,682,300,914
1,633,000,000
1,633,000,000
1,501,702,300
0.090
0.087
0.087
0.080
1,334,633,673
1,980,170,000
1,757,160,000
0.116
0.172
0.153
-
-
1,029,135,641
0.055
1,029,135,641
0.089
-
-
150,881,218
-
0.008
-
500,881,218
233,854,471
0.044
0.020
6,903,619,736
0.049
4,440,606,982
0.237
6,706,553,129
0.583
50,381,504,681
2.248
61,408,754,771
3.278
80,579,387,677
7.003
*) Percentage to total consolidated assets.
This account represent a non interest bearing loan, unsecured and no maturity date that given by
the Group to related parties.
c. Trade Payables
PT Indra Jaya Mandiri
PT Solusi Paramitra
2014
Total
83,437,038
-
2013
Total
95,421,259
8,473,200,000
% *)
0.005
-
38
% *)
0.006
0.542
2012
Total
279,407,348
% *)
0.030
6. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (continued)
d. Other Payables
Based on Factoring Agreement No. 006/AP-KMF/10/2013 dated October 18, 2013, the Company
entered into factoring agreement with PT Karunia Multifinance with plafond amounting to
Rp 5,000,000,000 and with interest rate of 15% per annum and due on October 18, 2014. The
outstanding of this payable as of December 31, 2013 is Rp 5,000,000,000. This factoring payable
has been settled on April 17, 2014.
Based on Factoring Agreement No. 063/AP-DP/AT/KMF/07/2014 dated July 14, 2014,
The Company entered into factoring agreement with PT Karunia Multifinance with maximum
plafond amounted on Rp 19,200,000,000 and interest rate of 19% per annum and due on
January 9, 2015. The outstanding of this payable as of December 31, 2014 is Rp 19,200,000,000.
Based on Factoring Agreement No. 2225/LO-BODG/AT/X/2014 dated October 16, 2014,
The Company entered into factoring agreement with PT Karunia Multifinance with maximum
plafond amounted on Rp 5,100,000,000 and interest rate of 18% per annum and due on at
April 18, 2015. The outstanding of this payable as of December 31, 2014 is Rp 5,100,000,000.
e. Financing Payables
The Group entered into a financing agreement to purchase vehicles with PT Karunia Multifinance
as follows:
2014
Amount of financing payables
Net of current maturities
2012
1,080,286,697
285,542,589
-
-
794,744,108
-
-
Long-term liabilities
f.
2013
Due To Related Parties
2014
Total
Proventix
International
Limited, British
Virgini Island
PT Technetindo
Utama
PT Trusted
Outsourcing
Indonesia
PT Global Multi
Investama
Others (each below
Rp 100 million)
Total
*)
2013
% *)
Total
2012
% *)
Total
% *)
3,255,864,041
0.207
-
-
787,500,000
0.083
787,500,000
0.050
785,751,500
0.050
-
-
110,617,390
0.007
-
-
-
-
-
-
-
-
957,133,312
0.101
597,995,379
0.038
15,975,000
0.001
7,000,000
0.001
4,751,976,810
0.302
801,726,500
0.051
1,751,633,312
0.185
Percentage to total consolidated liabilities.
This account represent a non interest bearing loan, unsecured and no maturity date that received
the Group from related parties.
39
g. Sales to Related Parties
2014
PT Manggala Usaha
Manunggal
PT Madani Citra
Mandiri
PT Swarnadwipa
Dermaga Jaya
PT Maritim Sumber
Energi
PT TItan Wijaya
PT Tunas Titan Maju
PT Titan Mining
Energi
PT Titan Mining
Indonesia
PT Nusantara
Terminal Terpadu
PT Putra Tambang
Indonesia
PT Ganda Alam
Makmur
Others (each below
Rp 100 million)
Jumlah
2013
2012
Total
% *)
Total
% *)
Total
% *)
11,835,251,300
0.461
16,298,481,536
0.657
8,277,335,502
0.369
4,347,717,917
0.169
4,970,882,162
0.200
140,700,000
0.006
3,969,874,026
0.154
-
-
-
-
3,769,402,921
2,463,525,610
2,405,451,453
219,645,854
0.147
0.096
0.094
0.009
379,750,718
2,951,492,057
137,550,000
0.015
0.000
0.119
0.006
650,000
2,501,534,244
-
0.000
0.111
-
197,646,595
0.008
-
0.000
45,650,000
0.002
184,480,000
0.007
317,938,000
0.013
5,157,207,140
0.230
183,200,000
0.007
169,415,000
0.007
163,790,000
0.007
-
-
2,313,677,168
0.093
4,270,521,783
0.190
-
-
-
-
1,398,936,520
0.062
399,650,000
0.016
905,152,887
0.036
873,570,000
0.039
29,975,845,676
1.168
28,444,339,528
1.146
22,829,895,189
1.016
*) Percentage to total consolidated sales.
h. Benefits to the Board of Commissioners and Directors
The amount of benefits given to the Board of Commissioners and Directors are as follows:
Directors
Total
2014
2013
2012
*)
i.
30,252,879,442
21,370,231,272
15,749,463,143
Board of Commissioners
Total
% *)
% *)
20.538
15.686
14.291
390,000,000
375,000,000
325,000,000
0.265
0.275
0.295
Total
Total
% *)
30,642,879,442
21,745,231,272
16,074,463,143
20.80
15.96
14.59
Percentage to total salaries and allowance expense from general and administration expense.
Nature of Relationship
Related Parties
The Relationship
PT Manggala Usaha Manunggal
Under Common Control
Trade receivables, sales
PT Swarnadwipa Dermaga Jaya
PT Trusted Outsourcing
Indonesia
Trade receivable, due from related
parties, due to related parties
PT Maritim Sumber Energi
PT Titan Wijaya
Trade receivables, othC q178.25r.1 144.02 15.0ivablee
PT Titan Mining Energy
40
Transaction
i.
Nature of Relationship (continued)
Related Parties
PT Titan Mining Indonesia
PT Sam Investama
The Relationship
Transaction
Trade receivables, due from related
parties, sales
Shareholder
Subsidiary’s shareholders
Shareholder
PT Cakra Karsa Utama
Agus Gunawan
Handojo Sutjipto
President Director
Deddy Sudja
Royani Lo
Indra Gunawan
Andi Hermaini
Andy Pranoto
Related party
PT Eva Solusi Terpadu
Rachmat Gunawan
Benyamin Harianto
Related party
Tjandra Lesmana
Related party
Lie David Limina
Director of subsidiary
PT Turangga Prima Paramitra
PT Turangga Paramitra
PT Solusi Paramitra
Due from related parties, trade
payables
PT Indra Jaya Mandiri
Trade payables
PT Karunia Multifinance
Proventix International Limited,
British Virgini Island
Other receivables
PT Technetindo Utama
PT Global Multi Investama
PT Nusantara Terminal Terpadu
Sales
PT Tunas Titan Maju
Sales
PT Ganda Alam Makmur
Sales
Stephanus Hardy
Gunawan Rahardja
Herman
7. INVENTORIES
Inventories consist of:
2014
Project
Product
Product of IBM
Product of EMC
Product of SUN
Product of HP
2013
2012
182,810,362,056
70,048,706,557
123,577,552,477
111,726,788,218
53,895,072,596
22,971,356,755
15,137,551,270
110,821,910,400
75,972,003,751
37,357,635,774
-
64,302,447,760
15,836,679,079
9,153,125,109
-
41
7. INVENTORIES (continued)
2014
Product of Oracle
Product of Notebook
Product of Exadata
Product of Huawei
Product of Ruckus
Product of VMware
Product of DELL
Product of Checkpoint
Product of PC
Product of Sophos
Product of Red Hat Enterprise Linux
Product of Riverbed
Product of Fortinet
Others (each below Rp 600 million)
2013
2012
12,380,747,471
9,537,393,462
5,780,985,713
4,730,123,281
3,678,812,083
3,568,258,729
2,681,082,897
2,185,084,762
1,650,066,737
1,299,023,124
872,779,052
220,360,876
134,722,300
4,146,263,321
6,310,457,578
10,884,974,129
5,730,200,029
4,062,503,324
4,035,586,667
218,782,180
7,183,788,500
1,211,428,002
1,691,365,381
1,863,132,170
3,212,321,378
1,838,339,174
501,648,999
4,167,713,816
18,398,548,756
3,624,516,265
5,772,527,209
900,646,132
5,495,685,527
1,108,048,840
8,306,032,696
4,070,068,916
747,044,075
34,068,750
970,183,998
1,137,919,171
661,554,759
5,752,783,815
Subtotal
Inventories in progress
439,406,834,703
-
347,112,497,809
1,534,224,450
269,849,433,334
1,474,082,551
Total
439,406,834,703
348,646,722,259
271,323,515,885
Inventories used as collateral for bank loan amounted to Rp 20,200,000,000 and USD 11,700,000
(equivalent to Rp 165,748,000,000) in 2014, Rp 34,137,114,245 and USD 11,700,000 (equivalent to
Rp 176,748,414,245) in 2013 and Rp 27,009,714,689 and USD 7,700,000 (equivalent to
Rp 101,468,714,689) in 2012 (Note 15 and 21).
Project inventories is a capitalization of expenses incurred relating to project installment or hardware
and software installations, which will recognized as cost of sales based on percentage of completion.
Inventories are insured against losses from fire and other risks under combined blanket policies with
the sum insured amounted to USD 21,110,000 equivalent to Rp 262,608,400,000 in 2014,
USD 34,579,250 equivalent to Rp 421,486,478,250 in 2013 and USD 23,000,000 equivalent to
Rp 222,410,000,000 in 2012.
Based on review of the condition of inventories at the end of year, the management believes there is
no impairment and obsolescence in 2014, 2013, and 2012, therefore no provision for impairment and
obsolescene required.
8.
ADVANCES AND PREPAID EXPENSES
Details of advances and prepaid expenses are as follows:
2014
Advances
Project
Purchase of fixed assets
Employees
Other
Prepaid expenses
Rent
Repair and maintenance
Insurance
Others
Total
2013
2012
123,602,410,128
119,693,677,251
17,977,766,483
1,384,479,166
43,377,523,662
300,495,786,556
13,334,047,670
1,335,783,357
10,752,080,251
23,283,836,514
4,777,732,166
1,201,006,995
3,692,327,584
3,572,845,864
2,965,844,569
2,061,676,231
2,061,259,505
3,058,535,542
3,051,862,196
1,108,556,288
2,489,733,813
1,487,877,558
274,951,027,276
366,714,798,488
45,100,823,585
42
8.
ADVANCES AND PREPAID EXPENSES (continued)
Project advance represents advance payment to suppliers for hardware or software purchase related
with hardware or software installation project.
Repair and maintenance advance as of December 31, 2014 are annual prepayment of maintenance
for Temenos Bulk Licence which purchased by the Company from Temenos.
9.
RESTRICTED TIME DEPOSITS
Consist of:
2014
Rupiah
The Hongkong and Shanghai Banking
Corporations Ltd.
Citibank, N.A.
(USD 1,013,193 in 2014 and
USD 301,619 in 2013)
(USD 600,000 in 2014, USD 601,206
in 2013 and USD 600,749 in 2012)
(USD 578,905 in 2014, USD 297,944
in 2013 and USD 718,566 in 2012)
The Hongkong and Shanghai Banking
Corporations Ltd.
(USD 306,292 in 2014 and USD 711,821
in 2013)
PT Bank Permata Tbk
(USD 295,586 in 2014, USD 60,703
in 2013 and USD 60,333 in 2012)
Total
2013
2012
1,900,000,000
-
-
12,604,125,396
3,676,439,110
-
7,464,000,000
7,328,100,178
5,809,245,248
7,201,580,564
3,631,641,617
6,948,528,965
3,810,273,409
8,676,389,704
-
3,677,086,659
739,903,260
583,418,176
36,657,066,028
24,052,473,869
13,341,192,389
Time deposits are pledged as collateral for short term bank loan (Note 15).
The restricted time deposits bear interest ranges from 0.20% - 6.50% per year in 2014, 0.20% - 2.00%
per year in 2013 and 0.15% - 2.00% per year in 2012.
10. INVESTMENT IN ASSOCIATE COMPANY
This account represent investment of SMI, a Subsidiary, in PT Technetindo Utama (Technet), of 1,800
shares with a par value of Rp 500,000 per shares or equivalent to Rp 900,000,000. Mutation of
investment in Technet are as follows:
2014
2013
2012
Beginning balance
Portion of current year net loss
1,119,025,029
(27,249,105)
1,156,512,635
(37,487,606 )
1,284,021,773
(127,509,138)
Ending Balance
1,091,775,924
1,119,025,029
1,156,512,635
SMI has no control over its investment in Technet, therefore the financial statements of Technet are
not consolidated. The investment is recognized using equity method. Portion of net earnings of
Associate reflects (0.03%), (0.05%) and (0.21%) of the total consolidated comprehensive income in
2014, 2013, and 2012 (an amount that is not material), presented as part of other income in the
consolidated statement of comprehensive income.
43
11. OTHER LONG-TERM INVESTMENT
On December 3, 2013 this account express NPP, Subsidiary, indirectly ownership through CTI, in
8,500 shares of PT Solusi Paramitra with percentage of ownership of 17% with par value of
Rp 1,000,000 per shares or equal to Rp 8,500,000,000. The equity instruments are not quoted in an
active market and cannot be measured reliably, therefore the fair value of this instruments are
recorded at cost.
Based on Notarial Deed No. 48 dated December 24, 2014 of Myra Yuwono, S.H., CTI, Subsidiary
direct ownership sales their ownership on NPP to PT Mitra Sejajar, third parties.
12. FIXED ASSETS
Details of fixed assets of the Group are as follows:
2014
Beginning
Balance
Cost
Direct ownership
Land
Buildings and
improvements
20,095,709,399
Addition
(Deduction) of
Subsidiaries
-
Addition
30,175,183,195
31,499,617,073
44
Deduction
Reclasification
-
Ending Balance
-
50,270,892,594
12.
FIXED ASSETS (continued)
2013
Beginning
Balance
Addition
Deduction
Reclassification
Ending Balance
Accumulated Depreciation
Direct ownership
Buildings and improvements
Furnitures and office
equipments
Vehicles
Computers
Lease
Vehicles
Total Accumulated
Depreciation
3,644,642,717
1,629,476,718
-
-
5,274,119,435
50,718,489,902
4,648,735,381
35,689,705,500
9,417,512,812
1,497,041,796
10,081,947,244
592,384,289
1,164,437,630
1,266,764,727
288,203,935
-
59,543,618,425
5,269,543,482
44,504,888,017
404,802,121
546,451,820
-
95,106,375,621
23,172,430,390
3,023,586,646
Book Value
93,635,472,036
(288,203,935 )
-
663,050,006
115,255,219,365
138,659,681,754
2012
Beginning
Balance
Cost
Direct ownership
Land
equipments
Vehicles
Computers
Assets under construction
Buildings
Lease
Vehicles
Total Cost
Addition
Deduction
Reclassification
Ending Balance
2,954,891,854
23,471,942,742
17,140,817,545
1,526,319,735
-
946,442,000
20,095,709,399
25,944,704,477
59,940,623,514
4,827,802,134
40,344,925,153
6,681,247,650
1,805,327,368
20,415,381,258
965,433,748
825,294,000
3,819,632,800
1,207,800,000
-
65,656,437,416
7,015,635,502
56,940,673,611
1,095,442,000
11,470,429,479
-
(946,442,000 )
11,619,429,479
1,766,057,773
134,401,685,170
911,000,000
59,950,523,035
5,610,360,548
(1,207,800,000 )
-
1,469,257,773
188,741,847,657
Accumulated depreciation
Direct ownership
equipments
Vehicles
Computers
Lease
Vehicles
Total Accumulated
Depreciation
2,398,277,042
1,246,365,675
-
-
3,644,642,717
43,327,398,703
3,602,686,715
31,693,502,445
8,202,701,625
950,606,499
4,951,111,256
811,610,426
559,557,833
954,908,201
655,000,000
-
50,718,489,902
4,648,735,381
35,689,705,500
776,741,715
283,060,406
-
81,798,606,620
15,633,845,461
2,326,076,460
Book Value
52,603,078,550
(655,000,000 )
-
404,802,121
95,106,375,621
93,635,472,036
The detail of gain on sale of fixed assets areas follows:
Cost
Accumulated depreciation
Net book value of fixed assets
Proceeds from sale of fixed assets
2014
2013
2012
7,877,189,517
(3,694,126,932)
3,332,450,092
(3,023,586,646 )
1,790,727,749
(1,371,168,259)
4,183,062,585
4,834,526,344
Gain (loss) on sale of fixed assets
651,463,759
308,863,446
219,547,370
419,559,490
570,059,490
(89,316,076 )
150,500,000
Depreciation for the years ended on December 31, 2014, 2013, and 2012 are recognized in:
2014
2013
Cost of sales (Note 29)
General and administration (Note 31)
Other assets
12,442,198,151
11,319,059,906
370,005,510
12,016,635,671
10,212,028,053
943,766,665
7,403,294,130
7,979,387,622
251,163,709
Total
24,131,263,567
23,172,430,389
15,633,845,461
45
2012
12. FIXED ASSETS (continued)
As of December 31, 2014, 2013, dan 2012, some of the fixed assets of the Company, KPSG and CTI
were used as collateral for the loan received from PT Bank Central Asia Tbk, PT Bank Permata Tbk,
PT ANZ Indonesia Tbk, The Hongkong and Shanghai Banking Corporation Ltd, PT Bank DBS
Indonesia, PT Bank Resona Perdania, and PT Bank OCBC NISP (Note 15 and 21).
Land located on Jl. Scientia Boulevard Kav. 2, Gading Serpong, Tangerang, owned by the Compa is
used as collaterals of loans received from PT Bank Permata Tbk (Note 15).
From construction cost budget as of balance sheet date, the average percentage of completion of
assets under construction has reached approximately 85%, 23% and 5%, respectively as of
December 31, 2014, 2013, and 2012, and is expected to be completed in 2015.
As of December 31, 2014, 2013, and 2012, the Group fixed assets are insured agains fire, riot risk, the
risk of damage, and other risks. Based on insurance policy with sum insured amounting to
Rp 129,859,877,961, Rp 15,204,530,000, and Rp 20,794,328,271, respectively. The management
believes that the sum insured is adequate to cover possible losses on fixed assets insured.
Based on the review, the Group believes there is no situation or circumstances indicate an impairment
of the value of fixed assets as of December 31, 2014, 2013, and 2012.
13. INTANGIBLE ASSETS
Consist of:
2014
Beginning
Balance
Cost
Licenses
Business contract
Hardware business
Trademark
Total Cost
Accumulated Amortization
Licenses
Business contract
Total Accumulated Depreciation
Book Value
Addition
Ending
Balance
Deduction
21,489,533,805
1,320,000,000
330,000,000
23,139,533,805
2,085,391,840
2,085,391,840
-
21,489,533,805
2,085,391,840
1,320,000,000
330,000,000
25,224,925,645
2,482,433,351
2,482,433,351
4,255,599,996
843,133,440
5,098,733,436
-
6,738,033,347
843,133,440
7,581,166,787
20,657,100,454
17,643,758,858
2013
Beginning
Balance
Addition
Ending
Balance
Deduction
Cost
Licenses
Hardware business
Trademark
1,320,000,000
330,000,000
21,489,533,805
-
-
21,489,533,805
1,320,000,000
330,000,000
Total Cost
1,650,000,000
21,489,533,805
-
23,139,533,805
-
2,482,433,351
-
2,482,433,351
Accumulated Amortization
Licenses
Book Value
1,650,000,000
46
20,657,100,454
13. INTANGIBLE ASSETS (continued)
2012
Beginning
Balance
Addition
Ending
Balance
Deduction
Cost
Hardware bussines
Trademark
-
1,320,000,000
330,000,000
-
1,320,000,000
330,000,000
Total Cost
-
1,650,000,000
-
1,650,000,000
Amortization for year ended as of December 31, 2014, 2013, and 2012 recognized in:
2014
2013
2012
General and administration expenses (Note 31)
Differences of foreign exchange currency in
financial statements translation
5,094,417,880
2,482,433,351
-
4,315,556
-
-
Total
5,098,733,436
2,482,433,351
-
Based of Business Transfer Agreement dated March 29, 2014, ATIN, a Subsidiary, with Sepit Soft
Tech Pvt. Ltd., (“Sepit”) a third party, agreed to aquire business contracts and certain Sepit’s assets to
ATIN with transferred value for business contract amounted to USD 175,061. The difference between
net identified assets with transferred value recorded as goodwill (Note 14).
In accordance with the Software Sublicensing Agreement No. L-APC-ID-2013-047075, dated June 28,
2013, the Company agreed to purchased Temenos Software License for islamic banking market
segment amounted to USD 2,000,000,000. Temenos agrees to deliver the Software System and grant
to the Company a non-exclusive right and nontransferable license. This license is valid for 5 years
since the date of agreement.
As described in Notarial Deed by Myra Yowono, S.H.,No. 31 dated August 9, 2012, XDC, purchased
the business of computer hardware from PT Paradise Cipta Solusia mounted to Rp 1,320,000,000.
This business has unlimited benefits which include work systems, organizational systems,
management information and accounting systems, network systems, and sales network.
In accordance with the Notarial Deed by Myra Yowono, S.H., No. 31, dated August 9, 2012, XDC,
purchased the PARADISE trademark from PT Paradise Cipta Solusia mounted to Rp 330,000,000.
Until these financial statements completed, these brands are still in the registration process to the
Directorate General of Intellectual Property of the Republic of Indonesia.
Based on the review, Group management believes there are no situations or circumstances that
indicate impairment of intangible assets as of December 31, 2014, 2013 and 2012.
14. GOODWILL
Details of goodwill as of December 31, 2014, 2013 and 2012 are as follows:
2014
Beginning balance:
PT XDC Indonesia (XDCI)
PT Niagaprima Paramitra (NPP)
PT Virtus Technology Indonesia (VTI)
6,695,000,000
1,345,111,720
99,796,880
47
2013
6,695,000,000
1,345,111,720
99,796,880
2012
7,210,000,000
1,345,111,720
99,796,880
14. GOODWILL (continued)
2014
Addition:
Computrade Technology (M) Sdn.,
Bhd., Malaysia (CTM)
Business Transfer Agreement dari
Anabatic Tachnologies Pvt. Ltd. (ATIN)
Computrade Technology Phillippines
Inc., Philipines (CTP)
Deduction:
PT Niaga Prima Paramitra (NPP)
Total
19,425,690,242
2013
2012
7,302,948,476
-
-
3,139,296,200
-
-
2,188,648,686
-
-
(1,345,111,720 )
-
8,139,908,600
(515,000,000 )
8,139,908,600
On April 21, 2011, CTI, a Subsidiary, has purchased XDCI shares amounting to 350 shares or
equivalent to 6.4%. Then, on July 22, 2011, CTI purchased of 3,500 shares of XDCI, so CTI has 70%
shares on XDCI. On the date of purchase there was difference between the acquisition cost with the
fair value, which the acquisition amounting to Rp 11,060,000,000, and the fair value of the identifiable
assets and liabilities acquired amounting to Rp 3,850,000,000, the difference recorded as goodwill. On
September 28, 2012, CTI sold its ownership of XDCI by 5%, so the CTI ownership on XDCI become
65% and there was deduction of goodwill amounted to 515,000,000.
On June 24, 2009, CTI, a Subsidiary, purchased 6,245 of NPP shares which equivalent to 51.01%. On
the date of purchase there was difference between the acquisition cost with the fair value, which the
acquisition costs amounting to Rp 3,697,500,000, and the fair value of the identifiable asset and
liabilities acquired amounting to Rp 2,352,388,280, the difference has recorded as goodwill in the
consolidated statement of financial position. On December 24, 2014, CTI sold all its shares on NPP to
third parties.
On March 28, 2011, CTI, a Subsidiary, purchased 660 of VTI shares which equivalent to 60%. On the
same date, shareholders of VTI agreed to increase its issued and fully paid in capital from
1,100,000,000 into 5,500,000,000, hence CTI has 70% shares on VTI. On the date of purchase there
was difference between the acquisition cost with the fair value, which the acquisition costs amounting
to Rp 4,050,250,000, and the fair value of the identifiable assets and liabilities acquired amounting to
Rp 3,950,453,120, the difference recorded as goodwill in the consolidated statement of financial
position.
On December 24, 2014, CTI, a Subsidiary, purchased 2,400,000 shares of CTM which equivalent to
60%. On the date of purchase there was difference between the acquisition cost with the fair value,
which the acquisition costs amounting of Rp 6,363,263,000 and the fair value of the identifiable assets
and liabilities acquired amounting to Rp (939,685,476), the difference recorded as goodwill in the
consolidated statement of financial position.
Based on the Business Transfer Agreement dated March 29, 2014, ATIN, a Subsidiary, with Sepit Soft
Tech Pvt. Ltd., ("Sepit") a third party, agreed to acquire business contracts and certain assets of Sepit
to ATIN. The fair value of identifiable net assets at the acquisition date are as follows:
2014
(in USD)
Trade receivables (include unbilled trade receivables)
Equipment and supplies
Intangible asset (Note 13)
337,844
2,768
175,061
Total identifiable net assets at fair value
Goodwill
515,673
263,532
Consideration transferred, representing cash out flow for financial period
779,205
48
14. GOODWILL (continued)
The recoverable amount of the CGU was determined based on value in use calculations. Cash flows
projection used in these calculation were based on financial budgets approved by ATIN covering a five
(5) years periods.
The main assumption in use is:
Growth rate
Discount rate
26% - 45%
15.09%
The following decribes each key assumption on which ATIN has based its cash flow projection to
undertable impairment testing of godwill:
Growth rate - The budget revenue is based on Subsidiary existing capacity and historical growth rate.
Discount rate - The discount rates reflected weighted average cost of capital rate used and is
consistent with forecasts used in industry reports. The discount rate used reflects specific risks related
with ATIN.
On December 16, 2014, CTI, a Subsidiary, purchase shares of CTP amounted to 8,350,000 shares
which equivalent to 28%. Then, on December 24, 2014, CTI increased its investment 9,650,000
shares which equivalent to 32%, hence CTI has 60% shares on CTP. On the date of purchased, there
was difference between the acquisition cost with the fair value, which the acquisition costs amounting
to Rp 4,946,594,502 and the fair value of the identifiable assets and liabilities acquired amounting to
Rp 2,757,945,816, the difference recorded as goodwill in the consolidated statement of financial
position.
Based on the review of the recoverable value of goodwill, management believes there are no
situations or circumstances indicate an impairment of goodwill on December 31, 2014, 2013, and
2012.
15. SHORT-TERM BANK LOANS
Details of short-term bank loans consist of:
2014
2013
2012
PT Bank Permata Tbk
PT Bank ANZ Indonesia
Banking Corporation Limited
PT Bank Resona Perdania
Citibank N.A.
413,129,288,152
80,804,105,959
80,441,344,986
54,584,313,923
478,686,291,994
70,293,989,580
47,936,959,000
19,125,847,661
121,742,411,343
103,358,128,021
69,485,289,555
28,912,176,830
50,542,735,095
34,880,000,000
12,363,471,608
70,491,582,526
39,378,000,000
30,472,500,000
38,434,366,431
34,340,000,000
-
Total
726,745,259,723
756,385,170,761
396,272,372,180
PT Bank Permata Tbk (Permata)
The Company
In 2007, the Company obtained the credit facility from Permata which is used as additional working
capital. This credit facility agreement from Permata has amended several times, the latest amendment
through Letter of Credit Offer No. 297/BP/CRC-WB/VI/2014 dated June 27, 2014. The loan facility from
Permata are as follows:
49
15. SHORT-TERM BANK LOANS (continued)
PT Bank Permata Tbk (Permata) (continued)
The Company (continued)
-
Foreign Exchange Line (FX Line) facilities with maximum amount of USD 500,000 (LER Limit), this
facility can be used together with MCT and Q2, Subsidiaries. This facility will expired on May 25,
2015. As of the date of the completion of financial statements, the facility has not been used.
-
Omnibus Bank Guarantee (BG) / Stand by Letter of Credit (SBLC) facilities with a maximum
amount of USD 5,000,000. This facility will expired on May 25, 2015. This facility can be used
together with MCT, Q2, and other Subsidiaries, as a co-borrower with sublimit maximum of 50% of
the facilities or equivalent to USD 2,500,000. As of the date of completion of the financial
statements, the facility has not been used.
-
Overdraft facility with maximum amount of Rp 2,000,000,000, this facility can be used together with
MCT and Q2, Subsidiaries. This facility will expire on May 25, 2015.
-
Commercial Invoice Financing facility with a maximum amount of USD 7,500,000 (can be draw in
IDR currency) in 2014, USD 5,000,000 in 2013 and USD 4,000,0000 in USD and
Rp 9,580,000,000 in IDR in 2012, this facility can be used togetherwith MCT and Q2, Subsidiaries.
This facility will expire on May 25, 2015.
-
Master Facility in the form of Invoice Financing (Inv-Fin), to support short-term projects and Term
Loan (TL) to support long-term projects with a maximum amount of USD 15,000,000 in 2014 and
USD 8,000,000 in 2013 (can be draw in IDR currency). This facility can be used together with MCT
and Q2, Subsidiaries, with a sublimit of USD 7,500,000 in 2014. This facility will expire on May 25,
2015.
-
Omnibus Term Loan and the Letter of Credit Facility with a maximum amount of USD 22,275,745
in 2014 and 25,000,000 USD in 2013. This facility can be used together with MCT and Q2,
Subsidiaries. The maturity of the facility is 6 (six) months from the date of issuance of Letter of
Credit (LC).
The facilities are secured by:
- Personal Guarantee from Handoko Anindya Tanuadji, Commissioner of the Company, with un-limit
value of the guarantee.
- The Companys‘ inventories (Note 7).
- Trade receivable amounting to Rp 57,500,000,000 (at this time) and will increase amounting to
Rp 108,000,000,000.
- Trade receivable and/or server associated with Bank Mandiri project, with a binding value (Fiducia)
of USD 31,250,0000.
- Land and buildings with an area of 483 m², owned by Handoko Anindya Tanuadji, Commissioner of
the Company, which is located on Jl. Sandalwood Golf No. 23 Karawaci, Tangerang.
- Land and buildings (Anabatic Graha office building) with an area of 2,809.68 m², belong to the
Company located at Jl. Scientia Boulevard Kav. 2, Gading Serpong, Tangerang (Note 12).
- Machineries and equipment financed valued at 125% of each drawdown.
- Corporate guarantee from CTI with value of Rp 88,000,0000,000.
- Cash guarantee deposit cash in form of block of time deposit and/or accounts and/or margin
deposit on behalf of the Company.
50
During the audited loan period, the Company shall perform the following activities:
- Submit annual consolidated financial statements by no later than 180 days after the end of the
reporting period;
- Submit semi-annual financial statements of the Company by no later than 90 days after the end of
the period;
- The Company must be approved by Permata for the following actions:
a. Receive new loans or additional credit facilities from other banks or other financial institutions,
except for loans that are Consumer Loan;
b. Payment of dividends;
- The Company must submit a written notification for changes of management and/or shareholders of
at least one month in advance;
- If the accumulated payment of the bank more than 30% of the total installment of Term Loan
(Facility 8) that has been paid to Permata, then the excess shall be used as a prepayment for
Permata loan facilities. Accelerated payments for these conditions is not subject to penalty;
- The Company shall submit a copy of the invoice from the Company to the bank every year;
- Changes in the ownership of the Company on entities that are in the Group, and also the Bank's
customers.
During the loan period the Company must keep and maintain the financial ratios as follows:
- The minimum current ratio of 1:1;
- The minimum debt service coverage ratio of 1:1;
- The maximum debt to equity ratio of 5:1.
On the facilities above, the interest charged to the Company in 2014, 2013, and 2012 are as follow:
2014
Invoice financing (IDR)
Invoice financing (USD)
Letter of credit (USD)
Overdraft (IDR)
Commercial invoice financing (IDR)
Commercial invoice financing (USD)
Term loan (IDR)
Term loan (USD)
12.50%
6.50%
6.25%
12.75%
12.50%
6.50%
12.75%
6.75%
2013
12.25%
6.25%
-%
12.50%
12.25%
6.25%
12.50%
6.50%
2012
10.50%
5.75%
-%
11.00%
10.50%
5.75%
10.75%
6.00%
The details of the Company’s shot-term bank loan from Permata as of December 31, 2014, 2013 and
2012 are as follows:
2014
Term loan
Commercial invoice financing
Invoice financing
Rupiah
Commercial invoice financing
Invoice financing
Total
2013
2012
221,698,165,245
57,042,455,628
20,812,120,000
271,531,243,586
36,571,694,959
32,636,289,092
16,756,480,508
-
23,295,249,431
2,147,960,509
19,309,742,530
4,295,921,041
18,464,284,084
-
324,995,950,813
364,344,891,208
35,220,764,592
51
PT Karyaputra Suryagemilang (KPSG)
Based on the Credit Offering Letter No.083/BP/CRC-WB/III/2012 dated March 8, 2012, KPSG, a
Subsidiary, obtained an overdraft facility with a maximum amount of Rp 3,000,000,000. The facility
was used as additional working capital. The interest rates is 11.50% per year. This facility expired on
February 18, 2014. Based on the amendment of banking credit facility agreement
No. KK/14/0725/ADD/CGVC dated April 17, 2014, Permata agreed to extend the term of loan until
March 25, 2015. The interest rate is 12.50% per year, until December 31, 2014, this facility has not
been used.
Based on the amendment of banking credit facility agreement No. KK/14/0725/ADD/CGVC dated
April 17, 2014, Permata agreed to give Bank Guarantee facility with maximum amount of
Rp 1,500,000,000 which will expire on March 25, 2015. Until the date of completion of the consolidated
financial statements, this facility has not been used.
PT Computrade Technology International (CTI)
Based on the Credit Offering Letter No.2214/BP/CRC-WB/VI/2012 dated June 6, 2012, CTI, a
Subsidiary, obtained the Revolving Loan facility from Permata with maximum credit limit amounting of
Rp 17,500,000,000.
Based on the Credit Offering LetterNo.362/BP/CRC-WB/VIII/2013 dated August 26, 2013, CTI, a
Subsidiary, obtained the facilities as follow:
- Overdraft facilitywithmaximum creditlimit amount of USD 1,000,000. Until date of the completion of
the consolidated financial statements, this facility has not been used.
- Revolving Loan facilitywith maximum credit limit amount of Rp 17,500,000,000.
- Term Loan facilitywith maximum credit limit amount ofRp 66,000,000,000.
These credit facilities expired on February 18, 2014.
On April 17, 2014, this facility has been extended with the provision of banking facilities Agreement
Addendum No. KK/14/0715/ADD/CGVC. This credit facilities will expire on February 18, 2015. Until
date of the completion of the consolidated financial statements, the extension of this agreement is still
in process.
For these facilities, CTI, a Subsidiary, provide a guarantee in the form of:
a. Land SHGB No. 149, and SHGB No. 144 & 146.
b. Trade payable of BPT amounted to USD 2,400,000.
c. Corporate guarantee from the Company.
During the loan period, CTI shall perform the following activities:
1. Submit audited financial statements as of December, no later than 180 days after the end of the
reporting period.
2. Submit financial statements (internal) as of June, no later than 150 days after the end of the
reporting period.
3. CDT shall obtain approval from Permata for the following action:
a. Getting a new credit facility from other banks or other financial institutions.
b. Other obligations as mentioned in the General Terms and Conditions.
4. Inform to the Bank with writen notification, if there any distribution or dividend announcement no
later than 30 days before the incident referred.
During the loan period, CTI must keep and maintain the financial ratios as follows:
- The maximum debt-to-equity ratio of 5:1.
52
PT Computrade Technology International (CTI) (continued)
On the facilities above, the interest charged to CTI in 2014, 2013, and 2012 are as follows:
2014
Revolving loan - IDR
Revolving loan - USD
Term loan - IDR
Term loan - USD
12.50% - 12.75%
6.25% - 6.75%
12.50% - 12.75%
6.25% - 6.75%
2013
11.00% - 12.5%
5.75% - 6.25%
11.50% - 12.00%
5.75% - 6.25%
2012
11.25%
6.00% - 6.25%
6.0% - 6.25%
The details of the CTI shot-term bank loan from Permata as of December 31, 2014, 2013 and 2012 are
as follows:
2014
2013
2012
Rupiah
Term loan
Revolving loan
49,071,091,541
9,000,000,000
7,875,000,000
12,725,000,000
3,500,000,000
Total
58,071,091,541
20,600,000,000
3,500,000,000
Based on the Credit Offering Letter No. 217/BP/CRC-WB/VI/2012 dated June 6, 2012, NPP, a
Subsidiary, obtained the overdraft facility from Permata with maximum credit of Rp 1,500,000,000.
This credit facility expired on February 18, 2013.
On April 15, 2013, this facility has been amended by the Credit Offering Letter No.135/BP/CRCWB/IV/2013, which NPP, a Subsidiary, obtained overdraft facility from Permata amounting to
USD 2,000,000. This credit facility expired on March 25, 2014.
On these facility, the interest charged to NPP in 2013 and 2012 are 5.75% - 6.5% and 6.25%,
respectively.
Total bank loan balance obtained by the Company from Permata as of December 31, 2013 and 2012
amounting to Rp 1,720,197,610 and Rp 2,402,064,101, respectively. NPP, a Subsidiary has
deconsolidated on December 24, 2014 (Note 1b).
Based on the Credit Offering Letter No.291/BP/CRC-WB/VI/2012 dated July 10, 2012, XDCI,
aSubsidiary, obtained Invoice Financing facility from Permata with maximum credit limit of
USD 3,500,000. This facility expired on February 18, 2013.
On May 6, 2013, this facility was amended by Credit Offering Letter No.190/BP/CRC-WB/V2013,
where XDCI, a Subsidiary, obtained Revolving loan facility from Permata with maximum credit limit of
USD 4,000,000 and Rp 14,625,000,000. This facility expired on March 25, 2014.
On April 10, 2014, this facility has been extended with a Credit Offering Letter No.150/BP/CRCWB/IV/2014, XDCI, a subsidiaries, obtained facilities as follows:
- Loan Revolving facility with maximum credit limit of USD 4,000,000 and Rp 20,000,000,000.
- Forex Line facility with maximum market risklimit of USD 150,000, until the completion date of the
consolidated financial statement, this facility has not been used.
53
PT XDC Indonesia (XDCI) (continued)
-
Adviced Pre-Appoved facility with maximum market risk limit of USD 400,000, until the completion
date of the consolidated financial statement, this facility has not been used.
This credit facility will expire on February 18, 2015, until the completion date of the consolidated
financial statement, the extension of this agreement is still in process.
For these facilities, XDCI, a Subsidiary, provide a guarantee in the form of:
a. XDCI trade receivables and inventories amountingto Rp 85,750,000,000.
b. Corporate guarantee from CTI.
During the loan period, XDCI must perform the following activities:
1. Submit audited financial statements as of December no later than 180 days after the end of the
reporting period.
2. Submit financial statements (internal) as of June no later than 150 days after the end of the
reporting period.
3. XDCIl shall obtain approval from Permata for the following action:
During the term of the loan, CTI must keep and maintain the financial ratios as follows:
- The minimum current ratio of 1,2:1;
- The minimum debt service coverage ratio of 1,5:1;
- The maximum debt-to-equity ratio of 5:1
On the facilities above, the interest charged to XDCI in 2014, 2013, and 2012 are as follows:
2014
Rupiah
Revolving loan
Revolving loan
2013
2012
12.50% - 12.75%
11.00% - 11.25%
-
6.50% - 6.75%
5.75% - 6.25%
6.00%
The details of the XDCI shot-term bank loan from Permata as of December 31, 2014, 2013 and 2012
are as follows:
2014
Rupiah
Revolving loan
Revolving loan
Total
2013
2012
3,316,245,798
12,103,848,302
-
-
30,593,835,035
33,844,854,660
3,316,245,798
42,697,683,337
33,844,854,660
PT Blue Power Technology (BPT)
Based on the Credit Offering Letter No.215/BP/CRC-WB/VI/2012 dated June 6, 2012, BPT, a
Subsidiary, obtained the Invoice Financing facility from Permata with maximum credit limit of
USD 3,000,000. This credit facility expired on February 18, 2013.
54
PT Blue Power Technology (BPT) (continued)
Based on the the Credit Offering Letter No.KK/13/0824/AMD/CGVC dated February 18, 2013, BPT, a
Subsidiary, obtained the Invoice Financing facility from Permata with maximum credit limit of
USD 3,000,000. This credit facility expired on February 18, 2014.
On 17 April 2014 this facility has been extended with the agreement No. KK / 14/0712 / AMD / CGVC,
which BPT obtained the facilities as follows:
- Financing facility with maximum credit limit of USD 3,000,000.
- Foreign Exchange transaction facility from Permata with maximum credit risk limit of USD 500,000.
This credit facility will expire on February 18, 2015.
For these facilities, BPT, a Subsidiary, provide a guarantee in the form of:
a. Trade receivables of BPT, a Subsidiary of USD 3,000,000.
b. Corporate guarantee from CTI.
During the term of the loan, BPT must keep and maintain the financial ratios as follows:
- The maximum debt-to-equity ratio of 6:1.
On the facilities above, the interest charged to BPT in 2014, 2013, and 2012 are as follows:
55
PT Central Data Technology (CDT) (continued)
On September 9, 2014, this facility has been amended by Credit Offering Letter of Banking Facility
No.414/BP/CRC-WB/IX/2014, the Bank and CDT has agreed to change the terms and conditions
which state in the Loan Agreement by signing Amendment first Loan Agreement, which consists of:
a. Buyer Invoice Financing (Buyer IF) facility, with maximum credit limit of USD 2,000,000.
b. Revolving Master Plafond (MP)facility, with maximum credit limit of USD 2,000,000.
c. Foreign Exchange Line (FX Line), facility, with maximum credit limit of USD 500,000.
d. Bank Guarantee (BG), facility, with maximum credit limit of USD 2,000,000.
These credit facility will be expired on Februari18, 2015.
For these facilities, CDT, a Subsidiary, provide a guarantee in the form of:
a. Trade receivables of CDT amounting toUSD 2,500,000.
b. Corporate guarantee from CDT.
During the loan period, CDT must perform the following activities:
1. Submit audited financial statements as of December no later than 180 days after the end of the
reporting period.
2. Submit financial statements (internal) as of June no later than 150 days after the end of the
reporting period.
3. CDT shall obtain approval from Permata for the following action:
During the loan period, CDT must keep and maintain the financial ratios as follows:
- The maximum debt-to-equity ratio of 6:1
On the facilities above, the interest charged to CDT in 2014, 2013, and 2012 are as follows:
2014
Buyer Invoice Financing
2013
6.25% - 6.50%
2012
5.75% - 6.25%
6.00%
The details of the CDT shot-term bank loan from Permata as of December 31, 2014, 2013 and 2012
are as follows:
2014
2013
2012
Buyer Invoice Financing
-
20,618,424,840
41,601,277,990
Total
-
20,618,424,840
41,601,277,990
During the term of the loan, CTI, NPP, XDCI, CPM, and CDT, the Subsidiaries should not do the
following activities, unless informed in writen notification no later than 14 days to Bank:
a. Making changes to the composition of the board of directors and or commissioners.
b. Receive a loan or any form of financial facilities which can affect the ability of the Customer's
payment obligations to the Bank.
56
PT Central Data Technology (CDT) (continued)
c. Sell, lease, transfer, alienate, abolish, offers most or all assets of the Customer in any way and also
to any party.
d. Make any changes to the articles of association of the Customer.
In 2011, VTI, a Subsidiary, obtained Standby Letter of Credit-1 (SBLC-1) facility, with maximum facility
amount of USD 1,000,000, the facility interest rate is 2% and will expire on October 4, 2015, until the
completion date of the consolidated financial statement, this facility has not been used.
PT Bank OCBC NISP (NISP)
The Company
In 2008, the Company obtained a loan facility from NISP is used as additional working capital.
Agreement on loan from NISP has been amended several times, the latest amendment through the
Offering Addition and Extension of Credit Facility Period No.365/CBL/PPP/XI/2014 dated November 6,
2014. The loan facility from NISP is as follows:
-
Overdraft facility with maximum amount of Rp 3,000,000,000 which will expire on October 6, 2015.
-
Demand Loan Facility 1 with maximum amount of USD 8,405,409 in 2014 and 2013, and
USD 10,733,226 in 2012, which will expire on October 6, 2015.
-
Demand Loan Facility 2 with maximum amount of Rp 9,500,000,000, this facility is used to finance
projects the Company, which will expire on October 6, 2015.
-
Demand Loan Facility 3 with maximum amount of USD 4,136,313, the facility used for financing
the Company.
-
FX-Line Loan Facility (FX) with a maximum amount of USD 2,000,000 which will expire on
October 6, 2015.
-
Bank Loan Guarantee Facility with maximum amount of USD 1,000,000, this facility will expire on
October 6, 2015.
- Personal guarantee of Handoko Anindya Tanuadji, the Company shareholders.
- Land and buildings located at Jl. Nusantara V Block J 4, Sunter Agung, North Jakarta, owned by
Handoko Anindya Tanuadji, shareholders of the Company.
- Land and buildings located in condominium Carita Beach South, Ground Floor No. 9150, Carita
Resort, Banten, owned by Handoko Anindya Tanuadji, shareholders of the Company.
- Deposit on behalf of Handoko Anindya Tanuadji, shareholders of the Company amounting to
Rp 350,000,000.
- Trade receivables amounting to Rp 2,500,000,000 (Note 5).
- The Statement Letter of the Company are approved which a case of late payment from end users
on contracts financed by the NISP then such payment shall be the responsibility of the Company.
57
PT Bank OCBC NISP (NISP) (continued)
Related with this facility, without the approval of the NISP, the Company is not allowed to:
- Dissolve and end the Company operations;
- Paying dividends to shareholders;
- Decline in capital the Company.
During the loan period the Company must keep and maintain the financial ratios as follows:
- The minimum debt service coverage ratio of 5:4;
- The maximum debt to equity ratio of 9:2.
On the facilities above, the interest charged to the Company in 2014, 2013, and 2012 are as follow:
Overdraft
Demand loan 1
Demand loan 2
Demand loan 3
FX Line
2014
2013
12.25%(IDR)
6.00%(USD)
12.25%(IDR)
6.00%(USD)
6.00%(USD)
11.75%(IDR)
6.00%(USD)
11.75%(IDR)
- %
6.00%(USD)
2012
10.25% (IDR)
10.25%(IDR)
10.25%(IDR)
6.00%(USD)
6.00%(USD)
The details of the Company’s shot-term bank loan from NISP as of December 31, 2014, 2013 and
2014
Demand loan 1
Demand loan 3
Rupiah
Demand loan 2
Overdraft
Total
2013
2012
58,831,257,454
11,647,730,113
36,283,478,252
-
73,775,205,290
-
9,498,127,512
826,990,880
32,760,130,772
1,250,380,556
29,582,922,731
-
80,804,105,959
70,293,989,580
103,358,128,021
PT ANZ Indonesia (ANZ)
Based on the amendment of the bank credit facility agreement No. 303/TM/COM-Amend/11/2012
dated November 26, 2012, CTI, a Subsidiary, obtained Trade Finance Loan and Revolving Loan
facilities from ANZ with maximum credit limit of USD 8,000,000, which can be use together with CTI,
BPT, CDT, and VTI, the Subsidiaries.
Based on the amendment of the bank credit facility agreement No. 422/TM/COM-Amend/06/2013
dated June 17, 2013, CTI, a Subsidiary, obtained Trade Finance Loan and Revolving Loan facility with
maximum credit limit of USD 10,000,000 that can be use together with by CTI, BPT, CDT, and VTI, the
Subsidiaries. This credit facility expired on June 22, 2014
On August 12, 2014 this facility has been amended by agreement No. 652/TM/COM-Amend/08/2014,
which CTI, a Subsidiary,obtained Trade Financing and Revolving Loan with maximum credit limit of
USD 9,365,000 which can be use together with by CTI, BPT, VTI, CDT, XDC, and HIN , the
Subsidiaries. This credit facility will expire on June 17, 2015.
58
PT ANZ Indonesia (ANZ) (continued)
For these facilities, CTI, provide a guarantee in the form of:
a. Trade receivables and inventories of BPT amounted to USD 2,000,000.
b. Trade receivables and inventories of CDT amounted to USD 2,000,000.
c. Trade receivables and inventories of VTI amounted to USD 640,000.
d. Trade receivables and inventories of XDCI amounted to USD 360,000.
e. Corporate guarantee from the Company.
During the loan period, CTI, a Subsidiary should not do the following activities, unless informed in
writen notification no later than 14 days:
a. Received an additional loan from the bank at a later date.
b. Make changes to the composition of directors and commissioners.
c. Paying dividends to a maximum of 10% of the total retained earnings of CTI, a Subsidiary
On the facilities above, the interest charged to CTI in 2014, 2013, and 2012 are as follows
2014
Trade Financing Loan
Revolving Loan
2013
4.50% - 5.25%
4.50% - 5.25%
4.50% - 5.25%
4.50% - 5.25%
2012
4.50% - 5.25%
4.50% - 5.25%
The details of the CTI shot-term bank loan from ANZ as of December 31, 2014, 2013 and 2012 are as
follows:
2014
VTI
BPT
HIN
XDCI
CDT
Rupiah
BPT
Total
2013
2012
20,203,368,848
35,454,000,000
15,487,635,792
8,425,540,346
870,800,000
1,292,034,000
5,972,610,000
16,272,315,000
9,531,289,555
59,954,000,000
-
-
24,400,000,000
-
80,441,344,986
47,936,959,000
69,485,289,555
PT Bank DBS Indonesia (DBS)
Based on DBS bank facility agreement No.195/STC-DBSI/IV/2012 dated April 26, 2012, CTI, obtained
Accounts Payable Financing and Accounts Receivable Financing facilitiesfrom DBS with maximum
credit limit of USD 6,000,000 which can be use together with CTI, BPT, CDT, VTI, and NPP, the
Subsidiaries. This facility has been extended with the agreement No. 048/MA-DBSI/IV/2013 dated
April 3, 2013 and expired on April 27, 2014.
On July 25, 2014, this facility has been amended by agreement No. 427/STC-DBSI/VII/2014, which
CTI obtained Payable Financing and Receivable Financing facilities from DBS with maximum credit
limit of USD 6,000,000 which can be use together with CTI, BPT, VTI, CDT, NPP, and XDC, the
Subsidiaries. This credit facility will expire on April 27, 2015.
59
PT Bank DBS Indonesia (DBS) (continued)
a. Trade receivables and inventories of BPT amounted to USD 1,500,000.
b. Trade receivables and inventories of CDT amounted to USD 1,500,000.
c. Trade receivables and inventories of VTI amounted to USD 700,000.
During the loan period, CTI, a Subsidiary should not do the following activities:
a. Change the shareholding structure of CTI.
b. Changing the type of business of CTI.
c. Change the shape and/or the legal status of customers, liquidate, merge, merge and/or dissolve
and/or do other things for the benefit of its creditors, including issuing new shares or selling stocks
that have been there.
d. Binds it self as a guarantor of a third party.
e. Create and sign an agreement that is material favorable members of the Board of Directors,
Commisioners or Shareholders of CTI.
f. Lead or agree to result in capital expenditure.
2014
Account Payable Financing
Account Receivable Financing
Rupiah
Account Receivable Financing
2013
2012
2.80% - 6.0%
2.80% - 6.0%
5.45% - 6.15%
5.45% - 6.15%
6.00% - 6.25%
6.00% - 6.25%
10.35% - 12.50%
10.35% - 12.50%
10.25%
10.25%
-
The details of the CTI shot-term bank loan from DBS as of December 31, 2014, 2013 and 2012 are as
follows:
2014
VTI
XDCI
CDT
BPT
Rupiah
CDT
BPT
VTI
Total
2013
2012
20,751,573,898
8,598,590,178
-
13,249,250,292
5,876,597,369
-
8,633,428,025
10,608,748,805
9,670,000,000
20,114,490,897
3,629,836,273
1,489,822,677
-
-
54,584,313,923
19,125,847,661
28,912,176,830
60
The Hongkong and Shanghai Banking Corporation Ltd. (HSBC)
Based on the amendment of the bank credit facility agreement No.JAK/120809/U/120827 dated
August 31, 2012, CTI obtained Supplier Financing, Receivable Financing, and the Revolving Loan
from HSBC with maximum credit limit of USD 6,000,000 which can be use together with CTI, BPT,
CDT, and VTI, the Subsidiaries.
On July 1, 2013, this facility has been amended by agreement No.JAK/130447/U/30520, whichCTI
obtained Supplier Financing, Receivable Financing, and Revolving Loan with maximum credit limit of
USD 7,000,000 for the combined loans in United States Dollar and Rp 30,000,000,000 for a combined
limit in Indonesian Rupiah which can be use together with CTI, CPM, CDT and VTI, the Subsidiaries.
This credit facility expired on June 30, 2014.
On July 10, 2014, this facility has been amended by agreement No.JAK/140643/U/140619, which CTI
and HSBC have agreed to add XDCI, NPP, and HIN, the Subsidiaries as a debtor. The Debtor
obtained Supplier Financing, Receivable Financing, and Revolving Loan with maximum credit limit of
USD 7,000,000 for a combined limit loans in United States Dollars and Rp 30,000,000,000 for a
combined limit in Indonesian Rupiah which can be use together with CTI , CPM, VTI, CDT, XDC, NPP,
and HIN. This credit facility will expire on June 30, 2015.
a. Trade receivables of BPT, CDT and VTI with a total of USD 10,000,000.
b. Corporate guarantee from CTI, a Subsidiary.
During the term of the loan, CTI, a Subsidiary should not do the following activities:
a. Create, assume or permit to exist any mortgage, pledge, encumbrance,lien, charge of land or
such, or such other security interest up on any of its property, assets or income wether now owned
or hereafter acquired.
b. Create, incur or suffer to exits any indebtedness except for debt pursuant to this Agreement and
trade debt incurred in the ordinary course of business.
c. Providing a loan or credit to companies or others anyone except for loans independently and
straight forward in everyday business practice.
2014
Supplier Financing
Receivable Financing
Revolving Loan
Rupiah
Supplier Financing
Receivable Financing
Revolving Loan
2013
2012
4.10% - 4.85%
4.10% - 4.85%
4.10% - 4.85%
4.35% - 6.18%
4.35% - 6.18%
4.35% - 6.18%
4.40% - 5.89%
4.40% - 5.89%
4.40% - 5.89%
10.98% - 12.074%
10.98% - 12.074%
10.98% - 12.074%
9.40% - 11.00%
9.40% - 11.00%
9.40% - 11.00%
-
The details of the CTI shot-term bank loan from HSBC as of December 31, 2014, 2013 and 2012 are
as follows:
61
The Hongkong and Shanghai Banking Corporation Ltd. (HSBC) (continued)
2014
Supplier Financing
VTI
BPT
CDT
Revolving Loan
CTI
Rupiah
Supplier Financing
CDT
Total
2013
2012
36,531,849,867
-
3,756,807,526
66,734,775,000
-
10,862,861,030
14,505,000,000
10.890.755.401
12,440,000,000
-
2,175,750,000
1,570,885,228
-
-
50,542,735,095
70,491,582,526
38,434,366,431
PT Bank Resona Perdania (Resona)
The Company
Based on Credit Agreement No. 060284FLH dated September 1, 2006, the Company obtained Credit
Facility 1 from Resona with maximum credit limit of USD 1,000,000 used as additional working capital.
This facility has been extended several times, the latest amendment by The Credit Agreement
No. 060284FLH dated February 27, 2014, Resona agreed to extend the loan period until February 27,
2015 (Note 39). Interest rate amounted to 6.95% in 2014 and SIBOR interest rate plus 2.5% in 2013
and 2012.
Based on Credit Agreement No. 060285RLH dated September 1, 2006, the Company obtained Credit
Facility 2 from Resona with maximum credit limit of Rp 5.000.000.000 used as additional working
capital. This facility has been extended several times, the latest amendment by The Credit Agreement
No. 060285RLH dated February 27, 2014, Resona agreed to extend the loan period until February 27,
2015 (Note 39). Interest rate amounted at 13.97% in 2014 and Bank Indonesia interest rate plus 3% in
2013 and 2012.
Based on the Credit Agreement No.080154RLH dated April 15, 2008, the Company obtained Credit
Facility 3 from Resona with maximum credit limit of Rp 5.000.000.000 used as additional working
capital. This facility has been extended several times, the latest amendment by The Credit Agreement
No. 080154RLH dated February 27, 2014, Resona agreed to extend the loan period until February 27,
2015 (Note 39). Interest rate amounted to 13.97% in 2014 and Bank Indonesia interest rate plus 3% in
2013 and 2012.
Based on the Credit Agreement No.080155FLH dated April 15, 2008, the Company obtained Credit
Facility 4 from Resona with maximum amount of USD 1,000,000 used as additional working capital.
This facility has been extended several times, the latest amendment by The Credit Agreement
No. 080155FLH dated February 27, 2014, Resona agreed to extend the loan period until
February 27, 2015 (Note 39). Interest rate amounted to 6.95% in 2014 and SIBOR interest rate plus
2.5% in 2013 and 2012
62
PT Bank Resona Perdania (Resona) (continued)
For these facilities, the Company, provide a guarantee in the form of:
a. Invoice to third parties amounting to USD 3,000,000.
b. Personal Guarantee Letter from Handoko A. Tanuadji amounted to USD 1,000,000, cover
No. 060284FLH.
c. Personal Guarantee Letter from Handoko A. Tanuadji amounted to Rp 5,000,000,000, cover
No. 060285RLH.
d. Personal Guarantee Letter from Handoko A. Tanuadji amounted to USD 1,000,000, cover
No. 080155FLH.
e. Personal Guarantee Letter from Handoko A. Tanuadji amounted to Rp 5,000,000,000, cover
No. 080154RLH.
loan
loan
loan
loan
During the the loan period, the Company should not do the following activities:
a. Obtaining loans/new credit from the other party and/or binds itself as a guarantor/surety in the form
and by whatever name and / or mortgaging assets of the Debtor to other party.
b. Lend money, including but not limited to related companies, except to run the business.
c. If the debtor is a legal entity:
- Doing, merger, acquisition, equity participation, dissolution/liquidation or ask the company in
declared bankrupt by the Commercial Court.
- Changing institutional status.
d. Conduct transactions with other parties, including but not limited to related companies or to the
shareholders of the Debtor, in ways other than fair reasonable practice.
The details of the Company shot-term bank loan from Resona as of December 31, 2014, 2013 and
2014
Credit Facility No. 60284FLH
Credit Facility No. 080155FLH
Rupiah
Credit Facility No. 060285RLH
Credit Facility No. 080154RLH
Total
2013
2012
12,440,000,000
12,440,000,000
12,189,000,000
12,189,000,000
9,670,000,000
9,670,000,000
5,000,000,000
5,000,000,000
5,000,000,000
5,000,000,000
5.000.000.000
5.000.000.000
34,880,000,000
34,378,000,000
29,340,000,000
On October 30, 2006, KPSG, a
63
PT Bank Resona Perdania (Resona) (continued)
PT Karyaputra Suryagemilang (KPSG) (continued)
This facility is secured by:
2
- The land with an area of 68 m located in Ngindenjangkungan, Sokolilo, Surabaya owned by
KPSG, a Subsidiary.
- Invoice to third parties with the object value / market value of Rp 4,736,673,522.
Citibank, N.A. (Citibank)
Based
on
the
amendment
of
the
bank
credit
facility
agreement
No. CCBSME/JKT/20131209/OL/ 0000550277/0001 dated December 4, 2013, CTI obtained Payable
Financing, Receivable Financing, PSE line and overdraft facilities with maximum credit limit of
USD 10,000,000 which can be use together with CTI, CPM, VTI and CDT, the Subsidiaries. This
facility expired on December 4, 2014.
On December 18, 2014, this facility was amended by the Credit Offering Letter
No. CCBSME/JKT/20141222 / OL / 0000550277/0001, where the CTI received a credit facility Payable
Financing, Receivable Financing, PSE line, and overdraft with a maximum credit limit of
USD 10,000,000 which can be use together with CTI, BPT, VTI, CDT, and CTM, the Subsidiaries. This
facility will expire on December 4, 2015.
a. Trade receivables of BPT, CDT and VTI amounting to USD 6,000,000.
b. Inventories of BPT,CDT dan VTI amounting to USD3,000,000.
c. Corporate Guarantee from the Company.
During the term of the loan, CTI, a Subsidiary should not do the following activities
 Conduct merger or consolidation with another company, or take over most of the assets or shares
of another company, or selling, meyewakan, transfer or in any way release most of the property or
assets without the written consent of the bank.
2014
Payable Financing
Rupiah
Payable Financing
2013
2012
3.99% - 5.00%
4.00% - 4.45%
-
12.00%
-
-
The details of the CTI shot-term bank loan from Citibank as of December 31, 2014, 2013 and 2012 are
as follows:
2014
2013
2012
Overdraft
CTI
Payable Financing
BPT
12,363,471,608
-
-
-
30,472,500,000
-
Total
12,363,471,608
30,472,500,000
-
64
PT Bank Mandiri (Perseroan) Tbk (Mandiri)
The Company
Based on the Credit Offering Letter No.CBC.JPM/SPPK/371/2014 dated June 30, 2014, the Company
obtained the facilities credit as follows:
- Working Capital Loans (WCL) Transactional from Mandiri with maximum limit of USD 2,250,000
were used as additional working capital, interest rate 7.5% per year.
- Non Cash Loan - Sub-Limit of KMK Transactional from Mandiri with a maximum limit of
USD 2,250,000 which was used as the opening SKBDN and LC for the purchase of software and
hardware.
The facilities mentioned above are secured by:
- 1 unit apartment in Scientia Scientia Garden Cluster Residences Tower C, 10th Floor, No. Unit 001,
Jalan Scientia Garden, Serpong, Kab. Tangerang, Banten.
- 1 unit apartment in Scientia Scientia Garden Cluster Residences Tower C, 10th Floor, No. Unit 002,
Jalan Scientia Garden, Serpong, Kab. Tangerang, Banten.
- The Company Inventory (Note 7).
- Personal Guarantee on behalf Handoko A.Tanuadji (Shareholders).
The facilities will expire on June 30, 2015, until the completion date of the consolidated financial
statements, these facilities have not been used.
16. TRADE PAYABLES
This account consists of the payable to:
2014
Third Parties
PT Oracle Indonesia
EMC Information Systems International
Vmwre International Limited
PT IBM Indonesia
Oracle Corporation Malaysia Sdn.,
Bhd., Malaysia
Temenos (NL) B.V.
Finarch Apac Pte., Ltd.
Hewlett Packard Singapore Pte.,
Ltd., Singapore
PT Huawei Tech Investment
Exadata
Avnet Datamation Solution
Oracle Singapore Pte., Ltd.
Ruckus Wireless
PT Synnex Metrodata Indonesia
PT Red Hat Indonesia
IBM Singapore Limited
PT Bian Niaga Batuan
MSI Global Pte., Ltd.
PT Ardigraha Infolestasi
PT Fujitsu Indonesia
Temenos Headquarters SA
PT Reka Piranti Prakarsa
PT Mastersystem Infotama
Dell Global B.V.
PT Prima Integrasi Network
PT Prima Integrasi Solusindo
PT Complus Sistem Solusi
2013
2012
50,367,448,422
41,661,998,012
41,429,528,996
10,609,791,458
51,216,128,669
91,596,279,720
5,083,363,943
7,389,723,977
66,892,275,104
19,283,843,989
7,371,734,291
7,666,948,582
10,232,587,516
9,663,500,850
9,175,924,661
1,544,209,174
6,989,539,733
1,225,080,213
5,749,058,394
8,134,268,942
7,274,116,433
6,017,316,697
5,952,511,667
5,631,550,728
4,910,192,524
4,854,759,950
4,853,723,804
4,331,518,681
4,294,393,785
4,184,521,794
3,857,201,680
3,452,044,839
2,086,307,727
686,425,887
669,383,370
124,362,680
-
2,997,149,204
35,419,613,960
4,291,717,281
2,696,304,325
4,194,123,614
3,337,367,702
1,836,786,738
4,826,152,131
93,162,856,669
957,273,110
30,651,922,120
13,839,359,933
-
14,349,123,565
2,439,108,002
4,465,324,470
7,007,059,451
5,544,649,196
1,915,066,012
4,100,746,360
65
16. TRADE PAYABLES (continued)
2014
2013
2012
41,088,346,097
32,551,616,812
29,650,449,597
Total
Related Parties (Note 6d)
285,543,727,200
211,743,252
394,581,488,815
9,033,479,889
177,660,467,226
432,033,562
Total
285,755,470,452
403,614,968,704
178,092,500,788
The aging of accounts payable are as follows:
2014
2013
2012
Third Parties
0 - 30 days
31 - 60 days
61 - 90 days
More than 90 days
221,025,324,940
22,159,009,835
11,786,711,019
30,572,681,406
336,127,971,748
31,239,620,288
2,346,954,914
24,866,941,865
131,437,115,831
18,596,731,176
12,579,761,769
15,046,858,450
Subtotal
285,543,727,200
394,581,488,815
177,660,467,226
Related Parties
0 - 30 days
31 - 60 days
61 - 90 days
92,850,720
118,892,532
-
8,717,050,041
180,000,000
136,429,848
123,268,732
173,026,616
135,738,214
Subtotal
211,743,252
9,033,479,889
432,033,562
285,755,470,452
403,614,968,704
178,092,500,788
Total
Details of trade payables by currency are as follows:
2014
Rupiah
United StatesDollar (USD 19,546,294
in 2014, USD 24,742,425 in 2013, and
USD 10,260,903 in 2012)
India Rupee (INR 35,035 in 2014)
Malaysia Ringgit (MYR 4,086,087 in 2014)
Philippines Peso (PHP 3,238,483 in 2014)
Great Britain Poundsterling
(GBP 2,185 in 2014)
Euro (EUR250 in 2014, EUR 2,059 in 2013
and EUR 1,809 in 2012)
Total
2013
2012
27,088,363,217
101,994,917,865
78,846,400,157
243,159,630,070
6,866,880
14,554,641,763
899,861,079
301,585,416,840
-
99,222,928,619
-
42,324,193
-
-
3,783,250
34,633,999
23,172,012
285,755,470,452
403,614,968,704
178,092,500,788
66
17. OTHER PAYABLES – THIRD PARTIES
This account comprises other payables to:
2014
Manmohan S Johal
PT Niagaprima Paramitra
KSO Sumarecon
PT Pada Utama Semesta
Total
2013
2012
6,841,564,600
5,101,000,000
4,529,461
7,642,203,681
117,583,861
1,004,359,000
4,029,888,430
12,771,913,915
6,387,751,006
2,992,297,634
19,589,297,742
5,151,831,291
22,151,962,555
Represent debt received from by the Group third parties which will be paid within one year.
Payable to Manmohan S Johal represents loan for cooperation projects sublisensing Temenos T24
which bears interest at 1% per month starting in March 2014 until October 2014 and at 1.25% per
month starting in November 2015 on wards and will be paid by the time the agreement ended which is
December 2015.
18. ACCRUED EXPENSES
This account represents accrued expenses on:
2014
2013
2012
Project
Training
Maintenance and services
Bussines partner reward
Salaries and bonuses
Promotion
Interest
Jamsostek
Professional fee
Licenses
128,848,587,754
42,942,034,539
39,573,180,009
16,873,676,040
16,750,292,246
4,494,388,902
1,329,800,341
499,721,091
465,814,740
13,239,412,807
141,090,176,275
45,537,727,604
47,605,089,998
19,342,732,763
19,870,556,546
2,556,376,275
760,185,266
2,208,576,718
895,782,129
8,790,415,262
6,179,539,556
163,401,580,649
43,061,399,060
30,453,973,620
12,338,947,707
16,408,503,381
513,212,585
875,923,025
1,237,119,840
2,746,595,243
Total
265,016,908,469
294,837,158,392
271,037,255,110
Accrued expenses of the project at accrual cost from implementation of the project and other costs
which incurred related with the project.
19. TAXATION
a. Prepaid Taxes
Consist of:
2014
The Company
Value Added Tax
2013
2012
27,461,561,714
28,604,350,235
12,951,765,084
Subsidiaries
Income tax Article 23
Value Added Tax
2,000,000
6,350,612,592
1,968,207,128
8,149,350,676
1,968,207,128
4,587,525,613
Subtotal
6,352,612,592
10,117,557,804
6,555,732,741
33,814,174,306
38,721,908,039
19,507,497,825
Total
67
19. TAXATION (continued)
b. Taxes Payables
Consist of:
2014
2013
2012
The Company
Income tax:
Article 4 (2)
Article 21
Article 23
Article 25
Article 26
Article 29
39,703,607
564,702,672
619,395,564
49,880,979
1,446,791,776
-
255,911,500
385,654,202
521,292,146
35,077,005
2,009,455,426
168,681,083
101,877,759
270,170,388
277,525,634
38,065,875
1,056,805,150
154,462,814
Subtotal
2,720,474,598
3,376,071,362
1,898,907,620
Subsidiaries
Income tax:
Article 4 (2)
Article 21
Article 23
Article 25
Article 26
Article 29 (in 2014)
Value Added Tax
224,179,516
927,102,742
1,146,137,794
870,834,508
974,596,685
2,881,467,922
13,325,538
13,617,670,437
99,756,147
1,159,014,875
930,529,658
595,726,992
67,447,092
5,698,322,637
838,868
13,325,538
3,728,846,140
88,155,965
1,190,475,101
3,494,206,957
565,332,380
2,514,907,327
2,511,122,898
13,325,538
7,225,419,469
Subtotal
20,655,315,142
12,293,807,947
17,602,945,635
Total
23,375,789,740
15,669,879,309
19,501,853,255
68
d. Current Tax (continued)
2014
Income before income tax
as shown in the consolidated
statements of comprehensive
income
Less:
The Company portion from
Subsidiaries income
Net income of Subsidiaries
before tax expense
Income before income taxes expense
of the Company
Temporary difference:
Allowance for impairment of trade
receivables
Employee benefit
Depreciation of fixed assets
Permanent difference:
Insurance
Transportation
Tax and penalties
Entertainment and donation
Telephone
Interest income already subject
to final tax
The Company portion from
Subsidiaries income
Others
Taxable Income of the Company
2013
2012
111,835,281,017
102,179,390,970
82,471,758,412
42,520,896,802
30,080,838,886
26,894,548,535
(86,211,116,968)
(88,721,258,068 )
(73,388,372,264 )
68,145,060,851
43,538,971,788
35,977,934,683
875,288,429
754,193,000
118,038,228
1,396,274,000
210,524,384
1,710,917,956
750,646,458
544,650,985
354,361,847
229,418,799
1,669,838,305
950,204,116
3,933,212,159
317,938,920
254,660,379
179,971,991
796,047,000
(143,778,794 )
2,062,617,600
267,261,469
342,793,672
240,250,031
-
(259,890,816)
(243,262,180 )
(85,203,911 )
(42,520,896,802)
2,067,540,616
(30,080,838,886 )
1,162,945,011
(26,894,548,535 )
819,241,274
32,769,329,551
23,110,467,996
13,562,586,480
Calculation of tax expense and income taxes payable for the years ended December 31, 2014,
2013 and 2012 are as follows:
2014
2013
2012
Current tax expense
The Company
Subsidiaries
8,192,332,250
23,766,581,647
5,777,617,000
24,241,663,751
3,390,646,500
19,065,322,500
Total Current Tax Expense
31,958,913,897
30,019,280,751
22,455,969,000
9,839,260,257
5,608,935,917
Less prepaid tax:
The Company
69
3,236,18ETBT1 0 0 1 537.48
e. Deferred Tax
The details of the deferred tax assets (liabilities) and deferred tax benefit (expense) based on
temporary differences between commercial and tax financial statements using the applicable tax
rates in 2014, 2013, and 2012 are as follows:
2014
Balance of
January 1, 2014
Deffered Tax
Benefit(Expen
se)
Disposal
ofSubsidiaries
Addition
Subsidiaries
Difference of
Foreign
Exchange
Currency in
Financial
Statements
Translation
Balance of
December 31,
2014
The Company
1,081,503,250
218,822,107
-
-
-
1,300,325,357
105,279,830
(35,353,692)
188,548,250
29,509,557
-
-
-
293,828,080
(5,844,135)
1,151,429,388
436,879,914
-
-
-
1,588,309,302
Fiscal loss
3,943,784,898
314,855,490
(3,943,784,898)
1,171,375,095
2,143,302,758
777,304,731
(591,279,500)
20,314,341
8,841,506
-
1,495,072,091
Liabilities for employee benefits
receivables
Lease
Gain or loss on foreign exchange
Subsidiaries deferred tax assets net
56,544,794
(430,085,427)
(92,627,186)
-
74,137,360
(333,465,545)
(102,385,885)
92,464
6,056,112
-
11,424,357
1,060,419
-
130,682,154
(757,494,860)
(183,588,714)
1,152,883
5,620,919,837
730,538,615
(4,529,008,286)
1,204,174,212
8,841,506
3,035,465,884
Total
6,772,349,225
1,167,418,529
(4,529,008,286)
1,204,174,212
8,841,506
4,623,775,186
receivables
The Company’s deferred tax
assets-net
Subsidiaries
Balance of
January 1, 2013
The Company
receivables
The Company’s deferred tax assets net
2013
Deffered Tax
Benefit (Expense)
2,349,642,330
Balance of
December 31, 2013
732,434,750
349,068,500
1,081,503,250
105,279,830
(87,984,788)
52,631,096
105,279,830
(35,353,692)
749,729,792
401,699,596
1,151,429,388
2,747,785,420
1,244,809,687
1,195,999,478
898,493,071
3,943,784,898
2,143,302,758
50,926,836
(449,400,646)
(346,620,160)
5,617,958
19,315,219
253,992,974
56,544,794
(430,085,427)
(92,627,186)
Subsidiaries deferred tax assets - net
3,247,501,137
2,373,418,700
5,620,919,837
Total
3,997,230,929
2,775,118,296
6,772,349,225
Subsidiaries
Fiscal loss
receivables
Lease
The Company:
receivables
Fiscal loss
The Company’s deferred tax assets -
Balance
January 1, 2012
2012
Deffered Tax
Benefit (Expense)
533,423,000
199,011,750
732,434,750
54,036,826
24,809,347
(52,958,610)
51,243,004
(24,809,347)
(35,026,178)
105,279,830
(87,984,788)
70
Balance of
December 31, 2013
e. Deferred Tax (continued)
Subsidiaries:
Fiscal loss
receivables
Lease
Subsidiaries deferred tax assets - net
Total
Balance
January 1, 2012
2012
Deffered Tax
Benefit (Expense)
Balance of
December 31, 2013
2,259,950,329
868,892,325
487,835,091
375,917,362
2,747,785,420
1,244,809,687
27,555,973
(1,070,039,075)
(298,834,142)
1,787,525,410
23,370,863
620,638,429
(47,786,018)
1,459,975,727
50,926,836
(449,400,646)
(346,620,160)
3,247,501,137
2,346,835,973
1,650,394,956
3,997,230,929
f. Claim for Tax Refund
Consist of:
2014
The Company
Current year
Previous years
Subsidiaries
Current year
Previous years
Total
2013
2012
1,646,928,007
983,067,960
983,067,960
983,067,960
2,263,233,746
1,518,331,680
2,200,142,643
1,604,486,116
468,588,673
3,105,131,069
6,411,561,393
4,787,696,719
4,556,787,702
g. Tax Assessment
On June 27, 2013, VTI received tax assessment result for 2011 claim for tax refund amounted to
Rp 777,799,511. The tax assessments result stated overpayment amounted to Rp 776,605,863
and underpayment of income tax article 21 amounted to Rp 326,400, income tax article 23
amounted to Rp 21,261,242, and value added tax amounted to Rp 625,004,601 with the total
amounts of Rp 646,592,243. The different between claim for tax refund 2011 and the tax
assessment result amounted to Rp 1,293,648 and total underpayment amounted to
Rp 646,592,243 have been recorded in “Tax and Penalties” (Note 31) account as part of “General
and Administration Expense” in consolidated statements of comprehensive income.
Based on Directorat General of Taxation Letter No. KEP-00079.PPH/WPJ.04/KP.1203/2013,
regarding restitution of overpayment to VTI, which decided to compensate the overpayment
amounted to Rp 776,605,863 with the underpayment amounted to Rp 646,592,243. Therefore, VTI
has been received tax restitution amounted to Rp 129,913,620 at July 26, 2013.
PT Xsis Mitra Utama (XMU)
On September 17, 2013, XMU received tax assessment for 2011 corporate income tax amounted
to Rp 462,122,632. The tax examination result stated that the XMU has an overpayment amounted
to Rp 462,122,632. XMU has received the overpayment on October 17, 2013.
71
g. Tax Assessment (continued)
On May 15, 2012, XMU received tax examination result stated income tax amounted to
Rp 105,211,093. The tax examination result stated that XMU has an overpayment amounted to
Rp 105,048,444. XMU compensate the overpayment with underpayment of tax collection letter
(STP/Surat Tagihan Pajak) received during 2012.
On July 1, 2013, NPP received tax assessment for 2011 corporate income tax amounted to
Rp 624,100,391. The tax examination result stated that NPP has an overpayment amounted to
Rp 624,100,390. NPP has received the overpayment on July 31, 2013.
h. Tax Administration
According to the tax laws in Indonesia, the Company, assign and pay the amount of tax owed.
Director General of Taxation (DGT) may assess or amend taxes within ten years from the time the
tax, or the end of 2013, whichever is earlier. New regulation applicable to fiscal year 2008 and
subsequent years stipulating that the DGT may assess or amend taxes within five years from the
time the tax.
On September 23, 2008, the President of the Republic of Indonesia and the Minister of Justice and
Human Rights signed Law No.36 Year 2008 regarding "Fourth Amendment fo Law No. 7 Year
1983 regarding Income Taxes
72
21. LONG-TERM - BANK LOAN
This account consists of:
2014
PT Bank Permata Tbk
Term Loan Facility
Master Plafond - TL Facility
Time Loan Facility
Investment Credit Facility
2013
2012
77,497,619,125
19,056,525,000
-
39,019,506,831
468,926,788
2,382,364,606
-
1,980,000,000
4,140,000,000
Total
96,554,144,125
41,468,433,619
6,522,364,606
Less the current portion :
PT Bank Permata Tbk
Term Loan Facility
Master Plafond - TL Facility
Time Loan Facility
Investment Credit Facility
23,036,219,752
5,364,750,000
-
6,692,054,956
468,926,788
1,913,437,811
-
1,980,000,000
2,160,000,000
Total Current Portion
28,400,969,752
9,140,981,744
4,073,437,811
Long-term Portion
68,153,174,373
32,327,451,875
2,448,926,795
PT Bank Permata Tbk (Permata)
The Company
Based on Banking Credit Facility Agreement No.549/BP/CRC-WB/XII/2013 dated December 19, 2013,
the Company’s long-term bank loans from Permata are as follows:
-
Term Loan 2 Facility
The purpose of this facility is to financing purchase of land in Summarecon Serpong as part of
construction project Graha Anabatic with maximum facility amounting to Rp 11,212,787,801. This
facility will expire on June 25, 2017. Outstanding balance as of December 31, 2014 and 2013 is
amounted to Rp 7,822,875,030 and Rp 10,952,025,300. This facility paid monthly amounted to
Rp 260,762,542.
-
Term Loan 3 Facility
The purpose of this facility is to financing construction project Graha Anabatic in Summareccon
Serpong with maximum facility amounting to Rp 88,000,000,000. This facility expired on
September 29, 2019. Outstanding balance asof December 31, 2014 and 2013 is amounted to
Rp 69,674,744,095 and Rp 28,067,481,531. This facility is paid monthly amounted to
Rp 1,658,922,479.
-
Master Plafond Facility
Master Facility in the form of Invoice Financing (Inv-Fin), to support short-term projects and Term
Loan (TL) to support long-term projects with a maximum amount of USD 15,000,000 in 2014 and
USD 8,000,000 in 2013 (can be drawdown in IDR currency). The interest rate for the facility-Fin Inv
at 6.50% for USD and at 12.50% for Rupiah, while the interest rate TL facility at 6.75% for USD
and at 12.75% for Rupiah.
Term Loan Facility (TL) will expire on October 3, 2017 or at a time agreed on each withdrawal of
the facilities. Outstanding balance TL facility in USD as of December 31, 2014 amounted to
USD 1,531,875 (equivalent to Rp 19,056,525,000).
73
21. LONG-TERM - BANK LOAN (continued)
-
Land and buildings owned by the Company located at Jl. Scientia Boulevard Kav. 2 Gading
Serpong, Summarecon with an estimated market value of Rp 142,740,000,000.
Corporate guarantee from CTI.
During the term of the loan, the Company must perform the following activities:
- Submit audited financial statements December period later than 180 days after the end of the
reporting period;
- Submit a semi-annual financial statements Parent only 90 days later his slow since the end of the
period;
- The Company must be approved by Permata for the following actions:
a. Receive new loans or additional credit facilities from other banks or other financial institutions,
except for loans that are Consumer Loan;
b. Payment of dividends;
- The Company must submit a written notification to the change of management and/or
shareholders of at least one month in advance;
- If the accumulated payment of the bank more than 30% of the total Term Loan installments
already paid to Permata, then the excess shall be used as a prepayment for Jewel loan.
Accelerated payments for these conditions is not subject to penalty;
- The Company shall submit a copy of the invoice from the Company to the Bank Mandiri every
year;
- The changes of ownership over the Company on Subsidiaries in the Group, and also the Bank
customers;
During the period loan, the Company must keep and maintain the financial ratios as follows:
- The minimum current ratioof 1:1;
- The minimum debt service coverage ratio 1:1;
- The maximum debt-to-equity ratio 5:1.
Based on Credit Lending Notification Letter No. KK/10/586/AMD/CGVC dated August 11, 2010, KPSG
obtained Term Loan facility with maximum limit credit of Rp 9,000,000,000. These facilities used for
financing KPSG projects. The loan bears interest at 11.00% per year. Outstanding as of December 31,
2013 and 2012 amounting to Rp 468,926,788 and Rp 2,382,364,606 respectively. This loan was fully
repaid on August 27, 2014
- Corporate guarantee from the Company
- The land located in Ruko Pinangsia Blok M, No. 21, Karawaci, Tangerang,owned by KPSG
- 125% of invoices of receivable on projects which financed by Permata for each withdrawal.
- 125% machineries and equipment which financed by Permata for each withdrawal.
74
21. LONG-TERM - BANK LOAN (continued)
PT Bank Central Asia Tbk (BCA)
Based on the Credit Agreement notarized by Stephanie Wilamarta, SH, No. 29, November 24, 2009,
KPSG obtained investment credit facility with maximum credit limit of Rp 10,800,000,000. These
facilities are used to finance 6 (six) residential units located in the Bidex complex, Bumi Serpong
Damai. The loan bears interest at 10.5% per year. This credit facility will be repaid by installments from
December 24, 2009 until November 24, 2014, with principal installments of Rp 180,000,000.
Outstanding as of December 31, 2013 and 2012 amounting to Rp 1,980,000,000 and
Rp 4,140,000,000 respectively.
Based on Lending Notice No.1476/SOK/WXII/2012 dated July 20, 2012, KPSG obtained Time Loan
Revolving facility with maximum amount of Rp 10,000,000,000 to the loan interest rate of 10.5% per
year. This facility has been extended several times, latest amendment with the Notification Letters of
Credit Provision No.8301/SLK/2014 dated October 21, 2014, BCA agreed to extend the term of the
facility until July 23, 2015. This facility bears interest at 11.75% per year. Until date December 31,
2014, this facility has not been used.
- 6 (six) ruko units owned by KPSG located in Kelurahan Lengkong Gudang, Kecamatan Serpong,
Tangerang, Banten.
- KPSG accounts trade receivable amounting to Rp 10,000,000,000.
During the term of the facility, and whether there are any loan balance to BCA, without the written
consent from BCA, KPSG not allowed to do the following things:
- Obtained new credit facility from other party and/or pledged as guarantor in any form and any
name and/or use the Company's assets/property to other party.
- Pledge money, including to the related parties, except for performing the daily operations.
- Perform consolidation, merger, acquisition and dissolution/liquidation.
- Changing institutional status.
PT Bank Mandiri (Perseroan) Tbk (Mandiri)
The Company
Based on the Credit Offering Letter No.CBC.JPM/SPPK/371/2014 dated June 30, 2014, the Company
obtained Investment Credit to Refinance Asset of the Compnay with a maximum credit limit of
Rp 9,500,000,000, the credit facilities used for financing the assets of the Company in the form of a
guesthouse and employee hostel in Serpong Garden, Taman Telaga Mediterian and Scientia
Residences, which bears interest at 11%. This credit facility term is 36 months. As of the completion
date of consolidated financial statements, this facility has not been used.
- 10 units of buildings and land located at Serpong Garden Cluster Housing Green Park, Block C007
No. 02, 03, 05, 07, 09, 12-16 Cibogo village, district. Cisauk, Kab. Tangerang, Banten which
owned by the Company.
- 7 units of houses and land located at Taman Telaga Mediteranean No. P02/01, Q07/18, Q07/01,
O4/20, Q07/22, P02/42, located in Jln. Citra Raya Boulevard, Kec. Cikupa, Kab. Tangerang,
Banten, which owned by the Company.
- 1 units apartment located at Scientia Scientia Garden Cluster Residences Tower C, 10th Floor,
No. Unit 001, Jln. Scientia Garden, Serpong, Kab. Tangerang, Banten, which owned by the
Company.
th
- 1 unit apartement located at Scientia Garden Cluster Scientia Residences Tower C, 10 Floor,
No. Unit 002, Jln. Scientia Garden, Serpong, Kab. Tangerang, Banten, which owned by the
Company.
75
22. FINANCING PAYABLES
The Group entered a financing agreement for purchase of vehicles with:
2014
2013
2012
Third Parties
PT Bank Panin Tbk
Astra Credit Companies
PT Orix Indonesia Finance
PT Bank International Indonesia Tbk
2,943,091,661
-
2,766,736,133
318,974,993
264,592,471
87,240,375
-
76,489,391
240,111,917
316,531
Related Parties
PT Karunia Multifinance (Note 6f)
1,080,286,697
-
-
Total
Net of current portion
4,023,378,358
1,230,080,851
3,437,543,972
1,037,220,621
316,917,839
180,184,323
Long-term Portion
2,793,297,507
2,400,323,351
136,733,516
23. LEASE PAYABLES
Represents a finance lease payable from PT Orix International Finance as of December 31, 2014,
2013 and 2012 with the following details:
2014
2013
2012
597,561,984
340,627,000
139,725,500
-
Payments due in the year
2013
2014
2015
2016
2017
2,671,589,744
2,170,590,000
1,251,644,000
858,612,999
433,065,500
88,218,000
-
Total
Less interest expenses in the future
6,093,823,744
(804,098,518)
1,379,896,499
(123,471,247 )
Present value of minimum lease
payments
Net of current maturities
5,289,725,226
2,141,751,993
1,256,425,252
764,429,293
957,923,905
320,476,891
Long-term portion
3,147,973,233
491,995,959
637,447,014
1,077,914,484
(119,990,579 )
Fixed assets - vehicles each amounting to Rp 5,677,374,901, Rp 2,119,000,000 and
Rp 1,469,257,773 used as collateral for leases payables as of December 31, 2014, 2013 and 2012.
Lease payables bears interest rate 12.50% to 14.00% per annum and will be repaid over three years
through monthly installments.
Interest expense from debt lease payables amounted to Rp 285,161,950, Rp 121,728,360 and
Rp 86,599,416 for the year ended December 31, 2014, 2013 and 2012, respectively.
76
24. EMPLOYEE BENEFIT LIABILITIES
The group have recorded liabilities for employee benefits for the years ended December 31, 2014 and
2013 based on the results of actuarial calculations which performed by PT Milliman Indonesia, an
independent actuary in its report dated February 15, 2015 for SMI and KPSG, February 17, 2015 for
CTI, CPM , CDT, VTI, XDCI, HIN, and February 20, 2015 for the Company, Q2, AJD, MCT, PAM and
April 23, 2014, while in 2012 based on an assessment of PT Eldridge Gunaprima Solution, an
independent actuary, in its report dated April 29, 2013, for the Company and PT Q2 Technologies,
April 15, 2013, for PT Computrade Technology Indonesia and PT Karyaputra Suryagemilang using the
"Projected Unit Credit Method".
The key assumptions used in determining of the total liabilities for employee benefits are as follows:
2014
Discount rate
Wages and salary increase
Mortality rate
Retirement age
2013
9.0%
7.0%
TMI-III-2011
55 years of age
2012
9.5%
7.0%
TMI-III-2011
55 years of age
6.9%
7.0%
TMI-II-1999
55 years of age
Employee benefit liabilities recognized in the consolidated statements of financial position consist of:
2014
2013
2012
The present value of employee benefits
liabilities
Unrecognized actuarial loss
10,174,078,434
3,770,136,000
7,757,542,000
4,639,767,000
6,682,675,000
1,140,200,000
Net Value of Liabilities
13,944,214,434
12,397,309,000
7,822,875,000
Employee benefit expenses recognized in the consolidated statements of comprehensive income are
as follows:
2014
2013
2012
Current service cost
Interest expense
Obligation of transferred employees
Past Service Cost - vested
Amotization for actuarial loss
Curtailment gain
3,562,188,434
721,453,000
89,186,000
3,622,000
(265,152,000)
(102,674,000)
4,239,951,000
458,362,000
(123,879,000 )
-
2,186,442,000
293,971,000
(163,855,000 )
(140,459,000 )
-
Total
4,008,623,434
4,574,434,000
2,176,099,000
Changes in employee benefit liabilities for the years ended December 31, 2014, 2013 and 2012 are as
follows:
2014
2013
2012
Beginning of the year
Reconsolidated of subsidiaries
Additional during the current year (Note 31)
Payment of employee benefits
12,397,309,000
(2,365,118,000 )
4,008,623,434
(96,600,000 )
7,822,875,000
4,574,434,000
-
5,646,776,000
2,176,099,000
-
Ending of the Year
13,944,214,434
12,397,309,000
7,822,875,000
Historical information of present value of defined benefit obligation, fair value of plan assets and
experience adjustments are as follows:
77
24. EMPLOYEE BENEFIT LIABILITIES (continued)
December 31
2014
2013
2012
2011
2010
Present value of defined benefit
obligation
Fair value of plan assets
10,174,078,434
-
7,757,542,000
-
6,680,004,000
-
3,674,530,000
-
3,846,608,000
-
Surplus
10,174,078,434
7,757,542,000
6,680,004,000
3,674,530,000
3,846,608,000
Experience adjustments
on plan liabilities
(244,222,000)
(213,871,000 )
(299,989,000 )
(444,355,000 )
(624,970,000)
25. SHARE CAPITAL
The composition of the Company’s shareholders with their percentage of ownership as of December
31, 2014 and 2013 are as follows:
2014 and 2013
Shareholders
PT Artha Investama Jaya
Handoko Anindya Tanuadji
PT Sam Investama
PT Cahaya Fajar Mentari
Handojo Sutjipto
PT Multi Sarana Edukasi
A.F. Warsito Hans Tanudjaja
Rosy Merianti Tanuadji
Andrian Anindya Tanuadji
Total
Number of shares
Issued and Fully
Paid
Percentage
of Ownership
Amount
753,843,186
268,382,531
136,157,697
80,066,387
63,433,930
53,377,592
40,225,353
48,039,832
32,026,555
24,446,937
50.26%
17.89%
9.08%
5.34%
4.23%
3.56%
2.68%
3.20%
2.14%
1.62%
75,384,318,600
26,838,253,100
13,615,769,700
8,006,638,700
6,343,393,000
5,337,759,200
4,022,535,300
4,803,983,200
3,202,655,500
2,444,693,700
1,500,000,000
100.00%
150,000,000,000
Based on the Statement of Directors of the Company notarized by the Notarial Deed of Myra Yuwono,
S.H., No.11 dated March 3, 2011, the composition shareholders of the Company and with their
percentage of ownership as of December 31, 2012 are as follows:
2012
Shareholders
Number of shares
Issued and Fully
Paid
Percentage
of Ownership
Amount
PT Sam Investama
Handojo Sutjipto
PT Multi Sarana Edukasi
17,358,000
8,042,000
1,782,600
1,750,000
1,500,000
1,350,000
1,130,400
900,000
687,000
50.31%
23.31%
5.17%
5.07%
4.35%
3.91%
3.28%
2.61%
1.99%
8,679,000,000
4,021,000,000
891,300,000
875,000,000
750,000,000
675,000,000
565,200,000
450,000,000
343,500,000
Total
34,500,000
100.00%
17,250,000,000
78
25. SHARE CAPITAL (continued)
Based on the Notarial Deed No. 35 dated November 27, 2013, by Myra Yuwono, S.H., the Company
agreed to perform stock split that changes the par value of share capital from Rp 500 per share to
Rp 100 per share and agreed to distribute dividend in the form of 645,000,000 shares with a nominal
value of Rp 100 per share that amounting to Rp 64,500,000,000 in accordance with the percentage of
ownership shares in the Company. The Company also agreed to increase the authorized capital of the
Company from Rp 20,000,000,000 to Rp 150,000,000,000 and increase the issued and fully paid
capital from Rp 17,250,000,000 to Rp 81,750,000,000.
Based on the Notarial Deed No. 18 dated December 09, 2013, by Myra Yuwono, S.H., PT Cahaya
Fajar Mentari agreed to take over all of PT Sam Investama 41,467,391 shares amounting to
Rp 4,146,739,100 and Handoko Anindya Tanuadji 11,847,826 shares amounting to Rp 1,184,782,600.
Based on the Notarial Deed No. 23 dated December 12, 2013, by Myra Yuwono, S.H., the issued and
paid in capital increased from Rp 81,750,000,000 to Rp 150,000,000,000 from conversion of the
Company’s payables to share capital amounting to Rp 10,000,000,000 and cash capital contribution
amounting to Rp 58,250,000,000 which taken place by:
Addition of
Conversion of
Cash Capital
Issued and Paid
Payables
Contribution
in Capital
PT Sam Investama
PT Cahaya Fajar Mentari
Handojo Sujipto
Multi Sarana Edukasi
Total
5,025,621,200
907,718,000
1,789,216,900
533,775,900
422,892,900
355,850,600
320,265,500
268,169,000
213,510,400
162,979,600
29,227,784,400
12,708,051,700
7,177,775,300
2,141,341,100
1,696,513,100
1,427,560,800
1,284,804,700
1,075,809,700
856,536,400
653,822,800
10,000,000,000
58,250,000,000
`
34,253,405,600
13,615,769,700
8,966,992,200
2,675,117,000
2,119,406,000
1,783,411,400
1,605,070,200
1,343,978,700
1,070,046,800
816,802,400
68,250,000,000
26. ADDITIONAL PAID IN CAPITAL - NET
As of December 31, 2014, 2013 and 2012, this account represents the excess of paid in capital from
the issuance of share capital.
27. DIVIDEND
Based on the Notarial Deed No. 35 dated November 27, 2013, by Myra Yuwono, S.H., the Company
agreed to perform stock split that changes the par value of share capital from Rp 500 per share to
Rp 100 per share and agreed to distribute dividends in the form of 645,000,000 shares with a nominal
value of Rp 100 per share that amounting to Rp 64,500,000,000 in accordance with the percentage of
ownership shares in the Company.
Based on Statement of Shareholders Decision No. 27/KPPS/ATI/IX/2013 dated September 02, 2013,
the Company shareholders agree to distribute dividends amounting to Rp 2,750,000,000 in September
2013 issued by cash to the shareholders.
Based on Statement of Shareholders Decision No. 5 dated August 24, 2012, the Company
shareholders agree to distribute dividends amounting to Rp 4,100,000,000 which is divided in 2 (two)
phases amounting to Rp 2,600,000,000 in February 2012 and Rp 1,500,000,000 in August 2012
issued by cash to shareholders.
79
28. SALES
Details of the sales are as follows:
2014
2013
2012
Product
Service
Rent
Others
2,070,285,595,921
219,217,182,683
9,956,924,095
270,562,973,959
2,019,820,279,463
174,729,453,873
1,085,671,776
285,967,144,317
1,702,785,912,090
246,016,104,213
1,081,012,160
294,210,806,002
Total
2,570,022,676,658
2,481,602,549,429
2,244,093,834,465
Total sales to third parties which exceed of 10% of total consolidated sales in 2014 was to PT Bank
Mandiri (Persero) Tbk amounting to Rp 297,094,526,538, or 11.56% of sales in 2014. In 2013 and
2012, there were no sales to third parties which exceed 10% of total consolidated sales.
29. COST OF SALES
Details of the cost of sales are as follows:
2014
Product
Inventories at beginning of the year
Purchase
Inventories at the end of the year
Transportation and accommodation
expenses
2013
348,646,722,259
1,880,703,534,436
(439,406,834,703)
2012
271,323,515,885
1,836,542,988,093
(348,646,722,259 )
143,927,877,087
1,660,684,308,801
(271,323,515,885 )
27,903,109,129
2,372,336,795
6,033,947,870
1,817,846,531,121
1,761,592,118,514
1,539,322,617,873
138,223,298,782
91,075,837,180
166,513,180,845
Rent
Depreciation (Note 12)
6,004,666,770
5,890,456,280
1,469,843,061
Lain-lain
Labor
Others
145,628,248,645
6,437,531,381
59,668,912,714
179,168,994,601
6,126,179,391
37,626,401,676
208,330,093,896
5,933,451,069
33,783,445,364
211,734,692,740
222,921,575,668
248,046,990,329
2,173,809,189,413
2,081,479,987,642
1,955,352,632,108
Services
Labor
Total
Total purchases to certain parties which exceed of 10% of total cost of sales, among others to:
*)
2014
%
2013
Third Parties
PT IBM Indonesia
PT Oracle Indonesia
377,882,089,795
318,361,401,643
17.38
14.65
793,189,584,485
-
Total
696,243,491,438
32.03
793,189,584,485
*)
percentage to consolidated purchase amount.
80
*)
%
*)
2012
%
38.11
-
396,039,719,369
-
20.25
-
38.11
396,039,719,369
20.25
30. SELLING EXPENSES
2014
Marketing and exhibition
Advertising and promotion
Business partner reward
Expedition
Transportation
Others
Total
2013
2012
9,690,889,110
4,541,863,526
4,007,879,991
1,842,623,229
540,258,245
1,639,145,884
8,430,127,417
5,274,741,331
3,875,363,441
1,333,914,012
410,995,135
1,364,153,184
3,886,890,231
2,837,936,354
5,659,759,098
1,132,866,585
220,025,730
342,502,345
22,262,659,985
20,689,294,520
14,079,980,343
31. GENERAL AND ADMINISTRATION EXPENSES
2014
2013
2012
Salaries and allowances
Rent
Transportation
Professional fee
Insurance
Amortization (Note 13)
Repair and maintenance
Seminars and training
Employee benefits (Note 24)
Tax and penalties (Note 19g)
Post and telecomunication
Representation and donation
Licenses
Jamsostek
Electricity
Office supplies
Provision for impairment value of
trade receivables (Note 6)
Others (each below Rp 500 million)
147,299,506,363
15,343,359,691
11,319,059,906
10,103,045,803
9,131,505,263
7,581,424,827
5,094,417,880
4,723,777,685
4,403,045,082
4,008,623,434
3,998,142,295
3,950,665,940
3,282,520,674
2,535,420,828
2,074,926,464
1,635,326,645
1,257,892,934
136,235,740,808
10,752,768,271
10,212,028,053
8,978,339,079
4,920,618,371
6,326,480,762
2,482,433,351
1,846,245,454
2,373,991,225
4,574,434,000
5,507,873,341
3,003,190,831
2,960,877,057
2,048,455,329
1,714,999,766
1,367,376,110
1,377,080,369
110,205,426,538
7,946,206,511
7,979,387,622
6,551,532,692
4,642,397,818
4,559,959,358
992,081,282
1,111,063,459
2,176,099,000
1,293,442,524
2,555,216,457
2,551,009,042
1,124,539,269
1,324,324,778
909,827,505
979,458,355
1,189,760,508
6,375,319,330
22,471,832
4,715,554,310
273,455,445
5,486,447,321
Total
245,307,741,552
211,420,958,319
162,661,874,976
32. BASIC EARNINGS PER SHARE
Earnings per share is computed by dividing net income for the year by the weighted average number
of fully paid ordinary shares, outstanding during the year, as follows:
2014
Net income for the year
attributable to owner of
the Company
The weighted average number of
Shares outstanding
2013
2012
60,389,608,517
38,163,054,386
32,777,707,412
1,500,000,000
251,888,736
172,500,000
40.26
151.51
190.02
Earnings per Share
81
33. FINANCIAL RISK MANAGEMENT AND CAPITAL MANAGEMENT
RISK MANAGEMENT
The level of probability of potential risks that occur on the Group's financial instruments are market risk
(ie foreign currency risk and interest rate risk), credit risk, and liquidity risk. Policies of the importance
of managing the risk level has increased significantly by considering several parameters change and
volatility of financial markets both in Indonesia and internationally. Management reviews and approves
risk policies include risk tolerance in the strategy to manage the risks which are summarized below.
Market Risk
Market risk is the risk that is primarily due to changes in market prices. Groups affected by market
risks, especially the risk of foreign currency exchange rate and interest rate risk.
Foreign Currency Risk
Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
because of changes in foreign currency exchange rates. The Group's exposure to exchange rate
fluctuations mainly from cash and cash equivalents, accounts receivable, other receivables, restricted
time deposits, bank debt, trade payables and other payables in foreign currencies.
As of December 31, 2014, 2013, and 2012, the Group had monetary assets and liabilities denominated
in foreign currencies as follows:
2014
2013
ForeignCurrency
Rupiah
2012
Foreign
Currency
Rupiah
Foreign
Currency
Rupiah
Assets
Cash and cash
equivalents
USD
PHP
EURO
SGD
INR
MYR
IRR
AUD
HKD
12,128,803
11,637,381
142,407
151,910
4,679,015
243,182
5,470,601
953
-
150,882,307,017
3,235,191,900
2,155,049,613
1,431,293,888
917,087,031
866,215,071
11,652,380
9,738,995
-
14,383,211
21,496
34,847
1,253
-
175,316,961,344
361,582,740
335,509,071
13,628,290
-
11,312,708
29,456
74
1,253
7,578
Trade receivables
USD
MYR
PHP
INR
EURO
SGD
25,034,335
4,803,173
5,762,602
3,153,794
28,166
28,502
311,427,122,678
17,108,901,742
1,602,003,356
618,143,600
426,236,078
268,547,283
34,240,999
31,352
417,363,536,818
301,857,056
30,837,915
-
Others receivables
INR
USD
PHP
SGD
6,594,089
70,348
431,999
-
1,292,441,444
875,129,120
120,095,722
-
81,896
5,000
998,230,344
48,140,000
-
-
USD
2,793,976
34,757,066,028
1,973,293
24,052,473,869
1,379,648
13,341,192,389
Liabililites
Bank loan
USD
47,651,492
592,784,558,977
51,412,351
626,665,147,561
33,849,338
327,323,101,264
Trade payables
USD
MYR
PHP
GBP
INR
EURO
19,546,594
4,086,087
3,236,910
2,185
35,035
250
243,159,630,070
14,554,641,763
899,861,079
42,324,193
6,866,880
3,783,250
24,742,425
2,059
301,585,416,840
34,633,999
10,260,903
1,809
99,222,928,619
23,172,012
Other payables
USD
INR
PHP
549,965
7,085,469
5,862
6,841,564,600
1,388,751,840
1,629,640
-
-
-
-
82
109,393,888,926
377,335,819
583,545
12,562,816
9,450,360
298,202,642,595
-
33. FINANCIAL RISK MANAGEMENT AND CAPITAL MANAGEMENT (continued)
Market Risk (continued)
Foreign Currency Risk (continued)
2014
Foreign
Currency
Assets (Liabilities)
Monetary - Net
USD
GBP
INR
EURO
PHP
MYR
SGD
AUD
IRR
HKD
2013
Foreign
Currency
Rupiah
(27,720,589 )
(2,185 )
7,306,395
170,323
14,589,210
960,268
180,412
953
5,470,601
-
(344,844,128,804 )
(42,324,193 )
1,432,053,355
2,577,502,441
4,055,800,259
3,420,475,050
1,699,841,171
9,738,995
11,652,380
Rupiah
(25,475,376 )
19,437
71,199
1,253
-
-
2012
Foreign
Currency
(310,519,362,026)
326,948,741
685,506,127
13,628,290
-
-
-
Rupiah
(579,970 )
27,647
74
1,253
7,578
(5,608,305,973)
354,163,807
583,545
12,562,816
9,450,360
Interest Rate Risk
Interest rate risk is the risk that the fair value or contractual future cash flows of a financial instrument
will be affected due to changes in market interest rates. The Company’s exposures to the interest rate
risk relates primarily to floating interest rate.
The group continues to monitor fluctuations in market interest rates and market expectations so that
they can take the necessary measures most benefit to the Group in due course. Management currently
does not consider the need to conduct interest rate swap.
The following table sets out the carrying amount by maturity of the Company’s financial assets that are
exposed to interest rate risk:
2014
Average Interest
Rate
Assets
Cash and cash
equivalents
Restricted time
deposits
Liabilities
Other payables
Third parties
Related parties
Long-term bank loans
Financing payables
Lease payables
Due within
One (1) Year
Due In the 2nd
Year
Due in the 3rd
Year
Due in the 4th
Year
More Than
5th Year
Total
3.50%-7.00%
281,227,449,486
-
-
-
-
281,227,449,486
0.20%-6.50%
36,657,066,028
-
-
-
-
36,657,066,028
4%-12.75%
726,745,259,723
-
-
-
-
726,745,259,723
18%-19%
18%-19%
6%-12.75%
7.98%-9.44%
7.98%-9.44%
19,589,297,742
24,300,000,000
28,400,969,752
1,230,080,851
2,141,751,993
29,590,545,250
1,307,229,909
3,147,973,233
28,095,944,997
1,146,998,529
-
10,466,684,126
339,069,068
-
-
19,589,297,742
24,300,000,000
96,554,144,125
4,023,378,357
5,289,725,226
2013
Average Interest
Rate
Assets
Cash and cash
equivalents
Restricted time
deposits
Liabilitas
Other payables
Third parties
Related parties
Long-term bank loans
Financing payables
Lease payables
Due within
One (1) Year
Due In the 2nd
Year
Due in the 3rd
Year
Due in the 4th
Year
More Than
5th Year
Total
4.00%-5.75%
270,495,399,540
-
-
-
-
270,495,399,540
0.20%-2.00%
24,052,473,869
-
-
-
-
24,052,473,869
4.00%-12.50%
756,385,170,761
-
-
-
-
756,385,170,761
5,151,831,291
5,000,000,000
9,140,981,744
1,037,220,621
764,429,293
10,131,165,636
833,447,827
287,518,860
10,131,165,636
817,408,456
204,477,099
8,566,590,383
749,467,068
-
3,498,530,220
-
5,151,831,291
5,000,000,000
41,468,433,619
3,437,543,972
1,256,425,252
15%
15%
10.00%-11.75%
3.90%-5.00%
13.60%
83
Market Risk (continued)
Interest Rate Risk (continued)
2012
Average Interest
Rate
Assets
Cash and cash
equivalents
Restricted time
deposits
Liabilities
Other payables
Long-terms bank loans
Financing payables
Lease payables
Due within
One (1) Year
Due In the 2nd
Year
Due in the 3rd
Year
Due in the 4th
Year
More Than
5th Year
Total
3.25%-5.00%
180,331,692,748
-
-
-
-
180,331,692,748
0.15%-2.00%
13,341,192,389
-
-
-
-
13,341,192,389
4.00%-10.50%
15%
10.00%-11.00%
3.90%-5.00%
13.60%
396,272,372,180
22,151,962,555
4,073,437,811
180,184,323
320,476,891
2,448,926,795
114,236,625
548,695,923
22,496,891
88,751,091
-
-
396,272,372,180
22,151,962,555
6,522,364,606
316,917,839
957,923,905
Credit Risk
Credit risk is the risk that a third party will not meet its liabilities by financial instrument or customer
contract, leading to financial losses. Group exposed to credit risk from operating activities and
financing activities, including deposits at banks, foreign exchange transactions and other financial
instruments. Credit risk mainly from trade receivables from customers.
Customer credit risk is managed by each business unit in accordance with the policies, procedures,
and control of the Group relating to the management of customer credit risk. Credit limits are
determined for all customers based on internal assessment criteria. Customer receivable balances are
monitored on a regular basis by the relevant business units.
The following table provides information regarding the credit limit faced by the Group as of December
31, 2014, 2013 and 2012:
2014
Trade receivables
Third parties
Related parties
Others receivables
Third parties
Related parties
Total
2013
2012
494,418,698,888
11,352,511,446
554,013,783,330
2,476,569,092
404,295,145,648
10,251,880,211
43,856,637,657
29,467,350,264
11,329,005,121
48,407,698,657
7,635,354,870
66,677,881,057
579,095,198,255
616,227,056,200
488,860,261,786
Liquidity Risk
Liquidity risk is the risk to which the Group was not able to meet its liabilities when due. Management
evaluate and close monitoring of cash inflows (cash-in) and cash outflow (cash-out) to ensure the
availability of funds to meet the payment needs of maturing liabilities. In general, the need to fund the
repayment of short-term liabilities and long-term maturities derived from sales to customers.
84
Liquidity Risk (continued)
The table below shows the maturity profile of the Group's financial liabilities based on contractual
undiscounted payments as of December 31, 2014, 2013 and 2012:
2014
<=1 month
Liabilities
Short-term bank
loans
Trade payables
Third parties
Related parties
Other payables
Third parties
Pihak berelasi
Accrued
expenses
Due to related
parties
Long-term bank
loan
Financing
payables
Lease payables
Total
1-3 months
3-6 months
>= 12
months
6-12 months
Total
5,631,410,250
313,421,884,270
331,607,698,244
38,831,783,040
37,252,483,919
726,745,259,723
26,569,727,665
83,437,038
205,772,166,551
-
46,775,071,501
128,306,214
4,421,885,256
-
2,004,876,227
-
285,543,727,200
211,743,252
24,249,520
-
4r558,838,540
-
2,819,034,600
24,300,000,000
8,614,918,675
-
3,572,256,407
-
19,589,297,742
24,300,000,000
9,021,630,964
141,154,613,746
35,140,178,257
21,477,128,107
58,223,357,395
265,016,908,469
-
3,853,859,420
110,617,390
-
787,500,000
4,751,976,810
2,366,747,479
4,733,494,959
7,100,242,438
14,200,484,876
68,153,174,373
96,554,144,125
95,761,288
-
228,822,210
550,444,760
325,394,254
551,309,256
609,961,089
951,691,463
2,763,439,515
3,236,279,747
4,023,378,358
5,289,725,226
43,792,964,204
674,274,124,456
448,857,852,154
89,107,852,506
175,993,367,583
1,432,026,160,905
2013
<=1 month
Liabilities
Short-term bank
loans
Trade payables
Third parties
Related parties
Other payables
Third parties
Pihak berelasi
Accrued
expenses
Due to related
parties
Long-term bank
loan
Financing
payables
Lease payables
Total
1-3 months
3-6 months
>= 12
months
6-12 months
Total
-
657,491,957,137
29,849,604,600
69,043,609,024
-
756,385,170,761
30,416,559,638
2,939,475,743
340,703,192,222
6,094,004,146
22,269,771,541
-
93,900,188
-
1,098,065,226
-
394,581,488,815
9,033,479,889
1,250,703,800
-
3,901,127,491
-
-
5,000,000,000
-
5,151,831,291
5,000,000,000
54,724,151,022
17,771,742,747
20,384,756,845
51,519,476,691
150,437,031,087
294,837,158,392
-
-
-
-
801,726,500
801,726,500
499,378,390
1,237,372,629
1,560,032,055
5,844,198,670
32,327,451,875
41,468,433,619
69,372,288
-
191,070,511
72,852,469
265,575,112
69,646,131
511,202,710
623,883,943
2,400,323,351
490,042,709
3,437,543,972
1,256,425,252
89,899,640,881
1,027,463,319,352
74,399,386,284
132,636,271,226
187,554,640,748
1,511,953,258,491
85
Liquidity Risk (continued)
2012
<=1 month
Liabilities
Short-term bank
loan
Trade payables
Third parties
Related parties
Other payables
Third parties
Accrued
expenses
Due to related
parties
Long-terms bank
loan
Financing
payables
Lease payables
Total
1-3 months
3-6 months
6-12 months
>= 12
months
Total
97,733,343,150
162,291,035,581
32,889,865,428
103,358,128,021
-
396,272,372,180
150,645,766,413
254,366,062
6,820,941,576
14,000,000
19,031,429,019
-
-
1,162,330,218
163,667,500
177,660,467,226
432,033,562
3,244,842,661
11,859,171,076
6,410,942,604
103,315,307
533,690,907
22,151,962,555
18.820.972.287
22.006.882.625
31.397.405.996
25,434,033,338
173,377,960,864
271,037,255,110
-
-
-
59,585,755
1,692,047,557
1,751,633,312
339,453,151
678,906,302
1,018,359,453
2,036,718,905
2,448,926,795
6,522,364,606
49,155,762
26,706,408
25,793,051
53,412,815
94,853,099
80,119,223
88,625,212
160,238,445
58,490,715
637,447,014
316,917,839
957,923,905
271,114,605,894
203,750,143,026
90,922,974,822
131,240,644,983
180,074,561,570
877,102,930,295
CAPITAL MANAGEMENT
The primary of capital management of the Group is to ensure the maintenance of high credit ratings
and healthy capital ratios to support the business and maximize return for shareholders.
Management manages the capital structure and make adjustments, based on changes in economic
conditions. To maintain and adjust the capital structure, the Group may choose to adjust the payment
of dividends to shareholders. No changes were made in the objectives, policies or processes during
the periods presented.
Group policy is to maintain healthy capital ratios in order to secure financing at a reasonable cost.
As generally accepted practice, evaluating the Group's capital structure through a debt-to-equity ratio
(gearing ratio) is calculated by dividing the net debt to capital. Net debt is total liabilities as presented
in the consolidated statement of financial position reduced by the amount of cash and cash
equivalents. While capital includes all components of equity in the consolidated statement of financial
position. As of December 31, 2014, 2013, and 2012, the ratio calculation is as follows:
2014
2013
2012
Total liabilities
Less: Cash and cash equivalent
1,572,272,794,800
281,227,449,486
1,562,764,589,237
270,495,399,540
944,246,364,237
180,331,692,748
Net payables
Total equity
1,291,045,345,314
406,132,122,296
1,292,269,189,697
310,996,681,359
763,914,671,489
206,473,659,377
3.18
4.15
3.70
Debt To Equity Ratio
34. FAIR VALUE OF FINANCIAL INSTRUMENTS
The fair value of financial assets and liabilities are defined as value of the instrument when could be
exchanged in a transaction between willing parties and have sufficient knowledge through an arm'slength transaction, other than in a forced sale or liquidation sale.
86
34. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
The Group uses the following hierarchy for determining the fair value of financial instruments:
- Level 1:
- Level 2:
- Level 3:
Fair value is measured based on quoted prices (not adjusted) in active markets for
similar assets or liabilities.
Fair value is measured based on valuation techniques, where all inputs that have a
significant effect on fair value are observable, either directly or indirectly.
Fair value is measured based on valuation techniques, where all inputs that have a
significant effect on the fair value can not be observed directly or indirectly.
As of December 31, 2014, 2013, and 2012, the Group only have financial assets classified as loans
and receivables and financial assets available for sale. Financial liabilities are recorded at amortized
cost.
The table below is a comparison by class of the carrying amounts and fair value of the Company’s
financial instruments that are carried in the consolidated financial statements.
2014
Carrying Amount
FINANCIAL ASSETS
Financial assets are classified as
loans and receivables:
Trade receivables
Third parties
Related parties
Others receivables - third parties
Others assets - security deposit
Total Financial Assets
FINANCIAL LIABILITIES
Financial liabilities are recorded at amortized cost:
Trade payables
Third parties
Related parties
Other payables
Third parties
Related parties
Accrued expenses
Long term bank loans
Financing payables
Lease payables
Total Financial Liabilities
87
Fair Value
281,227,449,486
281,227,449,486
494,418,698,888
11,352,511,446
43,856,637,657
36,657,066,028
50,381,504,681
3,397,534,724
494,418,698,888
11,352,511,446
43,856,637,657
36,657,066,028
50,381,504,681
3,397,534,724
921,291,402,910
921,291,402,910
726,745,259,723
726,745,259,723
285,543,727,200
211,743,252
285,543,727,200
211,743,252
19,589,297,742
24,300,000,000
265,016,908,469
96,554,144,125
4,023,378,358
5,289,725,226
4,751,976,810
19,589,297,742
24,300,000,000
265,016,908,469
96,554,144,125
4,023,378,358
5,289,725,226
4,751,976,810
1,432,026,160,905
1,432,026,160,905
34. FAIR VALUE OF FINANCIAL INSTRUMENTS (continues)
2013
Carrying Amount
FINANCIAL ASSETS
Trade receivables
Third parties
Related parties
Other receivables - Third parties
Other assets - security deposits
Financial assets are classified as financial
assets available for sale
Other long-term investment
Trade payables
Third parties
Related parties
Other payables
Third parties
Related parties
Accrued expenses
Financing payables
Lease payables
Fair Value
270,495,399,540
270,495,399,540
554,013,783,330
2,476,569,092
11,329,005,121
24,052,473,869
61,408,754,771
5,790,208,187
554,013,783,330
2,476,569,092
11,329,005,121
24,052,473,869
61,408,754,771
5,790,208,187
8,500,000,000
8,500,000,000
938,066,193,910
938,066,193,910
756,385,170,761
756,385,170,761
394,581,488,815
9,033,479,889
394,581,488,815
9,033,479,889
5,151,831,291
5,000,000,000
294,837,158,392
41,468,433,619
3,437,543,972
1,256,425,252
801,726,500
5,151,831,291
5,000,000,000
294,837,158,392
41,468,433,619
3,437,543,972
1,256,425,252
801,726,500
1,511,953,258,491
1,511,953,258,491
2012
Carrying Amount
FINANCIAL ASSETS
Trade receivables
Third parties
Related parties
Other receivables - Third parties
Other assets - security deposits
88
Fair Value
180,331,692,748
180,331,692,748
404,295,145,648
10,251,880,211
7,635,354,870
13,341,192,389
80,579,387,677
4,350,296,494
404,295,145,648
10,251,880,211
7,635,354,870
13,341,192,389
80,579,387,677
4,350,296,494
700,784,950,037
700,784,950,037
34. FAIR VALUE OF FINANCIAL INSTRUMENTS (continued)
2012
Carrying Amount
Trade payables
Third parties
Related parties
Other payables - Third parties
Accrued expenses
Financing payables
Lease payables
Fair value
396,272,372,180
396,272,372,180
177,660,467,226
432,033,562
22,151,962,555
271,037,255,110
6,522,364,606
316,917,839
957,923,905
1,751,633,312
177,660,467,226
432,033,562
22,151,962,555
271,037,255,110
6,522,364,606
316,917,839
957,923,905
1,751,633,312
877,102,930,295
877,102,930,295
The following methods and assumptions were used to estimates the fair value of each class of the
group financial instrument:
1. The fair value of cash and cash equivalents, trade receivables from third parties and related
parties, other receivables from third parties and related parties, short-term bank loans, trade
payables to third parties and related parties, other payables to third parties and parties related, and
accrued expenses, approximate the estimated fair market values due to the short term nature of
the transaction and will be due within 12 month.
2. Fair value of long-term bank loan, financing payables andlease payables are valued on their fair
values due to the floating interest rates of financial instruments depends on the adjustment by the
banks and financing.
3. The fair value of restricted time deposits, other long-term investments, due from related parties,
due to related parties and other assets - security deposits are recorded at historical cost because
the fair value can not be reliably measured. It is not practical to estimate the fair value of assets
and liabilities because there is no certain period of receipt / payment although it is still not expected
to be completed within 12 months after the date of the consolidated statement of financial position.
89
35. OPERATING SEGMENT
The following information segment is reported based on the information used by the management to evaluate the performance of each segment and allocation of
resources.
2014
System
Integration
Business
Process services
Outsourcing
Outsource
Information
Technoligy
Distribusition
of IT Product
Property
Total
Elimination
Konsolidation
Net sales
659,646,741,296
291,173,711,616
1,907,476,105,168
9,822,976,567
-
2,868,119,534,647
(298,096,857,989)
2,570,022,676,658
Gross profit
134,011,425,338
60,122,787,819
195,590,900,667
8,152,780,557
-
397,877,894,381
(1,664,407,136)
396,213,487,245
(104,425,503,156)
29,585,922,182
(29,851,646,551)
30,271,141,268
(125,831,424,698)
69,759,475,969
(7,839,727,501)
313,053,056
(1,286,506,766)
(1,286,506,766)
(269,234,808,672)
128,643,085,708
1,664,407,135
-
(267,570,401,537)
128,643,085,708
Interest expenses
(7,985,759,234)
Bank administration
(973,154,844)
Loss on investment in Associate Company
(1,163,262,437)
Gain on sale of investment
Interest income
403,921,778
Gainon sale of fixed assets
322,232,247
Others - net
(11,832,709)
(1,241,893,872)
(62,644,461)
(27,249,105)
(68,384,285)
634,611,057
307,333,333
161,901,505
(25,553,907,879)
(2,776,304,724)
16,992,833,950
3,931,210,467
951,642,263
21,898,179
(773,908,523)
(14,893,963)
118,703,133
156,861
(149,703)
(926,000)
22,275
-
(34,781,560,985)
(3,872,923,992)
(27,249,105)
15,879,912,636
3,931,210,467
1,990,331,959
651,463,759
(623,989,430)
-
(34,781,560,985)
(3,827,923,992)
(27,249,105)
15,879,912,636
3,931,210,467
1,990,331,959
651,463,759
(623,989,430)
62,552,939,702
416,869,383
(1,287,410,491)
111,835,281,017
-
111,835,281,017
Operating expenses
Operating income
Income before income
tax expense
62,698,963,786
Income tax expense
(8,042,243,026)
(7,378,289,851)
(15,404,440,479)
(15,174,619)
9,603,500
(30,830,544,475)
-
(30,830,544,475)
54,656,720,760
22,596,525,590
43,217,288,758
401,694,764
(1,277,806,991)
81,004,736,542
-
81,004,736,542
(880,688,857)
-
1,722,239,366
-
-
841,550,509
-
841,550,509
48,870,738,590
401,694,764
(1,297,013,991)
81,846,287,051
-
81,846,287,051
Other comprehensive income
Total comprehensive income
29,974,815,440
53,776,031,903
22,596,525,590
1,123,171,049,029
168,886,334,510
1,049,293,577,804
13,718,133,220
54,363,145,907 2,409,432,240,470
(434,901,689,368)
1,974,530,551,102
Liabilities segment
848,042,235,089
41,158,024,776
843,113,605,151
12,516,438,457
35,640,952,899 1,780,471,256,372
(212,072,827,566)
1,568,398,428,806
Other information:
Capital expenditures
83,560,935,105
11,358,246,641
11,392,333,020
958,572,908
32,723,539,557
139,993,627,231
-
139,993,627,231
3,752,513,385
9,486,038,590
10,725,298,635
166,133,444
1,279,513
24,131,263,567
-
24,131,263,567
Assets segment
Depreciation
90
35. OPERATING SEGMENT (continued)
2013
System
Integration
Business
Process Services
Outsourcing
Distribution
of IT Product
Outsource
Information
Technology
Total
Elimination
Konsolidation
Net sales
451,780,897,328
287,052,816,093
1,805,495,591,388
-
2,544,329,304,809
(62,726,755,380)
2,481,602,549,429
Gross profit
112,716,225,036
58,240,784,144
229,165,552,607
-
400,122,561,787
-
400,122,561,787
Operating expenses
Operating income
(84,623,431,260)
28,092,793,776
(26,915,207,157)
31,325,576,987
(121,051,614,422)
108,113,938,185
-
(232,590,252,839)
167,532,308,948
480,000,000
-
(232,110,252,839)
168,012,308,948
Bank administration
Interest expenses
Interest income
(1,179,431,784)
(10,557,230,280)
247,901,222
(33,931,659)
(1,359,648,259)
302,972,213
(3,509,591,294)
(15,377,701,051)
1,909
-
(4,722,954,737)
(27,294,579,590)
-
(4,722,954,737)
(27,294,579,590)
91
35. OPERATING SEGMENT (continued)
Business
Bisnis Proses
Outsourcing
System
2012
Net sales
Integration
Distribution
of IT Product
Total
Elimination
Konsolidation
364,155,559,819
295,291,818,163
1,585,852,516,709
2,245,299,894,691
(1,206,060,226)
2,244,093,834,465
81,341,034,481
45,774,984,774
161,625,183,102
288,741,202,357
-
288,741,202,357
Operating expenses
Operating income
(59,967,952,466)
21,373,082,015
(21,172,679,448)
24,602,305,326
(95,601,223,405)
66,023,959,697
(176,741,855,319)
111,999,347,038
-
(176,741,855,319)
111,999,347,038
Bank administration
Interest expenses
Interest income
Gain on sale of fixed assets
Loss on investment in Associate
Company
Loss on sale of investment
Others - net
(778,971,208)
(12,032,171,177)
87,205,490
782,251,550
-
(27,011,075)
(1,937,732,888)
164,005,888
(9,240,076)
150,500,000
(3,132,759,732)
(14,104,109,674)
3,928,352,177
(2,955,005,776)
-
(3,938,742,015)
(28,074,013,739)
4,179,563,555
(2,181,994,302)
150,500,000
-
(3,938,742,015)
(28,074,013,739)
4,179,563,555
(2,181,994,302)
150,500,000
119,418,541
187,701,105
(127,509,138)
(225,850,807)
383,338,174
(127,509,138)
(225,850,807)
690,457,820
-
(127,509,138)
(225,850,807)
690,457,820
9,550,815,211
23,130,528,280
49,790,414,921
82,471,758,412
-
82,471,758,412
(3,233,020,522)
(4,574,881,845)
(12,997,671,677)
(20,805,574,044)
-
(20,805,574,044)
6,317,794,689
18,555,646,435
36,792,743,244
61,666,184,368
-
61,666,184,368
-
-
-
-
-
-
6,317,794,689
18,555,646,435
36,792,743,244
61,666,184,368
-
61,666,184,368
Assets segment
475,290,568,579
104,800,780,650
731,071,820,479
1,311,163,169,708
(170,609,736,094)
1,150,720,023,614
Liabilities segment
367,797,800,363
32,388,568,268
611,440,607,194
1,011,626,975,825
(67,380,611,588)
944,246,364,237
Other information:
Capital expenditures
25,021,111,680
14,195,363,516
22,888,289,839
62,104,765,035
-
62,104,765,035
3,677,947,525
7,926,005,776
4,029,892,160
15,633,845,461
-
15,633,845,461
Gross profit
Income before income
tax expense
Income tax expense
Other comprehensive income
Total comprehensive income
Depreciation
92
36. SIGNIFICANT AGREEMENTS
a. PT IBM Indonesia
On March 23, 2006, the Company has entered into Business Partner Agreement with PT IBM
Indonesia, which stated that the Company obtained distribution right of i5eries IBM, and IBM
Integrated Technology Services. Since 2011, the Company must buy IBM i5eries from the
distributors that appointed by PT IBM Indonesia.
BPT has entered into IBM Business Partner Agreement No.:IDV750017DS01.02/01, dated June
22, 2012, with PT IBM Indonesia, which stated that BPT obtained distribution right of resale, and
provide a product services of IBM Storage, IBM xSeries, IBM pSeries, IBM iSeries, IBM Point-ofSales (POS), IBM PureFlex, and IBM Software. This agreement is valid for 2 years and will ended
on June 22, 2014. The agreement has been extended automatically through internal IBM system,
which valid until terminated by either party and, supported by Distributor Membership Letter
No.:11/CNL /V/2015, dated May 8, 2015 published by PT IBM Indonesia.
On February 6, 2012, XDCI, a Subsidiary, has entered into IBM Business Partner Agreement,
stated that PT IBM Indonesia pointed XDCI as official distributor products of IBM. This agreement
is valid for 2 years and expired in December 2013. The agreement has been extended through
Agreement Letter No. Ref.#50/CNL/III/2013, dated March 29, 2013 and Ref.# 3/STG/xSe/II/2014,
dated February 10, 2014.
b. IBM Singapore, Pte, Ltd.
BPT, a Subsidiary, has entered into IBM Software OEM Master Distributor Agreement with IBM
Singapore, Pte, Ltd., which stated that BPT obtained distribution right of IBM Software product.
This Agreement effective on May 12, 2014 and will be expired on May 12, 2016.
c. FireEye Inc. and FireEye Ireland Limited
BPT, a Subsidiary, has entered into a cooperation agreement with FireEye Inc. and FireEye
Ireland Limited in a form of International Distributor Agreement, which stated that BPI obtained a
distribution right of FireEye product. This Agreement effective on June 6, 2014 and will be
automatically extended without any notification.
d. Imperva, Inc
BPT, a Subsidiary, has entered into Distributor Agreement with Imperva, Inc., which stated that
BPI obtained a distribution right and product services of SecureSphere and Imperva Cloud
product. This agreement effective on June 6, 2014 and will be automatically extended without any
notification.
e. PT Oracle Indonesia
On April 2, 2012, CTI, a Subsidiary, has entered into Oracle Partner Network and Oracle Approved
Center Agreement with PT Oracle Indonesia,
93
36. SIGNIFICANT AGREEMENTS (continued)
e. PT Oracle Indonesia (continued)
On July 16, 2014, the Company, has entered into Global Partner network Agreement, which gave
the Company a demo license and development license to use oracle technology programs. This
agreement will expired on July 16, 2015.
f.
PT Huawei Tech Investment
On July 28, 2011, VTI, a Subsidiary, has entered into a Cooperation Agreement as Distributor with
PT Huawei Tech Investment, which stated that VTI has right to distribute of Huawei products in
Indonesia. This agreement expired on July 28, 2013. On October 1, 2013, this agreement has
been extended until December 31, 2014.
g. EMC Information System International
On October 16, 2009, VTI, a Subsidiary, has entered into a Cooperation Agreement as Distributor
of EMC Information System International, which stated VTI has right to distribute EMC products in
Indonesia. This agreement will terminated if one of the party gives termination of cooperation
agreement letter 90 days prior to the termination date.
h. Temenos
Base on Master Partner Agreement, dated May 26, 2010, between Temenos Headquarters SA
and the Company, the Company has agree for marketing and supporting Temenos program. This
agreement will automatically extended without any notification.
i.
Hewlett-Packard South East Asia
Based on HP Partner Agreement No. AHN71, dated April 7, 2014, between Hewlett Packard
Singapore (Sales) Pte. Ltd. with HIN, a Subsidiary, stated that HIN obtained distribution right of
Hewlett-Packard product in various regions. This agreement is valid until terminated by the parties.
In this case either party can terminated the agreement in the 30 (thirty) days after notification
letter.
j.
PT SAP Indonesia
On August 15, 2011, the Company has entered into VAR Partner Edge Channel Agreement with
PT SAP Indonesia, which stated that the Company provide services such as consultation services,
and/or the software implementation services in various industries. This agreement will
automatically extended without any notification.
k. Wolters Kluwer (Finarch APAC Pte.Ltd.)
On October 1, 2008, the Company has entered into Distributor Agreement with Finarch APAC Pte.
Ltd. The Company develops market and supports Business Intelligence and financial reporting and
comprehensive analysis software that allow the financial institution to generate variety reports and
analysis which needed. In this case, distributor expect the Company to distribute the software
products with the terms and conditions apply. In this case, Finarch APAC Pte. Ltd. expected the
Company to marketing the software products with term and condition apply.
The term of this agreement starts on the effective date and remain effective until the period of
1 (one) year unless terminated earlier by either party, and will be automatically extended for
another one (1) year at least, until either party provides notification letter to the other party to stop
the renewal of this agreement at least 90 (ninety) days before the expiration of 1 (one) year period
or after 1 (one) year period.
94
l.
PT Hewlett-Packard Indonesia
On November 2, 2009, the Company has entered into a cooperation agreement with HewlettPackard Indonesia as a business partner for Hewlett-Packard commercial products. HewlettPackard guarantees all tools and equipment from damage of all products by publish warranty card
from PT Hewlett-Packard Berca Servisindo or PT Hewlett-Packard Indonesia.
The warranty period ranged from 12 (twelve) to 36 (thirty six) months depending on the type of the
product. This agreement will end on October 31, 2010 and will be automatically extended without
any notification.
On 7 April 2014, HIN, aSubsidiary, has entered into a cooperation HP Partner Agreement as
official distributor of HP Indonesia products, to promote, sell and give license to HP Indonesia
product for other parties in regional which HIN domicile. This agreement will end when terminated
by both parties.
m. VMware International Limited, Irlandia
On May 4, 2012, VTI, a Subsidiary, entered into a Cooperation Agreement as distributor with
VMware International Limited, which stated that VTI obtained distribution rights of Vmware
products. This agreement will end if one of the party gives termination of cooperation agreement
letter in 60 days prior to termination date.
On February 17, 2014, CTI, a Subsidiary, entered into a Reseller Training Agreement, which
appointed CTI as a non-executive reseller in Indonesia for training and services products from
Vmware international limited. This Agreement effective since February 17, 2014 for 12 (twelve)
months and extended for 12 (twelve) months automatically, except there is a written termination
note from one of the party no later than 30 (thirty) day before.
n. Google Enterprise, Singapore
On October 31, 2012, VTI, a Subsidiary, entered into a Cooperation Agreement as distributor with
Google Enterprise, which stated that VTI obtained distribution rights of Google Enterprise product.
This agreement has been extended with Amendment Google Enterprise Reseller Agreement,on
Februari 6, 2014. This agreement will automatically extended annually and will be ended on
February 6, 2015.
On June 20, 2013, CTM, a Subsidiary, entered into Google Enterprise Reseller Agreement with
Google Enterprise, which appointed CTM as official reseller, independent, non-exclusive of Google
products. The agreement automatically extended annually, and will be ended if one of the party
ended the agreement.
o. Thales Transport & Security Ltd., Hongkong
On January 7, 2013, VTI, a Subsidiary, entered into Distributor Cooperation Agreement with
Thales Transport & Security (Hong Kong) Ltd., which stated that VTI obtained distribution rights of
Thales Transport & Security (Hong Kong) Ltd. products. This Agreement will end if one of the
party give termination letter.
95
p. Microsoft Indonesia
On June 18, 2012 the Company has entered into a Microsoft Services Partner Advantage
Agreement with Microsoft Indonesia. The Company has been granted right to use computer code
and non-code written materials developed by Microsoft. This Agreement will end if one of the party
gives a notice of termination agreement letter within 60 days before termination date.
q. Cellum global Corp
On September 26, 2013, the Company has signed Memorandum of Understanding (MOU) with
Cellum Global Corporation. Global Cellum Corporation agreed to cooperating in mobile transaction
services labelled “Mobile Bersama”. The MOU will ended without further notice on December 31,
2014.
On November 24, 2014, AJ, a Subsidiary has entered into a Cooperation And Distribution
Agreement No.002/CO-MSD/AJD/XI/2014, to provide Mobile Transaction Services base on
products of Cellum Global ZRT. This agreement will end on November 24, 2017.
r. Altova Gmbh
On August 27, 2013, the Company has entered into Partnership Program Agreement with Altova,
which gave the right to distribute Altova products. The agreement is valid for the year 2014 and
2013. This agreement has been renewed with the Cooperation Agreement Altova 2014/2015,
dated September 29, 2014 and will end on September 30, 2015 .
On September 29, 2014, the Company has signed Jo Addendum Altova Partnership Program
Agreement which Altova will support the marketing, technical and sales related to products and
services, the program consisting of 5 (five) track standards based on program types of businesses
of the Company such as: software, consultants partnership, seller partnership, training partnership,
education partnership and XBRL partnership. This agreement will end on September 30, 2015 .
s. SunGard Asia Pacific Incorp.
On June 15, 2013 the Company entered into System Integration agreement with SunGard Asia
Pasific Incorporation, which gave the Company right to distribute SunGard products. This
agreement will end if one of the party gives termination letter within 180 days before termination
date.
t.
PT Fujitsu Indonesia
On September 9, 2013, the Company has entered into Software Evaluation License Agreement
with Fujitsu Indonesia, which gave the right to use Fujitsu’s programs for the Company’s internal
evaluation and testing. The term of license will start as of the date of the agreement and will end 3
months after it.
On May 21, 2014, CDT, a Subsidiary, has entered into Distributor Agreement with PT Fujitsu
Indonesia, which states that CDT obtained distribution rights of Fujitsu product. The agreement
automatically extended annually and will be end if one of the party ended the agreement.
96
u. Gigamon Inc., United States of America
On December 16, 2013, VTI, a Subsidiary, has entered into Distributor Agreement with Gigamon
Inc, which stated that VTI obtained distribution rights of Gigamon Inc. products. This agreement
will end if one of the party gives a termination letter at least 60 (sixty) days before the termination
date.
On November 17, 2014, CTM, a Subsidiary, has entered into Distributor Agreement with Gigamon
inc, which stated that Gigamon Inc appointed CTM as a non-exclusive distributor of Gigamon Inc
products. This agreement will end if one of the party ended this agreement.
v. F5 Network Inc.
On December 10, 2014, CDT, a Subsidiary, has entered into Distributor Agreement with F5
Network Inc., which stated that CDT appointed as an official distributor, to promote and sell the
product of F5 Network Inc. to other parties in CDT domicile, this agreement will end on December
10, 2017.
w. PT Lenovo Indonesia
Based on Partnership Letter, XDCI, a Subsidiary, appointed by Lenovo to become an official
distributor of Lenovo products. The agreement will end on December 31, 2015.
x. Zimbra Inc.
On November 7, 2013, VTI, a Subsidiary, has signed Distributor Agreement with Zimbra Inc.,
which stated that VTI obtained distribution rights of Zimbra Collaboration Software and Zimbra
Community Software. This agreement will end if Zimbra Inc. gives termination letter at least 60
(sixty) days before termination date.
y. Actimize UK Limited
On April 17, 2013, the Company entered into Professional Service Agreement with Actimize UK
Ltd, to provide services including rules related to behavior, working schedule, security procedures
and other instruction, standards or procedures provided by the relevant parties, contractor or a
party appointed by the Company.
z. Portland Software and Services Limited
On October 1, 2013, the Company entered into agreement with Portland, to advertise, sell,
license, and supports the software administration of GHI and Health Insurance in Indonesia.
aa. eBaoTech Corporation
On March 31, 2014, the Company entered into cooperation agreement with eBaoTech, to facilitate
the distribution of eBaoTech Corporation software product, which offered by eBaoTech to the
Company’s customers and eBaoTech will develop and provide software and innovative services
to fulfill the needs of the insurance industry. This agreement will end on March 31, 2016.
bb. NetApp BV.
On November 14, 2014, the Company has entered into cooperation agreement with NetApp BV.,
which appointed the Company as an official and non-exclusive partner.This agreement will end on
November 11, 2017.
97
cc. Mavenir Uk. Limited
On November 11, 2014, MCT, a Subsidiary, has signed Mavenir Business Development
Agreement, which stated that MCT able to distribute Mavenir Uk. Limited products, this agreement
will end on November 11, 2017.
dd. Fiorano Software Pte, Ltd.
On June 9, 2014, ATI, a Subsidiary, has entered into Authorized Reseller Agreement, which stated
that ATI able to sell and distribute a computer software which is the product of Fiorano.
ee. PT CA Solusi Teknologi
On August 21, 2014, the Company, signed Intermediary Agreement with PT CA Solusi Teknologi,
which appointed the Company to market PT CA Solusi Teknologi products, this agreement
effective from August 21, 2014, and will end on July 20, 2015.
ff. Red Hat Asia Pacific Pte. Ltd.
On December 1, 2013, CTI, a Subsidiary, has entered into Certified Training Agreement, which
stated that CTI able to market, sell, provide learning services and using the design, the course
material, the methodology, the test, and the curriculum in order to provide learning service to the
Company’s customers in Indonesia.
On December 21, 2010, VTI, a Subsidiary, has entered into Distributor Agreement, which stated
that VTI officially appointed as distributor of Red Hat. Base on Novation Agreement, dated
September 1, 2014, Red Hat has turned all its privileges to Red Hat Indonesia. This agreement
will end if one of the party terminate the agreement.
gg. Check Point Software Technologies, Ltd. (Check Point Software)
On March 28, 2013, VTI, a Subsidiary, has entered into Distribution Agreement with Check Point
Software, which appointed VTI as a non-exclusive reseller in Indonesia for Check Point Software
product, training and services. This Agreement is automatically extended annualy, ended when
one party commit defaults.
hh. Dell Global B.V (Singapore Branch) (Dell Global)
On May 26, 2011, VTI, a Subsidiary, has entered into Dell Channel Partners Agreement South
East Asia, which stated VTI as a non-exclusive reseller in Indonesia for the training products and
services of Dell Global. This agreement is automatically extended annualy and will be ended if one
of the parties ended the agreement.
ii. Riverbed Technology, Inc. (Riverbed)
On January 31, 2011, VTI, a Subsidiary, has entered into Distributor Agreement with Riverbed,
which stated VTI as a non-exsclusive reseller in Indonesia for the product of Riverbed. This
Agreement is automatically extended annualy, and will be ended if one of the parties ended the
agreement.
On May 30, 2014, CTP, a Subsidiary, has entered into International Distributor Agreement, which
stated CTP as a non-exclusive distributor of Riverbed products in Philippines. This Agreement is
valid until one of the parties ended the agreement.
98
jj. Ruckus Wireless, Inc.
On April 15, 2011, VTI, a Subsidiary, has signed into Partners Master Terms, which stated VTI as
distributor of Ruckus Wireless, Inc. products. This agreement automatically extended annually,
and will be ended if one of the parties ended the agreement.
kk. Zscaler, Inc (Zscaler)
On June 20, 2014, CTM, a Subsidiary, has entered into Distributor Agreement For The Zscaler
Service, wh
99
pp. Coorporation Agreement (continued)
ii. Business Partnership Agreement, dated July 1, 2014, between the Company with HIN, a
Subsidiary, stated that the Company has been appointed by HIN to distribute and provide the
support for products of HIN to end users in Indonesia. This agreement will end on
December 31, 2016.
iii. The Furniture and Interior Construction Agreement, dated November 4, 2014 between the
Company with KPSG, a Subsidiary, stated that the Company assigned KPSG to documenting
characteristics and construction of interiors and furniture of Graha Anabatic. This agreement
will end on November 4, 2017.
37. SUPPLEMENTAL DISCLOSURES OF ACTIVITIES NOT EFFECTING CASH FLOW
Activities which not affecting cash and cash equivalentsare as follows:
2014
Reclasification of assets under
construction from advance
Additional of fixed assets from
lease payables
Additional of fixed assets from
financial payables
Reclassification of assets under
construction to prepaid expense
Reclasification of direct ownership
assets - vehicles to lease
payables assets - vehicles
Reclasification of lease payables
assets to direct ownership assets
Dividend distribution in form of shares
Conversion of payables to share capital
Addition of intangible assets
from other payables
construction to office equipments
construction to building
2013
2012
66,807,694,881
-
-
4,431,768,446
828,600,000
766,984,002
1,939,754,271
3,978,652,808
-
670,000,000
-
-
395,606,455
-
-
208,000,000
-
350,257,773
64,500,000,000
10,000,000,000
1,207,800,000
-
-
5,319,500,000
-
-
4,718,978,570
-
-
-
946,442,000
38. NEW AND MODIFIED PSAK BUT NOT YET EFFECTIVE
Financial Accounting Standard Board - Indonesian Institute of Accountants has issued the following
PSAK and Interpretations of Financial Accounting Standards (ISAK, ” Intepretasi Standar Akuntansi
Keuangan”) but not yet effective for the consolidated financial statements in 2014.
The following standards and interpretations applicable for the consolidated financial statements
covering periods beginning on or after January 1, 2015:
1.
2.
3.
4.
5.
PSAK 1 (revised 2013) “Presentation of Financial Statements”.
PSAK 4 (revised 2013) “Separate Financial Statements”.
PSAK 15 (revised 2013) “Investments in Associates and Joint Venture”.
PSAK 24 (revised 2013) “Employees’ Benefits”.
PSAK 46 (revised 2014), “Income Tax”.
100
38. NEW AND MODIFIED PSAK BUT NOT YET EFFECTIVE (continued)
6.
7.
8.
9.
10.
11.
12.
13.
14.
PSAK 48 (revised 2014), “Impairment of Assets”.
PSAK 50 (revised 2014), “Financial Instrument: Presentation”.
PSAK 55 (revised 2014), “Financial Instrument: Recognition and Measurement”.
PSAK 60 (revised 2014), “Financial Instrument: Disclosure”.
ISAK 26 (revised 2014), “Reassessment of Embedded Derivatives”.
PSAK 65 “Consolidated Financial Statements”.
PSAK 66 ”Joint Arrangement”.
PSAK 67 ”Disclosure of Interest in Other Entities”.
PSAK 68 “Fair Value Measurement”.
Revocation of the following standard is mandatory for the financial year beginning January 1, 2015:
-
ISAK 7 “Special Purpose Entities“.
ISAK 12 “Jointly Controlled Entities: Non-Monetary Contribution by Venturers”.
The Company’s management is currently evaluating and has not determined yet the effect of these
standards on their consolidated financial statements.
39. EVENTS AFTER REPORTING PERIOD
1. Based on Factoring Agreement No. 139 / LO-BODG / AT / I / 2015 dated, January 7, 2015, the
Company entered into an agreement with PT Karunia Factoring Multifinance with a maximum limit
of Rp 19,377,956,449 and interest rate of 19% per year which will mature on July 7, 2015
2. - Based on Banking Facility Agreement No. KK / 15/0542 / AMD / CGVC dated, February 18,
2015, PT Bank Permata Tbk agreed to extend the term of Buyer Invoice Financing facility (Buyer
IF), with a maximum credit limit of USD 3,000,000 granted to CPM. This credit facility will be
expire on February 18, 2016.
- Based on Amendment Foreign Exchange Transactions Agreement No. FX/15/0343/AMD/CGVC
dated February 18, 2015, PT Bank Permata Tbk agreed to extend the term of Line Foreign
Exchange (FX Line) credit facility, with a maximum credit limit of USD 500,000. This credit facility
will be expire on February 18, 2016.
3. - Based on the Offering Letter of Banking Facility No.055/BP/CRC-WB/II/2015 dated,
February 17, 2015, PT Bank Permata Tbk agreed to amend and extend the term of banking
facilities granted to the CDT with details as follows:
a. Buyer Invoice Financing (Buyer IF), with maximum credit limit of USD 2,000,000.
b. Bank Garansi (BG/SBLC), with maximum credit limit of USD 2,000,000.
c. Revolving Master Plafond (MP), with maximum credit limit of USD 3,500,000.
- Based
on
Amandement
Foreign
Exchange
Transactions
Agreement
No.
FX/15/0346/AMD/CGVC dated, February 18, 2015. Foreign Exchange Line (FX Line), with
maximum limit of USD 500.000.
This credit facility will be expire February 18, 2016.
4. Based on the Letter of Credit Agreement Amendment No.060284FLH, No.060285FLH,
No.080154RLH, and No.080155FLH, dated February 27, 2015, PT Bank Resona Perdania agreed
to extend the loan period of the Company until February 27, 2016
101
39. EVENTS AFTER REPORTING PERIOD (continued)
5. Based on Credit Agreement Amendment No. 060354RLH on 16 April 2015, the PT Bank Resona
Perdania agreed to extend the loan period of KPSG until April 16, 2016.
6. Based on the Letter of Offer Banking Facility No. 108/BP/CRC-WB/IV/2015 on 9 April 2015,
PT Bank Permata Tbk agreed to extend the loan period of KPSG until March 25, 2016.
7. Based on the Authorized Distributor Agreement, dated January 2, 2015, HIN, a Subsidiary was
appointed as official licensed distributor of products Lexmark International Pte. Ltd., to promote,
sell and license products from Lexmark International Pte. Ltd to other parties in the domicile of
HIN.
8. On February 19, 2015, CTM, Subsidiary, signed a Reseller Agreement with Extreme Networks,
Inc., in which the Company was appointed as the official and non-exclusive reseller of the products
and services of Extreme Networks, Inc. in the area of Malaysia, this agreement will ends if one of
the parties terminate this agreement.
9. Based on the addendum agreement dated February 23, 2015, CDT, Subsidiary, has entered into a
cooperation agreement with PT Oracle Indonesia, this agreement term will be ended on
January 19, 2015. This agreement has been extended until the date of February 18, 2016.
10. Based on the Distribution Agreement No. 0YC3601400000R dated of January 1, 2015, between
VTI with PT Huawei Tech Investment, this agreement will be ended on December 31, 2014. This
agreement has been extended until December 31, 2016.
11. Based on Letter No. #8/CNL/I/2015 dated January 16, 2015 issued by PT IBM Indonesia and
Letter No.068/LS/LGL/2015.BPT dated January 19, 2015 issued by the BPT, BPT and PT IBM
Indonesia have entered into cooperation agreement. This agreement will be extended until
terminated by the parties.
12. On April 29, 2015, the Company has sign Business Partner Indonesia with PT IBM Indonesia,
where the Company has the rights to distribute products and services as - Solution Provider. This
agreement is valid for 1 (one) year, and will be expire on 29 April 2016.
13. On January 12, 2015, CTM, Subsidiary, signed a Partner Agreement, CTM was appointed as a
sales and marketing partner products of Vision Solutions, Inc. in the region of Malaysia. This
agreement is automatically renewed each year, and will ends it one of the parties terminate this
agreement.
14. Based on the Statement of the Company Shareholders notarized by Notary Unita Christina
Winata, SH, in the deed No. 10 dated March 17, 2015, the shareholders agreed several things,
among others:
i. The Company approved plans for initial public offering of shares of the Company to the public
(Public Offering) in the amount of as much as 807,692,400 shares and shares listed on
Indonesian stock exchanges as well as changing the status of the Company from private to
public listed Company.
ii. Approved the increase in authorized capital of the Company from Rp 150,000,000,000 to Rp
600,000,000,000 in connection with the planned of Initial Public Offering.
iii. Approved a plan to issue new shares through a public offering to the public as much as
807,692,400 shares with nominal value of Rp 100.
102
39. EVENTS AFTER THE REPORTING PERIOD (continued)
iv. Agreed to register all shares of the Compnay after the implementation of the Public Offering
and sold to the public through the Capital Markets and including the shares held by the existing
shareholders on the Indonesian Stock Exchange.
v. Dismissed with honor all members of the Board of Directors and the Board of Commissioners,
as well as appoint the new members of the Board of Commissioners and Directors with details
as follow:
The Board of Directors
 President Director
: Mr. Handojo Sutjipto
 Independent Director
: Mr. Felix Purwadi Mulia
 Director
: Mr. Adriansyah
 Director
: Mr. Agus Muljady
 Director
: Mr. Hendra Halim
 Director
: Mr. Sumarto Santosa
 Director
: Mr. Ferdinand Gunadi Abadi
Board Of Commissioners
 President Commissioner : Mr. Ir. Handoko Anindya Tanuadji
 Independent
Commissioner
: Mrs. Ir. Betti Setiastuti Alisjahbana
 Commissioner
: Mr. Alexander Felix Warsito Hans Tanuadjaja
vi. Authorized the directors to perform any and all necessary actions in connection with the Public
Offering of shares to the public through the Capital Market.
vii. Approved the plan to program Employee Stock Allocation (ESA) and Management Employee
(Stock Option Plan Programme)
viii. Agreed to amend the articles of association of the Company in the Public Offering shares to
the public through the Capital Market
103
39. EVENTS AFTER THE REPORTING PERIOD (continued)
18. Based on the Deed of Underwriting Agreement PT Anabatic Technologies, Tbk No. 04 tangggal 10
April 2015 made in presence of Unita Christina Winata, SH, Notary in South Jakarta, as amended
by kta Underwriting Agreement Parent Entity No. 04 dated April 18, 2015 made in presence of
Unita Christina Winata, SH, Notary in South Jakarta, the Company received a statement of
assurance on the implementation of the emissions effects of PT Bahana Securities.
19. On April 20, 2015, the Company signed an agreement registration of equity securities in KSEI.
Deed of Administrative Management Shares On the Primary Market and Secondary Market Parent
Entity No. 5 on 10 April 2015, made before Unita Christina Winata, SH, Notary in South Jakarta,
between the Company and PT Datindo Entrycom in connection with the administrative
management of the stock on the Primary Market and Secondary Market for the benefit of the
Company.
20. On May 19, 2015, CTI and KPSG, Subsidiaries, make an agreements with third parties with
respect to the balance of other receivables third parties where the loan is subject to interest at 13%
per year.
21. On May 19, 2015, the Company, CTI, CDT, HIN, KPSG and VTI, Subsidiaries, make an
agreements with related parties with respect to accounts receivable from related parties in which
the loan is subject to interest at 13% per year.
40. REISSUANCE OF CONSOLIDATED FINANCIAL STATEMENTS
The Company issued its consolidated financial statements as of December 31, 2014, 2013 and 2012
and for the years ended December 31, 2014, 2013 and 2012. The consolidated financial statements
as of December 301, 2014, 2013 and 2012 and for the years ended December 31, 2014, 2013 and
2012 were audited by Kosasih, Nurdiyaman, Tjahjo & Rekan, Public Accounting Firm with
independent auditors’ report No. KNTR-C2-12.03.2015/12 tanggal 12 Maret 2014. In relation with the
Company’s plan to conduct Initial Public Offering and to meet the OJK requirement, the consolidated
financial statements has been reissued with changes and additional disclosures in the notes to the
consolidated financial statements as follows:
1.
2.
3.
4.
The consolidated statement of financial position
The consolidated statement of comprehensive income
The consolidated statement of cash flows
Changes and additional disclosure on:
a. Significant accounting policies
i. Basic of preparation of consolidated financial statement (Note 2a)
ii. Operation segment (Note 2t)
b. Balance and transaction with related parties (Note 6b)
c. Inventories (Note 7)
d. Advances and prepaid expenses (Note 8)
e. Fixed assets (Note 12)
f. Intangible assets (Note 13)
g. Goodwill (Note 14)
h. Short-term bank loan (Note 14)
i. Other payables – third parties (Note 17)
j. Accrued expenses (Note 18)
k. Taxation (Note 19)
l. Long-term bank loan (Note 21)
m. Financing payables (Note 23)
n. Cost of sales (Note 29)
o. Selling expenses (Note 30)
104
40. REISSUANCE OF CONSOLIDATED FINANCIAL STATEMENTS (continued)
p.
q.
r.
s.
Segmen information (Note 35)
Significant agreements (Note 36)
Event after the reporting period (Note 39)
Reissuance of consolidated financial statements (Note 40)
The changes in the consolidated statement of financial position before and after the re-issued are as
follows:
Issued
Before
Reclassification
Issued
After
Dated Desember 31, 2014
Other receivable - related parties
29,467,350,264
20,914,154,417
(29,467,350,264 )
29,467,350,264
50,381,504,681
Dated Desember 31, 2013
48,407,698,657
13,001,056,114
(48,407,698,657 )
48,407,698,657
61,408,754,771
Date Desember 31, 2012
66,677,881,057
13,901,506,620
(66,677,881,057 )
66,677,881,057
80,579,387,677
41. THE COMPANY’S SEPARATE FINANCIAL STATEMENTS
Separate financial information of the Company presents statement of financial position, statements of
comprehensive income, changes in equity and cash flows, which the investment in Subsidiaries are
recorded using cost method.
The separate financial information of the Company is presented as attachment to these consolidated
financial statements.
105
Attachment I
(THE COMPANY)
STATEMENT OF FINANCIAL POSITION
2014
2013
2012
ASSETS
CURRENT ASSETS
Cash and cash equivalent
Trade receivables
Third parties – net of provison for
impairment of Rp 1,296,407,749 in 2014,
Rp 421,119,320 in 2013 and 2012
Related parties
Inventories
Advanced and prepaid expenses
Prepaid taxes
60,005,323,198
80,427,177,045
105,143,998,824
72,257,031,687
25,406,466,928
171,377,432,850
99,889,842,482
27,461,561,714
46,149,489,126
13,826,536,974
62,683,087,832
333,405,459,886
28,604,350,235
59,015,067,995
15,986,412,888
123,518,208,371
16,149,194,457
12,951,765,083
Total Current Assets
456,397,658,859
565,096,101,098
332,764,647,618
109,171,759,142
102,896,001,609
8,501,925,521
102,396,990,000
4,435,089,097
28,398,000,000
150,214,465,465
14,751,500,458
1,588,309,302
2,629,995,967
931,034,019
75,262,498,117
19,007,100,454
1,151,429,388
983,067,960
776,194,267
27,910,285,532
749,729,792
983,067,960
423,937,917
Total Noncurrent Assets
382,183,065,962
208,079,205,707
62,900,110,298
TOTAL ASSETS
838,580,724,821
773,175,306,805
395,664,757,916
NON-CURRENT ASSETS
Investment
Fixed assets – net of accumulated
Depreciation of Rp 41,213,586,116
in 2014, Rp 38,416,192,907
in 2013 and Rp 36,391,720,810
in 2012
Intangible assets
Deferred tax assets
Claim for tax refund
Other asets
106
Attachment II
(THE COMPANY)
STATEMENT OF FINANCIAL POSITION (CONTINUED)
2014
2013
2012
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Short-term bank loan
Trade payables
Third parties
Related parties
Other payables
Third parties
Related parties
Advances from customer
Accrued expenses
Taxes payable
Current maturities of long-term liabilities
Bank loan
Financing payables
440,680,056,772
469,016,880,788
167,918,892,613
41,981,464,882
20,628,732,973
32,096,411,787
6,963,676,487
30,969,727,929
46,905,211,363
814,741,655
24,300,000,000
37,969,405,707
2,720,474,598
218,126,085
5,000,000,000
53,951,279,146
3,376,071,362
12,884,633,149
777,785,986
91,921,615,914
1,898,907,620
28,400,969,752
1,207,583,981
6,692,054,956
861,752,546
153,188,073
598,703,430,320
578,176,253,157
353,429,962,647
NINCURRENT LIABILITIES
Long-term liabilities - net of current maturities
Bank loans
Financing payables
Employee’s benefit liabilities
68,153,174,373
2,793,297,507
15,872,644,223
5,080,206,000
32,327,451,875
2,261,705,830
28,724,622,258
4,326,013,000
87,240,375
10,190,770,707
2,929,739,000
Total Noncurrent Liabilities
91,899,322,103
67,639,792,963
13,207,750,082
TOTAL LIABILITIES
690,602,752,423
645,816,046,120
366,637,712,729
EQUITY
Share capital – par value Rp 100 per share
in 2014, 2013 and Rp 500 per share
in 2012
Authorized - 1,500,000,000 share
in 2014, 2013 and 40,000,000
in 2012
Issued and fully paid
- 1,500,000,000 share in 2014,
2013 and 34,500,000 share
in 2012
Additiional paid-in capital
Deficit
150,000,000,000
14,500,000,000
(16,522,027,602)
150,000,000,000
14,500,000,000
(37,140,739,315)
17,250,000,000
14,500,000,000
(2,722,954,813 )
TOTAL EQUITY
147,977,972,398
127,359,260,685
29,027,045,187
TOTAL LIABILITIES AND EQUITY
838,580,724,821
773,175,306,805
395,664,757,916
Total Current Liabilities
107
Attachment III
(THE COMPANY)
STATEMENT OF COMPREHENSIVE INCOME
2014
2013
2012
NET SALES
566,095,209,489
407,740,516,510
359,707,754,841
COST OF SALES
451,807,918,208
304,015,428,052
280,688,197,290
GROSS PROFIT
114,287,291,281
103,725,088,458
79,019,557,551
OPERATING EXEPNSES
Selling expenses
General and administration expenses
3,278,263,653
76,698,993,814
1,266,809,342
75,979,401,400
1,114,273,772
56,832,624,668
Total Operating Expenses
79,977,257,467
77,246,210,742
57,946,898,440
OPERATING INCOME
34,310,033,814
26,478,877,716
21,072,659,111
OTHER INCOME (EXPENSES)
Dividend income
Interest expenses - net
Bank administration
Gain on sale of fixed assets
Loss on impairment of fixed assets
Others - net
2,750,000,000
(7,181,926,660)
(1,027,192,577)
(797,937,941)
322,232,247
(1,044,834)
24,750,000,000
(10,313,968,100)
(2,729,132,247)
(1,162,945,015)
(96,374,242)
1,281,674,790
3,160,000,000
(11,946,967,266 )
776,935,576
(761,988,362 )
(57,252,910 )
Total Other Expenses - net
(5,935,869,765)
11,729,255,186
(8,829,272,962 )
INCOME BEFORE INCOME (EXPENSES)
TAX EXPENSE
28,374,164,049
38,208,132,902
12,243,386,149
INCOME TAX EXEPENSE
(7,755,452,336)
(5,375,917,404)
(3,200,227,272 )
20,618,711,713
32,832,215,498
9,043,158,877
TOTAL OTHER COMPREHENSIVE INCOME
-
TOTAL COMPREHENSIVE INCOME
20,618,711,713
108
32,832,215,498
9,043,158,877
Attachment IV
(THE COMPANY)
LAPORAN PERUBAHAN EKUITAS
Share Capital
Issued and Fully
Paid
Balance, January 1, 2012
Additional Paidin Capital
Deficit
Total Equity
17,250,000,000
14,500,000,000
(7,666,113,690 )
24,083,886,310
Dividend
-
-
(4,100,000,000)
(4,100,000,000 )
Comprehensive income in 2012
-
-
9,043,158,877
9,043,158,877
17,250,000,000
14,500,000,000
(2,722,954,813)
29,027,045,187
Share dividend
-
-
(64,500,000,000 )
(64,500,000,000 )
Cash dividend
-
-
(2,750,000,000 )
(2,750,000,000 )
-
-
32,832,215,498
32,832,215,498
132,750,000,000
-
-
132,750,000,000
Balance, December 31, 2013
150,000,000,000
14,500,000,000
-
-
150,000,000,000
14,500,000,000
109
(37,140,739,315 )
127,359,260,685
20,618,711,713
20,618,711,713
(16,522,027,602)
147,977,972,398

English - Anabatic Technologies

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