IMPORTANT NOTICE

IMPORTANT: You must read the following disclaimer before continuing. The following disclaimer applies to
the attached preliminary offering memorandum received by e-mail or otherwise received as a result of electronic
communication, and you are therefore advised to read this disclaimer page carefully before reading, accessing or
making any other use of the attached preliminary offering memorandum. In accessing the preliminary offering
memorandum, you agree to be bound by the following terms and conditions, including any modifications to them
from time to time, each time you receive any information from us as a result of such access.

Confirmation of Your Representation: By accepting the email and accessing the attached preliminary offering
memorandum you will be deemed to have represented to the Issuer (as defined in the offering memorandum) and
BNP Paribas and Citigroup Global Markets Singapore Pte. Ltd. (collectively, the “Initial Purchasers”) that (i) you
are not in the United States and the e-mail address that you gave and to which this e-mail has been delivered is
not located in the United States and, to the extent you purchase the securities described in the attached offering
memorandum, you will be doing so pursuant to Regulation S under the U.S. Securities Act of 1933, as amended
(the “Securities Act”) and (ii) that you consent to delivery of the attached preliminary offering memorandum and
any amendments or supplements thereto by electronic transmission.

This preliminary offering memorandum has been sent to you in electronic form. You are reminded that documents
transmitted via this medium may be altered or changed during the process of transmission and consequently none
of the Issuer, the Indonesian Guarantors (as defined in the offering memorandum), the Initial Purchasers or any
person who controls, or is a director, officer, employee, agent, representative or affiliate of, any such person
accepts any liability or responsibility whatsoever in respect of any difference between the preliminary offering
memorandum distributed to you in electronic form and the hard copy version available to you on request from
the Initial Purchasers.

Restrictions: The attached preliminary offering memorandum is being furnished in connection with an offering
exempt from registration under the Securities Act solely for the purpose of enabling a prospective investor to
consider the purchase of the securities described in the preliminary offering memorandum. You are reminded that
the information in the attached document is not complete and may be changed. Any investment decision should
be made on the basis of a complete final offering memorandum.

Nothing in this electronic transmission constitutes an offer of securities for sale in any jurisdiction where it is
unlawful to do so.

THE SECURITIES HAVE NOT BEEN, AND WILL NOT BE, REGISTERED UNDER THE SECURITIES ACT,
OR THE SECURITIES LAWS OF ANY STATE OF THE U.S. OR OTHER JURISDICTION AND MAY NOT BE
OFFERED OR SOLD WITHIN THE U.S., EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A
TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND ANY APPLICABLE STATE OR LOCAL SECURITIES LAWS.

You are reminded that you have accessed the attached preliminary offering memorandum on the basis that you
are a person into whose possession this preliminary offering memorandum may be lawfully delivered in
accordance with the laws of the jurisdiction in which you are located and you may not nor are you authorized to
deliver or forward this document, electronically or otherwise, to any other person. If you have gained access to
this transmission contrary to the foregoing restrictions, you will be unable to purchase any of the securities
described therein.

Actions that You May Not Take: You should not reply by e-mail to this electronic transmission, and you may
not purchase any securities by doing so. Any reply e-mail communications, including those you generate by using
the “Reply” function on your e-mail software, will be ignored or rejected.

THE ATTACHED PRELIMINARY OFFERING MEMORANDUM MAY NOT BE FORWARDED OR

DISTRIBUTED TO ANY OTHER PERSON AND MAY NOT BE REPRODUCED IN ANY MANNER
WHATSOEVER. ANY FORWARDING, DISTRIBUTION OR REPRODUCTION OF THIS DOCUMENT IN
WHOLE OR IN PART IS UNAUTHORIZED.

You are responsible for protecting against viruses and other destructive items. Your use of this e-mail is at your
own risk and it is your responsibility to take precautions to ensure that it is free from viruses and other items of
a destructive nature.
 SUBJECT TO COMPLETION CONFIDENTIAL
The information in this Preliminary Offering Circular is subject to completion and may be changed in the final Offering Circular. This Preliminary Offering Circular

PRELIMINARY OFFERING MEMORANDUM DATED MAY 22, 2017

APL Realty Holdings Pte. Ltd.

(incorporated in the Republic of Singapore with limited liability)
is not an offer to sell these securities and is not soliciting an offer to buy these securities in any jurisdiction where such offer or sale is not permitted.

US$
% SENIOR NOTES DUE 20
UNCONDITIONALLY AND IRREVOCABLY GUARANTEED BY

PT Agung Podomoro Land Tbk.

(incorporated in the Republic of Indonesia with limited liability)
AND CERTAIN OF ITS SUBSIDIARIES
The US$ % Senior Notes due 20 (the “Notes”) to be issued by APL Realty Holdings Pte. Ltd. (the “Issuer”) will bear
interest from and including , 2017 at the rate of % per annum payable semi-annually in arrears on and of
each year (each, an “Interest Payment Date”) commencing on , 2017. The due and punctual payment of all amounts at any time becoming due
and payable in respect of the Notes will be unconditionally and irrevocably guaranteed (the “Guarantees”) by the Issuer’s parent company, PT Agung
Podomoro Land Tbk. (the “Company” or the “Parent Guarantor”) and the Subsidiary Guarantors (as defined herein) (the Subsidiary Guarantors, together with
the Parent Guarantor, the “Indonesian Guarantors”).
The Issuer is a wholly-owned subsidiary of the Company. The Issuer will contribute the net proceeds of the offering of Notes to Podomoro Properties Pte.
Ltd. (“Podomoro Properties”), a company incorporated in the Republic of Singapore with limited liability and a wholly-owned subsidiary of the Issuer, by
way of subscription of additional shares in the capital of Podomoro Properties and/or grant of a shareholder loan to Podomoro Properties. Podomoro
Properties, amongst others, acts as a group financing company and will use the funds obtained from the Issuer to fund our corporate purposes by granting
one or more loans or through other funding methods to the Company and/or the Subsidiary Guarantors. See “Use of Proceeds” and “The Issuer.”
Unless previously redeemed or purchased and cancelled, the Notes will be redeemed at their principal amount on (the “Maturity Date”). At any
time on or after , the Issuer may redeem the Notes, in whole or in part, at the redemption prices specified under “Description of the Notes —
Optional Redemption,” plus accrued and unpaid interest, if any, to the redemption date. At any time prior to , the Issuer may at its option redeem
all or any portion of the Notes at a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium (as defined herein)
and accrued and unpaid interest, if any, to the redemption date. At any time prior to , the Issuer may redeem up to 35% of the aggregate principal
amount of the Notes with proceeds from certain equity offerings at a redemption price of % of the principal amount of the Notes, plus accrued
and unpaid interest, if any, to the redemption date. Not later than 30 days following a Change of Control (as defined herein), the Issuer or the Company will
make an offer to purchase all Notes then outstanding at a purchase price equal to % of the principal amount plus accrued and unpaid interest,
if any, to the Offer to Purchase Payment Date (as defined herein).
The Notes are subject to redemption in whole but not in part, at 100% of their principal amount, together with accrued and unpaid interest to the redemption
date, at the option of the Issuer at any time in the event of certain changes affecting taxes of Singapore or the Republic of Indonesia. See “Description of
the Notes — Redemption for Taxation Reasons.” Payments on the Notes will be made in US dollars without deduction for or on account of taxes imposed
or levied by Indonesia or Singapore (and certain other jurisdictions) to the extent described under “Description of the Notes — Additional Amounts.”
The obligations of the Issuer and the Indonesian Guarantors under the Notes and the Guarantees will be secured by first priority interests in the Collateral
(as defined below), which is comprised of a pledge by the Issuer of the shares of Podomoro Properties, and an assignment by each of Podomoro Properties
and by the Issuer of all their interest in and rights under the Intercompany Loans (as defined below). The Notes and the Guarantees will be unsubordinated
obligations of the Issuer, the Parent Guarantor and the Subsidiary Guarantors, respectively, and will rank at least pari passu in right of payment with all their
other unsecured, unsubordinated indebtedness. For a more detailed description of the Notes, see “Description of the Notes” beginning on page 165.
The Notes are expected to be rated “Ba3” by Moody’s Investors Service, Inc. (“Moody’s”) and “BB-” by Fitch Ratings Ltd (“Fitch”). A security rating is
not a recommendation to buy, sell or hold securities and may be subject to suspension, reduction or withdrawal at any time by the assigning rating agency.
Investing in the Notes involves certain risks. See “Risk Factors” beginning on page 19 for a discussion of certain factors to be considered in
connection with an investment in the Notes.
The Notes and the Guarantees have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and subject
to certain exceptions, may not be offered or sold within the United States (as defined in Regulation S under the Securities Act). The Notes are being offered
and sold outside the United States in reliance on Regulation S of the Securities Act.
This offering does not constitute a public offering in Indonesia under Law Number 8 of 1995 on Capital Market. The Notes may not be offered or sold in
Indonesia or to Indonesian citizens, wherever they are domiciled, or to Indonesian residents, in a manner which constitutes a public offering under the laws
and regulations of Indonesia.
This offering memorandum (“Offering Memorandum”) has not been and will not be registered as a prospectus with the Monetary Authority of Singapore
(“MAS”). Accordingly, this Offering Memorandum and any other document or material in connection with the offer or sale, or invitation for subscription
or purchase, of the Notes may not be circulated or distributed, nor may the Notes be offered or sold, or be made the subject of an invitation for subscription
or purchase, whether directly or indirectly, to persons in Singapore other than (i) to an institutional investor under Section 274 of the Securities and Futures
Act, Chapter 289 of Singapore (the “SFA”); (ii) to a relevant person pursuant to Section 275(1), or to any person pursuant to Section 275(1A), and in
accordance with the conditions specified in Section 275, of the SFA; or (iii) otherwise pursuant to, and in accordance with the conditions of, any other
applicable provisions of the SFA.
Approval in-principle has been obtained from the Singapore Exchange Securities Trading Limited (the “SGX-ST”) for the listing and quotation of the Notes
on the SGX-ST. The SGX-ST takes no responsibility for the correctness of any of the statements made or opinions or reports contained in this Offering
Memorandum. Approval in-principle granted for the listing and quotation of the Notes on the SGX-ST is not to be taken as an indication of the merits of
either us, this offering or the Notes. The Notes will be traded on the SGX-ST in a minimum board lot size of US$200,000 as long as any of the Notes are
listed on the SGX-ST and the rules thereof so require. Currently, there is no market for the Notes.

Issue Price %

The Notes will initially be represented by a global certificate (“Global Certificate”), in registered form, which will be registered in the name of a nominee
of a common depositary for Clearstream Banking S.A. (“Clearstream”) and Euroclear Bank SA/NV (“Euroclear”) on or about (the “Issue Date”).
Except as described herein, definitive certificates evidencing holdings of Notes will not be issued in exchange for beneficial interests in the Global
Certificate.

Sole Global Coordinator

BNP PARIBAS
Joint Bookrunners and Joint Lead Managers
BNP PARIBAS Citigroup
The date of this Offering Memorandum is , 2017.
 TABLE OF CONTENTS

SUMMARY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1

SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7

SUMMARY CONSOLIDATED FINANCIAL INFORMATION AND OPERATING DATA . . . . . 13

RISK FACTORS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19

USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 62

EXCHANGE RATES AND EXCHANGE CONTROLS .............................. 63

CAPITALIZATION AND INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 67

SELECTED CONSOLIDATED FINANCIAL INFORMATION AND OPERATING DATA . . . . . 68

THE ISSUER . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76

BUSINESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 98

DESCRIPTION OF MATERIAL INDEBTEDNESS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 128

RELATED PARTY TRANSACTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 132

MANAGEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 133

PRINCIPAL SHAREHOLDERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 138

INDUSTRY OVERVIEW . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 139

REGULATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 151

DESCRIPTION OF THE NOTES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165

TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 230

PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 239

TRANSFER RESTRICTIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 242

LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244

INDEPENDENT PUBLIC ACCOUNTANTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244

INDEPENDENT CONSULTANT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244

RATINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 244

SUMMARY OF CERTAIN PRINCIPAL DIFFERENCES BETWEEN INDONESIAN FAS

AND IFRS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 245

INDEX TO THE CONSOLIDATED FINANCIAL STATEMENTS . . . . . . . . . . . . . . . . . . . . . . F-1

i
We accept responsibility for the information contained in this Offering Memorandum. Having made
all reasonable enquiries, we confirm that this Offering Memorandum contains all information with
respect to us, the Notes and the Guarantees that is material in the context of the issue and the offering
of the Notes, that the information in this Offering Memorandum is true and accurate in all material
respects, that the opinions and intentions expressed in this Offering Memorandum are honestly held,
are not misleading in any material respect and have been reached after considering all relevant
circumstances and are based on reasonable assumptions, that we are not aware of any other facts the
omission of which in our reasonable opinion might make this document as a whole or any of such
information or the expression of any such opinions or intentions materially misleading, that all
reasonable inquiries have been made by us to verify the accuracy of such information, and that this
Offering Memorandum does not contain an untrue statement of a material fact or omit to state a
material fact required to be stated herein or that is necessary in order to make the statements herein,
in the light of the circumstances under which they are made, not misleading.

This Offering Memorandum is confidential and has been prepared by us solely for use in connection
with the issue and offering of the Notes described herein. Each of the Initial Purchasers reserves the
right to reject any offer to subscribe for the Notes, in whole or in part, for any reason. This Offering
Memorandum is personal to each offeree and does not constitute an offer to any other person or to the
public generally to subscribe for or otherwise acquire the Notes. Any disclosure of any of the contents
of this Offering Memorandum, without our prior written consent, is prohibited. Each prospective
purchaser, by accepting delivery of this Offering Memorandum, agrees to the foregoing and to make
no photocopies of this Offering Memorandum or any documents attached hereto.

The distribution of this Offering Memorandum and the offering, sale or delivery of the Notes in certain
jurisdictions may be restricted by law. Persons into whose possession this Offering Memorandum
comes are required by us and the Initial Purchasers to inform themselves about and to observe any
such restrictions. See “Plan of Distribution.” No action is being taken to permit a public offering of
the Notes or the distribution of this Offering Memorandum in any jurisdiction where action would be
required for such purposes. No representation or warranty, express or implied, is made by the Initial
Purchasers as to the accuracy or completeness of the information set forth herein, and nothing
contained in this Offering Memorandum is, or shall be relied upon as a promise or representation,
whether as to the past or the future. None of the Initial Purchasers and the Trustee, the Paying Agent,
Registrar, the Transfer Agent and the Collateral Agent (each as defined herein) has independently
verified any of such information. None of the Initial Purchasers and the Trustee, the Paying Agent, the
Registrar, the Transfer Agent and the Collateral Agent assumes any responsibility for its accuracy or
completeness. To the fullest extent permitted by law, none of the Initial Purchasers accept any
responsibility for the contents of this Offering Memorandum or for any statement made or purported
to be made by the Initial Purchasers or on their behalf in connection with the Company or the
Indonesian Guarantors or the issue and offering of the Notes. The Initial Purchasers accordingly
disclaim all and any liability whether arising in tort or contract or otherwise which it might otherwise
have in respect of this Offering Memorandum or any such statement.

No person has been authorized to give any information or to make any representation other than those
contained in this Offering Memorandum in connection with the issue or sale of the Notes and, if given
or made, such information or representation must not be relied upon as having been authorized by us
or the Initial Purchaser. Neither the delivery of this Offering Memorandum nor any sale made in
connection herewith shall, under any circumstances, create any implication that there has been no
change in our affairs since the date hereof or the date upon which this Offering Memorandum has been
most recently amended or supplemented or that there has been no adverse change in our financial
position since the date hereof or the date upon which this Offering Memorandum has been most
recently amended or supplemented or that any other information supplied in connection with the Notes
is correct as of any time subsequent to the date on which it is supplied or, if different, the date
indicated in the document containing the same.

ii
The Initial Purchasers and the Trustee, Paying Agent, Registrar, Transfer Agent and the Collateral
Agent do not make any representation or warranty, express or implied, as to the accuracy or
completeness of the information contained in this Offering Memorandum. Each person receiving this
Offering Memorandum acknowledges that such person has not relied on the Initial Purchasers or the
Trustee, Paying Agent, Registrar, Transfer Agent, Collateral Agent or any person affiliated with any
of them in connection with its investigation of the accuracy of such information or its investment
decision. Each person contemplating making an investment in the Notes must make its own
investigation and analysis of our creditworthiness and its own determination of the suitability of any
such investment, with particular reference to its own investment objectives and experience and any
other factors which may be relevant to it in connection with such investment. No person should
construe the contents of this Offering Memorandum as legal, business or tax advice and each person
should be aware that it may be required to bear the financial risks of any investment in the Notes for
an indefinite period of time. Each person should consult its own counsel, accountant and other
advisers as to legal, tax, business, financial and related aspects of an investment in the Notes.

This Offering Memorandum does not constitute an offer of, or an invitation by or on behalf of us, the
Initial Purchasers or any affiliate or representative of any of us or the Initial Purchasers to subscribe
for or purchase, any Notes in any jurisdiction or in any circumstances in which such offer, invitation
or solicitation is not authorized or to any person to whom it is unlawful to make such offer, invitation
or solicitation.

Neither we nor the Initial Purchasers nor any affiliate or representative of us or the Initial Purchasers
is making any representation to any investor regarding the legality of an investment by such investor
under applicable laws.

Each purchaser of the Notes must comply with all applicable laws and regulations in force in each
jurisdiction in which it purchases, offers or sells such Notes or possesses or distributes this Offering
Memorandum and must obtain any consent, approval or permission required by it for the purchase,
offer or sale by it of such Notes under the laws and regulations in force in any jurisdictions to which
it is subject or in which it makes such purchases, offers or sales and neither we nor the Initial
Purchasers shall have any responsibility therefor. For the avoidance of doubt, any disclosure of the
contents of this Offering Memorandum, without our prior written consent, is prohibited.

IN CONNECTION WITH THE ISSUE OF THE NOTES, BNP PARIBAS (THE “STABILIZING
MANAGER”) (OR PERSONS ACTING ON BEHALF OF THE STABILIZING MANAGER) MAY
OVER-ALLOT NOTES OR EFFECT TRANSACTIONS WITH A VIEW TO SUPPORTING THE
PRICE OF THE NOTES AT A LEVEL HIGHER THAN THAT WHICH MIGHT OTHERWISE
PREVAIL. HOWEVER, THERE IS NO ASSURANCE THAT THE STABILIZING MANAGER (OR
PERSONS ACTING ON ITS BEHALF) WILL UNDERTAKE STABILIZATION ACTION. ANY
STABILIZATION ACTION MAY BEGIN ON OR AFTER THE DATE ON WHICH ADEQUATE
PUBLIC DISCLOSURE OF THE TERMS OF THE OFFER OF THE NOTES IS MADE AND, IF
BEGUN, MAY BE ENDED AT ANY TIME, BUT IT MUST END NO LATER THAN THE EARLIER
OF 30 DAYS AFTER THE ISSUE DATE OF THE NOTES AND 60 DAYS AFTER THE DATE OF THE
ALLOTMENT OF THE NOTES. ANY STABILIZATION ACTION OR OVER-ALLOTMENT MUST
BE CONDUCTED BY THE STABILIZING MANAGER (OR PERSONS ACTING ON BEHALF OF
THE STABILIZING MANAGER) IN ACCORDANCE WITH ALL APPLICABLE LAWS AND
RULES.

CERTAIN DEFINED TERMS AND CONVENTIONS

In this Offering Memorandum, unless otherwise specified or the context otherwise requires, all
references to “Indonesia” are references to the Republic of Indonesia. All references to the
“Government” herein are references to the Government of the Republic of Indonesia. All references
to “United States” or “US” herein are to the United States of America. All references to “Singapore”
herein are to the Republic of Singapore.

iii
For convenience, certain Rupiah amounts have been translated into US dollar amounts, based on the
prevailing exchange rate on December 31, 2016 of Rp13,436 = US$1.00, being the average of buying
and selling rates of exchange for Rupiah against US dollars quoted by Bank Indonesia on that date.
Such translations should not be construed as representations that the Rupiah or US dollar amounts
referred to could have been, or could be, converted into Rupiah or US dollars, as the case may be, at
that or any other rate or at all. See “Exchange Rates and Exchange Controls” for further information
regarding rates of exchange between the Rupiah and US dollar.

In this Offering Memorandum, the following key terms have the following meanings:

• “Clearstream” refers to Clearstream Banking, S.A.;

• “Colliers” refers to Colliers International Indonesia;

• “Company” refers to PT Agung Podomoro Land Tbk.;

• “Euroclear” refers Euroclear Bank S.A./N.V.;

• “Greater Jakarta” refers to, collectively, the cities of Cimanggis, Bogor, Tangerang, Bekasi and
Depok;

• “Initial Purchasers” refers to BNP Paribas and Citigroup Global Markets Singapore Pte. Ltd.;

• “Issuer” refers to APL Realty Holdings Pte. Ltd.;

• “OJK” refers to Otoritas Jasa Keuangan or the Financial Services Authority of Indonesia
(formerly known as Bapepam-LK);

• “Podomoro Properties” refers to Podomoro Properties Pte. Ltd.; and

• “we”, “us”, “our” and “ourselves” refers to the Company and, where the context requires, its
subsidiaries as a group or as members of such group.

PRESENTATION OF FINANCIAL INFORMATION

The financial information included in this Offering Memorandum has been derived from the audited
consolidated financial statements of the Company as of and for the years ended December 31, 2014,
2015 and 2016. Unless otherwise indicated, financial information in this Offering Memorandum has
been prepared in accordance with Indonesian Financial Accounting Standards (“Indonesian FAS”),
which differs in significant respects from International Financial Reporting Standards (“IFRS”). For
a summary of the significant differences between Indonesian FAS and IFRS, see “Summary of Certain
Principal Differences Between Indonesian FAS and IFRS” included elsewhere in this Offering
Memorandum. Unless otherwise indicated or otherwise required by the context, all references in this
Offering Memorandum to “Rupiah” or “Rp” are to the lawful currency of Indonesia. References to
“US dollars” or “US$” are to United States dollars, the lawful currency of the United States. Rounding
adjustments have been made in calculating some of the financial information included in this Offering
Memorandum. As a result, numerical figures shown as totals in some tables may not be exact
arithmetic aggregations of the figures that precede them.

INDUSTRY AND MARKET DATA

This document includes market share and industry data and forecasts that we have obtained from
industry publications and surveys, including reports prepared by Colliers and reports of governmental
agencies. Certain industry publications and surveys and forecasts generally state that the information
contained therein has been obtained from sources believed to be reliable, but there can be no assurance

iv
as to the accuracy or completeness of included information. While we have taken reasonable actions
to ensure that the information is extracted accurately and in its proper context, neither we nor the
Initial Purchasers have independently verified any of the data from third party sources or ascertained
the underlying economic assumptions relied upon therein. As a result, you are cautioned against undue
reliance on such information.

NON-GAAP FINANCIAL MEASURES

Adjusted EBITDA as well as the related ratios presented in this Offering Memorandum are
supplemental measures of our performance and liquidity that are not required by, or presented in
accordance with, Indonesian FAS or IFRS. We define Adjusted EBITDA as profit for the year
attributable to owner of the Company, before depreciation and amortization, interest income, final tax
expense, income tax benefit (expense) — net, interest expense and financial charges, non-controlling
interest net income of subsidiaries, gain (loss) on foreign exchange — net, gain on sale of fixed assets
and other gains (loss) — net. Adjusted EBITDA is not a measurement of financial performance or
liquidity under Indonesian FAS or IFRS and should not be considered as an alternative to net income,
operating income or any other performance measures derived in accordance with Indonesian FAS or
IFRS or as an alternative to cash flow from operating activities as a measure of liquidity. In addition,
Adjusted EBITDA is not a standardized term, hence a direct comparison between companies using
such a term may not be possible.

We believe that Adjusted EBITDA facilitates comparisons of operating performance from period to
period and company to company by eliminating potential differences caused by variations in capital
structures (affecting interest expense and finance charges), tax positions (such as the impact on
periods or companies of changes in effective tax rates or net operating losses), and the age and booked
depreciation and amortization of assets (affecting relative depreciation and amortization of expense).
Adjusted EBITDA has been presented because we believe that it is frequently used by securities
analysts, investors and other interested parties in evaluating similar companies, many of whom present
such non-GAAP financial measures when reporting their results. Finally, Adjusted EBITDA is
presented as a supplemental measure of our ability to service debt. Nevertheless, Adjusted EBITDA
has limitations as an analytical tool, and you should not consider it in isolation from, or as a substitute
for analysis of, our financial condition or results of operations as reported under Indonesian FAS. In
addition, Adjusted EBITDA as presented in this Offering Memorandum is calculated differently from
Consolidated EBITDA as defined in the indenture governing the Notes (the “Indenture”), which is
used in connection with the limitation on incurrence of indebtedness covenant in the Notes, as well
as certain of our agreements. Because of these limitations, Adjusted EBITDA should not be considered
as a measure of discretionary cash available to us to invest in the growth of our businesses.

See “Selected Consolidated Financial Information and Operating Data” for a reconciliation of our
profit for the year attributable to owner of the Company under Indonesian FAS to our definition of
Adjusted EBITDA.

ENFORCEABILITY

Enforceability of Foreign Judgments in Indonesia and Singapore

The Notes, the Guarantees and the agreements entered into with respect to the issue of the Notes,
including the Indenture (except for the Deeds of Corporate Guarantees which are governed by the laws
of the Republic of Indonesia), are governed by the laws of the State of New York.

The Issuer is incorporated as a private company with limited liability under the laws of Singapore. The
Issuer is a special-purpose company with limited assets and the Issuer’s directors reside in Singapore.
Judgments of United States courts obtained against the Issuer or its directors and officers predicated
upon the civil liability provisions of the United States federal or state securities laws are not
enforceable in Singapore and there is doubt as to whether Singapore courts will enter judgments in
original actions brought in Singapore against the Issuer or its directors and officers, based only upon

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the civil liability provisions of the United States federal and state securities laws. As a result, it may
be difficult for you to enforce judgments obtained in United States courts against the Issuer’s assets
located outside the United States, and it may be difficult for you to enforce judgments obtained in
United States courts against the Issuer or its directors and officers.

Each of the Indonesian Guarantors are incorporated in Indonesia. All of the Indonesian Guarantors’
respective commissioners and directors reside in Indonesia, and substantially all of the respective
assets of the Indonesian Guarantors are located in Indonesia. As a result, it may not be possible for
investors to effect service of process outside of Indonesia upon the Indonesian Guarantors or such
persons or to enforce against the Indonesian Guarantors, or such persons outside of Indonesia in an
Indonesian court, judgments obtained in courts outside of Indonesia, including judgments based upon
the civil liability provisions of the securities laws outside the United States or any state or territory
within the United States.

We have been advised by our Indonesian counsel that judgments of non-Indonesian courts are not
enforceable in Indonesian courts. A foreign court judgment could be offered and accepted as evidence
in a proceeding of the underlying claim in an Indonesian court and may be given such evidentiary
weight as the Indonesian court may deem appropriate in its sole discretion. A claimant may be required
to pursue claims in Indonesian courts on the basis of Indonesian law. Re-examination of the underlying
claim de novo would be required before the Indonesian court. There can be no assurance that the
claims or remedies available under Indonesian law will be the same, or as extensive, as those available
in other jurisdictions.

We have been advised by our Singapore counsel that foreign court judgments are not automatically
enforceable as if they were judgments of the Singapore court unless that foreign country and
Singapore are parties to a treaty providing for reciprocal recognition and enforcement of judgments,
and an application is made to register the foreign court judgment in the Singapore court. As Indonesia
and Singapore do not currently have a treaty providing for reciprocal recognition and enforcement of
judgments in civil and commercial matters, and Indonesia is not listed as a country under the
Reciprocal Enforcement of Commonwealth Judgments Act, Chapter 264 of Singapore, or Reciprocal
Enforcement of Foreign Judgments Act, Chapter 265 of Singapore, a final and conclusive judgment
for the payment of money rendered by any courts in Indonesia based on civil liability cannot be
registered in Singapore and enforced as if it was a judgment of the Singapore court. However, if the
party in whose favor such final and conclusive judgment is rendered by an Indonesian court brings a
new suit in a court of competent jurisdiction in Singapore and makes a fresh claim on the final and
conclusive money judgment rendered by the Indonesian courts, such party may submit to the
Singapore court the final and conclusive judgment that has been rendered in Indonesia as evidence of
fact in relation to the claim for the money judgment.

If and to the extent the Singapore court finds that the jurisdiction of the court in Indonesia is an in
personam final and conclusive judgment, which is also judgment for a definite sum of money, the
Singapore court will, in principle, grant a Singapore judgment for the sum under the foreign judgment,
without substantive re-examination or re-litigation on the merits of the subject matter thereof, unless
such judgment was procured by fraud, or its enforcement would be contrary to public policy in
Singapore or would result in the direct or indirect enforcement of foreign penal, revenue or public
laws, or that the proceedings in which it was obtained were contrary to natural justice, or that its
recognition would result in inconsistency with a prior local judgment.

Enforceability of the Guarantees in Indonesia

Under the Indonesian Civil Code, a guarantor may waive its right to require the obligee to exhaust its
legal remedies against the obligor’s assets on a guaranteed obligation prior to the obligee exercising
its rights under the related guarantee. The Guarantees contain a waiver of this obligation. The
Indonesian Guarantors have been advised by their Indonesian legal advisor that they may successfully
argue that, even though a guarantee contains such waivers, the Indonesian Guarantors may
nevertheless require that the obligee must first prove that all available legal remedies against the

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obligor have in fact, been exhausted. Accordingly, if such request is granted, the Indonesian
Guarantors may not be required to comply with their obligations under the Guarantees provided in
respect of the Notes until all remedies against the Issuer have been exhausted. Paragraph 1 of Article
1832 of the Indonesian Civil Code stipulates that once a guarantor has waived its rights to require a
lender to exhaust its legal remedy against the obligor, such guarantor may no longer claim otherwise.
However, the outcome of specific cases in the Indonesian legal system is subject to considerable
discretion and uncertainty. See “Risk Factors — Risks Relating to the Notes and the Guarantees —
Through the purchase of the Notes and Guarantees, noteholders may be exposed to a legal system
subject to considerable discretion and uncertainty; it may be difficult or impossible for the holders of
the Notes to pursue claims under the Notes or the Guarantees because of considerable discretion and
uncertainty of the Indonesian legal system.”

In several court cases in Indonesia, Indonesian companies that had defaulted on debt incurred through
offshore financing entities (using structures involving a guarantee issued by an Indonesian company)
have sued their creditors to, among other things, invalidate their debt obligations and have sought
damages from creditors exceeding the original proceeds of the debt issued. In one case, which was
subsequently settled, an Indonesian court annulled the transaction documents in a structure involving
a guarantee issued by an Indonesian company for debt of an offshore subsidiary. In another case, an
Indonesian court declared a loan agreement between an offshore entity and its creditors null and void,
awarding damages to the defaulting borrower. The courts’ reports of these decisions do not provide
a clear factual basis or legal rationale for the judgments.

In a June 2006 decision that was released in November 2006, the Indonesian Supreme Court affirmed
a lower court judgment that invalidated US$500 million of notes issued through an offshore offering
structure (the “June 2006 Decision”). The decision involved an Indonesian listed Company, PT Indah
Kiat Pulp & Paper Tbk. (“Indah Kiat”), as plaintiff and various parties as the defendants using a
structure similar to this offering of the Notes and the Guarantees, whereby notes were issued through
a Dutch subsidiary of Indah Kiat and guaranteed by Indah Kiat. The Indonesian Supreme Court upheld
the decisions of a District Court and High Court in Indonesia in favor of Indah Kiat. The Indonesian
courts ruled that the defendants (including the trustee, underwriter and security agent for the issuance
of the Indah Kiat notes) committed a tort (perbuatan melawan hukum), and therefore the issuance of
the notes was declared null and void. The courts nullified the notes by reasoning that the contracts
made in relation to the notes were signed without any legal cause, and so did not meet the provision
of Article 1320 of the Indonesian Civil Code which requires a legal cause as one of the elements for
a valid agreement. The Indonesian courts accepted the plaintiff ’s argument that Indah Kiat acted both
as a debtor and as a guarantor of the same debt even though in the facts of the case Indah Kiat
International Finance Company B.V. (Indah Kiat’s Dutch subsidiary established for the purpose of the
issuance of the notes) was the issuer of the notes and Indah Kiat was the guarantor of such notes. The
Indonesian courts also ruled that the establishment of Indah Kiat International Finance Company B.V.
was unlawful as it was intended to avoid Indonesian withholding tax payments.

On August 19, 2008, the Indonesian Supreme Court granted a civil review (peninjauan kembali) and
annulled the June 2006 Decision (the “August 2008 Decision”). The Indonesian Supreme Court in its
civil review decision stated that Indah Kiat had failed to prove that the transaction was an act of legal
manipulation that caused damages to Indah Kiat. Therefore, the Indonesian Supreme Court concluded
that the defendants did not commit any unlawful act. Further, the Indonesian Supreme Court
maintained that it was clear that the money borrowed by Indah Kiat from Indah Kiat International
Finance Company B.V. in fact originated from the issuance of notes, as evidenced in the recital of the
relevant loan agreement, and thus the claim that the whole transaction was a manipulation of law had
no merit. Moreover, with regard to the validity and enforceability of the security documents, the civil
review stated that the security agreements would prevail as long as the underlying agreements were
still valid and binding. On the tax issues, the civil review considered that the Indonesian Supreme
Court had misapplied the tax law as it did not prohibit tax saving, and thus the claim relating to tax

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was annulled. The civil review also stated that for certain New York law governed agreements in the
transaction (such as the indenture, the loan agreement, the amended and restated loan agreement and
the underwriting agreement), the claim should be brought to the appropriate court in the state of New
York.

Despite the decision described above, the Indonesian Supreme Court has taken a contrary view with
respect to PT Lontar Papyrus Pulp & Paper Industry (“Lontar Papyrus”), a sister corporation of Indah
Kiat. According to an Indonesian Supreme Court decision at civil review level (which was
subsequently upheld by the Indonesian Supreme Court at the appellate level), in March 2009, the
Indonesian Supreme Court refused a civil review (the “March 2009 Decision”) of a judgment by the
District Court of Kuala Tungkal, in South Sumatra, which invalidated US$500 million of notes issued
by APP International Finance Company B.V. (“APPC”) and guaranteed by Lontar Papyrus. Lontar
Papyrus’ legal arguments in its lower court case were fundamentally the same as those in the earlier
cases by Indah Kiat — namely, that, under the notes structure, the plaintiff was acting as both the
debtor and guarantor for the same debt and, therefore, the structure was invalid. The Indonesian
Supreme Court’s refusal to grant a civil review effectively affirmed the lower court’s decision to
invalidate all of the transaction documents, including Lontar Papyrus’s obligations as the guarantor
under the notes, and meaning the verdict is now final. The Indonesian Supreme Court’s refusal to grant
the civil review was based on reasons that the loan agreement between APPC and Lontar Papyrus and
the indenture with regard to the issuance of notes required adjustment to observe the prevailing laws
and regulations in Indonesia. In addition, the fact that the loan had been paid in full by Lontar Papyrus
to APPC under the relevant loan agreement resulted in Lontar Papyrus having no continuing
outstanding legal obligation, either as debtor under the relevant loan agreement or as guarantor under
the indenture. Lontar Papyrus and Indah Kiat are subsidiaries of Asia Pulp & Paper Company Ltd., and
their original court cases against their creditors were filed at approximately the same time. While the
lower court decisions in certain of these cases have been ultimately annulled by the Indonesian
Supreme Court, as was the case in August 2008 in the Indah Kiat matter, it appears that the Indonesian
Supreme Court has taken a contradictory view on the Lontar Papyrus case.

In September 2011, the Indonesian Supreme Court, whose judgment has not been made publicly
available, refused a civil review of a decision by the District Court of Bengkalis (whose judgment was
the subject of the Indonesian Supreme Court’s June 2006 Decision and August 2008 Decision), which
invalidated the notes issued by Indah Kiat International Finance Company B.V. (the “September 2011
Decision”). The facts and legal claims presented by Indah Kiat International Finance Company B.V.
were substantially the same as those made by Indah Kiat in the lower court cases that were the subject
of the June 2006 Decision. The September 2011 Decision specifically noted that the Indonesian
Supreme Court chose not to consider its August 2008 Decision despite such substantially similar facts
and legal claims.

The Indonesian Supreme Court’s refusal to grant civil reviews of the lower court decisions in the
March 2009 Decision and September 2011 Decision effectively affirmed the lower courts’ decisions
to invalidate the relevant notes and the issuers’ and guarantors’ obligations under such notes, and such
lower court decisions are now final and not subject to further review.

There is also an instance where the Indonesian court, through a suspension of payment proceedings,
failed to acknowledge noteholders as creditors of the parent guarantor under a guarantee arrangement
similar to that of the Notes. On December 8, 2014, the Supervisory Judge in proceedings before the
Commercial Court of the Central Jakarta District Court, whose determination has not been made
publicly available, determined that noteholders were not creditors of PT Bakrie Telecom Tbk (“Bakrie
Tel”) for purposes of its court-supervised debt restructuring, known as a PKPU (the “Bakrie Tel
PKPU”). Bakrie Tel, an Indonesian telecommunications company, was the guarantor of US$380
million of senior notes issued in 2010 and 2011 by a Singapore-incorporated special purpose vehicle
that is a subsidiary of Bakrie Tel. The proceeds from the offering of the notes were on-lent to Bakrie
Tel pursuant to an intercompany loan agreement, which was guaranteed by Bakrie Tel and assigned
to the noteholders as collateral. In its decision affirming the debt restructuring composition plan, the
Commercial Court accepted the Supervisory Judge’s determination that the relevant creditor of Bakrie

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Tel in respect of the US$380 million notes was the issuer’s subsidiary, rather than the noteholders or
the trustee, and gave no effect to the guarantee. As such, only the intercompany loan was recognized
by the Commercial Court as indebtedness on which Bakrie Tel was liable for purposes of the Bakrie
Tel PKPU. As a result, only the issuer’s subsidiary had standing as a Bakrie Tel creditor to vote in the
Bakrie Tel PKPU proceedings, whereby the terms of the US dollar bonds and the guarantee were
substantially altered.

Similar to the Bakrie Tel PKPU case, the Indonesian court, through a suspension of payment of the
obligation of the Indonesian company PT Trikomsel Oke Tbk (“Trikomsel”), failed to acknowledge the
right of the trustees of Trikomsel’s two Singaporean Dollar notes to make claims on behalf of the
noteholders, therefore denying any voting rights in the creditors meeting. The PKPU process was
settled on September 28, 2016, through the ratification of a composition plan (rencana perdamaian)
by the Jakarta Commercial Court. In such composition plan, the noteholders may be required to
convert their notes into new shares to be issued by Trikomsel, thereby extinguishing the notes.

The Indonesian legal system does not recognize the concept of “precedent” recognized in the common
law system, but does acknowledge the concept of jurisprudence. This means that Indonesian court
decisions are not binding precedents and do not constitute a source of law at any level of the judicial
hierarchy as would be the case in common law jurisdictions such as the United States and the United
Kingdom. While lower courts are not bound by the Indonesian Supreme Court decisions, such
decisions have persuasive force. Accordingly, an Indonesian court could take a similar approach in any
dispute regarding the Guarantees and declare them unenforceable. The outcome of specific cases in
the Indonesian legal system is subject to considerable discretion and uncertainty. Therefore, there can
be no assurance that in the future a court will not issue a similar decision to the June 2006 Decision
mentioned above in relation to the validity and enforceability of the Notes and the Guarantees or grant
additional relief to the detriment of noteholders, if the Issuer were to contest efforts made by
noteholders to enforce these obligations.

For a description of potential limitations on enforcement against the Guarantors and the right of the
holders of the Notes under the Guarantees, see “Risk Factors — Risks Relating to the Notes and the
Guarantees — Indonesian companies have filed suits in Indonesian courts to invalidate transactions
with structures similar to this offering of Notes and the Guarantees and have brought legal action
against lenders and other transaction participants; moreover, such legal action had resulted in
judgments against such defendants invalidating all obligations under the applicable debt instruments
and in damages against such defendants in excess of the amounts borrowed” and “Risk Factors —
Risks Relating to the Notes and the Guarantees — Through the purchase of the Notes and Guarantees,
noteholders may be exposed to a legal system subject to considerable discretion and uncertainty; it
may be difficult or impossible for holders of the Notes to pursue claims under the Notes or the
Guarantees because of considerable discretion and uncertainty of the Indonesian legal system.”

Indonesian Regulation of Offshore Borrowings

Under Presidential Decree No. 59 of 1972 dated October 12, 1972 (“PD 59/1972”), as last amended
by Presidential Decree No. 120 of 1998 dated August 12, 1998 (“PD 120/1998”), we are required to,
and, if any of the Guarantors receives proceeds from the offering of the Notes through Intercompany
Loans, the Guarantors are also required to report the particulars of their offshore borrowings to the
Minister of Finance of Indonesia and Bank Indonesia on the acceptance, implementation, and
repayment of principal and interest. The Ministry of Finance Decree No. KEP-261/MK/IV/5/73 dated
May 3, 1973, as amended by the Ministry of Finance Decree No. 417/KMK.013/1989 dated May 1,
1989 and the Ministry of Finance Decree No. 279/KMK.01/1991 dated March 18, 1991, as the
implementing regulation of PD 59/1972 and PD 120/1998, further set forth the requirement to submit
periodic reports to the Minister of Finance of Indonesia and Bank Indonesia on the effective date of
the contract and each subsequent three-month period. In addition, under Presidential Decree No. 39
of 1991 dated September 4, 1991 (“PD 39/1991”), all offshore commercial borrowers must submit
periodic reports

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to the Offshore Commercial Borrowings Team (Tim Pinjaman Komersial Luar Negeri or the PKLN
Team) upon the implementation of their offshore commercial borrowing. PD 39/1991 does not
stipulate either the time frame or the format and the content of the periodic reports that must be
submitted.

On December 29, 2014, Bank Indonesia issued Bank Indonesia Regulation No. 16/21/PBI/2014 on
Application of Prudential Principles in Management of Offshore Loan of Non-Bank Corporations, as
lastly amended by Bank Indonesia Regulation No. 18/4/PBI/2016 (“PBI 16/21/2014”), which applies
to non-bank corporations that obtain offshore loans in foreign currencies. Further to PBI 16/21/2014,
Bank Indonesia also issued Circular Letter No. 16/24/DKEM dated December 30, 2014 as amended by
Circular Letter No. 17/18/DKEM dated June 30, 2015 and Circular Letter No. 18/6/DKEM dated April
22, 2016 (“CL 16/24/2014”). PBI 16/21/2014 requires non-bank corporations that have offshore loans
in foreign currencies to fulfill three prudential principles: (i) hedging ratios, (ii) liquidity ratios and
(iii) credit ratings.

The minimum hedging ratio for non-bank corporations that have offshore loans in foreign currency is
set at 25% of (i) the “negative difference” between the foreign exchange assets and the foreign
exchange liabilities that will become due within three months from the end of the relevant quarter, and
(ii) the “negative difference” between the foreign exchange assets and the foreign exchange liabilities
that will become due in the period of more than three months up to six months after the end of the
relevant quarter.

CL 16/24/2014 determines that only corporations that have “negative difference” of more than
US$100,000 are obliged to fulfill the minimum hedging ratio. In addition, PBI 16/21/2014 also
requires that such hedging transactions shall be conducted only with banks in Indonesia with effect
from 2017.

On the liquidity ratio requirement, non-bank corporations that have offshore loans in foreign currency
are also required to comply with the minimum liquidity ratio of at least 70% liquidity by providing
sufficient foreign exchange assets against foreign exchange liabilities that will become due within
three months from the end of the relevant quarter.

In addition, on the credit rating requirement, non-bank corporations that obtain offshore loans signed
or issued after January 1, 2016 in a foreign currency must have a minimum two years credit rating of
“BB-”, from the rating issuance, for offshore borrowings issued by a rating agency recognized by
Bank Indonesia. Such credit rating, which has to be valid for two years, will be in the form of a rating
over the relevant corporation and/or bonds. However, pursuant to PBI 16/21/2014 corporations may
use their parent company’s credit rating if (i) such corporation enters into offshore debt in foreign
currency with its parent company, or the offshore debt is guaranteed by the parent company, or (ii)
such corporation has been in existence for less than three years since it began its commercial
operations. The obligation to have a minimum credit rating does not apply to offshore loans in foreign
currency that are in the form of trade credit, which refers to debt arising from credit that is granted
by offshore suppliers over transactions relating to goods and/or services. Exemptions from the
requirement to satisfy the minimum credit rating are available for (i) the refinancing of offshore loans
in foreign currency, (ii) offshore loans in foreign currency that finance infrastructure projects from (a)
international bilateral/multilateral institutions and (b) syndicated loans with the contribution of
international bilateral/ multilateral institutions exceeding 50%, (iii) offshore loans in foreign currency
in relation to government (central and regional) infrastructure projects, (iv) offshore loans in foreign
currency that are guaranteed by international bilateral/multilateral institutions, (v) offshore loans in
foreign currency in the form of trade credit, (vi) offshore loans in foreign currency in the form of other
loans (i.e., any other loan than loan agreements, debt securities and trade credit that are, among others,
payments of insurance claims and unpaid), (vii) offshore loans in foreign currency of finance
companies, provided that, when the Indonesian Financial Services Authority last determined the
“soundness” level of the relevant finance company, the finance company had a minimum “soundness”
level (tingkat kesehatan) and fulfilled the maximum gearing ratio as regulated by OJK, and (viii)
offshore loans in foreign currency of the Indonesian Export Financing Institution.

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Finally, PBI 16/21/2014 requires non-bank corporations that have offshore loans in foreign currencies
to submit a report to Bank Indonesia, containing the implementation of prudential principles and the
applicability of any exemptions, including the relevant supporting documents. Non-bank corporations
subject to PBI 16/21/2014 must submit such report from the delivery of the fourth quarter report of
2015. In case of violation of PBI 16/21/2014, Bank Indonesia may impose administrative sanctions in
the form of warning letters. Beside warning letter, PBI 16/21/2014 does not provide other applicable
specific sanction but Bank Indonesia may inform related parties on the implementation of
administrative sanctions, such as relevant offshore creditors, the Ministry of State-Owned Companies
(for state-owned non-bank corporations), the Ministry of Finance on behalf of Directorate General of
Tax, the Otoritas Jasa Keuangan and the Indonesian Stock Exchange (the “IDX”) (for publicly listed
non-bank corporation).

Bank Indonesia issued Bank Indonesia Regulation No. 16/22/PBI/2014 dated December 31, 2014 on
Reporting of Foreign Exchange Activity and Reporting of Application of Prudential Principles in
relation to an Offshore Loan Management for Non-Bank Corporation (“PBI 16/22/2014”). PBI
16/22/2014 stipulates that banking institutions, non-bank financial institutions, non-financial
institutions, state/regional-owned companies, private companies, business entities and individuals
performing activities that cause a movement in financial assets and liabilities between an Indonesian
citizen and non-Indonesian citizen, including the movement of offshore financial assets and liabilities
between Indonesian citizens, must submit a foreign exchange activities report with respect to any
foreign exchange activities to Bank Indonesia. The foreign exchange activities report is required to
cover: (i) trade activities in goods, services and other transactions between residents and nonresidents
of Indonesia, (ii) the position and changes in the balance of foreign financial assets and/or foreign
financial liabilities, and/or (iii) any plan to incur foreign debt and/or implementation of such plan. In
addition, PBI 16/22/2014 requires any non-bank entity which applies prudential principles to submit
reports which cover (i) the implementation prudential principles, which have complied with an
attestation procedure; (ii) notification of compliance of credit ratings; (iii) financial statements; and
(iv) an initial report on the implementation of prudential principles (“Implementation of Prudential
Principles Report”). Bank Indonesia requires foreign exchange activities reports to be submitted
monthly. The Implementation of Prudential Principles Report must be submitted quarterly, unless
another submission deadline is required under PBI 16/22/2014.

The reporting obligations under PBI 16/22/2014 are implemented under the following Circular Letter
of Bank Indonesia as follows:

i. According to Bank Indonesia Circular No. 15/16/DInt dated April 29, 2013 on Reporting of
Foreign Exchange Activities in the form of Offshore Loan Realization and Position, any person,
legal entity or other entity domiciled in Indonesia or planning to be domiciled in Indonesia for
at least one year, that obtains offshore commercial borrowings in foreign currency and/or Rupiah
(of any amount) pursuant to loan agreements, debt securities, trade credits and other debts must
submit reports to Bank Indonesia. The reports must consist of the main data report and the
monthly recapitulation data report. The main data report must be submitted to Bank Indonesia
no later than the 15th day of the following month after the signing of the loan agreement or the
issuance of the debt securities and/or the debt acknowledgement over the trade credits and/or
other loans and a monthly recapitulation data report must be submitted to Bank Indonesia no later
than the 15th day of the following month. Such reports must be filed until the offshore
commercial borrowing has been repaid in full. Any failure to submit the required reports may
result in administrative sanctions in the form of fines; however, such failure will not invalidate
obligations under the debt instrument.

ii. According to Bank Indonesia Circular No. 17/4/DSta dated March 6, 2015 on the Reporting of
Foreign Exchange Activities on the form of Offshore Loan Plan and the Amendment of Offshore
Loan, an Indonesian company that intends to obtain a long-term offshore loan in a foreign
currency and/or Rupiah is required to submit a report to Bank Indonesia by no later than March
15 of each year in relation to such loan including its annual offshore borrowing plans, which

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 must include, among others, (a) the status and amount of the offshore loan; (b) currency of the
offshore loan; (c) the lender and the borrower’s relationship with such lender and (d) the source
of payments. Any amendment to such report must be submitted to Bank Indonesia by no later
than July 1 of the year of such change.

iii. According to Bank Indonesia Circular No. 17/26/DSta dated October 15, 2015 on the Reporting
of Foreign Exchange Activities Other than Offshore Loan, an Indonesian company engaged in
foreign exchange activities other than offshore loan which includes guarantees made by an
Indonesian party in favor of an offshore party is required to submit monthly reports with respect
to such foreign exchange activities (other than with respect to any borrowing of offshore loans)
to Bank Indonesia no later than the 15th day each month after the maturity date of the report
period.

iv. According to Bank Indonesia Circular No. 17/3/DSta dated March 6, 2015 as amended by Bank
Indonesia Circular No. 17/24/Dsta dated October 12, 2015 on the Reporting Application of
Prudential Principles in relation to an Offshore Loan Management for Non-Bank Corporation, a
non-bank corporation must submit the following reports: (i) the implementation of the prudential
principles on a quarterly basis; (ii) a report regarding the implementation of the prudential
principles report that have undergone an attestation procedure no later than the end of June of
each year; (iii) a report with respect to credit ratings no later than the end of following relevant
month; and (iv) financial statements, consisting of quarterly financial statements (unaudited) to
be submitted on a quarterly basis and annual financial statements (audited) to be submitted no
later than the end of June of each year.

Any delay in submitting foreign exchange reports as mentioned above (other than the offshore loan
plan report) is punishable by a fine of Rp500,000 for each day of delay, subject to a maximum fine
of Rp5,000,000. Furthermore, any failure to submit such foreign exchange report (other than the
offshore loan plan report) is punishable by a fine of Rp10,000,000 per reporting period. Failure to
submit the offshore loan plan report and the financial information report will be subject to
administrative sanctions in the form of warning letters and/or notices to the relevant authorities.

Bank Indonesia issued Bank Indonesia Regulation No. 16/10/PBI/2014 on The Receipt of Foreign
Exchange Proceeds from Export and Withdrawal of Foreign Exchange Offshore Loan (“PBI
16/10/2014”) on May 14, 2014, as amended by Bank Indonesia Regulation No. 17/23/PBI/2015 dated
December 28, 2015, as implemented by Bank Indonesia Circular No. 18/5/DSta dated April 6, 2016
on Receipt of Foreign Exchange Offshore Loan. Based on PBI 16/10/2014, Indonesian debtors of an
offshore loan may only receive loan proceeds through an Indonesian foreign exchange bank (Bank
Devisa). This obligation applies to every loan that is derived from:

a. a non-revolving loan agreement for purpose other than financing;

b. offshore debt securities; or

c. the margin between the new foreign loan for refinancing purposes and the initial foreign loan.

The accumulated amount of foreign exchange received from an offshore loan should be equal to the
total commitment. If the accumulated amount of foreign exchange received from an offshore loan is
less than the committed amount under the offshore loan, with a difference of more than the equivalent
of Rp50,000,000, a debtor must submit a written explanation and supporting documents to Bank
Indonesia prior to expiry of the loan term. An Indonesian debtor must report the receipt of proceeds
from the offshore loan to Bank Indonesia monthly using the recapitulation data report as regulated
under PBI 16/10/2014, BI Circular No. 18/5/Dsta, and Bank Indonesia Circular No. 15/16/DInt of
2013. Every submission of a report must be supported with any document evidencing that the proceeds
from the relevant offshore loan are received through an Indonesian foreign exchange bank. Any
Indonesian debtor failing to comply with the obligation may be imposed with an administrative
sanction in the form of fine of 0.25% of the amount of every withdrawal that is not withdrawn through

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an Indonesian foreign exchange bank, with maximum sanction of Rp50,000,000. PBI 16/10/2014 does
not specifically require the foreign currency brought into Indonesia to be converted into Rupiah and
kept in Indonesia for a specified period of time. Aside from imposing fine on the debtor, Bank
Indonesia may impose an administrative sanction in the form of, among others: (i) a written warning
to the debtor and/or (ii) a notification to the concerned offshore creditor and/or the relevant authority.

Language of the Transaction Documents

Pursuant to Law No. 24 of 2009 on Flag, Language, Coat of Arms and National Anthem enacted on
July 9, 2009 (“Law No. 24/2009”), agreements to which Indonesian parties are a party are required
to be executed in Bahasa Indonesia, although, when a foreign entity is a party, dual language
documents in English or the national language of the foreign party are permitted. Article 31 of Law
No. 24/2009 provides that: (i) Bahasa Indonesia must be used in a memorandum of understanding or
an agreement which involves the State, government agencies of the Republic of Indonesia, private
entity or individuals having Indonesian nationality; and (ii) with regard to a memorandum of
understanding or an agreement referred to in (i) which involves a foreign party, the memorandum of
understanding or agreement may also be made in the national language of such foreign party and/or
in English.

There exists substantial uncertainty regarding how Law No. 24/2009 will be interpreted and applied,
and it is not certain that an Indonesian court would permit the English version to prevail or even
consider the English version. See “Risk Factors — Risks Relating to Indonesia — An Indonesian law
requiring agreements involving Indonesian parties to be written in the Indonesian language may raise
issues as to the enforceability of agreements entered into in connection with the offer and sale of the
Notes and the Guarantees.” The Indenture and certain other documents entered into in connection with
the issuance of the Notes have been or will also be prepared in Bahasa Indonesia as required under
Law No. 24/2009 and the English version will prevail for all purposes, including in the event of a
discrepancy or an inconsistency between the English version and the Bahasa Indonesia version.
However, there can be no assurance that, in the event of inconsistencies between the Bahasa Indonesia
and English language versions of these documents, an Indonesian court would hold that the English
language versions of such documents would prevail.

Although Law No. 24/2009 came into effect on July 9, 2009 a detailed implementing Presidential
Regulation has not yet been issued. In connection with the provisions of Article 31 of Law No.
24/2009, the Minister of Law and Human Rights of the Republic of Indonesia, issued Letter No.
M.HH.UM 01-01-35, dated December 28, 2009, regarding Law No. 24/2009 (the “MOLHR
Clarification Letter”), which clarifies the use of Bahasa Indonesia pursuant to Law No. 24/2009. The
MOLHR Clarification Letter stipulates that even though an agreement between Indonesian private
entities (lembaga swasta Indonesia) is executed in English, it should not violate the provisions of
Article 31 of Law No. 24/2009. As basis for this analysis, the MOLHR Clarification Letter makes a
reference to Article 40 of Law No. 24/2009, which states that the use of Bahasa Indonesia, including
for the purposes of Article 31 of Law No. 24/2009, shall be further regulated by Presidential
Regulations. Pursuant to the MOLHR Clarification Letter, until further implementing regulations of
Article 31 of Law No. 24/2009 have been issued, an agreement between Indonesian private entities
that is executed in English should not be deemed to have violated the provisions of Article 31 of Law
No. 24/2009. However, until now, no implementing regulations have been issued. Hence, pursuant to
the MOLHR Clarification Letter, any agreement that is executed in English without a Bahasa
Indonesia version is still legal and valid, and does not violate the provisions of Article 31 of Law No.
24/2009. However, this letter is issued only as an opinion and does not fall within the types and
hierarchy stipulated in Article 7 of Law No. 12 of 2011 regarding Formation of Laws and Regulations
to be considered a law or regulation and therefore has no legal force.

xiii
In addition, on June 20, 2013, the District Court of West Jakarta ruled in decision No. 451/Pdt.E/2012/
PN.Jkt Bar (the “June 2013 Decision”) that a loan agreement entered into between an Indonesian
borrower, PT Bangun Karya Pratama Lestari, as plaintiff, and a non-Indonesian lender, Nine AM Ltd.,
as defendant, is null and void under Indonesian law. The governing law of such agreement was
Indonesian law and the agreement was written in the English language. The court ruled that the
agreement had contravened Article 31(1) of Law No. 24/2009 and declared it to be invalid. In arriving
at this conclusion, the court relied on Articles 1320, 1335 and 1337 of the Indonesian Civil Code,
which taken together render an agreement void if, inter alia, it is tainted by illegality. The court held
that as the agreement had not been drafted in the Indonesian language, as required by Article 31(1),
it therefore failed to satisfy the “lawful cause” (sebab yang halal) requirement and was void from the
outset, meaning that a valid and binding agreement had never existed. In addition, the court reaffirmed
that the MOLHR Clarification Letter is not a law or regulation and has no legal force. On May 7, 2014,
the Jakarta High Court rejected the appeal submitted by Nine AM Ltd. and affirmed the June 2013
Decision in its entirety. In its judgment, the Jakarta High Court was of the opinion that the District
Court of West Jakarta’s judgment was correct and accurate. Further, on August 23, 2015, the Supreme
Court again affirmed the lower court’s decision. Indonesian court decisions are generally not binding
precedents and do not constitute a source of law at any level of the judicial hierarchy, as would be
typically be the case in common law jurisdictions such as the United States and the United Kingdom.
However, there can be no assurance that a court will not, in the future, issue a similar decision to the
June 2013 Decision in relation to the validity and enforceability of agreements which are made in the
English language.

On July 7, 2014, the Government issued Government Regulation No. 57 of 2014 on Development
Fostering, and Protection of Language and Literature and Enhancement of the function of the
Indonesian Language (“GR 57/2014”) to implement certain provisions of Law No. 24/2009. While this
regulation focuses on the promotion and protection of the Indonesian language and literature and is
silent on the question of contractual language, it reiterates that contracts involving Indonesian parties
must be executed in the Indonesian language (although versions in other languages are also permitted).
As Law No. 24/2009 does not specify any sanctions for non-compliance, we cannot predict how the
implementation of Law No. 24/2009 (including its implementing regulation) will impact the validity
and enforceability of the Notes and the Guarantees in Indonesia, which creates uncertainty as to the
ability of Noteholders to enforce the Notes and the Guarantees in Indonesia.

On January 15, 2014, Law No. 2 of 2014 was issued to amend Law No. 30 of 2004 (the “Notary Law”).
Pursuant to the Notary Law, a notarial deed made after January 15, 2014 must be drawn up in the
Indonesian language. If the parties require, the notarial deed can be made in foreign language and in
such event the notary must translate the deed into the Indonesian language but in the event of different
interpretation as to the contents of the deed, the Indonesian language deed shall prevail. As a result
of this law, the Indonesian deeds of corporate guarantee will only be executed in Indonesian language
with the English version attached to such deed as reference only.

The Indonesian Guarantors will execute dual English and Bahasa Indonesia versions of all the other
transaction agreements to which they are party, which will provide that in the event of a discrepancy
or inconsistency, the parties intend the English version to prevail. While the agreement in the
transaction documents to have the English version prevail does not violate the principles of freedom
of contract subject to the good faith of the parties against whom the agreement shall be exercised and
enforced, there can be no assurance that the Indonesian courts would hold that the English version of
the transaction documents will prevail. Moreover, some concepts in the English language may not
have a corresponding term in the Indonesian language and the exact meaning of the English text may
not be fully captured by the Indonesian language version. If this occurs, there can be no assurance that
the terms of the Notes, including the Indenture, will be as described in the Offering Memorandum, or
will be interpreted and enforced by the Indonesian courts as intended.

xiv
 FORWARD-LOOKING STATEMENTS AND ASSOCIATED RISKS

Certain statements in this Offering Memorandum are not historical facts and constitute “forward
looking statements.” All statements other than statements of historical facts included in this Offering
Memorandum, including those regarding our financial position and results, business strategies, plans
and objectives of management for future operations (including development plans and dividends),
followed by or that include the words “believe,” “expect,” “aim,” “intend,” “will,” “may,” “project,”
“estimate,” “anticipate,” “predict,” “seek,” “should” or similar words or expressions, are
forward-looking statements. These forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause our actual results, performance or achievements, or
industry results, to be materially different from any future results, performance or achievements
expressed or implied by the forward-looking statements. These forward-looking statements are based
on numerous assumptions regarding our present and future business strategies and the environment in
which we will operate in the future.

Forward-looking statements involve inherent risks and uncertainties. The forward-looking statements
included in this Offering Memorandum reflect our current views with respect to future events and are
not a guarantee of future performance. A number of important factors could cause actual results or
outcomes to differ materially from those expressed in any forward-looking statement. These factors
include, but are not limited to, the following:

• our ability to acquire suitable sites for development (either alone or with suitable joint venture
partners) and the cost of acquisition of such sites;

• our ability to complete our projects successfully;

• our ability to rent out properties in our developments;

• our ability to successfully, within acceptable financial parameters, pre-sell properties in our
projects;

• the expected growth of the real estate market in Jakarta, Greater Jakarta, Karawang, Puncak,
Medan, Batam, Balikpapan and Bali;

• the anticipated demand for and selling prices of our properties and related capital expenditures
and investments;

• whether we can successfully execute our business strategies and carry out our growth plans;

• our ability to be and remain competitive;

• changes in Government laws and regulations and their interpretation, including property laws
and tax laws, as well as the level of enforcement of such laws and regulations;

• significant delays in obtaining or renewing our various permits, proper legal titles or approvals
for our properties under development or held or planned to be held for future development;

• macroeconomic factors, in particular interest rates, unemployment rates, disposable income,

availability of adequate credit and affordable financing and consumer confidence in Indonesia;

• changes in our needs for capital and the availability and cost of financing and capital to fund
these needs;

• competition in the Indonesian real estate industry, including changes in real estate prices and
sales activity;

• our ability to anticipate and respond to consumer preferences;

xv
• war or acts of international or domestic terrorism;

• occurrences of catastrophic events, outbreaks of communicable diseases, natural disasters and

acts of God that affect our business or properties;

• changes in our senior management team or loss of key employees;

• changes relating to and our relations with our principal shareholders;

• the impact of environmental damages, construction defects and the applicability and sufficiency
of our environmental insurance coverage;

• the availability and cost of labor and building and construction materials, including the ability
to secure raw materials and subcontractors; and

• construction delays and weather conditions.

Additional factors that could cause our actual results, performance or achievements to differ
materially include, but are not limited to, those discussed under “Risk Factors,” “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” and “Business.” When
relying on forward-looking statements, you should carefully consider the foregoing factors and other
uncertainties and events, especially in light of the political, economic, social and legal environment
in which we operate. These forward-looking statements speak only as of the date of this Offering
Memorandum. Although we believe that the expectations reflected in the forward-looking statements
are reasonable, we cannot guarantee future results, levels of activity, performance or achievements.
We do not intend to update any of the forward-looking statements after the date of this Offering
Memorandum to conform those statements to actual results, subject to compliance with all applicable
laws including the rules of the SGX-ST.

xvi
 SUMMARY

This summary highlights information contained elsewhere in this Offering Memorandum. This
summary is qualified by, and must be read in conjunction with, the more detailed information and
financial statements appearing elsewhere in this Offering Memorandum. We urge you to read this
entire Offering Memorandum carefully, including our consolidated financial statements and related
notes and “Risk Factors.”

Overview

We are one of the leading integrated property developers in Indonesia, with developments throughout
Indonesia and diversified exposure across residential, retail and commercial segments. Having been
a pioneer of the superblock concept in Indonesia, our integrated property development model,
including land acquisition, sourcing, design and development, project management, sales, commercial
leasing and marketing, as well as operation and management, has seen us develop a strong footprint
in Jakarta and beyond. We are known for our high quality and iconic projects such as Podomoro City,
Green Bay, Central Park, Kuningan City, Sofitel Bali Nusa Dua, Podomoro City Deli Medan and
Borneo Bay City.

For the year ended December 31, 2016, our total sales and revenues were Rp6,007.0 billion (US$447.1
million), an increase from Rp5,971.6 billion for the year ended December 31, 2015. We have
diversified revenues from our property developments and investment properties, which include hotels,
malls and offices. For the year ended December 31, 2016, revenues from our developments constituted
72.7% and 57.0% of our total sales and revenues and Adjusted EBITDA, respectively, with recurring
revenues from our retail and hotel properties comprising the balance. The total fair value of our real
estate assets, investment properties, property and equipment in our portfolio as of December 31, 2016
was Rp18.0 trillion (US$1,340.7 million).

Our superblock developments are large-scale property developments that incorporate shopping malls,
apartments and offices in an integrated and interconnected building complex. These developments
have been designed based on the “back to the city” concept, where we seek to develop superblocks
within central urban locations with existing surrounding infrastructure that offer a large captive
market of middle-income and upper-middle income households in neighboring areas. Our target
customers for our superblock developments in Indonesia are mainly those who live outside of the
metropolitan area of cities such as Jakarta and who commute into the urban areas. These commuters
have strong demand for high quality, affordable housing within an integrated development.

We also selectively develop residential and mixed use property outside of our superblock
developments. These residential and mixed use projects include developments for a range of market
segments from premium residences for high-income households to more affordable apartments for
middle income households.

Our superblock, residential and mixed use developments and hotels currently under construction are
set out in the table below.

Target Estimated Estimated

Project Location Size (Ha) Demographic Capex (1) Type Completion

Soho Pancoran . . . . South Jakarta 0.78 Middle-High Rp118.0 billion — Residence 2017
— Commercial 2017
Harco Glodok . . . . . West Jakarta 0.9 Middle and Rp298.0 billion — Residence 2017
Middle-High — Commercial 2017
Podomoro Golf View Cimanggis, West 24 Low and Rp1,909 billion — Land 2017
(Phase I) . . . . . . Java Middle-Low — Shophouse 2018
— Kiosk 2023
— Apartment 2023
— Commercial 2024

1
 Target Estimated Estimated
Project Location Size (Ha) Demographic Capex (1) Type Completion

Soho Podomoro West Jakarta 2.2 Middle-High Rp99.0 billion — Residence 2017
City . . . . . . . . . — Office 2017
Grand Taruma. . . . . Karawang 45.9 Middle Rp38.0 billion — Residence
— Shophouse 2017
Orchard Park . . . . . Batam, Riau 40.8 Middle and Rp721.0 billion — Residence 2017-2020
Middle-High — Shophouse 2018
— Commercial 2018
Indigo Hotel . . . . . Seminyak, Bali 4.5 High Rp339.0 billion — Hotel 2017
— Villas 2017
Grand Madison . . . . Podomoro City, 0.6 Middle Rp427.0 billion — Residence 2018
West Jakarta
Pakubuwono Spring . South Jakarta 1.8 High Rp1,262.0 billion — Residence 2018
Vimala Hills . . . . . Puncak, West Java 91 Middle-High Rp1,133.0 billion — Hotel 2018
and High — Villas 2019
— Condotel 2020
Podomoro City Deli Medan, North 5.2 Middle and Rp2,612.0 billion — Residence 2019
Medan . . . . . . . Sumatra Middle-High — Office Space 2019
— Mall 2019
Borneo Bay City . . . Balikpapan 4.9 Middle and Rp725.0 billion — Residence 2019
Middle-High — Commercial 2020
Pluit City . . . . . . . North Jakarta 161 Middle-High Rp3,016.0 billion — Residence 2022-2031
and High — Shophouse 2023
— Commercial 2022
— Office

Note:
(1) Estimated capital expenditures through 2019, except for Grand Taruma, Soho Pancoran, Pakubuwono Spring, Harco
Glodok and Grand Madison, which are estimated capital expenditures remaining in respect of each such development.

As part of our strategy to grow our recurring revenues, we retain a substantial portion of the retail and
commercial and hotel portions of our developments as we expand our portfolio. Our key commercial
and retail properties include Central Park, Kuningan City, Emporium Pluit, Baywalk and Festival
CityLink. Our key hotel properties, which are managed by third party operators, include Pullman
Jakarta Central Park, Sofitel Bali Nusa Dua, Harris Festival Citylink, Hotel BnB@Kelapa Gading,
Amaris Thamrin City and POP Festival Citylink. As part of our strategy to maintain prudent capital
structure, we may from time to time consider and pursue monetization of a part of our investment
properties portfolio through joint venture partnerships, outright sale or divestment of assets in to
REITs. On February 23, 2017, we entered into a binding investment agreement with a REIT manager
to divest Pullman Jakarta Central Park in exchange for cash and shares in the REIT. We expect to close
the transaction in the second quarter of 2017.

Competitive Strengths

Well established and strong brand recognition across Indonesia

We are one of the fastest growing and largest integrated real estate owners, developers and managers
in Indonesia that has a truly geographically diversified footprint across the country. As pioneers of
superblock developments in Indonesia we have an extensive footprint of landmark, prominent
integrated developments across Jakarta and replicating the concept in several other big cities such as
Medan and Balikpapan. We have developed residential apartments and landed houses, ranging from
government subsidized developments through to high-income premium residences, small offices/home
offices (“SOHO”), shopping malls, trade malls, offices, kiosks, and hotels, strategically located within

2
metropolitan or tourist areas throughout Indonesia. Our projects are designed by internationally
reputable firms and are constructed by experienced and highly qualified construction firms. As an
established developer, we are recognized for our high quality projects including Podomoro City, Green
Bay, Senayan City and Kuningan City and our developments have received many awards, including
recently from Association Otherways, Properti Indonesia Magazine, The International Hotel Awards,
ISLQ International, Property Report, Property & Bank Magazine, Luxury Hotel, International Hotel
Awards 2016, Conde Nast Johansens 2016 and Forbes Travel Guide 2016.

Dominant market share of apartment and mall space across Jakarta

Based on Colliers International’s Q4 2016 Jakarta Property Market Report, the total stock of apartment
units in Jakarta was 176,178 units, for which we have a leading 17% market share. Our strong retail
mall footprint in Jakarta also gives us a leading 14% market share of total retail mall net leasable area
(“NLA”) across Jakarta based on Cushman & Wakefield’s Q4 2016 Jakarta Retail Report, in which the
total cumulative supply of leased retail mall space in Jakarta was 3,116,975 square meters. Our Central
Park and Neo Soho Malls are the largest shopping malls in Jakarta by NLA. Podomoro City in West
Jakarta is also one of the largest apartment complex in Jakarta with 18 residential towers within the
development — which is also the largest superblock integrated development in Jakarta. We view this
dominant market share as a key competitive strength that cements our position as a leading developer
not just in Jakarta, but across Indonesia.

Geographically diversified and established pan-Indonesia footprint

Since our initial public offering in 2010, we have further diversified our real estate product offerings
by constructing projects in Greater Jakarta, such as Podomoro Golf View in Cimanggis, and
throughout Indonesia. This diversification is clearly demonstrated by the evolution of our marketing
sales mix — in 2011, 98% of our marketing sales were in Jakarta, compared to the year ended
December 31, 2016, in which 29% of our marketing sales were in Jakarta while 43% of our marketing
sales were in Greater Jakarta (excluding Jakarta) and 28% of our marketing sales were elsewhere in
Indonesia. We expect this geographic diversification to continue as we develop projects throughout
Indonesia in the future. We are at present one of the few integrated developers with a truly
pan-Indonesia footprint, with developments in Batam, Medan, Balikpapan, Makassar, Bandung,
Karawang and Bali, that supplement our core base in Jakarta and Greater Jakarta.

Well diversified market segmentation across residential and commercial businesses

We are also diversified across market segments. For the year ended December 31, 2016, 38% of our
residential marketing sales came from developments targeted at the low income segment, while 58%
and 4% came from our middle and high income targeted developments, respectively. Our recurring
revenues, primarily derived from our malls and hotels, are also diversified across market segments
with 12% coming from middle-income segments and 40% and 48% coming from middle-high and high
income segments, respectively, as of December 31, 2016. Revenues from hotels with two, three, four
and five stars represented approximately 6%, 2%, 7% and 85% of our total hotel revenues,
respectively, for the year ended December 31, 2016. All the above demonstrate well balanced exposure
across market segments in each of our business verticals, whilst maintaining our focus on the more
inelastic, steady growth middle income segment.

Strong pipeline of high quality developments with strong cash flow visibility

We have a strong growth pipeline of projects including superblock developments such as Borneo Bay
City and Podomoro City Deli Medan, which are both currently under construction. We believe that our
strong reputation for quality projects has helped us achieve high pre-sales for many of our
developments that are nearing completion. Additionally the retail components of other pipeline
projects such as Orchard Park, Podomoro City Deli Medan Mall, Soho Pancoran and Borneo Bay City,
and hotel developments such as the Indigo Bali Seminyak and Vimala Hills will bring additional
recurring income once they are completed.

3
Stable and growing recurring revenues

As part of our strategy, we retain a substantial portion of our retail and commercial developments to
generate recurring revenues as we expand our real estate portfolio. This facilitates the potential capital
appreciation of our properties while reducing the volatility of our income and at the same time
provides sufficient cash flow to support our construction requirements. We expect these benefits to
increase as construction is completed on the retail sections of our superblock developments and on our
two new five-star hotels.

Recurring revenues have increased from 5% of our sales and revenues in the year ended December 31,
2010 to 27% in the year ended December 31, 2016. This recurring revenue stream provides a stable
source of additional liquidity and partial funding for future projects. Recurring revenues are
comprised mainly of revenue from malls and hotels, which comprised 54% and 41% of recurring
revenue, respectively, in the year ended December 31, 2016. Our development income is derived from
sales of apartments, housing, SOHO, kiosks, offices and shophouses, which comprised 43%, 15%,
15%, 12%, 13% and 2% of total sales for the year ended December 31, 2016, respectively.

Our occupancy rates for our malls and hotels have been strong and stable in recent years. For the years
ended December 31, 2014, 2015 and 2016, our average mall occupancy rates were 85%, 85% and 85%,
and our average hotel occupancy rates for our hotels with three or more stars were 78%, 78% and 77%
across the same period.

We also have an extensive network of tenants who sign mostly long-term leases — with over 70% of
our leases being 4 to 5 years or longer. Our developments attract a high quality tenant profile. Given
the scale of our operations, we have established an extensive and diversified tenant base with more
than 500 leases across various segments of the retail market, ranging from department store chains
such as Sogo, Central and Debenhams, to hypermarket operators such as Transmart Carrefour and
Lotte Mart, to bookstore operators, Gramedia and TGA Bookstore and a large number of luxury
retailers, such as Gucci, Bottega Veneta, Salvatore Ferragamo, Balenciaga and Burberry. The scale
of our tenant network provides us with a strong pool of prospective tenants whom we can approach
for our future developments as they grow their businesses, and allow us to achieve revenue diversity.
It also enables us to manage our tenant mix to achieve higher yield from our properties. We believe
we have good ongoing relationships with the holders of the rights to distribute key global brands in
Indonesia, such as A/X Armani, Hugo Boss and Best Denki Electronics Store. Through our active mall
management and our leasing and marketing strategy, we believe we have been able to optimally
manage the tenant mix in our shopping malls to enhance their attractiveness and generate higher
shopper traffic. We believe that these factors have allowed us to maintain high occupancy levels for
our malls, therefore maximizing rental revenues.

Experienced management team with a successful track record

Our management team is led by executive officers who have an average of more than 15 years of
experience in the industry and have in-depth knowledge of all aspects of Indonesia’s real estate
market. All of our senior management and most of our professional staff have significant property
development and management experience in the real estate sector. Our reputation as a trusted and
reliable partner has attracted numerous enquiries from land-owners and other business partners
seeking to develop or enhance their properties in prime locations, several of which are now part of our
portfolio. We benefit from an experienced management team who have long proven track records in
managing, investing in and developing real estate properties in Indonesia, and particularly in Jakarta.
We have expanded our portfolio and have completed five superblock developments, nine commercial
and mixed use developments, 10 hotels, five apartments and four residential projects, which
demonstrates our management’s ability to successfully source, structure and execute acquisitions,
property developments, mall management and asset enhancements, on some occasions ahead of
schedule which we benefit from.

4
Business Strategy

Replicate successful business model beyond Jakarta into rapidly growing cities

In addition to continuing to develop projects in Jakarta, we will also seek to expand into growth cities
such as Bandung, Bogor, Karawang, Bali, Medan, Balikpapan and Batam that are experiencing rapid
urbanization and industrialization and have expanding middle-income populations, which contribute
to an increase in demand for real estate developments in these cities. As a result of our
well-established reputation, we believe that we are well-positioned to develop properties of
appropriate size and scope in these cities with our continued focus on strong demand of the middle
income segment. We plan to continue our development of the superblock concept adapted to key
growth cities outside Jakarta, and look to improve margins with lower development cost projects in
these growth cities.

Grow recurring revenues with a continued focus on developing investment properties

We intend to continue to increase our proportion of recurring revenues. Recurring revenues, primarily
comprising rental and hotel revenues, were 26%, 27% and 27% of our total sales and revenues for the
years ended December 31, 2014, 2015 and 2016, respectively. Our recurring revenues are used to
further strengthen our market position in Indonesia and for opportunistic expansion. In addition to
obtaining debt financing, cash received from pre-sales of residential apartments and office areas
allows us to fund a portion of our construction requirements.

Evaluating projects carefully while maintaining prudent capital structure

We strive to continue to be financially stable and to possess the financial resources to capitalize on
market opportunities. We intend to maintain adequate capital reserves to fund the opportunistic
acquisition of development sites. We also intend to continue to diversify our financing arrangements
by assessing the capital and debt markets where appropriate. Our total debt to equity ratio as at
December 31, 2016 was approximately 0.65 times, which we believe is adequate for capitalization
purposes and future project investment. In addition, we continue to evaluate alternate forms of
financing, including potential joint venture partnerships, monetization of a part of our investment
properties portfolio, selling land as real estate prices rise in order to exploit favorable market
conditions and divesting assets into REITs.

Continue defensive expansion strategy by de-risking projects by funding developments through

pre-sales

We have historically sold, on average, at least 35% of our developments before ground-breaking in
order to increase liquidity and decrease third party funding requirements. Our pre-selling our
residential and office developments provides us with ongoing revenues for completing our
developments, which has allowed us historically to reduce on dependence on third party financing and
its associated costs. We currently have strong pre-sales for all of our developments being completed
in the near future.

Source land bank strategically considering appropriate holding period and return

We plan to continue to leverage the Company’s track record and expertise to source strategically
optimal land bank while avoiding land bank that will reduce our liquidity without commensurate and
timely returns. Based on our rate of land consumption during the last five years and our current
expansion plans, we believe that our current land bank will be sufficient to meet our anticipated
development needs for more than ten years. We regularly replenish utilized land from our land bank
by seeking to acquire land at a similar rate to that utilized, subject to price and suitability. In
identifying sites for our developments, we focus on locations with high barriers to entry for our
competitors, in close proximity to the city center or with convenient access to major roads and with
projected demographic growth. We occasionally seek to acquire land surrounding our existing
property developments to expand our developments. From time to time, we may consider selling land

5
as land prices rise to exploit favorable market conditions. On December 22, 2016, we entered into a
conditional sale and purchase agreement to sell 216 hectares of our land bank to PT CFCity Karawang
Real Estate Development, an unaffiliated third party. We expect to complete this sale in the second
quarter of 2017. We anticipate generating higher returns by recycling capital efficiently.

Land reclamation strategy

Land availability in Jakarta has become increasingly limited due to the rapid development in urban
areas in line with the increasing population growth. One of the solutions to overcome land shortage
is to create new land offshore, better known as reclamation.

The Company previously obtained reclamation permits for the development of two landbanks off the
north coast of Jakarta known as “Island G” and “Island I”, as well as a right to develop, operate and
manage a third reclamation project, known as “Island F”, from Jakpro. Islands G, I and F are expected
to be, in the aggregate, approximately 550 hectares, once reclamation activities are complete. See
“Risk Factors — Development of our reclamation projects have been suspended due to administrative
sanctions and such projects are currently subject to ongoing litigation.”

The Pluit City Masterplan was designed by a world class consulting firm S.O.M (Skidmore, Ownings
& Merrill LLP) who also designed Sears Tower Chicago and Burj Khalifah in Dubai. The landscape
consulting firm was Martha Schwartz Partners and the construction consultant was Royal Haskoning.
With these world class consultants, the Company would like to generate a world-class reclamation
product where every detail comprehensively considers the regional ecology, socio-economic and
socio-cultural aspects.

General Information

Our registered address is APL Tower LT.43-46, Podomoro City JL. Letjend. S.Parman Kav.28 Tanjung
Duren Selatan Jakarta Barat, Indonesia and our telephone number is +021 290-34567.

The Issuer is a private company with limited liability incorporated under the laws of Singapore. Its
registered address is 80 Robinson Road #02-00, Singapore 068898.

Podomoro Properties Pte. Ltd. is a private company with limited liability incorporated under the laws
of Singapore. Its registered address is 80 Robinson Road #02-00, Singapore 068898.

6
 SUMMARY OF THE OFFERING

The following is a brief summary of the terms of this offering and is qualified in its entirety by the
remainder of this Offering Memorandum. For a detailed description of the Notes, see the section
entitled “Description of the Notes.” The terms and conditions of the Notes prevail to the extent of any
inconsistency with the summary set forth in this section. This summary is not intended to be complete
and does not contain all of the information that is important to an investor. Phrases used in this
summary and not otherwise defined shall have the meanings given to them in “Description of the
Notes.”

Issuer . . . . . . . . . . . . . . . . . . . . . . APL Realty Holdings Pte. Ltd.

Parent Guarantor . . . . . . . . . . . . . PT Agung Podomoro Land Tbk.

Subsidiary Guarantors . . . . . . . . . PT Agung Kencana Sukses, PT Graha Tunas Selaras, PT

Karya Pratama Propertindo, PT Agung Pesona Unggul, PT
Pesona Agung Lestari, PT Griya Agung Sukses, PT Central
Tata Makmur, PT Podomoro Bangun Abadi, PT Podomoro
Central Sejahtera, PT Podomoro Sukses Lestari, PT Buana
Surya Makmur, PT Tiara Metropolitan Indah, PT Karya
Gemilang Perkasa and PT Jaladri Kartika Pakci.

Notes Offered . . . . . . . . . . . . . . . US$ aggregate principal amount of .0%

Senior Notes due 20 (the “Notes”).

Issue Price . . . . . . . . . . . . . . . . . . % of the principal amount of the Notes.

Maturity Date . . . . . . . . . . . . . . . .

Interest . . . . . . . . . . . . . . . . . . . . The Notes will bear interest from and including at the
rate of % per annum, payable semi-annually in
arrears.

Interest Payment Dates. . . . . . . . . and of each year, commencing .

Ranking of the Notes . . . . . . . . . . The Notes will:

• be general obligations of the Issuer;

• be senior in right of payment to any obligations of the

Issuer expressly subordinated in right of payment to the
Notes;

• rank at least pari passu in right of payment with all

unsecured, unsubordinated Indebtedness of the Issuer
(subject to any priority rights of such unsecured,
unsubordinated Indebtedness pursuant to applicable
law);

• be guaranteed by the Guarantors on an unsubordinated

basis, subject to the limitations described under
“Description of the Notes — Subsidiary Guarantees”
and in “Risk Factors — Risks Relating to the Notes and
the Guarantees”;

7
 • be effectively subordinated to the secured obligations of
the Issuer, the Parent Guarantor and the Subsidiary
Guarantors, to the extent of the value of the assets
serving as security therefor (other than the Collateral);

• be effectively subordinated to all existing and future

obligations of any Subsidiaries that are not Subsidiary
Guarantors; and

• be secured by first priority liens on the Collateral

(subject to Permitted Pari Passu Collateral Liens) as
described under “Description of the Notes — Security.”

Parent Guarantee . . . . . . . . . . . . . The Parent Guarantor will guarantee the due and punctual
payment of the principal of, premium (if any), and interest on,
and all other amounts payable under, the Notes.

The Parent Guarantee may be released in certain

circumstances. See “Description of the Notes — The Parent
Guarantee — Release of the Parent Guarantee.”

Ranking of the Parent Guarantee . The Parent Guarantee will:

• be a general obligation of the Parent Guarantor;

• be effectively subordinated to secured obligations of the

Parent Guarantor, to the extent of the value of the assets
serving as security therefor (other than the Collateral);

• be senior in right of payment to all future obligations of

the Parent Guarantor expressly subordinated in right of
payment to the Parent Guarantee;

• rank at least pari passu in right of payment with all other

unsecured, unsubordinated Indebtedness of the Parent
Guarantor (subject to any priority rights of such
unsecured, unsubordinated Indebtedness pursuant to
applicable law);

• be effectively subordinated to all existing and future

obligations of any Subsidiaries that are not Subsidiary
Guarantors; and

• secured by first priority liens on the Collateral (subject

to Permitted Pari Passu Collateral Liens) as described
under “Description of the Notes — Security.”

Subsidiary Guarantees . . . . . . . . . The Subsidiary Guarantors will jointly and severally

guarantee the due and punctual payment of the principal of,
premium (if any), and interest on, and all other amounts
payable under, the Notes.

The Subsidiary Guarantees may be released in certain

circumstances. See “Description of the Notes — The
Subsidiary Guarantees — Release of the Subsidiary
Guarantees.”

8
Ranking of the Subsidiary
Guarantees . . . . . . . . . . . . . . . .
Collateral . . . . . . . . . . . . . . . . . . .
Use of Proceeds . . . . . . . . . . . . . .
The Subsidiary Guarantees will:
• be a general obligation of such Subsidiary Guarantor;
• be effectively subordinated to secured obligations of
such Subsidiary Guarantor, to the extent of the value of
the assets serving as security therefor (other than the
Collateral);
• be senior in right of payment to all obligations of such
Subsidiary Guarantor expressly subordinated in right of
payment to such Subsidiary Guarantee;
• rank at least pari passu in right of payment with all other
unsecured, unsubordinated Indebtedness of such
Subsidiary Guarantor (subject to any priority rights of
such unsecured, unsubordinated Indebtedness pursuant
to applicable law); and
• be secured by first priority liens on the Collateral
(subject to Permitted Pari Passu Collateral Liens) as
described under “Description of the Notes — Security.”
The obligations of the Issuer and the Indonesian Guarantors
under the Notes will be secured on a first priority basis by a
Lien on certain collateral, which shall initially consist of: (i)
a charge by the Issuer of the Capital Stock of Podomoro
Properties (the Pari Passu Collateral); and (ii) an assignment
by each of the Issuer and Podomoro Properties of all of their
interests in, and rights under, the Intercompany Loans (the
Notes Collateral and, together with the Pari Passu Collateral,
the “Collateral”).
The aggregate net proceeds from the offering of the Notes
will be approximately US$ million, after deducting
underwriting fees and commissions and other estimated
transaction expenses relating to the offering of the Notes. The
Issuer will contribute the net proceeds of this offering of the
Notes to Podomoro Properties by way of subscription of
additional shares in the capital of, or a shareholder loan, to
Podomoro Properties, which will use such net proceeds of the
offering of the Notes to fund our corporate purposes by
granting one or more intercompany loans or through other
funding methods to the Company or the Subsidiary
Guarantors.
The Parent Guarantor intends to use the net proceeds of the
offering of the Notes as follows: (i) Rp1,200.0 billion
(US$89.3 million) for the repayment of the Agung Podomoro
Bond II; (ii) Rp865.0 billion (US$64.4 million) for the
repayment of the 2016 Maybank Credit Facility; (iii) the
refinancing of other indebtedness; (iv) capital expenditures
and (v) general corporate purposes.
9
Optional Redemption . . . . . . . . . .
Repurchase of Notes upon a
Change of Control . . . . . . . . . .
Withholding Tax; Additional
Amounts . . . . . . . . . . . . . . . . .
Redemption for Taxation
Reasons . . . . . . . . . . . . . . . . . .
At any time on or after , the Issuer may redeem the
Notes, in whole or in part, at the redemption prices set forth
under “Description of the Notes — Optional Redemption,”
plus accrued and unpaid interest, if any, to (but not including)
the redemption date. At any time prior to , the Issuer
may redeem up to 35% of the aggregate principal amount of
the Notes with the Net Cash Proceeds of one or more sales of
Common Stock of the Parent Guarantor in an Equity Offering
at a redemption price of % of the principal amount of
the Notes, plus accrued and unpaid interest, if any, to (but not
including) the redemption date; provided that at least 65% of
the aggregate principal amount of the Notes issued on the
Original Issue Date (excluding Notes held by the Parent
Guarantor and its Affiliates) remains outstanding after each
such redemption and any such redemption takes place within
60 days after the closing of the related Equity Offering. In
addition, at any time prior to , the Issuer may at its
option redeem the Notes, in whole or in part, at a redemption
price equal to 100% of the principal amount of the Notes plus
the Applicable Premium as of, and accrued and unpaid
interest, if any, to (but not including) the redemption date.
Not later than 30 days following a Change of Control, the
Issuer or the Parent Guarantor will make an offer to
repurchase all outstanding Notes at a purchase price equal to
101% of their principal amount plus accrued and unpaid
interest, if any, to (but not including) the Offer to Purchase
Payment Date.
Payments with respect to the Notes, the Parent Guarantee and
any Subsidiary Guarantee will be made without withholding
or deduction for taxes imposed by the jurisdictions in which
the Issuer, a Surviving Person or an applicable Guarantor is
organized or resident for tax purposes, or through which
payment is made except as required by law. Where such
withholding or deduction is required by law, the Issuer, a
Surviving Person, or the applicable Guarantor will make such
deduction or withholding and will, subject to certain
exceptions, pay such additional amounts as will result in
receipt by the Holder of such amounts as would have been
received by such Holder had no such withholding or
deduction been required. See “Description of the Notes —
Additional Amounts.”
Subject to certain exceptions and as more fully described
herein, the Issuer, the Parent Guarantor or a Surviving Person
may redeem the Notes, in whole but not in part, at a
redemption price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, to
the date fixed by the Issuer for redemption, if, as a result of
certain changes in tax law, the Issuer, the Parent Guarantor or
the Surviving Person (as the case may be) would be required
to pay certain additional amounts; provided that where the
additional amounts are payable as a result of changes
affecting Indonesian taxes, the Notes may be redeemed only
in the event that the withholding tax rate exceeds 20%.
10
Covenants . . . . . . . . . . . . . . . . . .
Selling and Transfer Restrictions .
Form, Denomination and
Registration . . . . . . . . . . . . . . .
Book-Entry Only . . . . . . . . . . . . .
The Indenture will limit the ability of the Issuer, the Parent
Guarantor and the Restricted Subsidiaries to, among other
things:
• incur additional Indebtedness and issue preferred stock;
• make investments or other specified Restricted
Payments;
• enter into agreements that restrict the Restricted
Subsidiaries’ ability to pay dividends, sell, lease or
transfer assets, or make inter-company loans;
• issue or sell Capital Stock of Restricted Subsidiaries;
• issue guarantees by Restricted Subsidiaries
• enter into transactions with shareholders or affiliates;
• create any Lien;
• enter into Sale and Leaseback Transactions;
• sell assets;
• engage in different business activities; or
• effect a consolidation or merger.
These covenants are subject to a number of important
qualifications and exceptions described in “Description of the
Notes — Certain Covenants.”
The Notes will not be registered under the Securities Act or
under any state securities law of the United States and will be
subject to customary restrictions on transfer and resale. See
“Transfer Restrictions.”
The Notes will be issued only in fully registered form,
without coupons, in denominations of US$200,000 and
integral multiples of US$1,000 in excess thereof and will be
initially represented by one or more Global Notes deposited
with a common depositary and registered in the name of the
common depositary or its nominee for the accounts of
Euroclear and Clearstream.
The Notes will be issued in book-entry form through the
facilities of Euroclear and Clearstream for the accounts of
their respective participants. For a description of certain
factors relating to clearance and settlement, see “Description
of the Notes — Book-Entry; Delivery and Form.”
11
Delivery of the Notes. . . . . . . . . . The Issuer expects to make delivery of the Notes, against
payment in same-day funds, on or about , which the
Issuer expects will be the fourth business day following the
date of this offering memorandum, referred to as
“T+ .” You should note that initial trading of the Notes
may be affected by the T+ settlement. See “Plan of
Distribution.”

Trustee and Paying Agent . . . . . . The Bank of New York Mellon, London Branch

Transfer Agent and Registrar . . . . The Bank of New York Mellon SA/NV, Luxembourg Branch

Collateral Agent . . . . . . . . . . . . . . The Bank of New York Mellon, Singapore Branch

ISIN/Common Code . . . . . . . . . . . ISIN Number: XS1617833584

Common Code: 161783358

Listing . . . . . . . . . . . . . . . . . . . . . Approval-in-principle has been received for the listing and

quotation of the Notes on the SGX-ST. The Notes will be
traded on the SGX-ST in a minimum board lot size of
US$200,000 for so long as the Notes are listed on the SGX-ST
and the rules thereof so require.

Governing Law . . . . . . . . . . . . . . The Notes and the Indenture will be governed by and will be
construed in accordance with the laws of the State of New
York.

Ratings . . . . . . . . . . . . . . . . . . . . The Notes are expected to be rated “Ba3” by Moody’s and

“BB-” by Fitch. A security rating is not a recommendation to
buy, sell or hold securities and may be subject to suspension,
reduction or withdrawal at any time by the assigning rating
agency.

Risk Factors. . . . . . . . . . . . . . . . . For a discussion of certain factors that should be considered

in evaluating an investment in the Notes, see “Risk Factors.”

12
 SUMMARY CONSOLIDATED FINANCIAL INFORMATION AND OPERATING DATA

You should read the summary financial information presented below in conjunction with our
consolidated financial statements and the notes thereto included elsewhere in this Offering
Memorandum. You should also read the section of this Offering Memorandum entitled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.”

We have derived our summary financial information and other data presented in the tables below from
our audited consolidated financial statements as of and for the years ended December 31, 2014, 2015
and 2016.

Our audited consolidated financial statements as of and for the years ended December 31, 2014 and
2015, included herein have been audited by Osman Bing Satrio & Eny (member of Deloitte Touche
Tohmatsu Limited) in accordance with the auditing standards established by the Indonesian Institute
of Certified Public Accountants (“IICPA”) and our audited consolidated financial statements as of and
for the year ended December 31, 2016, included herein have been audited by Satrio Bing Eny & Rekan
(member of Deloitte Touche Tohmatsu Limited) in accordance with the auditing standards established
by the IICPA.

Our consolidated financial statements as of and for the years ended December 31, 2014, 2015 and 2016
are not indicative of the results that may be expected for any other interim period or for the entire
financial year.

We have prepared and presented our consolidated financial statements in accordance with Indonesian
FAS, which differs in certain material respects from IFRS. You should read the section of this Offering
Memorandum entitled “Summary of Certain Principal Differences between Indonesian FAS and IFRS”
for a description of certain principal differences between Indonesian FAS and IFRS.

13
 For the years ended December 31,

2014 2015 2016 2016

Rp Rp Rp US$
(Rp in billions and US$ in millions)
SALES AND REVENUES . . . . . . . . . . . . . . . . . . . . 5,296.6 5,971.6 6,007.0 447.1
COST OF SALES AND DIRECT COSTS . . . . . . . 2,641.7 2,880.7 2,982.5 222.0
GROSS PROFIT . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,654.8 3,090.9 3,024.4 225.1
Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (412.5) (399.0) (294.4) (21.9)
General and administrative expenses . . . . . . . . . . . . (814.8) (1,003.6) (1,029.3) (76.6)
Share in net income of associates . . . . . . . . . . . . . . 89.3 110.8 66.8 5.0
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.6 267.5 156.1 11.6
Interest expense and financial charges . . . . . . . . . . . (613.8) (683.4) (674.2) (50.2)
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.1) (317.7) (284.1) (21.1)
Other gains (losses) — net . . . . . . . . . . . . . . . . . . . . 102.8 73.5 (4.4) (0.3)
PROFIT BEFORE TAX . . . . . . . . . . . . . . . . . . . . . 938.4 1,138.9 960.9 71.5
INCOME TAX BENEFIT (EXPENSE) — NET . . . 42.6 (22.2) (21.2) (1.6)
PROFIT FOR THE YEAR . . . . . . . . . . . . . . . . . . . 981.0 1,116.8 939.7 69.9
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to
profit or loss:
Remeasurement of defined benefits obligation . . (1.5) 2.5 21.8 1.6
Income tax benefit (expense) . . . . . . . . . . . . . . . 1.6 (0.5) (1.8) (0.1)
Remeasurement of defined benefits obligation
— net of tax . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.0 20.1 1.5
Share in other comprehensive income of
associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.6) (0.7) 1.3 0.1
Total Other Comprehensive Income (Loss)
for the Year . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
— Net of Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5) 1.3 21.3 1.6
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980.5 1,118.1 961.1 71.5

PROFIT FOR THE YEAR ATTRIBUTABLE TO:

Owners of the Company. . . . . . . . . . . . . . . . . . . . . . 851.8 809.0 631.9 47.0
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . 129.2 307.8 307.9 22.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 981.0 1,116.8 939.7 69.9

TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:
Owners of the Company. . . . . . . . . . . . . . . . . . . . . . 851.5 810.2 653.1 48.6
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . 129.0 307.8 308.0 22.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980.5 1,118.1 961.1 71.5

14
 As of December 31,
2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents . . . . . . . . ............ 4,336.4 2,894.3 1,173.0 87.3
Trade accounts receivable from third parties — net
allowance of impairment losses . . ............ 1,239.6 940.9 988.7 73.6
Other accounts receivable
Related parties . . . . . . . . . . . . . . . ............ 27.7 18.8 17.7 1.3
Third parties . . . . . . . . . . . . . . . . . ............ 256.6 163.3 204.4 15.2
Inventories
Hotel and theater . . . . . . . . . . . . . . . . . . . . . . . . . 9.9 12.2 11.5 0.9
Real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . 4,113.8 4,437.3 4,610.4 343.1
Prepaid taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.7 93.1 196.8 14.6
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 395.7 440.9 336.9 25.1
Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466.2 780.9 634.6 47.2
Total Current Assets. . . . . . . . . . . . . . . . . . . . . . . . 10,918.6 9,781.7 8,174.0 608.4

NON-CURRENT ASSETS
Inventories
Hotel and theater . . . . . . . . . . . . . . . . . . . . . . . . . 61.9 61.8 62.3 4.6
Real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . 3,313.3 3,821.4 5,259.1 391.4
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.5 18.8 77.8 5.8
Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . 138.3 146.0 170.4 12.7
Investment in associates . . . . . . . . . . . . . . . . . . . . . . 203.2 245.9 252.7 18.8
Investment properties — net of accumulated
depreciation . . . . . . . . . . . . . . . . . . . . . . . . . .... 5,660.7 6,706.5 7,520.4 559.7
Property and equipment — net of accumulated
depreciation . . . . . . . . . . . . . . . . . . . . . . . . . .... 3,169.1 3,616.5 4,048.8 301.3
Deferred charges — net of accumulated
amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1 14.0 18.6 1.4
Deferred tax assets. . . . . . . . . . . . . . . . . . . . . . . . . . 78.8 82.7 67.3 5.0
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.3 30.3 30.3 2.3
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.1 33.5 30.3 2.3
Total Non-Current Assets . . . . . . . . . . . . . . . . . . . . 12,767.2 14,777.5 17,538.0 1,305.3
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,685.7 24,559.2 25,712.0 1,913.7

15
 As of December 31,
2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 8.1 44.4 3.3
Trade account payable to third parties . . . . . . . . . . . 1,241.8 909.3 1,174.7 87.4
Other accounts payable
Related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 19.6 166.2 12.4
Third parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648.1 573.7 714.0 53.1
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.2 147.4 81.0 6.0
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 176.7 229.8 234.0 17.4
Current maturity of long-term liabilities:
Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428.7 357.3 463.0 34.5
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . — 875.0 1,200.0 89.3
Liabilities for purchase of property and
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 0.7 0.2 0.0
Advances from customers and unearned revenues —
realizable within one year. . . . . . . . . . . . . . . . . . . 3.248.2 3,920.5 3,577.2 266.2
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . 5,959.0 7,041.4 7,654.8 569.7
NON-CURRENT LIABILITIES
Long-term liabilities — net of current maturities
Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,595.7 1,395.6 2,318.3 172.5
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . .. 4,447.6 3,679.0 2,487.5 185.1
Liabilities for purchase of property and
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1.0 0.2 — —
Advances from customers and unearned revenues
— net of realizable within one year . . . . . . . . . . . 3,042.9 3,077.2 2,932.0 218.2
Tenants’ security deposits . . . . . . . . . . . . . . . . . . . . 83.1 122.6 153.4 11.4
Post-employment benefits obligations. . . . . . . . . . . . 126.7 170.3 194.7 14.5
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 0.5 0.0
Total Non Current Liabilities . . . . . . . . . . . . . . . . . . 9,297.2 8,445.1 8,086.4 601.8
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,256.2 15,486.5 15,741.2 1,171.6
Equity
Capital stock — Rp100 par value per share
Authorized — 57,400,000,000 shares
Subscribed and paid-up - 20,500,900,000 shares . . 2,050.1 2,050.1 2,050.1 152.6
Additional paid-in capital — net . . . . . . . . . . . . . . . 1,389.7 1,389.7 1,389.7 103.4
Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.4 17.9 — —
Other equity component . . . . . . . . . . . . . . . . . . . . . . — 17.5 35.4 2.6
Difference due to change in equity of subsidiaries . . — — 45.8 3.4
Difference in value of equity transaction with
non-controlling interest . . . . . . . . . . . . . . . . . . . . . 17.0 16.5 16.5 1.2
Other comprehensive income . . . . . . . . . . . . . . . . . . (30.2) (28.9) (7.6) (0.6)
Retained earnings
Appropriated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.0 70.0 85.0 6.3
Unappropriated . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,955.7 3,749.7 4,366.5 325.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,472.8 7,282.5 7,981.4 594.0
Less cost of treasury stocks —
1,136,338,300 shares in 2016 and 2015, and
185,271,000 shares in 2014 . . . . . . . . . . . . . . . . . (61.7) (472.8) (472.8) (35.2)
Equity attributable to owners of the Company . . . 6,411.0 6,809.7 7,508.6 558.8
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . 2,018.5 2,263.0 2,462.2 183.3
Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,429.6 9,072.7 9,970.8 742.1
Total Liabilities and Equity . . . . . . . . . . . . . . . . . . 23,685.7 24,559.2 25,712.0 1,913.7

16
 For the years ended December 31,
2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
CONSOLIDATED CASH FLOW DATA
Net Cash Provided by (Used in) Operating
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 621.2 (474.7) (523.7) (39.0)
Net Cash Used in Investing Activities . . . . . . . . . .. (530.8) (389.4) (1,274.5) (94.9)
Net Cash Provided by (Used in) Financing
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,061.5 (634.6) 80.2 6.0
Net Increase (Decrease) in Cash and Cash
Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151.9 (1,498.7) (1,718.0) (127.9)
Effect of foreign exchange rate changes . . . . . . . . . . 7.3 56.6 (3.3) (0.2)
Cash and Cash Equivalents at Beginning of Year . . . 3,177.1 4,336.4 2,894.3 215.4
Cash and Cash Equivalents at End of Year . . . . . . . . 4,336.4 2,894.3 1,173.0 87.3

For the years ended December 31,

2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
Adjusted EBITDA (1) . . . . . . . . . . . . . . . . . . . . . . . . 1,761.9 2,059.6 2,072.6 154.3
Interest expense and financial charges . . . . . . . . . . . 613.8 683.4 674.2 50.2
Adjusted EBITDA margin (%) . . . . . . . . . . . . . . . . . 33.3 34.5 34.5 34.5
Total debt/Adjusted EBITDA . . . . . . . . . . . . . . . . . . 3.7 3.1 3.1 3.1
Adjusted EBITDA/Interest expense and
financial charges . . . . . . . . . . . . . . . .......... 2.9 3.0 3.1 3.1
Capital expenditures . . . . . . . . . . . . . . .......... 5,369.0 4,101.4 5,465.2 406.8

Note:
(1) See “Non-GAAP Financial Measures” for our definition of Adjusted EBITDA. Adjusted EBITDA is a supplemental
measure of our performance that is not required by, or presented in accordance with, Indonesian FAS or U.S. GAAP.
Adjusted EBITDA is not a measurement of financial performance or liquidity under Indonesian FAS or U.S. GAAP and
should not be considered as an alternative to net income or any other performance measures derived in accordance with
Indonesian FAS or U.S. GAAP or an alternative to cash flows from operating activities as a measure of liquidity. Our
presentation of Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. You
should not compare our Adjusted EBITDA with Adjusted EBITDA presented by other companies because not all
companies use the same definition. We have included Adjusted EBITDA because we believe it is an indicative measure
of our operating performance and is used by investors and analysts to evaluate companies in our industry. The term
“Consolidated EBITDA” as used in the section titled “Description of the Notes” summarizing certain provisions of the
Indenture, the Notes and the Guarantees, is calculated differently from Adjusted EBITDA and is not a measurement of
financial performance or liquidity under Indonesian FAS or U.S. GAAP. The following table reconciles our profit for the
year attributable to owner of the Company under Indonesian FAS to our definition of Adjusted EBITDA for the periods
indicated:

For the years ended December 31,

2014 2015 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,761.9 2,059.6 2,072.6 154.3
Adjustments:
Gain on sale of fixed assets . . . . . . . . . . . . . . . . . . . . . . . — 2.1 0.7 0.1
Gain (Loss) on foreign exchange — net . . . . . . . . . . . . . . . . 28.3 42.4 (6.7) (0.5)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.6 267.5 156.1 11.6
Interest expense and financial charges . . . . . . . . . . . . . . . . . (613.8) (683.4) (674.2) (50.2)
Other gains (losses) — net. . . . . . . . . . . . . . . . . . . . . . . . 163.9 139.9 68.4 5.1
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.1) (317.7) (284.1) (21.1)
Income tax benefit (expense) — net . . . . . . . . . . . . . . . . . . 42.6 (22.2) (21.2) (1.6)
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . (334.3) (371.4) (371.9) (27.7)
Non-controlling interest in net income of subsidiaries . . . . . . . (129.2) (307.8) (307.9) (22.9)
Profit for the year attributable to owner of the Company . . . 851.8 809.0 631.9 47.0

17
Other Operating Data

For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$

Marketing Sales (Rp billions/US$ millions) . . . . .. 6,233.6 2,259.9 2,632.7 196.1

Average Selling Prices (Rp millions/sqm and
US$ thousands/sqm)
Soho Podomoro City
Home office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.7 37.9 35.3 2.6
Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.9 39.0 38.9 2.9
Soho Pancoran. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0 30.6 31.7 2.4
Podomoro Golf View . . . . . . . . . . . . . . . . . . . . . . . . — 9.8 10.0 0.7
Podomoro City Deli Medan . . . . . . . . . . . . . . . . . . .
Lexington . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9 22.4 22.8 1.7
Empire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4 23.4 24.3 1.8
Borneo Bay City . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 22.2 22.3 1.7
Grand Madison . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.2 37.9 41.2 3.1
Pakubuwono Spring . . . . . . . . . . . . . . . . . . . . . . . . . 46.1 49.7 54.0 4.0
Average Selling Prices (Rp million/sqm and
US$ thousands/sqm)
Harco Glodok . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 216.3 163.70 177.9 13.3
Average Selling Prices (Rp million per unit and
US$ thousands per unit)
Orchard Park
Landed houses . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,488.0 1,853.6 1,958.9 145.9
Shophouses . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2,514.0 2,568.6 2,978.1 221.8
Grand Taruma
Landed houses . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,361.0 1,691.5 1,663.0 123.8
Shop houses . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 2,348.8 2,731.1 2,882.5 214.5
Retail Mall Occupancy (%)
Central Park . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 95 95 95
Emporium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 97 97 97
Kuningan City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 66 61 61
Baywalk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 84 83 83
Festival Citylink . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 94 96 96
Neo Soho . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 75 75
Plaza Balikpapan . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 63 70 70
Grand Taruma Foodmall . . . . . . . . . . . . . . . . . . . . . 75 92 72 72
Hotel Occupancy (%)
Sofitel Bali Nusa Dua . . . . . . . . . . . . . . . . . . . . . . . 62 73 74 74
Pullman Jakarta Central Park . . . . . . . . . . . . . . . . . 89 84 76 76
Harris Festival Citylink . . . . . . . . . . . . . . . . . . . . . . 76 66 70 70
Amaris Thamrin City . . . . . . . . . . . . . . . . . . . . . . . . 86 90 89 89
Hotel BnB@Kelapa Gading . . . . . . . . . . . . . . . . . . . 64 43 51 51
POP Festival Citylink . . . . . . . . . . . . . . . . . . . . . . . 65 59 65 65

18
 RISK FACTORS

An investment in the Notes involves a number of risks. You should carefully consider all the
information contained in this Offering Memorandum including the risks described below before
making an investment decision. Our business, financial condition and results of operations could be
materially and adversely affected by any of these risks. The market price of the Notes could decline
due to any of these risks and you may lose all or part of your investment. The risks described below
are not the only ones that may affect us or the Notes.

Risks Related to Our Business

We are exposed to fluctuations in the property markets in Jakarta and throughout Indonesia, and
any adverse development in the supply of or demand for property or in property prices and rental
yields could affect our business, financial condition and results of operations.

The Indonesian property industry is cyclical and is significantly affected by changes in general and
local economic conditions, including employment levels, availability of financing, interest rates,
consumer confidence and demand for completed developments, whether residential retail or
commercial properties. Our large scale integrated mixed use and residential developments are located
in Jakarta and throughout Indonesia. The success of our business is therefore significantly dependent
on the continued growth of the real estate market in Jakarta and in Indonesia generally. For example,
in 2015 and in the first half of 2016, there was a marked slowdown in the property market in
Indonesia. This slowdown resulted in decreased demand for, and lower pre-sales with respect to, our
developments and properties in 2015 and in the first half of 2016, as compared to previous periods,
which will ultimately result in lower revenues in future periods due to the delay in recognizing
revenue from our property sales. The process of development of a project and acquisition of land for
a project begins, and financial and other resources are committed, long before the project comes to
market, which could occur at a time when the property market is depressed. Such a depression in the
Indonesian real estate markets could adversely affect our business, financial condition and results of
operations, and the Issuer’s ability to pay interest on, and repay the principal of, the Notes.

We are exposed to general risks associated with the ownership and management of real property.

We derive our revenues primarily from the sale and lease of property developments, including
residential, retail and commercial properties. As of December 31, 2016, our total land bank under
development and available for future development was approximately 880 hectares, which is located
in several large cities throughout Indonesia. Property investments are generally illiquid, limiting the
ability of an owner or a developer to convert property assets into cash on short notice with the result
that property assets may be required to be sold at a discount in order to ensure a quick sale. Such
illiquidity also limits our ability to manage our well-diversified portfolio in response to changes in
economic or other conditions. Moreover, we may face difficulties in securing timely and commercially
favorable financing in asset-based lending transactions secured by property, due either to such
illiquidity or the restrictions imposed on us through our debt obligations, including those under the
Notes.

Property investment is subject to risks incidental to the ownership and management of residential,
retail and commercial properties including, among other things, competition for tenants, changes in
market rents, inability to renew leases or re-let space as existing leases expire, inability to collect rent
due to tenant bankruptcy or insolvency or otherwise, inability to dispose of major investment
properties for the value at which they are recorded in our consolidated financial statements, increased
operating costs, the need to renovate, repair and re-let space periodically and to pay the associated
costs of wars, terrorist attacks, riots, civil commotions, natural disasters and other events beyond our
control. In addition, property investment is subject to certain risks, including, among other things,
decreases in demand for vacant or developed land, fluctuations in rental rates and an inability to
dispose of investment properties at market prices. Our activities may also be impacted by changes in
laws and governmental regulations in relation to property, including those governing usage, zoning,

19
taxes and government charges. Such revisions may lead to an increase in management expenses or
unforeseen capital expenditure to ensure compliance. Rights related to the relevant properties may
also be restricted by legislative actions, such as revisions to the laws relating to building standards
or town planning laws, or the enactment of new laws related to Government appropriation,
condemnation and redevelopment.

We rely on third party contractors and suppliers for the development of our projects.

We engage third-party contractors to provide us with all services in connection with our property
developments, including construction, piling and foundation, building and property fitting-out work,
interior decoration, installation of air-conditioning units and elevators and gardening and landscaping
work. We typically enter into fixed lump sum contracts with our contractors. We are exposed to the
risk that some of our contractors may require the contract price to be adjusted based on changes in
market conditions, resulting in our having to incur additional costs in excess of the price originally
tendered to complete a project. Furthermore, there is a risk that major contractors may experience
financial or other difficulties, which may affect their ability to carry out construction works, thus
delaying the completion of development projects or resulting in additional costs to us. There can also
be no assurance that the services rendered by the third-party contractors will always be satisfactory
or match our targeted quality levels. Performance of any rectification work may result in an increase
in costs incurred by us. In addition, the performance bonds provided by the contractors to us may not
be sufficient to cover any default in performance by the contractors. All of these factors could
adversely affect our business, reputation, financial condition and results of operations.

We are dependent on the quality of our title to properties in our land bank and our ability to renew
or extend these titles.

We seek to obtain Hak Guna Bangunan (“HGB”) title, which gives the holder of such title the right
to build and own buildings on a plot of land (see “Regulation — Land Ownership and Acquisition
Regulation”), together with rights of development by way of license over the land which we acquire
for our property development activities. Due to the developing nature of Indonesian property law and
the lack of a uniform title system in Indonesia, there is potential for disputes over the quality of title
purchased from previous landowners. In addition, we must negotiate each time we acquire land as a
license-holder with the actual owner of the land, which may result in purchases of property (and
thereby the obtaining of title to the relevant land) being delayed or not proceeding in the event that
negotiations are unsuccessful. Such delays in acquiring properties required for our development
activities could negatively affect our business, financial condition and results of operations, and the
Issuer’s ability to pay interest on and repay the principal amount of, the Notes.

Once HGB title has been obtained, the typical initial term is for 30 years. We can apply for extension
or renewal (as applicable) of the HGB title no later than two years prior to the expiration of the initial
term. HGB title can be extended for an additional term of 20 years. At least 2 years prior to the
expiration of such additional term, we can apply to renew the HGB title, which is treated as a newly
issued HGB title with a term of 30 years. Although Indonesian land law does not currently provide for
any limitation on the number of extensions and renewal cycles for HGB titles, there is no assurance
that approval will be obtained for renewal or extension in the future. Non-renewal of HGB title, for
any reason, could adversely affect our business, financial condition and results of operations.

In addition, we cannot assure you that our reviews, surveys or inspections (or the relevant review,
survey or inspection reports on which we have relied) would have revealed all issues affecting
properties that we have interests in, including to the title thereof. In particular, we cannot assure you
as to the absence of problems with the land we acquire, including overlapping titles to such land. As
we retain title to properties which we develop and lease to tenants, including retail and office
properties, we retain the risk of any flaws in the title to such properties. Moreover, the land which we

20
acquire could turn out to be more challenging to develop than what we had anticipated based on our
initial assessment of the land. Issues such as these and the resulting delay in the completion of our
projects could have an adverse effect on our business, financial condition, results of operations and
prospects.

We are subject to fluctuating sales and revenues, cash flow, total comprehensive income and results
of operations.

Our sales and revenues, cash flow, total comprehensive income and results of operations may fluctuate
from period to period due to various factors, including the timing of the pre-sale or sale of our
projects, our revenue recognition policies, requirements under applicable law relating to the sale of
real property, our accounting policies and factors beyond our control, and accordingly our
consolidated financial statements may not be comparable to each other or future periods.

Our sales and revenues, total comprehensive income, financial condition and results of operations may
vary or may fluctuate from period to period in the future, depending on the number of properties
within our developments that we make available for pre-sale or sale, the market demand for such
properties and the sale prices.

The prices of our properties, and therefore our cash flows, may also experience significant fluctuations
between the time we acquire a site and the time that we pre-sell or sell the properties developed on
that site. It may, and often does, take several years from the acquisition of a site for development to
the time we can pre-sell or sell our properties developed on that site to generate cash flow and revenue.

In addition, in accordance with prevailing Indonesian accounting standards, there typically is a lapse
of time between the time when a pre-sale or sale transaction of any unit of our project is entered into
and when the revenue from the pre-sale or sale of that unit is recognized.

Accordingly, due to the uncertain nature of the revenue we generate from property development, the
periods discussed in our consolidated financial statements included in this Offering Memorandum may
not be comparable to each other or other future periods.

Furthermore, any restriction on our ability to sell our land lots or pre-sell our properties, such as Law
No. 1 of 2011 on Housing and Settlement Areas (“Law No. 1/2011”) could materially and adversely
affect our business and cash flow. Pursuant to Law No. 1/2011, property developers are prohibited
from selling land lots within a housing area without houses constructed on them unless at least 25%
of the housing area has been completed or there is a national monetary crisis affecting the liquidity
of the property developer (the “Land Sale Requirement”). Law No. 1/2011 also imposes a requirement,
among others, for property developers to complete at least 20% of the development of the houses in
the residential area (including the infrastructure and public utilities in the housing area) before any
preliminary sale and purchase agreement of property may be entered into and before the developer
may collect more than 80% of the selling price from the purchaser (the “Preliminary S&P
Requirement”). See “— Our business is subject to extensive Government regulation” and
“Regulation.” Compliance with the Land Sale Requirement and the Preliminary S&P Requirement
would extend the time period required for recovery of our capital outlay and would also require us to
seek alternative means to finance the various stages of our developments. As proceeds from the
pre-sale of our properties are an important source of cash flow and financing for our property
developments, such extension of the time period required to recover our capital outlay, in turn, could
have a material adverse effect on our business, financial condition, results of operations and prospects.

Our development activities require substantial capital investments and may require us to seek
external financing which may not be available on terms favorable to us or at all.

Property development projects are typically capital intensive and require high levels of debt or equity
financing. We may face cost overruns in the development of our projects, and the actual amount and
timing of future capital requirements may materially differ from our estimates. We may be required

21
to seek external financing to fund working capital or capital expenditures to support the growth of our
business. Although we typically conduct pre-sales of our development properties to reduce our need
to seek external financing for our development costs, there can be no assurance that the payments
received from purchasers during pre-sales will be sufficient to cover all of our anticipated financing
needs.

Our ability to arrange external financing and the cost of such financing are dependent on numerous
factors, including general economic and capital market conditions, interest rates, credit availability
from banks or other lenders, investor confidence in us, success of our business, provisions of tax and
securities laws that may be applicable to our efforts to raise capital, any restrictions imposed by Bank
Indonesia on providing financing to companies operating in property or hospitality sectors in
Indonesia, and political and economic conditions in Indonesia. On July 7, 1997, the Board of Directors
of Bank Indonesia issued Decision No. 30/46/KEP/DIR/1997 on the Restriction of Credit Facility
Granted by Commercial Banks to Finance Procurement and/or Processing of Land (Pembatasan
Pemberian Kredit oleh Bank Umum untuk Pembiayaan Pengadaan dan/atau Pengolahan Tanah) as
supplemented by Bank Indonesia Circular Letter No. 30/2/UK/1997 dated July 14, 1997 (“BI Decision
No. 30”). Under BI Decision No. 30, commercial banks are not allowed to grant credit facilities to,
or to buy or guarantee commercial paper issued by, developers (including property developers) for the
sole purpose of land procurement, acquisition or processing. There can no assurance that additional
financing, either on a short-term or a long-term basis, would be available to us or, if available, that
such financing would be obtainable on terms favorable to us. If we decide to meet these funding
requirements through debt financing, our interest payment obligations will increase and we may be
subject to additional restrictive covenants, including restrictions on our or our subsidiaries’ ability to
incur additional debt, declare or pay dividends and make investments and other restricted payments,
or create encumbrances.

Development of our reclamation projects have been suspended due to administrative sanctions and
such projects are currently subject to ongoing litigation.

PT Muara Wisesa Samudera (“MWS”) and PT Jaladri Kartika Pakci (“JKP”), our indirect subsidiaries,
previously obtained reclamation permits for the development of landbanks off the northern coast of
Jakarta, known as “Island G” (the location of our Pluit City development), and “Island I”.

On September 15, 2015, a group of plaintiffs filed a lawsuit against the Governor of DKI Jakarta and
MWS, demanding the cancellation of MWS’s reclamation permit in respect of Island G (the “Pluit City
Reclamation Permit”). Pursuant to the decision of Jakarta State Administrative Court dated May 31,
2016, the court declared the Pluit City Reclamation Permit null and void (the “May 2016 Decision”).
MWS and the Governor of DKI Jakarta have filed an appeal in respect of the May 2016 Decision and
on October 17, 2016, the Jakarta High Administrative Court cancelled the May 2016 Decision
(“October 2016 Decision”).

On May 10, 2016, the Minister of Environment and Forestry (the “MoEF”) issued a decree ordering
the temporary termination of all activities of MWS on Island G as a result of alleged violations of
MWS’s environmental permits (the “May 2016 Decree”). Based on the May 2016 Decree, the MoEF
has suspended all reclamation and/or construction activities of MWS until MWS has completed certain
environmental assessments and obligations required under such environmental permits. As a result,
MWS has ceased all operational and development activities on Island G in respect of our Pluit City
development since May 11, 2016 and we have suspended pre-sales in respect of Pluit City. As of
December 31, 2016, we have refunded approximately 2% of Pluit City’s pre-sales to customers;
however, there can be no assurance that we will not be required to refund additional amounts in the
future.

22
On January 21, 2016, a group of plaintiffs filed a lawsuit against the Governor of DKI Jakarta and JKP
demanding the cancellation of JKP’s reclamation permit in respect of Island I (the “Island I
Reclamation Permit”). Pursuant to the decision of Jakarta State Administrative Court dated March 16,
2017, the court declared the Island I Reclamation Permit null and void (the “Island I March 2017
Decision”). On March 23, 2017, the Governor of DKI Jakarta and JKP filed an appeal to the Island
I March 2017 Decision. As of the date of this Offering Memorandum, the Jakarta State High Court has
not yet rendered a decision on such appeal.

In addition to the above, our subsidiary, PT Agung Dinamika Perkasa (“ADP”) also has the right to
develop, operate and manage the landbanks off the northern coast of Jakarta, known as “Island F”
pursuant to a cooperation agreement dated April 24, 2012 (as amended), between ADP and PT Jakarta
Propertindo (“Jakpro”) as the holder of reclamation permit in respect of Island F (the “Island F
Reclamation Permit”). Pursuant to the decision of Jakarta State Administrative Court dated March 16,
2017, the court declared the Island F Reclamation Permit null and void (the “Island F March 2017
Decision”). On March 23, 2017, the Governor of DKI Jakarta and Jakpro filed an appeal to the Island
F March 2017 Decision. As of the date of this Offering Memorandum, the Jakarta State High Court
has not yet rendered a decision on such appeal.

Our reclamation projects, and Pluit City in particular, have been a primary focus of our growth and
future development activities. Further, these reclamation projects represent, in the aggregate, 11.5%
of our total assets. As of December 31, 2016, the carrying amounts of the Island G and Island I
reclamation assets, which consist of costs incurred relating to consultant fees, licenses and land
dredging activities, were Rp2,488.8 billion (US$185.2 million) and Rp468.8 billion (US$34.9
million), respectively.

If development activities are permanently suspended or if we are unable to recover our investments
in such projects, our business, financial condition, results of operations and prospects could be
materially and adversely affected.

Some or all of our planned projects may not be completed in a timely manner or at all, or within
the budgets allocated for the projects.

Our success and financial performance will depend on our ability to identify, develop, market, lease
and sell, as applicable, our developments in a timely and cost effective manner. Our development
activities are subject to various risks, including a price increase or shortage of raw materials or skilled
labor, unforeseen construction, engineering, environmental or geological issues, work stoppages,
weather interference, natural disasters and unanticipated increases in the price of construction
materials or labor, any of which could result in delays or cost overruns.

Furthermore, our business is affected by the availability, cost and quality of the construction and raw
materials (including steel, aluminum and cement) and other input costs (including energy-related
costs), which are required for the construction and development of our properties. Our agreements
with our building contractors typically provide for services (including construction materials) to be
provided to us at a fixed price while we source raw materials separately from third party suppliers.
The prices and supply of these raw materials and other input costs depend on factors outside our
control, including general economic conditions, competition, production levels, transportation costs
and import duties. There can be no assurance that worldwide shortages or significant increases in the
prices of these construction materials will not occur and will not affect our project development or
business. For example, we may be unable to obtain supplies of the required materials if significant
increases in the prices of such materials are experienced. If, for any reason, the primary suppliers of
raw materials curtail or discontinue their delivery of such materials in the quantities required by our
contractors or us, or at competitive prices, the supply of materials required for our projects to progress
as planned could be impaired and our development and construction schedules could be disrupted. We
may have to incur additional costs to ensure adequate delivery of construction and raw materials in
order to complete the projects.

23
The time taken and the costs incurred in connection with the development of our projects may be
affected by the following factors which are generally beyond our control:

• delays in obtaining or the inability to obtain all necessary location, zoning, land use, building,
development and other required governmental and regulatory licenses, permits, approvals and
authorizations;

• challenges by third parties such as previous landowners or tenants to the validity of our title to
the land or the failure to resolve issues with incumbent residents and related settlement issues
or otherwise;

• construction risks, which include delays in construction and cost overruns (whether from changes
to original design plans or any other reason), a shortage or increase in the cost of construction
and building materials, equipment or labor as a result of rising commodity prices or inflation or
otherwise, inclement weather conditions, unforeseen engineering, environmental or geological
problems, defective materials or building methods, default by contractors and other third-party
providers of their obligations, or financial difficulties faced by such persons, disputes between
counterparties to a construction or construction-related contract, work stoppages, strikes and
accidents, among others. See “— Risks Relating to Our Business — We rely on third party
contractors and suppliers for the development of our projects”;

• possible shortage of available cash to fund construction and capital improvements, as we may
need to make significant capital expenditures without receiving revenue and cash flow from
these properties until future periods, and the related possibility that financing for these capital
improvements may not be available on acceptable terms or at all;

• lack of infrastructure development in areas where we have acquired land bank;

• inability to acquire a contiguous area of land of a size sufficient to develop the project as
planned; and

• uncertainties as to market demand or a loss of market demand by purchasers, in the case of

projects for sale, and tenants in the case of projects for lease, after construction work has begun,
whether resulting from, among others, a downturn in the economy or a change in the surrounding
environment of the project.

We pre-sell a significant proportion of our high-rise and landed residential properties, among others,
prior to completion. If we fail to complete a pre-sold property development, we could be liable to
purchasers of pre-sold units for losses suffered by them. There can be no assurance that these losses
would not exceed the purchase price paid in respect of the pre-sold units. In addition, the purchasers
of the pre-sold units may be entitled to compensation for late delivery of their respective units.

As a result of these and other factors described herein, no assurance can be given as to whether or
when existing and planned projects will be successfully completed. Although we plan to apply many
of the same development and marketing strategies that we have employed in the past, new projects
may pose unforeseen challenges and demands on our operational and financial resources.
Non-completion, or a delay in the completion, of our developments may have a material and adverse
effect on our business, reputation, financial condition and results of operations, and the Issuer’s ability
to pay interest on, and repay the principal amount of, the Notes.

Our business is subject to extensive Government regulation.

The real estate industry in Indonesia is heavily regulated by the central and regional governments.
Real estate developers must comply with a number of requirements mandated by Indonesian laws and
regulations, including policies and procedures established by regional authorities to implement such
laws and regulations. Additionally, in order to develop and complete a real estate project, developers

24
must obtain various approvals, permits and licenses from the relevant administrative authorities at
various stages of project development. We may encounter problems in obtaining the requisite
approvals or licenses or delays in fulfilling the conditions precedent to any required approvals and we
may not be able to adapt ourselves to new laws, regulations or policies that may come into effect from
time to time with respect to the real estate sector. There may also be delays on the part of
administrative bodies in reviewing applications and granting approvals. If we experience significant
problems in obtaining, or fail to obtain, the requisite governmental approvals, the schedule of
development and sale or letting of our projects could be substantially disrupted, which in turn could
have a material adverse effect on our reputation, business, financial condition, results of operations
and prospects. Although we believe that our projects are in material compliance with applicable laws
and regulations, regulatory authorities may nevertheless allege non-compliance and may subject us to
regulatory action in the future, including penalties, seizure of land and other civil or criminal
proceedings. See “—Development of our reclamation projects have been suspended due to
administrative sanctions and such projects are currently subject to ongoing litigation.”

In addition, property laws and regulations and their interpretations are still evolving in Indonesia and
it is not possible to predict accurately the effect that changes in these laws and regulations, or their
interpretations may have upon our business. For instance, in January 2011, the Government issued
Law No. 1/2011, which introduced the Preliminary S&P Requirement and the Land Sale Requirement.
Law No. 1/2011 became effective immediately on its enactment date, but further implementing
regulations are required for the enforcement of the law. There is uncertainty surrounding the
interpretation of Law No. 1/2011, including whether it applies to non-residential properties and how
the minimum built-up thresholds are interpreted. The potential enforcement of the Preliminary S&P
Requirement and the Land Sale Requirement under Law No. 1/2011 in the future exposes us to the risk
of not having complied with the relevant requirements prior to sale of land lots or entering into
preliminary sale and purchase agreements. As a result, we may be subject to administrative sanctions,
penalties, or imprisonment for non-compliance, which may materially and adversely our business,
results of operations and reputation.

New requirements introduced by property laws and regulations could also have an impact on our
business and operations. For instance, we are required to comply with the regulations relating to
composition of low cost, medium and luxury properties in a property development, pursuant to the
implementing regulations for Law No. 1/2011 dated January 12, 2011 on Housing and Settlement
Areas. To implement these laws, the Minister of Housing also issued Regulation No. 10 of 2012 on
the Implementation of the Housing and Settlement Area with Balanced Housing as amended by
Regulation No. 7 of 2013. This regulation specifically regulates the ratio composition of low cost,
medium, and luxury properties and stipulates that such ratio for property development shall be 3:2:1,
respectively. For example, a developer is required to construct three times the number of medium and
low cost houses than the total number of luxury houses constructed. For each medium cost house built,
a developer is required to construct three low cost houses. See “Regulation — Regulation of Housing
and Settlement Areas.”

Further, while property laws and regulations are not always enforced, regulators could decide to
become more stringent and enforce them in a more rigorous manner. If laws and regulations, or their
interpretations, or their enforcement, become more stringent, the costs incurred to ensure compliance
could increase. There can be no assurance that future regulatory changes affecting the property
industry in Indonesia will not be introduced or repealed which could have a significant impact upon
our business, financial condition, results of operations and prospects.

Increasing competition in the Indonesian property market may adversely affect our profitability.

Our development operations face competition from both international and local property developers
with respect to factors such as location, facilities and supporting infrastructure, services and pricing.
In addition, given the scarcity of land in Jakarta and throughout Indonesia, we compete with property
developers as well as investors and other purchasers for the acquisition of land at favorable locations
with convenient access. Intensified competition may result in increased costs for land acquisition,

25
oversupply of properties and a slowdown in the approval process for new property developments by
the relevant government authorities, all of which may adversely affect our business. In the last five
to ten years, there has been an increase in the development of retail commercial property in major
cities in Indonesia. We compete primarily with the major property developers in Indonesia, including
PT Pakuwon Jati Tbk., Ciputra Group, PT Lippo Karawaci Tbk and Sinarmas Land. See “Business —
Competition.” Some of our competitors may have access to greater financial resources or greater
economies of scale in construction and development costs, which may give them a competitive
advantage.

There can be no assurance that we will be able to compete successfully in the future against our
existing or potential competitors or that increased competition with respect to our activities may not
have a material adverse effect on our business, financial condition and results of operations, which
could affect the Issuer’s ability to pay interest on and repay the principal amount of, the Notes.

The availability of, and interest rates on, the financing for potential purchasers of our properties
may have a significant impact on the residential property industry.

A number of our purchasers finance their purchases through cash and mortgage financing. In 2016, the
proportion of purchasers of our properties who utilized mortgage or other bank financing was
approximately 6.7% of our total property sales.

In the case of the purchase of a first residential property, Bank Indonesia requires purchasers to pay
a minimum down payment of 15% of the purchase price of the property. The minimum down payment
requirement increases to 20% of the purchase price for the second residential property and to 25% of
the purchase price for the third or any subsequent residential property.

Any increase in the minimum down payment requirement for our properties may adversely affect the
ability of potential purchasers to finance their purchases of residential properties through mortgages.
Bank Indonesia also regulates mortgage financing by specifying the maximum loan-to-value (“LTV”)
ratio for loans granted by commercial banks and the maximum financing-to-value (“FTV”) ratio for
financing granted by sharia banks. Under Bank Indonesia Regulation No. 18/16/PBI/2016 dated
August 26, 2016, effective on August 29, 2016 and its implementing regulation BI Circular Letter No.
18/19/DKMP, which became effective on September 6, 2016, Bank Indonesia revised the maximum
LTV ratio for loans from commercial banks to between 60% and 90%, and the maximum FTV ratio
for financing from sharia banks to between 60% and 90%, in each case depending on the type of the
property, the nature of the facility and the number of mortgage facilities held by the applicant.

In addition, under BI Circular Letter No. 18/19/DKMP, Bank Indonesia placed certain restrictions on
a bank’s ability to grant residential mortgage loans, which are subject to certain exceptions. Such
restrictions prohibit banks from (i) granting a mortgage loan to finance the down payment for the
purchase of a residential property, and (ii) granting a credit facility before the relevant property is
completed and ready for handover. The latter restriction does not apply to (i) mortgages for first-time
or second-time mortgage loan borrowers, (ii) where there is a cooperation agreement between the bank
and developer, including at least an undertaking from the developer to complete the development of
the property, (iii) where the property developer or another party grants a corporate guarantee that can
be used to complete the construction of the property and fulfill the obligations of the developer in case
the property cannot be completed or delivered as agreed, and (iv) where the disbursement of the credit
facility must be made on an installment basis based on the completion of the property.

Such regulations may adversely affect the ability of potential purchasers to finance their purchases of
our properties through mortgages.

Further, any increase in interest rates in Indonesia may negatively impact our property developments.
High interest rates can lead to decreases in consumer spending which can negatively affect our
tenants’ and buyers’ ability to make payments and can make it more difficult for consumers to qualify
for and secure financing, which could negatively affect demand for our residential properties.

26
Although interest rates have significantly decreased from the 1990s (when they ranged between
approximately 18% to 21% per annum) to between approximately 8% to 17% per annum in recent
years, there can be no assurance that interest rates on such loans will not increase or there will not
be a decrease in availability of such loans. Any increase in interest rates and any downturn in the
economy or consumer confidence could negatively affect our business, financial condition and results
of operations, and the Issuer’s ability to pay interest on, and repay the principal amount of, the Notes.

Our future growth prospects will be affected if we are unable to identify, acquire and develop
suitable properties at commercially acceptable prices or at all, or to obtain the necessary approvals
or permits required to proceed with such acquisitions or developments in a timely manner or at all.

Completion of our proposed projects as planned requires the identification and acquisition of large
parcels of land, which typically comprise numerous smaller parcels of land owned by individual
owners. The acquisition of large parcels of land may be time-consuming and expensive because of the
time, effort and cost of negotiating with each individual land owner. As a result, we may not be able
to complete future acquisition of land that is large enough to undertake our proposed projects. We
cannot assure you that we will be able to acquire all of the parcels of land that we require to undertake
our various projects, that we will acquire valid title to the land, or that the acquisition cost of such
land will be on commercially reasonable terms. When land prices are stabilizing or declining in a slow
market, we may not have sufficient funds generated from our operations, due to the slower market, to
purchase land at commercially attractive prices. However, when land prices are rising in an active
market, we may have to pay a significant premium to acquire the land. If we are unable to acquire the
land that we require for our projects, we may need to redesign our plans for such project or be unable
to develop the project at all.

Furthermore, there is no assurance that we will be able to obtain, in a timely manner or at all, the
necessary land title or the necessary Government approvals, the location permits, or the necessary
permits or licenses (including the land usage permit, the property business license and the building
construction permit) required to proceed with any proposed projects. Our ability to acquire land and
the acquisition costs of such land will be affected by Government policies towards land supply,
zoning, ownership, development and pricing. In addition, land acquisition could be subject to approval
from the shareholders or other internal approvals of the sellers of the land.

Our inability to identify and acquire attractive new sites could impair our ability to compete with other
property developers, which in turn would have a material adverse effect on our ability to generate
revenues and maintain profitability. If we are unable to acquire land at suitable prices or at all, or to
obtain appropriate land use or zoning rights with respect to land acquired by us for development
purposes, our business, financial condition, results of operations and prospects could be materially and
adversely affected.

We do not hold majority interests in all projects that we have developed.

We do not hold a majority interest in MGP and PT Citra Gemilang Nusantara, which own Senayan City
and Lindeteves Trade Center, respectively. In these projects, we rely on approval by the other
shareholders with respect to decisions relating to the development and management of such projects.
There can be no assurance that our joint venture partners will at all times agree with our proposals
relating to such developments, and disagreements may occur between us, our joint venture partners or
other investors, regarding the business and operations of these entities which may not be resolved
amicably, or in a manner which is favorable to us. In addition, our joint venture partners or other
investors may have economic or business interests or goals that are inconsistent with ours, take actions
contrary to our instructions, requests, policies or objectives, be unable or unwilling to fulfill their
obligations, have financial difficulties or have disputes with us as to the scope of their responsibilities
and obligations. Our joint venture partners may sell their interests in the projects to third parties who
may be less cooperative with us in relation to the project. These factors could adversely affect our
ability to deal with our investments in a manner which achieves our objectives and in turn could have
a material adverse impact on our business, financial condition, results of operations and prospects.

27
In addition, our joint venture partners or other investors may not be able to fulfill their respective
obligations to us or the joint venture company with respect to the project (for example they may
default in making payments during future capital calls or capital raising exercises) or they may
experience a decline in their creditworthiness. Although formal joint venture agreements generally
contain terms that govern the treatment of such events to the detriment of the defaulting party, none
of our joint ventures have such agreements in place. The occurrence of any of these events may
materially and adversely affect the performance of our joint ventures, which in turn may materially
and adversely affect our business, financial condition, results of operations and prospects.

Our business relies on our reputation to deliver our developments on time and on the quality and
image of our developments on an ongoing basis. Any project delays or negative publicity could
impair our reputation and future demand for our developments.

A significant amount of the properties we currently develop are for the middle- to high-end residential
property market and a significant portion of our customers are introduced to our developments by
word-of-mouth recommendations. We have also developed commercial property for sale or lease to
our customers. Poor construction quality and craftsmanship of such properties, an inability to
complete such properties within the anticipated time frame and budget, or poor maintenance of the
infrastructure and public facilities of our developments, could seriously harm our reputation and have
a material adverse effect on our business, financial condition, results of operations and prospects. Our
inability to complete such projects with satisfactory level of quality, could adversely affect the resale
values of the properties that we have sold, the values of our future development properties as well as
our reputation. Any negative publicity or damage to our reputation could affect our ability to attract
purchasers for our current and future projects, which could cause us to lose market share, affect our
property sales and materially and adversely affect our business, financial condition, results of
operations and prospects.

We are exposed to legal claims relating to our development and sales of properties.

We may face claims by purchasers for failure to deliver properties according to the specifications and
schedules stipulated in our sale and pre-sale contracts, and claims from third parties claiming
ownership or title to the land on which we develop or plan to develop our properties. In addition, we
are exposed to the risk of disputes or litigation with our tenants in relation to lease agreements. While
we have not historically been involved in any material proceedings in connection with our
developments, there can be no assurance that such proceedings will not be brought against us in the
future or that the outcome of these proceedings will not adversely affect our business, financial
condition, results of operations and prospects.

In addition, we are regulated by various Government authorities in Indonesia, and if any such
authority believes that we or any of our suppliers or contractors are not in compliance with applicable
laws or regulations, it could shut down or delay our project construction and development or sales
operations, refuse to grant or renew construction approvals or licenses, institute legal proceedings,
enjoin future actions or assess civil or criminal penalties against us, our officers or our employees.
Any such action by a Government authority, or any failure by us or any of our contractors and
suppliers to comply with applicable Indonesian laws and regulations in the development, construction
and sale of our property developments, could have a material adverse effect on our business, financial
condition, results of operations and prospects.

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Our insurance policies may not be sufficient and we may not be able to renew our existing insurance
policies on commercially acceptable terms.

We believe that our properties are covered by customary property and casualty insurance provided by
reputable companies and with commercially reasonably terms, including policies covering property
all-risk, contractor all-risk, industrial all-risk, public liability, earthquake, terrorism and sabotage, and
business interruption, as well as machinery insurance; however, these policies are subject to certain
customary exclusions and deductibles. In addition, it is not customary in Indonesia to maintain, and
we do not maintain, title insurance with respect to our properties.

Our properties could suffer physical damage caused by fire or natural disaster or other causes, or we
may suffer public liability claims, all of which may result in losses (including loss of rent) that may
not be fully compensated by insurance proceeds. In addition, certain types of risks (such as war,
terrorist acts and certain natural disasters including tsunamis and earthquakes) may be uninsurable or
the cost of insurance may be prohibitive when compared to the risk. Should an uninsured loss or a loss
in excess of insured limits occur, or if we do not receive insurance proceeds in a timely manner or at
all, we could be required to pay compensation or lose capital invested in the affected property as well
as anticipated future revenue from that property. We would also remain liable for any debt or other
financial obligation related to that property. No assurance can be given that material losses in excess
of insurance proceeds will not occur in the future. In addition, there can be no assurance that we will
be able to renew our existing insurance policies on commercially acceptable terms or at a reasonable
cost.

We could incur significant costs related to environmental matters.

We are subject to various Indonesian laws and regulations relating to the protection of the environment
that may require a current or previous owner of property to investigate and clean-up hazardous or toxic
substances at a property. Under these laws, owners and operators of property may be liable for the
costs of removal or remediation of certain hazardous substances or other regulated materials on or in
such property. These laws often impose liability without regard to whether the owner or operator knew
of, or was responsible for, the presence of such substances or materials. Failure to comply with these
laws can result in penalties being imposed and may have an adverse impact on our reputation. In
addition, the cost of investigation, remediation or removal of these substances may be substantial.

Environmental laws may also impose compliance obligations on owners and operators of real property
with respect to the management of hazardous materials and other regulated substances. Failure to
comply with these laws can result in penalties or other sanctions.

Existing environmental reports with respect to any of our properties may not (i) reveal all
environmental liabilities, (ii) inform us whether a prior owner or operator of our properties created a
material environmental condition not known to us, or (iii) disclose whether a material environmental
condition otherwise exists in any of our properties. Material environmental conditions, liabilities or
compliance concerns may also have arisen after the review was completed or may arise in the future.
Further, future laws, ordinances or regulations and future interpretations of existing laws, ordinances
or regulations may impose additional environmental liability. We may be subject to liabilities or
penalties relating to environmental matters which could adversely affect our business, financial
condition and results of operations, and could affect the Issuer’s ability to pay interest on, and repay
the principal amount of, the Notes.

Downturns in the retailing industry will likely have a direct impact on our revenues and cash flow.

As part of our strategy to grow our recurring revenues, we retain a substantial portion of the retail and
commercial portions of our developments on a leasehold basis, whereby we retain title to the
developed property and lease retail and office space to tenants. Recurring revenues, primarily
representing rental and hotel income, accounted for 26.0%, 27.2% and 27.3%, respectively, of our
sales and revenues for the year ended December 31, 2014, 2015 and 2016. Although the vast majority

29
of our rental agreements are ‘straight’ rentals, without revenue sharing, our financial performance has
been and may continue to be subject to conditions in the Indonesian rental market for retail and office
space which have historically been, and could be in the future, adversely affected by any of the
following:

• weakness in the national, regional and local economies;

• the adverse financial condition of some large retailing companies;

• the demand for retail space, including demand from anchor tenants of our shopping malls, which
are important to the success of our retail property developments, given their ability to attract
customers to the shopping mall; any loss of anchor tenants could affect the demand for
neighboring retail units;

• the excess amount of retail and office space in a number of Indonesian regional markets;

• an increase in consumer purchases through the internet and reduction in the demand for tenants
to occupy our shopping malls as a result of the growth of online shopping;

• increases in interest rates and inflation;

• any changes in taxation and zoning laws; and

• adverse Government regulation.

To the extent that any of these conditions occur, they are likely to impact market rent for retail space
and our business, financial condition and results of operations, and the Issuer’s ability to pay interest
on, and repay the principal amount of, the Notes.

We rely on our relationship with certain key brand holders to source brands with consumer appeal.

Most of the core global retail brands in Indonesia are controlled by a small group of companies,
including PT Mitra Adi Perkasa Tbk and FJ Benjamin, which lease retail space for several
internationally known brands. We rely on our relationship with these companies to lease retail units
in our shopping malls to brands that have consumer appeal. Although we have not historically had any
problems with these relationships, we cannot assure you that this will continue to be the case in the
future. Moreover, financial difficulties faced by those companies could affect our ability to lease our
retail units to popular consumer brands. Such situations may adversely affect our financial condition
and results of operations.

We engage in a number of transactions with affiliates.

A portion of our transactions are conducted with affiliates. Such transactions include, among others,
certain management services and consultation agreements, the procurement of certain guarantees of
for certain of our indebtedness and a building management agreement. See “Related Party
Transactions”. As of December 31, 2014, 2015 and 2016, related party receivable transactions
contributed approximately 0.1%, 0.1% and 0.1%, respectively, of our total assets and related party
payable transactions contributed 0.2%, 0.1% and 0.1%, respectively, of our total liabilities. Although
our policy is that all transactions with affiliates are conducted at arm’s length and under standard
market terms and conditions, we cannot assure you that this will continue to be the case in the future.
Also, if we are unable to enter into transactions with affiliates in the future, our business, financial
condition, results of operations and prospects may be materially and adversely affected.

30
Lack of transparency, fraud and public sector corruption increases the risk for potential liability
under anti-corruption legislation, including international anti-bribery laws.

All of our business operations are based in Indonesia, which is ranked high on the Corruptions
Perceptions Index published by Transparency International. International anti-corruption laws and
other international anti-bribery laws prohibit improper payments or offers of improper payments to
foreign governments and their officials and political parties for the purpose of obtaining or retaining
business or securing an improper advantage, and require the maintenance of internal controls to
prevent such payments. In Indonesia, the Indonesian Penal Code and Law No. 31 of 1999 on
Eradication of the Criminal Act of Corruption as amended by Law No. 20 of 2001 are the main sources
of regulations that regulate, among other things, public sector corruption and other forms of criminal
activity involving government officials. In 2016, Ariesman Widjaja, our then President Director, was
convicted of making improper payments in the total amount of Rp2,000,000,000 (approximately
US$150,000) to a local Indonesian politician and sentenced to three years imprisonment. Mr.
Widjaja’s assistant, who was an employee of the Company, was also convicted of aiding Mr. Widjaja.
These payments were allegedly intended to influence Jakarta zoning plans for 2015-2035 and in
particular, the proposed reclamation projects in Jakarta Bay, of which we have three developments.
See “Development of our reclamation projects have been suspended due to administrative sanctions
and such projects are currently subject to ongoing litigation.” An investigation by the Indonesian
Corruption Eradication Commission (KPK) concluded that we had no involvement in these improper
payments. Mr. Widjaja resigned from the Company on May 25, 2016. No proceeding has been brought
against us. Violations of anti-corruption laws by the Company, the directors, officers, employees or
agents of any member of the Group may result in criminal and/or civil penalties and/or other sanctions,
could subject us to liabilities in Indonesia, and may also result in the breach of our financing
agreements or other commercial agreements and could disrupt our business operations and reputation
and result in a material adverse effect on our businesses and operations.

During the construction phase, we provide guarantees to banks with respect to loans procured by
the purchasers of our properties to secure the repayment obligations of such purchasers.

In line with what we believe to be industry practice in Indonesia, we typically provide guarantees to
banks with respect to loans provided by the banks to the purchasers of our properties for the period
of time until the deed is transferred to the buyer. If a purchaser defaults on the payment obligations
on three consecutive occasions over a period of three months during the term of our guarantee, the
bank may immediately demand payment from us of all outstanding amounts due under the delinquent
mortgage. If multiple purchasers default on their payment obligations simultaneously or in close
succession, we will be required to make significant payments to the banks to satisfy our guarantee
obligations and we may be unable to provide meaningful guarantees to banks to support future
purchasers of our properties. If we are unable to resell the properties underlying defaulted mortgages
on a timely basis or at a price higher than the amount necessary to repay the defaulting purchaser’s
mortgage, we will incur a loss and may also suffer a reduction of our cash and cash equivalents
available for working capital purposes. In addition, because we have substantial exposure to
mortgages on pre-sold properties that have not yet been delivered, if the Indonesian property market
were to suffer a significant downward price adjustment, we may experience increases in the number
of defaults on such mortgages or surrender of pre-sale properties, which we may not be able to re-sell
at reasonable prices or at all, and our business, financial condition, results of operations and prospects
may be materially and adversely affected. In 2015 and 2016, 7.0% and 6.7%, respectively, of the
purchasers of our strata-title properties financed their purchases through mortgages or other bank
financing.

In addition, if there are changes in laws, regulations, policies and practices that would prohibit real
estate developers from providing guarantees to banks in respect of mortgages offered to property
purchasers, and if these banks do not accept any alternative guarantees by other third parties, or if no
third party is available in the market to provide such guarantees, it may become more difficult for

31
property purchasers to obtain mortgages from banks during pre-sale periods. Such difficulties in
financing could result in a substantially lower rate of pre-sales for our properties, which could
adversely affect our cash flows, financial condition and results of operations. There can be no
assurance that such changes in laws, regulations, policies or practices will not occur in the future.

Our hotel business is subject to all of the risks common in the hospitality industry.

A number of factors, many of which are common to the hotel industry and beyond our control, could
materially and adversely affect our hotels’ occupancy levels and revenue at our hotels, including but
not limited to the following:

• increased threats of terrorism, terrorist events or airline strikes, increases in supply costs, airline
fares and other expenses relating to travel or other factors that may affect travel patterns and
reduce the number of business and commercial travelers and tourists and other factors that may
not be offset by increased room rates;

• increased competition from other hotels in our market for guests, meetings and special events
such as weddings and conferences;

• new hotel supply in our markets, which could harm occupancy levels and revenue at our hotels;

• dependence on business and commercial travel, leisure travel and tourism, all of which may
fluctuate and be seasonal;

• increased operating costs due to inflation, labor costs, workers’ compensation and health-care
related costs, utility costs, insurance and unanticipated costs such as acts of nature and their
consequences and other factors that may not be offset by increased room rates;

• increased need for maintenance or capital improvements;

• contract disputes with hotel operators or other key parties;

• adverse effects of international market conditions, which may diminish the desire for leisure
travel or the need for business travel, as well as national, regional and local economic and market
conditions in which our hotels operate and where customers live;

• changes in regulations or changes in the application of regulations in Indonesia, which could

affect any applicable Government licenses necessary to operate our hotels; and

• adverse effects of a downturn in the hotel industry.

All of these factors could materially and adversely affect our business, financial condition and results
of operations, and the Issuer’s ability to pay interest on, and repay the principal amount of, the Notes.

Our business is dependent on our ability to obtain, maintain and renew all necessary licenses and
approvals.

We are required to possess various licenses or approvals from the Government or the local government
to carry out its operations, including, among others, general corporate licenses, foreign and domestic
investment licenses, business licenses, including Izin Usaha Pusat Perbelanjaan (IUPP) or Izin
Penyelengaraan Usaha Perpasaran Swasta (IPUPS) (business license for shopping centers), Izin
Tetap Usaha Hotel or Tanda Daftar Usaha Pariwisata (business license for hotels), Izin
Penyelenggaraan Tempat Parkir Khusus (business license for parking spaces), location permits, land
clearance permits and land utilization permits. We are required to renew all licenses and approvals as
they expire, as well as obtain new licenses and approvals whenever required. We are currently in the

32
process of applying for or extending necessary business licenses or permits for certain of our property
developments and operations. See “Business — Material Licenses.” Failure to obtain the requisite
licenses for our business may expose us to sanctions such as temporary closure of the relevant
operations, fines, imprisonment or other administrative sanctions.

There can be no assurance that we or our subsidiaries will be able to secure any necessary license that
has not been obtained and is currently in progress or any licenses that may be required in the future,
or that we will not receive sanctions arising from the failure to obtain any necessary licenses.
Exposure to sanctions under applicable laws and regulation could materially affect our financial
condition and results of operations. If we fail to obtain, maintain or renew any of the licenses or
approvals required by the central government or the local government, our financial condition and
results of operations could also be materially adversely affected.

Our success depends on our ability to attract and maintain key employees.

Our success depends in part upon the continued commitment of our key management and technical
personnel and on our ability to motivate and retain highly qualified employees. In the context of our
corporate structure, where each of our projects is typically managed by a designated chief executive
officer and specific project team, the members of these teams are critical to the successful
development and management of our properties. External factors such as unemployment levels,
changing demographics, minimum wage legislation and other employment regulations related to issues
such as minimum working hours and redundancy, could affect our ability to meet our labor needs and
control our labor costs. In addition, we also face competition from other property developers who also
seek to employ highly motivated and qualified personnel. If we cannot attract and retain highly
qualified staff, organizational focus may be compromised and we may be unable to identify and
exploit potential opportunities such as expanding our network of properties. If we are not able to retain
sufficient numbers of suitable employees for our existing properties, or we are unable to recruit
additional employees to fulfill our expansion plans, our business, financial condition, results of
operations and prospects could be adversely affected and we may not be able to successfully
implement our expansion strategy.

We may not be able to successfully implement our business strategy or manage our growth
successfully.

The successful implementation of our strategies may be affected by a number of factors, including our
ability to identify and obtain suitable land acquisition opportunities and acquiring land at
commercially reasonable prices, attracting purchasers for properties for sale and securing tenants for
our properties for lease, the competition we face in our business, and our ability to retain our key
management and employees. The failure to implement one or more of such strategies may materially
adversely affect our business, financial condition, results of operations and prospects.

We expect our future growth to place significant demands on our management, operations and other
resources. Challenges we may face in our future growth include continuing to improve our managerial,
technical and operational knowledge, implementing an effective management information system,
continuing to recruit and train managerial and other professional staff to satisfy our business
requirements, obtaining sufficient financial resources to fund our ongoing operations and our future
growth, managing relationships with a greater number of customers, suppliers, contractors, service
providers, lenders and other third parties, and strengthening our internal control and compliance
functions to ensure that we are able to comply with our regulatory and contractual obligations. If we
are unable to successfully manage the impact of our growth on our operational and managerial
resources and control systems, our reputation could suffer, which could have an adverse effect on our
business, financial condition, results of operations and prospects.

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Our land bank may be subject to government regulation imposing penalties on unused land.

Government Regulation No. 11 of 2010

On January 22, 2010, the Government issued Government Regulation No. 11 of 2010 (“GR 11/2010”)
on the Administration and Utilization of Unused Land (Penertiban dan Pendayagunaan Tanah
Terlantar). Under GR 11/2010, the Government may revoke the Hak Milik (Right of Ownership), Hak
Guna Usaha (Right to Cultivate), Hak Guna Bangunan (Right to Build), Hak Pakai (Right of Use) or
Hak Pengelolaan (Right to Manage) title, and reclaim title without any compensation over such land
which is not cultivated, utilized or managed for a certain period of time. Upon the lapse of a period
of three years from the issuance of title, in accordance with the conditions or characteristics of the
land and the purpose of the rights over such land or the basis of possession over the land, the local
land office will initiate an identification process to determine whether there is any unused land. In the
event that any part of the land is concluded as unused land, the local land office will issue three
warning letters each having a one-month grace period, following which the local land office will then
have the right to reclaim the unused land. However, unintentionally unused land which has been
registered as Hak Milik or Hak Guna Bangunan, and which is privately owned or state-owned are
exempted from GR 11/2010.

On July 16, 2010, the Association of Indonesian Real Estate Companies (Persatuan Perusahaan Real
Estate Indonesia or “REI”) filed proceedings in the Supreme Court of Indonesia challenging the
validity of GR 11/2010. Nevertheless, two months after the filing date, the REI revoked its claim on
the basis that the Government has verbally guaranteed that the implementation of GR 11/2010 will not
impair the operations of developers.

However, there is no assurance that GR 11/2010 will not affect the land that we currently hold or will
acquire in the future, or that the Government will not revoke the title issued to us or reclaim the
unused land without compensation. If the Government revokes the title issued to us or reclaims any
unused land without compensation, this may have a material and adverse effect on our business,
financial condition, results of operations and prospects.

Potential new tax on unused land bank

According to the websites of the Ministry of Agrarian and Spatial Planning (“ATR”) and of the
National Land Agency (“BPN”) and various media sources, the Government is contemplating the
issuance of a new regulation on land bank that may, among other things, impose a progressive tax on
unused land. The details of this new regulation have not yet been disclosed, including the timing,
mechanism, tax rate and the definition of “unused land” that would be subject to progressive taxation.
We cannot assure you that such a regulation, once issued and implemented, would not create a
significant tax obligation that would have a material and adverse effect on our business, financial
condition, results of operations and prospects.

We may be subject to a significant increase in deferred tax expenses as a result of gains arising from
recognition of our investment properties at fair value.

Currently, in accordance with Indonesian FAS, completed investment properties are required to be
measured initially at cost and subsequent to initial recognition, companies are permitted to choose
between recognition based on fair value or at cost. Fair value refers to the amount as determined by
an independent appraiser for which the completed investment property could be exchanged between
knowledgeable and willing parties in an arm’s-length transaction and should reflect market conditions
as of the reporting date. Gains or losses arising from changes in the fair value of investment properties
are required to be included in net profit or loss for the period in which it arises.

34
We have elected to recognize the value of completed investment properties at cost. In the event that
we subsequently choose to recognize such investment properties based on their fair value, we may
recognize significant gains on such investment properties. Such gains may result in a significant
increase in our income before tax, which could, in turn, lead to a significant increase in our deferred
tax expenses and may affect our net income.

Our inability to protect our intellectual property rights or our infringement on the property rights
of others could adversely affect our businesses.

Our trademarks and trade names are important to our businesses and are generally sufficient to permit
us to carry on our businesses as presently conducted. We cannot, however, assure you that we will be
able to secure protection for our intellectual property in the future or if that protection will be
adequate for our future operations. We also cannot be certain that our activities do not infringe on the
proprietary rights of others. If we are compelled to prosecute infringing parties, defend our intellectual
property or defend ourselves from intellectual property claims made by others, we may face
significant expense and liability, which may result in an adverse effect upon our business, financial
condition, results of operations and prospects.

Substantially all of our material trademarks are currently held by our subsidiaries, who own our
development projects. Some of our material trademarks, such as “Back to the City,” “Podomoro City,”
and “Central Park” are registered in the name of our controlling shareholder, Trihatma K. Haliman.
We have a non-exclusive license to use all of these trademarks, pursuant to license agreements dated
December 10, 2004 and May 22, 2007 that are valid for five year periods and renew automatically on
the same terms. In addition, Trihatma K. Haliman owns the copyright to our Agung Podomoro Group
logo. We have a non-exclusive license to use this logo pursuant to license agreements dated July 21,
2010. We cannot assure you that our licenses to use these trademarks and copyrights will be extended
or renewed and, if so, on the same terms and conditions. If we do not enter into license agreements
with our shareholders or other companies in our group for trademarks we use, or if we are unable to
do so on commercially reasonable terms, or if we do not receive approval from the Government to use
or register these trademarks, it could materially and adversely affect our business, financial results and
results of operations.

Our properties or parts thereof may be acquired compulsorily by the Government.

There is no assurance that we can maintain the title of land on which our business unit developments
are built. Based on the Basic Agrarian Law No. 5 of 1960, which is further regulated by Law No. 2
of 2012 on Land Procurement for Public Interest (“Law No. 2/2012”), any land rights can be revoked
by the Government for the interest of the public as well as of the nation, the state or in the collective
interest of the people for the purpose of national defense and security, power plants,
telecommunication and information networks of the Government, landfills and waste treatment sites,
hospitals, offices, education infrastructure and schools of the Government or regional government, and
other purposes stipulated under Law No. 2/2012. If title to a parcel of land was revoked pursuant to
this law, we would be provided compensation in accordance with the prevailing laws and regulations.
However, there is no assurance that such compensation will be commensurate to any adverse effect
that revocation of land rights may have on our business and financial condition, or that we will be able
to find additional land at commercially acceptable prices. See “Regulation.”

Currency fluctuations could materially adversely affect our financial condition and results of
operations.

We expect to continue to have exposure to foreign currency risk as a result of the issuance of the
Notes, and the subsequent payment of interest on, and principal of, the Notes, which will be in US
dollars. We may also incur additional borrowings in US dollars or other foreign currencies. Therefore,
a decline in the value of the Rupiah against the US dollar or other foreign currencies would increase
the Rupiah cost of paying for such financing costs and commodities and their value on our balance
sheet.

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Further, even though we may in the future enter into hedging arrangements against currency exchange
rate risks, there can be no assurance that these arrangements will successfully protect us from losses
due to fluctuations in currency exchange rates.

Accordingly, adverse movements in foreign exchange rates may adversely affect our business, results
of operations, financial condition and prospects. See “Exchange Rates and Exchange Controls” for
further information on changes in the value of the Rupiah as measured against the US dollar in recent
periods.

Our operations may be adversely affected if relations with employees were to deteriorate.

In the future we or our contractors could be involved in labor disputes that could lead to strikes, work
stoppages or other labor disruptions, and the resulting operational delays could have a material
adverse effect on our business, financial condition, results of operations or prospects. Although we
have not had any significant labor disputes, labor disputes are common in Indonesia and we cannot
assure you that such disputes will not arise in the future. From time to time, our competitors in
Indonesia may pay their employees more than we do, which could result in a loss of employees or an
increase in labor costs. Shortages of skilled labor or increases in the cost of that labor could have a
material adverse effect on our business, financial condition, results of operations and prospects.

Risks relating to Indonesia

We are incorporated in Indonesia and all of our commissioners, directors and officers are based in
Indonesia. All of our operations and all of our assets are also located in Indonesia. As a result, future
political, economic, legal and social conditions in Indonesia, as well as certain actions and policies
the Government may take or adopt, or omit from taking or adopting, could have a material adverse
effect on our business, financial condition, results of operations and prospects.

Political and social instability in Indonesia may adversely affect the economy, which in turn could
have a material adverse effect on our business, financial condition, results of operations and
prospects.

Since the collapse of President Soeharto’s regime in 1998, Indonesia has experienced a process of
democratic change, resulting in political and social events that have highlighted the unpredictable
nature of Indonesia’s changing political landscape. In 1999, Indonesia conducted its first free
elections. As a newly democratic country, Indonesia continues to face various socio-political issues.
Indonesia has many political parties, without any one party holding a clear majority. Due to these
factors, Indonesia has, from time to time, experienced political instability, as well as general social
and civil unrest.

Indonesia is a Republic with a President, a Vice President and a presidential system of government.
From its independence in 1945 until 1998, there were only two Presidents in Indonesia. At the end of
the term of each of these Presidents, Indonesia experienced political instability and many cities in
Indonesia, including Jakarta, experienced rioting, unrest and destruction of property.

Political instability led to the resignation of then-President Soeharto in May 1998. Promptly
thereafter, Vice President Bacharuddin Jusuf Habibie was sworn in as President and called for reforms
and parliamentary elections to be held in October 1999. Prior to and during the presidential and
parliamentary elections, there was significant social unrest that resulted in additional rioting, unrest
and destruction of property. Following the elections, the People’s Consultative Assembly (Majelis
Permusyawaratan Rakyat or “MPR”) selected Abdurrahman Wahid as President and Megawati
Sukarnoputri as Vice President. In February 2001, a committee of the Indonesian parliament, the
People’s Representative Council (Dewan Perwakilan Rakyat), alleged that the then-President Wahid
was involved in instances of corruption. In July 2001, the MPR impeached the then-President Wahid
and elected Megawati Sukarnoputri in his place.

36
In 2004, Indonesians directly elected the President, Vice-President and representatives in the
Indonesian Parliament for the first time. Indonesians have also begun directly electing heads and
representatives of local and regional governments. It is likely that increased electoral activity will be
accompanied by increased political activity in Indonesia.

Separatist movements and clashes between religious and ethnic groups have resulted in social and civil
unrest in parts of Indonesia. In the provinces of Aceh and Papua (formerly Irian Jaya), there have been
numerous clashes between supporters of those separatist movements and the Indonesian military. In
Papua, continued activity by separatist rebels has led to violent incidents. In the provinces of Maluku
and West Kalimantan, clashes between religious groups and ethnic groups have produced thousands
of casualties and refugees over the past several years. The Government has attempted to resolve
problems in these troubled regions with limited success except in the province of Aceh in which an
agreement between the Government and the Aceh separatists was reached in 2005 and peaceful local
elections were held with some former separatists as candidates, but there can be no assurance that the
terms of any agreement reached between the Government and the separatists will be upheld.

Political and related social developments in Indonesia have been unpredictable in the past. There can
be no assurance that social and civil disturbances will not occur in the future or that such social and
civil disturbances will not directly or indirectly, materially and adversely affect our business, financial
condition, results of operations and prospects, and the Issuer’s ability to meet its payment obligations
under the Notes.

Changes in the Government and Government policies may have a direct impact on our business and
the market price of the Notes. In addition, Indonesia has experienced frequent social unrest arising
from economic issues which has, on occasion, escalated into riots and violence. Since 2000, thousands
of Indonesians have participated in demonstrations in Jakarta and other Indonesian cities both for and
against former President Wahid, former President Megawati, and former President Yudhoyono as well
as in response to specific issues, including fuel subsidy reductions, privatization of state assets,
anti-corruption measures, decentralization and provincial autonomy and the American-led military
campaigns in Afghanistan and Iraq. In June 2001, demonstrations and strikes affected at least 19 cities
after the Government mandated a 30% increase in fuel prices. Similar demonstrations occurred in
January 2003 when the Government tried to increase fuel prices, as well as electricity and telephone
charges. In both instances, the Government was forced to repeal, defer or substantially reduce such
proposed increases. In March 2005, the Government implemented an approximately 29% increase in
fuel prices. In October 2005, the Government decreased fuel subsidies to the public resulting in large
public demonstrations. In May 2008, the Government further decreased fuel subsidies to the public,
which has also led to large public demonstrations. Although these demonstrations were generally
peaceful, some have turned violent. There can be no assurance that this situation or future sources of
discontent will not lead to further political and social instability. Similar fuel subsidy cuts contributed
to the political instability that led to the resignation of then President Soeharto in 1998, which had
adverse effects on businesses in Indonesia. The House of Representatives approved an amendment to
the State Budget as contained in the Law No. 22 of 2011 regarding the State Budget for the Financial
Year of 2012, which authorized the Government to adjust the subsidized fuel prices in the event the
average price of Indonesian crude oil price in the current financial year increases or decreases 15%
from the international oil price as assumed in the revised State Budget for 2012. There can be no
assurance that any cuts in fuel subsidies in the future, will not result in political and social instability.
Our business may be affected by similar Government actions including, but not limited to, changes in
crude oil or natural gas policy, responses to war and terrorist acts, renegotiation or nullification of
existing concessions and contracts, changes in tax laws, treaties or policies, the imposition of foreign
exchange restrictions and responses to international developments.

Indonesian elections were held in July 2014, and Joko Widodo was elected as the President of the
Republic of Indonesia. The losing candidate in the 2014 presidential election subsequent brought a
challenge, which delayed the conclusion of the election result. In August 2014, the Constitutional
Court of the Republic of Indonesia decided in favor of the elected president, based on the Decision
No.1/PHPU.PRES-XII/2014 dated August 8, 2014.

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Political and social developments in Indonesia have been unpredictable in the past and has had a
negative effect on confidence in the Indonesian economy. Any resurgence of political instability could
lead to extended disruptions in our operations and/or adversely affect the Indonesian economy, which
could adversely affect our business. Social and civil disturbances could occur in the future and on a
wider scale, directly or indirectly, have a material adverse effect on our business, financial condition,
results of operations and prospects, and on the Notes.

Indonesia is located in an earthquake zone and is subject to significant geological risk that could
lead to social unrest and economic loss.

The Indonesian archipelago is one of the most volcanically active regions in the world. Because it is
located in the convergence zone of three major lithospheric plates, it is subject to significant seismic
activity that can lead to destructive volcanoes, earthquakes and tsunamis, or tidal waves. On December
26, 2004, an underwater earthquake off the coast of Sumatra released a tsunami that devastated coastal
communities in Indonesia, Thailand, India and Sri Lanka. In Indonesia, more than 220,000 people died
or were recorded as missing in the disaster. Aftershocks from the December 2004 tsunami and
additional high-magnitude earthquakes have occurred in Indonesia, causing significant fatalities and
damage. There have been further earthquakes, including those that struck south of Central Java and
Yogyakarta in May 2006, off the southern coast of Java in July 2006, West Sumatra in March 2007
and southern Sumatra in September 2007. There have also been several earthquakes in the Sulawesi
area of magnitudes ranging between 4.6 to 7.7 in 2008 and 2009, most recently in February 2009 when
a 7.0 magnitude earthquake struck Sulawesi. The earthquake was followed by two aftershocks but it
did not cause any tsunami and there was no report of casualties or damage. In January 2009, a 7.6
magnitude earthquake struck approximately 95 miles north of Manokwari, followed by another big
earthquake and a string of aftershocks. These killed at least four people and injured at least 37 people.
Electricity was also cut off in the city with a population of approximately 160,000 people. In
September 2009, a 7.3 magnitude earthquake struck Tasikmalaya, West Java killing at least 72 people
and a 7.6 magnitude earthquake hit Padang, Sumatra killing at least 400 people and trapping thousands
of people under rubble. In October 2010, an earthquake off the coast of western Sumatra released a
tsunami on the Mentawai Islands. Also from October 26, 2010 to November 5, 2010, Mount Merapi,
a volcano located in the border between Central Java and Yogyakarta erupted a number of times,
killing more than 380 people.

In addition to these geological events, heavy rains in December 2006 resulted in floods that killed
more than 100 people and displaced over 400,000 people on the northwestern Sumatra island. More
flooding in January and February 2007 around the capital, Jakarta, killed at least 30 people and
displaced at least 340,000 people from their homes. In July 2007, at least seven people were killed and
at least 16,000 people were forced to flee their homes because of floods and landslides caused by
torrential rains on the island of Sulawesi. In January 2009, torrential rain caused a colonial-era dam
to burst outside Jakarta, sending a wall of muddy water crashing into a densely packed neighborhood
and killing at least 58 people. The flood also left scores missing and submerged hundreds of homes.
In October 2010, at least 158 people died and 148 people were declared missing in a flash flood in
Wasior district, West Papua. In January 2013, floods in Jakarta resulted in disruptions to businesses
and extensive evacuations in the city.

While recent seismic events and meteorological occurrences have not had a significant economic
impact on Indonesian capital markets, the Government has had to spend significant amounts on
emergency aid and resettlement efforts. Most of these costs have been underwritten by foreign
governments and international aid agencies. However, there can be no assurance that such aid will
continue to be forthcoming, or that it will be delivered to recipients on a timely basis. If the
Government is unable to timely deliver foreign aid to affected communities, political and social unrest
could result. Additionally, recovery and relief efforts are likely to continue to impose a strain on the
Government’s finances, and may affect its ability to meet its obligations on its sovereign debt. Any

38
such failure on the part of the Government, or declaration by it of a moratorium on its sovereign debt,
could trigger an event of default under numerous private-sector borrowings, including ours, thereby
materially and adversely affecting our business, financial condition, results of operations and
prospects.

In addition, we cannot assure you that future geological or meteorological occurrences, will not
significantly harm the Indonesian economy. A significant earthquake or other geological disturbance
or weather-related natural disasters in any of Indonesia’s more populated cities and financial centers
could severely disrupt the Indonesian economy and undermine investor confidence, thereby materially
and adversely affecting our business, financial condition, results of operations and prospects.

Terrorist attacks and terrorist activities, and certain destabilizing events have led to substantial and
continuing economic and social volatility in Indonesia, which may materially and adversely affect
our business and/or property.

In Indonesia during the last ten years, there have been numerous bombing incidents directed towards
the Government and foreign governments and public and commercial buildings frequented by
foreigners, including the Jakarta Stock Exchange Building and Jakarta’s Soekarno-Hatta International
Airport. On October 12, 2002, over 200 people were killed in a bombing at a tourist area in Bali. In
April 2003, bombs exploded outside the main United Nations building in Jakarta and in front of the
domestic terminal at Jakarta’s Soekarno-Hatta International Airport. On August 5, 2003, a bomb
exploded at the JW Marriott Hotel in Jakarta, killing at least 13 people and injuring 149 others. On
September 9, 2004, a car bomb exploded in front of the Australian Embassy in Jakarta, killing more
than six people. On May 28, 2005, bomb blasts in Central Sulawesi killed at least 21 people and
injured at least 60 people. On October 1, 2005, bomb blasts in Bali killed at least 23 people and injured
at least 101 others. On July 17, 2009, two separate bomb explosions occurred at the JW Marriott Hotel
and the Ritz Carlton Hotel in Jakarta, killing at least nine people and injuring 40 others. Indonesian,
Australian and U.S. government officials have indicated that these bombings may be linked to an
international terrorist organization. Most recently, on January 14, 2016, multiple explosions and
gunfire took place near the Sarinah shopping mall, which is approximately 0.7 kilometers from the
Pullman Jakarta Central Park, one of our hotels in Central Jakarta, that killed eight people and injured
23 people. The Islamic State of Iraq and the Levant claimed responsibility. While in response to the
terrorist attacks, the Government has institutionalized certain security improvements and undertaken
certain legal reforms which seek to better implement anti-terrorism measures and some suspected key
terrorist figures have been arrested and tried, there can be no assurance that further terrorist acts will
not occur in the future. See “Risks Relating to Our Business — Our hotel business is subject to all
of the risks common in the hospitality industry.”

Following military involvement of the United States and its allies in Iraq, a number of governments
have issued warnings to their citizens in relation to a perceived increase in the possibility of terrorist
activities in Indonesia, targeting foreign, particularly U.S. interests. Such terrorist activities could
destabilize Indonesia and increase internal divisions within the Government as it considers responses
to such instability and unrest, thereby adversely affecting investors’ confidence in Indonesia and the
Indonesian economy. Violent acts arising from and leading to instability and unrest have in the past
had, and could continue to have, a material adverse effect on investment and confidence in, and the
performance of, the Indonesian economy, and in turn our business. Our projects may be particularly
vulnerable to, and adversely affected by, terrorist attacks because of the large numbers of people they
attract and the general public access provided. Political unrest in Indonesia may disrupt the operation
of our developments or make them less attractive to buyers. We cannot assure you that our properties
will not be subject to acts of terrorism, violent acts and adverse political developments which may
have a material adverse effect on us, our business, financial condition, results of operations and
prospects.

39
Domestic, regional or global economic changes may adversely affect our business.

The economic crisis which affected Southeast Asia, including Indonesia, from mid-1997 was
characterized in Indonesia by, among others, currency depreciation, a significant decline in real gross
domestic product, high interest rates, social unrest and extraordinary political developments. More
recently, the global economic crisis that began in 2008, resulted in a decrease in Indonesia’s rate of
growth to 4.4% in 2009 from 6.1% in 2008 and 6.3% in 2007. These conditions had a material adverse
effect on Indonesian businesses. The global financial markets have experienced, and may continue to
experience, significant turbulence originating from the liquidity shortfalls in the U.S. credit and
sub-prime residential mortgage markets since 2008, which have caused liquidity problems resulting in
bankruptcy for many institutions, and resulted in major government bailout packages for banks and
other institutions. The global economic crisis has also resulted in a shortage in the availability of
credit, a reduction in foreign direct investment, the failure of global financial institutions, a drop in
the value of global stock markets, a slowdown in global economic growth and a drop in demand for
certain commodities. The global financial markets have also recently experienced volatility as a result
of the downgrade of U.S. sovereign debt and concerns over the debt crisis in the Eurozone.
Uncertainty over the outcome of the Eurozone governments’ financial support programs and worries
about sovereign finances generally are ongoing.

As a result of the economic crisis in 1997, the Government has had to rely on the support of
international agencies and governments to prevent sovereign debt defaults. The Government continues
to have a large fiscal deficit and a high level of sovereign debt, its foreign currency reserves are
modest, the Rupiah continues to be volatile and has poor liquidity, and the banking sector is weak and
suffers from high levels of non-performing loans. Government funding requirements to areas affected
by natural disasters may increase the Government’s fiscal deficits. The inflation rate (measured by the
year on year change in the consumer price index) remains volatile with an annual inflation rate of
6.4% in 2013, 6.4% in 2014 and 6.4% in 2015. Interest rates in Indonesia have also been volatile in
recent years, which has had a material adverse impact on the ability of many Indonesian companies
to service their existing indebtedness. The economic difficulties Indonesia faced during the Asian
economic crisis that began in 1997 resulted in, among other things, significant volatility in interest
rates, which had a material adverse impact on the ability of many Indonesian companies to service
their existing indebtedness. Although the policy rate set by Bank Indonesia was 6.5% as of June 2016,
as compared to a peak of 70.8% in late July 1998 for one-month Bank Indonesia certificates, there can
be no assurance that the recent improvement in economic conditions will continue or the previous
adverse economic condition in Indonesia and the rest of the Asia Pacific region will not occur in the
future. In particular, a loss of investor confidence in the financial systems of emerging and other
markets, or other factors, may cause increased volatility in the international and Indonesian financial
markets and inhibit or reverse the growth of the global economy and the Indonesian economy.

A continued and significant downturn in the global economy, including the Indonesian economy, could
have a material adverse effect on the demand for residential and commercial property, and therefore,
on our business, financial condition, results of operations and prospects. In addition, the general lack
of available credit and lack of confidence in the financial markets associated with any market
downturn could adversely affect our access to capital as well as our suppliers’ and customers’ access
to capital, which in turn could adversely affect our ability to fund our working capital requirements
and capital expenditure.

The current global economic situation could further deteriorate or have a greater impact on Indonesia
and our businesses. Any of the foregoing could materially and adversely affect our business, financial
condition, results of operations and prospects, and the Issuer’s ability to pay interest on, and repay the
principal of, the Notes.

40
Regional autonomy may adversely affect our business through imposition of local restrictions, taxes
and levies.

Indonesia is a large and diverse nation covering a multitude of ethnicities, languages, traditions and
customs. During the administration of the former President Soeharto, the central Government
controlled and exercised decision-making authorities on almost all aspects of national and regional
administration, including the allocation of revenues generated from extraction of national resources
in the various regions. This control led to a demand for greater regional autonomy, in particular with
respect to the management of local economic and financial resources. In response to such demand, the
Indonesian Parliament in 1999 passed Law No. 22 of 1999 regarding Regional Autonomy (“Law No.
22/1999”) and Law No. 25 of 1999 regarding Fiscal Balance between the Central and the Regional
Governments (“Law No. 25/1999”). Law No. 22/1999 has been revoked and replaced by Law No. 23
of 2014 on Regional Government (“Law No. 23/2014”), which was further amended by Law No. 2 of
2015 and Law No. 9 of 2015 on the Second Amendment of Law No. 23/2014. Law No. 25/1999 has
been revoked and replaced by Law No. 33 of 2004 regarding the Fiscal Balance between the Central
and the Regional Governments, respectively. Under these regional autonomy laws, regional autonomy
was expected to give the regional governments greater powers and responsibilities over the use of
“national assets” and to create a balanced and equitable financial relationship between central and
regional governments. However, under the pretext of regional autonomy, certain regional governments
have put in place various restrictions, taxes and levies which may differ from restrictions, taxes and
levies put in by other regional governments and/or are in addition to restrictions, taxes and levies
stipulated by the central government. Our business and operations are located throughout Indonesia
and may be adversely affected by conflicting or additional restrictions, taxes and levies that may be
imposed by the applicable regional authorities.

Depreciation or volatility in the value of the Rupiah may adversely affect our business, financial
condition, results of operations and prospects.

One of the most important immediate causes of the Asian economic crisis which began in Indonesia
in mid-1997 was the depreciation and volatility of the value of the Rupiah, as measured against other
currencies, such as the US dollar. Although the Rupiah has appreciated considerably from its low point
of approximately Rp17,000 per US dollar in January 1998, the Rupiah continues to experience
significant volatility, and since 2012, has depreciated. For example, the Rupiah depreciated from
Rp9,670 per US dollar as of December 31, 2012 to Rp13,436 per US dollar as of December 31, 2016.
See “Exchange Rates and Exchange Controls” for further information on changes in the value of the
Rupiah as measured against the US dollar in recent periods.

The Rupiah has generally been freely convertible and transferable (except that Indonesian banks may
not transfer Rupiah to persons outside of Indonesia and may not conduct certain transactions with
non-residents). However, from time to time, Bank Indonesia has intervened in the currency exchange
markets in furtherance of its policies, either by selling Rupiah or by using its foreign currency reserves
to purchase Rupiah. We cannot assure you that the Rupiah will not be subject to depreciation and
continued volatility, that the current floating exchange rate policy of Bank Indonesia will not be
modified, that additional depreciation of the Rupiah against other currencies, including the US dollar,
will not occur, or that the Government will take additional action to stabilize, maintain or increase the
value of the Rupiah, or that any of these actions, if taken, will be successful.

Modification of the current floating exchange rate policy could result in significantly higher domestic
interest rates, liquidity shortages, capital or exchange controls or the withholding of additional
financial assistance by multinational lenders. This could result in a reduction of economic activity, an
economic recession, loan defaults or declining interest by our customers, and as a result, we may also
face difficulties in funding our capital expenditure and in implementing our business strategy. Any of
the foregoing consequences could have a material adverse effect on our business, financial condition,
results of operations and prospects.

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Obligations arising under the Currency Law and Bank Indonesia Regulation on the Mandatory Use
of Rupiah may affect us.

On June 28, 2011, the Government of Indonesia enacted the Law Number 7 of 2011 on the National
Currency (the “Currency Law”), which took immediate effect. Article 21(1) of the Currency Law
requires the mandatory use of the Rupiah (as the local currency) in certain transactions conducted in
Indonesia including (i) all transactions which have a purpose of payment, (ii) settlement of obligations
which have to be satisfied with a cash payment and (iii) other financial transactions. However, Article
21(2) provides exemptions for: (a) certain transactions related to the implementation of the State
Budget, (b) receipt or grant of offshore grants, (c) international trade transactions, (d) bank deposits
in foreign currency, or (e) international financing transactions. Article 23 of the Currency Law
prohibits any party from refusing to accept Rupiah as payment or in fulfillment of its obligations,
which must be satisfied in Rupiah, and for other financial transactions in Indonesia except where there
is doubt as to the authenticity of the Rupiah paid. Failure to comply with the Currency Law may result
in imprisonment of up to one year and fines of up to Rp200 million, and if the violation is committed
by a company, the imprisonment term and fines will be increased by one-third.

In 2015, Bank Indonesia enacted (i) Bank Indonesia Regulation No. 17/3/PBI/2015 on Mandatory Use
of Rupiah within the Territory of the Republic of Indonesia (“PBI 17/2015”) and (ii) Circular Letter
of Bank Indonesia No. 17/11/DKSP, as the implementation of Currency Law, which requires any party
to use Rupiah for any transaction conducted within the territory of Indonesia. PBI 17/2015 stipulates
that a recipient is prohibited from refusing to receive Rupiah as means of payment or for the settlement
of Rupiah obligations or other financial transactions within Indonesia, unless there is doubt as to the
authenticity of the Rupiah paid in a cash transaction and payment or the settlement of an obligation
in a foreign currency is agreed in writing by the parties. Article 10(3) of PBI 17/2015 further clarifies
that the exemption applies only for:

(a) agreements relating to transactions exempted from the mandatory use of Rupiah as referred to in
PBI 17/2015 (e.g. international financing transactions); or

(b) agreements for “Strategic Infrastructure Projects” which have been approved by Bank Indonesia,
such as transportation infrastructure (including airport services, port services, and railways
facilities and infrastructure), roads, irrigation, drinking water infrastructure, sanitation
infrastructure, telecommunication and information infrastructure, power infrastructure, and oil
and gas infrastructure, funded by offshore borrowings from bilateral and multilateral agencies
(such as the International Finance Corporation, the Japan Bank for International Cooperation, the
Japan International Cooperation Agency, the Asian Development Bank, the Inter-American
Development Bank).

As an exemption, PBI 17/2015 also stipulates that any agreement on payment or settlement of
obligations in foreign currency which are made prior to July 1, 2015 are still valid until the expiry of
the agreements. This exemption applies only for agreements relating to non-cash payment or
settlement of obligations. However, the exemption will not be applicable for any extension or
amendment of the agreements (particularly any amendments relating to the subject and/or object of the
agreements).

Effectively, PBI 17/2015 (i) requires us to adjust the relevant existing US dollars denominated
agreements to conform with the requirements under PBI 17/2015 (whenever there is an extension or
amendment to those agreements) and (ii) prohibits us from entering into new US dollars denominated
agreements with counterparties for transactions conducted within the territory of Republic of
Indonesia after July 1, 2015. The elucidation of PBI 17/2015 further explains that an amendment
relates to a change of “subject” and “object” of the written agreement. However, there is no further
explanation on the object of the agreement itself. If Bank Indonesia adopts a conservative approach,
all amendments after July 1, 2015 to such agreements will be subject to PBI 17/2015. A breach of the
requirements of PBI 17/2015 will be subject to (i) administrative, criminal or monetary sanctions up
to Rp1 billion and (ii) loss of business licenses and/or interruption of business activities of the

42
violating entity, if Bank Indonesia recommends so to the relevant authorities. The restrictions on our
ability to enter into, or renew or amend, our Rupiah denominated contracts may limit our ability to
naturally hedge or service our non-Rupiah denominated liabilities or obtain or refinance non-Rupiah
financing in the future.

Downgrades of credit ratings of Indonesia and Indonesian companies could adversely affect us and
the market price of the Notes.

In 1997, certain recognized statistical rating organizations, including Moody’s and S&P, downgraded
Indonesia’s sovereign rating and the credit ratings of various credit instruments of the Government and
a large number of Indonesian banks and other companies. Currently, Indonesia’s sovereign foreign
currency long-term debt is rated “Baa3” by Moody’s, “BBB-” by S&P and “BBB-” by Fitch, with a
positive outlook from Moody’s stable outlook from S&P and positive outlook from Fitch. These
ratings reflect an assessment of the Government’s overall financial capacity to pay its obligations and
its ability or willingness to meet its financial commitments as they become due. Even though the
recent trend in Indonesian sovereign ratings has been positive, no assurance can be given that
Moody’s, S&P, Fitch or any other statistical rating organization will not downgrade the credit ratings
of Indonesia or Indonesian companies in general. Any such downgrade could have an adverse impact
on liquidity in the Indonesian financial markets, the ability of the Government and Indonesian
companies, including us, to raise additional financing and the interest rates and other commercial
terms at which such additional financing is available to us, which could materially and adversely
affect our business, financial condition, results of operations and prospects.

An outbreak of infectious disease or any other serious public health concerns in Asia or elsewhere
may adversely affect us.

An outbreak of an infectious disease in Asia or elsewhere could have a negative impact on the
economy and business activity in Indonesia and elsewhere and thereby adversely impact our
operations or the services or operations of our suppliers and customers, which could have a material
adverse effect on our business, financial condition, results of operations and prospects. Examples
include the outbreak in 2003 of Severe Acute Respiratory Syndrome in Asia (“SARS”), the outbreak
in 2004 and 2005 of Avian influenza, or bird flu, in Asia, the global outbreak in 2009 of Influenza A
(“H1N1”) and the outbreak in 2014 of the Ebola virus in West Africa. We cannot assure you that any
precautionary measures taken against infectious diseases would be effective. Any spread,
intensification or recurrence of SARS, bird flu, H1N1, Ebola or other contagious disease or any other
serious public health concern in Asia, including Indonesia, may adversely affect our business,
financial conditions results of operations and prospects.

Labor activism could adversely affect Indonesian companies, including us, which in turn could
affect our business, financial condition, results of operations and prospects.

Laws and regulations which facilitate the forming of labor unions, combined with weak economic
conditions, have resulted and may continue to result in labor unrest and activism in Indonesia. In 2000,
the Government issued Law No. 21 of 2000 on Labor Union (the “Labor Union Law”). The Labor
Union Law permits employees to form unions without employer intervention. In March 2003, the
Government enacted Law No. 13 of 2003 on Labor (the “Labor Law”) which, among other things,
increased the amount of severance, service and compensation payments payable to employees upon
termination of employment. The Labor Law requires further implementation of regulations that may
substantively affect labor relations in Indonesia. The Labor Law requires bipartite forums with
participation from employers and employees and the participation of more than 50.0% of the
employees of a company in order for a collective labor agreement to be negotiated and creates
procedures that are more permissive to the staging of strikes. Under the Labor Law, employees who
voluntarily resign are also entitled to payments for, among other things, unclaimed annual leave and
relocation expenses. Following the enactment, several labor unions urged the Indonesian
Constitutional Court to declare certain provisions of the Labor Law unconstitutional and order the

43
Government to revoke those provisions. The Indonesian Constitutional Court declared the Labor Law
valid except for certain provisions, including relating to the right of an employer to terminate its
employee who committed a serious mistake and criminal sanctions against an employee who instigates
or participates in an illegal labor strike.

Labor unrest and activism in Indonesia could disrupt the operations of our business, our suppliers or
contractors and could affect the financial condition of Indonesian companies in general, depressing the
prices of Indonesian securities on the Jakarta or other stock exchanges and the value of the Indonesian
Rupiah relative to other currencies. Such events could materially and adversely affect our businesses,
financial condition, results of operations and prospects and our ability to pay interest on, and repay
the principal of, the Notes.

In addition, any national or regional inflation of wages will directly and indirectly increase operating
costs of its business and thus decrease its profit margin. Over the past ten years, the minimum wage
in Indonesia has increased significantly. For example, the minimum wage in Jakarta increased by
10.6% from 2014 to 2015 and by 14.8% from 2015 to 2016. Any national or regional inflation of wages
will directly and indirectly increase our operating costs and thus decrease its profit margin.

Indonesian corporate and other disclosure and accounting standards differ from those in the United
States, countries in the European Union and other jurisdictions.

Our consolidated financial statements are prepared in accordance with Indonesian FAS, which differ
from IFRS. As a result, our consolidated financial statements and reported earnings could be different
from those which would be reported under IFRS. This Offering Memorandum does not contain a
reconciliation of our consolidated financial statements to IFRS, and there can be no assurance that
such reconciliation, if performed, would not reveal material differences. See “Summary of Certain
Principal Differences Between Indonesian FAS and IFRS.”

The inability or failure of the Government to implement reforms necessary to receive assistance
from multilateral agencies could cause the economy and our business to be adversely affected.

The Asian economic crisis, which began in 1997, had a significant adverse impact on Indonesia,
causing, among other adverse changes, a significant depreciation in the value of the Rupiah and
depletion of Indonesia’s currency reserves. The crisis caused the Government to turn to the
International Monetary Fund (“IMF”) for financial assistance and, in October 1997, the IMF agreed
to provide relief contingent upon the implementation of economic reforms, such as the Government
undertaking asset sales and abolishing subsidies for commodities and other consumer products.
Indonesia left the IMF-supported program at the end of 2003. The World Bank has also been an
important source of funding for the Government which has received assistance from the World Bank
since late 1997. The World Bank’s 2001 base target for lending in Indonesia was US$1.3 billion, but
this amount was subsequently reduced due to the slow pace of institutional reforms in Indonesia as
well as concern that the Government’s decentralization plan, and particularly empowerment of
provincial governments to borrow, could adversely affect the Government’s ability to service its debts.
In December 2003, the World Bank approved an Indonesian lending program from 2004 to 2007
ranging from US$450 million to US$850 million per year. As of December 31, 2015, total external
indebtedness of the Government and private sector companies in Indonesia amounted to US$310.7
billion, which was approximately 36.1% of Indonesia’s GDP for that year.

The members of the Paris Club and the Consultative Group on Indonesia (“CGI”) are sources of
funding for the Government. The Paris Club is an informal voluntary group of 19 creditor countries
that seeks to coordinate solutions for payment difficulties experienced by debtor nations. The CGI is
a group of 19 donor countries and 13 international organizations that meets annually to coordinate
donor assistance to Indonesia and is led by the World Bank. The CGI is the successor organization to
the Inter-Governmental Group of Indonesia, an international group of lenders established in 1967 by
The Netherlands to coordinate multi-lateral aid to Indonesia. Most of the members of CGI were
previously members of IGGI, such as Japan, United States, Australia, France, Germany, Italy, the

44
World Bank, and the IMF. The Paris Club and the CGI accounted for approximately two-fifths of the
Government’s total debt at the end of 2005. The Government has several times successfully
rescheduled its foreign debt to multilateral institutions. However, the Paris Club has publicly stated
that as a result of the Government’s decision to end the IMF program, it would no longer reschedule
payments of debts owed to its members or to other creditors by the Government, although there were
further debt reschedulings as a result of the earthquake and tsunami in December 2004.

In the absence of funding from the IMF, World Bank or similar agencies or creditor support for debt
rescheduling, the Government may not be able to secure alternative funding and may default on its
payment obligations, which may result in an economic crisis. Funding restrictions may also result in
the Government being unable to fund subsidies for staples such as food and fuel which, in turn, could
have serious social, economic and political consequences. These may in turn have a material adverse
impact on our business and the value of the Notes. The Government may, in connection with future
agreements with the World Bank or other lenders, undertake additional economic or structural
initiatives the effects of which are presently unknown.

An Indonesian law requiring agreements involving Indonesian parties to be written in the

Indonesian language may raise issues as to the enforceability of agreements entered into in
connection with the offer and sale of the Notes and the Guarantees.

On July 9, 2009, the Government enacted Law No. 24 of 2009 on Flag, Language, Coat of Arms and
National Anthem (“Law No. 24/2009”) requiring that agreements involving Indonesian parties be
written in the Indonesian language. Where an agreement also involves foreign parties, it may also be
executed in both the Indonesian language and a foreign language, provided that the agreement in the
foreign language and the agreement in the Indonesian language are equally authoritative. Law No.
24/2009 is silent on the governing language if there is more than one language used in a single
agreement. Article 40 of Law No. 24/2009 states that further stipulation on the use of Bahasa
Indonesia shall be regulated by the implementing regulations to be issued. Accordingly, until such
implementing regulations are issued, it is unclear whether Bahasa Indonesia will be stipulated as the
governing language of agreements related to our business or to the Notes, and when such
implementing regulations are issued, English might not be recognized as the governing language of
such agreements, even if agreed to by the contracting parties.

Although the Indenture governing the Notes and any other agreements will be prepared in English and
Indonesian versions as required under Law No. 24/2009, since one or more parties to the Indenture
will be incorporated under the laws of Indonesia, we cannot assure you that, in the event of
inconsistencies between the Indonesian language and English language versions of these agreements,
an Indonesian court would hold that the English version would prevail. Some concepts in the English
language may not have a corresponding term in the Indonesian language and the exact meaning of the
English text or may not be fully captured by such Indonesian version. If this occurs, we cannot assure
you that the terms of the Notes, including the Indenture, will be as described in this Offering
Memorandum, or will be interpreted and enforced by the Indonesian courts as intended.

In addition, on June 20, 2013, the District Court of West Jakarta ruled in a decision No.
451/Pdt.G/2012/PN.Jkt.Bar (the “June 2013 Decision”) that a loan agreement entered into between an
Indonesian borrower, PT Bangun Karya Pratama Lestari, as plaintiff, and a non-Indonesian lender,
Nine AM Ltd., as defendant, was null and void under Indonesian law. The governing law of the loan
agreement was Indonesian law and the agreement was written in the English language. The court ruled
that the agreement had contravened Article 31(1) of Law No. 24/2009 and declared it to be invalid.
In arriving at this conclusion, the court relied on Articles 1320, 1335 and 1337 of the Indonesian Civil
Code, which taken together render an agreement void if, inter alia, it is tainted by illegality. The court
held that as the agreement had not been drafted in the Indonesian language, as required by Article
31(1), it therefore failed to satisfy the “lawful cause” (sebab yang halal) requirement and was void
from the outset, meaning that a valid and binding agreement had never existed. On May 7, 2014, the
Jakarta High Court rejected the appeal submitted by Nine AM Ltd. and affirmed the June 2013
Decision in its entirety (the “Jakarta High Court Decision”). Further, on August 31, 2015, the Supreme

45
Court rejected the cassation that Nine AM Ltd submitted and affirmed the Jakarta High Court Decision
(the “Supreme Court Decision”). Indonesian court decisions are generally not binding precedents, as
would typically be the case in common law jurisdictions such as the United States and the United
Kingdom. However, there can be no assurance that a court will not, in the future, issue a similar
decision to the Supreme Court Decision in relation to the validity and enforceability of agreements
which are made in the English language.

On July 7, 2014, the Government issued Government Regulation No. 57 of 2014 on Development
Fostering, and Protection of Language and Literature and Enhancement of the function of the
Indonesian Language, to implement certain provisions of Law No. 24/2009. While this regulation
focuses on the promotion and protection of the Indonesian language and literature and is silent on the
question of contractual language, it reiterates that contracts involving Indonesian parties must be
executed in the Indonesian language (although versions in other languages are also permitted). As Law
No. 24/2009 does not specify any sanctions for non-compliance, we cannot predict how the
implementation of Law No. 24/2009 (including its implementing regulation) will impact the validity
and enforceability of the Notes and the Guarantees in Indonesia, which creates uncertainty as to the
ability of Noteholders to enforce the Notes and the Guarantees in Indonesia.

Risks relating to the Notes and the Guarantees

The terms of the Notes and the Guarantees will contain covenants limiting our financial and
operating flexibility.

Covenants contained in the documentation relating to the Notes and the Guarantees will restrict the
ability of the Issuer, the Parent Guarantor, and any restricted subsidiary to, among other things:

• incur or guarantee additional indebtedness and issue certain redeemable or preferred stock;

• create or incur certain liens;

• make certain payments, including dividends or other distributions, with respect to the shares of
the Parent Guarantor, or its restricted subsidiaries;

• prepay or redeem subordinated debt or equity;

• make certain investments and capital expenditures;

• create encumbrances or restrictions on the payment of dividends, or other distributions;

• loans or advances to and on the transfer of assets to the Parent Guarantor or any of its restricted
subsidiaries;

• sell, lease or transfer certain assets, including stock of restricted subsidiaries;

• enter into sale and leaseback transactions;

• engage in certain transactions with affiliates;

• enter into unrelated businesses or engage in prohibited activities;

• consolidate or merge with other entities; and

• impair the security interest for the benefit of the holders of Notes.

46
All of these covenants are subject to the limitations, exceptions and qualifications described in
“Description of the Notes — Certain Covenants.” These covenants could limit our ability to pursue
our growth plan, restrict our flexibility in planning for, or reacting to, changes in our business and
industry, and increase our vulnerability to general adverse economic and industry conditions. We may
also enter into additional financing arrangements in the future, which could further restrict our
flexibility.

Any defaults of covenants contained in the Notes may lead to an event of default under the Notes and
the Indenture and may lead to cross-defaults under our other indebtedness. No assurance can be given
that the Issuer will be able to pay any amounts due to holders of the Notes in the event of such default,
and any default may significantly impair the Issuer’s ability to pay, when due, the interest of and
principal on the Notes and the Parent Guarantor’s, and any Subsidiary Guarantor’s, ability to satisfy
its obligations under the Guarantees.

Substantial leverage and debt service obligations could adversely affect our business and prevent
the Issuer and the Indonesian Guarantors from fulfilling obligations under the Notes and the
Guarantees.

Although the Indenture by which the Notes are constituted contains restrictions on the incurrence of
additional indebtedness, these restrictions are subject to a number of significant qualifications and
exceptions, and any indebtedness incurred in compliance with these restrictions could be substantial.
For a summary of our existing indebtedness as of the date of this offering, see “Description of Material
Indebtedness”. The degree to which we will be leveraged in the future, on a consolidated basis, could
have important consequences for the Noteholders, including, but not limited to:

• making it more difficult for the Issuer, us or the other Indonesian Guarantors to satisfy respective
obligations with respect to the Notes and the Guarantees;

• increasing vulnerability to, and reducing our flexibility to respond to, general adverse economic
and industry conditions;

• requiring the dedication of a substantial portion of cash flow from operations to the payment of
principal of, and interest on, our consolidated indebtedness, thereby reducing the availability of
such cash flow to fund working capital, capital expenditures, acquisitions, joint ventures or other
general corporate purposes;

• limiting flexibility in planning for, or reacting to, changes in our business, the competitive
environment and the industries in which we operate;

• placing us at a competitive disadvantage compared to our competitors that are not as highly
leveraged; and

• limiting our ability to borrow additional funds and increasing the cost of any such borrowing.
Any of these

or other consequences or events could materially and adversely affect the Issuer’s, our or the
Indonesian Guarantors’ ability to satisfy debt obligations, including the Notes and the Guarantees.

We may incur additional indebtedness, which could further exacerbate the risks “The terms of the
Notes and the Guarantees will contain covenants limiting our financial and operating flexibility.”

As of December 31, 2014, 2015 and 2016, we had total short-term and long-term indebtedness of
Rp6,484.7 billion, Rp6,315.0 billion and Rp6,513.2 billion (US$484.8 million), respectively. Subject
to restrictions in the Indenture governing the Notes, we may incur additional indebtedness, which
could increase the risks associated with our existing indebtedness. If we incur any additional

47
indebtedness that ranks equally with the Notes, the relevant creditors will be entitled to share ratably
with the holders of the Notes in any proceeds distributed in connection with any insolvency,
liquidation, reorganization, dissolution or other winding-up of the Issuer or a Guarantor. This may
have the effect of reducing the amount of proceeds paid to the holders of the Notes.

We may not be able to generate sufficient cash flows to meet our debt service obligations.

Our ability to make scheduled payments on, or to refinance our obligations with respect to, our
indebtedness, including the intercompany loan agreements and the Notes, will depend on our financial
and operating performance, which in turn will be affected by general economic conditions and by
financial, competitive, regulatory and other factors beyond our control. We may not generate sufficient
cash flow from operations and future sources of capital may not be available to us in an amount
sufficient to enable us to service our indebtedness, including the Notes, or to fund our other liquidity
needs. If we are unable to generate sufficient cash flow and capital resources to satisfy our debt
obligations or other liquidity needs, we may have to undertake alternative financing plans, such as
refinancing or restructuring our debt, selling assets, reducing or delaying capital investments or
seeking to raise additional capital. There is no assurance that any refinancing would be possible, that
any assets could be sold or, if sold, of the timing of the sales and the amount of proceeds that may
be realized from those sales, or that additional financing could be obtained on acceptable terms, if at
all. In the absence of such operating results and resources, we could face substantial liquidity
problems and might be required to dispose of material assets or operations to meet our debt service
and other obligations. Other credit facilities and the Indenture that will govern the Notes will restrict
our ability to dispose of assets and use the proceeds from the disposition. We may not be able to
consummate those dispositions or to obtain the proceeds which we could realize from them and these
proceeds may not be adequate to meet any debt service obligations then due. Our inability to generate
sufficient cash flows to satisfy our debt obligations, or to refinance our indebtedness on commercially
reasonable terms and in a timely manner, would materially and adversely affect our financial condition
and results of operations and the Issuer’s ability to satisfy its obligations under the Notes, See
“Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Liquidity and Capital Resources” and “Description of the Notes.”

The interest of our principal shareholders may conflict with the interest of noteholders, and they
may take actions that are not in, or may conflict with, the interest of the noteholders.

As of December 31, 2016, approximately 77.1% of our outstanding shares were controlled by Trihatma
Kusuma Haliman. For information relating to the ownership of our shares, see “Principal
Shareholders.” Our principal shareholder may be able to effectively control certain matters requiring
approval by our shareholders, depending on participation at our shareholder meetings. Circumstances
may arise in which the interests of our principal shareholders or the interests of its associated
companies may conflict with your interest as a noteholder. From time to time, we enter into, and we
may enter into, transactions with entities controlled by any of our principal shareholders and other
related parties. See “Related Party Transactions” for a summary of our existing transactions with
related parties. Although any transaction that we undertake with related parties, which involves a
conflict of interest, must be approved by independent shareholders and appraised by an independent
appraiser in accordance with the rules of the OJK, we cannot assure you that any amounts we may pay
in these transactions would necessarily reflect the prices that would be paid by an independent third
party.

Enforcing the rights of noteholders under the Notes or the Guarantees across multiple jurisdictions
may prove difficult.

The Notes will be issued by the Issuer and guaranteed by the Parent Guarantor and the Subsidiary
Guarantors. The Issuer is incorporated in Singapore. The Parent Guarantor and the Subsidiary
Guarantors are incorporated under the laws of Indonesia. The Notes, the Guarantees and the Indenture
will be governed by the laws of the State of New York. In the event of a bankruptcy, insolvency or
similar event, proceedings could be initiated in Indonesia, Singapore and the United States. Such

48
multi-jurisdictional proceedings are likely to be complex and costly for creditors and otherwise may
result in greater uncertainty and delay regarding the enforcement of your rights. The rights of
noteholders under the Notes and the Guarantees will be subject to the insolvency and administrative
laws of several jurisdictions and there can be no assurance that you will be able to effectively enforce
your rights in such complex multiple bankruptcy, insolvency or similar proceedings. In addition, the
bankruptcy, insolvency, administrative and other laws of Indonesia, Singapore and the United States
may be materially different from, or be in conflict with, each other and those with which may be
familiar, including in the areas of rights of creditors, priority of governmental and other creditors,
ability to obtain post-petition interest and duration of the proceeding. The application of these laws,
or any conflict among them, could call into question whether any particular jurisdiction’s laws should
apply, adversely affect your ability to enforce your rights under the Notes and the Guarantees in the
relevant jurisdictions or limit any amounts that you may receive.

It may not be possible for you to effect service of process or to enforce judgment of a foreign court
on the Indonesian Guarantors in Indonesia.

The Issuer is a limited liability company incorporated in Singapore. Each of the Parent Guarantor and
the Subsidiary Guarantors is a limited liability company incorporated in Indonesia operating within
the framework of Indonesian laws relating to investment and all of its significant assets are located
in Indonesia. In addition, most of the Issuer’s directors and all of the Parent Guarantor’s and each of
the Subsidiary Guarantor’s commissioners and directors reside in Indonesia. As a result, it may be
difficult for investors to effect service of process, including judgments, on the Issuer, the Parent
Guarantor and a Subsidiary Guarantor or their respective commissioners and directors outside
Indonesia, or to enforce judgments obtained in non-Indonesian courts against the Issuer, the Parent
Guarantor, a Subsidiary Guarantor or their respective commissioners and directors in Indonesia.

The Indonesian Guarantors have been advised by their Indonesian legal advisor, Makes & Partners,
that judgments of non-Indonesian courts are not enforceable in Indonesian courts, although such
judgments could be admissible as non-conclusive evidence in a proceeding on the underlying claim
in an Indonesian court. Our Indonesian legal advisers have also advised us that there is doubt as to
whether Indonesian courts will recognize judgments in original actions brought in Indonesian courts
based only upon the civil liability provisions of the securities laws of other countries. In addition, an
Indonesian court may refuse to hear an original action based on securities laws of other countries. As
a result, holders of the Notes would be required to pursue claims against the Parent Guarantor or a
Subsidiary Guarantor or their respective commissioners, directors and executive officers in Indonesian
courts.

The claims and remedies available under Indonesian law may not be as extensive as those available
in other jurisdictions. No assurance can be given that the Indonesian courts will protect the interests
of holders of the Notes in the same manner or to the same extent as would courts in more developed
countries outside of Indonesia.

Through the purchase of the Notes and Guarantees, noteholders may be exposed to a legal system
subject to considerable discretion and uncertainty; it may be difficult or impossible for holders of
the Notes to pursue claims under the Notes or the Guarantees because of considerable discretion
and uncertainty of the Indonesian legal system.

Indonesian legal principles relating to the rights of debtors and creditors, or their practical
implementation by Indonesian courts, may differ materially from those that would apply within the
jurisdictions of the United States, the European Union or other jurisdictions. Neither the rights of
debtors nor the rights of creditors under Indonesian law are as clearly established or recognized as
under legislation or judicial precedent in the United States and most European Union member states.
In addition, under Indonesian law, debtors may have rights and defenses to actions filed by creditors
that these debtors would not have in jurisdictions with more established legal regimes such as those
in the United States and the European Union member states.

49
Indonesia’s legal system is a civil law system based on written statutes in which judicial and
administrative decisions do not constitute binding precedent and are not systematically published.
Indonesia’s commercial and civil laws, as well as rules on judicial process, were historically based on
Dutch law as in effect prior to Indonesia’s independence in 1945, and some have not been revised to
reflect the complexities of modern financial transactions and instruments. Indonesian courts may be
unfamiliar with sophisticated commercial or financial transactions, leading in practice to uncertainty
in the interpretation and application of Indonesian legal principles. The application of Indonesian law
depends upon subjective criteria such as the good faith of the parties to the transaction and principles
of public policy, the practical effect of which is difficult or impossible to predict. Indonesian judges
operate in an inquisitorial legal system, have very broad fact-finding powers and a high level of
discretion in relation to the manner in which those powers are exercised. In practice, Indonesian court
decisions may omit, or may not be decided upon, a legal and factual analysis of the issues presented
in a case, and as a result, the administration and enforcement of laws and regulations by Indonesian
courts and Indonesian governmental agencies may be subject to considerable discretion and
uncertainty. Furthermore, corruption in the court system in Indonesian has been widely reported in
publicly available sources.

In addition, under the Indonesian Civil Code, although a guarantor may waive its right to require the
obligee to exhaust its legal remedies against the obligor’s assets prior to the obligee exercising its
rights under the related guarantee, a guarantor may be able to argue successfully that the guarantor
can nonetheless require the obligee to exhaust such remedies before acting against the guarantor. No
assurance can be given that an Indonesian court would not side with the Parent Guarantor or a
Subsidiary Guarantor on this matter, despite the express waiver by Parent Guarantor and a Subsidiary
Guarantor of this obligation in the Guarantee.

Furthermore, on September 2, 2013 the holders of notes issued by BLD Investments Pte. Ltd. and
guaranteed by PT Bakrieland Development Tbk (“Bakrieland”), under a trust deed governed under
English law, filed a postponement of debt payment petition with the Jakarta commercial court on
certain grounds, including that Bakrieland had failed to comply with its obligation to repay the
principal amount of the notes when noteholders exercised their put option under the terms of the notes.
In its decision dated September 23, 2013, the Jakarta commercial court ruled, among other things, that
the trust deed relating to the notes is governed by English law, all disputes arising out of or in
connection with the trust deed must be settled by English courts and, accordingly, that the Jakarta
commercial court does not have authority to examine and adjudicate this case.

As a result, it may be difficult for holders of the Notes to pursue a claim against the Issuer, the Parent
Guarantor or any of the Subsidiary Guarantors in Indonesia, which may adversely affect or eliminate
entirely the ability of the noteholders to obtain and enforce a judgment against the Issuer, the Parent
Guarantor or any of the Subsidiary Guarantors in Indonesia or increase the costs incurred by holders
of the Notes in pursuing, and the time required to pursue, claims against the Issuer, the Parent
Guarantor or any of the Subsidiary Guarantors.

Indonesian companies have filed suits in Indonesian courts to invalidate transactions involving
offshore offering structures, and have brought legal action against lenders and other transaction
participants. Such legal action had resulted in judgments against such defendants invalidating all
obligations under the applicable debt instruments and in damages against such defendants in excess
of the amounts borrowed.

In several cases in Indonesian courts, Indonesian companies which had defaulted on notes and other
debt incurred through offshore financing entities using a structure involving a guarantee granted by
an Indonesian company, have successfully sued creditors and other transaction participants obtaining,
among other relief:

• a declaration that the entire debt obligation is null and void;

• disgorgement of prior payments made to noteholders on the notes;

50
• damages from lenders and other transaction participants in amounts exceeding the original
proceeds of the debt issued; and

• injunctions prohibiting holders of the notes from enforcing rights under the transaction
documents and trading in the notes.

In a June 2006 decision that was released in November 2006, the Indonesian Supreme Court affirmed
a lower court judgment that invalidated US$500 million of notes issued through an offshore offering
structure (the “June 2006 Decision”). The decision involved an Indonesian listed Company, PT Indah
Kiat Pulp & Paper Tbk. (“Indah Kiat”), as plaintiff and various parties as the defendants using a
structure similar to this offering of the Notes and the Guarantees, whereby notes were issued through
a Dutch subsidiary of Indah Kiat and guaranteed by Indah Kiat. The Indonesian Supreme Court upheld
the decisions of a District Court and High Court in Indonesia in favor of Indah Kiat. The Indonesian
courts ruled that the defendants (including the trustee, underwriter and security agent for the issuance
of the Indah Kiat notes) committed a tort (perbuatan melawan hukum), and therefore the issuance of
the notes was declared null and void. The courts nullified the notes by reasoning that the contracts
made in relation to the notes were signed without any legal cause, and so did not meet the provision
of Article 1320 of the Indonesian Civil Code which requires a legal cause as one of the elements for
a valid agreement. The Indonesian courts accepted the plaintiff ’s argument that Indah Kiat acted both
as a debtor and as a guarantor of the same debt even though in the facts of the case Indah Kiat
International Finance Company B.V. (Indah Kiat’s Dutch subsidiary established for the purpose of the
issuance of the notes) was the issuer of the notes and Indah Kiat was the guarantor of such notes. The
Indonesian courts also ruled that the establishment of Indah Kiat International Finance Company B.V.
was unlawful as it was intended to avoid Indonesian withholding tax payments.

On August 19, 2008, the Indonesian Supreme Court granted a civil review (peninjauan kembali) and
annulled the June 2006 Decision (the “August 2008 Decision”). The Supreme Court in its civil review
decision stated that Indah Kiat has failed to prove that the transaction is an act of legal manipulation
that caused damages to Indah Kiat. Therefore, the Indonesian Supreme Court concluded that the
defendants did not commit any unlawful act. Further, the Indonesian Supreme Court is of the view that
it was clear that the money borrowed by Indah Kiat from Indah Kiat International Finance Company
B.V. in fact originated from the issuance of notes, as evidenced in the recital of the relevant loan
agreement and thus the claim that the whole transaction was a manipulation of law had no merit.
Moreover, with regard to the validity and enforceability of the security documents, the Indonesian
Supreme Court stated that the security agreements would prevail as long as the underlying agreements
were still valid and binding. On the tax issues, the civil review decided that the Indonesian Supreme
Court had misapplied the tax law as it did not prohibit tax saving, and thus the claim relating to tax
was annulled. The Indonesian Supreme Court also stated that for certain New York law governed
agreements in the transaction (such as the indenture, the loan agreement, the amended and restated
loan agreement and the underwriting agreement), the claim should be brought to the appropriate court
in the state of New York.

Despite the decision described above, the Indonesian Supreme Court has taken a contrary view with
respect to PT Lontar Papyrus Pulp & Paper Industry (“Lontar Papyrus”), a sister corporation of Indah
Kiat, which was the plaintiff in the case relating to the June 2006 Decision. According to an
Indonesian Supreme Court decision at civil review level (which was subsequently upheld by the
Indonesian Supreme Court at the appellate level), in March 2009, the Indonesian Supreme Court
refused a civil review (the “March 2009 Decision”) of a judgment by the District Court of Kuala
Tungkal, in South Sumatra, which invalidated US$500 million of notes issued by APP International
Finance Company B.V. (“APPC”) and guaranteed by Lontar Papyrus. Lontar Papyrus’ legal arguments
in its lower court case were fundamentally the same as those in the earlier cases by Indah Kiat —
namely, that, under the notes structure, the plaintiff was acting as both the debtor and guarantor for
the same debt and, therefore, the structure was invalid. The Indonesian Supreme Court’s refusal to
grant a civil review of the lower court’s decision effectively affirmed the lower court’s decision to
invalidate all of the transaction documents, including Lontar Papyrus’ obligations as the guarantor
under the notes and meaning the verdict is now final. The Indonesian Supreme Court’s refusal to grant

51
the civil review was based on reasons that the loan agreement between APPC and Lontar Papyrus and
the indenture with regard to the issuance of the notes required adjustment to observe the prevailing
laws and regulations in Indonesia. In addition, the fact that the loan had been paid in full by Lontar
Papyrus to APPC under the relevant loan agreement resulted in Lontar Papyrus having no continuing
outstanding legal obligation, either as debtor under the relevant loan agreement or as guarantor under
the indenture. Lontar Papyrus and Indah Kiat are subsidiaries of Asia Pulp & Paper Company Ltd and
their original court cases against their creditors were filed at approximately the same time. While the
lower court decisions in certain of these cases have been ultimately annulled by the Supreme Court,
as was the case in August 2008, it appears that the Supreme Court has taken a contradictory view on
the Lontar Papyrus case.

In September 2011, the Indonesian Supreme Court, whose judgment has not been made publicly
available, refused a civil review of a decision by the District Court of Bengkalis (whose judgment was
the subject of the Indonesian Supreme Court’s June 2006 Decision and August 2008 Decision), which
invalidated the notes issued by Indah Kiat International Finance Company B.V. (the “September 2011
Decision”). The facts and legal claims presented by Indah Kiat International Finance Company B.V.
were substantially the same as those made by Indah Kiat in the lower court cases that were the subject
of the June 2006 Decision. The September 2011 Decision specifically noted that the Indonesian
Supreme Court chose to not consider its August 2008 Decision despite such substantially similar facts
and legal claims.

The Indonesian Supreme Court’s refusal to grant civil reviews of the lower court decisions in the
March 2009 Decision and September 2011 Decision effectively affirmed the lower courts’ decisions
to invalidate the relevant notes and the issuers’ and guarantors’ obligations under such notes, and such
lower court decisions are now final and not subject to further review.

There is also an instance where the Indonesian court, through a suspension of payment proceedings,
failed to acknowledge noteholders as creditors of the parent guarantor under a guarantee arrangement
similar to that of the Notes. On December 8, 2014, the Supervisory Judge in proceedings before the
Commercial Court of the Central Jakarta District Court, whose determination has not been made
publicly available, determined that noteholders were not creditors of PT Bakrie Telecom Tbk (“Bakrie
Tel”) for purposes of its court-supervised debt restructuring, known as a PKPU (the “Bakrie Tel
PKPU”). Bakrie Tel, an Indonesian telecommunications company, was the guarantor of US$380
million of senior notes issued in 2010 and 2011 by a Singapore-incorporated special purpose vehicle
that is a subsidiary of Bakrie Tel. The proceeds from the offering of the notes were on-lent to Bakrie
Tel pursuant to an intercompany loan agreement, which was guaranteed by Bakrie Tel and assigned
to the noteholders as collateral. In its decision affirming the debt restructuring composition plan, the
Commercial Court accepted the Supervisory Judge’s determination that the relevant creditor of Bakrie
Tel in respect of the US$380 million notes was the issuer’s subsidiary, rather than the noteholders or
the trustee, and gave no effect to the guarantee. As such, only the intercompany loan was recognized
by the Commercial Court as indebtedness on which Bakrie Tel was liable for purposes of the Bakrie
Tel PKPU. As a result, only the issuer’s subsidiary had standing as a Bakrie Tel creditor to vote in the
Bakrie Tel PKPU proceedings, whereby the terms of the US dollar bonds and the guarantee were
substantially altered.

Similar to the Bakrie Tel PKPU case, the Indonesian court, through a suspension of payment of the
obligation of the Indonesian company PT Trikomsel Oke Tbk (“Trikomsel”), failed to acknowledge the
right of the trustees of Trikomsel two Singaporean Dollar notes to make claims on behalf of the
noteholders, therefore denying any voting rights in the creditors meeting. The PKPU process was
settled on September 28, 2016, through the ratification of a composition plan (rencana perdamaian)
by the Jakarta Commercial Court. In such composition plan, the noteholders may be required to
convert their notes into new shares to be issued by Trikomsel, thereby extinguishing the notes.

The Indonesian legal system does not recognize the concept of “precedent” which is recognized in the
common law system, but does acknowledge the concept of jurisprudence. This means that Indonesian
court decisions are not binding precedents and do not constitute a source of law at any level of the

52
judicial hierarchy as would be the case in common law jurisdictions such as the United States and the
United Kingdom. While lower courts are not bound by the Supreme Court decision, such decisions
have persuasive force. Accordingly, an Indonesian court could take a similar approach in any dispute
regarding the Guarantees and declare them unenforceable. The outcome of specific cases in the
Indonesian legal system is subject to considerable discretion and uncertainty. Therefore, there can be
no assurance that in the future a court will not issue a similar decision to the June 2006 Decision
mentioned above in relation to the validity and enforceability of the Notes and the Guarantees or grant
additional relief to the detriment of holders of the Notes, if the Issuer were to contest efforts made by
holders of the Notes to enforce these obligations.

Furthermore, there can be no assurance that any similar cases currently on appeal will be resolved in
favor of the creditors nor that a successful appeal would constitute a legal precedent disabling future
cases on the same basis from being brought at the district court level.

Therefore, the holders of the Notes may have difficulty in enforcing any rights under the Notes, the
Guarantees or the other transaction documents in Indonesia, where most of the Parent Guarantor’s
assets are located. Moreover, depending on the recognition which non-Indonesian courts may grant to
such Indonesian decisions, the holders of the Notes may also be disabled from enforcing any rights
under the Notes, the Guarantees or the other transaction documents, or collecting on the Issuer’s, the
Parent Guarantor’s or a Subsidiary Guarantor’s assets, anywhere else in the world. In sum, the holders
of the Notes may have no effective or practical recourse or any assets or legal process in Indonesia
to enforce any rights against us or the Issuer.

In addition, the participation of a holder of a Note as a creditor in this transaction may expose it to
affirmative judgments by Indonesian courts against it (beyond the value of the Notes such holder of
a Note purchased). Moreover, affirmative relief granted against the holders of the Notes by Indonesian
courts may be enforced by non-Indonesian courts against the assets of the holders of the Notes (or
other transaction participants) located outside of Indonesia (and each holder of a Note should consult
its own lawyer in that regard).

The Guarantees may be challenged under applicable financial assistance, insolvency or fraudulent
transfer laws, which could impair the enforceability of the Guarantees.

Under bankruptcy laws, fraudulent transfer laws, financial assistance, insolvency or unfair preference
or similar laws in Indonesia, where the Parent Guarantor and the Subsidiary Guarantors are
incorporated and where all of their significant assets are currently located (as well as under the law
of certain other jurisdictions to which in certain circumstances the Parent Guarantor or a Subsidiary
Guarantor may be subject), the enforceability of the Guarantees may be impaired if certain statutory
conditions are met. In particular, the Guarantees may be voided, or claims in respect of the Guarantees
could be subordinated to all other debts of such Guarantor, if at the time that such Guarantor incurred
the indebtedness evidenced by, or when it gives, its Guarantee, it:

• incurred the debt with the intent to hinder, delay or defraud creditors or was influenced by a
desire to put the beneficiary of the Guarantee in a position which, in the event of such
Guarantor’s insolvency, would be better than the position the beneficiary would have been in had
the Guarantee not been given;

• received less than reasonably equivalent value or fair consideration for the incurrence of such
Guarantee;

• received no commercial benefit;

• was insolvent or rendered insolvent by reason of such incurrence;

53
• was engaged in a business or transaction for which such Guarantor’s remaining assets constituted
unreasonably small capital; or intended to incur, or believed that it would incur, debts beyond
its ability to pay such debts as they mature.

The test for insolvency, the other particular requirements for the enforcement of fraudulent transfer
law, and the nature of the remedy in the event of a fraudulent transfer, may vary depending on the law
of the jurisdiction which is being applied. Under the laws of Indonesia, it would also be necessary for
the directors to ensure that such Guarantor is solvent immediately after entry into, and performance
of any obligation under, the transaction, that:

• it will be able to satisfy its liabilities as they become due in the ordinary course of its business;
and

• the realizable value of the assets of such Guarantor will not be less than the sum of its total
liabilities other than deferred taxes, as shown in the books of account, and its capital.

The directors are required to ensure that the issued capital of such Guarantor is maintained and that,
after the giving of the Guarantee, such Guarantor would have sufficient net assets to cover the nominal
value of its issued share capital.

If a court voided the Guarantee, or held the Guarantee unenforceable for any other reason, then the
holders of the Notes would cease to have a claim against such Guarantor based upon such Guarantee,
and would solely be creditors of the Issuer. If a court subordinated the Guarantee to other indebtedness
of such Guarantor, then claims under the Guarantee would be subject to the prior payment of all
liabilities (including trade payables). We cannot assure you that there would be sufficient assets to
satisfy the claims of holders of the Notes after providing for all such prior claims.

Claims of the secured creditors of the Indonesian Guarantors will have priority with respect to their
security over the claims of unsecured creditors, such as the holders of the Notes, to the extent of
the value of the assets securing such indebtedness.

As of December 31, 2016, we had Rp6,513.2 billion (US$484.8 million) of secured indebtedness
outstanding under our credit facilities. We may also be able to borrow substantial additional
indebtedness, including senior debt, in the future under the terms of the Indenture.

Claims of the secured creditors of the Indonesian Guarantors will have priority with respect to the
assets securing their indebtedness over the claims of holders of the Notes. Therefore, the Guarantees
will be effectively subordinated to any secured indebtedness and other secured obligations of the
Indonesian Guarantors to the extent of the value of the assets securing such indebtedness or other
obligations. In the event of any foreclosure, dissolution, winding up, liquidation, reorganization,
administration or other bankruptcy or insolvency proceeding of the Indonesian Guarantors that has
secured obligations, holders of secured indebtedness will have prior claims to the assets of the
Indonesian Guarantors that constitute their collateral. The holders of the Notes will participate ratably
with all holders of the unsecured indebtedness of the Indonesian Guarantors, and potentially with all
of their other general creditors, based upon the respective amounts owed to each holder or creditor,
in the remaining assets of the Indonesian Guarantors. In the event that any of the secured indebtedness
of the Indonesian Guarantors becomes due or the creditors thereunder proceed against the assets that
secure such indebtedness, the Indonesian Guarantors’ assets remaining after repayment of that secured
indebtedness may not be sufficient to repay all amounts owing in respect of the Guarantees. As a
result, holders of the Notes may receive less than holders of secured indebtedness of the Indonesian
Guarantors.

54
We may be subject to future bankruptcy, insolvency and similar proceedings in Indonesia or other
jurisdictions, which may delay or prevent payment on the Notes.

Any future defaults in amounts of interest, on principal of, and premium or additional amounts, if any,
due on the Notes may, under the terms of the Notes and the Guarantees pursuant to the Indenture, only
be waived with the consent of each holder of the Notes. Should we launch an exchange offer and/or
consent solicitation in the future to obtain such waiver, we cannot assure you that all holders of the
Notes will waive such future defaults in amounts of interest on, principal of, and premium or
additional amounts, if any, due on the Notes. Following consummation of any future exchange offer
and/or consent solicitation, holders of 25% of outstanding Notes may accelerate and declare
immediately payable interest on, principal of, and premium or additional amounts, if any, due on the
Notes.

Although we expect that, upon consummation of any exchange offer and/or consent solicitation, any
composition plan that we enter into will bar holders of the Notes from bringing future bankruptcy,
insolvency or similar proceedings in Indonesia, Indonesian principles of law relating to the rights of
creditors have not been clearly or consistently applied by the Indonesian courts. In addition, we have
not sought court protection from our creditors in Indonesia or where we have significant contractual
obligations. As a result of the foregoing, there can be no assurance that holders of the Notes will not
in the future seek to file a petition for bankruptcy, insolvency or similar proceeding against us in
Indonesia or other jurisdictions.

Under the Indonesian Bankruptcy Law, a creditor that foresees its debtor would not be able to continue
to pay its debts when they become due and payable, or a debtor which is unable, or predicts that it
would be unable, to pay its debts when they become due and payable, may file for suspension of
payment of debt with the Commercial Court. In addition, a debtor who has two or more creditors and
who is unable to pay any of its debt may be declared bankrupt by virtue of a Commercial Court
decision. Under the Indonesian Bankruptcy Law, a suspension of debt payment proceeding takes
priority over a bankruptcy proceeding and must be decided first. As such, a suspension of debt
payment proceeding will effectively postpone the bankruptcy proceeding. As a result, creditors are
unlikely to receive any payment during the course of the suspension of debt payment proceeding (with
the exception of secured creditors subject to certain conditions) and the bankruptcy estate is likely to
be insufficient to fully settle their claims.

In addition, during the suspension of debt payment proceeding, the debtor may propose a composition
plan to its creditors. Such composition, if approved at a creditors’ meeting and ratified by the
Commercial Court, will be binding on all unsecured creditors and on secured creditors that voted for
the composition plan, and the suspension of debt payment proceeding ends. The debtor can then
continue its business and service its debt in accordance with the composition plan proposed by the
debtor and approved at the creditors’ meeting and ratified by the court. The secured creditors that did
not attend the creditors’ meeting or vote on the plan are not bound by the plan and are entitled to
enforce their security interests. As a composition plan, if approved, is approved by majority of the
creditors on a collective basis, it may not be in the best interests of any particular creditor. If the
Guarantor becomes a debtor in a bankruptcy proceeding or a suspension of debt payment proceeding
in Indonesia, we may file for suspension of debt payment with a proposed composition plan which may
not be satisfactory to you. If such composition plan is approved, it will be binding on you.

The Issuer may not have the ability to raise the funds necessary to finance an offer to repurchase
the Notes upon the occurrence of certain events constituting a change of control as required by the
Indenture governing the Notes.

Upon a Change of Control (as defined in the Indenture governing the Notes), the Issuer must make an
offer to repurchase all outstanding Notes. Pursuant to this offer, the Issuer must repurchase the
outstanding Notes at 101% of their principal amount plus accrued and unpaid interest, if any, up to
the date of repurchase. See “Description of the Notes — Change of Control.” However, the Issuer may
not have enough available funds at the time of any Change of Control to pay the purchase price of the

55
tendered outstanding Notes. The Issuer’s failure to make the offer to repurchase or repurchase
tendered Notes would constitute an Event of Default (as defined in the Indenture). This Event of
Default may, in turn, constitute an event of default under other indebtedness, any of which could cause
such other indebtedness to be accelerated after any applicable notice or grace periods. If such other
debt were accelerated, we may not have sufficient funds to repurchase the Notes and repay the debt.

In addition, the definition of Change of Control for purposes of the Indenture governing the Notes
does not necessarily afford protection for the holders of the Notes in the event of some
highly-leveraged transactions, including certain acquisitions, mergers, refinancings, restructurings or
other recapitalizations, although these types of transactions could increase our indebtedness or
otherwise affect our capital structure or credit ratings and the holders of the Notes. The definition of
Change of Control for purposes of the Indenture also includes a phrase relating to the sale of “all or
substantially all” of our properties or assets and our subsidiaries taken as a whole. Although there is
a limited body of case law interpreting the phrase “substantially all,” there is no precise established
definition under applicable law. Accordingly, the Issuer’s obligation to make an offer to repurchase
the Notes, and the ability of a holder of Notes to require us to repurchase the Notes pursuant to the
offer, as a result of a highly leveraged transaction or a sale of less than all of our assets, may be
uncertain.

The ratings assigned to the Notes may be lowered or withdrawn.

The ratings assigned to the Notes may be lowered or withdrawn entirely in the future. The Notes are
expected to be rated “Ba3” by Moody’s and “BB-” by Fitch. The ratings represent the opinions of the
ratings agencies and their assessment of the ability of each of the Issuer and the Parent Guarantor to
perform its respective obligations under the terms of the Notes and the Guarantees and credit risks in
determining the likelihood that payments will be made when due under the Notes. A rating is not a
recommendation to buy, sell or hold securities and may be subject to revision, suspension or
withdrawal at any time. No assurances can be given that a rating will remain for any given period of
time or that a rating will not be lowered or withdrawn entirely by the relevant rating agency if in its
judgment circumstances in the future so warrant. We have no obligation to inform holders of the Notes
of any such revision, downgrade or withdrawal. In addition, we cannot assure you that rating agencies
other than Moody’s and Fitch would not rate the Notes differently. A suspension, reduction or
withdrawal at any time of the rating assigned to the Notes or the assignment by a rating agency other
than Moody’s and Fitch of a rating of the Notes lower than those provided may adversely affect the
market price of the Notes.

An active trading market for the Notes may not develop and the trading price of the Notes could be
materially and adversely affected.

Although the Initial Purchasers have advised us that they intend to make a market in the Notes, they
are not obligated to do so and may discontinue such market making activity at any time without notice.
We cannot predict whether an active trading market for the Notes will develop or be sustained. If an
active trading market were to develop, the Notes could trade at prices that may be lower than their
initial offering price. The liquidity of any market for the Notes depends on many factors, including:

• the number of holders of Notes;

• the interest of securities dealers in making a market in the Notes;

• prevailing interest rates and the markets for similar securities;

• general economic conditions; and

• our financial condition, historical financial performance and future prospects.

56
If an active market for the Notes fails to develop or be sustained, the trading price of the Notes could
be materially and adversely affected. Approval-in-principle has been received for the listing and
quotation of the Notes on the SGX-ST. However, no assurance can be given that we will be able to
obtain or maintain such listing or that, if listed, a trading market will develop. We do not intend to
apply for listing of the Notes on any securities exchange other than the SGX-ST. Lack of a liquid,
active trading market for the Notes may adversely affect the price of the Notes or may otherwise
impede a holder’s ability to dispose of the Notes.

The transfer of the Notes is restricted which may adversely affect their liquidity and the price at
which they may be sold.

The Notes and the Guarantees have not been registered under, and we are not obligated to register the
Notes or the Guarantees under, the Securities Act or the securities laws of any other jurisdiction and,
unless so registered, may not be offered or sold except pursuant to an exemption from, or a transaction
not subject to, the registration requirements of the Securities Act and any other applicable laws. We
have not agreed to or otherwise undertaken to register the Notes and the Guarantees, and we have no
intention to do so.

Investment in the Notes may subject noteholders to foreign exchange risks.

The Notes are denominated and payable in US dollars. If you measure your investment returns by
reference to a currency other than US dollars, an investment in the Notes entails foreign
exchange-related risks, including possible significant changes in the value of the US dollars relative
to the currency by reference to which you measure your returns, due to, among other things, economic,
political and other factors over which we have no control. Depreciation of the US dollar against the
currency by reference to which you measure your investment returns could cause a decrease in the
effective yield of the Notes below their stated coupon rates and could result in a loss to you when the
return on the Notes is translated into the currency by reference to which you measure your investment
returns. In addition, there may be tax consequences for you as a result of any foreign exchange gains
resulting from any investment in the Notes.

The Issuer is a wholly-owned financing entity of the Parent Guarantor with no operations of its own
and is dependent upon payments under the intercompany loans to meet its obligations under the
Notes.

The Issuer is a financing entity wholly-owned by the Parent Guarantor with limited assets and has no
business operations other than issuing the Notes and engaging in related transactions and future
issuances of debt securities upon and with terms substantially similar to the Notes. The proceeds from
the Notes issuance will be used by the Issuer to provide additional financing to the Parent Guarantor
through one or more intercompany loans granted by Podomoro Properties to the Parent Guarantor. The
Issuer’s ability to make payments on the Notes is dependent directly on payments made to Podomoro
Properties by the Parent Guarantor under the Intercompany Loans. The Parent Guarantor’s ability to
make payments to Podomoro Properties under the intercompany loans will depend on a number of
factors, some of which may be beyond our control, including those identified elsewhere in this “Risk
Factors” section. If the Parent Guarantor fail to make scheduled payments under any of the
intercompany loans, the Issuer will not have any other source of funds to meet its payment obligations
under the Notes.

Noteholders are exposed to risks relating to Singapore taxation.

The Notes to be issued are intended to be “qualifying debt securities” for the purposes of the Income
Tax Act, Chapter 134 of Singapore (“ITA”), subject to the fulfillment of certain conditions more
particularly described in the section “Taxation — Singapore Taxation”.

57
However, there is no assurance that the Notes will continue to be “qualifying debt securities” or that
the tax concessions in connection therewith will apply throughout the tenure of the Notes should the
relevant tax laws or MAS circulars be amended or revoked at any time. Where the Notes qualify as
qualifying debt securities and meet the further conditions imposed under the qualifying debt securities
scheme, interest and certain other specified payments made under the Notes to a noteholder who is not
resident in Singapore, and (i) who does not have any permanent establishment in Singapore or (ii) who
carries on any operation in Singapore through a permanent establishment in Singapore but the funds
used to acquire the Notes are not obtained from such operations through a permanent establishment
in Singapore, are exempt from Singapore tax.

However, in the event that the Notes cease to be “qualifying debt securities” under the relevant
Singapore tax laws or any of the relevant conditions for the tax exemptions or concessions under the
qualifying debt securities scheme are not met, noteholders may not be able to enjoy such tax
exemptions or concessions. See “Taxation — Singapore Taxation — Interest and Other Payments” for
details.

The value of the Collateral will not be sufficient to satisfy our obligations under the Notes.

The obligations of the Issuer and the Indonesian Guarantors under the Notes and the Guarantees will
be secured by first priority interests in the Collateral, which is comprised of pledges by the Issuer of
the shares of Podomoro Properties and an assignment by each of Podomoro Properties and the Issuer
of all its interest in and rights under the Intercompany Loans in an aggregate amount equal to the net
proceeds of the offering of the Notes. The amount of proceeds that would ultimately be realized from
the Collateral upon any enforcement action will not be sufficient to satisfy our obligations under the
Notes. The value of the Collateral and any amount to be recovered upon enforcement action against
the Collateral will depend upon many factors including, among others, the jurisdiction in which the
enforcement action or sale is completed, the ability to sell the Collateral in an orderly sale and the
availability of buyers. An appraisal of the Collateral has not been prepared in connection with the
offering of the Notes. Accordingly, we cannot assure you that the proceeds of any sale of the Collateral
following an acceleration of the Notes or otherwise would be sufficient to satisfy, or would not be
substantially less than, our obligations under the Notes. Each of these factors could reduce the
likelihood of an enforcement action as well as reduce the amount of any proceeds in the event of an
enforcement action.

The ability of the Collateral Agent to foreclose on the Collateral, upon the occurrence of an Event of
Default or otherwise, will be subject in certain instances to perfection and priority issues. Although
procedures will be undertaken to support the validity and enforceability of the security interests, we
cannot assure you that the Trustee or holders of the Notes will be able to enforce the security interest.
The value of the Collateral in the event of a liquidation will depend upon market and economic
conditions, the availability of buyers and similar factors. By its nature, some or all of the Collateral
may be illiquid and may have no readily ascertainable market value. We cannot assure you that the
Collateral will be saleable or, if saleable, that there will not be substantial delays in its liquidation.

The rights over the Collateral will not be granted directly to holders of the Notes.

The rights over the Collateral securing the obligations of the Issuer and the Indonesian Guarantors
under the Notes and Guarantees have not been and will not be granted directly to holders of the Notes,
but will be granted only in favor of the Collateral Agent. As a consequence, holders of the Notes will
not have direct security and will not be entitled to take enforcement action in respect of the security
for the Notes and the Guarantees, except through the Collateral Agent, which has agreed to apply any
proceeds of enforcement on such security towards such obligations. Other than the Indonesian capital
markets regulations, Indonesian law does not recognize the concept of trust including, without
limitation, the relationship of trustee and beneficiary or other fiduciary relationships. Accordingly,
enforcement of the provisions granting security in favor of third party beneficiaries and otherwise

58
relating to the nature of the relationship between a trustee (in its capacity as such) and the
beneficiaries of a trust in Indonesia will be subject to an Indonesian court accepting the concept of
trustee under New York law and Singapore law and accepting proof of the application of equitable
principles under such security documents.

The pledge of certain Collateral may in certain circumstances be voidable.

The pledge of the Collateral securing the Notes may be voidable under insolvency, bankruptcy,
fraudulent transfer or similar laws of Singapore and other jurisdictions, if and to the extent applicable.
In the case of the Collateral being voidable under such laws in Singapore, the relevant time period
during which such security is voidable could be within six months of the date of the pledge or, under
some circumstances, it would be voidable within longer periods. If the pledges of the Collateral were
to be voided for any reason, holders of the Notes would have only an unsecured claim against us. In
addition, if the pledge of certain Collateral is voided or challenged under such laws, this could impair
the enforceability of the Guarantees.

Current OJK regulations may restrict our ability to issue the Notes and any additional debt
securities.

On November 28, 2011, Bapepam-LK Regulation IX.E.2 on Material Transactions and Change of Core
Business was issued, which replaced the previous regulation issued in 2009 (the “Material
Transactions Regulation”). This regulation is applicable to publicly listed companies in Indonesia and
their unlisted consolidated subsidiaries. Pursuant to the Material Transactions Regulation, each
borrowing and lending in one transaction or a series of related transactions for a particular purpose
or activity having a transaction value of 20% to 50% of the publicly listed company’s equity, as
determined by the latest audited annual financial statements, semi-annual limited reviewed financial
statements or audited interim financial statements (whichever is the latest), must be announced to the
public and the listed company must also prepare an appraisal report. The announcement relating to the
material transaction must be made to the public in at least one Indonesian language daily newspaper
having national circulation no later than the end of the second business day after the date of execution
of the agreement(s) related to the Material Transaction. The announcement is required to include a
summary of the transaction, an explanation of the considerations and reasons for such material
transaction and the effect of the transaction on the company’s financial condition, a summary of the
appraisal report (including its purpose, the object, the parties involved, the assumptions, qualifications
and methodology used in the appraisal report, the conclusion on the value of the transaction, and the
fairness opinion on the transaction), which must not be dated more than six months prior to the date
of the material transaction, the amount borrowed or lent, and a summary of the terms and conditions
of the borrowing or lending. Publicly listed companies must submit evidence of an announcement as
referred to above, including the independent appraisal report to OJK at the latest by the end of the
second business day after the date of execution of the agreement(s) related to the Material Transaction.

The aggregate transaction value of the offering of the Notes and the lending of the proceeds of the
Notes from Podomoro Properties to us fall within the 20% to 50% threshold. Accordingly, in
connection with the offering, we are required to obtain and submit to OJK an appraisal report from
an independent appraiser (registered with OJK), a summary of which is required to be published in an
Indonesian language newspaper having a nationwide circulation, at the latest by the end of the second
business day after the date of the execution of the agreement(s) related to the offering to the Notes
(including Purchase Agreement and Indenture) in accordance with applicable Indonesian capital
market regulations. We have appointed an independent appraiser, KJPP Munir, Wisnu, Heru & Rekan,
to prepare this appraisal report, which we expect to be completed on or about the execution of the
agreement(s) related to offering to the Notes (including Purchase Agreement and Indenture).

Subject to certain exceptions under the Material Transactions Regulation, a material transaction (in
this case, borrowing and lending) with a value in excess of 50% of a company’s equity must be
approved by shareholders holding more than half of all shares with valid voting rights who are present
or represented, and more than half of such shareholders present or represented approve the transaction,

59
in addition to fulfilling the appraisal disclosure requirements. If we decide to issue additional debt
securities other than through a public offering in Indonesia, and the amount issued exceeds the 50%
threshold, we would be required to obtain shareholders’ approval, as well as a new appraisal report.
There is no assurance that we would be able to obtain the approval of our shareholders or a favorable
appraisal report in order to issue such additional debt securities. This requirement could limit our
ability to finance our future operations and capital needs, or pursue business opportunities or activities
that may be in our interest. Any limitation on our ability to raise funds to finance our operations could
materially and adversely affect our business, financial condition, results of operations and prospects.

The appraisal report may not be accurate or complete, and you will not have access to it.

The independent appraiser is relying upon the accuracy and completeness of the information,
including certain projections, which we provide to the independent appraiser. The appraisal report that
is submitted to OJK pursuant to OJK regulations will be based on certain assumptions, including
certain assumptions with respect to the terms of the Notes and projections, which, by their nature, are
subjective and uncertain and may differ from actual results. The independent appraiser has not
independently verified such information, and assumes no responsibility for and expresses no view as
to any, such information, projections or the assumptions on which they were based. The Initial
Purchasers and our independent auditors have not examined, reviewed or compiled the projections and
accordingly, do not express an opinion or any other form of assurance with respect thereto.
Unanticipated results of, or changes in, our business or the residential and/or commercial property
industry, or changes in global or local economic conditions or other relevant factors, could affect such
projections and the conclusions in the appraisal report. After the issuance of the Notes, we expressly
disclaim any duty to, and neither we nor the independent appraiser will, provide an update to the report
of the differences between the projections or the assumptions made in the appraisal report.
Accordingly, the appraisal report is not a prediction or an indication of the Issuer’s or the Indonesian
Guarantors’ actual ability to perform their obligations under the Notes and Guarantees. Investors
should not rely on the requirement of the Company to obtain an appraisal report when making an
investment decision.

The full appraisal report, including the detailed projections underlying the analysis and the
assumptions on which the appraiser’s conclusions are based, is confidentially submitted to OJK and
not available to shareholders or to you for review. The summary of the appraisal report and the
appraiser’s opinion will only be published in a local newspaper at the latest by the end of the second
business day after the date of the execution of the agreements related to the Material Transaction, and
will not include a full statement of all of the relevant facts, information and assumptions on which the
appraiser bases its conclusions.

The Issuer is a finance company whose only material asset is the share capital of Podomoro
Properties.

The Indenture governing the Notes will prohibit the Issuer from engaging in any activities other than
certain limited activities described in “Description of the Notes — Certain Covenants — Limitation
on the Activities of the Issuer”. There is no direct contractual claim or obligation between the Issuer
and the Company and/or the Subsidiary Guarantors in relation to any Intercompany Loan or through
any other funding method granted by Podomoro Properties to the Company and/or the Subsidiary
Guarantors.

As of the date of this Offering Memorandum, Podomoro Properties has no material assets other than
any Intercompany Loans granted by Podomoro Properties to the Company and/or the Subsidiary
Guarantors. Podomoro Properties is a restricted subsidiary and is subject to all of the covenants
applicable to restricted subsidiaries. In addition it is subject to certain additional restrictions under the
Indenture. However, unlike the Issuer, Podomoro Properties is permitted to engage in certain activities
that could give rise to other obligations that may cause it to be unable to make payments to the Issuer
in amounts sufficient for the Issuer to make payments due on the Notes, even if the Company and/or
the Subsidiary Guarantors made the required payments to Podomoro Properties under an Intercompany

60
Loan. Furthermore, there is no contractual requirement obligating Podomoro Properties to pay
dividends to the Issuer in order for the Issuer to service payments on the Notes and there can be no
assurance that Podomoro Properties will make such payments to the Issuer in the ordinary course of
business. In any event, payment of dividends by Podomoro Properties may only be made out of its
profits and there can be no assurance that this condition will be met to allow Podomoro Properties to
make such dividend payments to the Issuer in the future. In the event that the Issuer does not receive
any dividend payments and/or other payments or distributions from Podomoro Properties, the Issuer
will need to enter into other agreements or loans from the Company and/or the Subsidiary Guarantors
to meet its payment obligations under the Notes.

Payments under the Notes and the Guarantees will be structurally subordinated to liabilities and
obligations of certain of our subsidiaries.

We have only a shareholder’s claim on the assets of any subsidiary in our group. This shareholder’s
claim is junior to the claims that creditors of any such subsidiary have against it. The noteholders will
only be creditors of us, the Issuer and the Subsidiary Guarantors, and not of our other subsidiaries.
Fifteen of our subsidiaries are providing Guarantees. In addition, the noteholders will not have the
benefit of any security interest over the shares of the Subsidiary Guarantors or any of our other
subsidiaries or any security interest over the assets of the Subsidiary Guarantors or any of our other
subsidiaries. As a result, liabilities of any of our other subsidiaries, including any claims of trade
creditors and preferred stockholders and any secured obligations of the Subsidiary Guarantors, will be
effectively senior to the Notes and the Guarantees. Any of these other subsidiaries may in the future
have other liabilities, including contingent liabilities, that may be significant. Although the Indenture
contains limitations on the amount of additional debt that we and our subsidiaries may incur, the
amounts of such debt could be substantial. As of December 31, 2016, our subsidiaries, excluding the
Issuer and the Subsidiary Guarantors, had Rp1,969.9 billion (US$146.6 million) of debt outstanding.
See “Description of the Notes — Covenants and Definitions — Limitation on Indebtedness and
Preferred Stock”.

61
 USE OF PROCEEDS

We estimate that the aggregate net proceeds we will receive from the offering of the Notes will be
approximately US$ million, after deducting underwriting fees and commissions and other
estimated transaction expenses relating to the offering of the Notes. The Issuer will contribute the net
proceeds of this offering of the Notes to Podomoro Properties by way of subscription of additional
shares in the capital of, and/or a shareholder loan to Podomoro Properties, which will use such net
proceeds of the offering of the Notes to fund our corporate purposes by granting one or more
intercompany loans or through other funding methods to the Company or the Subsidiary Guarantors.

We intend to use the net proceeds of the offering of the Notes as follows: (i) Rp1,200.0 billion
(US$89.3 million) for the repayment of the Agung Podomoro Bond II; (ii) Rp865.0 billion (US$64.4
million) for the repayment of the 2016 Maybank Credit Facility; (iii) the refinancing of other
indebtedness; (iv) capital expenditures and (v) general corporate purposes.

62
 EXCHANGE RATES AND EXCHANGE CONTROLS

Bank Indonesia is the sole issuer of Rupiah and is responsible for maintaining the stability of the
Rupiah. Since 1970, Indonesia has implemented three exchange rate systems: (i) a fixed rate between
1970 and 1978, (ii) a managed floating exchange rate system between 1978 and 1997 and (iii) a free
floating exchange rate system since August 14, 1997. Under the second system, Bank Indonesia
maintained stability of the Rupiah through a trading band policy, pursuant to which Bank Indonesia
would enter the foreign currency market and buy or sell Rupiah, as required, when trading in the
Rupiah exceeded bid and offer prices announced by Bank Indonesia on a daily basis. On August 14,
1997, Bank Indonesia terminated the trading band policy and permitted the exchange rate of the
Rupiah to float without an announced level at which it would intervene, which resulted in a substantial
subsequent decrease in the value of the Rupiah relative to the US dollar. Under the current system,
the exchange rate of the Rupiah is determined solely by the market, reflecting the interaction of supply
and demand in the market. Bank Indonesia may take measures, however, to maintain a stable exchange
rate.

The following table sets forth information on the exchange rates between the Rupiah and US dollars
based on the middle exchange rate on the last day of each month during the year indicated. The Rupiah
middle exchange rate is calculated based on Bank Indonesia’s buying and selling rates.

Middle Exchange Rates

High Low Average Period End

(Rp per US$)

2012 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,670 9,000 9,419 9,670
2013 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,270 9,634 10,451 12,189
2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12,845 11,288 11,864 12,440
2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14,728 12,444 13,458 13,795
2016 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13,946 12,926 13,307 13,436
2017
January . . . . . .... ... . . . . . . . . . . . . . . . . . . . . . 13,845 13,288 13,359 13,343
February . . . . .... ... . . . . . . . . . . . . . . . . . . . . . 13,374 13,308 13,341 13,347
March . . . . . . .... ... . . . . . . . . . . . . . . . . . . . . . 13,393 13,308 13,364 13,321
April . . . . . . .... ... . . . . . . . . . . . . . . . . . . . . . 13,341 13,244 13,307 13,327
May (through May 18) . . . . . . . . . . . . . . . . . . . . . 13,355 13,297 13,324 13,343

Source: Statistik Ekonomi dan Keuangan Indonesia (Indonesian Financial Statistics) published monthly by Bank Indonesia
Internet website of Bank Indonesia.

The middle exchange rate between the Rupiah and the US dollar on December 31, 2016 was Rp13,436
= US$1.00. The Federal Reserve Bank of New York does not certify for customs purposes a noon
buying rate for cable transfers in Rupiah.

Exchange Controls

Indonesia has limited foreign exchange controls. The Indonesian Rupiah has been, and in general is,
freely convertible within or from Indonesia. However, to maintain the stability of the Rupiah and to
prevent the utilization of the Rupiah for speculative purposes by non-residents, Bank Indonesia has
introduced regulations to restrict the movement of Indonesian Rupiah from banks within Indonesia to
offshore banks, an offshore branch of an Indonesian bank, or any investment denominated in Rupiah
with foreign parties and/or Indonesian parties domiciled or permanently residing outside Indonesia

63
(without underlying trade or investment reasons), thereby limiting offshore trading to existing sources
of liquidity. In addition, Bank Indonesia has the authority to request information and data concerning
the foreign exchange activities of all persons and legal entities that are domiciled, or who plan to be
domiciled, in Indonesia for at least one year.

PBI 16/22/2014 requires banks, non-bank financial institutions, non-financial institutions,

state-owned companies, private companies, business entities and individuals to submit a report to
Bank Indonesia on their foreign exchange activities. The report must include: (i) trade activities in
goods, services and other transactions between residents and non-residents of Indonesia; (ii) the
position and changes in the balance of foreign financial assets and foreign financial liabilities; and
(iii) any plan to incur foreign debt.

Indonesian Law on Currency and the Mandatory Use of Rupiah

On June 28, 2011, the Indonesian House of Representatives (the Indonesian parliament) passed Law
No. 7 of 2011 (the “Currency Law”) concerning the use of Rupiah. The Currency Law requires the use
of and prohibits the rejection of Rupiah in certain transactions.

Article 21(1) of the Currency Law requires the use of Rupiah in certain transactions conducted in
Indonesia including: (i) all payment transactions, (ii) any settlement of obligations which must be
satisfied in cash, and (iii) any other financial transactions. However, Article 21(2) provides
exemptions for (a) certain transactions related to the implementation of a State Budget, (b) the receipt
or grant of an offshore grant, (c) international trade transactions, (d) bank deposits in foreign currency
and (e) offshore financing transactions.

Article 23 of the Currency Law prohibits the rejection of Rupiah offered as a means of payment, or
to settle obligations and/or in other financial transactions within Indonesia unless there is uncertainty
regarding the authenticity of the Rupiah bills offered. The prohibition does not apply to transactions
in which the payment or settlement of obligations in a foreign currency has been agreed in writing.
Failure to comply with the Currency Law may result in imprisonment of up to one year and fines of
up to Rp200 million, and if the violation is committed by a company, the fines will be increased by
one-third.

As the implementation of the Currency Law, on March 31, 2015, Bank Indonesia issued Bank
Indonesia Regulation No. 17/3/PBI/2015 on Mandatory Use of Rupiah within the Territory of the
Republic of Indonesia (“PBI 17/2015”) and further enacted Circular Letter of Bank Indonesia No.
17/11/DKSP on June 1, 2015 (“CL 17/2015”), which requires any party to use Rupiah for any
transaction conducted within Indonesia.

PBI 17/2015 and CL 17/2015 require the use of Rupiah for cash or non-cash transactions conducted
in Indonesia, including (i) each transaction which has the purpose of payment; (ii) settlement of other
obligations which must be satisfied with money; and/or (iii) other financial transactions (including
deposits of Rupiah in various amount and types of Rupiah denomination from customers to banks).
Subject to further requirements under PBI 17/2015, the obligation to use Rupiah does not apply to (i)
certain transactions relating to the implementation of state revenues and expenditures; (ii) the receipt
or provision of grants either from or to an overseas source; (iii) international trade transactions, which
include (a) export and/or import of goods to or from outside Indonesian territory and (b) activities
relating to cross-border trade in services; (iv) bank deposits denominated in foreign currencies; (v)
international financing transactions; and (vi) transactions in foreign currency which are conducted in
accordance with applicable laws, including, among others (x) a bank’s business activities in foreign
currency conducted based on applicable laws regarding conventional and syariah banks, (y) securities
in foreign currency issued by the Government in primary or secondary markets based on applicable
laws, and (z) other transactions in foreign currency conducted based on applicable laws, including the
law regarding Bank Indonesia, the law regarding investment and the law regarding Lembaga
Pembiayaan Ekspor Indonesia (Indonesia Eximbank). However, any additional activities related to
export or import of goods (including activities using vessels, airplanes, or other transportation means

64
such as berthing of ships at ports, loading and unloading of containers, temporary storage containers
at ports, and parking of airplanes at airports) are not categorized as “international commercial
transactions” and, therefore, are subject to the mandatory use of Rupiah. According to CL 17/2015,
businesses in Indonesia must only quote prices of goods and/or services in Rupiah and are prohibited
from quoting prices of such goods and/or services if such prices are listed both in Rupiah and foreign
currency elsewhere. This restriction applies to, among others, (i) price tags, (ii) service fees, such as
agent fees in property sale and purchase, tourism services fees or consultancy services fees, (iii)
leasing fees, (iv) tariffs, such as loading/unloading tariff for cargos at the seaport or airplane ticket
tariff, (v) price lists, such as restaurant menus, (vi) contracts, such as for the clauses on pricing or fee,
(vii) documents of offer, order, invoice, such as the price clause in an invoice, purchase order or
delivery order, and/or (viii) payment evidence, such as the price listed in a receipt.

PBI 17/2015 sets forth that a recipient is prohibited from refusing to receive Rupiah as a means of
payment or for the settlement of Rupiah obligations or other financial transactions within Indonesia,
unless there is doubt as to the authenticity of the Rupiah paid in a cash transaction or an obligation
to settle in a foreign currency is agreed in writing by the parties. Article 10(3) of PBI 17/2015 further
clarifies that the foregoing exclusion applies only to:

• agreements relating to transactions exempted from the mandatory use of Rupiah as referred to in
PBI 17/2015 (for example, international financing transactions); or

• agreements for “Strategic Infrastructure Projects” that have been approved by Bank Indonesia.
“Strategic Infrastructure Projects” includes transportation infrastructure (including airport
services, port services, and railways facilities and infrastructure), roads, irrigation, drinking
water infrastructure, sanitation infrastructure, telecommunication and information infrastructure,
power infrastructure, and oil and gas infrastructure, funded by offshore borrowings from bilateral
and multilateral agencies (such as the International Finance Corporation, the Japan Bank for
International Cooperation, the Japan International Cooperation Agency, the Asian Development
Bank, the Inter-American Development Bank). In case of offshore syndicated borrowings funded
by these agencies in an amount exceeding 50% of the total transaction, ministerial or
governmental letters issued by the competent home country authority of the relevant borrowing
agency are required affirming the strategic edge of the infrastructure project.

PBI 17/2015 took effect on March 31, 2015, and the requirement to use Rupiah for non-cash
transactions has been effective since July 1, 2015. Written agreements which were signed prior to July
1, 2015 that contain provisions for the payment or settlement of obligations in foreign currency for
non-cash transaction will remain effective until the expiry of such agreements. However, any
extension and/or amendment of such agreements must comply with PBI 17/2015. A breach of the
requirements of PBI 17/2015 will be subject to (i) administrative, criminal or monetary sanctions up
to Rp1 billion and (ii) loss of business licenses and/or interruption of business activities, if Bank
Indonesia recommends so to the relevant authorities.

Purchasing of Foreign Currencies against Rupiah through Banks

Bank Indonesia Regulation No. 18/18/PBI/2016 dated September 5, 2016 on Foreign Exchange
Transaction to Rupiah between Banks and Domestic Parties (“PBI 18/18/2016”), any conversion of
Rupiah into foreign currency of spot and derivative (plain vanilla) transactions that exceeds a specific
threshold is required to have an underlying transaction and be supported by underlying transaction
documents. The underlying transaction requirement, including the underlying transaction documents,
also applies to any transaction of foreign currency structured products in the form of call and spread
option in any amount. Further, the maximum amount of such foreign exchange conversion cannot
exceed the value of the underlying transaction. As the implementation of PBI 18/18/2016, on
December 13, 2016, Bank Indonesia issued Circular Letter of Bank Indonesia No. 18/34/DPPK which
further provides detailed underlying transaction requirements and examples for the implementation of
PBI 18/18/2016 (“SEBI 18/34”).

65
The underlying transaction must consist of: (a) domestic and international trade of goods and services;
(b) an investment in the form of direct investment, portfolio investment, loans, capital and other
investment inside and outside Indonesia; and/or (c) the granting of a facility or financing from a Bank
in foreign currencies and/or Rupiah for trade and investment activities. The underlying transaction
must not include: (a) a placement of funds in banks in the form of a, among others, saving account,
demand deposit account, time deposit, or Negotiable Certificate Deposit (NCD); (b) money transfers
by a remittance company; (c) an undrawn credit facilities, including standby loans and undisbursed
loans; and (d) the usage of Bank Indonesia securities in foreign currencies. Indonesian companies
purchasing foreign currencies from Banks by way of (i) spot transactions and (ii) derivative
transactions, forward transactions and option transactions in excess of US$25,000, US$100,000,
US$5,000,000, and US$1,000,000, respectively, will be required to submit certain supporting
documents to the selling bank, including, among others, a duly stamped statement confirming that the
underlying transaction document agreement is valid and that the amount of foreign currency purchased
is or will not exceed the amount stated in the underlying transaction document agreement. For
purchases of foreign currencies not exceeding such threshold, such company must declare in a duly
stamped letter that its aggregate foreign currency purchases do not exceed the thresholds in the
Indonesian banking system.

Bank Indonesia also issued Bank Indonesia Regulation No. 18/19/PBI/2016 dated September 5, 2016
on Foreign Exchange Transaction to Rupiah between Banks and Foreign Parties (“PBI 18/19/2016”).
Similar to PBI 18/18/2016, PBI 18/19/2016 is intended to govern foreign exchange transactions
against Rupiah in Indonesia. However, unlike PBI 18/18/2016, which targets Indonesian bank
customers, PBI 18/19/2016 governs foreign exchange transactions by banks and foreign parties.

PBI 18/19/2016 also requires the presence an underlying transaction if a foreign exchange transaction
exceeds certain threshold amounts. The thresholds set forth by PBI 18/19/2016, which are similar to
the threshold amounts under PBI 18/18/2014, are: (i) for spot transactions, a purchase of foreign
exchange against the Rupiah equivalent of US$25,000 per month per foreign party, or its equivalent;
and (ii) for derivative transactions, the sale and purchase of foreign exchange against the Rupiah
equivalent of US$1 million per transaction per foreign party or per outstanding amount of each of the
derivative transaction per bank, or its equivalent. Bank Indonesia also issued Circular Letter of Bank
Indonesia No. 18/35/DPPK on December 13, 2016, as the implementation of PBI 18/19/2016, which
further provides detailed underlying transaction requirements and its examples (“SEBI 18/35”).

The underlying transaction under PBI 18/19/2016 may consist of: (a) the domestic and international
trade of goods and services; and/or (b) an investment in the form of direct investment, portfolio
investment, loans, capital and other investment inside and outside Indonesia.

The following transactions are not considered underlying transactions: (i) Bank Indonesia Certificates
for derivative transactions, (ii) saving accounts, demand deposit accounts, time deposit, or NCD, (iii)
undrawn loan facilities, and (iv) Bank Indonesia securities in foreign currencies.

Moreover, SEBI 18/34 and SEBI 18/35 provide that the relevant underlying transaction documents
must be accompanied by a written authenticated statement letter certifying that the relevant purchase
of foreign currency does not exceed the relevant monthly threshold. This statement may be in the form
of an official e-mail, SWIFT message, negative confirmation or business internet banking.

66
 CAPITALIZATION AND INDEBTEDNESS

The following table shows our cash and cash equivalents and our capitalization and long-term
indebtedness as of December 31, 2016, which has been prepared in accordance with Indonesian FAS,
on an actual and as adjusted basis. This information has been extracted from our consolidated financial
statements as of December 31, 2016.

You should read this information in conjunction with our consolidated financial statements and the
related notes included elsewhere in this Offering Memorandum and the sections in this Offering
Memorandum entitled “Selected Consolidated Financial Information and Operating Data” and
“Management’s Discussion and Analysis of Financial Condition and Results of Operations.”

As of December 31, 2016

Actual As Adjusted (1)
Rp US$ Rp US$
(Rp in billions and US$ in millions)
Cash & cash equivalents . . . . . . . . . . . . . . . . . . . . . 1,173.0 87.3
Long-term liabilities — net of current maturities
Bank loans (2) . . . . . . . . . .. ...... ........... 2,318.3 172.5
Bonds payable . . . . . . . . .. ...... ........... 2,487.5 185.1
Notes issued hereunder . . .. ...... ........... — —
Total long-term Indebtedness . . . . . . . . . . . . . . . . . 4,805.8 357.7
Equity:
Capital stock (par value Rp100 per share)
Authorized capital — 57,400,000,000 shares
Subscribed and fully paid-up — 20,500,900,000
shares . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,050.1 152.6 2,050.1 152.6
Additional paid-in capital — net. . . . . . . . . . . . . . 1,389.7 103.4 1,389.7 103.4
Difference in value of equity transaction with
non-controlling interests . . . . . . . . . . . . . . . . . . 16.5 1.2 16.5 1.2
Difference due to change in equity of
subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . . . . . 45.8 3.4 45.8 3.4
Other comprehensive income . . . . . . . . . . . . . . . . (7.6) (0.6) (7.6) (0.6)
Other equity component . . . . . . . . . . . . . . . . . . . . 35.4 2.6 35.4 2.6
Retained earnings
Appropriated . . . . . . . . . . . . . . . . . . . . . . . . . . . 85.0 6.3 85.0 6.3
Unappropriated . . . . . . . . . . . . . . . . . . . . . . . . . 4,366.5 325.0
Non-controlling interests . . . . . . . . . . . . . . . . . . . 2,462.2 183.3 2,462.2 183.3
Less cost of treasury stocks — 1,136,338,300
shares (3) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (472.8) (35.2) (472.8) (35.2)
Total equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9,970.8 742.1
(4)
Total capitalization ....................... 14,776.6 1,099.8

Notes:

(1) The “As adjusted” data set forth below gives effect to the issuance of the Notes and the repayment of our Phase I 2013
Bonds and the Maybank Credit Facility. See “Use of Proceeds”.

(2) See “Description of Material Indebtedness” for a description of our indebtedness.

(3) The Company intends to seek an approval from the Annual General Meeting of Shareholders of the Company that will
be held on June 12, 2017 to, among others, reduce its issued capital by withdrawing 1,136,338,300 shares of the Company
which constitutes its treasury stock.

(4) Total capitalization equals total long-term indebtedness plus total equity.

Except as disclosed or contemplated in this Offering Memorandum, there has been no material change
in our capitalization since December 31, 2016.

67
 SELECTED CONSOLIDATED FINANCIAL INFORMATION AND OPERATING DATA

You should read the selected financial information presented below in conjunction with our
consolidated financial statements and the notes thereto included elsewhere in this Offering
Memorandum. You should also read the section of this Offering Memorandum entitled “Management’s
Discussion and Analysis of Financial Condition and Results of Operations.”

We have derived our selected financial information and other data presented in the tables below from
our audited consolidated financial statements as of and for the years ended December 31, 2014, 2015
and 2016.

Our audited consolidated financial statements as of and for the years ended December 31, 2014 and
2015, included herein have been audited by Osman Bing Satrio & Eny (member of Deloitte Touche
Tohmatsu Limited) in accordance with the auditing standards established by the IICPA and our audited
consolidated financial statements as of and for the year ended December 31, 2016, included herein
have been audited by Satrio Bing Eny & Rekan (member of Deloitte Touche Tohmatsu Limited) in
accordance with the auditing standards established by the IICPA.

We have prepared and presented our consolidated financial statements in accordance with Indonesian
FAS, which differs in certain material respects from IFRS. You should read the section of this Offering
Memorandum entitled “Summary of Certain Principal Differences between Indonesian FAS and IFRS”
for a description of certain principal differences between Indonesian FAS and IFRS.

68
 For the years ended December 31,

2014 2015 2016 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

SALES AND REVENUES . . . . . . . . . . . . . . . . . . . . 5,296.6 5,971.6 6,007.0 447.1
COST OF SALES AND DIRECT COSTS . . . . . . . 2,641.7 2,880.7 2,982.5 222.0
GROSS PROFIT . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,654.8 3,090.9 3,024.4 225.1
Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (412.5) (399.0) (294.4) (21.9)
General and administrative expenses . . . . . . . . . . . . (814.8) (1,003.6) (1,029.3) (76.6)
Share in net income of associates . . . . . . . . . . . . . . 89.3 110.8 66.8 5.0
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.6 267.5 156.1 11.6
Interest expense and financial charges . . . . . . . . . . . (613.8) (683.4) (674.2) (50.2)
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.1) (317.7) (284.1) (21.1)
Other gains (losses) — net . . . . . . . . . . . . . . . . . . . . 102.8 73.5 (4.4) (0.3)
PROFIT BEFORE TAX . . . . . . . . . . . . . . . . . . . . . 938.4 1,138.9 960.9 71.5
INCOME TAX BENEFIT (EXPENSE) — NET . . . 42.6 (22.2) (21.2) (1.6)
PROFIT FOR THE YEAR . . . . . . . . . . . . . . . . . . . 981.0 1,116.8 939.7 69.9
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to
profit or loss:
Remeasurement of defined benefits obligation . . (1.5) 2.5 21.8 1.6
Income tax benefit (expense) . . . . . . . . . . . . . . . 1.6 (0.5) (1.8) (0.1)
Remeasurement of defined benefits obligation
— net of tax . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.0 20.1 1.5
Share in other comprehensive income of
associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.6) (0.7) 1.3 0.1
Total Other Comprehensive Income (Loss) for
the Year — Net of Tax . . . . . . . . . . . . . . . . . . . . . (0.5) 1.3 21.3 1.6
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980.5 1,118.1 961.1 71.5

PROFIT FOR THE YEAR ATTRIBUTABLE TO:

Owners of the Company. . . . . . . . . . . . . . . . . . . . . . 851.8 809.0 631.9 47.0
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . 129.2 307.8 307.9 22.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 981.0 1,116.8 939.7 69.9

TOTAL COMPREHENSIVE INCOME

ATTRIBUTABLE TO:
Owners of the Company. . . . . . . . . . . . . . . . . . . . . . 851.5 810.2 653.1 48.6
Non-controlling interest . . . . . . . . . . . . . . . . . . . . . . 129.0 307.8 308.0 22.9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980.5 1,118.1 961.1 71.5

69
 As of December 31,
2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
ASSETS
CURRENT ASSETS
Cash and cash equivalents . . . . . . . . ............ 4,336.4 2,894.3 1,173.0 87.3
Trade accounts receivable from third parties — net
allowance of impairment losses . . ............ 1,239.6 940.9 988.7 73.6
Other accounts receivable
Related parties . . . . . . . . . . . . . . . ............ 27.7 18.8 17.7 1.3
Third parties . . . . . . . . . . . . . . . . . ............ 256.6 163.3 204.4 15.2
Inventories
Hotel and theater . . . . . . . . . . . . . . . . . . . . . . . . . 9.9 12.2 11.5 0.9
Real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . 4,113.8 4,437.3 4,610.4 343.1
Prepaid taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 72.7 93.1 196.8 14.6
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 395.7 440.9 336.9 25.1
Advances . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 466.2 780.9 634.6 47.2
Total Current Assets. . . . . . . . . . . . . . . . . . . . . . . . 10,918.6 9,781.7 8,174.0 608.4
NON-CURRENT ASSETS
Inventories
Hotel and theater . . . . . . . . . . . . . . . . . . . . . . . . . 61.9 61.8 62.3 4.6
Real estate assets . . . . . . . . . . . . . . . . . . . . . . . . . 3,313.3 3,821.4 5,259.1 391.4
Prepaid expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . 19.5 18.8 77.8 5.8
Other financial assets . . . . . . . . . . . . . . . . . . . . . . . . 138.3 146.0 170.4 12.7
Investment in associates . . . . . . . . . . . . . . . . . . . . . . 203.2 245.9 252.7 18.8
Investment properties — net of accumulated
depreciation . . . . . . . . . . . . . . . . . . . . . . . . . .... 5,660.7 6,706.5 7,520.4 559.7
Property and equipment — net of accumulated
depreciation . . . . . . . . . . . . . . . . . . . . . . . . . .... 3,169.1 3,616.5 4,048.8 301.3
Deferred charges — net of accumulated
amortization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24.1 14.0 18.6 1.4
Deferred tax assets. . . . . . . . . . . . . . . . . . . . . . . . . . 78.8 82.7 67.3 5.0
Goodwill . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30.3 30.3 30.3 2.3
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68.1 33.5 30.3 2.3
Total Non-Current Assets . . . . . . . . . . . . . . . . . . . . 12,767.2 14,777.5 17,538.0 1,305.3
TOTAL ASSETS . . . . . . . . . . . . . . . . . . . . . . . . . . . 23,685.7 24,559.2 25,712.0 1,913.7

70
 As of December 31,
2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
LIABILITIES AND EQUITY
CURRENT LIABILITIES
Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12.8 8.1 44.4 3.3
Trade account payable to third parties . . . . . . . . . . . 1,241.8 909.3 1,174.7 87.4
Other accounts payable
Related parties . . . . . . . . . . . . . . . . . . . . . . . . . . . 11.9 19.6 166.2 12.4
Third parties . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 648.1 573.7 714.0 53.1
Taxes payable . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 190.2 147.4 81.0 6.0
Accrued expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . 176.7 229.8 234.0 17.4
Current maturity of long-term liabilities:
Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 428.7 357.3 463.0 34.5
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . . . — 875.0 1,200.0 89.3
Liabilities for purchase of property and
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.7 0.7 0.2 0.0
Advances from customers and unearned revenues —
realizable within one year. . . . . . . . . . . . . . . . . . . 3.248.2 3,920.5 3,577.2 266.2
Total Current Liabilities . . . . . . . . . . . . . . . . . . . . . . 5,959.0 7,041.4 7,654.8 569.7
NON-CURRENT LIABILITIES
Long-term liabilities — net of current maturities
Bank loans . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,595.7 1,395.6 2,318.3 172.5
Bonds payable . . . . . . . . . . . . . . . . . . . . . . . . . .. 4,447.6 3,679.0 2,487.5 185.1
Liabilities for purchase of property and
equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1.0 0.2 — —
Advances from customers and unearned revenues
— net of realizable within one year . . . . . . . . . . . 3,042.9 3,077.2 2,932.0 218.2
Tenants’ security deposits . . . . . . . . . . . . . . . . . . . . 83.1 122.6 153.4 11.4
Post-employment benefits obligations. . . . . . . . . . . . 126.7 170.3 194.7 14.5
Deferred tax liabilities . . . . . . . . . . . . . . . . . . . . . . . 0.3 0.4 0.5 0.0
Total Non Current Liabilities . . . . . . . . . . . . . . . . . . 9,297.2 8,445.1 8,086.4 601.8
Total Liabilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15,256.2 15,486.5 15,741.2 1,171.6
Equity
Capital stock — Rp100 par value per share
Authorized — 57,400,000,000 shares
Subscribed and paid-up — 20,500,900,000 shares . 2,050.1 2,050.1 2,050.1 152.6
Additional paid-in capital — net . . . . . . . . . . . . . . . 1,389.7 1,389.7 1,389.7 103.4
Stock options . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.4 17.9 — —
Other equity component . . . . . . . . . . . . . . . . . . . . . . — 17.5 35.4 2.6
Difference due to change in equity of subsidiaries . . — — 45.8 3.4
Difference in value of equity transaction with
non-controlling interest . . . . . . . . . . . . . . . . . . . . . 17.0 16.5 16.5 1.2
Other comprehensive income . . . . . . . . . . . . . . . . . . (30.2) (28.9) (7.6) (0.6)
Retained earnings
Appropriated. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 55.0 70.0 85.0 6.3
Unappropriated . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,955.7 3,749.7 4,366.5 325.0
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6,472.8 7,282.5 7,981.4 594.0
Less cost of treasury stocks —
1,136,338,300 shares in 2016 and 2015, and
185,271,000 shares in 2014 . . . . . . . . . . . . . . . . . (61.7) (472.8) (472.8) (35.2)
Equity attributable to owners of the Company . . . 6,411.0 6,809.7 7,508.6 558.8
Non-controlling interests . . . . . . . . . . . . . . . . . . . . . 2,018.5 2,263.0 2,462.2 183.3
Total Equity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8,429.6 9,072.7 9,970.8 742.1
Total Liabilities and Equity . . . . . . . . . . . . . . . . . . 23,685.7 24,559.2 25,712.0 1,913.7

71
 For the years ended December 31,
2014 2015 2016 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
CONSOLIDATED CASH FLOW DATA
Net Cash Provided by (Used in) Operating
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 621.2 (474.7) (523.7) (39.0)
Net Cash Used in Investing Activities . . . . . . . . . .. (530.8) (389.4) (1,274.5) (94.9)
Net Cash Provided by (Used in) Financing
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 1,061.5 (634.6) 80.2 6.0
Net Increase (Decrease) in Cash and Cash
Equivalents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,151.9 (1,498.7) (1,718.0) (127.9)
Effect of foreign exchange rate changes . . . . . . . . . . 7.3 56.6 (3.3) (0.2)
Cash and Cash Equivalents at Beginning of Year . . . 3,177.1 4,336.4 2,894.3 215.4
Cash and Cash Equivalents at End of Year . . . . . . . . 4,336.4 2,894.3 1,173.0 87.3

For the years ended December 31,

2014 2015 2016 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

(1)
Adjusted EBITDA .............. . . . . . . . . . . 1,761.9 2,059.6 2,072.6 154.3
Interest expense and financial charges . . . . . . . . . . . 613.8 683.4 674.2 50.2
Adjusted EBITDA margin (%) . . . . . . . . . . . . . . . . . 33.3 34.5 34.5 34.5
Total debt/Adjusted EBITDA . . . . . . . . . . . . . . . . . . 3.7 3.1 3.1 3.1
Adjusted EBITDA/Interest expense and
financial charges . . . . . . . . . . . . . . . .......... 2.9 3.0 3.1 3.1
Capital expenditures . . . . . . . . . . . . . . .......... 5,369.0 4,101.4 5,465.2 406.8

Note:
(1) See “Non-GAAP Financial Measures” for our definition of Adjusted EBITDA. Adjusted EBITDA is a supplemental
measure of our performance that is not required by, or presented in accordance with, Indonesian FAS or U.S. GAAP.
Adjusted EBITDA is not a measurement of financial performance or liquidity under Indonesian FAS or U.S. GAAP and
should not be considered as an alternative to net income or any other performance measures derived in accordance with
Indonesian FAS or U.S. GAAP or an alternative to cash flows from operating activities as a measure of liquidity. Our
presentation of Adjusted EBITDA may not be comparable to similarly titled measures presented by other companies. You
should not compare our Adjusted EBITDA with Adjusted EBITDA presented by other companies because not all
companies use the same definition. We have included Adjusted EBITDA because we believe it is an indicative measure
of our operating performance and is used by investors and analysts to evaluate companies in our industry. The term
“Consolidated EBITDA” as used in the section titled “Description of the Notes” summarizing certain provisions of the
Indenture, the Notes and the Guarantees, is calculated differently from Adjusted EBITDA and is not a measurement of
financial performance or liquidity under Indonesian FAS or U.S. GAAP. The following table reconciles our profit for the
year attributable to owner of the Company under Indonesian FAS to our definition of Adjusted EBITDA for the periods
indicated:

ended December 31,

2014 2015 2016
Rp Rp Rp US$
(Rp in billions and US$ in millions)
Adjusted EBITDA . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,761.9 2,059.6 2,072.6 154.3
Adjustments:
Gain on sale of fixed assets . . . . . . . . . . . . . . . . . . . . . . . — 2.1 0.7 0.1
Gain (Loss) on foreign exchange — net . . . . . . . . . . . . . . . . 28.3 42.4 (6.7) (0.5)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.6 267.5 156.1 11.6
Interest expense and financial charges . . . . . . . . . . . . . . . . . (613.8) (683.4) (674.2) (50.2)
Other gains (losses) — net. . . . . . . . . . . . . . . . . . . . . . . . 163.9 139.9 68.4 5.1
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.1) (317.7) (284.1) (21.1)
Income tax benefit (expense) — net . . . . . . . . . . . . . . . . . . 42.6 (22.2) (21.2) (1.6)
Depreciation and amortization . . . . . . . . . . . . . . . . . . . . . . (334.3) (371.4) (371.9) (27.7)
Non-controlling interest in net income of subsidiaries . . . . . . . (129.2) (307.8) (307.9) (22.9)
Profit for the year attributable to owner of the Company . . . 851.8 809.0 631.9 47.0

72
Other Operating Data

For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$
Marketing Sales (Rp billions/US$ millions) . . . . . . 6,233.6 2,259.9 2,632.7 196.1
Average Selling Prices (Rp millions/sqm and US$
thousands/sqm)
Soho Podomoro City
Home office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35.7 37.9 35.3 2.6
Office . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37.9 39.0 38.9 2.9
Soho Pancoran. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29.0 30.6 31.7 2.4
Podomoro Golf View . . . . . . . . . . . . . . . . . . . . . . . . — 9.8 10.0 0.7
Podomoro City Deli Medan
Lexington . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.9 22.4 22.8 1.7
Empire . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.4 23.4 24.3 1.8
Borneo Bay City . . . . . . . . . . . . . . . . . . . . . . . . . . . 21.2 22.2 22.3 1.7
Grand Madison . . . . . . . . . . . . . . . . . . . . . . . . . . . . 36.2 37.9 41.2 3.1
Pakubuwono Spring . . . . . . . . . . . . . . . . . . . . . . . . . 46.1 49.7 54.0 4.0
Average Selling Prices (Rp million/sqm and US$
thousands/sqm)
Harco Glodok . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 216.3 163.70 177.9 13.3
Average Selling Prices (Rp million/unit and US$
thousands/unit)
Orchard Park
Landed houses . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,488.0 1,853.6 1,958.9 145.9
Shophouses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,514.0 2,568.6 2,978.1 221.8
Grand Taruma
Landed houses . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,361.0 1,691.5 1,663.0 123.8
Shop houses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,348.8 2,731.1 2,882.5 214.5
Retail Mall Occupancy (%)
Central Park . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90 95 95 95
Emporium . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 94 97 97 97
Kuningan City . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70 66 61 61
Baywalk . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 84 84 83 83
Festival Citylink . . . . . . . . . . . . . . . . . . . . . . . . . . . 93 94 96 96
Neo Soho . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — 75 75
Plaza Balikpapan . . . . . . . . . . . . . . . . . . . . . . . . . . . 68 63 70 70
Grand Taruma Foodmall . . . . . . . . . . . . . . . . . . . . . 75 92 72 72
Hotel Occupancy (%)
Sofitel Bali Nusa Dua . . . . . . . . . . . . . . . . . . . . . . . 62 73 74 74
Pullman Jakarta Central Park . . . . . . . . . . . . . . . . . 89 84 76 76
Harris Citylink. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 76 66 70 70
Amaris Thamrin City . . . . . . . . . . . . . . . . . . . . . . . . 86 90 89 89
Hotel BnB . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64 43 51 51
POP Festival Citylink . . . . . . . . . . . . . . . . . . . . . . . 65 59 65 65

73
 THE ISSUER

General

The Issuer of the Notes, APL Realty Holdings Pte. Ltd., was incorporated on 2 May 2017 under the
laws of Singapore as a private company with limited liability and its company registration number is
201712035M. The registered office of the Issuer is located at 80 Robinson Road #02-00 Singapore
068898. The Issuer is a wholly-owned subsidiary of the Company.

Business Activity

Under Article 6 of its Constitution, subject to the provisions of the Companies Act, Chapter 50 of
Singapore, any business may be undertaken by the directors of the Issuer at such time or times as they
shall think fit, and further may be suffered by them to be in abeyance, whether such business may have
been actually commenced or not, so long as the directors of the Issuer may deem it expedient not to
commence or proceed with such business.

As such, the Issuer is, inter alia, authorized to issue the Notes and to finance the business of the
Company, including entering into the Indenture and any other transaction documents to which it is or
will be a party. The Issuer has not engaged, since its incorporation, in any business activities other
than the proposed issue of the Notes and the authorization of documents and agreements referred to
in this Offering Memorandum to which it is or will be a party.

The issuance of the Notes was approved by the Board of Directors on behalf of the Issuer on May 19,
2017.

Management

The directors of the Issuer and each of their addresses for the purpose of their directorships as at the
date of this Offering Memorandum are:

Name Address

Novandy Yanto Kangsadiputra . . . . Apartment Sudirman Park, Tower A, GF, Unit GFAJ-1, JI.
K.H. Mas Mansyur, Jakarta 10220 Indonesia
Tay Tuan Leng . . . . . . . . . . . . . . . . 498B Sengkang West Way #19-614 Fernvale Lea Singapore
792469

Capitalization

The Issuer has an issued and paid-up share capital of S$1 comprising one (1) ordinary share. As of
the date of this Offering Memorandum, the Issuer has no borrowings or indebtedness in the nature of
borrowings (including loan capital issued, or created but unused), term loans, liabilities under
acceptances or acceptance credits, mortgages, charges or guarantees or other contingent liabilities,
except as otherwise described in this Offering Memorandum.

The Issuer intends to further issue 50,000 new ordinary shares to the Company for a cash consideration
of US$50,000.

74
 PODOMORO PROPERTIES PTE. LTD.

General

Podomoro Properties Pte. Ltd. was incorporated on 05 May 2017 under the laws of Singapore as a
private company with limited liability and its company registration number is 201712398E. The
registered office of Podomoro Properties is located at 80 Robinson Road #02-00 Singapore 068898.
Podomoro Properties is a wholly owned subsidiary of the Issuer.

Business Activity

Under Article 6 of its Constitution, subject to the provisions of the Companies Act, Chapter 50 of
Singapore, any business may be undertaken by the directors of Podomoro Properties at such time or
times as they shall think fit, and further may be suffered by them to be in abeyance, whether such
business may have been actually commenced or not, so long as the directors of Podomoro Properties
may deem it expedient not to commence or proceed with such business.

As such, Podomoro Properties is, inter alia, authorized to undertake active financing activities,
including using the funds obtained from the Issuer to fund our corporate purposes by granting one or
more loans or through other funding methods to the Company and/or its subsidiaries. In addition,
Podomoro Properties is authorized to undertake activities to assist the Parent Guarantor’s business
operations in Indonesia such as materials sourcing and/or marketing.

Management

The directors of Podomoro Properties and each of their addresses for the purpose of their directorships
as at the date of this Offering Memorandum are:

Name Address

Novandy Yanto Kangsadiputra . . . . Apartment Sudirman Park, Tower A, GF, Unit GFAJ-1, JI.
K.H. Mas Mansyur, Jakarta 10220 Indonesia
Tay Tuan Leng . . . . . . . . . . . . . . . . 498B Sengkang West Way #19-614 Fernvale Lea Singapore
792469

Capitalization

Podomoro Properties has an issued and paid-up share capital of S$1 comprising one ordinary share.
As of the date of this Offering Memorandum, Podomoro Properties has no borrowings or indebtedness
in the nature of borrowings (including loan capital issued, or created but unused), term loans,
liabilities under acceptances or acceptance credits, mortgages, charges or guarantees or other
contingent liabilities, except as otherwise described in this Offering Memorandum.

75
 MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
RESULTS OF OPERATIONS

The following discussion and analysis is based upon information contained in our consolidated
financial statements, including the notes thereto, appearing elsewhere in this Offering Memorandum.
You should read the following discussion and analysis in conjunction with our consolidated financial
statements, including the notes thereto. This discussion contains forward-looking statements that
reflect our current views with respect to future events and financial performance. See
“Forward-Looking Statements and Associated Risks” for a discussion of the risks relating to such
forward-looking statements. Our actual results may differ materially from those anticipated in these
forward looking statements as a result of factors such as those set forth under “Risk Factors” and
elsewhere in this Offering Memorandum. Our consolidated financial statements have been prepared
in accordance with Indonesian FAS. Indonesian FAS differs in certain material respects from IFRS.
For a summary of significant differences between Indonesian FAS and IFRS, see “Summary of
Significant Differences Between Indonesian FAS and IFRS.”

OVERVIEW

We are one of the leading integrated property developers in Indonesia, with developments throughout
Indonesia and diversified exposure across residential, retail and commercial segments. Having been
a pioneer of the superblock concept in Indonesia, our integrated property development model,
including land acquisition, sourcing, design and development, project management, sales, commercial
leasing and marketing, as well as operation and management, has seen us develop a strong footprint
in Jakarta and beyond. We are known for our high quality and iconic projects such as Podomoro City,
Green Bay, Central Park, Kuningan City, Sofitel Bali Nusa Dua, Podomoro City Deli Medan and
Borneo Bay City.

For the year ended December 31, 2016, our total sales and revenues were Rp6,007.0 billion (US$447.1
million), an increase from Rp5,971.6 billion for the year ended December 31, 2015. We have
diversified revenues from our property developments and investment properties, which include hotels,
malls and offices. For the year ended December 31, 2016, revenues from our developments constituted
72.7% and 57.0% of our total sales and revenues and EBITDA, respectively, with recurring revenues
from our retail and hotel properties comprising the balance. The total fair value of our real estate
assets, investment properties, property and equipment in our portfolio as of December 31, 2016 was
Rp18.0 trillion (US$1,340.7 million).

Factors Affecting our Results of Operations

Our main business is the development and sale of apartments, houses, retail storefronts which we refer
to as “kiosks”, offices and shophouses and the ownership and management of retail, office and hotel
properties. The following are the primary factors that affect our results of operations.

Conditions in the real estate market

We derive the majority of our revenue from our property development and operating activities in
Indonesia. Accordingly, we are heavily dependent on the state of the Indonesian economy generally
and specifically the Indonesian property market. Other economic conditions affecting our business
include market pricing trends that affect sales of our properties and rental rates, standards of living,
levels of disposable income, demographic changes, interest rates and the availability of consumer
financing. We expect that our results of operations will continue to vary from period to period in
accordance with fluctuations in the Indonesian economy and the Indonesian property market.

Property values and rental rates are affected by, among other factors, supply and demand of
comparable properties, the rate of economic growth, any asset enhancement initiatives undertaken,
interest rates, inflation, natural disasters, and political and economic developments. Property markets
have historically been cyclical and future cyclical changes may result in fluctuations in the fair value
of the properties and our financial condition and results of operations.

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Sales and Revenues

Sales

Our main business is the development and sale of apartments, houses, kiosks, offices and shophouses
and the ownership and management of retail, office and hotel properties. With respect to our sales of
properties, we typically conduct pre-sales where we sell a portion of our properties ahead of
completion of our developments. Currently, Indonesian law allows us to pre-sell our properties before
completion upon satisfaction of certain requirements. The pre-sales proceeds can be used to develop
the particular property that has been pre-sold. Purchasers of our apartments, offices and shophouses
may pay the full purchase price at the time of sale or may elect to pay only a portion of the purchase
price at the time of sale, which is typically 10% to 20% of the purchase price, and the remainder in
installments. See “Business — Sales and Leasing”.

If an installment purchaser does not meet its payment obligations, then pursuant to our standard sale
and purchase contracts, we are entitled to cancel the sales contract and re-sell the property without
undertaking foreclosure proceedings. In addition, we are typically entitled to retain a portion of any
payments made prior to default.

Pricing of our apartments, houses, offices, kiosks and shophouses is set according to market prices at
the time of the sale, in some cases, at a premium. We typically develop residential properties in phases,
which provides us the flexibility to alter our product offerings in response to market demand. Factors
that may affect the amount of sales we derive from new developments include the type of properties
developed, timing of completion and the timing of recognition of revenue. Our sales are also affected
by a number of factors which may influence demand including market demographics and the rate at
with which consumers are migrating to city centers to be close to their workplaces.

In the future, we expect to continue to pre-sell a large proportion of new units in our new project
developments. In connection with any new development, the number of properties we are able to sell
and the timing of delivery of properties to customers depends upon construction schedules and the
market response during launch of the new development.

We believe that the proportion of our sales and revenues generated by recurring revenues will continue
to increase. For the years ended December 31, 2014, 2015 and 2016, recurring revenues, primarily
representing rental and hotel income, accounted for 26.0%, 27.2% and 27.3% of sales and revenues,
respectively. We believe that the growth of our recurring revenues will help to minimize our operating
risks associated with the fluctuation of the property market in Indonesia.

Rental Income

The performance of our retail properties portfolio is primarily dependent on the revenue generated
from the tenancies of the properties in which we have an interest, as well as the operating expenses
related to the properties. The factors that affect the rental revenue we derive from our retail properties
include, but are not limited to, general and local economic conditions, demand from tenants for retail
space, supply of new retail properties in the various regions in which we operate, sales performance
or business conditions of our tenants, shopper traffic to our retail properties, consumer spending
patterns, competition from other retail properties, inflation, transportation and infrastructure
developments.

The majority of leases for our retail malls are on a long-term basis of five years, with leases for our
anchor tenants typically for a term of 10 years. Anchor tenants make rental payments in monthly
installments. Anchor tenants’ rental rates are typically reviewed after the first five years of the lease.
Most non-anchor retail tenants are required to pay up to 20% of the total rental for the full lease term
prior to commencement of the lease, with the balance payable in equal installments on a monthly basis
over the first four years of the lease. Rental rates are typically fixed throughout the lease term and is

77
reviewed prior to the end of the lease taking into consideration prevailing market conditions. We
typically determine rental rates by reference to the market rates for similar types of properties at
comparable locations, adjusting for market conditions. Key factors in determining rental rates include
tenant type and the size and specific location of the leased space within a development.

Other key components of our standard leases are set forth below:

• Tenants must pay penalty charges for any late payments.

• Tenants are responsible for paying all taxes and charges that arise in relation to the property,
including VAT, stamp duty, retributions and other levies.

• Tenants are not permitted to sublease the property to another party without our prior written
consent.

• Tenants are required to pay a security deposit and/or bank guarantee amounting to three months
of service charges.

• Tenants are obligated to complete the fitting out process, the time for which depends on the area
of the leased space. This typically takes one month for specialty shops and up to six months for
anchor tenants.

• Tenants are obligated to return and hand over the leased premises in the original condition.

Hotel Occupancy Rates and Room Rates

We derive a portion of our revenues from the operation of our hotels, which are affected primarily by
occupancy rates, room rates and the number of rooms available at our hotels. Key factors affecting
occupancy rates include the location of our hotels, quality of our services and facilities of our hotels,
travel patterns of our hotel guests, holiday seasons and competition from other hotels. Room rates vary
according to the demand for hotel rooms and different periods during the year.

Access to and Cost of Financing

Our ability to obtain financing, as well as the cost of such financing, affects our business. For
example, we fund our property development activities through a relatively significant level of
medium- and long-term debt and pre-selling new developments. Higher interest rates make it more
expensive for us to borrow funds to finance our business expansion. In addition, our access to capital
and our cost of financing are affected by restrictions, such as standard restrictive covenants in
connection with our debt, and in the case of any bank financing, we may be exposed to single borrower
limits on bank lending. Further, we may be unable to access capital in the future, on terms favorable
to us, or at all.

Cost of Development

Our property development business is subject to fluctuations in construction and raw material
expenses incurred to complete our projects. We typically enter into fixed price contracts for the
construction of our projects. We also enter into contracts with suppliers of steel and cement to provide
us with such construction materials at fixed prices for certain specified periods. The contract prices
may subsequently be adjusted based on market conditions, including prices of raw materials and
constructions costs, upon renewal of the contract.

Timing of Project Completion

The number of properties that we can develop or complete during any particular period is limited due
to time constraints and the need to meet substantial capital requirements for project development and
construction. If there are delays, sales and rental commencement is also delayed, which postpones the

78
receipt of payments, although a certain amount of cash prepayments may have been received. In
addition, delays in hotel or superblock projects would delay our ability to rent out hotel rooms and
thereby delay our realization of recurring revenue from hotel and retail mall operations. We may also
experience delays in project construction and/or completion. The construction schedule of properties
depends on a number of factors, including the time required to obtain the necessary construction
approvals and permits, as well as our ability to secure tenants. See “— Critical Accounting Policies
— Revenue and Expense Recognition” in this Offering Memorandum.

Reclamation Projects

In recent years, we have allocated significant resources to our reclamation projects in Jakarta Bay,
including Pluit City. If the ongoing litigation or administrative proceedings are determined adverse to
us, the termination or prolonged suspension of our reclamation development activities could result in
significant losses to us, as well as depress our future growth prospects and cash flows. As of December
31, 2016, the carrying amounts of the Island G and Island I reclamation assets, which consist of costs
incurred relating to consultant fees, licenses and land dredging activities, were Rp2,488.8 billion
(US$185.2 million) and Rp468.8 billion (US$34.9 million), respectively. See “Risk Factors —
Development of our reclamation projects have been suspended due to administrative sanctions and
such projects are currently subject to ongoing litigation.”

Critical Accounting Policies

Critical accounting policies are those that are both (i) relevant to the presentation of our financial
condition and results of operations and (ii) require management’s most difficult, subjective or complex
judgments, often as a result of the need to make estimates about the effect of matters that are
inherently uncertain. As the number of variables and assumptions affecting the possible future
resolution of the uncertainties increase, those judgments become even more subjective and complex.
In order to provide an understanding of how our management forms their judgments about future
events, including the variables and assumptions underlying our estimates, and the sensitivity of those
judgments to different circumstances, we have identified the critical accounting policies discussed
below. While we believe that all aspects of our consolidated financial statements should be studied and
understood in assessing our current and expected financial condition and results of operations, we
believe that the following critical accounting policies warrant particular attention. For more
information, see Note 2 to our consolidated financial statements included in this Offering
Memorandum.

Business Combinations

Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The cost
of a business combination is the aggregate of the fair value (at the date of exchange) of assets given,
liabilities incurred or assumed, and equity instruments issued in exchange for control of the acquired
party, plus any costs directly attributable to the business combination.

On acquisition, the assets and liabilities of a subsidiary are measured at their fair values at the date
of acquisition. Any excess of the cost of acquisition over the fair values of the identifiable net assets
acquired is recognized as goodwill. When the cost of acquisition is less than the interest in the fair
values of the identifiable assets and liabilities acquired as at the date of acquisition (i.e. discount on
acquisition), the fair values of the acquired non-monetary assets are reduced proportionately until all
the excess is eliminated.

Acquisitions relating to restructuring transactions among entities under common control is accounted
for following the pooling of interests method. The interest of the minority shareholders is stated at the
minority’s proportion of the historical cost of the net assets.

79
Investments in Associates

An associate is an entity over which we are in a position to exercise significant influence, but not
control or have joint control, through participation in the financial and operating policy decisions of
the investee.

The results and assets and liabilities of associates are incorporated in these consolidated financial
statements using the equity method of accounting. Investments in associates are initially recognized
in the consolidated statement of financial position at cost and adjusted thereafter to recognize our
share of the profit or loss and other comprehensive income of the associate. Investments in associates
are carried in the consolidated balance sheet at cost, adjusted for post-acquisition changes in our share
of the net assets of the associate, less any impairment in the value of the individual investments.
Losses of associates in excess of our interest in those associates are not recognized except if we have
incurred obligations or made payments on behalf of the associates to satisfy obligations of the
associates that we have guaranteed, in which case, additional losses are recognized to the extent of
such obligations or payments.

Real Estate Asset Inventories

Real estate assets, consisting of apartment units ready for sale, land not yet developed, land under
development and buildings under construction, are stated at the lower of cost or net realizable value.

Land not yet developed consists of land that has not been developed yet and is stated at the lower of
cost or net realizable value. The cost of land not yet developed consists of pre-development costs and
the cost of the land. The cost of land not yet developed is transferred to the land under development
account when the development of the land commences, or is transferred to the buildings under
construction account when the land is ready for development.

Cost of land under development consists of the acquisition cost of land not yet developed together
with direct and indirect development costs which can be attributed to property development activity
assets and the costs of financing such development. The cost of land under development is transferred
to the building under construction account when the preparation for development of the land is
completed.

The cost of buildings under construction consists of the cost of developed land, construction costs,
other costs related to the development of real estate and borrowing costs. The cost of buildings under
construction is transferred to the building account when it is completed and ready for sale.

The following are property development activity costs which are capitalized as real estate
development project costs:

• Land pre-acquisition costs;

• Land acquisition costs;

• Any costs directly related to a development;

• Costs attributable to real estate development activities; and

• Costs of financing.

Borrower costs directly attributable to real estate development activities are capitalized as real estate
development project costs. Capitalization of the costs of financing ceases when active development of
a project is interrupted or when substantially all the activities necessary to prepare the development
for its intended use or sale are complete.

80
Costs which are allocated to project costs, despite not being directly attributable to a specified real
estate development, include:

• Pre-acquisition costs for land which is not ultimately acquired;

• Excess of costs over anticipated proceeds on the sale or transfer of commercialized public
utilities, in connection with the sale of units.

Our policy is to continue to accumulate project development costs even though the realization of
projected revenue is lower than the capitalized project development costs, however, we recognize
provisions periodically for differences that may arise. The provision is accounted for as a reduction
in capitalized project cost and is charged to expenses as incurred.

Costs capitalized to real estate project development are allocated to each real estate unit (such as a
building) using the specific identification method.

Estimates and cost allocation are reviewed at the end of each financial reporting period until a project
is substantially completed. If there are fundamental changes to the basis of current estimates, we will
revise and reallocate the cost.

Costs not related to the development and construction of real estate projects are recognized as
operating expenses on an accrual basis.

Investment Properties

Investment properties are properties (land, building or part of a building or both) held to earn rentals
or for capital appreciation or both. Investment properties are measured at cost less accumulated
depreciation and any accumulated impairment losses.

According to Indonesian GAAP, we are allowed to use the fair value method or investment cost
method in measuring investment property after initial recognition. We measure investment property
after initial recognition using the investment cost method.

Investment properties other than land are depreciated using the straight-line method based on the
estimated useful lives of the assets as follows:

Years

Buildings and facilities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20-30

Machines and equipment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Land is stated at cost and is not depreciated.

Revenue and Expense Recognition

Sales

Revenues from sales of apartments, office buildings and similar buildings, which are constructed over
periods of longer than one year, are recognized using the percentage of completion method, when all
of the following criteria are met:

• the construction process has surpassed the initial phase, when the foundation of the building has
been completed;

• total payments by the buyer equal or exceed 20% of the agreed sales price and no refund could
be made by the buyer; and

81
• total revenues from sales and costs can be reasonably estimated.

Revenues from the sale of houses, shophouses, kiosks and similar buildings and lots are recognized
using the full accrual method, when all of the following criteria are met:

• a sale is consummated;

• the selling price is collectible;

• the receivable is not subject to future subordination to a first mortgage on the property; and

• the seller has transferred to the buyer the usual risks and rewards of ownership in a transaction
that is in substance a sale and does not have a substantial continuing involvement with the
property.

If any of the above criteria is not met, the payments received from the customers are recorded as
advances and accounted for using the deposit method until all of the criteria are met.

Rental Income

Rental income from operating leases is recognized on a straight-line basis over the term of the relevant
lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the
carrying amount of the leased asset and recognized on a straight-line basis over the lease term.

Rental income received in advance is recorded as “Unearned Revenue” and recognized as income
regularly over the rental periods.

Hotel Income

Income from the operations of our hotels and other related income is recognized when the services are
rendered and the goods are delivered.

Interest Income

Interest income is accrued on time basis, by reference to the principal outstanding and the applicable
interest rate.

Expenses

Expenses in relation to revenues which are recognized using the percentage of completion method are
recognized based on the percentage of completion of each unit at the end of each period.

Expenses, except for those in relation with revenues which are recognized using the percentage of
completion method, are recognized when incurred and over the relevant periods on an accrual basis.

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Non-GAAP Financial Measures

The following table reconciles our profit for the year attributable to owner of the Company under
Indonesian GAAP to our definition of Adjusted EBITDA for the periods indicated:

For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

Adjusted EBITDA . . . . . . . . . . . . . . . . . ........ 1,761.9 2,059.6 2,072.6 154.3
Adjustments:
Gain on sale of fixed assets . . . . . . . . . . . . . . . . . . . — 2.1 0.7 0.1
Gain (Loss) on foreign exchange — net . . . . . . . . . . 28.3 42.4 (6.7) (0.5)
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.6 267.5 156.1 11.6
Interest expense and financial charges . . . . . . . . . . . (613.8) (683.4) (674.2) (50.2)
Other gains (losses) — net. . . . . . . . . . . . . . . . . . . . 163.9 139.9 68.4 5.1
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.1) (317.7) (284.1) (21.1)
Income tax benefit (expense) — net . . . . . . . . . . . . . 42.6 (22.2) (21.2) (1.6)
Depreciation and amortization . . . . . . . . . . . . . . . . . (334.3) (371.4) (371.9) (27.7)
Non-controlling interest in net income of
subsidiaries. . . . . . . . . . . . . . . . . . . . . . ........ (129.0) (307.8) (307.9) (22.9)
Profit for the year attributable to owner of the
Company . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 851.8 809.0 631.9 47.0

Note:

(1) “Adjusted EBITDA” means profit for the year attributable to owner of the Company, before depreciation and
amortization, interest income, final tax expense, income tax benefit (expense) — net, interest expense and financial
charges, non-controlling net income of subsidiaries, gain (loss) on foreign exchange — net, gain on sale of fixed assets
and other gains (loss) — net. Adjusted EBITDA is not a measure of financial performance under Indonesian GAAP or
IFRS. Investors should not consider Adjusted EBITDA in isolation or as an alternative to net income as an indicator of
operating performance or as an alternative to cash flows from operating, investing and financing activities as a measure
of liquidity, or other performance measures derived in accordance with Indonesian GAAP. Since there are various
methods of calculating Adjusted EBITDA, the presentation by the Company of Adjusted EBITDA may not be comparable
to similar or similarly titled measures used by other companies.

Key Components of Our Income Statement

Sales and Revenues

We derive our sales predominantly from the pre-sales of apartments, houses, kiosks and home offices
associated with the operation of our developments, including at our Soho Pancoran, Orchard Shop and
Podomoro Golf View developments. Our rental revenues are derived predominantly from the leasing
of our retail malls, including Kuningan City Mall and Central Park Mall, and hotel revenues from our
hotels, including the Pullman Jakarta Central Park Hotel, Sofitel Bali Nusa Dua Beach Resort, Hotel
BnB@Kelapa Gading, Amaris Thamrin City, Harris Festival Citylink and POP Festival Citylink.

83
The following table sets forth information about our sales and revenues and the percentage breakdown
of sales and revenues for the periods indicated:

For the years ended December 31,

2014 2015 2016

(Rp billions and US$ millions except percentages)

Rp % Rp % Rp US$ %

Sales:
Apartments . . . . . . . . . . . . . 1,682.4 31.8 1,283.6 21.5 1,886.1 140.4 31.4
Home Office . . . . . . . . . . . . 640.3 12.1 540.3 9.0 665.6 49.5 11.1
Houses. . . . . . . . . . . . . . . . . 799.0 15.1 957.3 16.0 657.0 48.9 10.9
Offices . . . . . . . . . . . . . . . . 131.7 2.5 307.7 5.2 576.6 42.9 9.6
Kiosks . . . . . . . . . . . . . . . . . 279.1 5.3 682.9 11.4 505.4 37.6 8.4
Shophouses . . . . . . . . . . . . . 388.2 7.3 210.2 3.5 77.2 5.7 1.3
Land . . . . . . . . . . . . . . . . . . — — 142.1 2.4 0.1 — —
Ballroom . . . . . . . . . . . . . . . — — 223.6 3.7 — — —
Total . . . . . . . . . . . . . . . . . . 3,920.6 74.0 4,347.6 72.8 4,368.0 325.1 72.7
Revenues:
Rent . . . . . . . . . . . . . . . . . . 795.3 15.0 889.0 14.9 883.9 65.8 14.7
Hotels . . . . . . . . . . . . . . . . . 534.0 10.1 658.4 11.0 668.1 49.7 11.1
Others . . . . . . . . . . . . . . . . . 46.6 0.9 76.6 1.3 86.9 6.5 1.4
Total . . . . . . . . . . . . . . . . . . 1,375.9 26.0 1,624.0 27.2 1,638.9 122.0 27.3
Total. . . . . . . . . . . . . . . . . . . . 5,296.6 100.0 5,971.6 100.0 6,007.9 447.1 100.0

Sales

Sales income reflects revenues earned from the sale of apartments, houses, kiosks, home offices,
offices, ballroom, shophouses and land. For details on our revenue recognition principles, see “—
Critical Accounting Policies”.

Revenues

Revenues reflect income earned primarily from the leasing of our retail malls and hotels.

Cost of Sales and Direct Costs

Our costs of sales consists predominantly of the expenses associated with the sale of residential
apartments, houses, home offices, kiosks, offices, shophouses and land, including acquisition cost for
land, other acquisition costs and construction costs. Our direct costs are derived mainly from the
operation of our retail malls and hotels. Cost of sales and direct costs generally increase in correlation
with increases in sales and leasing revenue, respectively.

84
The following table sets forth the breakdown of our direct costs and cost of sales and each item as a
percentage of our total cost of sales and direct costs and for the periods indicated:

For the years ended December 31,

2014 2015 2016

(Rp billions and US$ millions except for percentages)

Rp % Rp % Rp US$ %

Costs of sales:
Apartments . . . . . . . . . . . . . 911.2 34.5 767.7 26.6 1,194.1 88.9 40.0
Houses. . . . . . . . . . . . . . . . . 557.2 21.1 539.4 18.7 356.4 26.5 11.9
Home Offices . . . . . . . . . . . 340.5 12.9 267.9 9.3 336.3 25.0 11.3
Offices . . . . . . . . . . . . . . . . 58.6 2.2 122.6 4.3 232.1 17.3 7.8
Kiosks . . . . . . . . . . . . . . . . . 46.3 1.8 164.9 5.7 122.3 9.1 4.1
Shophouses . . . . . . . . . . . . . 140.1 5.3 88.6 3.1 34.5 2.6 1.2
Land . . . . . . . . . . . . . . . . . . — — 90.6 3.1 0.0 — —
Ballroom . . . . . . . . . . . . . . . — — 124.3 4.3 — — —
Total . . . . . . . . . . . . . . . . . . 2,053.9 77.7 2,166.0 75.2 2,275.8 169.4 76.3
Direct costs:
Depreciation . . . . . . . . . . . . 300.2 11.4 327.3 11.4 327.3 24.4 11.0
Hotels . . . . . . . . . . . . . . . . . 218.0 8.3 285.5 9.9 267.4 19.9 9.0
Security . . . . . . . . . . . . . . . . 18.1 0.7 21.5 0.7 24.1 1.8 0.8
Others . . . . . . . . . . . . . . . . . 51.6 2.0 80.3 2.8 87.8 6.5 2.9
Total . . . . . . . . . . . . . . . . . . 587.9 22.3 714.7 24.8 706.7 52.6 23.7
Total. . . . . . . . . . . . . . . . . . . . 2,641.7 100.0 2,880.7 100.0 2,982.5 222.0 100.0

Selling Expenses

Selling expenses, which consist of expenses incurred for the marketing and promotion of our business,
sales commissions granted to rental agents and sales promoters, and amortization of marketing offices
and show units and others.

General and Administrative Expenses

General and administrative expenses, which consist of salary and allowances, office and equipment
expenses, stamp duties, depreciation and amortization, local government taxes and licenses,
electricity, water and gas and maintenance expenses and others.

Other Income/Expenses

Our other income/expenses consist primarily of interest income, interest expense and financial
charges, income from late rental or installment payments owed to us and title services for property
buyers.

Share in Net Income of Associates

Our share in net income of associates is primarily derived from rental income from Senayan City Mall
and Lindeteves Trade Center.

85
Final Tax Expense

Our final tax expense consists primarily of taxes assessed in connection with the sale of houses,
apartments, office, home office, land and shophouses, as well as rental and service charges.

Income Tax Expense

Our income tax currently payable is determined based on the taxable income for the year calculated
using prevailing tax rates.

The following table sets forth the breakdown of our current and deferred tax expense for the years
indicated:

For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

Current tax:
The Company
Current Year . . . . . . . . . . . . . . . . . . . . . . ..... — 2.9 2.8 0.2
Prior Years . . . . . . . . . . . . . . . . . . . . . . . ..... — 3.6 — —
Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . ..... 5.0 5.5 4.6 0.3
Tax underpayment assessment letter
The Company . . . . . . . . . . . . . . . . . . . . . . . ..... — 14.2 — —
Subsidiaries . . . . . . . . . . . . . . . . . . . . . . . . ..... 0.3 0.3 — —
Deferred tax expense (benefit) — subsidiaries ..... (47.8) (4.4) 13.8 1.0
Total income tax expense (benefit). . . . . . . . . . . . . . (42.6) 22.2 21.2 1.6

86
Results of Operations Data

For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

SALES AND REVENUES . . . . . . . . . . . . . . . . . . . . 5,296.6 5,971.6 6,007.0 447.1
COST OF SALES AND DIRECT COSTS . . . . . . . 2,641.7 2,880.7 2,982.5 222.0
GROSS PROFIT . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,654.8 3,090.9 3,024.4 225.1
Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . (412.5) (399.0) (294.4) (21.9)
General and administrative expenses . . . . . . . . . . . . (814.8) (1,003.6) (1,029.3) (76.6)
Share in net income of associates . . . . . . . . . . . . . . 89.3 110.8 66.8 5.0
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . 220.6 267.5 156.1 11.6
Interest expense and financial charges . . . . . . . . . . . (613.8) (683.4) (674.2) (50.2)
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . (288.1) (317.7) (284.1) (21.1)
Other gains (losses) — net . . . . . . . . . . . . . . . . . . . . 102.8 73.5 (4.4) (0.4)
PROFIT BEFORE TAX . . . . . . . . . . . . . . . . . . . . . 938.4 1,138.9 960.9 71.5
INCOME TAX BENEFIT (EXPENSE) — NET . . . 42.6 (22.2) (21.2) (1.6)
PROFIT FOR THE YEAR . . . . . . . . . . . . . . . . . . . 981.0 1,116.8 939.7 69.9
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to
profit or loss:
Remeasurement of defined benefits obligation . . (1.5) 2.5 21.8 1.6
Income tax benefit (expense) . . . . . . . . . . . . . . . 1.6 (0.5) (1.8) (0.1)
Remeasurement of defined benefits obligation
— net of tax . . . . . . . . . . . . . . . . . . . . . . . . . 0.1 2.0 20.1 1.5
Share in other comprehensive income of
associates . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.6) (0.7) 1.3 0.1
Total Other Comprehensive Income (Loss) for the
Year
— Net of Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . (0.5) 1.3 21.3 1.6
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 980.5 1,118.1 961.1 71.5

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The following table sets forth the breakdown of our results of operations as a percentage of our sales
and revenues for the periods indicated:

For the years ended December 31,

2014 2015 2016

(Percentages)
SALES AND REVENUES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.0 100.0 100.0
COST OF SALES AND DIRECT COSTS . . . . . . . . . . . . . . . . 49.9 48.2 49.7
GROSS PROFIT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50.1 51.8 50.3
Selling expenses . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7.8 6.7 4.9
General and administrative expenses . . . . . . . . . . . . . . . . . . . . . 15.4 16.8 17.1
Share in net income of associates . . . . . . . . . . . . . . . . . . . . . . . 1.7 1.9 1.1
Interest income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4.2 4.5 2.6
Interest expense and financial charges . . . . . . . . . . . . . . . . . . . . 11.6 11.4 11.2
Final tax expense . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.4 5.3 4.7
Other gains (losses) — net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1.9 1.2 0.1
PROFIT BEFORE TAX . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17.7 19.1 16.0
INCOME TAX BENEFIT (EXPENSE) — NET . . . . . . . . . . . . 0.8 0.4 0.4
PROFIT FOR THE YEAR . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18.5 18.7 15.6
OTHER COMPREHENSIVE INCOME
Items that will not be reclassified subsequently to profit or
loss:
Remeasurement of defined benefits obligation . . . . . . . . . . . 0.0 0.0 0.4
Income tax benefit (expense) . . . . . . . . . . . . . . . . . . . . . . . . 0.0 0.0 0.0
Remeasurement of defined benefits obligation — net of
tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 0.0 0.3
Share in other comprehensive income of associates . . . . . . . 0.0 0.0 0.0
Total Other Comprehensive Income for the Year
— Net of Tax . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0.0 0.0 0.4
TOTAL COMPREHENSIVE INCOME FOR THE YEAR . . . 18.5 18.7 16.0

Results of operations for the year ended December 31, 2016 compared to the year ended December
31, 2015

Sales and revenues. Our sales and revenues increased 0.6% to Rp6,007.0 billion (US$447.1 million)
in the year ended December 31, 2016 from Rp5,971.6 billion in the year ended December 31, 2015
primarily due to increased sales of apartments from Rp1,283.6 billion in 2015 to Rp1,886.1 billion
(US$140.4 million) in 2016 as a result of sales from SOHO, our residential development at Soho
Podomoro City, as well as an increase in sales of home offices and offices, offset by a decline in sales
of houses, kiosks, shophouses and land.

Cost of sales and direct costs. Our cost of sales and direct costs increased 3.5% to Rp2,982.5 billion
(US$222.0 million) in the year ended December 31, 2016 from Rp2,880.7 billion in the year ended
December 31, 2015, in line with our increased sales. Our cost of sales and direct costs, as a percentage
of our sales and revenues, increased to 49.7% in the year ended December 31, 2016 from 48.2% in
the year ended December 31, 2015.

88
Gross profit. Our gross profit decreased to Rp3,024.4 billion (US$225.1 million) in the year ended
December 31, 2016 from Rp3,090.9 billion in the year ended December 31, 2015. Gross margin
decreased to 50.3% in the year ended December 31, 2016 from 51.8% in the year ended December 31,
2015 primarily as a result of a 3.5% increase in cost of sales and direct costs in 2016, with a 0.6%
increase in sales and revenue from 2015 to 2016.

Selling expenses. Our selling expenses decreased 26.2% to Rp294.4 billion (US$21.9 million) in the
year ended December 31, 2016 from Rp399.0 billion in the year ended December 31, 2015, primarily
due a decrease in commissions, exhibition and launching, advertising and brochures and promotional
expenses as a result of fewer launches and promotional activities in 2016 as compared to 2015.

General and administrative expenses. Our general and administrative expenses increased 2.6% to
Rp1,029.3 billion (US$76.6 million) in the year ended December 31, 2016 from Rp1,003.6 billion in
the year ended December 31, 2015, primarily due to an increase in depreciation expenses, management
fees and professional fees, partially offset by a decrease in expenses related to insurance and
maintenance.

Share in net income of associates. Our share in net income of associates decreased 39.7% to Rp66.8
billion (US$5.0 million) in the year ended December 31, 2016 from Rp110.8 billion in the year ended
December 31, 2015, primarily as a result of a one-time sale of a large block of kiosks in Lindeteves
Trade Center in 2015.

Interest Income. Our interest income decreased 41.6% to Rp156.1 billion (US$11.6 million) in the year
ended December 31, 2016 from Rp267.5 billion in the year ended December 31, 2015.

Interest expenses and financial charges. Our interest expenses and financial charges decreased 1.3%
to Rp674.2 billion (US$50.2 million) in the year ended December 31, 2016 from Rp683.4 billion in
the year ended December 31, 2015, primarily due to a decrease in our interest expenses as a result of
the repayment of long-term bank loans and Rupiah-denominated bonds in 2016.

Final tax expense. Our final tax expense decreased 10.6% to Rp284.1 billion (US$21.1 million) in the
year ended December 31, 2016 from Rp317.7 billion in the year ended December 31, 2015, primarily
due to a decrease in the tax rate relating to the transfer of rights over land and buildings.

Other gains (losses) — net. Other gains (losses) — net decreased 106.0% to a loss of Rp4.4 billion
(US$0.3 million) in the year ended December 31, 2016 from a gain of Rp73.5 billion in the year ended
December 31, 2015, primarily due to an increase in late handover fees paid to customers as a result
of the delayed completion of Green Bay Pluit.

Profit before tax. Our profit before tax was Rp960.9 billion (US$71.5 million) in the year ended
December 31, 2016, a decrease of Rp178.0 billion from Rp1,138.9 billion in the year ended December
31, 2015. As a percentage of sales and revenues, profit before tax was 16.0% in the year ended
December 31, 2016 a decrease from 19.1% in the year ended December 31, 2015.

Income tax expense — net. Our income tax expense — net decreased to Rp21.2 billion (US$1.6
million) in the year ended December 31, 2016 from Rp22.2 billion in the year ended December 31,
2015.

Profit for the year. Our profit for the year was Rp939.7 billion (US$69.9 million) in the year ended
December 31, 2016 compared to Rp1,116.8 billion in the year ended December 31, 2015. As a
percentage of sales and revenues, profit for the year decreased to 15.6% in the year ended December
31, 2016 from 18.7% in the year ended December 31, 2015.

89
Total comprehensive income for the year. As a result of the foregoing factors, our total comprehensive
income for the year was Rp961.1 billion (US$71.5 million) in the year ended December 31, 2016
compared to Rp1,118.1 billion in the year ended December 31, 2015. As a percentage of sales and
revenues, total comprehensive income for the year decreased to 16.0% in the year ended December 31,
2016 from 18.7% in the year ended December 31, 2015.

Results of operations for the year ended December 31, 2015 compared to the year ended December
31, 2014

Sales and revenues. Our sales and revenues increased 12.7% to Rp5,971.6 billion in the year ended
December 31, 2015 from Rp5,296.6 billion in the year ended December 31, 2014 primarily as a result
of an increase in sales of kiosks at Harco Glodok, houses at Grand Taruma, ballrooms from the Green
Bay and Emporium Pluit developments along with increased rental and hotel revenues, partially offset
by a decrease in sales of apartments and shophouses.

Cost of sales and direct costs. Our cost of sales increased 9.0% to Rp2,880.7 billion in the year ended
December 31, 2015 from Rp2,641.7 billion in the year ended December 31, 2014 due to higher costs
of sales of kiosks, ballroom, offices and land as a result of higher sales, as well as an increase in
depreciation and hotel costs. Our cost of sales, as a percentage of our sales and revenues, decreased
to 48.2% in 2015 from 49.9% in 2014.

Gross profit. Our gross profit increased to Rp3,090.9 billion in the year ended December 31, 2015
from Rp2,654.8 billion in the year ended December 31, 2014. As a percentage of our sales, gross profit
increased to 51.8% in the year ended December 31, 2015 from 50.1% in the year ended December 31,
2014.

Selling expenses. Our selling expenses decreased 3.3% to Rp399.0 billion in the year ended December
31, 2015 from Rp412.5 billion in the year ended December 31, 2014, primarily due to a decrease in
promotion expenses, as well as exhibit and launching expenses due to fewer launches and promotional
activities in the year ended December 31, 2015, as compared to the year ended December 31, 2014,
partially offset by an increase in commissions relating to our sales.

General and administrative expenses. Our general and administrative expenses increased 23.2% to
Rp1,003.6 billion in the year ended December 31, 2015 from Rp814.8 billion in the year ended
December 31, 2014, primarily due to an increase in salaries and allowances as a result of an increase
in employees hired to work on new projects.

Share in net income of associates. Our share in net income of associates increased 24.1% to Rp110.8
billion in the year ended December 31, 2015 from Rp89.3 billion in the year ended December 31,
2014, primarily due to the sale of a large block of kiosks in Lindeteves Trade Center which was
previously leased as a single space to Giant supermarket.

Interest Income. Our interest income increased 21.3% to Rp267.5 billion in the year ended December
31, 2015 from Rp220.6 billion in the year ended December 31, 2014.

Interest expenses and financial charges. Our interest expenses and financial charges increased 11.3%
to Rp683.4 billion in the year ended December 31, 2015 from Rp613.8 billion in the year ended
December 31, 2014, primarily due to an Rp71.2 billion increase in interest expenses which was
attributable to the issuances of two tranches of Rupiah denominated bonds, an 11.25% Rp99.0 billion
bond issued on March 26, 2015 and a 12.5% Rp451.0 billion bond issued on December 19, 2014.

90
Final tax expense. Our final tax expense increased 10.3% to Rp317.7 billion in the year ended
December 31, 2015 from Rp288.1 billion in the year ended December 31, 2014, primarily due to
increased tax expenses associated with the transfer of rights over land and buildings, as a result of
higher land and buildings sales, as well as increased tax expenses associated with rental and service
charges as a result of higher rental revenues in 2015, as compared to 2014.

Other gains (losses) — net. Other gains (losses) — net decreased 28.5% to Rp73.5 billion in the year
ended December 31, 2015 from Rp102.8 billion in the year ended December 31, 2014, primarily due
to decreased income from cancellation fees.

Profit before tax. Our profit before tax was Rp1,138.9 billion in the year ended December 31, 2015,
an increase of Rp200.5 billion from Rp938.4 billion in the year ended December 31, 2014. As a
percentage of sales and revenues, profit before tax was 19.1% in the year ended December 31, 2015
an increase from 17.7% in the year ended December 31, 2014.

Income tax benefit (expense) — net. Our income tax benefit (expense) — net was Rp22.2 billion in
the year ended December 31, 2015 from an income tax benefit — net of Rp42.6 billion in the year
ended December 31, 2014 due to increasing revenues.

Profit for the year. Our profit for the year was Rp1,116.8 billion in the year ended December 31, 2015
compared to Rp981.0 billion in the year ended December 31, 2014. As a percentage of sales and
revenues, profit for the year increased to 18.7% in the year ended December 31, 2015 from 18.5% in
the year ended December 31, 2014.

Total comprehensive income for the year. As a result of the foregoing factors, our total comprehensive
income for the year was Rp1,118.1 billion in the year ended December 31, 2015 compared to Rp980.5
billion in the year ended December 31, 2014. As a percentage of sales and revenues, net income
increased to 18.7% in the year ended December 31, 2015 from 18.5% in the year ended December 31,
2014.

Results by Segment

The tables below set forth our gross profits by business segment for the years ended December 31,
2014, 2015 and 2016. Operating expenses by individual segment are not available. For information on
consolidated operating expenses across segments, see Note 32 to our audited consolidated financial
information contained elsewhere in this Offering Memorandum.

Segment information is prepared using the same accounting principles as for preparing and presenting
our consolidated financial statements.

For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

Apartments
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,682.4 1,283.6 1,886.1 140.4
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 911.2 767.7 1,194.1 88.9
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 771.2 515.9 692.0 51.5
Houses
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 799.0 957.3 657.0 48.9
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 557.2 539.4 356.4 26.5
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 241.8 417.8 300.6 22.4

91
 For the years ended December 31,

2014 2015 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

Home Offices
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 640.3 540.3 665.6 49.5
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 340.5 267.9 336.3 25.0
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 299.8 272.4 329.4 24.5
Shophouses
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 388.2 210.2 77.2 5.7
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 140.1 88.6 34.5 2.6
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 248.1 121.6 42.6 3.2
Kiosks
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 279.1 682.9 505.4 37.6
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.3 164.9 122.3 9.1
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 232.8 517.9 383.1 28.5
Offices
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 131.7 307.7 576.6 42.9
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58.6 122.6 232.1 17.3
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 73.1 185.1 344.4 25.6
Land
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 142.1 0.1 —
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 90.6 0.0 —
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 51.5 0.1 —
Ballroom
Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 223.6 — —
Cost of Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 124.3 — —
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 99.4 — —
Rent
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 795.3 889.0 883.9 65.8
Direct Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 203.9 219.2 234.8 17.5
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 591.5 669.7 649.1 48.3

Hotels
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 534.0 658.4 668.1 49.7
Direct Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 332.4 415.1 384.0 28.6
Gross Profit . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 201.6 243.3 284.0 21.1

Others
Revenues . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46.6 76.6 86.9 6.5
Direct Costs . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51.6 80.3 87.8 6.5
Gross Loss . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (5.0) (3.8) (0.9) (0.1)

92
Liquidity and Capital Resources

We have historically financed our capital requirements primarily through funds generated from our
operations, pre-sales, financing from banks and proceeds from the issuance of bonds. Our primary
capital requirements have been to purchase land, development and construction of our properties, and
to fund general working capital requirements. We believe that we will have sufficient capital resources
from our operations, the net proceeds of the offering of the Notes and financing from banks and other
financial institutions to meet our capital requirements for at least the next 12 months. Subject to
restrictions in our existing indebtedness, we may incur further indebtedness in connection with the
operation of our business, which may result in an increase in our interest expenses and financial
charges.

As of December 31, 2016, we had cash and cash equivalents of Rp1,173.0 billion (US$87.3 million)
and had available undrawn credit lines of Rp951.1 billion (US$70.8 million). Our policy is to maintain
minimum cash reserves sufficient to cover three months of operating costs, which typically amount to
approximately Rp1,000 billion (US$74.5 million). For a description of our working capital facilities,
see “Description of Material Indebtedness.”

The following table sets forth certain information concerning our consolidated cash flows for the years
ended December 31, 2014, 2015 and 2016:

For the years ended December 31,

2014 2015 2016 2016

Rp Rp Rp US$

(Rp in billions and US$ in millions)

CONSOLIDATED CASH FLOW DATA
Net Cash Provided by (Used in) Operating
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .. 621.2 (474.7) (523.7) (39.0)
Net Cash Used in Investing Activities . . . . . . . . . .. (530.8) (389.4) (1,274.5) (94.9)
Net Cash Provided by (Used in) Financing
Activities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,061.5 (634.6) 80.2 6.0
Net Decrease in Cash and Cash Equivalents . . . . . . . 1,151.9 (1,498.7) (1,718.0) (127.9)
Effect of foreign exchange rate changes . . . . . . . . . . 7.3 56.6 (3.3) (0.2)
Cash and Cash Equivalents at Beginning of Year . . . 3,177.1 4,336.4 2,894.3 215.4
Cash and Cash Equivalents at End of Year . . . . . . . . 4,336.4 2,894.3 1,173.0 87.3

Net cash flows provided by (used in) operating activities.

In 2016, our net cash flows used operating activities were Rp523.7 billion (US$39.0 million),
consisting of cash paid to suppliers and other operating expenses of Rp4,389.5 billion (US$326.7
million) and interest and financial charges paid of Rp771.8 billion (US$57.4 million), which were
partially offset by cash receipts from customers-net of Rp5,221.4 billion (US$388.6 million) and cash
provided by operations of Rp256.2 billion (US$19.1 million).

In 2015, our net cash flows used in operating activities were Rp474.7 billion, consisting primarily of
cash paid to suppliers and other operating expenses amounting to Rp5,797.3 billion and interest and
financial charges paid in the amount of Rp718.0 billion, which were partially offset by cash receipts
from customers-net of Rp6,639.9 billion and cash provided by operations in the amount of Rp268.4
billion.

93
In 2014, our net cash flows provided by operating activities were Rp621.2 billion, consisting primarily
of cash receipts from customers — net in the amount of Rp7,093.8 billion and cash provided by
operations of Rp1,272.4 billion, which were partially offset by cash paid to suppliers and other
operating expenses of Rp5,358.9 billion, cash paid to employees of Rp462.5 billion and interest and
financial charges paid equal to Rp647.0 billion.

Net cash flows used in investing activities.

In 2016, our net cash flows used in investing activities were Rp1,274.5 billion (US$94.9 million),
consisting primarily of payments made in connection with acquisitions of investment properties
amounting to Rp939.8 billion (US$69.9 million) which were mainly used for acquisition of the Neo
Soho Mall for Rp560.1 billion (US$41.7 million) and an additional investment in MGP, our associate
that operates Senayan City, amounting to Rp881.0 billion (US$65.6 million) effectuated for tax
purposes and acquisitions of property and equipment amounting to Rp542.3 billion (US$40.4 million)
which were mainly used for the development of the Indigo Bali Seminyak Hotel, partially offset by
dividends received from MGP amounting to Rp942.4 billion (US$70.1 million).

In 2015, our net cash flows used in investing activities were Rp389.4 billion, consisting primarily of
payments made in connection with acquisitions of property and equipment amounting to Rp444.7
billion, the acquisitions of investment property, including Borneo Bay City for Rp169.0 billion,
amounting to Rp320.2 billion, partially offset by interest received amounting to Rp296.8 billion and
dividend received from associates amounting to Rp67.4 billion.

In 2014, our net cash flows used in investing activities were Rp530.8 billion, consisting primarily of
payments made in connection with acquisitions of properties and equipment amounting to Rp426.2
billion, the acquisitions of investment properties, amounting to Rp385.9 billion, partially offset by
interest income amounting to Rp204.4 billion and dividends received from associates amounting to
Rp68.6 billion.

Net cash flows provided by (used in) financing activities.

In 2016, our net cash flows provided by financing activities were Rp80.2 billion (US$6.0 million),
consisting primarily of proceeds from long-term bank loans amounting to Rp1,418.3 billion
(US$105.6 million), proceeds from short-term bank loans of Rp117.0 billion (US$8.7 million),
partially offset by the repayment of Rp875.0 billion (US$65.1 million) of our Rupiah-denominated
Series B bonds in August 2016, the payment of long-term bank loans amounting to Rp380.5 billion
(US$28.3 million) and a dividend payment to non-controlling interests amounting to Rp116.5 billion
(US$8.7 million).

In 2015, our net cash flows used in financing activities were Rp634.6 billion, consisting primarily of
repayments of long term bank loans amounting to Rp417.4 billion, cost of treasury stocks Rp411.1
billion and payment of dividends to non-controlling interests amounting to Rp156.1 billion, partially
offset by proceeds from long-term bank loans of Rp166.8 billion and proceeds from bonds payable of
Rp99.0 billion.

In 2014, our net cash flows provided by financing activities were Rp1,061.5 billion, consisting
primarily proceeds from bonds amounting to Rp1,201.0 billion, proceeds from long-term bank loans
amounting to Rp520.8 billion, additional capital contribution and advance for capital stock
subscription of subsidiaries from other shareholders of Rp535.3 billion, partially offset by payments
of bonds payable of Rp325.0 billion and payments of long-term bank loans of Rp488.1 billion.

94
Contractual Obligations and Commitments

The following table sets forth our contractual obligations and commitments to make future payments
under our total outstanding principal amount as of December 31, 2016:

Payment Due by Period

Less Than 1 More Than

Total Year 1-3 Years 3-5 Years 5 Years

(Rp in (US$ in
billions) millions) (Rp in billions)
Debt obligations. . . . . . . . . . 6,547.3 487.3 1,709.0 3,342.4 884.5 611.4

Capital Expenditure

The following table sets forth information about our capital expenditure for the periods indicated.

For the years ended December 31,

2014 2015 2016

(Rp in billions and US$ in millions)

Rp Rp Rp US$
Real Estate Assets . . . . . . . . . . . . . . . . . . . . . . . . . . 4,387.9 3,069.0 3,820.2 284.3
Investment Property . . . . . . . . . . . . . . . . . . . . . . . . . 436.9 560.5 1,032.7 76.9
Property and Equipment . . . . . . . . . . . . . . . . . . . . . . 544.2 471.9 612.3 45.6
Total capital expenditure . . . . . . . . . . . . . . . . . . . 5,369.0 4,101.4 5,465.2 406.8

Our estimated total capital expenditure for 2017 is Rp5,664.8 billion (US$421.9 million) and our
anticipated total capital expenditure for 2018 is Rp4,074.2 billion (US$303.5 million).

Derivative Products and Hedging Policies

We do not currently have a hedging policy or engage in derivatives transactions.

Off Balance Sheet Items

We do not have any off-balance sheet liabilities that are not reflected in our consolidated financial
statements.

Quantitative and Qualitative Disclosures about Market Risk

Foreign Currency Risk

Foreign currency risk is the risk that the fair value of future cash flow of a financial instrument will
fluctuate because of changes in the foreign exchange rates. We are subject to risk of fluctuations in
the exchange rate between the US dollar and the Rupiah mainly due to raw material prices fluctuating
based on the US dollar. The Group’s policy is to manage cash flow from operating activities and
financing activities in the same currency. In addition, the Group manages foreign currency exposure
by matching receipts and payments in the same currency, to the extent possible.

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Credit Risk

Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in
a loss to us. We manage our credit risk in respect of purchasers of our properties by screening our
customers based on their credit history, as well as imposing penalties for late payment, cancellation
of sales with fines, and repossession of property in case of failure to pay. In order to mitigate credit
risk arising from failure by tenants to make timely rental payments, our tenants are required to make
advance payment of three months’ rent prior to the commencement of the lease term in the form of
cash or a bank guarantee.

Liquidity Risk

We are subject to the risk that we will not have sufficient funds to meet our operating requirements
and financial obligations when they fall due.

We manage our liquidity risk by maintaining cash and cash equivalents sufficient to meet our
commitments for normal operations, regularly evaluating cash flow projections and actual cash flows,
and scheduling the date of maturity of assets and financial liabilities. We also manage the pre-selling
and pre-leasing of our projects under development such that we can fund the project development from
the sale proceeds (in the case of pre-sales), and booking fees and security deposits paid to us (in the
case of pre-leasing).

Interest Rate Risk

Our interest rate risk arises primarily from changes in interest rates relating to loans that we obtain
from banks and loans that our customers obtain to purchase our properties. An increase in interest rates
would lead to an increase in our interest expenses and could also result in a decrease in demand for
our properties. We manage our borrowing costs by refinancing our bank loans when interest rates are
favorable and funding our residential developments and office projects that we develop for sale based
on proceeds obtained from pre-sales of our residential properties. We also manage interest rate risk
by obtaining financing that would provide an appropriate mix of floating and fixed interest rates and
monitoring the movements in interest rates.

Recent Accounting Pronouncements

New accounting standards and interpretations have been published that are mandatory for accounting
periods beginning on or after January 1, 2016. Our assessment of those standards and interpretations
that are relevant to our financial statements and operations are the following accounting standards
published by the Indonesian Institute of Accountants:

• Amendments to PSAK 4: Separate Financial Statements

• Amendments to PSAK 5: Operating Segments

• Amendments to PSAK 7: Related Party Disclosure

• Amendments to PSAK 15: Investments in Associates and Joint Ventures

• Amendments to PSAK 16: Property, Plant and Equipment

• Amendments to PSAK 19: Intangible Assets

• Amendments to PSAK 22: Business Combination

• Amendments to PSAK 24: Employee Benefits

• Amendments to PSAK 65: Consolidated Financial Statements

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• Amendments to PSAK 66: Joint Arrangements

• Amendments to PSAK 67: Disclosure of Interest in Other Entities

• Amendments to PSAK 68: Fair Value Measurement

• Amendments to PSAK 70: Accounting for Tax Amnesty Asset and Liability

• ISAK 30: Levies

New standards, amendments and interpretations effective for accounting periods beginning on or after
January 1, 2017 are as follows:

• PSAK 1: Presentation of Financial Statements about Disclosure Initiative

• ISAK 31: Scope Interpretation of PSAK 13: Investment Property

New standards and amendments to standards effective for accounting periods beginning on or after
January 1, 2018 are as follows:

• PSAK 69: Agriculture

• Amendments to PSAK 16: Property, Plant and Equipment

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 BUSINESS

OVERVIEW

We are one of the leading integrated property developers in Indonesia, with developments throughout
Indonesia and diversified exposure across residential, retail and commercial segments. Having been
a pioneer of the superblock concept in Indonesia, our integrated property development model,
including land acquisition, sourcing, design and development, project management, sales, commercial
leasing and marketing, as well as operation and management, has seen us develop a strong footprint
in Jakarta and beyond. We are known for our high quality and iconic projects such as Podomoro City,
Green Bay, Central Park, Kuningan City, Sofitel Bali Nusa Dua, Podomoro City Deli Medan and
Borneo Bay City.

For the year ended December 31, 2016, our total sales and revenues were Rp6,007.0 billion (US$447.1
million), an increase from Rp5,971.6 billion for the year ended December 31, 2015. We have
diversified revenues from our property developments and investment properties, which include hotels,
malls and offices. For the year ended December 31, 2016, revenues from our developments constituted
72.7% and 57.0% of our total sales and revenues and EBITDA, respectively, with recurring revenues
from our retail and hotel properties comprising the balance. The total fair value of our real estate
assets, investment properties, property and equipment in our portfolio as of December 31, 2016 was
Rp18.0 trillion (US$1,340.7 million).

Our superblock developments are large-scale property developments that incorporate shopping malls,
apartments and offices in an integrated and interconnected building complex. These developments
have been designed based on the “back to the city” concept, where we seek to develop superblocks
within central urban locations with existing surrounding infrastructure that offer a large captive
market of middle-income and upper-middle income households in neighboring areas. Our target
customers for our superblock developments in Indonesia are mainly those who live outside of the
metropolitan area of cities such as Jakarta and who commute into the urban areas. These commuters
have strong demand for high quality, affordable housing within an integrated development.

We also selectively develop residential and mixed use property outside of our superblock
developments. These residential and mixed use projects include developments for a range of market
segments from premium residences for high-income households to more affordable apartments for
middle income households.

Our superblock, residential and mixed use developments and hotels currently under construction are
set out in the table below.

Target Estimated Estimated

Project Location Size (Ha) Demographic Capex (1) Type Completion

Soho Pancoran . . . . South Jakarta 0.78 Middle-High Rp118.0 billion — Residence 2017
— Commercial 2017
Harco Glodok . . . . . West Jakarta 0.9 Middle and Rp298.0 billion — Residence 2017
Middle-High — Commercial 2017
Podomoro Golf View Cimanggis, West 24 Low and Rp1,909 billion — Land 2017
(Phase I) . . . . . . Java Middle-Low — Shophouse 2018
— Kiosk 2023
— Apartment 2023
— Commercial 2024
Soho Podomoro West Jakarta 2.2 Middle-High Rp99.0 billion — Residence 2017
City . . . . . . . . .
Grand Taruma. . . . . Karawang 45.9 Middle Rp38.0 billion — Residence 2017
— Shophouse 2017

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 Target Estimated Estimated
Project Location Size (Ha) Demographic Capex (1) Type Completion

Orchard Park . . . . . Batam, Riau 40.8 Middle and Rp721.0 billion — Residence 2017-2020
Middle-High — Shophouse 2018
— Commercial 2018
Indigo Hotel . . . . . Seminyak, Bali 4.5 High Rp339.0 billion — Hotel 2017
— Villas 2017
Grand Madison . . . . Podomoro City, 0.6 Middle Rp427.0 billion — Residence 2018
West Jakarta
Pakubuwono Spring . South Jakarta 1.8 High Rp1,262.0 billion — Residence 2018
Vimala Hills . . . . . Puncak, West Java 91 Middle-High Rp1,133.0 billion — Hotel 2018
and High — Villas 2019
— Condotel 2020
Podomoro City Deli Medan, North 5.2 Middle and Rp2,612.0 billion — Residence 2019
Medan . . . . . . . Sumatra Middle-High — Office Space 2019
— Mall 2019
Borneo Bay City . . . Balikpapan 4.9 Middle and Rp725.0 billion — Residence 2019
Middle-High — Commercial 2020
Pluit City . . . . . . . North Jakarta 161 Middle-High Rp3,016.0 billion — Residence 2022-2031
and High — Shophouse 2023
— Commercial 2022
— Office

Note:
(1) Estimated capital expenditures through 2019, except for Grand Taruma, Soho Pancoran, Pakubuwono Spring, Harco
Glodok and Grand Madison, which are estimated capital expenditures remaining in respect of each such development.

As part of our strategy to grow our recurring revenues, we retain a substantial portion of the retail and
commercial and hotel portions of our developments as we expand our portfolio. Our key commercial
and retail properties include Central Park, Kuningan City, Emporium Pluit, Baywalk and Festival
CityLink. Our key hotel properties, which are managed by third party operators, include Pullman
Jakarta Central Park, Sofitel Bali Nusa Dua, Harris Festival Citylink, Hotel BnB@Kelapa Gading,
Amaris Thamrin City and POP Festival Citylink. As part of our strategy to maintain prudent capital
structure, we may from time to time consider and pursue monetization of a part of our investment
properties portfolio through joint venture partnerships, outright sale or divestment of assets in to
REITs. On February 23, 2017, we entered into a binding investment agreement with a REIT manager
to divest Pullman Jakarta Central Park in exchange for cash and shares in the REIT. We expect to close
the transaction in the second quarter of 2017.

Competitive Strengths

Well established and strong brand recognition across Indonesia

We are one of the fastest growing and largest integrated real estate owners, developers and managers
in Indonesia that has a truly geographically diversified footprint across the country. As pioneers of
superblock developments in Indonesia we have an extensive footprint of landmark, prominent
integrated developments across Jakarta and replicating the concept in several other big cities such as
Medan and Balikpapan. We have developed residential apartments and landed houses, ranging from
government subsidized developments through to high-income premium residences, small offices/home
offices (“SOHO”), shopping malls, trade malls, offices, kiosks, and hotels, strategically located within
metropolitan or tourist areas throughout Indonesia. Our projects are designed by internationally
reputable firms and are constructed by experienced and highly qualified construction firms. As an
established developer, we are recognized for our high quality projects including Podomoro City, Green

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Bay, Senayan City and Kuningan City and our developments have received many awards, including
recently from Association Otherways, Properti Indonesia Magazine, The International Hotel Awards,
ISLQ International, Property Report, Property & Bank Magazine, Luxury Hotel, International Hotel
Awards 2016, Conde Nast Johansens 2016 and Forbes Travel Guide 2016.

Dominant market share of apartment and mall space across Jakarta

Based on Colliers International’s Q4 2016 Jakarta Property Market Report, the total stock of apartment
units in Jakarta was 176,178 units, for which we have a leading 17% market share. Our strong retail
mall footprint in Jakarta also gives us a leading 14% market share of total retail mall net leasable area
(“NLA”) across Jakarta based on Cushman & Wakefield’s Q4 2016 Jakarta Retail Report, in which the
total cumulative supply of leased retail mall space in Jakarta was 3,116,975 square meters. Our Central
Park and Neo Soho Malls are the largest shopping malls in Jakarta by NLA. Podomoro City in West
Jakarta is also one of the largest apartment complex in Jakarta with 18 residential towers within the
development — which is also the largest superblock integrated development in Jakarta. We view this
dominant market share as a key competitive strength that cements our position as a leading developer
not just in Jakarta, but across Indonesia.

Geographically diversified and established pan-Indonesia footprint

Since our initial public offering in 2010, we have further diversified our real estate product offerings
by constructing projects in Greater Jakarta, such as Podomoro Golf View in Cimanggis, and
throughout Indonesia. This diversification is clearly demonstrated by the evolution of our marketing
sales mix — in 2011, 98% of our marketing sales were in Jakarta, compared to the year ended
December 31, 2016, in which 29% of our marketing sales were marketing sales were in Jakarta while
43% of our marketing sales were in Greater Jakarta (excluding Jakarta) and 28% of our marketing
sales were elsewhere in Indonesia. We expect this geographic diversification to continue as we
develop projects throughout Indonesia in the future. We are at present one of the few integrated
developers with a truly pan-Indonesia footprint, with developments in Batam, Medan, Balikpapan,
Makassar, Bandung, Karawang and Bali, that supplement our core base in Jakarta and Greater Jakarta.

Well diversified market segmentation across residential and commercial businesses

We are also diversified across market segments. For the year ended December 31, 2016, 38% of our
residential marketing sales came from developments targeted at the low income segment, while 58%
and 4% came from our middle and high income targeted developments, respectively. Our recurring
revenues, primarily derived from our malls and hotels, are also diversified across market segments
with 12% coming from middle-income segments and 40% and 48% coming from middle-high and high
income segments, respectively, as of December 31, 2016. Revenues from hotels with two, three, four
and five stars represented approximately 6%, 2%, 7% and 85% of our total hotel revenues,
respectively, for the year ended December 31, 2016. All the above demonstrate well balanced exposure
across market segments in each of our business verticals, whilst maintaining our focus on the more
inelastic, steady growth middle income segment.

Strong pipeline of high quality developments with strong cash flow visibility

We have a strong growth pipeline of projects including superblock developments such as Borneo Bay
City and Podomoro City Deli Medan, which are both currently under construction. We believe that our
strong reputation for quality projects has helped us achieve high pre-sales for many of our
developments that are nearing completion. Additionally the retail components of other pipeline
projects such as Orchard Park, Podomoro City Deli Medan Mall, Soho Pancoran and Borneo Bay City,
and hotel developments such as the Indigo Hotel Bali Seminyak and Vimala Hills will bring additional
recurring income once they are completed.

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Stable and growing recurring revenues

As part of our strategy, we retain a substantial portion of our retail and commercial developments to
generate recurring revenues as we expand our real estate portfolio. This facilitates the potential capital
appreciation of our properties while reducing the volatility of our income and at the same time
provides sufficient cash flow to support our construction requirements. We expect these benefits to
increase as construction is completed on the retail sections of our superblock developments and on our
two new five-star hotels.

Recurring revenues have increased from 5% of our sales and revenues in the year ended December 31,
2010 to 27% in the year ended December 31, 2016. This recurring revenue stream provides a stable
source of additional liquidity and partial funding for future projects. Recurring revenues are
comprised mainly of revenue from malls and hotels, which comprised 54% and 41% of recurring
revenue, respectively, in the year ended December 31, 2016. Our development income is derived from
sales of apartments, housing, SOHO, kiosks, offices and shophouses, which comprised 43%, 15%,
15%, 12%, 13% and 2% of total sales for the year ended December 31, 2016, respectively.

Our occupancy rates for our malls and hotels have been strong and stable in recent years. For the years
ended December 31, 2014, 2015 and 2016, our average mall occupancy rates were 85%, 85% and 85%,
and our average hotel occupancy rates for our hotels with three or more stars were 78%, 78% and 77%
across the same period.

We also have an extensive network of tenants who sign mostly long-term leases — with over 70% of
our leases being 4 to 5 years or longer. Our developments attract a high quality tenant profile. Given
the scale of our operations, we have established an extensive and diversified tenant base with more
than 500 leases across various segments of the retail market, ranging from department store chains
such as Sogo, Central and Debenhams, to hypermarket operators such as Transmart Carrefour and
Lotte Mart, to bookstore operators, Gramedia and TGA Bookstore and a large number of luxury
retailers, such as Gucci, Bottega Veneta, Salvatore Ferragamo, Balenciaga and Burberry. The scale
of our tenant network provides us with a strong pool of prospective tenants whom we can approach
for our future developments as they grow their businesses, and allow us to achieve revenue diversity.
It also enables us to manage our tenant mix to achieve higher yield from our properties. We believe
we have good ongoing relationships with the holders of the rights to distribute key global brands in
Indonesia, such as A/X Armani, Hugo Boss and Best Denki Electronics Store. Through our active mall
management and our leasing and marketing strategy, we believe we have been able to optimally
manage the tenant mix in our shopping malls to enhance their attractiveness and generate higher
shopper traffic. We believe that these factors have allowed us to maintain high occupancy levels for
our malls, therefore maximizing rental revenues.

Experienced management team with a successful track record

Our management team is led by executive officers who have an average of more than 15 years of
experience in the industry and have in-depth knowledge of all aspects of Indonesia’s real estate
market. All of our senior management and most of our professional staff have significant property
development and management experience in the real estate sector. Our reputation as a trusted and
reliable partner has attracted numerous enquiries from land-owners and other business partners
seeking to develop or enhance their properties in prime locations, several of which are now part of our
portfolio. We benefit from an experienced management team who have long proven track records in
managing, investing in and developing real estate properties in Indonesia, and particularly in Jakarta.
We have expanded our portfolio and have completed five superblock developments, nine commercial
and mixed use developments, 10 hotels, five apartments and four residential projects, which
demonstrates our management’s ability to successfully source, structure and execute acquisitions,
property developments, mall management and asset enhancements, on some occasions ahead of
schedule which we benefit from.

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Business Strategy

Replicate successful business model beyond Jakarta into rapidly growing cities

In addition to continuing to develop projects in Jakarta, we will also seek to expand into growth cities
such as Bandung, Bogor, Karawang, Bali, Medan, Balikpapan and Batam that are experiencing rapid
urbanization and industrialization and have expanding middle-income populations, which contribute
to an increase in demand for real estate developments in these cities. As a result of our
well-established reputation, we believe that we are well-positioned to develop properties of
appropriate size and scope in these cities with our continued focus on strong demand of the middle
income segment. We plan to continue our development of the superblock concept adapted to key
growth cities outside Jakarta, and look to improve margins with lower development cost projects in
these growth cities.

Grow recurring revenues with a continued focus on developing investment properties

We intend to continue to increase our proportion of recurring revenues. Recurring revenues, primarily
comprising rental and hotel revenues, were 26%, 27% and 27% of our total sales and revenues for the
years ended December 31, 2014, 2015 and 2016, respectively. Our recurring revenues are used to
further strengthen our market position in Indonesia and for opportunistic expansion. In addition to
obtaining debt financing, cash received from pre-sales of residential apartments and office areas
allows us to fund a portion of our construction requirements.

Evaluating projects carefully while maintaining prudent capital structure

We strive to continue to be financially stable and to possess the financial resources to capitalize on
market opportunities. We intend to maintain adequate capital reserves to fund the opportunistic
acquisition of development sites. We also intend to continue to diversify our financing arrangements
by assessing the capital and debt markets where appropriate. Our total debt to equity ratio as at
December 31, 2016 was approximately 0.65 times, which we believe is adequate for capitalization
purposes and future project investment. In addition, we continue to evaluate alternate forms of
financing, including potential joint venture partnerships, monetization of a part of our investment
properties portfolio, selling land as real estate prices rise in order to exploit favorable market
conditions and divesting assets into REITs.

Continue defensive expansion strategy by de-risking projects by funding developments through

pre-sales

We have historically sold, on average, at least 35% of our developments before ground-breaking in
order to increase liquidity and decrease third party funding requirements. Our pre-selling our
residential and office developments provides us with ongoing revenues for completing our
developments, which has allowed us historically to reduce on dependence on third party financing and
its associated costs. We currently have strong pre-sales for all of our developments being completed
in the near future.

Source land bank strategically considering appropriate holding period and return

We plan to continue to leverage the Company’s track record and expertise to source strategically
optimal land bank while avoiding land bank that will reduce our liquidity without commensurate and
timely returns. Based on our rate of land consumption during the last five years and our current
expansion plans, we believe that our current land bank will be sufficient to meet our anticipated
development needs for more than ten years. We regularly replenish utilized land from our land bank
by seeking to acquire land at a similar rate to that utilized, subject to price and suitability. In
identifying sites for our developments, we focus on locations with high barriers to entry for our
competitors, in close proximity to the city center or with convenient access to major roads and with
projected demographic growth. We occasionally seek to acquire land surrounding our existing

102
property developments to expand our developments. From time to time, we may consider selling land
as land prices rise to exploit favorable market conditions. On December 22, 2016, we entered into a
conditional sale and purchase agreement to sell 216 hectares of our land bank to PT CFCity Karawang
Real Estate Development, an unaffiliated third party. We expect to complete this sale in the second
quarter of 2017. We anticipate generating higher returns by recycling capital efficiently.

Land reclamation strategy

Land availability in Jakarta has become increasingly limited due to the rapid development in urban
areas in line with the increasing population growth. One of the solutions to overcome land shortage
is to create new land offshore, better known as reclamation.

The Company previously obtained reclamation permits for the development of two landbanks off the
north coast of Jakarta known as “Island G” and “Island I”, as well as a right to develop, operate and
manage a third reclamation project, known as “Island F”, from Jakpro. Islands G, I and F are expected
to be in the aggregate, approximately 550 hectares, once reclamation activities are complete. See
“Risk Factors — Development of our reclamation projects have been suspended due to administrative
sanctions and such projects are currently subject to ongoing litigation.”

The Pluit City Masterplan was designed by a world class consulting firm S.O.M (Skidmore, Ownings
& Merrill LLP) who also designed Sears Tower Chicago and Burj Khalifah in Dubai. The landscape
consulting firm was Martha Schwartz Partners and the construction consultant was Royal Haskoning.
With these world class consultants, the Company would like to generate a world-class reclamation
product where every detail comprehensively considers the regional ecology, socio-economic and
socio-cultural aspects.

History and Background

We are a member of the Agung Podomoro Group (“APG” or the “Group”). APG established its first
development in 1969 and completed construction of its first property development in 1973.

We were established on July 30, 2004 under the name PT Tiara Metropolitan Jaya. On August 2, 2010,
we changed our name to PT Agung Podomoro Land Tbk, and we were listed on the Indonesia Stock
Exchange on November 10, 2010.

The following timeline sets forth major events.

1969 — APG established its first development.

1973 — APG completed construction of its first housing complex in Simprung area, South
Jakarta. Trihatma K. Haliman became an assistant director of PT Agung Podomoro.

2004 — We were established under the name PT Tiara Metropolitan Jaya.

2006 — We commenced construction on our development Royal Mediterania Garden.

2007 — We commenced construction on our Central Park superblock, which includes Central
Park Mall, Central Park Residences, Central Park Offices and the Hotel at Central
Park. We also commenced construction of The Lavande apartments.

2008 — We commenced construction of Kuningan City superblock and the Gading Nias
Residences.

2009 — We commenced ground works for our Green Bay Pluit development and construction
of Gading Nias Emerald.

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2010 — As part of our corporate restructuring, we acquired interests in PT Brilliant Sakti
Persada (Festival CityLink), PT Kencana Unggul Sukses (Green Bay Pluit), PT
Manggala Gelora Perkasa (Senayan City), PT Citra Gemilang Nusantara (Lindeteves
Trade Center), PT Arah Sejahtera Abadi (Kuningan City) and PT Intersatria Budi
Karya Pratama (The Lavande).

— We changed our name from PT Tiara Metropolitan Jaya to PT Agung Podomoro Land
Tbk.

2011 — We acquired Emporium Pluit Mall, Soho Podomoro City, Metro Park and Vimala Hills
and launched the Pullman Jakarta Central Park and Kuningan City Mall.

2012 — We commenced development of Vimala Hills and acquired Sofitel Bali Nusa Dua,
Soho Pancoran, Parahyangan Residence, Orchard Park Batam and Plaza Balikpapan.

2013 — We acquired Pakubuwono Spring, Podomoro City Deli Medan, Harco Glodok and
launched Sofitel Bali Nusa Dua Beach Resort and Bay Walk Mall.

2014 — We acquired Plaza Kenari Mas.

2015 — We launched the Podomoro Golf View.

2016 — We completed the Parahyangan Residence and Metro Park Residence.

2017 — We launched the Indigo Hotel Bali Seminyak.

Our Developments

Our principal business activity is the sourcing of land and the development of large-scale residential,
retail and commercial properties for sale and lease in Jakarta, Greater Jakarta and in certain
fast-growing Indonesian cities. In developing our properties, we focus on location, population within
the area and projected demographic growth, competition for developments and opportunities for future
expansion and integration.

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Locations

The following map shows the location of our developments in Jakarta and throughout Indonesia as of
the date of this Offering Memorandum:

105
Developments under Construction

We have three superblock projects and several mixed use and residential projects in different stages
of development, each as set forth below.

Superblock Developments under Construction

Soho Podomoro City

The following is an artist’s impression of the Soho Podomoro development.

Soho Podomoro City is a mixed use development located in West Jakarta on 2.2 hectares of land,
nestled within the Podomoro City Superblock, consisting of the APL Office Tower, Garden Shopping
Arcade, Pullman Jakarta Central Park Hotel, apartments and Central Park Mall. Upon completion Soho
Podomoro City will contain:

• The Neo Soho Mall (“Neo Soho”), completed in 2016, which is an extension of the Central Park
Mall;

• SOHO, a residential development consisting of 618 lofts with a saleable area of 64,682 square
meters and targeted towards middle-high income households; and

• Soho Capital, a premium office tower with a saleable area of 43,435 square meters.

Marketing sales for SOHO and Soho Capital as of December 31, 2016 totaled Rp2.8 trillion (US$211.3
million). SOHO and Soho Capital are being transferred to buyers upon completion, with the first units
changing hands in December 2016. As of March 31, 2017, we had sold approximately 99% of the loft
units at SOHO and 92% of the offices at Soho Capital and leased approximately 76% of the net
leasable area of Neo Soho Mall. We estimate that the capital expenditure required for this development
through 2019 will be approximately Rp99.0 billion (US$7.4 million).

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Podomoro City Deli Medan

The following is an artist’s impression of the Podomoro City Deli Medan development.

Podomoro City Deli Medan (“PCDM”) is one of the first luxury superblock projects not only in
Medan, but throughout Sumatra. PCDM is located on Jalan Putri Hijau, a main thoroughfare in the
heart of the Medan business district and proximate to the main station for the Kualanamu International
Airport train. PCDM sits on 5.2 hectares and is based on the superblock concept of one stop living,
working, shopping and traveling.

PCDM was designed by an internationally renowned architecture firm, whose previous projects
include Marina Bay Singapore, the Dubai Mall and Esplanade — Theatres on the Bay, Singapore.

Upon completion, PCDM will contain 2,730 apartments, an office tower with a saleable area of 61,248
square meters and 79,181 square meters of leasable retail mall space. It is targeted at middle and
middle-high income households and its marketing sales as of December 31, 2016 totaled Rp2.9 trillion
(US$217.8 million). We expect construction of 93% of the apartments to be completed in 2018, with
the remainder of the development completed in 2019. As of March 31, 2017, we had sold
approximately 65% of the apartment units and 8% of the office space and leased approximately 11%
of the net leasable area in PCDM. We estimate that the capital expenditure required for this
development through 2019 will be approximately Rp2,612 billion (US$194.5 million).

Borneo Bay City

The following is an artist’s impression of the Borneo Bay City development.

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Borneo Bay City (“BBC”) is a residential complex using the superblock concept in Balikpapan, East
Kalimantan on 4.9 hectares of reclaimed land. BBC is built on the Balikpapan Bay and will have
access to public facilities such as schools, universities, hospitals, public transportation and is only a
few minutes’ drive from International Airport Sultan Aji Muhammad Sulaiman, Sepinggan.

Upon completion, BBC will contain 1,220 apartments across two towers, an integrated shopping mall
with 45,069 square meters of leasable retail and trade center space. In addition, BBC will include
recreational areas such as a nature park and beach club. The development is targeted at middle and
middle-high income households and tourists and its marketing sales as of December 31, 2016 totaled
Rp695 billion (US$51.7 million). As of March 31, 2017, we had sold approximately 55% of the
apartment units and had not entered into any leasing contracts for BBC. We expect construction of the
apartments to be completed in 2019, with the mall being completed in 2020. We estimate that the
capital expenditure required for this development through 2019 will be approximately Rp725.0 billion
(US$54.0 million).

Residential Developments under Construction

Grand Madison

The following is an artist’s impression of the Grand Madison development.

Grand Madison is a residential development located in Podomoro City, West Jakarta on 0.6 hectares
of land. Upon completion it will contain 330 apartments with a saleable area of 26,732 square meters.
It is targeted at middle income households and its marketing sales as of December 31, 2016 totaled
Rp400.0 billion (US$29.8 million). As of March 31, 2017, we had sold approximately 50% of the
apartment units at Grand Madison. We estimate that construction will be completed in 2018 and that
the remaining capital expenditure required for this development will be approximately Rp427.0 billion
(US$31.8 million).

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Pakubuwono Spring

The following is an artist’s impression of the Pakubuwono Spring development.

Pakubuwono Spring is a high-end residential development located in South Jakarta on 1.8 hectares of
land surrounded by a park and green area. It offers luxury housing with modern design and facilities
such as a heated swimming pool, sauna, spa, playground, restaurant, laundry services, library and sky
gym. Upon completion, it will contain 543 apartments in two towers with a saleable area of 80,364
square meters. It is targeted at high income households and its marketing sales as of December 31,
2016 totaled Rp2.0 trillion (US$146.5 million). As of March 31, 2017, we had sold approximately 58%
of the apartment units in Pakubuwono Spring. We estimate that construction will be completed in 2018
and that the remaining capital expenditure required for this development will be approximately
Rp1,262.0 billion (US$94.0 million).

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Podomoro Golf View

The following is an artist’s impression of the Podomoro Golf View development.

Podomoro Golf View (“PGV”) is a manifestation of our commitment to support the One Million
Houses Program, which was launched by the Government in 2015 in order to increase the supply of
affordable housing for the low-income population in Indonesia. PGV is located in Cimanggis, West
Java, which is considered a part of Greater Jakarta. The first phase of PGV will be on 24 hectares of
land, with a second phase planned to be developed on an additional 33 hectares. Upon completion, the
first phase of PGV will contain 17,324 apartments with a saleable area of 585,867 square meters, 172
shophouses with a saleable area of 40,750 square meters, 4,336 square meters of kiosks, 20,980 square
meters of land lots and 8,926 square meters of commercial area surrounded by three golf courses,
traversed by the Cikeas riverside. PGV will be located approximately 100 meters from the Cimanggis
exit of the Jagorawi toll road and offer affordable housing options for individuals commuting to
Jakarta.

PGV will include a full range of support facilities such as an Islamic center, schools, a satellite campus
of a leading private university, a commercial area with premium outlets, a street mall to sell local
Indonesian products and a natural concept culinary center at the Cikeas riverside.

As of December 31, 2016, PGV had recorded marketing sales of approximately Rp1.3 trillion
(US$96.6 million). As of March 31, 2017, we had sold approximately 19% of the apartment units, 81%
of the shophouse units, none of the kiosks and 100% of the land lots in Phase I of PGV. We estimate
that the capital expenditure required for this development through 2019 will be approximately
Rp1,909.0 billion (US$142.2 million).

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Grand Taruma

The following is an artist’s impression of the Grand Taruma development.

Grand Taruma is a residential housing development located in Karawang, West Java on 45.9 hectares
of land with direct access to the Jakarta — Cikampek toll road. Grand Taruma is intended to fulfill
the increasing demand for houses as a result of the growth of industrial factories in Karawang. Upon
completion, it will contain 1,182 houses with 187,691 square meters of saleable land and 116,031
square meters of saleable building area, 242 shophouses with 19,747 square meters of saleable land
and 55,165 square meters of saleable building area and 4,762 square meters of commercial area. Grand
Taruma is targeted at middle income households, and its marketing sales as of December 31, 2016
totaled Rp1.4 trillion (US$102.5 million). As of March 31, 2017, we had sold approximately 92% of
the housing units and 97% of the shophouse units and leased 68% of the net leasable area at Grand
Taruma. We expect that construction will be completed in late 2017 and that the remaining capital
expenditure required for this development will be approximately Rp38.0 billion (US$2.8 million).

Vimala Hills

The following is an artist’s impression of the Vimala Hills development.

The Vimala Hills is a hotel and resort development located 80 meters from the Ciawi/Gadog exit of
the Jagorawi toll road in Puncak, West Java on 91 hectares of land. Upon completion, the complex will
comprise 613 villas with a saleable area of 271,079 square meters of saleable land and 113,039 square
meters of saleable building, a Pullman brand hotel with 229 rooms and two towers of 512 condotel
rooms with a saleable area of 28,612 square meters. The development is targeted at middle-high and
high income households. We estimate that construction of the hotel will be completed in 2018, with
the villas and condotels being completed in 2019 and 2020, respectively. As of March 31, 2017, we

111
had sold approximately 80% of the villa units and 5% of the condotel units in Vimala Hills and our
marketing sales amounted to Rp1.5 trillion (US$113.1 million). We estimate that the capital
expenditure required for this development through 2019 will be approximately Rp1,133.0 billion
(US$84.4 million).

Orchard Park

The following is an artist’s impression of the Orchard Park development.

The Orchard Park development is located in Batam, Riau Islands on 40.8 hectares of land. Once
completed, Orchard Park will be supported by modern infrastructure such as underground power lines,
street lighting systems with solar panels, security gates and other luxury amenities. With convenient
transportation links between Batam and Singapore, Orchard Park Batam is targeted towards
Indonesian professionals conducting business in Singapore.

Upon completion, Orchard Park will contain 114 apartments with a saleable area of 3,685 square
meters, 1,120 houses with 179,165 square meters of saleable land and 145,954 square meters of
saleable building area, 149 shophouses with 12,628 square meters of saleable land and 34,398 square
meters of saleable building area, and 12,086 square meters of retail space consisting primarily of food
and beverage outlets for lease. It is targeted at middle and middle-high income households and its
marketing sales as of December 31, 2016 totaled Rp1.4 trillion (US$104.5 million). As of March 31,
2017, we had sold approximately 66% of the housing units, 86% of the shophouse units and none of
the apartments in Orchard Park. We estimate that construction of the commercial areas and shophouses
will be completed in 2018 and that the houses will be completed on a rolling basis from 2017 until
2020. We estimate that the capital expenditure required for this development through 2019 will be
approximately Rp721.0 billion (US$53.7 million).

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Mixed Use Developments under Construction

Soho Pancoran

The following is an artist’s impression of the Soho Pancoran development.

The Soho Pancoran is conveniently located at the intersection of two main thoroughfares in South
Jakarta on 0.78 hectares of land. Upon completion, it will contain 346 SOHO/lofts with a saleable area
of 35,911 square meters, which offer multifunctional spaces that can serve as both an office and a
comfortable living space, and 5,394 square meters of food and beverage and other commercial outlets
for lease designed to meet the needs of the residents. It is targeted at middle-high income households,
and related marketing sales as of December 31, 2016 totaled Rp677 billion (US$50.4 million). As of
March 31, 2017, we had sold approximately 66% of the loft units and leased approximately 28% of
the net leasable area at Soho Pancoran. We estimate that construction will be completed in the second
half of 2017 and that the remaining capital expenditure required for this development will be
approximately Rp118.0 billion (US$8.8 million).

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Harco Glodok

The following is an artist’s impression of the Harco Glodok development.

The Harco Glodok development is a modern, integrated shopping center located in the trade and
business center of Glodok, West Jakarta on 0.9 hectares of land. Upon completion, it will contain 144
apartments with a saleable area of 4,769 square meters, located above a trade mall with 17,880 square
meters of kiosks available for sale. The apartments are targeted at middle to middle-high income
households, and in particular, the kiosk owners in the trade mall. Marketing sales as of December 31,
2016 totaled Rp1.2 trillion (US$90.6 million). As of March 31, 2017, we had sold approximately 34%
of the kiosk units and none of the apartments at Harco Glodok. We expect that construction will be
completed in late 2017 and that the remaining capital expenditure required for this development will
be approximately Rp298.0 billion (US$22.1 million).

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Hotels under Construction

In addition to the Pullman hotel being developed at our Vimala Hills development, we are developing
a standalone hotel property in Bali as described below.

Indigo Hotel Bali Seminyak

The following is a photograph of the Indigo Hotel Bali Seminyak:

The Indigo Hotel Bali Seminyak is the first five-star hotel in Indonesia under the “Indigo” brand by
Intercontinental Hotels Group, who will manage operations. The hotel is located in Seminyak, one of
the destination beaches in Bali, and sits on 4.5 hectares of land. Upon completion it will contain 270
rooms and 19 villas targeted at high income tourists. We expect to commence operations in late 2017.
We estimate that the capital expenditure required for this development through 2019 will be
approximately Rp339.0 billion (US$25.2 million).

Investment Properties

As part of our strategy to grow our recurring revenues, we selectively retain a substantial portion of
the retail and commercial portions of our developments to generate recurring revenues as we expand
our real estate portfolio. We believe this facilitates the potential capital appreciation of our properties
while reducing the volatility of our income while providing cash flow to support our construction
requirements. As part of our strategy to maintain prudent capital structure, we may from time to time
consider monetization of a part of our investment properties portfolio through joint venture
partnerships, outright sale or divestment of assets in to REITs.

Central Park

The Central Park Mall and office buildings are located within the Podomoro City Superblock which
consists of the Central Park superblock development, the Garden Shopping Arcade (a mixed use
residential and commercial block), and the Royal Mediterania Garden and Mediterania Garden
Residences 2.

Central Park opens onto an approximately 15,000 square meter green area and outdoor entertainment
space known as Tribeca Park which connects the mall, residences, office tower and hotel to the
24-hour restaurant and café buildings, Garden Shopping Arcade, and the other residential towers in
Podomoro City. Approximately 20% of the Podomoro City development has been set aside for “green”
areas.

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Central Park — Mall

Year Construction Began ......... . . . 2007

Year of Completion . . . . ......... . . . 2009
Year Opened . . . . . . . . . ......... . . . 2009
Gross Floor Area (sqm) ......... . . . 188,077
Net Leasable Area (sqm) ......... . . . 127,240 (includes Tribeca Park)
Occupancy Rate . . . . . . . ......... . . . 95%
Average Rental Rates (in thousands) . . . Rp227/sqm/month
Tenants . . . . . . . . . . . . . ......... . . . Sogo, Transmart-Carrefour, Gramedia, Best Denki, CGV,
ACE Hardware, Informa, Hongkong Café, Penang Bistro,
Urban Kitchen, Inul Vizta, FunWorld, Zara, Mango,
Guess, Marks & Spencer, Topshop, Celebrity Fitness,
H&M and Old Navy

Pullman Jakarta Central Park — Hotel

Year Construction Began . . . . . . . . . . . . 2007

Year of Completion . . . . . . . . . . . . . . . . 2012
No. of Rooms . . . . . . . . . . . . . . . . . . . . 317 rooms
Managed by . . . . . . . . . . . . . . . . . . . . . . Accor Hotels

Central Park Mall

Opened in September 2009, the Central Park Mall is targeted at middle-income consumers. The units
within Central Park Mall are for lease only. Central Park’s Sogo department store, which opened in
August 2010, occupies approximately 23,404 square meters of the mall over four floors, and is the
largest Sogo store in Indonesia. Located on the basement floor, the Transmart-Carrefour hypermarket
leases approximately 10,040 square meters on a 20 year lease, and has already become one of the top
ten Transmart-Carrefour hypermarkets by sales in Indonesia. The CGV cinema complex consists of
two mega-screens and eight smaller screens, and is the second largest CGV in Indonesia. The
Gramedia bookstore in Central Park Mall serves both the mall shoppers and university students who
attend the one of the four university campuses located nearby.

The table below describes the retail product mix offered by our retailers in the Central Park Mall as
of December 31, 2016.

Leased Area
(as percentage
Product Type of total (%))

Food and Beverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Fashion and Accessories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Home Furnishing and Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Supermarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Children Wear and Toys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

116
Pullman Jakarta Central Park Hotel

The Pullman Jakarta Central Park Hotel is a 317-room 5 star hotel located within our Central Park
development. The hotel opened in mid-2011 and is managed by Accor Group under its five-star
“Pullman” brand and was the first Pullman brand hotel in Jakarta. TAAPC (Thailand) Ltd., also
provides technical consultation services to us in connection with the management of the hotel.

On February 23, 2017, we entered into a binding investment agreement with a REIT manager to divest
Pullman Jakarta Central Park. We expect to close the transaction in the second quarter of 2017.

Neo Soho

Neo Soho — Mall

Year Construction Began . . . . . . . . . . . . 2012

Year of Completion . . . . . . . . . . . . . . . . 2016
Year Opened . . . . . . . . . . . . . . . . . . . . . 2016
Gross Floor Area (sqm) . . . . . . . . . . . . 71,655
Net Leasable Area (sqm) . . . . . . . . . . . . 43,757
Occupancy Rate . . . . . . . . . . . . . . . . . . . 75%
Tenants . . . . . . . . . . . . . . . . . . . . . . . . . Central Department Store, Jakarta Aquarium, Chipmunk,
Adidas Original, OpenKitchen, Shaburi, Imperial
Lamien, Gyukaku, CoCo Ichibanya, Pablo Cheesetart and
Bornga
Average Rental rate (in thousands):
— Anchor tenants . . . . . . . . . . . . . . . . Rp136/sqm/month
— Mini-anchor tenants . . . . . . . . . . . . Rp198/sqm/month
— Specialty retailers . . . . . . . . . . . . . Rp539/sqm/month

Neo Soho is a mall targeted at high income consumers. Anchor tenants in the mall include a Central
Department Store, which occupies 18,156 square meters over 6 floors on a 20-year lease, and the
Jakarta Aquarium, which occupies 7,206 square meters over two floors on a 20-year lease. Other units
in the mall are leased to tenants on five-year leases, and include global brands such as Adidas Original,
Bornga, CoCo Ichibanya and Pablo Cheesetart. Neo Soho also includes an all-day dining court named
Open Kitchen.

The table below describes the retail product mix offered by our retailers in Neo Soho as of December
31, 2016.

Leased Area
(as percentage
Product Type of total (%))

Food and Beverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9

Fashion and Accessories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Home Furnishing and Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Supermarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Children Wear and Toys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

117
Emporium

The Emporium is a mall located at CBD Pluit with 63,242 square meters of retail space. The mall is
mainly targeted at middle to middle high income households. Anchor tenants in the mall include Sogo
and Carrefour which occupy 26,070 square meters on 20 & 25-year leases, respectively. Other units
in the mall are leased to tenants on five-year leases, and include brands such as Cinema XXI,
Gramedia and H&M.

The table below describes the retail product mix offered by our retailers in the Emporium as of
December 31, 2016.

Leased Area
(as percentage
Product Type of total (%))

Food and Beverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14

Fashion and Accessories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Home Furnishing and Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
Supermarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 16
Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Children Wear and Toys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Kuningan City

Kuningan City — Mall Kuningan City — Office — The Oval

Year Construction Began . . 2008 Year Construction Began . . 2008

Year of Completion . . . . . . 2011 Year of Completion . . . . . . 2012
Year of Opening . . . . . . . . 2011 Year of Opening . . . . . . . . 2013
Gross Floor Area (sqm). . . 86,533 Gross Floor Area (sqm). . . 69,736
Parking Area (sqm) . . . . . . 89,742 Parking Area (sqm) . . . . . . 23,352
Net Leasable Area (sqm) . . 55,881 Net Saleable Area (sqm) . . 31,921
Levels . . . . . . . . . . . . . . . . 6 levels Net Leasable Area (sqm) . . 29,070
Occupancy Rate . . . . . . . . 60% Levels . . . . . . . . . . . . . . . . 34 levels
Tenants . . . . . . . . . . . . . . . Lotte Mart, Cinema Average Rental Rate (in
XXI thousands). . . . . . . . . . . . . Rp180/sqm/month
Average Rental Rates (in
thousands) . . . . . . . . . . Rp190/sqm/month

Kuningan City is located in the Central Business District of Jakarta. The Kuningan City superblock
includes an six-floor shopping mall, two residential towers and a premium office tower and is located
in an area designated as a one of the premier shopping belts in Jakarta, with a plan to emulate locations
such as Orchard Road in Singapore.

Kuningan City Mall

Kuningan City Mall is targeted at middle to upper-middle income consumers. As at December 31,
2016, tenants include Lotte Mart, Exodus, Ace Hardware, Pure Health & Fitness, VFS Service
Indonesia and Cinema XXI who have signed leases as anchor tenants.

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The table below describes the retail product mix offered by our retailers in the Kuningan City Mall
as of December 31, 2016.

Leased Area
(as percentage
Product Type of total (%))

Food and Beverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23

Fashion and Accessories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Home Furnishing and Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Supermarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17
Children Wear and Toys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Kuningan City Offices — The Oval

Known as “The Oval”, the 34-floor office tower at Kuningan City was designed by principal architect
DP Architects Pte. Ltd. of Singapore, and has an iconic oval shape. The grade-A office space in the
tower is targeted at high-end corporations seeking a premium location. Currently, PT AXA Services
Indonesia (“AXA”) rents approximately 15,860 square meters of The Oval office tower.

Green Bay Pluit

Baywalk Mall

Year Construction Began . . . . . . . . . . . . 2010

Year of Completion . . . . . . . . . . . . . . . . 2013
Year of Opening. . . . . . . . . . . . . . . . . . . 2013
Gross Floor Area (sqm) . . . . . . . . . . . . . 124,923
Net Leasable Area (sqm) . . . . . . . . . . . . 53,279
Levels . . . . . . . . . . . . . . . . . . . . . . . . . . 6 levels

Green Bay Pluit

Situated on the waterfront in North Jakarta, Green Bay Pluit includes the Baywall Mall, a kiosk center
and 12 residential tower blocks, together with a botanical park of more than 30,000 square meters.
Approximately 30% of the land area at Green Bay Pluit is used for greenspace.

The Baywalk Mall is a waterfront-facing shopping mall next to four high-rise strata-title residential
towers targeted at middle to middle-high income households. The Baywalk Mall has 53,279 square
meters of retail space and is targeted at middle to middle high income households. Anchor tenants in
the mall include Ace Hardware and Informa which occupy 12,595 square meters on a five-year leases.
Other units in the mall are leased to tenants on five-year leases, and include brands such as Farmers,
Gramedia and Bandar Djakarta.

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The table below describes the retail product mix offered by our retailers in the Baywalk Mall as of
December 31, 2016.

Leased Area
(as percentage
Product Type of total (%))

Food and Beverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Fashion and Accessories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Home Furnishing and Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 30
Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 0
Supermarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Children Wear and Toys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 11
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Festival City

Harris Hotel Festival City Bandung — Hotel &

Festival CityLink — Mall Convention Centre

Year Construction Began . . 2010 Year Construction Began . . 2010

Year of Completion . . . . . . 2011 Year of Completion . . . . . . 2011
Year of Opening . . . . . . . . 2011 No of Rooms . . . . . . . . . . 180 Rooms
Gross Floor Area (sqm). . . 74,705 Managed by . . . . . . . . . . . PT Tauzia
Net Leasable Area (sqm) . . 51,469 International
Levels . . . . . . . . . . . . . . . . 6 levels Management
Occupancy Rate . . . . . . . . 96%
Average Rental Rates
(in thousands)
- Anchor tenants . . . . . . . . Rp80/sqm/month
- Mini-anchor tenants . . . . Rp55/sqm/month
- Specialty retailers . . . . . . Rp220/sqm/month

POP Festival CityLink — Hotel

Year Construction Began . . 2010

Year of Completion . . . . . . 2011
No of Rooms . . . . . . . . . . 175
Managed by . . . . . . . . . . . PT Tauzia
International
Management

Located on over 150,000 square meters of land in Bandung, Festival CityLink is a mixed use
development including a retail shopping mall, residential block, hotel, outdoor shopping arcade and
a convention center.

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Festival CityLink Mall

The Festival CityLink Mall is a mall located at Jl. Peta 241 Bandung with 51,469 square meters of
retail space and is primarily targeted at middle to middle high income households. Anchor tenants in
the mall include Ace Hardware, Lotte Mart, Toys Kingdom, Electronic Solution, Home Solution,
Matahari Department Store, Game Master, Hellios Fitness Center, Naf Karaoke and Cinema XXI
which occupy 26,740 square meters on a five to ten-year leases. Other units in the mall are leased to
tenants on 5 year leases, and include brands such as Giordano, Hush Puppies, Sport Station, BodyShop
and many more. The Festival CityLink Mall also includes two hotels and a convention center. Harris
Hotel, which has 180 rooms and POP Hotel, with 175 rooms. The convention center has 11 meeting
rooms with a total gross area 7,108 square meters. Both hotels and the convention center are operated
and managed by PT Tauzia International.

The table below describes the retail product mix offered by our retailers in the Festival CityLink Mall
as of December 31, 2016.

Leased Area
(as percentage
Product Type of total (%))

Food and Beverage . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 18

Fashion and Accessories. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Home Furnishing and Hardware . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
Department Stores . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Supermarkets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Entertainment. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
Children Wear and Toys . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Electronics . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
Bookstore . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Others . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100

Harris Hotel Festival City Bandung and POP Festival CityLink

Festival CityLink also includes Harris Hotel Festival City Bandung, a 180 room four-star hotel and
a convention center and POP Festival CityLink, a 175 room two-star hotel. Both hotels are operated
and managed by PT Tauzia International Management.

Sofitel Bali Nusa Dua

The 415-room 5 star hotel at Nusa Dua, a destination beach in Bali, is managed by Accor Group under
its “Sofitel” brand. Construction began in 2011 and was completed in 2013. For the year ended
December 31, 2016, the occupancy rate at Sofitel Bali Nusa Dua was 74%.

Other Malls

We also own and operate several others malls in as set out in the table below.

Grand Taruma
Location Plaza Balikpapan Soho Pancoran Foodmall

Year Construction Began ......... . . . 2008 2013 2011

Year of Completion . . . . ......... . . . 2009 2017 2014
Year of Opening. . . . . . . ......... . . . 2009 2017 2014
Net Leasable (sqm) . . . . ......... . . . 28,416 5,394 4,762
Occupancy Rate . . . . . . . ......... . . . 70% 28% 72%
Average Rental Rates (in thousands)
- Anchor Tenants . . . . . . ......... . . . Rp120/sqm/month — —
- Mini-Anchor Tenants . . ......... . . . Rp150/sqm/month Rp160/sqm/month Rp52/sqm/month
- Specialty Retailers. . . . ......... . . . Rp370/sqm/month Rp412/sqm/month Rp110/sqm/month

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Other Hotels

In addition to the hotels we own in connection with our developments mentioned above, we own or
are in development of the standalone hotels as set out in the table below.

Fave Hotel LTC Hotel BnB

Location Glodok-Jakarta @ Kelapa Gading Amaris Thamrin City

Year Construction Began . . . . . . . . . . . . 2013 2012 2011

Year of Completion . . . . . . . . . . . . . . . . 2014 2013 2012
Year of Opening. . . . . . . . . . . . . . . . . . . 2014 2013 2012
No of Rooms . . . . . . . . . . . . . . . . . . . . . 203 171 197
Managed by . . . . . . . . . . . . . . . . . . . . . . Archipelago Panorama Amaris
International
No of Stars . . . . . . . . . . . . . . . . . . . . . . 2 2 2

Development Plans

Pluit City

The following is an artist’s impression of the Pluit City development.

The Pluit City development is intended to operate as an independent city and will feature landed
houses, shophouses and high rise buildings for residential and office use. In addition to social and
public facilities such as schools and a water treatment facility, Pluit City will also include houses of
worship such as mosques, temples, and Catholic and Protestant churches and recreational areas, such
an a beach and pedestrian bridge to Jakarta.

Upon completion, Pluit City will contain 19,613 apartments, 1,310 shophouses, 817 houses and 90,697
square meters of commercial retail area for lease. It is targeted at middle-high and high income
households and we estimate that construction of the houses and commercial area will be completed in
2022, with the completion of the shophouses in 2023 and the apartments in 2031. See “Risk Factors
— Development of our reclamation projects have been suspended due to administrative sanctions and
such projects are currently subject to ongoing litigation.”

Construction and Development of our Projects

We source land for our developments either through negotiated agreements arising from the results of
our own business development team’s research, through the introduction or request of land-holders
and other property developers who wish to partner with us to develop their properties or through
introductions from our shareholders and affiliates. We undertake detailed feasibility studies of all
potential property developments we consider, including research into the current and potential future

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demographics of the location, issues relating to the ownership of the relevant land, licensing and
permitting requirements, municipal zoning restrictions and city planning information, and a review of
competing or potentially competing properties. Some aspects of our feasibility studies are undertaken
by other members of the Group.

Our management team decide the appropriate nature and mix of the project to be developed, such as
landed residences, high-rise residential apartments, low-rise commercial buildings, office towers, or
a combination of developments, or in certain circumstances, a superblock project.

We then typically engage a third party surveyor to review the content and assumptions made in our
feasibility study and to conduct a market survey to ascertain potential demand for a proposed project.

A decision is then made whether to proceed with the development. We then engage a property
consultant, architects and a design team we consider best suited to the project under consideration. We
use both domestic and international architects for our projects. Factors involved in the choice of
architect and designers include the size and nature of the development. In the case of superblock
developments, we typically use internationally renowned architectural firms, including DP Architects
Pte. Ltd. of Singapore and Skidmore, Ownings & Merrill LLP.

Once a project enters the construction phase, a dedicated team is appointed to manage the day to day
aspects of the development, including appointing a chief executive officer, chief operating officer,
project director, project manager, marketing manager and appropriate staff. Each project team is
responsible for coordinating the progress of the project with our management.

Typically, construction work of our projects is sourced by way of limited tender to at least three
general contractors with relevant experience of similar projects. We do not have an affiliated
construction company or any formal arrangements with any general contractors operating in
Indonesia. However, we have generally engaged the larger general contractors in Indonesia, such as
PT. Total Bangun Persada, PT Totalindo Eka Persada and PT Nusa Raya Cipta for our projects. We
maintain a dedicated procurement team that is responsible for controlling our tendering processes.

We typically enter into fixed price contracts for the construction of our projects. We usually acquire
major raw materials like cement and steel directly from our suppliers, while our contractors procure
the remaining raw materials for the construction of our projects. In certain cases we may have to bear
additional costs to account for volatility in the price of materials.

Sales and Leasing

We primarily develop our properties on a strata-title basis, with the majority of residential and office
space in our properties sold to customers. Pre-selling of our residential and office developments
typically provides us with ongoing revenues for completing our developments, which has allowed us
historically to reduce on dependence on third party financing and its associated costs.

We employ a strategy of pre-selling such developments prior to, or in the early stages of construction.
Purchasers of our apartments, offices and kiosks may pay the full purchase price at the time of sale
or may elect to pay only a portion of the purchase price at the time of sale, typically 10.0% to 20.0%,
respectively, depending on the stage of completion, and pay the remaining balance in installments.

During pre-sale periods, we offer more favorable or discounted pricing and installment payment
options. Approximately 20.0% of the purchase price is required as a down-payment for existing
properties. The length of installment plans offered to consumers is adjusted to reflect competitors’
pricing plans, market conditions and our expected completion date for the property. We expect to
continue to take advantage of installment sales arrangements due to the relatively limited amount of
bank financing available in Indonesia and associated high administration costs.

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We retain title to all property purchased on an installment basis until the purchase price has been paid
in full. If the installment purchaser does not meet its payment obligations, we are, pursuant to our
standard sale and purchase contract, entitled to cancel the sales contract and re-sell the property
without undertaking foreclosure proceedings. We typically retain up to 50.0% of any payments made
prior to default. We historically have not experienced significant defaults by installment purchasers.
Our favorable default history reflects the risk of forfeiture to purchasers and is a strong incentive for
installment purchasers to avoid default under sales contracts. There can, however, be no assurance that
this trend will continue in the future.

We primarily develop and operate our retail properties on a leasehold basis. Leasing in our retail
properties enables us to control our tenant mix and maintain a diversified and balanced composition
of anchor retailers and specialty stores. We can therefore exert some control over retail quality mix
and operating parameters including opening hours in our retail developments. Developing commercial
properties on a leasehold basis has also enabled us to increase our recurring revenues. As of December
31, 2016, 83% of retail space in our properties was leased. We typically commence marketing and
preleasing of our retail developments prior to the start of construction, in order to secure appropriate
anchor and specialty tenants for the new developments.

The majority of leases for our retail properties are on a long-term basis of five years or more with
leases for our anchor tenants typically on a 10 year basis, with an option to renew for a further term.
See “Management’s Discussion and Analysis of Financial Condition and Results of Operations —
Factors Affecting Our Business and Results of Operations — Revenues.”

Marketing and Pricing

Our internal leasing and sales department is responsible for determining appropriate advertising and
leasing and sales plans for each development and planning and organizing efficient and orderly
presentations, conducting market research, designing pricing strategies, collecting customer data and
comments and preparing feasibility studies based on market analysis.

To highlight our new developments, we regularly engage in promotional activities, including

advertising in newspapers and on radio and by arranging promotional events. In 2015 and 2016, selling
expenses were 6.7% and 4.9%, respectively, of our total sales and revenues. Typically, our selling
expenses for a development increase over its life time, as new customers need to be continually
attracted to each of the developments.

To market our properties, we also utilize unrelated third party property brokers, real estate agents and
external consultants. We conduct marketing activities targeted across all consumer segments in the
major cities in Indonesia.

Our property prices are initially set based on a number of criteria, including property location, target
market, size of the property being leased or sold, facilities provided and general market conditions in
effect at the time of pricing. We regularly engage international and domestic third party consultants
to evaluate our marketing and pricing strategies.

Land Bank

As of December 31, 2016, our total land bank available for development of residential, retail and
commercial properties was approximately 880 hectares, which was located in Jakarta, Bogor,
Karawang, Bali, Makassar, Balikpapan, Batam and Medan. On December 22, 2016, we entered into a
conditional sale and purchase agreement to sell 216 hectares of our land bank to PT CFCity Karawang
Real Estate Development, an unaffiliated third party. We expect to complete this sale in the second
quarter of 2017.

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Based on our rate of land consumption during the last five years and our current expansion plans, we
believe that our current land bank will be sufficient to meet our anticipated development needs for
more than ten years. We regularly replenish utilized land from our land bank by seeking to acquire
land at a similar rate to that utilized, subject to price and suitability.

In identifying sites for our developments, we focus on locations with high barriers to entry for our
competitors, in close proximity to the city center or with convenient access to major roads and with
projected demographic growth. We occasionally seek to acquire land surrounding our existing
property developments to expand our developments.

The following table provides information regarding our land bank (including land currently being
developed and inventory) as of December 31, 2016:

Location Land bank

(ha)
Jakarta . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
Greater Jakarta. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 148
West Java (1) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 635
Makassar . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Bandang. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3
Bali . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Batam . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 41
Medan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Balikpapan . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 880

Note:

(1) On December 22, 2016, we entered into a conditional sale and purchase agreement to sell 216 hectares of our land bank
to PT CFCity Karawang Real Estate Development, an unaffiliated third party. We expect to complete this sale in the
second quarter of 2017.

Our Awards

We have received several property development and property marketing related awards in Indonesia
in recent years. Podomoro City development won “The Green Era Award for Sustainability” from
Association Otherways, “Well Integrated Office Project” from Properti Indonesia Magazine in 2016,
“Best Retail Architectural Design” from Property Report in 2015, “International Star for Leadership
in Quality Award” from ISLQ International, and “New Hotel Construction & Design — Indonesia”
from The International Hotel Awards. Property and Bank Magazine awarded APG the “Best
Affordable Mixed Use Project Near LRT Facility” for the Podomoro Golf View development in 2016.
The Sofitel Bali Nusa Dua hotel won the title “Luxury Family Hotel” in the World Luxury Hotel
Awards 2016.

Competition

The property development industry is very fragmented in Indonesia, with many small regional
competitors. In addition to smaller regional competitors, we face competition from established
property developers, including, in relation to superblock developments and residential property
developments, PT Ciputra Property Tbk., Sinarmas Land and PT Pakuwon Jati Tbk., and in relation

125
to residential property developments, PT Lippo Karawaci Tbk. We primarily compete on the location
of our developments, facilities and supporting infrastructure provided, services available and pricing.
We believe that our development concepts, reputation, proven track-record and experience give us a
significant competitive edge in the property development business in Indonesia.

Material Licenses

The material licenses we have obtained in connection with our developments include a license to
operate shopping centers (“IUPP”), a tourism business license (Tanda Daftar Usaha Pariwisata) and
a trading business license (Surat Ijin Usaha Perdagangan or “SIUP”), reclamation commencement
permits (Izin Pelaksanaan Reklamasi) as well as location permits necessary to buy, clear and develop
land, licenses to build our developments and to meet environmental compliance requirements. We
believe that we have obtained the material licenses necessary for the operation of our business, other
than (i) land utilization permit (Surat Izin Penunjukan Penggunaan Tanah) of the Company and PT
Buana Surya Makmur, (ii) Certificate of Proper Function (Sertifikat Laik Fungsi) of the Company and
(iii) SIUP of PT Tiara Metropolitan Indah which is currently in an extension process. We have also
obtained regional government permits necessary to allow for operation of our properties. See “Risk
Factors — Development of our reclamation projects have been suspended due to administrative
sanctions and such projects are currently subject to ongoing litigation.”

Environmental Considerations

The Environmental Ministry regulates our compliance with environmental laws and regulations. We
pay close attention to environmental issues surrounding the location and construction of each of our
developments, for which we must commission an environmental impact analysis (AMDAL) and
construction permits (IMB), see “Regulation of the Indonesian Property Development Industry —
Regulation on the Development and Use of Land.” We believe we are in compliance in all material
respects with applicable environmental laws and regulations in Indonesia. See “Risk Factors —
Development of our reclamation projects have been suspended due to administrative sanctions and
such projects are currently subject to ongoing litigation.”

Employees

As at December 31, 2016, we had 1,945 direct employees. We provide significant internal and external
training programs for our employees and the employees of our subsidiaries.

We believe our relationship with our employees to be strong and in full compliance with government
labor laws. We are not aware of any pending or threatened labor disputes. We seek to minimize staff
turnover.

Intellectual Property

We use a number of trademarks in our business. Substantially all of our material trademarks are
currently held by our subsidiaries who own our various projects. In addition, the Company owns eight
trademarks and is in process of registering 13 additional trademarks. Some of our material trademarks,
such as “Back to the City,” “Podomoro City” and “Central Park” are registered in the name of our
shareholder, Trihatma K. Haliman. We have a non-exclusive license to use all of these trademarks,
pursuant to license agreements dated December 10, 2004 and May 22, 2007. These license agreements
are valid for periods of five years and renew automatically on the same terms. Trihatma K. Haliman
also owns the copyright to our Agung Podomoro Group logo. We have a non-exclusive license to use
this logo pursuant to license agreements dated July 21, 2010. We cannot assure you that our licenses
to use these trademarks and copyrights will be extended or renewed and, if so, on the same terms and
conditions. See “Risk Factors — Risks Related to Our Business — Our inability to protect our
intellectual property rights or our infringement on the property rights of others could adversely affect
our business.”

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Legal Proceedings

From time to time, we are involved in legal proceedings concerning matters arising in connection with
the conduct of our business. Some lawsuits challenge actions taken by us or our title to land purchased
or to be developed by us.

Currently, there are 14 legal proceedings that are currently in dispute, related to, among others, alleged
encroachment on property rights and the termination of one of our standard sale and purchase contract
between Company and one of our customers respectively, which are further described in Note 46 to
our consolidated financial statements. These cases have had no negative impact on any of our
developments to date. In addition, MWS and JKP, our subsidiaries, are currently involved in
proceedings relating to reclamation permits for the development of landbanks off the northern coast
of Jakarta. See “Risk Factors — Development of our reclamation projects have been suspended due
to administrative sanctions and such projects are currently subject to ongoing litigation.”

Insurance

We believe that our properties are covered by customary property and casualty insurance provided by
reputable companies and with commercially reasonably terms, including policies covering property
all-risk, contractors’ all-risk, public liability, earthquake, terrorism and sabotage, and business
interruption, as well as machinery insurance. It is not customary in Indonesia to maintain, and we do
not maintain, title insurance with respect to our properties.

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 DESCRIPTION OF MATERIAL INDEBTEDNESS

We have raised debt financing and have entered into certain demand loans, installment loans, special
transaction loans, working capital loans and revolving term loans. The following summary of the
principal terms of our material indebtedness may not contain all of the information that may be
important to you. You should read the notes to our consolidated financial statements for additional
information about our indebtedness and the indebtedness of our subsidiaries.

Original
Principal Amount Outstanding as
Description of Indebtedness Borrower Lender Amount Maturity of December 31, 2016

Rp US$
(Rp in (US$ in
billions) millions)
Credit Facility . . . . . . . . . . Parent Maybank Rp875.0 billion August 15, 865.3 64.4
Guarantor 2023
Financing Facility . . . . . . . . PT Cipta Maybank Rp200.0 billion June 10, 2021 92.0 6.8
Pesona Karya
(“CPKA”)
Credit Facility . . . . . . . . . . PT Sentral Maybank Rp24.0 billion September 22, 10.5 0.8
Agung Indah 2019
(“SAI”)
Credit Facility . . . . . . . . . . PT Griya Maybank Rp290.0 billion September 26, 256.0 19.1
Pancaloka 2020
(“GPL”)
CIMB Niaga Rp290.0 billion September 26, 260.0 19.4
2020
Term Loan . . . . . . . . . . . . PT Pluit Bank CIMB Rp116.0 billion January 15, 24.1 1.8
Propertindo Niaga 2018
(“PP”)
Bank Permata Rp174.0 billion March 18, 72.0 5.4
2018
Credit Agreement . . . . . . . . PT Bali Bank Negara Rp597.6 billion April 1, 2024 464.9 34.6
Perkasasukses Indonesia
(“BPS”)
Long-term Loan . . . . . . . . . PT Brilliant Bank Pan Rp300.0 billion December 31, 246.4 18.3
Sakti Persada Indonesia Rp40.0 billion 2020
(“BSP”)
Credit Facility . . . . . . . . . . PT Wahana Bank CIMB Rp190.0 billion December 28, 198.6 14.8
Sentra Sejati Niaga 2018
(“WSS”) Rp350.0 billion June 30, 2021
Credit Facility . . . . . . . . . . PT Kencana Bank Rp200.0 billion September 27, 150.5 11.2
Unggul Sukses Tabungan 2018
(“KUS”) Negara
Term Loan Facility . . . . . . . KUS Bank Permata Rp200.0 billion September 27, 150.5 11.2
2018
Agung Podomoro Land
Sustainable Bond I
Phase I Year 2013 . . . . . . Parent Rp1,200.0 billion June 27, 2018 1,200.0 89.3
Guarantor
Phase II Year 2014 . . . . . Parent Rp750.0 billion June 6, 2019 750.0 55.8
Guarantor
Phase III Year 2014 . . . . . Parent Rp451.0 billion December 19, 451.0 33.6
Guarantor 2019
Phase IV Year 2015 . . . . . Parent Rp99.0 billion March 25, 99.0 7.4
Guarantor 2020
Agung Podomoro Land Bond Parent Rp1,200.0 billion August 15, 1,200.0 89.3
II Year 2012 . . . . . . . . . Guarantor 2017

Total Indebtedness . . . . . . . 6,490.7 483.1

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Indebtedness with Bank Maybank Indonesia (“Maybank”)

Parent Guarantor

On August 15, 2016 and as amended and restated on February 24, 2017, the Parent Guarantor obtained
a credit facility with Maybank (the “2016 Maybank Credit Facility”) for up to Rp875.0 billion
(US$65.1 million), with a maturity date falling 84 months from the date of the loan agreement. The
credit facility bears an interest rate of 11.5% per annum and is secured by the (i) Neo Soho Mall
building and land; (ii) the account receivables of Madison Park, Grand Madison and Neo Soho Mall;
(iii) insurance claims in respect of the Neo Soho Mall; (iv) the mortgages on the Madison Park and
Grand Madison; (v) a corporate guarantee by PT Graha Tunas Selaras and (vi) undertakings by PT
Indofica and PT Sunter Agung. Under the terms of the credit facility, the Parent Guarantor is required
to maintain certain financial ratios, including a maximum leverage ratio of 2x, minimum interest
service coverage ratio of 1.5x, minimum current ratio of 1.1x; maximum debt to EBITDA of 4x and
minimum debt coverage service ratio of 1x. As of December 31, 2016, there was Rp865.3 billion
(US$64.4 million) outstanding under the above mentioned credit facility.

CPKA

On June 10, 2016, CPKA obtained a financing facility from Maybank for up to Rp200.0 billion
(US$14.9 million) for a term of 60 months for the purposes of developing Soho Pancoran. As of
December 31, 2016, the interest rate was 12.00% per annum and the credit facility was secured by (i)
Soho Pancoran’s land and building; (ii) the account receivables of Soho Pancoran, (iii) insurance
claims in respect of Soho Pancoran and (iv) a letter of undertaking from PT Indofica and the Parent
Guarantor.

SAI

On March 22, 2013, SAI obtained a credit facility for up to Rp24.0 billion (US$1.8 million) for a term
of 78 months to finance the construction and renovation of a hotel in Kelapa Gading. As of December
31, 2016, the interest rate was 12.75% per annum and there was Rp10.5 billion (US$0.8 million)
outstanding under the above mentioned credit facility.

GPL

In March 2013, GPL obtained a long-term credit facility from Maybank for up to Rp290.0 billion
(US$21.6 million) with a term of 60 months and a fixed interest rate of 11.75% per annum. As of
December 31, 2016, there was Rp256.0 billion (US$19.1 million) outstanding under the above
mentioned credit facility.

Indebtedness with Bank Negara Indonesia (“BNI”)

On April 2, 2015, BPS obtained a credit facility from BNI for up to Rp597.6 billion (US$44.5 million)
to finance the construction and renovation of the Hotel Indigo Seminyak Bali. The credit facility has
a fixed interest rate of 12% per annum. As of December 31, 2016, there was Rp464.9 billion (US$34.6
million) outstanding under the above mentioned credit facility.

Indebtedness with Bank Pan Indonesia (“Bank Panin”)

BSP

On December 16, 2011, BSP obtained a credit facility comprising two tranches: (i) a Rp300.0 billion
(US$22.3 million) loan facility and (ii) a Rp40.0 billion (US$3.0 million) loan facility. Each loan
facility matures in December 31, 2020, has a floating interest rate of 11.75% per annum and is secured
by certain land rights, machinery, equipment and lease receivables of BSP.

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Indebtedness with Bank CIMB Niaga

WSS

On May 28, 2012 WSS obtained an investment loan amounting to Rp190.0 billion (US$14.1 million)
and an additional facility for a specialty transaction amounting to Rp350.0 billion (US$26.0 million).
The facilities had a floating interest rate of 10.5% per annum on December 31, 2016. The facilities
mature on December 28, 2018 and June 30, 2021, respectively and are secured by the Harco Glodok
land and building and a fiduciary on receivables from kiosks.

GPL

In March 2013, GPL obtained a long-term credit facility from Bank CIMB Niaga for up to Rp290.0
billion (US$21.6 million) with a term of 60 months and a fixed interest rate of 11.75% per annum. As
of December 31, 2016, there was Rp260.0 billion (US$19.4 million) outstanding under this credit
facility.

PP

On April 9, 2013, PP obtained a credit facility from Bank CIMB Niaga for up to Rp116.0 billion
(US$8.6 million) with a fixed interest rate of 11.5% per annum maturing on January 15, 2018. The
credit facility is secured by receivables, insurance proceeds and certain land rights. As of December
31, 2016, there was Rp24.1 billion (US$1.8 million) outstanding under the abovementioned credit
facility.

Indebtedness with Bank Tabungan Negara (“BTN”)

KUS

On September 28, 2011, KUS obtained a Rp200.0 billion (US$14.9 million) term loan from BTN,
which matures on September 27, 2018. The facility bears a floating interest rate that was at 13% per
annum as of December 31, 2016.

Indebtedness with Bank Permata

KUS

On September 28, 2011 KUS obtained a Rp200.0 billion (US$14.9 million) term loan from Bank
Permata due in September 27, 2018. The loan has a floating interest rate which was at 13% per annum
as at December 31, 2016 and is secured by two plots of land (including the current and future
buildings) and a fiduciary over KUS’s receivables.

PP

On April 9, 2013, PP obtained a credit facility from Bank Permata for up to Rp174.0 billion (US$13.0
million) with a fixed interest rate of 11.5% per annum maturing on March 18, 2018. The credit facility
is secured by receivables, insurance proceeds and certain land rights. As of December 31, 2016, there
was Rp72.0 billion (US$5.4 million) outstanding under the abovementioned credit facility.

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Agung Podomoro Land Sustainable Bond I (“Sustainable Bond”)

Phase I Year 2013

The Parent Guarantor issued Phase I of the Sustainable Bond in the amount of Rp1,200 billion
(US$89.3 million) with a fixed coupon rate of 9.25% per annum and a maturity date of June 27, 2018.

Phase II Year 2014

The Parent Guarantor issued Phase II of the Sustainable Bond in the amount of Rp750 billion
(US$55.8 million) with a fixed coupon rate of 12.25% per annum and a maturity date of June 6, 2019.

Phase III Year 2014

The Parent Guarantor issued Phase III of the Sustainable Bond in the amount of Rp451 billion
(US$33.6 million) with a fixed coupon rate of 12.5% per annum and a maturity date of December 19,
2019.

Phase IV Year 2015

The Parent Guarantor issued Phase IV of the Sustainable Bond in the amount of Rp99 billion (US$7.4
million) with a fixed coupon rate of 11.25% per annum and a maturity date of March 25, 2020.

Agung Podomoro Land Bond II Year 2012 (“Agung Podomoro Bond II”)

On August 18, 2012, the Company issued Bond II in the amount of Rp1,200.0 billion (US$89.3
million) with a fixed coupon rate of 9.375% and a maturity date of August 15, 2017.

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 RELATED PARTY TRANSACTIONS

Overview

We enter into transactions with certain of our subsidiaries, affiliates and other related parties in the
ordinary course of business.

In connection with these related party transactions, it is our policy to comply with Indonesian
securities laws, the regulations of OJK, as well as the accounting standards regarding disclosure of
information concerning related parties and companies as determined by the Indonesian Institute of
Accountants.

We have summarized below the key related party transactions that we have entered into with our
majority shareholder and our affiliates. We believe each of these arrangements as described below
have been entered into on arm’s-length terms or on terms that we believe have been at least as
favorable to us as similar transactions with non-related parties.

Transactions with Trihatma Kusuma Haliman

• The Company entered into a right to use trademark agreement and right to use patent agreement
with Trihatma Kusuma Haliman to use the brand names and icons for “Central Park,” “Back to
the City,” “Podomoro City” and “Agung Podomoro City”; and

• The Company entered into an agreement with Trihatma Kusuma Haliman whereby he provided
advances to the company in the amount of Rp151.7 billion (US$11.3 million) at the interest rate
of 11% per annum for the purchase of land that was declared part of the tax amnesty program
for our subsidiary, PT Buana Makmur Indah.

Transactions with Affiliates

• The Company previously entered into a building management agreement in respect of Central
Park Mall with PT Central Prima Kelola, which was terminated as of December 15, 2016 and
replaced by a building management agreement with PT Central Mall Kelola. For each of the years
ended December 31, 2015 and 2016, the management fees paid by the Company in respect of
each such management agreement amounted to Rp0.7 billion (US$0.1 million).

• The Company entered into agreements with PT Prima Buana Internusa and PT Dian Ikrar Perkasa
for management services for apartments, communications and information providers;

• The Company’s subsidiary, PT Briliant Sakti Persada (“BSP”), entered into an agreement with
PT Sakti Kelola Persada whereby BSP received advances for the service charges of tenants of
Festival Citylink Mall in the amount of Rp9.7 billion (US$0.7 million) as of December 31, 2016;

• The Company and certain subsidiaries made advance payment of expenses to PT Prima Buana
Internusa in the amount of Rp6.5 billion (US$0.5 million) as of December 31, 2016; and

• The Company’s subsidiary, PT Pandega Citraniaga made advance payment of expenses to PT

Pandega Citra Kelola in the amount of Rp6.2 billion (US$0.5 million) as of December 31, 2016.

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 MANAGEMENT

In accordance with Indonesian law, we have both a board of commissioners and a board of directors.
The two boards are separate and no individual may serve as a member on both boards.

The rights and obligations of each member of the board of commissioners and board of directors are
regulated by our articles of association (the “Articles”), the decisions of our shareholders in general
meetings, Law No. 40 of 2007 on Limited Liability Company, the Bapepam-LK or OJK Regulations
and the IDX regulations.

Under the Articles, the board of directors must consist of at least three members including the
President Director, one Vice President Director, and one Director. Except for certain transactions (such
as lending or borrowing money on behalf of the Company and establishing new businesses or investing
in any other companies) requiring the written approval of the board of commissioners, the President
Director or one Vice President Director together with one Director; or the President Director together
with one Vice President Director; or two Vice President Directors acting together; can legally
represent the board and bind us. The board of commissioners must have at least two members. In case
the board of commissioners consists of two members, one of them must be an Independent
Commissioner. Under the Articles, members of the board of directors and the board of commissioners
serve for a term of five years.

BOARD OF COMMISSIONERS

The principal function of the board of commissioners is to give advice and recommendations to the
board of directors.

Members of the board of commissioners are appointed and removed by a general meeting of
shareholders. The board of commissioners is comprised of two members, one of which being an
Independent Commissioner.

The current members of the board of commissioners are as follows:

Years with Position

Name Position Age Company Held Since

Bacelius Ruru . . . . . . . President Commissioner (Independent) 68 7 2016

Wibowo Ngaserin . . . . . Commissioner 68 9 2010

Bacelius Ruru is our President Commissioner (Independent), having been appointed to this role in
June 2016. Prior to his appointment as President Commissioner, he served as Commissioner of the
Company from 2010 to 2016. From 1983 until 2004, Mr. Ruru held various senior government
positions in the Department of Finance and the Ministry of State-Owned Enterprises including
Chairman of the Capital Market Supervisory Agency (the regulatory authority for the Indonesian
capital markets) from 1993 to 1995, Director General of Development of State-Owned Enterprises
from 1995 to 1998, Assistant to the State Ministry in the Office of State Ministry for the Utilization
of Stated-Owned Enterprises from 1998 to 2000, Deputy State Ministry in the Office of State Ministry
of State-Owned Enterprises from 2000 to 2001, and Secretary of the Ministry of State-Owned
Enterprises from 2001 to 2004. Since 2001, Mr. Ruru has served on the boards of commissioners for
several Indonesian companies and is currently independent commissioner of PT Mitra Keluarga Karya
Sehat Tbk (since 2015), independent commissioner of PT Toba Bara Sejahtera Tbk (since 2011),
independent vice president commissioner of PT Kawasan Industri Jababeka Tbk (since 2007),
president commissioner of PT Polychem Indonesia Tbk (since 2005), independent commissioner of PT
Profesional Telekomunikasi Indonesia (Protelindo) (since 2012), independent commissioner of PT
Manulife Aset Manajemen Indonesia (since 2011), and president commissioner of PT Tuban
Petrochemical Industries (since 2003). In addition, Mr. Ruru currently holds positions as president

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commissioner of PT Penyelenggara Program Perlindungan Investor Efek Indonesia (since 2013), and
chairman of the Arbitration Body of Indonesian Capital Market ‘BAPMI’ (since 2007). Mr. Ruru
earned his bachelor’s degree in international law from the University of Indonesia, Jakarta in 1975 and
his LLM from Harvard Law School in 1981.

Wibowo Ngaserin is a Commissioner, having been appointed in August 2010. He joined the Agung
Podomoro Group (the “Group”) in 2008 as an advisor and served as acting human resources director
of the Group from 2008 to 2009. Currently, he also serves on numerous boards of commissioners
within the Group. Prior joining the Group, Mr. Ngaserin served as President Director of Bank Prima
Express, Jakarta from 1979 to 2000. He has also held various positions at Perhimpunan Bank Swasta
Nasional (Association of National Private Banks), including general secretary and member of the
honorary board of code of ethics from 1998 to 2000, vice chairman of foreign affairs from 1997 to
1998, head of education & human resources development from 1994 to 1997, chairman of foreign
affairs from 1991 to 1994, secretary from 1985 to 1988, and member of foreign affairs management
from 1982 to 1985. Also, he served as director of the board of ASEAN Finance Corporation Limited
(AFC) from 1998 to 2001. Mr. Ngaserin earned his bachelor’s degree in engineering sciences from
University of Toronto, Canada in 1974.

BOARD OF DIRECTORS

Members of the board of directors are appointed and removed by a general meeting of shareholders.
Our board of directors is comprised of the president director, three vice president directors and four
directors. The board of directors is responsible for the management of our business.

The current members of the board of directors are as follows:

Years with Position

Name Position Age Company Held Since

Dr. Cosmas Batubara . . . . . . . . . . . . President Director 78 24 2016

Noer Indradjaja . . . . . . . . . . . . . . . . Vice President Director 60 23 2015
Veriyanto Setiady . . . . . . . . . . . . . . . Vice President Director 49 18 2015
Indra Widjaja Antono . . . . . . . . . . . . Vice President Director 46 16 2016
Cesar M. dela Cruz . . . . . . . . . . . . . Independent Director 74 7 2010
Bambang Setiobudi Madja . . . . . . . . Director 60 14 2010
Miarni Ang . . . . . . . . . . . . . . . . . . . Director 50 14 2010
Paul Christian Ariyanto . . . . . . . . . . Director 43 11 2010

Dr. Cosmas Batubara is our President Director, having been appointed to this role in June 2016. Prior
to his appointment as President Director, he served as President Commissioner of the Company from
2010 to 2016. Dr. Batubara began his career in 1960 as a teacher. In 1967, he entered politics as a
member of the Peoples House of Representatives and member of People Consultative Assembly of the
Republic of Indonesia. He held several significant government positions including Minister of Public
Housing from 1983 to 1988 and as Minister of Manpower from 1988 to 1993 during which time he
concurrently served in 1991 as the President of the International Labour Organisation. Since leaving
public service in 1993, Dr. Batubara has served on the boards of numerous businesses, educational
institutions and foundations. He currently serves as commissioner of PT Multi Bintang Indonesia Tbk
(since 1996), vice president commissioner of PT Tunas Ridean Tbk (since 1994) and president
commissioner of PT Intiland Development Tbk (since 1994), in addition to serving on the boards of
commissioners of a number of other Indonesian companies. Dr. Batubara also currently holds positions
as a chairman of Santo Thomas Catholic University Foundation, North Sumatra (since 1984); member
of the board of trustees of Atmajaya University, Yogyakarta (since 2002); lecturer at University of
Indonesia in the faculty of social and political science (since 2005); chairman of the Management of
Education and Development Foundation, Jakarta (since 2006); rector of Podomoro University, Jakarta

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(since 2014); and member of the board of trustees of the Pancasila University Foundation (since
2015). Dr. Batubara earned his bachelor’s degree in political science from Sekolah Tinggi Publisistik
in 1964 and bachelor’s and post-graduate degrees in social and political science from University of
Indonesia in 1974 and 2002.

Noer Indradjaja is one of our Vice President Directors, having been appointed to this role in 2015. Mr.
Indradjaja joined the Group in 1994 and currently serves on numerous boards of directors and
commissioners of subsidiaries of the Company and members of the Group. Prior to joining the Group,
Mr. Indradjaja served as an assistant manager of personnel at PT Rinkai Jakarta from 1985 to 1995.
Mr. Indradjaja earned his bachelor’s degree in law from Trisakti University, Jakarta, in 1980.

Veriyanto Setiady is one of our Vice President Directors, having been appointed to this role in 2015.
Prior to being appointed as Vice President Director, he was vice president of commercial retail (since
2010). He joined the Group in 1999 and was entrusted to manage residential projects and property
development of retail, hotels and resorts. Currently, he serves on numerous boards of directors and
commissioners of subsidiaries of the Company and members of the Group. Previously, he served as
director of PT Saranapratama Artamandiri (2007 to 2014), marketing director of Senayan City, Jakarta
(2005 to 2014), director of PT Graha Tunasmekar (2003 to 2015), general manager of Casablanca Club
(2002 to 2014), and director of PT Primatama Nusa Indah (2002 to 2007). Mr. Setiady earned his
bachelor’s degree in architecture from Trisakti University, faculty of civil engineering and planning,
in 1992.

Indra Widjaja Antono is one of our Vice President Directors, having been appointed to this role in June
2016. Mr. Antono joined the Group in 2001 and currently serves on numerous boards of directors and
commissioners of subsidiaries of the Company and members of the Group. He was a marketing
executive from 1993 to 1996, marketing supervisor from 1997 to 1999, and marketing manager from
1999 to 2001 at PT Jakarta Baru Cosmopolitan. Mr. Antono earned his bachelor’s degree in engineer
planner of real estate development program from Tarumanagara University, Jakarta, in 1992.

Cesar M. dela Cruz is one of our Directors, having been appointed to this role in August 2010. Mr.
dela Cruz held various senior positions with the Salim Group from 1983 to 2010 including most
recently as commissioner of PT Pepsi Cola Indobeverages (2009 to 2010), chief executive
officer/director of Indofood Agriresources Pte. Ltd. (2007), and commissioner of PT Nestle Indofood
Citarasa Indonesia (2005 to 2010). In 1963 Mr. dela Cruz qualified as a Certified Public Accountant.
He previously held positions within the SGV Group, a regional public accounting group with offices
in the Philippines, Indonesia, and South Korea where he served from 1963 to 1983. He was an Audit
Partner from 1977 to 1983. He earned his MBA from The Wharton School, University of Pennsylvania,
USA in 1971.

Bambang Setiobudi Madja is one of our Directors, having been appointed to this role in August 2010.
Since joining the Group in 2003, Mr. Setiobudi has served as the director of property management for
the Group. He also currently serves as chief executive officer of Seasons City (since 2012), president
director of PT Cakrawira Bumi Mandala (since 2016), a director of PT Dian Ikrar Perkasa (since
2005), and president director of PT Prima Buana Internusa (since 2016). He was the general manager
of the Lyman Group from 2002 to 2003. From 1998 to 2002, he was president director of PT
Swadharma Griyasatya prior to which he was building manager (1992 to 1998) and assistant building
manager (1989 to 1990) at the same company. From 1982 to 1989 he was a project manager for PT
Aries Utama Enterprises. In 1981, Mr. Setiobudi was a civil engineer for PT Satya Djaja Raya. Mr.
Setiobudi graduated from the Institute of Technology, Bandung earning a bachelor’s degree in civil
engineering.

Miarni Ang is one of our Directors, having been appointed to this role in August 2010. Ms. Ang has
been legal director for the Group since 2005 and previously served as a general manager of legal from
2003 to 2005 for the Group. From 1992 to 2003, Ms. Ang was employed with Bank Prima Express
where she spent nine years as the head of the consultation and legal aid department, two years as

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compliance officer, and was the chief of the distressed loan settlement division from 1995 to 1997.
Ms. Ang was in private law practice with the offices of Anwar Mutalib & Partners from 1990 to 1991.
Ms. Ang earned her bachelor’s degree in law from University of Indonesia, Depok in 1990 and her
magistrate degree (strata 2) as notary from University of Indonesia, Depok in 2002.

Paul Christian Ariyanto is one of our Directors, having been appointed to this role in August 2010.
Mr. Christian join the Group in 2006 and served as project manager of PT Jakarta Realty (2006 to
2007) and has been project director for the Group since 2007. Currently, he is the president director
of PT Pandega Citraniaga and of PT Pandega Layar Prima since 2016. Prior joining the Group, Mr.
Christian served as the general manager of Construction Interdesign Group from 2003 to 2006 and of
PT Nusantara Graha Sejahtera from 2002 to 2003. He was the project manager of PT Prakawija
Delaganda from 1996 to 2002. Mr. Christian earned his bachelor’s degree in civil engineering from
Tarumanagara University, Jakarta in 1996.

COMPENSATION

The aggregate compensation (including bonuses) paid to the commissioners and directors of the
Company for the years ended December 31, 2014, 2015 and 2016 was Rp25.2 billion, Rp16.1 billion
and Rp17.6 billion (US$1.3 million), respectively.

CORPORATE GOVERNANCE

Audit Committee

Our audit committee consists of three members. As of December 31, 2016, our audit committee
members are its chairman, Bacelius Ruru, and two additional members, Djajarizki and Indaryono. The
audit committee is regulated under OJK Regulation No. 55/POJK.04/2015, dated December 29, 2015,
on the Establishment and Implementation Guidance of the Audit Committee. The audit committee
members were appointed by a decree of the board of commissioners dated June 3, 2015. The role of
the audit committee is to provide professional and independent advice to the Board of Commissioners
and to assist it in its function of supervising the performance of the Company. The audit committee
also seeks to ensure proper application of financial reporting procedures and the quality and
transparency of financial reports as well as compliance with applicable laws and regulations.

Corporate Secretary

As provided in OJK Regulation No. 35/POJK.04/2014, dated December 8, 2014 on the Corporate
Secretary of Issuer or Public Company, an issuer or public company is required to have a corporate
secretary. The functions of a corporate secretary are, among others, to keep himself or herself
up-to-date with the capital market regulations, to provide inputs to the Board of Directors and the
Board of Commissioners with respect to the compliance on the Capital Market regulations, to assist
the Board of Directors and the Board of Commissioners in the implementation of corporate
governance, and act as contact person before the Company and OJK and stakeholders. The Corporate
secretary is appointed by the board of directors. A corporate secretary may be concurrently performed
by a director of the Company, however prohibited to hold any concurrent position in other issuer or
public company. Our Corporate Secretary function is presently held by F. Justini Omas.

Internal Audit

Our internal audit division is headed by Laurence Untu. The role of the internal audit division is to
providing independent and objective assurance and consulting related to risk management, internal
control, and governance process aimed at increasing value added and the effectiveness of the
Company’s operations. The internal audit division gives recommendations to the Board of Directors
for potential improvements and coordinates with the Audit Committee. The internal audit division is
regulated under OJK Regulation No. 56/POJK.04/2015, dated December 23, 2015 on the
Establishment and Guidelines of Charter of Internal Audit Unit.

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Tender Committee

Our tender committee ensures project tenders are carried out in accordance with the Company’s policy.
Our Tender Committee reports to the board of directors.

Budget Committee

Our budget committee is responsible for budget systems and procedures as well as establishing
budgeting guidelines for planning and control to optimize achievement of corporate objectives. Our
budget committee reports to the board of directors.

Nomination & Remuneration Committee

Our nomination and remuneration committee formulates guidelines for the nomination, remuneration
and implementation of the Company’s management. Our nomination and remuneration committee
reports to the board of directors.

Performance Committee

Our performance committee prepares a balanced score-card, which is an employee performance

management system based on key performance indicators. Our performance committee reports to the
board of directors.

Audit Investigation Committee

Our audit investigation committee prepares operational guidelines for reporting and investigating
alleged fraud or misappropriation of the Company’s assets to identify and prevent fraudulent activity
within the Company’s operations and reports to the board of directors.

137
 PRINCIPAL SHAREHOLDERS

The following table sets forth certain information with respect to our shareholders as of December 31,
2016:

Number of Shares Percentage of Total

Name Held Outstanding Shares

(%)
(1)
PT Indofica ................................... 14,315,780,000 73.9
PT Prudential Life Assurance — Ref . . . . . . . . . . . . . . . . . . 1,473,914,200 7.6
Trihatma Kusuma Haliman . . . . . . . . . . . . . . . . . . . . . . . . . . 620,693,500 3.2
Directors and Commissioners . . . . . . . . . . . . . . . . . . . . . . . . 9,704,100 0.1
Public . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2,944,469,900 15.2
(2)
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19,346,561,700 100.0

Notes:

(1) As of December 31, 2016, PT Indofica was 100% owned directly or indirectly by Trihatma Kusuma Haliman.

(2) As of December 31, 2016, the Company had 20,500,900,000 shares issued and outstanding, 1,136,338,300 of which are
held as treasury stock.

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 INDUSTRY OVERVIEW

This section contains certain information and statistics concerning the Indonesian property industry,
which has been prepared by Colliers. Neither we nor the Initial Purchasers make any representation
as to the accuracy or completeness of this information. This information has not been independently
verified by us or the Initial Purchasers or any of our or their respective advisors and should not be
unduly relied on.

Jakarta

Office — Lease

The cumulative supply of central business district (“CBD”) office space in Jakarta was 5.59 million
square meters, as of March 31, 2017. Nine new office buildings are expected to contribute an
additional 620,000 square meters supply to the CBD. The completion of these buildings will bring
total supply to 6.22 million square meters by the end of 2017, a 13.3% increase year-on-year (“YoY”).
Going forward, apart from the development pipeline already announced for completion during
2017-2020 in the CBD, there are no additional buildings to be launched through 2020. Annual supply
projection during the period 2017-2020 will be dynamic, depending on the construction progress. As
of March 31, 2017, all CBD office buildings showed a similar declining trend in their occupancy
performances. As Grade A office buildings constitute about 45.2% of the total office spaces in the
CBD, any dynamic change in this building category will somewhat modify the overall condition of the
office market. A large additional supply coupled with growing business sentiment is expected to drive
intense competition amongst office buildings in getting tenants. The average asking rents in the CBD
have continued to decline since 2014 particularly in premium office buildings. In line with the
occupancy performance, the overall average asking rent for all classes of buildings in the CBD also
showed a declining trend since June 30, 2016.

Despite having small additional office spaces, the cumulative supply of office space outside the CBD
was 3.03 million square meters as of March 31, 2017. Supply outside the CBD is expected to provide
an additional 149,000 square meters by way of eight new office buildings for the period April 1 to
December 31, 2017. Projected supply from 2018 to 2020 is expected to be stable at around 230,000
square meters per annum. West and Central Jakarta are expected to be major suppliers of new office
spaces outside the CBD area, providing around 510,000 square meters new office spaces, or 60% of
the total projected additional supply between 2017 and 2020. Some office buildings that began
operation in 2015 still register low occupancy rates, which contributed to an overall occupancy of
81.9% outside the CBD as of March 31, 2017. East Jakarta maintained the highest occupancy levels
due to the absence of new supply since 2011. North Jakarta’s occupancy was below 80% mainly due
to the poor performance of newly completed office buildings that began operation in 2016. TB
Simatupang showed a modest growth in occupancy quarter-on-quarter (“QoQ”), supported by absence
of new supply in the quarter ended March 31, 2017. The average rents showed a modest increasing
trend in the last two quarters outside the CBD. As of March 31, 2017, average rents were recorded at
Rp214,607 per square meter per month outside CBD excluding TB Simatupang. The asking rents in
TB Simatupang also declined by 10% QoQ to an average of Rp209,852 per square meter per month
as of March 31, 2017.

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Office — Strata Title

Overall, due to limited substantial transactions, the pre-committed take-up rate of strata-title office
space was recorded at around 70% as of March 31, 2017. The average asking price remained relatively
stable at Rp55.5 million/square meters for new and soon-to-be constructed office buildings in the CBD
as of March 31, 2017. Outside the CBD, asking office prices were offered at between Rp20 million
and Rp42 million per square meter, depending on the location, with average asking price recorded at
Rp36.7 million/square meters as of March 31, 2017.

The supply pipeline for strata-title office spaces is relatively limited compared to office space for
lease as there a large number of vacant space currently available in the market. The sales volume of
projected strata-title office spaces from 2017 to 2019 is not expected to grow significantly.

Apartments — Strata-title

The strata-title apartment stock increased by 2,790 units to a total of 178,968 units as of March 31,
2017. From April 1, 2017 to December 31, 2017, a total of 21,167 units are expected to be handed
over, which would bring the end of year 2017 annual supply to 23,957 units. Overall expected
economic growth outlook would support gradual improvement in consumers’ purchasing power and is
expected to result in gradual improvement in the apartment market in the second half of 2017.
Sluggish demand and head-to-head market competition is likely to result in moderation in apartment
prices in the near-term.

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West Jakarta followed by North Jakarta and South Jakarta are still the most preferred areas to develop
strata-title apartments, due to their interconnectedness to the Jakarta Outer Ring Road, which has
increased accessibility to the area as well as the proximity to Soekarno-Hatta International Airport. On
the other hand, South Jakarta is still an attractive area for apartment location due to its comprehensive
facilities, good infrastructure and proximity to the business center. The Government Regulation No.
34 of 2016, which became effective in September, aims to boost the property sector by lowering the
final income tax (“PPh final”) on the transfer tax on lands/buildings from 5% to 2.5%. Developers will
pay lower taxes, providing them a better margin and thus making properties more attractive. However,
although taxes are reduced, apartment prices would not automatically decrease.

Despite the improving economic outlook, the apartment market in Jakarta has remained relatively
stable registering a modest increase in the average take-up rate of apartments. With limited amount
in the newly launched projects, developers will focus more on selling the remaining stocks of existing
strata-title apartments. As a result, sales activities for the quarter ended March 31, 2017 mainly
occurred in these projects, which in turn modestly increased the average take-up rate of existing
strata-title apartment to 96.1% QoQ. However, the pre-sales activities of under construction projects
declined by 1.3% QoQ during the quarter ended March 31, 2017. Overall the average take-up rate for
both existing apartments and those under construction experienced a modest decrease of 0.9% QoQ.

In 2016, the Ministry of Finance released Finance Minister Regulation PMK No. 122 of 2016, stating
that repatriated funds under the tax amnesty program may be invested in realty-related sectors,
including real estate, while previously, such funds were required to be invested in government bonds
for a three-year period. As a result, apartments focused on the upper-middle income segment are
expected to see higher demand, as these are likely to be the preferred property type for investment.

In Jakarta, the incremental improvement in the take-up rate was considered to be a driving factor for
the increase in apartment prices during the quarter ended March 31, 2017. Overall, the asking
apartment price in Jakarta increased by 1.4% QoQ and 4.0% YoY to Rp32.1 million per square meter.
The CBD area registered a similar increment level of 1.6% and 3.8%, respectively. Prices of
apartments in the CBD are expected to increase as a result of limited supply in the CBD.

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Apartments — For Lease

For the quarter ended March 31, 2017, Jakarta had not seen any new serviced and non-serviced
apartment projects. Thus, as of the end of March 2017, the cumulative supply of apartments for lease
stood at 8,860 units, consisting of 60% serviced apartment and 40% non-serviced apartment. For
several years, the CBD and South Jakarta have remained the main locations for expatriate communities
due to their proximity to business districts and international schools.

Furthermore, there are no new projects either for serviced or non-serviced apartments in Jakarta
during the first quarter 2017. However, the apartment leasing market is expecting to receive more than
628 units from five projects in next two years from international brands such as Oakwood, The Ascott
Limited and Frasers Hospitality. Fraser Residence Serenia Hills and Fraser Suites Kebon Melati
projects, both to be developed by Intiland, are currently in the planning stage.

The average occupancy rate of apartments for lease in Jakarta as of March 31, 2017 rose slightly from
71.8% to 71.9% QoQ. Demand from short-term tenants generally were for business or leisure
purposes, with rental periods from daily to three months. Such transactions helped increase the
occupancy for serviced apartment from 66.7% to 66.9% QoQ. Corporate clients generally come from
the telecommunication sector, embassy staff, non-government organizations (‘NGOs’) and expatriates
who work on specific projects, often in infrastructure. Such clients generated demand for apartments
and increased occupancy rates during this period. Further, King Salman’s presence in Jakarta resulted
in a spill-over of residential demand in the surrounding serviced apartments in Mega Kuningan and
the CBD area, albeit temporarily.

As of March 31, 2017 the average rates for rental apartments in the CBD was Rp365,610 per square
meter per month, whilst in South Jakarta, including non-prime areas, the average rate was Rp218,625
per square meter per month.

Amid tight competition from the new apartment units, combined with declining or flat expatriate
arrivals, the rental rate is expected to be under downward pressure over next few quarters. However,
an improving economic outlook, stable rupiah against the US dollar and declining unemployment rate
is expected to result in visible improvements in demand for apartments in the second half of 2017.

Average occupancy rates at different type of Average rental rates of apartment for lease in
apartments different locations (in IDR/sq.m/month)

Retail

As of March 31, 2017, cumulative supply of retail remained at 4.57 million square meters with no new
supply entering the market in Q1 2017. Jakarta is expecting three shopping centers to bring an
additional 139,000 square meters of retail space in the second half of 2017. The expected growth of
cumulative supply in 2017 is 3% YoY. The three shopping centers currently under construction, which
areexpected to open in 2017, are from Agung Podomoro (Shopping Mall @ SOHO Pancoran and New
Harco Plaza) and Metropolitan Land & Aeon (Aeon Mall Jakarta Garden City). Many of the shopping
centers slated for development in the near term are currently in the planning stages.

F&B tenants contributed to a relatively stable occupancy rate of over 80% both in Jakarta and
BoDeTaBek. Occupancy at 86.3% as of March 31, 2017, showing a slightly upward trend compared
to average occupancy of 85-86% in 2016. With limited additional retail spaces and improving

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economic growth, occupancy is expected to reach 87%-88% by the end of 2017 in Jakarta. Average
asking rent is projected to increase as a result of upward rental adjustments in shopping centers
targeting upper-middle income customers. With the expected market improvement, several landlords
are reviewing their tenancy mix in order to increase foot traffic and rental rates.

In Jakarta, the average asking rent rose 4.0% QoQ and was recorded at Rp587,904 per square meter
per month as of March 31, 2017. The average rent in the CBD was registered at Rp864,043 per square
meter per month, which was 75% higher than average rent outside the CBD at Rp499,033 per square
meter per month. The growth of asking rents outside the CBD area was higher but were still below
the average market tariffs in Jakarta. The highest asking rents outside the CBD were still found at
shopping centers, such as Pondok Indah Mall, Gandaria City and Kota Kasablanka in South Jakarta.
Meanwhile, higher rents in West Jakarta were fueled by shopping centers like Central Park Mall, Plaza
Slipi Jaya and Puri Indah Mall. The average rents for these shopping centers remained relatively stable
starting at Rp700,000 to Rp900,000 per square meter per month. With the exception of South Jakarta
and West Jakarta, asking rents of shopping centers outside the CBD were between Rp300,000 to
Rp600,000 per square meter per month.

The average service charge increased to Rp131,708 per square meter per month showing an increase
of 4.3% QoQ. As of March 31, 2017, some upper-middle income customer shopping centers adjusted
their service charge 6% to 15%, bringing their average service charge to Rp158,574 per square meter
per month. Meanwhile, the average service charge of middle-lower income shopping centers was at
Rp86,639 per square meter per month.

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Hotel

As of March 31, 2017, there were 39,310 hotel rooms in Jakarta, comprising of 11,250 3-star hotel
rooms, 15,217 4-star hotel rooms, and 12,843 5-star hotel rooms. An additional 2,900 hotel rooms are
expected to come into the market in Jakarta in the second half of 2017, which will bring the total
number in Jakarta to 42,210 rooms, representing a 12% growth in supply YoY.

The Jakarta hotel market closed the quarter with an average occupancy rate (“AOR”) of 50.7%.
Typically, the first quarter sees sluggish hotel performance. However, the official visit of King Salman
in early March, as well as the IORA Summit, brought a significant number of delegations to Jakarta
resulting in a slight improvement in hotel performance. In Jakarta, demand in the hotel sector is still
dominated by the corporate market. The declining oil and gas and mining business has adversely
affected the hotel market in general. Furthermore, the limitation of government use of hotels has
contributed to downward pressure on overall hotel occupancy rates.

Similar to the AOR, the overall average daily rate (“ADR”) performance of hotels in Jakarta registered
a modest declined from US$81.19 in the previous quarter to US$79.45 in the quarter ended March 31,
2017. By area, the ADR of CBD declined compared to 2016 and stood at just over US$115, whilst
outside CBD, ADR was relatively stable at just below US$60.

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Industrial

Historically, demand for land and land sales in the industrial market in Greater Jakarta have grown at
a faster pace relative to the rest of Indonesia due to several factors, including Greater Jakarta’s
comparatively well-developed supporting infrastructure, ease of accessibility and proximity to key
transportation modes, including seaports and airports, and being the areas of the highest population
density.

In the quarter ended March 31, 2017, overall industrial land sales in Greater Jakarta were 51.8 hectares
representing 30% of total land sales in 2016. The major driver came from the food and beverage
industry followed by automotive industry which contributed approximately 39% and 23% of total land
sales. The biggest sale this quarter was recorded by Greenland International Industrial Centre (GIIC),
coming from two automotive-related industries and one supplement company, aggregating to 29
hectares.

The slow absorption exerted more pressure on price, particularly when buyers are looking for large
areas. Some industrial estates adjusted prices last year, and others decided to maintain prices. In
general, prices remained unchanged as none of the major estates introduced higher prices for the
quarter ended March 31, 2017. The most active regions with significant price changes are Serang and
Tangerang because of the land scarcity and limited number of active industrial estates in those regions.
Meanwhile, prices in established industrial regions such as Karawang and Bekasi are less volatile
mainly due to the relatively high prices.

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As of March 31, 2017, maintenance costs remained relatively flat. None of the major industrial estates
adjusted their maintenance costs. In prime industrial estates such as Bekasi and Karawang,
maintenance tariffs ranged from US$0.05 to US$0.10 per square meter per month. In other areas such
as Serang, maintenance tariffs were lower at approximately US$0.04 per square meter per month.

Medan

Medan is the fourth most populous city in Indonesia and the largest city outside of Java. As the capital
of North Sumatera province, Medan is considered an economic and commercial hub for northern
Indonesia. In addition to its recent economic and infrastructure development, Medan has evolved into
an urban destination for the rising number of middle-income earners. As a result of recent population
growth, the demand for commercial property in Medan has increased.

Office

Medan’s first two commercial office buildings, the Mandiri building and the Bank SUMUT building,
were completed in 1975 and 1989, respectively. Between 1990 and 1999, seven office buildings were
completed, offering 58,562 square meters of office space. Over the course of the following decade,
office supply grew gradually in Medan with four office buildings being completed between 2000 and
2010. There has been no new office space supply in Medan since 2015. As of March 31, 2017, the
supply of office space in Medan was 156,146 square meters.

The majority of commercial flights have been relocated to the new Kuala Namu International Airport,
since the Polonia Airport in Medan closed in 2013. As a result, Colliers expected to see increased
construction of high-rise buildings in Medan due to relaxed safety zone restrictions in the Medan area.

Agung Podomoro Land (APL) is developing Podomoro City Deli Medan, a large-scale project in
Medan and is constructing a 28-floor office project in the central business district (“CBD”), which is
expected to be completed in 2019. Podomoro City Deli Medan, Grand Jati Junction and an office
building located at Wahid Hasyim will provide around 90,000 square meters of future office space in
Medan between 2017 and 2019 thereby bringing the cumulative supply to around 250,000 square
meters by end of 2019. The majority of office space in Medan is for lease only; however, the office
project in Podomoro City Deli is designed for sale and would bring around 61,248 square meters of
saleable office space to Medan.

With limited additional supply, average occupancy of office buildings in Medan remained relatively
stable at an average of 80% from 2010-2016. Occupancy dropped slightly in 2014 partly due to the
influx of office space from three new office buildings.

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As of March 31, 2017, the average asking rent was Rp143,177 per square meter per month,
representing an increase of 3.9% QoQ. Despite the lack of significant additional supply in 2017,
average asking rents are expected to grow at a modest rate in 2017.

Apartment

The apartment market in Medan is still developing as people prefer to live in landed houses or shop
houses. As of March 31, 2017, there were only two existing strata-title apartment projects, totaling 430
units, namely Cambridge Condominium and Royal Condominium, which were completed in 2008 and
2009, respectively. The interest in apartment construction started after the official opening of Kuala
Namu International Airport in July 2013, which replaced Polonia International Airport. Since then,
many developers announced new projects, including Podomoro City Deli Medan and Center Point
which were launched in 2012 and 2013, respectively. Medan is expected to have a total cumulative
supply of 9,732 apartments by the end of 2019.

In terms of market segments, upper-class apartments dominates the market with nine projects totaling
49% of supply, including Podomoro City Deli Medan, followed by middle-class with seven projects
and 44% of supply and middle-upper class with three projects and 7% of supply. Location wise, the
upper-class apartments are located in a radius of 3 kilometers from Merdeka Railway Station due to
its proximity and connectivity to government offices, shopping centers, hotels and entertainment
centers.

12,000

10,000 Middle
44%
8,000
Upper
6,000 49%
4,000

2,000

0
2008

2009

2010

2011

2012

2013

2014

2015

2016

2017F

2018F

2019F

Middle-
Upper
7%
Existing supply Annual supply

As of March 31, 2017, cumulative take-up rate of the apartment market reached 50.5%, with existing
projects reaching 99% and future projects at 48.3%. In terms of market segments, upper-class recorded
the highest take-up rate at 64%, followed by middle-upper and middle-class at 63% and 35%,
respectively.

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Typical apartment buyers are mostly members of the local population living in the surrounding areas,
including Deli Serdang, Lubuk Pakam; however, there are also purchasers from Aceh and Jakarta.
Over 64% of total apartment purchases are for investment purposes. In terms of apartment size,
2-bedroom, 1-bedroom and studio apartments account for approximately 38%, 24% and 23%,
respectively, of the total units purchased.

As of March 31, 2017, the average apartment asking price was at Rp20.1 million per square meter.
Apartment asking price ranged from Rp11.7 — 14.0 million per square meter, Rp15.8 — 18.2 million
per square meter and Rp20 — 33 million per square meter for the Middle-class, Middle-Upper class
and the Upper class apartments, respectively.

The establishment of Kuala Namu International Airport, the second-largest airport after Jakarta’s
Soekarno-Hatta International Airport, is expected to promote local economic development due to its
ability to generate jobs and attract new business activities. Further, the implementation of regulatory
reforms from the government is expected to improve the long-term outlook. The combination of LTV
relaxation and lower mortgage rates are expected to boost affordability, resulting in improved demand,
particularly those for first home buyers.

Retail

Medan has a total of 13 shopping centers in operation with approximately 270,000 square meters of
retail space as of March 31, 2017. Two new shopping centers, the Manhattan in 2017 and Podomoro
City Deli in 2019 are expected to increase the cumulative supply to 385,000 square meters by the end
of 2019.

As of March 31, 2017, the average occupancy rate of retail shopping centers in Medan was around
80%. Occupancy rates in shopping centers such as Thamrin Plaza, Medan Mall, Sun Plaza, Cambridge
Mall and Medan Centre Point are between 90% and 98%. Medan Centre Point had 90% occupancy with
major tenants including Parkson, Ace Hardware, H&M, Carrefour, Gold’s Gym and XXI.

As of March 31, 2017, average rent was relatively flat at Rp350,538 per square meter per month as
compared to 2016.

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Balikpapan

Apartment

The apartment market in Balikpapan is still developing, as people prefer to live in landed houses.
However, apartments are increasingly gaining popularity driven by population growth and the
attraction of apartment property as an investment alternative. As of March 31, 2017, the total
apartment supply was at 331 units.

Two projects with 894 units are scheduled to be completed in the second half of 2017, which would
bring the end of year 2017 apartment supply to 1,225 units. Further, two additional projects consisting
of 1,348 units are slated to be completed between 2018 and 2020 taking the total apartment stock to
2,573 units by the end of 2020.

As of March 31, 2017, the combined take-up rate of existing and under-construction projects was at
62.1%. The take-up rate for existing projects was higher at 87% as compared to 58% for
under-construction projects. The average selling price of apartments was Rp20.7 million per square
meter. As Balikpapan’s economy is highly dependent on its natural resources, particularly coal, oil and
natural gas, a recovery in commodity prices would likely result in a recovery in the apartment market.

Retail

Retail supply has been very limited in Balikpapan with only six shopping centers beginning operations
between1998 through March 31, 2017.

Recent declines in commodity prices and resulting impact on the local economy has resulted in
downward pressures on the local retail market. As a result, average occupancy rates have been below
70% in Balikpapan since 2014. As of March 31, 2017, average occupancy was at 57.5%.

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Sluggish demand and relatively low occupancy rates have caused rents to grow very modestly in
Balikpapan. Within the last two years, the average asking base rent has been within the range of
Rp275,000 — 425,000 per square meter per month. Asking rents are expected to remain in similar
range during 2017 as landlords focus on improving occupancy rates.

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 REGULATION

The ownership, acquisition, development and use of land in Indonesia are subject to regulation by the
Government and regional and local authorities.

Land Ownership and Acquisition Regulation

Ownership of land in Indonesia is principally regulated under the Basic Agrarian Law (Law No. 5 of
1960). The Basic Agrarian Law and its implementing regulations (including Government Regulation
No. 10 of 1961, which were revoked by Government Regulation No. 24 of 1997 (the “GR on Land
Registration”) and Government Regulation No. 40 of 1996 on Right to Cultivate or “HGU title,” Right
to Build or “HGB title,” Right to Use or “Hak Pakai”) provide various forms of land title and a
registration system to protect legal ownership. The closest form of land title to an internationally
recognized concept of “freehold” title is Hak Milik or “Right of Ownership.” Hak Milik title is
available only to Indonesian individuals and to land held by religious and social organizations, so long
as such land is utilized for religious and social purposes and are acknowledged and protected. Hak
Milik title is not available to companies (whether Indonesian or foreign-owned) or foreign individuals.
Hak Pakai is the only title that is open to be used by foreign individuals in Indonesia.

Both Indonesian individuals and legal entities established under the laws of Indonesia and domiciled
in Indonesia may acquire HGB title. A foreign company or foreign individual, may not acquire HGB
title. However, a foreign investment company (“PT PMA”), a limited liability company established
within the territory of the Republic of Indonesia by a foreign investor using entirely foreign capital,
or by a joint venture with a domestic investor, can hold HGB title and therefore, foreign shareholders
can hold HGB title indirectly. A holder of HGB title to a parcel of land has the right to build and own
buildings on such parcel of land owned by another party and transfer and encumber all or part of such
parcel of land. HGB title is granted for a maximum initial term of 30 years. Upon submission of an
extension application to the relevant local land office subsequent to the expiration of the initial term,
HGB title may be extended for an additional term not exceeding 20 years. Following expiration of the
initial term and the additional term, an application for renewal of HGB title upon the same parcel of
land may be granted to the former holder of the previous HGB title following the satisfaction of
certain requirements. The application for extension and renewal of HGB title must be made no later
than two years prior to the expiration term. Following the expiration of the additional term, an
application for renewal may be made by the land owner and a new HGB Title may be granted on the
same land to the same owner following the satisfaction of certain requirements. The application for
the new HGB Title must be made no later than two years prior to the expiration of the relevant term.
The National Land Office has discretion to grant the various extensions. The National Land Office
tends to grant extensions and renewals of HGB Titles when there has been no change in the zoning
policies of the government, abandonment or destruction of land, egregious breaches by the owners of
the land of conditions under the existing HGB Title and revocation of the HGB Title due to public
interest considerations.

The Basic Agrarian Law also recognizes a form of title based on Indonesian traditional law commonly
referred to as Hak Milik Adat (or another name depending on the region, the “Communal Right”). The
Communal Right title arises as a result of (i) occupation or residence on land and payment of taxes
and retributions with respect to the land, or (ii) a renouncement of right by the previous holder of land.
The Communal Right title is an unregistered form of title but may be evidenced by certificates
registered in the books of the relevant local sub-district office. Such certificates include a brief
description of the land and the holder of Communal Right title and details with respect to the payment
of taxes and retributions with respect to the land.

Under the Minister of Agrarian Affairs/Head of National Land Agency Decree No. 5 of 2015, in order
to acquire a parcel of land more than 25 hectares for agricultural business or more than 10,000 square
meters for non-agricultural business, a company must obtain a location permit which grants the
exclusive right to buy, clear and develop the particular parcel for the business purpose of its
investment activities (“Location Permit”). The procedures for obtaining a Location Permit may vary

151
from region to region. The term of a Location Permit is three years and extendable for another year
upon approval from the relevant authorities on the condition that 50% of the total area being applied
for has been purchased or obtained by the company. After obtaining the Location Permit with respect
to a particular parcel of land, the holder can then begin with the land acquisition process. In order to
acquire the land, the holder of the Location Permit is still required to negotiate with the individual
land owners whose land is located within the area prescribed in the Location Permit. After the process
of acquisition and the settlement of rights over the land with the previous land owners are completed,
the holder of the Location Permit may apply for and be granted with the relevant rights of land. Under
the GR on Land Registration and Regulation of the State Minister for Agrarian Affairs/Head of
National Land Agency No.9 of 1999 dated October 24, 1999, in order for a company to acquire HGB
title to land purchased from a holder of Communal Right title, the company must make an application
to the relevant land office together with a relinquishment of rights by the holder of Communal Right
title. The company may then sell the land as developed or serviced plots.

On December 16, 2011, the House of Representatives passed the Bill on Land Procurement for Public
Interest, which came into force on January 14, 2012 as Law No. 2 of 2012 on Land Procurement for
Public Interest (“Land Procurement Law”) that introduces clear and expedited steps for the
procurement of land for the public interest. The Land Procurement Law is expected to provide a more
effective legal basis for public interest land procurement, which, prior to the effectiveness of the Land
Procurement Law, was regulated by virtue of Presidential Regulation No. 35 of 2005 on Land
Procurement for Public Interest, as amended by Presidential Regulation No. 65 of 2006. Under the
Land Procurement Law, the term “public interest” is defined as the interest of the Indonesian people,
nation and community as manifested through the Government and used optimally for the welfare of
all the people of Indonesia. In order to implement Land Procurement Law, Presidential Regulation No.
71 of 2012 on Implementation of Land Procurement for Public Interest was enacted and came into
force on August 7, 2012, which lastly amended by Presidential Regulation No. 148 of 2015 (“Land
Procurement Implementation Regulation”). The Land Procurement Implementation Regulation aims to
ensure the smooth execution of development activities for public interest, for which the purpose is
required, and is expected to provide more effective legal basis for public interest in land procurement.

Under the Land Procurement Law, the Central Government and/or the Regional Government are given
the task to ensure the availability of land required for the public interest. The Land Procurement Law
also clearly stipulates that a party who owns or otherwise controls (the “Entitled Party”) land objects
(i.e., space under and above land, buildings, plants and any objected related to the land) is obliged to
release its rights upon such land objects for the purpose of public interest land procurement, following
the provision of fair and reasonable compensation or a legally binding court decision. After such land
is released, it becomes the property of the central government, the regional government or a
state-owned enterprise, as the case may be.

The Land Procurement Law specifically stipulates the development projects for public interest as
follows:

(1) national defense and security;

(2) public road, toll road, tunnel, railway, train station, and train operating facilities;

(3) water embankment, reservoir, irrigation, drinking water channel, drainage and sanitation and
other water resource management construction;

(4) seaport, airport, and terminal;

(5) oil, gas, and geothermal infrastructure;

(6) power plant, power transmission, switch yard, power network and distribution;

(7) government telecommunication and informatics network;

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(8) waste disposal and processing place;

(9) hospitals owned by the Central Government or Regional Government;

(10) public safety facilities;

(11) cemetery owned by the Central Government or Regional Government;

(12) social facilities, public facilities and public open green space;

(13) wild life and culture preservation area;

(14) office area for the Central Government, Regional Government or sub-districts/villages;

(15) structuring of urban slums area and/or land consolidation, and rented residential for low-income
communities;

(16) education facilities or schools under the Central Government or Regional Government;

(17) sport facilities owned by Central Government or Regional Government; and

(18) public market and public car park.

The Land Procurement Law introduces clear and more expedited steps for the procurement of land for
public interest. Initially, a government entity that plans to procure land for public interest must have
a public consultation with the Entitled Party on the proposed development plan, until consensus is
reached. In the event that no consensus can be reached or any objection is raised to the proposed
development plan, the Governor will set up a team to examine the reasons for the Entitled Party’s
objections. Based on this, the Governor will decide whether the targeted land can be approved to be
procured for public interest. To the extent that the Entitled Party still has objections, it may file a legal
claim to the State Administrative Court, whose decision can thereafter be subject to final appeal at the
Supreme Court. If by virtue of a legally binding court decision, the land has been approved to be
procured for public interest, then the National Land Agency shall appoint an independent appraisal
team to determine the compensation value to be paid to the Entitled Party. To challenge the
compensation value, if required, the Entitled Party may file a legal claim to a District Court and if
required, the decision of the District Court can be filed for final appeal at the Supreme Court.

Strata Title

On November 10, 2011, Law No. 20 of 2011 on Strata Title Housing (“Law No. 20/2011”) was
enacted, which replaces the previous Law No. 16 of 1985 on Strata Title Housing. As an
implementation of Law No. 20/2011, the Minister of Public Housing issued Minister Regulation No.
10 of 2012 as amended by Minister Regulation No. 7 of 2013 on the Implementation of Housing and
Settlement Areas with Balanced Housing (“MoPH Regulation No. 7/2013”).

Law No. 20/2011 classifies several types of Strata Title Housing, namely (i) public Strata Title
Housing (rumah susun umum) provided for low income persons, (ii) special Strata Title Housing
(rumah susun khusus) provided for special needs, (iii) state Strata Title Housing (rumah susun negara)
which are owned and provided by the state for residential purposes and other support services for state
officials, and (iv) commercial Strata Title Housing (rumah susun komersial) for commercial purposes.

The Government is responsible for the development of public Strata Title Housing, special Strata Title
Housing and state Strata Title Housing. Any party developing public Strata Title Housing is entitled
to receive an aid from the Government. The development of public Strata Title Housing and special
Strata Title Housing may be conducted by a non-profit institution or business entity. As for the
development of commercial Strata Title Housing, it may be conducted by any party. Under Law No.
20/2011 as implemented by MoPH Regulation No. 7/2013, the construction of balanced housing is

153
implemented proportionally among luxury housing, medium housing, and decent housing. In terms of
luxury housing construction, each developer is required to construct three times the number of medium
and decent houses than the total number of luxury houses to be constructed. In terms of medium
housing construction, each developer is required to construct one and a half times the number of
decent houses than the total number of medium houses to be constructed. If the developer cannot
construct decent housing under these terms, the developer may construct common Strata Title Housing
in an amount equivalent to the obligated price of decent housing in the same area. The developer of
commercial Strata Title Housing must provide public Strata Title Housing with a floor area of at least
20% of the total floor area of its commercial Strata Title Housing. Such public Strata Title Housing
may be located outside the premises of the commercial Strata Title Housing but is required to be
located within the same regency or city where the commercial Strata Title Housing is located, except
for the Jakarta area, which as regulated under MoPH Regulation No. 7/2013 may be located in a
different city from where the commercial Strata Title Housing is located to the extent that it should
still fall within the Jakarta province area. Violation of this obligation may subject the developer to
imprisonment of up to two years or a fine of up to Rp20.0 billion.

Strata Title Housing may only be constructed on a parcel of land where the developer has Hak Milik
title to the land, HGB title to the land or a right to use the land if such land is state-owned, or HGB
title or right to use over right to manage land (Hak Pakai diatas tanah Hak Pengelolaan). In addition,
public Strata Title Housing and/or special Strata Title Housing can be constructed by utilizing the state
or region-owned land (by way of lease or cooperation for the utilization) or utilization of wakaf lands
(by way of lease or cooperation for the utilization pursuant to ikrar wakaf). On December 28, 2015,
the Government enacted Government Regulation No. 103 of 2015 on Ownership of House or
Residential for Foreigners Domiciled in Indonesia (“GR No. 103/2015”), which replaced Government
Regulation No. 41 of 1996 on Ownership of House or Residential for Foreigners Domiciled in
Indonesia. Pursuant to GR No. 103/2015, foreigners holding stay permits are eligible to own housing
that is constructed under a Right to Use (Hak Pakai) either in a form of single housing and/or
multi-story building.

The developer of Strata Title Housing is required to divide the building into private property, common
area, common property and common land. Such division is required to be elaborated in a clear picture
design and description. The purpose of the division is to define the areas which can be used jointly
or separately by each of the strata title owners. The requirements to develop Strata Title Housing
include administrative, technical and ecological requirements. The administrative requirements
include (i) the status of the relevant land and (ii) building construction permit (Ijin Mendirikan
Bangunan or “IMB”). Technical requirements include (i) the building landscape (location requirement,
intensity and building architecture) and (ii) the building’s endurance (including safety, health, comfort
and efficiency requirements). Ecological requirements include the balance and suitability of the
environmental function. Further, the developer is required to submit the application to obtain
Certificate of Worthy-Function (Sertifikat Laik Fungsi or “SLF”) to the relevant regent/major after the
completion of the entire or part of the Strata Title Housing, save for Jakarta, where the application to
obtain SLF is required to be submitted to the Governor.

Foreign investment for the construction of Strata Title Housing is permitted under Law No. 20/2011
provided that prevailing regulations in foreign investment sector are complied with.

Pursuant to this law, the developer may market the Strata Title Housing before the commencement of
construction. However, prior to marketing the property, the developer is required to satisfy the
following criteria: (i) the certainty of the space allotment; (ii) the certainty of the right over the land;
(iii) the certainty of the status of the possession over the Strata Title Housing; (iv) construction
license; and (v) guarantee over the construction from the relevant surety institution. In the event that
the developer markets the Strata Title Housing before the commencement of construction, all of the
terms that are promised by the developer or marketing agency shall be binding as a Preliminary Sales
and Purchase Agreement (Perjanjian Pengikatan Jual Beli or “PPJB”) on all parties. The developer
may also enter into a PPJB which is made before the Notary with the purchasers prior to completion
of the Strata Title Housing. However, the PPJB can only be entered into if the ownership of the land

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is clear, the building construction permit has been obtained, and in the event when the infrastructure,
facilities and public utilities are available, the construction progress of the respective Strata Title
Housing have reached at least 20% of the total construction and the object of the agreement is clear.
In the event the Strata Title Housing is built over a right to build (HGB) title, or right to use over right
to manage land (Hak Pakai di atas Hak Pengelolaan), the developer shall settle the ownership title
of such land prior to the sale and purchase of the Strata Building units.

As for the form of possession, it depends on the type of Strata Title Housing. Law No. 20/2011
provides that: (i) public Strata Title Housing may be owned or leased; (ii) special Strata Title Housing
may only be possessed by borrow-use or lease; (iii) state Strata Title Housing may only be possessed
by borrow-use, lease or leasing; and (iv) commercial Strata Title Housing can be owned or leased. The
title of ownership of a unit in Strata Title Housing constructed over the land with ownership right,
right to build or right to use over state land, right to build or right to use over right to manage land
is the Ownership Certificate for a Unit in Strata Title Housing (SHM Sarusun). The SHM Sarusun can
be encumbered to secure loan repayment. The title of ownership for a unit in Strata Title Housing
constructed over state/regional owned lands or a wakaf land is Building Ownership Certificate for a
Unit in Strata Title Housing (“SKBG Sarusun”). The SKBG Sarusun can be encumbered by fiduciary
security to secure loan repayment.

Pursuant to this law, all required implementing regulations shall be issued within one year from the
enactment date of this law. Until such implementing regulations are issued, the prevailing
implementing regulations shall remain in effect, as long as the provisions therein do not contradict
with the provisions under this law.

Regulation on the Development and Use of Land

Following the acquisition of land and prior to construction, a developer must obtain an environmental
impact analysis for the proposed project. Based on State Minister of Environment Regulation No. 5
of 2012 on Type of Business Plan and/or Activity which requires an Environmental Impact Analysis
(Analisis Mengenai Dampak Lingkungan Hidup or “AMDAL”), any business and/or activity that may
cause significant environmental impacts must obtain an AMDAL, including, among others (a) any
business activity within residential properties in (i) metropolitan cities occupying 25 hectares or more
of land; (ii) large scale cities occupying 50 hectares or more of land; (iii) medium and small scale
cities occupying 100 hectares or more of land; (iv) for transmigration settlement purposes of 2,000
square meters or more and (b) the construction of a building for multisectoral purposes which occupies
5 hectares or more of land or has a building area of 10,000 square meters or more. Thereafter, the
developer (or contractor responsible for construction) must obtain a building construction permit (Izin
Mendirikan Bangunan or “IMB”) from the regional government for each phase of construction. After
the IMB is received, development and construction may commence, including clearing and preparing
land and constructing infrastructure such as drainage systems, roads, landscaping, street lighting,
electricity and telephone cables.

The development of residential properties must also comply with regulatory requirements relating to
the provision of social facilities benefiting the community, including schools, sports facilities, houses
of worship, markets, parks and playgrounds. As stipulated in Law No. 1 of 2011 on Housing and
Settlement Areas (“Law on Housing”), residential property developers are required to provide public
infrastructure, facilities and utilities including locations for governmental, social and economic
services (“Public Utility”). The Law on Housing is in line with Minister of Home Affairs Regulation
No. 9 of 2009 on Guideline on Delivery of Infrastructure, Facility, and Utility of Regional Housing
and Settlement which requires developers to deliver Public Utility to regional governments. The
responsibility of requesting developers to provide Public Utility lies with the relevant regional
government.

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On January 22, 2010, the Government issued Government Regulation No. 11 of 2010 (“GR 11/2010”)
on the Administration and Utilization of Unused Land (Penertiban dan Pendayagunaan Tanah
Terlantar) to replace Government Regulation No. 36 of 1998 (“GR36/1998”). Under GR 11/2010, the
Government may revoke the Hak Milik, HGU, HGB, Hak Pakai and Hak Pengelolaan title and reclaim
land without compensation in respect of land which has not been utilized, or is not being utilized in
accordance with its conditions or characteristics and the purpose of the rights over the relevant land
or the basis of possession over the land. However, unintentionally unused land registered as Hak Milik
or HGB, which is privately owned or land authorized directly or indirectly and constitutes state-owned
assets, are exempted from GR 11/2010. Before any land is declared unused, the Head of Regional Land
Office will prepare an indicative list of unused land, which will be examined by a committee which
is set up by the Head of Regional Land Office. Such investigation will commence (i) three years after
the issuance of the respective land certificates; or (ii) on the expiry date of the document of the basis
of repossession over the land.

In the event that such examination results in a conclusion that the land is unused, the land office will
issue three warning letters, each having a one-month period in between, and the owner of the land will
be given a certain period of time to rectify the situation. Failure to rectify will lead to the Head of
Regional Land Office declaring the land as unused land, terminating the land rights and the legal
relations of the owner or controller with such land, and declaring that such area of land is under the
direct control of the Government. As GR 11/2010 does not provide for any period of time to which
it applies, GR 11/2010 is applicable to land acquired prior to its enactment.

Regulation of Land as Security for Financing

Article 1131 of the Indonesian Civil Code provides that all assets of a debtor, both immovable and
movable and including land, which are already, or will be, in existence, shall become general security
for the repayment of obligations of the debtor. Article 1133 states that preferential rights are given to
(i) the holder of a hypothec and (ii) the holder of a pledge. The holder of a hypothec and/or a pledge
take priority subject to legal costs incurred in the enforcement of the creditor’s rights.

Law No. 4 of 1996 on Security Right on Land and Land Related Objects provides that a company may
encumber its HGB title to land to secure obligations to creditors. A security right (Hak Tanggungan)
may be granted over “immovable” property, including land, buildings erected therein and fixtures,
which provides preferential rights over the land and property to the relevant creditor and is similar to
a common law mortgage. Under Indonesian law, a mortgage (i) gives a preferential right to its holder;
(ii) attaches to the secured object, regardless of the identity of the possessor of the object; and (iii)
fulfills the principles of specialty and publicity in order to bind third parties and provides legal
enforceability to the holder of the mortgage. The procedure for creation of a security right (Hak
Tanggungan) over land requires firstly, the execution of an authenticated Deed of Grant of Security
Right (Akta Pemberian Hak Tanggungan) (made in the Indonesian language) before a Land Deed
Official (Pejabat Pembuat Akta Tanah or “PPAT”) and secondly, registration of the Deed of Grant of
Security Right at the District Land Registration Office (“Land Office”) where the land is located. The
security right (Hak Tanggungan) will only be effective upon the registration of the security rights in
the land book by the Land Office. A Certificate of Security Rights (Sertipikat Hak Tanggungan) will
be issued by the Land Office reflecting the lender as the secured party over the land. Security rights
can be granted in ranks, where the first rank holder is the highest security rights holder.

Regulation of Mortgage Financing

Bank Indonesia regulates mortgage financing by specifying the maximum LTV ratio for loans granted
by commercial banks and the maximum FTV ratio for financing granted by sharia banks. Under Bank
Indonesia Regulation No. 18/16/PBI/2016 dated August 26, 2016, which became effective on August
29, 2016 and its implementing regulation under Bank Indonesia Circular Letter No. 18/19/DKMP,
which became effective on September 6, 2016, Bank Indonesia revised the maximum LTV ratio for
loans from commercial banks to between 60% and 90%, and the maximum FTV ratio for financing
from sharia banks to between 60% and 90%, in each case depending on the area and type of the

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property (such as houses, properties (which includes penthouses, condominiums, apartments and flats)
and shophouses (including shophouses used for office purposes)), the nature of the facility and the
number of mortgage facilities held by the applicant, which will be further described in the following
table:

Property Loan (“PL”) and Sharia Property Financing (“PF”) based on Murabahah or Istishna Contract

PL and PF limit

3rd and
Subsequent
Type of Property (square meter) 1st Mortgage 2nd Mortgage Mortgage

House
> 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85% 80% 75%
22 — 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 85% 80%
< 21 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Strata Title Building
> 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 85% 80% 75%
22 — 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 85% 80%
< 21 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 85% 80%
Shophouses and Shophouses Utilized for Office Purpose
Any Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 85% 80%

PL and PF based on Musyarakah Mutanaqisah, or Ijarah Muntahiya Bittamlik Contract

PL and PF limit

3rd and
Subsequent
Type of Property (square meter) 1st Mortgage 2nd Mortgage Mortgage

House
> 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 85% 80%
22 — 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 90% 85%
< 21 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — —
Strata Title Building
> 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 85% 80%
22 — 70 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 90% 85% 80%
< 21 m2 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 85% 80%
Shophouses and Shophouses Utilized for Office Purpose
Any Size . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 85% 80%

The abovementioned ratios are only applicable for banks which meet the following requirements: (i)
net ratio of nonperforming loans from total loans or net ratio of nonperforming financing from total
financing, is less than 5%, and (ii) gross ratio of nonperforming PL from total PL or net ratio of
nonperforming PF from total PF, is less than 5%.

In addition, under Bank Indonesia Circular Letter No.18/19/DKMP, Bank Indonesia placed certain
restrictions on a bank’s ability to grant residential mortgage loans, which are subject to certain
exceptions. Such restrictions prohibit banks from: (i) granting a mortgage loan to finance the down
payment for the purchase of a residential property, and (ii) granting a credit facility before the relevant
property is completed and ready for handover. The latter restriction does not apply to (i) mortgages
for first-time or second-time mortgage loan borrowers, (ii) where there is a cooperation agreement
between the bank and developer, including at least an undertaking from the developer to complete the
development of the property (iii) where the property developer or another party grants a corporate

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guarantee that can be used to complete the construction of the property and fulfill the obligations of
the developer in case the property cannot be completed and/or delivered as agreed, and (iv) where the
disbursement of the credit facility must be made on an installment basis based on the completion of
the property.

Regulation of Housing and Settlement Areas

In early 2011, the Government enacted Law No. 1 of 2011 dated January 12, 2011 on Housing and
Settlement Areas (“Law on Housing”). The Law on Housing is intended to implement housing and
settlement area programs that: (i) provide legal certainty; (ii) support zoning and housing development
oriented towards low-income communities; (iii) improve the effectiveness and efficiency of natural
resources that contribute to housing development, with due regard to the preservation of the
environmental (urban and rural areas); (iv) empower stakeholders in housing and settlement area
development; (v) support economic, social and cultural growth; and (vi) provide housing that is
healthy, secure, integrated and sustainable.

The Law on Housing provides five categories of housing: (i) commercial housing, which is housing
built for business purposes; (ii) public housing, which is housing provided by the Government for
low-income communities; (iii) community-built housing, which is housing built by community
initiatives; (iv) special housing, which is housing built for a particular purpose; and (v) state housing,
which is housing owned by the state, which serves as residences for Government officials and their
families. In addition to the categories mentioned above, the Law on Housing provides that
single-houses, cluster housing, and/or apartments may only be constructed on land with right of legal
ownership, right to build (either on the state land or right to manage), or right to use on state land.

One of the objectives under this Law on Housing is the support by the Government for the
procurement of proper housing for low income communities. Thus, to procure proper housing for low
income communities (including any repairs and/or house leasing), the state provides facilities and/or
aid in the form of, among others: housing subsidies, tax incentives, licensing procedures, insurance
and guarantees, land procurement and land certification.

As stipulated in Law on Housing, developers of residential properties are required to provide public
infrastructure, facilities and utilities including locations for governmental, social and economic
services (“Public Utility”). The Law on Housing is in line with Minister of Home Affairs Regulation
No. 9 of 2009 on Guideline on Delivery of Infrastructure, Facility, and Utility of Regional Housing
and Settlement which requires developers to deliver Public Utility to regional governments. The
responsibility of requesting developers to provide Public Utility lies with the relevant regional
government.

Furthermore, this law also provides protection from unreliable housing developers. To market housing
that is still under construction, a housing developer may utilize a preliminary sale and purchase
agreement scheme, after the fulfillment of certain requirements, namely: (i) land ownership status, (ii)
object of the agreement, (iii) obtaining the principal building permit, (iv) availability of infrastructure,
facilities and public utilities, and (v) the construction progress having reached at least 20% of the total
development area. In this regard, a housing developer is also prohibited from carrying out a hand-over
and/or collecting more than 80% of the funds from the purchaser prior to the fulfillment of the
aforementioned requirements. This law also sets out criminal sanctions for the violation of this
provision in the form of imprisonment of up to one year or a fine of up to Rp1.0 billion. In addition,
the Law on Housing prohibits property developers from selling land lots without buildings constructed
on them, unless at least 25% of the housing area has been completed and there is a national monetary
crisis affecting the liquidity of the property developer, or the land is being developed for low-income
residents. Violation of the aforementioned requirement may subject the developer to imprisonment of
up to five years and a fine of up to Rp5.0 billion.

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The availability of land for housing and settlement area development constitutes the responsibility of
the central government and regional government, which can be conducted by: granting of land title for
lands directly possessed by the state, land consolidation with owners, transfer or release over right of
land with owners, utilization and transfer of land owned by the state or regional government,
utilization of state land which formerly was a neglected area, and/or procurement of land for the
development of the public interest in accordance with the prevailing laws and regulations.

In Indonesia, pursuant to the enactment of Government Regulation No. 103 of 2015 on Ownership of
House or Residential for Foreigners Domiciled in Indonesia (“GR No. 103/2015”) which replaced
Government Regulation No. 41 of 1996 on Ownership of House or Residential for Foreigners
Domiciled in Indonesia, a foreign citizen holding stay permits may own a house or apartment,
constructed under a right to use land (Hak Pakai), under a right to use state-owned land (Hak Pakai),
under a right to own title to the land (Hak Milik), based on an agreement to grant the right to use land
(Hak Pakai). The period of occupancy is set out in GR No. 103/2015, allowing a 30-year occupancy
period, that can be extended for a period no longer than 20 years with a potential renewal of 30 years.

GR No. 103/2015 was initially implemented by Minister of Agrarian Affairs/Head of National Land
Agency Regulation No. 13 of 2016, which later on was revoked and replaced on September 26, 2016
by Minister of Agrarian Affairs/Head of National Land Agency Regulation No. 29 of 2016 regarding
the Procedures for Granting, Relinquishing, or Transferring Ownership of Residential Properties to
Foreign Citizens Domiciled in Indonesia (“MR No. 29/2016”).

Pursuant to MR No. 29/2016, there is a minimum price threshold of property imposed for foreign
citizens. For example, in Jakarta, minimum price threshold of property is Rp10 billion for a house unit
and Rp3 billion for an apartment unit, while in Surabaya, it is Rp5 billion for a house unit and Rp1.5
billion for an apartment unit. Further, MR No. 29/2016 provides that a foreign citizen or a family of
a foreign citizen can only acquire one plot of land with a maximum area of 2,000 square meters. This
maximum land area limitation does not apply to foreign country and/or international agency’s
representatives, and can also be waived with the approval from Minister of Agrarian Affairs/Head of
National Land Agency.

Every developer must comply with the regional spatial layout plan determined by the Government as
well as obtain the licensing and assurance to the feasibility of occupancy.

Further, there are two sanctions for the violation of certain provisions, which are:

(1) administrative sanctions, in the form of, among others: written notices, temporary suspension of
operations, license revocation, and building sealing; and

(2) criminal sanctions, in the form of fines (ranging from Rp50.0 million up to Rp50.0 billion) and
imprisonment (ranging from 1 to 5 years).

Pursuant to the Law on Housing, all required implementing regulations must be issued within one year
from the enactment of this law. Moreover, the previously issued implementing regulations remain
unaffected, as long as they do not contradict the provisions of the Law on Housing, and are not
replaced by new regulation.

The Minister of Public Housing has issued several implementing regulations for the Law on Housing,
one of which is the MoPH Regulation No. 7/2013 relates to the Government’s obligation to provide
low and medium cost housing based on the balance of housing and settlement area.

Pursuant to MoPH Regulation No. 7/2013, the requirement of balance of housing and settlement area
is applicable to: (i) housing consisting of at least 15 to 1,000 houses, (ii) settlement consisting of at
least 1,000 to 3,000 houses, (iii) estate area consisting of at least 3,000 to 10,000 houses, and (iv)
settlement area consisting of more than 10,000 houses. The implementation of balance of housing and
estate area must comply with the requirements on location and composition/ratio.

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With regard to the location requirement, the balance of housing and estate is required to be
implemented within one regency or city either in the same or in different areas. Such area is required
to accommodate at least 1,000 houses. In the case of such balance being implemented in different
areas, each area is required to accommodate at least 50 houses.

Regarding the composition/ratio requirement, the balance of housing and estate is required to be
implemented based on either the number of houses or area of the land. Based on the number of houses,
the ratio of low cost to medium to luxury houses is required to be in the ratio of 3:2:1. In the event
that the low cost houses cannot be built in the form of single house, it can be built in the form of strata
title housing. Based on the land area, such low-cost housing area is required to represent at least 25%
of the total housing area, provided that the number or low-cost houses must be at least equal to the
total number of luxury houses plus the medium houses. In addition, a commercial Strata Title Housing
developer is required to develop public Strata Title Housing representing at least 20% of the total floor
of the commercial Strata Title Housing.

To ensure that the relevant parties implement the requirements on balance of housing, the local
government will control the planning, construction and development of housing and settlement areas
conducted by developers, by giving written notification, sealing the location and suspending
development activities, cancelling the building construction permit, and/or imposing sanctions, which
may be in the form of administrative sanctions or criminal sanctions.

Hotel Business Regulations

The licensing for a hotel business is regulated under Law No. 10 Year 2009 dated January 16, 2009
on Tourism (“Tourism Law”). The implementing regulations of the Tourism Law have not yet been
enacted, therefore, Government Regulation No. 67 Year 1996 dated November 8, 1996, on Tourism
Implementation (“Tourism GR”), is still valid as long as it does not contravene the Tourism Law.

Under the Tourism Law, a hotel business must be registered with the central Government or Regional
Government, prior to the implementation of its business activities. The registration shall be conducted
in accordance with the Minister of Tourism Regulation No. 18 of 2016 dated 18 October 2016 on
Tourism Business Registration pursuant to which a Tourism Business Registration Mark (Tanda Daftar
Usaha Pariwisata) will be issued upon a complete registration. Failure to comply with this obligation
can lead to administrative sanction in the form of (a) a written warning; (b) limitation of business
activity; (c) suspension of business activity; or (d) revocation of Tourism Business Registration Mark.
Under the Tourism GR, there are two types of hotel licensing: (i) Permanent Hotel License (valid as
long as the business complies with the prevailing law, and shall be deemed as the operational license);
and (ii) Temporary Business License (valid for three years, extendable for a maximum period of no
more than two years with written approval, and shall be deemed as a principal license), both granted
by the Minister of Tourism and Creative Economy through the relevant servicing office in each city
and/or regent of Indonesia.

Each city or regent may also impose additional requirements in order for a hotel business to be
established. In Jakarta for instance, under the Provincial Regulation of the Capital City of Jakarta
Region No. 41 Year 2009 dated April 15, 2009 on Hotel Business Implementation, a hotel building
must fulfill certain basic and technical operational requirements, such as having (i) a Permanent Hotel
License; (ii) a certificate for the hotel’s facilities and equipment eligibility; (iii) a certificate for the
hotel’s hygiene and sanitation eligibility; and (iv) the procurement of front office and its equipment,
guest rooms and equipment, dining facilities and equipment, parking spaces and security officers. In
Surabaya, under Surabaya Mayor Regulation No. 25 of 2014 on the Procedures of Tourism Facilities
Implementation, a star hotel is required to have a Star Hotel Registration Certificate (Surat Tanda
Daftar Usaha Hotel Bintang) and certain facilities including, among others, (i) a corridor with
emergency doors and stairs, (ii) bathroom facilities, (iii) a front office, (iv) a lobby, (v) a security post,
(vi) a parking lot, (vii) a public phone, (viii) storage facilities, and (ix) a prayer room.

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Pursuant to the Government Regulation No. 52 dated April 23, 2012 on Certification of Competence
and Business Certification, every tourism entrepreneur, including, but not limited to a hotelier, is
obliged to implement Tourism Business Standards (Standar Usaha Pariwisata) for hotels as stipulated
under the Decree of the Minister of Culture and Tourism No. PM.53/HM.001/MPEK/2013 dated 27
September 2013, regarding Business Standard for Hotel, as amended by Minister of Tourism and
Creative Economy Regulation No. 6 dated June 26, 2014 (“MoC Decree No. PM.53/2013”) which
revokes the Decree of the Minister of Culture and Tourism No. KM.3/HK.001/MKP.02 Year 2002
dated February 27, 2002 regarding Hotel Grade Classification, MoC Decree No. PM.53/2013 provides
that every hotel may obtain a classification from Lembaga Sertifikasi Usaha Pariwisata. There are two
types of hotel grades: Stars Grade and Non-Stars Grade, which are determined by the hotel’s products,
services and management.

Shopping Center Regulations

On December 27, 2007, the President of the Republic of Indonesia enacted the Presidential Regulation
No. 112 of 2007 on the Organization and Development of Traditional Market, Shopping Center and
Modern Store (“PR 112/2007”) that regulates among others, the shopping center industry in Indonesia.
A shopping center is defined as a particular area comprising one or more buildings constructed
vertically or horizontally, to be sold or leased to business actor(s) or managed independently for
trading of goods. To engage in the business, the owner of the shopping center must acquire the
Shopping Center Business License (Ijin Usaha Pusat Perbelanjaan) that will be issued by the Mayor
or Regent where the building is located, or by the Governor of Jakarta if the building is located in
Jakarta area.

PR 112/2007 requires (i) the shopping center’s location to be in line with the city’s spatial plan; (ii)
an analysis and study of the community’s social and economy conditions and the distance between the
existing hypermarket and traditional market, before deciding the shopping center’s location; (iii)
availability of one four-wheeled vehicle parking space for every 60 square meters area in the shopping
center; (iv) availability of facilities that promote a clean, healthy, and safe shopping center and
convenient public area; and (v) availability of space for small businesses at affordable fees, or which
can be used by small businesses through a partnership scheme with the owner of the shopping center.

On December 12, 2013, the Minister of Trade of Republic of Indonesia issued the implementing
regulations of PR112/2007 — the Minister of Trade Regulation No.70/M-DAG/PER/12/2013 on the
Guidelines of Organization and Development of Traditional Market, Shopping Center and Modern
Store, as amended by Minister of Trade Regulation No. 56/M-DAG/PER/9/2014 (“MoT Decree No.
70”) which revokes and replaces the Minister of Trade Regulation No. 53/M-DAG/PER/12/2008 on the
Guidelines of Organization and Development of Traditional Market, Shopping Center and Modern
Store (“MOT 53/2008”). The MoT Decree No. 70 requires the holder of the Shopping Center Business
License to submit a report to the Trade Service Office (Kantor Dinas Perdagangan) every semester
describing (i) the total outlets, (ii) the total revenue of all outlets, (iii) the total number of micro, small
and medium enterprises partners along with the partnership scheme, and (iv) the total number of
employees hired.

Failure to comply with the requirements under PR 112/2007 and MOT 53/2008 could result in
administrative sanctions in the form of a written warning, business license suspension, and business
license revocation. These sanctions will be imposed in stages by the relevant authorities.

Building Worthiness Regulations

The construction and utilization of buildings in Indonesia is governed under Law No. 28 of 2002 on
Buildings, enacted on December 16, 2002 (“Law 28/2002”), and its implementing regulation,
Government Regulation No. 36 of 2005 on Buildings (“GR 36/2005”). Pursuant to Law 28/2002 and
GR 36/2005, the developer or contractor of a building must obtain a Building Construction Permit and
a Building Worthiness Certificate in connection with the building to be developed.

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Pursuant to GR 36/2005, an applicant for a Building Construction Permit must submit (i) land
ownership documents; (ii) details regarding the building’s owner; (iii) the building’s technical plan;
and (iv) an environmental analysis report, to the extent that the building affects the surrounding
environment. With respect to buildings that affect the surrounding environment, a Building
Construction Permit will be granted only if a panel of building experts recommend such approval
based on technical requirements, and once public opinion has been considered. Furthermore, a
Building Construction Permit will be granted only if the purpose of the development is aligned with
the applicable zoning plan. The grant of a Building Construction Permit must be approved by the
mayor or governor, as applicable, of the area where the building is located.

Further, the relevant developer is required to obtain a Building Worthiness Certificate with respect to
each building. Under GR 36/2005, building worthiness is defined as the condition where a building
has complied with administrative and technical requirements in accordance with the building’s
stipulated function.

Building Worthiness Certificates are issued for a duration of twenty years for houses and five years
for other buildings by the relevant regional government; provided, that such houses or other buildings
have been completed and comply with building worthiness requirements according to building
worthiness assessment. Such certificates are issued based on the owner’s application for all or part of
the building in accordance with the building worthiness assessment. A building may commence
operations following the grant of a Building Worthiness Certificate. In order to be granted a Building
Worthiness Certificate, a building must pass an assessment on the function of the building, building
layout requirements and safety, health, comfort and convenience requirements. Failure to comply with
the requirements under GR 36/2005 could result in administrative sanctions in the form of warning
letters, suspension and revocation of the building construction permit and/or Building Worthiness
Certificate.

Environmental Regulation

Environmental protection in Indonesia is governed by various laws, regulations, and decrees,

including Law No. 32 of 2009 on Environmental Protection and Management (“Law 32/2009”), which
was enacted on October 3, 2009 to replace Law No. 23 of 1997 Regarding Environmental Management
(“Law 23/1997”). Law 32/2009 stipulates that all business sectors that are required to obtain an
AMDAL, or in the event that a company does not require an AMDAL, an Environment Management
Effort and Environment Monitoring Effort (Upaya Pengelolaan Lingkungan Hidup dan Upaya
Pemantauan Lingkungan Hidup or “UKL & UPL”) shall obtain an Environmental License, which is
issued by the State Minister of Environment, Governor, or Mayor/Regent (in accordance with their
respective authorities). Such Environmental License is issued based on an environmental feasibility
decision (keputusan kelayakan lingkungan hidup) or UKL and UPL recommendation. We have
obtained such environmental feasibility decision in April 2009 from the Governor of Banten.

Law 32/2009 further stipulates that within two years after its enactment date, all businesses that have
obtained business licenses but do not yet have an AMDAL document or UKL and UPL are obligated
to either complete an environmental audit, if they need an AMDAL, or to have an environment
management document, if they need a UKL and UPL. Furthermore, Law 32/2009 obliges businesses
to integrate their current environmental permits (AMDAL or UKL/UPL documents) issued by the
minister, governor or major, into an Environmental License by the first anniversary of the enactment
date. The environmental license is a prerequisite for a company to obtain the relevant operating
license. Businesses that fail to comply with the Environmental License requirements are subject to
administrative sanctions, which may be in the form of (i) a written warning; (ii) Government coercion;
(iii) suspension of the Environmental License; or (iv) revocation of the Environmental License.

Further, in February 2012, the Government issued Government Regulation No. 27 of 2012 on
Environmental License (“GR 27/2012”) as one of the implementing regulations of Law 32/2009. GR
27/2012 became effective on February 23, 2012. According to GR 27/2012, the Environmental License

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will be issued by the State Minister of Environment, governor or Mayor/Regent (in accordance with
their respective authorities) following the publication of the application for an environmental license
submitted by a company and will be issued simultaneously with the issuance of the environmental
feasibility decision (keputusan kelayakan lingkungan hidup) or UKL and UPL recommendations.

GR 27/2012 stipulates that any environmental document which has been approved prior to February
23, 2012, shall be declared as a valid document and deemed to be an Environmental License. This
means our environmental feasibility decision (keputusan kelayakan lingkungan hidup) will be
considered as a valid Environmental License.

Regulation of Money Laundering

On October 22, 2010, the Government enacted Law No. 8 of 2010 on the Prevention and Eradication
of Money Laundering Criminal Crime (“Law No. 8/2010”). This law regulates among others, the types
of transactions which are required to be reported to the Indonesian Financial Transaction Reports and
Analysis Center (Pusat Pelaporan dan Analisa Transaksi Keuangan) (“PPATK”) and the entities
responsible to report such transactions. Under this law, a property developer (the “Reporting Party”)
is also one of the entities that are responsible to submit such report. Under Law No. 8/2010, the
Reporting Party is required to report to PPATK on any suspicious financial transaction, and any
transaction entered into with its customers having a minimum amount of Rp500 million, or an
equivalent value in other currencies, and/or any financial transaction involving the transfer of funds
from and to other countries, no later than 14 business days after the transaction is conducted (the
“Reporting Obligation”). Failure to submit the report may subject the Reporting Party to
administrative sanction(s) which will be imposed by the Supervisory and Regulatory Body (Lembaga
Pengawas dan Pengatur) in the form of a written warning, public announcement on the action or
sanction and/or an administrative fine. Law No. 8/2010 also provides protection to the Reporting Party
and/or the witness with regard to its report and/or testimony such that the Reporting Party and/or the
witness shall be free from any civil or criminal claim, unless the Reporting Party provides a false
testimony while under oath. Further, Law No. 8/2010 stipulates that as long as the Supervisory and
Regulatory Body has not been established, the PPATK is authorized to give the administrative
sanctions.

The Reporting Obligation shall take effect two years after Law No. 8/2010 is enacted, which will be
on October 22, 2012. To implement the reporting obligation, PPATK has issued Regulation of PPATK
Head No. PER-12/1.02/PPATK/09/11TAHUN2011 dated September 19, 2011 regarding Transaction
Reporting Procedures for Providers of Goods and/or Other Services (“PPATK Regulation 12/2011”)
and Regulation of PPATK Head No. PER-10/1.02.1/PPATK/09/11TAHUN2011, dated September 19,
2011 regarding the implementation of Know Your Service Consumers Principles for Providers of
Goods and/or Other Services (“PPATK Regulation 10/2011”) which particularly apply to providers of
goods and/or services, among others, including developer companies. Under PPATK Regulation
10/2011, developer companies that carry out transactions with a minimum value of Rp100 million
shall implement the Know Your Service Consumers principles in its business activities. Furthermore,
pursuant to PPATK Regulation 12/2011, transactions with a minimum value of Rp500 million or
equivalent in foreign currency shall be reported to PPATK and failure to so report shall be penalized
with administrative sanction, which may be in the form of a (i) warning, (ii) written notice, (iii) public
announcement of the action and/or the sanction, and/or (iv) fine.

On June 23, 2015, the Government issued Government Regulation No. 43 of 2015 on Reporting Parties
in Preventing and Eradicating Criminal Act of Money Laundering was enacted (“GR 43/2015”). GR
43/2015 was issued as the implementing regulation of Law 8/2010, which added four additional
categories on financial services providers that constitute as “reporting parties”, which are (i) venture
capital companies, (ii) infrastructure financing companies, (iii) micro financing companies, and (iv)
export financing companies.

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Otoritas Jasa Keuangan (“OJK”)

On November 22, 2011, with the enactment of Law No. 21 of 2011 regarding Financial Services
Authority (“OJK Law”), Indonesia has effectively created a new integrated and independent financial
authority called the Financial Services Authority or Otoritas Jasa Keuangan. By the authority given
under the OJK Law, OJK has taken over the supervision and regulation of capital markets, insurance,
pension funds, and multi finance companies from Bapepam-LK from December 31, 2012 and will take
over the supervision and regulation of banks from Bank Indonesia from December 31, 2013.

OJK Law stipulates that all existing licenses, approvals, and decisions issued before the transfer of
duties and authorities of Bapepam-LK to OJK will continue to be valid, while applications for licenses
and approvals and other decisions made or outstanding after December 31, 2012 will be processed by
OJK.

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 DESCRIPTION OF THE NOTES

For purposes of this “Description of the Notes,” the term “Issuer” refers only to APL Realty Holdings
Pte. Ltd., a private company with limited liability incorporated under the laws of Singapore and a
wholly-owned subsidiary of the Parent Guarantor, and any successor obligor on the Notes, and the
term “Parent Guarantor” refers only to PT Agung Podomoro Land Tbk, a company incorporated with
limited liability under the laws of Indonesia, and not to any of its Subsidiaries. The Parent Guarantor’s
guarantee of the Notes is referred to as the “Parent Guarantee.” Each Subsidiary of the Parent
Guarantor that guarantees the Notes is referred to as a “Subsidiary Guarantor”, and each such
guarantee is referred to as a “Subsidiary Guarantee”. The term “Guarantor” refers to either the
Parent Guarantor or a Subsidiary Guarantor, as the context requires, and the term “Guarantee” refers
to either the Parent Guarantee or a Subsidiary Guarantee, as the context requires. The term
“Guarantors” refers to the Parent Guarantor and the Subsidiary Guarantors, collectively, and the term
“Guarantees” refers to the Parent Guarantee and the Subsidiary Guarantees, collectively.

The Notes are to be issued under an indenture (the “Indenture”), to be dated as of the Original Issue
Date, among the Issuer, the Guarantors and The Bank of New York Mellon, London Branch, as trustee
(the “Trustee”).

The following is a summary of certain provisions of the Indenture, the Notes and the Guarantees. This
summary does not purport to be complete and is qualified in its entirety by reference to all of the
provisions of the Indenture, the Notes and the Guarantees. It does not restate those agreements in their
entirety. Whenever particular sections or defined terms of the Indenture not otherwise defined herein
are referred to, such sections or defined terms are incorporated herein by reference. Copies of the
Indenture will be available on or after the Original Issue Date during normal office hours at the
corporate trust office of the Trustee at One Canada Square, London E14 5AL, United Kingdom.

Brief Description of the Notes

The Notes will:

• be general obligations of the Issuer;

• be senior in right of payment to any obligations of the Issuer expressly subordinated in right of
payment to the Notes;

• rank at least pari passu in right of payment with all unsecured, unsubordinated Indebtedness of
the Issuer (subject to any priority rights of such unsecured, unsubordinated Indebtedness
pursuant to applicable law);

• be guaranteed by the Guarantors on an unsubordinated basis, subject to the limitations described

below under the caption “—Subsidiary Guarantees” and in “Risk Factors—Risks Relating to the
Notes and the Guarantees”;

• be effectively subordinated to the secured obligations of the Issuer, the Parent Guarantor and the
Subsidiary Guarantors, to the extent of the value of the assets serving as security therefor (other
than the Collateral);

• be effectively subordinated to all existing and future obligations of any Subsidiaries that are not
Subsidiary Guarantors; and

• be secured by first priority liens on the Collateral (subject to Permitted Pari Passu Collateral
Liens) as described below under “—Security.”

The Notes will mature on unless earlier redeemed pursuant to the terms thereof and the
Indenture. The Indenture allows additional Notes to be issued from time to time (the “Additional
Notes”), subject to certain limitations described under “—Further Issues.” Unless the context requires

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otherwise, references to the “Notes” for all purposes of the Indenture and this “Description of the
Notes” include any Additional Notes that are actually issued. The Notes will bear interest at %
per annum from the Original Issue Date or from the most recent interest payment date to which interest
has been paid or duly provided for, payable semi-annually in arrears on and of each
year (each, an “Interest Payment Date”), commencing on .

Interest on the Notes will be paid to Holders of record at the close of business on or
immediately preceding an Interest Payment Date (each, a “Record Date”), notwithstanding
any transfer, exchange or cancellation thereof after a Record Date and prior to the immediately
following Interest Payment Date. Interest on the Notes will be calculated on the basis of a 360 day
year comprised of twelve 30-day months.

Except as described under “Optional Redemption” and “Redemption for Taxation Reasons” and as
otherwise provided in the Indenture, the Notes may not be redeemed prior to maturity (unless they
have been repurchased by the Issuer).

In any case in which the date of the payment of principal of, premium (if any), or interest on, the Notes
(including any payment to be made on any date fixed for redemption or purchase of any Note) is not
a Business Day in the relevant place of payment or in the place of business of the Paying Agent, then
payment of principal, premium (if any), or interest need not be made in such place on such date but
may be made on the next succeeding Business Day in such place. Any payment made on such Business
Day will have the same force and effect as if made on the date on which such payment is due, and no
interest on the Notes will accrue for the period after such date. Interest on overdue principal and
interest and Additional Amounts, if any, will accrue at a rate that is 1% higher than the then applicable
interest rate on the Notes.

The Notes will be issued only in fully registered form, without coupons, in minimum denominations
of US$200,000 and integral multiples of US$1,000 in excess thereof. See “—Book-Entry; Delivery
and Form.” No service charge will be made for any registration of transfer or exchange of Notes, but
the Issuer may require payment of a sum sufficient to cover any transfer tax or other similar
governmental charge payable in connection therewith.

All payments on the Notes will be made in U.S. dollars in immediately available funds by the Issuer
at the office or agency of the Issuer maintained for that purpose (which initially will be the specified
office of the Paying Agent currently located at One Canada Square, London E14 5AL, United
Kingdom, and the Notes may be presented for registration of transfer or exchange at such office or
agency); provided that, at the option of the Issuer, payment of interest may be made by check mailed
to the address of the Holders as such address appears in the Note register or by wire transfer. Interest
payable on the Notes held through Euroclear or Clearstream will be available to Euroclear or
Clearstream participants (as defined herein) on the Business Day following payment thereof.

The Parent Guarantee

The Parent Guarantee will:

• be a general obligation of the Parent Guarantor;

• be effectively subordinated to secured obligations of the Parent Guarantor, to the extent of the
value of the assets serving as security therefor (other than the Collateral);

• be senior in right of payment to all future obligations of the Parent Guarantor expressly
subordinated in right of payment to the Parent Guarantee;

• rank at least pari passu in right of payment with all other unsecured, unsubordinated
Indebtedness of the Parent Guarantor (subject to any priority rights of such unsecured,
unsubordinated Indebtedness pursuant to applicable law);

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• be effectively subordinated to all existing and future obligations of any Subsidiaries that are not
Subsidiary Guarantors; and

• be secured by first priority liens on the Collateral (subject to Permitted Pari Passu Collateral
Liens) as described below under “—Security.”

Under the Indenture, the Parent Guarantor will guarantee the due and punctual payment of the
principal of, premium (if any), and interest on, and all other amounts payable under, the Notes. The
Parent Guarantor will (1) agree that its obligations under the Parent Guarantee will be enforceable
irrespective of any invalidity, irregularity or unenforceability of the Notes or the Indenture and (2)
waive its right to require the Trustee to pursue or exhaust its legal or equitable remedies against the
Issuer prior to exercising its rights under the Parent Guarantee. Moreover, if at any time any amount
paid under a Note or the Indenture is rescinded or must otherwise be repaid, the rights of the Holders
under the Parent Guarantee will be reinstated with respect to such payments as though such payment
had not been made. All payments under the Parent Guarantee are required to be made in U.S. dollars.

Concurrently with the execution of the Indenture, the Parent Guarantor will also enter into a Deed of
Guarantee governed by the laws of Indonesia which will provide for the Parent Guarantor’s guarantee
of the due and punctual payment of the principal of, premium (if any) and interest on, and all other
amounts payable under, the Notes under the laws of Indonesia.

Release of the Parent Guarantee

The Parent Guarantee may be released in certain circumstances, including:

• upon repayment in full of the Notes; or

• upon a defeasance or satisfaction and discharge as described under “—Defeasance—Defeasance

and Discharge” or “—Satisfaction and Discharge.”

Subsidiary Guarantees

On the Original Issue Date, the Issuer, its Wholly Owned Subsidiary, Podomoro Properties Pte. Ltd.
(“Podom oro Properties”), and each of the other Subsidiaries of the Parent Guarantor, will be
Restricted Subsidiaries, and each of PT Agung Kencana Sukses, PT Graha Tunas Selaras, PT Karya
Pratama Propertindo, PT Agung Pesona Unggul, PT Pesona Agung Lestari, PT Griya Agung Sukses,
PT Central Tata Makmur, PT Podomoro Bangun Abadi, PT Podomoro Central Sejahtera, PT Podomoro
Sukses Lestari, PT Buana Surya Makmur, PT Tiara Metropolitan Indah, PT Karya Gemilang Perkasa
and PT Jaladri Kartika Pakci, will be the initial Subsidiary Guarantors. The Parent Guarantor will
cause each of its future Restricted Subsidiaries, promptly upon becoming a Restricted Subsidiary, to
execute and deliver to the Trustee a supplemental indenture to the Indenture pursuant to which such
Restricted Subsidiary will guarantee the payment of the Notes.

The Subsidiary Guarantee of each Subsidiary Guarantor will:

• be a general obligation of such Subsidiary Guarantor;

• be effectively subordinated to secured obligations of such Subsidiary Guarantor, to the extent of

the value of the assets serving as security therefor (other than the Collateral);

• be senior in right of payment to all obligations of such Subsidiary Guarantor expressly

subordinated in right of payment to such Subsidiary Guarantee;

• rank at least pari passu in right of payment with all other unsecured, unsubordinated
Indebtedness of such Subsidiary Guarantor (subject to any priority rights of such unsecured,
unsubordinated Indebtedness pursuant to applicable law); and

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• be secured by first priority liens on the Collateral (subject to Permitted Pari Passu Collateral
Liens) as described below under “—Security.”

Under the Indenture, and any supplemental indenture to the Indenture, as applicable, each of the
Subsidiary Guarantors will jointly and severally guarantee the due and punctual payment of the
principal of, premium (if any), and interest on, and all other amounts payable under, the Notes. The
Subsidiary Guarantors will (1) agree that their obligations under the Subsidiary Guarantees will be
enforceable irrespective of any invalidity, irregularity or unenforceability of the Notes or the
Indenture and (2) waive their right to require the Trustee to pursue or exhaust its legal or equitable
remedies against the Issuer prior to exercising its rights under the Subsidiary Guarantees. Moreover,
if at any time any amount paid under a Note or the Indenture is rescinded or must otherwise be repaid,
the rights of the Holders under the Subsidiary Guarantees will be reinstated with respect to such
payments as though such payment had not been made. All payments under the Subsidiary Guarantees
are required to be made in U.S. dollars.

Concurrently with the execution of the Indenture, the Subsidiary Guarantors will also enter into Deeds
of Guarantee governed by the laws of Indonesia which will provide for the Subsidiary Guarantors’
guarantee of the due and punctual payment of the principal of, premium (if any) and interest on, and
all other amounts payable under, the Notes under the laws of Indonesia.

Under the Indenture, and any supplemental indenture to the Indenture, as applicable, each Subsidiary
Guarantee will be limited to an amount not to exceed the maximum amount that can be guaranteed by
the applicable Subsidiary Guarantor without rendering the Subsidiary Guarantee, as it relates to such
Subsidiary Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent
transfer or similar laws affecting the rights of creditors generally. If a Subsidiary Guarantee were to
be rendered voidable, it could be subordinated by a court to all other Indebtedness (including
guarantees and other contingent liabilities) of the applicable Subsidiary Guarantor, and, depending on
the amount of such Indebtedness, a Subsidiary Guarantor’s liability on its Subsidiary Guarantee could
be reduced to zero.

The obligations of each Subsidiary Guarantor under its Subsidiary Guarantee may be limited, or
possibly invalid, under applicable laws. See “Risk Factors—Risks Relating to the Notes and the
Guarantees—The Guarantees may be challenged under applicable financial assistance, insolvency or
fraudulent transfer laws, which could impair the enforceability of the Guarantees.”

Release of the Subsidiary Guarantees

A Subsidiary Guarantee given by a Subsidiary Guarantor may be released in certain circumstances,

including:

• upon repayment in full of the Notes;

• upon a defeasance or satisfaction and discharge as described under “—Defeasance—Defeasance

and Discharge” or “—Satisfaction and Discharge”;

• upon the designation by the Parent Guarantor of such Subsidiary Guarantor as an Unrestricted
Subsidiary in compliance with the terms of the Indenture; or

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• upon the sale or other disposition (including by way of consolidation or merger) of the Capital
Stock of such Subsidiary Guarantor in compliance with the terms of the Indenture (including the
covenants described under the captions “—Certain Covenants—Limitation on Sales and
Issuances of Capital Stock in Restricted Subsidiaries”, “—Certain Covenants—Limitation on
Asset Sales” and “—Consolidation, Merger and Sale of Assets”) resulting in such Subsidiary
Guarantor no longer being a Restricted Subsidiary, so long as such Subsidiary Guarantor is
simultaneously released from its obligations in respect of any of the Parent Guarantor’s other
Indebtedness or any Indebtedness of any other Restricted Subsidiaries.

Under the circumstances described below under the caption “—Certain Covenants—Designation of
Restricted and Unrestricted Subsidiaries”, the Parent Guarantor will be permitted to designate certain
of its Subsidiaries as “Unrestricted Subsidiaries”. The Parent Guarantor’s Unrestricted Subsidiaries
will generally not be subject to the restrictive covenants in the Indenture. The Parent Guarantor’s
Unrestricted Subsidiaries will not guarantee the Notes.

As of December 31, 2016, the Parent Guarantor and its consolidated subsidiaries had approximately
Rp6,513.2 billion (US$484.8 million) of consolidated indebtedness outstanding, of which
approximately Rp6,513.2 billion (US$484.8 million) was secured.

Security

The obligations of the Issuer and the Guarantors under the Notes, the Guarantees and the Indenture
are secured on a first priority basis (subject to Permitted Pari Passu Collateral Liens) by a Lien on the
Collateral, which consists of:

(i) a charge by the Issuer of the Capital Stock of Podomoro Properties (the “Pari Passu
Collateral”); and

(ii) an assignment by each of the Issuer and Podomoro Properties of all of their interests in, and
rights under, the Intercompany Loans (the “Notes Collateral” and together with the Pari Passu
Collateral, the “Collateral”).

The proceeds realizable from the Collateral securing the Notes, the Guarantees and the Indenture are
unlikely to be sufficient to satisfy the Issuer’s and the Guarantors’ obligations under the Notes, the
Guarantees and the Indenture, and the Collateral securing the Notes, the Guarantees and the Indenture
may be reduced or diluted under certain circumstances, including the issuance of Additional Notes and
the disposition of assets comprising the Collateral, subject to the terms of the Indenture and the Pari
Passu Intercreditor Agreement (as defined below). See “—Release of Security” and “Risk
Factors—Risks Relating to the Notes, the Guarantees and the Collateral—The value of the Collateral
may not be sufficient to satisfy our obligations under the Notes.”

There can be no assurance that the proceeds of any sale of the Collateral, in whole or in part, pursuant
to the Indenture and the Security Documents following an Event of Default, would be sufficient to
satisfy amounts due on the Notes or the Guarantees. All of the Collateral will be illiquid and may have
no readily ascertainable market value. Accordingly, there can be no assurance that the Collateral
would be sold in a timely manner or at all.

So long as no Default has occurred and is continuing, and subject to the terms of the Security
Documents and the Indenture, the Issuer and the Parent Guarantor, as the case may be, will be entitled
to exercise any and all voting rights and to receive, retain and use any and all cash dividends, stock
dividends, liquidating dividends, non-cash dividends, shares or stock resulting from stock splits or
reclassifications, rights issues, warrants, options and other distributions (whether similar or dissimilar
to the foregoing) in respect of the Capital Stock constituting Collateral.

Share Charge

The Issuer has charged for the benefit of the Holders, the Capital Stock of Podomoro Properties on
a first priority basis (subject to Permitted Pari Passu Collateral Liens) on the Original Issue Date in
order to secure the obligations of the Issuer under the Notes and the Indenture and of the Guarantors
under the Guarantees.

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Brief Description of the Intercompany Loans

On the Original Issue Date, Podomoro Properties will lend an amount equal to all of the net proceeds
from the issue of the Notes, after deducting underwriting fees and commissions and other estimated
transaction expenses (including amounts from the deemed contribution and/or loan from the Issuer to
Podomoro Properties) to the Parent Guarantor pursuant to the Intercompany Loans.

The Intercompany Loans will rank equal in right of payment to all existing and future senior
unsecured, unsubordinated obligations of the Parent Guarantor. The Indenture also provides for
limitations on amendments to the Intercompany Loans. See “—Amendments to or Prepayments of
Intercompany Loans”. The Intercompany Loans will mature on the Stated Maturity of the Notes.
Podomoro Properties intends to make dividend and other distributions to the Issuer using the interest
payments it receives from the Parent Guarantor under the Intercompany Loans in order that the Issuer
may make interest payments under the Notes as they become due.

In addition, Podomoro Properties intends to make dividend and other distributions to the Issuer using
the amount to be repaid by the Parent Guarantor under the Intercompany Loans on the Stated Maturity
of the Notes in order that the Issuer may repay the principal and any other amounts payable under the
Notes on the Stated Maturity of the Notes.

Enforcement of Security

The first-priority Liens over the Collateral (subject to Permitted Pari Passu Collateral Liens) securing
the Notes and the Guarantees of the Guarantors have been granted to the Collateral Agent. The Bank
of New York Mellon, Singapore Branch acts as the initial Collateral Agent under the Security
Documents entered into on the Original Issue Date. The Collateral Agent will hold such Liens over
the Collateral granted pursuant to the Security Documents with sole authority as directed by the
written instructions of the Trustee to exercise remedies under the Security Documents. The Collateral
Agent has agreed to act as secured party under the applicable Security Documents on behalf of the
Holders, to follow the instructions provided to it under the Indenture, the Security Documents and the
Pari Passu Intercreditor Agreement, and to carry out certain other duties. The Trustee will give
instructions to the Collateral Agent by itself or in accordance with instructions it receives from the
Holders under the Indenture.

The Indenture and/or the Security Documents principally provide that, at any time while the Notes are
outstanding, the Collateral Agent has the right to perform and enforce the terms of the Security
Documents relating to the Collateral and to exercise and enforce all privileges, rights and remedies
thereunder according to its instructions, including to take or retake control or possession of such
Collateral and to hold, prepare for sale, process, lease, dispose of or liquidate such Collateral,
including, without limitation, following the occurrence of an Event of Default under the Indenture.

All payments received and all amounts held by the Collateral Agent in respect of the Collateral under
the Security Documents will be applied as follows:

first, to the Collateral Agent to the extent necessary to reimburse the Collateral Agent, its agents,
delegates and any receivers, for any fees and expenses (including properly incurred fees and
expenses of its counsel) incurred in connection with the collection or distribution of such
amounts held or realized or in connection with expenses incurred in enforcing all available
remedies under the Security Documents and preserving the Collateral and all amounts for which
the Collateral Agent, its agents, delegates and any receivers, is entitled to payment or
indemnification under the Security Documents;

second, to the Trustee to the extent necessary to reimburse the Trustee, the Agents and their
respective agents, delegates and any receivers for any expenses (including properly incurred fees
and expenses of its counsel) incurred in connection with the Indenture and in connection with the
collection or distribution of such amounts held or realized or in connection with the fees, costs

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 and expenses incurred in enforcing all available remedies under the Security Documents and
preserving the Collateral and all amounts for which the Trustee, the Agents and their respective
agents, delegates and any receivers are entitled to payment or indemnification under the
Indenture and the Security Documents;

third, to the Trustee for the benefit of the Holders; and

fourth, any surplus remaining after such payments will be paid to the Issuer or the Parent
Guarantor or to whomever may be lawfully entitled thereto.

The Collateral Agent may decline to expend its own funds, foreclose on the Collateral or exercise
remedies available if it does not receive indemnification and/or security or pre-funding to its
satisfaction. In addition, the Collateral Agent’s ability to foreclose on the Collateral may be subject
to lack of perfection, the consent of third parties, prior Liens and practical problems associated with
the realization of the Collateral Agent’s Liens on the Collateral. Neither the Trustee, the Collateral
Agent, the other Agents nor any of their respective officers, directors, employees, attorneys or agents
will be responsible or liable for the existence, genuineness, value or protection of any Collateral
securing the Notes, for the legality, enforceability, effectiveness, adequacy or sufficiency of the
Security Documents, for the creation, perfection, continuation, priority, sufficiency or protection of
any of the Liens, or for any defect or deficiency as to any such matters, or for any failure to demand,
collect, foreclose or realize upon or otherwise enforce any of the Liens or Security Documents or any
delay in doing so. Nor will the Collateral Agent nor the Trustee nor any of the other Agents be
responsible for (i) the right or title of any person in or to, or the value of, or sufficiency of any part
of the Collateral created by the Security Documents; (ii) the priority of any Lien on the Collateral
created by the Security Documents; or (iii) the existence of any other Lien affecting any asset secured
under a Security Document.

The Security Documents provide that the Issuer and the Parent Guarantor will jointly and severally
indemnify the Collateral Agent and its officers, directors, employees, representatives and agents for
all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind imposed against the Collateral Agent or its officers, directors, employees,
representatives and agents, as applicable, arising out of the Security Documents except to the extent
that any of the foregoing are finally judicially determined to have resulted solely from the gross
negligence or willful misconduct of the Collateral Agent or its officers, directors, employees,
representatives and agents, as applicable.

Release of Security

The security created in respect of the Collateral granted under the Security Documents may be
released in certain circumstances, including:

• upon repayment in full of the Notes;

• upon defeasance of the Notes as provided below under “—Defeasance”;

• upon certain dispositions (including but not limited to, as a result of a sale, merger,
consolidation, transfer, conveyance or other disposition) of the Collateral in compliance with the
covenants described under “—Certain Covenants—Limitation on Sales and Issuances of Capital
Stock in Restricted Subsidiaries” or “—Certain Covenants—Limitation on Asset Sales” or in
accordance with the provision described under “—Consolidation, Merger and Sale of Assets”;
and

• in whole or in part, with the requisite consent of the Holders (other than as provided in the
Indenture and the Security Documents) in accordance with the provisions described under
“—Amendment and Waiver.”

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Permitted Pari Passu Secured Indebtedness

On or after the Issue Date and subject to the Indenture, the Parent Guarantor or the Issuer may create
Liens on the Pari Passu Collateral pari passu with the Lien for the benefit of the Holders to secure
Indebtedness of the Parent Guarantor or the Issuer (including Additional Notes) (the “Permitted Pari
Passu Secured Indebtedness”); provided that (i) the Issuer or the Parent Guarantor was permitted to
Incur such Indebtedness under the covenant under the caption “Limitation on Indebtedness and
Preferred Stock,” (ii) the holders of such Indebtedness (or their representative) become party to the
Pari Passu Intercreditor Agreement, (iii) the agreement in respect of such Indebtedness contains
provisions with respect to releases of Pari Passu Collateral substantially similar to and no more
restrictive on the Issuer than the provisions of the Indenture and the Security Documents relating to
the Pari Passu Collateral, and (iv) the Issuer delivers to the Trustee and the Collateral Agent an
Opinion of Counsel and Officers’ Certificate with respect to compliance with the conditions stated in
(i), (ii) and (iii) above and corporate and collateral matters in connection with the Security Documents
relating to the Pari Passu Collateral in form and substance as set forth in such Security Documents.
The Trustee and the Collateral Agent will be permitted and authorized, without the consent of any
Holder, to enter into any amendments to the Security Documents relating to the Pari Passu Collateral
or the Indenture and take any other action necessary to permit the creation and registration of Liens
on the Pari Passu Collateral to secure Permitted Pari Passu Secured Indebtedness in accordance with
this paragraph (including, without limitation, the appointment of any collateral agent under the Pari
Passu Intercreditor Agreement to hold the Pari Passu Collateral on behalf of the Holders and the
holders of Permitted Pari Passu Secured Indebtedness).

Except for certain Permitted Liens and the Permitted Pari Passu Secured Indebtedness, the Parent
Guarantor, the Issuer and the Restricted Subsidiaries will not be permitted to issue or Incur any other
Indebtedness secured by all or any portion of the Pari Passu Collateral without the consent of each
Holder of the Notes then outstanding.

Pari Passu Intercreditor Agreement

On or prior to the first Incurrence of any Permitted Pari Passu Secured Indebtedness, the Trustee and
the Collateral Agent (subject to certain conditions) will enter into an intercreditor agreement (the
“Pari Passu Intercreditor Agreement”), without requiring any instruction or consent from the
Holders, with the Issuer and the holders of such Indebtedness (or their representatives). The Pari Passu
Intercreditor Agreement will provide, among other things, that (1) the parties thereto shall share equal
priority and pro rata entitlement in and to the Pari Passu Collateral; (2) the conditions that are
applicable to the release of or granting of any Lien on such Pari Passu Collateral; and (3) the
conditions under which the parties thereto will enforce their rights with respect to such Pari Passu
Collateral and the Permitted Pari Passu Secured Indebtedness secured thereby.

Under the Pari Passu Intercreditor Agreement, the holders of any relevant Indebtedness (or their
representative) will appoint The Bank of New York Mellon, Singapore Branch (or the successor
Collateral Agent appointed under the Security Document if such successor has been appointed) to act
as the Collateral Agent with respect to the Pari Passu Collateral, to exercise remedies (subject to the
terms of the Indenture and any document governing such Permitted Pari Passu Secured Indebtedness)
in respect thereof upon the occurrence of an event of default under the Indenture and any document
governing such Permitted Pari Passu Secured Indebtedness, and to act as provided in the Pari Passu
Intercreditor Agreement.

In connection with the Incurrence of any subsequent Permitted Pari Passu Secured Indebtedness
permitted to share in the Pari Passu Collateral, the holders of such Permitted Pari Passu Secured
Indebtedness (or their representatives) will accede to the Pari Passu Intercreditor Agreement and
become parties to it.

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By accepting the Notes, each Holder shall be deemed to have consented to the execution of the Pari
Passu Intercreditor Agreement, any supplements, amendments or modifications thereto, and any future
Pari Passu Intercreditor Agreement required under the Indenture.

The Trustee shall not be held liable should any term of the Pari Passu Intercreditor Agreement that is
described in this “Description of the Notes” not align with the interests of the Holders, including but
not limited to that in relation to the enforcement of the Collateral.

The Bank of New York Mellon, Singapore Branch, as the initial Collateral Agent under the Security
Documents, shall have no liability to any Holder for failing to so enter into the Pari Passu Intercreditor
Agreement, if at any time it ceases to act as the Collateral Agent pursuant to the terms of the Security
Documents.

Further Issues

Subject to the covenants described below and in accordance with the terms of the Indenture, the Issuer
may, from time to time, without notice to or the consent of the Holders, create and issue Additional
Notes having the same terms and conditions as the Notes (including the benefit of the Guarantees) in
all respects (or in all respects except for the issue date, issue price and the first payment of interest
on them and, to the extent necessary, certain temporary securities law transfer restrictions) (a
“Further Issue”) so that such Additional Notes may be consolidated and form a single class with the
previously outstanding Notes and vote together as one class on all matters with respect to the Notes;
provided that the issuance of any such Additional Notes shall then be permitted under the covenant
described under “—Certain Covenants—Limitation on Indebtedness and Preferred Stock” and the
other provisions of the Indenture.

In addition, the issuance of any Additional Notes by the Issuer will be subject to the following
conditions:

(1) all obligations with respect to the Additional Notes shall be guaranteed under the Indenture, the
Guarantees and any other Note Documents to the same extent and on the same basis as the Notes
outstanding on the date the Additional Notes are issued;

(2) the proceeds of such Additional Notes are transferred to Podomoro Properties by the Issuer;

(3) the proceeds of such transfer to Podomoro Properties are on-lent by Podomoro Properties to the
Parent Guarantor and/or the Subsidiary Guarantors pursuant to Intercompany Loans;

(4) the Parent Guarantor and the Issuer have delivered to the Trustee an Officers’ Certificate, in form
and substance satisfactory to the Trustee, confirming that the issuance of the Additional Notes
complies with the Indenture and is permitted by the Indenture; and

(5) the Parent Guarantor and the Issuer have delivered to the Trustee one or more Opinions of
Counsel, in form and substance satisfactory to the Trustee, confirming, among other things, that
the issuance of the Additional Notes does not conflict with applicable law.

Optional Redemption

At any time prior to , the Issuer may redeem up to 35% of the aggregate principal amount of
the Notes with the Net Cash Proceeds of one or more sales of Common Stock of the Parent Guarantor
in an Equity Offering at a redemption price of % of the principal amount of the Notes, plus
accrued and unpaid interest, if any, to (but not including) the redemption date; provided that at least
65% of the aggregate principal amount of the Notes issued on the Original Issue Date (excluding Notes
held by the Parent Guarantor and its Affiliates) remains outstanding after each such redemption and
any such redemption takes place within 60 days after the closing of the related Equity Offering.

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At any time prior to , the Issuer may at its option redeem the Notes, in whole or in part, at
a redemption price equal to 100% of the principal amount of the Notes plus the Applicable Premium
as of, and accrued and unpaid interest, if any, to (but not including) the redemption date. Neither the
Trustee nor any of the Agents shall be responsible for verifying or calculating the Applicable
Premium.

At any time on or after , the Issuer may redeem the Notes, in whole or in part, at a redemption
price equal to the percentage of principal amount set forth below, plus accrued and unpaid interest,
if any, to (but not including) the redemption date, if redeemed during the 12-month period
commencing on of any year set forth below:

Period Redemption Price

................................................... %
................................................... %
................................................... 100.000%

The Issuer will give not less than 30 days’ nor more than 60 days’ notice of any redemption. If less
than all of the Notes are to be redeemed, the Notes for redemption will be selected as follows:

• if the Notes are listed on any securities exchange, in compliance with the requirements of the
principal securities exchange on which the Notes are then traded or if the Notes are held through
the clearing systems, in compliance with the requirements of the applicable clearing systems; or

• if the Notes are not listed on any securities exchange, on a pro rata basis, by lot or by such other
method as the Trustee in its sole and absolute discretion deems fair and appropriate unless
otherwise required by law.

However, no Note of US$200,000 in principal amount or less will be redeemed in part. If any Note
is to be redeemed in part only, the notice of redemption relating to such Note will state the portion
of the principal amount to be redeemed. A new Note in principal amount equal to the unredeemed
portion will be issued upon cancellation of the original Note. On and after the redemption date,
interest will cease to accrue on Notes or portions of them called for redemption.

Repurchase of Notes Upon a Change of Control

Not later than 30 days following a Change of Control, the Issuer or the Parent Guarantor will make
an Offer to Purchase all outstanding Notes (a “Change of Control Offer”) at a purchase price equal
to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to (but not including)
the Offer to Purchase Payment Date.

The Issuer and the Parent Guarantor have agreed in the Indenture that they will timely repay all
Indebtedness or obtain consents as necessary under, or terminate, agreements or instruments that
would otherwise prohibit a Change of Control Offer required to be made pursuant to the Indenture.
Notwithstanding this agreement of the Issuer and the Parent Guarantor, it is important to note that if
the Issuer or the Parent Guarantor is unable to repay (or cause to be repaid) all of the Indebtedness,
if any, that would prohibit repurchase of the Notes or is unable to obtain the requisite consents of the
holders of such Indebtedness, or terminate any agreements or instruments that would otherwise
prohibit a Change of Control Offer, it would continue to be prohibited from purchasing the Notes. In
that case, the failure by the Issuer or the Parent Guarantor to purchase tendered Notes would constitute
an Event of Default under the Indenture.

Certain of the events constituting a Change of Control under the Notes may also constitute an event
of default under certain other debt instruments. Future debt of the Issuer or the Parent Guarantor may
also (i) prohibit the Issuer or the Parent Guarantor from purchasing Notes in the event of a Change
of Control, (ii) provide that a Change of Control is a default or (iii) require repurchase of such debt

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upon a Change of Control. Moreover, the exercise by the Holders of their right to require the Issuer
or the Parent Guarantor to purchase the Notes could cause a default under other Indebtedness, even
if the Change of Control itself does not, due to the financial effect of the purchase on the Issuer or
the Parent Guarantor. The ability of the Issuer or the Parent Guarantor to pay cash to the Holders
following the occurrence of a Change of Control may be limited by the Issuer’s or the Parent
Guarantor’s then existing financial resources. There can be no assurance that sufficient funds will be
available when necessary to make the required purchase of the Notes. See “Risk Factors—Risks
Relating to the Notes and the Guarantees—The Issuer may not have the ability to raise the funds
necessary to finance an offer to repurchase the Notes upon the occurrence of certain events
constituting a change of control as required by the Indenture governing the Notes.”

The definition of “Change of Control” includes a phrase “all or substantially all,” as used with respect
to the assets of the Parent Guarantor or the Issuer. No precise definition of the phrase has been
established under applicable law, and the phrase will likely be interpreted under applicable law of the
relevant jurisdictions based on particular facts and circumstances. Accordingly, there may be a degree
of uncertainty as to the ability of a Holder of Notes to require the Parent Guarantor or the Issuer to
repurchase such Holder’s Notes as a result of a sale of “all or substantially all” the assets of the Parent
Guarantor or the Issuer to another person or group.

Notwithstanding the above, the Parent Guarantor and the Issuer will not be required to make a Change
of Control Offer following a Change of Control if (1) a third party makes the Change of Control Offer
in the manner, at the times and otherwise in compliance with the requirements set forth in the
Indenture applicable to a Change of Control Offer to be made by the Parent Guarantor or the Issuer
and such third party purchases all Notes validly tendered and not withdrawn under such Change of
Control Offer or (2) notice of redemption for all outstanding Notes has been given pursuant to the
Indenture as described above under the caption “Optional Redemption,” unless and until there is a
default in payment of the applicable redemption price. Notwithstanding anything to the contrary
contained herein, a Change of Control Offer may be made in advance of a Change of Control,
conditioned upon the consummation of such Change of Control, if a definitive agreement is in place
for the Change of Control at the time the Change of Control Offer is made.

Except as described above with respect to a Change of Control, the Indenture does not contain
provisions that permit the Holders to require that the Issuer or the Parent Guarantor purchase or
redeem the Notes in the event of a takeover, recapitalization or similar transaction.

Neither the Trustee nor any of the Agents shall be required to take any steps to ascertain whether a
Change of Control or any event which could lead to an occurrence of a Change of Control has occurred
and shall not be liable to any person for any failure to do so.

Mandatory Redemption; Sinking Fund

There will be no mandatory redemption or sinking fund payments for the Notes.

Open Market Purchases

The Parent Guarantor, the Issuer and any Subsidiary Guarantor may purchase Notes by means other
than a redemption, whether by tender offer, open market purchases, negotiated transactions or
otherwise, in accordance with applicable securities laws and regulations, so long as such acquisition
does not otherwise violate the terms of the Indenture. Any Notes acquired by the Parent Guarantor,
the Issuer or any Subsidiary Guarantor will be cancelled.

Additional Amounts

All payments of principal of, and premium (if any), and interest on, the Notes and all payments under
the Guarantees will be made without withholding or deduction for, or on account of, any present or
future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or

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within any jurisdiction in which the Issuer, a Surviving Person (as defined under the caption
“Consolidation, Merger and Sale of Assets”) or an applicable Guarantor is organized or resident for
tax purposes or any jurisdiction from or through which payment is made (or any political subdivision
or taxing authority thereof or therein) (each, as applicable, a “Relevant Jurisdiction”), unless such
withholding or deduction is required by law or by regulation or governmental policy having the force
of law. In the event that any such withholding or deduction is so required, the Issuer, a Surviving
Person or the applicable Guarantor, as the case may be, will make such deduction or withholding,
make payment of the amount so withheld to the appropriate governmental authority and will pay such
additional amounts (“Additional Amounts”) as will result in receipt by the Holder of each of Note
of such amounts payable under the Notes or the Guarantees as would have been received by such
Holder had no such withholding or deduction been required, except that no Additional Amounts will
be payable:

(a) for or on account of:

(i) any tax, duty, assessment or other governmental charge that would not have been imposed
but for:

(A) the existence of any present or former connection between the Holder or beneficial
owner of such Note or Guarantee, as the case may be, and the Relevant Jurisdiction
other than merely holding such Note or the receipt of payments thereunder or under
a Guarantee, including, without limitation, such Holder or beneficial owner being or
having been a national, domiciliary or resident of such Relevant Jurisdiction or treated
as a resident thereof or being or having been physically present or engaged in a trade
or business therein or having or having had a permanent establishment therein;

(B) the presentation of such Note (in cases in which presentation is required) more than
30 days after the later of the date on which the payment of the principal of, premium,
if any, or interest on, such Note became due and payable pursuant to the terms thereof
or was made or duly provided for, except to the extent that the Holder thereof would
have been entitled to such Additional Amounts if it had presented such Note for
payment on any date within such 30-day period;

(C) the failure of the Holder or beneficial owner to comply with a timely request of the
Issuer, a Surviving Person or any Guarantor addressed to the Holder or beneficial
owner, as the case may be, to provide information concerning such Holder’s or
beneficial owner’s nationality, residence, identity or connection with any Relevant
Jurisdiction, if and to the extent that due and timely compliance with such request
would have reduced or eliminated any withholding or deduction as to which
Additional Amounts would have otherwise been payable to such Holder or beneficial
owner; or

(D) the presentation of such Note (in cases in which presentation is required) for payment
in the Relevant Jurisdiction, unless such Note could not have been presented for
payment elsewhere;

(ii) any estate, inheritance, gift, sale, transfer, personal property or similar tax, assessment or
other governmental charge;

(iii) is payable other than by deduction or withholding from payments made on or with respect
to any Note;

(iv) any combination of taxes, duties, assessments or other governmental charges referred to in
the preceding clauses (i), (ii) and (iii); or

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(b) to a Holder that is a fiduciary, partnership or person other than the sole beneficial owner of any
payment to the extent that such payment would be required to be included for tax purposes in
the income under the laws of a Relevant Jurisdiction, of a beneficiary or settlor with respect to
the fiduciary, or a member of that partnership or a beneficial owner who would not have been
entitled to such Additional Amounts had that beneficiary, settlor, partner, or beneficial owner
been the Holder thereof.

As a result of these provisions, there are circumstances in which taxes could be withheld or deducted
but Additional Amounts would not be payable to some or all beneficial owners of Notes.

Notwithstanding the foregoing, the limitations on the obligations of the Issuer, a Surviving Person or
any Guarantor, as applicable, to pay Additional Amounts set forth in clause (a)(i)(C) above will not
apply if the provision of any certification, identification, information, documentation or other
reporting requirement described in such clause (a)(i)(C) would be materially more onerous, in form,
in procedure or in the substance of information disclosed, to a Holder or beneficial owner of a Note
than comparable information or other reporting requirements imposed under U.S. tax law, regulations
and administrative practice (such as U.S. Internal Revenue Service Forms W-8BEN and W-9). For the
avoidance of doubt, no Holder or beneficial owner of a Note shall have any obligation to establish
eligibility for a reduced withholding tax rate under any income tax treaty.

Whenever there is mentioned in any context the payment of principal, premium or interest in respect
of any Note or any Guarantee, such mention will be deemed to include payment of Additional Amounts
provided for in the Indenture to the extent that, in such context, Additional Amounts are, were or
would be payable in respect thereof.

Redemption for Taxation Reasons

The Notes may be redeemed, at the option of the Issuer, the Parent Guarantor or a Surviving Person,
as a whole but not in part, upon giving not less than 30 days’ nor more than 60 days’ notice to the
Holders and the Trustee (which notice will be irrevocable), at a redemption price equal to 100% of the
principal amount thereof, together with accrued and unpaid interest (including any Additional
Amounts), if any, to the date fixed by the Issuer, the Parent Guarantor or the Surviving Person, as the
case may be, for redemption (the “Tax Redemption Date”) if, as a result of:

(1) any change in, or amendment to, the laws (or any regulations or rulings promulgated thereunder)
of a Relevant Jurisdiction affecting taxation; or

(2) any change in, or amendment to, an official position regarding the application or interpretation
of such laws, regulations or rulings (including a holding, judgment or order by a court of
competent jurisdiction),

which change or amendment is announced and becomes effective on or after the Original Issue Date
with respect to any payment due or to become due under the Notes, the Indenture, the Intercompany
Loans or a Guarantee (or, in the case of a Surviving Person or future Subsidiary Guarantor, the date
such Person became a Surviving Person or Guarantor, as the case may be), the Issuer, a Guarantor or
the Surviving Person, as the case may be, is, or on the next Interest Payment Date would be, required
to pay Additional Amounts (or, in the case of any payment with respect to the Intercompany Loans,
would be required to withhold or deduct any taxes, duties, assessments or governmental charges of
whatever nature), and such requirement cannot be avoided by the taking of reasonable measures by the
Issuer, such Guarantor or the Surviving Person, as the case may be; provided that changing the
jurisdiction of the Issuer, a Guarantor or the Surviving Person is not a reasonable measure for the
purposes of this section; provided further that no such notice of redemption will be given earlier than
90 days prior to the earliest date on which the Issuer, a Guarantor or the Surviving Person, as the case
may be, would be obligated to pay such Additional Amounts (or, in the case of the Intercompany
Loans, withhold or deduct such taxes, duties, assessments or governmental charges) if a payment in
respect of the Notes (or on the Intercompany Loans, as applicable) were then due; provided further that

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where any such requirement to pay Additional Amounts (or withhold or deduct an amount from any
payment with respect to the Intercompany Loans) is due to taxes of the Republic of Indonesia (or any
political subdivision or taxing authority thereof or therein), this provision shall only have effect to
permit the Notes to be redeemed in the event that the rate of withholding or deduction in respect of
which Additional Amounts are required (or in respect of which withholding is required on payments
on the Intercompany Loans) is in excess of 20.0%.

Prior to the mailing of any notice of redemption of the Notes pursuant to the foregoing, the Issuer, a
Guarantor or Surviving Person, as the case may be, will deliver to the Trustee at least 30 days but not
more than 60 days before the Tax Redemption Date:

(1) an Officers’ Certificate stating that such change or amendment referred to in the prior paragraph
has occurred, describing the facts related thereto and stating that such requirement cannot be
avoided by the Issuer, such Guarantor or such Surviving Person, as the case may be, by taking
reasonable measures available to it; and

(2) an Opinion of Counsel of recognized standing, or an opinion of a tax consultant of international

recognized standing, with respect to tax matters of the Relevant Jurisdiction, stating that the
requirement to pay such Additional Amounts results from such change or amendment referred to
in the prior paragraph.

The Trustee shall be entitled to accept such certificate and opinion as sufficient evidence of the
satisfaction of the conditions precedent described above, in which event it will be conclusive and
binding on the Holders.

Any Notes that are redeemed will be cancelled.

Certain Covenants

Set forth below are summaries of certain covenants contained in the Indenture.

Limitation on Indebtedness and Preferred Stock

(a) The Issuer and the Parent Guarantor will not, and the Parent Guarantor will not permit any
Restricted Subsidiary to, Incur, directly or indirectly, any Indebtedness (including Acquired
Indebtedness), and the Parent Guarantor will not permit any Restricted Subsidiary to issue any
Preferred Stock (other than any Preferred Stock issued by Podomoro Properties to the Issuer);
provided that the Parent Guarantor and any Restricted Subsidiary may Incur Indebtedness
(including Acquired Indebtedness) if, after giving pro forma effect to the Incurrence of such
Indebtedness and the receipt and application of the proceeds therefrom, (x) no Default has
occurred and is continuing, (y) the Fixed Charge Coverage Ratio would be not less than 2.5 to
1.0, and (z) if such Indebtedness constitutes Priority Indebtedness, such Indebtedness constitutes
Permitted Priority Indebtedness. Notwithstanding the foregoing, the Parent Guarantor will not,
and will not permit any Restricted Subsidiary to, Incur any Disqualified Stock (other than
Disqualified Stock held by the Parent Guarantor, the Issuer or a Subsidiary Guarantor, so long
as it is so held).

(b) Notwithstanding the foregoing, the Parent Guarantor and, to the extent provided below, the
Issuer, any Subsidiary Guarantor or any Restricted Subsidiary, may Incur each and all of the
following (“Permitted Indebtedness”):

(1) Indebtedness under the Notes (excluding any Additional Notes), the Guarantees and the
Intercompany Loans;

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(2) Indebtedness of the Parent Guarantor or any Restricted Subsidiary outstanding on the
Original Issue Date, excluding Indebtedness permitted under clause (b)(1) or (3) of this
covenant below;

(3) Indebtedness of the Parent Guarantor, the Issuer or any Restricted Subsidiary owed to the
Parent Guarantor, the Issuer or any Restricted Subsidiary; provided that (x) any event which
results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
subsequent transfer of such Indebtedness (other than to the Parent Guarantor, the Issuer or
any Restricted Subsidiary) will be deemed, in each case, to constitute an Incurrence of such
Indebtedness not permitted by this clause (b)(3), (y) if the Issuer or the Parent Guarantor
is the obligor on such Indebtedness, such Indebtedness must be unsecured and expressly be
subordinated in right of payment to the Notes, in the case of the Issuer, or the Parent
Guarantee, in the case of the Parent Guarantor and (z) if a Subsidiary Guarantor is the
obligor on such Indebtedness and a Restricted Subsidiary that is not a Subsidiary Guarantor
is the obligee, such Indebtedness must be unsecured and expressly subordinated in right of
payment to the Subsidiary Guarantee of such Subsidiary Guarantor;

(4) Indebtedness of the Parent Guarantor, the Issuer or any Restricted Subsidiary (“Permitted
Refinancing Indebtedness”) issued in exchange for, or the net proceeds of which are used
to refinance or refund, replace, exchange, renew, repay, defease, discharge or extend
(collectively, “refinance” and “refinances” and “refinanced” shall have a correlative
meaning), then-outstanding Indebtedness (or Indebtedness repaid substantially
concurrently with but in any case before the Incurrence of such Permitted Refinancing
Indebtedness) Incurred under clause (a) or clauses (b)(1), (b)(2), (b)(4), (b)(10) or (b)(13)
of this covenant and any refinancings thereof in an amount not to exceed the amount so
refinanced or refunded (plus premiums, accrued interest, fees and expenses); provided that
the Indebtedness to be refinanced is fully and irrevocably repaid no later than 60 days after
the Incurrence of the Permitted Refinancing Indebtedness; provided further that (A)
Indebtedness the proceeds of which are used to refinance or refund the Notes or
Indebtedness that is pari passu with, or subordinated in right of payment to, the Notes or
a Guarantee will only be permitted under this clause (b)(4) if (x) in case the Notes are
refinanced in part or the Indebtedness to be refinanced is pari passu with the Notes or a
Guarantee, such new Indebtedness, by its terms or by the terms of any agreement or
instrument pursuant to which such new Indebtedness is outstanding, is expressly made pari
passu with the remaining Notes or such Guarantee, or (y) in case the Indebtedness to be
refinanced is subordinated in right of payment to the Notes or a Guarantee, such new
Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which
such new Indebtedness is issued or remains outstanding, is expressly made subordinate in
right of payment to the Notes or such Guarantee at least to the extent that the Indebtedness
to be refinanced is subordinated to the Notes or such Guarantee, (B) such new Indebtedness,
determined as of the date of Incurrence of such new Indebtedness, does not mature prior to
the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average Life
of such new Indebtedness is at least equal to the remaining Average Life of the Indebtedness
to be refinanced or refunded, (C) such new Indebtedness has an aggregate principal amount,
or if Incurred with original issue discount, an aggregate issue price, that is equal to or less
than the aggregate principal amount, or if Incurred with original issue account, the
aggregate accreted value, then outstanding or committed, plus fees and expenses, including
any premium and defeasance costs, under the Indebtedness being Refinanced, (D) in no
event may Indebtedness of the Issuer or any Guarantor be refinanced pursuant to this clause
by means of any Indebtedness of any Restricted Subsidiary (other than the Issuer or any
Subsidiary of the Parent Guarantor that issues debt obligations similar to the Notes in the
future) that is not a Subsidiary Guarantor and (E) in no event may unsecured Indebtedness
of the Issuer or any Guarantor be refinanced pursuant to this clause with secured
Indebtedness;

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(5) Indebtedness Incurred by the Parent Guarantor or any Subsidiary Guarantor pursuant to
Hedging Obligations for the purpose of protecting the Parent Guarantor or any Restricted
Subsidiary from fluctuations in interest rates, currencies or commodity prices and not for
speculation;

(6) Indebtedness arising from agreements providing for indemnification, adjustment of

purchase price or similar obligations, or from guarantees or letters of credit, surety bonds
or performance bonds securing any obligation of the Parent Guarantor or any Restricted
Subsidiary pursuant to such agreements, in any case, Incurred in connection with the
disposition of any business, assets or Capital Stock of a Restricted Subsidiary, other than
guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such
business, assets or Capital Stock of a Restricted Subsidiary for the purpose of financing
such acquisition; provided that the maximum aggregate liability in respect of all such
Indebtedness shall at no time exceed the gross proceeds actually received by the Parent
Guarantor or any Restricted Subsidiary from the disposition of such business, assets or
Capital Stock of a Restricted Subsidiary;

(7) Indebtedness Incurred by the Parent Guarantor or any Restricted Subsidiary arising from
the honoring by a bank or other financial institution of a check, draft or similar instrument
drawn against insufficient funds in the ordinary course of business; provided, however, that
such Indebtedness is extinguished within five Business Days of Incurrence;

(8) Indebtedness Incurred by the Parent Guarantor or any Restricted Subsidiary (other than the
Issuer and Podomoro Properties) constituting reimbursement obligations with respect to
workers’ compensation claims or self-insurance obligations or bid, performance or surety
bonds (in each case other than for an obligation for borrowed money);

(9) Indebtedness Incurred by the Parent Guarantor or any Restricted Subsidiary (other than the
Issuer and Podomoro Properties) constituting reimbursement obligations with respect to
letters of credit or trade guarantees issued in the ordinary course of business to the extent
that such letters of credit or trade guarantees are not drawn upon or, if drawn upon, to the
extent such drawing is reimbursed no later than 30 days following receipt by the Parent
Guarantor or such Restricted Subsidiary (other than Podomoro Properties) of a demand for
reimbursement;

(10) Indebtedness Incurred by the Issuer, the Parent Guarantor or any Subsidiary Guarantor
represented by Capitalized Lease Obligations, mortgage financings or purchase money
obligations in the ordinary course of business after the Original Issue Date to finance all
or any part of the purchase price or cost of construction, installation or improvement of
property (real or personal) (including the lease purchase price of land use rights), plant or
equipment (including through the acquisition of Capital Stock of any Person that owns
property, plant or equipment which will, upon such acquisition, become a Restricted
Subsidiary) to be used in the Permitted Business; provided that (i) such Indebtedness shall
be Incurred no later than 90 days after the acquisition, construction, installation or
improvement of such property (real or personal), plant or equipment and (ii) on the date of
Incurrence of such Indebtedness and after giving effect thereto, the aggregate principal
amount of such Indebtedness at any time outstanding (together with refinancings thereof)
shall not exceed an amount equal to 5.0% of Total Assets;

(11) Pre-Registration Mortgage Guarantee by the Parent Guarantor or any Restricted Subsidiary;

(12) guarantees by any Guarantor of Indebtedness of any other Guarantor or the Issuer that was
permitted to be Incurred by another provision of this covenant; provided that if the
Indebtedness being guaranteed is subordinated to or pari passu with the Notes or a
Guarantee, then the guarantee shall be subordinated or pari passu, as applicable, to the
same extent as the Indebtedness guaranteed;

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 (13) Indebtedness of the Parent Guarantor or any Restricted Subsidiary in an aggregate principal
amount at any time outstanding (together with refinancings thereof) not to exceed US$15.0
million (or the Dollar Equivalent thereof); and

(14) Indebtedness arising from guarantees by the Parent Guarantor or any Restricted Subsidiary
(other than Podomoro Properties) to a domestic bank or other financial institution in
Indonesia in respect of Qualified Receivables sold to such domestic bank or other financial
institution in Indonesia in a Qualified Receivables Transaction; provided that the aggregate
amount of Indebtedness permitted by this clause (13) at any time outstanding does not
exceed US$30.0 million (or the Dollar Equivalent thereof);

provided that, if any Indebtedness Incurred under this clause (b) constitutes Priority
Indebtedness, on the date of the Incurrence of such Indebtedness and after giving effect thereto,
such Indebtedness constitutes Permitted Priority Indebtedness.

(c) For purposes of determining compliance with this “—Limitation on Indebtedness and Preferred
Stock” covenant, in the event that an item of Indebtedness meets the criteria of more than one
of the types of Indebtedness described above, including under the proviso in the first sentence
of clause (a) of this covenant, the Parent Guarantor, in its sole discretion, will classify and from
time to time may reclassify, such item of Indebtedness and only be required to include the
amount of such Indebtedness as one of such types.

(d) The accrual of interest, the accretion or amortization of original issue discount, the payment of
interest on any Indebtedness in the form of additional Indebtedness with the same terms, the
reclassification of Preferred Stock as Indebtedness due to a change in accounting principles, and
the payment of dividends on Disqualified Stock in the form of additional shares of the same class
of Disqualified Stock will not be deemed to be an incurrence of Indebtedness; provided that in
each such case, that the amount of any such accrual, accretion or payment is included in the
Consolidated Fixed Charges of the Parent Guarantor as accrued. For purposes of determining
compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the
U.S. dollar equivalent principal amount of Indebtedness denominated in a foreign currency shall
be calculated based on the relevant currency exchange rate in effect on the date such
Indebtedness was incurred (or first committed, in the case of revolving credit debt); provided
that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign
currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to
be exceeded if calculated at the relevant currency exchange rate in effect on the date of such
refinancing, such U.S. dollar-denominated restriction shall be deemed not to have been exceeded
so long as the principal amount of such refinancing Indebtedness does not exceed the principal
amount of such Indebtedness being refinanced. The principal amount of any Indebtedness
incurred to refinance other Indebtedness, if incurred in a different currency from the
Indebtedness being refinanced, shall be calculated based on the currency exchange rate
applicable to the currencies in which such respective Indebtedness is denominated that is in
effect on the date of such refinancing.

(e) Notwithstanding any other provision of this covenant, the maximum amount of Indebtedness that
the Parent Guarantor or any Restricted Subsidiary may incur pursuant to this covenant shall not
be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values.

Limitation on Restricted Payments

The Issuer and the Parent Guarantor will not, and the Parent Guarantor will not permit any Restricted
Subsidiary to, directly or indirectly (the payments or any other actions described in clauses (1) through
(4) below being collectively referred to as “Restricted Payments”):

(1) declare or pay any dividend or make any distribution on or with respect to the Parent Guarantor’s
or any Restricted Subsidiary’s Capital Stock (other than dividends or distributions payable or

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 paid solely in shares of the Parent Guarantor’s or any Restricted Subsidiary’s Capital Stock
(other than Disqualified Stock or Preferred Stock) or in options, warrants or other rights to
acquire shares of such Capital Stock) held by Persons other than the Issuer, the Parent Guarantor
or any Subsidiary Guarantor;

(2) purchase, call for redemption or redeem, retire or otherwise acquire for value any shares of
Capital Stock (including options, warrants or other rights to acquire such shares of Capital Stock)
of the Parent Guarantor or any direct or indirect parent of the Parent Guarantor held by any
Persons other than the Issuer, the Parent Guarantor or any Subsidiary Guarantor;

(3) make any voluntary or optional principal payment, or voluntary or optional redemption,
repurchase, defeasance, or other acquisition or retirement for value, of Indebtedness that is
subordinated in right of payment to the Notes or any Guarantee (excluding (i) the Intercompany
Loans or (ii) any intercompany Indebtedness between or among the Parent Guarantor and any
Subsidiary Guarantor); or

(4) make any Investment, other than a Permitted Investment,

if, at the time of, and after giving effect to, the proposed Restricted Payment:

(A) a Default has occurred and is continuing or would occur as a result of such Restricted Payment;

(B) the Parent Guarantor could not Incur at least US$1.00 of Indebtedness under the proviso in the
first sentence of clause (a) of the covenant described under the caption “—Limitation on
Indebtedness and Preferred Stock”; or

(C) such Restricted Payment, together with the aggregate amount of all Restricted Payments made
by the Parent Guarantor and its Restricted Subsidiaries after the Measurement Date, would
exceed the sum (without duplication) of:

(i) 50% of the aggregate amount of the Consolidated Net Income of the Parent Guarantor (or,
if the Consolidated Net Income is a loss, minus 100% of the amount of such loss) accrued
on a cumulative basis during the period (taken as one accounting period) beginning on
January 1, 2017 and ending on the last day of the Parent Guarantor’s most recently ended
fiscal quarter for which consolidated financial statements of the Parent Guarantor (which
the Parent Guarantor will use its reasonable best efforts to compile in a timely manner) are
available and have been provided to the Trustee at the time of such Restricted Payment;
plus

(ii) 100% of the aggregate Net Cash Proceeds received by the Parent Guarantor after the
Measurement Date as a capital contribution to its common equity or from the issuance and
sale of its Capital Stock (other than Disqualified Stock) to a Person who is not a Subsidiary
of the Parent Guarantor, including any such Net Cash Proceeds received upon (x) the
conversion of any Indebtedness (other than Subordinated Indebtedness) of the Parent
Guarantor into Capital Stock (other than Disqualified Stock) of the Parent Guarantor, or (y)
the exercise by a Person who is not a Subsidiary of the Parent Guarantor of any options,
warrants or other rights to acquire Capital Stock of the Parent Guarantor (other than
Disqualified Stock), in each case after deducting the amount of any such Net Cash Proceeds
used to redeem, repurchase, defease or otherwise acquire or retire for value any
Subordinated Indebtedness or Capital Stock of the Parent Guarantor; plus

(iii) the amount by which Indebtedness of the Parent Guarantor or any Restricted Subsidiary is
reduced on the Parent Guarantor’s balance sheet upon conversion or exchange (other than
by a Subsidiary of the Parent Guarantor) subsequent to the Measurement Date of any

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 Indebtedness of the Parent Guarantor or any Restricted Subsidiary convertible or
exchangeable into Capital Stock (other than Disqualified Stock) of the Parent Guarantor
(less the amount of any cash, or the Fair Market Value of any other property, distributed by
the Parent Guarantor upon such conversion or exchange); plus

(iv) an amount equal to the net reduction in Investments (other than reductions in Permitted
Investments) that were made after the Measurement Date in any Person resulting from (a)
payments of interest on Indebtedness, dividends or repayments of loans or advances by such
Person, in each case to the Parent Guarantor or any Restricted Subsidiary (except, in each
case, to the extent any such payment or proceeds are included in the calculation of
Consolidated Net Income), (b) the unconditional release of a guarantee provided by the
Parent Guarantor or any Restricted Subsidiary after the Measurement Date of an obligation
of another Person, (c) the Net Cash Proceeds from the sale of any such Investment (except
to the extent such Net Cash Proceeds are included in the calculation of Consolidated Net
Income) or (d) from redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries,
not to exceed, in each case, the amount of Investments made by the Parent Guarantor or a
Restricted Subsidiary after the Measurement Date in any such Person; plus

(v) US$20.0 million (or the Dollar Equivalent thereof).

The foregoing provision will not be violated by reason of:

(1) the payment of any dividend or redemption of any Capital Stock within 90 days after the related
date of declaration or call for redemption if, at said date of declaration or call for redemption,
such payment or redemption would comply with the preceding paragraph;

(2) the redemption, repurchase, defeasance or other acquisition or retirement for value of
Subordinated Indebtedness of the Parent Guarantor or any Subsidiary Guarantor with the Net
Cash Proceeds of, or in exchange for, a substantially concurrent Incurrence of Permitted
Refinancing Indebtedness;

(3) the redemption, repurchase or other acquisition of Capital Stock of the Parent Guarantor or any
Subsidiary Guarantor (or options, warrants or other rights to acquire such Capital Stock) in
exchange for, or out of the Net Cash Proceeds of a substantially concurrent capital contribution
to or sale (other than to a Subsidiary of the Parent Guarantor) of, shares of Capital Stock (other
than Disqualified Stock) of the Parent Guarantor (or options, warrants or other rights to acquire
such Capital Stock); provided that the amount of any such Net Cash Proceeds that are utilized
for any such Restricted Payment will be excluded from clause (C)(ii) of the preceding paragraph;

(4) the redemption, repurchase, defeasance or other acquisition or retirement for value of
Subordinated Indebtedness of the Parent Guarantor or any Subsidiary Guarantor in exchange for,
or out of the Net Cash Proceeds of a substantially concurrent capital contribution to or sale (other
than to a Subsidiary of the Parent Guarantor) of, shares of Capital Stock (other than Disqualified
Stock) of the Parent Guarantor (or options, warrants or other rights to acquire such Capital
Stock); provided that the amount of any such Net Cash Proceeds that are utilized for any such
Restricted Payment will be excluded from clause (C)(ii) of the preceding paragraph; or

(5) the payment of any dividends or distributions declared, paid or made by a Restricted Subsidiary
payable, on a pro rata basis or on a basis more favorable to the Parent Guarantor, to all holders
of any class of Capital Stock of such Restricted Subsidiary, a majority of which is held, directly
or indirectly through Restricted Subsidiaries, by the Parent Guarantor;

provided that in the case of clause (2), (3) or (4) above, no Default will have occurred and be
continuing or would occur as a consequence of the actions or payments set forth therein.

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Each Restricted Payment permitted pursuant to clauses (1) and (5) (but only to the extent that
dividends are paid to Persons other than the Parent Guarantor or a Subsidiary Guarantor) of the
preceding paragraph made after the Measurement Date will be included in calculating whether the
conditions of clause (C) of the first paragraph of this “—Limitation on Restricted Payments” covenant
have been met with respect to any subsequent Restricted Payments.

The amount of any Restricted Payments (other than cash) will be the Fair Market Value on the date
of the Restricted Payment of the asset(s) or securities proposed to be transferred or issued by the
Parent Guarantor or the Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment.
The value of any assets or securities that are required to be valued by this covenant will be the Fair
Market Value. The Board of Directors’ determination of the Fair Market Value of a Restricted Payment
or any such assets or securities must be based upon an opinion or appraisal issued by an accounting,
appraisal or investment banking firm of recognized national standing if the Fair Market Value exceeds
US$5.0 million (or the Dollar Equivalent thereof).

Not later than the date of making any Restricted Payment in excess of US$5.0 million (or the Dollar
Equivalent thereof), the Parent Guarantor will deliver to the Trustee an Officers’ Certificate stating
that such Restricted Payment is permitted and setting forth the basis upon which the calculations
required by this “—Limitation on Restricted Payments” covenant were computed, together with a copy
of any fairness opinion or appraisal required by the Indenture.

Limitation on Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries

(a) Except as provided below, the Parent Guarantor will not, and will not permit any Restricted
Subsidiary to, create or otherwise cause or permit to exist or become effective any encumbrance
or restriction on the ability of any Restricted Subsidiary to:

(1) pay dividends or make any other distributions on any Capital Stock of such Restricted
Subsidiary owned by the Parent Guarantor or any other Restricted Subsidiary;

(2) pay any Indebtedness or other obligation owed to the Parent Guarantor or any other
Restricted Subsidiary;

(3) make loans or advances to the Parent Guarantor or any other Restricted Subsidiary; or

(4) sell, lease or transfer any of its property or assets to the Parent Guarantor or any other
Restricted Subsidiary;

provided that it being understood that (i) the priority of any Preferred Stock in receiving
dividends or liquidating distributions prior to dividends or liquidating distributions being paid
on Common Stock; (ii) the subordination of loans or advances made to the Parent Guarantor or
any Restricted Subsidiary to other Indebtedness Incurred by the Parent Guarantor or any
Restricted Subsidiary; and (iii) the provisions contained in documentation governing
Indebtedness requiring transactions between or among the Parent Guarantor and any Restricted
Subsidiary or between or among any Restricted Subsidiary to be on fair and reasonable terms or
on an arm’s length basis, in each case, shall not be deemed to constitute such an encumbrance
or restriction.

(b) The provisions of paragraph (a) do not apply to any encumbrances or restrictions:

(1) existing in agreements as in effect on the Original Issue Date, or in the Notes, the
Guarantees, the Indenture and any extensions, refinancings, renewals or replacements of
any of the foregoing agreements; provided that the encumbrances and restrictions in any
such extension, refinancing, renewal or replacement, taken as a whole, are no more
restrictive in any material respect than those encumbrances or restrictions that are then in
effect and that are being extended, refinanced, renewed or replaced;

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 (2) existing under or by reason of applicable law, rule, regulation or government order;

(3) with respect to any Person or the property or assets of such Person acquired by the Parent
Guarantor or any Restricted Subsidiary, existing at the time of such acquisition and not
incurred in contemplation thereof, which encumbrances or restrictions are not applicable to
any Person or the property or assets of any Person other than such Person or the property
or assets of such Person so acquired, and any extensions, refinancings, renewals or
replacements thereof; provided that the encumbrances and restrictions in any such
extension, refinancing, renewal or replacement, taken as a whole, are no more restrictive
in any material respect than those encumbrances or restrictions that are then in effect and
that are being extended, refinanced, renewed or replaced;

(4) that otherwise would be prohibited by the provision described in clause (a)(4) of this
covenant if they arise, or are agreed to in the ordinary course of business and that (x)
restrict in a customary manner the subletting, assignment or transfer of any property or
asset that is subject to a lease or license, (y) exist by virtue of any Lien on, or agreement
to transfer, option or similar right with respect to, any property or assets of the Parent
Guarantor or any Restricted Subsidiary not otherwise prohibited by the Indenture or (z) do
not relate to any Indebtedness, and that do not, individually or in the aggregate, detract
from the value of property or assets of the Parent Guarantor or any Restricted Subsidiary
in any manner material to the Parent Guarantor or any Restricted Subsidiary;

(5) with respect to a Restricted Subsidiary and imposed pursuant to an agreement that has been
entered into for the sale or disposition of all or substantially all of the Capital Stock of, or
property and assets of, such Restricted Subsidiary that is permitted by the “—Limitation on
Sales and Issuances of Capital Stock in Restricted Subsidiaries,” “—Limitation on
Indebtedness and Preferred Stock” and “—Limitation on Asset Sales” covenants; or

(6) imposed pursuant to Permitted Refinancing Indebtedness; provided that the restrictions
contained in the agreements governing such Permitted Refinancing Indebtedness are no
more restrictive in any material respect, taken as a whole, than those contained in the
agreements governing the Indebtedness being refinanced.

Limitation on Sales and Issuances of Capital Stock in Restricted Subsidiaries

The Issuer and the Parent Guarantor will not sell, and the Parent Guarantor will not permit any
Restricted Subsidiary, directly or indirectly, to issue or sell, any shares of Capital Stock of a Restricted
Subsidiary (including options, warrants or other rights to purchase shares of such Capital Stock)
except:

(a) to the Parent Guarantor, the Issuer or a Restricted Subsidiary;

(b) to the extent such Capital Stock represents director’s qualifying shares or is required by
applicable law to be held by a Person other than the Parent Guarantor or a Restricted Subsidiary;

(c) the sale of the shares of Capital Stock of a Restricted Subsidiary (other than the Issuer or
Podomoro Properties) if, immediately after giving effect to such issuance or sale, such Restricted
Subsidiary would no longer constitute a Restricted Subsidiary and any remaining Investment in
such Person would have been permitted to be made under the “—Limitation on Restricted
Payments” covenant if made on the date of such issuance or sale and if permitted under, and
made in accordance with, the “—Limitation on Asset Sales” covenant; and

(d) the issuance or sale of Capital Stock of a Restricted Subsidiary (other than the Issuer or
Podomoro Properties) (which remains a Restricted Subsidiary after any such issuance or sale);
provided that the Parent Guarantor or such Restricted Subsidiary applies the Net Cash Proceeds
of such issuance or sale in accordance with the “—Limitation on Asset Sales” covenant.

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Limitation on Issuances of Guarantees by Restricted Subsidiaries

The Parent Guarantor will not permit any Restricted Subsidiary which is not a Subsidiary Guarantor,
directly or indirectly, to provide any guarantee for any Indebtedness (“Guaranteed Indebtedness”)
of the Parent Guarantor or any other Restricted Subsidiary, unless (a) such Restricted Subsidiary
simultaneously executes and delivers a supplemental indenture to the Indenture providing for an
unsubordinated Subsidiary Guarantee of payment of the Notes by such Restricted Subsidiary and (b)
such Restricted Subsidiary waives and will not in any manner whatsoever claim, or take the benefit
or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the
Parent Guarantor or any other Restricted Subsidiary as a result of any payment by such Restricted
Subsidiary under its Subsidiary Guarantee until the Notes have been paid in full.

If the Guaranteed Indebtedness (A) ranks pari passu in right of payment with the Notes or any
Guarantee, then the guarantee of such Guaranteed Indebtedness shall rank pari passu in right of
payment with, or subordinated to, the Guarantee or (B) is subordinated in right of payment to the
Notes or any Guarantee, then the guarantee of such Guaranteed Indebtedness shall be subordinated in
right of payment to the Guarantee at least to the extent that the Guaranteed Indebtedness is
subordinated to the Notes or the Guarantee.

Limitation on Transactions with Shareholders and Affiliates

The Issuer and the Parent Guarantor will not, and the Parent Guarantor will not permit any Restricted
Subsidiary to, directly or indirectly, enter into, renew or extend any transaction or arrangement
(including, without limitation, the purchase, sale, lease or exchange of property or assets, or the
rendering of any service) with (a) any holder (or any Affiliate of such holder) of 5% or more of any
class of Capital Stock of the Parent Guarantor or (b) any Affiliate of the Parent Guarantor (each, an
“Affiliate Transaction”), unless:

(1) the Affiliate Transaction is on fair and reasonable terms that are no less favorable to the Parent
Guarantor or the relevant Restricted Subsidiary than those that would have been obtained in a
comparable arm’s-length transaction by the Parent Guarantor or the relevant Restricted
Subsidiary with a Person that is not such a holder or an Affiliate of the Parent Guarantor or such
Restricted Subsidiary; and

(2) the Parent Guarantor delivers to the Trustee:

(A) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of US$5.0 million (or the Dollar Equivalent
thereof), a Board Resolution set forth in an Officers’ Certificate certifying that such
Affiliate Transaction complies with this covenant and such Affiliate Transaction has been
approved by a majority of the disinterested members of the Board of Directors; and

(B) with respect to any Affiliate Transaction or series of related Affiliate Transactions
involving aggregate consideration in excess of US$10.0 million (or the Dollar Equivalent
thereof), in addition to the Board Resolution required in clause (2)(A) above, an opinion
issued by an accounting, appraisal or investment banking firm of recognized national
standing as to the fairness to the Parent Guarantor or such Restricted Subsidiary of such
Affiliate Transaction from a financial point of view.

The foregoing limitation does not limit, and will not apply to:

(1) the payment of reasonable and customary regular fees to directors of the Parent Guarantor or any
Restricted Subsidiary who are not employees of the Parent Guarantor or any Restricted
Subsidiary;

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(2) transactions otherwise permitted under the Indenture between or among the Parent Guarantor and
any Subsidiary Guarantor or between or among Subsidiary Guarantors;

(3) any Restricted Payment of the type described in clause (1), (2) or (3) of the first paragraph of
the covenant described under the caption “—Limitation on Restricted Payments” if permitted by
that covenant;

(4) transactions or payments pursuant to any employee, officer or director compensation or benefit
plans or arrangements entered into in the ordinary course of business, approved by the Board of
Directors and in compliance with the listing rules of the Indonesian Stock Exchange; and

(5) any sale of Capital Stock (other than Disqualified Stock) of the Parent Guarantor.

In addition, the requirements of clause (2) of the first paragraph of this covenant will not apply to (i)
Investments (other than Permitted Investments) not prohibited by the “—Limitation on Restricted
Payments” covenant, (ii) transactions pursuant to agreements in effect on the Original Issue Date and
described in this Offering Memorandum, or any amendment or modification or replacement thereof,
so long as such amendment, modification or replacement is not more disadvantageous to the Parent
Guarantor and its Restricted Subsidiaries than the original agreement in effect on the Original Issue
Date, (iii) any transaction between or among the Parent Guarantor and any Restricted Subsidiary that
is not a Subsidiary Guarantor; provided that in the case of clause (iii), (a) such transaction is entered
into in the ordinary course of business and (b) none of the minority shareholders or minority partners
(if any) of or in such Restricted Subsidiary is a Person described in clauses (a) or (b) of the first
paragraph of this covenant (other than by reason of such minority shareholder or minority partner
being an officer or director of such Restricted Subsidiary) or (iv) any transaction between or among
the Parent Guarantor, the Issuer or Podomoro Properties permitted under the Indenture.

Limitation on Liens

The Parent Guarantor will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of
any kind (other than Permitted Pari Passu Collateral Liens) upon any Collateral.

The Parent Guarantor will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, create, incur, assume or otherwise cause or suffer to exist or become effective any Lien of
any kind (other than Permitted Liens) upon any of their property or assets (other than the Collateral),
now owned or hereafter acquired, unless all payments due under the Indenture and the Notes are
secured on an equal and ratable basis with the obligations so secured.

Limitation on Sale and Leaseback Transactions

The Parent Guarantor and the Issuer will not, and the Parent Guarantor will not permit any Restricted
Subsidiary to, enter into any Sale and Leaseback Transaction; provided that the Parent Guarantor or
the Issuer may enter into a Sale and Leaseback Transaction if:

(a) the Parent Guarantor could have (1) incurred Indebtedness in an amount equal to the Attributable
Indebtedness relating to such Sale and Leaseback Transaction under the covenant described
under the caption “—Limitation on Indebtedness and Preferred Stock” and (2) incurred a Lien
to secure such Indebtedness pursuant to the covenant described under the caption “—Limitation
on Liens,” in which case, the corresponding Indebtedness and Lien will be deemed incurred
pursuant to those provisions;

(b) the gross cash proceeds of that Sale and Leaseback Transaction are at least equal to the Fair
Market Value of the property that is the subject of such Sale and Leaseback Transaction; and

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(c) the transfer of assets in that Sale and Leaseback Transaction is permitted by, and the Parent
Guarantor applies the proceeds of such transaction in compliance with, the covenant described
under the caption “—Limitation on Asset Sales.”

Limitation on Asset Sales

The Issuer and the Parent Guarantor will not, and the Parent Guarantor will not permit any Restricted
Subsidiary to, consummate any Asset Sale, unless:

(a) no Default will have occurred and be continuing or would occur as a result of such Asset Sale;

(b) the consideration received by the Parent Guarantor or such Restricted Subsidiary, as the case may
be, is at least equal to the Fair Market Value of the assets sold or disposed of;

(c) in the case of an Asset Sale that constitutes an Asset Disposition, the Parent Guarantor could
Incur, at the time of and after giving pro forma effect to such Asset Disposition, at least US$1.00
of Indebtedness under the proviso in the first sentence of clause (a) of the covenant described
under the caption “—Limitation on Indebtedness and Preferred Stock”;

(d) at least 75% of the consideration received consists of cash, Temporary Cash Investments or
Replacement Assets; provided that in the case of an Asset Sale in which the Parent Guarantor or
such Restricted Subsidiary receives Replacement Assets involving aggregate consideration in
excess of US$5.0 million (or the Dollar Equivalent thereof), the Parent Guarantor shall deliver
to the Trustee an opinion as to the fairness to the Parent Guarantor or such Restricted Subsidiary
of such Asset Sale from a financial point of view issued by an accounting, appraisal or
investment banking firm of recognized national standing. For purposes of this provision, each of
the following will be deemed to be cash:

(A) any liabilities, as shown on the Parent Guarantor’s most recent consolidated balance sheet,
of the Parent Guarantor or any Restricted Subsidiary (other than contingent liabilities and
liabilities that are by their terms subordinated to the Notes or any Guarantee) that are
assumed by the transferee of any such assets pursuant to a customary assumption,
assignment, novation or similar agreement that irrevocably and unconditionally releases the
Parent Guarantor or such Restricted Subsidiary from further liability; and

(B) any securities, notes or other obligations received by the Parent Guarantor or any Restricted
Subsidiary from such transferee that are promptly, but in any event within 30 days of
closing, converted by the Parent Guarantor or such Restricted Subsidiary into cash, to the
extent of the cash received in that conversion;

Within 360 days after the receipt of any Net Cash Proceeds from an Asset Sale, the Parent Guarantor
(or the applicable Restricted Subsidiary, as the case may be) may apply such Net Cash Proceeds to:

(1) make any Investment which is permitted to be made under paragraph (8) under the definition of
“Permitted Investments”;

(2) permanently repay any Senior Indebtedness of the Parent Guarantor or a Restricted Subsidiary
(and, if such Senior Indebtedness repaid is revolving credit Indebtedness, to correspondingly
reduce commitments with respect thereto) in each case owing to a Person other than the Parent
Guarantor or a Restricted Subsidiary;

(3) acquire properties and assets that replace the properties and assets that were the subject of such
Asset Sale or properties or assets (other than current assets) that will be used in the Permitted
Business (“Replacement Assets”); or

(4) make an Investment in cash or Temporary Cash Investments pending application of such Net
Cash Proceeds as set forth in clause (1), (2) or (3) above.

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Any Net Cash Proceeds from Asset Sales that are not applied or invested as provided in the
immediately preceding paragraph will constitute “Excess Proceeds.” Excess Proceeds of less than
US$10.0 million (or the Dollar Equivalent thereof) will be carried forward and accumulated. When
accumulated Excess Proceeds equal or exceed US$10.0 million (or the Dollar Equivalent thereof),
within 10 days thereof, the Parent Guarantor or the Issuer must make an Offer to Purchase Notes
having a principal amount equal to:

(i) accumulated Excess Proceeds, multiplied by

(ii) a fraction (x) the numerator of which is equal to the outstanding principal amount of the Notes
and (y) the denominator of which is equal to the outstanding principal amount of the Notes and
all pari passu Indebtedness similarly required to be repaid, redeemed or tendered for in
connection with the Asset Sale, rounded down to the nearest US$1,000.

The offer price in any Offer to Purchase will be equal to 100% of the principal amount plus accrued
and unpaid interest to (but not including) the date of purchase, and will be payable in cash.

If any Excess Proceeds remain after consummation of an Offer to Purchase, the Parent Guarantor may
use such Excess Proceeds for any purpose not otherwise prohibited by the Indenture. If the aggregate
principal amount of Notes and any other pari passu Indebtedness tendered in (or required to be prepaid
or redeemed in connection with) such Offer to Purchase exceeds the amount of Excess Proceeds, the
Notes and such other pari passu Indebtedness will be purchased on a pro rata basis based on the
principal amount of Notes and such other pari passu Indebtedness tendered (or required to be prepaid
or redeemed). Upon completion of each Offer to Purchase, the amount of Excess Proceeds will be reset
at zero.

Notwithstanding the provisions of this covenant “Limitation on Asset Sales”, the Issuer and the Parent
Guarantor will not, and will not permit Podomoro Properties to, sell or otherwise transfer the
Intercompany Loans.

Limitation on the Parent Guarantor’s Business Activities

The Parent Guarantor will not, and will not permit any Restricted Subsidiary to, directly or indirectly,
engage in any business other than a Permitted Business; provided, however, that the Parent Guarantor
or any Restricted Subsidiary (other than Podomoro Properties) may own Capital Stock of an
Unrestricted Subsidiary or joint venture or other entity that is engaged in a business other than a
Permitted Business as long as any Investment therein was not prohibited when made by the covenant
under the caption “— Limitation on Restricted Payments.”

Limitation on the Activities of the Issuer

Notwithstanding anything contained in the Indenture to the contrary, the Issuer will not engage in any
business activity or undertake any other activity, except any activity (a) relating to the offering, sale
or issuance of the Notes (including Additional Notes) and the incurrence of Indebtedness represented
by the Notes or any Additional Notes issued under the Indenture, (b) relating to the offering, sale or
issuance of debt obligations similar to the Notes in the future and the incurrence of Indebtedness
represented by such debt obligations, (c) transferring the proceeds of debt issuances under clause (a)
or clause (b) to Podomoro Properties, (d) undertaken with the purpose of fulfilling any obligations
under the Indebtedness referred to in clause (a), clause (b), the Indenture, or any future indenture or
similar document related to such Indebtedness or for purposes of consent solicitation or tender for
such Indebtedness or refinancing of such Indebtedness or (e) directly related to the establishment
and/or maintenance of the Issuer’s corporate existence.

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The Issuer will not (a) issue any Capital Stock other than the issuance of its ordinary shares to the
Parent Guarantor or (b) acquire or receive any property or assets (including, without limitation, any
Capital Stock or Indebtedness of any Person), other than (x) the Capital Stock of Podomoro Properties,
and (y) cash for ongoing corporate activities of the Issuer described in the preceding paragraph.

The Issuer will at all times remain a Wholly Owned Restricted Subsidiary of the Parent Guarantor.

In the event that the Issuer is the obligor on Indebtedness owed to Podomoro Properties, such
Indebtedness must be unsecured and expressly subordinated in right of payment to the Notes.

Whenever the Issuer receives a dividend or distribution on the Capital Stock of Podomoro Properties,
it shall use all or substantially all of the funds received solely to satisfy its obligations (to the extent
of the amount owing in respect of such obligations) under the Notes and the Indenture.

For so long as any Notes are outstanding, none of the Issuer, Podomoro Properties or the Parent
Guarantor will commence or take any action to cause a winding-up or liquidation of the Issuer or
Podomoro Properties except that the Issuer may be wound up or liquidated subsequent to a
consolidation, merger or transfer of assets conducted in accordance with the first paragraph of the
covenant described under the caption “—Consolidation, Merger and Sale of Assets.”

Amendments to or Prepayments of the Intercompany Loans

The Issuer will transfer the net proceeds of the offering, after deducting underwriting discounts and
other estimated expenses related to the offering, to Podomoro Properties. Such net proceeds will
subsequently be on-lent to the Parent Guarantor and/or the Subsidiary Guarantors pursuant to one or
more Intercompany Loans. The Intercompany Loans will be subordinated in right of payment to the
Guarantees. The Parent Guarantor will unconditionally and irrevocably guarantee the due and punctual
payment of all sums from time to time payable by any Subsidiary Guarantor in respect of its
obligations under the Intercompany Loan between such Subsidiary Guarantor and Podomoro
Properties.

Without the consent of the holders of at least a majority in aggregate principal amount of the Notes
then outstanding, the Issuer and the Parent Guarantor will not, and will not permit any Restricted
Subsidiary to, (i) prepay or otherwise reduce or permit the prepayment or reduction of the
Intercompany Loans or (ii) amend, modify or alter the instrument governing the Intercompany Loans
in any manner adverse to the Holders; provided that, without the consent of all holders, the Issuer and
the Parent Guarantor will not, and will not permit any Restricted Subsidiary to, amend, modify or alter
the Intercompany Loans to:

(1) change the Stated Maturity of the Intercompany Loans;

(2) change the currency for payment of principal or interest on the Intercompany Loans; or

(3) reduce the above-stated percentage of Notes the consent of whose holders is necessary to modify
or amend the Intercompany Loans.

Notwithstanding the foregoing, without the consent of any Holder of Notes, the Intercompany Loans
may be amended solely (x) to provide for the issuance of Additional Notes, and may be prepaid or
reduced to facilitate or otherwise accommodate or reflect a redemption, repurchase or exchange of
outstanding Notes in accordance with the terms of the Indenture or through any tender offer or
exchange offer or (y) to reduce any withholding or deduction for, or on account of, any present or
future taxes, duties, assessments or governmental charges of whatever nature imposed or levied by or
within any jurisdiction in which the Issuer or the Parent Guarantor is organized or resident for tax

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purposes; provided that in the case of clause (y), prior to such amendment, the Issuer or the Parent
Guarantor will deliver to the Trustee an Opinion of Counsel or an opinion of a tax consultant of
recognized international standing that such amendment to the Intercompany Loans will reduce such
withholding or deduction.

The Issuer and the Parent Guarantor will not, and will not permit Podomoro Properties to, sell or
otherwise transfer the Intercompany Loans or to directly or indirectly, incur, assume or permit to exist
any Lien on the Intercompany Loans.

Maintenance of Insurance

The Parent Guarantor will, and will cause each Restricted Subsidiary, to maintain insurance with
reputable and financially sound carriers against such risks and in such amounts as is customarily
carried by similar companies engaged in similar business to the Permitted Business in the jurisdictions
in which the Parent Guarantor or such Restricted Subsidiary conducts its businesses, including,
without limitation, property and casualty insurance.

Designation of Restricted and Unrestricted Subsidiaries

The Board of Directors may designate any Restricted Subsidiary (other than the Issuer or Podomoro
Properties) to be an Unrestricted Subsidiary; provided that (a) no Default shall have occurred and be
continuing at the time of or after giving effect to such designation; (b) neither the Parent Guarantor
nor any Restricted Subsidiary guarantees or provides credit support for the Indebtedness or other
liabilities of such Restricted Subsidiary; (c) such Restricted Subsidiary has no outstanding
Indebtedness that could trigger a cross-default to the Indebtedness of the Parent Guarantor or any
other Restricted Subsidiary; (d) such Restricted Subsidiary does not own any Disqualified Stock of the
Parent Guarantor or Disqualified Stock or Preferred Stock of another Restricted Subsidiary or hold any
Indebtedness of, or any Lien on any property of, the Parent Guarantor or any Restricted Subsidiary,
if such Disqualified Stock or Preferred Stock or Indebtedness could not be Incurred under the covenant
described under “—Limitation on Indebtedness and Preferred Stock” or such Lien would violate the
covenant described under “—Limitation of Liens”; (e) such Restricted Subsidiary does not own any
Voting Stock of another Restricted Subsidiary, and all of its Subsidiaries are Unrestricted Subsidiaries
or are being concurrently designated as Unrestricted Subsidiaries in accordance with this paragraph;
(f) the Investment deemed to have been made thereby in such newly-designated Unrestricted
Subsidiary and each other newly-designated Unrestricted Subsidiary being concurrently redesignated
would be permitted to be made by the covenant described under the caption “—Limitation on
Restricted Payments”; and (g) such Restricted Subsidiary does not own or operate or possess any
material license, franchise or right used in connection with the ownership or operation of any part of
the Parent Guarantor’s or its Restricted Subsidiaries’ business.

The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary;
provided that (a) no Default shall have occurred and be continuing at the time of or after giving effect
to such designation; (b) any Indebtedness of such Unrestricted Subsidiary outstanding at the time of
such designation which will be deemed to have been Incurred by such newly-designated Restricted
Subsidiary as a result of such designation would be permitted to be Incurred by the covenant described
under the caption “—Limitation on Indebtedness and Preferred Stock”; (c) any Lien on the property
of such Unrestricted Subsidiary at the time of such designation which will be deemed to have been
Incurred by such newly-designated Restricted Subsidiary as a result of such designation would be
permitted to be Incurred by the covenant described under the caption “—Limitation on Liens”; (d)
such Unrestricted Subsidiary is not a Subsidiary of another Unrestricted Subsidiary (that is not
concurrently being designated as a Restricted Subsidiary); and (e) such Restricted Subsidiary, if
required to guarantee the Notes under the Indenture, will upon such designation execute and deliver
to the Trustee a supplemental indenture to the Indenture by which such Restricted Subsidiary will
become a Subsidiary Guarantor. All designations must be evidenced by a Board Resolution delivered
to the Trustee certifying compliance with the preceding provisions.

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Podomoro Properties will at all times remain a Wholly Owned Subsidiary of the Issuer and a
Restricted Subsidiary of the Parent Guarantor.

Use of Proceeds

The Issuer, Podomoro Properties and the Parent Guarantor (as applicable) will use the net proceeds
received from the Notes as set forth in this Offering Memorandum. The Parent Guarantor will not, and
will not permit any Restricted Subsidiary to, use the net proceeds from the sale of the Notes, in any
amount, for any purpose other than (a) in the approximate amounts and for the purposes specified
under the caption “Use of Proceeds” in this Offering Memorandum and (b) pending application of all
of such net proceeds in such manner, to invest the portion of such net proceeds not yet so applied in
Temporary Cash Investments.

Government Approvals and Licenses; Compliance with Law

The Issuer and the Parent Guarantor will, and the Parent Guarantor will cause each Restricted
Subsidiary to, (a) obtain and maintain in full force and effect all governmental approvals,
authorizations, consents, permits, concessions and licenses as are necessary to engage in the Permitted
Business, (b) preserve and maintain good and valid title to its properties and assets (including land-use
rights) free and clear of any Liens other than Permitted Liens and (c) comply with all laws,
regulations, orders, judgments and decrees of any governmental body, except to the extent that failure
so to obtain, maintain, preserve and comply would not reasonably be expected to have a material
adverse effect on (1) the business, results of operations or prospects of the Parent Guarantor and its
Restricted Subsidiaries, taken as a whole, or (2) the ability of the Issuer, the Parent Guarantor or any
Subsidiary Guarantor to perform their obligations under the Notes, the relevant Guarantee or the
Indenture.

Anti-Layering

The Issuer will not Incur, and the Parent Guarantor will not and will not permit any Subsidiary
Guarantor to Incur, any Indebtedness if such Indebtedness is contractually subordinated in right of
payment to any other Indebtedness of the Issuer, the Parent Guarantor or such Subsidiary Guarantor,
as the case may be, unless such Indebtedness is also contractually subordinated in right of payment
to the Notes or the applicable Guarantee, on substantially identical terms; provided that no
Indebtedness will be deemed to be contractually subordinated in right of payment to any other
Indebtedness of the Parent Guarantor, the Issuer, or any Subsidiary Guarantor solely by virtue of being
unsecured or by virtue of being secured on a junior priority basis.

Suspension of Certain Covenants

If on any date following the date of the Indenture, the Notes have a rating of Investment Grade from
both of the Rating Agencies and no Default or Event of Default has occurred and is continuing (a
“Suspension Event”), then, beginning on that day and continuing until such time, if any, at which the
Notes cease to have a rating of Investment Grade from either of the Rating Agencies, the provisions
of the Indenture summarized under the following captions will be suspended:

(1) “—Certain Covenants—Limitation on Indebtedness and Preferred Stock”;

(2) “—Certain Covenants—Limitation on Restricted Payments”;

(3) “—Certain Covenants—Limitation on Dividend and Other Payment Restrictions Affecting

Restricted Subsidiaries”;

(4) “—Certain Covenants—Limitation on Sales and Issuances of Capital Stock in Restricted

Subsidiaries”;

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(5) “—Certain Covenants—Limitation on Issuances of Guarantees by Restricted Subsidiaries”;

(6) “—Certain Covenants—Limitation on Sale and Leaseback Transactions”;

(7) “—Certain Covenants—Limitation on the Parent Guarantor’s Business Activities”;

(8) “—Certain Covenants—Limitation on Asset Sales”;

(9) “—Certain Covenants—Maintenance of Insurance”; and

(10) “—Certain Covenants—Anti-Layering.”

During any period that the foregoing covenants have been suspended, the Board of Directors may not
designate any Restricted Subsidiary as an Unrestricted Subsidiary pursuant to the covenant described
under the caption “—Certain Covenants—Designation of Restricted and Unrestricted Subsidiaries” or
the definition of “Unrestricted Subsidiary.”

Such covenants will be reinstated and apply according to their terms as of and from the first day on
which a Suspension Event ceases to be in effect. Such covenants will not, however, be of any effect
with regard to actions of the Parent Guarantor, the Issuer or any Restricted Subsidiary properly taken
in compliance with the provisions of the Indenture during the continuance of the Suspension Event,
and following reinstatement the calculations under the covenant described under the caption
“—Certain Covenants—Limitation on Restricted Payments” will be made as if such covenant had been
in effect since the date of the Indenture except that no Default will be deemed to have occurred solely
by reason of a Restricted Payment made while that covenant was suspended. There can be no assurance
that the Notes will ever achieve an Investment Grade Rating or that, if achieved, any such rating will
be maintained.

Provision of Financial Statements and Reports

(a) So long as any of the Notes remain outstanding, the Parent Guarantor will file with the Trustee
and furnish to the Holders upon request, as soon as they are available but in any event not more
than ten (10) calendar days after they are filed with the Indonesia Stock Exchange or any other
national stock exchange on which the Parent Guarantor’s Common Stock is at any time listed for
trading, true and correct copies of any financial or other report in the English language (and a
certified English translation of any financial or other report in any other language) filed with
such exchange; provided that, if at any time the Common Stock of the Parent Guarantor ceases
to be listed for trading on the Indonesia Stock Exchange or any other national stock exchange,
the Parent Guarantor will file with Trustee and furnish to the Holders (in the English language
(and a certified English translation if in any other language)):

(1) as soon as they are available, but in any event within 90 calendar days after the end of each
fiscal year of the Parent Guarantor, annual reports containing, and in a level of detail that
is comparable in all material respects to that included in this Offering Memorandum, the
following information: (i) audited consolidated balance sheets of the Parent Guarantor of
the end of the two most recent fiscal years and audited consolidated income statements and
statements of cash flow of the Parent Guarantor for the two most recent fiscal years,
including complete footnotes to such financial statements and the audit report of a member
firm of an internationally recognized firm of independent accountants on the financial
statements; (ii) an operating and financial review of the audited financial statements,
including a discussion of the results of operations, financial condition, EBITDA (as
presented in this Offering Memorandum) and liquidity and capital resources of the Parent
Guarantor, and a discussion of material recent developments and material commitments and
contingencies and critical accounting policies; and (iii) description of the business,
management and shareholders of the Parent Guarantor (on a consolidated basis);

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 (2) as soon as they are available, but in any event within 60 calendar days after the end of the
first semi-annual fiscal period of the Parent Guarantor, semi-annual reports of the Parent
Guarantor containing the following information: (i) an unaudited condensed consolidated
balance sheet as of the end of such semi-annual fiscal period and unaudited condensed
consolidated statements of income and statements of cash flow of the Parent Guarantor for
the most recent semi-annual fiscal period ending on the unaudited condensed consolidated
balance sheet date, and the comparable prior year period, together with a certificate signed
by the person then authorized to sign financial statements on behalf of the Parent Guarantor
to the effect that such financial statements present fairly the financial position of the Parent
Guarantor as at the end of, and the results of its operations for, such semi-annual fiscal
period; and (ii) an operating and financial review of the unaudited financial statements,
including a discussion of the results of operations, financial condition, EBITDA (as
presented in this Offering Memorandum) and liquidity and capital resources of the Parent
Guarantor, and a discussion of material recent developments and material changes in
commitments and contingencies and critical accounting policies since the most recent
annual report;

(3) as soon as they are available, but in any event within 45 calendar days after the end of each
of the first and third fiscal quarters of the Parent Guarantor, quarterly reports of the Parent
Guarantor containing an unaudited condensed consolidated balance sheet as of the end of
such fiscal quarter and unaudited condensed consolidated statements of income and
statements of cash flow of the Parent Guarantor for the most recent fiscal quarter ending
on the unaudited condensed consolidated balance sheet date, and the comparable prior year
period, prepared on a basis consistent with the audited financial statements of the Parent
Guarantor, together with a certificate signed by the person then authorized to sign financial
statements on behalf of the Parent Guarantor to the effect that such financial statements
present fairly the financial position of the Parent Guarantor as at the end of, and the results
of its operations for, the relevant quarterly period; and

(4) promptly after the occurrence of (i) any Material Acquisition or Disposition or
restructuring, (ii) any senior executive officer changes at the Parent Guarantor or change
in auditors of the Parent Guarantor or (iii) any other material event not in the ordinary
course of business, solely with respect to this sub-clause (iii), that the Parent Guarantor or
the Issuer announces publicly, a report containing a description of such event and, in the
event of the occurrence of any Material Acquisition or Disposition, within 75 days
following the occurrence of such Material Acquisition or Disposition, unaudited pro forma
consolidated income statement information and balance sheet information of the Parent
Guarantor (which, for the avoidance of doubt, shall not include the provision of a full
income statement or balance sheet to the extent not reasonably available), together with
explanatory footnotes, for any such Material Acquisition or Disposition.

(b) In addition, so long as any of the Notes remain outstanding, the Parent Guarantor will provide
to the Trustee (1) within 90 days after the close of each fiscal year, an Officers’ Certificate
stating the Fixed Charge Coverage Ratio with respect to the four most recent fiscal quarters and
showing in reasonable detail the calculation of the Fixed Charge Coverage Ratio, including the
arithmetic computations of each component of the Fixed Charge Coverage Ratio, with a
certificate from the Parent Guarantor’s external auditors verifying the accuracy and correctness
of the calculation and arithmetic computation; and (2) as soon as possible and in any event within
10 days after the Parent Guarantor becomes aware or should reasonably become aware of the
occurrence of the occurrence of a Default and/or an Event of Default (and also within 14 days
of any request in writing by the Trustee), an Officer’s Certificate of the Parent Guarantor setting
forth the details thereof and the action the Parent Guarantor is taking or proposes to take with
respect thereto.

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All historical financial statements shall be prepared in accordance with GAAP as in effect on the date
of such report or financial statement (or otherwise on the basis of GAAP as then in effect) and on a
consistent basis for the periods presented; provided, however, that the reports set forth in clauses
(a)(1), (a)(2) and (a)(3) above may, in the event of a change in applicable GAAP, present earlier
periods on a basis that applied to such periods.

At any time that any of the Parent Guarantor’s Subsidiaries are Unrestricted Subsidiaries and any such
Unrestricted Subsidiary or group of Unrestricted Subsidiaries, if taken together as one Subsidiary,
constitutes a Significant Subsidiary of the Parent Guarantor, then the annual, semi-annual and
quarterly financial information required by clauses (a)(1), (a)(2) and (a)(3) above shall include a
summary presentation, either on the face of the financial statements or in the footnotes thereto or in
the operating and financial review of the financial statements of the revenue, EBITDA (as presented
in this Offering Memorandum), net income, cash, total assets, total debt, shareholders equity, capital
expenditures and interest expense of such Unrestricted Subsidiaries.

Events of Default

The following events will be defined as “Events of Default” in the Indenture:

(a) default in the payment of principal of (or premium, if any, on) the Notes when the same becomes
due and payable at maturity, upon acceleration, redemption or otherwise;

(b) default in the payment of interest on any Note when the same becomes due and payable, and such
default continues for a period of 30 consecutive days;

(c) default in the performance or breach of the provisions of the covenants described under the
captions “—Consolidation, Merger and Sale of Assets” or “—Certain Covenants—Limitation on
Liens,” or the failure to make or consummate an Offer to Purchase in the manner described under
the captions “—Repurchase of Notes Upon a Change of Control” or “—Certain
Covenants—Limitation on Asset Sales”;

(d) the Parent Guarantor or any Restricted Subsidiary defaults in the performance of or breaches any
other covenant or agreement in the Indenture or under the Notes (other than a default specified
in clause (a), (b) or (c) above) and such default or breach continues for a period of 30 consecutive
days after written notice by the Trustee or the Holders of 25% or more in aggregate principal
amount of the Notes then outstanding;

(e) there occurs with respect to any Indebtedness of the Parent Guarantor or any Restricted
Subsidiary having an outstanding principal amount of US$10.0 million (or the Dollar Equivalent
thereof) or more in the aggregate for all such Indebtedness of all such Persons, whether such
Indebtedness now exists or will hereafter be created, (1) an event of default that has caused the
holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity
and/or (2) a failure to pay principal of, or interest or premium (subject to the applicable grace
period in the relevant documents) on, such Indebtedness when the same becomes due;

(f) one or more final judgments or orders for the payment of money are rendered against the Parent
Guarantor or any Restricted Subsidiary and are not paid or discharged, and there is a period of
60 consecutive days following entry of the final judgment or order that causes the aggregate
amount for all such final judgments or orders outstanding and not paid or discharged against all
such Persons to exceed US$10.0 million (or the Dollar Equivalent thereof) during which a stay
of enforcement, by reason of a pending appeal or otherwise, is not in effect;

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(g) an involuntary case or other proceeding is commenced against the Parent Guarantor or any
Restricted Subsidiary with respect to it or its debts under any applicable bankruptcy, insolvency
or other similar law now or hereafter in effect seeking the appointment of a receiver, liquidator,
assignee, custodian, trustee, sequestrator or similar official of the Parent Guarantor or any
Restricted Subsidiary or for any substantial part of the property and assets of the Parent
Guarantor or any Restricted Subsidiary and such involuntary case or other proceeding remains
undismissed and unstayed for a period of 60 consecutive days; or an order for relief is entered
against the Parent Guarantor or any Restricted Subsidiary under any applicable bankruptcy,
insolvency or other similar law as now or hereafter in effect;

(h) the Parent Guarantor or any Restricted Subsidiary (1) commences a voluntary case under any
applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to
the entry of an order for relief in an involuntary case under any such law, (2) consents to the
appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee,
sequestrator or similar official of the Parent Guarantor or any Restricted Subsidiary or for all or
substantially all of the property and assets of the Parent Guarantor or any Restricted Subsidiary
or (3) effects any general assignment for the benefit of creditors;

(i) any Guarantor denies or disaffirms in writing its obligations under its Guarantee or any
Guarantee is finally determined in any judicial proceeding to be unenforceable or invalid or will
for any reason cease to be in full force and effect, or the Issuer or any Guarantor repudiates the
Indenture, the Notes or any Guarantee or does or causes or permits to be done any act or thing
evidencing an intention to repudiate such agreement or, except as permitted by the Indenture;

(j) a moratorium is agreed or declared in respect of any Indebtedness of the Issuer or any Guarantor
or any governmental authority shall take any action to condemn, seize, nationalize or appropriate
all or a substantial part of the assets of the Issuer or any Guarantor or all or a substantial part
of the Capital Stock of the Issuer or any Guarantor, the Notes or any Guarantee, or the Issuer or
any Guarantor shall be prevented from exercising normal control over all or a substantial part of
its property;

(k) the capital and/or currency exchange controls in place in the Republic of Indonesia on the
Original Issue Date shall be modified or amended in a manner that prevents or will prevent the
Issuer or any Guarantor from performing its payment obligations under the Indenture, the Notes
or any Guarantee;

(l) the entire issued share capital of the Issuer ceases to be wholly-owned, directly or indirectly, by
the Parent Guarantor, or the entire issued share capital of Podomoro Properties ceases to be
wholly-owned, directly or indirectly, by the Issuer;

(m) it is or will become unlawful for the Issuer or any Guarantor to perform or comply with any of
its obligations under or in respect of the Indenture, the Notes or any Guarantor;

(n) any default by the Issuer, Podomoro Properties or the Parent Guarantor in the performance of any
of its obligations under the Security Documents that adversely affects the enforceability, validity,
perfection or priority of the applicable Lien on the Collateral or that adversely affects the
condition or value of the Collateral, taken as a whole, in any material respect; or

(o) the Issuer, Podomoro Properties or the Parent Guarantor denies or disaffirms its obligations
under any Security Document or, other than in accordance with the Indenture, the Security
Documents and the Pari Passu Intercreditor Agreement, any Security Document ceases to be or
is not in full force and effect or the applicable Collateral Agent or the Trustee ceases to have a
first-priority Lien over the Collateral (subject to Permitted Pari Passu Collateral Liens).

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If an Event of Default (other than an Event of Default specified in clause (g) or (h) above) occurs and
is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate principal
amount of the Notes, then outstanding, by written notice to the Issuer (and to the Trustee if such notice
is given by the Holders), may, and the Trustee at the written request of such Holders will (subject to
the Trustee being indemnified and/or secured and/or pre-funded to its satisfaction), declare the
principal of, premium, if any, and accrued and unpaid interest on the Notes to be immediately due and
payable. Upon a declaration of acceleration, such principal of, premium, if any, and accrued andunpaid
interest will be immediately due and payable. If an Event of Default specified in clause (g) or (h)
above occurs with respect to the Parent Guarantor or any Restricted Subsidiary, the principal of,
premium, if any, and accrued and unpaid interest on the Notes then outstanding will automatically
become and be immediately due and payable without any declaration or other act on the part of the
Trustee or any Holder.

The Holders of at least a majority in principal amount of the outstanding Notes by written notice to
the Issuer and to the Trustee (subject to the Trustee being indemnified and/or secured and/or
pre-funded to its satisfaction by such Holders), may on behalf of all Holders waive all past defaults
and rescind and annul a declaration of acceleration and its consequences if:

(x) all existing Events of Default, other than the non-payment of the principal of, premium, if any,
and interest on the Notes that have become due solely by such declaration of acceleration, have
been cured or waived; and

(y) the rescission would not conflict with any judgment or decree of a court of competent
jurisdiction.

Upon such waiver, the Default will cease to exist, and any Event of Default arising therefrom will be
deemed to have been cured, but no such waiver will extend to any subsequent or other Default or
impair any right consequent thereon.

The Holders of at least a majority in aggregate principal amount of the outstanding Notes may direct
the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any
direction that conflicts with law or the Indenture or that may involve the Trustee in personal liability,
or that the Trustee determines may be unduly prejudicial to the rights of Holders not joining in the
giving of such direction and may take any other action it deems proper that is not inconsistent with
any such direction received from Holders.

In all such instances where the Trustee has acted or refrained from acting as outlined above, the
Trustee shall not be responsible or liable for any losses or liability of any nature whatsoever to any
party.

Subject to the provisions of the Indenture relating to the duties of the Trustee, the Trustee will be
under no obligation to exercise any of the rights or powers under the Indenture at the request or
direction of any Holders unless such Holders have instructed the Trustee in writing and have provided
to the Trustee indemnity and/or security and/or pre-funding to its satisfaction (which, in the case of
a direction to enforce the Deed of Guarantee, or any other document governed under the laws of the
Republic of Indonesia against the Guarantors or any other Person, shall be subject to the provisions
of the Indenture) against any loss, liability or expense. Except to enforce the right to receive payment
of principal, premium, if any, or interest or Additional Amounts when due, no Holder may pursue any
remedy with respect to the Indenture or the Notes, unless:

(1) the Holder has previously given the Trustee written notice of a continuing Event of Default;

(2) the Holders of at least 25% in aggregate principal amount of outstanding Notes make a written
request to the Trustee to pursue the remedy;

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(3) such Holder or Holders provide the Trustee indemnity and/or security and/or pre-funding
satisfactory to the Trustee against any costs, liability or expense to be incurred in compliance
with such request;

(4) the Trustee does not comply with the request within 60 days after receipt of the written request
and the provision of indemnity and/or security and/or pre-funding; and

(5) during such 60-day period, the Holders of a majority in aggregate principal amount of the
outstanding Notes do not give the Trustee a written direction that is inconsistent with the request.

Notwithstanding anything to the contrary in the Indenture, the Deeds of Guarantee or any other
document relating to the Notes, in the event the Trustee shall receive instructions and indemnity and/or
security and/or prefunding from two or more groups of Holders, each holding at least 25% in aggregate
principal amount of the then outstanding Notes, and the Trustee believes (in its sole and absolute
discretion and subject to such legal or other advice as it may deem appropriate) that such instructions
are conflicting, the Trustee may, in its sole and absolute discretion, exercise any one or more of the
following options:

(i) refrain from acting on any such conflicting instructions:

(ii) take the action requested by the Holders of the highest percentage of the aggregate principal
amount of the then outstanding Notes, notwithstanding any other provisions of the Indenture (and
always subject to such indemnification, security and/or prefunding as is satisfactory to the
Trustee); and

(iii) petition a court of competent jurisdiction for further instructions.

In all such instances where the Trustee has acted or refrained from acting as outlined above, the
Trustee shall not be responsible or liable for any losses or liability of any nature whatsoever to any
party.

However, such limitations do not apply to the right of any Holder to receive payment of the principal
of, premium, if any, or interest, and Additional Amounts, if any, on, such Note or to bring suit for the
enforcement of any such payment, on or after the due date expressed in the Notes, which right will
not be impaired or affected without the consent of the Holder.

Two officers of each of the Issuer and the Parent Guarantor must certify to the Trustee in writing, on
or before a date not more than 120 days after the end of each fiscal year and within 14 days of demand
by the Trustee, that a review has been conducted of the activities of the Parent Guarantor and its
Restricted Subsidiaries and the Parent Guarantor’s and its Restricted Subsidiaries’ performance under
the Indenture and the Notes and that the Parent Guarantor and its Restricted Subsidiaries have fulfilled
all obligations thereunder, or, if there has been a default in the fulfillment of any such obligation,
specifying each such default and the nature and status thereof. The Issuer and the Parent Guarantor
will also be obligated to notify the Trustee in writing of any Event of Default or defaults in the
performance of any covenants or agreements under the Indenture. See “—Provision of Financial
Statements and Reports.”

Consolidation, Merger and Sale of Assets

The Issuer will not consolidate with, merge with or into, another Person (other than the Parent
Guarantor), permit any Person to merge with or into it, or sell, convey, transfer, lease or otherwise
dispose of all or substantially all of its properties and assets (as an entirety or substantially an entirety
in one transaction or a series of related transactions) to any Person (other than the Parent Guarantor);
provided that, in the event the Issuer so consolidates with, merges with or into, the Parent Guarantor
or sells, conveys, transfers, leases or otherwise disposes of all or substantially all of its properties and
assets to the Parent Guarantor, the Parent Guarantor immediately after such transaction, will (a)

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assume, by a supplemental indenture to the Indenture, executed and delivered to the Trustee, all the
obligations of the Issuer under the Indenture and the Notes, which shall remain in full force and effect
and (b) deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, in each case stating
that such transaction and such supplemental indenture complies with this provision and that all
conditions precedent provided for herein relating to such transaction have been complied with.

The Parent Guarantor will not consolidate with, or merge with or into, another Person, permit any
Person to merge with or into it or sell, convey, transfer, lease or otherwise dispose of all or
substantially all of its and its Restricted Subsidiaries’ properties and assets (computed on a
consolidated basis) (as an entirety or substantially an entirety in one transaction or a series of related
transactions) to another Person, unless:

(a) the Parent Guarantor will be the continuing Person, or the Person (if other than it) formed by
such consolidation or merger or that acquired or leased such property and assets (the “Surviving
Person”) will be a corporation organized and validly existing under the laws of Indonesia and
will expressly assume, by a supplemental indenture to the Indenture, executed and delivered to
the Trustee, all the obligations of the Parent Guarantor under the Indenture, the Notes and the
Parent Guarantee, as the case may be, and the Indenture, the Notes and the Parent Guarantee, as
the case may be, will remain in full force and effect;

(b) immediately after giving effect to such transaction on a pro forma basis, no Default will have
occurred and be continuing;

(c) immediately after giving effect to such transaction on a pro forma basis, the Parent Guarantor
or the Surviving Person, as the case may be, will have a Consolidated Net Worth equal to or
greater than the Consolidated Net Worth of the Parent Guarantor immediately prior to such
transaction;

(d) immediately after giving effect to such transaction on a pro forma basis, the Parent Guarantor
or the Surviving Person, as the case may be, could Incur at least US$1.00 of Indebtedness under
the proviso in the first sentence of clause (a) of the covenant described under the caption
“—Certain Covenants—Limitation on Indebtedness and Preferred Stock”;

(e) the Parent Guarantor delivers to the Trustee (1) an Officers’ Certificate (attaching the arithmetic
computations to demonstrate compliance with clauses (c) and (d) of this paragraph and (2) an
Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such
supplemental indenture complies with this provision and that all conditions precedent provided
for in the Indenture relating to such transaction have been complied with;

(f) each Subsidiary Guarantor, unless such Subsidiary Guarantor is the Person with which the Parent
Guarantor has entered into a transaction described under this covenant, shall execute and deliver
a supplemental indenture to the Indenture confirming that its Subsidiary Guarantee shall apply
to the obligations of the Parent Guarantor or the Surviving Person in accordance with the Notes
and the Indenture; and

(g) no Rating Decline will have occurred.

No Subsidiary Guarantor will consolidate with, merge with or into, another Person, permit any Person
to merge with or into it or sell, convey, transfer, lease or otherwise dispose of all or substantially all
of its and its Restricted Subsidiaries’ properties and assets (computed on a consolidated basis) (as an
entirety or substantially an entirety in one transaction or a series of related transactions) to another
Person (other than the Parent Guarantor or another Subsidiary Guarantor), unless:

(A) such Subsidiary Guarantor will be the continuing Person, or the Person (if other than it) formed
by such consolidation or merger or that acquired or leased such property and assets will be the
Parent Guarantor or another Subsidiary Guarantor or will become a Subsidiary Guarantor

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 concurrently with the transaction, and such Person shall expressly assume, by a supplemental
indenture to the Indenture, executed and delivered to the Trustee, all the obligations of such
Subsidiary Guarantor under the Indenture, the Notes and the Subsidiary Guarantee, as the case
may be, including the obligation to pay Additional Amounts, and the Indenture, the Notes and
the Subsidiary Guarantee, as the case may be, shall remain in full force and effect;

(B) immediately after giving effect to such transaction on a pro forma basis, no Default will have
occurred and be continuing;

(C) immediately after giving effect to such transaction on a pro forma basis, the Parent Guarantor
will have a Consolidated Net Worth equal to or greater than the Consolidated Net Worth of the
Parent Guarantor immediately prior to such transaction;

(D) immediately after giving effect to such transaction on a pro forma basis, the Parent Guarantor
could Incur at least US$1.00 of Indebtedness under the proviso in the first sentence of clause (a)
of the covenant described under the caption “—Certain Covenants—Limitation on Indebtedness
and Preferred Stock”;

(E) the Issuer or the Parent Guarantor delivers to the Trustee (1) an Officers’ Certificate (attaching
the arithmetic computations to demonstrate compliance with clauses (C) and (D) of this
paragraph and (2) an Opinion of Counsel, in each case stating that such consolidation, merger
or transfer and the relevant supplemental indenture complies with this provision and that all
conditions precedent provided for in the Indenture relating to such transaction have been
complied with; and

(F) no Rating Decline will have occurred;

provided that this paragraph will not apply to (a) any sale or other disposition that complies with the
“—Certain Covenants—Limitation on Asset Sales” covenant or any Subsidiary Guarantor whose
Subsidiary Guarantee is unconditionally released in accordance with the provisions described under
“—Subsidiary Guarantees—Release of Subsidiary Guarantees” and (2) a consolidation or merger of
any Subsidiary Guarantor with and into the Parent Guarantor or any other Subsidiary Guarantor, so
long as the Parent Guarantor or such Subsidiary Guarantor survives such consolidation or merger.

Although there is a limited body of case law interpreting the phrase “substantially all,” there is no
precise established definition of the phrase under applicable law. Accordingly, in certain
circumstances there may be a degree of uncertainty as to whether a particular transaction would
involve “all or substantially all” of the property or assets of a Person.

The foregoing provisions would not necessarily afford Holders protection in the event of
highly-leveraged or other transactions involving the Parent Guarantor that may adversely affect
Holders.

No Payments for Consents

The Parent Guarantor will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay
or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for
or as an inducement to any consent, waiver or amendment of any of the terms or provisions of the
Indenture or the Notes, unless such consideration is offered to be paid or is paid to all Holders that
consent, waive or agree to amend such term or provision within the time period set forth in the
solicitation documents relating to such consent, waiver or amendment.

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Defeasance

Defeasance and Discharge

The Indenture will provide that the Issuer will be deemed to have paid and will be discharged from
any and all obligations in respect of the Notes on the 183rd day after the deposit referred to below,
and the provisions of the Indenture will no longer be in effect with respect to the Notes (except for,
among other matters, certain obligations to register the transfer or exchange of the Notes, to replace
stolen, lost or mutilated Notes, to maintain paying agencies and to hold monies for payment in trust)
if, among other things:

(a) the Issuer has (1) deposited with the Trustee or its agent, in trust, money and/or U.S. Government
Obligations or a combination thereof that through the payment of interest and principal in respect
thereof in accordance with their terms will provide money in an amount sufficient to pay the
principal of, premium, if any, and accrued interest on the Notes on the Stated Maturity of such
payments in accordance with the terms of the Indenture and the Notes and (2) delivered to the
Trustee an Opinion of Counsel or a certificate of an internationally recognized firm of
independent accountants to the effect that the amount deposited by the Issuer is sufficient to
provide payment for the principal of, premium, if any, and accrued interest on, the Notes on the
Stated Maturity of such payment in accordance with the terms of the Indenture and the Notes and
an Opinion of Counsel to the effect that the Holders have a valid, perfected, exclusive security
in the trust;

(b) the Issuer has delivered to the Trustee (1) either (x) an Opinion of Counsel of recognized
international standing with respect to U.S. federal tax laws which is based on a change in
applicable U.S. federal income tax law occurring after the Original Issue Date to the effect that
beneficial owners will not recognize income, gain or loss for U.S. federal income tax purposes
as a result of the Issuer’s exercise of its option under this “—Defeasance and Discharge”
provision and will be subject to U.S. federal income tax on the same amounts and in the same
manner and at the same time as would have been the case if such deposit, defeasance and
discharge had not occurred or (y) a ruling directed to the Trustee received from the U.S. Internal
Revenue Service to the same effect as the aforementioned Opinion of Counsel and (2) an Opinion
of Counsel of recognized international standing to the effect that the creation of the defeasance
trust does not violate the U.S. Investment Company Act of 1940, as amended, and after the
passage of 183 days following the deposit, the trust fund will not be subject to the effect of
Section 547 of the United States Bankruptcy Code or Section 15 of the New York Debtor and
Creditor Law;

(c) the Issuer shall have delivered to the Trustee an Officers’ Certificate stating that the deposit was
not made by it with the intent of preferring the Holders over any other of its creditors or with
the intent of defeating, hindering, delaying or defrauding any other of its creditors or others;

(d) immediately after giving effect to such deposit on a pro forma basis, no Event of Default, or
event that after the giving of notice or lapse of time or both would become an Event of Default,
will have occurred and be continuing on the date of such deposit or during the period ending on
the 183rd day after the date of such deposit, and such defeasance will not result in a breach or
violation of, or constitute a default under, any other agreement or instrument to which the Parent
Guarantor or any Restricted Subsidiary is a party or by which the Parent Guarantor or any
Restricted Subsidiary is bound; and

(e) the Issuer must deliver to the Trustee an Officers’ Certificate acceptable to the Trustee and an
Opinion of Counsel, each stating that all conditions precedent relating to such defeasance have
been complied with.

In case of either discharge or defeasance of the Notes, the Subsidiary Guarantees will terminate.

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Defeasance of Certain Covenants

The Indenture further will provide that the provisions of the Indenture will no longer be in effect with
respect to clauses (c), (d), (e)(1) and (g) under the second paragraph and clauses (C), (D), (E)(1) and
(F) under the third paragraph under “—Consolidation, Merger and Sale of Assets” and all the
covenants described herein under “—Certain Covenants” other than as described under “—Certain
Covenants—Anti-Layering,” clause (c) under “—Events of Default” with respect to such clauses (c),
(d), (e)(1) and (g) under the second paragraph and clauses (C), (D), (E)(1) and (F) under the third
paragraph under “—Consolidation, Merger and Sale of Assets” and with respect to the other events set
forth in such clause, clause (d) under “—Events of Default” with respect to such other covenants and
clauses (e) and (f) under “—Events of Default” will be deemed not to be Events of Default upon,
among other things, the deposit with the Trustee, in trust, of money, U.S. Government Obligations or
a combination thereof that through the payment of interest and principal in respect thereof in
accordance with their terms will provide money in an amount sufficient to pay the principal of,
premium, if any, Additional Amounts, if any, and accrued interest on the Notes on the Stated Maturity
of such payments in accordance with the terms of the Indenture and the Notes, the satisfaction of the
provisions described in clause (b)(2), (c) and (e) of the preceding paragraph and the delivery by the
Issuer to the Trustee of an Opinion of Counsel of recognized international standing with respect to
U.S. federal income tax matters to the effect that beneficial owners will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of such deposit and defeasance of certain
covenants and Events of Default and will be subject to U.S. federal income tax on the same amounts
and in the same manner and at the same times as would have been the case if such deposit and
defeasance had not occurred.

Defeasance and Certain Other Events of Default

If in the event the Issuer exercises its option to omit compliance with certain covenants and provisions
of the Indenture with respect to the Notes as described in the immediately preceding paragraph and
the Notes are declared due and payable because of the occurrence of an Event of Default that remains
applicable, the amount of money and/or U.S. Government Obligations on deposit with the Trustee will
be sufficient to pay amounts due on the Notes at the time of their Stated Maturity but may not be
sufficient to pay amounts due on the Notes at the time of the acceleration resulting from such Event
of Default. However, the Issuer and the Guarantors under the Indenture will remain liable for such
payments.

Amendments and Waiver

Amendments Without Consent of Holders

The Indenture, any Guarantee or the Security Documents (or any Pari Passu Intercreditor Agreement
entered into in accordance with the terms of the Indenture) may be amended, without the consent of
any Holder, to:

(a) cure any ambiguity, defect, omission or inconsistency in the Indenture, any Guarantee, the
Security Documents or the Notes;

(b) comply with the provisions described under “—Consolidation, Merger and Sale of Assets”;

(c) evidence and provide for the acceptance of appointment by a successor Trustee;

(d) add any Guarantor or any Guarantee or release any Guarantor from any Guarantee as provided
or permitted by the terms of the Indenture;

(e) to add security to secure the Notes and the Guarantees;

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(f) provide for the issuance of Additional Notes in accordance with the limitations set forth in the
Indenture;

(g) in any other case where a supplemental indenture to the Indenture is required or permitted to be
entered into pursuant to the provisions of the Indenture without the consent of any Holder;

(h) effect any changes to the Indenture in a manner necessary to comply with the procedures of
Euroclear, Clearstream or any applicable clearing system;

(i) make any other change that does not materially and adversely affect the rights of any Holder of
Notes; or

(j) permit Permitted Pari Passu Secured Indebtedness in accordance with the terms of the Indenture
(including, without limitation, permitting the Trustee to enter into the Pari Passu Intercreditor
Agreement or any amendments to the Security Documents relating to the Pari Passu Collateral
or the Indenture, the appointment of any collateral agent under any Pari Passu Intercreditor
Agreement to hold the Pari Passu Collateral on behalf of the Holders and the holders of Permitted
Pari Passu Secured Indebtedness and taking any other action necessary to permit the creation and
registration of Liens on the Pari Passu Collateral to secure Permitted Pari Passu Secured
Indebtedness, in accordance with the Indenture); or

(k) conform the text of the Indenture, the Notes or the Guarantees to any provision of this
“Description of the Notes” to the extent that such provision in this “Description of the Notes”
was intended to be a verbatim recitation of a provision of the Indenture, the Notes or the
Guarantees.

In connection with such matters, the Trustee shall be entitled to rely absolutely on an Opinion of
Counsel and Officer’s Certificate to the effect that the entry into such amendment, supplement or
waiver is authorized or permitted.

Amendments With Consent of Holders

Amendments of the Indenture, any Guarantee or the Security Documents (or any Pari Passu
Intercreditor Agreement entered into in accordance with the terms of the Indenture) may be made by
the Issuer, the Parent Guarantor, the Subsidiary Guarantors and the Trustee with the consent of the
Holders of not less than a majority in aggregate principal amount of the outstanding Notes, and the
holders of a majority in principal amount of the outstanding Notes may waive future compliance by
the Issuer, the Parent Guarantor or the Subsidiary Guarantors with any provision of the Indenture, the
Notes, the Guarantees or the Security Documents; provided, however, that no such modification,
amendment or waiver may, without the consent of each Holder:

(a) change the Stated Maturity of the principal of, or any installment of interest on, any Note;

(b) reduce the principal amount of, or premium, if any, or interest on, any Note;

(c) change the currency, time or place of payment of principal of, or premium, if any, or interest on,
any Note;

(d) impair the right to institute suit for the enforcement of any payment on or after the Stated
Maturity (or, in the case of a redemption, on or after the redemption date) of any Note or any
Guarantee;

(e) reduce the above stated percentage of outstanding Notes the consent of whose Holders is
necessary to modify or amend the Indenture;

(f) waive a default in the payment of principal of, premium, if any, or interest on the Notes;

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(g) release any Guarantor from its Guarantee, except as provided in the Indenture;

(h) reduce the percentage or aggregate principal amount of outstanding Notes the consent of whose
Holders is necessary for waiver of compliance with certain provisions of the Indenture or for
waiver of certain defaults;

(i) amend, change or modify any Guarantee in a manner that adversely affects the Holders;

(j) release any Collateral, except as provided in the Indenture and the Security Documents;

(k) amend, change or modify any provision of any Security Document or any provision of the
Indenture relating to the Collateral, in a manner that adversely affects the Holders, except in
accordance with the other provisions of the Indenture or such Security Document;

(l) reduce the amount payable upon a Change of Control Offer or an Offer to Purchase with the
Excess Proceeds from any Asset Sale or, change the time or manner by which a Change of
Control Offer or an Offer to Purchase with the Excess Proceeds from any Asset Sale may be made
or by which the Notes must be repurchased pursuant to a Change of Control Offer or an Offer
to Purchase with the Excess Proceeds from any Asset Sale;

(m) change the redemption date or the redemption price of the Notes from that stated under
“—Optional Redemption” or “—Redemption for Tax Reasons”;

(n) amend, change or modify the obligation of the Issuer or any Guarantor to pay Additional
Amounts; or

(o) amend, change or modify any provision of the Indenture or the related definition affecting the
ranking of the Notes or any Guarantee in a manner which adversely affects the Holders.

Satisfaction and Discharge

The Indenture will be discharged and will cease to be of further effect (except as to surviving rights
of registration of transfer or exchange of the Notes, as expressly provided for in the Indenture) as to
all outstanding Notes when:

(1) either:

(a) all of the Notes theretofore authenticated and delivered (except lost, stolen or destroyed
Notes which have been replaced or paid and Notes for whose payment money has
theretofore been deposited in trust by the Issuer and thereafter repaid to the Issuer) have
been delivered to the Paying Agent for cancellation; or

(b) all Notes not theretofore delivered to the Paying Agent for cancellation have become due
and payable pursuant to an optional redemption notice or otherwise or will become due and
payable within one year, and the Issuer has irrevocably deposited or caused to be deposited
with the Trustee (or its agent) funds, in cash in U.S. dollars, non-callable U.S. Government
Obligations or a combination thereof, in an amount sufficient to pay and discharge the
entire indebtedness on the Notes not theretofore delivered to the Paying Agent for
cancellation, for principal of, premium, if any, and interest on the Notes to the date of
deposit together with irrevocable instructions from the Issuer directing the Trustee to apply
such funds to the payment thereof at maturity or redemption, as the case may be;

(2) the Issuer or any Guarantor has paid all other sums payable under this Indenture; and

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(3) no Default or Event of Default will have occurred and be continuing on the date of such deposit
or will occur as a result of such deposit and such deposit will not result in a breach or violation
of, or constitute a default under, any other instruments to which the Issuer or any Guarantor is
a party or by which the Issuer or any Guarantor is bound.

In addition, the Parent Guarantor must deliver to the Trustee an Officers’ Certificate and an Opinion
of Counsel stating that all conditions precedent to satisfaction and discharge have been satisfied.

Unclaimed Money

Claims against the Issuer for the payment of principal of, premium, if any, or interest, on the Notes
will become void unless presentation for payment is made as required under the Indenture within a
period of six years.

No Personal Liability of Incorporators, Stockholders, Members, Officers, Directors or

Employees

No recourse for the payment of the principal of, premium, if any, or interest on any of the Notes or
for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any
obligation, covenant or agreement of the Issuer, the Parent Guarantor or any of the Subsidiary
Guarantors in the Indenture, or in any of the Notes or the Guarantees or because of the creation of any
Indebtedness represented thereby, will be had against any incorporator, stockholder, officer,
commissioner, director, employee or controlling person of the Issuer, the Parent Guarantor or any of
the Subsidiary Guarantors or of any successor Person thereof. Each Holder, by accepting the Notes,
waives and releases all such liability. The waiver and release are part of the consideration for the
issuance of the Notes and the Guarantees. Such waiver may not be effective to waive liabilities under
any applicable securities law.

Concerning the Trustee and the Agents

The Bank of New York Mellon, London Branch is to be appointed as Trustee under the Indenture, and
as paying agent (the “Paying Agent”) and The Bank of New York Mellon SA/NV, Luxembourg Branch
as registrar (the “Registrar”) and transfer agent (the “Transfer Agent”, and together with the Paying
Agent and the Registrar, the “Agents”) with regard to the Notes. Except during the continuance of a
Default, the Trustee undertakes to perform such duties and only such duties as are set forth in the
Indenture, and no implied covenant or obligation shall be read into the Indenture against the Trustee
and the Trustee. If an Event of Default has occurred and is continuing, the Trustee will use the same
degree of care and skill in its exercise of the rights and powers vested in it under the Indenture as a
prudent person would exercise under the circumstances in the conduct of such person’s own affairs.

The Trustee is permitted to engage in other transactions, including normal banking and trustee
relationships, with the Issuer, the Parent Guarantor and their respective Affiliates; provided, however,
that if it acquires any conflicting interest, it must eliminate such conflict or resign.

The Trustee will be under no obligation to exercise any of the rights or powers conferred on it under
the Indenture at the request or direction of any of the Holders unless such Holders have provided to
the Trustee indemnity and/or security (including by way of pre-funding) to its satisfaction against any
loss, liability or expense that might be incurred by it in compliance with such request or direction.
With respect to a request or direction from Holders to enforce the Deeds of Guarantee, or any other
document governed under the laws of the Republic of Indonesia against the Guarantors or any other
Person, indemnity and security shall include, without limitation (and without limiting the Trustee’s
ability to accept other forms of security and indemnity), prefunding by the requesting Holders of an
account in the name of the Trustee in such amounts as the Trustee determines in its sole and absolute
discretion. The foregoing prefunding requirements shall be in addition, and subject in all respects, to
any other requirements of the Trustee regarding the indemnity or security to be provided to it in
connection with any such enforcement request, including requirements regarding the creditworthiness
of the requesting Holders.

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Whenever the Trustee is required or entitled by the terms of the Indenture and the Notes to exercise
any discretion or power, take any action of any nature, make any decision or give any direction or
certification, the Trustee is entitled, prior to exercising any such discretion or power, taking any such
action, making any such decision, or giving any such direction or certification, to solicit Holders for
direction, and the Trustee is not responsible for any loss or liability incurred by any person as a result
of any delay in it exercising such discretion or power, taking such action, making such decision, or
giving such direction or certification where the Trustee is seeking such directions or the non-exercise
of such discretion or power, or not taking any such action or making any such decision or giving any
such direction or certification in the absence of any such directions from Holders. In any event, and
as provided elsewhere herein, even where the Trustee has been directed by the Holders, the Trustee
shall not be required to exercise any such discretion, power or take any such action as aforesaid unless
it has been indemnified and/or secured and/or prefunded to its satisfaction.

The Indenture provides that the Issuer and the Parent Guarantor will jointly and severally indemnify
the Trustee, the Agents and their respective officers, directors, employees, representatives and agents
for all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, costs, expenses or
disbursements of any kind imposed against the Trustee, any of the Agents or any of their respective
officers, directors, employees, representatives and agents, as applicable, arising out of the Indenture
except to the extent that any of the foregoing are finally judicially determined to have resulted solely
from the gross negligence or willful misconduct of the Trustee, any of the Agents or any of their
respective officers, directors, employees, representatives and agents, as applicable.

Book-Entry; Delivery and Form

The Notes will be represented by one or more global notes in registered form without interest coupons
attached (the “Global Note”). On the Original Issue Date, the Global Note will be deposited with a
common depositary and registered in the name of the common depositary or its nominee for the
accounts of Euroclear and Clearstream.

Global Note

Ownership of beneficial interests in the Global Note (the “book-entry interests”) will be limited to
persons that have accounts with Euroclear and/or Clearstream or persons that may hold interests
through such participants. Book-entry interests will be shown on, and transfers thereof will be effected
only through, records maintained in book-entry form by Euroclear and Clearstream and their
participants.

Except as set forth below under “— Individual Definitive Notes,” the book-entry interests will not be
held in definitive form. Instead, Euroclear and/or Clearstream will credit on their respective
book-entry registration and transfer systems a participant’s account with the interest beneficially
owned by such participant. The laws of some jurisdictions may require that certain purchasers of
securities take physical delivery of such securities in definitive form. The foregoing limitations may
impair the ability to own, transfer or pledge book-entry interests.

So long as the Notes are held in global form, the common depositary for Euroclear and/or Clearstream
(or its nominee) will be considered the sole holder of the Global Note for all purposes under the
Indenture and “holders” of book-entry interests will not be considered the owners or “Holders” of
Notes for any purpose. As such, participants must rely on the procedures of Euroclear and Clearstream
and indirect participants must rely on the procedures of the participants through which they own
book-entry interests in order to transfer their interests in the Notes or to exercise any rights of Holders
under the Indenture.

None of the Company, the Trustee, the Agents or any of their respective agents will have any
responsibility or be liable for any aspect of the records relating to the book-entry interests. The Notes
are not issuable in bearer form.

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Payments on the Global Note

Payments of any amounts owing in respect of the Global Note (including principal, premium, interest
and Additional Amounts) will be made to the Paying Agent in U.S. dollars. The Paying Agent will, in
turn, make such payments to the common depositary for Euroclear and Clearstream, which will
distribute such payments to participants in accordance with the procedures of Euroclear and
Clearstream, respectively. The Company will make payments of all such amounts without deduction
or withholding for, or on account of, any present or future taxes, duties, assessments or governmental
charges of whatever nature, except as may be required by law and as described under “— Additional
Amounts.”

Under the terms of the Indenture, the Company, the Trustee and the Agents will treat the registered
holder of the Global Note (i.e., the common depositary or its nominee) as the owner thereof for the
purpose of receiving payments and for all other purposes. Consequently, none of the Company, the
Subsidiary Guarantors, the Trustee, the Agents or any of their respective agents has or will have any
responsibility or liability for:

• any aspect of the records of Euroclear, Clearstream or any participant or indirect participant
relating to or payments made on account of a book-entry interest, for any such payments made
by Euroclear, Clearstream or any participant or indirect participants, or for maintaining,
supervising or reviewing any of the records of Euroclear, Clearstream or any participant or
indirect participant relating to or payments made on account of a book-entry interest; or

• Euroclear, Clearstream or any participant or indirect participant.

Payments by participants to owners of book-entry interests held through participants are the
responsibility of such participants.

Redemption of Global Note

In the event any Global Note, or any portion thereof, is redeemed, the common depositary will
distribute the amount received by it in respect of the Global Note so redeemed to Euroclear and/or
Clearstream, as applicable, who will distribute such amount to the holders of the book-entry interests
in such Global Note. The redemption price payable in connection with the redemption of such
book-entry interests will be equal to the amount received by the common depositary, Euroclear or
Clearstream, as applicable, in connection with the redemption of such Global Note (or any portion
thereof). The Company understands that under existing practices of Euroclear and Clearstream, if
fewer than all of the Notes are to be redeemed at any time, Euroclear and Clearstream will credit their
respective participants’ accounts on a proportionate basis (with adjustments to prevent fractions) or
by lot or on such other basis as they deem fair and appropriate; provided, however, that no book-entry
interest of US$200,000 principal amount, or less, as the case may be, will be redeemed in part.

Action by Owners of Book-Entry Interests

Euroclear and Clearstream have advised that they will take any action permitted to be taken by a
Holder of Notes only at the direction of one or more participants to whose account the book-entry
interests in the Global Note are credited and only in respect of such portion of the aggregate principal
amount of Notes as to which such participant or participants has or have given such direction.
Euroclear and Clearstream will not exercise any discretion in the granting of consents, waivers or the
taking of any other action in respect of the Global Note. If there is an Event of Default under the
Notes, however, each of Euroclear and Clearstream reserves the right to exchange the Global Note for
individual definitive notes in certificated form, and to distribute such individual definitive notes to
their participants.

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Transfers

Transfers between participants in Euroclear and Clearstream will be effected in accordance with
Euroclear and Clearstream’s rules and will be settled in immediately available funds. If a Holder
requires physical delivery of individual definitive notes for any reason, including to sell the Notes to
persons in jurisdictions which require physical delivery of such securities or to pledge such securities,
such Holder must transfer its interest in the Global Note in accordance with the normal procedures of
Euroclear and Clearstream and in accordance with the provisions of the Indenture.

Book-entry interests in the Global Note will be subject to the restrictions on transfer discussed under
“Transfer Restrictions.”

Any book-entry interest in a Global Note that is transferred to a person who takes delivery in the form
of a book-entry interest in another Global Note will, upon transfer, cease to be a book-entry interest
in the first-mentioned Global Note and become a book-entry interest in the other Global Note and,
accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures
applicable to book-entry interests in such other Global Note for as long as it retains such a book-entry
interest.

Global Clearance and Settlement Under the Book-Entry System

Book-entry interests owned through Euroclear or Clearstream accounts will follow the settlement
procedures applicable. Book-entry interests will be credited to the securities custody accounts of
Euroclear and Clearstream holders on the business day following the settlement date against payment
for value on the settlement date.

The book-entry interests will trade through participants of Euroclear or Clearstream, and will settle
in same-day funds. Since the purchaser determines the place of delivery, it is important to establish
at the time of trading of any book-entry interests where both the purchaser’s and seller’s accounts are
located to ensure that settlement can be made on the desired value date.

Information Concerning Euroclear and Clearstream

The Company understands as follows with respect to Euroclear and Clearstream:

Euroclear and Clearstream hold securities for participating organizations and facilitate the clearance
and settlement of securities transactions between their respective participants through electronic
book-entry changes in accounts of such participants. Euroclear and Clearstream provide to their
participants, among other things, services for safekeeping, administration, clearance and settlement of
internationally traded securities and securities lending and borrowing. Euroclear and Clearstream
interface with domestic securities markets. Euroclear and Clearstream participants are financial
institutions, such as underwriters, securities brokers and dealers, banks and trust companies, and
certain other organizations. Indirect access to Euroclear or Clearstream is also available to others such
as banks, brokers, dealers and trust companies that clear through or maintain a custodian relationship
with a Euroclear or Clearstream participant, either directly or indirectly.

Although the foregoing sets out the procedures of Euroclear and Clearstream in order to facilitate the
original issue and subsequent transfers of interests in the Notes among participants of Euroclear and
Clearstream, neither Euroclear nor Clearstream is under any obligation to perform or continue to
perform such procedures, and such procedures may be discontinued at any time.

None of the Company, the Subsidiary Guarantors, the Trustee, the Agents or any of their respective
agents will have responsibility for the performance of Euroclear or Clearstream or their respective
participants of their respective obligations under the rules and procedures governing their operations,
including, without limitation, rules and procedures relating to book-entry interests.

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Individual Definitive Notes

If (1) the common depositary or any successor to the common depositary is at any time unwilling or
unable to continue as a depositary for the reasons described in the Indenture and a successor
depositary is not appointed by the Company within 90 days, (2) either Euroclear or Clearstream, or
a successor clearing system is closed for business for a continuous period of 14 days (other than by
reason of holidays, statutory or otherwise) or announces an intention to permanently cease business
or does in fact do so, or (3) any of the Notes has become immediately due and payable in accordance
with “— Events of Default” and the Company has received a written request from a Holder, the
Company will issue individual definitive notes in registered form in exchange for the Global Note.
Upon receipt of such notice from the common depositary or the Trustee, as the case may be, the
Company will use its best efforts to make arrangements with the common depositary for the exchange
of interests in the Global Note for individual definitive notes and cause the requested individual
definitive notes to be executed and delivered to the Registrar in sufficient quantities and authenticated
by or on behalf of the Registrar for delivery to Holders. Persons exchanging interests in a Global Note
for individual definitive notes will be required to provide the Registrar, through the relevant clearing
system, with written instruction and other information required by the Company and the Registrar to
complete, execute and deliver such individual definitive notes. In all cases, individual definitive notes
delivered in exchange for any Global Note or beneficial interests therein will be registered in the
names, and issued in any approved denominations, requested by the relevant clearing system.

Individual definitive notes will not be eligible for clearing and settlement through Euroclear or
Clearstream.

Notices

All notices or demands required or permitted by the terms of the Notes or the Indenture to be given
to or by the Holders are required to be in writing and may be given or served by being sent by prepaid
courier or by being deposited, first-class postage prepaid (if intended for the Issuer, the Parent
Guarantor or any Subsidiary Guarantor) addressed to the Issuer, the Parent Guarantor, such Subsidiary
Guarantor at the registered office of the Parent Guarantor, or (if intended for the Trustee) addressed
to the Trustee at the corporate trust office of the Trustee; and (if intended for any Holder) addressed
to such Holder at such Holder’s last address as it appears in the Note register.

Any such notice or demand will be deemed to have been sufficiently given or served when so sent or
deposited and, if to the Holders, when delivered in accordance with the applicable rules and
procedures of Euroclear or Clearstream, as the case may be. Any such notice will be deemed to have
been delivered on the day such notice is delivered to Euroclear or Clearstream, as the case may be,
or if by mail, when so sent or deposited.

Consent to Jurisdiction; Service of Process

The Issuer, the Parent Guarantor and each of the Subsidiary Guarantors will irrevocably (i) submit to
the non-exclusive jurisdiction of any U.S. federal or New York state court located in the Borough of
Manhattan, The City of New York in connection with any suit, action or proceeding arising out of, or
relating to, the Notes, any Guarantee or the Indenture or any transaction contemplated thereby and (ii)
designate and appoint Law Debenture Corporate Services Inc. for receipt of service of process in any
such suit, action or proceeding. Each of the Issuer, the Parent Guarantor and the Subsidiary Guarantors
agrees that the Trustee and Collateral Agent retain the right to serve process in any other manner
permitted by law or to bring proceedings against each of the Issuer, the Parent Guarantor or any
Subsidiary Guarantor in the courts of any other jurisdiction.

Governing Law

Each of the Notes, the Guarantees and the Indenture provides that such instrument will be governed
by, and construed in accordance with, the laws of the State of New York.

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Definitions

Set forth below are defined terms used in the covenants and other provisions of the Indenture.
Reference is made to the Indenture for other capitalized terms used in this “Description of the Notes”
for which no definition is provided.

“Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes
a Restricted Subsidiary or Indebtedness of a Restricted Subsidiary assumed in connection with an
Asset Acquisition by such Restricted Subsidiary, whether or not Incurred in connection with, or in
contemplation of, the Person merging with or into or becoming a Restricted Subsidiary.

“Adjusted Treasury Rate” means, with respect to any redemption date, (i) the yield, under the
heading which represents the average for immediately preceding week, appearing in the most recently
published statistical release designated “H.15(519)” or any successor publication which is published
weekly by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded United States Treasury securities adjusted to constant maturity under the caption
“Treasury Constant Maturities”, for the maturity corresponding to the Comparable Treasury Issue (if
no maturity is within three (3) months before or after , yields for the two published maturities
most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted
Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding
to the nearest month) or (ii) if such release (or any successor release) is not published during the week
preceding the calculation date or does not contain such yields, the rate per year equal to the
semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the
Comparable Treasury Price for such redemption date, in each case calculated on the third Business
Day immediately preceding the redemption date.

“Affiliate” means, with respect to any Person, any other Person (i) directly or indirectly controlling,
controlled by, or under direct or indirect common control with, such Person or (ii) who is a director,
commissioner or officer of such Person or any Subsidiary of such Person or of any Person referred to
in clause (i) of this definition. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied
to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction
of the management and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise.

“Applicable Premium” means, with respect to a Note at any redemption date, the greater of (i) 1.00%
of the principal amount of such Note and (ii) the excess of (A) the present value at such redemption
date of the redemption price of such Note on (such redemption price being described in the
first paragraph in the “— Optional Redemption” section exclusive of any accrued interest), plus all
required remaining scheduled interest payments due on such Note through (but excluding
accrued and unpaid interest to the redemption date), computed using a discount rate equal to the
Adjusted Treasury Rate plus 50 basis points, over (B) the principal amount of such Note on such
redemption date.

“Asset Acquisition” means (i) an Investment by the Parent Guarantor or any Restricted Subsidiary in
any other Person pursuant to which such Person will become a Restricted Subsidiary or will be merged
into or consolidated with the Parent Guarantor or any Restricted Subsidiary, or (ii) an acquisition by
the Parent Guarantor or any Restricted Subsidiary of the property and assets of any Person other than
the Parent Guarantor or any Restricted Subsidiary that constitute substantially all of a division or line
of business of such Person.

“Asset Disposition” means the sale or other disposition by the Parent Guarantor or any Restricted
Subsidiary (other than to the Parent Guarantor or another Restricted Subsidiary) of (i) all or
substantially all of the Capital Stock of any Restricted Subsidiary or (ii) all or substantially all of the
assets that constitute a division or line of business of the Parent Guarantor or any Restricted
Subsidiary.

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“Asset Sale” means any sale, transfer or other disposition of any of its property or assets (including
by way of merger, consolidation or Sale and Leaseback Transaction and including any sale or issuance
of Capital Stock by a Restricted Subsidiary) in one transaction or a series of related transactions by
the Parent Guarantor or any Restricted Subsidiary to any Person; provided that “Asset Sale” will not
include:

(a) any sale, transfer or other disposition of inventory, receivables and other current assets
(including properties under development for sale and completed properties for sale) in the
ordinary course of business;

(b) any sale, transfer or other disposition of assets constituting a Permitted Investment or Restricted
Payment permitted to be made under the covenant described under the caption “—Certain
Covenants—Limitation on Restricted Payments”;

(c) any sale, transfer or other disposition of assets with a Fair Market Value not in excess of US$2.0
million (or the Dollar Equivalent thereof) in any transaction or series of related transactions;

(d) any sale, transfer or other disposition of any property or equipment that has become damaged,
worn out, obsolete or otherwise unsuitable for use in connection with the business of the Parent
Guarantor or its Restricted Subsidiaries;

(e) any sale, transfer or other disposition deemed to occur in connection with creating or granting
any Permitted Lien;

(f) a transaction covered by the covenant under the caption “—Consolidation, Merger and Sale of
Assets”;

(g) any sale, transfer or other disposition of any assets by the Parent Guarantor or any Restricted
Subsidiary to the Parent Guarantor or to a Subsidiary Guarantor; and

(h) sales, transfers or other dispositions by the Parent Guarantor or any Restricted Subsidiary of
Qualified Receivables in a Qualified Receivables Transaction.

“Attributable Indebtedness” means, in respect of a Sale and Leaseback Transaction, at the time of
determination, the present value, discounted at the interest rate implicit in such Sale and Leaseback
Transaction, of the total obligations of the lessee for rental payments during the remaining term of the
lease in such Sale and Leaseback Transaction, including any period for which such lease has been
extended or may, at the option of the lessor, be extended, determined in accordance with GAAP.

“Average Life” means, at any date of determination with respect to any Indebtedness, the quotient
obtained by dividing (1) the sum of the products of (a) the number of years from such date of
determination to the dates of each successive scheduled principal payment of such Indebtedness and
(b) the amount of such principal payment by (2) the sum of all such principal payments.

“Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the
Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that
term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial
ownership of all securities that such “person” has the right to acquire by conversion or exercise of
other securities, whether such right is currently exercisable or exercisable only upon the occurrence
of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” will have a
corresponding meaning.

“Board of Directors” means the board of directors of the Parent Guarantor elected or appointed by
the stockholders of the Parent Guarantor to manage the business of the Parent Guarantor or any
committee of such board duly authorized to take the action purported to be taken by such committee.

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“Board Resolution” means any resolution of the Board of Directors taking an action which it is
authorized to take and adopted at a meeting duly called and held at which a quorum of disinterested
members (if so required) was present and acting throughout or adopted by written resolution executed
by every member of the Board of Directors.

“Business Day” means any day which is not a Saturday, Sunday, legal holiday or other day on which
banking institutions in The City of New York, London, Singapore or Indonesia (or in any other place
in which payments on the Notes are to be made) are authorized by law or governmental regulation to
close.

“Capital Stock” means, with respect to any Person, any and all shares, interests, participations or
other equivalents (however designated, whether voting or non-voting) in equity of such Person,
whether outstanding on the Original Issue Date or issued thereafter, including, without limitation, all
Common Stock and Preferred Stock, but excluding debt securities convertible into such equity.

“Capitalized Lease” means, with respect to any Person, any lease of any property (whether real,
personal or mixed), which, in conformity with GAAP, is required to be capitalized on the balance sheet
of such Person.

“Capitalized Lease Obligations” means the discounted present value of the rental obligations under
a Capitalized Lease.

“Change of Control” means the occurrence of one or more of the following events:

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger
or consolidation), in one or a series of related transactions, of all or substantially all of the
properties or assets of the Parent Guarantor and its Restricted Subsidiaries, taken as a whole, to
any “person” within the meaning Section 13(d) of the Exchange Act, other than to one or more
Permitted Holders;

(2) the Parent Guarantor consolidates with, or merges with or into, any Person (other than one or
more Permitted Holders), or any Person consolidates with, or merges with or into, the Parent
Guarantor, in any such event pursuant to a transaction in which any of the outstanding Voting
Stock of the Parent Guarantor or such other Person is converted into or exchanged for cash,
securities or other property, other than any such transaction where the Voting Stock of the Parent
Guarantor outstanding immediately prior to such transaction is converted into or exchanged for
(or continues as) Voting Stock (other than Disqualified Stock) of the surviving or transferee
Person constituting a majority of the outstanding shares of Voting Stock of such surviving or
transferee Person (immediately after giving effect to such issuance) and in substantially the same
proportion as before the transaction;

(3) (i) the Permitted Holders cease to be the Beneficial Owner, directly or indirectly, of at least
50.1% in the aggregate of the voting power of the Voting Stock of the Parent Guarantor, or (ii)
any “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange
Act), other than the Permitted Holders, becomes the Beneficial Owner, directly or indirectly, of
a larger percentage of the voting power of such Voting Stock than the Permitted Holders;

(4) individuals who on the Original Issue Date constituted the Board of Directors (together with any
new directors whose election was approved by a vote of at least a majority of the members of
the Board of Directors then in office who were members of the Board of Directors on the Original
Issue Date or whose election was previously so approved) cease for any reason to constitute a
majority of the members of the Board of Directors then in office; or

(5) the adoption of a plan relating to the liquidation or dissolution of the Parent Guarantor.

“Clearstream” means Clearstream Banking S.A. or any successor thereof.

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“Collateral Agent” means The Bank of New York Mellon, Singapore Branch.

“Comm odity Agreement” means any forward or futures contract, commodity swap agreement,
commodity option agreement or other similar agreement or arrangement designed to protect against
fluctuations in commodity prices and not for speculation.

“Comm on Stock” means, with respect to any Person, any and all shares, interests or other
participations in, and other equivalents (however designated and whether voting or non-voting) of
such Person’s common stock or ordinary shares, whether or not outstanding on the Original Issue Date,
and include, without limitation, all series and classes of such common stock or ordinary shares.

“Comparable Treasury Issue” means the U.S. Treasury security having a maturity comparable to the
remaining term of the Notes to be redeemed that would be utilized, at the time of selection and in
accordance with customary financial practice, in pricing new issues of corporate debt securities of
comparable maturity to the remaining term of the Notes from the redemption date to .

“Comparable Treasury Price” means, with respect to any redemption date if clause (ii) of the
Adjusted Treasury Rate is applicable, the average of three (or such lesser number as is received by the
Parent Guarantor) Reference Treasury Dealer Quotations for such redemption date.

“Consolidated EBITDA” means, for any period, Consolidated Net Income for such period plus, to the
extent such amount was deducted in calculating such Consolidated Net Income:

(1) Consolidated Interest Expense;

(2) income taxes (other than income taxes attributable to extraordinary and non-recurring gains (or
losses) or sales of assets); and

(3) depreciation expense, amortization expense and all other non-cash items reducing Consolidated
Net Income (other than non-cash items in a period which reflect cash expenses paid or to be paid
in another period), less all non-cash items increasing Consolidated Net Income (other than
accrual of revenue in the ordinary course of business),

all as determined on a consolidated basis for the Parent Guarantor and its Restricted Subsidiaries in
conformity with GAAP; provided that if any Restricted Subsidiary is not a Wholly Owned Restricted
Subsidiary, Consolidated EBITDA will be reduced (to the extent not otherwise reduced in accordance
with GAAP) by an amount equal to (A) the amount of the Consolidated EBITDA attributable to such
Restricted Subsidiary multiplied by (B) the percentage ownership interest in the income of such
Restricted Subsidiary not owned on the last day of such period by the Parent Guarantor or any
Restricted Subsidiary.

“Consolidated Fixed Charges” means, for any period, the sum (without duplication) of (i)
Consolidated Interest Expense for such period and (ii) all cash and non-cash dividends paid, declared,
accrued or accumulated during such period on any Disqualified Stock or Preferred Stock of the Parent
Guarantor or any Restricted Subsidiary held by Persons other than the Parent Guarantor or any
Restricted Subsidiary, except for dividends payable in the Parent Guarantor’s Capital Stock (other
than Disqualified Stock).

“Consolidated Interest Expense” means, for any period, the amount that would be included in gross
interest expense on a consolidated income statement prepared in accordance with GAAP for such
period of the Parent Guarantor and its Restricted Subsidiaries, plus, to the extent not included in such
gross interest expense, and to the extent incurred, accrued or payable during such period by the Parent
Guarantor and its Restricted Subsidiaries, without duplication, (i) interest expense attributable to
Capitalized Lease Obligations and imputed interest with respect to Attributable Indebtedness, (ii)
amortization of debt issuance costs and original issue discount expense and non-cash interest
payments in respect of any Indebtedness, (iii) the interest portion of any deferred payment obligation,

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(iv) all commissions, discounts and other fees and charges with respect to letters of credit or similar
instruments issued for financing purposes or in respect of any Indebtedness, (v) the net costs
associated with Hedging Obligations (including the amortization of fees), (vi) interest accruing on
Indebtedness of any other Person that is guaranteed by the Parent Guarantor or any Restricted
Subsidiary (other than Pre-Registration Mortgage Guarantees) or secured by a Lien on assets of the
Parent Guarantor or any Restricted Subsidiary proportionate to the extent that such Indebtedness is
guaranteed or secured, (vii) any capitalized interest and (viii) all other non-cash interest expense;
provided that interest expense attributable to interest on any Indebtedness bearing a floating interest
rate will be computed on a pro forma basis as if the rate in effect on the date of determination had
been the applicable rate for the entire relevant period.

“Consolidated Net Income” means, with respect to any specified Person for any period, the aggregate
of the net income (or loss) of such Person and its Restricted Subsidiaries for such period, on a
consolidated basis, determined in conformity with GAAP; provided that the following items will be
excluded in computing Consolidated Net Income (without duplication):

(1) the net income (or loss) of any Person that is not a Restricted Subsidiary or that is accounted for
by the equity method of accounting, except to the extent of the amount of net income actually
paid in cash to, or the amount of loss actually funded in cash by, the specified Person or a
Restricted Subsidiary of the Person during such period;

(2) the net income (or loss) of any Person accrued prior to the date it becomes a Restricted
Subsidiary or is merged into or consolidated with the Parent Guarantor or any Restricted
Subsidiary or all or substantially all of the property and assets of such Person are acquired by
the Parent Guarantor or any Restricted Subsidiary;

(3) the net income (but not loss) of any Restricted Subsidiary to the extent that the declaration or
payment of dividends or similar distributions by such Restricted Subsidiary of such net income
is not at the time permitted by the operation of the terms of its charter, articles of association
or other similar constitutive documents or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to such Restricted Subsidiary;

(4) the cumulative effect of a change in accounting principles;

(5) any net after tax gains realized on the sale or other disposition of (A) any property or assets of
the Parent Guarantor or any Restricted Subsidiary which is not sold in the ordinary course of
business or (B) any Capital Stock of any Person (including any gains by the Parent Guarantor
realized on sales of Capital Stock of the Parent Guarantor or any Restricted Subsidiary); and

(6) any translation gains or losses due solely to fluctuations in currency values and related tax
effects.

“Consolidated Net Worth” means, at any date of determination, stockholders’ equity as set forth on
the most recently available annual, semi-annual or quarterly consolidated balance sheet of the Parent
Guarantor and its Restricted Subsidiaries, plus, to the extent not included, any Preferred Stock of the
Parent Guarantor, less any amounts attributable to Disqualified Stock or any equity security
convertible into or exchangeable for Indebtedness, the cost of treasury stock and the principal amount
of any promissory notes receivable from the sale of the Capital Stock of the Parent Guarantor or any
Restricted Subsidiary, each item to be determined in conformity with GAAP.

“Currency Agreement” means any foreign exchange forward contract, currency swap agreement,
currency hedge agreement, currency option agreement or other similar agreement or arrangement
designed to protect against fluctuations in foreign exchange rates and not for speculation.

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“Default” means any event that is, or after notice or passage of time or both would be, an Event of
Default.

“Disqualified Stock” means any class or series of Capital Stock of any Person that by its terms or
otherwise is (1) required to be redeemed on or prior to the date that is 366 days after the Stated
Maturity of the Notes, (2) redeemable at the option of the holder of such class or series of Capital
Stock on or prior to the date that is 366 days after the Stated Maturity of the Notes or (3) convertible
into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having
a scheduled maturity on or prior to the date that is 366 days after the Stated Maturity of the Notes;
provided that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof
giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock
upon the occurrence of an “asset sale” or “change of control” occurring prior to the Stated Maturity
of the Notes will not constitute Disqualified Stock if the “asset sale” or “change of control” provisions
applicable to such Capital Stock are no more favorable to the holders of such Capital Stock than the
provisions contained in “—Certain Covenants—Limitation on Asset Sales” and “—Repurchase of
Notes Upon a Change of Control” covenants and such Capital Stock specifically provides that such
Person will not repurchase or redeem any such stock pursuant to such provision prior to the Issuer’s
repurchase of the Notes as are required to be repurchased pursuant to the “—Certain
Covenants—Limitation on Asset Sales” and “—Repurchase of Notes Upon a Change of Control”
covenants.

“Dollar Equivalent” means, with respect to any monetary amount in a currency other than U.S.
dollars, at any time for the determination thereof, the amount of U.S. dollars obtained by converting
such foreign currency involved in such computation into U.S. dollars at the base rate for the purchase
of U.S. dollars with the applicable foreign currency as quoted by Bank Indonesia or its successor on
the date of determination.

“Equity Offering” means any underwritten public offering or private placement of Common Stock of
the Parent Guarantor after the Original Issue Date to any Person other than to a Wholly Owned
Restricted Subsidiary or any Permitted Holder; provided that the aggregate gross cash proceeds
received by the Parent Guarantor from such transaction will be no less than US$20.0 million (or the
Dollar Equivalent thereof).

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended.

“Euroclear” means Euroclear Bank SA/NV or any successor thereof.

“Fair Market Value” means the price that would be paid in an arm’s-length transaction between an
informed and willing seller under no compulsion to sell and an informed and willing buyer under no
compulsion to buy, as determined in good faith by the Board of Directors, whose determination will
be conclusive if evidenced by a Board Resolution.

“Fitch” means Fitch Ratings, Inc. and its affiliates.

“Fixed Charge Coverage Ratio” means, on any Transaction Date, the ratio of (1) the aggregate
amount of Consolidated EBITDA for the Four Quarter Period with respect to such Transaction Date
to (2) the aggregate Consolidated Fixed Charges during such Four Quarter Period. In making the
foregoing calculation:

(A) pro forma effect will be given to any Indebtedness or Preferred Stock Incurred, repaid or
redeemed during the Reference Period relating to such Four Quarter Period in each case as if
such Indebtedness or Preferred Stock had been Incurred, repaid or redeemed on the first day of
such Reference Period (other than Indebtedness Incurred or repaid under a revolving credit or
similar arrangement or any predecessor revolving credit or similar arrangement); provided that,

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 in the event of any such repayment or redemption, Consolidated EBITDA for such period will
be calculated as if the Parent Guarantor or such Restricted Subsidiary had not earned any interest
income actually earned during such period in respect of the funds used to repay or redeem such
Indebtedness;

(B) Consolidated Interest Expense attributable to interest on any Indebtedness (whether existing or
being Incurred) computed on a pro forma basis and bearing a floating interest rate will be
computed as if the rate in effect on the Transaction Date (taking into account any Interest Rate
Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term
in excess of 12 months or, if shorter, at least equal to the remaining term of such Indebtedness)
had been the applicable rate for the entire period;

(C) pro forma effect will be given to the creation, designation or redesignation of Restricted and
Unrestricted Subsidiaries during the Reference Period as if such creation, designation or
redesignation had occurred on the first day of such Reference Period;

(D) pro forma effect will be given to Asset Dispositions and Asset Acquisitions (including giving pro
forma effect to the application of proceeds of any Asset Disposition) that occur during such
Reference Period as if they had occurred and such proceeds had been applied on the first day of
such Reference Period; and

(E) pro forma effect will be given to asset dispositions and asset acquisitions (including giving pro
forma effect to the application of proceeds of any asset disposition) that have been made by any
Person that has become a Restricted Subsidiary or has been merged with or into the Parent
Guarantor or any Restricted Subsidiary during such Reference Period and that would have
constituted Asset Dispositions or Asset Acquisitions had such transactions occurred when such
Person was a Restricted Subsidiary as if such asset dispositions or asset acquisitions were Asset
Dispositions or Asset Acquisitions that occurred on the first day of such Reference Period;

provided that to the extent that clause (D) or (E) of this sentence requires that pro forma effect be
given to an Asset Acquisition or Asset Disposition (or asset acquisition or asset disposition), such pro
forma calculation will be based upon the Four Quarter Period immediately preceding the Transaction
Date of the Person, or division or line of business of the Person, that is acquired or disposed for which
financial information is available.

“Four Quarter Period” means, as of any Transaction Date, the then most recent four fiscal quarters
prior to such Transaction Date for which consolidated financial statements of the Parent Guarantor
(which the Parent Guarantor will use its reasonable best efforts to compile in a timely manner) are
available and have been provided to the Trustee.

“GAAP” means generally accepted accounting principles in the Republic of Indonesia as in effect
from time to time. All ratios and computations contained or referred to in the Indenture will be
computed in conformity with GAAP applied on a consistent basis.

“guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly
guaranteeing any Indebtedness or other obligation of any other Person and, without limiting the
generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person
(1) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness
or other obligation of such other Person (whether arising by virtue of partnership arrangements, or by
agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay, or to
maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in
any other manner the obligee of such Indebtedness or other obligation of the payment thereof or to
protect such obligee against loss in respect thereof (in whole or in part); provided that the term
“guarantee” will not include endorsements for collection or deposit in the ordinary course of
business. The term “guarantee” used as a verb has a corresponding meaning.

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“Guarantees” means the Parent Guarantee and the Subsidiary Guarantees.

“Hedging Obligation” of any Person means the obligations of such Person pursuant to any
Commodity Agreement, Currency Agreement or Interest Rate Agreement.

“Holder” means the Person in whose name a Note is registered in the Note register.

“Incur” means, with respect to any Indebtedness or Capital Stock, to incur, create, issue, assume,
guarantee or otherwise become liable for or with respect to, or become responsible for, the payment
of, contingently or otherwise, such Indebtedness or Capital Stock; provided that (1) any Indebtedness
and Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (or
fails to meet the qualifications necessary to remain an Unrestricted Subsidiary) will be deemed to be
Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and (2) the
accretion of original issue discount the accrual of interest, the accrual of dividends, the payment of
interest in the form of additional Indebtedness and the payment of dividends on Preferred Stock in the
form of additional shares of Preferred Stock (to the extent provided for when the Indebtedness or
Preferred Stock on which such interest or dividend is paid was originally issued) will not be
considered an Incurrence of Indebtedness. The terms “Incurrence,” “Incurred” and “Incurring” have
meanings correlative with the foregoing.

“Indebtedness” means, with respect to any Person at any date of determination (without duplication):

(1) all indebtedness of such Person for borrowed money;

(2) all obligations of such Person evidenced by bonds, debentures, notes or other similar
instruments;

(3) all obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar
instruments;

(4) all obligations of such Person to pay the deferred and unpaid purchase price of property or
services, except Trade Payables;

(5) all Capitalized Lease Obligations and Attributable Indebtedness;

(6) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not
such Indebtedness is assumed by such Person; provided that the amount of such Indebtedness
will be the lesser of (A) the Fair Market Value of such asset at such date of determination and
(B) the amount of such Indebtedness;

(7) all Indebtedness of other Persons guaranteed by such Person to the extent such Indebtedness is
guaranteed by such Person;

(8) to the extent not otherwise included in this definition, Hedging Obligations; and

(9) all Disqualified Stock issued by such Person and all Preferred Stock issued by any Restricted
Subsidiary of such Person valued at the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase or redemption price plus accrued dividends.

The amount of Indebtedness of any Person at any time will be the outstanding balance at such time
of all unconditional obligations as described above and, with respect to contingent obligations, the
maximum liability upon the occurrence of the contingency giving rise to the obligation; provided:

(A) that the amount outstanding at any time of any Indebtedness issued with original issue discount
is the face amount of such Indebtedness less the remaining unamortized portion of the original
issue discount of such Indebtedness at such time as determined in conformity with GAAP;

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(B) that money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to
prefund the payment of the interest on such Indebtedness will not be deemed to be
“Indebtedness” so long as such money is held to secure the payment of such interest; and

(C) that the amount of Indebtedness with respect to any Hedging Obligation shall be equal to the net
amount payable if the Commodity Agreement, Currency Agreement or Interest Rate Agreement
giving rise to such Hedging Obligation terminated at that time due to default by such Person.

“Intercompany Loans” means the loan or loans in U.S. dollars between the Parent Guarantor, as
borrower, and Podomoro Properties, as lender, pursuant to intercompany loan agreements as may be
entered into, for an aggregate amount equal to at least the net proceeds of the offering of the Notes,
or any similar intercompany loan entered into between the Parent Guarantor and Podomoro Properties
in connection with the sale of Additional Notes.

“Interest Rate Agreement” means any interest rate protection agreement, interest rate future
agreement, interest rate option agreement, interest rate swap agreement, interest rate cap agreement,
interest rate collar agreement, interest rate hedge agreement, option or future contract or other similar
agreement or arrangement designed to protect against fluctuations in interest rates.

“Investment” means:

(i) any direct or indirect advance, loan or other extension of credit to another Person;

(ii) any capital contribution to another Person (by means of any transfer of cash or other property
to others or any payment for property or services for the account or use of others);

(iii) any purchase or acquisition of Capital Stock (or options, warrants or other rights to acquire such
Capital Stock), Indebtedness, bonds, notes, debentures or other similar instruments or securities
issued by another Person;

(iv) any guarantee of any obligation of another Person to the extent such obligation is outstanding
and to the extent guaranteed by such Person; or

(v) all other items that would be classified as investments (including purchases of assets outside the
ordinary course of business) on a balance sheet of such Person prepared in accordance with
GAAP.

For the purposes of the provisions of the “—Certain Covenants—Designation of Restricted and
Unrestricted Subsidiaries” and “—Certain Covenants—Limitation on Restricted Payments” covenants:
(i) the Parent Guarantor will be deemed to have made an Investment in an Unrestricted Subsidiary in
an amount equal to the Fair Market Value of the Parent Guarantor’s proportionate interest in the assets
(net of the Parent Guarantor’s proportionate interest in the liabilities owed to any Person other than
the Parent Guarantor or a Restricted Subsidiary and that are not guaranteed by the Parent Guarantor
or a Restricted Subsidiary) of a Restricted Subsidiary that is designated an Unrestricted Subsidiary at
the time of such designation, (ii) any property transferred to or from any Person will be valued at its
Fair Market Value at the time of such transfer, as determined in good faith by the Board of Directors
and (iii) if the Parent Guarantor or any Restricted Subsidiary issues, sells or otherwise disposes of any
Capital Stock of a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer
a Restricted Subsidiary, any Investment by the Parent Guarantor or any Restricted Subsidiary in such
Person remaining after giving effect thereto will be deemed to be a new Investment at that time.

“Investment Grade” means a rating of “AAA,” “AA,” “A” or “BBB,” as modified by a “+” or “-”
indication, or an equivalent rating representing one of the four highest rating categories, by S&P or
Fitch or any of their respective successors or assigns, or a rating of “Aaa,” or “Aa,” “A” or “Baa,”
as modified by a “1,” “2” or “3” indication, or an equivalent rating representing one of the four highest
rating categories, by Moody’s or any of its successors or assigns, or a rating of “AAA,” “AA,”

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“A,” “BBB,” as modified by a “+” or “-” indication, or an equivalent rating representing one of the
four highest rating categories or the equivalent ratings of any internationally recognized rating agency
or agencies, as the case may be, which shall have been designated by the Parent Guarantor as having
been substituted for S&P, Moody’s or Fitch or two or three of them, as the case may be.

“Lien” means any mortgage, pledge, fiduciary security, security interest, encumbrance, lien or charge
of any kind (including, without limitation, any conditional sale or other title retention agreement or
lease in the nature thereof or any agreement to create any mortgage, pledge, security interest, lien,
charge, easement or encumbrance of any kind).

“Material Acquisitions or Dispositions” means any transaction that would require the preparation of
pro forma financial information pursuant to Rule 11-01(a) or (b) of Regulation S-X promulgated under
the Securities Act, assuming that such Rule is applicable to the Parent Guarantor.

“Measurement Date” means .

“Moody’s” means Moody’s Investors Service, Inc. and its affiliates.

“Net Cash Proceeds” means:

(a) with respect to any Asset Sale, the proceeds of such Asset Sale in the form of cash or Temporary
Cash Investments, including payments in respect of deferred payment obligations (to the extent
corresponding to the principal, but not interest, component thereof) when received in the form
of cash or Temporary Cash Investments and proceeds from the conversion of other property
received when converted to cash or Temporary Cash Investments, net of:

(1) brokerage commissions and other fees and expenses (including fees and expenses of
counsel and investment banks) related to such Asset Sale;

(2) provisions for all taxes (whether or not such taxes will actually be paid or are payable) as
a result of such Asset Sale without regard to the consolidated results of operations of the
Parent Guarantor and its Restricted Subsidiaries, taken as a whole;

(3) payments made to repay Indebtedness or any other obligation outstanding at the time of
such Asset Sale that either (x) is secured by a Lien on the property or assets sold or (y) is
required to be paid as a result of such sale; and

(4) appropriate amounts to be provided by the Parent Guarantor or any Restricted Subsidiary
as a reserve against any liabilities associated with such Asset Sale, including, without
limitation, pension and other post-employment benefit liabilities, liabilities related to
environmental matters and liabilities under any indemnification obligations associated with
such Asset Sale, all as determined in conformity with GAAP; and

(b) with respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in
the form of cash or Temporary Cash Investments, including payments in respect of deferred
payment obligations (to the extent corresponding to the principal, but not interest, component
thereof) when received in the form of cash or Temporary Cash Investments and proceeds from
the conversion of other property received when converted to cash or Temporary Cash
Investments, net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees,
discounts or commissions and brokerage, consultant and other fees incurred in connection with
such issuance or sale and net of taxes paid or payable as a result thereof.

“Note Documents” means the Indenture, the Notes and the Guarantees.

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“Offer to Purchase” means an offer to purchase the Notes by the Issuer or the Parent Guarantor from
the Holders commenced by the Issuer or the Parent Guarantor mailing a notice by first class mail,
postage prepaid, to the Trustee and each Holder at its last address appearing in the Note register
stating:

(1) the provision of the Indenture pursuant to which the offer is being made and that all Notes validly
tendered will be accepted for payment on a pro rata basis;

(2) the purchase price and the date of purchase (which will be a Business Day no earlier than 30 days
nor later than 60 days from the date such notice is mailed) (the “Offer to Purchase Payment
Date”);

(3) that any Note not tendered will continue to accrue interest pursuant to its terms;

(4) that, unless the Issuer or the Parent Guarantor defaults in the payment of the purchase price, any
Note accepted for payment pursuant to the Offer to Purchase will cease to accrue interest on and
after the Offer to Purchase Payment Date;

(5) that Holders electing to have a Note purchased pursuant to the Offer to Purchase will be required
to surrender the Note, together with the form entitled “Option of the Holder to Elect Purchase”
on the reverse side of the Note completed, to the Paying Agent at the address specified in the
notice prior to the close of business on the Business Day immediately preceding the Offer to
Purchase Payment Date;

(6) that Holders will be entitled to withdraw their election if the Paying Agent receives, not later
than the close of business on the third Business Day immediately preceding the Offer to Purchase
Payment Date, a facsimile transmission or letter setting forth the name of such Holder, the
principal amount of Notes delivered for purchase and a statement that such Holder is
withdrawing his election to have such Notes purchased; and

(7) that Holders whose Notes are being purchased only in part will be issued new Notes equal in
principal amount to the unpurchased portion of the Notes surrendered; provided that each Note
purchased and each new Note issued will be in a principal amount of US$200,000 or integral
multiples of US$1,000.

One Business Day prior to the Offer to Purchase Payment Date, the Issuer or the Parent Guarantor will
deposit with the Paying Agent money sufficient to pay the purchase price of all Notes or portions
thereof to be accepted by the Issuer or the Parent Guarantor for payment on the Offer to Purchase
Payment Date. On the Offer to Purchase Payment Date, the Issuer or the Parent Guarantor will (a)
accept for payment on a pro rata basis Notes or portions thereof tendered pursuant to an Offer to
Purchase; and (b) deliver, or cause to be delivered, to the Trustee all Notes or portions thereof so
accepted together with an Officers’ Certificate specifying the Notes or portions thereof accepted for
payment by the Issuer or the Parent Guarantor. The Paying Agent will promptly mail to the Holders
of Notes so accepted payment in an amount equal to the purchase price, and the Registrar will
promptly authenticate and mail to such Holders a new Note equal in principal amount to any
unpurchased portion of the Note surrendered; provided that each Note purchased and each new Note
issued will be in a principal amount of US$200,000 or integral multiples of US$1,000. The Issuer or
the Parent Guarantor will publicly announce the results of an Offer to Purchase as soon as practicable
after the Offer to Purchase Payment Date. The Issuer or the Parent Guarantor will comply with all
applicable securities laws and regulations thereunder, in the event that the Issuer or the Parent
Guarantor is required to repurchase Notes pursuant to an Offer to Purchase.

The materials used in connection with an Offer to Purchase are required to contain or incorporate by
reference information concerning the business of the Parent Guarantor and its Subsidiaries which the
Issuer or the Parent Guarantor in good faith believes will assist such Holders to make an informed
decision with respect to the Offer to Purchase, including a brief description of the events requiring the

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Issuer or the Parent Guarantor to make the Offer to Purchase, and any other information required by
applicable law to be included therein. The offer is required to contain all instructions and materials
necessary to enable such Holders to tender Notes pursuant to the Offer to Purchase. To the extent that
the provisions of any securities laws or regulations conflict with the requirements of the Indenture
governing the relevant Offer to Purchase, the Parent Guarantor and the Issuer will comply with the
applicable securities laws and regulations and shall not be deemed to have breached their obligations
under the Notes, the Indenture and the Guarantees by virtue of their compliance with such securities
laws or regulations.

“Officer” means the managing director of the Issuer, in the case of the Issuer, or one of the executive
officers of the Parent Guarantor, in the case of the Parent Guarantor or, in the case of a Subsidiary
Guarantor, one of the directors or executive officers of such Subsidiary Guarantor.

“Officers’ Certificate” means a certificate signed by two Officers, one of whom is, in the case of the
Issuer, a managing director.

“Opinion of Counsel” means a written opinion from legal counsel in form and substance acceptable
to the Trustee and that meets the requirements of the Indenture.

“Original Issue Date” means the date on which the Notes are originally issued under the Indenture.

“Parent Guarantee” means any guarantee of the obligations of the Issuer under the Indenture and the
Notes by the Parent Guarantor.

“Permitted Business” means any business conducted or proposed to be conducted (as described in the
Offering Memorandum) by the Parent Guarantor and its Restricted Subsidiaries on the Original Issue
Date and any other business reasonably related, ancillary or complementary to any such business.

“Permitted Holders” means any or all of the following:

(1) Mr. Trihatma Kusuma Haliman, his spouse and his immediate family members or any trust
established for the benefit of any of them;

(2) any Affiliate (other than an Affiliate as defined in clause (ii) of the definition of “Affiliate”) of
the Person specified in clause (1); and

(3) any Person both the Capital Stock and the Voting Stock of which (or in the case of a trust, the
beneficial interests in which) are owned 80% by Persons specified in clauses (1) and (2).

“Permitted Investment” means:

(1) any Investment in the Parent Guarantor, the Issuer or a Restricted Subsidiary that is primarily
engaged in a Permitted Business or a Person which will, upon the making of such Investment,
become a Restricted Subsidiary that is primarily engaged in a Permitted Business or be merged
or consolidated with or into or transfer or convey all or substantially all its assets to the Parent
Guarantor or a Restricted Subsidiary that is primarily engaged in a Permitted Business;

(2) cash or Temporary Cash Investments;

(3) payroll, travel and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses in accordance with GAAP and not in excess of
US$3.0 million (or the Dollar Equivalent thereof) outstanding at any time;

(4) stock, obligations or securities received in satisfaction of judgments;

(5) an Investment in an Unrestricted Subsidiary consisting solely of an Investment in another

Unrestricted Subsidiary;

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(6) any Investment pursuant to a Hedging Obligation designed solely to protect the Parent Guarantor
or any Restricted Subsidiary against fluctuations in interest rates, foreign currency exchange
rates or commodity prices and not for speculation;

(7) receivables owing to the Parent Guarantor or any Restricted Subsidiary, if created or acquired in
the ordinary course of business and payable or dischargeable in accordance with customary trade
terms;

(8) any securities or other Investments received as consideration in, or retained in connection with,
sales or other dispositions of property or assets, including Asset Dispositions made in
compliance with the covenant described under the caption “—Certain Covenants—Limitation on
Asset Sales,” or any Investments in a Person who holds an asset which was the subject of an
Asset Sale made in compliance with the covenant described under the caption “—Certain
Covenants—Limitation on Asset Sales” in an amount not to exceed the amount of consideration
received in cash in connection with such Asset Sale;

(9) pledges or deposits (x) with respect to leases or utilities provided to third parties in the ordinary
course of business or (y) otherwise described in the definition of “Permitted Liens” or made in
connection with Liens permitted under the covenant described under the caption “—Certain
Covenants—Limitation on Liens”;

(10) advances to contractors and suppliers for the acquisition of assets or consumables or services in
the ordinary course of a Permitted Business that are recorded as deposits or prepaid expenses on
the Parent Guarantor’s consolidated balance sheet;

(11) deposits made in order to comply with statutory or regulatory obligations to maintain deposits
for workers, compensation claims and other purposes specified by statute or regulation from time
to time in the ordinary course of a Permitted Business;

(12) any Investment pursuant to Pre-Registration Mortgage Guarantees by the Parent Guarantor or
any Restricted Subsidiary otherwise permitted to be incurred under the Indenture;

(13) deposits made in order to secure the performance of the Parent Guarantor or any Restricted
Subsidiary in connection with the direct or indirect acquisition of real property or land use rights
by the Parent Guarantor or any Restricted Subsidiary, in each case, in the ordinary course of a
Permitted Business;

(14) Investments received in compromise or resolution of obligations of trade creditors, trade debtors
or customers that were incurred in the ordinary course of business of the Parent Guarantor or any
Restricted Subsidiary, including pursuant to any plan of reorganization or similar arrangement
upon the bankruptcy or insolvency of any such trade creditor, trade debtor or customer and any
Investments obtained in exchange for any such Investments;

(15) repurchases of the Notes;

(16) guarantees by the Parent Guarantor or any Restricted Subsidiary Incurred in a Qualified
Receivables Transaction under clause (b)(13) of the covenant described under the caption
“—Certain Covenants—Limitation on Indebtedness and Preferred Stock”; and

(17) Investments in joint ventures for/engaged in the Permitted Business, when taken together with
all other Investments in joint ventures made pursuant to this clause (17) that are at the time
outstanding, do not exceed 7.5% of Total Assets.

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“Permitted Liens” means:

(1) Liens for taxes, assessments, governmental charges or claims that are being contested in good
faith by appropriate legal or administrative proceedings promptly instituted and diligently
conducted and for which a reserve or other appropriate provision, if any, as will be required in
conformity with GAAP will have been made;

(2) statutory and common law Liens of landlords and carriers, warehousemen, mechanics, suppliers,
repairmen or other similar Liens arising in the ordinary course of business and with respect to
amounts not yet delinquent or being contested in good faith by appropriate legal or
administrative proceedings promptly instituted and diligently conducted and for which a reserve
or other appropriate provision, if any, as required in conformity with GAAP will have been made;

(3) Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or
regulatory obligations, bankers’ acceptances, surety and appeal bonds, government contracts,
performance and return-of-money bonds and other obligations of a similar nature incurred in the
ordinary course of business (exclusive of obligations for the payment of borrowed money);

(4) leases or subleases granted to others that do not materially interfere with the ordinary course of
business of the Parent Guarantor or its Restricted Subsidiaries, taken as a whole;

(5) Liens encumbering property or assets in connection with the development, construction or
improvement of real or personal property or equipment to be used in a Permitted Business by the
Parent Guarantor or any Restricted Subsidiary arising from progress or partial payments by a
customer of the Parent Guarantor or its Restricted Subsidiaries relating to such property or
assets;

(6) any interest or title of a lessor in the property subject to any operating lease;

(7) Liens on property of, or on shares of Capital Stock or Indebtedness of, any Person existing at the
time such Person becomes, or becomes a part of, any Restricted Subsidiary; provided that such
Liens do not extend to or cover any property or assets of the Parent Guarantor or any Restricted
Subsidiary other than the property or assets acquired; provided further that such Liens were not
created in contemplation of or in connection with the transactions or series of transactions
pursuant to which such Person became a Restricted Subsidiary;

(8) Liens in favor of the Parent Guarantor, the Issuer or any Subsidiary Guarantor;

(9) Liens arising from attachment or the rendering of a final judgment or order against the Parent
Guarantor or any Restricted Subsidiary that does not give rise to an Event of Default;

(10) Liens existing on the Original Issue Date;

(11) Liens securing Indebtedness which is Incurred to refinance secured Indebtedness which is
permitted to be Incurred under clause (b)(4) of the covenant described under the caption
“—Certain Covenants—Limitation on Indebtedness and Preferred Stock”; provided that such
Liens do not extend to or cover any property or assets of the Parent Guarantor or any Restricted
Subsidiary other than the property or assets securing the Indebtedness being refinanced;

(12) Liens (including extensions and renewals thereof) upon real or personal property acquired after
the Original Issue Date; provided that (a) such Lien is created solely for the purpose of securing
Indebtedness Incurred under clause (b)(10) of the covenant described under the caption “ⳮ
Limitation on Indebtedness and Preferred Stock,” (b) such Lien is created prior to, at the time
of, or within 90 days after, the later of the acquisition or the completion of development,

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 construction or improvement of such property, (c) the principal amount of Indebtedness secured
by such Lien does not exceed 100% of the cost of such property, development, construction or
improvement, and (d) such Lien shall not extend to or cover any property or assets other than
such item of property and any improvements on such item;

(13) easements, rights-of-way, municipal and zoning ordinances or other restrictions as to the use of
properties in favor of governmental agencies or utility companies that do not materially
adversely affect the value of such properties or materially impair the use for the purposes of
which such properties are held by the Parent Guarantor or any Restricted Subsidiary;

(14) Liens encumbering customary initial deposits and margin deposits, and other Liens that are
within the general parameters customary in the industry and incurred in the ordinary course of
business, in each case, securing Indebtedness under Hedging Obligations permitted by clause
(b)(5) of the covenant described under the caption “—Certain Covenants—Limitation on
Indebtedness and Preferred Stock”;

(15) Liens on deposits made in order to comply with statutory obligations to maintain deposits for
workers’ compensation claims and other purposes specified by statute made in the ordinary
course of business and not securing Indebtedness of the Parent Guarantor or any Restricted
Subsidiary;

(16) Liens securing Indebtedness of the Parent Guarantor or any Restricted Subsidiary under any
Pre-Registration Mortgage Guarantee which is permitted to be Incurred under clause (b)(11) of
the covenant described under the caption “— Limitation on Indebtedness and Preferred Stock”;

(17) Liens on deposits made in order to secure the performance of the Parent Guarantor or any
Restricted Subsidiary in connection with the acquisition of real property or land use rights by the
Parent Guarantor or any Restricted Subsidiary in the ordinary course of business and not securing
Indebtedness of the Parent Guarantor or any Restricted Subsidiary;

(18) Liens securing reimbursement obligations with respect to letters of credit that encumber
documents and other property relating to such letters of credit and the products and proceeds
thereof;

(19) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment
of customs duties in connection with the importation of goods;

(20) Liens securing Permitted Priority Indebtedness;

(21) Liens on the Pari Passu Collateral securing any Permitted Pari Passu Secured Indebtedness that
complies with each of the requirements set forth under “ⳮ Security ⳮ Permitted Pari Passu
Secured Indebtedness” (the “Permitted Pari Passu Collateral Liens”);

(22) Liens to secure Indebtedness permitted under clause (b)(13) of the covenant described under the
caption “—Certain Covenants—Limitation on Indebtedness and Preferred Stock”; and

(23) Liens on Qualified Receivables securing Indebtedness arising from guarantees by the Parent
Guarantor or any Restricted Subsidiary in a Qualified Receivables Transaction permitted by
clause (b)(14) of the covenant described under the caption “—Certain Covenants—Limitation on
Indebtedness and Preferred Stock”.

provided that, with respect to Liens on the property or assets of Podomoro Properties, Permitted Liens
will include only Liens described in paragraphs (1), (2), (9), (10) and (15) above only.

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“Permitted Priority Indebtedness” means any Priority Indebtedness; provided that, on the date of
Incurrence of such Indebtedness, and after giving pro forma effect thereto and the application of the
proceeds thereof, the aggregate principal amount outstanding of all such Priority Indebtedness does
not exceed an amount equal to (x) 25.0% of Total Assets if such incurrence occurs on or prior to
, and (y) 20.0% of Total Assets if such incurrence occurs thereafter.

“Person” means any individual, corporation, partnership, limited liability company, joint venture,
trust, unincorporated organization or government or any agency or political subdivision thereof.

“Pre-Registration Mortgage Guarantees” means any Indebtedness of the Parent Guarantor or any
Restricted Subsidiary consisting of a guarantee in favor of any bank or other similar financial
institutions in the ordinary course of business of secured loans of purchasers of properties from the
Parent Guarantor or any Restricted Subsidiary; provided that any such guarantee shall be released in
full on or before the perfection of a security interest in such properties under applicable law in favor
of the relevant lender.

“Preferred Stock” as applied to the Capital Stock of any Person means Capital Stock of any class or
classes that by its terms is preferred as to the payment of dividends, or as to the distribution of assets
upon any voluntary or involuntary liquidation or dissolution of such Person, over any other class of
Capital Stock of such Person.

“Priority Indebtedness” means any (i) Indebtedness of any Restricted Subsidiary (other than a
Subsidiary Guarantor or the Issuer) and (ii) Secured Indebtedness of the Issuer or a Guarantor, other
than the Notes (including any Additional Notes).

“Qualified Receivables” means the right of the Parent Guarantor or any Restricted Subsidiary (other
than Podomoro Properties) to receive scheduled installment payments from purchasers of strata-title
or residential properties sold to such purchasers by the Parent Guarantor or such Restricted Subsidiary
on an installment plan basis in the ordinary course of business where the Parent Guarantor or such
Restricted Subsidiary retains title to such properties until the purchase price is paid in full.

“Qualified Receivables Transaction” means a transaction or a series of transactions entered into by

the Parent Guarantor or any Restricted Subsidiary (other than Podomoro Properties) pursuant to which
the Parent Guarantor or such Restricted Subsidiary sells or otherwise transfers to a domestic bank or
other financial institution in Indonesia Qualified Receivables where the gross cash proceeds from such
sale or transfer are at least 85.0% of the aggregate principal amount of the Qualified Receivables sold
or transferred.

“Rating Agencies” means (i) S&P, (ii) Moody’s and (iii) Fitch; provided that if S&P, Moody’s or Fitch
shall not make a rating of the Notes publicly available, one or more “nationally recognized statistical
rating organizations,” as the case may be, within the meaning of Rule 15c3-I(c) (2) (iv) (F) under the
Exchange Act, selected by the Parent Guarantor, which will be substituted for S&P, Moody’s or Fitch
or two of any three or all three of them, as the case may be.

“Rating Category” means (i) with respect to S&P or Fitch, any of the following categories: “BB,”
“B,” “CCC,” “CC,” “C” and “D” (or equivalent successor categories), (ii) with respect to Moody’s,
any of the following categories: “Ba,” “B,” “Caa,” “Ca,” “C” and “D” (or equivalent successor
categories); and (iii) the equivalent of any such category of S&P, Moody’s or Fitch used by another
Rating Agency. In determining whether the rating of the Notes has decreased by one or more
gradations, gradations within Rating Categories (“+” and “-” for S&P and Fitch; “1,” “2” and “3” for
Moody’s; or the equivalent gradations for another Rating Agency) will be taken into account (e.g.,
with respect to S&P, a decline in a rating from “BB+” to “BB,” as well as from “BB-” to “B+,” will
constitute a decrease of one gradation).

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“Rating Date” means in connection with actions contemplated under the caption “—Consolidation,
Merger and Sale of Assets,” that date which is 90 days prior to the earlier of (x) the occurrence of any
such actions as set forth therein and (y) a public notice of the occurrence of any such actions.

“Rating Decline” means in connection with actions contemplated under the caption “—Consolidation,
Merger and Sale of Assets,” the notification by any of the Rating Agencies that such proposed actions
will result in any of the events listed below:

(a) in the event the Notes are rated by all three Rating Agencies on the Rating Date as Investment
Grade, the rating of the Notes by any two of the three Rating Agencies shall be below Investment
Grade;

(b) in the event the Notes are rated by any two, but not all three, of the Rating Agencies on the
Rating Date as Investment Grade, the rating of the Notes by any of such two Rating Agencies
shall be below Investment Grade;

(c) in the event the Notes are rated by one, and only one, of the three Rating Agencies on the Rating
Date as Investment Grade, the rating of the Notes by such Rating Agency shall be below
Investment Grade; or

(d) in the event the Notes are rated (i) by less than three Rating Agencies and the Notes are rated
below Investment Grade by such Rating Agencies on the Rating Date or (ii) below Investment
Grade by all three of the Rating Agencies on the Rating Date, the rating of the Notes by any
Rating Agency shall be decreased by one or more gradations (including gradations within Rating
Categories as well as between Rating Categories).

“Reference Period” means, as of any Transaction Date, the period commencing on and including the
first day of the Four Quarter Period with respect to such Transaction Date and ending on and including
the Transaction Date.

“Reference Treasury Dealer” means each of any three investment banks of recognized standing that
is a primary U.S. Government securities dealer in The City of New York, selected by the Issuer in good
faith.

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and
any redemption date, the average as determined by the Parent Guarantor of the bid and asked prices
for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount)
quoted in writing to the Parent Guarantor by such Reference Treasury Dealer at 5:00 p.m. New York
City time on the third Business Day preceding such redemption date.

“Restricted Subsidiary” means any Subsidiary of the Parent Guarantor other than an Unrestricted
Subsidiary.

“S&P” means Standard & Poor’s Ratings Services and its affiliates.

“Sale and Leaseback Transaction” means any direct or indirect arrangement relating to property
(whether real, personal or mixed), now owned or hereafter acquired whereby the Parent Guarantor or
any Restricted Subsidiary transfers such property to another Person and the Parent Guarantor or any
Restricted Subsidiary leases it from such Person.

“Secured Indebtedness” means any Indebtedness of the Parent Guarantor or any Restricted
Subsidiary secured by a Lien.

“Securities Act” means the U.S. Securities Act of 1933, as amended.

“Security Documents” means, collectively, any agreements or instruments that, including the
Indenture, may evidence or create any security interest in favor of the Trustee and/or any Holders in
any or all of the Collateral.

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“Senior Indebtedness” of the Parent Guarantor or any Restricted Subsidiary, as the case may be,
means all Indebtedness of the Parent Guarantor or such Restricted Subsidiary, as relevant, whether
outstanding on the Original Issue Date or thereafter created, except for Indebtedness which, in the
instrument creating or evidencing the same, is expressly stated to be subordinated in right of payment
to the Notes or, in respect of the Parent Guarantor, its Parent Guarantee or, in respect of any Restricted
Subsidiary that is a Subsidiary Guarantor, its Subsidiary Guarantee; provided that Senior Indebtedness
does not include (a) any obligation to the Parent Guarantor or any Restricted Subsidiary, (b) trade
payables or (c) Indebtedness Incurred in violation of the Indenture.

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as
defined in Article 1, Rule 1-02 of Regulation S-X, promulgated under the Securities Act, as such
regulation is in effect on the Original Issue Date; provided that in each instance in such definition in
which the term “10%” is used, the term “5%” shall be substituted therefor.

“Stated Maturity” means, (1) with respect to any Indebtedness, the date specified in such debt
security as the fixed date on which the final installment of principal of such Indebtedness is due and
payable as set forth in the documentation governing such Indebtedness and (2) with respect to any
scheduled installment of principal of or interest on any Indebtedness, the date specified as the fixed
date on which such installment is due and payable as set forth in the documentation governing such
Indebtedness.

“Subordinated Indebtedness” means any Indebtedness of the Issuer, the Parent Guarantor or any
Subsidiary Guarantor which is contractually subordinated or junior in right of payment to the Notes,
the Parent Guarantee or any Subsidiary Guarantee, as applicable, pursuant to a written agreement to
such effect.

“Subsidiary” means, with respect to any Person, any corporation, association or other business entity
of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or
indirectly, by such Person and one or more other Subsidiaries of such Person.

“Subsidiary Guarantee” means any guarantee of the obligations of the Issuer under the Indenture and
the Notes by any Subsidiary Guarantor.

“Subsidiary Guarantor” means any initial Subsidiary Guarantor named herein and any other
Restricted Subsidiary which guarantees the payment of the Notes pursuant to the Indenture and the
Notes; provided that Subsidiary Guarantor will not include any Person whose Subsidiary Guarantee
has been released in accordance with the Indenture and the Notes.

“Temporary Cash Investment” means any of the following:

(1) direct obligations of the United States of America, Singapore, the United Kingdom, Hong Kong,
Japan or any agency thereof or obligations fully and unconditionally guaranteed by the United
States of America, Singapore or any agency thereof, in each case maturing within one year;

(2) demand or time deposit accounts, certificates of deposit and money market deposits maturing
within 180 days of the date of acquisition thereof issued by a bank or trust company which is
organized under the laws of the United States of America or any state thereof, the United
Kingdom, Hong Kong, Japan or Singapore, and which bank or trust company has capital, surplus
and undivided profits aggregating in excess of US$500 million (or the Dollar Equivalent thereof)
and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at
least one nationally recognized statistical rating organization (as defined in Section 3(a)(62) of
the Exchange Act) or any money market fund sponsored by a registered broker dealer or mutual
fund distributor;

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(3) repurchase obligations with a term of not more than 30 days for underlying securities of the types
described in clause (1) above entered into with a bank or trust company meeting the
qualifications described in clause (2) above;

(4) commercial paper, maturing within 180 days of the date of acquisition thereof, issued by a
corporation (other than an Affiliate of the Parent Guarantor) organized and in existence under the
laws of the United States of America, any state thereof or any foreign country recognized by the
United States of America with a rating at the time as of which any investment therein is made
of “P-1” (or higher) according to Moody’s or “A-1” (or higher) according to S&P;

(5) securities maturing within one year of the date of acquisition thereof, issued or fully and
unconditionally guaranteed by any state, commonwealth or territory of the United States of
America, or by any political subdivision or taxing authority thereof, and rated at least “A” by
S&P or Moody’s;

(6) any mutual fund that has at least 95% of its assets continuously invested in investments of the
types described in clauses (1) through (5) above; and

(7) demand or time deposit accounts, certificates of deposit and money market deposits with (i) Bank
Negara Indonesia (BNI), Bank Internasional Indonesia (BII), Bank Rakyat Indonesia (BRI),
Bank Mandiri and Bank Central Asia (BCA), Permata Bank, Bank CIMB Niaga and Bank
Bukopin, Hana Bank, Bank Muamalat, Bank BJB and Bank CTBC, (ii) any other bank or trust
company organized under the laws of the Republic of Indonesia whose long-term debt rating by
Moody’s or S&P is rated as high or higher than any of those banks listed in clause (i) of this
paragraph or (iii) any other bank organized under the laws of the Republic of Indonesia; provided
that, in the case of clause (iii), such deposits do not exceed US$10.0 million (or the Dollar
Equivalent thereof) with any single bank or US$30.0 million (or the Dollar Equivalent thereof)
in the aggregate, at any date of determination thereafter.

“Total Assets” means, as of any date of determination, the total consolidated assets of the Parent
Guarantor and its Restricted Subsidiaries measured in accordance with GAAP as of the last day of the
most recent fiscal quarter for which consolidated financial statements of the Parent Guarantor (which
the Parent Guarantor shall use its reasonable best efforts to compile in a timely manner) are available
and have been provided to the Trustee.

“Trade Payables” means, with respect to any Person, any accounts payable or any other indebtedness
or monetary obligation to trade creditors created, assumed or guaranteed by such Person or any of its
Subsidiaries arising in the ordinary course of business in connection with the acquisition of goods or
services and payable within 90 days.

“Transaction Date” means, with respect to (i) the Incurrence of any Indebtedness, the date such
Indebtedness is to be Incurred, (ii) any Restricted Payment, the date such Restricted Payment is to be
made, and (iii) the incurrence or assumption of any Lien, the date such Lien is to be incurred or
assumed.

“Unrestricted Subsidiary” means (1) any Subsidiary of the Parent Guarantor that at the time of
determination will be designated an Unrestricted Subsidiary by the Board of Directors in the manner
provided in the Indenture; and (2) any Subsidiary of an Unrestricted Subsidiary.

“U.S. Government Obligations” means securities that are (1) direct obligations of the United States
of America for the payment of which its full faith and credit is pledged or (2) obligations of a Person
controlled or supervised by and acting as an agency or instrumentality of the United States of America
the payment of which is unconditionally guaranteed as a full faith and credit obligation by the United
States of America, which, in either case, are not callable or redeemable at the option of the holder
thereof at any time prior to the Stated Maturity of the Notes, and will also include a depository receipt
issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation

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or a specific payment of interest on or principal of any such U.S. Government Obligation held by such
custodian for the account of the holder of a depository receipt; provided that (except as required by
law) such custodian is not authorized to make any deduction from the amount payable to the holder
of such depository receipt from any amount received by the custodian in respect of the U.S.
Government Obligation or the specific payment of interest on or principal of the U.S. Government
Obligation evidenced by such depository receipt.

“Voting Stock” means, with respect to any Person, Capital Stock of any class or kind ordinarily
having the power to vote for the election of directors, managers or other voting members of the
governing body of such Person.

“Wholly Owned” means, with respect to any Subsidiary of any Person, the ownership of 100% of the
outstanding Capital Stock of such Subsidiary (other than any director’s qualifying shares or
Investments by foreign nationals mandated by applicable law) by such Person or one or more Wholly
Owned Subsidiaries of such Person.

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 TAXATION

The discussion below is not intended to constitute a complete analysis of all tax consequences relating
to ownership of the Notes. Prospective purchasers of the Notes should consult their own tax advisers
concerning the tax consequences of their particular situations. This description is based on laws,
regulations and interpretations as now in effect and available as of the date of this Offering
Memorandum. The laws, regulations and interpretations, however, may change at any time, and any
change could be retroactive to the date of issuance of the Notes. These laws and regulations are also
subject to various interpretations and the relevant tax authorities or the courts could later disagree
with the explanations or conclusions set out below.

Indonesian Taxation

The following is a summary of the principal Indonesian tax consequences relevant to prospective
holders of the Notes that are not tax resident in Indonesia and have no permanent establishment
(“branch”) in Indonesia. The summary does not address any laws other than the tax laws of Indonesia
in force and as they are applied in practice as of the date of this Offering Memorandum. The summary
represents a general guide only and should not be relied upon by individual or corporate holders of
the notes offered hereby. It is recommended that holders of the Notes seek independent tax advice
relevant to their facts and circumstances.

General

Generally, an individual is considered a non-resident of Indonesia if the individual does not reside in
Indonesia or is not present in Indonesia for more than 183 days within a 12-month period. A company
will be considered a non-resident of Indonesia if it is not established or domiciled in Indonesia.

Non-resident individuals and non-resident companies are further classified into those that have a
permanent establishment in Indonesia, and those that do not. Those that have a permanent
establishment in Indonesia will, in general, be subject to the same taxation rules as a tax resident.
Therefore this section assumes that the non-resident individual and the non-resident company do not
have a permanent establishment in Indonesia.

In determining the tax residency of an individual or company and the allocation of taxing rights on
income between two countries, consideration will also be given to the provisions of any applicable tax
treaty which Indonesia has concluded with other jurisdictions. In this section, both a non-resident
individual and a non-resident company will be referred to as “Non-resident Taxpayers.”

Subject to the provisions of any applicable tax treaty, Non-resident Taxpayers who derive income
sourced in Indonesia from (among other things):

• the sale of certain assets situated in Indonesia; and

• interest, or payments in the nature of interest, such as premiums,

are generally subject to a withholding tax on that income at the final rate of 20.0%.

For the sale of certain Indonesian assets by Non-resident Taxpayers with no permanent establishment
in Indonesia, the 20.0% withholding tax is imposed on the estimated net income. The definition of
estimated net income is further stipulated within the relevant Ministry of Finance Regulation
depending on the type of assets being sold.

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Taxation on Interest and Premium

Payments or accruals of principal under the Notes by the Issuer should not be subject to withholding
tax in Indonesia.

The amount of any payment or accruals by the Parent Guarantor and/or Subsidiary Guarantors, which
is an Indonesian tax resident, under a Guarantee attributable to an interest or premium payment (these
amounts are generally treated as interest) payable on the Notes to a Non-resident Taxpayer could be
subject to withholding tax in Indonesia at the rate of 20.0% pursuant to Article 26 of the Income Tax
Law No. 36 Year 2008, unless reduced by an applicable tax treaty.

The 20.0% withholding tax is a final tax. The lower rate of withholding tax applicable to Non-resident
Taxpayers who reside in a tax treaty country is also subject to satisfying the eligibility and reporting
requirements for the relevant tax treaty. See “— Agreements for the Avoidance of Double Taxation.”

To the extent that the Parent Guarantor and/or Subsidiary Guarantors is or are required to pay
additional amounts or any excess of the principal in accordance with the terms of a Guarantee, these
amounts will be subject to withholding tax in the manner described above. For a description of the
circumstances under which the Parent Guarantor and/or Subsidiary Guarantors may be required to pay
additional amounts with respect to the Indonesian taxation on premiums on payments made under a
Guarantee of the Notes, see “Description of the Notes.”

Payments or accruals of interest made or considered to be made by the Parent Guarantor to Podomoro
Properties under the Intercompany Loan will be subject to withholding tax in Indonesia. As described
above, the statutory rate of such withholding tax is 20.0% or the relevant reduced rate under any
applicable tax treaty.

In this regard, the term “interest” as used in the Singapore-Indonesia Tax Treaty means income from
debt-claims of every kind, whether or not secured by mortgage and whether or not carrying a right to
participate in the debtor’s profits and in particular, income from government securities and income
from bonds or debentures including premiums and prizes attaching to such securities bonds or
debentures. The Singapore-Indonesian Tax Treaty provides for a reduced rate of 10.0% withholding
tax on interest (if the recipient has no permanent establishment in Indonesia), subject to satisfying the
eligibility and reporting requirements for the tax treaty as set out in the section “— Agreements for
the Avoidance of Double Taxation.”

Taxation on Capital Gains

Income derived by Non-resident Taxpayers, without a permanent establishment in Indonesia, from the
disposal of Notes to other Non-resident Taxpayers, without a permanent establishment in Indonesia,
should not be subject to Indonesian income tax. However, if such gains from disposal of the Notes are
derived by a resident Taxpayer, including a Non-resident Taxpayer with a permanent establishment in
Indonesia, then the capital gain is taxable in Indonesia and subject to income tax up to a maximum
rate of 30.0% for individuals or 25.0% for companies and permanent establishments.

Under Government Regulation No.16/2009 as subsequently amended by Government Regulation No

100/2013, which took effect on 31 December 2013, non-resident individuals and corporations without
a permanent establishment in Indonesia may be subject to Indonesian withholding tax at the rate of
20% on any gain derived from the sale or other disposal of the Notes to an Indonesian resident
individual or corporation, including any purchase of the Notes by the Parent Guarantor, where the
transaction is conducted through a securities company, dealer or bank in Indonesia (either as
intermediary or buyer). However, if the non-resident investor is a tax resident of a country that has
signed a tax treaty with Indonesia, relief from the imposition of such withholding tax may be available

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to the extent that the relevant treaty treats the gain as gain that is taxable only by the country in which
the investor is resident for tax purposes. Please note that for the tax treaty to apply, the non-resident
individuals and corporations needs to provide the Indonesian resident individuals or corporation with
a Valid Certificate of Residence.

Other Indonesian Taxes

There are no Indonesian estates, inheritance, succession, or gift taxes generally applicable to the
acquisition, ownership or disposition of the Notes by Non-resident Taxpayers. There are no Indonesian
registration or similar taxes or duties payable by the holders of the Notes.

Agreements for the Avoidance of Double Taxation

Indonesia has concluded tax treaties with a number of countries including Australia, Belgium, Canada,
France, Germany, Japan, The Netherlands, Singapore, Sweden, Switzerland, the United Kingdom and
the United States of America.

Where a tax treaty exists and the eligibility requirements of that treaty are satisfied, a reduced rate
of withholding tax may be applicable in the case of interest (or payments in the nature of interest such
as premium) paid by the Parent Guarantor or the Subsidiary Guarantors under the Intercompany Loans.

To obtain the benefit of an applicable tax treaty, the Non-resident Taxpayer must be the actual owner
of the economic benefits of the income (referred to as the beneficial owner of the income) and comply
with the eligibility requirements of the tax treaty and the specific requirements in Indonesia. See “—
Application of Tax Treaties under Indonesian Tax Regulations,” “— Certificate of Domicile” and “—
Beneficial Owner” for further details.

Application of Tax Treaties under Indonesian Tax Regulations. Starting January 1, 2010, the tax
withholder is allowed to withhold the tax at the reduced rate in accordance with a tax treaty, provided
that:

(a) the Non-resident Taxpayer is not an Indonesian tax resident;

(b) the administrative requirements have been fulfilled, and

(c) there is no tax treaty misuse by the Non-resident Taxpayer.

If the above requirements are not met, then the tax withholder shall withhold the tax in accordance
with Indonesian tax regulations, i.e. withholding tax at the rate of 20.0%.

Under the Indonesian tax regulations, misuse of a tax treaty can happen in the case of:

(a) a transaction that does not have economic substance and is carried out using a structure/scheme
merely to enjoy the tax treaty benefits; or

(b) a transaction with a structure/scheme whereby its legal form is different from the economic
substance merely to enjoy the tax treaty benefits, or

(c) the recipient of the income is not the actual owner of the economic benefits of the income (i.e.
not the beneficial owner). (The beneficial owner requirements are only applicable for recipients
of interest, dividend, and royalty income.)

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A Non-resident Taxpayer covered by the tax treaty, is not considered to be misusing the tax treaty, if
the recipient:

(a) is an individual who is not acting as an agent or nominee;

(b) is an institution mentioned explicitly in the tax treaty or agreed to by the authority of Indonesia
and the tax treaty partner country;

(c) receives or earns income through a custodian relating to income (other than dividends or interest)
from the transfer of shares or bonds which are traded or listed in the Indonesian Stock Exchange,
provided that recipient does not act as an agent or nominee;

(d) is a company whose shares are listed in any stock market (and are traded regularly);

(e) is a pension fund that is established under the laws of the Indonesian treaty partner’s country and
is a tax resident of that country (and that is not acting as an agent or nominee);

(f) is a bank (that is not acting as an agent or nominee); or

(g) is a company which meets the following requirements:

(i) the establishment of the company in the tax treaty partner country or the transaction is
structured not merely to enjoy tax treaty benefits; and

(ii) in relation to interest, dividends or royalties,

(3) the business activities are managed by its own management which has sufficient
authority to carry out the transaction;

(4) the company has sufficient qualified employee(s);

(5) the company is actively engaged in trade or business;

(6) the income received from Indonesia is taxable in the recipient’s country; and

(7) it does not use more than 50.0% of its total revenue to satisfy claims by other persons,
such as interest, royalties, or other payments. The term “claims by other persons” shall
mean claims from third parties in the form of interest, royalties, service fees, or other
payments which are intended to pass on the non-resident’s income to the beneficial
owner. These claims shall not include dividends and payments related to employment
or expenses normally incurred as part of the business.

In the case that there is a misuse of the tax treaty, the following are applied:

(a) the tax withholder is not allowed to implement the regulations stipulated in the tax treaty and
must withhold tax in accordance with Indonesian’s tax regulations, i.e., withholding tax at the
rate of 20.0%; and

(b) the Non-resident Taxpayer who misuses the tax treaty cannot apply for a refund for the
overpayment of tax.

If there is a difference between the legal form of a structure/scheme and the economic substance, the
applicable tax regulations will be the tax regulations in accordance with the economic substance
(substance over form).

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Certificate of Domicile (“COD”). Starting January 1, 2010, the administrative requirements to be
fulfilled by the Non-resident Taxpayer to enjoy the tax treaty benefits require:

(a) use of the COD form as stipulated in Attachment II or Attachment III of Director-General of
Taxation (DGT) Regulation No. Per-24/PJ/2010 (Revision of DGT Regulation No. 61/PJ./2009)
dated April 30, 2010 (i.e. Form-DGT 1 or Form-DGT 2);

(b) full completion of this form by the Non-resident Taxpayer;

(c) the signature by the Non-resident Taxpayer;

(d) that the form is certified by the tax authority in the tax treaty partner country (or a separate COD
shall be provided by the foreign tax authority as was used prior to the application of these new
requirements); and

(e) the form must be provided to the Indonesian tax withholder before the end of the deadline to
submit the monthly tax returns for the relevant tax payable period.

The Non-resident Taxpayer should provide the original COD form to the tax withholder. The tax
withholder is required to attach the copy of the COD from the Non-resident Taxpayer, in the relevant
monthly tax return.

The COD (i.e. Form-DGT 1 or Form-DGT 2) as mentioned on point (a) above is valid for twelve (12)
months from the date of certification of the document by an authorized official and may be substituted
with a Certificate of Domicile issued by an authorized official.

In the case that there is income received or earned by a Non-resident Taxpayer, but no tax is withheld
in Indonesia according to the tax treaty, the tax withholder is still obliged to arrange reporting of the
COD.

Beneficial Owner. Starting January 1, 2010, DGT has issued new regulations governing the actual
owner of the economic benefits of the income (beneficial owner), i.e. the income recipient who is not
acting as:

• An agent, which refers to an individual or company who acts as an intermediary and carries out
activities for and/or on behalf of other parties;

• A nominee, which refers to an individual or company which legally owns (legal owner) an asset
and/or income, for the benefit of, or acts under the instruction of, the actual asset owner and/or
the actual party which actually enjoys the benefit of the income; and

• A conduit company, which is a company who enjoys benefits from the tax treaty in relation to
the income arising in other country, whilst the economic benefits from that income is owned by
persons in another country who cannot enjoy tax treaty benefits if the income was received
directly.

Tax Residency. With regard to the tax residency country of the recipient of certain income (including
interest income), Article 26 paragraph (1a) of Law No. 36 of 2008 on Income Tax (“the Income Tax
Law”) (and its elucidation), states that the domicile country of a Non-resident Taxpayer (that does not
conduct business activities through a permanent establishment in Indonesia), is defined as the country
where the Non-resident Taxpayer who truly receives the benefits of such income, resides or domiciles.
The law also includes further requirements about the country of domicile as follows:

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• that the domicile country of the Non-resident Taxpayer who derives income from Indonesia (not
through a permanent establishment in Indonesia) is determined based on the domicile country of
the Non-resident Taxpayer that actually receives the benefits of the income (hereinafter referred
to as the Beneficial Owner). Accordingly, the country of domicile shall not only be determined
based on COD, but also on residence or domiciles of the beneficiary of the income.

• in the event that the Beneficial Owner is an individual, his/her country of domicile shall be the
country where the individual resides or lives.

• if the Beneficial Owner is a company (corporate or enterprise, its country of domicile shall be
the country in which the owner or the shareholders with more than 50.0% ownership (either
individually or commonly) of the company is or are domiciled or where “effective management”
is.

Stamp Duty

No Indonesian stamp duty should be due because the Notes are issued by a Singapore company.

Singapore Taxation

The statements below are general in nature and are based on certain aspects of current tax laws in
Singapore and administrative guidelines and circulars issued by the Monetary Authority of Singapore
(“MAS”) in force as of the date of this Offering Memorandum and are subject to any changes in such
laws, administrative guidelines or circulars, or the interpretation of those laws, guidelines or circulars,
occurring after such date, which changes could be made on a retroactive basis. These laws, guidelines
and circulars are also subject to various interpretations and the relevant tax authorities or the courts
could later disagree with the explanations or conclusions set out below. Neither these statements nor
any other statements in this Offering Memorandum are intended or are to be regarded as advice on the
tax position of any holder of the Notes or of any person acquiring, selling or otherwise dealing with
the Notes or on any tax implications arising from the acquisition, sale or other dealings in respect of
the Notes. The statements made herein do not purport to be a comprehensive or exhaustive description
of all the tax considerations that may be relevant to a decision to subscribe for, purchase, own or
dispose of the Notes and do not purport to deal with the tax consequences applicable to all categories
of investors, some of which (such as dealers in securities or financial institutions in Singapore which
have been granted the relevant Financial Sector Incentive(s)) may be subject to special rules or tax
rates. Prospective holders of the Notes are advised to consult their own tax advisers as to the
Singapore or other tax consequences of the acquisition, ownership of or disposal of the Notes,
including, in particular, the effect of any foreign, state or local tax laws to which they are subject. It
is emphasized that none of the Issuer, the Indonesian Guarantors, the Initial Purchasers and any other
persons involved in the issuance of the Notes accepts responsibility for any tax effects or liabilities
resulting from the subscription for, purchase, holding or disposal of the Notes.

Interest and Other Payments

Subject to the following paragraphs, under Section 12(6) of the Income Tax Act, Chapter 134 of
Singapore (“ITA”), the following payments are deemed to be derived from Singapore:

(a) any interest, commission, fee or any other payment in connection with any loan or indebtedness
or with any arrangement, management, guarantee, or service relating to any loan or indebtedness
which is (i) borne, directly or indirectly, by a person resident in Singapore or a permanent
establishment in Singapore (except in respect of any business carried on outside Singapore
through a permanent establishment outside Singapore or any immovable property situated
outside Singapore) or (ii) deductible against any income accruing in or derived from Singapore;
or

235
(b) any income derived from loans where the funds provided by such loans are brought into or used
in Singapore.

Such payments, where made to a person not known to the paying party to be a resident in Singapore
for tax purposes, are generally subject to withholding tax in Singapore. The rate at which tax is to be
withheld for such payments (other than those subject to the 15% final withholding tax described
below) to non-resident persons (other than non-resident individuals) is currently 17%. The applicable
rate for non-resident individuals is currently 22%. However, if the payment is derived by a person not
resident in Singapore otherwise than from any trade, business, profession or vocation carried on or
exercised by such person in Singapore and is not effectively connected with any permanent
establishment in Singapore of that person, the payment is subject to a final withholding tax of 15%.
The rate of 15% may be reduced by applicable tax treaties.

Certain Singapore-sourced investment income derived by individuals from financial instruments is

exempt from tax, including:

(a) interest from debt securities derived on or after January 1, 2004;

(b) discount income (not including discount income arising from secondary trading) from debt
securities derived on or after February 17, 2006; and

(c) prepayment fee, redemption premium and break cost from debt securities derived on or after
February 15, 2007,

except where such income is derived through a partnership in Singapore or is derived from the
carrying on of a trade, business or profession.

The terms “break cost,” “prepayment fee” and “redemption premium” are defined in the ITA as
follows:

• “break cost,” in relation to debt securities or qualifying debt securities (“QDS”), means any fee
payable by the issuer of the securities on the early redemption of the securities, the amount of
which is determined by any loss or liability incurred by the holder of the securities in connection
with such redemption;

• “prepayment fee,” in relation to debt securities or QDS, means any fee payable by the issuer of
the securities on the early redemption of the securities, the amount of which is determined by the
terms of the issuance of the securities; and

• “redemption premium,” in relation to debt securities or QDS, means any premium payable by the
issuer of the securities on the redemption of the securities upon their maturity.

References to “break cost,” “prepayment fee” and “redemption premium” in this Singapore tax
disclosure have the same meaning as defined in the ITA.

In addition, as the issue of the Notes is jointly lead managed and book-run by BNP Paribas and
Citigroup Global Markets Singapore Pte. Ltd., each of which is a Financial Sector Incentive (Bond
Market) Company, Financial Sector Incentive (Capital Market) Company or Financial Sector Incentive
(Standard Tier) Company (as defined in the ITA), and the Notes are issued as debt securities before
December 31, 2018, the Notes would be, pursuant to the ITA and the MAS Circular FSD Cir 02/2013
entitled “Extension and Refinement of Tax Concessions for Promoting the Debt Market” issued by the
MAS on June 28, 2013, QDS for the purposes of the ITA, to which the following treatment shall apply:

(i) subject to certain prescribed conditions having been fulfilled (including the furnishing of a return
on debt securities for the Notes in the prescribed format within such period as the MAS may
specify and such other particulars in connection with the Notes as the MAS may require and the

236
 inclusion by the Issuer in all offering documents relating to the Notes of a statement to the effect
that where interest, discount income, prepayment fee, redemption premium or break cost from
the Notes is derived by a person who is not resident in Singapore and who carries on any
operation in Singapore through a permanent establishment in Singapore, the tax exemption for
QDS shall not apply if the non-resident person acquires the Notes using the funds and profits of
that person’s operations through the Singapore permanent establishment), interest, discount
income (not including discount income arising from secondary trading), prepayment fee,
redemption premium and break cost (the “Specified Income”) from the Notes paid by the Issuer
and derived by a holder who is not resident in Singapore and who (aa) does not have any
permanent establishment in Singapore or (bb) carries on any operation in Singapore through a
permanent establishment in Singapore but the funds used by that person to acquire the Notes are
not obtained from such person’s operation through a permanent establishment in Singapore, are
exempt from Singapore tax;

(ii) subject to certain prescribed conditions having been fulfilled (including the furnishing of a return
on debt securities for the Notes in the prescribed format within such period as the MAS may
specify and such other particulars in connection with the Notes as the MAS may require),
Specified Income from the Notes paid by the Issuer and derived by any company or a body of
persons (as defined in the ITA) in Singapore is subject to tax at a concessionary rate of 10%
(except for holders of the relevant Financial Sector Incentive(s) who may be taxed at different
rates); and

(iii) subject to:

(aa) the Issuer including in all offering documents relating to the Notes a statement to the effect
that any person whose Specified Income derived from the Notes is not exempt from tax
shall include such income in a return of income made under the ITA; and

(bb) the furnishing of a return on debt securities for the Notes in the prescribed format within
such period as the MAS may specify and such other particulars in connection with the Notes
as the MAS may require,

payments of Specified Income derived from the Notes are not subject to withholding of tax by the
Issuer.

Notwithstanding the foregoing:

(A) if during the primary launch of the Notes, the Notes are issued to fewer than four persons and
50% or more of the issue of the Notes is beneficially held or funded, directly or indirectly, by
related parties of the Issuer, the Notes would not qualify as QDS; and

(B) even though the Notes are QDS, if, 50% or more of the issue of the Notes which is outstanding
at any time during the life of its issue is beneficially held or funded, directly or indirectly, by
any related party(ies) of the Issuer, Specified Income derived from the Notes held by:

(i) any related party of the Issuer; or

(ii) any other person where the funds used by such person to acquire the Notes are obtained,
directly or indirectly, from any related party of the Issuer,

shall not be eligible for the Singapore tax exemption or concessionary rate of tax as described above.

The term “related party,” in relation to a person, means any other person who, directly or indirectly,
controls that person, or is controlled, directly or indirectly, by that person, or where he and that other
person, directly or indirectly, are under the control of a common person.

237
Where interest, discount income, prepayment fee, redemption premium or break cost (i.e. the
Specified Income) is derived from the Notes by any person who is not resident in Singapore and who
carries on any operations in Singapore through a permanent establishment in Singapore, the tax
exemption available for QDS under the ITA (as mentioned above) shall not apply if such person
acquires the Notes using the funds and profits of such person’s operations through a permanent
establishment in Singapore. Any person whose interest, discount income, prepayment fee, redemption
premium or break cost (i.e. the Specified Income) derived from the Notes is not exempt from tax is
required to include such income in a return of income made under the ITA.

Gains derived from the disposal of the Notes

Any gains considered to be in the nature of capital made from the sale of the Notes will not be taxable
in Singapore. However, any gains derived by any person from the sale of the Notes which are gains
from any trade, business, profession or vocation carried on by that person, if accruing in or derived
from Singapore, may be taxable as such gains are considered revenue in nature.

Holders of the Notes who apply or are required to apply Singapore Financial Reporting Standard 39
— Financial Instruments: Recognition and Measurement (“FRS 39”) may for Singapore income tax
purposes be required to recognize gains or losses (not being gains or losses in the nature of capital)
on the Notes, irrespective of disposal, in accordance with FRS 39. Please see the section below on
“Adoption of FRS 39 Treatment for Singapore Income Tax Purposes.”

Adoption of FRS 39 Treatment for Singapore Income Tax Purposes

The IRAS has issued a circular entitled “Income Tax Implications Arising from the Adoption of FRS
39 — Financial Instruments: Recognition and Measurement” (the “FRS 39 Circular”). The ITA has
since been amended to give effect to the FRS 39 Circular.

The FRS 39 Circular generally applies, subject to certain “opt-out” provisions, to taxpayers who are
required to comply with FRS 39 for financial reporting purposes.

The Accounting Standards Council has issued a new financial reporting standard for financial
instruments, FRS 109 — Financial Instruments, which will become mandatorily effective for annual
periods beginning on or after 1 January 2018. It is at present unclear whether, and to what extent, the
replacement of FRS 39 by FRS 109 will affect the tax treatment of financial instruments which
currently follows FRS 39.

Holders of the Notes who may be subject to the tax treatment under the FRS 39 Circular should consult
their own accounting and tax advisers regarding the Singapore income tax consequences of their
acquisition, holding or disposal of the Notes.

Estate Duty

Singapore estate duty was abolished with respect to all deaths occurring on or after February 15, 2008.

238
 PLAN OF DISTRIBUTION

Each of the Initial Purchasers has, pursuant to and subject to the terms and conditions set forth in a
purchase agreement (the “Purchase Agreement”) to be dated as of the date of this Offering
Memorandum, severally and not jointly, agreed to subscribe or procure subscribers for the respective
principal amount of Notes set out opposite its name below, subject to the provisions of the Purchase
Agreement.

Name of Joint Lead Managers Amount (US$)

BNP Paribas . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Citigroup Global Markets Singapore Pte. Ltd. . . . . . . . . . . . . . . . . . . . . .
Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

We will be paying a fee to the Initial Purchasers and will reimburse the Initial Purchasers in respect
of certain of their expenses. We have also agreed to indemnify the Initial Purchasers against certain
liabilities, including liabilities under the U.S. Securities Act, and will contribute to payments that the
Initial Purchasers may be required to make in respect thereof. We will not during the period from the
date hereof through and including the date that is 120 days after the date of the Final Offering
Memorandum, without the prior written consent of the Initial Purchasers, directly or indirectly, issue,
sell, offer or agree to sell, pledge, grant any option to purchase, make a short sale or otherwise dispose
of, any U.S. dollar-denominated debt securities (other than the Notes). The Purchase Agreement may
be terminated in certain circumstances prior to payment of the issue price to us.

United States

Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with the us that
(i) it has not offered or sold, and will not offer or sell, any Securities within the U.S. and will only
offer or sell such Securities in accordance with Rule 903 of Regulation S under the Act; and (ii) neither
it, nor any of its affiliates nor any person acting on its or their behalf has engaged or will engage in
any directed selling efforts (within the meaning of Regulation S) with respect to the Securities.

United Kingdom

Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with us that it
has complied with and will comply with all applicable provisions of the FSMA and the Financial
Services Act 2012 with respect to anything done by it in relation to the Securities in, from or otherwise
involving the United Kingdom, and it has only communicated or caused to be communicated and it
will only communicate or cause to be communicated any invitation or inducement to engage in
investment activity (within the meaning of section 21 of the FSMA) received by it in connection with
the issue or sale of any Securities, in circumstances in which section 21(1) of the FSMA does not apply
to the Issuer Parties.

European Economic Area

Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with us that in
relation to each Member State of the European Economic Area which has implemented the Prospectus
Directive (each, a “Relevant Member State”) that with effect from and including the date on which the
Prospectus Directive is implemented in that Relevant Member State (the “Relevant Implementation
Date”) it has not made and will not make an offer of Securities which are the subject of the offering
contemplated by the Preliminary Offering Memorandum and the Final Offering Memorandum to the
public in that Relevant Member State except that it may, with effect from and including the Relevant
Implementation Date, make an offer of such Securities to the public in that Relevant Member State:

A. to any legal entity which is a qualified investor as defined in the Prospectus Directive;

239
B. to fewer than 150 natural or legal persons (other than qualified investors as defined in the
Prospectus Directive), subject to obtaining the prior consent of the relevant Initial Purchaser or
Initial Purchasers nominated by the Issuer for any such offer; or

C. in any other circumstances falling within Article 3(2) of the Prospectus Directive, provided that
no such offer of Securities shall require the Issuer or any Initial Purchaser to publish a prospectus
pursuant to Article 3 of the Prospectus Directive or supplement a prospectus pursuant to Article
16 of the Prospectus Directive,

provided that no such offer of Securities shall require the publication by any Issuer Party or any other
entity of a prospectus pursuant to Article 3 of the Prospectus Directive, or supplement a prospectus
pursuant to Article 16 of the Prospectus Directive.

For the purposes of this provision, the expression “an offer of Securities to the public” in relation to
any Securities in any Relevant Member State means the communication in any form and by any means
of sufficient information on the terms of the offer and the Securities to be offered so as to enable an
investor to decide to purchase or subscribe the Securities, as the same may be varied in that Member
State by any measure implementing the Prospectus Directive in that Member State and the expression
“Prospectus Directive” means Directive 2003/71/EC (as amended, including by Directive
2010/73/EU), and includes any relevant implementing measure in the Relevant Member State.

Hong Kong

Each Initial Purchaser, severally and not jointly, represents and warrants to and agrees with us that it
has not offered or sold and will not offer or sell in Hong Kong, by means of any document, any
Securities other than (A) to “professional investors” as defined in the Securities and Futures
Ordinance (Cap. 571) of Hong Kong (the “SFO”) and any rules made under the SFO; or (B) in other
circumstances which do not result in the document being a “prospectus” within the meaning of the
Companies (Winding Up and Miscellaneous Provisions) Ordinance (Cap. 32) of Hong Kong (the
“C(WUMP)O”) or which do not constitute an offer to the public within the meaning of C(WUMP)O;
and it has not issued or had in its possession for the purposes of issue, and will not issue or have in
its possession for the purposes of issue, whether in Hong Kong or elsewhere, any advertisement,
invitation or document relating to the Securities, which is directed at, or the contents of which are
likely to be accessed or read by, the public in Hong Kong (except if permitted to do so under the laws
of Hong Kong) other than with respect to the Securities which are or are intended to be disposed of
only to persons outside Hong Kong or only to “professional investors” as defined in the SFO and any
rules made under the SFO.

Singapore

Each Initial Purchaser acknowledges that this Offering Circular has not been, and will not be,
registered as a prospectus with the Monetary Authority of Singapore (the “MAS”), and the Notes will
be offered pursuant to exemptions under the Securities and Futures Act, Chapter 289 of Singapore (the
“SFA”). Accordingly, each Initial Purchaser represents, warrants and agrees that it has not offered or
sold and will not offer or sell the Notes nor make the Notes the subject of an invitation for subscription
or purchase, nor will it circulate or distribute this Offering Circular or any other document or material
in connection with the offer or sale, or invitation for subscription or purchase, of the Notes, whether
directly or indirectly, to any person in Singapore other than (i) to an institutional investor pursuant
to Section 274 of the SFA, (ii) to a relevant person pursuant to Section 275(1) of the SFA, or any
person pursuant to Section 275(1A) of the SFA, and in accordance with the conditions specified in
Section 275 of the SFA or (iii) otherwise pursuant to, and in accordance with the conditions of, any
other applicable provision of the SFA.

240
Where the Notes are subscribed or purchased in reliance of an exemption under Section 274 or 275
of the SFA, the Notes shall not be sold within the period of 6 months from the date of the initial
acquisition of the Notes, except to any of the following persons:

(a) an institutional investor (as defined in Section 4A of the SFA);

(b) a relevant person (as defined in Section 275(2) of the SFA); or

(c) any person pursuant to an offer referred to in Section 275(1A) of the SFA,

unless expressly specified otherwise in Section 276(7) of the SFA or Regulation 32 of the Securities
and Futures (Offers of Investments) (Shares and Debentures) Regulations 2005 of Singapore.

Where the Notes are subscribed or purchased under Section 275 of the SFA by a relevant person which
is:

(a) a corporation (which is not an accredited investor (as defined in Section 4A of the SFA)) the sole
business of which is to hold investments and the entire share capital of which is owned by one
or more individuals, each of whom is an accredited investor; or

(b) a trust (where the trustee is not an accredited investor) whose sole purpose is to hold investments
and each beneficiary of the trust is an individual who is an accredited investor, securities (as
defined in Section 239(1) of the SFA) of that corporation or the beneficiaries’ rights and interest
(howsoever described) in that trust shall not be transferable within for six (6) months after that
corporation or that trust has acquired the Notes pursuant to an offer made under Section 275 of
the SFA except:

(i) to an institutional investor or to a relevant person (as defined in Section 275(2) of the SFA),
or to any person arising from an offer referred to in Section 275(1A) or Section 276(4)(i)(B)
of the SFA;

(ii) where no consideration is or will be given for the transfer; or

(iii) where the transfer is by operation of law; or

(iv) pursuant to Section 276(7) of the SFA; or

pursuant to Regulation 32 of the Securities and Futures (Offers of Investments) (Shares and
Debentures) Regulations 2005 of Singapore.

Indonesia

This offering does not constitute a public offering in Indonesia under Law No. 8 of 1995 on Capital
Market. The Offering Memorandum may not be distributed in Indonesia and the Notes may not be
offered or sold in Indonesia or to Indonesian citizens wherever they are domiciled, or to Indonesian
residents, in a manner which constitutes a public offer under the laws of Indonesia

241
 TRANSFER RESTRICTIONS

Because of the following restrictions, purchasers are advised to consult their legal counsel prior to
making any offer, sale, resale, pledge or other transfer of the Notes.

The Notes are subject to restrictions on transfer as summarized below. By purchasing the Notes, you
will be deemed to have made the following acknowledgements, representations to, and agreements
with, us and the Initial Purchasers:

1. You understand and acknowledge that:

• the Notes have not been registered under the Securities Act or any other applicable
securities laws;

• the Notes are being offered for resale in transactions that do not require registration under
the Securities Act or any other securities laws;

• the Notes are being offered and sold only outside the United States in offshore transactions
in reliance on Rule 903 of Regulation S under the Securities Act; and

• unless so registered, the Notes may not be sold or otherwise transferred except under an
exemption from, or in a transaction not subject to, the registration requirements of the
Securities Act or any other applicable securities laws.

2. You represent that you are not an affiliate (as defined in Rule 144 under the Securities Act) of
ours, that you are not acting on our behalf and that you are purchasing the Securities in an
offshore transaction in accordance with Regulation S.

3. You acknowledge that neither we nor the Initial Purchasers nor any person representing us or the
Initial Purchasers has made any representation to you with respect to us or the offering of the
Notes, other than the information contained in this offering memorandum. You represent that you
are relying only on this offering memorandum in making your investment decision with respect
to the Notes. You agree that you have had access to such financial and other information
concerning us and the Notes as you have deemed necessary in connection with your decision to
purchase the Notes including an opportunity to ask questions of and request information from us.

4. You represent that you are purchasing the Notes for your own account, or for one or more
investor accounts for which you are acting as a fiduciary or agent, in each case not with a view
to, or for offer or sale in connection with, any distribution of the Notes in violation of the
Securities Act.

5. You also acknowledge that each note will contain a legend substantially to the following effect:

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES LAWS OF ANY
STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR
PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED,
PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH
REGISTRATION OR UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT
TO, SUCH REGISTRATION. BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF
REPRESENTS THAT IT IS ACQUIRING THIS SECURITY IN AN OFFSHORE
TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.

242
6. You acknowledge that we, the Initial Purchasers and others will rely upon the truth and accuracy
of the above acknowledgments, representations and agreements. You agree that if any of the
acknowledgments, representations or agreements you are deemed to have made by your purchase
of the Notes is no longer accurate, you will promptly notify us and the Initial Purchasers. If you
are purchasing any Notes as a fiduciary or agent for one or more investor accounts, you represent
that you have sole investment discretion with respect to each of those accounts and that you have
full power to make the above acknowledgments, representations and agreements on behalf of
each account.

243
 LEGAL MATTERS

Certain legal matters with respect to the Notes will be passed upon for us by Milbank, Tweed, Hadley
& McCloy LLP as to matters of United States federal and New York law, Makes & Partners as to
matters of Indonesian law and WongPartnership LLP as to matters of Singapore law. Certain legal
matters will be passed upon for the Initial Purchasers by Allen & Overy LLP as to matters of United
States federal and New York law and Hadiputranto, Hadinoto & Partners as to matters of Indonesian
law.

INDEPENDENT PUBLIC ACCOUNTANTS

Our audited consolidated financial statements as of and for the years ended December 31, 2014 and
2015, included herein have been audited by Osman Bing Satrio & Eny (member of Deloitte Touche
Tohmatsu Limited) in accordance with the auditing standards established by the IICPA and our audited
consolidated financial statements as of and for the year ended December 31, 2016, included herein
have been audited by Satrio Bing Eny & Rekan (member of Deloitte Touche Tohmatsu Limited) in
accordance with the auditing standards established by the IICPA.

INDEPENDENT CONSULTANT

Colliers has given its written consent to the issue of this Offering Memorandum with the inclusion
herein of its name and all references thereto and to the inclusion of the “Industry Overview” section
in this Offering Memorandum, in the form and context in which it appears in this Offering
Memorandum. The reports by Colliers have not been updated, and changes in the factors upon which
Colliers’ reports are based could have materially affected the statements, estimates, forecasts and
conclusions contained in the reports.

RATINGS

The Notes are expected to be rated “Ba3” by Moody’s and “BB-” by Fitch. The credit ratings accorded
the Notes are not a recommendation to purchase, hold or sell the Notes inasmuch as such ratings do
not comment as to market price or suitability for a particular investor. There can be no assurance that
the ratings will remain in effect for any given period or that the ratings will not be revised by the rating
agencies in the future if, in their judgment, circumstances so warrant. See “Risk Factors — Risks
Relating to the Notes and the Guarantees — The ratings assigned to the Notes may be lowered or
withdrawn.”

244
 SUMMARY OF CERTAIN PRINCIPAL DIFFERENCES
BETWEEN INDONESIAN FAS AND IFRS

The consolidated financial statements have been prepared in accordance with Indonesian FAS which
differs in certain significant respects from IFRS. This summary should not be taken as an exhaustive
list of all the differences between Indonesian FAS and IFRS. No attempt has been made to identify all
recognition and measurement, disclosures, presentation or classification differences that would affect
the manner in which transactions or events are presented in the consolidated financial statements (or
notes thereto). Certain principal differences between IFRS and Indonesian FAS that may have a
material effect on the consolidated financial statements are summarized below. Management has not
quantified the effects of the differences discussed below. Accordingly, no assurance can be provided
to investors that our consolidated financial statements would not be materially different if prepared
in accordance with IFRS.

Regulatory bodies that promulgate Indonesian FAS and IFRS have issued accounting standards which
are not yet effective and have significant ongoing projects that could affect the differences between
Indonesian FAS and IFRS described below. In making an investment decision, investors must rely upon
their own examination of us, the terms of the offering and the financial information. Potential
investors should consult their own professional advisors for an understanding of the differences
between Indonesian FAS and IFRS and how those differences might affect the financial information
disclosed in this Offering Memorandum.

Business Combination

Under Indonesian FAS, acquisitions of subsidiaries and businesses are accounted for using the
acquisition method similar to IFRS, except for acquisitions of entities under common control which
are accounted for in the same manner as pooling of interest where net assets are transferred at book
values. The difference between the acquisition cost and book value of the net assets, equity or other
ownership instruments transferred is recorded under “Additional Paid-in Capital.”

Land Use Rights

In Indonesia, except for ownership rights (Hak Milik) granted to individuals, the titles of the land rests
with the Government. Land-use is accomplished through land rights whereby the holder of the right
enjoys the full use of the land for a stated period of time, subject to extensions. Land rights are
generally freely tradable and may be pledged as security under borrowing agreements. Under
Indonesian FAS, the costs of acquired land rights are capitalized as land, which is not depreciated
unless (a) the condition of the land is no longer suitable for the main operation of the enterprise; (b)
the nature of the enterprise’s main operation will result in the abandonment of land and buildings
subsequent to completion of the project; for example land and buildings in a remote or isolated area.
In this case, land should be depreciated in accordance with the estimated length of the enterprise’s
main operation or project; or (c) management’s prediction or certainty that an extension or renewal
of the land rights will not be obtained.

Under IFRS, an “agreement whereby the lessor conveys to the lessee in return for a payment or a series
of payments the right to use an asset for an agreed period of time” is considered a lease. In determining
whether the land use right is an operating or a finance lease, an important consideration is whether
the lessee has an absolute right on such property. If the lessee does not and will not substantially own
the land because the government has a right to reject the renewal, such right is accounted for as a lease
and the cost is amortized over the period the holder is expected to retain the land rights.

Revenue Recognition

Under Indonesian FAS, revenue recognition depends on compliance of specific provisions and type of
real estate development and cost components.

245
Under IFRS, entities that undertake the construction of real estate recognize their revenues from the
construction of real estate depending on the terms of the agreement. When the agreement to construct
a real estate provides that the buyer has the ability to specify major structural elements of the design
of the real estate before construction begins and/or specify major structural changes once construction
is in progress (whether or not it exercises that ability), revenue is recognized on a
percentage-of-completion basis provided that the outcome of a construction contract, either at fixed
price or cost plus, can be estimated reliably. For fixed price contract, the outcome of a construction
contract can be estimated reliably when all the following conditions are satisfied:

(i) the amount of revenue can be measured reliably;

(ii) it is probable that the economic benefits associated with the transaction will flow to the entity;

(iii) the stage of completion of the transaction at the end of the reporting period can be measured
reliably; and

(iv) the costs incurred for the transaction and the costs to complete the transaction can be measured
reliably.

In the case of a cost plus contract, the outcome of a construction contract can be estimated reliably
when all the following conditions are satisfied:

(i) it is probable that the economic benefits associated with the contract will flow to the entity; and

(ii) the contract costs attributable to the contract, whether or not specifically reimbursable, can be
clearly identified and measured reliably.

If the agreement for the construction of real estate provides that buyers have only limited ability to
influence the design of the real estate or to specify only minor variations to the basic design, revenue
is recognized and accounted as sale of goods when all conditions are met.

However, if the buyer has limited ability to influence the design of the real estate or to specify only
minor variations to the basic design and if the entity is not required to acquire and supply construction
materials, revenue is recognized and accounted as rendering of services by reference to the stage of
completion of the transaction using the percentage-of-completion method provided all the conditions
are satisfied.

Tax Amnesty

Under Indonesian FAS, Tax Amnesty Assets and Liabilities are accounted for using the existing
applicable standards under Indonesian FAS (General Approach) or the Optional Approach where the
Tax Amnesty Asset is recorded at the amount reported in the Tax Amnesty Notification Letter (Surat
Keterangan Pengampunan Pajak/SKPP) (deemed cost). Any related Tax Amnesty Liability shall be
measured at the amount of cash or cash equivalents that is required to settle the contractual obligation
related to the acquisition of the Tax Amnesty Asset. Any difference between the amounts initially
recognized for the Tax Amnesty Asset and the related Tax Amnesty Liability shall be recorded in
equity as Additional Paid-In Capital (APIC). The APIC shall not be recycled to profit or loss or
recycled to retained earnings subsequently. The redemption money (i.e. the amount of tax paid in
accordance with the Tax Amnesty Law) shall be charged directly to profit or loss in the period when
the SKPP was received.

For entities that apply the General Approach, the provisions under Indonesian FAS No. 25:
‘Accounting Policies, Change in Estimates and Errors’ shall be applied. For entities that apply the
Optional Approach, the application is prospective, and restatement of the prior period financial
statements is not required.

Under IFRS, there is no similar guidance on Tax Amnesty Assets and Liabilities.

246
 INDEX TO CONSOLIDATED FINANCIAL STATEMENTS

Consolidated financial statements as of and for the years ended December 31, 2014, 2015 and 2016.

Pages

Board of Directors’ Statements for the Years ended December 31, 2016 and 2015 . . . . . . . . F-4

Independent Auditors’ Report for the Years ended December 31, 2016 and 2015 . . . . . . . . . F-5

Consolidated Statements of Financial Position as of December 31, 2016 and 2015. . . . . . . . F-8

Consolidated Statements of Profit or Loss and Other Comprehensive Income

for the Years ended December 31, 2016 and 2015. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-10

Consolidated Statements of Changes in Equity for the Years ended

December 31, 2016 and 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-11

Consolidated Statements of Cash Flows for the Years ended

December 31, 2016 and 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-12

Notes to Consolidated Financial Statements as of and for the Years ended

December 31, 2016 and 2015 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-14

Board of Directors’ Statements for the Years ended December 31, 2015 and 2014 . . . . . . . . F-136

Independent Auditors’ Report for the Years ended December 31, 2015 and 2014 . . . . . . . . . F-137

Consolidated Statements of Financial Position as of December 31, 2015 . . . . . . . . . . . . . . . F-139

Consolidated Statements of Profit or Loss and Other Comprehensive Income

for the Years ended December 31, 2015 and 2014. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-141

Consolidated Statements of Changes in Equity for the Years ended

December 31, 2015 and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-142

Consolidated Statements of Cash Flows for the Years ended

December 31, 2015 and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-143

Notes to Consolidated Financial Statements as of and for the Years ended

December 31, 2015 and 2014 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . F-145

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PT AGUNG PODOMORO LAND Tbk
DAN ENTITAS ANAK/AND ITS SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASIAN DAN INFORMASI TAMBAHAN/

CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY
INFORMATION

UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2016 DAN 2015/

FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

DAN LAPORAN AUDITOR INDEPENDEN/

AND INDEPENDENT AUDITORS’ REPORT

F-2
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
DAN ENTITAS ANAK AND ITS SUBSIDIARIES
DAFTAR ISI TABLE OF CONTENTS

Halaman/
Page

SURAT PERNYATAAN DIREKSI DIRECTORS’ STATEMENT LETTER

LAPORAN AUDITOR INDEPENDEN INDEPENDENT AUDITORS’ REPORT

LAPORAN KEUANGAN KONSOLIDASIAN – CONSOLIDATED FINANCIAL STATEMENTS –

Untuk tahun-tahun yang berakhir 31 Desember For the years ended December 31, 2016 and
2016 dan 2015 2015

Laporan Posisi Keuangan Konsolidasian 1 Consolidated Statements of Financial Position

Laporan Laba Rugi dan Penghasilan Consolidated Statements of Profit or Loss and
Komprehensif Lain Konsolidasian 3 Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian 4 Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian 5 Consolidated Statements of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian 7 Notes to Consolidated Financial Statements

INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION

Daftar I : Informasi Laporan Posisi Keuangan 120 Schedule I : Information on Statements of

Entitas Induk Financial Position of Parent
Entity

Daftar II : Informasi Laporan Laba Rugi dan 122 Schedule II : Information on Statements of
Penghasilan Komprehensif Lain Profit or Loss and Other
Entitas Induk Comprehensive Income of
Parent Entity

Daftar III : Informasi Laporan Perubahan Ekuitas 123 Schedule III : Information on Statements of
Entitas Induk Changes in Equity of Parent
Entity

Daftar IV : Informasi Laporan Arus Kas Entitas 124 Schedule IV : Information on Statements of
Induk Cash Flows of Parent Entity

Daftar V : Informasi Investasi Dalam Entitas 125 Schedule V : Information on Investment in

Anak dan Entitas Asosiasi Subsidiaries and Associates

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

Catatan/ 31 Desember/December 31,

Notes 2016 2015
Rp'000 Rp'000
ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 5 1.172.966.926 2.894.283.235 Cash and cash equivalents
Piutang usaha kepada pihak ketiga - Trade accounts receivable from
setelah dikurangi cadangan third parties - net of allowance
kerugian penurunan nilai sebesar for impairment losses of
Rp 277.284 ribu tahun 2016 dan Rp 277,284 thousand in 2016 and
Rp 357.847 ribu tahun 2015 6 988.678.996 940.878.189 Rp 357,847 thousand in 2015
Piutang lain-lain Other accounts receivable
Pihak berelasi 7,40 17.659.062 18.773.279 Related parties
Pihak ketiga 204.423.637 163.305.982 Third parties
Persediaan Inventories
Hotel 8 11.499.315 12.247.700 Hotel
Aset real estat 9 4.610.405.233 4.437.290.957 Real estate assets
Pajak dibayar dimuka 10 196.826.402 93.053.620 Prepaid taxes
Biaya dibayar dimuka 11 336.896.363 440.935.991 Prepaid expenses
Uang muka 634.602.936 780.947.447 Advances

Jumlah Aset Lancar 8.173.958.870 9.781.716.400 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Persediaan Inventories
Hotel 8 62.312.537 61.815.139 Hotel
Aset real estat 9 5.259.089.687 3.821.417.447 Real estate assets
Biaya dibayar dimuka 11 77.779.895 18.750.000 Prepaid expenses
Aset keuangan lainnya 12 170.370.037 146.001.605 Other financial assets
Investasi saham pada entitas asosiasi 13 252.709.507 245.937.448 Investment in associates
Properti investasi - setelah dikurangi Investment properties - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 1.109.894.944 ribu tahun 2016 dan Rp 1,109,894,944 thousand in 2016 and
Rp 899.365.430 ribu tahun 2015 14 7.520.413.571 6.706.537.828 Rp 899,365,430 thousand in 2015
Aset tetap - setelah dikurangi Property and equipment - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 590.629.136 ribu tahun 2016 dan Rp 590,629,136 thousand in 2016 and
Rp 440.855.858 ribu tahun 2015 15 4.048.794.446 3.616.464.103 Rp 440,855,858 thousand in 2015
Biaya yang ditangguhkan - setelah Deferred charges - net of
dikurangi akumulasi amortisasi sebesar accumulated amortization of
Rp 84.079.616 ribu tahun 2016 dan Rp 84,079,616 thousand in 2016 and
Rp 75.338.893 ribu tahun 2015 16 18.580.380 13.990.987 Rp 75,338,893 thousand in 2015
Aset pajak tangguhan 37 67.279.782 82.725.896 Deferred tax assets
Goodwill 30.334.910 30.334.910 Goodwill
Lain-lain 30.329.760 33.483.225 Others

Jumlah Aset Tidak Lancar 17.537.994.512 14.777.458.588 Total Non-Current Assets

JUMLAH ASET 25.711.953.382 24.559.174.988 TOTAL ASSETS

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2016 DAN 2015 (Lanjutan) DECEMBER 31, 2016 AND 2015 (Continued)

Catatan/ 31 Desember/December 31,

Notes 2016 2015
Rp'000 Rp'000
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank 17 44.420.294 8.058.139 Bank loans
Utang usaha kepada pihak ketiga 18 1.174.672.223 909.343.705 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi 19,40 166.202.979 19.613.799 Related parties
Pihak ketiga 714.000.284 573.736.360 Third parties
Utang pajak 20 81.012.267 147.362.925 Taxes payable
Biaya yang masih harus dibayar 233.980.781 229.756.445 Accrued expenses
Utang jangka panjang - yang jatuh
tempo dalam satu tahun: Current maturity of long-term liabilities:
Utang bank 21 463.016.539 357.319.287 Bank loans
Utang obligasi 22 1.200.000.000 875.000.000 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap 217.668 711.030 and equipment
Uang muka penjualan dan pendapatan Advances from customers and
diterima dimuka - bagian yang unearned revenues - realizable
direalisasi dalam satu tahun 23 3.577.229.664 3.920.457.962 within one year

Jumlah Liabilitas Jangka Pendek 7.654.752.699 7.041.359.652 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah
dikurangi bagian yang jatuh tempo Long term liabilities - net of current
dalam satu tahun: maturity:
Utang bank 21 2.318.292.513 1.395.563.255 Bank loans
Utang obligasi 22 2.487.505.641 3.679.020.470 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap - 184.795 and equipment
Uang muka penjualan dan pendapatan Advances from customers and
diterima dimuka - setelah dikurangi bagian unearned revenues - net of realizable
yang direalisasi dalam satu tahun 23 2.932.005.290 3.077.155.338 within one year
Uang jaminan penyewa 153.434.575 122.577.341 Tenants' security deposits
Liabilitas imbalan pasca kerja 24 194.745.857 170.285.737 Post-employment benefits obligation
Liabilitas pajak tangguhan 37 454.098 359.472 Deferred tax liabilities

Jumlah Liabilitas Jangka Panjang 8.086.437.974 8.445.146.408 Total Non-Current Liabilities

Jumlah Liabilitas 15.741.190.673 15.486.506.060 Total Liabilities

EKUITAS EQUITY
Modal saham - nilai nominal Rp 100 per saham Capital stock - Rp 100 par value per share
Modal dasar - 57.400.000.000 saham Authorized - 57,400,000,000 shares
Modal ditempatkan dan disetor penuh - Subscribed and fully paid-up -
20.500.900.000 saham 25 2.050.090.000 2.050.090.000 20,500,900,000 shares
Tambahan modal disetor - bersih 26 1.389.679.134 1.389.679.134 Additional paid-in capital - net
Opsi saham 27 - 17.911.260 Stock options
Komponen ekuitas lainnya 27 35.411.406 17.500.146 Other equity component
Selisih transaksi perubahan ekuitas Difference due to change in equity
entitas anak 45.845.060 - of subsidiaries
Selisih transaksi ekuitas dengan Difference in value of equity transaction
pihak non-pengendali 16.496.412 16.496.412 with non-controlling interests
Penghasilan komprehensif lain (7.628.821) (28.872.419) Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 28 85.000.000 70.000.000 Appropriated
Tidak ditentukan penggunaannya 4.366.549.106 3.749.691.468 Unappropriated

Jumlah 7.981.442.297 7.282.496.001 Total

Dikurangi dengan biaya perolehan saham Less cost of treasury stocks -
diperoleh kembali - 1.136.338.300 saham 29 (472.836.376) (472.836.376) 1,136,338,300 shares

Ekuitas yang dapat diatribusikan Equity attributable to the owners

kepada pemilik entitas induk 7.508.605.921 6.809.659.625 of the Company

Kepentingan non-pengendali 30 2.462.156.788 2.263.009.303 Non-controlling interests

Jumlah Ekuitas 9.970.762.709 9.072.668.928 Total Equity

JUMLAH LIABILITAS DAN EKUITAS 25.711.953.382 24.559.174.988 TOTAL LIABILITIES AND EQUITY

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

Catatan/
Notes 2016 2015
Rp'000 Rp'000

PENJUALAN DAN PENDAPATAN USAHA 31 6.006.952.123 5.971.581.977 SALES AND REVENUES

BEBAN POKOK PENJUALAN DAN COST OF SALES AND

BEBAN LANGSUNG 32 2.982.518.366 2.880.685.495 DIRECT COSTS

LABA KOTOR 3.024.433.757 3.090.896.482 GROSS PROFIT

Beban penjualan 33 (294.437.763) (399.007.595) Selling expenses

Beban umum dan administrasi 34 (1.029.312.527) (1.003.625.365) General and administrative expenses
Bagian laba bersih entitas asosiasi 13 66.845.644 110.803.136 Share in net income of associates
Penghasilan bunga 35 156.101.203 267.468.888 Interest income
Beban bunga dan keuangan 36 (674.223.816) (683.405.853) Interest expense and financial charges
Beban pajak final 37a (284.050.708) (317.701.878) Final tax expense
Keuntungan (kerugian) lainnya - bersih (4.421.879) 73.493.130 Other gains (loss) - net

LABA SEBELUM PAJAK 960.933.911 1.138.920.945 PROFIT BEFORE TAX

BEBAN PAJAK PENGHASILAN - BERSIH 37b (21.196.803) (22.157.498) INCOME TAX EXPENSE - NET

LABA BERSIH TAHUN BERJALAN 939.737.108 1.116.763.447 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos yang tidak akan direklasifikasi Items that will not be reclassified
ke laba rugi: subsequently to profit or loss:
Pengukuran kembali atas program Remeasurement of defined
imbalan pasti 24 21.830.543 2.482.965 benefits obligation
Beban pajak penghasilan 37b (1.767.067) (513.601) Income tax expense

Pengukuran kembali atas kewajiban Remeasurement of defined

imbalan - setelah dikurangi pajak 20.063.476 1.969.364 benefits obligation - net of tax
Bagian penghasilan komprehensif Share in other comprehensive
lain atas entitas asosiasi 1.276.415 (659.640) income of associates

Jumlah Penghasilan Komprehensif Lain Total Other Comprehensive Income for

Tahun Berjalan Setelah Dikurangi Pajak 21.339.891 1.309.724 the Year - Net of Tax

JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 961.076.999 1.118.073.171 FOR THE YEAR

LABA BERSIH TAHUN BERJALAN YANG PROFIT FOR THE YEAR

DAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik Entitas Induk 631.857.638 808.955.289 Owners of the Company
Kepentingan Non-pengendali 30 307.879.470 307.808.158 Non-controlling interests

Jumlah 939.737.108 1.116.763.447 Total

JUMLAH LABA KOMPREHENSIF YANG TOTAL COMPREHENSIVE INCOME

DAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik Entitas Induk 653.101.236 810.249.232 Owners of the Company
Kepentingan Non-pengendali 307.975.763 307.823.939 Non-controlling interests

Jumlah 961.076.999 1.118.073.171 Total

Rp Rp
LABA PER SAHAM 38 EARNINGS PER SHARE
(Dalam Rupiah penuh) (In full Rupiah amount)
Dasar 32,63 41,47 Basic
Dilusian 32,63 41,43 Diluted

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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F-10
 PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2016 DAN 2015 FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

Selisih
transaksi ekuitas
dengan pihak Penghasilan komprehensif lain/
Selisih transaksi non-pengendali/ Other comprehensive income
perubahan Difference Bagian penghasilan Pengukuran Ekuitas yang
ekuitas entitas in value of komprehensif lain kembali program dapat diatribusikan
Tambahan Komponen anak/ equity atas entitas imbalan pasti/ Saham kepada pemilik
modal disetor ekuitas Difference transactions asosiasi/ Remeasurement Saldo laba/Retained earnings diperoleh entitas induk/ Kepentingan Jumlah
Modal disetor/ -bersih/ Opsi lainnya/ due to change with Share in other of defined Ditentukan Tidak ditentukan kembali/ Equity attributable non-pengendali/ ekuitas/
Catatan/ Paid-up capital Additional paid saham/ Other equity in equity non-controlling comprehensive benefits penggunaannya/ penggunaannya/ Treasury to the owners Non-controlling Total
Notes stock in capital-net Stock options component of subsidiaries interests income of associates obligation Appropriated Unappropriated stocks of the Company interests equity
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

Saldo 1 Januari 2015
Cadangan umum
Pembelian sebagian kepemilikan
saham entitas anak
Penghapusan opsi saham biasa
yang tidak dieksekusi
Pembagian dividen dan uang muka
dividen kepentingan non-pengendali
Pembelian sebagian kepemilikan
saham entitas anak
Peningkatan setoran modal
non-pengendali
Setoran modal kepentingan
non-pengendali entitas anak
Saham diperoleh kembali
Jumlah laba komprehensif
tahun berjalan
2.050.090.000 1.389.679.134 35.411.406 - - 17.029.424 (2.402.408) (27.763.954) 55.000.000 2.955.736.179 (61.737.013) 6.411.042.768 2.018.537.732 8.429.580.500 Balance as of January 1, 2015
28 - - - - - - - - 15.000.000 (15.000.000) - - - - Appropriation for general reserves
Partial addition of interest in
1b - - - - - (533.012) - - - - - (533.012) (816.988) (1.350.000) subsidiary
Write-off stock option that are already
27 - - (17.500.146) 17.500.146 - - - - - - - - - - expired
Dividends and advances for dividends
distributed by subsidiaries to
- - - - - - - - - - - - (156.128.020) (156.128.020) non-controlling interests
Partial addition of interest in
- - - - - - - - - - - - subsidiary
- - - - - - - - - - - - 93.592.240 93.592.240 Capital increase of subsidiaries
Paid-up capital of non-controlling
- - - - - - - - - - - - 400 400 interest of subsidiaries
29 - - - - - - - - - - (411.099.363) (411.099.363) - (411.099.363) Purchase of treasury stocks
Total comprehensive income
- - - - - - (659.640) 1.953.583 - 808.955.289 - 810.249.232 307.823.939 1.118.073.171 for the year

Saldo per 31 Desember 2015 2.050.090.000 1.389.679.134 17.911.260 17.500.146 - 16.496.412 (3.062.048) (25.810.371) 70.000.000 3.749.691.468 (472.836.376) 6.809.659.625 2.263.009.303 9.072.668.928 Balance as of December 31, 2015
Cadangan umum 28 - - - - - - - - 15.000.000 (15.000.000) - - - - Appropriation for general reserves
Penghapusan opsi saham biasa Write-off stock option that are already
yang tidak dieksekusi 27 - - (17.911.260) 17.911.260 - - - - - - - - - - expired
Pembagian dividen kepentingan Dividends distributed by subsidiaries
non-pengendali - - - - - - - - - - - - (116.482.450) (116.482.450) to non-controlling interests
Peningkatan setoran modal
non-pengendali - - - - - - - - - - - - 3.400.000 3.400.000 Capital increase of subsidiaries
Selisih transaksi perubahan ekuitas Difference due to change in equity of
entitas anak - - - - 45.845.060 - - - - - - 45.845.060 4.254.172 50.099.232 subsidiaries
Jumlah laba komprehensif Total comprehensive income
tahun berjalan - - - - - - 1.276.415 19.967.183 - 631.857.638 - 653.101.236 307.975.763 961.076.999 for the year

F-11
Saldo per 31 Desember 2016 2.050.090.000 1.389.679.134 - 35.411.406 45.845.060 16.496.412 (1.785.633) (5.843.188) 85.000.000 4.366.549.106 (472.836.376) 7.508.605.921 2.462.156.788 9.970.762.709 Balance as of December 31, 2016

Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian See accompanying notes to consolidated financial statements
yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

2016 2015
Rp'000 Rp'000
CASH FLOWS FROM OPERATING
ARUS KAS DARI AKTIVITAS OPERASI ACTIVITIES
Penerimaan kas dari pelanggan 5.511.040.469 7.053.271.659 Cash receipts from customers
Pembayaran beban pajak final (289.615.437) (413.410.505) Final tax expense paid

Penerimaan kas dari pelanggan - bersih 5.221.425.032 6.639.861.154 Cash receipts from customers - net
Pembayaran kas kepada karyawan (575.759.219) (574.171.436) Cash paid to employees
Pembayaran kas kepada pemasok dan untuk Cash paid to suppliers and other
beban operasional lainnya (4.389.499.727) (5.797.298.937) operating expenses

Kas dihasilkan dari operasi 256.166.086 268.390.781 Cash generated from operations
Pembayaran beban bunga dan keuangan (771.750.699) (718.030.983) Interest and financial charges paid
Pembayaran pajak penghasilan (8.128.772) (25.095.108) Income taxes paid

Kas Bersih Digunakan untuk Aktivitas

Operasi (523.713.385) (474.735.310) Net Cash Used in Operating Activities

CASH FLOWS FROM INVESTING

ARUS KAS DARI AKTIVITAS INVESTASI ACTIVITIES
Penerimaan dividen entitas asosiasi 942.375.000 67.400.000 Dividends received from associates
Peningkatan investasi saham pada entitas
asosiasi (881.025.000) - Additional investment in associates
Penerimaan bunga 178.361.318 296.773.237 Interest received
Penerimaan piutang lain-lain kepada Decrease in other accounts receivable
pihak berelasi 10.406.956 13.326.993 from related parties
Pemberian piutang lain-lain kepada Increase in other accounts receivable
pihak berelasi (9.292.739) (4.405.234) from related parties
Pencairan aset keuangan lainnya - Withdrawal of other financial assets -
deposito berjangka 28.866.858 8.006.560 time deposits
Penempatan aset keuangan lainnya - Placement of other financial assets -
investasi saham (21.578.212) - investment in shares
Pengurangan (penambahan) aset keuangan Withdrawal (placement) of other financial
lainnya - rekening bank yang assets - restricted cash
dibatasi penggunaannya (13.891.736) 9.068.825 in banks
Penempatan aset keuangan lainnya - Placement of other financial assets -
deposito berjangka (15.366.742) (31.775.231) time deposits
Perolehan properti investasi (939.756.021) (320.157.242) Acquisitions of investment properties
Perolehan aset tetap (542.315.233) (444.672.354) Acquisitions of property and equipment
Hasil penjualan aset tetap 2.021.418 916.324 Proceeds from sale of property and equipment
Hasil penjualan aset tidak lancar - tersedia Proceeds from the sale of non - current asset
untuk dijual - 19.739.605 held for sale - net
Pembayaran biaya yang ditangguhkan (13.330.116) (3.596.203) Deferred charges paid

Kas Bersih Digunakan untuk Aktivitas Investasi (1.274.524.249) (389.374.720) Net Cash Used in Investing Activities

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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F-12
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 (Lanjutan) DECEMBER 31, 2016 AND 2015 (Continued)

2016 2015
Rp'000 Rp'000

CASH FLOWS FROM FINANCING

ARUS KAS DARI AKTIVITAS PENDANAAN
Pembayaran utang obligasi (875.000.000) - Payment of bonds payable
Penerimaan utang bank jangka pendek 116.981.992 104.563.416
Pembayaran utang bank jangka pendek (80.619.837) (109.293.629)
Penerimaan utang bank jangka panjang 1.418.318.710 166.834.000
Pembayaran utang bank jangka panjang (380.471.202) (417.437.094)
Pembayaran utang pembelian aset tetap (781.991) (1.878.628)
Penerimaan utang lain-lain kepada
pihak berelasi 1.203.705 8.700.642
Pembayaran utang lain-lain kepada
pihak berelasi (6.337.694) (937.185)
Perolehan saham yang diperoleh kembali - (411.099.363)
Penerimaan utang obligasi - 99.000.000
Pembayaran biaya emisi obligasi - (1.368.484)
Pembayaran utang lembaga keuangan lainnya - (7.782.852)
Penerimaan setoran modal dan uang muka
setoran modal entitas anak dari
pemegang saham lainnya 3.400.000 93.592.640
Pembayaran dividen dan uang muka dividen
kepada kepentingan non-pengendali (116.482.450) (156.128.020)
Pembayaran kepemilikan saham
kepentingan non-pengendali - (1.350.000)
ACTIVITIES
Proceeds from short-term bank loans
Payment of short-term bank loans
Proceeds from long-term bank loans
Payment of long-term bank loans
Payment of liabilities for purchase of
property and equipment
Additional of other accounts payable
to related parties
Payment of other accounts payable
to related parties
Cost of treasury stocks
Proceeds from bonds payable
Payment of bond issuance costs
Payment of other financial institution liabilities
Additional capital contribution and advance
for capital stock subscription of
subsidiaries from other shareholders
Payment of dividends and advance dividends
to non-controlling interests
Payment of share from non-controlling
interests

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in) Financing
Aktivitas Pendanaan 80.211.233 (634.584.557) Activities

PENURUNAN BERSIH KAS DAN NET DECREASE IN CASH AND

SETARA KAS (1.718.026.401) (1.498.694.587) CASH EQUIVALENTS
Pengaruh perubahan kurs mata uang asing (3.289.908) 56.614.914 Effect of foreign exchange rate changes

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN 2.894.283.235 4.336.362.908 AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AKHIR TAHUN 1.172.966.926 2.894.283.235 AT END OF YEAR

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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F-13
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
1. UMUM
a. Pendirian dan Informasi Umum
PT Agung Podomoro Land (“Perusahaan”)
didirikan dengan akta No. 29 tanggal 30 Juli 2004
dari Sri Laksmi Damayanti, S.H., notaris
pengganti dari Siti Pertiwi Henny Singgih, S.H.,
notaris di Jakarta. Akta pendirian tersebut telah
disahkan oleh Menteri Kehakiman dan Hak Asasi
Manusia Republik Indonesia dengan Surat
Keputusan No. C-21538 HT.01.01.TH.2004 tanggal
26 Agustus 2004, serta diumumkan dalam Berita
Negara Republik Indonesia No. 91 tanggal
12 Nopember 2004, Tambahan No. 11289.
Anggaran dasar Perusahaan telah mengalami
beberapa kali perubahan, terakhir dengan akta
notaris No.11 tanggal 3 Juni 2015, dari
Ardi Kristiar, S.H., MBA, notaris pengganti dari
Yulia, S.H., notaris di Jakarta Selatan,
sehubungan dengan penyesuaian terhadap
Peraturan Otoritas Jasa Keuangan
No. 32/POJK.04/2014 mengenai Rencana dan
Penyelenggaraan Rapat Umum Pemegang Saham
Perusahaan Terbuka. Akta perubahan ini telah
diberitahukan kepada Menteri Hukum dan Hak
Asasi Manusia Republik Indonesia dengan Surat
Keputusan No. AHU-AH.01.03-0937300 tanggal
5 Juni 2015 dan telah diumumkan dalam Berita
Negara No. 95 tanggal 27 Nopember 2015,
Tambahan No. 525/L.
Sesuai dengan pasal 3 anggaran dasar
Perusahaan, ruang lingkup kegiatan Perusahaan
meliputi usaha dalam bidang real estat, termasuk
pembebasan tanah, pengembang, dan penjualan
tanah, baik tanah untuk perumahan, maupun
tanah untuk industri, serta penjualan tanah
berikut bangunannya. Perusahaan mulai
beroperasi secara komersial pada tahun 2004.
Pada saat ini kegiatan usaha yang dijalankan
Perusahaan meliputi pembebasan tanah,
pengembang real estat, persewaan dan penjualan
tanah berikut bangunannya atas apartemen,
pusat perbelanjaan dan perkantoran dengan
proyek Mediterania Garden Residence 2, Central
Park, Royal Mediterania Garden, Garden Shopping
Arcade, Gading Nias Emerald, Gading Nias
Residence, Grand Emerald, Gading Nias Shopping
Arcade, Madison Park, Garden Shopping Arcade 2
dan Grand Madison serta melakukan investasi
pada entitas anak dan asosiasi.
Perusahaan berdomisili di Jakarta dengan kantor
pusat beralamat di APL Tower, Jalan Letjen S.
Parman Kav. 28, Jakarta Barat.
Jumlah karyawan tetap Perusahaan dan entitas
anak (“Grup”) sebanyak 1.945 dan 1.985
karyawan masing-masing pada tanggal
31 Desember 2016 dan 2015.
Perusahaan tergabung dalam kelompok usaha
Agung Podomoro.
-7-
F-14
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
1. GENERAL
a. Establishment and General Information
PT. Agung Podomoro Land (the ”Company”) was
established based on Notarial Deed No. 29 dated
July 30, 2004, of Sri Laksmi Damayanti, S.H.,
replacement of Siti Pertiwi Henny Singgih, S.H.,
notary in Jakarta. The Deed of Establishment was
approved by the Minister of Justice and Human
Rights of the Republic of Indonesia through
Decision Letter No. C-21538 HT.01.01.TH.2004
dated August 26, 2004 and was published in the
State Gazette of the Republic of Indonesia No. 91
dated November 12, 2004, Supplements
No. 11289. The Company’s Articles of Association
have been amended several times, most recently
by Notarial Deed No. 11 dated June 3, 2015, of
Ardi Kristiar, S.H., MBA, replacement of
Yulia, S.H., notary in South Jakarta, regarding the
amendments to conform with Otoritas Jasa
Keuangan Regulation No. 32/POJK.04/2014 on
Planning and Implementation of General Meeting
of Shareholder of Limited Liability Companies. This
deed was acknowledged by the Minister of
Law and Human Rights of the Republic of
Indonesia through Decision Letter
No. AHU-AH.01.03-0937300 dated June 5, 2015,
and was published in State Gazette No. 95, dated
November 27, 2015, Supplement No. 525/L.
In accordance with Article 3 of the Company’s
Articles of Association, the scope of its activities is
to engage mainly in real estate business, including
land acquisition, development, and sale of land,
either land for housing, or land for industries, and
sale of land along with the building. The Company
started its commercial operations in 2004.
Currently, the Company’s main business activities
include land acquisition, real estate development,
rental and sale of land including building
apartments, malls and offices, with projects
namely Mediterania Garden Residence 2, Central
Park, Royal Mediterania Garden, Garden Shopping
Arcade, Gading Nias Emerald, Gading Nias
Residence, Grand Emerald, Gading Nias Shopping
Arcade, Madison Park, Garden Shopping Arcade 2
and Grand Madison and investing in subsidiaries
and associates.
The Company is domiciled in Jakarta with its head
office located at APL Tower, Jalan Letjen S.
Parman Kav. 28, West Jakarta.
The Company and its subsidiaries (”the Group”)
had average total number of 1,945 and 1,985
employees as of December 31, 2016 and 2015,
respectively.
The Company is part of Agung Podomoro Group.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Susunan pengurus Perusahaan pada tanggal The Company’s management as of December 31,
31 Desember 2016 dan 2015 adalah sebagai 2016 and 2015 consists of the following:
berikut:

31 Desember 2016/ 31 Desember 2015/

December 31, 2016 December 31, 2015
Komisaris Utama Bacelius Ruru C osmas Batubara President C ommissioner
Komisaris Independen Bacelius Ruru Bacelius Ruru Independent C ommissioner
Komisaris Wibowo Ngaserin Wibowo Ngaserin C ommissioner
Direktur Utama C osmas Batubara Ariesman Widjaja President Director
Wakil Direktur Utama H. Noer Indradjaja H. Noer Indradjaja Vice President Directors
Veriyanto Setiady Veriyanto Setiady
Indra Widjaja Antono

Direktur Bambang Setiobudi Madja Bambang Setiobudi Madja Directors

Miarni Ang Miarni Ang
Paul C hristian Ariyanto Paul C hristian Ariyanto
Direktur Independen C esar M. Dela C ruz C esar M. Dela C ruz Independent Director

Komite Audit Audit Committee

Ketua Bacelius Ruru Bacelius Ruru C hairman
Anggota Indaryono Indaryono Members
Djajarizki Djajarizki
Sekretaris Perusahaan Justini Omas Justini Omas C orporate Secretary

Kepala Audit Internal Laurence Untu Laurence Untu Internal Audit Head

b. Entitas Anak b. Consolidated Subsidiaries

Rincian entitas anak Grup pada akhir periode Details of the Group’s subsidiaries at the end of
pelaporan adalah sebagai berikut: the reporting period are as follows:

Persentase Tahun Operasi

Pemilikan/ Komersial/ Jumlah aset sebelum eliminasi/
Percentage of Start of Total assets before elimination
Entitas Anak/ Jenis Proyek/ Domisili/ Ownership Commercial Nama Proyek/ 31 Desember/December 31,
Subsidiaries Project Type Domicile 2016 2015 Operations Project Name 2016 2015
Rp'000 Rp'000
Kepemilikan langsung/Direct ownership

PT Brilliant Sakti Persada (BSP) Pusat perbelanjaan, Bandung 58,84% 58,84% 2009 Festival C ityLink 541.781.393 549.931.877
dan hotel/
Mall and hotel

PT Kencana Unggul Sukses (KUS) Pusat perbelanjaan, Jakarta 99,93% 99,82% 2009 Green Bay 4.600.983.876 3.803.125.383
dan apartemen /
Mall and
apartments

PT Arah Sejahtera Abadi (ASA) Pusat perbelanjaan, Jakarta 60,00% 60,00% 2005 Kuningan C ity 946.721.351 1.003.130.228
apartemen dan perkantoran/
Mall, apartments
and offices

PT Intersatria Budi Karya Pratama (IBKP) Apartemen/ Apartments Jakarta 80,00% 80,00% 2006 The Lavande 6.411.738 6.941.960

PT Buana Surya Makmur (BSM) Apartemen, perumahan dan Jakarta 99,94% 99,93% 2010 Green Lake 795.257.385 806.503.665
Rumah toko/Apartments, Sunter
housing and shop houses

PT Kharisma Bhakti Sejahtera (KBS) Apartemen dan perumahan/ Jakarta 70,00% 70,00% 2010 Green Permata 129.990.094 144.046.380
Apartments and housing

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F-15
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Persentase Tahun Operasi

Pemilikan/ Komersial/ Jumlah aset sebelum eliminasi/
Percentage of Start of Total assets before elimination
Entitas Anak/ Jenis Proyek/ Domisili/ Ownership Commercial Nama Proyek/ 31 Desember/December 31,
Subsidiaries Project Type Domicile 2016 2015 Operations Project Name 2016 2015
Rp'000 Rp'000

PT Central Pesona Palace (C PP) *) Pengelola hotel/Hotel operator Jakarta 100,00% 100,00% 2011 Hotel Pullman 55.898.659 59.176.860
Jakarta Central Park

PT Central Indah Palace (C IP) Pemilik dan pengelola hotel/ Jakarta 75,00% 75,00% 2011 Hotel Amaris 73.812.325 74.890.349
Owner and hotel operator Thamrin City

PT Pesona Gerbang Karawang (PGK) Perumahan/Housing Karawang 90,00% 90,00% 1993 Grand Taruma 526.059.397 586.533.838

PT Griya Pancaloka (GPL) Pemilik dan pengelola hotel/ Bali 99,92% 99,91% 2013 Sofitel Nusa Dua 1.408.914.806 1.459.345.469
Owner and hotel operator Bali Beach Resort

PT Putra Adhi Prima (PAP) Perumahan dan pengelola Jawa Barat 99,90% 99,90% 2012 Vimala Hills 585.254.725 680.932.129
hotel/
Housing and hotel operator

PT Cipta Pesona Karya (C PKA) Rumah kantor, perkantoran Jakarta 99,99% 99,99% 2012 SOHO@ 443.846.444 380.479.596
dan pusat perbelanjaan/ Pancoran
Home office, offices and mall

PT Karya Gemilang Perkasa (KGP) Perusahaan investasi/ Jakarta 99,90% 99,90% 2011 - 693.644.441 768.251.650
Investment holding company

PT Tiara Metropolitan Indah (TMI) Rumah kantor, perkantoran Jakarta 99,93% 99,93% 2012 SOHO@ 1.242.542.825 1.257.969.235
dan pusat perbelanjaan/ Podomorocity
Home office, offices and mall

PT Alam Hijau Teduh (AHT) Apartemen/Apartments Jakarta 80,00% 80,00% 2012 Metro Park 142.667.910 220.116.424
Residence

PT Central Cipta Bersama (CCB) - Makassar 51,00% 51,00% Pra-operasi / - 75.358.346 75.534.916
Pre-operating

PT Tunas Karya Bersama (TKB) - Makassar 51,00% 51,00% Pra-operasi / - 92.257.647 92.308.848
Pre-operating

PT Sentral Agung Indah (SAI) Pemilik dan pengelola hotel/ Jakarta 51,00% 51,00% 2013 The BnB Hotel 53.441.422 58.330.777
Owner and hotel operator

PT Agung Kencana Sukses (AKS) *) - Jakarta 100,00% 100,00% Pra-operasi / - 40.042.758 38.634.990
Pre-operating

PT JKS Realty (JKS) Apartemen/Apartments Bandung 51,00% 51,00% 2013 Parahyangan 146.514.401 253.078.434
Residences

PT Pandega Citraniaga (PCN) Pusat perbelanjaan Balikpapan 65,00% 65,00% 2012 The Plaza 1.162.696.138 1.038.340.467
dan apartemen/ Balikpapan
Mall and apartments

PT Bali Perkasasukses (BPS) Pemilik dan pengelola hotel/ Bali 51,00% 51,00% Pra-operasi / Hotel Indigo 1.053.051.482 663.956.089
Owner and hotel operator Pre-operating Seminyak Bali

PT Buana Makmur Indah (BMI) - Karawang 55,00% 55,00% Pra-operasi / - 777.672.202 563.958.522
Pre-operating

PT Graha Tunas Selaras (GTS) *) Apartemen/Apartments Jakarta 100,00% 100,00% 2015 Podomoro 708.984.139 356.656.975
Golf View

PT Alam Makmur Indah (AMI) - Karawang 70,00% 70,00% Pra-operasi/ - 545.188.484 529.337.304
Pre-operating

PT Tritunggal Lestari Makmur (TTLM) Pemilik dan pengelola hotel/ Bandung 87,50% 87,50% Pra-operasi/ Hotel Pullman 375.391.297 351.404.239
Owner and hotel operator Pre-operating Bandung City Center

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F-16
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Persentase Tahun Operasi

Pemilikan Komersial/ Jumlah aset sebelum eliminasi/
Percentage of Start of Total assets before elimination
Entitas Anak/ Jenis Proyek/ Domisili/ Ownership Commercial Nama Proyek/ 31 Desember/December 31,
Subsidiaries Project Type Domicile 2016 2015 Operations Project Name 2016 2015
Rp'000 Rp'000

PT Karya Pratama Propertindo (KPP) *) - Jakarta 100,00% 100,00% Pra-operasi / Sofitel Bali Ubud 190.014.603 146.854.832
Pre-operating Resort and Spa

PT Simprug Mahkota Indah (SMI) Apartemen/ Jakarta 60,00% 60,00% 2015 The Pakubuwono 840.007.671 1.020.569.734
Apartment Spring

PT Agung Pesona Unggul (APU) *) - Jakarta 100,00% 100,00% Pra-operasi / - 478.780 482.067
Pre-operating

PT Pesona Agung Lestari (PAL) *) - Jakarta 100,00% 100,00% Pra-operasi / - 1.023.681 1.012.564
Pre-operating

PT Griya Agung Sukses (GAS) *) - Jakarta 100,00% 100,00% Pra-operasi / - 18.740.911 499.900
Pre-operating

PT Dimas Pratama Indah (DPI) Apartemen, rumah toko dan Batam 80,00% 80,00% 2013 Orchard Park 874.337.928 674.513.497
rumah/Apartment, Batam
shop house and houses

PT Sinar Menara Deli (SMD) Apartemen, perkantoran, Medan 58,00% 58,00% 2013 Podomoro C ity 1.765.643.602 1.682.816.831
pusat perbelanjaan, dan Deli Medan
pengelola hotel/
Apartment, office , mall, and
hotel operator

PT Wahana Sentra Sejati (WSS) Rumah toko/ Jakarta 69,00% 69,00% 2013 Harco Glodok 738.598.319 464.497.144
shophouses

PT C aturmas Karsaudara (C MK) Pusat perbelanjaan/ Jakarta 50,01% 50,01% 2014 Plaza Kenari 307.180.873 349.364.196
Mall Mas

PT Graha C ipta Kharisma (GC K) - Jakarta 85,00% 85,00% Pra-operasi / Podomoro Park 643.874.635 598.306.738
Pre-operating

PT C entral Tata Makmur (C TM) - Jakarta 99,98% 99,98% Pra-operasi / - 500.000 500.000
Pre-operating

PT Podomoro Bangun Abadi (PBA) - Jakarta 99,98% 99,98% Pra-operasi / - 500.000 500.000
Pre-operating

PT Podomoro C entral Sejahtera (PC S) - Jakarta 99,98% 99,98% Pra-operasi / - 500.000 500.000
Pre-operating

PT Podomoro Sukses Lestari (PSL) - Jakarta 99,98% 99,98% Pra-operasi / - 500.000 500.000
Pre-operating

Kepemilikan tidak langsung/Indirect ownership

PT Pluit Propertindo (PP) **) Pusat perbelanjaan/ Jakarta 52,78% 52,78% 2009 Mal Emporium 693.280.942 713.179.504
Mall Pluit

PT Agung Dinamika Perkasa (ADP) ***) - Jakarta 99,93% 99,82% Pra-operasi / - 335.344.996 319.324.066
Pre-operating

PT Muara Wisesa Samudra (MWS) ***) - Jakarta 79,94% 79,86% 2012 Pluit C ity 2.731.639.148 1.826.403.840

PT Tirta Kelola Sukses (TKS) ***) - Jakarta 99,93% 99,82% Pra-operasi / - 9.842.907 8.020.666
Pre-operating

PT Kencana Kelola Sukses (KKS) ***) - Jakarta 99,83% 99,72% Pra-operasi / - 74.578 78.756
Pre-operating

PT Buana Surya Lestari (BSL) ****) - Jakarta 89,94% 89,91% Pra-operasi / - 272.573.950 272.374.244
Pre-operating

PT Jaladri Kartika Pakci (JKP) ****) - Jakarta 99,94% 99,90% Pra-operasi / - 492.249.884 480.972.076
Pre-operating

PT Astakona Megahtama (AM) *****) - Karawang 89,99% 89,99% Pra-operasi / - 168.697.537 151.167.618
Pre-operating

PT Tatar Kertabumi (TK) *****) - Karawang 89,93% 89,93% Pra-operasi / - 102.026.999 108.375.520
Pre-operating

PT Pandega Layar Prima (PLP) ******) - Balikpapan 64,94% 64,94% 2013 - 1.909.744 1.910.672

*) Termasuk kepemilikan tidak langsung melalui KUS sebesar 0,02%/Including indirect ownership through KUS for 0.02%
**) Kepemilikan tidak langsung melalui KGP / Indirect ownership throught KGP
***) Kepemilikan tidak langsung melalui KUS / Indirect ownership throught KUS
****) Kepemilikan tidak langsung melalui BSM / Indirect ownership throught BSM
*****) Kepemilikan tidak langsung melalui PGK / Indirect ownership throught PGK
******) Kepemilikan tidak langsung melalui PC N / Indirect ownership throught PCN

- 10 -

F-17
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
2015
Pada bulan Desember 2015, Perusahaan
mendirikan CTM, PBA, PCS dan PSL dengan
modal ditempatkan dan disetor masing-masing
sebesar Rp 499.900 ribu atau setara dengan
99,98% kepemilikan saham CTM, PBA, PCS dan
PSL.
Pada bulan Desember 2015, Perusahaan
membeli saham TTLM dari pemegang saham
lainnya, sebesar Rp 1.350.000 ribu atau setara
dengan 2,5% kepemilikan di TTLM. Selisih yang
timbul dari pembelian sebagian kepemilikan
entitas anak dengan nilai buku dari
kepentingan non-pengendali sebesar
Rp 533.012 ribu diakui sebagai selisih transaksi
ekuitas dengan pihak non-pengendali pada
laporan posisi keuangan konsolidasian.
c. Penawaran Umum Efek Perusahaan
Saham
Pada tanggal 1 Nopember 2010, Perusahaan
memperoleh pernyataan efektif dari Ketua Badan
Pengawas Pasar Modal dan Lembaga Keuangan
Bapepam-LK, (sekarang Otoritas Jasa Keuangan -
OJK) dengan suratnya No. S-9845/BL/2010 untuk
melakukan penawaran umum perdana
6.150.000.000 saham Perusahaan kepada
masyarakat. Pada tanggal 11 Nopember 2010,
saham tersebut telah dicatatkan pada Bursa Efek
Indonesia.
Pada tanggal 11 Nopember 2010, 14.350.000.000
saham Perusahaan milik pemegang saham pendiri
telah tercatat pada Bursa Efek Indonesia.
Pada tanggal 31 Desember 2016, seluruh saham
Perusahaan sebanyak 20.500.900.000 saham
telah tercatat pada Bursa Efek Indonesia.
Obligasi
Pada tanggal 18 Agustus 2011, Perusahaan
memperoleh pernyataan efektif dari OJK dengan
suratnya No. S-9303/BL/2011 untuk melakukan
Penawaran Umum Obligasi I Agung Podomoro
Land Tahun 2011 dengan nilai nominal
keseluruhan sebesar Rp 1.200.000.000 ribu dan
tingkat bunga tetap sebesar 10% untuk Obligasi
Seri A dan 11% untuk Obligasi Seri B
(Catatan 22). Pada tanggal 26 Agustus 2011,
obligasi tersebut telah dicatatkan pada Bursa Efek
Indonesia. Pada bulan Agustus 2016, seluruh
Obligasi I Agung Podomoro Land Tahun 2011 ini
telah dilunasi.
- 11 -
F-18
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
2015
In December 2015, the Company established
CTM, PBA, PCS and PSL with issued and paid-
up capital of Rp 499,900 thousand or
equivalent to 99.98% ownership in CTM, PBA,
PCS and PSL.
In December 2015, the Company bought
TTLM’s share from another shareholder,
amounting to Rp 1,350,000 thousand or
equivalent to 2.5% ownership in TTLM.
Difference between cash consideration from the
purchase of partial addition of interest in
subsidiaries and carrying amount of non-
controlling interest amounting to Rp 533,012
thousand was recognized as difference in value
of equity transaction with non-controlling
interest in the consolidated statements of
financial position.
c. Public Offering of Shares and Bonds of
the Company
Shares
On November 1, 2010, the Company obtained the
notice of effectivity from the Chairman of the
Capital Market and Financial Institution Agency
Bapepam-LK, (now Financial Service Authority of
Indonesia - OJK) in his letter No. S-9845/BL/2010
for its public offering of 6,150,000,000 shares.
On November 11, 2010, these shares were listed
on the Indonesia Stock Exchange.
On November 11, 2010, 14,350,000,000 shares
owned by the founding stockholders were listed on
the Indonesia Stock Exchange.
As of December 31, 2016, all of the Company’s
20,500,900,000 outstanding shares have been
listed on the Indonesia Stock Exchange.
Bonds
On August 18, 2011, the Company obtained the
notice of effectivity from OJK in its letter
No. S-9303/BL/2011 for its public offering of
Bonds I Agung Podomoro Land Year 2011
amounting to Rp 1,200,000,000 thousand with a
fixed coupon rate of 10% for A Series Bonds and
11% for B Series Bonds (Note 22). On August 26,
2011, the bonds were listed on the Indonesia
Stock Exchange. In August 2016, Bonds I Agung
Podomoro Land Year 2011 has been paid off.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pada tanggal 7 Agustus 2012, Perusahaan
memperoleh pernyataan efektif dari OJK dengan
suratnya No. S-9754/BL/2012 untuk melakukan
Penawaran Umum Obligasi II Agung Podomoro
Land Tahun 2012 dengan nilai nominal
keseluruhan sebesar Rp 1.200.000.000 ribu dan
tingkat bunga tetap sebesar 9,375% (Catatan
22). Pada tanggal 16 Agustus 2012, obligasi
tersebut telah dicatatkan pada Bursa Efek
Indonesia.
Pada tanggal 19 Juni 2013, Perusahaan
memperoleh pernyataan efektif dari OJK dengan
suratnya No. S-177/D.04/2013 untuk melakukan
Penawaran Umum Obligasi Berkelanjutan I Agung
Podomoro Land dengan target dana yang
dihimpun sebesar Rp 2.500.000.000 ribu. Dalam
rangka Penawaran Umum Obligasi Berkelanjutan
I tersebut Perusahaan menawarkan dan
menerbitkan Obligasi Berkelanjutan I Agung
Podomoro Land Tahap I Tahun 2013 dengan nilai
nominal sebesar Rp 1.200.000.000 ribu dan
tingkat bunga tetap sebesar 9,25% per tahun
(Catatan 22). Pada tanggal 27 Juni 2013, obligasi
tersebut telah dicatatkan pada Bursa Efek
Indonesia.
Pada tahun 2014, Perusahaan telah menerbitkan
Obligasi Berkelanjutan I Agung Podomoro Land
Tahap II dan Tahap III tahun 2014 dengan dana
yang dihimpun masing-masing sebesar
Rp 750.000.000 ribu dan Rp 451.000.000 ribu
dengan tingkat suku bunga tetap masing-masing
sebesar 12,25% dan 12,5% per tahun. Pada
tanggal 9 Juni 2014 dan 22 Desember 2014,
obligasi tersebut telah dicatat pada Bursa Efek
Indonesia.
Pada tahun 2015, Perusahaan menerbitkan
Obligasi Berkelanjutan I Agung Podomoro Land
Tahap IV tahun 2015 dengan dana yang dihimpun
sebesar Rp 99.000.000 ribu dengan tingkat suku
bunga tetap sebesar 11,25% per tahun. Pada
tanggal 26 Maret 2015, obligasi tersebut telah
dicatat pada Bursa Efek Indonesia.
2. PENERAPAN STANDAR AKUNTANSI KEUANGAN
BARU DAN REVISI (PSAK) DAN INTERPRETASI
STÁNDAR AKUNTANSI KEUANGAN (ISAK)
a. Standar yang berlaku efektif pada tahun
berjalan
Dalam tahun berjalan, Grup telah menerapkan
standar baru, sejumlah amandemen dan
interpretasi PSAK yang dikeluarkan oleh Dewan
Standar Akuntansi Keuangan dari Ikatan Akuntan
Indonesia yang relevan dengan operasinya dan
efektif untuk periode akuntansi yang dimulai pada
1 Januari 2016.
- 12 -
F-19
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
On August 7, 2012, the Company obtained the
notice of effectivity from OJK in his letter
No. S-9754/BL/2012 for its public offering of
Bonds II Agung Podomoro Land Year 2012
amounting to Rp 1,200,000,000 thousand with a
fixed coupon rate of 9.375% (Note 22). On
August 16, 2012, the bonds were listed on the
Indonesia Stock Exchange.
On June 19, 2013, the Company obtained the
notice of effectivity from OJK in its decision letter
No. S-177/D.04/2013 to conduct the Sustainable
Public Offering of Agung Podomoro Land Bond I
with collected target funds amounting to
Rp 2,500,000,000 thousand. Related to the Public
Offering, the Company offers and issues the
Sustainable Public Offering Agung Podomoro Land
Bond I Phase I year 2013 amounting to
Rp 1,200,000,000 thousand with annual fixed
coupon rate of 9.25% (Note 22). On June 27,
2013, the bonds have been listed on the Indonesia
Stock Exchange.
In 2014, the Company issued the Sustainable
Public Offering Agung Podomoro Land Bond I
Phase II and Phase III year 2014 with collected
target funds amounting to Rp 750,000,000
thousand and Rp 451,000,000 thousand,
respectively, with annual fixed coupon rate of
12.25% and 12.5%. On June 9, 2014 and
December 22, 2014, the bonds have been listed
on the Indonesia Stock Exchange.
In 2015, the Company issued the Sustainable
Public Offering Agung Podomoro Land Bond I
Phase IV year 2015 with collected target funds
amounting to Rp 99,000,000 thousand with
annual fixed coupon rate of 11.25%. On
March 26, 2015, the bonds have been listed on the
Indonesia Stock Exchange.
2. ADOPTION OF NEW AND REVISED STATEMENTS
OF FINANCIAL ACCOUNTING STANDARDS
(“PSAK”) AND INTERPRETATION OF PSAK
(“ISAK”)
a. Standards effective in the current year
In the current year, the Group has applied a new
standard, a number of amendments, and an
interpretation to PSAK issued by the Financial
Accounting Standard Board of the Indonesian
Institute of Accountants that are relevant to its
operations and effective for accounting period
beginning on January 1, 2016.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Penerapan amandemen dan interpretasi standar
berikut tidak memiliki pengaruh signifikan atas
pengungkapan atau jumlah yang dicatat di dalam
laporan keuangan konsolidasian pada tahun
berjalan dan tahun sebelumnya:
 Amandemen PSAK 4: Laporan Keuangan
Tersendiri
 Amandemen PSAK 5: Segmen Operasi
 Amandemen PSAK 7: Pengungkapan pihak-
pihak berelasi
 Amandemen PSAK 15: Investasi pada Entitas
Asosiasi dan Ventura Bersama
 Amandemen PSAK 16: Aset Tetap
 Amandemen PSAK 19: Aset Takberwujud
 Amandemen PSAK 22: Kombinasi Bisnis
 Amandemen PSAK 24: Imbalan Kerja
 Amandemen PSAK 65: Laporan Keuangan
Konsolidasian
 Amandemen PSAK 66: Pengaturan Bersama
 Amandemen PSAK 67: Pengungkapan
Kepentingan dalam Entitas
 Amandemen PSAK 68: Pengukuran Nilai
Wajar
 PSAK 70: Akuntansi Aset dan Liabilitas
Pengampunan Pajak
 ISAK 30: Pungutan
b. Standar dan interpretasi telah diterbitkan
tapi belum diterapkan
Amandemen standar dan interpretasi berikut
efektif untuk periode yang dimulai pada atau
setelah 1 Januari 2017, dengan penerapan dini
diperkenankan yaitu:
 PSAK 1: Penyajian Laporan Keuangan tentang
Prakarsa Pengungkapan
 ISAK 31: Interpretasi atas Ruang Lingkup
PSAK 13: Properti Investasi
Standar dan amandemen standar berikut efektif
untuk periode yang dimulai pada atau setelah
tanggal 1 Januari 2018, dengan penerapan dini
diperkenankan yaitu:
 PSAK 69: Agrikultur
 Amandemen PSAK 16: Aset Tetap
Sampai dengan tanggal penerbitan laporan
keuangan konsolidasian, manajemen sedang
mengevaluasi dampak dari standar dan
interpretasi ini terhadap laporan keuangan
konsolidasian.
3. KEBIJAKAN AKUNTANSI
a. Pernyataan Kepatuhan
Laporan keuangan konsolidasian Grup disusun
sesuai dengan Standar Akuntansi Keuangan di
Indonesia.
- 13 -
F-20
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The appllication of the following amendments, and
intepretation to standards have not resulted to
material impact to disclosures or on the amounts
recognized in the current and prior year
consolidated financial statements:
 Amendments to PSAK 4: Separate Financial
Statements
 Amendments to PSAK 5: Operating Segments
 Amendments to PSAK 7: Related Party
Disclosures
 Amendments to PSAK 15: Investments in
Associates and Joint Ventures
 Amendments to PSAK 16: Property, Plant and
Equipment
 Amendments to PSAK 19: Intangible Assets
 Amendments to PSAK 22: Business
Combination
 Amendments to PSAK 24: Employee Benefits
 Amendments to PSAK 65: Consolidated
Financial Statements
 Amendments to PSAK 66: Joint Arrangements
 Amendments to PSAK 67: Disclosure of
Interest in Other Entities
 Amendments to PSAK 68: Fair Value
Measurement
 PSAK 70: Accounting for Tax Amnesty Asset
and Liability
 ISAK 30: Levies
b. Standards and interpretations issued not yet
adopted
New standards, amendments and interpretation
effective for periods beginning on or after
January 1, 2017, with early application is
permitted are the following:
 PSAK 1: Presentation of Financial Statements
about Disclosure Initiative
 ISAK 31: Scope Interpretation of PSAK 13:
Investment Property.
Standard and amendment to standard effective for
periods beginning on or after January 1, 2018, with
early application permitted are:
 PSAK 69: Agriculture
 Amendments to PSAK 16: Property, Plant and
Equipment
As of the issuance date of the consolidated
financial statements, management is still
evaluating the effect of these standards and
interpretations on the consolidated financial
statements.
3. SIGNIFICANT ACCOUNTING POLICIES
a. Statement of Compliance
The consolidated financial statements of the
Group have been prepared in accordance with
Indonesian Financial Accounting Standards.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
b. Dasar Penyusunan
Dasar penyusunan laporan keuangan
konsolidasian adalah biaya historis, kecuali
instrumen keuangan tertentu yang diukur pada
nilai wajar pada setiap akhir periode pelaporan,
yang dijelaskan dalam kebijakan akuntansi di
bawah ini.
Biaya historis umumnya didasarkan pada nilai
wajar dari imbalan yang diberikan dalam
pertukaran barang dan jasa.
Nilai wajar adalah harga yang akan diterima
untuk menjual suatu aset atau harga yang akan
dibayar untuk mengalihkan suatu liabilitas dalam
suatu transaksi teratur antara pelaku pasar pada
tanggal pengukuran.
Laporan arus kas konsolidasian disusun dengan
menggunakan metode langsung dengan
mengelompokkan arus kas dalam aktivitas
operasi, investasi dan pendanaan.
c. Dasar Konsolidasian
Laporan keuangan konsolidasian
menggabungkan laporan keuangan Perusahaan
dan entitas yang dikendalikan oleh Perusahaan
dan entitas anak (termasuk entitas terstruktur).
Pengendalian tercapai dimana Perusahaan
memiliki kekuasaan atas investee; eksposur atau
hak atas imbal hasil variabel dari keterlibatannya
dengan investee; dan kemampuan untuk
menggunakan kekuasaannya atas investee untuk
mempengaruhi jumlah imbal hasil investor.
Perusahaan menilai kembali apakah entitas
tersebut adalah investee jika fakta dan keadaan
yang mengindikasikan adanya perubahan
terhadap satu atau lebih dari tiga elemen
pengendalian yang disebutkan di atas.
Ketika Perusahaan memiliki kurang dari hak
suara mayoritas di-investee, ia memiliki
kekuasaan atas investee ketika hak suara
investor cukup untuk memberinya kemampuan
praktis untuk mengarahkan aktivitas relevan
secara sepihak. Perusahaan mempertimbangkan
seluruh fakta dan keadaan yang relevan dalam
menilai apakah hak suara Perusahaan cukup
untuk memberikan Perusahaan kekuasaan,
termasuk (i) ukuran kepemilikan hak suara
Perusahaan relatif terhadap ukuran dan
penyebaran kepemilikan pemilik hak suara lain;
(ii) hak suara potensial yang dimiliki oleh
Perusahaan, pemegang suara lain atau pihak
lain; (iii) hak yang timbul dari pengaturan
kontraktual lain; dan (iv) setiap fakta dan
keadaan tambahan apapun mengindikasikan
bahwa Perusahaan memiliki, atau tidak memiliki,
kemampuan kini untuk mengarahkan aktivitas
yang relevan pada saat keputusan perlu dibuat,
termasuk pola suara pemilikan dalam RUPS
sebelumnya.
- 14 -
F-21
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
b. Basis of Preparation
The consolidated financial statements have been
prepared on the historical cost basis except for
certain financial instruments that are measured
at fair values at the end of each reporting period,
as explained in the accounting policies below.
Historical cost is generally based on the fair value
of the consideration given in exchange for goods
and services.
Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date.
The consolidated statements of cash flows are
prepared using the direct method with
classifications of cash flows into operating,
investing and financing activities.
c. Basis of Consolidation
The consolidated financial statements incorporate
the financial statements of the Company and
entities (including structured entities) controlled
by the Company and its subsidiaries. Control is
achieved where the Company has the power over
the investee; is exposed, or has rights, to variable
returns from its involvement with the investee;
and has the ability to use its power to affect its
returns.
The Company reassesses whether or not it
controls an investee if facts and circumstances
indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of
the voting rights of an investee, it has power over
the investee when the voting rights are sufficient
to give it the practical ability to direct the relevant
activities of the investee unilaterally. The
Company considers all relevant facts and
circumstances in assessing whether or not the
Company’s voting rights in an investee are
sufficient to give it power, including (i) the size of
the Company’s holding of voting rights relative to
the size and dispersion of holding of the other
vote holders; (ii) potential voting rights held by
the Company, other vote holders or other parties;
(iii) rights arising from other contractual
arrangements; and (iv) any additional facts and
circumstances that indicate that the Company
has, or does not have, the current ability to direct
the relevant activities at the time that decisions
need to be made, including voting patterns at
previous shareholders’ meetings.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Konsolidasi entitas anak dimulai ketika
Perusahaan memperoleh pengendalian atas
entitas anak dan akan dihentikan ketika
Perusahaan kehilangan pengendalian pada
entitas anak. Secara khusus, pendapatan dan
beban entitas anak diakuisisi atau dijual selama
tahun berjalan termasuk dalam laporan laba rugi
konsolidasian dan penghasilan komprehensif lain
dari tanggal diperolehnya pengendalian
Perusahaan sampai tanggal ketika Perusahaan
berhenti untuk mengendalikan entitas anak.
Laba rugi dan setiap komponen penghasilan
komprehensif lain diatribusikan kepada pemilik
entitas induk dan untuk kepentingan non-
pengendali. Perusahaan juga mengatribusikan
total laba komprehensif entitas anak kepada
pemilik entitas induk dan kepentingan non-
pengendali meskipun hal tersebut
mengakibatkan kepentingan non-pengendali
memiliki saldo defisit.
Jika diperlukan, penyesuaian dapat dilakukan
terhadap laporan keuangan entitas anak agar
kebijakan akuntansi yang digunakan sesuai
dengan kebijakan akuntansi yang digunakan oleh
Grup.
Seluruh aset dan liabilitas dalam intra kelompok
usaha, ekuitas, pendapatan, biaya dan arus kas
yang berkaitan dengan transaksi dalam kelompok
usaha dieliminasi secara penuh pada saat
konsolidasian.
Kepentingan non-pengendali pada entitas anak
diidentifikasi secara terpisah dan disajikan dalam
ekuitas. Kepentingan non-pengendali pemegang
saham awalnya diukur baik pada nilai wajar
ataupun pada proporsi pemilikan kepentingan
non-pengendali dari nilai wajar aset neto yang
dapat diidentifikasi dari pihak yang diakuisisi.
Pilihan pengukuran dilakukan pada akuisisi
dengan dasar akuisisi. Setelah akuisisi, jumlah
tercatat kepentingan non-pengendali adalah
jumlah kepemilikan pada pengakuan awal
ditambah bagian kepentingan non-pengendali
dari perubahan selanjutnya dalam ekuitas.
Seluruh laba rugi komprehensif diatribusikan
pada kepentingan non-pengendali bahkan jika
hal ini mengakibatkan kepentingan non-
pengendali mempunyai saldo defisit.
Perubahan kepemilikan Grup pada entitas anak
yang tidak mengakibatkan kehilangan
pengendalian Grup atas entitas anak dicatat
sebagai transaksi ekuitas. Jumlah tercatat dari
kepemilikan Grup dan kepentingan
nonpengendali disesuaikan untuk mencerminkan
perubahan kepentingan relatifnya dalam entitas
anak. Selisih antara jumlah tercatat kepentingan
nonpengendali yang disesuaikan dan nilai wajar
imbalan yang dibayar atau diterima diakui secara
langsung dalam ekuitas dan diatribusikan dengan
pemilik entitas induk.
- 15 -
F-22
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Consolidation of a subsidiary begins when the
Company obtains control over the subsidiary and
ceases when the Company loses control of the
subsidiary. Specifically, income and expense of a
subsidiary acquired or disposed of during the year
are included in the consolidated statement of
profit or loss and other comprehensive income
from the date the Company gains control until the
date when the Company ceases to control the
subsidiary.
Profit or loss and each component of other
comprehensive income are attributed to the
owners of the Company and to the non-
controlling interest. Total comprehensive income
of subsidiaries is attributed to the owners of the
Company and the non-controlling interest even if
this results in the non-controlling interest having
a deficit balance.
When necessary, adjustments were made to the
financial statements of the subsidiaries to bring
the accounting policies used in line with those
used by the other member of Group.
All intragroup assets and liabilities, equity,
income, expenses and cash flows relating to
transactions between members of the Group are
eliminated in full on consolidation.
Non-controlling interests in subsidiaries are
identified separately and presented within equity.
The interest of non-controlling shareholders
maybe initially measured either at fair value or at
the non-controlling interests’ proportionate share
of the recognized amounts of the fair value of the
acquiree’s identifiable net asset. The choice of
measurement is made on acquisition by
acquisition basis. Subsequent to acquisition, the
carrying amount of non-controlling interests is
the amount of those interests at initial recognition
plus non-controlling interests’ share of
subsequent changes in equity. Total
comprehensive income of subsidiaries is
attributed to the owners of the Company and to
the non-controlling interests even if this results in
the non-controlling interests having deficit
balance.
Changes in the Group’s ownership interest in
existing subsidiaries that do not result in the
Group losing control over the subsidiaries are
accounted for as equity transactions. The
carrying amounts of the Group’s interest and the
non-controlling interest are adjusted to reflect
the changes in their relative interest in the
subsidiaries. Any difference between the amount
by which the non-controlling interest are adjusted
and the fair value of the consideration paid or
received is recognized directly in equity and
attributed to owners of the Company.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Ketika Grup kehilangan pengendalian pada
entitas anak, keuntungan atau kerugian diakui
dalam laba rugi dan dihitung sebagai perbedaan
antara (i) agregat nilai wajar pembayaran yang
diterima dan nilai wajar sisa kepemilikan
(retained interest) dan (ii) jumlah tercatat
sebelumnya dari aset (termasuk goodwill), dan
liabilitas dari entitas anak dan setiap kepentingan
non-pengendali. Seluruh jumlah yang diakui
sebelumnya dalam penghasilan komprehensif
lain yang terkait dengan entitas anak yang
dicatat seolah-olah Grup telah melepaskan
secara langsung aset atau liabilitas terkait entitas
anak (yaitu direklasifikasi ke laba rugi atau
ditransfer ke kategori lain dari ekuitas
sebagaimana ditentukan / diizinkan oleh standar
akuntansi yang berlaku). Nilai wajar setiap sisa
investasi pada entitas anak terdahulu pada
tanggal hilangnya pengendalian dianggap
sebagai nilai wajar pada saat pengakuan awal
untuk akuntansi berikutnya dalam PSAK 55,
Instrumen Keuangan: Pengakuan dan
Pengukuran atau, ketika berlaku, biaya perolehan
pada saat pengakuan awal dari investasi pada
entitas asosiasi atau ventura bersama.
d. Kombinasi Bisnis
Akuisisi bisnis dicatat dengan menggunakan
metode akuisisi. Imbalan yang dialihkan dalam
suatu kombinasi bisnis diukur pada nilai wajar,
yang dihitung sebagai hasil penjumlahan dari
nilai wajar tanggal akuisisi atas seluruh aset yang
dialihkan oleh Grup, liabilitas yang diakui oleh
Grup kepada pemilik sebelumnya dari pihak yang
diakuisisi dan kepentingan ekuitas yang
diterbitkan oleh Grup dalam pertukaran
pengendalian dari pihak yang diakuisisi. Biaya-
biaya terkait akuisisi diakui di dalam laba rugi
pada saat terjadinya.
Pada tanggal akuisisi, aset teridentifikasi yang
diperoleh dan liabilitas yang diambil alih diakui
pada nilai wajar kecuali untuk aset dan liabilitas
tertentu yang diukur sesuai dengan standar yang
relevan.
Goodwill diukur sebagai selisih lebih dari nilai
gabungan dari imbalan yang dialihkan, jumlah
setiap kepentingan non-pengendali pada pihak
diakuisisi dan nilai wajar pada tanggal akuisisi
kepentingan ekuitas yang sebelumnya dimiliki
oleh pihak pengakuisisi pada pihak diakuisisi (jika
ada) atas jumlah neto dari aset teridentifikasi
yang diperoleh dan liabilitas yang diambilalih
pada tanggal akuisisi. Jika, setelah penilaian
kembali, jumlah neto dari aset teridentifikasi
yang diperoleh dan liabilitas yang diambilalih
pada tanggal akuisisi melebihi jumlah imbalan
yang dialihkan, jumlah dari setiap kepentingan
non pengendali pada pihak diakuisisi dan nilai
wajar pada tanggal akuisisi kepentingan ekuitas
yang sebelumnya dimiliki oleh pihak pengakuisisi
pada pihak diakuisisi (jika ada), selisih lebih
diakui segera dalam laba rugi sebagai pembelian
dengan diskon.
- 16 -
F-23
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
When the Group losses control of a subsidiary, a
gain or loss is recognized in profit or loss and is
calculated as the difference between (i) the
aggregate of the fair value of the consideration
received and the fair value of any retained
interest and (ii) the previous carrying amount of
the assets (including goodwill), and liabilities of
the subsidiary and any non-controlling interest.
All amounts previously recognized in other
comprehensive income in relation to that
subsidiary are accounted for as if the Group had
directly disposed of the related assets or liabilities
of the subsidiary (i.e. reclassified to profit or loss
or transferred to another category of equity as
specified/permitted by applicable accounting
standards). The fair value of any investment
retained in the former subsidiary at the date
when control is lost is regarded as the fair value
on initial recognition for subsequent accounting
under PSAK 55, Financial Instruments:
Recognition and Measurement or, when
applicable, the cost on initial recognition of an
investment in an associate or a jointly controlled
entity.
d. Business Combinations
Acquisitions of businesses are accounted for
using the acquisition method. The consideration
transferred in a business combination is
measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the
assets transferred by the Group, liabilities
incurred by the Group to the former owners of the
acquiree, and the equity interests issued by the
Group in exchange for control of the acquiree.
Acquisition-related costs are recognized in profit
or loss as incurred.
At the acquisition date, the identifiable assets
acquired and the liabilities assumed are
recognized at their fair value except for certain
assets and liabilities that are measured in
accordance with the relevant standards.
Goodwill is measured as the excess of the sum of
the consideration transferred, the amount of any
non-controlling interests in the acquiree, and the
fair value of the acquirer’s previously held equity
interest in the acquire (if any) over the net of the
acquisition-date amounts of the identifiable
assets acquired and the liabilities assumed. If,
after the reassessment, the net of the acquisition-
date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the
consideration transferred, the amount of any
non-controlling interests in the acquiree and the
fair value of the acquirer’s previously held
interest in the acquiree (if any), the excess is
recognized immediately in profit or loss as a
bargain purchase option.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Kepentingan non-pengendali yang menyajikan
bagian kepemilikan dan memberikan mereka hak
atas bagian proposional dari aset neto entitas
dalam hal terjadi likuidasi pada awalnya diukur
baik pada nilai wajar ataupun pada bagian
proporsional kepemilikan kepentingan non-
pengendali atas aset neto teridentifikasi dari
pihak yang diakuisisi. Pilihan dasar pengukuran
dilakukan atas dasar transaksi. Kepentingan non-
pengendali jenis lain diukur pada nilai wajar atau,
jika berlaku, pada dasar pengukuran lain yang
ditentukan oleh standar akuntansi lain.
Bila imbalan yang dialihkan oleh Grup dalam
suatu kombinasi bisnis termasuk aset atau
liabilitas yang berasal dari pengaturan imbalan
kontinjen (contingent consideration
arrangement), imbalan kontinjen tersebut diukur
pada nilai wajar pada tanggal akuisisi dan
termasuk sebagai bagian dari imbalan yang
dialihkan dalam suatu kombinasi bisnis.
Perubahan dalam nilai wajar atas imbalan
kontinjen yang memenuhi syarat sebagai
penyesuaian periode pengukuran disesuaikan
secara retrospektif, dengan penyesuaian terkait
terhadap goodwill. Penyesuaian periode
pengukuran adalah penyesuaian yang berasal
dari informasi tambahan yang diperoleh selama
periode pengukuran (yang tidak melebihi satu
tahun sejak tanggal akuisisi) tentang fakta-fakta
dan kondisi yang ada pada tanggal akuisisi.
Akuntansi berikutnya untuk perubahan nilai
wajar dari imbalan kontinjensi yang tidak
memenuhi syarat sebagai penyesuaian periode
pengukuran tergantung pada bagaimana imbalan
kontinjensi diklasifikasikan. Imbalan kontinjensi
yang diklasifikasikan sebagai ekuitas tidak diukur
kembali pada setiap tanggal pelaporan dan
penyelesaian selanjutnya diperhitungkan dalam
ekuitas. Imbalan kontinjensi yang diklasifikasikan
sebagai aset atau liabilitas diukur kembali pada
nilai wajar pada setiap tanggal pelaporan, dengan
perubahan nilai wajar diakui dalam laba rugi.
Bila suatu kombinasi bisnis dilakukan secara
bertahap, kepemilikan terdahulu Grup atas pihak
terakuisisi diukur kembali ke nilai wajar pada
tanggal akuisisi dan keuntungan atau kerugian
dihasilkan, jika ada, diakui dalam laba rugi.
Jumlah yang berasal dari kepemilikan sebelum
tanggal akuisisi yang sebelumnya telah diakui
dalam penghasilan komprehensif lain
direklasifikasi ke laba rugi dimana perlakuan
tersebut akan sesuai jika kepemilikan tersebut
dilepas/dijual.
Jika akuntansi awal untuk kombinasi bisnis belum
selesai pada akhir periode pelaporan saat
kombinasi terjadi, Grup melaporkan jumlah
sementara untuk pos-pos yang proses
akuntansinya belum selesai dalam laporan
keuangannya. Selama periode pengukuran, pihak
pengakuisisi menyesuaikan, aset atau liabilitas
tambahan yang diakui, untuk mencerminkan
informasi baru yang diperoleh tentang fakta dan
keadaan yang ada pada tanggal akuisisi dan, jika
diketahui, akan berdampak pada jumlah yang
diakui pada tanggal tersebut.
- 17 -
F-24
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Non-controlling interests that are present
ownership interests and entitle their holders to a
proportionate share of the entity’s net assets in
the event of liquidation may be initially measured
either at fair value or at the non-controlling
interests’ proportionate share of the acquiree’s
identifiable net assets. The choice of
measurement basis is made on a transaction-by-
transaction basis. Other types of non-controlling
interests are measured at fair value or, when
applicable, on the basis specified in another
accounting standard.
When the consideration transferred by the Group
in a business combination includes assets or
liabilities resulting from a contingent
consideration arrangement, the contingent
consideration is measured at its acquisition-date
fair value and included as part of the
consideration transferred in a business
combination.
Changes in the fair value of the contingent
consideration that qualify as measurement period
adjustments are adjusted retrospectively, with
corresponding adjustments against goodwill.
Measurement period adjustments are
adjustments that arise from additional
information obtained during the measurement
period (which cannot exceed one year from the
acquisition date) about facts and circumstances
that existed at the acquisition date.
The subsequent accounting for changes in the fair
value of the contingent consideration that do not
qualify as measurement period adjustments
depends on how the contingent consideration is
classified. Contingent consideration that is
classified as equity is not remeasured at
subsequent reporting dates and its subsequent
settlement is accounted for within equity.
Contingent consideration that is classified as an
asset or liability is remeasured subsequent to
reporting dates at fair value, with changes in fair
value recognised in profit or loss.
When a business combination is achieved in
stages, the Group’s previously held equity
interest in the acquiree is remeasured to fair
value at the acquisition date and the resulting
gain or loss, if any, is recognized in profit or loss.
Amounts arising from interests in the acquiree
prior to the acquisition date that have previously
been recognized in other comprehensive income
are reclassified to profit or loss where such
treatment would be appropriate if that interests
were disposed of.
If the initial accounting for a business
combination is incomplete by the end of the
reporting period in which the combination occurs,
the Group reports provisional amounts for the
items for which the accounting is incomplete.
Those provisional amounts are adjusted during
the measurement period, or additional assets or
liabilities are recognized, to reflect new
information obtained about facts and
circumstances that existed as of the acquisition
date that, if known, would have affected the
amount recognized as of that date.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
e. Transaksi dan Saldo Dalam Mata Uang Asing
Laporan keuangan individu masing-masing
entitas Grup diukur dan disajikan dalam mata
uang dari lingkungan ekonomi utama dimana
entitas beroperasi (mata uang fungsional).
Laporan keuangan konsolidasian dari Grup dan
laporan posisi keuangan Perusahaan disajikan
dalam mata uang Rupiah yang merupakan mata
uang fungsional Perusahaan dan mata uang
penyajian untuk laporan keuangan konsolidasian.
Dalam penyusunan laporan keuangan setiap
entitas individual grup, transaksi dalam mata
uang asing selain mata uang fungsional entitas
(mata uang asing) diakui pada kurs yang berlaku
pada tanggal transaksi. Pada setiap akhir perode
pelaporan, pos moneter dalam valuta asing
dijabarkan kembali pada kurs yang berlaku pada
tanggal tersebut. Pos-pos non moneter yang
diukur pada nilai wajar dalam valuta asing
dijabarkan kembali pada kurs yang berlaku pada
tanggal ketika nilai wajar ditentukan. Pos
nonmoneter diukur dalam biaya historis dalam
valuta asing yang tidak dijabarkan kembali.
Selisih kurs atas pos moneter diakui dalam laba
rugi pada periode saat terjadinya kecuali untuk:
- Selisih kurs atas pinjaman valuta asing yang
berkaitan dengan aset dalam konstruksi
untuk penggunaan yang produktif di masa
depan, termasuk dalam biaya perolehan aset
tersebut ketika dianggap sebagai
penyesuaian atas biaya bunga atas pinjaman
valuta asing.
- Selisih kurs atas transaksi yang ditetapkan
untuk tujuan lindung nilai risiko valuta asing
tertentu.
- Selisih kurs atas pos moneter piutang atau
utang pada kegiatan dalam valuta asing
yang penyelesaiannya tidak direncanakan
atau tidak mungkin terjadi (membentuk
bagian dari investasi bersih dalam kegiatan
usaha luar negeri), yang pada awalnya
diakui pada penghasilan komprehensif lain
dan direklasifikasi dari ekuitas ke laba rugi
pada pembayaran kembali pos moneter.
f. Transaksi Pihak-pihak Berelasi
Pihak-pihak berelasi adalah orang atau entitas
yang terkait dengan Grup (entitas pelapor):
a. Orang atau anggota keluarga dekatnya
mempunyai relasi dengan entitas pelapor jika
orang tersebut:
i. memiliki pengendalian atau pengendalian
bersama entitas pelapor;
ii. memiliki pengaruh signifikan entitas
pelapor ; atau
iii. merupakan personil manajemen kunci
entitas pelapor atau entitas induk dari
entitas pelapor.
- 18 -
F-25
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
e. Foreign Currency Transactions and Balances
The individual financial statements of each Group
entity are measured and presented in the
currency of the primary economic environment in
which the entity operates (its functional
currency). The consolidated financial statements
of the Group and the statement of financial
position of the company are presented in
Indonesian Rupiah, which is the functional
currency of the company and the presentation
currency for the consolidated financial
statements.
In preparing the financial statements of each
individual group entity, transactions in currencies
other than the entity’s functional currency
(foreign currencies) are recognized at the rates of
exchange prevailing at the dates of the
transactions. At the end of each reporting period,
monetary items denominated in foreign
currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair
value that are denominated in foreign currencies
are retranslated at the rates prevailing at the date
when the fair value was determined. Non-
monetary items that are measured in terms of
historical cost in a foreign currency are not
retranslated.
Exchange differences on monetary items are
recognized in profit or loss in the period in which
they arise except for:
- Exchange differences on foreign currency
borrowing relating to assets under
construction for future productive use, which
are included in the cost of those assets when
they are regarded as an adjustment to
interest costs on those foreign currency
borrowing.
- Exchange differences on transaction entered
into in order to hedge certain foreign currency
risks.
- Exchange differences on monetary items
receivable or payable to a foreign currency
operation for which settlement is neither
planned nor likely to occur (therefore forming
part of the net investment in the foreign
operation), which are recognized initially in
other comprehensive income and reclassified
from equity to profit or loss on repayment of
the monetary items.
f. Transactions with Related Parties
A related party is a person or entity that is related
to the Group (the reporting entity):
a. A person or a close member of that person’s
family is related to the reporting entity if that
person:
i. has control or joint control over the
reporting entity;
ii. has significant influence over the reporting
entity; or
iii. a member of the key management
personnel of the reporting entity or of a
parent of the reporting entity.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
b. Suatu entitas berelasi dengan entitas pelapor
jika memenuhi salah satu hal berikut :
i. Entitas dan entitas pelapor adalah
anggota dari kelompok usaha yang sama
(artinya entitas induk, entitas anak, dan
entitas anak berikutnya saling berelasi
dengan entitas lain).
ii. Satu entitas adalah entitas asosiasi atau
ventura bersama dari entitas lain (atau
entitas asosiasi atau ventura bersama
yang merupakan anggota suatu
kelompok usaha, yang mana entitas lain
tersebut adalah anggotanya).
iii. Kedua entitas tersebut adalah ventura
bersama dari pihak ketiga yang sama.
iv. Satu entitas adalah ventura bersama dari
entitas ketiga dan entitas yang lain
adalah entitas asosiasi dari entitas ketiga.
v. Entitas tersebut adalah suatu program
imbalan pasca kerja untuk imbalan kerja
dari salah satu entitas pelapor atau
entitas yang terkait dengan entitas
pelapor. Jika entitas pelapor adalah
entitas yang menyelenggarakan program
tersebut, maka entitas sponsor juga
berelasi dengan entitas pelapor.
vi. Entitas yang dikendalikan atau
dikendalikan bersama oleh orang yang
diidentifikasi dalam huruf (a).
vii. Orang yang diidentifikasi dalam huruf (a)
(i) memiliki pengaruh signifikan atas
entitas atau merupakan personil
manajemen kunci entitas (atau entitas
induk dari entitas).
viii. Entitas, atau anggota dari kelompok yang
mana entitas merupakan bagian dari
kelompok tersebut, menyediakan jasa
personil manajemen kunci kepada entitas
pelapor atau kepada entitas induk dari
entitas pelapor.
Transaksi signifikan yang dilakukan dengan
pihak-pihak berelasi, baik dilakukan dengan
kondisi dan persyaratan yang sama dengan pihak
ketiga maupun tidak, diungkapkan pada laporan
keuangan konsolidasian.
g. Aset Keuangan
Seluruh aset keuangan diakui dan dihentikan
pengakuannya pada tanggal diperdagangkan
dimana pembelian dan penjualan aset keuangan
berdasarkan kontrak yang mensyaratkan
penyerahan aset keuangan dalam kurun waktu
yang ditetapkan oleh kebiasaan pasar yang
berlaku, dan awalnya diukur sebesar nilai wajar
ditambah biaya transaksi, kecuali untuk aset
keuangan yang diukur pada nilai wajar melalui
laba rugi, yang awalnya diukur sebesar nilai
wajar.
Aset keuangan Grup diklasifikasikan sebagai aset
keuangan tersedia untuk dijual (AFS) dan
pinjaman yang diberikan dan piutang.
- 19 -
F-26
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
b. An entity is related to the reporting entity if
any of the following conditions applies:
i. The entity, and the reporting entity are
members of the same Group (which
means that each parent, subsidiary and
fellow subsidiary is related to the others).
ii. One entity is an associate or joint venture
of the other entity (or an
associate or joint venture of a member of
a Group of which the other entity is a
member).
iii. Both entities are joint ventures of the
same third party.
iv. One entity is a joint venture of a third
entity and the other entity is an associate
of the third entity.
v. The entity is a post-employment benefit
plan for the benefit of employees of either
the reporting entity, or an entity related
to the reporting entity. If the reporting
entity is itself such a plan, the sponsoring
employers are also related to the
reporting entity.
vi. The entity is controlled or joint 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 a parent of the
entity).
viii. The entity, or any member of a group of
which it is a part, provides key
management personnel services to the
reporting entity or to the parent of the
reporting entity.
Significant transactions with related parties,
whether or not made at similar terms and
conditions as those done with third parties, are
disclosed in the consolidated financial
statements.
g. Financial Assets
All financial assets are recognized and
derecognized on trade date where the purchase
or sale of a financial asset is under a contract
whose terms require delivery of the financial
asset within the time frame established by the
market concerned, and are initially measured at
fair value plus transaction costs, except for those
financial assets classified as at fair value through
profit or loss, which are initially measured at fair
value.
The Group’s financial assets are classified as
available for sale (AFS) and loans and
receivables.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Aset keuangan tersedia untuk dijual (AFS)
Investasi dalam instrumen ekuitas yang tidak
tercatat di bursa yang tidak mempunyai kuotasi
harga pasar di pasar aktif dan nilai wajarnya
tidak dapat diukur secara andal diklasifikasikan
sebagai AFS, diukur pada biaya perolehan
dikurangi penurunan nilai.
Dividen atas instrumen ekuitas AFS, jika ada,
diakui pada laba rugi pada saat hak Grup untuk
memperoleh pembayaran dividen ditetapkan.
Pinjaman yang diberikan dan piutang
Kas dan setara kas, kecuali kas, piutang
pelanggan dan piutang lain-lain dengan
pembayaran tetap atau telah ditentukan dan
tidak mempunyai kuotasi di pasar aktif
diklasifikasi sebagai “pinjaman yang diberikan
dan piutang”, yang diukur pada biaya perolehan
diamortisasi dengan menggunakan metode suku
bunga efektif dikurangi penurunan nilai.
Bunga diakui dengan menggunakan metode suku
bunga efektif, kecuali piutang jangka pendek
dimana pengakuan bunga tidak material.
Metode suku bunga efektif
Metode suku bunga efektif adalah metode yang
digunakan untuk menghitung biaya perolehan
diamortisasi dari instrumen keuangan dan
metode untuk mengalokasikan pendapatan
bunga atau biaya selama periode yang relevan.
Suku bunga efektif adalah suku bunga yang
secara tepat mendiskontokan estimasi
penerimaan atau pembayaran kas masa datang
(mencakup seluruh komisi dan bentuk lain yang
dibayarkan dan diterima oleh para pihak dalam
kontrak yang merupakan bagian yang tak
terpisahkan dari suku bunga efektif, biaya
transaksi dan premium dan diskonto lainnya)
selama perkiraan umur instrumen keuangan,
atau, jika lebih tepat, digunakan periode yang
lebih singkat untuk memperoleh nilai tercatat
bersih dari aset keuangan pada saat pengakuan
awal.
Pendapatan diakui berdasarkan suku bunga
efektif untuk instrumen keuangan.
Penurunan nilai aset keuangan
Aset keuangan dievaluasi terhadap indikator
penurunan nilai pada setiap tanggal pelaporan.
Aset keuangan diturunkan nilainya bila terdapat
bukti objektif, sebagai akibat dari satu atau lebih
peristiwa yang terjadi setelah pengakuan awal
aset keuangan, dan peristiwa yang merugikan
tersebut berdampak pada estimasi arus kas masa
depan atas aset keuangan yang dapat diestimasi
secara andal.
Untuk investasi ekuitas AFS yang tercatat dan
tidak tercatat di bursa, penurunan yang
signifikan atau jangka panjang dalam nilai wajar
dari instrumen ekuitas dibawah biaya
perolehannya dianggap sebagai bukti obyektif
terjadinya penurunan nilai.
- 20 -
F-27
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Available-for-sale (AFS)
Investments in unlisted equity instruments that
are not quoted in an active market and whose fair
value cannot be reliably measured are also
classified as AFS, measured at cost less
impairment.
Dividends on AFS equity instruments, if any, are
recognized in profit or loss when the Group’s right
to receive the dividends are established.
Loans and receivables
Cash and cash equivalents, except for cash on
hand, receivable from customers and other
receivables that have fixed or determinable
payments that are not quoted in an active market
are classified as “loans and receivables”. Loans
and receivables are measured at amortised cost
using the effective interest method less
impairment.
Interest is recognized by applying the effective
interest method, except for short-term
receivables when the recognition of interest
would be immaterial.
Effective interest method
The effective interest method is a method of
calculating the amortised cost of a financial
instrument and of allocating interest income or
expense over the relevant period. The effective
interest rate is the rate that exactly discounts
estimated future cash receipts or payments
(including all fees and points paid or received that
from an integral part of the effective interest rate,
transaction costs and other premiums or
discounts) through the expected life of the
financial instrument, or, where appropriate, a
shorter period to the net carrying amount on
initial recognition.
Income is recognized on an effective interest
basis for financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of
impairment at each reporting date. Financial
assets are impaired when there is objective
evidence that, as a result of one or more events
that occurred after the initial recognition of the
financial asset, the estimated future cash flows of
the investment have been affected.
For listed and unlisted equity investments
classified as AFS, a significant or prolonged
decline in fair value of the security below its cost
is considered to be objective evidence of
impairment.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Bukti obyektif penurunan nilai termasuk sebagai
berikut:
 kesulitan keuangan signifikan yang dialami
penerbit atau pihak peminjam; atau
 pelanggaran kontrak, seperti terjadinya
wanprestasi atau tunggakan pembayaran
pokok atau bunga; atau
 terdapat kemungkinan bahwa pihak
peminjam akan dinyatakan pailit atau
melakukan reorganisasi keuangan.
Untuk kelompok aset keuangan tertentu, seperti
piutang, aset yang dinilai tidak akan diturunkan
secara individual akan dievaluasi penurunan
nilainya secara kolektif. Bukti objektif dari
penurunan nilai portofolio piutang dapat
termasuk pengalaman Grup atas tertagihnya
piutang di masa lalu, peningkatan keterlambatan
penerimaan pembayaran piutang dari rata-rata
periode kredit, dan juga pengamatan atas
perubahan kondisi ekonomi nasional atau lokal
yang berkorelasi dengan gagal bayar atas
piutang.
Untuk aset keuangan yang diukur pada biaya
perolehan yang diamortisasi, jumlah kerugian
penurunan nilai merupakan selisih antara jumlah
tercatat aset keuangan dengan nilai kini dari
estimasi arus kas masa depan yang
didiskontokan menggunakan suku bunga efektif
awal dari aset keuangan.
Untuk aset keuangan yang dicatat pada biaya
perolehan, jumlah kerugian penurunan nilai
diukur berdasarkan selisih antara jumlah tercatat
aset keuangan dan nilai kini estimasi arus kas
masa depan yang didiskontokan pada tingkat
imbal hasil yang berlaku di pasar untuk aset
keuangan yang serupa. Kerugian penurunan nilai
tersebut tidak dapat dibalik pada periode
berikutnya.
Jumlah tercatat aset keuangan tersebut
dikurangi dengan kerugian penurunan nilai
secara langsung atas aset keuangan, kecuali
piutang yang nilai tercatatnya dikurangi melalui
penggunaan akun cadangan piutang. Jika
piutang tidak tertagih, piutang tersebut
dihapuskan melalui akun cadangan piutang.
Pemulihan kemudian dari jumlah yang
sebelumnya telah dihapuskan dikreditkan
terhadap akun cadangan. Perubahan nilai
tercatat akun cadangan piutang diakui dalam
laba rugi.
Kecuali dari instrumen ekuitas AFS, jika, pada
periode berikutnya, jumlah kerugian penurunan
nilai berkurang dan pengurangan tersebut dapat
dikaitkan secara obyektif dengan peristiwa yang
terjadi setelah penurunan nilai diakui, kerugian
penurunan nilai yang diakui sebelumnya dibalik
melalui laba rugi hingga nilai tercatat investasi
pada tanggal pemulihan penurunan nilai
sepanjang nilainya tidak melebihi biaya
perolehan diamortisasi sebelum adanya
pengakuan kerugian penurunan nilai dilakukan.
- 21 -
F-28
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Objective evidence of impairment could include:
 significant financial difficulty of the issuer or
counterparty; or
 default or delinquency in interest or principal
payments; or
 it becoming probable that the borrower will
enter bankruptcy or financial re-
organization.
For certain categories of financial asset, such as
receivables, assets that are assessed not to be
impaired individually are, in addition, assessed
for impairment on a collective basis. Objective
evidence of impairment for a portfolio of
receivables could include the Group’s past
experiences of collecting payments, an increase
in the number of delayed payments in the
portfolio past the average credit period, as well
as observable changes in national or local
economic conditions that correlate with default on
receivables.
For financial assets carried at amortised cost, the
amount of the impairment is the difference
between the asset’s carrying amount and the
present value of estimated future cash flows,
discounted at the financial asset’s original
effective interest rate.
For financial asset carried at cost, the amount of
the impairment loss is measured as the difference
between the asset’s carrying amount and the
present value of the estimated future cash flows
discounted at the current market rate of return
for a similar financial asset. Such impairment loss
will not be reversed in subsequent periods.
The carrying amount of the financial asset is
reduced by the impairment loss directly for all
financial assets with the exception of receivables,
where the carrying amount is reduced through
the use of an allowance account. When a
receivable is considered uncollectible, it is written
off against the allowance account. Subsequent
recoveries of amounts previously written off are
credited against the allowance account. Changes
in the carrying amount of the allowance account
are recognized in profit or loss.
With the exception of AFS equity instruments, if,
in a subsequent period, the amount of the
impairment loss decreases and the decrease can
be related objectively to an event occurring after
the impairment was recognized, the previously
recognized impairment loss is reversed through
profit or loss to the extent that the carrying
amount of the investment at the date the
impairment is reversed does not exceed what the
amortised cost would have been had the
impairment not been recognized.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Penghentian pengakuan aset keuangan
Grup menghentikan pengakuan aset keuangan
jika dan hanya jika hak kontraktual atas arus kas
yang berasal dari aset keuangan berakhir, atau
Grup mentransfer aset keuangan dan secara
substansial mentransfer seluruh risiko dan
manfaat atas kepemilikan aset kepada entitas
lain. Jika Grup tidak mentransfer serta tidak
memiliki secara substansial atas seluruh risiko
dan manfaat kepemilikan serta masih
mengendalikan aset yang ditransfer, maka Grup
mengakui keterlibatan berkelanjutan atas aset
yang ditransfer dan liabilitas terkait sebesar
jumlah yang mungkin harus dibayar. Jika Grup
memiliki secara substansial seluruh risiko dan
manfaat kepemilikan aset keuangan yang
ditransfer, Grup masih mengakui aset keuangan
dan juga mengakui pinjaman yang dijamin
sebesar pinjaman yang diterima.
Penghentian pengakuan aset keuangan secara
keseluruhan, selisih antara jumlah tercatat aset
dan jumlah pembayaran dan piutang yang
diterima dan keuntungan atau kerugian
kumulatif yang telah diakui dalam penghasilan
komprehensif lain dan terakumulasi dalam
ekuitas diakui dalam laba rugi.
Penghentian pengakuan aset keuangan terhadap
satu bagian saja (misalnya ketika Grup masih
memiliki hak untuk membeli kembali bagian aset
yang ditransfer), Grup mengalokasikan jumlah
tercatat sebelumnya dari aset keuangan tersebut
pada bagian yang tetap diakui berdasarkan
keterlibatan berkelanjutan dan bagian yang tidak
lagi diakui berdasarkan nilai wajar relatif dari
kedua bagian tersebut pada tanggal transfer.
Selisih antara jumlah tercatat yang dialokasikan
pada bagian yang tidak lagi diakui dan jumlah
dari pembayaran yang diterima untuk bagian
yang tidak lagi diakui dan setiap keuntungan atau
kerugian kumulatif yang dialokasikan pada
bagian yang tidak lagi diakui tersebut yang
sebelumnya telah diakui dalam pendapatan
komprehensif lain diakui pada laba rugi.
Keuntungan dan kerugian kumulatif yang
sebelumnya diakui dalam penghasilan
komprehensif lain dialokasikan pada bagian yang
tetap diakui dan bagian yang dihentikan
pengakuannya, berdasarkan nilai wajar relatif
kedua bagian tersebut.
h. Liabilitas Keuangan dan Instrumen Ekuitas
Klasifikasi sebagai liabilitas atau ekuitas
Liabilitas keuangan dan instrumen ekuitas yang
diterbitkan oleh Grup diklasifikasi sesuai dengan
substansi perjanjian kontraktual dan definisi
liabilitas keuangan dan instrumen ekuitas.
Instrumen ekuitas
Instrumen ekuitas adalah setiap kontrak yang
memberikan hak residual atas aset Grup setelah
dikurangi dengan seluruh liabilitasnya.
Instrumen ekuitas dicatat sebesar hasil
penerimaan bersih setelah dikurangi biaya
penerbitan langsung.
- 22 -
F-29
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Derecognition of financial assets
The Group derecognizes a financial asset only
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards
of ownership of the asset to another entity. If the
Group neither transfers nor retains substantially
all the risks and rewards of ownership and
continues to control the transferred asset, the
Group recognizes its retained interest in the asset
and an associated liability for amounts it may
have to pay. If the Group retains substantially all
the risks and rewards of ownership of a
transferred financial asset, the Group continues
to recognize the financial asset and also recognize
a collateralized borrowing for the proceeds
received.
On derecognition of financial asset in its entirety,
the difference between the asset’s carrying
amount and the sum of the consideration
received and receivable and the cumulative gain
or loss that had been recognized in other
comprehensive income and accumulated in
equity is recognized in profit or loss.
On derecognition of financial asset other than its
entirety (e.g., when the Group retains an option
to repurchase part of a transferred asset), the
Group allocates the previous carrying amount of
the financial asset between the part it continues
to recognize under continuing involvement, and
the part it no longer recognizes on the basis of
the relative fair values of those parts on the date
of the transfer. The difference between the
carrying amount allocated to the part that is no
longer recognized and the sum of the
consideration received for the part no longer
recognized and any cumulative gain or loss
allocated to it that had been recognized in other
comprehensive income is recognized in profit or
loss. A cumulative gain or loss that had been
recognized in other comprehensive income is
allocated between the part that continues to be
recognized and the part that is no longer
recognized on the basis of the relative fair values
of those parts.
h. Financial Liabilities and Equity Instruments
Classification as liability or equity
Financial liabilities and equity instruments issued
by the Group are classified according to the
substance of the contractual arrangements
entered into and the definitions of a financial
liability and an equity instrument.
Equity instruments
An equity instrument is any contract that
evidences a residual interest in the assets of the
Group after deducting all of its liabilities. Equity
instruments are recorded at the proceeds
received, net of direct issue costs.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pembelian kembali instrumen ekuitas
Perusahaan (saham treasuri) diakui dan
dikurangkan secara langsung dari ekuitas.
Keuntungan dan kerugian yang timbul dari
pembelian, penjualan, penerbitan atau
pembatalan instrumen ekuitas Perusahaan
tersebut tidak diakui dalam laba rugi. Jumlah
yang dibayarkan atau diterima diakui secara
langsung dalam ekuitas.
Liabilitas keuangan
Liabilitas keuangan diklasifikasikan sebagai biaya
perolehan diamortisasi.
Liabilitas keuangan pada biaya perolehan
diamortisasi
Liabilitas keuangan meliputi utang usaha dan
lainnya, obligasi, bank dan pinjaman lainnya,
pada awalnya diukur pada nilai wajar, setelah
dikurangi biaya transaksi, dan selanjutnya diukur
pada biaya perolehan diamortisasi menggunakan
metode suku bunga efektif.
Penghentian pengakuan liabilitas keuangan
Grup menghentikan pengakuan liabilitas
keuangan, jika dan hanya jika, liabilitas Grup
telah dilepaskan, dibatalkan atau kadaluarsa.
Selisih antara jumlah tercatat liabilitas keuangan
yang dihentikan pengakuannya dan imbalan
yang dibayarkan dan utang diakui dalam laba
rugi.
i. Saling hapus antar Aset Keuangan dan
Liabilitas Keuangan
Aset dan liabilitas keuangan Grup saling hapus
dan nilai bersihnya disajikan dalam laporan posisi
keuangan jika dan hanya jika,
 saat ini memiliki hak yang berkekuatan
hukum untuk melakukan saling hapus atas
jumlah yang telah diakui tersebut; dan
 berniat untuk menyelesaikan secara neto
atau untuk merealisasikan aset dan
menyelesaikan liabilitasnya secara simultan.
j. Kas dan Setara Kas
Untuk tujuan penyajian arus kas, kas dan setara
kas terdiri dari kas, bank dan semua investasi
yang jatuh tempo dalam waktu tiga bulan atau
kurang dari tanggal perolehannya dan yang tidak
dijaminkan serta tidak dibatasi penggunaannya.
k. Investasi Pada Entitas Asosiasi
Entitas asosiasi adalah suatu entitas dimana
Grup mempunyai pengaruh yang signifikan dan
bukan merupakan entitas anak ataupun bagian
partisipasi dalam ventura bersama. Pengaruh
signifikan adalah kekuasaan untuk berpartipasi
dalam keputusan kebijakan keuangan dan
operasional investee tetapi tidak mengendalikan
atau mengendalikan bersama atas kebijakan
tersebut.
- 23 -
F-30
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Repurchase of the Company’s own equity
instruments (treasury shares) is recognized and
deducted directly in equity. No gain or loss is
recognized in profit or loss on the purchase, sale,
issue or cancellation of the Company’s own equity
instruments. Consideration paid or received shall
be recognized directing in equity.
Financial liabilities
Financial liabilities are classified as “at amortized
cost”.
Financial liabilities at amortized cost
Financial liabilities which include trade and other
payables, bonds, bank and other borrowings are
initially measured at fair value, net of transaction
costs, and subsequently measured at amortized
cost using the effective interest method.
Derecognition of financial liabilities
The Group derecognizes financial liabilities when,
and only when, the Group’s obligations are
discharged, cancelled or expires. The difference
between the carrying amount of the financial
liabilities derecognized and the consideration paid
and payable is recognized in profit or loss.
i. Netting of Financial Assets and Financial
Liabilities
The Group only offsets financial assets and
liabilities and presents the net amount in the
statement of financial position where they:
 currently has a legal enforceable right to set
off the recognized amount; and
 intends either to settle on a net basis, or to
realize the asset and settle the liability
simultaneously.
j. Cash and Cash Equivalents
For cash flow presentation purposes, cash and
cash equivalents consist of cash on hand and in
banks, and all unrestricted investments with
maturities of three months or less from the date
of placement.
k. Investments in Associates
An associate is an entity over which the Group
has significant influence and that is neither a
subsidiary nor an interest in a joint venture.
Significant influence is the power to participate in
the financial and operating policy decisions of the
investee but is not control or joint control over
those policies.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Penghasilan, aset dan liabilitas dari entitas
asosiasi digabungkan dalam laporan keuangan
konsolidasian dicatat dengan menggunakan
metode ekuitas, kecuali ketika investasi
diklasifikasikan sebagai dimiliki untuk dijual,
sesuai dengan PSAK 58, Aset Tidak Lancar yang
Dimiliki untuk Dijual dan Operasi yang
Dihentikan. Dengan metode ekuitas, investasi
pada entitas asosiasi diakui di laporan posisi
keuangan konsolidasian sebesar biaya perolehan
dan selanjutnya disesuaikan untuk perubahan
dalam bagian kepemilikan Grup atas laba rugi
dan pendapatan komprehensif lain dari entitas
asosiasi yang terjadi setelah perolehan. Ketika
bagian Grup atas kerugian entitas asosiasi
melebihi nilai tercatat dari investasi (yang
mencakup semua kepentingan jangka panjang,
yang secara substansi, membentuk bagian dari
investasi bersih Grup dalam entitas asosiasi).
Grup menghentikan pengakuan bagiannya atas
kerugian selanjutnya. Kerugian selanjutnya
diakui hanya apabila Grup mempunyai kewajiban
bersifat hukum atau konstruktif atau melakukan
pembayaran atas nama entitas asosiasi.
Investasi pada entitas asosiasi dicatat dengan
menggunakan metode ekuitas dari tanggal pada
saat investee menjadi entitas asosiasi. Setiap
kelebihan biaya perolehan investasi atas bagian
Grup atas nilai wajar bersih dari aset yang
teridentifikasi, liabilitas dan liabilitas kontinjen
dari entitas asosiasi yang diakui pada tanggal
akuisisi, diakui sebagai goodwill. Goodwill
termasuk dalam jumlah tercatat investasi, dan
diuji penurunan nilai sebagai bagian dari
investasi. Setiap kelebihan dari kepemilikan Grup
dari nilai wajar bersih dari aset yang
teridentifikasi, liabilitas dan liabilitas kontinjen
atas biaya perolehan investasi, sesudah
pengujian kembali segera diakui di dalam laba
rugi pada periode diperolehnya investasinya.
Persyaratan dalam PSAK 55 Instrumen,
Keuangan: Pengakuan dan Pengukuran,
diterapkan untuk menentukan apakah perlu
untuk mengakui setiap penurunan nilai
sehubungan dengan investasi pada entitas
asosiasi Grup. Jika perlu, jumlah tercatat
investasi yang tersisa (termasuk goodwill) diuji
penurunan nilai sesuai dengan PSAK 48,
Penurunan Nilai Aset, sebagai suatu aset tunggal
dengan membandingkan antara jumlah
terpulihkan (mana yang lebih tinggi antara nilai
pakai dan nilai wajar dikurangi biaya untuk
menjual) dengan jumlah tercatatnya. Rugi
penurunan nilai yang diakui pada keadaan
tersebut tidak dialokasikan pada setiap aset yang
membentuk bagian dari nilai tercatat investasi
pada entitas asosiasi. Setiap pembalikan dari
penurunan nilai diakui sesuai dengan PSAK 48
sepanjang jumlah terpulihkan dari investasi
tersebut kemudian meningkat.
- 24 -
F-31
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The results of operations and assets and liabilities
of associates are incorporated in these
consolidated financial statements using the
equity method of accounting, except when the
investment is classified as held for sale, in which
case, it is accounted for in accordance with
PSAK 58, Non-current Assets Held for Sale and
Discontinued Operations. Under the equity
method, an investment in an associate is initially
recognized in the consolidated statement of
financial position at cost and adjusted thereafter
to recognize the Group’s share of the profit or loss
and other comprehensive income of the
associate. When the Group’s share of losses of an
associate exceeds the Group’s interest in that
associate (which includes any long-term interests
that, in substance, form part of the Group’s net
investment in the associate) the Group
discontinues recognizing its share of further
losses. Additional losses are recognized only to
the extent that the Group has incurred legal or
constructive obligations or made payments on
behalf of the associate.
An investment in an associate is accounted for
using the equity method from the date on which
the investee becomes an associate. Any excess of
the cost of acquisition over the Group’s share of
the net fair value of identifiable assets, liabilities
and contingent liabilities of the associate
recognized at the date of acquisition, is
recognized as goodwill, which is included within
the carrying amount of the investment. Any
excess of the Group’s share of the net fair value
of the identifiable assets, liabilities and contingent
liabilities over the cost of acquisition, after
reassessment, is recognized immediately in profit
or loss in the period in which the investment is
acquired.
The requirements of PSAK 55, Financial
Instruments: Recognition and Measurement, are
applied to determine whether it is necessary to
recognize any impairment loss with respect to the
Group’s investment in an associate. When
necessary, the entire carrying amount of the
investment (including goodwill) is tested for
impairment in accordance with PSAK 48,
Impairment of Assets, as a single asset by
comparing its recoverable amount (higher of
value in use and fair value less costs to sell) with
its carrying amount. Any impairment loss
recognized from part of the carrying amount of
the investment. Any reversal of that impairment
loss is recognized in accordance with PSAK 48 to
the extent that the recoverable amount of the
investment subsequently increases.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Grup menghentikan penggunaan metode ekuitas
dari tanggal ketika investasinya berhenti menjadi
investasi pada entitas asosiasi atau ketika
investasi diklasifikasi sebagai dimiliki untuk
dijual. Ketika Grup mempertahankan
kepentingan dalam entitas asosiasi terdahulu dan
sisa kepentingan adalah aset keuangan, Grup
mengukur setiap sisa kepentingan pada nilai
wajar pada tanggal tersebut dan nilai wajar
dianggap sebagai nilai wajarnya pada saat
pengakuan awal sesuai dengan PSAK 55. Selisih
antara jumlah tercatat entitas asosiasi pada
tanggal metode ekuitas dihentikan
penggunaannya, dan nilai wajar setiap investasi
yang tersisa dan setiap hasil dari pelepasan
bagian kepentingan dalam entitas asosiasi
termasuk dalam penentuan keuntungan atau
kerugian pelepasan dari entitas asosiasi.
Selanjutnya, Grup mencatat seluruh jumlah yang
sebelumnya telah diakui dalam penghasilan
komprehensif lain yang terkait dengan entitas
asosiasi tersebut dengan menggunakan dasar
perlakuan yang sama dengan yang disyaratkan
jika entitas asosiasi telah melepaskan secara
langsung aset dan liabilitas yang terkait. Seluruh
jumlah yang diakui dalam penghasilan
komprehensif lain yang terkait dengan entitas
asosiasi direklasifikasi ke laba rugi (sebagai
penyesuaian reklasifikasi) pada saat penghentian
metode ekuitas.
Grup melanjutkan penerapan metode ekuitas jika
investasi pada entitas asosiasi menjadi investasi
pada ventura bersama atau investasi pada
ventura bersama menjadi investasi pada entitas
asosiasi. Tidak terdapat pengukuran kembali ke
nilai wajar pada saat perubahan kepentingan.
Jika Grup mengurangi bagian kepemilikan pada
entitas asosiasi tetapi Grup tetap menerapkan
metode ekuitas, Grup mereklasifikasi ke laba rugi
proporsi keuntungan yang telah diakui
sebelumnya dalam penghasilan komprehensif
lain yang terkait dengan pengurangan bagian
kepemilikan (jika keuntungan atau kerugian
tersebut akan direklasifikasi ke laba rugi atas
pelepasan aset atau liabilitas yang terkait.)
Ketika Grup melakukan transaksi dengan entitas
asosiasi, keuntungan dan kerugian yang timbul
dari transaksi dengan entitas asosiasi diakui
dalam laporan keuangan konsolidasian Grup
hanya sepanjang kepemilikan dalam entitas
asosiasi yang tidak terkait dengan Grup.
Jika entitas asosiasi menggunakan kebijakan
akuntansi yang berbeda dengan Grup untuk
transaksi dan peristiwa serupa, maka
penyesuaian perlu dilakukan untuk menyamakan
kebijakan akuntansi entitas asosiasi dengan
kebijakan akuntansi Grup ketika laporan
keuangan entitas asosiasi tersebut digunakan
oleh Grup dalam menerapkan metode ekuitas.
- 25 -
F-32
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The Group discontinues the use of the equity
method from the date when the investment
ceases to be an associate, or when the
investment is classified as held for sale. When the
Group retains an interest in the former associate
and the retained interest is a financial asset, the
Group measures any retained investment at fair
value at that date and the fair value is regarded
as its fair value on initial recognition in
accordance with PSAK 55. The difference between
the carrying amount of the associate at the date
the equity method was discontinued, and the fair
value of any retained interest and any proceeds
from disposing of a part interest in the associate
is included in the determination of the gain or loss
on disposal of the associate. In addition, the
Group accounts for all amounts previously
recognized in other comprehensive income in
relation to that associate on the same basis as
would be required if that associate had directly
disposed of the related assets or liabilities.
Therefore, if a gain or loss previously recognized
in other comprehensive income by that associate
would be reclassified to profit or loss on the
disposal of the related assets or liabilities, the
Group reclassifies the gain or loss from equity to
profit or loss (as a reclassification adjustment)
when the equity method is discontinued.
The Group continues to use the equity method
when an investment in an associate becomes an
investment in a joint venture or an investment in
a joint venture becomes an investmet in an
associate. There is no remeasurement to fair
value upon such changes in ownership interests.
When the group reduces its ownership interest in
an associate but the Group continues to use the
equity method, the Group reclassifies to profit or
loss the proportion of the gain that had previously
been recognized in other comprehensive income
relating to that reduction in ownership interest (if
that gain or loss would be reclassified to profit or
loss on the disposal of the related assets or
liabilities).
When a group entity transacts with its associate,
profits and losses resulting from the transaction
with the associate are recognized in the Group’s
consolidated financial statements only to the
extent of its interest in the associate that are not
related to the Group.
If an associate uses accounting policies other
than those of the Group for like transactions and
event in similar circumstances, adjustment shall
be made to make the associate’s accounting
policies conform to those of the Group when the
associate’s financial statements are used by the
entity in applying the equity method.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

l. Dana/Cadangan Untuk Penggantian l. Funds/Reserve For Replacement of

Perabotan dan Perlengkapan Hotel Furniture and Equipment

Cadangan untuk penggantian perabotan dan Reserve for replacement of furniture and
perlengkapan hotel ditentukan sebesar 0,5%-3% equipment is set at 0.5% - 3% of total hotel
dari jumlah pendapatan hotel setiap bulan. revenue every month.

Dana secara khusus disisihkan untuk menutupi The funds are specifically set aside as a reserve
cadangan dan disimpan dalam rekening bank. and deposit in bank. Interest earned on bank
Bunga yang diperoleh dari rekening bank accounts deposited is part of the reserves and
tersebut merupakan bagian dari dana cadangan. funds.

Beban penggantian dan penambahan Expense for replacement and addition to hotel
perlengkapan hotel merupakan pengurangan equipment is a reduction of fund balance
saldo dana cadangan. reserves.

m. Persediaan Hotel m. Hotel Inventories

Persediaan merupakan makanan dan minuman, Inventories, which include food and beverages,
perlengkapan operasional dan bahan operating equipment and building maintenance
pemeliharaan gedung yang dinyatakan materials, are stated at cost or net realizable
berdasarkan biaya perolehan atau nilai realisasi value, whichever is lower. Cost is determined
bersih, mana yang lebih rendah. Biaya perolehan using the weighted average method.
ditentukan dengan metode rata-rata tertimbang.

n. Persediaan Aset Real Estat n. Real Estate Asset Inventories

Aset real estat terdiri dari bangunan apartemen Real estate assets, which consist of apartment
dan kios yang siap dijual, tanah belum and counter units ready for sale, land not yet
dikembangkan, tanah yang sedang developed, land under development and buildings
dikembangkan dan bangunan dalam under construction, are stated at cost or net
penyelesaian, dinyatakan sebesar biaya realizable value, whichever is lower.
perolehan atau nilai realisasi bersih, mana yang
lebih rendah.

Biaya perolehan tanah yang belum The cost of land not yet developed consists of pre-
dikembangkan meliputi biaya pra-perolehan dan development costs and cost of the land. The cost
perolehan tanah. Biaya perolehan akan of the land not yet developed is transferred to the
dipindahkan ke tanah yang sedang land under development account when the
dikembangkan pada saat pengembangan tanah development of the land has started or is
akan dimulai atau dipindahkan ke bangunan transferred to the buildings under construction
dalam penyelesaian pada saat tanah tersebut account when the land is ready for development.
siap dibangun.

Biaya perolehan tanah yang sedang The cost of land under development consists of
dikembangkan meliputi biaya perolehan tanah cost of land not yet developed, direct and indirect
yang belum dikembangkan ditambah dengan costs related to the development of real estate
biaya pengembangan langsung dan tidak assets and borrowing costs. The cost of land
langsung yang dapat diatribusikan pada aset under development is transferred to the buildings
pengembangan real estat serta biaya pinjaman. under construction account when the
Tanah yang sedang dikembangkan akan development is completed.
dipindahkan ke bangunan dalam penyelesaian
pada saat tanah tersebut selesai dikembangkan.

Biaya perolehan bangunan dalam penyelesaian The cost of building under construction consists
meliputi biaya perolehan tanah yang telah selesai of the cost of developed land, construction costs,
dikembangkan ditambah dengan biaya other costs related to the development of real
konstruksi, biaya lainnya yang dapat estate and borrowing costs, and is transferred to
diatribusikan pada aktivitas pengembangan real the building when it is completed and ready for
estat dan biaya pinjaman, serta dipindahkan ke sale.
bangunan yang siap dijual pada saat selesai
dibangun dan siap dijual.

Biaya aktivitas pengembangan real estat yang The real estate development costs which are
dikapitalisasi ke proyek pengembangan real estat capitalized to the real estate development project
adalah: are:

 Biaya pra-perolehan tanah;  Land pre-acquisition costs

 Biaya perolehan tanah;  Land acquisition costs
 Biaya yang secara langsung berhubungan  Project direct costs
dengan proyek;

- 26 -

F-33
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
 Biaya yang dapat diatribusikan pada aktivitas
pengembangan real estat; dan
 Biaya pinjaman.
Biaya yang dialokasikan sebagai beban proyek
adalah:
 Biaya pra-perolehan tanah atas tanah yang
tidak berhasil diperoleh.
 Kelebihan biaya dari hasil yang diperoleh
atas pembangunan sarana umum yang
dikomersialkan, yang dijual atau dialihkan,
sehubungan dengan penjualan unit.
Grup tetap melakukan kapitalisasi biaya ke
proyek pengembangan walaupun realisasi
pendapatan pada masa depan lebih rendah dari
nilai tercatat proyek. Atas perbedaan yang terjadi
Grup melakukan penyisihan secara periodik.
Jumlah penyisihan tersebut akan mengurangi
nilai tercatat proyek dan dibebankan ke laba rugi
tahun berjalan.
Biaya yang telah dikapitalisasi ke proyek
pengembangan real estat dialokasikan ke setiap
unit real estat dengan metode identifikasi khusus.
Pengkajian atas estimasi dan alokasi biaya
dilakukan pada setiap akhir periode pelaporan
sampai proyek selesai secara substansial, jika
terjadi perubahan mendasar Grup akan
melakukan revisi dan realokasi biaya.
Beban yang diakui di laba rugi pada saat
terjadinya adalah biaya yang tidak berhubungan
dengan proyek real estat.
o. Biaya Dibayar Dimuka
Biaya dibayar dimuka, kecuali untuk pajak final
dibayar dimuka, diamortisasi selama masa
manfaat masing-masing biaya dengan
menggunakan metode garis lurus.
p. Properti Investasi
Properti investasi adalah properti (tanah atau
bangunan atau bagian dari suatu bangunan atau
kedua-duanya) untuk menghasilkan rental atau
untuk kenaikan nilai atau keduanya. Grup
mengukur properti investasi setelah pengakuan
awal dengan menggunakan model biaya.
Properti investasi diukur sebesar biaya perolehan
setelah dikurangi akumulasi penyusutan dan
akumulasi kerugian penurunan nilai.
Properti investasi kecuali tanah, disusutkan
dengan menggunakan metode garis lurus
berdasarkan taksiran masa manfaat ekonomis
dari aset sebagai berikut:
Tahun / Years
Bangunan dan prasarana
Mesin dan peralatan
Tanah dinyatakan berdasarkan biaya perolehan
dan tidak disusutkan.
F-34
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
 Costs that are attributable to real estate
development activities; and
 Borrowing costs
Costs which are allocated to project costs are:
 Pre-acquisition costs of land which is not
successfully acquired.
 Excess of costs over anticipated proceeds on
the sale or transfer of commercialized public
utilities, in connection with the sale of units.
The Group capitalize the costs of project
development even if the realization of projected
revenue is lower than the capitalized project
costs. However, the Group recognize provisions
periodically for the difference that may arise. The
provision is accounted for as a reduction in
capitalized project costs and is charged to profit
or loss for the year.
Costs capitalized to real estate project
development are allocated to each real estate unit
using the specific identification method.
Estimates and cost allocation are reviewed at
reporting date until the project is substantially
completed. If there are fundamental changes on
the basis of current estimates, the Group will
revise and reallocate the cost.
Expenses which are not related to the
development of real estate are charged to profit
or loss when incurred.
o. Prepaid Expenses
Prepaid expenses, except for prepaid final tax,
are amortized over their beneficial periods using
the straight-line method.
p. Investment Properties
Investment properties are properties (land or a
building – or part of a building – or both) held to
earn rentals or for capital appreciation or both.
The Group measure its investment properties
subsequent to initial recognition using the cost
model.
Investment properties are measured at cost less
accumulated depreciation and any accumulated
impairment losses.
Investment properties except land are
depreciated using the straight-line method based
on the estimated useful lives of the assets as
follows:
20-30 Buildings and facilities
8 Machinery and equipment
Land is stated at cost and is not depreciated.
- 27 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Properti investasi mencakup juga properti dalam
proses pembangunan dan akan digunakan
sebagai properti investasi setelah selesai.
Akumulasi biaya perolehan dan biaya
pembangunan (termasuk biaya pinjaman yang
terjadi) diamortisasi pada saat selesai dan siap
untuk digunakan.
Properti investasi dihentikan pengakuannya pada
saat dilepaskan atau ketika properti investasi
tidak digunakan lagi secara permanen dan tidak
memiliki manfaat ekonomi masa depan yang
diperkirakan dari pelepasannya. Keuntungan
atau kerugian yang timbul dari penghentian atau
pelepasan properti investasi ditentukan dari
selisih antara hasil neto pelepasan dan jumlah
tercatat aset dan diakui dalam laba rugi pada
periode terjadinya penghentian atau pelepasan.
Transfer ke properti investasi dilakukan jika, dan
hanya jika terdapat perubahan penggunaan yang
ditunjukkan dengan berakhirnya pemakaian oleh
pemilik, dimulainya sewa operasi ke pihak lain.
Transfer dari properti investasi dilakukan jika,
dan hanya jika terdapat perubahan penggunaan
yang ditunjukkan dengan dimulainya
penggunaan oleh pemilik atau dimulainya
pengembangan untuk dijual.
q. Aset Tetap – Pemilikan Langsung
Aset tetap yang dimiliki untuk digunakan dalam
penyediaan jasa atau untuk tujuan administratif
dicatat berdasarkan biaya perolehan setelah
dikurangi akumulasi penyusutan dan akumulasi
kerugian penurunan nilai.
Penyusutan dihitung dengan menggunakan
metode garis lurus (straight-line method)
berdasarkan taksiran masa manfaat ekonomis
aset tetap seperti berikut:
Tahun / Years
Bangunan dan prasarana
Peralatan kantor
Kendaraan
Perlengkapan proyek
Mesin dan peralatan
Tanah dinyatakan berdasarkan biaya perolehan
dan tidak disusutkan.
Masa manfaat ekonomis, nilai residu dan metode
penyusutan direviu setiap akhir tahun dan
pengaruh dari setiap perubahan estimasi tersebut
berlaku prospektif.
Beban pemeliharaan dan perbaikan dibebankan
pada laba rugi pada saat terjadinya. Biaya-biaya
lain yang terjadi selanjutnya yang timbul untuk
menambah, mengganti atau memperbaiki aset
tetap dicatat sebagai biaya perolehan aset jika
dan hanya jika besar kemungkinan manfaat
ekonomis di masa depan berkenaan dengan aset
tersebut akan mengalir ke entitas dan biaya
perolehan aset dapat diukur secara andal.
Aset tetap yang dihentikan pengakuannya atau
yang dijual nilai tercatatnya dikeluarkan dari
kelompok aset tetap. Keuntungan atau kerugian
dari penjualan aset tetap tersebut dibukukan
dalam laba rugi.
- 28 -
F-35
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Investment properties includes properties in the
process of development and will be used as
investment property after completion.
Accumulated acquisition and development costs
(including borrowing costs incurred) are
amortized when completed and ready for use.
An investment properties is derecognized upon
disposal or when the investment property is
permanently withdrawn from use and no future
economic benefits are expected from the
disposal. Any gain or loss arising on derecognition
of the property (calculated as the difference
between the net disposal proceeds and the
carrying amount of the asset) is included in profit
or loss in the period in which the property is
derecognized.
Transfer is made to investment properties, when
and only when, there is a change in use,
evidenced by the end of owner occupation,
commencement of an operating lease with
another party. Transfer is made from investment
properties when, and only when, there is a
change in use, evidenced by commencement of
owner occupation or commencement of
development with a view to sale.
q. Property and Equipment – Direct Acquisitions
Property and equipment held for use in supply of
services or for administrative purposes are stated
at cost less accumulated depreciation and any
accumulated impairment losses.
Depreciation is computed using the straight-line
method based on the estimated useful lives of the
assets as follows:
10 – 30 Building and facilities
4 – 8 Office equipment
4 – 8 Vehicles
4 – 8 Project equipment
4 – 8 Machine and equipment
Land is stated at cost and is not depreciated.
The estimated useful lives, residual values and
depreciation method are reviewed at each year
end, with the effect of any changes in estimate
accounted for on a prospective basis.
The cost of maintenance and repairs is charged to
profit or loss as incurred. Other costs incurred
subsequently to add to, replace part of, or service
an item of property and equipment, are
recognized as an asset if, and only if it is probable
that future economic benefits associated with the
item will flow to the entity and the cost of the item
can be measured reliably.
When assets are retired or otherwise disposed of,
their carrying amounts are removed from the
accounts and any resulting gain or loss is
reflected in profit or loss.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Aset dalam penyelesaian dinyatakan sebesar
biaya perolehan. Biaya perolehan tersebut
termasuk biaya pinjaman yang terjadi selama
masa pembangunan yang timbul dari utang yang
digunakan untuk pembangunan aset tersebut.
Akumulasi biaya perolehan akan dipindahkan ke
masing-masing aset tetap yang bersangkutan
pada saat selesai dan siap digunakan.
r. Biaya yang Ditangguhkan
Biaya yang terjadi sehubungan dengan
pembangunan kantor pemasaran, ruang pamer
dan kantor operasional ditangguhkan dan
diamortisasi dengan metode garis lurus dengan
masa manfaat 2 – 4 tahun.
s. Goodwill
Goodwill timbul atas akuisisi dari suatu bisnis
yang dicatat pada biaya perolehan yang
ditetapkan pada tanggal akuisisi dari bisnis
tersebut (lihat Catatan 3d di atas) dikurangi
akumulasi penurunan nilai, jika ada.
Untuk tujuan uji penurunan nilai, goodwill
dialokasikan pada setiap unit penghasil kas dari
Grup yang diharapkan memberikan manfaat dari
sinergi kombinasi bisnis tersebut. Unit penghasil
kas yang telah memperoleh alokasi goodwill diuji
penurunan nilainya secara tahunan, dan ketika
terdapat indikasi bahwa unit tersebut mengalami
penurunan nilai. Jika jumlah terpulihkan dari unit
penghasil kas kurang dari jumlah tercatatnya,
rugi penurunan nilai dialokasikan pertama untuk
mengurangi jumlah tercatat aset atas setiap
goodwill yang dialokasikan pada unit dan
selanjutnya ke aset lainnya dari unit dibagi
prorata atas dasar jumlah tercatat setiap aset
dalam unit tersebut. Setiap kerugian penurunan
nilai goodwill diakui secara langsung dalam laba
rugi pada laporan laba rugi dan penghasilan
komprehensif lain konsolidasian. Rugi penurunan
nilai yang diakui atas goodwill tidak dapat dibalik
pada periode berikutnya.
Pada pelepasan unit penghasil kas yang relevan,
jumlah yang dapat diatribusikan dari goodwill
termasuk dalam penentuan laba atau rugi atas
pelepasan.
Kebijakan Grup atas goodwill yang timbul dari
akuisisi entitas asosiasi dijelaskan pada
Catatan 3k.
t. Penurunan Nilai Aset Non-Keuangan Kecuali
Goodwill
Pada setiap akhir periode pelaporan, Grup
menelaah nilai tercatat aset non-keuangan untuk
menentukan apakah terdapat indikasi bahwa aset
tersebut telah mengalami penurunan nilai. Jika
terdapat indikasi tersebut, nilai yang dapat
diperoleh kembali dari aset diestimasi untuk
menentukan tingkat kerugian penurunan nilai
(jika ada). Bila tidak memungkinkan untuk
mengestimasi nilai yang dapat diperoleh kembali
atas suatu aset individu, Grup mengestimasi nilai
yang dapat diperoleh kembali dari unit penghasil
kas atas aset.
- 29 -
F-36
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Construction in progress is stated at cost which
includes borrowing costs during construction on
debts incurred to finance the construction.
Construction in progress is transferred to the
respective property and equipment account when
completed and ready for use.
r. Deferred Charges
Expenses related to constructions of show unit,
marketing office and operational office are
deferred and amortized using the straight-line
method based on the estimated useful lives of 2 –
4 years.
s. Goodwill
Goodwill arising on an acquisition of a business is
carried at cost as established at the date of
acquisition of the business (see 3d above) less
accumulated impairment losses, if any.
For the purpose of impairment testing, goodwill is
allocated to each of the Group’ cash-generating
units expected to benefit from the synergies of
the combination. Cash-generating units which
has been allocated to goodwill are tested for
impairment annually, or more frequently when
there is an indication that the unit may be
impaired. If the recoverable amount of the cash-
generating unit is less than its carrying amount,
the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each
asset in the unit. Any impairment loss for goodwill
is recognized directly in profit or loss in the
consolidated statement of profit or loss and other
comprehensive income. An impairment loss
recognized for goodwill is not reversed in a
subsequent period.
On disposal of the relevant cash generating unit,
the attributable amount of goodwill is included in
the determination of the profit or loss on disposal.
The Group’s policy for goodwill arising on the
acquisition of an associates is described in
Note 3k.
t. Impairment of Non-Financial Asset Except
Goodwill
At the end of each reporting period, the Group
review the carrying amount of non-financial
assets to determine whether there is any
indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in
order to determine the extent of the impairment
loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset,
the Group estimate the recoverable amount of
the cash generating unit to which the asset
belongs.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Estimasi jumlah terpulihkan adalah nilai tertinggi
antara nilai wajar dikurangi biaya pelepasan dan
nilai pakai. Dalam menilai nilai pakainya, estimasi
arus kas masa depan didiskontokan ke nilai kini
menggunakan tingkat diskonto sebelum pajak
yang menggambarkan penilaian pasar kini dari
nilai waktu uang dan risiko spesifik atas aset yang
mana estimasi arus kas masa depan belum
disesuaikan.
Jika jumlah terpulihkan dari aset non-keuangan
(unit penghasil kas) lebih kecil dari nilai
tercatatnya, nilai tercatat aset (unit penghasil
kas) diturunkan menjadi sebesar jumlah
terpulihkan dan rugi penurunan nilai segera
diakui dalam laba rugi.
Kebijakan akuntansi untuk penurunan nilai aset
keuangan dijelaskan dalam Catatan 3g;
penurunan nilai untuk goodwill dijelaskan dalam
Catatan 3s.
u. Imbalan Pasca Kerja
Grup memberikan imbalan pasca kerja imbalan
pasti untuk semua karyawan tetapnya sesuai
dengan Undang Undang Ketenagakerjaan
No. 13/2003. Tidak terdapat pendanaan yang
disisihkan oleh Grup sehubungan dengan imbalan
pasca kerja ini.
Biaya penyediaan imbalan ditentukan dengan
menggunakan metode projected unit credit
dengan penilaian aktuaria yang dilakukan pada
setiap akhir periode pelaporan tahunan.
Pengukuran kembali, terdiri dari keuntungan dan
kerugian aktuarial, perubahan dampak batas atas
aset (jika ada) dan dari imbal hasil atas aset
program (tidak termasuk bunga), yang tercermin
langsung dalam laporan posisi keuangan
konsolidasian yang dibebankan atau dikreditkan
dalam penghasilan komprehensif lain periode
terjadinya. Pengukuran kembali diakui dalam
penghasilan komprehensif lain tercermin segera
sebagai pos terpisah pada penghasilan
komprehensif lain di ekuitas dan tidak akan
direklasifikasi ke laba rugi. Biaya jasa lalu diakui
dalam laba rugi pada periode amandemen
program. Bunga neto dihitung dengan
mengalikan tingkat diskonto pada awal periode
imbalan pasti dengan liabilitas atau aset imbalan
pasti neto. Biaya imbalan pasti dikategorikan
sebagai berikut:
 Biaya jasa (termasuk biaya jasa kini, biaya
jasa lalu serta keuntungan dan kerugian
kurtailmen dan penyelesaian)
 Beban atau pendapatan bunga neto
 Pengukuran kembali
Grup menyajikan dua komponen pertama dari
biaya imbalan pasti di laba rugi. Keuntungan dan
kerugian kurtailmen dicatat sebagai biaya jasa
lalu.
- 30 -
F-37
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Estimated recoverable amount is the higher of fair
value less cost to sell and value in use. In
assessing value in use, the estimated 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 for which the
estimates of future cash flows have not been
adjusted.
If the recoverable amount of the non-financial
asset (cash generating unit) is less than its
carrying amount, the carrying amount of the
asset (cash generating unit) is reduced to its
recoverable amount and an impairment loss is
recognized immediately against earnings.
Accounting policy for impairment of financial
assets is discussed in Note 3g; while impairment
for goodwill is discussed in Note 3s.
u. Post-employment Benefits
The Group established defined post-employment
benefit covering all the local permanent
employees as required under Labor Law
No. 13/2003 (the “Labor Law”). No funding has
been made to its defined benefit plan.
The cost of providing benefits is determined using
the projected unit credit method, with actuarial
valuations being carried out at the end of each
annual reporting period. Remeasurement,
comprising actuarial gains and losses, the effect
of the changes to the asset ceiling (if applicable)
and the return on plan assets (excluding
interest), is reflected immediately in the
consolidated statement of financial position with
a charge or credit recognized in other
comprehensive income in the period in which
they occur. Remeasurement recognized in other
comprehensive income is reflected immediately
as separate item under other comprehensive
income in equity and will not be reclassified to
profit or loss. Past service cost is recognized in
profit or loss in the period of a plan amendment.
Net interest is calculated by applying the discount
rate at the beginning of the period to the net
defined benefit liability or asset. Defined benefit
costs are categorised as follows:
 Service cost (including current service cost,
past service cost, as well as gains and losses
on curtailments and settlements).
 Net interest expense or income.
 Remeasurement.
The Group presents the first two components of
defined benefit costs in profit or loss. Curtailment
gains and losses are accounted for as past
service costs.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Liabilitas imbalan pensiun yang diakui pada
laporan posisi keuangan konsolidasian
merupakan defisit atau surplus aktual dalam
program imbalan pasti Grup. Surplus yang
dihasilkan dari perhitungan ini terbatas pada nilai
kini manfaat ekonomik yang tersedia dalam
bentuk pengembalian dana program dan
pengurangan iuran masa depan ke program.
v. Kombinasi Bisnis Entitas Sepengendali
Selisih antara harga pengalihan yang timbul dari
pengalihan aset, utang, saham atau bentuk
instrumen kepemilikan lainnya dengan nilai buku
transaksi dalam rangka restrukturisasi antara
entitas sepengendali diakui sebagai “Kombinasi
Bisnis Entitas Sepengendali”. Akun ini disajikan
sebagai bagian dari tambahan modal disetor dan
tidak diakui ke laba rugi.
w. Biaya Emisi Saham
Biaya emisi saham disajikan sebagai bagian
tambahan modal disetor dan tidak diamortisasi.
x. Provisi
Provisi diakui ketika Grup memiliki kewajiban kini
(baik bersifat hukum maupun konstruktif)
sebagai akibat peristiwa masa lalu, kemungkinan
besar Grup diharuskan menyelesaikan kewajiban
dan estimasi andal mengenai jumlah kewajiban
tersebut dapat dibuat.
Jumlah yang diakui sebagai provisi adalah hasil
estimasi terbaik pengeluaran yang diperlukan
untuk menyelesaikan kewajiban kini pada akhir
periode pelaporan, dengan mempertimbangkan
risiko dan ketidakpastian yang meliputi
kewajibannya. Apabila suatu provisi diukur
menggunakan arus kas yang diperkirakan untuk
menyelesaikan kewajiban kini, maka nilai
tercatatnya adalah nilai kini dari arus kas.
Ketika beberapa atau seluruh manfaat ekonomi
untuk penyelesaian provisi yang diharapkan
dapat dipulihkan dari pihak ketiga, piutang diakui
sebagai aset apabila terdapat kepastian bahwa
penggantian akan diterima dan jumlah piutang
dapat diukur secara andal.
y. Biaya Pinjaman
Biaya pinjaman yang dapat diatribusikan secara
langsung dengan perolehan, konstruksi atau
pembuatan aset kualifikasian, merupakan aset
yang membutuhkan waktu yang cukup lama agar
siap untuk digunakan atau dijual, ditambahkan
pada biaya perolehan aset tersebut, sampai
dengan saat selesainya aset secara substansial
siap untuk digunakan atau dijual.
Penghasilan investasi diperoleh atas investasi
sementara dari pinjaman yang secara spesifik
belum digunakan untuk pengeluaran aset
kualifikasian dikurangi dari biaya pinjaman yang
dikapitalisasi.
- 31 -
F-38
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The retirement benefit obligation recognized in
the consolidated statement of financial position
represents the actual deficit or surplus in the
Group’s defined benefit plans. Any surplus
resulting from this calculation is limited to the
present value of any economic benefits available
in the form of refunds from the plans or
reductions in future contributions to the plans.
v. Business Combination Under Common
Control
The difference between the transfer price and
book value of assets, liabilities, shares or other
forms of ownership instruments in a restructuring
transaction between entities under common
control is recorded as “Business Combination
Under Common Control”. This account are
presented as part of additional paid-in capital and
its not recycled to profit or loss.
w. Issuance Costs of Shares
Issuance costs of shares are deducted from
additional paid-in capital and are not amortized.
x. Provisions
Provisions are recognized when the Group has a
present obligation (legal or constructive) as a
result of a past event, it is probable that the
Group will be required to settle the obligation,
and a reliable estimate can be made of the
amount of the obligation.
The amount recognized as a provision is the best
estimate of the consideration required to settle
the present obligation at the end of the reporting
period, taking into account the risks and
uncertainties surrounding the obligation. Where a
provision is measured using the cash flows
estimated to settle the present obligation, its
carrying amount is the present value of those
cash flows.
When some or all of the economic benefits
required to settle a provision are expected to be
recovered from a third party, a receivable is
recognized as an asset if it is virtually certain that
reimbursement will be received and the amount
of the receivable can be measured reliably.
y. Borrowing Costs
Borrowing costs directly attributable to the
acquisition, construction or production of
qualifying assets, which are assets that
necessarily take a substantial period of time to
get ready for their intended use or sale, are added
to the cost of those assets, until such time as the
assets are substantially ready for their intended
use or sale.
Investment income earned on the temporary
investment of specific borrowings pending their
expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalization.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Semua biaya pinjaman lainnya diakui dalam laba
rugi pada periode terjadinya.
Kapitalisasi biaya pinjaman dimulai pada saat
aktivitas yang diperlukan untuk mempersiapkan
aset agar dapat digunakan sesuai dengan
maksudnya dan pengeluaran untuk aset tersebut
dan biaya pinjamannya telah terjadi. Kapitalisasi
biaya pinjaman dihentikan pada saat selesainya
secara substansial yang diperlukan untuk
mempersiapkan aset kualifikasian agar dapat
digunakan sesuai dengan maksudnya.
z. Pengakuan Pendapatan dan Beban
Penjualan
(i) Pendapatan dari penjualan apartemen,
perkantoran dan bangunan sejenisnya,
yang pembangunannya dilaksanakan lebih
dari satu tahun diakui dengan
menggunakan metode persentase
penyelesaian (percentage of completion
method), apabila seluruh syarat berikut
terpenuhi:
 proses konstruksi telah melampaui
tahap awal, yaitu pondasi bangunan
telah selesai terpenuhi;
 jumlah pembayaran oleh pembeli telah
mencapai 20% dari harga jual yang
telah disepakati dan jumlah tersebut
tidak dapat diminta kembali oleh
pembeli; dan
 jumlah pendapatan penjualan dan
biaya unit bangunan dapat diestimasi
dengan andal.
(ii) Pendapatan dari penjualan rumah, rumah
toko dan bangunan sejenis lainnya beserta
tanah kavlingnya diakui dengan metode
akrual penuh (full accrual method) apabila
seluruh kriteria berikut ini terpenuhi:
 proses penjualan telah selesai;
 harga jual akan tertagih;
 tagihan penjual tidak akan bersifat
subordinasi di masa yang akan datang
terhadap pinjaman lain yang akan
diperoleh pembeli; dan
 penjual telah mengalihkan risiko dan
manfaat kepemilikan unit bangunan
kepada pembeli melalui suatu transaksi
yang secara substansi adalah
penjualan dan penjual tidak lagi
berkewajiban atau terlibat secara
signifikan dengan unit bangunan
tersebut.
Metode yang digunakan untuk menentukan
persentase penyelesaian adalah berdasarkan
biaya aktual yang telah dikeluarkan dibandingkan
dengan estimasi jumlah biaya yang harus
dikeluarkan untuk pengembangan proyek real
estat tersebut.
- 32 -
F-39
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
All other borrowing costs are recognized in profit
or loss in the period in which they are incurred.
Capitalization of borrowing costs begins when the
required activities to prepare the asset for use in
accordance with the intention and expenditures
for the asset and borrowing cost have occured.
Capitalization of borrowing cost is stop when all
activities necessary to prepare the qualifying
asset for its intended use are substantially
completed.
z. Revenue and Expense Recognition
Sales
(i) Revenues from sale of apartments, office
buildings and buildings alike, which are
constructed for more than one year are
recognized using the percentage of
completion method, when all of the
following criteria are met:
 the construction process has surpassed
the initial phase, which is, the
foundation of the building has been
completed;
 total payments of the buyer equal or
exceed 20% of the agreed sales price
and no refund could be made by the
buyer; and
 total revenues and costs can be
reasonably estimated.
(ii) Revenues from sale of house, shophouses
and other buildings of the same type,
including the land, shall be recognized using
the full accrual method, if all the following
criteria are met:
 the sale process is completed;
 the selling price is collectible;
 the receivable will not be subordinated
to other loans, which will be obtained
by the buyer; and
 the seller has transferred the risks and
benefits of the ownership of the
building units to the buyer through a
transaction which in substance is a sale
and the seller has no obligation or is not
significantly involved with the building
unit.
The method used to determine the percentage of
completion is the proportion of actual costs
incurred to the estimated total development cost
of the real estate project.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Apabila persyaratan tersebut di atas tidak dapat
dipenuhi, maka seluruh uang yang diterima dari
pembeli diperlakukan sebagai uang muka dan
dicatat dengan metode deposit sampai seluruh
persyaratan tersebut dipenuhi.
Unsur-unsur biaya yang dikapitalisasi ke proyek
pengembangan real estat antara meliputi biaya
pra-perolehan tanah, biaya perolehan tanah dan
biaya lain-lain yang dapat diatribusikan pada
aktivitas pengembangan real estat. Biaya yang
tidak jelas hubungannya dengan suatu proyek
real estat, seperti biaya umum dan administrasi,
diakui sebagai laba rugi pada saat terjadinya.
Pendapatan Sewa
Pendapatan sewa dari sewa operasi diakui
sebagai pendapatan dengan dasar garis lurus
selama masa sewa. Biaya langsung awal yang
terjadi dalam proses negosiasi dan pengaturan
sewa ditambahkan ke jumlah tercatat dari aset
sewaan dan diakui dengan dasar garis lurus
selama masa sewa.
Uang muka sewa yang diterima dari penyewa
dicatat ke dalam akun pendapatan yang diterima
dimuka dan akan diakui sebagai pendapatan
secara berkala sesuai dengan kontrak sewa yang
berlaku.
Pendapatan Hotel
Pendapatan sewa hotel dan pendapatan hotel
lainnya diakui pada saat jasa diberikan atau
barang diserahkan.
Pendapatan Bunga
Pendapatan bunga diakru berdasarkan waktu
terjadinya dengan acuan jumlah pokok terhutang
dan tingkat bunga yang berlaku.
Beban
Biaya yang berhubungan dengan pendapatan
yang menggunakan metode persentase
penyelesaian diakui sesuai dengan tingkat
persentase penyelesaian dari unit bangunan pada
setiap akhir periode.
Beban, kecuali yang berhubungan dengan
pendapatan yang menggunakan metode
persentase penyelesaian, diakui sesuai dengan
masa manfaatnya pada tahun yang bersangkutan
(accrual basis).
aa. Pengaturan Pembayaran Berbasis Saham
Pembayaran berbasis saham yang diselesaikan
dengan instrumen ekuitas kepada karyawan dan
pihak lain yang memberikan jasa serupa yang
diukur pada nilai wajar instrumen ekuitas pada
tanggal pemberian kompensasi. Rincian
sehubungan dengan penetapan nilai wajar dari
transaksi pembayaran berbasis saham yang
diselesaikan dengan instrumen ekuitas
ditetapkan dalam Catatan 27.
- 33 -
F-40
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
If any of the above criteria are not met, the
transactions are accounted for using the deposit
method and all payments received from the
customers are recorded as advances from
customer.
This element of costs, which are capitalized to
real estate development projects, include the pre-
acquisition cost of land, cost of land acquisition
and other costs attributable to the development
activity of real estate. Costs, which are not clearly
related to real estate project, such as general and
administrative expenses, are recognized as profit
or loss as incurred.
Rental Income
Rental income from operating leases is
recognized on a straight-line basis over the term
of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease
are added to the carrying amount of the leased
asset and recognized on a straight-line basis over
the lease term.
Rental income received in advance are recorded
as “Unearned Revenue” and recognized as
income regularly over the rental periods.
Hotel Revenue
Hotel revenue and other related revenues are
recognized when the services are rendered or the
goods are delivered.
Interest Revenue
Interest revenue is accrued on time basis, by
reference to the principal outstanding and at the
applicable interest rate.
Expenses
Expenses in relation with revenues which are
recognized using the percentage of completion
method are recognized in accordance with the
percentage of completion on each unit every end
of year.
Expenses, except for those in relation with
revenues which are recognized using the
percentage of completion method, are recognized
when incurred and over the periods of benefit
(accrual basis).
aa. Share-Based Payment Arrangements
Equity-settled share-based payments to
employees and others providing similar services
are measured at the fair value of the equity
instruments at the grant date. Details regarding
the determination of the fair value of equity-
settled share-based transactions are set out in
Note 27.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Nilai wajar yang ditentukan pada tanggal
pemberian dari pembayaran berbasis saham
yang diselesaikan dengan instrumen ekuitas
dibebankan secara garis lurus sepanjang periode
vesting, berdasarkan estimasi Grup dari
instrumen ekuitas yang pada akhirnya vest,
dengan peningkatan yang sesuai ekuitas. Pada
setiap akhir periode pelaporan, Grup merevisi
estimasi jumlah instrumen ekuitas yang
diekspektasi akan vest dan dampaknya, jika ada,
diakui dalam laba rugi sehingga biaya kumulatif
mencerminkan estimasi yang direvisi, dengan
penyesuaian yang terkait dengan cadangan
ekuitas-menetap imbalan kerja.
Untuk transaksi pembayaran berbasis saham
yang diselesaikan dengan kas, entitas mengukur
barang atau jasa yang diperoleh dan liabilitas
yang timbul sebesar nilai wajar liabilitas sampai
dengan liabilitas diselesaikan, entitas mengukur
kembali nilai wajar liabilitas pada setiap akhir
periode pelaporan dan pada tanggal
penyelesaian, dan setiap perubahan nilai wajar
diakui dalam laba rugi pada tahun tersebut.
bb. Pajak Penghasilan
Pajak saat terutang berdasarkan laba kena pajak
untuk suatu tahun. Laba kena pajak berbeda dari
laba sebelum pajak seperti yang dilaporkan
dalam laporan laba rugi dan penghasilan
komprehensif lain karena pos pendapatan atau
beban yang dikenakan pajak atau dikurangkan
pada tahun berbeda dan pos-pos yang tidak
pernah dikenakan pajak atau tidak dapat
dikurangkan.
Beban pajak kini ditentukan berdasarkan laba
kena pajak dalam periode yang bersangkutan
yang dihitung berdasarkan tarif pajak yang
berlaku.
Pajak tangguhan diakui atas perbedaan temporer
antara jumlah tercatat aset dan liabilitas dalam
laporan keuangan konsolidasian dengan dasar
pengenaan pajak yang digunakan dalam
perhitungan laba kena pajak. Liabilitas pajak
tangguhan umumnya diakui untuk seluruh
perbedaan temporer kena pajak. Aset pajak
tangguhan umumnya diakui untuk seluruh
perbedaan temporer yang dapat dikurangkan
sepanjang kemungkinan besar bahwa laba kena
pajak akan tersedia sehingga perbedaan
temporer dapat dimanfaatkan. Aset dan liabilitas
pajak tangguhan tidak diakui jika perbedaan
temporer timbul dari pengakuan awal (bukan
kombinasi bisnis) dari aset dan liabilitas suatu
transaksi yang tidak mempengaruhi laba kena
pajak atau laba akuntansi. Selain itu, liabilitas
pajak tangguhan tidak diakui jika perbedaan
temporer timbul dari pengakuan awal goodwill.
Aset dan liabilitas pajak tangguhan diukur
dengan menggunakan tarif pajak yang
diekspektasikan berlaku dalam periode ketika
liabilitas diselesaikan atau aset dipulihkan
dengan tarif pajak (dan peraturan pajak) yang
telah berlaku atau secara substantif telah berlaku
pada akhir periode pelaporan.
- 34 -
F-41
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The fair value determined at the grant date of the
equity-settled share-based payments is expensed
on a straight-line basis over the vesting period,
based on the Group’s estimate of equity
instruments that will eventually vest, with a
corresponding increase in equity. At the end of
each reporting period, the Group revises its
estimate of the number of equity instruments
expected to vest and the impact, if any, is
recognized in profit or loss such that the
cumulative expense reflects the revised estimate,
with a corresponding adjustment to the equity-
settled employee benefits reserve.
For cash-settled share-based payments, a liability
is recognized for the goods or services acquired,
measured initially at the fair value of the liability.
At the end of each reporting period until the
liability is settled, and the date of settlement, the
fair value of the liability is remeasured, with any
changes in fair value recognized in profit or loss
for the year.
bb. Income Tax
The tax currently payable is based on taxable
profit to the year. Taxable profit differs from profit
before tax as reported in the consolidated
statement of profit or loss and other
comprehensive income because of items of
income or expense that are taxable or deductible
in other years and items that are never taxable
or deductible.
Current tax expense is determined based on the
taxable income for the year computed using
prevailing tax rates.
Deferred tax is recognized on temporary
differences between the carrying amounts of
assets and liabilities in the consolidated financial
statements and the corresponding tax bases used
in the computation of taxable profit. Deferred tax
liabilities are generally recognized for all taxable
temporary differences. Deferred tax assets are
generally recognized for all deductible temporary
differences to the extent that is probable that
taxable profits will be available against which
those deductible temporary differences can be
utilized. Such deferred tax assets and liabilities
are not recognized if the temporary differences
arises from the initial recognition (other than in a
business combination) of assets and liabilities in
a transaction that affects neither the taxable
profit nor the accounting profit. In addition,
deferred tax liabilities are not recognized if the
temporary differences arises from the initial
recognition of goodwill.
Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the
period in which the liability is settled or the asset
realized, based on the tax rates (and tax laws)
that have been enacted, or substantively
enacted, by the end of the reporting period.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pengukuran aset dan liabilitas pajak tangguhan
mencerminkan konsekuensi pajak yang sesuai
dengan cara Grup ekspektasikan, pada akhir
periode pelaporan, untuk memulihkan atau
menyelesaikan jumlah tecatat aset dan
liabilitasnya.
Jumlah tercatat aset pajak tangguhan dikaji
ulang pada akhir periode pelaporan dan dikurangi
jumlah tercatatnya jika kemungkinan besar laba
kena pajak tidak lagi tersedia dalam jumlah yang
memadai untuk mengkompensasikan sebagian
atau seluruh aset pajak tangguhan tersebut.
Aset dan liabilitas pajak tangguhan saling hapus
ketika entitas memiliki hak yang dapat
dipaksakan secara hukum untuk melakukan
saling hapus aset pajak kini terhadap liabilitas
pajak kini dan ketika aset pajak tangguhan dan
liabilitas pajak tangguhan terkait dengan pajak
penghasilan yang dikenakan oleh otoritas
perpajakan yang sama serta Grup yang berbeda
yang bermaksud untuk memulihkan aset dan
liabilitas pajak kini dengan dasar neto.
Pajak kini dan pajak tangguhan diakui sebagai
beban atau penghasilan dalam laba atau rugi,
kecuali sepanjang pajak penghasilan yang
berasal dari transaksi atau kejadian yang diakui,
diluar laba atau rugi (baik dalam pendapatan
komprehensif lain maupun secara langsung di
ekuitas), dalam hal tersebut pajak juga diakui di
luar laba atau rugi yang timbul dari akuntansi
awal untuk kombinasi bisnis. Dalam kasus
kombinasi bisnis, pengaruh pajak termasuk
dalam akuntansi kombinasi bisnis.
cc. Laba Per Saham
Laba per saham dasar dihitung dengan membagi
laba bersih yang diatribusikan kepada pemilik
entitas induk dengan jumlah rata-rata
tertimbang dari saham yang beredar pada tahun
yang bersangkutan yang disesuaikan dengan
jumlah saham biasa yang dibeli kembali.
Laba per saham dilusian dihitung dengan
membagi laba bersih yang diatribusikan kepada
pemilik entitas induk dengan jumlah rata-rata
tertimbang saham biasa yang telah disesuaikan
dengan dampak dari semua efek berpotensi
saham biasa yang dilutif.
dd. Informasi Segmen
Segmen operasi diidentifikasi berdasarkan
laporan internal mengenai komponen dari Grup
yang secara regular direviu oleh “pengambil
keputusan operasional” dalam rangka
mengalokasikan sumber daya dan menilai
kinerja segmen operasi.
Segmen operasi adalah suatu komponen dari
entitas:
a) yang terlibat dalam aktivitas bisnis yang
mana memperoleh pendapatan dan
menimbulkan beban (termasuk
pendapatan dan beban terkait dengan
transaksi dengan komponen lain dari
entitas yang sama);
- 35 -
F-42
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The measurement of deferred tax assets and
liabilities reflects the consequences that would
follow from the manner in which the Group
expects, at the end of the reporting period, to
recover or settle the carrying amount of their
assets and liabilities.
The carrying amount of deferred tax asset is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when
there is legally enforceable right to set off current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority and the Group intends to settle
their current tax assets and current tax liabilities
on a net basis.
Current and deferred tax are recognized as an
expense or income in profit or loss, except when
they relate to items that are recognized outside
of profit or loss (whether in other comprehensive
income or directly in equity), in which case the
tax is also recognized outside of profit or loss or
where they arise from the initial accounting for a
business combination. In the case of business
combination, the tax effect is included in the
accounting for the business combination.
cc. Earnings per Share
Basic earnings per share is computed by dividing
net income attributable to the owner of the
Company by the weighted average number of
shares outstanding during the year as adjusted
with the effect of treasury stock.
Diluted earnings per share is computed by
dividing net income attributable to the owner of
the Company by the weighted average number of
shares outstanding as adjusted for the effects of
all dilutive potential ordinary shares.
dd. Segment Information
Operating segments to be identified on the basis
of internal reports about components of the
Group that are regularly reviewed by the chief
operating decision maker in order to allocate
resources to the segments and to assess their
performances.
An operating segment is a component of an
entity:
a) that engages in business activities from
which it may earns revenue and incur
expenses (including revenue and expenses
relating to the transaction with other
components of the same entity);
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
b) yang hasil operasinya dikaji ulang secara
regular oleh pengambil keputusan
operasional untuk membuat keputusan
tentang sumber daya yang dialokasikan
pada segmen tersebut dan menilai
kinerjanya; dan
c) dimana tersedia informasi keuangan yang
dapat dipisahkan.
Informasi yang digunakan oleh pengambil
keputusan operasional dalam rangka alokasi
sumber daya dan penilaian kinerja mereka
terfokus pada kategori dari setiap bidang usaha.
4. PERTIMBANGAN KRITIS AKUNTANSI DAN
ESTIMASI AKUNTANSI YANG SIGNIFIKAN
Dalam penerapan kebijakan akuntansi Grup, yang
dijelaskan dalam Catatan 3, direksi diwajibkan untuk
membuat pertimbangan, estimasi dan asumsi tentang
jumlah tercatat aset dan liabilitas yang tidak tersedia
dari sumber lain. Estimasi dan asumsi yang terkait
didasarkan pada pengalaman historis dan faktor-
faktor lain yang dianggap relevan. Hasil aktualnya
mungkin berbeda dari estimasi tersebut.
Estimasi dan asumsi yang mendasari ditelaah secara
berkelanjutan. Revisi estimasi akuntansi diakui dalam
periode dimana estimasi tersebut direvisi jika revisi
hanya mempengaruhi periode tersebut, atau pada
periode revisi dan periode masa depan jika revisi
mempengaruhi periode saat ini dan masa depan.
Pertimbangan Kritis dalam Penerapan Kebijakan
Akuntansi
Dalam proses penerapan kebijakan akuntansi yang
dijelaskan dalam Catatan 3, tidak terdapat
pertimbangan kritis yang memiliki dampak signifikan
pada jumlah yang diakui dalam laporan keuangan
konsolidasian, selain dari penyajian perkiraan yang
diatur dibawah ini.
Sumber Estimasi Ketidakpastian
Asumsi utama mengenai masa depan dan sumber
estimasi ketidakpastian utama lainnya pada akhir
periode pelaporan, yang memiliki risiko signifikan
yang mengakibatkan penyesuaian material terhadap
jumlah tercatat aset dan liabilitas dalam periode
pelaporan berikutnya dijelaskan dibawah ini:
Aset Real Estat – Tanah Belum Dikembangkan
Pulau G dan I
Seperti diungkapkan dalam Catatan 46a, sehubungan
dengan tuntutan hukum atas reklamasi Pulau G dan I
dan sanksi administratif terhadap MWS berupa
pemberhentian sementara proyek reklamasi Pulau G,
manajemen telah mempertimbangkan dampak dari
tuntutan hukum dan sanksi administratif tersebut
terhadap kegiatan operasional MWS dan JKP.
- 36 -
F-43
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
b) whose operating results are reviewed
regularly by the entity’s chief operating
decision maker to make decision about
resources to be allocated to the segments
and assess its performance; and
c) for which discrete financial information is
available.
Information reported to the chief operating
decision maker for the purpose of resource
allocation and assessment of their performance is
more specifically focused on the category of each
business.
4. CRITICAL ACCOUNTING JUDGMENTS AND
ESTIMATES
In the application of the Group accounting policies,
which are described in Note 3, the directors are
required to make judgments, estimates and
assumptions about the carrying amounts of assets
and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions
are based on historical experience and other factors
that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to accounting
estimates are recognized in the period which the
estimate is revised if the revision affects only that
period, or in the period of the revision and future
periods if the revision affects both current and future
periods.
Critical Judgments in Applying Accounting
Policies
In applying the accounting policies described in Note
3, there is no critical judgement that has significant
impact on the amounts recognized in the consolidated
financial statements, apart from those involving
estimates, which are dealth with below.
Key Sources of Estimation Uncertainty
The key assumptions concerning future and other key
sources of estimation uncertainty at the end of the
reporting period, that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are
discussed below:
Real Estate Asset – Land not Yet Developed G
and I Island
As disclosed in Note 46a, in relation with the lawsuit
related to reclamation of G and I Island and
administrative sanctions against MWS such as
temporary termination of reclamation project G
Island, the management has considered the impact
from the administrative sanctions to the operational
activities of MWS and JKP.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Dalam membuat pertimbangannya, manajemen
Perusahaan, MWS dan JKP berkonsultasi dengan
konsultan hukum yang ditunjuk, menyatakan bahwa
sanksi administratif terhadap MWS tersebut bersifat
sementara sehingga selain tertundanya pelaksanaan
reklamasi, tidak terlihat dampak yang merugikan
secara material terhadap kegiatan operasional MWS
dan manajemen berkeyakinan bahwa proyek
reklamasi MWS dan JKP tersebut dapat dilanjutkan.
Jumlah tercatat aset reklamasi Pulau G adalah
sebesar Rp 2.448.797.196 ribu dan Pulau I sebesar
Rp 468.798.278 ribu termasuk sebagai bagian dari
tanah belum dikembangkan dalam akun aset real
estat dalam laporan posisi keuangan konsolidasian
pada tanggal 31 Desember 2016. Manajemen
berpendapat bahwa jumlah tercatat tersebut dapat
dipulihkan.
Pengakuan Pendapatan dan Beban Pokok
Penjualan
Grup mengakui pendapatan dan beban pokok
penjualan dari proyek yang masih dalam progres
pembangunan berdasarkan metode persentase
penyelesaian. Tahap penyelesaian diukur berdasarkan
kebijakan akuntansi yang dijelaskan dalam Catatan
3z. Asumsi yang penting diperlukan adalah dalam
menentukan tahap penyelesaian (persentase
penyelesaian) dan jumlah estimasi pendapatan dan
jumlah biaya pembangunan. Dalam membuat asumsi,
Grup mengevaluasinya berdasarkan pengalaman di
waktu yang lampau dan bantuan dari spesialis.
Pendapatan dari proyek diungkapkan dalam
Catatan 31 dan beban dari proyek diungkapkan dalam
Catatan 32.
Penurunan Nilai Aset
Pengujian atas penurunan nilai dilakukan apabila
terdapat indikasi penurunan nilai. Penentuan nilai
pakai aset memerlukan estimasi mengenai arus kas
yang diharapkan untuk dihasilkan dari penggunaan
aset (unit penghasil kas) dan penjualan aset tersebut
serta tingkat diskonto yang sesuai untuk menentukan
nilai sekarang.
Walaupun asumsi yang digunakan dalam
mengestimasi nilai pakai aset yang tercermin dalam
laporan keuangan konsolidasian dianggap telah
sesuai dan wajar, namun perubahan signifikan atas
asumsi ini akan berdampak material terhadap
penentuan jumlah yang dapat dipulihkan dan
akibatnya kerugian penurunan nilai yang timbul akan
berdampak terhadap hasil usaha.
Berdasarkan pertimbangan manajemen, tidak
terdapat indikator penurunan nilai atas aset Grup.
- 37 -
F-44
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
In making its judgement, the Company, MWS and
JKP’s management has consult with legal counsel
appointed, who stated that the administrative
sanction against MWS is temporary, other than delay
in the implementation of the reclamation project,
there are no material impact on MWS’s operation and
management believes that the reclamation project of
MWS and JKP can proceed.
The carrying amount of the reclamation assets of G
Island, amounting to Rp 2,448,797,196 thousand and
I Island, amounting to Rp 468,798,278 thousand are
included as part of land not yet developed in the real
estate assets account in the consolidated statement
of financial position as of December 31, 2016.
Management believes that such carrying amounts can
be recovered.
Revenue and Cost of Sales Recognition
The Group recognize revenues and cost of sales from
the project in development stage based on percentage
of completion method. Stage of completion is
measured based on the accounting policies described
in Note 3z. Important assumption is required in
determining the stage of completion (percentage of
completion) and the amount of estimated income and
total development cost. In making assumptions, the
Group evaluate them based on past experience and
with the assisstance of specialists. Revenue from the
project are disclosed in Note 31 and expense from the
project are disclosed in Note 32.
Impairment of Assets
Testing is performed for the decline in value of asset
if there is indication of impairment. The determination
of asset’s value in use requires estimates of expected
cash flows resulting from the use of the asset (cash-
generating unit) and the sale of this asset as well as
the appropriate discount rate for determining the
present value.
Although the assumptions used in estimating the
value in use of assets as reflected in the consolidated
financial statements have been deemed appropriate
and reasonable, however, significant changes in the
assumptions would have a material effect on the
determination of the amount that can be recovered
and consequently, the resulting impairment loss
would affect the results of operations.
Based on management’s assessment, there are no
indicators of impairment on the assets of the Group.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Taksiran Masa Manfaat Ekonomis Properti
Investasi dan Aset Tetap
Masa manfaat setiap properti investasi dan aset tetap
Grup ditentukan berdasarkan kegunaan yang
diharapkan dari penggunaan aset tersebut. Estimasi
ini ditentukan berdasarkan evaluasi teknis internal
dan pengalaman atas aset sejenis. Masa manfaat
setiap aset direview secara periodik dan disesuaikan
apabila prakiraan berbeda dengan estimasi
sebelumnya karena keausan, keusangan teknis dan
komersial, hukum atau keterbatasan lainnya atas
pemakaian aset. Namun terdapat kemungkinan
bahwa hasil operasi dimasa mendatang dapat
dipengaruhi secara signifikan oleh perubahan atas
jumlah serta periode pencatatan biaya yang
diakibatkan karena perubahan faktor yang disebutkan
di atas.
Perubahan masa manfaat properti investasi dan aset
tetap dapat mempengaruhi jumlah biaya penyusutan
yang diakui dan penurunan nilai tercatat.
Nilai tercatat properti investasi dan aset tetap
diungkapkan dalam Catatan 14 dan 15.
Manfaat Karyawan
Penentuan liabilitas imbalan pasca kerja tergantung
pada pemilihan asumsi tertentu yang digunakan oleh
aktuaris dalam menghitung jumlah liabilitas tersebut.
Asumsi tersebut termasuk antara lain tingkat diskonto
dan tingkat kenaikan gaji. Realisasi yang berbeda dari
asumsi Grup diakui dalam laporan laba rugi dan
penghasilan komprehensif lain konsolidasian.
Walaupun asumsi Grup dianggap tepat dan wajar,
namun perubahan signifikan pada kenyataannya atau
perubahan signifikan dalam asumsi yang digunakan
dapat berpengaruh secara signifikan terhadap
liabilitas imbalan pasca kerja Grup. Nilai tercatat
liabilitas imbalan pasca kerja diungkapkan dalam
Catatan 24.
Penilaian Instrumen Keuangan
Seperti dijelaskan dalam Catatan 44, Grup
menggunakan teknik penilaian yang meliputi input
yang tidak didasarkan pada data pasar yang dapat
diobservasi untuk mengestimasi nilai wajar dari
beberapa jenis instrumen keuangan. Catatan 44
memberikan informasi yang rinci mengenai asumsi
utama yang digunakan dalam menentukan nilai wajar
instrumen keuangan, serta analisis sensitivitas yang
rinci untuk asumsi tersebut.
Direksi berpendapat bahwa teknik penilaian yang
dipilih dan asumsi yang digunakan adalah tepat dalam
menentukan nilai wajar dari instrumen keuangan.
- 38 -
F-45
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Estimated Useful Lives of Investment Properties
and Property and Equipment
The useful life of each item of the Group’ investment
properties, and property and equipment are estimated
based on the period over which the asset is expected
to be available for use. Such estimation is based on
internal technical evaluation and experience with
similar assets. The estimated useful life of each asset
is reviewed periodically and updated if expectations
differ from previous estimates due to physical wear
and tear, technical or commercial obsolescence and
legal or other limits on the use of the asset. It is
possible, however, that future results of operations
could be materially affected by changes in the
amounts and timing of recorded expenses brought
about by changes in the factors mentioned above.
A change in the estimated useful life of any item of
investment properties and property and equipment
would affect the recorded depreciation expense and
decrease their carrying amount.
The carrying amounts of investment properties and
property and equipment are disclosed in Notes 14
and 15.
Employee Benefits
The determination of post-employment benefits
obligation depends on selection of certain
assumptions used by the actuary for the calculation of
the liability. These assumptions include discount rate
and rate of increase in salaries. Different realization,
from the Group assumptions are recognized in
consolidated statements of profit or loss and other
comprehensive income. Although the assumptions of
the Group are considered appropriate and reasonable,
significant changes in fact or significant changes in
assumptions used can significantly affect the post-
employment benefits obligation of the Group. The
carrying amount of post-employment benefits
obligations are disclosed in Note 24.
Valuation of Financial Instruments
As described in Note 44, the Group uses valuation
techniques that include inputs that are not based on
observable market data to estimate the fair value of
certain types of financial instruments. Note 44
provides detailed information about the key
assumptions used in the determination of the fair
value of financial instruments, as well as the detailed
sensitivity analysis for these assumptions.
The directors believe that the chosen valuation
techniques and assumptions used are appropriate in
determining the fair value of financial instruments.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Kas 5.166.001 3.239.443 Cash on hand

Bank Cash in banks
Rupiah Rupiah
Bank Central Asia 25.772.041 27.290.877 Bank Central Asia
Bank Maybank Indonesia 17.118.132 9.448.981 Bank Maybank Indonesia
Bank CIMB Niaga 15.510.629 16.444.912 Bank CIMB Niaga
Bank Negara Indonesia 9.079.411 7.781.843 Bank Negara Indonesia
Bank Mandiri 8.376.059 2.034.516 Bank Mandiri
Bank Permata 1.885.657 4.051.869 Bank Permata
Bank Pan Indonesia 1.574.129 5.986.810 Bank Pan Indonesia
Lain - lain (masing-masing Others (each below
dibawah Rp 3.000.000 ribu) 1.485.051 649.956 Rp 3,000,000 thousand)
Dollar Amerika Serikat U.S. Dollar
Bank Pan Indonesia 2.671.437 4.564.273 Bank Pan Indonesia
Bank Maybank Indonesia 1.996.684 3.618.689 Bank Maybank Indonesia
Lain - lain (masing-masing Others (each below
dibawah Rp 3.000.000 ribu) 3.067.232 1.659.899 Rp 3,000,000 thousand)
Euro Euro
Bank CIMB Niaga 8.569.297 4.598.922 Bank CIMB Niaga
Deposito berjangka Time deposits
Rupiah Rupiah
Bank Maybank Indonesia 665.655.598 1.673.041.235 Bank Maybank Indonesia
Bank Hana 73.000.000 55.549.886 Bank Hana
Bank Negara Indonesia 55.426.741 276.723.906 Bank Negara Indonesia
Bank UOB 49.500.000 61.068.227 Bank UOB
Bank Permata 42.707.006 200.567.263 Bank Permata
Bank Tabungan Negara 39.500.000 2.288.234 Bank Tabungan Negara
Bank CIMB Niaga 14.125.570 77.217.366 Bank CIMB Niaga
Lain - lain (masing-masing Others (each below
dibawah Rp 20.000.000 ribu) 30.678.357 44.834.956 Rp 20,000,000 thousand)
Dollar Amerika Serikat U.S. Dollar
Bank Maybank Indonesia 104.819.481 400.797.763 Bank Maybank Indonesia
Lain - lain (masing-masing Others (each below
dibawah Rp 20.000.000 ribu) 201.540 13.343.936 Rp 20,000,000 thousand)

Jumlah 1.177.886.053 2.896.803.762 Total

Dana/cadangan untuk penggantian Funds/reserve for replacement of

perabotan dan perlengkapan hotel furniture and equipment
(Catatan 12) (4.919.127) (2.520.527) (Note 12)
Bersih 1.172.966.926 2.894.283.235 Net

Tingkat bunga deposito berjangka Interest rate per annum on time

per tahun deposits
Rupiah 2,00% - 9,00% 4,60% - 11,00% Rupiah
Dollar Amerika Serikat 0,25% - 1,75% 0,25% - 2,00% U.S. Dollar

Seluruh saldo bank dan deposito berjangka All cash in banks and time deposits are placed with
ditempatkan pada pihak ketiga. third parties.

- 39 -

F-46
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

6. PIUTANG USAHA KEPADA PIHAK KETIGA 6. TRADE ACCOUNTS RECEIVABLE FROM THIRD
PARTIES

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
a. Berdasarkan jenis usaha a. By type of business
Penjualan Sales
Kios dan toko 347.414.538 260.839.437 Kiosks and counters
Perkantoran 139.616.260 29.002.093 Offices
Apartemen 132.015.724 276.363.027 Apartments
Rumah kantor 128.917.524 80.827.343 Home offices
Rumah tinggal 82.096.544 102.963.058 Houses
Ballroom 61.210.158 81.610.158 Ballroom
Rumah toko 12.907.953 40.348.524 Shophouses
Pendapatan Revenues
Sewa 65.586.779 48.040.107 Rental
Hotel 19.190.800 21.242.289 Hotel
Jumlah 988.956.280 941.236.036 Total
Cadangan kerugian penurunan nilai (277.284) (357.847) Allowance for impairment losses
Bersih 988.678.996 940.878.189 Net

b. Umur piutang usaha yang belum b. Aging of trade accounts receivable

diturunkan nilainya not impaired
Belum jatuh tempo 932.088.576 866.900.800 Not yet due
Jatuh tempo Past due
1 - 30 hari 32.754.905 40.604.200 1 - 30 days
31 - 60 hari 9.709.184 10.995.786 31 - 60 days
61 - 90 hari 3.988.433 4.408.950 61 - 90 days
91 - 120 hari 9.089.906 14.206.889 91 - 120 days
Lewat 120 hari 1.047.992 3.761.564 More than 120 days

Bersih 988.678.996 940.878.189 Net

Seluruh piutang usaha kepada pihak ketiga All trade accounts receivable from third parties are
merupakan piutang dalam mata uang Rupiah, kecuali denominated in Rupiah, except for
sebesar Rp 16.120.361 ribu dan Rp 16,120,361 thousand and Rp 12,901,776
Rp 12.901.776 ribu pada tahun 2016 dan 2015 thousand in 2016 and 2015, is receivables which are
merupakan piutang dalam mata uang Dollar Amerika denominated in U.S. Dollar.
Serikat.

Piutang usaha atas penjualan apartemen, rumah
kantor dan perkantoran terutama berasal dari selisih
kurang penerimaan dari pelanggan dengan pengakuan
pendapatan berdasarkan persentase penyelesaian
proyek.
Trade accounts receivable from sale of apartments,
home offices and offices are mainly derived from the
excess of revenue recognized based on percentage of
completion over the advances received from
customers.

Piutang usaha dari penjualan rumah tinggal, kios dan
toko dan rumah toko merupakan tagihan atas
penjualan proyek Grand Taruma Karawang, Green
Permata, Vimala Hills, The Plaza Balikpapan, Plaza
Kenari Mas, Harco Glodok dan Orchard Park Batam.
Trade accounts receivable from sale of houses, kiosks
and counters and shophouses are derived from the
sale of residential projects, Grand Taruma Karawang,
Green Permata, Vimala Hills, The Plaza Balikpapan,
Plaza Kenari Mas, Harco Glodok and Orchard Park
Batam.

Piutang usaha atas penjualan ballroom berasal dari Trade accounts receivable from ballroom sales was
proyek Green Bay (KUS). derived from Green Bay project (KUS).

Piutang sewa berasal dari sewa area pusat Trade accounts receivable from rental are derived
perbelanjaan. Piutang usaha hotel merupakan tagihan from mall rents. Trade accounts receivable from hotel
kepada tamu hotel dan biro perjalanan. are derived from charges to hotel guests and travel
agents.

- 40 -

F-47
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pada tanggal 31 Desember 2016 dan 2015 piutang
usaha masing-masing sebesar Rp 348.177.778 ribu
dan Rp 267.196.743 ribu digunakan sebagai jaminan
utang bank (Catatan 21).
Cadangan kerugian penurunan nilai masing-masing
sebesar Rp 277.284 ribu dan Rp 357.847 ribu pada
tahun 2016 dan 2015 timbul dari piutang kepada
pihak ketiga karena kebijakan manajemen terutama
hotel untuk mencadangkan kerugian sebesar
persentase tertentu untuk jangka waktu yang
melebihi 90 hari.
Berdasarkan penelaahan atas status masing-masing
piutang pada akhir tahun, manajemen memutuskan
bahwa cadangan kerugian penurunan nilai atas
piutang usaha adalah cukup karena tidak terdapat
perubahan signifikan terhadap kualitas kredit dan
jumlah tersebut masih dapat ditagih.
7. PIUTANG LAIN-LAIN KEPADA PIHAK BERELASI
31 Desember/December 31,
2016
Rp'000
PT Prima Buana Internusa (PBI) 6.528.164
PT Pandega Citra Kelola (PCK) 6.155.513
PT Central Prima Kelola (CPK) 2.896.325
PT Sejahtera Kelola Abadi (SKA) 1.064.764
Lain-lain (masing-masing dibawah
Rp 1.000.000 ribu) 1.014.296
Jumlah 17.659.062
Piutang lain-lain kepada PBI merupakan biaya-biaya
yang dibayarkan terlebih dahulu oleh Perusahaan dan
entitas anak, PAP, JKS dan AHT.
Piutang lain-lain kepada PCK merupakan biaya-biaya
yang dibayarkan terlebih dahulu oleh entitas anak,
PCN.
Piutang lain-lain kepada CPK merupakan biaya-biaya
yang dibayarkan terlebih dahulu oleh Perusahaan.
Piutang lain-lain kepada SKA merupakan biaya-biaya
yang dibayarkan terlebih dahulu oleh entitas anak,
ASA. Piutang ini dikenakan bunga 11% per tahun.
Piutang lainnya dari pihak berelasi terutama
merupakan biaya-biaya yang dibayarkan terlebih
dahulu oleh Grup.
Manajemen berpendapat bahwa piutang lain-lain
kepada pihak berelasi dapat ditagih seluruhnya.
- 41 -
F-48
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
As of December 31, 2016 and 2015, trade accounts
receivable amounted to Rp 348,177,778 thousand
and Rp 267,196,743 thousand, respectively, are used
as collateral for credit facilities of bank loan (Note 21).
Allowance for impairment losses arise from trade
accounts receivable from third parties amounted to
Rp 277,284 thousand and Rp 357,847 thousand in
2016 and 2015, respectively, arise from management
policy, especially hotel to reserve a certain
percentage of loss for receivables that are past due
for more than 90 days.
Based on the review of each status of the receivable,
management believes that the allowance for
impairment losses is adequate because there are no
significant changes in credit quality and all net trade
accounts receivable are collectible.
7. OTHER ACCOUNTS RECEIVABLE FROM RELATED
PARTIES
2015
Rp'000
4.387.924 PT Prima Buana Internusa (PBI)
- PT Pandega Citra Kelola (PCK)
4.742.426 PT Central Prima Kelola (CPK)
9.567.128 PT Sejahtera Kelola Abadi (SKA)
Others (each below Rp 1,000,000
75.801 thousand)
18.773.279 Total
Other accounts receivable from PBI represents
advance payments of expenses made by the Company
and subsidiaries, PAP, JKS and AHT.
Other accounts receivable from PCK represents
advance payments of expenses made by the
subsidiary, PCN.
Other accounts receivable from CPK represents
advance payments of expenses made by the
Company.
Other accounts receivable from SKA represents
advance payments of expenses made by the
subsidiary, ASA. These receivable is subject to
interests of 11% per annum.
The remaining other accounts receivable from related
parties mainly represents advance payments of
expenses made by the Group on behalf of those
related parties.
Management believes that all the other accounts
receivable from related parties are fully collectible.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

8. PERSEDIAAN HOTEL 8. HOTEL INVENTORIES

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Aset lancar Current assets
Hotel Hotel
Makanan dan minuman 6.055.625 6.941.737 Food and beverages
Perlengkapan 5.431.480 5.286.356 Supplies
Barang dagangan 12.210 19.607 Merchandises
Jumlah 11.499.315 12.247.700 Total

Aset tidak lancar Non-current assets

Perlengkapan operasional hotel 62.312.537 61.815.139 Hotel's operating equipment

9. PERSEDIAAN ASET REAL ESTAT 9. REAL ESTATE ASSETS INVENTORIES

Aset Lancar Current Assets

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Bangunan siap dijual Buildings ready for sale
Apartemen dan perkantoran Apartments and offices
siap dijual ready for sale
Central Park 21.764.716 21.764.716 Central Park
The Lavande 2.303.160 583.412 The Lavande
Gading Nias 914.322 914.322 Gading Nias
Royal Mediterania Garden 287.353 287.353 Royal Mediterania Garden
Kios dan counter siap dijual Kiosks and counters ready for sale
Plaza Kenari Mas 104.760.072 114.679.215 Plaza Kenari Mas
The Plaza Balikpapan 7.530.391 7.285.913 The Plaza Balikpapan
Rumah siap dijual Houses ready for sale
Vimala Hills 170.351.430 10.557.887 Vimala Hills
Green Permata 2.158.739 2.158.739 Green Permata
Subjumlah 310.070.183 158.231.557 Subtotal

Bangunan dalam penyelesaian Buildings under construction

Podomoro City Deli Medan 850.224.574 899.927.501 Podomoro City Deli Medan
Harco Glodok 635.507.320 538.323.964 Harco Glodok
The Pakubuwono Spring 613.451.573 514.700.731 The Pakubuwono Spring
Orchard Park Batam 328.217.112 265.614.666 Orchard Park Batam
Borneo Bay Residence 301.119.943 198.226.022 Borneo Bay Residence
SOHO @Pancoran 190.747.181 182.166.314 SOHO @Pancoran
Grand Taruma Karawang 102.864.734 161.301.451 Grand Taruma Karawang
Green Permata 99.506.288 96.594.216 Green Permata
SOHO @Podomoro City 73.301.170 285.975.813 SOHO @Podomoro City
Metro Park Residence 43.353.263 25.071.246 Metro Park Residence
Grand Madison 39.845.582 - Grand Madison
Vimala Hills 25.531.966 236.433.304 Vimala Hills
Green Bay 24.433.874 25.789.146 Green Bay
Parahyangan Residences 2.733.083 2.172.138 Parahyangan Residences
Madison Park 2.329.479 27.373.751 Madison Park
Subjumlah 3.333.167.142 3.459.670.263 Subtotal

Tanah yang sedang dikembangkan 967.167.908 819.389.137 Land under development

Jumlah 4.610.405.233 4.437.290.957 Total

- 42 -

F-49
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Bangunan Siap Dijual Buildings Ready For Sale

Merupakan apartemen, kios, counter, perkantoran Represents apartments, kiosks, counters, offices and
dan rumah yang telah selesai pembangunannya dan houses which have been completed and ready for
siap untuk dijual. sale.

2016 2015
Rp'000 Rp'000

Saldo awal 158.231.557 161.335.951 Beginning balance

Penambahan Additions
Perbaikan 15.891.929 25.505.220 Improvements
Reklasifikasi dari properti Reclassification from
investasi (Catatan 14) - 38.564.353 investment properties (Note 14)
Reklasifikasi dari bangunan Reclassification from
dalam penyelesaian 170.351.430 624.049.626 buildings under construction
Jumlah 186.243.359 688.119.199 Total

Pengurangan Deduction
Pembebanan ke beban pokok Charged to cost of
penjualan (Catatan 32) 34.404.733 691.223.593 sales (Note 32)
Saldo akhir 310.070.183 158.231.557 Ending balance

Bangunan Dalam Penyelesaian Buildings Under Construction

Bangunan dalam penyelesaian merupakan biaya
perolehan bangunan rumah tinggal, rumah kantor,
apartemen dan perkantoran yang masih dalam proses
konstruksi setelah dikurangi dengan pengakuan
beban pokok penjualan berdasarkan persentase
penyelesaian proyek. Manajemen berpendapat tidak
terdapat hambatan dalam penyelesaian proyek.
Buildings under construction consist of acquisition
cost of houses, home offices, apartments and offices
under construction, net of costs of sales recognized
based on the project’s percentage of completion.
Management believes that there are no constraints in
the completion of the projects.

Mutasi bangunan dalam penyelesaian adalah sebagai Movements of buildings under construction are as
berikut: follows:

2016 2015
Rp'000 Rp'000

Saldo awal 3.459.670.263 1.630.378.191 Beginning balance

Penambahan Additions
Pembangunan konstruksi 2.218.488.947 2.413.129.096 Construction development
Reklasifikasi dari tanah yang Reclassification from land
sedang dikembangkan 38.415.049 1.744.140.709 under development
Kapitalisasi biaya pinjaman 32.621.644 44.916.481 Capitalization of borrowing costs
Reklasifikasi dari tanah Reclassification from land
belum dikembangkan - 370.839.899 not yet developed
Reklasifikasi dari properti investasi Reclassification from investment
(Catatan 14) - 25.582.465 properties (Note 14)

Jumlah 2.289.525.640 4.598.608.650 Total

Pengurangan Deductions
Pembebanan ke beban pokok Charged to cost of sales
penjualan (Catatan 32) 2.241.424.225 1.388.116.421 (Note 32)
Reklasifikasi ke bangunan Reclassification to buildings
siap dijual 170.351.430 624.049.626 ready for sale
Reklasifikasi ke properti Reclassification to investment
investasi (Catatan 14) 4.253.106 709.065.429 properties (Note 14)
Reklasifikasi ke aset tetap Reclassification to property
(Catatan 15) - 48.085.102 and equipment (Note 15)

Jumlah 2.416.028.761 2.769.316.578 Total

Saldo akhir 3.333.167.142 3.459.670.263 Ending balance

- 43 -

F-50
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Pada tahun 2015, ballroom Green Bay dan Emporium In 2015, Green Bay and Emporium Pluit ballrooms
Pluit dijual dengan nilai penjualan masing-masing were sold with sales value amounted to
sebesar Rp 120.218.340 ribu dan Rp 103.431.078 ribu Rp 120,218,340 thousand and Rp 103,431,078
dan beban pokok atas penjualan masing-masing thousand, respectively, and cost of sales amounted to
sebesar Rp 85.687.634 ribu dan Rp 38.564.353 ribu. Rp 85,687,634 thousand and Rp 38,564,353
thousand, respectively.

Pada tahun 2015, entitas anak SMD, CPKA dan JKS In 2015, buildings under construction from
melakukan reklasifikasi dari bangunan dalam subsidiaries, SMD, CPKA and JKS were reclassified to
penyelesaian ke properti investasi (Catatan 14). investment properties (Note 14).

Persentase penyelesaian masing-masing proyek The details of the percentage of completion for each
adalah sebagai berikut: project are as follows:

31 Desember/December 31 ,
2016 2015

Vimala Hills 86,75% 83,69% Vimala Hills

SOHO @Podomoro City 98,82% - 99,95% 55,95% - 72,32% SOHO @Podomoro City
SOHO @Pancoran 96,60% 76,60% SOHO @Pancoran
Grand Taruma Karawang 96,06% 93,01% Grand Taruma Karawang
Green Permata 74,72% - 100,00% 26,00% - 100,00% Green Permata
Metro Park Residence 99,99% 99,83% Metro Park Residence
Madison Park 99,86% 99,44% Madison Park
Parahyangan Residences 99,25% 95,17% Parahyangan Residences
Green Bay 99,78% - 99,99% 99,38% - 99,99% Green Bay
Orchard Park Batam 59,65% 34,87% Orchard Park Batam
Borneo Bay Residence 44,36% - 88,91% 26,11% - 44,35% Borneo Bay Residence
Podomoro City Deli Medan 43,39% - 63,59% 14,80% - 27,44% Podomoro City Deli Medan
The Pakubuwono Spring 36,59% 3,11% The Pakubuwono Spring
Harco Glodok 80,81% 50,32% Harco Glodok
Grand Madison 37,68% - Grand Madison

Tanah Yang Sedang Dikembangkan Land Under Development

Mutasi tanah yang sedang dikembangkan adalah Movements of land under development are as follows:
sebagai berikut:

2016 2015
Rp'000 Rp'000
Saldo awal 819.389.137 2.303.541.015 Beginning balance

Penambahan Additions
Pengembangan tanah 148.128.027 122.161.954 Land development
Reklasifikasi dari tanah Reclassification from land
belum dikembangkan - 224.492.787 not yet developed
Reklasifikasi dari properti Reclassification from investment
investasi (Catatan 14) 38.065.793 - properties (Note 14)
Pengurangan Deductions
Reklasifikasi ke bangunan Reclassification to buildings
dalam penyelesaian 38.415.049 1.744.140.709 under construction
Pembebanan ke beban pokok Charged to cost of sales
penjualan (Catatan 32) - 86.665.910 (Note 32)
Saldo akhir 967.167.908 819.389.137 Ending balance

Pada tanggal 31 Desember 2016, tanah yang sedang As of December 31, 2016, land under development
dikembangkan merupakan tanah milik AKS, AMI dan represent land owned by AKS, AMI and GTS which
GTS yang telah dikembangkan untuk membangun have started project development.
proyek.

Pada tanggal 31 Desember 2015, tanah yang sedang As of December 31, 2015, land under development
dikembangkan merupakan sebagian tanah milik represents parcels land owned by the Company, AMI
Perusahaan, AMI dan GTS yang telah dikembangkan and GTS, which have started project development.
untuk membangun proyek.

- 44 -

F-51
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Pada tahun 2016, entitas anak, AKS melakukan
reklasifikasi dari properti investasi (tanah dan properti
investasi yang sedang dikembangkan) ke aset real
estat tanah yang sedang dikembangkan karena
terdapat perubahan intensi manajemen senilai
Rp 38.065.793 ribu.
In 2016, investment property (land and investment
property in progress) owned by subsidiary, AKS was
reclassified to real estate assets land under
development because of change in management’s
intention amounting to Rp 38,065,793 thousand.

Aset Tidak Lancar Non-current Assets

Merupakan real estat yang belum dikembangkan Details of real estate not yet developed are as follows:
dengan rincian sebagai berikut:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Perusahaan 45.108.950 45.108.950 The Company

Entitas anak Subsidiaries
KUS 2.809.538.811 1.664.977.394 KUS
BMI 868.246.582 653.717.214 BMI
GCK 649.103.925 603.089.380 GCK
BSM 475.798.278 461.395.443 BSM
PGK 252.106.261 233.942.186 PGK
TKB 90.776.483 90.776.483 TKB
CCB 68.410.397 68.410.397 CCB
Jumlah 5.259.089.687 3.821.417.447 Total

Real estat belum dikembangkan berupa tanah milik: Real estate not yet developed represents land owned
by:

 Perusahaan, seluas 6.775 m2 terletak di  The Company, measuring 6,775 m2 located at

Jl. Tanjung Duren Selatan, Jakarta Barat. Jl. Tanjung Duren Selatan, West Jakarta.

 BMI, seluas 3.113.898 m2 terletak di Karawang.  BMI, measuring 3,113,898 m2 located at

Karawang.

 GCK seluas 97.180 m2 terletak di Klender, Jakarta  GCK measuring 97,180 m2 located in Klender, East
Timur. Jakarta.

 BSL (entitas anak BSM), seluas 5.530 m2 terletak  BSL (subsidiary of BSM), measuring 5,530 m2
di Kelapa Gading, Jakarta Utara. located in Kelapa Gading, North Jakarta.

 AM dan TK (entitas anak PGK), seluas 890.390 m2  AM and TK (subsidiaries of PGK), measuring
terletak di Desa Karawang Kulon, Karawang Barat, 890,390 m2 located in Desa Karawang Kulon,
Jawa Barat. Karawang Barat, West Java.

 CCB, seluas 151.310 m2 terletak di Kelurahan  CCB, measuring 151,310 m2 located at Kelurahan
Maccini Sombala, Kecamatan Tamalate, Makassar. Maccini Sombala, Kecamatan Tamalate, Makassar.

Real estat belum dikembangkan milik entitas anak
KUS (dari MWS dan ADP), entitas anak BSM (dari JKP)
dan entitas anak TKB pada tanggal 31 Desember 2016
dan 2015 merupakan biaya-biaya yang dikeluarkan
dan kapitalisasi biaya untuk mendapatkan hak atas
tanah, konsultan, perizinan dan lain-lain.
Real estate not yet developed, owned by subsidiaries:
KUS (from MWS and ADP), BSM (from JKP) and TKB
as of December 31 2016 and 2015 are capitalized
costs for landrights, consultant, license cost, etc.

Sampai dengan tanggal 31 Desember 2016, MWS dan
JKP telah mencatat biaya-biaya yang dikeluarkan
antara lain biaya konsultan, perizinan dan
pengerukan tanah sehubungan dengan reklamasi
Pulau G dan I masing-masing sebesar
Rp 2.488.797.196 ribu dan Rp 468.798.278 ribu.
As of December 31, 2016, MWS and JKP has recorded
cost incurred such as consultant fee, license and land
dredging related to reclamation project of G and I
Island amounted to Rp 2,488,797,196 thousand and
Rp 468,798,278 thousand, respectively.

Pada tahun 2015, entitas anak, KPP melakukan
reklasifikasi dari tanah belum dikembangkan ke aset
tetap yang akan digunakan untuk pembangunan Hotel
Sofitel di Ubud, Bali senilai Rp 125.808.357 ribu
(Catatan 15).
In 2015, land not yet developed owned by subsidiary,
KPP was reclassified to property and equipment,
which will be used to develop Sofitel Hotel in Ubud,
Bali amounted to Rp 125,808,357 thousand
(Note 15).

- 45 -

F-52
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Pembayaran kepada kontraktor yang nilainya melebihi Payments to contractors with amount more than 10%
10% dari jumlah pembayaran konstruksi dan of the total construction and land development costs
pengembangan lahan aset real estat, aset tetap dan of real estate assets, property and equipment and
properti investasi berasal dari: investment properties are as follows:

2016 2015
Rp'000 Rp'000
JO Boskalis 788.142.287 - JO Boskalis
PT Totalindo Eka Persada 540.607.115 304.114.593 PT Totalindo Eka Persada
PT Multibangun Aditama Konstruksi 438.168.940 286.040.884 PT Multibangun Aditama Konstruksi
PT Nusa Raya Cipta Tbk 377.124.890 198.373.297 PT Nusa Raya Cipta Tbk
PT Total Bangun Persada Tbk 223.490.599 587.572.853 PT Total Bangun Persada Tbk
PT Jakarta Cakratunggal Steel 37.214.712 184.645.379 PT Jakarta Cakratunggal Steel

Jumlah 2.404.748.543 1.560.747.006 Total

Hak legal atas tanah aset real estat berupa HGB atas
nama Grup berjangka waktu 20 – 30 tahun yang akan
jatuh tempo pada tahun 2020 – 2045. Manajemen
berpendapat tidak terdapat masalah dalam
perpanjangan, proses sertifikasi hak atas tanah dan
balik nama karena seluruh tanah diperoleh secara sah
dan didukung dengan bukti pemilikan yang memadai.
Pada tanggal 31 Desember 2016, pengurusan
penerbitan sertifikat hak atas tanah atas nama Grup
untuk tanah seluas sekitar 20,71 hektar masih dalam
proses.
The legal rights over the land in the form of HGB
under the name of the Group has a period of 20 – 30
years until 2020 – 2045. Management believes that
there will be no difficulty in the extension of the
landrights, certification process and transfer of title
since all the land were acquired legally and supported
by sufficient evidence of ownership. As of December
31, 2016, the issuance of the landrights certificate
under the name of the Group for land covering
approximately 20.71 hectares is still in process.

Jumlah biaya pinjaman yang dikapitalisasi ke aset real
estat pada tahun 2016 dan 2015 masing-masing
sebesar Rp 49.311.193 ribu dan Rp 44.916.481 ribu.
Tingkat kapitalisasi biaya pinjaman pada tahun 2016
dan 2015 masing-masing sebesar 10,8% dan 12%.
Borrowing costs are capitalized to real estate assets
amounted to Rp 49,311,193 thousand and
Rp 44,916,481 thousand in 2016 and 2015,
respectively. Borrowing costs capitalization rates in
2016 and 2015 are 10.8% and 12%, respectively.

Pada tanggal 31 Desember 2016 dan 2015, aset real As of December 31, 2016 and 2015, real estate assets
estat masing-masing sebesar Rp 699.862.974 ribu amounted to Rp 699,862,974 thousand and
dan Rp 535.791.133 ribu digunakan sebagai jaminan Rp 535,791,133 thousand, respectively, are used as
utang bank (Catatan 21). collateral for bank loans (Note 21).

Sebagian aset real estat diasuransikan bersama Part of real estate assets were insured along with
dengan properti investasi dan aset tetap (Catatan 14 investment properties and property and equipment
dan 15). (Notes 14 and 15).

Manajemen berpendapat bahwa nilai pertanggungan Management believes that the insurance coverage is
tersebut cukup untuk menutupi kemungkinan adequate to cover possible losses on the assets
kerugian atas aset yang dipertanggungkan. insured.

Berdasarkan penelaahan terhadap aset real estat pada Based on the review of real estate assets at the end
akhir periode, manajemen berkeyakinan bahwa tidak of the period, management believes that there is no
perlu dilakukan penurunan nilai aset real estat. decline in the value of real estate assets.

10. PAJAK DIBAYAR DIMUKA 10. PREPAID TAXES

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Pajak pertambahan nilai 196.232.205 92.458.851 Value added tax
Pajak penghasilan Income taxes
pasal 28A - entitas anak 594.197 594.769 article 28A - subsidiaries
Jumlah 196.826.402 93.053.620 Total

- 46 -

F-53
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

11. BIAYA DIBAYAR DIMUKA 11. PREPAID EXPENSES

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Beban pajak final 328.313.243 363.974.740 Final taxes expense

Sewa 79.488.481 87.265.745 Rent
Lain-lain 6.874.534 8.445.506 Others

Jumlah 414.676.258 459.685.991 Total

Dikurangi: yang jatuh tempo dalam
satu tahun (336.896.363) (440.935.991) Less: current maturity

Jumlah 77.779.895 18.750.000 Total

12. ASET KEUANGAN LAINNYA 12. OTHER FINANCIAL ASSETS

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Deposito berjangka Time deposits with third

pada pihak ketiga 107.928.119 121.428.235 parties
Investasi saham 33.569.412 11.991.200 Investment in shares
Rekening bank yang dibatasi Restricted cash in
penggunaannya 23.953.379 10.061.643 banks
Dana/cadangan untuk penggantian Funds/reserve for replacement
perabotan dan perlengkapan hotel of furniture and equipment
(Catatan 5) 4.919.127 2.520.527 (Note 5)

Jumlah 170.370.037 146.001.605 Total

Deposito Berjangka pada Pihak Ketiga Time Deposits with Third Parties

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Rupiah Rupiah
Bank Maybank Indonesia 28.846.323 38.552.777 Bank Maybank Indonesia
Bank CIMB Niaga 19.328.126 17.393.006 Bank CIMB Niaga
Bank Negara Indonesia 18.850.187 16.256.799 Bank Negara Indonesia
Bank UOB 10.331.617 9.115.009 Bank UOB
Bank Mandiri 5.583.427 8.465.431 Bank Mandiri
Bank Permata 4.765.519 6.862.915 Bank Permata
Bank Artha Graha 1.512.838 3.651.682 Bank Artha Graha
Lain-lain (masing-masing Others (each below
dibawah Rp 3.000.000 ribu) 9.196.809 11.383.079 Rp 3,000,000 thousand)
Dollar Amerika Serikat U.S. Dollar
Bank Central Asia 9.513.273 9.747.537 Bank Central Asia
Jumlah 107.928.119 121.428.235 Total
Tingkat bunga deposito Interest rates per annum on
berjangka per tahun time deposits
Rupiah 4,25% - 7,50% 3,5% - 8,75% Rupiah
Dollar Amerika Serikat 0,25% - 0,50% 0,50% U.S. Dollar

Deposito berjangka Bank Permata dijadikan sebagai Time deposits in Bank Permata are used as reserve
cadangan pembayaran biaya penilai independen atas payment for independent appraiser’s cost on bank
jaminan utang bank yang diterima oleh PP. debt guarantees received by PP.

Deposito berjangka Bank Central Asia digunakan Time deposits in Bank Central Asia are used as
sebagai jaminan Perusahaan atas pembayaran kepada collateral for the payment to PGN.
Perusahaan Gas Negara (PGN).

- 47 -

F-54
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Deposito berjangka lainnya yang dijaminkan dalam
rangka penyediaan fasilitas kredit kepada pembeli oleh
Bank yang bersangkutan. Pencairan deposito
berjangka akan dilakukan secara bertahap sesuai
dengan kemajuan penyelesaian pekerjaan dan
dokumen-dokumen terkait sebagaimana dirinci dalam
perjanjian (Catatan 42).
Investasi Saham
Pada tanggal 31 Desember 2016, entitas anak, AMI,
memiliki 11,20% kepemilikan saham PT Trans Heksa
Karawang (THK) atau sebesar Rp 12.176.080 ribu.
Pada tanggal 31 Desember 2016 dan 2015, entitas
anak, BMI, memiliki 10,48% kepemilikan saham THK
atau masing-masing sebesar Rp 11.393.332 ribu dan
Rp 1.991.200 ribu.
Pada tanggal 31 Desember 2016 dan 2015, MWS
(entitas anak KUS), juga memiliki 11,11% kepemilikan
saham PT Pembangunan Kota Tua Jakarta (PKTJ) atau
sebesar Rp 10.000.000 ribu.
Saham-saham tersebut dimaksudkan untuk
memperoleh potensi keuntungan dalam jangka
panjang karena THK dan PKTJ bergerak dalam industri
yang sama dengan Grup.
THK dan PKTJ merupakan entitas yang tidak terdaftar
di bursa efek, oleh karena itu investasi tersebut
dinyatakan sebesar biaya perolehan.
Rekening Bank Yang Dibatasi Penggunaannya
31 Desember/December 31,
2016
Rp'000
Bank Maybank Indonesia 11.703.805
Bank CIMB Niaga 7.119.762
Bank Pan Indonesia 2.787.315
Bank Negara Indonesia 1.740.457
Bank Jabar Banten 412.255
Lain-lain 189.785
Jumlah 23.953.379
Seluruh rekening bank yang dibatasi penggunaannya
merupakan rekening dalam mata uang Rupiah, yang
dibatasi penggunaannya oleh masing-masing bank
sehubungan dengan utang bank jangka panjang
(Catatan 21).
Dana Cadangan untuk Penggantian Perabotan
dan Perlengkapan Hotel
Entitas anak, BSP, GPL, SAI, CPP dan CIP membentuk
cadangan rekening untuk penggantian perabotan dan
perlengkapan hotel (Catatan 5) dengan persentase
sebesar 0,5% - 3% dari pendapatan hotel setiap
bulan.
- 48 -
F-55
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Other guaranteed time deposits related to the credit
facilities provided by the banks to customers. The
withdrawal of time deposit will be made in accordance
with the progress of the completion of construction and
the related documents as specified in each respective
agreement (Note 42).
Investment in Shares
As of December 31, 2016, AMI, a subsidiary owned
11.20% ownership of PT Trans Heksa Karawang (THK)
or amounted to Rp 12,176,080 thousand.
As of December 31, 2016 and 2015, BMI, a subsidiary
owned 10.48% ownership of THK or amounted to
Rp 11,393,332 thousand and Rp 1,991,200 thousand
respectively.
As of December 31, 2016 and 2015, MWS (subsidiary
of KUS), also owned 11.11% ownership of PT
Pembangunan Kota Tua Jakarta (PKTJ) or amounting
to Rp 10,000,000 thousand.
The shares are held primarily for long-term growth
potential since THK and PKTJ are engaged in the
similar business with the Group.
THK and PKTJ are non-listed and there are no readily
available measure of fair value of the shares; thus, the
investments are stated at cost.
Restricted Cash in Banks
2015
Rp'000
535.295 Bank Maybank Indonesia
3.883.235 Bank CIMB Niaga
351 Bank Pan Indonesia
4.987.557 Bank Negara Indonesia
463.606 Bank Jabar Banten
191.599 Others
10.061.643 Total
All restricted cash in banks are bank accounts
denominated in Rupiah, which were required by
respective banks in relation to the long-term bank
loans (Note 21).
Funds Reserve for Replacements of Furniture
and Equipment
BSP, GPL, SAI, CPP and CIP, subsidiaries, are required
to establish reserve funds for replacement of hotel
furniture and equipment (Note 5) with percentage of
0.5% - 3% of revenues per month.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

13. INVESTASI SAHAM PADA ENTITAS ASOSIASI 13. INVESTMENT IN ASSOCIATES

Rincian investasi saham pada entitas asosiasi yang Details of investment in associates accounted for
dicatat dengan metode ekuitas adalah sebagai berikut: under the equity method are as follows:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

PT Manggala Gelora Perkasa (MGP) 183.665.533 160.562.190 PT Manggala Gelora Perkasa (MGP)
PT Citra Gemilang Nusantara (CGN) 69.043.974 85.375.258 PT Citra Gemilang Nusantara (CGN)

Jumlah 252.709.507 245.937.448 Total

MGP berkedudukan di Jakarta dengan nama proyek MGP is domiciled in Jakarta whose project is named
Senayan City dengan persentase kepemilikan Senayan City with percentage ownership by the
Perusahaan sebesar 25,5%. Company of 25.5%.

Pada tahun 2016, Perusahaan melakukan In 2016, the Company increased investment in shares
peningkatan investasi saham pada MGP sebesar in MGP amounted to Rp 881,025,000 thousand. This
Rp 881.025.000 ribu. Atas transaksi ini tidak transaction does not change the Company’s interest in
mengubah kepemilikan Perusahaan di MGP. MGP.

CGN berkedudukan di Jakarta dengan nama proyek CGN is domiciled in Jakarta whose project is named
Lindeteves Trade Center dengan persentase Lindeteves Trade Center with percentage ownership by
kepemilikan Perusahaan sebesar 35%. the Company of 35%.

Investasi pada perusahaan tersebut diatas diperoleh
terutama untuk tujuan potensi pertumbuhan jangka
panjang, karena seluruh entitas tersebut bergerak
dalam industri properti yang sama dengan industri
Grup.
The investments in the above companies are held
primarily for long-term growth potential, since these
companies are engaged in the property business
similar to the Group.

Mutasi investasi pada entitas asosiasi adalah sebagai Movements of investment in associates are as follows:
berikut:

2016 2015
Rp'000 Rp'000

PT Manggala Gelora Perkasa (MGP) PT Manggala Gelora Perkasa (MGP)

Saldo awal 160.562.190 127.032.181 Beginning balance
Perubahan tahun berjalan Changes during the year
Peningkatan investasi saham 881.025.000 - Additional investment in shares
Pembagian dividen (919.275.000) (40.800.000) Dividends distribution
Bagian laba bersih 77.999.998 53.489.454 Share in net income
Penyesuaian atas bagian laba bersih Adjustment share in net income
atas perubahan kebjiakan akuntansi (17.280.704) 21.183.670 change in accounting policy
Bagian penghasilan komprehensif lain 634.049 (343.115) Share in other comprehensive income

Saldo akhir 183.665.533 160.562.190 Ending balance

PT Citra Gemilang Nusantara (CGN) PT Citra Gemilang Nusantara (CGN)

Saldo awal 85.375.258 76.161.771 Beginning balance
Perubahan tahun berjalan Changes during the year
Pembagian dividen (23.100.000) (26.600.000) Dividends distribution
Bagian laba bersih 6.126.350 31.272.130 Share in net income
Penyesuaian lain - 4.857.882 Other adjustments
Bagian penghasilan komprehensif lain 642.366 (316.525) Share in other comprehensive income
Saldo akhir 69.043.974 85.375.258 Ending balance

- 49 -

F-56
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Ringkasan informasi keuangan dibawah ini The summarized financial information below
merupakan jumlah yang disajikan dalam laporan represents amounts shown in the associates’ financial
keuangan entitas asosiasi yang disusun sesuai statements prepared in accordance Indonesian
dengan Standar Akuntansi Keuangan Indonesia. Financial Accounting Standards.

MGP CGN
31 Desember/December 31, 31 Desember/December 31,
2016 2015 2016 2015
Rp'000 Rp'000 Rp'000 Rp'000

Laporan Posisi Keuangan Statement of Financial Position

Aset lancar 199.688.967 298.385.546 217.973.012 260.525.211 Current assets
Aset tidak lancar 5.104.168.890 5.048.761.200 48.892.893 53.408.985 Non-current assets

Jumlah aset 5.303.857.857 5.347.146.746 266.865.905 313.934.196 Total assets

Liabilitas jangka pendek 290.580.588 450.932.930 42.916.412 43.702.032 Current liabilities

Liabilitas jangka panjang 531.757.493 573.062.850 26.683.353 26.304.241 Non-current liabilities
Ekuitas yang dapat diatribusikan Equity attributable to owners
kepada pemilik entitas induk 4.481.519.776 4.323.150.966 197.268.498 243.929.309 of the Company
Kepentingan non-pengendali - - (2.358) (1.386) Non-controlling interest

Jumlah liabilitas dan ekuitas 5.303.857.857 5.347.146.746 266.865.905 313.934.196 Total liabilities and equity

Laporan Laba Rugi dan Penghasilan Statement of Profit or Loss and

Komprehensif Lain Other Comprehensive Income
Penjualan dan pendapatan usaha 504.584.424 506.561.472 90.010.649 171.794.746 Sales and revenue
Beban (212.448.741) (205.096.344) (72.506.790) (82.445.803) Expenses
Kenaikan (penurunan) nilai wajar atas Increase (decrease) of fair value
properti investasi 13.746.662 (91.702.565) - - of invesment properties
Laba tahun berjalan 305.882.345 209.762.563 17.503.859 89.348.943 Profit for the year

Jumlah laba komprehensif tahun Total comprehensive income

berjalan 308.368.810 208.417.016 19.339.190 88.444.585 for the year

Rekonsiliasi dari ringkasan informasi keuangan di atas Reconciliation of the above summarized financial
terhadap jumlah tercatat dari bagian entitas asosiasi information to the carrying amount of the interest in
yang diakui dalam laporan keuangan konsolidasian: the associates recognized in the consolidated financial
statements:

MGP CGN
31 Desember/December 31 , 31 Desember/December 31 ,
2016 2015 2016 2015
Rp'000 Rp'000 Rp'000 Rp'000

Aset bersih entitas asosiasi 4.481.519.776 4.323.150.966 197.268.498 243.929.309 Net assets of the associate
Penyesuaian uang muka dividen Adjustment of non-controlling interest
kepentingan non-pengendali 31.490.180 31.490.180 - - advance for dividend
Proporsi bagian kepemilikan Grup 1.150.817.539 1.110.433.492 69.043.974 85.375.258 Proportion of the Group's ownership interest
Penyesuaian model nilai wajar ke
metode biaya (967.152.006) (949.871.302) - - Adjustment of fair value model to cost model

Nilai tercatat bagian Grup 183.665.533 160.562.190 69.043.974 85.375.258 Carrying amount of the Group's interest

MGP mengukur properti investasi menggunakan MGP measured their investment properties using fair
metode nilai wajar. Perusahaan melakukan value model. The Company makes adjustment from
penyesuaian dari metode nilai wajar ke metode biaya fair value model to cost model in the consolidated
pada laporan keuangan konsolidasian. financial statements.

- 50 -

F-57
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES

1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ December 31,
2016 Additions Deductions Reclassifications 2016
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
Biaya perolehan: Cost:
Tanah 1.081.547.822 - - (35.868.488) 1.045.679.334 Land
Bangunan dan prasarana 5.289.998.071 183.696.346 499.697 635.555.697 6.108.750.417 Building and facilities
Mesin dan peralatan 247.423.291 3.277.960 - 91.807.869 342.509.120 Machinery and equipment
Aset dalam penyelesaian 986.934.074 845.756.356 - (699.320.786) 1.133.369.644 Construction in progress

Jumlah 7.605.903.258 1.032.730.662 499.697 (7.825.708) 8.630.308.515 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 787.509.694 145.250.053 116.863 - 932.642.884 Building and facilities
Mesin dan peralatan 111.855.736 65.396.324 - - 177.252.060 Machinery and equipment

Jumlah 899.365.430 210.646.377 116.863 - 1.109.894.944 Total

Jumlah Tercatat 6.706.537.828 7.520.413.571 Net Carrying Amount

1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ December 31,
2015 Additions Deductions Reclassifications 2015
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
Biaya perolehan: Cost:
Tanah 977.633.958 - - 103.913.864 1.081.547.822 Land
Bangunan dan prasarana 5.062.204.659 232.918.619 - (5.125.207) 5.289.998.071 Building and facilities
Mesin dan peralatan 229.773.095 17.650.196 - - 247.423.291 Machinery and equipment
Aset dalam penyelesaian 96.854.954 309.960.691 - 580.118.429 986.934.074 Construction in progress

Jumlah 6.366.466.666 560.529.506 - 678.907.086 7.605.903.258 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 627.700.007 163.887.005 - (4.077.318) 787.509.694 Building and facilities
Mesin dan peralatan 78.103.663 33.752.073 - - 111.855.736 Machinery and equipment

Jumlah 705.803.670 197.639.078 - (4.077.318) 899.365.430 Total

Jumlah Tercatat 5.660.662.996 6.706.537.828 Net Carrying Amount

Pada tanggal 31 Desember 2016, aset dalam As of December 31, 2016, construction in progress
penyelesaian terdiri dari foodcourt SOHO Pancoran, consist of foodcourt SOHO Pancoran, The Plaza
Mal The Plaza Balikpapan dan Deli Park, yang Balikpapan Mall and Deli Park, which are estimated to
diperkirakan selesai pada tahun 2017. be completed in 2017.

Pada tanggal 31 Desember 2015, aset dalam
penyelesaian terdiri dari Neo SOHO, foodcourt SOHO
Pancoran, foodcourt Parahyangan Residences, Mal The
Plaza Balikpapan dan Deli Park, yang diperkirakan
selesai pada tahun 2016-2017.
As of December 31, 2015, construction in progress
consist of Neo SOHO, foodcourt SOHO Pancoran,
foodcourt Parahyangan Residences, The Plaza
Balikpapan Mall and Deli Park, which are estimated to
be completed in 2016-2017.

Penghasilan sewa dari properti investasi adalah Rent income recognized from investment properties
sebesar Rp 883.926.868 ribu dan Rp 888.951.286 ribu amounted to Rp 883,926,868 thousand and
masing-masing untuk tahun 2016 dan 2015 Rp 888,951,286 thousand in 2016 and 2015,
(Catatan 31). respectively (Note 31).

Beban penyusutan sebesar Rp 210.646.377 ribu dan Depreciation expense amounted to Rp 210,646,377
Rp 197.639.078 ribu pada tahun 2016 dan 2015 thousand and Rp 197,639,078 thousand in 2016 and
disajikan sebagai beban langsung (Catatan 32). 2015 were recorded as part of direct costs
(Note 32).

Properti investasi diasuransikan bersama dengan aset Investment properties were insured along with real
real estat dan aset tetap (Catatan 9 dan 15). estate assets and property and equipment (Notes 9
and 15).

- 51 -

F-58
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Rincian reklasifikasi dari jumlah tercatat atas tanah, Details of reclassification of net carrying amount of
bangunan dan aset dalam penyelesaian adalah land, building and building construction in progress
sebagai berikut: are as follows:

2016 2015
Rp'000 Rp'000
Tanah Land
Reklasifikasi dari aset real estat - 72.881.811 Reclassification from real estate assets
Reklasifikasi dari aset tetap - 35.868.487 Reclassification from property and equipment
Reklasifikasi ke aset real estat Reclassification to real estate assets
(Catatan 9) (35.868.488) (4.836.434) (Note 9)

Jumlah tanah (35.868.488) 103.913.864 Total land

Bangunan dan prasarana, mesin dan Building and facilities, machinery and
peralatan equipment
Reklasifikasi dari properti investasi Reclassification from investment
dalam penyelesaian 723.110.460 37.516.464 properties in progress
Reklasifikasi dari aset real estat Reclassification from real estate assets
(Catatan 9) 4.253.106 - (Note 9)
Reklasifikasi ke aset real estat Reclassification to real estate assets
(Catatan 9) - (38.564.353) (Note 9)

Jumlah bangunan dan prasarana, Total building and facilities, machinery

mesin dan peralatan 727.363.566 (1.047.889) and equipment

Properti investasi dalam penyelesaian Investment properties in progress

Reklasifikasi dari aset tetap 25.986.979 2.197.306 Reclassification from property and equipment
Reklasifikasi ke aset real estat Reclassification to real estate assets
(Catatan 9) (2.197.305) (20.746.031) (Note 9)
Reklasifikasi dari aset real estat Reclassification from real estate assets
(Catatan 9) - 636.183.618 (Note 9)
Reklasifikasi ke bangunan dan
prasarana (723.110.460) (37.516.464) Reclassification to building and facilities

Jumlah aset dalam penyelesaian (699.320.786) 580.118.429 Total construction in progress

Jumlah (7.825.708) 682.984.404 Total

Hak legal atas tanah properti investasi berupa HGB
atas nama Grup berjangka waktu 20 tahun yang akan
jatuh tempo pada tahun 2023 – 2045. Manajemen
berpendapat tidak terdapat masalah dalam
perpanjangan dan proses sertifikasi hak atas tanah
karena seluruh tanah diperoleh secara sah dan
didukung dengan bukti pemilikan yang memadai.
The legal right over the land of investment properties
in the form of HGB under the name of the Group has
a period of 20 years until 2023 – 2045. Management
believes that there will be no difficulty in the extension
of the landrights since all the land were acquired
legally and supported by sufficient evidence of
ownership.

Seluruh properti investasi digunakan sebagai jaminan The entire investment properties are used as
atas utang bank jangka panjang dan utang obligasi collateral for long-term bank loans and bonds payable
(Catatan 21 dan 22). (Notes 21 and 22).

Rincian nilai tercatat dan nilai wajar properti investasi Details of the carrying amounts and fair value of
yang signifikan pada tahun 2016 dan 2015 adalah significant investment properties in 2016 and 2015
sebagai berikut: are as follows:
31 Desember/December 31, 2016 31 Desember/December 31, 2015
Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/
Nama proyek Carrying amount Fair value Carrying amount Fair value Project name
Rp'000 Rp'000 Rp'000 Rp'000

Mal Central Park 1.426.981.268 5.950.100.000 1.477.271.316 5.127.100.000 Central Park Mall
Mal Bay Walk 1.286.052.670 1.488.353.000 1.143.274.973 1.265.200.000 Bay Walk Mall
Mal Neo SOHO 851.018.173 1.844.800.000 - - Neo SOHO Mall
Mal Emporium Pluit 726.750.794 2.058.900.000 755.621.976 1.764.800.000 Emporium Pluit Mall
Mal The Plaza Balikpapan 716.757.097 1.257.910.845 749.684.812 1.224.622.000 The Plaza Balikpapan Mall
Mal Kuningan City 695.501.001 1.992.800.000 722.961.848 1.928.200.000 Kuningan City Mall
Mal Festival CityLink 387.719.072 949.600.000 401.935.339 870.200.000 Festival CityLink Mall
Perkantoran AXA Tower 197.407.843 963.000.000 205.996.425 977.600.000 AXA Office Tower
Foodmall Taruma Flavour 30.210.732 149.866.900 31.464.671 147.565.500 Foodmall Taruma Flavour

- 52 -

F-59
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Penilaian dilakukan oleh KJPP Hendra, Widjaja,
Robinson dan Rekan, KJPP Jimmy Prasetyo dan Rekan
dan KJPP Munir, Wisnu, Heru dan Rekan, penilai
independen, pada tanggal 31 Desember 2016
berdasarkan metode biaya dan pendapatan yang
didukung oleh nilai pasar pada saat penilaian.
Penilaian dilakukan oleh KJPP Hendra Gunawan dan
Rekan, KJPP Jimmy Prasetyo dan Rekan dan KJPP
Satria Iskandar Setiawan dan Rekan, penilai
independen, pada tanggal 31 Desember 2015
berdasarkan metode biaya dan pendapatan yang
didukung oleh nilai pasar pada saat penilaian.
Nilai wajar aset dalam penyelesaian sebagian proyek
foodcourt SOHO Pancoran (CPKA), Deli Park (SMD)
dan Mal The Plaza Balikpapan (PCN) pada tahun 2016
dan sebagian proyek Mal Neo SOHO (TMI), food court
SOHO Pancoran (CPKA), food court Parahyangan,
Residences (JKS), Deli Park (SMD), dan Mal The Plaza
Balikpapan (PCN) pada tahun 2015 belum dapat
ditentukan secara andal sampai dengan saat ini
dikarenakan pembangunan sampai saat ini masih
dalam proses sehingga harga kini dalam pasar aktif
untuk properti serupa dalam lokasi dan kondisi yang
serupa belum tersedia. Dengan data dan informasi
yang sangat minim tersebut, sulit untuk dapat
menghasilkan nilai wajar yang andal.
The assessment was conducted by KJPP Hendra,
Widjaja, Robinson dan Rekan, KJPP Jimmy Prasetyo
dan Rekan and KJPP Munir, Wisnu, Heru dan Rekan,
independent appraisers, dated December 31, 2016
based on cost and income method, supported by the
market value at the time of assessment.
The assessment was conducted by KJPP Hendra
Gunawan dan Rekan, KJPP Jimmy Prasetyo dan Rekan
and KJPP Satria Iskandar Setiawan dan Rekan,
independent appraisers, dated December 31, 2015
based on cost and income method, supported by the
market value at the time of assessment.
Fair value of Mall’s construction in progress from
foodcourt SOHO Pancoran (CPKA), Deli Park (SMD)
and The Plaza Balikpapan Mall (PCN) in 2016 and
partial project Neo SOHO Mall (TMI), food court SOHO
Pancoran (CPKA), food court Parahyangan,
Residences (JKS), Deli Park (SMD) and The Plaza
Balikpapan Mall (PCN) in 2015 can not be determined
reliably to date because of the ongoing construction
process, hence the current value in active market for
similar property, whether similar in location and/or
condition is not yet available. With that limited data
and information, it has been difficult to generate
reliable fair value.

15. ASET TETAP 15. PROPERTY AND EQUIPMENT

1 Januari 2016/ Penambahan/ Pengurangan/ Reklasifikasi/ 31 Desember 2016/

January 1, 2016 Additions Deductions Reclassifications December 31, 2016
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
Biaya perolehan: Cost:
Pemilikan langsung: Direct acquisition
Tanah 238.091.432 40.547.103 - (145.861) 278.492.674 Land
Bangunan dan prasarana 2.255.027.858 30.553.632 - - 2.285.581.490 Building and facilities
Peralatan kantor 117.516.247 13.484.567 348.885 - 130.651.929 Office equipment
Kendaraan 32.965.289 4.025.675 3.768.506 - 33.222.458 Vehicles
Perlengkapan proyek 71.199.682 526.080 68.449 - 71.657.313 Project equipment
Mesin dan peralatan 31.868.325 5.443.492 - - 37.311.817 Machine and equipment
Aset dalam penyelesaian 1.310.651.128 517.695.891 - (25.841.118) 1.802.505.901 Construction in progress

Jumlah 4.057.319.961 612.276.440 4.185.840 (25.986.979) 4.639.423.582 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 271.368.921 120.641.286 - - 392.010.207 Building and facilities
Peralatan kantor 117.501.510 22.918.767 322.718 - 140.097.559 Office equipment
Kendaraan 18.829.222 3.842.820 2.393.241 - 20.278.801 Vehicles
Perlengkapan proyek 21.421.418 643.175 19.325 - 22.045.268 Project equipment
Mesin dan peralatan 11.734.787 4.462.514 - - 16.197.301 Machine and equipment
Jumlah 440.855.858 152.508.562 2.735.284 - 590.629.136 Total
Jumlah Tercatat 3.616.464.103 4.048.794.446 Net Carrying Amount

1 Januari 2015/ Penambahan/ Pengurangan/ Reklasifikasi/ 31 Desember 2015/

January 1, 2015 Additions Deductions Reclassifications December 31, 2015
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
Biaya perolehan: Cost:
Pemilikan langsung: Direct acquisition
Tanah 141.993.094 12.858.763 - 83.239.575 238.091.432 Land
Bangunan dan prasarana 2.180.595.660 52.188.215 - 22.243.983 2.255.027.858 Building and facilities
Peralatan kantor 108.572.184 13.850.198 4.906.135 - 117.516.247 Office equipment
Kendaraan 30.873.902 3.964.333 1.872.946 - 32.965.289 Vehicles
Perlengkapan proyek 70.472.756 726.926 - - 71.199.682 Project equipment
Mesin dan peralatan 23.487.924 8.584.881 204.480 - 31.868.325 Machine and equipment
Aset dalam penyelesaian 900.554.596 379.752.424 - 30.344.108 1.310.651.128 Construction in progress
Jumlah 3.456.550.116 471.925.740 6.983.561 135.827.666 4.057.319.961 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 151.434.450 119.934.471 - - 271.368.921 Building and facilities
Peralatan kantor 92.484.162 29.922.396 4.905.048 - 117.501.510 Office equipment
Kendaraan 16.053.667 4.630.751 1.855.196 - 18.829.222 Vehicles
Perlengkapan proyek 20.948.290 473.128 - - 21.421.418 Project equipment
Mesin dan peralatan 6.523.483 5.301.474 90.170 - 11.734.787 Machine and equipment

Jumlah 287.444.052 160.262.220 6.850.414 - 440.855.858 Total

Jumlah Tercatat 3.169.106.064 3.616.464.103 Net Carrying Amount

- 53 -

F-60
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Penjualan aset tetap adalah sebagai berikut: Sale of property and equipment are as follows:

2016 2015
Rp'000 Rp'000

Nilai tercatat 1.450.556 133.147 Net carrying amount

Penerimaan dari penjualan Proceeds from sale of property
aset tetap 2.021.418 916.324 and equipment

Keuntungan penjualan Gain on sale of property

aset tetap 570.862 783.177 and equipment

Biaya perolehan aset tetap yang telah disusutkan Cost of property and equipment, which were fully
penuh dan masih digunakan sebesar Rp 56.137.735 depreciated but still used by the Group, amounted to
ribu dan Rp 44.963.994 ribu masing-masing pada Rp 56,137,735 thousand and Rp 44,963,994 thousand
tanggal 31 Desember 2016 dan 2015. as of December 31, 2016 and 2015, respectively.

Beban penyusutan dialokasikan sebagai berikut: Depreciation expense was allocated as follows:

2016 2015
Rp'000 Rp'000

Beban langsung (Catatan 32) 116.662.311 129.638.291 Direct costs (Note 32)
Beban penjualan (Catatan 33) 627.849 1.660.763 Selling expenses (Note 33)
Beban umum dan administrasi General and administrative
(Catatan 34) 35.218.402 28.963.166 expenses (Note 34)

Jumlah 152.508.562 160.262.220 Total

Rincian reklasifikasi biaya perolehan tanah, bangunan Details of reclassifications of cost of land, building and
dan prasarana dan aset dalam penyelesaian adalah facilities and construction in progress are as follows:
sebagai berikut:

2016 2015
Rp'000 Rp'000

Tanah, bangunan dan prasarana Land, building and facilities

Reklasifikasi dari aset real estat - 141.352.045 Reclassification from real estate assets
Reklasifikasi ke properti investasi (145.861) (35.868.487) Reclassification to investment properties

Jumlah (145.861) 105.483.558 Total

Aset dalam penyelesaian Construction in progress
Reklasifikasi dari aset real estat - 32.541.414 Reclassification from real estate assets
Reklasifikasi ke properti investasi (25.841.118) (2.197.306) Reclassification to investment properties

Jumlah (25.841.118) 30.344.108 Total

Jumlah (25.986.979) 135.827.666 Total

Pada tahun 2016, aset dalam penyelesaian terutama In 2016, construction in progress consist of hotel
terdiri dari rencana pembangunan hotel oleh BSP, development plans by BSP, BPS, TTLM, PAP and KPP
BPS, TTLM, PAP dan KPP yang akan selesai pada which are estimated to be completed in 2017.
tahun 2017.

Pada tahun 2015, aset dalam penyelesaian terdiri dari In 2015, construction in progress consist of hotel
rencana pembangunan hotel oleh AKS, BPS, TTLM, development plans by AKS, BPS, TTLM, PAP, KPP,
PAP, KPP, SMD yang akan selesai pada tahun 2016- SMD, which are estimated to be completed in 2016-
2017. 2017.

Biaya pinjaman yang dikapitalisasi ke aset tetap
dalam penyelesaian pada tahun 2016 dan 2015
masing-masing sebesar Rp 40.122.820 ribu dan
Rp 10.764.259 ribu. Tingkat kapitalisasi biaya
pinjaman pada tahun 2016 dan 2015 adalah 12%.
Borrowing costs capitalized to construction in
progress in 2016 and 2015 amounted to
Rp 40,122,820 thousand and Rp 10,764,259
thousand, respectively. Borrowing costs capitalization
rate in 2016 and 2015 is 12%.

- 54 -

F-61
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Hak legal atas tanah berupa HGB atas nama Grup
berjangka waktu 20 tahun yang akan jatuh tempo
pada tahun 2021 – 2042. Manajemen berpendapat
tidak terdapat masalah dalam perpanjangan dan
proses sertifikasi hak atas tanah karena seluruh tanah
diperoleh secara sah dan didukung dengan bukti
pemilikan yang memadai.
The legal rights over the land in the form of HGB
under the name of the Group has a period of 20 years
until 2021 – 2042. Management believes that there
will be no difficulty in the extension of the landrights
since all the land were acquired legally and supported
by sufficient evidence of ownership.

Sebagian aset real estat, aset tetap dan properti
investasi milik Grup telah diasuransikan bersama
beberapa perusahaan asuransi, pihak ketiga,
terhadap risiko kecelakaan, pencurian dan risiko
adalah sebagai berikut:
Part of real estate assets, property and equipment
and investment properties owned by the Group were
insured with several third party insurance companies
against accident, theft and other risks with details as
follows:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Nilai pertanggungan aset 16.040.043.179 26.480.424.663 Total amount of insured assets

Jumlah tercatat aset yang Carrying amount of insured
diasuransikan 7.959.152.272 9.789.087.606 assets

Manajemen berpendapat bahwa nilai pertanggungan Management believes that the insurance coverage is
tersebut cukup untuk menutupi kemungkinan adequate to cover possible losses on the assets
kerugian atas aset yang ditangguhkan. insured.

Pada tahun 2016 dan 2015, nilai wajar aset tetap In 2016 and 2015, the fair value of significant
yang signifikan adalah sebagai berikut: property and equipment are as follows:

31 Desember/December 31, 2016 31 Desember/December 31, 2015

Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/
Nama proyek Carrying amount Fair value Carrying amount Fair value Project name
Rp'000 Rp'000 Rp'000 Rp'000
Hotel Sofitel Nusa Dua Bali 1.310.790.405 2.011.861.000 1.383.236.590 1.908.400.000 Sofitel Nusa Dua Bali Hotel
Hotel Pullman Jakarta Central Park 365.007.326 1.297.272.000 382.478.988 1.299.600.000 Pullman Jakarta Central Park Hotel
Hotel Harris Festival CityLink 80.436.622 284.361.400 79.042.368 283.385.700 Harris Festival CityLink Hotel
Hotel Amaris Thamrin City 67.946.072 150.398.800 69.026.008 138.107.000 Amaris Thamrin City Hotel
Hotel POP Festival CityLink 48.957.098 93.234.700 50.356.122 92.870.000 POP Festival CityLink Hotel
Hotel BnB, Kelapa Gading 31.280.557 52.003.400 33.291.449 51.234.000 BnB, Kelapa Gading Hotel

Penilaian dilakukan oleh penilai independen, KJPP
Hendra, Widjaja, Robinson dan Rekan, KJPP Jimmy
Prasetyo dan Rekan dan KJPP Munir, Wisnu, Heru dan
Rekan pada tanggal 31 Desember 2016 dan 2015
berdasarkan metode pendekatan pendapatan dan
data pasar.
The assessment was conducted by an independent
appraisers, KJPP Hendra, Widjaja, Robinson dan
Rekan, KJPP Jimmy Prasetyo dan Rekan and KJPP
Munir, Wisnu, Heru dan Rekan dated December 31,
2016 and 2015 based on income approach and
market data approach.

Berdasarkan penelaahan terhadap aset tetap pada Based on the review of property and equipment at the
akhir periode, manajemen berkeyakinan bahwa tidak end of the period, management believes that there is
perlu dilakukan penurunan nilai aset tetap. no decline in the value of property and equipment.

16. BIAYA YANG DITANGGUHKAN 16. DEFERRED CHARGES

Merupakan biaya pembangunan kantor pemasaran This account represents costs related to the
dan ruang pamer untuk proyek milik Grup dengan construction of marketing offices and show units of
rincian sebagai berikut: the Group, with details as follows:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Biaya perolehan 102.659.996 89.329.880 Cost
Akumulasi amortisasi (84.079.616) (75.338.893) Accumulated amortization
Jumlah tercatat 18.580.380 13.990.987 Total

Pada tahun 2016, entitas anak, GTS mendirikan
kantor pemasaran dan kantor proyek Podomoro Golf
View, dengan biaya ditangguhkan belum diamortisasi
karena pembangunannya masih dalam penyelesaian
dan belum digunakan.
In 2016, GTS established Podomoro Golf View’s
marketing office and project office with unamortized
cost because the building is still under construction
and not ready for use.

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F-62
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pada tahun 2015, bangunan kantor pemasaran
SOHO@Pancoran telah dirobohkan, sehingga biaya
perolehan dan akumulasi amortisasi masing-masing
sebesar Rp 3.055.268 ribu dan Rp 2.854.638 ribu
dihapuskan.
Beban amortisasi sebesar Rp 8.740.723 ribu dan
Rp 13.463.296 ribu masing-masing pada tahun 2016
dan 2015, dialokasikan sebagai bagian dari beban
penjualan (Catatan 33).
17. UTANG BANK
Merupakan fasilitas kredit jangka pendek yang
diperoleh dari:
31 Desember/December 31,
2016
Rp'000
PGK - Bank Tabungan Negara 40.000.000
BSP - Bank Pan Indonesia 4.420.294
Jumlah 44.420.294
PGK
Pada bulan Desember 2016, PGK memperoleh fasilitas
Kredit Modal Kerja Konstruksi Non Revolving angsuran
dari Bank Tabungan Negara (BTN) dengan maksimum
pinjaman sebesar Rp 100.000.000 ribu, jangka waktu
fasilitas ini selama 48 bulan sampai dengan bulan
Desember 2020. Pinjaman ini digunakan untuk
pembangunan 190 unit rumah dan ruko pada
perumahan Grand Taruma, Karawang.
Pinjaman ini dikenakan bunga mengambang dan tidak
ada jadwal pembayaran cicilan secara bulanan.
Tingkat suku bunga pada tanggal 31 Desember 2016
adalah sebesar 11% per tahun.
Pengembalian pokok pinjaman dilakukan dari hasil
penjualan setiap unit rumah pada perumahan Grand
Taruma yang pembiayaannya dibiayai oleh BTN.
Pada tanggal 31 Desember 2016, fasilitas kredit yang
telah dicairkan sebesar Rp 40.000.000 ribu.
Pinjaman ini diberikan dengan agunan berupa: a)
tanah dan bangunan pada Perumahan Grand Taruma,
Karawang dengan jumlah luas lahan seluas minimal
33.370 m2; b) bukti penguasaan agunan dalam bentuk
190 sertifikat atas nama PGK; c) agunan lainnya
berupa personal guarantee atas nama Aking Saputra,
salah satu pemegang saham PGK; instruksi
pembayaran atas penyaluran pencairan dana kredit
konstruksi BTN serta hasil penjualan rumah dan
kavling yang dibiayai kredit konstruksi; cessie atas
piutang penjualan proyek Grand Taruma; dan sub
ordinasi yang menyatakan utang pada pihak ketiga
tidak akan dilunasi sebelum kredit pada BTN dilunasi.
- 56 -
F-63
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
In 2015, the building of marketing office of
SOHO@Pancoran has been demolished, therefore the
cost and accumulated amortization amounted to
Rp 3,055,268 thousand and Rp 2,854,638 thousand
were written off.
Amortization expense amounted to Rp 8,740,723
thousand and Rp 13,463,296 thousand, respectively,
in 2016 and 2015, were recorded under selling
expenses (Note 33).
17. BANK LOANS
Represent short-term loan facilities, with details as
follows:
2015
Rp'000
- PGK - Bank Tabungan Negara
8.058.139 BSP - Bank Pan Indonesia
8.058.139 Total
PGK
In December 2016, PGK obtained a Non Revolving
Working Capital Construction Credit facility from Bank
Tabungan Negara (BTN) with maximum credit of
Rp 100,000,000 thousand, for a period of 48 months
until December 2020. This loan will be used to build
190 unit houses and shophouses at Grand Taruma
Residence, Karawang.
The loan bears floating interest and without monthly
payment installment schedule. The interest rate for
this credit facility at December 31, 2016 is 11% per
annum.
Payment for principal loan is made from sales of house
in Grand Taruma Residence that was funded by BTN.
As of December 31, 2016, the outstanding loan
balance from this credit facility amounted to
Rp 40,000,000 thousand.
The credit facility is secured by the following
collaterals: a) land and bulding at Grand Taruma
Residence, Karawang with a total area of 33,370 m2
at minimum; b) collateral evidence, which is 190
certificates under the name of PGK; c) Other collateral
consisting of personal guarantee of Aking Saputra,
one of shareholders of PGK; standing instruction from
withdrawal of construction credit BTN proceeds from
sale of houses and land from constructions credit
facility; cessie from sales receivables Grand Taruma;
and subordination stating that payable to third party
will not be paid off before credit to BTN is paid off.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Perjanjian pinjaman juga mencakup persyaratan
tertentu sebagai berikut: 1) PGK wajib memberikan
laporan konfirmasi atas laporan realisasi pendapatan
meliputi laporan progress penjualan rumah yang
dibiayai dengan fasilitas kredit BTN; 2) dalam hal
pengurusan sertifikat pecahan per kavling harus seizin
dan sepengetahuan BTN; 3) wajib menyerahkan
laporan perkembangan fisik proyek, progres
penjualan atau laporan lain yang diminta BTN; 4)
setiap penjualan unit rumah secara KPR dan Tunai
wajib menjadi sumber pengembalian pokok kredit; 5)
atas penjualan melalui KPR bank lain, PGK wajib
menerbitkan instruksi pembayaran atau surat
perintah penyaluran dana kepada bank pemberi kredit
untuk men-transfer hasil realisasi KPR ke rekening
giro escrow PGK di BTN; 6) setiap penjualan unit tanpa
persetujuan BTN tidak dapat digunakan membayar
kewajiban pengembalian pokok kredit, maka PGK
harus membayar pokok kredit senilai harga jual unit
tersebut; 7) apabila pembayaran pokok dan bunga
terkendala suatu hal, maka PGK wajib
menyelesaikannya dari usaha lain atau sumber dana
lain atau dari grup perusahaannya.
BSP
Merupakan pinjaman BSP dari Bank Pan Indonesia
(Panin) dalam bentuk pinjaman Rekening Koran
dengan jumlah maksimum sebesar Rp 15.000.000
ribu yang digunakan untuk modal kerja. Jangka waktu
pinjaman 12 bulan sampai dengan Desember 2017.
Tingkat bunga 11,75% per tahun pada tanggal
31 Desember 2016 dan 12% per tahun pada tanggal
31 Desember 2015.
Fasilitas pinjaman ini dijamin bersamaan dengan
utang Bank Panin jangka panjang (Catatan 21).
18. UTANG USAHA KEPADA PIHAK KETIGA
31 Desember/December 31,
2016
Rp'000
Berdasarkan Pemasok
PT Nusa Raya Cipta Tbk 145.278.219
PT Probicindo Tunggal Taruna 112.530.000
PT Total Bangun Persada 91.999.850
PT Totalindo Eka Persada 83.400.245
PT Multibangun Aditama Konstruksi 51.799.268
Lain-lain (masing-masing dibawah
5% dari jumlah utang usaha) 689.664.641
Jumlah 1.174.672.223
Seluruh utang usaha kepada pihak ketiga merupakan
utang kepada kontraktor dalam mata uang Rupiah
kecuali sebesar Rp 17.237.681 ribu dan
Rp 12.688.935 ribu masing-masing pada tanggal
31 Desember 2016 dan 2015 merupakan utang dalam
mata uang asing. Seluruh utang usaha berjangka
waktu 30 sampai dengan 60 hari dan tanpa jaminan.
- 57 -
F-64
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The credit facility includes certain covenants as
follows: 1) PGK must submit confirmation letter of
revenue realization including sales progress, which
facilities is related to the loan; 2) land’s certification
should be under permission of BTN; 3) PGK must
submit project development report sales progress and
other report as BTN may request; 4) all installment
receipt through credit facility or by cash will be treated
as loan’s payment; 5) for sales facilitated by other
banks, PGK must issue standing instruction to related
bank to transfer the funds to BTN escrow account in
PGK; 6) unit sales without approval from BTN cannot
be used to settle the loans, therefore PGK must pay
the loans equal to the unit price; 7) if there is
disruption of the principal and interest payment, PGK
must used other fund to settle the payment or by fund
from the Group.
BSP
This represents BSP’s loan from Bank Pan Indonesia
(Panin), which is an overdraft loan facility with
maximum amount of Rp 15,000,000 thousand for the
purpose of working capital. The loan has a term of 12
months until December 2017. Interest rate per annum
is 11.75% at December 31, 2016 and 12% at
December 31, 2015.
This loan facility is secured together with the long-
term debt from Bank Panin (Note 21).
18. TRADE ACCOUNTS PAYABLE TO THIRD PARTIES
2015
Rp'000
By Supplier
52.801.578 PT Nusa Raya Cipta Tbk
5.162.750 PT Probicindo Tunggal Taruna
28.201.619 PT Total Bangun Persada
89.486.237 PT Totalindo Eka Persada
87.636.493 PT Multibangun Aditama Konstruksi
Others (each below 5% of total
646.055.028 trade accounts payable)
909.343.705 Total
All trade accounts payable to third parties, are
denominated in Rupiah, except for Rp 17,237,681
thousand and Rp 12,688,935 thousand as of
December 31, 2016 and 2015, respectively, which
are denominated in foreign currency. All trade
accounts payable have credit terms of 30 to 60 days
and are not secured.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

19. UTANG LAIN-LAIN KEPADA PIHAK BERELASI 19. OTHER ACCOUNTS PAYABLE TO RELATED PARTIES

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Trihatma Kusuma Haliman (TKH) 151.723.169 - Trihatma Kusuma Haliman (TKH)

PT Sakti Kelola Persada (SKP) 9.690.912 8.660.556 PT Sakti Kelola Persada (SKP)
PT Indofica 2.504.350 2.504.350 PT Indofica
PT Pandega Citra Kelola (PCK) - 5.911.043 PT Pandega Citra Kelola (PCK)
Lain-lain 2.284.548 2.537.850 Others
Jumlah 166.202.979 19.613.799 Total

Utang kepada TKH merupakan pembayaran terlebih
dahulu oleh TKH atas perolehan tanah yang
dideklarasikan dari program pengampunan pajak
entitas anak, BMI. Utang ini dikenakan bunga 11% per
tahun.
Other accounts payable to TKH represents advances
payment by TKH for the purchase of land’s that
declared in tax amnesty program of the subsidiaries,
BMI. These other accounts payable are subject to
interests of 11% per annum.

Utang kepada SKP merupakan penerimaan terlebih Other accounts payable to SKP represents advances
dahulu pembayaran jasa pengelolaan dari para received for the service charges of tenants of Festival
penyewa Mal Festival Citylink oleh entitas anak, BSP. Citylink Mall by the subsidiary, BSP.

Pada tahun 2015, utang kepada PCK merupakan In 2015, other accounts payable to PCK represented
penerimaan terlebih dahulu pembayaran jasa advances received for the service charges of tenants
pengelolaan dari para penyewa Mal The Plaza of The Plaza Balikpapan Mall by the subsidiary, PCN.
Balikpapan oleh entitas anak, PCN.

Utang lainnya merupakan pembayaran terlebih dahulu Other accounts payable represent advance payment
atas biaya-biaya Grup dan penerimaan pinjaman oleh of expenses for the Group and loans received by the
Grup. Group.

Utang lain-lain didenominasi dalam mata uang Rupiah Other accounts payable are denominated in Rupiah
dan diberikan tanpa bunga (kecuali utang kepada and not subject to interest (except for accounts
TKH), tanpa jaminan dan akan diselesaikan dalam payable to TKH), have no collateral and will be settled
jangka waktu satu tahun. in one year.

20. UTANG PAJAK 20. TAXES PAYABLE

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Pajak penghasilan final Final income tax
Pengalihan hak atas tanah dan/ Transfer of land rights
atau bangunan (Catatan 37) 27.784.363 76.497.424 and/or buildings (Note 37)
Persewaan tanah & bangunan
(Catatan 37) 12.615.541 5.128.706 Building & land rent (Note 37)
Jasa konstruksi 10.728.165 18.473.606 Construction services
Pajak pertambahan nilai 5.285.959 23.537.844 Value added tax
Pajak penghasilan Income taxes
Pasal 21 12.439.860 10.869.232 Article 21
Pasal 23 528.321 851.499 Article 23
Pasal 25 389.335 340.493 Article 25
Pasal 26 237.073 55.777 Article 26
Pasal 29 (Catatan 37) 2.812.851 3.567.335 Article 29 (Note 37)
Pajak Hotel dan Restoran 6.821.749 6.671.959 Hotel and Restaurant Tax
Bea Perolehan Hak atas Tanah Land Rights and/or Buildings
dan Bangunan 1.369.050 1.369.050 Acquisition Fees
Jumlah 81.012.267 147.362.925 Total

- 58 -

F-65
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

21. UTANG BANK JANGKA PANJANG 21. LONG-TERM BANK LOANS

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Bank Maybank Indonesia 958.385.983 14.358.004 Bank Maybank Indonesia

Utang sindikasi 612.080.000 761.480.000 Syndicated loans
Bank Negara Indonesia 464.888.868 153.570.159 Bank Negara Indonesia
Bank Pan Indonesia 246.404.201 307.070.868 Bank Pan Indonesia
Bank CIMB Niaga 198.550.000 131.681.911 Bank CIMB Niaga
Bank Tabungan Negara 150.500.000 181.250.000 Bank Tabungan Negara
Bank Permata 150.500.000 181.250.000 Bank Permata
Bank Mandiri - 22.221.600 Bank Mandiri

Jumlah 2.781.309.052 1.752.882.542 Total

Dikurangi jatuh tempo dalam satu tahun (463.016.539) (357.319.287) Less current maturities

Bersih 2.318.292.513 1.395.563.255 Net

Tingkat suku bunga per tahun 10,75%-13,00% 11,25%-13,50% Interest rate per annum

Jadwal pembayaran kembali utang bank adalah The loan repayment schedule is as follows:
sebagai berikut:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Dalam satu tahun 464.585.468 357.319.287 1st year

Dalam tahun ke-2 494.455.468 414.268.485 2nd year
Dalam tahun ke-3 446.962.712 397.340.229 3rd year
Dalam tahun ke-4 451.054.201 281.480.173 4th year
Dalam tahun ke-5 334.450.000 283.904.209 5th year
Dalam tahun ke-6 343.333.333 31.834.000 6th year
Dalam tahun ke-7 268.025.142 - 7th year

Jumlah 2.802.866.324 1.766.146.383 Total

Dikurangi biaya perolehan pinjaman
yang belum diamortisasi (21.557.272) (13.263.841) Less unamortized transaction costs

Bersih 2.781.309.052 1.752.882.542 Net

Biaya perolehan diamortisasi atas pinjaman yang The amortized cost of the bank loans are as follows:
diperoleh adalah sebagai berikut:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
Saldo utang bank 2.781.309.052 1.752.882.542 Bank loans
Biaya bunga yang masih harus
dibayar 11.183.283 18.139.765 Accrued interest
Jumlah 2.792.492.335 1.771.022.307 Total

Biaya bunga pinjaman yang masih harus dibayar Accrued interest are recorded in accrued expenses on
dicatat dalam akun biaya yang masih harus dibayar the consolidated statements of financial position.
pada laporan posisi keuangan konsolidasian.

- 59 -

F-66
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Bank Maybank Indonesia
Merupakan fasilitas pinjaman yang diperoleh:
31 Desember/December 31,
2016
Rp'000
Perusahaan 865.277.778
CPKA 92.000.000
SAI 10.529.202
Jumlah 967.806.980
Dikurangi biaya perolehan pinjaman
yang belum diamortisasi (9.420.997)
Bersih 958.385.983
Perusahaan
Pada tanggal 15 Agustus 2016, Perusahaan
mendapatkan fasilitas kredit dari Bank Maybank
Indonesia, sebesar Rp 875.000.000 ribu dengan
jangka waktu 84 bulan sejak akad kredit, yang
digunakan untuk refinancing utang obligasi. Tingkat
suku bunga mengambang sebesar 11,5% per tahun.
Fasilitas pinjaman dijamin dengan: (i) Tanah dan
bangunan Pullman Jakarta Central Park Hotel, (ii)
piutang usaha PT Central Pesona Palace, Madison
Park dan Grand Madison, (iii) tagihan klaim asuransi
atas Pullman Jakarta Central Park Hotel, (iv) gadai
rekening Pullman Jakarta Central Park Hotel, Madison
Park dan Grand Madison, (v) jaminan perusahaan dari
PT Graha Tunas Selaras, (vi) letter of undertaking dari
PT Indofica dan PT Sunter Agung.
Perjanjian ini mencakup persyaratan tertentu antara
lain seluruh izin-izin untuk pembangunan dan
operasional Perusahaan harus tetap valid,
memelihara asuransi atas Pullman Jakarta Central
Park Hotel, menjaga minimum security coverage ratio
110%, apabila terjadi kekurangan pembayaran maka
pemegang saham wajib melakukan top-up terhadap
kekurangan dana, pinjaman pemegang saham wajib
di subordinasikan, tidak diperkenankan menerbitkan
obligasi tanpa pemberitahuan tertulis dari Maybank,
melunasi seluruh fasilitas pinjaman apabila
Perusahaan menerbitkan DIRE/REITS, menjaga
kepemilikan mayoritas atas CPP dan GTS, CPP dan
GTS tidak diperkenankan menerima pinjaman dari
bank atau institusi lain tanpa persetujuan Maybank,
seluruh piutang atas penjualan Madison Park dan
Grand Madison harus di-route ke rekening escrow di
Maybank, menyampaikan perubahan direksi dan
komisaris serta pemegang saham.
Perusahaan wajib menjaga rasio keuangan seperti
leverage maksimum 2x, interest service coverage
ratio minimum 1,5x, current ratio minimum 1,1x,
debt to EBITDA maksimum 4x dan debt coverage
service ratio minimum 1x.
Perusahaan telah memperoleh persetujuan dari Bank
Maybank Indonesia terkait pemenuhan rasio
keuangan tertentu.
- 60 -
F-67
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Bank Maybank Indonesia
Represent loan facilities:
2015
Rp'000
- The Company
- CPKA
14.358.004 SAI
14.358.004 Total
Less unamortized transaction
- costs
14.358.004 Net
The Company
On August 15, 2016, the Company obtained credit
facility from Bank Maybank Indonesia, amounting to
Rp 875,000,000 thousand for a period of 84 months
from the loan agreement date, which will be used for
bonds payable refinancing. Floating interest rate is
11.5% per annum.
The credit facility is secured by: (i) Pullman Jakarta
Central Park Hotel’s land and building, (ii) PT Central
Pesona Palace, Madison Park and Grand Madison
accounts receivables, (iii) insurance claim of Pullman
Jakarta Central Park Hotel, (iv) Pullman Jakarta
Central Park Hotel, Madison Park and Grand Madison
Mortgage, (v) Corporate guarantee from PT Graha
Tunas Selaras, (vi) letter of undertaking from
PT Indofica and PT Sunter Agung.
This agreement includes certain covenants such as all
the Company’s permit for development and
operational is valid, maintain Pullman Jakarta Central
Park Hotel’s insurance, maintain minimum security
coverage ratio of 110%, if there are insufficient of
payment, the shareholders are obliged to top-up to
the shortage fund, the shareholders loans must be
subordinated, not allowed to issue obligation without
written notification from Maybank, settle all the credit
facility if the Company issued DIRE/REITS, maintain
majority ownership of CPP and GTS, CPP and GTS are
not allowed to obtain any loan from bank or other
institution without written consent from Maybank, all
of the receivables from selling Madison Park and
Grand Madison must be routed to escrow account in
Maybank, inform changes in Boards of Directors and
Commissioners and shareholders.
The Company is required to maintain certain financial
ratio such as maximum of leverage ratio of 2x,
minimum interest service coverage ratio of 1.5x,
minimum coverage ratio of 1.1x, maximum debt to
EBITDA of 4x and minimum debt coverage service
ratio of 1x.
The Company has obtained a waiver from Bank
Maybank Indonesia related to fullfilment of certain
financial ratio.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pada 24 Pebruari 2017, perjanjian kredit ini
diperbaharui dengan perubahan jaminan menjadi:
(i) Hak Guna Bangunan No. 03520, Tanjung Duren
Selatan, Jakarta Barat atas nama PT Tiara
Metropolitan Indah (TMI), (ii) piutang usaha yang
berasal dari Mal Neo SOHO dan SOHO Apartemen
milik TMI, (iii) tagihan klaim asuransi atas Mal Neo
SOHO dan SOHO Apartemen yang dimiliki oleh
TMI, (iv) gadai atas rekening operasional dan Debt
Service Reserve Account (DSRA) milik TMI.
CPKA
Pada tanggal 10 Juni 2016, CPKA mendapatkan
fasilitas pembiayaan sebesar Rp 200.000.000 ribu
dengan jangka waktu 60 bulan ditambah grace period
dengan jangka waktu 12 bulan sejak akad kredit, yang
akan digunakan untuk pembiayaan pembangunan
proyek SOHO Pancoran yang berlokasi di Pancoran.
Pada 31 Desember 2016, tingkat suku bunga adalah
12% per tahun.
Perjanjian kredit dijamin dengan: (i) tanah dan
bangunan atas proyek SOHO Pancoran, (ii) piutang
usaha dari SOHO Pancoran, (iii) tagihan klaim
asuransi atas SOHO Pancoran dan (iv) Letter of
Undertaking (LOU) dari PT Indofica dan Perusahaan
dengan jumlah collateral coverage adalah 110%.
Perjanjian kredit juga mencakup persyaratan tertentu
untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak CPKA untuk mengubah
anggaran dasar, mengalihkan sebagian atau seluruh
hak dan kewajiban CPKA kepada pihak lain,
mendapatkan pinjaman dalam bentuk apapun dari
pihak lain untuk investasi atau modal kerja kecuali
untuk transaksi bisnis sehari-hari, melakukan
penarikan terhadap jumlah modal disetor, melakukan
merger/akuisisi, menjual atau mengalihkan aset yang
dijaminkan kepada pihak lain, melakukan perubahan
perjanjian yang dapat mempengaruhi kewajiban
keuangan kepada Maybank, melakukan pembayaran
pinjaman kepada pemegang saham atau afiliasi,
melakukan investasi dan atau bisnis baru yang tidak
ada kaitannya dengan bisnis yang dijalankan saat ini,
dan mengajukan permohonan untuk dinyatakan pailit
atau penundaan pembayaran hutang kepada
pengadilan niaga dan melakukan pembubaran atau
likuidasi berdasarkan keputusan Rapat Umum
Pemegang Saham (RUPS).
SAI
Pada tanggal 22 Maret 2013, SAI memperoleh fasilitas
kredit sebesar Rp 24.000.000 ribu dengan jangka
waktu 78 bulan sejak akad kredit, yang akan
digunakan untuk pembiayaan konstruksi dan renovasi
pembangunan Hotel Bed & Breakfast yang berlokasi di
Kelapa Gading.
Pada 31 Desember 2016 dan 2015, tingkat suku
bunga adalah sebesar 12,75% dan 13,25% per tahun.
- 61 -
F-68
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
On February 24, 2017, this credit facility has been
renew with collateral changes as follow : (i) Building
Use Rights No. 03520, Tanjung Duren Selatan, West
Jakarta owned by PT Tiara Metropolitan Indah (TMI),
(ii) accounts receivable from Neo SOHO Mall and
SOHO Apartment owned by TMI, (iii) fiduciary of
insurance policies of Neo SOHO Mall and SOHO
Apartment owned by TMI, (iv) fiduciary over
operational accounts and Debt Service Reserve
Account (DSRA) owned by TMI.
CPKA
On June 10, 2016, CPKA obtained financing facility
amounted to Rp 200,000,000 thousand. This loan has
a term of 60 months including 12 months of grace
period since the loan agreement, which facility will be
used to develop SOHO Pancoran project in Pancoran.
As of December 31, 2016, the interest rate is 12% per
annum.
This credit facility is secured by: (i) SOHO Pancoran’s
land and building, (ii) the account receivables owned
by SOHO Pancoran, (iii) SOHO Pancoran’s insurance
claim and (iv) Letter of Undertaking (LOU) from
PT Indofica and the Company with total collateral
coverage of 110%.
Credit facility includes certain covenant not to do the
following without prior written consent of the Bank,
amoung others, restrict CPKA’s right to change the
article of association; transfer some or all CPKA’s
rights and obligation to other parties; obtain any loan
from other party for investment or working capital,
except for daily business transaction, withdrawal of
paid in capital, merger/acquisition, sales or transfer
the ownership of the collateral assets to other party;
change in agreement that may affect the financial
obligation to Maybank, settle any loans to
shareholders or related parties; invest or start new
business which are not related with current business;
proposed petition to be declared bankrupt or delayed
in payment of the payable to the commercial court
and perform dissolution or liquidation according to
General Meeting of Shareholder (RUPS).
SAI
On March 22, 2013, SAI obtained credit facility
amounted to Rp 24,000,000 thousand for a period of
78 months from the loan agreement date, which will
be used to finance the construction and renovation of
Bed & Breakfast Hotel located in Kelapa Gading.
As of December 31, 2016 and 2015, the interest rate
was 12.75% and 13.25% per annum, respectively.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Perjanjian kredit dijamin dengan: (i) Hak sewa atas
tanah seluas 4.468,12 m2 di Kelapa Gading, (ii) fidusia
atas seluruh peralatan yang dipunyai SAI, (iii) jaminan
perusahaan (corporate guarantee) dari
PT Panoramaland Development dan (iv) Letter of
Undertaking dari seluruh pemegang saham SAI
(PT Panoramaland Development dan APL) untuk
menjamin 100% cost overrun proyek dan setiap
defisit cash flow, baik sesuai porsi masing-masing
saham maupun porsi pemegang saham lain jika salah
satu pihak dari pemegang saham tidak dapat
melakukan top up dana.
Perjanjian kredit juga mencakup persyaratan tertentu
untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak SAI untuk memberikan
mandat untuk mengoperasikan SAI pada pihak lain;
memberikan pinjaman kepada pemegang saham;
menerima pinjaman dari bank atau institusi lain;
melakukan pembayaran hutang kepada pemegang
saham; menjalankan bisnis baru yang tidak terkait
dengan bisnis saat ini; menyatakan pailit;
menjaminkan aset tetap atau menjaminkan kontrak;
menyewakan jaminan; memindahtangankan jaminan;
mengubah susunan pemegang saham serta SAI wajib
menjaga rasio keuangan tertentu yaitu rasio lancar
minimal 1,2x, Times Interest Earned minimal 1,5x,
Rasio EBITDA terhadap pembayaran keuangan
minimal 1,1x, Debt to Equity Ratio maksimal 1x dan
Sinking Fund minimal 1x bunga (selama grace period)
upfront, 1x pokok dan bunga (setelah grace period)
tersedia sebelum masa grace period berakhir.
Pada tahun 2016, SAI telah memperoleh persetujuan
dari Bank Maybank Indonesia terkait pemenuhan rasio
keuangan tertentu.
Utang Sindikasi
Merupakan fasilitas kredit jangka panjang yang
diperoleh oleh:
31 Desember/December 31,
2016
Rp'000
GPL 516.000.000
PP 96.080.000
Jumlah 612.080.000
GPL
Pada bulan Maret 2013, GPL memperoleh fasilitas
kredit jangka panjang dari Bank Maybank Indonesia
dan Bank CIMB Niaga dengan maksimum pinjaman
sebesar Rp 580.000.000 ribu, berjangka waktu 60
bulan termasuk 30 bulan masa tenggang (grace
period) dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan. Tingkat suku
bunga fasilitas kredit ini adalah 11,75% per tahun
(fixed).
- 62 -
F-69
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Credit agreement is secured by: (i) Lease Rights over
the land of 4,468.12 m2 in Kelapa Gading, (ii)
fiduciary for all equipments owned by SAI, (iii)
corporate guarantee from PT Panoramaland
Development, and (iv) Letter of Undertaking from all
shareholders of SAI (PT Panoramaland Development
and APL) to guarantee 100% project’s cost overrun
and any cash flow deficits, both according to the
portion of each share and the portion of other
shareholders if one party failed to top up the funds.
Credit agreement includes certain covenants not to do
the following without prior written consent of the
bank, among others, restrict SAI’s right to give a
mandate to operate SAI for other parties; provide
loans to shareholders; received a loan from a bank or
other institution; repay to the shareholders; running
a new business that is not related to current business;
declare bankruptcy; pledge or encumber fixed
contracts; lease guarantees; transfer collateral;
changing the composition of the shareholders and SAI
is required to maintain certain financial ratios such as
current ratio of at least 1.2x, Times Interest Earned a
minimum of 1.5x, EBITDA ratio to finance the
payment of at least 1.1x, Debt to Equity Ratio
maximum of 1x and 1x minimal Sinking Fund interest
(during the grace period) upfront, 1x principal and
interest (after the grace period) provided before the
grace period ends.
In 2016, SAI obtained a waiver from Bank Maybank
Indonesia related to fulfillment of certain financial
ratio.
Syndicated Loans
Represent long-term loan facilities with details as
follows:
2015
Rp'000
573.000.000 GPL
188.480.000 PP
761.480.000 Total
GPL
In March 2013, GPL obtained long-term credit facility
from Bank Maybank Indonesia and Bank CIMB Niaga
with maximum credit of Rp 580,000,000 thousand.
This loan has a term of 60 months (including 30
months of grace period). After the grace period, the
loan must be repaid in monthly installment. The
interest rate for this credit facility is 11.75% per
annum (fixed).
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
GPL memberikan jaminan sebagai berikut:
 Hak tanggungan peringkat I atas tanah dan
bangunan dengan HGB No. 440 atas nama GPL,
dengan nilai pertanggungan minimal
Rp 725.000.000 ribu.
 Fidusia atas piutang GPL, dengan nilai minimal
Rp 580.000.000 ribu.
 Fidusia atas tagihan klaim asuransi dari aset GPL,
dengan nilai minimal Rp 580.000.000 ribu.
 Fidusia atas klaim performance bond minimal
100% dari jumlah fasilitas kredit Rp 580.000.000
ribu.
 Kontrak manajemen dan konsultan hotel antara
GPL dengan Sofitel (PT AAPC Indonesia).
Perjanjian pinjaman mencakup persyaratan tertentu
untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak GPL untuk mengubah
anggaran dasar dan susunan direksi dan komisaris
serta pemegang saham (dengan syarat menjaga
kepemilikan saham Perusahaan mayoritas 51% atau
lebih); mendapat pinjaman uang atau kredit dari
pihak lain; mendeklarasikan kebangkrutan;
melakukan investasi, menarik setoran modal,
melakukan merger dan akuisisi serta GPL wajib
menjaga rasio keuangan tertentu, yaitu: rasio lancar
minimal 1x, Debt to EBITDA maksimal 5x pada tahun
2015, maksimal 3,5x pada tahun 2016, maksimal
2,7x pada tahun 2017 dan maksimal 2x pada tahun
2018-2019, EBITDA terhadap pembayaran keuangan
tidak melebihi 1,25x dan memelihara DER maksimal
2,5x.
GPL telah memperoleh persetujuan dari Bank CIMB
Niaga dan Bank Maybank Indonesia terkait
pemenuhan rasio keuangan tertentu yang dibatasi
oleh bank.
PP
Berdasarkan Perjanjian Kredit No.7 tanggal 9 April
2013, Bank CIMB Niaga dan Bank Permata
memberikan fasilitas kredit kepada PP dengan plafon
sebesar Rp 290.000.000 ribu dengan pembagian
40% dan 60% antara Bank CIMB Niaga dan Bank
Permata. Jangka waktu 60 bulan dengan tingkat
suku bunga 11,5% per tahun (fixed) dan akan jatuh
tempo pada tanggal 12 April 2018.
PP memberikan jaminan sebagai berikut:
 Sebidang tanah dan HGB No. 6127/Penjaringan
di Jalan Jembatan Tiga Barat/Raya Pluit dengan
hak tanggungan peringkat I sebesar
Rp 580.000.000 ribu.
- 63 -
F-70
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
GPL provides the following guarantees:
 First rank mortgage of land and building with HGB
No. 440 under the name of GPL, amounted to
Rp 725,000,000 thousand at minimum.
 Fiduciary of receivable owned by GPL, amounted
to Rp 580,000,000 thousand at minimum.
 Fiduciary of insurance policies of assets owned by
GPL, amounted to Rp 580,000,000 thousand at
minimum.
 Fiduciary of bond performance claims at least
100% from Rp 580,000,000 thousand credit
facility.
 Hotel management consultancy agreement
between GPL and Sofitel (PT AAPC Indonesia).
The loan agreement included covenants for GPL not
to perform certain actions without prior written
consent from the Bank among others restrict GPL to
amend its articles of association, change the
composition of the board of the directors and
commissioners and shareholders (with condition to
keep ownership of the Company’s share about 51%
or more); obtain cash or credit loan from other
parties; declare bankruptcy; invest, withdraw capital
contribution, execute merger and acquisition; and to
require GPL to maintain certain financial ratios,
namely: minimum current ratio of 1x, Debt to EBITDA
ratio at maximum of 5x in 2015, at maximum of 3.5x
in 2016, at maximum of 2.7x in 2017 and maximum
of 2x in 2018-2019, EBITDA to financial payments
ratio should not exceed 1.25x and maintain Debt-to-
Equity ratio at maximum of 2.5x.
GPL obtained an approval from Bank CIMB Niaga and
Bank Maybank Indonesia related to fulfillment of
certain financial ratio, which was restricted by the
banks.
PP
Based on Credit Agreement No. 7 dated April 9, 2013,
Bank CIMB Niaga and Bank Permata agreed to provide
credit facility to PP with maximum of
Rp 290,000,000 thousand with 40% and 60%
sharing, respectively. The term of the loan are 60
months with 11.5% fixed interest rate per annum that
will mature on April 12, 2018. PP provides the
following guarantees with details as follows:
- Land and Building Right (HGB) No. 6127/Penjaringan
at Jalan Jembatan Tiga Barat/ Raya Pluit with
mortgage-bearing right rating I amounted to
Rp 580,000,000 thousand.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
 Assignment atas hasil klaim dan hak tagih
proceed asuransi debitur secara proporsional
dengan pembagian porsi pinjaman dengan Bank
Permata.
 Fidusia atas tagihan atau piutang milik PP baik
yang ada dan akan ada minimal sebesar
Rp 500.000.000 ribu.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk menjaga rasio keuangan utang
dibanding equity maksimal sebesar 3,9x dan rasio
keuangan DSCR minimal 1,1x (untuk Bank Permata)
serta menjaga rasio keuangan utang dibanding
equity maksimal sebesar 2,5x (untuk Bank CIMB
Niaga). Selain itu, untuk tidak melakukan hal-hal
berikut tanpa persetujuan tertulis terlebih dahulu
dari pihak bank, antara lain menjual atau
mengalihkan hak atau menyewakan seluruh atau
sebagian aset, kecuali dalam rangka menjalankan
usaha sehari-hari, menjaminkan kekayaan kepada
pihak lain, kecuali menjaminkan kepada Bank
sebagaimana tercantum dalam perjanjian,
mengadakan perjanjian dengan pihak ketiga yang
dapat berpotensi membahayakan aktifitas atau
kelangsungan usaha peminjam, memberikan
pinjaman atau menerima pinjaman dari pihak ketiga,
mengadakan perubahan dari sifat dan kegiatan
usaha, mengubah susunan para pemegang saham
dan nilai saham, melakukan perubahan terhadap
struktur permodalan perusahaan antara lain
peleburan, penggabungan dan pengambilalihan.
Bank Negara Indonesia
Berdasarkan Perjanjian Kredit Investasi No. 10
tanggal 2 April 2015, dibuat oleh dan antara PT Bank
Negara Indonesia Tbk (“BNI”) dan BPS, BNI setuju
untuk memberikan kepada BPS, fasilitas kredit
sebesar Rp 597.624.000 ribu dengan jangka waktu
9 tahun sejak akad kredit ditandatangani, yang akan
digunakan BPS untuk pembiayaan konstruksi dan
renovasi pembangunan Hotel Indigo Seminyak Bali
yang berlokasi di Seminyak, Bali. Pinjaman tersebut
diberikan grace period selama 24 bulan sejak
perjanjian kredit ditandatangani. Tingkat suku bunga
efektif pada fasilitas kredit adalah sebesar 12% per
tahun.
BPS diwajibkan mempertahankan rasio-rasio
keuangan sebagai berikut current ratio minimum
100% (berlaku 1 tahun setelah grand opening atau 2
tahun setelah proyek selesai yang mana tercapai
terlebih dahulu); debt equity ratio sebesar 3x sampai
3 tahun pertama, 2,5x dalam tahun ke-4 sampai
tahun ke-5, dan 2x dalam tahun ke-6 sampai ke-9;
debt service coverage minimal 105% dan loan to total
value maksimal 70%.
- 64 -
F-71
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
- Assignment from the result of claims and
collection right of debtor’s proceed insurance,
proportionately with the credit portion of Bank
Permata.
- Fiduciary of bill or receivables currently owned or
will be owned by PP amounted to
Rp 500,000,000 thousand at minimum.
The loan agreement includes certain covenants to
maintain financial ratios of debt compared to equity
ratio of a maximum of 3.9x and DSCR finance ratio
minimum 1.1x (for Bank Permata) as well as
maintaining financial ratios of debt compared to
equity at a maximum of 2.5x (for Bank CIMB Niaga).
Moreover, not to perform the following without prior
written consent from the bank, among others to sell
or transfer the rights or rent the whole or part of the
PP’s assets, except to run the business day-to-day
activities, pledge assets to another party, except
offers to the Bank as specified in the agreement,
involved into an agreement with a third party that
could be potentially harm the activities or business
continuity to borrow, lending or accepting a loan from
a third party, hold a change of properties and
operations, changing the arrangement of the
shareholders and the value of stocks, made changes
to the capital structure, among others are merger and
acquisition.
Bank Negara Indonesia
Based on credit agreement No. 10 dated April 2, 2015
between PT Bank Negara Indonesia Tbk (”BNI”) and
BPS, BNI agreed to provide BPS credit facility
amounted to Rp 597,624,000 thousand for a period of
9 years, which will be used to finance the construction
and renovation of Hotel Indigo Seminyak Bali located
in Seminyak, Bali. The loan has a grace period of
24 months from the loan agreement was signed.
The interest rate for this credit facility is 12% per
annum.
BPS is required to maintain the following financial ratio
as follows: minimum current ratio of 100% (effective
1 year after the grand opening or 2 years after the
project is completed whichever is earlier); debt equity
ratio of 3x until the first 3 years, 2.5x in year-4 to
year-5, and 2x in year-6 to year-9; minimum debt
service coverage is 105% and maximum loan to total
value is 70%.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
BPS dilarang untuk melakukan kegiatan seperti
halnya merger, akuisisi, mengubah susunan direksi,
mengubah status hukum perusahaan, mengubah
anggaran dasar, melakukan investasi, penyertaan
modal dan pengambilalihan saham, memberikan
pinjaman, melunasi sebagian atau seluruh hutang
kepada pemegang saham, utang pemegang
saham/afiliasi, mengikatkan diri sebagai penjamin,
menggunakan dana perusahaan, menjual atau
menjaminkan harta kekayaan/saham perusahaan,
melakukan likuidasi, melakukan investasi/penyertaan
kepada perusahaan lain, melakukan investasi yang
dengan nilai transaksi yang lebih besar dari
Rp 10.000.000 ribu, menggadaikan saham
perusahaan, melakukan interfinancing dengan
perusahaan afiliasi, mengubah bidang usaha,
menerbitkan atau menjual saham kecuali dikonversi
menjadi modal dan dibuat secara notarial, membuat
usaha lain, membuat perjanjian dan transaksi tidak
wajar, melunasi utang pokok dan/atau bunga kepada
pihak lain diluar pihak yang disetujui, melakukan
perubahan merek, menarik kembali modal yang
sudah disetor, menunggak kewajiban kepada BNI dan
melakukan tindakan-tindakan melanggar hukum.
Bank Pan Indonesia (Bank Panin)
Merupakan fasilitas kredit jangka panjang yang
diperoleh oleh:
31 Desember/December 31,
2016
Rp'000
BSP 246.404.201
ASA
Jumlah 246.404.201
BSP
Berdasarkan Perubahan terhadap Perjanjian Kredit dan
Jaminan No. 33 tanggal 16 Desember 2011, BSP telah
memperoleh persetujuan perubahan dari Bank Panin
menjadi:
1. Pinjaman jangka panjang ”A” dengan jumlah
maksimum sebesar Rp 300.000.000 ribu yang
digunakan untuk restrukturisasi fasilitas
pinjaman. Jangka waktu pinjaman sampai
dengan Desember 2020 termasuk
12 bulan masa tenggang (grace period)
dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan dan
tingkat suku bunga 11% per tahun (floating).
2. Pinjaman jangka panjang ”B” dengan jumlah
maksimum sebesar Rp 40.000.000 ribu yang
digunakan untuk biaya penyelesaian proyek
termasuk penggantian dana talangan
pemegang saham Rp 15.000.000 ribu. Jangka
waktu pinjaman sampai dengan Desember
2020 termasuk 12 bulan masa tenggang (grace
period) dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan dan
tingkat suku bunga 11% per tahun (floating).
3. Pinjaman Rekening Koran seperti yang
dijelaskan pada Catatan 17.
- 65 -
F-72
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
BPS is prohibited to conduct activities such as
mergers, acquisitions, change of directors, change the
legal status of the company, changing the articles of
association, do investing, invest in a company, and
the acquisition of shares, provide loans, pay off some
or all of the debt to the shareholders, the
shareholder’s loan / affiliate , binds itself as guarantor,
used company funds, sell or encumber the assets /
stock companies, to liquidate, make an investment /
participation to other companies, invested with a
transaction value greater than Rp 10,000,000
thousand, pledge the company’s shares, do inter
financing with affiliated company, changing the
business sector, issue or sell shares unless converted
into capital and made notarial, make another line of
business, make agreement and transaction that are
not fair, pay off the loan principal and/or interest to
another party outside the party approved, change the
brand, pull back the capital that has been paid,
delinquent obligations to BNI and commit unlawful
acts.
Bank Pan Indonesia (Bank Panin)
Represent long-term loan facilities, with details as
follows:
2015
Rp'000
280.404.201 BSP
- 26.666.667 ASA
307.070.868 Total
BSP
Based on Deed of Changes in Agreement and Warranty
No. 33 dated December 16, 2011, BSP has obtained
approval for changes from Bank Panin, which include,
among others:
1. Long-term loan “A” with a maximum amount of
Rp 300,000,000 thousand used for restructuring
the loan facility. This loan is payable in monthly
installment until December 2020, which includes
12 months grace period, and bears 11% floating
interest rate per annum.
2. Long-term loan “B” with a maximum amount of
Rp 40,000,000 thousand used for project
completion cost, including bailout to shareholders
amounted to Rp 15,000,000 thousand. This loan is
payable in monthly installment until December
2020, which includes 12 months grace period, and
bears 11% floating interest rate per annum.
3. Overdraft loan as described in Note 17.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Tingkat suku bunga pada tanggal 31 Desember 2016
dan 2015 sebesar 11,75% dan 12% per tahun.
Fasilitas pinjaman ini dijamin dengan:
 APHT atas tanah dan seluruh bangunan
(termasuk mal, hotel, dan ballroom/convention)
di atas SHGB No. 851/Sukaasih, Proyek Festival
CityLink di Jl. Peta No. 241, Bandung, dengan
nilai hak tanggungan sebesar Rp 426.000.000
ribu.
 Fiduciare Eigendoms Overdracht (FEO) mesin
dan peralatan proyek Festival Citylink di Jl. Peta
No. 241, Bandung dengan nilai Rp 50.000.000
ribu.
 FEO atas piutang sewa Debitur termasuk Mal,
Hotel Harris, dan Hotel POP dengan nilai
Rp 10.000.000 ribu.
Seluruh perjanjian pinjaman dengan Bank Panin di
atas, mencakup persyaratan tertentu untuk tidak
melakukan hal-hal berikut tanpa persetujuan tertulis
terlebih dahulu dari pihak bank, antara lain
membatasi hak perusahaan untuk mengadakan
merger, akuisisi, konsolidasian, menjual,
mengalihkan, menyewakan atau melepaskan harta
kekayaan perusahaan kecuali untuk transaksi-
transaksi yang umum, mengubah anggaran dasar
dan susunan direksi dan komisaris serta pemegang
saham; mendapat pinjaman uang atau kredit dari
pihak lain; memberikan pinjaman kepada pihak lain,
termasuk tetapi tidak terbatas pada direksi,
komisaris, pemegang saham, entitas anak dan/atau
perusahaan afiliasinya; serta mengadakan
penyertaan investasi pada perusahaan lain.
ASA
Pada tanggal 19 April 2010, ASA memperoleh
tambahan atas fasilitas kredit modal kerja berupa
Pinjaman Jangka Panjang (PJP 2) sebesar maksimum
Rp 200.000.000 ribu dengan tingkat suku bunga
13,5% per tahun (floating). Pada tanggal
31 Desember 2015, tingkat suku bunga adalah 12%
per tahun.
Fasilitas pinjaman ini dijamin dengan:
 2
Tanah HGB seluas 27.493 m terletak di Jalan
Prof. Dr. Satrio Kav. 18, Kelurahan Karet
Kuningan, Kecamatan Setiabudi, Provinsi DKI
Jakarta.
 Fidusia piutang atas sewa pusat perbelanjaan.
 Jaminan pribadi (personal guarantee) Trihatma
Kusuma Haliman (Catatan 40).
Sehubungan dengan fasilitas pinjaman tersebut, ASA
membuka rekening escrow di Bank Panin yang hanya
digunakan untuk menerima dan membayar pinjaman.
Pada tanggal pelaporan, rekening escrow ini disajikan
sebagai rekening bank yang dibatasi penggunaannya
(Catatan 12).
Pada bulan April 2016, fasilitas pinjaman ini telah
dilunasi.
- 66 -
F-73
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The interest rate is 11.75% and 12% per annum as of
December 31, 2016 and 2015.
These credit facilities are secured by:
 APHT of land and all buildings (including malls,
hotels, and ballroom/convention) over
No. SHGB. 851/Sukaasih, Festival Citylink Project
on Jl. Peta No. 241, Bandung, with a mortgage
value of Rp 426,000,000 thousand.
 Fiduciare Eigendoms Overdracht (FEO) on
machinery and equipment Festival Citylink project
on Jl. Peta No. 241, Bandung with a value of
Rp 50,000,000 thousand.
 FEO on lease receivables from Debtors including
Mall, Harris hotel, and POP hotel with a value of
Rp 10,000,000 thousand.
All of the loan agreements with Bank Panin also contain
certain covenants, wherein written approval should be
obtained from the bank before executing certain
matters which include among others: limit companies
to enter into merger, acquisition, consolidation, sale,
transfer, rent or divesting companies property except
for general transactions; changes in the articles of
association, changes in the composition of the board of
directors, commissioners, and shareholders; incur
additional indebtedness from counterparties; lend
money to counterparties, including but not limited to
directors, commissioners, shareholders, subsidiaries
and/or its affiliates; and also investment to other
parties.
ASA
On April 19, 2010, ASA obtained an additional working
capital credit facility in the form of Long Term Loan
(PJP 2) with a maximum credit limit of Rp 200,000,000
thousand with 13.5% floating interest rate per annum.
As of December 31, 2015, interest rate per annum is
12%.
The facility is secured by:
 Land with HGB Certificate measuring 27,493 m2,
located at Jl. Prof. Dr. Satrio Kav. 18, Kelurahan
Karet Kuningan, Kecamatan Setiabudi, Province of
DKI Jakarta.
 Fiduciary security over the accounts receivable
from the shopping center.
 Personal guarantee from Trihatma Kusuma
Haliman (Note 40).
In connection with this facility, ASA opened an escrow
account in Bank Panin which is used for the receipts
and repayments of the loan. At reporting dates, the
escrow account is presented as part of restricted cash
in bank (Note 12).
In April 2016, this loan facility has been paid off.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Bank CIMB Niaga
Merupakan fasilitas pinjaman yang diperoleh dengan
saldo terutang sebagai berikut:
31 Desember/December 31,
2016
Rp'000
WSS 198.550.000
PCN - 26.631.911
Jumlah 198.550.000
WSS
Berdasarkan Pernyataan Kembali tanggal 28 Mei 2016
atas Perjanjian Kredit tanggal 28 Mei 2012, WSS
memperoleh fasilitas pinjaman investasi sebesar
Rp 190.000.000 ribu dan menambah fasilitas
pinjaman transaksi khusus sebesar Rp 350.000.000
ribu dengan tingkat suku bunga mengambang.
Pinjaman ini digunakan untuk pembelian gedung
Harco Glodok. Jangka waktu masing-masing adalah
6 tahun dan 5 tahun (dengan grace period 4 bulan)
dan akan jatuh tempo pada 28 Desember 2018 dan
28 Juli 2020. Tingkat suku bunga pinjaman
pada 31 Desember 2016 dan 2015 masing-masing
sebesar 10,5% dan 13% per tahun.
Jaminan atas fasilitas tersebut adalah:
- Tanah dan bangunan Gedung Harco Glodok
(SHGB No.882 dan SHGB No.1110 yang akan
dibalik menjadi atas nama PT Wahana Sentra
Sejati) sebesar Rp 382.000.000 ribu.
- Fidusia atas piutang sewa kios tenant sebesar
Rp 582.000.000 ribu.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis dari pihak bank antara lain:
menjaga rasio nilai pasar jaminan dengan total
outstanding pinjaman di Bank CIMB Niaga minimal
125%, melakukan perubahan susunan pengurus dan
pemegang saham, mendapatkan tambahan fasilitas
dari kreditur dan lembaga keuangan lainnya,
pembayaran terlebih dahulu atas pokok pinjaman
yang bukan berasal dari cash inflow operasional.
PCN
Pada tahun 2010 dan 2011, PCN memperoleh
beberapa fasilitas kredit investasi jangka panjang
dengan rincian sebagai berikut:
 Maksimum pinjaman sebesar Rp 30.240.000 ribu
dengan tingkat suku bunga 10,5% per tahun
(floating). Tujuan penggunaan fasilitas
pembiayaan adalah pembiayaan renovasi dan
pengembangan area Plaza Balikpapan. Jangka
waktu 60 bulan sejak tanggal 8 Agustus 2011 dan
jatuh tempo 8 Agustus 2016.
- 67 -
F-74
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Bank CIMB Niaga
Represent loan facilities, with details as follows:
2015
Rp'000
105.050.000 WSS
PCN
131.681.911 Total
WSS
Based on the Amendment Agreement on May 28,
2016, of Credit Facility dated May 28, 2012, WSS
obtained investment loan amounted to
Rp 190,000,000 thousand and additional facility for
speciality transaction amounted to Rp 350,000,000
thousand with floating interest rate.
This loan will be used to purchase the Harco Glodok
building. The terms of the loans on 6 years and
5 years (with grace period of 4 months) and will be
mature on December 28, 2018 and July 28, 2020,
respectively. The interest rate on December 31, 2016
and 2015 are 10.5% and 13% per annum,
respectively.
Guarantees for this facility are:
- Harco Glodok land and building (SHGB No.882
and SHGB No.1110 on behalf of PT Wahana
Sentra Sejati) amounted to Rp 382,000,000
thousand.
- Fiduciary on kiosks lease receivable from tenant
amounted to Rp 582,000,000 thousand.
The loan agreement also includes specific
requirements prohibiting the following actions without
the written consent of the bank, amongst are:
maintaining the ratio of guaranteed market value with
total loan outstanding at Bank CIMB Niaga minimum
125%, changes of boards and shareholder structure,
received an additional facility from lenders and other
financial institutions, prepayment of principal loan
that is not derived from operating cash inflow.
PCN
In 2010 and 2011, PCN obtained long-term
investment credit facility with the following details:
 Maximum loan of Rp 30,240,000 thousand with
floating interest rate of 10.5% per annum. The
intended use is financing renovation and
development of Plaza Balikpapan. The term of the
loan was 60 months from August 8, 2011 and
expire on August 8, 2016.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
 Maksimum pinjaman sebesar Rp 19.680.000 ribu
dengan tingkat suku bunga mengambang 10,5%
per tahun (floating). Tujuan penggunaan fasilitas
pembiayaan adalah pembiayaan renovasi dan
pengembangan area Plaza Balikpapan. Jangka
waktu 84 bulan sejak tanggal 28 Desember 2011.
 Maksimum pinjaman sebesar Rp 26.300.000 ribu
dengan tingkat suku bunga mengambang 10,5%
per tahun (floating). Tujuan penggunaan fasilitas
pembiayaan adalah refinancing untuk aset Trade
Center dan pembiayaan renovasi interior mal.
Jangka waktu 60 bulan sejak tanggal 8 Maret
2012.
Tingkat suku bunga fasilitas kredit pada tanggal
31 Desember 2015 adalah sebesar 13% per tahun.
Jaminan seluruh fasilitas pinjaman tersebut adalah
sebagai berikut:
a. Tanah HGB seluas 36.490 m2, terletak di Provinsi
Kalimantan Timur, atas nama PT Pandega
Citraniaga dan dibebani Hak Tanggungan
Peringkat I, II, dan III sebesar Rp 198.572.482
ribu.
b. Fidusia sebesar Rp 10.929.000 ribu atas mesin
dan peralatan milik PT Pandega Citraniaga yang
berada di Plaza Balikpapan.
c. Mesin dan peralatannya seperti elevator,
escalator, pendingin udara, seluruh interior dan
peralatan bioskop yang terpasang di bioskop.
Perjanjian pinjaman mencakup persyaratan tertentu
untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain pengeluaran modal, setiap utang
pemegang saham harus di subordinasikan, seluruh
transaksi operasional harus melalui Bank CIMB Niaga,
tersedia Letter of Understanding (LoU) untuk menjaga
saldo rata-rata di Bank CIMB Niaga sebesar
Rp 3.000.000 ribu, seluruh pendapatan dari sewa
bulanan tenant Mal harus dibayarkan melalui rekening
Bank CIMB Niaga, dengan realisasi 6 bulan sejak
pencairan pinjaman, penambahan pinjaman kepada
bank atau lembaga keuangan bukan bank harus seizin
Bank CIMB Niaga dan untuk jaminan berupa tanah
dan atau bangunan wajib dilakukan penilaian ulang.
Pinjaman ini telah dilunasi pada bulan Maret 2016.
Bank Tabungan Negara (BTN)
Pada bulan April 2010, KUS memperoleh fasilitas
kredit pinjaman tetap angsuran dengan maksimum
pinjaman sebesar Rp 200.000.000 ribu, jangka waktu
pinjaman selama 60 bulan sampai dengan bulan Maret
2015 termasuk 18 bulan masa tenggang dimana
setelah masa tenggang harus dikembalikan dengan
cicilan bulanan.
- 68 -
F-75
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
 Maximum loan of Rp 19,680,000 thousand at a
floating interest rate of 10.5% per annum. The
intended use is for refinancing and development
of Plaza Balikpapan. The term of the loan is
84 months from December 28, 2011.
 Maximum loan of Rp 26,300,000 thousand at a
floating interest rate of 10.5% per annum. The
intended use is refinancing the assets of Trade
Center and financing the renovation of mall’s
interior. The term of the loan is 60 months from
March 8, 2012.
The credit facility’s interest rate as of December 31,
2015 is 13% per annum.
Collateral for all of these loans are as follows:
a. Land Right with an area of 36,490 m2, located in
the province of East Kalimantan, on behalf of
PT Pandega Citraniaga and Mortgage Rating I, II,
and III of Rp 198,572,482 thousand.
b. Fiduciary amounted to Rp 10,929,000 thousand on
machinery and equipment owned by PT Pandega
Citraniaga located in Plaza Balikpapan.
c. Machinery and equipment such as elevators,
escalators, air conditioning, all interior and
equipment installed at the cinema.
The loan agreement also contains certain covenants,
where approval should be obtained from the bank
before executing certain things which include among
others: all capital expenditures, all operational
transaction must be through Bank CIMB Niaga,
provided Letter of Understanding (LoU) to maintain an
average balance of Rp 3,000,000 thousand, the entire
income from rental of Mall should be paid through
Bank CIMB Niaga, with the realization of 6 months
from the disbursement of loan, additional loan from
bank or non bank financial institution should be made
under permission of Bank CIMB Niaga and collateral
such as land and or building must do reassessment.
The loan has been paid off in March 2016.
Bank Tabungan Negara (BTN)
In April 2010, KUS obtained a fixed-term credit facility
from BTN amounted to Rp 200,000,000 thousand,
with a term of 60 months until March 2015, including
18 months grace period and payable on a monthly
installment.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Berdasarkan perjanjian kredit No. 78 tanggal
28 September 2011, KUS memperoleh persetujuan
perubahan dari BTN untuk memberikan pinjaman baru
dengan maksimum pinjaman sebesar Rp 200.000.000
ribu yang akan digunakan untuk pembangunan
4 tower atas sejumlah 2.048 unit kondominium proyek
Green Bay. Jangka waktu pinjaman 84 bulan terhitung
sejak penandatanganan perjanjian kredit termasuk
24 bulan masa tenggang (grace period) dimana
setelah masa tenggang harus dikembalikan dengan
cicilan bulanan.
Pinjaman ini dikenakan bunga mengambang dan akan
dibayar secara bulanan. Tingkat suku bunga per tahun
pada tanggal 31 Desember 2016 dan 2015 adalah
masing-masing sebesar 13% dan 13,5% per tahun.
Pinjaman tersebut dijamin dengan jaminan paripasu
dengan utang KUS pada Bank Permata.
Sehubungan dengan fasilitas pinjaman tersebut, KUS
disyaratkan membuka rekening escrow di BTN yang
hanya digunakan untuk membayar utang bank. Pada
tanggal pelaporan, rekening escrow ini disajikan
sebagai rekening bank yang dibatasi penggunaannya
(Catatan 12).
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak KUS untuk mengubah
anggaran dasar dan pengurus; melakukan merger
atau akuisisi; mendapat tambahan pinjaman dari
pihak lain kecuali pinjaman dari pemegang saham dan
transaksi dagang normal; melunasi utang kepada
pemegang saham; membubarkan perusahaan dan
meminta dinyatakan pailit; serta menyewakan
perusahaan, memindahtangankan dalam bentuk,
nama, atau maksud apapun kepada pihak ketiga.
Bank Permata
Berdasarkan Akta Perubahan Perjanjian No. 80
tanggal 28 September 2011, KUS memperoleh
fasilitas Term Loan TL-2 dengan jumlah maksimum
sebesar Rp 200.000.000 ribu yang digunakan untuk
membiayai sebagian proyek konstruksi Green Bay
(Mal dan Kondominium). Jangka waktu pinjaman
84 bulan sejak tanggal perubahan kedua ini
ditandatangani termasuk 24 bulan masa tenggang
dimana setelah masa tenggang harus dikembalikan
dengan cicilan bulanan.
Fasilitas pinjaman diatas dijamin dengan jaminan
paripasu dengan utang KUS kepada Bank Tabungan
Negara, antara lain:
- Tanah atas nama KUS dengan dua SHGB masing-
masing seluas 13.332 m2 dan 21.520 m2
- Fidusia piutang KUS senilai Rp 500.000.000 ribu.
- 69 -
F-76
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Based on Credit Agreement No. 78 dated
September 28, 2011, KUS has obtained approval from
BTN to provide new loan with a maximum credit of
Rp 200,000,000 thousand to be used for the
construction of four towers with 2,048 units of
condominium for Green Bay project. The loan has a
term of 84 months from the date when the second
amendment was signed, including 24 months grace
period, that must be returned after the grace period
with payment on a monthly installment.
The loan bears floating interest rate and will be paid
on monthly basis. Interest rate per annum as of
December 31, 2016 and 2015 are 13% and 13.5%
per annum, respectively.
The facility is secured by collateral pari passu with
KUS’s loan from Bank Permata.
In connection with the facility, KUS is required to open
an escrow account in BTN which will be used for the
repayments of the loan. At reporting dates, the
escrow account is presented as part of restricted cash
in bank (Note 12).
The loan agreement also contains certain covenants,
wherein written approval should be obtained from the
bank before executing certain things which include
among others: restrict KUS to amend its articles of
association and change composition of management;
merger or acquisition; incur additional loan from
counterparties except for the loan from shareholder
or normal business transaction; settle its
shareholders’ loan; liquidate the company and declare
bankruptcy; rent out the company, and transferring
rights, both of form, name or other intentions, to
counterparties.
Bank Permata
Based on the Deed of Changes in Agreement No. 80
dated September 28, 2011, KUS has obtained Term
Loan TL-2 facility with a maximum amount of
Rp 200,000,000 thousand which is used to finance
construction projects for Green Bay (Mall and
Condominium). The loan has a term of 84 months
from the date the second amendment was signed,
including 24 months, grace period, that must be
returned after the grace periods payable on a monthly
installment.
Loan facility is secured by collateral pari passu with
KUS’s loan from Bank Tabungan Negara:
- Land in the name of KUS with two SHGB with each
covering an area of 13,332 m2 and 21,520 m2.
- Fiduciary over KUS’s receivable amounted to
Rp 500,000,000 thousand.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Sehubungan dengan fasilitas pinjaman tersebut, KUS
disyaratkan membuka rekening escrow di Bank
Permata yang hanya digunakan untuk membayar
utang bank. Pada tanggal pelaporan, rekening escrow
ini disajikan sebagai rekening bank yang dibatasi
penggunaannya (Catatan 12).
Tingkat suku bunga per tahun (floating) pada tanggal
31 Desember 2016 dan 2015 adalah sebesar 13% dan
13,5%.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak KUS untuk mengubah
struktur pemegang saham, melakukan merger,
akuisisi, perubahan usaha, penjualan aset secara
signifikan dan investasi pengeluaran modal dalam
jumlah material; menjaminkan segala kewajiban dari
perusahaan afiliasi, pemegang saham dan atau
perusahaan terkait; mendapat tambahan pinjaman
dari pihak lain; serta KUS wajib menjaga beberapa
rasio keuangan tertentu antara lain Leverage Ratio
maksimal 2,5x, Debt Service Coverage Ratio
maksimal 1,25x dan Loan to Value maksimal 65%.
Bank Mandiri
Pada bulan Agustus 2012, PGK memperoleh fasilitas
pinjaman dengan maksimum pinjaman sebesar
Rp 100.000.000 ribu, berjangka waktu 48 bulan
sampai dengan bulan Agustus 2016 termasuk
12 bulan masa tenggang (grace period) dimana
setelah masa tenggang harus dikembalikan dengan
cicilan bulanan dan tingkat suku bunga tetap 11,25%
per tahun.
Fasilitas pinjaman ini dijamin dengan:
 Tanah dengan beberapa HGB dengan luas
145.983 m2 atas nama PGK dengan jumlah nilai
pertanggungan sebesar Rp 126.950.000 ribu;
 Piutang usaha yang diikat dengan jaminan fidusia
sebesar Rp 100.000.000 ribu;
 Jaminan pribadi (personal guarantee) dari pihak
ketiga, Aking Saputra (pemegang saham PGK).
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis dari pihak bank antara lain:
mengubah anggaran dasar, permodalan, pengurus
dan pemegang saham, memperoleh pinjaman dari
bank atau lembaga keuangan lainnya, mengikat diri
sebagai penjamin utang atau menjaminkan harta
kekayaan kepada pihak lain dan membayar utang
kepada pemegang saham.
Pinjaman ini telah dilunasi pada bulan Agustus 2016.
- 70 -
F-77
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
In connection with the facility, KUS is required to open
an escrow account with Bank Permata, which is used
for the repayments of the loan. At reporting dates, the
escrow account is presented as part of restricted cash
in bank (Note 12).
Floating interest rates per annum as of December 31,
2016 and 2015 are 13% and 13.5%.
The loan agreement also contains certain covenants,
wherein written approval should be obtained from the
bank before executing certain matters which include
among others: restrict KUS to make changes to the
composition of shareholders, execute merger and
acquisition, scope of business, sell its property
significantly and investment in capital expenditures in
material amount; act as the guarantor of the loan of
affiliates, shareholders, and/or related parties; obtain
additional loan from other parties and require KUS to
maintain certain financial ratios, among others,
maximum Leverage Ratio of 2.5x, maximum Debt
Service Coverage Ratio of 1.25x and maximum Loan
to Value of 65%.
Bank Mandiri
In August 2012, PGK obtained a long-term loan
facility with a maximum credit limit of Rp 100,000,000
thousand, with a term of 48-months until August
2016, including 12 months grace period, payable on a
monthly basis and which bears fixed interest rate of
11.25% per annum.
This facility is secured by:
- Land with Land Right under the name of PGK with
total area of 145,983 m2 amounted to
Rp 126,950,000 thousand;
- Trade receivables bounded by fiduciary amounted
to Rp 100,000,000 thousand;
- Personal guarantee from third parties, Aking
Saputra (shareholder of PGK).
The loan agreement also contains certain covenants,
where written approval should be obtained from the
bank before executing certain things which include
among others: change the articles of association,
capital, management and shareholders, obtain loan
from bank or other financial institution, commit as
guarantors of a debt or pledge assets to other parties
and paid debt to the shareholders.
The loan has been paid off in August 2016.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

22. UTANG OBLIGASI 22. BONDS PAYABLE

31 Desember/ December 31,

2016 2015
Rp'000 Rp'000

Obligasi Berkelanjutan I Agung Agung Podomoro Land

Podomoro Land Sustainable Bond I
Tahun 2013 Tahap I 1.200.000.000 1.200.000.000 Phase I Year 2013
Tahun 2014 Tahap II 750.000.000 750.000.000 Phase II Year 2014
Tahun 2014 Tahap III 451.000.000 451.000.000 Phase III Year 2014
Tahun 2015 Tahap IV 99.000.000 99.000.000 Phase IV Year 2015

Obligasi II Agung Podomoro Land Bonds II Agung Podomoro Land

Tahun 2012 1.200.000.000 1.200.000.000 Year 2012

Obligasi I Agung Podomoro Land Bonds I Agung Podomoro Land

Tahun 2011 Year 2011
Seri B - 875.000.000 Series B

Jumlah 3.700.000.000 4.575.000.000 Total

Dikurangi biaya emisi obligasi Less unamortized bond issuance
yang belum diamortisasi (12.494.359) (20.979.530) costs

Utang Obligasi - Bersih 3.687.505.641 4.554.020.470 Bonds payable - net

Bagian yang jatuh tempo dalam

waktu satu tahun (1.200.000.000) (875.000.000) Current maturities

Jangka panjang - bersih 2.487.505.641 3.679.020.470 Non-current - net

Tingkat bunga per tahun 9,25% - 12,50% 9,25% - 12,50% Interest rate per annum

Berikut ini adalah rincian utang obligasi berdasarkan The details of the bonds payable based on the
jangka waktu pembayaran: schedule of payments are as follows:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Jatuh tempo dalam tahun Due in the year

2016 - 875.000.000 2016
2017 1.200.000.000 1.200.000.000 2017
2018 1.200.000.000 1.200.000.000 2018
2019 1.201.000.000 1.201.000.000 2019
2020 99.000.000 99.000.000 2020

Jumlah 3.700.000.000 4.575.000.000 Total

Biaya perolehan diamortisasi atas pinjaman yang The amortized cost of the bonds payable are as
diperoleh adalah sebagai berikut: follows:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Saldo utang obligasi 3.687.505.641 4.554.020.470 Bonds payable

Biaya bunga yang masih harus
dibayar 24.053.333 33.678.333 Accrued interest

Jumlah 3.711.558.974 4.587.698.803 Total

- 71 -

F-78
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Biaya bunga pinjaman yang masih harus dibayar
dicatat dalam akun biaya yang masih harus dibayar
pada laporan posisi keuangan konsolidasian.
Obligasi Berkelanjutan I Agung Podomoro Land
Perusahaan memperoleh pernyataan efektif dari
Kepala Eksekutif Pengawas Pasar Modal, Dewan
Komisioner Otoritas Jasa Keuangan untuk melakukan
Penawaran Umum Obligasi Berkelanjutan I Agung
Podomoro Land dengan target dana yang akan
dihimpun sebesar Rp 2.500.000.000 ribu.
Sehubungan dengan Obligasi Berkelanjutan I
tersebut, Perusahaan menerbitkan:
 Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap I Tahun 2013
sebesar Rp 1.200.000.000 ribu dengan tingkat
bunga tetap sebesar 9,25% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 27 Juni 2018.
 Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap II Tahun 2014
sebesar Rp 750.000.000 ribu dengan tingkat suku
bunga tetap sebesar 12,25% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 6 Juni 2019.
 Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap III Tahun 2014
sebesar Rp 451.000.000 ribu dengan tingkat suku
bunga tetap sebesar 12,5% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 19 Desember 2019.
 Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap IV Tahun 2015
sebesar Rp 99.000.000 ribu dengan tingkat suku
bunga tetap sebesar 11,25% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 25 Maret 2020.
Obligasi II Agung Podomoro Land Tahun 2012
Pada tanggal 18 Agustus 2012, Perusahaan
menerbitkan Obligasi II Agung Podomoro Land Tahun
2012 sebesar Rp 1.200.000.000 ribu dengan tingkat
bunga tetap 9,375% per tahun terutang setiap
triwulan. Jangka waktu obligasi 5 tahun sampai
dengan 15 Agustus 2017.
- 72 -
F-79
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Accrued interest are recorded in accrued expense on
the consolidated statement of financial position.
Agung Podomoro Land Sustainable Bond I
The Company obtained effective statements from
Chief Executive Capital Markets, Board &
Commissioner of Financial Service Authority of
Indonesia (OJK) to Public Offering of the Agung
Podomoro Land Sustainable Bond I with collected
target fund amounted to Rp 2,500,000,000 thousand.
In relation with the Sustainable Bond I, the Company
issued:
 The Company issued Agung Podomoro Land
Sustainable Bond I Phase 1 Year 2013 amounted
to Rp 1,200,000,000 thousand payable quarterly
with fixed coupon rate of 9.25% per annum. The
bonds have a term of 5 years and will due on
June 27, 2018.
 The Company has released Sustainable Bond I
Agung Podomoro Land Phase II Year 2014 for
Rp 750,000,000 thousand with a fixed coupon
rate of 12.25% per annum payable quarterly. The
bonds have a term of 5 years until June 6, 2019.
 The Company has released Sustainable Bond I
Agung Podomoro Land Phase III Year 2014 for
Rp 451,000,000 thousand with a fixed coupon
rate of 12.5% per annum payable quarterly. The
bonds have a term of 5 years until December 19,
2019.
 The Company has released Sustainable Bond I
Agung Podomoro Land Phase IV Year 2015 for
Rp 99,000,000 thousand with a fixed coupon rate
of 11.25% per annum payable quarterly. The
bonds have a term of 5 years until March 25,
2020.
Agung Podomoro Land Bond II Year 2012
On August 18, 2012, the Company issued Agung
Podomoro Land Bond II Year 2012 amounted to
Rp 1,200,000,000 thousand with fixed coupon rate of
9.375% per annum payable quarterly. The bonds
have a term of 5 years due on August 15, 2017.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Berdasarkan hasil pemeringkatan dari
PT Pemeringkat Efek Indonesia (PEFINDO) dengan
surat No. 653/PEF-Dir/IV/2016 pada tanggal 12 April
2016, hasil pemeringkatan atas Obligasi
Berkelanjutan I Agung Podomoro Land Tahap I Tahun
2013, Tahap II Tahun 2014, Tahap III Tahun 2014,
Tahap IV Tahun 2015 dan Obligasi II Agung Podomoro
Land Tahun 2012 adalah idA- untuk periode 11 April
2016 sampai dengan 1 April 2017. Hasil
pemeringkatan dari PEFINDO telah diperbaharui
untuk periode 12 April 2017 sampai dengan 1 April
2018 dengan peringkat yang sama.
Obligasi I Agung Podomoro Land Seri A dan Seri
B Tahun 2011
Pada tanggal 22 Agustus 2011, Perusahaan,
menerbitkan Obligasi I Agung Podomoro Land Tahun
2011 sebesar Rp 1.200.000.000 ribu yang terbagi
atas obligasi Seri A sebesar Rp 325.000.000 ribu
dengan tingkat bunga tetap 10% per tahun dengan
jangka waktu 3 tahun sampai dengan 25 Agustus
2014 dan obligasi Seri B sebesar Rp 875.000.000 ribu
dengan tingkat bunga tetap 11% per tahun dengan
jangka waktu 5 tahun sampai dengan 25 Agustus 2016.
Pada tahun 2016, seluruh obligasi I Agung Podomoro
Land tahun 2011 telah dilunasi.
Obligasi harus dilunasi pada tanggal jatuh tempo
dengan harga yang sama dengan jumlah pokok
Obligasi yang tertulis yang dimiliki oleh Pemegang
Obligasi, dengan memperhatikan Sertifikat Jumbo
Obligasi dan ketentuan perjanjian Perwaliamanatan.
Hasil penerbitan obligasi akan dipergunakan
seluruhnya untuk pengembangan usaha Perusahaan
melalui akuisisi beberapa perusahaan yang dapat
berupa apartemen, perhotelan, perkantoran,
pertokoan, pusat perbelanjaan, pusat rekreasi
dan/atau perumahan.
Seluruh obligasi dijamin dengan jaminan khusus
berupa tanah dan bangunan, sebesar sekurang-
kurangnya 100% dari nilai pokok obligasi berupa tiga
bidang tanah yaitu komplek “Proyek Central Park”
yang terdiri dari bangunan mal, hotel, 3 tower
apartemen dan gedung perkantoran (office tower),
dimana jaminan ini dijaminkan secara paripasu
dengan pemegang obligasi I Agung Podomoro Land
Tahun 2011, Pemegang Obligasi II Agung Podomoro
Land Tahun 2012, Pemegang Obligasi Berkelanjutan I
Agung Podomoro Land Tahap I Tahun 2013, Tahap II
tahun 2014, Tahap III tahun 2014 dan Tahap IV tahun
2015. Setelah Perusahaan memperoleh Sertifikat Hak
Milik atas Mal Central Park, maka jaminan bagi
Pemegang Obligasi adalah berupa Mal Central Park.
- 73 -
F-80
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Based on the rating from PT Pemeringkat Efek
Indonesia (PEFINDO) in accordance with letter
No. 653/PEF-Dir/IV/2016 dated April 12, 2016, the
Agung Podomoro Land Sustainable Bond I Phase I
Year 2013, Phase II Year 2014, Phase III Year 2014,
Phase IV Year 2015 and Agung Podomoro Land Bond
II Year 2012 are rated as idA- for the period from
April 11, 2016 until April 1, 2017. The rating from
PEFINDO has been renewed for the period from
April 12, 2017 until April 1, 2018 with the same rated.
Agung Podomoro Land Bond I Series A and
Series B Year 2011
On August 22, 2011, the Company, issued Agung
Podomoro Land Bond I Year 2011 amounting to
Rp 1,200,000,000 thousand which consist of Series A
Bonds amounting to Rp 325,000,000 thousand with
fixed coupon rate of 10% per annum payable
quarterly with term of payment of 3 years due on
August 25, 2014, and Series B Bonds amounted to
Rp 875,000,000 thousand with fixed coupon rate of
11% per annum and have a term of 5 years due on
August 25, 2016.
In 2016, Agung Podomoro Land Bond I Year 2011 has
been paid off.
The Bonds must be repaid at maturity date at a price
equal to the principal amount stated on the Bonds
held by the Bond Holders, by observing the Jumbo
Certificate Bond and the Trustee’s terms of
agreement.
The proceeds from the issuance at the bonds were
used entirely for the development of the Company’s
business through acquisition of several companies in
the form of apartments, hotels, offices, shops,
shopping centers, recreation centers and/or housing
complex.
All the bonds payable is guaranteed with specific
collaterals such as land and building, amounted at
least 100% from the principal value of the bonds in a
form of three landscapes, they are “Central Park
Project” consists of mall, hotel, 3 towers of apartment
and office tower, where these collaterals are secured
paripasu with Bond I Agung Podomoro Land Year
2011 holder, Bond II Agung Podomoro Land Year
2012 holder, Sustainable Bond I Agung Podomoro
Land Phase I Year 2013 holder, Phase II Year 2014
holder, Phase III Year 2014 holder, and Phase IV Year
2015 holder. As soon as the Company obtained the
Certificate of Ownership for Central Park Mall, the
collateral of Bond Holders is in the form of Central
Park Mall.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

23. UANG MUKA PENJUALAN DAN PENDAPATAN 23. ADVANCES FROM CUSTOMERS AND UNEARNED
DITERIMA DIMUKA REVENUES

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Uang muka Advances from customers

Penjualan 4.025.693.148 3.851.605.374 Sales
Titipan pelanggan 574.821.900 390.343.358 Customer deposits
Pendapatan diterima dimuka Unearned revenues
Penjualan 1.256.662.155 2.151.425.607 Sales
Sewa 652.057.751 604.238.961 Rent

Jumlah 6.509.234.954 6.997.613.300 Total

Bagian yang direalisasi dalam

satu tahun (3.577.229.664) (3.920.457.962) Realizable within one year

Bagian yang direalisasi lebih Net of realizable within

dari satu tahun 2.932.005.290 3.077.155.338 one year

Perincian uang muka penjualan berdasarkan Details of advances from customers based on
persentase dari harga jual adalah sebagai berikut: percentage of selling price are as follows:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
< 20% 235.324.434 240.929.643 < 20%
20% - 49,99% 1.258.677.565 2.062.564.945 20% - 49.99%
50% - 99,99% 1.784.890.708 1.289.104.906 50% - 99.99%
100% 746.800.441 259.005.880 100%

Jumlah 4.025.693.148 3.851.605.374 Total

Uang muka penjualan merupakan uang muka Advances from customers – sales represent sale of
penjualan unit apartemen, perkantoran, perumahan, apartments, offices, houses, home offices and shop
rumah kantor dan rumah toko yang belum memenuhi houses, which have not yet met the criteria of revenue
kriteria pengakuan pendapatan. recognition.

Uang muka titipan pelanggan merupakan penerimaan Customer deposits represent advances received from
dari calon pembeli yang masih dapat dibatalkan potential buyers that are cancellable at any time.
sewaktu-waktu.

Pendapatan diterima dimuka dari penjualan Unearned revenues – sales represent excess cash
merupakan selisih lebih antara uang yang diterima received over the revenue recognized based on the
dengan pengakuan pendapatan berdasarkan project’s percentage of completion.
persentase penyelesaian proyek.

Pendapatan diterima dimuka dari sewa merupakan Unearned revenues – rent represent advance rent
uang muka sewa yang diterima dari penyewa. received from the tenants.

24. LIABILITAS IMBALAN PASCA KERJA 24. POST-EMPLOYMENT BENEFITS OBLIGATION

Grup menghitung dan membukukan imbalan pasca The Group calculates post-employment benefits for its
kerja imbalan pasti untuk karyawan sesuai dengan qualified employees based on Labor Law
Undang-Undang Ketenagakerjaan No. 13/2003. No. 13/2003. The number of employees entitled to
Jumlah karyawan yang berhak atas imbalan pasca such benefits is 1,945 and 1,985 in 2016 and 2015,
kerja tersebut adalah 1.945 dan 1.985 karyawan respectively.
masing-masing pada tahun 2016 dan 2015.

Program pensiun imbalan pasti memberikan eksposur The defined benefit pension plan typically expose the
Grup terhadap risiko aktuarial seperti: risiko tingkat Group to actuarial risks such as: interest rate risk and
bunga dan risiko gaji. salary risk.

- 74 -

F-81
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Risiko Tingkat Bunga Interest rate risk

Penurunan suku bunga obligasi akan meningkatkan A decrease in the bond interest rate will increase the
liabilitas program. plan liability.

Risiko Gaji Salary risk

Nilai kini kewajiban imbalan pasti dihitung dengan The present value of the defined benefit plan liability
mengacu pada gaji masa depan peserta program. is calculated by reference to the future salaries of plan
Dengan demikian, kenaikan gaji peserta program participants. As such, an increase in the salary of the
akan meningkatkan liabilitas program itu. plan participants will increase the plan’s liability.

Beban imbalan pasca kerja yang diakui di laporan laba Amounts recognized in consolidated statements of
rugi dan penghasilan komprehensif lain konsolidasian profit or loss and other comprehensive income in
adalah sebagai berikut: respect of the defined benefit plan are as follows:

2016 2015
Rp'000 Rp'000

Biaya jasa: Service cost:

Biaya jasa kini 40.990.173 43.817.359 Current service cost
Beban bunga neto 11.821.592 9.407.555 Net interest expense

Komponen dari biaya imbalan pasti Components of defined benefit costs

yang diakui dalam laba rugi 52.811.765 53.224.914 recognised in profit or loss

Pengukuran kembali liabilitas imbalan Remeasurement on the net defined

pasti - neto: benefit liability:
Keuntungan aktuarial yang timbul dari Actuarial gains arising from changes in
perubahan asumsi keuangan (6.615.016) (6.543.968) financial assumptions
Keuntungan dan kerugian aktuarial yang Actuarial gains and losses arising from
timbul dari penyesuaian atas pengalaman (15.215.527) 4.061.003 experience adjustments

Komponen beban imbalan pasti yang diakui Components of defined benefit costs
dalam penghasilan komprehensif lain (21.830.543) (2.482.965) recognised in other comprehensive income

Jumlah 30.981.222 50.741.949 Total

Biaya tahun berjalan, Rp 52.811.765 ribu dan Of the expense for the year, Rp 52,811,765 thousand
Rp 53.224.914 ribu masing-masing termasuk dalam and Rp 53,224,914 thousand were included in general
beban umum dan administrasi tahun 2016 dan 2015 and administrative expenses in 2016 and 2015,
(Catatan 34). respectively (Note 34).

Mutasi nilai kini kewajiban imbalan pasti adalah Movements in the present value of the defined benefit
sebagai berikut: obligation were as follows:

2016 2015
Rp'000 Rp'000

Kewajiban imbalan pasti - awal 170.285.737 126.749.488 Opening defined benefits obligation
Biaya jasa kini 40.990.173 43.817.359 Current service cost
Biaya bunga 11.821.592 9.407.555 Interest cost
Pengukuran kembali (keuntungan/kerugian): Remeasurement (gains)/losses:
Keuntungan aktuarial yang timbul dari Actuarial gains arising from changes in
perubahan asumsi keuangan (6.615.016) (6.543.968) financial assumptions
Keuntungan dan kerugian aktuarial yang Actuarial gains and losses arising from
timbul dari penyesuaian atas pengalaman (15.215.527) 4.061.003 experience adjustments
Pembayaran manfaat (6.521.102) (7.205.700) Benefits paid

Kewajiban imbalan pasti - akhir 194.745.857 170.285.737 Closing defined benefits obligation

- 75 -

F-82
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Perhitungan imbalan pasca kerja dihitung oleh
aktuaris independen PT Pointera Aktuarial Strategis
untuk tahun 2016 dan PT RAS Actuarial Consulting
untuk tahun 2015. Asumsi utama yang digunakan
dalam menentukan penilaian aktuarial adalah sebagai
berikut:
31 Desember/December 31,
2016
Tingkat diskonto per tahun 7,7% - 8,2%
Tingkat kenaikan gaji per tahun 5% - 10%
Tingkat pensiun normal 55 tahun/years
Tingkat kematian Indonesia Mortality
Table 3
Asumsi aktuarial yang signifikan untuk penentuan
kewajiban imbalan pasti adalah tingkat diskonto dan
kenaikan gaji yang diharapkan. Sensitivitas analisis di
bawah ini ditentukan berdasarkan masing-masing
perubahan asumsi yang mungkin terjadi pada akhir
periode pelaporan, dengan semua asumsi lain
konstan.
 Jika tingkat diskonto lebih tinggi (lebih rendah)
100 basis poin, kewajiban imbalan pasti akan
berkurang menjadi sebesar Rp 185.435.290 ribu
(meningkat menjadi sebesar Rp 204.734.509
ribu).
 Jika pertumbuhan gaji yang diharapkan naik
(turun) sebesar 1%, kewajiban imbalan pasti akan
naik menjadi sebesar Rp 205.698.087 ribu (turun
menjadi sebesar Rp 184.439.067 ribu).
Analisis sensitivitas yang disajikan di atas mungkin
tidak mewakili perubahan yang sebenarnya dalam
kewajiban imbalan pasti mengingat bahwa perubahan
asumsi terjadinya tidak terisolasi satu sama lain
karena beberapa asumsi tersebut mungkin
berkorelasi.
Selanjutnya, dalam menyajikan analisis sensitivitas di
atas, nilai kini kewajiban imbalan pasti dihitung
dengan menggunakan metode projected unit credit
pada akhir periode pelaporan, yang sama dengan
yang diterapkan dalam menghitung liabilitas manfaat
pasti yang diakui dalam laporan posisi keuangan.
Tidak ada perubahan dalam metode dan asumsi yang
digunakan dalam penyusunan analisis sensitivitas dari
tahun sebelumnya.
- 76 -
F-83
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The cost of providing post-employment benefits is
calculated by independent actuaries PT Pointera
Aktuarial Strategis for the year 2016 and PT RAS
Actuarial Consulting for the year 2015. The actuarial
valuation was carried out using the following key
assumptions:
2015
9% - 9,1% Discount rate per annum
5% - 10% Salary increment rate per annum
55 tahun/years Normal retirement rate
Indonesia Mortality Mortality rate
Table 3
Significant actuarial assumptions for the
determination of the defined obligation are discount
rate and expected salary increase. The sensitivity
analysis below have been determined based on
reasonably possible changes of the respective
assumptions occurring at the end of the reporting
period, while holding all other assumptions constant.
 If the discount rate increases (decreases) by 100
basis point, post-employment benefits obligation
will be decrease to Rp 185,435,290 thousand
(increase to Rp 204,734,509 thousand).
 If the expected salary growth increases
(decreases) by 1%, the post-employment benefits
obligation will be increase to Rp 205,698,087
thousand (decrease to Rp 184,439,067 thousand).
The sensitivity analysis presented above may not be
representative of the actual change in the post-
employment benefit obligation as it is unlikely that
the change in assumptions would occur in isolation of
one another as some of the assumptions may be
correlated.
Furthermore, in presenting the above sensitivity
analysis, the present value of the post-employment
benefit obligation has been calculated using the
projected unit credit method at the end of the
reporting period, which is the same as that applied in
calculating the post-employment benefits obligation
recognized in the consolidated statement of financial
position.
There was no change in the methods and
assumptions used in preparing the sensitivity
analysis from prior years.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

25. MODAL SAHAM 25. CAPITAL STOCK

Sesuai dengan daftar pemegang saham yang Based on stockholders list issued by the
dikeluarkan oleh Biro Administrasi Efek Perusahaan, Administration Bureau of Corporate Securities,
PT Datindo Entrycom, pemegang saham adalah PT Datindo Entrycom, the stockholders of the
sebagai berikut: Company are as follows:

31 Desember/December 31, 2016

Jumlah Persentase Jumlah Modal
Saham/ Pemilikan/ Disetor/
Number of Percentage of Total Paid-up
Nama Pemegang Saham Shares Ownership Capital Name of Stockholders
% Rp'000

PT Indofica 14.315.780.000 69,83 1.431.578.000 PT Indofica

PT Prudential Life Assurance - Ref 1.473.914.200 7,19 147.391.420 PT Prudential Life Assurance - Ref
Trihatma Kusuma Haliman 620.693.500 3,03 62.069.350 Trihatma Kusuma Haliman
Board of Directors and
Dewan Direksi dan Komisaris 9.704.100 0,04 970.410 Commissioners
Masyarakat umum
(masing-masing dibawah 5%) 2.944.469.900 19,91 294.446.990 Public (each below 5%)

Jumlah 19.364.561.700 100,00 1.936.456.170 Total

Saham diperoleh kembali
(Catatan 29) 1.136.338.300 113.633.830 Treasury stocks (Note 29)

Jumlah 20.500.900.000 2.050.090.000 Total

31 Desember/December 31, 2015

Jumlah Persentase Jumlah Modal
Saham/ Pemilikan/ Disetor/
Number of Percentage of Total Paid-up
Nama Pemegang Saham Shares Ownership Capital Name of Stockholders
% Rp'000

PT Indofica 13.275.780.000 64,76 1.327.578.000 PT Indofica

PT Prudential Life Assurance - Ref 1.495.703.100 7,30 149.570.310 PT Prudential Life Assurance - Ref
PT Simfoni Gema Lestari 1.040.000.000 5,07 104.000.000 PT Simfoni Gema Lestari
Trihatma Kusuma Haliman 620.693.500 3,03 62.069.350 Trihatma Kusuma Haliman
Board of Directors and
Dewan Direksi dan Komisaris 11.476.600 0,06 1.147.660 Commissioners
Masyarakat umum
(masing-masing dibawah 5%) 2.920.908.500 19,78 292.090.850 Public (each below 5%)

Jumlah 19.364.561.700 100,00 1.936.456.170 Total

Saham diperoleh kembali
(Catatan 29) 1.136.338.300 113.633.830 Treasury stocks (Note 29)

Jumlah 20.500.900.000 2.050.090.000 Total

Modal ditempatkan dan disetor penuh adalah saham The subscribed and fully paid shares are ordinary
biasa yang memberikan hak satu suara per saham dan shares which entitle the holder to carry one vote per
berpartisipasi dalam dividen. share and to participate in dividends.

- 77 -

F-84
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

26. TAMBAHAN MODAL DISETOR – BERSIH 26. ADDITIONAL PAID-IN CAPITAL – NET

31 Desember/
December 31,
2016 dan/and 2015
Rp'000
Tambahan modal disetor Additional paid-in capital
Tambahan modal disetor dari Additional paid-in capital of
PT Simfoni Gema Lestari 9.650.000 PT Simfoni Gema Lestari
Tambahan modal disetor dari
penawaran umum saham
Perusahaan kepada masyarakat Additional paid-in capital of
sebesar 6.150.000.000 saham initial public offering of
dengan nilai nominal 6,150,000,000 shares with
Rp 100 per saham yang par value of Rp 100 per share
ditawarkan Rp 365 per saham 1.629.750.000 at Rp 365 per shares
Tambahan modal disetor dari Additional paid-in capital of
eksekusi opsi saham karyawan 293.736 employee share option

Jumlah tambahan modal disetor 1.639.693.736 Total additional paid-in capital

Dikurangi dengan biaya emisi saham (66.873.957) Less of stock issuance cost

Jumlah 1.572.819.779 Total

Kombinasi bisnis entitas sepengendali Business combination under

yang disajikan sebagai tambahan common control presented
modal disetor (183.140.645) as additional paid-in capital

Saldo tambahan modal disetor 1.389.679.134 Balance of additional paid-in capital

Kombinasi bisnis entitas sepengendali merupakan Business combination under common control are the
selisih antara harga pengalihan saham dengan nilai difference between the transfer price of shares and
buku. book value.

Rp'000

PT Putra Adhi Prima (PAP) 93.057.495 PT Putra Adhi Prima (PAP)

PT Arah Sejahtera Abadi (ASA) 50.674.192 PT Arah Sejahtera Abadi (ASA)
PT Pluit Propertindo (PP) 37.916.187 PT Pluit Propertindo (PP)
Lain-lain 1.492.771 Others

Jumlah 183.140.645 Total

27. OPSI SAHAM 27. STOCK OPTIONS

Program Pemberian Opsi Pembelian Saham Plan For Management and Employee Stock
Kepada Manajemen dan Karyawan (MSOP) Option (MSOP)

Berdasarkan Rapat Umum Pemegang Saham Luar
Biasa (RUPSLB) pada tanggal 24 September 2010,
pemegang saham menyetujui rencana Program
Pemberian Opsi Pembelian Saham kepada Manajemen
dan Karyawan (Management & Employee Stock
Option Plan/ MSOP). Manajemen dan karyawan yang
berhak untuk mengikuti program MSOP terdiri dari:
Based on Extraordinary Stockholders General Meeting
(RUPSLB) dated September 24, 2010, the
shareholders approved the plan for Management &
Employee Stock Option Plan (MSOP). Management
and employees who are eligible to join MSOP program
are as follows:

 Direksi dan komisaris Grup yang menjabat 14 hari  Directors and commissioners of the Group who
sebelum tanggal pendistribusian hak opsi setiap served for 14 days before the date of option
tahapnya, kecuali Komisaris Independen dan distribution in every stage, except for Independent
anggota Komite Audit; Commissioner and Audit Committee Member;

 Karyawan Grup dengan jabatan supervisor atau  Employees of the Group in supervisory level and
lebih tinggi. higher.

- 78 -

F-85
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Pelaksanaan program MSOP akan dilakukan dengan
menerbitkan hak opsi dalam 2 (dua) tahap dengan
rincian sebagai berikut:
 Tahap Pertama
Jumlah hak opsi yang akan diterbitkan sebesar
maksimum 50% dari jumlah hak opsi yang
diterbitkan dalam program MSOP, dan akan
diberikan kepada peserta program MSOP pada
bulan Januari 2011.
 Tahap Kedua
Sebesar sisa dari hak opsi dalam program MSOP
akan diberikan kepada peserta program MSOP
pada bulan Pebruari 2012.
Periode Pelaksanaan Hak Opsi akan ditetapkan di
kemudian hari, sebanyak-banyaknya 2 (dua) periode
pelaksanaan setiap tahunnya dan harga pelaksanaan
akan ditetapkan dengan mengacu pada ketentuan
yang tercantum dalam butir V.2.2 Peraturan I-A
Lampiran I Keputusan Direksi PT Bursa Efek Jakarta
No. Kep 305/BJ/07-2004 tertanggal 19 Juli 2004.
Berdasarkan Keputusan Direksi No. 824/SK-
APL/X/2010/ tanggal 26 Oktober 2010, periode
pelaksanaan MSOP ditetapkan satu kali dalam
setahun setelah masa tunggu pelaksanaan opsi
(vesting period).
Berdasarkan Surat Perusahaan No. 027/EXT-
APL/IV.2011 tanggal 27 April 2011 kepada PT Bursa
Efek Indonesia, Perusahaan menyampaikan rencana
pelaksanaan MSOP PT Agung Podomoro Land Tbk
untuk Opsi Tahap I dan II masing-masing sejumlah
205.000.000 saham opsi untuk membeli saham
dengan umur 5 tahun sejak tanggal penerbitan dan
terkena vesting period 1 tahun sejak tanggal
pendistribusian. Harga pelaksanaan untuk Tahap I
dan II yaitu sebesar Rp 330,- per saham mengacu
pada harga rata-rata perdagangan saham APLN di BEI
pada penutupan perdagangan tanggal 22 Maret 2011
sampai dengan tanggal 26 April 2011.
Jumlah opsi saham yang beredar pada tahun 2015
adalah sebanyak 205.000.000 opsi saham dengan
rata-rata tertimbang eksekusi sebesar Rp 330.
Pada tahun 2016 dan 2015, tidak ada opsi saham
yang dieksekusi oleh manajemen dan karyawan.
Opsi saham tercatat pada ekuitas sebesar
Rp 17.911.260 ribu pada tanggal 31 Desember 2015.
Pada tahun 2016, seluruh Opsi Tahap II sebesar
Rp 17.911.260 ribu telah kadaluwarsa dihapus dan
direklasifikasi sebagai komponen ekuitas lainnya pada
laporan posisi keuangan konsolidasian.
- 79 -
F-86
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
MSOP program implementation will be done by
issuing option rights in two (2) stages, as follows:
 Phase 1
The number of option rights to be issued is at a
maximum of 50% of the option right issued in
MSOP program and will be given to the MSOP
program participants in January 2011.
 Phase 2
For the rest of the option in the progam will be
awarded to MSOP progam participants in February
2012.
The implementation of the Option Period will be
determined at a later date and at least two (2)
implementation periods for each year and the
execution price will be determined by reference to the
provisions contained in Article V.2.2 Regulation I-A
Attachment I Decision of the Directors of PT Bursa
Efek Jakarta No. Kep 305/BJ/07-2004 dated July 19,
2004.
Based on Directors’ Decree No. 824/SK-APL/X/2010/
dated October 26, 2010, the implementation period
of MSOP was specified once in a year after the vesting
period.
Based on the Company’s Letter No. 027/EXT-
APL/IV.2011 dated April 27, 2011 to the Indonesia
Stock Exchange, the Company submitted the MSOP
implementation plan for PT Agung Podomoro Land
Tbk for Option Phases I and II, with 205,000,000
stock options each, to purchase shares with age of 5
years from the date of their issuance and vesting
period of 1 year from the date of distribution. The
exercise price for the Phases I and II of Rp 330 per
share refers to the average trading price of APL
shares on Indonesia Stock Exchange at the close of
trading on March 22, 2011 until April 26, 2011.
The outstanding share options in 2015 is 205,000,000
shares with weighted average exercise price of
Rp 330.
In 2016 and 2015, no share options were exercised
by management and employees.
Stock options recognized in equity amounted to
Rp 17,911,260 thousand as of December 31, 2015.
In 2016, all Option Phase II amounting to
Rp 17,911,260 thousand were already expired and
reclassified as other equity component in
consolidated statement of financial position.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Pada tahun 2015, seluruh Opsi Tahap I sebesar In 2015, all Option Phase I amounting to
Rp 17.500.146 ribu telah kadaluwarsa dihapus dan Rp 17,500,146 thousand were already expired and
direklasifikasi sebagai komponen ekuitas lainnya pada reclassified as other equity component in
laporan posisi keuangan konsolidasian. consolidated statement of financial position.

Nilai wajar dari hak opsi MSOP tahap pertama dan The fair value of the MSOP for the first and second
kedua diestimasi pada tanggal pemberian hak opsi phases was estimated at grant date of option rights
dengan menggunakan model Black-Scholes. using the Black Scholes model.

Perhitungan MSOP dilakukan oleh aktuaris The MSOP calculation is done by an independent
independen PT Eldridge Gunaprima Solution. Asumsi actuary PT Eldridge Gunaprima Solution. Key
utama yang digunakan dalam perhitungan nilai wajar assumptions used in calculating the fair value of
opsi adalah sebagai berikut: options are as follows:

Tahap / Phase II Tahap / Phase I

2012 2011
Asumsi/Assumption Asumsi/Assumption

Tingkat suku bunga

bebas risiko 6,5% per tahun/per annum 6,5% per tahun/per annum Risk-free interest rate
Periode opsi 4 tahun/years 5 tahun/years Option period
Perkiraan ketidakstabilan Expected volatility of
harga saham 30,83% per tahun/per annum 33,24% per tahun/per annum the share price
Perkiraan dividen N/A N/A Expected dividends

28. CADANGAN UMUM 28. GENERAL RESERVE

a. Berdasarkan Akta No. 154 tanggal 24 Juni 2016
dari Yulia, S.H., notaris di Jakarta, para
pemegang saham menyetujui dan memutuskan
penetapan penggunaan laba bersih tahun 2015
sebesar Rp 15.000.000 ribu sebagai cadangan
umum.
a. Based on Deed No. 154 dated June 24, 2016 from
Yulia, S.H., notary in Jakarta, the stockholders
approved and determined the use of net profit in
2015 amounted to Rp 15,000,000 thousand as a
general reserve.

b. Berdasarkan Akta No. 79 tanggal 21 Mei 2015
dari Yulia, S.H., notaris di Jakarta, para
pemegang saham menyetujui dan memutuskan
penetapan penggunaan laba bersih tahun 2014
sebesar Rp 15.000.000 ribu sebagai cadangan
umum.
b. Based on Deed No. 79 dated May 21, 2015 from
Yulia, S.H., notary in Jakarta, the stockholders
approved and determined the use of net profit in
2014 amounted to Rp 15,000,000 thousand as a
general reserve.

29. SAHAM YANG DIPEROLEH KEMBALI 29. TREASURY STOCKS

Persentase
terhadap saham
yang dikeluarkan/ Biaya perolehan
Jumlah saham/ Percentage to saham/
Number of shares issued shares Cost of shares
% Rp'000
Saham diperoleh kembali Treasury stocks at
pada 1 Januari 2015 185.271.000 0,90 61.737.013 January 1, 2015
Ditambah: Perolehan tahun 2015 951.067.300 4,64 411.099.363 Add: Repurchase in 2015

Saham diperoleh kembali Treasury stocks at

pada 31 Desember 2016 December 31, 2016
dan 2015 1.136.338.300 5,54 472.836.376 and 2015

- 80 -

F-87
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

30. KEPENTINGAN NON-PENGENDALI 30. NON-CONTROLLING INTERESTS

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

a. Kepentingan non-pengendali atas a. Non-controlling interest in net

aset bersih entitas anak assets of subsidiaries
PT Sinar Menara Deli 427.511.814 295.297.343 PT Sinar Menara Deli
PT Arah Sejahtera Abadi 335.584.325 334.532.345 PT Arah Sejahtera Abadi
PT Bali Perkasasukses 269.408.132 287.947.894 PT Bali Perkasasukses
PT Pluit Propertindo 265.716.088 233.641.205 PT Pluit Propertindo
PT Wahana Sentra Sejati 219.520.969 147.183.823 PT Wahana Sentra Sejati
PT Alam Makmur Indah 158.438.612 158.068.472 PT Alam Makmur Indah
PT Pandega Citraniaga PT Pandega Citraniaga
dan entitas anak 149.640.466 157.363.899 and its subsidiaries
PT Simprug Mahkota Indah 147.260.343 93.316.914 PT Simprug Mahkota Indah
PT Caturmas Karsaudara 129.756.789 139.607.253 PT Caturmas Karsaudara
PT Buana Makmur Indah 105.870.950 116.043.789 PT Buana Makmur Indah
PT Brilliant Sakti Persada 90.482.987 81.729.246 PT Brilliant Sakti Persada
PT Graha Cipta Kharisma 53.774.187 56.364.819 PT Graha Cipta Kharisma
PT Pesona Gerbang Karawang PT Pesona Gerbang Karawang
dan entitas anak 30.398.455 24.088.496 and its subsidiaries
PT JKS Realty 26.059.371 58.274.148 PT JKS Realty
PT Dimas Pratama Indah 25.066.722 9.345.899 PT Dimas Pratama Indah
PT Buana Surya Makmur PT Buana Surya Makmur
dan entitas anak 24.481.465 24.687.338 and its subsidiaries
PT Kharisma Bhakti Sejahtera 17.082.615 19.885.415 PT Kharisma Bhakti Sejahtera
PT Sentral Agung Indah 12.614.566 15.829.968 PT Sentral Agung Indah
PT Central Indah Palace 12.470.889 10.309.116 PT Central Indah Palace
PT Alam Hijau Teduh 9.844.159 26.130.525 PT Alam Hijau Teduh
PT Griya Pancaloka 5.025.045 5.074.946 PT Griya Pancaloka
PT Tritunggal Lestari Makmur 3.195.863 4.090.638 PT Tritunggal Lestari Makmur
PT Tunas Karya Bersama 2.374.122 2.386.961 PT Tunas Karya Bersama
PT Central Cipta Bersama 1.297.713 1.344.411 PT Central Cipta Bersama
PT Intersatria Budi Karya Pratama 1.021.613 1.068.832 PT Intersatria Budi Karya Pratama
PT Tiara Metropolitan Indah 545.663 371.670 PT Tiara Metropolitan Indah
PT Putra Adhi Prima 511.561 420.487 PT Putra Adhi Prima
PT Cipta Pesona Karya 21.241 16.916 PT Cipta Pesona Karya
PT Central Tata Makmur 100 100 PT Central Tata Makmur
PT Podomoro Bangun Abadi 100 100 PT Podomoro Bangun Abadi
PT Podomoro Central Sejahtera 100 100 PT Podomoro Central Sejahtera
PT Podomoro Sukses Lestari 100 100 PT Podomoro Sukses Lestari
PT Karya Gemilang Perkasa (42.112) 16.480 PT Karya Gemilang Perkasa
PT Kencana Unggul Sukses PT Kencana Unggul Sukses
dan entitas anak (62.778.225) (41.430.345) and its subsidiaries

Jumlah 2.462.156.788 2.263.009.303 Total

- 81 -

F-88
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

31 Desember/December 31,
2016 2015
Rp'000 Rp'000
b. Kepentingan non-pengendali atas b. Non-controlling interest in net
laba (rugi) bersih entitas anak income (loss) of subsidiaries
PT Sinar Menara Deli 144.591.770 73.430.164 PT Sinar Menara Deli
PT Wahana Sentra Sejati 82.959.775 108.035.610 PT Wahana Sentra Sejati
PT Simprug Mahkota Indah 53.435.740 (36.532.655) PT Simprug Mahkota Indah
PT Pluit Propertindo 31.499.417 49.879.832 PT Pluit Propertindo
PT Caturmas Karsaudara 29.052.575 44.387.556 PT Caturmas Karsaudara
PT Dimas Pratama Indah 15.500.926 10.593.019 PT Dimas Pratama Indah
PT Arah Sejahtera Abadi 12.658.359 17.413.355 PT Arah Sejahtera Abadi
PT Brilliant Sakti Persada 8.753.741 2.560.622 PT Brilliant Sakti Persada
PT Pesona Gerbang Karawang PT Pesona Gerbang Karawang
dan entitas anak 2.685.584 5.845.344 and its subsidiaries
PT Central Indah Palace 2.161.774 1.844.911 PT Central Indah Palace
PT Alam Makmur Indah 365.283 (2.967.155) PT Alam Makmur Indah
PT Tiara Metropolitan Indah 312.575 207.452 PT Tiara Metropolitan Indah
PT Putra Adhi Prima 86.757 202.803 PT Putra Adhi Prima
PT Cipta Pesona Karya 4.325 5.510 PT Cipta Pesona Karya
PT Karya Gemilang Perkasa (101) (1.784) PT Karya Gemilang Perkasa
PT Tunas Karya Bersama (12.839) (16.145) PT Tunas Karya Bersama
PT Griya Pancaloka (48.330) (156.230) PT Griya Pancaloka
PT Central Cipta Bersama (46.698) (109.752) PT Central Cipta Bersama
PT Intersatria Budi Karya Pratama (47.220) (1.578.209) PT Intersatria Budi Karya Pratama
PT Buana Surya Makmur PT Buana Surya Makmur
dan entitas anak (206.323) (401.581) and its subsidiaries
PT Kharisma Bhakti Sejahtera (804.011) 2.649.540 PT Kharisma Bhakti Sejahtera
PT Tritunggal Lestari Makmur (893.965) (1.036.710) PT Tritunggal Lestari Makmur
PT Alam Hijau Teduh (1.488.725) 1.808.719 PT Alam Hijau Teduh
PT Graha Cipta Kharisma (2.590.735) (3.019.358) PT Graha Cipta Kharisma
PT Sentral Agung Indah (3.215.401) (1.012.568) PT Sentral Agung Indah
PT JKS Realty (7.655.016) 48.524.663 PT JKS Realty
PT Pandega Citraniaga PT Pandega Citraniaga
dan entitas anak (8.131.167) 29.818.232 and its subsidiaries
PT Buana Makmur Indah (10.609.157) (10.662.356) PT Buana Makmur Indah
PT Kencana Unggul Sukses PT Kencana Unggul Sukses
dan entitas anak (19.430.093) (19.365.296) and its subsidiaries
PT Bali Perkasasukses (21.009.350) (12.539.375) PT Bali Perkasasukses
Jumlah 307.879.470 307.808.158 Total

Mutasi kepentingan non-pengendali adalah: Movement of non-controlling interest are as follows:

2016 2015
Rp'000 Rp'000

Saldo awal 2.263.009.303 2.018.537.732 Beginning balance

Peningkatan modal dan uang muka Capital and advance for capital
setoran modal non-pengendali 3.400.000 93.592.640 increase of subsidiaries
Selisih transaksi perubahan ekuitas Difference due to change in
entitas anak 4.254.172 - equity of subsidiaries
Dividend and advance dividend of
Pembagian dividen dan uang muka non-controlling interest of
dividen kepentingan non-pengendali (116.482.450) (156.128.020) subsidiaries
Pembelian sebagian kepemilikan Partial addition of interest in
saham entitas anak - (816.988) subsidiary
Penghasilan komprehensif lain 96.293 15.781 Other comprehensive income
Laba bersih tahun berjalan 307.879.470 307.808.158 Profit for the year

Jumlah 2.462.156.788 2.263.009.303 Total

- 82 -

F-89
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Ringkasan informasi keuangan pada masing-masing
entitas anak Grup yang memiliki kepentingan non-
pengendali yang material ditetapkan di bawah ini.
Ringkasan informasi keuangan di bawah ini
merupakan jumlah sebelum eliminasi intra grup.
Summarized financial information in respect of each
of the Group’s subsidiaries that has material non-
controlling interest is set out below. The summarized
financial information below represents amounts
before intragroup eliminations.

31 Desember 2016/December 31, 2016

Dividen yang
dibayarkan kepada
kepentingan
Laba (rugi) non-pengendali/ Kas masuk (keluar) bersih dari/
tahun berjalan/ Dividens paid to Net cash inflow (outflow) from
Entitas anak/ Jumlah aset/ Jumlah liabilitas/ Profit (loss) non-controlling Kegiatan operasi Kegiatan investasi Kegiatan pendanaan
Subsidiaries Total assets Total liabilities for the year interests Operating activites Investing activities Financing activities
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

ASA 946.721.351 107.760.359 31.645.898 12.000.000 31.857.393 10.376.043 (56.502.533)

PP 693.280.942 291.954.647 66.783.217 - 101.617.976 (9.398.283) (92.348.795)
SMD 1.765.643.602 1.104.198.662 344.266.119 12.600.000 (172.639.315) (114.418.607) (503.157)
PCN 1.162.696.138 1.031.691.272 (23.232.875) - (71.664.269) (47.963.039) 122.368.089
CMK 307.180.873 58.504.567 58.121.295 39.453.995 97.936.586 1.609.944 (95.984.859)
WSS 738.598.319 240.298.363 267.612.176 10.630.000 (18.725.700) 403.952 31.521.990
AMI 545.188.484 17.080.890 1.217.611 - (13.105.808) 943 13.812.000
BPS 1.053.051.482 746.975.826 (42.876.225) - (94.790.136) (328.602.204) 112.405.977
BMI 777.672.202 650.235.123 (23.575.905) - (219.607.234) (464.362) 219.281.180
BSP 541.781.393 321.953.687 21.267.099 - 41.577.869 (3.103.255) (36.880.949)
SMI 840.007.671 471.626.031 133.589.350 - 2.074.862 9.813.447 (50.099.989)

Jumlah/Total 9.371.822.457 5.042.279.427 834.817.760 74.683.995 (315.467.776) (481.745.421) 167.068.954

31 Desember 2015/December 31, 2015

Dividen yang
dibayarkan kepada
kepentingan
Laba (rugi) non-pengendali/ Kas masuk (keluar) bersih dari/
tahun berjalan/ Dividens paid to Net cash inflow (outflow) from
Entitas anak/ Jumlah aset/ Jumlah liabilitas/ Profit (loss) non-controlling Kegiatan operasi Kegiatan investasi Kegiatan pendanaan
Subsidiaries Total assets Total liabilities for the year interests Operating activites Investing activities Financing activities
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

ASA 1.003.130.228 166.799.369 43.533.387 4.000.000 68.785.510 10.385.185 (106.596.311)

PP 713.179.504 379.856.263 105.744.820 37.736.000 72.513.614 86.936.911 (163.011.800)
SMD 1.682.816.831 1.336.168.253 174.833.723 - 122.371.122 (5.523.008) (78.220.468)
PCN 1.038.340.467 885.268.667 85.195.811 - (13.899.175) (153.447.163) 159.636.269
CMK 349.364.196 80.987.630 88.799.779 - 68.023.507 3.295.234 (78.904.529)
WSS 464.497.144 172.833.145 348.501.977 19.750.000 (13.756.244) 4.551.021 (57.735.641)
AMI 529.337.304 2.463.509 (9.890.518) - (10.306.775) (4.682.327) 1.150.000
BPS 663.956.089 320.044.183 (20.009.155) - (31.235.628) (183.924.719) 222.582.896
BMI 563.958.522 413.915.136 (23.694.125) - (17.804.589) (49.772.660) 62.614.338

Jumlah/Total 7.008.580.285 3.758.336.155 793.015.699 61.486.000 244.691.342 (292.181.526) (38.485.246)

- 83 -

F-90
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

31. PENJUALAN DAN PENDAPATAN USAHA 31. SALES AND REVENUES

2016 2015
Rp'000 Rp'000

Penjualan: Sales:
Apartemen 1.886.100.347 1.283.562.944 Apartments
Rumah Kantor 665.643.099 540.309.550 Home Offices
Rumah Tinggal 657.004.629 957.276.451 Houses
Perkantoran 576.551.049 307.678.724 Offices
Kios 505.435.795 682.869.490 Kiosks
Rumah toko 77.156.276 210.212.005 Shophouses
Tanah 122.727 142.053.000 Land
Ballroom - 223.649.418 Ballroom

Jumlah 4.368.013.922 4.347.611.582 Total

Pendapatan: Revenues:
Sewa (Catatan 42p) 883.926.868 888.951.286 Rent (Note 42p)
Hotel 668.071.203 658.427.099 Hotels
Lain-lain 86.940.130 76.592.010 Others

Jumlah 1.638.938.201 1.623.970.395 Total

Jumlah 6.006.952.123 5.971.581.977 Total

Tidak terdapat penjualan dan pendapatan usaha dari There were no sales and revenues exceeding 10% of
satu pelanggan yang melebihi 10% dari jumlah the total sales that were earned from a single
penjualan dan pendapatan usaha. customer.

Penghasilan pembatalan penjualan, denda dan ganti
nama dan denda keterlambatan serah terima kepada
pelanggan sebagai bagian dari keuntungan lainnya –
bersih pada laporan laba rugi dan penghasilan
komprehensif lain konsolidasian, dengan rincian
sebagai berikut:
Fees from cancellation of sales, fines and change of
title and late delivery to customers are recorded as
part of other gain – net in the consolidated statements
of profit or loss and other comprehensive income, with
the following details:

2016 2015
Rp'000 Rp'000
Penghasilan pembatalan
penjualan, denda dan Income from cancellation,
ganti nama 18.834.703 36.949.638 fines and change of title
Denda keterlambatan serah
terima kepada pelanggan (26.086.441) (5.306.807) Late handover to customers

Bersih (7.251.738) 31.642.831 Net

- 84 -

F-91
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

32. BEBAN POKOK PENJUALAN DAN BEBAN 32. COST OF SALES AND DIRECT COSTS
LANGSUNG

2016 2015
Rp'000 Rp'000

Beban pokok penjualan (Catatan 9): Cost of sales (Note 9):

Apartemen 1.194.140.497 767.711.112 Apartments
Rumah tinggal 356.387.061 539.428.613 Houses
Rumah Kantor 336.273.018 267.865.915 Home Offices
Perkantoran 232.147.685 122.602.016 Offices
Kios 122.320.030 164.920.152 Kiosks
Rumah toko 34.537.982 88.639.486 Shophouses
Tanah 22.685 90.586.643 Land
Ballroom - 124.251.987 Ballroom

Jumlah 2.275.828.958 2.166.005.924 Total

Beban langsung: Direct costs:

Penyusutan (Catatan 14 Depreciation (Notes 14
dan 15) 327.308.688 327.277.369 and 15)
Hotel 267.408.153 285.526.004 Hotels
Keamanan 24.133.150 21.529.071 Security
Lainnya 87.839.417 80.347.127 Others

Jumlah 706.689.408 714.679.571 Total

Jumlah 2.982.518.366 2.880.685.495 Total

33. BEBAN PENJUALAN 33. SELLING EXPENSES

2016 2015
Rp'000 Rp'000

Pameran dan launching 73.113.473 103.278.038 Exhibition and launching

Iklan dan brosur 60.635.663 82.036.281 Advertising and brochures
Komisi 46.885.626 97.254.644 Commission
Promosi 46.697.677 59.668.527 Promotion
Penyusutan dan amortisasi Depreciation and amortization
(Catatan 15 dan 16) 9.368.572 15.124.059 (Notes 15 and 16)
Kantor pemasaran 4.568.652 5.434.927 Marketing office
Lain-lain 53.168.100 36.211.119 Others

Jumlah 294.437.763 399.007.595 Total

- 85 -

F-92
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

34. BEBAN UMUM DAN ADMINISTRASI 34. GENERAL AND ADMINISTRATIVE EXPENSES

2016 2015
Rp'000 Rp'000

Gaji dan tunjangan 569.238.117 566.965.736 Salaries and allowances

Imbalan pasca kerja Post-employment benefits
(Catatan 24) 52.811.765 53.224.914 (Note 24)
Jasa manajemen 40.422.600 34.960.424 Management fee
Pajak bumi dan bangunan 39.073.312 34.449.349 Land and property tax
Penyusutan (Catatan 15) 35.218.402 28.963.166 Depreciation (Note 15)
Listrik, air dan gas 33.390.502 31.678.836 Electricity, water and gas
Keamanan dan kebersihan 33.346.311 24.716.015 Security and cleaning
Asuransi 21.711.044 26.026.851 Insurance
Pemeliharaan 18.316.667 24.891.441 Maintenance
Jasa profesional 17.892.862 9.734.222 Professional fees
Pajak dan perizinan 12.979.779 11.789.021 Licenses and fees
Perjalanan dinas 10.001.628 9.469.236 Travelling expense
Sewa peralatan operasional 9.773.468 7.219.754 Equipment rental for operation
Keperluan kantor 7.405.153 5.784.762 Office expenses
Komisi kartu kredit 6.973.583 7.180.868 Credit card commision
Telepon dan telex 6.082.542 6.486.931 Telephone and telefax
Alat tulis dan perlengkapan
kantor 4.392.323 5.356.210 Office supplies
Sumbangan 4.317.175 12.654.979 Donation
Tax underpayment assessment
Surat ketetapan pajak (Catatan 37) 33.013 9.542.350 letter (Note 37)
Lain-lain 105.932.281 92.530.300 Others

Jumlah 1.029.312.527 1.003.625.365 Total

35. PENGHASILAN BUNGA 35. INTEREST INCOME

2016 2015
Rp'000 Rp'000

Bunga 153.443.925 264.244.303 Interest

Jasa giro 2.657.278 3.224.585 Current account

Jumlah 156.101.203 267.468.888 Total

36. BEBAN BUNGA DAN KEUANGAN 36. INTEREST EXPENSE AND FINANCIAL CHARGES

2016 2015
Rp'000 Rp'000

Bunga 666.664.030 680.659.937 Interest

Administrasi 7.559.786 2.745.916 Administrative

Jumlah 674.223.816 683.405.853 Total

- 86 -

F-93
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

37. BEBAN PAJAK FINAL DAN PAJAK PENGHASILAN 37. FINAL TAX EXPENSE AND INCOME TAX

a. Beban Pajak Final a. Final Tax Expense

Beban pajak final sehubungan dengan penjualan Final tax expense in connection with sale of
rumah, apartemen, perkantoran, rumah kantor, houses, apartments, office, home offices,
ballroom, tanah dan rumah toko dan penyewaan ballroom, land and shophouses and rental and
dan jasa pengelolaan adalah sebagai berikut: service charge are as follows:

2016 2015
Rp'000 Rp'000

Beban pajak final yang berasal dari: Final tax expense from:
Pengalihan hak atas tanah Transfer of rights over land
dan/atau bangunan 190.086.296 220.258.324 and/or buildings
Penyewaan dan jasa pengelolaan 93.909.789 92.008.403 Rental and service charge
Tax underpayment assessment
Surat ketetapan pajak 54.623 5.435.151 letter

Beban pajak final 284.050.708 317.701.878 Final tax expense

Perincian utang pajak final adalah sebagai berikut: The details of final tax payable are as follows:

2016 2015
Rp'000 Rp'000

Saldo awal tahun 81.626.130 103.662.119 Beginning balance

Beban pajak final atas pendapatan Final tax expense on revenues
usaha selama tahun berjalan 284.050.708 317.701.878 during the year
Mutasi bersih pajak final dibayar dimuka Net movement in the prepaid final
atas pendapatan diterima dimuka (35.661.497) 73.672.638 tax on unearned revenues
Pajak final yang telah dipotong Final tax deducted by third party
pihak ketiga atau disetor Grup or paid by the Group
tahun berjalan (289.615.437) (413.410.505) during the year

Saldo akhir tahun (Catatan 20) 40.399.904 81.626.130 Ending balance (Note 20)

Seluruh pendapatan Grup dikenakan pajak final All revenues from the Group are subjected to
kecuali untuk CIP, CPP, BSP, BPS, GPL, TTLM dan final tax, except for CIP, CPP, BSP, BPS, GPL,
SAI entitas anak yang dikenakan pajak TTLM and SAI, subsidiaries, which are subjected
penghasilan tidak final. to non-final income tax.

b. Pajak Penghasilan b. Income Tax

2016 2015
Rp'000 Rp'000
Beban pajak kini Current tax
Perusahaan The Company
Tahun berjalan 2.805.765 2.911.543 Current year
Tahun sebelumnya - 3.635.644 Prior years
Entitas anak 4.617.365 5.462.772 Subsidiaries
Tax underpayment assessment
Surat ketetapan pajak letter
Perusahaan - 14.235.725 The Company
Entitas anak - 286.645 Subsidiaries
Beban (manfaat) pajak tangguhan - Deferred tax expense (benefit) -
entitas anak 13.773.673 (4.374.831) subsidiaries

Jumlah beban pajak penghasilan 21.196.803 22.157.498 Total income tax expense

- 87 -

F-94
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Rekonsiliasi antara laba sebelum pajak menurut The reconciliation between profit before tax per
laporan laba rugi dan penghasilan komprehensif consolidated statements of profit or loss and
lain konsolidasian dengan laba fiskal adalah other comprehensive income and taxable income
sebagai berikut: are as follows:

2016 2015
Rp'000 Rp'000

Laba sebelum pajak menurut laporan Profit before tax per consolidated
laba rugi dan penghasilan statements of profit or loss and
komprehensif lain konsolidasian 960.933.911 1.138.920.945 other comprehensive income
Pendapatan dividen dari entitas anak Dividend income from subsidiaries
dan entitas asosiasi 1.417.886.083 475.833.500 and associates
Laba entitas anak sebelum pajak (1.165.028.382) (1.238.735.072) Profit before tax of the subsidiaries
Bagian laba bersih entitas asosiasi (66.845.644) (110.803.136) Share in net income of associates

Laba sebelum pajak Perusahaan 1.146.945.968 265.216.237 Profit before tax of the Company

Pendapatan yang sudah diperhitungkan

atau dibayar pajak penghasilan final (1.151.963.117) (288.596.596) Income subject to final tax

Rugi sebelum pajak dari pendapatan yang Loss before tax of non-final taxable
tidak terutang pajak penghasilan final (5.017.149) (23.380.359) income

Perbedaan yang tidak dapat Differences which cannot be

diperhitungkan menurut fiskal: accounted for by fiscal:
Kesejahteraan karyawan 13.967.658 16.288.579 Employee welfare
Sumbangan 1.709.050 8.017.000 Donation
Denda pajak - 10.264.323 Tax penalty
Lain-lain 563.504 456.629 Others

Jumlah 16.240.212 35.026.531 Total

Laba fiskal tahun berjalan 11.223.061 11.646.172 Taxable income for current year

Beban pajak kini 2.805.765 2.911.543 Current tax expense

Dikurangi pajak penghasilan dibayar Less repayment of income taxes -

dimuka - Pasal 23 (895.202) (1.259.487) Article 23

Utang pajak penghasilan non final Income tax payable non-final

Perusahaan 1.910.563 1.652.056 The Company
Entitas anak 902.288 1.915.279 Subsidiaries

Utang pajak penghasilan non-final Income tax payable non-final

(Catatan 20) 2.812.851 3.567.335 (Note 20)

- 88 -

F-95
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Pajak Tangguhan Deferred Tax

Rincian aset dan liabilitas pajak tangguhan adalah The details of the deferred tax assets and liabilities
sebagai berikut: are as follows:

Dikreditkan Dikreditkan
(dibebankan) (dibebankan)
Dikreditkan ke penghasilan Dikreditkan ke penghasilan
(dibebankan) komprehensif lain/ (dibebankan) komprehensif lain/
ke laba rugi/ Credited (charged) ke laba rugi/ Credited (charged)
1 Januari/ Credited to other 31 Desember/ Credited to other 31 Desember/
January 1, (charged) to comprehensive December 31, (charged) to comprehensive December 31,
2015 profit or loss income 2015 profit or loss income 2016
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

CPP CPP
Cadangan piutang tidak Allowance for impairment
tertagih 8.572 (8.572) - - 7.325 - 7.325 losses
Liabilitas imbalan Post-employment
pasca kerja 2.512.243 556.179 (363.088) 2.705.334 158.911 (1.711.999) 1.152.246 benefits obligation

Aset pajak tangguhan 2.520.815 547.607 (363.088) 2.705.334 166.236 (1.711.999) 1.159.571 Deferred tax assets

BSP BSP
Rugi fiskal 12.271.314 2.380.042 - 14.651.356 (2.165.755) - 12.485.601 Fiscal losses
Perbedaan antara Difference between
penyusutan komersial commercial and
dan fiskal (1.585.731) (697.845) - (2.283.576) (589.716) - (2.873.292) fiscal

Aset pajak tangguhan 10.685.583 1.682.197 - 12.367.780 (2.755.471) - 9.612.309 Deferred tax assets

GPL GPL
Rugi fiskal 58.930.674 5.876.821 - 64.807.495 (3.082.400) - 61.725.095 Fiscal losses
Perbedaan antara Difference between
penyusutan komersial commercial and
dan fiskal (5.564.620) (5.348.203) - (10.912.823) (5.390.448) - (16.303.271) fiscal
Liabilitas imbalan Post-employment
pasca kerja 393.129 (264.228) (98.181) 30.720 6.883 (25.304) 12.299 benefits obligation

Aset pajak tangguhan 53.759.183 264.390 (98.181) 53.925.392 (8.465.965) (25.304) 45.434.123 Deferred tax assets

SAI SAI
Rugi fiskal 2.707.341 900.437 - 3.607.778 (2.556.672) - 1.051.106 Fiscal losses
Perbedaan antara Difference between
penyusutan komersial commercial and
dan fiskal (215.812) (151.982) - (367.794) (139.008) - (506.802) fiscal
Cadangan piutang tidak Allowance for impairment
tertagih - (375.000) - (375.000) (93.750) - (468.750) losses
Amortisasi sewa tanah (281.250) 315.403 - 34.153 (34.153) - - Amortization of land lease

Aset pajak tangguhan 2.210.279 688.858 - 2.899.137 (2.823.583) - 75.554 Deferred tax assets

AKS AKS
Rugi fiskal 290.222 54.702 - 344.924 (344.924) - - Fiscal losses

Aset pajak tangguhan 290.222 54.702 - 344.924 (344.924) - - Deferred tax assets

BPS BPS
Rugi fiskal 9.096.830 944.052 - 10.040.882 374.106 - 10.414.988 Fiscal losses
Liabilitas imbalan Post-employment
pasca kerja 207.128 182.616 (70.597) 319.147 95.512 (21.658) 393.001 benefits obligation

Aset pajak tangguhan 9.303.958 1.126.668 (70.597) 10.360.029 469.618 (21.658) 10.807.989 Deferred tax assets

TTLM TTLM
Liabilitas imbalan Post-employment
pasca kerja - 105.035 18.265 123.300 75.042 (8.106) 190.236 benefits obligation

Aset pajak tangguhan - 105.035 18.265 123.300 75.042 (8.106) 190.236 Deferred tax assets

Jumlah aset pajak tangguhan 78.770.040 4.469.457 (513.601) 82.725.896 (13.679.047) (1.767.067) 67.279.782 Total deferred tax assets

CIP CIP
Perbedaan antara Difference between
penyusutan komersial commercial and
dan fiskal (264.846) (94.626) - (359.472) (94.626) - (454.098) fiscal

Liabilitas pajak tangguhan (264.846) (94.626) - (359.472) (94.626) - (454.098) Deferred tax liabilities

- 89 -

F-96
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Surat Ketetapan Pajak dan Surat Tagihan Pajak Tax Assessment Letter and Tax Collection Letter

Selama tahun 2016, Grup menerima Surat
Ketetapan Pajak Kurang Bayar (SKPKB) dan Surat
Tagihan Pajak (STP) atas Pajak Penghasilan dan
Pajak Pertambahan Nilai untuk masa pajak 2011
– 2015 sebesar Rp 2.418.467 ribu.
In 2016, the Group received Tax Underpayment
assessment letter (SKPKB) and Tax Collection
Letter (STP) for income taxes and value added
tax for fiscal year 2011 – 2015 amounted to
Rp 2,418,467 thousand.

Selama tahun 2015, Grup menerima Surat
Ketetapan Pajak Kurang Bayar (SKPKB) dan Surat
Tagihan Pajak (STP) atas pajak penghasilan dan
pajak pertambahan nilai untuk masa pajak tahun
2010 – 2015 dengan nilai sebesar Rp 110.459.522
ribu.
In 2015, the Group received Tax Underpayment
assessment letter (SKPKB) and Tax Collection
Letter (STP) for income taxes and value added
tax for fiscal year 2010 – 2015 amounted to
Rp 110,459,522 thousand.

Atas penerbitan SKPKB dan STP pada tahun 2016 For the issued SKPKB and STP in 2016 and 2015,
dan 2015, Grup mencatat beban dengan rincian the Group recorded expense with details as
sebagai berikut follow:

2016 2015
Rp'000 Rp'000
Beban umum dan administrasi General and administrative expenses
(Catatan 34) 33.013 9.542.350 (Note 34)
Beban lain-lain 2.330.831 26.194.360 Other expenses
Beban pajak Tax expense
Beban pajak final 54.623 5.435.151 Final tax expense
Pajak penghasilan - 14.522.370 Income tax
Jumlah 2.418.467 55.694.231 Total

Selain dari SKPKB dan STP yang tercatat diatas, Apart from the above SKPKB and STP, the Group
Grup masih dalam tahap mengajukan banding is still in the process of proposing an appeals or
atau keberatan. objections.

38. LABA PER SAHAM 38. EARNINGS PER SHARE

2016 2015
Rp'000 Rp'000
Laba Earnings
Laba untuk perhitungan Earnings for calculating of
laba per saham 631.857.638 808.955.289 earnings per share

Jumlah Saham Lembar/Shares Lembar/Shares Number of shares

Jumlah rata-rata tertimbang saham Weighted average number of

biasa untuk perhitungan laba ordinary shares for calculating
bersih per saham dasar: of basic earnings per share
Jumlah saham ditempatkan Total subscribed and fully
dan disetor 20.500.900.000 20.500.900.000 paid-up capital
Rata-rata tertimbang saham Weighted average of treasury
diperoleh kembali (1.136.338.300) (994.511.261) stock

Jumlah rata-rata tertimbang Weighted average number of

saham untuk tujuan perhitungan
laba per saham dasar
Efek saham berpotensi dilusi yang
timbul dari opsi saham karyawan
dan manajemen
ordinary shares for calculating
19.364.561.700 19.506.388.739 of basic earnings per share
Effect of dilutive potential ordinary
shares arising from employee and
- 19.831.191 management stock option

Jumlah rata-rata tertimbang saham Weighted average number of shares

untuk tujuan perhitungan laba for the calculating of diluted
bersih per saham dilusian 19.364.561.700 19.526.219.930 earnings per share

Pada tanggal 31 Desember 2016, Perusahaan tidak As of December 31, 2016, the Company does not have
memiliki efek berpotensi saham yang dilutif. potential dilutive ordinary shares.

- 90 -

F-97
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

39. PENGUNGKAPAN TAMBAHAN ATAS AKTIVITAS 39. SUPPLEMENTAL DISCLOSURES ON NONCASH

INVESTASI NONKAS INVESTING ACTIVITIES

2016 2015
Rp'000 Rp'000

Penambahan aset tetap melalui : Addition in property and equipment from:

Kapitalisasi biaya pinjaman 40.122.820 10.764.259 Capitalization of borrowing costs
Utang usaha kepada pihak ketiga 29.734.553 15.330.387 Accounts payable to third parties
Liabitilities for purchases of property
Utang pembelian aset tetap 103.834 1.158.740 and equipment
Penambahan properti investasi melalui : Addition in investment properties from :
Utang usaha kepada pihak ketiga 92.974.641 240.372.264 Accounts payable to third parties

40. SIFAT DAN TRANSAKSI PIHAK BERELASI 40. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES

Sifat Berelasi Nature of Relationship

a. PT Indofica merupakan pemegang saham a. PT Indofica is the controlling stockholder of the

pengendali Perusahaan. Company.

b. Trihatma Kusuma Haliman merupakan salah satu b. Trihatma Kusuma Haliman is one of stockholder
pemegang saham Perusahaan. of the Company.

c. PT Citra Gemilang Nusantara dan PT Manggala c. PT Citra Gemilang Nusantara and PT Manggala
Gelora Perkasa merupakan entitas asosiasi. Gelora Perkasa are associated companies.

d. Perusahaan yang dikendalikan oleh salah seorang d. Companies which are controlled by key
personil manajemen kunci Perusahaan: management personnel of the Company:

 PT Central Prima Kelola  PT Prima Buana Internusa

 PT Central Mall Kelola  PT Dian Ikrar Perkasa
 PT Sejahtera Kelola Abadi  PT Sakti Kelola Persada
 PT Pandega Citra Kelola  PT Sunter Agung

Transaksi-transaksi dengan Pihak Berelasi Transactions with Related Parties

a. Perusahaan menyediakan manfaat pada Komisaris a. The Company provides benefits to its
dan Direksi sebagai berikut: Commissioners and Directors as follows:

2016 2015
Rp'000 Rp'000
Dewan Direksi Board of Directors
Gaji dan tunjangan 13.808.049 11.405.659 Salaries and allowances

Dewan Komisaris Board of Commissioners

Gaji dan tunjangan 3.827.291 4.726.420 Salaries and allowances
Jumlah 17.635.340 16.132.079 Total

b. Pada tahun 2015, Trihatma Kusuma Haliman b. In 2015, Trihatma Kusuma Haliman provided
memberikan jaminan pribadi (personal personal guarantee for the credit facilities of
guarantee) atas utang bank yang diterima Grup bank loans received by the Group (Note 21).
(Catatan 21).

- 91 -

F-98
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

c. Grup mengadakan perjanjian pengelolaan Mal c. The Group entered into Central Park Mall and
Central Park dan Mal The Plaza Balikpapan The Plaza Balikpapan Mall building management
dengan PT Central Prima Kelola dan agreement with PT Central Prima Kelola and
PT Pandega Citra Kelola (Catatan 42b dan 42r). PT Pandega Citra Kelola (Notes 42b and 42r).

Untuk tahun yang berakhir 31 Desember 2016 For the year ended December 31, 2016 and
dan 2015, biaya jasa manajemen yang dicatat 2015, management fee recorded by the Group
oleh Grup sebesar Rp 720.000 ribu. amounted to Rp 720,000 thousand.

d. Perusahaan mengadakan perjanjian pinjam pakai d. The Company entered into agreement for the
merek dan ciptaan dengan Trihatma Kusuma rights to use the brand names and icon of
Haliman seperti dijelaskan pada Catatan 42e. Trihatma Kusuma Haliman as described in
Note 42e.

e. Grup juga melakukan perjanjian dengan e. The Group also entered into agreements with PT
PT Prima Buana Internusa dan PT Dian Ikrar Prima Buana Internusa and PT Dian Ikrar
Perkasa atas jasa manajemen, jasa pengelolaan Perkasa for management services, apartments
apartemen dan perkantoran serta jasa and office management services, information
penyediaan dan pengelolaan informasi, provider and management services,
telekomunikasi dan multimedia. telecommunications and multimedia.

f. Grup mempunyai transaksi diluar usaha dengan f. The Group entered into non-trade transactions
pihak-pihak berelasi seperti yang diungkapkan with related parties as described in Notes 7 and
dalam Catatan 7 dan 19. 19.

Saldo aset dan liabilitas yang timbul atas transaksi The balances of assets and liabilities arising from the
tersebut diatas adalah sebagai berikut: transactions above are as follows:

2016 2015

Piutang lain-lain (Rp'000) 17.659.062 18.773.279 Other accounts receivable (Rp'000)

Persentase terhadap jumlah aset 0,07% 0,08% Percentage to total assets

Utang lain-lain (Rp'000) 166.202.979 19.613.799 Other accounts payable (Rp'000)

Persentase terhadap jumlah liabilitas 1,06% 0,13% Percentage to total liabilities

41. INFORMASI SEGMEN 41. SEGMENT INFORMATION

Grup melaporkan segmen-segmen berdasarkan PSAK The Group’s reportable segments under PSAK 5
5 (revisi 2009) berdasarkan segmen usaha dan (revised 2009) are based on their business and
segmen geografis. geographical segment.

Segmen Usaha Business Segment

Grup melakukan kegiatan usaha sebagai berikut: The Group are engaged in the following businesses:

I. Penjualan I. Sales
- Apartemen - Apartments
- Perkantoran - Offices
- Rumah tinggal - Houses
- Rumah toko dan Kios - Shophouses and Kiosks
- Rumah kantor - Home offices

II. Hotel II. Hotel

III. Pendapatan sewa pusat perbelanjaan III. Rental income of shopping centres

- 92 -

F-99
 PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) THEN ENDED (Continued

Berikut ini adalah informasi segmen berdasarkan segmen usaha: The following are segment information based on business segment:
31 Desember/December 31, 2016
Pendapatan
Sewa Pusat
Perbelanjaan/
Penjualan/Sales Rental income
Apartemen/ Perkantoran/ Rumah tinggal/ Rumah toko dan Kios/ Rumah Kantor/ Lain-lain/ from Shopping Jumlah/ Eliminasi/ Konsolidasian/
Apartments Offices Houses Shophouses and Kiosks Home Offices Others Hotel center Total Elimination Consolidated
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
PENJUALAN DAN PENDAPATAN USAHA 1.886.100.347 576.551.049 657.004.629 582.592.071 665.643.099 122.727 668.071.203 1.013.085.498 6.049.170.623 (42.218.500) 6.006.952.123 SALES AND REVENUES

BEBAN POKOK PENJUALAN DAN COST OF SALES AND DIRECT

BEBAN LANGSUNG 1.167.808.227 235.223.010 354.237.192 154.246.498 342.738.334 22.685 405.149.327 326.812.765 2.986.238.038 (3.719.672) 2.982.518.366 COSTS

LABA KOTOR 718.292.120 341.328.039 302.767.437 428.345.573 322.904.765 100.042 262.921.876 686.272.733 3.062.932.585 (38.498.828) 3.024.433.757 GROSS PROFIT

Penghasilan (beban) yang tidak dapat Unallocated income (expense)

dialokasikan
Beban penjualan (294.437.763) - (294.437.763) Selling expenses
Beban umum dan administrasi (1.065.074.662) 35.762.135 (1.029.312.527) General and administrative expenses
Bagian laba bersih entitas asosiasi 66.845.644 - 66.845.644 Share in net income of asssociates
Penghasilan bunga 157.273.375 (1.172.172) 156.101.203 Interest income
Interest expense and financial
Beban bunga dan keuangan (675.395.988) 1.172.172 (674.223.816) charges
Beban pajak final (284.050.708) - (284.050.708) Final tax expense
Keuntungan lainnya - bersih 31.180.490 (35.602.369) (4.421.879) Other gains - net

Laba sebelum pajak 960.933.911 Profit before tax

STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 1.594.170.541 139.616.260 384.675.144 1.402.780.641 128.917.524 - 3.452.167.181 7.227.626.900 14.329.954.191 695.186.227 15.025.140.418 Segment assets
Investasi kepada entitas asosiasi 9.081.468.760 (8.828.759.253) 252.709.507 Investment in associates
Aset yang tidak dapat dialokasikan 12.579.185.336 (2.145.081.879) 10.434.103.457 Unallocated assets

F-100
Jumlah aset konsolidasian 25.711.953.382 Consolidated total assets

Liabilitas segmen 2.449.851.519 53.572.191 1.956.044.247 1.274.336.683 13.612.911 - 1.218.875.504 1.061.755.808 8.028.048.863 - 8.028.048.863 Segment liabilities
Liabilitas yang tidak dapat dialokasikan 10.521.719.391 (2.808.577.581) 7.713.141.810 Unallocated liabilities

Jumlah liabilitas konsolidasian 15.741.190.673 Consolidated total liabilities

INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 5.119.554 - 57.370 109.379 - - 512.432.064 1.044.301.890 1.562.020.257 - 1.562.020.257 Capital expenditure
Pengeluaran modal yang tidak Unallocated capital
dapat dialokasikan 82.986.845 expenditure
Penyusutan 363.154.939 Depreciation

- 93 -
 PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) THEN ENDED (Continued
31 Desember/December 31, 2015
Pendapatan
Sewa Pusat
Perbelanjaan/
Penjualan/Sales Rental income
Apartemen/ Perkantoran/ Rumah tinggal/ Rumah toko dan Kios/ Rumah Kantor/ Lain-lain/ from Shopping Jumlah/ Eliminasi/ Konsolidasian/
Apartments Offices Houses Shophouses and Kiosks Home Offices Others Hotel center Total Elimination Consolidated
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
PENJUALAN DAN PENDAPATAN USAHA 1.283.562.944 307.678.724 957.276.451 893.081.495 540.309.550 365.702.418 658.427.099 1.003.923.750 6.009.962.431 (38.380.454) 5.971.581.977 SALES AND REVENUES

BEBAN POKOK PENJUALAN DAN COST OF SALES AND DIRECT

BEBAN LANGSUNG 754.842.515 124.918.789 536.767.011 236.278.611 275.404.135 214.838.630 427.080.967 309.015.181 2.879.145.839 1.539.656 2.880.685.495 COSTS

LABA KOTOR 528.720.429 182.759.935 420.509.440 656.802.884 264.905.415 150.863.788 231.346.132 694.908.569 3.130.816.592 (39.920.110) 3.090.896.482 GROSS PROFIT

Penghasilan (beban) yang tidak dapat Unallocated income (expense)

dialokasikan
Beban penjualan (399.007.595) - (399.007.595) Selling expenses
Beban umum dan administrasi (1.050.029.300) 46.403.935 (1.003.625.365) General and administrative expenses
Bagian laba bersih entitas asosiasi 110.803.136 - 110.803.136 Share in net income of asssociates
Penghasilan bunga 269.461.281 (1.992.393) 267.468.888 Interest income
Interest expense and financial
Beban bunga dan keuangan (685.398.246) 1.992.393 (683.405.853) charges
Beban pajak final (317.701.878) - (317.701.878) Final tax expense
Keuntungan lainnya - bersih 118.377.822 (44.884.692) 73.493.130 Other gains - net

Laba sebelum pajak 1.138.920.945 Profit before tax

STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 846.875.516 34.977.567 454.798.124 1.102.616.452 119.103.123 - 3.074.445.390 5.744.662.935 11.377.479.107 1.412.646.856 12.790.125.963 Segment assets
Investasi kepada entitas asosiasi 245.937.448 - 245.937.448 Investment in associates

F-101
Aset yang tidak dapat dialokasikan 21.499.297.521 (9.976.185.944) 11.523.111.577 Unallocated assets

Jumlah aset konsolidasian 24.559.174.988 Consolidated total assets

Liabilitas segmen 1.343.346.310 294.968.824 1.486.083.232 1.077.876.138 354.816.564 - 1.522.471.648 1.751.082.339 7.830.645.055 - 7.830.645.055 Segment liabilities
Liabilitas yang tidak dapat dialokasikan 9.792.374.404 (2.136.513.399) 7.655.861.005 Unallocated liabilities

Jumlah liabilitas konsolidasian 15.486.506.060 Consolidated total liabilities

INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 1.536.552 5.375.877 323.485.539 258.870.134 589.268.102 - 589.268.102 Capital expenditure
Pengeluaran modal yang tidak Unallocated capital
dapat dialokasikan 443.187.144 expenditure
Penyusutan 357.901.298 Depreciation

- 94 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Penjualan dan pendapatan usaha berdasarkan pasar Sales and revenues by geographical market
geografis

Berikut ini adalah jumlah penjualan dan pendapatan The following table shows the distribution of the
usaha Grup berdasarkan pasar geografis: Group’s consolidated sales and revenues from
external customers by geographical market:

2016 2015
Rp'000 Rp'000

Jakarta 3.623.840.052 3.305.787.202 Jakarta

Medan 993.865.417 506.909.035 Medan
Jawa Barat 667.690.453 1.343.247.147 West Java
Bali 360.641.605 347.201.438 Bali
Batam 247.706.498 192.121.934 Batam
Balikpapan 113.208.098 276.315.221 Balikpapan

Jumlah 6.006.952.123 5.971.581.977 Total

Nilai tercatat aset tidak lancar berdasarkan wilayah The following table shows the carrying amount of
geografis atau lokasi aset tersebut: non-current assets by geographical area in which the
assets are located:

31 Desember/December 31,
2016 2015
Rp'000 Rp'000

Jakarta 11.106.985.910 9.142.398.218 Jakarta

Bali 2.384.807.089 2.140.007.588 Bali
Jawa Barat 2.297.431.238 1.936.355.809 West Java
Medan 803.360.607 627.408.763 Medan
Balikpapan 760.017.167 736.785.224 Balikpapan
Makassar 159.186.880 159.186.881 Makassar
Batam 26.205.621 35.316.105 Batam

Jumlah 17.537.994.512 14.777.458.588 Total

Nilai tercatat aset segmen dan tambahan aset tetap The following table shows the carrying amount of
dan properti investasi berdasarkan wilayah geografis segment assets and additions to property and
atau lokasi aset tersebut: equipment and investment properties by
geographical area in which the assets are located:

Nilai tercatat Penambahan aset tetap

aset segmen/ dan properti investasi/
Carrying amount of Additions to property and equipment
segment assets and investment properties
31 Desember/December 31, 31 Desember/December 31,
2016 2015 2016 2015
Rp'000 Rp'000 Rp'000 Rp'000
Jakarta 8.692.139.223 8.497.914.353 871.330.456 344.221.336 Jakarta
Bali 2.256.199.873 1.931.393.474 415.457.492 231.545.249 Bali
Jawa Barat 1.795.998.501 1.333.232.434 133.334.065 210.800.128 West Java
Balikpapan 1.075.120.221 959.729.594 48.473.929 243.157.429 Balikpapan
Batam 347.027.379 56.397.650 429.010 846.806 Batam
Medan 858.655.221 1.148.297 175.982.150 1.884.298 Medan
Makassar - 10.310.161 - - Makassar
Jumlah 15.025.140.418 12.790.125.963 1.645.007.102 1.032.455.246 Total

- 95 -

F-102
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
42. IKATAN
a. MWS telah memperoleh izin pelaksanaan
reklamasi pulau G berdasarkan keputusan
Gubernur Provinsi Daerah Khusus Ibukota Jakarta
No. 2238 Tahun 2014 dan JKP telah memperoleh
izin pelaksanaan reklamasi pulau I berdasarkan
keputusan Gubernur Provinsi Daerah Khusus
Ibukota Jakarta No. 2269 Tahun 2015.
Berdasarkan berita acara rapat pembahasan
kewajiban tambahan pada tanggal 18 Maret 2014,
antara MWS, JKP dengan Gubernur DKI Jakarta,
disepakati kewajiban yang harus dipenuhi MWS
dan JKP sebagai kewajiban tambahan untuk izin
prinsip dan izin pelaksanaan reklamasi. Sampai
dengan 31 Desember 2016, MWS dan JKP masih
dalam tahap pemenuhan kewajiban-kewajiban
tersebut.
b. Pada tanggal 10 April 2012, JKP menandatangani
Memorandum of Understanding (MoU) dengan
PT Pembangunan Jaya Ancol (PJA). JKP dan PJA
setuju untuk bekerjasama dalam pembangunan
kawasan reklamasi Ancol dengan pembagian
wilayah reklamasi masing-masing sebesar 50%
dari jumlah luas bidang atau kurang lebih seluas
202,5 Ha sebagaimana tercantum dalam peta
bidang yang menjadi lampiran Persetujuan Prinsip
Reklamasi Pulau I.
c. Grup mengadakan perjanjian dengan beberapa
bank dalam rangka penyediaan fasilitas kredit
kepada pembeli untuk pemilikan rumah toko,
rumah kantor, apartemen dan perkantoran milik
Grup sebagai berikut:
1. Perusahaan mengadakan perjanjian
kerjasama dengan Bank Permata dan Bank
CIMB Niaga di mana bank-bank tersebut akan
menyediakan fasilitas kredit kepada pembeli
untuk pemilikan rumah toko, rumah kantor,
Apartemen Royal Mediterania Garden
Residence dan Garden Shopping Arcade.
2. Perusahaan mengadakan perjanjian kerja
sama dengan Bank DKI dan Bank Tabungan
Negara untuk menyediakan fasilitas kredit
kepada pembeli untuk pemilikan Apartemen
Gading Nias.
3. Perusahaan dan beberapa perusahaan lainnya
dalam Grup Agung Podomoro, melakukan
perjanjian kerjasama dengan Bank Maybank
Indonesia. Besarnya alokasi dana kerjasama
dalam bentuk fasilitas kredit yang diberikan
Bank kepada calon pembeli unit yang
dibangun oleh pengembang adalah sebesar
Rp 100.000.000 ribu. Atas pemberian
Fasilitas Kredit Kepemilikan Apartemen (KPA)
oleh Bank maka Grup menjaminkan deposito
berjangka dalam mata uang Rupiah dan
dicatat dalam aset keuangan lainnya
(Catatan 12).
4. ASA mengadakan perjanjian kerjasama
pemberian fasilitas Kredit Kepemilikan
Apartemen (KPA) dengan Bank Rakyat
Indonesia, Bank Permata, Bank CIMB Niaga,
Bank Maybank Indonesia dan Bank Victoria
International.
- 96 -
F-103
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
42. COMMITMENTS
a. MWS has obtained reclamation permit of G island
based on the Decree of the Governor of Special
Capital Region of Jakarta No. 2238 Year 2014 and
JKP has obtained reclamation permit of I island
based on the Decree of the Governor of Special
Capital Region of Jakarta No. 2269 Year 2015.
Based on the minutes of the meeting of the
discussion on additional obligations on March 18,
2014, between MWS, JKP and the Governor of DKI
Jakarta, the obligations was agreed by MWS and
JKP as additional obligations for the principle
permit and reclamation permit. As of December
31, 2016, MWS and JKP are still in the process of
fulfilling these obligations.
b. On April 10, 2012, JKP signed a Memorandum of
Understanding (MoU) with PT Pembangunan Jaya
Ancol (PJA). JKP and PJA agreed to cooperate in
the development of Ancol reclamation area with
the allocation of reclamation area of 50% of the
total area or approximately 202.5 Ha as stated in
the field map attached to the Approval of the
Principle of Reclamation of Island I.
c. The Group entered into agreements with several
banks, wherein such banks will provide credit
facilities to the buyers of shophouses, offices
houses, apartments and offices of the Group as
follows:
1. The Company entered into an agreement with
Bank Permata and Bank CIMB Niaga, where
the banks will provide credit facilities to the
buyers of shophouses, office houses, Royal
Mediterania Garden Residence and Garden
Shopping Arcade.
2. The Company entered into agreements with
Bank DKI and Bank Tabungan Negara to
provide credit facilities to the buyers of
Gading Nias Apartment.
3. The Company and several other companies in
the Agung Podomoro Group, entered into
agreements with Bank Maybank Indonesia.
The allocated funds in the form of credit
facility provided by the Bank to prospective
buyers of unit to be constructed amounted to
Rp 100,000,000 thousand. For this facilitiy
provided by the bank, the Group pledged its
time deposits denominated in Rupiah as
collateral and recorded as part of other
financial assets (Note 12).
4. ASA entered into agreements on granting
Credit Facility for apartment ownership (KPA)
with Bank Rakyat Indonesia, Bank Permata,
Bank CIMB Niaga, Bank Maybank Indonesia
and Bank Victoria International.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
5. PGK mengadakan perjanjian kerjasama
pemberian fasilitas Kredit Kepemilikan Rumah
(KPR) dengan Bank Maybank Indonesia, Bank
Permata, Bank Negara Indonesia, Bank CIMB
Niaga, Bank Pembangunan Daerah Jawa Barat
dan Banten, Bank Danamon Indonesia, Bank
Mandiri, dan Bank Tabungan Negara.
6. AHT mengadakan perjanjian kerja sama
pemberian fasilitas Kredit Kepemilikan
Apartemen (KPA) dengan Bank Tabungan
Negara.
7. CPKA dan SMD mengadakan perjanjian
kerjasama pembelian Fasilitas Kredit
Kepemilikan Apartemen (KPA) dengan Bank
Maybank Indonesia dan Bank UOB.
8. Pada tanggal 29 April 2014, terdapat
Perjanjian Kerjasama Pemberian Fasilitas
Kredit Kepemilikan Kios/Counter dengan
Jaminan Membeli Kembali antara PCN dengan
Bank Tabungan Negara.
9. PAP mengadakan perjanjian kerjasama
pemberian Fasilitas Kredit Kepemilikan
Rumah (KPR) dengan Bank Victoria
International dan Bank Tabungan Negara.
Dalam perjanjian kerjasama tersebut di atas
antara lain diatur Grup akan bertanggung jawab
sepenuhnya dan mengikat diri sebagai penjamin
atas pembayaran seluruh jumlah uang yang
terutang dari pembeli kepada Bank baik
merupakan utang pokok, bunga dan biaya-biaya
lainnya yang timbul berdasarkan perjanjian kredit
yang dibuat oleh dan antara Pembeli/Debitur
dengan Bank (buy back guarantee) apabila
pembeli/debitur belum menandatangani Akta Jual
Beli (AJB), Akta Pemberian Hak Tanggungan
(APHT), dan pembeli telah melalaikan
kewajibannya membayar angsuran selama tiga
bulan angsuran berturut-turut kepada Bank.
Penjaminan tersebut diberikan selama AJB antara
Perusahaan atau entitas anak dengan pembeli
belum ditandatangani. Jaminan ini dengan cara
bagaimanapun juga tidak dapat ditarik atau
dicabut kembali selama AJB terhadap sertifikat
hak atas per unit dan APHT belum ditandatangani,
serta belum diserahkan dan diterima oleh Bank.
d. Berdasarkan perjanjian tanggal 1 Maret 2015
antara Perusahaan dan PT Central Prima Kelola
(CPK), pihak berelasi (Catatan 40), Perusahaan
telah menunjuk CPK sebagai pengelola Mal
Central Park, dimana Perusahaan memberikan
wewenang kepada CPK untuk mengambil alih
jasa pengelolaan Mal Central Park, jasa
pemasangan iklan dan jasa pengelolaan lahan
parkir. Perjanjian ini berjangka waktu 5 tahun
dan akan ditinjau kembali setelah jangka waktu
3 tahun.
e. Pada tanggal 24 Agustus 2011, sebagai
kelanjutan dari Perjanjian Pendahuluan tertanggal
11 Desember 2009, KUS dan PT Jakarta
Propertindo (JAKPRO) melakukan Perjanjian
Kerjasama No. 003/UT2000/107/VIII/ 2011
tentang pemanfaatan tanah seluas 30.564 m2
yang terletak di jalan Karang Ayu, Kelurahan
Pluit, Kecamatan Penjaringan, Jakarta Utara.
- 97 -
F-104
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
5. PGK entered into agreements on granting
Credit Facility for house ownership (KPR) with
Bank Maybank Indonesia, Bank Permata,
Bank Negara Indonesia, Bank CIMB Niaga,
Bank Pembangunan Daerah Jawa Barat dan
Banten, Bank Danamon Indonesia, Bank
Mandiri, and Bank Tabungan Negara.
6. AHT entered into agreements on granting
Credit Facility for apartment ownership (KPA)
with Bank Tabungan Negara.
7. CPKA and SMD entered into agreements on
granting Credit Facility for apartment
ownership (KPA) with Bank Maybank
Indonesia and Bank UOB.
8. On April 29, 2014, PCN entered into
agreements with Bank Tabungan Negara to
provide credit facilities with buyback
guarantee between PCN and Bank Tabungan
Negara.
9. PAP entered into agreements on granting
Credit Facility for house ownership (KPR) with
Bank Victoria International and Bank
Tabungan Negara.
In the agreements, the Group will be fully
responsible and act as guarantor for the payment
of all amounts due to the Bank including, principal
and other costs incurred in the loan agreements
made by and between the Buyer / Debtor with the
Bank (buy back guarantee) if the buyer / debtor
has not signed Deed of Sale and Purchase (AJB),
Deed of Mortgage Agreement (APHT), and buyers
had neglected its obligation to pay the installment
for three months in succession to the Bank.
Guarantee is given for the AJB between the
Company or its subsidiaries with the buyer has not
been signed. This guarantee can not be withdrawn
or revoked during AJB on the upper certificate of
Unit Rights and APHT has not been signed, and
have not been submitted and accepted by the
bank.
d. Based on agreement dated March 1, 2015
between the Company and PT Central Prima
Kelola (CPK), a related party (Note 40), the
Company appointed CPK for the management of
Central Park Mall, wherein the Company gives
CPK the authority to takeover the management
services of Central Park Mall, advertising of other
products and parking management. This
agreement is valid for 5 years from the date of
the agreement, with terms and conditions subject
to review after 3 years.
e. On August 24, 2011, as a continuation of the
Preliminary Agreement dated December 11,
2009, KUS and PT Jakarta Propertindo (JAKPRO)
entered into Cooperative Agreement
No. 003/UT2000/107/VIII/2011 on the use of the
land area of 30,564 m2 located in jalan Karang
Ayu, Kelurahan Pluit, Kecamatan Penjaringan,
North Jakarta.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
f. Grup mengadakan perjanjian pembangunan
proyek dengan beberapa kontraktor utama
antara lain: PT Total Bangun Persada Tbk,
PT Pembangunan Perumahan Tbk, KSO Nindya
Karya – PT Pulau Intan, PT Pulau Intan Baja
Perkasa Konstruksi, PT Saeti Concretindo
Wahana, PT Adhi Karya Tbk, PT Totalindo Eka
Persada, PT Airmas Asri, PT Panca Mitra Abadi,
PT Pakubumi Semesta, PT Nusa Raya Cipta Tbk
dan PT Holcim Beton.
g. Perusahaan mengadakan Perjanjian Pinjam Pakai
Merek dan Perjanjian Pinjam Pakai Ciptaan
dengan Trihatma Kusuma Haliman, pihak berelasi
(Catatan 40), sebagai pemilik merek dan ciptaan
dimana Perusahaan berhak menggunakan merek
“Mediterania” dan “Central Park” sejak tahun
2004, “Back To The City” dan “Podomoro City”
sejak tahun 2007 serta ciptaan seni logo Agung
Podomoro Group sejak tahun 2004, secara non-
ekslusif dalam menjalankan usahanya. Perjanjian
ini berlaku selama 5 tahun sejak tanggal
penandatanganan masing-masing perjanjian dan
diperpanjang secara otomatis untuk jangka waktu
yang sama.
h. Berdasarkan perjanjian antara Perusahaan
dengan PT AAPC Indonesia (“Operator”) tanggal
1 September 2010, Perusahaan menunjuk
Operator untuk dan atas nama Perusahaan
bertindak, menjalankan dan mengoperasikan
“Hotel Pullman Jakarta Central Park” milik
Perusahaan.
i. Pada tanggal 30 Juli 2010, BSP dan Harris
International Hotels Corporation (Harris)
menandatangani Technical Assistant Agreement
dan Trademade & Trademark License Agreement
sehubungan penyertaan bantuan teknis dan
konsultasi profesional (arsitektur, konsultasi
permesinan dan desain perkantoran), serta
bermaksud meminta persetujuan Harris untuk
menggunakan nama dan merek Harris yang
terkait dengan hotel milik BSP. Perjanjian
Technical Assistant Agreement berlaku sampai
31 Desember tahun ke-12 terhitung dari tanggal
pembukaan (soft opening) hotel dan dapat
diperpanjang untuk jangka waktu 5 tahun
berturut-turut sampai dengan diakhiri sesuai
dengan ketentuan perjanjian, atau tidak
diperpanjang dengan pemberitahuan minimal 90
hari sebelum perjanjian berakhir.
j. Pada 30 Juli 2010, BSP dan PT Tauzia
International Management menandatangani Hotel
Management Consulting Agreement sehubungan
dengan jasa konsultasi manajemen dengan hotel
yang akan dibangun BSP.
Untuk tahun yang berakhir 31 Desember 2016 dan
2015, biaya jasa manajemen yang dicatat oleh
BSP masing-masing sebesar Rp 2.519.691 ribu
dan Rp 2.204.179 ribu, dicatat sebagai bagian dari
beban umum dan administrasi dalam laporan laba
rugi dan penghasilan komprehensif lain
konsolidasian.
k. Berdasarkan Letter of Appointment tanggal 1 Juni
2011, Perusahaan menunjuk CPP untuk menerima
pengalihan hak dan kewajiban Perusahaan dalam
perjanjian jasa manajemen hotel dan jasa
konsultasi hotel dengan AAPC.
- 98 -
F-105
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
f. The Group entered into several construction
agreements with their main contractors which
include: PT Total Bangun Persada Tbk,
PT Pembangunan Perumahan Tbk, KSO Nindya
Karya – PT Pulau Intan, PT Pulau Intan Baja
Perkasa Konstruksi, PT Saeti Concretindo
Wahana, PT Adhi Karya Tbk, PT Totalindo Eka
Persada, PT Airmas Asri, PT Panca Mitra Abadi,
PT Pakubumi Semesta, PT Nusa Raya Cipta Tbk
and PT Holcim Beton.
g. The Company entered into “Right to Use
Trademark Agreement” and “Right to Use Patent
Agreement” with Trihatma Kusuma Haliman, a
related party (Note 40), as owner of the brand
names and icon wherein the Company has the
rights to use the brand names “Mediterania” and
“Central Park” since 2004, “Back To The City” and
“Podomoro City” since 2007 and the icon of
Agung Podomoro Group since 2004, not
exclusively for its business. These agreements
are valid for 5 years from the date of each
agreement and can be extended automatically for
the same period.
h. Based on the agreement between the Company
and PT AAPC Indonesia (“Operator”) dated
September 1, 2010, the Company appointed the
Operator for and on behalf of the Company to act,
operate and manage “Pullman Hotel Jakarta
Central Park” on behalf of the Company, a hotel
owned by the Company.
i. On July 30, 2010, BSP and Harris International
Hotels Corporation (Harris) entered into
Technical Assistance Agreement and Trademade
& Trademark License Agreement related to
technical services and professional consultation
(architecture, engineering consultation and office
design) and plan to request for approval to use
the name and trademark of Harris related to the
hotel owned by BSP. The Technical Assistance
Agreement is valid until the 12th year from the
date of soft opening hotel and can be extended
for a period of 5 years in a row until terminated
in accordance with the terms of the agreement or
is not extended by a notice at least 90 days
before the agreement expire.
j. On July 30, 2010, BSP and PT Tauzia
International Management Consulting entered
into a Hotel Management Consulting Agreement
in connection with the management consultation
services for the hotel which will be built by BSP.
For the year ended December 31, 2016 and 2015,
management fee recorded by BSP amounted to
Rp 2,519,691 thousand and Rp 2,204,179
thousand, respectively, recognized as part of
general and administrative expenses in the
consolidated statements of profit or loss and other
comprehensive income.
k. Based on Letter of Appointment dated
June 1, 2011, the Company has appointed CPP to
accept the transfer of rights and obligations of the
Company in the service management and
consulting hotel with AAPC.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Untuk tahun yang berakhir 31 Desember 2016 dan
2015, biaya jasa manajemen yang dicatat oleh
CPP masing-masing sebesar Rp 11.356.829 ribu
dan Rp 12.590.382 ribu, dicatat sebagai bagian
dari beban umum dan administrasi dalam laporan
laba rugi dan penghasilan komprehensif lain
konsolidasian.
l. Pada tanggal 1 Juni 2011, BSP dan POP
International Hotels Corporation (POP)
menandatangani Tradename & Trademark License
Agreement sehubungan dengan permintaan
persetujuan untuk menggunakan nama dan merek
POP yang terkait dengan hotel milik BSP.
Perjanjian ini berlaku sampai tanggal 31 Desember
2011 terhitung dari tanggal pembukaan hotel dan
dapat diperpanjang untuk jangka waktu 5 tahun
berturut-turut sampai dengan diakhiri sesuai
dengan ketentuan perjanjian.
m. Pada tanggal 23 Nopember 2011, CIP
menandatangani perjanjian pengelolaan hotel
dengan PT Amaris International Management
(AIM), dimana CIP bermaksud mengoperasikan
sebuah hotel di area seluas ± 4.639,75 m2 yang
terletak di Thamrin City, Kecamatan Tanah Abang,
Jakarta Pusat.
Untuk tahun yang berakhir 31 Desember 2016 dan
2015, biaya jasa manajemen yang dicatat oleh CIP
masing-masing sebesar Rp 1.692.104 ribu dan
Rp 1.603.317 ribu, dicatat sebagai bagian dari
beban umum dan administrasi dalam laporan laba
rugi dan penghasilan komprehensif lain
konsolidasian.
n. Pada tanggal 22 Desember 2011, GPL
mengadakan perjanjian dengan PT (Persero)
Pengembangan Pariwisata Bali (Bali Tourism
Development Corporation) untuk pengelolaan dan
pengembangan lahan di kompleks Nusa Dua
Tourism Resort. Menurut perjanjian, GPL
disyaratkan untuk membayar sejumlah
kompensasi tertentu. Beban kompensasi sebesar
Rp 24.882.173 ribu dan Rp 24.111.778 ribu pada
tahun 2016 dan 2015 dicatat sebagai bagian dari
beban langsung dalam laporan laba rugi dan
penghasilan komprehensif lain konsolidasian.
o. Pada tanggal 29 Pebruari 2012, SAI mengadakan
perjanjian kerjasama dengan PT Trisaha Eka
Pradana untuk menyewa sebagian dari sebuah
bangunan Gedung Graha Auto Center dari Induk
Koperasi Angkatan Laut, dimana direncanakan
akan digunakan untuk Hotel Premium Bintang Dua
oleh SAI. Atas penyewaan gedung tersebut, SAI
harus membayar biaya sewa sebesar
Rp 22.500.000 ribu. Perjanjian ini berlaku sampai
dengan tanggal 30 Nopember 2041.
Sampai dengan tanggal 31 Desember 2016 dan
2015, jumlah yang dicatat pada akun biaya
dibayar dimuka pada laporan posisi keuangan
konsolidasian masing-masing sebesar
Rp 18.750.000 ribu dan Rp 19.500.000 ribu.
p. Pada bulan Juli dan September 2012, BPS
memperpanjang perjanjian sewa menyewa untuk
tanah seluas 9.450 m2 sampai dengan Mei 2049
(untuk 3.200 m2) dan Juli 2042 (untuk 6.250 m2)
Atas penyewaan tanah tersebut, BPS harus
membayar biaya sebesar Rp 60.266.457 ribu dan
dicatat pada akun biaya dibayar dimuka pada
laporan posisi keuangan konsolidasian dan
diamortisasi pada periode berikutnya.
- 99 -
F-106
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
For the year ended December 31, 2016 and
2015, management fee recorded by CPP
amounted to Rp 11,356,829 thousand and
Rp 12,590,382 thousand, respectively, as
recognized as part of general and administrative
expenses in the consolidated statements of profit
or loss and other comprehensive income.
l. On June 1, 2011, BSP and POP International
Hotels Corporation (POP) signed Tradename &
Trademark License Agreement with respect to
the request for approval to use the POP’s brand
name and be associated with the BSP. This
agreement is valid until December 31, 2011,
commencing from the date of opening of the
hotel and can be extended for a period of five
years in a row until terminated in accordance with
the terms of agreement.
m. On November 23, 2011, CIP signed a
management hotel agreement with PT Amaris
International Management (AIM), in where CIP
intends to operate a hotel with an area of ±
4,639.75 m2 located in Thamrin City, Kecamatan
Tanah Abang, Central Jakarta.
For the year ended December 31, 2016 and
2015, management fee recorded by CIP
amounted to Rp 1,692,104 thousand and
Rp 1,603,317 thousand, respectively, recognized
as part of general and administrative expenses in
the consolidated statements of profit or loss and
other comprehensive income.
n. On December 22, 2011, GPL entered into an
agreement with PT (Persero) Bali Tourism
Development (Bali Tourism Development
Corporation) for the management and
development of land in Nusa Dua Tourism Resort
complex. According to the agreement, GPL is
required to pay certain compensation.
Compensation expense amounting to
Rp 24,882,173 thousand and Rp 24,111,778
thousand in 2016 and 2015, respectively, was
recorded as part of direct cost in the consolidated
statements of profit or loss and other
comprehensive income.
o. On February 29, 2012, SAI entered into
cooperation agreement with PT Trisaha Eka
Pradana to rent a part of Graha Auto Center
building from the Navy Cooperation, which is
planned to be used for Premium two stars Hotel
by SAI. For rental of the building, SAI must pay
a rental fee of Rp 22,500,000 thousand. This
agreement is valid until November 30, 2041.
As of December 31, 2016 and 2015, the
outstanding prepaid expense in the consolidated
statements of financial position amounted to
Rp 18,750,000 thousand and Rp 19,500,000
thousand, respectively.
p. On July and September 2012, BPS extended its
lease agreement on land with a area of 9,450 m2
until May 2049 (for 3,200 m2) and July 2042
(for 6,250 m2). Based on the lease agreement,
BPS paid Rp 60,266,457 thousand, which is
recorded as prepaid expense in the consolidated
statements of financial position and subsequently
amortized.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
q. Pada tanggal 18 Juni 2013, BPS
menandatangani perjanjian manajemen Hotel
Indigo Bali Seminyak dengan pihak PT SC Hotels &
Resorts Indonesia (InterContinental Hotels Group)
sehubungan dengan jasa manajemen atas hotel
yang sedang dibangun. Jangka waktu perjanjian
adalah 15 tahun sejak tanggal pembukaan hotel.
r. Grup mengadakan perjanjian sewa menyewa
dengan beberapa penyewa besar yang berjangka
waktu antara lima sampai dengan dua puluh tahun
dengan opsi dapat diperpanjang kembali sesuai
dengan kesepakatan para pihak. Dasar ketentuan
kompensasi, denda dan pembatasan-pembatasan
lain yang dipersyaratkan dengan kriteria masing-
masing yang disepakati.
Pendapatan sewa sebesar Rp 883.926.868 ribu
dan Rp 888.951.286 ribu pada tahun 2016 dan
2015 dicatat sebagai bagian dari penjualan dan
pendapatan usaha (Catatan 31).
s. Pada tanggal 10 April 2012, SAI
menanandatangani perjanjian pengelolaan hotel
dengan PT Panorama Hotel Management (PHM),
dimana SAI menunjuk PHM untuk mengelola dan
mengoperasikan penuh Hotel The BnB Kelapa
Gading selama masa perjanjian.
Untuk tahun yang berakhir 31 Desember 2016 dan
2015, biaya jasa manajemen yang dicatat oleh SAI
masing-masing sebesar Rp 374.535 ribu dan
Rp 330.623 ribu, dicatat sebagai bagian dari beban
umum dan administrasi dalam laporan laba rugi
dan penghasilan komprehensif lain konsolidasian.
t. Pada tanggal 31 Desember 2013, PCN dan PCK
menandatangani perjanjian penunjukkan
pengelola sehubungan dengan jasa pengelolaan
Mal The Plaza Balikpapan yang dimiliki PCN.
u. SMI mengadakan perjanjian kerjasama
pemasaran dan penjualan dengan PT Pakubuwono
Properti. Perjanjian berlaku sejak 1 Oktober 2014
sampai dengan 30 September 2019.
v. SMI mengadakan perjanjian dengan PT The
Pakubuwono Development antara lain:
i) SMI mengadakan perjanjian sewa menyewa
gedung kantor yang terletak di lantai 2 Wisma
TPD di Jalan Bumi 15, Kebayoran Baru,
Jakarta Selatan. Perjanjian berlaku hingga
30 September 2018.
ii) Perjanjian kerja sama pengembangan properti
yang berlaku sampai dengan selesainya
semua kegiatan pengembangan.
w. Pada tanggal 1 November 2014, KUS bersama
dengan TKS menandatangani Perjanjian Kerja
Sama Pengoperasian dan Perawatan Sistem Water
Treatment Plant (WTP) dengan Brackish Water
Reverse Osmosis (BWRO) sehubungan dengan
pengolahan air limbah domestik menjadi air bersih
yang memenuhi persyaratan kualitas air minum.
Perjanjian ini berlaku dari 6 Mei 2014 sampai
dengan 31 Oktober 2018. Berdasarkan perjanjian
ini, KUS juga memberikan imbalan jasa untuk
pengoperasian dan perawatan WTP-BWRO senilai
Rp 8.500/m3 atas hasil produksi air yang
disalurkan.
- 100 -
F-107
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
q. On June 18, 2013, BPS signed management
agreement Hotel Indigo Bali Seminyak with PT SC
Hotels & Resorts Indonesia (InterContinental
Hotels Group) in connection with management
services on the hotel being built. The term of the
agreement is 15 years from the date of the
opening hotel.
r. The Group entered into lease agreements with
several large tenants with a maturity from five
until twenty years with an option to be extended
on mutual agreement. The basis for determining
compensations, penalties and other conditions
required are based on each respective
agreement.
Rent income amounting to Rp 883,926,868
thousand and Rp 888,951,286 thousand in 2016
and 2015 are recorded as part of sales and
revenues (Note 31).
s. On April 10, 2012, SAI signed hotel management
agreement with PT Panorama Hotel Management
(PHM). SAI appointed PHM to fully manage and
operate The BnB Hotel Kelapa Gading during the
duration of the agreement.
For the year ended December, 31 2016 and
2015, management fee recorded by SAI
amounted to Rp 374,535 thousand and
Rp 330,623 thousand, respectively, recognized
as part of general and administrative expenses in
the consolidated statements of profit or loss and
other comprehensive income.
t. On December 31, 2013, PCN signed a
management agreement with PCK in
management services of The Plaza Balikpapan
Mall owned by PCN.
u. SMI entered into an agreement of marketing and
sales with PT Pakubuwono Properti. This
agreement is effective from October 1, 2014 until
September 30, 2019.
v. SMI entered into an agreement with PT The
Pakubuwono Development as follow:
i) SMI established a lease agreement for office
building which located in 2nd floor, Wisma TPD
in Jalan Bumi 15, Kebayoran Baru, South
Jakarta. This agreement is effective until
September 30, 2018.
ii) Agreement of property development which
valid until the development finished.
w. On November 1, 2014, KUS and TKS signed a
cooperation agreement about operation and
maintenance system of Water Treatment Plant
(WTP) with Brackish Water Reverse Osmosis
(BWRO) for domestic wastewater into clean
water that meets drinking water quality
requirements. This agreement is effective from
May 6, 2014 until October 31, 2018. Under this
agreement, KUS also provides payment for the
operation and maintenance WTP-BWRO Rp
8,500/m3 of the production of water supplied.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

x. Di tanggal yang sama, KUS juga menandatangani
Perjanjian Kerja Sama Pengoperasian dan
Perawatan Water Treatment Plant (WTP) dengan
Sea Water Reverse Osmosis (SWRO) bersama TKS
sehubungan dengan pengolahan air limbah
domestik menjadi air bersih yang memenuhi
persyaratan kualitas air minum. Perjanjian ini
berlaku dari 1 November 2013 sampai dengan
31 Oktober 2018. Berdasarkan perjanjian ini KUS
juga memberikan imbalan jasa untuk
pengoperasian dan perawatan WTP-SWRO senilai
Rp 11.500 / m3 atas hasil produksi air yang
disalurkan.
x. On the same date, KUS also signed a cooperation
agreement of Operation and Maintenance of
Water Treatment Plant (WTP) with Sea Water
Reverse Osmosis (SWRO) and TKS to process
domestic wastewater into clean water that meets
drinking water quality requirements. This
agreement is effective from November 1, 2013 to
October 31, 2018. Under this agreement KUS
also provides payment for operation and
maintenance WTP-SWRO Rp 11,500 / m3 of the
production of water supplied.

y. Pada bulan Oktober 2013, GPL mengadakan
perjanjian kerja sama dengan Nikki Beach. Ruang
lingkup kerjasama yaitu menunjuk Nikki Beach
untuk mengelola dan mengoperasikan Nikki Beach
selama 10 tahun sejak Nikki Beach beroperasi.
y. In October 2013, GPL signed a cooperation
agreement with Nikki Beach. The scope of this
agreement is to appoint Nikki Beach to manage
and operate Nikki Beach for 10 years from the
start of its operations.

z. Pada tanggal 20 Agustus 2014, GPL z. On August 20, 2014, GPL signed a cooperation
menandatangani perjanjian kerjasama dengan agreement with Obra Maestra Wellness and
Obra Maestra Wellness and Lifestyle Centre, Inc Lifestyle Centre, Inc (Vietura). The scope of
(Vietura). Ruang lingkup kerjasama yaitu agreement is to appoint Vietura to manage and
menunjuk Vietura untuk mengelola dan operate spa for 5 years from the start of its
mengoperasikan spa selama 5 tahun sejak spa operations.
beroperasi.

aa. Grup mengadakan perjanjian kerjasama dengan
PT AAPC Indonesia untuk merencanakan,
merancang, membangun, menyediakan,
melengkapi dan untuk mengelola hotel dengan
layanan kelas pertama yang sesuai dengan
standar hotel. Jangka waktu perjanjian adalah
15 tahun sejak tanggal opening dan dapat
dibatalkan kemudian sesuai kesepakatan dua
pihak.
aa. The Group signed a corporation agreement with
PT AAPC Indonesia to plan, design, construct,
provide, equip and manage hotel with first class
service, in accordance with the hotel standards.
The term of the agreement is 15 years since the
opening date and can be cancelled based on
agreement from both parties.

Tanggal/ Entitas anak/ Wilayah/ Standar hotel/

Date Subsidiaries Location Hotel standard

14 September/September 14, 2015 PT Karya Pratama Propertindo Ubud, Bali Sofitel

14 September/September 14, 2015 PT Sinar Menara Deli Medan, Sumatera Utara Pullman
14 September/September 14, 2015 PT Pandega Citraniaga Balikpapan, Kalimantan Timur Pullman
22 November/November 22, 2012 PT Griya Pancaloka Nusa Dua, Bali Sofitel
22 November/November 22, 2012 PT Putra Adhi Prima Bogor, Jawa Barat Pullman
22 November/November 22, 2012 PT Tritunggal Lestari Makmur Bandung, Jawa Barat Pullman

bb.Pada tanggal 17 Nopember 2015, GAS bb. On November 17, 2015, GAS entered into
mengadakan Perjanjian Konsultasi Manajemen Management Consultation Service Agreement of
Senayan City dengan PT Manggala Gelora Perkasa, Senayan City with PT Manggala Gelora Perkasa,
berlaku mulai 1 Januari 2016 sampai dengan valid from January 1, 2016 to March 31, 2041.
31 Maret 2041.

cc. Berdasarkan perjanjian tanggal 19 September
2016 antara TMI dan PT Central Mall Kelola
(CMKE), pihak berelasi, Perusahaan menunjuk
CMKE sebagai pengelola Mal Neo Soho, dimana
TMI memberikan wewenang kepada CMKE untuk
mengambil alih jasa pengelolaan Mal Neo Soho.
Perjanjian ini memiliki jangka waktu tidak tertentu
sampai perjanjian ini diakhiri sendiri oleh TMI.
cc. Based on agreement dated September 19, 2016
between TMI and PT Central Mall Kelola (CMKE),
a related party, the Company appointed CMKE for
the management of Neo Soho Mall, wherein TMI
gives CMKE the authority to take over the
management services of Neo Soho Mall. This
agreement has no specific time period until this
agreement is terminated by TMI.

dd.Pada tanggal 11 Pebruari 2016, AMI dd. On February 11, 2016, AMI signed an agreement
menandatangani perjanjian yang dituangkan that stated in notarial deed Hannywati Gunawan,
dalam akta notaris Hannywati Gunawan, S.H., SH, No. 032/N/L/II/2016 of the lease agreement,
No 032/N/L/II/2016, tentang Perjanjian Sewa stating that AMI agreed to lease the land area of
Menyewa, yang menerangkan bahwa AMI sepakat 65,983 m2, located in the Village Wanajaya,
untuk menyewakan lahan seluas District Telukjambe, Karawang, West Java to be
65.983 m2 yang terletak di Desa Wanajaya, used as an access road by PT Pindo Deli Pulp and
Kecamatan Telukjambe, Kabupaten Karawang, Paper Mills.
Jawa Barat untuk digunakan sebagai akses jalan
oleh PT Pindo Deli Pulp and Paper Mills.

- 101 -

F-108
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

ee. Pada tanggal 22 Desember 2016, AMI ee. On December 22, 2016, AMI signed sale and
menandatangani perjanjian jual beli dengan purchase agreement with PT CFCity Karawang
PT CFCity Karawang Real Estate Development atas Real Estate Development for land with land area
tanah seluas 2.162.885 m2 yang terletak di Desa approximately 2,162,885 m2 located at
Wanajaya, Kecamatan Telukjambe, Kabupaten Wanajaya Village, Telukjambe District,
Karawang, Jawa Barat dan atas seluruh saham Karawang, West Java and for all shares owned by
yang dimiliki AMI atas PT Trans Heksa Karawang AMI in PT Trans Heksa Karawang (THK)
(THK) sebesar Rp 12.176.080 ribu atau 11,2%. amounted to Rp 12,176,080 thousand or 11.2%.
Sampai dengan tanggal laporan keuangan Until the date of consolidated financial statement,
konsolidasian, transaksi ini belum dijalankan. this transaction has not been executed.

43. KATEGORI DAN KELAS INSTRUMEN KEUANGAN 43. CATEGORIES AND CLASSES OF FINANCIAL
INSTRUMENTS

Liabilitas pada
Aset keuangan Pinjaman yang biaya perolehan
tersedia diberikan dan diamortisasi/
untuk dijual/ piutang/ Liabilities at
Available Loans and amortized
for sale receivables cost
Rp'000 Rp'000 Rp'000

31 Desember 2016 December 31, 2016

ASET LANCAR CURRENT ASSETS

Kas dan setara kas - 1.167.800.925 - Cash and cash equivalents
Piutang usaha kepada pihak Trade accounts receivable from
ketiga - 988.678.996 - third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi - 17.659.062 - Related parties
Pihak ketiga - 204.423.637 - Third parties

ASET TIDAK LANCAR NON-CURRENT ASSETS

Aset keuangan lainnya 33.569.412 136.800.625 - Other financial assets

JUMLAH ASET KEUANGAN 33.569.412 2.515.363.245 - TOTAL FINANCIAL ASSETS

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank - - 44.420.294 Bank loans
Utang usaha kepada pihak ketiga - - 1.174.672.223 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi - - 166.202.979 Related parties
Pihak ketiga - - 714.000.284 Third parties
Biaya yang masih harus dibayar - - 233.980.781 Accrued expense
Utang jangka panjang - yang jatuh
tempo dalam satu tahun: Current maturity of long-term liabilities:
Utang bank - - 463.016.539 Bank loans
Utang obligasi - - 1.200.000.000 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap - - 217.668 and equipment

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah
dikurangi bagian yang jatuh
tempo dalam satu tahun: Long term liabilities - net of current maturity:
Utang bank - - 2.318.292.513 Bank loans
Utang obligasi - - 2.487.505.641 Bonds payable
Uang jaminan penyewa - - 153.434.575 Tenants' security deposits

JUMLAH LIABILITAS KEUANGAN - - 8.955.743.497 TOTAL FINANCIAL LIABILITIES

- 102 -

F-109
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Liabilitas pada
Aset keuangan Pinjaman yang biaya perolehan
tersedia diberikan dan diamortisasi/
untuk dijual/ piutang/ Liabilities at
Available Loans and amortized
for sale receivables cost
Rp'000 Rp'000 Rp'000

31 Desember 2015 December 31, 2015

ASET LANCAR CURRENT ASSETS

Kas dan setara kas - 2.891.043.792 - Cash and cash equivalents
Piutang usaha kepada pihak Trade accounts receivable from
ketiga - 940.878.189 - third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi - 18.773.279 - Related parties
Pihak ketiga - 163.305.982 - Third parties

ASET TIDAK LANCAR NON-CURRENT ASSETS

Aset keuangan lainnya 11.991.200 134.010.405 - Other financial assets

JUMLAH ASET KEUANGAN 11.991.200 4.148.011.647 - TOTAL FINANCIAL ASSETS

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank - - 8.058.139 Bank loans
Utang usaha kepada pihak ketiga - - 909.343.705 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi - - 19.613.799 Related parties
Pihak ketiga - - 573.736.360 Third parties
Biaya yang masih harus dibayar - - 229.756.445 Accrued expense
Utang jangka panjang - yang jatuh
tempo dalam satu tahun: Current maturity of long-term liabilities:
Utang bank - - 357.319.287 Bank loans
Utang obligasi - - 875.000.000 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap - - 711.030 and equipment

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah
dikurangi bagian yang jatuh
tempo dalam satu tahun: Long term liabilities - net of current maturity:
Utang bank - - 1.395.563.255 Bank loans
Utang obligasi - - 3.679.020.470 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap - - 184.795 and equipment
Uang jaminan penyewa - - 122.577.341 Tenants' security deposits

JUMLAH LIABILITAS KEUANGAN - - 8.170.884.626 TOTAL FINANCIAL LIABILITIES

Pada tanggal 31 Desember 2016 dan 2015, Grup
tidak mempunyai instrumen aset keuangan yang
dikategorikan sebagai dimiliki hingga jatuh tempo dan
nilai wajar melalui laba rugi (FVTPL) dan juga tidak
memiliki liabilitas keuangan yang diklasifikasikan
sebagai FVTPL.
As of December 31, 2016 and 2015, the Group does
not have financial asset instruments classified as held
to maturity and fair value through profit or loss
(FVTPL) nor does it have financial liabilities classified
as FVTPL.

44. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO 44. FINANCIAL INSTRUMENTS, FINANCIAL RISK
KEUANGAN DAN RISIKO MODAL AND CAPITAL RISK MANAGEMENT

a. Manajemen Risiko Modal a. Capital Risk Management

Grup mengelola risiko modal untuk memastikan
bahwa mereka akan mampu untuk melanjutkan
keberlangsungan hidup, selain memaksimalkan
keuntungan para pemegang saham melalui
optimalisasi saldo utang dan ekuitas. Struktur
modal Grup terdiri dari kas dan setara kas
(Catatan 5) dan ekuitas pemegang saham induk
dan kepentingan non-pengendali (Catatan 30).
The Group manages capital risk to ensure that
they will be able to continue as going concern, in
addition to maximizing the profits of the
shareholders through the optimization of the
balance of debt and equity. The Group's capital
structure consist of cash and cash equivalents
(Note 5) and equity of the owners of the Company
and non-controlling interests (Note 30).

- 103 -

F-110
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Dewan Direksi Grup secara berkala melakukan
review struktur permodalan Grup. Sebagai bagian
dari review ini, Dewan Direksi
mempertimbangkan biaya permodalan dan risiko
yang berhubungan.
Gearing ratio pada tanggal 31 Desember 2016
dan 2015 adalah sebagai berikut:
31 Desember/December 31,
2016
Rp'000
Pinjaman 6.513.234.987
Kas dan setara kas 1.172.966.926
Pinjaman - bersih 5.340.268.061
Ekuitas 9.970.762.709
Rasio pinjaman - bersih
terhadap modal 54%
b. Tujuan dan kebijakan manajemen risiko
keuangan
Tujuan dan kebijakan manajemen risiko keuangan
Grup adalah untuk memastikan bahwa sumber
daya keuangan yang memadai tersedia untuk
operasi dan pengembangan bisnis, serta untuk
mengelola risiko mata uang asing, risiko tingkat
bunga, risiko kredit dan risiko likuiditas. Grup
beroperasi dengan pedoman yang telah
ditentukan oleh Dewan Direksi.
i. Manajemen risiko mata uang asing
Risiko nilai tukar mata uang asing timbul
ketika transaksi dalam mata uang selain mata
uang fungsional dari Grup yang terutama
disebabkan karena volatilitas atau fluktuasi
nilai tukar mata uang asing tersebut.
Volatilitas ini menghasilkan pendapatan dan
menimbulkan beban yang mempengaruhi
pendapatan dan beban Grup.
Kebijakan Grup adalah melakukan pengelolaan
dengan cara penyeimbangan arus kas dari
aktivitas operasi dan pendanaan dalam mata
uang yang sama.
Sebagian besar transaksi Grup dilakukan
dalam mata uang Rupiah, demikian juga
dengan pembukuannya.
Grup mengelola eksposur terhadap mata uang
asing dengan mencocokkan, sebisa mungkin,
penerimaan dan pembayaran dalam masing-
masing individu mata uang. Jumlah eksposur
mata uang asing bersih Grup pada tanggal
pelaporan diungkapkan dalam Catatan 45.
- 104 -
F-111
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The Board of Directors of the Group periodically
reviews the Group's capital structure. As part of
this review, the Board of Directors considers the
cost of capital and related risk.
The gearing ratio as of December 31, 2016 and
2015 are as follows:
2015
Rp'000
6.314.961.151 Debt
2.894.283.235 Cash and cash equivalents
3.420.677.916 Net debt
9.072.668.928 Equity
38% Net debt to equity ratio
b. Financial risk management objectives and
policies
The Group’s overall financial risk management
and policies seek to ensure that adequate financial
resources are available for operation and
development of their business, while managing
their exposure to foreign exchange risk, interest
rate risk, credit and liquidity risks. The Group
operates within defined guidelines that are
approved by the Board.
i. Foreign currency risk management
Foreign currency risk arises when foreign
currency transactions (other than the
functional currency of the Group) are exposed
to the effect of volatility or fluctuations in
foreign currency. This volatility raises
generating income and expense that can
impact revenue and expense affecting the
Group.
The Group’s policy is performing management
by means of balancing cash flow from
operating activities and financing activities in
the same currency.
Most of the Group’s transaction in Rupiah, as
well as for bookkeeping purposes.
The Group manages the foreign currency
exposure by matching, as far as possible,
receipts and payments in each individual
currency. The Group’s net open foreign
currency exposure as of reporting date is
disclosed in Note 45.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
ii. Manajemen risiko kredit
Risiko kredit mengacu pada risiko rekanan
gagal dalam memenuhi kewajiban
kontraktualnya yang mengakibatkan kerugian
bagi Grup.
Risiko kredit Grup terutama melekat pada
rekening bank, deposito berjangka, piutang
usaha dan lain-lain. Grup menempatkan saldo
bank dan deposito berjangka pada institusi
keuangan yang layak serta terpercaya. Grup
meminimalisasi risiko kredit atas piutang
usaha yang timbul dari pembeli properti
dengan mengenakan denda atas
keterlambatan pembayaran, pembatalan
penjualan dengan denda pembatalan dan
apabila penjualan belum dilunasi tidak
dilakukan serah terima unit yang dijual
sehingga dapat dilakukan penjualan kembali
properti dengan dikenakan klaim atas
kerugian yang timbul dari penjualan kembali
tersebut. Untuk risiko kredit yang timbul dari
penyewa properti investasi dilakukan dengan
cara meminta penyewa untuk memberikan
deposit dalam bentuk tunai atau bank garansi
untuk sewa selama 3 bulan, serta membayar
uang muka sewa sebelum masa sewa berlaku.
Grup memiliki kebijakan untuk memperoleh
pertumbuhan pendapatan yang berkelanjutan
dengan meminimalkan kerugian yang terjadi
karena eksposur risiko kredit. Karena itu, Grup
memiliki kebijakan untuk memastikan
transaksi dilakukan dengan pelanggan yang
memiliki sejarah dan reputasi kredit yang baik.
Manajemen melakukan pengawasan secara
terus menerus untuk mengurangi eksposur
risiko kredit. Piutang usaha atas penjualan
apartemen Grup pada tanggal pelaporan
sebagian besar merupakan selisih pengakuan
pendapatan berdasarkan persentase
penyelesaian proyek setelah dikurangi dengan
bagian yang telah dibayar oleh pembeli
sehingga pembayarannya belum jatuh tempo.
Nilai tercatat aset keuangan pada laporan
keuangan konsolidasian setelah dikurangi
dengan penyisihan untuk kerugian
mencerminkan eksposur Grup terhadap risiko
kredit.
iii. Manajemen risiko likuiditas
Tanggung jawab utama manajemen risiko
likuiditas terletak pada Dewan Direksi, yang
telah membangun kerangka manajemen risiko
likuiditas yang sesuai untuk persyaratan
manajemen likuiditas dan pendanaan jangka
pendek, menengah dan jangka panjang Grup.
Grup mengelola risiko likuiditas dengan
menjaga kecukupan simpanan, fasilitas bank
dan fasilitas simpan pinjam dengan terus
menerus memonitor perkiraan dan arus kas
aktual dan mencocokkan profil jatuh tempo
liabilitas keuangan.
- 105 -
F-112
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
ii. Credit risk management
Credit risk refers to the risk that a
counterparty will default on its contractual
obligation resulting in a loss to the Group.
The credit risk of the Group is primarily
attributed to its cash in banks, time deposits,
trade and other receivables. The Group places
their bank balances and time deposits to the
credit worthy financial institutions. The Group
minimizes their credit risk on trade
receivables from property buyers by imposing
penalties on late payments and fines on
cancellation of sale and no handovers of units
if receivable is not yet fully paid in order for
the Group to resale such units. Credit risk
exposure on trade receivables from tenants is
minimized by requiring the tenants to pay
rent in advance prior to the effectivity of the
lease term and lease deposit, for three
months in the form of cash or bank
guarantee.
The Group has established policies to obtain
sustainable revenue growth by minimizing
losses due to credit risk exposure.
Accordingly, the Group have established a
policy to ensure that transactions are made
with customers who has good credit
reputation. Management conducts ongoing
supervision to reduce credit risk exposure at
reporting date. Accounts receivable from sale
of apartments of the Group mainly represent
the difference between the revenue
recognized based on the projects percentage
of completion and the amounts billed to
buyer, hence, not yet due.
The carrying amount of financial assets
recorded in the consolidated financial
statements, net of any allowance for losses
represents the Group’s exposure to credit
risk.
iii. Liquidity risk management
Ultimate responsibility for liquidity risk
management rests with the Board of
Directors, which has built an appropriate
liquidity risk management framework for the
management of the Group’s short, medium
and long-term funding and liquidity
management requirements. The Group
manages liquidity risk by maintaining
adequate reserves, banking facilities and
reserve borrowing facilities by continuously
monitoring forecast and actual cash flows and
matching the maturity profiles of financial
liabilities.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Tabel risiko likuiditas dan suku bunga Liquidity and interest risk tables

Tabel berikut merinci sisa jatuh tempo kontrak The following tables detail the Group’s
untuk liabilitas keuangan non-derivatif dengan remaining contractual maturity for its non-
periode pembayaran yang disepakati Grup. derivative financial liabilities with agreed
Tabel telah disusun berdasarkan arus kas yang repayment periods. The tables have been
didiskontokan dari liabilitas keuangan drawn up based on the undiscounted cash
berdasarkan tanggal terawal di mana Grup flows of financial liabilities based on the
dapat diminta untuk membayar. Tabel earliest date on which the Group can be
mencakup arus kas bunga dan pokok. required to pay. The tables include both
Sepanjang arus bunga tingkat mengambang interest and principal cash flows. For that
jumlah tidak didiskontokan berasal dari kurva interest with floating rate, the undiscounted
suku bunga pada akhir periode pelaporan. amount is derived from interest rate curves at
Jatuh tempo kontrak didasarkan pada tanggal the end of the reporting period. The
terawal di mana Grup mungkin akan diminta contractual maturity is based on the earliest
untuk membayar. date on which the Group may be required to
pay.

3 1 Des ember/December 31, 2 0 1 6

T ingkat bunga
efektif
rata-rata
tertimbang/
Weighted Kurang dari 3 bulan -
average s atu bulan/ 1 tahun/ Diatas
effective Les s than 1 -3 bulan/ 3 months to 1 -5 tahun 5 tahun/ Jumlah/
interes t rate 1 month 1-3 months 1 year 1-5 years 5+ years Total
% Rp'0 0 0 Rp'0 0 0 Rp'0 0 0 Rp'0 0 0 Rp'0 0 0 Rp'0 0 0

T anpa bunga N on-interes t bearing

U tang us aha kepada pihak ketiga - 4 5 9 .7 7 3 .8 1 2 4 5 9 .1 4 2 .4 4 5 2 5 0 .8 4 2 .4 0 9 4 .9 1 3 .5 5 7 - 1 .1 7 4 .6 7 2 .2 2 3 T rade ac c ounts payable to third parties
U tang lain-lain O ther ac c ounts payable
P ihak berelas i - - - 1 4 .4 7 9 .8 1 0 - - 1 4 .4 7 9 .8 1 0 Related parties
P ihak ketiga - 6 5 .0 5 7 .3 0 3 2 7 .5 5 0 .0 6 7 6 2 1 .3 9 2 .9 1 4 - - 7 1 4 .0 0 0 .2 8 4 T hird parties
Biaya yang mas ih harus dibayar - 4 5 .3 7 2 .1 5 2 6 2 .2 3 9 .8 5 0 6 6 .0 8 9 .2 5 5 6 0 .2 7 9 .5 2 4 - 2 3 3 .9 8 0 .7 8 1 A c c rued expens es
U ang jaminan penyewa - 1 .3 2 2 .9 0 3 2 .7 4 4 .4 1 8 7 .0 2 1 .7 0 1 1 4 1 .3 4 5 .5 5 3 1 .0 0 0 .0 0 0 1 5 3 .4 3 4 .5 7 5 T enants ' s ec urity depos its

Dengan bunga I nteres t bearing

I ns trumen tingkat bunga variabel V ariable interes t rate ins truments
U tang bank 1 0 ,5 % -1 1 ,7 5 % - - 4 .9 5 0 .7 2 9 - - 4 .9 5 0 .7 2 9 Bank loans
U tang bank jangka panjang 1 2 % -1 3 ,5 % 3 2 .8 7 1 .4 7 6 7 1 .6 0 7 .3 4 4 3 7 4 .8 7 6 .1 8 2 1 .4 3 0 .5 8 0 .6 4 5 4 5 1 .6 5 7 .9 8 6 2 .3 6 1 .5 9 3 .6 3 3 Long-term bank loans

I ns trumen tingkat bunga tetap Fixed interes t rate ins truments

U tang lain-lain pihak berelas i
U tang bank
U tang bank jangka panjang
U tang pembelian as et tetap
U tang obligas i
1 1 ,0 0 % - - 1 6 8 .4 1 2 .7 1 8 - - 1 6 8 .4 1 2 .7 1 8 O ther ac c ounts payable related part
1 1 ,0 0 % - - - 4 4 .4 0 0 .0 0 0 - 4 4 .4 0 0 .0 0 0 Bank loans
1 1 ,2 5 % -1 2 % 1 1 .1 9 8 .7 7 9 2 2 .9 6 0 .3 1 1 1 1 2 .6 7 8 .8 0 3 7 3 1 .8 6 1 .6 3 5 - 8 7 8 .6 9 9 .5 2 8 Long-term bank loans
Liabilities for purc has e of property
6 ,1 4 % 7 1 .3 6 8 8 2 .5 5 9 6 3 .7 4 1 - - 2 1 7 .6 6 8 and equipment
1 0 ,9 3 % - 9 5 .7 2 1 .8 7 5 1 .4 5 9 .0 4 0 .6 2 5 2 .8 3 1 .1 2 1 .8 7 5 - 4 .3 8 5 .8 8 4 .3 7 5 Bonds payable

Jumlah 6 1 5 .6 6 7 .7 9 3 7 4 2 .0 4 8 .8 6 9 3 .0 7 9 .8 4 8 .8 8 7 5 .2 4 4 .5 0 2 .7 8 9 4 5 2 .6 5 7 .9 8 6 1 0 .1 3 4 .7 2 6 .3 2 4 T otal

3 1 Des ember/December 31, 2 0 1 5

T ingkat bunga
efektif
rata-rata
tertimbang/
Weighted Kurang dari 3 bulan -
average s atu bulan/ 1 tahun/ Diatas
effective Les s than 1 -3 bulan/ 3 months to 1 -5 tahun 5 tahun/ Jumlah/
interes t rate 1 month 1-3 months 1 year 1-5 years 5+ years Total
% Rp'0 0 0 Rp'0 0 0 Rp'0 0 0 Rp'0 0 0 Rp'0 0 0 Rp'0 0 0

T anpa bunga N on-interes t bearing

U tang us aha kepada pihak ketiga - 2 8 9 .8 4 9 .2 9 9 3 3 9 .3 4 2 .6 9 3 2 3 9 .4 2 0 .0 4 3 4 0 .7 3 1 .6 7 0 - 9 0 9 .3 4 3 .7 0 5 T rade ac c ounts payable to third parties
U tang lain-lain O ther ac c ounts payable
P ihak berelas i - 8 .6 6 0 .5 5 6 1 0 .9 5 3 .2 4 3 - - - 1 9 .6 1 3 .7 9 9 Related parties
P ihak ketiga - 4 0 .5 7 1 .8 2 8 2 9 .7 4 0 .5 4 9 4 7 8 .8 9 0 .5 4 9 2 4 .5 3 3 .4 3 4 - 5 7 3 .7 3 6 .3 6 0 T hird parties
Biaya yang mas ih harus dibayar - 5 4 .6 5 5 .8 0 4 9 7 .1 2 9 .9 1 3 7 7 .9 7 0 .7 2 8 - - 2 2 9 .7 5 6 .4 4 5 A c c rued expens es
U ang jaminan penyewa - - - - 1 2 2 .5 7 7 .3 4 1 - 1 2 2 .5 7 7 .3 4 1 T enants ' s ec urity depos its

Dengan bunga I nteres t bearing

I ns trumen tingkat bunga variabel V ariable interes t rate ins truments
U tang bank jangka pendek 1 2 % -1 3 ,5 % - - 9 .0 2 5 .1 1 5 - - 9 .0 2 5 .1 1 5 Short-term bank loans
U tang bank jangka panjang 1 2 % -1 3 ,5 % 1 4 .5 4 9 .9 6 1 4 0 .9 0 6 .3 6 4 1 3 6 .2 9 3 .2 0 7 7 1 6 .5 4 7 .2 8 0 - 9 0 8 .2 9 6 .8 1 2 Long-term bank loans

I ns trumen tingkat bunga tetap Fixed interes t rate ins truments

U tang pembelian as et tetap
U tang bank jangka panjang
U tang pembelian as et tetap
U tang obligas i
Long-term bank loan
1 1 ,2 5 % -1 2 % 2 7 .7 1 0 .9 1 4 5 5 .2 6 4 .1 1 2 2 2 1 .8 1 4 .2 7 6 9 8 3 .4 8 9 .6 6 3 - 1 .2 8 8 .2 7 8 .9 6 5 Long-term bank loans
Liabilities for purc has e of property
6 ,1 4 % 9 5 .9 5 5 1 3 3 .7 3 3 4 8 1 .3 4 2 1 8 4 .7 9 5 - 8 9 5 .8 2 5 and equipment
1 0 ,9 4 % - 1 1 9 .7 8 4 .3 7 5 1 .2 1 0 .2 9 0 .6 2 5 4 .3 8 5 .8 8 4 .3 7 5 - 5 .7 1 5 .9 5 9 .3 7 5 Bonds payable

Jumlah 4 3 6 .0 9 4 .3 1 7 6 9 3 .2 5 4 .9 8 2 2 .3 7 4 .1 8 5 .8 8 5 6 .2 7 3 .9 4 8 .5 5 8 - 9 .7 7 7 .4 8 3 .7 4 2 T otal

- 106 -

F-113
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Jumlah yang dicantum di atas untuk instrumen
suku bunga variabel untuk liabilitas keuangan
harus berubah jika perubahan suku bunga
variabel berbeda dengan estimasi suku bunga
yang ditentukan pada akhir periode pelaporan.
Fasilitas Pembiayaan
Grup memiliki akses ke fasilitas pembiayaan
sebagaimana dijelaskan dalam rincian di
bawah ini, yang tidak digunakan pada akhir
periode pelaporan.
31 Desember/December 31,
2016
Rp'000
Fasilitas utang dengan jaminan dan
tanggal jatuh tempo yang berbeda
mulai tahun 2016 dan 2015 yang
diperpanjang dengan perjanjian bersama:
Jumlah yang digunakan 2.618.495.436
Jumlah yang belum digunakan 951.128.564
Jumlah 3.569.624.000
Grup memelihara kecukupan dana untuk
membiayai kebutuhan modal kerja yang
berkelangsungan.
iv. Manajemen risiko tingkat bunga
Grup terpapar risiko suku bunga karena
entitas dalam Grup meminjam dana dengan
tingkat bunga tetap dan mengambang. Risiko
ini dikelola oleh Grup dengan
mempertahankan gabungan yang tepat antara
pinjaman suku bunga tetap dan mengambang.
Eksposur Grup terhadap suku bunga dalam
aset keuangan dan liabilitas keuangan dirinci
dalam bagian manajemen risiko likuiditas
pada catatan ini.
Analisis sensitivitas suku bunga
Analisis sensitivitas di bawah ini telah
ditentukan berdasarkan eksposur suku bunga
untuk kedua instrumen derivatif dan non-
derivatif pada akhir periode pelaporan. Untuk
liabilitas tingkat bunga mengambang, analisis
tersebut disusun dengan asumsi jumlah
liabilitas terutang pada akhir periode
pelaporan itu terutang sepanjang tahun.
Kenaikan atau penurunan 30 dan 20 basis poin
digunakan ketika melaporkan risiko suku
bunga secara internal kepada karyawan kunci
dan merupakan penilaian manajemen
terhadap perubahan yang mungkin terjadi
pada suku bunga.
- 107 -
F-114
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Financial liabilities with variable interest rate
instruments as stated above is subject to
changes if changes in variable interest rates
differ to those estimates of interest rates
determined at the end of the reporting period.
Financing Facilities
The Group has access to financing facilities as
described in the note below, were unused at
the end of the reporting period.
2015
Rp'000
Secured bank loan facilities with various
maturity dates through to 2016 and 2015
which may be extended by mutual
agreement:
2.775.372.120 Amount used
467.524.365 Amount unused
3.242.896.485 Total
The Group maintain sufficient funds to finance
its ongoing working capital requirements.
iv. Interest rate risk management
The Group is exposed to interest rate risk
because entities in the Group borrow funds at
both fixed and floating interest rates. The risk
is managed by the Group by maintaining an
appropriate mix of fixed and floating rate
borrowings.
The Group’s exposures to interest rates on
financial assets and financial liabilities are
detailed in the liquidity risk management
section of this note.
Interest rate sensitivity analysis
The sensitivity analysis below have been
determined based on the exposure to interest
rates for both derivatives and non-derivative
instruments at the end of the reporting
period. For floating rate liabilities, the
analysis is prepared assuming the amount of
the liability outstanding at the end of the
reporting period was outstanding for the
whole year. A 30 and 20 basis point increase
or decrease is used when reporting interest
rate risk internally to key management
personnel and represents management's
assessment of the reasonably possible
change in interest rates.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Jika suku bunga lebih tinggi/rendah 30 dan 20
basis poin dan semua variabel lainnya tetap
konstan, maka laba untuk tahun 2016 dan
tahun 2015 akan turun/naik sebesar
Rp 5.113.021 ribu dan Rp 1.577.888 ribu. Hal
ini terutama disebabkan oleh eksposur Grup
terhadap suku bunga atas pinjamannya
dengan suku bunga variabel.
Eksposur risiko tingkat bunga berhubungan
dengan jumlah aset atau liabilitas dimana
pergerakan pada tingkat suku bunga dapat
mempengaruhi laba setelah pajak. Risiko
pada pendapatan bunga bersifat terbatas
karena Grup hanya bermaksud untuk
menjaga saldo kas yang cukup untuk
memenuhi kebutuhan operasional. Dalam
beban bunga, keseimbangan optimal antara
utang dengan tingkat bunga tetap dan
mengambang ditetapkan di muka. Grup
memiliki kebijakan dalam memperoleh
pembiayaan yang akan memberikan
kombinasi yang sesuai tingkat suku bunga
mengambang dan tingkat bunga tetap.
Persetujuan dari Dewan Direksi dan Komisaris
harus diperoleh sebelum Grup menggunakan
instrumen keuangan tersebut untuk
mengelola eksposur risiko suku bunga.
c. Nilai wajar instrumen keuangan
Kecuali sebagaimana tercantum dalam tabel
berikut, direksi menganggap bahwa nilai tercatat
aset keuangan dan liabilitas keuangan dicatat
sebesar biaya perolehan diamortisasi dan diakui
dalam laporan keuangan konsolidasian mendekati
nilai wajarnya.
31 Desember/December 31, 2016
Jumlah tercatat/ Nilai wajar/
Carrying amount Fair value
Rp'000 Rp'000
Liabilitas Keuangan
Utang bank jangka panjang 1.076.968.868 1.110.866.362
Utang obligasi 3.687.505.641 3.643.948.120
Nilai wajar liabilitas keuangan ditentukan sebagai
berikut:
 Nilai wajar utang obligasi dengan syarat dan
kondisi standar dan diperdagangkan di pasar
aktif, ditentukan dengan mengacu pada harga
pasar.
 Nilai wajar utang bank ditentukan
menggunakan diskonto arus kas masa depan
pada suku bunga yang berlaku dari transaksi
pasar yang dapat diamati saat ini untuk
instrumen yang sejenis.
Secara khusus, asumsi signifikan yang
digunakan dalam menentukan nilai wajar dari
aset dan liabilitas keuangan ditetapkan
dibawah ini:
- 108 -
F-115
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
If interest rates are 30 and 20 basis points
higher/lower and all other variables were held
constant, then profit in 2016 and 2015 would
decrease/ increase by Rp 5,113,021 thousand
and Rp 1,577,888 thousand. This is mainly
attributable to the Group’s exposure to
interest rates on its variable rate borrowings.
The interest rate risk exposure relates to the
amount of assets or liabilities which is subject
to a risk that a movement in interest rates will
adversely affect the income after tax. The risk
on interest income is limited as the Group only
intend to keep sufficient cash balances to
meet operational needs. On interest
expenses, the optimum balance between
fixed and floating interest debt is considered
upfront. The Group have a policy of obtaining
financing that would provide an appropriate
mix of floating and fix interest rate. Approvals
from the Board of Directors and
Commissioners must be obtained before
committing the Group to any of the
instruments to manage the interest rate risk
exposure.
c. Fair value of financial instruments
Except as detailed in the following table, the
directors consider that the carrying amounts of
financial assets and financial liabilities recorded at
amortized cost and recognized in the consolidated
financial statements approximate their fair value.
31 Desember/December 31, 2015
Jumlah tercatat/ Nilai wajar/
Carrying amount Fair value
Rp'000 Rp'000
Financial Liabilities
963.938.425 961.499.253 Long-term bank loans
4.554.020.470 4.484.302.500 Bonds payable
The fair value of financial assets and liabilities are
determined as follows:
 The fair value of bonds payable with standard
terms and condition and traded on active
liquid markets are determined with reference
to quoted market price.
 The fair value of bank loans is determined by
discounting future cash flows using applicable
rates from observable current market
transactions for similar instruments.
Specifically, significant assumptions used in
determining the fair value of the following
financial assets and liabilities are set out
below:
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Utang Bank Jangka Panjang
Nilai wajar dari utang bank pada
31 Desember 2016 diperkirakan sebesar
Rp 1.110.866.362 ribu dengan tingkat bunga
diskonto pada tahun 2016 sebesar 9,72% -
12,25%.
Utang Obligasi
Nilai wajar dari obligasi II Agung Podomoro
Land Tahun 2012 dan obligasi berkelanjutan I
Agung Podomoro Land pada 31 Desember
2016 diperkirakan sebesar Rp 3.643.948.120
ribu dengan menggunakan harga kuotasi
yang berlaku di pasar sebesar Rp 0,95 –
Rp 1,01.
Pengukuran nilai wajar diakui dalam laporan
posisi keuangan konsolidasian
Tabel berikut ini merangkum nilai tercatat dan
nilai wajar aset dan liabilitas, yang dianalisis
antara keduanya serta nilai wajar didasarkan
pada:
 Level 1 pengukuran nilai wajar adalah
yang berasal dari harga kuotasian (tanpa
penyesuaian) di pasar aktif untuk aset
atau liabilitas yang identik;
 Level 2 pengukuran nilai wajar adalah
yang berasal dari input selain harga
kuotasian yang termasuk dalam Level 1
yang dapat diobservasi untuk aset atau
liabilitas, baik secara langsung (misalnya
harga) atau secara tidak langsung
(misalnya deviasi dari harga); dan
 Level 3 pengukuran nilai wajar adalah
yang berasal dari teknik penilaian yang
mencakup input untuk aset atau liabilitas
yang bukan berdasarkan data pasar yang
dapat diobservasi (input yang tidak
dapat diobservasi), seperti proyeksi arus
kas masa depan yang didiskontokan.
31 Desember 2016 Level 1
Rp'000
Aset yang nilai wajarnya
diungkapkan
Aset non keuangan
Properti investasi - -
Aset tetap - -
Jumlah - -
Liabilitas yang nilai wajarnya
diungkapkan
Utang bank - 1.110.866.362
Utang obligasi 3.643.948.120
Jumlah 3.643.948.120 1.110.866.362
F-116
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
Long-term Bank Loan
The fair value of the long-term bank loan as
of December 31, 2016 are estimated to be
Rp 1,110,866,362 thousand, with discount
rate in 2016 estimated at 9.72% - 12.25%.
Bonds Payable
The fair value of Agung Podomoro Land
Bond II Year 2012 and Agung Podomoro Land
Sustainable I as of December 31, 2016 is
estimated to be Rp 3,643,948,120 thousand,
using quoted price’s available in market,
amounting to Rp 0.95 – Rp 1.01.
Fair value measurement hierarchy of the
Group’s assets and liabilities
The following tables summarize the carrying
amounts and fair values of the assets and
liabilities, analyzed among those whose fair
value is based on:
 Level 1 fair value measurements are
those derived from quoted prices
(unadjusted) in active markets for
identical assets or liabilities;
 Level 2 fair value measurements are
those derived from inputs other than
quoted prices included within Level 1 that
are observable for the assets or
liabilities, either directly (i.e. as prices)
or indirectly (i.e. derived from prices);
and
 Level 3 fair value measurements are
those derived from valuation techniques
that include inputs for the asset or
liability that are not based on observable
market data (unobservable inputs), such
as projected discounted cash flow.
Nilai wajar/Fair value
Jumlah/
Level 2 Level 3 Total December 31, 2016
Rp'000 Rp'000 Rp'000
Assets for which Fair Values
are Disclosed
Non-financial assets
16.655.330.745 16.655.330.745 Investment properties
3.889.131.300 3.889.131.300 Property and equipment
20.544.462.045 20.544.462.045 Total
Liabilities for which Fair Values
are Disclosed
- 1.110.866.362 Bank loans
- - 3.643.948.120 Bonds payable
- 4.754.814.482 Total
- 109 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN- DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Nilai wajar/Fair value

Jumlah/
31 Desember 2015 Level 1 Level 2 Level 3 Total December 31, 2015
Rp'000 Rp'000 Rp'000 Rp'000
Aset yang nilai wajarnya Assets for which Fair Values
diungkapkan are Disclosed
Aset non keuangan Non-financial assets
Properti investasi - - 13.305.287.500 13.305.287.500 Investment properties
Aset tetap - - 3.773.596.700 3.773.596.700 Property and equipment
Jumlah - - 17.078.884.200 17.078.884.200 Total

Liabilitas yang nilai wajarnya Liabilities for which Fair Values

diungkapkan are Disclosed
Utang bank - 961.499.253 - 961.499.253 Bank loans
Utang obligasi 4.484.302.500 - - 4.484.302.500 Bonds payable

Jumlah 4.484.302.500 961.499.253 - 5.445.801.753 Total

45. ASET DAN LIABILITAS MONETER DALAM MATA 45. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2016 dan 2015, Grup At December 31, 2016 and 2015, the Group had
mempunyai aset dan liabilitas moneter dalam mata monetary assets and liabilities denominated in foreign
uang asing sebagai berikut: currencies as follows:

31 Desember/ December 31, 2016 31 Desember/ December 31, 2015

M ata Uang Ekuivalen M ata Uang Ekuivalen
Asing/ Rp'000/ Asing/ Rp'000/
Foreign Equivalent in Foreign Equivalent in
Currencies Rp '000 Currencies Rp '000

Aset Assets
Kas dan setara kas USD 8.392.109 112.756.374 30.734.655 423.984.560 Cash and cash equivalents
EURO 605.091 8.569.297 305.171 4.598.922
Piutang usaha kepada Trade accounts receivable
pihak ketiga USD 1.199.789 16.120.361 935.250 12.901.776 from third parties
Aset keuangan lainnya USD 708.044 9.513.273 706.599 9.747.537 Other financial assets

Jumlah aset 146.959.305 451.232.795 T o t al asset s

Liabilitas Liabilities
Utang usaha kepada Trade accounts payable
pihak ketiga USD 1.239.536 16.654.406 775.415 10.696.845 to third parties
SGD 29.167 271.225 170.242 1.660.030
EURO 22.035 312.050 22.035 332.060
Uang jaminan penyewa USD 856.077 11.502.248 867.144 11.962.255 Tenants' security deposits

Jumlah liab ilit as 28.739.929 24.651.190 T o t al liab ilit ies

Jumlah aset b er sih 118.219.376 426.581.605 T o t al net asset s

Pada tanggal 31 Desember 2016 dan 2015, kurs yang The conversion rate used by the Group on
digunakan oleh Grup sebagai berikut: December 31, 2016 and 2015 are as follows:

31 Desember/December 31,
2016 2015
Rp Rp

1 USD 13.436 13.795 USD 1

1 SGD 9.299 9.751 SGD 1
1 EURO 14.162 15.070 EURO 1

- 110 -

F-117
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
46. TUNTUTAN HUKUM
a. Kasus hukum atas reklamasi
Dibawah ini merupakan tuntutan hukum yang
sedang berlangsung atas kegiatan reklamasi Pulau
G milik PT Muara Wisesa Samudera (MWS), entitas
anak dan Pulau I milik PT Jaladri Kartika Pakci
(JKP), entitas anak.
PULAU G MILIK MWS
Perkara Tata Usaha Negara antara Gobang
dkk., Perkumpulan Koalisi Rakyat Untuk
Keadilan Perikanan dan Yayasan Wahana
Lingkungan Hidup Indonesia (selaku
Para Penggugat) melawan Gubernur DKI
Jakarta (selaku Tergugat) dan MWS
(selaku Tergugat II Intervensi) (Perkara
No. 193/G/LH/2015/PTUN-JKT tanggal
15 September 2015 pada Pengadilan Tata
Usaha Negara Jakarta)
Berdasarkan gugatan No. 193/G/LH/2015/PTUN-
JKT tanggal 15 September 2015 pada Pengadilan
Tata Usaha Negara Jakarta, Gobang (Penggugat
I), Muhamad Tahir (Penggugat II), Nur Sapudin
(Penggugat III), Tri Sutrisno (Penggugat IV), Kuat
(Penggugat V), Perkumpulan Koalisi Rakyat Untuk
Keadilan Perikanan (Penggugat VI) dan Yayasan
Wahana Lingkungan Hidup Indonesia (Penggugat
VII), mengajukan gugatan kepada Gubernur DKI
Jakarta (Tergugat) dan MWS (Tergugat II
Intervensi), dengan tuntutan pembatalan izin
pelaksanaan reklamasi Pulau G, sebagaimana
ditetapkan dalam Surat Keputusan Gubernur
No. 2238 Tahun 2014 tentang Pemberian Izin
Pelaksanaan Reklamasi Pulau G Kepada MWS
tanggal 23 Desember 2014.
Gugatan tersebut di atas telah diputus
oleh Majelis Hakim berdasarkan Putusan
Pengadilan Tata Usaha Negara Jakarta
No. 193/G/LH/2015/PTUN-JKT pada tanggal
31 Mei 2016 dengan amar putusannya antara lain:
(1) Memerintahkan kepada Tergugat untuk
menunda Pelaksanaan Keputusan Gubernur
Provinsi Daerah Khusus Ibukota Jakarta No. 2238
Tahun 2014 tentang Pemberian Izin Pelaksanaan
Reklamasi Pulau G kepada MWS tertanggal
23 Desember 2014 dengan segala tindak
administrasi selanjutnya selama proses
pemeriksaan persidangan berlangsung sampai
perkara ini berkekuatan hukum tetap atau ada
penetapan lain yang mencabutnya di kemudian
hari; (2) Menyatakan batal atau tidak sah
Keputusan Gubernur Provinsi Daerah Khusus
Ibukota Jakarta No. 2238 Tahun 2014 tentang
Pemberian Izin Pelaksanaan Reklamasi Pulau G
kepada MWS tertanggal 23 Desember 2014; (3)
Mewajibkan Tergugat untuk mencabut Surat
Keputusan Gubernur Daerah Khusus Ibukota
Jakarta No. 2238 Tahun 2014 Tentang Pemberian
Izin Pelaksanaan Reklamasi Pulau G kepada MWS
tertanggal 23 Desember 2014.
- 111 -
F-118
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
46. LITIGATIONS
a. Legal case of reclamation
Described below are the ongoing lawsuits for the
reclamation activities of G Island owned by PT
Muara Wisesa Samudera (MWS), a subsidiary, and
I island owned by PT Jaladri Kartika Pakci (JKP), a
subsidiary.
G ISLAND OWNED BY MWS
Lawsuit of State Administration by Gobang
cs., Perkumpulan Koalisi Rakyat Untuk
Keadilan Perikanan and Yayasan Wahana
Lingkungan Hidup Indonesia (as Plaintiffs)
against the Governor of DKI Jakarta (as
Defendant) and MWS (as Intervening
Defendant II) (Case No. 193/G/LH/2015/
PTUN-JKT dated September 15, 2015 at the
Jakarta State Administrative Court)
Based on lawsuit No. 193/G/LH/2015/PTUN-JKT
dated September 15, 2015 at the Jakarta State
Administrative Court, Gobang (Plaintiff I),
Muhamad Tahir (Plaintiff II), Nur Sapudin (Plaintiff
III), Tri Sutrisno (Plaintiff IV), Kuat (Plaintiff V),
Perkumpulan Koalisi Rakyat Untuk Keadilan
Perikanan (Plaintiff VI) and Yayasan Wahana
Lingkungan Hidup Indonesia (Plaintiff VII), filed a
lawsuit to the Governor of DKI Jakarta (Defendant)
and MWS (Intervening Defendant II), with the
demand for cancellation on reclamation permit of
G Island as stated in the Decree of the Governor
No. 2238 Year 2014 on the granting of reclamation
permit of G Island to MWS dated December 23,
2014.
The above lawsuit has been decided by
the Panel of Judges based on Decision of
Jakarta State Administrative Court
No. 193/G/LH/2015/PTUN-JKT on May 31, 2016
with, among others, the following verdicts:
(1) Ordered the Defendant to postpone the
implementation of Decision of the Governor of DKI
Jakarta No. 2238 Year 2014 about Reclamation
Permit of G Island to MWS dated December 23,
2014 with all subsequent administrations during
the trial proceedings until the case is permanently
enforced or there is another decision that revokes
it in the future; (2) Declare null or void for the
Decree of the Governor of DKI Jakarta No. 2238
Year 2014 about Reclamation Permit on
Implementation of G Island to MWS dated
December 23, 2014; (3) Require the Defendant to
revoke the Decree of the Governor of DKI Jakarta
No. 2238 Year 2014 concerning the granting of the
reclamation permit of G island to MWS dated
December 23, 2014.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Atas putusan tersebut di atas, Tergugat dan
Tergugat II Intervensi mengajukan banding dan
Majelis Hakim telah menjatuhkan Putusan
Pengadilan Tinggi Tata Usaha Negara Jakarta
No. 228/B/2016/PT.TUN.JKT tanggal 17 Oktober
2016 dengan amar putusannya antara lain:
(1) Membatalkan Putusan Pengadilan Tata Usaha
Negara Jakarta No. 193/G/LH/2015/PTUN-JKT
tanggal 31 Mei 2016 (2) Menyatakan Penundaan
Surat Keputusan Gubernur DKI Jakarta No. 2238
Tahun 2014 tentang Izin Pelaksanaan Reklamasi
Pulau G kepada MWS tanggal 23 Desember 2014
dalam perkara No. 193/G/LH/2015/PTUN-JKT,
tidak berlaku lagi; (3) Menyatakan gugatan Para
Penggugat tidak diterima.
Atas putusan Pengadilan Tinggi Tata Usaha Negara
Jakarta No. 228/B/2016/PT.TUN.JKT tanggal
17 Oktober 2016, Penggugat III, Penggugat IV,
Penggugat VI dan Penggugat VII mengajukan
upaya hukum kasasi dan Majelis Hakim Mahkamah
Agung Republik Indonesia yang memeriksa dan
mengadili perkara ini diatas telah menjatuhkan
putusan sela sebelum menjatuhkan putusan akhir
sebagaimana Putusan Mahkamah Agung Republik
Indonesia No. 92 K/TUN/2017 tanggal 13 Maret
2017 dengan amar putusannya: (1)
Memerintahkan Pengadilan Tata Usaha Negara
Jakarta untuk melakukan pemeriksaan yang
berkaitan dengan meminta asli Surat Pencabutan
Kuasa dari Nur Saepudin dan Tri Sutrisno, sebelum
dikirimkan ke Mahkamah Agung harus didaftarkan
terlebih dahulu di Pengadilan Tata Usaha Negara
Jakarta; (2) Memerintahkan Pengadilan Tata
Usaha Negara Jakarta untuk mengirimkan Berita
Acara Pemeriksaan tersebut beserta berkas
perkara ke Mahkamah Agung.
Manajemen berpendapat, setelah berkonsultasi
dengan konsultan hukum, bahwa perkara ini masih
belum berkekuatan hukum tetap dan bahwa
Keputusan Gubernur DKI Jakarta No. 2238 Tahun
2014 Tentang Pemberian Izin Pelaksanaan
Reklamasi Pulau G Kepada MWS tertanggal
23 Desember 2014 masih berlaku mengingat kasus
ini masih dalam proses pada badan peradilan Tata
Usaha Negara.
Pengenaan Sanksi Administratif oleh Menteri
Lingkungan Hidup dan Kehutanan Republik
Indonesia berdasarkan Surat Keputusan
Menteri Lingkungan Hidup dan Kehutanan
Republik Indonesia No. 355/Menlhk/Setjen/
Kum.9/5/2016 tanggal 10 Mei 2016 tentang
Pengenaan Sanksi Administratif Paksaan
Pemerintah Berupa Penghentian Sementara
Seluruh Kegiatan MWS di Pulau G di Pantai
Utara Jakarta (“SK Menteri LHK”)
Berdasarkan SK Menteri LHK, Menteri Lingkungan
Hidup dan Kehutanan Republik Indonesia telah
mengenakan sanksi administratif paksaan
Pemerintah berupa penghentian sementara
seluruh kegiatan reklamasi dan/atau konstruksi
MWS atas pelanggaran Izin Lingkungan dan
memerintahkan MWS untuk menghentikan seluruh
kegiatan operasional sampai dengan terpenuhinya
perintah antara lain (1) melakukan perubahan
dokumen lingkungan dan izin lingkungan Pulau G;
- 112 -
F-119
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
On the above verdict, the Defendant and the
Intervening Defendant II filed an appeal and
the Panel of Judges has decided the Jakarta
High Administrative Court Decision
No. 228/B/2016/PT.TUN.JKT dated October 17,
2016 with among others, the following verdicts:
(1) Canceling the Decision of the State
Administrative Court of Jakarta No.
193/G/LH/2015/PTUN-JKT dated May 31, 2016;
(2) Declare a postponement of Decree of the
Governor of DKI Jakarta No. 2238 Year 2014
concerning the Reclamation Permit on
Implementation of G Island dated December 23,
2014 in the case No. 193/G/LH/2015/PTUN-JKT is
no longer valid; (3) Declaring the Plaintiff’s lawsuit
is not accepted.
Upon the decision of the Jakarta High
Administrative Court No. 228/B/2016/PT.TUN.JKT
dated October 17, 2016, Plaintiff III, Plaintiff IV,
Plaintiff VI and Plaintiff VII filed a cassation and
the Panel of Judges of the Supreme Court of the
Republic of Indonesia examining and adjudicating
this case has rendered the interim decision prior
to the final decision as the Supreme Court of the
Republic of Indonesia Decision
No. 92 /K/TUN/2017 dated March 13, 2017 with
the verdict: (1) Ordering the Jakarta State
Administrative Court to conduct a hearing
pertaining to requesting the original Letter of
Attorney from Nur Saepudin and Tri Sutrisno,
before being sent to the Supreme Court must be
registered in advance at the Jakarta State
Administrative Court; (2) Ordering the Jakarta
State Administrative Court to send the Minutes of
the Examination together with the case files to the
Supreme Court.
Management believes, after consulting with its
legal counsel, that the case is still not yet legally
binding and that the Decree of the Governor of DKI
Jakarta No. 2238 Year 2014 about Reclamation
Permit of G island to MWS dated December 23,
2014 is still valid considering the case is still in
process in the State Administrative Court.
Imposition of Administrative Sanction by
the Minister of Environment and Forestry of
the Republic of Indonesia based on the
Decree of the Minister of Environment and
Forestry of the Republic of Indonesia
No. 355/Menlhk/Setjen/Kum.9/5/2016 dated
May 10, 2016 regarding the Imposition of
Government Compulsion Administrative
Sanction in Temporary Termination of All
Activities of MWS on G Island on the North
Coast of Jakarta ("LHK Ministerial Decree")
Based on the LHK Ministerial Decree, the Minister of
Environment and Forestry of the Republic of
Indonesia has imposed administrative sanctions by
the Government in the form of temporary
termination of all MWS reclamation and/or
construction activities for the violation of
Environmental Permit and ordered MWS to stop all of
the operational activities until the fulfillment of
requirement such as (1) make changes to
environmental documents and environmental permit
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
(2) memberikan data secara rinci mengenai
sumber dan jumlah material pasir uruk, batu dari
tanah (top soil) yang digunakan untuk kegiatan
reklamasi; (3) melakukan kewajiban lain yang
tercantum di dalam Izin Lingkungan, berupa: (a)
koordinasi dengan PT Perusahaan Listrik Negara,
PT Nusantara Regas dan PT Pertamina Hulu Energi,
(b) memperbaiki proses penerimaan tenaga kerja;
(c) sosialisasi rencana reklamasi Pulau G,
(d) pengukuran debit Kali Karang dan (e)
pengukuran arah dari kecepatan arus serta
kualitas air laut sesuai dengan koordinat titik
pantau yang telah ditentukan dalam Izin
Lingkungan; (4) membuat dan menyampaikan
laporan pelaksanaan lzin lingkungan; (5)
melakukan upaya-upaya pengelolaan lingkungan
hidup untuk mencegah terjadinya dampak
lingkungan lebih lanjut selama berhentinya
operasional seluruh kegiatan perusahaan. Dalam
SK Menteri LHK ditentukan jangka waktu
pemenuhan perintah-perintah tersebut.
MWS telah memenuhi semua perintah
sebagaimana ditetapkan dalam SK Menteri LHK
tersebut di atas, namun untuk perintah perubahan
dokumen lingkungan dan izin lingkungan Pulau G
sampai saat ini masih dalam proses di instansi
yang terkait. Manajemen MWS berkomitmen akan
memenuhi perintah yang disyaratkan dalam SK
Menteri LHK tersebut. Manajemen berpendapat
setelah berkonsultasi dengan konsultan
hukumnya, bahwa sanksi Menteri LHK tersebut
bersifat sementara dan mengingat MWS telah
melaksanakan perintah dalam SK Menteri LHK,
Kementerian Lingkungan Hidup tidak dapat
mengenakan sanksi pembekuan atau pencabutan
izin lingkungan yang mengakibatkan penghentian
izin reklamasi Pulau G secara tetap. Selain
tertundanya pelaksanaan reklamasi, tidak terlihat
adanya dampak yang merugikan secara material
terhadap kegiatan operasional MWS. Sampai
dengan tanggal laporan keuangan konsolidasian,
SK Menteri LHK masih belum dicabut.
PULAU I MILIK JKP
Perkara Tata Usaha Negara antara Kesatuan
Nelayan Tradisional Indonesia dan Yayasan
Wahana Lingkungan Hidup Indonesia (selaku
Para Penggugat) melawan Gubernur DKI
Jakarta (selaku Tergugat) dan JKP (selaku
Tergugat II Intervensi) (Perkara
No.15/G/LH/2016/PTUN.JKT tanggal
21 Januari 2016 pada Pengadilan Tata Usaha
Negara Jakarta)
Berdasarkan perkara No.15/G/2016/PTUN.JKT
tanggal 21 Januari 2016 pada Pengadilan Tata
Usaha Negara Jakarta, Kesatuan Nelayan
Tradisional Indonesia (Penggugat I) dan Yayasan
Wahana Lingkungan Hidup Indonesia (Penggugat
II), mengajukan gugatan kepada Gubernur DKI
Jakarta (Tergugat) dan JKP (Tergugat II
Intervensi), dengan tuntutan pembatalan izin
pelaksanaan reklamasi Pulau I, sebagaimana
ditetapkan dalam Surat Keputusan Gubernur
No. 2269 Tahun 2015 tentang Pemberian Izin
Pelaksanaan Reklamasi Pulau I Kepada JKP tanggal
22 Oktober 2015.
- 113 -
F-120
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
of G Island; (2) to provide detailed data on the
source and amount of sand material of dredging,
ground soil (top soil) which is used for reclamation
activities; (3) perform other obligations which is
mentioned in the Environmental Permit, in the form
of: (a) coordination with PT Perusahaan Listrik
Negara, PT Nusantara Regas and PT Pertamina Hulu
Energi, (b) Improve the recruitment process, (c)
socialization of G Island reclamation plan, (d)
measurements of Kali Karang discharge and (e)
measurement of the direction of current velocity and
sea water quality in accordance with the monitoring
point coordinates specified in the Environmental
Permit; (4) prepare and submit a report on the
implementation of environmental permit; (5)
undertake environmental management efforts to
prevent further environmental impacts during the
cessation of all operations. The LHK Ministerial
Decree determined the period of fulfillment of these
requirements.
MWS has fulfilled all the requirements as stipulated
in the LHK Ministerial Decree as mentioned above:
however, the requirement to change the
environmental document and environment permit of
G Island is still in process at the related institution.
MWS’s management is committed to fulfill all the
requirement as required in the LHK Ministerial
Decree. Management believe, after consulting with
its legal counsel, that the LHK Minister's sanction is
temporary and since MWS has executed the
requirements in the LHK Ministerial Decree, the
Ministry of Environment can not impose freezing
sanction or revocation of environmental permit
resulting in permanent termination of permit of
G Island. Other than delays in reclamation, there is
no material impact to the operational activities of
MWS. As of the issuance date of the consolidated
financial statements, the LHK Ministerial Decree has
not been revoked.
I ISLAND OWNED BY JKP
Lawsuit of State Administration by Kesatuan
Nelayan Tradisional Indonesia and Yayasan
Wahana Lingkungan Hidup Indonesia
(the Plaintiffs) against the Governor of
DKI Jakarta (Defendant) and JKP
(Intervening Defendant II) (Case
No. 15/G/LH/2016/PTUN.JKT dated
January 21, 2016 at the Jakarta State
Administrative Court)
Based on case No.15/G/2016/PTUN.JKT dated
January 21, 2016 at the Jakarta State
Administrative Court, the Unity of Indonesian
Traditional Fishermen (Plaintiff I) and Yayasan
Wahana Lingkungan Hidup Indonesia (Plaintiff II),
filed a suit against the Governor of DKI Jakarta
(Defendant) and JKP (Intervening Defendant II),
with the lawsuit for cancellation of reclamation
permit of I Island, as stipulated in the Decree of
the Governor No. 2269 Year 2015 on the granting
of reclamation permit of I island to JKP dated
October 22, 2015.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Gugatan tersebut di atas telah diputus oleh Majelis
Hakim Pengadilan Tata Usaha Negara Jakarta pada
tanggal 16 Maret 2017 dengan amar putusannya
antara lain : (1) Memerintahkan kepada Tergugat
untuk menunda Pelaksanaan Keputusan Gubernur
DKI Jakarta No. 2269 Tahun 2015 Tentang
Pemberian Izin Pelaksanaan Reklamasi Pulau I
Kepada JKP tertanggal 22 Oktober 2015 dengan
segala tindak administrasi selanjutnya selama
proses pemeriksaan persidangan berlangsung
sampai perkara ini berkekuatan hukum tetap atau
ada penetapan lain yang mencabutnya di
kemudian hari; (2) Menyatakan batal Keputusan
Gubernur DKI Jakarta No. 2269 Tahun 2015
Tentang Pemberian Izin Pelaksanaan Reklamasi
Pulau I Kepada JKP tertanggal 22 Oktober 2015
seluas 202,5 Ha; (3) Mewajibkan Tergugat untuk
mencabut Keputusan Gubernur DKI Jakarta
No. 2269 Tahun 2015 Tentang Pemberian Izin
Pelaksanaan Reklamasi Pulau I Kepada JKP
tertanggal 22 Oktober 2015 seluas 202,5 Ha.
Atas putusan No. 15/G/LH/2016/PTUN.JKT
tersebut di atas, Tergugat dan Tergugat II
Intervensi mengajukan banding kepada Pengadilan
Tinggi Tata Usaha Negara Jakarta pada tanggal
24 Maret 2017. Sampai dengan tanggal penerbitan
laporan keuangan konsolidasian ini,
sepengetahuan manajemen JKP, Pengadilan Tinggi
Tata Usaha Negara Jakarta belum menjatuhkan
keputusannya atas pengajuan banding pada
perkara ini.
Manajemen berpendapat, setelah berkonsultasi
dengan konsultan hukum, bahwa perkara ini masih
belum berkekuatan hukum tetap dan bahwa
Keputusan Gubernur DKI Jakarta No. 2269 Tahun
2015 Tentang Pemberian Izin Pelaksanaan
Reklamasi Pulau I Kepada JKP tertanggal
22 Oktober 2015 masih berlaku mengingat kasus
ini masih dalam proses pada badan peradilan Tata
Usaha Negara.
Berdasarkan uraian diatas, manajemen Perusahaan,
MWS dan JKP setelah berkonsultasi dengan konsultan
hukum yang ditunjuk mengatakan bahwa izin
reklamasi Pulau G milik MWS dan Pulau I milik JKP
masih berlaku mengingat kasus ini masih dalam
proses pada Badan Peradilan Tata Usaha Negara.
Adapun sanksi administrasi dari Menteri LHK kepada
MWS bersifat sementara. Manajemen Perusahaan,
MWS dan JKP berkeyakinan juga bahwa kegiatan
reklamasi Pulau G milik MWS dan Pulau I milik JKP
dapat dilanjutkan.
Jumlah tercatat aset reklamasi Pulau G adalah sebesar
Rp 2.448.797.196 ribu dan Pulau I sebesar
Rp 468.798.278 ribu termasuk sebagai bagian dari
tanah belum dikembangkan dalam akun aset real
estat dalam laporan posisi keuangan konsolidasian
pada tanggal 31 Desember 2016. Manajemen
berpendapat bahwa jumlah tercatat tersebut dapat
dipulihkan.
- 114 -
F-121
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
The above lawsuit has been decided by the Panel of
Judges of the State Administrative Court of Jakarta
on March 16, 2017 with the following verdicts,
among others : (1) Ordering the Defendant to
postpone the omplementation of Decree of the
Governor No. 2269 Year 2015 concerning the
Granting of Reclamation Permit of I Island to JKP
dated October 22, 2015 with all subsequent
administrations during the trial proceedings until the
case is permanent or there is another stipulation that
revokes it in the future; (2) To declare void the
Decree of the Governor No. 2269 Year 2015
concerning the Granting of Reclamation Permit of
I Island to JKP dated October 22, 2015 covering
202.5 Ha; (3) Require the Defendant to revoke the
Decree of the Governor No. 2269 Year 2015 on the
granting of reclamation permit of I island dated
October 22, 2015 covering 202.5 hectares.
On the decision No. 15/G/LH/2016/PTUN.JKT
above, the Defendant and the Intervening
Defendant II filed an appeal to the Jakarta State
Administrative High Court dated March 24, 2017.
As of the date of issuance of these consolidated
financial statements, based on knowledge of JKP’s
management, the Jakarta State Administrative
High Court has not yet rendered its decision on the
appeal in this case.
Management believes, after consulting with its
legal counsel, that the case is still not yet legally
binding and that the Decree of the Governor of DKI
Jakarta No. 2269 Year 2015 about Reclamation
Permit of I island to JKP dated October 22, 2015 is
still valid considering the case is still in process in
the State Administrative Court.
Based on description above, the management of the
Company, MWS and JKP after consulting with the legal
counsel appointed, stated that the reclamation permit
of G island owned by MWS and I island owned by JKP
is still valid considering this case is still process in the
State Administrative Court. The administrative
sanctions against MWS is temporary. Based on this,
management of the Company, MWS and JKP believe
that the reclamation project can proceed.
The carrying amount of the reclamation assets of G
Island, amounting to Rp 2,448,797,196 thousand and
I Island, amounting to Rp 468,798,278 thousand are
included as part of land not yet developed in the
accounts of real estate assets in the consolidated
statement of financial position as of December 31,
2016. Management believes that such carrying
amounts can be recovered.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
b. SMD
i. Perkara Tata Usaha Negara antara
Yayasan Citra Keadilan (selaku
Penggugat) melawan Walikota Medan
(selaku Tergugat) dan SMD (selaku
Tergugat II Intervensi) (Perkara
No. 26/G/2015/PTUN-MDN tanggal 5 Mei
2015 pada Pengadilan Tata Usaha Negara
Medan)
Berdasarkan gugatan No.
26/G/2015/PTUN.MDN tanggal 5 Mei 2015
pada Pengadilan Tata Usaha Negara Medan,
Yayasan Citra Keadilan (Penggugat)
mengajukan gugatan kepada Walikota Medan
(Tergugat) dan SMD (Tergugat II Intervensi),
dengan tuntutan pembatalan Keputusan
Walikota Medan No. 645/299.K tentang Izin
Mendirikan Bangunan tanggal 24 Maret 2015,
atas nama SMD (“SK IMB No. 645/299.K”).
Perkara ini telah diputus oleh Majelis Hakim
Pengadilan Tata Usaha Negara Medan pada
tanggal 28 Oktober 2015 dengan amar
putusannya antara lain (1) menyatakan batal
atau tidak sah SK IMB No. 645/299.K.; (2)
mewajibkan kepada Tergugat untuk mencabut
SK IMB No. 645/299.K.
Atas putusan tersebut, Tergugat dan Tergugat
II Intervensi mengajukan banding dan Majelis
Hakim telah menjatuhkan Putusan Pengadilan
Tinggi Tata Usaha Negara Medan
No. 03/B/2016/PT.TUN-MEDAN tanggal
3 Maret 2016 dengan amar putusannya antara
lain membatalkan keputusan Pengadilan Tata
Usaha Negara Medan tanggal 28 Oktober 2015
dan menyatakan gugatan Penggugat tidak
dapat diterima.
Atas putusan banding tersebut di atas,
Penggugat mengajukan kasasi dan Majelis
Hakim telah menjatuhkan Putusan Mahkamah
Agung Republik Indonesia tanggal 11 Agustus
2016 dengan amar putusannya antara
lain (1) Membatalkan Putusan Pengadilan
Tinggi Tata Usaha Negara Medan
No. 03/B/LH/2016/PT.TUN.MDN., tanggal
3 Maret 2016 yang membatalkan Putusan
Pengadilan Tata Usaha Negara Medan
No. 26/G/2015/PTUN-MDN tanggal 28 Oktober
2015, (2) Menyatakan batal SK IMB
No. 645/299.K dan (3) Mewajibkan kepada
Tergugat untuk mencabut SK IMB
No. 645/299.K.
Atas putusan Mahkamah Agung Republik
Indonesia No. 274 K/TUN/2016 tanggal
11 Agustus 2016 tersebut, Pemerintah Kota
Medan akan melakukan upaya hukum
Peninjauan Kembali. Sampai dengan tanggal
penerbitan laporan keuangan konsolidasian ini,
berdasarkan keterangan dari SMD, Walikota
Medan masih mempersiapkan memori
peninjauan kembali.
- 115 -
F-122
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
b. SMD
i. Lawsuit of State Administration by Citra
Keadilan Foundation (Plaintiff) against
Mayor of Medan (Defendant) and SMD
(Intervening Defendant II) (Case
No. 26/G/2015/PTUN-MDN dated May 5,
2015 at the Medan State Administrative
Court)
Based on case No. 26/G/2015/PTUN.MDN dated
May 5, 2015 at the State Administrative Court of
Medan, Citra Keadilan Foundation (Plaintiff) filed
a lawsuit to the Mayor of Medan (Defendant) and
SMD (Intervening Defendant II), with the lawsuit
cancellation of Mayor of Medan Decree
No. 645/299.K on Building Permit dated
March 24, 2015, under the name of SMD ("SK
IMB No. 645/299.K").
This lawsuit has been decided by the Panel of
Judges of the State Administrative Court of
Medan on October 28, 2015 with the following
verdict, among others (1) declare null or void SK
IMB No. 645/299.K.; (2) requiring the Defendant
to revoke SK IMB No. 645/ 299.K.
On such verdict, the Defendant and the
Intervening Defendant II filed an appeal and the
Panel of Judges rendered a decision of the State
Administrative High Court of Medan
No. 03/B/2016/PT.TUN-MEDAN dated March 3,
2016 with the verdict among others to cancel the
decision of the State Administrative Court of
Medan on October 28, 2015 and declare that the
Plaintiff’s claim is not acceptable.
On the above appeal’s verdict, the Plaintiff filed a
cassation and the Panel of Judges rendered a
decision of the Supreme Court of the Republic of
Indonesia dated August 11, 2016 with the
following verdicts, among others (1) Cancel the
decision of the State Administrative High Court of
Medan No. 03/B/LH/2016/PT.TUN.MDN., dated
March 3, 2016 which cancelled the decision of the
State Administrative Court of Medan
No. 26/G/2015/PTUN-MDN on October 28, 2015,
(2) Declare null SK IMB No. 645/299.K and
(3) Require the Defendant to revoke SK IMB
No. 645/ 299.K.
In response to the decision of the Supreme
Court of the Republic of Indonesia No. 274
K/TUN/2016 dated August 11, 2016, the
Medan City Government will make a Judicial
Review of the law. As of the date of issuance of
these consolidated financial statements, based
on the statement from the SMD, Mayor of
Medan still preparing for a Judicial Review.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)

Manajemen berpendapat, setelah Management believes, after consulting with its

berkonsultasi dengan konsultan hukum bahwa legal counsel, that despite this case, SMD is still
terhadap perkara ini masih memungkinkan allowed to propose new Building Permit and the
SMD mengajukan Izin Mendirikan Bangunan Mayor of Medan shall issue a new Building Permit
yang baru dan Walikota Medan wajib Decree on the application submitted by SMD.
menerbitkan keputusan Izin Mendirikan
Bangunan yang baru atas permohonan yang
diajukan SMD.

ii. Berdasarkan perkara No. ii. Based on case No. 108/Pdt.G/2011/PN.MDN on

108/Pdt.G/2011/PN.MDN tanggal 7 Maret 2011 March 7, 2011 that registered at Medan District
yang terdaftar di Pengadilan Negeri Medan, Court, Hutomo Halim (Plaintiff) has filed a
Hutomo Halim (Penggugat) menggugat SMD lawsuit to SMD (Defendant) with regards to the
(Tergugat) atas wanprestasi terhadap agreement of both parties to stop the
perjanjian antara kedua pihak yaitu operation of Deli Plaza. On September 14,
menghentikan pengoperasian Deli Plaza. Pada 2011, Medan District Court rejected the lawsuit
tanggal 14 September 2011 Pengadilan Negeri of the Plaintiff. The Plaintiff filed an appeal to
Medan menolak gugatan Penggugat. Medan High Court with register
Penggugat mengajukan banding yang terdaftar No. 42/PDT/2012/PT.MDN and has decided on
di Pengadilan Tinggi Medan dengan March 6, 2012 to affirm the decision of Medan
No. 42/PDT/2012/PT.MDN dan telah District Court. This case is being processed
diputuskan tanggal 6 Maret 2012 yang under cassation in the Supreme Court.
menguatkan Putusan Pengadilan Negeri
Medan. Perkara ini masih dalam proses kasasi
di Mahkamah Agung.

c. Perusahaan c. The Company

Berdasarkan perkara No. 470/Pdt/G/2016/PN.JKT.PST Based on case No. 470/Pdt/G/2016/PN.JKT.PST

tanggal 6 September 2016 pada Pengadilan Negeri
Jakarta Pusat, Ratna Sarumpaet Cs (Para
Penggugat) mengajukan gugatan Perbuatan
Melawan kepada Komisi Pemberantasan Korupsi
(Tergugat I) dan Perusahaan (Turut Tergugat VI),
Para Penggugat menuntut pertanggungjawaban
publik Tergugat I terkait perkara yang melibatkan
Ir. Basuki Tjahaja Purnama dalam jual beli Rumah
Sakit Sumber Waras, pemberian izin reklamasi
pantai utara dan pembelian lahan di Cengkareng
Barat. Gugatan ini masih diproses pada Pengadilan
Negeri Jakarta Pusat.
dated September 6, 2016 at the Central Jakarta
District Court, Ratna Sarumpaet Cs (Plaintiffs) filed a
lawsuit Deeds Against Komisi Pemberantasan
Korupsi (Defendant I) and the Company (Co-
Defendant VI), the plaintiff demanded public
accountability Defendant I related cases involving Ir.
Basuki Tjahaja Purnama in sell and purchase Sumber
Waras Hospital, granting the northern coast
reclamation and purchase of land in West
Cengkareng. This lawsuit is still being processed at
the Central Jakarta District Court.

d. BMI d. BMI

i. BMI memiliki kasus hukum dengan Rudi
Priyadi Bin Rukman (Penggugat) yang
mengajukan gugatan perlawanan kepada
BMI dan terdaftar dalam registrasi
perkara No. 09/PDT/PLW/2012/PN.KRW,
tanggal 16 Pebruari 2012 pada Pengadilan
Negeri Karawang dengan tuntutan bahwa
tanah seluas 2.500 m2 adalah milik Penggugat
dan putusan No. 2/Pdt.G/2007/PN.krw Jo
No. 160 Pk/Pdt/2011 dinyatakan tidak dapat
dilaksanakan (non executable). Gugatan
diatas telah diputus oleh Pengadilan Negeri
Karawang pada tanggal 5 Desember 2012
dengan putusan menolak semua gugatan
Penggugat dan Penggugat mengajukan
banding dengan register No. 160/Pdt/2013/
PT.BDG dan telah diputuskan Pengadilan
Tinggi Bandung tanggal 7 Mei 2013 dengan
putusannya menguatkan putusan pengadilan
Negeri Karawang. Atas keputusan tersebut,
Penggugat mengajukan kasasi di Mahkamah
Agung, terdaftar dengan No. 2941 K/Pdt/2013
dan diputus tanggal 20 Pebruari 2014 dengan
amarnya menolak permohonan kasasi
Penggugat.
i. BMI has a legal case with Rudi Priyadi
Bin Rukman (Plaintiff) who filed a lawsuit
resistance against BMI, which is registered as
Civil Case No. 09/PDT/PLW/2012/PN.KRW, dated
February 16, 2012, at the Karawang District
Court with argument that land measuring 2,500 m2
owned by Plaintiff and Karawang District
Course decision No. 2/Pdt.G/2007/PN.krw Jo
No. 160 Pk/Pdt/2011 are non executable. The
suit above has been decided by the Karawang
District Court on December 5, 2012 with decision
to reject all the Plaintiff’s claim and the Plaintiff
filed an appeal to the Bandung High Court with
case registered No. 160/Pdt/2013/PT.BDG and it
was decided on May 7, 2013 by the Bandung
High Court with the decision to affirm the decision
of the Karawang Court accordingly. Against
that decision, the Plaintiff filed a cassation to
the Supreme Court, registered case
No. 2941 K/Pdt/2013 and decided on
February 20, 2014 with a verdict rejecting the
Plaintiff’s cassation.

- 116 -

F-123
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Putusan ini telah berkekuatan hukum tetap
(inkracht van geweijsde). Atas putusan yang
berkekuatan hukum tetap tersebut, Penggugat
mengajukan Peninjauan Kembali tanggal
20 Oktober 2015.
ii. BMI dan BPN Kantor Pertanahan Kabupaten
Karawang digugat oleh 30 Penggugat yang
mengaku sebagai pemilik bidang-bidang tanah
yang berlokasi di atas tanah milik BMI seluas
350 hektar. Gugatan tersebut telah terdaftar
dalam Pengadilan Negeri Karawang dengan
nomor register No. 37/Pdt/G/2014/PN.Krw
pada tanggal 30 Juni 2014.
Gugatan sudah diputus Pengadilan Negeri
Karawang tanggal 25 Maret 2015 dengan
putusannya menolak seluruh gugatan
Penggugat. Penggugat mengajukan banding
tanggal 8 Juni 2015. Perkara ini telah diputus
oleh Pengadilan Tinggi Jakarta dengan
amarnya menguatkan putusan Pengadilan
Negeri Karawang dan atas putusan tersebut
Penggugat mengajukan kasasi.
iii. Berdasarkan gugatan yang didaftarkan dalam
Pengadilan Negeri Karawang dengan register
negara No. 47/Pdt/G/2014/PN.Krw pada
tanggal 29 Agustus 2014, BMI menjadi salah
satu pihak tergugat yang digugat oleh
41 Penggugat untuk menyerahkan tanah objek
sengketa kepada para penggugat dan
meminta ganti rugi.
Gugatan sudah diputus Pengadilan Negeri
Karawang tanggal 9 Juli 2015 dengan
keputusan menolak seluruh gugatan
penggugat. Penggugat mengajukan banding
tanggal 22 Juli 2015. Perkara ini telah diputus
oleh Pengadilan Tinggi Bandung dengan
amarnya menguatkan putusan Pengadilan
Negeri Karawang dan atas putusan tersebut,
Penggugat mengajukan kasasi.
iv. Berdasarkan perkara No. 46/PDT.G/2015/PN.Kwg
tanggal 19 Agustus 2015, BMI (Penggugat)
mengajukan gugatan perbuatan melawan
PT Batuah Bauntung (Tergugat I) dan Kantor
Pertanahan Karawang (Tergugat II) atas tanah
yang dikuasai oleh Tergugat I (Objek
Sengketa).
Gugatan sudah diputus Pengadilan Negeri
Karawang dengan putusannya menolak
gugatan Penggugat. Atas putusan tersebut,
Penggugat mengajukan banding dan telah
diputus Pengadilan Tinggi Bandung dengan
amarnya menghukum Penggugat untuk
menyerahkan tanah seluas 128.533 m2
kepada Tergugat dan atas putusan tersebut,
Penggugat mengajukan kasasi.
e. GCK
i. Berdasarkan perkara No. 334/Pdt.G/2014/PN.Jkt.Tim
tanggal 6 Oktober 2014, GCK (Tergugat
V/salah satu tergugat) digugat oleh Rusli
Wahyudi (Penggugat) terkait kuasa penjualan
tanah girik atas nama Sukmawijaya Bin
Sumitro. Gugatan telah diputus dengan
amarnya, menolak seluruh gugatan penggugat
dan atas putusan ini, penggugat mengajukan
banding.
- 117 -
F-124
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
This decision was legally binding (inkracht van
geweijsde). On a legally binding decision, the
Plaintiff filed a judicial review on October 20,
2015.
ii. BMI and BPN Karawang District Land Office are
sued by 30 Plaintiffs claiming to be the owners
of areas of land owned by BMI of 350 hectares.
The suit has been listed in the register
No. 37/Pdt/G/2014/PN.Krw dated June 30,
2014 in Karawang District Court.
The lawsuit has been decided by the Karawang
District Court on March 25, 2015 to fully reject
the Plaintiff’s lawsuit. The Plaintiffs filed an appeal
on June 8, 2015. This case has been decided by
the Jakarta High Court to upheld the Karawang
District Court’s verdict and against the verdict,
the Plaintiff filed an appeal.
iii. Based on the lawsuit listed in Karawang District
Court register No. 47/Pdt/G/2014/PN.Krw
dated August 29, 2014, BMI become one of the
defendants being sued by 41 Plaintiffs to return
the dispute land to the Plaintiffs and request
compensation.
The lawsuit has been decided by the Karawang
District Court dated July 9, 2015 to reject the
Plaintiff’s lawsuit. The Plaintiff filed an appeal
on July 22, 2015. This case was decided by the
Bandung High Court with a verdict to affirm the
decision of Karawang District Court and in
response on that decision, the Plaintiff filed a
cassation.
iv. Based on case No. 46/PDT.G/2015/PN.Kwg
dated August 19, 2015, BMI (Plaintiff) filed a
lawsuit against PT Batuah Bauntung
(Defendant I) and Land Office of Karawang
(Defendant II) for the land held by Defendant
I (Object Dispute).
The lawsuit has been decided by the Karawang
District Court with its decision rejecting the
Plaintiff’s claim. Against the decision, the
Plaintiff filed an appeal and has been decided
by the Bandung High Court with a verdict
punishing the Plaintiff to submit a land area of
128,533 m2 to the Defendant and against the
verdict, the Plaintiff filed a cassation.
e. GCK
i. Based on case No. 334/Pdt.G/2014/
PN.Jkt.Tim dated October 6, 2014, GCK
(Defendant V/one of the Defendant) was sued
by Rusli Wahyudi (Plaintiff) related to the sales
of land on behalf of Sukmawijaya Bin Sumitro.
The lawsuit has been decided, rejecting all the
lawsuit and against the verdict, the Plaintiff
filed an appeal.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
ii. Berdasarkan perkara No. 380/Pdt.G/2014/PN.Jkt.Tim
tanggal 4 Nopember 2014 pada Pengadilan
Negeri Jakarta Timur, H.Muh.Sjah (Penggugat)
mengajukan gugatan perbuatan melawan
hukum kepada GCK (Tergugat I) dan
Perusahaan (Tergugat II) sehubungan dengan
tanah penggugat yang berlokasi di tanah GCK.
Perkara ini sudah diputus oleh Pengadilan
Negeri Jakarta Timur dengan amar putusannya
menolak gugatan Penggugat. Atas putusan
tersebut, Penggugat mengajukan banding
pada tanggal 27 Agustus 2015. Perkara ini
masih dalam proses banding.
f. AHT
AHT mengajukan perlawanan hukum kepada
Subeno (Terlawan I), Soeharso (Terlawan II),
Saidham Darlim (Terlawan III), Kantor
Pertanahan Kota Administrasi Jakarta Barat
(Terlawan IV) yang terdaftar dalam perkara
No. 379/Pdt.G/2014/PN.JKT.BAR tanggal
7 Agustus 2014 pada Pengadilan Negeri Jakarta
Barat. Perkara ini adalah perlawanan kepada
Terlawan I atas penetapan sita tanah milik AHT.
Gugatan sudah diputus oleh Pengadilan Negeri
Jakarta Barat pada tanggal 7 Mei 2015 dengan
putusannya menerima perlawanan AHT. Atas
putusan ini Terlawan I mengajukan banding
dan telah diputus Pengadilan Tinggi Jakarta
dengan putusan menguatkan putusan
No.379/Pdt.G/2014/PN.JKT.BAR tanggal 7 Mei
2015. Atas putusan Pengadilan Tinggi Jakarta,
para Terlawan mengajukan kasasi.
g. PCN
Berdasarkan perkara No. 166/Pdt.G/2014/PNBpp
tanggal 25 Nopember 2014 yang terdaftar di
Pengadilan Negeri Balikpapan, Arief Wardhana
(Penggugat) mengajukan gugatan kepada PCN
(Tergugat). Perkara ini adalah tindakan
wanprestasi atas perjanjian pengikatan jual beli
kios seharga Rp 394.369 ribu. Penggugat
menuntut Tergugat untuk membayar ganti rugi
material dan immaterial sebesar Rp 6.610.214
ribu dan sita jaminan atas gedung toko bertingkat
di tanah Hak Guna Bangunan (HGB) No. 401.
Gugatan di atas telah diputus oleh Pengadilan
Negeri Balikpapan, dengan amarnya Pengadilan
Negeri Balikpapan tidak berwenang mengadili
perkara ini dan atas putusan ini Penggugat
mengajukan banding.
h. CMK
Berdasarkan perkara No. 676/Pdt.G/2014/PN.Jkt.Bar
tanggal 23 Desember 2014 di Pengadilan Negeri
Jakarta Barat, Sekretariat Bersama Pemilik Kios,
Pedagang dan Pekerja Plaza Kenari Mas
(Penggugat) menggugat Para Pengurus
Perhimpunan Pemilik dan Penghuni Satuan Rumah
Susun Komersial Non Hunian Kenari Mas
(17 Tergugat) dan CMK (Tergugat I) dan
Taifiqurrahman, SH (Tergugat II). Perkara ini
berhubungan dengan perbuatan Para Tergugat
yang mendirikan Perhimpunan Pemilik dan
Penghuni Satuan Rumah Susun Komersial Non
Hunian Kenari Mas.
- 118 -
F-125
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
ii. Based on case No. 380/Pdt.G/2014/PN.Jkt.Tim
dated November 4, 2014 at the East Jakarta
District Court, H.Muh.Sjah (Plaintiff) filed a law
suit against the law to GCK (Defendant I) and
the Company (Defendant II) in relation to the
plaintiff’s ground located on the ground of
GCK. East Jakarta District Court decided to
reject the plaintiff’s lawsuit. Against the
verdict, the plaintiff filed an appeal on
August 27, 2015. This appeal is in still process.
f. AHT
AHT filed a legal claim to Subeno (Defendant I),
Soeharso (Defendant II), Saidham Darlim
(Defendant III), Office of the City Administration
of West Jakarta (Defendant IV) based on case
No. 379/Pdt.G/2014/PN.JKT.BAR in the West
Jakarta District Court dated August 7, 2014. This
case is against Defendant I over the land owned
by AHT.
This lawsuit had been decided by the West Jakarta
District Court on May 7, 2015 to accept
AHT’s lawsuit. Based on this verdict, Defendant I
filed an appeal and had been decided by
Jakarta High Court affirming the decision
No. 379/Pdt.G/2014/PN.JKT.BAR dated May 7,
2015. Against the decision of the Jakarta High
Court, the Defendants filed a cassation.
g. PCN
In accordance with legal case
No. 166/Pdt.G/2014/PNBpp dated November 25,
2014 registered in Balikpapan District Court, Arief
Wardhana (Plaintiff) filed a lawsuit against PCN
(Defendant). This case is default on binding
agreement for purchasing and selling of kiosk
amounting to Rp 394,369 thousand. The Plaintiff
filed a lawsuit to pay material and immaterial
losses amounting to Rp 6,610,214 thousand and
sequestration of multi storey building on land with
the Right of Building (HGB) No. 401.
The lawsuit has been decided by Balikpapan
District Court, with the verdict Balikpapan District
Court does not have authority to judge this case
and based on this verdict, the Plaintiff has filed an
appeal.
h. CMK
Based on case No. 676/Pdt.G/2014/PN.Jkt.
Bar dated December 23, 2014 at West Jakarta
District Court, the Joint Secretariat Kiosk owners,
traders and workers of Plaza Kenari Mas (Plaintiff)
sued the Board of the Association of Owners and
Occupants Unit Housing Non Residential
Commercial of Kenari Mas (17 Defendants) and
CMK (Defendant I) and Taifiqurrahman, SH
(Defendant II) . This case related with act of the
Defendant who established the Board of the
Association of Owners and Occupants Unit Housing
Non Residential Commercial of Kenari Mas.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2016 DAN 2015 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Perkara sudah diputus pada tanggal
22 Desember 2015 dengan amarnya menerima
gugatan Penggugat untuk seluruhnya. Atas
putusan Pengadilan Negeri Jakarta Pusat tersebut,
Tergugat mengajukan banding dan diputus
dengan amarnya menolak permohonan
Penggugat. Sampai dengan saat ini, belum ada
pihak yang mengajukan kasasi.
47. PERISTIWA SETELAH PERIODE PELAPORAN
Pada tanggal 23 Pebruari 2017, Perusahaan
melakukan perjanjian Binding Investment dengan
Strategic Property Investors Company Limited (“REIT
Manager”) sehubungan dengan rencana transaksi
antara Perusahaan dengan REIT Manager mengenai
hal-hal sebagai berikut:
i) Penjualan atas Hak Kepemilikan strata title atas
Pullman Jakarta Central Park yang dimiliki oleh
Perusahaan.
ii) Penjualan atas seluruh saham Perusahaan di
PT Central Pesona Palace (CPP).
iii) Penjualan atas seluruh perabot dan
perlengkapan Pullman Jakarta Central Park.
iv) Perusahaan dan entitas anak harus mengambil
bagian atas unit yang dimiliki oleh Strategic
Hospitality Real Estate Investment Trust yang
akan dibentuk oleh REIT Manager dengan nilai
setara dengan 18% dari harga penjualan atas
saham-saham dan aset yang dimiliki Perusahaan
kepada REIT Manager sebagaimana dimaksud
dalam poin (i), (ii) dan (iii) diatas.
48. INFORMASI KEUANGAN TERSENDIRI
PERUSAHAAN
Informasi keuangan tersendiri entitas induk
menyajikan informasi laporan posisi keuangan,
laporan laba rugi dan penghasilan komprehensif lain,
laporan perubahan ekuitas dan laporan arus kas,
dimana penyertaan saham pada entitas anak dan
asosiasi dipertanggungjawabkan dengan metode
biaya.
Informasi keuangan tersendiri entitas induk disajikan
pada halaman 120 sampai dengan 126.
49. TANGGUNG JAWAB MANAJEMEN DAN
PERSETUJUAN ATAS LAPORAN KEUANGAN
KONSOLIDASIAN
Penyusunan dan penyajian wajar laporan keuangan
konsolidasian dari halaman 1 sampai dengan 119 dan
informasi tambahan dari halaman 120 sampai dengan
126 merupakan tanggung jawab manajemen, dan
telah disetujui oleh Direktur untuk diterbitkan pada
tanggal 26 April 2017.
- 119 -
F-126
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2016 AND 2015 AND FOR THE YEARS
THEN ENDED
(Continued)
This case had been decided on December 22, 2015
with verdict to accept the Plaintiff’s lawsuit
entirety and decided with a verdict receiving the
Plaintiff’s request. Against the decision of the
Central Jakarta District Court, the Defendant filed
an appeal and has been decided to reject the
Plaintiff’s appeal. Until now, there is no parties
submitted a cassation.
47. EVENTS AFTER THE REPORTING PERIOD
On February 23, 2017, the Company signed an
agreement of Binding Investment with Strategic
Property Investors Company Limited (“REIT
Manager”) as the following:
i) The sale of strata title ownership rights of
Pullman Jakarta Central Park owned by the
Company.
ii) The sale of all the shares owned by the Company
on PT Central Pesona Palace (CPP).
iii) The sale of all furniture and fixtures of Pullman
Jakarta Central Park.
iv) Subscription of the Company and/or its
subsidiaries over the units owned by Strategic
Hospitality Real Estate Investment Trust which
will be established by the REIT Manager with a
value equal to 18% of the sale price of the shares
and assets owned by the Company to the REIT
Manager as stated in point (i), (ii) and (iii) above.
48. FINANCIAL INFORMATION OF THE PARENT
ENTITY ONLY
The financial information of the parent entity only
presents statements of financial position, statements
of profit or loss and other comprehensive income,
statements of changes in equity and statements of
cash flows information in which investments in its
subsidiaries and associates were accounted using the
cost method.
Financial information of the Parent Entity is presented
on pages 120 to 126.
49. MANAGEMENT RESPONSIBILITY AND
APPROVAL OF CONSOLIDATED FINANCIAL
STATEMENTS
The preparation and fair presentation of the
consolidated financial statements on pages 1 to 119
and supplementary information on pages 120 to 126
were the responsibilities of the management, and
were approved by the Directors and authorized for
issue on April 26, 2017.
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR I : INFORMASI LAPORAN POSISI KEUANGAN SCHEDULE I: INFORMATION ON STATEMENTS OF FINANCIAL POSITION OF
ENTITAS INDUK *) PARENT ENTITY *)
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

31 Desember/ 31 Desember/
December 31, December 31,
2016 2015
Rp'000 Rp'000
ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 64.782.822 159.835.023 Cash and cash equivalents
Piutang usaha kepada pihak Trade accounts receivable from
ketiga 13.553.098 121.377.084 third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi 2.195.831.650 1.812.197.178 Related parties
Pihak ketiga 14.348.104 24.952.331 Third parties
Persediaan - aset real estat 65.141.451 88.755.190 Inventories - real estate assets
Pajak dibayar dimuka 5.273.305 2.225.649 Prepaid taxes
Biaya dibayar dimuka 29.235.014 30.587.397 Prepaid expenses
Uang muka 2.594.305 1.642.485 Advances

Jumlah Aset Lancar 2.390.759.749 2.241.572.337 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang lain-lain kepada pihak berelasi 9.080.778 87.592.871 Other accounts receivable from related parties
Persediaan - aset real estat 45.108.950 45.108.950 Inventories - real estate assets
Aset keuangan lainnya 25.599.780 15.163.762 Other financial assets
Uang muka investasi saham 11.768.000 11.768.000 Advances for investments
Investasi saham pada entitas anak 5.943.788.823 5.374.371.786 Investment in subsidiaries
Investasi saham pada entitas asosiasi 1.003.324.071 122.299.071 Investment in associates
Properti investasi - setelah dikurangi Investment properties - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 411.057.167 ribu tahun 2016 dan Rp 411,057,167 thousand in 2016 and
Rp 347.693.416 ribu tahun 2015 1.786.137.183 1.849.500.934 Rp 347,693,416 thousand in 2015
Aset tetap - setelah dikurangi Property and equipment - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 37.735.795 ribu tahun 2016 dan Rp 37,735,795 thousand in 2016 and
Rp 32.435.329 ribu tahun 2015 30.618.695 34.249.516 Rp 32,435,329 thousand in 2015
Lain-lain 90.501 90.501 Others

Jumlah Aset Tidak Lancar 8.855.516.781 7.540.145.391 Total Non-Current Assets

JUMLAH ASET 11.246.276.530 9.781.717.728 TOTAL ASSETS

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

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PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR I : INFORMASI LAPORAN POSISI KEUANGAN SCHEDULE I: INFORMATION ON STATEMENTS OF FINANCIAL POSITION OF
ENTITAS INDUK *) PARENT ENTITY *)
31 DESEMBER 2016 DAN 2015 (Lanjutan) DECEMBER 31, 2016 AND 2015 (Continued)

31 Desember/ 31 Desember/
December 31, December 31,
2016 2015
Rp'000 Rp'000
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha kepada pihak ketiga 41.739.645 73.819.685 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi 569.061.206 224.413.962 Related parties
Pihak ketiga 97.489.411 75.559.111 Third parties
Utang pajak 7.289.117 11.398.369 Taxes payable
Biaya yang masih harus dibayar 37.813.486 55.897.986 Accrued expenses
Utang jangka panjang - yang jatuh
tempo dalam satu tahun Current maturity of long-term liabilities:
Utang bank 27.597.738 - Bank loan
Utang obligasi 1.200.000.000 875.000.000 Bonds payable
Uang muka penjualan dan pendapatan Advances from customers and
diterima dimuka - bagian yang direalisasi unearned revenues - realizable within
dalam satu tahun 330.609.280 216.161.643 one year

Jumlah Liabilitas Jangka Pendek 2.311.599.883 1.532.250.756 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah dikurangi
yang jatuh tempo dalam satu tahun Long-term liabilities - net of current maturity
Utang bank 828.259.043 - Bank loan
Utang obligasi 2.487.505.641 3.679.020.470 Bonds payable
Uang muka penjualan dan Advances from customers and
pendapatan diterima dimuka - setelah unearned revenues - net of realizable
dikurangi yang direalisasi dalam satu tahun 42.185.945 155.560.620 within one year
Uang jaminan penyewa 50.929.084 42.007.933 Tenants' security deposits
Liabilitas imbalan pasca kerja 63.229.851 67.420.554 Post-employment benefits obligation

Jumlah Liabilitas Jangka Panjang 3.472.109.564 3.944.009.577 Total Non-Current Liabilities

Jumlah liabilitas 5.783.709.447 5.476.260.333 Total liabilities

EKUITAS EQUITY
Modal saham - nilai nominal Capital stock - Rp 100 par value
Rp 100 per saham per share
Modal dasar - 57.400.000.000 saham Authorized - 57,400,000,000 shares
Modal ditempatkan dan disetor Subscribed and fully paid-up -
penuh - 20.500.900.000 saham 2.050.090.000 2.050.090.000 20,500,900,000 shares
Tambahan modal disetor 1.572.819.779 1.572.819.779 Additional paid-in capital
Opsi saham - 17.911.260 Stock options
Komponen ekuitas lainnya 35.411.406 17.500.146 Other equity component
Penghasilan komprehensif lain (5.003.264) (17.972.749) Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 85.000.000 70.000.000 Appropriated
Tidak ditentukan penggunaannya 2.197.085.538 1.067.945.335 Unappropriated

Jumlah 5.935.403.459 4.778.293.771 Total

Dikurangi dengan biaya perolehan saham Less cost of treasury stocks -

diperoleh kembali - 1.136.338.300 saham (472.836.376) (472.836.376) 1,136,338,300 shares

Jumlah ekuitas 5.462.567.083 4.305.457.395 Total equity

JUMLAH LIABILITAS DAN EKUITAS 11.246.276.530 9.781.717.728 TOTAL LIABILITIES AND EQUITY

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

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PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR II: INFORMASI LAPORAN LABA RUGI KOMPREHENSIF SCHEDULE II: INFORMATION OF STATEMENT OF PROFIT OR LOSS
DAN PENGHASILAN KOMPREHENSIF LAIN ENTITAS INDUK *) AND OTHER COMPREHENSIVE INCOME OF PARENT ENTITY *)
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

2016 2015
Rp'000 Rp'000

PENJUALAN DAN PENDAPATAN USAHA SALES AND REVENUES

Penjualan 124.009.368 226.054.392 Sales
Pendapatan sewa 363.759.960 344.517.062 Rent income

Jumlah 487.769.328 570.571.454 Total

BEBAN POKOK PENJUALAN DAN COST OF SALES AND

BEBAN LANGSUNG DIRECT COSTS
Penjualan 56.781.669 54.108.218 Sales
Pendapatan sewa 63.363.750 63.363.750 Rent income

Jumlah 120.145.419 117.471.968 Total

LABA KOTOR 367.623.909 453.099.486 GROSS PROFIT

Beban penjualan (13.395.797) (29.017.324) Selling expenses

Beban umum dan administrasi (151.462.336) (174.199.977) General and administrative expenses
Beban pajak final (45.556.036) (47.568.804) Final tax expense
Penghasilan bunga 11.125.324 17.167.408 Interest income
Pendapatan dividen entitas anak Dividend income from subsidiaries and
dan entitas asosiasi 1.417.886.083 475.833.500 associates
Beban bunga dan keuangan (490.692.377) (494.671.043) Interest expense and financial charges
Keuntungan lainnya - bersih 51.417.198 64.572.991 Other gains - net

LABA SEBELUM PAJAK 1.146.945.968 265.216.237 PROFIT BEFORE TAX

BEBAN PAJAK PENGHASILAN - BERSIH (2.805.765) (20.782.912) INCOME TAX EXPENSE - NET

LABA BERSIH TAHUN BERJALAN 1.144.140.203 244.433.325 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN 12.969.485 (2.776.356) OTHER COMPREHENSIVE INCOME

JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 1.157.109.688 241.656.969 FOR THE YEAR

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

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F-129
 PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR III : INFORMASI LAPORAN PERUBAHAN EKUITAS ENTITAS INDUK*) SCHEDULE III: INFORMATION OF STATEMENTS ON CHANGES IN EQUITY OF PARENT ENTITY *)
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2016 DAN 2015 FOR THE YEARS ENDED DECEMBER 31, 2016 AND 2015

Penghasilan
Komponen komprehensif
Tambahan ekuitas lain/ Saldo laba/Retained earnings Jumlah
modal disetor/ Opsi lainnya/ Other Ditentukan Tidak ditentukan Saham diperoleh ekuitas/
Modal disetor/ Additional saham/ Other equity comprehensive penggunaannya/ penggunaannya/ kembali/ Total
Paid-up capital paid-in capital Stock option component income Appropriated Unappropriated Treasury stocks equity
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

Saldo per 1 Januari 2015 2.050.090.000 1.572.819.779 35.411.406 - (15.196.393) 55.000.000 838.512.010 (61.737.013) 4.474.899.789 Balance as of January 1, 2015
Cadangan umum - - - - - 15.000.000 (15.000.000) - - Appropriation for general reserves
Saham diperoleh kembali - - - - - - - (411.099.363) (411.099.363) Purchase of treasury stocks
Penghapusan opsi saham biasa Write-off stock option that are already
yang tidak dieksekusi - - (17.500.146) 17.500.146 - - - - - expired
Jumlah laba komprehensif tahun berjalan - - - - (2.776.356) - 244.433.325 - 241.656.969 Total comprehensive income for the year

Saldo per 31 Desember 2015 2.050.090.000 1.572.819.779 17.911.260 17.500.146 (17.972.749) 70.000.000 1.067.945.335 (472.836.376) 4.305.457.395 Balance as of December 31, 2015
Cadangan umum - - - - - 15.000.000 (15.000.000) - - Appropriation for general reserves
Penghapusan opsi saham biasa Write-off stock option that are already
yang tidak dieksekusi - - (17.911.260) 17.911.260 - - - - - expired
Jumlah laba komprehensif tahun berjalan - - - - 12.969.485 - 1.144.140.203 - 1.157.109.688 Total comprehensive income for the year

Saldo per 31 Desember 2016 2.050.090.000 1.572.819.779 - 35.411.406 (5.003.264) 85.000.000 2.197.085.538 (472.836.376) 5.462.567.083 Balance as of December 31, 2016

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

F-130
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PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR IV: INFORMASI LAPORAN ARUS KAS SCHEDULE IV: INFORMATION OF STATEMENTS ON CASH FLOWS OF
ENTITAS INDUK *) PARENT ENTITY *)
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

2016 2015
Rp'000 Rp'000
CASH FLOWS FROM OPERATING
ARUS KAS DARI AKTIVITAS OPERASI ACTIVITIES
Penerimaan kas dari pelanggan atas penjualan 255.884.037 457.985.262 Cash receipts from customers for sales
Penerimaan kas dari pelanggan atas sewa 343.947.231 377.954.621 Cash receipts from customers for rent
Pembayaran beban pajak final (49.940.659) (61.288.397) Final tax expense paid

Penerimaan kas dari pelanggan - bersih 549.890.609 774.651.486 Cash receipts from customers - net
Pembayaran kas kepada karyawan (95.520.316) (104.665.321) Cash paid to employees
Pembayaran kas kepada pemasok Cash paid to suppliers and other
dan untuk beban operasional lainnya (65.490.035) (165.129.235) operating expenses

Kas dihasilkan dari operasi 388.880.258 504.856.930 Cash generated from operations
Pembayaran beban bunga dan keuangan (493.009.371) (484.977.782) Interest and financial charges paid
Pembayaran pajak penghasilan (895.202) (19.130.856) Income taxes paid
Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in)
Aktivitas Operasi (105.024.315) 748.292 Operating Activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIES
Penerimaan dividen entitas anak 378.060.326 230.333.500 Dividend received from subsidiaries
Penerimaan dividen entitas asosiasi 942.375.000 67.400.000 Dividend received from associates
Penerimaan bunga 8.423.955 8.063.000 Interest received
Perolehan aset tetap (1.669.645) (1.334.867) Acquisitions of property and equipment
Penempatan aset keuangan lainnya (9.976.549) (695.590) Placement of other financial assets
Decrease in other accounts receivable
Penerimaan piutang kepada pihak berelasi 695.029.813 503.679.047 to related parties
Peningkatan investasi saham pada entitas anak (363.000.000) (1.999.601) Increase in investment in subsidiaries
Peningkatan investasi saham pada entitas asosiasi (881.025.000) - Increase in investment in associates
Penempatan uang muka investasi saham - (6.707.760) Placement of advance of investment in stock
Pemberian piutang lain-lain kepada Increase in other accounts receivable
pihak berelasi (1.081.607.408) (818.676.443) from related parties

Kas Bersih Digunakan untuk Aktivitas Investasi (313.389.508) (19.938.714) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan utang obligasi - 99.000.000 Proceeds from bonds payable
Penerimaan utang bank 875.000.000 - Proceeds from bank loan
Penerimaan utang kepada pihak Increase of other accounts payable
berelasi 427.619.497 145.593.836 to related parties
Pembayaran utang kepada pihak Payment of other accounts payable
berelasi (94.407.512) (210.727.995) to related parties
Pembayaran biaya emisi obligasi - (1.368.484) Payment of bond issuance cost
Pembelian saham diperoleh kembali - (411.099.363) Purchase of treasury stocks
Pembayaran utang obligasi (875.000.000) - Payment of bonds payable
Pembayaran utang bank (9.722.222) - Payment of bank loan

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in)
Aktivitas Pendanaan 323.489.763 (378.602.006) Financing Activities

PENURUNAN BERSIH KAS DAN SETARA KAS (94.924.060) (397.792.428) NET DECREASE IN CASH AND CASH EQUIVALENTS
Pengaruh perubahan kurs mata uang asing (128.141) 1.958.013 Effect of foreign exchange rate changes

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN 159.835.023 555.669.438 AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AKHIR TAHUN 64.782.822 159.835.023 AT END OF YEAR

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

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PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR V: INFORMASI INVESTASI DALAM ENTITAS ANAK SCHEDULE V: INFORMATION ON INVESTMENT IN SUBSIDIARIES
DAN ENTITAS ASOSIASI AND ASSOCIATES
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

Perincian investasi dalam entitas anak dan The details of investment subsidiaries and
entitas asosiasi adalah sebagai berikut asociates are as follows

Persentase
Kepemilikan/
Percentage of
Entitas anak dan entitas asosiasi/ Ownership
Subsidiaries and Associates 2016 2015

Kepemilikan langsung/Direct ownership

PT Brilliant Sakti Persada (BSP) 58,84% 58,84%

PT Kencana Unggul Sukses (KUS) 99,93% 99,82%

PT Arah Sejahtera Abadi (ASA) 60,00% 60,00%

PT Intersatria Budi Karya Pratama (IBKP) 80,00% 80,00%

PT Buana Surya Makmur (BSM) 99,94% 99,93%

PT Kharisma Bhakti Sejahtera (KBS) 70,00% 70,00%

PT Central Pesona Palace (CPP) 99,98% 99,98%

PT Central Indah Palace (CIP) 75,00% 75,00%

PT Pesona Gerbang Karawang (PGK) 90,00% 90,00%

PT Griya Pancaloka (GPL) 99,92% 99,91%

PT Putra Adhi Prima (PAP) 99,90% 99,90%

PT Cipta Pesona Karya (CPKA) 99,99% 99,99%

PT Karya Gemilang Perkasa (KGP) 99,90% 99,90%

PT Tiara Metropolitan Indah (TMI) 99,93% 99,93%

PT Alam Hijau Teduh (AHT) 80,00% 80,00%

PT Central Cipta Bersama (CCB) 51,00% 51,00%

PT Tunas Karya Bersama (TKB) 51,00% 51,00%

PT Sentral Agung Indah (SAI) 51,00% 51,00%

PT Agung Kencana Sukses (AKS) 99,98% 99,98%

PT JKS Realty (JKS) 51,00% 51,00%

PT Pandega Citraniaga (PCN) 65,00% 65,00%

PT Bali Perkasasukses (BPS) 51,00% 51,00%

PT Buana Makmur Indah (BMI) 55,00% 55,00%

PT Graha Tunas Selaras (GTS) 99,99% 99,99%

PT Alam Makmur Indah (AMI) 70,00% 70,00%

PT Tritunggal Lestari Makmur (TTLM) 87,50% 87,50%

PT Karya Pratama Propertindo (KPP) 99,99% 99,99%

PT Simprug Mahkota Indah (SMI) 60,00% 60,00%

PT Agung Pesona Unggul (APU) 99,98% 99,98%

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INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR V: INFORMASI INVESTASI DALAM ENTITAS ANAK SCHEDULE V: INFORMATION ON INVESTMENT IN SUBSIDIARIES
DAN ENTITAS ASOSIASI AND ASSOCIATES
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2016 DAN 2015 DECEMBER 31, 2016 AND 2015

Perincian investasi dalam entitas anak dan The details of investment subsidiaries and
entitas asosiasi adalah sebagai berikut asociates are as follows

Persentase
Kepemilikan/
Percentage of
Entitas anak dan entitas asosiasi/ Ownership
Subsidiaries and Associates 2016 2015

PT Pesona Agung Lestari (PAL) 99,98% 99,98%

PT Griya Agung Sukses (GAS) 99,98% 99,98%

PT Dimas Pratama Indah (DPI) 80,00% 80,00%

PT Sinar Menara Deli (SMD) 58,00% 58,00%

PT Wahana Sentra Sejati (WSS) 69,00% 69,00%

PT Caturmas Karsaudara (CMK) 50,01% 50,01%

PT Graha Cipta Kharisma (GCK) 85,00% 85,00%

PT Central Tata Makmur (CTM) 99,98% 99,98%

PT Podomoro Bangun Abadi (PBA) 99,98% 99,98%

PT Podomoro Central Sejahtera (PCS) 99,98% 99,98%

PT Podomoro Sukses Lestari (PSL) 99,98% 99,98%

Kepemilikan tidak langsung/Indirect ownership

PT Pluit Propertindo (PP) *) 52,83% 52,83%

PT Agung Dinamika Perkasa (ADP) **) 99,99% 99,99%

PT Muara Wisesa Samudra (MWS) **) 80,00% 80,00%

PT Tirta Kelola Sukses (TKS) **) 99,99% 99,99%

PT Kencana Kelola Sukses (KKS) **) 99,90% 99,90%

PT Buana Surya Lestari (BSL) ***) 90,00% 90,00%

PT Jaladri Kartika Pakci (JKP) ***) 99,99% 99,99%

PT Astakona Megahtama (AM) ****) 99,99% 99,99%

PT Tatar Kertabumi (TK) ****) 99,92% 99,92%

PT Pandega Layar Prima (PLP) *****) 99,90% 99,99%

Entitas asosiasi/Associated companies

PT Manggala Gelora Perkasa (MGP) 25,50% 25,50%

PT Citra Gemilang Nusantara dan entitas anak/and its subsidiary (CGN) 35,00% 35,00%

*) Kepemilikan tidak langsung melalui KGP/Indirect ownership throught KGP

**) Kepemilikan tidak langsung melalui KUS/Indirect ownership throught KUS
***) Kepemilikan tidak langsung melalui BSM/Indirect ownership throught BSM
****) Kepemilikan tidak langsung melalui PGK/Indirect ownership throught PGK
*****) Kepemilikan tidak langsung melalui PCN/Indirect ownership throught PCN

Investasi dalam entitas anak dan entitas asosiasi dalam Investment of subsidiaries and associated in
informasi keuangan entitas induk disajikan dengan supplementary information of parent company are presented
menggunakan metode biaya using cost method

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PT AGUNG PODOMORO LAND Tbk
DAN ENTITAS ANAK/AND ITS SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASIAN DAN INFORMASI TAMBAHAN/

CONSOLIDATED FINANCIAL STATEMENTS AND SUPPLEMENTARY
INFORMATION

UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2015 DAN 2014/

FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

DAN LAPORAN AUDITOR INDEPENDEN/

AND INDEPENDENT AUDITORS’ REPORT

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PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
DAN ENTITAS ANAK AND ITS SUBSIDIARIES
DAFTAR ISI TABLE OF CONTENTS

Halaman/
Page

SURAT PERNYATAAN DIREKSI 1 DIRECTORS’ STATEMENT LETTER

LAPORAN AUDITOR INDEPENDEN INDEPENDENT AUDITORS’ REPORT

LAPORAN KEUANGAN KONSOLIDASIAN – CONSOLIDATED FINANCIAL STATEMENTS –

Pada tanggal 31 Desember 2015, 2014 dan As of December 31, 2015, 2014 and January 1,
1 Januari 2014/31 Desember 2013 dan untuk 2014/December 31, 2013 and for the years
tahun-tahun yang berakhir 31 Desember 2015 ended December 31, 2015 and 2014
dan 2014

Laporan Posisi Keuangan Konsolidasian 2 Consolidated Statements of Financial Position

Laporan Laba Rugi dan Penghasilan Consolidated Statements of Profit or Loss and
Komprehensif Lain Konsolidasian 4 Other Comprehensive Income

Laporan Perubahan Ekuitas Konsolidasian 5 Consolidated Statements of Changes in Equity

Laporan Arus Kas Konsolidasian 6 Consolidated Statements of Cash Flows

Catatan Atas Laporan Keuangan Konsolidasian 8 Notes to Consolidated Financial Statements

INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION

Daftar I : Informasi Laporan Posisi Keuangan 132 Schedule I : Information on Statements of

Entitas Induk Financial Position of Parent
Entity

Daftar II : Informasi Laporan Laba Rugi dan 134 Schedule II : Information on Statements of
Penghasilan Komprehensif Lain Profit or Loss and Other
Entitas Induk Comprehensive Income of
Parent Entity

Daftar III : Informasi Laporan Perubahan Ekuitas 135 Schedule III : Information on Statements of
Entitas Induk Changes in Equity of Parent
Entity

Daftar IV : Informasi Laporan Arus Kas Entitas 136 Schedule IV : Information on Statements of
Induk Cash Flows of Parent Entity

Daftar V : Informasi Investasi Dalam Entitas 137 Schedule V : Information on Investment in

Anak Dan Entitas Asosiasi Subsidiaries and Associates

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 DECEMBER 31, 2013

1 Januari 2014/
31 Desember/ 31 Desember/ 31 Desember 2013/
Catatan/ December 31, December 31, January 1, 2014/
Notes 2015 2014 *) December 31, 2013 *)
Rp'000 Rp'000 Rp'000
ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 5 2.894.283.235 4.336.362.908 3.177.138.834 Cash and cash equivalents
Piutang usaha kepada pihak ketiga - Trade accounts receivable from
setelah dikurangi cadangan third parties - net of allowance
kerugian penurunan nilai sebesar for impairment losses of
Rp 357.847 ribu tahun 2015, Rp 357,847 thousand in 2015,
Rp 367.207 ribu tahun 2014 dan Rp 367,207 thousand in 2014 and
Rp 475.637 ribu tahun 2013 6 940.878.189 1.239.584.470 1.406.226.765 Rp 475,637 thousand in 2013
Piutang lain-lain Other accounts receivable
Pihak berelasi 7,41 18.773.279 27.695.038 31.730.984 Related parties
Pihak ketiga 163.305.982 256.601.669 184.973.281 Third parties
Persediaan Inventories
Hotel dan bioskop 8 12.247.700 9.916.959 11.201.315 Hotel and theater
Aset real estat 9 4.437.290.957 4.095.255.157 2.967.297.090 Real estate assets
Pajak dibayar dimuka 93.053.620 72.749.263 50.498.258 Prepaid taxes
Biaya dibayar dimuka 10 440.935.991 395.654.577 310.695.523 Prepaid expenses
Uang muka 780.947.447 466.199.921 607.284.756 Advances
Aset tidak lancar yang tersedia untuk dijual - Non-current asset held for sale -
bersih 11 - 18.531.304 - net

Jumlah Aset Lancar 9.781.716.400 10.918.551.266 8.747.046.806 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Persediaan Inventories
Hotel dan bioskop 8 61.815.139 61.938.150 56.118.655 Hotel and theater
Aset real estat 9 3.821.417.447 3.313.262.987 2.009.889.095 Real estate assets
Aset keuangan lainnya 12 146.001.605 138.275.016 85.431.820 Other financial assets
Biaya dibayar dimuka 10 18.750.000 19.500.000 20.250.000 Prepaid expenses
Investasi saham pada entitas asosiasi 13 245.937.448 203.193.952 183.075.351 Investment in associates
Uang muka investasi saham - - 166.200.347 Advances for investment in shares
Properti investasi - setelah dikurangi Investment properties - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 899.365.430 ribu tahun 2015, Rp 899,365,430 thousand in 2015,
Rp 705.803.670 ribu tahun 2014 dan Rp 705,803,670 thousand in 2014 and
Rp 521.166.154 ribu tahun 2013 14 6.706.537.828 5.660.662.996 5.533.185.618 Rp 521,166,154 thousand in 2013
Aset tetap - setelah dikurangi Property and equipment - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 440.855.858 ribu tahun 2015, Rp 440,855,858 thousand in 2015,
Rp 287.444.052 ribu tahun 2014 dan Rp 287,444,052 thousand in 2014 and
Rp 151.472.964 ribu tahun 2013 15 3.616.464.103 3.169.106.064 2.756.004.948 Rp 151,472,964 thousand in 2013
Biaya yang ditangguhkan - setelah Deferred charges - net of
dikurangi akumulasi amortisasi accumulated amortization of
sebesar Rp 75.338.893 ribu tahun 2015, Rp 75,338,893 thousand in 2015,
Rp 64.730.235 ribu tahun 2014 dan Rp 64,730,235 thousand in 2014 and
Rp 52.660.607 ribu tahun 2013 16 13.990.987 24.058.710 22.651.662 Rp 52,660,607 thousand in 2013
Aset pajak tangguhan 37 82.725.896 78.770.040 29.281.959 Deferred tax assets
Goodwill 30.334.910 30.334.910 30.334.910 Goodwill
Lain-lain 33.483.225 68.083.753 39.944.026 Others

Jumlah Aset Tidak Lancar 14.777.458.588 12.767.186.578 10.932.368.391 Total Non-Current Assets

JUMLAH ASET 24.559.174.988 23.685.737.844 19.679.415.197 TOTAL ASSETS

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN POSISI KEUANGAN KONSOLIDASIAN CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 (Lanjutan) DECEMBER 31, 2013 (Continued)

1 Januari 2014/
31 Desember/ 31 Desember/ 31 Desember 2013/
Catatan/ December 31, December 31, January 1, 2014/
Notes 2015 2014 *) December 31, 2013 *)
Rp'000 Rp'000 Rp'000
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank 17 8.058.139 12.788.352 9.747.552 Bank loan
Utang usaha kepada pihak ketiga 18 909.343.705 1.241.790.549 1.141.400.648 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi 7,41 19.613.799 11.850.342 15.279.870 Related parties
Pihak ketiga 573.736.360 648.092.172 910.322.169 Third parties
Utang pajak 19 147.362.925 190.246.609 238.393.956 Taxes payable
Biaya yang masih harus dibayar 229.756.445 176.664.901 115.546.431 Accrued expenses
Utang jangka panjang - yang jatuh
tempo dalam satu tahun: Current maturity of long-term liabilities:
Utang usaha kepada pihak ketiga - - 824.391 Trade accounts payable to third parties
Utang bank 20 357.319.287 420.875.094 477.928.494 Bank loans
Lembaga keuangan lainnya 21 - 7.782.852 9.309.213 Other financial institution
Utang obligasi 22 875.000.000 - 325.000.000 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap 711.030 663.333 1.301.678 and equipment
Uang muka penjualan dan pendapatan Advances from customers and
diterima dimuka - bagian yang unearned revenues - realized within
direalisasi dalam satu tahun 23 3.920.457.962 3.248.215.002 1.963.584.415 one year
Jumlah Liabilitas Jangka Pendek 7.041.359.652 5.958.969.206 5.208.638.817 Total Current Liabilities
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES
Utang jangka panjang - setelah dikurangi bagian
yang jatuh tempo dalam satu tahun: Long term liabilities - net of current maturity:
Utang bank 20 1.395.563.255 1.595.713.130 1.377.501.702 Bank loans
Lembaga keuangan lainnya 21 - - 7.782.852 Other financial institution
Utang obligasi 22 3.679.020.470 4.447.566.418 3.249.505.065 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap 184.795 952.380 351.281 and equipment
Utang lain-lain kepada pihak ketiga - - 11.803.327 Other accounts payable to third parties
Uang muka penjualan dan pendapatan Advances from customers and
diterima dimuka - setelah dikurangi unearned revenues - net of realized
yang direalisasi dalam satu tahun 23 3.077.155.338 3.042.852.477 2.455.831.202 within one year
Uang jaminan penyewa 122.577.341 83.089.399 91.733.619 Tenants' security deposits
Liabilitas imbalan pasca kerja 24 170.285.737 126.749.488 93.315.178 Post-employment benefits obligation
Liabilitas pajak tangguhan 37 359.472 264.846 170.219 Deferred tax liabilities
Jumlah Liabilitas Jangka Panjang 8.445.146.408 9.297.188.138 7.287.994.445 Total Non-Current Liabilities

EKUITAS EQUITY
Modal saham - nilai nominal Rp 100 per saham Capital stock - Rp 100 par value per share
Modal dasar - 57.400.000.000 saham Authorized - 57,400,000,000 shares
Modal ditempatkan dan disetor penuh - Subscribed and fully paid-up -
20.500.900.000 saham 25 2.050.090.000 2.050.090.000 2.050.090.000 20,500,900,000 shares
Tambahan modal disetor - bersih 26 1.389.679.134 1.389.679.134 1.389.679.134 Additional paid-in capital - net
Opsi saham 27 17.911.260 35.411.406 35.411.406 Stock options
Komponen ekuitas lainnya 27 17.500.146 - - Other equity component
Selisih transaksi ekuitas dengan Difference in value of equity transaction
pihak non-pengendali 1b 16.496.412 17.029.424 3.861 with non-controlling interests
Penghasilan komprehensif lain (28.872.419) (30.166.362) (29.896.949) Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 28 70.000.000 55.000.000 40.000.000 Appropriated
Tidak ditentukan penggunaannya 3.749.691.468 2.955.736.179 2.241.950.220 Unappropriated
Jumlah 7.282.496.001 6.472.779.781 5.727.237.672 Total
Dikurangi dengan biaya perolehan saham
diperoleh kembali - 1.136.338.300 saham Less cost of treasury stocks -
tahun 2015 dan 185.271.000 saham 1,136,338,300 shares in 2015 and
tahun 2014 29 (472.836.376) (61.737.013) - 185,271,000 shares in 2014

Ekuitas yang dapat diatribusikan Equity attributable to the owners

kepada pemilik entitas induk 6.809.659.625 6.411.042.768 5.727.237.672 of the Company
Kepentingan non-pengendali 30 2.263.009.303 2.018.537.732 1.455.544.263 Non-controlling interests
Jumlah Ekuitas 9.072.668.928 8.429.580.500 7.182.781.935 Total Equity
JUMLAH LIABILITAS DAN EKUITAS 24.559.174.988 23.685.737.844 19.679.415.197 TOTAL LIABILITIES AND EQUITY

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN LABA RUGI DAN PENGHASILAN KOMPREHENSIF CONSOLIDATED STATEMENTS OF PROFIT OR LOSS
LAIN KONSOLIDASIAN AND OTHER COMPREHENSIVE INCOME
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014

Catatan /
Notes 2015 2014 *)
Rp'000 Rp'000

PENJUALAN DAN PENDAPATAN USAHA 31 5.971.581.977 5.296.565.860 SALES AND REVENUES

BEBAN POKOK PENJUALAN DAN COST OF SALES AND

BEBAN LANGSUNG 32 2.880.685.495 2.641.735.173 DIRECT COSTS

LABA KOTOR 3.090.896.482 2.654.830.687 GROSS PROFIT

Beban penjualan 33 (399.007.595) (412.499.516) Selling expenses

Beban umum dan administrasi 34 (1.003.625.365) (814.766.762) General and administrative expenses
Bagian laba bersih entitas asosiasi 13 110.803.136 89.338.264 Share in net income of associates
Penghasilan bunga 35 267.468.888 220.569.714 Interest income
Beban bunga dan keuangan 36 (683.405.853) (613.844.904) Interest expense and financial charges
Keuntungan lainnya - bersih 73.493.130 102.837.455 Other gains - net
Beban pajak final 37a (317.701.878) (288.081.115) Final tax expense

LABA SEBELUM PAJAK 1.138.920.945 938.383.823 PROFIT BEFORE TAX

MANFAAT (BEBAN) PAJAK PENGHASILAN - INCOME TAX BENEFIT (EXPENSE) -

BERSIH 37b (22.157.498) 42.580.102 NET

LABA BERSIH TAHUN BERJALAN 1.116.763.447 980.963.925 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME

Pos yang tidak akan direklasifikasi Items that will not be reclassified
ke laba rugi: subsequently to profit or loss:
Pengukuran kembali atas program Remeasurement of defined
imbalan pasti 24 2.482.965 (1.458.592) benefits obligation
Manfaat (beban) pajak penghasilan (513.601) 1.562.289 Income tax benefit (expense)

Pengukuran kembali atas kewajiban imbalan - Remeasurement of defined benefits

setelah dikurangi pajak 1.969.364 103.697 obligation - net of tax
Bagian penghasilan komprehensif Share in other comprehensive
lain atas entitas asosiasi (659.640) (594.663) income of associates

Jumlah Penghasilan Komprehensif Lain Total Other Comprehensive Income for

Tahun Berjalan Setelah Dikurangi Pajak 1.309.724 (490.966) the Year - Net of Tax

JUMLAH LABA KOMPREHENSIF TOTAL COMPREHENSIVE INCOME

TAHUN BERJALAN 1.118.073.171 980.472.959 FOR THE YEAR

LABA BERSIH TAHUN BERJALAN YANG PROFIT FOR THE YEAR

DAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik Entitas Induk 808.955.289 851.791.359 Owners of the Company
Kepentingan Non-pengendali 30 307.808.158 129.172.566 Non-controlling interests

Jumlah 1.116.763.447 980.963.925 Total

JUMLAH LABA KOMPREHENSIF YANG TOTAL COMPREHENSIVE INCOME

DAPAT DIATRIBUSIKAN KEPADA: ATTRIBUTABLE TO:
Pemilik Entitas Induk 810.249.232 851.521.946 Owners of the Company
Kepentingan Non-pengendali 307.823.939 128.951.013 Non-controlling interests

Jumlah 1.118.073.171 980.472.959 Total

Rp Rp
LABA PER SAHAM 38 EARNINGS PER SHARE
(Dalam Rupiah penuh) (In full Rupiah amount)
Dasar 41,47 41,56 Basic
Dilusian 41,43 - Diluted

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

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 PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN PERUBAHAN EKUITAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2015 DAN 2014 FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

Selisih
transaksi ekuitas
dengan pihak Penghasilan komprehensif lain/
non-pengendali/ Other comprehensive income
Difference Bagian penghasilan Pengukuran Ekuitas yang
in value of komprehensif lain kembali program dapat diatribusikan
Tambahan Komponen equity atas entitas imbalan pasti/ Saham kepada pemilik
modal disetor ekuitas transactions asosiasi/ Remeasurement Saldo laba/Retained earnings diperoleh entitas induk/ Kepentingan Jumlah
Modal disetor/ -bersih/ Opsi lainnya/ with Share in other of defined Ditentukan Tidak ditentukan kembali/ Equity attributable non-pengendali/ ekuitas/
Catatan/ Paid-up capital Additional paid saham/ Other equity non-controlling comprehensive benefits penggunaannya/ penggunaannya/ Treasury to the owners Non-controlling Total
Notes stock in capital-net Stock options component interests income of associates obligation Appropriated Unappropriated stocks of the Company interests equity
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

Saldo per 1 Januari 2014 Balance as of January 1, 2014

(setelah dilaporkan kembali) 2.050.090.000 1.389.679.134 35.411.406 - 3.861 - - 40.000.000 2.240.526.025 - 5.755.710.426 1.456.972.965 7.212.683.391 (as previously reported)

Perubahan kebijakan akuntansi 2 - - - - - (1.807.745) (28.089.204) - 1.424.195 - (28.472.754) (1.428.702) (29.901.456) Changes in accounting policy

Saldo 1 Januari 2014 Balance as of January 1, 2014

(setelah disajikan kembali) *)
Cadangan umum
Pembagian dividen tunai
Penarikan modal kepentingan
non-pengendali entitas anak
Pembagian dividen kepentingan
non-pengendali
Pembelian sebagian kepemilikan
saham entitas anak
Setoran modal kepentingan
non-pengendali entitas anak
Kenaikan nilai wajar kepentingan
non-pengendali karena
akuisisi entitas anak
Saham diperoleh kembali
Jumlah laba komprehensif
tahun berjalan *)
2.050.090.000 1.389.679.134 35.411.406
28 - -
28 - -
- -
- -
1b - -
- -
- -
29 - -
- -
- 3.861 (1.807.745) (28.089.204) 40.000.000 2.241.950.220 - 5.727.237.672 1.455.544.263 7.182.781.935 (after restated) *)
- - - - - 15.000.000 (15.000.000) - - - - Appropriation for general reserves
- - - - - - (123.005.400) - (123.005.400) - (123.005.400) Cash dividend distributions of shareholder
Withdrawal of capital of non-controlling
- - - - - - - - - (1.418.800) (1.418.800) interest of subsidiaries
Withdrawal of dividend of non-controlling
- - - - - - - - - (12.552.660) (12.552.660) interest of subsidiaries
Partial addition of interest in
- - 17.025.563 - - - - - 17.025.563 (180.132.465) (163.106.902) subsidiary
Paid-up capital of non-controlling
- - - - - - - - - 535.331.660 535.331.660 interest of subsidiaries
Increase in fair value of
non-controlling interest for
- - - - - - - - - 92.814.721 92.814.721 acquisition of subsidiaries
- - - - - - - (61.737.013) (61.737.013) - (61.737.013) Purchase of treasury stocks
Total comprehensive income
- - - (594.663) 325.250 - 851.791.359 - 851.521.946 128.951.013 980.472.959 for the year *)

Saldo per 31 Desember 2014 *) 2.050.090.000 1.389.679.134 35.411.406 - 17.029.424 (2.402.408) (27.763.954) 55.000.000 2.955.736.179 (61.737.013) 6.411.042.768 2.018.537.732 8.429.580.500 Balance as of December 31, 2014 *)

F-142
Cadangan umum
Pembelian sebagian kepemilikan
saham entitas anak
Penghapusan opsi saham biasa
yang tidak dieksekusi
Pembagian dividen dan uang muka
dividen kepentingan non-pengendali
Peningkatan setoran modal
non-pengendali
Setoran modal kepentingan
non-pengendali entitas anak
Saham diperoleh kembali
Jumlah laba komprehensif
tahun berjalan
28 - -
1b - -
27 - - (17.500.146)
- -
- -
- -
29 - -
- -
- -
- -
17.500.146
- -
- -
- -
- -
- -
- -
(533.012) - -
- -
- -
- -
- -
- -
- (659.640)
- 15.000.000 (15.000.000) - - - - Appropriation for general reserves
Partial addition of interest in
- - - (533.012) (816.988) (1.350.000) subsidiary
Write-off stock option that are already
- - - - - - - expired
Dividends and advances for dividends
distributed by subsidiaries to
- - - - - (156.128.020) (156.128.020) non-controlling interests
- - - - - 93.592.240 93.592.240 Capital increase of subsidiaries
Paid-up capital of non-controlling
- - - - - 400 400 interest of subsidiaries
- - - (411.099.363) (411.099.363) - (411.099.363) Purchase of treasury stocks
Total comprehensive income
1.953.583 - 808.955.289 - 810.249.232 307.823.939 1.118.073.171 for the year

Saldo per 31 Desember 2015 2.050.090.000 1.389.679.134 17.911.260 17.500.146 16.496.412 (3.062.048) (25.810.371) 70.000.000 3.749.691.468 (472.836.376) 6.809.659.625 2.263.009.303 9.072.668.928 Balance as of December 31, 2015

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

Lihat catatan atas laporan keuangan konsolidasian yang merupakan bagian See accompanying notes to consolidated financial statements
yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements

-5-
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014

2015 2014 *)
Rp'000 Rp'000
CASH FLOWS FROM OPERATING
ARUS KAS DARI AKTIVITAS OPERASI ACTIVITIES
Penerimaan kas dari pelanggan 7.053.271.659 7.458.731.094 Cash receipts from customers
Pembayaran beban pajak final (413.410.505) (364.924.217) Final tax expense paid

Penerimaan kas dari pelanggan-bersih 6.639.861.154 7.093.806.877 Cash receipts from customers-net
Pembayaran kas kepada karyawan (574.171.437) (462.469.945) Cash paid to employees
Pembayaran kas kepada pemasok dan untuk Cash paid to suppliers and other
beban operasional lainnya (5.797.298.936) (5.358.925.365) operating expenses

Kas dihasilkan dari operasi 268.390.781 1.272.411.567 Cash provided by operations

Pembayaran beban bunga dan keuangan (718.030.983) (647.002.111) Interest and financial charges paid
Pembayaran pajak penghasilan (25.095.108) (4.221.672) Income taxes paid

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in) Operating
Aktivitas Operasi (474.735.310) 621.187.784 Activities

CASH FLOWS FROM INVESTING

ARUS KAS DARI AKTIVITAS INVESTASI ACTIVITIES
Penerimaan dividen entitas asosiasi 67.400.000 68.625.000 Dividends received from associates
Penerimaan bunga 296.773.237 204.408.710 Interest received
Hasil penjualan aset tidak lancar - tersedia Proceeds from the sale of non - current asset
untuk dijual 19.739.605 - held for sale - net
Hasil penjualan aset tetap 916.324 826.120 Proceeds from sale of property and equipment
Pencairan aset keuangan lainnya - Withdrawal of other financial assets -
deposito berjangka 8.006.560 2.898.661 time deposits
Penerimaan piutang lain-lain dari Decrease in other accounts receivable
pihak berelasi 13.326.993 8.134.758 from related parties
Penempatan aset keuangan lainnya - Placement of other financial assets -
investasi saham - (9.000.000) investment in shares
Pengurangan (penambahan) aset keuangan Decrease (increase) of other financial
lainnya - rekening bank yang assets - restricted cash
dibatasi penggunaannya 9.068.825 (15.947.404) in banks
Pemberian piutang lain-lain kepada Increase in other accounts receivable
pihak berelasi (4.405.234) (4.098.812) from related parties
Pembayaran biaya yang ditangguhkan (3.596.203) (13.106.929) Deferred charges paid
Penempatan aset keuangan lainnya - Placement of other financial assets -
deposito berjangka (31.775.231) (24.825.347) time deposits
Arus kas bersih dari akuisisi entitas anak - 63.471.674 Net cash on acquisition of subsidiaries
Perolehan properti investasi (320.157.242) (385.915.929) Acquisitions of investment property
Perolehan aset tetap (444.672.354) (426.230.375) Acquisitions of property and equipment

Kas Bersih Digunakan untuk Aktivitas Investasi (389.374.720) (530.759.873) Net Cash Used in Investing Activities

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

-6-

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
LAPORAN ARUS KAS KONSOLIDASIAN CONSOLIDATED STATEMENTS OF CASH FLOWS
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 (Lanjutan) DECEMBER 31, 2015 AND 2014 (Continued)

2015 2014 *)
Rp'000 Rp'000

CASH FLOWS FROM FINANCING

ARUS KAS DARI AKTIVITAS PENDANAAN ACTIVITIES
Penerimaan dana obligasi 99.000.000 1.201.000.000 Proceeds from bonds payable
Pembayaran utang obligasi - (325.000.000) Payment of bonds payable
Penerimaan utang bank jangka pendek - 3.040.800 Proceeds from short-term bank loans
Pembayaran utang bank jangka pendek (4.730.213) - Payment of short-term bank loans
Penerimaan utang bank jangka panjang 166.834.000 520.824.221 Proceeds from long-term bank loans
Pembayaran utang bank jangka panjang (417.437.094) (488.091.583) Payment of long-term bank loans
Penerimaan utang lain-lain dari Increase of other accounts payable
pihak berelasi 8.700.642 6.963.249 to related parties
Penerimaan setoran modal dan uang muka Additional capital contribution and advance
setoran modal entitas anak dari for capital stock subscription of
pemegang saham lainnya 93.592.640 535.331.660 subsidiaries from other shareholders
Penarikan setoran modal entitas anak Decrease in capital contribution of subsidiaries
dari pemegang saham lainnya - (1.418.800) from other shareholders
Pembayaran kepemilikan saham Payment of share from non-controlling
kepentingan non-pengendali (1.350.000) (163.106.902) interests
Perolehan saham yang diperoleh kembali (411.099.363) (61.737.013) Cost of treasury stocks
Payment of liabilities for purchase of
Pembayaran utang pembelian aset tetap (1.878.628) (1.229.473) property and equipment
Pembayaran utang lain-lain kepada Payment of other accounts payable
pihak berelasi (937.185) (10.392.777) to related parties
Pembayaran dividen kepada Payment of dividends to non-controlling
kepentingan non-pengendali (156.128.020) (12.552.660) interests
Pembayaran utang lembaga keuangan lainnya (7.782.852) (9.309.213) Payment of other financial institution liabilities
Pembayaran biaya emisi obligasi (1.368.484) (9.799.062) Payment of bond issuance costs
Pembayaran dividen tunai - (123.005.400) Payment of cash dividends

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in) Financing
Aktivitas Pendanaan (634.584.557) 1.061.517.047 Activities

KENAIKAN (PENURUNAN) BERSIH KAS DAN NET INCREASE (DECREASE) IN CASH

SETARA KAS (1.498.694.587) 1.151.944.958 AND CASH EQUIVALENTS
Pengaruh perubahan kurs mata uang asing 56.614.914 7.279.116 Effect of foreign exchange rate changes

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN 4.336.362.908 3.177.138.834 AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AKHIR TAHUN 2.894.283.235 4.336.362.908 AT END OF YEAR

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

Lihat catatan atas laporan keuangan konsolidasian yang merupakan See accompanying notes to consolidated financial statements
bagian yang tidak terpisahkan dari laporan keuangan konsolidasian. which are an integral part of the consolidated financial statements.

-7-

F-144
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014
1. UMUM
a. Pendirian dan Informasi Umum
PT Agung Podomoro Land (“Perusahaan”)
didirikan dengan akta No. 29 tanggal 30 Juli 2004
dari Sri Laksmi Damayanti, S.H., notaris
pengganti dari Siti Pertiwi Henny Singgih, S.H.,
notaris di Jakarta. Akta pendirian tersebut telah
disahkan oleh Menteri Kehakiman dan Hak Asasi
Manusia Republik Indonesia dengan Surat
Keputusan No. C-21538 HT.01.01.TH.2004 tanggal
26 Agustus 2004, serta diumumkan dalam Berita
Negara Republik Indonesia No. 91 tanggal
12 Nopember 2004, Tambahan No. 11289.
Anggaran dasar Perusahaan telah mengalami
beberapa kali perubahan, terakhir dengan akta
notaris No.11 tanggal 3 Juni 2015, dari
Ardi Kristiar, S.H., MBA, notaris pengganti dari
Yulia, S.H., notaris di Jakarta Selatan,
sehubungan dengan penyesuaian terhadap
Peraturan Otoritas Jasa Keuangan
No. 32/POJK.04/2014 mengenai Rencana dan
Penyelenggaraan Rapat Umum Pemegang
Saham Perusahaan Terbuka. Akta perubahan ini
telah diberitahukan kepada Menteri Hukum dan
Hak Asasi Manusia Republik Indonesia dengan
Surat Keputusan No. AHU-AH.01.03-0937300
tanggal 5 Juni 2015.
Sesuai dengan pasal 3 anggaran dasar
Perusahaan, ruang lingkup kegiatan Perusahaan
meliputi usaha dalam bidang real estat, termasuk
pembebasan tanah, pengembang, dan penjualan
tanah, baik tanah untuk perumahan, maupun
tanah untuk industri, serta penjualan tanah berikut
bangunannya. Perusahaan mulai beroperasi
secara komersial pada tahun 2004. Pada saat ini
kegiatan usaha yang dijalankan Perusahaan
meliputi pembebasan tanah, pengembang real
estat, persewaan dan penjualan tanah berikut
bangunannya atas apartemen, pusat
perbelanjaan dan perkantoran dengan proyek
Mediterania Garden Residence 2, Central Park,
Royal Mediterania Garden, Garden Shopping
Arcade, Gading Nias Emerald, Gading Nias
Residence, Grand Emerald, Gading Nias
Shopping Arcade, Madison Park, Garden
Shopping Arcade 2 dan Grand Madison serta
melakukan investasi pada entitas anak dan
asosiasi.
Perusahaan berdomisili di Jakarta dengan kantor
pusat beralamat di APL Tower, Jalan Letjen S.
Parman Kav. 28, Jakarta Barat.
Jumlah karyawan tetap Perusahaan dan entitas
anak (“Grup”) sebanyak 1.985 dan 1.484
karyawan masing-masing pada tanggal
31 Desember 2015 dan 2014.
Perusahaan tergabung dalam kelompok usaha
Agung Podomoro.
-8-
F-145
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014
1. GENERAL
a. Establishment and General Information
PT. Agung Podomoro Land (the ”Company”) was
established based on notarial deed No. 29 dated
July 30, 2004, of Sri Laksmi Damayanti, S.H.,
replacement of Siti Pertiwi Henny Singgih, S.H.,
notary in Jakarta. The deed of establishment was
approved by the Minister of Justice and Human
Rights of the Republic of Indonesia through
Decision Letter No. C-21538 HT.01.01.TH.2004
dated August 26, 2004 and was published in the
State Gazette of the Republic of Indonesia No. 91
dated November 12, 2004, Supplements
No. 11289. The Company’s articles of Association
have been amended several times, most recently
by notarial deed No. 11 dated June 3, 2015, of
Ardi Kristiar, S.H., MBA, replacement of
Yulia S.H., notary in South Jakarta, regarding the
amendments to conform with Otoritas Jasa
Keuangan Regulation No. 32/POJK.04/2014 on
Planning and Implementation of General Meeting
of Shareholder of Limited Liability Companies.
This deed was acknowledged by the Minister of
Law and Human Rights of the Republic of
Indonesia through Decision Letter
No. AHU-AH.01.03-0937300 dated June 5, 2015.
In accordance with article 3 of the Company’s
articles of association, the scope of its activities is
to engage mainly in real estate business,
including land acquisition, development, and sale
of land, either land for housing, or land for
industries, and sale of land along with the
building. The Company started its commercial
operations in 2004. Currently, the Company’s
main business activities include land acquisition,
real estate development, rental and sale of land
including building apartments, malls and offices,
with projects namely Mediterania Garden
Residence 2, Central Park, Royal Mediterania
Garden, Garden Shopping Arcade, Gading Nias
Emerald, Gading Nias Residence, Grand
Emerald, Gading Nias Shopping Arcade, Madison
Park, Garden Shopping Arcade 2 and Grand
Madison and investing in subsidiaries and
associates.
The Company is domiciled in Jakarta with its head
office located at APL Tower, Jalan Letjen S.
Parman Kav. 28, West Jakarta.
The Company and its subsidiaries (”Group”) had
average total number of 1,985 and 1,484
employees as of December 31, 2015 and 2014,
respectively.
The Company is part of Agung Podomoro Group.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2013 AND FOR THE YEARS
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan) ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Susunan pengurus Perusahaan pada tanggal The Company’s management as of December 31,
31 Desember 2015 dan 2014 adalah sebagai 2015 and 2014 consists of the following:
berikut:

31 Desember 2015/ 31 Desember 2014/

December 31, 2015 December 31, 2014
Komisaris Utama Cosmas Batubara Cosmas Batubara President Commissioner
Komisaris Independen Bacelius Ruru Bacelius Ruru Independent Commissioner
Komisaris Wibow o Ngaserin Wibow o Ngaserin Commissioner
Direktur Utama Ariesman Widjaja Trihatma Kusuma Haliman President Director
Wakil Direktur Utama H. Noer Indradjaja Ariesman Widjaja Vice President Directors
Veriyanto Setiady Indra Wijaya

Direktur Bambang Setiobudi Madja H. Noer Indradjaja Directors

Miarni Ang Bambang Setiobudi Madja
Paul Christian Ariyanto Miarni Ang
Paul Christian Ariyanto

Direktur Independen Cesar M. Dela Cruz Cesar M. Dela Cruz Independent Director

Kom ite Audit Audit Com m ittee

Ketua Bacelius Ruru Bacelius Ruru Chairman
Anggota Indaryono Indaryono Members
Djajarizki Djajarizki
Sekretaris Perusahaan Justini Omas Justini Omas Corporate Secretary

Unit Audit Internal Laurence Untu Laurence Untu Internal Audit Unit

b. Entitas Anak b. Consolidated Subsidiaries

i. Rincian entitas anak Grup pada akhir periode i. Details of the Group’s subsidiaries at the end
pelaporan adalah sebagai berikut: of the reporting period are as follows:
Disajikan kembali
Catatan 2/
Persentase Tahun Operasi As restated Note 2
Pemilikan/ Komersial/ Jumlah aset sebelum eliminasi/
Percentage of Start of Total assets b efore elimination
Entitas Anak/ Jenis Proyek/ Domisili/ Ownership Commercial Nama Proyek/ 31 Desember/Decemb er 31,
Sub sidiaries Project Type Domicile 2015 2014 Operations Project Name 2015 2014
Rp’000 Rp’000
Kepemilikan langsung/Direct method

PT Brilliant Sakti Persada (BSP) Pusat perbelanjaan, Bandung 58,84% 58,84% 2009 Festival CityLink 549.931.877 570.014.247
dan hotel/
Mall and hotel

PT Kencana Unggul Sukses (KUS) Pusat perbelanjaan, Jakarta 99,82% 99,82% 2009 Green Bay 3.803.125.383 3.627.113.399
dan apartemen /
Mall and
apartments

PT Arah Sejahtera Abadi (ASA) Pusat perbelanjaan, Jakarta 60,00% 60,00% 2005 Kuningan City 1.003.130.228 1.103.388.522
apartemen dan perkantoran/
Mall, apartments
and offices

PT Intersatria Budi Karya Pratama (IBKP) Apartemen/ Apartments Jakarta 80,00% 80,00% 2006 The Lavande 6.941.960 36.625.359

PT Buana Surya Makmur (BSM) Apartemen, perumahan dan Jakarta 99,93% 99,90% 2010 Green Lake 806.503.665 809.102.138
Rumah toko/Apartments, Sunter
housing and shop houses

PT Kharisma Bhakti Sejahtera (KBS) Apartemen dan perumahan/ Jakarta 70,00% 70,00% 2010 Green Permata 144.046.380 170.649.980
Apartments and housing

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2013 AND FOR THE YEARS
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan) ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Disajikan kembali
Catatan 2/
Persentase Tahun Operasi As restated Note 2
Pemilikan/ Komersial/ Jumlah aset sebelum eliminasi/
Percentage of Start of Total assets before elimination
Entitas Anak/ Jenis Proyek/ Domisili/ Ownership Commercial Nama Proyek/ 31 Desember/December 31,
Subsidiaries Project Type Domicile 2015 2014 Operations Project Name 2015 2014
Rp’000 Rp’000

PT Central Pesona Palace (CPP) *) Pengelola hotel/Hotel operator Jakarta 100,00% 100,00% 2011 Hotel Pullman 59.176.860 86.997.241
Jakarta Central Park

PT Central Indah Palace (CIP) Pemilik dan pengelola hotel/ Jakarta 75,00% 75,00% 2011 Hotel Amaris 74.890.349 79.294.999
Owner and hotel operator Thamrin City

PT Pesona Gerbang Karawang (PGK) Perumahan/Housing Karawang 90,00% 90,00% 1993 Grand Taruma 586.533.838 507.055.876

PT Griya Pancaloka (GPL) Pemilik dan pengelola hotel/ Bali 99,91% 99,79% 2013 Sofitel Nusa Dua 1.459.345.469 1.526.750.572
Owner and hotel operator Bali Beach Resort

PT Putra Adhi Prima (PAP) Perumahan dan pengelola Jawa Barat 99,90% 99,90% 2012 Vimala Hills 680.932.129 798.459.905
hotel/
Housing and hotel operator

PT Cipta Pesona Karya (CPKA) Rumah kantor, perkantoran Jakarta 99,99% 99,99% 2012 SOHO@ 380.479.596 321.461.664
dan pusat perbelanjaan/ Pancoran
Home office, offices and mall

PT Karya Gemilang Perkasa (KGP) Perusahaan investasi/ Jakarta 99,90% 99,90% 2011 - 768.251.650 776.717.245
Investment holding company

PT Tiara Metropolitan Indah (TMI) Rumah kantor, perkantoran Jakarta 99,93% 99,93% 2012 SOHO@ 1.257.969.235 1.171.713.426
dan pusat perbelanjaan/ Podomorocity
Home office, offices and mall

PT Alam Hijau Teduh (AHT) Apartemen/Apartments Jakarta 80,00% 80,00% 2012 Metro Park 220.116.424 568.348.095
Residence

PT Central Cipta Bersama (CCB) - Makassar 51,00% 51,00% Pra-operasi / - 75.534.916 63.920.083
Pre-operating

PT Tunas Karya Bersama (TKB) - Makassar 51,00% 51,00% Pra-operasi / - 92.308.848 92.346.798
Pre-operating

PT Sentral Agung Indah (SAI) Pemilik dan pengelola hotel/ Jakarta 51,00% 51,00% 2013 The BnB Hotel 58.330.777 61.321.585
Owner and hotel operator

PT Agung Kencana Sukses (AKS) *) - Jakarta 100,00% 100,00% Pra-operasi / - 38.634.990 38.575.599
Pre-operating

PT JKS Realty (JKS) Apartemen/Apartments Bandung 51,00% 51,00% 2013 Parahyangan 253.078.434 484.908.687
Residences

PT Pandega Citraniaga (PCN) Pusat perbelanjaan Balikpapan 65,00% 65,00% 2012 The Plaza 1.038.340.467 783.173.198
dan apartemen/ Balikpapan
Mall and apartments

PT Bali Perkasasukses (BPS) Pemilik dan pengelola hotel/ Bali 51,00% 51,00% Pra-operasi / Hotel Indigo 663.956.089 471.801.115
Owner and hotel operator Pre-operating Seminyak Bali

PT Buana Makmur Indah (BMI)

d/h / formerly PT Sumber Air
Mas Pratama (SAMP) - Karawang 55,00% 55,00% Pra-operasi / - 563.958.522 521.378.921
Pre-operating

PT Graha Tunas Selaras (GTS) *) Apartemen/Apartments Jakarta 100,00% 100,00% 2015 Podomoro 356.656.975 138.504.088
Golf View

PT Alam Makmur Indah (AMI) - Karawang 70,00% 70,00% Pra-operasi/ - 529.337.304 537.711.566
Pre-operating

PT Tritunggal Lestari Makmur (TTLM) Pemilik dan pengelola hotel/ Bandung 87,50% 85,00% Pra-operasi/ Hotel Pullman 351.404.239 236.327.634
Owner and hotel operator Pre-operating Bandung City Center

- 10 -

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2013 AND FOR THE YEARS
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan) ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Disajikan kembali
Catatan 2/
Persentase Tahun Operasi As restated Note 2
Pemilikan Komersial/ Jumlah aset sebelum eliminasi/
Percentage of Start of Total assets b efore elimination
Entitas Anak/ Jenis Proyek/ Domisili/ Ownership Commercial Nama Proyek/ 31 Desember/Decemb er 31,
Sub sidiaries Project Type Domicile 2015 2014 Operations Project Name 2015 2014
Rp’000 Rp’000

PT Karya Pratama Propertindo (KPP) *) - Jakarta 100,00% 100,00% Pra-operasi / Sofitel Bali Ubud 146.854.832 136.117.248
Pre-operating Resort and Spa

PT Simprug Mahkota Indah (SMI) Apartemen/ Jakarta 60,00% 60,00% 2015 The Pakubuwono 1.020.569.734 659.518.374
Apartment Spring

PT Agung Pesona Unggul (APU) *) - Jakarta 100,00% 100,00% Pra-operasi / - 482.067 482.559
Pre-operating

PT Pesona Agung Lestari (PAL) *) - Jakarta 100,00% 100,00% Pra-operasi / - 1.012.564 6.005.227
Pre-operating

PT Griya Agung Sukses (GAS) *) - Jakarta 100,00% 100,00% Pra-operasi / - 499.900 480.300
Pre-operating

PT Dimas Pratama Indah (DPI) Apartemen, rumah toko dan Batam 80,00% 80,00% 2013 Orchard Park 674.513.497 348.731.336
rumah/Apartment, Batam
shop house and houses

PT Sinar Menara Deli (SMD) Apartemen, perkantoran, Medan 58,00% 58,00% 2013 Podomoro City 1.682.816.831 1.331.830.788
pusat perbelanjaan, dan Deli Medan
pengelola hotel/
Apartment, office , mall, and
hotel operator

PT Wahana Sentra Sejati (WSS) Rumah toko/ Jakarta 69,00% 69,00% 2013 Harco Glodok 464.497.144 431.225.180
shophouses

PT Caturmas Karsaudara (CMK) Pusat perbelanjaan/ Jakarta 50,01% 50,01% 2014 Plaza Kenari 349.364.196 332.909.467
Mall Mas

PT Graha Cipta Kharisma (GCK) - Jakarta 85,00% 85,00% Pra-operasi / Podomoro Park 598.306.738 426.170.866
Pre-operating

PT Central Tata Makmur (CTM) - Jakarta 99,98% - Pra-operasi / - 500.000 -

Pre-operating

PT Podomoro Bangun Abadi (PBA) - Jakarta 99,98% - Pra-operasi / - 500.000 -

Pre-operating

PT Podomoro Central Sejahtera (PCS) - Jakarta 99,98% - Pra-operasi / - 500.000 -

Pre-operating

PT Podomoro Sukses Lestari (PSL) - Jakarta 99,98% - Pra-operasi / - 500.000 -

Pre-operating

Kepemilikan tidak langsung/Indirect Method

PT Pluit Propertindo (PP) **) Pusat perbelanjaan/ Jakarta 52,78% 52,78% 2009 Mal Emporium 713.179.504 762.123.998
Mall Pluit

PT Agung Dinamika Perkasa (ADP) ***) - Jakarta 99,82% 99,82% Pra-operasi / - 319.324.066 251.912.456
Pre-operating

PT Muara Wisesa Samudra (MWS) ***) - Jakarta 79,86% 79,86% 2012 Pluit City 1.826.403.840 1.316.177.814

PT Tirta Kelola Sukses (TKS) ***) - Jakarta 99,82% 99,76% Pra-operasi / - 8.020.666 5.351.639
Pre-operating

PT Kencana Kelola Sukses (KKS) ***) - Jakarta 99,72% 99,72% Pra-operasi / - 78.756 79.223
Pre-operating

PT Buana Surya Lestari (BSL) ****) - Jakarta 89,91% 89,91% Pra-operasi / - 272.374.244 272.189.592
Pre-operating

PT Jaladri Kartika Pakci (JKP) ****) - Jakarta 99,90% 99,90% Pra-operasi / - 480.972.076 422.153.088
Pre-operating

PT Astakona Megahtama (AM) *****) - Karawang 89,99% 89,99% Pra-operasi / - 151.167.618 131.505.280
Pre-operating

PT Tatar Kertabumi (TK) *****) - Karawang 89,93% 89,93% Pra-operasi / - 108.375.520 107.754.598
Pre-operating

PT Pandega Layar Prima (PLP) ******) - Balikpapan 64,94% 64,94% 2013 - 1.910.672 3.984.405

*) Termasuk kepemilikan tidak langsung melalui KUS sebesar 0,02%/Including indirect ownership through KUS for 0.02%
**) Kepemilikan tidak langsung melalui KGP / Indirect ownership throught KGP
***) Kepemilikan tidak langsung melalui KUS / Indirect ownership throught KUS
****) Kepemilikan tidak langsung melalui BSM / Indirect ownership throught BSM
*****) Kepemilikan tidak langsung melalui PGK / Indirect ownership throught PGK
******) Kepemilikan tidak langsung melalui PCN / Indirect ownership throught PCN

- 11 -

F-148
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
2015
Pada bulan Desember 2015, Perusahaan
mendirikan CTM, PBA, PCS dan PSL dengan
modal ditempatkan dan disetor masing-masing
sebesar Rp 499.900 ribu atau setara dengan
99,98% kepemilikan saham CTM, PBA, PCS
dan PSL.
Pada bulan Desember 2015, Perusahaan
membeli saham TTLM dari pemegang saham
lainnya, sebesar Rp 1.350.000 ribu atau setara
dengan 2,5% kepemilikan di TTLM. Selisih
yang timbul dari pembelian sebagian
kepemilikan entitas anak dengan nilai buku dari
kepentingan non-pengendali sebesar
Rp 533.012 ribu diakui sebagai selisih
transaksi ekuitas dengan pihak non-pengendali
pada laporan posisi keuangan konsolidasian.
2014
Pada bulan Pebruari 2014, Perusahaan
membeli saham GPL dari pemegang saham
lainnya, sebesar Rp 163.106.902 ribu atau
setara dengan 24,74%. Selisih yang timbul dari
pembelian sebagian kepemilikan entitas anak
dengan nilai buku dari kepentingan non-
pengendali sebesar Rp 17.025.563 ribu diakui
sebagai selisih transaksi ekuitas dengan pihak
non-pengendali pada laporan posisi keuangan
konsolidasian.
Pada tahun 2014, Perusahaan juga melakukan
akuisisi entitas anak WSS, GCK dan CMK
seperti yang diungkapkan pada Catatan 39.
c. Penawaran Umum Efek Grup
Saham
Pada tanggal 1 Nopember 2010, Perusahaan
memperoleh pernyataan efektif dari Ketua Badan
Pengawas Pasar Modal dan Lembaga Keuangan
Bapepam-LK, (sekarang Otoritas Jasa Keuangan -
OJK) dengan suratnya No. S-9845/BL/2010 untuk
melakukan penawaran umum perdana
6.150.000.000 saham Perusahaan kepada
masyarakat. Pada tanggal 11 Nopember 2010,
saham tersebut telah dicatatkan pada Bursa Efek
Indonesia.
Pada tanggal 11 Nopember 2010, 14.350.000.000
saham Perusahaan milik pemegang saham
pendiri telah tercatat pada Bursa Efek Indonesia.
Pada tanggal 31 Desember 2015, seluruh saham
Perusahaan sebanyak 20.500.900.000 saham
telah tercatat pada Bursa Efek Indonesia.
- 12 -
F-149
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
2015
In December 2015, the Company established
CTM, PBA, PCS and PSL with issued and
paid-up capital of Rp 499,900 thousand or
equivalent to 99.98% ownership in CTM, PBA,
PCS and PSL.
In December 2015, the Company bought
TTLM’s share from another shareholder,
amounting to Rp 1,350,000 thousand or
equivalent to 2.5% ownership in TTLM.
Difference between cash consideration from
the purchase of partial addition of interest in
subsidiaries and carrying amount of non-
controlling interest amounting to Rp 533,012
thousand was recognized as difference in value
of equity transaction with non-controlling
interest in the consolidated statements of
financial position.
2014
In February 2014, the Company bought GPL’s
share from another shareholder, amounting to
Rp 163,106,902 thousand or equivalent to
24.74% ownership in GPL. Difference between
cash consideration from purchase of partial
addition of interest in subsidiaries and carrying
amount of non-controlling interest amounting to
Rp 17,025,563 thousand was recognized as
difference in value of equity transaction with
non-controlling interest in the consolidated
statements of financial position.
In 2014, The Company also acquired WSS,
GCK and CMK as described in Note 39.
c. Public Offering of Shares and Bonds of the
Group
Shares
On November 1, 2010, the Company obtained the
notice of effectivity from the Chairman of the
Capital Market and Financial Institution Agency
Bapepam-LK, (now Financial Service Authority of
Indonesia - OJK) in his letter No. S-9845/BL/2010
for its public offering of 6,150,000,000 shares.
On November 11, 2010, these shares were listed
on the Indonesia Stock Exchange.
On November 11, 2010, 14,350,000,000 shares
owned by the founding stockholders were listed
on the Indonesia Stock Exchange.
As of December 31, 2015, all of the Company’s
20,500,900,000 outstanding shares have been
listed on the Indonesia Stock Exchange.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Obligasi
Pada tanggal 18 Agustus 2011, Perusahaan
memperoleh pernyataan efektif dari OJK dengan
suratnya No. S-9303/BL/2011 untuk melakukan
Penawaran Umum Obligasi I Agung Podomoro
Land Tahun 2011 dengan nilai nominal
keseluruhan sebesar Rp 1.200.000.000 ribu dan
tingkat bunga tetap sebesar 10% untuk Obligasi
Seri A dan 11% untuk Obligasi Seri B
(Catatan 22). Pada tanggal 26 Agustus 2011,
obligasi tersebut telah dicatatkan pada Bursa Efek
Indonesia.
Pada tanggal 7 Agustus 2012, Perusahaan
memperoleh pernyataan efektif dari OJK dengan
suratnya No. S-9754/BL/2012 untuk melakukan
Penawaran Umum Obligasi II Agung Podomoro
Land Tahun 2012 dengan nilai nominal
keseluruhan sebesar Rp 1.200.000.000 ribu dan
tingkat bunga tetap sebesar 9,375% (Catatan 22).
Pada tanggal 16 Agustus 2012, obligasi tersebut
telah dicatatkan pada Bursa Efek Indonesia.
Pada tanggal 19 Juni 2013, Perusahaan
memperoleh pernyataan efektif dari OJK dengan
suratnya No. S-177/D.04/2013 untuk melakukan
Penawaran Umum Obligasi Berkelanjutan I Agung
Podomoro Land dengan target dana yang
dihimpun sebesar
Rp 2.500.000.000 ribu. Dalam rangka Penawaran
Umum Obligasi Berkelanjutan I tersebut
Perusahaan menawarkan dan menerbitkan
Obligasi Berkelanjutan I Agung Podomoro Land
Tahap I Tahun 2013 dengan nilai nominal sebesar
Rp 1.200.000.000 ribu dan tingkat bunga tetap
sebesar 9,25% per tahun (Catatan 22). Pada
tanggal 27 Juni 2013, obligasi tersebut telah
dicatatkan pada Bursa Efek Indonesia.
Pada tahun 2014, Perusahaan telah menerbitkan
Obligasi Berkelanjutan I Agung Podomoro Land
Tahap II dan Tahap III tahun 2014 dengan dana
yang dihimpun masing-masing sebesar
Rp 750.000.000 ribu dan Rp 451.000.000 ribu
dengan tingkat suku bunga tetap masing-masing
sebesar 12,25% dan 12,5% per tahun. Pada
tanggal 9 Juni 2014 dan 22 Desember 2014,
Obligasi tersebut telah dicatat pada Bursa Efek
Indonesia.
Pada tahun 2015, Perusahaan menerbitkan
Obligasi Berkelanjutan I Agung Podomoro Land
Tahap IV tahun 2015 dengan dana yang dihimpun
sebesar Rp 99.000.000 ribu dengan tingkat suku
bunga tetap sebesar 11,25% per tahun. Pada
tanggal 26 Maret 2015, Obligasi tersebut telah
dicatat pada Bursa Efek Indonesia.
- 13 -
F-150
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Bonds
On August 18, 2011, the Company obtained the
notice of effectivity from OJK in its letter
No. S-9303/BL/2011 for its public offering of
Bonds I Agung Podomoro Land Year 2011
amounting to Rp 1,200,000,000 thousand with a
fixed coupon rate of 10% for A Series Bonds and
11% for B Series Bonds (Note 22). On August 26,
2011, the bonds were listed on the Indonesia
Stock Exchange.
On August 7, 2012, the Company obtained the
notice of effectivity from OJK in his letter
No. S-9754/BL/2012 for its public offering of
Bonds II Agung Podomoro Land Year 2012
amounting to Rp 1,200,000,000 thousand with a
fixed coupon rate of 9.375% (Note 22). On
August 16, 2012 the bonds were listed on the
Indonesia Stock Exchange.
On June 19, 2013, the Company obtained the
notice of effectivity from OJK in its decision letter
No. S-177/D.04/2013 to conduct the Sustainable
Public Offering of Agung Podomoro Land Bond I
with collected target funds amounting to
Rp 2,500,000,000 thousand. Related to the Public
Offering, the Company offers and issues the
Sustainable Public Offering Agung Podomoro
Land Bond I Phase I year 2013 amounting to
Rp 1,200,000,000 thousand with annual fixed
coupon rate of 9.25% (Note 22). On June 27,
2013, the bonds have been listed on the
Indonesia Stock Exchange.
In 2014, the Company issued the substainable
Public Offering Agung Podomoro Land Bond I
Phase II and Phase III year 2014 with collected
target funds amounting to Rp 750,000,000
thousand and Rp 451,000,000 thousand,
respectively, with annual fixed coupon rate of
12.25% and 12.5%. On June 9, 2014 and
December 22, 2014, the bonds have been listed
on the Indonesia Stock Exchange.
In 2015, the Company issued the substainable
Public Offering Agung Podomoro Land Bond I
Phase IV year 2015 with collected target funds
amounting to Rp 99,000,000 thousand with
annual fixed coupon rate of 11.25%. On
March 26, 2015, the bonds have been listed on
the Indonesia Stock Exchange.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
2. PENERAPAN STANDAR AKUNTANSI KEUANGAN
BARU DAN REVISI (PSAK) DAN INTERPRETASI
STÁNDAR AKUNTANSI KEUANGAN (ISAK)
a. Standar yang berlaku efektif pada tahun
berjalan
Dalam tahun berjalan, Grup telah menerapkan
semua standar baru dan revisi serta interpretasi
yang dikeluarkan oleh Dewan Standar Akuntansi
Keuangan dari Ikatan Akuntan Indonesia yang
relevan dengan operasinya dan efektif untuk
periode akuntansi yang dimulai pada tanggal
1 Januari 2015.
• PSAK 1 (revisi 2013), Penyajian Laporan
Keuangan
Berdasarkan amandemen terhadap PSAK 1,
laporan laba rugi komprehensif telah diubah
namanya menjadi “laporan laba rugi dan
penghasilan komprehensif lain” dan
mengharuskan tambahan pengungkapan
dalam bagian penghasilan komprehensif lain
dimana pos-pos dari penghasilan
komprehensif lain dikelompokkan menjadi
dua kategori: (1) Tidak akan direklasifikasi
lebih lanjut ke laba rugi; dan (2) akan
direklasifikasi lebih lanjut ke laba rugi ketika
kondisi tertentu terpenuhi.
Amandemen ini telah diterapkan secara
retrospektif, dan oleh karena itu penyajian
pos penghasilan komprehensif lain telah
dimodifikasi untuk mencerminkan perubahan
tersebut.
Amandemen PSAK 1 juga menjelaskan
bahwa laporan posisi keuangan ketiga
diharuskan jika a) suatu entitas menerapkan
kebijakan akuntansi secara retrospektif, atau
penyajian kembali retrospektif atau
reklasifikasi dari pos-pos dalam laporan
keuangannya, dan b) penerapan penyajian
kembali retrospektif atau reklasifikasi
mempunyai pengaruh material atas informasi
dalam laporan posisi keuangan ketiga.
Amandemen menjelaskan bahwa catatan
terkait tidak perlu disajikan dalam laporan
posisi keuangan ketiga.
Dalam tahun berjalan, Grup telah
menerapkan sejumlah PSAK revisi dan baru
(lihat penjelasan di bawah), yang
menghasilkan pengaruh material pada
informasi dalam laporan posisi keuangan
konsolidasian pada tanggal 1 Januari 2014/
31 Desember 2013, Sesuai dengan
amandemen terhadap PSAK 1, Grup telah
menyajikan laporan posisi keuangan ketiga
pada tanggal 1 Januari 2014/31 Desember
2013 tanpa catatan yang terkait kecuali
persyaratan pengungkapan dari PSAK 25,
Kebijakan Akuntansi, Perubahan Estimasi
Akuntansi dan Kesalahan sebagaimana
dirinci di bawah ini.
- 14 -
F-151
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
2. ADOPTION OF NEW AND REVISED STATEMENTS
OF FINANCIAL ACCOUNTING STANDARDS
(“PSAK”) AND INTERPRETATION OF PSAK
(“ISAK”)
a. Standards effective in the current period
In the current year, the Group adopted the
following new and revised standards and
interpretations issued by the Financial Accounting
Standard Board of the Institute of Indonesia
Chartered Accountants that are relevant to its
operations and effective for accounting period
beginning on January 1, 2015.
• PSAK 1 (revised 2013), Presentation of
Financial Statements
Under the amendments to PSAK 1, the
statement of comprehensive income is
renamed as a “statement of profit or loss and
other comprehensive income” and require
additional disclosures to be made in the other
comprehensive income section such that
items of other comprehensive income are
grouped into two categories: (1) items that will
not be reclassified subsequently to profit or
loss; and (2) items that may be reclassified
subsequently to profit or loss when specific
conditions are met.
The amendments have been applied
retrospectively, and hence the presentation of
items of other comprehensive income has
been modified to reflect the changes.
The amendments to PSAK 1 also specify that
a third statement of financial position is
required when a) an entity applies an
accounting policy retrospectively, or makes a
retrospective restatement or reclassification of
items in its financial statements, and b) the
retrospective application, restatement or
reclassification has a material effect on the
information in the third statement of financial
position. The amendments specify that
related notes are not required to accompany
the third statement of financial position.
In the current year, the Group has applied a
number of new and revised PSAK (see
discussion below), which has resulted in
material effects on the information in the
consolidated statement of financial position as
of January 1, 2014/December 31, 2013. In
accordance with the amendments to PSAK 1,
the Group has presented a third statement of
financial position as of January 1, 2014/
December 31, 2013 without the related notes
except for the disclosure requirements of
PSAK 25, Accounting Policies, Changes in
Accounting Estimates and Errors as detailed
below.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
• PSAK 24 (revisi 2013), Imbalan Kerja
Amandemen terhadap PSAK 24 atas
akuntansi program imbalan pasti dan
pesangon. Perubahan paling signifikan terkait
akuntansi atas perubahan dalam kewajiban
manfaat pasti dan aset program. Amandemen
mensyaratkan pengakuan perubahan dalam
kewajiban imbalan pasti dan nilai wajar aset
program ketika amandemen terjadi, dan
karenanya menghapus pendekatan koridor
yang diijinkan berdasarkan PSAK 24 versi
sebelumnya dan mempercepat pengakuan
biaya jasa lalu. Amandemen tersebut
mensyaratkan seluruh keuntungan dan
kerugian aktuaria diakui segera melalui
penghasilan komprehensif lain agar supaya
aset atau liabilitas pensiun bersih diakui
dalam laporan posisi keuangan konsolidasian
mencerminkan jumlah keseluruhan dari defisit
atau surplus program. Selanjutnya, biaya
bunga dan imbal hasil aset program yang
digunakan dalam PSAK 24 versi sebelumnya
digantikan dengan nilai ”bunga neto”
berdasarkan PSAK 24 (Revisi 2013) yang
dihitung dengan mengalikan tingkat diskonto
dengan liabilitas atau aset imbalan pasti neto.
Perubahan ini berdampak pada jumlah yang
diakui dalam laba rugi dan penghasilan
komprehensif lain tahun-tahun sebelumnya.
Selanjutnya PSAK 24 (revisi 2013),
memperkenalkan perubahan tertentu dalam
penyajian biaya manfaat pensiun termasuk
pengungkapan yang lebih luas.
Ketentuan transisi yang spesifik berlaku untuk
penerapan pertama kali atas PSAK 24 (revisi
2013). Grup menerapkan ketentuan transisi
yang relevan dan menyajikan kembali jumlah-
jumlah komparatif atas dasar retrospektif.
• PSAK 46 (revisi 2014), Pajak Penghasilan
Amandemen terhadap PSAK 46: (1)
menghilangkan pengaturan tentang pajak
final yang sebelumnya termasuk dalam ruang
lingkup standar, dan (2) menetapkan praduga
(rebuttable presumption) bahwa jumlah
tercatat properti investasi yang diukur
menggunakan model nilai wajar dalam
PSAK 13, Properti investasi akan dipulihkan
sepenuhnya melalui penjualan.
Berdasarkan amandemen tersebut, kecuali
praduga yang dapat dibantah, pengukuran
liabilitas pajak tangguhan atau aset pajak
tangguhan disyaratkan untuk mencerminkan
konsekuensi pajak dari pemulihan jumlah
tercatat properti investasi melalui penjualan.
Praduga penjualan ini dapat dibantah jika
properti investasi dapat disusutkan dan
properti investasi dimiliki dalam model bisnis
yang bertujuan untuk mengonsumsi secara
substantial seluruh manfaat ekonomis atas
properti investasi dari waktu ke waktu, dari
pada melalui penjualan.
- 15 -
F-152
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
• PSAK 24 (revised 2013), Employee Benefits
The amendments to PSAK 24 change the
accounting for defined benefit plans and
termination benefits. The most significant
change relates to the accounting for changes
in defined benefit obligations and plan assets.
The amendments require the recognition of
changes in defined benefit obligations and in
fair value of plan assets when they occur, and
hence eliminate the ’corridor approach’
permitted under the previous version of PSAK
24 and accelerate the recognition of past
service costs. The amendments require all
actuarial gains and losses to be recognized
immediately through other comprehensive
income in order for the net pension asset or
liability recognized in the consolidated
statement of financial position to reflect the
full value of the plan deficit or surplus.
Furthermore, the interest cost and expected
return on plan assets used in the previous
version of PSAK 24 are replaced with a “net
interest” amount under PSAK 24 (revised
2013) which is calculated by applying the
discount rate to the net defined benefit liability
or asset.
These changes have had an impact on the
amounts recognized in profit or loss and other
comprehensive income in prior years. In
addition, PSAK 24 (revised 2013) introduces
certain changes in the presentation of the
defined benefit cost including more extensive
disclosures.
Specific transitional provisions are applicable
to first-time application of PSAK 24 (revised
2013). The Group has applied the relevant
transitional provisions and restated the
comparative amounts on a retrospective
basis.
• PSAK 46 (revised 2014), Income Taxes
The amendments to PSAK 46: (1) remove
references to final tax which was previously
scoped in the standard; and (2) establish a
rebuttable presumption that the carrying
amount of an investment property measured
using the fair value model in PSAK 13,
Investment Property will be recovered entirely
through sale.
Under the amendments, unless the
presumption is rebutted, the measurement of
the deferred tax liability or deferred tax asset
is required to reflect the tax consequences of
recovering the carrying amount of the
investment property through sale. The “sale”
presumption is rebutted in the investment
property is depreciable and the investment
property is held within a business model
whose objective is to consume substantially
all of the economic benefits embodied in the
investment property over time, rather than
through sale.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Penerapan PSAK 46 tidak mempunyai
pengaruh material atas pengungkapan atau
jumlah-jumlah yang diakui dalam laporan
keuangan konsolidasian, selain reklasifikasi
atas pajak penghasilan final ke dalam
penghasilan operasional lainnya dan pajak
dibayar dimuka ke dalam biaya dibayar
dimuka.
• PSAK 67, Pengungkapan Kepentingan dalam
Entitas Lain
PSAK 67 adalah standar pengungkapan baru
dan berlaku untuk entitas yang mempunyai
kepentingan dalam entitas anak, pengaturan
bersama, entitas asosiasi atau entitas
terstruktur yang tidak dikonsolidasi.
Pada umumnya, penerapan PSAK 67,
memberikan tambahan pengungkapan yang
lebih luas atas laporan keuangan
konsolidasian lihat Catatan 13 dan 30.
• PSAK 68, Pengukuran Nilai Wajar
PSAK 68 menetapkan acuan tunggal atas
pengukuran nilai wajar dan pengungkapan
atas pengukuran nilai wajar. Standar tersebut
tidak mengubah persyaratan mengenai pos-
pos yang harus diukur atau diungkapkan
pada nilai wajar.
PSAK 68 mendefinisikan nilai wajar,
menetapkan suatu kerangka dasar atas
pengukuran nilai wajar, dan mensyaratkan
pengungkapan tentang pengukuran nilai
wajar.
Ruang lingkup PSAK 68 adalah luas; Standar
tersebut berlaku baik pada pos-pos instrumen
keuangan dan pos-pos instrumen non-
keuangan ketika PSAK lain mensyaratkan
atau mengijinkan pengukuran nilai wajar dan
pengungkapan atas pengukuran nilai wajar,
kecuali kondisi tertentu.
PSAK 68 mengharuskan penerapan secara
prospektif sejak 1 Januari 2015.
Selain itu, ketentuan transisi khusus diberikan
kepada entitas sehingga entitas tidak perlu
menerapkan persyaratan pengungkapan
yang ditetapkan dalam standar ini dalam
informasi komparatif yang disediakan untuk
periode sebelum penerapan awal dari
standar. Sesuai dengan ketentuan transisi ini,
Grup tidak membuat pengungkapan baru
yang disyaratkan oleh PSAK 68 untuk
periode komparatif tahun 2014 (lihat Catatan
45 untuk pengungkapan tahun 2015). Selain
pengungkapan tambahan, penerapan
PSAK 68 tidak berdampak material atas
jumlah yang diakui dalam laporan keuangan
konsolidasian.
- 16 -
F-153
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The application of PSAK 46 has had no
material impact on the disclosures or on the
amounts recognized in the consolidated
financial statements, except on the
reclassification of final income tax to other
operating income and prepaid taxes to
prepaid expenses.
• PSAK 67, Disclosures of Interests in Other
Entities
PSAK 67 is a new disclosure standard and is
applicable to entities that have interests in
subsidiaries, joint arrangements, associates
or unconsolidated structured entities.
In general, the application of PSAK 67, has
resulted in more extensive disclosures in the
consolidated financial statements as stated in
Notes 13 and 30.
• PSAK 68, Fair Value Measurements
PSAK 68 establishes a single source of
guidance for fair value measurements and
disclosures about fair value measurements.
The standard does not change the
requirements regarding which items should
be measured or disclosed at fair value.
PSAK 68 defines fair value, establishes a
framework for measuring fair value, and
requires disclosure about fair value
measurements.
The scope of PSAK 68 is broad; it applies to
both financial instrument items and non-
financial instrument items for which other
PSAK require or permit fair value
measurements and disclosures about fair
value measurements, except in specified
circumstances.
PSAK 68 requires prospective application
from January 1, 2015.
In addition, specific transitional provisions
were given to entities such that they need not
apply the disclosure requirements set out in
this standard in comparative information
provided for periods before the initial
application of this standard. In accordance
with these transitional provisions, the Group
has not made any new disclosures required
by PSAK 68 for the 2014 comparative period
(see Note 45 for the 2015 disclosures). Other
than the additional disclosures, the
application of PSAK 68 has not had any
material impact on the amounts recognized in
the consolidated financial statements.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Penerapan PSAK dan ISAK dibawah ini tidak The application of the following PSAK and ISAK
mempunyai pengaruh material atas has had no material impact on the disclosures or
pengungkapan atau jumlah-jumlah yang diakui on the amounts recognized in the consolidated
dalam laporan keuangan tahun berjalan: financial statements:

• PSAK 4 (revisi 2013), Laporan Keuangan • PSAK 4 (revised 2013), Separate Financial
Tersendiri Statements
• PSAK 15 (revisi 2013), Investasi pada Entitas • PSAK 15 (revised 2013), Investments in
Asosiasi dan Ventura Bersama Associates and Joint Ventures
• PSAK 48 (revisi 2014), Penurunan nilai Aset • PSAK 48 (revised 2014), Impairment of
Assets
• PSAK 50 (revisi 2014), Instrumen Keuangan: • PSAK 50 (revised 2014), Financial
Penyajian Instruments: Presentation
• PSAK 55 (revisi 2014), Instrumen Keuangan: • PSAK 55 (revised 2014), Financial
Pengakuan dan Pengukuran Instruments: Recognition and Measurement
• PSAK 60 (revisi 2014), Instrumen Keuangan: • PSAK 60 (revised 2014), Financial
Pengungkapan Instruments: Disclosures
• PSAK 65, Laporan Keuangan Konsolidasian • PSAK 65, Consolidated Financial Statements
• PSAK 66, Pengaturan Bersama • PSAK 66, Joint Arrangements
• ISAK 26, Penilaian Kembali Derivatif Melekat • ISAK 26, Reassessment of Embedded
Derivatives

Pengaruh atas aset, liabilitas dan ekuitas pada Impact on assets, liabilities and equity as at
tanggal 1 Januari 2014/31 Desember 2013 atas January 1, 2014/December 31, 2013 of the
penerapan revisi standar PSAK 24 dan PSAK 46 application of the above revised standards PSAK
adalah sebagai berikut: 24 and PSAK 46 are as follows:
1 Januari 2014/January 1, 2014
Dilaporkan
sebelumny a/ Disajikan
As previously Peny esuaian/ kembali/
reported Adjustments (As restated)
Rp’000 Rp’000 Rp’000

ASET ASSETS
Inv estasi saham pada entitas
asosiasi 183.573.495 (498.144) 183.075.351 Inv estment in associates
Aset pajak tangguhan 29.277.608 4.351 29.281.959 Def erred tax assets
Pajak dibay ar dimuka 288.478.217 (237.979.959) 50.498.258 Prepaid taxes
Biay a dibay ar dimuka - lancar 72.715.564 237.979.959 310.695.523 Prepaid expenses - current

LIABILITAS LIABILITES
Liabilitas imbalan pasca kerja (63.907.515) (29.407.663) (93.315.178) Post-employ ment benef its obligation

EKUITAS EQUITY
Penghasilan komprehensif lain - 29.896.949 29.896.949 Other comprehensiv e income
Saldo laba - tidak ditentukan Retained earnings -
penggunaanny a (2.240.526.025) (1.424.195) (2.241.950.220) unappropriated
Kepentingan non-pengendali (1.456.972.965) 1.428.702 (1.455.544.263) Non-controlling interests

- 17 -

F-154
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Pengaruh atas aset, liabilitas dan ekuitas pada Impact on assets, liabilities and equity as at
tanggal 31 Desember 2014 dan laba rugi dan December 31, 2014 and profit or loss and other
penghasilan komprehensif lain untuk tahun yang comprehensive income for the year then ended of
berakhir pada tanggal tersebut atas penerapan the application of the above new and revised
standar baru dan revisi PSAK 24 dan PSAK 46 standards PSAK 24 and PSAK 46 are as follows:
adalah sebagai berikut:
31 Desember 2014/December 31, 2014
Dilaporkan
sebelumny a/ Disajikan
As previously Peny esuaian/ kembali/
reported Adjustments (As restated)
Rp’000 Rp’000 Rp’000

ASET ASSETS
Inv estasi saham pada entitas asosiasi 205.501.871 (2.307.919) 203.193.952 Inv estment in associates
Aset pajak tangguhan 76.882.488 1.887.552 78.770.040 Def erred tax assets
Pajak dibay ar dimuka 389.407.528 (316.658.265) 72.749.263 Prepaid taxes
Biay a dibay ar dimuka - lancar 78.996.312 316.658.265 395.654.577 Prepaid expenses - current

LIABILITAS LIABILITIES
Liabilitas imbalan pasca kerja (93.865.990) (32.883.498) (126.749.488) Post-employ ment benef its obligation

EKUITAS EQUITY
Penghasilan komprehensif lain - 30.166.362 30.166.362 Other comprehensiv e income
Saldo laba - tidak ditentukan Retained earnings -
penggunaanny a (2.957.456.235) 1.720.056 (2.955.736.179) unappropriated
Kepentingan non-pengendali (2.019.955.179) 1.417.447 (2.018.537.732) Non-controlling interests

LABA RUGI DAN PENGHASILAN PROFIT OR LOSS AND OTHER

KOMPREHENSIF LAIN COMPREHENSIVE INCOME
Beban umum dan administrasi (812.749.518) (2.017.244) (814.766.762) General and administrativ e expenses
Beban pajak f inal - (288.081.115) (288.081.115) Final tax expense
Bagian laba bersih entitas asosiasi 90.553.376 (1.215.112) 89.338.264 Share in net income of associates
Manf aat (beban) pajak penghasilan -
bersih (245.821.925) 288.402.027 42.580.102 Income tax benef it (expense) - net

Penghasilan komprehensif lain Other comprehensiv e income

Pengukuran kembali atas kewajiban
imbalan pasti - setelah Remeasurement of def ined
dikurangi pajak - 103.697 103.697 benef its obligation - net of tax

Bagian penghasilan komprehensif lain Share in other comprehensiv e

atas entitas asosiasi - (594.663) (594.663) income of associates

Laba per saham dasar Basic earnings per share

(dalam Rupiah penuh) 41,72 (0,16) 41,56 (in f ull Rupiah amount)

Pengaruh perubahan kebijakan akuntansi tidak The change in accounting policies did not have an
mempengaruhi perhitungan laba per saham impact to the calculation of diluted earnings per
dilusian. shares.

b. Standar dan interpretasi telah diterbitkan tapi b. Standards and interpretations issued not yet
belum diterapkan adopted

Standar, penyesuaian dan amandemen standar Standard, standard improvements and

serta interpretasi berikut efektif untuk periode amandment also interpretations effective for
yang dimulai pada atau setelah 1 Januari 2016: periods beginning on or after January 1, 2016:

Penerapan dini yang diperkenankan: Early application permitted:

Standar Standard
• PSAK 110 (revisi 2015): Akuntansi Sukuk. • PSAK 110 (revised 2015): Accounting for
Sukuk.

- 18 -

F-155
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Penyesuaian
• PSAK 5: Segmen Operasi,
• PSAK 7: Pengungkapan Pihak-pihak
Berelasi,
• PSAK 13: Properti Investasi,
• PSAK 16: Aset Tetap,
• PSAK 19: Aset Takberwujud,
• PSAK 22: Kombinasi Bisnis,
• PSAK 25: Kebijakan Akuntansi, Perubahan
Estimasi Akuntansi dan Kesalahan,
• PSAK 53: Pembayaran Berbasis Saham dan
• PSAK 68: Pengukuran Nilai Wajar.
Penerapan secara retrospektif:
Amandemen standar dan interpretasi
• PSAK 4: Laporan Keuangan Tersendiri
tentang Metode Ekuitas dalam Laporan
Keuangan Tersendiri,
• PSAK 15: Investasi Pada Entitas Asosiasi
dan Ventura Bersama tentang Entitas
Investasi: Penerapan Pengecualian
Konsolidasi,
• PSAK 24: Imbalan Kerja tentang Program
Imbalan Pasti: Iuran Pekerja,
• PSAK 65: Laporan Keuangan Konsolidasian
tentang Entitas Investasi: Penerapan
Pengecualian Konsolidasi,
• PSAK 67: Pengungkapan Kepentingan Dalam
Entitas Lain tentang Entitas Investasi:
Penerapan Pengecualian Konsolidasi dan
• ISAK 30: Pungutan.
Diterapkan secara prospektif:
Amandemen standar
• PSAK 16: Aset Tetap tentang Klarifikasi
Metode yang Diterima untuk Penyusutan dan
Amortisasi,
• PSAK 19: Aset Takberwujud tentang
Klarifikasi Metode yang Diterima untuk
Penyusutan dan Amortisasi dan
• PSAK 66: Pengaturan Bersama tentang
Akuntansi Akuisisi Kepentingan dalam
Operasi Bersama.
Amandemen standar dan interpretasi berikut
efektif untuk periode yang dimulai pada atau
setelah 1 Januari 2017, dengan penerapan dini
diperkenankan yaitu amandemen PSAK 1:
Penyajian Laporan Keuangan tentang Prakarsa
Pengungkapan dan ISAK 31: Interpretasi atas
Ruang Lingkup PSAK 13: Properti Investasi.
Standar dan amandemen standar berikut efektif
untuk periode yang dimulai pada atau setelah
tanggal 1 Januari 2018, dengan penerapan dini
diperkenankan yaitu PSAK 69: Agrikultur dan
amandemen PSAK 16: Aset Tetap tentang
Agrikultur: Tanaman Produktif.
- 19 -
F-156
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Improvements
• PSAK 5: Operating Segments,
• PSAK 7: Related Party Disclosures,
• PSAK 13: Investments Property,
• PSAK 16: Property, Plant and Equipment,
• PSAK 19: Intangible Assets,
• PSAK 22: Business Combination,
• PSAK 25: Accounting Policies, Changes in
Accounting Estimates and Errors,
• PSAK 53: Share-based Payments, and
• PSAK 68: Fair Value Measurement.
Retrospective application:
Standard amandment and interpretation
• PSAK 4: Separate Financial Statements
about Equity Method in Separate Financial
Statements,
• PSAK 15: Investment in Associates and Joint
Venture about Investment Entities: Applying
the Consolidation Exception,
• PSAK 24: Employee Benefits about Defined
Benefit Plans: Employee Contributions,
• PSAK 65: Consolidation Financial Statements
about Investment Entities: Applying the
Consolidation Exception,
• PSAK 67: Disclosures of Interest in Other
Entities about Investment Entities: Applying
the Consolidation Exception, and
• ISAK 30: Levies.
Prospective application:
Standard amandment
• PSAK 16: Property, Plant and Equipment
about Clarification of Acceptable Methods of
Depreciation and Amortization,
• PSAK 19: Intangible Asset about Clarification
of Acceptable Methods of Depreciation and
Amortization, and
• PSAK 66: Joint Arrangements about
Accounting for Acquisitions of Interests in
Joint Operation.
Amendments to standard and interpretation
effective for periods beginning on or after
January 1, 2017, with early application permitted
are amendments to PSAK 1: Presentation of
Financial Statements about Disclosure Initiative
and ISAK 31, Scope Interpretation of PSAK 13:
Investment property.
Standard and amendment to standard effective for
periods beginning on or after January 1, 2018,
with early application permitted are PSAK 69:
Agriculture and amendments to PSAK 16:
Property, Plant and Equipment about Agriculture:
Bearer Plants.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Sampai dengan tanggal penerbitan laporan
keuangan konsolidasian, manajemen sedang
mengevaluasi dampak dari standar dan
interpretasi ini terhadap laporan keuangan
konsolidasian.
3. KEBIJAKAN AKUNTANSI
a. Pernyataan Kepatuhan
Laporan keuangan konsolidasian Grup disusun
sesuai dengan Standar Akuntansi Keuangan di
Indonesia.
b. Dasar Penyusunan
Dasar penyusunan laporan keuangan
konsolidasian adalah biaya historis , kecuali
properti dan instrumen keuangan tertentu yang
diukur pada jumlah revaluasian atau nilai wajar
pada setiap akhir periode pelaporan, yang
dijelaskan dalam kebijakan akuntansi di bawah
ini. Mata uang penyajian yang digunakan untuk
penyusunan laporan keuangan konsolidasian
adalah mata uang Rupiah (Rp).
Biaya historis umumnya didasarkan pada nilai
wajar dari imbalan yang diberikan dalam
pertukaran barang dan jasa.
Nilai wajar adalah harga yang akan diterima
untuk menjual suatu aset atau harga yang akan
dibayar untuk mengalihkan suatu liabilitas dalam
suatu transaksi teratur antara pelaku pasar pada
tanggal pengukuran, terlepas apakah harga
tersebut dapat diobservasi secara langsung atau
diestimasi menggunakan teknik penilaian lain.
Dalam mengestimasi nilai wajar aset atau
liabilitas, Grup memperhitungkan karakteristik
aset atau liabilitas, jika pelaku pasar
memperhitungkan karakteristik tersebut ketika
menentukan harga aset atau liabilitas pada
tanggal pengukuran. Nilai wajar untuk tujuan
pengukuran dan/atau pengungkapan dalam
laporan keuangan konsolidasian ditentukan
berdasarkan basis tersebut, kecuali untuk
transaksi pembayaran berbasis saham dalam
ruang lingkup PSAK 53, transaksi sewa dalam
ruang lingkup PSAK 30, dan pengukuran yang
memiliki beberapa kemiripan dengan nilai wajar
tetapi bukan merupakan nilai wajar, seperti nilai
realisasi neto dalam PSAK 14 dan nilai pakai
dalam PSAK 48.
- 20 -
F-157
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
As of the issuance date of the consolidated
financial statements, management is still
evaluating the effect of these standards and
interpretations on the consolidated financial
statements.
3. SIGNIFICANT ACCOUNTING POLICIES
a. Statement of Compliance
The consolidated financial statements of the
Group have been prepared in accordance with
Indonesian Financial Accounting Standards.
These consolidated financial statements are not
intended to present the financial position,
financial performance and cash flows in
accordance with accounting principles and
reporting practices generally accepted in other
countries and jurisdictions.
 Basis of Preparation
The consolidated financial statements have been
prepared on the historical cost basis except for
certain properties and financial instruments that
are measured at revalued amounts or fair values
at the end of each reporting period, as explained
in the accounting policies below. The
presentation currency used in the preparation of
the consolidated financial statements is the
Indonesian Rupiah.
Historical cost is generally based on the fair value
of the consideration given in exchange for goods
and services.
Fair value is the price that would be received to
sell an asset or paid to transfer a liability in an
orderly transaction between market participants
at the measurement date, regardless of whether
that price is directly observable or estimated
using another valuation technique. In estimating
the fair value of an asset or a liability, the Group
takes into account the characteristics the asset or
a liability if market participants would take those
characteristics into account when pricing the
asset or liability at the measurement date. Fair
value for measurement and/or disclosure
purposes in these consolidated financial
statements is determined on such a basis, except
for share-based payment transactions that are
within the scope of PSAK 53, leasing
transactions that are within the scope of
PSAK 30, and measurements that have some
similarities to fair value but are not fair value,
such as net realizable value in PSAK 14 or value
in use in PSAK 48.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Selain itu, untuk tujuan pelaporan keuangan,
pengukuran nilai wajar dikategorikan ke Level 1,
2 atau 3 berdasarkan tingkat input untuk
pengukuran nilai wajar yang dapat diobservasi
dan signifikansi input pada pengukuran nilai
wajar secara keseluruhan, yang digambarkan
sebagai berikut:
− Input Level 1 adalah harga kuotasian (tanpa
penyesuaian) di pasar aktif untuk aset atau
liabilitas yang identik yang dapat diakses
entitas pada tanggal pengukuran;
− Input Level 2 adalah input, selain harga
kuotasian yang termasuk dalam Level 1,
yang dapat diobservasi untuk aset atau
liabilitas, baik secara langsung maupun tidak
langsung; dan
− Input Level 3 adalah input yang tidak dapat
diobservasi untuk aset atau liabilitas.
Laporan arus kas konsolidasian disusun dengan
menggunakan metode langsung dengan
mengelompokkan arus kas dalam aktivitas
operasi, investasi dan pendanaan.
c. Dasar Konsolidasian
Laporan keuangan konsolidasian
menggabungkan laporan keuangan Perusahaan
dan entitas yang dikendalikan oleh Perusahaan
dan entitas anak (termasuk entitas terstruktur).
Pengendalian tercapai dimana Perusahaan
memiliki kekuasaan atas investee; eksposur atau
hak atas imbal hasil variabel dari keterlibatannya
dengan investee; dan kemampuan untuk
menggunakan kekuasaannya atas investee untuk
mempengaruhi jumlah imbal hasil investor.
Perusahaan menilai kembali apakah entitas
tersebut adalah investee jika fakta dan keadaan
yang mengindikasikan adanya perubahan
terhadap satu atau lebih dari tiga elemen
pengendalian yang disebutkan di atas.
Ketika Perusahaan memiliki kurang dari hak
suara mayoritas di-investee, ia memiliki
kekuasaan atas investee ketika hak suara
investor cukup untuk memberinya kemampuan
praktis untuk mengarahkan aktivitas relevan
secara sepihak. Perusahaan mempertimbangkan
seluruh fakta dan keadaan yang relevan dalam
menilai apakah hak suara Perusahaan cukup
untuk memberikan Perusahaan kekuasaan,
termasuk (i) ukuran kepemilikan hak suara
Perusahaan relatif terhadap ukuran dan
penyebaran kepemilikan pemilik hak suara lain;
(ii) hak suara potensial yang dimiliki oleh
Perusahaan, pemegang suara lain atau pihak
lain; (iii) hak yang timbul dari pengaturan
kontraktual lain; dan (iv) setiap fakta dan
keadaan tambahan apapun mengindikasikan
bahwa Perusahaan memiliki, atau tidak memiliki,
kemampuan kini untuk mengarahkan aktivitas
yang relevan pada saat keputusan perlu dibuat,
termasuk pola suara pemilikan dalam RUPS
sebelumnya.
- 21 -
F-158
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
In addition, for financial reporting purposes, fair
value measurements are categorized into Level
1, 2 or 3 based on the degree to which the inputs
to the fair value measurements are observable
and the significance of the inputs to the fair value
measurement in its entirety, which are described
as follows:
− Level 1 inputs are quoted prices
(unadjusted) in active markets for identical
assets or liabilities that the entity can access
at the measurement date;
− Level 2 inputs are inputs, other than quoted
prices included within Level 1, which are
observable for the asset or liability, either
directly or indirectly; and
− Level 3 inputs are unobservable inputs for
the asset or liability.
The consolidated statements of cash flows are
prepared using the direct method with
classifications of cash flows into operating,
investing and financing activities.
c. Basis of Consolidation
The consolidated financial statements
incorporate the financial statements of the
Company and entities (including structured
entities) controlled by the Company and its
subsidiaries. Control is achieved where the
Company has the power over the investee; is
exposed, or has rights, to variable returns from its
involvement with the investee; and has the ability
to use its power to affect its returns.
The Company reassesses whether or not it
controls an investee if facts and circumstances
indicate that there are changes to one or more of
the three elements of control listed above.
When the Company has less than a majority of
the voting rights of an investee, it has power over
the investee when the voting rights are sufficient
to give it the practical ability to direct the relevant
activities of the investee unilaterally. The
Company considers all relevant facts and
circumstances in assessing whether or not the
Company’s voting rights in an investee are
sufficient to give it power, including (i) the size of
the Company’s holding of voting rights relative to
the size and dispersion of holding of the other
vote holders; (ii) potential voting rights held by
the Company, other vote holders or other parties;
(iii) rights arising from other contractual
arrangements; and (iv) any additional facts and
circumstances that indicate that the Company
has, or does not have, the current ability to direct
the relevant activities at the time that decisions
need to be made, including voting patterns at
previous shareholders’ meetings.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Konsolidasi entitas anak dimulai ketika
Perusahaan memperoleh pengendalian atas
entitas anak dan akan dihentikan ketika
Perusahaan kehilangan pengendalian pada
entitas anak. Secara khusus, pendapatan dan
beban entitas anak diakuisisi atau dijual selama
tahun berjalan termasuk dalam laporan laba rugi
konsolidasian dan penghasilan komprehensif lain
dari tanggal diperolehnya pengendalian
Perusahaan sampai tanggal ketika Perusahaan
berhenti untuk mengendalikan entitas anak.
Laba rugi dan setiap komponen penghasilan
komprehensif lain diatribusikan kepada pemilik
entitas induk dan untuk kepentingan non-
pengendali. Perusahaan juga mengatribusikan
total laba komprehensif entitas anak kepada
pemilik entitas induk dan kepentingan non-
pengendali meskipun hal tersebut
mengakibatkan kepentingan non-pengendali
memiliki saldo defisit.
Jika diperlukan, penyesuaian dapat dilakukan
terhadap laporan keuangan entitas anak agar
kebijakan akuntansi yang digunakan sesuai
dengan kebijakan akuntansi yang digunakan oleh
Grup.
Seluruh aset dan liabilitas dalam intra kelompok
usaha, ekuitas, pendapatan, biaya dan arus kas
yang berkaitan dengan transaksi dalam
kelompok usaha dieliminasi secara penuh pada
saat konsolidasian.
Kepentingan non-pengendali pada entitas anak
diidentifikasi secara terpisah dan disajikan dalam
ekuitas. Kepentingan non-pengendali pemegang
saham awalnya diukur baik pada nilai wajar
ataupun pada proporsi pemilikan kepentingan
non-pengendali dari nilai wajar aset neto yang
dapat diidentifikasi dari pihak yang diakuisisi.
Pilihan pengukuran dilakukan pada akuisisi
dengan dasar akuisisi. Setelah akuisisi, jumlah
tercatat kepentingan non-pengendali adalah
jumlah kepemilikan pada pengakuan awal
ditambah bagian kepentingan non-pengendali
dari perubahan selanjutnya dalam ekuitas.
Seluruh laba rugi komprehensif diatribusikan
pada kepentingan non-pengendali bahkan jika
hal ini mengakibatkan kepentingan non-
pengendali mempunyai saldo defisit.
Perubahan dalam bagian kepemilikan Grup pada
entitas anak yang tidak mengakibatkan hilangnya
pengendalian dicatat sebagai transaksi ekuitas.
Nilai tercatat kepentingan Grup dan kepentingan
non-pengendali disesuaikan untuk mencerminkan
perubahan bagian kepemilikannya atas entitas
anak. Setiap perbedaan antara jumlah
kepentingan non-pengendali disesuaikan dan
nilai wajar imbalan yang diberikan atau diterima
diakui secara langsung dalam ekuitas dan
diatribusikan pada pemilik entitas induk.
- 22 -
F-159
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Consolidation of a subsidiary begins when the
Company obtains control over the subsidiary and
ceases when the Company loses control of the
subsidiary. Specifically, income and expense of a
subsidiary acquired or disposed of during the
year are included in the consolidated statement
of profit or loss and other comprehensive income
from the date the Company gains control until the
date when the Company ceases to control the
subsidiary.
Profit or loss and each component of other
comprehensive income are attributed to the
owners of the Company and to the non-
controlling interest. Total comprehensive income
of subsidiaries is attributed to the owners of the
Company and the non-controlling interest even if
this results in the non-controlling interest having a
deficit balance.
When necessary, adjustments were made to the
financial statements of the subsidiaries to bring
the accounting policies used in line with those
used by the other member of Group.
All intragroup assets and liabilities, equity,
income, expenses and cash flows relating to
transactions between members of the Group are
eliminated in full on consolidation.
Non-controlling interests in subsidiaries are
identified separately and presented within equity.
The interest of non-controlling shareholders
maybe initially measured either at fair value or at
the non-controlling interests’ proportionate share
of the recognized amounts of the fair value of the
acquiree’s identifiable net asset. The choice of
measurement is made on acquisition by
acquisition basis. Subsequent to acquisition, the
carrying amount of non-controlling interests is the
amount of those interests at initial recognition
plus non-controlling interests’ share of
subsequent changes in equity. Total
comprehensive income of subsidiaries is
attributed to the owners of the Company and to
the non-controlling interests even if this results in
the non-controlling interests having deficit
balance.
Changes in the Group interests in subsidiaries
that do not result in the group losing control over
the subsidiaries are accounted for as equity
transactions. The carrying amounts of the
Group’s interests and the non-controlling
interests are adjusted to reflect the changes in
their relative interests in the subsidiaries. Any
difference between the amount by which the non-
controlling interests are adjusted and the fair
value of the consideration paid or received is
recognized directly in equity and attributed to
owners of the Company.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Ketika Grup kehilangan pengendalian pada
entitas anak, keuntungan atau kerugian diakui
dalam laba rugi dan dihitung sebagai perbedaan
antara (i) agregat nilai wajar pembayaran yang
diterima dan nilai wajar sisa kepemilikan
(retained interest) dan (ii) jumlah tercatat
sebelumnya dari aset (termasuk goodwill), dan
liabilitas dari entitas anak dan setiap kepentingan
non-pengendali. Seluruh jumlah yang diakui
sebelumnya dalam penghasilan komprehensif
lain yang terkait dengan entitas anak yang dicatat
seolah-olah Grup telah melepaskan secara
langsung aset atau liabilitas terkait entitas anak
(yaitu direklasifikasi ke laba rugi atau ditransfer
ke kategori lain dari ekuitas sebagaimana
ditentukan / diizinkan oleh standar akuntansi
yang berlaku). Nilai wajar setiap sisa investasi
pada entitas anak terdahulu pada tanggal
hilangnya pengendalian dianggap sebagai nilai
wajar pada saat pengakuan awal untuk akuntansi
berikutnya dalam PSAK 55, Instrumen
Keuangan: Pengakuan dan Pengukuran atau,
ketika berlaku, biaya perolehan pada saat
pengakuan awal dari investasi pada entitas
asosiasi atau ventura bersama.
d. Kombinasi Bisnis
Akuisisi bisnis dicatat dengan menggunakan
metode akuisisi. Imbalan yang dialihkan dalam
suatu kombinasi bisnis diukur pada nilai wajar,
yang dihitung sebagai hasil penjumlahan dari
nilai wajar tanggal akuisisi atas seluruh aset yang
dialihkan oleh Grup, liabilitas yang diakui oleh
Grup kepada pemilik sebelumnya dari pihak yang
diakuisisi dan kepentingan ekuitas yang
diterbitkan oleh Grup dalam pertukaran
pengendalian dari pihak yang diakuisisi. Biaya-
biaya terkait akuisisi diakui di dalam laba rugi
pada saat terjadinya.
Pada tanggal akuisisi, aset teridentifikasi yang
diperoleh dan liabilitas yang diambil alih diakui
pada nilai wajar kecuali untuk aset dan liabilitas
tertentu yang diukur sesuai dengan standar yang
relevan.
Goodwill diukur sebagai selisih lebih dari nilai
gabungan dari imbalan yang dialihkan, jumlah
setiap kepentingan non-pengendali pada pihak
diakuisisi dan nilai wajar pada tanggal akuisisi
kepentingan ekuitas yang sebelumnya dimiliki
oleh pihak pengakuisisi pada pihak diakuisisi (jika
ada) atas jumlah neto dari aset teridentifikasi
yang diperoleh dan liabilitas yang diambilalih
pada tanggal akuisisi. Jika, setelah penilaian
kembali, jumlah neto dari aset teridentifikasi yang
diperoleh dan liabilitas yang diambilalih pada
tanggal akuisisi melebihi jumlah imbalan yang
dialihkan, jumlah dari setiap kepentingan non
pengendali pada pihak diakuisisi dan nilai wajar
pada tanggal akuisisi kepentingan ekuitas yang
sebelumnya dimiliki oleh pihak pengakuisisi pada
pihak diakuisisi (jika ada), selisih lebih diakui
segera dalam laba rugi sebagai pembelian
dengan diskon.
- 23 -
F-160
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
When the Group losses control of a subsidiary, a
gain or loss is recognized in profit or loss and is
calculated as the difference between (i) the
aggregate of the fair value of the consideration
received and the fair value of any retained
interest and (ii) the previous carrying amount of
the assets (including goodwill), and liabilities of
the subsidiary and any non-controlling interest.
All amounts previously recognized in other
comprehensive income in relation to that
subsidiary are accounted for as if the Group had
directly disposed of the related assets or liabilities
of the subsidiary (i.e. reclassified to profit or loss
or transferred to another category of equity as
specified/permitted by applicable accounting
standards). The fair value of any investment
retained in the former subsidiary at the date when
control is lost is regarded as the fair value on
initial recognition for subsequent accounting
under PSAK 55, Financial Instruments:
Recognition and Measurement or, when
applicable, the cost on initial recognition of an
investment in an associate or a jointly controlled
entity.
d. Business Combinations
Acquisitions of businesses are accounted for
using the acquisition method. The consideration
transferred in a business combination is
measured at fair value, which is calculated as the
sum of the acquisition-date fair values of the
assets transferred by the Group, liabilities
incurred by the Group to the former owners of the
acquiree, and the equity interests issued by the
Group in exchange for control of the acquiree.
Acquisition-related costs are recognized in profit
or loss as incurred.
At the acquisition date, the identifiable assets
acquired and the liabilities assumed are
recognized at their fair value except for certain
assets and liabilities that are measured in
accordance with the relevant standards.
Goodwill is measured as the excess of the sum
of the consideration transferred, the amount of
any non-controlling interests in the acquiree, and
the fair value of the acquirer’s previously held
equity interest in the acquire (if any) over the net
of the acquisition-date amounts of the identifiable
assets acquired and the liabilities assumed. If,
after the reassessment, the net of the acquisition-
date amounts of the identifiable assets acquired
and liabilities assumed exceeds the sum of the
consideration transferred, the amount of any non-
controlling interests in the acquiree and the fair
value of the acquirer’s previously held interest in
the acquiree (if any), the excess is recognized
immediately in profit or loss as a bargain
purchase option.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Kepentingan non-pengendali yang menyajikan
bagian kepemilikan dan memberikan mereka hak
atas bagian proposional dari aset neto entitas
dalam hal terjadi likuidasi pada awalnya diukur
baik pada nilai wajar ataupun pada bagian
proporsional kepemilikan kepentingan non-
pengendali atas aset neto teridentifikasi dari
pihak yang diakuisisi. Pilihan dasar pengukuran
dilakukan atas dasar transaksi. Kepentingan non-
pengendali jenis lain diukur pada nilai wajar atau,
jika berlaku, pada dasar pengukuran lain yang
ditentukan oleh standar akuntansi lain.
Bila imbalan yang dialihkan oleh Grup dalam
suatu kombinasi bisnis termasuk aset atau
liabilitas yang berasal dari pengaturan imbalan
kontinjen (contingent consideration
arrangement), imbalan kontinjen tersebut diukur
pada nilai wajar pada tanggal akuisisi dan
termasuk sebagai bagian dari imbalan yang
dialihkan dalam suatu kombinasi bisnis.
Perubahan dalam nilai wajar atas imbalan
kontinjen yang memenuhi syarat sebagai
penyesuaian periode pengukuran disesuaikan
secara retrospektif, dengan penyesuaian terkait
terhadap goodwill. Penyesuaian periode
pengukuran adalah penyesuaian yang berasal
dari informasi tambahan yang diperoleh selama
periode pengukuran (yang tidak melebihi satu
tahun sejak tanggal akuisisi) tentang fakta-fakta
dan kondisi yang ada pada tanggal akuisisi.
Perubahan selanjutnya dalam nilai wajar atas
imbalan kontinjen yang tidak memenuhi syarat
sebagai penyesuaian periode pengukuran
tergantung pada bagaimana imbalan kontinjen
tersebut diklasifikasikan. Imbalan kontinjen yang
diklasifikasikan sebagai ekuitas tidak diukur
kembali pada tanggal sesudah tanggal pelaporan
dan penyelesaian selanjutnya dicatat dalam
ekuitas. Imbalan kontinjen yang diklasifikasikan
sebagai aset atau liabilitas diukur setelah tanggal
pelaporan sesuai dengan standar akuntansi yang
relevan dengan mengakui keuntungan atau
kerugian terkait dalam laba rugi atau dalam
penghasilan komprehensif lain (OCI).
Bila suatu kombinasi bisnis dilakukan secara
bertahap, kepemilikan terdahulu Grup atas pihak
terakuisisi diukur kembali ke nilai wajar pada
tanggal akuisisi dan keuntungan atau kerugian
nya, jika ada, diakui dalam laba rugi. Jumlah
yang berasal dari kepemilikan sebelum tanggal
akuisisi yang sebelumnya telah diakui dalam
penghasilan komprehensif lain direklasifikasi ke
laba rugi dimana perlakuan tersebut akan sesuai
jika kepemilikannya dilepas/dijual.
- 24 -
F-161
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Non-controlling interests that are present
ownership interests and entitle their holders to a
proportionate share of the entity’s net assets in
the event of liquidation may be initially measured
either at fair value or at the non-controlling
interests’ proportionate share of the acquiree’s
identifiable net assets. The choice of
measurement basis is made on a transaction-by-
transaction basis. Other types of non-controlling
interests are measured at fair value or, when
applicable, on the basis specified in another
accounting standard.
When the consideration transferred by the Group
in a business combination includes assets or
liabilities resulting from a contingent
consideration arrangement, the contingent
consideration is measured at its acquisition-date
fair value and included as part of the
consideration transferred in a business
combination. Changes in the fair value of the
contingent consideration that qualify as
measurement period adjustments are adjusted
retrospectively, with corresponding adjustments
against goodwill. Measurement period
adjustments are adjustments that arise from
additional information obtained during the
measurement period (which cannot exceed one
year from the acquisition date) about facts and
circumstances that existed at the acquisition
date.
The subsequent accounting for changes in the
fair value of the contingent consideration that do
not qualify as measurement period adjustments
depends on how the contingent consideration is
classified. Contingent consideration that is
classified as equity is not remeasured at
subsequent reporting dates and its subsequent
settlement is accounted for within equity.
Contingent consideration that is classified as an
asset or liabilities is remeasured subsequent to
reporting dates in accordance with the relevant
accounting standards, as appropriate, with the
corresponding gain or loss being recognized in
profit or loss or in other comprehensive income.
When a business combination is achieved in
stages, the Group’s previously held equity
interest in the acquiree is remeasured to fair
value at the acquisition date and the resulting
gain or loss, if any, is recognized in profit or loss.
Amounts arising from interests in the acquiree
prior to the acquisition date that have previously
been recognized in other comprehensive income
are reclassified to profit or loss where such
treatment would be appropriate if that interests
were disposed of.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Jika akuntansi awal untuk kombinasi bisnis
belum selesai pada akhir periode pelaporan saat
kombinasi terjadi, Grup melaporkan jumlah
sementara untuk pos-pos yang proses
akuntansinya belum selesai dalam laporan
keuangannya. Selama periode pengukuran,
pihak pengakuisisi menyesuaikan, aset atau
liabilitas tambahan yang diakui, untuk
mencerminkan informasi baru yang diperoleh
tentang fakta dan keadaan yang ada pada
tanggal akuisisi dan, jika diketahui, akan
berdampak pada jumlah yang diakui pada
tanggal tersebut.
e. Transaksi dan Saldo Dalam Mata Uang Asing
Dalam penyusunan laporan keuangan setiap
entitas individual grup, transaksi dalam mata
uang asing selain mata uang fungsional entitas
(mata uang asing) diakui pada kurs yang berlaku
pada tanggal transaksi. Pada setiap akhir
perode pelaporan, pos moneter dalam valuta
asing dijabarkan kembali pada kurs yang berlaku
pada tanggal tersebut. Pos-pos non moneter
yang diukur pada nilai wajar dalam valuta asing
dijabarkan kembali pada kurs yang berlaku pada
tanggal ketika nilai wajar ditentukan. Pos
nonmoneter diukur dalam biaya historis dalam
valuta asing yang tidak dijabarkan kembali.
Selisih kurs atas pos moneter diakui dalam laba
rugi pada periode saat terjadinya kecuali untuk:
- Selisih kurs atas pinjaman valuta asing yang
berkaitan dengan aset dalam konstruksi
untuk penggunaan yang produktif di masa
depan, termasuk dalam biaya perolehan
aset tersebut ketika dianggap sebagai
penyesuaian atas biaya bunga atas
pinjaman valuta asing.
- Selisih kurs atas transaksi yang ditetapkan
untuk tujuan lindung nilai risiko valuta asing
tertentu.
- Selisih kurs atas pos moneter piutang atau
utang pada kegiatan dalam valuta asing
yang penyelesaiannya tidak direncanakan
atau tidak mungkin terjadi (membentuk
bagian dari investasi bersih dalam kegiatan
usaha luar negeri), yang pada awalnya
diakui pada penghasilan komprehensif lain
dan direklasifikasi dari ekuitas ke laba rugi
pada pembayaran kembali pos moneter.
f. Transaksi Pihak-pihak Berelasi
Pihak-pihak berelasi adalah orang atau entitas
yang terkait dengan Grup (entitas pelapor):
a. Orang atau anggota keluarga dekatnya
mempunyai relasi dengan entitas pelapor jika
orang tersebut:
i. memiliki pengendalian atau
pengendalian bersama entitas pelapor;
- 25 -
F-162
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
If the initial accounting for a business
combination is incomplete by the end of the
reporting period in which the combination occurs,
the Group reports provisional amounts for the
items for which the accounting is incomplete.
Those provisional amounts are adjusted during
the measurement period, or additional assets or
liabilities are recognized, to reflect new
information obtained about facts and
circumstances that existed as of the acquisition
date that, if known, would have affected the
amount recognized as of that date.
e. Foreign Currency Transactions and Balances
In preparing the financial statements of each
individual group entity, transactions in currencies
other than the entity’s functional currency (foreign
currencies) are recognized at the rates of
exchange prevailing at the dates of the
transactions. At the end of each reporting period,
monetary items denominated in foreign
currencies are retranslated at the rates prevailing
at that date. Non-monetary items carried at fair
value that are denominated in foreign currencies
are retranslated at the rates prevailing at the date
when the fair value was determined. Non-
monetary items that are measured in terms of
historical cost in a foreign currency are not
retranslated.
Exchange differences on monetary items are
recognized in profit or loss in the period in which
they arise except for:
- Exchange differences on foreign currency
borrowing relating to assets under
construction for future productive use, which
are included in the cost of those assets when
they are regarded as an adjustment to
interest costs on those foreign currency
borrowing.
- Exchange differences on transaction entered
into in order to hedge certain foreign currency
risks.
- Exchange differences on monetary items
receivable or payable to a foreign currency
operation for which settlement is neither
planned nor likely to occur (therefore forming
part of the net investment in the foreign
operation), which are recognized initially in
other comprehensive income and reclassified
from equity to profit or loss on repayment of
the monetary items.
f. Transactions with Related Parties
A related party is a person or entity that is related
to the Group (the reporting entity):
a. A person or a close member of that person’s
family is related to the reporting entity if that
person:
i. has control or joint control over the
reporting entity;
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
ii. memiliki pengaruh signifikan entitas
pelapor ; atau
iii. merupakan personil manajemen kunci
entitas pelapor atau entitas induk dari
entitas pelapor.
b. Suatu entitas berelasi dengan entitas pelapor
jika memenuhi salah satu hal berikut :
i. Entitas dan entitas pelapor adalah
anggota dari kelompok usaha yang sama
(artinya entitas induk, entitas anak, dan
entitas anak berikutnya saling berelasi
dengan entitas lain).
ii. Satu entitas adalah entitas asosiasi atau
ventura bersama dari entitas lain (atau
entitas asosiasi atau ventura bersama
yang merupakan anggota suatu
kelompok usaha, yang mana entitas lain
tersebut adalah anggotanya).
iii. Kedua entitas tersebut adalah ventura
bersama dari pihak ketiga yang sama.
iv. Satu entitas adalah ventura bersama dari
entitas ketiga dan entitas yang lain
adalah entitas asosiasi dari entitas
ketiga.
v. Entitas tersebut adalah suatu program
imbalan pasca kerja untuk imbalan kerja
dari salah satu entitas pelapor atau
entitas yang terkait dengan entitas
pelapor. Jika entitas pelapor adalah
entitas yang menyelenggarakan program
tersebut, maka entitas sponsor juga
berelasi dengan entitas pelapor.
vi. Entitas yang dikendalikan atau
dikendalikan bersama oleh orang yang
diidentifikasi dalam huruf (a).
vii. Orang yang diidentifikasi dalam huruf (a)
(i) memiliki pengaruh signifikan atas
entitas atau merupakan personil
manajemen kunci entitas (atau entitas
induk dari entitas).
Seluruh transaksi yang dilakukan dengan pihak-
pihak berelasi, baik dilakukan dengan kondisi
dan persyaratan yang sama dengan pihak ketiga
maupun tidak, diungkapkan pada laporan
keuangan konsolidasian.
g. Aset Keuangan
Seluruh aset keuangan diakui dan dihentikan
pengakuannya pada tanggal diperdagangkan
dimana pembelian dan penjualan aset keuangan
berdasarkan kontrak yang mensyaratkan
penyerahan aset keuangan dalam kurun waktu
yang ditetapkan oleh kebiasaan pasar yang
berlaku, dan awalnya diukur sebesar nilai wajar
ditambah biaya transaksi, kecuali untuk aset
keuangan yang diukur pada nilai wajar melalui
laba rugi, yang awalnya diukur sebesar nilai
wajar.
- 26 -
F-163
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
ii. has significant influence over the reporting
entity; or
iii. a member of the key management
personnel of the reporting entity or of a
parent of the reporting entity.
b. An entity is related to the reporting entity if
any of the following conditions applies:
i. The entity, and the reporting entity are
members of the same Group (which
means that each parent, subsidiary and
fellow subsidiary is related to the others).
ii. One entity is an associate or joint venture
of the other entity (or an
associate or joint venture of a member of
a Group of which the other entity is a
member).
iii. Both entities are joint ventures of the
same third party.
iv. One entity is a joint venture of a third
entity and the other entity is an associate
of the third entity.
v. The entity is a post-employment benefit
plan for the benefit of employees of either
the reporting entity, or an entity related to
the reporting entity. If the reporting entity
is itself such a plan, the sponsoring
employers are also related to the
reporting entity.
vi. The entity is controlled or joint 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 a parent of the
entity).
All transactions with related parties, whether or
not made at similar terms and conditions as
those done with third parties, are disclosed in the
consolidated financial statements.
g. Financial Assets
All financial assets are recognized and
derecognized on trade date where the purchase
or sale of a financial asset is under a contract
whose terms require delivery of the financial
asset within the time frame established by the
market concerned, and are initially measured at
fair value plus transaction costs, except for those
financial assets classified as at fair value through
profit or loss, which are initially measured at fair
value.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Aset keuangan Grup diklasifikasikan sebagai
aset keuangan tersedia untuk dijual (AFS) dan
pinjaman yang diberikan dan piutang.
Aset keuangan tersedia untuk dijual (AFS)
Investasi dalam instrumen ekuitas yang tidak
tercatat di bursa yang tidak mempunyai kuotasi
harga pasar di pasar aktif dan nilai wajarnya
tidak dapat diukur secara andal diklasifikasikan
sebagai AFS, diukur pada biaya perolehan
dikurangi penurunan nilai.
Dividen atas instrumen ekuitas AFS, jika ada,
diakui pada laba rugi pada saat hak Grup untuk
memperoleh pembayaran dividen ditetapkan.
Pinjaman yang diberikan dan piutang
Kas dan setara kas, kecuali kas, piutang
pelanggan dan piutang lain-lain dengan
pembayaran tetap atau telah ditentukan dan
tidak mempunyai kuotasi di pasar aktif
diklasifikasi sebagai “pinjaman yang diberikan
dan piutang”, yang diukur pada biaya perolehan
diamortisasi dengan menggunakan metode suku
bunga efektif dikurangi penurunan nilai.
Bunga diakui dengan menggunakan metode
suku bunga efektif, kecuali piutang jangka
pendek dimana pengakuan bunga tidak material.
Metode suku bunga efektif
Metode suku bunga efektif adalah metode yang
digunakan untuk menghitung biaya perolehan
diamortisasi dari instrumen keuangan dan
metode untuk mengalokasikan pendapatan
bunga atau biaya selama periode yang relevan.
Suku bunga efektif adalah suku bunga yang
secara tepat mendiskontokan estimasi
penerimaan atau pembayaran kas masa datang
(mencakup seluruh komisi dan bentuk lain yang
dibayarkan dan diterima oleh para pihak dalam
kontrak yang merupakan bagian yang tak
terpisahkan dari suku bunga efektif, biaya
transaksi dan premium dan diskonto lainnya)
selama perkiraan umur instrumen keuangan,
atau, jika lebih tepat, digunakan periode yang
lebih singkat untuk memperoleh nilai tercatat
bersih dari aset keuangan pada saat pengakuan
awal.
Pendapatan diakui berdasarkan suku bunga
efektif untuk instrumen keuangan.
- 27 -
F-164
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The Group’s financial assets are classified as
available for sale (AFS) and loans and
receivables.
Available-for-sale (AFS)
Investments in unlisted equity instruments that
are not quoted in an active market and whose fair
value cannot be reliably measured are also
classified as AFS, measured at cost less
impairment.
Dividends on AFS equity instruments, if any, are
recognized in profit or loss when the Group’s
right to receive the dividends are established.
Loans and receivables
Cash and cash equivalents, except for cash on
hand, receivable from customers and other
receivables that have fixed or determinable
payments that are not quoted in an active market
are classified as “loans and receivables”. Loans
and receivables are measured at amortised cost
using the effective interest method less
impairment.
Interest is recognized by applying the effective
interest method, except for short-term
receivables when the recognition of interest
would be immaterial.
Effective interest method
The effective interest method is a method of
calculating the amortised cost of a financial
instrument and of allocating interest income or
expense over the relevant period. The effective
interest rate is the rate that exactly discounts
estimated future cash receipts or payments
(including all fees and points paid or received that
from an integral part of the effective interest rate,
transaction costs and other premiums or
discounts) through the expected life of the
financial instrument, or, where appropriate, a
shorter period to the net carrying amount on
initial recognition.
Income is recognized on an effective interest
basis for financial instruments.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Penurunan nilai aset keuangan
Aset keuangan dievaluasi terhadap indikator
penurunan nilai pada setiap tanggal pelaporan.
Aset keuangan diturunkan nilainya bila terdapat
bukti objektif, sebagai akibat dari satu atau lebih
peristiwa yang terjadi setelah pengakuan awal
aset keuangan, dan peristiwa yang merugikan
tersebut berdampak pada estimasi arus kas
masa depan atas aset keuangan yang dapat
diestimasi secara andal.
Untuk investasi ekuitas AFS yang tercatat dan
tidak tercatat di bursa, penurunan yang signifikan
atau jangka panjang dalam nilai wajar dari
instrumen ekuitas dibawah biaya perolehannya
dianggap sebagai bukti okyektif terjadinya
penurunan nilai.
Bukti obyektif penurunan nilai termasuk sebagai
berikut:
• kesulitan keuangan signifikan yang dialami
penerbit atau pihak peminjam; atau
• pelanggaran kontrak, seperti terjadinya
wanprestasi atau tunggakan pembayaran
pokok atau bunga; atau
• terdapat kemungkinan bahwa pihak
peminjam akan dinyatakan pailit atau
melakukan reorganisasi keuangan.
Untuk kelompok aset keuangan tertentu, seperti
piutang, aset yang dinilai tidak akan diturunkan
secara individual akan dievaluasi penurunan
nilainya secara kolektif. Bukti objektif dari
penurunan nilai portofolio piutang dapat
termasuk pengalaman Grup atas tertagihnya
piutang di masa lalu, peningkatan keterlambatan
penerimaan pembayaran piutang dari rata-rata
periode kredit, dan juga pengamatan atas
perubahan kondisi ekonomi nasional atau lokal
yang berkorelasi dengan default atas piutang.
Untuk aset keuangan yang diukur pada biaya
perolehan yang diamortisasi, jumlah kerugian
penurunan nilai merupakan selisih antara jumlah
tercatat aset keuangan dengan nilai kini dari
estimasi arus kas masa depan yang
didiskontokan menggunakan suku bunga efektif
awal dari aset keuangan.
Untuk aset keuangan yang dicatat pada biaya
perolehan, jumlah kerugian penurunan nilai
diukur berdasarkan selisih antara jumlah tercatat
aset keuangan dan nilai kini estimasi arus kas
masa depan yang didiskontokan pada tingkat
imbal hasil yang berlaku di pasar untuk aset
keuangan yang serupa. Kerugian penurunan nilai
tersebut tidak dapat dibalik pada periode
berikutnya.
- 28 -
F-165
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Impairment of financial assets
Financial assets are assessed for indicators of
impairment at each reporting date. Financial
assets are impaired when there is objective
evidence that, as a result of one or more events
that occurred after the initial recognition of the
financial asset, the estimated future cash flows of
the investment have been affected.
For listed and unlisted equity investments
classified as AFS, a significant or prolonged
decline in fair value of the security below its cost
is considered to be objective evidence of
impairment.
Objective evidence of impairment could include:
• significant financial difficulty of the issuer or
counterparty; or
• default or delinquency in interest or principal
payments; or
• it becoming probable that the borrower will
enter bankruptcy or financial re-organization.
For certain categories of financial asset, such as
receivables, assets that are assessed not to be
impaired individually are, in addition, assessed
for impairment on a collective basis. Objective
evidence of impairment for a portfolio of
receivables could include the Group’s past
experiences of collecting payments, an increase
in the number of delayed payments in the
portfolio past the average credit period, as well
as observable changes in national or local
economic conditions that correlate with default on
receivables.
For financial assets carried at amortised cost, the
amount of the impairment is the difference
between the asset’s carrying amount and the
present value of estimated future cash flows,
discounted at the financial asset’s original
effective interest rate.
For financial asset carried at cost, the amount of
the impairment loss is measured as the
difference between the asset’s carrying amount
and the present value of the estimated future
cash flows discounted at the current market rate
of return for a similar financial asset. Such
impairment loss will not be reversed in
subsequent periods.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Jumlah tercatat aset keuangan tersebut
dikurangi dengan kerugian penurunan nilai
secara langsung atas aset keuangan, kecuali
piutang yang nilai tercatatnya dikurangi melalui
penggunaan akun cadangan piutang. Jika
piutang tidak tertagih, piutang tersebut
dihapuskan melalui akun cadangan piutang.
Pemulihan kemudian dari jumlah yang
sebelumnya telah dihapuskan dikreditkan
terhadap akun cadangan. Perubahan nilai
tercatat akun cadangan piutang diakui dalam
laba rugi.
Kecuali dari instrumen ekuitas AFS, jika, pada
periode berikutnya, jumlah kerugian penurunan
nilai berkurang dan pengurangan tersebut dapat
dikaitkan secara obyektif dengan peristiwa yang
terjadi setelah penurunan nilai diakui, kerugian
penurunan nilai yang diakui sebelumnya dibalik
melalui laba rugi hingga nilai tercatat investasi
pada tanggal pemulihan penurunan nilai
sepanjang nilainya tidak melebihi biaya
perolehan diamortisasi sebelum adanya
pengakuan kerugian penurunan nilai dilakukan.
Penghentian pengakuan aset keuangan
Grup menghentikan pengakuan aset keuangan
jika dan hanya jika hak kontraktual atas arus kas
yang berasal dari aset keuangan berakhir, atau
Grup mentransfer aset keuangan dan secara
substansial mentransfer seluruh risiko dan
manfaat atas kepemilikan aset kepada entitas
lain. Jika Grup tidak mentransfer serta tidak
memiliki secara substansial atas seluruh risiko
dan manfaat kepemilikan serta masih
mengendalikan aset yang ditransfer, maka Grup
mengakui keterlibatan berkelanjutan atas aset
yang ditransfer dan liabilitas terkait sebesar
jumlah yang mungkin harus dibayar. Jika Grup
memiliki secara substansial seluruh risiko dan
manfaat kepemilikan aset keuangan yang
ditransfer, Grup masih mengakui aset keuangan
dan juga mengakui pinjaman yang dijamin
sebesar pinjaman yang diterima.
Penghentian pengakuan aset keuangan secara
keseluruhan, selisih antara jumlah tercatat aset
dan jumlah pembayaran dan piutang yang
diterima dan keuntungan atau kerugian kumulatif
yang telah diakui dalam penghasilan
komprehensif lain dan terakumulasi dalam
ekuitas diakui dalam laba rugi.
- 29 -
F-166
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The carrying amount of the financial asset is
reduced by the impairment loss directly for all
financial assets with the exception of receivables,
where the carrying amount is reduced through
the use of an allowance account. When a
receivable is considered uncollectible, it is written
off against the allowance account. Subsequent
recoveries of amounts previously written off are
credited against the allowance account. Changes
in the carrying amount of the allowance account
are recognized in profit or loss.
With the exception of AFS equity instruments, if,
in a subsequent period, the amount of the
impairment loss decreases and the decrease can
be related objectively to an event occurring after
the impairment was recognized, the previously
recognized impairment loss is reversed through
profit or loss to the extent that the carrying
amount of the investment at the date the
impairment is reversed does not exceed what the
amortised cost would have been had the
impairment not been recognized.
Derecognition of financial assets
The Group derecognizes a financial asset only
when the contractual rights to the cash flows from
the asset expire, or when it transfers the financial
asset and substantially all the risks and rewards
of ownership of the asset to another entity. If the
Group neither transfers nor retains substantially
all the risks and rewards of ownership and
continues to control the transferred asset, the
Group recognizes its retained interest in the
asset and an associated liability for amounts it
may have to pay. If the Group retains
substantially all the risks and rewards of
ownership of a transferred financial asset, the
Group continues to recognize the financial asset
and also recognize a collateralized borrowing for
the proceeds received.
On derecognition of financial asset in its entirety,
the difference between the asset’s carrying
amount and the sum of the consideration
received and receivable and the cumulative gain
or loss that had been recognized in other
comprehensive income and accumulated in
equity is recognized in profit or loss.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Penghentian pengakuan aset keuangan
terhadap satu bagian saja (misalnya ketika Grup
masih memiliki hak untuk membeli kembali
bagian aset yang ditransfer), Grup
mengalokasikan jumlah tercatat sebelumnya dari
aset keuangan tersebut pada bagian yang tetap
diakui berdasarkan keterlibatan berkelanjutan
dan bagian yang tidak lagi diakui berdasarkan
nilai wajar relatif dari kedua bagian tersebut pada
tanggal transfer. Selisih antara jumlah tercatat
yang dialokasikan pada bagian yang tidak lagi
diakui dan jumlah dari pembayaran yang diterima
untuk bagian yang tidak lagi diakui dan setiap
keuntungan atau kerugian kumulatif yang
dialokasikan pada bagian yang tidak lagi diakui
tersebut yang sebelumnya telah diakui dalam
pendapatan komprehensif lain diakui pada laba
rugi. Keuntungan dan kerugian kumulatif yang
sebelumnya diakui dalam penghasilan
komprehensif lain dialokasikan pada bagian yang
tetap diakui dan bagian yang dihentikan
pengakuannya, berdasarkan nilai wajar relatif
kedua bagian tersebut.
h. Liabilitas Keuangan dan Instrumen Ekuitas
Klasifikasi sebagai liabilitas atau ekuitas
Liabilitas keuangan dan instrumen ekuitas yang
diterbitkan oleh Grup diklasifikasi sesuai dengan
substansi perjanjian kontraktual dan definisi
liabilitas keuangan dan instrumen ekuitas.
Instrumen ekuitas
Instrumen ekuitas adalah setiap kontrak yang
memberikan hak residual atas aset Grup setelah
dikurangi dengan seluruh liabilitasnya. Instrumen
ekuitas dicatat sebesar hasil penerimaan bersih
setelah dikurangi biaya penerbitan langsung.
Pembelian kembali instrumen ekuitas
Perusahaan (saham treasuri) diakui dan
dikurangkan secara langsung dari ekuitas.
Keuntungan dan kerugian yang timbul dari
pembelian, penjualan, penerbitan atau
pembatalan instrumen ekuitas Perusahaan
tersebut tidak diakui dalam laba rugi. Jumlah
yang dibayarkan atau diterima diakui secara
langsung dalam ekuitas.
Liabilitas keuangan
Liabilitas keuangan diklasifikasikan sebagai
biaya perolehan diamortisasi
- 30 -
F-167
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
On derecognition of financial asset other than its
entirety (e.g., when the Group retains an option
to repurchase part of a transferred asset), the
Group allocates the previous carrying amount of
the financial asset between the part it continues
to recognize under continuing involvement, and
the part it no longer recognizes on the basis of
the relative fair values of those parts on the date
of the transfer. The difference between the
carrying amount allocated to the part that is no
longer recognized and the sum of the
consideration received for the part no longer
recognized and any cumulative gain or loss
allocated to it that had been recognized in other
comprehensive income is recognized in profit or
loss. A cumulative gain or loss that had been
recognized in other comprehensive income is
allocated between the part that continues to be
recognized and the part that is no longer
recognized on the basis of the relative fair values
of those parts.
h. Financial Liabilities and Equity Instruments
Classification as liability or equity
Financial liabilities and equity instruments issued
by the Group are classified according to the
substance of the contractual arrangements
entered into and the definitions of a financial
liability and an equity instrument.
Equity instruments
An equity instrument is any contract that
evidences a residual interest in the assets of the
Group after deducting all of its liabilities. Equity
instruments are recorded at the proceeds
received, net of direct issue costs.
Repurchase of the Company’s own equity
instruments (treasury shares) is recognized and
deducted directly in equity. No gain or loss is
recognized in profit or loss on the purchase, sale,
issue or cancellation of the Company’s own
equity instruments. Consideration paid or
received shall be recognized directing in equity.
Financial liabilities
Financial liabilities are classified as “at amortized
cost”.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Liabilitas keuangan pada biaya perolehan
diamortisasi
Liabilitas keuangan meliputi utang usaha dan
lainnya, obligasi dan wesel bayar, bank dan
pinjaman lainnya, pada awalnya diukur pada nilai
wajar, setelah dikurangi biaya transaksi, dan
selanjutnya diukur pada biaya perolehan
diamortisasi menggunakan metode suku bunga
efektif.
Penghentian pengakuan liabilitas keuangan
Grup menghentikan pengakuan liabilitas
keuangan, jika dan hanya jika, liabilitas Grup
telah dilepaskan, dibatalkan atau kadaluarsa.
Selisih antara jumlah tercatat liabilitas keuangan
yang dihentikan pengakuannya dan imbalan
yang dibayarkan dan utang diakui dalam laba
rugi.
i. Saling hapus antar Aset Keuangan dan
Liabilitas Keuangan
Aset dan liabilitas keuangan Grup saling hapus
dan nilai bersihnya disajikan dalam laporan
posisi keuangan jika dan hanya jika,
• saat ini memiliki hak yang berkekuatan
hukum untuk melakukan saling hapus atas
jumlah yang telah diakui tersebut; dan
• berniat untuk menyelesaikan secara neto
atau untuk merealisasikan aset dan
menyelesaikan liabilitasnya secara simultan.
j. Kas dan Setara Kas
Untuk tujuan penyajian arus kas, kas dan setara
kas terdiri dari kas, bank dan semua investasi
yang jatuh tempo dalam waktu tiga bulan atau
kurang dari tanggal perolehannya dan yang tidak
dijaminkan serta tidak dibatasi penggunaannya.
k. Investasi Pada Entitas Asosiasi
Entitas asosiasi adalah suatu entitas dimana
Grup mempunyai pengaruh yang signifikan dan
bukan merupakan entitas anak ataupun bagian
partisipasi dalam ventura bersama. Pengaruh
signifikan adalah kekuasaan untuk berpartipasi
dalam keputusan kebijakan keuangan dan
operasional investee tetapi tidak mengendalikan
atau mengendalikan bersama atas kebijakan
tersebut.
- 31 -
F-168
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Financial liabilities at amortized cost
Financial liabilities which include trade and other
payables, bonds and notes payable, bank and
other borrowings are initially measured at fair
value, net of transaction costs, and subsequently
measured at amortized cost using the effective
interest method.
Derecognition of financial liabilities
The Group derecognizes financial liabilities when,
and only when, the Group’s obligations are
discharged, cancelled or expires. The difference
between the carrying amount of the financial
liability derecognized and the consideration paid
and payable is recognized in profit or loss.
i. Netting of Financial Assets and Financial
Liabilities
The Group only offsets financial assets and
liabilities and presents the net amount in the
statement of financial position where they:
• currently has a legal enforceable right to set
off the recognized amount; and
• intends either to settle on a net basis, or to
realize the asset and settle the liability
simultaneously.
j. Cash and Cash Equivalents
For cash flow presentation purposes, cash and
cash equivalents consist of cash on hand and in
banks, and all unrestricted investments with
maturities of three months or less from the date
of placement.
k. Investments in Associates
An associate is an entity over which the Group
has significant influence and that is neither a
subsidiary nor an interest in a joint venture.
Significant influence is the power to participate in
the financial and operating policy decisions of the
investee but is not control or joint control over
those policies.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Penghasilan, aset dan liabilitas dari entitas
asosiasi digabungkan dalam laporan keuangan
konsolidasian dicatat dengan menggunakan
metode ekuitas, kecuali ketika investasi
diklasifikasikan sebagai dimiliki untuk dijual,
sesuai dengan PSAK 58, Aset Tidak Lancar
yang Dimiliki untuk Dijual dan Operasi yang
Dihentikan. Dengan metode ekuitas, investasi
pada entitas asosiasi diakui di laporan posisi
keuangan konsolidasian sebesar biaya
perolehan dan selanjutnya disesuaikan untuk
perubahan dalam bagian kepemilikan Grup atas
laba rugi dan pendapatan komprehensif lain dari
entitas asosiasi yang terjadi setelah perolehan.
Ketika bagian Grup atas kerugian entitas
asosiasi melebihi nilai tercatat dari investasi
(yang mencakup semua kepentingan jangka
panjang, yang secara substansi, membentuk
bagian dari investasi bersih Grup dalam entitas
asosiasi). Grup menghentikan pengakuan
bagiannya atas kerugian selanjutnya. Kerugian
selanjutnya diakui hanya apabila Grup
mempunyai kewajiban bersifat hukum atau
konstruktif atau melakukan pembayaran atas
nama entitas asosiasi.
Investasi pada entitas asosiasi dicatat dengan
menggunakan metode ekuitas dari tanggal pada
saat investee menjadi entitas asosiasi. Setiap
kelebihan biaya perolehan investasi atas bagian
Grup atas nilai wajar bersih dari aset yang
teridentifikasi, liabilitas dan liabilitas kontinjen
dari entitas asosiasi yang diakui pada tanggal
akuisisi, diakui sebagai goodwill. Goodwill
termasuk dalam jumlah tercatat investasi, dan
diuji penurunan nilai sebagai bagian dari
investasi. Setiap kelebihan dari kepemilikan Grup
dari nilai wajar bersih dari aset yang
teridentifikasi, liabilitas dan liabilitas kontinjen
atas biaya perolehan investasi, sesudah
pengujian kembali segera diakui di dalam laba
rugi.
Persyaratan dalam PSAK 55 Instrumen,
Keuangan: Pengakuan dan Pengukuran,
diterapkan untuk menentukan apakah perlu
untuk mengakui setiap penurunan nilai
sehubungan dengan investasi pada entitas
asosiasi Grup. Jika perlu, jumlah tercatat
investasi yang tersisa (termasuk goodwill) diuji
penurunan nilai sesuai dengan PSAK 48,
Penurunan Nilai Aset, sebagai suatu aset
tunggal dengan membandingkan antara jumlah
terpulihkan (mana yang lebih tinggi antara nilai
pakai dan nilai wajar dikurangi biaya untuk
menjual) dengan jumlah tercatatnya. Rugi
penurunan nilai yang diakui pada keadaan
tersebut tidak dialokasikan pada setiap aset yang
membentuk bagian dari nilai tercatat investasi
pada entitas asosiasi. Setiap pembalikan dari
penurunan nilai diakui sesuai dengan PSAK 48
sepanjang jumlah terpulihkan dari investasi
tersebut kemudian meningkat.
- 32 -
F-169
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The results of operations and assets and
liabilities of associates are incorporated in these
consolidated financial statements using the
equity method of accounting, except when the
investment is classified as held for sale, in which
case, it is accounted for in accordance with
PSAK 58, Non-current Assets Held for Sale and
Discontinued Operations. Under the equity
method, an investment in an associate is initially
recognized in the consolidated statement of
financial position at cost and adjusted thereafter
to recognize the Group’s share of the profit or
loss and other comprehensive income of the
associate. When the Group’s share of losses of
an associate exceeds the Group’s interest in that
associate (which includes any long-term interests
that, in substance, form part of the Group’s net
investment in the associate) the Group
discontinues recognizing its share of further
losses. Additional losses are recognized only to
the extent that the Group has incurred legal or
constructive obligations or made payments on
behalf of the associate.
An investment in an associate is accounted for
using the equity method from the date on which
the investee becomes an associate. Any excess
of the cost of acquisition over the Group’s share
of the net fair value of identifiable assets,
liabilities and contingent liabilities of the associate
recognized at the date of acquisition, is
recognized as goodwill, which is included within
the carrying amount of the investment. Any
excess of the Group’s share of the net fair value
of the identifiable assets, liabilities and contingent
liabilities over the cost of acquisition, after
reassessment, is recognized immediately in profit
or loss.
The requirements of PSAK 55, Financial
Instruments: Recognition and Measurement, are
applied to determine whether it is necessary to
recognize any impairment loss with respect to the
Group’s investment in an associate. When
necessary, the entire carrying amount of the
investment (including goodwill) is tested for
impairment in accordance with PSAK 48,
Impairment of Assets, as a single asset by
comparing its recoverable amount (higher of
value in use and fair value less costs to sell) with
its carrying amount. Any impairment loss
recognized from part of the carrying amount of
the investment. Any reversal of that impairment
loss is recognized in accordance with PSAK 48 to
the extent that the recoverable amount of the
investment subsequently increases.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Grup menghentikan penggunaan metode ekuitas
dari tanggal ketika investasinya berhenti menjadi
investasi pada entitas asosiasi atau ventura
bersama atau ketika investasi diklasifikasi
sebagai dimiliki untuk dijual. Ketika Grup
mempertahankan kepentingan dalam entitas
asosiasi atau ventura bersama terdahulu dan
sisa kepentingan adalah aset keuangan, Grup
mengukur setiap sisa kepentingan pada nilai
wajar pada tanggal tersebut dan nilai wajar
dianggap sebagai nilai wajarnya pada saat
pengakuan awal sesuai dengan PSAK 55.
Selisih antara jumlah tercatat entitas asosiasi
atau ventura bersama pada tanggal metode
ekuitas dihentikan penggunaannya, dan nilai
wajar setiap investasi yang tersisa dan setiap
hasil dari pelepasan bagian kepentingan dalam
entitas asosiasi atau ventura bersama termasuk
dalam penentuan keuntungan atau kerugian
pelepasan dari entitas asosiasi atau ventura
bersama. Selanjutnya, Grup mencatat seluruh
jumlah yang sebelumnya telah diakui dalam
penghasilan komprehensif lain yang terkait
dengan entitas asosiasi atau ventura bersama
tersebut dengan menggunakan dasar perlakuan
yang sama dengan yang disyaratkan jika entitas
asosiasi atau ventura bersama telah melepaskan
secara langsung aset dan liabilitas yang terkait.
Oleh karena itu, jika keuntungan atau kerugian
yang sebelumnya diakui dalam penghasilan
komprehensif lain oleh entitas asosiasi atau
ventura bersama akan direklasifikasi ke laba rugi
pada saat pelepasan dari aset atau liabilitas
terkait, Grup mereklasifikasi laba rugi dari ekuitas
ke laba rugi (sebagai penyesuaian reklasifikasi)
entitas asosiasi atau ventura bersama ketika
metode ekuitas dihentikan penggunaannya.
Ketika Grup melakukan transaksi dengan entitas
asosiasi, keuntungan dan kerugian yang timbul
dari transaksi dengan entitas asosiasi diakui
dalam laporan keuangan konsolidasian Grup
hanya sepanjang kepemilikan dalam entitas
asosiasi yang tidak terkait dengan Grup.
Jika entitas asosiasi menggunakan kebijakan
akuntansi yang berbeda dengan Grup untuk
transaksi dan peristiwa serupa, maka
penyesuaian perlu dilakukan untuk menyamakan
kebijakan akuntansi entitas asosiasi dengan
kebijakan akuntansi Grup ketika laporan
keuangan entitas asosiasi tersebut digunakan
oleh Grup dalam menerapkan metode ekuitas.
l. Dana Cadangan Untuk Penggantian
Perabotan dan Perlengkapan Hotel
Cadangan untuk penggantian perabotan dan
perlengkapan hotel ditentukan sebesar 0,5%-3%
dari jumlah pendapatan hotel setiap bulan.
Dana secara khusus disisihkan untuk menutupi
cadangan dan disimpan dalam rekening bank.
Bunga yang diperoleh dari rekening bank
tersebut merupakan bagian dari dana cadangan.
- 33 -
F-170
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The Group discontinues the use of the equity
method from the date when the investment
ceases to be an associate or a joint venture, or
when the investment is classified as held for sale.
When the Group retains an interest in the former
associate or joint venture and the retained
interest is a financial asset, the Group measures
any retained investment at fair value at that date
and the fair value is regarded as its fair value on
initial recognition in accordance with PSAK 55.
The difference between the carrying amount of
the associate or joint venture at the date the
equity method was discontinued, and the fair
value of any retained interest and any proceeds
from disposing of a part interest in the associate
or joint venture is included in the determination of
the gain or loss on disposal of the associate or
joint venture. In addition, the Group accounts for
all amounts previously recognized in other
comprehensive income in relation to that
associate or joint venture on the same basis as
would be required if that associate or joint
venture had directly disposed of the related
assets or liabilities. Therefore, if a gain or loss
previously recognized in other comprehensive
income by that associate or joint venture would
be reclassified to profit or loss on the disposal of
the related assets or liabilities, the Group
reclassifies the gain or loss from equity to profit
or loss (as a reclassification adjustment) when
the equity method is discontinued.
When a group entity transacts with its associate,
profits and losses resulting from the transaction
with the associate are recognized in the Group’s
consolidated financial statements only to the
extent of its interest in the associate that are not
related to the Group.
If an associate uses accounting policies other
than those of the Group for like transactions and
event in similar circumstances, adjustment shall
be made to make the associate’s accounting
policies conform to those of the Group when the
associate’s financial statements are used by the
entity in applying the equity method.
l. Funds Reserve For Furniture and Equipment
Reserve for replacement of furniture and
equipment is set at 0.5% - 3% of total hotel
revenue every month.
The funds are specifically set aside as a reserve
and deposit in bank. Interest earned on bank
accounts deposited is part of the reserves and
funds.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Beban penggantian dan penambahan Expense for replacement and addition to hotel
perlengkapan hotel merupakan pengurangan equipment is a reduction of fund balance
saldo dana cadangan. reserves.

m. Persediaan Hotel dan Bioskop m. Hotel and Theater Inventories

Persediaan merupakan makanan dan minuman, Inventories, which include food and beverages,
perlengkapan operasional dan bahan operating equipment and building maintenance
pemeliharaan gedung yang dinyatakan materials, are stated at cost or net realizable
berdasarkan biaya perolehan atau nilai realisasi value, whichever is lower. Cost is determined
bersih, mana yang lebih rendah. Biaya perolehan using the weighted average method.
ditentukan dengan metode rata-rata tertimbang.

n. Persediaan Aset Real Estat n. Real Estate Asset Inventories

Aset real estat terdiri dari bangunan apartemen Real estate assets, which consist of apartment
dan kios yang siap dijual, tanah belum and counter units ready for sale, land not yet
dikembangkan, tanah yang sedang developed, land under development and
dikembangkan dan bangunan yang sedang buildings under construction, are stated at cost or
dikonstruksi, dinyatakan sebesar biaya net realizable value, whichever is lower.
perolehan atau nilai realisasi bersih, mana yang
lebih rendah.
Biaya perolehan tanah yang belum The cost of land not yet developed consists of
dikembangkan meliputi biaya pra-perolehan dan pre-development costs and cost of the land. The
perolehan tanah. Biaya perolehan akan cost of the land not yet developed is transferred
dipindahkan ke tanah yang sedang to the land under development account when the
dikembangkan pada saat pengembangan tanah development of the land has started or is
akan dimulai atau dipindahkan ke bangunan transferred to the buildings under construction
yang sedang dikonstruksi pada saat tanah account when the land is ready for development.
tersebut siap dibangun.

Biaya perolehan tanah yang sedang The cost of land under development consists of
dikembangkan meliputi biaya perolehan tanah cost of land not yet developed, direct and indirect
yang belum dikembangkan ditambah dengan costs related to the development of real estate
biaya pengembangan langsung dan tidak assets and borrowing costs. The cost of land
langsung yang dapat diatribusikan pada aset under development is transferred to the buildings
pengembangan real estat serta biaya pinjaman. under construction account when the
Tanah yang sedang dikembangkan akan development is completed.
dipindahkan ke bangunan yang sedang
dikonstruksi pada saat tanah tersebut selesai
dikembangkan.

Biaya perolehan bangunan yang sedang
dikonstruksi meliputi biaya perolehan tanah yang
telah selesai dikembangkan ditambah dengan
biaya konstruksi, biaya lainnya yang dapat
diatribusikan pada aktivitas pengembangan real
estat dan biaya pinjaman, serta dipindahkan ke
bangunan yang siap dijual pada saat selesai
dibangun dan siap dijual.
The cost of building under construction consists
of the cost of developed land, construction costs,
other costs related to the development of real
estate and borrowing costs, and is transferred to
the building when it is completed and ready for
sale.

Biaya aktivitas pengembangan real estat yang The real estate development costs which are
dikapitalisasi ke proyek pengembangan real estat capitalized to the real estate development project
adalah: are:

− Biaya pra-perolehan tanah; − Land pre-acquisition costs

− Biaya perolehan tanah; − Land acquisition cost
− Biaya yang secara langsung berhubungan − Project direct costs
dengan proyek;
− Biaya yang dapat diatribusikan pada aktivitas − Costs that are attributable to real estate
pengembangan real estat; dan development activities; and
− Biaya pinjaman. − Borrowing costs

- 34 -

F-171
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Biaya yang dialokasikan sebagai beban proyek
adalah:
− Biaya pra-perolehan tanah atas tanah yang
tidak berhasil diperoleh.
− Kelebihan biaya dari hasil yang diperoleh
atas pembangunan sarana umum yang
dikomersialkan, yang dijual atau dialihkan,
sehubungan dengan penjualan unit.
Grup tetap melakukan kapitalisasi biaya ke
proyek pengembangan walaupun realisasi
pendapatan pada masa depan lebih rendah dari
nilai tercatat proyek. Atas perbedaan yang terjadi
Grup melakukan penyisihan secara periodik.
Jumlah penyisihan tersebut akan mengurangi
nilai tercatat proyek dan dibebankan ke laba rugi
tahun berjalan.
Biaya yang telah dikapitalisasi ke proyek
pengembangan real estat dialokasikan ke setiap
unit real estat dengan metode identifikasi khusus.
Pengkajian atas estimasi dan alokasi biaya
dilakukan pada setiap akhir periode pelaporan
sampai proyek selesai secara substansial, jika
terjadi perubahan mendasar Grup akan
melakukan revisi dan realokasi biaya.
Beban yang diakui di laba rugi pada saat
terjadinya adalah biaya yang tidak berhubungan
dengan proyek real estat.
o. Biaya Dibayar Dimuka
Biaya dibayar dimuka, kecuali untuk pajak final
dibayar dimuka, diamortisasi selama masa
manfaat masing-masing biaya dengan
menggunakan metode garis lurus.
p. Properti Investasi
Properti investasi adalah properti (tanah atau
bangunan atau bagian dari suatu bangunan atau
kedua-duanya) untuk menghasilkan rental atau
untuk kenaikan nilai atau keduanya. Grup
mengukur properti investasi setelah pengakuan
awal dengan menggunakan model biaya.
Properti investasi diukur sebesar biaya perolehan
setelah dikurangi akumulasi penyusutan dan
akumulasi kerugian penurunan nilai.
Properti investasi kecuali tanah, disusutkan
dengan menggunakan metode garis lurus
berdasarkan taksiran masa manfaat ekonomis
dari aset sebagai berikut:
Tahun / Years
Bangunan dan prasarana 20-30
Mesin dan peralatan
Tanah dinyatakan berdasarkan biaya perolehan
dan tidak disusutkan.
F-172
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Costs which are allocated to project costs are:
− Pre-acquisition costs of land which is not
successfully acquired.
− Excess of costs over anticipated proceeds
on the sale or transfer of commercialized
public utilities, in connection with the sale of
units.
The Group capitalize the costs of project
development even if the realization of projected
revenue is lower than the capitalized project
costs. However, the Group recognize provisions
periodically for the difference that may arise. The
provision is accounted for as a reduction in
capitalized project costs and is charged to profit
or loss for the year.
Costs capitalized to real estate project
development are allocated to each real estate
unit using the specific identification method.
Estimates and cost allocation are reviewed at
reporting date until the project is substantially
completed. If there are fundamental changes on
the basis of current estimates, the Group will
revise and reallocate the cost.
Expenses which are not related to the
development of real estate are charged to profit
or loss when incurred.
o. Prepaid Expenses
Prepaid expenses, except for prepaid final tax,
are amortized over their beneficial periods using
the straight-line method.
p. Investment Properties
Investment properties are properties (land or a
building – or part of a building – or both) held to
earn rentals or for capital appreciation or both.
The Group measure its investment property
subsequent to initial recognition using the cost
model.
Investment properties are measured at cost less
accumulated depreciation and any accumulated
impairment lossess.
Investment properties except land are depreciated
using the straight-line method based on the
estimated useful lives of the assets as follows:
Buildings and facilities
8 Machinery and equipment
Land is stated at cost and is not depreciated.
- 35 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Properti investasi mencakup juga properti dalam
proses pembangunan dan akan digunakan
sebagai properti investasi setelah selesai.
Akumulasi biaya perolehan dan biaya
pembangunan (termasuk biaya pinjaman yang
terjadi) diamortisasi pada saat selesai dan siap
untuk digunakan.
Properti investasi dihentikan pengakuannya pada
saat dilepaskan atau ketika properti investasi
tidak digunakan lagi secara permanen dan tidak
memiliki manfaat ekonomi masa depan yang
diperkirakan dari pelepasannya. Keuntungan
atau kerugian yang timbul dari penghentian atau
pelepasan properti investasi ditentukan dari
selisih antara hasil neto pelepasan dan jumlah
tercatat aset dan diakui dalam laba rugi pada
periode terjadinya penghentian atau pelepasan.
Transfer ke properti investasi dilakukan jika, dan
hanya jika terdapat perubahan penggunaan yang
ditunjukkan dengan berakhirnya pemakaian oleh
pemilik, dimulainya sewa operasi ke pihak lain.
Transfer dari properti investasi dilakukan jika,
dan hanya jika terdapat perubahan penggunaan
yang ditunjukkan dengan dimulainya
penggunaan oleh pemilik atau dimulainya
pengembangan untuk dijual.
q. Aset Tetap – Pemilikan Langsung
Aset tetap yang dimiliki untuk digunakan dalam
penyediaan jasa atau untuk tujuan administratif
dicatat berdasarkan biaya perolehan setelah
dikurangi akumulasi penyusutan dan akumulasi
kerugian penurunan nilai.
Penyusutan dihitung dengan menggunakan
metode garis lurus (straight-line method)
berdasarkan taksiran masa manfaat ekonomis
aset tetap seperti berikut:
Tahun / Years
Bangunan dan prasarana
Peralatan kantor
Kendaraan
Perlengkapan proyek
Mesin dan peralatan
Tanah dinyatakan berdasarkan biaya perolehan
dan tidak disusutkan.
Masa manfaat ekonomis, nilai residu dan metode
penyusutan direviu setiap akhir tahun dan
pengaruh dari setiap perubahan estimasi
tersebut berlaku prospektif.
Beban pemeliharaan dan perbaikan dibebankan
pada laba rugi pada saat terjadinya. Biaya-biaya
lain yang terjadi selanjutnya yang timbul untuk
menambah, mengganti atau memperbaiki aset
tetap dicatat sebagai biaya perolehan aset jika
dan hanya jika besar kemungkinan manfaat
ekonomis di masa depan berkenaan dengan aset
tersebut akan mengalir ke entitas dan biaya
perolehan aset dapat diukur secara andal.
F-173
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Investment property includes properties in the
process of development and will be used as
investment property after completion.
Accumulated acquisition and development costs
(including borrowing costs incurred) are
amortized when completed and ready for use.
An investment property is derecognized upon
disposal or when the investment property is
permanently withdrawn from use and no future
economic benefits are expected from the
disposal. Any gain or loss arising on
derecognition of the property (calculated as the
difference between the net disposal proceeds
and the carrying amount of the asset) is included
in profit or loss in the period in which the property
is derecognized.
Transfer are made to investment properties,
when and only when, there is a change in use,
evidenced by the end of owner occupation,
commencement of an operating lease with
another party. Transfer are made from
investment properties when, and only when,
there is a change in use, evidenced by
commencement of owner occupation or
commencement of development with a view to sale.
 Property 
#" $  " #!"!
Property and equipment held for use in supply of
services or for administrative purposes are stated
at cost less accumulated depreciation and any
accumulated impairment losses.
Depreciation is computed using the straight-line
method based on the estimated useful lives of
the assets as follows:
10 – 30 Building and facilities
4–8 Office equipment
4–8 Vehicles
4–8 Project equipment
4–8 Machine and equipment
Land is stated at cost and is not depreciated.
The estimated useful lives, residual values and
depreciation method are reviewed at each year
end, with the effect of any changes in estimate
accounted for on a prospective basis.
The cost of maintenance and repairs is charged
to profit or loss as incurred. Other costs incurred
subsequently to add to, replace part of, or service
an item of property and equipment, are
recognized as an asset if, and only if it is
probable that future economic benefits
associated with the item will flow to the entity and
the cost of the item can be measured reliably.
- 36 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Aset tetap yang dihentikan pengakuannya atau
yang dijual nilai tercatatnya dikeluarkan dari
kelompok aset tetap. Keuntungan atau kerugian
dari penjualan aset tetap tersebut dibukukan
dalam laba rugi.
Aset dalam penyelesaian dinyatakan sebesar
biaya perolehan. Biaya perolehan tersebut
termasuk biaya pinjaman yang terjadi selama
masa pembangunan yang timbul dari utang yang
digunakan untuk pembangunan aset tersebut.
Akumulasi biaya perolehan akan dipindahkan ke
masing-masing aset tetap yang bersangkutan
pada saat selesai dan siap digunakan.
r. Biaya yang Ditangguhkan
Biaya yang terjadi sehubungan dengan
pembangunan kantor pemasaran, ruang pamer
dan kantor operasional ditangguhkan dan
diamortisasi dengan metode garis lurus dengan
masa manfaat 2 – 4 tahun.
s. < Goodwill
Goodwill yang timbul dari kombinasi bisnis diakui
sebagai aset pada tanggal diperolehnya
pengendalian (tanggal akuisisi). Goodwill diukur
sebagai selisih dari imbalan yang dialihkan,
jumlah setiap kepentingan non-pengendali pihak
yang diakuisisi dan nilai wajar dari kepentingan
ekuitas yang sebelumnya dimiliki pihak
pengakuisisi pada pihak yang diakuisisi (jika ada)
atas jumlah selisih bersih dari aset teridentifikasi
yang diperoleh dan liabilitas yang diambil alih
pada tanggal akuisisi.
Jika setelah penilaian kembali, kepemilikan Grup
pada nilai wajar aset bersih yang teridentifikasi
dari pihak yang diakuisisi melebihi dari imbalan
yang dialihkan, jumlah setiap kepentingan non-
pengendali pihak yang diakuisisi dan nilai wajar
dari kepentingan ekuitas yang sebelumnya
dimiliki pihak pengakuisisi pada pihak yang
diakuisisi (jika ada), selisihnya diakui segera
dalam laba rugi sebagai pembelian dengan
diskon.
Untuk tujuan uji penurunan nilai, goodwill
dialokasikan pada setiap unit penghasil kas dari
Grup yang diharapkan memberikan manfaat dari
sinergi kombinasi bisnis tersebut. Unit penghasil
kas yang telah memperoleh alokasi goodwill diuji
penurunan nilainya secara tahunan, dan ketika
terdapat indikasi bahwa unit tersebut mengalami
penurunan nilai. Jika jumlah terpulihkan dari unit
penghasil kas kurang dari jumlah tercatatnya,
rugi penurunan nilai dialokasikan pertama untuk
mengurangi jumlah tercatat aset atas setiap
goodwill yang dialokasikan pada unit dan
selanjutnya ke aset lainnya dari unit dibagi
prorata atas dasar jumlah tercatat setiap aset
dalam unit tersebut. Setiap kerugian penurunan
nilai goodwill diakui secara langsung dalam laba
rugi pada laporan laba rugi dan penghasilan
komprehensif lain konsolidasian. Rugi penurunan
nilai yang diakui atas goodwill tidak dapat dibalik
pada periode berikutnya.
- 37 -
F-174
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
When assets are retired or otherwise disposed
of, their carrying amounts are removed from the
accounts and any resulting gain or loss is
reflected in profit or loss.
Construction in progress is stated at cost which
includes borrowing costs during construction on
debts incurred to finance the construction.
Construction in progress is transferred to the
respective property and equipment account when
completed and ready for use.
r. Deferred Charges
Expenses related to constructions of show unit,
marketing office and operational office are
deferred and amortized using the straight-line
method based on the estimated useful lives of
2 – 4 years.
s. Goodwill
Goodwill arising in a business combination is
recognized as an asset at the date that control is
acquired (the acquisition date). Goodwill is
measured as the excess of the sum of the
consideration transferred, the amount of any non-
controlling interest in the acquiree and the fair
value of the acquirer’s previously held equity
interest (if any) in the entity over net of the
acquisition-date amounts of the identifiable
assets acquired and the liabilities assumed.
If, after reassessment, the Group’ interest in the
fair value of the acquiree’s identifiable net assets
exceeds the sum of the consideration transferred,
the amount of any non-controlling interest in the
acquiree and the fair value of the acquirer’s
previously held equity interest in the acquiree (if
any), the excess is recognized immediately in
profit or loss as a bargain purchase gain.
For the purpose of impairment testing, goodwill is
allocated to each of the Group’ cash-generating
units expected to benefit from the synergies of
the combination. Cash-generating units which
has been allocated to goodwill are tested for
impairment annually, or more frequently when
there is an indication that the unit may be
impaired. If the recoverable amount of the cash-
generating unit is less than its carrying amount,
the impairment loss is allocated first to reduce the
carrying amount of any goodwill allocated to the
unit and then to the other assets of the unit pro-
rata on the basis of the carrying amount of each
asset in the unit. Any impairment loss for goodwill
is recognized directly in profit or loss in the
consolidated statement of profit or loss and other
comprehensive income. An impairment loss
recognized for goodwill is not reversed in a
subsequent period.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Pada pelepasan unit penghasil kas yang relevan,
jumlah yang dapat diatribusikan dari goodwill
termasuk dalam penentuan laba atau rugi atas
pelepasan.
Kebijakan Grup atas goodwill yang timbul dari
akuisisi entitas asosiasi dijelaskan pada
Catatan 3k.
t. Penurunan Nilai Aset Non-Keuangan Kecuali
Goodwill
Pada setiap akhir periode pelaporan, Grup
menelaah nilai tercatat aset non-keuangan untuk
menentukan apakah terdapat indikasi bahwa
aset tersebut telah mengalami penurunan nilai.
Jika terdapat indikasi tersebut, nilai yang dapat
diperoleh kembali dari aset diestimasi untuk
menentukan tingkat kerugian penurunan nilai
(jika ada). Bila tidak memungkinkan untuk
mengestimasi nilai yang dapat diperoleh kembali
atas suatu aset individu, Grup mengestimasi nilai
yang dapat diperoleh kembali dari unit penghasil
kas atas aset.
Perkiraan jumlah yang dapat diperoleh kembali
adalah nilai tertinggi antara nilai wajar dikurangi
biaya untuk menjual dan nilai pakai.
Jika jumlah terpulihkan dari aset non-keuangan
(unit penghasil kas) lebih kecil dari nilai
tercatatnya, nilai tercatat aset (unit penghasil
kas) diturunkan menjadi sebesar jumlah
terpulihkan dan rugi penurunan nilai segera
diakui dalam laba rugi.
Kebijakan akuntansi untuk penurunan nilai aset
keuangan dijelaskan dalam Catatan 3g;
penurunan nilai untuk goodwill dijelaskan dalam
Catatan 3s.
u. Imbalan Pasca Kerja
Grup memberikan imbalan pasca kerja imbalan
pasti untuk semua karyawan tetapnya sesuai
dengan Undang Undang Ketenagakerjaan
No. 13/2003. Tidak terdapat pendanaan yang
disisihkan oleh Grup sehubungan dengan
imbalan pasca kerja ini.
- 38 -
F-175
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
On disposal of the relevant cash generating unit,
the attributable amount of goodwill is included in
the determination of the profit or loss on disposal.
The Group’s policy for goodwill arising on the
acquisition of an associates is described in
Note 3k.
t. Impairment of Non-Financial Asset Except
Goodwill
At the end of each reporting period, the Group
review the carrying amount of non-financial
assets to determine whether there is any
indication that those assets have suffered an
impairment loss. If any such indication exists, the
recoverable amount of the asset is estimated in
order to determine the extent of the impairment
loss (if any). Where it is not possible to estimate
the recoverable amount of an individual asset,
the Group estimate the recoverable amount of
the cash generating unit to which the asset
belongs.
Estimated recoverable amount is the higher of
fair value less cost to sell and value in use
If the recoverable amount of the non-financial
asset (cash generating unit) is less than its
carrying amount, the carrying amount of the
asset (cash generating unit) is reduced to its
recoverable amount and an impairment loss is
recognized immediately against earnings.
Accounting policy for impairment of financial
assets is discussed in Note 3g; while impairment
for goodwill is discussed in Note 3s.
u. Post-employment Benefits
The Group established defined post-employment
benefit covering all the local permanent
employees as required under Labor Law
No. 13/2003 (the “Labor Law”). No funding has
been made to its defined benefit plan.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Biaya penyediaan imbalan ditentukan dengan
menggunakan metode projected unit credit
dengan penilaian aktuaria yang dilakukan pada
setiap akhir periode pelaporan tahunan.
Pengukuran kembali, terdiri dari keuntungan dan
kerugian aktuarial, perubahan dampak batas atas
aset (jika ada) dan dari imbal hasil atas aset
program (tidak termasuk bunga), yang tercermin
langsung dalam laporan posisi keuangan
konsolidasian yang dibebankan atau dikreditkan
dalam penghasilan komprehensif lain periode
terjadinya. Pengukuran kembali diakui dalam
penghasilan komprehensif lain tercermin segera
sebagai pos terpisah pada penghasilan
komprehensif lain di ekuitas dan tidak akan
direklasifikasi ke laba rugi. Biaya jasa lalu diakui
dalam laba rugi pada periode amandemen
program. Bunga neto dihitung dengan
mengalikan tingkat diskonto pada awal periode
imbalan pasti dengan liabilitas atau aset imbalan
pasti neto. Biaya imbalan pasti dikategorikan
sebagai berikut:
• Biaya jasa (termasuk biaya jasa kini, biaya
jasa lalu serta keuntungan dan kerugian
kurtailmen dan penyelesaian)
• Beban atau pendapatan bunga neto
• Pengukuran kembali
Grup menyajikan dua komponen pertama dari
biaya imbalan pasti di laba rugi. Keuntungan dan
kerugian kurtailmen dicatat sebagai biaya jasa
lalu.
Liabilitas imbalan pensiun yang diakui pada
laporan posisi keuangan konsolidasian
merupakan defisit atau surplus aktual dalam
program imbalan pasti Grup. Surplus yang
dihasilkan dari perhitungan ini terbatas pada nilai
kini manfaat ekonomik yang tersedia dalam
bentuk pengembalian dana program dan
pengurangan iuran masa depan ke program.
v. Kombinasi Bisnis Entitas Sepengendali
Selisih antara harga pengalihan yang timbul dari
pengalihan aset, utang, saham atau bentuk
instrumen kepemilikan lainnya dengan nilai buku
transaksi dalam rangka restrukturisasi antara
entitas sepengendali diakui sebagai “Kombinasi
Bisnis Entitas Sepengendali”. Akun ini disajikan
sebagai bagian dari tambahan modal disetor dan
tidak diakui ke laba rugi.
w. Biaya Emisi Saham
Biaya emisi saham disajikan sebagai bagian
tambahan modal disetor dan tidak diamortisasi.
x. Provisi
Provisi diakui ketika Grup memiliki kewajiban kini
(baik bersifat hukum maupun konstruktif) sebagai
akibat peristiwa masa lalu, kemungkinan besar
Grup diharuskan menyelesaikan kewajiban dan
estimasi andal mengenai jumlah kewajiban
tersebut dapat dibuat.
- 39 -
F-176
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The cost of providing benefits is determined
using the projected unit credit method, with
actuarial valuations being carried out at the end
of each annual reporting period.
Remeasurement, comprising actuarial gains and
losses, the effect of the changes to the asset
ceiling (if applicable) and the return on plan
assets (excluding interest), is reflected
immediately in the consolidated statement of
financial position with a charge or credit
recognized in other comprehensive income in the
period in which they occur. Remeasurement
recognized in other comprehensive income is
reflected immediately as separate item under
other comprehensive income in equity and will
not be reclassified to profit or loss. Past service
cost is recognized in profit or loss in the period of
a plan amendment. Net interest is calculated by
applying the discount rate at the beginning of the
period to the net defined benefit liability or asset.
Defined benefit costs are categorised as follows:
• Service cost (including current service cost,
past service cost, as well as gains and
losses on curtailments and settlements).
• Net interest expense or income.
• Remeasurement.
The Group presents the first two components of
defined benefit costs in profit or loss. Curtailment
gains and losses are accounted for as past
service costs.
The retirement benefit obligation recognized in
the consolidated statement of financial position
represents the actual deficit or surplus in the
Group’s defined benefit plans. Any surplus
resulting from this calculation is limited to the
present value of any economic benefits available
in the form of refunds from the plans or
reductions in future contributions to the plans.
v. Business Combination Under Common
Control
The difference between the transfer price and
book value of assets, liabilities, shares or other
forms of ownership instruments in a restructuring
transaction between entities under common
control is recorded as “Business Combination
Under Common Control”. This account are
presented as part of additional paid-in capital and
its not recycled to profit or loss.
w. Issuance Costs of Shares
Share issuance costs are deducted from
additional paid-in capital and are not amortized.
x. Provisions
Provisions are recognized when the Group has a
present obligation (legal or constructive) as a
result of a past event, it is probable that the
Group will be required to settle the obligation,
and a reliable estimate can be made of the
amount of the obligation.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Jumlah yang diakui sebagai provisi adalah hasil
estimasi terbaik pengeluaran yang diperlukan
untuk menyelesaikan kewajiban kini pada akhir
periode pelaporan, dengan mempertimbangkan
risiko dan ketidakpastian yang meliputi
kewajibannya. Apabila suatu provisi diukur
menggunakan arus kas yang diperkirakan untuk
menyelesaikan kewajiban kini, maka nilai
tercatatnya adalah nilai kini dari arus kas.
Ketika beberapa atau seluruh manfaat ekonomi
untuk penyelesaian provisi yang diharapkan
dapat dipulihkan dari pihak ketiga, piutang diakui
sebagai aset apabila terdapat kepastian bahwa
penggantian akan diterima dan jumlah piutang
dapat diukur secara andal.
y. Biaya Pinjaman
Biaya pinjaman yang dapat diatribusikan secara
langsung dengan perolehan, konstruksi atau
pembuatan aset kualifikasian, merupakan aset
yang membutuhkan waktu yang cukup lama agar
siap untuk digunakan atau dijual, ditambahkan
pada biaya perolehan aset tersebut, sampai
dengan saat selesainya aset secara substansial
siap untuk digunakan atau dijual.
Penghasilan investasi diperoleh atas investasi
sementara dari pinjaman yang secara spesifik
belum digunakan untuk pengeluaran aset
kualifikasian dikurangi dari biaya pinjaman yang
dikapitalisasi.
Semua biaya pinjaman lainnya diakui dalam laba
rugi pada periode terjadinya.
Kapitalisasi biaya pinjaman dimulai pada saat
aktivitas yang diperlukan untuk mempersiapkan
aset agar dapat digunakan sesuai dengan
maksudnya dan pengeluaran untuk aset tersebut
dan biaya pinjamannya telah terjadi. Kapitalisasi
biaya pinjaman dihentikan pada saat selesainya
secara substansial yang diperlukan untuk
mempersiapkan aset kualifikasian agar dapat
digunakan sesuai dengan maksudnya.
z. Pengakuan Pendapatan dan Beban
Penjualan
(i) Pendapatan dari penjualan apartemen,
perkantoran dan bangunan sejenisnya,
yang pembangunannya dilaksanakan lebih
dari satu tahun diakui dengan
menggunakan metode persentase
penyelesaian (percentage of completion
method), apabila seluruh syarat berikut
terpenuhi:
• proses konstruksi telah melampaui
tahap awal, yaitu pondasi bangunan
telah selesai terpenuhi;
- 40 -
F-177
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The amount recognized as a provision is the best
estimate of the consideration required to settle
the present obligation at the end of the reporting
period, taking into account the risks and
uncertainties surrounding the obligation. Where a
provision is measured using the cash flows
estimated to settle the present obligation, its
carrying amount is the present value of those
cash flows.
When some or all of the economic benefits
required to settle a provision are expected to be
recovered from a third party, a receivable is
recognized as an asset if it is virtually certain that
reimbursement will be received and the amount
of the receivable can be measured reliably.
y. Borrowing Costs
Borrowing costs directly attributable to the
acquisition, construction or production of
qualifying assets, which are assets that
necessarily take a substantial period of time to
get ready for their intended use or sale, are
added to the cost of those assets, until such time
as the assets are substantially ready for their
intended use or sale.
Investment income earned on the temporary
investment of specific borrowings pending their
expenditure on qualifying assets is deducted from
the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit
or loss in the period in which they are incurred.
Capitalization of borrowing costs begins when the
required activities to prepare the asset for use in
accordance with the intention and expenditures
for the asset and borrowing cost have occured.
Capitalization of borrowing cost is stop when all
activities necessary to prepare the qualifying
asset for its intended use are substantially
completed.
z. Revenue and Expense Recognition
Sales
(i) Revenues from sale of apartments, office
buildings and buildings alike, which are
constructed for more than one year are
recognized using the percentage of
completion method, when all of the
following criteria are met:
• the construction process has
surpassed the initial phase, which is,
the foundation of the building has been
completed;
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
• jumlah pembayaran oleh pembeli telah
mencapai 20% dari harga jual yang
telah disepakati dan jumlah tersebut
tidak dapat diminta kembali oleh
pembeli; dan
• jumlah pendapatan penjualan dan
biaya unit bangunan dapat diestimasi
dengan andal.
(ii) Pendapatan dari penjualan rumah, rumah
toko dan bangunan sejenis lainnya beserta
tanah kavlingnya diakui dengan metode
akrual penuh (full accrual method) apabila
seluruh kriteria berikut ini terpenuhi:
• proses penjualan telah selesai;
• harga jual akan tertagih;
• tagihan penjual tidak akan bersifat
subordinasi di masa yang akan datang
terhadap pinjaman lain yang akan
diperoleh pembeli; dan
• penjual telah mengalihkan risiko dan
manfaat kepemilikan unit bangunan
kepada pembeli melalui suatu
transaksi yang secara substansi
adalah penjualan dan penjual tidak lagi
berkewajiban atau terlibat secara
signifikan dengan unit bangunan
tersebut.
Metode yang digunakan untuk menentukan
persentase penyelesaian adalah berdasarkan
biaya aktual yang telah dikeluarkan dibandingkan
dengan estimasi jumlah biaya yang harus
dikeluarkan untuk pengembangan proyek real
estat tersebut.
Apabila persyaratan tersebut di atas tidak dapat
dipenuhi, maka seluruh uang yang diterima dari
pembeli diperlakukan sebagai uang muka dan
dicatat dengan metode deposit sampai seluruh
persyaratan tersebut dipenuhi.
Unsur-unsur biaya yang dikapitalisasi ke proyek
pengembangan real estat antara meliputi biaya
pra-perolehan tanah, biaya perolehan tanah dan
biaya lain-lain yang dapat diatribusikan pada
aktivitas pengembangan real estat. Biaya yang
tidak jelas hubungannya dengan suatu proyek
real estat, seperti biaya umum dan administrasi,
diakui sebagai laba rugi pada saat terjadinya.
Pendapatan Sewa
Pendapatan sewa dari sewa operasi diakui
sebagai pendapatan dengan dasar garis lurus
selama masa sewa. Biaya langsung awal yang
terjadi dalam proses negosiasi dan pengaturan
sewa ditambahkan ke jumlah tercatat dari aset
sewaan dan diakui dengan dasar garis lurus
selama masa sewa.
- 41 -
F-178
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
• total payments of the buyer equal or
exceed 20% of the agreed sales price
and no refund could be made by the
buyer; and
• total revenues and costs can be
reasonably estimated.
(ii) Revenues from sale of house, shophouses
and other buildings of the same type,
including the land, shall be recognized
using the full accrual method, if all the
following criteria are met:
• the sale process is completed;
• the selling price is collectible;
• the receivable will not be subordinated
to other loans, which will be obtained
by the buyer; and
• the seller has transferred the risks and
benefits of the ownership of the
building units to the buyer through a
transaction which in substance is a
sale and the seller has no obligation or
is not significantly involved with the
building unit.
The method used to determine the percentage of
completion is the proportion of actual costs
incurred to the estimated total development cost
of the real estate project.
If any of the above criteria are not met, the
transactions are accounted for using the deposit
method and all payments received from the
customers are recorded as advances from
customer.
This element of costs, which are capitalized to
real estate development projects, include the pre-
acquisition cost of land, cost of land acquisition
and other costs attributable to the development
activity of real estate. Costs, which are not clearly
related to real estate project, such as general and
administrative expenses, are recognized as profit
or loss as incurred.
Rental Income
Rental income from operating leases is
recognized on a straight-line basis over the term
of the relevant lease. Initial direct costs incurred
in negotiating and arranging an operating lease
are added to the carrying amount of the leased
asset and recognized on a straight-line basis
over the lease term.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Uang muka sewa yang diterima dari penyewa
dicatat ke dalam akun pendapatan yang diterima
dimuka dan akan diakui sebagai pendapatan
secara berkala sesuai dengan kontrak sewa yang
berlaku.
Pendapatan Hotel
Pendapatan sewa hotel dan pendapatan hotel
lainnya diakui pada saat jasa diberikan atau
barang diserahkan.
Pendapatan Bunga
Pendapatan bunga diakru berdasarkan waktu
terjadinya dengan acuan jumlah pokok terhutang
dan tingkat bunga yang berlaku.
Beban
Biaya yang berhubungan dengan pendapatan
yang menggunakan metode persentase
penyelesaian diakui sesuai dengan tingkat
persentase penyelesaian dari unit bangunan
pada setiap akhir periode.
Beban, kecuali yang berhubungan dengan
pendapatan yang menggunakan metode
persentase penyelesaian, diakui sesuai dengan
masa manfaatnya pada tahun yang
bersangkutan (accrual basis).
aa. Pengaturan Pembayaran Berbasis Saham
Pembayaran berbasis saham yang diselesaikan
dengan instrumen ekuitas kepada karyawan dan
pihak lain yang memberikan jasa serupa yang
diukur pada nilai wajar instrumen ekuitas pada
tanggal pemberian kompensasi. Rincian
sehubungan dengan penetapan nilai wajar dari
transaksi pembayaran berbasis saham yang
diselesaikan dengan instrumen ekuitas
ditetapkan dalam Catatan 27.
Nilai wajar yang ditentukan pada tanggal
pemberian dari pembayaran berbasis saham
yang diselesaikan dengan instrumen ekuitas
dibebankan secara garis lurus sepanjang periode
vesting, berdasarkan estimasi Grup dari
instrumen ekuitas yang pada akhirnya vest,
dengan peningkatan yang sesuai ekuitas. Pada
setiap akhir periode pelaporan, Grup merevisi
estimasi jumlah instrumen ekuitas yang
diekspektasi akan vest dan dampaknya, jika ada,
diakui dalam laba rugi sehingga biaya kumulatif
mencerminkan estimasi yang direvisi, dengan
penyesuaian yang terkait dengan cadangan
ekuitas-menetap imbalan kerja.
- 42 -
F-179
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Rental income received in advance are recorded
as “Unearned Revenue” and recognized as
income regularly over the rental periods.
Hotel Revenue
Hotel revenue and other related revenues are
recognized when the services are rendered or
the goods are delivered.
Interest Revenue
Interest revenue is accrued on time basis, by
reference to the principal outstanding and at the
applicable interest rate.
Expenses
Expenses in relation with revenues which are
recognized using the percentage of completion
method are recognized in accordance with the
percentage of completion on each unit every end
of year.
Expenses, except for those in relation with
revenues which are recognized using the
percentage of completion method, are
recognized when incurred and over the periods of
benefit (accrual basis).
aa. Share-Based Payment Arrangements
Equity-settled share-based payments to
employees and others providing similar services
are measured at the fair value of the equity
instruments at the grant date. Details regarding
the determination of the fair value of equity-
settled share-based transactions are set out in
Note 27.
The fair value determined at the grant date of the
equity-settled share-based payments is
expensed on a straight-line basis over the vesting
period, based on the Group’s estimate of equity
instruments that will eventually vest, with a
corresponding increase in equity. At the end of
each reporting period, the Group revises its
estimate of the number of equity instruments
expected to vest and the impact, if any, is
recognized in profit or loss such that the
cumulative expense reflects the revised estimate,
with a corresponding adjustment to the equity-
settled employee benefits reserve.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Untuk transaksi pembayaran berbasis saham
yang diselesaikan dengan kas, entitas mengukur
barang atau jasa yang diperoleh dan liabilitas
yang timbul sebesar nilai wajar liabilitas sampai
dengan liabilitas diselesaikan, entitas mengukur
kembali nilai wajar liabilitas pada setiap akhir
periode pelaporan dan pada tanggal
penyelesaian, dan setiap perubahan nilai wajar
diakui dalam laba rugi pada tahun tersebut.
bb. Pajak Penghasilan
Pajak saat terutang berdasarkan laba kena pajak
untuk suatu tahun. Laba kena pajak berbeda dari
laba sebelum pajak seperti yang dilaporkan
dalam laporan laba rugi dan penghasilan
komprehensif lain karena pos pendapatan atau
beban yang dikenakan pajak atau dikurangkan
pada tahun berbeda dan pos-pos yang tidak
pernah dikenakan pajak atau tidak dapat
dikurangkan.
Beban pajak kini ditentukan berdasarkan laba
kena pajak dalam periode yang bersangkutan
yang dihitung berdasarkan tarif pajak yang
berlaku.
Pajak tangguhan diakui atas perbedaan temporer
antara jumlah tercatat aset dan liabilitas dalam
laporan keuangan konsolidasian dengan dasar
pengenaan pajak yang digunakan dalam
perhitungan laba kena pajak. Liabilitas pajak
tangguhan umumnya diakui untuk seluruh
perbedaan temporer kena pajak. Aset pajak
tangguhan umumnya diakui untuk seluruh
perbedaan temporer yang dapat dikurangkan
sepanjang kemungkinan besar bahwa laba kena
pajak akan tersedia sehingga perbedaan
temporer dapat dimanfaatkan. Aset dan liabilitas
pajak tangguhan tidak diakui jika perbedaan
temporer timbul dari pengakuan awal (bukan
kombinasi bisnis) dari aset dan liabilitas suatu
transaksi yang tidak mempengaruhi laba kena
pajak atau laba akuntansi. Selain itu, liabilitas
pajak tangguhan tidak diakui jika perbedaan
temporer timbul dari pengakuan awal goodwill.
Aset dan liabilitas pajak tangguhan diukur
dengan menggunakan tarif pajak yang
diekspektasikan berlaku dalam periode ketika
liabilitas diselesaikan atau aset dipulihkan
dengan tarif pajak (dan peraturan pajak) yang
telah berlaku atau secara substantif telah berlaku
pada akhir periode pelaporan.
- 43 -
F-180
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
For cash-settled share-based payments, a
liability is recognized for the goods or services
acquired, measured initially at the fair value of
the liability. At the end of each reporting period
until the liability is settled, and the date of
settlement, the fair value of the liability is
remeasured, with any changes in fair value
recognized in profit or loss for the year.
bb. Income Tax
The tax currently payable is based on taxable
profit to the year. Taxable profit differs from profit
before tax as reported in the consolidated
statement of profit or loss and other
comprehensive income because of items of
income or expense that are taxable or deductible
in other years and items that are never taxable or
deductible.
Current tax expense is determined based on the
taxable income for the year computed using
prevailing tax rates.
Deferred tax is recognized on temporary
differences between the carrying amounts of
assets and liabilities in the consolidated financial
statements and the corresponding tax bases
used in the computation of taxable profit.
Deferred tax liabilities are generally recognized
for all taxable temporary differences. Deferred tax
assets are generally recognized for all deductible
temporary differences to the extent that is
probable that taxable profits will be available
against which those deductible temporary
differences can be utilized. Such deferred tax
assets and liabilities are not recognized if the
temporary differences arises from the initial
recognition (other than in a business
combination) of assets and liabilities in a
transaction that affects neither the taxable profit
nor the accounting profit. In addition, deferred tax
liabilities are not recognized if the temporary
differences arises from the initial recognition of
goodwill.
Deferred tax assets and liabilities are measured
at the tax rates that are expected to apply in the
period in which the liability is settled or the asset
realized, based on the tax rates (and tax laws)
that have been enacted, or substantively
enacted, by the end of the reporting period.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Pengukuran aset dan liabilitas pajak tangguhan
mencerminkan konsekuensi pajak yang sesuai
dengan cara Grup ekspektasikan, pada akhir
periode pelaporan, untuk memulihkan atau
menyelesaikan jumlah tecatat aset dan
liabilitasnya.
Jumlah tercatat aset pajak tangguhan dikaji ulang
pada akhir periode pelaporan dan dikurangi
jumlah tercatatnya jika kemungkinan besar laba
kena pajak tidak lagi tersedia dalam jumlah yang
memadai untuk mengkompensasikan sebagian
atau seluruh aset pajak tangguhan tersebut.
Aset dan liabilitas pajak tangguhan saling hapus
ketika entitas memiliki hak yang dapat
dipaksakan secara hukum untuk melakukan
saling hapus aset pajak kini terhadap liabilitas
pajak kini dan ketika aset pajak tangguhan dan
liabilitas pajak tangguhan terkait dengan pajak
penghasilan yang dikenakan oleh otoritas
perpajakan yang sama serta Grup yang berbeda
yang bermaksud untuk memulihkan aset dan
liabilitas pajak kini dengan dasar neto.
Pajak kini dan pajak tangguhan diakui sebagai
beban atau penghasilan dalam laba atau rugi,
kecuali sepanjang pajak penghasilan yang
berasal dari transaksi atau kejadian yang diakui,
diluar laba atau rugi (baik dalam pendapatan
komprehensif lain maupun secara langsung di
ekuitas), dalam hal tersebut pajak juga diakui di
luar laba atau rugi yang timbul dari akuntansi
awal untuk kombinasi bisnis. Dalam kasus
kombinasi bisnis, pengaruh pajak termasuk
dalam akuntansi kombinasi bisnis.
cc. Laba Per Saham
Laba per saham dasar dihitung dengan membagi
laba bersih yang diatribusikan kepada pemilik
entitas induk dengan jumlah rata-rata tertimbang
dari saham yang beredar pada tahun yang
bersangkutan yang disesuaikan dengan jumlah
saham biasa yang dibeli kembali.
Laba per saham dilusian dihitung dengan
membagi laba bersih yang diatribusikan kepada
pemilik entitas induk dengan jumlah rata-rata
tertimbang saham biasa yang telah disesuaikan
dengan dampak dari semua efek berpotensi
saham biasa yang dilutif.
dd. Informasi Segmen
Segmen operasi diidentifikasi berdasarkan
laporan internal mengenai komponen dari Grup
yang secara regular direview oleh “pengambil
keputusan operasional” dalam rangka
mengalokasikan sumber daya dan menilai
kinerja segmen operasi.
- 44 -
F-181
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The measurement of deferred tax assets and
liabilities reflects the consequences that would
follow from the manner in which the Group
expects, at the end of the reporting period, to
recover or settle the carrying amount of their
assets and liabilities.
The carrying amount of deferred tax asset is
reviewed at the end of each reporting period and
reduced to the extent that it is no longer probable
that sufficient taxable profits will be available to
allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are offset when
there is legally enforceable right to set off current
tax assets against current tax liabilities and when
they relate to income taxes levied by the same
taxation authority and the Group intends to settle
their current tax assets and current tax liabilities
on a net basis.
Current and deferred tax are recognized as an
expense or income in profit or loss, except when
they relate to items that are recognized outside of
profit or loss (whether in other comprehensive
income or directly in equity), in which case the
tax is also recognized outside of profit or loss or
where they arise from the initial accounting for a
business combination. In the case of business
combination, the tax effect is included in the
accounting for the business combination.
cc. Earnings per Share
Basic earnings per share is computed by dividing
net income attributable to the owner of the
Company by the weighted average number of
shares outstanding during the year as adjusted
with the effect of treasury stock.
Diluted earnings per share is computed by
dividing net income attributable to the owner of
the Company by the weighted average number of
shares outstanding as adjusted for the effects of
all dilutive potential ordinary shares.
dd. Segment Information
Operating segments to be identified on the basis
of internal reports about components of the
Group that are regularly reviewed by the chief
operating decision maker in order to allocate
resources to the segments and to assess their
performances.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Segmen operasi adalah suatu komponen dari
entitas:
a) yang terlibat dalam aktivitas bisnis yang
mana memperoleh pendapatan dan
menimbulkan beban (termasuk pendapatan
dan beban terkait dengan transaksi dengan
komponen lain dari entitas yang sama);
b) yang hasil operasinya dikaji ulang secara
regular oleh pengambil keputusan
operasional untuk membuat keputusan
tentang sumber daya yang dialokasikan
pada segmen tersebut dan menilai
kinerjanya; dan
c) dimana tersedia informasi keuangan yang
dapat dipisahkan.
Informasi yang digunakan oleh pengambil
keputusan operasional dalam rangka alokasi
sumber daya dan penilaian kinerja mereka
terfokus pada kategori dari setiap bidang usaha.
4. PERTIMBANGAN KRITIS AKUNTANSI DAN
ESTIMASI AKUNTANSI YANG SIGNIFIKAN
Dalam penerapan kebijakan akuntansi Grup, yang
dijelaskan dalam Catatan 3, direksi diwajibkan untuk
membuat pertimbangan, estimasi dan asumsi tentang
jumlah tercatat aset dan liabilitas yang tidak tersedia
dari sumber lain. Estimasi dan asumsi yang terkait
didasarkan pada pengalaman historis dan faktor-
faktor lain yang dianggap relevan. Hasil aktualnya
mungkin berbeda dari estimasi tersebut.
Estimasi dan asumsi yang mendasari ditelaah secara
berkelanjutan. Revisi estimasi akuntansi diakui dalam
periode dimana estimasi tersebut direvisi jika revisi
hanya mempengaruhi periode tersebut, atau pada
periode revisi dan periode masa depan jika revisi
mempengaruhi kedua periode tersebut.
Pertimbangan Kritis dalam Penerapan Kebijakan
Akuntansi
Dalam proses penerapan kebijakan akuntansi yang
dijelaskan dalam Catatan 3, tidak terdapat
pertimbangan kritis yang memiliki dampak signifikan
pada jumlah yang diakui dalam laporan keuangan
konsolidasian, selain dari penyajian perkiraan yang
diatur dibawah ini.
- 45 -
F-182
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
An operating segment is a component of an
entity:
a) that engages in business activities from
which it may earns revenue and incur
expenses (including revenue and expenses
relating to the transaction with other
components of the same entity);
b) whose operating results are reviewed
regularly by the entity’s chief operating
decision maker to make decision about
resources to be allocated to the segments
and assess its performance; and
c) for which discrete financial information is
available.
Information reported to the chief operating
decision maker for the purpose of resource
allocation and assessment of their performance
is more specifically focused on the category of
each business.
4. CRITICAL ACCOUNTING JUDGMENTS AND
ESTIMATES
In the application of the Group accounting policies,
which are described in Note 3, the directors are
required to make judgments, estimates and
assumptions about the carrying amounts of assets
and liabilities that are not readily apparent from other
sources. The estimates and associated assumptions
are based on historical experience and other factors
that are considered to be relevant. Actual results may
differ from these estimates.
The estimates and underlying assumptions are
reviewed on an ongoing basis. Revisions to
accounting estimates are recognized in the period
which the estimate is revised if the revision affects
only that period, or in the period of the revision and
future periods if the revision affects both current and
future periods.
Critical Judgments in Applying Accounting
Policies
In the process of applying the accounting policies
described in Note 3, there is no critical judgement that
has significant impact on the amounts recognized in
the consolidated financial statements, apart from
those involving estimates, which are dealth below.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Sumber Estimasi Ketidakpastian
Asumsi utama mengenai masa depan dan sumber
estimasi ketidakpastian utama lainnya pada akhir
periode pelaporan, yang memiliki risiko signifikan
yang mengakibatkan penyesuaian material terhadap
jumlah tercatat aset dan liabilitas dalam periode
pelaporan berikutnya dijelaskan dibawah ini:
Pengakuan Pendapatan dan Beban Pokok
Penjualan
Grup mengakui pendapatan dan beban pokok
penjualan dari proyek yang masih dalam progres
pembangunan berdasarkan metode persentase
penyelesaian. Tahap penyelesaian diukur
berdasarkan kebijakan akuntansi yang dijelaskan
dalam Catatan 3z. Asumsi yang penting diperlukan
adalah dalam menentukan tahap penyelesaian
(persentase penyelesaian) dan jumlah estimasi
pendapatan dan jumlah biaya pembangunan. Dalam
membuat asumsi, Grup mengevaluasinya
berdasarkan pengalaman di waktu yang lampau dan
bantuan dari spesialis. Pendapatan dari proyek
diungkapkan dalam Catatan 31 dan beban dari
proyek diungkapkan dalam Catatan 32.
Penurunan Nilai Aset
Pengujian atas penurunan nilai dilakukan apabila
terdapat indikasi penurunan nilai. Penentuan nilai
pakai aset memerlukan estimasi mengenai arus kas
yang diharapkan untuk dihasilkan dari penggunaan
aset (unit penghasil kas) dan penjualan aset tersebut
serta tingkat diskonto yang sesuai untuk menentukan
nilai sekarang.
Walaupun asumsi yang digunakan dalam
mengestimasi nilai pakai aset yang tercermin dalam
laporan keuangan konsolidasian dianggap telah
sesuai dan wajar, namun perubahan signifikan atas
asumsi ini akan berdampak material terhadap
penentuan jumlah yang dapat dipulihkan dan
akibatnya kerugian penurunan nilai yang timbul akan
berdampak terhadap hasil usaha.
Berdasarkan pertimbangan manajemen, tidak
terdapat indikator penurunan nilai atas aset Grup.
- 46 -
F-183
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Key Sources of Estimation Uncertainty
The key assumptions concerning future and other key
sources of estimation uncertainty at the end of the
reporting period, that have a significant risk of causing
a material adjustment to the carrying amounts of
assets and liabilities within the next financial year are
discussed below:
Revenue and Cost of Sales Recognition
The Group recognize revenues and cost of sales from
the project in development stage based on
percentage of completion method. Stage of
completion is measured based on the accounting
policies described in Note 3z. Important assumption is
required in determining the stage of completion
(percentage of completion) and the amount of
estimated income and total development cost. In
making assumptions, the Group evaluate them based
on past experience and with the assisstance of
specialists. Revenue from the project are disclosed in
Note 31 and expense from the project are disclosed in
Note 32.
Impairment of Assets
Testing is performed for the decline in value of asset if
there is indication of impairment. The determination of
asset’s value in use requires estimates of expected
cash flows resulting from the use of the asset (cash-
generating unit) and the sale of this asset as well as
the appropriate discount rate for determining the
present value.
Although the assumptions used in estimating the
value in use of assets as reflected in the consolidated
financial statements have been deemed appropriate
and reasonable, however, significant changes in the
assumptions would have a material effect on the
determination of the amount that can be recovered
and consequently, the resulting impairment loss
would affect the results of operations.
Based on management’s assessment, there are no
indicators of impairment on the assets of the Group.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Taksiran Masa Manfaat Ekonomis Properti
Investasi dan Aset Tetap
Masa manfaat setiap properti investasi dan aset tetap
Grup ditentukan berdasarkan kegunaan yang
diharapkan dari penggunaan aset tersebut. Estimasi
ini ditentukan berdasarkan evaluasi teknis internal
dan pengalaman atas aset sejenis. Masa manfaat
setiap aset direview secara periodik dan disesuaikan
apabila prakiraan berbeda dengan estimasi
sebelumnya karena keausan, keusangan teknis dan
komersial, hukum atau keterbatasan lainnya atas
pemakaian aset. Namun terdapat kemungkinan
bahwa hasil operasi dimasa mendatang dapat
dipengaruhi secara signifikan oleh perubahan atas
jumlah serta periode pencatatan biaya yang
diakibatkan karena perubahan faktor yang disebutkan
di atas.
Perubahan masa manfaat properti investasi dan aset
tetap dapat mempengaruhi jumlah biaya penyusutan
yang diakui dan penurunan nilai tercatat.
Nilai tercatat properti investasi dan aset tetap
diungkapkan dalam Catatan 14 dan 15.
Manfaat Karyawan
Penentuan liabilitas imbalan pasca kerja tergantung
pada pemilihan asumsi tertentu yang digunakan oleh
aktuaris dalam menghitung jumlah liabilitas tersebut.
Asumsi tersebut termasuk antara lain tingkat diskonto
dan tingkat kenaikan gaji. Realisasi yang berbeda dari
asumsi Grup diakui dalam laporan laba rugi dan
penghasilan komprehensif lain konsolidasian.
Walaupun asumsi Grup dianggap tepat dan wajar,
namun perubahan signifikan pada kenyataannya atau
perubahan signifikan dalam asumsi yang digunakan
dapat berpengaruh secara signifikan terhadap
liabilitas imbalan pasca kerja Grup. Nilai tercatat
liabilitas imbalan pasca kerja diungkapkan dalam
Catatan 24.
Penilaian Instrumen Keuangan
Seperti dijelaskan dalam Catatan 45, Grup
menggunakan teknik penilaian yang meliputi input
yang tidak didasarkan pada data pasar yang dapat
diobservasi untuk mengestimasi nilai wajar dari
beberapa jenis instrumen keuangan. Catatan 45
memberikan informasi yang rinci mengenai asumsi
utama yang digunakan dalam menentukan nilai wajar
instrumen keuangan, serta analisis sensitivitas yang
rinci untuk asumsi tersebut.
Direksi berpendapat bahwa teknik penilaian yang
dipilih dan asumsi yang digunakan adalah tepat
dalam menentukan nilai wajar dari instrumen
keuangan.
- 47 -
F-184
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Estimated Useful Lives of Investment Properties
and Property and Equipment
The useful life of each item of the Group’ investment
properties, and property and equipment are estimated
based on the period over which the asset is expected
to be available for use. Such estimation is based on
internal technical evaluation and experience with
similar assets. The estimated useful life of each asset
is reviewed periodically and updated if expectations
differ from previous estimates due to physical wear
and tear, technical or commercial obsolescence and
legal or other limits on the use of the asset. It is
possible, however, that future results of operations
could be materially affected by changes in the
amounts and timing of recorded expenses brought
about by changes in the factors mentioned above.
A change in the estimated useful life of any item of
investment properties and property and equipment
would affect the recorded depreciation expense and
decrease their carrying amount.
The carrying amounts of investment properties and
property and equipment are disclosed in Notes 14
and 15.
Employee Benefits
The determination of post-employment benefits
obligation depends on selection of certain
assumptions used by the actuary for the calculation of
the liability. These assumptions include discount rate
and rate of increase in salaries. Different realization,
from the Group assumptions are recognized in
consolidated statements of profit or loss and other
comprehensive income. Although the assumptions of
the Group are considered appropriate and
reasonable, significant changes in fact or significant
changes in assumptions used can significantly affect
the post-employment benefits obligation of the Group.
The carrying amount of post-employment benefits
obligations are disclosed in Note 24.
Valuation of Financial Instruments
As described in Note 45, the Group uses valuation
techniques that include inputs that are not based on
observable market data to estimate the fair value of
certain types of financial instruments. Note 45
provides detailed information about the key
assumptions used in the determination of the fair
value of financial instruments, as well as the detailed
sensitivity analysis for these assumptions.
The directors believe that the chosen valuation
techniques and assumptions used are appropriate in
determining the fair value of financial instruments.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Kas 3.239.443 3.452.426 Cash on hand
Bank Cash in banks
Rupiah Rupiah
Bank Central Asia 27.290.877 123.000.219 Bank Central Asia
Bank CIMB Niaga 16.444.912 13.488.738 Bank CIMB Niaga
Bank Maybank Indonesia (d/h Bank Maybank Indonesia (formerly
Bank Internasional Indonesia) 9.448.981 93.600.434 Bank Internasional Indonesia)
Bank Negara Indonesia 7.781.843 25.205.490 Bank Negara Indonesia
Bank Pan Indonesia 5.986.810 10.594.321 Bank Pan Indonesia
Bank Permata 4.051.869 7.370.090 Bank Permata
Bank Mandiri 2.034.516 7.844.749 Bank Mandiri
Lain - lain (masing-masing Others (each below
dibawah Rp 5.000.000 ribu) 649.956 3.337.185 Rp 5,000,000 thousand)
Dollar Amerika Serikat U.S. Dollar
Bank Maybank Indonesia (d/h Bank Maybank Indonesia (formerly
Bank Internasional Indonesia) 3.618.689 11.578.916 Bank Internasional Indonesia)
Lain - lain (masing-masing Others (each below
dibawah Rp 5.000.000 ribu) 6.224.172 10.620.680 Rp 5,000,000 thousand)
Euro Euro
Bank CIMB Niaga 4.598.922 - Bank CIMB Niaga
Deposito berjangka Time deposits
Rupiah Rupiah
Bank Maybank Indonesia (d/h Bank Maybank Indonesia (formerly
Bank Internasional Indonesia) 1.673.041.235 1.888.359.341 Bank Internasional Indonesia)
Bank Negara Indonesia 276.723.906 365.550.000 Bank Negara Indonesia
Bank Permata 200.567.263 693.021.113 Bank Permata
Bank CIMB Niaga 77.217.366 94.398.601 Bank CIMB Niaga
Bank UOB 61.068.227 66.500.000 Bank UOB
Bank Hana 55.549.886 - Bank Hana
Bank Central Asia 12.948.464 24.100.000 Bank Central Asia
Bank Mega 5.000.000 40.000.000 Bank Mega
Bank Pan Indonesia - 277.982.760 Bank Pan Indonesia
Bank Jabar Banten - 50.000.000 Bank Jabar Banten
Lain - lain (masing-masing Others (each below
dibawah Rp 20.000.000 ribu) 29.174.726 38.280.364 Rp 20,000,000 thousand)
Dollar Amerika Serikat U.S. Dollar
Bank Maybank Indonesia (d/h Bank Maybank Indonesia (formerly
Bank Internasional Indonesia) 400.797.763 410.263.674 Bank Internasional Indonesia)
Bank Permata - 58.468.000 Bank Permata
Bank Pan Indonesia - 28.839.591 Bank Pan Indonesia
Lain - lain (masing-masing Others (each below
dibawah Rp 20.000.000 ribu) 13.343.936 - Rp 20,000,000 thousand)

Jumlah 2.896.803.762 4.345.856.692 Total

Dana/cadangan untuk penggantian Funds/reserve for replacement of

perabotan dan perlengkapan hotel furniture and equipment
(Catatan 12) (2.520.527) (9.493.784) (Note 12)
Bersih 2.894.283.235 4.336.362.908 Net

Tingkat bunga deposito berjangka Interest rate per annum on time

per tahun deposits
Rupiah 4,60% - 11,00% 4,25% - 11,00% Rupiah
Dollar Amerika Serikat 0,25% - 2,00% 0,65% - 3,00% U.S. Dollar

Seluruh saldo bank dan deposito berjangka All cash in banks and time deposits are placed with
ditempatkan pada pihak ketiga. third parties.

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F-185
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

6. PIUTANG USAHA KEPADA PIHAK KETIGA 6. TRADE ACCOUNTS RECEIVABLE FROM THIRD
PARTIES
31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Penjualan Sales
Apartemen 276.363.027 816.780.516 Apartments
Kios dan toko 260.839.437 188.923.476 Kiosk and counter
Rumah tinggal 102.963.058 66.151.537 Houses
Ballroom 81.610.158 - Ballroom
Rumah kantor 80.827.343 49.980.257 Home office
Rumah toko 40.348.524 12.848.668 Shophouses
Perkantoran 29.002.093 42.088.313 Offices
Pendapatan Revenues
Sewa 48.040.107 39.047.204 Rental
Hotel 21.242.289 24.131.706 Hotel
Jumlah 941.236.036 1.239.951.677 Total
Cadangan kerugian penurunan nilai (357.847) (367.207) Allowance for impairment losses
Bersih 940.878.189 1.239.584.470 Net

Piutang usaha berdasarkan umur piutang yang tidak Aging of trade accounts receivable, which are not
diturunkan nilainya adalah sebagai berikut: impaired, are as follows:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Belum jatuh tempo 866.900.800 980.678.071 Not yet due

Jatuh tempo Past due
1 - 30 hari 40.604.200 237.225.495 1 - 30 days
31 - 60 hari 10.995.786 7.424.112 31 - 60 days
61 - 90 hari 4.408.950 4.338.071 61 - 90 days
91 - 120 hari 14.206.889 7.783.033 91 - 120 days
Lewat 120 hari 3.761.564 2.135.688 More than 120 days

Bersih 940.878.189 1.239.584.470 Net

Seluruh piutang usaha kepada pihak ketiga
merupakan piutang dalam mata uang Rupiah, kecuali
sebesar Rp 12.901.776 ribu dan Rp 29.020.500 ribu
pada tahun 2015 dan 2014 merupakan piutang dalam
mata uang Dollar Amerika Serikat.
All trade accounts receivable from third parties are
denominated in Rupiah, except for Rp 12,901,776
thousand and Rp 29,020,500 thousand in 2015 and
2014, which are denominated in U.S. Dollar.

Piutang usaha atas penjualan apartemen, rumah Trade accounts receivable from sale of apartments,
kantor dan perkantoran terutama berasal dari selisih home office and offices mainly are derived from the
kurang penerimaan dari pelanggan dengan excess of revenue recognized based on percentage
pengakuan pendapatan berdasarkan persentase of completion over the advances received from
penyelesaian proyek. customers.

Piutang usaha dari penjualan rumah tinggal, kios dan
toko dan rumah toko merupakan tagihan atas
penjualan proyek Green Lake Sunter, Grand Taruma
Karawang, Green Permata, Vimala Hills, The Plaza
Balikpapan, Plaza Kenari Mas, Harco Glodok, Green
Bay dan Orchard Park Batam.
Trade accounts receivable from sale of houses, kiosk
and counter and shophouses are derived from the
sale of residential project Green Lake Sunter, Grand
Taruma Karawang, Green Permata, Vimala Hills, The
Plaza Balikpapan, Plaza Kenari Mas, Harco Glodok,
Green Bay and Orchard Park Batam.

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F-186
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Piutang usaha atas penjualan ballroom berasal dari
proyek Green Bay (KUS).
Piutang sewa berasal dari sewa area pusat
perbelanjaan. Piutang usaha hotel merupakan tagihan
kepada tamu hotel dan biro perjalanan.
Pada tanggal 31 Desember 2015 dan 2014 piutang
usaha masing-masing sebesar Rp 267.196.743 ribu
dan Rp 425.544.734 ribu digunakan sebagai jaminan
utang bank (Catatan 20).
Cadangan kerugian penurunan nilai sebesar
Rp 357.847 ribu dan Rp 367.207 ribu pada tahun
2015 dan 2014 timbul dari piutang kepada pihak
ketiga karena kebijakan manajemen terutama hotel
untuk mencadangkan kerugian sebesar persentase
tertentu untuk jangka waktu yang melebihi 90 hari.
Berdasarkan penelaahan atas status masing-masing
piutang pada akhir tahun, manajemen memutuskan
bahwa cadangan kerugian penurunan nilai atas
piutang usaha adalah cukup karena tidak terdapat
perubahan signifikan terhadap kualitas kredit dan
jumlah tersebut masih dapat ditagih.
7. PIUTANG DAN UTANG LAIN-LAIN KEPADA PIHAK
BERELASI
Piutang
31 Desember/December 31,
2015
Rp’000
PT Sejahtera Kelola Abadi (SKA) 9.567.128
PT Central Prima Kelola (CPK) 4.742.426
Lain-lain 4.463.725
Jumlah 18.773.279
Piutang lain-lain kepada SKA merupakan biaya-biaya
yang dibayarkan terlebih dahulu oleh entitas anak,
ASA. Piutang ini dikenakan bunga 11% per tahun.
Piutang lainnya terutama merupakan biaya-biaya yang
dibayarkan terlebih dahulu oleh Grup.
Manajemen berpendapat bahwa piutang lain-lain
kepada pihak berelasi dapat ditagih seluruhnya.
- 50 -
F-187
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Trade accounts receivable ballroom was from Green
Bay project (KUS).
Trade accounts receivable from rental are derived
from mall rents. Trade accounts receivable from hotel
are derived from charges to hotel guests and travel
agents.
As of December 31, 2015 and 2014, trade accounts
receivable amounting to Rp 267,196,743 thousand
and Rp 425,544,734 thousand, respectively, are used
as collateral for credit facilities of bank loan (Note 20).
Allowance for impairment losses arise from trade
receivables from third parties amounting to
Rp 357,847 thousand and Rp 367,207 thousand in
2015 and 2014, arising from management policy
especially hotel to reserve a certain percentage of
loss for receivables that are past due for more than
90 days.
Based on the review to each status of the receivable,
management believes that the allowance for
impairment losses is adequate because there are no
significant changes in credit quality and all trade
accounts receivable are collectible.
7. OTHER ACCOUNTS RECEIVABLE FROM AND
PAYABLE TO RELATED PARTIES
Accounts Receivable
2014
Rp’000
17.833.047 PT Sejahtera Kelola Abadi (SKA)
8.085.673 PT Central Prima Kelola (CPK)
1.776.318 Others
27.695.038 Total
Accounts receivable from SKA represents advance
payments of expenses made by the subsidiary, ASA.
These other accounts receivable are subject to
interests of 11% per annum.
Other accounts receivable from related parties mainly
represent advance payments of expenses made by
the Group.
Management believes that all the other accounts
receivable from related parties are fully collectible.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Utang Accounts Payable

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

PT Sakti Kelola Persada (SKP) 8.660.556 30.270 PT Sakti Kelola Persada (SKP)
PT Pandega Citra Kelola (PCK) 5.911.043 6.396.373 PT Pandega Citra Kelola (PCK)
PT Indofica 2.504.350 2.504.350 PT Indofica
Lain-lain 2.537.850 2.919.349 Others

Jumlah 19.613.799 11.850.342 Total

Utang kepada PCK merupakan penerimaan terlebih Other accounts payable to PCK represents advances
dahulu pembayaran jasa pengelolaan dari para received for the service charges of tenants of The
penyewa Mal The Plaza Balikpapan oleh entitas anak, Plaza Balikpapan by the subsidiary, PCN.
PCN.

Utang kepada SKP merupakan penerimaan terlebih Other accounts payable to SKP represents advances
dahulu pembayaran jasa pengelolaan dari para received for the service charges of tenants of Festival
penyewa Mal Festival Citylink oleh entitas anak, BSP. Citylink Mall by the subsidiary, BSP.

Utang lainnya merupakan pembayaran terlebih dahulu Other accounts payable represent advance payment
atas biaya-biaya Grup dan penerimaan pinjaman oleh of expenses for the Group and loans received by the
Grup. Group.

Piutang dan utang didenominasi dalam mata uang Accounts receivable and payable are denominated in
Rupiah dan diberikan tanpa bunga (kecuali piutang Rupiah and not subject to interest (except other
kepada SKA), tanpa jaminan dan akan diselesaikan accounts receivable from SKA), have no collateral
dalam jangka waktu satu tahun. and will be settled in one year.

8. PERSEDIAAN HOTEL DAN BIOSKOP 8. HOTEL AND THEATER INVENTORIES

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Aset lancar Current assets
Hotel Hotel
Makanan dan minuman 6.941.737 6.048.874 Food and beverages
Perlengkapan 5.286.356 3.770.344 Supplies
Barang dagangan 19.607 14.183 Merchandises
Bioskop Theater
Makanan dan minuman - 83.558 Food and beverages

Jumlah 12.247.700 9.916.959 Total

Aset tidak lancar Non-current assets

Perlengkapan operasional hotel 61.815.139 61.938.150 Hotel’s operating equipment

- 51 -

F-188
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

9. PERSEDIAAN ASET REAL ESTAT 9. REAL ESTATE ASSETS INVENTORIES

Aset Lancar Current Assets

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Apartemen dan perkantoran Apartments and offices
siap dijual - ready for sale -
Central Park 21.764.716 22.226.560 Central Park
Gading Nias 914.322 914.322 Gading Nias
The Lavande 583.412 583.412 The Lavande
Royal Mediterania Garden 287.353 753.213 Royal Mediterania Garden
Kios dan counter siap dijual Kiosk and counter ready for sale
Plaza Kenari Mas 114.679.215 130.001.234 Plaza Kenari Mas
The Plaza Balikpapan 7.285.913 6.857.210 The Plaza Balikpapan
Rumah siap dijual House ready for sale
Vimala Hills 10.557.887 - Vimala Hills
Green Permata 2.158.739 - Green Permata
Bangunan dalam penyelesaian Buildings under construction
Podomoro City Deli Medan 899.927.501 - Podomoro City Deli Medan
Harco Glodok 538.323.964 - Harco Glodok
The Pakubuwono Spring 514.700.731 - The Pakubuwono Spring
SOHO @Podomoro City 285.975.813 287.296.834 SOHO @Podomoro City
Orchard Park Batam 265.614.666 162.346.407 Orchard Park Batam
Vimala Hills 236.433.304 310.089.126 Vimala Hills
Borneo Bay Residence 198.226.022 199.807.288 Borneo Bay Residence
SOHO @Pancoran 182.166.314 244.834.187 SOHO @Pancoran
Grand Taruma Karawang 161.301.451 91.738.548 Grand Taruma Karawang
Green Permata 96.594.216 105.152.551 Green Permata
Madison Park 27.373.751 51.294.231 Madison Park
Green Bay 25.789.146 103.425.959 Green Bay
Metro Park Residences 25.071.246 4.475.257 Metro Park Residences
Parahyangan Residences 2.172.138 67.002.012 Parahyangan Residences
Green Lake Sunter - 2.915.791 Green Lake Sunter
Tanah yang sedang dikembangkan 819.389.137 2.303.541.015 Land under development
Jumlah 4.437.290.957 4.095.255.157 Total

Bangunan Siap Dijual Buildings Ready For Sale

Merupakan apartemen, kios, counter, perkantoran, Represents apartments, kiosks, counters, offices,
rumah dan ballroom yang telah selesai houses and ballrooms which have been completed
pembangunannya dan siap untuk dijual. and ready for sale.

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Saldo awal 161.335.951 22.836.266 Beginning balance

Penambahan Additions
Perbaikan 25.505.220 169.105.419 Improvements
Reklasifikasi dari properti Reclassification from
investasi (Catatan 14) 38.564.353 - investment properties (Note 14)
Reklasifikasi dari bangunan Reclassification from
dalam penyelesaian 624.049.626 667.775.904 buildings under construction
Jumlah 688.119.199 836.881.323 Total

Pengurangan Deduction
Pembebanan ke beban pokok Charged to cost of
penjualan (Catatan 32) 691.223.593 698.381.638 sales (Note 32)
Saldo akhir 158.231.557 161.335.951 Ending balance

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F-189
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Bangunan Dalam Penyelesaian Buildings Under Construction

Bangunan dalam penyelesaian merupakan biaya
perolehan bangunan rumah tinggal, rumah kantor,
apartemen dan perkantoran yang masih dalam proses
konstruksi setelah dikurangi dengan pengakuan beban
pokok penjualan berdasarkan persentase
penyelesaian proyek. Manajemen berpendapat tidak
terdapat hambatan dalam penyelesaian proyek.
Buildings under construction consist of acquisition
cost of houses, home offices, apartments and offices
under construction, net of costs of sales recognized
based on the project’s percentage of completion.
Management believes that there are no constraints in
the completion of the projects.

Mutasi bangunan dalam penyelesaian adalah sebagai Movements of buildings under construction are as
berikut: follows:

2015 2014
Rp’000 Rp’000

Saldo awal 1.630.378.191 1.480.883.352 Beginning balance

Penambahan Additions
Pembangunan konstruksi 2.413.129.096 1.925.537.253 Construction development
Reklasifikasi dari tanah yang Reclassification from land
sedang dikembangkan 1.744.140.709 163.531.923 under development
Kapitalisasi biaya pinjaman 44.916.481 31.680.154 Capitalization of borrowing costs
Reklasifikasi dari tanah Reclassification from land
belum dikembangkan 370.839.899 - not yet developed
Reklasifikasi dari properti investasi Reclassification from investment
(Catatan 14) 25.582.465 85.687.634 properties (Note 14)

Jumlah 4.598.608.650 2.206.436.964 Total

Pengurangan Deductions
Pembebanan ke beban pokok Charged to cost of sales
penjualan (Catatan 32) 1.388.116.421 1.355.498.892 (Note 32)
Reklasifikasi ke bangunan Reclassification to buildings
siap dijual 624.049.626 667.775.904 ready for sale
Reklasifikasi ke properti Reclassification to investment
investasi (Catatan 14) 709.065.429 - properties (Note 14)
Reklasifikasi ke aset tetap Reclassification to property
(Catatan 15) 48.085.102 33.667.329 and equipment (Note 15)

Jumlah 2.769.316.578 2.056.942.125 Total

Saldo akhir 3.459.670.263 1.630.378.191 Ending balance

Pada tahun 2015, ballroom Green Bay dan Emporium
Pluit dijual dengan nilai penjualan masing-masing
sebesar Rp 120.218.340 ribu dan Rp 103.431.078 ribu
dan beban pokok atas penjualan masing-masing
sebesar Rp 85.687.634 ribu dan Rp 38.564.353 ribu.
In 2015, Green Bay and Emporium Pluit ballroom was
sold with sales value amounting to Rp 120,218,340
thousand and Rp 103,431,078 thousand and cost of
goods sold amounting to Rp 85,687,634 thousand and
Rp 38,564,353 thousand, respectively.

Pada tahun 2015, entitas anak SMD, CPKA dan JKS In 2015, buildings under construction from
melakukan reklasifikasi dari bangunan dalam subsidiaries, SMD, CPKA and JKS were reclassified to
penyelesaian ke properti investasi (Catatan 14). investment properties (Note 14).

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F-190
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Persentase penyelesaian masing-masing proyek The details of the percentage of completion for each
adalah sebagai berikut: project are as follows:

31 Desember/December 31 ,
2015 2014

Vimala Hills 83,69% 44,23% Vimala Hills

SOHO @Podomoro City 55,95% - 72,32% 33,79% - 55,29% SOHO @Podomoro City
SOHO @Pancoran 76,60% 39,14% SOHO @Pancoran
Grand Taruma Karawang 93,01% 73,94% Grand Taruma Karawang
Green Permata 26,00% - 100,00% 18,69% - 100,00% Green Permata
Metro Park Residences 99,83% 85,04% Metro Park Residences
Madison Park 99,44% 83,52% Madison Park
Parahyangan Residences 95,17% 52,82% Parahyangan Residences
Green Bay 99,38% - 99,99% 98,98% - 99,99% Green Bay
Orchard Park Batam 34,87% 15,20% Orchard Park Batam
Green Lake Sunter 100,00% 99,82% - 100,00% Green Lake Sunter
Borneo Bay Residence 26,11% - 44,35% 10,27% Borneo Bay Residence
Podomoro City Deli Medan 14,80% - 27,44% - Podomoro City Deli Medan
The Pakubuwono Spring 3,11% - The Pakubuwono Spring
Harco Glodok 50,32% - Harco Glodok

Tanah Yang Sedang Dikembangkan Land Under Development

Mutasi tanah yang sedang dikembangkan adalah Movements of land under development are as follows:
sebagai berikut:

2015 2014
Rp’000 Rp’000
Saldo awal 2.303.541.015 1.463.577.472 Beginning balance

Penambahan Additions
Pengembangan tanah 122.161.954 989.841.982 Land development
Reklasifikasi dari tanah Reclassification from land
belum dikembangkan 224.492.787 2.603.537 not yet developed
Kapitalisasi biaya pinjaman - 11.049.947 Capitalization of borrowing costs
Pengurangan Deductions
Reklasifikasi ke bangunan Reclassification to buildings
dalam penyelesaian 1.744.140.709 163.531.923 under construction
Pembebanan ke beban pokok Charged to cost of sales
penjualan (Catatan 32) 86.665.910 - (Note 32)
Saldo akhir 819.389.137 2.303.541.015 Ending balance

Pada tanggal 31 Desember 2015, tanah yang sedang As of December 31, 2015, land under development
dikembangkan merupakan tanah milik Perusahaan, represent land owned by the Company, AMI and GTS
AMI dan GTS yang telah dikembangkan untuk which have started project development.
membangun proyek.

Pada tanggal 31 Desember 2014 tanah yang sedang As of December 31, 2014, land under development
dikembangkan merupakan tanah milik Perusahaan, represent land owned by the Company, AMI, SMD,
AMI, SMD, WSS yang telah dikembangkan untuk WSS, which have started project development.
membangun proyek.

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F-191
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Aset Tidak Lancar Non-current Assets

Merupakan real estat yang belum dikembangkan Details of real estate not yet developed are as follows:
dengan rincian sebagai berikut:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Perusahaan 45.108.950 45.108.950 The Company

Entitas anak Subsidiaries
KUS 1.664.977.394 733.852.593 KUS
BMI 653.717.214 605.287.890 BMI
GCK 603.089.380 433.406.861 GCK
BSM 461.395.443 502.877.137 BSM
PGK 233.942.186 213.477.201 PGK
TKB 90.776.483 90.776.483 TKB
CCB 68.410.397 53.927.673 CCB
SMI - 370.839.899 SMI
GTS - 137.899.943 GTS
KPP - 125.808.357 KPP
Jumlah 3.821.417.447 3.313.262.987 Total

Real estat belum dikembangkan berupa tanah milik: Real estate not yet developed represent land owned
by:

− Perusahaan, seluas 6.775 m2 terletak di − The Company, measuring 6,775 m2 located at

Jl. Tanjung Duren Selatan, Jakarta Barat. Jl. Tanjung Duren Selatan, West Jakarta.

− BMI, seluas 2.879.252 m2 terletak di Karawang. − BMI, measuring 2,879,252 m2 located at

Karawang.

− GCK seluas 95.000 m2 terletak di Klender, Jakarta − GCK measuring 95,000 m2 located in Klender,
Timur. East Jakarta.

− BSL (entitas anak BSM), seluas 4.000 m 2 terletak − BSL (subsidiary of BSM), measuring 4,000 m2
di Kelapa Gading, Jakarta Utara. located in Kelapa Gading, North Jakarta.

− AM dan TK (entitas anak PGK), seluas 849.705 − AM and TK (subsidiaries of PGK), measuring
m2 terletak di Desa Karawang Kulon, Karawang 849,705 m2 located in Desa Karawang Kulon,
Barat, Jawa Barat. Karawang Barat, West Java.

− CCB, seluas 151.310 m2 terletak di Kelurahan − CCB, measuring 151,310 m2 located at Kelurahan
Maccini Sombala, Kecamatan Tamalate, Maccini Sombala, Kecamatan Tamalate,
Makassar. Makassar.

Real estat belum dikembangkan milik entitas anak
KUS (dari MWS dan ADP), entitas anak BSM (dari
JKP) dan entitas anak TKB pada tanggal 31 Desember
2015 dan 2014 merupakan biaya-biaya yang
dikeluarkan dan kapitalisasi biaya untuk mendapatkan
hak atas tanah, konsultan, perijinan dan lain-lain.
Real estate not yet developed, which are owned by
subsidiaries companies: KUS (from MWS and ADP),
BSM (from JKP) and TKB as of December 31 2015
and 2014, respectively, are capitalized costs for
landrights, consultant, license cost, etc.

Pada tahun 2015, real estat berupa tanah belum
dikembangkan senilai Rp 86.592.844 ribu milik BSM
dan Rp 137.899.943 ribu milik GTS yang telah dimulai
pekerjaannya direklasifikasi ke tanah yang sedang
dikembangkan.
In 2015, real estate not yet developed representing
land amounting to Rp 86,592,844 thousand owned by
BSM and Rp 137,899,943 thousand owned by GTS
on which construction has started were reclassified to
land under development.

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F-192
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Pada tahun 2015, real estat berupa tanah belum
dikembangkan senilai Rp 370.839.899 ribu milik SMI
yang telah dimulai pekerjaannya direklasifikasi ke
bangunan dalam penyelesaian.
Pada tahun 2015, entitas anak, KPP melakukan
reklasifikasi dari tanah belum dikembangkan ke aset
tetap yang akan digunakan untuk pembangunan Hotel
Sofitel di Ubud, Bali senilai Rp 125.808.357 ribu
(Catatan 15).
Pembayaran kepada kontraktor yang nilainya melebihi
10% dari jumlah pembayaran konstruksi dan
pengembangan lahan aset real estat, aset tetap dan
properti investasi berasal dari:
2015
Rp’000
PT Total Bangun Persada Tbk 587.572.853
PT Totalindo Eka Persada 304.114.593
PT Nusa Raya Cipta Tbk 198.373.297
PT Jakarta Cakratunggal Steel 184.645.379
PT Pembangunan Perumahan Tbk 2.343.075
Jumlah 1.277.049.197
Hak legal atas tanah aset real estat berupa HGB atas
nama Grup berjangka waktu 20 – 30 tahun yang akan
jatuh tempo pada tahun 2015 – 2042. Manajemen
berpendapat tidak terdapat masalah dalam
perpanjangan dan proses sertifikasi hak atas tanah
karena seluruh tanah diperoleh secara sah dan
didukung dengan bukti pemilikan yang memadai. HGB
seluas 1.481 m2 milik Perusahaan yang berlokasi di
Grogol, Jakarta Barat, masih dalam proses survei,
pengukuran dan pemetaan.
Jumlah biaya pinjaman yang dikapitalisasi ke aset real
estat pada tahun 2015 dan 2014 masing-masing
adalah sebesar Rp 44.916.481 ribu dan
Rp 42.730.101 ribu. Tingkat kapitalisasi biaya
pinjaman pada tahun 2015 dan 2014 masing-masing
sebesar 12%.
Sebagian aset real estat diasuransikan bersama
dengan aset tetap dan properti investasi (Catatan 14
dan 15).
Manajemen berpendapat bahwa nilai pertanggungan
tersebut cukup untuk menutupi kemungkinan
kerugian atas aset yang dipertanggungkan.
Berdasarkan penelaahan terhadap aset real estat
pada akhir periode, manajemen berkeyakinan bahwa
tidak perlu dilakukan penurunan nilai aset real estat.
Pada tanggal 31 Desember 2015 dan 2014, aset real
estat masing-masing sebesar Rp 535.791.133 ribu
dan Rp 1.109.083.454 ribu digunakan sebagai
jaminan utang bank (Catatan 20).
- 56 -
F-193
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
In 2015, real estate not yet developed representing
land amounting to Rp 370,839,899 thousand owned
by SMI on which construction has started were
reclassified to building under construction.
In 2015, land not yet developed owned by
subsidiaries, KPP were reclassified to property and
equipment, which will be used to develop Sofitel Hotel
in Ubud, Bali amounting to Rp 125,808,357 thousand
(Note 15).
Payments to contractors which has an amount of
more than 10% of the total construction and land
development costs of real estate assets, property and
equipment and investment properties are as follows:
2014
Rp’000
109.212.555 PT Total Bangun Persada Tbk
270.043.617 PT Totalindo Eka Persada
110.828.826 PT Nusa Raya Cipta Tbk
102.518.137 PT Jakarta Cakratunggal Steel
133.849.446 PT Pembangunan Perumahan Tbk
726.452.581 Total
The legal rights over the land in the form of HGB
under the name of the Group has a period of 20 – 30
years until 2015 – 2042. Management believes that
there will be no difficulty in the extension of the
landrights since all the land were acquired legally and
supported by sufficient evidence of ownership. HGB
with an area of 1,481 m2 owned by the Company,
located in Grogol, West Jakarta, is still in the process
of survey, measurement and topography.
Borrowing costs capitalized to real estate assets
amounted to Rp 44,916,481 thousand and
Rp 42,730,101 thousand in 2015 and 2014,
respectively. Borrowing costs capitalization rates in
2015 and 2014 is 12% respectively.
Part of real estate assets were insured along with
property and equipment and investment properties
(Notes 14 and 15).
Management believes that the insurance coverage is
adequate to cover possible losses on the assets
insured.
Based on the review of real estate assets at the end
of the period, management believes that there is no
decline in the value of real estate assets.
As of December 31, 2015 and 2014, real estate assets
amounting to Rp 535,791,133 thousand and
Rp 1,109,083,454 thousand, respectively, are used
as collateral for bank loans (Note 20).
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

10. BIAYA DIBAYAR DIMUKA 10. PREPAID EXPENSES

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Beban pajak final 363.974.740 316.658.265 Final taxes expense

Sewa 87.265.745 91.139.885 Rent
Lain-lain 8.445.506 7.356.427 Others

Jumlah 459.685.991 415.154.577 Total

Dikurangi: yang jatuh tempo dalam
satu tahun (440.935.991) (395.654.577) Less: current maturity

Jumlah 18.750.000 19.500.000 Total

11. ASET TIDAK LANCAR YANG TERSEDIA UNTUK 11. NON-CURRENT ASSET HELD FOR SALE – NET
DIJUAL – BERSIH

Pada tahun 2015, entitas anak, PCN, telah
menandatangani perjanjian penjualan aset tetap Blitz
Theater kepada pihak ketiga yang diharapkan akan
dieksekusi dalam waktu satu tahun, sehingga Grup
menyajikan aset tetap dengan harga perolehan
Rp 20.549.936 ribu dan akumulasi penyusutan
sebesar Rp 2.018.632 ribu sebagai aset tidak lancar
yang dimiliki untuk dijual pada tanggal 31 Desember
2014.
In 2015, PCN, a subsidiary, entered into a conditional
transfer of Blitz Theater fixed assets agreement to
third parties which is expected to be executed within
one year, as a result, the Group presented the
property and equipment with cost of Rp 20,549,936
thousand and accumulated depreciation amounting to
Rp 2,018,632 thousand as non-current asset held for
sale as of December 31, 2014.

Aset ini telah terjual dengan harga sebesar This asset was sold for Rp 19,739,605 thousand,
Rp 19.739.605 ribu dan mencatat keuntungan resulting to a gain of Rp 1,291,679 thousand.
sebesar Rp 1.291.679 ribu.

12. ASET KEUANGAN LAINNYA 12. OTHER FINANCIAL ASSETS

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Deposito berjangka Time deposits with third

pada pihak ketiga 121.428.235 97.659.564 parties
Investasi saham 11.991.200 11.991.200 Investment in shares
Rekening bank yang dibatasi Restricted cash in
penggunaannya 10.061.643 19.130.468 banks
Dana/cadangan untuk penggantian Funds/reserve for replacement
perabotan dan perlengkapan hotel furniture and equipment
(Catatan 5) 2.520.527 9.493.784 (Note 5)

Jumlah 146.001.605 138.275.016 Total

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F-194
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Deposito Berjangka pada Pihak Ketiga Time Deposits with Third Parties

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Rupiah Rupiah
Bank Maybank Indonesia (d/h Bank Bank Maybank Indonesia (formerly
Internasional Indonesia) 38.552.777 26.791.539 Bank Internasional Indonesia)
Bank CIMB Niaga 17.393.006 13.552.119 Bank CIMB Niaga
Bank Negara Indonesia 16.256.799 12.692.630 Bank Negara Indonesia
Bank UOB 9.115.009 2.997.907 Bank UOB
Bank Mandiri 8.465.431 9.806.063 Bank Mandiri
Bank Permata 6.862.915 11.572.403 Bank Permata
Bank Artha Graha 3.651.682 3.651.682 Bank Artha Graha
Bank Rakyat Indonesia 1.642.287 3.214.730 Bank Rakyat Indonesia
Lain-lain (masing-masing Others (each below
dibawah Rp 3.000.000 ribu) 9.740.792 5.538.601 Rp 3,000,000 thousand)
Dollar Amerika Serikat U.S. Dollar
Bank Central Asia 9.747.537 7.841.890 Bank Central Asia
Jumlah 121.428.235 97.659.564 Total
Tingkat bunga deposito Interest rates per annum on
berjangka per tahun time deposits
Rupiah 3,5% - 8,75% 3,5% - 10% Rupiah
Dollar Amerika Serikat 0,50% 0,50% U.S. Dollar

Deposito berjangka Bank Permata dijadikan sebagai Time deposits in Bank Permata are used as reserve
cadangan pembayaran biaya penilai independen atas payment for independent appraisers cost on bank debt
jaminan utang bank yang diterima oleh PP. guarantees received by PP.

Deposito berjangka Bank Central Asia digunakan Time deposits in Bank Central Asia are used as
sebagai jaminan Perusahaan atas pembayaran collateral for the payment to PGN.
kepada Perusahaan Gas Negara (PGN).

Deposito berjangka lainnya yang dijaminkan dalam
rangka penyediaan fasilitas kredit kepada pembeli
oleh Bank yang bersangkutan. Pencairan deposito
berjangka akan dilakukan secara bertahap sesuai
dengan kemajuan penyelesaian pekerjaan dan
dokumen-dokumen terkait sebagaimana dirinci dalam
perjanjian (Catatan 43).
Other guaranteed time deposits relate to the credit
facilities provided by the banks to customers. The
withdrawal of time deposit will be made in accordance
with the progress of the completion of construction and
the related documents as specified in each agreement
(Note 43).

Investasi Saham Investment in Shares

Entitas anak, BMI memiliki 10,48% kepemilikan
PT Trans Heksa Karawang (THK) pada tanggal
31 Desember 2015 dan 2014. Pada tanggal
31 Desember 2015 dan 2014, MWS (entitas anak
KUS), juga memiliki 11,11% kepemilikan saham
PT Pembangunan Kota Tua Jakarta (PKTJ). Saham-
saham tersebut dimaksudkan untuk memperoleh
potensi keuntungan dalam jangka panjang karena
THK dan PKTJ bergerak dalam industri yang sama
dengan Grup.
BMI, a subsidiary, owned 10.48% ownership of
PT Trans Heksa Karawang (THK) as of December 31,
2015 and 2014. As of December 31, 2015 and 2014,
MWS (subsidiary of KUS), also owned 11.11%
ownership of PT Pembangunan Kota Tua Jakarta
(PKTJ). The shares are held primarily for long-term
growth potential since THK and PKTJ are engaged in
the similar business with the Group.

THK dan PKTJ merupakan entitas yang tidak terdaftar THK and PKTJ are non-listed and there are no readily
di bursa efek, oleh karena itu investasi tersebut available measure of fair value of the shares, thus, the
dinyatakan sebesar biaya perolehan. investments are stated at cost.

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F-195
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Rekening Bank Yang Dibatasi Penggunaannya Restricted Cash in Banks

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Bank Negara Indonesia 4.987.557 518.459 Bank Negara Indonesia
Bank CIMB Niaga 3.883.235 3.888.772 Bank CIMB Niaga
Bank Permata 135.022 3.776.342 Bank Permata
Bank Mandiri 49.552 1.129.654 Bank Mandiri
Bank Tabungan Negara 7.025 8.956.536 Bank Tabungan Negara
Lain-lain 999.252 860.705 Others
Jumlah 10.061.643 19.130.468 Total

Seluruh rekening bank yang dibatasi penggunaannya All restricted cash in banks are bank accounts
merupakan rekening dalam mata uang Rupiah yang denominated in Rupiah, which are restricted by each
dibatasi penggunaannya oleh masing-masing bank bank (Note 20).
(Catatan 20).

Dana Cadangan untuk Penggantian Perabotan dan Funds Reserve for Replacements of Furniture and
Perlengkapan Hotel Equipment

Entitas anak, BSP, GPL, SAI, CPP dan CIP
membentuk cadangan rekening untuk penggantian
perabotan dan perlengkapan hotel dengan persentase
sebesar 0,5% - 3% dari pendapatan hotel setiap
bulan.
BSP, GPL, SAI, CPP and CIP, subsidiaries, are
required to establish reserve funds for replacement of
hotel furniture and equipment with percentage of
0.5% - 3% of revenues per month.

13. INVESTASI SAHAM PADA ENTITAS ASOSIASI 13. INVESTMENT IN ASSOCIATES

Rincian investasi saham pada entitas asosiasi yang Details of investment in associates accounted for
dicatat dengan metode ekuitas adalah sebagai berikut: under the equity method are as follows:

31 Desember/December 31,
2015 2014 *)
Rp’000 Rp’000

PT Manggala Gelora Perkasa (MGP) 160.562.190 127.032.181 PT Manggala Gelora Perkasa (MGP)
PT Citra Gemilang Nusantara (CGN) 85.375.258 76.161.771 PT Citra Gemilang Nusantara (CGN)

Jumlah 245.937.448 203.193.952 Total

MGP berkedudukan di Jakarta dengan nama proyek MGP is domiciled in Jakarta whose project is named
Senayan City dengan persentase kepemilikan Senayan City with percentage ownership by the
Perusahaan sebesar 25,5%. Company of 25.5%.

CGN berkedudukan di Jakarta dengan nama proyek CGN is domiciled in Jakarta whose project is named
Lindeteves Trade Center dengan persentase Lindeteves Trade Center with percentage ownership
kepemilikan Perusahaan sebesar 35%. by the Company of 35%.

Investasi pada perusahaan tersebut diatas diperoleh
terutama untuk tujuan potensi pertumbuhan jangka
panjang, karena seluruh entitas tersebut bergerak
dalam industri properti yang sama dengan industri
Grup.
The investments in the above companies are held
primarily for long-term growth potential, since these
companies are engaged in the property business
similar to the Group.

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

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F-196
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Mutasi investasi pada entitas asosiasi adalah sebagai Movements of investment in associates are as
berikut: follows:
2015 2014 *)
Rp’000 Rp’000
PT Manggala Gelora Perkasa (MGP) PT Manggala Gelora Perkasa (MGP)
Saldo awal 127.032.181 97.259.420 Beginning balance
Perubahan tahun berjalan Changes during the year
Pembagian dividen (40.800.000) (31.875.000) Dividend distribution
Bagian laba bersih 53.489.454 94.585.295 Share in net income
Penyesuaian atas bagian laba bersih Adjustment share in net income tax
atas perubahan kebjiakan akuntansi 21.183.670 (32.361.743) change in accunting policy
Bagian penghasilan komprehensif lain (343.115) (575.791) Share in other comprehensive income
Saldo akhir 160.562.190 127.032.181 Ending balance

PT Citra Gemilang Nusantara (CGN) PT Citra Gemilang Nusantara (CGN)

Saldo awal 76.161.771 85.815.931 Beginning balance
Perubahan tahun berjalan Changes during the year
Pembagian dividen (26.600.000) (36.750.000) Dividend distribution
Bagian laba bersih 31.272.130 27.114.712 Share in net income
Penyesuaian lain 4.857.882 - Other adjustments
Bagian penghasilan komprehensif lain (316.525) (18.872) Share in other comprehensive income
Saldo akhir 85.375.258 76.161.771 Ending balance

Ringkasan informasi keuangan dibawah ini The summarized financial information below
merupakan jumlah yang disajikan dalam laporan represents amounts shown in the associates’
keuangan entitas asosiasi yang disusun sesuai financial statements prepared in accordance
dengan Standar Akuntansi Keuangan Indonesia. Indonesian Financial Accounting Standards.
MGP CGN
31 Desember/December 31, 31 Desember/December 31,
2015 2014 2015 2014
Rp ’ 000 Rp ’ 000 Rp ’ 000 Rp ’ 000

Laporan Posisi Keuangan Statement of Financial Position

Aset lancar 298.385.546 331.744.414 260.525.211 256.652.541 Current assets
Aset tidak lancar 5.048.761.200 5.079.726.856 53.408.985 60.015.737 Non-current assets
Jumlah aset 5.347.146.746 5.411.471.270 313.934.196 316.668.278 Total assets

Liabilitas jangka pendek 450.932.930 487.160.648 43.702.032 60.162.985 Current liabilities

Liabilitas jangka panjang 573.062.850 618.086.492 26.304.241 25.020.979 Non-current liabilities
Ekuitas yang dapat diatribusikan Equity attributable to owners
kepada pemilik entitas induk 4.323.150.966 4.306.224.130 243.929.309 231.484.725 of the Company
Kepentingan non-pengendali - - (1.386) (411) Non-controlling interest
Jumlah liabilitas dan ekuitas 5.347.146.746 5.411.471.270 313.934.196 316.668.278 Total liabilities and equity

Laporan Laba Rugi dan Penghasilan Statement of Profit or Loss and

Komprehensif Lain Other Comprehensive Income
Penjualan dan pendapatan usaha 506.561.472 500.849.120 171.794.746 169.488.050 Sales and revenue
Beban (205.096.344) (207.690.662) (82.445.803) (92.017.770) Expenses
Kenaikan (penurunan) nilai wajar atas Increase (decrease) of fair value
properti investasi (91.702.565) 77.764.268 - - of invesment properties
Laba tahun berjalan 209.762.563 370.922.726 89.348.943 77.470.607 Profit for the year

Jumlah laba komprehensif tahun Total comprehensive income

berjalan 208.417.016 368.664.721 88.444.585 77.416.687 for the year

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

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F-197
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2013 AND FOR THE YEARS
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan) ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Rekonsiliasi dari ringkasan informasi keuangan di Reconciliation of the above summarized financial
atas terhadap jumlah tercatat dari bagian entitas information to the carrying amount of the interest in
asosiasi yang diakui dalam laporan keuangan the associates recognized in the consolidated
konsolidasian: financial statements:
MGP CGN
31 Desember/December 31 , 31 Desember/December 31 ,
2015 2014 *) 2015 2014 *)
Rp ’ 000 Rp ’ 000 Rp ’ 000 Rp ’ 000

Aset bersih entitas asosiasi 4.323.150.966 4.306.224.130 243.929.309 231.484.725 Net assets of the associate
Penyesuaian uang muka dividen Adjustment of non-controlling interest
kepentingan non-pengendali 31.490.180 - - - advance for dividend
Proporsi bagian kepemilikan Grup 1.110.433.492 1.098.087.153 85.375.258 81.019.653 Proportion of the Group’s ownership interest
Penyesuaian model nilai wajar ke
metode biaya (949.871.302) (971.054.972) - - Adjustment of fair value model to cost model
Penyesuaian lain - - - (4.857.882) Other adjusments

Nilai tercatat bagian Grup 160.562.190 127.032.181 85.375.258 76.161.771 Carrying amount of the Group’s interest

Pada tahun 2015, MGP mengubah kebijakan
akuntansi untuk akun properti investasi dari metode
biaya menjadi metode nilai wajar. Perusahaan telah
melakukan penyesuaian dari metode nilai wajar ke
metode biaya pada laporan keuangan konsolidasian.
In 2015, MGP changed its accounting policies for
investment property from cost model to fair value
model. The Company has been make adjustment from
fair value model to cost model in consolidated financial
statement.

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

14. PROPERTI INVESTASI 14. INVESTMENT PROPERTIES

1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ December 31,
2015 Additions Deductions Reclassifications 2015
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000
Biaya perolehan: Cost:
Tanah 977.633.958 - - 103.913.864 1.081.547.822 Land
Bangunan dan prasarana 5.062.204.659 232.918.619 - (5.125.207) 5.289.998.071 Building and facilities
Mesin dan peralatan 229.773.095 17.650.196 - - 247.423.291 Machinery and equipment
Aset dalam penyelesaian 96.854.954 309.960.691 - 580.118.429 986.934.074 Construction in progress
Jumlah 6.366.466.666 560.529.506 - 678.907.086 7.605.903.258 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 627.700.007 163.887.005 - (4.077.318) 787.509.694 Building and facilities
Mesin dan peralatan 78.103.663 33.752.073 - - 111.855.736 Machinery and equipment
Jumlah 705.803.670 197.639.078 - (4.077.318) 899.365.430 Total
Jumlah Tercatat 5.660.662.996 6.706.537.828 Net Carrying Amount

1 Januari/ 31 Desember/
January 1, Penambahan/ Pengurangan/ Reklasifikasi/ December 31,
2014 Additions Deductions Reclassifications 2014
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000
Biaya perolehan: Cost:
Tanah 948.796.578 32.895.353 - (4.057.973) 977.633.958 Land
Bangunan dan prasarana 4.446.079.211 245.852.619 38.825.715 409.098.544 5.062.204.659 Building and facilities
Mesin dan peralatan 216.420.519 13.645.112 292.536 - 229.773.095 Machinery and equipment
Aset dalam penyelesaian 443.055.464 144.527.695 - (490.728.205) 96.854.954 Construction in progress
Jumlah 6.054.351.772 436.920.779 39.118.251 (85.687.634) 6.366.466.666 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 454.870.095 172.829.912 - - 627.700.007 Building and facilities
Mesin dan peralatan 66.296.059 11.824.511 16.907 - 78.103.663 Machinery and equipment
Jumlah 521.166.154 184.654.423 16.907 - 705.803.670 Total
Jumlah Tercatat 5.533.185.618 5.660.662.996 Net Carrying Amount

Pada tanggal 31 Desember 2015, aset dalam As of December 31, 2015, construction in progress
penyelesaian terdiri dari Neo SOHO, foodcourt SOHO consist of Neo SOHO, foodcourt SOHO Pancoran,
Pancoran, foodcourt Parahyangan Residences, Mal foodcourt Parahyangan Residences, The Plaza
The Plaza Balikpapan dan Deli Park yang diperkirakan Balikpapan Mall and Deli Park which are estimated to
selesai pada tahun 2016-2017. be completed in 2016-2017.

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F-198
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Pada tanggal 31 Desember 2014, aset dalam
penyelesaian terdiri dari Promenade dan Gourmet
pada Mal The Plaza Balikpapan dan sebagian
pembangunan Mal Baywalk yang diperkirakan selesai
pada tahun 2015.
Penghasilan sewa dari properti investasi adalah
sebesar Rp 888.951.286 ribu dan Rp 795.305.341 ribu
masing-masing untuk tahun 2015 dan 2014
(Catatan 31).
Beban penyusutan sebesar Rp 197.639.078 ribu dan
Rp 184.654.423 ribu pada tahun 2015 dan 2014
disajikan sebagai beban langsung (Catatan 32).
Properti investasi diasuransikan bersama dengan aset
real estat dan aset tetap (Catatan 9 dan 15).
Rincian reklasifikasi dari jumlah tercatat atas tanah,
bangunan dan aset dalam penyelesaian adalah
sebagai berikut:
2015
Rp’000
Tanah
Reklasifikasi dari aset real estat 72.881.811
Reklasifikasi dari aset tetap 35.868.487
Reklasifikasi ke aset real estat (4.836.434)
Reklasifikasi dari properti investasi
dalam penyelesaian
Jumlah tanah 103.913.864
Bangunan dan prasarana, mesin dan
peralatan
Reklasifikasi dari properti investasi
dalam penyelesaian 37.516.464
Reklasifikasi ke aset real estat (38.564.353)
Jumlah bangunan dan prasarana,
mesin dan peralatan (1.047.889)
Properti investasi dalam penyelesaian
Reklasifikasi ke tanah - (3.800.000)
Reklasifikasi dari aset tetap 2.197.306
Reklasifikasi ke aset real estat (20.746.031)
Reklasifikasi dari aset real estat 636.183.618
Reklasifikasi ke bangunan dan
prasarana (37.516.464)
Jumlah aset dalam penyelesaian 580.118.429
Jumlah 682.984.404
Jumlah biaya pinjaman yang dikapitalisasi ke properti
investasi pada tahun 2014 adalah sebesar
Rp 15.478.024 ribu. Tingkat kapitalisasi biaya
pinjaman pada tahun 2014 adalah 13,5%.
F-199
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
As of December 31, 2014, construction in progress
consist of Promenade and Gourmet at The Plaza
Balikpapan Mall and some portions of Baywalk Mall
development which are estimated to be completed in
2015.
Rent income recognized from investment properties
amounted to Rp 888,951,286 thousand and
Rp 795,305,341 thousand in 2015 and 2014,
respectively (Note 31).
Depreciation expense amounting to Rp 197,639,078
thousand and Rp 184,654,423 thousand in 2015 and
2014 were recorded as part of direct costs
(Note 32).
Investment properties were insured along with real
estate assets and property and equipment (Notes 9
and 15).
Details of reclassification of net carrying amount of
land, building and building construction in progress
are as follows:
2014
Rp’000
Land
- Reclassification from real estate assets
- Reclassification from property and equipment
(7.857.973) Reclassification to real estate assets
Reclassification from investment
- 3.800.000 property in progress
(4.057.973) Total land
Building and facilities, machinery and
equipment
Reclassification from investment
486.928.205 property in progress
(77.829.661) Reclassification to real estate assets
Total building and facilities, machinery
409.098.544 and equipment
Investment property in progress
Reclassification to land
- Reclassification from property and equipment
- Reclassification to real estate assets
- Reclassification from real estate assets
(486.928.205) Reclassification to building and facilities
(490.728.205) Total construction in progress
(85.687.634) Total
Borrowing costs capitalized to investment property
in 2014 amounted to Rp 15,478,024 thousand.
Borrowing costs capitalization rates in 2014 is
13.5%.
- 62 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Hak legal atas tanah properti investasi berupa HGB
atas nama Grup berjangka waktu 20 tahun yang akan
jatuh tempo pada tahun 2015 – 2031. HGB seluas
1.481 m2 milik Perusahaan yang berlokasi di Grogol,
Jakarta Barat, masih dalam proses survei,
pengukuran dan pemetaan. Manajemen berpendapat
tidak terdapat masalah dalam perpanjangan dan
proses sertifikasi hak atas tanah karena seluruh tanah
diperoleh secara sah dan didukung dengan bukti
pemilikan yang memadai.
Seluruh properti investasi digunakan sebagai jaminan
atas utang bank jangka panjang dan utang obligasi
(Catatan 20 dan 22).
Rincian nilai tercatat dan nilai wajar properti investasi
pada tahun 2015 dan 2014 adalah sebagai berikut:
31 Desember/December 31, 2015
Nilai tercatat/ Nilai wajar/
Nama proyek Carrying amount Fair value
Rp’000 Rp’000
Mal Central Park 1.477.271.316 5.127.100.000
Mal Bay Walk 1.143.274.973 1.265.200.000
Mal Emporium Pluit 755.621.976 1.764.800.000
Mal The Plaza Balikpapan 749.684.812 1.224.622.000
Mal Kuningan City 722.961.848 1.928.200.000
Mal Festival CityLink 401.935.339 870.200.000
Perkantoran AXA Tower 205.996.425 977.600.000
Foodmall Taruma Flavour 31.464.671 147.565.500
Penilaian dilakukan oleh KJPP Hendra Gunawan dan
Rekan, KJPP Jimmy Prasetyo dan Rekan dan KJPP
Satria Iskandar Setiawan dan Rekan, penilai
independen, pada tanggal 31 Desember 2015
berdasarkan metode biaya dan pendapatan yang
didukung oleh nilai pasar pada saat penilaian.
Penilaian dilakukan oleh KJPP Hendra Gunawan dan
Rekan dan KJPP Jimmy Prasetyo dan Rekan, penilai
independen, pada tanggal 31 Desember 2014
berdasarkan metode biaya dan pendapatan yang
didukung oleh nilai pasar pada saat penilaian.
Nilai wajar aset dalam penyelesaian sebagian proyek
Neo Soho (TMI), foodcourt SOHO Pancoran (CPKA),
foodcourt Parahyangan Residences (JKS), Deli Park
(SMD) dan Mal The Plaza Balikpapan (PCN) pada
tahun 2015 dan sebagian proyek pusat perbelanjaan
milik entitas anak PCN dan KUS dan proyek Mal Neo
Soho (TMI) pada tahun 2014 belum dapat ditentukan
secara andal sampai dengan saat ini dikarenakan
pembangunan sampai saat ini masih dalam proses
sehingga harga kini dalam pasar aktif untuk properti
serupa dalam lokasi dan kondisi yang serupa belum
tersedia. Dengan data dan informasi yang sangat
minim tersebut, sulit untuk dapat menghasilkan nilai
wajar yang andal.
- 63 -
F-200
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The legal right over the land of investment properties
in the form of HGB under the name of the Group has
a period of 20 years until 2015 – 2031. HGB with an
area of 1,481 m2, owned by the Company, located in
Grogol, West Jakarta, is still in the process of survey,
measurement and topography. Management believes
that there will be no difficulty in the extension of the
landrights since all the land were acquired legally and
supported by sufficient evidence of ownership.
The entire investment properties are used as
collateral for long-term bank loans and bonds payable
(Notes 20 and 22).
Details of the carrying amounts and fair value of
investment properties in 2015 and 2014 are as
follows:
31 Desember/December 31, 2014
Nilai tercatat/ Nilai wajar/
Carrying amount Fair value Project name
Rp’000 Rp’000
1.527.561.364 5.415.700.000 Central Park Mall
922.874.805 1.077.800.000 Bay Walk Mall
822.661.609 1.730.300.000 Emporium Pluit Mall
758.380.336 1.124.100.000 The Plaza Balikpapan Mall
753.683.644 2.131.100.000 Kuningan City Mall
413.907.113 750.900.000 Festival CityLink Mall
212.459.984 762.910.000 AXA Office Tower
29.637.090 137.372.500 Foodmall Taruma Flavour
The assessment was conducted by KJPP Hendra
Gunawan dan Rekan, KJPP Jimmy Prasetyo dan
Rekan and KJPP Satria Iskandar Setiawan dan
Rekan, independent appraisers, dated December 31,
2015 based on cost and income method, supported
by the market value at the time of assessment.
The assessment was conducted by KJPP Hendra
Gunawan dan Rekan and KJPP Jimmy Prasetyo dan
Rekan independent appraisers, dated December 31,
2014 based on cost and income method, supported
by the market value at the time of assessment.
Fair value of Mall’s construction in progress from Neo
Soho (TMI), foodcourt SOHO Pancoran (CPKA),
foodcourt Parahyangan Residences (JKS), Deli Park
(SMD) and The Plaza Balikpapan Mall (PCN) in 2015
and partial mall’s project owned by subsidiaries, PCN
and KUS and Neo Soho Mall (TMI) in 2014 cannot be
determined reliably to date because of the ongoing
construction process, hence the current value in
active market for similar property, whether similar in
location and/or condition is not yet available. With that
limited data and information, it has been difficult to
generate reliable fair value.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

15. ASET TETAP 15. PROPERTY AND EQUIPMENT

1 Januari 2015/ Penambahan/ Pengurangan/ Reklasifikasi/ 31 Desember 2015/
January 1, 2015 Additions Deductions Reclassifications December 31, 2015
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000
Biaya perolehan: Cost:
Pemilikan langsung: Direct acquisition
Tanah 141.993.094 12.858.763 - 83.239.575 238.091.432 Land
Bangunan dan prasarana 2.180.595.660 52.188.215 - 22.243.983 2.255.027.858 Building and facilities
Peralatan kantor 108.572.184 13.850.198 4.906.135 - 117.516.247 Office equipment
Kendaraan 30.873.902 3.964.333 1.872.946 - 32.965.289 Vehicles
Perlengkapan proyek 70.472.756 726.926 - - 71.199.682 Project equipment
Mesin dan peralatan 23.487.924 8.584.881 204.480 - 31.868.325 Machine and equipment
Aset dalam penyelesaian 900.554.596 379.752.424 - 30.344.108 1.310.651.128 Construction in progress

Jumlah 3.456.550.116 471.925.740 6.983.561 135.827.666 4.057.319.961 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 151.434.450 119.934.471 - - 271.368.921 Building and facilities
Peralatan kantor 92.484.162 29.922.396 4.905.048 - 117.501.510 Office equipment
Kendaraan 16.053.667 4.630.751 1.855.196 - 18.829.222 Vehicles
Perlengkapan proyek 20.948.290 473.128 - - 21.421.418 Project equipment
Mesin dan peralatan 6.523.483 5.301.474 90.170 - 11.734.787 Machine and equipment

Jumlah 287.444.052 160.262.220 6.850.414 - 440.855.858 Total

Jumlah Tercatat 3.169.106.064 3.616.464.103 Net Carrying Amount

1 Januari 2014/ Penambahan/ Pengurangan/ Reklasifikasi/ 31 Desember 2014/

January 1, 2014 Additions Deductions Reclassifications December 31, 2014
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000
Biaya perolehan: Cost:
Pemilikan langsung: Direct acquisition
Tanah 111.321.473 2.720.441 - 27.951.180 141.993.094 Land
Bangunan dan prasarana 1.842.985.159 275.855.098 5.800.562 67.555.965 2.180.595.660 Building and facilities
Peralatan kantor 87.581.952 21.682.802 692.570 - 108.572.184 Office equipment
Kendaraan 27.699.360 4.057.955 883.413 - 30.873.902 Vehicles
Perlengkapan proyek 66.592.969 4.152.599 272.812 - 70.472.756 Project equipment
Mesin dan peralatan 21.593.778 1.894.146 - - 23.487.924 Machine and equipment
Aset dalam penyelesaian 749.703.221 233.857.968 249.927 (82.756.666) 900.554.596 Construction in progress

Jumlah 2.907.477.912 544.221.009 7.899.284 12.750.479 3.456.550.116 Total

Akumulasi penyusutan: Accumulated depreciation:

Bangunan dan prasarana 54.094.986 99.999.060 640.964 (2.018.632) 151.434.450 Building and facilities
Peralatan kantor 63.813.495 29.308.029 637.362 - 92.484.162 Office equipment
Kendaraan 11.433.965 4.709.387 89.685 - 16.053.667 Vehicles
Perlengkapan proyek 18.900.932 2.070.802 23.444 - 20.948.290 Project equipment
Mesin dan peralatan 3.229.586 3.293.897 - - 6.523.483 Machine and equipment

Jumlah 151.472.964 139.381.175 1.391.455 (2.018.632) 287.444.052 Total

Jumlah Tercatat 2.756.004.948 3.169.106.064 Net Carrying Amount

Penambahan aset tetap termasuk aset tetap entitas Additions to property and equipment include property
anak (Catatan 39) yang diakuisisi sebagai berikut: and equipment acquired through acquisition of a
subsidiary (Note 39), as follows:

31 Desember 2014/
December 31, 2014
Rp’000

Biaya perolehan, termasuk

penyesuaian nilai wajar 5.548.058 Cost, including fair value adjustments
Akumulasi penyusutan (1.798.866) Accumulated depreciation

Jumlah Tercatat 3.749.192 Net Carrying Amount

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F-201
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Penjualan aset tetap adalah sebagai berikut: Sale of property and equipment are as follows:

2015 2014
Rp’000 Rp’000

Nilai tercatat 133.147 1.316.286 Net carrying amount

Penerimaan dari penjualan Proceeds from sale of property
aset tetap 916.324 826.120 and equipment

Keuntungan (kerugian) penjualan Gain (loss) on sale of property

aset tetap 783.177 (490.166) and equipment

Biaya perolehan aset tetap yang telah disusutkan Cost of property and equipment which were fully
penuh dan masih digunakan sebesar Rp 44.963.994 depreciated but still used by the Group amounted to
ribu dan Rp 37.134.324 ribu masing-masing pada Rp 44,963,994 thousand and Rp 37,134,324 thousand
tanggal 31 Desember 2015 dan 2014. as of December 31, 2015 and 2014, respectively.

Beban penyusutan dialokasikan sebagai berikut: Depreciation expense was allocated as follows:

2015 2014
Rp’000 Rp’000
Beban langsung (Catatan 32) 129.638.291 115.538.424 Direct costs (Note 32)
Beban penjualan (Catatan 33) 1.660.763 244.810 Selling expenses (Note 33)
Beban umum dan administrasi General and administrative
(Catatan 34) 28.963.166 21.799.075 expenses (Note 34)
Jumlah 160.262.220 137.582.309 Total

Rincian reklasifikasi biaya perolehan tanah, bangunan Details of reclassifications of cost of land, building
dan prasarana dan aset dalam penyelesaian adalah and facilities and construction in progress are as
sebagai berikut: follows:

2015 2014
Rp’000 Rp’000

Tanah, bangunan dan prasarana Land, building and facilities

Reklasikasi dari aset real estat
Reklasikasi ke properti investasi
Reklasifikasi dari aset dalam
penyelesaian
Reklasifikasi ke aset tidak lancar
tersedia untuk dijual (Catatan 11)
141.352.045 33.667.329 Reclassification from real estate assets
(35.868.487) - Reclassification from investment property
Reclassification from construction in
- 82.389.752 progress
Reclassification to non-current asset
- (20.549.936) held for sale (Note 11)

Jumlah 105.483.558 95.507.145 Total

Aset dalam penyelesaian
Reklasifikasi dari aset real estat
Reklasikasi ke properti investasi
Reklasifikasi ke bangunan dan
prasarana
Reklasifikasi ke biaya ditangguhkan
Construction in progress
32.541.414 - Reclassification from real estate assets
(2.197.306) - Reclassification from investment property
Reclassification to building and
- (82.389.752) facilities
- (366.914) Reclassification to deferred charges

Jumlah 30.344.108 (82.756.666) Total

Jumlah 135.827.666 12.750.479 Total

Pada tahun 2015, aset dalam penyelesaian terdiri dari In 2015, construction in progress consist of hotel
rencana pembangunan hotel oleh AKS, BPS, TTLM, development plans by AKS, BPS, TTLM, PAP, KPP,
PAP, KPP, SMD yang akan selesai pada tahun 2016- SMD which are estimated to be completed on 2016-
2017. 2017.

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F-202
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Pada tahun 2014, aset dalam penyelesaian terdiri dari In 2014, construction in progress consist of hotel
rencana pembangunan hotel oleh BPS yang akan development plans by BPS, which are estimated to
selesai pada tahun 2016. be completed on 2016.

Biaya pinjaman yang dikapitalisasi ke aset tetap Borrowing costs capitalized to construction in
dalam penyelesaian pada tahun 2015 adalah sebesar progress in 2015 amounted to Rp 10,764,259
Rp 10.764.259 ribu. Tingkat kapitalisasi biaya thousand. Borrowing costs capitalization rates in 2015
pinjaman pada tahun 2015 adalah 12%. is 12%.

Hak legal atas tanah berupa HGB atas nama Grup
berjangka waktu 20 tahun yang akan jatuh tempo
pada tahun 2015 – 2031. HGB seluas 1.481 m2 milik
Perusahaan yang berlokasi di Grogol, Jakarta Barat,
masih dalam proses perpanjangan. Manajemen
berpendapat tidak terdapat masalah dalam
perpanjangan dan proses sertifikasi hak atas tanah
karena seluruh tanah diperoleh secara sah dan
didukung dengan bukti pemilikan yang memadai.
The legal rights over the land in the form of HGB
under the name of the Group has a period of 20 years
until 2015 – 2031. HGB with an area of 1,481 m2,
owned by the Company, located in Grogol, West
Jakarta, is still in the process of extension.
Management believes that there will be no difficulty in
the extension of the landrights since all the land were
acquired legally and supported by sufficient evidence
of ownership.

Sebagian aset real estat, aset tetap dan properti
investasi milik Grup telah diasuransikan bersama
beberapa perusahaan asuransi, pihak ketiga,
terhadap risiko kecelakaan, pencurian dan risiko
adalah sebagai berikut:
Part of real estate assets, property and equipment
and investment property owned by the Group were
insured with several third party insurance companies
against accident, theft and other risks with details as
follows:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Nilai pertanggungan aset 26.480.424.663 24.329.716.445 Total amount of insured assets

Jumlah tercatat aset yang Carrying amount of insured
diasuransikan 9.789.087.606 9.473.854.787 assets

Manajemen berpendapat bahwa nilai pertanggungan Management believes that the insurance coverage is
tersebut cukup untuk menutupi kemungkinan kerugian adequate to cover possible losses on the assets
atas aset yang ditangguhkan. insured.

Pada tahun 2015 dan 2014, nilai wajar aset tetap yang In 2015 and 2014, the fair value of significant property
signifikan adalah sebagai berikut: and equipment are as follows:

2015 2014
Nilai tercatat/ Nilai wajar/ Nilai tercatat/ Nilai wajar/
Nama proyek Carrying amount Fair value Carrying amount Fair value Project name
Rp’000 Rp’000 Rp’000 Rp’000
Hotel Sofitel Nusa Dua Bali 1.383.236.590 1.908.400.000 1.433.423.524 1.531.200.000 Sofitel Nusa Dua Bali Hotel
Hotel Pullman Central Park 382.478.988 1.299.600.000 385.303.320 930.800.000 Pullman Central Park Hotel
Hotel Harris Festival CityLink 79.042.368 283.385.700 70.606.745 272.410.000 Harris Festival CityLink Hotel
Hotel Amaris Thamrin City 69.026.008 138.107.000 70.061.074 100.632.700 Amaris Thamrin City Hotel
Hotel POP Festival CityLink 50.356.122 92.870.000 48.239.069 89.100.000 POP Festival CityLink Hotel
Hotel BnB, Kelapa Gading 33.291.449 51.234.000 33.192.270 58.878.200 BnB, Kelapa Gading Hotel

Penilaian dilakukan oleh penilai independen, KJPP The assessment was conducted by an independent
Hendra Gunawan dan Rekan dan KJPP Jimmy appraisers, KJPP Hendra Gunawan dan Rekan KJJP
Prasetyo dan Rekan pada tanggal 31 Desember 2015 Jimmy Prasetyo dan Rekan dated December 31,
dan 2014 berdasarkan metode pendekatan 2015 and 2014 based on income approach and
pendapatan dan data pasar. market data approach.

Berdasarkan penelaahan terhadap aset tetap pada Based on the review of property and equipment at the
akhir periode, manajemen berkeyakinan bahwa tidak end of the period, management believes that there is
perlu dilakukan penurunan nilai aset tetap. no decline in the value of property and equipment.

- 66 -

F-203
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

16. BIAYA YANG DITANGGUHKAN 16. DEFERRED CHARGES

Merupakan biaya pembangunan kantor pemasaran This account represents costs related to the
dan ruang pamer untuk proyek milik Grup dengan construction of marketing offices and show units of
rincian sebagai berikut: the Group, with details as follows:
31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Biaya perolehan 89.329.880 88.788.945 Cost

Akumulasi amortisasi (75.338.893) (64.730.235) Accumulated amortization

Jumlah tercatat 13.990.987 24.058.710 Total

Pada tahun 2015, bangunan kantor pemasaran
SOHO@Pancoran telah dirobohkan, sehingga biaya
perolehan dan akumulasi amortisasi masing-masing
sebesar Rp 3.055.268 ribu dan Rp 2.854.638 ribu
dihapuskan.
In 2015, the building of marketing office of
SOHO@Pancoran has been demolished, therefore
the cost and accumulated amortization amounting to
Rp 3,055,268 thousand and Rp 2,854,638 thousand
were written off.

Beban amortisasi sebesar Rp 13.463.296 ribu dan Amortization expense amounting to Rp 13,463,296
Rp 12.069.628 ribu masing-masing pada tahun 2015 thousand and Rp 12,069,628 thousand, respectively,
dan 2014, dialokasikan sebagai bagian dari beban in 2015 and 2014, were recorded under selling
penjualan (Catatan 33). expenses (Note 33).

17. UTANG BANK 17. BANK LOAN

Merupakan pinjaman BSP dari Bank Pan Indonesia
(Panin) dalam bentuk pinjaman Rekening Koran
dengan jumlah maksimum sebesar Rp 15.000.000
ribu yang digunakan untuk modal kerja. Jangka waktu
pinjaman 12 bulan sampai dengan Desember 2015.
Sampai dengan tanggal laporan keuangan
konsolidasian, perpanjangan pinjaman bank masih
dalam proses. Tingkat bunga 12% per tahun pada
tanggal 31 Desember 2015 dan 11% - 12% per tahun
pada tanggal 31 Desember 2014.
This represents BSP’s loan from Bank Pan Indonesia
(Panin) which is an overdraft loan facility with
maximum amount of Rp 15,000,000 thousand for the
purpose of working capital. The loan has a term of
12 months until December 2015. As of the issuance
date of the consolidated financial statements, the
extension of the loan is still in process. Interest rate
per annum are 12% on December 31, 2015 and
11% - 12% on December 31, 2014.

Fasilitas pinjaman ini dijamin bersamaan dengan This loan facility is secured together with the long-
utang Bank Panin jangka panjang (Catatan 20). term debt from Bank Panin (Note 20).

18. UTANG USAHA KEPADA PIHAK KETIGA 18. TRADE ACCOUNTS PAYABLE TO THIRD PARTIES

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Berdasarkan Pemasok By Supplier

PT Totalindo Eka Persada 89.486.237 228.431.857 PT Totalindo Eka Persada
PT Multibangun Adhitama Konstruksi 87.636.493 9.474.012 PT Multibangun Adhitama Konstruksi
PT Nusa Raya Cipta Tbk 52.801.578 96.385.512 PT Nusa Raya Cipta Tbk
PT Perdana Rancang Bangun Utama 14.132.240 67.454.658 PT Perdana Rancang Bangun Utama
Lain-lain (masing-masing dibawah Others (each below 5% of total
5% dari jumlah utang usaha) 665.287.157 840.044.510 trade accounts payable)

Jumlah 909.343.705 1.241.790.549 Total

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F-204
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Seluruh utang usaha kepada pihak ketiga merupakan All trade accounts payable to third parties, are
utang kepada kontraktor dalam mata uang Rupiah denominated in Rupiah, except for Rp 12,688,935
kecuali sebesar Rp 12.688.935 ribu dan thousand and Rp 19,246,264 thousand as of
Rp 19.246.264 ribu masing-masing pada tanggal December 31, 2015 and 2014, respectively, which
31 Desember 2015 dan 2014 merupakan utang are denominated in foreign currency. All trade
dalam mata uang asing. Seluruh utang usaha accounts payable have credit terms of 30 to 60 days
berjangka waktu 30 sampai dengan 60 hari dan tanpa and are not secured.
jaminan.

19. UTANG PAJAK 19. TAXES PAYABLE

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Pajak penghasilan final Final income tax

Pengalihan hak atas tanah dan/ Transfer of land rights
atau bangunan (Catatan 37) 76.497.424 89.877.458 and/or buildings (Note 37)
Persewaan tanah & bangunan
(Catatan 37) 5.128.706 13.784.661 Building & land rent (Note 37)
Jasa konstruksi 18.473.606 11.554.967 Construction services
Pajak pertambahan nilai - bersih 23.537.844 50.573.088 Value added tax - net
Pajak pertambahan nilai Value added tax on
barang mewah - 31.255 luxury goods
Pajak penghasilan Income taxes
Pasal 21 10.869.232 11.747.438 Article 21
Pasal 23 851.499 977.788 Article 23
Pasal 25 340.493 185.000 Article 25
Pasal 26 55.777 1.540.277 Article 26
Pasal 29 3.567.335 2.285.607 Article 29
Pajak Hotel dan Restoran 6.671.959 6.320.020 Hotel and Restaurant Tax
Bea Perolehan Hak atas Tanah Land Rights and/or Buildings
dan Bangunan 1.369.050 1.369.050 Acquisition Fees

Jumlah 147.362.925 190.246.609 Total

20. UTANG BANK JANGKA PANJANG 20. LONG-TERM BANK LOANS

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Utang sindikasi 761.480.000 838.720.000 Syndicated loans
Bank Pan Indonesia 307.070.868 437.737.534 Bank Pan Indonesia
Bank Tabungan Negara 181.250.000 247.837.900 Bank Tabungan Negara
Bank Permata 181.250.000 246.587.900 Bank Permata
Bank Negara Indonesia 153.570.159 - Bank Negara Indonesia
Bank CIMB Niaga 131.681.911 172.124.138 Bank CIMB Niaga
Bank Mandiri 22.221.600 55.393.948 Bank Mandiri
Bank Maybank Indonesia (d/h Bank Bank Maybank Indonesia (formerly
Internasional Indonesia) 14.358.004 18.186.804 Bank Internasional Indonesia)
Jumlah 1.752.882.542 2.016.588.224 Total
Dikurangi jatuh tempo dalam satu tahun (357.319.287) (420.875.094) Less current maturities
Bersih 1.395.563.255 1.595.713.130 Net

Tingkat bunga per tahun 11,25%-13,5% 9,8% - 13,5% Interest rate per annum

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F-205
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Jadwal pembayaran kembali utang bank adalah The loan repayment schedule is as follows:
sebagai berikut:
31 Desember/Decemb er 31,
2015 2014
Rp’000 Rp’000
st
Dalam satu tahun 357.319.287 420.875.094 1 year
nd
Dalam tahun ke-2 414.268.485 350.490.497 2 year
rd
Dalam tahun ke-3 397.340.229 409.439.684 3 year
th
Dalam tahun ke-4 281.480.173 412.431.428 4 year
th
Dalam tahun ke-5 283.904.209 230.608.572 5 year
th
Dalam tahun ke-6 31.834.000 192.904.202 6 year
Jumlah 1.766.146.383 2.016.749.477 Total
Dikurangi biaya perolehan pinjaman
yang belum diamortisasi (13.263.841) (161.253) Less unamortized transaction costs

Bersih 1.752.882.542 2.016.588.224 Net

Biaya perolehan diamortisasi atas pinjaman yang The amortized cost of the bank loans are as follows:
diperoleh adalah sebagai berikut:
31 Desember/December 31,
2015 2014
Rp’000 Rp’000
Saldo utang bank 1.752.882.542 2.016.588.224 Bank loans
Biaya bunga yang masih harus
dibayar 18.139.765 18.165.735 Accrued interest
Jumlah 1.771.022.307 2.034.753.959 Total

Biaya bunga pinjaman yang masih harus dibayar Accrued interest are recorded in accrued expenses
dicatat dalam akun biaya yang masih harus dibayar on the consolidated statements of financial position.
pada laporan posisi keuangan konsolidasian.

Utang Sindikasi Syndicated Loan

Merupakan fasilitas kredit jangka panjang yang Represent long-term loan facilities with details as
diperoleh oleh: follows:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000
GPL 573.000.000 580.000.000 GPL
PP 188.480.000 258.720.000 PP
Jumlah 761.480.000 838.720.000 Total

GPL GPL

Pada bulan Maret 2013, GPL memperoleh fasilitas
kredit jangka panjang dari Bank Maybank Indonesia
(d/h Bank Internasional Indonesia) dan Bank CIMB
Niaga dengan maksimum pinjaman sebesar
Rp 580.000.000 ribu, berjangka waktu 60 bulan
termasuk 30 bulan masa tenggang (grace period)
dimana setelah masa tenggang harus dikembalikan
dengan cicilan bulanan. Tingkat suku bunga fasilitas
kredit ini adalah 11,75% per tahun (fixed).
In March 2013, GPL obtained long-term credit facility
from Bank Maybank Indonesia (formerly Bank
Internasional Indonesia) and Bank CIMB Niaga with
maximum credit of Rp 580,000,000 thousand. This
loan has a term of 60 months (including 30 months of
grace period). After the grace period, the loan must
be repaid in monthly installment. The interest rate for
this credit facility is 11.75% per annum (fixed).

- 69 -

F-206
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
GPL memberikan jaminan sebagai berikut:
− Hak tanggungan peringkat I atas tanah dan
bangunan dengan HGB No. 440 atas nama GPL,
dengan nilai pertanggungan minimal
Rp 725.000.000 ribu.
− Fidusia atas piutang GPL, dengan nilai minimal
Rp 580.000.000 ribu.
− Fidusia atas tagihan klaim asuransi dari aset
GPL, dengan nilai minimal Rp 580.000.000 ribu.
− Fidusia atas klaim performance bond minimal
100% dari jumlah fasilitas kredit Rp 580.000.000
ribu.
− Kontrak manajemen dan konsultan hotel antara
GPL dengan Sofitel (PT AAPC Indonesia).
Perjanjian pinjaman mencakup persyaratan tertentu
untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak GPL untuk mengubah
anggaran dasar dan susunan direksi dan komisaris
serta pemegang saham (dengan syarat menjaga
kepemilikan saham Perusahaan mayoritas 51% atau
lebih); mendapat pinjaman uang atau kredit dari
pihak lain; mendeklarasikan kebangkrutan;
melakukan investasi, menarik setoran modal,
melakukan merger dan akuisisi serta GPL wajib
menjaga rasio keuangan tertentu, yaitu: rasio lancar
minimum 1, Debt to EBITDA maksimal 5x pada
tahun 2015, maksimum 3,5x pada tahun 2016,
maksimum 2,7x pada tahun 2017 dan maksimum 2x
pada tahun 2018-2019, EBITDA terhadap
pembayaran keuangan tidak melebihi 1,25x dan
memelihara DER maksimum 2,5x.
GPL telah memperoleh persetujuan dari Bank CIMB
Niaga dan Bank Maybank Indonesia (d/h Bank
Internasional Indonesia) terkait pemenuhan rasio
keuangan tertentu yang dibatasi oleh bank.
PP
Berdasarkan Perjanjian Kredit No.7 tanggal 9 April
2013, Bank CIMB Niaga dan Bank Permata
memberikan fasilitas kredit kepada PP dengan
plafon sebesar Rp 290.000.000 ribu dengan
pembagian 40% dan 60% antara Bank CIMB Niaga
dan Bank Permata. Jangka waktu 60 bulan dengan
tingkat suku bunga 11,5% per tahun (fixed) dan akan
jatuh tempo pada tanggal 12 April 2018.
PP memberikan jaminan sebagai berikut:
− Sebidang tanah dan HGB No. 6127/Penjaringan
di Jalan Jembatan Tiga Barat/Raya Pluit
dengan hak tanggungan peringkat I sebesar
Rp 580.000.000 ribu.
− Assignment atas hasil klaim dan hak tagih
proceed asuransi debitur secara proporsional
dengan pembagian porsi pinjaman dengan
Bank Permata.
- 70 -
F-207
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
GPL provides the following guarantees:
− First rank hypostec of land and commercial
property with HGB No. 440 under the name of
GPL, amounting to Rp 725,000,000 thousand at
minimum.
− Fiduciary of receivable owned by GPL, amounting
to Rp 580,000,000 thousand at minimum.
− Fiduciary of insurance policies of assets owned by
GPL, amounting to Rp 580,000,000 thousand at
minimum.
− Fiducia of bond performance claims at least 100%
from Rp 580,000,000 thousand credit facility.
− Hotel management consultancy agreement
between GPL and Sofitel (PT AAPC Indonesia).
The loan agreement included covenants for GPL not
perform certain actions without prior written consent
from the Bank among others restrict GPL to amend its
articles of association, change the composition of the
board of the commissioners and shareholders (with
condition to keep ownership of the Company’s share
about 51% or more); obtain cash or credit loan from
other parties; declare bankruptcy; invest, withdraw
capital contribution, execute merger and acquisition;
and to require GPL to maintain certain financial time
ratios, namely: minimum current ratio of 1 minimum,
Debt to EBITDA ratio at maximum of 5 times in 2015,
at maximum of 3.5 times in 2016, at maximum of 2.7
times in 2017 and maximum of 2 times in 2018-2019,
EBITDA to financial payments ratio should exceed
1.25 times and maintain Debt-to-Equity ratio at
maximum of 2.5 times.
GPL obtained an approval from Bank CIMB Niaga
and Bank Maybank Indonesia (formerly Bank
Internasional Indonesia) related to fulfillment of
certain financial ratio which was restricted by the
banks.
PP
Based on Credit Agreement No. 7 dated April 9,
2013, Bank CIMB Niaga and Bank Permata agreed to
provide credit facility to PP with maximum of
Rp 290,000,000 thousand with 40% and 60% sharing,
respectively. The term of the loan are 60 months with
11.5% fixed interest rate per annum that will mature
on April 12, 2018. PP provides the following
guarantees with details as follows:
- Land and Building Right (HGB) No. 6127/Penjaringan
at Jalan Jembatan Tiga Barat/ Raya Pluit with
mortgage-bearing right rating I amounting of
Rp 580,000,000 thousand.
- Assignment from the result of claims and
collection right of debtor’s proceed insurance,
proportionately with the credit portion of Bank
Permata.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
− Fidusia atas tagihan atau piutang milik PP baik
yang ada dan akan ada minimal sebesar
Rp 500.000.000 ribu.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk menjaga rasio keuangan utang
dibanding equity maksimal sebesar 3,9 kali dan rasio
keuangan DSCR minimal 1,1 kali (untuk Bank
Permata) serta menjaga rasio keuangan utang
dibanding equity maksimal sebesar 2,5 kali (untuk
Bank CIMB Niaga). Selain itu, untuk tidak melakukan
hal-hal berikut tanpa persetujuan tertulis terlebih
dahulu dari pihak bank, antara lain menjual atau
mengalihkan hak atau menyewakan seluruh atau
sebagian aset, kecuali dalam rangka menjalankan
usaha sehari-hari, menjaminkan kekayaan kepada
pihak lain, kecuali menjaminkan kepada Bank
sebagaimana tercantum dalam perjanjian,
mengadakan perjanjian dengan pihak ketiga yang
dapat berpotensi membahayakan aktifitas atau
kelangsungan usaha peminjam, memberikan
pinjaman atau menerima pinjaman dari pihak ketiga,
mengadakan perubahan dari sifat dan kegiatan
usaha, mengubah susunan para pemegang saham
dan nilai saham, melakukan perubahan terhadap
struktur permodalan perusahaan antara lain
peleburan, penggabungan dan pengambilalihan.
Bank Pan Indonesia (Bank Panin)
Merupakan fasilitas kredit jangka panjang yang
diperoleh oleh:
31 Desember/December 31,
2015
Rp’000
BSP 280.404.201
ASA 26.666.667
Jumlah 307.070.868
BSP
Berdasarkan Perubahan terhadap perjanjian kredit dan
jaminan No. 33 tanggal 16 Desember 2011, BSP
telah memperoleh persetujuan perubahan dari Bank
Panin menjadi:
1. Pinjaman jangka panjang ”A” dengan jumlah
maksimum sebesar Rp 300.000.000 ribu yang
digunakan untuk restrukturisasi fasilitas
pinjaman. Jangka waktu pinjaman sampai
dengan Desember 2020 termasuk
12 bulan masa tenggang (grace period)
dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan dan
tingkat suku bunga 11% per tahun (floating).
- 71 -
F-208
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
- Fiduciary of bill or receivables currently owned or
will be owned by PP amounting to
Rp 500,000,000 thousand at minimum.
The loan agreement includes certain covenants to
maintain financial ratios of debt compared to equity
ratio of a maximum of 3.9 times and DSCR finance
ratio minimum 1.1 times (for Bank Permata) as well
as maintaining financial ratios of debt compared to
equity at a maximum of 2.5 times (for Bank CIMB
Niaga). Moreover, not to perform the following without
prior written consent from the bank, among others to
sell or transfer the rights or rent the whole or part of
the PP’s assets, except to run the business day-to-
day activities, pledge assets to another party, except
offers to the Bank as specified in the agreement,
involved into an agreement with a third party that
could be potentially harm the activities or business
continuity to borrow, lending or accepting a loan from
a third party, hold a change of properties and
operations, changing the arrangement of the
shareholders and the value of stocks, made changes
to the capital structure, among others are merger and
acquisition.
Bank Pan Indonesia (Bank Panin)
Represent long-term loan facilities, with details as
follows:
2014
Rp’000
314.404.201 BSP
123.333.333 ASA
437.737.534 Total
BSP
Based on deed of changes in agreement and warranty
No. 33 dated December 16, 2011, BSP has obtained
approval for changes from Bank Panin which include,
among others:
1. Long-term loan “A” with a maximum amount of
Rp 300,000,000 thousand used for restructuring
the loan facility. This loan is payable in monthly
installment until December 2020, which includes
12 months grace period, and bears 11% floating
interest rate per annum.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
2. Pinjaman jangka panjang ”B” dengan jumlah
maksimum sebesar Rp 40.000.000 ribu yang
digunakan untuk biaya penyelesaian proyek
termasuk penggantian dana talangan
pemegang saham Rp 15.000.000 ribu. Jangka
waktu pinjaman sampai dengan Desember
2020 termasuk 12 bulan masa tenggang
(grace period) dimana setelah masa tenggang
harus dikembalikan dengan cicilan bulanan
dan tingkat suku bunga 11% per tahun
(floating).
3. Pinjaman Rekening Koran seperti yang
dijelaskan pada Catatan 17.
Tingkat suku bunga pada tanggal 31 Desember 2015
dan 2014 sebesar 12% per tahun.
Fasilitas pinjaman ini dijamin dengan:
− APHT atas tanah dan seluruh bangunan
(termasuk mal, hotel, dan ballroom / convention)
di atas SHGB No. 851 / Sukaasih, Proyek
Festival CityLink di Jl. Peta No. 241, Bandung,
dengan nilai hak tanggungan sebesar
Rp 426.000.000 ribu.
− Fiduciare Eigendoms Overdracht (FEO) mesin
dan peralatan proyek Festival Citylink di Jl. Peta
No. 241, Bandung dengan nilai Rp 50.000.000
ribu.
− FEO atas piutang sewa Debitur termasuk Mal,
Hotel Harris, dan Hotel POP dengan nilai
Rp 10.000.000 ribu.
Seluruh perjanjian pinjaman dengan Bank Panin di
atas, mencakup persyaratan tertentu untuk tidak
melakukan hal-hal berikut tanpa persetujuan tertulis
terlebih dahulu dari pihak bank, antara lain
membatasi hak perusahaan untuk mengadakan
merger, akuisisi, konsolidasian, menjual,
mengalihkan, menyewakan atau melepaskan harta
kekayaan perusahaan kecuali untuk transaksi-
transaksi yang umum, mengubah anggaran dasar
dan susunan direksi dan komisaris serta pemegang
saham; mendapat pinjaman uang atau kredit dari
pihak lain; memberikan pinjaman kepada pihak lain,
termasuk tetapi tidak terbatas pada direksi,
komisaris, pemegang saham, entitas anak dan/atau
perusahaan afiliasinya; serta mengadakan
penyertaan investasi pada perusahaan lain.
- 72 -
F-209
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
2. Long-term loan “B” with a maximum amount of
Rp 40,000,000 thousand used for project
completion cost, including bailout to shareholders
amounting to Rp 15,000,000 thousand. This loan
is payable in monthly installment until December
2020, which includes 12 months grace period, and
bears 11% floating interest rate per annum.
3. Overdraft loan as described in Note 17.
The interest rate is 12% per annum as of
December 31, 2015 and 2014.
These credit facilities are secured by:
− APHT of land and all buildings (including malls,
hotels, and ballroom / convention) over
No. SHGB. 851 / Sukaasih, Festival Citylink
Project on Jl. Peta No. 241, Bandung, with a
mortgage value of Rp 426,000,000 thousand.
− Fiduciare Eigendoms Overdracht (FEO)
machinery and equipment Festival Citylink project
on Jl. Peta No. 241, Bandung with a value of
Rp 50,000,000 thousand.
− FEO lease receivables Debtors including Mal,
Harris hotel, and POP hotel with a value of
Rp 10,000,000 thousand.
All of the loan agreements with Bank Panin also
contain certain covenants, wherein written approval
should be obtained from the bank before executing
certain matters which include among others: limit
companies to enter into merger, acquisition,
consolidation, sale, transfer, rent or divesting
companies property except for general transactions;
changes in the articles of association, changes in the
composition of the board of directors, commissioners,
and shareholders; incur additional indebtedness from
counterparties; lend money to counterparties, including
but not limited to directors, commissioners,
shareholders, subsidiaries and/or its affiliates; and also
investment to other parties.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
ASA
Pada tanggal 23 Oktober 2009, ASA memperoleh
fasilitas kredit modal kerja berupa Pinjaman Jangka
Panjang (PJP 1) dengan jumlah maksimum pinjaman
sebesar Rp 380.000.000 ribu. Jangka waktu fasilitas
kredit 72 bulan sampai dengan bulan September
2015 termasuk 24 bulan masa tenggang (grace
period) dengan tingkat suku bunga sebesar 13,5%
per tahun (floating). Pada tanggal 31 Desember
2014, tingkat suku bunga adalah 11% per tahun.
Pada bulan Maret 2015, fasilitas kredit ini telah
dilunasi.
Pada tanggal 19 April 2010, ASA memperoleh
tambahan atas fasilitas kredit modal kerja berupa
Pinjaman Jangka Panjang (PJP 2) sebesar
maksimum Rp 200.000.000 ribu dengan tingkat suku
bunga 13,5% per tahun (floating). Pada tanggal
31 Desember 2015 dan 2014, tingkat suku bunga
masing-masing sebesar 12% dan 11% per tahun.
Fasilitas pinjaman ini dijamin dengan:
− Tanah HGB seluas 27.493 m2 terletak di Jalan
Prof. Dr. Satrio Kav. 18, Kelurahan Karet
Kuningan, Kecamatan Setiabudi, Provinsi DKI
Jakarta.
− Fidusia piutang atas sewa pusat perbelanjaan.
− Jaminan pribadi (personal guarantee) Trihatma
Kusuma Haliman (Catatan 41).
Sehubungan dengan fasilitas pinjaman tersebut, ASA
membuka rekening escrow di Bank Panin yang
hanya digunakan untuk menerima dan membayar
pinjaman. Pada tanggal pelaporan, rekening escrow
ini disajikan sebagai rekening bank yang dibatasi
penggunaannya (Catatan 12).
Bank Tabungan Negara (BTN)
Pada bulan April 2010, KUS memperoleh fasilitas
kredit pinjaman tetap angsuran dengan maksimum
pinjaman sebesar Rp 200.000.000 ribu, jangka waktu
pinjaman selama 60 bulan sampai dengan bulan
Maret 2015 termasuk 18 bulan masa tenggang
(grace period) dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan.
Berdasarkan perjanjian kredit No. 78 pada tanggal
28 September 2011, KUS memperoleh persetujuan
perubahan dari BTN untuk memberikan pinjaman
baru dengan maksimum pinjaman sebesar
Rp 200.000.000 ribu yang akan digunakan untuk
pembangunan 4 tower atas sejumlah 2.048 unit
kondominium proyek Green Bay. Jangka waktu
pinjaman 84 bulan terhitung sejak penandatanganan
perjanjian kredit termasuk 24 bulan masa tenggang
(grace period) dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan.
- 73 -
F-210
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
ASA
On October 23, 2009, ASA obtained a working capital
credit facility in the form of Long Term Loan (PJP 1)
with a maximum credit limit of Rp 380,000,000
thousand. The credit facility has a term of 72 months
until September 2015, including 24 months grace
period with 13.5% floating interest rate per annum. As
of December 31, 2014, the loan bears 11% per annum.
In March 2015, this credit facility has been paid off.
On April 19, 2010, ASA obtained an additional working
capital credit facility in the form of Long Term Loan
(PJP 2) with a maximum credit limit of Rp 200,000,000
thousand with 13.5% floating interest rate per annum.
As of December 31, 2015 and 2014, interest rate per
annum are 12% and 11%, respectively.
The facilities are secured by:
− Land with HGB Certificate measuring 27,493 m2,
located at Jl. Prof. Dr. Satrio Kav. 18, Kelurahan
Karet Kuningan, Kecamatan Setiabudi, Province
of DKI Jakarta.
− Fiduciary security over the accounts receivable
from the shopping center.
− Personal guarantee from Trihatma Kusuma
Haliman (Note 41).
In connection with these facilities, ASA opened an
escrow account in Bank Panin which is used for the
receipts and repayments of the loan. At reporting
dates, the escrow account is presented as part of
restricted cash in bank (Note 12).
Bank Tabungan Negara (BTN)
In April 2010, KUS obtained a fixed-term credit facility
from BTN amounting to Rp 200,000,000 thousand,
with a term of 60 months until March 2015, including
18 months grace period and payable on a monthly
installment.
Based on Credit Agreement No. 78 dated
September 28, 2011, KUS has obtained approval from
BTN to provide new loan with a maximum credit of Rp
200,000,000 thousand to be used for the construction
of four towers with 2,048 units of condominium for
Green Bay project. The loan has a term of 84 months
from the date when the second amendment was
signed, including 24 months grace period, that must be
returned after the grace period with payment on a
monthly installment.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Pinjaman ini dikenakan bunga mengambang dan
akan dibayar secara bulanan. Tingkat suku bunga
per tahun pada tanggal 31 Desember 2015 dan 2014
adalah sebesar 13,5% per tahun.
Pinjaman tersebut dijamin dengan jaminan paripasu
dengan utang KUS pada Bank Permata.
Sehubungan dengan fasilitas pinjaman tersebut, KUS
disyaratkan membuka rekening escrow di BTN yang
hanya digunakan untuk membayar utang bank. Pada
tanggal pelaporan, rekening escrow ini disajikan
sebagai rekening bank yang dibatasi penggunaannya
(Catatan 12).
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak KUS untuk mengubah
anggaran dasar dan pengurus; melakukan merger
atau akuisisi; mendapat tambahan pinjaman dari
pihak lain kecuali pinjaman dari pemegang saham dan
transaksi dagang normal; melunasi utang kepada
pemegang saham; membubarkan perusahaan dan
meminta dinyatakan pailit; serta menyewakan
perusahaan, memindahtangankan dalam bentuk,
nama, atau maksud apapun kepada pihak ketiga.
Bank Permata
Merupakan fasilitas pinjaman yang diperoleh dengan
saldo terutang sebagai berikut:
31 Desember/December 31,
2015
Rp’000
KUS 181.250.000
PP - 7.500.000
Jumlah 181.250.000
KUS
Berdasarkan Akta Perubahan Perjanjian No. 80
tanggal 28 September 2011, KUS memperoleh
fasilitas Term Loan TL-2 dengan jumlah maksimum
sebesar Rp 200.000.000 ribu yang digunakan untuk
membiayai sebagian proyek konstruksi Green Bay
(Mal dan Kondominium). Jangka waktu pinjaman
84 bulan sejak tanggal perubahan kedua ini
ditandatangani termasuk 24 bulan masa tenggang
(grace period) dimana setelah masa tenggang harus
dikembalikan dengan cicilan bulanan.
- 74 -
F-211
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The loan bears floating interest rate and will be paid
on monthly basis. Interest rate per annum as of
December 31, 2015 and 2014 is 13.5% per annum,
respectively.
The facility is secured by collateral pari passu with
KUS’s loan from Bank Permata.
In connection with the facility, KUS is required to open
an escrow account in BTN which will be used for the
repayments of the loan. At reporting dates, the
escrow account is presented as part of restricted cash
in bank (Note 12).
The loan agreement also contains certain covenants,
wherein written approval should be obtained from the
bank before executing certain things which include
among others: restrict KUS to amend its articles of
association and change composition of management;
merger or acquisition; incur additional loan from
counterparties except for the loan from shareholder or
normal business transaction; settle its shareholders’
loan; liquidate the company and declare bankruptcy;
rent out the company, and transferring rights, both of
form, name or other intentions, to counterparties.
Bank Permata
Represent loan facilities with details as follows:
2014
Rp’000
239.087.900 KUS
PP
246.587.900 Total
KUS
Based on the Deed of Changes in Agreement No. 80
dated September 28, 2011, KUS has obtained Term
Loan TL-2 facility with a maximum amount of
Rp 200,000,000 thousand which is used to finance
construction projects for Green Bay (Mall and
Condominium). The loan has a term of 84 months
from the date the second amendment was signed,
including 24 months, grace period, that must be
returned after the grace periods payable on a monthly
installment.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Fasilitas pinjaman diatas dijamin dengan jaminan
paripasu dengan utang KUS kepada Bank Tabungan
Negara, antara lain:
- Tanah atas nama KUS dengan dua SHGB
masing-masing seluas 13.332 m2 dan 21.520 m2
- Fidusia piutang KUS senilai Rp 500.000.000 ribu.
Sehubungan dengan fasilitas pinjaman tersebut, KUS
disyaratkan membuka rekening escrow di Bank
Permata yang hanya digunakan untuk membayar
utang bank. Pada tanggal pelaporan, rekening escrow
ini disajikan sebagai rekening bank yang dibatasi
penggunaannya (Catatan 12).
Tingkat suku bunga per tahun (floating) pada tanggal
31 Desember 2015 dan 2014 adalah sebesar 13,5%.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak KUS untuk mengubah
struktur pemegang saham, melakukan merger,
akuisisi, perubahan usaha, penjualan aset secara
signifikan dan investasi pengeluaran modal dalam
jumlah material; menjaminkan segala kewajiban dari
perusahaan afiliasi, pemegang saham dan atau
perusahaan terkait; mendapat tambahan pinjaman
dari pihak lain; serta KUS wajib menjaga beberapa
rasio keuangan tertentu antara lain Leverage Ratio
maksimal 2,5, Debt Service Coverage Ratio maksimal
1,25 dan Loan to Value maksimal 65%.
PP
Pada tanggal 19 Maret 2008, PP memperoleh fasilitas
pinjaman dari Bank Permata berupa pinjaman jangka
panjang (long-term loan) dengan maksimum pinjaman
sebesar Rp 200.000.000 ribu dan digunakan untuk
membiayai pembangunan Mal Emporium Pluit dan
Hotel. Jangka waktu 7 tahun (termasuk grace period
2 tahun) dan akan jatuh tempo pada tanggal 19 Maret
2015. Suku bunga pinjaman sebesar 3,5% diatas
suku bunga SBI per tahun. Berdasarkan akta No. 22
tanggal 9 April 2013 suku bunga pinjaman menjadi
sebesar 11,25% per tahun pada tahun 2013.
Pada tanggal 9 April 2013, melalui
SKU/13/0548/AMD/MM yang disahkan oleh akta
No.22 tanggal 9 April 2013 oleh notaris Maria
Andriani Kidarsa, S.H., Bank Permata menyetujui
perubahan syarat dan ketentuan umum dan
perjanjian perubahan ketiga perjanjian pemberian
fasilitas perbankan. Bank Permata memberikan
fasilitas Term Loan 2 (TL-2) baru kepada PP sebesar
Rp 174.000.000 ribu untuk jangka waktu 60 bulan
sejak perubahan ketiga ini ditandatangani dan
24 bulan masa tenggang dengan suku bunga tetap
5 tahun sebesar 11,5% per tahun dan denda sebesar
36% per tahun dari setiap kewajiban pembayaran
yang tertunggak.
- 75 -
F-212
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Loan facility is secured by collateral pari passu with
KUS’s loan from Bank Tabungan Negara:
- Land in the name of KUS with two SHGB with each
covering an area of 13,332 m2 and 21,520 m2.
- Fiduciary over KUS’s receivable amounting to
Rp 500,000,000 thousand.
In connection with the facility, KUS is required to open
an escrow account with Bank Permata which is used
for the repayments of the loan. At reporting dates, the
escrow account is presented as part of restricted cash
in bank (Note 12).
Floating interest rate per annum as of December 31,
2015 and 2014 is 13.5%.
The loan agreement also contains certain covenants,
wherein written approval should be obtained from the
bank before executing certain matters which include
among others: restrict KUS to make changes to the
composition of shareholders, execute merger and
acquisition, scope of business, sell its property
significantly and investment in capital expenditures in
material amount; act as the guarantor of the loan of
affiliates, shareholders, and/or related parties; obtain
additional loan from other parties and require KUS to
maintain certain financial ratios, among others,
maximum Leverage Ratio of 2.5, maximum Debt
Service Coverage Ratio of 1.25 and maximum Loan
to Value of 65%.
PP
On March 19, 2008 PP obtained a loan facility from
Bank Permata in the form of long-term loan with a
maximum credit limit of Rp 200,000,000 thousand to
be used for the construction of Emporium Pluit Mall
and Hotel. The term of the loan is 7 years (including
grace period of 2 years) and will mature on March 19,
2015. The loan bears interest rate of 3.5% above SBI
interest rate per annum. Based on deed No. 22 dated
April 9, 2013, the interest rate of the loan was 11.25%
per annum in 2013.
On April 9, 2013, Bank Permata approved changes to
the general terms and conditions and to the third
amendment of Letter of Credit Facility through
SKU/13/0548/AMD/MM passed by Deed No. 22 dated
April 9, 2013 of Maria Andriani Kidarsa, SH, notary.
Bank Permata provides new Term Loan 2 (TL-2)
facility to PP amounting to Rp 174,000,000 thousand
for a period of 60 months from the date of the third
amendment was signed and 24 month of grace period
with fixed interest rate for 5 years of 11.5% per
annum and fine of 36% per annum from any arrears.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Jaminan atas fasilitas tersebut adalah:
• Dua bidang tanah atas nama PP seluas
28.354 m2;
• Piutang yang diterima dari penyewa Mal
Emporium Pluit;
Jaminan atas fasilitas pinjaman yang diperoleh dari
Bank Permata, paripasu dengan fasilitas pinjaman
yang diperoleh dari Bank CIMB Niaga.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain bertindak sebagai penjamin terhadap
utang pihak lain, kecuali utang dagang yang dibuat
dalam rangka menjalankan usaha sehari-hari,
mengubah sifat dan kegiatan usaha yang sedang
dijalankan/melakukan kegiatan usaha diluar kegiatan
usahanya sehari-hari, menjaminkan, mengalihkan,
menyewakan, menyerahkan kepada pihak lain atas
barang jaminan, memberikan pinjaman maupun
fasilitas keuangan kepada/dari pihak lain kecuali
dalam jangka pendek dan dalam rangka menunjang
kegiatan, melakukan investasi yang berpengaruh
terhadap kemampuan membayar PP kepada Bank,
melakukan tindakan lainnya yang dapat
menyebabkan/terganggunya kewajiban pembayaran
seluruh kewajiban terutang kepada Bank.
Pada bulan Maret 2015, fasilitas pinjaman ini telah
dilunasi.
Bank Negara Indonesia
BPS
Berdasarkan Perjanjian Kredit Investasi No. 10
tanggal 2 April 2015, dibuat oleh dan antara PT Bank
Negara Indonesia Tbk (“BNI”) dan BPS, BNI setuju
untuk memberikan kepada BPS, fasilitas kredit
sebesar Rp 597.624.000 ribu dengan jangka waktu 9
(sembilan) tahun sejak akad kredit ditandatangani,
yang akan digunakan BPS untuk pembiayaan
konstruksi dan renovasi pembangunan Hotel Indigo
Seminyak Bali yang berlokasi di Seminyak, Bali.
Pinjaman tersebut diberikan grace period selama 24
bulan sejak perjanjian kredit ditandatangani. Tingkat
suku bunga efektif pada fasilitas kredit adalah
sebesar 12% per tahun.
BPS diwajibkan mempertahankan rasio-rasio
keuangan sebagai berikut current ratio minimum
100% (berlaku 1 tahun setelah grand opening atau 2
tahun setelah proyek selesai yang mana tercapai
terlebih dahulu); debt equity ratio sebesar 3x sampai
3 tahun pertama, 2,5x dalam tahun ke-4 sampai
tahun ke-5, dan 2x dalam tahun ke-6 sampai ke-9;
debt service coverage minimal 105% dan loan to total
value maksimal 70%.
- 76 -
F-213
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The facility is secured by:
• Two lots of land on behalf of PP with an area of
28,354 m2;
• Receivables from tenants of Emporium Pluit Mall;
Collateral for loan facility obtained from Bank
Permata, pari passu with loan facility from Bank CIMB
Niaga.
The loan agreement also contains certain covenants,
wherein written approval should be obtained from the
bank before executing certain matters which include
among others acting as a guarantor of the debts of
another party, unless made payable in connection
with its daily business, change the nature and
activities being carried out/conducting business
outside the daily business activities, pledge, transfer,
lease, deliver to the another party for collateral,
provide loans and financial facilities to/from other
parties except in the short term and in order to
support the activities, make investments that affect
the PP’s ability to pay to the Bank, and any other
actions that may cause/disrupt the obligation PP to
pay all the amounts owed to the Bank.
In March 2015, this loan facility has been paid off.
Bank Negara Indonesia
BPS
Based on credit agreement No. 10 dated April 2, 2015
between PT Bank Negara Indonesia Tbk (”BNI”) and
BPS, BNI agreed to provide BPS credit facility
amounting to Rp 597,624,000 thousand for a
period of 9 (nine) years, which will be used to finance
the construction and renovation of Hotel Indigo
Seminyak Bali located in Seminyak, Bali. The loan
has a grace period of 24 (twenty four) months from
the loan agreement was signed. The interest rate for
this credit facility is 12% per annum
BPS is required to maintain the following financial
ratio as follows: minimum current ratio of 100%
(effective 1 year after the grand opening or 2 years
after the project is completed whichever is earlier);
debt equity ratio of 3x until the first 3 years, 2.5x in
year-4 to year-5, and 2x in year-6 to year-9; minimum
debt service coverage is 105% and maximum loan to
total value is 70%.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
BPS dilarang untuk melakukan kegiatan seperti
halnya merger, akuisisi, mengubah susunan direksi,
mengubah status hukum perusahaan, mengubah
anggaran dasar, melakukan investasi, penyertaan
modal dan pengambilalihan saham, memberikan
pinjaman, melunasi sebagian atau seluruh hutang
kepada pemegang saham, hutang pemegang
saham/afiliasi, mengikatkan diri sebagai penjamin,
menggunakan dana perusahaan, menjual atau
menjaminkan harta kekayaan/saham perusahaan,
melakukan likuidasi, melakukan investasi/penyertaan
kepada perusahaan lain, melakukan investasi yang
dengan nilai transaksi yang lebih besar dari
Rp 10.000.000 ribu, menggadaikan saham
perusahaan, melakukan interfinancing dengan
perusahaan afiliasi, mengubah bidang usaha,
menerbitkan atau menjual saham kecuali dikonversi
menjadi modal dan dibuat secara notarial, membuat
usaha lain, membuat perjanjian dan transaksi tidak
wajar, melunasi utang pokok dan/atau bunga kepada
pihak lain diluar pihak yang disetujui, melakukan
perubahan merek, menarik kembali modal yang
sudah disetor, menunggak kewajiban kepada BNI dan
melakukan tindakan-tindakan melanggar hukum.
Pada tanggal 31 Desember 2015, fasilitas kredit yang
telah dicairkan sebesar Rp 166.834.000 ribu.
Bank CIMB Niaga
Merupakan fasilitas pinjaman yang diperoleh dengan
saldo terutang sebagai berikut:
31 Desember/December 31,
2015
Rp’000
WSS 105.050.000
PCN 26.631.911
PP - 6.000.000
Jumlah 131.681.911
WSS
Pada tahun 28 Mei 2012, WSS memperoleh fasilitas
pinjaman investasi sebesar Rp 190.000.000 ribu,
dengan tingkat suku bunga mengambang.
Pinjaman ini digunakan untuk pembelian gedung
Harco Glodok. Jangka waktu 6 tahun (dengan grace
period 4 bulan) dan akan jatuh tempo pada
28 Desember 2018. Tingkat suku bunga pinjaman
pada 31 Desember 2015 dan 2014 adalah sebesar
13% per tahun.
Jaminan atas fasilitas tersebut adalah:
- Tanah dan bangunan Gedung Harco Glodok
(SHGB No.882 dan SHGB No.1110 yang akan
dibalik menjadi atas nama PT Wahana Sentra
Sejati) sebesar Rp 250.000.000 ribu.
- 77 -
F-214
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
BPS is prohibited to conduct activities such as
mergers, acquisitions, change of directors, change
the legal status of the company, changing the articles
of association, do investing, invest in a company, and
the acquisition of shares, provide loans, pay off some
or all of the debt to the shareholders, the
shareholder’s loan / affiliate , binds itself as guarantor,
used company funds, sell or encumber the assets /
stock companies, to liquidate, make an investment /
participation to other companies, invested with a
transaction value greater than Rp 10,000,000
thousand, pledge the company’s shares, do inter
financing with affiliated company, changing the
business sector, issue or sell shares unless converted
into capital and made notarial, make another line of
business, make agreement and transaction that are
not fair, pay off the loan principal and/or interest to
another party outside the party approved, change the
brand, pull back the capital that has been paid,
delinquent obligations to BNI and commit unlawful
acts.
As of December 31, 2015, the outstanding loan
balance from this credit facility amounted to
Rp 166,834,000 thousand.
Bank CIMB Niaga
Represent loan facilities, with details as follows:
2014
Rp’000
126.370.000 WSS
39.754.138 PCN
PP
172.124.138 Total
WSS
On May 28, 2012, WSS obtained investment loan
facility amounting to Rp 190,000,000 thousand, with
floating interest rate.
This loan will be used to purchase the Harco Glodok
building. The term of the loan is 6 years (with grace
period of 4 months) and will be mature on
December 28, 2018. The interest rate on
December 31, 2015 and 2014 is 13% per annum.
Guarantees for this facility are:
- Harco Glodok land and building (SHGB No.882
and SHGB No.1110 on behalf of PT Wahana
Sentra Sejati) amounting to Rp 250,000,000
thousand.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
- Fidusia atas piutang sewa kios tenant sebesar
Rp 100.000.000 ribu.
- Tersedia perjanjian top up dan perjanjian
subordinasi dari pemegang saham.
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis dari pihak bank antara lain:
menjaga rasio nilai pasar jaminan dengan total
outstanding pinjaman di Bank CIMB Niaga minimal
125%, melakukan perubahan susunan pengurus dan
pemegang saham, mendapatkan tambahan fasilitas
dari kreditur dan lembaga keuangan lainnya,
pembayaran terlebih dahulu atas pokok pinjaman
yang bukan berasal dari cash inflow operasional.
PCN
Pada tahun 2010 dan 2011, PCN memperoleh
beberapa fasilitas kredit investasi jangka panjang
dengan rincian sebagai berikut:
• Maksimum pinjaman sebesar Rp 30.240.000 ribu
dengan tingkat suku bunga 10,5% per tahun
(floating). Tujuan penggunaan fasilitas
pembiayaan adalah pembiayaan renovasi dan
pengembangan area Plaza Balikpapan. Jangka
waktu 60 bulan sejak tanggal 8 Agustus 2011 dan
akan jatuh tempo 8 Agustus 2016.
• Maksimum pinjaman sebesar Rp 19.680.000 ribu
dengan tingkat suku bunga 10,5% per tahun
(floating). Tujuan penggunaan fasilitas
pembiayaan adalah pembiayaan renovasi dan
pengembangan area Plaza Balikpapan. Jangka
waktu 84 bulan sejak tanggal 28 Desember 2011.
• Maksimum pinjaman sebesar Rp 26.300.000 ribu
dengan tingkat suku bunga 10,5% per tahun
(floating). Tujuan penggunaan fasilitas
pembiayaan adalah refinancing untuk aset Trade
Center dan pembiayaan renovasi interior mal.
Jangka waktu 60 bulan sejak tanggal 8 Maret
2012.
Tingkat suku bunga fasilitas kredit pada tanggal
31 Desember 2015 dan 2014 masing-masing sebesar
13% per tahun.
Jaminan seluruh fasilitas pinjaman tersebut adalah
sebagai berikut:
a. Tanah HGB seluas 36.490 m2, terletak di Provinsi
Kalimantan Timur, atas nama PT Pandega
Citraniaga dan dibebani Hak Tanggungan
Peringkat I, II, dan III sebesar Rp 198.572.482
ribu
b. Fidusia sebesar Rp 10.929.000 ribu atas mesin
dan peralatan milik PT Pandega Citraniaga yang
berada di Plaza Balikpapan.
- 78 -
F-215
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
- Fiduciary amounting to Rp 100,000,000 thousand
on kiosk lease receivable from tenant.
- Provide top up agreement and subordination
from shareholders.
The loan agreement also includes specific
requirements prohibiting the following actions without
the written consent of the bank, amongst are:
maintaining the ratio of guaranteed market value with
total loan outstanding at CIMB Niaga minimum 125%,
changes of boards and shareholder structure,
received an additional facility from lenders and other
financial institutions, prepayment of principal loan that
is not derived from operating cash inflow.
PCN
In 2010 and 2011, PCN obtained long-term
investment credit facility with the following details:
• Maximum loan of Rp 30,240,000 thousand at a
floating interest rate of 10.5% per annum. The
intended use is financing renovation and
development of Plaza Balikpapan. The term of
the loan was 60 months from August 8, 2011 and
will expire on August 8, 2016.
• Maximum loan of Rp 19,680,000 thousand at a
floating interest rate of 10.5% per annum. The
intended use is for refinancing and development
of Plaza Balikpapan. The term of the loan is
84 months from December 28, 2011.
• Maximum loan of Rp 26,300,000 thousand at a
floating interest rate of 10.5% per annum. The
intended use is refinancing the assets of Trade
Center and financing the renovation of mall’s
interior. The term of the loan is 60 months from
March 8, 2012.
The credit facility interest rate on December 31, 2015
and 2014 are 13% per annum.
Collateral for all of these loans are as follows:
a. Land Right with an area of 36,490 m2, located in
the province of East Kalimantan, on behalf of
PT Pandega Citraniaga and Mortgage Rating I, II,
and III of Rp 198,572,482 thousand.
b. Fiduciary amounting to Rp 10,929,000 thousand
on machinery and equipment owned by
PT Pandega Citraniaga located in Plaza
Balikpapan.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
c. Mesin dan peralatannya seperti elevator,
escalator, pendingin udara, seluruh interior dan
peralatan bioskop yang terpasang di bioskop.
Perjanjian pinjaman ini mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain pengeluaran modal, setiap utang
pemegang saham harus di subordinasikan, seluruh
akun bank operasional harus melalui Bank CIMB
Niaga, tersedia Letter of Understanding (LoU) untuk
menjaga saldo rata-rata di Bank CIMB Niaga sebesar
Rp 3.000.000 ribu, seluruh pendapatan dari sewa
bulanan tenant Mal harus dibayarkan melalui
rekening Bank CIMB Niaga, dengan realisasi 6 bulan
sejak pencairan pinjaman, penambahan pinjaman
kepada bank atau lembaga keuangan bukan bank
harus seijin Bank CIMB Niaga dan untuk jaminan
berupa tanah dan atau bangunan wajib dilakukan
penilaian ulang.
PP
Pada tanggal 19 Maret 2008, PP memperoleh
fasilitas pinjaman investasi dengan maksimum
pinjaman sebesar Rp 160.000.000 ribu yang
digunakan untuk pembangunan Mal Emporium Pluit
dan Hotel. Pinjaman ini berjangka waktu 7 tahun
(termasuk grace period 2 tahun) dan akan jatuh
tempo pada tanggal 19 Maret 2015. Tingkat suku
bunga pinjaman sebesar 3,5% diatas suku bunga SBI
per tahun. Jaminan atas pinjaman ini paripasu
dengan jaminan atas pinjaman yang diperoleh PP
dari Bank Permata. Tingkat suku bunga pada tanggal
31 Desember 2015 dan 2014 adalah sebesar 11,25%
per tahun.
Pinjaman ini telah dilunasi pada tahun 2015.
Bank Mandiri (MAN)
PGK
Pada bulan Agustus 2012, PGK memperoleh fasilitas
pinjaman dengan maksimum pinjaman sebesar
Rp 100.000.000 ribu, berjangka waktu 48 bulan
sampai dengan bulan Agustus 2016 termasuk
12 bulan masa tenggang (grace period) dimana
setelah masa tenggang harus dikembalikan dengan
cicilan bulanan dan tingkat suku bunga tetap 11,25%
per tahun.
Fasilitas pinjaman ini dijamin dengan:
− Tanah dengan beberapa HGB dengan luas
145.983 m2 atas nama PGK dengan jumlah nilai
pertanggungan sebesar Rp126.950.000 ribu;
− Piutang usaha yang diikat dengan jaminan
fidusia sebesar Rp 100.000.000 ribu;
− Jaminan pribadi (personal guarantee) dari pihak
ketiga, Aking Saputra (pemegang saham PGK).
- 79 -
F-216
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
c. Machinery and equipment such as elevators,
escalators, air conditioning, all interior and
equipment installed at the cinema.
The loan agreement also contains certain covenants,
where approval should be obtained from the bank
before executing certain things which include among
others: all capital expenditures, all operational
transaction must be through Bank CIMB Niaga,
provided Letter of Understanding (LoU) to maintain an
average balance of Rp 3,000,000 thousand, the entire
income from rental of Mall should be paid through
Bank CIMB Niaga, with the realization of 6 months
from the disbursement of loan, additional loan from
bank or non bank financial institution should be made
under permission of Bank CIMB Niaga and collateral
such as land and or building must do reassessment.
PP
On March 19, 2008, PP obtained investment loan
facility with maximum credit of Rp 160,000,000
thousand, which will be used for the construction of
Emporium Pluit Mall and Hotel. This loan has a term
of 7 years (including grace period of 2 years) and will
mature on March 19, 2015. The interest rate is at
3.5% above SBI per annum. The loan is secured by
collateral pari passu for loans obtained by PP from
Bank Permata. Interest rate as of December 31, 2015
and 2014 is 11.25% per annum.
The loan has been paid off in 2015.
Bank Mandiri (MAN)
PGK
In August 2012, PGK obtained a long-term loan
facility with a maximum credit limit of Rp 100,000,000
thousand, with a term of 48-months until August
2016, including 12 months grace period, payable on a
monthly basis and which bears fixed interest rate of
11.25% per annum.
This facility is secured by:
- Land with Land Right under the name of PGK with
total area of 145,983 m2 amounting to
Rp 126,950,000 thousand;
- Trade receivables bounded by fiduciary of
Rp 100,000,000 thousand;
- Personal guarantee from third parties, Aking
Saputra (shareholder of PGK).
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Perjanjian pinjaman juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis dari pihak bank antara lain:
mengubah anggaran dasar, permodalan, pengurus
dan pemegang saham, memperoleh pinjaman dari
bank atau lembaga keuangan lainnya, mengikat diri
sebagai penjamin utang atau menjaminkan harta
kekayaan kepada pihak lain dan membayar utang
kepada pemegang saham.
Bank Maybank Indonesia (d/h Bank Internasional
Indonesia) (BII)
SAI
Pada tanggal 22 Maret 2013, SAI memperoleh
fasilitas kredit sebesar Rp 24.000.000 ribu dengan
jangka waktu 78 (tujuh puluh delapan) bulan sejak
akad kredit, yang akan digunakan untuk pembiayaan
konstruksi dan renovasi pembangunan Hotel Bed &
Breakfast yang berlokasi di Kelapa Gading. Fasilitas
kredit ini dikenakan tingkat suku bunga mengambang
sebesar 12,75% per tahun.
Pada 31 Desember 2015 dan 2014, tingkat suku
bunga adalah sebesar 13,25% per tahun.
Perjanjian kredit dijamin dengan: (i) Hak sewa atas
tanah seluas 4.468,12 m2 di Kelapa Gading, (ii)
fidusia atas seluruh peralatan yang dipunyai SAI, (iii)
jaminan perusahaan (corporate guarantee) dari
PT Panoramaland Development dan (iv) Letter of
Undertaking dari seluruh pemegang saham SAI
(PT Panoramaland Development dan APL) untuk
menjamin 100% cost overrun proyek dan setiap defisit
cash flow, baik sesuai porsi masing-masing saham
maupun porsi pemegang saham lain jika salah satu
pihak dari pemegang saham tidak dapat melakukan
top up dana.
Perjanjian kredit ini juga mencakup persyaratan
tertentu untuk tidak melakukan hal-hal berikut tanpa
persetujuan tertulis terlebih dahulu dari pihak bank,
antara lain membatasi hak SAI untuk memberikan
mandat untuk mengoperasikan SAI pada pihak lain;
memberikan pinjaman kepada pemegang saham;
menerima pinjaman dari bank atau institusi lain;
melakukan pembayaran hutang kepada pemegang
saham; menjalankan bisnis baru yang tidak terkait
dengan bisnis saat ini; menyatakan pailit;
menjaminkan aset tetap atau menjaminkan kontrak;
menyewakan jaminan; memindahtangankan jaminan;
mengubah susunan pemegang saham serta SAI wajib
menjaga rasio keuangan tertentu yaitu rasio lancar
minimal 1,2x, Times Interest Earned minimal 1,5x,
Rasio EBITDA terhadap pembayaran keuangan
minimal 1,1x, Debt to Equity Ratio maksimal 1x dan
Sinking Fund minimal 1x bunga (selama grace period)
upfront, 1x pokok dan bunga (setelah grace period)
tersedia sebelum masa grace period berakhir.
Pada tahun 2015, SAI telah memperoleh persetujuan
dari Bank Maybank Indonesia terkait pemenuhan
rasio keuangan tertentu yang dibatasi oleh Bank
Maybank Indonesia.
- 80 -
F-217
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The loan agreement also contains certain covenants,
where written approval should be obtained from the
bank before executing certain things which include
among others: change the articles of association,
capital, management and shareholders, obtain loan
from bank or other financial institution, commit as
guarantors of a debt or pledge assets to other parties
and paid debt to the shareholders.
Bank Maybank Indonesia (formerly Bank
Internasional Indonesia) (BII)
SAI
On March 22, 2013, SAI obtained credit facility
amounting to Rp 24,000,000 thousand for a period of
78 (seventy eight) months from the loan agreement
date, which will be used to finance the construction
and renovation of Bed & Breakfast Hotel located in
Kelapa Gading. This credit facility bears 12.75%
floating interest rate per annum.
As of December 31, 2015 and 2014, the interest rate
was 13.25% per annum.
Credit agreement is secured by: (i) Lease Rights over
the land of 4,468.12 m2 in Kelapa Gading, (ii)
fiduciary for all equipments owned by SAI, (iii)
corporate guarantee from PT Panoramaland
Development, and (iv) Letter of Undertaking from all
shareholders of SAI (PT Panoramaland Development
and APL) to guarantee 100% project’s cost overrun
and any cash flow deficits, both according to the
portion of each share and the portion of other
shareholders if one party failed to top up the funds.
This credit agreement includes certain covenants not
to do the following without prior written consent of the
bank, among others, restrict SAI’s right to give a
mandate to operate SAI for other parties; provide
loans to shareholders; received a loan from a bank or
other institution; repay to the shareholders; running a
new business that is not related to current business;
declare bankruptcy; pledge or encumber fixed
contracts; lease guarantees; transfer collateral;
changing the composition of the shareholders and the
SAI is required to maintain certain financial ratios
such as current ratio of at least 1.2x, Times Interest
Earned a minimum of 1.5x, EBITDA to finance the
payment of at least 1.1x, Debt to Equity Ratio
maximum of 1x and 1x minimal Sinking Fund interest
( during the grace period) upfront, 1x principal and
interest (after the grace period) provided before the
grace period ends.
In 2015, SAI obtained an approval from Bank
Maybank Indonesia related to fulfillment of certain
financial ratio which was restricted by Bank Maybank
Indonesia.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

21. PINJAMAN LEMBAGA KEUANGAN LAINNYA 21. LOAN FROM OTHER FINANCIAL INSTITUTION

Pada bulan Mei 2010, PCN memperoleh fasilitas
kredit investasi jangka panjang dari PT Bahana Artha
Ventura dengan fasilitas pembiayaan maksimum
sebesar Rp 39.000.000 ribu dalam bentuk
pembiayaan dengan pola bagi hasil. Tujuan
penggunaan fasilitas pembiayaan adalah untuk
digunakan sebagai refinancing atas investasi
kios/counter Trade Center Balikpapan. Fasilitas
pembiayaan ini diberikan untuk jangka waktu
maksimum 60 (enam puluh) bulan. Atas fasilitas
pembiayaan ini, PCN wajib membayar bagi hasil tetap
sebesar 16% per tahun. Jaminan yang digunakan
untuk memperoleh kredit ini adalah sebidang tanah
yang terletak di Provinsi Kalimantan Timur,
Balikpapan, seluas 12.663 m2 yang terdaftar atas
nama PCN.
In May 2010, PCN obtained long-term investment
credit facility from PT Bahana Artha Ventura with
maximum credit limit of Rp 39,000,000 thousand in
the form of financing with profit sharing. The intended
use of financing facility is to refinance the investment
in Balikpapan Trade Center. The financing facility is
granted for a maximum period of 60 (sixty) months.
On top of the facility, the recipient must pay a fixed
yield of 16% per year. The facility is secured by a plot
of land located in the province of East Kalimantan,
Balikpapan, measuring 12,663 m2 registered in the
name of PCN.

Saldo pinjaman pada tanggal 31 Desember 2014 The outstanding loan as of December 31, 2014
adalah sebesar Rp 7.782.852 ribu dan telah dilunasi amounted to Rp 7,782,852 thousand and the loan
pada tahun 2015. has been paid off in 2015.

22. UTANG OBLIGASI 22. BONDS PAYABLE

31 Desember/ December 31,

2015 2014
Rp’000 Rp’000

Obligasi Berkelanjutan I Agung Agung Podomoro Land

Podomoro Land Sustainable Bond I
Tahun 2013 Tahap I 1.200.000.000 1.200.000.000 Phase I Year 2013
Tahun 2014 Tahap II 750.000.000 750.000.000 Phase II Year 2014
Tahun 2014 Tahap III 451.000.000 451.000.000 Phase III Year 2014
Tahun 2015 Tahap IV 99.000.000 - Phase IV Year 2015

Obligasi II Agung Podomoro Land Bonds II Agung Podomoro Land

Tahun 2012 1.200.000.000 1.200.000.000 Year 2012

Obligasi I Agung Podomoro Land Bonds I Agung Podomoro Land

Tahun 2011 Year 2011
Seri B 875.000.000 875.000.000 Series B

Jumlah 4.575.000.000 4.476.000.000 Total

Dikurangi biaya emisi obligasi Less unamortized bond issuance
yang belum diamortisasi (20.979.530) (28.433.582) costs

Utang Obligasi - Bersih 4.554.020.470 4.447.566.418 Bonds payable - net

Bagian yang jatuh tempo dalam

waktu satu tahun (875.000.000) - Current maturities

Jangka panjang - bersih 3.679.020.470 4.447.566.418 Non current - net

Tingkat bunga per tahun 9,25% - 12,5% 9,25% - 12,5% Interest rate per annum

- 81 -

F-218
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Berikut ini adalah rincian utang obligasi berdasarkan The details of the bonds payable based on the
jangka waktu pembayaran: schedule of payments are as follows:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Jatuh tempo dalam tahun Due in the year

2016 875.000.000 875.000.000 2016
2017 1.200.000.000 1.200.000.000 2017
2018 1.200.000.000 1.200.000.000 2018
2019 1.201.000.000 1.201.000.000 2019
2020 99.000.000 - 2020

Jumlah 4.575.000.000 4.476.000.000 Total

Biaya perolehan diamortisasi atas pinjaman yang The amortized cost of the bonds payable are as
diperoleh adalah sebagai berikut: follows:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Saldo utang obligasi 4.554.020.470 4.447.566.418 Bonds payable

Biaya bunga yang masih harus
dibayar 33.678.333 42.183.233 Accrued interest

Jumlah 4.587.698.803 4.489.749.651 Total

Biaya bunga pinjaman yang masih harus dibayar Accrued interest are recorded in accrued expense on
dicatat dalam akun biaya yang masih harus dibayar the consolidated statements of financial position.
pada laporan posisi keuangan konsolidasian.

Obligasi Berkelanjutan I Agung Podomoro Land Agung Podomoro Land Sustainable Bond I

Perusahaan memperoleh pernyataan efektif dari
Kepala Eksekutif Pengawas Pasar Modal, Dewan
Komisioner Otoritas Jasa Keuangan untuk melakukan
Penawaran Umum Obligasi Berkelanjutan I Agung
Podomoro Land dengan target dana yang akan
dihimpun sebesar Rp 2.500.000.000 ribu.
Sehubungan dengan Obligasi Berkelanjutan I
tersebut, Perusahaan menerbitkan:
The Company obtained effective statements from
Chief Executive Capital Markets, Board &
Commissioner of Financial Service Authority of
Indonesia (OJK) to Public Offering of the Agung
Podomoro Land Sustainable Bond I with collected
target fund amounting to Rp 2,500,000,000 thousand.
In relation with the Sustainable Bond I, the Company
issued:

− Tahap I Tahun 2013 − Phase I Year 2013

Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap I Tahun 2013
sebesar Rp 1.200.000.000 ribu dengan tingkat
bunga tetap sebesar 9,25% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 27 Juni 2018.
The Company issued Agung Podomoro Land
Sustainable Bond I Phase 1 Year 2013 amounting
to Rp 1,200,000,000 thousand payable quarterly
with fixed coupon rate of 9.25% per annum. The
bonds have a term of 5 years and will due on
June 27, 2018.

− Tahap II Tahun 2014 − Phase II Year 2014

Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap II Tahun 2014
sebesar Rp 750.000.000 ribu dengan tingkat suku
bunga tetap sebesar 12,25% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 6 Juni 2019.
The Company has released Sustainable Bond I
Agung Podomoro Land Phase II Year 2014 for
Rp 750,000,000 thousand with a fixed coupon rate
of 12.25% per annum payable quarterly. The
bonds have a term of 5 years until June 6, 2019.

- 82 -

F-219
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
− Tahap III Tahun 2014
Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap III Tahun 2014
sebesar Rp 451.000.000 ribu dengan tingkat suku
bunga tetap sebesar 12,5% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 19 Desember 2019.
− Tahap IV Tahun 2015
Perusahaan menerbitkan Obligasi Berkelanjutan I
Agung Podomoro Land Tahap IV Tahun 2015
sebesar Rp 99.000.000 ribu dengan tingkat suku
bunga tetap sebesar 11,25% per tahun terutang
setiap triwulan. Jangka waktu obligasi 5 tahun
sampai dengan 25 Maret 2020.
Berdasarkan hasil pemeringkatan dari
PT Pemeringkat Efek Indonesia (PEFINDO) dengan
surat No. 548/PEF-Dir/IV/2015 pada tanggal 8 April
2015, hasil pemeringkatan atas Obligasi
Berkelanjutan I Agung Podomoro Land Tahap I
Tahun 2013, Tahap II Tahun 2014, Tahap III Tahun
2014 dan Tahap IV Tahun 2015 adalah idA untuk
periode 8 April 2015 sampai dengan 1 April 2016.
Obligasi II Agung Podomoro Land Tahun 2012
Pada tanggal 18 Agustus 2012, Perusahaan
menerbitkan Obligasi II Agung Podomoro Land Tahun
2012 sebesar Rp 1.200.000.000 ribu dengan tingkat
bunga tetap 9,375% per tahun terutang setiap
triwulan. Jangka waktu obligasi 5 tahun sampai
dengan 15 Agustus 2017.
Obligasi I Agung Podomoro Land Seri A dan Seri
B Tahun 2011
Pada tanggal 22 Agustus 2011, Perusahaan,
menerbitkan Obligasi I Agung Podomoro Land Tahun
2011 sebesar Rp 1.200.000.000 ribu yang terbagi
atas obligasi Seri A sebesar Rp 325.000.000 ribu
dengan tingkat bunga tetap 10% per tahun dengan
jangka waktu 3 tahun sampai dengan 25 Agustus
2014 dan obligasi Seri B sebesar Rp 875.000.000
ribu dengan tingkat bunga tetap 11% per tahun
dengan jangka waktu 5 tahun sampai dengan
25 Agustus 2016.
Berdasarkan hasil pemeringkatan dari
PT Pemeringkat Efek Indonesia (PEFINDO) dengan
surat No. 549/PEF-Dir/IV/2015 pada tanggal 8 April
2015, hasil pemeringkatan atas Obligasi I Agung
Podomoro Land Seri B Tahun 2011 dan Obligasi II
Agung Podomoro Land Tahun 2012 adalah idA untuk
periode 8 April 2015 sampai dengan 1 April 2016.
Harga jual obligasi pada saat penawaran adalah
sebesar 100% dari nilai nominal obligasi dan tercatat
di Bursa Efek Indonesia dengan Bank Rakyat
Indonesia bertindak sebagai Wali Amanat.
- 83 -
F-220
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
− Phase III Year 2014
The Company has released Sustainable Bond I
Agung Podomoro Land Phase III Year 2014 for
Rp 451,000,000 thousand with a fixed coupon rate
of 12.5% per annum payable quarterly. The bonds
have a term of 5 years until December 19, 2019.
− Phase IV Year 2015
The Company has released Sustainable Bond I
Agung Podomoro Land Phase IV Year 2015 for
Rp 99,000,000 thousand with a fixed coupon rate
of 11.25% per annum payable quarterly. The
bonds have a term of 5 years until March 25,
2020.
Based on the rating from PT Pemeringkat Efek
Indonesia (PEFINDO) in accordance with letter
No. 548/PEF-Dir/IV/2015 dated April 8, 2015, the
Agung Podomoro Land Sustainable Bond I Phase I
Year 2013, Phase II Year 2014, Phase III Year 2014
and Phase IV Year 2015 are rated as idA for the
period from April 8, 2015 until April 1, 2016.
Agung Podomoro Land Bond II Year 2012
On August 18, 2012, the Company issued Agung
Podomoro Land Bond II Year 2012 amounting to
Rp 1,200,000,000 thousand with fixed coupon rate of
9.375% per annum payable quarterly. The bonds
have a term of 5 years due on August 15, 2017.
Agung Podomoro Land Bond I Series A and
Series B Year 2011
On August 22, 2011, the Company, issued Agung
Podomoro Land Bond I Year 2011 amounting to
Rp 1,200,000,000 thousand which consist of Series A
Bonds amounting to Rp 325,000,000 thousand with
fixed coupon rate of 10% per annum payable
quarterly with term of payment of 3 years due on
August 25, 2014, and Series B Bonds amounting to
Rp 875,000,000 thousand with fixed coupon rate of
11% per annum and have a term of 5 years due on
August 25, 2016.
Based on the rating from PT Pemeringkat Efek
Indonesia (PEFINDO) in accordance with letter
No. 549/PEF-Dir/IV/2015 dated April 8, 2015, Agung
Podomoro Land Bond I Series B Year 2011 and
Agung Podomoro Land Bond II Year 2012 are rated
as idA for the period from April 8, 2015 until April 1,
2016.
The bonds were sold at 100% of the bonds’ nominal
value on the issuance date and are listed on the
Indonesia Stock Exchange with Bank Rakyat
Indonesia as the trustee.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Perusahaan tidak menyelenggarakan penyisihan
dana untuk obligasi dengan pertimbangan untuk
mengoptimalkan penggunaan dana hasil emisi sesuai
dengan tujuan rencana penggunaan dana.
Obligasi harus dilunasi pada tanggal jatuh tempo
dengan harga yang sama dengan jumlah pokok
Obligasi yang tertulis yang dimiliki oleh Pemegang
Obligasi, dengan memperhatikan Sertifikat Jumbo
Obligasi dan ketentuan perjanjian Perwaliamanatan.
Hasil penerbitan obligasi akan dipergunakan
seluruhnya untuk pengembangan usaha Perusahaan
melalui akuisisi beberapa perusahaan yang dapat
berupa apartemen, perhotelan, perkantoran,
pertokoan, pusat perbelanjaan, pusat rekreasi
dan/atau perumahan.
Seluruh obligasi dijamin dengan jaminan khusus
berupa tanah dan bangunan, sebesar sekurang-
kurangnya 100% dari nilai pokok obligasi berupa tiga
bidang tanah yaitu komplek “Proyek Central Park”
yang terdiri dari bangunan mal, hotel, 3 tower
apartemen dan gedung perkantoran (office tower),
dimana jaminan ini dijaminkan secara paripasu
dengan pemegang obligasi I Agung Podomoro Land
Tahun 2011, Pemegang Obligasi II Agung Podomoro
Land Tahun 2012, Pemegang Obligasi Berkelanjutan
I Agung Podomoro Land Tahap I Tahun 2013, Tahap
II tahun 2014, Tahap III tahun 2014 dan Tahap IV
tahun 2015. Setelah Perusahaan memperoleh
Sertifikat Hak Milik atas Mal Central Park, maka
jaminan bagi Pemegang Obligasi adalah berupa Mal
Central Park.
23. UANG MUKA PENJUALAN DAN PENDAPATAN
DITERIMA DIMUKA
31 Desember/December 31,
2015
Rp’000
Uang muka
Penjualan 3.851.605.374
Titipan pelanggan 390.343.358
Pendapatan diterima dimuka
Penjualan 2.151.425.607
Sewa 604.238.961
Jumlah 6.997.613.300
Bagian yang direalisasi dalam
satu tahun (3.920.457.962)
Bagian yang direalisasi lebih
dari satu tahun 3.077.155.338
- 84 -
F-221
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The Company does not hold sinking fund for the
bonds with a view to optimize the use of proceeds
from emissions in accordance with the intended
purpose for the use of funds.
The Bonds must be repaid at maturity date at a price
equal to the principal amount stated on the Bonds
held by the Bond Holders, by observing the Jumbo
Certificate Bond and the Trustee’s terms of
agreement.
The proceeds from the issuance at the bonds were
used entirely for the development of the Company’s
business through acquisition of several companies in
the form of apartments, hotels, offices, shops,
shopping centers, recreation centers and/or housing
complex.
All the bonds payable is guaranteed with specific
collaterals such as land and building, amounted at
least 100% from the principal value of the bonds in a
form of three landscapes, they are “Central Park
Project” consists of mall, hotel, 3 towers of apartment
and office tower, where these collaterals are secured
paripasu with Bond I Agung Podomoro Land Year
2011 holder, Bond II Agung Podomoro Land Year
2012 holder, Sustainable Bond I Agung Podomoro
Land Phase I Year 2013 holder, Phase II Year 2014
holder, Phase III Year 2014 holder, and Phase IV
Year 2015 holder. As soon as the Company obtained
the Certificate of Ownership for Central Park Mall, the
collateral of Bond Holders is in the form of Central
Park Mall.
23. ADVANCES FROM CUSTOMERS AND UNEARNED
REVENUES
2014
Rp’000
Advances from customers
4.235.442.504 Sales
270.112.726 Customer deposits
Unearned revenues
1.204.470.265 Sales
581.041.984 Rent
6.291.067.479 Total
(3.248.215.002) Realized within one year
Net of realized within
3.042.852.477 one year
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Perincian uang muka penjualan berdasarkan
persentase dari harga jual adalah sebagai berikut:
31 Desember/December 31,
2015
Rp’000
< 20% 240.929.643
20% - 49,99% 2.062.564.945
50% - 99,99% 1.289.104.906
100% 259.005.880
Jumlah 3.851.605.374
Uang muka penjualan merupakan uang muka
penjualan unit apartemen, perkantoran, perumahan,
rumah kantor dan rumah toko yang belum memenuhi
kriteria pengakuan pendapatan.
Uang muka titipan pelanggan merupakan penerimaan
dari calon pembeli yang masih dapat dibatalkan
sewaktu-waktu.
Pendapatan diterima dimuka dari penjualan
merupakan selisih lebih antara uang yang diterima
dengan pengakuan pendapatan berdasarkan
persentase penyelesaian proyek.
Pendapatan diterima dimuka dari sewa merupakan
uang muka sewa yang diterima dari penyewa.
24. LIABILITAS IMBALAN PASCA KERJA
Grup menghitung dan membukukan imbalan pasca
kerja imbalan pasti untuk karyawan sesuai dengan
Undang-Undang Ketenagakerjaan No. 13/2003.
Jumlah karyawan yang berhak atas imbalan pasca
kerja tersebut adalah 1.985 dan 1.484 karyawan
masing-masing pada tahun 2015 dan 2014.
Program pensiun imbalan pasti memberikan eksposur
Grup terhadap risiko aktuarial seperti: risiko tingkat
bunga, risiko harapan hidup dan risiko gaji.
Risiko Tingkat Bunga
Penurunan suku bunga obligasi akan meningkatkan
liabilitas program.
Risiko Harapan Hidup
Nilai kini kewajiban imbalan pasti dihitung dengan
mengacu pada estimasi terbaik dari mortalitas peserta
program baik selama dan setelah kontrak kerja.
Peningkatan harapan hidup peserta program akan
meningkatkan liabilitas program.
- 85 -
F-222
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
Details of advances from customers based on
percentage of selling price are as follows:
2014
Rp’000
1.858.386.661 < 20%
840.418.620 20% - 49,99%
1.282.910.412 50% - 99,99%
253.726.811 100%
4.235.442.504 Total
Advances from customers represent sale of
apartments, offices, houses, home offices and shop
houses which have not met the criteria for revenue
recognition.
Customer deposits represent advances received from
potential buyers that are cancellable at any time.
Unearned revenues – sales represent excess cash
received over the revenue recognized based on the
project’s percentage of completion.
Unearned revenues – rent represent advance rent
received from the tenants.
24. POST-EMPLOYMENT BENEFITS OBLIGATION
The Group calculates post-employment benefits for
its qualified employees based on Labor Law
No. 13/2003. The number of employees entitled to
such benefits is 1,985 and 1,484 in 2015 and 2014,
respectively.
The defined benefit pension plan typically expose the
Group to actuarial risks such as: interest rate risk,
longevity risk and salary risk.
Interest rate risk
A decrease in the bond interest rate will increase the
plan liability.
Longevity risk
The present value of the defined benefit plan liability
is calculated by reference to the best estimate of the
mortality of plan participants both during and after
their employment. An increase in the life expectancy
of the plan participants will increase the plan’s
liability.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Risiko Gaji Salary risk

Nilai kini kewajiban imbalan pasti dihitung dengan
mengacu pada gaji masa depan peserta program.
Dengan demikian, kenaikan gaji peserta program
akan meningkatkan liabilitas program itu.
The present value of the defined benefit plan liability
is calculated by reference to the future salaries of
plan participants. As such, an increase in the salary
of the plan participants will increase the plan’s
liability.

Beban imbalan pasca kerja yang diakui di laporan Amounts recognized in statements of profit or loss
laba rugi dan penghasilan komprehensif lain adalah and other comprehensive income in respect of the
sebagai berikut: defined benefit plan are as follows:

2015 2014 *)
Rp ’ 000 Rp ’ 000

Biaya jasa: Service cost:

Biaya jasa kini 43.817.359 29.076.185 Current service cost
Beban bunga neto 9.407.555 7.933.840 Net interest expense

Komponen dari biaya imbalan pasti yang Components of defined benefit costs recognised
diakui dalam laba rugi 53.224.914 37.010.025 in profit or loss

Pengukuran kembali liabilitas imbalan pasti - neto Remeasurement on the net defined benefit liability:
Keuntungan dan kerugian aktuarial yang timbul Actuarial gains and losses arising from changes
dari perubahan asumsi keuangan (6.543.968) 1.373.866 in financial assumptions
Keuntungan dan kerugian aktuarial yang tmbul Actuarial gains and losses arising from
dari penyesuaian atas pengalaman 4.061.003 (101.143) experience adjustments
Penambahan penghasilan komprehensif lain Additional other comprehensive income
karena akuisisi entitas anak - 185.869 due to acquisition of subsidiary

Komponen beban imbalan pasti yang diakui Components of defined benefit costs recognised
dalam penghasilan komprehensif lain. (2.482.965) 1.458.592 in other comprehensive income

Jumlah 50.741.949 38.468.617 Total

Biaya tahun berjalan, Rp 53.224.914 ribu dan Of the expense for the year, Rp 53,224,914 thousand
Rp 37.010.025 ribu masing-masing termasuk dalam and Rp 37,010,025 thousand were included in
beban umum dan administrasi tahun 2015 dan 2014 general and administrative expenses in 2015 and
(Catatan 34). 2014, respectively (Note 34).

Mutasi nilai kini kewajiban imbalan pasti adalah Movements in the present value of the defined benefit
sebagai berikut: obligation were as follows:

31 Desember/December, 31
2015 2014 *)
Rp ’ 000 Rp ’ 000

Kewajiban imbalan pasti - awal 126.749.488 93.315.178 Opening defined benefits obligation
Penambahan liabilitas imbalan pasca kerja Additional post-employment benefits
karena akuisisi entitas anak - 243.988 due to acquisition of subsidiary
Biaya jasa kini 43.817.359 29.076.185 Current service cost
Biaya bunga 9.407.555 7.933.840 Interest cost
Mutasi kewajiban keluar - (2.775.285) Mutation of outcoming liabilities
Pengukuran kembali (keuntungan/kerugian): Remeasurement (gains)/losses:
Keuntungan dan kerugian aktuarial yang Actuarial gains and losses arising from
timbul dari perubahan asumsi keuangan (6.543.968) 1.373.866 changes in financial assumptions
Keuntungan dan kerugian aktuarial yang Actuarial gains and losses arising from
timbul dari penyesuaian atas pengalaman 4.061.003 (101.143) experience adjustments
Pembayaran manfaat (7.205.700) (2.317.141) Benefits paid
Kewajiban imbalan pasti - akhir 170.285.737 126.749.488 Closing defined benefits obligation

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

- 86 -

F-223
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
Perhitungan imbalan pasca kerja dihitung oleh
aktuaris independen PT RAS Actuarial Consulting
untuk tahun 2015 dan PT Bumi Dharma Aktuaria
untuk tahun 2014. Asumsi utama yang digunakan
dalam menentukan penilaian aktuarial adalah sebagai
berikut:
31 Desember/December 31,
2015
Tingkat diskonto per tahun 9% - 9,1%
Tingkat kenaikan gaji per tahun 5% - 10%
Tingkat pensiun normal 55 tahun/years
Tingkat kematian Indonesia Mortality
Table 3
Asumsi aktuarial yang signifikan untuk penentuan
kewajiban imbalan pasti adalah tingkat diskonto,
kenaikan gaji yang diharapkan dan mortalitas.
Sensitivitas analisis di bawah ini ditentukan
berdasarkan masing-masing perubahan asumsi yang
mungkin terjadi pada akhir periode pelaporan, dengan
semua asumsi lain konstan.
• Jika tingkat diskonto lebih tinggi (lebih rendah)
100 basis poin, kewajiban imbalan pasti akan
berkurang menjadi sebesar Rp 179.415.130 ribu
(meningkat menjadi sebesar Rp 162.989.727
ribu).
• Jika pertumbuhan gaji yang diharapkan naik
(turun) sebesar 1%, kewajiban imbalan pasti akan
naik menjadi sebesar Rp 179.469.999 ribu (turun
menjadi sebesar Rp 162.861.954 ribu).
• Jika tingkat kematian meningkat (turun) dalam
satu tahun untuk pria dan wanita, kewajiban
imbalan pasti akan meningkat menjadi sebesar
Rp 170.895.645 ribu (turun menjadi sebesar
Rp 170.499.774 ribu).
Analisis sensitivitas yang disajikan di atas mungkin
tidak mewakili perubahan yang sebenarnya dalam
kewajiban imbalan pasti mengingat bahwa perubahan
asumsi terjadinya tidak terisolasi satu sama lain
karena beberapa asumsi tersebut mungkin
berkorelasi.
Selanjutnya, dalam menyajikan analisis sensitivitas di
atas, nilai kini kewajiban imbalan pasti dihitung
dengan menggunakan metode projected unit credit
pada akhir periode pelaporan, yang sama dengan
yang diterapkan dalam menghitung liabilitas manfaat
pasti yang diakui dalam laporan posisi keuangan.
Tidak ada perubahan dalam metode dan asumsi yang
digunakan dalam penyusunan analisis sensitivitas
dari tahun sebelumnya.
- 87 -
F-224
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
The cost of providing post-employment benefits is
calculated by independent actuaries PT RAS
Actuarial Consulting for the year 2015 and PT Bumi
Dharma Aktuaria for the year 2014. The actuarial
valuation was carried out using the following key
assumptions:
2014
8% - 9% Discount rate per annum
5% - 10 % Salary increment rate per annum
55 tahun/years Normal retirement rate
Indonesia Mortality Mortality rate
Table 3
Significant actuarial assumptions for the
determination of the defined obligation are discount
rate, expected salary increase and mortality. The
sensitivity analysis below have been determined
based on reasonably possible changes of the
respective assumptions occurring at the end of the
reporting period, while holding all other assumptions
constant.
• If the discount rate increases (decreases) by 100
basis point, post-employment benefits obligation
will be decrease to Rp 179,415,130 thousand
(increase to Rp 162,989,727 thousand).
• If the expected salary growth increases
(decreases) by 1%, the post-employment benefits
obligation will be increase to Rp 179,469,999
thousand (decrease to Rp 162,861,954 thousand).
• If the mortality rate increases (decreases) by one
year for both men and women, the post-
employment benefits obligation will be increase to
Rp 170,895,645 thousand (decrease to
Rp 170,499,774 thousand).
The sensitivity analysis presented above may not be
representative of the actual change in the post-
employment benefit obligation as it is unlikely that the
change in assumptions would occur in isolation of
one another as some of the assumptions may be
correlated.
Furthermore, in presenting the above sensitivity
analysis, the present value of the post-employment
benefit obligation has been calculated using the
projected unit credit method at the end of the
reporting period, which is the same as that applied in
calculating the post-employment benefits obligation
recognized in the consolidated statement of financial
position.
There was no change in the methods and
assumptions used in preparing the sensitivity
analysis from prior years.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

25. MODAL SAHAM 25. CAPITAL STOCK

Sesuai dengan daftar pemegang saham yang Based on stockholders list issued by the
dikeluarkan oleh Biro Administrasi Efek Perusahaan, Administration Bureau of Corporate Securities,
PT Datindo Entrycom, pemegang saham adalah PT Datindo Entrycom, the stockholders of the
sebagai berikut: Company are as follows:

31 Desember/December 31, 2015

Jumlah Persentase Jumlah Modal
Saham/ Pemilikan/ Disetor/
Number of Percentage of Total Paid-up
Nama Pemegang Saham Shares Ownership Capital Name of Stockholders
% Rp’000

PT Indofica 13.275.780.000 64,76 1.327.578.000 PT Indofica

PT Prudential Life Assurance - Ref 1.495.703.100 7,30 149.570.310 PT Prudential Life Assurance - Ref
PT Simfoni Gema Lestari 1.040.000.000 5,07 104.000.000 PT Simfoni Gema Lestari
Trihatma Kusuma Haliman 620.693.500 3,03 62.069.350 Trihatma Kusuma Haliman
Board of directors and
Dewan direksi dan komisaris 11.476.600 0,06 1.147.660 commissioners
Masyarakat umum
(masing-masing dibawah 5%) 2.920.908.500 19,78 292.090.850 Public (each below 5%)

Jumlah 19.364.561.700 100,00 1.936.456.170 Total

Saham diperoleh kembali
(Catatan 29) 1.136.338.300 113.633.830 Treasury stocks (Note 29)

Jumlah 20.500.900.000 2.050.090.000 Total

31 Desember/December 31, 2014

Jumlah Persentase Jumlah Modal
Saham/ Pemilikan/ Disetor/
Number of Percentage of Total Paid-up
Nama Pemegang Saham Shares Ownership Capital Name of Stockholders
% Rp’000

PT Indofica 12.703.780.000 61,97 1.270.378.000 PT Indofica

PT Simfoni Gema Lestari 1.040.000.000 5,07 104.000.000 PT Simfoni Gema Lestari
Trihatma Kusuma Haliman 620.693.500 3,03 62.069.350 Trihatma Kusuma Haliman
Board of directors and
Dewan direksi dan komisaris 14.553.600 0,07 1.455.360 commissioners
Masyarakat umum
(masing-masing dibawah 5%) 5.936.601.900 29,86 593.660.190 Public (each below 5%)

Jumlah 20.315.629.000 100,00 2.031.562.900 Total

Saham diperoleh kembali
(Catatan 29) 185.271.000 18.527.100 Treasury stocks (Note 29)

Jumlah 20.500.900.000 2.050.090.000 Total

Modal ditempatkan dan disetor penuh adalah saham The subscribed and fully paid shares are ordinary
biasa yang memberikan hak satu suara per saham shares which entitle the holder to carry one vote per
dan berpartisipasi dalam dividen. share and to participate in dividends.

Tidak terdapat perubahan jumlah saham beredar There is no change in the number of shares
sejak tanggal 1 Januari 2014 hingga 31 Desember outstanding since January 1, 2014 until
2015. December 31, 2015.

- 88 -

F-225
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
26. TAMBAHAN MODAL DISETOR - BERSIH
31 Desemb er/
Decemb er 31,
2015 dan/and 2014
Tambahan modal disetor
Tambahan modal disetor dari
PT Simfoni Gema Lestari
Tambahan modal disetor dari
penawaran umum saham
Perusahaan kepada masyarakat
sebesar 6.150.000.000 saham
dengan nilai nominal
Rp 100 per saham yang
ditawarkan Rp 365 per saham
Tambahan modal disetor dari
eksekusi opsi saham karyawan
Jumlah tambahan modal disetor
Dikurangi dengan biaya emisi saham
Jumlah
Kombinasi bisnis entitas sepengendali
yang disajikan sebagai tambahan
modal disetor
Saldo tambahan modal disetor
Kombinasi bisnis entitas sepengendali merupakan
selisih antara harga pengalihan saham dengan nilai
buku.
PT Putra Adhi Prima (PAP)
PT Arah Sejahtera Abadi (ASA)
PT Pluit Propertindo (PP)
Lain-lain
Jumlah
27. OPSI SAHAM
Program Pemberian Opsi Pembelian Saham
Kepada Manajemen dan Karyawan (MSOP)
Berdasarkan Rapat Umum Pemegang Saham Luar
Biasa (RUPSLB) pada tanggal 24 September 2010,
pemegang saham menyetujui rencana Program
Pemberian Opsi Pembelian Saham kepada
Manajemen dan Karyawan (Management & Employee
Stock Option Plan/ MSOP). Manajemen dan
karyawan yang berhak untuk mengikuti program
MSOP terdiri dari:
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
26. ADDITIONAL PAID-IN CAPITAL - NET
Rp’000
Additional paid-in capital
Additional paid-in capital of
9.650.000 PT Simfoni Gema Lestari
Additional paid-in capital of
initial public offering of
6,150,000,000 shares with
par value of Rp 100 per share
1.629.750.000 at Rp 365 per shares
Additional paid-in capital of
293.736 employee share option
1.639.693.736 Total additional paid-in capital
(66.873.957) Less of stock issuance cost
1.572.819.779 Total
Business combination under
common control presented
(183.140.645) as additional paid-in capital
1.389.679.134 Balance of additional paid-in capital
Business combination under common control are the
difference between the transfer price of shares and
book value.
Rp’000
93.057.495 PT Putra Adhi Prima (PAP)
50.674.192 PT Arah Sejahtera Abadi (ASA)
37.916.187 PT Pluit Propertindo (PP)
1.492.771 Others
183.140.645 Total
27. STOCK OPTIONS
Plan For Management and Employee Stock
Option (MSOP)
Based on Extraordinary Stockholders General
Meeting (RUPSLB) dated September 24, 2010, the
shareholders approved the plan for Management &
Employee Stock Option Plan (MSOP). Management
and employees who are eligible to join MSOP
program are as follows:
- 89 -
F-226
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
− Direksi dan komisaris Grup yang menjabat 14 hari
sebelum tanggal pendistribusian hak opsi setiap
tahapnya, kecuali Komisaris Independen dan
anggota Komite Audit;
− Karyawan Grup dengan jabatan supervisor atau
lebih tinggi.
Pelaksanaan program MSOP akan dilakukan dengan
menerbitkan hak opsi dalam 2 (dua) tahap dengan
rincian sebagai berikut:
− Tahap Pertama
Jumlah hak opsi yang akan diterbitkan sebesar
maksimum 50% dari jumlah hak opsi yang
diterbitkan dalam program MSOP, dan akan
diberikan kepada peserta program MSOP pada
bulan Januari 2011.
− Tahap Kedua
Sebesar sisa dari hak opsi dalam program MSOP
akan diberikan kepada peserta program MSOP
pada bulan Pebruari 2012.
Periode Pelaksanaan Hak Opsi akan ditetapkan di
kemudian hari, sebanyak-banyaknya 2 (dua) periode
pelaksanaan setiap tahunnya dan harga pelaksanaan
akan ditetapkan dengan mengacu pada ketentuan
yang tercantum dalam butir V.2.2 Peraturan I-A
Lampiran I Keputusan Direksi PT Bursa Efek Jakarta
No. Kep 305/BJ/07-2004 tertanggal 19 Juli 2004.
Berdasarkan keputusan Direksi No. 824/SK-
APL/X/2010/ tanggal 26 Oktober 2010 periode
pelaksanaan MSOP ditetapkan satu kali dalam
setahun setelah masa tunggu pelaksanaan opsi
(vesting period).
Berdasarkan surat Perusahaan No. 027/EXT-
APL/IV.2011 tanggal 27 April 2011 kepada PT Bursa
Efek Indonesia, Perusahaan menyampaikan rencana
pelaksanaan MSOP PT Agung Podomoro Land Tbk
untuk Opsi Tahap I dan II masing-masing sejumlah
205.000.000 saham opsi untuk membeli saham
dengan umur 5 tahun sejak tanggal penerbitan dan
terkena vesting period 1 tahun sejak tanggal
pendistribusian. Harga pelaksanaan untuk Tahap I
dan II yaitu sebesar Rp 330,- per saham mengacu
pada harga rata-rata perdagangan saham APLN di
BEI pada penutupan perdagangan tanggal 22 Maret
2011 sampai dengan tanggal 26 April 2011.
Jumlah opsi saham yang beredar pada tahun 2015
dan 2014 masing-masing sebanyak 205.000.000 dan
409.100.000 opsi saham dengan rata-rata tertimbang
eksekusi sebesar Rp 330.
Pada tahun 2015 dan 2014, tidak ada opsi saham
yang dieksekusi oleh manajemen dan karyawan.
Opsi saham tercatat pada ekuitas sebesar
Rp 17.911.260 ribu dan Rp 35.411.406 ribu masing-
masing pada tanggal 31 Desember 2015 dan 2014.
- 90 -
F-227
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)
− Directors and commissioners of the Group who
served for 14 days before the date of option
distribution in every stage, except for Independent
Commissioner and Audit Committee Member;
− Employees of the Group in supervisory level and
higher.
MSOP program implementation will be done by
issuing option rights in two (2) stages, as follows:
− Phase 1
The number of option rights to be issued is at a
maximum of 50% of the option right issued in
MSOP program and will be given to the MSOP
program participants in January 2011.
− Phase 2
For the rest of the option in the progam will be
awarded to MSOP progam participants in
February 2012.
The implementation of the Option Period will be
determined at a later date and at least two (2)
implementation periods for each year and the
execution price will be determined by reference to the
provisions contained in Article V.2.2 Regulation I-A
Attachment I Decision of the Directors of PT Bursa
Efek Jakarta No. Kep 305/BJ/07-2004 dated July 19,
2004.
Based on Directors’ decree No. 824/SK-APL/X/2010/
dated October 26, 2010 the implementation period of
MSOP was specified once in a year after the vesting
period.
Based on the Company’s letter No. 027/EXT-
APL/IV.2011 dated April 27, 2011 to the Indonesia
Stock Exchange, the Company submitted the MSOP
implementation plan for PT Agung Podomoro Land
Tbk for Option Phases I and II, with 205,000,000
stock options each, to purchase shares with age of 5
years from the date of their issuance and vesting
period of 1 year from the date of distribution. The
exercise price for the Phases I and II of Rp 330 per
share refers to the average trading price of APL
shares on Indonesia Stock Exchange at the close of
trading on March 22, 2011 until April 26, 2011.
The outstanding share options in 2015 and 2014 are
205,000,000 and 409,100,000 shares with weighted
average exercise price of Rp 330.
In 2015 and 2014, no share options were exercised
by management and employees.
Stock options recognized in equity amounted to
Rp 17,911,260 thousand and Rp 35,411,406
thousand as of December 31, 2015 and 2014,
respectively.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Pada tahun 2015, seluruh Opsi Tahap I telah In 2015, all Option Phase I were already expired and
kadaluwarsa dihapus dan direklasifikasi sebagai reclassified as other equity component in
komponen ekuitas lainnya pada laporan posisi consolidated statement of financial position.
keuangan konsolidasian.

Nilai wajar dari hak opsi MSOP tahap pertama dan The fair value of the MSOP first and second phase
kedua diestimasi pada tanggal pemberian hak opsi was estimated at grant date of option rights using the
dengan menggunakan model Black-Scholes. Black Scholes model.

Perhitungan MSOP dilakukan oleh aktuaris The MSOP calculation is done by an independent
independen PT Eldridge Gunaprima Solution. Asumsi actuary PT Eldridge Gunaprima Solution. Key
utama yang digunakan dalam perhitungan nilai wajar assumptions used in calculating the fair value of
opsi adalah sebagai berikut: options are as follows:
Tahap / Phase II Tahap / Phase I
2012 2011
Asumsi/Assumption Asumsi/Assumption

Tingkat suku bunga bebas risiko
Periode opsi
Perkiraan ketidakstabilan
harga saham
Perkiraan dividen
6,5% per tahun/per annum
4 tahun/years
30,83% per tahun/per annum
N/A
6,5% per tahun/per annum
5 tahun/years
33,24% per tahun/per annum
N/A
Risk free interest rate
Option period
Expected volatility of the share
price the share price
Expected dividends

28. DIVIDEN TUNAI DAN CADANGAN UMUM 28. CASH DIVIDENDS AND GENERAL RESERVE

a. Berdasarkan Akta No. 79 tanggal 21 Mei 2015
dari Yulia, S.H., notaris di Jakarta, para
pemegang saham menyetujui dan memutuskan
penetapan penggunaan laba bersih tahun 2014
sebesar Rp 15.000.000 ribu sebagai cadangan
umum.
a. Based on deed No. 79 dated May 21, 2015 from
Yulia, S.H., notary in Jakarta, the stockholders
approved and determined the use of net profit in
2014 amounting to Rp 15,000,000 thousand as a
general reserve.

b. Berdasarkan Akta No. 72 tanggal 14 Mei 2014
dari Yulia, S.H., notaris di Jakarta, para
pemegang saham menyetujui dan memutuskan
penetapan penggunaan laba bersih tahun 2013:
- Sebesar Rp 15.000.000 ribu sebagai
cadangan umum.
- Sebesar Rp 123.005.400 ribu sebagai dividen
tunai yang dibagikan kepada pemegang
saham.
b. Based on deed No. 72 dated May 14, 2014 from
Yulia, S.H., notary in Jakarta, the stockholders
approved and determined the use of net profit in
2013:
- To Rp 15,000,000 thousand as a general
reserve.
- To Rp 123,005,400 thousand as cash
dividends to stockholders.

29. SAHAM YANG DIPEROLEH KEMBALI 29. TREASURY STOCKS

Persentase
terhadap saham
yang dikeluarkan/ Biaya perolehan
Jumlah saham/ Percentage to saham/
Number of shares issued shares Cost of shares
% Rp’000
Saham diperoleh kembali Treasury stocks at
pada 31 Desember 2013 - - - December 31, 2013
Ditambah: Perolehan tahun 2014 185.271.000 0,90 61.737.013 Add: Repurchase in 2014

Saham diperoleh kembali Treasury stocks at

pada 31 Desember 2014 185.271.000 0,90 61.737.013 December 31, 2014
Ditambah: Perolehan tahun 2015 951.067.300 4,64 411.099.363 Add: Repurchase in 2015

Saham diperoleh kembali Treasury stocks at

pada 31 Desember 2015 1.136.338.300 5,54 472.836.376 December 31, 2015

- 91 -

F-228
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

30. KEPENTINGAN NON-PENGENDALI 30. NON-CONTROLLING INTERESTS

31 Desember/December 31,
2015 2014 *)
Rp’000 Rp’000

a. Kepentingan non-pengendali atas a. Non-controlling interest in net

aset bersih entitas anak assets of subsidiaries
PT Arah Sejahtera Abadi 334.532.345 321.025.803 PT Arah Sejahtera Abadi
PT Sinar Menara Deli 295.297.343 221.867.179 PT Sinar Menara Deli
PT Bali Perkasasukses 287.947.894 251.383.491 PT Bali Perkasasukses
PT Pluit Propertindo 233.641.205 221.681.883 PT Pluit Propertindo
PT Alam Makmur Indah 158.068.472 161.035.627 PT Alam Makmur Indah
PT Pandega Citraniaga PT Pandega Citraniaga
dan entitas anak 157.363.899 127.752.087 and its subsidiaries
PT Wahana Sentra Sejati 147.183.823 58.926.925 PT Wahana Sentra Sejati
PT Caturmas Karsaudara 139.607.253 95.219.697 PT Caturmas Karsaudara
PT Buana Makmur Indah (d/h PT Buana Makmur Indah (formerly
PT Sumber Air Mas Pratama) 116.043.789 126.630.451 PT Sumber Air Mas Pratama)
PT Simprug Mahkota Indah 93.316.914 129.849.569 PT Simprug Mahkota Indah
PT Brilliant Sakti Persada 81.729.246 74.476.384 PT Brilliant Sakti Persada
PT JKS Realty 58.274.148 53.735.463 PT JKS Realty
PT Graha Cipta Kharisma 56.364.819 44.384.177 PT Graha Cipta Kharisma
PT Alam Hijau Teduh 26.130.525 64.332.519 PT Alam Hijau Teduh
PT Buana Surya Makmur PT Buana Surya Makmur
dan entitas anak 24.687.338 188.612 and its subsidiaries
PT Pesona Gerbang Karawang PT Pesona Gerbang Karawang
dan entitas anak 24.088.496 18.215.703 and its subsidiaries
PT Kharisma Bhakti Sejahtera 19.885.415 23.228.671 PT Kharisma Bhakti Sejahtera
PT Sentral Agung Indah 15.829.968 16.842.536 PT Sentral Agung Indah
PT Central Indah Palace 10.309.116 8.464.205 PT Central Indah Palace
PT Dimas Pratama Indah 9.345.899 (1.284.354) PT Dimas Pratama Indah
PT Griya Pancaloka 5.074.946 5.480.096 PT Griya Pancaloka
PT Tritunggal Lestari Makmur 4.090.638 5.952.555 PT Tritunggal Lestari Makmur
PT Tunas Karya Bersama 2.386.961 2.403.106 PT Tunas Karya Bersama
PT Central Cipta Bersama 1.344.411 1.454.163 PT Central Cipta Bersama
PT Intersatria Budi Karya Pratama 1.068.832 7.047.040 PT Intersatria Budi Karya Pratama
PT Putra Adhi Prima 420.487 217.633 PT Putra Adhi Prima
PT Tiara Metropolitan Indah 371.670 244.459 PT Tiara Metropolitan Indah
PT Cipta Pesona Karya 16.916 11.415 PT Cipta Pesona Karya
PT Karya Gemilang Perkasa 16.480 18.265 PT Karya Gemilang Perkasa
PT Central Tata Makmur 100 - PT Central Tata Makmur
PT Podomoro Bangun Abadi 100 - PT Podomoro Bangun Abadi
PT Podomoro Central Sejahtera 100 - PT Podomoro Central Sejahtera
PT Podomoro Sukses Lestari 100 - PT Podomoro Sukses Lestari
PT Kencana Unggul Sukses PT Kencana Unggul Sukses
dan entitas anak (41.430.345) (22.247.628) and its subsidiaries

Jumlah 2.263.009.303 2.018.537.732 Total

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

- 92 -

F-229
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

31 Desember/December 31,
2015 2014 *)
Rp’000 Rp’000
b. Kepentingan non-pengendali atas b. Non-controlling interest in net
laba (rugi) bersih entitas anak income (loss) of subsidiaries
PT Wahana Sentra Sejati 108.035.610 (15.736.678) PT Wahana Sentra Sejati
PT Sinar Menara Deli 73.430.164 (30.589.940) PT Sinar Menara Deli
PT Pluit Propertindo 49.879.832 22.558.045 PT Pluit Propertindo
PT JKS Realty 48.524.663 34.249.614 PT JKS Realty
PT Caturmas Karsaudara 44.387.556 77.224.697 PT Caturmas Karsaudara
PT Pandega Citraniaga PT Pandega Citraniaga
dan entitas anak 29.818.232 (10.374.708) and its subsidiaries
PT Arah Sejahtera Abadi 17.413.355 9.909.774 PT Arah Sejahtera Abadi
PT Dimas Pratama Indah 10.593.019 (9.965.923) PT Dimas Pratama Indah
PT Pesona Gerbang Karawang PT Pesona Gerbang Karawang
dan entitas anak 5.845.344 17.630.455 and its subsidiaries
PT Kharisma Bhakti Sejahtera 2.649.540 (2.696.102) PT Kharisma Bhakti Sejahtera
PT Brilliant Sakti Persada 2.560.622 (3.189.098) PT Brilliant Sakti Persada
PT Central Indah Palace 1.844.911 1.409.426 PT Central Indah Palace
PT Alam Hijau Teduh 1.808.719 52.482.564 PT Alam Hijau Teduh
PT Tiara Metropolitan Indah 207.452 173.988 PT Tiara Metropolitan Indah
PT Putra Adhi Prima 202.803 79.550 PT Putra Adhi Prima
PT Cipta Pesona Karya 5.510 3.186 PT Cipta Pesona Karya
PT Karya Gemilang Perkasa (1.784) (194) PT Karya Gemilang Perkasa
PT Tunas Karya Bersama (16.145) (18.302) PT Tunas Karya Bersama
PT Central Cipta Bersama (109.752) (351.219) PT Central Cipta Bersama
PT Griya Pancaloka (156.230) (1.501.283) PT Griya Pancaloka
PT Buana Surya Makmur PT Buana Surya Makmur
dan entitas anak (401.581) (203.219) and its subsidiaries
PT Sentral Agung Indah (1.012.568) 86.876 PT Sentral Agung Indah
PT Tritunggal Lestari Makmur (1.036.710) (1.137.272) PT Tritunggal Lestari Makmur
PT Intersatria Budi Karya Pratama (1.578.209) (125.137) PT Intersatria Budi Karya Pratama
PT Alam Makmur Indah (2.967.155) 14.323.869 PT Alam Makmur Indah
PT Graha Cipta Kharisma (3.019.358) (615.823) PT Graha Cipta Kharisma
PT Buana Makmur Indah (d/h PT Buana Makmur Indah (formerly
PT Sumber Air Mas Pratama) (10.662.356) (6.328.386) PT Sumber Air Mas Pratama)
PT Bali Perkasasukses (12.539.375) (2.581.108) PT Bali Perkasasukses
PT Kencana Unggul Sukses PT Kencana Unggul Sukses
dan entitas anak (19.365.296) (15.855.973) and its subsidiaries
PT Simprug Mahkota Indah (36.532.655) 310.887 PT Simprug Mahkota Indah
Jumlah 307.808.158 129.172.566 Total

Mutasi kepentingan non-pengendali adalah: Movement of non-controlling interest are as follows:

31 Desember/ December 31,

2015 2014 *)
Rp ’ 000 Rp ’ 000
Saldo awal 2.018.537.732 1.455.544.263 Beginning balance
Peningkatan modal dan uang muka Capital and advance for capital
setoran modal non-pengendali 93.592.640 535.331.660 increase of subsidiaries
Pembagian dividen dan uang muka Dividend of non-controlling interest
dividen kepentingan non-pengendali (156.128.020) (12.552.660) of subsidiaries
Pembelian sebagian kepemilikan Partial addition of interest in
saham entitas anak (816.988) (180.132.465) subsidiary
Penarikan modal kepentingan Withdrawal of capital of non-controlling
non-pengendali entitas anak - (1.418.800) interest of subsidiaries
Kenaikan nilai wajar kepentingan Increase in fair value of
non-pengendali karena non-controlling interest for
akuisisi entitas anak - 92.814.721 acquisition of subsidiaries
Penghasilan komprehensif lain 15.781 (221.553) Other comprehensive income
Laba bersih tahun berjalan 307.808.158 129.172.566 Profit for the year
Jumlah 2.263.009.303 2.018.537.732 Total

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

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F-230
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2013 AND FOR THE YEARS
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan) ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Ringkasan informasi keuangan pada masing-masing
entitas anak Grup yang memiliki kepentingan non-
pengendali yang material ditetapkan di bawah ini.
Ringkasan informasi keuangan di bawah ini
merupakan jumlah sebelum eliminasi intra grup.
Summarized financial information in respect of each
of the Group’s subsidiaries that has material non-
controlling interest is set out below. The summarized
financial information below represents amounts
before intragroup eliminations.

31 Desember 2015/December 31, 2015

Dividen yang
dibayarkan kepada
kepentingan
non-pengendali/ Kas masuk (keluar) bersih dari/
Dividens paid to Net cash inflow (outflow) from
Entitas anak/ Jumlah aset/ Jumlah liabilitas/ Laba tahun berjalan/ non-controlling Kegiatan operasi Kegiatan investasi Kegiatan pendanaan
Subsidiaries Total assets Total liabilities Profit for the year interests Operating activites Investing activities Financing activities
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000

ASA 1.003.130.228 166.799.369 43.533.387 4.000.000 68.785.510 10.385.185 (106.596.311)

PP 713.179.504 379.856.263 105.744.820 37.736.000 72.513.614 86.936.911 (163.011.800)
SMD 1.682.816.831 1.336.168.253 174.833.723 - 122.371.122 (5.523.008) (78.220.468)
PCN 1.038.340.467 885.268.667 85.195.811 - (13.899.175) (153.447.163) 159.636.269
CMK 349.364.196 80.987.630 88.799.779 - 68.023.507 3.295.234 (78.904.529)
WSS 464.497.144 172.833.145 348.501.977 19.750.000 (13.756.244) 4.551.021 (57.735.641)
AMI 529.337.304 2.463.509 (9.890.518) - (10.306.775) (4.682.327) 1.150.000
BPS 663.956.089 320.044.183 (20.009.155) - (31.235.628) (183.924.719) 222.582.896
BMI 563.958.522 413.915.136 (23.694.125) - (17.804.589) (49.772.660) 62.614.338

Jumlah/Total 7.008.580.285 3.758.336.155 793.015.699 61.486.000 244.691.342 (292.181.526) (38.485.246)

31 Desember 2014/December 31, 2014

Dividen yang
dibayarkan kepada
kepentingan
non-pengendali/ Kas masuk (keluar) bersih dari/
Dividens paid to Net cash inflow (outflow) from
Entitas anak/ Jumlah aset/ Jumlah liabilitas/ Laba tahun berjalan/ non-controlling Kegiatan operasi Kegiatan investasi Kegiatan pendanaan
Subsidiaries Total assets Total liabilities Profit for the year interests Operating activities Investing activities Financing activities
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000

ASA 1.103.388.522 300.824.015 24.774.435 - 96.015.887 9.615.006 (62.647.473)

PP 762.123.998 454.154.419 47.822.864 - 98.209.174 (15.546.555) (86.360.000)
SMD 1.331.830.788 1.160.015.933 (98.951.371) - 719.910.995 (477.423.244) (95.615.602)
PCN 783.173.198 714.707.136 (29.432.092) - (30.912.587) (106.359.692) 139.896.448
CMK 331.931.926 152.355.139 127.389.887 - (5.942.169) (143.931) 51.247.594
WSS 431.225.180 450.970.527 (50.963.462) - 163.376.115 5.705.826 82.395.610
AMI 537.711.566 947.253 47.746.231 - 10.235.422 1.452.610 (30.048.692)
BPS 466.217.271 202.500.683 (10.848.973) - (19.480.800) (111.829.861) 122.285.000
BMI 521.378.921 347.756.703 (14.062.729) - (13.456.744) (207.819.999) 217.661.992

Jumlah/Total 6.268.981.370 3.784.231.808 43.474.790 - 1.017.955.293 (902.349.840) 338.814.877

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

31. PENJUALAN DAN PENDAPATAN USAHA 31. SALES AND REVENUES

2015 2014
Rp’000 Rp’000

Penjualan: Sales:
Apartemen 1.283.562.944 1.682.398.451 Apartments
Rumah Tinggal 957.276.451 799.002.584 Houses
Kios 682.869.490 279.098.423 Kiosk
Rumah Kantor 540.309.550 640.304.683 Home Office
Perkantoran 307.678.724 131.660.021 Offices
Ballroom 223.649.418 - Ballroom
Rumah toko 210.212.005 388.176.700 Shophouses
Tanah 142.053.000 - Land

Jumlah 4.347.611.582 3.920.640.862 Total

Pendapatan: Revenues:
Sewa 888.951.286 795.305.341 Rent
Hotel 658.427.099 534.037.189 Hotels
Lain-lain 76.592.010 46.582.468 Others

Jumlah 1.623.970.395 1.375.924.998 Total

Jumlah 5.971.581.977 5.296.565.860 Total

Tidak terdapat penjualan dan pendapatan usaha dari There were no sales and revenues exceeding 10% of
satu pelanggan yang melebihi 10% dari jumlah the total sales that were earned from a single
penjualan dan pendapatan usaha. customer.

Penghasilan pembatalan penjualan, denda dan ganti
nama dan denda keterlambatan serah terima kepada
pelanggan sebagai bagian dari keuntungan lainnya -
bersih pada laporan laba rugi dan penghasilan
komprehensif lain konsolidasian, dengan rincian
sebagai berikut:
Fees from cancellation of sales, fines and change of
title and late delivery to customers are recorded as
part of other gain - net in the consolidated statements
of profit or loss and other comprehensive income, with
the following details:

2015 2014
Rp’000 Rp’000
Penghasilan pembatalan
penjualan, denda dan Income from cancellation,
ganti nama 36.949.638 79.045.208 fines and change of title
Denda keterlambatan serah
terima kepada pelanggan (5.306.807) (319.640) Late handover to customers

Jumlah 31.642.831 78.725.568 Total

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

32. BEBAN POKOK PENJUALAN DAN BEBAN 32. COST OF SALES AND DIRECT COSTS
LANGSUNG

2015 2014
Rp’000 Rp’000

Beban pokok penjualan (Catatan 9): Cost of sales (Note 9):

Apartemen 767.711.112 911.191.846 Apartments
Rumah tinggal 539.428.613 557.182.739 Houses
Rumah Kantor 267.865.915 340.492.367 Home Office
Kios 164.920.152 46.334.015 Kiosk
Ballroom 124.251.987 - Ballroom
Perkantoran 122.602.016 58.553.605 Offices
Tanah 90.586.643 - Land
Rumah toko 88.639.486 140.125.958 Shophouses

Jumlah 2.166.005.924 2.053.880.530 Total

Beban langsung: Direct costs:

Penyusutan (Catatan 14 Depreciation (Notes 14
dan 15) 327.277.369 300.192.847 and 15)
Hotel 285.526.004 217.966.772 Hotels
Keamanan 21.529.071 18.140.760 Security
Lainnya 80.347.127 51.554.264 Others

Jumlah 714.679.571 587.854.643 Total

Jumlah 2.880.685.495 2.641.735.173 Total

33. BEBAN PENJUALAN 33. SELLING EXPENSES

2015 2014
Rp’000 Rp’000

Pameran dan launching 103.278.038 123.977.093 Exhibition and launching

Komisi 97.254.644 56.801.596 Commission
Iklan dan brosur 82.036.281 91.451.987 Advertising and brochures
Promosi 59.668.527 84.655.237 Promotion
Penyusutan dan amortisasi Depreciation and amortization
(Catatan 15 dan 16) 15.124.059 12.314.438 (Notes 15 and 16)
Kantor pemasaran 5.434.927 3.178.363 Marketing office
Lain-lain 36.211.119 40.120.802 Others

Jumlah 399.007.595 412.499.516 Total

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PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

34. BEBAN UMUM DAN ADMINISTRASI 34. GENERAL AND ADMINISTRATIVE EXPENSES

2015 2014 *)
Rp’000 Rp’000

Gaji dan tunjangan 566.965.736 455.034.249 Salaries and allowances

Imbalan pasca kerja Post-employment benefits
(Catatan 24) 53.224.914 37.010.025 (Note 24)
Jasa manajemen 34.960.424 26.982.346 Management fee
Pajak bumi dan bangunan 34.449.349 27.089.852 Land and property tax
Listrik, air dan gas 31.678.836 30.597.601 Electricity, water and gas
Penyusutan (Catatan 15) 28.963.166 21.799.075 Depreciation (Note 15)
Asuransi 26.026.851 15.683.566 Insurance
Pemeliharaan 24.891.441 18.393.886 Maintenance
Keamanan dan kebersihan 24.716.015 16.420.122 Security and cleaning
Sumbangan 12.654.979 15.517.722 Donation
Pajak dan perizinan 11.789.021 10.448.384 Licenses and fees
Jasa profesional 9.734.222 11.009.926 Professional fees
Tax underpayment assessment
Surat ketetapan pajak (Catatan 37) 9.542.350 12.338.305 letter (Note 37)
Perjalanan dinas 9.469.236 10.293.200 Travelling expense
Sewa peralatan operasional 7.219.754 6.054.328 Equipment rental for operation
Telepon dan telex 6.486.931 5.899.028 Telephone and telefax
Keperluan kantor 5.784.762 4.784.908 Office expenses
Alat tulis dan perlengkapan
kantor 5.356.210 4.691.702 Office supplies
Lain-lain 99.711.168 84.718.537 Others

Jumlah 1.003.625.365 814.766.762 Total

35. PENGHASILAN BUNGA 35. INTEREST INCOME

2015 2014
Rp’000 Rp’000

Bunga 264.244.303 215.462.739 Interest

Jasa giro 3.224.585 5.106.975 Current account

Jumlah 267.468.888 220.569.714 Total

36. BEBAN BUNGA DAN KEUANGAN 36. INTEREST EXPENSE AND FINANCIAL CHARGES

2015 2014
Rp’000 Rp’000

Bunga 680.659.937 609.475.500 Interest

Administrasi 2.745.916 4.369.404 Administrative

Jumlah 683.405.853 613.844.904 Total

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

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F-234
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

37. BEBAN PAJAK FINAL DAN PAJAK PENGHASILAN 37. FINAL TAX EXPENSE AND INCOME TAX

a. Beban Pajak Final a. Final Tax Expense

Beban pajak final sehubungan dengan penjualan Final tax expense in connection with sale of
rumah, apartemen, perkantoran, rumah kantor, houses, apartments, office, home office ballroom,
ballroom, tanah dan rumah toko dan penyewaan land and shophouses and rental and service
dan jasa pengelolaan adalah sebagai berikut: charge are as follows:

2015 2014
Rp’000 Rp’000
Beban pajak final yang berasal dari: Final tax expense from:
Pengalihan hak atas tanah Transfer of rights over land
dan/atau bangunan 220.258.324 197.350.984 and/or buildings
Penyewaan dan jasa pengelolaan 92.008.403 83.329.426 Rental and service charge
Tax underpayment assessment
Surat ketetapan pajak 5.435.151 7.400.705 letter
Beban pajak final 317.701.878 288.081.115 Final tax expense

Perincian utang pajak final adalah sebagai berikut: The details of final tax payable are as follows:

2015 2014
Rp’000 Rp’000

Saldo awal tahun 103.662.119 132.722.555 Beginning balance

Penambahan utang pajak final Additional final tax payable due to
akuisisi entitas anak - 579.680 acquisition of subsidiaries
Beban pajak final atas pendapatan Final tax expense on revenues
usaha selama tahun berjalan 317.701.878 288.081.115 during the year
Mutasi bersih pajak final dibayar dimuka Net movement in the prepaid final
atas pendapatan diterima dimuka 73.672.638 47.202.986 tax on unearned revenues
Pajak final yang telah dipotong Final tax deducted by third party
pihak ketiga atau disetor Perusahaan or paid by the Company
tahun berjalan (413.410.505) (364.924.217) during the year
Saldo akhir tahun (Catatan 19) 81.626.130 103.662.119 Ending balance (Note 19)

Seluruh pendapatan Grup dikenakan pajak final All revenues from the Group are subjected to
kecuali untuk CIP, CPP, BSP, BPS, GPL, final tax, except for CIP, CPP, BSP, BPS, GPL,
AKS,TTLM dan SAI entitas anak yang dikenakan AKS, TTLM and SAI, subsidiaries, which are
pajak penghasilan tidak final. subjected to nonfinal income tax.

b. Pajak Penghasilan b. Income Tax

2015 2014
Rp’000 Rp’000
Beban pajak kini Current tax
Perusahaan The Company
Tahun berjalan 2.911.543 - Current year
Tahun sebelumnya 3.635.644 - Prior years
Entitas anak 5.462.772 4.986.319 Subsidiaries
Tax underpayment assessment
Surat ketetapan pajak letter
Perusahaan 14.235.725 - The Company
Entitas anak 286.645 264.744 Subsidiaries
Manfaat pajak tangguhan - Deferred tax benefit -
entitas anak (4.374.831) (47.831.165) subsidiaries
Jumlah beban (manfaat) pajak 22.157.498 (42.580.102) Total tax expense (benefit)

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F-235
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Rekonsiliasi antara laba sebelum pajak menurut The reconciliation between profit before tax per
laporan laba rugi dan penghasilan komprehensif consolidated statements of profit or loss and
lain konsolidasian dengan laba fiskal adalah other comprehensive income and taxable income
sebagai berikut: are as follows:

2015
Rp’000

Laba sebelum pajak menurut laporan
laba rugi dan penghasilan
komprehensif lain konsolidasian
Pendapatan dividen dari entitas anak
dan entitas asosiasi
Laba entitas anak sebelum pajak
Bagian laba bersih entitas asosiasi
Profit before tax per consolidated
statements of profit or loss and
1.138.920.945 other comprehensive income
Dividend income from subsidiaries and
475.833.500 associates
(1.238.735.072) Profit before tax of the subsidiaries
(110.803.136) Share in net income of associates

Laba sebelum pajak Perusahaan 265.216.237 Profit before tax of the Company

Pendapatan yang sudah diperhitungkan

atau dibayar pajak penghasilan final (288.596.596) Income subject to final tax

Rugi sebelum pajak dari pendapatan yang Loss before tax of non-final taxable
tidak terutang pajak penghasilan final (23.380.359) income

Perbedaan yang tidak dapat Differences which cannot be

diperhitungkan menurut fiskal: accounted for by fiscal:
Kesejahteraan karyawan 16.288.579 Employee welfare
Denda pajak 10.264.323 Tax penalty
Sumbangan 8.017.000 Donation
Lain-lain 456.629 Others

Jumlah 35.026.531 Total

Laba fiskal tahun berjalan 11.646.172 Taxable income current year

Beban pajak kini 2.911.543 Current tax expense

Dikurangi pajak penghasilan dibayar Less repayment of income taxes -

dimuka - Pasal 23 (1.259.487) Article 23

Utang pajak penghasilan non final Income tax payable non final
Perusahaan 1.652.056 The Company
Entitas anak 1.915.279 Subsidiaries

Utang pajak penghasilan non final 3.567.335 Income tax payable non final

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F-236
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/ DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG DECEMBER 31, 2013 AND FOR THE YEARS
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan) ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Pajak Tangguhan Deferred Tax

Rincian aset dan liabilitas pajak tangguhan adalah The details of the deferred tax assets and liabilities
sebagai berikut: are as follows:

Dikreditkan Dikreditkan
(dibebankan) (dibebankan)
Dikreditkan ke penghasilan Dikreditkan ke penghasilan
(dibebankan) komprehensif lain/ (dibebankan) komprehensif lain/
ke laba rugi/ Credited (charged) ke laba rugi/ Credited (charged)
Credited to other Credited to other
1 Januari/ (charged) to comprehensive 31 Desember/ (charged) to comprehensive 31 Desember/
January 1, profit or loss income during December 31, profit or loss income during December 31,
2014 during the year the year 2014 during the year the year 2015
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000

CPP CPP
Cadangan piutang tidak Allowance f or impairment
tertagih 117.859 (109.287) - 8.572 (8.572) - - losses
Liabilitas imbalan Post-employ ment
pasca kerja 187.098 452.200 1.872.945 2.512.243 556.179 (363.088) 2.705.334 benef its obligation

Aset pajak tangguhan 304.957 342.913 1.872.945 2.520.815 547.607 (363.088) 2.705.334 Def erred tax assets

BSP BSP
Rugi f iskal 9.168.250 3.103.064 - 12.271.314 2.380.042 - 14.651.356 Fiscal losses
Perbedaan antara Dif f erence between
peny usutan komersial commercial and
dan f iskal (1.098.623) (487.108) - (1.585.731) (697.845) - (2.283.576) f iscal

Aset pajak tangguhan 8.069.627 2.615.956 - 10.685.583 1.682.197 - 12.367.780 Def erred tax assets

GPL GPL
Rugi f iskal 18.943.108 39.987.566 - 58.930.674 5.876.821 - 64.807.495 Fiscal losses
Perbedaan antara Dif f erence between
peny usutan komersial commercial and
dan f iskal (906.401) (4.658.219) - (5.564.620) (5.348.203) - (10.912.823) f iscal
Liabilitas imbalan Post-employ ment
pasca kerja 385.400 321.842 (314.113) 393.129 (264.228) (98.181) 30.720 benef its obligation

Aset pajak tangguhan 18.422.107 35.651.189 (314.113) 53.759.183 264.390 (98.181) 53.925.392 Def erred tax assets

SAI SAI
Rugi f iskal 2.518.651 188.690 - 2.707.341 900.437 - 3.607.778 Fiscal losses
Perbedaan antara Dif f erence between
peny usutan komersial commercial and
dan f iskal (63.831) (151.981) - (215.812) (151.982) - (367.794) f iscal
Cadangan piutang tidak Allowance f or impairment
tertagih 1.050 (1.050) - - (375.000) - (375.000) losses
Amortisasi sewa tanah (187.500) (93.750) - (281.250) 315.403 - 34.153 Amortization of land lease

Aset pajak tangguhan 2.268.370 (58.091) - 2.210.279 688.858 - 2.899.137 Def erred tax assets

AKS AKS
Rugi f iskal 217.915 72.307 - 290.222 54.702 - 344.924 Fiscal losses

Aset pajak tangguhan 217.915 72.307 - 290.222 54.702 - 344.924 Def erred tax assets

BPS BPS
Rugi f iskal - 9.096.830 - 9.096.830 944.052 - 10.040.882 Fiscal losses
Liabilitas imbalan Post-employ ment
pasca kerja (1.017) 204.688 3.457 207.128 182.616 (70.597) 319.147 benef its obligation

Aset (liabilitas) pajak Def erred tax assets

tangguhan (1.017) 9.301.518 3.457 9.303.958 1.126.668 (70.597) 10.360.029 (liabilities)

TTLM TTLM
Liabilitas imbalan Post-employ ment
pasca kerja - - - - 105.035 18.265 123.300 benef its obligation

Aset pajak tangguhan - - - - 105.035 18.265 123.300 Def erred tax assets

Jumlah aset pajak tangguhan 29.281.959 47.925.792 1.562.289 78.770.040 4.469.457 (513.601) 82.725.896 Total def erred tax assets

CIP CIP
Perbedaan antara Dif f erence between
peny usutan komersial commercial and
dan f iskal (170.219) (94.627) - (264.846) (94.626) - (359.472) f iscal

Liabilitas pajak tangguhan (170.219) (94.627) - (264.846) (94.626) - (359.472) Def erred tax liabilities

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F-237
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Surat Ketetapan Pajak dan Surat Tagihan Pajak Tax Assessment Letter and Tax Collection Letter

Selama tahun 2015, Grup menerima Surat
Ketetapan Pajak Kurang Bayar (SKPKB) dan
Surat Tagihan Pajak (STP) atas pajak
penghasilan dan pajak pertambahan nilai untuk
masa pajak tahun 2010 – 2015 dengan nilai
sebesar Rp 110.459.522 ribu.
In 2015, the Group received Tax Underpayment
assessment letter (SKPKB) and Tax Collection
Letter (STP) for income taxes and value added
tax for fiscal year 2010 – 2015 amounting to
Rp 110,459,522 thousand.

Selama tahun 2014, Grup menerima SKPKB dan In 2014, the Group received SKPKB and STP for
STP atas pajak penghasilan dan pajak income taxes and value added tax for fiscal year
pertambahan nilai untuk masa pajak tahun 2009 – 2009 – 2012 amounting to Rp 37,434,764
2012 dengan nilai sebesar Rp 37.434.764 ribu. thousand.

Atas penerbitan SKPKB dan STP pada tahun For the issued SKPKB and STP in 2015 and
2015 dan 2014, Grup mencatat beban dengan 2014, the Group recorded expense with details
rincian sebagai berikut as follow:
2015 2014
Rp’000 Rp’000
Beban umum dan administrasi General and administrative expenses
(Catatan 34) 9.542.350 12.338.305 (Note 34)
Beban lain-lain 26.194.360 17.431.010 Other expenses
Beban pajak Tax expense
Beban pajak final 5.435.151 7.400.705 Final tax expense
Pajak penghasilan 14.522.370 264.744 Income tax
Jumlah 55.694.231 37.434.764 Total
Selain dari SKPKB dan STP yang tercatat diatas, Apart from the above SKPKB and STP, the
Grup masih dalam tahap mengajukan banding Group is still in the process of proposing an
atau keberatan. appeal or objection.

38. LABA PER SAHAM 38. EARNINGS PER SHARE

2015 2014 *)
Rp’000 Rp’000
Laba Earnings
Laba untuk perhitungan Earnings for computation of
laba per saham 808.955.289 851.791.359 earnings per share

Jumlah Saham Lembar/Shares Lembar/Shares Number of shares

Jumlah rata-rata tertimbang saham
biasa untuk perhitungan laba
bersih per saham dasar:
Jumlah saham ditempatkan
dan disetor
Rata-rata tertimbang saham
diperoleh kembali
Jumlah rata-rata tertimbang
saham untuk tujuan perhitungan
laba per saham dasar
Efek saham berpotensi dilusi yang
timbul dari opsi saham karyawan
dan manajemen
Jumlah rata-rata tertimbang saham
untuk tujuan perhitungan laba
bersih per saham dilusian
Weighted average number of
ordinary shares for computation
of basic earnings per share
Total subscribed and fully
20.500.900.000 20.500.900.000 paid-up capital
Weighted average of treasury
(994.511.261) (6.707.878) stock
Weighted average number of
ordinary shares for computation
19.506.388.739 20.494.192.122 of basic earnings per share
Effect of dilutive potential ordinary
shares arising from employee and
19.831.191 - management stock option
Weighted average number of shares
for the calculation of diluted
19.526.219.930 20.494.192.122 earnings per share

Perusahaan tidak menghitung laba per saham
dilusian pada tahun 2014 karena Perusahaan tidak
mempunyai efek berpotensi saham dilutif untuk
tahun yang berakhir 31 Desember 2014.
*) Disajikan kembali (Catatan 2)
The Company did not compute the diluted earnings
per share in 2014 as the Company has no dilutive
potential ordinary shares for the year ended
December 31, 2014.
*) As restated (Note 2)

- 101 -

F-238
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Pengaruh perubahan kebijakan akuntansi Impact of changes in accounting policies

Laba per saham tahun 2014 telah dihitung kembali Earnings per share in 2014 has been recalculated
sehubungan dengan penyajian kembali laporan related to the restatement of consolidated financial
keuangan tahun 2014 atas penerapan PSAK seperti statements in 2014 in the application of PSAK as
dijelaskan pada Catatan 2. described in Note 2.

39. AKUISISI ENTITAS ANAK 39. ACQUISITION OF SUBSIDIARIES

Akuisisi Entitas Anak pada Tahun 2014 Acquisition of Subsidiaries in 2014

a. Pada bulan Januari 2014, Perusahaan a. In January 2014, the Company acquired 69%
mengakuisisi 69% saham WSS melalui pembelian ownership in WSS through the purchase of
27.600.000 lembar saham WSS milik pihak 27,600,000 shares from third party. The Company
ketiga. Perusahaan mengakui/mencatat aset dan recognized the assets and liabilities of WSS at fair
liabilitas WSS dengan menggunakan nilai wajar values as of January 31, 2014.
aset bersih pada tanggal 31 Januari 2014.

b. Pada bulan Juli 2014, Perusahaan mengakuisisi
50,01% saham CMK melalui pembelian 3.601
lembar saham CMK milik pihak ketiga.
Perusahaan mengakui/mencatat aset dan
liabilitas CMK dengan menggunakan nilai wajar
aset bersih pada tanggal 30 Juni 2014.
b. In July 2014, the Company acquired 50.01%
ownership in CMK through the purchase of 3,601
shares from third party. The Company recognized
the assets and liabilities of CMK at fair values as
of June 30, 2014.

c. Pada bulan September 2014, Perusahaan
mengakuisisi 85% saham GCK melalui pembelian
850 lembar saham GCK milik pihak ketiga.
Perusahaan mengakui/ mencatat aset dan
liabilitas GCK dengan menggunakan nilai wajar
aset bersih pada tanggal 30 September 2014.
c. In September 2014, the Company acquired 85%
ownership in GCK through the purchase of 850
shares from third party. The Company recognized
the assets and liabilities of GCK at fair values as
of September 30, 2014.

Transaksi akuisisi WSS, CMK dan GCK dihitung Acquisition transaction of WSS, CMK and GCK is
dengan menggunakan nilai wajar aset bersih dengan calculated using the fair value of net assets with
perincian sebagai berikut: details as follows:

WSS CMK GCK

Rp’000 Rp’000 Rp’000
Aset Assets
Kas dan setara kas 51.275.113 24.588.186 6.463.375 Cash and cash equivalents
Aset real estat 428.545.952 153.263.984 405.625.289 Real estate assets
Aset tetap 2.574.533 940.666 233.993 Property and equipment
Aset lain-lain 24.666.367 16.046.578 1.688.935 Other assets

Jumlah 507.061.965 194.839.414 414.011.592 Total

Liabilitas Liabilities
Liabilitas lain-lain 138.006.897 158.839.414 413.011.592 Other liabilities
Utang bank 128.185.000 - - Bank loan

Aset bersih 240.870.068 36.000.000 1.000.000 Net assets

Tidak ada goodwill atau keuntungan dengan diskon No goodwill and bargain on purchase were arising
yang dicatat atas transaksi akuisisi WSS, CMK dan from the acquisition of WSS, CMK and GCK.
GCK.

- 102 -

F-239
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

Arus kas keluar bersih dan kontribusi rugi bersih Net cash outflow and contributed net loss arising from
yang timbul dari akuisisi WSS, CMK dan GCK the acquisition of WSS, CMK and GCK are as follows:
adalah sebagai berikut:

WSS CMK GCK

Rp’000 Rp’000 Rp’000

Biaya akuisisi 166.200.347 18.005.000 850.000 Acquisition cost

Uang muka investasi saham (166.200.347) - - Advances for investment in shares
Kas dan setara kas Less: Cash and cash
diperoleh (51.275.113) (24.588.186) (6.463.375) equivalents acquired

Arus kas masuk bersih (51.275.113) (6.583.186) (5.613.375) Net cash inflow on acquisition

Kontribusi rugi bersih (957.654) (26.903.396) (8.785.780) Contributed net loss

40. PENGUNGKAPAN TAMBAHAN ATAS AKTIVITAS








INVESTASI DAN PENDANAAN NONKAS



 







Penambahan aset tetap melalui :
Reklasifikasi dari aset real estat 173.893.459
Utang usaha kepada pihak ketiga
Kapitalisasi biaya pinjaman
Utang pembelian aset tetap
Akuisisi entitas anak
Reklasifikasi ke biaya ditangguhkan
Penambahan aset tidak lancar yang
tersedia untuk dijual melalui
reklasifikasi aset tetap
Penambahan properti investasi melalui :
Reklasifikasi dari aset real estat 709.065.429
Utang usaha kepada pihak ketiga 240.372.264
Reklasifikasi dari aset tetap
Kapitalisasi biaya pinjaman
Penambahan biaya ditangguhkan melalui
utang usaha
Reklasifikasi uang muka investasi saham
menjadi investasi saham
Penambahan utang bank melalui
akuisisi entitas anak
40. 
2015 2014
Rp ’ 000 Rp ’ 000
Addition in property and equipment from:
33.667.329 Reclassification from real estate assets
15.330.387 113.049.215 Accounts payable to third parties
10.764.259 - Capitalization of borrowing costs
Liabitilities for purchases of property
1.158.740 1.192.227 and equipment
- 3.749.192 Acquisition of subsidiaries
- 366.914 Reclassification from deferred charges
Addition of non-current asset held for sale
through reclassification of property
- 18.531.304 and equipment
Addition in investment properties from :
- Reclassification from real estate assets
35.526.826 Accounts payable to third parties
38.065.793 - Reclassification from property and equipment
- 15.478.024 Capitalization of borrowing costs
Increase in deferred charges through
- 2.833 accounts payable
Reclassification from advances for investment
- 166.200.347 in stock to investment in stock
Increase in bank loans through
- 128.185.000 acquisition of subsidiaries
- 103 -
F-240
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

41. SIFAT DAN TRANSAKSI PIHAK BERELASI 41. NATURE OF RELATIONSHIP AND
TRANSACTIONS WITH RELATED PARTIES

Sifat Berelasi Nature of Relationship

a. PT Indofica dan Trihatma Kusuma Haliman a. PT Indofica and Trihatma Kusuma Haliman
(pada tahun 2014) merupakan pemegang (in 2014) are the controlling stockholders of the
saham pengendali Perusahaan. Companies.

b. PT Citra Gemilang Nusantara dan PT Manggala b. PT Citra Gemilang Nusantara and PT Manggala
Gelora Perkasa merupakan entitas asosiasi. Gelora Perkasa are associated companies.

c. Perusahaan yang dikendalikan oleh salah c. Companies which are controlled by a key
seorang personil manajemen kunci Perusahaan: management personnel of the Company:

− PT Sunter Agung − PT Bangun Mitra Mandiri

− PT Central Prima Kelola
− PT Cahaya Utama Sejahtera
− PT Lautan Kencana Makmur
− PT Saranapratama Arthamandiri
− PT Pradani Sukses Abadi
− PT Sejahtera Kelola Abadi
− PT Cahaya Mitra Sejahtera
− PT Prima Buana Internusa
− PT Dian Ikrar Perkasa
− PT Sakti Kelola Persada
− PT Pandega Citra Kelola
− PT Jakarta Realty

Transaksi-transaksi dengan Pihak Berelasi Transactions with Related Parties

a. Perusahaan menyediakan manfaat pada a. The Company provides benefits to its

Komisaris dan Direksi sebagai berikut: Commisioners and Directors as follows:

2015 2014
Rp’000 Rp’000

Dewan Direksi Board of Directors

Gaji dan tunjangan 11.405.659 20.936.717 Salaries and allowances

Dewan Komisaris Board of Commissioners

Gaji dan tunjangan 4.726.420 4.219.200 Salaries and allowances

Jumlah 16.132.079 25.155.917 Total

b. Trihatma Kusuma Haliman memberikan jaminan b. Trihatma Kusuma Haliman provide personal
pribadi (personal guarantee) atas utang bank guarantee for the credit facilities of bank loans
yang diterima Grup (Catatan 20). received by the Group (Note 20).

c. Grup mengadakan perjanjian pengelolaan Mal c. The Group entered into Central Park Mall and
Central Park dan Mal The Plaza Balikpapan The Plaza Balikpapan Mall building
dengan PT Central Prima Kelola dan management agreement with PT Central Prima
PT Pandega Citra Kelola (Catatan 43b dan 43s). Kelola and PT Pandega Citra Kelola (Notes 43b
and 43s).

Untuk tahun yang berakhir 31 Desember 2015 For the year ended December 31, 2015 and
dan 2014, biaya jasa manajemen yang dicatat 2014, management fee recorded by the Group
oleh Perusahaan masing-masing sebesar amounted to Rp 720,000 thousand.
Rp 720.000 ribu.

d. Perusahaan mengadakan perjanjian pinjam d. The Company entered into agreement for the
pakai merek dan ciptaan dengan Trihatma rights to use the brand names and icon of
Kusuma Haliman seperti dijelaskan pada Trihatma Kusuma Haliman as described in
Catatan 43e. Note 43e.

- 104 -

F-241
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA 31 DESEMBER 2015 DAN 2014 (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
ENDED DECEMBER 31, 2015 AND 2014 (Continued)

e. Grup juga melakukan perjanjian dengan e. The Group also entered into agreements with
PT Prima Buana Internusa dan PT Dian Ikrar PT Prima Buana Internusa and PT Dian Ikrar
Perkasa atas jasa manajemen, jasa pengelolaan Perkasa for management services, apartments
apartemen dan perkantoran serta jasa and office management services, information
penyediaan dan pengelolaan informasi, provider and management services,
telekomunikasi dan multimedia. telecommunications and multimedia.

f. Grup mempunyai transaksi diluar usaha dengan f. The Group entered into non-trade transactions
pihak-pihak berelasi seperti yang diungkapkan with related parties as described in Note 7.
dalam Catatan 7.

Saldo aset dan liabilitas yang timbul atas transaksi The balance of assets and liabilities arising from the
tersebut diatas adalah sebagai berikut: transactions above are as follows:

2015 2014

Piutang lain-lain (Rp’000) 18.773.279 27.695.038 Other accounts receivable (Rp’000)

Persentase terhadap jumlah aset 0,08% 0,12% Percentage to total assets

Utang lain-lain (Rp’000) 19.613.799 11.850.342 Other accounts payable (Rp’000)

Persentase terhadap jumlah liabilitas 0,13% 0,08% Percentage to total liabilities

42. INFORMASI SEGMEN 42. SEGMENT INFORMATION

Grup melaporkan segmen-segmen berdasarkan The Group’s reportable segments under PSAK 5
PSAK 5 (revisi 2009) berdasarkan segmen usaha dan (revised 2009) are based on their business and
segmen geografis. geographical segment.

Segmen Usaha Business Segment

Grup melakukan kegiatan usaha sebagai berikut: The Group are engaged in the following businesses:

I. Penjualan I. Sales
- Apartemen - Apartments
- Perkantoran - Offices
- Rumah tinggal - Houses
- Rumah toko dan Kios - Shophouses and Kiosk
- Rumah kantor - Home offices

II. Hotel II. Hotel

III. Pendapatan sewa pusat perbelanjaan III. Rental income shopping centres

- 105 -

F-242
 PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/31 DESEMBER 2013 SERTA UNTUK DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/DECEMBER 31, 2013 AND
TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) FOR THE YEARS THEN ENDED (Continued

Berikut ini adalah informasi segmen berdasarkan segmen usaha: The following are segment information based on business segment:
31 Desember/December 31, 2015
Pendapatan
Sewa Pusat
Perbelanjaan/
Penjualan/Sales Rental income
Apartemen/ Perkantoran/ Rumah tinggal/ Rumah toko dan Kios/ Rumah Kantor/ Lain-lain/ from Shopping Jumlah/ Eliminasi/ Konsolidasian/
Apartments Offices Houses Shophouses and Kiosk Home Office Others Hotel center Total Elimination Consolidated
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
PENJUALAN DAN PENDAPATAN USAHA 1.283.562.944 307.678.724 957.276.451 893.081.495 540.309.550 365.702.418 658.427.099 1.003.923.750 6.009.962.431 (38.380.454) 5.971.581.977 SALES AND REVENUES

BEBAN POKOK PENJUALAN DAN COST OF SALES AND DIRECT

BEBAN LANGSUNG 754.842.515 124.918.789 536.767.011 236.278.611 275.404.135 214.838.630 427.080.967 309.015.181 2.879.145.839 1.539.656 2.880.685.495 COSTS

LABA KOTOR 528.720.429 182.759.935 420.509.440 656.802.884 264.905.415 150.863.788 231.346.132 694.908.569 3.130.816.592 (39.920.110) 3.090.896.482 GROSS PROFIT

Penghasilan (beban) y ang tidak dapat Unallocated income (expense)

dialokasikan
Beban penjualan (399.007.595) - (399.007.595) Selling expenses
Beban umum dan administrasi (1.050.029.300) 46.403.935 (1.003.625.365) General and administrativ e expenses
Beban pajak f inal (317.701.878) - (317.701.878) Final tax expense
Bagian laba bersih entitas asosiasi 110.803.136 - 110.803.136 Share in net income of asssociates
Penghasilan bunga 269.461.281 (1.992.393) 267.468.888 Interest income
Interest expense and f inancial
Beban bunga dan keuangan (685.398.246) 1.992.393 (683.405.853) charges

F-243
Keuntungan lainny a - bersih 118.377.822 (44.884.692) 73.493.130 Other gains - net

Laba sebelum pajak 1.138.920.945 Prof it bef ore tax

STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 846.875.516 34.977.567 454.798.124 1.102.616.452 119.103.123 - 3.074.445.390 5.744.662.935 11.377.479.107 1.412.646.856 12.790.125.963 Segment assets
Inv estasi kepada entitas asosiasi 245.937.448 - 245.937.448 Inv estment in associates
Aset y ang tidak dapat dialokasikan 21.499.297.521 (9.976.185.944) 11.523.111.577 Unallocated assets

Jumlah aset konsolidasian 24.559.174.988 Consolidated total assets

Liabilitas segmen 1.343.346.310 294.968.824 1.486.083.232 1.077.876.138 354.816.564 - 1.522.471.648 1.751.082.339 7.830.645.055 - 7.830.645.055 Segment liabilities
Liabilitas y ang tidak dapat dialokasikan 9.792.374.404 (2.136.513.399) 7.655.861.005 Unallocated liabilities

Jumlah liabilitas konsolidasian 15.486.506.060 Consolidated total liabilities

INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 1.536.552 5.375.877 323.485.539 258.870.134 589.268.102 - 589.268.102 Capital expenditure
Pengeluaran modal y ang tidak Unallocated capital
dapat dialokasikan 443.187.144 expenditure
Peny usutan dan amortisasi 357.901.298 Depreciation and amortization

- 106 -
 PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/31 DESEMBER 2013 SERTA UNTUK DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/DECEMBER 31, 2013 AND
TAHUN-TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan) FOR THE YEARS THEN ENDED (Continued

31 Desember/December 31, 2014 *)

Pendapatan
Sewa Pusat
Perbelanjaan/
Penjualan/Sales Rental income
Apartemen/ Perkantoran/ Rumah tinggal/ Rumah toko dan Kios/ Rumah Kantor/ from Shopping Jumlah/ Eliminasi/ Konsolidasian/
Apartments Offices Houses Shophouses and Kiosk Home Office Hotel center Total Elimination Consolidated
Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000
LAPORAN LABA RUGI DAN PENGHASILAN STATEMENTS OF PROFIT OR LOSS
KOMPREHENSIF LAIN AND OTHER COMPREHENSIVE INCOME
PENJUALAN DAN PENDAPATAN USAHA 1.682.398.451 131.660.021 799.002.583 668.632.385 640.304.683 530.749.105 882.199.474 5.334.946.702 (38.380.842) 5.296.565.860 SALES AND REVENUES

BEBAN POKOK PENJUALAN DAN COST OF SALES AND DIRECT

BEBAN LANGSUNG 909.355.428 57.731.609 555.112.377 183.670.175 336.652.311 340.135.298 269.908.169 2.652.565.367 (10.830.194) 2.641.735.173 COSTS

LABA KOTOR 773.043.023 73.928.412 243.890.206 484.962.210 303.652.372 190.613.807 612.291.305 2.682.381.335 (27.550.648) 2.654.830.687 GROSS PROFIT

Penghasilan (beban) y ang tidak dapat Unallocated income (expense)

dialokasikan
Beban penjualan (410.013.607) (2.485.909) (412.499.516) Selling expenses
Beban umum dan administrasi (854.476.128) 39.709.366 (814.766.762) General and administrativ e expenses
Pajak penghasilan f inal (288.081.115) - (288.081.115) Final income tax
Bagian laba bersih entitas asosiasi 89.338.264 - 89.338.264 Share in net income of asssociates
Penghasilan bunga 223.404.776 (2.835.062) 220.569.714 Interest income
Interest expense and f inancial
Beban bunga dan keuangan (616.679.836) 2.834.932 (613.844.904) charges
Keuntungan lainny a - bersih 136.248.524 (33.411.069) 102.837.455 Other gains - net

F-244
Laba sebelum pajak 938.383.823 prof it bef ore tax

STATEMENTS OF FINANCIAL
LAPORAN POSISI KEUANGAN POSITION
Aset segmen 990.966.205 42.088.313 482.125.876 900.830.644 49.980.257 2.785.352.335 5.290.889.804 10.542.233.434 1.423.783.866 11.966.017.300 Segment assets
Inv estasi kepada entitas asosiasi 203.193.952 203.193.952 Inv estment in associates
Aset y ang tidak dapat dialokasikan 20.428.251.341 (8.911.724.749) 11.516.526.592 Unallocated assets

Jumlah aset konsolidasian 23.685.737.844 Consolidated total assets

Liabilitas segmen 1.465.453.586 95.231.196 1.581.197.854 1.100.499.148 9.043.340 1.813.986.461 1.311.473.039 7.376.884.624 - 7.376.884.624 Segment liabilities
Liabilitas y ang tidak dapat dialokasikan 10.290.832.662 (2.411.559.942) 7.879.272.720 Unallocated liabilities

Jumlah liabilitas konsolidasian 15.256.157.344 Consolidated total liabilities

INFORMASI LAINNYA OTHER INFORMATION

Pengeluaran modal 750.638 - 66.446 - - 468.337.033 146.501.966 615.656.083 - 615.656.083 Capital expenditure
Pengeluaran modal y ang tidak Unallocated capital
dapat dialokasikan 365.485.705 expenditure
Peny usutan dan amortisasi 322.236.732 Depreciation and amortization

*) Disajikan kembali (Catatan 2) *) As restated (Note 2)

- 107 -
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015, 2014 DAN 1 JANUARI 2014/
31 DESEMBER 2013 SERTA UNTUK TAHUN-TAHUN YANG
BERAKHIR PADA TANGGAL TERSEBUT (Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015, 2014 AND JANUARY 1, 2014/
DECEMBER 31, 2013 AND FOR THE YEARS
THEN ENDED (Continued)

Penjualan dan pendapatan usaha berdasarkan pasar Sales and revenues by geographical market

Berikut ini adalah jumlah penjualan dan pendapatan The following table shows the distribution of the
usaha Grup berdasarkan pasar geografis: Group’s consolidated sales and revenues from
external customers by geographical market:

2015 2014
Rp’000 Rp’000

Jakarta 3.305.787.202 3.694.221.316 Jakarta

Jawa Barat 1.343.247.147 1.300.472.049 West Java
Medan 506.909.035 - Medan
Bali 347.201.438 226.023.822 Bali
Balikpapan 276.315.221 75.848.673 Balikpapan
Batam 192.121.934 - Batam

Jumlah 5.971.581.977 5.296.565.860 Total

Nilai tercatat aset tidak lancar berdasarkan wilayah The following table shows the carrying amount of
geografis atau lokasi aset tersebut: non-current assets by geographical area in which the
assets are located:

31 Desember/December 31,
2015 2014
Rp’000 Rp’000

Jakarta 9.142.398.218 8.246.089.103 Jakarta

Bali 2.140.007.588 2.002.269.272 Bali
Jawa Barat 1.936.355.809 1.831.474.721 West Java
Balikpapan 736.785.224 519.291.619 Balikpapan
Medan 627.408.763 3.948.304 Medan
Makassar 159.186.881 144.704.156 Makassar
Batam 35.316.105 19.409.403 Batam

Jumlah 14.777.458.588 12.767.186.578 Total

Nilai tercatat aset segmen dan tambahan aset tetap The following table shows the carrying amount of
dan properti investasi berdasarkan wilayah geografis segment assets and additions to property and
atau lokasi aset tersebut: equipment and investment properties by geographical
area in which the assets are located:

Nilai tercatat Penambahan aset tetap

aset segmen/ dan properti investasi/
Carrying amount of Additions to property and equipment
segment assets and investment properties
31 Desember/December 31, 31 Desember/December 31,
2015 2014 2015 2014
Rp’000 Rp’000 Rp’000 Rp’000
Jakarta 8.497.914.353 8.166.102.900 344.221.336 327.823.250 Jakarta
Bali 1.931.393.474 1.796.513.443 231.545.249 382.790.372 Bali
Jawa Barat 1.333.232.434 1.204.583.623 210.800.128 136.290.566 West Java
Balikpapan 959.729.594 733.082.786 243.157.429 130.066.745 Balikpapan
Batam 56.397.650 - 846.806 1.306.773 Batam
Makassar 10.310.161 65.734.548 - - Makassar
Medan 1.148.297 - 1.884.298 2.864.082 Medan

Jumlah 12.790.125.963 11.966.017.300 1.032.455.246 981.141.788 Total

- 108 -

F-245
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
43. IKATAN
a. Grup mengadakan perjanjian dengan beberapa
bank dalam rangka penyediaan fasilitas kredit
kepada pembeli untuk pemilikan rumah toko,
rumah kantor, apartemen dan perkantoran milik
Grup sebagai berikut:
1. Perusahaan mengadakan perjanjian
kerjasama dengan Bank Permata dan Bank
CIMB Niaga di mana bank-bank tersebut
akan menyediakan fasilitas kredit kepada
pembeli untuk pemilikan rumah toko, rumah
kantor, Apartemen Royal Mediterania Garden
Residence dan Garden Shopping Arcade.
2. Perusahaan mengadakan perjanjian kerja
sama dengan Bank DKI dan Bank Tabungan
Negara untuk menyediakan fasilitas kredit
kepada pembeli untuk pemilikan Apartemen
Gading Nias.
3. Perusahaan dan beberapa perusahaan
lainnya dalam Grup Agung Podomoro,
melakukan perjanjian kerjasama dengan
Bank Maybank Indonesia (d/h Bank
Internasional Indonesia). Besarnya alokasi
dana kerjasama dalam bentuk fasilitas kredit
yang diberikan Bank kepada calon pembeli
unit yang dibangun oleh pengembang adalah
sebesar Rp 100.000.000 ribu. Atas pemberian
Fasilitas Kredit Kepemilikan Apartemen (KPA)
oleh Bank maka Grup menjaminkan deposito
berjangka dalam mata uang Rupiah dan
dicatat dalam aset keuangan lainnya
(Catatan 12).
4. ASA mengadakan perjanjian kerjasama
pemberian fasilitas Kredit Kepemilikan
Apartemen (KPA) dengan Bank Rakyat
Indonesia, Bank Permata, Bank CIMB Niaga,
Bank Maybank Indonesia (d/h Bank
Internasional Indonesia) dan Bank Victoria
International.
5. PGK mengadakan perjanjian kerjasama
pemberian fasilitas Kredit Kepemilikan Rumah
(KPR) dengan Bank Maybank Indonesia (d/h
Bank Internasional Indonesia), Bank Permata,
Bank Negara Indonesia, Bank CIMB Niaga,
Bank Pembangunan Daerah Jawa Barat dan
Banten, Bank Danamon Indonesia, Bank
Mandiri, dan Bank Tabungan Negara.
6. CPKA, AHT dan TMI mengadakan perjanjian
kerja sama pemberian fasilitas Kredit
Kepemilikan Apartemen (KPA) dengan Bank
Tabungan Negara.
7. CPKA dan SMD mengadakan perjanjian
kerjasama pembelian Fasilitas Kredit
Kepemilikan Apartemen (KPA) dengan Bank
Maybank Indonesia (d/h Bank Internasional
Indonesia) dan Bank UOB.
8. Pada tanggal 29 April 2014, terdapat
Perjanjian Kerjasama Pemberian Fasilitas
Kredit Kepemilikan Kios/Counter dengan
Jaminan Membeli Kembali antara PCN
dengan Bank Tabungan Negara.
- 109 -
F-246
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
43. COMMITMENTS
a. The Group entered into agreements with several
banks, wherein such banks will provide credit
facilities to the buyers of shophouses, offices
houses, apartments and offices of the Group as
follows:
1. The Company entered into an agreement with
Bank Permata and Bank CIMB Niaga, where
the banks will provide credit facilities to the
buyers of shophouses, office houses, Royal
Mediterania Garden Apartment Residence
and Garden Shopping Arcade.
2. The Company entered into agreements with
Bank DKI and Bank Tabungan Negara to
provide credit facilities to the buyers of
Gading Nias Apartment.
3. The Company and several other companies
in the Agung Podomoro Group, entered into
agreements with Bank Maybank Indonesia
(formerly Bank Internasional Indonesia). The
allocated funds in the form of credit facility
provided by the Bank to prospective buyers of
unit to be constructed amounted to
Rp 100,000,000 thousand. For this facilitiy
provided by the bank, the Group pledged its
time deposits denominated in Rupiah as
collateral and recorded as part of other
financial assets (Note 12).
4. ASA entered into agreements on granting
Credit Facility for apartment ownership (KPA)
with Bank Rakyat Indonesia, Bank Permata,
Bank CIMB Niaga, Bank Maybank Indonesia
(formerly Bank Internasional Indonesia) and
Bank Victoria International.
5. PGK entered into agreements on granting
Credit Facility for house ownership (KPR) with
Bank Maybank Indonesia (formerly Bank
Internasional Indonesia), Bank Permata,
Bank Negara Indonesia, Bank CIMB Niaga,
Bank Pembangunan Daerah Jawa Barat dan
Banten, Bank Danamon Indonesia, Bank
Mandiri, and Bank Tabungan Negara.
6. CPKA, AHT and TMI entered into agreements
on granting Credit Facility for apartment
ownership (KPA) with Bank Tabungan
Negara.
7. CPKA and SMD entered into agreements on
granting Credit Facility for apartment
ownership (KPA) with Bank Maybank
Indonesia (formerly Bank Internasional
Indonesia) and Bank UOB.
8. On April 29, 2014, PCN entered into
agreements with Bank Tabungan Negara to
provide credit facilities with buyback
guarantee between PCN and Bank Tabungan
Negara.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Dalam perjanjian kerjasama tersebut di atas
antara lain diatur Grup akan bertanggung jawab
sepenuhnya dan mengikat diri sebagai penjamin
atas pembayaran seluruh jumlah uang yang
terutang dari pembeli kepada Bank baik
merupakan utang pokok, bunga dan biaya-biaya
lainnya yang timbul berdasarkan perjanjian kredit
yang dibuat oleh dan antara Pembeli/Debitur
dengan Bank (buy back guarantee) apabila
pembeli/debitur belum menandatangani Akta Jual
Beli (AJB), Akta Pemberian Hak Tanggungan
(APHT), dan pembeli telah melalaikan
kewajibannya membayar angsuran selama tiga
bulan angsuran berturut-turut kepada Bank.
Penjaminan tersebut diberikan selama Akta Jual
Beli antara Perusahaan atau entitas anak dengan
pembeli belum ditandatangani. Jaminan ini
dengan cara bagaimanapun juga tidak dapat
ditarik atau dicabut kembali selama AJB terhadap
sertifikat hak atas per unit dan APHT belum
ditandatangani, serta belum diserahkan dan
diterima oleh Bank.
b. Berdasarkan perjanjian tanggal 1 Maret 2015
antara Perusahaan dan PT Central Prima Kelola
(CPK), pihak berelasi (Catatan 41), Perusahaan
telah menunjuk CPK sebagai pengelola Mal
Central Park, dimana Perusahaan memberikan
wewenang kepada CPK untuk mengambil alih
jasa pengelolaan Mal Central Park, jasa
pemasangan iklan dan jasa pengelolaan lahan
parkir. Perjanjian ini berjangka waktu 5 tahun dan
akan ditinjau kembali setelah jangka waktu
3 tahun.
c. Pada tanggal 24 Agustus 2011, sebagai
kelanjutan dari Perjanjian Pendahuluan
tertanggal 11 Desember 2009, KUS dan
PT Jakarta Propertindo (JAKPRO) melakukan
Perjanjian Kerjasama No. 003/UT2000/107/VIII/
2011 tentang pemanfaatan tanah seluas 30.564
m2 yang terletak di jalan Karang Ayu, Kelurahan
Pluit, Kecamatan Penjaringan, Jakarta Utara.
d. Grup mengadakan perjanjian pembangunan
proyek dengan beberapa kontraktor utama
antara lain: PT Total Bangun Persada Tbk,
PT Pembangunan Perumahan Tbk, KSO Nindya
Karya – PT Pulau Intan, PT Pulau Intan Baja
Perkasa Konstruksi, PT Saeti Concretindo
Wahana, PT Adhi Karya Tbk, PT Totalindo Eka
Persada, PT Airmas Asri, PT Panca Mitra Abadi,
PT Pakubumi Semesta, PT Nusa Raya Cipta Tbk
dan PT Holcim Beton.
- 110 -
F-247
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
In the agreements, the Group will be fully
responsible and act as guarantor for the payment
of all amounts due to the Bank including, principal
and other costs incurred in the loan agreements
made by and between the Buyer / Debtor with the
Bank (buy back guarantee) if the buyer / debtor
has not signed Deed of Sale and Purchase (AJB),
Deed of Mortgage Agreement (APHT), and buyers
had neglected its obligation to pay the installment
for three months in succession to the Bank.
Guarantee given for the Deed of Sale and
Purchase between the Company or its
subsidiaries with the buyer has not been signed.
This guarantee can not be withdrawn or revoked
during AJB on the upper certificate of Unit Rights
and APHT has not been signed, and have not
been submitted and accepted by the bank.
b. Based on agreement dated March 1, 2015
between the Company and PT Central Prima
Kelola (CPK), a related party (Note 41), the
Company appointed CPK for the management of
Central Park Mall, wherein the Company gives
CPK the authority to takeover the management
services of Central Park Mall, advertising of other
products and parking management. This
agreement is valid for 5 years from the date of the
agreement, with terms and conditions subject to
review after 3 years.
c. On August 24, 2011, as a continuation of the
Preliminary Agreement dated December 11, 2009,
KUS and PT Jakarta Propertindo (JAKPRO)
entered into Cooperative Agreement
No. 003/UT2000/107/VIII/2011 on the use of the
land area of 30,564 m2 located in jalan Karang
Ayu, Kelurahan Pluit, Kecamatan Penjaringan,
North Jakarta.
d. The Group entered into several construction
agreements with their main contractors which
include: PT Total Bangun Persada Tbk,
PT Pembangunan Perumahan Tbk, KSO Nindya
Karya – PT Pulau Intan, PT Pulau Intan Baja
Perkasa Konstruksi, PT Saeti Concretindo
Wahana, PT Adhi Karya Tbk, PT Totalindo Eka
Persada, PT Airmas Asri, PT Panca Mitra Abadi,
PT Pakubumi Semesta, PT Nusa Raya Cipta Tbk
and PT Holcim Beton.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
e. Perusahaan mengadakan Perjanjian Pinjam Pakai
Merek dan Perjanjian Pinjam Pakai Ciptaan
dengan Trihatma Kusuma Haliman, pihak berelasi
(Catatan 41), sebagai pemilik merek dan ciptaan
dimana Perusahaan berhak menggunakan merek
“Mediterania” dan “Central Park” sejak tahun
2004, “Back To The City” dan “Podomoro City”
sejak tahun 2007 serta ciptaan seni logo Agung
Podomoro Group sejak tahun 2004, secara non-
ekslusif dalam menjalankan usahanya. Perjanjian
ini berlaku selama 5 tahun sejak tanggal
penandatanganan masing-masing perjanjian dan
diperpanjang secara otomatis untuk jangka waktu
yang sama.
f. Berdasarkan perjanjian antara Perusahaan
dengan PT AAPC Indonesia (“Operator”) tanggal
1 September 2010, Perusahaan menunjuk
Operator untuk dan atas nama Perusahaan
bertindak, menjalankan dan mengoperasikan
“Hotel Pullman Jakarta Central Park” milik
Perusahaan.
g. Pada tanggal 30 Juli 2010, BSP dan Harris
International Hotels Corporation (Harris)
menandatangani Technical Assistant Agreement
dan Trademade & Trademark License Agreement
sehubungan penyertaan bantuan teknis dan
konsultasi profesional (arsitektur, konsultasi
permesinan dan desain perkantoran), serta
bermaksud meminta persetujuan Harris untuk
menggunakan nama dan merek Harris yang
terkait dengan hotel milik BSP. Perjanjian
Technical Assistant Agreement berlaku sampai
31 Desember tahun ke-12 terhitung dari tanggal
pembukaan (soft opening) hotel dan dapat
diperpanjang untuk jangka waktu 5 tahun berturut-
turut sampai dengan diakhiri sesuai dengan
ketentuan perjanjian, atau tidak diperpanjang
dengan pemberitahuan minimal 90 hari sebelum
perjanjian berakhir.
h. Pada 30 Juli 2010, BSP dan PT Tauzia
International Management menandatangani Hotel
Management Consulting Agreement sehubungan
dengan jasa konsultasi manajemen dengan hotel
yang akan dibangun BSP.
Untuk tahun yang berakhir 31 Desember 2015
dan 2014, biaya jasa manajemen yang dicatat
oleh BSP masing-masing sebesar Rp 2.204.179
ribu dan Rp 2.693.288 ribu.
i. Berdasarkan Letter of Appointment tanggal 1 Juni
2011, Perusahaan menunjuk CPP untuk
menerima pengalihan hak dan kewajiban
Perusahaan dalam perjanjian jasa manajemen
hotel dan jasa konsultasi hotel dengan AAPC.
Untuk tahun yang berakhir 31 Desember 2015 dan
2014, biaya jasa manajemen yang dicatat oleh
CPP masing-masing sebesar Rp 12.590.382 ribu
dan Rp 12.075.129 ribu.
- 111 -
F-248
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
e. The Company entered into “Right to Use
Trademark Agreement” and “Right to Use Patent
Agreement” with Trihatma Kusuma Haliman, a
related party (Note 41), as owner of the brand
names and icon wherein the Company has the
rights to use the brand names "Mediterania" and
"Central Park" since 2004, "Back To The City” and
“Podomoro City" since 2007 and the icon of
Agung Podomoro Group since 2004, not
exclusively for its business. These agreements are
valid for 5 years from the date of each agreement
and can be extended automatically for the same
period.
f. Based on the agreement between the Company
and PT AAPC Indonesia ("Operator") dated
September 1, 2010, the Company appointed the
Operator for and on behalf of the Company to
act, operate and manage "Pullman Hotel Jakarta
Central Park" on behalf of the Company, a hotel
owned by the Company.
g. On July 30, 2010, BSP and Harris International
Hotels Corporation (Harris) entered into Technical
Assistance Agreement and Trademade &
Trademark Licensed Agreement related to
technical services and professional consultation
(architecture, engineering consultation and office
design) and plan to request for approval to use
the name and trademark of Harris related to the
hotel owned by BSP. The Technical Assistance
Agreement is valid until the 12th year from the
date of soft opening hotel and can be extended
for a period of 5 years in a row until terminated in
accordance with the terms of the agreement or is
not extended by a notice at least 90 days before
the agreement expire.
h. On July 30, 2010, BSP and PT Tauzia
International Management Consulting entered into
a Hotel Management Consulting Agreement in
connection with the management consultation
services for the hotel which will be built by BSP.
For the year ended December 31, 2015 and 2014,
management fee recorded by BSP amounted to
Rp 2,204,179 thousand and Rp 2,693,288
thousand, respectively.
i. Based on Letter of Appointment dated
June 1, 2011, the Company has appointed CPP to
accept the transfer of rights and obligations of the
Company in the service management and
consulting hotel with AAPC.
For the year ended December 31, 2015 and
2014, management fee recorded by CPP
amounted to Rp 12,590,382 thousand and
Rp 12,075,129 thousand, respectively.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
j. Pada tanggal 1 Juni 2011, BSP dan POP
International Hotels Corporation (POP)
menandatangani Tradename & Trademark
License Agreement sehubungan dengan
permintaan persetujuan untuk menggunakan
nama dan merek POP yang terkait dengan hotel
milik BSP. Perjanjian ini berlaku sampai tanggal
31 Desember 2011 terhitung dari tanggal
pembukaan hotel dan dapat diperpanjang untuk
jangka waktu 5 tahun berturut-turut sampai
dengan diakhiri sesuai dengan ketentuan
perjanjian.
k. Pada tanggal 23 Nopember 2011, CIP
menandatangani perjanjian pengelolaan hotel
dengan PT Amaris International Management
(AIM), dimana CIP bermaksud mengoperasikan
sebuah hotel di area seluas ± 4.639,75 m2 yang
terletak di Thamrin City, Kecamatan Tanah Abang,
Jakarta Pusat.
Untuk tahun yang berakhir 31 Desember 2015 dan
2014, biaya jasa manajemen yang dicatat oleh
CIP masing-masing sebesar Rp 1.603.317 ribu
dan Rp 1.493.913 ribu.
l. Pada tanggal 22 Desember 2011, GPL
mengadakan perjanjian dengan PT (Persero)
Pengembangan Pariwisata Bali (Bali Tourism
Development Corporation) untuk pengelolaan dan
pengembangan lahan di kompleks Nusa Dua
Tourism Resort. Menurut perjanjian, GPL
disyaratkan untuk membayar sejumlah
kompensasi tertentu. Beban kompensasi sebesar
Rp 24.111.778 ribu dan Rp 16.067.324 ribu pada
tahun 2015 dan 2014 dicatat sebagai bagian dari
beban langsung (Catatan 32).
m. Pada tanggal 29 Pebruari 2012, SAI mengadakan
perjanjian kerjasama dengan PT Trisaha Eka
Pradana untuk menyewa sebagian dari sebuah
bangunan Gedung Graha Auto Center dari Induk
Koperasi Angkatan Laut, dimana direncanakan
akan digunakan untuk Hotel Premium Bintang Dua
oleh SAI. Atas penyewaan gedung tersebut, SAI
harus membayar biaya sewa sebesar
Rp 22.500.000 ribu. Perjanjian ini berlaku sampai
dengan tanggal 30 Nopember 2041.
Sampai dengan tanggal 31 Desember 2015 dan
2014, jumlah yang dicatat pada akun biaya
dibayar dimuka pada laporan posisi keuangan
konsolidasian masing-masing sebesar
Rp 19.500.000 ribu dan Rp 20.250.000 ribu.
n. Pada bulan Juli dan September 2012, BPS
memperpanjang perjanjian sewa menyewa untuk
tanah seluas 9.450 m2 sampai dengan Mei 2049
(untuk 3.200 m2) dan Juli 2042 (untuk 6.250 m2)
Atas penyewaan tanah tersebut, BPS harus
membayar biaya sebesar Rp 60.266.457 ribu dan
dicatat pada akun biaya dibayar dimuka pada
laporan posisi keuangan konsolidasian dan di
amortisasi pada periode berikutnya.
- 112 -
F-249
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
j. On June 1, 2011, BSP and POP International
Hotels Corporation (POP) signed Tradename &
Trademark License Agreement with respect to the
request for approval to use the POP’s brand name
and be associated with the BSP. This agreement
is valid until December 31, 2011, commencing
from the date of opening of the hotel and can be
extended for a period of five years in a row until
terminated in accordance with the terms of
agreement.
k. On November 23, 2011, CIP signed a
management hotel agreement with PT Amaris
International Management (AIM), in where CIP
intends to operate a hotel with an area of 4,639.75
m2 located in Thamrin City, Kecamatan Tanah
Abang, Central Jakarta.
For the year ended December 31, 2015 and
2014, management fee recorded by CIP
amounted to Rp 1,603,317 thousand and
Rp 1,493,913 thousand, respectively.
l. On December 22, 2011, GPL entered into an
agreement with PT (Persero) Bali Tourism
Development (Bali Tourism Development
Corporation) for the management and
development of land in Nusa Dua Tourism Resort
complex. According to the agreement, GPL is
required to pay certain compensation.
Compensation expense amounting to
Rp 24,111,778 thousand and Rp 16,067,324
thousand in 2015 and 2014, respectively, was
recorded as part of direct cost (Note 32).
m. On February 29, 2012, SAI entered into
cooperation agreement with PT Trisaha Eka
Pradana to rent a part of Graha Auto Center
building from the Navy Cooperation, which is
planned to be used for Premium two stars Hotel
by SAI. For rental of the building, SAI must pay a
rental fee of Rp 22,500,000 thousand. This
agreement is valid until November 30, 2041.
As of December 31, 2015 and 2014, the
outstanding prepaid expense on the consolidated
statements of financial position amounted to
Rp 19,500,000 thousand and Rp 20,250,000
thousand, respectively.
n. On July and September 2012, BPS extended its
lease agreement on land with a area of 9,450 m2
until May 2049 (for 3,200 m2) and July 2042
(for 6,250 m2). Based on the lease agreement,
BPS paid Rp 60,266,457 thousand, which is
recorded as prepaid expense in the consolidated
statements of financial position and subsequently
amortized.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
o. Pada tanggal 18 Juni 2013, BPS
menandatangani perjanjian manajemen Hotel
Indigo Bali Seminyak dengan pihak PT SC Hotels
& Resorts Indonesia (InterContinental Hotels
Group) sehubungan dengan jasa manajemen atas
hotel yang sedang dibangun. Jangka waktu
perjanjian adalah 15 tahun sejak tanggal
pembukaan hotel.
p. Pada bulan November 2013 dan berdasarkan
perpanjangan perjanjian tanggal 24 Januari 2014,
AMI setuju untuk melakukan penjualan tanah
kepada pihak ketiga dengan luas tanah 2.162.885
m2 di Karawang dengan jumlah sebesar
Rp 1.151.760.054 ribu. Sampai dengan tanggal
31 Desember 2013, jumlah penerimaan uang
muka sebesar Rp 36.363.636 ribu dicatat pada
akun uang muka penjualan tanah pada laporan
posisi keuangan konsolidasian. Perjanjian ini telah
dibatalkan pada tahun 2014. Atas pembatalan ini,
pendapatan pembatalan yang diakui sebesar
Rp 53.470.090 ribu sebagai bagian dari
keuntungan lainnya - bersih pada laporan laba
rugi dan penghasilan komprehensif lain.
q. Grup mengadakan perjanjian sewa menyewa
dengan beberapa penyewa besar yang berjangka
waktu antara lima sampai dengan dua puluh tahun
dengan opsi dapat diperpanjang kembali sesuai
dengan kesepakatan para pihak. Dasar ketentuan
kompensasi, denda dan pembatasan-pembatasan
lain yang dipersyaratkan dengan kriteria masing-
masing yang disepakati.
Pendapatan sewa sebesar Rp 888.951.286 ribu
dan Rp 795.305.341 ribu pada tahun 2015 dan
2014 dicatat sebagai bagian dari penjualan dan
pendapatan usaha (Catatan 31).
r. Pada tanggal 10 April 2012, SAI
menanandatangani perjanjian pengelolaan hotel
dengan PT Panorama Hotel Management (PHM),
dimana SAI menunjuk PHM untuk mengelola dan
mengoperasikan penuh Hotel The BnB Kelapa
Gading selama masa perjanjian.
Untuk tahun yang berakhir 31 Desember 2015 dan
2014, biaya jasa manajemen yang dicatat oleh
SAI masing-masing sebesar Rp 330.623 ribu dan
Rp 447.066 ribu.
s. Pada tanggal 31 Desember 2013, PCN dan PCK
menandatangani perjanjian penunjukkan
pengelola sehubungan dengan jasa pengelolaan
Mal The Plaza Balikpapan dan The Plaza
Balikpapan Trade Centre yang dimiliki PCN.
t. SMI mengadakan perjanjian kerjasama
pemasaran dan penjualan dengan
PT Pakubuwono Properti. Perjanjian berlaku sejak
1 Oktober 2014 sampai dengan 30 September
2019

u. SMI mengadakan perjanjian pengembangan
properti dengan PT The Pakubuwono
Development.
- 113 -
F-250
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
o. On June 18, 2013, BPS signed management
agreement Hotel Indigo Bali Seminyak with PT SC
Hotels & Resorts Indonesia (InterContinental
Hotels Group) in connection with management
services on the hotel being built. The term of the
agreement is 15 years from the date of the
opening hotel.
p. On November 2013 and based on addendum
agreement at January 24, 2014, AMI agreed to
sell the land to a third party with land area of
2,162,885 m2 in Karawang for a total amount
Rp 1,151,760,054 thousand. As of
December 31, 2013, the amount received as
down payment of Rp 36,363,636 thousand is
recorded as advance for sale of land in the
consolidated statements of financial position. This
agreement has been canceled in 2014. From the
cancellation, AMI recognized income of
Rp 53,470,090 thousand which is recorded as
other gain – net in the consolidated statements of
profit or loss and other comprehensive income.
q. The Group entered into lease agreements with
several large tenants with a maturity from five until
twenty years with an option to be extended with
mutual agreement. The basis for determining
compensations, penalties and other conditions
required are based on each respective
agreement.
Rent income of Rp 888,951,286 thousand and
Rp 795,305,341 thousand in 2015 and 2014 are
recorded as part of sales and revenues (Note 31).
r. On April 10, 2012, SAI signed Hotel Management
Agreement with PT Panorama Hotel Management
(PHM). SAI appointed PHM to fully manage and
operate The BnB Hotel Kelapa Gading during the
duration of the agreement.
For the year ended December, 31 2015 and
2014, management fee recorded by SAI
amounted to Rp 330,623 thousand and
Rp 447,066 thousand, respectively.
s. On December 31, 2013, PCN signed a
management agreement with PCK in
management services of The Plaza Balikpapan
Mall and The Plaza Balikpapan Trade Centre
owned by PCN.
t. SMI established a joint venture for marketing and
sales with PT Pakubuwono Properti. This
agreement is effective from October 1, 2014 until
September 30, 2019.
u. SMI entered into a property development contract
with PT The Pakubuwono Development.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)

v. Pada tanggal 1 November 2014, KUS bersama
dengan TKS menandatangani Perjanjian Kerja
Sama Pengoperasian dan Perawatan Sistem
Water Treatment Plant (WTP) dengan Brackish
Water Reverse Osmosis (BWRO) sehubungan
dengan pengolahan air limbah domestik menjadi
air bersih yang memenuhi persyaratan kualitas air
minum. Perjanjian ini berlaku dari 6 Mei 2014
sampai dengan 31 Oktober 2018. Berdasarkan
perjanjian ini perusahaan (KUS) juga memberikan
imbalan jasa untuk pengoperasian dan perawatan
WTP-BWRO senilai Rp 8.500/m3 atas hasil
produksi air yang disalurkan.
v. On November 1, 2014, KUS and TKS signed a
cooperation agreement about operation and
maintenance system of Water Treatment Plant
(WTP) with Brackish Water Reverse Osmosis
(BWRO) for domestic wastewater into clean water
that meets drinking water quality requirements.
This agreement is effective from May 6, 2014 until
October 31, 2018. Under this agreement the
company (KUS) also provides payment for the
operation and maintenance WTP-BWRO
Rp 8,500 / m3 of the production of water supplied.

Di tanggal yang sama, KUS juga menandatangani
Perjanjian Kerja Sama Pengoperasian dan
Perawatan Water Treatment Plant (WTP) dengan
Sea Water Reverse Osmosis (SWRO) bersama
TKS sehubungan dengan pengolahan air limbah
domestik menjadi air bersih yang memenuhi
persyaratan kualitas air minum. Perjanjian ini
berlaku dari 1 November 2013 sampai dengan
31 Oktober 2018. Berdasarkan perjanjian ini KUS
juga memberikan imbalan jasa untuk
pengoperasian dan perawatan WTP-SWRO
senilai Rp 11.500 / m3 atas hasil produksi air yang
disalurkan.
On the same date, KUS also signed a cooperation
agreement of Operation and Maintenance of
Water Treatment Plant (WTP) with Sea Water
Reverse Osmosis (SWRO) and TKS to process
domestic wastewater into clean water that meets
drinking water quality requirements. This
agreement is effective from November 1, 2013 to
October 31, 2018. Under this agreement KUS
also provides payment for operation and
maintenance WTP-SWRO Rp 11,500 / m3 of the
production of water supplied.

w. Pada bulan Oktober 2013, GPL mengadakan
perjanjian kerja sama dengan Nikki Beach. Ruang
lingkup kerjasama yaitu menunjuk Nikki Beach
untuk mengelola dan mengoperasikan Nikki
Beach selama 10 tahun sejak Nikki Beach
beroperasi.
w. In October 2013, GPL signed a cooperation
agreement with Nikki Beach. The scope of this
agreement is to appoint Nikki Beach to manage
and operate Nikki Beach for 10 years from the
start of its operations.

x. Pada tanggal 20 Agustus 2014, GPL x. On August 20, 2014, GPL signed a cooperation
menandatangani perjanjian kerjasama dengan agreement with Obra Maestra Welness and
Obra Maestra Wellness and Lifestyle Centre, Inc Lifestyle Centre, Inc (Vietura). The scope of
(Vietura). Ruang lingkup kerjasama yaitu agreement is to appoint Vietura to manage and
menunjuk Vietura untuk mengelola dan operate spa for 5 years from the start of its
mengoperasikan spa selama 5 tahun sejak spa operations.
beroperasi.

y. Grup mengadakan perjanjian kerjasama dengan
PT AAPC Indonesia untuk merencanakan,
merancang, membangun, menyediakan, melengkapi
dan untuk mengelola hotel dengan layanan kelas
pertama yang sesuai dengan standar hotel.
Jangka waktu perjanjian adalah 15 tahun sejak
tanggal opening dan dapat dibatalkan kemudian
sesuai kesepakatan dua pihak.
y. The Group signed a corporation agreement with
PT AAPC Indonesia to plan, design, construct,
provide, equip and manage hotel with first class
service, in accordance with the hotel standards.
The term of the agreement is 15 years since the
opening date and can be cancelled based on
agreement from both parties.

Tanggal/ Entitas anak/ Wilayah/ Standar hotel/

Date Subsidiaries Location Hotel standard

14 September/September 14, 2015 PT Karya Pratama Propertindo Ubud, Bali Sofitel

14 September/September 14, 2015 PT Sinar Menara Deli Medan, Sumatera Utara Pullman
14 September/September 14, 2015 PT Pandega Citraniaga Balikpapan, Kalimantan Timur Pullman
22 November/November 22, 2012 PT Griya Pancaloka Nusa Dua, Bali Sofitel
22 November/November 22, 2012 PT Agung Kencana Sukses Kelapa Gading, Jakarta Mercure
22 November/November 22, 2012 PT Putra Adhi Prima Bogor, Jawa Barat Pullman
22 November/November 22, 2012 PT Tritunggal Lestari Makmur Bandung, Jawa Barat Pullman

- 114 -

F-251
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)

44. KATEGORI DAN KELAS INSTRUMEN KEUANGAN 44. CATEGORIES AND CLASSES OF FINANCIAL
INSTRUMENTS
Liabilitas pada
Aset keuangan Pinjaman yang biaya perolehan
tersedia diberikan dan diamortisasi/
untuk dijual/ piutang/ Liabilities at
Available Loans and amortized
for sale receivables cost
Rp’000 Rp’000 Rp’000

31 Desember 2015 December 31, 2015

ASET LANCAR CURRENT ASSETS

Kas dan setara kas - 2.891.043.792 - Cash and cash equivalents
Piutang usaha kepada pihak Trade accounts receivable from
ketiga - 940.878.189 - third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi - 18.773.279 - Related parties
Pihak ketiga - 163.305.982 - Third parties

ASET TIDAK LANCAR NON-CURRENT ASSETS

Aset keuangan lainnya 11.991.200 134.010.405 - Other financial assets

JUMLAH ASET KEUANGAN 11.991.200 4.148.011.647 - TOTAL FINANCIAL ASSETS

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank - - 8.058.139 Bank loans
Utang usaha kepada pihak ketiga - - 909.343.705 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi - - 19.613.799 Related parties
Pihak ketiga - - 573.736.360 Third parties
Biaya yang masih harus dibayar - - 229.756.445 Accrued expense
Utang jangka panjang - yang jatuh
tempo dalam satu tahun: Current maturity of long-term liabilities:
Utang bank - - 357.319.287 Bank loans
Utang obligasi - - 875.000.000 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap - - 711.030 and equipment

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang jangka panjang - setelah
dikurangi bagian yang jatuh
tempo dalam satu tahun: Long term liabilities - net of current maturity:
Utang bank - - 1.395.563.255 Bank loans
Utang obligasi - - 3.679.020.470 Bonds payable
Liabilities for purchase of property
Utang pembelian aset tetap - - 184.795 and equipment
Uang jaminan penyewa - - 122.577.341 Tenants’ security deposits

JUMLAH LIABILITAS KEUANGAN - - 8.170.884.626 TOTAL FINANCIAL LIABILITIES

- 115 -

F-252
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)

Liabilitas pada
Aset keuangan Pinjaman yang biaya perolehan
tersedia diberikan dan diamortisasi/
untuk dijual/ piutang/ Liabilities at
Available Loans and amortized
for sale receivables cost
Rp’000 Rp’000 Rp’000
31 Desember 2014 December 31, 2014

ASET LANCAR CURRENT ASSETS

Kas dan setara kas - 4.332.910.482 - Cash and cash equivalents
Piutang usaha kepada pihak Trade accounts receivable from
ketiga - 1.239.584.470 - third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi - 27.695.038 - Related parties
Pihak ketiga - 256.601.669 - Third parties
ASET TIDAK LANCAR NON-CURRENT ASSETS
Aset keuangan lainnya 11.991.200 126.283.816 - Other financial assets
JUMLAH ASET KEUANGAN 11.991.200 5.983.075.475 - TOTAL FINANCIAL ASSETS

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang bank - - 12.788.352 Bank loan
Utang usaha kepada pihak ketiga - - 1.241.790.549 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi - - 11.850.342 Related parties
Pihak ketiga - - 648.092.172 Third parties
Biaya yang masih harus dibayar - - 176.664.901 Accrued expense
Utang jangka panjang - yang jatuh
tempo dalam satu tahun Current maturity of long-term liabilities
Utang bank - - 420.875.094 Bank loans
Lembaga keuangan lainnya - - 7.782.852 Other financial institution
Liabilities for purchased of property
Utang pembelian aset tetap - - 663.333 and equipment
LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES
Utang jangka panjang - setelah
dikurangi bagian yang jatuh
tempo dalam satu tahun Long term liabilities - net of current maturity
Utang bank - - 1.595.713.130 Bank loans
Utang obligasi - - 4.447.566.418 Bonds payable
Liabilities for purchased of property
Utang pembelian aset tetap - - 952.380 and equipment
Uang jaminan penyewa - - 83.089.399 Tenants’ security deposits
JUMLAH LIABILITAS KEUANGAN - - 8.647.828.922 TOTAL FINANCIAL LIABILITIES

Pada tanggal 31 Desember 2015 dan 2014, Grup
tidak mempunyai instrumen aset keuangan yang
dikategorikan sebagai dimiliki hingga jatuh tempo dan
nilai wajar melalui laba rugi (FVTPL) dan juga tidak
memiliki liabilitas keuangan yang diklasifikasikan
sebagai FVTPL.
As of December 31, 2015 and 2014, the Group does
not have financial asset instruments classified as held
to maturity and fair value through profit or loss
(FVTPL) nor does it have financial liabilities classified
as FVTPL.

45. INSTRUMEN KEUANGAN, MANAJEMEN RISIKO 45. FINANCIAL INSTRUMENTS, FINANCIAL RISK
KEUANGAN DAN RISIKO MODAL AND CAPITAL RISK MANAGEMENT

a. Manajemen Risiko Modal a. Capital Risk Management

Grup mengelola risiko modal untuk memastikan
bahwa mereka akan mampu untuk melanjutkan
keberlangsungan hidup, selain memaksimalkan
keuntungan para pemegang saham melalui
optimalisasi saldo utang dan ekuitas. Struktur
modal Grup terdiri dari kas dan setara kas
(Catatan 5) dan ekuitas pemegang saham induk
dan kepentingan non-pengendali (Catatan 30).
The Group manages capital risk to ensure that
they will be able to continue as going concern, in
addition to maximizing the profits of the
shareholders through the optimization of the
balance of debt and equity. The Group’s capital
structure consist of cash and cash equivalents
(Note 5) and equity of the owners of the Company
and non-controlling interests (Note 30).

- 116 -

F-253
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Dewan Direksi Grup secara berkala melakukan
review struktur permodalan Grup. Sebagai bagian
dari review ini, Dewan Direksi
mempertimbangkan biaya permodalan dan risiko
yang berhubungan.
Gearing ratio pada tanggal 31 Desember 2015
dan 2014 adalah sebagai berikut:
31 Desember/Decemb er 31,
2015
Rp’000
Pinjaman 6.314.961.151
Kas dan setara kas 2.894.283.235
Pinjaman - bersih 3.420.677.916
Ekuitas 9.072.668.928
Rasio pinjaman - bersih
terhadap modal 38%
*) Disajikan kembali – Catatan 2
b. Tujuan dan kebijakan manajemen risiko
keuangan
Tujuan dan kebijakan manajemen risiko keuangan
Grup adalah untuk memastikan bahwa sumber
daya keuangan yang memadai tersedia untuk
operasi dan pengembangan bisnis, serta untuk
mengelola risiko mata uang asing, risiko tingkat
bunga, risiko kredit dan risiko likuiditas. Grup
beroperasi dengan pedoman yang telah
ditentukan oleh Dewan Direksi.
i. Manajemen risiko mata uang asing
Risiko nilai tukar mata uang asing timbul
ketika transaksi dalam mata uang selain mata
uang fungsional dari Grup yang terutama
disebabkan karena volatilitas atau fluktuasi
nilai tukar mata uang asing tersebut. Volatilitas
ini menghasilkan pendapatan dan
menimbulkan beban yang mempengaruhi
pendapatan dan beban Grup.
Kebijakan Grup adalah melakukan
pengelolaan dengan cara penyeimbangan
arus kas dari aktivitas operasi dan pendanaan
dalam mata uang yang sama.
Sebagian besar transaksi Grup dilakukan
dalam mata uang Rupiah, demikian juga
dengan pembukuannya.
Grup mengelola eksposur terhadap mata
uang asing dengan mencocokkan, sebisa
mungkin, penerimaan dan pembayaran dalam
masing-masing individu mata uang. Jumlah
eksposur mata uang asing bersih Grup pada
tanggal pelaporan diungkapkan dalam
Catatan 46.
- 117 -
F-254
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
The Board of Directors of the Group periodically
review the Group’s capital structure. As part of
this review, the Board of Directors consider the
cost of capital and related risk.
The gearing ratio as of December 31, 2015 and
2014 are as follows:
2014 *)
Rp’000
6.484.725.846 Debt
4.336.362.908 Cash and cash equivalents
2.148.362.938 Net debt
8.429.580.500 Equity
25% Net debt to equity ratio
*) As restated – Note 2
b. Financial risk management objectives and
policies
The Group’s overall financial risk management
and policies seek to ensure that adequate
financial resources are available for operation and
development of their business, while managing
their exposure to foreign exchange risk, interest
rate risk, credit and liquidity risks. The Group
operates within defined guidelines that are
approved by the Board.
i. Foreign currency risk management
Foreign currency risk arises when foreign
currency transactions (other than the
functional currency of the Group) are exposed
to the effect of volatility or fluctuations in
foreign currency. This volatility raises
generating income and expense that can
impact revenue and expense affecting the
Group.
The Group’s policy is performing
management by means of balancing cash
flow from operating activities and financing
activities in the same currency.
Most of the Group’s transaction in Rupiah, as
well as for bookkeeping purposes.
The Group manages the foreign currency
exposure by matching, as far as possible,
receipts and payments in each individual
currency. The Group’s net open foreign
currency exposure as of reporting date is
disclosed in Note 46.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
ii. Manajemen risiko kredit
Risiko kredit mengacu pada risiko rekanan
gagal dalam memenuhi kewajiban
kontraktualnya yang mengakibatkan kerugian
bagi Grup.
Risiko kredit Grup terutama melekat pada
rekening bank, deposito berjangka, piutang
usaha dan lain-lain. Grup menempatkan saldo
bank dan deposito berjangka pada institusi
keuangan yang layak serta terpercaya. Grup
meminimalisasi risiko kredit atas piutang
usaha yang timbul dari pembeli properti
dengan mengenakan denda atas
keterlambatan pembayaran, pembatalan
penjualan dengan denda pembatalan dan
apabila penjualan belum dilunasi tidak
dilakukan serah terima unit yang dijual
sehingga dapat dilakukan penjualan kembali
properti dengan dikenakan klaim atas
kerugian yang timbul dari penjualan kembali
tersebut. Untuk risiko kredit yang timbul dari
penyewa properti investasi dilakukan dengan
cara meminta penyewa untuk memberikan
deposit dalam bentuk tunai atau bank garansi
untuk sewa selama 3 bulan, serta membayar
uang muka sewa sebelum masa sewa
berlaku.
Grup memiliki kebijakan untuk memperoleh
pertumbuhan pendapatan yang berkelanjutan
dengan meminimalkan kerugian yang terjadi
karena eksposur risiko kredit. Karena itu, Grup
memiliki kebijakan untuk memastikan
transaksi dilakukan dengan pelanggan yang
memiliki sejarah dan reputasi kredit yang baik.
Manajemen melakukan pengawasan secara
terus menerus untuk mengurangi eksposur
risiko kredit. Piutang usaha atas penjualan
apartemen Grup pada tanggal pelaporan
sebagian besar merupakan selisih pengakuan
pendapatan berdasarkan persentase
penyelesaian proyek setelah dikurangi dengan
bagian yang telah dibayar oleh pembeli
sehingga pembayarannya belum jatuh tempo.
Nilai tercatat aset keuangan pada laporan
keuangan konsolidasian setelah dikurangi
dengan penyisihan untuk kerugian
mencerminkan eksposur Grup terhadap risiko
kredit.
iii. Manajemen risiko likuiditas
Tanggung jawab utama manajemen risiko
likuiditas terletak pada dewan direksi, yang
telah membangun kerangka manajemen risiko
likuiditas yang sesuai untuk persyaratan
manajemen likuiditas dan pendanaan jangka
pendek, menengah dan jangka panjang Grup.
Grup mengelola risiko likuiditas dengan
menjaga kecukupan simpanan, fasilitas bank
dan fasilitas simpan pinjam dengan terus
menerus memonitor perkiraan dan arus kas
aktual dan mencocokkan profil jatuh tempo
liabilitas keuangan.
- 118 -
F-255
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
ii. Credit risk management
Credit risk refers to the risk that a
counterparty will default on its contractual
obligation resulting in a loss to the Group.
The credit risk of the Group is primarily
attributed to its cash in banks, time deposits,
trade and other receivables. The Group
places their bank balances and time deposits
to the credit worthy financial institutions. The
Group minimizes their credit risk on trade
receivables from property buyers by imposing
penalties on late payments and fines on
cancellation of sale and no handovers of units
if receivable is not yet fully paid in order for
the Group to resale such units. Credit risk
exposure on trade receivables from tenants is
minimized by requiring the tenants to pay rent
in advance prior to the effectivity of the lease
term and lease deposit, for three months in
the form of cash or bank guarantee.
The Group has established policies to obtain
sustainable revenue growth by minimizing
losses due to credit risk exposure.
Accordingly, the Group have established a
policy to ensure that transactions are made
with customers who has good credit
reputation. Management conducts ongoing
supervision to reduce credit risk exposure at
reporting date. Accounts receivable from sale
of apartments of the Group mainly represent
the difference between the revenue
recognized based on the projects percentage
of completion and the amounts billed to
buyer, hence, not yet due.
The carrying amount of financial assets
recorded in the consolidated financial
statements, net of any allowance for losses
represents the Group’s exposure to credit
risk.
iii. Liquidity risk management
Ultimate responsibility for liquidity risk
management rests with the Board of
directors, which has built an appropriate
liquidity risk management framework for the
management of the Group’s short, medium
and long-term funding and liquidity
management requirements. The Group
manages liquidity risk by maintaining
adequate reserves, banking facilities and
reserve borrowing facilities by continuously
monitoring forecast and actual cash flows and
matching the maturity profiles of financial
liabilities.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN- DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT THEN ENDED
(Lanjutan) (Continued)

Tabel risiko likuiditas dan suku bunga Liquidity and interest risk tables

Tabel berikut merinci sisa jatuh tempo kontrak The following tables detail the Group’s
untuk liabilitas keuangan non-derivatif dengan remaining contractual maturity for its non-
periode pembayaran yang disepakati Grup. derivative financial liabilities with agreed
Tabel telah disusun berdasarkan arus kas repayment periods. The tables have been
yang didiskontokan dari liabilitas keuangan drawn up based on the undiscounted cash
berdasarkan tanggal terawal di mana Grup flows of financial liabilities based on the
dapat diminta untuk membayar. Tabel earliest date on which the Group can be
mencakup arus kas bunga dan pokok. required to pay. The tables include both
Sepanjang arus bunga tingkat mengambang interest and principal cash flows. For that
jumlah tidak didiskontokan berasal dari kurva interest with floating rate, the undiscounted
suku bunga pada akhir periode pelaporan. amount is derived from interest rate curves at
Jatuh tempo kontrak didasarkan pada tanggal the end of the reporting period. The
terawal di mana Grup mungkin akan diminta contractual maturity is based on the earliest
untuk membayar. date on which the Group may be required to
pay.
31 Desember/December 31, 2015
Tingkat bunga
ef ektif
rata-rata
tertimbang/
Weighted Kurang dari 3 bulan -
average satu bulan/ 1 tahun/ Diatas
effective Less than 1-3 bulan/ 3 months to 1-5 tahun 5 tahun/ Jumlah/
interest rate 1 month 1-3 months 1 year 1-5 years 5+ years Total
% Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000

Tanpa bunga Non-interest bearing

Utang usaha - pihak ketiga 289.849.299 339.342.693 239.420.043 40.731.670 - 909.343.705 Trade accounts pay able - third parties
Utang lain-lain Other accounts pay able
Pihak berelasi 8.660.556 10.953.243 - - - 19.613.799 Related parties
Pihak ketiga 40.571.828 29.740.549 478.890.549 24.533.434 - 573.736.360 Third parties
Biay a y ang masih harus dibay ar 54.655.804 97.129.913 77.970.728 - - 229.756.445 Accrued expenses
Uang jaminan peny ewa - - - 122.577.341 - 122.577.341 Tenants’ security deposits

Dengan bunga Interest bearing

Insrumen tingkat bunga v ariabel Variable interest rate instruments
Utang bank jangka pendek 12%-13,5% - - 9.025.115 - - 9.025.115 Short-term bank loans
Utang bank jangka panjang 12%-13,5% 14.549.961 40.906.364 136.293.207 716.547.280 - 908.296.812 Long-term bank loans

Insrumen tingkat bunga tetap Fixed interest rate instruments

Utang bank jangka panjang 11,25%-12% 27.710.914 55.264.112 221.814.276 983.489.663 - 1.288.278.965 Other accounts pay able
Liabilities f or purchase of property
Utang pembelian aset tetap 6,14% 95.955 133.733 481.342 184.795 - 895.825 and equipment
Utang obligasi 10,94% - 119.784.375 1.210.290.625 4.385.884.375 - 5.715.959.375 Bonds and notes pay able

Jumlah 436.094.317 693.254.982 2.374.185.885 6.273.948.558 - 9.777.483.742 Total

31 Desember/December 31, 2014

Tingkat bunga
ef ektif
rata-rata
tertimbang/
Weighted Kurang dari 3 bulan -
average satu bulan/ 1 tahun/ Diatas
effective Less than 1-3 bulan/ 3 months to 1-5 tahun 5 tahun/ Jumlah/
interest rate 1 month 1-3 months 1 year 1-5 years 5+ years Total
% Rp’000 Rp’000 Rp’000 Rp’000 Rp’000 Rp’000

Tanpa bunga Non-interest bearing

Utang usaha - pihak ketiga 1.003.374.116 140.182.408 98.234.025 - - 1.241.790.549 Trade accounts pay able - third parties
Utang lain-lain Other accounts pay able
Pihak berelasi - 11.850.342 - - - 11.850.342 Related parties
Pihak ketiga 138.854.336 505.339.072 3.898.764 - - 648.092.172 Third parties
Biay a y ang masih harus dibay ar 168.632.837 7.898.244 133.820 - - 176.664.901 Accrued expenses
Uang jaminan peny ewa - 111.880 - 82.977.519 - 83.089.399 Tenants’ security deposits

Dengan bunga Interest bearing

Insrumen tingkat bunga v ariabel Variable interest rate instruments
Utang bank jangka pendek 10,50% 41.797.584 73.254.710 183.220.028 - - 298.272.322 Short-term bank loans
Utang bank jangka panjang 10,79% - - - 986.923.290 - 986.923.290 Long-term bank loans

Insrumen tingkat bunga tetap Fixed interest rate instruments

Utang bank jangka panjang 11,00% 26.026.774 51.151.107 660.350.292 937.378.261 - 1.674.906.435 Other accounts pay able
Lembaga keuangan lainny a 16,00% 948.404 1.896.808 5.443.289 - - 8.288.501 Other f inancial institutions
Liabilities f or purchase of property
Utang pembelian aset tetap 5,91% 88.491 146.712 428.130 952.380 - 1.615.713 and equipment
Utang obligasi 10,05% - 117.000.000 351.000.000 5.569.625.000 - 6.037.625.000 Bonds and notes pay able

Jumlah 1.379.722.542 908.831.283 1.302.708.348 7.577.856.450 - 11.169.118.623 Total

- 119 -

F-256
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Jumlah yang dicantum di atas untuk instrumen
suku bunga variabel untuk liabilitas keuangan
harus berubah jika perubahan suku bunga
variabel berbeda dengan estimasi suku bunga
yang ditentukan pada akhir periode pelaporan.
Fasilitas Pembiayaan
Grup memiliki akses ke fasilitas pembiayaan
sebagaimana dijelaskan dalam rincian di
bawah ini, yang tidak digunakan pada akhir
periode pelaporan.
31 Desember/December 31,
2015
Rp’000
Fasilitas utang dengan jaminan dan
tanggal jatuh tempo yang berbeda
mulai tahun 2015 dan 2014 yang
diperpanjang dengan perjanjian bersama:
Jumlah yang digunakan 2.775.372.120
Jumlah yang belum digunakan 467.524.365
Jumlah 3.242.896.485
Grup memelihara kecukupan dana untuk
membiayai kebutuhan modal kerja yang
berkelangsungan.
iv. Manajemen risiko tingkat bunga
Grup terpapar risiko suku bunga karena
entitas dalam Grup meminjam dana dengan
tingkat bunga tetap dan mengambang. Risiko
ini dikelola oleh Grup dengan
mempertahankan gabungan yang tepat antara
pinjaman suku bunga tetap dan mengambang.
Eksposur Grup terhadap suku bunga dalam
aset keuangan dan liabilitas keuangan dirinci
dalam bagian manajemen risiko likuiditas
pada catatan ini.
Analisis sensitivitas suku bunga
Analisis sensitivitas di bawah ini telah
ditentukan berdasarkan eksposur suku bunga
untuk kedua instrumen derivatif dan non-
derivatif pada akhir periode pelaporan. Untuk
liabilitas tingkat bunga mengambang, analisis
tersebut disusun dengan asumsi jumlah
liabilitas terutang pada akhir periode
pelaporan itu terutang sepanjang tahun.
Kenaikan atau penurunan 30 dan 40 basis
poin digunakan ketika melaporkan risiko suku
bunga secara internal kepada karyawan kunci
dan merupakan penilaian manajemen
terhadap perubahan yang mungkin terjadi
pada suku bunga.
- 120 -
F-257
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
Financial liabilities with variable interest rate
instruments as stated above is subject to
changes if changes in variable interest rates
differ to those estimates of interest rates
determined at the end of the reporting period.
Financing Facilities
The Group has access to financing facilities
as described in the note below, were unused
at the end of the reporting period.
2014
Rp’000
Secured bank loan facilities with various
maturity dates through to 2015 and 2014
which may be extended by mutual
agreement:
2.772.682.125 Amount used
818.590.360 Amount unused
3.591.272.485 Total
The Group maintain sufficient funds to finance
its ongoing working capital requirements.
iv. Interest rate risk management
The Group is exposed to interest rate risk
because entities in the Group borrow funds at
both fixed and floating interest rates. The risk
is managed by the Group by maintaining an
appropriate mix of fixed and floating rate
borrowings.
The Group’s exposures to interest rates on
financial assets and financial liabilities are
detailed in the liquidity risk management
section of this note.
Interest rate sensitivity analysis
The sensitivity analysis below have been
determined based on the exposure to interest
rates for both derivatives and non-derivative
instruments at the end of the reporting period.
For floating rate liabilities, the analysis is
prepared assuming the amount of the liability
outstanding at the end of the reporting period
was outstanding for the whole year. A 30 and
40 basis point increase or decrease is used
when reporting interest rate risk internally to
key management personnel and represents
management’s assessment of the reasonably
possible change in interest rates.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Jika suku bunga lebih tinggi/rendah 20 dan
30 basis poin dan semua variabel lainnya
tetap konstan, maka laba untuk tahun 2015
dan tahun 2014 akan turun/naik sebesar
Rp 1.577.888 ribu dan Rp 2.661.231 ribu. Hal
ini terutama disebabkan oleh eksposur Grup
terhadap suku bunga atas pinjamannya
dengan suku bunga variabel.
Eksposur risiko tingkat bunga berhubungan
dengan jumlah aset atau liabilitas dimana
pergerakan pada tingkat suku bunga dapat
mempengaruhi laba setelah pajak. Risiko
pada pendapatan bunga bersifat terbatas
karena Grup hanya bermaksud untuk
menjaga saldo kas yang cukup untuk
memenuhi kebutuhan operasional. Dalam
beban bunga, keseimbangan optimal antara
utang dengan tingkat bunga tetap dan
mengambang ditetapkan di muka. Grup
memiliki kebijakan dalam memperoleh
pembiayaan yang akan memberikan
kombinasi yang sesuai tingkat suku bunga
mengambang dan tingkat bunga tetap.
Persetujuan dari Dewan Direksi dan
Komisaris harus diperoleh sebelum Grup
menggunakan instrumen keuangan tersebut
untuk mengelola eksposur risiko suku bunga.
c. Nilai wajar instrumen keuangan
Kecuali sebagaimana tercantum dalam tabel
berikut, direksi menganggap bahwa nilai tercatat
aset keuangan dan liabilitas keuangan dicatat
sebesar biaya perolehan diamortisasi dan diakui
dalam laporan keuangan konsolidasian mendekati
nilai wajarnya.
31 Desember/December 31, 2015
Jumlah tercatat/ Nilai wajar/
Carrying amount Fair value
Rp’000 Rp’000
Liabilitas Keuangan
Utang bank jangka panjang 963.938.425 961.499.253
Utang obligasi 4.554.020.470 4.484.302.500
Lembaga keuangan lainnya - -
Nilai wajar liabilitas keuangan ditentukan sebagai
berikut:
− Nilai wajar utang obligasi dengan syarat dan
kondisi standar dan diperdagangkan di pasar
aktif, ditentukan dengan mengacu pada harga
pasar.
− Nilai wajar utang bank dan pinjaman kepada
lembaga keuangan lainnya ditentukan
menggunakan diskonto arus kas masa depan
pada suku bunga yang berlaku dari transaksi
pasar yang dapat diamati saat ini untuk
instrumen yang sejenis.
Secara khusus, asumsi signifikan yang
digunakan dalam menentukan nilai wajar dari
aset dan liabilitas keuangan ditetapkan
dibawah ini:
- 121 -
F-258
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
If interest rates had been 20 and 30 basis
points higher/lower and all other variables
were held constant, then profit in 2015 and
2014 would decrease/ increase by
Rp 1,577,888 thousand and Rp 2,661,231
thousand. This is mainly attributable to the
Group’s exposure to interest rates on its
variable rate borrowings.
The interest rate risk exposure relates to the
amount of assets or liabilities which is subject
to a risk that a movement in interest rates will
adversely affect the income after tax. The risk
on interest income is limited as the Group
only intend to keep sufficient cash balances to
meet operational needs. On interest
expenses, the optimum balance between
fixed and floating interest debt is considered
upfront. The Group have a policy of obtaining
financing that would provide an appropriate
mix of floating and fix interest rate. Approvals
from the Board of Directors and
Commissioners must be obtained before
committing the Group to any of the
instruments to manage the interest rate risk
exposure.
c. Fair value of financial instruments
Except as detailed in the following table, the
directors consider that the carrying amounts of
financial assets and financial liabilities recorded at
amortized cost and recognized in the consolidated
financial statements approximate their fair value.
31 Desember/December 31, 2014
Jumlah tercatat/ Nilai wajar/
Carrying amount Fair value
Rp’000 Rp’000
Financial Liabilities
1.030.947.300 770.075.408 Long-term bank loans
4.447.566.418 4.347.625.000 Bonds payable
7.782.852 8.299.955 Other financial institution
The fair value of financial assets and liabilities are
determined as follows:
− The fair value of bonds payable with standard
terms and condition and traded on active
liquid markets are determined with reference
to quoted market price.
− The fair value of bank loans and loans to
other financial institutions are determined by
discounting future cash flows using applicable
rates from observable current market
transactions for similar instruments.
Specifically, significant assumptions used in
determining the fair value of the following
financial assets and liabilities are set out
below:
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Utang Bank Jangka Panjang
Nilai wajar dari utang bank pada
31 Desember 2015 diperkirakan sebesar
Rp 961.499.253 ribu dengan tingkat bunga
diskonto pada tahun 2015 sebesar 11,25% -
12%.
Utang Obligasi
Nilai wajar dari obligasi I Agung Podomoro
Land Tahun 2011, obligasi II Agung
Podomoro Land Tahun 2012 dan obligasi
berkelanjutan I Agung Podomoro Land pada
31 Desember 2015 diperkirakan sebesar
Rp 4.484.302.500 ribu dengan menggunakan
harga kuotasi yang berlaku di pasar sebesar
Rp 0,95 – Rp 1,01.
Pengukuran nilai wajar diakui dalam laporan
posisi keuangan konsolidasian
Tabel berikut ini merangkum nilai tercatat dan
nilai wajar aset dan liabilitas, yang dianalisis
antara keduanya serta nilai wajar didasarkan
pada:
• Level 1 pengukuran nilai wajar adalah
yang berasal dari harga kuotasian (tanpa
penyesuaian) di pasar aktif untuk aset
atau liabilitas yang identik;
• Level 2 pengukuran nilai wajar adalah
yang berasal dari input selain harga
kuotasian yang termasuk dalam Level 1
yang dapat diobservasi untuk aset atau
liabilitas, baik secara langsung (misalnya
harga) atau secara tidak langsung
(misalnya deviasi dari harga); dan
• Level 3 pengukuran nilai wajar adalah
yang berasal dari teknik penilaian yang
mencakup input untuk aset atau liabilitas
yang bukan berdasarkan data pasar
yang dapat diobservasi (input yang tidak
dapat diobservasi), seperti proyeksi arus
kas masa depan yang didiskontokan.
31 Desember 2015 Level 1
Rp’000
Aset yang nilai w ajarnya
diungkapkan
Aset non keuangan
Properti investasi - -
Aset tetap - -
Jumlah - -
Liabilitas yang nilai w ajarnya
diungkapkan
Utang bank - 961.499.253
Utang obligasi 4.484.302.500
Jumlah 4.484.302.500
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
Long-term Bank Loan
The fair value of the long-term bank loan as of
December 31, 2015 are estimated to be
Rp 961,499,253 thousand, with discount rate
in 2015 estimated at 11.25% - 12%.
Bonds Payable
The fair value of Agung Podomoro Land
Bond I Year 2011, Agung Podomoro Land
Bond II Year 2012 and Agung Podomoro
Land Sustainable I as of December 31, 2015
is estimated to be Rp 4,484,302,500
thousand, using quoted price’s available in
market, amounting to Rp 0.95 – Rp 1.01.
Fair value measurement hierarchy of the
Group’s assets and liabilities
The following tables summarize the carrying
amounts and fair values of the assets and
liabilities, analyzed among those whose fair
value is based on:
• Level 1 fair value measurements are
those derived from quoted prices
(unadjusted) in active markets for
identical assets or liabilities;
• Level 2 fair value measurements are
those derived from inputs other than
quoted prices included within Level 1
that are observable for the asset or
liability, either directly (i.e. as prices) or
indirectly (i.e. derived from prices); and
• Level 3 fair value measurements are
those derived from valuation techniques
that include inputs for the asset or
liability that are not based on observable
market data (unobservable inputs), such
as projected discounted cash flow.
Nilai w ajar/Fair value
Jumlah/
Level 2 Level 3 Total December 31, 2015
Rp’000 Rp’000 Rp’000
Assets for w hich Fair Values
are Disclosed
Non-financial assets
13.305.287.500 13.305.287.500 Investment properties
3.773.596.700 3.773.596.700 Property and equipment
17.078.884.200 17.078.884.200 Total
Liabilities for w hich Fair Values
are Disclosed
- 961.499.253 Bank loans
- - 4.484.302.500 Bank payable
961.499.253 - 5.445.801.753 Total
- 122 -
F-259
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)

46. ASET DAN LIABILITAS MONETER DALAM MATA 46. MONETARY ASSETS AND LIABILITIES
UANG ASING DENOMINATED IN FOREIGN CURRENCIES

Pada tanggal 31 Desember 2015 dan 2014, Grup At December 31, 2015 and 2014, the Group had
mempunyai aset dan liabilitas moneter dalam mata monetary assets and liabilities denominated in foreign
uang asing sebagai berikut: currencies as follows:
31 Desember/December 31, 2015 31 Desember/December 31, 2014
Mata Uang Ekuiv alen Mata Uang Ekuiv alen
Asing/ Rp’000/ Asing/ Rp’000/
Foreign Equivalent in Foreign Equivalent in
Currencies Rp '000 Currencies Rp '000

Aset Assets
Kas dan setara kas USD 30.734.655 423.984.560 41.782.224 519.770.861 Cash and cash equiv alents
EURO 305.171 4.598.922 - -
Piutang usaha kepada Trade accounts receiv able
pihak ketiga USD 935.250 12.901.776 2.332.838 29.020.500 f rom third parties
Aset keuangan lainny a USD 706.599 9.747.537 630.377 7.841.890 Other f inancial assets

Jumlah aset 451.232.795 556.633.251 Total assets

Liabilitas Liabilities
Utang usaha kepada Trade accounts pay able
pihak ketiga USD 775.415 10.696.845 1.450.214 18.040.660 to third parties
SGD 170.242 1.660.030 92.565 872.148
EURO 22.035 332.060 22.035 333.456
Uang jaminan peny ewa USD 867.144 11.962.255 846.278 10.527.696 Tenants’ security deposits
Jumlah liabilitas 24.651.190 29.773.960 Total liabilities
Jumlah aset bersih 426.581.605 526.859.291 Total net assets

Pada tanggal 31 Desember 2015 dan 2014 kurs yang The conversion rate used by the Group on
digunakan oleh Grup sebagai berikut: December 31, 2015 and 2014 are as follows:

31 Desemb er/Decemb er 31,

2015 2014
Rp Rp

1 USD 13.795 12.440 USD 1

1 SGD 9.751 9.422 SGD 1
1 EURO 15.070 15.133 EURO 1

47. TUNTUTAN HUKUM 47. LITIGATIONS

Perusahaan The Company

a. Berdasarkan perkara No. 1048/Pdt.G/2010/PN. a. Based on case No. 1048/Pdt.G/2010/PN.JKT.BAR

JKT.BAR tanggal 23 Desember 2010 di
Pengadilan Negeri Jakarta Barat, Lim Soejono
(Penggugat) mengajukan gugatan kepada
Perusahaan (Tergugat), dengan perbuatan
melawan hukum antara lain meletakkan sita
jaminan atas sebidang tanah Verponding
Indonesia No. 164/15.I.A atas nama Winarsa.
dated December 23, 2010 in West Jakarta
District Court between Lim Soejono (Plaintiff) and
the Company (Defendant), the Plaintiff filed a
lawsuit against the Defendant regarding the
foreclosure placed on a lot of land Verponding
Indonesia No. 164/15.I.A on behalf of Winarsa.

Pada tanggal 4 Oktober 2011, Pengadilan Negeri
Jakarta Barat menolak pengajuan gugatan
Penggugat. Atas putusan tersebut Penggugat
mengajukan banding tanggal 18 Oktober 2011
dan terdaftar dengan No. 160/PDT/2012/PT.DKI.
Keputusan dibuat oleh Pengadilan Tinggi
Jakarta dan sudah diputus pada tanggal
5 Juli 2012 dengan putusan menguatkan putusan
Pengadilan Negeri Jakarta Barat
No. 1048/Pdt.G/2010/PN. JKT.BAR.
On October 4, 2011, West Jakarta District Court
rejected the lawsuit filed by the Plaintiff. The
Plaintiff has made an appeal to high court on
October 18, 2011 with the legal case
No. 160/PDT/2012/PT.DKI. The decision made
by Jakarta High Court on July 5, 2012, have
strengthened the verdict made by West Jakarta
District Court No.1048/Pdt.G/2010/PN. JKT.BAR.

- 123 -

F-260
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
b. Berdasarkan perkara No. 176/Pdt/G/2015/
PN.JKT.SEL tanggal 19 Maret 2015 pada
Pengadilan Negeri Jakarta Selatan, Conny
Miranda (Penggugat I) dan Endin Hafidin
(Penggugat II) mengajukan gugatan Perbuatan
Melawan Perusahaan (Tergugat VI). Tergugat I
dan Tergugat II keduanya sebagai pemegang
saham PT Anugerah Tirta Bumi (ATB),
menggugat Direktur ATB terkait dengan
pertanggungan jawaban atas penggunaan dana
pinjaman ATB sebesar Rp 5.000.000 ribu serta
kerjasama dengan PT Van Ooord Indonesia
(Tergugat V) dan Perusahaan terkait suplai pasir
untuk kepentingan proyek Pluit City. Gugatan ini
masih diproses pada Pengadilan Negeri Jakarta
Selatan.
BMI (dahulu SAMP)
a. BMI memiliki kasus hukum dengan Rudi
Priyadi Bin Rukman (“Penggugat”) yang
mengajukan gugatan perlawanan kepada
BMI dan terdaftar dalam registrasi perkara
No.09/PDT/PLW/2012/PN.KRW, tanggal
16 Pebruari 2012 pada Pengadilan Negeri
Karawang dengan tuntutan bahwa tanah seluas
2.500 m2 adalah milik Penggugat dan putusan
No. 2/Pdt.G/2007/PN.krw Jo No. 160 Pk/Pdt/2011
dinyatakan tidak dapat dilaksanakan (non
executable). Gugatan diatas telah diputus oleh
Pengadilan Negeri Karawang pada tanggal
5 Desember 2012 dengan putusan menolak
semua gugatan Penggugat dan Penggugat
mengajukan banding dengan register
No. 160/Pdt/2013/ PT.BDG dan telah diputuskan
Pengadilan Tinggi Bandung tanggal 7 Mei 2013
dengan putusannya menguatkan putusan
pengadilan Negeri Karawang. Atas keputusan
tersebut, Penggugat mengajukan kasasi di
Mahkamah Agung, terdaftar dengan No. 2941
K/Pdt/2013 dan diputus tanggal 20 Pebruari 2014
dengan amarnya menolak permohonan kasasi
Penggugat.
Putusan ini telah berkekuatan hukum tetap
(inkracht van geweijsde). Atas putusan yang
berkekuatan hukum tetap tersebut, Penggugat
mengajukan Peninjauan Kembali tanggal
20 Oktober 2015.
b. Berdasarkan perkara No. 49/Pdt/G/2010/PN.Krw
tanggal 13 Oktober 2010 di Pengadilan Negeri
Karawang, Darsim Bin Asim, Karda bin Saikam,
Karsa Bin Saikam dan Saikam Bin Debim (Para
Penggugat) mengajukan gugatan kepada BMI
(Salah Satu Tergugat), dengan tuntutan Para
Penggugat sebagai pemilik dari tanah seluas
31.250 m2 yang berlokasi di Karawang dan ganti
rugi sebesar Rp 5.200.000 ribu.
Pada tanggal 14 April 2011, Pengadilan Negeri
Karawang dengan keputusan mengabulkan
sebagian gugatan Penggugat.
- 124 -
F-261
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
b. Based on case No. 176/Pdt/G/2015/PN.JKT.SEL
dated March 19, 2015, at South Jakarta District
Court, Conny Miranda (Plaintiff I) and Endin Hafidin
(Plaintiff II) filed a lawsuit against the Company
(Plantiff VI). Plantiff I and II both as a shareholder of
PT Anugerah Tirta Bumi (ATB), sued the Director of
ATB related to accountability for the use of ATB
borrowed funds amounting Rp 5,000,000 thousand
as well as cooperation with PT Van Ooord
Indonesia (Defendant V) and the Company related
to the supply of sand for Pluit City project. The
lawsuit is still in process at the South Jakarta District
Court.
BMI (formerly SAMP)
a. BMI has a legal case with Rudi Priyadi Bin Rukman
(“Plaintiff”) who filed a lawsuit resistance against
BMI, which is registered as Civil Case
No. 09/PDT/PLW/2012/PN.KRW, dated February
16, 2012, at the Karawang District Court with
argument that land measuring 2,500 m2 owned by
Plaintiff and Karawang District Course decision
No. 2/Pdt.G/2007/PN.krw Jo No. 160 Pk/Pdt/2011
are non executable. The suit above has been
decided by Karawang District Court on
December 5, 2012 with decision to reject all plaintiff
claim and the plaintiff filed an appeal to Bandung
High Court with case registered
No. 160/Pdt/2013/PT.BDG and it was decided on
May 7, 2013 by Bandung High Court with the
decision to affirm the decision of Karawang Court
accordingly. The plaintiff appealed to the Supreme
Court, registered case No. 2941 K/Pdt/2013 and
decided on February 20, 2014 with a verdict
rejecting the plaintiff’s appeal.
This decision was legally binding (inkracht van
geweijsde). On a legally binding decision, the
plaintiff filed a judicial review on October 20,
2015.
b. Based on case No. 49/Pdt/G/2010/PN.Krw dated
October 13, 2010 in Karawang District Court,
Darsim Bin Asim, Karda bin Saikam, Karsa Bin
Saikam and Saikam Bin Debim (Plaintiffs) have
filed a lawsuit to BMI (one of the Defendant), with
claims that the Plaintiffs owned land area
measuring 31,250 m2, which is located at Karawang
and claims from Plaintiffs of Rp 5,200,000
thousand.
On April 14, 2011, Karawang District Court partly
granted the suit of Plaintiff.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
BMI mengajukan banding dan Pengadilan Tinggi
Bandung telah memutuskan tanggal
24 November 2011 yang isinya menolak gugatan
para penggugat.
Para penggugat kemudian mengajukan kasasi ke
Mahkamah Agung tanggal 7 Januari 2013,
dengan memutuskan dengan amarnya menolak
seluruhnya eksepsi tergugat.
Atas putusan Mahkamah Agung tersebut,
Tergugat mengajukan Peninjauan Kembali pada
tanggal 10 April 2013.
Pada tanggal 17 Mei 2014 Pengadilan Negeri
Kawarang telah menyampaikan relaas
pemberitahuan kepada Tergugat atas
penyerahan Kontra Memori PK oleh Para
Penggugat.
c. Berdasarkan perkara No. 61/Pdt/G/2013/PN.Krw
tanggal 25 November 2013 pada Pengadilan
Negeri Karawang, Miran bin Arifin, Nemas Bin
Emis, dan Onang bin Kasan (“Para Penggugat”)
mengajukan gugatan perbuatan melawan BMI
(“Tergugat I”), Badan Pertanahan Nasional
Kantor Wilayah Jawa Barat (“Tergugat II”), Badan
Pertanahan Nasional Kabupaten Karawang
(“Tergugat III”), 22 warga Desa Margamulya dan
Desa Wanakerta Kecamatan Teluk Jambe
Kabupaten Karawang (“Turut Tergugat I”),
27 warga Desa Wanasari dan Desa Wanakerta
Kecamatan Teluk Jambe kabupaten Karawang
(“Turut Tergugat II”).
Para penggugat masing-masing memiliki tanah
Adat seluas 10.450 m2, seluas 5.630 m2, seluas
17.980 m2, dan seluas 8.550 m2 dan
menuntut Putusan perkara perdata
No. 2/Pdt/G/2007/PN.Krw Jo Putusan Peninjauan
Kembali No 160PK/PDT/2011 cacat hukum dan
dibatalkan serta kerugian material dan immaterial
sebesar Rp 14.783.000 ribu.
Gugatan telah diputus Pengadilan Negeri
Karawang pada tanggal 12 Juni 2014 dengan
putusannya, menolak gugatan para Penggugat.
Penggugat mengajukan banding pada
Pengadilan Tinggi Bandung dan telah diputus
pada tanggal 8 Desember 2014, putusannya
menguatkan Putusan Pengadilan Negeri
Bandung. Atas putusan Pengadilan Tinggi
Bandung tersebut, Penggugat mengajukan
Kasasi pada tanggal 20 Pebruari 2015. Perkara
ini masih dalam proses kasasi.
d. BMI dan BPN Kantor Pertanahan Kabupaten
Karawang digugat oleh 30 pelawan yang
mengaku sebagai pemilik bidang-bidang tanah
yang berlokasi di atas tanah milik BMI seluas 350
hektar. Gugatan tersebut telah terdaftar dalam
Pengadilan Negeri Karawang dengan nomor
register 37/Pdt/G/2014/PN.Krw pada tanggal
30 Juni 2014.
- 125 -
F-262
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
BMI filed an appeal and the Bandung High Court
in Bandung on November 24, 2011, rejected the
lawsuit.
In consequence of the decision, the plaintiff filed
an appeal to the Supreme High Court on
January 7, 2013, with decision of fully rejecting
the exception of the plaintiff.
On the verdict made by the Supreme Court, the
Defendant filed a judicial review on April 10,
2013.
On May 17, 2014, Karawang District Court has
delivered notice to the Defendant on the transfer
of contra-memorandum of appeal by Plaintiffs.
c. Based on case No. 61/Pdt/G/2013/PN.Krw dated
November 25, 2013 at Karawang District Court,
Miran bin Arifin, Nemas Bin Emis, and Onang bin
Kasan (Plaintiffs) filed a lawsuit against to BMI
(Defendant I), National Land Agency Regional
Office of West Java (Defendant II), National Land
Agency Karawang District (Defendant III),
22 residents of Margamulya Village and
Wanakerta Village Teluk Jambe, Karawang
District (Co-Defendant I), 27 residents of
Wanasari Village and Wanakerta Village Teluk
Jambe, Karawang District (Co-Defendant II)
Each plaintiffs has customary land area of 10,450
m2, area of 5,630 m2, area of 17,980 m2, and
area of 8,550 m2 and demanding civil matters
Decision No. 2/Pdt/G/2007/PN.Krw Jo
Reconsideration Decision No 160PK/PDT/2011
disability law and cancelation as well as material
and immaterial losses amounting to
Rp 14,783,000 thousand.
The lawsuit has been decided by Karawang
District Court on June 12, 2014 to dismiss the
lawsuit of the plaintiff. The plaintiffs filed an
appeal at Bandung District Court and has been
decided on December 8, 2014, the verdict affirms
Bandung District Court’s verdict. Based on
Bandung District Court’s verdict, the plaintiffs
filed cassation on February 20, 2015. This case
is still under appeal.
d. BMI and BPN Karawang District Land Office are
sued by 30 opponents claiming to be the owners
of areas of land owned by BMI of 350 hectares.
The suit has been listed in the register
No.37/Pdt/G/2014/PN.Krw dated June 30, 2014
in Karawang District Court.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Gugatan sudah diputus Pengadilan Negeri
Karawang tanggal 25 Maret 2015 dengan
putusannya menolak seluruh gugatan
Penggugat. Penggugat mengajukan banding
tanggal 8 Juni 2015. Perkara ini telah diputus
oleh Pengadilan Tinggi Jakarta dengan amarnya
menguatkan putusan Pengadilan Negeri
Karawang dan atas putusan tersebut penggugat
mengajukan kasasi.
e. Berdasarkan gugatan yang didaftarkan dalam
Pengadilan Negeri Karawang dengan register
negara No. 47/Pdt/G/2014/PN.Krw pada tanggal
29 Agustus 2014, BMI menjadi salah satu pihak
tergugat yang digugat oleh 41 penggugat untuk
menyerahkan tanah objek sengketa kepada para
penggugat dan meminta ganti rugi.
Gugatan sudah diputus Pengadilan Negeri
Karawang tanggal 9 Juli 2015 dengan keputusan
menolak seluruh gugatan penggugat. Penggugat
mengajukan banding tanggal 22 Juli 2015.
Perkara ini masih dalam proses banding.
f. Berdasarkan perkara No. 46/PDT.G/2015/PN.Kwg
tanggal 19 Agustus 2015, BMI (“Penggugat”)
mengajukan gugatan perbuatan melawan
PT Batuah Bauntung (“Tergugat I”) dan Kantor
Pertanahan Karawang (“Tergugat II”) atas tanah
yang dikuasai oleh Tergugat I (“Objek
Sengketa”).
Gugatan sudah diputus Pengadilan Negeri
Karawang dengan putusannya menolak gugatan
Penggugat. Perkara ini masih dalam proses
banding oleh Penggugat.
SMD
a. Berdasarkan Perkara No. 189/Pdt.G/2011/ PN.MDN
tanggal 11 April 2011 pada Pengadilan Negeri
Medan, CV. International Film (Penggugat)
mengajukan gugatan kepada SMD (Tergugat I)
dan Hadi Tamsir (Tergugat II).
Pada tanggal 8 November 2011, Pengadilan
Negeri Medan menolak gugatan Penggugat dan
Penggugat diperintahkan untuk mengosongkan
dan mengembalikan ruangan theater dan
ruangan yang terkait lainnya serta
mengembalikan ruangan tersebut kepada
Tergugat.
Penggugat mengajukan banding dan terdaftar
pada Pengadilan Tinggi Medan dengan
No. 173/PDT/2012/PT.MDN. Permohonan
banding tersebut telah diputus oleh Pengadilan
Tinggi Medan pada tanggal 7 Agustus 2012
dengan putusan menguatkan putusan
Pengadilan Negeri Medan. Atas putusan
tersebut, Penggugat mengajukan Kasasi pada
tanggal 22 Juli 2013. Penggugat telah
mengajukan memori kasasi tanggal 1 Agustus
2014 dan tergugat I menyerahkan kontra memori
kasasi tanggal 11 Agustus 2014.
- 126 -
F-263
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
The lawsuit has been decided by Karawang District
Court on March 25, 2015 to fully reject the Plaintiff’s
lawsuit. The Plaintiffs filed an appeal on June 8,
2015. This case has been decided by the Jakarta
High Court to upheld Karawang District Court
verdict and against the verdict, plaintiff filed appeal.
e. Based on the lawsuit listed in Karawang District
Court register No.47/Pdt/G/2014/PN.Krw dated
August 29, 2014, BMI become one of the
defendants being sued by 41 plaintiffs to return
the dispute land to the plaintiffs and request
compensation.
The lawsuit has been decided by Karawang
District Court dated July 9, 2015 to reject the
plaintiff’s lawsuit. The plaintiffs filed an appeal on
July 2015. This case is still under appeal.
f. Based on case No. 46/PDT.G/2015/PN.Kwg
dated August 19, 2015, BMI (Plaintiff) filed a
lawsuit against the PT Batuah Bauntung
(Defendant I) and Land Office of Karawang
(Defendant II) for the land held by Defendant I
(Object Dispute).
This lawsuit has been decided by Karawang
District Court to reject the Plaintiff’s lawsuit. This
case is still under appeal by the Plaintiff.
SMD
a. In accordance with Legal Case
No. 189/Pdt.G/2011/PN-MDN dated April 11, 2011
registered in Medan District Court, CV.
International Film (Plaintiff) filed a lawsuit against
SMD (Defendant I) and Hadi Tamsir (Defendant II).
On November 8, 2011, Medan District Court
rejected the lawsuit by the Plaintiff, in which the
Plantiff was ordered to vacate and return the
theater rooms associated with it to Defendant.
The Plaintiff filed an appeal registered in Medan
High Court under No. 173/PDT/2012/PT.MDN.
The decision was made on August 7, 2012 with
decision to affirm the decision made by Medan
District Court. In lieu of that, the Plaintiff filed an
appeal to Supreme Court (cassation) on July 22,
2013. The Plaintiff has filed a cassation dated
August 1, 2014 and Defendant I submitted contra
cassation dated August 11, 2014.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
b. Berdasarkan Perkara No. 248/Pdt.G/2013/
PN.MDN tanggal 7 Mei 2013 pada Pengadilan
Negeri Medan, Rachmat Sutanti (Penggugat)
mengajukan gugatan kepada CV. International
Film (Tergugat I) dan SMD (Tergugat II), obyek
gugatan perbuatan melawan hukum oleh
Tergugat I atas pengakhiran Perjanjian
Pemberian Hak Pemakaian.
Gugatan tidak dapat diterima dan pihak
penggugat mengajukan banding dan perkara ini
masih dalam proses banding.
c. Berdasarkan perkara No. 426/Pdt.G/2013/PN.MDN
tanggal 25 Juli 2013 di Pengadilan Negeri
Medan, SMD sebagai penggugat mengajukan
gugatan wanprestasi kepada Adi Susanto, Hardy
Sukamto, Daud, Edyansah, Nyam Min Kok,
Husin, Budi Tanuwijaya, Linna Amat, Jijin Dudarti
Japit, Hasan Harjono, Lioe Sat Jao, Mei Yong,
dan Mariana Artedjo sebagai para tergugat.
Gugatan ini masih diproses pada Pengadilan
Negeri Medan.
d. Berdasarkan perkara No. 108/Pdt.G/2011/PN.MDN
tanggal 7 Maret 2011 yang terdaftar di
Pengadilan Negeri Medan, Hutomo Halim
(Penggugat) menggugat SMD (Tergugat) atas
wanprestasi terhadap perjanjian antara kedua
pihak yaitu menghentikan pengoperasian Deli
Plaza. Pada tanggal 14 September 2011
Pengadilan Negeri Medan menolak gugatan
Penggugat. Penggugat mengajukan banding
yang terdaftar di Pengadilan Tinggi Medan
dengan nomor 42/PDT/2012/PT.MDN dan telah
diputuskan tanggal 6 Maret 2012 yang
menguatkan Putusan Pengadilan Negeri Medan.
Perkara ini masih dalam proses kasasi di
Mahkamah Agung.
e. Berdasarkan Perkara No. 26/G/2015/PTUN.MDN
tanggal 5 Mei 2015 pada Pengadilan Tata Usaha
Negara Medan, Yayasan Citra Keadilan
(Penggugat) mengajukan gugatan Tata Usaha
Negara kepada Walikota Medan (Tergugat) dan
SMD (Tergugat II Intervensi), sehubungan
dengan penerbitan Ijin Mendirikan Bangunan
kepada SMD. Perkara ini telah diputus tanggal
28 Oktober 2015 dengan amarnya menerima
permohonan Penggugat. SMD mengajukan
banding atas putusan tersebut.
GCK
a. Berdasarkan Perkara No. 255 Pdt.G/2013/PN.Jkt.Tim
tanggal 24 Juni 2013 pada Pengadilan Negeri
Jakarta Timur, 170 (seratus tujuh puluh)
penggugat (para penggugat) bersama dengan
Sardjio & Cliff Maiyer Boenawan (Penggugat
Intervensi) mengajukan gugatan kepada GCK
(salah satu pihak tergugat) atas penggarapan
tanah seluas ±134.600 m2.
- 127 -
F-264
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
b. In accordance with Legal Case
No. 248/Pdt.G/2013/PN.MDN dated May 7, 2013
registered in Medan District Court, Rachmat
Sutanti (Plaintiff) filed a lawsuit against CV.
International Film (Defendant I) and SMD
(Defendant II), object tort suit by Defendant I over
termination on Usage Right Agreement.
The lawsuit was not accepted and the plaintiff
filed an appeal and this case is still under appeal.
c. In accordance with Legal Case
No. 426/Pdt.G/2013/PN.MDN dated July 25,
2013 registered in Medan District Court, SMD
(Plaintiff) filed a lawsuit against Adi Susanto,
Hardy Sukamto, Daud, Edyansah, Nyam Min
Kok, Husin, Budi Tanuwijaya, Linna Amat, Jijin
Dudarti Japit, Hasan Harjono, Lioe Sat Jao, Mei
Yong, and Mariana Artedjo as the Defendants.
The lawsuit is being processed by Medan District
Court.
d. Based on case No. 108/Pdt.G/2011/PN.MDN on
March 7, 2011 that registered at Medan District
Court, Hutomo Halim (Plaintiff) has filed a lawsuit
to SMD (Defendant) with regards to the
agreement of both parties to stop the operation of
Deli Plaza. On September 14, 2011, Medan
District Court rejected the lawsuit of the Plaintiff.
The Plaintiff filed an appeal to Medan High Court
with register number case 42/PDT/2012/PT.MDN
and has decided on March 6, 2012 to affirm the
decision of Medan District Court.
This case is being processed under appeal in the
Supreme Court.
e. Based on Legal Case No. 26/G/2015/PTUN.MDN
dated May 5, 2015 at the State Administrative
Court Medan, Citra Keadilan Foundation
(Plaintiff) filed a state administration lawsuit to
the Mayor of Medan (Defendant) and SMD
(Intervening Defendant II), in relation with the
issuance of Permit Building to SMD. This case
has been decided on October 28, 2015 with a
verdict receiving the plaintiff’s request. SMD has
filed an appeal against this verdict.
GCK
a. Based on legal case No. 255 Pdt.G/2013/PN.Jkt.Tim
dated June 24, 2013 which is registered in East
Jakarta District Court, 170 (one hundred and
seventy) plaintiffs together with Sardjio & Cliff
Maiyer Boenawan (Plaintiff’s Intervantion) filed a
lawsuit against GCK (one of the defendants) on
the cultivation of the land area ±134,600 m 2.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
Perkara ini sudah diputuskan pada tanggal
10 November 2014 dengan keputusan menolak
gugatan para penggugat dan mengabulkan
gugatan intervensi dari penggugat intervensi.
Atas keputusan tersebut tergugat dan para
penggugat mengajukan banding pada
Pengadilan Tinggi Jakarta Timur.
Pada tanggal 2 September 2015, Pengadilan
Tinggi Jakarta memutuskan menolak Gugatan
Para Penggugat untuk seluruhnya, menolak
gugatan Intervensi dari Penggugat Intervensi
untuk seluruhnya dan menyatakan Sita Jaminan
tidak sah dan harus diangkat.
Atas putusan Pengadilan Tinggi Jakarta tersebut
Penggugat Intervensi mengajukan kasasi.
b. Berdasarkan perkara No. 379/Pdt.G/2014/ PN.Jkt.Tim
pada tanggal 4 November 2014 pada
Pengadilan Negeri Jakarta Timur, yang diajukan
oleh para ahli waris Djiun Bin Riket (Penggugat)
kepada GCK (Tergugat I) dan Perusahaan
(Tergugat II), penggugat menyatakan bahwa
GCK dan Perusahaan telah melakukan
pelanggaran hak keperdataan penggugat atas
tanah seluas 9,5 hektar.
Perkara ini sudah diputus oleh Pengadilan
Negeri Jakarta Timur tanggal 9 September 2015
dengan amar putusannya menolak gugatan para
Penggugat seluruhnya dan penggugat
mengajukan banding.
c. Berdasarkan perkara No. 380/Pdt.G/2014/PN.Jkt.Tim
tanggal 21 November 2014 pada Pengadilan
Negeri Jakarta Timur, H.Muh.Sjah (Penggugat)
mengajukan gugatan perbuatan melawan hukum
kepada GCK dan Perusahaan (Para Tergugat)
sehubungan dengan tanah penggugat yang
berlokasi di tanah GCK. Perkara ini sudah
diputus oleh Pengadilan Negeri Jakarta Timur
dengan amar putusannya menolak gugatan
Penggugat. Atas putusan tersebut, Penggugat
mengajukan banding pada tanggal 27 Agustus
2015.
d. Berdasarkan perkara No. 334/Pdt.G/2014/PN.Jkt.Tim
tanggal 6 Oktober 2014, GCK (Tergugat V/salah
satu tergugat) digugat oleh Rusli Wahyudi
(Penggugat) terkait kuasa penjualan tanah girik
atas nama Sukmawijaya Bin Sumitro. Gugatan
telah diputus dengan amarnya, menolak seluruh
gugatan penggugat dan atas putusan ini,
penggugat mengajukan banding.
e. Berdasaran perkara No. 364/Pdt.G/2015/PN.Jkt.Tim
tanggal 29 September 2015 pada Pengadilan
Negeri Jakarta Timur, M. Moch. Taufiq Sidik
(”Penggugat”) mengajukan gugatan perbuatan
melawan GCK, sehubungan dengan tanah
Penggugat yang berlokasi di tanah GCK.
Perkara ini masih dalam proses pada
Pengadilan Negeri Jakarta Timur.
- 128 -
F-265
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
This case has been decided on November 10,
2014 with the decision rejecting the lawsuits of the
plaintiffs and granted the claim from the plaintiff’s
intervantion. The defendant and plaintiffs filed an
appeal to East Jakarta High Court.
On September 2, 2015, Jakarta High Court
decided to reject plaintiff’s lawsuit entirety, reject
intervention lawsuit from the plaintiff’s intervention
entirety and declared invalid confiscation warranty
and should be removed.
Against the decision of the Jakarta High Court,
Intervention Plaintiff has issued an appeal.
b. Based on case No. 379/Pdt.G/2014/ PN.Jkt.Tim
on November 4, 2014 which is registered in East
Jakarta District Court, filed by the heirs Djiun Bin
Riket (Plaintiff) to GCK (Defendant I) and the
Company (Defendant II), the plaintiff claimed that
GCK and the Company has violated the civil rights
of the plaintiff with an area of 9.5 hectares.
This case had been decided by the East Jakarta
District Court on September 9, 2015 with a verdict
rejecting the appeal of the plaintiff as a whole and
the plaintiff filed an appeal.
c. Based on case No. 380/Pdt.G/2014/PN.Jkt.Tim
dated November 21, 2014 at the East Jakarta
District Court, H.Muh.Sjah (Plaintiff) filed a law
suit against the law to GCK and the Company
(Defendants) in relation to the plaintiff’s ground
located on the ground of GCK. East Jakarta
District Court decided to reject the plaintiff’s
lawsuit. Against the verdict, the plaintiff filed an
appeal on August 27, 2015.
d. Based on case No. 334/Pdt.G/2014/ PN.Jkt.Tim
dated October 6, 2014, GCK (Defendant V / one
defendant) was sued by Rusli Wahyudi (Plaintiff)
related to the sales of land on behalf of
Sukmawijaya Bin Sumitro. The lawsuit has been
decided, rejecting all the lawsuit and against the
verdict, the plaintiff filed an appeal.
e. Based on case No. 364/Pdt.G/2015/PN.Jkt.Tim
dated September 29, 2015 at the East Jakarta
District Court, M. Moch. Taufiq Sidik (Plaintiff) filed
a lawsuit against GCK, with respect to Plaintiff
land located on the land of GCK. This case was
still in progress at the East Jakarta District Court.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
AHT
AHT mengajukan perlawanan hukum kepada Subeno
(Terlawan I), Soeharso (Terlawan II), Saidham Darlim
(Terlawan III), Kantor Pertanahan Kota Administrasi
Jakarta Barat (Terlawan IV) yang terdaftar dalam
perkara No. 379/Pdt.G/2014/PN.JKT.BAR tanggal
7 Agustus 2014 pada Pengadilan Negeri Jakarta Barat.
Perkara ini adalah perlawanan kepada Terlawan I
atas penetapan sita tanah milik AHT.
Gugatan sudah diputus oleh Pengadilan Negeri
Jakarta Barat pada tanggal 7 Mei 2015 dengan
putusannya menerima perlawanan AHT. Atas
putusan ini Terlawan I mengajukan banding dan telah
diputus Pengadilan Tinggi Jakarta dengan putusan
menguatkan putusan No.379/Pdt.G/2014/PN.JKT.BAR
tanggal 7 Mei 2015.
PCN
a. Berdasarkan perkara No. 148/Pdt.G/2013/PNBpp
tanggal 12 Desember 2013 pada Pengadilan
Negeri Balikpapan, PT Bumi Liputan Jaya
(“Penggugat”) mengajukan gugatan perbuatan
melawan Hezkia Panggau (“Tergugat I”) dan PCN
(“Tergugat II”) sehubungan dengan penggelapan
uang oleh Tergugat I yang mana uang yang
digelapkan tersebut dipakai untuk membeli kios-
kios dalam The Plaza Balikpapan Trade Centre
milik Tergugat II dengan tuntutan ganti rugi
material dan immaterial sebesar
Rp 2.088.299 ribu serta meletakkan sita jaminan
atas 2 buah kios milik PCN. Gugatan ini sudah
diputus Pengadilan Negeri Balikpapan tanggal 16
Oktober 2014 dengan putusannya, gugatan
Penggugat tidak dapat diterima dan atas putusan
Pengadilan Negeri Balikpapan tersebut
Penggugat dan Tergugat mengajukan banding
tanggal 23 Oktober 2014 dan telah diputus oleh
Pengadilan Tinggi Samarinda tanggal 12 Agustus
2015 dengan amar putusannya, menguatkan
putusan Pengadilan Negeri Balikpapan
No. 148/Pdt.G/PN.Bpp tanggal 16 Oktober 2014
dan menolak gugatan Penggugat untuk
selebihnya. Atas putusan Pengadilan Tinggi
Samarinda Penggugat dan Tergugat mengajukan
Kasasi.
b. Berdasarkan perkara No 166/Pdt.G/2014/PNBpp
tanggal 25 November 2014 yang terdaftar di
Pengadilan Negeri Balikpapan, Arief Wardhana
(Penggugat) mengajukan gugatan kepada PCN
(Tergugat). Perkara ini adalah tindakan
wanprestasi atas perjanjian pengikatan jual beli
kios seharga Rp 394.369 ribu. Penggugat
menuntut tergugat untuk membayar ganti rugi
material dan immaterial sebesar Rp 6.610.214
ribu dan sita jaminan atas gedung toko bertingkat
di tanah Hak Guna Bangunan No. 401.
Gugatan di atas telah diputus oleh Pengadilan
Negeri Balikpapan, dengan amarnya Pengadilan
Negeri Balikpapan tidak berwenang mengadili
perkara ini dan atas putusan ini Penggugat
mengajukan banding.
- 129 -
F-266
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
AHT
AHT filed a legal challenge to Subeno (Defendant I),
Soeharso (Defendant II), Saidham Darlim (Defendant
III), Office of the City Administration of West
Jakarta (Defendant IV) based on case
No. 379/Pdt.G/2014/PN.JKT.BAR in the West Jakarta
District Court dated August 7, 2014. This case is
against Defendant I over the land owned by AHT.
This lawsuit had been decided by the West Jakarta
District Court on May 7, 2015 to accept AHT’s lawsuit.
Based on this verdict, Defendant I filed an appeal and
had been decided by Jakarta High Court affirming the
verdict No. 379/Pdt.G/2014/PN.JKT.BAR dated
May 7, 2015.
PCN
a. Based on case No. 148/Pdt.G/2013/PNBpp dated
December 12, 2013 at Balikpapan District Court,
PT Bumi Liputan Jaya (Plaintiff) filed a lawsuit
against Hezkia Panggau (Defendant I) and PCN
(Defendant II) in connection with the
embezzlement of money by the second
defendant which the money is used to purchase
kiosks in The Plaza Balikpapan Trade Centre
belong to the second defendant demands of
material and immaterial compensation amounting
to Rp 2,088,299 thousand and laid the
sequestration of the two kiosks belonging to
PCN. This lawsuit has been decided by
Balikpapan District Court on
October 16, 2014 with its verdict, the plaintiff’s
lawsuit can not be accepted and based on
Balikpapan District Court’s verdict, the plaintiff
and defendant filed an appeal dated October 23,
2014 and has been decided by the High Court of
Samarinda dated August 12, 2015 with the
verdict, affirming the verdict of Balikpapan District
Court No. 148/Pdt.G/PN.Bpp dated October 16,
2014 and rejected the rest of the plaintiff’s
lawsuit. Based on the decision by the Samarinda
High Court, plaintiff and defendant filed an
appeal.
b. In accordance with legal case
No 166/Pdt.G/2014/PNBpp dated November 25,
2014 registered in Balikpapan District Court, Arief
Wardhana (Plaintiff) filed a lawsuit against PCN
(Defendant). This case is default on binding
agreement for purchasing and selling of kiosk
amounting to Rp 394,369 thousand. Plaintiff filed
a lawsuit to pay material and immaterial losses
amounting to Rp 6,610,214 thousand and
sequestration of multi storey building on land with
the Right of Building (HGB) No. 401.
The lawsuit is still being processed by Balikpapan
District Court, with the verdict Balikpapan District
Court does not have authority to Judge this case
and based on this verdict, the Plaintiff has filed an
appeal.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
JKS
Berdasarkan perkara No. 101/PDT.G/2015/PN.BDG
tanggal 27 Februari 2015, perkara ini diajukan oleh
Lilis Kristiyana (“Penggugat”) kepada PT JKS Realty
(“Tergugat”), Penggugat memesan 1 (satu) unit
rumah susun di Apartemen Parahyangan
Residences, Bandung dan menurut agar Penggugat
dibebaskan dari denda keterlambatan pembayaran
cicilan pemesanan unitnya. Gugatan telah diputus
oleh Pengadilan Negeri Bandung pada tanggal
16 Juni 2015 dengan amar putusannya, gugatan
Penggugat tidak dapat diterima. Atas putusan ini
Penggugat mengajukan banding dan telah
diputus oleh Pengadilan Tinggi Bandung tanggal
28 Oktober 2015 dengan amarnya menguatkan
putusan Pengadilan Negeri Bandung
No. 101/PDT.G/2015/PN.BDG, sampai saat ini belum
ada pemberitahuan apakah Penggugat mengajukan
kasasi atas putusan Pengadilan Tinggi Bandung
tersebut di atas.
CMK
a. Berdasarkan perkara No. 676/Pdt.G/2014/PN.Jkt.Bar
tanggal 23 Desember 2014 di Pengadilan Negeri
Jakarta Barat, Sekretariat Bersama Pemilik Kios,
Pedagang dan Pekerja Plaza Kenari Mas
(Penggugat) menggugat Para Pengurus
Perhimpunan Pemilik dan Penghuni Satuan
Rumah Susun Komersial Non Hunian Kenari
Mas (17 Tergugat) dan CMK (Tergugat I) dan
Taifiqurrahman, SH (Tergugat II). Perkara ini
berhubungan dengan perbuatan Para Tergugat
yang mendirikan Perhimpunan Pemilik dan
Penghuni Satuan Rumah Susun Komersial Non
Hunian Kenari Mas.
Perkara sudah diputus pada tanggal
22 Desember 2015 dengan amarnya menerima
gugatan Penggugat untuk seluruhnya. Atas
putusan Pengadilan Negeri Jakarta Pusat
tersebut, Tergugat mengajukan banding.
b. Berdasarkan perkara No. 225/Pdt/G/2015/
PN.JKT.PST tanggal 25 Mei 2015 pada
Pengadilan Negeri Jakarta Pusat, Titania
Wulansari (Penggugat) mengajukan gugatan
Perbuatan Melawan CMK, terkait dengan
Penggugat terperosok kedalam ruang escalator
milik CMK (Tergugat I) yang pada saat itu
sedang diperbaiki oleh PT Cahaya Cipta Abadi
(“Tergugat III”). Gugatan masih diproses pada
Pengadilan Negeri Jakarta Pusat.
MWS
Berdasarkan perkara No. 193/G/2015/PTUN.JKT
tanggal 15 September 2015 pada Pengadilan Tata
Usaha Negara Jakarta, Gobang (Penggugat I),
Muhamad Tahir (Penggugat II), Nur Sapudin
(Penggugat III), Tri Sutrisno (Penggugat IV), Kuat
(Penggugat V), Perkumpulan Koalisi Rakyat Untuk
Keadilan Perikanan (Penggugat VI) dan Yayasan
Wahana Lingkungan Hidup Indonesia (Penggugat
VII), mengajukan gugatan Tata Usaha Negara
kepada Gubernur DKI Jakarta (Tergugat) dan MWS
(Tergugat II Intervensi), sehubungan dengan
penerbitan Keputusan Gubernur No. 2238 Tahun
2014. Perkara masih di proses pada Pengadilan Tata
Usaha Negara Jakarta.
- 130 -
F-267
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
JKS
Based on case No. 101/PDT.G/2015/PN.BDG, dated
February 27, 2015, the case filed by Lilis Kristiyana
("Plaintiff") to PT JKS Realty ("Defendant"), the
Plaintiff ordered one (1) unit of flats in Apartment
Parahyangan Residences, Bandung and according to
that, the Plaintiff was released from late payment
penalties installment reservation unit. The lawsuit has
been decided by the Bandung District Court on
June 16, 2015 with the verdict, the claim can not be
accepted. Against the decision, the Plaintiff filed an
appeal and was decided by the Bandung High Court
on October 28, 2015 with a verdict upheld the
ruling Bandung District Court
No. 101/PDT.G/2015/PN.BDG, until now there is no
notification if the Plaintiff submitted an appeal against
the decision of the Bandung High Court mentioned
above.
CMK
a. Based on case No. 676/Pdt.G/2014/PN.Jkt.
Bar, dated December 23, 2014 at West Jakarta
District Court, the Joint Secretariat Kiosk owners,
traders and workers of Plaza Kenari Mas
(Plaintiff) sued the Board of the Association of
Owners and Occupants Unit Housing Non
Residential Commercial of Kenari Mas (17
Defendant) and CMK (Defendant I) and
Taifiqurrahman, SH (Defendant II) . This case
related with act of defendant who established the
Board of the Association of Owners and
Occupants Unit Housing Non Residential
Commercial of Kenari Mas.
This case had been decided on December 22,
2015 with verdict to accept the plaintiff’s lawsuit
entirety. Against the decision by the Central
Jakarta District Court, the Defendant filed an
appeal.
b. Based on case No.225/Pdt/G/2015/PN.JKT.PST
dated May 25, 2015 at Central Jakarta District
Court, Titania Wulansari (Plaintiff) filed a lawsuit
against CMK, related to the accident case in the
escalator space owned by CMK (Defendant I),
which at that time being repaired by PT Cahaya
Cipta Abadi (Defendant III). The lawsuit is still
being processed at Central Jakarta District Court.
MWS
Based on case No. 193/G/2015/PTUN.JKT dated
September 15, 2015 at the Jakarta State
Administrative Court, Gobang (Plaintiff I), Muhamad
Tahir (Plaintiff II), Nur Sapudin (Plaintiff III), Tri
Sutrisno (Plaintiff IV), Kuat (Plaintiff V), Perkumpulan
Koalisi Rakyat Untuk Keadilan Perikanan (Plaintiff VI)
dan Yayasan Wahana Lingkungan Hidup Indonesia
(Penggugat VII), filed state administration suit to the
Governor of DKI Jakarta (Defendant) and MWS
(Intervening Defendant II), in accordance with the
issuance of Government Decision No. 2238 Year
2014. This case is still in process at the Jakarta State
Administrative Court.
PT AGUNG PODOMORO LAND Tbk DAN ENTITAS ANAK
CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASIAN
31 DESEMBER 2015 DAN 2014 SERTA UNTUK TAHUN-
TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUT
(Lanjutan)
48. PERISTIWA SETELAH PERIODE PELAPORAN
a. Berdasarkan hasil pemeringkatan dari
PT Pemeringkat Efek Indonesia (PEFINDO)
dengan surat No. 041/PEF-Dir/I/2016 pada
tanggal 12 Januari 2016, hasil pemeringkatan atas
Obligasi Berkelanjutan I Agung Podomoro Land,
Obligasi II Agung Podomoro Land Tahun 2012
dan Obligasi I Agung Podomoro Land Seri B
Tahun 2011 adalah idA- untuk periode
11 Januari 2016 sampai dengan 1 April 2016.
b. Pada tanggal 11 Februari 2016, AMI mengadakan
perjanjian sewa dengan PT Pindo Deli Pulp and
Paper Mills untuk tanah yang terletak di Desa
Wanajaya, Kecamatan Telukjambe, Kabupaten
Karawang, Provinsi Jawa Barat dengan luas
65.983 m2. Atas penyewaan tanah tersebut,
PT Pindo Deli Pulp and Paper Mills harus
membayar biaya sewa sebesar Rp 12.939.050
ribu.
c. Pada tanggal 12 Februari 2016, AMI melakukan
perjanjian atas pembelian saham PT Trans Heksa
Karawang (THK) dari PT Pindo Deli Pulp and
Paper Mills sebanyak 2.128.000 lembar saham
dengan harga beli sebesar Rp 2.128.000 ribu dan
mengalihkan sebagian dari uang muka investasi
saham THK kepada AMI sebesar Rp 10.048.154
ribu.
49. INFORMASI KEUANGAN TERSENDIRI
PERUSAHAAN
Informasi keuangan tersendiri entitas induk
menyajikan informasi laporan posisi keuangan,
laporan laba rugi dan penghasilan komprehensif lain,
laporan perubahan ekuitas dan laporan arus kas,
dimana penyertaan saham pada entitas anak dan
asosiasi dipertanggungjawabkan dengan metode
biaya.
Informasi keuangan tersendiri entitas induk disajikan
pada halaman 132 sampai dengan 138.
50. TANGGUNG JAWAB MANAJEMEN DAN
PERSETUJUAN ATAS LAPORAN KEUANGAN
KONSOLIDASIAN
Penyusunan dan penyajian wajar laporan keuangan
konsolidasian dari halaman 2 sampai dengan 131 dan
informasi tambahan dari halaman 132 sampai dengan
138 merupakan tanggung jawab manajemen, dan
telah disetujui oleh Direktur untuk diterbitkan pada
tanggal 28 Maret 2016.
- 131 -
F-268
PT AGUNG PODOMORO LAND Tbk AND ITS SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
DECEMBER 31, 2015 AND 2014 AND FOR THE YEARS
THEN ENDED
(Continued)
48. EVENTS AFTER THE REPORTING PERIOD
a. Based on the rating from PT Pemeringkat Efek
Indonesia (PEFINDO) in accordance with letter
No. 041/PEF-Dir/I/2016 dated January 12, 2016,
the Agung Podomoro Land Sustainable Bond I,
Agung Podomoro Land Bond II Year 2012 and
Agung Podomoro Land Bond I Series B Year
2011 are rated as idA- for the period from
January 11, 2016 until April 1, 2016.
b. On February 11, 2016, AMI entered into a lease
agreement with PT Pindo Deli Pulp and Paper
Mills for the land located in the village of
Wanajaya, District Telukjambe, Karawang, the
province of West Java with land area of
65,983 m2. PT Pindo Deli Pulp and Paper Mills
must pay a lease fee of Rp 12,939,050 thousand.
c. On February 12, 2016, AMI entered into
agreement for purchase shares of PT Trans
Heksa Karawang (THK) from PT Pindo Deli Pulp
and Paper Mills of 2,128,000 amounting to
Rp 2,128,000 thousand and agreed for the
transfer of advance for investment in share of THK
to AMI amounting to Rp 10,048,154 thousand.
49. FINANCIAL INFORMATION OF THE PARENT
ENTITY ONLY
The financial information of the parent entity only
presents statements of financial position, statements
of profit or loss and other comprehensive income,
statements of changes in equity and statements of
cash flows information in which investments in its
subsidiaries and associates were accounted using
the cost method.
Financial information of the Parent Entity is presented
on pages 132 to 138.
50. MANAGEMENT RESPONSIBILITY AND
APPROVAL OF CONSOLIDATED FINANCIAL
STATEMENTS
The preparation and fair presentation of the
consolidated financial statements on pages 2 to 131
and supplementary information on pages 132 to 138
were the responsibilities of the management, and
were approved by the Directors and authorized for
issue on March 28, 2016.
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR I : INFORMASI LAPORAN POSISI KEUANGAN SCHEDULE I: INFORMATION ON STATEMENTS OF FINANCIAL POSITION OF
ENTITAS INDUK *) PARENT ENTITY *)
31 DESEMBER 2015, 2014 DAN DECEMBER 31, 2015, 2014 AND
1 JANUARI 2014/31 DESEMBER 2013 JANUARY 1, 2014/DECEMBER 31, 2013

1 Januari 2014/
31 Desember/ 31 Desember/ 31 Desember 2013/
December 31, December 31, January 1, 2014/
2015 2014 **) December 31, 2013 **)
Rp'000 Rp'000 Rp'000
ASET ASSETS

ASET LANCAR CURRENT ASSETS

Kas dan setara kas 159.835.023 555.669.438 570.629.115 Cash and cash equivalents
Piutang usaha kepada pihak Trade accounts receivable from
ketiga 121.377.084 294.224.330 270.770.316 third parties
Piutang lain-lain Other accounts receivable
Pihak berelasi 1.812.197.178 1.626.308.326 1.921.723.978 Related parties
Pihak ketiga 24.952.331 18.100.232 74.158.618 Third parties
Persediaan - aset real estat 88.755.190 112.086.821 142.328.159 Inventories - real estate assets
Pajak dibayar dimuka 2.225.649 2.947.668 3.519.459 Prepaid taxes
Biaya dibayar dimuka 30.587.397 26.486.616 49.953.962 Prepaid expenses
Uang muka 1.642.485 231.207 141.213.194 Advances

Jumlah Aset Lancar 2.241.572.337 2.636.054.638 3.174.296.801 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS

Piutang lain-lain kepada pihak berelasi 87.592.871 538.391.371 254.594.126 Other accounts receivable from related parties
Persediaan - aset real estat 45.108.950 45.108.950 46.212.487 Inventories - real estate assets
Aset keuangan lainnya 15.163.762 13.055.188 12.422.347 Other financial assets
Uang muka investasi saham 11.768.000 5.060.240 166.200.347 Advances for investments
Investasi saham pada entitas anak 5.374.371.786 4.559.523.685 2.878.132.583 Investment in subsidiaries
Investasi saham pada entitas asosiasi 122.299.071 122.299.071 122.299.071 Investment in associates
Properti investasi - setelah dikurangi Investment properties - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 347.693.416 ribu tahun 2015, Rp 347,693,416 thousand in 2015,
Rp 284.329.666 ribu tahun 2014 dan Rp 284,329,666 thousand in 2014 and
Rp 221.045.573 ribu tahun 2013 1.849.500.934 1.912.864.684 1.966.900.373 Rp 221,045,573 thousand in 2013
Aset tetap - setelah dikurangi Property and equipment - net of
akumulasi penyusutan sebesar accumulated depreciation of
Rp 32.435.329 ribu tahun 2015, Rp 32,435,329 thousand in 2015,
Rp 33.135.312 ribu tahun 2014 dan Rp 33,135,312 thousand in 2014 and
Rp 25.540.073 ribu tahun 2013 34.249.516 38.847.147 46.591.539 Rp 25,540,073 thousand in 2013
Lain-lain 90.501 90.501 311.095 Others

Jumlah Aset Tidak Lancar 7.540.145.391 7.235.240.837 5.493.663.968 Total Non-Current Assets

JUMLAH ASET 9.781.717.728 9.871.295.475 8.667.960.769 TOTAL ASSETS

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

**) Disajikan kembali penerapan atas PSAK 24 (revisi 2013) **) As restated - the application of PSAK 24 (revised 2013)
dan PSAK 46 (revisi 2014) and PSAK 46 (revised 2014)

- 132 -

F-269
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR I : INFORMASI LAPORAN POSISI KEUANGAN SCHEDULE I: INFORMATION ON STATEMENTS OF FINANCIAL POSITION OF
ENTITAS INDUK *) PARENT ENTITY *)
31 DESEMBER 2015, 2014 DAN DECEMBER 31, 2015, 2014 AND
1 JANUARI 2014/31 DESEMBER 2013 (Lanjutan) JANUARY 1, 2014/DECEMBER 31, 2013

1 Januari 2014/
31 Desember/ 31 Desember/ 31 Desember 2013/
December 31, December 31, January 1, 2014/
2015 2014 **) December 31, 2013 **)
Rp'000 Rp'000 Rp'000
LIABILITAS DAN EKUITAS LIABILITIES AND EQUITY

LIABILITAS JANGKA PENDEK CURRENT LIABILITIES

Utang usaha kepada pihak ketiga 73.819.685 192.732.880 114.701.979 Trade accounts payable to third parties
Utang lain-lain Other accounts payable
Pihak berelasi 224.413.962 248.820.126 136.584.069 Related parties
Pihak ketiga 75.559.111 54.216.805 31.025.419 Third parties
Utang pajak 11.398.369 20.826.490 26.762.647 Taxes payable
Biaya yang masih harus dibayar 55.897.986 64.805.690 45.005.643 Accrued expenses
Utang obligasi yang jatuh
tempo dalam satu tahun 875.000.000 - 325.000.000 Current maturity of bonds payable
Uang muka penjualan dan pendapatan Advances from customers and
diterima dimuka - bagian yang direalisasi unearned revenues - realized within
dalam satu tahun 216.161.643 117.047.265 358.228.764 one year
Jumlah Liabilitas Jangka Pendek 1.532.250.756 698.449.256 1.037.308.521 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIES

Utang obligasi - setelah dikurangi yang
jatuh tempo dalam satu tahun 3.679.020.470 4.447.566.418 3.249.505.065 Bonds payable - net of current maturity
Uang muka penjualan dan Advances from customers and
pendapatan diterima dimuka - setelah unearned revenues - net of realized
dikurangi yang direalisasi dalam satu tahun 155.560.620 183.083.686 231.995.917 within one year
Uang jaminan penyewa 42.007.933 11.578.808 10.308.315 Tenants' security deposits
Liabilitas imbalan pasca kerja 67.420.554 55.717.518 47.336.361 Post-employment benefits obligation

Jumlah Liabilitas Jangka Panjang 3.944.009.577 4.697.946.430 3.539.145.658 Total Non-Current Liabilities
EKUITAS EQUITY
Modal saham - nilai nominal Capital stock - Rp 100 par value
Rp 100 per saham per share
Modal dasar - 57.400.000.000 saham Authorized - 57,400,000,000 shares
Modal ditempatkan dan disetor Subscribed and fully paid-up -
penuh - 20.500.900.000 saham 2.050.090.000 2.050.090.000 2.050.090.000 20,500,900,000 shares
Tambahan modal disetor 1.572.819.779 1.572.819.779 1.572.819.779 Additional paid-in capital
Opsi saham 17.911.260 35.411.406 35.411.406 Stock options
Komponen ekuitas lainnya 17.500.146 - - Other equity component
Penghasilan komprehensif lain (17.972.749) (15.196.393) (18.813.873) Other comprehensive income
Saldo laba Retained earnings
Ditentukan penggunaannya 70.000.000 55.000.000 40.000.000 Appropriated
Tidak ditentukan penggunaannya 1.067.945.335 838.512.010 411.999.278 Unappropriated

Jumlah 4.778.293.771 4.536.636.802 4.091.506.590 Total

Dikurangi dengan biaya perolehan saham

diperoleh kembali - 1.136.338.300 saham Less cost of treasury stocks -
tahun 2015 dan 185.271.000 saham 1,136,338,300 shares in 2015 and
tahun 2014 (472.836.376) (61.737.013) - 185,271,000 shares in 2014

Jumlah ekuitas 4.305.457.395 4.474.899.789 4.091.506.590 Total equity

JUMLAH LIABILITAS DAN EKUITAS 9.781.717.728 9.871.295.475 8.667.960.769 TOTAL LIABILITIES AND EQUITY

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

**) Disajikan kembali penerapan atas PSAK 24 (revisi 2013) **) As restated - the application of PSAK 24 (revised 2013)
dan PSAK 46 (revisi 2014) and PSAK 46 (revised 2014)

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F-270
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR II: INFORMASI LAPORAN LABA RUGI KOMPREHENSIF SCHEDULE II: INFORMATION OF STATEMENT OF PROFIT OR LOSS
DAN PENGHASILAN KOMPREHENSIF LAIN ENTITAS INDUK *) AND OTHER COMPREHENSIVE INCOME OF PARENT ENTITY *)
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014

2015 2014 **)

Rp'000 Rp'000

PENJUALAN DAN PENDAPATAN USAHA SALES AND REVENUES

Penjualan 226.054.392 754.353.603 Sales
Pendapatan sewa 344.517.062 313.907.146 Rent income

Jumlah 570.571.454 1.068.260.749 Total

BEBAN POKOK PENJUALAN DAN COST OF SALES AND

BEBAN LANGSUNG DIRECT COSTS
Penjualan 54.108.218 352.703.998 Sales
Pendapatan sewa 63.363.750 63.284.093 Rent income

Jumlah 117.471.968 415.988.091 Total

LABA KOTOR 453.099.486 652.272.658 GROSS PROFIT

Beban penjualan (29.017.324) (19.940.934) Selling expenses

Beban umum dan administrasi (174.199.977) (169.344.145) General and administrative expenses
Beban pajak final (47.568.804) (71.075.201) Final tax expense
Penghasilan bunga 17.167.408 23.012.233 Interest income
Pendapatan dividen entitas anak Dividend income from subsidiaries and
dan entitas asosiasi 475.833.500 555.549.700 associates
Beban bunga dan keuangan (494.671.043) (411.828.208) Interest expense and financial charges
Keuntungan lainnya - bersih 64.572.991 5.872.032 Other gains - net

LABA SEBELUM PAJAK 265.216.237 564.518.135 PROFIT BEFORE TAX

BEBAN PAJAK - BERSIH (20.782.912) - INCOME TAX EXPENSE - NET

LABA BERSIH TAHUN BERJALAN 244.433.325 564.518.135 PROFIT FOR THE YEAR

PENGHASILAN KOMPREHENSIF LAIN (2.776.356) 3.617.480 OTHER COMPREHENSIVE INCOME

JUMLAH LABA KOMPREHENSIF 241.656.969 568.135.615 TOTAL COMPREHENSIVE INCOME

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

**) Disajikan kembali penerapan atas PSAK 24 (revisi 2013) **) As restated - the application of PSAK 24 (revised 2013)
dan PSAK 46 (revisi 2014) and PSAK 46 (revised 2014)

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 PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR III : INFORMASI LAPORAN PERUBAHAN EKUITAS ENTITAS INDUK*) SCHEDULE III: INFORMATION OF STATEMENTS ON CHANGES IN EQUITY OF PARENT ENTITY *)
UNTUK TAHUN-TAHUN YANG BERAKHIR 31 DESEMBER 2015 DAN 2014 FOR THE YEARS ENDED DECEMBER 31, 2015 AND 2014

Penghasilan
Komponen komprehensif
Tambahan ekuitas lain/ Saldo laba/Retained earnings Jumlah
modal disetor/ Opsi lainnya/ Other Ditentukan Tidak ditentukan Saham diperoleh ekuitas/
Modal disetor/ Additional saham/ Other equity comprehensive penggunaannya/ penggunaannya/ kembali/ Total
Paid-up capital paid-in capital Stock option component income Appropriated Unappropriated Treasury stocks equity
Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000 Rp'000

Saldo per 1 Januari 2014 Balance as of January 1, 2014

(setelah dilaporkan kembali) 2.050.090.000 1.572.819.779 35.411.406 - - 40.000.000 412.018.719 - 4.110.339.904 (as previously reported)

Perubahan kebijakan akuntansi - - - - (18.813.873) - (19.441) - (18.833.314) Changes in accounting policy

Saldo per 1 Januari 2014 Balance as of January 1, 2014

(setelah disajikan kembali) **) 2.050.090.000 1.572.819.779 35.411.406 - (18.813.873) 40.000.000 411.999.278 - 4.091.506.590 (after restated) **)
Cadangan umum - - - - - 15.000.000 (15.000.000) - - Appropriation for general reserves
Dividen tunai - - - - - - (123.005.403) - (123.005.403) Cash dividends
Saham diperoleh kembali - - - - - - - (61.737.013) (61.737.013) Purchase of treasury stocks
Jumlah laba komprehensif tahun berjalan **) - - - - 3.617.480 - 564.518.135 - 568.135.615 Total comprehensive income for the year **)

Saldo per 31 Desember 2014 **) 2.050.090.000 1.572.819.779 35.411.406 - (15.196.393) 55.000.000 838.512.010 (61.737.013) 4.474.899.789 Balance as of December 31, 2014 **)
Cadangan umum - - - - - 15.000.000 (15.000.000) - - Appropriation for general reserves
Saham diperoleh kembali - - - - - - - (411.099.363) (411.099.363) Purchase of treasury stocks
Penghapusan opsi saham biasa Write-off stock option that are already
yang tidak dieksekusi - - (17.500.146) 17.500.146 - - - - - expired
Jumlah laba komprehensif tahun berjalan - - - - (2.776.356) - 244.433.325 - 241.656.969 Total comprehensive income for the year

F-272
Saldo per 31 Desember 2015 2.050.090.000 1.572.819.779 17.911.260 17.500.146 (17.972.749) 70.000.000 1.067.945.335 (472.836.376) 4.305.457.395 Balance as of December 31, 2015

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

**) Disajikan kembali penerapan atas PSAK 24 (revisi 2013) **) As restated - the application of PSAK 24 (revised 2013)
dan PSAK 46 (revisi 2014) and PSAK 46 (revised 2014)

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PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR IV: INFORMASI LAPORAN ARUS KAS SCHEDULE IV: INFORMATION OF STATEMENTS ON CASH FLOWS OF
ENTITAS INDUK *) PARENT ENTITY *)
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014
2015 2014
Rp'000 Rp'000
CASH FLOWS FROM OPERATING
ARUS KAS DARI AKTIVITAS OPERASI ACTIVITIES
Penerimaan kas dari pelanggan atas penjualan 457.985.262 466.124.397 Cash receipts from customers for sales
Penerimaan kas dari pelanggan atas sewa 377.954.621 295.731.130 Cash receipts from customers for rent
Pembayaran beban pajak final (61.288.397) (53.616.065) Final tax expense paid
Penerimaan kas dari pelanggan - bersih 774.651.486 708.239.462 Cash receipts from customers - net
Pembayaran kas kepada karyawan (104.665.321) (92.827.946) Cash paid to employees
Pembayaran kas kepada pemasok Cash paid to suppliers and other
dan untuk beban operasional lainnya (165.129.235) (89.280.021) operating expenses

Kas dihasilkan dari operasi 504.856.930 526.131.495 Cash provided by operations

Pembayaran beban bunga dan keuangan (484.977.782) (388.661.312) Interest and financial charges paid
Pembayaran pajak penghasilan (19.130.856) - Income taxes paid
Kas Bersih Diperoleh dari Aktivitas Operasi 748.292 137.470.183 Net Cash Provided by Operating Activities

CASH FLOWS FROM INVESTING

ARUS KAS DARI AKTIVITAS INVESTASI ACTIVITIES
Penerimaan dividen entitas anak 230.333.500 486.924.700 Dividend received from subsidiaries
Penerimaan dividen entitas asosiasi 67.400.000 68.625.000 Dividend received from associates
Penerimaan bunga 8.063.000 17.760.414 Interest received
Pencairan aset keuangan lainnya - 9.483.665 Withdrawal of other financial assets
Penurunan investasi saham pada entitas anak - 5.675.200 Decrease in investment in subsidiaries
Perolehan properti investasi - (9.248.404) Acquisitions of investment property
Perolehan aset tetap (1.334.867) (1.815.946) Acquisitions of property and equipment
Penempatan aset keuangan lainnya (695.590) (10.116.506) Placement of other financial assets
Perolehan entitas anak - bersih - (18.855.000) Acquisition of subsidiaries - net
Decrease in other accounts receivable
Penerimaan piutang dari pihak berelasi 503.679.047 124.398.508 from related parties
Peningkatan investasi saham pada entitas anak (1.999.601) (163.106.902) Increase in investment in subsidiaries
Penempatan uang muka investasi saham (6.707.760) - Placement of advance of investment in stock
Pemberian piutang lain-lain kepada Increase in other accounts receivable
pihak berelasi (818.676.443) (1.456.744.395) from related parties

Kas Bersih Digunakan untuk Aktivitas Investasi (19.938.714) (947.019.666) Net Cash Used in Investing Activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIES
Penerimaan dana obligasi 99.000.000 1.201.000.000 Proceeds from bonds payable
Penerimaan utang kepada pihak Increase of other accounts payable
berelasi 145.593.836 119.903.947 to related parties
Pembayaran utang kepada pihak Payment of other accounts payable
berelasi (210.727.995) (7.667.890) to related parties
Pembayaran biaya emisi obligasi (1.368.484) (9.799.062) Payment of bond issuance cost
Pembelian saham diperoleh kembali (411.099.363) (61.737.013) Purchase of treasury stocks
Pembayaran dividen tunai - (123.005.400) Payment of cash dividends
Pembayaran utang obligasi - (325.000.000) Payment of bonds payable

Kas Bersih Diperoleh dari (Digunakan untuk) Net Cash Provided by (Used in)
Aktivitas Pendanaan (378.602.006) 793.694.582 Financing Activities

PENURUNAN BERSIH KAS DAN SETARA KAS (397.792.428) (15.854.901) NET DECREASE IN CASH AND CASH EQUIVALENTS
Pengaruh perubahan kurs mata uang asing 1.958.013 895.224 Effect of foreign exchange rate changes

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AWAL TAHUN 555.669.438 570.629.115 AT BEGINNING OF YEAR

CASH AND CASH EQUIVALENTS

KAS DAN SETARA KAS AKHIR TAHUN 159.835.023 555.669.438 AT END OF YEAR

*) Disajikan dengan menggunakan metode biaya *) Presented using cost method

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F-273
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR V: INFORMASI INVESTASI DALAM ENTITAS ANAK SCHEDULE V: INFORMATION ON INVESTMENT IN SUBSIDIARIES
DAN ENTITAS ASOSIASI AND ASSOCIATES
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014

Perincian investasi dalam entitas anak dan The details of investment subsidiaries and
entitas asosiasi adalah sebagai berikut asociates are as follows

Persentase
Kepemilikan/
Percentage of
Entitas anak dan entitas asosiasi/ Ownership
Subsidiaries and Associates 2015 2014

Kepemilikan langsung/direct method

PT Brilliant Sakti Persada (BSP) 58,84% 58,84%

PT Kencana Unggul Sukses (KUS) 99,82% 99,82%

PT Arah Sejahtera Abadi (ASA) 60,00% 60,00%

PT Intersatria Budi Karya Pratama (IBKP) 80,00% 80,00%

PT Buana Surya Makmur (BSM) 99,93% 99,90%

PT Kharisma Bhakti Sejahtera (KBS) 70,00% 70,00%

PT Central Pesona Palace (CPP) 99,98% 99,98%

PT Central Indah Palace (CIP) 75,00% 75,00%

PT Pesona Gerbang Karawang (PGK) 90,00% 90,00%

PT Griya Pancaloka (GPL) 99,91% 99,79%

PT Putra Adhi Prima (PAP) 99,90% 99,90%

PT Cipta Pesona Karya (CPKA) 99,99% 99,99%

PT Karya Gemilang Perkasa (KGP) 99,90% 99,90%

PT Tiara Metropolitan Indah (TMI) 99,93% 99,93%

PT Alam Hijau Teduh (AHT) 80,00% 80,00%

PT Central Cipta Bersama (CCB) 51,00% 51,00%

PT Tunas Karya Bersama (TKB) 51,00% 51,00%

PT Sentral Agung Indah (SAI) 51,00% 51,00%

PT Agung Kencana Sukses (AKS) 99,98% 99,98%

PT JKS Realty (JKS) 51,00% 51,00%

PT Pandega Citraniaga (PCN) 65,00% 65,00%

PT Bali Perkasasukses (BPS) 51,00% 51,00%

PT Buana Makmur Indah (BMI) (dahulu/formerly PT Sumber Air Mas Pratama) 55,00% 55,00%

PT Graha Tunas Selaras (GTS) 99,99% 99,99%

PT Alam Makmur Indah (AMI) 70,00% 70,00%

PT Tritunggal Lestari Makmur (TTLM) 87,50% 85,00%

PT Karya Pratama Propertindo (KPP) 99,99% 99,99%

PT Simprug Mahkota Indah (SMI) 60,00% 60,00%

PT Agung Pesona Unggul (APU) 99.98% 99.98%

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F-274
PT AGUNG PODOMORO LAND Tbk PT AGUNG PODOMORO LAND Tbk
INFORMASI TAMBAHAN SUPPLEMENTARY INFORMATION
DAFTAR V: INFORMASI INVESTASI DALAM ENTITAS ANAK SCHEDULE V: INFORMATION ON INVESTMENT IN SUBSIDIARIES
DAN ENTITAS ASOSIASI AND ASSOCIATES
UNTUK TAHUN-TAHUN YANG BERAKHIR FOR THE YEARS ENDED
31 DESEMBER 2015 DAN 2014 DECEMBER 31, 2015 AND 2014

Perincian investasi dalam entitas anak dan The details of investment subsidiaries and
entitas asosiasi adalah sebagai berikut asociates are as follows

Persentase
Kepemilikan/
Percentage of
Entitas anak dan entitas asosiasi/ Ownership
Subsidiaries and Associates 2015 2014

PT Pesona Agung Lestari (PAL) 99.98% 99.98%

PT Griya Agung Sukses (GAS) 99.98% 99.98%

PT Dimas Pratama Indah (DPI) 80,00% 80,00%

PT Sinar Menara Deli (SMD) 58,00% 58,00%

PT Wahana Sentra Sejati (WSS) 69,00% 69,00%

PT Caturmas Karsaudara (CMK) 50,01% 50,01%

PT Graha Cipta Kharisma (GCK) 85,00% 85,00%

PT Central Tata Makmur (CTM) 99,98% -

PT Podomoro Bangun Abadi (PBA) 99,98% -

PT Podomoro Central Sejahtera (PCS) 99,98% -

PT Podomoro Sukses Lestari (PSL) 99,98% -

Kepemilikan tidak langsung/Indirect Method

PT Pluit Propertindo (PP) *) 52,83% 52,83%

PT Agung Dinamika Perkasa (ADP) **) 99,99% 99,99%

PT Muara Wisesa Samudra (MWS) **) 80,00% 80,00%

PT Tirta Kelola Sukses (TKS) **) 99,99% 99,99%

PT Kencana Kelola Sukses (KKS) **) 99,90% 99,90%

PT Buana Surya Lestari (BSL) ***) 90,00% 90,00%

PT Jaladri Kartika Pakci (JKP) ***) 99,99% 99,99%

PT Astakona Megahtama (AM) ****) 99,99% 99,99%

PT Tatar Kertabumi (TK) ****) 99,92% 99,92%

PT Pandega Layar Prima (PLP) *****) 99,99% 99,99%

Entitas asosiasi/Associated companies

PT Manggala Gelora Perkasa (MGP) 25,50% 25,50%

PT Citra Gemilang Nusantara dan entitas anak/ and its subsidiary 35,00% 35,00%

*) Kepemilikan tidak langsung melalui KGP/ Indirect ownership throught KGP

**) Kepemilikan tidak langsung melalui KUS/ Indirect ownership throught KUS
***) Kepemilikan tidak langsung melalui BSM/ Indirect ownership throught BSM
****) Kepemilikan tidak langsung melalui PGK/ Indirect ownership throught PGK
*****) Kepemilikan tidak langsung melalui PCN/ Indirect ownership throught PCN

Investasi dalam entitas anak dan entitas asosiasi dalam Investment of subsidiaries and associated in
informasi keuangan entitas induk disajikan dengan supplementary information of parent company are presented
menggunakan metode biaya using cost method

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F-275
 Registered Office of the Issuer

APL Realty Holdings Pte. Ltd.

80 Robinson Road
#02-00
Singapore 068898

Registered Office of the Company

PT Agung Podomoro Land Tbk.

APL Tower 43-46 Fl., Podomoro City
Jl. S. Parman Kav. 28
Jakarta 11470
Indonesia

Trustee and Paying Agent Registrar Transfer Agent Collateral Agent

The Bank of New York The Bank of New York The Bank of New York The Bank of New York
Mellon, Mellon SA/NV, Mellon SA/NV, Mellon, Singapore
London Branch Luxembourg Branch Luxembourg Branch Branch
One Canada Square Vertigo Building — Polaris Vertigo Building — Polaris One Temasek Avenue
London E14 5AL 2-4 rue Eugène Ruppert 2-4 rue Eugène Ruppert #03-01 Millenia Tower
United Kingdom L-2453 Luxembourg L-2453 Luxembourg Singapore 039192

Legal Advisers to the Company

as to U.S. law as to Singapore law as to Indonesian law as to Singapore tax

Milbank, Tweed, WongPartnership LLP Makes & Partners Ernst & Young
Hadley & McCloy LLP 12 Marina Boulevard Menara Batavia Solutions LLP
12 Marina Boulevard Level 28 7th Floor Jl. KH. One Rattles Quay
Marina Bay Financial Marina Bay Financial Mas Mansyur Kav. 126 North Tower, Level 18
Centre Centre Tower 3 Jakarta 10220 Singapore 048583
Tower 3 #36-03 Singapore 018982 Indonesia
Singapore 018982

To the Initial Purchasers

as to U.S. law as to Indonesian law

Allen & Overy Hadiputranto, Hadinoto & Partners

9/F, Three Exchange Square The Indonesia Stock Exchange Building
Central Tower II, 21st Floor
Hong Kong SAR Sudirman Central Business District
Jl. Jendral Sudirman Kav 52-53
Jakarta 12190, Indonesia

To the Trustee
as to New York law
Allen & Overy LLP
50 Collyer Quay #09-01
OUE Bayfront
Singapore 049321

Independent Public Accountants

Satrio Bing Eny & Rekan
The Plaza Office Tower 32nd Floor
Jl. M.H. Thamrin Kav 28-30
Jakarta 10350 Indonesia