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Optimizing Our Assets And ResourcesAnnual Report 2015

Daft ar IsiContents

01 Visi & MisiVision & Mission

02 Riwayat Singkat PerusahaanCompany At A Glance

06 Tonggak Penting Perjalanan PerseroanCorporate Milestones

10 Informasi PerusahaanCompany Information

12 Struktur GrupGroup Chart

14 Struktur OrganisasiOrganisational Chart

15 Ikhtisar Data Keuangan PentingFinancial Highlights

20 Laporan Dewan KomisarisBoard Of Comissioners Report

23 Laporan Tugas Pengawasan Dewan KomisarisSupervisory Report OfBoard Of Comissioners

28 Laporan DireksiBoard Of Directors Report

32 Daft ar ArmadaFleet List

34 Sumber Daya ManusiaHuman Resources

36 Pembahasan OperasionalOperational Review

48 Analisa Dan Pembahasan ManajemenManagement’s Discussion AndAnalysis

56 Informasi Pemegang SahamShareholders Information

70 Tata Kelola PerusahaanCorporate Governance

100 Profi l Dewan KomisarisBoard Of Commissioners Profi le

103 Profi l DireksiBoard Of Directors Profi le

PT Berlian Laju Tanker Tbk | Annual Report 2015

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Untuk melayani kepentingan publik dan kebutuhan pelanggan dengan melakukan pencegahan kehilangan jiwa, kecelakaan di laut dan pencemaran lingkungan.

To serve the public interest, as well as the needs of our customers by preventing loss of life, marine casualties, and environmental pollution.

Untuk menjadi Perusahaan Pelayaran Multinasional terkemuka baik dalam pengangkutan di dalam negeri maupun internasional dengan memberdayakan sumber daya yang berkualitas dan memiliki keunggulan bersaing agar dapat memberikan layanan yang berkualitas tinggi.

To be the preferred Multinational Shipping Company in domestic and international trading by good employment and competitive resources to deliver enhanced services.

MisiMission

VisiVision


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PT BERLIAN LAJU TANKER TBK (“Perseroan”) didirikan dengan nama PT Bhaita Laju Tanker pada tahun 1981. Perseroan memulai kiprahnya dalam industri pelayaran dengan mengoperasikan 2 kapal tanker minyak dengan total bobot mati sebesar 12.050 DWT. Pada tahun 1988, Perseroan secara resmi berganti nama menjadi PT Berlian Laju Tanker.

Bidang usaha Perseroan adalah penyediaan angkutan muatan cair yang berkembang pesat. Pertumbuhan industri petrochemical dan edible oil membuka peluang bagi Perseroan untuk mengembangkan lingkup usaha yang lebih luas untuk muatan cair yang meliputi bahan kimia, bahan bakar gas cair (LPG), dan minyak nabati.

Pada tahun 1990, Perseroan menjadi Perusahaan pelayaran pertama di Indonesia yang mencatatkan sahamnya di Bursa Efek Indonesia (“BEI”). Pada tanggal 30 Oktober 2006 Perseroan mencatatkan sahamnya pada Singapore Exchange Securities Trading Limited (“SGX”) dan menjadi perusahaan Indonesia pertama yang melakukan pencatatan saham di Bursa Efek Indonesia dan Singapura (dual listed). Dengan pertimbangan bahwa posisi Singapura sebagai pusat pelayaran antar negara dan pusat kegiatan ekonomi regional, pencatatan ini diharapkan dapat memberi pengaruh positif terhadap perkembangan Perseroan.

Pada tahun 2007, Perseroan mengakuisisi Chembulk Tankers LLC (“Chembulk”). Akuisisi ini memungkinkan Perseoran untuk dapat menyediakan

PT BERLIAN LAJU TANKER TBK (the “Company”) was initially established under the name of PT Bhaita Laju Tanker in 1981. Th e company started its business in the shipping industry by operating two oil tankers with dead weight capacities of 12,050 DWT. In 1988, the Company offi cially changed its name to PT Berlian Laju Tanker.

Th e company’s business in providing transportation service of liquid cargo grew fast. Th e growth of the petrochemical industry and edible oil opened up new opportunities for the Company to expand its business scope, covering a wider scope of liquid cargoes which included chemicals, liquefi ed petroleum gas (“LPG”) and vegetable oils.

In 1990, the Company became the fi rst shipping company in Indonesia to be listed on the Indonesia Stock Exchange (“IDX”). On 30 October 2006, the Company listed its shares on the Singapore Exchange Securities Trading Limited (“SGX”) and became the fi rst Indonesian company which is dual-listed. Considering Singapore’s position as the largest regional economic and transshipment Centre, the listing was expected to positively infl uence the Company’s growth.

In 2007, the Company acquired Chembulk Tanker LLC (“Chembulk”). Th e acquisition allowed the Company to provide transportation service across

Riwayat Singkat PerusahaanCompany At A Glance


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jasa transportasi ke seluruh dunia termasuk Eropa, Baltik, Amerika, Asia Timur, Asia Tenggara, Asia Selatan, Timur Tengah serta Australia. Perseroan memiliki kantor-kantor operasional di Jakarta, Singapura, Hongkong, Southport-Connecticut, Copenhagen dan Sao Paolo.

Sebagai Perusahaan pelayaran kelas dunia, Perseroan dan anak-anak perusahaannya (“Grup”) sangat memahami bahwa kondisi armada yang dimiliki akan menentukan peluang keberhasilan bisnis di tengah kompetisi global. Hampir seluruh kapal yang dimiliki oleh grup merupakan kapal berlambung ganda (double hull) dan seluruh armada kapal tanker kimia Perseroan telah memenuhi standard IMO II/III. Spesifi kasi modern dari kapal-kapal yang dimiliki juga didukung dengan perwira dan awak yang terlatih, berpengalaman, dan bersertifi kat internasional. Saat ini, Grup mengoperasikan 39 kapal tanker dengan total kapasitas 0.65 juta DWT.

Selama lebih dari tiga puluh tahun, Grup telah memberikan jasa yang berkualitas dan handal yang diakui secara internasional dalam usaha angkutan muatan cair dan gas. Pelanggan jangka panjang dari Grup termasuk Perusahaan-perusahaan kimia internasional seperti Exxon, Shell, BP Chemical, Pertamina, Celanese Corporation, SABIC dan ME Global (sebelumnya disebut Dow Chemical).

Di akhir tahun 2008, krisis keuangan yang terjadi di Amerika Serikat dan Eropa memicu penurunan yang drastis bagi kemampuan produksi industri internasional. Ini mengakibatkan penurunan yang tajam di pasar pelayaran dan keruntuhan perdagangan global, dibuktikan dengan rendahnya biaya pengangkutan yang terjadi hampir sepanjang waktu dan naiknya harga bahan bakar. Ketatnya pemberian pinjaman oleh bank-bank utama juga mempersulit perusahaan-perusahaan pelayaran untuk memperoleh pinjaman untuk membeli kapal-kapal dan untuk modal kerja. Faktor-faktor ini pada akhirnya mengakibatkan hampir seluruh perusahaan di industri pelayaran global, termasuk Grup menghadapi kerugian fi nansial yang signifi kan. Pada Januari 2012, perseroan menyatakan debt standstill untuk membantu penilaian kembali posisi keuangan dan restrukurisasi operasioanalnya.

the globe, including Europe, Baltic, America, East Asia, Southeast Asia, South Asia, Middle East as well as Australia. Offi ces have been established in Jakarta, Singapore, Hong Kong, Southport-Connecticut, Copenhagen and Sao Paolo.

As a world class shipping company, the Company and its subsidiaries (the “Group”) understand that the condition of its fl eet is a crucial driver of the business bottom line amidst global competition. Nearly all of the vessels owned by the Group are double Hull vessels and all chemical tankers of the Group complies with the IMO II/III standards. Th e modern specifi cations of all owned vessels are supported with trained and experienced offi cers and crew with international certifi cations. Currently, the Group operates 39 tankers with a total capacity of approximately 0.65 million DWT.

For more than thirty years, the Group has been providing what has been internationally recognized as a quality and reliable service in the business of liquid and gas cargo transportation. Th e long term costumers of the Group include major international oil and chemical companies such as Exxon, Shell, BP Chemicals, Pertamina, Celanese Corporation, SABIC and ME Global (formerly known as Dow Chemical).

In late 2008, the fi nancial crisis in the United States and Europe led to dramatic decreases in international industrial production capabilities. Th is resulted in a sharp downturn in shipping markets and a collapse in global trade, evident by near all-time low freight rates and rising fuel costs. Credit tightening of major banks also made it diffi cult for shipping companies to secure fi nancing to purchase vessels and for working capital. Th ese factors ultimately caused almost every major company in the global shipping industry, including the Group to suff er signifi cant fi nancial diffi culties. In January 2012, the Company declared a debt standstill to help re-assess its fi nancial position and restructure its operations.


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Pada tanggal 14 Juni 2012, salah satu kreditur Perseroan mengajukan proses Penundaan Kewajiban Pembayaran Utang (“PKPU”). PKPU merupakan proses pengadilan untuk menunda pembayaran yang didesain untuk memberikan waktu tertentu kepada debitur untuk merestrukturisasi utang-utangnya dan menganalisa kembali segala keperluannya.

Berdasarkan peraturan restrukturisasi perusahaan, Perseroan disyaratkan untuk mengajukan rencana perdamaian guna merestrukturisasi utang-utangnya (“Rencana Perdamaian“) dan meminta persetujuan dari pihak krediturnya.

Pada tanggal 13 Maret 2013, mayoritas kreditur separatis dan konkuren Perseroan memberikan suara yang mendukung Rencana Perdamaian, yang selanjutnya dihomologasi oleh Pengadilan Niaga pada Pengadilan Negeri Jakarta Pusat (“Pengadilan Niaga”) pada tanggal 22 Maret 2013. Inisiatif dalam proses restrukturisasi Perseroan, termasuk rasionalisasi ukuran kapal beserta dengan komposisinya, telah memberikan dampak positif dalam kinerja operasional Perseroan. EBITDA Perseroan meningkat secara signifikan dari US$31,2 juta pada tahun 2012 menjadi US$ 55,5 juta pada tahun 2014.

Inisiatif restrukturisasi lainnya yang telah diselesaikan selama tahun ini termasuk :

• 24Februari2014–PenyelesaianSingaporeSection210 Schemes of Arrangement.

• 19Maret2014–MengangkatDewanDireksidanKomisaris baru.

• 22Agustus2014–Penandatanganandokumenfinal Mizuho.

• 8Oktober2014–PenandatanganandokumenfinalMLA.

• 17Oktober2014–Penandatanganandokumenfinal BCA.

• 8Desember2014–PenyelesaiandokumenfinalUS$ Bondholders dan mengajukan US Bankruptcy Court.

Hingga saat ini, Perseroan telah melaksanakan secara substansial semua inisiatif yang disyaratkan berdasarkan Rencana Perdamaian.

On14June2012,oneoftheCompany’screditorsfiledforSuspensionofDebtPaymentObligations(Penundaan Kewajiban Pembayaran Utang or “PKPU”) proceedings. A PKPU is a court-enforced suspension of payment process which is designed to provide a debtor with a definite period of time to restructure its debts and reorganize its affairs.

Under this formal corporate restructuring regime, the Company is required to put forward a restructuring plan for the restructuring of its debts (“Restructuring Plan”) and seek the approval of its creditors.

On13March2013,therequisitemajorityofsecure and unsecured creditors of the Company voted in favor of the Restructuring Plan, which was subsequently ratified by the Central Jakarta Commercial Court (“Jakarta Court”) on 22 March 2013.TheCompany’srestructuringinitiatives,including a rationalization of its fleet size and composition,havepositivelyimpactedtheGroup’soperationalperformance.TheGroup’sEBITDAincreased significantly from US$ 31.2 million in 2012 to USD 55.5 million in 2014.

Otherrestructuringinitiativeimplementedduringthe year includes :

• 24February2014–CompletionofSingaporeSection 210 Schemes of Arrangement.

• 19March2014–AppointednewBoardofDirectorsand Commissioners.

• 22August2014–ExecutionofMizuhodefinitivedocumentations.

• 8October2014–ExecutionofMLAdefinitivedocumentations.

• 17October2014–ExecutionofBCAdefinitivedocumentations.

• 8December2014–US$Bondholdersdefinitivedocumentation and filing with the US Bankruptcy Court.

To date, the Company has implemented substantially alltheinitiativesrequiredundertheexistingPKPU Plan.


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Namun, dikarenakan tertundanya pemulihan pasar, dan kurangnya pembiayaan bank serta minat investor yang tersedia bagi industri ini, maka terdapat kebutuhan untuk dilakukannya restrukturisasi lebih lanjut atas kewajiban Perseroan berdasarkan Rencana PKPU Eksisting dan Dokumen Fasilitas MLA, dan oleh karenanya Perseroan menempuh proses Amandemen PKPU.

Pada tanggal 24 April 2015, Perseroan mengumumkan pada IDXNet dan SGXNet bahwa Perseroan telah mencapai suatu kesepakatan dengan para Kreditur MLA pada tanggal 22 April 2015 mengenai ketentuan-ketentuan dari suatu kesepakatan restrukturisasi dari Perseroan dan beberapa anak Perusahaannya.

Pada tanggal 14 Agustus 2015, Rencana Amandemen PKPU disetujui oleh para Kreditur Perseroan sesuai dengan korum yang ditetapkan oleh Rencana PKPU Eksisting dan oleh karenanya mengikat seluruh Kreditur Perseroan. Usulan restrukturisasi tersebut meliputi antara lain:

1. Usulan Restrukturisasi MLA;

2. Usulan Penerbitan Mandatory Convertible Securities (MCS); dan

3. Usulan Penerbitan Saham Konversi Utang-Ekuitas

Pada tanggal 17 November 2015, Rapat Umum Pemegang Saham Tahunan (RUPST) dan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) Perseroan diadakan di Jakarta dan Singapura. Pada Rapat tersebut, Perseroan memperoleh persetujuan dari mayoritas Pemegang Saham Perseroan atas rencana restrukturisasi yang tertera dalam amandemen Rencana Perdamaian.

Pada tanggal 8 Januari 2016, Bursa Efek Indonesia (BEI) melalui suratnya, nomor: S-00086/BEI.PPI/01-2016 dated 8 Januari 2016 memberikan persetujuan kepada Perseroan atas pencatatan saham baru Perseroan dan pada tanggal 11 Januari 2016, BEI mengeluarkan pengumuman melalui IDXNet mengenai pencatatan saham baru Perseroan.

Pasca Restrukturisasi, Perseroan akan menjadi Perusahaan yang mempunyai hutang paling sedikit di Asia.

Perseroan berencana akan mengkalibrasi ulang strategi dan operasi bisnis menuju pasar cabotage Indonesia.

However, due to delayed market recovery, and a lack of bank fi nancing and investor appetite available for the industry, there is a need for a further restructuring of the Company’s obligations under the Existing PKPU Plan and MLA Facility Documents and therefore the Company subsequently proceeds with the PKPU Amendment Process.

On 24 April 2015, the Company released an announcement on IDXNet and SGXnet that the Company has agreed with the MLA Lenders on 22 April 2015 the term of consensual restructuring of the Company and its certain subsidiaries.

On 14 August 2015, the amended PKPU Plan was approved by the Company’s creditors in accordance with the quorum set out in the Existing PKPU Plan and therefore, it binds all creditors of the Company. Th e proposed Restructuring involves, amongst other things:

1. Proposed MLA Restructuring;

2. Proposed MCS Issuance; and

3. Proposed Debt-Equity Swap Share Issuance

On 17 November 2015, Annual General Meeting of Shareholders (AGM) and Extraordinary General Meeting of Shareholders was held in Jakarta and Singapore. At the meeting, the Company obtained approval from the requisite Shareholders for the restructuring Plan set out in the amendment Plan.

On 8 January 2016, Indonesia Stock Exchange through its letter, number: S-00086/BEI.PPI/01-2016 dated 8 January 2016 gave an approval to the Company on the listing of new ordinary shares and on 11 January 2016, IDX release announcement on IDXNet re the listing of new ordinary shares of the Company.

Post Restructuring, the Company will be established as a new largely debt-free business in Asia.

Th e Company plans to recalibrate its business strategy and operation towards the Indonesian cabotage market.


6

Didirikan dengan memiliki dua (2) kapal tanker sebagai aset yang disewakan ke Pertamina.Established with owned two (2) tankers as assets chartered to Pertamina.

Mengakuisisi Asean Maritime Corp. termasuk anak perusahaannya; Gold Bridge Shipping Corp, yang memiliki tujuh kapal tanker kimia. Akuisisi ini dimaksudkan untuk mempercepat pertumbuhan pangsa pasar Perseroan di wilayah Timur Jauh dan China.Acquired Asean Maritime Corp. Including its subsidiaries; Gold Bridge Shipping Corp, which has seven chemical tankers. Th e acquisition was aimed to accelerate the growth of the market share of the Company in the Far East and China regions.

Penawaran Umum Saham Perdana di BEJ dan BES (saat ini dikenal sebagai Bursa Efek Indonesia).Conducted the Initial Public Off ering of the Company at BEJ and BES (presently known as Bursa Efek Indonesia / Indonesia Stock Exchange).

Melakukan Right Issue pada dua bursa sekaligus, yaitu Bursa Efek Indonesia dan Bursa Efek Singapura.Conducted Right Issue in two diff erent stock exchange simultaneously, namely Bursa Efek Indonesia (Indonesia Stock Exchange) and Singapore Exchange Securities Trading Limited.

Membagi Grup usaha Perseroan menjadi dua, yaitu Global BLT – Chembulk untuk mengembangkan operasi usaha armada tanker kimia Perseroan dengan jangkauan global dan PT Buana Listya Tama untuk pengembangan usaha pelayaran domestik.Divided the Company’s Group business into two distinct group, Global BLT – Chembulk to develop Company’s liquid chemical transportation segment globally and PT Buana Listya Tama to develop domestic shipping segment.

1980 19981990

2009 2010

Tonggak Penting Perjalanan PerseroanCorporate Milestones


7

Mengakuisisi Chembulk Tanker LLC-USA, yang mengoperasikan 19 kapal tanker kimia baja anti karat berukuran besar. Langkah akuisisi ini menempatkan Perseroan menjadi salah satu Perusahaan jasa transportasi terbesar di dunia untuk segmen bahan kimia cair.

Melakukan Penawaran Umum Perdana anak Perusahaan – PT Buana Listya Tama Tbk. Berhasil tercatat di Bursa Efek Indonesia.Conducted Initial Public Off ering of subsidiary – PT Buana Listya Tama Tbk. Successfully listed common stock on the Indonesia Stock Exchange.

• Penawaran Saham Perdana pada Bursa Efek Singapura dan menjadi perusahaan pertama yang terdaft ar di 2 (dua) bursa sekaligus, yaitu Indonesia dan Singapura.

• BLT menjadi perusahaan penyedia jasa transportasi terbesar untuk segmen transportasi bahan kimia cair antar negara Asia, dengan memiliki armada tanker terbesar ketiga di dunia di kelas berbobot mati di bawah 20.000 DWT.

• Memulai usaha di bidang off shore lepas pantai dengan memiliki kapal Floating, Production, Storage, dan Offl oading (FPSO).

2007

2011

2006• Conducted the Initial Public Off ering at the

Singapore Exchange Securities Trading Limited (SGX-ST) and became the fi rst company listed in both stock exchange in Indonesia and Singapore.

• BLT became the largest transportation service provider in the intra-Asia chemical transportation market, with the third largest sub-20.000 DWT chemical tanker fl eet globally.

• Commenced off shore business by owning and operating FPSO (Floating, Production, Storage, and Offl oading vessel).

Acquired Chembulk Tankers LLC-USA, which operated 19 large sized chemical tankers. With this acquisition, the Company becomes one of the largest transportation service providers in the world for the liquid chemical bulk segment.

• PKPU diprakarsai oleh salah satu kreditur pada 14 Juni 2012.

PKPU initiated by a creditor on 14 June 2012.

• Pengadilan Singapura memberikan perlindungan berdasarkan Pasal 210 (10) untuk 40 anak perusahaan yang dimiliki pada tanggal 10 Maret 2012.

Singapore Court grants Section 210 (10) protection to 40 special purpose ship owning subsidiaries on 10 March 2012.

2012


8

• Memperoleh dukungan mayoritas kreditur untuk PKPU pada tanggal 14 Maret 2013.

• Dokumen fi nal yang menyajikan ketentuan-ketentuan instrumen utang berdasarkan Rencana Perdamaian bagi para pemegang obligasi telah ditandatangani pada tanggal 16 Desember 2013.

• Pengadilan Niaga pada Pengadilan Negeri Jakarta Pusat melakukan homologasi atas Rencana Perdamaian. Pada tanggal 22 Maret 2013. US Bankruptcy Court memberikan pengakuan PKPU sebagai peradilan asing yang utama dan memberikan putusan sela tetap untuk menahan seluruh proses peradilan dan eksekusi di Amerika Serikat pada 21 Mei 2013.

Menyelesaikan inisiatif restrukturisasi yang utama dan subtansial sehubungan dengan Rencana Perdamaian Secara tuntas, antara lain:

• 24 Februari 2014, Penyelesaian the Singapore Section 210

Schemes of Arrangement.

• 22 Agustus 2014 Penandatanganan dokumen fi nal Mizuho.

• 8 Oktober 2014 Penandatanganan dokumen fi nal MLA.

• 17 Oktober 2014 Penandatanganan dokumen fi nal BCA.

• 8 Desember 2014 Penandatanganan dokumen fi nal USD Bondholders

dan telah mengajukan US Bankruptcy Court.

• Sejak 30 Desember 2014 BULL bukan merupakan pihak berelasi dengan Perseroan dikarenakan pengalihan seluruh saham BULL sesuai dengan Rencana Perdamaian.

2013

2014

• Obtained requisite majority support of PKPU on 14 March 2013.

• Defi nitive documentation setting out terms of debt instruments as compromised under Restructuring Plan were executed on 16 December 2013 for the bondholders.

• Jakarta Commercial Court ratifi ed the Restructuring Plan on 22 March 2013. On 22 March 2013, US Bankruptcy Court granted PKPU recognition as a foreign main proceeding and permanent injunction staying all litigation and enforcement proceedings within US on 21 May 2013.

Th e company has completed substantial key restructuring initiatives pursuant to the Restructuring Plan:

• 24 February 2014 Completion of the Singapore Section 210

Scheme of Arrangement.

• 22 August 2014 Execution of Mizuho defi nitive documentation.

• 8 October 2014 Execution of MLA defi nitive documentation.

• 17 October 2014 Excecution of BCA defi nitive documentation.

• 8 December 2014 Execution of USD Bondholders defi nitive

documentation and fi ling with the US Bankruptcy Court.

• As at 30 December 2014, BULL is no longer considered as a related party to the Company as the Company had transferred all of its BULL’s shared pursuant to the Restructuring Plan.


9

• Pada tanggal 8 Januari 2015, Pengadilan Amerika Serikat memberikan pengakuan atas Rencana Perdamaian sehubungan dengan petisi Chapter 15 Undang-undang Kapailitan Amerika Serikat dan mengukuhkan atas wesel bayar wajib konversi, serta menolak proses petisi Chapter 11 yang diajukan oleh Gramercy terhadap Perseroan.

• 22 April 2015, Restructuring Support Agreement dengan para Kreditur MLA disetujui dan difi nalisasi.

• 15-16 Juli 2015, Melaksanakan Scheme Meeting di Singapura.

• 14 Agustus 2015, Amandemen Rencana Perdamaian disetujui oleh para Kreditur Perseroan.

• 17 Agustus 2015, Pengadilan Tinggi Singapura menyetujui dan mengukuhkan Skema Singapura.

• 17 November 2015, Menyelenggarakan RUPS/RUPSLB Perseroan dengan mayoritas Pemegang Saham menyetujui Rencana Restrukturisasi yang tertera dalam Amandemen Rencana Perdamaian.

• 6 Desember 2015 Persetujuan Penerbitan Saham dari Kementerian Hukum dan Hak Asasi Manusia diperoleh oleh Perseroan.

• 8 Januari 2016, Memperoleh persetujuan dari BEI atas pencatatan saham baru Perseroan.

• 11 Januari 2016 Pengumuman BEI mengukuhkan konversi Utang menjadi Ekuitas dan mekansime pengambilan saham untuk para Pemegang Obligasi Rupiah.

2016

2015• On 8 January 2015 the US Court granted

recognition of the Restructuring Plan pursuant to Chapter 15 of the US Bankruptcy Code and sanctioned the mandatory exchange of the HY Bonds; and also dismissed the chapter 11 proceedings fi led by Gramercy against the Company.

• 22 April 2015, Restructuring Support Agreement with MLA Lenders agreed and fi nalized.

• 15-16 July 2015, conducted scheme meetings in Singapore.

• 14 August 2015, the PKPU amendment Plan approved by the BLT’s creditors.

• 17 August 2015, Singapore High Court approved and sanction the Singapore scheme.

• 17 November 2015, conducted AGM/EGM of the Company with the requisite shareholders approving the restructuring plan set out in the PKPU amendment Plan.

• 6 December 2015 Approval from Ministry of Law and Human Rights was obtained for the share issuance.

• 8 January 2016 obtained approval from IDX on new shares listing application.

• 11 January 2016, IDX announcement sanctioning Debt to Equity Swap and collection mechanism from IDR Bond.


101101101111

Dewan KomisarisBoard of CommissionersMr. Hadi Surya – President CommissionerMr. Safzen Noerdin – CommissionerMr. Antonius Joenoes Supit – Independent Commissioner

DireksiBoard of DirectorsMs. Siana Anggraeni Surya – President DirectorMr. Cosimo Borrelli – DirectorMr. Jason Aleksander Kardachi – DirectorMr. Anthony Budiawan – Independent Director

Komite AuditAudit CommitteeMr. Antonius Joenoes Supit – ChairmanMr. Timotius – MemberMr. Denny Susilo - Member

Komite RemunerasiRemuneration CommitteeMr. Hadi Surya – ChairmanMr. Safzen Noerdin - MemberMr. Antonius Joenoes Supit - Member

Informasi PerusahaanCompany Information

Komite NominasiNomination CommitteeMr. Hadi Surya – ChairmanMr. Antonius Joenoes Supit – MemberMr. Safzen Noerdin – Member

Sekretaris PerusahaanCorporate SecretaryMs. Fitri Rachmawaty

Alamat PerusahaanRegistered Offi cePT Berlian Laju Tanker TbkWisma BSG, 10th FloorJl. Abdul Muis No. 40Jakarta 10160 – IndonesiaTelephone : +62 21 30060300Fax : +62 21 30060389; +62 21 30060391Website : www.blt.co.idEmail: [email protected]; [email protected]


111

Biro Administrasi EfekShare RegistrarsPT Sinartama Gunita as Share Register for Shares registered in Bursa Efek Indonesia

PT Sinartama GunitaSinarmas Land Plaza, Menara 1, 9th FloorJL. M.H. Th amrin No. 51Jakarta 10350 – Indonesia

Boardroom Limited as Share Transfer Agent for Shares registered in Singapore Exchange Securities Trading

Boardroom Limited50 Raffl es Place, Singapore Land Tower #32-01, Singapore 048623

AuditorKosasih, Nurdiyaman, Mulyadi, Tjahjo & Rekan Member of Crowe Horwath International Wisma 46-Kota BNI 37th FloorJl. Jend. Sudirman Kav 1Jakarta 10220 - Indonesia

PT Berlian Laj

PT Berlian Limatama PT Brotojoyo Maritim

PT Arpeni Pratama Ocean Lines 04.10.75

BLT Chembulk Corp.

Chembulk Barcelona Pte Ltd

Chembulk Gibraltar Pte Ltd

Chembulk Hong Kong Pte Ltd

Chembulk Houston Pte Ltd

Chembulk Kobe Pte Ltd

Chembulk Savannah Pte Ltd

Chembulk Shanghai Pte Ltd

Chembulk Ulsan Pte Ltd

Chembulk Virgin Gorda Pte Ltd

Chembulk Yokohama Pte Ltd

Chembulk Tankers LLC.

Chembulk Management LLC

Chembulk Management Pte Ltd

Chembulk New Orleans Pte Ltd

CBL Tankers Do Brasil Ltda

BLT Chembulk Group Corporation

BLT Chembulk Group Europe A/S

Chembulk New York Pte Ltd

09.01.07

09.01.07

29.03.07

16.09.08

02.12.10

10.02.11

05.10.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

02.11.07

22.06.08

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100%

100%

100%

100%

97.5%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

BLT International Corp

Gold Bridge Shipping Corporation (BVI)

Hopeway Marine Inc

Gold Bridge Shipping Ltd

Indradi Maritime Pte Ltd

Elite Bauhinia Navigation Pte Ltd

Freesia Navigation SA

Dahlia Navigation Pte Ltd

Erowati Maritime Pte Ltd

Gas Papua Maritime Pte Ltd

Gas Sulawesi Maritime Pte Ltd

Iris Maritime International S.A

Nevaeh Limited

20.11.96

27.04.90

24.09.01

22.10.09

1.8.07

22.11.84

13.09.01

24.11.01

25.07.02

15.11.02

12.08.04

10.11.04

10.11.04

05.06.08

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

51%

GB Shipping Agencies SA

20.01.0324.06.96Asean Maritime Corporation (Labuan)

16.09.97

99%50%

50%

100%

10

100%

South Eastern Overseas Navigation SA

Quimera Maritime SA

Zenith Overseas Maritime SA

Eglantine Navigation SA

Wulansari Maritime Pte Ltd

Cempaka Navigation Pte Ltd

Gerbera Navigation SA

Rasawulan Maritime Pte Ltd

Gagarmayang Maritime Pte Ltd

Purwati Maritime Pte Ltd

Pradapa Maritime Pte Ltd

Pergiwati Maritime Pte Ltd

Barawati Maritime Pte Ltd

Prita Dewi Maritime Pte Ltd

Eustoma Navigation S.A.

Puspawati Maritime Pte Ltd

Hyacinth Navigation S.A.

Gerbera Navigation Pte Ltd

Gandari Mari

03.12.93

26.05.94

23.06.97

24.11.97

06.04.01

25.07.02

29.11.02

08.10.04

08.10.04

10.11.04

10.11.04

08.01.05

08.01.05

22.04.05

12.08.05

26.09.05

18.01.07

05.06.08

01.02.11100%

Amber Pacific Corporation 15.12.2015100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Diamond Flow Ltd

24.12.97Indigo Pacific Corp (Labuan)

100%


12

ju Tanker Tbk 12.03.81

PT Berlian Dumai Logistics

31.12.10

09.02.93

24.06.97

24.10.05

26.04.07

08.04.11

19.07.00

12.04.06

06.06.07

12.10.08

12.10.08

12.10.08

12.10.08

14.08.02

26.08.02

14.08.02

10.03.06

10.03.06

06.06.07

21.06.07

16.04.08

12.10.08

12.10.08

24.09.10

18.07.11

Harsanadi Maritime Pte Ltd

Hartati Maritime Pte Ltd

BLT Finance Corporation

BLT Finance BV

BLT Maritime Corporation Swank Ventures Limited

Kunti Maritime Pte Ltd

Emerald Maritime Pte Ltd

Tridonawati Maritime Pte Ltd

Indigo Pacific Corporation (BVI)

Zona Overseas International Shipping

Fatmarini Maritime Pte Ltd

Pertiwi Maritime Pte Ltd

Pujawati Maritime Pte Ltd

Purbasari Maritime Pte Ltd

Tridonawati Maritime Corp.

Pramoni Maritime Pte Ltd

Fatmarini Shipping Pte Ltd

Frabandari Shipping Pte Ltd

Universal Grace Ltd

Rich King Ltd.

60%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

100%

Hartati Shipping Pte Ltd

Harsanadi Shipping Pte Ltd

Nogogini Shipping Pte Ltd

Nolowati Shipping Pte Ltd

16.11.07BLT Buana Holdings

27.02.2014

100%

Pte. Ltd.

100%

00%

1%

itime Pte Ltd Diamond Pacific International Corporation (BVI)

Diamond Pacific International Corporation

Thai Petra Transport Co Ltd 21.07.00

08.07.05

29.06.05

09.2.93

24.11.97(Labuan)

BLT LNG Tangguh Corporation

Teekay BLT Corporation

100%

100%

100%

30%

30%

03.07.03

25.08.02

24.02.93

25.07.00

25.07.00

14.08.02

17.03.04

25.01.13

Lenani Maritime Inc.

Ontari Maritime Pte Ltd

Berlian Laju Tanker Pte Ltd

Brotojoyo Maritime Pte Ltd

Gandari Navigation Pte Ltd

Frabandari Maritime Pte Ltd

Anjasmoro Maritime Pte Ltd

100%

100%

100%

100%

100%

100%

100%

100%

BLT Gas Corporation

BLT-BORRELLI International18.09.2013Holdings Pte Ltd


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Struktur GrupGroup Chart


14

Struktur OrganisasiOrganisational Chart

Finance

Investor Relations

Cash Management

Treasury

Board of Commissioners

Board of Directors

Nomination Committee

Remuneration Committee

Audit Committee

Quality Management Representative

Corporate Secretary

Internal Audit

Corporate Commercial Finance Administration

Fleet Management

Control

Crew Management &

ManningCorporate

People & Office Management

Legal & Insurance

Business Development

Commercial - Chemical Tankers

Commercial - Gas Tankers

Accounting

Information Technology

People Management

Office Management


15

Laporan Laba (Rugi)

202020202 15151515USUSUSD D D ‘0‘0‘0000000

2014(Restated) USD ‘000



2011USD ‘000

Income Statement

Pendapatan 2525253,3,3,3 191919111 315,425 329,460 452,796 594,644 Revenue

Laba (rugi) Kotor 6363663,6,66131313 54,673 38,678 (1,717) (93,057) Gross Profi t (loss)

Laba (rugi) Usaha 232323,3,3,3646464 12,900 (9,351) (39,704) (126,311) Operating Profi t(loss)

Jumlah Laba(rugi) yang dapatdiatribusikan kepadaPemilik Entitas Induk dan KepentinganNon Pengendali

1818187,7,7 212121999 (40,042) 179,267 (806,585) (1,033,126) Profi t (Loss)Attributable toOwners of the

Company and Non-Controling Interests

Laba (rugi)Komprehensif

Comprehensive Profi t(loss)

Jumlah Laba (rugi)Komprehensif yang dapat Diatribusikan kepada Pemilik Entitas Induk danKepentingan Non Pengendali

19191919192,2,2,888888 55 (42,445) 187,237 (848,369) (1,232,470) Total ComprehensiveProfi t (loss)

Attributable toOwners of the


Laba (rugi) per Saham(dalam jumlah penuh)

0.00.0.0.0.0 010101010 6 6 66 (0.004) 0.012 (0.070) (0.086) Profi t (loss) per Share (in full amount)

Neraca 202020151515USUSUSD DD ‘0‘0‘00000000


2013USD ‘000


2011USD ‘000

Balance Sheet

Jumlah Aset 1010101,1,1,10101066 687,812 808,431 1,123,210 1,725,948 Total Assets

Jumlah Liabilitas 646464,2,2959595 1,860,187 1,938,391 2,393,761 2,147,052 Total Liabilities

Jumlah Ekuitas 363636,8,8,8111111 (1,172,375) (1,129,960) (1,270,551) (421,104) Total Equity

Ikhtisar Data Keuangan PentingFinancial Highlights(in USD based on INDO GAAP)


16

Rasio 2015 2014 2013 2012 2011 RatioRasio Laba (rugi) terhadap Jumlah Aset (%)

190.8 (6.2) 23.2 (75.5) (71.4) Return on Total Assets (%)

Rasio Laba (rugi) terhadap Ekuitas (%)

524.0 N/M N/M N/M N/M Return in Equity (%)

Rasio Lancar 1.0 0.4 0.5 0.1 0.3 Current Ratio

Rasio Liabilitas terhadap Ekuitas (%)

174.7 N/M N/M N/M N/M Debt to Equity Ratio (%)

Rasio Jumlah Liabilitas terhadap Jumlah Aset (%)

63.6 270.4 239.8 213.1 124.4 Debt to Assets Ratio (%)

Laporan Laba(Rugi)

20202020151515USUSUSD D D ‘0‘0‘0000000000

2014USD ‘000

2013USD ‘000


2011USD ‘000

Income Statement

Pendapatan 252525253,3,3,,191919191111 315,425 329,460 452,796 594,644 Revenue

Laba (rugi) Kotor 636363663,6,66,6131313313 54,673 38,678 (1,717) (93,057) Gross Profi t (loss)

Laba (rugi) Usaha 232332 ,3,3364646 12,900 (9,521) (39,705) (126,361) Operating Profi t(loss)

Jumlah Laba(rugi) yang DapatDiatribusikan kepadaPemilik Entitas Induk dan Kepentingan non Pengendali

1818187,7,7 212121999 (40,042) 178,411 (812,385) (1,060,075) Profi t (Loss)Attributable toOwners of the


Laba (rugi) Komprehensif

ComprehensiveProfi t (loss)

Jumlah Laba (rugi)Komprehensif yang dapat Diatribusikan kepada Pemilik Entitas Induk danKepentingan non Pengendali

191919199919192,2,2,2,,2,88888888888 55555 (42,445) 187,429 (854,169) (1,260,020) Total ComprehensiveProfi t (loss)

Attributable toOwners of the


Laba (rugi) per Saham(dalam jumlah penuh)

0.0.00 010110 6 6 66 (0.004) 0.012 (0.070) (0.088) Profi t (loss) per Share (in full amount)

(in USD based on IFRS)

NM: Tidak Bermakna /Not Meaningful


17

NM: Tidak Bermakna /Not Meaningful

Neraca 2015USD ‘000


2013USD ‘000


2011USD ‘000

Balance Sheet

Jumlah Aset 101,106 687,812 808,431 1,123,722 1,732,817 Total Assets

Jumlah Liabilitas 64,295 1,860,187 1,938,391 2,393,761 2,147,432 Total Liabilities

Jumlah Ekuitas 36,811 (1,172,375) (1,129,960) (1,270,039) (414,615) Total Equity

Rasio 2015 2014 2013 2012 2011 RatioRasio Laba (rugi) terhadap Jumlah Aset (%)

190.8 (6.2) 23.2 (76.0) (72.7) Return on Total Assets (%)

Rasio Laba (rugi) terhadap Ekuitas (%)

524.0 N/M N/M N/M N/M Return in Equity (%)

Rasio Lancar 1.0 0.4 0.5 0.1 0.3 Current Ratio

Rasio Liabilitas terhadap Ekuitas (%)

174.7 N/M N/M N/M N/M Debt to Equity Ratio (%)

Rasio Jumlah Liabilitas terhadap Jumlah Aset (%)

63.6 270.4 239.8 213.0 123.9 Debt to Assets Ratio (%)


Laporan Dewan KomisarisBoard Of Commissioners Report


21

Yang terhormat Para Pemegang Saham dan Mitra Usaha Perseroan,

Kami, Dewan Komisaris, pertama-tama hendak menyampaikan terima kasih kami kepada seluruh pemangku kepentingan. Pada 14 Maret 2013, rencana restrukturisasi Perseroan sejalan dengan proses Penundaan Kewajiban Pembayaran Utang (“PKPU”) yang telah dihomologasi oleh Pengadilan Niaga Jakarta pada 22 Maret 2013 (“Rencana Perdamaian”). Pada 14 Agustus 2015, amandemen Rencana Perdamaian disetujui oleh kreditur Perseroan. Perseroan telah berfokus kepada usaha penghematan dan implementasi dari Rencana Perdamaian (“Amandemen Rencana Perdamaian”). Pada 2015, Perseroan mengalami peningkatan atas kinerja operasional dan fi nansial dengan pengakuan laba bersih setelah pajak sebesar USD 187 juta pada tahun 2015 dan rugi sebesar USD 40 juta pada tahun 2014.

Perseroan juga telah menyelesaikan berbagai inisiatif tertera dalam Amandemen Rencana Perdamaian dan terus mengambil langkah-langkah untuk merehabilitasi posisi bisnis dan fi nansial, serta melanjutkan perdagangan saham Perseroan di Bursa Efek Indonesia (“BEI”). Sepanjang tahun, Dewan Komisaris memantau kejadian-kejadian penting berikut sehubungan dengan proses restrukturisasi:

1. Amandemen Rencana Perdamaian – Perseroan terus bekerja secara intensif dengan kreditur di Indonesia dan Internasional untuk mengimplementasi konversi utang menjadi saham sebagaimana dinyatakan dalam Amandemen Rencana Perdamaian. Pada tahun 2015, Perseroan telah menyelesaikan restrukturisasi dengan Pemberi Pinjaman MLA, menerbitkan MCS, mendistribusi saham kepada beberapa kreditur sewa dan kreditur derivative, dan telah berkomunikasi dengan pemegang obligasi untuk mengatur penukaran hutang;

2. Pencatatan Saham Baru – Persetujuan pencatatan saham baru yang diterbitkan sebagai bagian dari pelaksanaan konversi utang menjadi saham telah diperoleh dari IDX;

3. Kelangsungan Usaha – Tidak ada penahanan atas kapal-kapal Perseroan, memungkinkan Perseroan untuk berfokus pada kinerja armadanya serta terus

Our Valued Shareholders and Business Partners,

We, the Board of Commissioners, would fi rst of all, like to express our gratitude to all stakeholders. On 14 March 2013, the restructuring plan of the Company pursuant to the Penundaan Kewajiban Pembayaran Utang (“PKPU”) process was approved by the Company’s creditors and subsequently ratifi ed by the Central Jakarta Commercial Court on 22 March 2013 (“Restructuring Plan”). On 14 August 2015, PKPU amendment plan was approved by the Company’s creditors. Th e Company has focused on its business rationalisation eff orts and the implementation of the Restructuring Plan (“Amendment Restructuring Plan”). In 2015, the Company saw an improvement in its operational and fi nancial performance as the Group realised a net profi t aft er tax of USD 187 million in 2015 and loss USD 40 million in 2014.

Th e Company has also completed various initiatives set out in the Amendment Restructuring Plan and continues to take steps towards the rehabilitation of its business and fi nancial position as well as the resumption of trading on the Indonesian Stock Exchange (“IDX”). During the year, the Board of Commissioners observed the following important achievements under the restructuring process:

1. Amendment Restructuring Plan – Th e Company continued to work closely with creditors in Indonesia and internationally to implement full debt to equity swap exercise which was set out in Amendment Restructuring Plan. In 2015, the Company completed restructuring for Mandated Lead Arrangers Lenders (“MLA Lenders”), issuance mandatory convertible shares, distributed shares to some lease creditors and derivative creditors, and was communicating with all the bondholders to arrange the debt exchange;

2. Listing of New Shares – Approval of listing new share issuance as part of debt to equity swap exercise has been obtained from IDX;

3. Business Preservation – No arrests of the Company’s owned vessels have been reported, allowing the Company to focus on its fl eet’s


22

memberikan pelayanan kepada para pelanggan jangka panjang, termasuk perusahaan minyak dan bahan kimia yang bertaraf iternasional seperti Exxon, Shell dan BP Chemicals;

4. Restrukturisasi Armada - Penjualan dan pengembalian kapal-kapal yang tidak menguntungkan membantu pencapaian suatu ukuran armada yang optimal untuk mendapatkan profi t yang maksimal dalam rute perdagangan yang telah ditetapkan. Perseroan telah mengurangi jumlah armada menjadi 7 kapal per April 2016; dan

5. Perseroan tetap berkomitmen untuk memenuhi kewajiban pelaporan hukum dengan regulator pada akhir tahun dengan tujuan untuk dapat memulai kembali perdagangan saham BEI secepat mungkin. Laporan keuangan konsolidasi untuk tahun buku yang berakhir pada 31 Desember 2015 yang terlampir pada Laporan Tahunan ini telah dikeluarkan pada 2 Mei 2016.

Setelah menelaah laporan keuangan Perseroan untuk tahun buku yang berakhir pada 31 Desember 2015, yang telah diaudit oleh Kantor Akuntan Publik Nurdiyaman, Mulyadi, Tjahjo & Partner (anggota Crowe Horwarth)) dengan pendapat wajar dengan pengecualian, Dewan Komisaris berterimakasih atas peningkatan kinerja Grup selama dua tahun berturut-turut sejak dimulainya Rencana Perdamaian. Dewan Komisaris meminta Manajemen untuk tetap berkomitmen pada langkah-langkah yang harus dipatuhi dalam Rencana Perdamaian.

Akhirnya, Dewan Komisaris mengucapkan terima kasih kepada Para Pemegang Saham, Direksi dan seluruh Manajemen atas dukungannya selama ini. Kepada Komite Audit, Komisaris Independen dan Auditor, kami menyampaikan apresiasi kami atas bantuan yang telah diberikan agar kami dapat melaksanakan tugas pengawasan dengan efektif.

Terima kasih.Dewan Komisaris

performance and to continue serving its customers, including long-term major international oil and chemical companies such as Exxon, Shell and BP Chemicals;

4. Fleet Restructuring – Th e sale and redelivery of non-profi table vessels helped achieve an optimum fl eet size to maximise profi tability on established trade routes. Th e Company further reduced the size of the fl eet to 7 vessels as at April 2016; and

5. Th e Company remains committed to fulfi lling its statutory reporting requirements with the regulators by the end of the year with an aim to resume trading on the IDX as soon as possible. Th e consolidated fi nancial statements for year ended 31 December 2015 which is attached with this Annual Report has been authorised and issued on 2 May 2016.

Aft er reviewing the Company’s fi nancial statements for the year ended 31 December 2015, which has been audited by Registered Public Accountant Offi ce of Kosasih, Nurdiyaman, Mulyadi, Tjahjo & Partner (member of Crowe Horwarth) with qualifi ed opinion, the Board of Commissioner is grateful for an improvement in the Group’s performance for the second consecutive year since the commencement of the Restructuring Plan. Th e Board of Commissioner encourages the Management to stay committed in their eff orts in complying with the Restructuring Plan.

Th e Board of Commissioners would like to express its sincere gratitude to the Shareholders, the Board of Directors and all Management for their continued support. To the Audit Committee, the Independent Commissioners and the Auditors, we express our sincere appreciation for the assistance provided in carrying out our supervisory functions eff ectively.

Th ank you.Board of Commissioners.


23

Laporan Tugas Pengawasan Dewan KomisarisSupervisory Report Of BOC

Yang terhormat Para Pemegang Saham dan Mitra Usaha Perseroan,

Sejalan dengan fungsi Dewan Komisaris yaitu untuk mengawasi kinerja Direksi dan Manajemen Perseroan untuk melindungi kepentingan para pemegang saham dan untuk memastikan bahwa Perseroan mencapai obyektif yang telah ditetapkan di awal, maka Dewan Komisaris bersama ini melaporkan segala tindakan yang telah diambil sehubungan dengan pengawasan dan pemberian masukan kepada Direksi dan Manajemen.

Dalam melaksanakan fungsi pengawasan, Dewan Komisaris telah membentuk beberapa komite untuk mendukung fungsi dari Dewan Komisaris, yaitu Komite Nominasi, Komite Remunerasi dan Komite Audit. Masing-masing komite terdiri dari anggota Dewan Komisaris dan terdapat seorang ketua yang memimpin masing-masing komite.

Laporan Komite NominasiTujuan pembentukan Komite Nominasi adalah untuk membantu Dewan Komisaris dalam memutuskan atas komposisi susunan Dewan Komisaris dan Direksi Perseroan yang akan dipercayakan untuk memimpin Perusahaan mencapai target-target sebagaimana yang telah ditetapkan dalam rencana bisnis Perseroan.

Our Valued Shareholders and Business Partners,

In line with the function of the Board of Commissioners, i.e. to supervise the performance of the Board of Directors and Management of the Company in order to protect the interest of the Shareholders, and to ensure that the Company achieves the objectives as designated, therefore, the Board of Commissioners shall herewith report the activities that have been undertaken in order to supervise and to provide advice to the Board of Directors and the Management.

In carrying out its supervisory function, the Board of Commissioners established several committees which support the function of the Board of Commissioners. Th ese are the Nomination Committee, Remuneration Committee and Audit Committee. Each committee consists of members of the Board of Commissioners, and one chairman is appointed to lead each of the committees.

Report of the Nomination CommitteeTh e objective of establishment of the Nomination Committee is to assist the Board of Commissioners in making decision on the composition of the Company’s Board of Directors and Board of Commissioners who will be entrusted to lead the Company toward the designated targets as set forth in the Company’s business.


24


Assist the Board of Commissioners in making

decision on the composition of the Company’s Board

of Directors and Board of Commissioners

Audit CommitteeEnsure the fulfi llment of

supervisory function of the Board of Commissioners in an

optimum and thorough way

Remuneration CommitteeAssist the Board of

Commissioners in ensuring the availability of a formal and transparent procedure to determine remuneration

package for the Board of Directors

Tugas dan tanggung jawab dari Komite Nominasi adalah sebagai berikut:

1. Meneliti dan menilai calon anggota Dewan Komisaris dan Direksi;

2. Memberikan rekomendasi calon-calon yang dinilai memiliki kapasitas yang cukup untuk diangkat sebagai anggota Direksi dan Dewan Komisaris;

3. Mengkaji komposisi dan jumlah anggota Direksi dan Dewan Komisaris setiap tahun untuk memastikan adanya keseimbangan jumlah Komisaris Independen dan untuk memastikan adanya keseimbangan yang tepat dalam keahlian dan kemampuan di antara Direksi dan Dewan Komisaris;

4. Menilai independensi dari Komisaris Independen dan Direktur Independen Perseroan yang telah ditunjuk dalam Rapat Umum Pemegang Saham; dan

5. Menentukan sejauh mana setiap anggota Direksi dan Dewan Komisaris dapat berkontribusi secara efektif dan menunjukkan komitmen yang tinggi terhadap tanggung jawab mereka.

Sebelum Rapat Umum Pemegang Saham Tahunan tahun 2015, Komite Nominasi telah menilai kinerja dari masing-masing anggota Direksi, berdasarkan kinerja individual selama tahun 2015 dan mengevaluasi kembali kebutuhan untuk mempertahankan terdapatnya kompetensi dan

Th e duties and responsibilities of the Nomination Committee are as follows:

1. Reviewing and assessing candidates for directorships and commissionership;

2. Identifying and recommending the individuals considered to have the capacity to be appointed as Directors and Commissioners.

3. Reviewing the composition of the Company’s Board of Directors and Board of Commissioners annually to ensure that we have an appropriate balance of independent Commissioners and to ensure there is an appropriate balance of expertise skills, attributes and ability among Directors and Commissioners;

4. Determining the independence of the Company’s Independent Commissioners and Directors, that have been appointed by the General Meeting of Shareholders; and

5. Deciding whether the Directors and Commissioners can continue to contribute eff ectively and demonstrate commitment to their roles.

Prior to 2015 Annual General Meeting of Shareholders, the Nomination Committee has carried out assessment on the performance of each of the Directors, based on individual performance during 2015 and re-evaluated the decision to maintain composition of the Board of Directors, to ensure


25

kapasitas yang tepat sesuai dengan kebutuhan Perseroan. Evaluasi yang sama juga dilakukan terhadap anggota Dewan Komisaris, dimana kinerja mereka selama tahun 2015 telah digunakan sebagai acuan, juga untuk menentukan komposisi Dewan Komisaris yang tepat yang dapat diusulkan untuk periode mendatang. Sehubungan dengan penggantian Direktur Independen Perseroan di tahun 2015, Komite Nominasi telah meneliti dan menilai calon anggota Direksi dan memberikan rekomendasi terhadap calon yang mempunyai kapasitas yang cukup untuk diangkat sebagai Direktur Independen. Dalam RUPS Tahunan Perseroan tanggal 17 November 2015, mayoritas Pemegang Saham menyetujui pengangkatan Bapak Anthony Budiawan sebagai Direktur Independen Perseroan.

Anggota Dewan Komisaris dan Direksi diungkapkan dalam Profi l Dewan Komisaris dan Profi l Direksi.

Dewan Komisaris berpendapat bahwa kinerja Direksi sepanjang tahun cukup memuaskan dan inisiatif-inisiatif tertera dalam amandemen Rencana Perdamaian telah dilaksanakan oleh para anggota Direksi.

Laporan Komite Remunerasi

Komite Remunerasi dibentuk untuk membantu Dewan Komisaris dalam memastikan ketersediaan prosedur yang formal dan transparan untuk menentukan paket remunerasi bagi Direksi. Untuk tugas ini, Komite Remunerasi bekerja secara independen dan tanpa pengaruh dari Direksi Perseroan manapun. Ada beberapa pertimbangan yang harus disertakan dalam menentukan paket remunerasi, seperti Kinerja Individu dari Direktur pada tahun sebelumnya, Kapasitas, Keahlian, Kemampuan, Tugas and Tanggung jawab dan kondisi keuangan Perseroan.

they have the right competence and capacity as needed by the Company. Th e same evaluation is also applied to members of the Board of Commissioners, in which their performance during 2015 has been used as reference, also to determine what kind of composition of the Board of Commissioners shall be recommended for the following period. In relation to the change of Independent Director of the Company in 2015, Nomination Committee has examined and assessed the candidates of Director and provide recommendation to the candidates who has strong capacity to be appointed as Independent Director. In Annual General Meeting of Shareholders dated 17 November 2015, the majority of Shareholders approved Mr Anthony Budiawan as Independent Director of the Company.

Th e Commissioners and Directors members are disclosed under the Board of Commissioners Profi le and Board of Directors Profi le respectively.

Th e Board of Commissioners is of the view that the performance of the Board of Directors during the year is reasonably satisfactory and the required initiatives pursuant to the amended Restructuring Plan had been duly executed by the Directors.

Report of the Remuneration CommitteeTh e Remuneration Committee was established to assist the Board of Commissioners in ensuring the availability of a formal and transparent procedure to determine remuneration package for the Board of Directors. To do this task, the Remuneration Committee works independently and apart from any infl uences from any Directors of the Company. Th ere are several considerations to be included. Such as individual performance of the Directors on previous year, their capability, expertise and competence, duty and responsibility assigned to them, and the Company’s fi nancial situation.


26

Komite Remunerasi memiliki tugas dan tanggung jawab sebagai berikut:

1. Merekomendasikan kepada Dewan Komisaris mengenai kebijakan dan pedoman penentuan paket remunerasi bagi Direksi dan Komisaris;

2. Menyetujui target kinerja untuk mengevaluasi kinerja para Direktur; dan

3. Merekomendasikan kepada Dewan Komisaris mengenai paket remunerasi tertentu bagi setiap anggota Direksi untuk disahkan oleh Dewan Komisaris

Dalam menentukan paket remunerasi tersebut harus tepat supaya dapat memotivasi Direksi dalam menjalankan Perusahaan agar dapat berhasil, tetapi Perusahaan juga harus menghindarsi pemberian paket remunerasi yang berlebihan yang tidak sesuai dengan kepentingan Perseroan.

Kegiatan yang dilakukan oleh Komite Remunerasi pada tahun 2015 adalah memberikan rekomendasi untuk penetapan gaji dan/atau tunjangan untuk seluruh anggota Direksi, yang secara total, setelah dikurangi dengan pajak penghasilan berturut-turut tidak melebihi Rp16.500.000.000 (enam belas miliar lima ratus juta Rupiah) setahun.

Laporan Komite AuditDalam memastikan fungsi pengawasan Dewan Komisaris dapat berjalan dengan optimal dan menyeluruh, maka Dewan Komisaris membentuk Komite Audit, dengan tugas utamanya adalah melakukan penelaahan terhadap sistem akuntansi internal, pengawasan operasional sehubungan dengan kepatuhan dan manajemen resiko, melalui kerjasama dengan auditor internal maupun auditor eksternal Perseroan.

Tugas dan tanggung jawab Komite Audit adalah sebagai berikut:

1. Melakukan penelaahan atas laporan keuangan konsolidasi dan laporan auditor atas laporan keuangan tersebut, termasuk kepatuhan atas standar pencatatan berdasarkan ketentuan akuntansi yang berlaku;

Th e duties and responsibilities of the Remuneration Committee are as follows:

1. Recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors and Commissioners;

2. Approving performance targets for assessing the performance of our Directors; and

3. Recommending specifi c remuneration packages for each Director for endorsement by our Board of Commissioners.

Decision on the level of remuneration should be appropriate to attract, retain and motivate the Directors to run the company successfully but companies should avoid paying too much for this purpose, or a proportion which has no relation to the Company’s interest.

Accomplishment by the Remuneration Committee in 2014 were recommendation to salary and/or allowance for all members of the Board of Directors, which in total, aft er being deducted by income tax does not exceed Rp16,500,000,000 (sixteen billion fi ve hundred million Rupiah) annually.

Report of the Audit CommitteeTo ensure the fulfi llment of supervisory function of the Board of Commissioners in an optimum and thorough way, the Board of Commissioners has established an Audit Committee, with key duties to review the internal accounting system, to supervise operational activities in relation to compliance and risk management, in collaboration with the internal and external auditor of the Company.

Th e duties and responsibilities of the Audit Committee are as follows:

1. Examining the consolidated fi nancial statement and auditor’s report on the fi nancial statement, including compliance of the reporting to the applicable rules in accounting;


27

2. Melakukan pembahasan bersama dengan auditor eksternal mengenai, apabila ada, dugaan terjadinya penipuan ataupun pelanggaran terhadap ketentuan yang telah diatur dalam undang-undang dan berdampak material terhadap kondisi operasional dan keuangan Perseroan;

3. Menelaah dan menilai independensi auditor eksternal dan memberikan rekomendasi penunjukkan auditor eksternal;

4. Melakukan pengujian terhadap transaksi benturan kepentingan berdasarkan ketentuan dan peraturan yang berlaku; dan

5. Melaporkan resiko yang dihadapi Perseroan dan dampaknya terhadap kinerja operasional dan keuangan Perseroan.

Di tahun 2015, Komite Audit telah mengadakan pertemuan dengan manajemen Perseroan secara berkala. Kegiatan yang dilakukan Komite Audit dalam tahun ini adalah evaluasi dampak dari restrukturisasi utang terhadap kinerja operasional dan kinerja keuangan Perseroan, melakukan pengawasan atas transaksi dengan pihak berelasi, memberikan rekomendasi untuk penunjukkan auditor dan menilai persyaratan-persyaratan laporan untuk memenuhi ketentuan kewajiban pelaporan.

Sehubungan dengan amandemen Perjanjian Perdamaian Perseroan, Dewan Komisaris telah memberikan persetujuannya atas langkah-langkah yang diambil oleh Direksi Perseroan.

2. Examining and discussing with external auditors regarding suspicion of fraud, unusual matters of violation of law or regulation which might have material eff ect to the result of the Company’s operation and/or fi nancial position;

3. Reviewing and assessing the independence of the external auditor and providing recommendation for appointment of an external auditor;

4. Examining confl ict of interest transactions based on applicable rules and regulations; and

5. Reporting any risks which the Company faces and their impact on the Company’s operational performance and fi nancial condition.

In 2015, the Audit Committee met the Company’s management on a regular basis. Activities undertaken by the Audit Committee during the year were mainly focused on evaluating the eff ects of the debt restructuring on the Company’s operational and fi nancial performance, monitoring related party transactions, recommending the appointment of an external auditor and assessing reporting requirements to fulfi ll statutory reporting obligations.

Pursuant to amendment of Restructuring Plan, Board of Commissioners has given approval on the eff ort taken by the Board of Directors.


Laporan DireksiBoard Of Directors Report


29

Kepada Yth. Para Pemegang Saham,

Kami, Direksi Perseroan, hendak menyampaikan terima kasih kami kepada seluruh manajemen, penasehat-penasehat, auditor dan seluruh pemangku kepentingan yang telah memberikan kontribusi atas implementasi langkah-langkah restrukturisasi utama sepanjang tahun ini.

2015 merupakan tahun keberhasilan restrukturisasi, pertumbuhan dan kemajuan yang berkelanjutan bagi Perseroan. Perseroan telah berfokus dalam mengimplementasikan inisiatif-inisiatif restrukturisasi yang tertera dalam Rencana Perdamaian dan memenuhi kewajiban pelaporan keuangan sesuai dengan ketentuan pencatatan saham. Terlepas dari pemulihan industri perkapalan yang lambat, Perseroan terus meningkatkan kinerja operasionalnya dari tahun ke tahun, yang dicapai dengan rute perdagangan optimal serta inisiatif penghematan biaya yang dilakukan sesuai dengan restrukturisasi.

Langkah-langkah RestrukturisasiPerseroan telah mengimplementasikan inisiatif restrukturisasi yang telah ditetapkan dalam Rencana Perdamaian. Meskipun upaya dan komitmen Perusahaan untuk sepenuhnya melaksanakan restrukturisasi utang tersebut, beberapa faktor telah menghambat keberhasilan penerapan Rencana Restrukturisasi termasuk:

a. Pemulihan yang tertunda di pasar pelayaran dibandingkan dengan perkiraan sebagaimana disebutkan dalam Rencana Perdamaian;

b. Berkurangnya ketersediaan pembiayaan bank dan ketertarikan investor pada industri ini mengakibatkan sulitnya mendapatkan dana untuk menjalankan Rencana Perdamaian;

c. Ketidakmampuan untuk mendapatkan persetujuan dari otoritas terkait di Indonesia untuk penerbitan saham baru yang telah ditetapkan dalam Rencana Perdamaian; dan

d. Risiko tidak tercatat lagi (delisting) di BEI berkaitan dengan defi siensi modal Perusahaan.

Dear Shareholders,

We, the Board of Directors, would like to convey our sincere appreciation to all management, advisors, auditors, and other stakeholders who have contributed to the success of implementation of key restructuring initiatives during the year.

2015 was a year of successful restructuring, continuous growth and sustained progress for the Company. Th e Company has been focussed on the implementation of restructuring initiatives required under the Restructuring Plan and fulfi lling its fi nancial reporting obligations under listing requirements. Despite a slow recovery of the shipping market, the Company has continued to improve its year-on-year operating performance, driven by optimisation of trade routes and cost cutting initiatives implemented pursuant to the restructuring.

Continuation of Restructuring Eff ortsTh e Company had implemented substantially all of the initiatives under the Restructuring Plan. However, despite the Company’s eff orts and commitment to fully implement the aforementioned debt restructuring, a number of events had impeded a successful implementation of the Restructuring Plan, including:

a. A delayed market recovery in the shipping market as compared to the forecast set out in the Restructuring Plan;

b. A lack of bank fi nancing and investor appetite available for the industry resulting in diffi culty in obtaining the fundraising envisaged under the Restructuring Plan;

c. Th e failure to obtain approval from the relevant regulatory authorities in Indonesia for the issuance of new shares set out in the Restructuring Plan; and

d. Th e risk of delisting by the IDX due to the Company’s substantial capital defi ciency.


30

Pada tanggal 11 Mei 2015, Perseroan mengajukan amandemen terhadap Rencana Perdamaian (Amandemen Rencana Perdamaian) yang disetujui oleh mayoritas kreditor dengan dan tanpa jaminan dari Perseroan pada tanggal 14 Agustus 2015. Inisiatif restrukturisasi utama yang telah diimplementasi sepanjang tahun termasuk:

a. Pengakuan internasional akan Rencana Perdamaian di Singapore dan Amerika Serikat berdasarkan Section 210 of the Singapore Companies Act dan Chapter 15 of the United States Bankruptcy Code;

b. Penerbitan Mandatory Convertible Securities (MCS) kepada PT Elang Megah Inti atas konsiderasi sebesar USD 10 juta;

c. Persetujuan dari regulator terkait atas penerbitan sahan baru bagi Penerbitan Saham Konversi Utang yang diajukan;

d. Penyelesaian restrkturisasi MLA;

e. Persetujuan dari IDX atas pencatatan saham yang diterbitkan.

Perseroan tetap terus berfokus untuk mempertahankan struktur biaya yang efi sien dengan penilaian secara terus-menerus atas biaya capital, bekerja secara intensif dengan seluruh Ship Managers untuk memastikan pengawasan kapal dilakukan secara efi sien dan memiliki suatu workforce yang efi sien dan baik.

Tinjauan Bisnis dan KeuanganDengan implementasi Amandemen Rencana Perdamaian, Perseroan melihat peningkatan atas kinerja operasional dan fi nancial Grup. Untuk tahun yang berakhir pada 31 Desember 2015, Grup mencapai suatu laba bersih setelah pajak sebesar USD 187 juta (2014: rugi USD40 juta). Per tanggal 31 Desember 2015, Grup memiliki aset bersih sebesar USD36,8 juta (2014: negative USD 1.2 milyar). Dengan restrukturisasi yang secara substansial telah selesai, BLT akan menjadi suatu usaha di Asia yang sebagian besar bebas dari hutang dengan aset yang substansial.

On May 11, 2015, the Company proposed amendments to the Restructuring Plan (PKPU Amendment Plan) which was approved by the requisite majority creditors of both secured and unsecured creditors of the Group on August 14, 2015. Key restructuring initiatives implemented under PKPU Amendment Plan during the year include:

a. International recognition of the Restructuring Plan in Singapore and the United States under Section 210 of the Singapore Companies Act and Chapter 15 of the United States Bankruptcy Code;

b. Issuance of Mandatory Convertible Securities (MCS) to PT Elang Megah Inti for a consideration of US$ 10.0 million;

c. Approval from the relevant regulatory authorities for issuance of new shares for the Proposed Debt-Equity Swap Share Issuance;

d. Completion of MLA restructuring;

e. Approval from IDX on listing of new shares issued.

Th e Company will also remain focused on maintaining an effi cient cost structure by the continuous review of its capital expenditures, working closely with all Ship Managers to ensure the maintenance of the fl eet is carried out effi ciently and having a lean and eff ective workforce.

Business and Financial ReviewFollowing the implementation of PKPU Amendment Plan, the Company saw an improvement in its operational and fi nancial performance. For the year ended 31 December 2015, the Group achieved a net profi t aft er tax of USD 187 million (2014: loss USD 40 million). As at 31 December 2015, the Group has a net asset value of USD 36.8 million in 2015 (2014: negative USD1.2 billion). With the restructuring substantially completed, BLT will be a new largely debt-free business in Asia with substantial assets.


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Langkah Ke DepanKonversi Utang Menjadi Saham telah diselesaikan pada 2015 dan saat ini Perseroan berfokus untuk pendistribusian saham baru kepada seluruh kreditur dan pemegang obligasi.

Sampai pada tanggal Laporan Tahunan ini, Perseroan memiliki 7 kapal dan akan mengkalibrasi strategi bisnis dan komposisi kapal dengan berfokus pada operasi di Asia Tenggara di mana Grup telah memiliki posisi yang baik untuk mengambil keuntungan atas perkembangan yang diantisipasi dan pasar cabotage Indonesia yang berkembang berkembang, dengan sejarah yang kuat sebagai pemilik dan operator kapal internasional, hubungan baik dengan berbagai pebisnis minyak dan keahlian dalam industri kimia dan gas.

ApresiasiDireksi hendak menyampaikan terima kasih atas dukungan yang telah diberikan oleh para kreditur dalam proses restrukturisasi. Direksi juga berterima kasih kepada Manajemen dan seluruh karyawan atas dedikasi dan kerja keras dalam menjalankan usaha Perseroan.

Direksi bersama ini menyampaikan apresiasi kepada seluruh rekan usaha dan para pemangku kepentingan yang terus memberikan kepercayaannya atas kemampuan Perseroan untuk terus melangkah dalam waktu yang sulit ini. Perseroan terus berkomitmen untuk memberikan informasi terkini secara berkala dan kami mengharapkan tahun yang lebih baik di masa mendatang.

Terima kasih.Dewan Direksi

Looking AheadTh e Debt-Equity swap exercise has been completed in 2015 and currently the Company is focusing on the distribution of new shares to all creditors all creditors and bondholders.

As at the date of this Annual Report, the Group owns 7 vessels and will recalibrates its business strategy and fl eet composition by focusing to operate in South East Asia in which the Group is well-positioned to take advantage of the anticipated improvements and thriving Indonesian cabotage market with its strong history as an international ship-owner and operator, good relationship with the various oil majors and expertise in the chemical and gas industry.

In AppreciationTh e Board of Directors would like to express their gratitude for the support given by the creditors during this restructuring process. Th e Board of Directors is also thankful for the Management and all employees for their dedication and hard work in running the Company’s business.

Last but not least, the Board of Directors extends its sincere appreciation to all business partners and stakeholders for their continuous faith in the Company’s ability to see through this period of diffi cult times. Th e Company remains committed to provide regular updates and we look forward to a better year ahead.

Th ank you.Board of Directors


32

Daft ar ArmadaFleet List

No. Vessel Name Built DWT Type Cargo Tank Type

Type (1) Hull Flag

1 MT Bauhinia 1997 5,851 Chemical Tanker

Stainless Steel

IMO II/III SUS DH Hong Kong

2 MT Chembulk Barcelona

2004 32,345 Chemical Tanker

Stainless Steel

IMO II SUS DH Singapore

3 MT Chemulk Gibraltar


Stainless Steel

IMO II/III SUS DH Singapore

4 MT Chembulk Hong Kong


Stainless Steel


5 MT Chembulk Houston


Stainless Steel


6 MT Chembulk Jakarta


Stainless Steel

IMO II/III SUS DH Panama

7 MT Chembulk Kings Point


Stainless Steel


8 MT Chembulk Kobe 2002 19,996 Chemical Tanker

Stainless Steel


9 MT Chembulk Lindy Alice


Stainless Steel


10 MT Chembulk Minneapolis


Stainless Steel


11 MT Chembulk New Orleans


Stainless Steel


12 MT Chembulk New York


Stainless Steel


13 MT Chembulk Savannah


Stainless Steel


14 MT Chembulk Shanghai


Stainless Steel


15 MT Chembulk Singapore


Stainless Steel


16 MT Chembulk Sydney


Stainless Steel


17 MT Chembulk Tortola


Stainless Steel


18 MT Chembulk Ulsan


Stainless Steel


19 MT Chembulk Virgin Gorda


Stainless Steel


20 MT Chembulk Wellington


Stainless Steel


Catatan/Notes:*Armada Perseroan setelah amandemen Perjanjian Perdamaian disetujui oleh mayoritas Kreditur (14 Agustus 2015) dan Pemegang Saham (17 November 2015).Th e Company’s fl eet aft er amandment of Restructuring Plan approved by majority of creditors (14 August 2015) and Shareholders (17 November 2015).


33


Type (1) Hull Flag

21 MT Chembulk Westport


Stainless Steel


22 MT Chembulk Yokohama


Stainless Steel


23 MT Celosia 1997 7,477 Chemical Tanker

Stainless Steel


24 MT Dragonaria 1998 6,555 Chemical Tanker

Stainless Steel

IMO III DH Singapore

25 MT Erowati 1999 6,688 Chemical Tanker

Coated IMO II/III DH Singapore

26 MT Fatmawati* 1996 7,527 Chemical Tanker

Stainless Steel


27 MT Freesia 2003 8,521 Chemical Tanker

Stainless Steel


28 MT Indradi* 1993 13,944 Chemical Tanker

Stainless Steel/Coated


29 MT Iris 2011 12,500 Chemical Tanker

Stainless Steel

IMO II SUS DH Hong Kong

30 MT Nogogini 1996 11,629 Chemical Tanker

Stainless Steel


31 MT Nolowati 1998 11,636 Chemical Tanker

Stainless Steel


32 MT Pacifi c Endeavor


Stainless Steel


33 MT Gas Bangka* 2010 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

34 MT Gas Batam 2011 5,000 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

35 MT Gas Madura 2010 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

36 MT Gas Papua 2007 5,019 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

37 MT Gas Sulawesi 2006 4,232 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

38 MT Gas Indonesia* 1990 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Indonesia

39 MT Gas Kalimantan*

1996 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Indonesia


34

Sumber Daya ManusiaHuman Resources

Perseroan menyadari sepenuhnya bahwa organisasi yang kompeten sepenuhnya didukung oleh karyawan yang memiliki kompetensi. Oleh karena itu, Perseroan dengan segala upaya mempersiapkan karyawan yang berkualitas dan berdedikasi tinggi sesuai dengan standar yang ditetapkan, baik dari segi pengetahuan, ketrampilan, dan sikap. Upaya ini tidak hanya dilakukan untuk membentuk, dan mengembangkan karyawan yang sudah ada, tetapi sudah dimulai sejak rekrutmen karyawn baru yang dilakukan secara selektif. Kompetensi dan komitmen dari sumber daya manusia akan menghasilkan keunggulan kompetitif bagi Perseroan.

Pengembangan Sumber Daya ManusiaSementara Perseroan berfokus pada restrukturisasi, Perseroan tetap menilai sumber daya manusia sebagai aset yang berharga dalam menjalankan usaha dan memberikan keunggulan yang bersaing bagi Perseroan. Proses penerimaaan manajemen senior baru untuk memimpin Perseroan dalam periode pemulihan ini sangat penting dan kandidat telah dipilih secara selektif dari para calon dan telah diwawancara secara langusng oleh Direksi untuk mengisi peran ini.

Th e Company is fully aware that developing a competent organization is only possible when supported by competent staff . Th e Company makes every possible eff ort to implement the highest possible training standard to ensure dedication and competence of its staff in term of knowledge, skills and attitudes. Th is strategy is not merely applicable to ongoing training and development of existing employees, but starting with a selective recruitment process for new generation of qualifi ed employees. Th e competencies and commitments from the human resources will deliver competitive excellence for the Company.

Human Resources DevelopmentWhist the Company remains focused on its restructuring, the Company continues to recognize human resources as a valuable asset in running the business and delivering competitive excellence for the Company. Th e recruitment of new senior management to lead the Company in this period of recovery is crucial and candidates have been carefully selected from talent pools and interviewed directly by the Board of Directors to fi ll these roles.


35

Perseroan selalu menjaga kesejahteraan para karyawan dan karyawan dari anak perusahaan Perseroan melalui berbagai fasilitas kesejahteraan sebagai berikut :

1. Asuransi Kesehatan yang mencakup biaya rawat inap (rumah sakit) dan rawat jalan;

2. Asuransi Kecelakaan;

3. Asuransi Perlindungan Kerja (BPJS); dan

4. Jaminan Hari Tua-Pensiun (BPJS)

Manajemen Dan PelatihanKaryawan laut yang mengoperasikan kapal-kapal Perseroan adalah salah satu sumber daya yang paling penting dan aset berharga Perseroan. Tanpa Pelaut yang berkualitas di atas kapal, manajemen teknis yang efi sien akan sulit diterapkan dan akan menambah beban kerja bagi para staff Perseroan yang berada di darat. Perseroan melakukan serangkaian seleksi yang ketat dan prosedur pelatihan untuk memastikan tersedianya sejumlah perwira dan awak kapal yang trampil dan kompeten.

Saat ini Perseroan memperkerjakan lebih dari 1.000 awak kapal dan secara rutin melatih kadet dari berbagai perguruan tinggi dan akademi maritim di berbagai negara (sebagian besar warga Negara Indonesia) sebagai bagian dari tanggung jawab sosial Perseroan serta untuk regenerasi pelaut saat ini.

Progam manajemen awak kapal Perseroan sangat luas dan telah menerapkan standar tertinggi dari manajemen sumber daya manusia.

Th e Company always maintain the welfare its employees and the employees of its subsidiaries through the various welfare facilities as follows :

1. Health Insurance covers inpatient (hospitalization) and outpatient;

2. Accident Insurance;

3. Labor Protection Insurance (BPJS); and

4. Pension Plan (BPJS)

Crew Management & TrainingTh e seagoing staff that operates the Company’s vessels in one of our most important resources and valuable assets of the Company. Without quality seafarers on board, effi cient technical management is diffi cult and will put more burden and workload to our shore staff . As such, the Company undergoes a series of rigorous selection and training procedure to ensure that a large pool of competent and highly skilled offi cers and crew is always available.

Presently, the Company employs more than 1,000 crew members and regularly trains cades from many maritime universities and academies in many diff erent countries (mostly Indonesian) as part of the corporate social responsibility eff orts as well for the regeneration of our present seafarers.

Th e Company’s crew management programs are wide ranging and the highest standard of human resources management have been applied.

Crew kapal PT Berlian Laju Tanker Tbk (BLT) pada seminar tentang “Budaya Keselamatan & Efi siensi Bahan Bakar Kapal”.PT Berlian Laju Tanker Tbk (BLT) Crew in the Seminar on

“Safety Culture & Fuel Saving Initiative Campaign”.

Marine Superintendent & Pengajar untuk TRANSAS ECDIS NAVI SAILOR 4000 memberikan pelatihan kepada Pelaut Dek yang akan bergabung dengan PT Berlian Laju Tanker Tbk.Marine Superintendent & Trainer of TRANSAS ECDIS NAVI SAILOR 4000 give the training for new entrant Crew offi cer.


36

Pembahasan OperasionalOperational Review

Kegiatan UsahaPerseroan bergerak dalam bisnis transportasi laut untuk muatan cair dalam jumlah besar. Bisnis utama Perseroan adalah menyewakan ruang kargo kapalnya kepada Pihak Ketiga untuk mengangkut muatan cair. Jenis kargo yang diangkut oleh armada Perseroan meliputi:

• Kimia Cair (organik dan anorganik)

• Gas Cair (LPG, Gas Kimia, LNG dan lain-lain)

Perseroan menawarkan berbagai macam jasa transportasi laut dan jasa terkait lainnya, termasuk berikut :

Penyewaan Kapal

Perseroan menyewa kapal dari Pihak Ketiga dengan berbagai jangka waktu, termasuk Sewa Spot, Sewa Jangka Pendek, Sewa Jangka Menengah dan Sewa Jangka Panjang.

Operasional Kapal

Perseroan menyewakan ruang kargo di kapal-kapalnya kepada Pihak Ketiga dalam jangka pendek dan menengah. Kargo diangkut sesuai dengan berbagai kesepakatan termasuk kontrak pasar spot dan Contract of Aff reightment (“COA”) dan Time Charter (T/C). COA merupakan kontrak untuk transportasi kargo yang volume-nya telah ditentukan dalam jangka waktu tertentu.

Layanan Agen Kapal

Berdasarkan peraturan yang berlaku di Indonesia, kapal-kapal asing yang mengunjungi pelabuhan Indonesia diwajibkan untuk menunjuk perusahaan Indonesia atau perusahaan-perusahaan Indonesia

Business ActivitiesTh e company business is maritime transportation of liquid bulk cargo. Th e main business of the Company is the chartering out of cargo space in its vessels to Th ird Parties to transport liquid cargo. Th e types of cargo carried by the Company’s fl eet include:

• Liquid chemical (organic and inorganic)

• Liquefi ed Gas (LPG, petrochemical gas, LNG and others)

Th e Company off ers a wide range of maritime transportation and related service, including the following :

Vessel Chartering

Th e Company charters in its vessels from Th ird Parties on a range of terms, including Spot Chartering, Short-Term Time Charter; Medium Term Time Charter and Long Term Time Charter basis).

Vessel Operations

Th e Company charters out its vessels to Th ird Party Characters in short to medium term. Cargo is carried according to a range of terms including spot market contracts and Contract of Aff reighment (“COA”) and Time Charter (T/C). COA is a contract for the transportation of a stipulated volume of cargo within a specifi ed period of time.

Vessel Agency Services

Pursuant to the prevailing regulations in Indonesia foreign vessels calling at Indonesia Ports are required to appoint an Indonesia company or companies to act as their general agent. As a registered Indonesia


373737737

untuk bertindak sebagai agen umum mereka. Sebagai perusahaan yang terdaft ar di Indonesia, Perseroan bertindak sebagai agen bagi banyak kapal-kapal asing. Perusahaan pelayaran asing yang kapalnya masuk ke dalam perairan Indonesia menggunakan layanan keagenan dari Perseroan termasuk pengadaan izin-izin, pengaturan fasilitas pelabuhan, dan penyediaan pasokan seperti bahan bakar, air bersih, suku cadang, layanan perbaikan dan lainnya. Selain memberikan kontribusi langsung terhadap pendapatan dan laba Perseroan, usaha keagenan memfasilitasi perluasan jaringan Perseroan dengan perusahaan pelayaran asing.

Kapasitas dan Komposisi ArmadaArmada Perseroan meliputi kapal tanker kimia dan kapal tanker gas. Kapal-kapal ini bervariasi dalam hal ukuran dan kapasitas tonase, umur, fungsi, keandalan, jangkauan dan penggunaan pelayaran, serta peralatan teknis.

Perseroan telah mempertahankan komposisi keanekaragaman kapal-kapal kargo pada semua segmen usaha untuk memenuhi permintaan khusus dari para pelanggan yang berbeda secara efi sien. Portfolio Perseroan pada saat ini dirancang untuk melayani berbagai pasar geografi s dan jenis produk.

Kapal Tanker Kimia

Dalam tahun 2015, Grup mengoperasikan sebanyak 32 kapal tanker kimia dengan total kapasitas 623.618 DWT dengan rata-rata umur kapal 12.6 tahun. Pasca amandemen restrukturisasi yang disahkan pada bulan November 2015, jumlah kapal tanker kimia Perseroan tersisa 2 unit dengan total kapasitas 21.471 DWT. Di awal tahun 2016 jumlah kapal tanker kimia yang dioperasikan Perseroan meningkat 2 unit menjadi 4 kapal tanker kimia dengan total kapasitas 34.799 DWT.

company, the Company acts as agents for many foreign vessels. Foreign shipping companies whose vessels are in Indonesia’s territory contract a range of agency services from the Company, including the arrangement of permits and port facilities and provision of supplies e.g. fuels, freshwater, spare-parts, repair service etc. Th ese services also facilities the expansion of the Company’s network with foreign shipping companies. Besides contributing directly to the Company’s revenue and profi t, these services also facilities the expansion of the Company’s network with foreign shipping companies.

Capacity and Composition of the FleetTh e Company’s fl eet includes chemical and gas tankers. Th ese vessels vary in size and tonnage capacity, age, functionality, nautical reach and usage, reliability and technical equipment.

Th e Company maintains a diversifi ed composition of cargo vessels in all business segments to effi ciently meet the specifi c demands of the diff erent customers. Th e current portfolio of the Company is designed to service a wide range of geographical markets and product types.

Chemical Tankers

In 2015, the Group operates 32 chemical tankers with a total capacity of 623,618 DWT. Th e average age of the Group’s chemical tankers are 12.6 years old. Post amended restructuring approved in November 2015, the number of the Company’s chemical tankers are only 2 unit with a total capacity of 21.471 DWT. Early 2016, the Company’s chemical tankers has increased 2 unit to 4 units chemical tankers with with a total capacity of 34,799 DWT.


38

Tabel berikut memberikan gambaran umum secara singkat mengenai kapal tanker kimia yang dioperasikan oleh Grup dalam tahun 2015:

Th e following table provides a brief overview of the chemical tankers operated by the Group in 2015 :


Type (1) Hull Flag

1 MT Bauhinia ** 1997 5,851 Chemical Tanker

Stainless Steel


2 MT Chembulk Barcelona


Stainless Steel


3 MT Chemulk Gibraltar


Stainless Steel


4 MT Chembulk Hong Kong


Stainless Steel


5 MT Chembulk Houston


Stainless Steel


6 MT Chembulk Jakarta


Stainless Steel


7 MT Chembulk Kings Point


Stainless Steel


8 MT Chembulk Kobe 2002 19,996 Chemical Tanker

Stainless Steel


9 MT Chembulk Lindy Alice


Stainless Steel


10 MT Chembulk Minneapolis


Stainless Steel


11 MT Chembulk New Orleans


Stainless Steel


12 MT Chembulk New York


Stainless Steel


13 MT Chembulk Savannah


Stainless Steel


14 MT Chembulk Shanghai


Stainless Steel


15 MT Chembulk Singapore


Stainless Steel


16 MT Chembulk Sydney


Stainless Steel


17 MT Chembulk Tortola


Stainless Steel


18 MT Chembulk Ulsan


Stainless Steel


19 MT Chembulk Virgin Gorda


Stainless Steel


20 MT Chembulk Wellington


Stainless Steel



39

Catatan :*Armada Perseroan setelah amandemen Perjanjian Perdamaian disetujui oleh Kreditur (14 Agustus 2015) dan Pemegang Saham (17 November 2015).

** Masuk di 2016.“SUS” mengacu pada kapal-kapal tanker dengn tangki kargo yang terbuat dari stainless steel. “DH” berarti “Double Hull” atau Lambung Ganda, “DB” berarti “Double Bottom” atau Dasar Ganda.Seluruh kapal tanker kimia di Grup terdaft ar pada organisasi klasifi kasi termasuk Lloyds Register; Nippon Kaiji Kyokai; Bureau Veritas; Det Norske Veritas dan Biro Klasifi kasi Indonesia.

Note :*Th e Company’s fl eet post amendment of Restructuring approved by the Creditors (14 August 2015) and Shareholders (17 November 2015).

** Enter in 2016.“SUS” refers to tankers with cargo tank made of stainless steel. “DH” means “Double Hull”; “DB” means “Double Bottom”.

All chemical tankers in the Group are registered in classifi ca-tion societies including Lloyds Register; Nippon Kaiji Kyokai; Bureau Veritas; Det Norske Veritas and; Biro Klasifi kasi Indonesia (Indonesia Classifi cation Bureau).


Type (1) Hull Flag

21 MT Chembulk Westport


Stainless Steel


22 MT Chembulk Yokohama


Stainless Steel


23 MT Celosia ** 1997 7,477 Chemical Tanker

Stainless Steel


24 MT Dragonaria 1998 6,555 Chemical Tanker

Stainless Steel

IMO III DH Singapore

25 MT Erowati 1999 6,688 Chemical Tanker

Coated IMO II/III DH Singapore

26 MT Fatmawati* 1996 7,527 Chemical Tanker

Stainless Steel


27 MT Freesia 2003 8,521 Chemical Tanker

Stainless Steel


28 MT Indradi* 1993 13,944 Chemical Tanker

Stainless Steel/Coated


29 MT Iris 2011 12,500 Chemical Tanker

Stainless Steel

IMO II SUS DH Hong Kong

30 MT Nogogini 1996 11,629 Chemical Tanker

Stainless Steel


31 MT Nolowati 1998 11,636 Chemical Tanker

Stainless Steel


32 MT Pacifi c Endeavor


Stainless Steel


Kapal Tanker Gas

Dalam tahun 2015, Grup mengoperasikan sebanyak 7 kapal tanker gas dengan total kapasitas 29.975 DWT dengan rata-rata umur kapal 14.6 tahun. Pasca amandemen restrukturisasi disahkan pada bulan November 2015, jumlah kapal tanker gas Perseroan hanya 3 unit dengan total kapasitas 11.793 DWT.

Gas Tankers

In 2015, the Group operates 7 gas tankers with a total capacity of 29,975 DWT. Th e average age of the Group’s gas tankers are 14.6 years old. Post amended restructuring approved in November 2015, the number of the Company’s gas tankers are only 3 unit with a total capacity of 11.793 DWT.


40

Catatan :* Armada Perseroan setelah amandemen Perjanjian Perdamaian disetujui oleh Kreditur (14 Agustus 2015) dan Pemegang Saham (17 November 2015).1.”DH” berarti “Double Hull”Seluruh kapal tanker gas di Perseroan terdaft ar pada salah satu dari beberapa organisasi klasifi kasi yaitu Nippon Kaiji Kyokai, Bureau Veritas dan Biro Klasifi kasi Indonesia.

Note :* Th e Company’s fl eet aft er amendment of Restructuring Plan approved by the Creditors (14 August 2015) and Shareholders (17 November 2015).1.”DH” means “Double Hull”All gas tankers in the Group are registered to one of several diff erent classifi cation organizations, namely Nippon Kaiji Kyokai, and Bureau Veritas and Biro Klasifi kasi Indonesia (Indonesian Classifi cation Bureau).

Tabel berikut memberikan gambaran umum secara singkat mengenai kapal Tanker Gas yang dioperasikan oleh Grup dalam tahun 2015:

Th e following table provides a brief overview of the gas tankers operated by the Group in 2015 :


Type (1) Hull Flag

1 MT Gas Bangka* 2010 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

2 MT Gas Batam 2011 5,000 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

3 MT Gas Madura 2010 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

4 MT Gas Papua 2007 5,019 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

5 MT Gas Sulawesi 2006 4,232 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Singapore

6 MT Gas Indonesia* 1990 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Indonesia

7 MT Gas Kalimantan*

1996 3,931 Gas Tanker Cylindrical Full Presssurized Gas Tanker

DH Indonesia

Tim Operasional

Eksekutif senior dan karyawan kunci Perseroan memiliki pengalaman yang luas dalam industri pelayaran internasional, dengan rata-rata pengalaman selama 20 tahun. Dengan pengalaman panjang ini menjadikan dasar / modal dalam melakukan upaya pemasaran yang terfokus, kualitas terbaik dan kontrol biaya, pengoperasian yang efektif serta pemantauan tingkat keselamatan kerja.

Tim operasional Perseroan berada di berbagai area baik di dalam negeri dan luar negeri. Kantor Pusat Perseroan berada di Jakarta dan cabang-cabang utamanya berlokasi di Singapura, Hong Kong dan Southport-Connecticut. Kantor-kantor cabang ini menangani dan mengawasi semua aspek operasional,

Operational Team

Th e Company’s senior executives and key employees have extensive experience in the international shipping industry with an average of 20 years of experience. Th is long experiences provides the basis for a focused marketing eff ort, rigorous quality and costs controls, eff ective operations and safety monitoring.

Th e Company operation team are in various offi ces, domestic and international. Th e Company’s main headquarters is in Jakarta and its main branches are located in Singapore, Hong Kong and Southport-Connecticut. Th ese offi ces handle and oversee all major aspects of the management to bidding, and

JakartaSao Paulo

Westport,CT

GlasglowRotterdam

Dubai

Mumbai

ShanghaiHongkong

Singapore

Headquarter

Representative Offi ce / Operation Center

Chembulk Trading

BLT Trading Coverage Coverage


41

mulai dari pemasaran dan manajemen kapal untuk penawaran dan penutupan kontrak, alokasi sumber daya perkapalan, akuisisi kapal-kapal baru dan persoalan umum manajemen lainnya.

Wilayah Operasional

Perseroan membagi wilayah operasional menjadi tiga zona geografi s utama yang dicakup oleh kantor-kantor utama dan cabang-cabang utama. Perseroan menempatkan kapal-kapalnya di seluruh area operasionalnya berdasarkan kondisi pasar dan kebutuhan pelanggan. Hal ini merupakan bagian dari strategi Perseroan untuk terus mengantisipasi dimana permintaan untuk jasa transportasi ke depan akan dibutuhkan, sementara pada saat yang bersamaan mempertahankan divesifi kasi dengan menyebarkan kapal-kapalnya di berbagai area geografi s yang berbeda.

Berikut adalah jalur perdagangan utama Perseroan dalam tahun 2015 :

closing of contracts, allocations of shipping resources, acquisition of new vessels and other general management issues.

Areas of Operation

Th e Company divides the operations of its fl eet into three main geographical zones, which are covered by its headquarters and main branches. Th e Company deploys its vessels throughout its area of operations on the basis of market conditions and customer requirement. It is part of the Company’s strategy to continue anticipating the location of demand for next transportation services, while at the same time maintaining a broadly diversifi ed position by spreading its vessels across a range of diff erent geographic areas.

Sets out below the major trade lanes of the Company in 2015 :

BLT Group Trading Area 2015


42

Penjualan dan PemasaranSebagai salah satu pemain global dalam industri pelayaran, Perseroan bergantung pada jaringan penjualan dan pemasaran yang luas yang memungkinkan Perseroan untuk memasarkan dan menjual jasanya kepada para pelanggan yang beragam. Hal ini penting untuk Perseroan bahwa proses penjualan dan pemasaran dioperasikan oleh Perseroan guna memastikan efi siensi yang optimal tercapai.

Di tengah-tengah lingkungan persaingan yang cukup ketat, Perseroan tetap bersaing menggunakan jalur penjualan yang telah terbentuk dan pada umumnya digunakan dalam industri transportasi maritim.

Pada umumnya ada 3 jenis kontrak penjualaan yang biasa dilakukan untuk kapal tanker:• Time Charter (T/C)• COA• Spot Charter

COAs biasanya ditenderkan dalam pasar terbuka. Kontrak spot biasanya ditawarkan di pasar terbuka. Tim penjualan dan pemasaran Perseroan menjalin hubungan yang erat dengan para penyewa dan broker untuk memasarkan ruang kapal secara efi sien sesuai dengan posisi dan jadwal armada. Time Charter (T/C) adalah kontrak dimana pengoperasian kapal dilakukan oleh Penyewa kapal.

Persaingan Pasar

Perseroan melayani segmen pengangkutan muatan bahan cair untuk jalur dalam negeri dan luar negeri. Persaingan pada segmen industri ini sangat ketat. Namun, untuk dapat masuk dalam industri ini diperlukan modal yang sangat besar serta harus memenuhi standar-standar industri global yang sangat ketat sehingga menyulitkan pemain baru untuk masuk ke dalam industri ini. Kondisi demikian, dalam batas tertentu dapat mencegah kelebihan pasokan tonase baru di pasar, melindungi Perseroan dan industri secara keseluruhan dari perubahan tarif angkutan secara cepat dan signifi kan.

Persaingan di pasar domestik tidak terlalu ketat dibandingkan dengan di pasar internasional. Tidak banyak operator kapal dalam negeri yang mampu bersaing dengan armada yang dikelola Perseroan.

Sales and MarketingAs one of the global players in the shipping industry, the Company relies on its vast and extensive sales and marketing network which allows the Company to market and sell its service to a wide range of customs. It is essential that the sales and marketing process is operated by the Company to ensure optimum effi ciency is achieved.

In the midst of highly competitive environment, the Company competes through established channels of sales commonly used in the maritime transportation industry.

Generally, there are 3 type of sales contracts that used for tanker vessel : • Time Charter (T/C)• COA• Spot Charter

Contracts COAs are normal tendered in the open market. Spot contracts are usually off ered on the open market. Th e Company’s sales marketing team maintains close relationship with charterers and brokers to effi ciency market vessel space according to the positions and timings of the fl eet. Time Charter (T/C) is a contract in which the operation of the vessel made by the Charterer.

Market Competition

Th e Company primarily caters to the liquid cargo segment in the shipping industry in both domestic and foreign trade. Competition in this segment of the industry is extremely intense. However, due to high barriers to entry created by high capital expenditures and tough industrial global standards, it is tough for new players to enter the shipping industry. Th is to a certain extent prevents an oversupply of new tonnage in the market, protecting the Company and the industry from volatile changes in freight rates.

Competition in the domestic market is low as compared to the international areas. Th ere are few domestic ship operators that are capable of competing with the fl eet the Company maintains.


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Pasar internasional memberikan tantangan yang berbeda. Perusahaan pelayaran besar yang menjalankan perdagangan mereka di industri perkapalan kimia seperti Stolt Nielsen, Odjfel dan Eitzen memiliki komposisi armada yang sama atau lebih besar dibandingkan dengan armada Perseroan. Oleh karena itu, sangat penting bagi Perusahaan untuk terus memelihara tingkat pengetahuan dan efi siensi yang tinggi dalam mengamankan bisnis Perseroan di seluruh dunia.

Pelanggan kami

Perseroan telah menjalin hubungan dan kontrak jangka panjang dengan mayoritas pelanggannya. Sebagian besar pelanggan Perseroan adalah perusahaan-perusahaan kimia, minyak dan gas ternama seperti : Pertamina, Exxon Mobil Corporation, Shell, IPCC, Dow Chemical, Wilmar, Humpus, Itochu dan lain-lain.

Perseroan selalu berpegang pada fi losofi nya yang memastikan bahwa semua layanan yang diberikan harus dapat diandalkan dan dengan standar yang tinggi memastikan layanan tranportasi kargo yang lancar dan tidak terganggu. Ditambah dengan fakta bahwa 100% dari jumlah kapal tanker kimia dalam armada Perseroan adalah kapal berlambung ganda dengan stainless steel (yang menjamin perlindungan kargo). Perseroan berada di posisi yang kuat untuk memberikan pelayanan yang sempurna kepada pelanggan.

Manajemen KapalArmada Perseroan dikelola oleh anak-anak Perusahaan yang sepenuhnya dimiliki oleh Perseroan dan perusahaan manajemen kapal pihak ketiga. Perusahaan-perusahaan manajemen kapal ini menyediakan semua layanan yang diperlukan untuk mengoperasikan armada termasuk dukungan operasional, pemeliharaan tanker, dukungan teknis, penyedia awak kapal, pengawasan galangan kapal dan manajemen komersial. Perseroan percaya bahwa alih daya manajemen kapal akan memastikan bahwa tingkat efi siensi biaya yang lebih besar dapat dipertahankan dengan adanya persaingan yang sehat diantara para manajer kapal.

Th e international market serves a diff erent challenge. Large shipping companies that ply their trade in the Chemical shipping industry such as Stolt Nielsen, Odjfel and Eitzen have similar or large fl eet compositions as compared to the Company. Th erefore, it is vital that the Company maintains high level of awareness and effi ciency in securing business around the world.

Our Customers

Th e Company has established long term relationship and contracts with the majority of its customers. Most of the Company’s customers are well renowned Chemical, Oil and Gas companies such as Pertamina, Exxon Mobil Corporation, Shell, and Dow Chemical, Wilmar, Humpus, Itochu, Apex, Chandra Asri, Petrochemical, etc.

Th e Company has always adhered to its philosophy of ensuring that all services providing has to be reliable and of a high standard, ensuring a smooth and uninterrupted cargo transportation service. Coupled with the fact that 100% of the total chemical tankers within the Company’s fl eet are double hulled with stainless steel (which ensures cargo protection). Th e Company is in a strong position to continue providing excellent service to all its customers.

Ship ManagementTh e Company’s vessels are managed by a mix of wholly owned subsidiaries and third-party ship management fi rms. Th ere ship management entitles provide all service required to operate the fl eet, including operational support, tanker maintenance, technical support, crew shipyard supervision and commercial management. Th e Company believes that outsourcing part of its ship management will ensure greater cost effi ciency due to existence of healthy competition among the ship managers.

Jakarta

Hongkong

Singapore


44

Pasca Amandemen Restrukturisasi DisetujuiJalur perdagangan Perseroan pasca disetujuinya amandemen restrukturisasi adalah sebagai berikut : • Indonesia domestik• Intra South East Asia • South East Asia-Far East Asia • South East Asia-East India

Post Amendment Restructuring Approved Trading area of Th e Company post amendment restructuring approved is as follows : • Indonesia domestic• Intra South East Asia • South East Asia-Far East Asia• South East Asia-East India

Dengan meningkatnya peluang di pasar cabotage Indonesia, Perseroan bermaksud menyebarkan armada untuk mengembangkan bisnis dengan memanfaatkan sejarah kuat sebagai pemilik/operator Internasional, hubungan erat dengan berbagai pebisnis minyak utama dan keahlian dalam industri muatan kimia dan gas.

By Increasing opportunities in the Indonesia cabotage market, the Company intends to deploy the fl eet to develop this business by leveraging on its history as an international shipowner/operator, its strong relationships with various oil major and expertise in the chemical and gas industry.


48

Analisa dan Pembahasan ManajemenManagement’s Discussion And Analysis

Tinjauan UmumAktivitas ekonomi global dalam tahun 2015 terlihat tetap lesu. Pertumbuhan ekonomi global berdasarkan IMF tercatat sebesar 3%, sedikit lebih rendah dibandingkan dengan tahun 2014 (3.3%). Beberapa faktor yang membebani pertumbuhan ekonomi global adalah melambatnya pertumbuhan ekonomi di beberapa negara berkembang, turunnya harga minyak dan harga komoditi pokok dan fulktuasi nilai tukar yang signifi kan. Berdasarkn World Trading Organization, perdagangan dunia tercatat sebesar 2.9% (WTO, September 2015), lebih rendah dibandingkan dengan tahun 2014 (3.1%).

Industri perkapalan yang dipengaruhi oleh kondisi makro ekonomi tersebut, menunjukkan adanya signal perbaikan dalam tahun 2015. Dengan turunnya harga minyak, telah membantu terjadinya perbaikan dalam perolehan marjin laba meskipun tarif uang tambang masih tetap rendah.

Sejalan dengan penyelesaian sepenuhnya semua inisiatif berdasarkan Amandemen Rencana Perdamaian yang telah disetujui, Perseroan melihat peningkatan kinerja operasional dan keuangan. Perseroan merealisasikan Laba Bruto sebesar US$63,6 juta pada tahun 2015, meningkat dibandingkan dengan tahun 2014 (US$54.7 juta).

Peningkatan kinerja bisnis Perseroan selama 3 tahun terakhir ini merupakan sebuah tanda positif dari peningkatan industri perkapalan. Ditambah dengan inisiatif untuk menghemat biaya terus menerus yang dilakukan dan kalibrasi ulang akan strategi manajemen kapal, Perseroan berharap akan mencapai hasil yang lebih baik pada tahun 2016.

General ReviewIn 2015, global economic activity remained subdued. Global Growth based on IMF is 3%, a bit lower compared to 2014 (3.3%). A number of factors that weighted on the global economy are weaker growth in several key emerging market economies, falling prices for oil and primary commodities and signifi cant exchange rate fl uctuations. According to the World Trade Organization, global trade at 2.9% in 2015 (WTO, September 2015), lower than 2014 (3.1%).

Th e shipping industry, infl uenced by these macroeconomic conditions, has seen a modest improvement in 2015. As decreasing bunker price helped improved profi t margins, notwithstanding that freight rates remained low.

Following the substantial completion of all initiatives under the approved PKPU amendment Plan of the Company, the Company saw an improvement in its operational and fi nancial performance as the the Company realized a gross profi t of US$63.6 million in 2015, increased compared to 2014 (US$54.7 million).

Th e Company’s improved business performance in the past 3 years is a positive signal of a modest improvement in the shipping industry. Coupled with the continued cost cutting initiatives being implemented and a re-calibration of its fl eet management strategy, the Company expects to achieve better result in 2016.


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Kinerja Keuangan Financial Performance

19.7%Total Operating Revenue has decreased by US$ 62.2 million.

25.6%Total Operating Expense has decreased by US$ 62.4 million.

39.3% Voyage ExpensesDecreased by US$ 54.3 million.

3.6% Administrative ExpensesDecreased by US$ 1.5 million.

10.3% Ship Operating ExpensesDecreased by US$ 6.6 million.

12.2% DepreciationDecreased by US$ 5.1 million.

Pendapatan

Perseroan memperoleh pendapatannya dari penyewaaan dan pengoperasian kapal-kapal. Kegiatan usaha Perseroan dibagi di dalam dua segmen utama yaitu pengangkutan kargo kimia cair curah dan pengangkutan kargo gas. Tabel berikut ini menunjukkan pendapatan operasi Perseroan untuk tahun 2015 berdasarkan segmen usaha :

Revenue

Th e Company derives its revenue from chartering and operating of its vessels. Th e Company’s transshipment operations is further divided into two main segments: transportation of bulk liquid chemical and gas. Th e following table shows the operating revenue for 2015 according to business segment :

Segmen USD’000 % Segment

Kimia 237,453 93.8 Chemical

Gas 15,186 6.0 Gas

Lainnya* 552 0.2 Other*

Jumlah 253,191 100.0 Total

*Revenue from agency and storage fee.

Pendapatan Operasional Perseroan tahun 2015 sebesar US$ 253.191 juta, mengalami penurunan sebesar US$ 62,2 juta (19,7%) dari tahun 2014. Penurunan Pendapatan terutama disebabkan berkurangnya jumlah armada Perseroan setelah amandemen atas Rencana Perdamaian eksisting disetujui oleh para Kreditur Perseroan pada tanggal 14 Agustus 2015. Berdasarkan amandemen Rencana Perdamaian, Perseroan mentransfer sebanyak 27 unit kapal kepada para kreditur MLA.

Th e Company’s total operating revenue for year ending 2015 is US$ 253,191 million and had decreased by US$ 62.2 million (19.7%) from the year ending 2014. Decline in revenue primarily due to the decrease of the Company’s fl eet. Th e decrease in Company’s fl eet is the result of amended of PKPU Plan approved by the requisite creditors on 14 August 2015. Accordance to the amended PKPU Plan, the Company transferred 27 unit of its vessels to MLA Lender.


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Jenis Biaya US$’000 Type of Expenses

Beban Pelayaran 83,904 Voyage Expenses

Beban Operasional Kapal 57,529 Ship Operating Expenses

Beban Administrasi 40,249 Administrative Expenses

Jumlah 181,682 Total

Secara keseluruhan, total biaya utama Perseroan tahun 2015 sebesar US$ 181,7 juta, mengalami penurunan sebesar US$ 62,4 juta (25,6%) dari tahun 2014.

Beban Pelayaran

Beban Pelayaran Perseroan terdiri dari biaya bahan bakar dan biaya sandar/jasa pelabuhan.

Biaya bahan bakar Perseroan ditentukan oleh ukuran armada Perseroan dan harga bahan bakar di pasar terbuka. Biaya bahan bakar termasuk biaya Marine Fuel Oil (MFO) yang digunakan sebagai bahan bakar mesin utama kapal (main engine) dan biaya Marine Gas Oil (MGO) untuk bahan bakarmesin tambahan (auxiliary engine). Sekitar dua-pertiga dari jumlah pengeluaran Perseroan untuk bahan bakar adalah untuk MFO dan sepertiganya untuk MGO.

Pengeluaran Perseroan untuk Biaya Sandar sangat dipengaruhi oleh jumlah kapal dalam armada Perseroan dan jumlah pelabuhan yang disinggahi. Biaya Sandar termasuk biaya jasa pelabuhan yang ditagih oleh pihak pelabuhan dimana kapal singgah dan termasuk biaya untuk melewati terusan (canal). Biaya Sandar Perseroan ditentukan terutama oleh ukuran armada Perseroan dan jumlah pelabuhan yang disinggahi. Biaya Sandar juga dipengaruhi oleh biaya jasa pelabuhan rata-rata setiap kali singgah.

Total Beban Pelayaran Perseroan untuk tahun 2015 sebesar US$83,9 juta, mengalami penurunan sebanyak US$54,3 juta (39,3%) dari tahun 2014. Penuruan ini terutama disebabkan oleh berkurangnya jumlah armada dan penurunan harga bahan bakar yang cukup besar.

Th e Company’s main expense for the year ending 2015 is US$ 181.7 million and this represents a decrease of US$ 62.4 million (25.6%) from the year ending 2014.

Voyage Expenses

Th e Company’s voyage expenses consist primarily of fuel expenses and port charges.

Th e Company’s fuel costs are determined primarily by the size of its fl eet and the cost of fuel on the open market. Fuel costs include the cost of Marine Fuel Oil (MFO), used of Marine Gas Oil (MGO) used in auxiliary engines. Of the Company’s total expenditure of fuel, approximately two thirds is for the purchases of MFO, while another one third is for the purchase of MGO.

Th e Company’s expenditure on port charges is heavily infl uenced by the number of vessels in the Company’s fl eet and the number of port calls made by these vessels. Port charges include harbor service fees imposed by ports visited by the Company’s vessels and including canal passing charges. Th e Company’s expenses of port charges depend primarily on the size of the fuel and the resultant number of port calls by the vessel. Port charges also depend on the average fee imposed for each port call.

Th e Company’s Voyage Expenses for the year ending 2015 is US$83.9 million and had decreased by US$ 54.3 million (39.3%) from the year ending 2014. Th is decrease is primarily the result of a reduction in number of vessels and sharp decrease in bunker price.

Biaya

Biaya utama Perseroan dibagi menjadi seperti berikut:

Expenses

Th e Company’s main expenses can be described as follows :


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Beban Sewa dan Operasional Kapal

Beban sewa adalah biaya yang harus dikeluarkan oleh Perseroan untuk menyewa kapal dari pihak ketiga.

Total Biaya Sewa Kapal Perseroan untuk tahun 2015 sebesar US$11,7 juta, mengalami penurunan sebanyak US$4,9 juta (29,6%) dari tahun 2014.

Beban operasi kapal Perseroan adalah biaya yang dikeluarkan Perseroan untuk menjalankan kapalnya. Biaya ini terdiri dari Biaya Gaji dan Upah awak kapal, Biaya Perbaikan dan pemeliharaaan kapal baik yang bersifat rutin maupun di luar kebiasaan, biaya suku cadang, biaya asuransi, biaya perlengkapan berlayar dan biaya transportasi untuk mengangkut suku cadang, biaya makan awak kapal, biaya pengurusan dokumen, dan biaya minyak pelumas untuk mesin-mesin kapal. Besarnya biaya operasional kapal dipengaruhi oleh beberapa faktor yang terutama adalah ukuran, usia, dan jenis kapal.

Total Biaya Operasional Kapal Perseroan untuk tahun 2015 sebesar US$57,5 juta, mengalami penurunan sebanyak US$6,6 juta (10,3%) dari tahun 2014. Penurunan ini terutama disebabkan berkurangnya jumlah armada kapal dan pengawasan yang lebih ketat dari para manajer kapal terhadap biaya ini.

Penyusutan

Perseroan menggunakan metode penyusutan garis lurus (straight line method) dalam menghitung beban penyusutan berdasarkan estimasi usia ekonomis masing-masing kapal dengan jangka waktu antara 5 tahun sampai 25 tahun. Estimasi beban penyusutan bervariasi untuk setiap tahunnya, disebabkan oleh perbedaan atas penilaian yang dilakukan oleh pihak ketiga.

Sejalan dengan berkurangnya jumlah kapal di tahun 2015, total Biaya Depresiasi Kapal Perseroan untuk tahun 2015 sebesar US$36,7 juta, mengalami penurunan sebanyak US$5,1 juta (12,2%) dari tahun 2014.

Charter and Ship Operating Expenses

Charter expenses consist of expenses and other costs incurred by the Company for chartering vessels belonging to third parties.

Th e Company’s total Ship Charter Expenses for the year ending 2015 is US$11.7 million, and had decreased by US$4.9 million (29.6%) from the year ending 2014.

Th e Company’s ship operating expenses are costs related to the running of the vessels. Th ese costs consists of Salaries and Wages for the crew of the vessels; the cost of Repairs and Maintenance, including both routine and extraordinary repairs, the purchase of Spare Parts, cost of Insurance, the cost of Supplies and the Transportation of spare parts, the cost of Catering and Meal allowances for crew members, cost related to Documentation and Lubricants for the engines. Th ese operating expenses are infl uenced by a number of factors, primarily the size, age and type of each vessel.

Th e Company’s total Ship Operating Expenses for the year ending 2015 is US$57.5 million, and had decreased by US$6.6 million (10.3%) from the year ending 2014. Th is decrease is primarily the result of reduction in number of vessels and a stricter monitoring of operating expenses incurred by the ship managers.

Depreciation

Th e Company applies the straight line method to calculate depreciation cost, which is based on the estimated economic lifespan of each vessel, ranging from 5 to 25 years. Th e estimated costs of depreciation vary from year to year as a result of diff erences in the valuation made by third parties.

In line with the decrease in vessels in 2015, the Company’s total Ship Depreciation Expenses for the year ending 2015 is US$36.7 million and had decreased by US$5.1 million (12.2%) from the year ending 2014.


52

Beban Administrasi

Beban Administrasi Perseroan terdiri dari Biaya Gaji karyawan darat, Biaya Operasional kantor untuk kantor-kantor Perseroan yang berlokasi di kota yang tersebar di kawasan Asia, Eropa, Amerika. Biaya Jasa Professional untuk penasihat keungan, penasihat hukum, dan konsultan dan ahli lainnya. Biaya Pemasaran, Biaya Telekomunikasi, Biaya Bank, Biaya Transportasi, Biaya Penyusutan kantor, Biaya Imbalan pasca kerja/pensiun, Pendidikan dan Pelatihan karyawan.

Total Beban Administrasi Perseroan untuk tahun 2015 sebesar US$40,2 juta, mengalami penurunan sebanyak US$1,5 juta (3,6%) dari tahun 2014.

Beban Keuangan dan Beban lain-lain

Beban Keungan Perseroan terdiri dari Biaya Bunga atas restrukturisasi hutang dan liabilitas sewa pembiayaan.

Administrative Expenses

Th e Company’s administrative expenses consist primarily of Salaries to on shore personnel, expenses related to the running of the Company’s offi ces in diff erent cities throughout Asia, Europe, and the Americas. Professional fees for fi nancial, legal and other consultants and specialists, costs related to Marketing, Telecommunication costs, Banking changes, transportation costs, the cost of Depreciation in value of offi ce equipment, and the cost of Providing Pensions, Training and education to employees.

Th e Company’s total Administrative Expenses is US$40.2 million and had decreased by US$1.5 million (3.6%) from the year ending 2014.

Finance and Other Costs

Th e Company’s fi nance costs consists of interest expenses on the restructured debts and fi nance lease obligations.

AsetTotal Aset Perseroan per 31 Desember 2015 sebesar US$101,1 juta, mengalami penurunan sebesar US$586,7 juta (85,3%) dari periode yang berakhir 31 Desember 2014.

Penurunan Aset terutama disebabkan oleh :

1. Menurunnya Kas sebesar US$23.8 juta, terutama disebabkan adanya pengalihan modal saham Chembulk Trading II LLC (CB2). Saldo Kas sebesar US$5,8 juta dihentikan pengakuannya.

2. Menurunnya Piutang Usaha sebesar US$15,3 juta terutama disebabkan pengalihan modal saham CB2, Piutang Usaha sebesar US$11,2 juta dihentikan pengakuananya.

AssetsTh e Company’s Total Assets for the period ending 31 December 2015 is US$101.1 million and had decreased by US$586.7 million (85.3%) from the period ending 31 December 2014.

Decrease is Asset was mainly attributed by :

1. Decrease in Cash of US$23.8 million was mainly due to transfer of share capital OC Chembulk Trading II LLC (CB2). Cash Balance of US$5.8 million were derecognized.

2. Decrease in Trade Receivable of US$15.3 million was mainly due to transfer of share capital of CB2, Trade Receivable of US$11.2 million were derecognized.

85.3%Total Company Assetshas decreased by US$ 586.7 million.

96.5%Total Company Liabilities has decreased by US$ 1795.9 million.


53

3. Kenaikan Aset Keuangan Derivatif sebesar US$23,4 juta sehubungan dengan pelaksanaan amandemen Rencana Perdamaian, yaitu penerbitan waran Newco kepada Perseroan untuk membeli sampai dengan 10% ekuitas di NewCo.

4. Menurunnya Aset Tetap, sebesar US$ 561,1 juta terutama disebabkan pengalihan modal saham CB2 (US$179,2 juta) dan pengalihan 27 kapal kepada MLA ( US$387,8 juta).

LiabilitasTotal Liabilitas Perseroan per 31 Desember 2015 sebesar US$64.3 juta, mengalami penurunan sebesar US$1.795,9 juta (96,5%) dari periode yang berakhir 31 Desember 2014.

Penurunan Liabilitas Perseroan antara lain disebabkan oleh :

1. Pelepasan utang di dalam fasilitas MLA (US$585.7 juta) sejalan dengan restrukturisasi berdasarkan Fasilitas MLA.

2. Pengalihan Utang Kreditur tanpa jaminan sebesar US$931.3 juta ke dalam penyertaan saham sebagai implementasi atas amandemen Rencana Perdamaian.

3. Penurunan Utang Sewa Pembiayaan sebesar US$160,5 juta terutama disebabkan pengalihan modal saham CB2, utang sewa pembiayaan sebesar US$160,5 juta dihentikan pengakuannya.

Belanja ModalBelanja Modal Perseroan di tahun 2015 merupakan kapitalisasi biaya docking. Hal ini sama seperti yang terjadi pada Belanja Modal di tahun 2014.

DivestasiSebagai implementasi Restrukturisasi berdasarkan fasilitas MLA, Perseroan telah mengalihkan 27 unit kapal dan modal saham CB2 kepada MLA dalam tahun 2015.

Kemampuan Membayar LiabilitasDalam tahun 2015, Perseroan mencatatkan Rasio Lancar (aset lancar dibagi liabilitas lancar) sebesar 0,99 lebih baik dibandingkan dengan Rasio Lancar tahun 2014 (0,38).

3. Increase in Derivative Financial Asset of US$23.4 in respect of implementation of Restructuring Plan which is issuance of warrant of NewCo to purchase up to 10% of equity in NewCo.

4. Decrease in Fixed Asset of US$561.1 million, was mainly due to transfer of share capital of CB2 (US$179.2 million) and transfer 27 vessels to MLA (US$387.8 million).

LiabilitiesTh e Company’s Total Liabilities for the period ending 31 December 2015 is US$64.3 million and had decreased by US$1,795.9 million (96.5%) from the period ending 31 December 2014.

Decrease in Company’s Liabilities mainly attributed by:

1. Release of all debt outstanding under the MLA facility in line with restructuring under MLA Facility.

2. Transfer Unsecured Creditors loan of $931.3 million to capital shares as implementation on amendment of Restructuring Plan.

3. Decrease in Obligations under Finance Lease of US$160.5 million was mainly due to transfer capital shares of CB2, obligations under Finance Lease were derecognized.

Capital ExpendituresTh e Company’s capital expenditures in 2015 consisted of capitalization of docking expenses. Th is was similar with Capital Expenditures for 2014.

DivestmentsAs implementation of Restructuring under MLA Facility, the Company has transferred 27 vessels and capital share of CB2 in 2015 to MLA.

Ability to Pay the LiabilitiesIn 2015, the Company recorded current ratio (current assets divided by current liabilities) of 0.99 is better compared with the current ratio in 2014 (0.38).


5454545

Struktur Permodalan dan Kebijakan ManajemenPerseroan berusaha untuk meningkatkan struktur permodalan agar menjadi lebih baik. Saat ini, Grup mengelola modalnya, dengan secara berkala memonitor kebutuhan modal kerja sesuai dengan amandemen Rencana Perdamaian.

Struktur permodalan Perseroan dapat diubah sesuai dengan kebijakan manajemen agar dapat disesuaikan terhadap perubahan kondisi ekonomi.

Informasi dan Fakta Material Yang Terjadi Setelah tanggal Laporan Akuntana. Pada tanggal 8 Januari 2016, permohonan pencatatan

saham baru (11.932.486.068 saham) Perseroan telah disetujui oleh Bursa Efek Indonesia (BEI) melalui suratnya No. S-00086/BEI.PPI/01-2016.

b. Pada tanggal 11 Januari 2016, BEI mengumumkan Obligasi Perseroan dengan kode BLTA03, BLTA04B dan BLTA04C, dan Sukuk dengan kode SIKBLTA02A, SIKBLTA02B dan SIKBLTA01, jatuh tempo pada tanggal 12 Januari 2016 sehubungan pelakasanaan Amandemen Rencana Perdamaian dan Obligasi tersebut tidak akan tercatat lagi di BEI terhitung mulai tanggal 12 Januari 2016.

c. Menindaklanjuti banding yang diajukan oleh pemegang obligasi Rupiah ke Mahkamah Agung pada tanggal 15 September 2015 (Catatan 38), Mahkamah Agung telah kembali menolak gugatan pada tanggal 27 Januari 2016 melalui keputusan No. 817 K/Pdt.Sus-Pailit/2015/PN Jakarta Pusat.

d. Pada tanggal 29 Maret 2016, Grup membeli dua kapal lain menggunakan opsi perjanjian pembelian dimana selanjutnya preferred redeemable equity interest telah digunakan sepenuhnya.

Prospek Usaha dan StrategiMeskipun prospek ekonomi yang tidak menentu saat ini, manajemen berkeyakinan bahwa Perseroan akan dapat memenuhi kewajibannya berdasarkan Amandemen Rencana Perdamaian, melaksanakan strateginya dan mengelola resiko bisnis dan keuangan. Manajemen Perseroan juga berpendapat bahwa Perseroan memiliki sumber daya yang memadai untuk melanjutkan kegiatan usahanya di masa mendatang.

Capital Structure and Management PolicyTh e Company seeks to achieve an improved capital structure. Currently, the Company manages its capital by regularly monitoring the working capital requirements in accordance with amended Restructuring Plan.

Th e Company’s capital structure can be change in accordance with management policies in order to make adjustments based on changes in economic conditions.

Material information and fact aft er the Reporting Date

a. On January 8, 2016, new shares listing application (11,932,486,068 shares) of the Company has been approved by Indonesia Stock Exchange (IDX) under letter No. S-00086/BEI.PPI/01-2016.

b. On January 11, 2016, IDX announced that both the Company’s bonds with code BLTA03, BLTA04B, BLTA04C, and Sukuk with code SIKBLTA02A, SIKBLTA02B and SIKBLTA01 have been due on January 12, 2016 as implementation of the PKPU Amendment Plan and these bonds will be delisted in IDX eff ective on January 12, 2016.

c. Following the appeal fi led by IDR bondholders on September 16, 2015, to the Supreme Court (Note 38), the Supreme Court has again rejected the Plaintiff s’ lawsuit on January 27, 2016 with Decision No. 817 K/Pdt.Sus-Pailit/2015/PN Jakarta Pusat.

d. On March 2016, the Group purchased another two vessels using the purchase option agreement which thereaft er, the preferred redeemable equity interest has been fully utilized.

Business Prospect and Strategy Despite the current uncertain economic outlook management believes that the Company will be able to fulfi ll its obligations under the Restructuring Plan, execute its strategies and manage its business and fi nancial risks successfully. Th e Company’s Management also believes that the Company has adequate resources to continue its operational existence in the foreseeable future.


55555555555555555555

Sebagai bagian dari usaha yang berkesinambungan untuk mengatasi dan mengelola dampak dari kondisi ekonomi dan bisnis yang disebutkan di atas, Perseroan mengambil langkah-langkah yang telah dan akan dilaksanakan secara berkelanjutan antara lain:

a. Penerapan berkelanjutan Amandemen Rencana Perdamaian yang disetujui.

b. Kalibrasi ulang strategi bisnis dan komposisi armada dengan berfokus untuk beroperasi di Asia Tenggara dimana Perseroan mempunyai posisi yang baik untuk mengambil keuntungan dari perbaikan kondisi yang diantisipasi dan mendorong pasar cabotage Indonesia dengan sejarah kuat Grup sebagai operator pemilik kapal internasional yang memiliki hubungan baik dengan berbagai perusahaan minyak dan keahlian dalam industri kimia dan gas.

c. Peningkatan armda melalui pembelian dan penyewaan jika memungkinkan dan layak secara komersial.

d. Tetap fokus dalam mempertahankan struktur biaya yang efi sien dengan meninjau terus menerus pengeluaran modal, bekerja sama dengan semua manajer kapal untuk memastikan pemeliharaan armada dilakukan secara efi sien dan memiliki tenaga kerja yang tidak banyak dan efektif.

e. Perubahan efek dalam personil untuk mempertahankan tenaga kerja yang efektif untuk masa depan. Departemen dan personil yang berlebihan akan diefi sienkan untuk mencapai suatu tim yang kohesif dan produktif.

Kebijakan DevidenSejak tahun fi skal yang berakhir pada Desember 2008, Perseroan tidak lagi melakukan pembagian deviden.

Penentuan jumlah dan pembayaran deviden akan tergantung pada rekomendasi dari Direksi Perseroan. Kebijakan tersebut diatur dengan pertimbangan: tingkat kecukupan keuangan laba bersih per ekuitas dari laba ditahan serta kebutuhan dana Perseroan untuk ekspansi lebih lanjut dan tanpa mengurangi hak pada Rapat Umum Pemegang Saham Perseroan untuk menentukan sesuai dengan Anggaran Dasar Perusahaan.

As part of the Company’s continuing eff orts to respond to and manage any possibility for adverse eff ects arising from to above-mentioned economic and business conditions, the Company is undertaking and continuously implementing the following measures among others :

a. Continues implementation of the approved PKPU Amendment Plan.

b. Recalibration of business strategy and fl eet composition by focusing to operate in South-East Asia where the Company is well-positioned to take advantage of the anticipated improvements and thriving Indonesian cabotage market with our strong history as an international ship owner operator, good relationship with the various oil major and expertise in the chemical and gas industry.

c. Increase the fl eet through purchase and charters as and when possible and commercially viable.

d. Remain focused on maintaining an effi cient cost structure by continuous review of its capital expenditure, working closely with all ship managers to ensure the maintenance of fl eet is carried our eff ectively and having a lean and eff ective workforce.

e. Eff ect changes in its personnel to maintain an eff ective workforce for the future. Redundant department and personnel will be streamlined in order to achieve a cohesive and productive team.

Dividend PolicySince the fi scal year ended December 2008, the Company has not made any dividend payments.

Determination of the amount and payment of dividends will depend on the recommendation of the Board of Directors of the Company. Th e Policy is set with these considerations: the fi nancial soundness of the Company, the consideration of cash value, the level of debt, the return on equity and retained earnings as well, as the funding requirements of the Company for further expansion and without prejudice to the right of the General Meeting of the Company to determine otherwise in accordance with the Article of the Company.


56

Informasi Pemegang SahamShareholders Information

Penerbitan Saham Baru Perseroan sehubungan dengan Amandemen Rencana PerdamaianDalam tahun 2015, Perseroan melakukan amandemen Rencana Perdamaian Eksisting yang salah satu usulannya adalah Penerbitan Saham Konversi Utang-Ekuitas. Dalam Rapat Kreditur yang diadakan pada tanggal 14 Agustus 2015, mayoritas Kreditur menyetujui usulan ini. dan pada tanggal 17 November 2015, dalam Rapat Umum Pemegang Saham Luar Biasa Perseroan, mayoritas Pemegang saham Perseroan menyetujui usulan penerbitan saham baru sebanyak 11.932.486.068 lembar saham seri A dengan nilai nominal Rp.62,50. Setelah amandemen Rencana Perdamaian Eksisting disetujui, jumlah saham dalam Daft ar Pemegang saham mengalami peningkatan dari 11.550.831.470 lembar menjadi 23.483.317.538 lembar.

Sebagai akibat dari pelaksanaan Debt to equity Swap dan berdasarkan Akta Perseroan yang telah mendapat persetujuan dari Menteri Hukum dan Hak Asasi Manusia pada tanggal 6 Desember 2015 dan persetujuan dari Bursa Efek Indonesia (BEI) tanggal 8 Januari 2016 atas pencatatan saham baru, jumlah saham beredar Perseroan meningkat dari 11.550.831.470 lembar saham menjadi 23.483.317.538 lembar saham per 8 Januari 2016. Dari total 23.483.317.538 lembar saham, 6.741.101.962 lembar saham dimiliki oleh Pemegang Obligasi HY dan

Issuance of the Company’s new shares in relation to the Amendment of Restructuring Plan In 2015, the Company propose to amend the PKPU Plan with one of the proposal is Debt-Equity Swap Share Issuance. In Creditor Meeting held on 14 August 2015, the majority of Creditors approved this proposal and in the Extraordinary General Meeting of Shareholders held on 17 November 2015, the majority shareholders of the Company approved the proposed new share issuance of 11,932,486,068 series A shares with nominal value Rp.62.50. As the PKPU Amendment Plan was approved, the number of shares listed in Shareholders Register have increased, from 11,550,831,470 to 23,483,317,538 shares.

As a result of the implementation of the debt to equity swap and based on the Company’s deed approved by Minister of Law and Human Rights (MLOHR) on 6 December 2015 and approval from Indonesia Stock Exchange (IDX) on 8 January 2016 for new shares listing, the number of outstanding shares increased from 11,550,831,470 shares to 23,483,317,538 shares as at 8 January 2016. Out of the 23,483,317,538 shares, 6,741,101,962 shares belong to holders of HY and CB


57

CB yang belum teridentifi kasi. Oleh karena itu, Perseroan saat ini sedang bekerjasama dengan wali amanat dari Pemegang Obligasi HY dan CB dan juga dengan Clearing System, seperti Clearstream dan EuroClear untuk mengidentifi kasi pemegang obligasi ini untuk mendistribusikan saham yang tersisa.

Kinerja Saham & SuspensiPerseroan telah memenuhi seluruh kewajiban yang material sebagaimana dinyatakan dalam surat BEI dan Perseroan telah menyampaikan keterbukaan informasi atas seluruh informasi material terkait Perseroan dan usulan pelaksanaan restrukturisasi utang Perseroan sebagai syarat untuk dapat memulai kembali perdagangan sahamnya. Saham Perseroan dihentikan perdagangannya di BEI dan SGX pada tanggal 25 Januari 2012 dan sampai dengan 31 Desember 2015, saham Perseroan masih dalam suspensi dan harga terakhir perdagangan saham masih tetap di harga Rp196 per saham di BEI dan SGD0.03 di SGX.

Total saham beredar Perseroan per 31 Desember 2015 dan 23 Mei 2016 adalah 11.550.831.470 lembar saham dan 23.483.317.538 lembar saham.

Kronologi Pencatatan SahamPerseroan melakukan Penawaran Umum Perdana saham Perseroan pada tanggal 22 Januari 1990 di BEI dan kemudian mencatatkan sahamnya pada SGX pada tanggal 30 Oktober 2006.

bonds which have not been identifi ed. Accordingly, the Company is currently working with the trustees of the HY and CB bonds as well as clearing systems such as Clearstream and Euroclear to identify these bondholders to distribute the remaining shares.

Share Performance & SuspensionTh e Company has satisfi ed all of its material obligations under the IDX Letter and the Company has disclosed all material information relating to the Company and its proposed debt restructuring as a requirement to resume its share trading. Th e Company’s shares trading were suspended by the IDX and SGX on 25 January 2012. As at 31 December 2015, the Company’s share remain suspended from trading and remains at the last traded price of Rp196 per shares on the IDX and SGD 0.03 on the SGX.

Total outstanding shares of Company as at 31 December 2015 and 23 May 2016 are 11,550,831,470 shares and 23,483,317,538 shares respectively.

Shares Listing ChronologyTh e Company conducted the Initial Public Off ering on 22 January 1990 at IDX and then registered its shares in the SGX on 30 October 2006.

Nominal Value of Shares

200

1990 20021997 2004

600

400

800

1000Rp 1000

Rp 500

Rp 125Rp 62.5


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Sebelum PenawaranUmum Perdana

11,900,000 Rp1,000 Before IPO

Penawaran Umum Perdana (@Rp8,500)

26-Mar-90 2,100,000 14,000,000 Rp1,000 Initial Public Off ering (@Rp8,500)

Saham Bonus 1 (2:1) 20-Jul-91 7,000,000 21,000,000 Rp1,000 Stock Bonus I (2:1)

Saham Bonus II (5:2) 24-Sep-92 8,400,000 29,400,000 Rp1,000 Stock Bonus II (5:20)

Penawaran Umum Terbatas I (1:1 @Rp1.600)

24-May-93 29,400,000 58,800,000 Rp1,000 Right Issue I (1:1 @Rp1.600)

Pemecahan Nilai Saham(1:2)

27-Jan-97 58,800,000 117,600,000 Rp500 Stock Split (1:2)

Saham Bonus III (500:150)

4-Mar-97 35,280,000 152,880,000 Rp500 Stock Bonus III (500:150)

Penawaran Umum Terbatas II (1:2 @Rp 1,200, 10 HMETD + 2 Waran)

16-Jan-98 305,760,000 458,640,000 Rp500 Right Issue II (1:2 @Rp1.200, 10 Right + 2

Warrant)

Konversi Waran up to31-Dec-00

6,380 458,646,380 Rp500 Warrant Conversion

Penawaran Umum Terbatas III (17:2 @Rp1.100)

19-Jan-01 53,958,150 512,604,530 Rp500 Right Issue III (17:2 @Rp1.100)

Pembelian Kembali Saham *

start from Oct-01

51,260,000 512,604,530 Rp500 Stock Buy Back (*)

Konversi Waran Up to6-Feb-02

839,262 513,443,792 Rp125 Warrant Conversion

Pemecahan Nilai Saham (1:4) 6-Feb-02 1,540,331,376 2,053,775,168 Rp125 Stock Split (1:4)

Konversi Waran Up to31-Dec-03

14,482,420 2,068,257,588 Rp125 Warrant Conversion

Konversi Waran Up to12-Nov-04

3,923,900 2,072,181,488 Rp62.50 Warrant Conversion

Pemecahan Nilai Saham(1:2)

12-Nov-04 2,072,181,488 4,144,362,976 Rp62.50 Stock Split (1:2)


22,500 4,144,385,476 Rp62.50 Warrant Conversion


Start fromMay-05

412,433,000 4,144,385,476 Rp62.50 Stock Buy Back (*)



Rangkuman Aktivitas Perseroan di Pasar Modal adalah sebagai berikut:

Summary of the Company’s activities in Capital Market is as follows:


59

Aksi KorporasiTanggal

Pencatatan Recording

Date

Saham Baru

New Share

Jumlah Saham

Total Shares

Nilai NominalNominal

ValueCorporate Action


Start from Jul-06

113,938,000 4,157,214,436 Rp62.50 Stock Buy Back (*)

Konversi Waran Up to 31-Dec-06

358,000 4,157,572,436 Rp62.50 Warrant Conversion





Penawaran Umum Terbatas IV (3:1 @Rp425)

10-Aug-09 1,392,310,059 5,981,591,235 Rp62.50 Rights Issue IV (3:1 @Rp425)

Penawaran Umum Terbatas V (1:1 @Rp220)

9-Jul-10 5,569,240,235 11,550,831,470 Rp62.50 Rights Issue V (1:1 @Rp220)

*tidak mempengaruhi jumlah saham yang telah dikeluarkan / will not have an eff ect on total shares issued

1990

14,000,000

1993

58,800,000

2005

4,144,385,476

1998

458,64,000

1998

4,589,281,176

2003

2,068,257,588

2010

11,550,831,470

Total Shares Across Time Period

Pada tanggal 8 Januari 2016, Perseroan memperoleh persetujuan dari BEI atas pencatatan saham baru hasil pelaksanaan Konversi Utang menjadi Ekuitas. Per 8 Januari 2016, total saham beredar Perseroan adalah 23.483.317.538 lembar.

On 8 January 2016, the Company obtained approval from Indonesia Stock Exchange for the listing of new shares as a result of implemented Debt to Equity Swap. As at 8 January 2016, the Company’s outstanding shares are 23,483,317,538 shares.


60

Per 31 Desember 2015

Deskripsi No. of Shareholders No. of Shares % Description

Domestik Domestic

Perorangan 7,853 2,503,111,807 21.67 Individual

Perseroan Terbatas

118 5,320,955,793 46.07 Corporation

Dana Pensiun 30 114,577,493 0.99 Pension Fund

Yayasan 3 2,953,792 0.03 Foundation

Koperasi 2 782,600 0.01 Cooperation

Sub Total 8,006 7,942,381,485 68.76 Sub Total

Internasional International

Perorangan 59 372,913,163 3.23 Individual

Perseroan Terbatas

144 3,235,536,822 28.01 Corporation

Sub Total 203 3,608,449,985 31.24 Sub Total

Total 8,209 11,550,831,470 100 Total

Komposisi Pemegang SahamTotal saham tercatat di BEI dan SGX sampai dengan 31 Desember 2015 adalah 11.550.831.470 lembar saham.

Composition of ShareholdingsTotal listed shares on IDX and SGX as at 31 December 2015 are 11,550,831,470 shares.

56.95%Domestic Shares

IndividualCorporationPension FundFoundationCooperation

43.05%International Shares

IndividualCorporation

Total Shares9,534,120,706

Total Shares7,208,094,870

Berdasarkan Pemegang saham yang telah teridentifi kasi sejauh ini, total saham Perseroan per 23 Mei 2016 adalah sebagai berikut:

Based on the shareholders identifi ed thus far, the Company’s shares as at 23 May 2016 is as follow:


6161611

Per 23 Mei 2016

Deskripsi No. of Shareholders No. of Shares % Description

Domestik Domestic

Perorangan 7,873 2,598,378,645 15.52 Individual

Perseroan Terbatas

220 6,817,428,176 40.72 Corporation

Dana Pensiun 30 114,577,493 0.68 Pension Fund

Yayasan 3 2,953,792 0.02 Foundation

Koperasi 2 782,600 0.00 Cooperation

Sub Total 8,128 9,534,120,706 56.95 Sub Total

Internasional International

Perorangan 57 372,303,163 2.22 Individual

Perseroan Terbatas

166 6,835,791,707 40.83 Corporation

Sub Total 223 7,208,094,870 43.05 Sub Total

Total 8,351 16,742,215,576 100 Total

Susunan Kepemilikan Saham PerusahaanTabel berikut menjelaskan kepemilikan saham oleh Direksi, Komisaris Perseroan, para Pemegang Saham Utama dan sebagainya per tanggal 31 Desember 2015. “Pemegang Saham Utama” adalah pihak yang secara langsung maupun tidak langsung memiliki lima persen atau lebih saham Perseroan. Kepemilikan demikian, termasuk saham dimana satu pihak secara sendiri atau bersama-sama memberikan hak suara ataupun hak melakukan keputusan investasi.

Statistic of Shareholdings

Th e following table sets forth the shareholdings of the Company’s Directors, Commissioners, Substantial Shareholder and other as at 31 December 2015. A

“Substantial Shareholder” is one who, directly or indirectly, benefi cially owns fi ve percent or more of the Company’s shares. Benefi cial, ownership generally includes any shares over which a person exercises sole or shared voting or investment power.


62

Name of Shareholders Direct Interest Deemed Interest Percentage of Total Outstanding Shares (%)

Directors

Siana Anggraeni Surya 62,400 - 0.00 Other Shareholders

PT Tunggaladhi Baskara 4,383,489,018 4,567,489,018 37.95

Meadowstream Limited 184,000,000 1.59

Public Shareholders 6,952,252,941 60.19

Treasury Stock 31,027,011 0.27

Total Total 11,550,831,370 11,550,831,370 - 100 100

Catatan :1. Per tanggal 31 Desember 2015, Siana Anggraeni Surya

(Direktur Utama) memiliki 62.400 bagian saham Perusahaan, melalui kepemilikan saham langsung atau tidak langsung. Tidak ada kepemilikan saham langsung atau tidak langsung milik Perusahaan yang dipegang oleh Direktur lainnya.

2. Meadowstream Limited merupakan anak Perusahaan atau cabang usaha dari PT Tunggaladhi Baskara.

3. Per tanggal 23 Mei 2016, statistik dari kepemilikan saham mengalami perubahan seiring dengan adanya pencatatan saham baru hasil pelaksanaan konversi Utang menjadi Saham. Posisi Saham Treasuri tetap sebesar 31.027.111 lembar.

Notes :1. As of 31 December 2015, Siana Anggraeni Surya

(President Director) held 62,400 shares of the company respectively, either through direct or deemed interest of the Company’s shares. No direct shareholding or deemed interest of the Company’s shares held by other Directors.

2. Meadowstream Limited is wholly owned subsidiary of PT Tunggaladhi Baskara.

3. As at 23 May 2016, the statistics of shareholdings have changed in line with additional new share listing as a result of Debt to Equity Swap. Th e treasury stock remains at 31,027,111 shares.

Name of Shareholders Direct Interest Deemed Interest Percentage of Total Outstanding Shares (%)

Directors

Siana Anggraeni Surya 62,400 - 0.00 Other Shareholders

PT Tunggaladhi Baskara 4,383,489,018 4,567,489,018 27.28

Meadowstream Limited 184,000,000

Public Shareholders 12,143,637,147 72.53

Treasury Stock 31,027,011 0.19

Total 16,742,215,576 - 100

Susunan Kepemilikan saham Perseroan per 31 Desember 2015 adalah sebagai berikut :

Share Ownership as of 31 December 2015 is as follow :

Susunan Kepemilikan saham Perseroan per 23 Mei 2016 adalah sebagai berikut :

Share Ownership as of 23 May 2016 is as follow :


63

Hal-hal Yang Terkait Dengan EfekPerseroan telah menempatkan kode internal pada jual beli efek dengan memberikan panduan dan peraturan internal berkaitan dengan jual beli efek Perseroan oleh Direksi dan Pejabat. Direksi dan Pejabat yang memiliki informasi yang dapat berpengaruh pada harga yang tidak tersedia untuk publik tidak dapat melakukan jual beli efek Perseroan selama periode tersebut sejak satu bulan sebelum pengumuman tengah tahun dan akhir tahun keuangan dari laporan keuangan Perseroan. Sebagai tambahan, Direksi dan para pejabat tidak diperkenankan untuk melakukan kesepakatan atas efek Perseroan untuk jangka waktu singkat.

Kapitalisasi PasarNilai Kapitalisasi Pasar Saham Perseroan berdasarkan harga di BEI dan SGX per tanggal 31 December 2015 :

Security DealingsTh e Company has put in place an internal code on dealings in securities which provides guidance and internal regulation with regard to dealings in the Company’s securities by its directors and offi cers. Directors and Offi cers who are in possession of price-sensitive information which are not publicly available shall not deal in the Company’s securities during the period commencing one month before half-year and full fi nancial year announcements of the Company’s fi nancial statement. In addition, the Directors and Offi cers are discouraged from dealing in the Company’s securities on short-term considerations.

Market Capitalization Total Capitalization by IDX price and SGX prices of 31 December 2015 :

Per 31 Desember 2015

Number of Shares 11,550,831,470 Capitalization

IDX Price (Rp) 196* 2,263,962,968,120.00

SGX Price (SGD) 0.027* 311,872,449.69

* Harga saham Penutupan tanggal 25 Januari 2012 (sebelum suspensi).

* Closing price on 25 January 2012 (before suspension).

Sesuai dengan Peraturan Pencatatan SGX nomor 1207 point (9), berikut adalah statistik kepemilikan saham yang dikeluarkan oleh Perseroan sampai dengan tanggal 23 Mei 2016.

Based on Rule 1207 (9) of the Listing Manual of SGX, below are the statistic of shareholding of the issued share of the Company as at 23 May 2016.


64

Size of Shareholdings Number of Shareholders

% Number of Shares %

10.000.001 and above 569 6.8 15,931,767,412 95.2

10.001-1.000.000 5319 63.7 798,798,437 4.8

1.000-10.000 2114 25.3 11,516,709 0.1

1-999 349 4.2 133,018 0.0

Total 8,351 100 16,742,215,576 100

Catatan :1. Hanya ada satu kelas saham dan masing-masing saham

membawa satu suara.2. 31.027.111 lembar saham treasuri merupakan bagian

dari saham yang diungkapkan di atas. Jumlah ini tidak ada perubahan sampai dengan tanggal 23 Mei 2016.

Note :1. Th ere is only one class of shares and each share carries

one vote.2. 31,027,111 treasury shares forms part of the shares

disclosed above. Th is amount has not changed on 23 May 2016.

Substantial Shareholders Direct Interest % Deemed Interest %

PT Tunggaladhi Baskara 4,383,489,018 26.18 4,567,489,018 27.28

Meadowstream Limited 184,000,000 1.10

Catatan :Kepemilikan tidak langsung PT Tunggaladhi Baskara, termasuk di dalamnya kepemilikan saham Meadowstream Limited sebagai anak Perusahaan dari PT Tunggaladhi Baskara, yang dinominasikan oleh DB Nominees (s) Ltd. Jumlah tersebut tidak berubah pada 23 Mei 2016, namun dalam persentase kepemilikan mengalami penurunan dari 39,54% menjadi 27.28%.

Note :Th e deemed interest of PT Tunggaladhi Baskara includes the shareholding interest of Meadowstream Limited as a wholly owned subsidiary of PT Tunggaladhi Baskara. Th e share-holding of Meadowstream Limited is held in nominee by DB Nominees (S) Pte. Ltd. Th ese amounts have not changed as at 23 May 2016. However, in percentage of shareholding has decreased from 39.54% to 27.28%.

Daft ar Distribusi Saham Distribution Schedule of the Shares

Daft ar Pemegang Saham Utama Langsung dan Tidak Langsung

List of Substantial Shareholders and its Deemed Interest


65

No. Name of Shareholders Amount Percentage

1 PT TUNGGALADHI BASKARA 4,383,489,018 37.95

2 CITIBANK SINGAPORE S/A CBSG-CDP-INDONESIA SECURITIES

1,738,525,893 15.05

3 REKSA DANA PANIN DANA MAKSIMA 91033.40.00 470,833,500 4.08

4 NORTHERN TRUST GLOBAL SERVICES LIMITED LUXEMBOURG S/A ASHMORE SICAV

299,559,500 2.59

5 HAIYANTO 262,325,000 2.27

6 YAN USMAN 205,000,000 1.77

7 JIANG PING PING 194,153,000 1.68

8 MEADOWSTREAM LIMITED 184,000,000 1.59

9 CREDIT SUISSE AG SINGAPORE TRUST A/C CLIENTS- 2023904000

175,158,000 1.52

10 JIANG PING PING 154,297,000 1.34

11 CITIBANK NEW YORK S/A DIMENSIONAL EMERGING MARKETS VALUE FUND

128,161,466 1.11

12 REKSA DANA PANIN DANA PRIMA 114,837,000 0.99

13 SSB AD26 SSLUX C/O SSB, BOSTON ALLIANZ GLOBAL INVESTORS FUND -2144608888

110,821,000 0.96

14 THE NT TST CO S/A CHELSEA INVESTMENT LP 71,799,200 0.62

15 PT. PRUDENTIAL LIFE ASSURANCE - REF 67,972,000 0.59

16 PT MAKTOSA JAYAINDAH 47,250,000 0.41

17 RD BNP PARIBAS EKUITAS - 897634000 44,785,500 0.39

18 THE NT TST CO S/A SEAGRASS INVESTMENTS L.P. 43,504,500 0.38

19 GUNAWAN WIBISONO 40,000,000 0.35

20 REKSA DANA PANIN DANA BERSAMA - 813494000 38,985,000 0.34

Catatan:Berdasarkan informasi yang dimiliki Perseroan sampai dengan tanggal 23 Mei 2016, kurang lebih 60,17% saham yang dikelu-arkan oleh Perseroan dimiliki oleh Publik. Dengan demikian, Peraturan No. 723 sebagaimana tercantum di Peraturan Pencatataan SGX-ST telah dipenuhi. Per 23 Mei 2016, dua puluh Pemegang Saham terbesar mengalami perubahan seiring dengan pencatatan tambahan saham baru Perseroan sebagai hasil pelaksanaan konversi Utang menjadi Saham.

Note:Based on information available to the Company as at 11 May 2015 approximately 60.17% of the issued ordinary shares of the Company are held by the Public. Th erefore, Rule No. 723 of the Listing Manual of SGX in complied with. As at 23 May 2016, the twenty largest Shareholders have changed in line with additional new shares listing of the Company as a result of implemented Debt to Equity Swap.

Dua Puluh Pemegang Saham Terbesar Per 31 Desember 2015 :

20 Largest Shareholders as of 31 December 2015 :


66

No. Name of Shareholders Amount Percentage

1 TUNGGALADHI BASKARA 4,383,489,018 26.18

2 CITIBANK SINGAPORE S/A CBSG-CDP-INDONESIA SECURITIES

1,738,525,893 10.38

3 DEUTSCHE BANK 632,687,149 3.78

4 REKSA DANA PANIN DANA MAKSIMA 91033.40.00 470,833,500 2.81

5 SEMINYAK AS 395,507,735 2.36

6 NORTHERN TRUST GLOBAL SERVICES LIMITED LUXEMBOURG S/A ASHMORE SICAV

299,559,500 1.79

7 BCA TREASURY DEPT 265,866,517 1.59

8 HAIYANTO 262,325,000 1.57

9 J.P MORGAN CHASE BANK 237,596,477 1.42

10 PHAROS MARITIME COMPANY 237,497,506 1.42

11 SUMITOMO MITSUI BANKING CORP EUROPE LTD/JIMBARAN AS

231,610,431 1.38

12 MARINA FRABANDARI SHIPPING PTE LTD 208,181,411 1.24

13 MARINA FATMARINI SHIPPING PTE LTD 207,864,350 1.24

14 MARINA GERBERA SHIPPING PTE LTD 207,499,222 1.24

15 YAN USMAN 205,000,000 1.22

16 LANTERN MARITIME COMPANY 199,529,337 1.19

17 MARINA PARTAWATI SHIPPING PTE LTD 199,489,345 1.19

18 BARCLAYS BANK PLC 196,478,696 1.17

19 JIANG PING PING 194,153,000 1.16

20 FSL 9 PTE LTD 186,958,025 1.12

Dua Puluh Pemegang Saham Terbesar Per 23 Mei 2016:

20 Largest Shareholders as of 23 May 2016:

Kronologis Pencatatan Obligasi dan SukukPerseroan selalu mempertimbangkan berbagai alternatif bagi pemanfaatan dana di pasar modal, yang dapat digunakan untuk investasi dan mendorong aktivitas operasional Perseroan. Berikut adalah tindakan korporasi yang telah dilakukan Perseroan :

Bond and Sukuk Listing Chronology

Th e Company shall always consider various alternatives of fi nancing which can be conducted for investment and operational activity of the Company. Below is the list of corporate action conducted by the Company :


67

NamaName

Tahun TerbitInsurance Year

KursCurrency

Jumlah PokokNominal Amount

Jangka Waktu

Maturity

Jatuh TempoDue Date

StatusStatus

Obligasi Berlian Laju Tanker I

1 July, 2000 Rp 200,000,000,000 5 tahun 2005 dibayar lunas pada tahun 2005

Berlian Laju Tanker Bond I

5 years paid on 2005

Obligasi Berlian Laju Tanker II

1 May, 2003 Rp 340,000,000,000 5 tahun 28-May-08 dibayar lunas pada tahun 2008

Berlian laju Tanker Bond II


Obligasi Syari'ah Mudharabah Berlian Laju Tanker


Syari'ah Mudharabah Berlian Laju Tanker Bond


Obligasi Berlian Laju Tanker III

1 July, 2007 Rp 700,000,000,000 5 tahun 12-Jan-16 dikonversi ke dalam saham

Berlian Laju Tanker Bond III

5 years converted into shares

Sukuk Ijarah Berlian Laju Tanker

1 July, 2007 Rp 200,000,000,000 5 tahun 12-Jan-16 dikonversi ke dalam saham

Islamic Bond Berlian Laju Tanker


Obligasi Konversi* 1 December 2005 US$ 50,000,000 5 tahun 14-Dec-10 telah dikonversikan

seluruhnya sampai dengan

Mei 2007

Convertible Bond* 5 years fully converted until May 2007

Wesel Bayar** 1 May, 2007 US$ 400,000,000 7 tahun 17-Nov-15 dikonversi ke dalam saham

Guaranteed Senior Notes**


Obligasi Konversi Bergaransi Tanpa Kupon**

1 May, 2007 US$ 125,000,000 5 tahun 17-Nov-15 dikonversi ke dalam saham

Zero Coupon Guaranteed Convertible Bonds**


Obligasi Berlian Laju Tanker IV Seri A


Berlian Laju Tanker Bond IV Seri A

1 year paid on 2010

Obligasi Berlian Laju Tanker IV Seri B

1 May, 2009 Rp 150,000,000,000 3 tahun 12-Jan-16 dikonversi ke dalam saham

Berlian Laju Tanker Bond IV Seri B

3 year converted into shares


6868686868686868686868686

NamaName

Tahun TerbitInsurance Year

KursCurrency

Jumlah PokokNominal Amount

Jangka Waktu

Maturity

Jatuh TempoDue Date

StatusStatus

Obligasi Berlian Laju Tanker IV Seri C


Berlian Laju Tanker Bond IV Seri C


Sukuk Ijarah Berlian Laju Tanker II A


Islamic Bond Berlian laju Tanker II Seri A


Sukuk Ijarah Berlian Laju Tanker II seri B


Islamic Bond Berlian Laju Tanker II seri B


Obligasi Konversi Bergaransi dengan Kupon 12%***

1 February, 2010 US$ 125,000,000 5 tahun 17-Nov-15 dikonversi ke dalam saham

12% Guaranteed Convertible Bonds***


Catatan: * diterbitkan oleh anak perusahaan BLT Finance Corporation ** diterbitkan oleh anak perusahaan BLT Finance B.V*** diterbitkan oleh anak Perusahaan BLT International Corporation

Notes:* Issued by subsidiary BLT Finance Corporation ** Issued by subsidiary BLT Finance BV *** Issued by subsidiary BLT International Cooperation

PT PEFINDO

16-Jan-12 idBBB-/Creditwatch with Negative Implications

25-Jan-12 idCCC/Creditwatch with Negative Implications

14-Feb-12 idSD/Selective Default

18-Feb-12 idD/Default

Peringatan EfekPerseroan tidak lagi menerima peringkat efek sejak ratifi kasi Perjanjian Perdamaian di tahun 2013. Berikut ini adalah peringkat efek dari Perusahaan Pemeringkat Efek Indonesia atau Pefi ndo, Fitch Ratings dan Standard & Poor’s sebelum ratifi kasi Perjanjian Perdamaian :

Financial RatingsTh e Company has not received fi nancial ratings since the ratifi cation of the PKPU in 2013. Below are fi nancial ratings from PT Pemeringkat Efek Indonesia or Pefi ndo, Fitch Ratings and Standard & Poor’s before the ratifi cation :


696696969969696999696969696969696

Standard & Poor’s

30-Jan-12 CC/Watch Negative Outlook

10-Feb-12 D/Negative Outlook

Fitch Ratings

Long Term-Foreign Currency Long Term-Local Currency Senior Unsecured Loans

15-Mar-12 RD/Restricted Default RD/Restricted Default C/Exceptionally high levels of credit risk

Profesi dan Lembaga Penunjang Pasar Modal Biro Administrasi Efek PT Sinartama Gunita Sinarmas Land Plaza, Tower 1, 9th FloorJl. M.H Th amrin No. 51 Jakarta 10350 – Indonesia As Share Registrar for shares registered in Indonesia Stock Exchange (IDX)

Boardroom Limited 50 Raffl es PlaceSingapore Land Tower #32-01Singapore 048623As Share Registrar for shares registered in Singapore Exchange Securities Trading Ltd (SGX)

Akuntan PublikKosasih, Nurdiyaman, Mulyadi, Tjahjo & Rekan Member of Crowe Horwath International Wisma 46-Kota BNI 37th FloorJl. Jend. Sudirman Kav 1Jakarta 10220 - Indonesia

Capital Market Supporting Professionals and Institutions Share Registrar PT Sinartama GunitaSinarmas Land Plaza, Tower 1, 9th FloorJl. M.H Th amrin No. 51Jakarta 10350 – Indonesia As Share Registrar for shares registered in Indonesia Stock Exchange (IDX)

Boardroom Limited 50 Raffl es PlaceSingapore Land Tower #32-01Singapore 048623As Share Registrar for shares registered in Singapore Exchange Securities Trading Ltd (SGX)

Public Accountants Kosasih, Nurdiyaman, Mulyadi, Tjahjo & Rekan Member of Crowe Horwath International Wisma 46-Kota BNI 37th FloorJl. Jend. Sudirman Kav 1Jakarta 10220 - Indonesia


70

Tata Kelola PerusahaanCorporate Governance

Perseroan bertekad untuk terus meningkatkan dan mempertahankan standar tinggi di bidang tata kelola korporasi, sesuai dengan prinsip-prinsip dan panduan yang telah digariskan dalam Code of Corporate Governance 2012 (“Code 2012”) dan Best Practices Guide yang diterbitkan oleh otoritas Singapore Exchange Securities Limited (“SGX”) dimana prinsip-prinsip tersebut juga sejalan dengan aturan Tata Kelola Perusahaan yang Baik Tahun 2006 di Indonesia serta beberapa standar lain yang berlaku dan digunakan di Indonesia.

Pelaksanaan prinsip tata kelola korporasi di Perseroan pada tahun 2015 adalah sebagai berikut :

Ketentuan tentang Dewan Komisaris dan Direksi Prinsip No. 1 :Setiap perusahaan harus dipimpin oleh satu Dewan yang efektif untuk dapat memimpin serta mengontrol jalannya perusahaan. Dewan secara kolektif bertanggung jawab untuk keberhasilan jangka panjang bagi Perseroan. Dewan bekerja sama dengan Manajemen untuk mencapai obyektif ini dan Manajemen tetap akuntabel terhadap Dewan.

Direksi dipercaya untuk bertanggung jawab atas seluruh pengelolaan dari Manajemen. Direksi bertanggung jawab untuk keseluruhan tata kelola dari Manajemen, termasuk menciptakan tujuan untuk Manajemen dan menerapkan langkah-langkah yang tepat untuk memantau pencapaian tujuan-tujuan tersebut.

Dewan juga bertanggung jawab untuk mengarahkan Perseroan untuk mencapai tujuan usaha strategis dan manajemen resiko untuk mematuhi ketentuan-ketentuan dalam amandemen Rencana Perdamaian. Dewan secara reguler melakukan pertemuan untuk

Th e Company is committed to achieving and maintaining high standards of corporate governance, in compliance with the principle and guidelines set out in the New Code of Corporate Governance 2012 (“Code 2012”) and the Best Practice Guide Issued by the Singapore Exchanges Securities Limited (“SGX”) and Corporate Governance 2006 and other prevailing standard adopted and used in Indonesia.

Th e corporate governance practices of the Company in 2015 are described herein under the following sections :

Th e Boards Conduct of its Aff airs Principle 1 :Every company should be chaired by an eff ective Board to lead and control the Company. Th e Board is collectively responsible for the long-term success of the company. Th e Board works with Management to achieve this objective and Management remains accountable to the Board.

Th e Board of Directors (“Board”) is entrusted with responsibility for the overall management of the Management. Th e Board is responsible for the overall corporate governance of the Management including establishing goals for the Management and implementing appropriate measures to monitor the Achievement of these goals.

Th e Board is also responsible to steer the Company towards a strategic business direction and risk management in complying with the terms under the amended Restructuring Plan. Th e Board meets regularly to review implementation of key


72

meninjau ulang implementasi langkah-langkah restrukturisasi yang penting dan kinerja operasional dan keuangan Grup. Apabila diperlukan, akan dilakukan pertemuan tambahan untuk membahas transaksi-transaksi yang signifi kan atau hal-hal yang menimbulkan perhatian dari Dewan.

Komposisi dan Keseimbangan Dewan Komisaris dan DireksiPrinsip No. 2Harus terdapat satu elemen yang kuat serta independen di dalam Dewan tersebut, yang mampu memberikan penilaian obyektif mengenai urusan korporasi secara independen, khususnya, dari pihak Manajemen. Tidak satupun individu ataupun sekelompok kecil individu yang diperbolehkan mendominasi proses pengambilan keputusan di Dewan tersebut.

Komposisi Dewan dan Komite-komitenya per 31 Desember 2015 adalah sebagai berikut :

restructuring initiatives and the operational and fi nancial performance of the Group. Where necessary, additional meetings would be held to address signifi cant transactions or issues requiring the Board’s attention.

Board Composition and BalancePrinciple 2 :Th ere should be a strong and independent element within the Board, which, is able to exercise objective judgment on corporate aff airs independently. In particular, from the Management. No individual or small group of individual should be allowed to dominate the Board’s decision making.

Th e composition of the Board and its Committee are as follows as at 31 December 2015 :

Dewan Komisaris

Direksi Komite Audit Komite Nominasi

Komite Remunerasi

Board of Commisionners

Board of Directors

Audit Committe

Nomination Committe


Hadi Surya C M M

Safzen Noerdin M M M

Antonius Joenoes Supit M C C C

Siana Anggraeni Surya C

Cosimo Borrelli M

Jason Kardachi M

Anthony Budiawan M

Timotius M

Denny Susilo M

Catatan : C-Ketua; M-Anggota; Note : C-Chairman; M-Member;

Dewan Komisaris

Sesuai dengan ketentuan dalam Anggaran Dasar Perseroan, Dewan Komisaris yang memegang tugas mengawasi manajemen Perseroan harus terdiri dari paling sedikit tiga orang anggota, termasuk seorang Komisaris Utama. Suatu perusahaan yang tercatat di


Under the Company’s Article of Association, the Board of Commissioners, which has the task of supervising of the Company’s management, must consist of at least three members, including the President Commissioner. A company listed on the


73

BEI dan SGX, seperti halnya Perseroan, juga dituntut agar memiliki Komisaris Independen (atau direktur non-eksekutif independen yang dipersyaratkan oleh Bursa Singapura dan Bursa Indonesia) sebagai anggota dari Dewan Komisaris yang dimilikinya. Fungsi utama Dewan Komisaris adalah memberikan nasihat dan mengawasi kebijakan-kebijakan yang dibuat oleh Direksi. Dewan Komisaris diharuskan untuk melakukan tugasnya dengan itikad baik serta untuk kepentingan terbaik bagi Perseroan.

Rapat-rapat Dewan Komisaris dapat diselenggarakan setiap saat jika dianggap perlu oleh Komisaris Utama atau dua anggota dari Dewan Komisaris atau jika diminta secara tertulis oleh satu atau lebih anggota Direksi atau satu atau lebih Pemegang Saham yang secara bersama-sama mewakili paling sedikit 1/10 (satu per sepuluh) dari total saham dengan hak suara yang diterbitkan oleh Perseroan. Rapat Dewan Komisaris akan dianggap sah dan berhak menentukan resolusi rapat apapun yang mengikat Perseroan hanya jika lebih dari 50 persen dari anggota Dewan Komisaris hadir dan/atau diwakili di dalam rapat tersebut.

Para anggota Dewan Komisaris diangkat dan diberhentikan melalui Rapat Umum Pemegang Saham. Dalam menjalankan tugas yang diberikan, setiap anggota Dewan Komisaris mendapatkan gaji/honorarium yang besarnya ditentukan oleh Rapat Umum Pemegang Saham.

Direksi

Direksi bertugas mengelola jalannya Perseroan sehari-hari. Sesuai Anggaran Dasar Perseroan, Direksi harus paling sedikit terdiri dari tiga orang anggota, salah satu di antaranya adalah Direktur Utama. Apabila diperlukan, satu atau lebih dari anggota Direksi dapat ditunjuk sebagai Wakil Direktur Utama. Direksi berkewajiban menjalankan tugasnya dengan itikad baik dan penuh tanggung jawab dengan selalu memperhatikan kepentingan Perseroan.

Direksi memiliki kewenangan untuk bertindak untuk kepentingan dan atas nama Perseroan, berkaitan dengan semua transaksi manajemen dan administrasi Perseoran. Walaupun demikian, berdasarkan Anggaran Dasar Perseroan dan Undang-Undang yang berlaku di Indonesia, ada tindakan-tindakan tertentu yang memerlukan persetujuan tertulis dari dan/atau akta yang bersangkutan turut ditandatangani

IDX and Singapore SGX, such as the Company, is also required to have Independent Commissioners (or independent non-executive director in the case of Singapore and Indonesia Exchange requirement) as members of its Board of Commissioners. Th e principal functions of the Board of Commissioners are to give advice to and supervise the policies made by the Board of Directors. Th e Board of Commissioners is required to perform its duties in good faith and in the best interests of the Company.

Meetings of the Board of Commissioners may be held at any time deemed necessary by the President Commissioner or two members of the Board of Commissioners or upon the request in writing from either one or more members of the Board of Directors or one or more of the shareholders jointly representing at least 1/10 (one-tenth) of the total voting share issued by the Company. A meeting of the Board of Commissioners will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Commissioners are present and / or represented at the meeting.

Th e members of the Board of Commissioners are appointed and dismissed by a General Meeting of Shareholders. Each Commissioner is granted an honorarium for serving, the amount of which in determined at a general meeting of shareholders.

Board of Directors

Th e Board of Directors manages the Company on a day to day basis. Under the Article of Association of the Company, the Board of Directors is required to be made up of at least three members, one of whom is the President Director and if deemed necessary, one or more Directors may be appointed as Vice-President Director. Th e Board of Directors is required to perform its duties in good faith and in the best interests of the Company.

Th e Board of Directors has the power to perform for and on behalf of the Company all transactions concerning the Company’s management and administation. However, pursuant to the Company Article of Association and in conjunction with the Indonesia Company Law, certain action of the Company require within approval or the relevant deed relating to such actions must also be signed


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oleh Komisaris bila Komisaris Utama berhalanagan hadir atau oleh semua anggota Dewan Komisaris bersama-sama.

Rapat Direksi dapat dilakukan sewaktu-waktu apabila dipandang perlu oleh Direktur Utama atau satu atau lebih dari satu anggota Direksi, atau berdasarkan permintaan tertulis baik dari seorang atau lebih anggota Dewan Komisaris atau atas permintaan tertulis dari 1 (satu) pemegang saham atau lebih yang bersama-sama mewakili 1/10 (satu per sepuluh) bagian dari jumlah seluruh saham dengan hak suara yang sah.

Suatu rapat Direksi akan dianggap sah dan berhak menerapkan keputusan-keputusan rapat tersebut jika lebih dari 50 persen anggota Direksi hadir atau diwakilkan. Seluruh rapat Direksi dipimpin oleh Direktur Utama. Apabila Direktur Utama berhalangan hadir hal mana tidak perlu dibuktikan kepada pihak ketiga, maka Rapat Direksi akan dipimpin oleh salah satu dari anggota Direksi yang secara khusus ditunjuk oleh Rapat Direksi tersebut.

Keputusan rapat Direksi umumnya diambil melalui musyawarah mufakat, namun bila tidak tercapai suatu mufakat, maka keputusan diambil berdasarkan pemungutan suara dimana suara setuju harus dari 50% (lima puluh persen) dari jumlah anggota Direksi yang hadir dan/atau diwakili dalam rapat.

Manajemen Kinerja dan Manajemen Krisis adalah pelatihan yang diselenggarakan oleh Perseroan untuk meningkatkan kompetensi para Direksi.

Anggota Direksi diangkat dan diberhentikan oleh Rapat Umum Pemegang Saham. Berdasarkan Anggaran Dasar Perseroan, setiap anggota Direksi mendapatkan gaji bulanan dan tunjangan lainnya, termasuk santuan purna jabatan yang jumlahnya ditentukan oleh Rapat Umum Pemegang Saham. Untuk menentukan jumlah gaji dan tunjangan yang diberikan kepada masing-masing Direksi tersebut dapat didelegasikan kepada Dewan Komisaris.

by the President Commissioner or in the absence of the President Commissioner by two other Commissioners.

Meetings of the Board of Directors may be held at any time deemed necessary by the President Director or one or more members of the Board of Directors or upon the request in writing from either one or more members of the Board of Commissioners or one or more of the shareholders jointly representing at least 1/10 (one-tenth) of the total voting shares issued by the Company.

A meeting of the Board of Directors will be valid and entitled to adopt binding resolutions only if more than 50 percent of the members of the Board of Directors are present or represented at the meeting. All meetings of the Board of Directors are chaired by the President Director. In the event of the absence or disability of the President Director, the impediment of which need not be evidenced to the third parties, a meeting of the Board of Directors will be chaired by another member of the Board of Directors specifi cally appointed by the meeting of the Board of Directors.

Resolutions of a meeting of the Board of Directors are generally adopted on the basis of a mutual consensus. In the even a mutual consensus is not reached, then a resolution may be adopted on the basis of an affi rmative vote of more than 50 (fi ft y) percent of the members the Board of Directors present and/or represented at the meeting.

Performance management and Crisis Management are the training held by the Company to improve the competency level of the Board of Directors.

Th e members of the Board of Directors are appointed and dismissed by a General Meeting of Shareholders. In accordance with the Company’s Article of Association, members of the Board of Directors may be given monthly salary and other benefi ts, including pension benefi ts, which amount shall be determined by the General Meeting of Shareholders of the Company. Th e authority of the General Meeting of Shareholders of each member of the Board of Directors may be delegated to the Board of Commissioners.


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Tanggung Jawab ManajemenPrinsip No. 3 :Harus ada pembagian tanggung jawab yang jelas antara para pemimpin perusahaan -Dewan Komisaris dan Direksi dan eksekutif yang bertanggung jawab terhadap bisnis perusahaan yang dapat menjamin keseimbangan kekuasaan dan wewenang, mengingat tidak satupun individu boleh bertindak sebagai pusat semua kekuasaan.

Peran Direktur Utama dan Direktur Eksekutif lainnya dibuat secara terpisah, untuk menjamin keseimbangan kekuasaan, meningkatkan akuntabilitas dan kapasitas Direksi dalam mengambil keputusan independen. Direktur Utama pada saat ini, Ibu Siana Anggraeni Surya, tidak terkait dengan Direktur yang lainnya.

Peran Direktur Utama dalam Rapat Direksi diantaranya sebagai berikut :

• Mengatur waktu rapat Direksi sedemikian sehingga Direksi dapat menjalankan kewajibannya tanpa menghambat jalannya aktivitas bisnis rutin perusahaan;

• Mempersiapkan agenda pertemuan yang dikonsultasikan dengan Direksi;

• Mengendalikan kualitas, kuantitas dan jadwal aliran informasi antara Manajemen dan Direksi; dan

• Memberikan bantuan untuk menjamin kepatuhan terhadap ketentuan-ketentuan perusahaan terkait dengan penerapan tata kelola perusahaan yang baik.

Keanggotaan DireksiPrinsip No. 4 :Harus ada suatu proses formal yang transparan dalam penunjukan Direktur baru. Sesuai ketentuan tata kelola perusahaan yang baik, semua Direktur diwajibkan untuk mendaft arkan diri secara masing-masing untuk pencalonan dan pemilihan kembali pada suatu periode yang ditentukan.

Komite Nominasi

Para anggota Komite Nominasi Perseroan per tanggal 31 Desember 2015 adalah Bapak Hadi Surya, Bapak Safzen Noerdin, Bapak Antonius Joenoes Supit.

Management ResponsibilitiesPrinciple 3 :Th ere should be a clear division of responsibilities at the top of the Company – the Board’s and the Executive’s responsibility of the Company’s business – which will ensure a balance of power and authority, such that no one individual represent a considerable concentration of power.

Th e roles of President Director and those of the other executive Directors are separated to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision making. Th e current President Director, Ms. Siana Anggraeni Surya is not related to the other executive Directors.

Th e President Director’s role in the Board of Directors includes among others, the following :

• Schedule meetings that enable the Board to perform its duties responsibly while not interfering with the fl ow of the company’s operations;

• Prepare meeting agenda in consultation with the Board

• Exercise control over quality, quality and timeliness of the fl ow of information between Management and the Board; and

• Assist in ensuring compliance with company’s guidelines or corporate governance.

Board MembershipPrinciple 4 :Th ere should be a formal and transparent process for the appointment of new directors to the Board. As a principle of good corporate governance, all Directors should be required to submit themselves for re-nomination and re-election at regular intervals.


Th e Nomination Commitee members as at 31 December 2015 are Mr. Hadi Surya, Mr. Safzen Noerdin, and Mr. Antonius Joenoes Supit.


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Komite Nominasi memiliki beberapa tugas, antara lain adalah :

• Menunjuk agen eksternal untuk merekomendasikan Direksi yang sesuai kepada Dewan;

• Meneliti dan menilai calon Direksi dan Komisaris sebelum mengajukan nama-nama mereka ke Pemegang Saham Perseroan untuk disetujui sebagai Direktur dan Komisaris Perseroan;

• Meneliti dan memberikan rekomendasi kepada Pemegang Saham Perseroan mengenai berakhirnya masa jabatan atau pengangkatan kembali Direktur dan Komisaris sesuai dengan Anggaran Dasar Perseroan pada setiap rapat tahunan;

• Meneliti komposisi Dewan Komisaris dan Direksi setiap tahun untuk memastikan bahwa Perseroan memiliki cukup Komisaris Independen dan untuk memastikan adanya keseimbangan keahlian dan kemampuan yang tepat diantara para Direktur dan Komisaris Perseroan;

• Setiap tahun menentukan tingkat independensi para Komisaris Independen Perseroan, sesuai dengan peraturan perundang-undangan dan pedoman yang berlaku;

• Menentukan sejauh mana Direktur dan Komisaris dapat terus memberikan kontribusi secara efektif dan menunjukkan komitmen mereka terhadap tugas-tugas mereka;

• Memperkenalkan setiap Direktur baru yang telah ditunjuk Perseroan dan mengorientasikan mereka dengan persyaratan yang relevan dari peran mereka dan persyaratan peran dan kebutuhan mereka untuk artikel 9 dan 10 dari Anggaran Dasar; dan

• Para Direktur dan Komisaris diwajibkan untuk segera mengungkapkan transaksi material, contohnya adalah transaksi pihak yang berkepentingan dengan perusahaan, setelah informasi tersebut diketahui, seperti yang telah ditetapkan oleh regulator.

Kinerja Dewan Komisaris dan DireksiPrinsip No. 5 :Harus ada suatu evaluasi formal atas efektivitas kerja Dewan secara keseluruhan dan kontribusi yang diberikan oleh setiap Direktur bagi efektivitas kerja Dewan tersebut.

Nomination Committee has the duties of, among other things:

• Appointing an external agent to introduce suitable Directors for the Board;

• Reviewing and assessing candidates for directorships and commissionership before making recommendations to Shareholders for appointment of Directors and Commissioners;

• Reviewing and recommending to our Shareholders the retirement or re-election of Directors and Commissioners in accordance with the Company Article of Association at each annual general meeting;

• Reviewing the composition of the Company’s Board of Directors and Board of Commissioners annually to ensure that the Company has an appropriate balance of Independent Commissioners and to ensure there is an appropriate balance of expertise, skills, attributes and ability among Directors and Commissioners;

• Determining annually the independence of the Company’s independent Commissioners, in accordance with applicable codes and guidelines;

• Deciding whether the Directors and Commissioners can continue to contribute eff ectively and demontrate commintment to their roles;

• Introduce any new Directors appointed to the company and orientate them with the relevant requirement of their role and requirement to abide by article 9 and 10 of the Articles of Association; and

• Directors and Commissioners are informed to disclose any material transactions e.g. Interested Party Transaction to the company as required by the regulators as soon as they become knowledgeable.

Board PerformancePrinciple 5 :Th ere should be a formal assessment of the eff ectiveness of the Board as a whole and the contribution of each Director to the eff ectiveness of the Board.


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Kegiatan Donor Darah yang rutin diadakan setahun dua kali, bekerja sama dengan PMI, Oktober 2015.Blood Donation Activity that was regularly twice a year, in collaboration with Indonesia Red Cross Organization (PMI), October 2015.

Perseroan melakukan penilaian secara formal terhadap keefektifan Dewan setiap tahun. Penilaian ditujukan untuk mendapatkan gambaran dari keefektifan kinerja Direksi, pencapaian ini dilakukan dengan mendapatkan informasi yang cukup untuk mengambil keputusan.

Pengambilan Keputusan Berdasarkan informasi Yang Tepat

Keputusan yang dibuat oleh Dewan Komisaris dan/atau Direksi berdasarkan :

• Diskusi mengenai topik utama yaitu suatu masalah/proyek harus dilakukan dalam suatu kerangka kerja yang benar, dengan mendefi nisikan cakupan dari masalah/proyek tersebut, asumsinya serta hasil akhirnya;

• Pihak manajemen menunjukkan alternatif-alternatif yang ada ke Dewan Komisaris dan/atau Direksi sebagai dasar penyusunan kebijakan/keputusan yang diambil;

• Menyajikan informasi yang terpadu serta dapat dipercaya kepada Dewan Komisaris dan /atau Direksi untuk mendukung proses pembuatan keputusan yang diambil dengan mempertimbangkan berbagai aspek dari masalah/proyek tersebut, termasuk memberikan perhatian pada masukan dan/atau cara pandang dari pelanggan dan pemangku kepentingan lain; dan

Th e Company carries out a formal assessment on the eff ectiveness of the Board annually. Th e assessment depicts that the Director are eff ective and achieve this by obtaining proper information for decision making.

Proper Information for Decision Making

Th e decision made by the Board of Commissioners and/or Board of Directors based on :

• Discussion of the main topic of an issue/project should be carried out in a correct framework by defi ning scope of issue / project, assumption, and its fi nal results;

• Presenting alternatives (by management) to the Board of Commissioners and /or Board of Directors as a basis of the policy / decision taken;

• Delivering integrated and reliable information to the Board of Commissioners and/or Board of Directors as to serve the decision making process which is taken by considering various aspects of the issue / project including paying attention to customers and other stakeholders input and/or perspective; and


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• Kebijakan akhir harus disetujui oleh Dewan Komisaris dan Direksi yang didasarkan atas penjelasan yang jelas, masuk akal serta beralasan dan sifatnya terukur termasuk juga dapat dibandingkan.

Keputusan-keputusan tersebut harus dapat dilaksanakan, mereka yang melaksanakan keputusan-keputusan tersebut harus bertanggung jawab untuk hasilnya dan ketepatan waktu penyelesaiannya.

Rapat Dewan dan Akses Untuk Mendapatkan InformasiPrinsip No. 6 :Dalam rangka melaksanakan tanggung jawabnya, anggota Dewan Komisaris dan Direksi harus mendapatkan informasi yang benar, lengkap dan tepat waktu sebelum rapat dewan dan secara teratur yang memungkinkan mereka untuk mengambil keputusan untuk melepaskan tugas dan tanggung jawab mereka.

Sebelum rapat Dewan Komisaris dan Direksi, Manajemen berkewajiban menyediakan informasi yang lengkap dan tepat waktu bagi anggota Komisaris dan Direksi untuk membantu Dewan Komisaris dan Direksi memenuhi tanggung jawab mereka. Informasi yang disediakan termasuk latar belakang dan penjelasan mengenai masalah-masalah yang akan disampaikan oleh Dewan Komisaris dan Direksi, salinan dokumen-dokumen yang perlu disampaikan, pernyataan fi nansial bulanan, laporan pengelolaan resiko, anggaran dan prediksi. Untuk anggaran, setiap perbedaan penting antara proyeksi dan hasil nyata juga harus disampaikan dan dijelaskan.

Sesuai prosedur Dewan Komisaris dan Direksi, para Komisaris dan Direksi, baik secara individu atau berkelompok, dalam melaksanakan tugasnya dapat meminta pendapat profesional yang independen, jika diperlukan, yang dibiayai oleh perusahaan.

• Final policy approved by the Board of Commissioners and Board of Directors is based on a clear, logical, sound explanation, and is measureable as well as comparable.

Decisions are executable and people who implement the decisions should take responsibility for the result and project timeliness.

Board meetings and Access to informationPrinciple 6 :In order to fulfi ll their responsibilities, board members should be provided with complete, adequate and timely information prior to board meetings, and on an on-going basis.

Prior to each Board meeting, management has an obligation to provide members of the Commissioners and the Directors with timely and complete information to enable members to fulfi ll their responsibilities. Information provided includes background and explanatory notes on matters to be addressed by the Boards, copies of disclosure documents, monthly internal fi nancial statements, risk management reports, budgets and forecast. In respect of budgets, any material variance between the projections and any material variance between the projections and actual results should also be disclosed and explained.

Th e Board has a procedure for commissioners and directors, either individually or as a group, in the carrying out of their duties, to seek independent professional advice, if necessary, at the Company’s’expense.


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Rapat Dewan Rapat Komisaris

Rapat Direksi Komite Audit Komite Nominasi

Komite Remunerasi

Board Meeting Commissioners Meeting

Directors Meeting

Audit Committee

Nomination Committe


Hadi Surya 6 10 4 4

Safzen Noerdin 6 10 4 4

Antonius Joenoes Supit

6 10 6 4 4

Siana Anggraeni Surya

6 18

Cosimo Borrelli 6 18

Jason Kardachi 6 18

Anthony Budiawan 2 3

Timotius 6

Denny Susilo 6

Sepanjang tahun 2015, 6 (enam) Rapat Dewan Komisaris dan Direksi telah diselenggarakan, dimana kehadiran para Komisaris dan Direksi dalam rapat-rapat Komite tersebut dapat dilihat pada tabel berikut ini :

During the year 2014, a total of 6 (six) Boards Meetings were held. Th e attendance records of the Commissioners and Directors, together with their attendance at committee Meetings are as follows :

Sekretaris Perusahaan

Pada saat ini Sekretaris Perseroan dijabat oleh Fitri Rachmawaty. Fitri Rachmawaty diangkat sebagai Sekretaris Perusahaan pada tanggal 1 Juli 2014. Sebelumnya, Ia menjabat sebagai Deputy General Manager untuk Legal & Insurance Dept Perseroan. Lahir di Bandung, 25 September 1976, Lulusan dari Universitas Khatolik Parahyangan, Bandung.

Tugas dan fungsi Sekretaris Perusahaan adalah, antara lain sebagai berikut :

• Mengikuti perkembangan Pasar Modal khususnya peraturan perundang-undangan yang berlaku di bidang Pasar Modal;

• Memberikan masukan kepada Direksi atau Dewan Komisaris Perseroan untuk mematuhi kebutuhan peraturan perundang-undangan di bidang Pasar Modal

Corporate Secretary

Currently the Corporate Secretary post in held by Fitri Rachmawaty. Ms. Fitri Rachmawaty was appointed as Corporate Secretary of the Company on 1 June 2014. Previously, she was Deputy General Manager for Legal & Insurance Dept of the Company. She was born on 25 September 1976. Graduated from Parahyangan Catholic University, Bandung.

Th e tasks and function of the Corporate Secretary are as follow :

• Be up to date with respect to capital market development, especially capital market regulations;

• Make recommendation to the Company’s Board of Directors and Board of Commissioners with respect to compliance with the applicable laws rules, and regulations in capital market.


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• Membantu Direksi dan Dewan Komisaris dalam pelaksanaan tata kelola perusahaan.

• Sebagai penghubung antara Perseroan dengan Pemegang Saham Perseroan, Otoritas Jasa Keuangan dan pemangku kepentingan lainnya.

Prosedur untuk Mengembangkan Kebijakan RemunerasiPrinsip No. 7 :Harus ada suatu prosedur formal dan transparan bagi penentuan paket remunerasi untuk masing-masing Direktur. Tidak satupun Direktur yang diperbolehkan terlibat dalam penentuan remunerasi untuk dirinya sendiri.

Komite Remunerasi

Komite Remunerasi Perseroan per 31 Desember 2015 beranggotakan Hadi Surya, Safzen Noerdin dan Antonius Joenoes Supit. Jika satu orang anggota Komite Remunerasi memiliki kepentingan terkait ke satu hal tertentu yang sedang dipertimbangkan oleh Komite tersebut, maka yang bersangkutan harus abstain (netral)/menarik suaranya dari proses kajian pengambilan keputusan dan persetujuan oleh Komite Remunerasi terkait hal tertentu tersebut.

Komite Remunerasi memiliki tugas-tugas, antara lain :

• Memberikan rekomendasi bagi Dewan Komisaris mengenai dukungan, kebijakan remunerasi dan panduan bagi penentuan paket remunerasi bagi para anggota Direksi, Komisaris dan posisi eksekutif kunci lainnya.

• Menyetujui target kinerja untuk penilaian kinerja dari para anggota Direksi; dan

• Memberikan rekomendasi bagi paket remunerasi khusus untuk setiap Direktur untuk diajukan dan disetujui oleh Dewan Komisaris.

Tingkat dan Gabungan RemunerasiPrinsip No. 8 :Tingkat remunerasi harus dirancang sesuai dengan kepentingan jangka panjang dan kebijakan risiko perusahaan dan harus tepat agar mampu menarik,

• Assist Board of Directors and Board of Commissioners with respect in implementation of Corporate Government

• Act as the Company’s point of contact with the Shareholders of the Company, capital market authorities and the public

Procedures for Developing Remuneration PoliciesPrinciple 7 :Th ere should be a formal and transparent procedure for fi xing the remuneration packages of individual directors. No Director should be involved in deciding his/her own remuneration.


Th e Company Remuneration Committee members are Hadi Surya, Safzen Noerdin and Antonius Joenoes Supit as at 31 December 2015. If a member of the Remuneration Committee has an interest in a matter being deliberated upon by the Committee, he will abstain from participating in the review and approval process of the Remuneration Committee in relation to that matter.

Remuneration Committee has the duties of, among other things :

• Recommending to the Board of Commissioners for endorsement, the remuneration policies and guidelines for setting remuneration for the Directors, Commissioner and key executives.

• Approving performance targets for assessing the performance of our Directors; and

• Recommending specifi c remuneration packages for each director for endorsement by our Board of Commissioners.

Level and Mix of RemunerationPrinciple 8 :Th e level of remuneration should be aligned with the long-term interest and risk policies of the company and should be appropriate to attract, retain


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Di bawah Below Antara Between Di atas AboveSGD 250,000 SGD

250,000-SGD 500,000SGD 500,000

Commissioners

Hadi Surya v

Safzen Noerdin v

Antonius Joenoes Supit v

mempertahankan serta memotivasi para (a) anggota Direksi agar dapat memberikan pelayanan yang baik bagi Perusahaan, dan (b) karyawan kunci untuk menjalankan Perusahaan dengan baik. Namun Perusahaan juga harus menghindari pembayaran yang berlebihan untuk tujuan tersebut.

Keputusan mengenai RemunerasiPrinsip No. 9 :Setiap Perusahaan harus menyediakan kebijakan remunerasi yang jelas, tingkat dan komposisi remunerasi, dan prosedur untuk menetapkan remunerasi, di dalam Laporan Tahunan Perusahaan tersebut. Harus memberikan pengungkapan sehubungan dengan kebijakan remunerasi yang memungkinkan para investor untuk memahami hubungan antara remunerasi yang dibayarkan kepada direksi dan karyawan kunci dan kinerja.

Berdasarkan Rapat Umum Pemegang Saham Tahunan Perseroan yang diadakan pada tanggal 17 November 2015 telah ditetapkan bahwa besarnya gaji dan/atau tunjangan lainnya bagi seluruh anggota Dewan Komisaris Perseroan setelah dipotong pajak penghasilan, jumlahnya tidak melebihi Rp 8.000.000.000,- (delapan milyar Rupiah) setahun. Gaji dan/atau tunjangan yang diberikan pada masing-masing anggota Dewan Komisaris yang besarnya kurang dari SGD250.000 (kecuali untuk Komisaris Utama yang berkisar antara SGD250.000-SGD500.000 dan diberikan sebagai penghargaan Perseroan atas pengabdian yang telah mereka berikan selama tahun yang berakhir 31 Desember 2015, termasuk di dalamnya segala benefi t atau kompensasi pada tahun fi skal tersebut yang dibayarkan secara akumulasi dan pada waktu yang telah ditentukan, adalah sebagai berikut :

and motivate (a) the directors to provide good stewardship of the company, and (b) key management personnel to successfully run the company. However, companies should avoid paying more than necessary for this purpose.

Disclosure on RemunerationPrinciple 9 :Each company should provide clear disclosure of its remuneration policy, level and mix of remuneration policy, and the procedure for setting remuneration, in the company’s annual report. It should provide disclosure in relation to its remuneration policies to enable investors to understand the link between remuneration paid to directors and key management personnel and performance.

On the Annual General Meeting of the Company held on 17 November 2015, it was resolved that the annual compensation for all members of Board of Commissioners aft er income tax is not more than Rp 8,000,000,000 (eight billion Rupiah). Th e compensation for the member of commissioners is below SGD 250,000 (except for the President Commissioner which is in the band of SGD 250,000-500,000 paid by the Company to each of the Commissioners for service rendered by them in all capacities to the Company for the year ended 31 December 2015, including any benefi t-in-kind and any deferred compensation accrued for the fi nancial year in question and payable at a later date, are as follows :


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250,000-SGD 500,000SGD 500,000

Directors

Siana Anggraeni Surya v

Cosimo Borrelli v

Jason Kardachi v

Anthony Budiawan v

Dalam Rapat Umum Pemegang saham Tahunan Perseroan yang diselenggarakan pada tanggal 17 November 2015, telah diputuskan suatu ketentuan kompensasi bagi seluruh anggota Direksi setelah pajak penghasilan tidak melebihi Rp 16.500.000.000 (enam belas milyar lima ratus juta Rupiah). Kompensasi ini tidak melebihi ketentuan SGD 250.000-SGD 500.000 dibayarkan oleh Perseroan kepada masing-masing anggota Direksi untuk pekerjaannya sesuai dengan kapasitas dalam Perseroan untuk tahun yang berakhir pada tanggal 31 Desember 2015 termasuk manfaat-manfaat dan kompensasi yang ditangguhkan untuk tahun buku yang bersangkutan dan akan dibayar pada tanggal mendatang sebagai berikut :

On the Annual General Meeting of the Company which was held on 17 November 2015, it was resolved that the annual compensation for all members of Board of Directors after income tax is not mire than Rp 16,500,000 (sixteen billion five hundred million Rupiah). The compensation is in the band of SGD 250,000 - SGD 500,000 paid by the Company to each Directors for services rendered by them in all capacities to our Company for the year ended 31 December 2015 including any benefit-in-kind and any deferred compensation accrued for the financial year in question and payable at a later date are as follow :


250,000-SGD 500,000SGD 500,000

Key Management Personnel

John D. Noonan v

Daniel Dahlgard v

David Beun v

Thomas Murray v

Remunerasi terhadap 5 orang karyawan kunci adalah antara SGD 250.000 – SGD 500.000 dibayarkan oleh Perseroan kepada masing-masing orang untuk tahun buku yang berakhir pada 31 Desember 2015. Upah terakhir karyawan kunci manajemen adalah dibawah SGD 250.000 per tahun. Kompensasi total untuk lima karyawan kunci adalah USD 1,500.000 untuk tahun 2015. Kompensasi untuk tahun buku yang berakhir pada 31 Desember 2015 termasuk seluruh kompensasi yang ditangguhkan untuk tahun buku bersangkutan dan akan dibayarkan pada tanggal di masa mendatang adalah sebagai berikut :

The remuneration for the top 5 key management personnel is in the range of SGD 250,000 – SGD 500,000 paid by the Company to each of the personnel for the year ended 31 December 2015. The last top key management personnel salary is below SGD 250,000 annually. The aggregate compensation is US$ 1,500,000 for the top 5 key management personnel for the year 2015 The compensation for the year ended 31 December 2015 including any benefit-in-kind and any deferred compensation accrued for the financial year in question and payable at a later date are as follow :

Tidak ada anggota keluarga dekat yang merupakan karyawan dari Perseroan.

There are no immediate family members who are employees of the Company.


8838383838383838388383883833333

AkuntabilitasPrinsip No. 10 :Dewan harus menyajikan suatu penilaian yang berimbang dan dapat dipahami mengenai kinerja Perseroan, posisi dan peluang.

Dewan Komisaris dan Direksi berupaya memberikan suatu penilaian yang berimbang dan dapat dipahami oleh para Pemegang Saham, mengenai kinerja Perseroan serta posisi dan peluang pada tiap kuartal. Tanggung jawab ini juga meliputi penyusunan laporan interim dan laporan lain yang bersifat sensitif serta laporan kepada Regulator (jika diperlukan).

Pihak Manajemen menyediakan laporan yang berimbang dan mudah dipahami mengenai kinerja, posisi dan peluang perusahaan setiap triwulan untuk kepentingan anggota Dewan.

Akuntabilitas bagi Pemegang Saham

Dewan Komisaris dan Direksi memahami pentingnya ketersediaan informasi yang tepat dan berkualitas tinggi, oleh karena itu berbagai informasi terkait telah disediakan bagi Pemegang Saham secara tepat waktu agar mereka bisa mengikuti semua perkembangan terakhir yang mempengaruhi kinerja Perseroan. Guna menjamin penyampaian informasi secara efektif, Perseroan memiliki kebijakan Hubugan Komunikasi dengan Pemegang Saham dan Investor. Kebijakan tersebut menggarisbawahi bagaimana Perseroan mengidentifi kasi dan mendistribusikan informasi secara tepat waktu kepada semua Pemegang Saham. Hal tersebut juga memperkuat komitmen Perseroan terhadap kewajiban-kewajiban untuk mengungkapkan informasi secara terus-menerus sebagaimana diharuskan oleh hukum yang berlaku dan menjelaskan prosedur-prosedur yang diimplementasikan untuk menjamin kepatuhan.

AccountabilityPrinciple 10 :Th e Board should present a balanced and understandable assessment of the Company’s performance, position and prospects.

Th e Board strives to provide its shareholders with a balanced and understandable assessment of the Company’s performance, position, and prospects on a quarterly basis. Th is responsibility extends to interim and other price sensitive public reports and reports to Regulator (if required).

Th e management provides to all members of the Board with a balance and understandable management accounts of the company’s performance, position and prospects on a quarterly basis.

Accountability of Shareholders

Th e Board of Commissioners and Board of Directors acknowledge the importance of ensuring high quality, relevant information are made available to shareholders in a timely manner to keep them abreast of all, material business matters aff ecting to Company. Toward ensuring the eff ective dissemination of information, the Company maintains a Shareholders Communication and Investor Relation Policy. Th e Policy outlines now the Company identifi es and distributes information in a timely manner to all shareholders. It also reinforces the Company’s commitment to the continuous disclosure obligations imposed by law, and describes the procedures implemented to ensure compliance.


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Pengumuman Peraturan, Laporan Tahunan, Hasil Finansial per kuartal dan informasi terkait lainnya dapat diakses melalui situs web Perseroan di www.blt.co.id. Siapapun yang ingin mendapatkan atau mengajukan permohonan untuk mendapatkan dokumen tertentu dapat disampaikan melalui situs Perseroan. Selain itu, Pemegang Saham juga diundang untuk menghadiri Rapat Umum Pemegang Saham Tahunan (RUPST) yang dihadiri oleh para Komisaris, Direksi dan Auditor Eksternal, dimana Pemegang Saham dapat mengajukan pertanyaan, menyampaikan kekhawatiran atau menggunakan hak suara mereka untuk penentuan langkah bisnis Perseroan ke depan.

Laporan Finansial

Direksi bertanggungjawab untuk memberikan pendapat yang wajar dan berimbang mengenai kinerja dan peluang fi nansial Perseroan dalam semua laporannya kepada Pemegang Saham dan pihak Otoritas yang berwenang. Pertanggungjawaban tersebut dibuktikan melalui laporan fi nansial yang telah diaudit, pengumuman-pengumuman setiap kuartal tentang hasil fi nansial Perseroan yang belum diaudit, begitu pula dengan Sambutan Dewan Komisaris, Sambutan Direksi serta Analisis dan Pembahasan Manajemen dalam Laporan Tahunan. Selain itu, Komite Audit secara teratur memeriksa Indonesia GAAP untuk perubahan dalam standar akuntansi. Perseroan selalu berupaya agar semua pengumuman kinerja dan pernyataan pers dapat disampaikan tepat waktu kepada media.

Dalam kaitan dengan tanggung jawab fi dusia, Dewan dibantu oleh Komite Audit dalam mengawasi proses pelaporan fi nansial Perseroan dan kualitas laporan keuangan. Pernyataan tanggung jawab Direksi dalam hal penyelenggaraan pemeriksaan laporan keuangan tahunan yang telah diaudit untuk evaluasi tahun buku ini, dapat dilihat pada halaman awal Laporan Keuangan ini.

Manajemen Resiko dan Kontrol InternalPrinsip 11 :Dewan bertanggungjawab untuk tata kelola resiko. Dewan harus memastikan bahwa manajemen mempertahankan suatu sistem manajemen resiko

Regulatory Announcements, Annual Reports, quarterly Financial Results and other relevant information are accessible via the company’s website at www.blt.co.id. Any persons wishing to receive or make any request for documents are able to do so via submission to the Group’s website. Additionally, shareholders are encourages to attend the Annual General Meeting (AGM) which is attended by the Commissioners, Directors and external auditors, where shareholders may raise questions, voice their concern and vote on proposed resolutions.

Financial Reporting

Th e Board of Directors is committed to providing a balance and fair view of its fi nancial performance and prospects in all its reports to stakeholders and regulatory authorities. Th is is channeled through the audited fi nancial statement, quarterly announcements of the Company’s unaudited fi nancial results as well the Remarks from Board of Commissioners, Remark from Board of Directors and Management’s Discussion and Analysis in the Annual Report. In addition, the audit committee regularly checks the Indonesia GAAP for changes in accounting standards. Th e Company strives to make timely releases of all result announcement and press releases to the media.

In discharging its fi duciary responsibility, the Boards are assisted by the Audit Committee to oversee the fi nancial reporting processes and the quality of the Company’s fi nancial statements. Th e Statement of Responsibility by Directors in respect of the preparation of the annual audited fi nancial statements for the fi nancial year under review is set out at the beginning of the Financial Report.

Risk Management and Internal ControlsPrinciple 11 :Th e Board is responsible for the governance of risk. Th e Board should ensure that the Management maintains a sound system of risk management and


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dan kontrol internal untuk keamanan kepentingan pemegang saham serta aset-aset perusahaan, dan harus memastikan sifat dan sejauh mana resiko yang signifi kan bagi Dewan yang dapat diterima untuk mencapai obyektif strategis.

Kontrol Internal

Manajemen perseroan mengakui pentingnya suatu kontrol internal yang merupakan suatu elemen penting dalam Tata Kelola Perusahaan yang membantu Perseroan untuk mencapai tujuan dan mencegah atau dapat mendeteksi adanya hal yang menyimpang.

Perseroan telah menetapkan berbagai kontrol yang terintegral dimulai dari pengendalian lingkungan dengan membuat suatu ketentuan perilaku yang ketat dan mengadopsi nilai-nilai Perseroan dalam melaksanakan kegiatan usaha. Kontrol aktivitas dilakukan dengan membuat suatu pemisahan tugas, wewenang dan tanggung jawab yang jelas di seluruh tingkat tenaga kerja dalam struktur organisasi. Jalur penilaian risiko yang tepat, jalur informasi dan komunikasi yang terkontrol dan melakukan pengawasan yang berkelanjutan melalui audit internal dan aktivitas terpadu, seluruhnya dilakukan untuk menjaga integritas sistem kontrol.

Manajemen Resiko

Perseroan mengelola risiko melalui suatu kerangka kerja dan proses-proses dimana budaya kesadaran akan risiko dan manajemen risiko dikembangkan di organisasi, meliputi :

• Mengenali berbagai tipe resiko yang mungkin dihadapi perusahaan saat menjalankan kegiatan operasional sehari-hari dan/atau membuat keputusan; dan

• memastikan bahwa setidaknya terdapat seorang anggota manajemen senior yang dapat diandalkan atau bertanggung jawab untuk memitigasi resiko.

internal controls to safeguard shareholders’ interest and the Company’s assets, and should determine the nature and extent of the signifi cant risks which the Board is willing to take in achieving its strategic objective.

Internal Control

Th e Company’s management recognizes the importance of a good internal control system as an important element in the framework of Good Corporate Governance, which helps the Company to achieve its goals and prevent or detect wrong doings.

Th e Company has established a series of integrated controls, starting with environment control by establishing a strict code of conduct and adopting adherence to its Corporate Values in conducting business. Control Activities are created by setting clear segregation of duties, authority and responsibilites at all level of staff within the organization structure. Proper channels of risk assessment, controlled information fl ow and communication, and continued monitoring conducted through internal audit and other collaborative activities, are al undertaken to safeguard the integrity of the control systems.

Risk Management

Company manages risk trough a framework and Processes, whereby a culture of risk awareness and risk management is encouraged in the organization, which involves;

• Recognizing diff erent types of risk the Company may encounter in running daily operation and/or making decision; and

• ensuring that there is at least one senior management member accountable or responsible for mitigating the risk.


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Manajemen Krisis

Perseroan mengenali berbagai tipe krisis yang mungkin timbul di tempat dan di lingkungan kerja yang memerlukan suatu manajemen krisis yang efektif. Rencana untuk manajemen krisis yang efektif diformulasikan berdasarkan kelemahan yang teridentifi kasi sehubungan dengan pengadaan proses usaha yang terjamin dan handal.

Komite AuditPrinsip No. 12 :Dewan harus membentuk suatu Komite Audit dengan disertai ketentuan tertulis yang menyatakan dengan jelas wewenang dan kewajiban Komite tersebut.

Komite Audit Perseroan dibentuk oleh Dewan Komisaris untuk mengawasi Direksi dan bertanggung jawab penuh terhadap Dewan Komisaris.

Tugas dan tanggung jawab Komite Audit adalah sebagai berikut :

• Meneliti rencana audit dari auditor eksternal dan internal Peseroan dalam menelaah dan mengevaluasi sistem akuntansi internal, pengawasan operasional, kepatuhan dan manajemen resiko serta memastikan koordinasi antara auditor internal, auditor eksternal, dan manajemen Perseroan yang kegiatannya diadakan sekurang-kurangnya setahun sekali;

• Melakukan penelahaan atas laporan keuangan terkonsolidasi dan laporan auditor atas laporan keuangan tersebut, membahas setiap penyesuaian penting dan bidang-bidang yang beresiko tinggi, perubahan kebijakan akuntansi, kepatuhan terhadap standar-standar pelaporan keuangan berdasarkan ketentuan yang berlaku, masalah-masalah yang timbul dan hasil audit, termasuk hal-hal yang ingin dibahas oleh auditor eksternal, tetapi tidak di hadapan manajemen (jika diperlukan) sebelum diajukan kepada Dewan Komisaris untuk disetujui;

• Melakukan penelahaan dan pembahasan bersama dengan auditor eksternal tentang dugaan penipuan, hal-hal yang tidak wajar atau pelanggaran peraturan perundang-undangan yang berakibat atau kemungkinan dapat berdampak material terhadap hasil operasional Perseroan dan atas posisi keuangan Perseroan dan tanggapan dari manajemen atas hal-hal tersebut di atas;

Crisis Management

Th e Company recognized various types of crisis that might occur on site and in working environment that require an eff ective crisis management. Plan for eff ective crisis management is formulated bases on the weaknesses identifi ed in order to establish a proven and reliable business process.

Audit CommitteePrinciple 12 :Th e Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties.

Our Audit Committee is formed by the Board of Commissioner to assist the Board of Commissioners in supervising the Board of Directors and is accountable to the Board of Commissioners.

Th e tasks and responsibilities of the Audit Committee are as follows :

• Examining the audit plan of the Company’s external and internal auditor in evaluating the internal accounting system, operational supervision, compliance and risk management, and ensuring coordination among the internal auditor, external auditor and the Company’s management at least once a year;

• Examining the consolidated fi nancial statement and auditor’s report on the fi nancial statement, discussing every important adjustment and high-risk areas, changes in accounting policies, compliance of the reporting to the applicable rules issues found from audit process, including matters which the external auditor wish to discuss without the presence of management (if necessary), prior to submission to Board of Commissioners for approval;

• Examining and discussing with external auditors regarding suspicion of fraud, unusual matters or breach of law or regulation which might have material eff ect to the result of the Company’s operation and/or fi nancial position and management’s responds on the above issues.


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• Mengkaji ulang kerjasama yang diberikan manajemen kepada auditor Perseroan;

• Menelaah transaksi-transaksi yang dilakukan Perseroan menyangkut instrumen derivative keuangan;

• Mempertimbangkan penunjukan dan penunjukan kembali auditor eksternal dan meneliti ketidakberpihakan serta objektivitas auditor eksternal setiap tahun;

• Melakukan pengujian atas transaksi-transaksi benturan kepentingan berdasarkan peraturan-peraturan yang berlaku;

• Mengkaji ulang dan menyetujui biaya auditor Perseroan;

• Melakukan penelitian-penelitian lain dan tugas-tugas yang diminta oleh Dewan Komisaris dari waktu ke waktu atas hal-hal yang membutuhkan perhatian Komisaris;

• Melaporkan resiko-resiko yang dihadapi Perseroan dan implementasi resiko manajemen oleh Perseroan kepada Dewan Komisaris;

• Melakukan penelaahan dan melaporkan keluhan-keluhan mengenai Perseroan kepada Dewan Komisaris;

• Meneliti kepatuhan Perseroan terhadap semua peraturan dan perundang-undangan di bawah hukum Pasar Modal dan peraturan perundang-undangan tempat dimana Perseroan beroperasi; dan

• Secara umum melakukan fungsi-fungsi dan tugas-tugas lain yang diwajibkan oleh hukum yang berlaku dari waktu ke waktu.

Selain dari tugas-tugas yang disebutkan di atas, Komite Audit juga menyediakan suatu mekanisme agar karyawan Perseroan dapat menyampaikan secara rahasia hal-hal mengenai kemungkinan pelanggaran sehubungan dengan laporan keuangan atau hal lainnya. Komite Audit akan meneliti penemuan-penemuan investigasi internal mengenai masalah-masalah tersebut atau masalah-masalah dimana diduga terjadi penipuan atau kejanggalan atau kegagalan pengawasan internal atau pelanggaran hukum dan peraturan perundang-undangan yang berlaku yang memiliki atau dapat memiliki dampak material terhadap hasil operasional atau posisi keuangan Perseroan. Komite Audit juga akan memastikan tindakan-tindakan lanjutan yang diperlukan yang sudah dilakukan. Setiap anggota Komite Audit yang memiliki konfl ik kepentingan tidak boleh memberikan suara dalam hal pengambilan keputusan-keputusan Komite.

• Examining the cooperation given by the management to the Company’s auditor;

• Examining the transactions undertaken by the Company which involve fi nancial derivative instruments;

• Considering the appointment and re-appointment of external auditor and examining the independence and objectively of external auditor annually;

• Examining confl ict of interest transactions based on applicable rules and regulations;

• Examining and approving the fees of the Auditors of the Company;

• Conducting other researches and other task assigned by the Board of Commissioners from time to time on issues which require Commissioners attention;

• Reporting the risks which the Company faces and the implementation of risk management by the Company to Board of Commissioners;

• Examining and reporting complaints regarding the Company to Board of Commissioners;

• Examining the compliance of the Company to all applicable rules and regulation in capital market and the law where the Company is operaing; and

• In general conducting the functions and other tasks which are required by applicable law from time to time.

Other than the above mentioned tasks, the Audit Committee shall provide a mechanism so that the Company’s employees can confi dentially communicate the possible breach with regard to fi nancial reports or other matters. Th e Audit Committee shall examine the fi ndings of internal investigation regarding the issues and whereby fraud of unusual matter is suspected or the failure in internal supervision, or breach of applicable law, rules and regulations which have or may have material impact to the Company’s operational result or fi nancial position. Th e Audit Committee also ensures necessary mitigation measures are taken. Any member of the Audit Committee cannot vote on decisions where the member has a confl ict or interest.


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Sepanjang tahun 2015, Komite Audit mengadakan pertemuan dengan manajemen Perseroan dan auditor eksternal. Kegiatan-kegiatan Komite Audit sebagai berikut :

• Meminta penjelasan kepada manajemen mengenai kinerja keuangan Perseroan pada setiap kuartal sehubungan dengan penyampaian laporan keuangan kepada pihak otoritas;

• Meminta penjelasan tentang kepatuhan terhadap peraturan terkait yang berlaku di Indonesia dan di Singapura sehubungan dengan kondisi dual-listing Perseroan;

• Meninjau ruang lingkup rencana kerja internal audit Perseroan, memberi masukan dan memonitor hasil kerja internal audit;

• Mendiskusikan dan memantau transaksi dengan pihak-pihak tertentu;

• Berdiskusi secara rutin dengan manajemen Perseroan mengenai perkembangan terakhir Perseroan dan regulasi-regulasi terkait bisnis Perseroan;

• Mengadakan pertemuan dengan auditor eksternal dan Manajemen Perseroan dalam membahas lingkup audit, hasil audit dan surat kepada manajemen; dan

• Mendiskusikan mengenai peran dan fungsi Komite Audit serta rencana memperbarui pedoman kerja Komite Audit.

Komite Audit dan Perseroan telah mengevaluasi dan mengkonfi rmasikan bahwa tim auditor eksternal dari kantor akuntan Kosasih, Nurdiyaman, Mulyadi, Tjahjo & Rekan diangkat pada RUPS pada tanggal 17 November 2015 dan dipimpin oleh partner audit Tjahjo Dahono, tidak menyediakan jasa-jasa non audit apapun kepada Perseroan dan oleh karena itu tidak ada biaya yang dibayarkan untuk jasa-jasa tersebut.

During the year 2015, the Audit Committee has conducted regular meetings with the Company’s management and external auditor. Th e Audit Committee conducted activities as follows :

• Requesting explanation from the management regarding the fi nancial performance of the Company every quarter with regard to the submission of the fi nancial statements to the authorities;

• Requesting explanation to the management regarding the compliance to applicable rules and regulation both in Indonesia and Singapore in relation to the Company’s dual-listing status.

• Reviewing the scope of work and audit plan of the internal Audit of the Company, providing inputs and suggestions as well as monitoring of the work and result of the work of the internal audit function;

• Discussing and monitoring related party transactions;

• Routinely discussing with the Company’s management regarding the latest development of the Company and regulations related to the Company’s business;

• Conducting meeting with external auditors and the Company’s management in discussing scope of audit, result of audit and Management Letter; and

• Discussing the role and function of Audit Committee and the plan to update the Audit Committee Charter.

Th e Audit Committee and the Company have reviewed and confi rmed that external group auditor, Kosasih, Nurdiyaman, Mulyadi, Tjahjo & Rekan, appointed at the AGM on 17 November 2015 and led by audit partner Tjahjo Dahono, did not provide non-audit service to the Company and therefore no such fee being paid for such service.


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Tercantum berikut adalah persetujuan atas pembayaran kepada auditor untuk tahun buku 2015 dan 2014 :

Set out below is the approval of fees to the auditors for 2015 and 2014 :

2015 2014USD$’000 USD$’000

Fee on audit services paid/payable to :

- Auditor of the Company 575 1,088 Fee on non-audit services paid/payable to :

- Auditor of the Company - -

Perusahaan audit lain yang terlibat dalam audit atas anak perusahaan adalah: Th omas SO & Partners CPA Limited; S. Mannan, Ardiansyah & Rekan, Premiere Trust & Partners, KBCF Tan dan Moore Stephens- Netherlands. Perseroan telah memenuhi Peraturan 712 dan peraturan 716 dalam kaitannya dengan perusahaan audit tersebut.

Direksi dan Komite Audit yakin bahwa penunjukan berbagai auditor di atas tidak akan berkompromi atas standar dan efektivitas audit anak perusahaan.

Audit InternalPrinsip No. 13 :Perseroan harus membentuk suatu fungsi pemeriksaan internal yang independen, terpisah dari kegiatan operasi bisnis normal.

Setiap karyawan Perseroan ikut bertanggung jawab dalam menerapkan sistem pengendalian intrernal yang baik. Untuk memastikan efektivitas pengendalian internal tersebut. Direksi dibantu oleh Auditor Internal, Ibu Jeanny Wongsowidjojo berperan sebagai Internal Audit Manager Perseroan dan bertanggung jawab langsung kepada Dewan Direksi.

Berdasarkan tinjauan yang dilakukan Auditor Internal dan Auditor Eksternal, bersama-sama dengan konfi rmasi Manajemen atas efektivitas pengendalian internal, Dewan Komisaris berpendapat (dengan persetujuan Komite Audit) bahwa pengendalian internal dan sistem manajemen risiko yang ditujukan pada keuangan, resiko operasional dan kepatuhan, sudah memadai/memenuhi syarat pada tanggal 31 Desember 2015.

Th e other audit fi rms involved in the audit of the subsidiaries are: Th omas So & Partners CPA Limited; S. Mannan, Ardiansyah & Rekan, Premiere Trust & Partners, KBCF Tan and Moore Stephens Netherlands. Th e Company complies with Rule 712 and 716 in relation to its auditing fi rms.

Th e Board of Directors and Audit Committee are confi dent that the appointment of the various above will not compromise the standard and the eff ectiveness of the audit of the subsidiaries.

Internal AuditPrinciple 13 :Th e Company should establish an internal audit function that is independent from the activities it audits.

All employees within the Company are required to adhere to the internal controls. To ensure eff ectiveness of the Company’s internal controls, the Board of Directors is assisted by internal auditor – Mrs. Jeanny Wongsowidjojo who reports directly to the Board of Director.

Based on review conducted the internal auditor and external auditors, together with Management’s confi rmation on the eff ectiveness of the internal controls, the Board of Commissioners is of the opinion (with the concurrence of the Audit Committee) that the internal controls and risk management system addressing fi nancial, operational and compliance risks were adequate as at 31 December 2015.


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Dewan telah menerima jaminan tertulis dari CEO dan Manajer Keuangan bahwa: (a) catatan keuangan telah dipelihara dengan baik dan bahwa laporan keuangan memberikan kewajaran dan pendapat yang wajar terhadap operasi dan keuangan “Perusahaan”; dan (b) mengenai efektivitas manajemen risiko

“Perusahaan” dan sistem pengendalian internal.

Peran Auditor Internal

Auditor Internal Perseroan melakukan pengujian atas tingakt kecukupan dan ketaatan pada kebijakan, prosedur, hukum dan peraturan yang ada, serta keandalan informasi dan laporan keuangan. Di samping itu, Auditor Internal juga memberikan pandangan mengenai pengendalian internal dan rekomendasi kepada bagian yang diaudit agar segera melakukan tindakan perbaikan atas kelemahan yang teridentifi kasi dan memastikan kelengkapan atas implementasi pengendalian internal.

Hak Pemegang SahamPrinsip No. 14 :Perseroan harus memperlakukan seluruh Pemegang Saham secara adil dan seimbang dan mengakui, melindungi dan memfasilitasi pelaksanaan hak-hak Pemegang Saham dan secara terus menerus meninjau ulang dan memberikan informasi terkini mengenai pelaksanaan tata kelola.

Perseroan memperlakukan seluruh Pemegang Saham secara seimbang sesuai dengan Anggaran Dasar, pengumuman dan press release tersedia di IDXNet dan SGXNet untuk memastikan para Pemegang Saham telah mendapatkan informasi atas kejadian-kejadian di Perseroan.

Komunikasi dengan Pemegang SahamPrinsip No. 15 :Perseroan harus secara aktif berhubungan dengan para pemegang sahamnya dan memberikan suatu ketentuan hubungan investor untuk memberikan komunikasi secara teratur, efektif dan wajar bagi para Pemegang Saham.

Perseroan berusaha memberikan informasi secara tepat waktu dan transparan kepada para pemegang saham dan publik. Semua informasi mengenai

Th e Board has received written assurance from the CEO and Finance Manager that; (a) the fi nancial records have been properly maintained and that the fi nancial statements give true and fair view of

“Th e Company’s” operations and fi nances; and (b) regarding the eff ectiveness of “Th e Company’s” risks management and internal control systems.

Th e Role of an Internal Auditor

Th e Internal Auditor conducts tests on the suffi ciency and compliance on policies, procedures, law and regulations, and verify the reliability of information and fi nancial reports. In addition, Internal Auditor also provide his views on internal control and make appropriate recommendations to the auditors to immediately undertake corrective actions on the weaknesses identifi ed during the investigative process and to ensure to completeness of internal control implementation.

Shareholder RightsPrinciple 14 :Companies should treat all shareholders fairly and equitably and should recognize, protect and facilitate the exercise of shareholder’s right, and continually review and update such governance arrangements.

Th e Company treats all the Shareholders equally according to the Articles of Associations, Announcements and press release are available on IDXNet and SGXNET to ensure shareholders are informed on the events of the Company.

Communication with ShareholdersPrinciple 15 :Companies should actively engage their shareholders and put in place an investor relation policy to promote regular eff ective and fair communication with shareholders.

Th e Company strives for timeliness and transparency in its disclosures to the shareholders and the public. All information on the Company’s new initiatives


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inisiatif-inisiatif baru Perseroan akan disebarkan pertama kali melalui situs IDXNet dan SGXNet yang diikuti oleh satu siaran pers apabila diperlukan.

Selama tahun 2015, Perseroan telah banyak mengadakan rapat informal dengan para Kreditur, Pemegang Obligasi dan Pemegang Saham terlebih setelah Perseroan mengumumkan rencana usulan amandemen Rencana Perdamaian (April 2015). Hal ini dimaksudkan agar para kreditur Perseroan dan Pemegang Saham memperoleh informasi yang lengkap, akurat dan update sehingga dapat mengerti maksud dan tujuan rencana Perseroan tersebut dan pada 14 Agustus 2015, usulan amandemen Perjanjian Perdamaian disetujui mayoritas Kreditur Perseroan. Perseroan secara berkala juga memberikan informasi ter-update kepada Otoritas Jasa Keuangan (“OJK”) dan Bursa Efek Indonesia serta Bursa Efek Singapura baik melalui pertemuan, surat menyurat, maupun melalui portal IDXNet dan SGXNet. Tabel berikut adalah ringkasan seluruh aktivitas di tahun 2015 :

will be fi rst disseminated via IDXNet and SGXNet followed by a news release, where appropriate.

During 2015, the Company has conducted several informal meetings with Creditors, Shareholders, and Bondholders especially aft er announced proposed amendment of Restructuring Plan in April 2015. Th e purpose of the meetings are for the Creditors, Shareholders and Bondholders have the complete information, accurate and updated so that they understand the plan of the proposed amendment of Restructuring Plan, and at 14 August 2016, amendment of Restructuring Plan had been agreed by majority of the Company’s Creditorrs. Th e Company also provides timely updates to the Financial Services Authority (“OJK”) and Indonesia Stock Exchange and Singapore Stock Exchange, either through meetings, formal letters, or through IDXNet and SGXNet portals. Set out below is a summary of the activities in 2015 :

Investor Relation Activities in 2015 Number of Activities Timing

Siaran Pers dan Korespondensi - Bursa Efek Indonesia Press Release and Correspondence - Indonesia Stock Exchange

79 Sesuai saat diumumkan as per publication date

Siaran Pers dan Korespondensi - Bursa Efek Singapura Press Release and Correspondence - Singapore Stock Exchange


Siaran Pers dan Korespondensi - Otoritas Jasa Keuangan & Otoritas Lainnya Press Release and Correspondence - Financial Services Authority & Other Authority


Prinsip-prinsip lain yang disyaratkan oleh Bursa Efek IndonesiaTransparansiPrinsip No. 16 :Suatu perusahaan harus memberikan informasi yang material dan relevan yang dapat dengan mudah diakses dan dipahami oleh para pemangku kepentingan.

Other Principles required by Indonesia Stock ExchangeTransparencyPrinciple 16 :A Company must provide material and relevant information that is easily accessible and understandable by stakeholders.


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Perseroan mengeluarkan pengumuman dan press release di IDXNet dan SGXNet untuk memastikan bahwa para pemegang saham telah diinformasikan mengenai kejadian-kejadian di dalam Perseroan. Laporan keuangan tersedia bagi publik setiap tahunnya juga memberikan informasi dari Perseroan dan memastikan transparansinya.

Hak dan peran para pemangku kepentinganPrinsip 17 :Suatu perusahaan harus memiliki hubungan dengan adil dan seimbang antara perusahaan dan para pemangku kepentingan berdasarkan hukum dan/atau melalui perjanjian yang bertimbal balik dan berlaku bagi seluruh pihak terkait.

Hubungan yang adil dan seimbang antara para pemangku kepentingan dan Perseroan dpat dipastikan dengan dipatuhinya Undang-undang di Indonesia, peraturan-peraturan yang berlaku bagi Kapal, Peraturan-peraturan Bursa dan melalui perjanjian timbal balik antara Perseroan dan pihak lain.

Kebijakan Transaksi dengan Benturan KepentinganGrup telah membuat prosedur pengendalian internal mengenai transaksi benturan kepentingan. Hal ini untuk memastikan bahwa transaksi-transaksi telah ditinjau secara baik dan disetujui oleh Komite Audit dan diselenggarakan sesuai dengan transaksi bisnis, ketentuan-ketentuan komersial dan tidak merugikan kepentingan Perseroan.

Komite Audit telah meninjau ulang transaksi-transaksi benturan kepentingan untuk tahun 2015 dan berpendapat bahwa seluruh transaksi dilakukan sesuai dengan ketentuan-ketentuan komersial yang normal dan tidak merugikan kepentingan Perseroan dan Pemegang Saham minoritas.

Th e Company issues announcements and press releases on IDXNet and SGXNet to ensure shareholders are informed on the events of the Company. Th e Financial Report available to the public annually also provides information of the Company and ensures transparency.

Th e Rights and Roles of other StakeholdersPrinciple 17 :A Company should have a fair and equal relationship between the company and the stakeholders based on law and/or through mutual agreements applicable to each respective party.

Fair and equal relationship between the stakeholders and the Company is ensured by complying with the Indonesia Law, Vessel compliance regulation, Exchange Regulations and through mutual agreements designed by the Company and the counter party.

Interested Person Transactions Policy (“IPTs”)Th e Group has established internal control procedures for interested person transactions. Th is ensures transactions are properly reviewing and approved by the Audit Committee and conducted at arm’s length basis on normal commercial terms and not be unfavorable to the interests of the Company.

Th e Audit Committee has reviewed the interest person transactions for 2015 and is of the opinion that transactions were conducted on normal commercial terms and not prejudicial to the interest of the Company and its minority Shareholders.


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Interested Person

Aggregate value of all interested per-son transactions during the fi nan-cial year under review (excluding transactions less than SGD100,000) and transactions conducted under shareholders mandate pursuant to Rule 920)

Aggregate value of all interested per-son transactions conducted under shareholders mandate pursuant to Rule 920 (excluding transactions less than SGD100,000)

2015 2014 2015 2014

Trade and Other Accounts Payable

PT Arpeni Pratama Ocean Line 38 - - -

Pan Union Agencies Pte.Ltd - 2,599 - -

PT Garuda Mahakam Pratama 26 18 - -

Th ai Petra Transport Co. Ltd 150 221 - -Others 96 725 - -Total 310 3,563 - -

Loan Payable

PT Bagusnusa Samudera Gemilang 1,726 8,271 - -

Voyage Expenses

Th ai Petra Transport Co. Ltd 19 78 - -

PT Arpeni Pratama Oceasn Line Tbk 1 14 - -

PT Garuda Mahakam Pratama Total 7 22 - -

Total 27 114 - -

Transaksi Benturan Kepentingan yang telah dilakukan dalam tahun buku ini adalah sebagai berikut:

Interested person transactions conducted during the fi nancial year are as follows :

Berdasarkan kajian, tidak terdapat transaksi-transaksi benturan kepentingan sepanjang tahun buku ini sehubungan dengan Rule 920 dari SGX-ST Listing Manual kecuali sebagaimana tersebut diatas.

Tidak ada kontrak yang material yang berkaitan dengan benturan kepentingan yang tercatat di tahun 2015. Namun, sampai akhir tahun buku, Grup memiliki perjanjian dengan anak-anak perusahaannya sehubungan dengn jasa keagenan kapal, jasa manajemen kapal, sewa kapal dan perbaikannya.

Hutang Dagang yang terutang sebelum usulan amandemen Rencana Perdamaian yaitu per 31 Maret 2015, setelah amandemen Rencana Perdamaian disetujui, akan mempertahankan 50% dari saldo utang yang tertunggak dan akan dibayarkan selama 5 tahun.

Th ere were no other interested person transactions during the fi nancial year under review in relation to Rule 920 of the SGX-ST Listing Manual expect those stated above.

No material contract relating to interest person transactions were entered into in 2015. However, as at the end of the fi nancial year, the Group has subsisting service agreements with the subsidiaries and related companies relating to shipping agency services, ship management services, vessel charter hire, and repair.

Trade accounts payable incurred prior to amendment of Restructuring Plan which was 31 March 2015, aft er amendment Restructuring Plan approved, will retain 50% of the then outstanding amounts in installment over 5 years.


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Tanggal Nomor Surat KeteranganDate Letter’s Number Description

08-Jan-2015 S-00081/BEI.PGI/01-2015

Peringatan Tertulis III dan Denda atas keterlambatan secara berulang dalam penyampaian Permintaan PenjelasanTh ird Written Warning and a Fine on the repeated delays in Responding to a Request for Explanation

08-Apr-2015 S-01877/BEI.PGI/04-2015

Peringatan Tertulis I atas keterlambatan penyampaian Laporan Keuangan Auditan yang berakhir per 31 Desember 2014 First Written Warning on the late submission of Audited Financial Statement for the period ending 31 December 2014

11-May-2015 S-02487/BEI.PGI/05-2015

Peringatan Tertulis I atas keterlambatan penyampaian Laporan Tahunan (Annual report) Tahun 2014 First Written Warning on the late submission of Annual Report for the fi nancial year 2014

10-Jun-2015 S-03043/BEI.PGI/06-2015

Peringatan Tertulis II atas keterlambatan penyampaian Laporan Tahunan (Annual Report) Tahun 2014Second Written Warning on the late submission of Annual Report for the fi nancial year 2014

10-Jun-2015 S-03064/BEI.PGI/06-2015

Peringatan Tertulis II dan denda sebesar Rp.50.000.000 atas keterlam-batan penyampaian Laporan Keuangan Interim yang berakhir per 31 Maret 2015Second Written Warning and a Fine of Rp.50,000,000 on the late submission of Interim Financial Statement for the period ending 31 March 2015

03-Jul-2015 S-03535/BEI.PGI/07-2015

Peringatan Tertulis III atas keterlambatan penyampaian Laporan Tahunan (Annual Report) Tahun 2014 Th ird Written Warning on the late submission of Annual Report for the fi nancial year 2014

07-Aug-2015 S-04257/BEI.PGI/08-2015

Peringatan Tertulis I atas Keterlambatan Penyampaian Laporan Keuangan Tengah Tahunan yang berakhir per 30 Juni 2015First Written Warning on the late submission of Interim Financial Statement for the period ending 30 June 2015

Tidak terdapat perjanjian-perjanjian yang secara material dimana Perseroan atau salah satu anak perusahaan merupakan pihak dan dimana melibatkan kepentingan direksi pada akhir tahun buku, atau disetujui sejak akhir tahun buku sebelumnya.

Informasi LainSanksi dan/atau Penalti

Sehubungan dengan proses restrkuturisasi yang dilakukan oleh Perseroan, Perseroan menerima beberapa sanksi dari OJK dan juga BEI karena Perseroan belum dapat menerbitkan Laporan Keuangan dan Laporan Tahunan secara tepat waktu seperti yang diwajibkan. Berikut daft ar sanksi dan/atau penalti yang diterima Perseroan dalam tahun 2015:

No other material contracts to which the Company or any subsidiary is a party and which involve director’s interest subsisted at the end of the fi nancial year or have been entered into since the end of the previous fi nancial year.

Other InformationSanctions and/or Penalties

In connection with the restructuring process undertaken by the Company, the Company received some sanction from the OJK and also IDX as the Company has not been able to publish timely annual Financial Statements and Annual Reports as required Set out below is a summary of the sanctions and/or penalties received by the Company in 2015:


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Perseroan telah menuntaskan seluruh kewajiban administrasi yang tertunda di tahun 2015, yaitu menyampaikan laporan keuangan interim untuk periode yang berakhir 31 Maret 2015, 30 Juni 2015 dan 30 September 2015, laporan keuangan auditan untuk periode yang berakhir 31 Desember 2014, menyelenggarakan Rapat Umum Pemegang Saham, dan melaksanakan Public Expose.

Pembayaran di luar Biaya AuditPerseroan tidak membayar apapun di luar biaya audit yang telah ditetapkan kepada para auditor selama tahun fi skal yang dilaporkan yang berakhir pada tanggal 31 Desember 2015.

Program Kepemilikan Saham Untuk KaryawanSaat ini, Perseroan tidak memiliki program kepemilikan saham untuk karyawan.

Pedoman Tata Kelola PerseroanPerseroan saat ini sedang dalam proses merumuskan kebijakan-kebijakan dalam menerapkan Pedoman Tata Kelola Perusahaan yang dikeluarkan oleh Komite Tata Kelola Perusahaan Singapura (“Code”) dan tujuannya adalah untuk menerapkan dan melaksanakan sepenuhnya, sejauh tidak berbenturan dengan hukum dan peraturan yang berlaku di Indonesia.

Properti Untuk Tujuan Pengembangan Penjualan dan InvestasiKeseluruhan nilai dari semua tanah dan bangunan yang dimiliki oleh Perseroan untuk dibangun, dijual dan diinvestasikan tidak melebihi 15% dari nilai bersih aktiva berwujud atau tidak memberikan kontribusi melebihi 15% dari laba operasi sebelum pajak setelah konsolidasi.

Towards the end of year 2015, the Company has completed all its administrative obligation due to IDX including amongst others, the submission of interim fi nancial statements for the period ending 31 March 2015, 30 June 2015 and 30 September 2015. Audited fi nancial statements for the period ending 31 December 2014, conduct of the Annual General Meeting of shareholders for the year 2014, and the completion of the Public Expose.

Non Audit FeesTh ere are no Non Audit Fees paid to the Auditor during the fi nancial year under review ended 31 December 2015.

Employee Stock Option SchemeCurrently the Company does not have any employee share option scheme or plan in place.

Code of Corporate GovernanceTh e Company is in the process of setting up the policies to adopt the Code of Corporate Governance issued by the Committee on Corporate Governance of Singapore (the “Code”) and intends to fully adopt and comply with the Code to the extent that it does not contravene with Indonesia Laws and regulations.

Properties for Development, Sale and Investment PurposesTh e aggregate value of all properties held by the Company for development, sale of investments purposes does not represent more than 15% of the value of the consolidated net tangible assets, or contribute more than 15% of the consolidated pretax operating profi t of the Company.


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Kebijakan Manajemen Risiko dan Proses-prosesKebijakan manajemen risiko dan proses-proses dibuat oleh Dewan. Hal ini ditinjau ulang secara berkala dan diperbaharui apabila diperlukan.

Grup mengidentifi kasi, menilai dan memitigasi resiko-resiko yang berdampak pada operasional usaha. Selama proses, faktor-faktor yang menimbulkan risiko tersebut dan dampaknya diperhitungkan. Usaha untuk memitigasi risiko ini mengijinkan Group untuk meningkatkan nilai para pemegang saham.

Risiko-risiko teridentifi kasi dalam berbagai area berikut :

• Operasional;

• Kepatuhan; dan

• Keuangan

Risiko OperasionalRisiko Operasional adalah kerugian yang timbul karena kegagalan proses internal, penyimpangan sistem dan manajemen, atau kejadian-kejadian eksternal.

Risiko operasional Grup ditangani oleh masing-masing unit operasi dan dimonitor pada level Grup. Perkembangan struktur organisasi dan kontrol internal membantu dalam memastikan kelancaran operasional sejalan dengan visi dan misi Grup. Tinjauan berkala yang dilakukan oleh Dewan dilakukan untuk mengevaluasi keefektifan kontrol-kontrol.

Grup juga membeli berbagai asuransi yang diperlukan seperti Hull & Machinery, Protection & Indemnity dan War Risk setiap saat diperlukan.

Risk Management Policies and ProcessesTh e risk management policies and processes are set by the Board. Th ese are regularly reviewed and updated as necessary.

Th e Group identifi es, assesses and mitigates the risks that aff ect the operations of the business. During the process, factors that trigger such risks and its implications are considered. Th e timely mitigation of these risks will allow the Group to increase shareholder value.

Risks are identifi ed in the following areas :

• Operational;

• Compliance; and

• Financial

Operational RiskOperational Risk is the loss attributed by failure in the internal process, defi ciency in systems and management, or adverse external events.

Th e Group operational risk is handled at each operating unit and monitored at the Group level. Th e developed organizational structure and internal controls aid in ensuring the smooth running of operations in relation to the Group’s vision and mission. Periodical review by the Board is conducted to evaluate the eff ectiveness of the controls.

Th e Group also purchases necessary insurance such as Hull & Machinery, Protection & Indemnity and War Risk cover as and when required.


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Risiko KepatuhanRisiko kepatuhan adalah risiko atas sanksi hukum atau kerugian keuangan material yang merupakan akibat dari ketidakpatuhan akan perundang-undangan, peraturan, code of conduct, dan standar praktik yang terbaik.

Departemen operasional memastikan Perseroan untuk patuh pada peraturan domestik maupun internasional mengenai kapal antara lain inspeksi penilaian oleh Oil Major vetting Inspections. Peraturan IMO termasuk ISM Code, peraturan-peraturan klasifi kasi Society, inspeksi CDI dan lainnya.

Kepatuhan terhadap peraturan-peraturan yang tidak berhubungan dengan kapal dikelola oleh tim hukum dan hubungan investor.

Grup memiliki anak-anak perusahaan di berbagai negara. Grup terekspos atas segala perubahan di berbagai kerangka peraturan. Penasehat keuangan Perseroan memberikan bimbingan dalam kepatuhan atas berbagai kerangka aturan hukum. Dimana Grup secara aktif atau memiliki operasional di yurisdiksi asing, konsultan hukum dari yurisdiksi asing akan ditunjuk apabila diperlukan.

Risiko KeuanganHarap mengacu pada Catatan 41 dari Laporan Keuangan sebagaimana tercantum pada halaman 150 dari Laporan Keuangan Tahunan.

Compliance RiskCompliance risk is the legal sanction or material fi nance loss as a result of failure to comply with laws, regulations, code of conduct and standards of best practice.

Th e Operations department ensures the Company is compliant to both domestic and international vessel regulations e.g. Oil Major vetting inspections. IMO regulations including ISM Code, Classifi cation Society’s rules. CDI inspections etc.

Compliance with non-vessel regulations is managed by the legal and investor relations team.

Th e Group has subsidiaries in diff erent countries. Th erefore, the Group is exposed to changes in the diff erent regulatory frameworks. Th e Company’s fi nancial advisors guide the team, on compliance with the various regulatory frameworks. Where the Group is active or has an operating presence in a foreign jurisdiction, legal counsel from that foreign jurisdiction is sought when appropriate.

Financial RiskPlease refer to Note 41 of the Financial Statements set out on page 150 of the Financial Report.


100

Profi l Dewan KomisarisBoard Of Commissioners Profi le

HADI SURYAKomisaris Utama/President CommissionerDiangkat sebagai Komisaris Utama Perseroan pada 26 Juni 2000. Bergabung dengan Perseroan sejak tahun 1981, sebelumnya menjabat sebagai Direktur Utama Perseroan (1989-2000). Saat ini, Ia juga menjabat sebagai Komisaris Utama PT Wira Penta Kencana (sejak 2008). Ia pernah menjabat sebagai Komisaris CV Kartika Pabrik Triplex (1955-1959). Menyelesaikan pendidikan di Lian Huo High School di Surabaya pada tahun 1954. Pada tahun 2002 mendapat penghargaan “Life Time Achievement” dari Ernst &Young.

He was appointed as President Commissioner of the Company on 26 June 2000. He has joined with the Company since 1981 and previously was the President Director of the Company (1989-2000). Currently, he is also President Commissioner of PT Wira Penta Kencana (since 2008). Prior to joining the Company, he was the Commissioner of CV Kartika Pabrik Triplex (1955-1959). He graduated from Lian Huo High School in Surabaya in 1954. In 2002 he was awarded “Life Time Achievement” by Ernst & Young.


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SAFZEN NOERDINKomisaris/CommissionerDiangkat sebagai Komisaris Perseoran pada 7 Mei 2010. Sebelumnya menduduki jabatan sebagai Asisten Bidang Pengawasan Internal Kementrian Pertahanan RI, Komisaris Utama PT ASABRI (Persero) (2009), Inspektur Jenderal Departemen pertahanan (2008), Inspektur Jenderal TNI AL (2007), Komandan Korps Marinir (2005). Lulus dari Akademi Angkatan Bersenjata Republik Indonesia – Angkatan Laut tahun 1975).

He was appointed as a Commissioner of the Company on 7 May 2010. He was previously as Assistance of Internal Monitoring Division of the Minister of Defense, President Commissioner of PT ASABRI (Persero) (2009), Inspector General of the Department of Defense (2008), and Inspector General of the Department of the Navy (2007), Marine Corps Commander (2005). He graduated from Academy of the Armed Forces of the Republic of Indonesia-(Navy) in 1975.


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ANTONIUS JOENOES SUPITKomisaris Independen/Independent CommissionerDiangkat sebagai Komisaris Independen Perseroan pada 19 Maret 2014. Saat ini menjabat sebagai Komisaris Utama PT Sierad Produce Tbk dan Komisaris PT Adis Dimension Footwear. Ia juga sebagai Anggota Dewan Pengawasan di Prasetya Mulya Business School, Wakil Komisaris Utama di Asosiasi Pengusaha Indonesia, Komisaris Utama di Gabungan Perusahaan Perunggasan Indonesia dan Bendahara di Komite Pemantauan Pelaksanaan Otonomi Daerah (KPPOD). Menjabat sebagai Wakil Ketua Umum Bidang Ketenagakerjaan di KADIN Indonesia, Bendahara di CSIS (Centre for Strategic and International Studies), Ketua Asosiasi Persepatuan Indonesia (APRISINDO). Lulusan Universitas Khatolik Atmajaya, Jakarta pada tahun 1972.

He was appointed as Independent Commissioner of the Company on 19 March 2014. Currently, he is the President Commissioner of PT Sierad Produce Tbk and Commissioner of PT Adis Dimension Footwear. He is also Supervisory Board Member of Prasetya Mulya Business School, Vice President Commissioner of Indonesian Business Association, President Commissioner of Indonesia Poultry Company Association and Treasurer of Monitoring Committee of Implementation of Regional Autonomy (KPPOD), Vice Chairman of KADIN Indonesia. for Employment fi eld, Treasurer of CSIS (Centre for Strategic and International Studies). Chairman of the Indonesia Footwear Association (APRISINDO), He graduated from Catholic University of Atmajaya, Jakarta in 1972.


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Profi l DireksiBoard Of Directors Profi le

SIANA ANGGRAENI SURYADirektur Utama/President DirectorDiangkat sebagai Direktur Utama Perseroan pada 19 Maret 2014. Bertanggung jawab atas seluruh aspek operasional Perseroan. Sebelumnya menjabat sebagai Direktur Korporat dan Pengembangan Bisnis Perseroan. Bergabung dengan Perseroan sejak 1994. Sebelum bergabung dengan Perseroan, menduduki jabatan sebagai Marketing Sales ICI Tokyo (1993-1994). Mengambil jurusan Kimia Terapan dan memperoleh gelar sarjana dalam bidang Chemical Engineering dari Waseda University, Tokyo pada tahun 1991 dan di tahun 1993 memperoleh gelar Master dalam bidang Engineering dari Waseda University, Tokyo.

She was appointed as President Director of the Company on 19 March 2014. She oversees all aspects of the Group’s operations. Previously, she was Corporate and Business Development Director of the Company. She has joined with the Company since 1994. Prior to joining the Company, she was in Marketing Sales ICI Tokyo (1993-1994). She majored in Applied Chemistry and graduated from Waseda University, Tokyo in 1991 with a bachelor of Engineering and obtaining a master’s degree in Engineering from Waseda University in 1993.


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COSIMO BORRELLIKomisaris Komersial/Commerical DirectorDiangkat sebagai Direktur Perseroan pada 19 Maret 2014. Bertanggung jawab atas area operasional dan komersial Perseroan. Saat ini, ia juga menjabat sebagai Managing Director pada Borrelli Walsh dan Direktur Independen pada Global Invacom Group Limited dan Acorn International Inc. Seorang Chartered Accountant dengan pengalaman lebih dari 20 tahun formil dan informil dalam restruturisasi Perusahaan, insolvensi, akuntansi forensik dan investigasi keuangan. Pekerjaannya sering kali memiliki lintas batas termasuk bekerja di HongKong, RRC, Singapura, Taiwan, Malaysia, Australia, Inggris Raya, Eropa, Bermuda, British Virgin Island, Cayman Island dan Bahama. Memperoleh gelar Bachelor of Arts dalam bidang ekonomi dari University of Adelaide, Australia.

He was appointed as Director of the Company on 19 March 2014. He is responsible for the operational and commercial areas of the Group. Currently, he is also the Managing Director of Borrelli Walsh and Independent Director of Global Invacom Group Limited and Acorn International Inc. He is a Chartered Accountant with over 20 years of experiences in formal and informal corporate restructuring, insolvency, forensic accounting and fi nancial investigations. His assignments oft en have a cross border focus including work in Hong Kong, RRC, Singapore, Taiwan, Malaysia, Australia, United Kingdom, Europe, Bermuda, British Virgin Island, Cayman Island and the Bahama. He graduated from University of Adelaide, Australia where he majored in Bachelor of Arts in Economics.


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JASON KARDACHIDirektur Tehnik/Technical DirectorDiangkat sebagai Direktur Perseroan pada 19 Maret 2014. Bertanggung jawab dalam pengembangan bisnis, manajemen kapal dan teknologi informasi Perseroan. Ia juga menjabat sebagai managing Director pada Borrelli Walsh. Sebelumnnya, menjabat sebagai Managing Partner pada Teak Capital Partner (2007-2011), Head of Special Solution of HSBC (2006-2007) dan Senior Manager pada PricewaterhouseCoopers (2001-2006). Seorang Chartered Accountant dengan pengalaman lebih dari 18 tahun dalam corporate advisory and restructuring di Asia Pacifi c. Memperoleh gelar Bachelor of Commerce and Bachelor of Economics dari University of Adelaide, Australia.

He was appointed as Director of the Company on 19 March 2014. He is responsible for business development, vessel management and information technology areas of the Group. He is also the Managing Director of Borrelli Walsh. Previously, he was the Managing Partner of Teak Capital Partners (2007-2010), Head of Special Solution of HSBC (2006-2007) and Senior Manager at PricewaterhouseCoopers (2001-2006). He is a Chartered Accountant with over 18 years of experiences in corporate advisory and restructuring experience in Asia Pacifi c. He graduated from University of Adelaide, Australia with a Bachelor of Commerce and Bachelor of Economics.


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ANTHONY BUDIAWANDirektur Independen/Independent DirectorDiangkat sebagai Direktur Independen Perseroan pada 17 November 2015. Berpengalaman di bidang ekonomi, keuangan dan pengawasan. Menjabat sebagai Executive Director di sebuah organisasi nirlaba, Indonesia Institute for Financial and Economic Advancement (IIFEA) – (sejak 2009). Anthony juga pernah menjabat sebagai Rektor pada Kwik Kian Gie School of Business untuk periode September 2011 sampai Agustus 2015. Anthony memperoleh gelar Master of Science in Business Economics dari Erasmus University, Rotterdam, Belanda, serta memperoleh gelar profesi Certifi ed Management Accountants (CMA) dari Institute of Certifi ed Management Accountants (CMA), USA.

He was appointed as Independent Director on 17 November 2015. He had experiences in economics, fi nance & controlling. He is also the Executive Director of a not for profi t organization, Indonesia Institute for Financial and Economic Advancement (IIFEA) (since 2009). He also served as Rector of Kwik Kian Gie School of Business for the period of September 2011 to August 2015. He graduated from Erasmus University, Rotterdam, the Netherlands, with a Master degree of Science in Business Economics and also obtained a professional designation of Certifi ed Management Accountants (CMA) from Institute of Certifi ed Management Accountants (CMA), USA.

Kami yang bertandatangan di bawah ini menyatakan bahwa semua informasi dalam Laporan Tahunan PT Berlian Laju Tanker Tbk tahun 2015 telah dimuat secara lengkap dan bertanggung jawab penuh atas kebenaran isi Laporan Tahunan Perseroan.

Demikian pernyataan ini dibuat dengan sebenarnya.

Jakarta, 7 Juni 2016

We, the undersigned hereby confi rmed that all information in the 2015 Annual Report of PT Berlian Laju Tanker Tbk has been presented completely and we are thus fully responsible for the trustworthiness of the contents of this Annual Report.

Th is statement was acknowledged accordingly.

Jakarta, June 7th 2016

KomisarisBoard of Commissioners

DireksiBoard of Directors

Safzen NoerdinKomisaris

Commissioner

Jason KardachiDirekturDirector

Hadi SuryaKomisaris Utama

President Commissioner

Siana Anggraeni SuryaDirektur Utama

President Director

Cosimo BorrelliDirekturDirector

Antonius Joenoes SupitKomisaris Independen

Independent Commissioner

Anthony BudiawanDirektur IndependenIndependent Director

Head Offi ce :Wisma BSG 10th FloorJl. Abdul Muis No. 40Jakarta 10160 INDONESIAP : +62 21 30060300F : +62 21 30060390

www.blt.co.id

Surat Pernyataan Anggota Dewan Komisaris dan Direksi Tentang Tanggung Jawab atas Laporan Tahunan 2015 PT Berlian Laju Tanker Tbk

Statement Letter Board of Commissioners’ and Board of Directors’ Statement of Responsibility for Th e 2015 Annual Report of PT Berlian Laju Tanker Tbk

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PT BERLIAN LAJU TANKER TBKDAN ENTITAS ANAK/AND ITS SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASIANTANGGAL 31 DESEMBER 2015 SERTA

TAHUN YANG BERAKHIR PADA TANGGAL TERSEBUTDAN LAPORAN AUDITOR INDEPENDEN

CONSOLIDATED FINANCIAL STATEMENTSAS OF DECEMBER 31, 2015 ANDFOR THE YEAR THEN ENDED

AND INDEPENDENT AUDITORSʼ REPORT

The original consolidated financial statements included herein are inthe Indonesian language.

PT BERLIAN LAJU TANKER TBKDAN ENTITAS ANAK

PT BERLIAN LAJU TANKER TBKAND ITS SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASIAN CONSOLIDATED FINANCIAL STATEMENTSTANGGAL 31 DESEMBER 2015 SERTA TAHUNYANG BERAKHIR PADA TANGGAL TERSEBUT

DAN LAPORAN AUDITOR INDEPENDEN

AS OF DECEMBER 31, 2015 ANDFOR THE YEAR THEN ENDED

AND INDEPENDENT AUDITORSʼ REPORT

Halaman/Page

Daftar Isi Table of Contents

Surat Pernyataan Direksi Directorsʼ Statement Letter

Laporan Auditor Independen Independent Auditorsʼ Report

Laporan Posisi Keuangan Konsolidasian……..………... 1 - 3 …….…Consolidated Statement of Financial Position

Laporan Laba Rugi dan PenghasilanKomprehensif Lain Konsolidasian ….………...…….. 4 - 5

Consolidated Statement of Profit or Loss and Other……….…………………….Comprehensive Income__

Laporan Perubahan Ekuitas (Defisiensi Modal)Konsolidasian ……………………………..……...…… 6

Consolidated Statement of Changes in Equity…………………………………..(Capital Deficiency)__

Laporan Arus Kas Konsolidasian ……………………….. 7 ………………Consolidated Statement of Cash Flows

Catatan atas Laporan Keuangan Konsolidasian ........... 8 - 172 ………...Notes to Consolidated Financial Statements

The original consolidated financial statements included hereinare in the Indonesian language.

1 Januari/January 1, 2014/

31 Desember/ 31 Desember/December 31, 2014 December 31, 2013(Disajikan kembali/ (Disajikan kembali/

Catatan/ 31 Desember/ As restated - As restated -Notes December 31, 2015 Catatan/Note 46) Catatan/Note 46)

US$'000 US$'000 US$'000ASET ASSETS

ASET LANCAR CURRENT ASSETSKas dan bank 4,41 10.314 23.945 20.272 Cash on hand and in banksPiutang usaha - pihak ketiga 6,41 2.407 17.654 17.809 Trade receivables - third partiesPiutang lain-lain - pihak ketiga 7,41 7.053 3.847 6.439 Other receivables - third partiesPersediaan 8 251 6.525 9.835 InventoriesUang muka 1.215 7.618 10.462 AdvancesBiaya dan pajak dibayar dimuka 986 4.157 3.729 Prepaid expenses and taxes

Total Aset Lancar 22.226 63.746 68.546 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETSKas dibatasi penggunaannya 5,39,41 - 9.168 9.168 Restricted cashAset keuangan derivatif 9,41 23.392 - - Derivative financial assetAset keuangan tersedia untuk dijual 10,41 18.059 21.459 62.601 Available-for-sale financial assetsInvestasi pada entitas asosiasi Investments in associatesdan ventura bersama 11 8.075 2.607 24.876 and joint venture

Aset tetap 12 29.269 590.380 642.933 Fixed assetsAset pajak tangguhan 15 - 312 - Deferred tax assetsAset tidak lancar lainnya 41 85 140 307 Other non-current assets

Total Aset Tidak Lancar 78.880 624.066 739.885 Total Non-current Assets

TOTAL ASET 101.106 687.812 808.431 TOTAL ASSETS

Catatan terlampir merupakan bagian yang tidak terpisahkan darilaporan keuangan konsolidasian secara keseluruhan.

The accompanying notes form an integral part ofthese consolidated financial statements.

(Dinyatakan dalam Dolar Amerika Serikat,kecuali dinyatakan lain) unless otherwise stated)


CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAs of December 31, 2015


LAPORAN POSISI KEUANGAN KONSOLIDASIANTanggal 31 Desember 2015

(Expressed in United States dollar,

1





US$'000 US$'000 US$'000

LABILITAS DAN EKUITAS LIABILITIES AND EQUITY(DEFISIENSI MODAL) (CAPITAL DEFICIENCY)

LABILITAS JANGKA PENDEK CURRENT LIABILITIESUtang usaha 13,37,39,41 Trade accounts payablePihak berelasi 310 964 4.512 Related partiesPihak ketiga 9.700 29.389 43.673 Third parties

Beban akrual 14,21,41 8.278 18.184 20.623 Accrued expensesUtang pajak 15 205 1.346 1.482 Taxes payableLiabilitas jangka panjang jatuh Current maturities oftempo dalam satu tahun long-term liabilitiesPinjaman 16,37,39,41 2.124 70.126 26.513 Loans payableUtang sewa pembiayaan 18,39,41 - 32.877 15.302 Obligations under finance leaseUtang lain-lain 19,39,41 1.585 1.998 7.193 Other payables

Provisi 20,39,41 - 7.113 7.113 ProvisionLiabilitas jangka pendek lainnya 41 249 3.615 7.108 Other current liabilities

Total Liabilitas Jangka Pendek 22.451 165.612 133.519 Total Current Liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIESLiabilitas jangka panjang - setelahdikurangi bagian yang jatuh Long-term liabilities - net oftempo dalam satu tahun current maturitiesPinjaman 16,37,39,41 29.234 657.330 706.302 Loans payableObligasi 17,39,41 - 238.751 224.887 Bonds payableWesel bayar 22,39,41 - 382.135 363.911 Notes payableUtang sewa pembiayaan 18,39,41 - 148.143 197.976 Obligations under finance leaseUtang lain-lain 19,39,41 10.757 249.904 202.689 Other payables

Provisi imbalan pasca kerja 21 1.217 1.481 2.539 Provision for post-employment benefitsLiabilitas pajak tangguhan 15 636 16.831 17.259 Deferred tax liabilitiesUtang pihak berelasi - - 89.309 Due to a related party

Total Liabilitas Jangka Panjang 41.844 1.694.575 1.804.872 Total Non-current Liabilities

TOTAL LIABILITAS 64.295 1.860.187 1.938.391 TOTAL LIABILITIES

Tanggal 31 Desember 2015 As of December 31, 2015

PT BERLIAN LAJU TANKER TBK PT BERLIAN LAJU TANKER TBKDAN ENTITAS ANAK AND ITS SUBSIDIARIES

LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan) CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)

Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part oflaporan keuangan konsolidasian secara keseluruhan. these consolidated financial statements.

(Dinyatakan dalam Dolar Amerika Serikat, (Expressed in United States dollar,kecuali dinyatakan lain) unless otherwise stated)

2





US$'000 US$'000 US$'000

EKUITAS (DEFISIENSI MODAL) EQUITY (CAPITAL DEFICIENCY)Modal saham - nilai nominal Share capital - par valueSaham seri A - Rp 62,50 per saham Series A shares - Rp 62.50 per shareSaham seri B - Rp 50,00 per saham Series B shares - Rp 50.00 per shareModal dasar - 44.237.830.228 Authorized - 44,237,830,228saham seri A dan 2.456.869.565 series A shares and 2,456,869,565saham seri B pada tahun 2015 dan series B shares in 2015 and14.676.480.000 saham seri A 14,676,480,000 series A sharespada tahun 2014 dan 2013 in 2014 and 2013

Modal ditempatkan dan disetor - Issued and fully paid -23.483.317.538 saham seri A 23,483,317,538 series A sharespada tahun 2015 dan 11.550.831.470 in 2015 and 11,550,831,470saham seri A pada tahun 2014 series A shares in 2014dan 2013 23,39 163.636 109.575 109.575 and 2013

Tambahan modal disetor 24,39 1.115.632 136.141 136.141 Additional paid-in capitalCadangan modal lainnya 16,39 7.932 25.183 25.153 Other capital reservesSaham treasuri 25 (6.516) (6.516) (6.516) Treasury sharesSelisih atas perubahan ekuitas Difference arising from changesentitas anak dan pengaruh in equity of subsidiaries andtransaksi dengan pihak effect of transactions withnon-pengendali 26 7.787 7.787 7.787 non-controlling interest

Cadangan 27 11.806 17.384 21.972 ReservesDefisit 28 (1.263.466) (1.461.929) (1.424.072) Deficit

Total Ekuitas (Defisiensi Modal - Neto) 36.811 (1.172.375) (1.129.960) Total Equity (Net Capital Deficiency)

TOTAL LIABILITAS DAN TOTAL LIABILITIES ANDEKUITAS (DEFISIENSI MODAL) 101.106 687.812 808.431 EQUITY (CAPITAL DEFICIENCY)


kecuali dinyatakan lain)


CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)As of December 31, 2015

(Expressed in United States dollar,unless otherwise stated)


LAPORAN POSISI KEUANGAN KONSOLIDASIAN (lanjutan)Tanggal 31 Desember 2015

(Dinyatakan dalam Dolar Amerika Serikat,

3



LAPORAN LABA RUGI DAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDPENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN OTHER COMPREHENSIVE INCOME

Tahun Yang Berakhir Pada Tanggal For The Year Ended31 Desember 2015 December 31, 2015


2014(Disajikan kembali/

Catatan/ As restated -2015 Notes Catatan/Note 46)

US$'000 US$'000

PENDAPATAN USAHA 253.191 29 315.425 OPERATING REVENUES

BEBAN PELAYARAN (83.904) 30 (138.205) VOYAGE EXPENSES

PENDAPATAN USAHA SETELAH OPERATING REVENUES AFTERBEBAN PELAYARAN 169.287 177.220 VOYAGE EXPENSES

Beban penyusutan dan operasi kapal: Vessel depreciation and ship operating expenses:Beban operasi kapal (57.259) 31 (64.111) Ship operating expensesBeban penyusutan kapal (36.729) 12 (41.820) Vessel depreciation

Beban sewa (11.686) (16.616) Charter expenses

LABA BRUTO 63.613 54.673 GROSS PROFIT

Beban administrasi (40.249) 32 (41.773) Administrative expensesKeuntungan pelunasan utang - neto 172.847 16,17,18,19,20 - Gain on extinguishment of debt - netKeuntungan atas restrukturisasi utang 40.561 16,19 27.277 Gain on debt restructuringKeuntungan selisih kurs - neto 17.189 21.815 Foreign exchange gain - netBagian laba entitas asosiasi Share in profits of associatesdan ventura bersama 6.968 11 3.850 and joint ventureKerugian lain-lain - neto (2.398) 34 (12.923) Other losses - net

LABA SEBELUM BUNGA DAN PAJAK 258.531 52.919 INCOME BEFORE INTEREST AND TAXBeban keuangan (87.683) 33 (93.363) Finance costPendapatan bunga 5 4 10 Interest income

LABA (RUGI) SEBELUM PAJAK PENGHASILAN 170.853 (40.434) INCOME (LOSS) BEFORE INCOME TAXMANFAAT PAJAK PENGHASILAN - NETO 16.366 15 392 INCOME TAX BENEFIT - NET

LABA (RUGI) TAHUN BERJALAN 187.219 (40.042) NET INCOME (LOSS) FOR THE YEAR

PENGHASILAN (RUGI) KOMPREHENSIF LAIN OTHER COMPREHENSIVE INCOME (LOSS)Tidak akan direklasifikasikan ke Not to be reclassified to profit or losslaba rugi pada periode berikutnya: in subsequent period:Kenaikan (penurunan) surplus revaluasi Net increase (decrease) inkapal - neto 6.149 27 (2.785) revaluation reserves of vesselsPajak tangguhan terkait Deferred income tax related torevaluasi kapal (500) 15,27 382 revaluation of vessels

Remeasurements onPenilaian kembali atas imbalan pasca kerja 223 21,28 130 post-employment benefits

Deferred income taxPajak tangguhan terkait penilaian kembali (56) 15,28 (32) related to remeasurements

Sub-total 5.816 (2.305) Sub-totalDireklasifikasikan ke laba rugi To be reclassified to profit or losspada periode berikutnya: in subsequent period:Penjabaran laporan keuangan (150) (98) Financial statements translation

Neto 5.666 (2.403) Net

TOTAL LABA (RUGI) KOMPREHENSIF TOTAL COMPREHENSIVETAHUN BERJALAN 192.885 (42.445) INCOME (LOSS) FOR THE YEAR


4



LAPORAN LABA RUGI DAN CONSOLIDATED STATEMENT OF PROFIT OR LOSS ANDPENGHASILAN KOMPREHENSIF LAIN KONSOLIDASIAN (lanjutan) OTHER COMPREHENSIVE INCOME (continued)

Tahun Yang Berakhir Pada Tanggal For The Year Ended31 Desember 2015 December 31, 2015




US$'000 US$'000

Laba (rugi) tahun berjalan yang dapat Net income (loss) for the yeardiatribusikan kepada: attributable to:Pemilik perusahaan 187.219 (40.042) Owners of the CompanyKepentingan non-pengendali - - Non-controlling interest

Total 187.219 (40.042) Total

Total laba (rugi) komprehensif tahun Total comprehensive income (loss)berjalan yang dapat diatribusikan kepada: for the year attributable to:Pemilik perusahaan 192.885 (42.445) Owners of the CompanyKepentingan non-pengendali - - Non-controlling interests

Total 192.885 (42.445) Total

LABA (RUGI) PER SAHAM DASAR BASIC INCOME (LOSS) PER SHARE(dalam nilai penuh) 0,0162 35 (0,0035) (in full amount)

LABA (RUGI) PER SAHAM DILUSIAN DILUTED EARNINGS (LOSS) PER SHARE(dalam nilai penuh) 0,0134 35 (0,0035) (in full amount)

laporan keuangan konsolidasian secara keseluruhan.Catatan terlampir merupakan bagian yang tidak terpisahkan dari The accompanying notes form an integral part of

these consolidated financial statements.

5

The

originalconsolidated

financialstatem

entsincluded

herein

areintheIndonesian

language.

PTBERLIANLAJU

TANKERTBK

PTBERLIANLAJU

TANKERTBK

DANENTITASANAK

ANDITSSUBSIDIARIES

LAPORANPERUBAHANEKUITAS(DEFISIENSIMODAL)KONSOLIDASIAN

CONSOLIDATEDSTATEMENTOFCHANGESINEQUITY(CAPITALDEFICIENCY)

TahunYangBerakhirPadaTanggal

FortheYearEnded

31Desember2015

December31,2015

(Dinyatakandalam

DolarAmerikaSerikat,

(ExpressedinUnitedStatesdollar,

kecualidinyatakanlain)

unlessotherwisestated)

Selisihatas

perubahan

ekuitas

entitasanakdan

pengaruhtransaksi

dengan

pihak

non-pengendali

(Catatan

26)/

Differencearising

fromchanges

Cadangan

inequityof

Ekuitas

Tambahan

modal

subsidiaries

(Defisiensi

modal

lainnya

andeffectof

Penjabaran

modal-

disetor

(Catatan

39)/

Saham

transactions

laporan

neto)/

Modalsaham

(Catatan

24)/

Other

treasuri

with

Surplus

keuangan/

Cadangan

Defisit

Equity

(Catatan23)/

Additional

capital

(Catatan

25)/

non-controlling

revaluasi/

Financial

umum/

(Catatan28)/

(Net

Catatan/

Sharecapital

paid-incapital

reserves

Treasuryshares

Interests

Revaluation

statements

General

Deficit

capital

Notes

(Note23)

(Note24)

(Note39)

(Note25)

(Note26)

reserves

translation

reserves

(Note28)

deficiency)

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

Saldopadatanggal1Januari2014

109.575

136.141

25.153

(6.516)

7.787

15.947

127

5.898

(1.424.776)

(1.130.664)

BalanceperJanuary1,2014

(sebelumdisajikan

kembali)

(aspreviouslyreported)

Pengaruhatas

penerapanPSAK24

Effecton

adoptionofPSAK24

(Revisi2013)

46-

--

--

--

-704

704

(Revised

2013)

Saldopadatanggal1Januari2014

BalanceperJanuary1,2014

(disajikan

kembali)

109.575

136.141

25.153

(6.516)

7.787

15.947

127

5.898

(1.424.072)

(1.129.960)

(asrestated)

Saham

yang

akan

diterbitkan

kepada

kreditur

--

30-

--

--

-30

Equitytobe

issued

tocreditors

Transferke

defisit

27-

--

--

(2.087)

--

2.087

-Transfertodeficit

Rugikom

prehensiflain

27,28

--

--

-(2.403)

(98)

-98

(2.403)

Othercomprehensive

income(loss)

Rugitahun

berjalan

--

--

--

--

(40.042)

(40.042)

Netloss

fortheyear

Saldopadatanggal31Desember2014

BalanceperDecember31,2014

(disajikan

kembali)

109.575

136.141

25.183

(6.516)

7.787

11.457

295.898

(1.461.929)

(1.172.375)

(asrestated)

Saham

yang

diterbitkan

kepada

kreditur

23,24

54.061

979.491

--

--

--

-1.033.552

Sharesissued

tocreditors

Transferke

defisit

27-

--

--

(11.077)

--

11.077

-Transfertodeficit

Penghapusan

saldoatas

Amandemen

Written-offdue

toPKPU

Rencana

Perdamaian

39-

-(25.183)

--

--

--

(25.183)

Amendm

entPlan

Kontribusimodallainnya

167.932

--

--

--

7.932

Othercontributed

capital

Penghasilankomprehensiflain

27,28

--

--

-5.649

(150)

-167

5.666

Othercomprehensive

income

Laba

tahunberjalan

--

--

--

--

187.219

187.219

Netincomefortheyear

Saldoper31Desember2015

163.636

1.115.632

7.932

(6.516)

7.787

6.029

(121)

5.898

(1.263.466)

36.811

BalanceperDecember31,2015

The

accompanyingnotesform

anintegralpartof

theseconsolidated

financialstatem

ents.

Catatan

terlampirmerupakan

bagian

yang

tidak

terpisahkandari

laporankeuangan

konsolidasiansecarakeseluruhan.

Cadangan

(Catatan

27)/Reserves(Note27)

6




US$'000 US$'000

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOWS FROM OPERATING ACTIVITIESPenerimaan kas dari pelanggan 257.271 307.271 Cash received from customersPembayaran kepada pemasok dan karyawan (201.877) (256.094) Cash paid to suppliers and employeesPembayaran bunga (32.662) (19.984) Interest paidPembayaran pajak penghasilan (73) (106) Income tax paidPenerimaan klaim asuransi 164 206 Receipts from insurance claimPenerimaan bunga 5 10 Interest received

Kas neto diperoleh dari aktivitas operasi 22.828 31.303 Net cash provided by operating activities

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOWS FROM INVESTING ACTIVITIESPenurunan kas dibatasi penggunaanya 9.168 5 - Release of restricted cashPerolehan aset tetap (7.138) 12 (9.901) Acquisition of fixed assetsPerolehan dividen 750 11 - Proceeds from dividendPenurunan pada uang jaminan 54 - Decrease in security depositsHasil penjualan aset tetap - neto 17 12 132 Proceeds from sale of fixed assets - net

Kas neto diperoleh dari (digunakan untuk) Net cash provided by (used in)aktivitas investasi 2.851 (9.769) investing activities

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOWS FROM FINANCING ACTIVITIESPembayaran pinjaman (16.396) (2.567) Payments of loansPembayaran utang sewa pembiayaan (16.515) (15.294) Payments of obligations under finance lease

Kas neto digunakan untuk Net cash used inaktivitas pendanaan (32.911) (17.861) financing activities

KENAIKAN (PENURUNAN) NETO NET INCREASE (DECREASE) INKAS DAN BANK (7.232) 3.673 CASH ON HAND AND IN BANKS

KAS DAN BANK ENTITAS ANAK YANG CASH ON HAND AND IN BANKS OFDIDEKONSOLIDASI (5.819) 44 - THE DECONSOLIDATED SUBSIDIARY

KAS DAN BANK YANG DIALIHKAN CASH ON HAND AND IN BANKSKE KREDITUR (580) 16 - TRANSFERRED TO CREDITOR

CASH ON HAND AND IN BANKSKAS DAN BANK AWAL TAHUN 23.945 4 20.272 AT THE BEGINNING OF THE YEAR

CASH ON HAND AND IN BANKSKAS DAN BANK AKHIR TAHUN 10.314 4 23.945 AT THE END OF THE YEAR

laporan keuangan konsolidasian secara keseluruhan.

The accompanying notes form an integral part of


CONSOLIDATED STATEMENT OF CASH FLOWSFor the Year EndedDecember 31, 2015

(Expressed in United States dollar,

LAPORAN ARUS KAS KONSOLIDASIANTahun Yang Berakhir Pada Tanggal

(Dinyatakan dalam Dolar Amerika Serikat,31 Desember 2015

kecuali dinyatakan lain) unless otherwise stated)


Catatan terlampir merupakan bagian yang tidak terpisahkan dari

7


CATATAN ATAS LAPORAN KEUANGANKONSOLIDASIAN

Tanggal 31 Desember 2015 danTahun Yang Berakhir Pada Tanggal Tersebut(Dinyatakan dalam Dolar Amerika Serikat,



NOTES TO THE CONSOLIDATED FINANCIALSTATEMENTS

As of December 31, 2015 andFor the Year Then Ended


8


1. UMUM 1. GENERAL

a. Pendirian a. Establishment

PT Berlian Laju Tanker Tbk (Perusahaan) didirikanberdasarkan akta No. 60 tanggal 12 Maret 1981dengan nama PT Bhaita Laju Tanker. NamaPerusahaan diubah menjadi PT Berlian LajuTanker bedasakan Akta No. 4 tanggal 5 September1988. Kedua akta tersebut dibuat dihadapanRaden Santoso, Notaris di Jakarta, dan telahmendapat persetujuan dari Menteri KehakimanRepublik Indonesia dalam Surat KeputusannyaNo. C2-2630.HT.01.01-Th.89 tanggal31 Maret 1989 serta diumumkan dalam BeritaNegara Republik Indonesia No. 70 tanggal1 September 1989, Tambahan No. 1729.

PT Berlian Laju Tanker Tbk (the “Company”) wasestablished based on notarial deed No. 60 datedMarch 12, 1981 under the name PT Bhaita LajuTanker. The Company's name was changed toPT Berlian Laju Tanker based on notarial deedNo. 4 dated September 5, 1988. Both deeds werenotarized by Raden Santoso, a notary in Jakarta.The deed of establishment was approved by theMinistry of Justice of the Republic of Indonesia inits Decision Letter No. C2-2630.HT.01.01.Th.89dated March 31, 1989 and was published in StateGazette of the Republic of Indonesia No.70 datedSeptember 1, 1989, Supplement No.1729.

Anggaran Dasar Perusahaan telah mengalamibeberapa kali perubahan, terakhir dengan aktaNo. 16 tanggal 23 November 2015 dari Firdhonal,S.H., Notaris di Jakarta, mengenai peningkatanmodal dasar dan ditempatkan dan/atau modaldisetor. Perubahan anggaran dasar tersebut telahdisetujui oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia dalam SuratKeputusannya No. AHU-0947364.AH.01.02 Tahun2015 tanggal 6 Desember 2015.

The Company's Articles of Association has beenamended several times. The latest amendment to itwas the increase in authorized and issued and/orpaid-up capital which was notarized by Firdhonal,S.H., a notary in Jakarta, under deed No. 16 datedNovember 23, 2015. Such amendment wasapproved by the Ministry of Law and Human Rightsof the Republic of Indonesia in its Decision LetterNo. AHU-0947364.AH.01.02.Year 2015 datedDecember 6, 2015.

Perusahaan didirikan dan berkedudukan di Jakartadan mempunyai dua kantor cabang di Merak danDumai. Kantor pusat beralamat di Wisma BinaSurya Group (BSG) Lt. 10, Jl. Abdul Muis No. 40,Jakarta.

The Company was incorporated, is domiciled inJakarta and has two branches in Merak andDumai. Its head office is located in Wisma BinaSurya Group (BSG), 10th Floor, Jl. Abdul MuisNo. 40, Jakarta.

Sesuai dengan pasal 3 Anggaran DasarPerusahaan, ruang lingkup kegiatan Perusahaanmeliputi usaha dalam bidang pengapalan dalamdan luar negeri dengan menggunakan kapal-kapal,termasuk tetapi tidak terbatas pada kapal tanker,tongkang dan kapal tunda. Perusahaan mulaiberoperasi secara komersial pada tahun 1981.Pada saat ini Perusahaan bergerak dalam bidangjasa seperti pelayaran/angkutan laut dengankonsentrasi pada angkutan muatan bahan cairuntuk kawasan Asia, Eropa dan Amerika.

Entitas induk akhir Perusahaan adalahPT Bagusnusa Samudra Gemilang (Bagusnusa).

According to Article 3 of the Companyʼs Articles ofAssociation, its scope of activities consists of localand overseas shipping, including but not limited totanker, barges and tugboat operations. TheCompany started its commercial operations in1981. Presently, the Company provides shippingservices for liquid cargo transportation in Asia,Europe and America.

The Companyʼs ultimate parent company isPT Bagusnusa Samudra Gemilang (Bagusnusa).

Berdasarkan Keputusan Menteri KeuanganRepublik Indonesia No. KEP-1514/WPJ.07/BD.04/2008 tanggal 28 November 2008,Perusahaan diizinkan untuk menyelenggarakanpembukuan dalam bahasa Inggris danmenggunakan mata uang Dolar Amerika Serikat(US$) sejak tanggal 1 Januari 2009.

Based on the Decision Letter No. KEP-1514/WPJ.07/BD.04/2008 dated November 28,2008 of the Ministry of Finance of the Republic ofIndonesia, the Company was allowed to maintainits accounting records in the English language andUnited States dollar (US$) starting January 1,2009.









9


1. UMUM (Lanjutan) 1. GENERAL (continued)

b. Penawaran umum saham, obligasi, dan weselbayar

Saham

Perusahaan menawarkan 2.100.000 sahamkepada masyarakat melalui Bursa Efek Indonesia(BEI) dengan harga Rp 8.500 per saham, yangtelah disetujui oleh Menteri Keuangan RepublikIndonesia dengan Surat Keputusannya No. S1-076/SHM/MK.01/1990 tanggal 22 Januari 1990.Saham-saham tersebut tercatat di BEI padatanggal 26 Maret 1990.

Pada tanggal 27 Januari 1993, Perusahaanmemperoleh Surat Pemberitahuan EfektifNo. S-109A/PM/1993 dari Ketua Badan PengawasPasar Modal (Bapepam) (sekarang Otoritas JasaKeuangan) untuk mengadakan Penawaran UmumTerbatas I kepada pemegang saham sejumlah29.400.000 saham dengan harga Rp 1.600 persaham. Saham-saham tersebut tercatat di BEIpada tanggal 24 Mei 1993.

Pada tanggal 26 Desember 1997, Perusahaanmemperoleh pernyataan efektif dari KetuaBapepam dengan suratnya No. S-2966/PM/1997untuk melakukan Penawaran Umum Terbatas IIdengan Hak Memesan Efek Terlebih Dahulukepada para pemegang saham sebanyak305.760.000 saham dengan 61.152.000 warandengan harga pelaksanaan Rp 1.200 per waran.Setiap waran yang dieksekusi dapat membeli satusaham mulai tanggal 16 Juli 1998 sampai dengantanggal 20 Januari 2003. Berdasarkan AddendumPernyataan Penerbitan Waran sesuai dengan aktaNo. 32 tanggal 17 Oktober 2002 dari AmrulPartomuan Pohan, S.H., LLM, Notaris di Jakarta,Perusahaan memutuskan menambah jangka waktuwaran selama lima tahun atau sampai tanggal18 Januari 2008. Saham-saham tersebut dicatat diBEI pada tanggal 16 Januari 1998.

b. Public offering of shares, bonds and notespayable

Shares

The Companyʼs public offering of 2,100,000 sharesthrough the Indonesia Stock Exchange (IDX), at theprice of Rp 8,500 per share, was approved by theMinistry of Finance of the Republic of Indonesia inits Decision Letter No. S1-076/SHM/MK.01/1990dated January 22, 1990. These shares were listedin the BEI on March 26, 1990.

On January 27, 1993, the Company obtained thenotice of effectivity from the Chairman of theCapital Market Supervisory Agency (Bapepam)(currently Otoritas Jasa Keuangan) in his letter No.S-109A/PM/1993 for the Companyʼs Rights Issue Ito the shareholders totaling 29,400,000 shares atthe price of Rp 1,600 per share. These shares werelisted in the IDX on May 24, 1993.

On December 26, 1997, the Company obtained thenotice of effectivity from the Chairman of Bapepamin his letter No. S-2966/PM/1997 for the CompanyʼsRights Issue II with pre-emptive right toshareholders totaling 305,760,000 shares with61,152,000 warrants at an exercise price ofRp 1,200 per warrant. Each warrant was entitled topurchase one share from July 16, 1998 to January20, 2003. Based on the addendum to thestatements of warrant issuance which wasnotarized under deed No. 32 dated October 17,2002 of Amrul Partomuan Pohan, S.H., LLM,notary in Jakarta, the Company decided to extendthe period to exercise the warrants for five years oruntil January 18, 2008. The shares were listed inthe IDX on January 16, 1998.









10


1. UMUM (Lanjutan)

b. Penawaran umum saham, obligasi dan weselbayar (lanjutan)

Saham (lanjutan)

Pada tanggal 18 Desember 2000, Perusahaanmemperoleh pernyataan efektif dari KetuaBapepam dengan suratnya No.S-3690/PM/2000untuk melakukan Penawaran Umum Terbatas IIIdengan Hak Memesan Efek Terlebih Dahulukepada para pemegang saham sebanyak61.152.000 saham. Perusahaan telah menerbitkansebanyak 53.958.150 saham biasa baru dengannilai nominal Rp 500 per saham dengan hargapelaksanaan Rp 1.100 per saham.

Perusahaan melakukan stock split 4:1 pada tahun2002 dan 2:1 pada tahun 2004. Dengan demikian,harga pelaksanaan waran sejak tahun 2005menjadi sebesar Rp 150 per saham.

Pada tanggal 22 September 2006, Perusahaanmemperoleh ijin untuk mencatatkan sahamnya dipapan utama Singapore Exchange SecuritiesLimited (SGX) Mainboard berdasarkan suratNo. RMR/IR/YCH/260407 dari SGX. Sehubungandengan pencatatan saham tersebut, Perusahaanjuga mengubah Anggaran Dasarnya yang telahdisetujui oleh para pemegang saham dalam RapatUmum Para Pemegang Saham Luar Biasa padatanggal 11 September 2006.

Pada tanggal 29 Juni 2009, Perusahaanmemperoleh pernyataan efektif dariKetua Bapepam-LK dengan suratnyaNo. S-5658/BL/2009 untuk melakukan PenawaranUmum Terbatas IV dengan Hak Memesan EfekTerlebih Dahulu kepada para pemegang saham.Sehubungan dengan penawaran umum terbatasini, Perusahaan menerbitkan saham biasa barusebanyak 1.392.310.059 dengan hargapelaksanaan Rp 425 per saham.

Pada tanggal 30 Juni 2010, Perusahaanmemperoleh pernyataan efektif dari KetuaBapepam-LK dengan surat No. S-5872/BL/2010untuk melakukan Penawaran Umum Terbatas Vdengan Hak Memesan Efek Terlebih Dahulukepada para pemegang saham. Sehubungandengan penawaran umum terbatas ini, Perusahaanmenerbitkan saham biasa baru sebanyak5.569.240.235 dengan harga pelaksanaan Rp 220per saham.

1. GENERAL (continued)

b. Public offering of shares, bonds and notespayable (continued)

Shares (continued)

On December 18, 2000, the Company obtained thenotice of effectivity from the Chairman of Bapepamin his letter No. S-3690/PM/2000 for the CompanyʼsRights Issue III with pre-emptive right toshareholders totaling 61,152,000 shares. TheCompany issued 53,958,150 new common shareswith nominal value of Rp 500 per share at theexercise price of Rp 1,100 per share.

The Company conducted a stock split of 4:1 in2002 and 2:1 in 2004. Thus, the exercise price ofthe warrants became Rp 150 per share since 2005.

On September 22, 2006, the Company obtainedeligibility to list all of its shares in the SingaporeExchange Securities Limited (SGX) Mainboardbased on letter No. RMR/IR/YCH/ 260407 fromSGX. In line with the Companyʼs listing of shares,the Company also amended certain provisions ofits Articles of Association, which amendments wereapproved by the shareholders in the ExtraordinaryShareholdersʼ Meeting held on September 11,2006.

On June 29, 2009, the Company obtained thenotice of effectivity from the Chairman of Bapepam-LK in his letter No. S-5658/BL/2009 for theCompanyʼs rights issue IV with preemptive rights toshareholders. In connection with such rights issue,the Company issued 1,392,310,059 new commonshares at the exercise price of Rp 425 per share.

On June 30, 2010, the Company obtained thenotice of effectivity from the Chairman of Bapepam-LK in his letter No. S-5872/BL/2010 for theCompanyʼs Rights Issue V with preemptive rights toshareholders. In connection with such rights issue,the Company issued 5,569,240,235 new commonshares at the exercise price of Rp 220 per share.









11


1. UMUM (Lanjutan)


Saham (lanjutan)

Seluruh saham Perusahaan sejumlah11.550.831.470 saham tercatat di BEI dan SGX(Catatan 22). Pada tanggal 24 Januari 2012,Perusahaan mengajukan permohonan untukmenghentikan sementara perdagangan efekPerusahaan di kedua bursa mengingat adanyainformasi penting yang secara material dapatmempengaruhi keputusan investor. Pada tanggal25 Januari 2012, BEI dan SGX menghentikanperdagangan efek Perusahaan hinggapengumuman lebih lanjut oleh Perusahaan. Padatanggal 26 Januari 2012, Perusahaanmengumumkan debt standstill untuk menghentikansementara pembayaran utang Grup, dan setelahitu mulai menjalankan Rencana Perdamaian yangtelah disetujui pada bulan Maret 2013 (Catatan 38dan 39).

Pada bulan Maret dan Juni 2014, Perusahaan telahmeminta perpanjangan atas penghentianperdagangan efek sehubungan dengan prosespemeriksaan laporan keuangan konsolidasiantahun 2013 masih dalam proses penyelesaian.Perusahaan menyerahkan laporan keuangan yangtelah diaudit pada tanggal 30 September 2014.

Pada tanggal 31 Desember 2015. Perusahaansecara efektif mengimplementasikan PengajuanKonversi Utang menjadi Ekuitas dengan krediturkonkuren. Pada tanggal 8 Januari 2016permohonan pencatatan saham baru(11.932.486.068 saham) Perusahaan telahdisetujui oleh BEI melalui suratnyaNo. S-00086/BEI.PP1/01-2016.

Sampai dengan tanggal penerbitan laporankeuangan konsolidasian, perdagangan efekPerusahaan masih belum dilanjutkan pada keduabursa tersebut.



Shares (continued)

All 11,550,831,470 issued shares of the Companyare listed in the IDX and SGX (Note 22). OnJanuary 24, 2012, the Company requestedtemporary suspension of trading on both stockexchanges on grounds of future disclosure ofmaterial information that may affect investorsʼdecision. On January 25, 2012, the IDX and SGXsuspended the trading of the Companyʼs securitiesuntil further notice by the Company. On January26, 2012, the Company announced the debtstandstill to temporarily cease debt payments of theGroupʼs debts, and thereafter worked on aRestructuring Plan, which was approved in March2013 (Notes 38 and 39).

In March and June 2014, the Company requestedfor extension of the trading suspension due toongoing audit process of the 2013 consolidatedfinancial statements. The Company filed its 2013consolidated financial statements on September30, 2014.

On December 31, 2015, the Company effectivelyimplemented the Proposed Debt-Equity SwapShare Issuance with unsecured creditors(Notes 16, 17, 19, 20, 22, 39). On January 8, 2016,new shares listing application (11,932,486,068shares) of the Company has been approved by IDXunder letter No. S-00086/BEI.PP1/01-2016.

As of the issuance date of these consolidatedfinancial statements, the Company has notresumed trading on both stock exchanges.

Obligasi dan wesel bayar

Pada tanggal 4 Mei 2007 dan 17 Mei 2007, BLTFinance B.V., entitas anak, menerbitkan 7,5%Guaranteed Senior Notes senilai US$ 400,0 jutayang jatuh tempo tahun 2014 dan US$ 125,0 jutaZero Coupon Guaranteed Convertible Bonds yangjatuh tempo tahun 2012, dimana keduanyaterdaftar di SGX (Catatan 16 dan 22).

Bonds and notes payable

On May 4, 2007 and May 17, 2007, BLT FinanceB.V., a subsidiary, issued US$ 400.0 million 7.5%Guaranteed Senior Notes due in 2014 andUS$ 125.0 million Zero Coupon GuaranteedConvertible Bonds due in 2012, which were bothregistered in SGX (Notes 16 and 22).









12


1. UMUM (Lanjutan)


Obligasi dan wesel bayar (lanjutan)

Pada tanggal 25 Juni 2007, Perusahaanmemperoleh pernyataan efektif dari KetuaBapepam-LK dengan surat No. S-3117/BL/2007untuk melakukan Penawaran Umum ObligasiBerlian Laju Tanker III tahun 2007 sebesarRp 700,0 miliar dengan suku bunga tetap danObligasi Sukuk Ijarah tahun 2007 sebesarRp 200,0 miliar (Catatan 17).

Pada tanggal 15 Mei 2009, Perusahaanmemperoleh pernyataan efektif dari KetuaBapepam-LK dengan surat No. S-3908/BL/2009untuk melakukan Penawaran Umum ObligasiBerlian Laju Tanker IV tahun 2009 sebesarRp 400,0 miliar dan Obligasi Sukuk Ijarah II tahun2009 sebesar Rp 100,0 miliar (Catatan 17).

Pada tanggal 10 Februari 2010 dan 29 Maret 2010,BLT International Corporation, entitas anak,menerbitkan 12,0% Obligasi Konversi Terjaminmasing-masing sebesar US$ 100,0 juta danUS$ 25,0 juta, yang jatuh tempo pada tahun 2015(Catatan 17).

Pada tanggal 11 Januari 2016, BEI mengumumkanObligasi Perusahaan dengan kode BLTA03,BLTA04B dan BLTA04C, dan Sukuk dengan kodeSIKBLTA02A, SIKBLTA02B dan SIKBLTA01B,jatuh tempo pada tanggal 12 Januari 2016sehubungan pelaksanaan Amandemen RencanaPerdamaian dan Obligasi tersebut tidak akantercatat lagi di BEI terhitung mulai tanggal12 Januari 2016.



Bonds and notes payable (continued)

On June 25, 2007, the Company obtained thenotice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3117/BL/2007 for theCompanyʼs public offering of 2007 Berlian LajuTanker III Bonds amounting to Rp 700.0 billion withfixed interest rate and 2007 Sukuk Ijarah bondsamounting to Rp 200.0 billion (Note 17).

On May 15, 2009, the Company obtained thenotice of effectivity from the Chairman of Bapepam-LK in his letter No. S-3908/BL/2009 for theCompanyʼs public offering of 2009 Berlian LajuTanker IV Bonds amounting to Rp 400.0 billion and2009 Sukuk Ijarah II bonds amounting to Rp 100.0billion (Note 17).

On February 10, 2010 and March 29, 2010, BLTInternational Corporation, a subsidiary, issued12.0% Guaranteed Convertible Bonds due in 2015totaling US$ 100.0 million and US$ 25.0 million,respectively (Note 17).

On January 11, 2016, IDX announced that both theCompanyʼs bonds with code BLTA03, BLTA04Band BLTA04C, and Sukuk with code SIKBLTA02A,SIKBLTA02B and SIKBLTA01B have been due onJanuary 12, 2016 as implementation of thePenundaan Kewajiban Pembayaran Utang (PKPU)Amendment Plan and these bonds will be delistedin IDX effective on January 12, 2016.

PTBERLIANLAJU

TANKERTBK

DANENTITASANAK

CATATANATASLAPORANKEUANGAN

KONSOLIDASIAN

Tanggal31Desember2015dan

TahunYangBerakhirPadaTanggalTersebut

(Dinyatakandalam



PTBERLIANLAJU

TANKERTBK

ANDITSSUBSIDIARIES

NOTESTOTHECONSOLIDATEDFINANCIAL

STATEMENTS

AsofDecember31,2015and

FortheYearThenEnded

(ExpressedinUnited

Statesdollar,


13

The


financialstatem

entsincluded

herein

areintheIndonesian

language.

1.UMUM(Lanjutan)

1.GENERAL(continued)

c.StrukturGrup

c.TheGroupʼsstructure

Laporankeuangan

konsolidasianmencakupakun-akunPerusahaandanentitas

anaknya.

Perusahaanbersam

a-samadengan

entitas

anak

selanjutnyadisebut

“Grup”.

The

consolidated

financialstatem

entsincludetheaccountsoftheCom

pany

and

itssubsidiaries,which

arehereafterreferred

toas

the“Group”.

Perusahaan

mem

iliki

kepemilikan

saham

langsung

pada

Indigo

Pacific

Corporation,

Diamond

PacificInternationalCorporation

dan

Asean

Maritime

Corporation,

dimana

semuanya

bergerak

dalam

bidang

investasi

dan

berkedudukan

diluarnegeri.

The

Com

pany

hasdirectshareow

nershipinIndigo

PacificCorporation,Diamond

PacificInternationalCorporationandAsean

MaritimeCorporation,allofw

hich

are

investmentholding

companies

domiciledinforeigncountries.

Rincian

struktur

Grup,

pemilikansaham

langsung

dantidak

langsung

adalah

sebagaiberikut:

DetailsoftheGroupʼsstructure,show

ingdirectandindirectshareow

nership,are

asfollows:

Persentase

TotalAsetSebelum

Persentase

TotalAsetSebelum

Kepem

ilikan(%)/

Elim

inasi/

Kepem

ilikan(%)/

Elim

inasi/

Percentage

TotalAssets

Percentage

TotalAssets

TahunAwalOperasiKom

ersial/

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElim

ination

No.

Perusahaan/ Com

pany

KegiatanUsaha/ PrincipalActivity

Dom

isili/ Dom

icile

StartofCom

mercialOperations

2015

2015

2014

2014

1Indigo

PacificCorporation

PerusahaanInvestasi/Investmentholding

compan y

Labuan,M

alaysia

24Desem

ber1997/Decem

ber24,199 7

100

668.775

100

1.932

1.1

Indigo

PacificCorporation


compan y

BritishVirginIslands

9Pebruari1993/February9,199 3

100

156.706

100

40.129

1.1.1

MelaniM

aritimeInc.

c)Pem

ilikandanpengoperasiankapal/O

wnerand

operatorofvesse l

Panam

a24

Pebruari1993/February24,1993

--

100

589

1.1.2

Zona

OverseasInternationalShippingS.A.

b)Pem

ilikandanpen goperasiankapal/O

wnerand

operatorofvesse l

Panam

a24

Juni1997/June24,1997

100

67.541

100

84.481

1.1.3

KuntiMaritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

19Juli2000/July19,2000

100

16.133

100

-1.1.4

JembawatiM

aritimePte.Ltd.

c)Pem


wnerand

operatorofvesse l

Singapore

25Juli2000/July25,2000

--

100

-1.1.5

TirtasariMaritimePte.Ltd.

c)Pem


wnerand

operatorofvesse l

Singapore

24Nopem

ber2001/Novem

ber24,2001

--

100

14.708

1.1.6

PergiwoNavigationPte.Ltd.

c)Pem


wnerand

operatorofvesse l

Singapore

25Juli2002/July25,2002

--

100

13.132

1.1.7

FatmariniM

aritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

14Agustus

2002

/August14,2002

100

-100

15.964

1.1.8

HarsanadiMaritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

14Agustus

2002/August14,200 2

100

-100

-1.1.9

HartatiMaritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

26Agustus

2002/August26,200 2

100

22100

2.211

1.1.10

BLT

FinanceCorporation


compan y


24Oktober2005/October24,2005

100

263

100

-1.1.11

Pujaw

atiM

aritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

10Maret2006/March

10,2006

100

-100

12.218

1.1.12

PertiwiM

aritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

10Maret2006/March

10,2006

100

-100

15.664

1.1.13

AnggrainiMaritimePte.Ltd.

c)Pem


wnerand

operatorofvesse l

Singapore

5April2006/April5,200 6

--

100

-1.1.14

EmeraldMaritimePte.Ltd.

Pem


wnerand

operatorofvesse l

Singapore

12April2006/April12,200 6

100

14.355

100

15.784

1.1.15

BLT

FinanceB.V.


compan y

TheNetherlands

26April2007/April26,2007

100

35100

28.287

1.1.16

TridonawatiM

aritimePte.Ltd.

Pem


wnerand

operatorofvesse l

Singapore

6Juni2007/June6,200 7

100

52.643

100

-1.1.17

PurbasariMaritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore

6Juni2007/June6,200 7

100

23.491

100

26.487

1.1.18

TridonawatiM

aritimeCorporation

b)Pem


wnerand

operatorofvesse l

Liberia

21Juni2007/June21,2007

100

-100

-1.1.19

Trirasa

MaritimePte.Ltd.

c)Pem


wnerand

operatorofvesse l

Singapore

6Juni2007/June6,200 7

--

100

-1.1.20

PramoniM

aritimePte.Ltd.

b)Pem


wnerand

operatorofvesse l

Singapore


100

9.870

100

25.511

PTBERLIANLAJU

TANKERTBK

DANENTITASANAK


KONSOLIDASIAN



(Dinyatakandalam



PTBERLIANLAJU

TANKERTBK

ANDITSSUBSIDIARIES


STATEMENTS


FortheYearThenEnded

(ExpressedinUnited

Statesdollar,


14

The


financialstatem

entsincluded

herein

areintheIndonesian

language.

1.UMUM(Lanjutan)


c.StrukturGrup(lanjutan)

c.TheGroupʼsstructure(continued) Persentase

TotalAsetSebelum

Persentase

TotalAsetSebelum

Kepem

ilikan(%)/

Eliminasi/

Kepemilikan(%)/

Elim

inasi/

Percentage

TotalAssets

Percentage

TotalAssets

TahunAwalOperasiKomersial/

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Perusahaan/ Company

KegiatanUsaha/PrincipalActivity

Domisili/ Domicile

StartofCommercialOperations

2015

2015

2014

2014

US$'000

US$'000

1.1.21

FatmariniShippingPte.Ltd.

b)Pem

ilikandanpengoperasiankapal/Ownerandoperatorofvessel

Singapore


100

-100

-1.1.22

FrabandariShippingPte.Ltd.

b)Pem


Singapore


100

-100

1.512

1.1.23

HarsanadiShippingPte.Ltd.

Pem


Singapore


100

18.355

100

18.295

1.1.24

HartatiShippingPte.Ltd.

Pem


Singapore


100

13.144

100

13.591

1.1.25

NogoginiShippingPte.Ltd.

Pem


Singapore


100

7.480

100

9.545

1.1.26

Nolow

atiShippingPte.Ltd.

Pem


Singapore


100

7.861

100

8.623

1.1.27

RatihShippingPte.Ltd.

c)Pem


Singapore


--

100

-1.1.28

UniversalGrace

Ltd.

b)Pem


HongKong

24September2010/September24,2010

100

-100

-1.1.29

BLT

MaritimeCorporation


company



100

10.511

100

11.649

1.1.29.1

SwankVenturesLtd.

b)PerusahaanInvestasi/Investmentholding

company

MarshallIslands

31Desem

ber2010/Decem

ber31,2010

60-

60-

1.1.30

RichKingLtd.

a)Pem


HongKong

18Juli2011/July18,2011

100

-100

-2

DiamondPacificInternationalCorporation


company

Corporation

Labuan,M

alaysia

24Novem

ber1997/Novem

ber24,1997

100

23.153

100

42.862

2.1



company

Corporation


9Pebruari1993/February9,1993

100

115.327

100

76.847

2.1.1

LenaniMaritimeInc.

b)Pem


Panam

a24

Pebruari1993/February24,1993

100

15.226

100

8.571

2.1.1.1

OntariM

aritimePte.Ltd.

b)Pem


Singapore

25Juli2000/July25,2000

100

-100

6.172

2.1.2

AverinaMaritimeS.A.

c)Agenperkapalan/ShippingAgency

Panam

a27

Mei1998/May

27,1998

--

100

-2.1.3

GandariNavigationPte.Ltd.

b)Pengoperasian

kapal/O

peratorofvessel

Singapore


100

-100

-2.1.4

CendanawatiNavigationPte.Ltd.

c)Pem


Singapore

25Juli2002/July25,2002

--

100

8.827

2.1.5

FrabandariM

aritimePte.Ltd.

b)Pem


Singapore

14Agustus

2002/August14,2002

60-

6021.841

2.1.6

Brotojoyo

MaritimePte.Ltd.

Pem


Singapore

25Agustus

2002/August25,2002

100

13.074

100

-2.1.7

BerlianLajuTankerPte.Ltd.

Pengoperasian

kapal/O

peratorofvessel

Singapore

3Juli2003/July3,2003

100

112

100

-2.1.8

AnjasmoroMaritimePte.Ltd.

b)Pem


Singapore

17Maret2004/March

17,2004

100

-100

36.191

2.1.9

Gas

LombokMaritimePte.Ltd.

c)Pem


Singapore

20Maret2008/March

20,2008

--

100

-2.1.10

Gas

Sum

bawaMaritimePte.Ltd.

c)Pem


Singapore

12Juni2008/June12,2008

--

100

22.292

2.1.11

BerlianLajuTankerDMCC

c)Agenperkapalan/ShippingAgency

Dubai

16Januari2011/January16,2011

--

100

-2.1.12

BLT

Gas

Corporation

b)Pengoperasian

Kapal/Operatorofvessel



100

-100

-2.2

BLT

LNGTangguh

Corporation

Pengoperasian

kapal/O

peratorofvessel

MarshallIslands

8Juli2005/July8,2005

100

40.958

100

9.415

3Asean

MaritimeCorporation


company

Labuan,M

alaysia


100

301.298

100

9.943

3.1

GoldBridge

ShippingCorporation


company


20Nopem

ber1996/Novem

ber20,1996

100

33.996

100

13.115

3.1.2

GoldBridge

ShippingLtd.

Agenperkapalan/Shippingagency

HongKong


100

21.933

100

16.512

3.1.3

GreatTirtaShippingS.A.

c)Pem


Panam

a23


--

100

-3.1.3.1

Dew

ayaniM

aritimePte.Ltd.

c)Pem


Singapore


--

100

-3.1.4

Hopeway

MarineInc.

Pem


Panam

a22

Nopem

ber1984/Novem

ber22,1984

100

5.022

100

5.734

3.1.5

LestariInternationalShippingS.A.

c)Pem


wnerandoperatorofvessel

Panam

a23


--

100

5.024

3.1.5.1

GandiniMaritimePte.Ltd.

c)Pem


Singapore


--

100

13.528

3.1.6

QuimeraMaritimeS.A.

b)Pem


Panam

a3Desem

ber1993/Decem

ber3,1993

100

745

100

-3.1.7

SouthEasternOverseasNavigationS.A.

b)Pem


Panam

a26

Mei1994/May

26,1994

100

-100

-3.1.8

Zenith

OverseasMaritimeS.A.

b)Pem


Panam

a23


100

-100

222

3.1.8.1

GandariMaritimePte.Ltd.

b)Pem


Singapore


100

5.360

100

244.855

3.1.9

ZonaShippingS.A.

c)Pem


Panam

a23


--

100

4.279

PTBERLIANLAJU

TANKERTBK

DANENTITASANAK


KONSOLIDASIAN



(Dinyatakandalam



PTBERLIANLAJU

TANKERTBK

ANDITSSUBSIDIARIES


STATEMENTS


FortheYearThenEnded

(ExpressedinUnited

Statesdollar,


15

The


financialstatem

entsincluded

herein

areintheIndonesianlanguage.

1.UMUM(Lanjutan)



c.TheGroupʼsstructure(continued)

Persentase

TotalAsetSebelum

Persentase

TotalAsetSebelum

Kepem

ilikan(%)/

Eliminasi/

Kepemilikan(%)/

Elim

inasi/

Percentage

TotalAssets

Percentage

TotalAssets

TahunAwalOperasiKomersial/

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Perusahaan/Company

KegiatanUsaha/PrincipalActivity

Domisili/Domicile

StartofCommercialOperations

2015

2015

2014

2014

US$'000

US$'000

3.1.9.1

DewiSriMaritimePte.Ltd.

c)Pem

ilikandan

pengoperasiankapal/Ownerandoperatorofvessel

Singapore

6September2001/ September6,2001

--

100

3.778

3.1.10

EglantineNavigationS.A.

b)Pem

ilikandan


Panam

a24

Nopember1997/ Novem

ber24,1997

100

4.693

100

4.114

3.1.11

WulansariMaritimePte.Ltd.

b)Pem

ilikandan


Singapore

6April2001/ April6,2001

100

-100

1.719

3.1.12

YanaseniM

aritimePte.Ltd.

c)Pem

ilikandan


Singapore


--

100

3.858

3.1.13

IndradiM

aritimePte.Ltd.

Pem

ilikandan


Singapore


100

8.406

100

3.715

3.1.14

GoldBridge

ShippingAgenciesS.A.

Agenperkapalan/ Shippingagency

Panam

a26

September2001/ September26,2001

100

-100

-3.1.15

EliteBauhiniaNavigationPte.Ltd.

Pem

ilikandan


Singapore

24Nopember2001/ Novem

ber24,2001

100

3.591

100

-3.1.16

Cem

paka

NavigationPte.Ltd.

b)Pem

ilikandan


Singapore

25Juli2002/ July25,2002

100

3.316

100

-3.1.17

Dahlia

NavigationPte.Ltd.

Pem

ilikandan


Singapore

25Juli2002/ July25,2002

100

3.638

100

-3.1.18

FreesiaNavigationS.A.

Pem

ilikandan


Panam

a15

Nopember2002/ Novem

ber15,2002

100

8.780

100

9.401

3.1.19

GerberaNavigationS.A.

b)Pem

ilikandan


Panam

a29

Nopember2002/ Novem

ber29,2002

100

3.874

100

16.687

3.1.20

MustokoweniM

aritimePteLtd.

c)Pem

ilikandan


Singapore

12Agustus

2004/ August12,2004

--

100

4.459

3.1.21

UlupiMaritimePte.Ltd.

c)Pem

ilikandan


Singapore

12Agustus

2004/ August12,2004

--

100

12.742

3.1.22

ErowatiMaritimePte.Ltd.

Pem

ilikandan


Singapore

12Agustus

2004/ August12,2004

100

3.241

100

-3.1.23

Gas

Papua

MaritimePteLtd.

Pem

ilikandan


Singapore


ber10,2004

100

14.701

100

20.885

3.1.24

Rasawulan

MaritimePte.Ltd.

b)Pem

ilikandan


Singapore

8Oktober2004/ October8,2004

100

-100

-3.1.25

Gas

SulawesiM

aritimePte.Ltd.

Pem

ilikandan


Singapore


ber10,2004

100

12.538

100

-3.1.26

Gagarmayang

MaritimePte.Ltd.

b)Pem

ilikandan


Singapore


100

156.900

100

32.998

3.1.27

PritaDewiM

aritimePte.Ltd.

b)Pem

ilikandan


Singapore


ber10,2004

100

5.358

100

19.671

3.1.28

PurwatiMaritimePte.Ltd.

b)Pem

ilikandan


Singapore


ber10,2004

100

-100

138.294

3.1.29

Pradapa

MaritimePte.Ltd.

b)Pem

ilikandan


Singapore


100

-100

-3.1.30

PergiwatiM

aritimePte.Ltd.

b)Pem

ilikandan


Singapore


100

64.006

100

39.687

3.1.31

BadrainiM

aritimePte.Ltd.

c)Pem

ilikandan


Singapore


--

100

21.808

3.1.32

Barunaw

atiM

aritimePte.Ltd.

c)Pem

ilikandan


Singapore


--

100

-3.1.33

Gas

MalukuMaritimePte.Ltd.

c)Pem

ilikandan


Singapore


--

100

3.239

3.1.34

Baraw

atiM

aritimePte.Ltd.

b)Pem

ilikandan


Singapore


100

-100

-3.1.35

Gas

BaliM

aritimePte.Ltd.

c)Pem

ilikandan


Singapore

6Juli2005/ July6,2005

--

100

7.248

3.1.36

EustomaNavigationS.A.

b)Pem

ilikandan


Panam

a12

Agustus

2005/ August12,2005

100

13.494

100

13.497

3.1.37

PuspawatiM

aritimePte.Ltd.

b)Pem

ilikandan


Singapore


100

31.159

100

33.659

3.1.38

DiamondFlowLtd.

b)PerusahaanInvestasi/Investmentholding

company

HongKong


100

-100

-3.1.39

HyacinthNavigationS.A

b)Pem

ilikandan


Panam

a5Juni2008/June5,2008

100

-100

-3.1.40

IrisMaritimeInternationalS.A

Pem

ilikandan


Panam

a5Juni2008/June5,2008

100

24.564

100

-3.1.41

GerberaNavigationPte.Ltd.

b)Pem

ilikandan


Singapore

1Pebruari2011/ February1,2011

100

-100

-3.1.42

BLT

InternationalCorporation


company

HongKong

22Oktober2009/ Otober22,2009

100

97.864

100

97.956

3.1.43

AmberPacificCorporation

PerusahaanInvestasi/Investmentcom

pany


15Desem

ber2015/ Decem

ber15,2015

100

--

-3.2

BLT

ChembulkCorporation


company



100

-100

5.239

3.2.1

ChembulkTankersLLC


company

MarshallIslands


100

49.071

100

17.856

3.2.1.1

ChembulkTradingIILLC

d)Pem

ilikandan


MarshallIslands


--

100

487.572

3.2.1.2

ChembulkManagementLLC

Manajem

enperkapalan/ Shipmanagement

UnitedStatesofAmerica9Januari2007/January9,2007

100

71.120

100

-3.2.1.3

ChembulkManagementPte.Ltd.

Manajem


Singapore

29Maret2007/ March29,200 7

100

1.076

100

1.495

3.2.1.4

CBLTankersDoBrasilLtda.

Manajem


Brazil


97.5

2597.5

-3.2.1.5

BLT

ChembulkGroup

EuropeA/S

Manajem


Denmark


100

109

100

-

PTBERLIANLAJU

TANKERTBK

DANENTITASANAK


KONSOLIDASIAN



(Dinyatakandalam



PTBERLIANLAJU

TANKERTBK

ANDITSSUBSIDIARIES


STATEMENTS


FortheYearThenEnded

(ExpressedinUnited

Statesdollar,


16

The


financialstatem

entsincluded

herein

areintheIndonesian

language.

1.UMUM(Lanjutan)



c.TheGroupʼsstructure(continued)

Persentase

TotalAsetSebelum

Persentase

TotalAsetSebelum

Kepem

ilikan(%)/

Eliminasi/

Kepem

ilikan(%)/

Eliminasi/

Percentage

TotalAssets

Percentage

TotalAssets

TahunAwalOperasiKom

ersial/

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Perusahaan/ Com

pany

KegiatanUsaha/ PrincipalActivity

Dom

isili/ Dom

icile

StartofCom

mercialOperations

2015

2015

2014

2014

US$'000

US$'000

3.2.1.6

BLTChembulkGroup

Corporation

b)Pengoperasian

kapal/O

peratorofvessel


2Desem

ber2010/Decem

ber2,2010

100

2.079

100

1.497

3.2.2

ChembulkBarcelona

Pte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

25.259

100

27.108

3.2.3

ChembulkGibraltarP

te.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

14.771

100

15.702

3.2.4

ChembulkHongKongPte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

22.935

100

24.642

3.2.5

ChembulkHouston

Pte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

12.940

100

13.139

3.2.6

ChembulkKobePte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

15.889

100

16.630

3.2.7

ChembulkNew

YorkPte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

20.244

100

20.675

3.2.8

ChembulkSavannahPte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

18.579

100

19.188

3.2.9

ChembulkShanghaiPte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

14.392

100

14.052

3.2.10

ChembulkUlsan

Pte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

17.816

100

19.217

3.2.11

ChembulkVirginGorda

Pte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

26.315

100

27.692

3.2.12

ChembulkYokoham

aPte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

2Novem

ber2007/Novem

ber2,2007

100

17.998

100

18.316

3.2.13

ChembulkNew

OrleansPte.Ltd.

Pem


wnerand

operatorofvessel

Singapore

22Juni2008/June22,2008

100

23.579

100

24.783

4PT

Brotojoyo

Maritime

Pem


wnerand

operatorofvessel

Indonesia


100

10100

-5

BLT-B

orrelliInternationalHoldingsPte.Ltd.


company

Singapore


100

-100

-6

BLTBuana

HoldingsPte.Ltd.


company

Singapore


100

-100

-7

NevaehLimited


company

HongKong

18Januari2007IJanuary18,2007

51-

51265

8Teekay

BLT

Corporation


company

MarshallIslands

29Juni2005/June29,2005

30398.278

30405.416

9ThaiPetraTransportCoLtd.

AgenPerkapalan/ShippingAgency

Thailand

21Juli2000/July21,2000

30643

301.027

10PT

BerlianLimatam

aPem


wnerand

operatorofvessel

Indonesia

24Juni1996/June24,1996

50372

50480

a)Entitasanak

tersebuttidak

aktifsejaktanggalpendiriannya.

a)Suchsubsidiariesareallinactivesincethedatesoftheirincorporation.

b)Entitasanak

tersebutdianggap

tidak

aktifdantidak

terdapatoperasisignifikan

pada

tahun2015

dan2014.

c)Entitasanak

telahditutup/dijualpada

tahun2015

dengan

imbalanyang

tidak

signifikan.

d)Entitas

anak

telah

dialihkan

kepada

krediturdalam

pertukaran

untuk

pelunasanutang(Catatan

16,39and44

).

b)Suchsubsidiariesareconsidered

dormantandhave

nooperations

in2015

and2014.

c)Suchsubsidiarieswereclosed/soldin2015

forinsignificantconsiderations.

d)Suchsubsidiarywas

transferredtocreditorinexchange

forextinguishm

entof

debt(Notes

16,39and44).









17


1. UMUM (Lanjutan) 1. GENERAL (continued)

d. Dewan Komisaris dan Direksi d. Boards of Commissioners and Directors

Susunan pengurus Perusahaan adalah sebagaiberikut:

The Companyʼs management consisted of thefollowing:

2015

Dewan Komisaris: Board of Commissioners:Komisaris Utama Hadi Surya President CommissionerKomisaris Safzen Noerdin CommissionerKomisaris Independen Antonius Joenoes Supit Independent Commissioner

Dewan Direksi: Board of Directors:Direktur Utama Siana Anggraeni Surya President DirectorDirektur Cosimo Borrelli Directors

Jason Aleksander KardachiDirektur Independen Anthony Budiawan *) Independent Director

Komite Audit Audit Committee:Ketua Antonius Joenoes Supit ChairmanAnggota Timotius Members

Denny Susilo

*) Anthony Budiawan diangkat menjadi DirekturIndependen Perusahaan sejak tanggal23 November 2015.

*) Anthony Budiawan has been appointed as anIndependent Director of the Company startingNovember 23, 2015.

2014

Dewan Komisaris: Board of Commissioners:Komisaris Utama Hadi Surya President CommissionerKomisaris Safzen Noerdin CommissionerKomisaris Independen Antonius Joenoes Supit Independent Commissioner

Dewan Direksi: Board of Directors:Direktur Utama Siana Anggraeni Surya President DirectorDirektur Cosimo Borrelli Directors

Jason Aleksander Kardachi

Direktur Independen Rodion Wikanto Njotowidjojo Independent Director

Komite Audit: Audit Committee:Ketua Anthony Budiawan ChairmanAnggota Rodion Wikanto Njotowidjojo Member

Grup memiliki 47 dan 136 karyawan (tidak diaudit)masing-masing pada tanggal 31 Desember 2015dan 2014.

The Group had a total number of 47 and 136employees (unaudited) as of December 31, 2015and 2014, respectively.









18


2. IKHTISAR KEBIJAKAN AKUNTANSI YANGPENTING

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES

a. Dasar penyusunan laporan keuangankonsolidasian

a. Basis of preparation of consolidated financialstatements

Laporan keuangan konsolidasian Grup telahdisusun sesuai dengan Standar AkuntansiKeuangan di Indonesia (“SAK”), yang mencakupPernyataan Standar Akuntansi Keuangan (”PSAK”)dan Interpretasi Standar Akuntansi Keuangan(”ISAK”) yang diterbitkan oleh Dewan StandarAkuntansi Keuangan Ikatan Akuntan Indonesia(“DSAK”) dan peraturan-peraturan serta PedomanPenyajian dan Pengungkapan Laporan Keuanganyang diterbitkan oleh Otoritas Jasa Keuangan(“OJK”).

Efektif 1 Januari 2015, Grup menerapkan PSAK 1(Revisi 2013), “Penyajian Laporan Keuangan”,yang mengubah penyajian kelompok pos-posdalam Penghasilan Komprehensif Lain. Pos-posyang akan direklasifikasi ke laba rugi disajikanterpisah dari pos-pos yang tidak akan direklasifikasike laba rugi.

Kebijakan akuntansi yang diterapkan dalampenyusunan laporan keuangan konsolidasianadalah konsisten dengan kebijakan akuntansi yangditerapkan dalam penyusunan laporan keuangankonsolidasian Grup untuk tahun yang berakhir padatanggal 31 Desember 2014, kecuali bagipenerapan beberapa PSAK yang telah direvisi.Seperti diungkapkan dalam catatan-catatan terkaitatas laporan keuangan, beberapa standarakuntansi yang telah direvisi dan diterbitkan,diterapkan efektif tanggal 1 Januari 2015.

Laporan keuangan konsolidasian, kecuali untuklaporan arus kas konsolidasian, disusunberdasarkan dasar akrual dengan menggunakankonsep harga perolehan, kecuali untuk akun asettetap berupa kapal milik dan sewa pembiayaandiukur dengan menggunakan model revaluasi(Catatan 12).

Laporan arus kas konsolidasian disusun denganmenggunakan metode langsung denganmengelompokkan arus kas dalam aktivitas operasi,investasi dan pendanaan.

Mata uang pelaporan yang digunakan dalampenyusunan laporan keuangan konsolidasianadalah Dolar Amerika Serikat (“US$”), yangmerupakan mata uang fungsional Perusahaan.

Sehubungan dengan pencatatan sahamPerusahaan di SGX, Perusahaan juga menerbitkanlaporan keuangan konsolidasian berdasarkanStandar Pelaporan Keuangan Internasional (IFRS).Tidak ada perbedaan signifikan antara PSAKdengan IFRS.

The Groupʼs consolidated financial statementshave been prepared in accordance with theIndonesian Financial Accounting Standards(“SAK”), which comprise the Statements ofFinancial Accounting Standards (“PSAK”) andInterpretations to Financial Accounting Standards(“ISAK”) issued by the Indonesian FinancialAccounting Standards Board of the IndonesianInstitute of Accountants (“DSAK”) and theRegulations and Financial Statements Presentationand Disclosures Guidelines issued by the FinancialServices Authority (“OJK”).

Effective January 1, 2015, the Group implementedPSAK 1 (Revised 2013), “Presentation of FinancialStatements”, which changes the grouping of itemspresented in Other Comprehensive Income. Itemsthat could be reclassified to profit or loss would bepresented separately from items that will never bereclassified.

The accounting policies adopted in the preparationof the consolidated financial statements areconsistent with those made in the preparation of theGroupʼs consolidated financial statements for theyear ended December 31, 2014, except for theadoption of several amended SAKs. As disclosedfurther in the relevant succeeding notes, severalamended and published accounting standards wereadopted effective January 1, 2015.

The consolidated financial statements, except forthe consolidated statement of cash flows, havebeen prepared on the accrual basis using thehistorical cost basis of accounting, except forowned and leased fixed assets vessels that arecarried using the revaluation model (Note 12).

The consolidated statement of cash flows isprepared based on the direct method, classifyingcash flows on the basis of operating, investing, andfinancing activities.

The presentation currency used in the preparationof the consolidated financial statements is theUnited States dollar (US$), which is also theCompanyʼs functional currency.

In connection with the Companyʼs listing of itsshares in the SGX, the Company issues separateconsolidated financial statements prepared underInternational Financial Reporting Standards (IFRS).There are no significant differences between PSAKand IFRS.









19


2. IKHTISAR KEBIJAKAN AKUNTANSI YANGPENTING (lanjutan)

2. SUMMARY OF SIGNIFICANT ACCOUNTINGPOLICIES (continued)

a. Dasar penyusunan laporan keuangankonsolidasian (lanjutan)

a. Basis of preparation of consolidated financialstatements (continued)

Untuk memberikan pemahaman yang lebih baikatas kinerja keuangan Grup, karena sifat danjumlahnya yang signifikan, beberapa itempendapatan dan beban telah disajikan secaraterpisah.

Penyusunan laporan keuangan konsolidasiansesuai dengan SAK di Indonesia mengharuskanpenggunaan estimasi dan asumsi. Hal tersebutjuga mengharuskan manajemen untuk membuatpertimbangan dalam proses penerapan kebijakanakuntansi Grup. Area yang kompleks ataumemerlukan tingkat pertimbangan yang lebih tinggiatau area di mana asumsi dan estimasi dapatberdampak signifikan terhadap laporan keuangankonsolidasian diungkapkan di Catatan 3.

In order to provide further understanding of thefinancial performance of the Group, due to thesignificance of their nature or amount, several itemsof income or expense have been shown separately.

The preparation of consolidated financialstatements in conformity with SAK requires the useof certain critical accounting estimates. It alsorequires management to exercise its judgment inthe process of applying the Groupʼs accountingpolicies. The areas involving a higher degree ofjudgment or complexity, or areas whereassumptions and estimates are significant to theconsolidated financial statements are disclosed inNote 3.

b. Prinsip-prinsip konsolidasi b. Principles of consolidation

Efektif 1 Januari 2015, Grup menerapkan PSAK65 (Revisi 2013), “Laporan KeuanganKonsolidasian”. PSAK ini mendasarkan prinsip yangtelah ada dengan mengidentifikasi konseppengendalian sebagai faktor utama dalammenentukan apakah entitas harus dimasukkan kedalam laporan konsolidasian entitas induk. Standarini memberikan petunjuk tambahan untuk membantudalam kondisi penentuan pengendalian yang sulituntuk dinilai. Dalam prinsip yang baru, Grupmengendalikan suatu entitas ketika Grup tereksposterhadap, atau memiliki hak atas, pengembalianvariabel dari keterlibatannya terhadap entitas danmemiliki kemampuan untuk mempengaruhipengembalian tersebut melalui kekuasaannya atasentitas tersebut.

Effective January 1, 2015, the Group adoptedPSAK 65 (Revised 2013), “Consolidated FinancialStatements”. This PSAK builds on existingprinciples by identifying the concept of control asthe determining factor in whether an entity shouldbe included within the consolidated financialstatements of the parent entity. The standardprovides additional guidance to assist in thedetermination of control where this is difficult toassess. Under the new principles, the Groupcontrols an entity when the Group is exposed to, orhas right to, variable returns from its involvementwith the entity and has the ability to affect thosereturn through its power over the entity.

Laporan keuangan konsolidasian meliputi laporankeuangan konsolidasian Perusahaan dan entitas-entitas yang dikendalikan secara langsung ataupuntidak langsung oleh Perusahaan.

The consolidated financial statements incorporatethe consolidated financial statements of theCompany and entities in which the Company hasthe ability to directly or indirectly exercise control.

Laporan keuangan entitas anak disusun denganperiode pelaporan yang sama dengan Perusahaan.Kebijakan akuntansi yang digunakan dalampenyajian laporan keuangan konsolidasian telahditerapkan secara konsisten oleh Grup, kecualidinyatakan lain.

The financial statements of the subsidiaries areprepared for the same reporting period as theCompany. The accounting policies adopted inpreparing the consolidated financial statementshave been consistently applied by the Group,unless otherwise stated.

Entitas-entitas anak dikonsolidasi secara penuhsejak tanggal akuisisi, yaitu tanggal Perusahaanmemperoleh pengendalian, sampai dengan tanggalPerusahaan kehilangan pengendalian.Pengendalian dianggap ada ketika Perusahaanmemiliki secara langsung atau tidak langsungmelalui entitas-entitas anak, lebih dari setengahkekuasaan suara entitas.

Subsidiaries are fully consolidated from the date ofacquisition, being the date on which the Companyobtains control, and continue to be consolidateduntil the date when such control ceases. Control ispresumed to exist if the Company owns, directly orindirectly through subsidiaries, more than half ofthe voting power of an entity.









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b. Prinsip-prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued)

Transaksi antar perusahaan, saldo dankeuntungan antar entitas Grup yang belumdirealisasi dieliminasi. Kerugian yang belumdirealisasi juga dieliminasi. Kebijakan akuntansientitas anak diubah jika diperlukan untukmemastikan konsistensi dengan kebijakan akuntasiyang diadopsi Grup.

Inter-company transactions, balances andunrealized gains on transactions between Groupcompanies are eliminated. Unrealized losses arealso eliminated. Accounting policies of subsidiarieshave been changed where necessary to ensureconsistency with the policies adopted by the Group.

Pengendalian didapat ketika Grup terekspos ataumemiliki hak atas imbal hasil variabel dariketerlibatannya dengan investee dan memilikikemampuan untuk mempengaruhi imbal hasiltersebut melalui kekuasaannya atas investee.

Control is achieved when the Group is exposed, orhas rights, to variable returns from its involvementwith the investee and has the ability to affect thosereturns through its power over the investee.

Secara spesifik, Grup mengendalikan investee jikadan hanya jika Grup memiliki seluruh hal berikutini:

Specifically, the Group controls an investee if andonly if the Group has:

a. Kekuasaan atas investee (misal, hak yang adamemberikan kemampuan kini untukmengarahkan aktivitas relevan investee).

b. Eksposur atau hak atas imbal hasil variabeldari keterlibatannya dengan investee.

c. Kemampuan untuk menggunakankekuasaannya atas investee untukmempengaruhi jumlah imbal hasil investor.

a. Power over the investee (i.e., existing rightsthat give it the current ability to direct therelevant activities of the investee).

b. Exposure, or rights, to variable returns from itsinvolvement with the investee, and

c. The ability to use its power over the investee toaffect its returns.

Ketika Grup memiliki kurang dari hak suaramayoritas, Grup dapat mempertimbangkan semuafakta dan keadaan yang relevan dalam menilaiapakah memiliki kekuasaan atas investee tersebut:

When the Group has less than a majority of thevoting or similar right of an investee, the Groupconsiders all relevant facts and circumstances inassessing whether it has power over an investee,including:

a. Pengaturan kontraktual dengan pemilik haksuara yang lain.

b. Hak yang timbul dari pengaturan kontraktuallain.

c. Hak suara dan hak suara potensial Grup.

a. The contractual arrangement with the othervote holders of the investee.

b. Rights arising from other contractualarrangements.

c. The Groupʼs voting rights and potential votingrights.

Grup menilai kembali apakah investormengendalikan investee jika fakta dan keadaanmengindikasikan adanya perubahan terhadap satuatau lebih dari tiga elemen pengendalian.Konsolidasi atas entitas anak dimulai ketika Grupmemiliki pengendalian atas entitas anak danberhenti ketika Grup kehilangan pengendalian atasentitas anak. Aset, liabilitas, penghasilan danbeban atas entitas anak yang diakuisisi ataudilepas selama periode termasuk dalam laporanlaba rugi dan penghasilan komprehensif lainkonsolidasian dari tanggal Grup memperolehpengendalian sampai dengan tanggal Grupmenghentikan pengendalian atas entitas anak.

The Group re-assesses whether or not it controlsan investee if facts and circumstances indicate thatthere are changes to one or more of the threeelements of control. Consolidation of a subsidiarybegins when the Group obtains control over thesubsidiary and ceases when the Group losescontrol of the subsidiary. Assets, liabilities, incomeand expenses of a subsidiary acquired or disposedof during the period are included in theconsolidated statement of profit or loss and othercomprehensive income from the date the Groupgains control until the date the Group ceases tocontrol the subsidiary.









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b. Prinsip-prinsip konsolidasi (lanjutan) b. Principles of consolidation (continued)

Laba atau rugi dan setiap komponen ataspenghasilan komprehensif lain diatribusikan padapemegang saham entitas induk Grup dan padakepentingan non pengendali (“KNP”), walaupunhasil di KNP mempunyai saldo defisit. Biladiperlukan, penyesuaian dilakukan pada laporankeuangan entitas anak agar kebijakanakuntansinya sesuai dengan kebijakan akuntansiGrup. Semua aset dan liabilitas, ekuitas,penghasilan, beban dan arus kas berkaitan dengantransaksi antar anggota Grup akan dieliminasisecara penuh dalam proses konsolidasi.

Transaksi dengan KNP yang tidak mengakibatkanhilangnya pengendalian merupakan transaksiekuitas. Selisih antara nilai wajar imbalan yangdibayar dan bagian yang diakuisisi atas nilaitercatat aset neto entitas anak dicatat padaekuitas. Keuntungan atau kerugian pelepasan KNPjuga dicatat pada ekuitas.

Profit or loss and each component of othercomprehensive income (OCI) are attributed to theequity holders of the parent of the Group and tothe non-controlling interest (“NCI”), even if thisresults in the NCI having a deficit balance. Whennecessary, adjustments are made to the financialstatements of subsidiaries to bring theiraccounting policies in line with the Groupʼsaccounting policies. All intra-group assets andliabilities, equity, income, expenses and cashflows relating to transactions between members ofthe Group are eliminated in full on consolidation.

Transactions with NCI that do not result in loss ofcontrol are accounted for as equity transactions.The difference between the fair value of anyconsideration paid and the relevant shareacquired of the carrying value of net assets of thesubsidiary is recorded in equity. Gains or losseson disposals to NCI are also recorded in equity.

Perubahan kepemilikan di entitas anak, tanpakehilangan pengendalian, dihitung sebagaitransaksi ekuitas. Jika Grup kehilanganpengendalian atas entitas anak, maka Grup:

A change in the ownership interest of asubsidiary, without a loss of control, is accountedfor as an equity transaction. If the Group losescontrol over a subsidiary, it:

a. menghentikan pengakuan aset (termasuksetiap goodwill) dan liabilitas entitas anak;

b. menghentikan pengakuan jumlah tercatatsetiap KNP;

c. menghentikan pengakuan akumulasi selisihpenjabaran, yang dicatat di ekuitas, bila ada;

d. mengakui nilai wajar pembayaran yangditerima;

e. mengakui setiap sisa investasi pada nilaiwajarnya;

f. mengakui setiap perbedaan yang dihasilkansebagai keuntungan atau kerugian sebagailaba rugi; dan

g. mereklasifikasi ke laba rugi proporsikeuntungan dan kerugian yang telah diakuisebelumnya dalam penghasilan komprehensiflain atau saldo laba, begitu pula menjadipersyaratan jika Grup akan melepas secaralangsung aset atau liabilitas yang terkait.

a. derecognizes the assets (including goodwill)and liabilities of the subsidiary;

b. derecognizes the carrying amount of any NCI;

c. derecognizes the cumulative translationdifferences, recorded in equity, if any;

d. recognizes the fair value of the considerationreceived;

e. recognizes the fair value of any investmentretained;

f. recognizes any surplus or deficit in profit orloss; and

g. reclassifies the parentʼs share of componentspreviously recognized in OCI to profit or lossor retained earnings, as appropriate, as wouldbe required if the Group had directly disposedof the related assets or liabilities.

KNP mencerminkan bagian atas laba atau rugi danaset bersih dari entitas anak yang tidak dapatdiatribusikan, secara langsung maupun tidaklangsung, pada Perusahaan, yang masing-masingdisajikan dalam laporan laba rugi dan penghasilankomprehensif lain konsolidasian dan dalam ekuitaspada laporan posisi keuangan konsolidasian,terpisah dari bagian yang dapat diatribusikankepada pemilik entitas induk.

NCI represents the portion of the profit or loss andnet assets of the subsidiary not attributabledirectly or indirectly to the Company, which arepresented in the consolidated statement of profitor loss and other comprehensive income andunder the equity section of the consolidatedstatement of financial position, respectively,separately from the corresponding portionattributable to the owner of the parent entity.









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c. Transaksi dengan pihak-pihak berelasi

Suatu pihak dianggap berelasi dengan Grup jika:

a. Langsung, atau tidak langsung yang melaluisatu atau lebih perantara, suatu pihak:

(i) mengendalikan, atau dikendalikan oleh,berada di bawah pengendalian bersamadengan, Grup;

(ii) memiliki kepentingan dalam Grup yangmemberikan pengaruh signifikan atasGrup; atau

(iii) memiliki pengendalian bersama atasGrup;

c. Transactions with related parties

A party is considered to be related to the Group if:

a. Directly, or indirectly through oneor more intermediaries, the party:

(i) controls, is controlled by, or is undercommon control with, the Group;

(ii) has an interest in the Group that gives itsignificant influence over the Group; or

(iii) has joint control over the Group;

b. suatu pihak adalah entitas asosiasi Grup;

c. suatu pihak adalah ventura bersama dimanaGrup sebagai venturer;

d. suatu pihak adalah anggota dari personilmanajemen kunci Grup,

e. suatu pihak adalah anggota keluarga dekatdari individu yang diuraikan dalam butir (a)atau (d);

f. suatu pihak adalah entitas yangdikendalikan, dikendalikan bersama ataudipengaruhi signifikan oleh atau dimana haksuara signifikan dimiliki oleh, langsungmaupun tidak langsung, individu sepertidiuraikan dalam butir (d) atau (e); atau;

g. suatu pihak adalah suatu program imbalanpasca-kerja untuk imbalan kerja dari Grupatau entitas yang terkait dengan Grup.

Transaksi dengan pihak-pihak berelasi dilakukanberdasarkan persyaratan yang disetujui oleh keduabelah pihak berelasi. Beberapa persyaratantersebut mungkin tidak sama dengan persyaratanyang dilakukan dengan pihak-pihak yang tidakberelasi.

Seluruh transaksi dan saldo dengan pihak-pihakberelasi diungkapkan dalam catatan atas laporankeuangan konsolidasian.

b. the party is an associate of the Group;

c. the party is a joint venture in which the Groupis a venturer;

d. the party is a member of the keymanagement personnel of the Group;

e. the party is a close member of the family ofany individual referred to in (a) or (d);

f. the party is an entity that is controlled, jointlycontrolled or significantly influenced by or forwhich significant voting power in such entityresides with, directly or indirectly, anyindividual referred to in (d) or (e); or

g. the party is a post-employment benefit planfor the benefit of employees of the Group, orof any entity that is a related party of theGroup.

Related party transactions are entered into basedon terms agreed by the related parties. Such termsmay not be the same as those of the transactionsbetween unrelated parties.

All transactions and balances with related partiesare disclosed in the notes to the consolidatedfinancial statements.









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d. Mata uang asing

Laporan keuangan individu masing masingperusahaan yang dikonsolidasi disajikan dalammata uang lingkungan ekonomi utama dimanaentitas beroperasi (mata uang fungsional). Untuktujuan laporan keuangan konsolidasian, kinerja danposisi keuangan dari setiap entitas dinyatakandalam US$, yang merupakan mata uang fungsionaldari Grup dan mata uang penyajian dalam laporankeuangan konsolidasian.

Pada saat penyusunan laporan keuangan setiapentitas individu, transaksi-transaksi selain matauang fungsional entitas (mata uang asing) diakuimenggunakan kurs yang berlaku pada saatterjadinya transaksi.

Pada akhir periode pelaporan, pos-pos moneteryang didenominasi dalam mata uang asingdijabarkan menggunakan kurs yang berlaku padatanggal tersebut. Pos-pos non-moneter yangdinyatakan pada nilai wajar yang didenominasidalam mata uang asing dijabarkan menggunakankurs yang berlaku pada tanggal ketika nilai wajarditentukan. Pos-pos non-moneter yang diukurberdasarkan biaya historis dan merupakan matauang asing tidak dijabarkan.

Keuntungan dan kerugian kurs mata uang yangtimbul dari translasi mata uang selain DolarAmerika Serikat (US$) diakui pada laba rugi padaperiode saat terjadinya.

Kurs konversi yang digunakan Grup pada akhirperiode pelaporan menggunakan kurs tengah yangdikeluarkan Bank Indonesia adalah sebagaiberikut:

d. Foreign currencies

The individual financial statements of each of theconsolidated entities are presented in the currencyof the primary economic environment in which theentity operates (its functional currency). For thepurpose of the consolidated financial statements,the financial performance and financial position ofeach entity are expressed in US$, which is theGroupʼs functional currency and presentationcurrency in the consolidated financial statements.

In preparing the financial statements of theindividual entities, transactions in currencies otherthan the entityʼs functional currency (foreigncurrency) are recognized using the prevailingexchange rates at the dates of the transactions.

At the end of each reporting period, monetary itemsdenominated in foreign currencies are translatedusing the prevailing exchange rates at that date.Non-monetary items carried at fair value that aredenominated in foreign currencies are translatedusing the prevailing rates at the date when the fairvalue was determined. Non-monetary items thatare measured in terms of historical cost in a foreigncurrency are not translated.

Exchange gains and losses arising from thetranslation of currencies other than the US dollar(US$) are recognized in profit or loss in the periodin which they arise.

The conversion rates used by the Group at the endof the reporting period using the middle ratespublished by Bank Indonesia are as follows:

2015 2014

Rupiah (Rp '000) 0,0725 0,0804 Rupiah (Rp ' 000)Dolar Singapura (SGD) 0,7069 0,7574 Singapore dollar (SGD)Euro (EUR) 1,0924 1,2165 Euro (EUR)Yen (JPY) 0,0083 0,0083 Yen (JPY)









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d. Mata uang asing (lanjutan) d. Foreign currencies (continued)

Untuk tujuan pelaporan konsolidasian, aset danliabilitas dari entitas pada tanggal pelaporan yangmata uang fungsionalnya selain mata uang US$dijabarkan ke dalam mata uang US$ denganmenggunakan kurs mata uang asing pada tanggallaporan posisi keuangan, sedangkan pendapatandan beban dijabarkan dengan menggunakan kursmata uang asing rata-rata pada tahun yangbersangkutan. Penyesuaian selisih kurs karenapenjabaran tersebut dicatat pada pendapatankomprehensif lain dan diakumulasi pada ekuitas(diatribusikan ke kepentingan non-pengendali).Apabila entitas yang mata uang fungsionalnyaselain mata uang US$ dijual, selisih kurs yangdiakumulasikan di ekuitas diakui sebagai bagiankeuntungan atau kerugian penjualan. Goodwill danpenyesuaian nilai wajar yang timbul dari akuisisibisnis entitas anak perusahaan yang mata uangfungsionalnya selain mata uang US$ diperlakukansebagai aset dan liabilitas entitas tersebut dandijabarkan pada kurs penutupan.

For consolidation reporting purposes, assets andliabilities of entities whose functional currency isother than the US$ are translated into US$ usingthe foreign exchange rates at statement offinancial position date, while revenues andexpenses are translated at the average foreignexchange rates for the year. The resultingtranslation adjustments are recognized in othercomprehensive income and accumulated in equity(attributed to non-controlling interests asappropriate). When an entity whose functionalcurrency other than US$ is sold, exchangedifferences that were accumulated in equity arerecognized as part of the gain or loss on sale.Goodwill and fair value adjustments arising frombusiness acquisition of a subsidiary whosefunctional currency is other than the US$ aretreated as assets and liabilities of such entity andare translated at the closing exchange rate.

e. Instrumen keuangan e. Financial instruments

Efektif tanggal 1 Januari 2015, Grup menerapkanPSAK 50 (Revisi 2014) “Instrumen Keuangan:Penyajian”, PSAK 55 (Revisi 2014) “InstrumenKeuangan: Pengakuan dan Pengukuran” danPSAK 60 (Revisi 2014) “Instrumen Keuangan:Pengungkapan”. Penerapan PSAK-PSAK ini tidakmembawa dampak signifikan terhadap laporankeuangan konsolidasian.

Effective January 1, 2015, the Group appliedPSAK 50 (Revised 2014) “Financial Instruments:Presentation”, PSAK 55 (Revised 2014) “FinancialInstruments: Recognition and Measurement” andPSAK 60 (2014) “Financial Instruments:Disclosures". The adoption of these PSAKs doesnot have significant impact to the consolidatedfinancial statements.

Klasifikasi Classification

i. Aset keuangan i. Financial assets

Aset keuangan dalam lingkup PSAK 55 (Revisi2014) diklasifikasikan sebagai (i) aset keuanganyang diukur pada nilai wajar melalui laba rugi,(ii) pinjaman yang diberikan dan piutang, (iii)investasi dimiliki hingga jatuh tempo, (iv) atauaset keuangan tersedia untuk dijual, mana yangsesuai. Grup menentukan klasifikasi asetkeuangan tersebut pada saat pengakuanawal dan, jika diperbolehkan dan sesuai,mengevaluasi kembali pengklasifikasian asettersebut pada setiap akhir tahun keuangan.Tidak terdapat klasifikasi aset keuangan Grupsebagai aset keuangan yang dimiliki hinggajatuh tempo.

Financial assets within the scope of PSAK 55(Revised 2014) are classified as (i) financialassets at fair value through profit or loss, (ii)loans and receivables, (iii) held-to-maturityinvestments, or (iv) available for sale financialassets, as appropriate. The Group determinesthe classification of its financial assets at initialrecognition and, where allowed andappropriate, re-evaluates the designation ofsuch assets at each financial year end. TheGroup has not classified any of its financialassets as held to maturity.

Aset keuangan Grup terdiri dari kas dan bank,piutang usaha - pihak ketiga, piutang lain-lain -pihak ketiga, aset tidak lancar lainnya, asetkeuangan derivatif dan aset tersedia untukdijual.

The Groupʼs financial assets consist of cash onhand and in banks, trade receivables - thirdparties, other receivables - third parties, othernon-current assets, derivative financial assetand available for sale financial assets.









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e. Instrumen keuangan (lanjutan) e. Financial instruments (continued)

ii. Liabilitas keuangan ii. Financial liabilities

Liabilitas keuangan dalam lingkup PSAK55 (Revisi 2014) dapat dikategorikan sebagai(i) liabilitas keuangan yang diukur pada nilaiwajar melalui laba rugi, (ii) liabilitas keuanganyang diukur pada biaya perolehandiamortisasi, atau (iii) derivatif yang ditetapkansebagai instrumen lindung nilai dalam lindungnilai yang efektif, mana yang sesuai. Grupmenentukan klasifikasi liabilitas keuanganpada saat pengakuan awal.

Financial liabilities within the scope of PSAK55 (Revised 2014) are classified as (i) financialliabilities at fair value through profit or loss, (ii)financial liabilities measured at amortized cost,or (iii) as derivatives designated as hedginginstruments in an effective hedge, asappropriate. The Group determines theclassification of its financial liabilities at initialrecognition.

Liabilitas keuangan grup terdiri dari utangusaha, beban akrual, pinjaman, obligasi,liabilitas sewa pembiayaan, wesel bayar,utang lain-lain, provisi, dan liabilitas keuanganjangka pendek lainnya diklasifikasikan sebagailiabilitas keuangan yang dicatat berdasarkanbiaya perolehan diamortisasi.

The Groupʼs financial liabilities consist of tradepayables, accrued expenses, loans payables,bonds payable, obligations under financelease, notes payable, other payables,provisions and other current liabilities classifiedas financial liabilities measured at amortizedcost.

Pengakuan dan Pengukuran Recognition and Measurement

i. Aset keuangan i. Financial assets

Aset keuangan pada awalnya diakui sebesarnilai wajarnya ditambah, dalam hal investasiyang tidak diukur pada nilai wajar melalui labarugi, biaya transaksi yang dapat diatribusikansecara langsung. Pengukuran aset keuangansetelah pengakuan awal tergantung padaklasifikasinya.

Financial assets are recognized initially at fairvalue plus, in the case of investments not atfair value through profit or loss, directlyattributable transaction costs. The subsequentmeasurement of financial assets depends ontheir classification.

Pembelian atau penjualan aset keuanganyang mensyaratkan penyerahan aset dalamkurun waktu yang ditetapkan oleh peraturanatau kebiasaan yang berlaku di pasar(pembelian yang lazim/reguler) diakui padatanggal perdagangan, yaitu tanggal Grupberkomitmen untuk membeli atau menjual asettersebut.

Purchases or sales of financial assets thatrequire delivery of assets within a time frameestablished by regulation or convention in themarket place (regular way trades) arerecognized on the trade date, i.e., the date thatthe Group commits to purchase or sell theassets.

a. Aset keuangan yang diukur pada nilai wajarmelalui laba rugi

a. Financial assets at fair value through profitor loss

Aset keuangan yang diukur pada nilaiwajar melalui laba rugi termasuk asetkeuangan untuk diperdagangkan dan asetkeuangan yang ditetapkan pada saatpengakuan awal untuk diukur pada nilaiwajar melalui laba rugi.

Financial assets at fair value through profitor loss includes financial assets held fortrading and financial assets designatedupon initial recognition at fair value throughprofit or loss.









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Pengakuan dan pengukuran (lanjutan) Recognition and measurement (continued)

i. Aset keuangan (lanjutan) i. Financial assets (continued)

a. Aset keuangan yang diukur pada nilai wajarmelalui laba rugi (lanjutan)

a. Financial assets at fair value through profitor loss (continued)

Aset keuangan diklasifikasikan sebagaikelompok diperdagangkan jika merekadiperoleh untuk tujuan dijual atau dibelikembali dalam waktu dekat. Aset derivatifjuga diklasifikasikan sebagai kelompokdiperdagangkan kecuali mereka ditetapkansebagai instrumen lindung nilai efektif. Asetkeuangan yang diukur pada nilai wajarmelalui laba rugi ditetapkan pada nilaiwajar dalam laporan posisi keuangankonsolidasian dengan perubahan nilaiwajar diakui sebagai pendapatan keuanganatau biaya keuangan dalam laba rugi.

Financial assets are classified as held fortrading if they are acquired for the purposeof selling or repurchasing in the near term.Derivative assets are also classified as heldfor trading unless they are designated aseffective hedging instruments. Financialassets at fair value through profit and lossare carried in the consolidated statement offinancial position at fair value with changesin fair value recognized in finance incomeor finance costs in profit or loss.

Grup mengevaluasi aset keuangan untukdiperdagangkan, selain derivatif, untukmenentukan apakah niat untuk menjualnyadalam waktu dekat masih sesuai.Ketika Grup tidak mampu untukmemperdagangkan aset keuangan karenapasar tidak aktif dan niat manajemen untukmenjualnya di masa mendatang secarasignifikan berubah, Grup dapat memilihuntuk mereklasifikasi aset keuangan,dalam kondisi yang jarang terjadi.

The Group evaluated its financial assetsheld for trading, other than derivatives, todetermine whether the intention to sell themin the near term is still appropriate. Whenthe Group is unable to trade these financialassets due to inactive markets andmanagementʼs intention to sell them in theforeseeable future significantly changes,the Group may elect to reclassify thesefinancial assets in rare circumstances.

Reklasifikasi ke pinjaman yang diberikandan piutang, tersedia untuk dijual ataudimiliki hingga jatuh tempo tergantungpada sifat aset tersebut. Evaluasi ini tidakmempengaruhi aset keuangan yangditetapkan pada nilai wajar melalui labarugi menggunakan opsi nilai wajar padasaat penentuan.

The reclassification to loans andreceivables, available for sale or held tomaturity depends on the nature of theasset. This evaluation does not affect anyfinancial assets designated at fair valuethrough profit or loss using the fair valueoption at designation.

Derivatif yang melekat pada kontrak utamadicatat sebagai derivatif yang terpisahapabila karakteristik dan risikonya tidakberkaitan erat dengan kontrak utama, dankontrak utama tersebut tidak dinyatakandengan nilai wajar. Derivatif melekat inidiukur dengan nilai wajar dengan laba ataurugi yang timbul dari perubahan nilai wajardiakui pada laba rugi. Penilaian kembalihanya terjadi jika terdapat perubahandalam ketentuan-ketentuan kontrak yangsecara signifikan mengubah arus kas yangakan diperlukan.

Derivatives embedded in host contracts areaccounted for as separate derivatives whentheir risks and characteristics are notclosely related to those of the hostcontracts and the host contracts are notcarried at fair value. These embeddedderivatives are measured at fair value withgains or losses arising from changes in fairvalue recognized in profit or loss.Reassessment only occurs if there is achange in the terms of the contract thatsignificantly modifies the cash flows thatwould otherwise be required.









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Pengakuan dan Pengukuran (lanjutan) Recognition and Measurement (continued)


a. Aset keuangan yang diukur pada nilai wajarmelalui laba rugi (lanjutan)

a. Financial assets at fair value through profitor loss (continued)

Setelah pengakuan awal, aset keuanganyang diukur pada nilai wajar melalui labarugi ditetapkan pada nilai wajar dalamlaporan posisi keuangan konsolidasian.Keuntungan atau kerugian yang timbul dariperubahan nilai wajar aset keuangan diakuimelalui laba rugi.

Subsequent to initial recognition, financialassets at fair value through profit or lossare measured at fair value in theconsolidated statement of financial position.Any gains or losses arising from changes infair value of the financial assets arerecognized in profit or loss.

b. Pinjaman yang diberikan dan piutang b. Loans and receivables

Pinjaman yang diberikan dan piutangadalah aset keuangan non-derivatif denganpembayaran tetap atau telah ditentukan,yang tidak mempunyai kuotasi di pasaraktif. Aset keuangan tersebut dicatatsebesar biaya perolehan yang diamortisasidengan menggunakan metode suku bungaefektif.

Loans and receivables are non-derivativefinancial assets with fixed or determinablepayments that are not quoted in an activemarket. Such financial assets are carried atamortized cost using the effective interestrate method.

Keuntungan dan kerugian diakui sebagailaba rugi pada saat pinjaman yangdiberikan dan piutang dihentikanpengakuannya atau mengalami penurunannilai, serta melalui proses amortisasi.

Gains and losses are recognized in profit orloss when the loans and receivables arederecognized or impaired, as well asthrough the amortization process.

c. Aset keuangan tersedia untuk dijual c. Available for sale financial assets

Aset keuangan tersedia untuk dijualtermasuk ekuitas dan efek utang, adalahaset keuangan non-derivatif yangditetapkan sebagai tersedia untuk dijualatau yang tidak diklasifikasikan dalam tigakategori sebelumnya.

Available for sale financial assets includeequity and debt securities, which are non-derivative financial assets that aredesignated as available for sale or are notclassified in any of the three precedingcategories.

Setelah pengukuran awal, aset keuangantersedia untuk dijual selanjutnya diukurdengan nilai wajar dengan keuntunganatau kerugian yang belum terealisasi diakuisebagai laba rugi komprehensif lain dalamcadangan nilai wajar sampai investasitersebut dihentikan pengakuannya,padasaat keuntungan atau kerugian kumulatifdiakui dalam pendapatan operasionallainnya, atau terjadi penurunan nilai, padasaat kerugian kumulatif direklasifikasi kelaba rugi dalam biaya keuangan dandihapus dari cadangan nilai wajar.

After initial measurement, available for salefinancial assets are subsequentlymeasured at fair value with unrealizedgains or losses recognized as othercomprehensive income in the fair valuereserve until the investment isderecognized, at which time the cumulativegain or loss is recognized in other operatingincome, or determined to be impaired, atwhich time the cumulative loss isreclassified to profit or loss in finance costsand removed from the fair value reserve.









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Pengakuan dan Pengukuran (lanjutan) Recognition and Measurement (continued)


c. Aset keuangan tersedia untuk dijual(lanjutan)

c. Available for sale financial assets(continued)

Grup mengevaluasi aset keuangantersedia untuk dijual apakah kemampuandan niat untuk menjualnya dalam waktudekat masih sesuai. Ketika Grup tidakmampu untuk memperdagangan asetkeuangan karena pasar tidak aktif dan niatmanajemen untuk melakukannya secarasignifikan berubahan di masa mendatang,Grup dapat memilih untuk mereklasifikasiaset keuangan dalam kondisi yang jarangterjadi. Reklasifikasi ke pinjaman yangdiberikan dan piutang diperbolehkan ketikaaset keuangan memenuhi definisi pinjamanyang diberikan dan piutang dan Grupmemiliki maksud dan kemampuan untukmemiliki aset-aset di masa mendatangatau sampai jatuh tempo. Reklasifikasi kekelompok dimiliki hingga jatuh tempohanya diperbolehkan ketika entitasmemiliki kemampuan dan berkeinginanuntuk menahan aset keuangan sedemikianrupa.

The Group evaluates its available for salefinancial assets whether the ability andintention to sell them in the near term is stillappropriate. When the Group is unable totrade these financial assets due to inactivemarkets and managementʼs intention to doso significantly changes in the foreseeablefuture, the Group may elect to reclassifythese financial assets in rarecircumstances. Reclassification to loansand receivables is permitted when thefinancial assets meet the definition of loansand receivables and the Group has theintent and ability to hold these assets forthe foreseeable future or until maturity.Reclassification to the held to maturitycategory is permitted only when the entityhas the ability and intention to hold thefinancial asset accordingly.

Untuk aset keuangan direklasifikasi keluardari aset keuangan tersedia untuk dijual,keuntungan atau kerugian sebelumnyaatas aset tersebut yang telah diakui dalamekuitas diamortisasi ke laba rugi selamasisa umur dari investasi denganmenggunakan suku bunga efektif. Selisihantara biaya perolehan diamortisasi barudan arus kas yang diharapkan jugadiamortisasi selama sisa umur aset denganmenggunakan suku bunga efektif. Jikaselanjutnya terjadi penurunan nilai aset,maka jumlah yang dicatat dalam akunekuitas direklasifikasi ke laba rugi.

For a financial asset reclassified out of theavailable for sale category, any previousgain or loss on that asset that has beenrecognized in equity is amortized to profit orloss over the remaining life of theinvestment using the effective interest rate.Any difference between the new amortizedcost and the expected cash flows is alsoamortized over the remaining life of theasset using the effective interest rate. If theasset is subsequently determined to beimpaired, then the amount recorded inequity is reclassified to profit or loss.









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Liabilitas keuangan diakui pada awalnyasebesar nilai wajar dan, dalam hal liabilitaskeuangan yang diukur pada biaya perolehandiamortisasi, termasuk biaya transaksi yangdapat diatribusikan secara langsung.

Financial liabilities are recognized initially atfair value and, in the case of financial liabilitiesmeasured at amortized cost, inclusive ofdirectly attributable transaction costs.

Liabilitas keuangan yang diukur pada biayaperolehan diamortisasi

Financial liabilities measured at amortized cost

Liabilitas keuangan yang diukur pada biayaperolehan diamortisasi, selanjutnya setelahpengakuan awal diukur pada biaya perolehandiamortisasi, menggunakan suku bunga efektifkecuali jika dampak diskonto tidak material,maka dinyatakan pada biaya perolehan.Beban bunga diakui dalam “Beban Keuangan”dalam laba rugi. Keuntungan atau kerugiandiakui pada laba rugi ketika liabilitas keuangantersebut dihentikan pengakuannya dan melaluiproses amortisasi.

Financial liabilities measured at amortized costare measured, subsequent to initialrecognition, at amortized cost using theeffective interest rate method unless the effectof discounting would be immaterial, in whichcase they are stated at cost. The relatedinterest expense is recognized within “FinanceCosts” in profit or loss. Gains and losses arerecognized in profit or loss when the financialliabilities are derecognized as well as throughthe amortization process.

Saling hapus dari instrumen keuangan Offsetting of financial instruments

Aset keuangan dan liabilitas keuangan salinghapus dan nilai bersihnya dilaporkan dalamlaporan posisi keuangan konsolidasian jika, danhanya jika, terdapat hak yang berkekuatan hukumuntuk melakukan saling hapus atas jumlah yangtelah diakui dari aset keuangan dan liabilitaskeuangan tersebut dan terdapat intensi untukmenyelesaikan dengan menggunakan dasar neto,atau untuk merealisasikan aset dan menyelesaikanliabilitasnya secara bersamaan.

Financial assets and financial liabilities are offsetand the net amount reported in the consolidatedstatement of financial position if, and only if, thereis a currently enforceable legal right to offset therecognized amounts and there is an intention tosettle on a net basis, or to realize the assets andsettle the liabilities simultaneously.

Nilai wajar dari instrumen keuangan Fair value of financial instruments

Efektif 1 Januari 2015, Grup menerapkan PSAK 68(2014), “Pengukuran Nilai Wajar”, dalam PSAK ini,nilai wajar adalah harga yang akan diterima untukmenjual suatu aset atau harga yang akan dibayaruntuk mengalihkan suatu liabilitas dalam transaksiteratur antara pelaku pasar padatanggal pengukuran. Pengukuran nilai wajarmengasumsikan bahwa transaksi untuk menjualaset atau mengalihkan liabilitas terjadi:

Effective January 1, 2015, the Group adoptedPSAK 68 (2014) “Fair Value Measurement”,according to this PSAK, fair value is the price thatwould be received to sell an asset or paid totransfer a liability in an orderly transactionbetween market participants at the measurementdate. The fair value measurement is based on thepresumption that the transaction to sell the assetor transfer the liability takes place either:

- Di pasar utama untuk aset dan liabilitastersebut, atau

- Jika tidak terdapat pasar utama, di pasar yangpaling menguntungkan untuk aset atau liabilitastersebut.

- In the principal market for the asset or liability,or

- In the absence of a principal market, in themost advantageous market for the asset orliability.









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Nilai wajar dari instrumen keuangan (lanjutan) Fair value of financial instruments (continued)

Grup harus memiliki akses ke pasar utama ataupasar yang paling menguntungkan.

The principal or the most advantageous marketmust be accessible to the Group.

Nilai wajar aset atau liabilitas diukur menggunakanasumsi yang akan digunakan pelaku pasar ketikamenentukan harga aset atau liabilitas tersebut,dengan asumsi bahwa pelaku pasar bertindakdalam kepentingan ekonomi terbaiknya.

The fair value of an asset or a liability is measuredusing the assumptions that market participantswould use when pricing the asset or liability,assuming that market participants act in theireconomic best interest.

Pengukuran nilai wajar atas aset non keuanganmempertimbangkan kemampuan pelaku pasardalam menghasilkan keuntungan ekonomi denganpenggunaan aset pada kemampuan tertinggi danterbaik aset atau dengan menjualnya ke pelakupasar yang lain yang akan menggunakan aset dikemampuan tertinggi dan terbaik.

A fair value measurement of a nonfinancial assettakes into account a market participant's ability togenerate economic benefits by using the asset inits highest and best use or by selling it to anothermarket participant that would use the asset in itshighest and best use.

Grup menggunakan teknik penilaian yang tepatsesuai keadaan dan dimana tersedia kecukupandata untuk mengukur nilai wajar, memaksimalkanpenggunaan input yang dapat diobservasi yangrelevan dan meminimalisir penggunaan input yangtidak dapat diobservasi.

The Group uses valuation techniques that areappropriate in the circumstances and for whichsufficient data are available to measure fair value,maximizing the use of relevant observable inputsand minimizing the use of unobservable inputs.

Semua aset dan liabilitas dimana nilai wajar diukuratau diungkapkan dalam laporan keuangankonsolidasian dapat dikategorikan pada levelhirarki nilai wajar, berdasarkan tingkatan inputterendah yang signifikan atas pengukuran nilaiwajar secara keseluruhan:

All assets and liabilities for which fair value ismeasured or disclosed in the consolidatedfinancial statements are categorized within the fairvalue hierarchy, described as follows, based onthe lowest level input that is significant to the fairvalue measurement as a whole:

- Level 1 - harga kuotasian (tanpa penyesuaian)di pasar aktif untuk aset atau liabilitas yangidentik.

- Level 2 - input selain harga kuotasian yangtermasuk dalam level 1 yang dapat diobservasibaik secara langsung maupun tidak langsung.

- Level 3 - input yang tidak dapat diobservasiuntuk aset atau liabilitas.

- Level 1 - Quoted (unadjusted) market prices inactive markets for identical assets or liabilities.

- Level 2 - Valuation techniques for which thelowest level input that is significant to the fairvalue measurement is directly or indirectlyobservable.

- Level 3 - Valuation techniques for which thelowest level input that is significant to the fairvalue measurement is unobservable.









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Nilai wajar dari instrumen keuangan (lanjutan) Fair value of financial instruments (continued)

Untuk aset dan liabilitas yang diakui pada laporankeuangan konsolidasian secara berulang, Grupmenentukan apakah terjadi transfer antara level didalam hirarki dengan cara mengevaluasi kategori(berdasarkan input level terendah yang signifikandalam pengukuran nilai wajar) setiap akhir periodepelaporan.

For assets and liabilities that are recognized in theconsolidated financial statements on a recurringbasis, the Group determines whether transfershave occurred between levels in the hierarchy byre-assessing categorization (based on the lowestlevel input that is significant to the fair valuemeasurement as a whole) at the end of eachreporting period.

Untuk tujuan pengungkapan nilai wajar, Grup telahmenentukan kelas aset dan liabilitas berdasarkansifat, karakteristik, dan risiko aset atau liabilitas,dan level hirarki nilai wajar seperti dijelaskan diatas.

For the purpose of fair value disclosures, theGroup has determined classes of assets andliabilities on the basis of the nature, characteristicsand risks of the asset or liability and the level ofthe fair value hierarchy as explained above.

Biaya perolehan diamortisasi dari instrumenkeuangan

Amortized cost of financial instruments

Biaya perolehan diamortisasi dihitung denganmenggunakan metode suku bunga efektif dikurangidengan penyisihan atas penurunan nilai danpembayaran pokok atau nilai yang tidak dapatditagih. Perhitungan tersebut mempertimbangkanpremium atau diskonto pada saat perolehan dantermasuk biaya transaksi dan biaya yangmerupakan bagian yang tak terpisahkan dari sukubunga efektif.

Amortized cost is computed using the effectiveinterest rate method less any allowance forimpairment and principal repayment or reduction.The calculation takes into account any premium ordiscount on acquisition and includes transactioncosts and fees that are an integral part of theeffective interest rate.

Penurunan nilai aset keuangan Impairment of financial assets

Setiap akhir periode pelaporan, Grupmengevaluasi apakah terdapat bukti yang obyektifbahwa aset keuangan atau kelompok asetkeuangan mengalami penurunan nilai. Asetkeuangan atau kelompok aset keuanganditurunkan nilainya dan kerugian penurunan nilaitelah terjadi jika, dan hanya jika, terdapat buktiyang obyektif mengenai penurunan nilai tersebutsebagai akibat dari satu atau lebih peristiwa yangterjadi setelah pengakuan awal aset tersebut(peristiwa yang merugikan), dan peristiwa yangmerugikan tersebut berdampak pada estimasi aruskas masa depan atas aset keuangan ataukelompok aset keuangan yang dapat diestimasisecara handal.

The Group assesses at the end of each reportingperiod whether there is any objective evidencethat a financial asset or a group of financial assetsis impaired. A financial asset or a group offinancial assets is deemed to be impaired if, andonly if, there is objective evidence of impairmentas a result of one or more events that hasoccurred after the initial recognition of the asset(an incurred ʻloss eventʼ) and that loss event hasan impact on the estimated future cash flows ofthe financial asset or the group of financial assetsthat can be reliably estimated.

Bukti penurunan nilai dapat meliputi indikasi pihakpeminjam atau kelompok pihak peminjammengalami kesulitan keuangan signifikan,wanprestasi atau tunggakan pembayaran bungaatau pokok, kemungkinan bahwa mereka akandinyatakan pailit atau melakukan reorganisasikeuangan lainnya dan di mana data yang dapatdiobservasi mengindikasikan bahwa ada terukurpenurunan arus kas estimasi masa mendatang,seperti perubahan tunggakan atau kondisi ekonomiyang berkorelasi dengan wanprestasi.

Evidence of impairment may include indicationsthat the debtors or a group of debtors isexperiencing significant financial difficulty, defaultor delinquency in interest or principal payments,the probability that they will enter bankruptcy orother financial reorganization and whereobservable data indicate that there is ameasurable decrease in the estimated future cashflows, such as changes in arrears or economicconditions that correlate with defaults.









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Penurunan nilai aset keuangan (lanjutan) Impairment of financial assets (continued)

i. Untuk aset keuangan yang dicatat pada biayaperolehan diamortisasi

i. Financial assets carried at amortized cost

Untuk aset keuangan yang dicatat pada biayaperolehan diamortisasi, Grup pertama kalimenentukan apakah terdapat bukti obyektifmengenai adanya penurunan nilai secaraindividual atas aset keuangan yang signifikansecara individual atau untuk aset keuanganyang tidak signifikan secara individual terdapatbukti penurunan nilai secara kolektif.

For financial assets carried at amortized cost,the Group first assesses whether objectiveevidence of impairment exists individually forfinancial assets that are individuallysignificant, or collectively for financial assetsthat are not individually significant.

Jika Grup menentukan tidak terdapat buktiobyektif mengenai adanya penurunan nilaiatas aset keuangan yang dinilai secaraindividual, terlepas aset keuangan tersebutsignifikan atau tidak, maka Grup memasukkanaset tersebut ke dalam kelompok asetkeuangan yang memiliki karakteristik risikokredit yang sejenis dan menilai penurunannilai kelompok tersebut secara kolektif. Asetyang penurunan nilainya dinilai secaraindividual, dan untuk itu kerugian penurunannilai diakui atau tetap diakui, tidak termasukdalam penilaian penurunan nilai secarakolektif.

If the Group determines that no objectiveevidence of impairment exists for anindividually assessed financial asset, whethersignificant or not, it includes the asset in agroup of financial assets with similar creditrisk characteristics and collectively assessesthem for impairment. Assets that areindividually assessed for impairment and forwhich an impairment loss is, or continues tobe, recognized are not included in a collectiveassessment of impairment.

Jika terdapat bukti obyektif bahwa kerugianpenurunan nilai telah terjadi, jumlah kerugiantersebut diukur sebagai selisih antara nilaitercatat aset dengan nilai kini estimasi aruskas masa datang (tidak termasuk ekspektasikerugian kredit masa datang yang belumterjadi). Nilai kini estimasi arus kas masadatang didiskonto menggunakan suku bungaefektif awal dari aset keuangan tersebut. Jikapinjaman yang diberikan dan piutang memilikisuku bunga variabel, tingkat diskonto untukmengukur kerugian penurunan nilai adalahsuku bunga efektif terkini. Nilai tercatat asettersebut berkurang melalui penggunaan akunpenyisihan dan jumlah kerugian diakui dalamlaba rugi.

If there is objective evidence that animpairment loss has occurred, the amount ofthe loss is measured as the differencebetween the assets carrying amount and thepresent value of estimated future cash flows(excluding future expected credit losses thathave not yet been incurred). The presentvalue of the estimated future cash flows isdiscounted at the financial assets originaleffective interest rate. If a loan has a variableinterest rate, the discount rate for measuringany impairment loss is the current effectiveinterest rate. The carrying amount of theasset is reduced through the use of anallowance account and the amount of the lossis recognized in profit or loss.

Ketika aset tidak tertagih, nilai tercatat atasaset keuangan yang telah diturunkan nilainyadikurangi secara langsung atau jika adasuatu jumlah telah dibebankan ke akuncadangan penurunan nilai jumlah tersebutdihapusbukukan terhadap nilai tercatat asetkeuangan tersebut.

When the asset becomes uncollectible, thecarrying amount of the financial assets isreduced directly or if an amount was chargedto the allowance account, the amountscharged to the allowance account are writtenoff against the carrying value of the financialasset.









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Penurunan nilai aset keuangan (lanjutan) Impairment of financial assets (continued)

i. Untuk aset keuangan yang dicatat pada biayaperolehan diamortisasi (lanjutan)

i. Financial assets carried at amortized cost(continued)

Jika, pada periode berikutnya, jumlah kerugianpenurunan nilai berkurang dan penurunan nilaitersebut diakui, maka kerugian penurunan nilaiyang sebelumnya diakui dipulihkan, sepanjangnilai tercatat aset tidak melebihi biayaperolehan diamortisasi pada tanggalpemulihan dengan menyesuaikan akuncadangan. Jumlah pemulihan aset keuangandiakui pada laba rugi.

If, in a subsequent period, the amount of theimpairment loss decreases and theimpairment was recognized, the previouslyrecognized impairment loss is reversed to theextent that the carrying amount of the assetdoes not exceed its amortized cost at thereversal date by adjusting the allowanceaccount. The amount of the reversal isrecognized in profit or loss.

Penerimaan kemudian atas piutang yang telahdihapusbukukan sebelumnya, jika padaperiode berjalan dikreditkan denganmenyesuaikan pada akun cadanganpenurunan nilai, sedangkan jika setelah akhirperiode pelaporan dikreditkan sebagaipendapatan operasional lainnya.

Subsequent recoveries of previously writtenoff receivables, if in the current period, arecredited to the allowance accounts, but if afterthe reporting period, are credited to otheroperating income.

ii. Aset keuangan yang tersedia untuk dijual ii. Available for sale financial assets

Untuk aset keuangan yang tersedia untukdijual, Grup menilai pada setiap tanggalpelaporan apakah terdapat bukti obyektifbahwa investasi atau kelompok investasiterjadi penurunan nilai.

For available for sale financial assets, theGroup assesses at each reporting datewhether there is objective evidence that aninvestment or a group of investments isimpaired.

Dalam hal investasi ekuitas yangdiklasifikasikan sebagai tersedia untuk dijual,bukti obyektif akan meliputi penurunan yangsignifikan atau penurunan jangka panjangpada nilai wajar investasi di bawah biayaperolehannya. 'Signifikan' yaitu evaluasiterhadap biaya perolehan awal investasi dan'jangka panjangan' terkait periode dimana nilaiwajar telah di bawah biaya perolehannya.Dimana ada bukti penurunan nilai, kerugiankumulatif - diukur sebagai selisih antara biayaperolehan dengan nilai wajar kini, dikurangikerugian penurunan nilai pada investasi yangsebelumnya diakui dalam laba rugi - dihapusdari penghasilan komprehensif lain dan diakuidalam laba rugi. Kerugian penurunan nilai atasinvestasi ekuitas tidak boleh dipulihkan melaluilaporan laba rugi, kenaikan nilai wajar setelahpenurunan nilai diakui langsung dalampenghasilan komprehensif lainnya.

In the case of equity investments classified asavailable for sale, objective evidence wouldinclude a significant or prolonged decline inthe fair value of the investment below its cost.ʻSignificantʼ is evaluated against the originalcost of the investment and ʻprolongedʼ againstthe period in which the fair value has beenbelow its original cost. Where there isevidence of impairment, the cumulative loss -measured as the difference between theacquisition cost and the current fair value,less any impairment loss on that investmentpreviously recognized in profit or loss - isremoved from other comprehensive incomeand recognized in profit or loss. Impairmentlosses on equity investments are not reversedthrough the income statement; increases intheir fair value after impairment arerecognized directly in other comprehensiveincome.









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Penghentian pengakuan Derecognition

i. Aset keuangan i. Financial asset

Suatu aset keuangan, atau mana yangberlaku, bagian dari aset keuangan ataubagian dari kelompok aset keuangan sejenis,dihentikan pengakuannya pada saat:

(a) hak kontraktual atas arus kas yangberasal dari aset keuangan tersebutberakhir; atau

A financial asset, or where applicable a partof a financial asset or part of a group ofsimilar financial assets, is derecognizedwhen:

(a) the contractual rights to receive cashflows from the financial asset haveexpired; or

(b) Grup mentransfer hak kontraktual untukmenerima arus kas yang berasal dari asetkeuangan atau menanggung kewajibanuntuk membayar arus kas yang diterimatanpa penundaan yang signifikan kepadapihak ketiga melalui suatu kesepakatanpenyerahan dan (i) secara substansialmentransfer seluruh risiko dan manfaatatas kepemilikan aset keuangan tersebut,atau (ii) secara substansial tidakmentransfer dan tidak memiliki seluruhrisiko dan manfaat atas kepemilikan asetkeuangan tersebut, namun telahmentransfer pengendalian atas asetkeuangan tersebut.

(b) the Group has transferred its contractualrights to receive cash flows from thefinancial asset or has assumed anobligation to pay them in full withoutmaterial delay to a third party under a“pass-through” arrangement and either (i)has transferred substantially all the risksand rewards of the financial asset, or (ii)has neither transferred nor retainedsubstantially all the risks and rewards ofthe financial asset, but has transferredcontrol of the financial asset.

Ketika Grup telah mentransfer hak untukmenerima arus kas dari aset atau telahmenandatangani kesepakatan pelepasan(pass through arrangement), dan secarasubstansial tidak mentransfer dan tidakmemiliki seluruh risiko dan manfaat atas asetkeuangan, maupun mentransfer pengendalianatas aset, aset tersebut diakui sejauhketerlibatan berkelanjutan Grup terhadap asetkeuangan tersebut.

When the Group has transferred its rights toreceive cash flows from an asset or hasentered into a pass-through arrangement,and has neither transferred nor retainedsubstantially all of the risks and rewards ofthe asset nor transferred control of the asset,the asset is recognized to the extent of theGroupʼs continuing involvement in the asset.

Keterlibatan berkelanjutan yang berbentukpemberian jaminan atas aset yang ditransferdiukur sebesar jumlah terendah dari jumlahtercatat aset dan jumlah maksimal daripembayaran yang diterima yang mungkinharus dibayar kembali.

Continuing involvement that takes the form ofa guarantee over the transferred asset ismeasured at the lower of the original carryingamount of the asset and the maximumamount of consideration that the Group couldbe required to repay.

Dalam hal ini, Grup juga mengakui liabilitasterkait. Aset yang ditransfer dan liabilitasterkait diukur dengan dasar yangmencerminkan hak dan liabilitas yang masihdimiliki Grup.

In that case, the Group also recognizes anassociated liability. The transferred asset andthe associated liability are measured on abasis that reflects the rights and obligationsthat the Group has retained.









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Penghentian pengakuan (lanjutan) Derecognition (continued)

i. Aset keuangan (lanjutan) i. Financial asset (continued)

Pada saat penghentian pengakuan atas asetkeuangan secara keseluruhan, maka selisihantara nilai tercatat dan jumlah dari (i)pembayaran yang diterima, termasuk setiapaset baru yang diperoleh dikurangi setiapliabilitas baru yang harus ditanggung; dan (ii)setiap keuntungan atau kerugian kumulatifyang telah diakui secara langsung dalamekuitas harus diakui pada laporan laba rugidan penghasilan komprehensif lainkonsolidasian.

On derecognition of a financial asset in itsentirety, the difference between the carryingamount and the sum of (i) the considerationreceived, including any new asset obtainedless any new liability assumed; and (ii) anycumulative gain or loss that has beenrecognized directly in equity is recognized inthe consolidated statement of profit or lossand other comprehensive income.


Liabilitas keuangan dihentikan pengakuannyaketika liabilitas yang ditetapkan dalam kontrakdihentikan atau dibatalkan atau kadaluarsa.

A financial liability is derecognized when theobligation specified in the contract isdischarged or cancelled or expired.

Ketika liabilitas keuangan saat ini digantikandengan yang lain dari pemberi pinjaman yangsama dengan persyaratan yang berbedasecara substansial, atau modifikasi secarasubstansial atas ketentuan liabilitas keuanganyang saat ini ada, maka pertukaran ataumodifikasi tersebut dicatat sebagaipenghapusan liabilitas keuangan awal danpengakuan liabilitas keuangan baru, danselisih antara nilai tercatat liabilitas keuangantersebut diakui sebagai laba rugi.

When an existing financial liability is replacedby another from the same lender onsubstantially different terms, or the terms ofan existing liability are substantially modified,such an exchange or modification is treatedas a derecognition of the original liability andthe recognition of a new liability, and thedifference in the respective carrying amountsis recognized in profit or loss.

f. Kas dibatasi penggunaannya

Kas dan bank yang dibatasi penggunaannya yangakan digunakan untuk membayar kewajiban yangakan jatuh tempo dalam waktu satu tahun disajikansebagai “Kas Dibatasi Penggunaannya” sebagaibagian dari Aset Lancar pada laporan posisikeuangan konsolidasian. Kas dan bank yang akandigunakan membayar kewajiban yang akan jatuhtempo lebih dari satu tahun dari akhir periodepelaporan disajikan sebagai “Kas DibatasiPenggunaannya” sebagai bagian dari Aset TidakLancar pada laporan posisi keuangankonsolidasian.

f. Restricted cash

Restricted cash on hand and in banks which willbe used to pay currently maturing obligations arepresented as “Restricted Cash” under the currentassets section of the consolidated statement offinancial position. Cash on hand and in bankswhich will be used to pay obligations maturingafter one year from the end of the reporting periodare presented as part of “Restricted Cash” underthe non-current asset section of the consolidatedstatement of financial position.









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g. Persediaan

Persediaan diakui sebesar nilai terendah antarabiaya perolehan atau nilai realisasi bersih. Biayaperolehan ditentukan dengan metode “first-in, first-out” (FIFO).

Nilai realisasi bersih adalah taksiran harga jualdalam kegiatan usaha normal, dikurangi denganestimasi biaya penyelesaian dan taksiran biayayang diperlukan untuk melaksanakan penjualan.

g. Inventories

Inventories are valued at the lower of cost or netrealizable value. Cost is determined using the“first-in, first-out” method.

Net realizable value is the estimated selling pricein the ordinary course of business, less estimatedcosts of completion and the estimated costsnecessary to make the sale.

h. Uang muka dan biaya dibayar dimuka

Uang muka merupakan pembayaran kepadamanajer kapal dan perantara sehubungan denganoperasi kapal. Uang muka tersebut dilikuidasisetiap bulan dengan menggunakan laporan darimanajer kapal dan perantara.

Biaya dibayar dimuka diamortisasi selama masamanfaat biaya dengan menggunakan metode garislurus.

h. Advances and prepaid expenses

Advances pertain to payments made to shipmanagers and agents in relation to the operationsof vessels. These advances are being liquidatedon a monthly basis using the reports from the shipmanagers and agents.

Prepaid expenses are amortized over theirbeneficial periods using the straight-line method.

i. Investasi pada entitas asosiasi i. Investments in associates

Efektif 1 Januari 2015, Grup menerapkan PSAK 15(Revisi 2013) ”Investasi Pada Entitas Asosiasi danVentura Bersama”.

Effective January 1, 2015, the Group adoptedPSAK 15 (Revised 2013) “Investment inAssociates and Joint Ventures”.

Investasi Grup pada entitas asosiasi dicatatdengan mengunakan metode ekuitas. Entitasasosiasi adalah entitas dimana Grup mempunyaipengaruh signifikan. Dalam metode ekuitas, biayainvestasi ditambah atau dikurangi dengan bagianGrup atas laba atau rugi bersih, dan dividen yangditerima dari investee sejak tanggal perolehan.

The Groupʼs investment in associate is accountedfor using the equity method. An associate is anentity in which the Group has significant influence.Under the equity method, the cost of investment isincreased or decreased by the Groupʼs share innet earnings or losses of, and dividends receivedfrom the investee since the date of acquisition.

Goodwill yang terkait dengan entitas asosiasitermasuk dalam jumlah tercatat investasi dan tidakdiamortisasi atau tidak dilakukan pengujianpenurunan nilai secara terpisah.

Goodwill relating to the associate is included inthe carrying amount of the investment and isneither amortized nor individually tested forimpairment.

Laba rugi mencerminkan bagian atas hasil operasidari entitas asosiasi. Bila terdapat perubahan yangdiakui langsung pada ekuitas dari entitas asosiasi,Grup mengakui bagiannya atas perubahantersebut dan mengungkapkan hal ini, jikaberkaitan, dalam laporan perubahan ekuitaskonsolidasian. Laba atau rugi yang belumdirealisasi sebagai hasil dari transaksi antara Grupdengan entitas asosiasi dieliminasi sebesarkepentingan Grup pada entitas asosiasi.

The profit or loss reflects the results of operationsof the associates. If there has been a changerecognized directly in the equity of the associates,the Company recognizes its share of any suchchanges and discloses this, when applicable, inthe consolidated statement of changes in equity.Unrealized gains or losses resulting fromtransactions between the Company and theassociates are eliminated to the extent of theCompanyʼs interest in the associates.

Bagian laba entitas asosiasi ditampilkan pada labaatau rugi, yang merupakan laba yang dapatdiatribusikan kepada pemegang saham entitasasosiasi dan merupakan laba setelah pajak KNP dientitas anak dari entitas asosiasi.

The share of profit of an associate is shown on theface of the profit or loss. This is the profitattributable to equity holders of the associate andtherefore is profit after tax NCI in the subsidiariesof the associate.









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i. Investasi pada entitas asosiasi (lanjutan) i. Investments in associates (continued)

Laporan keuangan entitas asosiasi disusun denganmengunakan periode pelaporan yang samadengan Grup. Bila diperlukan, penyesuaiandilakukan untuk menjadikan kebijakan akuntansisama dengan kebijakan Grup.

The financial statements of the associate areprepared for the same reporting period as theGroup. Where necessary, adjustments are madeto bring the accounting policies in line with thoseof the Group.

Grup menentukan apakah perlu untuk mengakuitambahan penurunan nilai atas investasi Gruppada entitas asosiasi. Grup menentukan padasetiap tanggal pelaporan apakah terdapat buktiyang obyektif yang mengindikasikan bahwainvestasi pada entitas asosiasi mengalamipenurunan nilai. Dalam hal ini, Grup menghitungjumlah penurunan nilai berdasarkan selisih antarajumlah terpulihkan atas investasi pada entitasasosiasi dan nilai tercatatnya dan mengakuinyadalam laba rugi.

The Group determines whether it is necessary torecognize an additional impairment loss on theGroupʼs investment in its associates. The Groupdetermines at each reporting date whether there isany objective evidence that the investment in theassociate is impaired. If this is the case, the Groupcalculates the amount of impairment as thedifference between the recoverable amount of theinvestment in associate and its carrying value, andrecognizes the amount in profit or loss.

Jika bagian Grup atas rugi entitas asosiasi samadengan atau melebihi kepentingannya pada entitasasosiasi, maka Grup menghentikan pengakuanbagiannya atas rugi lebih lanjut. Kepentingan padaentitas asosiasi adalah jumlah tercatat investasipada entitas asosiasi dengan metode ekuitasditambah dengan setiap kepentingan jangkapanjang yang secara substansi, membentuk bagianinvestasi neto investor pada entitas asosiasi.

If the Groupʼs share of losses of an associateequals or exceeds its interest in the associate, theGroup discontinue to recognize its share of furtherlosses. The interest in an associate is the carryingamount of the investment in the associate underthe equity method together with any long - terminterest that, in substance, form part of theinvestorʼs net investment in the associate.

Ketika kehilangan pengaruh yang signifikanterhadap entitas asosiasi, Grup mengukur danmengakui setiap investasi yang tersisa pada nilaiwajar. Selisih antara nilai tercatat asosiasi setelahhilangnya pengaruh signifikan dan nilai wajar dariinvestasi yang tersisa dan hasil dari penjualandiakui dalam laba rugi.

Upon loss of significant influence over theassociate, the Group measures and recognizesany retaining investment at its fair value. Anydifference between the carrying amount of theassociate upon loss of significant influence andthe fair value of the retaining investment andproceeds from disposal is recognized in profit orloss.

j. Pengaturan bersama j. Joint arrangements

Efektif 1 Januari 2015, Grup menerapkan PSAK 15(Revisi 2013) ”Investasi Pada Entitas Asosiasi danVentura Bersama” dan PSAK 66, ”PengaturanBersama”. Berdasarkan PSAK 66, pengaturanbersama diklasifikasikan sebagai operasi bersamaatau ventura bersama tergantung atas hak dankewajiban kontraktual yang dimiliki setiap investor,dibanding bentuk legal suatu perikatan bersama.Operasi bersama timbul di mana para investormempunyai hak atas aset dan kewajiban atasliabilitas dari sebuah pengaturan.

Effective January 1, 2015, the Group adoptedPSAK 15 (Revised 2013) “Investment inAssociates and Joint Ventures” and PSAK 66“Joint Arrangements”. Under PSAK 66, jointarrangements are classified as either jointoperations or joint ventures depending on thecontractual rights and obligation each investorhave, rather than the legal structure of the jointarrangements. Joint operations arise where theinvestors have rights to the assets and obligationsfor the liabilities of an arrangement.

Operator mencatat kepemilikannya atas aset,liabilitas, pendapatan, dan beban. Venturabersama timbul di mana para investor memiliki hakatas aset bersih dari pengaturan bersama. Venturabersama dicatat dengan menggunakan metodeekuitas. Konsolidasi proporsional tidak diijinkan.Perusahaan telah mengkaji sifat dari pengaturanbersama dan menentukannya sebagai venturabersama.

A joint operator accounts for its share of theassets, liabilities, revenue and expenses. Jointventures arise where the investors have rights tothe net assets of the arrangement. Joint venturesare accounted for under the equity method.Proportional consolidation of joint arrangements isno longer permitted. The Group has assessed thenature of its joint arrangements and determinedthem to be joint ventures.









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j. Pengaturan bersama (lanjutan) j. Joint arrangements (continued)

Ventura bersama diperhitungkan dengan metodeekuitas dikurangi kerugian penurunan nilai, jikaada. Setiap akhir periode pelaporan, Grupmelakukan penilaian ketika terdapat bukti obyektifbahwa investasi pada ventura bersama mengalamipenurunan nilai. Hasil usaha ventura bersamadimasukkan dalam atau dikeluarkan dari laporankeuangan konsolidasian masing-masing sejaktanggal akuisisi atau tanggal pelepasan.

Joint ventures are accounted for using the equitymethod less impairment losses, if any. At the endof each reporting period, the Company assesseswhen there is objective evidence that aninvestment in joint ventures is impaired. The resultof joint ventures are included in or excluded fromthe consolidated financial statements from theireffective dates of acquisition or disposalrespectively.

k. Aset tetap

Kapal

Kapal dan kapal sewa pembiayaan dicatat padajumlah revaluasian, yaitu nilai wajar pada tanggalrevaluasi dikurangi akumulasi penyusutan danakumulasi rugi penurunan nilai yang terjadi setelahtanggal revaluasi. Revaluasi dilakukan denganketeraturan yang cukup untuk memastikan bahwanilai tercatat tidak berbeda secara material darijumlah yang ditentukan dengan menggunakan nilaiwajar pada tanggal pelaporan.

Kapal sewa pembiayaan disusutkan berdasarkantaksiran masa manfaat ekonomis yang samadengan kapal yang dimiliki langsung. Namun,apabila tidak terdapat kepastian yang memadaibahwa pemilikan kapal tidak akan diperoleh padaakhir masa sewa, aset disusutkan selama jangkawaktu yang lebih pendek antara periode masasewa dan umur manfaatnya.

k. Fixed assets

Vessels

Owned vessels and leased vessels are stated attheir revalued amount, being the fair value at thedate of revaluation, less any subsequentaccumulated depreciation and subsequentaccumulated impairment losses. Revaluations areperformed with sufficient regularity such that thecarrying amount does not differ materially fromthat which would be determined using fair valuesat the reporting date.

Vessels held under finance lease are depreciatedbased on the same estimated economic usefullives with directly acquired assets. However, whenthere is no reasonable certainty that ownership ofvessels will be obtained by the end of the leaseterm, assets are depreciated over the shorter ofthe lease term and their useful lives.

Setiap kenaikan revaluasi yang berasal darirevaluasi kapal dikreditkan ke penghasilankomprehensif lainnya neto setelah pajaktangguhan, sebagaimana berlaku, danakumulasinya dicatat dalam akun cadanganrevaluasi pada bagian ekuitas, kecuali sejauhpenurunan nilai akibat revaluasi untuk kapal yangsama sebelumnya diakui dalam laba rugi, kenaikantersebut dikreditkan ke laba rugi sampai nilaitercatat kapal tersebut akan ada rugi penurunannilai diakui untuk aset tersebut pada tahunsebelumnya. Setiap kenaikan yang tersisa setelahdikurangi pajak tangguhan, sebagaimana berlakuakan diakui dalam cadangan revaluasi dalamekuitas. Penurunan nilai tercatat yang berasal darirevaluasi kapal dibebankan pada laba rugi apabilapenurunan tersebut melebihi saldo akun cadanganrevaluasi kapal yang berasal dari revaluasi kapalsebelumnya.

Any revaluation increase arising on therevaluation of such vessels is credited to othercomprehensive income net of deferred tax, asapplicable, and accumulated in revaluationsurplus in equity, except to the extent that itreverses an impairment loss for the same vesselwhich was previously recognized in profit or loss,in which case the increase is credited to profit orloss to the extent that impairment loss wasrecognized for the asset in prior years. Anyremaining increase, net of deferred tax, asapplicable, would be recognized in revaluationsurplus in equity. A decrease in carrying amountarising on the revaluation of such vessels ischarged to profit or loss to the extent that itexceeds the balance, if any, held in the vesselsʼrevaluation surplus relating to a previousrevaluation of such vessels.









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k. Aset tetap (lanjutan)

Kapal (lanjutan)

k. Fixed assets (continued)

Vessels (continued)

Grup memilih kebijakan untuk menghilangkanakumulasi penyusutan atas aset yang dinilaikembali terhadap nilai tercatat bruto aset dan nilaiaset neto yang disajikan kembali terhadap nilaiaset yang direvaluasi.

Penyusutan atas nilai revaluasian kapaldibebankan ke laba rugi. Sejalan denganpenggunaan kapal oleh Grup, cadangan revaluasikapal dipindahkan ke defisit sebesar perbedaanjumlah penyusutan berdasarkan nilai tercatat kapalyang telah direvaluasi dengan jumlah penyusutanberdasarkan biaya perolehan historis. Apabilakemudian kapal yang telah direvaluasi dijual ataudihentikan penggunaannya, saldo cadanganrevaluasi tersisa atas kapal yang dijual ataudihentikan penggunaannya dipindahkan langsungke akun defisit.

The Group elected the policy of eliminating theaccumulated depreciation of revalued assetsagainst the gross carrying amount of the assetand the net amount restated to the revaluedamount of the assets.

Depreciation on revalued vessels is charged toprofit or loss. As the vessels are used, a transfer ismade from revaluation reserve to deficitequivalent to the difference between depreciationbased on revalued carrying amount of the vesselsand depreciation based on the vesselsʼ historicalcost. On subsequent sale or retirement of arevalued vessel, the remaining revaluation surplusattributable to the vessels sold or retired istransferred directly to deficit.

Kapal dalam penyelesaian dicatat sebesar biayaperolehan dikurangi penurunan nilai yang terjadi.Biaya perolehan termasuk biaya profesional, yangtimbul selama masa konstruksi kapal dikapitalisasisesuai dengan kebijakan akuntansi Grup.Penyusutan kapal dimulai sejak kapal siap untukdigunakan.

Vessels under construction are carried at cost lessany impairment loss. Costs, including professionalfees, incurred while the vessels are underconstruction are capitalized in accordance with theGroupʼs accounting policy. Depreciation of thesevessels commences when the vessels are readyfor their intended use.

Taksiran nilai residu, masa manfaat dan metodepenyusutan kapal direviu setiap akhir periodepelaporan, dan pengaruh dari setiap perubahantersebut diperlakukan secara prospektif.

Keuntungan dan kerugian yang timbul daripenjualan atau penghentian kapal ditentukansebesar perbedaan antara nilai neto hasilpenjualan dan nilai tercatat dari kapal tersebut dandicatat dalam laba rugi.

Nilai kapal, meliputi biaya docking yangdikapitalisasi pada saat terjadinya dan diamortisasiberdasarkan metode garis lurus sampai denganjadwal docking berikutnya.

The vesselsʼ residual values, estimated usefullives and depreciation method are reviewed ateach reporting date, with the effect of anychanges in estimate accounted for prospectively.

The gain or loss on sale or retirement of vesselsis determined as the difference between the salesproceeds and carrying amount of the vessel andis recognized in profit or loss.

Included in the balance of vessels are the drydocking costs which are capitalized when incurredand are amortized on a straight-line basis over theperiod until the date of the next dry docking.









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k. Aset tetap (lanjutan) k. Fixed assets (continued)

Aset tetap lainnya

Aset tetap lainnya dinyatakan sebesar biayaperolehan setelah dikurangi akumulasi penyusutandan akumulasi kerugian penurunan nilai.

Grup menerapkan model biaya perolehan setelahpengakuan awal untuk aset tetap lainnya. Asettetap lainnya disusutkan berdasarkan estimasimasa manfaat adalah sebagai berikut:

Other fixed assets

Other fixed assets are stated at cost lessaccumulated depreciation and any accumulatedimpairment losses.

The Group applies the cost model in subsequentrecognition for other fixed assets. Other fixedassets are depreciated based on the followingestimated useful lives:

Tahun/Years

Bangunan 20 Buildings and premisesKendaraan 5 Transportation equipmentPerabot kantor 5 Office furniture and fixturesPeralatan kantor dan mess 5 Office and dormitory equipment

Penyusutan diakui dengan tujuan mengalokasikansecara sistematis biaya dari aset dikurangi dengannilai sisa selama masa manfaat, denganmenggunakan metode garis lurus. Estimasi masamanfaat, nilai residu dan metode penyusutandireviu setiap akhir tahun buku, dan pengaruh darisetiap perubahan estimasi akuntansi diterapkansecara prospektif.

Beban pemeliharaan dan perbaikan atas aset tetaplainnya dibebankan pada saat terjadinya. Biaya lainyang terjadi setelah pengakuan awal untukmenambah, mengganti sebagian atau perbaikanatas suatu bagian aset tetap diakui sebagai asettetap jika dan hanya jika besar kemungkinanmanfaat ekonomis di masa datang berkenaandengan aset tetap tersebut akan mengalir ke Grupdan biaya perolehan aset tetap dapat diukur secaraandal.

Depreciation is recognized to systematicallyallocate the cost of assets less residual valuesover their estimated useful lives, using thestraight-line method. The estimated useful lives,residual values and depreciation method arereviewed at each reporting date, with the effect ofany change in estimate accounted prospectively.

The costs of maintenance and repairs of otherfixed assets are charged to operations asincurred. Other costs incurred subsequently toadd, replace part of, or service an item of fixedassets, are recognized as asset if and only if it isprobable that future economic benefits associatedwith the item will flow to the Group and the cost ofthe item can be measured reliably.

Aset dalam penyelesaian dinyatakan sebesar biayaperolehan, dan akan dipindahkan ke masing-masing aset tetap pada saat selesai dan siap untukdigunakan.

Aset tetap lainnya tidak diakui pada saat pelepasanatau ketika tidak terdapat manfaat ekonomi di masadatang yang diharapkan dari penggunaan ataupunpelepasan. Keuntungan atau kerugian yang berasaldari penghentian penggunaan aset (dihitungsebagai perbedaan antara penerimaan dari hasilpelepasan dan nilai tercatat dari suatu item) diakuipada laba rugi pada saat aset tersebut dihentikanpengakuannya.

Construction in progress is stated at cost, and istransferred to the respective fixed assets accountwhen completed and ready for its intended use.

An item of other fixed assets is derecognized upondisposal or when no future economic benefits areexpected from its use or disposal. Any gain or lossarising on derecognition of the asset (calculatedas the difference between the net proceeds fromdisposal and the carrying amount of the item) isrecognized in profit or loss in the year the asset isderecognized.









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l. Sewa

Sebagai lessee

Sewa dimana Grup memiliki secara substansialseluruh risiko dan manfaat terkait denganpemilikan aset diklasifikasikan sebagai sewapembiayaan. Sewa pembiayaan dikapitalisasi padaawal masa sewa sebesar nilai yang lebih rendahantara nilai wajar aset sewaan dan nilai kini daripembayaran sewa minimum.

Setiap pembayaran sewa dipisahkan antarabagian yang merupakan beban keuangan danbagian yang merupakan pelunasan kewajibansedemikian rupa sehingga menghasilkan tingkatsuku bunga periodik yang konstan atas saldopembiayaan. Jumlah kewajiban sewa, dikurangibeban keuangan disajikan sebagai utang jangkapanjang. Unsur bunga dalam biaya keuangandibebankan di laba rugi setiap periode selamamasa sewa sedemikian rupa sehinggamenghasilkan suatu tingkat suku bunga periodikyang konstan atas saldo liabilitas. Aset tetap yangdiperoleh melalui sewa pembiayaan disusutkanselama jangka waktu yang lebih pendek antaraperiode masa sewa dan umur manfaatnya.

Sewa lainnya, yang tidak memenuhi kriteriatersebut, diklasifikasikan sebagai sewa operasi.Pembayaran sewa operasi diakui sebagai bebandengan dasar garis lurus selama masa sewa,kecuali terdapat dasar sistematis lain yang dapatlebih mencerminkan pola waktu dari manfaatekonomi aset sewa pembiayaan yang dinikmatipengguna.

l. Leases

Lessee

Leases where by the Group has substantially allthe risks and rewards incidental to ownership areclassified as finance leases. Finance leasesare capitalized by the Group at the leasecommencement at the lower of the fair value ofthe leased assets and the present value of theminimum lease payments.

Each lease payment is allocated between theliability and finance charges so as to achieve aconstant rate on the outstanding balance. Thecorresponding rental obligations, net of financecharges, are included in non-current finance leaseliabilities. The interest element of the finance costis charged to profit or loss over the lease periodso as to produce a constant periodic rate ofinterest on the remaining balance of the liability foreach period. The fixed asset acquired underfinance lease is depreciated over the shorter ofthe useful life of the asset and the lease term.

All other leases are classified as operating leases.Operating lease payments are recognized as anexpense on a straight-line basis over the leaseterm, except where another systematic basis ismore representative of the time pattern in whicheconomic benefits from the leased asset areconsumed.

Keuntungan atau kerugian atas pelepasan entitasanak, entitas asosiasi dan pengendalian bersamaentitas termasuk nilai tercatat dari goodwill yangterkait dengan entitas yang dijual.

The profit or loss on disposal of subsidiaries,associates and jointly controlled entities includesthe carrying amount of goodwill relating to theentity sold.









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m. Penurunan nilai aset non-keuangan m. Impairment of non-financial assets

Efektif 1 Januari 2015, Grup menerapkan PSAK 48(Revisi 2014) “Penurunan Nilai Aset”. PerubahanPSAK ini terhadap pengungkapan atas nilaiterpulihkan untuk aset non-financial. Perubahan inimenghilangkan pengungkapan tertentu untuk nilaiterpulihkan atas unit penghasil kas yangdisyaratkan oleh PSAK ini melalui penerbitanPSAK 68.

Effective January 1, 2015, the Group adoptedPSAK 48 (Revised 2014) “Impairment of Assets”.Amendments to this PSAK is on the recoverableamount disclosure for non-financial assets. Thisamendment removed certain disclosures of therecoverable amount of CGU which had beenincluded in this PSAK by the issue of PSAK 68.

Penerapkan PSAK ini tidak memiliki dampak yangsignifikan pada laporan keuangan danpengungkapan dalam laporan keuangankonsolidasian.

The adoption of this PSAK has no significantimpact on the financial reporting and disclosuresin the consolidated financial statements.

Pada setiap akhir periode pelaporan, Grup menilaiapakah terdapat indikasi suatu aset mengalamipenurunan nilai. Jika terdapat indikasi tersebutatau pada saat pengujian penurunan nilai asetdiperlukan, maka Grup membuat estimasi jumlahterpulihkan aset tersebut.

The Group assesses at each reporting periodwhether there is an indication that an asset maybe impaired. If any such indication exists, or whenannual impairment testing for an asset is required,the Group makes an estimate of the assetʼsrecoverable amount.

Jumlah terpulihkan yang ditentukan untuk asetindividual adalah jumlah yang lebih tinggi antaranilai wajar aset atau Unit Penghasil Kas (UPK)dikurangi biaya untuk menjual dengan nilaipakainya, kecuali aset tersebut tidak menghasilkanarus kas masuk yang sebagian besar independendari aset atau kelompok aset lain. Jika nilai tercatataset lebih besar daripada nilai terpulihkannya,maka aset tersebut mengalami penurunan nilai dannilai tercatat aset diturunkan menjadi sebesar nilaiterpulihkannya. Rugi penurunan nilai dari operasiyang dilanjutkan diakui pada laporan laba rugi danpenghasilan komprehensif lain konsolidasiansebagai rugi penurunan nilai.

An assetʼs recoverable amount is the higher of theassetʼs or its CGUʼs fair value less costs to selland its value in use, and is determined for anindividual asset, unless the asset does notgenerate cash inflows that are largely independentof those from other assets or groups of assets.Where the carrying amount of an asset exceedsits recoverable amount, the asset is consideredimpaired and is written down to its recoverableamount. Impairment losses of continuingoperations are recognized in the consolidatedstatement of profit or loss and othercomprehensive income as “impairment losses”.

Dalam menghitung nilai pakai, estimasi arus kasmasa depan bersih didiskontokan ke nilai kinidengan menggunakan tingkat diskonto sebelumpajak yang menggambarkan penilaian pasar terkiniatas nilai waktu dari uang dan risiko spesifik dariaset. Dalam menentukan nilai wajar dikurangibiaya untuk menjual, digunakan harga penawaranpasar terakhir, jika tersedia. Jika tidak terdapattransaksi tersebut, Grup menggunakan modelpenilaian yang sesuai untuk menentukan nilaiwajar aset. Perhitungan-perhitungan ini dikuatkanoleh penilaian berganda atau indikasi nilai wajaryang tersedia.

In assessing the value in use (VIU), the estimatednet future cash flows are discounted to theirpresent value using a pre-tax discount rate thatreflects current market assessments of the timevalue of money and the risks specific to the asset.In determining fair value less costs to sell, recentmarket transactions are taken into account, ifavailable. If no such transactions can be identified,an appropriate valuation model is used todetermine the fair value of the assets. Thesecalculations are corroborated by valuationmultiples or other available fair value indicators.









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m. Penurunan nilai aset non-keuangan (lanjutan) m. Impairment of non-financial assets(continued)

Kerugian penurunan nilai yang telah diakui dalamperiode sebelumnya untuk aset selain goodwilldibalik hanya jika terdapat perubahan asumsi-asumsi yang digunakan untuk menentukan jumlahterpulihkan aset tersebut sejak rugi penurunan nilaiterakhir diakui. Dalam hal ini, jumlah tercatat asetdinaikkan ke jumlah terpulihkannya. Pembalikantersebut dibatasi sehingga jumlah tercatat asettidak melebihi jumlah terpulihkannya maupunjumlah tercatat, neto setelah penyusutan,seandainya tidak ada rugi penurunan nilai yangtelah diakui untuk aset tersebut pada tahunsebelumnya. Pembalikan rugi penurunan nilaidiakui dalam laporan laba rugi dan penghasilankomprehensif lain konsolidasian. Setelahpembalikan tersebut, penyusutan aset tersebutdisesuaikan di periode mendatang untukmengalokasikan jumlah tercatat aset yang direvisi,dikurangi nilai sisanya, dengan dasar yangsistematis selama sisa umur manfaatnya.

A previously recognized impairment loss for anasset other than goodwill is reversed only if therehas been a change in the assumptions used todetermine the assetʼs recoverable amount sincethe last impairment loss was recognized. If that isthe case, the carrying amount of the asset isincreased to its recoverable amount. The reversalis limited so that the carrying amount of the assetdoes not exceed its recoverable amount, norexceeds the carrying amount that would havebeen determined, net of depreciation, had noimpairment loss been recognized for the asset inprior years. Reversal of an impairment loss isrecognized in the consolidated statement of profitor loss and other comprehensive income. Aftersuch a reversal, the depreciation charge on thesaid asset is adjusted in future periods to allocatethe assetʼs revised carrying amount, less anyresidual value, on a systematic basis over itsremaining useful life.

Dalam hal pembalikan rugi penurunan nilai aset,setiap kenaikan yang tersisa, setelah dikurangipajak tangguhan, sebagaimana berlaku, akandiakui dalam cadangan revaluasi dalam ekuitasdan diperlakukan sebagai peningkatan revaluasi.

In case of asset carried at a revalued amount, anyremaining increase, net of deferred tax, asapplicable, would be recognized in revaluationreserve in equity and is treated as a revaluationincrease.

n. Imbalan kerja n. Employment benefits

Perusahaan mengakui kewajiban imbalan kerjayang tidak didanai sesuai dengan Undang-undangKetenagakerjaan No. 13/2003, tanggal 25 Maret2003. Efektif 1 Januari 2015, Perusahaanmenerapkan PSAK 24 (Revisi 2013), “ImbalanKerja”. PSAK revisi ini, antara lain, menghapusmekanisme koridor, mengatur pengakuan biayajasa lalu serta mengatur beberapa pengungkapantambahan.

The Company recognized unfunded employeebenefits liability in accordance with Labor LawNo. 13/2003 dated March 25, 2003 (the “LaborLaw”). Effective January 1, 2015, the Companyadopted PSAK 24 (Revised 2013), “EmployeeBenefits”. The revised PSAK, among others,removes the corridor mechanism, stipulates thatall past services costs are recognized and requirescertain additional disclosures.

Perusahaan menerapkan secara retrospektifperubahan yang diatur dalam PSAK revisi ini danoleh karena itu, laporan posisi keuangankonsolidasian tanggal 31 Desember 2014 dan1 Januari 2014/31 Desember 2013 dan laporanlaba rugi dan penghasilan komprehensif lain danlaporan perubahan ekuitas konsolidasian untukperiode 31 Desember 2014, disajikan kembali.Dampak penerapan PSAK revisi ini diungkapkanpada Catatan 46.

The Company adopted the change as required bythe revised PSAK retrospectively and accordingly,the consolidated statement of financial position asof December 31, 2014 and January 1,2014/December 31, 2013 and the consolidatedstatement of profit or loss and othercomprehensive income and changes in equity forthe period ended December 31, 2014, wererestated. The impacts of the adoption of therevised PSAK are disclosed in Note 46.

Beban imbalan pasca kerja berdasarkan programmanfaat pasti Perusahaan ditentukan melaluiperhitungan aktuaria secara periodik denganmenggunakan metode projected-unit credit danmenerapkan asumsi atas tingkat diskonto dantingkat kenaikan gaji tahunan.

Costs under the Companyʼs defined benefit plansare determined by periodic actuarial calculationusing the projected-unit-credit method andapplying the assumptions on discount rate andannual rate of increase in salary.









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n. Imbalan kerja (lanjutan) n. Employment benefits (continued)

Seluruh pengukuran kembali, terdiri ataskeuntungan dan kerugian aktuarial diakui langsungmelalui penghasilan komprehensif lainnya dengantujuan agar aset atau liabilitas neto diakui dalamlaporan posisi keuangan konsolidasian.Pengukuran kembali tidak mereklasifikasi laba ataurugi pada periode berikutnya.

All remeasurements, comprising of actuarial gainsand losses, are recognized immediately throughother comprehensive income in order for the netasset or liability recognized in the consolidatedstatement of financial position. Remeasurementsare not reclassified to profit or loss in subsequentperiods.

Seluruh biaya jasa lalu diakui pada saat yang lebihdulu antara ketika amandemen/kurtailmen terjadiatau ketika biaya restrukturisasi atau pemutusanhubungan kerja diakui. Sebagai akibatnya, biayajasa lalu yang belum vested tidak lagi dapatditangguhkan dan diakui selama periode vestingmasa depan.

All past service costs are recognized at the earlierof when the amendment or curtailment occurs andwhen the related restructuring or termination costsare recognized. As a result, unvested past servicecosts can no longer be deferred and recognizedover the future vesting period.

Beban bunga sebagaimana digunakan dalamPSAK 24 versi sebelumnya digantikan denganbeban bunga - neto, yang dihitung denganmenggunakan tingkat diskonto untuk mengukurliabilitas manfaat pasti - neto aset pada saat awaldari tiap periode pelaporan tahunan.

The interest cost and expected return on planassets used in the previous version of PSAK 24are replaced with a net-interest amount, which iscalculated by applying the discount rate to the netdefined benefit liability at the start of each annualreporting period.

o. Provisi

Provisi diakui ketika Grup memiliki liabilitas kini(baik bersifat hukum maupun konstruktif) sebagaiakibat peristiwa masa lalu, besar kemungkinanpenyelesaian liabilitas tersebut mengakibatkanarus keluar sumber daya yang mengandungmanfaat ekonomi dan estimasi yang handalmengenai jumlah liabilitas tersebut dapat dibuat.Ketika Grup mengharapkan sebagian atau seluruhprovisi diganti, maka penggantian tersebut diakuisebagai aset yang terpisah tetapi hanya pada saattimbul keyakinan pengantian pasti diterima. Bebanyang terkait dengan provisi disajikan secara netosetelah dikurangi jumlah yang diakui sebagaipenggantiannya.

Provisi ditelaah pada setiap tanggal pelaporan dandisesuaikan untuk mencerminkan estimasi terbaikyang paling kini. Jika kemungkinan besar tidakterjadi arus keluar sumber daya yang mengandungmanfaat ekonomi untuk menyelesaikan liabilitastersebut, maka provisi dibatalkan.

o. Provisions

Provision is recognized when the Group has apresent obligation (legal or constructive) as aresult of a past event, it is probable that the Groupwill be required to settle the obligation, and areliable estimate can be made of the amount ofthe obligation. Where the Group expects some orall of a provision to be reimbursed, thereimbursement is recognized as a separate assetbut only when the reimbursement is virtuallycertain. The expense relating to any provision ispresented in the profit or loss net of anyreimbursement.

All provisions are reviewed at each reporting dateand adjusted to reflect the current best estimate. Ifit is no longer probable that an outflow ofresources embodying economic benefits will berequired to settle the obligations, the provisionsare reversed and recognized in profit or loss.









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p. Instrumen ekuitas

Liabilitas keuangan dan instrumen ekuitas yangditerbitkan oleh Grup diklasifikasikan sesuaidengan perjanjian kontraktual dan definisi liabilitaskeuangan dan instrumen ekuitas.

Instrumen ekuitas adalah setiap kontrak yangmemberikan hak residual atas aset Perusahaansetelah dikurangi dengan seluruh liabilitasnya.Instrumen ekuitas dicatat sebesar nilai wajarimbalan yang diterima, setelah dikurangi biayapenerbitan langsung.

Perolehan kembali instrumen ekuitas Grup diakuidan dikurangkan langsung dari ekuitas. Tidak adakeuntungan atau kerugian yang timbul daripembelian, penjualan, penerbitan, atau pembatalaninstrumen ekuitas Grup tersebut tidak dapat diakuidalam laba rugi. Selisih antara harga jual danharga perolehan diakui sebagai ”Selisih modal daritransaksi saham treasuri” dalam tambahan modaldisetor pada ekuitas.

p. Equity instruments

Financial liabilities and equity instruments of theGroup are classified according to the substance ofthe contractual arrangements entered into and thedefinitions of a financial liability and equityinstrument.

An equity instrument is any contract thatevidences a residual interest in the assets of anentity after deducting all of its liabilities. Equityinstruments are recorded at the fair value of theconsideration received, net of direct issue costs.

Repurchase of the Group's own equityinstruments is recognized and deducted directly inequity. No gain or loss is recognized in profit orloss on the purchase, sale, issue or cancellation ofthe Group's own equity instruments. Thedifference between the selling price and theacquisition cost is recognized as “Difference incapital from treasury share transactions” underadditional paid-in capital in equity.

q. Pengakuan pendapatan dan beban

Pendapatan diakui bila besar kemungkinanmanfaat ekonomi akan diperoleh Grup danjumlahnya dapat diukur secara handal.Pendapatan diukur pada nilai wajar pembayaranyang diterima, tidak termasuk diskon, rabat danPajak Pertambahan Nilai (“PPN”). Grupmengevaluasi pengakuan pendapatan dengankriteria tertentu dalam rangka untuk menentukanapakah bertindak sebagai prinsipal atau agen.Kriteria khusus pengakuan berikut juga harusdipenuhi sebelum pendapatan dan beban diakui:

Pendapatan dari operasi pengangkutan

Pendapatan dari operasi pengangkutan diakuisebagai pendapatan berdasarkan persentasepenyelesaian rute pelayaran pada tanggalpelaporan.

Pendapatan sewa

Pendapatan dari sewa berdasarkan waktu diakuisecara basis akrual sesuai masa manfaatnya dariperiode kontrak charter tersebut. Pendapatanberdasarkan rute pelayaran diakui selama jangkawaktu pelayaran tersebut.

Pendapatan jasa

Pendapatan jasa perantara kapal diakui pada saatjasa tersebut diserahkan kepada pelanggan.

q. Revenue and expense recognition

Revenue is recognized to the extent that it isprobable that the economic benefits will flow to theGroup and the revenue can be reliably measured.Revenue is measured at the fair value of theconsideration received, excluding discounts,rebates and Value Added Taxes (“VAT”). TheGroup assesses its revenue arrangements againstspecific criteria in order to determine if it is actingas principal or agent. The following specificrecognition criteria must also be met beforerevenue and expense are recognized:

Revenues from freight operations

Revenues from freight operations are recognizedas income with reference to the percentage ofcompletion of the voyage as at reporting date.

Rental income

Time charter revenue is recognized on the accrualbasis over the terms of the time charteragreements. Voyage freight is recognized over theduration of each voyage.

Rendering of services

Revenues from agency services are recognizedwhen the services are rendered to customers.









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q. Pengakuan pendapatan dan beban (lanjutan)

Pendapatan bunga

Pendapatan bunga dari aset keuangan diakuiapabila kemungkinan besar manfaat ekonomi akanmengalir ke Grup dan jumlah pendapatan dapatdiukur dengan andal. Pendapatan bunga diakuiatas dasar akrual yang mengacu pada saldo pokokaset keuangan dan menggunakan tingkat sukubunga efektif.

Beban

q. Revenue and expense recognition (continued)

Interest income

Interest income from a financial asset isrecognized when it is probable that the economicbenefits will flow to the Group and the amount ofincome can be measured reliably. Interest incomeis accrued based on outstanding principal usingthe effective interest rate method.

Expenses

Beban diakui pada periode saat terjadinya(dasar akrual). Beban bunga diakui berdasarkansaldo pokok ditambah bunga yang belum dibayarmenggunakan metode tingkat suku bunga efektif.

Expenses are recognized when incurred. Interestexpense is accrued based on outstandingprincipal plus unpaid interest, using the effectiveinterest rate method.

r. Perpajakan

Efektif tanggal 1 Januari 2015, Grup menerapkanPSAK 46 (Revisi 2014), ”Pajak Penghasilan”, yangmemberikan tambahan pengaturan untuk aset danliabilitas pajak dengan menggunakan modelrevaluasi tangguhan yang berasal dari aset yangtidak disusutkan yang diukur, dan yang berasaldari properti investasi yang diukur denganmenggunakan model nilai wajar. PSAK revisi jugamenghapus peraturan mengenai pajak final.

Penerapan PSAK revisi tersebut tidakmemberikan pengaruh yang signifikan terhadappengungkapan dalam laporan keuangankonsolidasian.

Beban pajak terdiri dari pajak penghasilan finalpajak kini dan tangguhan. Beban pajak diakuidalam laba rugi kecuali untuk transaksi yangberhubungan dengan transaksi diakui langsung keekuitas, dalam hal ini diakui sebagai pendapatankomprehensif lainnya.

Pajak penghasilan final

Pajak atas penghasilan yang telah dikenakan pajakfinal disajikan sebagai bagian beban pajak.

Beban pajak atas pendapatan atas kapal yangdikenakan pajak final diakui proporsionalberdasarkan dengan jumlah pendapatan yangdiakui pada tahun berjalan. Selisih antara jumlahpajak penghasilan final yang dibayar denganjumlah yang dibebankan sebagai beban pajakdalam laba rugi diakui sebagai pajak dibayardimuka atau utang pajak. Pajak penghasilan finaldibayar dimuka disajikan terpisah dari utang pajakpenghasilan final.

r. Taxation

Effective January 1, 2015, the Group adoptedPSAK 46 (Revised 2014), “Income Taxes”, whichprovides additional provision for deferred taxasset or deferred tax liability arising from a non-depreciable asset measured using the revaluationmodel, and those arising from investmentproperty that is measured using the fair valuemodel. This revised PSAK also deleted theregulation regarding final taxes.

The adoption of these revised PSAK has nosignificant impact on disclosures in theconsolidated financial statements.

Income tax expense comprises final income tax,current and deferred tax. Income tax expense isrecognized in profit or loss except to the extentthat it relates to items recognized directly inequity, in which case it is recognized in othercomprehensive income.

Final income tax

Income tax subject to final tax is presented as partof tax expense.

Tax expense on revenues from vessels subject tofinal tax is recognized proportionately based onthe revenue recognized in the current year. Thedifference between the final income tax paid andthe amount charged as final income tax in profit orloss is recognized as prepaid tax or tax payable.Prepaid final income tax is presented separatelyfrom final income tax payable.









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r. Perpajakan (lanjutan) r. Taxation (continued)

Pajak kini

Beban pajak kini dihitung dengan menggunakantarif pajak yang berlaku pada tanggal pelaporankeuangan, dan ditetapkan berdasarkan taksiranlaba kena pajak tahun berjalan. Manajemen secaraperiodik mengevaluasi posisi yang dilaporkan diSurat Pemberitahuan Tahunan (SPT) sehubungandengan situasi di mana aturan pajak yang berlakumembutuhkan interpretasi. Jika perlu, manajemenmenentukan provisi berdasarkan jumlah yangdiharapkan akan dibayar kepada otoritas pajak.

Current tax

Current tax expense is calculated using tax ratesthat have been enacted or substantively enactedat end of the reporting period, and is providedbased on the estimated taxable income for theyear. Management periodically evaluatespositions taken in tax returns with respect tosituations in which applicable tax regulation issubject to interpretation. It establishes provisionwhere appropriate on the basis of amountsexpected to be paid to the tax authorities.

Bunga dan denda untuk kekurangan ataukelebihan pembayaran pajak penghasilan, jika ada,dicatat sebagai bagian dari “Manfaat (Beban)Pajak” dalam laporan laba rugi dan penghasilankomprehensif lain konsolidasian.

Interest and penalties for the underpayment oroverpayment of income tax, if any, are to bepresented as part of “Income Tax Benefit(Expense)” in the consolidated statement of profitor loss and other comprehensive income.

Jumlah tambahan pokok dan denda pajak yangditetapkan dengan Surat Ketetapan Pajak (“SKP”)diakui sebagai pendapatan atau beban dalamlaporan laba rugi dan penghasilan komprehensiflain konsolidasian tahun berjalan, kecuali jikadiajukan upaya penyelesaian selanjutnya. Jumlahtambahan pokok pajak dan denda yang ditetapkandengan SKP ditangguhkan pembebanannyasepanjang memenuhi kriteria pengakuan aset.

The amounts of additional tax principal andpenalty imposed through a tax assessment letter(“SKP”) are recognized as income or expense inthe current year in the consolidated statement ofprofit or loss and other comprehensive income,unless further settlement is submitted. Theamounts of tax principal and penalty imposedthrough an SKP are deferred as long as they meetthe asset recognition criteria.

Pajak tangguhan Deferred tax

Pajak tangguhan diukur dengan metode liabilitasatas beda waktu pada tanggal pelaporan antaradasar pengenaan pajak untuk aset dan liabilitasdengan nilai tercatatnya untuk tujuan pelaporankeuangan. Liabilitas pajak tangguhan diakui untuksemua perbedaan temporer kena pajak denganbeberapa pengecualian. Aset pajak tangguhandiakui untuk perbedaan temporer yang bolehdikurangkan dan rugi fiskal apabila terdapatkemungkinan besar bahwa jumlah laba kena pajakpada masa mendatang akan memadai untukmengkompensasi perbedaan temporer dan rugifiskal.

Deferred tax is provided using the liability methodon temporary differences at the reporting datebetween the tax bases of assets and liabilities andtheir carrying amounts for financial reportingpurposes. Deferred tax liabilities are recognizedfor all taxable temporary differences with certainexceptions. Deferred tax assets are recognized fordeductible temporary differences and tax lossescarry-forward to the extent that it is probable thattaxable income will be available in future yearsagainst which the deductible temporarydifferences and tax losses carry-forward can beutilized.

Jumlah tercatat aset pajak tangguhan dikaji ulangpada akhir periode pelaporan, dan mengurangijumlah tercatat jika kemungkinan besar laba kenapajak tidak lagi tersedia dalam jumlah yangmemadai untuk mengkompensasi sebagian atauseluruh aset pajak tangguhan. Aset pajaktangguhan yang belum diakui dinilai kembali padasetiap akhir periode pelaporan dan diakuisepanjang kemungkinan besar laba kena pajakmendatang akan memungkinkan aset pajaktangguhan tersedia untuk dipulihkan.

The carrying amount of a deferred tax asset isreviewed at each reporting date and reduced tothe extent that it is no longer probable thatsufficient taxable income will be available to allowall or part of the benefit of that deferred tax assetto be utilized. Unrecognized deferred tax assetsare reassessed at each reporting date and arerecognized to the extent that it has becomeprobable that future taxable income will allow thedeferred tax assets to be recovered.









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r. Perpajakan (lanjutan) r. Taxation (continued)

Aset dan liabilitas pajak tangguhan dihitungberdasarkan tarif yang akan dikenakan padaperiode saat aset direalisasikan atau liabilitastersebut diselesaikan, berdasarkan undang-undang pajak yang berlaku atau berlaku secarasubstantif pada akhir periode laporan keuangan.Pengaruh pajak terkait dengan penyisihandan/atau pemulihan semua perbedaan temporerselama tahun berjalan, termasuk pengaruhperubahan tarif pajak, untuk transaksi-transaksiyang sebelumnya telah langsung dibebankan ataudikreditkan ke ekuitas.

Deferred tax assets and liabilities are measured atthe tax rates that are expected to apply to theperiod when the asset is realized or the liability issettled, based on tax laws that have been enactedor substantively enacted at the end of reportingperiod. The related tax effects of the provisionsfor and/or reversals of all temporary differencesduring the year, including the effect of change intax rates, are credited or charged to current periodoperations, except to the extent that they relate toitems previously charged or credited to equity.

Aset dan liabilitas pajak tangguhan disajikansecara saling hapus saat hak yang dapatdipaksakan secara hukum ada untuk saling hapusaset pajak kini dan liabilitas pajak kini, atau asetpajak tangguhan dan liabilitas pajak tangguhanberkaitan dengan entitas kena pajak yang sama,atau Grup bermaksud untuk menyelesaikan asetdan liabilitas pajak kini dengan dasar neto.

Deferred tax assets and liabilities are offset whena legally enforceable right exists to offset currenttax assets against current tax liabilities, or thedeferred tax assets and the deferred tax liabilitiesrelate to the same taxable entity, or the Groupintends to settle its current assets and liabilities ona net basis.

s. Modal saham s. Share capital

Biaya tambahan yang secara langsung dapatdiatribusikan kepada penerbitan saham biasa atauopsi disajikan pada ekuitas sebagai pengurangpenerimaan, setelah dikurangi pajak.

Incremental costs directly attributable to the issueof new ordinary shares or options are shown inequity as a deduction, net of tax, from theproceeds.

Ketika entitas Grup membeli modal saham ekuitasPerusahaan (saham treasuri), imbalan yangdibayar, termasuk biaya tambahan yang secaralangsung dapat diatribusikan (dikurangi pajakpenghasilan) dikurangkan dari ekuitas yangdiatribusikan kepada pemilik ekuitas entitas sampaisaham tersebut dibatalkan atau diterbitkankembali. Ketika saham biasa tersebut selanjutnyaditerbitkan kembali, imbalan yang diterima,dikurangi biaya tambahan transaksi yang terkaitdan dampak pajak penghasilan yang terkaitdimasukkan pada ekuitas yang dapat diatribusikankepada pemilik ekuitas Perusahaan.

Where any Group company purchases theCompanyʼs equity share capital (treasury shares),the consideration paid, including any directlyattributable incremental costs (net of incometaxes) is deducted from equity attributable to thecompanyʼs equity holders until the shares arecancelled or reissued. Where such ordinaryshares are subsequently reissued, anyconsideration received, net of any directlyattributable incremental transaction costs and therelated income tax effect, is included in equityattributable to the Companyʼs equity holders.

t. Laba (rugi) per saham

Jumlah laba (rugi) bersih per saham dasar dihitungdengan membagi laba/rugi tahun berjalan yangdapat diatribusikan kepada pemilik entitas indukdengan rata-rata tertimbang jumlah saham biasayang beredar pada tahun berjalan, termasukmemperhitungkan saham treasuri.

Laba (rugi) per saham dilusi dihitung dengan caramembagi laba (rugi) tahun berjalan yang dapatdiatribusikan kepada pemilik entitas induk denganjumlah rata-rata tertimbang saham biasa yangberedar selama tahun berjalan, termasukmemperhitungkan saham treasuri ditambah jumlahsaham rata-rata tertimbang yang akan diterbitkanpada saat pengkonversian semua instrumenberpotensi saham biasa yang bersifat dilutifmenjadi saham biasa.

t. Earnings (loss) per share

Basic earnings/loss per share are calculated bydividing profit/loss for the year attributable toordinary equity holders of the parent by theweighted average number of ordinary sharesoutstanding during the year, after consideringtreasury stock.

Diluted earnings/loss per share amounts arecalculated by dividing the profit/loss attributable toordinary equity holder of the parent by theweighted average number of ordinary sharesoutstanding during the year, after consideringtreasury stock plus the weighted average numberof ordinary shares that would be issued onconversion of all the dilutive potential ordinaryshares into ordinary shares.









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u. Informasi segmen

Segmen adalah komponen yang dapat dibedakandari Grup yang terlibat baik dalam menyediakanproduk-produk tertentu (segmen usaha), ataudalam menyediakan produk dalam lingkunganekonomi tertentu (segmen geografis), yangmemiliki risiko dan imbalan yang berbeda darisegmen lainnya.

Pendapatan, beban, hasil, aset dan liabilitassegmen termasuk hal-hal yang dapat diatribusikansecara langsung kepada suatu segmen serta hal-hal yang dapat dialokasikan dengan dasar yangmemadai untuk segmen tersebut. Segmenditentukan sebelum saldo dan transaksi antarperusahaan dieliminasi.

u. Segment information

A segment is a distinguishable component of theGroup that is engaged either in providing certainproducts (business segment), or in providingproducts within a particular economic environment(geographical segment), which is subject to risksand rewards that are different from those of othersegments.

Segment revenue, expenses, results, assets andliabilities include items directly attributable to asegment as well as those that can be allocated ona reasonable basis to that segment. They aredetermined before intragroup balances andintragroup transactions are eliminated.

v. Kontijensi

Kewajiban kontijensi tidak diakui dalam laporankeuangan konsolidasian tetapi disajikan dalamcatatan atas laporan keuangan konsolidasiankecuali jika kemungkinan arus keluar sumber dayayang memiliki manfaat ekonomi sangat kecil. Asetkontijensi tidak diakui dalam laporan keuangankonsolidasian tetapi disajikan dalam catatankepada laporan keuangan konsolidasian apabilaada kemungkinan arus masuk manfaat ekonomi.

w. Peristiwa setelah periode laporan keuangan

Peristiwa setelah tanggal periode laporan yangmemberikan informasi tambahan terkait posisi Grupsaat periode laporan keuangan (adjusting events)disajikan dalam laporan keuangan konsolidasian.Peristiwa setelah tanggal periode laporankeuangan yang bukan adjusting events telahdisajikan dalam catatan atas laporan keuangankonsolidasian apabila material.

v. Contingencies

Contingent liabilities are not recognized in theconsolidated financial statements but aredisclosed in the notes to the consolidatedfinancial statements unless the possibility of anoutflow of resources embodying economicbenefits is remote. Contingent assets are notrecognized in the consolidated financialstatements but are disclosed in the notes to theconsolidated financial statements when an inflowof economic benefits is probable.

w. Events after the financial reporting period

Subsequent events after the end of financialreporting date that provide additional informationabout the Groupʼs position at reportingperiod (adjusting events) are reflected in theconsolidated financial statements. Subsequentevents after the end of financial reporting datethat are not adjusting events are disclosed in thenotes to the consolidated financial statementswhen material.









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3. PENGGUNAAN PERTIMBANGAN, ESTIMASI, DANASUMSI

3. USE OF JUDGMENTS, ESTIMATES ANDASSUMPTIONS

Penyusunan laporan keuangan konsolidasian Grupmengharuskan manajemen untuk membuatpertimbangan, estimasi dan asumsi yangmempengaruhi jumlah yang dilaporkan danpengungkapan terkait pada akhir periode pelaporanketidakpastian mengenai asumsi dan estimasi tersebutdapat mengakibatkan penyesuaian material terhadapnilai tercatat pada aset dan liabilitas dalam periodepelaporan berikutnya.

The preparation of the Groupʼs consolidated financialstatements requires management to make judgments,estimates and assumptions that affect the reportedamounts herein and the related disclosures, at the endof the reporting period. However, uncertainty aboutthese assumptions and estimates could result inoutcomes that require a material adjustment to thecarrying amount of the asset or liability affected infuture periods.

a. Pertimbangan

Dalam proses penerapan kebijakan akuntansiGrup, manajemen telah membuat keputusanberikut, yang memiliki pengaruh signifikan padajumlah yang diakui di laporan keuangankonsolidasian.

a. Judgments

In the process of applying the Groupʼs accountingpolicies, management has made the followingadjustments, which have the most significant effecton the amounts recognized in the consolidatedfinancial statements.

Klasifikasi instrumen keuangan Classification of financial instruments

Grup menetapkan klasifikasi atas aset dan liabilitastertentu sebagai aset keuangan dan liabilitaskeuangan dengan mempertimbangkan bila definisiyang ditetapkan PSAK 55 (Revisi 2014) dipenuhi.Dengan demikian, aset keuangan dan liabilitaskeuangan diakui sesuai dengan kebijakan akuntasiGrup seperti diungkapkan pada Catatan 2.

The Group determines the classifications of certainasset and liabilities as financial assets and financialliabilities by judging if they meet the definition setforth in PSAK 55 (Revised 2014). Accordingly, thefinancial assets and financial liabilities areaccounted for in accordance with the Groupʼsaccounting policies disclosed in Note 2.

Sewa

Grup mempunyai perjanjian-perjanjian sewadimana Grup bertindak sebagai lessee untuk sewakapal. Grup mengevaluasi apakah terdapat risikodan manfaat yang signifikan dari kepemilikan kapalyang dialihkan.

Transaksi sewa Grup diungkapkan dalamCatatan 18.

Lease

The Group has several leases where as the Groupacts as lessee in respect of vessels. The Groupevaluates whether significant risks and rewards ofownership of the leased assets are transferred.

The Groupʼs lease transactions are disclosed inNote 18.

Penurunan nilai dari aset non-keuangan

Sumber informasi internal dan eksternal direviusetiap tanggal pelaporan untuk mengidentifikasiadanya indikasi penurunan nilai dan apakahpenurunan nilai yang telah dicatat sebelumnyapada aset non-keuangan tidak ada lagi ataumungkin akan menurun.

Impairment of non-financial assets

Internal and external sources of information arereviewed at each reporting date to identifyindications of impairment losses and to identify ifpreviously recognized impairment loss on non-financial asset no longer exist or may bedecreased.









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3. PENGGUNAAN PERTIMBANGAN, ESTIMASI, DANASUMSI (lanjutan)

3. USE OF JUDGMENTS, ESTIMATES ANDASSUMPTIONS (continued)

a. Pertimbangan (lanjutan) a. Judgments (continued)

Penurunan nilai dari aset non-keuangan (lanjutan)

Bila terdapat indikasi tersebut, nilai yang dapatdipulihkan dari aset tersebut diestimasi. Penurunannilai dicatat apabila nilai tercatat aset tersebutmelebihi nilai yang dapat dipulihkan dari asettersebut. Grup menelaah penurunan nilai asettersebut apabila terdapat peristiwa atau perubahankeadaan yang mengindikasikan bahwa nilaitercatat aset tersebut tidak dapat dipulihkan.Faktor-faktor yang dipertimbangkan oleh Grupdalam penilaian termasuk tetapi, tak terbatas padakinerja yang kurang signifikan sehubungan denganekspektasi historis atau proyeksi hasil operasimasa depan dan signifikan tren industri atauekonomi yang negatif.

Dimana nilai tercatat sebuah aset melebihi nilaipemulihan aset tersebut, penurunan nilai akandiakui. Jumlah terpulihkan adalah nilai tertinggiantara nilai wajar dikurangi biaya untuk menjualatau nilai pakai. Nilai pemulihan akan diestimasikepada aset secara individu, atau jika tidakmemungkinkan, untuk unit penghasil kas atas asetmilik.

Impairment of non-financial assets (continued)

If any such indication exists, the recoverableamount of the asset is estimated. An impairmentloss is recognized whenever the carrying amount ofthe asset exceeds its recoverable amount. TheGroup assesses the impairment of an assetwhenever events or changes in circumstancesindicate that the carrying amount of the asset maynot be recoverable. The factors that the Groupconsiders upon assessment include, but not limitedto the significant underperformance relative toexpected historical or projected future operatingresults and significant negative industry oreconomic trends.

Whenever the carrying amount of an asset exceedsits recoverable amount, an impairment loss isrecognized. The recoverable amount is the higherof the assetʼs fair value less costs to sell or value inuse. The recoverable amount is estimated for theindividual asset or, if not possible, for the cash-generating unit to which the asset belongs.

Penyisihan atas penurunan nilai pinjaman yangdiberikan dan piutang

Grup menilai penurunan nilai pinjaman yangdiberikan dan piutang pada setiap tanggalpelaporan. Dalam menentukan rugi penurunan nilaiyang seharusnya dicatat dalam laba rugi,manajemen membuat penilaian, apakah terdapatbukti objektif bahwa kerugian telah terjadi. Grupjuga mengevaluasi akun-akun spesifik di manaakun tersebut memiliki informasi pelanggantertentu yang tidak dapat memenuhi kewajibankeuangannya. Dalam hal ini, Grup menggunakanpertimbangan, berdasarkan fakta dan keadaan,termasuk tetapi tidak terbatas pada lamanyahubungan dengan pelanggan dan keadaan kinipelanggan atas status kredit berdasarkan datayang dapat diketahui, untuk mencatat penyisihanpenurunan atas jumlah yang mengurangi jumlahpiutang yang akan ditagih oleh Grup. Manajemenjuga membuat penilaian atas metodologi danasumsi untuk memperkirakan jumlah dan waktuarus kas masa depan yang direviu secara berkalauntuk mengurangi perbedaan antara estimasikerugian dan kerugian aktualnya.

Allowance for impairment losses on loans andreceivables

The Group assesses its loans and receivables forimpairment at each reporting date. In determiningwhether an impairment loss should be recorded inprofit or loss, management makes judgment as towhether there is objective evidence that a lossevent has occurred. The Group also evaluatesspecific accounts where it has information thatcertain customers are unable to meet their financialobligations. In these cases, the Group usesjudgment, based on available facts andcircumstances, including but not limited to thelength of its relationship with the customer and thecustomerʼs current credit status based on availabledata, to record specific provisions for customersagainst amounts due to reduce the receivableamounts that the Group expects to collect.Management also makes judgment as to themethodology and assumptions for estimating theamount and timing of future cash flows which arereviewed regularly to reduce any differencebetween loss estimate and actual loss.









52




a. Pertimbangan (lanjutan) a. Judgments (continued)

Estimasi provisi pajak penghasilan

Grup memiliki eksposur pajak penghasilan terkaitdengan pertimbangan signifikan dalammenentukan provisi pajak penghasilan. Grupmelaporkan pajak berdasarkan sistem self-assessment dan mengakui liabilitas untuk isuperpajakan yang diharapkan berdasaarkanestimasi apakah pajak pertambahan akan jatuhtempo. Fiskus dapat menetapkan atau mengubahpajak-pajak tersebut dalam jangka waktu tertentusesuai dengan peraturan yang berlaku. Apabilahasil perpajakan final dari hal-hal tersebut berbedadari jumlah yang semula diakui, maka jumlahtersebut akan berdampak pada pajak penghasilankini dan pajak tangguhan pada periode dimanapenentuan tersebut dibuat. Jumlah tercatat pajakdibayar dimuka dan liabilitas pajak kini Grupdiungkapkan dalam Catatan 15.

Estimate of provision for income taxes

The Group has exposure to income taxes inrelation to the significant judgment to determine theprovision for income taxes. The Group submits taxreturns on the basis of self-assessment andrecognized liabilities for expected tax issued basedon estimates of whether additional taxes will bedue. The tax authorities may assess or amendtaxes within the statute of limitation under theprevailing regulations. Where the final tax outcomeof these matters is different from the amounts thatwere initially recognized, such differences willimpact the current tax and deferred tax in theperiod in which such determination is made. Thecarrying amounts of the Groupʼs prepaid tax andcurrent tax liabilities are disclosed in Note 15.

Kelangsungan usaha

Manajemen Grup telah melakukan penilaianterhadap kemampuan Grup untukmempertahankan kelangsungan usaha danmenilai keyakinan bahwa Grup memiliki sumberdaya untuk melanjutkan bisnis di masamendatang. Manajemen berkeyakinan bahwaGrup akan dapat memenuhi kewajibannyaberdasarkan Amandemen Rencana Perdamaian,melaksanakan strateginya dan mengelola risikobisnis dan keuangan. Dengan demikian, laporankeuangan konsolidasian terus disusun atas basiskelangsungan usaha.

Penentuan mata uang fungsional

Dalam menentukan mata uang fungsional masing-masing entitas dalam Grup, pertimbangandiperlukan untuk menentukan mata uang yangpaling mempengaruhi harga jual jasa dan negaradi mana kekuatan persaingan dan regulasi palingmenentukan harga jual jasa mereka. Mata uangfungsional masing-masing entitas di dalam Grupditentukan berdasarkan penilaian manajementerhadap lingkungan ekonomi di mana entitasberoperasi dan proses entitas dalam menentukanharga jual. Jika indikator tersebut bercampur danmata uang fungsional tidak jelas, manajemenharus menggunakan pertimbangannya untukmenentukan mata uang fungsional yang tepatuntuk menggambarkan pengaruh ekonomi daritransaksi, peristiwa dan kondisi yang mendasari.

Going concern

The Groupʼs management has made anassessment of the Groupʼs ability to continue as agoing concern and is satisfied that the Companyhas the resources to continue in business for theforeseeable future. The management believes thatthe Group will be able to fulfill its obligations underthe PKPU Amendment Plan, execute its strategiesand manage its business and financialrisks successfully. Accordingly, the consolidatedfinancial statements continue to be prepared on thegoing concern basis.

Determination of functional currency

In determining the respective functional currenciesof each of the entities in the Group, judgment isrequired to determine the currency that mainlyinfluences sales prices for services and the countrywhose competitive forces and regulations mainlydetermine the sales prices of their services. Thefunctional currencies of each entity in the Groupare determined based on managementʼsassessment of the economic environment in whichthe entities operate and the entitiesʼ process ofdetermining sales prices. When the indicators aremixed and the functional currency is not obvious,management should use its judgment to determinethe functional currency that faithfully represents theeconomic effects of the underlying transactions,events and conditions.









53




b. Estimasi dan asumsi

Asumsi utama masa depan dan ketidakpastiansumber estimasi utama yang lain pada tanggalpelaporan yang memiliki risiko signifikan bagipenyesuaian material terhadap jumlah tercatat asetdan liabilitas untuk tahun berikutnya diungkapkandi bawah ini. Grup mendasarkan asumsi danestimasi pada parameter yang tersedia pada saatlaporan keuangan konsolidasian disusun. Asumsidan situasi mengenai perkembangan masa depanmungkin berubah akibat perubahan pasar atausituasi diluar kendali Grup. Perubahan tersebuttercermin dalam asumsi pada saat terjadi.

b. Estimates and assumptions

The key assumptions concerning the future andother key sources of estimation uncertainty at thereporting date, that have a significant risk ofcausing a material adjustment to the carryingamounts of assets and liabilities within the nextfinancial year are described below. The Groupbased its assumptions and estimates onparameters available when the consolidatedfinancial statements were prepared. Existingcircumstances and assumptions about futuredevelopments however, may change due to marketchanges or circumstances arising beyond thecontrol of the Group. Such changes are reflected inthe assumptions when they occur.

Penilaian kapal

Kapal dinyatakan pada nilai wajar berdasarkanpenilaian yang direviu oleh manajemen dandidukung penilai independen profesional. Dalammenentuan nilai wajar, metode penilaian yangdigunakan mengikut sertakan estimasi tertentu,termasuk perbandingan dengan transaksipenjualan kapal sejenis.

Informasi lanjutan terkait dengan penilaian kapaldiungkapkan dalam Catatan 12. Manajemenberkeyakinan bahwa teknik penilaian yang dipilihdan asumsi yang digunakan sudah memadaidalam penentuan nilai wajar kapal tersebut.

Penilaian instrumen keuangan

Grup mencatat aset dan liabilitas keuangantertentu pada nilai wajar, yang mengharuskanpenggunaan estimasi akuntansi. Sementarakomponen signifikan atas pengukuran nilai wajarditentukan menggunakan bukti obyektif yangdapat diverifikasi, jumlah perubahan nilai wajardapat berbeda bila Grup menggunakanmetodologi penilaian yang berbeda. Perubahannilai wajar aset dan liabilitas keuangan tersebutdapat mempengaruhi secara langsung laba ataurugi Grup. Penjelasan lebih rinci diungkapkandalam Catatan 41.

Valuation of vessels

Vessels are stated at fair value based on thevaluation reviewed by management and supportedby independent professional valuers. Indetermining fair value, a method of valuation isused which involves certain estimates, includingcomparisons with recent sale transactions of similarvessels.

Further information in relation to the valuation ofvessels is disclosed in Note 12. Managementbelieves that the chosen valuation techniques andassumptions used are appropriate in thedetermination of the fair value of vessels.

Valuation of financial instruments

The Group carries certain financial assets andliabilities at fair values, which requires the use ofaccounting estimates. While significantcomponents of fair value measurement weredetermined using verifiable objective evidences,the amount of changes in fair values would differ ifthe Group utilized different valuation methodology.Any changes in fair values of these financial assetsand liabilities would affect directly the Groupʼs profitor loss. Further details are disclosed in Note 41.









54




b. Estimasi dan asumsi (lanjutan) b. Estimates and assumptions (continued)

Penurunan nilai aset non-keuangan

Penurunan nilai muncul saat nilai tercatat aset atauUnit Penghasil Kas (UPK) melebihi nilaiterpulihkannya, yang lebih besar antara nilai wajardikurangi biaya untuk menjual dan nilai pakainya.Nilai wajar dikurangi biaya untuk menjualdidasarkan pada ketersediaan data dari perjanjianpenjualan yang mengikat yang dibuat dalamtransaksi normal atas aset serupa atau hargapasar yang dapat diamati dikurangi dengan biayatambahan yang dapat diatribusikan denganpelepasan aset. Perhitungan nilai pakai didasarkanpada model arus kas yang didiskontokan. Dataarus kas diambil dari anggaran untuk lima tahunyang akan datang dan tidak termasuk aktivitasrestrukturisasi yang belum dilakukan oleh Grupatau investasi signifikan dimasa datang yang akanmemutakhirkan kinerja aset dari UPK yang diuji.

Aset pajak tangguhan

Nilai tercatat dalam akun aset pajak tangguhan direviu setiap tanggal pelaporan dan dikurangiapabila tidak lagi ada kemungkinan bahwa akanada laba yang cukup di masa mendatang untukmemanfaatkan aset pajak tangguhan tersebut.Penilaian Grup atas pencatatan aset pajaktangguhan atas perbedaan temporer berdasarkanpenghasilan kena pajak yang diperkirakan padaperiode berikut. Perkiraan ini berdasarkan hasiloperasi Perusahaan di periode masa lalu danestimasi masa mendatang.

Imbalan pasca-kerja

Penentuan liabilitas imbalan kerja Perusahaanbergantung pada pemilihan asumsi yangdigunakan oleh aktuaris independen dalammenghitung jumlah-jumlah tersebut. Asumsitersebut termasuk antara lain, tingkat diskonto,tingkat kenaikan gaji tahunan, tingkat pengundurandiri karyawan tahunan, tingkat kecacatan, umurpensiun dan tingkat kematian. Hasil aktual yangberbeda dari asumsi yang ditetapkan Perusahaandiakui segera dalam laba rugi dan pada saatterjadi. Sementara Perusahaan berkeyakinanbahwa asumsi tersebut adalah wajar dan sesuai,perbedaan signifikan pada hasil aktual atauperubahan signifikan dalam asumsi yangditetapkan Perusahaan dapat mempengaruhisecara material liabilitas diestimasi atas imbalankerja dan beban imbalan kerja neto. Penjelasanlebih rinci diungkapkan dalam Catatan 21.


An impairment exists when the carrying value of anasset or cash generating unit exceeds itsrecoverable amount, which is the higher of its fairvalue less costs to sell and its value in use. The fairvalue less costs to sell calculation is based onavailable data from binding sales transactions in anarmʼs length transaction of similar assets orobservable market prices less incremental costs fordisposing of the asset. The value in use calculationis based on a discounted cash flow model. Thecash flows are derived from the budget for the nextfive years and do not include restructuring activitiesthat the Group is not yet committed to or significantfuture investments that will enhance the assetʼsperformance of the cash generating unit beingtested. The recoverable amount is most sensitive tothe discount rate used for the discounted cash flowmodel as well as the expected future cash inflowsand the growth rate used for extrapolationpurposes.

Deferred tax assets

The carrying amount of deferred tax assets isreviewed at each reporting date and reduced to theextent that it is no longer probable that sufficientfuture taxable profit will be available to allow all orpart of the deferred tax assets to be utilized. TheGroupʼs assessment on the recognition of deferredtax assets on deductible temporary differences isbased on the projected taxable income in thefollowing periods. This projection is based on theCompanyʼs past and estimated future results ofoperations.

Employee benefits

The determination of the Companyʼs employeebenefits liabilities is dependent on its selection ofcertain assumptions used by the independentactuaries in calculating such amounts. Thoseassumptions include among others, discount rates,future annual salary increase, annual employeeturn-over rate, disability rate, retirement age andmortality rate. Actual results that differ from theCompanyʼs assumptions are recognizedimmediately in the profit or loss as and when theyoccurred. While the Company believes that itsassumptions are reasonable and appropriate,significant differences in the Companyʼs actualexperiences or significant changes in theCompanyʼs assumptions may materially affect itsestimated liabilities for employee benefits and netemployee benefits expense. Further details aredisclosed in Note 21.









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b. Estimasi dan asumsi (lanjutan) b. Estimates and assumptions (continued)

Estimasi masa manfaat dan nilai residu aset tetap

Masa manfaat setiap aset tetap Grup ditentukanberdasarkan kegunaan yang diharapkan daripenggunaan aset tersebut. Estimasi ini ditentukanberdasarkan evaluasi teknis internal. Masamanfaat setiap aset direviu secara periodik dandisesuaikan apabila perkiraan berbeda denganestimasi sebelumnya karena keausan, keusanganteknis dan komersial, hukum atau keterbatasanlainnya atas pemakaian aset.

Grup juga menelaah nilai residu kapal pada setiapakhir periode pelaporan. Pertimbangan yangsignifikan diperlukan dalam menentukan nilairesidu dari kapal. Grup mempertimbangkanpenerimaan neto yang akan diperoleh daripelepasan aset di pasar jual beli atau pasarbarang bekas, fluktuasi harga baja dan industriyang berlaku.

Perubahan masa manfaat dan nilai residu asettetap akan mempengaruhi jumlah biayapenyusutan yang diakui serta nilai tercatat asettetap.

Kontijensi

Grup saat ini terlibat dalam berbagai inisiatifrestrukturisasi, termasuk proses hukum. Suatuestimasi atas kemungkinan biaya terkait denganinisiatif ini telah dikembangkan berdasarkanpemahaman tentang prosedur yang terlibat dankemungkinan hasilnya. Namun demikian, setiappenyimpangan material dalam prosedur yangdiharapkan atau kemungkinan hasil yangberpotensi mempengaruhi operasi Grup. Grup tidakberkeyakinan bahwa proses hukum tersebutcenderung memiliki pengaruh signifikan atau burukterhadap laporan keuangan konsolidasian.

Estimate of useful lives and residual values of fixedassets

The useful lives of each of the items of the Groupʼsfixed assets which are estimated based on theperiod over which the asset is expected to be usedare based on internal technical evaluation. Theestimated useful life of each asset is reviewedperiodically and updated if expectations differ fromprevious estimates due to physical wear and tear,technical or commercial obsolescence and legal orother limits on the use of the asset.

The Group also reviews the residual values ofvessels at the end of each reporting period.Significant judgment is required in determining theresidual values of its vessels. The Group considersthe net proceeds that would be obtained from thedisposal of the assets in the resale or scrapmarkets, fluctuations in scrap steel prices andindustry practice.

A change in the estimated useful life and residualvalue of any item of fixed assets would affect therecorded depreciation and amortization expenseand the carrying value of such asset.

Contingencies

The Group is currently involved in variousrestructuring initiatives, including legal proceedings.An estimate of the probable costs associated withthese initiatives has been developed based upon anunderstanding of the procedures involved and likelyoutcomes. However, any material deviation in theexpected procedures or outcomes may potentiallyaffect the operations of the Group. The Group doesnot believe that such legal proceedings are likely tohave any significant or adverse effect on itsconsolidated financial statements.









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4. KAS DAN BANK 4. CASH ON HAND AND IN BANKS

2015 2014US$'000 US$'000

Kas 240 95 Cash on handBank Cash in banksRupiah RupiahDeutsche Bank 48 47 Deutsche BankPT Bank Ina Perdana Tbk 21 24 PT Bank Ina Perdana TbkPT Bank Mandiri (Persero) Tbk 2 2 PT Bank Mandiri (Persero) TbkCitibank 1 8 CitibankLain-lain 1 2 Others

Dolar Amerika Serikat US dollarDeutsche Bank 8.619 4.974 Deutsche BankBank of China 745 - Bank of ChinaING Bank 286 550 ING BankCitibank 173 652 CitibankBank Central Asia 54 - Bank Central AsiaBank Mizuho 5 3 Bank MizuhoPT Bank Mandiri (Persero) Tbk 52 259 PT Bank Mandiri (Persero) TbkDNB Bank ASA, Singapura 6 9.858 DNB Bank ASA, SingaporeHSBC 1 468 HSBCNordea Bank Finland PLC - 4.308 Nordea Bank Finland PLCPT Bank Mega Tbk - 26 PT Bank Mega TbkCambridge - 2.046 CambridgeLain-lain - 313 Others

Mata uang lainnya 60 310 Other currencies

Total 10.314 23.945 Total

Pendapatan bunga yang diperoleh dari kas dan bankuntuk tahun yang berakhir pada tanggal 31 Desember2015 dan 2014 masing-masing sebesar US$ 5 ribu danUS$ 10 ribu.

Sehubungan dengan pengalihan modal sahamChembulk Trading II LLC (CB2), kas dan bank sebesarUS$ 5,8 juta dihapuskan pencatatannya pada tahun2015 (Catatan 16 dan 44).

Semua rekening bank ditempatkan pada bank pihakketiga.

Grup diharuskan untuk menjaga dana cadanganminimum diatas US$ 25,0 juta sebelum pembayarandapat dilakukan kepada kreditur separatis dan konkurenberdasarkan Rencana Perdamaian (Catatan 16).

Sehubungan dengan Rencana Perdamaian, cashflowwaterfall akan diimplementasikan untuk setiap kuartaldimulai sejak 1 April 2013 sesuai dengan prinsip cashwaterfall. Pada tahun 2014, Grup tidak dapat memenuhimodal kerja minimum sebesar US$ 25,0 juta, diluar kasyang dibatasi penggunaannya, dan untuk itu, tidakdapat melakukan pembayaran kembali kepadakrediturnya sesuai dengan prinsip cash waterfall.

Interest income earned from cash on hand and inbanks for the years ended December 31, 2015 and2014 amounted to US$ 5 thousand andUS$ 10 thousand, respectively.

In relation to the transfer of share capital ofChembulk Trading II LLC (CB2), cash on hand andin banks amounting to US$ 5.8 million werederecognized in 2015 (Notes 16 and 44).

All cash in banks and are placed in third-partybanks.

Under the Restructuring Plan, the Group is requiredto maintain a minimum cash buffer of US$25.0million before any repayments can be made to thesecured and unsecured creditors (Note 16).

Pursuant to the Restructuring Plan, a cashflowwaterfall will be implemented on a quarterly basiscommencing April 1, 2013 in accordance with thecash waterfall principles. In 2014, the Group did notachieve the minimum working capital balance ofUS$ 25.0 million, excluding restricted cash, andhence, did not make any repayment to its creditorsin accordance with the cash waterfall principles.









57


4. KAS DAN BANK (lanjutan) 4. CASH ON HAND AND IN BANKS (continued)

Di awal tahun 2015, Grup memperkirakan akan adanyakesulitan arus kas sehingga menyebabkanketidakmampuan Grup melakukan pembayaran pokokdan bunga pinjaman yang jatuh tempo sejak Juni 2015.Hal ini menyebabkan amandemen RencanaPerdamaian (Catatan 39). Sejak persetujuanamandemen Rencana Perdamaian disetujui, prinsipcash waterfall tidak lagi relevan.

In early of 2015, the Group forecasted cash flowshort fall leading to inability of Group to makeprincipal and interest payments due starting June2015. This resulted to amendment of RestructuringPlan (Note 39). Since the approval of amendment ofRestructuring Plan, the cash waterfall principle is nolonger relevant.

5. KAS DIBATASI PENGGUNAANYA 5. RESTRICTED CASH

Kas dibatasi penggunaannya merupakan jaminan untukfasilitas standby letter of credit (SBLC) yangditempatkan di ING Bank (Catatan 16 dan 39). Padatanggal 30 November 2015, fasilitas SBLC, kas dibatasipenggunaannya ditempatkan sebagai jaminan tunaidan semua hak gadai Gas Bangka tidak dibebankansepenuhnya. Pada tanggal 17 Desember 2015, kasyang dibatasi penggunaannya sudah di cairkan kerekening Grup.

Restricted cash represents security placed in INGBank in relation to the standby letter of credit facility(SBLC) agreement (Notes 16 and 39). On November30, 2015, the SBLC facility, restricted cash posted ascash collateral and all liens on the Gas Bangka werefully discharged. On December 17, 2015, therestricted cash has been liquidated to the Groupʼsaccount.

6. PIUTANG USAHA 6. TRADE RECEIVABLES

2015 2014US$'000 US$'000

Pihak ketiga: Third parties:Kapal yang dimiliki dan disewa 4.845 23.339 Owned and chartered vesselsPenyisihan penurunan nilai (2.438) (5.685) Allowance for impairment

Neto 2.407 17.654 Net

Berdasarkan mata uang: By currency:Dolar AS 3.491 22.072 US dollarEuro 1.218 1.257 EuroRupiah 131 - RupiahDolar Singapura 5 5 Singapore dollarMata uang lainnya - 5 Other currencies

Sub-total 4.845 23.339 SubtotalPenyisihan penurunan nilai (2.438) (5.685) Allowance for impairment

Neto 2.407 17.654 Net

Tidak terdapat piutang usaha yang berasal dari satupelanggan yang melebihi 5,0% dari jumlah piutangusaha.

There are no accounts receivables from a singlecustomer that exceeds 5.0% of total accountsreceivable.









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6. PIUTANG USAHA (lanjutan) 6. TRADE RECEIVABLES (continued)

Analisa umur piutang usaha tersebut diatas padatanggal 31 Desember 2015 dan 2014 adalah sebagaiberikut:

The aging of trade receivables mentioned aboveas of December 31, 2015 and 2014 were as follows:

2015 2014US$'000 US$'000

Belum jatuh tempo 113 9.535 Neither past due nor impairedJatuh tempo: Overdue:1 - 60 hari 1.058 3.135 1 - 60 days61 - 120 hari 214 1.912 61 - 120 days121 - 180 hari 79 1.045 121 - 180 days> 180 hari 3.381 7.712 > 180 days

Sub-total 4.845 23.339 Sub-totalPenyisihan penurunan nilai (2.438) (5.685) Allowance for impairment

Neto 2.407 17.654 Net

Penyisihan penurunan nilai piutang usaha didasarkanpada penilaian manajemen secara spesifik terhadappiutang tak tertagih. Tidak terdapat penyisihan kerugianpenurunan nilai piutang usaha berdasarkan penilaianmanajemen atas kolektibilitas piutang yang tidaktertagih. Mutasi penyisihan penurunan nilai piutangusaha adalah sebagai berikut:

The allowance for impairment of trade receivables isbased on managementʼs specific identification ofuncollectible accounts. There was no allowance forimpairment of receivables based on managementʼscollective assessment of uncollectible accounts. Themovement of the allowance for impairment of tradereceivables is as follows:

2015 2014US$'000 US$'000

Saldo awal 5.685 9.981 Beginning balancePenurunan nilai (pembalikan penurunan Impairment (recovery of impairment)nilai) piutang usaha (Catatan 32) 85 2.761 of trade receivables (Note 32)

Penghapusan piutang (3.332) (7.057) Receivables written off

Saldo akhir 2.438 5.685 Ending balance

Sehubungan dengan pengalihan modal saham CB2,piutang sebesar US$ 11,2 juta dihentikanpengakuannya pada tahun 2015 (Catatan 16 dan 44).

In relation to the transfer of share capital of CB2,trade receivables amounting to US$ 11.2 million werederecognized in 2015 (Notes 16 and 44).

Berdasarkan penelaahan atas status masing-masingpiutang usaha pada akhir tahun, manajemen Grupberpendapat bahwa penyisihan penurunan nilai piutangusaha telah memadai untuk menutup kerugian yangmungkin timbul dari piutang tak tertagih di masa depan.

Based on review of the status of the individual tradereceivables at the end of the year, the Groupʼsmanagement believes that the above allowance forimpairment of trade receivables is sufficient to coverthe losses that may arise from uncollectible tradereceivables in the future.









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7. PIUTANG LAIN-LAIN - PIHAK KETIGA 7. OTHER RECEIVABLES - THIRD PARTIES

Piutang lain-lain - pihak ketiga pada tanggal31 Desember 2015 sebagian besar merupakan sahampreferen yang dapat ditebus (preferred redeemableequity interest) sebesar US$ 5,0 juta.

Berdasarkan Amandemen Rencana Perdamaian,sebagai bahan pertimbangan Grup untuk pengalihansaham CB2, kapal dan aset lainnya yang sudahditentukan untuk ditransfer sesuai dengan skema diSingapura, penyitaan konsensual dan pelengkap atasrekening yang sudah ditentukan, Grup menerima dariMandated Lead Arrangers (MLA) preferred redeemableequity interest di NewCo sebesar US$ 10,0 juta yangakan ditebus kembali oleh NewCo dalam periodeangsuran 5 tahun dengan cicilan yang sama atau samadengan seperlima dari jumlah keseluruhan.

Newco adalah Perusahaan baru yang didirikan yangkepemilikan ekuitasnya dipegang oleh PemberiPinjaman MLA atau afiliasinya dengan proporsi sesuaidengan partisipasinya dalam Perjanjian Fasilitas MLApada saat penutupan.

Pada tanggal 23 Desember 2015, Grup membeli satukapal berdasarkan opsi perjanjian pembelian yangtermasuk dalam restrukturisasi MLA. Oleh karena itu,preferred redeemable equity interest Grup digunakansebagian untuk pembayaran atas pembelian kapaltersebut (Catatan 12).

Pada tanggal 29 Maret 2016, Grup membeli dua kapallain menggunakan opsi perjanjian pembeliandimana selanjutnya preferred redeemable equityinterest telah digunakan sepenuhnya (Catatan 47).

The other receivables - third parties as of December31, 2015 mainly came from preferred redeemableequity interest amounting to US$ 5.0 million.

Pursuant to the PKPU Amendment Plan, asconsideration to the Group for the transfer of CB2shares, vessels and other designated assetstransferred pursuant to the Singapore schemes, theconsensual foreclosure and consummation of thedesignated accounts enforcement, the Groupreceived from Mandated Lead Arrangers (MLA)preferred redeemable equity interest in NewCoamounting to US$ 10.0 million which will beredeemed by NewCo over a five (5) year period inequal annual installment equal to one-fifth of the totalamount.

Newco is the newly formed entity whose equityinterests are held by the MLA Lenders and theiraffiliates in proportion to their participation in the MLAFacility Agreement at the time of closing.

On December 23, 2015, the Group purchased avessel using the purchase option agreement includedin the MLA Restructuring. Accordingly, the preferredequity interest of the Group was partially used aspayment for the purchase of vessel (Note 12).

On March 29, 2016, the Group purchased anothertwo vessels using the purchase option agreementwhich thereafter, the preferred redeemable equityinterest has been fully utilized (Note 47).

8. PERSEDIAAN 8. INVENTORIES

Akun persediaan terutama merupakan bahan bakaryang dicatat sebesar nilai perolehan. Pemakaian bahanbakar dicatat sebagai bagian dari akun bebanpelayaran. Nilai persediaan yang dibebankan sebagaibeban pelayaran sebesar US$ 49,2 juta dan US$ 94,4juta masing-masing untuk tahun yang berakhir padatahun 2015 dan 2014 (Catatan 30).

Sehubungan dengan pengalihan modal saham CB2,persediaan sebesar US$ 4,5 juta dihapuskanpencatatannya pada tahun 2015 (Catatan 16 dan 44).

Inventories mainly consist of bunker fuel which iscarried at cost. Fuel consumption is recognized aspart of voyage expenses. Inventories charged tovoyage expenses amounted to US$ 49.2 millionand US$ 94.4 million in 2015 and 2014,respectively (Note 30).

In relation to the transfer of share capital of CB2,inventories amounting to US$ 4.5 million werederecognized in 2015 (Notes 16 and 44).









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9. ASET KEUANGAN DERIVATIF 9. DERIVATIVE FINANCIAL ASSET

Sehubungan dengan Amandemen RencanaPerdamaian, para kreditur MLA akan menerbitkanwaran NewCo untuk membeli sampai dengan 10%ekuitas di NewCo. Waran NewCo ini dapat terdilusi olehprogram insentif manajemen berdasarkan pasar danpenerbitan efek bersifat ekuitas oleh NewCo di masadepan (Catatan 16 dan 39). Waran dapat dilaksanakansecara keseluruhan atau sebagian selama periode limatahun.

Manajemen memvaluasi nilai wajar waran denganmenggunakan model Black-Scholes. Berdasarkanpenilaian manajemen, nilai wajar waran sebesarUS$ 23,4 juta.

Asumsi utama yang digunakan oleh manajemen dalammenentukan nilai wajar waran adalah sebagai berikut:

Pursuant to the PKPU Amendment Plan, MLALenders shall issue NewCo warrants to purchase upto 10% of equity in NewCo which are subject todilution by a market-based management incentiveprogram and any future issuance of equity securities(Notes 16 and 39). The warrants are exercisable inwhole or in part over a period of five years.

The management calculated the fair value ofwarrants using the Black-Scholes model. Based onmanagementʼs valuation, the fair value of warrantsamounted to US$ 23.4 million.

The key assumptions used by management indetermining the fair value of warrants are as follows:

Angka pengali EV/EBITDA *) 14,82 Multiplier EV/EBITDA *)Diskon likuiditas pasar 30% Lack of marketability discountHarga pelaksanaan waran US$ 42,30 juta / US$ 42.30 million Exercise price of warrantJangka waktu berlaku waran 4,92 tahun / 4.92 years Period of warrant's expirationTingkat bunga bebas resiko 1,76% Risk-free rateVolatilitas tingkat balikan aset 2,89% Standard deviation of log returns

*) Enterprise Value/Earnings Before Interest, Tax, Depreciation and Amortization

Peningkatan atau penurunan angka pengali sebesar0,50, dengan semua variabel lainnya dianggap tetap,nilai wajar waran akan ditambah atau dikurangi denganUS$ 2,4 juta pada tanggal 31 Desember 2015.

Had the multiplier increased or decreased by 0.50,with all other variables held constant, the fair value ofwarrants would have increased or decreased by US$2.4 million as of December 31, 2015.

10. ASET KEUANGAN TERSEDIA UNTUK DIJUAL 10. AVAILABLE FOR SALE FINANCIAL ASSETS

2015 2014US$'000 US$'000

Swank Ventures Limited 10.511 11.648 Swank Ventures LimitedNevaeh Limited 7.548 9.811 Nevaeh Limited


Investasi Grup di Swank Ventures Limited (SVL) danNevaeh Limited (NL) adalah saham ekuitas yang tidakmempunyai harga kuotasian dan dicatat sebesar hargaperolehan.

Grup mempertimbangkan investasi di SVL sebagaibagian dari aset Grup yang menguntungkan.Sehubungan dengan Rencana Perdamaian, aset yangmenguntungkan tersebut diasumsikan dijual dalamwaktu 3 sampai 6 tahun dari tanggal RencanaPerdamaian (Catatan 39).

The Groupʼs investments in Swank Ventures Limited(SVL) and Nevaeh Limited (NL) are unquoted equityshares and accounted for at cost.

The Group considers the investment in SVL as part ofthe surplus assets of the Group. Pursuant to theRestructuring Plan, surplus assets of the Group areassumed to be sold within 3 to 6 years from the dateof the Restructuring Plan (Note 39).









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10. ASET KEUANGAN TERSEDIA UNTUK DIJUAL(lanjutan)

10. AVAILABLE FOR SALE FINANCIAL ASSETS(continued)

a. Swank Ventures Limited

Investasi Grup di SVL sebelumnya diklasifikasikansebagai aset tidak lancar dimiliki untuk dijual terkaitrencana dan komitmen manajemen untuk menjualaset tersebut. Sehubungan dengan RencanaPerdamaian, investasi ini direklasifikasi ke asettersedia untuk dijual (aset tidak lancar) karena tidaklagi memenuhi syarat sebagai aset tidak lancardimiliki untuk dijual sehubungan dengan perubahanwaktu penjualan dalam 3 sampai 6 tahun daritanggal Rencana Perdamaian.

a. Swank Ventures Limited

The Groupʼs investment in SVL was previouslyclassified as non-current asset classified as held-for-sale due to managementʼs plan andcommitment to sell the asset. Pursuant to theRestructuring Plan, the investment wasreclassified to available for sale (non-currentassets) since it no longer qualifies as non-currentasset classified as held-for-sale due to thechange in the expected timing of disposal whichis within 3 to 6 years from the date of theRestructuring Plan.

SVL didirikan di British Virgin Island dan memilikiperjanjian waran dengan PT Umine EnergyIndonesia (Umine) untuk pelaksanaan 179.611saham atau setara dengan 15,23% saham Umine.Umine adalah Grup dari perusahaan-perusahaanbatubara di Indonesia. Perjanjian waran ini dapatdigunakan saat atau setelah Penawaran UmumSaham Perdana (IPO) PT Ucoal Sumberdaya(Ucoal), entitas anak dari Umine dan akan berakhirpada tanggal 21 Februari 2017.

Pada tanggal 28 November 2014, SVLmenandatangani suatu perjanjian amandemen danmenyatakan kembali dengan Umine untukmengubah perjanjian waran sehingga waran dapatdieksekusi pada saat atau setelah IPO Ucoal ataupada tanggal 21 Februari 2019, mana yang lebihdahulu terjadi.

SVL is incorporated in British Virgin Islands andhas a warrants agreement with PT Umine EnergyIndonesia (Umine) to exercise 179,611 shares orequal to 15.23% of Umine shares. Umine is agroup of coal companies in Indonesia. Thiswarrants agreement may be exercised on or afterthe Initial Public Offering (IPO) of PT UcoalSumberdaya (Ucoal), a subsidiary of Umine, andwill expire on February 21, 2017.

On November 28, 2014, SVL entered into anamended and restated warrants agreement withUmine that revised the warrants to beexerciseable on or after the IPO of Ucoal orFebruary 21, 2019, whichever date is earlier.

Pada tahun 2015 dan 2014, manajemenmengidentifikasi indikator penurunan nilai yangterkait dengan investasi SVL karena krisis ekonomidalam industri pertambangan. Manajemenmenerapkan penilaian berdasarkan arus kas yangdidiskontokan dari investasi. Berdasarkan hasilvaluasi, nilai investasi diturunkan menjadi masing-masing sebesar US$ 10,5 juta dan US$ 11,6 jutapada tanggal 31 Desember 2015 dan 2014, yangmengakibatkan rugi penurunan nilai masing-masing sebesar US$ 1,1 juta dan US$ 17,4 jutatelah dicatat pada laba rugi tahun 2015 dan 2014(Catatan 34).

Manajemen memperkirakan bahwa tingkatdiskonto menggunakan tarif sebelum pajakmerefleksikan penilaian pasar saat ini atas nilaiwaktu uang dan risiko spesifik untuk unit penghasilkas.

In 2015 and 2014, management identifiedindicators of impairment related to the SVLinvestment due to the prolonged economicdownturn in the mining industry. Managementperformed valuation based on the discountedcash flow of the investment. Based on the resultsof the valuation, the investment was reduced toUS$ 10.5 million and US$ 11.6 million as ofDecember 31, 2015 and 2014, respectively,resulting in impairment of US$ 1.1 million andUS$ 17.4 million recognized in profit or loss in2015 and 2014, respectively (Note 34).

The management estimated that the discountrates using pre-tax rates reflect current marketassessments of the time value of money and therisks specific to the cash-generating unit.









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a. Swank Ventures Limited (lanjutan)

Asumsi utama yang digunakan dalam perhitunganjumlah yang dapat diperoleh kembali padatanggal 31 Desember 2015 dan 2014 adalahsebagai berikut:

a. Swank Ventures Limited (continued)

The key assumptions used for recoverableamount calculation as of December 31, 2015and 2014 are as follows:

Pertambangan Jasabatu bara/ pertambanganCoal mining Mining services

2015 2015Tingkat Pertumbuhan selama 5 tahun 0,29% - 3,0% 0% - 3,0% Growth rate after 5 yearsTingkat diskonto setelah pajak Post tax discount rate(untuk perhitungan nilai wajar) 17,82% - 19,5% 17,79% - 19,5% (for fair value calculation)

2014 2014Tingkat Pertumbuhan selama 5 tahun (0,85) % - 6,4% 0% - 8,0% Growth rate after 5 yearsTingkat diskonto setelah pajak Post tax discount rate(untuk perhitungan nilai wajar) 16,77% - 18,72% 17,05% - 18,72% (for fair value calculation)

b. Nevaeh Limited

Pada tahun 2009, Asean Maritime Corporation(AMC), entitas anak memperoleh 100,0%kepemilikan saham pada NL, perusahaaninvestasi. Akuisisi ini memberikan Perusahaankepemilikan tidak langsung masing-masingsebesar 45,0% dan 21,8% di Brilliant HeroIndustrial Limited (BHIL) dan Jiangsu XinrongShipyard Company Limited (JXSCL). BHILmerupakan perusahaan investasi sementaraJXSCL bergerak dibidang perbaikan kapal,konversi dan konstruksi struktur baja.

Pada tanggal 1 November 2010, AMC menjual49,0% kepemilikan atas NL kepada Mitsui & Co.Ltd., pihak ketiga. Walaupun AMC memiliki 51,0%kepemilikan saham atas NL setelah penjualaninvestasi saham pada NL, manajemenberpendapat bahwa AMC tidak memilikipengendalian atas kebijakan keuangan maupunterlibat dalam operasional harian NL, sehinggalaporan keuangan NL tidak dikonsolidasikan.Selain itu, NL tidak memiliki pengaruh signifikanterhadap BHIL. Oleh karena itu, NL memindahkaninvestasi saham pada BHIL sebagai asetkeuangan tersedia untuk dijual pada tahun 2010.

b. Nevaeh Limited

In 2009, Asean Maritime (AMC), a subsidiary,acquired 100.0% share ownership in NL, aninvestment company. This acquisition gave theCompany an indirect percentage ownership of45.0% and 21.8% in Brilliant Hero IndustrialLimited (BHIL) and Jiangsu Xinrong ShipyardCompany Limited (JXSCL), respectively. BHILis an investment holding company while JXSCLis engaged in ship repair, conversion andconstruction of steel structure.

On November 1, 2010, AMC sold 49.0% of itsownership in NL to Mitsui & Co. Ltd., a thirdparty. Although AMC has 51.0% ownership inNL after the sale of investment in shares in NL,management assessed that AMC does not havecontrol over the financial decisions nor is itinvolved in the daily operations of NL, thus, NLis not consolidated in the financial statements.Further, NL is unable to exercise significantinfluence over BHIL. Therefore, NL classified itsinvestments in BHIL as AFS financial assetssince 2010.









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b. Nevaeh Limited (lanjutan)

JXSCL yang merupakan aset utama NL melaluipemilikan saham pada BHIL telah mengalami rugiberulang yang mengindikasikan penurunan nilaiaset keuangan tersedia untuk dijual pada NL.

Grup mencatat adanya indikasi penurunan nilaiaset keuangan tersedia untuk dijual atas investasidi Nevaeh Limited pada tahun 2015. Grupmenerapkan penilaian berdasarkan hasil penilaianmanajemen. Berdasarkan hasil valuasi, nilaiinvestasi dikurangi menjadi sebesar US$ 7,5 jutapada tanggal 31 Desember 2015, yangmengakibatkan rugi penurunan nilai sebesarUS$ 2,3 juta telah dicatat pada laba rugi(Catatan 34).

Pada tahun 2014, Grup melakukan penilaiansecara independen atas investasi di JXSCL dandipastikan tidak terdapat penurunan nilai atasinvestasi di JXSCL.

Berdasarkan Amandemen Rencana Perdamaian,keuntungan ekonomis dari investasi pada NL akandidistribusikan secara pro-rata kepada krediturkonkuren.

b. Nevaeh Limited (continued)

JXSCL, which is the main asset of NL throughshare ownership in BHIL, suffered recurringlosses that indicated impairment loss inavailable-for-sale financial assets of NL.

The Group noted indication of impairment on itsavailable-for-sale investment in Nevaeh Limitedin 2015. The Group performed valuation basedon management valuation. Based on the resultsof the valuation, the investment was reduced toUS$ 7.5 million as of December 31, 2015,resulting in impairment loss of US$ 2.3 millionrecognized in profit or loss (Note 34).

In 2014, the Group performed an independentvaluation of JXSCL and ascertained that thereis no further impairment of its investment inJXSCL.

Pursuant to the PKPU Amendment Plan, theeconomic benefits from the investment in NLwill be distributed, on a pro rata basis, tounsecured creditors.

11. INVESTASI PADA ENTITAS ASOSIASI DANVENTURA BERSAMA

Berikut ini entitas yang telah dimasukkan dalam laporankeuangan konsolidasian dengan menggunakan metodeekuitas:

11. INVESTMENTS IN ASSOCIATES AND JOINTVENTURE

The following entities have been included in theconsolidated financial statements using the equitymethod:

Persentase hak votingyang dimiliki (%)/

Tempat Percentage of votingKedudukan rights held (%)dan operasi/ 31 Desember/ 31 Desember/Domicile and Bidang Usaha/ December 31, December 31,Operation Nature of Business 2015 2014

Ventura bersama/Joint venture:Teekay BLT Corporation Marshall Islands Jasa pelayaran (angkutan laut)/ 30 30

dan/and Cargo shipping serviceIndonesia (sea cargo service)

Entitas asosiasi/Associates :Thai Petra Transport Co. Ltd Thailand Pengurusan pelabuhan (agen)/ 30 30

Port service (agency)

PT Berlian Limatama Indonesia Ekspedisi muatan kapal laut (angkutan laut)/ 50 50Cargo shipping service (sea cargo service)









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11. INVESTASI PADA ENTITAS ASOSIASI DANVENTURA BERSAMA (lanjutan)

11. INVESTMENTS IN ASSOCIATES AND JOINTVENTURE (continued)

Mutasi investasi pada entitas asosiasi dan venturabersama dengan metode ekuitas adalah sebagaiberikut:

The changes in the investments in associates andjoint venture under the equity method are as follows:

2015 2014US$'000 US$'000

Saldo awal 2.607 24.876 Beginning balanceBagian laba tahun berjalan 6.968 3.850 Share in profit for the yearDividen (1.500) (26.119) Dividend


Ringkasan informasi keuangan Grup pada entitasasosiasi dan ventura bersama adalah sebagai berikut:

Summarized financial information of the Groupʼsassociates and joint venture is as follows:

2015Thai Petra

Teekay BLT Trans. Co. PT BerlianCorporation Ltd. Limatama TotalUS$'000 US$'000 US$'000 US$'000

Aset lancar 22.568 311 360 23.239 Current assetsAset tidak lancar 375.710 332 12 376.054 Non-current assetsLiabilitas jangka pendek (52.753) (175) (82) (53.010) Current liabilitiesLiabilitas jangka panjang (319.501) (58) - (319.559) Non-current liabilities

Aset neto 26.024 410 290 26.724 Net assets

Bagian Grup atas aset Groupʼs share in netneto dari entitas assets ofasosiasi/ventura bersama 7.807 123 145 8.075 associates/joint venture

Pendapatan 45.433 104 14 45.551 RevenuesBeban operasi (13.786) (31) (21) (13.838) Operating expenses

Laba bruto 31.647 73 (7) 31.713 Gross profitBeban administrasi (1.797) (116) (51) (1.964) Administrative expensesBeban keuangan - (4) - (4) Finance costPendapatan (beban) lain-lain - neto (4.806) (212) 28 (4.990) Other income (charges) - net

Laba (rugi) sebelum pajak 25.044 (259) (30) 24.755 Profit (loss) before taxBeban pajak (1.507) - - (1.507) Tax expense

Laba (rugi) tahun berjalan 23.537 (259) (30) 23.248 Profit (loss) for the year

Bagian Grup atas laba Groupʼs share in profit(rugi) neto dari (loss) ofentitas asosiasi/ associates/jointventura bersama 7.061 (78) (15) 6.968 venture









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2014Thai Petra

Teekay BLT Trans. Co. PT BerlianCorporation Ltd. Limatama TotalUS$'000 US$'000 US$'000 US$'000

Aset lancar 23.832 673 456 24.961 Current assetsAset tidak lancar 381.584 354 24 381.962 Non-current assetsLiabilitas jangka pendek (84.612) (252) (119) (84.983) Current liabilitiesLiabilitas jangka panjang (313.385) (67) (24) (313.476) Non-current liabilities

Aset neto 7.419 708 337 8.464 Net assets

Bagian Grup atas aset Groupʼs share in netneto dari entitas assets ofasosiasi/ventura bersama 2.226 212 169 2.607 associates/joint venture

Pendapatan 46.041 100 251 46.392 RevenuesBeban operasi (16.108) (33) (96) (16.237) Operating expenses

Laba bruto 29.933 67 155 30.155 Gross profitBeban administrasi (1.847) (122) (85) (2.054) Administrative expensesBeban keuangan - (4) - (4) Finance costPendapatan (beban) lain-lain - neto (14.431) 15 (131) (14.547) Other income (charges) - net

Laba (rugi) sebelum pajak 13.655 (44) (61) 13.550 Profit (loss) before taxBeban pajak (672) - (3) (675) Tax expense

Laba (rugi) tahun berjalan 12.983 (44) (64) 12.875 Profit (loss) for the year

Bagian Grup atas laba Groupʼs share in profit(rugi) neto dari (loss) ofentitas asosiasi/ associates/jointventura bersama 3.895 (13) (32) 3.850 venture

Teekay BLT Corporation merupakan ventura bersamayang dibentuk pada tahun 2005 melalui perjanjianpemegang saham yang ditandatangani oleh Grup danTeekay Corporation, dimana investasi tersebut dicatatmenggunakan metode ekuitas. Usaha ventura bersamaini dibentuk untuk menyewakan kapal dalam sebuahproyek konsorsium diantara berbagai perusahaaninternasional yang berhubungan dengan ekstraksicadangan gas dari ladang gas Tangguh di Papua,Indonesia. Perusahaan memiliki kepemilikan sahamsebesar 30% di Teekay BLT Corporation. melaluientitas anak tidak langsungnya, BLT LNG TangguhCorporation (BLT LNG).

Sehubungan dengan ventura bersama, TeekayCorporation memberikan fasilitas pinjaman kepadaPerusahaan dengan jaminan perjanjian gadai prioritaskedua (second priority pledge agreement) atas sahamBLT LNG, yang menahan investasi Grup pada venturabersama (Catatan 16). Teekay BLT Corporation jugamemberikan pinjaman konkuren kepada Grup(Catatan 16).

Teekay BLT Corporation is a joint venture formed in2005 through the shareholders agreement signed bythe Group and Teekay Corporation, the investment inwhich is accounted for using the equity method. Thejoint venture was formed to charter the vessels in aconsortium project among various internationalcompanies related to the extraction of gas reservesfrom Tangguh gas fields in Papua, Indonesia. TheCompany holds 30% equity interest in Teekay BLTCorporation through its indirect subsidiary, BLT LNGTangguh Corporation (BLT LNG).

In connection with the joint venture, TeekayCorporation made a loan facility to the Companysecured by a second priority pledge agreement overthe shares of BLT LNG, which holds the Groupʼsinvestment in the joint venture (Note 16). Teekay BLTCorporation also made unsecured loans to the Group(Note 16).









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Sehubungan dengan posisi keuangan Grup pada akhirtahun 2011, Perusahaan telah gagal bayar ataskewajiban terkait fasilitas pinjaman pada November2011. Teekay Corporation memberikan notice ofdemand dan menyatakan bahwa total pinjaman telahjatuh tempo dan harus segera dibayar. Dewan Direksidari Teekay Corporation selanjutnya mengambillangkah untuk melakukan eksekusi jaminan atasfasilitas pinjaman dengan mengganti manajemen BLTLNG dengan perwakilan dari Teekay Corporation danmemulai proses pengadilan terhadap Perusahaan diPengadilan Niaga Inggris (Proses Pengadilan Utang).

Pada tahun 2014, Teekay BLT Corporationmengumumkan dividen, dimana bagian BLT LNGTanguh sebesar US$ 26,1 juta. Dividen tersebutdigunakan untuk membayar sebagian pinjaman besertabunga ke Teekay BLT Corporation sebesar US$ 14,4juta dan untuk pembayaran terhadap utang ke TeekayCorporation sebesar US$ 11,7 juta (Catatan 16).

Pada tahun 2015, BLT LNG Tanguh menerima dividendari Teekay BLT Corporation, dimana sebesar US$ 0,8juta digunakan untuk pembayaran terhadap utang keTeekay Corporation (Catatan 16).

Due to the Groupʼs financial position in 2011, theCompany defaulted on its payment obligation underthe loan facility in November 2011. TeekayCorporation issued a notice of demand and declaredthe full amount of the loan immediately due andpayable. The Board of Directors of TeekayCorporation subsequently took steps to enforce itssecurity over the loan facility by replacing the officersof BLT LNG with its nominees and commencingproceedings in the Commercial Court of Englandagainst the Company (Debt Proceedings).

In 2014, Teekay BLT Corporation declared dividendsof which BLT LNG Tangguhʼs portion amounted toUS$ 26.1 million. The dividend was used to pay aportion of the loan plus interest to Teekay BLTCorporation amounting US$ 14.4 million andrepayment towards the loan to Teekay Corporationamounting to US$ 11.7 million (Note 16).

In 2015, BLT LNG Tangguh received dividends fromTeekay BLT Corporation, of which US$ 0.8 millionwas used to pay the loan to Teekay Corporation(Note 16).

12. ASET TETAP 12. FIXED ASSETS

Saldo awal/ Penambahan/ Pengurangan/ Dekonsolidasi/ Transfer/ Revaluasi/ Saldo akhir/Beginning balance Additions Deductions Deconsolidation Transfers Revaluations Ending balance

US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Biaya perolehan/nilai revaluasi Cost/valuationKapal milik 400.413 8.947 (387.839) - (1.317) 8.391 28.595 Owned vesselsKapal sewa pembiayaan 188.792 - - (188.792) - - - Leased vesselsKendaraan 513 - (209) - - - 304 Transportation equipmentPerabot kantor 838 13 (343) - - - 508 Office furniture and fixturesPeralatan kantor dan mess 2.727 528 (1.159) - - - 2.096 Office and dormitory equipmentBangunan 1.426 - (651) - - - 775 Buildings and premises

Total 594.709 9.488 (390.201) (188.792) (1.317) 8.391 32.278 Total

Akumulasi penyusutan dan Accumulated depreciation andpenurunan nilai impairment lossKapal milik - 27.100 (25.783) - (1.317) - - Owned vesselsKapal sewa pembiayaan - 9.629 - (9.629) - - - Leased vesselsKendaraan 479 21 (209) - - - 291 Transportation equipmentPerabot kantor 803 34 (331) - - - 506 Office furniture and fixturesPeralatan kantor dan mess 2.309 169 (614) - - - 1.864 Office and dormitory equipmentBangunan 738 98 (488) - - - 348 Buildings and premises

Total 4.329 37.051 (27.425) (9.629) (1.317) - 3.009 Total

Nilai buku 590.380 29.269 Net book value

2015









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12. ASET TETAP (lanjutan) 12. FIXED ASSETS (continued)

Saldo awal/ Penambahan/ Pengurangan/ Transfer/ Revaluasi/ Saldo akhir/Beginning balance Additions Deductions Transfers Revaluations Ending balance

US$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Biaya perolehan/nilai revaluasi Cost/valuationKapal milik 442.233 9.661 (8.522) (30.565) (12.394) 400.413 Owned vesselsKapal sewa pembiayaan 199.296 - - (10.504) - 188.792 Leased vesselsKendaraan 642 22 (151) - - 513 Transportation equipmentPerabot kantor 746 92 - - - 838 Office furniture and fixturesPeralatan kantor dan mess 3.415 - (688) - - 2.727 Office and dormitory equipmentBangunan 1.300 126 - - - 1.426 Buildings and premises

Total 647.632 9.901 (9.361) (41.069) (12.394) 594.709 Total

Akumulasi penyusutan dan Accumulated depreciation andpenurunan nilai impairment lossKapal milik - 31.316 (751) (30.565) - - Owned vesselsKapal sewa pembiayaan - 10.504 - (10.504) - - Leased vesselsKendaraan 596 34 (151) - - 479 Transportation equipmentPerabot kantor 654 149 - - - 803 Office furniture and fixturesPeralatan kantor dan mess 2.814 52 (557) - - 2.309 Office and dormitory equipmentBangunan 635 103 - - - 738 Buildings and premises

Total 4.699 42.158 (1.459) (41.069) - 4.329 Total

Nilai buku 642.933 590.380 Net book value

2014

Beban penyusutan dialokasikan sebagai berikut: Depreciation expense was allocated as follows:

2015 2014US$'000 US$'000

Beban penyusutan kapal 36.729 41.820 Vessel depreciationBeban administrasi (Catatan 32) 322 338 Administrative expenses (Note 32)


Seluruh penjualan aset tetap dilakukan kepada pihakketiga. Kerugian pelepasan aset tetap adalah sebagaiberikut:

All sales of fixed assets are made with third parties.Loss on disposal of fixed assets is as follows:

2015 2014US$'000 US$'000

Biaya Perolehan 2.362 9.361 CostAkumulasi penyusutan (1.642) (1.459) Accumulated depreciation

Nilai buku 720 7.902 Net book valueHarga jual - neto 17 6.510 Net consideration received

Kerugian pelepasan aset tetap Loss on disposal of fixed assets(Catatan 34) 703 1.392 (Note 34)

Sehubungan dengan pengalihan modal saham CB2,nilai tercatat aset tetap sebesar US$ 179,2 jutadihapuskan pencatatannya untuk tahun 2015(Catatan 16 dan 44).

Pengurangan aset tetap di tahun 2015 termasuk kapalyang dialihkan ke MLA sebagai bagian daripenyelesaian pinjaman MLA. Nilai tercatat dari kapal-kapal tersebut sebesar US$ 387,8 juta.

Pengurangan aset tetap pada tahun 2014 termasukpenghentian pengakuan aset tetap terkait penjualankapal untuk pembayaran pinjaman sebesar US$ 6,4juta (Catatan 16a).

In relation to the transfer of share capital of CB2, thenet carrying value of fixed assets derecognizedamounted to US$ 179.2 million in 2015 (Notes 16and 44).

Deductions to fixed assets in 2015 include vesselstransferred to MLA as part of settlement of MLA loan.The carrying value of those vessels amounted toUS$ 387.8 million.

Deductions to fixed assets in 2014 includederecognition of fixed assets due to vessel sold inconsideration for the payment of loan amounting toUS$ 6.4 million (Note 16a).









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Pada tanggal 31 Desember 2015, kapal dicatat padanilai revaluasi berdasarkan pendekatan harga pasar,dengan nilai wajar dalam laporan valuasi per tanggal 30Maret 2016 yang disusun oleh penilai independen dantelah ditinjau oleh manajemen. Laporan tersebutditerbitkan oleh KJPP Budi, Edy, Saptono & Rekan,dengan menggunakan metode perbandingan datapasar dalam menentukan nilai revaluasi tersebut. Nilairevaluasi kapal telah meningkat sebesar US$ 8,4 juta,dimana US$ 2,2 juta dicatat sebagai pembalikanpenurunan nilai diakui ke laba rugi (Catatan 34) danUS$ 6,2 juta dikreditkan ke cadangan revaluasi(Catatan 27).

Pada tahun 2014, manajemen menentukan bahwa tidakterdapat perubahan yang signifikan atas nilai wajarkapal, kecuali kapal-kapal tertentu dengan penurunannilai. Dengan demikian, manajemen tidak membuatperubahan atas revaluasi kapal selain penyusutan danpenurunan nilai.

Untuk tahun yang berakhir tanggal 31 Desember 2014,Grup secara spesifik mengidentifikasi adanyapenurunan nilai atas kapal-kapal tertentu. Nilaiterpulihkan kapal tersebut dianggap sebesar nilai wajarkarena manajemen berkeyakinan bahwa nilai pakaiuntuk kapal tersebut mendekati nilai wajar kapaltersebut setelah divaluasi. Rugi penurunan nilai kapalyang diakui sebesar US$ 12,4 juta, dimana sebesarUS$ 2,8 juta dibukukan sebagai pengurang saldocadangan revaluasi (Catatan 27b) dan sebesar US$ 9,6juta dibukukan ke laba rugi tahun 2014 (Catatan 34).

As of December 31, 2015, the vessels are stated attheir revalued amounts using market approach,based on their fair values in the valuation report datedMarch 30, 2016 prepared by an independentappraiser and reviewed by management. Theappraisal report was issued by KJPP Budi, Edy,Saptono & Rekan using market data or salescomparison approach method in determining therevaluated amounts. The vesselsʼ revalued amountshad increased by US$ 8.4 million, of which US$ 2.2million was recorded as reversal of impairmentcredited to profit or loss (Note 34) and US$ 6.2 millionwas credited to revaluation reserve (Note 27).

In 2014, management determines that there are nosignificant changes in fair values of vessels, exceptfor certain vessels with impairment. Accordingly,management had not made changes in therevaluation of vessels other than depreciation andimpairment.

For the years ended December 31, 2014, the Groupspecifically identified certain vessels with indicationsof impairment. The vesselsʼ recoverable amount isconsidered to be its fair value amount becausemanagement believes that the value in use of vesselsapproximates the appraised value of vessels.Impaiment value for these vessels amounted toUS$ 12,4 million, of which US$ 2,8 million wasrecorded as the reduction of revaluation reservedbalance (Note 27b) and US$ 9,6 million was chargedto 2014 profit or loss (Note 34).

Transfer berkaitan dengan akumulasi penyusutan padatanggal revaluasi yang dieliminasi terhadap nilaitercatat bruto dari kapal revaluasi. Apabila kapal Grupdiukur berdasarkan nilai historis, nilai tercatat (biayaperolehan dikurangi akumulasi penyusutan danpenurunan nilai) kapal akan menjadi sebesarUS$ 22,6 juta pada tahun 2015 dan US$ 577,6 jutapada tahun 2014.

Perubahan cadangan revaluasi diungkapkan diCatatan 27b.

Transfers pertaining to accumulated depreciation asat revaluation date were eliminated against the grosscarrying amount of the revalued vessels. Had theGroupʼs vessels been measured on historical cost,the carrying value (cost less accumulateddepreciation and impairment loss) would have beenUS$ 22.6 million in 2015 and US$ 577.6 million in2014.

Changes in the revaluation reserves are disclosed inNote 27b.

Penambahan kapal dan peralatan tahun 2015 dan2014, berkaitan dengan kapitalisasi atas biaya dockingdan pembelian kembali kapal menggunakan opsiperjanjian pembelian (Catatan 7).

Nilai tercatat atas kapal sewa pembiayaan pada tanggal31 Desember 2015 dan 2014 masing-masing adalahsebesar nihil dan US$ 188,8 juta.

Saldo utang sewa pembiayaan untuk kapal sewa padatanggal 31 Desember 2015 dan 2014, masing-masingsebesar nihil dan US$ 181,0 juta (Catatan 18).

Additions to vessels and equipment in 2015 and 2014pertain to capitalized dry docking expenses andrepurchased vessel using the purchase optionagreement (Note 7).

The carrying values of vessels held under financeleases as of December 31, 2015 and 2014 amountedto nil and US$ 188.8 million, respectively.

The outstanding balance of the finance lease liabilityas of December 31, 2015 and 2014 amounted to niland US$ 181.0 million, respectively (Note 18).

Pengembalian kapal sewa pada tahun 2014 merupakanbagian dari restrukturisasi Grup untuk pengurangankapal dan menciptakan armada yang optimal untukmemaksimalkan keuntungan.

The redelivery of leased vessels in 2014 is part of thefleet restructuring by the Group to reduce vessels andestablish an optimum fleet size to maximizeprofitability.









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Armada kapal Grup terdiri dari 5 kapal milik pada tahun2015 dan 31 kapal milik dan 8 kapal sewa pada tahun2014.

Pada tanggal 31 Desember 2015 dan 2014, tidakterdapat kapal dalam pembangunan.

Kapal dan peralatan Grup diasuransikan terhadapkerusakan lambung dan kerusakan kapal (Hull andMachinery) dan risiko perang, Increased Value andAdditional Owners Interest (I.V. & A.O.I) dengan jumlahpertanggungan seluruhnya masing-masing sebesarUS$ 71,0 juta dan US$ 726,8 juta pada tahun 2015 dan2014 melalui LCH Insurance (S) Pte. Ltd.

Kapal dan peralatan Grup juga diasuransikan terhadapkerugian yang dialami pihak ketiga sehubungan denganpengoperasian kapal seperti pencemaran lingkunganyang disebabkan karena kecelakaan (Protection danIndemnity atau P&I).

Manajemen berpendapat bahwa nilai pertanggungantersebut memadai untuk menutup kemungkinankerugian atas aset yang dipertanggungkan.

MT Gas Indonesia, MT Gas Kalimantan dan MT Indradidijaminkan untuk berbagai liabilitas Grup (Catatan 16).

The Groupʼs fleet consists of 5 owned vessels in2015 and 31 owned vessels and 8 leased vessels in2014.

There were no vessels under construction as ofDecember 31, 2015 and 2014.

The Groupʼs vessels and equipment were insured forhull and machinery damages and war risk, IncreasedValue and Additional Owners Interest (I.V. & A.O.I) forUS$ 71.0 million and US$ 726.8 million in 2015 and2014, with LCH Insurance (S) Pte. Ltd.

The Groupʼs vessels and equipment were alsoinsured against losses of third parties arising fromvessel operations such as environmental pollutioncaused by accidents (Protection and Indemnity orP&I).

Management believes that the insurance coverage isadequate to cover possible losses on the assetsinsured.

MT Gas Indonesia, MT Gas Kalimantan and MTIndradi are collateralized to various liabilities of theGroup (Note 16).

13. UTANG USAHA 13. TRADE ACCOUNTS PAYABLE

2015 2014US$'000 US$'000

Berdasarkan kreditur By creditorsPihak berelasi (Catatan 37): Related parties (Note 37):Thai Petra Transport Co. Ltd. 150 221 Thai Petra Transport Co. Ltd.PT Arpeni Pratama Ocean Line Tbk 38 - PT Arpeni Pratama Ocean Line TbkPT Garuda Mahakam Pratama 26 18 PT Garuda Mahakam PratamaLain-lain 96 725 Others

Sub-total 310 964 Subtotal

Pihak ketiga: Third parties:Pemasok 9.095 22.365 SuppliersJasa perantara perkapalan 605 7.024 Shipping agents

Sub-total 9.700 29.389 Subtotal


Berdasarkan mata uang By currencyDolar Amerika Serikat 7.529 27.453 US dollarDolar Singapura 622 512 Singapore dollarRupiah 151 103 RupiahYen 24 133 YenMata uang lainnya 1.684 2.152 Other currencies










70


13. UTANG USAHA (lanjutan) 13. TRADE ACCOUNTS PAYABLE (continued)

Utang usaha merupakan liabilitas kepada perusahaanperkapalan sebagai perantara dan sub perantara danutang pemasok atas pembelian bahan bakar, sukucadang, dan peralatan kapal.

Berdasarkan Amandemen Rencana Perdamaian,kreditur usaha akan mempertahankan 50% dari saldoutang yang tertunggak dan akan dibayarkan selamalima tahun (Catatan 39). Total keuntungan darirestrukturisasi yang diakui oleh Grup sebesarUS$ 6,4 juta.

Sehubungan dengan pengalihan modal saham CB2,utang usaha sebesar US$ 5,4 juta didekonsolidasikanpada tahun 2015 (Catatan 16 dan 44).

Seluruh utang usaha tidak dikenakan bunga dan tanpajaminan.

The accounts payable represent liabilities to shippingcompanies as agents, to sub-agents and to suppliersfor purchases of fuel and spare parts, and vesselequipment.

Pursuant to PKPU Amendment Plan, trade creditorswill retain 50% of their outstanding debt balance andwill be paid over a period of five years (Note 39).Total gain on restructuring recognized by the Groupamounted to US$ 6.4 million.

In relation to the transfer of share capital of CB2,trade accounts payable amounting to US$ 5.4 millionwere deconsolidated in 2015 (Notes 16 and 44).

All trade accounts payable are non-interest bearingand unsecured.

14. BEBAN AKRUAL 14. ACCRUED EXPENSES

2015 2014US$'000 US$'000

Bunga (Catatan 39) 5.500 - Interest (Note 39)Operasi kapal dan dry docking 1.117 12.929 Vessels operating and dry dockingLain-lain 1.661 5.255 Others


Sehubungan dengan pengalihan modal saham CB2,beban akrual sebesar US$ 7,6 juta didekonsolidasikanpada tahun 2015 (Catatan 16 dan 44).

In relation to the transfer of share capital of CB2,accrued expenses amounting to US$ 7.6 million weredeconsolidated in 2015 (Notes 16 and 44).

15. PERPAJAKAN 15. TAXATION

Utang pajak terdiri dari sebagai berikut: Details of taxes payable are as follows:

2015 2014US$'000 US$'000

Utang pajak penghasilan badan: Corporate income tax payable:Perusahaan - - The CompanyEntitas anak - - SubsidiariesUtang pajak penghasilan final Final tax payable:Pasal 4 (2) 12 13 Article 4 (2)Pajak penghasilan Income taxes:Pasal 21 105 47 Article 21Pasal 23 6 76 Article 23Pasal 26 - 1.195 Article 26Pajak Pertambahan Nilai - neto Value Added Tax - netLainnya 82 15 Others

Total 205 1.346 Total









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15. PERPAJAKAN (lanjutan) 15. TAXATION (continued)

Manfaat pajak penghasilan neto terdiri dari: Details of net income tax benefit are as follows:

2015 2014US$'000 US$'000

Pajak tangguhan: Deferred tax:Perusahaan 16.751 80 The CompanyEntitas anak (312) 385 SubsidiariesPajak final: Final tax:Perusahaan (72) (71) The CompanyEntitas anak (1) (1) SubsidiariesPajak kini - entitas anak - (1) Current tax - subsidiaries

Manfaat pajak penghasilan - neto 16.366 392 Income tax benefit - net

Pajak final

Perhitungan atas pajak final terkait dengan pendapatanatas sewa kapal dan pengoperasian kapal Perusahaanadalah sebagai berikut:

Final tax

The breakdown of final tax on revenues related tocharter and operation of vessels of the Company isas follows:

2015 2014US$'000 US$'000

Pajak penghasilan final Final taxPerusahaan 72 71 The CompanyEntitas anak 1 1 SubsidiariesPembayaran selama tahun berjalan (73) (72) Payments during the year

Utang pajak penghasilan final - - Final tax payable









72



Pajak kini

Perhitungan pajak atas pendapatan yang pajaknyatidak bersifat final dari Perusahaan adalah sebagaiberikut:

Current tax

The computation of tax on revenues not subject tofinal tax of the Company is as follows:

2015 2014US$'000 US$'000

Laba (rugi) sebelum pajak menurut 170.853 (40.434) Income (loss) before incomelaporan laba rugi dan penghasilan tax per consolidated statement of profitkomprehensif lain konsolidasian or loss and other comprehensive incomeLaba sebelum pajak entitas anak (167.123) (187.015) Income before income tax of subsidiariesPembalikkan atas eliminasi antar perusahaan Reversal of inter-company eliminatingpada konsolidasi - 7.074 entries during consolidation

Laba (rugi) sebelum pajak penghasilan Income (loss) before income taxPerusahaan 3.730 (220.375) of the Company

Perbedaan temporer: Temporary differences:Difference in fair value of

Selisih nilai wajar liabilitas keuangan 30.084 (28.862) financial liabilitiesPenyusutan aset tetap 417 1.858 Depreciation of fixed assetsImbalan kerja (28) (950) Employee benefitsPerbedaan permanen: Permanent differences:Pendapatan (beban) yang tidakdapat dikurangkan (37.555) 227.603 Non-deductible income (expenses)Beban dan pendapatan yang telah Expenses net of related income,dikenakan pajak final 6.717 9.523 already subjected to final taxKeuntungan penjualan aset tetap - (283) Gain on sale of fixed assetsPenghasilan bunga yang telah Interest income subjecteddikenakan pajak final (1) (1) to final taxLainnya (1.024) 28.291 Others

Penghasilan kena pajak Perusahaan 2.340 16.804 Taxable income of the CompanyRugi pajak tahun lalu yang belum Uncompensated priordikompensasikan: year tax losses:2013 (3.869) (3.869) 20132012 (31.384) (31.384) 20122011 (17.035) (33.839) 2011

Total akumulasi rugi pajak (49.948) (52.288) Accumulated tax lossesPembayaran pajak dimuka Prepayment of taxPerusahaan (dicatat sebagai bagian The Company (recorded asdari pajak dibayar dimuka) (4) (34) part of prepaid tax)Entitas anak - - Subsidiaries

Total (4) (34) Total

Perusahaan baru menyelesaikan perhitungan pajaktahun 2013 pada tahun 2014 dan memutuskan untukmembukukan tambahan penghasilan kena pajak tahun2013 sebesar US$ 28,3 juta ke penghasilan kena pajaktahun 2014.

The Company completed its calculation of 2013income tax in 2014, and recorded the 2013additional taxable income amounted to US$ 28.3million to the 2014 taxable income.









73



Selain itu, Perusahaan juga memutuskan untukmembukukan koreksi atas kelebihan pencatatanliabilitas pajak tangguhan sebesar US$ 7,1 juta tahun2013 ke laporan laba rugi dan penghasilankomprehensif lain konsolidasian tahun 2014. Dengandemikian, pada tahun 2014, Perusahaan lebih sajimanfaat pajak tangguhan yang mengakibatkan rugibersih konsolidasian kurang saji sebesar US$ 7,1 juta.Seandainya Perusahaan membukukan jumlah tersebutdi tahun 2013, maka liabilitas pajak tangguhan dandefisit Grup pada tanggal 31 Desember 2013 akanmenurun dan laba bersih untuk tahun yang berakhirpada tanggal 31 Desember 2013 akan meningkatsebesar US$ 7,1 juta.

Seandainya Perusahaan memperhitungkan jumlahtersebut di tahun 2013, Perusahaan akan melaporkanrugi fiskal sebesar US$ 11,5 juta untuk tahun yangberakhir pada tanggal 31 Desember 2014 danpenghasilan kena pajak sebesar US$ 24,4 juta untuktahun yang berakhir pada tanggal 31 Desember 2013.

Taksiran laba (rugi) pajak hasil rekonsiliasi di atasmenjadi dasar pengisian Surat Pemberitahuan Tahunanpajak penghasilan badan tahun 2014.

In addition, the Company also decided to record thecorrection on the overstatement of 2013 deferred taxliabilities amounting to US$ 7.1 million to 2014consolidated statement of profit or loss and othercomprehensive income. Therefore, in 2014, theCompany had overstated deferred tax benefit whichcause the understatement of consolidated net loss byUS$ 7.1 million. Had the Company recorded suchamount in 2013, as of December 31, 2013, theGroupʼs deferred tax liabilities and deficit would havebeen decreased, and the net income for the yearended December 31, 2013 would have beenincreased by US$ 7.1 million.

Had the Company accounted such amount in 2013,the Company would reported tax loss amounting toUS$ 11.5 million for the year ended December 31,2014 and taxable income amounting to US$ 24.4million for the year ended December 31, 2013.

The estimated taxable income (loss) from the abovereconciliation is the basis for the Companyʼs 2014Annual Corporate Income Tax Returns.

Perusahaan belum melaporkan Surat PemberitahuanPajak Tahunan (SPT) tahun 2015 ke Kantor Pajak.Sampai dengan tanggal laporan ini Perusahaan masihbelum menyelesaikan perhitungan pajak penghasilanbadan tahun 2015.

Jumlah tersebut diatas adalah perhitungan sementaradari Grup.

The Company has not yet reported its 2015 annualtax return (SPT) to the Tax Office. As of the date ofthis report, the Company has not yet finalized its 2015corporate income tax computation.

The above amount and disclosure are based ontentative calculations made by the Group.

Pajak tangguhan

Rincian aset (liabilitas) pajak tangguhan adalah sebagaiberikut:

Deferred tax

The details of the Groupʼs deferred tax assets(liabilities) are as follows:

Dikreditkan Dikreditkan(dibebankan) (dibebankan) Penyesuaianke laba rugi/ ke ekuitas/ pajak

Saldo/Balance Credited Credited tangguhan/ Saldo/Balance1 Januari/ (charged) (charged) Adjustment to 31 Desember/

January 1, 2015 to profit or loss to equity deferred tax December 31, 2015US$'000 US$'000 US$'000 US$'000 US$'000

Aset pajak tangguhan - entitas anak Deferred tax asset - subsidiaryAset tetap (37) 37 - - - Fixed AssetsAkumulasi rugi fiskal 349 (349) - - - Tax loss carry-forward

Neto 312 (312) - - - Net

Liabilitas pajak tangguhan -Perusahaan Deferred tax liability - the CompanyAset tetap (138) 104 (500) - (534) Fixed assetsPenyisihan imbalan Provision for post-employmentpasca-kerja 370 (7) (56) - 307 benefitsSelisih nilai wajar Difference in fair value ofatas liabilitas keuangan (17.063) 7.521 - 9.133 (409) financial liabilities

Neto (16.831) 7.618 (556) 9.133 (636) Net









74



Pajak tangguhan (lanjutan) Deferred tax (continued)

Dikreditkan Dikreditkan(dibebankan) (dibebankan) Penyesuaianke laba rugi/ ke ekuitas/ pajak

Saldo/Balance Credited Credited tangguhan/ Saldo/Balance1 Januari/ (charged) (charged) Adjustment to 31 Desember/

January 1, 2014 to profit or loss to equity deferred tax December 31, 2014US$'000 US$'000 US$'000 US$'000 US$'000

Aset pajak tangguhan - entitas anak Deferred tax asset - subsidiaryAset tetap - 36 - (73) (37) Fixed AssetsAkumulasi rugi fiskal - 349 - - 349 Tax loss carry-forward

Neto - 385 - (73) 312 Net

Liabilitas pajak tangguhan -Perusahaan Deferred tax liability - the CompanyAset tetap (985) 465 382 - (138) Fixed assetsPenyisihan imbalan Provision for post-employmentpasca-kerja 641 (239) (32) - 370 benefitsSelisih nilai wajar Difference in fair value ofatas liabilitas keuangan (16.915) (7.215) - 7.067 (17.063) financial liabilities

Neto (17.259) (6.989) 350 7.067 (16.831) Net

Aset pajak tangguhan akan diakui dalam laporankeuangan konsolidasian jika penghasilan kena pajakcukup untuk merealisasikan sebagian atau seluruh dariaset pajak tangguhan tersebut. Grup tidak mengakuiaset pajak tangguhan untuk akun berikut ini:

Deferred tax assets are recognized in theconsolidated financial statements if sufficient taxableincome will be available to allow all or part of thedeferred tax assets to be utilized. The Group hasunrecognized deferred tax assets for the followingaccounts:

2015 2014US$'000 US$'000

Akumulasi rugi fiskal 19.304 21.138 Tax losses carry-forwardKerugian penurunan nilai atas kapal - 150 Impairment of vessels

Allowance for impairment ofPenurunan nilai piutang usaha - 1.030 trade receivables


Rugi pajak dapat dikompensasikan dengan laba kenapajak pada masa lima tahun yang akan datang sejakkerugian pajak terjadi.

Grup tidak mengakui aset pajak tangguhan atas rugipajak sebesar US$ 19,3 juta dan US$ 21,1 juta masing-masing pada tanggal 31 Desember 2015 dan 2014,karena Grup belum memiliki dasar yang memadaiuntuk menentukan manfaat pajak atas aset pajaktangguhan tersebut.

The tax losses carry-forward can be utilized againstthe taxable income for a period of five yearssubsequent to the year the tax loss was incurred.

The Group has unrecognized deferred tax asseton tax losses carry-forward amounting toUS$ 19.3 million and US$ 21.1 million as ofDecember 31, 2015 and 2014, respectively, since theGroup does not have sufficient basis to determine thefuture tax benefit on such deferred tax assets.









75



Pajak tangguhan (lanjutan) Deferred tax (continued)

Rekonsiliasi antara manfaat pajak penghasilan danjumlah yang menggunakan tarif pajak yang berlaku ataslaga (rugi) sebelum pajak adalah sebagai berikut:

Reconciliation between the income tax benefit andthe amount computed by applying the effective taxrate to the income (loss) before income tax is asfollows:

2015 2014US$'000 US$'000

Laba (rugi) sebelum pajak menurut Income (loss) before income tax perlaporan laba rugi dan penghasilan consolidated statement of profit or losskomprehensif lain konsolidasian 170.853 (40.434) and other comprehensive incomeBeban dan pendapatan yang telah Expenses net of related income,dikenakan pajak final 6.717 9.521 already subjected to final taxPembalikan atas jurnal eliminasi Reversal of inter-company eliminatingantar perusahaan saat konsolidasi - 7.074 entries during consolidation

Penghasilan (beban) kena pajak 177.570 (23.839) Taxable income (loss)

Manfaat (beban) pajak dengan tarif Income tax benefit (expense) atyang berlaku (25%) (44.392) 5.960 prevailing tax rate (25%)Pengaruh atas: Effect of:Laba sebelum pajak penghasilan Income beforeentitas anak 41.780 46.756 income tax of subidiariesPenyesuaian atas pajak tangguhan 9.133 7.067 Adjustment to deferred taxPajak tangguhan atas akumulasi Unrecognized deferred tax fromrugi pajak yang tidak diakui 585 4.202 tax losses carry-forwardPajak tangguhan entitas anak Deferred tax ofluar negeri (312) 384 foreign subsidiariesPenghasilan dan beban yang Non-deductible income andtidak dapat diperhitungkan 9.645 (63.904) expensesPajak penghasilan final (73) (72) Final taxPajak kini entitas anak luar negeri - (1) Current tax of foreign subsidiaries

Manfaat pajak penghasilan - neto 16.366 392 Income tax benefit - net









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16. PINJAMAN 16. LOANS PAYABLE

2015 2014US$'000 US$'000

Pinjaman bank: Bank loans:PT Bank Mandiri (Persero) Tbk 12.248 16.280 PT Bank Mandiri (Persero) TbkPT Bank Central Asia Tbk 4.401 4.785 PT Bank Central Asia TbkMandated Lead Arrangers (MLA) - 588.433 Mandated Lead Arrangers (MLA)PT Bank Mizuho Indonesia - 12.666 PT Bank Mizuho IndonesiaClio Marine Inc./Mitsui Bank - 9.142 Clio Marine Inc./Mitsui BankDialease Maritime S.A./Mitsubishi UFJ Dialease Maritime S.A./MitsubishiLease & Finance Co. Ltd. - 6.204 UFJ Lease & Finance Co. Ltd.

Terminasi derivatif: Termination of derivatives:Deutsche Bank - 45.459 Deutsche BankJP Morgan - 17.072 JP MorganBarclays Capital - 14.117 Barclays CapitalHSBC - 1.692 HSBCPT Bank DBS Indonesia - 1.544 PT Bank DBS IndonesiaPinjaman pihak berelasi: Related party loans:PT Bagusnusa Samudra Gemilang PT Bagusnusa Samudra Gemilang(Catatan 37) 1.726 8.271 (Note 37)Teekay Corporation 661 1.791 Teekay CorporationLain-lain: Others:Amicorp Trustees (Singapore) Limited 12.322 - Amicorp Trustees (Singapore) Limited

Total 31.358 727.456 Total

Jangka pendek 2.124 70.126 CurrentJangka panjang 29.234 657.330 Non-current

Total 31.358 727.456 Total

(i) Pinjaman bank

Sehubungan dengan events of default, masing-masing kreditur pinjaman bank menyampaikanklaimnya dibawah PKPU. Sehubungan denganRencana Perdamaian kreditur bank termasukdalam kategori separatis.

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan estimasi aruskas atas pinjaman bank yang direstrukturisasidengan menggunakan suku bunga yangditentukan oleh manajemen pada tingkat sukubunga yang berlaku terhadap Grup. Syaratrestrukturisasi terkait dengan kreditur pinjamanbank dalam Rencana Perdamaian adalahmengikat dan diatur sebagai berikut (Catatan 39):

(i) Bank Loans

Following the events of default, the bank loancreditors of the Group submitted their respectiveclaims under the PKPU. Pursuant to theRestructuring Plan, the bank loan creditors fallunder the class of secured creditors.

Considering the effects of the restructuring plan,the Group discounted the forecasted cash flowsrelated to the following restructured bank loansusing appropriate interest rates determined bymanagement at current prevailing interest ratesapplicable to the Group. The respectiverestructured terms of the bank loan creditorsunder the Restructuring Plan are binding andset out as follows (Note 39):









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16. PINJAMAN (lanjutan) 16. LOANS PAYABLE (continued)

a) PT Bank Mandiri (Persero) Tbk (“Mandiri”) a) PT Bank Mandiri (Persero) Tbk (“Mandiri”)

Pokok utang Rp 249,0 miliar

Menghapus seluruh bunga yang tertunggakdan tidak terbayar sebelum 1 Juli 2012.

Amortisasi pokok selama periodepembayaran kembali dari tanggal dimulaisejak 1 April 2013 sampai dengan tanggaljatuh tempo yaitu tahun ke-10 sejak tanggalRencana Perdamaian diratifikasi olehPengadilan Jakarta, tanggal jatuh tempo daripinjaman diperpanjang oleh kreditur konkuren(selain dari pada para kreditur usaha), atau31 Maret 2023, yang mana yang terjadi lebihdahulu (Tanggal Jatuh Tempo) denganangsuran tetap per kuartal dimulai padaTahun ke-3 dengan pembayaran pertamadimulai sejak 30 Juni 2015.

Pinjaman ini dikenakan bunga (3-bulanJIBOR + 7,5%) dikapitalisasi sejak 1 Juli 2012sampai 31 Maret 2014, selanjutnyapembayaran secara tunai per kuartal sejak30 Juni 2014, dengan ketentuan terdapatkas yang cukup di tahun ke-2 untuk(i) membentuk cadangan dana minimumsebesar US$ 25,0 juta (ii) membayar bungakas atas Fasilitas Modal Kerja (iii) membayarpokok terutang atas Fasilitas Modal Kerja,dan jika ada salah satu ketentuan-ketentuanini yang tidak terpenuhi untuk setiap kuartal ditahun ke-2, pembayaran bunga tersebut akandikapitalisasi dan ditambahkan ke pokokterutang sesuai dengan prinsip cash waterfallyang ditetapkan dalam Rencana Perdamaian.

Hak Mandiri untuk menyatakan kejadianevent of default sehubungan denganRencana Perdamaian adalah sebagai berikut:jika Mandiri memegang jaminan atas setiapkapal yang dimiliki atau dioperasikan olehPerusahaan, Mandiri dapat menyatakanevent of default untuk pokok dan bunga yangtidak dibayarkan setelah Tahun ke-2 atau jikaMandiri tidak lagi memegang jaminan atassetiap kapal yang dimiliki atau dioperasikanoleh Perusahaan, Mandiri hanya dapatmenyatakan kejadian event of default untukpokok dan bunga yang tidak dibayar setelahTahun ke-4.

Pembayaran dipercepat dari cash sweep.

Principal of Rp 249.0 billion.

Forgive all outstanding and unpaid interestprior to July 1, 2012.

Principal amortization over a repaymentperiod commencing from April 1, 2013 to the10th anniversary of the Restructuring Plan,the maturity date of any loan extended byany unsecured creditor (apart from the tradecreditors), or March 31, 2023, whichever isthe earliest to occur (“Maturity Date”) withequal quarterly installments commencing inYear 3 with the first installment starting onJune 30, 2015.

Interest (3-month JIBOR + 7.5 %) capitalizedfrom July 1, 2012 until March 31, 2014, thenquarterly cash payments from June 30,2014, provided that there is sufficient cash inYear 2 to (i) build up the US$ 25.0 millionminimum cash buffer, (ii) pay cash intereston the working Capital Facility, (iii) payprincipal on the Working Capital Facility, andif any of these conditions are not met for anyquarter in year 2, such payments of interestin year 2 will be capitalized and added toprincipal pursuant to the cash waterfallprinciples set out in the Restructuring Plan.

The rights of Mandiri to call an event ofdefault in respect of this Restructuring Planare as follows: if Mandiri still holds securityover any vessel owned or operated by theCompany, an event of default can be calledfor non-payment of principal and interestafter Year 2; or if Mandiri no longer holdssecurity over any vessel owned or operatedby BLT, an event of default can be called fornon payment of interest and principal afterYear 4.

Accelerated repayment from cash sweep.









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a) PT Bank Mandiri (Persero) Tbk (“Mandiri”)(lanjutan)

a) PT Bank Mandiri (Persero) Tbk (“Mandiri”)(continued)

Perusahaan dan BULL setuju bahwa merekaakan menjual 6 buah kapal yang dijaminkan keMandiri dengan harga penjualan yang disetujuidan diterima Mandiri, selama Mandirimemberikan pemberitahuan yang wajar ketikamenyampaikan permintaan tersebut danpenjualan kapal tersebut dilakukan melaluitransaksi komersial yang wajar (armʼs length)dan harga penjualan sesuai dengan nilai pasarkapal tersebut. Secara khusus, BULL akanmenyediakan perjanjian tertulis kepada Mandiribahwa pihaknya akan setuju untuk menjualkapal-kapal yang dijaminkan ke Mandiri dalamwaktu 3 bulan sejak tanggal RencanaPerdamaian ini diratifikasi oleh PengadilanJakarta.

Pembayaran kepada Mandiri sejumlah 90,0%dari harga jual dua kapal ke Mandiri dan 95,0%dari harga jual empat kapal yang tersisamerujuk pada hal-hal disebut diatas akandiaplikasikan untuk mengurangi utang pokokkepada Mandiri.

Dalam hal kapal-kapal terjual, hasil-hasilpenjualan tersebut akan digunakan untukoffset/membayar angsuran terakhir pokokterutang (yaitu pembayaran untuk amortisasi diTahun ke-10 diikuti Tahun ke-9 danseterusnya) yang terutang kepada Mandiri dantanggal jatuh tempo dari pembayaran pokokterutang yang diamortisasi kepada Mandiriakan dikurangi sesuai dengan itu.

Rencana Perdamaian ini tidak akanmengurangi/merugikan hak apapun yangdimiliki Mandiri sehubungan dengan jaminanatas seluruh kapal-kapal yang dijaminkan danPerusahaan tidak akan mengajukan keberatanatau menghalangi setiap tindakan Mandiriuntuk menjual kapal-kapal tersebut,sehubungan dengan jaminan ataupun lainnya.Perusahaan dan BULL tidak akan keberatanterhadap segala permintaan dari Mandiri untukmenjual kapal dan tidak akan keberatan ataumenghindari tindakan Mandiri untuk melakukaneksekusi atau menjual kapal-kapal ini.

Pada tahun 2014, Perusahaan menjual tiga buahkapal yang dijaminkan kepada Mandiri. Totalpenerimaan hasil penjualan 3 buah kapal tersebutsebesar US$ 6,4 juta yang digunakan sebagaipembayaran cicilan kepada Mandiri sesuai denganRencana Perdamaian (Catatan 12 dan 39).

The Company and BULL agreed that theywill sell 6 vessels which are secured toMandiri at a sales price agreed andacceptable to Mandiri, provided that Mandirigives reasonable notice in providing itsrequest and that the sale of the vessels isconducted at an armʼs length commercialtransaction and that the sales price is at thevesselsʼ market value. In particular, BULLwill provide Mandiri with a written agreementwithin 3 months from the date theRestructuring Plan was ratified by theJakarta Court that it will agree to sell thevessels secured to Mandiri.

90.0% of the sales price of the two vesselsshall be paid to Mandiri and 95.0% of thesales price of the remaining four vesselsreferred to above will be applied to reducethe outstanding principal due to Mandiri.

In the event that the vessels are sold, theproceeds of such sale will be used tooffset/pay the last principal installment (i.e.,first payment for amortization in Year 10followed by Year 9 and thereafter) that isdue to Mandiri and the maturity date of theamortized principal payments to Mandiri willbe reduced accordingly.

The Restructuring Plan shall notcompromise any rights that Mandiri has withrespect of the security in all secured vesselsand the Company shall not object or hinderany attempts by Mandiri to sell thesevessels, whether pursuant to its security orotherwise. The Company and BULL shall notobject to any request by Mandiri to sell avessel and will not object or hinder Mandiriʼsattempts to enforce or sell these vessels.

In 2014, the Company sold three vesselssecured to Mandiri. The total proceeds from thesale of these 3 vessels amounted toUS$ 6.4 million which was applied towards theprepayment of Mandiri loan in accordance withthe Restructuring Plan (Notes 12 and 39).









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a) PT Bank Mandiri (Persero) Tbk (“Mandiri”)(lanjutan)

a) PT Bank Mandiri (Persero) Tbk (“Mandiri”)(continued)

Berdasarkan Amandemen Rencana Perdamaiandan surat dari Mandiri, persyaratan fasilitas kreditdengan Mandiri diubah sebagai berikut:

Utang pokok sebesar Rp 111,9 miliar danbunga yang dikapitalisasi dari 1 Juli 2012sampai 31 Maret 2015 sebesar Rp 79,4 miliar.

Utang pokok diamortisasi selama periodepembayaran mulai 30 Juni 2017 sampai30 September 2021, dengan 18 kali angsurankuartalan dengan jumlah yang sama mulai30 Juni 2017.

Bunga tertunggak mulai 1 April 2015 dihitungberdasarkan JIBOR 3 bulanan + 0,5% pertahun dengan basis 365 hari per tahun dandibayar secara kuartalan mulai 30 Juni 2015.

Penjualan kapal MT Kunti (“Penjualan Kunti”)dengan nilai Rp 7.0 miliar akan dilaksanakanpada tanggal 1 April 2016 atau sesudahnyadengan persetujuan Mandiri. Hasil bersih daripenjualan MT Kunti akan digunakan untukmembayar cicilan pokok terakhir yang jatuhtempo.

Pembayaran kuartalan akan dilaksanakansetiap tahun pada hari kerja terakhir di setiapkuartal. Semua pembayaran dilakukan bebasdari hak off-set, pengurangan ataupemotongan.

Tidak ada pembayaran dipercepat melaluicash sweep.

Pursuant to PKPU Amendment Plan and letterfrom Mandiri dated September 30, 2015, theterms of credit facility with Mandiri are amendedas follows:

Outstanding principal is Rp 111.9 billion andcapitalized interest from July 1, 2012 up toMarch 31, 2015 is Rp 79.4 billion.

Outstanding principal amortization over arepayment period, commencing fromJune 30, 2017 to September 30, 2021, with18 equal quarterly installments with the firstinstallment starting on June 30, 2017.

Interest from April 1, 2015 shall becalculated based on an interest rate of3-month JIBOR + 0.5% per annum based on365 days per annum and shall be paidquarterly starting from June 30, 2015.

The sale of MT Kunti (“Kunti Sale”) will becompleted by April 1, 2016 or on a later dateto be agreed by Mandiri with value of Rp 7.0billion. Net proceeds from the Kunti Sale willbe used to repay the last principalinstallment due.

Any quarterly payments to be made in eachyear will be made on the last business day ofeach quarter of such year. All payments tobe made will be made free of any rights tooff-set, deduct or withhold.

No accelerated repayment from cash sweep.

Nilai tercatat atas pinjaman yang direstrukturisasidari Mandiri pada tanggal 31 Desember 2015 dan2014, masing-masing sebesar US$ 12,2 juta danUS$ 16,3 juta. Tingkat suku bunga efektif tahunanatas pinjaman ini sebesar 8,5% dan 15,6% masing-masing pada tahun 2015 dan 2014.

Perusahaan mengakui keuntungan restrukturisasisebesar US$ 1,1 juta tahun 2015.

The carrying value of the restructured loan fromMandiri as of December 31, 2015 and 2014amounted to US$ 12.2 million and US$ 16.3million, respectively. The annual effectiveinterest rates of the loan are 8.5% and 15.6% in2015 and 2014, respectively.

The Company recognized gain on restructuringamounting to US$ 1.1 million in 2015.









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b) PT Bank Central Asia Tbk (“BCA”) b) PT Bank Central Asia Tbk (“BCA”)

Pokok utang Rp 44,4 miliar setara denganUS$ 4,7 juta.

Menghapus seluruh bunga yang tertunggakdan tidak terbayar sebelum tanggal 1 Juli 2012.

Amortisasi pokok utang untuk periodepembayaran kembali dimulai sejak tanggal1 April 2013 sampai dengan tanggal jatuhtempo yaitu (i) tahun ke-10 sejak tanggalRencana Perdamaian ini diratifikasi olehPengadilan Jakarta, (ii) tanggal jatuh tempopaling awal atas pinjaman diperpanjang olehkreditur konkuren (selain daripada para krediturusaha), atau (iii) 31 Maret 2017, yang manayang terjadi lebih dahulu dengan 32 kaliangsuran per kuartal dengan jumlah yang samayang dimulai pada tahun ke-3 yang manaangsuran pertama dimulai pada 30 Juni 2015.

Bunga (JIBOR + 5,25%) dikapitalisasi sejak1 Juli 2012 sampai dengan 31 Maret 2014,selanjutnya pembayaran kuartalan secara tunaisejak tanggal 30 Juni 2014, dengan ketentuanterdapat kecukupan kas di tahun ke-2 untuk (i)membentuk dana cadangan minimum sebesarUS$ 25,0 juta, (ii) membayar bunga atasFasilitas Modal Kerja secara tunai, (iii)membayar pokok utang dari Fasilitas ModalKerja, dan jika salah satu dari kondisi tersebuttidak terpenuhi untuk setiap kuartal pada tahunke-2, pembayaran bunga untuk tahun ke-2akan dikapitalisasi dan ditambahkan sebagaipokok utang sesuai prinsip cash waterfall yangditetapkan dalam Rencana Perdamaian.

Hak BCA untuk menyatakan event of defaultsehubungan dengan Rencana Perdamaian iniadalah sebagai berikut: jika BCA memegangjaminan atas setiap kapal yang dimiliki ataudioperasikan oleh Perusahaan, BCA dapatmenyatakan event of default untuk pokok utangdan bunga yang tidak dibayarkan setelah tahunke-2; atau jika BCA tidak lagi memegangjaminan atas setiap kapal yang dimiliki ataudioperasikan oleh Perusahaan, BCA hanyadapat menyatakan event of default untuk pokokutang dan bunga yang tidak dibayar setelahtahun ke-4.

Principal of Rp 44.4 billion equivalent toUS$ 4.7 million.


Principal amortization over a repaymentperiod commencing from April 1, 2013 to thematurity date which is (i) the 10th anniversaryfrom the date the Restructuring Plan isratified by the Jakarta Court, (ii) the earliestmaturity date of any loan extended by anyunsecured creditor (apart from tradecreditors), or (iii) March 31, 2017, whicheveris the earliest to occur with 32 equal quarterlyinstallments commencing the 3rd year withthe first installment starting June 30, 2015.

Interest (JIBOR + 5.25 %) capitalized fromJuly 1, 2012 until March 31, 2014, thenquarterly cash payments from June 30, 2014,provided that there is sufficient cash in Year2 to (i) build up the US$ 25.0 million minimumcash buffer, (ii) pay cash interest on theWorking Capital Facility, (iii) pay principal onthe Working Capital Facility, and if any ofthese conditions is not met for any quarter inYear 2, such payments of interest in Year 2will be capitalized and added to principalpursuant to the cash waterfall principles setout in the Restructuring Plan.

The rights of BCA to call an event of defaultin respect of the Restructuring Plan are asfollows: if BCA still holds security over anyvessel owned or operated by the Company,an event of default can be called for non-payment of principal and interest after Year2; or If BCA no longer holds security over anyvessel owned or operated by the Company,an event of default can be called for non-payment of interest and principal afterYear 4.









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b) PT Bank Central Asia Tbk (“BCA”) b) PT Bank Central Asia Tbk (“BCA”)(continued)

Pembayaran dipercepat dari cash sweep

Perusahaan setuju bahwa pihaknya akanmenjual kapal-kapal yang dijaminkan ke BCAdengan persetujuan kedua belah pihak denganBCA dengan harga penjualan yang disetujuidan diterima BCA, selama BCA memberikanpemberitahuan yang wajar ketikamenyampaikan permintaan tersebut danpenjualan kapal tersebut dilakukan melaluitransaksi komersial yang wajar (armʼs length)dan harga penjualan sesuai dengan nilai pasarkapal tersebut.

Pembayaran kepada BCA sejumlah 95,0%dari harga jual 2 kapal akan diaplikasikanuntuk mengurangi utang pokok kepada BCA.

Dalam hal kapal-kapal terjual, hasil-hasilpenjualan tersebut akan digunakan untukoffset/membayar angsuran terakhir utangpokok yang terutang kepada BCA dan tanggaljatuh tempo dari pembayaran pokok terutangyang diamortisasi kepada BCA akan dikurangisesuai dengan itu.

Rencana Perdamaian ini tidak akanmengurangi/merugikan hak apapun yangdimiliki BCA sehubungan dengan jaminan atasseluruh kapal-kapal yang dijaminkan danPerusahaan tidak akan mengajukan keberatanatau menghalangi setiap tindakan BCA untukmenjual kapal-kapal tersebut, sehubungandengan jaminan ataupun lainnya.

Pada tahun 2014, Grup telah menyelesaikanperjanjian dengan BCA untuk menetapkan jumlahpokok pinjaman menjadi mata uang US$ dansyarat-syarat lain mengikuti Rencana Perdamaian.


The Company agrees that it will sell thesecured vessels by mutual consent of BCAat a sales price agreed and acceptable toBCA, provided that BCA gives reasonablenotice in providing its request and that thesale of a vessel is conducted as an armʼslength commercial transaction and the salesprice is at the vesselʼs market value.

Payment to BCA of 95.0% of the sales priceof 2 vessels will be applied to reduceoutstanding principal due to BCA.

In the event that the vessel(s) are sold, theproceeds of such sale(s) will be used tooffset/pay the last principal installment that isdue to BCA and the maturity date of theamortized principal payments to BCA will bereduced accordingly.

This Restructuring Plan shall notcompromise any rights that BCA has inrespect of the security in all securedvessel(s) and the Company shall not objector hinder any attempts by BCA to sell thesevessel(s), whether pursuant to its security orotherwise.

In 2014, the Group had finalized an agreementwith BCA to fix the amount of loan into US$currency and all other terms pursuant to theRestructuring Plan.









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b) PT Bank Central Asia Tbk (“BCA”) (lanjutan) b) PT Bank Central Asia Tbk (“BCA”)(continued)

Sehubungan dengan Amandemen RencanaPerdamaian tahun 2015, persyaratan fasilitas kreditdengan BCA diubah sebagai berikut:

Jika ada sisa kas dalam rekening penerimaan(setelah pembayaran bunga, pajak, dan biaya-biaya lainnya yang timbul diluar pembayaranpokok), sisa kas digunakan untuk amortisasitunggakan pokok utang, yang akan dibayarpada setiap tanggal pembayaran bunga yangberlaku efektif sejak tanggal persetujuanAmandemen Rencana Perdamaian sampai31 Maret 2017;

pembayaran kembali utang pokok tertunggakyang akan dibayar secara 32 kali angsurankuartalan dengan jumlah yang sama mulai30 Juni 2017;

jika kas tidak cukup untuk membayar cicilanutang pokok kuartalan, dengan persetujuantertulis dari BCA, Perusahaan dapatmenambah cicilan tersebut pada cicilankuartalan berikutnya.

Pursuant to PKPU Amendment Plan in 2015, theterms of credit facility with BCA are amended asfollows:

If there is remaining cash in the EarningsAccount (after the payment of interest, taxesand other costs that may be incurred outsidethe Principal Amount), the remaining cashcan be used for amortization of theoustanding principal amount which will bepaid on every interest payment dateeffective from the date of approval of thePKPU Amendment Plan until March 31,2017;

Repayment of the principal amount shall bepaid by way of 32 equal quarterlyinstallments with the first installmentcommencing on June 30, 2017;

Where there is insufficient cash to pay aquarterly installment of principal amount,with the written consent of BCA, theCompany may add the amount of thatinstallment to the next quarterly installment.

Pembayaran tidak dipercepat dari cash sweep. No accelerated repayment from cash sweep.

Pada tanggal 31 Desember 2015 dan 2014, nilaitercatat atas pinjaman yang direstrukturisasi dariBCA masing-masing sebesar US$ 4,4 juta danUS$ 4,8 juta. Tingkat suku bunga efektif tahunanatas pinjaman sebesar 6,0% pada tahun 2015 dan2014.

As of December 31, 2015 and 2014, the carryingamount of the loan from BCA amounted toUS$ 4.4 million and US$ 4.8 million, respectively.The annual effective interest rate of the loan is6.0% in 2015 and 2014.

c) Mandated Lead Arrangers (“MLA”) c) Mandated Lead Arrangers (“MLA”)

Pokok utang menjadi US$ 562,9 juta termasukpokok awal sebesar US$ 550,3 juta ditambahbunga yang dikapitalisasi sampai dengan dantermasuk 31 Maret 2013, sebesar US$ 12,6juta.

Fasilitas Modal Kerja sebesar US$ 19,4 jutadibayarkan sesuai prinsip cash waterfall yangditetapkan dalam Rencana Perdamaian.Fasilitas ini tidak dapat dilakukan penarikankembali, dan dikenakan bunga (LIBOR +3,15%) per tahun, yang terutang sejak 30 Juni2013 diluar kelebihan kas diatas minimumcadangan dana dari US$ 25 juta. (Catatan 4dan 39).


Principal of US$ 562.9 million including theoriginal principal amount of US$ 550.3 millionplus capitalized interest up to and includingMarch 31, 2013, amounting to US$ 12.6million.

Working Capital Facility of US$ 19.4 millionto be repaid pursuant to the cash waterfallprinciples set out in the Restructuring Plan.This Working Capital Facility is not capable ofbeing redrawn, and subject to interest(LIBOR + 3.15%) per annum, payable inarrears from June 30, 2013 out of excesscash above the minimum cash buffer ofUS$ 25 million (Notes 4 and 39).










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c) Mandated Lead Arrangers (“MLA”) (lanjutan) c) Mandated Lead Arrangers (“MLA”)(continued)

Amortisasi periode pembayaran kembali daritanggal dimulai sejak 1 April 2013 sampaidengan tanggal jatuh tempo yaitu tahun ke-10sejak tanggal Rencana Perdamaian diratifikasioleh Pengadilan Jakarta, tanggal jatuh tempodari pinjaman diperpanjang oleh krediturkonkuren (selain daripada para krediturdagang), atau 31 Maret 2023, yang mana yangterjadi lebih dahulu dengan angsuran tetap perkuartal dimulai pada Tahun ke-3.

Bunga (LIBOR + 3,15%) atas bagian yang tidakmeliputi Fasilitas Modal Kerja untukdikapitalisasi sejak 1 Juli 2012 sampai dengan31 Maret 2015 jika terdapat ketidakcukupankelebihan dana diatas cadangan danaminimum dari US$ 25,0 juta untuk memberikanbunga sesuai dengan prinsip cash waterfallyang ditetapkan dalam Rencana Perdamaian,selanjutnya pembayaran kas kuartalan (yangtertunggak) sejak 30 Juni 2015.

Pembayaran pokok dipercepat dari cash sweepatau penjualan jaminan yang diminta.

Amortization over a repayment periodcommencing from April 1, 2013 to the 10thanniversary of the Restructuring Plan, thematurity date of any loan extended by anyunsecured creditor (apart from the tradecreditors), or March 31, 2023, whichever isthe earliest to occur (“Maturity Date”) withequal quarterly installments commencing inYear 3.

Interest (LIBOR + 3.15%) on the portion thatdoes not comprise Working Capital Facility tobe capitalized from July 1, 2012 until March31, 2015 if there is insufficient excess cashabove the minimum cash buffer of US$ 25.0million to service interest pursuant to the cashwaterfall principles set out in theRestructuring Plan, thereafter quarterly cashpayments (in arrears) from June 30, 2015.

Accelerated repayment from cash sweep orsale of the requested security.

Pemberian jaminan yang diminta(Chembulk/Tambang Batu Bara/Saham di BULL(selain daripada yang telah dijaminkan kepadakreditur lain atau ditransfer kepada PemegangObligasi US$)/Teekay/Jaminan SPVBULL/Jaminan SPV Teekay) untuk FasilitasModal Kerja. Jaminan yang diminta tersebut(selain daripada saham di Chembulk) akandilepaskan kreditur MLA untuk digunakan dalampencarian dana yang diperlukan denganpersetujuan para kreditur MLA dan (i)pelunasan Fasilitas Modal Kerja dan (ii)terdapat cadangan dana yang dipertahankan.

Penyediaan jaminan SPV BULL-Teekay yangakan menjamin (i) Fasilitas Modal Kerja diTahun ke-1 dan ke-2 dan (ii) sampai denganUS$ 17,2 juta dari jumlah pokok terutangkepada kreditur MLA dan Pemegang ObligasiUS$, dan pembayaran bunga kepada krediturMLA dan Pemegang Obligasi US$ di tahun ke-3dan ke-4.

Provision of the requested security(Chembulk/Coal Mine/shares in BULL (otherthan shares already pledged to othercreditors or transferred to the US$Bondholders pursuant to this Plan)/Teekay/BULL SPV Security/Teekay SPV Security)for the Working Capital Facility. Suchrequested security (other than the shares inChembulk) shall be released by the MLALenders for necessary fund raisings subjectto approval by the MLA Lenders and (i) thefull repayment of the Working Capital Facilityand (ii) the cash buffer being maintained.

Provision of the BULL-Teekay SPV Securitywhich will secure (i) the Working CapitalFacility in Years 1 and 2 and (ii) up toUS$ 17.2 million of the aggregate of theprincipal due to the MLA Lenders and theUS$ Bondholders, and the interest paymentsto the MLA Lenders and the US$Bondholders in Years 3 and 4.









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Pada saat jaminan SPV BULL-Teekay ataubagian-bagiannya direalisasikan dalam tahunke-3 dan ke-4, pendapatan kumulatif atasrealisasi-realisasi tersebut harus dibagi sebagaiberikut; Pertama, pemenuhan biaya-biaya daripengeluaran-pengeluaran untuk pelaksanaanatau eksekusi; Kedua, pemenuhan semuajumlah yang jatuh tempo berdasarkan FasilitasModal Kerja; Ketiga, pemenuhan jumlah yangjatuh tempo kepada Pemegang ObligasiUS$ dan kepada kreditur MLA masing-masingsecara rata sehingga setiap pendapatan yangditerima harus dibayarkan 50% kepadaPemegang Obligasi US$ dan 50% kepadakreditur MLA, masing-masing maksimumsebesar US$ 8,6 juta; dan Keempat, setiapsaldo pendapatan dari pelaksanaan/eksekusijaminan yang melebihi US$ 17,2 juta harustunduk pada prinsip-prinsip cash waterfall yangditetapkan dalam Rencana Perdamaian.

Pelaksanaan jaminan SPV BULL-Teekay untukpemenuhan pembayaran bunga kepadakreditur MLA dan/atau Pemegang Obligasi US$di Tahun ke-3 dan ke-4 harus tidakmenyebabkan event of default berdasarkanRencana Perdamaian, atau harus tidak terjadievent of default jika pendapatan dari realisasi-realisasi Jaminan SPV BULL-Teekay, setelahpelaksanaan daripadanya terhadappembayaran kembali dari utang-utang denganjaminan, cukup untuk menutup pembayaranbunga yang jatuh tempo dan terutang.

Perjanjian antar kreditur atau perjanjiansubordinasi yang akan ditandatangani antarapara kreditur MLA dan Pemegang Obligasi US$untuk mengatur prioritas dan kewajibanmasing-masing sehubungan dengan JaminanSPV BULL-Teekay dengan cara yang telahditentukan diatas.

Perusahaan dan kreditur MLA dapat menyetujuiuntuk melakukan penjualan setiap kapal yangdijamin.

Pada tahun 2013, Grup telah melakukan penarikansebesar US$ 10,0 juta atas US$ 19,4 juta FasilitasModal Kerja dan telah menjual beberapa kapalsebesar US$ 5,8 juta dimana hasil transaksipenjualan kapal tersebut digunakan sebagaibagian pembayaran bunga atas pinjaman dari MLA(Catatan 39).

Pada tanggal 30 Maret 2015, Grup telahmelakukan pembayaran utang Fasilitas ModalKerja yang telah jatuh tempo kepada MLA sebesarUS$ 10.0 juta ditambah bunga yang masih harusdibayar sebesar US$ 0,6 juta.

In the event that the BULL-Teekay SPVSecurity or any part thereof is realized inYears 3 or 4, the cumulative proceeds of anysuch realizations shall be shared as follows:First, in satisfaction of the costs andexpenses of enforcement; Second, insatisfaction of all amounts due under theWorking Capital Facility; Third, in satisfactionof amounts due to the US$ Bondholders andthe MLA Lenders on a 50:50 basis so thateach dollar of proceeds received shall bepaid, as to 50% thereof, to or for the accountat the US$ Bondholders and, as to 50%, to orfor the account of the MLA Lenders, subjectto a maximum amount of US$ 8.6 millioneach; and Fourth, any balance of proceeds ofenforcement in excess of US$ 17.2 millionshall be subject to the cash waterfallprinciples set out in the Restructuring Plan.

Enforcement of the BULL-Teekay SPVSecurity to satisfy payments of interest to theMLA Lenders and/or the US$ Bondholders inYears 3 and 4 shall not cause an event ofdefault under the Restructuring Plan, norshall an event of default occur if the proceedsof realization of the BULL-Teekay SPVSecurity, after application thereof towardsrepayment of the secured indebtedness, aresufficient to cover any such interestpayments due and owing.

Inter-creditor or subordination agreement tobe signed between the MLA Lenders and theUS$ Bondholders to govern their respectivepriorities and obligations in respect of theBULL-Teekay SPV Security in the mannerset out in the preceding provisions.

The Company and the MLA Lenders mayagree by mutual consent to sell any of thesecured vessels.

In 2013, the Group drawn down US$ 10.0 millionfrom the US$ 19.4 million Working CapitalFacility and has sold some vessels amounting toUS$ 5.8 million for which the proceeds fromthese transactions were used as part of thepayment for interest due on the MLA Loan(Note 39).

On March 30, 2015, the Group paid its WorkingCapital Facility loans from MLA lenders whichamounted to US$ 10.0 million plus accruedinterest of US$ 0.6 million.









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Selama bulan Februari sampai Agustus 2014,kreditur grup MLA dahulu, yaitu DNB Bank ASASingapura, BNP Paribas, ING Bank N.V, NIBCBank Ltd., Nordea Bank Finland Plc., StandardChartered Bank, Skandinaviska Enskilda BankenAB (publ) telah menjual seluruh fasilitas utangmereka yang diberikan kepada Grup, kepadaprivate equity tertentu. Para kreditur baru MLAterdiri atas York Global Finance BDH. LLC.,Spruce Investors Limited dan Silver Oak Capital,LLC sebagai kreditur mayoritas dan lima privateequity lainnya (secara individu <5%) sebagaikreditur minoritas.

Between February and August 2014, the formerMLA group of bank lenders, namely DNB BankASA Singapore, BNP Paribas, ING Bank N.V,NIBC Bank Ltd., Nordea Bank Finland Plc.,Standard Chartered Bank, SkandinaviskaEnskilda Banken AB (publ) sold all their loanfacilities provided to the Group to certain privateequity funds. The new MLA Lenders consistmainly of York Global Finance BDH. LLC.,Spruce Investors Limited and Silver OakCapital, LLC as majority lenders and 5 otherprivate equity funds (individually <5%) asminority lenders.

Pada tanggal 22 April 2015, Perusahaanmenandatangani:

a. term sheet yang mengikat yang meliputipersyaratan utama dari restrukturisasi lebihlanjut (“Restrukturisasi MLA”) dari Perusahaandan beberapa entitas anak (secara kolektif,“Grup”); dan

b. perjanjian pendukung restrukturisasi (“RSA”)antara:

i. DNB Bank ASA, cabang Singapura(sebagai agen);

ii. Para Kreditur MLA sedikitnya 66,6%partisipasi klaim fasilitas tertunggakberdasarkan perjanjian fasilitas kreditsenior terjamin tanggal 18 Februari 2011(seperti yang telah diubah dan disajikankembali sesuai dengan perjanjianperubahan ketiga tanggal 8 Oktober 2014,dan yang mungkin akan diubah kembaliseiring waktu);

iii. Gold Bridge Shipping Corporation,sebagai peminjam dibawah PerjanjianFasilitas MLA;

iv. Entitas anak langsung dan tidak langsungdari Perusahaan (secara kolektif, bersamapeminjam “Pihak Perusahaan”);

v. Hadi Surya, Siana Surya, PT TunggaladhiBaskara dan Meadowstream Limited(“Pihak Surya”);

Sesuai dengan, antara lain, Pihak Perusahaansepakat untuk menyelesaikan Restrukturisasi.

Sesuai dengan Restrukturisasi MLA, Grup setujuuntuk mengalihkan ke NewCo 27 kapal (besertadengan semua asuransi dan penerimaan,pendapatan dan jumlah lainnya), seluruh modalsaham CB2 dan saldo di rekening bank yangdijaminkan untuk kepentingan Peminjam MLA(secara bersama-sama, “Aset-aset MLA”), sebagaiganti dari pelepasan semua utang di dalamFasilitas MLA.

On April 22, 2015, the Company entered into:

a. a binding term sheet which includes theprincipal terms of a further restructuring(“MLA Restructuring”) of the Company andcertain of its subsidiaries (collectively, the“Group”); and

b. restructuring support agreement (“RSA”)with, among others:

i. DNB Bank ASA, Singapore Branch(as agent);

ii. MLA Lenders holding at least 66.6% ofthe participation of the outstandingfacility claims under the senior securedcredit facilities agreement datedFebruary 18, 2011 (as most recentlyamended and restated pursuant to thethird amendment agreement datedOctober 8, 2014, and as may be furtheramended from time to time);

iii. Gold Bridge Shipping Corporation, asborrower under the MLA FacilityAgreement;

iv. direct and indirect subsidiaries of theCompany (collectively, with theBorrower, the “Company Parties”);

v. Hadi Surya, Siana Surya,PT Tunggaladhi Baskara andMeadowstream Limited (the “SuryaParties”);

Pursuant to which, among other things, theCompany Parties have agreed to completethe Restructuring.

Pursuant to the MLA Restructuring, the Groupagreed to transfer to NewCo the 27 vessels(together with all insurance and other proceeds,earnings and amounts), all of the share capitalof CB2 and the account balances in bankaccounts pledged in favor of the MLA Lenders(collectively, “MLA Assets”), in return for releaseof all debts outstanding under the MLA Facility.









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Jika penutupan MLA dan persetujuan AmandemenRencana Perdamaian terjadi pada atau sebelum30 September 2015, dan sesuai dengan ketentuanRSA dan Term Sheet, Perusahaan akan menerimapertimbangan utama sebagai berikut:

i. Pembebasan atas semua klaim dan jaminanyang dipegang atas warrant tambang batubara, Buana Security, Buana SPV Securitydan Teekay JV Security;

ii. Warrants pada NewCo untuk membeli sampaidengan 10% ekuitas di NewCo (“WarrantNewCo”). Warrant NewCo dapat terdilusi olehprogram insentif manajemen berbasis pasardan penerbitan ekuitas NewCo dimasa yangakan datang (Catatan 9);

iii. Preferred redeemable equity interests diNewCo sampai dengan US$ 10.0 juta(“Preferred Equity Interest NewCo”)(Catatan 7);

iv. Pembebasan jaminan kas sebesar US$ 9,2juta dan Gas Bangka yang tercatat sebagaijaminan atas Fasilitas Standby Letter of Credit(Catatan 5);

v. Pengembalian kas sampai dengan 50% daribiaya-biaya yang timbul dari kreditur MLA, danyang dibayar oleh Grup sehubungan denganrestrukturisasi yang diajukan;

vi. Penghapusan klaim defisiensi MLA;vii. Pembebasan bersama oleh dan antara Grup

dan para Kreditur MLA (“PembebasanBersama”).

Pada tanggal 30 November 2015, Grup dan MLAmenandatangani Amandemen RSA untukmemperpanjang jatuh tempo Penutupan MLA dari30 September 2015 menjadi 3 Desember 2015.

Pada tanggal 1 Desember 2015, Grup telahmenyelesaikan Restrukturisasi MLA, dan Grupmengakui keuntungan atas pelunasan utangsebesar US$ 233,0 juta.

If both MLA Closing and PKPU AmendmentPlan approval occurs on or before September30, 2015 then, subject to compliance with theterms of the RSA and Term Sheet, theCompany will receive the key considerations asfollows:

i. Release of any claim or lien against thecoal mine warrants, Buana Security, BuanaSPV Security and Teekay JV Security;

ii. Warrants from NewCo to purchase up to10% of equity in NewCo (“NewCoWarrants”). The NewCo Warrants aresubject to dilution by a market-basedmanagement incentive program and anyfuture issuance of equity securities byNewCo (Note 9);

iii. Preferred redeemable equity interests inNewCo amounting to US$ 10.0 million(“NewCo Preferred Equity Interest”(Note 7);

iv. Release of US$ 9.2 million cash collateraland Gas Bangka which are posted assecurity under an existing Standby Letter ofCredit Facility (Note 5);

v. Cash refund of up to 50% fees andexpenses incurred by the MLA Lenders,and paid by the Group, in respect of thisProposed Restructuring;

vi. Forgiveness of the MLA Deficiency Claims;vii. Mutual releases by and between the Group

and the MLA Lenders (“Mutual Releases”).

On November 30, 2015, the Group and MLAsigned an Amendment to RSA to extend theMLA Closing deadline from September 30, 2015to December 3, 2015.

On December 1, 2015, the Group hascompleted the MLA Restructuring, and theGroup recognized a gain on extinguishment ofdebt amounting of US$ 233.0 million.

Nilai tercatat atas pinjaman MLA yangdirestrukturisasi pada tanggal 31 Desember 2015dan 2014, masing-masing sebesar nihil danUS$ 588,4 juta termasuk US$ 10,0 juta yang ditarikdari Fasilitas Modal Kerja. Pada tahun 2014,tingkat suku bunga efektif tahunan atas pinjamanMLA dan Fasilitas Modal Kerja masing-masingsebesar 3,37% dan 3,40%.

The carrying value of the restructured loan fromMLA Loan as of December 31, 2015 and 2014amounted to nil and US$ 588.4 million,respectively, including the US$ 10.0 milliondrawn from the Working Capital Facility. In2014, the annual effective interest rates for MLAloan and Working Capital Facility were 3.37%and 3.40%, respectively.









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d) PT Bank Mizuho Indonesia (“Mizuho”) d) PT Bank Mizuho Indonesia (“Mizuho”)

Pokok utang US$ 13,7 juta.

Menghapus seluruh bunga yang tertunggakdan tidak terbayar sebelum tanggal 1 Juli2012.

Amortisasi pokok utang untuk periodepembayaran kembali dimulai sejak tanggal1 April 2013 sampai dengan tanggal jatuhtempo yaitu (i) tahun ke-10 sejak tanggalRencana Perdamaian ini diratifikasi olehPengadilan Jakarta, (ii) tanggal jatuh tempopaling awal atas pinjaman diperpanjang olehkreditur konkuren (selain daripada parakreditur usaha), atau (iii) 31 Maret 2023, yangmana yang terjadi lebih dahulu dengan 32 kaliangsuran kuartalan dengan jumlah sama mulaitahun ke-3 dimana angsuran pertama dimulaipada tanggal 30 Juni 2015.

Bunga (LIBOR + 1,5%) dikapitalisasi daritanggal 1 Juli 2012 sampai dengan 31 Maret2014, selanjutnya pembayaran kuartalansecara tunai mulai tanggal 30 Juni 2014,dengan ketentuan terdapat kecukupan kas diTahun ke-2 untuk (i) membentuk danacadangan minimum sebesar US$ 25,0 juta, (ii)membayar bunga atas Fasilitas Modal Kerjasecara tunai, (iii) membayar pokok utang dariFasilitas Modal Kerja, dan jika salah satu darikondisi tersebut tidak terpenuhi untuk setiapkuartal pada Tahun ke-2, pembayaran bungauntuk Tahun ke-2 akan dikapitalisasi danditambahkan sebagai pokok pinjaman sesuaiprinsip cash waterfall yang ditetapkan dalamRencana Perdamaian.

Hak Mizuho untuk menyatakan event of defaultsehubungan dengan Rencana Perdamaian iniadalah sebagai berikut: jika Mizuhomemegang jaminan atas setiap kapal yangdimiliki atau dioperasikan oleh Perusahaan,Mizuho dapat menyatakan event of defaultuntuk pokok utang dan bunga yang tidakdibayarkan setelah Tahun ke-2 atau jikaMizuho tidak lagi memegang jaminan atassetiap kapal yang dimiliki atau dioperasikanoleh Perusahaan, Mizuho hanya dapatmenyatakan event of default untuk pokokutang dan bunga yang tidak dibayar setelahTahun ke-4.

Principal of US$ 13.7 million.


Principal amortization over a repaymentperiod commencing from April 1, 2013 to thematurity date which is (i) the 10thanniversary from the date the RestructuringPlan is ratified by the Jakarta Court, (ii) theearliest maturity date of any loan extendedby any unsecured creditor (apart from tradecreditors), or (iii) March 31, 2023, whicheveris the earliest to occur with 32 equalquarterly installments commencing the 3rdyear with the first installment starting onJune 30, 2015.

Interest (LIBOR + 1.5 %) will be capitalizedfrom July 1, 2012 until March 31, 2014, thenquarterly cash payments from June 30,2014, provided that there is sufficient cash inYear 2 to (i) build up the US$ 25.0 millionminimum cash buffer, (ii) pay cash intereston the Working Capital Facility, (iii) payprincipal on the Working Capital Facility, andif any of these conditions is not met for anyquarter in Year 2, such payments of interestin Year 2 will be capitalized and added toprincipal pursuant to the cash waterfallprinciples set out in the Restructuring Plan.

The rights of Mizuho to call an event ofdefault in respect of this Restructuring Planare as follows: if Mizuho still holds securityover any vessel owned or operated by theCompany, an event of default can be calledfor non-payment of principal and interestafter Year 2; or if Mizuho no longer holdssecurity over any vessel owned or operatedby the Company, an event of default can becalled for non-payment of principal andinterest after Year 4.









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d) PT Bank Mizuho Indonesia (“Mizuho”)(lanjutan)

d) PT Bank Mizuho Indonesia (“Mizuho”)(continued)


Perusahaan setuju bahwa pihaknya akanmenjual kapal yang dijaminkan ke Mizuhodengan persetujuan kedua belah pihak padaharga penjualan yang disetujui dan diterimaMizuho, selama Mizuho memberikanpemberitahuan yang wajar ketikamenyampaikan permintaan tersebut danpenjualan kapal tersebut dilakukan melaluitransaksi komersial yang wajar (armʼs length)dan harga penjualan sesuai dengan nilaipasar kapal tersebut.

Dalam hal kapal terjual, hasil-hasil penjualantersebut akan digunakan untukoffset/membayar angsuran pokok utangterakhir yang terutang kepada Mizuho dantanggal jatuh tempo dari pembayaran pokokutang diamortisasi yang terutang kepadaMizuho akan dikurangi sesuai dengan itu.

Rencana Perdamaian ini tidak akanmengurangi/merugikan hak apapun yangdimiliki Mizuho sehubungan dengan jaminanatas seluruh kapal-kapal yang dijaminkan danPerusahaan tidak akan mengajukan keberatanatau menghalangi setiap tindakan Mizuhountuk menjual kapal-kapal tersebut,sehubungan dengan jaminan ataupun lainnya.


The Company agrees that it will sell thevessel which is secured to Mizuho withmutual consent of Mizuho at a sales priceagreed and acceptable to Mizuho, providedthat Mizuho gives reasonable notice inproviding its request and that the sale of avessel is conducted at an armʼs lengthcommercial transaction and that the salesprice is at the vesselʼs market value.

In the event that the vessel is sold, theproceeds of such sale will be used tooffset/pay the last principal installment that isdue to Mizuho and the due date of theamortized principal payments owed toMizuho will be reduced accordingly.

This Restructuring Plan shall notcompromise any rights that Mizuho has inrespect of the security in all securedvessel(s) and the Company shall not objector hinder any attempts by Mizuho to sellthese vessel(s), whether pursuant to itssecurity or otherwise.

Sehubungan dengan Amandemen RencanaPerdamaian tahun 2015, persyaratan fasilitas kreditdengan Mizuho diubah sebagai berikut:

Jika ada sisa kas dalam rekening penerimaan(setelah pembayaran bunga, pajak, dan biaya-biaya lainnya yang timbul diluar pembayaranpokok), sisa kas digunakan untuk amortisasitunggakan pokok utang, yang akan dibayarpada setiap tanggal pembayaran bunga yangberlaku efektif sejak tanggal persetujuanAmandemen Rencana Perdamaian sampai31 Maret 2017;

Pursuant to PKPU Amendment Plan in 2015, theterms of credit facility with Mizuho are amendedas follows:

If there is remaining cash in the EarningsAccount (after the payment of interest, taxesand other costs that may be incurred outsidethe Principal Amount), the remaining cashcan be used for amortization of theoustanding principal amount which will bepaid on every interest payment dateeffective from the date of approval of thePKPU Amendment Plan until March 31,2017;









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d) PT Bank Mizuho Indonesia (“Mizuho”)(lanjutan)

d) PT Bank Mizuho Indonesia (“Mizuho”)(continued)

Pembayaran kembali utang pokok tertunggakyang akan dibayar secara 32 kali angsurankuartalan dengan jumlah yang sama mulai30 Juni 2017;

Jika kas tidak cukup untuk membayar cicilanutang pokok kuartalan, dengan persetujuantertulis dari Mizuho, Perusahaan dapatmenambah cicilan tersebut pada cicilankuartalan berikutnya.

Pembayaran tidak dipercepat dari cash sweep.

Perusahaan mengakui keuntungan restrukturisasisebesar US$ 0.1 juta pada tahun 2015.

Repayment of the principal amount shall bepaid by way of 32 equal quarterlyinstallments with the first installmentcommencing on June 30, 2017;

Where there is insufficient cash to pay aquarterly installment of principal amount, withthe written consent of Mizuho, the Companymay add the amount of that installment to thenext quarterly installment.


The Company recognized gain on restructuringamounting to US$ 0,1 million in 2015.

Sesuai dengan Pemberitahuan Pengalihan tanggal23 Desember 2015, hak dan kepentingan untukmenerima pembayaran telah dialihkan dandipindahkan ke Amicorp Trustees (Singapore)Limited (“Amicorp”) (Catatan 16 iv).

Pursuant to Notice of Assignment datedDecember 23, 2015, Mizuhoʼs right and interestto receive payments were assigned andtransferred to Amicorp Trustees (Singapore)Limited (“Amicorp”) (Note 16 iv).

Nilai tercatat atas pinjaman yang direstrukturisasidari Mizuho pada tanggal 31 Desember 2015 dan2014 masing-masing sebesar nihil dan US$ 12,7juta. Pada tahun 2014, tingkat suku bunga efektiftahunan atas pinjaman adalah sebesar 4,79%.

The carrying amount of the restructured loanfrom Mizuho as of December 31, 2015 and 2014amounted to nil and US$ 12.7 million,respectively. In 2014, the annual effectiveinterest rate of the loan was 4.79%.

e) Clio Marine Inc./Mitsui Bank (“CMI”) e) Clio Marine Inc./Mitsui Bank (“CMI”)

Pokok utang JPY 3,3 miliar atau setaradengan US$ 41,2 juta.

Menghapus seluruh bunga yang tertunggakdan tidak terbayar sebelum tanggal1 Juli 2012.

Amortisasi pokok utang untuk periodepembayaran kembali dimulai sejak tanggal1 April 2013 sampai dengan tanggal jatuhtempo yaitu tahun ke-10 sejak tanggalRencana Perdamaian, tanggal jatuh tempodari pinjaman diperpanjang oleh krediturkonkuren (selain daripada para krediturusaha), atau tanggal 31 Maret 2023, yangmana terjadi lebih dahulu dengan angsurantetap per kuartal dimulai pada Tahun ke-3.

Bunga (LIBOR + 4,0%) dikapitalisasi sejaktanggal 1 Juli 2012 sampai dengan31 Maret 2013, selanjutnya pembayarankuartalan secara tunai sejak tanggal 30 Juni2013, kecuali pembayaran bunga dikapitalisasisesuai dengan prinsip cash waterfall yangditetapkan dalam Rencana Perdamaian.

Principal of JPY 3.3 billion or equivalent toUS$ 41.2 million.


Amortization over a repayment periodcommencing from April 1, 2013 to the 10thanniversary of the Restructuring Plan, thematurity date of any loan extended by anyunsecured creditor (apart from the tradecreditors), or March 31, 2023, whichever isthe earliest to occur (“Maturity Date”) withequal quarterly installments commencing inYear 3.

Interest (LIBOR + 4.0%) capitalized fromJuly 1, 2012 until March 31, 2013, thenquarterly cash payments from June 30,2013, unless payments of interest arecapitalized pursuant to the cash waterfallprinciples set out in the Restructuring Plan.









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e) Clio Marine Inc./Mitsui Bank (“CMI”) (lanjutan) e) Clio Marine Inc./Mitsui Bank (“CMI”)(continued)

Pembayaran kembali pokok utang akandilakukan dengan penjualan kapal yangdijaminkan kepada CMI (US$ 25,9 juta) dansewa balik kapal tersebut oleh ChembulkTrading II LLC.

Kewajiban berdasarkan perjanjian utang akandinovasi ke BLT Chembulk Corp.

Perusahaan akan menjamin kewajiban BLTChembulk Corp. dan Chembulk Trading II LLC.


Sehubungan dengan Rencana Perdamaian,pinjaman ini direstrukturisasi sebagai pembayaranpokok utang atas penjualan kapal entitas anaksebesar US$ 25,9 juta. Kapal ini disewakankembali kepada CB2, yang dicatat sebagai sewapembiayaan. Sisa kewajiban terkait denganpinjaman ini sebesar US$ 12,1 juta telah dinovasike BLT Chembulk Corp.

Prasyarat untuk Penutupan MLA, pihakPerusahaan dan CB2 seharusnya sudah bebasdari segala kewajiban yang berhubungan dengankapal Pacific Endeavor yang sedang dalampenyewaan, perjanjian penyelesaian sewa,pinjaman dan perjanjian lainnya yang berhubungandengan kapal tersebut.

Repayment of principal is to be structured asa sale of secured vessel to CMI (US$ 25.9million) and time charter back of the vesselto Chembulk Trading II LLC.

Obligations under the loan agreement will benovated to BLT Chembulk Corp.

The Company shall guarantee theobligations of BLT Chembulk Corp. andChembulk Trading II LLC.


Pursuant to the Restructuring Plan, the loan wasrestructured as a repayment of principal inconsideration of the sale of the subsidiaryʼsvessel for US$ 25.9 million. The vessel is leasedback to CB2, which was accounted for as afinance lease. The remaining obligations underthe loan agreement amounting to US$ 12.1million were novated to BLT Chembulk Corp.

As a condition precedent to MLA Closing, theGroup and CB2 shall be released from allobligations with respect to Pacific EndeavorVessel under the existing charter party, leasesettlement agreement, loan and otheragreements in relation to such vessel.

Sesuai dengan Perjanjian Penghentian tanggal30 November 2015, kreditur menyetujui untukmenghapus semua utang pokok dan bungatertunggak.

Nilai tercatat atas pinjaman yang direstrukturisasidari CMI pada tanggal 31 Desember 2015 dan2014 masing-masing sebesar nihil dan US$ 9,1juta. Tingkat suku bunga efektif tahunan ataspinjaman sebesar 4,12% tahun 2014.

Pursuant to Termination Agreement onNovember 30, 2015, the lender agreed to forgivethe outstanding principal and interest.

The carrying value of the restructured loan fromCMI as of December 31, 2015 and 2014amounted to nil and US$ 9.1 million,respectively. The annual effective interest rate ofthe loan is 4.12% in 2014.

f) Dialease Maritime S.A./Mitsubishi UFJ Lease &Finance Co. Ltd.

Dialease Maritime akan diperlakukan sebagaikreditur separatis untuk tujuan-tujuansebagaimana ditetapkan dalam RencanaPerdamaian.

Pokok utang US$ 15,1 juta atau sisa pokokutang (jika ada) setelah pengalihan atas kapal-kapal yang dijaminkan.

f) Dialease Maritime S.A./Mitsubishi UFJ Lease& Finance Co. Ltd.

Dialease Maritime shall be treated as asecured creditor for purposes set out in theRestructuring Plan.

Principal of US$ 15.1 million or theremaining amount (if any) after the transferof secured vessels.









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f) Dialease Maritime S.A./Mitsubishi UFJ Lease &Finance Co. Ltd. (lanjutan)

f) Dialease Maritime S.A./Mitsubishi UFJ Lease& Finance Co. Ltd. (continued)

Kapal yang dijaminkan dialihkan kepada pihakpenerima pengalihan dengan ketentuan-ketentuan yang disepakati dengan DialeaseMaritime, dengan pengalihan tersebut terjadi dipelabuhan Kaohsiung, ROC atau pelabuhan-pelabuhan lain yang ditunjuk oleh DialeaseMaritime selambat-lambatnya tanggal 15 April2013.

Menghapus seluruh bunga yang tertunggakdan tidak terbayar sebelum tanggal1 Juli 2012.

Amortisasi dengan cara bullet payment padatanggal 31 Maret 2023.

Bunga (LIBOR + 2,0%) dikapitalisasi daritanggal 1 Juli 2012 sampai dengan 31 Maret2013, selanjutnya pembayaran kuartalansecara tunai (dibelakang periode) mulaitanggal 30 Juni 2013, kecuali pembayaranatas bunga dikapitalisasi sesuai prinsip cashwaterfall yang ditetapkan dalam RencanaPerdamaian.


Saham baru di Perusahaan akan diterbitkandan didistribusikan pro-rata diantara parakreditur kreditur konkuren. Total saham yangtersedia untuk para kreditur konkuren adalah25,0% dari seluruh saham Perusahaan yangditingkatkan.

Pada tahun 2013, Grup menjual kapal yangdijaminkannya untuk pinjaman dari DialeaseMaritime sebesar US$ 16,0 juta sebagaipembayaran sebagian atas pinjaman tersebut.Setelah penjualan kapal yang dijaminkantersebut, Dialease Maritime diperlakukansebagai kreditur konkuren.

Secured vessel to be transferred to atransferee on terms agreed with DialeaseMaritime, with such transfer to occur at theport of Kaohsiung, ROC or other ports asdirected by Dialease Maritime no later thanApril 15, 2013.


Amortization by bullet payment on March 31,2023.

Interest (LIBOR + 2.0 %) capitalized fromJuly 1, 2012 until March 31, 2013, thenquarterly cash payments (in arrears) fromJune 30, 2013, unless payments of interestare capitalized pursuant to the cash waterfallprinciples set out in the Restructuring Plan.


New equity of the Company will be issuedand distributed pro-rata among allunsecured creditors. The total new equityavailable to unsecured creditors will be25.0% of the enlarged share capital of theCompany.

In 2013, the Group sold its secured vesselfor the loan from Dialease Maritime forUS$ 16.0 million in consideration for thepayment of a portion of the loan.Subsequent to the sale of the vessel,Dialease Maritime was then treated anunsecured creditor.









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f) Dialease Maritime S.A./Mitsubishi UFJ Lease &Finance Co. Ltd. (lanjutan)

f) Dialease Maritime S.A./Mitsubishi UFJ Lease& Finance Co. Ltd. (continued)

Persyaratan dalam Rencana Perdamaianuntuk Dialease Maritime diubah lebih lanjutdengan Amandemen Rencana Perdamaian(Catatan 39). Sesuai dengan AmandemenRencana Perdamaian, persyaratanrestrukturisasi yang mengikat DialeaseMaritime bahwa Dialease Maritime tidak lagimempunyai hak atas pembayaran pokok ataubunga dari Perusahaan sebagai penjamindalam perjanjian fasilitas, tetapi sebaliknyamempunyai hak untuk menerima:

Saham di Perusahaan yang diterbitkandari konversi utang-ekuitas untuk utangpokok dan bagiannya atas pengalihan 2%saham dari total saham yang dipegangoleh keluarga Surya (setelah penerbitansaham Konversi Utang menjadi Ekuitasdan konversi atas mandatory convertiblesecurity (MCS) yang akan diterbitkanPerusahaan kepada PT Elang MegahInti), didistribusikan secara pro-rata kekreditur konkuren.

Kepentingan secara pro-rata pada Buanadan Nevaeh, melalui struktur yang akanmemberikan manfaat ekonomis dari aset-aset tersebut kepada semua krediturkonkuren yang merupakan KrediturRestrukturisasi dalam AmandemenRencana Perdamaian.

Pembebasan semua bunga yangdikapitalisasi sesuai dengan RencanaPerdamaian tahun 2013.

Pada tanggal 31 Desember 2015, utang pokokdikonversi menjadi 63.534.070 sahamPerusahaan.

Total laba dari transaksi konversi utangmenjadi ekuitas terkait dengan pinjamansebesar US$ 0,7 juta pada tahun 2015.

Pada tahun 2015, Grup menghapus nilai dariekuitas yang telah dialokasikan untuk krediturkonkuren sesuai dengan RencanaPerdamaian tahun 2013 (Catatan 39).

The Restructured terms under theRestructuring Plan for Dialease Maritime arefurther amended by the PKPU AmendmentPlan (Note 39). Pursuant to the PKPUAmendment Plan, the restructured termswhich bind Dialease Maritime are that itshall no longer be entitled to payment ofprincipal or interest from the Company as aguarantor under the facility agreement, butis instead entitled to receive:

Shares in the Company arising fromdebt to equity swap for the principaldebt and its portion of a 2% transfer ofthe total shares held by Surya family(after both the Proposed Debt-EquitySwap Share Issuance and theconversion of mandatory convertiblesecurity (MCS) to be issued by theCompany to PT Elang Megah Inti),distributed on a pro-rata basis amongthe Unsecured Creditors.

A pro rata interest in Buana andNevaeh, through a structure which willdeliver the economic benefit of thoseassets to all unsecured creditors whoare Plan Creditors under the PKPUAmendment Plan.

Waiver of all interest capitalized underthe 2013 Restructuring Plan.

As of December 31, 2015, the outstandingamount of the principal debt was convertedinto 63,534,070 shares of the Company.

Total gain from debt to equity swaptransaction related to this loan amounted toUS$ 0.7 million in 2015.

In 2015, the Group had writen off the valueof equity assigned to the unsecuredcreditors pursuant to the 2013 RestructuringPlan (Note 39).

Nilai tercatat atas pinjaman yang direstrukturisasidari Dialease Maritime masing-masing sebesarnihil dan US$ 6,2 juta pada tanggal 31 Desember2015 dan 2014. Pada tahun 2014, tingkat sukubunga efektif tahunan atas pinjaman sebesar2,15%.

The carrying value of the restructured loan fromDialease Maritime amounted to nil and US$ 6.2million as of December 31, 2015 and 2014,respectively. In 2014, the annual effectiveinterest rate of the loan was 2.15%.









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(ii) Terminasi derivatif (ii) Termination of derivatives

Pada tahun-tahun sebelumnya Grup telahmenandatangani perjanjian cross currency swapsdan interest rate swaps. Pada tahun 2012, Grupmenerima pemberitahuan terminasi dini untuksemua transaksi cross currency swap dan interestrate swap dikarenakan debt standstill. Klaimterminasi dari cross currency swap Grup berasaldari JP Morgan, Barclays Capital, HSBC danPT Bank DBS Indonesia, sementara klaimterminasi dari interest rate swap berasal dariDeutsche Bank.

Sehubungan dengan terminasi kontrak yang lebihdini, pihak lawan transaksi derivatif dari Grupmenyampaikan masing-masing klaimnya dalamPKPU. Sehubungan dengan RencanaPerdamaian, liabilitas yang timbul ataspenghentian transaksi derivatif masuk sebagaikategori kreditur konkuren.

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan estimasi aruskas terkait dengan klaim derivatif yangdirestrukturisasi dengan menggunakan sukubunga yang ditentukan oleh manajemen padatingkat suku bunga yang berlaku dari Grup.Syarat utama dalam Rencana Perdamaian untukkreditur derivatif adalah mengikat dan diatursebagai berikut (Catatan 39):

Total klaim US$ 98,5 juta.

Amortisasi dengan cara bullet paymentpada tanggal 31 Maret 2023.

Suku bunga 1,0% di tahun ke-1 sampai ke-4, 2,0% di tahun ke-5 sampai ke-8, 3,0% ditahun ke-9 sampai ke-10, pembayarankuartalan secara tunai (dibelakang periode)sejak tanggal 30 Juni 2015, mengacukepada ketentuan prinsip cash waterfallyang ditetapkan dalam RencanaPerdamaian telah terpenuhi.


Saham baru di Perusahaan akan diterbitkandan didistribusikan pro-rata diantara parakreditur konkuren. Total saham yangtersedia untuk para kreditur konkurenadalah 25,0% dari seluruh sahamPerusahaan yang ditingkatkan.

The Group had entered into cross currencyswaps and interest rate swaps in prior years. In2012, the Group received early terminationnotices for all outstanding cross currency swapand interest rate swap transactions due to debtstandstill. The termination claims on the Groupʼscross currency swap were from JP Morgan,Barclays Capital, HSBC and PT Bank DBSIndonesia while the termination claim from theGroupʼs interest rate swap was from DeutscheBank.

Following the events of early termination ofcontracts, the counter-parties of the Group toderivative transactions submitted theirrespective claims under the PKPU. Pursuant tothe Restructuring Plan, such liabilities arisingfrom the termination of the derivativetransactions fall under the class of unsecuredcreditors.

Considering the effects of the RestructuringPlan, the Group discounted the forecasted cashflows related to the following restructuredderivative claims using appropriate interestrates determined by management at currentprevailing interest rates applicable to the Group.The restructured terms under the RestructuringPlan for the derivative creditors are binding andset out as follows (Note 39):

Total claims of US$ 98.5 million.

Amortization by bullet payment onMarch 31, 2023.

Interest rate of 1.0% in Years 1 to 4, 2.0%in Years 5 to 8, 3.0% in Years 9 to 10, withquarterly cash payment (in arrears) fromJune 30, 2015 subject to the provisionsunder the cash waterfall principles set outin the Restucturing Plan.


New equity in the Company will be issuedand distributed pro-rata among allunsecured creditors. The total new equityavailable to unsecured creditors will be25.0% of the enlarged share capital of theCompany.









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(ii) Terminasi derivatif (lanjutan) (ii) Termination of derivatives (continued)

Berdasarkan Rencana Perdamaian, Grupmengklasifikasikan semua klaim yang timbul dariterminasi transaksi derivatif menjadi liabilitas tidaklancar pada tahun 2014.

Salah satu dari liabilitas Grup dari transaksiderivatif dijamin dengan investasi saham di BULLdengan kepemilikan sebesar 14,7%. Pada bulanNovember 2013, kreditur tersebut menggunakanhaknya atas saham dan mengambil alihkepemilikan atas saham tersebut.

Pursuant to the Restructuring Plan, the Groupclassified the restructured claims fromtermination of derivative transactions undernon-current liabilities in 2014.

One of the Groupʼs liabilities from derivativetransactions was secured by 14.7% interest ininvestment in BULL. In November 2013, thiscreditor exercised its rights and took over theownership of the shares.

Persyaratan dalam Rencana Perdamaian untukpara pihak yang menandatangani cross currencyswaps dan interest rate swap dengan Grup diubahlebih lanjut dengan Amandemen RencanaPerdamaian (Catatan 39). Sesuai denganAmandemen Rencana Perdamaian, persyaratanrestrukturisasi yang mengikat para pihak yangmenandatangani cross currency swaps danInterest rate swap dengan Grup adalah merekatidak lagi mempunyai hak atas pembayaran pokokatau bunga dari Perusahaan sebagai penjamindalam perjanjian fasilitas, tetapi sebaliknyamempunyai hak untuk menerima:

Saham di Perusahaan yang diterbitkan darikonversi utang menjadi ekuitas untuk utangpokok dan bagiannya atas pengalihan 2%saham dari total saham yang dipegang olehkeluarga Surya (setelah penerbitan sahamKonversi Utang menjadi Ekuitas dan konversiatas MCS), didistribusikan secara pro-rata kekreditur konkuren;

Kepentingan secara pro-rata pada Buana danNevaeh, melalui struktur yang akanmemberikan manfaat ekonomis dari aset-asettersebut kepada semua kreditur konkurenyang merupakan Kreditur Restrukturisasidalam Amandemen Rencana Perdamaian.

The restructured terms under the RestructuringPlan for the parties entered into cross currencyswaps and interest rate swaps with the Groupare further amended by the PKPU AmendmentPlan (Note 39). Pursuant to the PKPUAmendment Plan, the restructured terms whichbind the parties entered into cross currencyswaps and interest rate swaps with the Groupare that they shall no longer be entitled topayment of principal or interest from theCompany as a guarantor under the facilityagreement, but is instead entitled to receive:

Shares in the Company arising from debt toequity swap for the principal debt and itsportion of a 2% transfer of the total sharesheld by Surya family (after both theProposed Debt-Equity Swap Share Issuanceand MCS Conversion), distributed on a prorata basis among the Unsecured Creditors;

A pro rata interest in Buana and Nevaeh,through a structure which will deliver theeconomic benefit of those assets to allunsecured creditors who are Plan Creditorsunder the PKPU Amendment Plan.

Pembebasan semua bunga yang dikapitalisasisesuai dengan Rencana Perdamaian tahun2013.

Pada tanggal 31 Desember 2015, utang pokokdikonversi menjadi 1.111.874.087 sahamPerusahaan.

Total kerugian dari transaksi konversi utangmenjadi ekuitas terkait dengan utang derivatif iniadalah sebesar US$ 14,6 juta.

Waiver of all interest capitalized under the2013 Restructuring Plan.

As of December 31, 2015, the outstandingamount of the principal debt was converted intoa total of 1,111,874,087 shares in the Company.

Total loss from debt to equity swap transactionrelated to these derivative claims amounted toUS$ 14.6 million.









95



(ii) Terminasi derivatif (lanjutan) (ii) Termination of derivatives (continued)

Nilai tercatat atas pinjaman yang direstrukturisasidari terminasi transaksi derivatif pada tanggal31 Desember 2015 dan 2014, masing-masingsebesar nihil dan US$ 79,9 juta. Pada tahun 2014,tingkat suku bunga efektif tahunan untuk liabilitasyang timbul dari terminasi transaksi derivatifsebesar 4,85%.

Pada tahun 2015, Grup sudah menghapuskannilai ekuitas yang diberikan kepada krediturkonkuren sesuai dengan Rencana Perdamaiantahun 2013.

The carrying value of the restructured loansarising from termination of derivativetransactions as of December 31, 2015 and2014, amounted to nil and US$ 79.9 million,respectively. In 2014, the annual effectiveinterest rate for liabilities arising fromtermination of derivative transactions was4.85%.

In 2015, the Group had written off the value ofequity assigned to the unsecured creditorsunder the 2013 Restructuring Plan.

(iii) Pinjaman Pihak Berelasi (iii) Related Party Loans

a) PT Bagusnusa Samudra Gemilang a) PT Bagusnusa Samudra Gemilang

Pinjaman dari Bagusnusa direstrukturisasisesuai dengan ketentuan RencanaPerdamaian untuk klaim pihak berelasi.

Dengan mempertimbangkan dampakRencana Perdamaian, Grup mendiskontokanestimasi arus kas atas pinjaman pihakberelasi yang direstrukturisasi denganmenggunakan suku bunga yang ditentukanoleh manajemen pada tingkat suku bungayang berlaku bagi Grup. Ketentuan dalamRencana Perdamaian untuk kreditur pihakberelasi adalah mengikat dan diatur sebagaiberikut (Catatan 39):

Total klaim US$ 13,7 juta.

Tidak ada pembayaran ataupunpemenuhan yang akan dilakukan sampaisemua kreditur separatis dan krediturkonkuren dibayar penuh.

Tidak ada hak untuk turut serta dalampemungutan suara PKPU atau membuatklaim kepada Grup dalam bentukapapun.

The loan from Bagusnusa was restructuredin accordance with the provisions of theRestructuring Plan for intercompany claims.

Considering the effects of the RestructuringPlan, the Group discounted the forecastedcash flows related to the followingrestructured related party loan usingappropriate interest rates determined bymanagement at current prevailing interestrates applicable to the Group. Therestructured terms under the RestructuringPlan for intercompany creditors are bindingand set out as follows (Note 39):


No payments or satisfaction will bemade until all existing secured andunsecured creditors are repaid in full.

No voting rights in the PKPU orotherwise assert or make any claimsupon the Group.

Berdasarkan Rencana Perdamaian, Grupmengklasifikasikan liabilitas kepadaBagusnusa menjadi liabilitas tidak lancar.

Pursuant to the Restructuring Plan, theGroup classified its liabilities to Bagusnusaunder noncurrent liabilities in 2014.









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(iii) Pinjaman Pihak Berelasi (lanjutan) (iii) Related Party Loans (continued)

a) PT Bagusnusa Samudra Gemilang(lanjutan)

a) PT Bagusnusa Samudra Gemilang(continued)

Berdasarkan Amandemen RencanaPerdamaian, pembayaran tidak dilakukankepada Bagusnusa hingga (i) semua krediturseparatis sudah dibayar secara penuh (ii)nilai agregat dari pemegang saham dalamPKPU (termasuk penerus dan nomineemereka) (sesuai dengan rata-rata tertimbangharga saham selama 3 bulan) melebihi totalklaim sebesar US$ 1,1 miliar (iii) utang Grupkepada BULL sudah dibayar.

Pursuant to Restructuring Amendment Plan,no payments will be made to Bagusnusauntil (i) all existing secured creditors arerepaid in full, (ii) the aggregate value of thePKPU shareholders (including theirsuccessors and nominees) (based on a 3month weighted average share price)exceeds the total outstanding claims ofUS$ 1.1 billion, and (iii) the Groupʼs payableto BULL has been paid.

Berdasarkan analisa manajemen atasdiskonto proyeksi arus kas masa depan,menggunakan tingkat pertumbuhan tahunansebesar 20,86% dan tingkat diskonto12,28%, Perusahaan hanya dapat membayarpinjaman dari Bagusnusa hingga tahun 2070.Akibatnya, perbedaan antara nominalpinjaman dan nilai wajarnya adalah sebesarUS$ 7,9 juta disajikan di Cadangan ModalLainnya.

Nilai tercatat atas pinjaman yangdirestrukturisasi dari Bagusnusa padatanggal 31 Desember 2015 dan 2014masing-masing sebesar US$ 1,7 juta danUS$ 8,3 juta. Tingkat suku bunga efektiftahunan atas pinjaman sebesar 3,14%.

Perusahaan mengakui kerugianrestrukturisasi sebesar US$ 2,6 juta.

Based on managementʼs discountedforecasted cash flow analysis, usingcompound annual growth rate of 20.86%and discount rate of 12.28%, the Companywill only be able to settle its loan fromBagusnusa by Year 2070. Consequently,the difference between the nominal amountof the loan and its fair value amounting toUS$ 7.9 million is presented under OtherCapital Reserves.

The carrying value of the restructured loanfrom Bagusnusa as of December 31, 2015and 2014 amounted to US$ 1.7 million andUS$ 8.3 million, respectively. In 2015 and2014, the annual effective interest rate of theloan is 3.14%.

The Company recognized loss onrestructuring amounting to US$ 2.6 million.

b) Teekay BLT Corporation dan TeekayCorporation

b) Teekay BLT Corporation and TeekayCorporation

Pada tanggal 1 Februari 2014, Perusahaanbersama dengan Diamond PacificInternational Corporation (DPIC), BLT LNGTangguh Corporation dan Teekay BLTCorporation menandatangani suatu perjanjianpenyelesaian dengan Teekay Corporation,Teekay LNG Partners L.P. dan TeekayTangguh Holding Corporations dengankondisi sebagai berikut:

a. Perusahaan harus membayar TeekayCorporation sebesar US$ 0,5 juta padatanggal 30 Juni 2014 dan31 Desember 2014 sebagaipembayaran terhadap jumlah yangharus dilunasi sesuai dengan keputusanpengadilan.

On February 1, 2014, the Company alongwith Diamond Pacific InternationalCorporation (DPIC), BLT LNG TangguhCorporation and Teekay BLT Corporationentered into a Settlement Agreement withTeekay Corporation, Teekay LNG PartnersL.P. and Teekay Tangguh HoldingCorporations with the following conditions:

a. The Company shall pay TeekayCorporation the amount of US$ 0.5million on June 30, 2014 andDecember 31, 2014 as paymentsagainst sums due pursuant to the courtorder.









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b) Teekay BLT Corporation dan TeekayCorporation (lanjutan)

b) Teekay BLT Corporation and TeekayCorporation (continued)

b. Perusahaan harus membayar TeekayTangguh Holdings Corporation sebesarUS$ 0,5 juta sebagai pemenuhan biayajaminan Perusahaan yang jatuh tempopada saat perjanjian ditandatangani.

c. Gandari Maritime Pte., Ltd., entitasanak, membebaskan dan melepaskanBLT LNG Tangguh Corporation darisemua tuntutan apapun sehubungandengan pinjaman sebesar US$ 24,7 jutayang tidak dapat ditarik kembali.

d. Teekay BLT Corporation akanmengumumkan dan membayar dividensebesar US$ 21,5 juta segera mungkinsebagaimana praktisnya.

e. Teekay BLT Corporation, Perusahaandan BLT LNG Tangguh Corporationsepakat bahwa bagian dari utangPromissory Note yang dimiliki olehPerusahaan ke Teekay BLT Corporationdengan nilai pokok sebesar US$ 3,6juta ditambah bunga akan dinovasi olehPerusahaan melalui pengalihan utangyang dimiliki Perusahaan ke entitasanaknya, BLT LNG TangguhCorporation berlaku segera.

b. The Company shall pay TeekayTangguh Holdings Corporation theamount of US$ 0.5 million insatisfaction of the Company GuaranteeFees due at the date of the agreement.

c. Gandari Maritime Pte. Ltd., asubsidiary of the Company, irrevocablywaives and releases BLT LNGTangguh Corporation from all claimswhatsoever with respect to the loanamounting to US$ 24.7 million.

d. Teekay BLT Corporation shall declareand pay dividend in the amount ofUS$ 21.5 million as soon asreasonably practicable.

e. Teekay BLT Corporation, BLT LNGTangguh Corporation and theCompany agreed that the part of thePromissory Note Debt owed by theCompany to Teekay BLT Corporationwith principal amount of US$ 3.6million plus interest will be novated bythe Company through transfer of debtowed by the Company to its subsidiary,BLT LNG Tangguh Coporationeffective immediately.

f. DPIC berhak untuk memberhentikansemua dewan direksi dari BLT LNGTangguh Corporation dan menggantidireksi tersebut dengan perwakilannya(nominee).

Pada tanggal 1 Februari 2014, Teekay BLTCorporation mengumumkan dividen sebesarUS$ 87,1 juta, dimana bagian BLT LNGTangguh Corporation adalah US$ 26,1 juta.Dividen tersebut digunakan untuk meng-offset pinjaman beserta bunga ke TeekayBLT Corporation sebesar US$ 14,4 juta danuntuk pembayaran terhadap utang ke TeekayCorporation sebesar US$ 11,7 juta(Catatan 11).

Pada tanggal 1 Februari 2014, Perusahaandan BLT LNG Tangguh Corporationmembuat suatu perjanjian utang piutangpihak berelasi dimana telah disepakatipenerapan dividen yang diterima BLT LNGTangguh Corporation terhadap pembayarankembali pinjaman yang harus dibayarkankembali oleh Perusahaan yangmengakibatkan klaim utang antaraPerusahaan kepada BLT LNG TangguhCorporation.

f. DPIC shall be entitled through ashareholdersʼ resolution to remove alldirectors from the board of BLT LNGTangguh Corporation and replacethose directors with its nominees.

On February 1, 2014, Teekay BLTCorporation declared total dividends ofUS$ 87.1 million, of which BLT LNGTangguh Corporationʼs portion amounted toUS$ 26.1 million. These dividends are usedto offset the loan plus interest to TeekayBLT Corporation amounting toUS$ 14.4 million and towards the repaymentof the loan to Teekay Corporationamounting to US$ 11.7 million (Note 11).

On February 1, 2014, an intercompany loanagreement was entered between theCompany and BLT LNG TangguhCorporation where it was agreed that theapplication of the dividends received by BLTLNG Tangguh Corporation towards therepayment of the loan owed by theCompany will result in an intercompanyclaim payable by the Company to BLT LNGTangguh Corporation.









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b) Teekay BLT Corporation dan TeekayCorporation (lanjutan)

b) Teekay BLT Corporation and TeekayCorporation (continued)

Pada tahun 2015, Teekay BLT Corporationmengumumkan dividen, dimana bagianBLT LNG Tangguh Corporation sebesarUS$ 0,8 juta digunakan untuk mengurangiutang pokok ke Teekay Corporation (Note11).

In 2015, Teekay BLT Corporation declareddividend of which portion of dividendreceived by BLT LNG TangguhCorporationʼs amounting to US$ 0.8 millionwas used to offset from the principal loandue to Teekay Corporation (Note 11).

Pada tanggal 31 Desember 2015, pinjamandari Teekay Corporation sebesar US$ 0,7juta, terdiri dari US$ 121 ribu pinjaman pokokdan US$ 539 ribu bunga ditangguhkan.Tingkat suku bunga efektif tahunan ataspinjaman sebesar 8%.

Pada tanggal 31 Desember 2014, saldopinjaman ke Teekay sebesar US$ 1,8 jutadengan tingkat bunga efektif tahunan 6,78%

As of December 31, 2015, the loan fromTeekay Corporation amounted to US$ 0.7million, which comprise of US$ 121thousand principal loan and US$ 539thousand deferred interest. The annualeffective interest rate of the loan is 8%.

As of December 31, 2014, the outstandingloan to Teekay Corporation amounted toUS$ 1.8 million with annual effective interestrate of 6.78%.

(iv) Lain-lain (iv) Others

Amicorp Trustees (Singapore) Limited Amicorp Trustees (Singapore) Limited

Pada tanggal 23 Desember 2015, Mizuhomenandatangani assignment agreement denganAmicorp Trustees (Singapore) Limited sebagaiwali amanat dari Fortuna Growth Fund (Sub-FundA), dimana Mizuho menjual, mengalihkan, danmenetapkan hak, kepemilikan dan kepentingandalam Perjanjian Perdamaian kepada Amicorp(Catatan 16d).

Setelah diterima seluruh pertimbangan yang telahdisepakati oleh Mizuho dan Amicorp, Mizuhosecara otomatis menyerahkan posisinya sebagaikreditur Perusahaan berdasarkan PerjanjianPerdamaian, serta melepaskan dan menyerahkanjaminannya ke Amicorp.

On December 23, 2015, Mizuho entered into anassignment agreement with Amicorp Trustees(Singapore) Limited, as trustee of the FortunaGrowth Fund (Sub-Fund A), where Mizuho sold,transferred and assigned its rights, titles andinterests, with respect to the RestructuringAgreement, to Amicorp (Note 16d).

Upon the receipt of full consideration agreed byMizuho and Amicorp, Mizuho shall automaticallywithdraw its position as a creditor to theCompany pursuant of the RestructuringAgreement and release and discharge thecollateral security and deliver it to Amicorp.

Nilai tercatat atas pinjaman yang direstrukturisasidari Amicorps sebesar US$ 12,3 juta padatanggal 31 Desember 2015. Tingkat suku bungaefektif tahunan atas pinjaman sebesar 3,11%.

The carrying value of the restructured loan fromAmicorp as of December 31, 2015 amounted toUS$ 12.3 million. The annual effective interestrate of the loan is 3.11%.









99


17. OBLIGASI 17. BONDS PAYABLE

2015 2014US$'000 US$'000

Obligasi Dolar Amerika Serikat: US dollar bonds:12% Obligasi Terjamin - 106.871 12% Guaranteed BondsObligasi Terjamin Tanpa Bunga - 39.905 Zero Coupon Guaranteed Bonds

Obligasi Rupiah: Rupiah bonds:Obligasi Berlian Laju Tanker III - 48.036 Berlian Laju Tanker III BondsObligasi Berlian Laju Tanker IV - 23.332 Berlian Laju Tanker IV BondsSukuk Ijarah I - 13.725 Sukuk Ijarah ISukuk Ijarah II - 6.882 Sukuk Ijarah II

Total - 238.751 Total

Jangka pendek - - CurrentJangka panjang - 238.751 Non-current

Total - 238.751 Total

Obligasi Konversi Terjamin US$ 125,0 Juta denganBunga Kupon 12,0%

US$ 125 Million 12.0% Guaranteed ConvertibleBonds

Pada tanggal 10 Februari 2010 dan 29 Maret 2010,BLT International Corporation (BLT IC), entitas anak,menerbitkan Obligasi Konversi Terjamin dengan bunga12,0% masing-masing sebesar US$ 100,0 juta danUS$ 25,0 juta. Obligasi diterbitkan pada 100,0% nilainominal dan tanpa syarat dan dijamin tidak dapatditarik kembali oleh Perusahaan.

Sehubungan dengan event of default, wali amanatmenyampaikan klaim dalam PKPU. Sehubungandengan Rencana Perdamaian, pemegang obligasikonversi termasuk dalam kategori kreditur konkuren.

On February 10, 2010 and March 29, 2010, BLTInternational Corporation (BLT IC), a subsidiary,issued 12.0% Guaranteed Convertible Bonds totalingUS$ 100.0 million and US$ 25.0 million, respectively.The bonds were issued at 100.0% of their face valueand were unconditionally and irrevocably guaranteedby the Company.

Following the event of default, the trustee submittedits claim under the PKPU. Pursuant to theRestructuring Plan, the convertible Bondholders fallunder the class of unsecured creditors.

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup telah mendiskontokan estimasi aruskas masa depan atas obligasi konversi yangdirestrukturisasi dengan menggunakan suku bungayang ditentukan oleh manajemen pada tingkat sukubunga yang berlaku terhadap Grup. Ketentuan yangdirestrukturisasi dalam Rencana Perdamaian untukpemegang obligasi konversi adalah mengikat dan diatursebagai berikut:


Amortisasi dengan cara bullet payment pada31 Maret 2023.

Menghapus seluruh bunga yang tertunggak dantidak terbayar sebelum 1 Juli 2012.

Bunga dikapitalisasi sejak 1 Juli 2012 hingga31 Maret 2015.

Considering the effects of the Restructuring Plan, theGroup discounted the forecasted cash flows relatedto the following restructured convertible bonds usingappropriate interest rates determined bymanagement at current prevailing interest ratesapplicable to the Group. The restructured termsunder the Restructuring Plan for the convertibleBondholders are binding and set out as follows:



Forgive all outstanding and unpaid interest priorto July 1, 2012.

Interest capitalized from July 1, 2012 until March31, 2015.









100


17. OBLIGASI (lanjutan) 17. BONDS PAYABLE (continued)

Obligasi Konversi Terjamin US$ 125,0 Juta denganBunga Kupon 12,0% (lanjutan)

US$ 125 Million 12.0% Guaranteed ConvertibleBonds (continued)

Suku bunga 1,0% di tahun ke-1 sampai ke-4, 2,0%di tahun ke-5 sampai ke-8, 3,0% di tahun ke-9sampai ke-10, pembayaran kuartalan secara tunai(tertunggak) sejak 30 Juni 2015, mengacu kepadaketentuan prinsip cash waterfall yang ditetapkandalam Rencana Perdamaian.


Saham baru di Perusahaan akan diterbitkan dandidistribusikan pro-rata diantara para krediturkonkuren. Total saham yang tersedia untuk parakreditur konkuren adalah 25,0% dari seluruhsaham Perusahaan yang ditingkatkan.

Hak konversi akan diberikan atas penerbitan 1,44%saham yang akan dikeluarkan di Perusahaan.

Pada tahun 2013, utang tersebut dikonversi menjadiobligasi tanpa bunga sehubungan dengan rencanaperdamaian sehingga semua saldo obligasi konversidireklasifikasi ke akun utang obligasi.

Interest rate of 1.0% in Years 1 to 4, 2.0% inYears 5 to 8, 3.0% in Years 9 to 10, withquarterly cash payments (in arrears) from June30, 2015 subject to the provisions under the cashwaterfall principles set out in the RestructuringPlan.


New equity in the Company will be issued anddistributed pro-rata among all unsecuredcreditors. The total new equity available tounsecured creditors will be 25.0% of theenlarged share capital of the Company.

Conversion rights to be given up for issuance of1.44% equity in the Company.

In 2013, the debt was converted into a zero couponbond pursuant to the restructuring plan; therefore, alloutstanding convertible bonds were reclassified tobonds payable.

Sehubungan dengan Rencana Perdamaian, Grupmengklasifikasikan utang obligasi yangdirestrukturisasi sebagai utang tidak lancar pada tahun2014.

Persyaratan dalam Rencana Perdamaian untukpemegang Obligasi Konversi yang dijamin diubah lebihlanjut dengan Amandemen Rencana Perdamaian(Catatan 39). Sesuai dengan Amandemen RencanaPerdamaian, ketentuan restrukturisasi yang mengikatpara pemegang Obligasi Konversi yang dijamin adalahtidak lagi mempunyai hak atas pembayaran pokok danbunga dari Perusahaan sebagai penjamin dalamObligasi Konversi Terjamin, tetapi sebaliknyamempunyai hak untuk menerima:

Saham di Perusahaan yang timbul dari konversiutang-menjadi ekuitas untuk utang pokok danbagiannya atas pengalihan 2% saham dari totalsaham yang dipegang oleh keluarga Surya (setelahpenerbitan saham Konversi Utang menjadi Ekuitasdan konversi MCS), didistribusikan secara pro-ratadiantara kreditur konkuren.

Kepentingan secara pro-rata pada Buana danNevaeh, melalui struktur yang akan memberikanmanfaat ekonomis dari aset-aset tersebut kepadasemua kreditur konkuren yang merupakan KrediturRestrukturisasi dalam Amandemen RencanaPerdamaian.

Pembebasan semua bunga yang dikapitalisasisesuai dengan Rencana Perdamaian tahun 2013.

Pursuant to the Restructuring Plan, the Groupclassified the restructured bonds as non-currentliabilities in 2014.

The Restructured terms under the Restructuring Planfor the Guaranteed Convertible Bonds are furtheramended by the PKPU Amendment Plan (Note 39).Pursuant to the PKPU Amendment Plan, therestructured terms which bind the holder ofGuaranteed Convertible Bonds are that they shall nolonger be entitled to payment of principal or interestfrom the Company as a guarantor under theGuaranteed Convertible Bonds, but are insteadentitled to receive:

Shares in the Company arising from debt toequity swap for the principal debt and its portionof a 2% transfer of the total shares held by Suryafamily (after both the Proposed Debt-Equity SwapShare Issuance and the MCS Conversion),distributed on a pro rata basis among theUnsecured Creditors.

A pro rata interest in Buana and Nevaeh, througha structure which will deliver the economic benefitof those assets to all unsecured creditors who arePlan Creditors under the PKPU Amendment Plan.

A waiver of all interest capitalized under the 2013Restructuring Plan.









101



Obligasi Konversi Terjamin US$ 125,0 Juta denganBunga Kupon 12,0% (lanjutan)

US$ 125 Million 12.0% Guaranteed ConvertibleBonds (continued)

Pada tanggal 31 Desember 2015, utang pokokdikonversi menjadi 1.598.228.619 saham Perusahaan.

Total kerugian dari transaksi konversi utang menjadiekuitas terkait dengan Obligasi Konversi Terjaminadalah sebesar US$ 13,4 juta.

Pada tahun 2015, Grup telah menghapus nilai ekuitasyang dialokasikan untuk kreditur konkuren sesuaidengan Rencana Perdamaian tahun 2013 (Catatan 39).

Nilai tercatat atas obligasi konversi terjamin US$ 125juta 12% yang telah direstrukturisasi pada tanggal31 Desember 2015 dan 2014, masing-masing sebesarnihil dan US$ 106,9 juta. Di tahun 2014, tingkat sukubunga efektif tahunan terkait obligasi ini adalah sebesar4,27%.

As of December 31, 2015, the outstanding amount ofthe principal debt was converted into 1,598,228,619shares in the Company.

Total loss from debt to equity swap transactionrelated to the Guaranteed Convertible Bondsamounted to US$ 13.4 million.

In 2015, the Group had written-off the value of equityassigned to unsecured creditors pursuant to the 2013Restructuring Plan (Note 39).

The carrying value of the restructured US$ 125million 12% guaranteed convertible bonds as ofDecember 31, 2015 and 2014 amounted to nil andUS$ 106.9 million, respectively. In 2014, the annualeffective interest rate for these bonds was 4.27%.

Obligasi Konversi Terjamin US$ 48,9 juta US$ 48.9 million Guaranteed Convertible Bonds

Pada tahun 2010, BLTF BV menerbitkan obligasisebesar US$ 48,8 juta kepada investor pada harga96,0%.

In 2010, BLTF BV issued bonds amounting toUS$ 48.8 million to investors at 96.0%.

Syarat dan kondisi dari Obligasi Konversi TerjaminUS$ 48,8 juta yang jatuh tempo 2012 seperti dijelaskandi bawah:

Tanggal jatuh tempo diubah menjadi 10 Februari2015 dan suku bunga sebesar 12,0% per tahun.

Nilai konversi adalah Rp 409 per saham denganperiode konversi dari 27 Juni 2007 hingga31 Januari 2015.

Jumlah saham yang digunakan pada saat konversiakan ditentukan dengan membagi nilai pokokobligasi yang akan dikonversikan (ditranslasikan kenilai Rupiah dengan nilai tukar tetap pada Rp 9.362per US$ 1,00 (Nilai tukar tetap) dengan hargakonversi pada tanggal konversi.

Sehubungan dengan events of default, wali amanatmenyampaikan klaim dalam PKPU. Sehubungandengan Rencana Perdamaian, pemegang obligasikonversi termasuk kedalam kategori kreditur konkuren(Catatan 39).

The terms and conditions of the US$ 48.8 millionZero Coupon Guaranteed Convertible Bonds due in2012 were described below:

The maturity date was changed to February 10,2015 and the bonds bear interest at the rate of12.0% per annum.

The conversion price was Rp 409 per share withconversion period from June 27, 2007 toJanuary 31, 2015.

The number of shares to be delivered uponconversion will be determined by dividing theprincipal amount of the bonds to be converted(translated to rupiah at the fixed rate of Rp 9,362= US$ 1.00 (the Fixed exchange rate) by theconversion price in effect at the conversion date.

Following the events of default, the trusteesubmitted its claim under the PKPU. Pursuant to theRestructuring Plan, the convertible bondholders fallunder the class of unsecured creditors (Note 39).









102



Obligasi Konversi Terjamin US$ 48,9 juta (lanjutan) US$ 48.9 million Guaranteed Convertible Bonds(continued)

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan estimasi arus kasatas obligasi konversi yang direstrukturisasi denganmenggunakan suku bunga yang ditentukan olehmanajemen pada tingkat suku bunga yang berlakuterhadap Grup. Syarat yang direstrukturisasi dalamRencana Perdamaian untuk pemegang obligasikonversi adalah mengikat dan diatur sebagai berikut:



Menghapus seluruh bunga yang tertunggak dantidak terbayar sebelum 1 Juli 2012.

Bunga dikapitalisasi sejak 1 Juli 2012 hingga31 Maret 2015

Suku bunga 1,0% di tahun ke-1 sampai ke-4, 2,0%di tahun ke-5 sampai ke-8, 3,0% di tahun ke-9sampai ke-10, pembayaran kuartalan secara tunai(tertunggak) sejak 30 Juni 2015, mengacu kepadaketentuan prinsip cash waterfall yang ditetapkandalam Rencana Perdamaian telah terpenuhi.

Considering the effects of the Restructuring Plan, theGroup discounted the forecasted cash flows relatedto the following restructured convertible bonds usingappropriate interest rates determined bymanagement at current prevailing interest ratesapplicable to the Group. The restructured termsunder the Restructuring Plan for the convertibleBondholders are binding and set out as follows:



Forgive all outstanding and unpaid interest priorto July 1, 2012.

Interest capitalized from July 1, 2012 until March31, 2015.

Interest rate of 1.0% in Years 1 to 4, 2.0% inYears 5 to 8, 3.0% in Years 9 to 10, withquarterly cash payments (in arrears) from June30, 2015 subject to the provisions under thecash waterfall principles set out in theRestructuring Plan.


Saham baru di Perusahaan akan dikeluarkan dandidistribusikan pro-rata diantara para krediturkonkuren. Total saham yang tersedia untuk parakreditur konkuren adalah 25,0% dari seluruhsaham Perusahaan yang ditingkatkan.

Hak konversi akan diberikan atas pemberian0,56% saham yang akan diterbitkan diPerusahaan.

Pada tahun 2013, utang tersebut dikonversi menjadiobligasi tanpa bunga sehubungan dengan events ofdefault terkait pembayaran kembali yang terjadi ditahun 2012 sehingga semua saldo obligasi konversidireklasifikasi ke utang obligasi.

Sehubungan dengan Rencana Perdamaian, Grup telahmereklasifikasi obligasi yang direstrukturisasi sebagaipinjaman jangka panjang pada tahun 2014.



Conversion rights to be given up for issuance of0.56% equity in the Company.

In 2013, the debt was converted into a zero couponbond due to the events of default related to deferredpayments that occurred in 2012; therefore, alloutstanding convertible bonds were reclassified tobonds payable.

Pursuant to the Restructuring Plan, the Groupreclassified the restructured bonds as non-currentliabilities in 2014.









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Obligasi Konversi Terjamin US$ 48,9 juta (lanjutan) US$ 48.9 million Guaranteed Convertible Bonds(continued)

Persyaratan restrukturisasi dalam RencanaPerdamaian untuk Obligasi Terjamin diubah lebih lanjutdengan Amandemen Rencana Perdamaian(Catatan 39). Sesuai dengan Amandemen RencanaPerdamaian, persyaratan restrukturisasi yang mengikatpara pemegang Obligasi Terjamin adalah mereka tidaklagi mempunyai hak atas pembayaran pokok ataubunga dari Perusahaan sebagai penjamin dari ObligasiTerjamin, tetapi sebaliknya mempunyai hak untukmenerima:

Saham di Perusahaan yang timbul dari konversiutang menjadi-ekuitas untuk pokok utang danbagian mereka atas pengalihan 2% saham daritotal saham yang dipegang oleh keluarga Surya(setelah penerbitan saham Konversi Utang-Modaldan konversi MCS), didistribusikan secara pro-ratadiantara kreditur konkuren;

Kepentingan secara pro rata pada Buana danNevaeh, melalui struktur yang akan menyalurkanmanfaat ekonomis dari aset-aset tersebut kepadasemua kreditur konkuren yang merupakan KrediturRestrukturisasi dalam Amandemen RencanaPerdamaian.


Pada tanggal 31 Desember 2015, pokok utangdikonversi menjadi 625.214.250 saham Perusahaan.

The restructured terms under the Restructuring Planfor the Guaranteed Bonds are further amended bythe PKPU Amendment Plan (Note 39). Pursuant tothe PKPU Amendment Plan, the restructured termswhich bind the holder of Guaranteed Bonds are thatthey shall no longer be entitled to payment ofprincipal or interest from the Company as aguarantor under the Guaranteed Bonds, but areinstead entitled to receive:

Shares in the Company arising from debt toequity swap for the principal debt and theirportion of a 2% transfer of the total shares heldby Surya family (after both the Proposed Debt-Equity Swap Share Issuance and the MCSConversion), distributed on a pro rata basisamong the Unsecured Creditors;


A waiver of all interest capitalized under the2013 Restructuring Plan.

As of December 31, 2015, the outstanding amountof the principal debt was converted into 625,214,250shares in the Company.

Total kerugian dari transaksi konversi utang menjadiekuitas terkait dengan Obligasi Terjamin adalahsebesar US$ 7,4 juta.

Pada tahun 2015, Grup telah menghapuskan nilaiekuitas yang dialokasikan untuk obligasi ini sesuaidengan Rencana Perdamaian tahun 2013(Catatan 39).

Nilai tercatat atas obligasi tanpa bunga yang telahdirestrukturisasi pada tanggal 31 Desember 2015 dan2014, masing-masing sebesar nihil dan US$ 39,9 juta.Pada tahun 2014, tingkat suku bunga efektif tahunanuntuk obligasi ini adalah 4,85%.

Total loss from debt to equity swap transactionrelated to the Guaranteed Bonds amounted toUS$ 7.4 million.

In 2015, the Group had written off the value of equityassigned to these bonds under the 2013Restructuring Plan (Note 39).

The carrying value of the restructured zero couponbonds as of December 31, 2015 and 2014,amounted to nil and US$ 39.9 million, respectively.In 2014, the annual effective interest rate for thisbond was 4.85%.

Obligasi Rupiah Rupiah Bonds

Pada tahun 2012, Grup telah gagal bayar terhadapobligasi Berlian Laju Tanker III, obligasi Berlian LajuTanker IV, Sukuk Ijarah I dan Sukuk Ijarah II, setelahpengumuman debt standstill pada tanggal 26 Januari2012.

Sehubungan dengan events of default, para pemegangobligasi menyampaikan klaimnya dibawah PKPU.Sehubungan dengan Rencana Perdamaian, pemegangobligasi termasuk klasifikasi kreditur konkuren.

In 2012, the Group had defaulted on its Berlian LajuTanker III Bonds, Berlian Laju Tanker IV Bonds,Sukuk Ijarah I and Sukuk Ijarah II, following theannouncement of the debt standstill on January 26,2012.

Following the events of default, the Bondholderssubmitted their respective claims under the PKPU.Pursuant to the Restructuring Plan, the Bondholdersfall under the class of unsecured creditors.









104



Obligasi Rupiah (lanjutan) Rupiah Bonds (continued)

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan estimasi arus kasatas obligasi yang direstrukturisasi denganmenggunakan suku bunga yang ditentukan olehmanajemen pada tingkat suku bunga yang berlakuterhadap Grup. Syarat restrukturisasi denganpemegang obligasi dalam Rencana Perdamaian adalahmengikat dan diatur sebagai berikut:

a) Obligasi Berlian Laju Tanker III dan SukukIjarah I (Obligasi Rp 900,0 miliar Tahun 2012)




Bunga akan dikapitalisasi sejak 1 Juli 2012sampai 31 Maret 2015.

Suku bunga 5,0% di tahun ke-1 sampai ke-3,7,0% di tahun ke-4 sampai ke-7, 9,0% ditahun ke-8 sampai ke-10, pembayaransecara tunai per kuartal (tertunggak) sejak30 Juni 2015, mengacu pada ketentuanprinsip cash waterfall yang ditetapkan dalamRencana Perdamaian.

Considering the effects of the Restructuring Plan, theGroup discounted the forecasted cash flows relatedto the restructured bonds using appropriate interestrates determined by management at currentprevailing rates applicable to the Group. Therespective restructured terms with Bondholdersunder the Restructuring Plan are binding and set outas follows:

a) Berlian Laju Tanker III Bonds and SukukIjarah I (Rp 900.0 billion 2012 Bonds)


Amortization by bullet payment on March31, 2023.


Interest to be capitalized from July 1, 2012until March 31, 2015.

Interest rate of 5.0% in Years 1 to 3, 7.0%in Years 4 to 7, 9.0% in Years 8 to 10, withquarterly cash payments (in arrears) fromJune 30, 2015 subject to the provisionsunder the cash waterfall principles as setout in the Restructuring Plan.


Saham baru di Perusahaan akan diterbitkandan didistribusikan pro-rata diantara parakreditur konkuren. Total saham yang tersediauntuk para kreditur konkuren adalah 25,0%dari seluruh saham Perusahaan yang telahditingkatkan.

b) Obligasi Berlian Laju Tanker IV dan SukukIjarah II (Obligasi Rp 440,0 miliar Tahun 2015)






b) Berlian Laju Tanker IV Bonds and SukukIjarah II (Rp 440.0 billion 2015 Bonds)












105




b) Obligasi Berlian Laju Tanker IV dan SukukIjarah II (Obligasi Rp 440,0 miliar Tahun 2015)(lanjutan)

Bunga akan dikapitalisasi sejak 1 Juli 2012sampai 31 Maret 2015.

Suku bunga 5,0% di tahun ke-1 sampai ke-3,7,0% di tahun ke-4 sampai ke-7, 9,0% ditahun ke-8 sampai ke-10, pembayaransecara tunai per kuartal (tertunggak) sejak 30Juni 2015, mengacu pada ketentuan prinsipcash waterfall yang ditetapkan dalamRencana Perdamaian.


Saham baru di Perusahaan akan diterbitkandan didistribusikan pro-rata diantara parakreditur konkuren. Total saham yang tersediauntuk para kreditur konkuren adalah 25,0%dari seluruh saham Perusahaan yang telahditingkatkan.

Sesuai dengan Rencana Perdamaian, Perusahaanmelakukan reklasifikasi semua obligasi menjadiliabilitas jangka panjang pada tahun 2014.

b) Berlian Laju Tanker IV Bonds and SukukIjarah II (Rp 440.0 billion 2015 Bonds)(continued)

Interest to be capitalized from July 1, 2012until March 31, 2015.

Interest rate of 5.0% in Years 1 to 3, 7.0%in Years 4 to 7, 9.0% in Years 8 to 10, withquarterly cash payments (in arrears) fromJune 30, 2015 subject to the provisionsunder the cash waterfall principles as setout in the Restructuring Plan.



Pursuant to the Restructuring Plan, the Companyreclassified all of its bonds payables under non-current liabilities in 2014.

Persyaratan dalam Rencana Perdamaian untukObligasi Rupiah diubah lebih lanjut denganAmandemen Rencana Perdamaian (Catatan 39).Sesuai dengan Amandemen Rencana Perdamaian,persyaratan restrukturisasi yang mengikat pemegangObligasi Rupiah adalah mereka tidak lagi mempunyaihak atas pembayaran pokok atau bunga dariPerusahaan, tetapi sebaliknya mempunyai hak untukmenerima:

Saham di Perusahaan yang timbul dari konversiutang menjadi-ekuitas untuk utang pokok danbagian mereka atas pengalihan 2% saham daritotal saham yang dipegang oleh keluarga Surya(setelah penerbitan saham Konversi Utangmenjadi Ekuitas dan Konversi MCS),didistribusikan secara pro-rata diantara krediturkonkuren.



Pada tanggal 31 Desember 2015, pokok utangdikonversi menjadi 1.156.691.987 saham Perusahaan.

The restructured terms under the Restructuring Planfor the Rupiah Bonds are further amended by thePKPU Amendment Plan (Note 39). Pursuant to thePKPU Amendment Plan, the restructured termswhich bind the holders of Rupiah Bonds are that theyshall no longer be entitled to payment of principal orinterest from the Company, but are instead entitled toreceive:

Shares in the Company arising from debt toequity swap for the principal debt and theirportion of a 2% transfer of the total shares heldby Surya family (after both the Proposed Debt-Equity Swap Share Issuance and the MCSConversion), distributed on a pro rata basisamong the Unsecured Creditors;












106




Total kerugian dari transaksi konversi utang menjadiekuitas terkait dengan Pemegang Obligasi Rupiahsebesar US$ 10,4 juta.

Pada tahun 2015, Grup telah menghapuskan nilaiekuitas yang dialokasikan untuk obligasi ini sesuaidengan Rencana Perdamaian tahun 2013(Catatan 39).

Nilai tercatat atas Obligasi Rupiah yang telahdirestrukturisasi pada tanggal 31 Desember 2015 dan2014, masing-masing sebesar nihil danUS$ 92,0 juta. Pada tahun 2014, tingkat suku bungaefektif tahunan untuk Obligasi Rupiah adalah 10,64%.

Total loss from debt to equity swap transactionrelated to Rupiah Bondholders amounted toUS$ 10.4 million.

In 2015, the Group had written-off the value of equityassigned to these bonds under the 2013Restructuring Plan (Note 39).

The carrying amount of the restructured RupiahBonds as of December 31, 2015 and 2014 amountedto nil and US$ 92.0 million, respectively. In 2014, theannual effective interest rate of Rupiah Bonds was10.64%.

18. UTANG SEWA PEMBIAYAAN 18. OBLIGATIONS UNDER FINANCE LEASE

Nilai kini Nilai kinipembayaran pembayaran

Pembayaran sewa minimal/ Pembayaran sewa minimal/sewa minimal/ Present value of sewa minimal/ Present value ofMinimum lease minimum lease Minimum lease minimum lease

payments payments payments paymentsUS$'000 US$'000 US$'000 US$'000

Kurang dari 1 tahun - - 51.584 32.877 Less than 1 year1 - 5 tahun - - 167.321 138.543 1 - 5 yearsLebih dari 5 tahun - - 10.654 9.600 More than 5 years

Sub-jumlah - - 229.559 181.020 SubtotalDikurangi beban keuangan Less future financemasa depan - - (48.539) - charges

Neto - - 181.020 181.020 Net

Jangka pendek - - 51.584 32.877 Current maturitiesJangka panjang - - 177.975 148.143 Non-current maturities

Total - - 229.559 181.020 Total

2015 2014

Utang sewa pembiayaan ini terkait dengan penyewaankapal dengan jangka waktu 4 sampai dengan 15 tahundengan suku bunga efektif antara 4,2% sampai 10,0%,dimana entitas anak memiliki opsi untuk membeli kapaltersebut dibawah nilai wajar pada akhir masa perjanjiansewa dan/atau nilai kini dari pembayaran sewaminimum mendekati nilai wajar dari aset sewaan padaawal masa sewa. Liabilitas sewa pembiayaan entitasanak ini dijamin dengan kapal tersebut yang merupakanobjek daripada sewa pembiayaan.

The finance leases relate to leases with terms of 4to 15 years with effective interest rates of between4.2% and 10.0% on which the subsidiaries haveoptions to purchase the vessels for an amountbelow the expected fair values at the conclusion ofthe lease agreements and/or the present value ofminimum lease payments approximates the fairvalue of the leased asset at the inception of thelease. The subsidiariesʼ obligations under financelease are secured by the vessels which are theobjects of the finance lease.

Sehubungan dengan pengalihan modal saham CB2,utang sewa pembiayaan sebesar US$ 160,5 jutadihentikan pengakuannya pada tahun 2015(Catatan 16 dan 44).

In relation to the transfer of share capital of CB2,obligations under finance lease amounting toUS$ 160.5 million were derecognized in 2015(Notes 16 and 44).









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19. UTANG LAIN-LAIN 19. OTHER PAYABLES

2015 2014US$'000 US$'000

Utang ke BULL 7.296 39.112 Payables to BULLKlaim untuk perbaikan dan pembelian Claims for vessel repairsbahan bakar kapal 5.046 3.725 and fuel purchases

Liabilitas yang timbul dari terminasi Liabilities arising from terminationkontrak sewa kapal - 188.525 of lease contracts

Utang ke pemasok: Payable to suppliers:Pihak berelasi - 2.599 Related partyPihak ketiga - 1.343 Third party

Klaim lain-lain: Other claims:Utang atas exchange agreement untuk Liabilities arising from exchangeskema perpajakan atas sewa - 8.426 agreement for tax lease schemeUtang atas terminasi kapal dalam Liabilities arising from termination ofpenyelesaian - 7.087 vessel construction in progressLain-lain - 1.085 Others

Total 12.342 251.902 Total

Lancar 1.585 1.998 CurrentTidak lancar 10.757 249.904 Non-current

Total 12.342 251.902 Total

a. Utang ke BULL

Pada tanggal 30 Desember 2014, Perusahaantelah mengeksekusi perjanjian untuk mentransferinvestasinya di BULL seperti yang telah disepakatidengan MLOR, Delta dan BULL.

Untuk tahun yang berakhir pada tanggal31 Desember 2014, manajemen telahmenyelesaikan rekonsiliasi utang ke BULL danentitas anaknya. Sebagai dampaknya, Grupmengakui keuntungan sebesar US$ 14,0 juta yangberasal dari saldo-saldo yang tidak bisadirekonsiliasi dan tidak diperhitungkan yang manatransaksi-transaksi tersebut tidak bisa ditelusuri lagiakibat dari pencatatan akuntansi tahun-tahunsebelumnya. Manajemen memutuskan untuk tidakmengakui saldo-saldo yang tidak dapat ditelusuritersebut ke laba rugi tahun 2014 denganmengkreditkan akun “Keuntungan lain-lain”(Catatan 34).

Pada tanggal 20 Maret 2015, Perusahaan danBULL mendatangani Statement of Confirmationdimana kedua belah pihak menyetujui bahwa saldoutang bersih kepada BULL adalah sebesarUS$ 61,6 juta, setelah memperhitungkan klaimsubrogasi akibat dari pengalihan investasi keBULL.

a. Payables to BULL

On December 30, 2014, the Company hasexecuted the agreement to transfer itsinvestment in BULL as agreed with MLOR,Delta and BULL.

For the year ended December 31, 2014, themanagement has completed its reconciliation ofdue to BULL and its subsidiaries. As a result,the Group has recognized a gain of US$ 14.0million arising from unreconciled andunaccounted balances for which thetransactions cannot be traced anymore to prioryears accounting records. The managementdecided to derecognize the unaccountedbalances by a credit to “Other gains” account inthe 2014 profit or loss (Note 34).

On March 20, 2015, the Company and BULLsigned Statement of Confirmation whereby bothparties agreed that net balance of due to BULLamounted to US$ 61.6 million, after thesubrogated claim from the transfers ofinvestment in BULL.









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19. UTANG LAIN-LAIN (lanjutan) 19. OTHER PAYABLES (continued)

a. Utang ke BULL (lanjutan)

Grup mereklasifikasi saldo utang kepada pihakberelasi ke utang lain-lain karena BULL tidak lagidipertimbangkan sebagi pihak berelasi terkait atastransaksi pengalihan investasi tersebut.

Selain utang ke BULL, Grup mereklasifikasi saldodebit sebesar US$ 4,1 juta sehubungan denganpiutang dari PT Karya Bakti Adil (sebelumnyamerupakan entitas anak dari BULL hingga28 Desember 2014) menjadi piutang lain-lain -pihak ketiga. Grup memutuskan untuk membuatpencadangan penuh atas penurunan nilai piutanglain-lain ini sehubungan dengan ketidakpastianatas penerimaan piutang tersebut.

Sehubungan dengan letter of undertaking dariBULL tanggal 13 Oktober 2014, telah disepakatibahwa BULL tidak akan dan memastikan bahwaentitas anaknya tidak akan meminta pembayaranatas nilai yang belum dibayar dari utang antarperusahaan dari Grup kepada BULL atau entitasanaknya hingga (a) 30 Juni 2023 atau (b) 3 bulandari tanggal dimana kreditur konkuren dan denganjaminan dari Grup telah dibayarkan seluruhnya,yang mana yang terjadi lebih dulu, selamaRencana Perdamaian masih berlaku.

Dengan demikian, Grup telah mendiskontokanproyeksi arus kas masa depan terkait denganutang pihak berelasi menggunakan tingkat sukubunga yang ditentukan oleh manajemen padatingkat suku bunga yang berlaku di Grup. Nilaitercatat utang bersih ke BULL yang telahdirestrukturisasi pada tanggal 31 Desember 2014sebesar US$ 39,1 juta. Tingkat suku bunga efektiftahunan untuk liabilitas ini sebesar 5,95%. Padatahun 2014, keuntungan atas restrukturisasi yangdiakui oleh Grup untuk utang ke BULL sebesarUS$ 22,5 juta.

Berdasarkan Amandemen Rencana Perdamaian,pembayaran tidak akan dilakukan kepada BULLhingga (i) semua kreditur separatis sudah dibayarsecara penuh (ii) nilai agregat dari saham yangdimiliki oleh 48% pemegang saham PKPU(termasuk penerus dan nominee mereka) (sesuaidengan rata-rata tertimbang harga saham selama 3bulan) melebihi jumlah klaim sebesar US$ 1,1miliar.

a. Payables to BULL (continued)

The Group reclassified the balance of due torelated party into other payables since BULL isno longer considered as related party upon thetransfer of investment.

Other than the due to BULL, the Groupreclassified a debit balance of US$ 4.1 milliondue from PT Karya Bakti Adil (a formersubsidiary of BULL until December 28, 2014)into other receivable - third parties. The Groupdecided to provide full allowance for impairmentfor this other receivable due to uncertainty ofcollection.

Pursuant to the letter of undertaking by BULLdated October 13, 2014, it was agreed thatBULL shall not and shall procure that itssubsidiaries do not demand repayment of anyoutstanding intercompany payables due fromthe Group to BULL or any of its subsidiaries until(a) June 30, 2023 or (b) 3 months from the datein which all secured and unsecured creditors ofthe Group have been paid in full, whichever dateis earlier, for so long as the Restructuring Planremains valid and in effect.

Accordingly, the Group discounted theforecasted cash flows related to the payable toBULL using appropriate interest ratesdetermined by management at current prevailinginterest rates appplicable to the Group. The netcarrying amount of the restructured payable toBULL as of December 31, 2014 amounted toUS$ 39.1 million. The annual effective interestrate for this liability is 5.95%. In 2014, gain onrestructuring recognized by the Group for thepayable to BULL amounted to US$ 22.5 million.

Pursuant to PKPU Amendment Plan, nopayments will be made to BULL until (i) allexisting secured creditors are repaid in full, and(ii) the aggregate value of the 48% equityinterest held by the PKPU Shareholder(including succescors and nominees) (based ona 3-month weighted average share price)exceeds the total outstanding claims of US$ 1.1billion.









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a. Utang ke BULL (lanjutan) a. Payables to BULL (continued)

Berdasarkan analisa manajemen atas diskontoproyeksi arus kas masa depan, menggunakantingkat pertumbuhan tahunan sebesar 20,86% dantingkat diskonto 12,28%, Grup hanya dapatmembayar pinjaman dari BULL pada tahun 2070.Oleh karena itu, Grup menghitung ulang presentvalue atas arus kas yang berhubungan denganutang ke BULL menggunakan tingkat bunga yangsesuai dengan Grup. Keuntungan restrukturisasidiakui oleh Grup sebesar US$ 35,3 juta. Jumlahyang tercatat dan restrukturisasi utang ke BULLpada tanggal 31 Desember 2015 adalah sebesarUS$ 7,3 juta. Tingkat suku bunga efektif untukutang ini adalah 19,24%.

Based on managementʼs discounted forecastedcash flow analysis, using compound annualgrowth rate of 20.86% and discount rate of12.28%, the Group will only be able to settle itspayable to BULL by Year 2070. Accordingly, theGroup recomputed the present value of cashflows related to payable to BULL usingappropriate interest rate applicable to the Group.Gain on restructuring recognized by the Groupamounted to US$ 35.3 million. The net carryingamount of the restructured payable to BULL asof December 31, 2015 amounted toUS$ 7.3 million. The effective interest rate forthis liability is 19.24%.

Sebagai bagian keberhasilan rencanarestrukturisasi BULL, PT Danatama Perkasa (DP),investor pihak ketiga, akan mengembalikan sahamyang dimiliki di BULL kepada Perusahaansebanyak 3.142 juta saham (setara dengan 17,8%dari total saham yang diterbitkan) setelah prosespenyerahan jaminan saham BULL olehPerusahaan.

Pada tanggal 31 Desember 2015, Perusahaanbelum menerima saham tersebut.

As part of BULLʼs successful restructuringprocess, PT Danatama Perkasa (DP), a thirdparty investor, will transfer back 3,142 millionshares (equivalent to 17.8% of the total issuedshares) in BULL to the Company after thecompletion of the enforcement of BULLʼssecurity.

As of December 31, 2015, no shares have beenreceived yet by the Company.

b. Klaim untuk perbaikan dan pembelian bahanbakar kapal

Pada tahun 2012, Grup telah gagal bayar atasbeberapa kreditur utang usaha terkait denganperbaikan dan pemeliharaan kapal dan pembelianbahan bakar. Utang-utang ini direklasifikasi kedalam utang lain-lain sementara Grup sedangdalam negosiasi dengan para kreditur.

Pada tahun 2013, Grup mengadakan perjanjianpenyelesaian dengan para krediturnya mengenailiabilitas ini. Persyaratan atas pembayaran kembaliini mengikuti ketentuan dalam RencanaPerdamaian yaitu pembayaran selama jangkawaktu 5 tahun.

Pada tahun 2015, berdasarkan AmandemenRencana Perdamaian, jumlah utang usahadirestrukturisasi menjadi 50% dari total utangusaha yang harus dibayar setiap bulannya denganjumlah yang sama selama jangka waktu 5 tahun(Catatan 39). Oleh karena itu, keuntungan atasrestrukturisasi dari klaim untuk perbaikan danpembelian bahan bakar kapal yang diakui olehGrup adalah sebesar US$ 0,3 juta.

Nilai tercatat dari liabilitas restrukturisasi atasperbaikan dan pembelian bahan bakar kapal padatanggal 31 Desember 2015 dan 2014 masing-masing sebesar US$ 5,0 juta dan US$ 3,7 juta.

b. Claims for vessel repairs and fuel purchases

In 2012, the Group defaulted on payments ofvarious trade creditors related to repairs andmaintenance of vessels and purchase of fuel.These payables were reclassified to otherpayables while the Group is under negotiationwith the creditors.

In 2013, the Group entered into settlementagreements with its respective creditorsregarding these liabilities. The terms ofrepayment schedules follow the provision in theRestructuring Plan on settlement of paymentsover a 5-year term.

In 2015, pursuant to PKPU Amendment Plan,the total restructured trade debt being 50% ofthe total trade debts shall be repaid in equalmonthly installments over a period of five years(Note 39). Accordingly, gain on restructuringrecognized from claims for vessel repairs andfuel purchases by the Group amounted toUS$ 0.3 million.

The carrying amount of the restructuredliabilities arising from vessel repairs and fuelpurchases as of December 31, 2015 and 2014amounted to US$ 5.0 million and US$ 3.7million, respectively.









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c. Liabilitas yang timbul dari terminasi kontraksewa kapal

Grup telah menghentikan kontrak-kontrak sewapembiayaan dan sewa operasi sehubungandengan gagal bayar kewajiban pembayaran sewaoperasi kapal pada tahun 2012.

Sehubungan dengan penghentian kontrak sewa,masing-masing kreditur sewa menyampaikan klaimdalam PKPU. Sehubungan dengan RencanaPerdamaian, liabilitas yang timbul terkait denganpenghentian kontrak sewa termasuk dalamkategori kreditur sewa.

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan proyeksi aruskas atas klaim sewa yang direstrukturisasi denganmenggunakan suku bunga yang ditentukan olehmanajemen pada tingkat suku bunga yang berlakuterhadap Grup. Syarat utama dalam RencanaPerdamaian untuk kreditur sewa adalah mengikatdan diatur sebagai berikut:

Tagihan US$ 203,4 juta (termasuk uang sewayang belum dibayar).


Suku bunga 1,0% di tahun ke-1 sampai ke-4,2,0% di tahun ke-5 sampai ke-8, 3,0% ditahun ke-9 sampai ke-10, pembayarankuartalan secara tunai (tertunggak) sejak30 Juni 2015, mengacu kepada ketentuanprinsip cash waterfall yang ditetapkan dalamRencana Perdamain telah terpenuhi.


Dana yang dibayarkan kepada kreditur sewaberdasarkan perjanjian sewa yang telahdirestrukturisasi akan di offset dengan jumlahyang akan dibayar di tahun ke-10.

Saham baru di Perusahaan akan dikeluarkandan didistribusikan pro-rata diantara parakreditur konkuren. Total saham yang tersediauntuk para kreditur konkuren adalah 25,0%dari seluruh saham Perusahaan yangditingkatkan.

c. Liabilities arising from termination of leasecontracts

The Group has terminated finance andoperating lease contracts due to defaults onpayments of lease obligations in 2012.

Following the termination of lease contracts, thelease creditors submitted their respective claimsunder the PKPU. Pursuant to the RestructuringPlan, such liabilities arising from termination oflease contracts fall under the class of leasecreditors.

Considering the effects of the RestructuringPlan, the Group discounted the forecasted cashflows related to the following restructured leaseclaims using appropriate interest ratesdetermined by management at currentprevailing interest rates applicable to the Group.The restructured terms under the RestructuringPlan for the lease creditors are binding and setout as follows:

Total claims of US$ 203.4 million (includesunpaid hires).

Amortization by bullet payment onMarch 31, 2023.

Interest rate of 1.0% in years 1 to 4, 2.0%in years 5 to 8, 3.0% in years 9 to 10 withquarterly cash payments (in arrears) fromJune 30, 2015, subject to the provisions ofthe cash waterfall principles set out in theRestructuring Plan.


Any amounts paid to lease creditors underthe restructured lease agreements will beoffset against the amount to be paid inyear 10.

New equity in the Company will be issuedand distributed pro-rata among allunsecured creditors. The total new equityavailable to unsecured creditors will be25.0% of the enlarge share capital of theCompany.









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c. Liabilitas yang timbul dari terminasi kontraksewa kapal (lanjutan)

c. Liabilities arising from termination of leasecontracts (continued)

Sesuai dengan Rencana Perdamaian, Perusahaanakan menyetujui keputusan lebih lanjut atas klaimyang diajukan oleh beberapa kreditur sewa selamaproses PKPU Perusahaan oleh ajudikatorindependen yang disetujui oleh kedua belah pihak.Sebelumnya, klaim ini ditentukan oleh ajudikatorindependen yang ditunjuk Perusahaan ataspermintaan Administrator PKPU. Pada tanggalpelaporan, jumlah klaim yang akan ditentukan lebihlanjut berdasarkan Rencana Perdamaian inisebesar US$ 36,7 juta. Manajemen tidakmengharapkan adanya peningkatan yang materialatas utang yang mungkin harus dibayar kepadakreditur yang timbul dari proses ajudikasi lebihlanjut atas klaim-klaim tersebut.

Persyaratan dalam Rencana Perdamaian untukliabilitas yang timbul dari terminasi kontrak sewakapal diubah lebih lanjut dengan AmandemenRencana Perdamaian (Catatan 39). Sesuaidengan Amandemen Rencana Perdamaian,persyaratan restrukturisasi yang mengikat parapemegang kewajiban yang timbul dari terminasikontrak sewa kapal adalah mereka tidak lagimempunyai hak atas pembayaran pokok ataubunga dari Perusahaan sebagai penjamin dalamperjanjian fasilitas, tetapi sebaliknya mempunyaihak untuk menerima:

Saham di Perusahaan yang timbul dariKonversi Utang-menjadi Ekuitas untuk pokokutang dan bagian mereka atas pengalihan 2%saham dari total saham yang dipegang olehKeluarga Surya (setelah penerbitan sahamKonversi Utang-Ekuitas dan Konversi MCS),didistribusikan secara pro-rata diantara krediturkonkuren.

Kepentingan secara pro-rata pada Buana danNevaeh, melalui struktur yang akanmemberikan manfaat ekonomis dari aset-asettersebut kepada semua kreditur konkuren yangmerupakan Kreditur Restrukturisasi dalamAmandemen Rencana Perdamaian; dan


Pada tanggal 31 Desember 2015, pokok utangtertunggak dikonversi menjadi 2.623.612.978saham Perusahaan.

Pursuant to the Restructuring Plan, theCompany will consent to a further adjudicationof the claims submitted by certain leasecreditors during Companyʼs PKPU process byan independent adjudicator to be mutuallyagreed by both parties. These claims werepreviously adjudicated by an independentadjudicator appointed by the Company at thePKPU Administratorsʼ request. As of reportingdate, the total amount of claims for furtheradjudication under the Restructuring Plan isUS$ 36.7 million. The management does notexpect there will be a material increase in thedebt payable to these creditors arising from afurther adjudication of these claims.

The restructured terms under the RestructuringPlan for the liabilities arising from termination oflease contracts are further amended by thePKPU Amendment Plan (Note 39). Pursuant tothe PKPU Amendment Plan, the restructuredterms which bind the holders of the liabilitiesarising from termination of lease contracts arethat they shall no longer be entitled to paymentof principal or interest from the Company as aguarantor under the liabilities arising fromtermination of lease contracts, but are insteadentitled to receive:

Shares in the Company arising from debt toequity swap for the principal debt and theirportion of a 2% transfer of the total sharesheld by Surya family (after both theProposed Debt-Equity Swap ShareIssuance and the MCS Conversion),distributed on a pro rata basis among theUnsecured Creditors;

A pro rata interest in Buana and Nevaeh,through a structure which will deliver theeconomic benefit of those assets to allunsecured creditors who are Plan Creditorsunder the PKPU Amendment Plan; and


As of December 31, 2015, the outstandingamount of the principal debt was converted into2,623,612,978 shares in the Company.









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c. Liabilitas yang timbul dari terminasi kontraksewa kapal (lanjutan)

c. Liabilities arising from termination of leasecontracts (continued)

Total kerugian dari transaksi konversi utangmenjadi ekuitas atas klaim ini sebesarUS$ 34,5 juta.

Pada tahun 2015, Grup telah menghapuskan nilaiekuitas yang dialokasikan untuk kreditur sewasesuai dengan Rencana Perdamaian tahun 2013(Catatan 39).

Nilai tercatat atas liabilitas yang timbul daripenghentian sewa yang telah direstrukturisasi padatanggal 31 Desember 2015 dan 2014, masing-masing sebesar nihil dan US$ 188,5 juta. Padatahun 2014, suku bunga efektif tahunan untukliabilitas yang timbul dari penghentian sewa adalah4,55%.

d. Utang kepada pemasok

Pada tanggal 24 Februari 2014, Pengadilan TinggiSingapura menyetujui Skema Pengaturan yangmenyatakan bahwa total restrukturisasi utangusaha menjadi 80,0% dari total utang usaha yangdisetujui harus diperlakukan sebagai pinjamankepada Perusahaan yang akan dibayar kembalisecara angsuran bulanan selama 5 tahun denganangsuran pertama akan dibayar pada hari kerjatanggal 5 bulan kalender pertama setelah SkemaPengaturan berlakunya efektif. Pada tahun 2014,proses pengadilan yang berkaitan dengan SkemaPengaturan berdasarkan Section 210 dariCompanies Act sudah selesai dan rencanapembayaran kembali untuk utang usaha di bawahskema ini dimulai pada tanggal 7 Mei 2014.

Total loss from debt to equity swap transactionrelated to these claims amounted to US$ 34.5million.

In 2015, the Group had written-off the value ofequity assigned to lease creditors under the2013 Restructuring Plan (Note 39).

The carrying amount of the restructuredliabilities arising from terminations of leasecreditors as of December 31, 2015 and 2014amounted to nil and US$ 188.5 million,respectively. In 2014, the annual effectiveinterest rate for liabilities arising fromtermination of lease contracts was 4.55%.

d. Payable to suppliers

On February 24, 2014, the Singapore HighCourt sanctioned the Schemes of Arrangementput forward by various subsidiaries of theGroup. The schemes of agreement state thatthe total restructured trade debt being 80.0% ofthe total approved trade outstanding shall betreated as a loan of the Group which shall berepaid in equal monthly installments over 5years with the first installment payable on the5th business day of the first calendar monthfollowing the effectivity of the Schemes ofArrangement. In 2014, court proceedingsrelated to the Schemes of Arrangement underSection 210 of the Companies Act werecompleted and the repayment plan for tradecreditors under these schemes commenced onMay 7, 2014.

Berdasarkan perhitungan nilai kini atas saldoutang dalam Rencana Perdamaian, saldo utangusaha adalah sebesar US$ 3,9 juta pada tahun2014.

Pada tahun 2014, Grup mengakui keuntunganatas penghapusan utang usaha sebesar US$ 4,8juta.

Based on a present value calculation for theoutstanding trade accounts payables under theRestructuring Plan, the trade accounts payableare ascertained to be US$ 3.9 million in 2014.

Accordingly, the Group recognized a gain onrestructuring of trade accounts payable ofUS$ 4.8 million in 2014.

Pada tanggal 25 Mei 2015, Pemohon Skemaselain Tridonawati Maritime Pte Ltd (“PemohonSkema Kedua”) mengajukan aplikasi izin untukmemanggil rapat kreditur dengan maksud untukmengusulkan skema pembayaran lain antaraPemohon Skema Kedua dan para kreditur terkait.Skema pembayaran ini dimaksud untukmemfasilitasi transaksi sebagaimana dimaksuddalam Amandemen Rencana Perdamaian, antaralain, mengizinkan untuk mentransfer kapal yangdimiliki oleh Pemohon Skema Kedua kepada suatuperusahaan baru.

On May 25, 2015, the Scheme Applicants, apartfrom Tridonawati Maritime Pte Ltd (“2nd SchemeApplicants”), filed applications for leave to callcreditorsʼ meetings with a view to proposeanother scheme of arrangement between each2nd Scheme Applicant and its creditors. Theseschemes of arrangement were intended tofacilitate the transactions contemplated in thePKPU Amendment Plan by, among other,allowing for the transfer of the vessel owned byeach 2nd Scheme Applicants to a new company.









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d. Utang kepada pemasok (lanjutan) d. Payable to suppliers (continued)

Pada tanggal 15 dan 16 Juli 2015, setiap PemohonSkema Kedua mengadakan rapat kreditursehubungan dengan usulan skema pengaturan.Pada tanggal 23 Juli 2015, setiap Pemohon SkemaKedua mengajukan ke Pengadilan TinggiSingapura agar skema pembayaran disetujui olehPengadilan. Pada tanggal 17 Agustus 2015,Pengadilan Tinggi Singapura menyetujui danmengesahkan skema pengaturan.

Utang tertunggak kepada pemasok telah dibayarpenuh pada tanggal 30 November 2015.

On July 15, 2015 and July 16, 2015, each of the2nd Scheme Applicants held their respectivecreditorsʼ meetings in respect of the proposedschemes of arrangement. On July 23, 2015,each of the 2nd Scheme Applicants applied tothe High Court of Singapore for their respectiveschemes of arrangement to be approved by thecourt. On August 17, 2015, the High Court ofSingapore approved each of schemes ofarrangement.

Outstanding payable to supplier is fully paid onNovember 30, 2015.

e. Klaim lainnya

Grup juga memiliki utang lain-lain yang timbul darigagal bayar atas berbagai macam perjanjianseperti transaksi pertukaran atas skema pajaksewa dan terminasi kontrak pembayaran kapal.Pada tahun 2012, Grup telah gagal bayar atasperjanjian-perjanjian tersebut sehubungan dengandebt standstill.

Sehubungan dengan events of default, parakreditur menyampaikan klaim mereka ke PKPUSesuai dengan Rencana Perdamaian, liabilitasyang timbul dari utang lain-lain termasuk ke dalamkreditur konkuren.

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan estimasi aruskas atas liabilitas yang timbul dari klaim lainnyayang direstrukturisasi dengan menggunakan sukubunga yang ditentukan oleh manajemen padatingkat suku bunga yang berlaku terhadap Grup.Syarat utama dalam Rencana Perdamaian untukliabilitas yang timbul dari klaim lainnya yang direstrukturisasi adalah mengikat dan diatur sebagaiberikut:

Tagihan US$ 22,1 juta.


Suku bunga 1,0% di tahun ke-1 sampai ke-4,2,0% di tahun ke-5 sampai ke-8, 3,0% ditahun ke-9 sampai ke-10, pembayarankuartalan secara tunai (tertunggak) sejak30 Juni 2015, mengacu kepada ketentuanprinsip cash waterfall yang ditetapkan dalamRencana Perdamaian telah terpenuhi.


e. Other claims

The Group also has other significant liabilitiesfrom defaults on various agreements such asexchange agreement for tax lease scheme andtermination of contracts for construction ofvessels. In 2012, the Group defaulted on thesecontracts following the debt standstill.

Following the events of default, the creditorssubmitted their respective claims under thePKPU. Pursuant to the Restructuring Plan, suchliabilities arising from other payables fall underthe class of unsecured creditors.

Considering the effects of the RestructuringPlan, the Group discounted the forecasted cashflows related to the restructured liabilities arisingfrom other claims using appropriate interestrates determined by management at currentprevailing interest rates applicable to the Group.The restructured terms under the RestructuringPlan for the other restructured liabilities arisingfrom other claims are binding and set out asfollows:



Interest rate of 1.0% in Years 1 to 4, 2.0%in Years 5 to 8, 3.0% in Years 9 to 10 withquarterly cash payments (in arrears) fromJune 30, 2015, subject to the provisions ofthe cash waterfall principles set out in theRestructuring Plan.










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e. Klaim lainnya (lanjutan) e. Other claims (continued)

Saham baru di Perusahaan akan dikeluarkandan didistribusikan pro-rata diantara parakreditur konkuren. Total saham yang tersediauntuk para kreditur konkuren adalah 25,0%dari seluruh saham Perusahaan yangditingkatkan.

Sehubungan dengan Rencana Perdamaian, Gruptelah mereklasifikasi klaim lainnya sebagai liabilitasjangka panjang pada tahun 2014.

Nilai tercatat atas liabilitas yang timbul darirestrukturisasi klaim lainnya pada tanggal31 Desember 2014 sebesar US$ 16,6 juta. Tingkatsuku bunga tahunan atas liabilitas yang timbul dariklaim lainnya berkisar antara 2,69% hingga 3,14%.

Persyaratan dalam Rencana Perdamaian untukklaim lainnya diubah lebih lanjut denganAmandemen Rencana Perdamaian (Note 39).

Lloyd TSB Leasing dan Venus Ocean Navigation(Marubeni), para pihak Grup berhutangsehubungan dengan liabilitas yang timbul daritransaksi pertukaran atas skema pajak sewa danliabilitas yang timbul dari terminasi kapal dalampenyelesaian, masing-masing akan diperlakukansebagai kreditur konkuren untuk tujuan yangditetapkan pada Amandemen RencanaPerdamaian.

Sesuai dengan Amandemen Rencana Perdamaian,persyaratan restukturisasi yang mengikat LloydsTSB Leasing Limited dan Venus Ocean Navigation(Marubeni) adalah mereka tidak lagi berhak ataspembayaran pokok utang atau bunga dariPerusahaan sebagai penjamin, tetapi sebaliknyamempunyai hak untuk menerima:

Saham di Perusahaan yang didapat dariKonversi Utang menjadi Ekuitas untuk utangpokok dan bagian mereka atas pengalihan 2%saham dari total saham yang dipegang olehkeluarga Surya (setelah penerbitan sahamKonversi Utang-Ekuitas dan Konversi MCS),didistribusikan berdasarkan pro-rata diantarakreditur konkuren.

Kepentingan pro-rata pada Buana dan Nevaeh,melalui struktur yang akan memberikan manfaatekonomis dari aset tersebut kepada semuakreditur konkuren yang merupakan KrediturRestrukturisasi dalam Amandemen RencanaPerdamaian.


New equity in the Company will be issuedand distributed pro-rata among allunsecured creditors. The total new equityavailable to unsecured creditors will be25.0% of the enlarged share capital of theCompany.

Pursuant to the Restructuring Plan, the Groupreclassified all of other claims under non-currentliabilities in 2014.

The carrying amount of the restructuredliabilities arising from other claims as ofDecember 31, 2014 amounted to US$ 16.6million. The annual effective interest rates forliabilities arising from other claims range from2.69% to 3.14%.

The restructured terms under the RestructuringPlan for the other claims are further amendedby the PKPU Amendment Plan (Note 39).

Lloyds TSB Leasing Limited and Venus OceanNavigation (Marubeni), the parties the Groupowing to with regards to liabilities arising fromexchange agreement for tax lease scheme andliabilities arising from termination of vesselconstruction in progress, respectively, shall betreated as unsecured creditors for purposes setout in the PKPU Amendment Plan.

Pursuant to the PKPU Amendment Plan, therestructured terms which bind Lloyds TSBLeasing Limited and Venus Ocean Navigation(Marubeni) are that they shall no longer beentitled to payment of principal or interest fromthe Company as a Guarantor, but are insteadentitled to receive.

Shares in the Company arising from debt toequity swap for the principal debt and theirportion of a 2% transfer of the total sharesheld by Surya family (after both theProposed Debt-Equity Swap ShareIssuance and the MCS Conversion),distributed on a pro rata basis among theunsecured creditors;











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e. Klaim lainnya (lanjutan) e. Other claims (continued)

Pada tanggal 31 Desember 2015, jumlahtunggakan pokok utang yang dipegang oleh LloydsTSB Leasing Limited dan Venus Ocean Navigation(Marubeni) telah dikonversi masing-masingmenjadi 95.829.396 dan 78.146.753 saham padaPerusahaan.

Total kerugian dari transaksi konversi utangmenjadi ekuitas atas klaim ini sebesarUS$ 71,2 ribu.

Pada tahun 2015, Grup menghapuskan nilaiekuitas yang dialokasikan untuk kreditur konkurenberdasarkan Rencana Perdamaian tahun 2013(Catatan 39).

20. PROVISI

Pada tahun 2013, Grup mengakui pencadangan yangberkaitan dengan kemungkinan klaim sebesar US$ 7,1juta masih dalam tahap negosiasi untuk berbagaiusaha dari entitas anak yang berada dibawah Grup.Grup menentukan estimasi terbaik atas liabilitas yangtimbul dari transaksi ini berdasarkan informasi yangtersedia. Grup menelaah kembali estimasinya setiaptahun untuk mempertimbangkan informasi baru danrelevan yang mungkin tersedia. Pada tanggal31 Desember 2014, manajemen memperkirakan bahwajumlah provisi tersebut merupakan estimasi terbaik dariliabilitas tersebut.

Pengungkapan rincian tambahan diluar pengungkapanini dapat secara serius merugikan posisi dan strateginegosiasi Grup sehubungan dengan hal ini.

As of December 31, 2015, the outstandingamount of the principal debt held by Lloyds TSBLeasing Limited and Venus Ocean Navigation(Marubeni) was converted into 95,829,396 and78,146,753 shares, respectively in theCompany.

Total loss on debt to equity swap transactionrelated to these claims amounted to US$ 71.2thousand.

In 2015, the Group had written-off the value ofequity assigned to unsecured creditors underthe 2013 Restructuring Plan (Note 39).

20. PROVISION

In 2013, the Group recognized provisions related toprobable claims amounting to US$ 7.1 million onvarious undertakings of subsidiaries for which theGroup is under negotiation. The Group determined itsbest estimate of liability arising from thesetransactions based on available information. TheGroup reassesses its estimates on an annual basis toconsider new and relevant information that may beavailable. As of December 31, 2014, themanagement estimates that the amount of provisionis still the best estimate of the liabilities.

The disclosure of additional details beyond thepresent disclosures may seriously prejudice theGroupʼs position and negotiation strategies withrespect to these matters.

Persyaratan dalam Rencana Perdamaian untuk provisidiubah lebih lanjut dengan Amandemen RencanaPerdamaian (Catatan 39). Sesuai dengan AmandemenRencana Perdamaian, persyaratan restrukturisasi yangmengikat pihak pemegang provisi adalah mereka tidaklagi mempunyai hak atas pembayaran pokok ataubunga dari Perusahaan sebagai penjamin dalamperjanjian fasilitas, tetapi sebaliknya mempunyai hakuntuk menerima:

Saham di Perusahaan yang diperoleh dari konversiutang menjadi ekuitas untuk utang pokok danbagian mereka atas pengalihan 2% saham dari totalsaham yang dipegang oleh keluarga Surya (setelahpenerbitan saham Konversi Utang Ekuitas danKonversi MCS), didistribusikan secara pro-ratadiantara kreditur konkuren; dan

Kepemilikan secara pro-rata pada Buana danNevaeh, melalui struktur yang akan memberikanmanfaat ekonomis dari aset-aset tersebut kepadasemua kreditur konkuren yang merupakan KrediturRestrukturisasi dalam Amandemen RencanaPerdamaian.

The restructured terms under the Restructuring Planfor the provisions are further amended by the PKPUAmendment Plan (Note 39). Pursuant to the PKPUAmendment Plan, the restructured terms which bindthe holder of the provisions are that it shall no longerbe entitled to payment of principal or interest from theCompany as a guarantor under the the provisions,but are instead entitled to receive:

Shares in the Company arise from debt to equityswap for the principal debt and their portion of a2% transfer of the total shares held by Suryafamily (after both the Proposed Debt-EquitySwap Share Issuance and the MCSConversion), distributed on a pro rata basisamong the unsecured creditors; and










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20. PROVISI (lanjutan) 20. PROVISION (continued)

Pada tanggal 31 Desember 2015, utang pokok yangditetapkan menjadi US$ 5,5 juta dikonversi menjadi61.694.835 saham Perusahaan.

Total keuntungan dari transaksi konversi utang menjadiekuitas atas provisi ini sebesar US$ 1,7 juta.

As of December 31, 2015, the outstanding amountthe principal debt which was determined to beUS$ 5.5 million and was converted into 61,694,835shares in the Company.

Total gain from debt to equity swap transactionrelated to provision amounted to US$ 1.7 million.

21. PROVISI IMBALAN PASCA-KERJA

Grup membukukan imbalan pasca-kerja imbalan pastiuntuk karyawan sesuai dengan Undang UndangKetenagakerjaan No.13/2003. Jumlah karyawan yangberhak atas imbalan pasca-kerja tersebut adalah 47karyawan pada tahun 2015 dan 95 karyawan padatahun 2014 (tidak diaudit). Jumlah beban/pendapatanyang diakui di laporan laba rugi dan penghasilankomprehensif lain konsolidasian adalah sebagaiberikut:

21. PROVISION FOR POST-EMPLOYMENT BENEFITS

The Group provides post-employment benefits for itsqualifying employees in accordance with Labor LawNo. 13/2003. The number of employees entitled tothe benefits is 47 in 2015 and 95 in 2014 (unaudited).Net expense/income recognized in the consolidatedstatement of profit or loss and other comprehensiveincome is as follows:

2015 2014US$'000 US$'000

Biaya jasa kini 132 86 Current service costBiaya bunga 108 80 Interest costDampak kurtailmen (102) (197) Curtailment/settlement

Beban (penghasilan) Employee benefitImbalan kerja - neto 138 (31) expense (income) - net

Mutasi nilai kini kewajiban tidak didanai untuk imbalanpasca-kerja adalah sebagai berikut:

Movements in the present value of the unfundedobligations for post-employment benefits are asfollows:

2015 2014US$'000 US$'000

Saldo awal tahun 1.481 2.564 Balance at beginning of yearBiaya jasa kini 132 86 Current service costBeban bunga 108 80 Interest costPembayaran tahun berjalan (24) (109) Benefits paidDampak kurtailmen (102) (197) Curtailment/settlementPengukuran kembali: Remeasurements:Dampak penyesuaian pengalaman (117) (439) Effects of experience adjustmentsDampak perubahan asumsi keuangan (106) 309 Effects of changes in financial assumptionsPengurangan utang Decrease in liabilityterkait perpindahan karyawan - (809) due to employee transferSelisih kurs mata uang asing (141) (4) Effect of foreign exchange

Saldo akhir tahun 1.231 1.481 Balance at end of year

Liabilitas lancar 14 - Current liabilitiesLiabilitas tidak lancar 1.217 1.481 Non-current liabilities










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21. PROVISI IMBALAN PASCA-KERJA (lanjutan) 21. PROVISION FOR POST-EMPLOYMENT BENEFITS(continued)

Perhitungan imbalan pasca kerja dihitung oleh aktuarisindependen PT Padma Radya Aktuaria. Asumsi utamayang digunakan dalam menentukan penilaian aktuarialadalah sebagai berikut:

The cost of providing post-employment benefits iscalculated by an independent actuary, PT PadmaRadya Aktuaria. The actuarial valuation was carriedout using the following key assumptions:

2015 2014

Tingkat diskonto per tahun 9% 8% Discount rate per annumTingkat kenaikan gaji per tahun 10% 10% Salary increment rate per annumTingkat kematian/tabel 100%/TMI3 100%/TMI3 Mortality rate/tableTingkat pengunduran diri 10% sampai usia 36 tahun 10% sampai usia 36 tahun Resignation rate

kemudian menurun secara linier kemudian menurun secara liniersampai 0% di usia 55 tahun/ sampai 0% di usia 55 tahun/

10% per annum until age 36 then 10% per annum until age 36 thendecreasing linearly to 0% at age 55 decreasing linearly to 0% at age 55

Analisa sensitifitas kuantitatif untuk asumsi-asumsiyang signifikan pada tanggal 31 Desember 2015 dan2014 adalah sebagai berikut:

The quantitative sensitivity analysis for significantassumptions as of December 31, 2015 and 2014 isas follows:

Tingkat diskonto/ Kenaikan gaji dimasa depan/Discount rates Future salary increases

Pengaruh nilai Pengaruh nilaikini atas kini ataskewajiban kewajibanimbalan imbalan

pasca-kerja/ pasca-kerja/Effect on Effect on

present value present valuePersentase/ of benefits Persentase/ of benefitsPercentage obligation Percentage obligation

2015 2015Kenaikan 1% (93) 1% 106 IncreasePenurunan -1% 103 -1% (98) Decrease

2014 2014Kenaikan 1% (124) 1% 141 IncreasePenurunan -1% 139 -1% (129) Decrease









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21. PROVISI IMBALAN PASCA-KERJA (lanjutan) 21. PROVISION FOR POST-EMPLOYMENT BENEFITS(continued)

Penyisihan imbalan pasca kerja pada tanggal31 Desember 2015 dan 2014 adalah sebagai berikut:

The maturity of provision for post-employmentbenefits as of December 31, 2015 and 2014 is asfollows:

2015 2014US$'000 US$'000

Selama 12 bulan ke depan 14 - Within the next 12 monthsAntara 2 sampai 5 tahun 223 409 Between 2 to 5 yearsLebih dari 5 tahun 1.809 1.638 Beyond 5 years


Durasi rata-rata atas provisi imbalan pasca-kerja adalah10,11 dan 10,38 masing-masing pada tanggal31 Desember 2015 dan 2014.

The average duration of the provision for post-employement benefits is 10.11 and 10.38 as ofDecember 31, 2015 and 2014, respectively.

22. WESEL BAYAR 22. NOTES PAYABLE

Pada tanggal 4 Mei 2007, BLT Finance B.V. (BLTF BV),entitas anak, menerbitkan Guaranteed Senior Notes(Wesel bayar) sebesar US$ 400,0 juta dengan sukubunga tetap sebesar 7,5% per tahun yang dibayar tiap6 bulan (tertunggak) mulai 15 November 2007. Weselbayar tersebut berjangka waktu 7 tahun dan jatuhtempo pada tanggal 15 Mei 2014. Harga jual weselbayar pada saat penawaran adalah sebesar 100,0%dari nilai nominal obligasi dan tercatat di SGX. Weselbayar dijamin oleh Perusahaan dan entitas anaktertentu berdasarkan senioritas dan jaminan tersebuttanpa syarat dan tidak dapat dibatalkan.

Sehubungan dengan event of default, wali amanatmenyampaikan klaim dalam PKPU. Terkait denganRencana Perdamaian, para Pemegang ObligasiUS$ termasuk sebagai kategori kreditur konkuren.

On May 4 2007, BLT finance B.V. (BLTF BV), asubsidiary, issued Guaranteed Senior Notes (theNotes) amounting to US$ 400.0 million with fixedinterest rate of 7.5% per annum payable every sixmonths (in arrears) commencing on November 15,2007. The notes have a tenor of 7 years and are dueon May 15, 2014. The Notes are offered at 100.0% ofthe nominal value and are listed in the SGX. TheNotes are unconditionally and irrevocably guaranteedon a senior basis by the Company and certainsubsidiaries.

Following the event of default, the trustee submittedits claim under the PKPU. Pursuant to theRestructuring Plan, the US$ Bondholders fall underthe class of unsecured creditors.

Dengan mempertimbangkan dampak RencanaPerdamaian, Grup mendiskontokan estimasi arus kasatas wesel bayar yang direstrukturisasi denganmenggunakan suku bunga yang ditentukan olehmanajemen pada tingkat suku bunga yang berlakuterhadap Grup. Syarat restrukturisasi dalam RencanaPerdamaian untuk Pemegang Obligasi US$ adalahmengikat dan diatur sebagai berikut:

Pokok utang US$ 400,0 juta.Amortisasi dengan cara bullet payment pada31 Maret 2023.Bunga yang dikapitalisasi dari 1 Juli 2012 sampaidengan 31 Maret 2015.

Suku bunga payment in kind (PIK) 2,0% per tahun ditahun ke-1 sampai ke-10 yang akan dibayarkan ditahun ke-10. Suku bunga tunai 1,0% di tahun ke-3sampai ke-4, 2,0% di tahun ke-5 sampai ke-8, 3,0% ditahun ke-9 sampai ke-10, pembayaran secarakuartalan (tertunggak) sejak 30 Juni 2015, hanyaapabila ketentuan prinsip cash waterfall yangditetapkan dalam Rencana Perdamaian telahterpenuhi.

Considering the effects of the Restructuring Plan, theGroup discounted the forecasted cash flows relatedto the following restructured notes payable usingappropriate interest rates determined by managementat current prevailing interest rates applicable to theGroup. The restructured terms under theRestructuring Plan for the US$ Bondholders arebinding and set out as follows:

Principal of US$ 400.0 million.Amortization by bullet payment onMarch 31, 2023.Interest capitalized from July 1, 2012 untilMarch 31, 2015.

Payment in kind (PIK) interest of 2.0% per annum inYears 1 to 10, payable in Year 10. Cash interest rateof 1.0% in Years 3 to 4, 2.0% in Years 5 to 8, 3.0% inYears 9 to 10, with quarterly cash payments (inarrears) from June 30, 2015 subject to the provisionsunder the cash waterfall principles set out in theRestructuring Plan.









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22. WESEL BAYAR (lanjutan) 22. NOTES PAYABLE (continued)

3,0% atas saham di BULL (“saham-saham HYBULL”) dengan asumsi Perusahaan menguasaisekitar 17,8% dari total saham BULL (segerasebelum pengalihan saham-saham apapun kepadapara Pemegang Obligasi US$). Akan tetapi, jikaPerusahaan memiliki kurang dari 17,8% dari totalmodal saham BULL yang ditempatkan, makasaham-saham HY BULL harus, untuk tujuanRencana Perdamaian ini, dikurangi secara pro-rata, berdasarkan persentase yang dikurangi daritotal saham BULL yang dimiliki Perusahaan(contoh, jika BLT memiliki 10,0% dari total sahamBULL, maka saham-saham HY BULL akanmenjadi {(10,0%/17,8% x 3,0%)=1,7%)} denganketentuan saham-saham HY BULL tidak dapatdikurangi menjadi kurang dari 2,0% dari sahambiasa di BULL). Apabila saham-saham HY BULLdikurangi menjadi kurang dari 3,0% dari sahambiasa di BULL, Perusahaan akan mengeluarkansaham baru (saham-saham HY Perusahaan)sampai dengan maksimum sebesar 2,0% daripeningkatan modal saham Perusahaan ataumenyediakan aset untuk menutup kekuranganpada saham-saham HY BULL sebagaimanadisetujui Pemegang Obligasi US$.

Penyediaan jaminan SPV BULL-Teekay yang akanmenjamin (i) Fasilitas Modal Kerja di tahun ke-1dan ke-2 dan (ii) untuk pembayaran sampaidengan US$ 17,2 juta jumlah pokok yang terutangkepada kreditur MLA dan Pemegang Obligasi US$,dan pembayaran bunga kepada kreditur MLA danPemegang Obligasi US$ di tahun ke-3 dan ke-4sampai dengan US$ 17,2 juta.

Dalam hal jaminan SPV BULL-Teekay atau bagiandari itu direalisasikan pada tahun ke-3 dan ke-4,pendapatan kumulatif dari realisasi tersebut harusdibagi sebagai berikut; Pertama, pemenuhanbiaya-biaya dan pengeluaran untuk pelaksanaanatau eksekusi; Kedua, pemenuhan semua jumlahyang jatuh tempo berdasarkan Fasilitas ModalKerja; Ketiga, pemenuhan jumlah yang jatuh tempokepada Pemegang Obligasi US$ dan kepadakreditur MLA secara rata sehingga setiappendapatan yang diterima harus dibayarkan 50,0%kepada Pemegang Obligasi US$ dan 50,0%kepada para kreditur MLA, untuk pembayaran-pembayaran yang dijamin kreditur MLA masing-masing maksimum sebesar US$ 8,6 juta; danKeempat, setiap saldo pendapatan daripelaksanaan jaminan yang melebihi US$ 17,2 jutaharus tunduk pada prinsip-prinsip cash waterfallyang ditentukan dalam Rencana Perdamaian.

3.0% of shares in BULL (“High Yield (HY) BULLShares”) assuming the Company retainsapproximately 17.8% of the total issued sharesin BULL (immediately before the transfer of anysuch shares to the US$ Bondholders). However,in the event that the Company retains less than17.8% of the total issued share capital in BULL,then the amount of the HY BULL Shares shallfor the purposes of this Restructuring Plan, bereduced on a pro-rata basis, based on thereduced percentage of total issued shares inBULL that the Company holds (e.g., if theCompany retains approximately 10.0% of thetotal issued shares in BULL, then the HY BULLShares shall be {(10.0%/17.8% x 3.0%)=1.7%)}and provided always that the HY bull sharesmay not be reduced to less than 2.0% of theordinary shares in BULL). If the HY BULLshares are reduced to less than 3.0% of theordinary shares in BULL, the Company shalleither issue new shares (“HY Company Shares”)to a maximum 2.0% of the enlarged sharecapital of the Company or provide other assetsto make up shortfall on each case as agreedupon by the US$ Bondholders in respect of HYBULL shares.

Provision of the BULL-Teekay SPV Securitywhich will secure (i) the Working Capital Facilityin Years 1 and 2 and (ii) up to US$ 17.2 millionof the aggregate of the principal due to the MLALenders and the US$ Bondholders, and theinterest payments to the MLA Lenders and theUS$ Bondholders in Years 3 and 4 up toUS$ 17.2 million.

In the event that the BULL-Teekay SPV Securityor any part thereof is realized in Year 3 or 4, thecumulative proceeds of any such realizationsshall be shared as follows; First, in satisfactionof the costs and expenses of enforcement;Second, in satisfaction of all amounts due underthe Working Capital Facility; Third, insatisfaction of amounts due to the US$Bondholders and the MLA Lenders on a 50:50basis so that each dollar of proceeds receivedshall be paid, as to 50.0% thereof, to or for theaccount of the US$ Bondholders and, as to50.0% thereof, to or for the account of theMLA Lenders, subject to a maximum ofUS$ 8.6 million each; and Fourth, any balanceof the proceeds of enforcement in excess ofUS$ 17.2 million shall be subject to the cashwaterfall principles set out in the RestructuringPlan.









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Pelaksanaan jaminan SPV BULL-Teekay untukpemenuhan pembayaran bunga kepada krediturMLA dan/atau Pemegang Obligasi US$ di Tahunke-3 dan ke-4 harus tidak menyebabkan kejadianevent of default berdasarkan rencana, atau harustidak terjadi kejadian event of default jikapendapatan dari realisasi-realisasi jaminan SPVBULL-Teekay, setelah pelaksanaan daripadanyaterhadap pembayaran kembali dari utang-utangdengan jaminan, cukup untuk menutuppembayaran bunga yang jatuh tempo danterutang.

Perjanjian antar kreditur atau perjanjiansubordinasi yang akan ditandatangani antarakreditur MLA dan Pemegang Obligasi US$ untukmengatur prioritas dan kewajiban-kewajibanmasing-masing sehubungan dengan jaminan SPVBULL-Teekay dengan cara yang dituangkandiatas.


Saham baru di Perusahaan akan dikeluarkan dandidistribusikan pro-rata diantara para krediturkonkuren. Total saham yang tersedia untuk parakreditur konkuren adalah 25,0% dari seluruhsaham Perusahaan yang ditingkatkan.

Pada tanggal 31 Desember 2015 dan 2014, Grup masihbelum dapat menentukan persentase saham BULLyang akan menjadi milik Perusahaan dan tambahansaham baru yang akan diterbitkan kepada PemegangObligasi US$. Laporan keuangan konsolidasian 2015dan 2014 terlampir tidak termasuk penyesuaian atashasil dari ketidakpastian ini.

Enforcement of the BULL-Teekay SPV Securityto satisfy payments of interest to the MLALenders and/or the US$ Bondholders in Year 3and Year 4 shall not cause an event of defaultunder the Plan, nor shall an event of defaultoccur if the proceeds of the realization of theBULL-Teekay SPV Security are, afterapplication thereof towards repayment of thesecured indebtedness, sufficient to cover anysuch interest payments due and owing.

Inter-creditor or subordination agreement to besigned between the MLA Lenders and the US$Bondholders to govern their respective prioritiesand obligations in respect of the BULL-TeekaySPV Security in the manner set out in precedingprovisions.



As of December 31, 2015 and 2014, the Group is stillunable to determine the percentage of BULL sharesthat will be retained by the Company and theadditional new shares that will be issued to the US$Bondholders. The 2015 and 2014 accompanyingconsolidated financial statements do not include anyadjustment that might result from the outcome of thisuncertainty.

Persyaratan dalam Rencana Perdamaian untukPemegang Obligasi US$ diubah lebih lanjut denganAmandemen Rencana Perdamaian (Catatan 39).Sesuai dengan Amandemen Rencana Perdamaian,persyaratan restrukturisasi mengikat bagi parapemegang obligasi adalah mereka tidak lagimempunyai hak atas pembayaran pokok atau bungadari Perusahaan sebagai penjamin dalam perjanjianfasilitas, tetapi sebaliknya mempunyai hak untukmenerima:

Saham di Perusahaan yang didapat dari KonversiUtang menjadi Ekuitas untuk pokok utang danbagian mereka atas pengalihan 2% saham daritotal saham yang dipegang oleh keluarga Surya(setelah penerbitan saham Konversi Utang-Ekuitas dan Konversi MCS), didistribusikan secarapro-rata diantara kreditur konkuren.

The Restructured terms under the Restructuring Planfor the US$ Bondholders are further amended by thePKPU Amendment Plan (Note 39). Pursuant to thePKPU Amendment Plan, the restructured terms whichbind the US$ Bondholders are that they shall nolonger be entitled to payment of principal or interestfrom the Company as a guarantor under the NotesPayable, but are instead entitled to receive:

Shares in the Company arising from debt toequity swap for the principal debt and theirportion of a 2% transfer of the total shares heldby Surya family (after both the Proposed Debt-Equity Swap Share Issuance and the MCSConversion), distributed on a pro rata basisamong the Unsecured Creditors.









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Pembayaran atas bunga HY (sejumlah bunga dariwesel bayar yang belum dibayar dari periode1 April 2015 sampai 31 Maret 2017, sejumlahUS$ 8,6 juta dimana pada tanggal 31 Desember2015 maksimal sebesar US$ 5,5 juta dari sisa yangbelum dibayar).



Pada tanggal 31 Desember 2015, utang pokokdikonversi menjadi 4.517.659.093 saham Perusahaan.

Total keuntungan dari transaksi konversi utang menjadiekuitas dengan Obligasi US$ sebesar US$ 7,2 juta.

Grup mencatat kerugian atas restrukturisasi di offsetdengan keuntungan atas pelunasan utang sebesarUS$ 9,0 juta untuk tahun yang berakhir pada tanggal31 Desember 2015, sebagai akibat dari kesalahanpenggunaan periode 365 hari sebagai dasarpehitungan nilai wajar atas wesel bayar untuk tahunyang berakhir pada tanggal 31 Desember 2013.Kerugian yang dibebankan dalam laporan keuangankonsolidasian tahun 2015 terdiri dari kelebihanpencatatan nilai wajar dan kekurangan pencatatanbunga atas wesel bayar yang direstrukturisasi sebesarUS$ 8,8 untuk tahun 2013 dan kekurangan pencatatanbunga US$ 0,2 untuk tahun 2014. Seandainya jumlahtersebut dibukukan, atau dialokasikan, pada periodeakuntansi yang tepat, laba konsolidasian untuk tahunyang berakhir pada tanggal 31 Desember 2015 akanmeningkat sebesar US$ 9,0 juta.

Pada tahun 2015, Grup menghapuskan nilai ekuitasyang dialokasikan untuk kreditur konkuren sesuaidengan Rencana Perdamaian tahun 2013 (Catatan 39).

The payment of the HY Interest (being the total ofthe accrued and unpaid interest on the Notesduring the period of April 1, 2015 to March 31,2017, up to an amount of US$ 8.6 million, ofwhich a maximum of US$ 5.5 million remainsoutstanding as of December 31, 2015).

A pro rata interest in Buana and Nevaeh, througha structure which will deliver the economic benefitof those assets to all unsecured creditors who arePlan Creditors under the PKPU Amendment Plan.

A waiver of all interest capitalized under the 2013Restructuring Plan.


Total gain from debt to equity swap transactionrelated to US$ Bonds amounted to US$ 7.2 million.

The Group recorded loss on restructuring, offsetagainst gain on extinguishment of debt, amounting toUS$ 9.0 million for the year ended December 31,2015 as a result of error in use of 365 day period indetermining fair value of the notes payable for theyear ended December 31, 2013. The loss charged in2015 consolidated financial statements is composedof overstatement of gain on debt restructuringand understatement of interest amounting toUS$ 8.8 million in 2013 and understatement ofinterest amounting to US$ 0.2 million in 2014. Hadthe Group recorded such amount in, or allocated tothe proper accounting periods, the consolidated netincome for the year ended December 31, 2015 wouldhave been increased by US$ 9.0 million.

In 2015, the Group had written-off the value of equityassigned to unsecured creditors under the 2013Restructuring Plan (Note 39).

Nilai tercatat atas wesel bayar yang telahdirestrukturisasi pada tanggal 31 Desember 2015 dan2014, masing-masing sebesar nihil dan US$ 382,1 juta.Pada tahun 2014, tingkat bunga efektif tahunan ataswesel bayar restrukturisasi sebesar 4,85%.

The carrying value of restructured notes payable as ofDecember 31, 2015 and 2014 amounted to nil andUS$ 382.1 million, respectively. In 2014, the annualeffective interest rate for restructured notes payablewas 4.85%.









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23. MODAL SAHAM 23. SHARE CAPITAL

Susunan pemegang saham Perusahaan sesuai denganregistrasi Biro Administrasi Efek dan PT KustodianSentral Efek Indonesia tanggal 31 Desember 2015 dan2014 adalah sebagai berikut:

The composition of shareholders based on theregister of Securities Administration Agency andPT Kustodian Sentral Efek Indonesia as ofDecember 31, 2015 and 2014 is as follows:

2015Total Persentase Total modalsaham/ kepemilikan (%)/ disetor/

Number of Percentage Total paid-upshares of ownership (%) capital Name of shareholders

US$'000

PT Tunggaladhi Baskara 4.383.489.018 18,67 41.583 PT Tunggaladhi BaskaraCitibank Singapore S/A CBSG-CDP- Citibank Singapore S/A CBSG-CDP-Indonesia C/O. Citibank, N.A 1.752.838.893 7,46 16.628 Indonesia C/O. Citibank, N.AKoperasi Karyawan Bina Surya Grup 2.422.056 0,01 23 Bina Surya Group Employees CooperativeSiana Anggraeni Surya 62.400 - 1 Siana Anggraeni SuryaMasyarakat lainnya (dibawah 5,0%) 5.412.019.103 23,05 51.340 Public (below 5.0 % each)Konversi utang-ekuitas Debt to equity swapPemegang wesel bayar 4.517.659.093 19,24 20.468 Holders of notes payablePemegang obligasi Rupiah 1.156.691.987 4,93 5.241 Rupiah bondholderPemegang obligasi konversi terjamin Guaranteed convertible bondholderdan obligasi terjamin 2.223.442.869 9,47 10.074 and guaranteed bondholderKreditur sewa 2.623.612.978 11,17 11.887 Lease creditorsKreditur derivatif 1.111.874.087 4,73 5.037 Derivative creditorsLain-lain 299.205.054 1,27 1.355 Others

Total 23.483.317.538 100,00 163.637 Total

Nama pemegang saham

2014Total Persentase Total modalsaham/ kepemilikan (%)/ disetor/

Number of Percentage Total paid-upshares of ownership (%) capital Name of shareholders

US$'000

PT Tunggaladhi Baskara 4.383.489.018 37,95 41.583 PT Tunggaladhi BaskaraCitibank Singapore S/A CBSG-CDP- Citibank Singapore S/A CBSG-CDP-Indonesia C/O. Citibank, N.A 1.752.838.893 15,18 16.628 Indonesia C/O. Citibank, N.AKoperasi Karyawan Bina Surya Grup 2.422.056 0,02 23 Bina Surya Group Employees CooperativeSiana Anggraeni Surya 62.400 - 1 Siana Anggraeni SuryaMasyarakat lainnya (dibawah 5,0%) 5.412.019.103 46,85 51.340 Public (below 5.0 % each)

Total 11.550.831.470 100,00 109.575 Total

Nama pemegang saham

Berdasarkan akta No.16 tanggal 23 November 2015dari Firdhonal, SH, Notaris di Jakarta, pemegangsaham memutuskan dan menyetujui peningkatanmodal dasar dari 14.676.480.000 saham menjadi44.237.830.228 saham seri A dan 2.456.869.565saham seri B atau senilai Rp 2.887.707.867.500 danmodal ditempatkan dan disetor dari 11.550.831.470saham seri A menjadi 23.483.317.538 saham seri Aatau senilai dengan Rp 1.467.707.346.125 danpenerbitan saham baru seri A sebanyak11.932.486.068 saham (Catatan 24 dan 39).Perubahan ini telah memperoleh persetujuandari Menteri Hukum dan Hak Asasi ManusiaRepublik Indonesia dengan Surat KeputusanNo. AHU-0947364.AH.01.02 Tahun 2015 tanggal6 Desember 2015.

Based on notarial deed No. 16 dated November 23,2015 of Firdhonal, SH, notary in Jakarta, theShareholders resolved and approved the increase ofauthorized capital from 14,676,480,000 sharesto 44,237,830,228 series A shares and2,456,869,565 series B shares or equivalent toRp 2,887,707,867,500 and the issued and paid upcapital of 11,550,831,470 series A shares to23,483,317,538 series A shares or equivalent toRp 1,467,707,346,125 and the issuance of new seriesA shares amounting to 11,932,486,068 shares(Notes 24 and 39). This change was approved bythe Ministry of Law and Human Rights of theRepublic of Indonesia in its Decision LetterNo. AHU-0947364.AH.01.02 Year 2015 datedDecember 6, 2015.









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23. MODAL SAHAM (lanjutan) 23. SHARE CAPITAL (continued)

Berdasarkan Amandemen Rencana Perdamaian,PT Tunggaladhi Baskara berkomitmen untukmengalihkan 2% dari total saham biasa di Perusahaanyang dipegang oleh Keluarga Surya untukdidistribusikan ke kreditur konkuren secara pro ratasesuai dengan utang pokok. Sampai dengan tanggalpenerbitan laporan, belum ada pengalihan saham yangdilakukan.

Pursuant to PKPU Amendment Plan, PT TunggaladhiBaskara committed to transfer the 2% of the totalordinary shares in the Company held by SuryaFamily to unsecured creditors to be distributed on apro rata basis among based on the principal debtoutstanding. Until the issuance date of this report, notransfer of shares has been made yet.

24. TAMBAHAN MODAL DISETOR 24. ADDITIONAL PAID-IN CAPITAL

2015 2014US$'000 US$'000

Agio saham 1.188.317 208.826 Paid-in capitalKomponen ekuitas obligasi konversi 177 177 Equity component of convertible bondsSelisih modal dari transaksi saham Difference in capital on treasury stocktreasuri (Catatan 25) (72.856) (72.856) transaction (Note 25)Pelaksanaan obligasi konversi (6) (6) Exercise of convertible bonds

Neto 1.115.632 136.141 Net

Berdasarkan Amandemen Rencana PKPU, Perusahaanmenerbitkan saham Seri A sebanyak 11.932.486.068saham (dalam jumlah penuh) atas penyelesaian pokokutang sebesar US$ 1.033,5 juta kepada krediturkonkuren (Catatan 23 dan 39). Sebagai hasilnya,jumlah sebesar US$ 979,5 juta diakui sebagaiTambahan Modal Disetor.

Pursuant to PKPU Amendment Plan, the Companyissued 11,932,486,068 Series A shares (in fullamount) in exchange for the settlement of principaldebts amounting to US$ 1,033.5 million with theunsecured creditors (Notes 23 and 39). As a result,an amount of US$ 979.5 million is recognized asAdditional Paid-in Capital.

25. SAHAM TREASURI 25. TREASURY SHARES

Pada Rapat Umum Pemegang Saham Luar Biasa,sebagaimana tercantum dalam akta No. 47 tanggal 31Mei 2006 dari Amrul Partomuan Pohan, S.H., LL.M.,notaris di Jakarta, pemegang saham menyetujui untukmembeli kembali saham Perusahaan yang telahdikeluarkan di bursa sebanyak-banyaknya 10,0% darimodal ditempatkan dan disetor penuh dengan hargaRp 2.750 per saham sampai dengan 31 Mei 2007.

Pada bulan Agustus 2010, Perusahaanmenandatangani perjanjian fasilitas standby sebesarUS$ 7,5 juta. Fasilitas ini digunakan pada bulanSeptember 2011 sebesar US$ 7,3 juta yang dijamindengan saham treasuri dengan nilai pasar padatanggal tersebut sebesar Rp 97,2 miliar atau setaraUS$ 11,3 juta. Perusahaan tidak dapat memenuhikewajibannya yang telah jatuh tempo pada tanggal14 November 2011; sehingga events of defaultdinyatakan pada tanggal 21 November 2011 dimanasaham treasuri yang telah dieksekusi tersebutdigunakan sebagai pelunasan pinjaman. Selisih antaranilai tercatat pinjaman berikut bunga dan hargaperolehan saham treasuri sebesar US$ 72,9 jutadicatat sebagai selisih modal dari transaksi sahamtreasuri, sebagai bagian dari Tambahan Modal Disetor(Catatan 24).

Jumlah saham treasuri sebanyak 31.027.111 sahamatau 0,13% dan 0,27% dari jumlah saham yangdikeluarkan masing-masing pada tahun 2015 dan 2014.

At the Extraordinary General Meeting ofShareholders, as stated in notarial deed No. 47dated May 31, 2006 of Amrul Partomuan Pohan,S.H., LL.M., notary in Jakarta, the shareholdersapproved to repurchase a maximum of 10.0% of theissued and paid-up shares, at the purchase price ofRp 2,750 per share until May 31, 2007.

In August 2010, the Company entered into astandby facility agreement of US$ 7.5 million. Thisfacility was drawn down in September 2011 in theamount of US$ 7.3 million which was secured bytreasury shares with market value on that dateamounting to Rp 97.2 billion or equivalent toUS$ 11.3 million. The Company did not fulfill itsobligations on the maturity date on November 14,2011; hence an event of default was declared onNovember 21, 2011 of which the treasury shareswere exercised to cover the repayment of the facility.The difference between the carrying amounts of loanand interest and the acquisition cost of such treasuryshare amounting to US$ 72.9 million was recordedas difference in capital on treasury sharetransaction, a component of Additional Paid-inCapital (Note 24).

The total number of treasury shares amounted to31,027,111 shares or 0.13% and 0.27% of totalissued shares in 2015 and 2014, respectively.









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26. SELISIH ATAS PERUBAHAN EKUITAS ENTITASANAK DAN PENGARUH TRANSAKSI DENGANPIHAK NON- PENGENDALI

26. DIFFERENCE ARISING FROM CHANGES INEQUITY OF SUBSIDIARIES AND EFFECT OFTRANSACTIONS WITH NON-CONTROLLINGINTEREST

Akun ini terdiri dari transaksi-transaksi sebagai berikut: This account consists of the following transactions:

2015 2014US$'000 US$'000

Penawaran umum Initial public offering ofsaham BULL 22.669 22.669 BULL sharesEksekusi saham BULL yang dijaminkan (8.289) (8.289) Excecution of pledged BULL sharesExchangeable notes yang diakui Exchangeable notes recognizedsebagai penambah investasi as addition to investmentsaham pada BULL (4.154) (4.154) in shares of BULLLainnya (2.439) (2.439) Others

Neto 7.787 7.787 Net

BULL sebelumnya adalah entitas anak dariPerusahaan sampai dilakukan dekonsolidasi padatahun 2013. Transaksi di atas merupakan hasil dariperubahan kepemilikan ekuitas Perusahaan di BULLyang diakui secara langsung sebagai ekuitas.

BULL was a former subsidiary of the Company until itwas deconsolidated in 2013. The above transactionswere the result of changes in the equity ownership ofthe Company in BULL that were recognized directlyin equity.

27. CADANGAN 27. RESERVES

2015 2014US$'000 US$'000

Cadangan umum 5.898 5.898 General reservesCadangan revaluasi 6.029 11.457 Revaluation reservesPenjabaran laporan keuangan (121) 29 Financial statements translation


a. Cadangan umum

Berdasarkan Undang-Undang PerseroanTerbatas No. 40 Tahun 2007, Perusahaan wajibmenyisihkan jumlah tertentu dari laba setiap tahunbuku ke cadangan apabila saldo laba positifsampai cadangan tersebut mencapai palingsedikit 20,0% dari jumlah modal yang ditempatkandan disetor.

Perusahaan telah mempunyai cadangan umumsebesar US$ 5,9 juta atau 3,6% dari jumlah modalditempatkan dan disetor. Cadangan tersebutditetapkan dalam Rapat Umum Pemegang Sahamtahun-tahun sebelumnya.

a. General reserves

Based on Limited Liability Company Law No. 40Year 2007, the Company shall appropriatecertain amounts of its profit in each year togeneral reserves if there are funds available,until the general reserves reach at least 20.0%of the issued and fully paid share capital.

The Company allocated general reservestotaling US$ 5.9 million or 3.6% of its issuedand fully paid share capital. Such generalreserves were approved in prior yearsʼ AnnualShareholdersʼ Meetings.









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27. CADANGAN (lanjutan) 27. RESERVES (continued)

b. Cadangan revaluasi b. Revaluation reserves

2015 2014US$'000 US$'000

Saldo awal 11.457 15.947 Beginning balancePeningkatan (penurunan) Net revaluationrevaluasi - neto (Catatan 12) 6.149 (2.785) increase (decrease) (Note 12)Pajak tangguhan (500) 382 Deferred taxTransfer ke defisit (11.077) (2.087) Transfers to deficit


Cadangan revaluasi berasal dari revaluasi seluruhkapal dikurangi oleh pajak tangguhan,sebagaimana berlaku. Apabila kapal yang telahdirevaluasi dijual, bagian dari cadangan revaluasidari kapal tersebut direalisasikan denganmemindahkan langsung ke defisit.

The revaluation reserves arose from therevaluation of vessels, net of deferred tax, asapplicable. Where revalued vessels are sold,the portion of the revaluation reserves thatrelates to that vessel, is effectively realized, andis transferred directly to deficit.

c. Penjabaran laporan keuangan

Cadangan ini merupakan selisih kurs penjabaranlaporan keuangan entitas anak dan entitasasosiasi yang mata uang fungsionalnya selainUS$.

c. Financial statements translation

This reserve consists of foreign exchangedifferences from translation to US$ ofsubsidiariesʼ and associatesʼ financialstatements with functional currency other thanUS$.

28. DEFISIT 28. DEFICIT

2015 2014US$'000 US$'000

Saldo awal (1.461.929) (1.424.072) Beginning balanceLaba (rugi) tahun berjalan 187.219 (40.042) Profit (loss) for the yearTransfer dari cadangan Transfer from revaluationrevaluasi (Catatan 27b) 11.077 2.087 reserves (Note 27b)Penilaian kembali atas imbalan Remeasurement onpasca kerja 167 98 post-employment benefits

Saldo akhir (1.263.466) (1.461.929) Ending balance

Penilaian kembali atas imbalan pasca kerja berkaitandengan pengukuran kembali yang timbul dari penilaianatas imbalan pasca kerja dengan perubahan sebagaiberikut:

Remeasurement on post-employment benefitspertains to remeasurements arising from valuation ofpost-employment benefits with movement as follows:

2015 2014US$'000 US$'000

Saldo awal 998 900 Beginning balancePenambahan di pendapatan komprehensif Addition credited tolainnya 167 98 other comprehensive income

Saldo akhir 1.165 998 Ending balance









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29. PENDAPATAN USAHA 29. OPERATING REVENUES

2015 2014US$'000 US$'000

Pendapatan usaha yang berasal dari: Operating revenues from:Kapal kimia 237.453 295.075 Chemical vesselsKapal gas 15.186 19.783 Gas vesselsLainnya 552 567 Others

Total 253.191 315.425 Total

Tidak terdapat pendapatan yang berasal dari satupelanggan yang melebihi 10,0% dari seluruhpendapatan usaha.

There were no revenues from a customer thatexceeded 10.0% of total operating revenues.

30. BEBAN PELAYARAN 30. VOYAGE EXPENSES

2015 2014US$'000 US$'000

Bahan bakar 49.165 94.421 FuelBiaya sandar 34.739 43.784 Port charges

Total 83.904 138.205 Total

Pada tahun 2015 dan 2014, masing-masing sebesar0,03% dan 0,09% dari total beban pelayaran dilakukandengan pihak berelasi (Catatan 37).

Tidak terdapat beban yang berasal dari pihak tertentuyang melebihi 10,0% dari seluruh beban pelayaran.

0.03% and 0.09% of the above voyage expenseswere from related parties in 2015 and 2014,respectively (Note 37).

There were no expenses from a specific party thatexceeded 10.0% of the total voyage expenses.

31. BEBAN OPERASI KAPAL 31. SHIP OPERATING EXPENSES

2015 2014US$'000 US$'000

Gaji kru kapal 24.156 28.060 Vessel crew salariesAsuransi 5.246 4.995 InsuranceSuku cadang 4.295 5.304 Spare partsPerbaikan dan pemeliharaan 3.894 3.693 Repairs and maintenanceManajemen 3.337 3.891 Management feePelumas 2.670 2.333 LubricantTransportasi 2.107 3.310 TransportationPengurusan dokumen 1.766 2.063 Processing of documentsUang makan kru kapal 1.719 1.875 Vessel crew meal allowancesBahan lain 1.321 1.049 SuppliesLain-lain 6.748 7.538 Others


Tidak terdapat beban yang berasal dari pihak tertentuyang melebihi 10,0% dari seluruh beban operasi kapal.

There were no expenses from a specific party thatexceeded 10.0% of the total ship operatingexpenses.









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32. BEBAN ADMINISTRASI 32. ADMINISTRATIVE EXPENSES

2015 2014US$'000 US$'000

Tenaga ahli 25.080 21.642 Professional feesGaji 9.174 10.795 SalariesBeban kantor 1.980 2.211 Office expensesTransportasi 774 1.091 TransportationRepresentasi 626 617 RepresentationTelekomunikasi 419 476 TelecommunicationPenyusutan (Catatan 12) 322 338 Depreciation (Note 12)Beban bank 242 246 Bank chargesBeban (penghasilan) imbalan Employee benefits expensekerja (Catatan 21) 138 (31) (income) (Note 21)Penyisihan penurunan nilai Provision for impairment ofpiutang (Catatan 6) 85 2.761 receivables (Note 6)Pemasaran 82 113 MarketingPendidikan dan pelatihan 52 81 Training and educationLain-lain 1.275 1.433 Others


33. BEBAN KEUANGAN 33. FINANCE COST

2015 2014US$'000 US$'000

Pinjaman 71.010 73.330 BorrowingsLiabilitas sewa pembiayaan 16.673 20.033 Obligations under finance lease


34. KERUGIAN LAIN-LAIN - NETO 34. OTHER LOSSES - NET

2015 2014US$'000 US$'000

Penurunan nilai aset keuangan Impairment loss on available for saletersedia untuk dijual (Catatan 10) (3.400) (17.351) financial assets (Note 10)Pembalikan penurunan nilai (penurunan Reversal of impairment (revaluationrevaluasi) kapal (Catatan 12) 2.242 (9.609) decrease) of vessels (Note 12)Kerugian pelepasan aset tetap Loss on disposal of fixed assets(Catatan 12) (703) (1.392) (Note 12)Selisih akibat rekonsiliasi utang dengan Difference arising from reconciliation ofBULL (Catatan 19) - 13.975 payable to BULL (Note 19)Lain-lain (537) 1.454 Others

Neto (2.398) (12.923) Net









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35. LABA (RUGI) PER SAHAM 35. EARNINGS (LOSS) PER SHARE

Perhitungan Grup untuk laba (rugi) per saham dasaruntuk tahun 2015 dan 2014 adalah sebagai berikut:

The Groupʼs computation for basic earnings (loss) pershare for 2015 and 2014 is as follows:

2015 2014US$'000 US$'000

Laba (rugi) tahun berjalan yang dapat Net income (loss) attributable to ownersdiatribusikan kepada pemilik Perusahaan 187.219 (40.042) of the CompanyJumlah rata-rata tertimbang Weighted average number ofsaham yang beredar 11.519.804.359 11.519.804.359 outstanding shares

Laba (rugi) per saham dasar 0,0162 (0,0035) Basic earnings (loss) per share

Laba (rugi) tahun berjalan yang dapat Net income (loss) attributable to ownersdiatribusikan kepada pemilik Perusahaan 187.219 (40.042) of the CompanyJumlah rata-rata tertimbang Weighted average number ofsaham yang beredar outstanding sharesEfek dari dilusian: Effect of dilution:Saham yang akan dikeluarkan ke Shares to be issued toPT Megah Elang Inti (Catatan 40) 2.456.869.565 - PT Megah Elang Inti (Note 40)

Jumlah rata-rata tertimbang saham Weighted average number of outstandingyang disesuaikan dengan efek dilusi 13.976.673.924 11.519.804.359 shares adjusted for the effect of dilution

Laba (rugi) per saham dilusian 0,0134 (0,0035) Diluted earnings (loss) per share

Laba per saham dilusian dihitung dengan membagilaba (rugi) bersih yang diatribusikan ke pemilikPerusahaan dengan jumlah rata-rata tertimbang sahamselama tahun berjalan ditambah rata-rata tertimbangdari saham yang akan diterbitkan kepada PT MegahElang Inti berdasarkan Amandemen RencanaPerdamaian (Catatan 40).

Diluted earnings per share amounts are calculated bydividing the net income (loss) attributable to ownersof the Company by the weighted average number ofoutstanding shares during the year plus the weightedaverage of shares to be issued to PT Megah ElangInti under the PKPU Amendment Plan (Note 40).

36. INFORMASI SEGMEN USAHA 36. SEGMENT INFORMATION

Informasi yang dilaporkan kepada pengambilkeputusan operasional untuk tujuan alokasi sumberdaya dan penilaian kinerja segmen difokuskan padajenis produk atau jasa yang diberikan atau disediakan.Segmen yang dilaporkan Grup merupakan kegiatanberdasarkan tipe kapal charter tanker kimia, tanker gas,tanker minyak, Floating Production, Storage danOffloading (FPSO) vessels dan lainnya.

Berikut ini penjelasan operasi yang dijalankan setiapsegmen yang dapat dilaporkan:

a. Tanker kimia menyediakan pengangkutan lautkimia cair (organik dan non-organik) dan minyaknabati dan minyak hayati.

b. Tanker gas menyediakan pengangkutan laut gascair, yang meliputi; LPG, propylene, propane danLNG.

Information reported to the chief operating decision-maker for the purpose of resource allocation andassessment of segment performance focuses ontype of products or services delivered or provided.The Groupʼs reportable segments are, based on typeof vessels chartered: chemical tankers, gas tankers,oil tankers, Floating Production, Storage andOffloading (FPSO) vessels and others.

The following summary describes the operations ineach of the reportable segments:

a. Chemical tankers provide maritime transportationof liquid chemical (organic and non-organic) andvegetable oil and animal fats.

b. Gas tankers provide maritime transportation ofliquefied gas, which includes, LPG, propylene,propane and LNG.









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36. INFORMASI SEGMEN USAHA (lanjutan) 36. SEGMENT INFORMATION (continued)

c. Tanker minyak menyediakan pengangkutan lautminyak pelumas (bahan baku dan turunannya),minyak mentah dan produk minyak.

d. FPSO menyediakan fasilitas tanker terapung untukproduksi, penyimpanan, dan bongkar muat minyakbumi.

Kebijakan akuntansi dari segmen dilaporkan adalahsama dengan kebijakan akuntansi Grup sepertidijabarkan pada Catatan 2 atas laporan keuangankonsolidasian. Laba segmen merupakan laba yangdiperoleh setiap segmen tanpa memperhitungkanalokasi beban administrasi, beban keuangan,pendapatan investasi, bagian laba (rugi) entitasasosiasi dan keuntungan dan kerugian lain-lain. Hal inimerupakan pengukuran yang dilaporkan kepada Direksisebagai pengambil keputusan operasional untuk tujuanalokasi sumber daya dan penilaian kinerja segmen.

c. Oil tankers provide maritime transportation oflubricating oil (base oil and additives), crude oiland petroleum products.

d. FPSO provides floating tanker facility forproductions, storage and off-loading of oil.

The accounting policies of the reportable segmentsare the same as the Groupʼs accounting policiesdescribed in Note 2 to the consolidated financialstatements. Segment profit respresent the profitearned by each segment without allocation ofadministrative expenses, finance cost, investmentincome, and share in profit (loss) of associates, andother gains and losses. This is the measure reportedto the directors as the chief operating decision-maker for the purposes of resource allocation andassessment of segment performance.

Aset dan liabilitas segmen Segment assets and liabilities

Berikut ini merupakan analisa pendapatan dan hasilsegmen Grup berdasarkan segmen dilaporkan:

The following tables show the analysis of the Groupʼsreportable segments:

2015 2014US$'000 US$'000

Aset segmen: Segment AssetsGas 35.740 84.481 GasKimia 9.912 565.499 ChemicalLainnya 7.643 13.766 Others

Total 53.295 663.746 TotalAset tidak dapat dialokasikan 47.811 24.066 Unallocated assets

Konsolidasian 101.106 687.812 Consolidated

Liabilitas segmen: Segment LiabilitiesGas 6.858 9.205 GasKimia 1.383 178.460 ChemicalLainnya 13.782 19.689 Others

Total 22.023 207.354 TotalLiabilitas tidak dapat dialokasikan 42.272 1.652.833 Unallocated liabilities

Konsolidasian 64.295 1.860.187 Consolidated









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Laba dan biaya segmen Segment revenue and expenses

Kimia/ Gas/ Lainnya/Chemical Gas Others TotalUS$'000 US$'000 US$'000 US$'000

Pendapatan segmen Segment revenuePendapatan eksternal 237.453 15.186 552 253.191 External revenue

Beban segmen Segment expensesBeban pelayaran 80.210 3.694 - 83.904 Voyage expensesBeban sewa 11.686 - - 11.686 Charter expensesBeban operasi kapal 47.542 9.717 - 57.259 Ship operating expensesBeban penyusutan kapal 33.186 3.543 - 36.729 Vessel depreciation

Total beban segmen 172.624 16.954 - 189.578 Total segment expenses

Laba (rugi) segmen 64.829 (1.768) 552 63.613 Segment profit (loss)

2015

Kimia/ Gas/ Minyak/ Lainnya/Chemical Gas Oil Others TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Pendapatan segmen Segment revenuePendapatan eksternal 295.075 19.783 - 567 315.425 External revenue

Beban segmen Segment expensesBeban pelayaran 132.392 5.741 72 - 138.205 Voyage expensesBeban sewa 16.616 16.616 Charter expensesBeban operasi kapal 51.589 12.227 295 - 64.111 Ship operating expensesBeban penyusutan kapal 37.053 4.162 605 - 41.820 Vessel depreciation

Total beban segmen 237.650 22.130 972 - 260.752 Total segment expenses

Laba (rugi) segmen 57.425 (2.347) (972) 567 54.673 Segment profit (loss)

2014

Tidak terdapat pendapatan yang berasal dari satupelanggan yang melebihi 10,0% dari total pendapatan.

Pendapatan segmen yang dilaporkan di atas merupakanpendapatan yang dihasilkan dari pelanggan luar(Catatan 29).

There were no revenues from a single customerthat exceeded 10.0% of the total revenues.

Segment revenue reported above representsrevenue generated from external customers(Note 29).

Informasi segmen lainnya Other segment information

2015 2014 2015 2014US$'000 US$'000 US$'000 US$'000

Kimia 33.186 37.053 7.535 6.995 ChemicalGas 3.543 4.162 1.412 2.666 GasMinyak - 605 - - Oil

Konsolidasian 36.729 41.820 8.947 9.661 Consolidated

Penyusutan/DepreciationPengeluaran modal/Capital expenditures









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Segmen geografis Geographic segment

Grup berdomisili di dua area geografis utama,Malaysia dan Indonesia.

The Group is domiciled in two main geographicalareas, namely Malaysia and Indonesia.

Tidak dialokasikan/ Konsolidasi/Malaysia Indonesia Unallocated ConsolidatedUS$'000 US$'000 US$'000 US$'000

Aset dan liabilitas Assets and liabilitiesTotal aset segmen 64.485 18.037 18.584 101.106 Total segment assetsTotal liabilitas segmen (15.671) (6.353) (42.271) (64.295) Total segment liabilities

Aset (liabilitas) - neto 48.814 11.684 (23.687) 36.811 Net assets (liabilities)

2015


Pendapatan RevenuesPendapatan ekstern 249.666 3.525 - 253.191 External revenuesPendapatan antar segmen 1.935 - (1.935) - Inter-segment revenues

Total pendapatan 251.601 3.525 (1.935) 253.191 Total revenues

2015


Aset dan liabilitas Assets and liabilitiesTotal aset segmen 650.806 12.940 24.066 687.812 Total segment assetsTotal liabilitas segmen (199.374) (7.980) (1.652.833) (1.860.187) Total segment liabilities

Aset (liabilitas) - neto 451.432 4.960 (1.628.767) (1.172.375) Net assets (liabilities)

2014


Pendapatan RevenuesPendapatan ekstern 310.480 4.945 - 315.425 External revenuesPendapatan antar segmen 1.995 - (1.995) - Inter-segment revenues

Pendapatan bersih 312.475 4.945 (1.995) 315.425 Net revenues

2014

37. SALDO AKUN DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI

37. BALANCES AND TRANSACTIONS WITHRELATED PARTIES

Sifat berelasi

PT Bagusnusa Samudra Gemilang merupakanpihak pengendali utama terhadap Grup.

Thai Petra Transport Co. Ltd. adalah entitasasosiasi dari Grup.

PT Garuda Mahakam Pratama adalah perusahaansepengendalian dibawah PT Bagusnusa SamudraGemilang.

Nature of relationship

PT Bagusnusa Samudra Gemilang is theultimate parent and controlling party of theGroup.

Thai Petra Transport Co. Ltd. Is an associatedentity of the Group.

PT Garuda Mahakam Pratama is a companyunder common control of PT BagusnusaSamudra Gemilang.









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37. SALDO AKUN DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI (lanjutan)

37. BALANCES AND TRANSACTIONS WITHRELATED PARTIES (continued)

Sifat berelasi (lanjutan) Nature of relationship (continued)

PT Arpeni Pratama Ocean Line Tbk adalahperusahaan yang dimiliki oleh anggota keluargadekat pihak pengendali PT Bagusnusa SamudraGemilang.

Pan Union Agencies Pte. Ltd., dan Pan UnionShipping Pte.Ltd., merupakan entitas yang secaralangsung maupun tidak langsung dimilikiseluruhnya oleh Ibu Siana Anggraeni Surya yangsekaligus menjabat sebagai Direktur UtamaPerusahaan.

PT Arpeni Pratama Ocean Line Tbk is acompany owned by close family members of thecontrolling party of PT Bagusnusa SamudraGemilang.

Pan Union Agencies Pte. Ltd. and Pan UnionShipping Pte. Ltd. are companies that aredirectly or indirectly owned by Ms. SianaAnggraeni Surya, the Companyʼs PresidentDirector.

Transaksi-transaksi pihak berelasi Transactions with related parties

Grup, dalam menjalankan kegiatan sehari-harinyaterlibat transaksi dengan pihak berelasi. Saldotransaksi dengan pihak berelasi adalah sebagai berikut:

The Group, in the regular conduct of its business, hasengaged in transactions with related parties. Theoutstanding balances with related parties are asfollows:

2015 2014 2015 2014US$'000 US$'000 US$'000 US$'000

Utang usaha (Catatan 13): Trade accounts payable (Note 13):Thai Petra Transport Co. Ltd. 150 221 0,23% 0,01% Thai Petra Transport Co. Ltd.PT Arpeni Pratama Ocean Line Tbk 38 - 0,06% 0,00% PT Arpeni Pratama Ocean Line TbkPT Garuda Mahakam Pratama 26 18 0,04% 0,00% PT Garuda Mahakam PratamaLain-lain 96 725 0,15% 0,04% OthersUtang lain-lain (Catatan 19): Other payable (Note 19):Pan Union Agencies Pte. Ltd. - 2.599 0,00% 0,14% Pan Union Agencies Pte. Ltd.Pinjaman (Catatan 16): Loans payable (Note 16):PT Bagusnusa Samudra Gemilang 1.726 8.271 2,68% 0,44% PT Bagusnusa Samudra Gemilang

Total 2.036 11.834 3,16% 0,63% Total

liabilitasPersentase dari total

total consolidatedNilai/Amount liabilities

Percentage to the respectivekonsolidasian/

Beban pelayaran yang terjadi kepada pihak berelasisebagai berikut:

Voyage expenses incurred with related parties are asfollows:

2015 2014 2015 2014US$'000 US$'000 US$'000 US$'000

Beban pelayaran: Voyage expenses:Thai Petra Transport Co. Ltd. 19 78 0,02% 0,06% Thai Petra Transport Co. Ltd.PT Arpeni Pratama Ocean Line Tbk 1 14 0,00% 0,01% PT Arpeni Pratama Ocean Line TbkPT Garuda Mahakam Pratama 7 22 0,01% 0,02% PT Garuda Mahakam Pratama

Total 27 114 0,03% 0,09% Total

pendapatan konsolidasian/Persentase dari total

voyage expensesNilai/

Amount

Percentage to the respectivetotal consolidated









133


37. SALDO AKUN DAN TRANSAKSI DENGAN PIHAK-PIHAK BERELASI (lanjutan)

37. BALANCES AND TRANSACTIONS WITHRELATED PARTIES (continued)

Transaksi-transaksi pihak berelasi (lanjutan) Transactions with related parties (continued)

Jumlah kompensasi kepada manajemen kunci(komisaris dan direktur) selama tahun berjalan adalahsebagai berikut:

Total compensation of the Companyʼs keymanagement (commissioners and directors) duringthe year is as follows:

2015 2014US$'000 US$'000

Imbalan jangka pendek 651 557 Short-term benefitsImbalan pasca-kerja 386 234 Post-employment benefits

Total 1.037 791 Total

38. PERKARA HUKUM 38. LITIGATIONS

Pada tanggal 26 Januari 2012, mengikuti wanprestasicovenant atas perjanjian pinjaman yang diberikankepada salah satu entitas anak dimana Perusahaanbertindak sebagai penjamin, Perusahaan telahmengumumkan debt standstill atas seluruh pinjamanbank, obligasi, sewa dan perjanjian derivatif, dankewajiban keuangan lainnya dari Grup, untukmemungkinkan Grup melakukan reviu atas posisi danpenyelenggaraan keuangannya. BULL dan krediturnyatidak termasuk dalam debt standstill. Terkait dengan itu,beberapa kreditur Grup menyatakan Grup telah eventsof default. Pada tanggal 14 Juni 2012, Mandiri telahmengajukan petisi PKPU terhadap Perusahaan diPengadilan Niaga Jakarta Pusat.

Proses PKPU di Indonesia

Pada tanggal 14 Maret 2013, mayoritas krediturseparatis dan kreditur konkuren Perusahaanmelakukan voting untuk menyetujui rencanarestrukturisasi utang, sebagai bagian dari prosesPKPU yang diawasi oleh Pengadilan NiagaJakarta Pusat. Rencana Perdamaian disahkanoleh Pengadilan Niaga Jakarta Pusat pada 22Maret 2013.

Pada tanggal 28 Maret 2013, enam pemegangObligasi Rupiah mengajukan banding keMahkamah Agung Republik Indonesia terhadapputusan Pengadilan Niaga Jakarta Pusat dalamratifikasi Rencana Perdamaian. Pada tanggal 25Juli 2013, Mahkamah Agung Republik Indonesiamemutuskan bahwa banding atas hasil PKPUoleh enam pemegang obligasi tersebut telahditolak.

On January 26, 2012, following the covenant breachof an agreement covering a loan granted to one of thesubsidiaries for which the Company is a guarantor,the Company declared a debt standstill on all of theGroupʼs bank loans, bonds, lease and derivativeagreements and other financial obligations, to enablethe Group to review its financial position andarrangements. BULL and its creditors are excludedfrom the debt standstill. Accordingly, several of theGroupʼs creditors declared events of default. On June14, 2012, Mandiri filed a petition for PKPUproceedings against the Company in the CentralJakarta Commercial Court.

PKPU proceedings in Indonesia

On March 14, 2013, the requisite majority of thesecured and unsecured creditors of theCompany voted to approve a plan put forwardby the Company for the restructuring of its debtsas part of the PKPU process overseen by theCentral Jakarta Commercial Court. TheRestructuring Plan was subsequently ratified bythe Central Jakarta Commercial Court onMarch 22, 2013.

On March 28, 2013, six related Indonesianbondholders filed an appeal to the SupremeCourt of the Republic of Indonesia (“SupremeCourt”) against the decision of the CentralJakarta Commercial Court in ratifying theRestructuring Plan. On July 25, 2013, theSupreme Court dismissed the PKPU appeal ofthe six Indonesian bondholders.









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38. PERKARA HUKUM (lanjutan) 38. LITIGATIONS (continued)

Pada tanggal 16 Juni 2014, Mahkamah AgungIndonesia mengeluarkan keputusan penolakanatas pembatalan hasil keputusan RencanaPerdamaian yang diajukan oleh enam orangpemegang utang obligasi dari Indonesia.

Pada tanggal 18 Juli 2014, enam pemegangObligasi Rupiah tersebut kemudian mengajukantinjauan kembali atas Keputusan MahkamahAgung yang mana ditolak kembali pada tanggal2 November 2015.

Berdasarkan Bagian I paragraf 4 dari RencanaPerdamaian, Perusahaan dapat mengubahRencana Perdamaian, dengan persetujuan daripaling sedikit 50% dari jumlah dan 66,67% darinilai keseluruhan jumlah seluruh utang yangtertunggak dari dua kelas kreditor Perdamaian(separatis dan konkuren) yang hadir danmemberikan suara pada rapat kreditur.

Pada tanggal 8 Juli 2015 setelah penerbitanAmandemen Rencana Perdamaian kepada parakreditur, kelompok yang sama dari parapemegang Obligasi Rupiah mengajukan gugatanuntuk membatalkan Amandemen RencanaPerdamaian.

Pengadilan Niaga Jakarta Pusat kembali menolakgugatan secara seluruhnya dalam sidang padatanggal 7 September 2015 dan Kelompok yangsama mengajukan banding lagi ke MahkamahAgung pada tanggal 15 September 2015.Mahkamah Agung telah kembali menolak gugatanpada tanggal 27 Januari 2016 melalui keputusanNo. 817 K/Pdt.Sus-Pailit/2015/PN Jakarta Pusat.

On June 16, 2014, the Supreme Court issued ajudgment which set out the grounds for itsrejection of the PKPU appeal filed by the sixIndonesian bondholders.

On July 18, 2014, the six related Indonesianbondholders filed a civil review against theSupreme Court Decision which was rejectedagain by the Supreme Court on November 2,2015.

Section I paragraph 4 of the Restructuring Planauthorized the Company to amend the PKPUPlan with the approval of at least 50% of thecreditors and 66.67% of the amount of claimsoutstanding from the two classes of creditors(secured and unsecured) attending and votingat a creditor's meeting.

On July 8, 2015, after the issuance of the PKPUAmendment Plan to the creditors, the samegroup of Rupiah bonds holders filed a lawsuit tonullify the PKPU Amendment Plan.

The Commercial Court dismissed the lawsuit inits entirety in a hearing on September 7, 2015and the same group filed an appeal again onSeptember 15, 2015 to the Supreme Court. TheSupreme Court has again rejected the plaintiffsʼlawsuit on January 27, 2016 with DecisionNo. 817 K/Pdt.Sus-Pailit/2015/PN JakartaPusat.

Proses Chapter 11 di Amerika Serikat

Pada tanggal 13 Desember 2012, entitasGramercy (pemegang obligasi mayoritas dariobligasi US$ yang dijamin) mengajukan atasProses Chapter 11 di Pengadilan Kepailitan diAmerika Serikat (“Pengadilan AS”).

Pada tanggal 7 Maret 2013, Perusahaanmencapai kesepakatan dengan Gramercysehubungan dengan Proses Chapter 11 yangsecara akan dihentikan untuk waktu yang tidakditentukan hingga keputusan final diberikan dalamProses Chapter 15.

Pada tanggal 8 Desember 2014, Perusahaanmengajukan permohonan pengadilan AmerikaSerikat untuk menghapuskan proses pengajuanChapter 11.

Pada tanggal 8 Januari 2015, proses pengajuanChapter 11 dihapuskan dan kasus diperintahkanuntuk ditutup.

Chapter 11 proceedings in the United States

On December 13, 2012, Gramercy entities(major bondholder of the US$ secured bonds)filed for Chapter 11 Proceedings in the USBankruptcy Court (“US Court”).

On March 7, 2013, the Company reached anagreement with Gramercy pursuant to which theChapter 11 proceedings would be indefinitelystayed pending a final order being granted inChapter 15 proceedings.

On December 8, 2014, the Company filed amotion with the US Court to dismiss the Chapter11 proceedings.

On January 8, 2015, the Chapter 11Proceedings were dismissed and the case wasordered to be closed.









135



Proses Chapter 15 di Amerika Serikat

Pada tanggal 26 Maret 2013, setelah ratifikasiRencana Perdamaian Perusahaan olehPengadilan Niaga Jakarta Pusat, Perusahaanmengajukan permohonan atas Chapter 15 dariUndang Undang Kepailitan Amerika Serikat untukmengakui proses PKPU sebagai proseskeputusan asing yang utama.

Pada tanggal 21 Mei 2013, Pengadilan ASmemberikan pengakuan atas proses PKPU diIndonesia sebagai proses keputusan asing yangutama. Pengakuan disertai dengan perintahpenghentian semua proses litigasi danpelaksanaan penegakan hukum terhadapPerusahaan di wilayah AS. Langkah berikutnyadalam proses Chapter 15 bagi Perusahaan adalahmengajukan permohonan untuk pelaksanaanRencana Perdamaian di AS.

Pada tanggal 8 Desember 2014, Perusahaanmengajukan permohonan ke pengadilan AmerikaSerikat untuk memberikan pengakuan atasRencana Perdamaian di Amerika Serikat.


On March 26, 2013, following the ratification ofthe Companyʼs Restructuring Plan by the CentralJakarta Commercial Court, the Company filed apetition under Chapter 15 of the United StatesBankruptcy Code to recognize the PKPUproceedings as foreign main proceedings.

On May 21, 2013, the US Court grantedrecognition of the Indonesian PKPU proceedingsas foreign main proceedings. The order forrecognition is accompanied by a permanentinjunction on all litigation and enforcementproceedings against the Company within the US.The next step in the Chapter 15 process is forthe Company to file an application seekingenforcement of the Restructuring Plan in the US.

On December 8, 2014, the Company filed amotion with the US Court to grant recognition ofthe Restructuring Plan within the United States.

Pada tanggal 8 Januari 2015, Pengadilan ASmemberikan pengakuan atas rencana PKPU diIndonesia, termasuk perubahan atau modifikasidan memberlakukan sepenuhnya di AS padatingkat yang sama yang diberlakukan di Indonesiadan masing-masing mengikat atas seluruhKreditur Restrukturisasi (sebagaimana ditetapkandalam Rencana PKPU) Perusahaan.

Pada tanggal 27 August 2015, proses Chapter 15ditutup atas perintah Pengadilan Kepailitan AS,dengan perintah penutupan memperjelas bahwasetiap perubahan terhadap Rencana PKPU akandiberi kuasa dan berlaku sepenuhnya dan bahwareferensi untuk Rencana Perdamaian di PKPURecognition Order juga mengikutsertakan setiapamandemen terhadap Rencana Perdamaian.

Proses section 210 (10) di Singapura

Pada tanggal 13 September 2013, setelahratifikasi Rencana Perdamaian Perusahaan olehPengadilan Niaga Jakarta Pusat, PengadilanTinggi Singapura memberikan entitas anaktertentu dari Perusahaan (Entitas Anak yangRelevan) untuk mengumpulkan para kredituruntuk tujuan persetujuan skema pengaturanantara Entitas Anak yang Relevan dengankrediturnya.

On January 8, 2015, the US Court grantedrecognition of the Indonesian PKPU planincluding any amendments or modifications andgave the plan full force and effect in US to thesame extent that are given effect in Indonesiaand each is binding on all Plan Creditors (asdefined in the PKPU Plan) of the Company.

On August 27, 2015, Chapter 15 Proceedingswere closed by order of the US BankruptcyCourt, with the closing order clarifying that anyamendments to the PKPU Plan be given fullforce and effect with references to the PKPUPlan in the PKPU Recognition Order includingany amendment to the PKPU Plan.

Section 210 (10) proceedings in Singapore

On September 13, 2013, following the ratificationof the Companyʼs Restructuring Plan by theCentral Jakarta Commercial Court, the SingaporeHigh Court granted certain subsidiaries of theCompany (“Relevant Subsidiaries”) to convenemeetings of the creditors for the purposes ofapproving a scheme of arrangement betweeneach Relevant Subsidiary and its creditors.









136



Proposal dari Entitas Anak Yang Relevan terkaitdengan masing-masing skema pembayaranutang adalah bagian dari implementasi inisiatifrestrukturisasi yang tercantum dalam RencanaPerdamaian yang diajukan oleh Perusahaan dandisahkan oleh pengadilan di Indonesia dalamproses PKPU Perusahaan. Syarat-syarat yangdiajukan kepada kreditur Entitas Anak YangRelevan dalam skema pembayaran utang dibuatsemirip mungkin dengan syarat-syarat yangdiajukan kepada kreditur Perusahaan yang samayang tertuang dalam Rencana Perdamaian.Skema pembayaran utang tidak berhubungandengan pinjaman bank Perusahaan atau entitasanak, yang sedang direstrukturisasi secaraterpisah.

The Relevant Subsidiariesʼ proposals under theirrespective schemes of arrangement are part ofthe implementation of the restructuring initiativesset out in the Restructuring Plan proposed by theCompany and approved by the Indonesian courtsin the Companyʼs PKPU process. The termsbeing proposed to each of the RelevantSubsidiariesʼ creditors under the schemes ofarrangement mirror, insofar as possible, theterms proposed to similarly placed creditors ofthe Company under the Restructuring Plan. Theschemes of arrangement do not concern anybank borrowings of the Company or itssubsidiaries, which are being restructuredseparately.

Pada tanggal 17 Februari 2014, Pemohon Skemamengajukan pada Pengadilan Tinggi Singapuraskema pembayaran masing-masing agar disetujuioleh pengadilan. Pada tanggal 25 Februari 2014,Pengadilan Tinggi Singapura menyetujui semuaskema pembayaran yang diajukan.

Pada tanggal 25 Mei 2015, Pemohon Skemaselain Tridonawati Maritime Pte Ltd (PemohonSkema Kedua”) mengajukan aplikasi izin untukmemanggil rapat kreditur dengan maksud untukmengusulkan skema pembayaran lain antaraPemohon Skema Kedua dan kreditur terkait.Skema Pembayaran ini dimaksudkan untukmemfasilitasi transaksi sebagaimana dimaksuddalam Amandemen Rencana Perdamaiandengan cara, antara lain, memungkinkan untuktransfer kapal yang dimiliki oleh Pemohon SkemaKedua untuk perusahaan baru.

Pada tanggal 15 dan 16 Juli 2015, setiapPemohon Skema Kedua mengadakan rapatkreditur sehubungan dengan usulan skemapembayaran. Pada tanggal 23 Juli 2015, masing-masing dari Pemohon Skema Kedua mengajukankepada Pengadilan Tinggi Singapura agar skemapembayaran disetujui oleh pengadilan.

Pada tanggal 17 Agustus 2015, PengadilanTinggi Singapura menyetujui dan mengukuhkanSkema Pembayaran Entitas Anak Yang Relevan.

On February 17, 2014, the Scheme Applicantsapplied to the High Court of Singapore for theirrespective schemes of arrangement to beapproved by the court. On February 25, 2014,the High Court of Singapore approved each ofthe schemes of arrangement proposed by theScheme Applicants.

On May 25, 2015, the Scheme Applicants apartfrom Tridonawati Maritime Pte Ltd (“2nd SchemeApplicants”) filed applications for leave to callcreditorsʼ meetings with a view to proposinganother scheme of arrangement between each2nd Scheme Applicant and its creditors. Theseschemes of arrangement were intended tofacilitate the transactions contemplated in thePKPU Amendment Plan by, among other things,allowing for the transfer of the vessel owned byeach 2nd Scheme Applicant to a new company.

On July 15, 2015 and July 16, 2015, each of the2nd Scheme Applicants held their respectivecreditorsʼ meetings in respect of the proposedschemes of arrangement. On July 23, 2015,each of the 2nd Scheme Applicants applied tothe High Court of Singapore for their respectiveschemes of arrangement to be approved by thecourt.

On August 17, 2015, the Singapore High Courtapproved and sanction the schemes ofarrangement of all the Relevant Subsidiaries.

Manajemen Grup menyatakan bahwa tidak ada kasushukum lain yang sedang berjalan atau arbitrase yangdihadapi oleh Grup selain yang telah diungkapkantersebut di atas.

The Groupʼs management represents that there areno other ongoing legal cases or arbitration insofar asthey are aware which are faced by the Group inaddition to those disclosed above.









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39. GAMBARAN UMUM RENCANA PERDAMAIAN 39. OVERVIEW OF THE RESTRUCTURING PLAN

Pada tanggal 22 Maret 2013, Rencana Perdamaiantelah diratifikasi melalui putusan Pengadilan NiagaJakarta Pusat atas perkara No. 27/PKPU/2012/PN.NIAGA. JKT. PST, dimana seluruh pihak wajibmematuhi serta melaksanakan kesepakatan dalamRencana Perdamaian dan proses PKPU Perusahaandinyatakan berakhir.

Sebelum Rencana Perdamaian diratifikasi, beberapalangkah-langkah restrukturisasi telah dilaksanakanseperti pemeliharaan bisnis, perbaikan manajemen kas,restrukturisasi armada termasuk renegosiasi hargasewa kapal, alokasi tonase, penjualan kapal-kapal tidakmenguntungkan, manajemen kapal pihak ketiga,penjualan kapal tanker ethylene, rasionalisasi kantor,penghematan beban umum dan administrasi sertamanajemen operasional kapal.

Selanjutnya, Perusahaan dan MLA telah menyetujuiuntuk fasilitas modal kerja dalam jumlah tertentu,dimana sebagiannya merupakan pendanaan yangdiperlukan selain dana dari hasil penjualan kapal agarlangkah-langkah restrukturisasi dapat berjalan.Sehubungan dengan fasilitas modal kerja tersebut,kreditur MLA telah menyusun sejumlah persyaratansebagai kondisi untuk memberikan fasilitas modal kerjaantara lain menyediakan dana, jaminan, peninjauanatas struktur Grup, saham yang dijaminkan, perubahanmanajemen, penjualan kapal-kapal tertentu, akuntanpengawas dan pengkajian implikasi pajak atasrestrukturisasi.

Kreditur PKPU dalam Rencana Perdamaian diklasifikasimenjadi (1) kreditur separatis, terdiri dari Mandiri, BCA,Deutsche Bank, AG., Bank Mizuho dan MLOR; dan (2)kreditur konkuren, terdiri dari HSBC Bank USA (waliamanat wesel bayar), HSBC Hongkong Limited (waliamanat obligasi konversi),PT Bank CIMB Niaga Tbk (wali amanat obligasi),Gramercy Distressed Opportunity Fund (pemegangobligasi), Cowell & Lee Asia Credit Opportunity Fund(pemegang obligasi) dan lain-lain. Mayoritas krediturseparatis dan kreditur konkuren telah menyetujuiRencana Perdamaian. Rencana Perdamaian (Rencana)yang disahkan menjelaskan, antara lain, mengenai:

a. Rencana dikembangkan berdasarkan beberapafaktor kurang menguntungkan yang dihadapitermasuk, antara lain:

kondisi pasar industri pelayaran yang masihterus melemah dan penuh tantangan;

On March 22, 2013, the Companyʼs RestructuringPlan was ratified by the decision of the CentralJakarta Commercial Court under CaseNo. 27/PKPU/2012/PN. NIAGA. JKT. PST, whereinall parties must abide by and perform the terms of theRestructuring Plan and the Company will bedischarged from the PKPU proceedings.

Prior to the ratification of the Restructuring Plan, therewere ongoing restructuring steps taken such asbusiness preservation, cash managementimprovement, fleet restructuring includingrenegotiation of leases, tonnage allocation, sale ofnon-profitable vessels, appointment of third party shipmanagement, sales of ethylene vessels, officerationalization, efficiency of general andadministration expenses and the management ofoperational vessels.

Further, the Company agreed with the MLA for aworking capital facility of a certain amount, part ofwhich will provide the necessary funding other thanfunding derived from the sales proceeds of vessels toperform necessary restructuring initiatives. Inconnection with this working capital facility, the MLALenders have set out a number of requirements as acondition for providing the funds, the security,addressing the Groupʼs structure, the secured shares,changes in management, sales of certain vessels,monitoring accountant and assessment of taximplications on restructuring.

PKPU creditors under the Restructuring Plan areclassified as follows: (1) secured creditors, comprisingof Mandiri, BCA, Deutsche Bank, AG., Bank Mizuhoand MLOR; and (2) unsecured creditors, comprisingof HSBC Bank USA (trustee of notes payable), HSBCHong Kong Limited (trustee of convertible bonds),PT Bank CIMB Niaga Tbk (trustee of bonds payable),Gramercy Distressed Opportunity Fund (Gramercy)(bondholders), Cowell & Lee Asia Credit OpportunityFund (bondholders) and others. The majority ofsecured and unsecured creditors have agreed to theRestructuring Plan. The ratified Restructuring Plan(“the Plan”) provides/prescribes, among others:

a. The Plan has been developed in the face of anumber of adverse factors such as the following:

challenging and persistently poor shippingmarket conditions;









138


39. GAMBARAN UMUM RENCANA PERDAMAIAN(lanjutan)

39. OVERVIEW OF THE RESTRUCTURING PLAN(continued)

krisis modal kerja dan adanya kebutuhan danauntuk mendanai langkah langkahrestrukturisasi dari arus kas operasi;

restrukturisasi keuangan yang bersamaandengan BULL, diajukannya petisi Chapter 11oleh Gramercy terhadap Perusahaan di NewYork;

persyaratan hukum pelayaran danimplementasinya di berbagai yurisdiksi yangberbeda.

b. Rencana dibuat berdasarkan analisa yangmenyeluruh atas proyeksi pendapatan (denganmempertimbangkan kinerja pada saat ini danproyeksi pasar) dan dengan memperhatikan posisimasing-masing kreditur termasuk hak atasjaminan, pendapatan kapal, mata uang danpersyaratan yg ditentukan.

c. Rencana didasarkan pada beberapa asumsipenting seperti ketersediaan tambahan modalkerja, langkah-langkah restrukturisasi telah selesaidilaksanakan sehingga rencana dapat efektif,asumsi pertumbuhan pasar, penjualan sebagianaset dimasa yang akan datang, peremajaan kapaltanker kimia dan peningkatan jumlah armadamelalui sewa jangka waktu tertentu.

d. Kunci utama yang mendukung perbaikan kinerjapada proyeksi diatas adalah semakin membaiknyatarif angkutan dibandingkan dengan yang telahdiekspektasikan dan/atau harga bahan bakar yanglebih rendah.

e. Dengan dasar peningkatan asumsi EarningsBefore Interests Tax Depreciation and Amortization(“EBITDA”) diatas tercapai, usulan untukpembagian kelebihan kas kepadakreditur (untuk menurunkan utang), sambilmempertahankan kas yang secukupnya untukbelanja modal yang penting (untuk peremajaanarmada) telah dikembangkan. Cashflow waterfallakan diimplementasikan berdasarkan urutanpembayaran sebagaimana tercantum dalamRencana Perdamaian.

severe working capital crisis and the needto fund for restructuring initiatives fromoperating cash flows;

simultaneous financial restructuring ofBULL, application of Chapter 11 petition byGramercy against the Company in NewYork;

maritime law requirements and processesin different jurisdictions.

b. The Plan is based upon a fundamental analysisof forecast earnings (taking into account currentperformance and market forecasts) and havingregard to each of the creditorsʼ relative positionsincluding security rights, vessel earnings,currency and stipulated requirements.

c. The Plan relies on key assumptions such as theavailability of additional working capital, thesuccessful completion of restructuring initiatives,market growth assumption, future sale of assets,renewal of aging chemical tankers andincreasing fleet size by time chartering.

d. The key drivers of improved performance on theforecast are changing better than expectedfreight rates and/or lower bunker prices.

e. On the basis that the improved Earnings BeforeInterests Tax Depreciation and Amortization(“EBITDA”) is achieved, a proposal for sharing ofthe surplus cash among the creditors (toamortize debt), while retaining sufficient cash forimportant capital expenditure initiatives (fleetreplenishment) had been developed. A cash flowwaterfall will be implemented based upon thepayments to be made as stated in theRestructuring Plan.









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f. Cash sweep akan diimplementasikan setiapsetengah tahun berdasarkan surplus kas setelahpembayaran yang dilakukan dalam cashflowwaterfall dan fasilitas modal kerja telah dibayarlunas. Cash sweep memungkinkan dilakukannyatambahan pembayaran pokok terhadap sisa utangyang tertunggak (in reverse order) bagi parakreditur separatis dan kreditur konkuren danalokasi belanja modal dengan dasar pro-ratasebagaimana tercantum dalam RencanaPerdamaian.

g. Penilaian utama dari asumsi dan analisa tersebutmencakup; (i) kreditur separatis akan dilunasilebih cepat pada tahun ke-6; (ii) kreditur konkurenakan dibayar secara substantial selama 10 tahundimulai sejak tahun ke-3; (iii) cadangan belanjamodal akan terus meningkat yang memungkinkandilakukannya peremajaan armada yang dananyaterutama dari dana cadangan dan (iv) tidakdiperlukan adanya belanja modal yang material ditahun ke-1 sampai ke-5.

h. Prinsip utama yang melandasi restrukturisasi atasutang Grup yang diajukan adalah sebagai berikut:

Kreditur separatis akan menerima 100,0%dari pokok utang yang seluruhnya akanmenggunakan mata uang US$ atauRp (sesuai keadaannya, kecuali untuk parakreditur MLA yang utangnya harus padasetiap saat tetap dinominasi dalam US$)dengan periode pembayaran yang bervariasisampai dengan 10 tahun sesuai denganpendapatan kapal-kapal mereka.

Marjin suku bunga pinjaman tetap sepertifasilitas utang awal tetapi akan merefleksikanbiaya dana US$ atau Rp.

Perusahaan dan setiap kreditur separatisdengan kesepakatan kedua belah pihakdapat mengubah mata uang dari pokok utangmereka setiap saat;

Kreditur konkuren akan menerima 100,0%dari pokok utang dengan bullet repaymentpada akhir tahun ke-10.

f. A cash sweep shall be implemented semi-annually with respect to surplus cash afterpayments on the cash flow waterfall are madeand the working capital facility is fully paid. Thecash sweep enables additional principalrepayments to be applied to the outstandingbalance (in reverse order) with respect tooutstanding secured and unsecured creditorsand allocation to a capital expenditures reserveon a pro-rata basis as stated in the RestructuringPlan.

g. Key observations from such assumptions andanalysis include; (i) secured creditors will be paidsubstantially quicker by Year 6; (ii) liabilities tounsecured creditors are amortized substantiallyover the 10-year period commencing Year 3; (iii)the capital expenditure reserve is expected tobuild up to allow fleet replenishment primarilyfrom cash reserves; and (iv) no capitalexpenditure requirements in Years 1 to 5.

h. The key principles underpinning the restructuringof the Groupʼs debt are set out as follows:

Secured creditors will retain 100.0% of theirprincipal debt which will all be denominatedin US$ or Rp (as the case may be exceptfor the MLA Lenders whose debt shall at alltimes remain denominated in US$) withrepayments extended up to 10 years in linewith the earnings of their vessels;

Interest rate margins will remain inaccordance with original debt facilities butwill reflect US$ or Rp cost of the funds;

The Company and any of the securedcreditors may, by mutual consent, convertthe currency of their principal debt at anytime;

Unsecured creditors will retain 100.0% oftheir principal debt, with a bullet repaymentin Year 10;









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Suku bunga pinjaman akan meningkatdengan berjalannya waktu sesuai denganproyeksi dan ketersediaan dana dan bungapinjaman untuk utang berdenominasi Rpdan US$ yang mencerminkan perbedaanatas mata uang yang wajar;

Para pemasok dagang akan menerimasampai dengan 80,0% dari jumlahtunggakan dengan pembayaran selama5 tahun; dan

Perolehan dana baru sejumlah tertentudalam periode 10 tahun.

i. Jumlah yang tertunggak kepada masing-masingkreditur separatis dan kreditur konkuren yangberhak untuk melakukan voting atas rencana(Kreditur Restrukturisasi) untuk kepentinganPKPU ini ditentukan dengan merujuk kepadaDaftar Piutang Tetap (Daftar Kreditur PKPU) yangtelah dikonfirmasi oleh Hakim Pengawas padatanggal 5 Desember 2012 atau Daftar PiutangTetap setelahnya, atau yang diamandemen, atauyang direvisi dan telah dikonfirmasi oleh HakimPengawas (kecuali untuk beberapa kreditur sewayang telah setuju atau akan setuju denganPerusahaan untuk menentukan nilai tagihannyamelalui pemeriksa independen). Apabila terjadiketidakcukupan kas untuk membayar kas untukmembayar cicilan per kuartal atas bunga ataupokok utang kepada kreditur separatis, krediturseparatis atas keputusannya sendiri dan denganmemberikan persetujuan tertulis kepadaPerusahaan, dapat menyetujui untukmenambahkan jumlah cicilan tersebut padacicilan per kuartal berikutnya selain dari memintapembayaran segera.

j. Ringkasan atas usulan pembayaran yangdiajukan kepada kreditur konkuren adalah:

Pembayaran bunga dapat dilaksanakanapabila tercapai Loan To Value (LTV)maksimum 100,0% atas fasilitas utang daripara kreditur MLA dimana LTV ditentukanberdasarkan nilai kapal yang dijaminkankepada kreditur MLA (Test LTV); dan

Interest rates are increased over time inline with forecasts and available funds withinterest rates for both Rp and US$denominated debt reflecting an appropriatecurrency differential;

Trade suppliers will receive payments up to80.0% of the outstanding amounts over 5years; and

Fund-raising of a certain amount during the10-year period.

i. The outstanding amount to each of the securedand unsecured creditors voted on the Plan (thePlan Creditors) for the purposes of the PKPU isdetermined by reference to the List of FixedReceivables (PKPU Creditor List) confirmed bythe Supervisory Judge on December 5, 2012 orany subsequent, amended or revised List ofFixed Receivables confirmed by the SupervisoryJudge (except for certain lease creditors whohave agreed or will agree with the Company tohave the value of their claim determined by anindependent adjudicator). Where there isinsufficient cash to pay a quarterly installment ofinterest or principal owing to a secured creditor,that secured creditor may, in its discretion, bynotice in writing to the Company, agree to addthe amount of that installment to the nextquarterly installment rather than demandimmediate payment.

j. A summary of the revised proposed terms forunsecured creditors are as follows:

Interest payments are subject to amaximum LTV (Loan To Value) of 100.0%on the MLA Lendersʼ loan facility whereby(Loan To Value) LTV is determined basedon the value of the collateralized vesselsmortgaged to the MLA Lenders (“LTVTest”); and









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j. Ringkasan atas usulan pembayaran yangdiajukan kepada kreditur konkuren adalah(lanjutan):

j. A summary of the revised proposed terms forunsecured creditors are as follows (continued):

Kreditur konkuren tidak diperbolehkan untukmenyatakan event of default untuk setiapgagal bayar atas bunga yang terjadi sebelum1 April 2017 atau sampai pada waktu dimanaLTV dari para kreditur MLA mencapai 70,0%atau kurang, mana yang tercapai lebihdahulu.

Saham baru di Perusahaan akan dikeluarkandan didistribusikan pro-rata diantara parakreditur konkuren. Total saham yang tersediauntuk para kreditur konkuren adalah 25,0%dari seluruh saham Perusahaan yangditingkatkan dengan estimasi nilai wajarsebesar US$ 23,3 juta atau 3.955.764.202saham.

Ekuitas di Perusahaan setara dengan316.461.136 saham atau estimasi nilaisebesar US$ 1,9 juta akan diterbitkankepada pemegang US$ 48,9 jutaGuaranteed Convertible Bonds danUS$ 125 juta 12,0% Guaranteed ConvertibleBonds atas hak konversi yang diberikankepada pemegang obligasi.

k. Setelah Rencana Perdamaian disahkan olehPengadilan Jakarta, Perusahaan akanmendapatkan pengakuan atas RencanaPerdamaian dan proses PKPU dalam Chapter 15Bankruptcy Code di Amerika Serikat. Entitasanak yang telah mengajukan pendaftaranberdasarkan section 210 (10) dari CompaniesAct bermaksud untuk mempresentasikan skemapenyelesaian berdasarkan section 210 dariCompanies Act untuk memberlakukan pokok dankondisi yang terkait dengan RencanaPerdamaian yang terkait dengan entitas anaktersebut, sepanjang para kreditur MLAmendukung dilakukannya tindakan tersebut.Apabila diperlukan entitas anak yang terkait yangtelah ditempatkan dalam skema penyelesaianberdasarkan section 210 dari Companies Actbermaksud untuk memperoleh pengakuan atasskema tersebut berdasarkan Chapter 15Bankruptcy Code di Amerika Serikat.

Unsecured creditors shall not be entitledto call an event of default for any non-payment of interest occurring at the earlierof April 1, 2017, or until such time as theLTV on the MLA Lendersʼ facility is 70.0%or less, whichever is earlier.

New equity in the Company will be issuedand distributed pro-rata among allunsecured creditors. The total new equityavailable to unsecured creditors will be25.0% of the enlarged share capital of theCompany with estimated fair value ofUS$ 23.3 million or 3,955,764,202 shares.

Equity in the Company equivalent to atotal of 316,461,136 shares or estimatedvalue of US$ 1.9 million will be issued tothe holders of the US$ 48.9 millionGuaranteed Convertible Bonds andUS$ 125 million 12.0% GuaranteedConvertible Bonds for the conversionrights to be given up by the bond holders.

k. Upon approval of the Restructuring Plan by theCourt, the Company will obtain recognition ofthe Restructuring Plan and the PKPU processunder Chapter 15 of the United StatesBankruptcy Code. The subsidiaries of theCompany which have taken out applicationsunder Section 210 (10) of the Companies Actintend to present schemes of arrangement togive effect to the principal and relevant termsof this Restructuring Plan in respect of thatparticular subsidiary, provided that the MLALenders support this course of action. Wherenecessary, the Relevant Subsidiaries of theCompany which successfully put in placeschemes of arrangement under Section 210 ofthe Companies Act intend to obtain recognitionof those schemes under Chapter 15 of theUnited States Bankruptcy Code.









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l. Perusahaan dan Kreditur Restrukturisasi sepakatuntuk melaksanakan (atau mengusahakan untukmelaksanakan) seluruh tindakan atau hal-hallebih lanjut lainnya, dan menandatanganidan menyerahkan (mengusahakan untukmenandatangani dan menyerahkan) atasdokumentasi lebih lanjut yang diwajibkan olehperundang-undangan atau yang diperlukan untukmengimplementasikan dan/atau melaksanakanRencana Perdamaian dan transaksi-transaksisebagaimana yang dijabarkan di dalamnya.Untuk lebih memperjelas, Para kreditur MLAtidak dianggap sebagai Kreditur Restrukturisasidan akan menyepakati term sheet dandokumentasi restrukturisasi final yang terpisahantara peminjam dan penjamin fasilitas MLAberdasarkan ketentuan dan persyaratan yangkonsisten dengan ketentuan dalam Rencana ini.

ING Bank N.V. tidak dianggap KrediturRestrukturisasi dan akan menandatangani termsheet terpisah dan dokumentasi restrukturisasifinal dengan para pihak yang memiliki kewajibandari SBLC berdasarkan ketentuan danpersyaratan yang konsisten dengan ketentuandalam Rencana Perdamaian ini, sedangkanMLOR merupakan kreditur Perusahaan, tidakakan menerima pembayaran apapunberdasarkan Rencana Perdamaian ini tanpa adapemenuhan transaksi yang terpisah sesuaidengan restrukturisasi BULL untuk penyelesaiantagihan mereka dan jaminan yang ada.Sepanjang kewajiban Perusahaan berdasarkanRencana Perdamaian ini masih belum dipenuhiseluruhnya, Perusahaan berjanji bahwa tidakakan melakukan hal tertentu sebagaimanadisebutkan dalam Rencana Perdamaian.

l. The Company and the Plan Creditors agree toperform (or procure the performance of) allfurther acts and things, and execute anddeliver (or procure the execution and deliveryof) such further documents as may be requiredby law or as may be necessary to implementand/or give effect to the Restructuring Plan andthe transactions contemplated thereby. For theavoidance of doubt, the MLA Lenders are notconsidered to be the Restructuring PlanCreditors. They will enter into a separate termsheet and definitive restructuringdocumentation with the borrower andguarantors of the MLA facility with terms andprovisions that are consistent with theprovisions of this Plan.

ING Bank N.V. is also not considered to be aPlan Creditor. It will enter into a separate termsheet and definitive restructuringdocumentation with obligors of SBLC withterms and provisions that are consistent withthe provisions of this Plan while MLOR, whichis a creditor of the Company, will not receiveany payments under the Restructuring Planwithout the completion of a separatetransaction pursuant to BULLʼS restructuring todeal with its claims and security. For as long asthe Companyʼs obligations under thisRestructuring Plan remain outstanding, theCompany undertakes that it shall not do certainthings as stipulated in the Restructuring Plan.









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m. Tanpa mengurangi hal-hal yang telahdisampaikan sebelumnya, Perusahaan danKreditur Restrukturisasi (kecuali kreditur sewa,kreditur konkuren lainnya, kreditur dagang dankreditur antar Perusahaan), sepakat untukmenandatangani dan menyerahkan (ataumengusahakan untuk menandatangani danmenyerahkan) dokumentasi sebagaimanadiperlukan sesuai dengan ketentuan Perundang-undangan untuk mencatat, menambahkandan/atau menyatakan kembali kondisi danpersyaratan yang mendasari setiap utangPerusahaan dan/atau entitas-entitas anaknyakepada masing-masing Kreditur Restrukturisasidimana setiap kondisi dan persyaratan tersebutharus konsisten dengan dan tidak berbenturandengan setiap ketentuan di dalam Rencana dantransaksi-transaksi yang tercantum di dalamnya,termasuk tetapi tidak terbatas pada satu ataulebih kesepakatan sukarela atau mandatoryexchange offer yang diwajibkan sesuai denganperaturan perundang-undangan, termasuk, tanpaterbatas term sheet Obligasi US$ dandokumentasi yang diatur dalam dokumentersebut (“Dokumentasi Final”). Suatu event ofdefault hanya dapat terjadi terhadap RencanaPerdamaian dan/atau Dokumentasi Final sebagaiakibat dari pelanggaran pada ketentuan yangtercantum di Rencana Perdamaian itu sendiri danbukan ketentuan tambahan yang tercantum disetiap dokumentasi Final (tidak termasuk untuktujuan ketentuan ini, setiap dan seluruhDokumentasi Final sehubungan dengan ObligasiUS$).

Perusahaan, entitas-entitas anak yang relevandan para Pemegang Obligasi US$ tengah dalamproses menandatangani term sheet sehubungandengan Obligasi US$ yang menjabarkanketentuan-ketentuan tertentu dimanaPerusahaan, entitas-entitas anak yang relevandan para Pemegang Obligasi US$ diharapkanuntuk merestrukturisasi ketentuan-ketentuan dariutang (aktual dan kontinjen) Perusahaan danentitas-entitas anak yang relevan kepada paraPemegang Obligasi US$ berdasarkan ObligasiUS$ di luar proses PKPU melalui dokumentasiterpisah yang mengimplementasikanrestrukturisasi dari utang aktual dan kontinjenPerusahaan dan entitas-entitas anak yangrelevan kepada para Pemegang Obligasi US$.Persyaratan dan ketentuan term sheet ObligasiUS$ akan konsisten dengan ketentuan dalamRencana Perdamaian ini dan Perusahaan akanmenandatangani term sheet Obligasi US$ dandokumentasi lainnya yang diatur dalam termsheet tersebut dan akan mengambil seluruhlangkah langkah yang wajar yang diperlukanuntuk membuat dokumentasi tersebut efektifsecepatnya setelah Rencana Perdamaian inidisetujui. Rencana Perdamaian juga mengaturpersyaratan dan kondisi yang harus dicantumkandalam Dokumentasi Final.

m. Without prejudice to the foregoing, theCompany and the Plan Creditors (except theLease creditors, Other unsecured creditors,trade creditors and intercompany creditors, asthose terms are used) may agree to executeand deliver (or procure the execution anddelivery of) such documentation as may benecessary under relevant law to record, amendand/or restate the terms and conditionsgoverning each of the debts owed by theCompany and/or its subsidiaries to the relevantPlan Creditor such that those terms andconditions are consistent and do not conflictwith any of the terms of the Plan and thetransactions contemplated hereby, includingwithout limitation one or more voluntaryconsent solicitations or mandatory exchangeoffers in accordance with applicable law,including, without limitation, the US$ Bondsterm sheet and the documentationcontemplated thereunder (the “DefinitiveDocumentation”). An event of default may onlyarise under the Restructuring Plan and/orDefinitive Documentation as a result of abreach of the express terms of theRestructuring Plan itself and not additionalterms set out in any Definitive Documentation(excluding for the purposes of this provision,any and all Definitive Documentation relating tothe US$ Bonds).

The Company, its relevant subsidiaries and theUS$ Bondholders are in the process ofentering into a term sheet with respect to theUS$ Bonds, setting out certain terms on whichthe Company, its relevant subsidiaries and theUS$ Bondholders expect to restructure theterms of the indebtedness owed (actually orcontingently) by the Company and its relevantsubsidiaries to the US$ Bondholders under theUS$ Bonds outside of the PKPU proceedingspursuant to the separate documentsimplementing the restructuring of the actualand contingent indebtedness of the Companyand its relevant subsidiaries to the US$Bondholders. The terms and provisions of theUS$ Bonds term sheet will be consistent withthe provisions of this Restructuring Plan andthe Company undertakes to enter into the US$Bonds term sheet and any and all otherdocumentation contemplated thereunder andto take all steps reasonably necessary to makesuch documentation effective as soon aspracticable following the approval of thisRestructuring Plan. The Restructuring Planalso governs requirements adhered to in theDefinitive Documentation.









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n. Perusahaan dan/atau entitas anaknya harusmemenuhi kewajibannya berdasarkan Rencanasepanjang persetujuan dan pengesahan yangdiperlukan telah didapatkan (dan belum pernahditarik atau diubah) dari pihak yang berwenangatau badan pengawas yang berwenang apabiladiperlukan, termasuk tetapi tidak terbatas padaSGX, BEI, OJK, para pemegang sahamPerusahaan atau BULL, setelah Rencanadisahkan oleh Pengadilan Jakarta.

o. Setelah Rencana Perdamaian disetujui olehKreditur Restrukturisasi dan Pengadilan Jakarta,setiap amandemen lanjutan terhadap RencanaPerdamaian akan tergantung dari persetujuandari setidaknya 50,0% jumlah kreditur dan 66,7%nilai tagihan yang tertunggak dari kedua kelaskreditur (separatis dan konkuren) dari, KrediturRestrukturisasi, pada saat tersebut, dimanaKreditur Restrukturisasi separatis dan konkurenmelakukan voting, namun denganmemperhatikan ketentuan bahwa:

Setiap amandemen yang menyangkut paraKreditur MLA dan ING Bank N.V. sebagaiKreditur Restrukturisasi (kecuali denganalasan dari para Kreditur MLA dan ING BankN.V.) membutuhkan persetujuan tertulis daripara Kreditur MLA atau ING Bank N.V.;

Selama terdapat jumlah tertunggak yangmasih belum dibayarkan kepada paraKreditur MLA, setiap perubahan pada bagiantertentu dari Rencana membutuhkanpersetujuan tertulis dari para Kreditur MLA;

Amandemen atau pengesampingan bagiantertentu dari Rencana atas hak ataukewajiban Bank SBLC, rekening-rekeningpenerimaan dari “Gas Bangka” atau setiapjaminan yang dimiliki oleh ING Bank N.V.untuk menjamin Fasilitas SBLC tidak dapat,selama masih ada kewajiban aktual ataukontinjen berdasarkan Fasilitas SBLC, dapatdiberlakukan tanpa persetujuan dari INGBank N.V.; dan

Tidak ada amandemen yang dilakukanterhadap ketentuan lainnya yang dapatmempengaruhi perjanjian-perjanjian dandokumentasi lainnya yang telah disetujuiPerusahaan dan Pemegang ObligasiUS$ tanpa persetujuan tertulis yangsepesifik dari Pemegang Obligasi US$.

n. The Company and/or its subsidiaries shall berequired to fulfill its obligations under thisAgreement only insofar as such approvals andconsents as may be necessary have beenobtained (and have not been withdrawn oramended) from such regulatory or supervisoryauthorities as may be necessary, includingwithout limitation, the SGX, IDX, OJK or theshareholders of the Company or of BULL,subsequent to the Plan being approved by theJakarta Court.

o. Upon the approval of the Restructuring Plan bythe Plan Creditors and the Jakarta Court, anyfurther amendment to the Restructuring Planwill be subject to approval by at least 50.0% innumber and 66.7% in value of the aggregateoutstanding debt of two classes (secured andunsecured) of Plan Creditors, at such time assuch secured and unsecured Plan Creditorsvote, provided, however, that:

Any amendment purporting to include theMLA Lenders and ING Bank N.V. as aPlan Creditor (except by reason of theMLA Lenders and ING Bank N.V.) shallrequire the written consent of the MLALenders or ING Bank N.V.;

For so long as any amount ofindebtedness remains owing to the MLALenders, any amendment to certainsections in the Plan shall require thewritten consent of the MLA Lenders;

An amendment or waiver to certainsections in the Plan to the rights orobligations of the SBLC Bank, theearnings account of “Gas Bangka”, theearnings of “Gas Bangka” or of anysecurity held by ING Bank N.V. to securethe SBLC Facility may not, so long as anyactual or contingent liability remains underthe SBLC Facility, be effected without theconsent of ING Bank N.V.; and

No amendment shall be made to the termsdescribed in relation to the US$Bondholders or to any other term whichwould affect any such other agreementsand documents as agreed between theCompany and the US$ Bondholderswithout the specific written consent of theUS$ Bondholders.









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Meskipun upaya dan komitmen Perusahaan untuksepenuhnya melaksanakan restrukturisasi utangtersebut, beberapa faktor telah menghambatkeberhasilan penerapan Rencana Restrukturisasitermasuk:

pemulihan yang tertunda di pasar pelayarandibandingkan dengan perkiraan sebagaimanadisebutkan dalam Rencana Perdamaian;

berkurangnya ketersediaan pembiayaan bank danketertarikan investor pada industri inimengakibatkan sulitnya mendapatkan dana untukmenjalankan Rencana Perdamaian;

ketidakmampuan untuk mendapatkan persetujuandari otoritas terkait di Indonesia untuk penerbitansaham baru yang telah ditetapkan dalam RencanaPerdamaian; dan

risiko tidak tercatat lagi (delisting) di BEI berkaitandengan defisiensi modal Perusahaan.

Despite the Companyʼs efforts and commitment tofully implement the aforementioned debt restructuring,a number of events had impeded a successfulimplementation of the Restructuring Plan, including:

a delayed market recovery in the shipping marketas compared to the forecast set out in theRestructuring Plan;

a lack of bank financing and investor appetiteavailable for the industry resulting in difficulty inobtaining the fundraising envisaged under theRestructuring Plan;

inablility to obtain approval from the relevantregulatory authorities in Indonesia for theissuance of new shares set out in theRestructuring Plan; and

the risk of delisting by the IDX due to theCompanyʼs substantial capital deficiency.

Berdasarkan faktor-faktor tersebut di atas, Perusahaanharus melakukan restrukturisasi lebih lanjut ataskewajiban Grup di bawah Fasilitas MLA dan RencanaPerdamaian.

Pada tanggal 22 April 2015, Perusahaanmenegosiasikan pengaturan konsensual dengan ParaKreditur MLA terkait dengan restrukturisasi FasilitasMLA (“Restrukturisasi MLA”), dan menandatanganiterm sheet yang mengikat dan perjanjian pendukungrestrukturisasi (“RSA”) dengan, antara lain, ParaKreditur MLA (Catatan 16). Restrukturisasi MLAmencegah eksekusi seluruh aset-aset yang dijaminkankepada Para Kreditur MLA dan mempertahankan nilaisebanyak mungkin untuk Perusahaan dan parapemangku kepentingan.

Perubahan atas Rencana Perdamaian (“AmendemenRencana Perdamaian”) telah diusulkan dan disetujuioleh kreditur-kreditur mayoritas dari kedua kelaskreditur Grup, kreditur separatis dan kreditur konkuren,pada tanggal 14 Agustus 2015. Amandemen RencanaPerdamaian telah mendapat persetujuan bulat darikreditur separatis dan persetujuan dari mayoritasmewakili 64,67% dalam jumlah dan 86,64% dalam nilaidari kreditur konkuren.

In view of the various factors above, the Companyhad to undertake a further restructuring of theGroupʼs obligations under the MLA Facility and theRestructuring Plan.

On April 22, 2015, the Company negotiated aconsensual arrangement with the MLA Lendersrelating to the restructuring of the MLA Facility (“MLARestructuring”), and signed a binding term sheet anda restructuring support agreement (“RSA”) with,among others, the MLA Lenders (Note 16). The MLARestructuring avoided enforcement over all assetswhich were then secured in favor of the MLA Lendersand retained as much value as possible for theCompany and its stakeholders.

The amendments to the PKPU Plan (“PKPUAmendment Plan”) was proposed and approved bythe requisite majority creditors of both secured andunsecured creditors of the Group on August 14, 2015.The PKPU Amendment Plan received unanimousapproval from the Companyʼs secured creditors andthe approval of a majority representing 64.67% innumber and 86.64% in value of the Groupʼsunsecured creditors.









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Prinsip-prinsip utama yang mendasari UsulanRestrukturisasi dalam Amendemen RencanaPerdamaian adalah sebagai berikut:

(a) Persyaratan yang disepakati dalamRestrukturisasi MLA, yang meliputi:

Grup akan mengalihkan Aset-aset MLAkepada NewCo sebagai ganti ataspenghapusan semua utang tertunggak dalamFasilitas MLA;

Para Kreditur MLA akan membebaskan ataumemfasilitasi pembebasan aset-aset berikutuntuk Grup: (i) Teekay JV dan Buana yangdijaminkan kepada Para Kreditur MLAberdasarkan dokumen-dokumen FasilitasMLA; (ii) uang jaminan US$ 9,2 juta dan GasBangka, yang dicatat sebagai jaminan dalamStandby Letter of Credit Facility ING; dan (iii)pengembalian uang tunai hingga 50% daribeban dan biaya yang disebabkan oleh ParaKreditur MLA sesuai dengan UsulanRestrukturisasi;

Para Kreditur MLA akan menerbitkan aset-aset berikut untuk Grup: (i) Waran NewCountuk membeli sampai dengan 10% ekuitas diNewCo. Waran NewCo in dapat terdilusiakibat program insentif manajemenberdasarkan pasar dan penerbitan efekbersifat ekuitas oleh NewCo di masa depan;dan (ii) Preferen equity interest NewCosebesar US$ 10,0 juta yang akan diterimadalam jumlah yang sama setiap tahun selama5 tahun;

(b) Keluarga Surya telah setuju untuk mencarikansuntikan dana sejumlah US$ 10,0 juta untukmendanai modal kerja dan/atau pengembanganarmada dari Grup yang dikompensasi dengantambahan modal saham di Perusahaan.

The key principles underpinning the ProposedRestructuring under PKPU Amendment Plan are setout below:

(a) The agreed terms under MLA Restructring, whichinclude:

The Group shall transfer the MLA Assets toNewCo in return for forgiveness of all debtsoutstanding under that MLA Facility.

The MLA Lenders shall release or procure therelease of the following assets to the Group:(i) Teekay JV and Buana which are securedto MLA Lenders under the MLA FacilityDocuments; (ii) US$ 9.2 million cash collateraland Gas Bangka, which are posted assecurity under the ING Standby Letter ofCredit Facility; and (iii) cash refund of up to50% of the fees and expenses incurred by theMLA Lenders pursuant to this ProposedRestructuring.

The MLA Lenders shall issue the followingassets to the Group: (i) NewCo Warrants topurchase up to 10% equity in NewCo whichare subject to dilution by a market-basedmanagement incentive program and anyfuture issuance of equity securities byNewCo; and (ii) NewCo Preferred EquityInterest amounting to US$ 10.0 million to bereceived in equal annual installments over 5years;

(b) The Surya family has committed to procure acash injection of US$ 10.0 million into the Groupfor working capital or business developmentpurposes in exchange for additional share capitalin the Company.

Salah satu fitur utama dari Amandemen RencanaPerdamaian adalah penerbitan sebanyak11.673.084.196 saham baru Perusahaan (“SahamBaru BLT”) (setara dengan lebih kurang 45% darimodal saham yang diperbesar dari Perusahaansetelah Usulan Konversi Utang menjadi Ekuitas danKonversi MCS) untuk didistribusikan secara pro-ratakepada seluruh kreditur konkuren dan sebanyak-banyaknya 259.401.872 saham baru (“Saham BaruCB”) (setara dengan lebih kurang 1% dari modalsaham yang diperbesar dari Perusahaan setelahUsulan Konversi Utang menjadi Ekuitas dan KonversiMCS) untuk didistribusikan secara pro-rata kepadaseluruh pemegang Obligasi Konversi, tergantung daripersetujuan instansi yang diperlukan dan regulasi sertaperundang-undangan (Usulan Penerbitan KonversiUtang menjadi Ekuitas). Persyaratan komersial dariUsulan Penerbitan Saham Konversi Utang menjadiEkuitas didapatkan setelah negosiasi secara wajardengan kreditur konkuren.

One of the key components of the PKPU AmendmentPlan is the issuance by the Company of up to11,673,084,196 new Shares (“New BLT Shares”)(equivalent to approximately 45% of the enlarged sharecapital of the Company after both the Proposed Debt-Equity Swap Share Issuance and the MCS Conversion)for distribution on a pro rata basis to the unsecuredcreditors and up to 259,401,872 new Shares (“New CBShares”) (equivalent to approximately 1% of the enlargedshare capital of the Company after both the ProposedDebt-Equity Swap Share Issuance and the MCSConversion) for distribution to the ConvertibleBondholders, subject to the necessary corporate andregulatory approvals being obtained (“Proposed Debt-Equity Swap Share Issuance”). The commercial terms ofthe Proposed Debt-Equity Swap Share Issuance werearrived at after armʼs length negotiations with theunsecured creditors.









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Sesuai dengan peraturan pencatatan BEI, selama duabelas (12) bulan sejak tanggal pencatatan SahamBaru BLT dan Saham Baru CB di BEI, krediturkonkuren akan tunduk pada periode wajib lock-up, dankarenanya, tidak diperbolehkan untuk menjual ataumengalihkan Saham Baru BLT dan Saham Baru CBtersebut.

Terkait dengan Amandemen Rencana Perdamaian,kreditur PKPU telah menyetujui hal-hal berikut:

(a) Kreditur separatis

amortisasi pokok sejak tanggal persetujuandari Amandemen Rencana Perdamaiansampai dengan 31 Maret 2017 bergantungpada kas yang tersedia pada masing-masingRekening Penerimaan para kreditorseparatis;

amortisasi pokok wajib dimulai sejak tanggal1 April 2017 sampai dengan 32 kaliangsuran tetap kuartalan sesuai denganketentuan awal dari Rencana Perdamaian;

bunga dihitung dan dibayarkan per kuartalyang dimulai sejak tanggal 1 April 2015sesuai dengan ketentuan awal RencanaPerdamaian; dan

tidak ada pembayaran kembali yangdipercepat dari cash sweep.

Under the IDX listing rules, within twelve (12) monthsof the date of the listing of the New BLT Shares andthe New CB Shares on the IDX, the unsecuredcreditors shall be subject to a mandatory lock-upperiod, and accordingly, shall not sell or dispose ofany of the New BLT Shares or New CB Shares.

Under the PKPU Amendment Plan, the PKPUcreditors agreed to the following:

(a) Secured creditors

principal amortization from the date ofapproval of the PKPU Amendment Plan toMarch 31, 2017 is subject to the cashavailable in the respective secured creditorʼsearnings account;

mandatory principal amortization shallcommence from April 1, 2017 onwards with32 equal quarterly installments inaccordance with the Restructuring Plan;

interest shall be accrued and paid on aquarterly basis commencing April 1, 2015 inaccordance with the the Restructuring Plan;and

no accelerated repayment from cash sweep

(b) Kreditur konkuren

Konversi penuh utang menjadi ekuitas untukpokok utang. Para kreditor konkuren secarabersama-sama akan menerima danmemegang 47% dari modal saham baru darimodal saham diperbesar di Perusahaan(setelah Usulan Konversi Utang-Ekuitas danKonversi MCS), yang terdiri dari:

- penerbitan saham baru di Perusahansebanyak-banyaknya 11,673,084,196saham yang setara dengan 45% darimodal saham diperbesar di Perusahaan(setelah Usulan Konversi Utangmenjadi Ekuitas dan Konversi MCS);dan

- transfer sebesar 2% dari total sahamPerusahaan yang dipegang olehkeluarga Surya (setelah UsulanKonversi Utang menjadi Ekuitas danKonversi MCS).

(b) Unsecured creditors

Full debt for equity swap of principal debt.Unsecured Creditors will collectively receiveand hold 47% new equity of the enlargedshare capital of the Company (after both theProposed Debt-Equity Swap Share Issuanceand the MCS Conversion), comprising:

- The issuance of new shares consistingof up to 11,673,084,196 sharesequivalent to 45% of the enlarged sharecapital of the Company (after both theProposed Debt-Equity Swap ShareIssuance and the MCS Conversion);and

- A transfer of 2% of the total shares heldby Surya family (after both the ProposedDebt-Equity Swap Share Issuance andthe MCS Conversion).









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(b) Kreditur konkuren (lanjutan)

Dalam tiap kasus didistribusikan secarapro-rata di antara para kreditor konkurenberdasarkan utang pokok tertunggak.

Para Pemegang Obligasi HYmempertahankan jaminan atas Teekay JVdan Buana atas pembayaran bunga dariperiode 1 April 2015 sampai 31 Maret 2017dengan jumlah sebanyak-banyaknyaUS$ 8,6 juta ("Bunga HY"). Perusahaanakan membayar Bunga HY kepada paraPemegang Obligasi HY sebagai berikut ini:

- US$ 1,0 juta dalam waktu lima (5) harikerja dari penyelesaian AmandemenRencana Perdamaian; dan

- saldo dari Bunga HY sesuai denganketentuan awal dari RencanaPerdamaian.

Bergantung kepada percepatanpembayaran dalam mengurangi Bunga HYyang tertunggak dengan cara alokasi 50%dari seluruh dividen yang diterima dariTeekay JV.

Sebagai tambahan dari perolehan distribusipro-rata mereka dari distribusi Saham BaruBLT dan transfer 2% saham yang dipegangoleh Keluarga Surya), para PemegangObligasi Konversi juga akan mendapatkantambahan 1% saham pada modal yangdiperbesar di Perusahaan (setelah usulanKonversi Utang menjadi Ekuitas dankonversi MCS) sebanyak-banyaknya259.401.872 saham, yang konsisten denganRencana Perdamaian sebagai imbal balikdari kehilangan hak konversi mereka.

Kreditor konkuren memegang, secara pro-rata, suatu kepentingan pada Buana danNevaeh melalui struktur yang akanmemberikan manfaat ekonomis atas aset-aset tersebut kepada kreditor konkuren.

Pembebasan seluruh bunga yangdikapitalisasi.

(b) Unsecured creditors (continued)

In each case, distributed on a pro rata basisamong the Unsecured Creditors based onthe principal debt outstanding.

The HY Bondholders retains security overthe Teekay JV and Buana for their interestpayments for the period April 1, 2015 toMarch 31, 2017 of up to US$ 8.6 million (“HYInterest”). The Group will pay the HY Interestto the HY Bondholders as follows:

- US$ 1.0 million within five (5) businessdays of the closing of the PKPUAmendment Plan; and

- the balance of the HY Interest inaccordance with the Restructuring Plan.

Subject to an acceleration of payments inreduction of outstanding HY Interest by wayof an allocation of 50% of all dividendsreceived fromTeekay JV.

In addition to their allocation of the New BLTShares and the transfer of 2% shared heldby Surya Family, the ConvertibleBondholders will, in aggregate, also be givenan additional 1% equity stake in theenlarged share capital of BLT (after both theProposed Debt-Equity Swap Share Issuanceand the MCS Conversion), consisting of upto 259,401,872 shares, which is consistentwith the Restructuring Plan as considerationfor their forfeiture of their conversion rights.

The Unsecured Creditors to hold, on a prorata basis, an interest in Buana and Nevaehthrough a structure that would deliver theeconomic benefit of those assets to theUnsecured Creditors.

Waiver of all interest capitalized.









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(c) Utang usaha

Para kreditur usaha akan mempertahankan50% dari saldo utang yang tertunggak danakan dibayarkan selama 5 tahun.

(d) Kreditur Antar-Perusahaan

Tidak ada pembayaran Kreditur Antar-Perusahaan, sebagaimana dijelaskan dalamRencana Perdamaian, atau keinginan antar-perusahaan dari setiap klaim antara KrediturAntar-Perusahaan sampai (i) semua krediturterjamin yang dibayar penuh, dan (ii) nilaiagregat dari 48% ekuitas yang dipegangoleh konkuren, termasuk dengan penerusdan nominee mereka, melebihi jumlah klaimtertunggak sebesar US$ 1,1 miliar.

Kreditur Antar-Perusahaan tidak akanmenggunakan hak pilihnya dalamAmandemen Rencana Perdamaian ataumenegaskan atau membuat klaim atasPerusahaan dengan cara apapun; dan

Klaim antar-perusahaan yang dimiliki olehBULL dan/atau entitas anak BULL,sebagaimana dijelaskan dalam RencanaPerdamaian, harus dibayar sebagai prioritasdiantara perusahaan lainnya.

Berdasarkan Rapat Umum Pemegang Saham LuarBiasa yang diaktakan dalam akta No. 5 tanggal17 November 2015 dari Firdhonal, SH, notaris diJakarta, Perusahaan memperoleh persetujuan dariPemegang Saham yang ada untuk Usulan KonversiUtang menjadi Ekuitas dan Usulan Penerbitan MCS(Catatan 40).

Pada tanggal 1 Desember 2015, Restrukturisasi MLAtelah berhasil diselesaikan.

(c) Trade creditors

Trade creditors will retain 50% of theiroutstanding debt balance and will be paidover 5 years.

(d) Intercompany Creditors

No payments to any Intercompany Creditor,as defined in the Restructuring Plan, orsatisfaction of any intercompany claim withany Intercompany Creditors until (i) allexisting secured creditors are repaid in full,and (ii) the aggregate value of the 48%equity interest held by the UnsecuredCreditors, including their successors andnominees, exceeds the total outstandingclaims of US$ 1.1 billion.

Intercompany Creditors will not exercisetheir voting rights in the PKPU AmendmentPlan or otherwise assert or make any claimsupon Company in any manner whatsoever;and

Intercompany claims owned by BULL and/orBULL Subsidiaries, as defined in theRestructuring Plan, shall be paid in priorityto other intercompany claims.

Based on Extraordinary General Meeting ofShareholders notarized under deed No. 5 datedNovember 17, 2015 of Firdhonal, SH, notary inJakarta, the Company obtained approval from theexisting Shareholders for the Proposed Debt-EquitySwap Share Issuance and Proposed Issuance ofMCS (Note 40).

On December 1, 2015, MLA Restructuring has beensuccessfully completed.

Sehubungan dengan peningkatan modal yang berasaldari konversi utang-ekuitas (debt to equity swap)tersebut di atas, Perusahaan telah mengubahanggaran dasar dengan meningkatkan modal,ditempatkan dan disetor sebagaimana tercantumdalam akta No. 16 tanggal 23 November 2015 dariFirdhonal, S,H., Notaris di Jakarta. Perubahananggaran dasar ini telah mendapatkan persetujuandari Menteri Hukum dan Hak Asasi ManusiaRepublik Indonesia dalam Surat KeputusannyaNo. AHU-0947364.AH.01.02 Tahun 2015 tanggal6 Desember 2015.

Perusahaan telah mengumumkan implementasiKonversi Utang menjadi Ekuitas tersebut pada tanggal15 Desember 2015 dan sudah efektif sejak31 Desember 2015.

In connection with the capital increase arising fromthe conversion of debt-equity (debt to equity), theCompany has amended the articles of association toincrease the authorized capital, issued and fully paidas stated in the deed No. 16 dated November 23,2015 of Firdhonal, S,H., Notary in Jakarta. Thisamendment was approved by the Ministry of Law andHuman Rights of the Republic of Indonesia in its letterNo. AHU-0947364.AH.01.02 Year 2015 datedDecember 6, 2015.

The Company announced the implementation of theproposed debt-to-equity conversion on December 15,2015 and effectively applied on December 31, 2015.









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40. MANDATORY CONVERTIBLE SECURITIES 40. MANDATORY CONVERTIBLE SECURITIES

Sesuai dengan Amandemen Rencana Perdamaian,Keluarga Surya berkomitmen untuk mendapatkansuntikan kas sebesar US$ 10,0 juta untuk modal kerjaatau pengembangan armada yang dikompensasidengan penambahan modal saham dalamPerusahaan.

Pada tanggal 9 Oktober 2015, Grup menandatanganiMCS subscription agreement dengan PT Elang MegahInti, investor pihak ketiga, untuk mengajukan alokasidan penerbitan MCS ke PT Elang Megah Inti sebesarUS$ 10,0 juta.

Sesuai dengan perjanjian, jumlah saham konversitidak melebihi 2.456.869.565 saham (“UsulanPenerbitan MCS”). Usulan Penerbitan MCS akanmembuat PT Elang Megah Inti memegang sampaidengan 9,5% dari modal saham diperbesar dariPerusahaan setelah usulan penerbitan sahamKonversi Utang menjadi Ekuitas dan konversi MCS.

Berdasarkan Rapat Umum Pemegang Saham LuarBiasa yang diaktakan dalam akta No. 5 tanggal17 November 2015 dari Firdhonal, SH, notaris diJakarta, Perusahaan memperoleh persetujuan dariPemegang Saham yang ada untuk Usulan KonversiUtang menjadi Ekuitas dan Usulan Penerbitan MCS(Catatan 40).

Pursuant to PKPU Amendment Plan, the Surya familyhas committed to procure a cash injection of US$10.0 million into the Group for working capital orbusiness development purposes in exchange foradditional share capital in the Company.

On October 9, 2015, the Group entered into MCSsubscription agreement with PT Elang Megah Inti, athird party investor, for the proposed allocation andissuance of MCS to PT Elang Megah Inti for aconsideration of US$ 10.0 million.

Pursuant to the agreement, the aggregate number ofconversion shares shall not exceed 2,456,869,565shares (“Proposed Issuance of MCS”). The ProposedIssuance of MCS will result in PT Elang Megah Intiholding approximately up to 9.5% of the enlargedshare capital of the Company after both the ProposedDebt-Equity Swap Share Issuance and the MCSconversion.

Based on Extraordinary General Meeting ofShareholders notarized under deed No. 5 datedNovember 17, 2015 of Firdhonal, SH, notary inJakarta, the Company obtained approval from theexisting Shareholders for the Proposed Debt-EquitySwap Share Issuance and Proposed Issuance ofMCS (Note 40).

41. INSTRUMEN KEUANGAN 41. FINANCIAL INSTRUMENTS

a. Manajemen risiko permodalan a. Capital risk management

Sejak ratifikasi Rencana Perdamaian, tujuanutama dari manajemen risiko permodalan Grupadalah untuk memastikan ketersediaan modalkerja Grup untuk menjalankan operasi dan inisiatifrestrukturisasi sesuai dengan RencanaPerdamaian.

Grup mengelola struktur modal dan membuatpenyesuaian sesuai dengan kondisi ekonomi.Saat ini, Grup mengelola modalnya denganmemonitor secara rutin kebutuhan modal kerjasesuai dengan Rencana PerdamaianAmandemen. Pada tanggal 31 Desember 2015dan 2014, Grup memiliki modal kerja negatif danposisi defisit. Sehubungan dengan itu Grup akanmenerapkan secara berkelanjutan inisiatifpemotongan biaya dan restrukturisasi sertameninjau dan mengawasi pembelanjaan modal.

Since the ratification of the Restructuring Plan,the primary objective of the Groupʼs capital riskmanagement has been to ensure the availabilityof the Groupʼs working capital to run itsoperations and restructuring initiatives inaccordance with the Restructuring Plan.

The Group manages its capital structure andmakes adjustments to it, to cope with thechanges in economic conditions. Currently, theGroup manages its capital by regularlymonitoring its working capital requirements inaccordance with the PKPU Amendment Plan. Asof December 31, 2015 and 2014, the Group hasnegative working capital and in deficit position.As such, the Group will continuously apply cost-cutting and restructuring initiatives to review andmonitor its capital expenditure.









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41. INSTRUMEN KEUANGAN (lanjutan) 41. FINANCIAL INSTRUMENTS (continued)

b. Kategori instrumen keuangan b. Categories of financial instruments

Aset keuangan Financial assets

2015 2014US$'000 US$'000

Kas dan bank 10.314 23.945 Cash on hand and in banksPiutang usaha - pihak ketiga 2.407 17.654 Trade receivables - third partiesPiutang lain-lain - pihak ketiga *) 2.103 3.847 Other receivables - third parties *)Aset keuangan derivatif 23.392 - Derivative financial assetAset keuangan tersedia untuk dijual 18.059 21.459 Available-for-sale financial assetsAset tidak lancar lainnya 85 140 Other non-current assetsKas dibatasi penggunaannya - 9.168 Restricted cash


*) kecuali saham preferen yang dapat ditebus *) excluding preferred redeemable equity interest

Liabilitas keuangan Financial liabilities

2015 2014US$'000 US$'000

Utang usaha 10.010 30.353 Trade accounts payableBeban akrual 8.278 18.184 Accrued expensesPinjaman 31.358 727.456 Loans payableObligasi - 238.751 Bonds payableUtang sewa pembiayaan - 181.020 Obligations under finance leaseUtang lain-lain 12.342 251.902 Other payablesWesel bayar - 382.135 Notes payableProvisi - 7.113 ProvisionsLiabilitas jangka pendek lainnya 249 3.615 Other current liabillities

Total 62.237 1.840.529 Total

c. Tujuan manajemen risiko keuangan c. Financial risk management policies

Kebijakan manajemen risiko keuangan Grupbertujuan untuk memastikan bahwa terdapatsumber daya keuangan yang memadai untukpengembangan usaha Grup serta dapatmengelola risiko nilai tukar mata uang asing, risikosuku bunga, risiko kredit, risiko bahan bakar, danrisiko likuiditas. Kebijakan manajemen risikokeuangan Grup adalah sebagai berikut:

Risiko manajemen nilai tukar mata uang asing(mata uang non-fungsional)

Grup juga melakukan kegiatan usahanya dalammata uang asing yang berbeda dengan matauang fungsionalnya terutama dalam rupiah, dolarSingapura, yen Jepang, Chinese renminbi daneuro. Eksposur dan fluktuasi mata uang asingmemiliki dampak yang material terhadap laporankeuangan konsolidasian Grup.

The Groupʼs financial risk management policiesseek to ensure that adequate financial resourcesare available for the operation and developmentof its business while managing its exposure toforeign exchange risk, interest rate risk, creditrisk, fuel risk and liquidity risk. The Groupʼsfinancial risk management policies are as follows:

Foreign exchange (non-functional currency)risk management

The entities in the Group conduct their respectivebusinesses in currencies other than theirfunctional currencies primarily in rupiah,Singapore dollar, Japanese yen, Chineserenminbi and euro. Foreign currency exposuresand fluctuations have material impact on theGroupʻs consolidated financial statements.









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c. Tujuan manajemen risiko keuangan (lanjutan) c. Financial risk management policies(continued)

Risiko manajemen nilai tukar mata uang asing(mata uang non-fungsional) (lanjutan)

Foreign exchange (non-functional currency)risk management (continued)

Grup memiliki kebijakan untuk mengelola risikomata uang asing untuk memaksimalkankeuntungan. Grup melakukan tinjauan secaraperiodik akibat perubahan mata uang asingterhadap profitabilitas sehingga Grup dapatmelakukan tindakan untuk mencegah risiko ini.

The entities in the Group have the policy tomanage foreign exchange risks so as tomaximize profits. The Group has practices thatinclude the periodic review of the impact ofmovements in foreign exchange rates onprofitability so that the Group can take action tomitigate these risks.

Mata Uang Ekuivalen Mata Uang EkuivalenAsing/ US$'000/ Asing/ US$'000/Foreign Equivalent to Foreign Equivalent to

Currencies US$'000 Currencies US$'000

Aset AssetsKas dan bank Rp 3.600 261 1.032.250 83 Cash on hand and in banks

SGD 20 14 337 255JPY 361 3 - -EUR 9 13 42 51

Piutang usaha Rp 1.807 131 - - Trade receivablesEUR 821 1.218 1.033 1.257SGD 7 5 7 5

Aset keuangan tersedia Available-for-saleuntuk dijual RMB 48.482 7.548 60.034 9.811 financial assets


Liabilitas LiabillitiesUtang usaha Rp 2.083 151 1.281.320 103 Trade accounts payable

SGD 877 622 676 512JPY 2.891 24 16.024 133EUR 1.109 1.644 1.549 1.884

Pinjaman Rp 192.772.212 13.974 305.414.440 24.551 Loans payableJPY - - 1.848.916 15.346

Obligasi Rp - - 1.143.920.200 91.955 Bonds payableObligations under

Utang sewa pembiayaan JPY - - 16.383.101 135.780 finance leaseUtang lain-lain JPY - - 853.855 7.087 Other payables

SGD - - 1.431 1.085GBP - - 5.411 8.426

Total 16.415 286.862 Total

2015 2014









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Ringkasan nilai tercatat aset dan liabilitas monetersignifikan Grup yang didenominasi dalam matauang yang berbeda dengan mata uangfungsionalnya pada tanggal pelaporan adalahsebagai berikut:

The summary of the carrying amounts of theGroupʼs significant financial monetary assetsand monetary liabilities denominated incurrencies other than US$ as at reporting dateis as follows:

Liabilitas/ Liabilitas/Aset/Assets Liabilities Aset/Assets LiabilitiesUS$'000 US$'000 US$'000 US$'000

Rupiah 392 14.125 83 116.609 RupiahYen 3 24 - 158.346 YenDolar Singapura 19 622 260 1.597 Singapore dollarEuro 1.231 1.644 1.308 1.884 EuroRMB 7.548 - 9.811 - RMBGBP - - - 8.426 GBP

Total 9.193 16.415 11.462 286.862 Total

2015 2014

Tabel berikut memperlihatkan sensitivitas analisisGrup atas perubahan dalam US$ terhadap matauang di atas. Tingkat sensitivitas di bawah inidigunakan ketika melaporkan risiko mata uangasing kepada anggota manajemen kunci secarainternal dan mewakili penilaian manajementerhadap kemungkinan perubahan nilai pertukaranmata uang asing. Analisa sensitivitas hanyadilakukan pada pos moneter yang didenominasidalam mata uang asing dan menyesuaikantranslasinya pada akhir periode atas perubahannilai pertukaran mata uang asing. Angka positif dibawah ini mengindikasikan peningkatan dalamlaba dan ekuitas dimana mata uang asing di atasmenguat pada persentase tertentu terhadap US$.Untuk persentase yang sama atas melemahnyamata uang asing di atas terhadap US$, akanberdampak yang setara dan berlawanan terhadaplaba dan ekuitas.

The following table details the Groupʼssensitivity analysis to changes in US$ againstthe above currencies. The sensitivity ratesbelow are used when reporting foreign currencyrisk internally to key management personneland represent managementʼs assessment ofthe reasonably possible change in foreignexchange rates. The sensitivity analysisincludes only outstanding foreign currencydenominated monetary items and adjusts theirtranslation at year end for the change in foreigncurrency exchange rates. A positive numberbelow indicates an increase in profit and equitywhere the above currencies strengthen atcertain percentage against the US$. For thesame percentage of weakening of the abovecurrencies against the US$, there would be anequal and opposite impact on profit and equity.









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Pengaruh Pengaruhpada laba rugi pada laba rugi

Tingkat dan ekuitas/ Tingkat dan ekuitas/sensitivitas/ Effect on sensitivitas/ Effect onSensitivity profit or loss Sensitivity profit or lossRate and equity Rate and equity

US$'000 US$'000

Rupiah 7% (103) 7% (8.157) RupiahDolar Singapura 2% (12) 3% (40) Singapore dollarYen 3% (0,6) 7% (11.084) YenEuro 4% (17) 4% (23) EuroGBP - - 2% (169) GBPRMB 3% 226 1% 98 RMB

2015 2014

Manajemen berpendapat analisa sensitivitas tidakdapat mencerminkan risiko nilai yang melekatpada risiko nilai tukar karena eksposur pada akhirtahun tidak mencerminkan eksposur yang terjadiselama tahun berjalan.

In managementʼs opinion, the sensitivityanalysis is unrepresentative of the inherentforeign exchange risk as the year-endexposure does not reflect the exposure duringthe year.

Manajemen risiko suku bunga Interest rate risk management

Grup juga terekspos pada risiko tingkat sukubunga yang disebabkan pinjaman dalam matauang rupiah dan US$ dengan suku bungamengambang. Sehubungan dengan RencanaPerdamaian, Grup tidak diperbolehkan ataudiizinkan untuk memperoleh pinjaman baruberdasarkan Rencana Perdamaian.

The Group is also exposed to interest rate riskas it also borrows funds in rupiah and US$ atfloating interest rates. Pursuant to theRestructuring Plan, the Group does not enterinto borrowings not governed by or permittedunder the Restructuring Plan.

Eksposur Grup terhadap suku bunga pada asetkeuangan dan liabilitas keuangan dirinci padabagian manajemen risiko likuiditas pada catatanini.

The Groupʼs exposures to interest rate onfinancial assets and financial liabilities aredetailed in the liquidity risk managementsection of this note.

Analisis sensitivitas dibawah ini telah ditentukanberdasarkan eksposur perubahan suku bungapada tanggal pelaporan. Untuk suku bungamengambang, analisis ini disusun dengan asumsijumlah liabilitas terhutang pada tanggal pelaporanadalah sama sepanjang tahun.

The sensitivity analysis below has beendetermined based on the exposure to interestrate changes as at the reporting date. Forfloating rate liabilities, the analysis is preparedassuming the amount of liability outstanding atthe reporting date was outstanding for thewhole year.









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Manajemen risiko suku bunga (lanjutan) Interest rate risk management (continued)

Pada tanggal 31 Desember 2015, eksposur Grupyang signifikan untuk risiko perubahan suku bungapasar terutama terkait dengan kreditur separatisselama 31 Desember 2014 yang berhubungandengan MLA. Tabel berikut di bawah inimenyajikan dampak pada laba sebelum pajakpenghasilan yang wajar atas pergerakan tingkatsuku bunga:

As of December 31, 2015, the Groupʼssignificant exposure to the risk of changes inmarket interest rates relates primarily tosecured creditors while as of December 31,2014, it relates primarily to MLA. The followingtable summarizes the impact on income beforeincome tax of reasonable movement in interestrates:

Pengaruh atas laba Pengaruh atas rugisebelum sebelum

pajak penghasilan/ pajak penghasilan/Basis poin/ Effect on income Basis poin/ Effect on lossBasis point before income tax Basis point before income tax

US$ '000 US$ '000

Meningkat 50 (1.284) 50 2.843 IncreaseMenurun (50) 1.284 (50) (2.843) Decrease

2015 2014

Bunga atas instrumen keuangan yangdiklasifikasikan sebagai suku bunga mengambangdinilai kembali pada interval kurang dari satutahun. Bunga atas instrumen yang diklasifikasikansebagai tingkat bunga tetap adalah tetap sampaidengan jatuh tempo instrumen dan oleh kerena itutidak tunduk pada risiko suku bunga.

Interest on financial instruments classified asfloating rate is repriced at intervals of less thanone year. Interest on financial instrumentclassified as fixed rate is fixed until the maturityof the instrument and is therefore not subject tointerest rate risk.

Kebijakan Grup meminjam dengan suku bungamengambang namun tetap mempertahankanproporsi pinjaman dengan suku bunga tetap.Tujuan kombinasi antara suku bunga tetap danmengambang adalah untuk mengurangi dampakkenaikan suku bunga selain itu juga menikmatikeuntungan jika suku bunga menurun.

The Groupʼs policy is to borrow principally onthe floating rate basis but to retain a proportionof fixed rate debt. The objectives for the mixbetween fixed and floating rate borrowings areset to reduce the impact of an upward change ininterest rate while enabling benefits to beenjoyed if interest rates fall.

Sehubungan dengan Rencana Perdamaian, Gruptidak diperbolehkan atau diizinkan untukmemperoleh pinjaman keuangan lebih lanjut ataumenerbitkan atau memberikan pinjaman atauganti rugi kecuali pinjaman keuangan yangdiizinkan oleh Rencana Perdamaian atau terjadidalam kegiatan perdagangan dari kapal.

Pursuant to the Restructuring Plan, the Groupundertakes not to incur any further financialindebtedness or issue or give any guarantee orindemnity except as permitted by theRestructuring Plan or incurred in the ordinarycourse of trading of a vessel.









156




Manajemen risiko kredit Credit risk management

Risiko kredit Grup terutama melekat pada kas dibank, kas yang dibatasi penggunaannya, piutangusaha, piutang, piutang lain-lain, aset keuanganlainnya aset keuangan derivatif dan asetkeuangan tersedia untuk dijual.

The Groupʼs exposure to credit risk is primarilyattributable to cash in banks, restricted cash,trade receivables, other receivables, other non-current assets, derivative financial asset andAFS financial assets.

Dalam menentukan persyaratan kredit kepadapelanggan, manajemen mempertimbangkanfaktor-faktor sebagai berikut: (i) kemampuankeuangan dari pelanggan, (ii) sejarah pembayarandari pelanggan, (iii) relasi dengan pelanggan dan(iv) jarak atau durasi setiap pelayaran.Berdasarkan faktor-faktor tersebut, persyaratankredit Grup dapat bervariasi. Persyaratan kreditjuga dapat dimodifikasi berdasarkan negosiasidengan masing-masing pelanggan. Ini merupakankebijakan Grup untuk mengawasi posisi keuanganatas piutang tersebut secara berkelanjutan untukmemastikan bahwa Grup terekspos risiko kredityang minimal. Saldo bank dan investasiditempatkan dalam lembaga keuangan yangmemiliki kredibilitas yang layak.

In determining the credit terms for customers,the management considers the followingfactors: (i) the financial strength of the customer,(ii) the customerʼs historical payment record, (iii)the length of the relationship with the customerand (iv) the distance or duration of a specificvoyage. Based on these factors, the Groupʼscredit terms may vary. The credit terms mayalso be modified based on negotiations witheach customer. It is the Groupʼs policy tomonitor the financial standing of thesereceivables on an ongoing basis to ensure thatthe Group is exposed to a minimal credit risk.Cash in banks and investments are placed onlyin credit worthy financial institutions.

Nilai tercatat aset keuangan pada laporankeuangan konsolidasian mencerminkanmaksimum eksposur Grup terhadap risiko kredittanpa mempertimbangkan nilai jaminan yangdiperoleh.

The carrying amounts of the above-mentionedfinancial assets recorded in the consolidatedfinancial statements represent the Groupʼsmaximum exposure to credit risk without takinginto account the value of any collateralobtained.

Kualitas kredit aset keuangan Credit quality of financial assets

Kualitas kredit aset keuangan dikelola oleh Grupdengan menggunakan kualitas baik dan standarsebagai penilaian kredit internal.

The credit quality of financial assets is managedby the Group using high quality and standardquality as internal credit ratings.

Kualitas Baik. Berkenaan dengan pihak lain yangtidak diharapkan oleh Grup untuk mengalamigagal bayar atas kewajibannya, oleh karena ituresiko kreditnya minimal.

High Quality. Pertains to counterparty who is notexpected by the Group to default in settling itsobligations, thus credit risk exposure is minimal.

Kualitas Standar. Aset keuangan lainnya yangtidak termasuk dalam kualitas baik termasukdalam kategori ini.

Standard Quality. Other financial assets notbelonging to high quality financial assets areincluded in this category.









157




Kualitas kredit aset keuangan (lanjutan) Credit quality of financial assets (continued)

Kualitas kredit aset keuangan Grup adalahsebagai berikut:

The credit quality of the Groupʼs financial assetsfollows:

2015Jatuh tempo

tetapitidak adapenurunan

Kualitas Kualitas nilai/Baik/ Standar/ Past due PenurunanHigh Standard but not nilai/Quality Quality impaired Impaired TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Bank 10.074 - - - 10.074 Cash in banksPiutang usaha - pihak ketiga 113 - 2.294 2.438 4.845 Trade receivables - third partiesPiutang lain-lain - pihak ketiga *) - 2.103 - - 2.103 Other receivables - third parties *)Aset keuangan derivatif - 23.392 - - 23.392 Derivative financial assetAset keuangan tersedia untuk dijual - 18.059 - - 18.059 Available-for-sale financial assetsAset tidak lancar lainnya - 85 - - 85 Other non-current assets

Total 10.187 43.639 2.294 2.438 58.558 Total


Belum jatuh tempomaupun penurunan nilai/

Neither past duenor impaired

2014Jatuh tempo

tetapitidak adapenurunan

Kualitas Kualitas nilai/Baik/ Standar/ Past due PenurunanHigh Standard but not nilai/Quality Quality impaired Impaired TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Bank 23.850 - - - 23.850 Cash in banksPiutang usaha - pihak ketiga 9.535 - 8.119 5.685 23.339 Trade receivables - third partiesPiutang lain-lain - pihak ketiga - 3.847 - 4.122 7.969 Other receivables - third partiesKas dibatasi penggunaannya 9.168 - - - 9.168 Restricted cashAset keuangan tersedia untuk dijual - 21.459 - - 21.459 Available for sale financial assetsAset tidak lancar lainnya - 140 - - 140 Other non-current assets

Total 42.553 25.446 8.119 9.807 85.925 Total

Belum jatuh tempomaupun penurunan nilai/

Neither past duenor impaired









158




Manajemen risiko bahan bakar Fuel risk management

Penghasilan Grup dipengaruhi oleh perubahanharga bahan bakar. Strategi untuk mengelolarisiko harga bahan bakar, bertujuan untukmenyediakan terhadap adanya peningkatansecara tiba-tiba dan signifikan terhadap hargabahan bakar. Untuk memenuhi tujuan ini, programpengelolaan bahan bakar mengijinkanpenggunaan instrumen yang disetujui secaraberhati-hati seperti bunker swaps dengan rekanandan dalam kredit limit yang disetujui.

The Groupʼs earnings are affected by changesin the price of bunker fuel. The strategy formanaging the risk on fuel price aims to provideits protection against sudden and significantincrease in bunker fuel prices. In meeting theseobjectives, the fuel management programallows for the prudent use of approvedinstruments such as bunker swaps withapproved counterparties and within approvedcredit limits.

Sebagai bagian dari Rencana Perdamaian Grup,Grup secara konsisten mengamati konsumsibahan bakar dengan manajer kapal danmenerapkan pengendalian penghematan bahanbakar seperti piranti lunak manajemen bahanbakar untuk menelusuri kembali pemakaian bahanbakar.

As part of the Groupʼs Restructuring Plan, theGroup consistently monitors bunkerconsumption with ship managers andimplement bunker savings controls such asbunker management software to track bunkerconsumption.

Grup mengelola risiko ini dengan memonitorharga bahan bakar dan melakukan kontrakberjangka terhadap perubahan harga bahan bakarapabila dianggap tepat.

The Group manages this risk by monitoring thebunker prices and entering into forwardcontracts to hedge against fluctuations inbunker price, if considered appropriate.

Manajemen risiko likuiditas Liquidity risk management

Kebutuhan likuiditas Grup yang utama berasaldari pembayaran utang bank dan bunga atasutang bank, obligasi dan wesel bayar. Masalahlikuiditas yang dihadapi saat ini oleh Grupmenyebabkan kegagalan Grup untuk memenuhikewajiban kontraktual untuk membayar utang-utangnya secara tepat waktu.

The Groupʼs liquidity requirements mainly comefrom repayments of interest on bank loans,notes payable, bonds and other payables. Theliquidity problems faced by the Group arosefrom its failure to fulfill contractual obligations tomake timely repayments of such debts.

Berikut ini tabel rincian sisa jatuh tempo kontrakGrup untuk kewajiban keuangannya. Tabel telahdisusun berdasarkan arus kas yang tidakdidiskontokan dari kewajiban keuanganberdasarkan tanggal awal dimana Grup dapatdiminta untuk membayar tabel dibawah mencakupbunga dan arus kas pokok.

The following tables detail the Groupʼsremaining contractual maturity for its financialliabilities. The tables have been drawn upbased on the undiscounted cash flows offinancial liabilities on the earliest date of whichthe Group can be required to pay. The tableincludes both interest and principal cash flows.









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Manajemen risiko likuiditas (lanjutan) Liquidity risk management (continued)

Liabilitas keuangan Financial liabilities

2015Lebih dari

Tiga bulan satu tahunsampai sampai

Kurang dari dengan dengan Lebih daritiga bulan/ satu tahun/ lima tahun/ lima tahun/Less than Three More than Greaterthree months one year to thanmonths to one year five years five years TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Utang usaha 10.010 - - - 10.010 Trade accounts payableBeban akrual 8.278 - - - 8.278 Accrued expensesPinjaman 776 2.497 21.579 20.768 45.620 Loans payableUtang lain-lain 396 1.189 3.757 188.260 193.602 Other payablesLiabilitas jangka pendek lainnya 249 - - - 249 Other current liabilities

Total 19.709 3.686 25.336 209.028 257.759 Total

2014Lebih dari

Tiga bulan satu tahunsampai sampai

Kurang dari dengan dengan Lebih daritiga bulan/ satu tahun/ lima tahun/ lima tahun/Less than Three More than Greaterthree months one year to thanmonths to one year five years five years TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Utang usaha 30.353 - - - 30.353 Trade accounts payableBeban akrual 18.184 - - - 18.184 Accrued expensesPinjaman 12.762 76.677 385.895 401.199 876.533 Loans payableObligasi - 5.388 41.727 347.499 394.614 Bonds payableUtang sewa pembiayaan 12.710 38.874 167.321 10.654 229.559 Obligations under finance leaseUtang lain-lain 246 5.865 18.820 374.062 398.993 Other payablesWesel bayar - 3.230 28.966 527.943 560.139 Notes payableProvisi 7.113 - - - 7.113 ProvisionLiabilitas jangka pendek lainnya 3.615 - - - 3.615 Other current liabilities

Total 84.983 130.034 642.729 1.661.357 2.519.103 Total

Grup mengelola risiko likuiditas denganmempertahankan cadangan, fasilitas perbankan,dan pembiayaan ekuitas; dengan terusmemantau estimasi dan aktual laporan arus kas;dan juga dengan mencocokkan profil aset dankewajiban yang akan jatuh tempo.

The Group manages liquidity risk by maintainingreserves, banking facilities, and equityfinancing; by continuously monitoring forecastand actual cash flows; and by matching thematurity profiles of its financial assets andliabilities.

Pada tanggal 26 Januari 2012, Perusahaanmemutuskan menghentikan sementara waktupembayaran kembali atas semua pinjamanbank, utang obligasi dan pembayaran sewakapal dan kewajiban seperti yang ada padasemua entitas anak, kecuali BULL, untukmemungkinkan Grup melakukan reviu atasposisi dan penyelenggaraan keuangannya(Catatan 38).

On January 26, 2012, the Company decided totemporarily cease repayment of all theCompanyʼs bank loans, bonds payable,payment on ship leases and on similarobligations of its other subsidiaries, except forBULL, to enable the Group to review itsfinancial position and arrangements (Note 38).









160




Manajemen risiko likuiditas (lanjutan) Liquidity risk management (continued)

Liabilitas keuangan (lanjutan) Financial liabilities (continued)

Pada bulan Maret 2013, Rencana PerdamaianGrup telah diratifikasi oleh pengadilan. Saat iniRencana Perdamaian telah menetapkankesepakatan awal dan rencana pembayarankepada masing-masing kreditur untukpembiayaan dan pelunasan utang-utangnya.Jadwal pembayaran kewajiban yang signifikandari Grup telah direstrukturisasi selama periode10 tahun (Catatan 39).

Pada Agustus 2015, rencana perdamaian Grupdiamandemen lebih lanjut melalui pemungutansuara sesuai dengan yang ditetapkan dalamrencana restrukturisasi. Jadwal pembayarankreditur separatis dan kreditur usaha Grupdirestrukturisasi masing-masing selama periode10 tahun dan periode 5 tahun (Catatan 39).

In March 2013, the Groupʼs Restructuring Planwas ratified by the Court. Currently, theRestructuring Plan sets out the restructuringterm sheet and repayment plans to respectivecreditors to finance and repay the debts. Therepayment schedule of significant liabilities ofthe Group was restructured over a 10-yearperiod (Note 39).

In August 2015, the Groupʼs restructuring planwas further amended through the requiredvoting standard set in the restructuring plan.The repayment schedule of secured creditorsand trade creditors of the Group wasrestructured over a 10-year period and a 5-yearperiod, respectively (Note 39).

d. Nilai wajar instrumen keuangan d. Fair value of financial instruments

Manajemen mempertimbangkan bahwa nilaitercatat atas aset dan kewajiban keuanganmendekati nilai wajarnya.

Management considers that the carryingamounts of financial assets and financialliabilities approximate their fair values.

2015 2014US$'000 US$'000

Aset keuangan Financial assetsKas dan bank 10.314 23.945 Cash on hand and in banksPiutang usaha - pihak ketiga 2.407 17.654 Trade receivables - third partiesPiutang lain-lain - pihak ketiga *) 2.103 3.847 Other receivables - third parties *)Aset keuangan derivatif 23.392 - Derivative financial assetAset keuangan tersedia untuk dijual 18.059 21.459 Available-for-sale financial assetsAset keuangan lainnya 85 140 Other non-current assetsKas dibatas penggunaannya - 9.168 Restricted cash











161



d. Nilai wajar instrumen keuangan (lanjutan) d. Fair value of financial instruments(continued)

2015 2014US$'000 US$'000

Liabilitas keuangan Financial liabilitiesUtang usaha 10.010 30.353 Trade accounts payableBeban akrual 8.278 18.184 Accrued expensesPinjaman 31.358 727.456 Loans payableObligasi - 238.751 Bonds payableUtang sewa pembiayaan - 181.020 Obligations under finance leaseUtang lain-lain 12.342 251.902 Other payablesWesel bayar - 382.135 Notes payableProvisi - 7.113 ProvisionsLiabilitas jangka pendek lainnya 249 3.615 Other current liabilities

Total 62.237 1.840.529 Total

Pengungkapan kuantitatif wajar hirarkipengukuran nilai aset dan kewajiban keuanganadalah sebagai berikut:

The quantitative disclosures of fair valuemeasurement hierarchy of financial assets andliabilities are as follows:

Koutasi Signifikan Signifikanharga di input yang input yangpasar aktif dapat diamati dapat diamati(tingkat 1)/ (tingkat 2)/ (tingkat 3)/

Quoted prices Significant Significantin active observable unobservable

markets (Level 1) inputs (Level 2) inputs (Level 3) TotalUS$'000 US$'000 US$'000 US$'000

Aset keuangan Financial assetsKas dan bank - 10.314 - 10.314 Cash on hand and in banksPiutang usaha - pihak ketiga - 2.407 - 2.407 Trade receivables - third partiesPiutang lain-lain - pihak ketiga *) - 2.103 - 2.103 Other receivables - third parties *)Aset keuangan derivatif - 23.392 - 23.392 Derivative financial assetAset keuangan tersedia untuk dijual - 18.059 18.059 Available for sale financial assetsAset keuangan lainnya - 85 - 85 Other non-current assets

Total - 38.301 18.059 56.360 Total

*) kecuali saham preferen dapat ditebus *) excluding preferred redeemable equity interest

Liabilitas keuangan Financial liabillitiesUtang usaha - 10.010 - 10.010 Trade accounts payableBeban akrual - 8.278 - 8.278 Accrued expensesPinjaman - 31.358 - 31.358 Loans payableUtang lain-lain - 12.342 - 12.342 Other payablesLiabilitas jangka pendek lainnya - 249 - 249 Other current liabilities

Total - 62.237 - 62.237 Total

2015









162




Koutasi Signifikan Signifikanharga di input yang input yangpasar aktif dapat diamati dapat diamati(tingkat 1)/ (tingkat 2)/ (tingkat 3)/



Aset keuangan Financial assetsKas dan bank - 23.945 - 23.945 Cash on hand and in banksKas dibatasi penggunaannya - 9.168 - 9.168 Restricted cashPiutang usaha - pihak ketiga - 17.654 - 17.654 Trade receivables - third partiesPiutang lain-lain - pihak ketiga - 3.847 - 3.847 Other receivables - third partiesAset keuangan tersediauntuk dijual - - 21.459 21.459 Available for sale financial assetsAset keuangan lainnya - 140 - 140 Other non-current assets

Total - 54.754 21.459 76.213 Total

Liabilitas keuangan Financial liabillitiesUtang usaha - 30.353 - 30.353 Trade accounts payableBeban akrual - 18.184 - 18.184 Accrued expensesPinjaman - 727.456 - 727.456 Loans payableObligasi - 238.751 - 238.751 Bonds payableUtang sewa pembiayaan - 181.020 - 181.020 Obligations under finance leaseUtang lain-lain - 251.902 - 251.902 Other payablesWesel bayar - 382.135 - 382.135 Notes payableProvisi - 7.113 - 7.113 ProvisionLiabilitas jangka pendek lainnya - 3.615 - 3.615 Other current liabilities

Total - 1.840.529 - 1.840.529 Total

2014

Nilai tercatat kas dan bank, kas yang dibatasipenggunaannya, piutang usaha, piutang lain-lain,aset keuangan lainnya, utang usaha, bebanakrual, provisi dan liabilitas jangka pendek lainnyamendekati nilai wajarnya karena bersifat jangkapendek. Aset keuangan derivatif yang tercatatpada nilai wajar berdasarkan nilai signifikan inputyang dapat diamati. Aset keuangan tersedia untukdijual dinyatakan pada nilai buku karena nilaiwajarnya tidak dapat langsung ditentukanberdasarkan data pasar yang dapat diobservasi.Nilai tercatat dari utang, utang obligasi, utangsewa pembiayaan, wesel bayar dan utang lainnyadidiskontokan menggunakan suku bunga pasaryang berlaku dengan syarat yang sama dengankewajiban keuangan.

The carrying values of cash on hand and inbanks, restricted cash, trade receivables, otherreceivables, other non-current assets, tradeaccounts payable, accrued expenses, provisionand other current liabilities approximate theirfair values because of their short-term nature.Derivative financial asset is carried at fair valuebased on the significant observable data.Available for sale financial assets are carried atbook value since fair value cannot be readilydetermined based on observable market data.The carrying value of loans payable, bondspayable, obligations under finance lease, notespayable and other payables are discountedusing prevailing market interest rates withsimilar terms to these financial liabilities.









163




Tabel berikut menyediakan cara analisa valuasiuntuk instrumen keuangan yang diukur setelahpengakuan awal pada nilai wajar, yangdikelompokkan menjadi Tingkat 1 sampai 3berdasarkan tingkatan nilai wajar yang dapatdiobservasi.

The following table provides valuation analysismethods of financial instruments that aremeasured subsequent to initial recognition atfair value, grouped into Levels 1 to 3 based onthe degree to which the fair value is observable.

Pengukuran nilai wajar Tingkat 1 yangberasal dari harga kuotasian (tidakdisesuaikan) dalam pasar aktif untuk aset danliabilitas yang identik.

Pengukuran nilai wajar Tingkat 2 yangberasal dari input selain dari harga kuotasianyang termasuk dalam Tingkat 1 yang dapatdiobservasi untuk aset dan liabilitas, baiksecara langsung (misalnya harga) atausecara tidak langsung (misalnya derivasiharga).

Pengukuran nilai wajar Tingkat 3 yangdiperoleh dari teknik penilaian yangmemasukkan input untuk aset dan liabilitasyang bukan berdasarkan data pasar yangdapat diobservasi.

Level 1 fair value measurements are thosederived from quoted prices (unadjusted) inactive markets for identical assets orliabilities.

Level 2 fair value measurements are thosederived from inputs other than quoted pricesincluded within Level 1 that are observablefor the asset or liability, either directly (i.e.,as prices) or indirectly (i.e., derived fromprices).

Level 3 fair value measurements are thosederived from valuation techniques thatinclude inputs for the asset or liability thatare not based on observable market data.

Pada tahun 2015 dan 2014, tidak terdapat transferpengukuran nilai wajar antara tingkat 1 dan 2 dantidak terdapat transfer pengukuran nilai wajar kedalam dan keluar tingkat 3.

In 2015 and 2014, there were no transfersbetween Level 1 and 2 fair value measurementsand no transfers into and out of Level 3 fairvalue measurement.

Rekonsiliasi pengukuran nilai wajar atas asetkeuangan tersedia untuk dijual:

Reconciliation of fair value measurement forAFS financial assets:

SVL NL TotalUS$'000 US$'000 US$'000

Beginning balance 11.648 9.811 21.459 Beginning balanceRugi penurunan nilai (1.137) (2.263) (3.400) Impairment loss

Saldo akhir 10.511 7.548 18.059 Ending balance

2015

BULL SVL NL TotalUS$'000 US$'000 US$'000 US$'000

Beginning balance 23.791 28.999 9.811 62.601 Beginning balanceEksekusi saham yang Creditor execution ofdijaminkan kepada kreditur (23.398) - - (23.398) pledged sharesRugi penurunan nilai - (17.351) - (17.351) Impairment lossKerugian selisih kurs (393) - - (393) Foreign exchange loss

Saldo akhir - 11.648 9.811 21.459 Ending balance

2014









164


42. TRANSAKSI YANG TIDAK MEMPENGARUHI ARUSKAS

42. NON-CASH TRANSACTIONS

Grup melakukan transaksi investasi dan pendanaanyang tidak mempengaruhi kas dan bank dan tidaktermasuk dalam laporan arus kas konsolidasiandengan rincian sebagai berikut:

Pada tahun 2015, rencana perdamaian Grupdiubah. Kewajiban penting dari Grup sepertipengalihan aset, dikonversi menjadi saham dandiubah persyaratan pinjaman. Akibatnya, Grupmengakui laba sebesar US$ 213,4 juta.

Pada tahun 2015, Teekay BLT Corporationmengumumkan dividen, dimana milik BLT LNGTangguh sebesar US$ 0,8 juta digunakan sebagaipembayaran atas utang Grup kepada TeekayCorporation (Note 11).

Pada tahun 2015, Grup mengakui kerugianpenurunan nilai atas investasi AFS sebesarUS$ 3,4 juta.

Pada tahun 2015 dan 2014, Grup mengakui labaatas saham pada investasi asosiasi dan JVmasing-masing sebesar US$ 7,0 juta danUS$ 3,9 juta.

Pada tahun 2015, Grup menghapus nilai dariekuitas yang telah dialokasikan untuk kreditkonkuren sesuai dengan Rencana Perdamaiantahun 2013 sebesar US$ 25,2 juta.

Pada tahun 2014, Grup telah menjual aset tetapkapal untuk pembayaran pinjaman sebesarUS$ 6,4 juta (Catatan 12 dan 16).

The Group entered into non-cash investing andfinancing activities which are not reflected in theconsolidated statement of cash flows, with details asfollows:

In 2015, the Groupʼs restructuring plan wasamended. Significant liabilities of the Groupwere settled through transfer of assets,conversion into shares and remodification of theterms of the loans. As a result, the Grouprecognized gain amounting to US$ 213.4million.

In 2015, Teekay BLT Corporation declared adividend, of which portion of dividend receivedby BLT LNG Tangguh amounting toUS$ 0.8 million was applied as payment for theGroupʼs loans from Teekay Corporation(Note 11).

In 2015, the Group recognized an impairmentloss on its AFS investments amounting toUS$ 3.4 million.

In 2015 and 2014, the Group recognized shareon profit from its investments in associates andJV amounting to US$ 7.0 million andUS$ 3.9 million, respectively.

In 2015, the Group had written off the value ofequity assigned to the creditor pursuant to the2013 Restructuring Plan amounting to US$ 25.2million.

In 2014, the Group sold vessels for the paymentof loans amounting to US$ 6.4 million (Notes 12and 16).

Pada tahun 2014, Teekay BLT Corporationmengumumkan dividen sebesar US$ 87,1 jutayang sebagian digunakan untuk BLT LNGTangguh sebesar US$ 26,1 juta dan semuanyasebagai pembayaran atas utang Grup kepadaTeekay BLT Corporation dan Teekay Corporation(Catatan 11).

Sebagai hasil dari rekonsiliasi utang Grup kepadaBULL, keuntungan dari restrukturisasi diakui di2014 dalam laba rugi sebesar US$ 22,5 juta.

In 2014, Teekay BLT Corporation declareddividend of US$ 87.1 million, of which BLTLNG Tangguhʼs portion amounted toUS$ 26.1 million and that was all applied aspayments for the Groupʼs loans to TeekayBLT Corporation and Teekay Corporation(Note 11).

As a result of the Groupʼs reconciliation of theamount due to BULL, gain on restructuringwas recognized in the 2014 profit or lossamounting to US$ 22.5 million.









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43. KELANGSUNGAN USAHA 43. GOING CONCERN

Sejak krisis keuangan global pada tahun 2010,penurunan kemampuan produksi industri dan kelebihanpasokan kapal yang baru dibangun mengakibatkanpengurangan volume angkutan, yang pada akhirnyamenjatuhkan industri pelayaran global dalam keadaanbergejolak. Dalam kondisi pasar pelayaran yang terus-menurus memburuk dan biaya operasi yang terusmeningkat, Grup menghadapi berbagai tantangan untukmenjalankan bisnis dan untuk memenuhi kewajibankeuangannya karena berulang kali menderita kerugiansejak krisis terjadi.

Sebagai akibatnya, pada tanggal 26 Januari 2012,Perusahaan telah mengumumkan debt standstill ataspembayaran liabilitas keuangan, termasuk semuapinjaman bank Perusahaan, utang obligasi,pembayaran atas kapal-kapal sewa dan kewajiban yangsama di entitas anak lainnya selain BULL untukmembantu menilai dampak peristiwa ini danmembangun reorganisasi keuangan Grup. Setelahpengumuman debt standstill, event of defaultdinyatakan oleh kreditur dan salah satu krediturPerusahaan, Mandiri, mengajukan PKPU ke pengadilanNiaga Jakarta Pusat terhadap Perusahaan sehubungandengan utang Perusahaan pada tanggal 14 Juni 2012.

Pada tanggal 14 Maret 2013, Rencana Perdamaiantelah disetujui oleh para kreditur Perusahaan dandiratifikasi oleh pengadilan Niaga Jakarta Pusat padatanggal 22 Maret 2013 seperti yang dijelaskan padaCatatan 39. Grup harus mendapatkan pengakuan diAmerika Serikat untuk proses PKPU, sesuai denganChapter 15 dari Kode Kepailitan Amerika Serikat(United States Bankruptcy Code) dan PengadilanSingapura. Pada tanggal 21 Mei 2013, pengadilanAmerika Serikat memberikan pengakuan atas prosesPKPU di Indonesia sebagai pengakuan utama di luarnegeri.

Since the global financial crisis in 2010, thereduction in industrial production capabilities andoversupply of newly built vessels resulted in areduction of freight volume and rates, ultimatelythrowing the global shipping industry in a state ofturmoil. Under persistently poor shipping marketconditions and increasing operating costs, the Groupfaced numerous challenges to run the business andto fulfill its financial obligations as it sufferedrecurring losses ever since.

As such, on January 26, 2012, the Companydeclared a debt standstill on the payment of itsfinancial obligations, including all of the Companyʼsbank loans, bonds payable, payment on vesselsleases and on similar obligations of its othersubsidiaries other than BULL to help assess theimpact of these events and to establish a financialreorganization of the Group. Following the debtstandstill announcement, events of default weredeclared by creditors and one of the Companyʼscreditors, Mandiri, filed PKPU to the Central JakartaCommercial Court against the Company on June 14,2012 in relation to its debt.

On March 14, 2013, the Restructuring Plan wasapproved by the Companyʼs creditors and ratified bythe Central Jakarta Commercial Court on March 22,2013 as described in Note 39. The Group is requiredto get the recognition in the United States of theIndonesian PKPU proceedings, pursuant to Chapter15 of the United States Bankruptcy Code andSingapore Court. On May 21, 2013, the US Courtgranted recognition of the Indonesian PKPUproceedings as foreign main proceedings.

Perusahaan telah menjalankan sepenuhnya semuainisiatif dalam Rencana Perdamaian. Meskipun upayadan komitmen Perusahaan untuk sepenuhnyamelaksanakan restrukturisasi utang tersebut, beberapafaktor telah menghambat keberhasilan penerapanRencana Restrukturisasi termasuk:

a. pemulihan yang tertunda di pasar pelayarandibandingkan dengan perkiraan sebagaimanadisebutkan dalam Rencana Perdamaian;

b. berkurangnya pembiayaan bank dan ketertarikaninvestor pada industri ini mengakibatkan sulitnyamendapatkan dana untuk menjalankan RencanaPerdamaian;

c. ketidakmampuan untuk mendapatkan persetujuandari otoritas terkait di Indonesia untuk penerbitansaham baru yang telah ditetapkan dalam RencanaPerdamaian; dan

d. risiko tidak tercatat lagi (delisting) di BEI berkaitandengan defisiensi modal Perusahaan.

The Company had implemented substantially all ofthe initiatives under the Restructuring Plan.However, despite the Companyʼs efforts andcommitment to fully implement the aforementioneddebt restructuring, a number of events had impededa successful implementation of the RestructuringPlan, including:

a. a delayed market recovery in the shippingmarket as compared to the forecast set out inthe Restructuring Plan;

b. a lack of bank financing and investor appetiteavailable for the industry resulting in difficulty inobtaining the fundraising envisaged under theRestructuring Plan;

c. the failure to obtain approval from the relevantregulatory authorities in Indonesia for theissuance of new shares set out in theRestructuring Plan; and

d. the risk of delisting by the IDX due to theCompanyʼs substantial capital deficiency.









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43. KELANGSUNGAN USAHA (lanjutan) 43. GOING CONCERN (continued)

Pada tanggal 11 Mei 2015, Perusahaan mengajukanperubahan Rencana Perdamaian (AmandemenRencana Perdamaian) yang telah disetujui olehkreditur-kreditur mayoritas dari kedua kelas krediturGrup, kreditur separatis dan kreditur konkuren, padatanggal 14 Agustus 2015 (Catatan 39). Hingga tanggalpenyelesaian laporan keuangan, Perusahaan telahmenyelesaian semua inisiatif dalam AmandemenRencana Perdamaian yang disetujui, yang mencakup:

a. Perusahaan telah mengajukan permohonan atasChapter 15 dari Undang-Undang KepailitanAmerika Serikat dan mendapat pengakuan comitykepada Rencana Perdamaian pada tanggal8 Januari 2015 (Catatan 38).

b. Pengadilan Tinggi Singapura menyetujui skemapembayaran dari semua entitas anak terkait padatanggal 17 Agustus 2015 (Catatan 38).

c. Pada tanggal 9 Oktober 2015, Grupmenandatangani MCS subscription agreementdengan PT Elang Megah Inti, untuk mengajukanalokasi dan penerbitan MCS ke PT Elang MegahInti sebesar US$ 10,0 juta (Catatan 40).

d. Perusahaan memperoleh persetujuan dariPemegang Saham yang ada untuk UsulanKonversi Utang-Ekuitas dan Usulan PenerbitanMCS (Catatan 40) berdasarkan Rapat UmumPemegang Saham Luar Biasa yang diaktakandalam akta No. 5 tanggal 17 November 2015 dariFirdhonal, SH, notaris di Jakarta.

e. Restrukturisasi MLA telah berhasil diselesaikanpada tanggal 1 Desember 2015.

f. Persetujuan dari Menteri Hukum dan Hak AsasiManusia Republik Indonesia dalam halpeningkatan modal dasar dan ditempatkandan/atau modal disetor (Catatan 23) untuk tujuanpelaksanaan konversi utang tanpa jaminanPerusahaan menjadi saham pada tanggal6 Desember 2015.

g. Persetujuan dari BEI atas permohonan pencatatansaham baru (11.932.486.068 saham) Perusahaanpada tanggal 8 Januari 2016.

On May 11, 2015, the Company proposedamendments to the Restructuring Plan (PKPUAmendment Plan) which was approved by therequisite majority creditors of both secured andunsecured creditors of the Group on August 14, 2015(Note 39). As of the issuance date of theconsolidated financial statements, the Company hascompleted substantially all initiatives under theapproved PKPU Amendment Plan including, amongothers:

a. The Company filed an application under Chapter15 of the US Bankruptcy Code and obtained theorder granting comity to the Restructuring planon January 8, 2015 (Note 38).

b. The Singapore High Court approved andsanctioned the schemes of arrangement of allthe Relevant Subsidiaries on August 17, 2015(Note 38).

c. On October 9, 2015, the Group entered intoMCS subscription agreement with PT ElangMegah Inti for the proposed allocation andissuance of MCS to PT Elang Megah Inti for aconsideration of US$ 10.0 million (Note 40).

d. The Company obtained approval from theexisting shareholders for the Proposed Debt-Equity Swap Share Issuance and ProposedIssuance of MCS (Note 40) based onExtraordinary General Meeting of Shareholdersnotarized under deed No. 5 dated November 17,2015 of Firdhonal, SH, notary in Jakarta.

e. MLA restructuring has been successfullycompleted on December 1, 2015.

f. Approval from the Ministry of Law and HumanRights of the Republic of Indonesia in respect ofthe increase in authorized capital and issuedcapital of the Company (Note 23) for the purposeof implementation of the conversion of theCompanyʼs unsecured debts into shares onDecember 6, 2015.

g. Approval from IDX on new shares listingapplication (11,932,486,068 shares) of theCompany on January 8, 2016.









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Sejalan dengan penyelesaian sepenuhnya semuainisiatif dibawah Amandemen Rencana Perdamaianyang telah disetujui, Grup melihat peningkatan kinerjaoperasional dan keuangan, Grup merealisasikan lababruto sebesar US$ 63,6 juta pada tahun 2015 danUS$ 54,7 juta pada tahun 2014. Selain itu, Grup jugamerealisasikan laba sebelum bunga dan pajak sebesarUS$ 258,5 juta pada tahun 2015 dan US$ 52,9 jutapada tahun 2014. Pada tahun 2015, laba neto sebagianbesar berasal dari keuntungan pelunasan utang,keuntungan restrukturisasi utang, dan keuntungan kursmata uang asing. Namun demikian, Grup masih tetapdalam posisi modal kerja negatif dan defisit karenakerugian berulang yang signifikan selama beberapatahun terakhir.

Manajemen mengakui bahwa kelanjutan Grup sebagaikelangsungan hidup bergantung pada kemampuannyauntuk menghasilkan arus kas yang cukup untukmemenuhi kewajibannya secara tepat waktu untukmentaati syarat dan ketentuan dari AmandemenRencana Perdamaian dan mencapai keberhasilanoperasi untuk memperbaiki posisi modal kerja dandefisit Perusahaan. Sebagai bagian dari usahaberkesinambungan untuk mengatasi dan mengeloladampak dari kondisi ekonomi dan bisnis yangdisebutkan diatas, Grup mengambil langkah-langkahyang telah dan akan dilaksanakan secaraberkelanjutan, antara lain:

a. Penerapan berkelanjutan Amandemen RencanaPerdamaian yang disetujui.

b. Kalibrasi ulang strategi bisnis dan komposisiarmada dengan berfokus untuk beroperasi di AsiaTenggara di mana Grup mempunyai posisi yangbaik untuk mengambil keuntungan dari perbaikankondisi yang diantisipasi dan mendorong pasarcabotage Indonesia dengan sejarah kuat Grupsebagai operator pemilik kapal internasional yangmemiliki hubungan baik dengan berbagaiperusahaan minyak dan keahlian dalam industrikimia dan gas.

c. Peningkatan armada melalui pembelian danpenyewaan jika memungkinkan dan layak secarakomersial.

d. Tetap fokus dalam mempertahankan struktur biayayang efisien dengan meninjau terus meneruspengeluaran modal, bekerja sama dengan semuamanajer kapal untuk memastikan pemeliharaanarmada dilakukan secara efisien dan memilikitenaga kerja yang tidak banyak dan efektif.

e. Perubahan efek dalam personil untukmempertahankan tenaga kerja yang efektif untukmasa depan. Departemen dan personil yangberlebihan akan diefisiensikan untuk mencapaisuatu tim yang kohesif dan produktif.

Following the substantial completion of all initiativesunder the approved PKPU Amendment Plan of theCompany, the Group saw an improvement in itsoperational and financial performance as the Grouprealized a gross profit of US$ 63.6 million in 2015and US$ 54.7 million in 2014. The Group alsorealized income before interest and tax of US$ 258.5million in 2015 and US$ 52.9 million in 2014. The2015 net income mainly came from gain onextinguishment of debt, gain on debt restructuring,and foreign exchange gain. Nevertheless, the Groupcontinued to have negative working capital and deficitdue to the significant recurring losses over the pastyears.

Management recognizes that the Group'scontinuation as a going concern is dependent uponits ability to generate sufficient cash flows to meet itsobligations on a timely basis, to comply with theterms and conditions of the PKPU Amendment Planand to attain successful operations to improve theposition of the Groupʼs working capital and deficit.As part of the Groupʼs continuing efforts to respondto and manage any possibility for adverse effectsarising from the above-mentioned economic andbusiness conditions, the Group is undertaking and iscontinuously implementing the following measures,among others:

a. Continues implementation of the approved PKPUAmendment Plan.

b. Recalibration of business strategy and fleetcomposition by focusing to operate in South EastAsia where the Group is well-positioned to takeadvantage of the anticipated improvements andthriving Indonesian cabotage market with ourstrong history as an international ship owneroperator, good relationship with the various oilmajors and expertise in the chemical and gasindustry.

c. Increase the fleet through purchase and chartersas and when possible and commercially viable.

d. Remain focused on maintaining an efficient coststructure by continuous review of its capitalexpenditure, working closely with all shipmanagers to ensure the maintenance of fleet iscarried out efficiently and having a lean andeffective workforce.

e. Effect changes in its personnel to maintain aneffective workforce for the future. Redundantdepartments and personnel will be streamlined inorder to achieve a cohesive and productive team.









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Meskipun prospek ekonomi yang tidak menentu saatini, manajemen berkeyakinan bahwa Grup akan dapatmemenuhi kewajibannya berdasarkan AmandemenRencana Perdamaian, melaksanakan strateginya danmengelola risiko bisnis dan keuangan. ManajemenGrup juga berpendapat bahwa Grup memiliki sumberdaya yang memadai untuk melanjutkan kegiatanusahanya di masa mendatang. Dengan demikian, Grupmenerapkan asumsi kelangsungan usaha dalampenyusunan laporan keuangan konsolidasian.

Laporan keuangan konsolidasian tidak termasukpenyesuaian yang mungkin timbul dari ke tidakpastiaan yang disebutkan di atas.

Despite the current uncertain economic outlook,management believes that the Group will be able tofulfill its obligations under the PKPU AmendmentPlan, execute its strategies and manage its businessand financial risks successfully. The Group'smanagement also believes that the Group hasadequate resources to continue its operationalexistence in the foreseeable future. Accordingly, theGroup continues to adopt the going concernassumption in preparing the consolidated financialstatements.

The consolidated financial statements do not includeany adjustments that might result from the outcomeof the uncertainty disclosed above.

44. DEKONSOLIDASIAN CB2

Efektif 1 Desember 2015, Perusahaan melakukandekonsolidasi semua aset dan liabilitas dari CB2. Saldoaudit dari CB pada tanggal pengalihan ke MLA adalahsebagai berikut:

44. DECONSOLIDATION OF CB2

Effective December 1, 2015, the Companydeconsolidated all the assets and liabilities of CB2.The audited balances of CB2 on the date of transferto MLA were as follows:

US$'000ASET ASSETSASET LANCAR CURRENT ASSETSKas dan bank 5.819 Cash on hand and in banksPiutang usaha - pihak ketiga 11.167 Trade receivables - third partiesPiutang lain-lain 28 Other receivablesPersediaan 4.547 InventoriesUang muka 5.782 AdvancesBiaya dan pajak dibayar dimuka 1.113 Prepaid expenses and taxes

TOTAL ASET LANCAR 28.456 TOTAL CURRENT ASSETS

ASET TIDAK LANCAR NON-CURRENT ASSETAset tetap 179.163 Fixed assets

TOTAL ASET 207.619 TOTAL ASSETS

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITYLIABILITAS JANGKA PENDEK CURRENT LIABILITIESUtang usaha 5.403 Trade accounts payableUtang pihak berelasi 4.027 Due to related partiesUtang pajak - Taxes payableBeban akrual 7.592 Accrued expensesUtang sewa pembiayaan 160.463 Obligations under finance lease

TOTAL LIABILITAS 177.485 TOTAL LIABILITIESEKUITAS EQUITYCadangan revaluasi 23.938 Revaluation reserveLaba ditahan 6.196 Retained earnings

TOTAL EKUITAS 30.134 TOTAL EQUITY









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44. DEKONSOLIDASIAN CB2 (lanjutan) 44. DECONSOLIDATION OF CB2 (continued)

Grup telah mengkonsolidasikan hasil operasi dari CB2untuk periode 11 bulan yang berakhir pada tanggal30 November 2015 sebagai berikut:

The Group has consolidated the results of operationsof CB2 for the eleven-month period endedNovember 30, 2015 as follows:

US$'000

PENDAPATAN USAHA 134.702 OPERATING REVENUESBEBAN PELAYARAN (70.748) VOYAGE EXPENSES

PENDAPATAN USAHA SETELAH OPERATING REVENUES AFTER

BEBAN PELAYARAN 63.954 VOYAGE EXPENSESBeban penyusutan dan operasi kapal: Vessel depreciation and ship operating expenses:Beban operasi kapal (2.493) Ship operating expensesBeban penyusutan kapal (9.629) Vessel depreciation

LABA BRUTO 51.832 GROSS PROFITBeban administrasi (371) Administrative expensesKeuntungan selisih kurs - neto 3.842 Foreign exchange gain - netKeuntungan lain-lain - neto 278.908 Other gains - net

LABA SEBELUM BUNGA DAN PAJAK 334.211 INCOME BEFORE INTEREST AND TAXBeban keuangan (16.673) Finance cost

LABA SEBELUM PAJAK PENGHASILAN 317.538 INCOME BEFORE INCOME TAXBeban pajak penghasilan - Income tax expense

LABA NETO 317.538 NET INCOME

45. STANDAR AKUNTANSI BARU 45. NEW ACCOUNTING STANDARDS

DSAK telah menerbitkan amandemen atas beberapastandar akuntansi yang mungkin berdampak padalaporan keuangan konsolidasian.

Standar berikut ini berlaku untuk laporan keuanganyang periodenya dimulai pada atau setelah1 Januari 2016:

- PSAK 4 (2015) - “Laporan Keuangan Tersendiri:Metode Ekuitas dalam LaporanKeuanganTersendiri”;

- PSAK 15 (2015) - “Investasi pada Entitas Asosiasidan Ventura Bersama - Entitas Investasi:Penerapan Pengecualian Konsolidasi”;

- PSAK 16 (2015) - “Aset Tetap: Klarifikasi Metodeyang Diterima untuk Penyusutan dan Amortisasi”;

- PSAK 24 (2015) - “Imbalan Kerja - ProgramImbalan Pasti: Iuran Pekerja”;

DSAK has released amendments to severalaccounting standards that may have certain impacton the consolidated financial statements.

The following standards are effective for financialstatements for the period commencing from on orafter January 1, 2016:

- PSAK 4 (2015) - “Separate FinancialStatements: Equity Method in Separate FinancialStatements”;

- PSAK 15 (2015) - “Investments in Associatesand Joint Ventures - Investment Entities:Applying the Consolidation Exception”;

- PSAK 16 (2015) - “Property, Plant andEquipment: Clarification of Acceptable Methodsof Depreciation and Amortization”;

- PSAK 24 (2015) - “Employee Benefits - DefinedBenefit Plans: Employee Contributions”;









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45. STANDAR AKUNTANSI BARU (lanjutan) 45. NEW ACCOUNTING STANDARDS (continued)

- PSAK 65 (2015) - "Laporan KeuanganKonsolidasian tentang Entitas Investasi:Penerapan Pengecualian Konsolidasi";

- PSAK 65 (2015) - “Consolidated FinancialStatements: Investment Entities: Applying theConsolidation Exception”;

- PSAK 66 (2015) - "Pengaturan Bersama: AkuntansiAkuisisi Kepentingan dalam Operasi Bersama";

- PSAK 67 (2015) - "Pengungkapan Kepentingandalam Entitas Lain: Entitas Investasi:Penerapan Pengecualian Konsolidasi";

- ISAK 30 - "Pungutan";- PSAK 5 (Penyesuaian 2015) - "Segmen Operasi";

- PSAK 7 (Penyesuaian 2015) "PengungkapanPihak-Pihak Berelasi";

- PSAK 16 (Penyesuaian 2015) - "Aset Tetap";

- PSAK 22 (Penyesuaian 2015) - "Kombinasi Bisnis";

- PSAK 25 (Penyesuaian 2015) - "KebijakanAkuntansi, Perubahan Estimasi Akuntansi danKesalahan";

- PSAK 68 (Penyesuaian 2015) - "Pengukuran NilaiWajar";

- PSAK 66 (2015) - "Joint Arrangements:Accounting for Acquisitions of Interests in JointOperations";

- PSAK 67 (2015) - "Disclosure of Interests inOther Entities: Investment Entities: Applying theConsolidation Exception";

- ISAK 30 - "Levies";- PSAK 5 (2015 Improvement) - "Operating

Segments";- PSAK 7 (2015 Improvement) - "Related Party

Disclosure"- PSAK 16 (2015 Improvement) – “Property, Plant,

and Equipment";- PSAK 22 (2015 Improvement) - "Business

Combination";- PSAK 25 (2015 Improvement) - "Accounting

Policies, Changes in Accounting Estimates/ andErrors";

- PSAK 68 (2015 Improvement) - "Fair ValueMeasurement";

Standar berikut ini berlaku untuk laporan keuanganyang periodenya dimulai pada atau setelah1 Januari 2017:

- PSAK 1 (2015) - “Penyajian Laporan Keuangan:Prakarsa Pengungkapan”.

Grup sedang menganalisa dampak penerapanamandemen standar akuntansi dan interpretasi tersebutdi atas terhadap laporan keuangan konsolidasian Grup.

The following standard is effective for financialstatements for the period commencing from on orafter January 1, 2017:

- PSAK 1 (2015) - “Presentation of FinancialStatements: Disclosure Initiatives”.

The Group is still assessing the impact of theseamendments in accounting standards andinterpretations to the Groupʼs consolidated financialstatements.

46. PENYAJIAN KEMBALI LAPORAN KEUANGANKONSOLIDASIAN

46. RESTATEMENT ON THE CONSOLIDATEDFINANCIAL STATEMENTS

Grup mengadopsi PSAK 24 (Revisi 2013), ImbalanKerja, pada 1 Januari 2015.

Revisi standar imbalan kerja memuat perubahan padapengakuan, pengukuran, penyajian dan pengungkapanimbalan pasca kerja. Standar juga mewajibkanbeban/penghasilan bunga dihitung sebagai hasil dariaset/liabilitas neto manfaat pasti dan tingkat diskontoseperti yang ditentukan di awal tahun. Hal iniberdampak pada penghapusan konsep sebelumnyayang mengakui imbal hasil dari aset program.

The Group has adopted PSAK 24 (Revised 2013),Employee benefits, on January 1, 2015.

The revised employee benefit standard introduceschanges to the recognition, measurement,presentation and disclosure of post-employmentbenefits. The standard also requires net interestexpense/income to be calculated as the product ofthe net defined benefit liability/asset and the discountrate as determined at the beginning of the year. Theeffect of this is to remove the previous concept ofrecognizing an expected return on plan assets.









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46. PENYAJIAN KEMBALI LAPORAN KEUANGANKONSOLIDASIAN (lanjutan)

46. RESTATEMENT ON THE CONSOLIDATEDFINANCIAL STATEMENTS (continued)

Kebijakan akuntansi baru memiliki dampak berikutpada laporan keuangan konsolidasian tahun 2014dan 2013:

The new accounting policy had the following impacton the 2014 and 2013 consolidated financialstatements:

2014Disajikansebelumnya/ Penyajian DisajikanAs Previously kembali/ kembali/

stated Restatement As restatedUS$'000 US$'000 US$'000

LIABILITAS LIABILITIESProvisi imbalan pasca-kerja 1.771 (290) 1.481 Provision for post-employment benefitsLiabilitas pajak tangguhan 16.758 73 16.831 Deferred tax liabilities

DEFISIENSI MODAL CAPITAL DEFICIENCYDefisit (1.462.146) 217 (1.461.929) Deficit

LABA (RUGI) PROFIT (LOSS)Penghasilan imbalan kerja 821 (790) 31 Employee benefit incomeKeuntungan kurs mata uang asing-neto 21.807 8 21.815 Foreign exchange gain - netManfaat pajak penghasilan 195 197 392 Income tax benefit

PENGHASILAN OTHER COMPREHENSIVEKOMPREHENSIF LAIN INCOMEPenilaian kembali atas imbalan Remeasurements on post-employmentpasca kerja, setelah pajak tangguhan - 98 98 benefit, net of deferred tax

Disajikansebelumnya/ Penyajian DisajikanAs previously kembali/ kembali/

stated Restatement As restatedUS$'000 US$'000 US$'000

LIABILITAS LIABILITIESProvisi imbalan pasca-kerja 3.478 (939) 2.539 Provision for post-employment benefitsLiabilitas pajak tangguhan 17.024 235 17.259 Deferred tax liabilities

DEFISIENSI MODAL CAPITAL DEFICIENCYDefisit (1.424.776) 704 (1.424.072) Deficit

LABA (RUGI) PROFIT (LOSS)Beban imbalan kerja (308) (277) (585) Employee benefit expenseKeuntungan kurs mata uang asing-neto 53.693 (128) 53.565 Foreign exchange gain - netManfaat pajak penghasilan (19.590) 128 (19.462) Income tax benefit

PENGHASILAN OTHER COMPREHENSIVEKOMPREHENSIF LAIN INCOMEPenilaian kembali atas imbalan Remeasurements on post-employmentpasca kerja, setelah pajak tangguhan - 900 900 benefit, net of deferred tax

2013









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47. PERISTIWA PENTING SETELAH PELAPORAN 47. EVENTS AFTER THE FINANCIAL REPORTINGPERIOD

a. Pada tanggal 8 Januari 2016, permohonanpencatatan saham baru (11.932.486.068 saham)Perusahaan telah disetujui oleh BEI melaluisuratnya No. S-00086/BEI.PP1/01-2016.

b. Pada tanggal 11 Januari 2016, BEI mengumumkanObligasi Perusahaan dengan kode BLTA03,BLTA04B dan BLTA04C, dan Sukuk dengan kodeSIKBLTA02A, SIKBLTA02B dan SIKBLTA01B,jatuh tempo pada tanggal 12 Januari 2016sehubungan pelaksanaan Amandemen RencanaPerdamaian dan Obligasi tersebut tidak akantercatat lagi di BEI terhitung mulai tanggal12 Januari 2016.

c. Menindaklanjuti banding yang diajukan olehpemegang Obligasi Rupiah ke Mahkamah Agungpada tanggal 15 September 2015(Catatan 38), Mahkamah Agung telah kembalimenolak gugatan pada tanggal 27 Januari 2016melalui keputusan No. 817 K/Pdt.Sus-Pailit/2015/PN Jakarta Pusat.

d. Pada tanggal 29 Maret 2016, Grup membeli duakapal lain menggunakan opsi perjanjian pembeliandimana selanjutnya preferred redeemable equityinterest telah digunakan sepenuhnya.

a. On January 8, 2016, new shares listingapplication (11,932,486,068 shares) of theCompany has been approved by IDX underletter No. S-00086/BEI.PP1/01-2016.

b. On January 11, 2016, IDX announced that boththe Companyʼs bonds with code BLTA03,BLTA04B and BLTA04C, and SUKUK with codeSIKBLTA02A, SIKBLTA02B and SIKBLTA01Bhave been due on January 12, 2016 asimplementation of the PKPU Amendment Planand these bonds will be delisted in IDX effectiveon January 12, 2016.

c. Following the appeal filed by IDR bondholders onSeptember 15, 2015, to the Supreme Court(Note 38), the Supreme Court has again rejectedthe plaintiffsʼ lawsuit on January 27, 2016 withDecision No. 817 K/Pdt.Sus-Pailit/2015/PNJakarta Pusat.

d. On March 29, 2016, the Group purchasedanother two vessels using the purchase optionagreement which thereafter, the preferredredeemable equity interest has been fullyutilized.

48. PENYELESAIAN LAPORAN KEUANGANKONSOLIDASIAN

48. COMPLETION OF THE CONSOLIDATEDFINANCIAL STATEMENTS

Manajemen Perusahaan bertanggung jawab ataspenyusunan laporan keuangan konsolidasian yangdiselesaikan dan disetujui untuk diterbitkan padatanggal 29 April 2016.

The management of the Company is responsible forthe preparation of the consolidated financialstatements that were completed and authorized forissue on April 29, 2016.

HALAMAN INI SENGAJA DIKOSONGKANTHIS PAGE IS INTENTIONALLY LEFT BLANK

PT BERLIAN LAJU TANKER TbkAND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTSAS OF DECEMBER 31, 2015 ANDFOR THE YEAR THEN ENDED

AND INDEPENDENT AUDITORS’ REPORT


CONSOLIDATED FINANCIAL STATEMENTSAS OF DECEMBER 31, 2015 AND FOR THE YEAR THEN ENDED

AND INDEPENDENT AUDITORS’ REPORT

Table of Contents

Pages

Directors’ Statement Letter

Independent Auditors’ Report

Consolidated Statement of Financial Position ............................................................................. 1 - 3

Consolidated Statement of Profit or Loss and Other Comprehensive Income............................ 4 - 5

Consolidated Statement of Changes in Equity (Capital Deficiency) ............................................ 6

Consolidated Statement of Cash Flows ....................................................................................... 7

Notes to the Consolidated Financial Statements......................................................................... 8 - 123

December 31, 2015 Notes December 31, 2014US$'000 US$'000

ASSETS

CURRENT ASSETSCash on hand and in banks 10,314 5,42 23,945Trade receivables - third parties 2,407 7,42 17,654Other receivables - third parties 7,053 8,42 3,847Inventories 251 9 6,525Advances 1,215 7,618Prepaid expenses and taxes 986 4,157

Total Current Assets 22,226 63,746

NON-CURRENT ASSETSRestricted cash - 6,40,42 9,168Derivative financial asset 23,392 10,42 -Available-for-sale financial assets 18,059 11,42 21,459Investment in associates and joint venture 8,075 12 2,607Fixed assets 29,269 13 590,380Deferred tax assets - 16 312Other non-current assets 85 42 140

Total Non-current Assets 78,880 624,066

TOTAL ASSETS 101,106 687,812


PT BERLIAN LAJU TANKER Tbk

CONSOLIDATED STATEMENT OF FINANCIAL POSITIONAS OF DECEMBER 31, 2015

(Expressed in United States dollar, unless otherwise stated)

AND ITS SUBSIDIARIES


1

December 31, 2015 Notes December 31, 2014US$'000 US$'000

LIABILITIES AND EQUITY (CAPITAL DEFICIENCY)

CURRENT LIABILITIESTrade accounts payable 14,38,40,42Related parties 310 964Third parties 9,700 29,389

Accrued expenses 8,278 15,22,42 18,184Taxes payable 205 16 1,346Current maturities of long-term liabilitiesLoan payable 2,124 17,38,40,42 70,126Obligations under finance lease - 19,40,42 32,877Other payables 1,585 20,40,42 1,998

Provision - 21,40,42 7,113Other current liabilities 249 42 3,615

Total Current Liabilities 22,451 165,612

NON-CURRENT LIABILITIESLong-term liabilities - net of current maturitiesLoans payable 29,234 17,38,40,42 657,330Bonds payable - 18,40,42 238,751Notes payable - 23,40,42 382,135Obligations under finance lease - 19,40,42 148,143Other payables 10,757 20,40,42 249,904

Provision for post-employment benefits 1,217 22 1,481Deferred tax liabilities 636 16 16,831

Total Non-current Liabilities 41,844 1,694,575

TOTAL LIABILITIES 64,295 1,860,187



CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)AS OF DECEMBER 31, 2015



2

2015 Notes 2014US$'000 US$'000

EQUITY (CAPITAL DEFICIENCY)Share capitalPar valueSeries A shares - Rp 62.50 per shareSeries B shares - Rp 50.00 per share

Authorized2015 - 44,237,830,228 series A sharesand 2,456,869,565 series B shares

2014 - 14,676,480,000 series A sharesIssued and fully paid2015 - 23,483,317,538 series A shares2014 - 11,550,831,470 series A shares 163,636 24,40 109,575

Additional paid-in capital 1,115,632 25,40 136,141Other capital reserves 7,932 17,40 25,183Treasury shares (6,516) 26 (6,516)Difference arising from changes in equityof subsidiaries and effect of transactionswith non-controlling interest 7,787 27 7,787

Reserves 11,806 28 17,384Deficit (1,263,466) 29 (1,461,929)

Equity (capital deficiency) attributable toowners of the Company 36,811 (1,172,375)

Non-controlling interests - -TOTAL EQUITY (NET CAPITAL DEFICIENCY) 36,811 (1,172,375)TOTAL LIABILITIES AND EQUITY(CAPITAL DEFICIENCY) 101,106 687,812



CONSOLIDATED STATEMENT OF FINANCIAL POSITION (continued)AS OF DECEMBER 31, 2015



3

2015 Notes 2014US$'000 US$'000

OPERATING REVENUES 253,191 30 315,425

VOYAGE EXPENSES (83,904) 31 (138,205)

OPERATING REVENUES AFTER VOYAGE EXPENSES 169,287 177,220

OPERATING EXPENSESShip operating expenses (57,259) 32 (64,111)Vessel depreciation (36,729) 13 (41,820)Charter expenses (11,686) (16,616)

Total Operating Expenses (105,674) (122,547)

GROSS PROFIT 63,613 54,673

OTHER INCOME (EXPENSES)Administrative expenses (40,249) 33 (41,773)Gain on extinguishment of debt - net 172,847 17,18,19,20,21 -Gain on debt restructuring 40,561 17,20 27,277Foreign exchange gain - net 17,189 21,815Share in profits of associates and joint venture 6,968 12 3,850Other losses - net (2,398) 35 (12,923)

Total Other Income (Expense) 194,918 (1,754)

INCOME BEFORE INTEREST AND INCOME TAX 258,531 52,919

Finance cost (87,683) 34 (93,363)Interest income 5 5 10

INCOME (LOSS) BEFORE INCOME TAX 170,853 (40,434)

INCOME TAX BENEFIT - NET 16,366 16 392

NET INCOME (LOSS) FOR THE YEAR 187,219 (40,042)



CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOMEFOR THE YEAR ENDED DECEMBER 31, 2015



4

2015 Notes 2014US$'000 US$'000

OTHER COMPREHENSIVE INCOME (LOSS)Items that will not be reclassified to profit or loss in

subsequent periods:Net increase (decrease) in revaluation reserves of vessels 6,149 28 (2,785)Deferred income tax related to revaluation of vessels (500) 16,28 382Remeasurements on post-employment benefits 223 22,29 130Deferred income tax related to remeasurements on

post-employment benefits (56) 16,29 (32)

Sub-total 5,816 (2,305)Item that will be reclassified to profit or loss in

subsequent periods:Financial statements translation (150) (98)

OTHER COMPREHENSIVE INCOME (LOSS) 5,666 (2,403)

TOTAL COMPREHENSIVE INCOME (LOSS) 192,885 (42,445)

Net income (loss) for the year attributable to:Owners of the Company 187,219 (40,042)Non-controlling interest - -

Total 187,219 (40,042)

Total comprehensive income (loss) for the yearattributable to:Owners of the Company 192,885 (42,445)Non-controlling interest - -

Total 192,885 (42,445)

BASIC INCOME (LOSS) PER SHARE ATTRIBUTABLETO OWNERS OF THE COMPANY (in full amount) 0.0162 36 (0.0035)

DILUTED EARNINGS (LOSS) PER SHARE ATTRIBUTABLETO OWNERS OF THE COMPANY (in full amount) 0.0134 36 (0.0035)



CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME (continued)FOR THE YEAR ENDED DECEMBER 31, 2015


5

Differencearising

from

changes

inequityof

subsidiaries

andeffectof

transactionswith

Total

Additional

Othercapital

Treasury

non-controlling

Financial

equity

Sharecapital

paid-incapital

reserves

shares

interest

Revaluation

statements

General

Deficit

(netcapital

Notes

(Note24)

(Note25)

(Note40)

(Note26)

(Note27)

reserves

translation

reserves

(Note29)

deficiency)

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

US$'000

BalanceasofJanuary1,2014

109,575

136,141

25,153

(6,516)

7,787

15,947

127

5,898

(1,424,072)

(1,129,960)

Netlossfortheyear

--

--

--

--

(40,042)

(40,042)

Othercomprehensiveincome(loss)

28,29

--

--

-(2,403)

(98)

-98

(2,403)

Equitytobeissuedtocreditor

--

30-

--

--

-30

Transfertodeficit

28-

--

--

(2,087)

--

2,087

-

BalanceasofDecember31,2014

109,575

136,141

25,183

(6,516)

7,787

11,457

295,898

(1,461,929)

(1,172,375)

Netincomefortheyear

--

--

--

--

187,219

187,219

Othercomprehensiveincome(loss)

28,29

--

--

-5,649

(150)

-167

5,666

Othercontributedcapital

17-

-7,932

--

--

--

7,932

Written-offduetoPKPU

AmendmentPlan

40-

-(25,183)

--

--

--

(25,183)

Sharesissuedtocreditors

24,25

54,061

979,491

--

--

--

-1,033,552

Transfertodeficit

28-

--

--

(11,077)

--

11,077

-

BalanceasofDecember31,2015

163,636

1,115,632

7,932

(6,516)

7,787

6,029

(121)

5,898

(1,263,466)

36,811

theseconsolidatedfinancialstatements.

(ExpressedinUnitedStatesdollar,unlessotherwisestated)

PTBERLIAN

LAJU

TANKER

Tbk

CONSOLIDATED

STATEM

ENTOFCHANGES

INEQUITY(CAPITAL

DEFICIENCY)

FORTHEYEAR

ENDED

DECEM

BER

31,2015

Theaccompanyingnotesformanintegralpartof

ANDITSSUBSIDIARIES

Reserves(Note28)

6

2015 Notes 2014US$'000 US$'000

CASH FLOWS FROM OPERATING ACTIVITIESCash receipts from customers 257,271 307,271Cash paid to suppliers and employees (201,877) (256,094)Interest paid (32,662) (19,984)Income tax paid (73) (106)Receipts from insurance claim 164 206Interest received 5 10

Net Cash Provided by Operating Activities 22,828 31,303

CASH FLOWS FROM INVESTING ACTIVITIESRelease of restricted cash 9,168 6 -Acquisition of fixed assets (7,138) 13 (9,901)Proceeds from dividend 750 12 -Decrease in security deposits 54 -Proceeds from sale of fixed assets - net 17 13 132

Net Cash Provided by (Used in) Investing Activities 2,851 (9,769)

CASH FLOWS FROM FINANCING ACTIVITIESPayments of loans (16,396) (2,567)Payments of obligations under finance lease (16,515) (15,294)

Net Cash Used in Financing Activities (32,911) (17,861)

NET INCREASE (DECREASE) IN CASH ON HAND AND IN BANKS (7,232) 3,673

CASH ON HAND AND IN BANKS OFTHE DECONSOLIDATED SUBSIDIARY (5,819) 45 -

CASH ON HAND AND IN BANKS TRANSFERRED TO CREDITOR (580) 17 -

CASH ON HAND AND IN BANKS AT BEGINNING OF YEAR 23,945 5 20,272

CASH ON HAND AND IN BANKS AT END OF YEAR 10,314 5 23,945



CONSOLIDATED STATEMENT OF CASH FLOWSFOR THE YEAR ENDED DECEMBER 31, 2015




7


NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSAs of December 31, 2015 andFor the Year Then Ended


8

1. GENERAL

a. General information

PT Berlian Laju Tanker Tbk (the “Company”) was established on March 12, 1981 under the namePT Bhaita Laju Tanker. The Company's name was changed to PT Berlian Laju Tanker onSeptember 5, 1988. The Company was incorporated and domiciled in Jakarta, and has twobranches in Merak and Dumai. Its head office is located at Wisma Bina Surya Group (BSG), 10thFloor, Jl. Abdul Muis No. 40, Jakarta.

The Company’s scope of activities consists of local and overseas shipping, including but notlimited to tanker, barges and tugboat operations. The Company started its commercial operationsin 1981. Presently, the Company provides shipping services for liquid cargo transportation inAsia, Europe and America.

The Company’s ultimate parent company is PT Bagusnusa Samudra Gemilang (Bagusnusa).

b. Public offering of shares, bonds and notes payable

Shares

The Company’s public offering of 2,100,000 shares through the Indonesia Stock Exchange (IDX),at a price of Rp 8,500 per share, was approved by the Ministry of Finance of the Republic ofIndonesia on January 22, 1990. These shares were listed in the IDX on March 26, 1990.

On January 27, 1993, the Company obtained the notice of effectivity from the Chairman of theCapital Market Supervisory Agency (Bapepam) (currently Otoritas Jasa Keuangan) for theCompany’s Rights Issue I to the shareholders totaling 29,400,000 shares at a price of Rp 1,600per share. These shares were listed in the IDX on May 24, 1993.

On December 26, 1997, the Company obtained the notice of effectivity from the Chairman ofBapepam for the Company’s Rights Issue II with pre-emptive right to shareholders totalling305,760,000 shares with 61,152,000 warrants at an exercise price of Rp 1,200 per warrant. Eachwarrant was entitled to purchase one share from July 16, 1998 to January 20, 2003. Based on theaddendum to the statements of warrant issuance which was notarized on October 17, 2002, theCompany decided to extend the period to exercise the warrants for five (5) years or until January18, 2008. The shares were listed in the IDX on January 16, 1998.

On December 18, 2000, the Company obtained the notice of effectivity from the Chairman ofBapepam for the Company’s Rights Issue III with pre-emptive right to shareholders totalling61,152,000 shares. The Company issued 53,958,150 new common shares with nominal value ofRp 500 per share at an exercise price of Rp 1,100 per share.

The Company conducted a stock split of 4:1 in 2002 and 2:1 in 2004. Thus, the exercise price ofthe warrants became Rp 150 per share since 2005.

On September 22, 2006, the Company obtained eligibility to list all of its shares in the SingaporeExchange Securities Limited (SGX) Mainboard from SGX. In line with the Company’s listing ofshares, the Company also amended certain provisions of its Articles of Association, whichamendments were approved by the shareholders in the Extraordinary Shareholders’ Meeting heldon September 11, 2006.




9


b. Public offering of shares, bonds and notes payable (continued)

Shares (continued)

On June 29, 2009, the Company obtained the notice of effectivity from the Chairman ofBapepam-LK for the Company’s rights issue IV with pre-emptive rights to shareholders. Inconnection with such rights issue, the Company issued 1,392,310,059 new common shares at anexercise price of Rp 425 per share.

On June 30, 2010, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK for the Company’s Rights Issue V with pre-emptive rights to shareholders. In connection withsuch rights issue, the Company issued 5,569,240,235 new common shares at an exercise price ofRp 220 per share.

All 11,550,831,470 issued shares of the Company are listed in the IDX and SGX (Note 24). OnJanuary 24, 2012, the Company requested temporary suspension of trading on both stockexchanges on grounds of future disclosure of material information that may affect investors’decision. On January 25, 2012, the IDX and SGX suspended the trading of the Company’ssecurities until further notice by the Company. On January 26, 2012, the Company announced thedebt standstill to temporarily cease debt payments of the Group’s debts and thereafter worked ona Restructuring Plan, which was approved in March 2013 (Notes 39 and 40).

On December 31, 2015, the Company effectively implemented the Proposed Debt-Equity SwapShare Issuance with unsecured creditors (Notes 17, 18, 20, 21, 23, 40). On January 8, 2016, newshares listing application (11,932,486,068 shares) of the Company has been approved by IDX.

As of the issuance date of these consolidated financial statements, the Company has notresumed trading on both stock exchanges.

Bonds and notes payable

On May 4, 2007 and May 17, 2007, BLT Finance B.V., a subsidiary, issued US$ 400.0 million7.5% Guaranteed Senior Notes due in 2014 and US$ 125.0 million Zero Coupon GuaranteedConvertible Bonds due in 2012, which were both registered in SGX (Notes 18 and 23).

On June 25, 2007, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK for the Company’s public offering of 2007 Berlian Laju Tanker III Bonds amounting to Rp 700.0billion with fixed interest rate and 2007 Sukuk Ijarah bonds amounting to Rp 200.0 billion(Note 18).

On May 15, 2009, the Company obtained the notice of effectivity from the Chairman of Bapepam-LK for the Company’s public offering of 2009 Berlian Laju Tanker IV Bonds amounting toRp 400.0 billion and 2009 Sukuk Ijarah II bonds amounting to Rp 100.0 billion (Note 18).




10


b. Public offering of shares, bonds and notes payable (continued)

Bonds and notes payable (continued)

On February 10, 2010 and March 29, 2010, BLT International Corporation, a subsidiary, issued12.0% Guaranteed Convertible Bonds due in 2015 totaling US$ 100.0 million and US$ 25.0million, respectively (Note 18).

On January 11, 2016, IDX announced that both the Company’s bonds with code BLTA03,BLTA04B and BLTA04C, and Sukuk with code SIKBLTA02A, SIKBLTA02B and SIKBLTA01Bhave been due on January 12, 2016 as implementation of the “Penundaan KewajibanPembayaran Utang” (PKPU) Amendment Plan and these bonds will be delisted in IDX effectiveon January 12, 2016.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

a. Basis of preparation of consolidated financial statements

The consolidated financial statements of the Company and its subsidiaries (collectively, the“Group”) are prepared in accordance with International Financial Reporting Standards (“IFRS”) asissued by the International Accounting Standards Board (“IASB”).

Except for the consolidated statement of cash flows, the consolidated financial statements havebeen prepared using the accrual basis. The measurement basis used is historical cost, except forcertain accounts which are measured on the basis as described in the related accounting policies.

The consolidated statement of cash flows which has been prepared using the direct method,classifies cash receipts and cash disbursements into operating, investing and financing activities.

The reporting currency used in the preparation of the consolidated financial statements is theUnited States dollar (US$), which is also the Company’s functional currency.

The consolidated financial statements provide comparative information in respect of the previousperiod.

The consolidated financial statements are issued in relation to the listing of the Company’s equitysecurities in the SGX.

In connection with the Company’s listing of shares in the IDX, the Company issued separateconsolidated financial statements prepared under Indonesian Financial Accounting Standards(SAK).




11

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)

b. Changes in accounting policies and disclosures

The accounting policies adopted by the Group are consistent with those of the previous year,except for the adoption of new and amended accounting standards that became effectivebeginning January 1, 2015. Except as otherwise indicated, the adoption of these standards andamendments did not have significant impact on the Group’s financial statements. The nature andthe impact of each new standard and amendment are described as follows:

Employee Contributions (Amendments to International Accounting Standards (IAS) 19Defined Benefit Plans) - The amendments require an entity to consider contributions fromemployees or third parties when accounting for defined benefit plans. Where the contributionsare linked to service, they should be attributed to periods of service as a negative benefit.These amendments clarify that, if the amount of the contributions is independent of thenumber of years of service, an entity is permitted to recognize such contributions as areduction in the service cost in the period in which the service is rendered, instead ofallocating the contributions to the periods of service. This amendment is effective for annualperiods beginning on or after July 1, 2014.

The following improvements relevant to the Group’s consolidated financial statements are effectivefrom July 1, 2014. These include:

Annual improvements (2010-2012 cycle)

IFRS 3 Business Combinations - The amendment is applied prospectively and clarifies thatall contingent consideration arrangements classified as liabilities (or assets) arising from abusiness combination should be subsequently measured at fair value through profit or losswhether or not they fall within the scope of IFRS 9 (or IAS 39, as applicable).

IFRS 8 Operating Segments - The amendments are applied retrospectively and clarifies that:- An entity must disclose the judgments made by management in applying the aggregation

criteria in paragraph 12 of IFRS 8, including a brief description of operating segments thathave been aggregated and the economic characteristics (e.g., sales and gross margins)used to assess whether the segments are “similar”.

- The reconciliation of segment assets to total assets is only required to be disclosed if thereconciliation is reported to the chief operating decision maker, similar to the requireddisclosure for segment liabilities.

IAS 16 Property, Plant and Equipment and IAS 38 Intangible Assets - The amendment isapplied retrospectively and clarifies in IAS 16 and IAS 38 that the asset may be revalued byreference to observable data on either the gross or the net carrying amount. In addition, theaccumulated depreciation or amortization is the difference between the gross and carryingamounts of the asset.

IAS 24 Related Party Disclosures - The amendment is applied retrospectively and clarifiesthat a management entity (an entity that provides key management personnel services) is arelated party subject to the related party disclosures. In addition, an entity that uses amanagement entity is required to disclose the expenses incurred for management services.




12


b. Changes in accounting policies and disclosures (continued)


IFRS 3 Business Combinations - The amendment is applied prospectively and clarifies forthe scope exceptions within IFRS 3 that:- Joint arrangements, not just joint ventures, are outside the scope of IFRS 3.- This scope exception applies only to the accounting in the financial statements of the joint

arrangement itself.

IFRS 13 Fair Value Measurement - The amendment is applied prospectively and clarifies thatthe portfolio exception in IFRS 13 can be applied not only to financial assets and financialliabilities, but also to other contracts within the scope of IFRS 9 (or IAS 39, as applicable).

The amendments affect disclosures only and have no impact on the Group’s financial position orperformance.

Standards issued but not yet effective

The Group intends to adopt the following standards issued but not yet effective up to the date ofissuance of the Group’s consolidated financial statements when they become effective. Except asotherwise indicated, the Group does not expect the adoption of these new and amendedstandards and interpretations to have significant impact on the financial statements.

Effective for annual periods beginning on or after January 1, 2016, with early adoption permitted

Accounting for Acquisitions of Interests (Amendments to IFRS 11 Joint Arrangements) - Theamendments to IFRS 11 require that a joint operator accounting for the acquisition of aninterest in a joint operation, in which the activity of the joint operation constitutes a businessmust apply the relevant IFRS 3 principles for business combinations accounting. Theamendments also clarify that a previously held interest in a joint operation is not remeasuredon the acquisition of an additional interest in the same joint operation while joint control isretained. In addition, a scope exclusion has been added to IFRS 11 to specify that theamendments do not apply when the parties sharing joint control, including the reporting entity,are under common control of the same ultimate controlling party. The amendments apply toboth the acquisition of the initial interest in a joint operation and the acquisition of anyadditional interests in the same joint operation.

Clarification of Acceptable Methods of Depreciation and Amortization (Amendments to IAS 16and IAS 38) - The amendments clarify the principle in IAS 16 and IAS 38 that revenue reflectsa pattern of economic benefits that are generated from operating a business (of which theasset is part) rather than the economic benefits that are consumed through use of the asset.As a result, a revenue-based method cannot be used to depreciate property, plant andequipment and may only be used in very limited circumstances to amortize intangible assets.




13



Equity Method in Separate Financial Statements (Amendments to IAS 27) - The amendmentswill allow entities to use the equity method to account for investments in subsidiaries, jointventures and associates in their separate financial statements. Entities already applying IFRSand electing to change to the equity method in its separate financial statements will have toapply that change retrospectively. For first-time adopters of IFRS electing to use the equitymethod in its separate financial statements, they will be required to apply this method from thedate of transition to IFRS.

Sale or Contribution of Assets between an Investor and its Associate or Joint Venture(Amendments to IFRS 10 and IAS 28) - The amendments clarify that the gain or loss resultingfrom the sale or contribution of assets that constitute a business, as defined in IFRS 3,Business Combinations, between an investor and its associate or joint venture, is recognizedin full. Any gain or loss resulting from the sale or contribution of assets that do not constitute abusiness, however, is recognized only to the extent of unrelated investors’ interests in theassociate or joint venture.

Disclosure Initiative (Amendments to IAS 1) - The amendments clarify:- The materiality requirements in IAS 1- That specific line items in the statement of profit or loss and other comprehensive income

(OCI) and the statement of financial position may be disaggregated- That entities have flexibility as to the order in which they present the notes to financial

statements- That the share of OCI of associates and joint ventures accounted for using the equity

method must be presented in aggregate as a single line item, and classified betweenthose items that will or will not be subsequently reclassified to profit or loss

Furthermore, the amendments clarify the requirements that apply when additional subtotalsare presented in the statement of financial position and the statement of profit or loss andOCI.

Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12and IAS 28) - The amendments to IFRS 10 clarify that the exemption (in IFRS 10.4) frompresenting consolidated financial statements applies to a parent entity that is a subsidiary ofan investment entity, when the investment entity measures all of its subsidiaries at fair value.Furthermore, the amendments to IFRS 10 clarify that only a subsidiary of an investment entitythat is not an investment entity itself and that provides support services to the investmententity is consolidated. All other subsidiaries of an investment entity are measured at fair value.The amendments to IAS 28 allow the investor, when applying the equity method, to retain thefair value measurement applied by the investment entity associate or joint venture to itsinterests in subsidiaries.




14



The following improvements relevant to the Group’s consolidated financial statements are effectivefrom January 1, 2016. These include:


Servicing Contracts (Amendments to IFRS 7) - The amendment clarifies that a servicingcontract that includes a fee can constitute continuing involvement in a financial asset. Anentity must assess the nature of the fee and the arrangement against the guidance forcontinuing involvement in IFRS 7.B30 and IFRS 7.42C in order to assess whether thedisclosures are required. The assessment of which servicing contracts constitute continuinginvolvement must be done retrospectively. However, the required disclosures would not needto be provided for any period beginning before the annual period in which the entity firstapplies the amendments.

Applicability of Amendments to Condensed Interim Financial Statements (Amendments toIFRS 7) - The amendment clarifies that the offsetting disclosure requirements do not apply tocondensed interim financial statements, unless such disclosures provide a significant updateto the information reported in the most recent annual report. The amendment must be appliedretrospectively.

Discount Rate: Regional Market Issue (Amendments to IAS 19) - The amendment clarifiesthat market depth of high quality corporate bonds is assessed based on the currency in whichthe obligation is denominated, rather than the country where the obligation is located. Whenthere is no deep market for high quality corporate bonds in that currency, government bondrates must be used. The amendment must be applied prospectively.

Disclosure of Information “Elsewhere in the Interim Financial Report” (Amendments to IAS 34)- The amendment clarifies that the required interim disclosures must either be in the interimfinancial statements or incorporated by cross-reference between the interim financialstatements and wherever they are included within the interim financial report (e.g., in themanagement commentary or risk report). The other information within the interim financialreport must be available to users on the same terms as the interim financial statements and atthe same time. The amendment must be applied retrospectively.

Effective for annual periods beginning on or after January 1, 2018, with early application permitted

IFRS 15 Revenue from Contracts with Customers - IFRS 15 was issued in May 2014 andestablishes a new five-step model that will apply to revenue arising from contracts withcustomers. Under IFRS 15 revenue is recognized at an amount that reflects the considerationto which an entity expects to be entitled in exchange for transferring goods or services to acustomer. The principles in IFRS 15 provide a more structured approach to measuring andrecognizing revenue. The new revenue standard is applicable to all entities and willsupersede all current revenue recognition requirements under IFRS. Either a full or modifiedretrospective application is required for annual periods beginning on or after January 1, 2017.




15



Effective for annual periods beginning on or after January 1, 2018, with early application permitted(continued)

IFRS 9 Financial Instruments - In July 2014, the IASB issued the final version of IFRS 9,which reflects all phases of the financial instruments project and replaces IAS 39 and allprevious versions of IFRS 9. The standard introduces new requirements for classification andmeasurement, impairment, and hedge accounting. Retrospective application is required, butcomparative information is not compulsory. Early application of previous versions of IFRS 9(2009, 2010 and 2013) is permitted if the date of initial application is before February 1, 2015.The adoption of IFRS 9 will have an effect on the classification and measurement of theGroup’s financial assets, but no impact on the classification and measurement of the Group’sfinancial liabilities.

Effective for annual periods beginning on or after January 1, 2019, with early application permitted

IFRS 16 Leases – On January 13, 2016, the IASB issued its new standard, IFRS 16, Leases,which replaces IAS 17, the current lease standard, and the related interpretations. Under thenew standard, lessees will no longer classify their leases as either operating or finance leasesin accordance with IAS 17. Rather, lessees will apply the single-asset model. Under thismodel, lessees will recognize the assets and the related liabilities for most leases on theirstatement of financial position, and subsequently, will depreciate the lease assets andrecognize interest on the lease liabilities in their profit or loss. Leases with a term of 12months or less or for which underlying asset is of low value are exempted from theserequirements. The accounting by lessors is substantially unchaged as the new standardcarries forward the principles of lessor accounting under IAS 17. Lessors, however, will berequired to disclose more information in their financial statements, particularly on the riskexposure to residual value. Entities may early adopt IFRS 16 but only if they have alsoadopted IFRS 15. When adopting IFRS 16, an entity is permitted to use either a fullretrospective or a modified retrospective approach, with options to use certain transitionreliefs.

c. Basis of consolidation

The consolidated financial statements comprise the financial statements of the Company and itssubsidiaries as of December 31, 2015 (including special-purpose entities). Control is achievedwhen the Group is exposed, or has rights, to variable returns from its involvement with theinvestee and has the ability to affect those returns through its power over the investee.Specifically, the Company controls an investee if and only if the Group has:

Power over the investee (i.e., existing rights that give it the current ability to direct the relevantactivities of the investee);Exposure, or rights, to variable returns from its involvement with the investee; andThe ability to use its power over the investee to affect its returns.

When the Group has less than a majority of the voting or similar rights of an investee, the Groupconsiders all relevant facts and circumstances in assessing whether it has power over an investee,including:

The contractual arrangement with the other vote holders of the investee;Rights arising from other contractual arrangements; andThe Company’s voting rights and potential voting rights.




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c. Basis of consolidation (continued)

The Group re-assesses whether or not it controls an investee if facts and circumstances indicatethat there are changes to one or more of the three elements of control. Consolidation of asubsidiary begins when the Group obtains control over the subsidiary and ceases when the Grouploses control of the subsidiary. Assets, liabilities, income and expenses of the subsidiary acquiredor disposed of during the year are included in the consolidated financial statements from the datethe Group gains control until the date the Group ceases to control the subsidiary.

Profit or loss and each component of OCI are attributed to the owners of the Company and to non-controlling interests even if it results in the non-controlling interests account having a deficitbalance. When necessary, adjustments are made to the financial statements of the subsidiary tobring the accounting policies used in line with those used by the Group. All intra-group assets andliabilities, equity, income, expenses and cash flows relating to transactions between members ofthe Group are eliminated in full on consolidation.

A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as anequity transaction. If the Group loses control over the subsidiary, it:

Derecognizes the assets (including goodwill) and liabilities of the subsidiary;Derecognizes the carrying amount of any non-controlling interests;Derecognizes the cumulative translation differences recorded in equity;Recognizes the fair value of the consideration received;Recognizes the fair value of any investment retained;Recognizes any surplus or deficit in profit or loss; andReclassifies the parent’s share of components previously recognized in OCI to profit or loss orretained earnings, as appropriate, as would be required if the Company had directly disposedof the related assets and liabilities.

The carrying amounts of the Group’s interests and the non-controlling interests are adjusted toreflect the changes in its relative interests in the subsidiary. Any difference between the amount bywhich the non-controlling interests are adjusted and the fair value of the consideration paid orreceived is recognized directly in equity and attributed to the owners of the Company. The fairvalue of any investment retained in the former subsidiary at the date when control is lost isregarded as the fair value on initial recognition.

Non-controlling interests in subsidiaries are identified separately and presented within equity. Foreach business combination, the Group elects whether to measure the non-controlling interestseither at fair value or at the non-controlling interests’ proportionate share of the acquiree’sidentifiable net assets. Subsequent to the date of business combination, the carrying amount ofnon-controlling interests is adjusted for the non-controlling interests’ share of subsequent changesin equity of the subsidiary.

d. Transactions with related parties

An individual or family member is related to the Group if it:

a) has control or joint control over the Group;b) has significant influence over the Group; orc) is a member of the key management personnel of the Group or the parent of the Company.




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d. Transactions with related parties (continued)

A party is considered to be related to the Group if:

a) the party, directly or indirectly through one or more intermediaries, (i) controls, is controlledby, or is under common control of the Group; (ii) has an interest in the Group that gives itsignificant influence over the Group; or (iii) has joint control over the Group;

b) the party is an associate of the Group;c) the party is a joint venture in which the Group is a venturer;d) the party is a member of the key management personnel of the Group;e) the party is a close member of the family of any individual referred to in (a) or (d);f) the party is an entity that is controlled, jointly controlled or significantly influenced by or for

which significant voting power in such entity resides with, directly or indirectly, any individualreferred to in (d) or (e);

g) the party is a post-employment benefit plan for the benefit of employees of the Group, or ofany entity that is a related party of the Group; or

h) The party, or any member of a group of which it is a part, provides key managementpersonnel services to the Group or to the parent of the Group.

Related party transactions are entered into based on terms agreed by the related parties. Suchterms may not be the same as those of the transactions between unrelated parties. Alltransactions and balances with related parties are disclosed in the notes to the consolidatedfinancial statements.

e. Foreign currencies

The individual financial statements of each of the consolidated entities are presented in thecurrency of the primary economic environment in which the entity operates (its functionalcurrency). For the purpose of the consolidated financial statements, the financial performance andfinancial position of each entity are expressed in US$, which is the Group’s functional currencyand presentation currency in the consolidated financial statements.

In preparing the financial statements of the individual entities, transactions in currencies other thanthe entity’s functional currency (foreign currency) are recognized using their respective functionalcurrency spot rates at the dates the transactions first qualifies for recognition.

At the end of each reporting period, monetary items denominated in foreign currencies aretranslated using the functional currency spot rates at that date. Non-monetary items carried at fairvalue that are denominated in foreign currencies are translated using the prevailing rates at thedate when the fair value was determined. Non-monetary items that are measured in terms ofhistorical cost in a foreign currency are not translated. The gain or loss arising on translation ofnon-monetary items measured at fair value is treated in line with the recognition of gain or loss onchange in fair value of the item (i.e., translation differences on items whose fair value gain or lossis recognized in other comprehensive income or profit or loss are also recognized in othercomprehensive income or profit or loss, respectively).

Exchange gains and losses arising from the translation of currencies other than the US$ arerecognized in profit or loss in the period in which they arise. The conversion rates used by theGroup at the end of reporting period using the middle rates published by Bank Indonesia are asfollows:




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e. Foreign currencies (continued)

2015 2014

Foreign currenciesRupiah (Rp'000) 0.0725 0.0804Singapore dollar (SGD) 0.7069 0.7574Euro (EUR) 1.0924 1.2165Yen (JPY) 0.0083 0.0083

For consolidation reporting purposes, assets and liabilities of entities whose functional currency isother than the US$ are translated into US$ using the foreign exchange rates at statement offinancial position date, while revenues and expenses are translated at the average foreignexchange rates for the year. The resulting translation adjustments are recognized in othercomprehensive income and accumulated in equity (attributed to non-controlling interests asappropriate).

When an entity whose functional currency other than US$ is sold, exchange differences that wereaccumulated in equity are recognized as part of the gain or loss on sale. Goodwill and fair valueadjustments arising from business acquisition of a subsidiary whose functional currency is otherthan the US$ are treated as assets and liabilities of such entity and are translated at the closingexchange rate.

f. Financial instruments

Classification

i. Financial assets

Financial assets are classified into financial assets as at fair value through profit or loss, loansand receivables, held-to-maturity investments, and available for sale financial assets (AFS), oras derivatives designated as hedging instruments in an effective hedge. The classificationdepends on the nature and purpose for which the asset was acquired and is determined atthe time of initial recognition. The Group has not classified any of its financial assets as heldto maturity (HTM).

The Group’s financial assets include cash on hand and in banks, trade receivables - thirdparties, other receivables - third parties, other non-current assets, derivative financial assetand available for sale financial assets.

ii. Financial liabilities

Financial liabilities are classified into financial liabilities at fair value through profit or loss orother financial liabilities measured at amortized cost. The Group determines the classificationof its financial liabilities at initial recognition.

The Group’s financial liabilities consist of trade payables, accrued expenses, loans payables,bonds payable, obligations under finance lease, notes payable, other payables, provisionsand other current liabilities.




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f. Financial instruments (continued)

Recognition and measurement

i. Financial assets

Financial assets are recognized initially at fair value plus, in the case of financial assets notrecorded at fair value through profit or loss, transaction costs that are attributable to theacquisition of the financial asset.

Purchases or sales of financial assets that require delivery of assets within a time frameestablished by regulation or convention in the market place (regular way trades) arerecognized on the trade date, i.e., the date that the Group commits to purchase or sell theasset.

The subsequent measurement of financial assets depends on their classification as follows:

Financial assets at fair value through profit or lossFinancial assets at fair value through profit or loss (“FVTPL”) include financial assets held-for-trading and financial assets designated upon initial recognition as fair value throughprofit or loss. Derivative assets are classified as held-for-trading unless they aredesignated as effective hedging instruments. Financial assets at fair value through profitor loss are carried in the consolidated statement of financial position at fair value withgains or losses recognized in profit or loss.

Loans and receivablesLoans and receivables are non-derivative financial assets with fixed or determinablepayments that are not quoted in an active market. Subsequent to initial recognition, suchfinancial assets are carried at amortized cost using the effective interest rate (EIR)method. Gains and losses are recognized in profit or loss when the loans and receivablesare derecognized or impaired, as well as through the amortization process.

AFS financial assetsAFS financial assets are non-derivative financial assets that are designated as AFS or arenot classified in any of the two preceding categories. Subsequent to initial recognition,AFS financial assets are measured at fair value with unrealized gains or lossesrecognized in equity until the investment is derecognized wherein the cumulative gain orloss previously recognized in equity is reclassified to profit or loss as a reclassificationadjustment.

Dividends on AFS equity instruments, if any, are recognized in profit or loss when theGroup’s right to receive the dividends is established. The fair value of AFS monetaryfinancial assets denominated in a foreign currency is determined based on originalcurrency and translated using the prevailing exchange rate at the end of the reportingperiod. The foreign exchange gains and losses recognized in profit or loss are determinedbased on the amortized cost of the monetary assets.

The Group’s AFS equity investments that do not have a quoted market price in an activemarket and whose fair value cannot be reliably measured are measured at cost less anyidentified impairment losses at the end of each reporting period. The Group’s AFSfinancial assets include its investments in shares of Nevaeh Limited and Swank VenturesLimited (Note 11).




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Recognition and measurement (continued)


All financial liabilities are recognized initially at fair value and, in the case of other financialliabilities, net of directly attributable transaction costs.

The subsequent measurement of financial liabilities depends on their classification, asdescribed below:

Other financial liabilities

After initial recognition, loans and borrowings are subsequently measured at amortizedcost using EIR method. Gains and losses are recognized in profit or loss when theliabilities are derecognized as well as through the EIR amortization process.

Offsetting of financial instruments

Financial assets and liabilities are offset and the net amount is reported in the consolidatedstatement of financial position if, and only if, there is currently enforceable legal right to offset therecognized amounts and that there is an intention to settle on a net basis, to realize the assetssimultaneously with the liabilities.

Fair value measurements

At each reporting date, the Group measures financial instruments, such as derivative financialasset and AFS financial assets, at fair value and non-financial assets, such as vessels, atrevalued amount. The fair values of financial instruments measured at amortized cost aredisclosed in Note 42.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in anorderly transaction between market participants at the measurement date. The fair valuemeasurement is based on the presumption that the transaction to sell the asset or transfer theliability takes place either:

In the principal market for the asset or liability; orIn the absence of a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible to the Group.

The fair value of an asset or a liability is measured using the assumptions that market participantswould use when pricing the asset or liability, assuming that market participants act in theireconomic best interest. A fair value measurement of a non-financial asset takes into account amarket participant's ability to generate economic benefits by using the asset in its highest andbest use or by selling it to another market participant that would use the asset in its highest andbest use.

The Group uses valuation techniques that are appropriate in the circumstances and for whichsufficient data are available to measure fair value, maximizing the use of relevant observableinputs and minimizing the use of unobservable inputs.




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Fair value measurements (continued)

All assets and liabilities for which fair value is measured or disclosed in the financial statementsare categorized within the fair value hierarchy, described as follows, based on the lowest levelinput that is significant to the fair value measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in active markets for identical assets or liabilities.Level 2 - Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is directly or indirectly observable.Level 3 - Valuation techniques for which the lowest level input that is significant to the fair valuemeasurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, theGroup determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair valuemeasurement as a whole) at the end of each reporting period.

Management determines the policies and procedures for fair value measurement. Externalvaluers are involved for valuation of significant assets, such as fixed assets vessels. Involvementof external valuers is decided by management based on expert’s market knowledge, reputation,independence and whether professional standards are maintained. Management decides, afterdiscussions with the Group’s external valuers, which valuation techniques and inputs to use foreach case.

For the purpose of fair value disclosures, the Group has determined classes of assets andliabilities on the basis of the nature, characteristics and risks of the asset or liability and the levelof the fair value hierarchy as explained above.

Amortized cost of financial instruments

Amortized cost is computed using the effective interest rate method less any allowance forimpairment and principal repayment or reduction. The calculation takes into account any premiumor discount on acquisition and includes transaction costs and fees that are an integral part of theeffective interest rate.

Impairment of financial assets

The Group assesses at the end of each reporting period whether there is any objective evidencethat a financial asset or a group of financial assets is impaired. A financial asset or a group offinancial assets is deemed to be impaired if, and only if, there is objective evidence of impairmentas a result of one or more events that has occurred after the initial recognition of the asset (anincurred ‘loss event’) and that loss event has an impact on the estimated future cash flows of thefinancial asset or the group of financial assets that can be reliably estimated. Evidence ofimpairment may include indications that the debtors or a group of debtors is experiencingsignificant financial difficulty, default or delinquency in interest or principal payments, theprobability that they will enter bankruptcy or other financial reorganization and where observabledata indicate that there is a measurable decrease in the estimated future cash flows, such aschanges in arrears or economic conditions that correlate with defaults.




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Impairment of financial assets (continued)

i. Financial assets carried at amortized cost

For financial assets carried at amortized cost, the Group first assesses whether objectiveevidence of impairment exists individually for financial assets that are individually significant,or collectively for financial assets that are not individually significant. If the Group determinesthat no objective evidence of impairment exists for an individually assessed financial asset,whether significant or not, it includes the asset in a group of financial assets with similar creditrisk characteristics and collectively assesses them for impairment. Assets that are individuallyassessed for impairment and for which an impairment loss is, or continues to be, recognizedare not included in a collective assessment of impairment.

If there is objective evidence that an impairment loss has occurred, the amount of the loss ismeasured as the difference between the assets carrying amount and the present value ofestimated future cash flows (excluding future expected credit losses that have not yet beenincurred). The present value of the estimated future cash flows is discounted at the financialassets original effective interest rate. If a loan has a variable interest rate, the discount rate formeasuring any impairment loss is the current effective interest rate. The carrying amount ofthe asset is reduced through the use of an allowance account and the amount of the loss isrecognized in profit or loss.

When the asset becomes uncollectible, the carrying amount of the financial assets is reduceddirectly or if an amount was charged to the allowance account, the amounts charged to theallowance account are written off against the carrying value of the financial asset.

If, in a subsequent period, the amount of the impairment loss decreases and the impairmentwas recognized, the previously recognized impairment loss is reversed to the extent that thecarrying amount of the asset does not exceed its amortized cost at the reversal date byadjusting the allowance account. The amount of the reversal is recognized in profit or loss.Subsequent recoveries of previously written off receivables, if in the current period, arecredited to the allowance accounts, but if after the reporting period, are credited to otheroperating income.

ii. AFS financial assets

For available for sale financial assets, the Group assesses at each reporting date whetherthere is objective evidence that an investment or a group of investments is impaired.

In the case of equity investments classified as available for sale, objective evidence wouldinclude a significant or prolonged decline in the fair value of the investment below its cost.‘Significant’ is evaluated against the original cost of the investment and ‘prolonged’ againstthe period in which the fair value has been below its original cost. Where there is evidence ofimpairment, the cumulative loss - measured as the difference between the acquisition costand the current fair value, less any impairment loss on that investment previously recognizedin profit or loss - is removed from other comprehensive income and recognized in profit orloss. Impairment losses on equity investments are not reversed through the incomestatement; increases in their fair value after impairment are recognized directly in othercomprehensive income.




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Impairment of financial assets (continued)

ii. AFS financial assets (continued)

The determination of what is “significant” or “prolonged” requires management judgment. TheGroup treats “significant” generally as 30% or more and “prolonged” as greater than 12months for equity securities.

Derecognition

i. Financial assets

A financial asset, or where applicable, a part of a financial asset or part of a group of similarfinancial assets, is derecognized when:

the contractual rights to receive cash flows from the asset have expired; orthere is transfer of the asset or the Group has transferred its rights to receive cash flowsfrom the asset or has assumed an obligation to pay the cash flows received in full withoutmaterial delay to a third party under a “pass-through” arrangement, and either (a) theGroup has transferred substantially all the risks and rewards over the asset, or (b) theGroup has neither transferred nor retained substantially all the risks and rewards over theasset, but has transferred the control over the asset.

When the Group has transferred its rights to receive cash flows from the asset or has enteredinto a “pass-through” arrangement, and has neither transferred nor retained substantially allthe risks and rewards over the asset nor transferred the control over the asset, the Grouprecognizes its retained interest in the asset to the extent of the Group’s continuinginvolvement in the asset.

Continuing involvement that takes the form of a guarantee over the transferred asset ismeasured at the lower of the original carrying amount of the asset and the maximum amountof consideration received that the Group could be required to repay.

On derecognition of a financial asset in its entirety, the difference between the asset's carryingamount and the sum of the consideration received and receivable, including any new assetsobtained less any new liabilities assumed, and the cumulative gain or loss that had beenrecognized in other comprehensive income and accumulated in equity is recognized in theconsolidated statement of profit or loss and other comprehensive income.

On derecognition of a financial asset other than in its entirety (e.g., when the Group retains anoption to repurchase part of a transferred asset), the Group allocates the previous carryingamount of the financial asset between the part it continues to recognize under continuinginvolvement, and the part it no longer recognizes on the basis of the relative fair values ofthose parts on the date of the transfer. The difference between the carrying amount allocatedto the part that is no longer recognized and the sum of the consideration received for the partno longer recognized and any cumulative gain or loss allocated to it that had been recognizedin other comprehensive income is recognized in profit or loss. A cumulative gain or loss thathad been recognized in other comprehensive income is allocated between the part thatcontinues to be recognized and the part that is no longer recognized on the basis of therelative fair values of those parts.




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f. Financial assets (continued)

Derecognition (continued)


The Group derecognizes financial liabilities when, and only when, the Group’s liabilities aredischarged, cancelled or expired. The difference between the carrying amount of a financialliability derecognized and the consideration paid and payable is recognized in profit or loss.

An exchange between the Group and its creditors with substantially different terms isaccounted for as an extinguishment of the original financial liability and the recognition of anew financial liability. Similarly, a substantial modification of the terms of an existing financialliability or a part of it (whether or not attributable to the financial difficulty of the Group) isaccounted for as an extinguishment of the original financial liability and the recognition of anew financial liability.

The difference between the carrying amount of a financial liability (or part of a financialliability) extinguished or transferred to another party and the consideration paid, including anynon-cash assets transferred or liabilities assumed, is recognized in profit or loss.

g. Restricted cash

Restricted cash on hand and in banks which will be used to pay currently maturing obligations arepresented as “Restricted Cash” under the current assets section of the consolidated statement offinancial position. Cash on hand and in banks which will be used to pay obligations maturing afterone year from the end of the reporting period are presented as part of “Restricted Cash” under thenon-current asset section of the consolidated statement of financial position.

h. Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined using the“first-in, first-out” method. Net realizable value is the estimated selling price, less the estimatedcosts necessary to make the sale.

i. Advances and prepaid expenses

Advances pertain to payments made to ship managers and agents in relation to the operations ofvessels. These advances are being liquidated on a monthly basis using the reports from the shipmanagers and agents.

Prepaid expenses are amortized over their beneficial periods using the straight-line method.

j. Investments in associates and joint venture

An associate is an entity over which the Group has significant influence. Significant influence isthe power to participate in the financial and operating policy decisions of the investee, but is notcontrol or joint control over those policies.




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j. Investments in associates and joint venture (continued)

A joint venture is a type of joint arrangement whereby the parties have joint control of thearrangement and have rights to the net assets of the joint venture. Joint control is the contractuallyagreed sharing of control of an arrangement, which exists only when decisions about the relevantactivities require unanimous consent of the parties sharing control.

The considerations made in determining significant influence are similar to those necessary todetermine control over subsidiaries.

The Group’s investments in associates are accounted for using the equity method.

Under the equity method, the investment in an associate or a joint venture is initially recognized atcost. The carrying amount of the investment is adjusted to recognize changes in the Group’sshare of net assets of the associate or joint venture since the acquisition date. Goodwill relating tothe associate or joint venture is included in the carrying amount of the investment and is neitheramortized nor individually tested for impairment.

The consolidated statement of profit or loss and other comprehensive income reflects the Group’sshare of the results of operations of the associate or joint venture. Any change in OCI of thoseinvestees is presented as part of the Group’s OCI. In addition, when there has been a changerecognized directly in the equity of the associate or joint venture, the Group recognizes its shareof any changes, when applicable, in the consolidated statements of changes in equity. Unrealizedgains and losses resulting from transactions between the Group and the associate or joint ventureare eliminated to the extent of the interest in the associate or joint venture.

The aggregate of the Group’s share of profit or loss of an associate and a joint venture is shownon the face of the consolidated statement of profit or loss and other comprehensive incomeoutside operating profit and represents profit or loss after tax and non-controlling interests in thesubsidiaries of the associate or joint venture.

The financial statements of the associate or joint venture are prepared for the same reportingperiod as the Company. When necessary, adjustments are made to bring the accounting policiesin line with those of the Company.

After application of the equity method, the Company determines whether it is necessary torecognize an impairment loss on its investment in its associate or joint venture. At each reportingdate, the Company determines whether there is objective evidence that the investment in theassociate or joint venture is impaired. If there is such evidence, the Company calculates theamount of impairment as the difference between the recoverable amount of the associate or jointventure and its carrying value, then recognizes the loss as “Share of profit of an associate and ajoint venture” in the consolidated statement of profit or loss and other comprehensive income.

Upon loss of significant influence over the associate or joint control over the joint venture, theGroup measures and recognized any retained investment at its fair value. Any difference betweenthe carrying amount of the associate or joint venture upon loss of significant influence or jointcontrol and the fair value of the retained investment and proceeds from disposal is recognized inprofit or loss.




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k. Fixed assets

Vessels

Owned vessels and leased vessels are stated at their revalued amount, being the fair value at thedate of revaluation, less any subsequent accumulated depreciation and subsequent accumulatedimpairment loss. Revaluations are performed with sufficient regularity such that the carryingamount does not differ materially from that which would be determined using fair values at thereporting date.

Vessels held under finance lease are depreciated over the same estimated economic useful liveswith owned vessels. However, when there is no reasonable certainty that ownership of vesselswill be obtained by the end of the lease term, assets are depreciated over the shorter of the leaseterm and their useful lives.

Any revaluation increase arising on the revaluation of such vessels is credited to othercomprehensive income net of deferred tax, as applicable, and accumulated in revaluation surplusin the equity, except to the extent that it reverses an impairment loss for the same vessel whichwas previously recognized in profit or loss, in which case the increase is credited to profit or lossto the extent that impairment loss was recognized for the asset in prior years. Any remainingincrease, net of deferred tax, as applicable, would be recognized in revaluation surplus in equity.A decrease in carrying amount arising on the revaluation of such vessels is charged to profit orloss to the extent that it exceeds the balance, if any, held in the vessels’ revaluation surplusrelating to a previous revaluation of such vessels.

The Group elected the policy of eliminating the accumulated depreciation of revalued assetsagainst the gross carrying amount of the assets and the net amount restated to the revaluedamount of the assets.

Depreciation of revalued vessels is charged to profit or loss. As the vessels are used, a transfer ismade from revaluation reserve to deficit equivalent to the difference between depreciation basedon revalued carrying amount of the vessels and depreciation based on the vessels’ historical cost.On subsequent sale or retirement of a revalued vessel, the remaining revaluation surplusattributable to the vessels sold or retired is transferred directly to deficit.

The vessels’ residual values, estimated useful lives and depreciation method are reviewed ateach reporting date, with the effect of any change in estimate accounted for prospectively.

The gain or loss on sale or retirement of vessels is determined as the difference between thesales proceeds and carrying amount of the vessel and is recognized in profit or loss.

Dry docking cost

Included in the balance of vessels are the dry docking costs which are capitalized when incurredand are amortized on a straight-line basis over the period until the date of the next dry docking.




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k. Fixed assets (continued)

Other fixed assets

Other fixed assets are stated at cost less accumulated depreciation and any accumulatedimpairment losses.

The Group applies the cost model in subsequent recognition for other fixed assets. Other fixedassets are depreciated using straight-line method based on the following estimated useful lives:

Years

Buildings and premises 20Transportation equipment 5Office furniture and fixtures 5Office and dormitory equipment 5

Depreciation is recognized so as to allocate the cost of assets less their residual values over theirestimated useful lives. The estimated useful lives, residual values and depreciation method arereviewed at each reporting date, with the effect of any change in estimate accounted forprospectively.

The costs of maintenance and repairs of other fixed assets are charged to operations as incurred.Other costs incurred subsequently to add, replace part of, or service an item of fixed assets, arerecognized as asset if, and only if, it is probable that future economic benefits associated with theasset will flow to the Group and the cost of the asset can be measured reliably.

Construction in progress is stated at cost, and is transferred to the respective fixed assets accountwhen completed and ready for its intended use.

An item of other fixed assets is derecognized upon disposal or when no future economic benefitsare expected from its use or disposal. Any gain or loss arising on derecognition of the asset(calculated as the difference between the net proceeds from disposal and the carrying amount ofthe item) is recognized in profit or loss in the period the asset is derecognized.

l. Leases

Leases are classified as finance leases whenever the terms of the leases transfer substantially allthe risks and rewards of ownership to the lessee. All other leases are classified as operatingleases.

The Group as lessee

Assets held under finance leases are initially recognized as leased assets of the Group at their fairvalue at the inception of the lease or, if lower, at the present value of the minimum leasepayments. The corresponding liability to the lessor is presented in the consolidated statement offinancial position under “Obligations under finance lease” account.




28


l. Leases (continued)

The Group as lessee (continued)

Each lease payment is allocated between the liability and finance charges so as to achieve aconstant rate on the outstanding balance. The corresponding rental obligations, net of financecharges, are included in non-current finance lease liabilities. The interest element of the financecost is charged to profit or loss over the lease period so as to produce a constant periodic rate ofinterest on the remaining balance of the liability for each period. The fixed asset acquired underfinance lease is depreciated over the shorter of the useful life of the asset and the lease term.Contingent rentals are recognized as expenses in the periods in which they are incurred.

Operating lease payments are recognized as an expense on a straight-line basis over the leaseterm, except where another systematic basis is more representative of the time pattern in whicheconomic benefits from the leased asset are consumed.

m. Impairment of non-financial assets

The Group assesses at each reporting period whether there is an indication that an asset may beimpaired. If any such indication exists, or when annual impairment testing for an asset is required,the Group makes an estimate of the asset’s recoverable amount. An asset’s recoverable amountis the higher of the asset’s or its CGU’s fair value less costs to sell and its value in use, and isdetermined for an individual asset, unless the asset does not generate cash inflows that arelargely independent of those from other assets or groups of assets. Where the carrying amount ofan asset exceeds its recoverable amount, the asset is considered impaired and is written down toits recoverable amount. Impairment losses of continuing operations are recognized in theconsolidated statement of profit or loss and other comprehensive income as “impairment losses”.

In assessing the value in use (VIU), the estimated net future cash flows are discounted to theirpresent value using a pre-tax discount rate that reflects current market assessments of the timevalue of money and the risks specific to the asset. In determining fair value less costs to sell,recent market transactions are taken into account, if available. If no such transactions can beidentified, an appropriate valuation model is used to determine the fair value of the assets. Thesecalculations are corroborated by valuation multiples or other available fair value indicators.

A previously recognized impairment loss for an asset other than goodwill is reversed only if therehas been a change in the assumptions used to determine the asset’s recoverable amount sincethe last impairment loss was recognized. If that is the case, the carrying amount of the asset isincreased to its recoverable amount. The reversal is limited so that the carrying amount of theasset does not exceed its recoverable amount, nor exceeds the carrying amount that would havebeen determined, net of depreciation, had no impairment loss been recognized for the asset inprior years. Reversal of an impairment loss is recognized in the consolidated statement of profit orloss and other comprehensive income. After such a reversal, the depreciation charge on the saidasset is adjusted in future periods to allocate the asset’s revised carrying amount, less anyresidual value, on a systematic basis over its remaining useful life.

In case of asset carried at a revalued amount, any remaining increase, net of deferred tax, asapplicable, would be recognized in revaluation reserve in equity and is treated as a revaluationincrease.




29


n. Post-employment benefits

The Company provides defined post-employment benefits to their employees in accordance withIndonesian Labor Law No. 13/2003. No funding has been made to this defined benefit plan.

Pension costs under the Company’s defined benefit pension plans are determined by periodicactuarial calculation using the projected-unit-credit method and applying the assumptions as inaccordance with IAS 19 (Revised 2011).

Re-measurements, comprising of actuarial gains and losses and the return on plan assets(excluding net interest), are recognized immediately in the consolidated statement of financialposition with a corresponding debit or credit to retained earnings through OCI in the period inwhich they occur. Re-measurements are not reclassified to profit or loss in subsequent periods.

Past service costs are recognized in profit or loss on the earlier of:

The date of the plan amendment or curtailment; andThe date that the Company recognizes restructuring-related costs.

Net interest is calculated by applying the discount rate to the net defined benefit liability or asset.The Group recognizes the following changes in the net defined benefit obligation under employeebenefits in the consolidated statement of profit or loss and other comprehensive income:

Service costs comprising current service costs, past-service costs, gains and losses oncurtailments and non-routine settlements; andNet interest expense or income.

o. Provision

Provision is recognized when the Group has a present obligation (legal or constructive) as a resultof a past event, it is probable that the Group will be required to settle the obligation, and a reliableestimate can be made of the amount of the obligation. The Group expects a provision to bereimbursed, the reimbursement is recognized as a separate asset but only when the receipt ofreimbursement is virtually certain. The expense relating to any provision is presented in profit orloss net of any reimbursement.

All provisions are reviewed at each reporting date and adjusted to reflect the current best estimate.If it is no longer probable that an outflow of resources embodying economic benefits will berequired to settle the obligations, the provisions are reversed and recognized in profit or loss.

p. Equity instrument

Financial liabilities and equity instruments of the Group are classified according to the substanceof the contractual arrangements entered into and the definitions of a financial liability and equityinstrument.

An equity instrument is any contract that evidences a residual interest in the assets of an entityafter deducting all of its liabilities. Equity instruments are recorded at the fair value of theconsideration received, net of direct issue costs.




30


p. Equity instrument (continued)

Repurchase of the Group's own equity instruments 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 theGroup's own equity instruments. The difference between the selling price and the acquisition costis recognized as “Difference in capital from treasury share transactions” under additional paid-incapital in equity.

q. Revenue and expense recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to theGroup and the revenue can be reliably measured. Revenue is measured at the fair value of theconsideration received, excluding discounts, rebates and Value Added Taxes (“VAT”). The Groupassesses its revenue arrangements against specific criteria in order to determine if it is acting asprincipal or agent. The following specific recognition criteria must also be met before revenue andexpense are recognized:

Revenues from freight operations

Revenues from freight operations are recognized as income with reference to the percentage ofcompletion of the voyage as at reporting date.

Rental income

Time charter revenue is recognized on accrual basis over the terms of the time charteragreements. Voyage freight is recognized over the duration of each voyage.

Rendering of services

Revenues from agency services are recognized when the services are rendered to customers.

Interest income

Interest income from a financial asset is recognized when it is probable that the economic benefitswill flow to the Group and the amount of income can be measured reliably. Interest income isaccrued based on outstanding principal using the effective interest rate method.

Expenses

Expenses are recognized in the period in which they are incurred. Interest expense is accruedbased on outstanding principal plus unpaid interest, using the effective interest rate method.

r. Taxation

Income tax expense - net represents the sum or the net amount of the final income tax, currenttax and deferred tax. Income tax expense is recognized in profit or loss except to the extent that itrelates to items recognized directly in equity, in which case it is recognized in othercomprehensive income.

Final income tax

Income tax subject to final tax is presented as part of the tax expense.

Tax expense on revenues from vessels subject to final tax is recognized proportionately based onthe revenue recognized in the current year. The difference between the final income tax paid andthe amount charged as final income tax in profit or loss is recognized as prepaid tax or taxpayable. Prepaid final income tax is presented separately from final income tax payable.




31


r. Taxation (continued)

Current tax

The current tax is based on taxable profit for the year. Taxable profit differs from profit as reportedin the consolidated statement of profit or loss and other comprehensive income due to the taxableand deductible temporary differences and permanent differences. The Group’s liability for currenttax is calculated using tax rates that have been enacted or substantively enacted by the end ofthe reporting period in the countries where the Group operates and generates income.

Current income tax relating to items recognized directly in equity is recognized in equity and not inprofit or loss. Management periodically evaluates positions taken in the tax returns with respect tosituations in which applicable tax regulations are subject to interpretation and establishesprovisions where appropriate.

Interest and penalties for the underpayment or overpayment of income tax, if any, are to bepresented as part of “Income Tax Benefit (Expense)” in the consolidated statement of profit or lossand other comprehensive income.

The amounts of additional tax principal and penalty imposed through a tax assessment letter(“SKP”) are recognized as income or expense in the current year in the consolidated statement ofprofit or loss and other comprehensive income, unless further settlement is submitted. Theamounts of tax principal and penalty imposed through an SKP are deferred as long as they meetthe asset recognition criteria.

Deferred tax

Deferred tax is provided using the liability method on temporary differences between the taxbases of assets and liabilities and their carrying amounts for financial reporting purposes at thereporting date.

Deferred tax liabilities are recognized for all taxable temporary differences, except:

When the deferred tax liability arises from the initial recognition of goodwill or an asset orliability in a transaction that is not a business combination and, at the time of the transaction,affects neither the accounting profit nor taxable profit or loss.

In respect of taxable temporary differences associated with investments in subsidiaries,associates and interests in joint ventures, when the timing of the reversal of the temporarydifferences can be controlled and it is probable that the temporary differences will not reversein the foreseeable future.

Deferred tax assets are recognized for all deductible temporary differences, the carry forward ofunused tax credits and any unused tax losses. Deferred tax assets are recognized to the extentthat it is probable that taxable profit will be available against which the deductible temporarydifferences, and the carry forward of unused tax credits and unused tax losses can be utilized,except:

When the deferred tax asset relating to the deductible temporary difference arises from theinitial recognition of an asset or liability in a transaction that is not a business combinationand, at the time of the transaction, affects neither the accounting profit nor taxable profit orloss.




32


r. Taxation (continued)

Deferred tax (continued)

In respect of deductible temporary differences associated with investments in subsidiaries,associates and interests in joint ventures, deferred tax assets are recognized only to theextent that it is probable that the temporary differences will reverse in the foreseeable futureand taxable profit will be available against which the temporary differences can be utilized.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to theextent that it is no longer probable that sufficient taxable profit will be available to allow all or partof the deferred tax asset to be utilized. Unrecognized deferred tax assets are re-assessed at eachreporting date and are recognized to the extent that it has become probable that future taxableprofits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in theyear when the asset is realized or the liability is settled, based on tax rates (and tax laws) thathave been enacted or substantively enacted at the reporting date.

Deferred tax relating to items recognized outside profit or loss is recognized outside profit or loss.Deferred tax items are recognized in correlation to the underlying transaction either in OCI ordirectly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists tooffset current tax assets against current income tax liabilities and the deferred taxes relate to thesame taxable entity and the same taxation authority.

s. Share capital

Incremental costs directly attributable to the issuance of new ordinary shares or options are shownin equity as a deduction, net of tax, from the proceeds.

Where any company purchases the Company’s equity share capital (treasury shares), theconsideration paid, including any directly attributable incremental costs (net of income taxes) isdeducted from equity attributable to the company’s equity holders until the shares are cancelled orreissued. Where such ordinary shares are subsequently reissued, any consideration received, netof any directly attributable incremental transaction costs and the related income tax effect, isincluded in equity attributable to the Company’s equity holders.

t. Earnings/loss per share

Basic earnings/loss per share is computed by dividing income/loss for the year attributable toowners of the Company by the weighted average number of shares outstanding during the year,after considering treasury stock.

Diluted earnings/loss per share amounts are calculated by dividing the profit/loss attributable toordinary equity holder of the parent by the weighted average number of ordinary sharesoutstanding during the year, after considering treasury stock plus the weighted average number ofordinary shares that would be issued on conversion of all the dilutive potential ordinary shares intoordinary shares.




33


u. Segment information

A segment is a distinguishable component of the Group that is engaged either in providing certainproducts (business segment), or in providing products within a particular economic environment(geographical segment), which is subject to risks and rewards that are different from those ofother segments.

Segment revenue, expenses, results, assets and liabilities include items directly attributable to asegment as well as those that can be allocated on a reasonable basis to that segment. They aredetermined before intragroup balances and intragroup transactions are eliminated.

The segment information reported is the component of the Group whose operating results areregularly reviewed by the chief operating decision maker to make decisions about allocatingresources to the segment and assessing its performance.

v. Contingencies

Contingent liabilities are not recognized in the consolidated financial statements but are disclosedin the notes to the consolidated financial statements unless the possibility of an outflow ofresources embodying economic benefits is remote. Contingent assets are not recognized in theconsolidated financial statements but are disclosed in the notes to the consolidated financialstatements when an inflow of economic benefits is probable.

w. Events after the financial reporting date

Subsequent events after the end of financial reporting date that provide additional informationabout the Group’s position at reporting period (adjusting events) are reflected in the financialstatements. Subsequent events after the end of financial reporting date that are not adjustingevents are disclosed in the notes to the consolidated financial statements when material.

x. Current versus non-current classification

The Group presents assets and liabilities in the consolidated statement of financial position basedon current/non-current classification. An asset as current when it is:

Expected to be realized or intended to be sold or consumed in normal operating cycle;Held primarily for the purpose of trading;Expected to be realized within twelve months after the reporting period; orCash or cash equivalent unless restricted from being exchanged or used to settle a liability forat least twelve months after the reporting period.

All other assets are classified as non-current. A liability is current when:

It is expected to be settled in normal operating cycle;It is held primarily for the purpose of trading;It is due to be settled within twelve months after the reporting period; orThere is no unconditional right to defer the settlement of the liability for at least twelve monthsafter the reporting period.

The Group classifies all other liabilities as non-current.

Deferred tax assets and liabilities are classified as non-current assets and liabilities.




34

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

In the application of the Group's accounting policies, which are described in Note 2 to theconsolidated financial statements, the preparation of consolidated financial statements requiresmanagement to make judgments, estimates and assumptions that affect the carrying amounts ofassets, liabilities and the reported amounts of revenues and expenses, and accompanyingdisclosures. The judgments, estimates and assumptions used by management are based on historicalexperience and other factors that are considered to be relevant. Actual results may differ from theseestimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions toaccounting estimates are recognized in the period in which the estimate is revised if the revisionaffects only that period or in the period of the revision and future periods if the revision affects bothcurrent and future periods.

a. Judgments

The following are the critical judgments, apart from those involving estimations that themanagement made in the process of applying the Group's accounting policies which have thesignificant effect on the amounts recognized in the consolidated financial statements.

Classification of financial instruments

The Group determines the classifications of certain asset and liabilities as financial assets andfinancial liabilities by judging if they meet the definition set forth in IAS 32. Accordingly, thefinancial assets and financial liabilities are accounted for in accordance with the Group’saccounting policies disclosed in Note 2.

Classification of leases

The Group has several leases where as the Group acts as lessee in respect of vessels. TheGroup evaluates whether significant risks and rewards of ownership of the leased assets aretransferred. The lease transactions are disclosed in Note 19.


Internal and external sources of information are reviewed at each reporting date to identifyindications of impairment losses and to identify if previously recognized impairment loss on non-financial asset no longer exist or may be decreased.

If any such indication exists, the recoverable amount of the asset is estimated. An impairment lossis recognized whenever the carrying amount of the asset exceeds its recoverable amount. TheGroup assesses the impairment of an asset whenever events or changes in circumstancesindicate that the carrying amount of the asset may not be recoverable. The factors that the Groupconsiders upon assessment include, but not limited to, the significant under performance relativeto expected historical or projected future operating results and significant negative industry oreconomic trends.

Whenever the carrying amount of an asset exceeds its recoverable amount, an impairment loss isrecognized. The recoverable amount is the higher of the asset’s fair value less costs to sell orvalue in use. The recoverable amount is estimated for the individual asset or, if not possible, forthe cash-generating unit to which the asset belongs.




35

3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS (continued)

a. Judgments (continued)

Allowance for impairment losses on loans and receivables

The Group assesses its loans and receivables for impairment at each reporting date. Indetermining whether an impairment loss should be recorded in profit or loss, management makesjudgment as to whether there is objective evidence that a loss event has occurred. The Groupalso evaluates specific accounts where it has information that certain customers are unable tomeet their financial obligations. In these cases, the Group uses judgment, based on availablefacts and circumstances, including but not limited to the length of its relationship with the customerand the customer’s current credit status based on available data, to record specific provisions forcustomers against amounts due to reduce the receivable amounts that the Group expects tocollect. Management also makes judgment as to the methodology and assumptions for estimatingthe amount and timing of future cash flows which are reviewed regularly to reduce any differencebetween loss estimate and actual loss.

Estimate of provision for income taxes

The Group has exposure to income taxes in relation to the significant judgment to determine theprovision for income taxes. The Group submits tax returns on the basis of self-assessment andrecognizes liabilities for expected tax issues based on estimates of whether additional taxes willbe due. The tax authorities may assess or amend taxes within the statute of limitation under theprevailing regulations. Where the final tax outcome of these matters is different from the amountsthat were initially recognized, such differences will impact the current tax and deferred tax in theperiod in which such determination is made. The carrying amounts of the Group’s prepaid tax andcurrent tax liabilities are disclosed in Note 16.

Going concern

The Group’s management has made an assessment of the Group’s ability to continue as a goingconcern and is satisfied that the Company has the resources to continue in business for theforeseeable future. The management believes that the Group will be able to fulfill its obligationsunder the PKPU Amendment Plan, execute its strategies and manage its business and financialrisks successfully. Accordingly, the consolidated financial statements continue to be prepared onthe going concern basis.

Determination of functional currency

In determining the respective functional currencies of each of the entity in the Group, judgment isrequired to determine the currency that mainly influences sales prices for services and the countrywhose competitive forces and regulations mainly determine the sales prices of their services. Thefunctional currencies of each entity in the Group are determined based on management’sassessment of the economic environment in which the entities operate and the entities’ process ofdetermining sales prices. When the indicators are mixed and the functional currency is notobvious, management should use its judgment to determine the functional currency that faithfullyrepresents the economic effects of the underlying transactions, events and conditions.




36


b. Estimates and assumptions

The key assumptions concerning the future and other key sources of estimation uncertainty at thereporting date that have a significant risk of causing a material adjustment to the carrying amountsof assets and liabilities within the next financial year are discussed below. The Group based itsassumptions and estimates on parameters available when the consolidated financial statementswere prepared. Existing circumstances and assumptions about future developments, however,may change due to market changes or circumstances arising beyond the control of the Group.Such changes are reflected in the assumptions when they occur.

Valuation of vessels

Vessels are stated at fair value based on the valuation reviewed by management and supportedby independent professional valuers. In determining fair value, a method of valuation is usedwhich involves certain estimates, including comparisons with recent sale transactions of similarvessels.

Further information in relation to the valuation of vessels is disclosed in Note 13. Managementbelieves that the chosen valuation techniques and assumptions used are appropriate in thedetermination of the fair value of vessels.

Determination of fair value of financial assets

The Group carries certain financial assets at fair value, which requires extensive use ofaccounting estimates and judgments. The significant components of fair value measurement weredetermined using verifiable objective evidence (i.e., foreign exchange rates, interest rates,volatility rates). The amount of changes in fair value would differ if the Company utilized differentvaluation methodologies and assumptions. Any changes in the fair value of these financial assetsand liabilities would directly affect profit and loss and other comprehensive income


An impairment exists when the carrying value of an asset or cash generating unit exceeds itsrecoverable amount, which is the higher of its fair value less costs to sell and its value in use. Thefair value less costs to sell calculation is based on available data from binding sales transactionsin an arm’s length transaction of similar assets or observable market prices less incremental costsfor disposing of the asset. The value in use calculation is based on a discounted cash flow model.The cash flows are derived from the budget for the next five years and do not include restructuringactivities that the Group is not yet committed to or significant future investments that will enhancethe asset’s performance of the cash generating unit being tested. The recoverable amount is mostsensitive to the discount rate used for the discounted cash flow model as well as the expectedfuture cash inflows and the growth rate used for extrapolation purposes.

Estimate of realizability of deferred tax assets

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to theextent that it is no longer probable that sufficient future taxable profit will be available to allow allor part of the deferred tax assets to be utilized. The Group’s assessment on the recognition ofdeferred tax assets on deductible temporary differences is based on the projected taxable incomein the following periods. This projection is based on the Company’s past and future results ofoperations.




37


b. Estimates and assumptions (continued)

Estimate of provision for post-employment benefits

The determination of the Company’s employee benefits liabilities is dependent on its selection ofcertain assumptions used by the independent actuaries in calculating such amounts. Thoseassumptions include among others, discount rates, future annual salary increase, annualemployee turn-over rate, disability rate, retirement age and mortality rate. Actual results that differfrom the Company’s assumptions are recognized immediately in the profit or loss as and whenthey occurred. While the Company believes that its assumptions are reasonable and appropriate,significant differences in the Company’s actual experiences or significant changes in theCompany’s assumptions may materially affect its estimated liabilities for employee benefits andnet employee benefits expense. All assumptions are reviewed at each reporting date.

Estimate of useful lives and residual values of fixed assets

The useful lives of the Group’s fixed assets which are estimated as the period over which theasset is expected to be used are based on internal technical evaluation. The estimated useful lifeof each asset is reviewed periodically and updated if expectations differ from previous estimatesdue to physical wear and tear, technical or commercial obsolescence and legal or other limits onthe use of the asset.

The Group also reviews the residual values of vessels at the end of each reporting period.Significant judgment is required in determining the residual values of its vessels. The Groupconsiders the net proceeds that would be obtained from the disposal of the assets in the resale orscrap markets, fluctuations in scrap steel prices and industry practice.

A change in the estimated useful life and residual value of any item of fixed asset would affect therecorded depreciation and amortization expense and the carrying value of such asset (Note 13).

Contingencies

The Group is currently involved in various restructuring initiatives, including legal proceedings(Note 39). An estimate of the probable costs associated with these initiatives has been developedbased upon an understanding of the procedures involved and likely outcomes. However, anymaterial deviation in the expected procedures or outcomes may potentially affect the operations ofthe Group. The Group does not believe that such legal proceedings are likely to have anysignificant or adverse effect on its consolidated financial statements.

PTBERLIANLAJU

TANKER

Tbk

ANDITSSUBSIDIARIES

NOTESTO

THECONSOLIDATED

FINANCIALSTATEM

ENTS


FortheYearThenEnded


38

4.GROUPSTRUCTURE

Theconsolidated

financialstatementsincludetheaccountsoftheCompanyanditssubsidiaries.TheCompanyhasdirectshareownershipinIndigo

PacificCorporation,DiamondPacificInternationalCorporationandAseanMaritimeCorporation,allofwhichareinvestmentholdingcompaniesdomiciled

inforeigncountries.

DetailsoftheGroup’sstructure,showingdirectandindirectshareownership,areasfollows:

Percentage

TotalAssets

Percentage

TotalAssets

Startof

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Company

PrincipalActivity

Domicile

CommercialOperations

2015

2015

2014

2014

1IndigoPacificCorporation

Investmentholdingcompany

Labuan,Malaysia

December24,1997

100

668.775

100

1.932

1.1

IndigoPacificCorporation



February9,1993

100

156.706

100

40.129

1.1.1

MelaniMaritimeInc.

c)Ownerandoperatorofvessel

Panama

February24,1993

--

100

589

1.1.2

ZonaOverseasInternationalShippingS.A.

b)Ownerandoperatorofvessel

Panama

June24,1997

100

67.541

100

84.481

1.1.3

KuntiMaritimePte.Ltd.


Singapore

July19,2000

100

16.133

100

-1.1.4

JembawatiMaritimePte.Ltd.


Singapore

July25,2000

--

100

-1.1.5

TirtasariMaritimePte.Ltd.


Singapore

November24,2001

--

100

14.708

1.1.6

PergiwoNavigationPte.Ltd.


Singapore

July25,2002

--

100

13.132

1.1.7

FatmariniMaritimePte.Ltd.


Singapore

August14,2002

100

-100

15.964

1.1.8

HarsanadiMaritimePte.Ltd.


Singapore

August14,2002

100

-100

-1.1.9

HartatiMaritimePte.Ltd.


Singapore

August26,2002

100

22100

2.211

1.1.10

BLTFinanceCorporation



October24,2005

100

263

100

-1.1.11

PujawatiMaritimePte.Ltd.


Singapore

March10,2006

100

-100

12.218

1.1.12

PertiwiMaritimePte.Ltd.


Singapore

March10,2006

100

-100

15.664

1.1.13

AnggrainiMaritimePte.Ltd.


Singapore

April5,2006

--

100

-1.1.14

EmeraldMaritimePte.Ltd.

Ownerandoperatorofvessel

Singapore

April12,2006

100

14.355

100

15.784

1.1.15

BLTFinanceB.V.


TheNetherlands

April26,2007

100

35100

28.287

1.1.16

TridonawatiMaritimePte.Ltd.


Singapore

June6,2007

100

52.643

100

-1.1.17

PurbasariMaritimePte.Ltd.


Singapore

June6,2007

100

23.491

100

26.487

1.1.18

TridonawatiMaritimeCorporation


Liberia

June21,2007

100

-100

-1.1.19

TrirasaMaritimePte.Ltd.


Singapore

June6,2007

--

100

-1.1.20

Pram

oniMaritimePte.Ltd.


Singapore

April16,2008

100

9.870

100

25.511

PTBERLIANLAJU

TANKER

Tbk

ANDITSSUBSIDIARIES

NOTESTO

THECONSOLIDATED

FINANCIALSTATEM

ENTS


FortheYearThenEnded


39

4.GROUPSTRUCTURE(continued)

Percentage

TotalAssets

Percentage

TotalAssets

Startof

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Company

PrincipalActivity

Domicile


2015

2015

2014

2014

US$'000

US$'000

1.1.21

FatmariniShippingPte.Ltd.


Singapore

October12,2008

100

-100

-1.1.22

FrabandariShippingPte.Ltd.


Singapore

October12,2008

100

-100

1.512

1.1.23

HarsanadiShippingPte.Ltd.


Singapore

October12,2008

100

18.355

100

18.295

1.1.24

HartatiShippingPte.Ltd.


Singapore

October12,2008

100

13.144

100

13.591

1.1.25

NogoginiShippingPte.Ltd.


Singapore

October12,2008

100

7.480

100

9.545

1.1.26

NolowatiShippingPte.Ltd.


Singapore

October12,2008

100

7.861

100

8.623

1.1.27

RatihShippingPte.Ltd.


Singapore

October12,2008

--

100

-1.1.28

UniversalGraceLtd.


HongKong

September24,2010

100

-100

-1.1.29

BLTMaritimeCorporation



April8,2011

100

10.511

100

11.649

1.1.29.1

SwankVenturesLtd.

b)Investmentholdingcompany

MarshallIslands

December31,2010

60-

60-

1.1.30

RichKingLtd.

a)Ownerandoperatorofvessel

HongKong

July18,2011

100

-100

-2



Labuan,Malaysia

November24,1997

100

23.153

100

42.862

2.1




February9,1993

100

115.327

100

76.847

2.1.1

LenaniMaritimeInc.


Panama

February24,1993

100

15.226

100

8.571

2.1.1.1

OntariMaritimePte.Ltd.


Singapore

July25,2000

100

-100

6.172

2.1.2

AverinaMaritimeS.A.

c)ShippingAgency

Panama

May27,1998

--

100

-2.1.3

GandariNavigationPte.Ltd.

b)Operatorofvessel

Singapore

April25,2000

100

-100

-2.1.4

CendanawatiNavigationPte.Ltd.


Singapore

July25,2002

--

100

8.827

2.1.5

FrabandariMaritimePte.Ltd.


Singapore

August14,2002

60-

6021.841

2.1.6

BrotojoyoMaritimePte.Ltd.


Singapore

August25,2002

100

13.074

100

-2.1.7

BerlianLajuTankerPte.Ltd.

Operatorofvessel

Singapore

July3,2003

100

112

100

-2.1.8

AnjasmoroMaritimePte.Ltd.


Singapore

March17,2004

100

-100

36.191

2.1.9

GasLombokMaritimePte.Ltd.


Singapore

March20,2008

--

100

-2.1.10

GasSumbawaMaritimePte.Ltd.


Singapore

June12,2008

--

100

22.292

2.1.11

BerlianLajuTankerDMCC

c)Shippingagency

Dubai

January16,2011

--

100

-2.1.12

BLTGasCorporation

b)Operatorofvessel


January25,2013

100

-100

-2.2

BLTLNGTangguhCorporation

Operatorofvessel

MarshallIslands

July8,2005

100

40.958

100

9.415

3AseanMaritimeCorporation


Labuan,Malaysia

September16,1997

100

301.298

100

9.943

3.1

GoldBridgeShippingCorporation



November20,1996

100

33.996

100

13.115

3.1.2

GoldBridgeShippingLtd.

Shippingagency

HongKong

April27,1990

100

21.933

100

16.512

3.1.3

GreatTirtaShippingS.A.


Panama

June23,1997

--

100

-3.1.3.1

DewayaniMaritimePte.Ltd.


Singapore

September6,2001

--

100

-3.1.4

HopewayMarineInc.


Panama

November22,1984

100

5.022

100

5.734

3.1.5

LestariInternationalShippingS.A.


Panama

June23,1997

--

100

5.024

3.1.5.1

GandiniMaritimePte.Ltd.


Singapore

January2,2002

--

100

13.528

3.1.6

QuimeraMaritimeS.A.


Panama

December3,1993

100

745

100

-3.1.7

SouthEasternOverseasNavigationS.A.


Panama

May26,1994

100

-100

-3.1.8

ZenithOverseasMaritimeS.A.


Panama

June23,1997

100

-100

222

3.1.8.1

GandariMaritimePte.Ltd.


Singapore

September1,2001

100

5.360

100

244.855

3.1.9

ZonaShippingS.A.


Panama

June23,1997

--

100

4.279

PTBERLIANLAJU

TANKER

Tbk

ANDITSSUBSIDIARIES

NOTESTO

THECONSOLIDATED

FINANCIALSTATEM

ENTS


FortheYearThenEnded


40


Percentage

TotalAssets

Percentage

TotalAssets

Startof

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Company

PrincipalActivity

Domicile


2015

2015

2014

2014

US$'000

US$'000

3.1.9.1

DewiSriMaritimePte.Ltd.


Singapore

September6,2001

--

100

3.778

3.1.10

EglantineNavigationS.A.


Panama

Novem

ber24,1997

100

4.693

100

4.114

3.1.11

WulansariMaritimePte.Ltd.


Singapore

April6,2001

100

-100

1.719

3.1.12

YanaseniMaritimePte.Ltd.


Singapore

April18,2001

--

100

3.858

3.1.13

IndradiMaritimePte.Ltd.


Singapore

September13,2001

100

8.406

100

3.715

3.1.14

GoldBridgeShippingAgenciesS.A.

Shippingagency

Panama

September26,2001

100

-100

-3.1.15

EliteBauhiniaNavigationPte.Ltd.


Singapore

Novem

ber24,2001

100

3.591

100

-3.1.16

CempakaNavigationPte.Ltd.


Singapore

July25,2002

100

3.316

100

-3.1.17

DahliaNavigationPte.Ltd.


Singapore

July25,2002

100

3.638

100

-3.1.18

FreesiaNavigationS.A.


Panama

Novem

ber15,2002

100

8.780

100

9.401

3.1.19

GerberaNavigationS.A.


Panama

Novem

ber29,2002

100

3.874

100

16.687

3.1.20

MustokoweniMaritimePteLtd.


Singapore

August12,2004

--

100

4.459

3.1.21

UlupiMaritimePte.Ltd.


Singapore

August12,2004

--

100

12.742

3.1.22

ErowatiMaritimePte.Ltd.


Singapore

August12,2004

100

3.241

100

-3.1.23

GasPapuaMaritimePteLtd.


Singapore

Novem

ber10,2004

100

14.701

100

20.885

3.1.24

RasawulanMaritimePte.Ltd.


Singapore

October8,2004

100

-100

-3.1.25

GasSulawesiMaritimePte.Ltd.


Singapore

Novem

ber10,2004

100

12.538

100

-3.1.26

GagarmayangMaritimePte.Ltd.


Singapore

October8,2004

100

156.900

100

32.998

3.1.27

PritaDewiMaritimePte.Ltd.


Singapore

Novem

ber10,2004

100

5.358

100

19.671

3.1.28

PurwatiMaritimePte.Ltd.


Singapore

Novem

ber10,2004

100

-100

138.294

3.1.29

PradapaMaritimePte.Ltd.


Singapore

January8,2005

100

-100

-3.1.30

PergiwatiMaritimePte.Ltd.


Singapore

January8,2005

100

64.006

100

39.687

3.1.31

BadrainiMaritimePte.Ltd.


Singapore

January19,2005

--

100

21.808

3.1.32

BarunawatiMaritimePte.Ltd.


Singapore

January19,2005

--

100

-3.1.33

GasMalukuMaritimePte.Ltd.


Singapore

April8,2005

--

100

3.239

3.1.34

BarawatiMaritimePte.Ltd.


Singapore

April22,2005

100

-100

-3.1.35

GasBaliMaritimePte.Ltd.


Singapore

July6,2005

--

100

7.248

3.1.36

EustomaNavigationS.A.


Panama

August12,2005

100

13.494

100

13.497

3.1.37

PuspawatiMaritimePte.Ltd.


Singapore

September26,2005

100

31.159

100

33.659

3.1.38

DiamondFlow

Ltd.

b)Investmentholdingcompany

HongKong

January18,2007

100

-100

-3.1.39

HyacinthNavigationS.A


Panama

June5,2008

100

-100

-3.1.40

IrisMaritimeInternationalS.A


Panama

June5,2008

100

24.564

100

-3.1.41

GerberaNavigationPte.Ltd.


Singapore

February1,2011

100

-100

-3.1.42

BLTInternationalCorporation


HongKong

October22,2009

100

97.864

100

97.956

3.1.43

AmberPacificCorporation



December15,2015

100

--

-3.2

BLTChembulkCorporation



October5,2007

100

-100

5.239

3.2.1

ChembulkTankersLLC


MarshallIslands

January9,2007

100

49.071

100

17.856

3.2.1.1

ChembulkTradingIILLC

d)Ownerandoperatorofvessel

MarshallIslands

January9,2007

--

100

487.572

3.2.1.2

ChembulkManagementLLC

Shipmanagement

UnitedStatesofAmerica

January9,2007

100

71.120

100

-3.2.1.3

ChembulkManagementPte.Ltd.

Shipmanagement

Singapore

March29,2007

100

1.076

100

1.495

3.2.1.4

CBLTankersDoBrasilLtda.

Shipmanagement

Brazil

September16,2008

97,5

2597,5

-3.2.1.5

BLTChembulkGroupEuropeA/S

Shipmanagement

Denmark

February10,2011

100

109

100

-

PTBERLIANLAJU

TANKER

Tbk

ANDITSSUBSIDIARIES

NOTESTO

THECONSOLIDATED

FINANCIALSTATEM

ENTS


FortheYearThenEnded


41


Percentage

TotalAssets

Percentage

TotalAssets

Startof

ofOwnership(%)

BeforeElimination

ofOwnership(%)

BeforeElimination

No.

Company

PrincipalActivity

Domicile


2015

2015

2014

2014

US$'000

US$'000

3.2.1.6

BLTChembulkGroupCorporation

b)Operatorofvessel


December2,2010

100

2.079

100

1.497

3.2.2

ChembulkBarcelonaPte.Ltd.


Singapore

Novem

ber2,2007

100

25.259

100

27.108

3.2.3

ChembulkGibraltarPte.Ltd.


Singapore

Novem

ber2,2007

100

14.771

100

15.702

3.2.4

ChembulkHongKongPte.Ltd.


Singapore

Novem

ber2,2007

100

22.935

100

24.642

3.2.5

ChembulkHoustonPte.Ltd.


Singapore

Novem

ber2,2007

100

12.940

100

13.139

3.2.6

ChembulkKobePte.Ltd.


Singapore

Novem

ber2,2007

100

15.889

100

16.630

3.2.7

ChembulkNew

YorkPte.Ltd.


Singapore

Novem

ber2,2007

100

20.244

100

20.675

3.2.8

ChembulkSavannahPte.Ltd.


Singapore

Novem

ber2,2007

100

18.579

100

19.188

3.2.9

ChembulkShanghaiPte.Ltd.


Singapore

Novem

ber2,2007

100

14.392

100

14.052

3.2.10

ChembulkUlsanPte.Ltd.


Singapore

Novem

ber2,2007

100

17.816

100

19.217

3.2.11

ChembulkVirginGordaPte.Ltd.


Singapore

Novem

ber2,2007

100

26.315

100

27.692

3.2.12

ChembulkYokohamaPte.Ltd.


Singapore

Novem

ber2,2007

100

17.998

100

18.316

3.2.13

ChembulkNew

OrleansPte.Ltd.


Singapore

June22,2008

100

23.579

100

24.783

4PTBrotojoyoMaritime


Indonesia

January20,2003

100

10100

-5

BLT-BorrelliInternationalHoldingsPte.Ltd.


Singapore

September18,2013

100

-100

-6

BLTBuanaHoldingsPte.Ltd.


Singapore

February27,2014

100

-100

-7

NevaehLimited


HongKong

January18,2007

51-

51265

8TeekayBLTCorporation


MarshallIslands

June29,2005

30398.278

30405.416

9ThaiPetraTransportCoLtd.

ShippingAgency

Thailand

July21,2000

30643

301.027

10PTBerlianLimatam

aOwnerandoperatorofvessel

Indonesia

June24,1996

50372

50480

a)Suchsubsidiariesareallinactivesincethedatesoftheirincorporation.

b)Suchsubsidiariesareconsidereddormantandhavenooperationsin2015and2014.

c)Suchsubsidiarieswereclosed/soldin2015forinsignificantconsiderations.

d)Suchsubsidiarywastransferredtocreditorinexchangeforextinguishmentofdebt(Notes17,40and45).




42

4. GROUP STRUCTURE (continued)

Boards of Commissioners and Directors, Audit Committee and employees

The Company’s management consisted of the following:

2015 2014


President Commissioner : Hadi Surya Hadi SuryaCommissioner : Safzen Noerdin Safzen NoerdinIndependent Commissioner : Antonius Joenoes Supit Antonius Joenoes Supit

Board of Directors

President Director : Siana Anggraeni Surya Siana Anggraeni SuryaDirectors : Cosimo Borrelli Cosimo Borrelli

: Jason Aleksander Kardachi Jason Aleksander KardachiIndependent Director : Anthony Budiawan*) Rodion Wikanto Njotowidjojo

Audit Committee

Chairman : Antonius Joenoes Supit Anthony BudiawanMembers : Timotius Rodion Wikanto Njotowidjojo

Denny Susilo

*) Anthony Budiawan has been appointed as an Independent Director of the Company startingNovember 23, 2015.

The Group had a total number of 47 and 136 employees (unaudited) as of December 31, 2015 and2014, respectively.




43

5. CASH ON HAND AND IN BANKS

2015 2014US$'000 US$'000

Cash on hand 240 95Cash in banks:Rupiah:Deutsche Bank 48 47PT Bank Ina Perdana Tbk 21 24PT Bank Mandiri (Persero) Tbk 2 2Citibank 1 8Others 1 2U.S. dollars:Deutsche Bank 8,619 4,974Bank of China 745 -ING Bank 286 550Citibank 173 652PT Bank Central Asia Tbk 54 -PT Bank Mandiri (Persero) Tbk 52 259DNB Bank ASA, Singapore 6 9,858Bank Mizuho 5 3HSBC 1 468Nordea Bank Finland PLC - 4,308Cambridge - 2,046PT Bank Mega Tbk - 26Others - 313Other currencies 60 310

TOTAL 10,314 23,945

Interest income earned from cash on hand and in banks for the years ended December 31, 2015 and2014 amounted to US$ 5 thousand and US$ 10 thousand, respectively.

In relation to the transfer of share capital of Chembulk trading II LLC (CB2), cash on hand and inbanks amounting to US$ 5.8 million were derecognized in 2015 (Notes 17 and 45).

All cash in banks are placed in third-party banks.

Under the Restructuring Plan, the Group is required to maintain a minimum cash buffer of US$ 25.0million before any repayments can be made to the secured and unsecured creditors (Note 17).

Pursuant to the Restructuring Plan, a cashflow waterfall will be implemented on a quarterly basiscommencing April 1, 2013 in accordance with the cash waterfall principles. In 2014, the Group didnot achieve a minimum working capital balance of US$ 25.0 million, excluding restricted cash, andhence, did not make any repayment to its creditors in accordance with the cash waterfall principles.

In early of 2015, the Group forecasted cash flow short fall leading to inability of Group to makeprincipal and interest payments due starting June 2015. This resulted to amendment of RestructuringPlan (Note 40). Since the approval of amendment of Restructuring Plan, the cash waterfall principleis no longer relevant.




44

6. RESTRICTED CASH

Restricted cash represents security placed in ING Bank in relation to the standby letter of creditfacility (SBLC) agreement (Notes 17 and 40). On November 30, 2015, the SBLC facility, restrictedcash posted as cash collateral and all liens on the Gas Bangka were fully discharged. OnDecember 17, 2015, the restricted cash has been liquidated to the Group’s account.

7. TRADE ACCOUNTS RECEIVABLE

2015 2014US$'000 US$'000

By debtorThird parties:Owned and chartered vessels 4,845 23,339Allowance for impairment loss (2,438) (5,685)Net 2,407 17,654

By currencyU.S. dollar 3,491 22,072Euro 1,218 1,257Rupiah 131 -Singapore dollar 5 5Other currencies - 5

Sub-total 4,845 23,339Allowance for impairment loss (2,438) (5,685)Net 2,407 17,654

There were no trade accounts receivables from a single customer that represent more than 5.0% ofthe total trade accounts receivable.

The aging schedule of the trade accounts receivable as of December 31, 2015 and 2014 is as follows:

2015 2014US$'000 US$'000

Neither past due nor impaired 113 9,535Overdue:1 - 60 days 1,058 3,13561 - 120 days 214 1,912121 - 180 days 79 1,045More than 180 days 3,381 7,712

Sub-total 4,845 23,339Allowance for impairment losses (2,438) (5,685)

Net 2,407 17,654




45

7. TRADE ACCOUNTS RECEIVABLE (continued)

The allowance for impairment of trade accounts receivable is based on management’s specificidentification of uncollectible accounts. There was no allowance for impairment of receivables basedon management’s collective assessment of uncollectible accounts. The movement of the allowancefor impairment of trade accounts receivable is as follows:

2015 2014US$'000 US$'000

Beginning balance 5,685 9,981Impairment (recovery of impairment) of receivables (Note 33) 85 2,761Receivables written off (3,332) (7,057)Ending balance 2,438 5,685

In relation to the transfer of share capital of CB2, trade accounts receivable amounting toUS$ 11.2 million were derecognized in 2015 (Notes 17 and 45).

Based on a review of the status of the individual trade receivables at the end of the year, the Group’smanagement believes that the above allowance for impairment of trade accounts receivable issufficient to cover the losses that may arise from uncollectible trade accounts receivable in the future.

8. OTHER RECEIVABLES - THIRD PARTIES

The other receivables - third parties as of December 31, 2015 mainly came from preferredredeemable equity interest amounting to US$ 5.0 million.

Pursuant to the PKPU Amendment Plan, as consideration to the Group for the transfer of CB2shares, vessels and other designated assets transferred pursuant to the Singapore schemes, theconsensual foreclosure and consummation of the designated accounts enforcement, the Groupreceived from Mandated Lead Arrangers (“MLA”) preferred redeemable equity interest in NewCoamounting to US$ 10.0 million which will be redeemed by NewCo over a five (5) year period in equalannual installment equal to one-fifth of the total amount.

Newco is the newly formed entity whose equity interests are held by the MLA Lenders and theiraffiliates in proportion to their participation in the MLA Facility Agreement at the time of closing.

On December 23, 2015, the Group purchased a vessel using the purchase option agreementincluded in the MLA Restructuring. Accordingly, the preferred equity interest of the Group waspartially used as payment for the purchase of vessel (Note 13).

On March 29, 2016, the Group purchased another two vessels using the purchase option agreementwhich thereafter, the preferred redeemable equity interest has been fully utilized (Note 46).

9. INVENTORIES

Inventories mainly consist of bunker fuel which is carried at cost. Fuel consumption is recognized aspart of voyage expenses. Inventories charged to voyage expenses amounted to US$ 49.2 millionand US$ 94.4 million in 2015 and 2014, respectively (Note 31).

In relation to the transfer of share capital of CB2, inventories amounting to US$ 4.5 million werederecognized in 2015 (Notes 17 and 45).




46

10. DERIVATIVE FINANCIAL ASSET

Pursuant to the PKPU Amendment Plan, MLA Lenders shall issue NewCo warrants to purchase up to10% of equity in NewCo which are subject to dilution by a market-based management incentiveprogram and any future issuance of equity securities (Notes 17 and 40). The warrants are exercisablein whole or in part over a period of five years.

The management calculated the fair value of warrants using the Black-Scholes model. Based onmanagement’s valuation, the fair value of warrants amounted to US$ 23.4 million.

The key assumptions used by management in determining the fair value of warrants are as follows:

2015

Multiplier EV/EBITDA *) 14.82Discount on lack of marketability 30%Exercise price of warrant US$ 42.30 millionPeriod of warrants's expiration 4.92 yearsRisk-free rate 1.76%Standard deviation of log returns 2.89%

*) Enterprise Value/Earnings Before Interest, Taxes, Depreciation and Amortization

Had the multiplier increased or decreased by 0.50, with all other variables held constant, the fairvalue of warrants would have increased or decreased by US$ 2.4 million as of December 31, 2015.

11. AFS FINANCIAL ASSETS

2015 2014US$'000 US$'000

Swank Ventures Limited (SVL) 10,511 11,648Nevaeh Limited (NL) 7,548 9,811

Total 18,059 21,459

The Group’s investments in SVL and NL are unquoted equity shares and accounted for at cost. TheGroup considers the investment in SVL as part of the surplus assets of the Group. Pursuant to theRestructuring Plan, surplus assets of the Group will have to be sold within 3 to 6 years from the dateof the Restructuring Plan (Note 40).

a. SVL

The Group’s investment in SVL was previously classified as non-current asset classified as held-for-sale due to management’s plan and commitment to sell the asset. Pursuant to theRestructuring Plan, the investment was reclassified to AFS (non-current assets) since it no longerqualifies as non-current asset classified as held-for-sale due to the change in the expected timingof disposal, which is within 3 to 6 years from the date of the Restructuring Plan.




47

11. AFS FINANCIAL ASSETS (continued)

a. SVL (continued)

SVL is incorporated in British Virgin Islands and has a warrants agreement with PT Umine EnergyIndonesia (Umine) to exercise 179,611 shares or equal to 15.23% of Umine shares. Umine is agroup of coal companies in Indonesia. This warrants agreement may be exercised on or after theInitial Public Offering (IPO) of PT UCoal Sumberdaya (Ucoal), a subsidiary of Umine, and willexpire on February 21, 2017.

On November 28, 2014, SVL entered into an amended and restated warrants agreement withUmine that revised the warrants to be exercisable on or after the IPO of UCoal or February 21,2019, whichever date is earlier.

In 2015 and 2014, management identified indicators of impairment related to the SVL investmentdue to the prolonged economic downturn in the mining industry. Management performed valuationbased on the discounted cash flow of the investment. Based on the results of the valuation, theinvestment was reduced to US$ 10.5 million and US$ 11.6 million as of December 31, 2015 and2014, respectively, resulting in impairment of US$ 1.1 million and US$ 17.4 million recognized inprofit or loss in 2015 and 2014, respectively (Note 35).

The management estimated that the discount rates using pre-tax rates reflect current marketassessments of the time value of money and the risks specific to the cash-generating unit. The keyassumptions used for recoverable amount calculation as of December 31, 2015 and 2014 are asfollows:

Coal mining Mining services2015:Growth rate after 5 years 0.29% - 3.0% 0% - 3.0%Post tax discount rate (for fair value calculation) 17.82% - 19.50% 17.79% - 19.50%

2014:Growth rate after 5 years (0.85)% - 6.4% 0% - 8.0%Post tax discount rate (for fair value calculation) 16.77% - 18.72% 17.05% - 18.72%

A quantitative sensitivity analysis for significant assumptions as of December 31, 2015 and 2014are as follows:

1% increase 1% decrease 1% increase 1% decreaseUS$ US$ US$ US$

Valuation of investment in SVL9.6 million 11.4 million 10.7 million 10.3 million10.7 million 12.5 million 11.9 million 11.4 million

Discount Rate Price

20152014

b. NL

In 2009, Asean Maritime (AMC), a subsidiary, acquired 100.0% share ownership in NL, anotherholding company. This acquisition gave the Company an indirect percentage ownership of 45.0%and 21.8% in Brilliant Hero Industrial Limited (BHIL) and Jiangsu Xinrong Shipyard CompanyLimited (JXSCL), respectively. BHIL is an investment holding company while JXSCL is engagedin ship repair, conversion and construction of steel structure.




48

11. AFS FINANCIAL ASSETS (continued)

b. NL (continued)

On November 1, 2010, AMC sold 49.0% of its ownership in NL to Mitsui & Co. Ltd., a third party.Although AMC has 51.0% ownership in NL after the sale of investment in shares in NL,management assessed that AMC does not have control over the financial decisions nor is itinvolved in the daily operations of NL, thus, NL is not consolidated in the financial statements.Further, NL is unable to exercise significant influence over BHIL. Therefore, NL classified itsinvestments in BHIL as AFS financial assets since 2010.

JXSCL, which is the main asset of NL through share ownership in BHIL, suffered recurring lossesthat indicated impairment loss in AFS financial assets of NL.

The Group noted indication of impairment on its available-for-sale investment in NL in 2015. TheGroup performed valuation based on management valuation. Based on the results of thevaluation, the investment was reduced to US$ 7.5 million as of December 31, 2015, resulting inimpairment loss of US$ 2.3 million recognized in profit or loss (Note 35).

In 2014, the Group performed an independent valuation of JXSCL and ascertained that there isno further impairment of its investment in JXSCL.

Pursuant to the PKPU Amendment Plan, the economic benefits from the investment in NL will bedistributed, on a pro rata basis, to unsecured creditors.

12. INVESTMENTS IN ASSOCIATES AND JOINT VENTURE

The following entities have been included in the consolidated financial statements using the equitymethod:

Domicile andOperation Nature of Business 2015 2014

Associates:Thai Petra Transport Co. Ltd. Thailand Port service (agency) 30 30

PT Berlian Limatama Indonesia Cargo shipping service(sea cargo service) 50 50

Joint venture:Teekay BLT Corporation Marshall Islands Cargo shipping service

and Indonesia (sea cargo service) 30 30

Percentage of votingrights held (%)

The changes in the investments in associates and joint venture under the equity method are asfollows:

2015 2014US$'000 US$'000

Beginning balance 2,607 24,876Share in profit for the year 6,968 3,850Dividends received (1,500) (26,119)

Ending balance 8,075 2,607




49

12. INVESTMENTS IN ASSOCIATES AND JOINT VENTURE (continued)

Summarized financial information of the Group’s associates and joint venture is as follows:

Teekay BLT Thai Petra PT BerlianCorporation Trans. Co. Ltd. Limatama TotalUS$'000 US$'000 US$'000 US$'000

Current assets 22,568 311 360 23,239Non-current assets 375,710 332 12 376,054Current liabilities (52,753) (175) (82) (53,010)Non-current liabilities (319,501) (58) - (319,559)

Net assets 26,024 410 290 26,724

Group’s share in net assets ofassociates/joint venture 7,807 123 145 8,075

Revenues 45,433 104 14 45,551Operating expenses (13,786) (31) (21) (13,838)

Gross profit 31,647 73 (7) 31,713Administrative expenses (1,797) (116) (51) (1,964)Finance cost - (4) - (4)Other income (loss) - net (4,806) (212) 28 (4,990)

Profit (loss) before tax 25,044 (259) (30) 24,755Tax expense (1,507) - - (1,507)

Profit (loss) for the year 23,537 (259) (30) 23,248Group’s share in profit (loss) ofassociates/joint venture 7,061 (78) (15) 6,968

2015

Teekay BLT Thai Petra PT BerlianCorporation Trans. Co. Ltd. Limatama TotalUS$'000 US$'000 US$'000 US$'000

Current assets 23,832 673 456 24,961Non-current assets 381,584 354 24 381,962Current liabilities (84,612) (252) (119) (84,983)Non-current liabilities (313,385) (67) (24) (313,476)

Net assets 7,419 708 337 8,464Group’s share in net assets ofassociates/joint venture 2.226 212 169 2.607

Revenues 46,041 100 251 46,392Operating expenses (16,108) (33) (96) (16,237)

Gross profit 29,933 67 155 30,155Administrative expenses (1,847) (122) (85) (2,054)Finance cost - (4) - (4)Other income (loss) - net (14,431) 15 (131) (14,547)

Profit (loss) before tax 13,655 (44) (61) 13,550Tax expense (672) - (3) (675)

Profit (loss) for the year 12,983 (44) (64) 12,875Group’s share in profit (loss) ofassociates/joint venture 3.895 (13) (32) 3,850

2014




50

12. INVESTMENTS IN ASSOCIATES AND JOINT VENTURE (continued)

Teekay BLT Corporation is a joint venture formed in 2005 through the shareholders agreementsigned by the Group and Teekay Corporation, the investment in which is accounted for using theequity method. The joint venture was formed to charter the vessels in a consortium project amongvarious international companies related to the extraction of gas reserves from Tangguh gas fields inPapua, Indonesia. The Company holds 30% equity interest in Teekay BLT Corporation through itsindirect subsidiary, BLT LNG Tangguh Corporation (BLT LNG).

In connection with the joint venture, Teekay Corporation made a loan facility to the Companysecured by a second priority pledge agreement over the shares of BLT LNG, which holds theGroup’s investment in the joint venture (Note 17). Teekay BLT Corporation also made unsecuredloans to the Group (Note 17).

Due to the Group’s financial position in 2011, the Company defaulted on its payment obligation underthe loan facility in November 2011. Teekay Corporation issued a notice of demand and declared thefull amount of the loan immediately due and payable. The Board of Directors of Teekay Corporationsubsequently took steps to enforce its security over the loan facility by replacing the officers of BLTLNG with its nominees and commencing proceedings in the Commercial Court of England againstthe Company (Debt Proceedings).

In 2014, Teekay BLT Corporation declared dividends of which BLT LNG Tangguh’s portionamounted to US$ 26.1 million. The dividend was used to pay a portion of the loan plus interest toTeekay BLT Corporation amounting US$ 14.4 million and repayment towards the loan to TeekayCorporation amounting to US$ 11.7 million (Note 17).

In 2015, BLT LNG Tangguh received dividends from Teekay BLT Corporation, of which US$ 0.8million was used to pay the loan to Teekay Corporation (Note 17).

13. FIXED ASSETS

Beginning EndingBalance Additions Deductions Deconsolidation Transfers Revaluations BalanceUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Cost/Valuation:Owned vessels 400,413 8,947 (387,839) - (1,317) 8,391 28,595Leased vessels 188,792 - - (188,792) - - -Transportation equipment 513 - (209) - - - 304Office furniture and fixtures 838 13 (343) - - - 508Office and dormitory equipment 2,727 528 (1,159) - - - 2,096Buildings and premises 1,426 - (651) - - - 775

Total 594,709 9,488 (390,201) (188,792) (1,317) 8,391 32,278

Accumulated depreciationand impairment loss:Owned vessels - 27,100 (25,783) - (1,317) - -Leased vessels - 9,629 - (9,629) - - -Transportation equipment 479 21 (209) - - - 291Office furniture and fixtures 803 34 (331) - - - 506Office and dormitory equipment 2,309 169 (614) - - - 1,864Buildings and premises 738 98 (488) - - - 348

Total 4,329 37,051 (27,425) (9,629) (1,317) - 3,009

Net Book Value 590,380 29,269

2015




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13. FIXED ASSETS (continued)

Beginning EndingBalance Additions Deductions Transfers Revaluations BalanceUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Cost/valuation:Owned vessels 442,233 9,661 (8,522) (30,565) (12,394) 400,413Leased vessels 199,296 - - (10,504) - 188,792Transportation equipment 642 22 (151) - - 513Office furniture and fixtures 746 92 - - - 838Office and dormitory equipment 3,415 - (688) - - 2,727Buildings and premises 1,300 126 - - - 1,426

Total 647,632 9,901 (9,361) (41,069) (12,394) 594,709

Accumulated depreciationand impairment loss:Owned vessels - 31,316 (751) (30,565) - -Leased vessels - 10,504 - (10,504) - -Transportation equipment 596 34 (151) - - 479Office furniture and fixtures 654 149 - - - 803Office and dormitory equipment 2,814 52 (557) - - 2,309Buildings and premises 635 103 - - - 738

Total 4,699 42,158 (1,459) (41,069) - 4,329

Net Book Value 642,933 590,380

2014

Depreciation expense was allocated as follows:

2015 2014US$'000 US$'000

Vessel depreciation 36,729 41,820Administrative expenses (Note 33) 322 338

Total 37,051 42,158

All disposals of fixed assets are made with third parties. Loss on disposal of fixed assets during theyear is as follows:

2015 2014US$'000 US$'000

Cost 2,362 9,361Accumulated depreciation (1,642) (1,459)

Net book value 720 7,902Net considerations received 17 6,510

Loss on disposal of fixed assets (Note 35) 703 1,392

In relation to the transfer of share capital of CB2, the net carrying value of fixed assets derecognizedamounted to US$ 179.2 million in 2015 (Notes 17 and 45).

Deductions to fixed assets in 2015 include vessels transferred to MLA as part of settlement of MLAloan. The carrying value of those vessels amounted to US$ 387.8 million.




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13. FIXED ASSETS (continued)

Deductions to fixed assets in 2014 include derecognition of fixed assets due to vessel sold inconsideration for the payment of loans amounting to US$ 6.4 million (Note 17a).

As of December 31, 2015, the vessels are stated at their revalued amounts using market approach,based on their fair values in the valuation report dated March 30, 2016 prepared by an independentappraiser and reviewed by management. The appraisal report was issued by KJPP Budi, Edy,Saptono & Rekan using market data or sales comparison approach method in determining therevaluated amounts. The vessels’ revalued amounts had increased by US$ 8.4 million, of whichUS$ 2.2 million was recorded as reversal of impairment credited to profit or loss (Note 35) andUS$ 6.2 million was credited to revaluation reserve (Note 28a).

In 2014, management determines that there are no significant changes in fair values of vessels,except for certain vessels with impairment. Accordingly, management had not made changes in therevaluation of vessels other than depreciation and impairment.

For the years ended December 31, 2014, the Group specifically identified certain vessels withindications of impairment. The vessels’ recoverable amount is considered to be its fair value amountbecause management believes that the value in use of vessels approximates the appraised value ofvessels. Impairment value for these vessels amounted to US$ 12.4 million, of which US$ 2.8 millionwas recorded as the reduction of revaluation reserves balance (Note 28a) and US$ 9.6 million wascharged to 2014 profit or loss (Note 35).

Transfers pertaining to accumulated depreciation as at revaluation date were eliminated against thegross carrying amount of the revalued vessels. Had the Group’s vessels been measured on historicalcost, the carrying value (cost less accumulated depreciation and impairment loss) would have beenUS$ 22.6 million and US$ 577.6 million as of December 31, 2015 and 2014, respectively. Changesin the revaluation reserves are disclosed in Note 28a.

Additions to vessels and equipment in 2015 and 2014 pertain to capitalized dry docking expensesand repurchased vessel using the purchase option agreement (Note 8).

The carrying values of vessels held under finance leases as of December 31, 2015 and 2014amounted to nil and US$ 188.8 million, respectively.

The outstanding balance of the finance lease liability as of December 31, 2015 and 2014 amountedto nil and US$ 181.0 million, respectively (Note 19).

The redelivery of leased vessels in 2014 was part of the fleet restructuring by the Group to reducevessels and establish an optimum fleet size to maximize profitability.

The Group’s fleet consists of 5 owned vessels in 2015 and 31 owned vessels and 8 leased vesselsin 2014. There were no vessels under construction as of December 31, 2015 and 2014.

The Group’s vessels and equipment were insured for hull and machinery damages and war risk,Increased Value and Additional Owners Interest (I.V. & A.O.I) for US$ 71.0 million and US$ 726.8million in 2015 and 2014, with LCH Insurance (S) Pte. Ltd. The Group’s vessels were also insuredagainst losses of third parties arising from vessel operations such as environmental pollution causedby accidents (Protection and Indemnity or P&I). Management believes that the insurance coverage isadequate to cover possible losses on the assets insured.

MT Gas Indonesia, MT Gas Kalimantan and MT Indradi are collateralized to various liabilities of theGroup (Note 17).




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14. TRADE ACCOUNTS PAYABLE

2015 2014US$'000 US$'000

By creditorRelated parties (Note 38)Thai Petra Transport Co. Ltd. 150 221PT Arpeni Pratama Ocean Line 38 -PT Garuda Mahakam Pratama 26 18Others 96 725

Sub-total 310 964

Third partiesSuppliers 9,095 22,365Shipping agents 605 7,024

Sub-total 9,700 29,389

Total 10,010 30,353

By currencyU.S. dollar 7,529 27,453Singapore dollar 622 512Rupiah 151 103Yen 24 133Other currencies 1,684 2,152

Total 10,010 30,353

The accounts payable represent liabilities to shipping companies as agents, to sub-agents and tosuppliers for purchases of fuel and spare parts, and vessel equipment.

Pursuant to PKPU Amendment Plan, trade creditors will retain 50% of their outstanding debt balanceand will be paid over a period of five years (Note 40). Total gain on restructuring recognized by theGroup amounted to US$ 6.4 million.

In relation to the transfer of share capital of CB2, trade accounts payable amounting to US$ 5.4million were deconsolidated in 2015 (Notes 17 and 45).

All trade accounts payable are non-interest bearing and unsecured.

15. ACCRUED EXPENSES2015 2014

US$'000 US$'000

Interest (Note 40) 5,500 -Vessels operation and dry docking 1,117 12,929Others 1,661 5,255

Total 8,278 18,184

In relation to the transfer of share capital of CB2, accrued expenses amounting to US$ 7.6 millionwere deconsolidated in 2015 (Notes 17 and 45).




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16. TAXATION

Details of taxes payable are as follows:

2015 2014US$'000 US$'000

Corporate income tax:The Company - -Subsidiaries - -

Final income tax payable:Article 4(2) 12 13

Income taxes:Article 21 105 47Article 23 6 76Article 26 - 1,195

Value Added Tax - netOthers 82 15

Total 205 1,346

Details of income tax benefit are as follows:

2015 2014US$'000 US$'000

Deferred income tax:The Company 16,751 80Subsidiaries (312) 385

Final income tax:The Company (72) (71)Subsidiaries (1) (1)

Current tax - subsidiaries - (1)

Income tax benefit - net 16,366 392

Final income tax

The breakdown of final income tax on revenues related to charter and operation of vessels of theCompany is as follows:

2015 2014US$'000 US$'000

Final income taxThe Company 72 71Subsidiaries 1 1Payments during the year (73) (72)

Final income tax payable - -




55

16. TAXATION (continued)

Current tax

The Company’s computation of tax on revenues not subject to final income tax is as follows:

2015 2014US$'000 US$'000

Income (loss) before income tax per consolidatedstatement of pofit or loss and other comprehensive income 170,853 (40,434)

Income before income tax of subsidiaries (167,123) (187,015)Reversal of intercompany eliminating entries during consolidation - 7,074

Income (loss) before income tax of the Company 3,730 (220,375)Temporary differences:Difference in fair value of financial liabilities 30,084 (28,862)Depreciation of fixed assets 417 1,858Employee benefits (28) (950)

Permanent differences:Non-deductible income (expenses) (37,555) 227,603Income net of related expense already subjected to final tax 6,717 9,523Interest income subjected to final tax (1) (1)Gain on sale of fixed assets - (283)Others (1,024) 28,291

Taxable income of the Company 2,340 16,804

Uncompensated prior year tax losses:2013 (3,869) (3,869)2012 (31,384) (31,384)2011 (17,035) (33,839)

Accumulated tax losses (49,948) (52,288)

Prepayment of tax:The Company (recorded as part of prepaid tax) (4) (34)Subsidiaries - -

Total (4) (34)

The Company completed its calculation of 2013 income tax in 2014, and recorded the 2013additional taxable income amounting to US$ 28.3 million to the 2014 taxable income.

In addition, the Company also decided to record the correction on the overstatement of 2013deferred tax liabilities amounting to US$ 7.1 million to the 2014 consolidated statement of profit orloss and other comprehensive income. Therefore, in 2014, the Company had overstated deferred taxbenefit which cause the understatement of consolidated net loss by US$ 7.1 million. Had theCompany recorded such amount in 2013, as of December 31, 2013, the Group’s deferred taxliabilities and deficit would have been decreased, and the net income for the year ended December31, 2013 would have been increased by US$ 7.1 million.




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Current tax (continued)

Had the Company accounted such amount in 2013, the Company would have reported tax lossamounting to US$ 11.5 million for the year ended December 31, 2014 and taxable income amountingto US$ 24.4 million for the year ended December 31, 2013.

The estimated taxable income tax (loss) from the above reconciliation is the basis for the Company’s2014 Annual Corporate Income Tax Returns.

The Company has not yet reported its 2015 annual tax return (SPT) to the Tax Office. As of the dateof this report the Company has not yet finalized its 2015 corporate income tax computation.

The above amount and disclosure are based on tentative calculations made by the Group.

Deferred tax

The details and movements of the Group’s deferred tax assets (liabilities) are as follows:

Deferred tax asset - Subsidiary

Credited CreditedJanuary 1, (charged) (charged) Adjustment to December 31,2015 to profit or loss to OCI deferred tax 2015

US$'000 US$'000 US$'000 US$'000 US$'000

Fixed assets (37) 37 - - -Tax loss carry-forward 349 (349) - - -

Net 312 (312) - - -


US$'000 US$'000 US$'000 US$'000 US$'000

Fixed assets - 36 - (73) (37)Tax loss carry-forward - 349 - - 349

Net - 385 - (73) 312

Deferred tax liabilities - the Company


US$'000 US$'000 US$'000 US$'000 US$'000

Fixed assets (138) 104 (500) - (534)Provision for post-employment benefits 370 (7) (56) - 307Difference in fair value of financial liabilities (17,063) 7,521 - 9,133 (409)

Net (16,831) 7,618 (556) 9,133 (636)




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Deferred tax (continued)

Deferred tax liabilities - the Company (continued)


US$'000 US$'000 US$'000 US$'000 US$'000

Fixed assets (985) 465 382 - (138)Provision for post-employment benefits 641 (239) (32) - 370Difference in fair value of financial liabilities (16,915) (7,215) - 7,067 (17,063)

Net (17,259) (6,989) 350 7,067 (16,831)

Deferred tax assets are recognized in the consolidated financial statements if sufficient taxableincome will be available to allow all or part of the deferred tax assets to be utilized. The Group hasunrecognized deferred tax assets for the following accounts:

2015 2014US$'000 US$'000

Tax losses carry-forward 19,304 21,138Impairment of vessels - 150Allowance for impairment loss of tradeaccounts receivable - 1,030

Total 19,304 22,318

The tax losses carried-forward can be utilized against the taxable income for a period of five yearssubsequent to the year the tax loss was incurred. The Group has unrecognized deferred tax asset ontax losses carry-forward amounting to US$ 19.3 million and US$ 21.1 million as ofDecember 31, 2015 and 2014, respectively, since the Group does not have sufficient basis todetermine the future tax benefit on such deferred tax asset.

Reconciliation between the income tax benefit and the amount computed by applying the effectivetax rate to the income (loss) before tax is as follows:

2015 2014US$'000 US$'000

Income (loss) before tax per consolidated statement ofprofit or loss and other comprehensive income 170,853 (40,434)

Income tax benefit (expense) at prevailing tax rate (25%) (42,713) 10,109Effects of:Income before income tax of subsidiaries and elimination 41,780 44,987Adjustment to deferred tax 9,133 7,067Non-deductible expenses and non-taxable income - net 7,966 (66,284)Deferred tax of foreign subsidiaries (312) 384Unrecognized deferred tax from tax losses carry-forward 585 4,202Final income tax (73) (72)Current tax of foreign subsidiaries - (1)

Income tax benefit - net 16,366 392




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17. LOANS PAYABLE

2015 2014US$'000 US$'000

Bank loans:PT Bank Mandiri (Persero) Tbk 12,248 16,280PT Bank Central Asia Tbk 4,401 4,785Mandated Lead Arrangers (MLA) - 588,433PT Bank Mizuho Indonesia - 12,666Clio Marine Inc./Mitsui Bank - 9,142Dialease Maritime S.A./MitsubishiUFJ Lease & Finance Co. Ltd. - 6,204

Termination of derivatives:Deutsche Bank - 45,459JP Morgan - 17,072Barclays Capital - 14,117HSBC - 1,692PT Bank DBS Indonesia - 1,544Related party loans:PT Bagusnusa Samudra Gemilang (Note 38) 1,726 8,271Teekay Corporation 661 1,791Others:Amicorp Trustees (Singapore) Limited 12,322 -

Total 31,358 727,456

Current 2,124 70,126Non-current 29,234 657,330

Total 31,358 727,456

(i) Bank loans

Following the events of default, the bank loan creditors of the Group submitted their respectiveclaims under the PKPU. Pursuant to the Restructuring Plan, the bank loan creditors fall underthe class of secured creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cashflows related to the following restructured bank loans using appropriate interest ratesdetermined by management at current prevailing interest rates applicable to the Group. Therespective restructured terms of the bank loan creditors under the Restructuring Plan arebinding and set out as follows (Note 40):




59

17. LOANS PAYABLE (continued)

(i) Bank loans (continued)

a. PT Bank Mandiri (Persero) Tbk (“Mandiri”)

Principal of Rp 249.0 billion.

Forgive all outstanding and unpaid interest prior to July 1, 2012.

Principal amortization over a repayment period commencing from April 1, 2013 to the10th anniversary of the Restructuring Plan, the maturity date of any loan extended byany unsecured creditor (apart from the trade creditors), or March 31, 2023, whicheveris the earliest to occur (“Maturity Date”) with equal quarterly installments commencingin Year 3 with the first installment starting on June 30, 2015.

Interest (3-month JIBOR + 7.5 %) capitalized from July 1, 2012 until March 31, 2014,then quarterly cash payments from June 30, 2014, provided that there is sufficientcash in Year 2 to (i) build up the US$ 25.0 million minimum cash buffer; (ii) pay cashinterest on the Working Capital Facility; (iii) pay principal on the Working CapitalFacility, and if any of these conditions are not met for any quarter in year 2, suchpayments of interest in year 2 will be capitalized and added to principal pursuant tothe cash waterfall principles set out in the Restructuring Plan.

The rights of Mandiri to call an event of default in respect of this Plan are as follows: IfMandiri still holds security over any vessel owned or operated by the Company, anevent of default can be called for non-payment of principal and interest after Year 2;or If Mandiri no longer holds security over any vessel owned or operated by BLT, anevent of default can be called for non payment of interest and principal after Year 4.


The Company and BULL agreed that they will sell 6 vessels which are secured toMandiri at a sales price agreed and acceptable to Mandiri, provided that Mandirigives reasonable notice in providing its request and that the sale of the vessels isconducted at an arm’s length commercial transaction and that the sales price is at thevessels’ market value. In particular, BULL will provide Mandiri with a writtenagreement within 3 months from the date the Restructuring Plan was ratified by theJakarta Court that it will agree to sell the vessels secured to Mandiri.

90.0% of the sales price of the two vessels shall be paid to Mandiri and 95.0% of thesales price of the remaining four vessels referred to above will be applied to reducethe outstanding principal due to Mandiri.

In the event that the vessels are sold, the proceeds of such sale will be used tooffset/pay the last principal installment (i.e., first payment for amortization in Year 10followed by Year 9 and thereafter) that is due to Mandiri and the maturity date of theamortized principal payments to Mandiri will be reduced accordingly.

The Restructuring Plan shall not compromise any rights that Mandiri has with respectof the security in all secured vessels and the Company shall not object or hinder anyattempts by Mandiri to sell these vessels, whether pursuant to its security orotherwise. The Company and BULL shall not object to any request by Mandiri to sella vessel and will not object or hinder Mandiri’s attempts to enforce or sell thesevessels.




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a. PT Bank Mandiri (Persero) Tbk (“Mandiri”) (continued)

In 2014, the Company sold three vessels secured to Mandiri. The total proceeds from thesale of these 3 vessels amounted to US$ 6.4 million which was applied towards theprepayment of Mandiri loan in accordance with the Restructuring Plan (Notes 13 and 40).

Pursuant to PKPU Amendment Plan and letter from Mandiri dated September 30, 2015,the terms of credit facility with Mandiri are amended as follows:

Outstanding principal is Rp 111.9 billion and capitalized interest from July 1, 2012 upto March 31, 2015 is Rp 79.4 billion.

Outstanding principal amortization over a repayment period, commencing fromJune 30, 2017 to September 30, 2021, with 18 equal quarterly installments with thefirst installment starting on June 30, 2017.

Interest from April 1, 2015 shall be calculated based on an interest rate of 3-monthJIBOR + 0.5% per annum based on 365 days per annum and shall be paid quarterlystarting from June 30, 2015.

The sale of MT Kunti (“Kunti Sale”) will be completed by April 1, 2016 or on a laterdate to be agreed by Mandiri with value of Rp 7.0 billion. Net proceeds from the KuntiSale will be used to repay the last principal installment due.

Any quarterly payments to be made in each year will be made on the last businessday of each quarter of such year. All payments to be made will be made free of anyrights to off-set, deduct or withhold.


The carrying value of the restructured loan from Mandiri as of December 31, 2015 and2014 amounted to US$ 12.2 million and US$ 16.3 million, respectively. The annualeffective interest rates of the loan are 8.5% and 15.6% in 2015 and 2014, respectively.

The Company recognized gain on restructuring amounting to US$ 1.1 million in 2015.

b. PT Bank Central Asia Tbk (“BCA”)

Principal of Rp 44.4 billion equivalent to US$ 4.7 million.


Principal amortization over a repayment period commencing from April 1, 2013 to thematurity date which is (i) the 10th anniversary from the date the Restructuring Plan isratified by the Jakarta Court, (ii) the earliest maturity date of any loan extended byany unsecured creditor (apart from trade creditors), or (iii) March 31, 2017, whicheveris the earliest to occur with 32 equal quarterly installments commencing the 3rd yearwith the first installment starting June 30, 2015.




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c. PT Bank Central Asia Tbk (“BCA”)

Interest (JIBOR + 5.25 %) capitalized from July 1, 2012 until March 31, 2014, thenquarterly cash payments from June 30, 2014, provided that there is sufficient cash inYear 2 to (i) build up the US$ 25.0 million minimum cash buffer, (ii) pay cash intereston the Working Capital Facility, (iii) pay principal on the Working Capital Facility, andif any of these conditions is not met for any quarter in Year 2, such payments ofinterest in Year 2 will be capitalized and added to principal pursuant to the cashwaterfall principles set out in the Restructuring Plan.

The rights of BCA to call an event of default in respect of the Restructuring Plan areas follows: if BCA still holds security over any vessel owned or operated by theCompany, an event of default can be called for non-payment of principal and interestafter Year 2; or If BCA no longer holds security over any vessel owned or operated bythe Company, an event of default can be called for non-payment of interest andprincipal after Year 4.


The Company agrees that it will sell the secured vessels by mutual consent of BCA ata sales price agreed and acceptable to BCA, provided that BCA gives reasonablenotice in providing its request and that the sale of a vessel is conducted as an arm’slength commercial transaction and the sales price is at the vessel’s market value.

Payment to BCA of 95.0% of the sales price of 2 vessels will be applied to reduceoutstanding principal due to BCA.

In the event that the vessel(s) are sold, the proceeds of such sale(s) will be used tooffset/pay the last principal installment that is due to BCA and the maturity date of theamortized principal payments to BCA will be reduced accordingly.

This Restructuring Plan shall not compromise any rights that BCA has in respect ofthe security in all secured vessel(s) and the Company shall not object or hinder anyattempts by BCA to sell these vessel(s), whether pursuant to its security or otherwise.

In 2014, the Group had finalized an agreement with BCA to fix the amount of loan intoUS$ currency and all other terms pursuant to the Restructuring Plan.

Pursuant to PKPU Amendment Plan in 2015, the terms of credit facility with BCA areamended as follows:

If there is remaining cash in the Earnings Account (after the payment of interest, taxesand other costs that may be incurred outside the Principal Amount), the remainingcash can be used for amortization of the outstanding principal amount which will bepaid on every interest payment date effective from the date of approval of the PKPUAmendment Plan until March 31, 2017;

Repayment of the principal amount shall be paid by way of 32 equal quarterlyinstallments with the first installment commencing on June 30, 2017;




62



b. PT Bank Central Asia Tbk (continued)

Where there is insufficient cash to pay a quarterly installment of principal amount, withthe written consent of BCA, the Company may add the amount of that installment tothe next quarterly installment.


As of December 31, 2015 and 2014, the carrying amount of the loan from BCA amountedto US$ 4.4 million and US$ 4.8 million, respectively. The annual effective interest rate ofthe loan is 6.0% in 2015 and 2014.

c. MLA

Principal of US$ 562.9 million including the original principal amount of US$ 550.3million plus capitalized interest up to and including March 31, 2013, amounting toUS$ 12.6 million.

Working Capital Facility of US$ 19.4 million to be repaid pursuant to the cashwaterfall principles set out in the Restructuring Plan. This Working Capital Facility isnot capable of being redrawn, and subject to interest (LIBOR + 3.15%) per annum,payable in arrears from June 30, 2013 out of excess cash above the minimum cashbuffer of US$ 25 million (Notes 5 and 40).


Amortization over a repayment period commencing from April 1, 2013 to the 10thanniversary of the Restructuring Plan, the maturity date of any loan extended by anyunsecured creditor (apart from the trade creditors), or March 31, 2023, whichever isthe earliest to occur (“Maturity Date”) with equal quarterly installments commencing inYear 3.

Interest (LIBOR + 3.15%) on the portion that does not comprise Working CapitalFacility to be capitalized from July 1, 2012 until March 31, 2015 if there is insufficientexcess cash above the minimum cash buffer of US$ 25.0 million to service interestpursuant to the cash waterfall principles set out in the Restructuring Plan, thereafterquarterly cash payments (in arrears) from June 30, 2015.

Accelerated repayment from cash sweep or sale of the requested security.

Provision of the requested security (Chembulk/Coal Mine/shares in BULL (other thanshares already pledged to other creditors or transferred to the US$ Bondholderspursuant to this Plan)/Teekay /BULL SPV Security/Teekay SPV Security) for theWorking Capital Facility. Such requested security (other than the shares in Chembulk)shall be released by the MLA Lenders for necessary fund raisings subject to approvalby the MLA Lenders and (i) the full repayment of the Working Capital Facility and (ii)the cash buffer being maintained.

Provision of the BULL-Teekay SPV Security which will secure (i) the Working CapitalFacility in Years 1 and 2 and (ii) up to US$ 17.2 million of the aggregate of theprincipal due to the MLA Lenders and the US$ Bondholders, and the interestpayments to the MLA Lenders and the US$ Bondholders in Years 3 and 4.




63



c. MLA (continued)

In the event that the BULL-Teekay SPV Security or any part thereof is realized inYears 3 or 4, the cumulative proceeds of any such realizations shall be shared asfollows: First, in satisfaction of the costs and expenses of enforcement; Second, insatisfaction of all amounts due under the Working Capital Facility; Third, in satisfactionof amounts due to the US$ Bondholders and the MLA Lenders on a 50:50 basis sothat each dollar of proceeds received shall be paid, as to 50% thereof, to or for theaccount at the US$ Bondholders and, as to 50%, to or for the account of the MLALenders, subject to a maximum amount of US$ 8.6 million each; and Fourth, anybalance of proceeds of enforcement in excess of US$ 17.2 million shall be subject tothe cash waterfall principles set out in the Restructuring Plan.

Enforcement of the BULL-Teekay SPV Security to satisfy payments of interest to theMLA Lenders and/or the US$ Bondholders in Years 3 and 4 shall not cause an eventof default under the Restructuring Plan, nor shall an event of default occur if theproceeds of realization of the BULL-Teekay SPV Security, after application thereoftowards repayment of the secured indebtedness, are sufficient to cover any suchinterest payments due and owing.

Inter-creditor or subordination agreement to be signed between the MLA Lenders andthe US$ Bondholders to govern their respective priorities and obligations in respect ofthe BULL-Teekay SPV Security in the manner set out in the preceding provisions.

The Company and the MLA Lenders may agree by mutual consent to sell any of thesecured vessels.

In 2013, the Group drawn down US$ 10.0 million from the US$ 19.4 million WorkingCapital Facility and has sold some vessels amounting to US$ 5.8 million for which theproceeds from these transactions were used as part of the payment for interest due onthe MLA Loan (Note 40).

On March 30, 2015, the Group paid its Working Capital Facility loans from MLA lenderswhich amounted to US$ 10.0 million plus accrued interest of US$ 0.6 million.

Between February and August 2014, the former MLA group of bank lenders, namely DNBBank ASA Singapore, BNP Paribas, ING Bank N.V, NIBC Bank Ltd., Nordea BankFinland Plc., Standard Chartered Bank, Skandinaviska Enskilda Banken AB (publ) sold alltheir loan facilities provided to the Group to certain private equity funds. The new MLALenders consist mainly of York Global Finance BDH. LLC., Spruce Investors Limited andSilver Oak Capital, LLC as majority lenders and 5 other private equity funds (individually<5%) as minority lenders.

On April 22, 2015, the Company entered into:

a. a binding term sheet which includes the principal terms of a further restructuring(“MLA Restructuring”) of the Company and certain of its subsidiaries (collectively, the“Group”); and




64



c. MLA (continued)

b. restructuring support agreement (“RSA”) with, among others:

i. DNB Bank ASA, Singapore Branch (as agent);ii. MLA Lenders holding at least 66.6% of the participation of the outstanding facility

claims under the senior secured credit facilities agreement dated February 18,2011 (as most recently amended and restated pursuant to the third amendmentagreement dated October 8, 2014, and as may be further amended from time totime);

iii. Gold Bridge Shipping Corporation, as borrower under the MLA FacilityAgreement;

iv. direct and indirect subsidiaries of the Company (collectively, with the Borrower,the “Company Parties”);

v. Hadi Surya, Siana Surya, PT Tunggaladhi Baskara and Meadowstream Limited(the “Surya Parties”);

Pursuant to which, among other things, the Company Parties have agreed tocomplete the Restructuring.

Pursuant to the MLA Restructuring, the Group agreed to transfer to NewCo the 27vessels (together with all insurance and other proceeds, earnings and amounts), all of theshare capital of CB2 and the account balances in bank accounts pledged in favor of theMLA Lenders (collectively, “MLA Assets”), in return for release of all debts outstandingunder the MLA Facility.

If both MLA Closing and PKPU Amendment Plan approval occurs on or beforeSeptember 30, 2015 then, subject to compliance with the terms of the RSA and TermSheet, the Company will receive the key considerations as follows:

i. Release of any claim or lien against the coal mine warrants, Buana Security, BuanaSPV Security and Teekay JV Security;

ii. Warrants from NewCo to purchase up to 10% of equity in NewCo (“NewCoWarrants”). The NewCo Warrants are subject to dilution by a market-basedmanagement incentive program and any future issuance of equity securities byNewCo (Note 10);

iii. Preferred redeemable equity interests in NewCo amounting to US$ 10.0 million(“NewCo Preferred Equity Interest”) (Note 8);

iv. Release of US$ 9.2 million cash collateral and Gas Bangka which are posted assecurity under an existing Standby Letter of Credit Facility (Note 6);

v. Cash refund of up to 50% fees and expenses incurred by the MLA Lenders, and paidby the Group, in respect of this Proposed Restructuring;

vi. Forgiveness of the MLA Deficiency Claims;vii. Mutual releases by and between the Group and the MLA Lenders (“Mutual

Releases”).




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c. MLA (continued)

On November 30, 2015, the Group and MLA signed an Amendment to RSA to extend theMLA Closing deadline from September 30, 2015 to December 3, 2015.

On December 1, 2015, the Group has completed the MLA Restructuring, and the Grouprecognized a gain on extinguishment of debt amounting of US$ 233.0 million.

The carrying value of the restructured loan from MLA Loan as of December 31, 2015 and2014 amounted to nil and US$ 588.4 million, respectively, including the US$ 10.0 milliondrawn from the Working Capital Facility. In 2014, the annual effective interest rates forMLA loan and Working Capital Facility were 3.37% and 3.40%, respectively.

d. PT Bank Mizuho Indonesia (“Mizuho”)



Principal amortization over a repayment period commencing from April 1, 2013 to thematurity date which is (i) the 10th anniversary from the date the Restructuring Plan isratified by the Jakarta Court, (ii) the earliest maturity date of any loan extended by anyunsecured creditor (apart from trade creditors), or (iii) March 31, 2023, whichever isthe earliest to occur with 32 equal quarterly installments commencing the 3rd year withthe first installment starting on June 30, 2015.

Interest (LIBOR + 1.5 %) will be capitalized from July 1, 2012 until March 31, 2014,then quarterly cash payments from June 30, 2014, provided that there is sufficientcash in Year 2 to (i) build up the US$ 25.0 million minimum cash buffer, (ii) pay cashinterest on the Working Capital Facility, (iii) pay principal on the Working CapitalFacility, and if any of these conditions is not met for any quarter in Year 2, suchpayments of interest in Year 2 will be capitalized and added to principal pursuant tothe cash waterfall principles set out in the Restructuring Plan.

The rights of Mizuho to call an event of default in respect of this Restructuring Plan areas follows: if Mizuho still holds security over any vessel owned or operated by theCompany, an event of default can be called for non-payment of principal and interestafter Year 2; or if Mizuho no longer holds security over any vessel owned or operatedby the Company, an event of default can be called for non-payment of principal andinterest after Year 4.


The Company agrees that it will sell the vessel which is secured to Mizuho with mutualconsent of Mizuho at a sales price agreed and acceptable to Mizuho, provided thatMizuho gives reasonable notice in providing its request and that the sale of a vessel isconducted at an arm’s length commercial transaction and that the sales price is at thevessel’s market value.




66



d. PT Bank Mizuho Indonesia (“Mizuho”) (continued)

In the event that the vessel is sold, the proceeds of such sale will be used to offset/paythe last principal installment that is due to Mizuho and the due date of the amortizedprincipal payments owed to Mizuho will be reduced accordingly.

This Restructuring Plan shall not compromise any rights that Mizuho has in respect ofthe security in all secured vessel(s) and the Company shall not object or hinder anyattempts by Mizuho to sell these vessel(s), whether pursuant to its security orotherwise.

Pursuant to PKPU Amendment Plan in 2015, the terms of credit facility with Mizuho areamended as follows:

If there is remaining cash in the Earnings Account (after the payment of interest, taxesand other costs that may be incurred outside the Principal Amount), the remainingcash can be used for amortization of the outstanding principal amount which will bepaid on every interest payment date effective from the date of approval of the PKPUAmendment Plan until March 31, 2017;

Repayment of the principal amount shall be paid by way of 32 equal quarterlyinstallments with the first installment commencing on June 30, 2017;

Where there is insufficient cash to pay a quarterly installment of principal amount, withthe written consent of Mizuho, the Company may add the amount of that installment tothe next quarterly installment.


The Company recognized gain on restructuring amounting to US$ 0,1 million in 2015.

Pursuant to Notice of Assignment dated December 23, 2015, Mizuho’s right and interestto receive payments were assigned and transferred to Amicorp Trustees (Singapore)Limited (“Amicorp”) (Note 17 iv).

The carrying amount of the restructured loan from Mizuho as of December 31, 2015 and2014 amounted to nil and US$ 12.7 million, respectively. In 2014, the annual effectiveinterest rate of the loan was 4.79%.

e. Clio Marine Inc./Mitsui Bank (“CMI”)

Principal of JPY 3.3 billion or equivalent to US$ 41.2 million.


Amortization over a repayment period commencing from April 1, 2013 to the 10thanniversary of the Restructuring Plan, the maturity date of any loan extended by anyunsecured creditor (apart from the trade creditors), or March 31, 2023, whichever isthe earliest to occur (“Maturity Date”) with equal quarterly installments commencing inYear 3.




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e. Clio Marine Inc./Mitsui Bank (“CMI”) (continued)

Interest (LIBOR + 4.0%) capitalized from July 1, 2012 until March 31, 2013, thenquarterly cash payments from June 30, 2013, unless payments of interest arecapitalized pursuant to the cash waterfall principles set out in the Restructuring Plan.

Repayment of principal is to be structured as a sale of secured vessel to CMI(US$ 25.9 million) and time charter back of the vessel to Chembulk Trading II LLC.

Obligations under the loan agreement will be novated to BLT Chembulk Corp.

The Company shall guarantee the obligations of BLT Chembulk Corp. and ChembulkTrading II LLC.


Pursuant to the Restructuring Plan, the loan was restructured as a repayment of principalin consideration of the sale of the subsidiary’s vessel for US$ 25.9 million. The vessel isleased back to CB2, which was accounted for as a finance lease. The remainingobligations under the loan agreement amounting to US$ 12.1 million were novated to BLTChembulk Corp.

As a condition precedent to MLA Closing, the Group and CB2 shall be released from allobligations with respect to Pacific Endeavor Vessel under the existing charter party, leasesettlement agreement, loan and other agreements in relation to such vessel. Pursuant toTermination Agreement on November 30, 2015, the lender agreed to forgive theoutstanding principal and interest.

Pursuant to Termination Agreement on November 30, 2015, the lender agreed to forgivethe outstanding principal and interest.

The carrying value of the restructured loan from CMI as of December 31, 2015 and 2014amounted to nil and US$ 9.1 million, respectively. The annual effective interest rate of theloan was 4.12% in 2014.

f. Dialease Maritime S.A./Mitsubishi UFJ Lease & Finance Co. Ltd.

Dialease Maritime shall be treated as a secured creditor for purposes set out in theRestructuring Plan.

Principal of US$ 15.1 million or the remaining amount (if any) after the transfer ofsecured vessels.

Secured vessel to be transferred to a transferee on terms agreed with DialeaseMaritime, with such transfer to occur at the port of Kaohsiung, ROC or other ports asdirected by Dialease Maritime no later than April 15, 2013.


Amortization by bullet payment on March 31, 2023.




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f. Dialease Maritime S.A./Mitsubishi UFJ Lease & Finance Co. Ltd. (continued)

Interest (LIBOR + 2.0 %) capitalized from July 1, 2012 until March 31, 2013, thenquarterly cash payments (in arrears) from June 30, 2013, unless payments of interestare capitalized pursuant to the cash waterfall principles set out in the RestructuringPlan.


New equity of the Company will be issued and distributed pro-rata among allunsecured creditors. The total new equity available to unsecured creditors will be25.0% of the enlarged share capital of the Company.

In 2013, the Group sold its secured vessel related to the loan from Dialease Maritime forUS$ 16.0 million in consideration for the payment of a portion of the loan. Subsequent tothe sale of the vessel, Dialease Maritime was then treated an unsecured creditor.

The Restructured terms under the Restructuring Plan for Dialease Maritime are furtheramended by the PKPU Amendment Plan (Note 40). Pursuant to the PKPU AmendmentPlan, the restructured terms which bind Dialease Maritime are that it shall no longer beentitled to payment of principal or interest from the Company as a guarantor under thefacility agreement, but is instead entitled to receive:

Shares in the Company arising from debt to equity swap for the principal debt and itsportion of a 2% transfer of the total shares held by Surya family (after both theProposed Debt-Equity Swap Share Issuance and the conversion of mandatoryconvertible security (MCS) to be issued by the Company to PT Elang Megah Inti),distributed on a pro-rata basis among the Unsecured Creditors.

A pro rata interest in Buana and Nevaeh, through a structure which will deliver theeconomic benefit of those assets to all unsecured creditors who are Plan Creditorsunder the PKPU Amendment Plan.

Waiver of all interest capitalized under the 2013 Restructuring Plan.

As of December 31, 2015, the outstanding amount of the principal debt was convertedinto 63,534,070 shares of the Company.

Total gain from debt to equity swap transaction related to this loan amounted to US$ 0.7million in 2015.

In 2015, the Group had written off the value of equity assigned to the unsecured creditorspursuant to the 2013 Restructuring Plan (Note 40).

The carrying value of the restructured loan from Dialease Maritime amounted to nil andUS$ 6.2 million as of December 31, 2015 and 2014, respectively. In 2014, the annualeffective interest rate of the loan was 2.15%.




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(ii) Termination of derivatives

The Group had entered into cross currency swaps and interest rate swaps in prior years. In2012, the Group received early termination notices for all outstanding cross currency swap andinterest rate swap transactions due to debt standstill. The termination claims on the Group’scross currency swap were from JP Morgan, Barclays Capital, HSBC and PT Bank DBSIndonesia while the termination claim from the Group’s interest rate swap was from DeutscheBank.

Following the events of early termination of contracts, the counter-parties of the Group toderivative transactions submitted their respective claims under the PKPU. Pursuant to theRestructuring Plan, such liabilities arising from the termination of the derivative transactions fallunder the class of unsecured creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cashflows related to the following restructured derivative claims using appropriate interest ratesdetermined by management at current prevailing interest rates applicable to the Group. Therestructured terms under the Restructuring Plan for the derivative creditors are binding and setout as follows (Note 40):



Interest rate of 1.0% in Years 1 to 4, 2.0% in Years 5 to 8, 3.0% in Years 9 to 10, withquarterly cash payment (in arrears) from June 30, 2015 subject to the provisions under thecash waterfall principles set out in the Restucturing Plan.


New equity in the Company will be issued and distributed pro-rata among all unsecuredcreditors. The total new equity available to unsecured creditors will be 25.0% of theenlarged share capital of the Company.

Pursuant to the Restructuring Plan, the Group classified the restructured claims fromtermination of derivative transactions under non-current liabilities in 2014.

One of the Group’s liabilities from derivative transactions was secured by 14.7% interest ininvestment in BULL. In November 2013, this creditor exercised its rights and took over theownership of the shares.

The restructured terms under the Restructuring Plan for the parties entered into cross currencyswaps and interest rate swaps with the Group are further amended by the PKPU AmendmentPlan (Note 40). Pursuant to the PKPU Amendment Plan, the restructured terms which bind theparties entered into cross currency swaps and interest rate swaps with the Group are that theyshall no longer be entitled to payment of principal or interest from the Company as a guarantorunder the facility agreement, but is instead entitled to receive:

Shares in the Company arising from debt to equity swap for the principal debt and itsportion of a 2% transfer of the total shares held by Surya family (after both the ProposedDebt-Equity Swap Share Issuance and MCS Conversion), distributed on a pro rata basisamong the Unsecured Creditors;




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(ii) Termination of derivatives (continued)

A pro rata interest in Buana and Nevaeh, through a structure which will deliver theeconomic benefit of those assets to all unsecured creditors who are Plan Creditors underthe PKPU Amendment Plan.

Waiver of all interest capitalized under the 2013 Restructuring Plan.

As of December 31, 2015, the outstanding amount of the principal debt was converted into atotal of 1,111,874,087 shares in the Company.

Total loss from debt to equity swap transaction related to these derivative claims amounted toUS$ 14.6 million.

The carrying value of the restructured loans arising from termination of derivative transactionsas of December 31, 2015 and 2014, amounted to nil and US$ 79.9 million, respectively. In2014, the annual effective interest rate for liabilities arising from termination of derivativetransactions was 4.85%.

In 2015, the Group had written off the value of equity assigned to the unsecured creditorsunder the 2013 Restructuring Plan.

(iii) Related party loans

a. PT Bagusnusa Samudra Gemilang

The loan from Bagusnusa was restructured in accordance with the provisions of theRestructuring Plan for intercompany claims.

Considering the effects of the Restructuring Plan, the Group discounted the forecastedcash flows related to the following restructured related party loan using appropriateinterest rates determined by management at current prevailing interest rates applicable tothe Group. The restructured terms under the Restructuring Plan for intercompanycreditors are binding and set out as follows (Note 40):


No payments or satisfaction will be made until all existing secured and unsecuredcreditors are repaid in full.

No voting rights in the PKPU or otherwise assert or make any claims upon the Group.

Pursuant to the Restructuring Plan, the Group classified its liabilities to Bagusnusa undernoncurrent liabilities in 2014.




71


(iii) Related party loans (continued)

a. PT Bagusnusa Samudra Gemilang (continued)

Pursuant to Restructuring Amendment Plan, no payments will be made to Bagusnusauntil (i) all existing secured creditors are repaid in full, (ii) the aggregate value of thePKPU shareholders (including their successors and nominees) (based on a 3 monthweighted average share price) exceeds the total outstanding claims of US$ 1.1 billion,and (iii) the Group’s payable to BULL has been paid.

Based on management’s discounted forecasted cash flow analysis, using compoundannual growth rate of 20.86% and discount rate of 12.28%, the Company will only be ableto settle its loan from Bagusnusa by Year 2070. Consequently, the difference betweenthe nominal amount of the loan and its fair value amounting to US$ 7.9 million ispresented under Other Capital Reserves.

The carrying value of the restructured loan from Bagusnusa as of December 31, 2015and 2014 amounted to US$ 1.7 million and US$ 8.3 million, respectively (Note 38). In2015 and 2014, the annual effective interest rate of the loan is 3.14%.

The Company recognized loss on restructuring amounting to US$ 2.6 million.

b. Teekay BLT Corporation and Teekay Corporation

On February 1, 2014, the Company along with Diamond Pacific International Corporation(DPIC), BLT LNG Tangguh Corporation and Teekay BLT Corporation entered into aSettlement Agreement with Teekay Corporation, Teekay LNG Partners L.P. and TeekayTangguh Holding Corporations with the following conditions:

a. The Company shall pay Teekay Corporation the amount of US$ 0.5 million on June30, 2014 and December 31, 2014 as payments against sums due pursuant to thecourt order.

b. The Company shall pay Teekay Tangguh Holdings Corporation the amount of US$0.5 million in satisfaction of the Company Guarantee Fees due at the date of theagreement.

c. Gandari Maritime Pte. Ltd., a subsidiary of the Company, irrevocably waives andreleases BLT LNG Tangguh Corporation from all claims whatsoever with respect tothe loan amounting to US$ 24.7 million.

d. Teekay BLT Corporation shall declare and pay dividend in the amount of US$ 21.5million as soon as reasonably practicable.

e. Teekay BLT Corporation, BLT LNG Tangguh Corporation and the Company agreedthat the part of the Promissory Note Debt owed by the Company to Teekay BLTCorporation with principal amount of US$ 3.6 million plus interest will be novated bythe Company through transfer of debt owed by the Company to its subsidiary, BLTLNG Tangguh Corporation effective immediately.

f. DPIC shall be entitled through a shareholders’ resolution to remove all directors fromthe board of BLT LNG Tangguh Corporation and replace those directors with itsnominees.




72


(iv) Related party loans (continued)

b. Teekay BLT Corporation and Teekay Corporation (continued)

On February 1, 2014, Teekay BLT Corporation declared total dividends ofUS$ 87.1 million, of which BLT LNG Tangguh Corporation’s portion amounted to US$26.1 million. These dividends are used to offset the loan plus interest to Teekay BLTCorporation amounting to US$ 14.4 million and towards the repayment of the loan toTeekay Corporation amounting to US$ 11.7 million (Note 12).

On February 1, 2014, an intercompany loan agreement was entered between theCompany and BLT LNG Tangguh Corporation where it was agreed that the application ofthe dividends received by BLT LNG Tangguh Corporation towards the repayment of theloan owed by the Company will result in an intercompany claim payable by the Companyto BLT LNG Tangguh Corporation.

In 2015, Teekay BLT Corporation declared dividend of which portion of dividend receivedby BLT LNG Tangguh Corporation’s amounting to US$ 0.8 million was used to offset fromthe principal loan due to Teekay Corporation (Note 12).

As of December 31, 2015, the loan from Teekay Corporation amounted to US$ 0.7million, which comprise of US$ 121 thousand principal loan and US$ 539 thousanddeferred interest. The annual effective interest rate of the loan is 8%.

As of December 31, 2014, the outstanding loan to Teekay Corporation amounted toUS$ 1.8 million with annual effective interest rate of 6.78%.

(v) Others

Amicorp Trustees (Singapore) Limited

On December 23, 2015, Mizuho entered into an assignment agreement with Amicorp Trustees(Singapore) Limited, as trustee of the Fortuna Growth Fund (Sub-Fund A), where Mizuho sold,transferred and assigned its rights, titles and interests, with respect to the RestructuringAgreement, to Amicorp (Note 17d).

Upon the receipt of full consideration agreed by Mizuho and Amicorp, Mizuho shallautomatically withdraw its position as a creditor to the Company pursuant of the RestructuringAgreement and release and discharge the collateral security and deliver it to Amicorp.

The carrying value of the restructured loan from Amicorp as of December 31, 2015 amountedto US$ 12.3 million. The annual effective interest rate of the loan is 3.11%.




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18. BONDS PAYABLE

2015 2014US$'000 US$'000

U.S. dollar bonds:12% Guaranteed Bonds - 106,871Zero Coupon Guaranteed Bonds - 39,905

Rupiah bonds:Berlian Laju Tanker III Bonds - 48,036Berlian Laju Tanker IV Bonds - 23,332Sukuk Ijarah I - 13,725Sukuk Ijarah II - 6,882

Total - 238,751

US dollar bonds

a. US$125 million 12.0% Guaranteed Convertible Bonds

On February 10, 2010 and March 29, 2010, BLT International Corporation (BLT IC), asubsidiary, issued 12.0% Guaranteed Convertible Bonds totaling US$ 100.0 million and US$25.0 million, respectively. The bonds were issued at 100.0% of their face value and wereunconditionally and irrevocably guaranteed by the Company.

Following the event of default, the trustee submitted its claim under the PKPU. Pursuant to theRestructuring Plan, the convertible Bondholders fall under the class of unsecured creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cashflows related to the following restructured convertible bonds using appropriate interest ratesdetermined by management at current prevailing interest rates applicable to the Group. Therestructured terms under the Restructuring Plan for the convertible Bondholders are bindingand set out as follows:

Principal of US$125.0 million.



Interest capitalized from July 1, 2012 until March 31, 2015.

Interest rate of 1.0% in Years 1 to 4, 2.0% in Years 5 to 8, 3.0% in Years 9 to 10, withquarterly cash payments (in arrears) from June 30, 2015 subject to the provisions underthe cash waterfall principles set out in the Restructuring Plan.



Conversion rights to be given up for issuance of 1.44% equity in the Company.




74

18. BONDS PAYABLE (continued)

US dollar bonds (continued)

a. US$125 million 12.0% Guaranteed Convertible Bonds (continued)

In 2013, the debt was converted into a zero coupon bond pursuant to the restructuring plan;therefore, all outstanding convertible bonds were reclassified to bonds payable.

Pursuant to the Restructuring Plan, the Group classified the restructured bonds as non-currentliabilities in 2014.

The Restructured terms under the Restructuring Plan for the Guaranteed Convertible Bondsare further amended by the PKPU Amendment Plan (Note 40). Pursuant to the PKPUAmendment Plan, the restructured terms which bind the holder of Guaranteed ConvertibleBonds are that they shall no longer be entitled to payment of principal or interest from theCompany as a guarantor under the Guaranteed Convertible Bonds, but are instead entitled toreceive:

Shares in the Company arising from debt to equity swap for the principal debt and itsportion of a 2% transfer of the total shares held by Surya family (after both the ProposedDebt-Equity Swap Share Issuance and the MCS Conversion), distributed on a pro ratabasis among the Unsecured Creditors.


A waiver of all interest capitalized under the 2013 Restructuring Plan.

As of December 31, 2015, the outstanding amount of the principal debt was converted into1,598,228,619 shares in the Company.

Total loss from debt to equity swap transaction related to the Guaranteed Convertible Bondsamounted to US$ 13.4 million.

In 2015, the Group had written-off the value of equity assigned to unsecured creditorspursuant to the 2013 Restructuring Plan (Note 40).

The carrying value of the restructured US$ 125 million 12% guaranteed convertible bonds asof December 31, 2015 and 2014 amounted to nil and US$ 106.9 million, respectively. In 2014,the annual effective interest rate for these bonds was 4.27%.

b. US$ 48.9 million Guaranteed Convertible Bonds

In 2010, BLTF BV issued bonds amounting to US$ 48.9 million to investors at 96.0%.

The terms and conditions of the US$ 48.9 million Zero Coupon Guaranteed Convertible Bondsdue in 2012 were described below:

The maturity date was changed to February 10, 2015 and the bonds bear interest at therate of 12.0% per annum.




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b. US$ 48.9 million Guaranteed Convertible Bonds (continued)

The conversion price was Rp 409 per share with conversion period from June 27, 2007 toJanuary 31, 2015.

The number of shares to be delivered upon conversion will be determined by dividing theprincipal amount of the bonds to be converted (translated to rupiah at the fixed rate of Rp9,362 = US$ 1.00 (the Fixed exchange rate) by the conversion price in effect at theconversion date.

Following the events of default, the trustee submitted its claim under the PKPU. Pursuant tothe Restructuring Plan, the convertible bondholders fall under the class of unsecured creditors(Note 40).

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cashflows related to the following restructured convertible bonds using appropriate interest ratesdetermined by management at current prevailing interest rates applicable to the Group. Therestructured terms under the Restructuring Plan for the convertible Bondholders are bindingand set out as follows:




Interest capitalized from July 1, 2012 until March 31, 2015.

Interest rate of 1.0% in Years 1 to 4, 2.0% in Years 5 to 8, 3.0% in Years 9 to 10, withquarterly cash payments (in arrears) from June 30, 2015 subject to the provisions underthe cash waterfall principles set out in the Restructuring Plan.



Conversion rights to be given up for issuance of 0.56% equity in the Company.

In 2013, the debt was converted into a zero coupon bond due to the events of default relatedto deferred payments that occurred in 2012; therefore, all outstanding convertible bonds werereclassified to bonds payable.

Pursuant to the Restructuring Plan, the Group reclassified the restructured bonds as non-current liabilities in 2014.




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b. US$ 48.9 million Guaranteed Convertible Bonds (continued)

The restructured terms under the Restructuring Plan for the Guaranteed Bonds are furtheramended by the PKPU Amendment Plan (Note 40). Pursuant to the PKPU Amendment Plan,the restructured terms which bind the holder of Guaranteed Bonds are that they shall no longerbe entitled to payment of principal or interest from the Company as a guarantor under theGuaranteed Bonds, but are instead entitled to receive:

Shares in the Company arising from debt to equity swap for the principal debt and theirportion of a 2% transfer of the total shares held by Surya family (after both the ProposedDebt-Equity Swap Share Issuance and the MCS Conversion), distributed on a pro ratabasis among the Unsecured Creditors;



As of December 31, 2015, the outstanding amount of the principal debt was converted into625,214,250 shares in the Company.

Total loss from debt to equity swap transaction related to the Guaranteed Bonds amounted toUS$ 7.4 million.

In 2015, the Group had written off the value of equity assigned to these bonds under the 2013Restructuring Plan (Note 40).

The carrying value of the restructured zero coupon bonds as of December 31, 2015 and 2014,amounted to nil and US$ 39.9 million, respectively. In 2014, the annual effective interest ratefor this bond was 4.85%.

Rupiah Bonds

In 2012, the Group had defaulted on its Berlian Laju Tanker III Bonds, Berlian Laju Tanker IV Bonds,Sukuk Ijarah I and Sukuk Ijarah II, following the announcement of the debt standstill on January 26,2012.

Following the events of default, the Bondholders submitted their respective claims under the PKPU.Pursuant to the Restructuring Plan, the Bondholders fall under the class of unsecured creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cash flowsrelated to the restructured bonds using appropriate interest rates determined by management atcurrent prevailing rates applicable to the Group. The respective restructured terms with Bondholdersunder the Restructuring Plan are binding and set out as follows:




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Rupiah Bonds (continued)

a. Berlian Laju Tanker III Bonds and Sukuk Ijarah I (Rp900.0 billion 2012 Bonds)




Interest to be capitalized from July 1, 2012 until March 31, 2015.

Interest rate of 5.0% in Years 1 to 3, 7.0% in Years 4 to 7, 9.0% in Years 8 to 10, withquarterly cash payments (in arrears) from June 30, 2015 subject to the provisions underthe cash waterfall principles as set out in the Restructuring Plan.


New equity of the Company will be issued and distributed pro-rata among all unsecuredcreditors. The total new equity available to unsecured creditors will be 25.0% of theenlarged share capital of the Company.

b. Berlian Laju Tanker IV Bonds and Sukuk Ijarah II (Rp 440.0 billion 2015 Bonds)




Interest to be capitalized from July 1, 2012 until March 31, 2015.

Interest rate of 5.0% in Years 1 to 3, 7.0% in Years 4 to 7, 9.0% in Years 8 to 10, withquarterly cash payments (in arrears) from June 30, 2015 subject to the provisions underthe cash waterfall principles as set out in the Restructuring Plan.


New equity of the Company will be issued and distributed pro-rata among all unsecuredcreditors. The total new equity available to unsecured creditors will be 25.0% of theenlarged share capital of the Company.

Pursuant to the Restructuring Plan, the Company reclassified all of its bonds payables under non-current liabilities in 2014.




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Rupiah Bonds (continued)

The restructured terms under the Restructuring Plan for the Rupiah Bonds are further amended bythe PKPU Amendment Plan (Note 40). Pursuant to the PKPU Amendment Plan, the restructuredterms which bind the holders of Rupiah Bonds are that they shall no longer be entitled to payment ofprincipal or interest from the Company, but are instead entitled to receive:

Shares in the Company arising from debt to equity swap for the principal debt and their portionof a 2% transfer of the total shares held by Surya family (after both the Proposed Debt-EquitySwap Share Issuance and the MCS Conversion), distributed on a pro rata basis among theUnsecured Creditors;

A pro rata interest in Buana and Nevaeh, through a structure which will deliver the economicbenefit of those assets to all unsecured creditors who are Plan Creditors under the PKPUAmendment Plan.



Total loss from debt to equity swap transaction related to Rupiah Bondholders amounted toUS$ 10.4 million.

In 2015, the Group had written-off the value of equity assigned to these bonds under the 2013Restructuring Plan (Note 40).

The carrying amount of the restructured Rupiah Bonds as of December 31, 2015 and 2014amounted to nil and US$ 92.0 million, respectively. In 2014, the annual effective interest rate ofRupiah Bonds was 10.64%.

19. OBLIGATIONS UNDER FINANCE LEASE

Present value Present valueMinimum of minimum Minimum of minimum

lease payments lease payments lease payments lease paymentsUS$'000 US$'000 US$'000 US$'000

Less than 1 year - - 51,584 32,8771 - 5 years - - 167,321 138,543More than 5 years - - 10,654 9,600

Subtotal - - 229,559 181,020Less future finance charges - - (48,539) -

Net - - 181,020 181,020

Current maturities 51,584 32,877Non-current portion - - 177,975 148,143

Total - - 229,559 181,020

2015 2014




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19. OBLIGATIONS UNDER FINANCE LEASE (continued)

The finance leases relate to leases with terms of 4 to 15 years with effective interest rates ofbetween 4.2% and 10.0% on which the subsidiaries have options to purchase the vessels for anamount below the expected fair values at the conclusion of the lease agreements and/or the presentvalue of minimum lease payments approximates the fair value of the leased asset at the inception ofthe lease. The subsidiaries’ obligations under finance lease are secured by the vessels which are theobjects of the finance lease.

In relation to the transfer of share capital of CB2, obligations under finance lease amounting toUS$ 160.5 million were derecognized in 2015 (Notes 17 and 45).

20. OTHER PAYABLES

2015 2014US$'000 US$'000

Payable to BULL 7,296 39,112Claims for vessel repairs and fuel purchases 5,046 3,725Liabilities arising from termination of lease contracts - 188,525Payable to suppliers:Related party - 2,599Third party - 1,343

Other claims:Liabilities arising from exchange agreement for tax lease scheme - 8,426Liabilities arising from termination of vessel construction in progress - 7,087Others - 1,085

Total 12,342 251,902

Current 1,585 1,998Non-current 10,757 249,904

Total 12,342 251,902

a. Payable to BULL

On December 30, 2014, the Company has executed the agreement to transfer its investmentin BULL as agreed with MLOR, Delta and BULL.

For the year ended December 31, 2014, the management has completed its reconciliation ofdue to BULL and its subsidiaries. As a result, the Group has recognized a gain of US$ 14.0million arising from unreconciled and unaccounted balances for which the transactions cannotbe traced anymore to prior years accounting records. The management decided toderecognize the unaccounted balances by a credit to “Other gains” account in the 2014 profitor loss (Note 35).

On March 20, 2015, the Company and BULL signed Statement of Confirmation whereby bothparties agreed that net balance of due to BULL amounted to US$ 61.6 million, after thesubrogated claim from the transfers of investment in BULL.




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20. OTHER PAYABLES (continued)

a. Payable to BULL (continued)

The Group reclassified the balance of due to related party into other payables since BULL isno longer considered as related party upon the transfer of investment.

Other than the due to BULL, the Group reclassified a debit balance of US$ 4.1 million due fromPT Karya Bakti Adil (a former subsidiary of BULL until December 28, 2014) into otherreceivable - third parties. The Group decided to provide full allowance for impairment for thisother receivable due to uncertainty of collection.

Pursuant to the letter of undertaking by BULL dated October 13, 2014, it was agreed thatBULL shall not and shall procure that its subsidiaries do not demand repayment of anyoutstanding intercompany payables due from the Group to BULL or any of its subsidiaries until(a) June 30, 2023 or (b) 3 months from the date in which all secured and unsecured creditorsof the Group have been paid in full, whichever date is earlier, for so long as the RestructuringPlan remains valid and in effect.

Accordingly, the Group discounted the forecasted cash flows related to the payable to BULLusing appropriate interest rates determined by management at current prevailing interest ratesapplicable to the Group. The net carrying amount of the restructured payable to BULL as ofDecember 31, 2014 amounted to US$ 39.1 million. The annual effective interest rate for thisliability is 5.95%. In 2014, gain on restructuring recognized by the Group for the payable toBULL amounted to US$ 22.5 million.

Pursuant to PKPU Amendment Plan, no payments will be made to BULL until (i) all existingsecured creditors are repaid in full, and (ii) the aggregate value of the 48% equity interest heldby the PKPU Shareholder (including successors and nominees) (based on a 3-monthweighted average share price) exceeds the total outstanding claims of US$ 1.1 billion.

Based on management’s discounted forecasted cash flow analysis, using compound annualgrowth rate of 20.86% and discount rate of 12.28%, the Group will only be able to settle itspayable to BULL by Year 2070. Accordingly, the Group recomputed the present value of cashflows related to payable to BULL using appropriate interest rate applicable to the Group. Gainon restructuring recognized by the Group amounted to US$ 35.3 million. The net carryingamount of the restructured payable to BULL as of December 31, 2015 amounted toUS$ 7.3 million. The effective interest rate for this liability is 19.24%.

As part of BULL’s successful restructuring process, PT Danatama Perkasa (DP), a third partyinvestor, will transfer back 3,142 million shares (equivalent to 17.8% of the total issued shares)in BULL to the Company after the completion of the enforcement of BULL’s security.

As of December 31, 2015, no shares have been received yet by the Company.

b. Claims for vessels repairs and fuel purchases

In 2012, the Group defaulted on payments of various trade creditors related to repairs andmaintenance of vessels and purchase of fuel. These payables were reclassified to otherpayables while the Group is under negotiation with the creditors.




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b. Claims for vessels repairs and fuel purchases (continued)

In 2013, the Group entered into settlement agreements with its respective creditors regardingthese liabilities. The terms of repayment schedules follow the provision in the RestructuringPlan on settlement of payments over a 5-year term.

In 2015, pursuant to PKPU Amendment Plan, the total restructured trade debt being 50% ofthe total trade debts shall be repaid in equal monthly installments over a period of five years(Note 40). Accordingly, gain on restructuring recognized from claims for vessel repairs and fuelpurchases by the Group amounted to US$ 0.3 million.

The carrying amount of the restructured liabilities arising from vessel repairs and fuelpurchases as of December 31, 2015 and 2014 amounted to US$ 5.0 million andUS$ 3.7 million, respectively.

c. Liabilities arising from termination of lease contracts

The Group has terminated finance and operating lease contracts due to defaults on paymentsof lease obligations in 2012.

Following the termination of lease contracts, the lease creditors submitted their respectiveclaims under the PKPU. Pursuant to the Restructuring Plan, such liabilities arising fromtermination of lease contracts fall under the class of lease creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cashflows related to the following restructured lease claims using appropriate interest ratesdetermined by management at current prevailing interest rates applicable to the Group. Therestructured terms under the Restructuring Plan for the lease creditors are binding and set outas follows:

Total claims of US$ 203.4 million (includes unpaid hires).


Interest rate of 1.0% in years 1 to 4, 2.0% in years 5 to 8, 3.0% in years 9 to 10 withquarterly cash payments (in arrears) from June 30, 2015, subject to the provisions of thecash waterfall principles set out in the Restructuring Plan.


Any amounts paid to lease creditors under the restructured lease agreements will beoffset against the amount to be paid in year 10.

New equity in the Company will be issued and distributed pro-rata among all unsecuredcreditors. The total new equity available to unsecured creditors will be 25.0% of theenlarge share capital of the Company.




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c. Liabilities arising from termination of lease contracts (continued)

Pursuant to the Restructuring Plan, the Company will consent to a further adjudication of theclaims submitted by certain lease creditors during Company’s PKPU process by anindependent adjudicator to be mutually agreed by both parties. These claims were previouslyadjudicated by an independent adjudicator appointed by the Company at the PKPUAdministrators’ request. As of reporting date, the total amount of claims for further adjudicationunder the Restructuring Plan is US$ 36.7 million. The management does not expect there willbe a material increase in the debt payable to these creditors arising from a further adjudicationof these claims.

The restructured terms under the Restructuring Plan for the liabilities arising from termination oflease contracts are further amended by the PKPU Amendment Plan (Note 40). Pursuant to thePKPU Amendment Plan, the restructured terms which bind the holders of the liabilities arisingfrom termination of lease contracts are that they shall no longer be entitled to payment ofprincipal or interest from the Company as a guarantor under the liabilities arising fromtermination of lease contracts, but are instead entitled to receive:

Shares in the Company arising from debt to equity swap for the principal debt and theirportion of a 2% transfer of the total shares held by Surya family (after both the ProposedDebt-Equity Swap Share Issuance and the MCS Conversion), distributed on a pro ratabasis among the Unsecured Creditors;

A pro rata interest in Buana and Nevaeh, through a structure which will deliver theeconomic benefit of those assets to all unsecured creditors who are Plan Creditors underthe PKPU Amendment Plan; and



Total loss from debt to equity swap transaction related to these claims amounted toUS$ 34.5 million.

In 2015, the Group had written-off the value of equity assigned to lease creditors under the2013 Restructuring Plan (Note 40).

The carrying amount of the restructured liabilities arising from terminations of lease creditors asof December 31, 2015 and 2014 amounted to nil and US$ 188.5 million, respectively. In 2014,the annual effective interest rate for liabilities arising from termination of lease contracts was4.55%.




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d. Payable to suppliers

On February 24, 2014, the Singapore High Court sanctioned the Schemes of Arrangement putforward by various subsidiaries of the Group. The schemes of agreement state that the totalrestructured trade debt being 80.0% of the total approved trade outstanding shall be treated asa loan of the Group which shall be repaid in equal monthly installments over 5 years with thefirst installment payable on the 5th business day of the first calendar month following theeffectivity of the Schemes of Arrangement. In 2014, court proceedings related to the Schemesof Arrangement under Section 210 of the Companies Act were completed and the repaymentplan for trade creditors under these schemes commenced on May 7, 2014.

Based on a present value calculation for the outstanding trade accounts payables under theRestructuring Plan, the trade accounts payable are ascertained to be US$ 3.9 million in 2014.

Accordingly, the Group recognized a gain on restructuring of trade accounts payable ofUS$ 4.8 million in 2014.

On May 25, 2015, the Scheme Applicants, apart from Tridonawati Maritime Pte Ltd (“2ndScheme Applicants”), filed applications for leave to call creditors’ meetings with a view topropose another scheme of arrangement between each 2nd Scheme Applicant and itscreditors. These schemes of arrangement were intended to facilitate the transactionscontemplated in the PKPU Amendment Plan by, among other, allowing for the transfer of thevessel owned by each 2nd Scheme Applicants to a new company.

On July 15, 2015 and July 16, 2015, each of the 2nd Scheme Applicants held their respectivecreditors’ meetings in respect of the proposed schemes of arrangement. On July 23, 2015,each of the 2nd Scheme Applicants applied to the High Court of Singapore for their respectiveschemes of arrangement to be approved by the court. On August 17, 2015, the High Court ofSingapore approved each of schemes of arrangement.

Outstanding payable to supplier is fully paid on November 30, 2015.

e. Other claims

The Group also has other significant liabilities from defaults on various agreements such asexchange agreement for tax lease scheme and termination of contracts for construction ofvessels. In 2012, the Group defaulted on these contracts following the debt standstill.

Following the events of default, the creditors submitted their respective claims under thePKPU. Pursuant to the Restructuring Plan, such liabilities arising from other payables fallunder the class of unsecured creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cashflows related to the restructured liabilities arising from other claims using appropriate interestrates determined by management at current prevailing interest rates applicable to the Group.The restructured terms under the Restructuring Plan for the other restructured liabilities arisingfrom other claims are binding and set out as follows:






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e. Other claims (continued)

Interest rate of 1.0% in Years 1 to 4, 2.0% in Years 5 to 8, 3.0% in Years 9 to 10 withquarterly cash payments (in arrears) from June 30, 2015, subject to the provisions of thecash waterfall principles set out in the Restructuring Plan.



Pursuant to the Restructuring Plan, the Group reclassified all of other claims under non-currentliabilities in 2014.

The carrying amount of the restructured liabilities arising from other claims as of December 31,2014 amounted to US$ 16.6 million. The annual effective interest rates for liabilities arisingfrom other claims range from 2.69% to 3.14%.

The restructured terms under the Restructuring Plan for the other claims are further amendedby the PKPU Amendment Plan (Note 40).

Lloyds TSB Leasing Limited and Venus Ocean Navigation (Marubeni), the parties the Groupowing to with regards to liabilities arising from exchange agreement for tax lease scheme andliabilities arising from termination of vessel construction in progress, respectively, shall betreated as unsecured creditors for purposes set out in the PKPU Amendment Plan.

Pursuant to the PKPU Amendment Plan, the restructured terms which bind Lloyds TSBLeasing Limited and Venus Ocean Navigation (Marubeni) are that they shall no longer beentitled to payment of principal or interest from the Company as a Guarantor, but are insteadentitled to receive.

Shares in the Company arising from debt to equity swap for the principal debt and theirportion of a 2% transfer of the total shares held by Surya family (after both the ProposedDebt-Equity Swap Share Issuance and the MCS Conversion), distributed on a pro ratabasis among the unsecured creditors;



As of December 31, 2015, the outstanding amount of the principal debt held by Lloyds TSBLeasing Limited and Venus Ocean Navigation (Marubeni) was converted into 95,829,396 and78,146,753 shares, respectively, in the Company.

Total loss on debt to equity swap transaction related to these claims amounted toUS$ 71.2 thousand.

In 2015, the Group had written-off the value of equity assigned to unsecured creditors underthe 2013 Restructuring Plan (Note 40).




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21. PROVISION

In 2013, the Group recognized provisions related to probable claims amounting to US$ 7.1 million onvarious undertakings of subsidiaries for which the Group is under negotiation. The Group determinedits best estimate of liability arising from these transactions based on available information. The Groupreassesses its estimates on an annual basis to consider new and relevant information that may beavailable. As of December 31, 2014, the management estimates that the amount of provision is stillthe best estimate of the liabilities.

The disclosure of additional details beyond the present disclosures may seriously prejudice theGroup’s position and negotiation strategies with respect to these matters.

The restructured terms under the Restructuring Plan for the provisions are further amended by thePKPU Amendment Plan (Note 40). Pursuant to the PKPU Amendment Plan, the restructured termswhich bind the holder of the provisions are that it shall no longer be entitled to payment of principal orinterest from the Company as a guarantor under the the provisions, but are instead entitled toreceive:

Shares in the Company arise from debt to equity swap for the principal debt and their portionof a 2% transfer of the total shares held by Surya family (after both the Proposed Debt-EquitySwap Share Issuance and the MCS Conversion), distributed on a pro rata basis among theunsecured creditors; and


As of December 31, 2015, the outstanding amount the principal debt which was determined to beUS$ 5.5 million and was converted into 61,694,835 shares in the Company.

Total gain from debt to equity swap transaction related to provision amounted to US$ 1.7 million.

22. PROVISION FOR POST-EMPLOYMENT BENEFITS

The Company has unfunded post-employment benefits for its qualifying employees in accordancewith Labor Law No. 13/2003. The number of employees entitled to the benefits is 47 in 2015 and 95in 2014 (unaudited). The component of net employee benefits expense recognized in theconsolidated statement of profit or loss and other comprehensive income and amounts recognized inthe consolidated statement of financial position for the provision for post-employment benefits as ofDecember 31, 2015 and 2014, as determined by PT Padma Radya Aktuaria, an independentactuary, on its report dated March 14, 2016 and March 5, 2015, respectively, are as follows:

a. Net employee benefits expense (income):

2015 2014US$'000 US$'000

Current service cost 132 86Interest cost 108 80Curtailment/settlement (102) (197)

Employment benefits expense (income) - net 138 (31)




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22. PROVISION FOR POST-EMPLOYMENT BENEFITS (continued)

b. The movement of post-employment benefits liability is as follows:

2015 2014US$'000 US$'000

Beginning balance 1,481 2,564Current service cost 132 86Interest cost 108 80Benefits paid (24) (109)Curtailment/settlement (102) (197)RemeasurementsEffects of experience adjustments (117) (439)Effects of changes in financial assumptions (106) 309

Adjustment due to movement of employees - (809)Effect of changes in foreign exchange rates (141) (4)

Ending balance 1,231 1,481Current (presented under “Accrued expenses”) 14 -Non-current 1,217 1,481

Total 1,231 1,481

Management believes that the provision made is adequate to cover the Group’s employeebenefits obligation.

c. The principal assumptions used in determining the long-term employee benefits liability as ofDecember 31, 2015 and 2014 are as follows:

2015 2014Discount rate per annum 9% 8.0%Salary increment rate per annum 10% 10.0%Mortality rate 100.0%/TMI3 100.0%/TMI3Resignation rate 10% per annum until age 36 10% per annum until age 36

then decreasing linearly to then decreasing linearly to0% at age 55 0% at age 55

d. The quantitative sensitivity analysis for significant assumptions as of December 31, 2015 and2014 is as follows:

Effect on Effect onpresent value of present value of

Percentage benefits obligation Percentage benefits obligationUS$'000 US$'000

2015Increase 1% (93) 1% 106Decrease -1% 103 -1% (98)

2014Increase 1% (124) 1% 141Decrease -1% 139 -1% (129)

Discount rates Future salary increases




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22. PROVISION FOR POST-EMPLOYMENT BENEFITS (continued)

The sensitivity analyses above have been determined based on a method that extrapolatesthe impact on defined benefit obligation as a result of reasonable changes in key assumptionsoccurring at the end of the reporting period.

e. The maturity profile of defined benefit obligation as of December 31, 2015 and 2014 are asfollows:

2015 2014US$'000 US$'000

Within one year 14 -2-5 years 223 409More than 5 years 1,809 1,638

Total 2,046 2,047

The average duration of the provision for post-employment benefits is 10.11 and 10.38 as ofDecember 31, 2015 and 2014, respectively.

23. NOTES PAYABLE

On May 4 2007, BLT finance B.V. (BLTF BV), a subsidiary, issued Guaranteed Senior Notes (theNotes) amounting to US$ 400.0 million with fixed interest rate of 7.5% per annum payable every sixmonths (in arrears) commencing on November 15, 2007. The notes have a tenor of 7 years and aredue on May 15, 2014. The Notes are offered at 100.0% of the nominal value and are listed in theSGX. The Notes are unconditionally and irrevocably guaranteed on a senior basis by the Companyand certain subsidiaries.

Following the event of default, the trustee submitted its claim under the PKPU. Pursuant to theRestructuring Plan, the US$ Bondholders fall under the class of unsecured creditors.

Considering the effects of the Restructuring Plan, the Group discounted the forecasted cash flowsrelated to the following restructured notes payable using appropriate interest rates determined bymanagement at current prevailing interest rates applicable to the Group. The restructured termsunder the Restructuring Plan for the US$ Bondholders are binding and set out as follows:



Interest to be capitalized as part of principal from 1 July 1, 2012 until March 31, 2015.

Payment in kind (PIK) interest of 2.0% per annum in Years 1 to 10, payable in Year 10. Cashinterest rate of 1.0% in Years 3 to 4, 2.0% in Years 5 to 8, 3.0% in Years 9 to 10, with quarterlycash payments (in arrears) from June 30, 2015 subject to the provisions under the cashwaterfall principles set out in the Restructuring Plan.




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23. NOTES PAYABLE (continued)

3.0% of shares in BULL (“High Yield (HY) BULL Shares”) assuming the Company retainsapproximately 17.8% of the total issued shares in BULL (immediately before the transfer of anysuch shares to the US$ Bondholders). However, in the event that the Company retains lessthan 17.8% of the total issued share capital in BULL, then the amount of the HY BULL Sharesshall for the purposes of this Restructuring Plan, be reduced on a pro-rata basis, based on thereduced percentage of total issued shares in BULL that the Company holds (e.g., if theCompany retains approximately 10.0% of the total issued shares in BULL, then the HY BULLShares shall be {(10.0%/17.8% x 3.0%)=1.7%)} and provided always that the HY bull sharesmay not be reduced to less than 2.0% of the ordinary shares in BULL). If the HY BULL sharesare reduced to less than 3.0% of the ordinary shares in BULL, the Company shall either issuenew shares (“HY Company Shares”) to a maximum 2.0% of the enlarged share capital of theCompany or provide other assets to make up shortfall on each case as agreed upon by theUS$ Bondholders in respect of HY BULL shares.

Provision of the BULL-Teekay SPV Security which will secure (i) the Working Capital Facility inYears 1 and 2 and (ii) up to US$ 17.2 million of the aggregate of the principal due to the MLALenders and the US$ Bondholders, and the interest payments to the MLA Lenders and theUS$ Bondholders in Years 3 and 4 up to US$ 17.2 million.

In the event that the BULL-Teekay SPV Security or any part thereof is realized in Year 3 or 4,the cumulative proceeds of any such realizations shall be shared as follows; First, insatisfaction of the costs and expenses of enforcement; Second, in satisfaction of all amountsdue under the Working Capital Facility; Third, in satisfaction of amounts due to the US$Bondholders and the MLA Lenders on a 50:50 basis so that each dollar of proceeds receivedshall be paid, as to 50.0% thereof, to or for the account of the US$ Bondholders and, as to50.0% thereof, to or for the account of the MLA Lenders, subject to a maximum ofUS$ 8.6 million each; and Fourth, any balance of the proceeds of enforcement in excess ofUS$ 17.2 million shall be subject to the cash waterfall principles set out in the RestructuringPlan.

Enforcement of the BULL-Teekay SPV Security to satisfy payments of interest to the MLALenders and/or the US$ Bondholders in Year 3 and Year 4 shall not cause an event of defaultunder the Plan, nor shall an event of default occur if the proceeds of the realization of theBULL-Teekay SPV Security are, after application thereof towards repayment of the securedindebtedness, sufficient to cover any such interest payments due and owing.

Inter-creditor or subordination agreement to be signed between the MLA Lenders and the US$Bondholders to govern their respective priorities and obligations in respect of the BULL-TeekaySPV Security in the manner set out in preceding provisions.


New equity in the Company will be issued and distributed pro-rata among all unsecuredcreditors. The total new equity available to unsecured creditors will be 25.0% of the enlargedshare capital of the Company.

As of December 31, 2015 and 2014, the Group is still unable to determine the percentage of BULLshares that will be retained by the Company and the additional new shares that will be issued to theUS$ Bondholders. The 2015 and 2014 accompanying consolidated financial statements do notinclude any adjustment that might result from the outcome of this uncertainty.




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23. NOTES PAYABLE (continued)

The Restructured terms under the Restructuring Plan for the US$ Bondholders are further amendedby the PKPU Amendment Plan (Note 40). Pursuant to the PKPU Amendment Plan, the restructuredterms which bind the US$ Bondholders are that they shall no longer be entitled to payment ofprincipal or interest from the Company as a guarantor under the Notes Payable, but are insteadentitled to receive:

Shares in the Company arising from debt to equity swap for the principal debt and their portionof a 2% transfer of the total shares held by Surya family (after both the Proposed Debt-EquitySwap Share Issuance and the MCS Conversion), distributed on a pro rata basis among theUnsecured Creditors.

The payment of the HY Interest (being the total of the accrued and unpaid interest on the Notesduring the period of April 1, 2015 to March 31, 2017, up to an amount of US$ 8.6 million, ofwhich a maximum of US$ 5.5 million remains outstanding as of December 31, 2015).




Total gain from debt to equity swap transaction related to US$ Bonds amounted to US$ 7.2 million.

The Group recorded loss on restructuring, offset against gain on extinguishment of debt, amountingto US$ 9.0 million for the year ended December 31, 2015 as a result of error in use of 365 day periodin determining fair value of the notes payable for the year ended December 31, 2013. The losscharged in 2015 consolidated financial statements is composed overstatement of gain on debtrestructuring and understatement of interest amounting to US$ 8.8 million in 2013 andunderstatement of interest amounting to US$ 0.2 million in 2014. Had the Group recorded suchamount in, or allocated to the proper accounting periods, the consolidated net income for the yearended December 31, 2015 would have been increased by US$ 9.0 million.

In 2015, the Group had written-off the value of equity assigned to unsecured creditors under the2013 Restructuring Plan (Note 40).

The carrying value of restructured notes payable as of December 31, 2015 and 2014 amounted to niland US$ 382.1 million, respectively. In 2014, the annual effective interest rate for restructured notespayable was 4.85%.




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25. ADDITIONAL PAID-IN CAPITAL

2015 2014US$'000 US$'000

Paid-in capital 1,188,317 208,826Equity component of convertible bonds 177 177Difference in capital on treasury sharestransaction (Note 26) (72,856) (72,856)

Exercise of convertible bonds (6) (6)

Net 1,115,632 136,141

Pursuant to PKPU Amendment Plan, the Company issued 11,932,486,068 Series A shares (in fullamount) in exchange for the settlement of principal debts amounting to US$ 1,033.5 million with theunsecured creditors (Notes 24 and 40). As a result, an amount of US$ 979.5 million is recognized asAdditional Paid-in Capital.

26. TREASURY SHARES

At the Extraordinary General Meeting of Shareholders, as stated in notarial deed No. 47 dated May31, 2006 of Amrul Partomuan Pohan, S.H., LL.M., notary in Jakarta, the shareholders approved torepurchase a maximum of 10.0% of the issued and paid-up shares, at the purchase price of Rp 2,750per share until May 31, 2007.

In August 2010, the Company entered into a standby facility agreement of US$ 7.5 million. Thisfacility was drawn down in September 2011 in the amount of US$ 7.3 million which was secured bytreasury shares with market value on that date amounting to Rp 97.2 billion or equivalent toUS$ 11.3 million. The Company did not fulfill its obligations on the maturity date on November 14,2011; hence an event of default was declared on November 21, 2011 of which the treasury shareswere exercised to cover the repayment of the facility. The difference between the carrying amounts ofloan and interest and the acquisition cost of such treasury share amounting to US$ 72.9 million wasrecorded as difference in capital on treasury share transaction, a component of Additional Paid-inCapital (Note 25).

The total number of treasury shares amounted to 31,027,111 shares or 0.13% and 0.27% of totalissued shares in 2015 and 2014, respectively.

27. DIFFERENCE ARISING FROM CHANGES IN EQUITY OF SUBSIDIARIES AND EFFECT OFTRANSACTIONS WITH NON-CONTROLLING INTERESTS

This account consists of the following transactions:2015 2014

US$'000 US$'000

Initial public offering of BULL shares 22,669 22,669Execution of pledged BULL shares (8,289) (8,289)Exchangeable notes recognized as additionalinvestment in BULL (4,154) (4,154)Others (2,439) (2,439)

Net 7,787 7,787




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27. DIFFERENCE ARISING FROM CHANGES IN EQUITY OF SUBSIDIARIES AND EFFECT OFTRANSACTIONS WITH NON-CONTROLLING INTERESTS (continued)

BULL was a former subsidiary of the Company until it was deconsolidated in 2013. The abovetransactions were the result of changes in the equity ownership of the Company in BULL that wererecognized directly in equity.

28. RESERVES

2015 2014US$'000 US$'000

Revaluation reserves 6,029 11,457General reserves 5,898 5,898Financial statements translation (121) 29

Net 11,806 17,384

a. Revaluation reserves

2015 2014US$'000 US$'000

Beginning balance 11,457 15,947Net revaluation increase (decrease) (Note 13) 6,149 (2,785)Deferred income tax (500) 382Transfers to deficit (11,077) (2,087)

Ending balance 6,029 11,457

The revaluation reserves arose from the revaluation of vessels, net of deferred tax, asapplicable. Where revalued vessels are sold, the portion of the revaluation reserves related tothat vessel, is effectively realized, and is transferred directly to deficit.

b. General reserves

Based on Limited Liability Company Law No. 40 Year 2007, the Company shall appropriatecertain amounts of its profit in each year to general reserves if there are funds available, untilthe general reserves reach at least 20.0% of the issued and fully paid share capital.

The Company allocated general reserves totaling US$ 5.9 million or 3.6% of its issued andfully paid share capital. Such general reserves were approved in prior years’ AnnualShareholders’ Meetings.

c. Financial statements translation

This reserve consists of foreign exchange differences from translation to US$ of subsidiaries’and associates’ financial statements with functional currency other than US$.




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29. DEFICIT

2015 2014US$'000 US$'000

Beginning balance (1,461,929) (1,424,072)Net income (loss) for the year 187,219 (40,042)Transfers from revaluation reserves (Note 28a) 11,077 2,087Remeasurement on post-employment benefits 167 98

Ending balance (1,263,466) (1,461,929)

Remeasurement on post-employment benefits pertains to remeasurements arising from valuation ofpost-employment benefits with movement as follows:

2015 2014US$'000 US$'000

Beginning balance 998 900Addition credited to OCI 167 98

Ending balance 1,165 998

30. OPERATING REVENUES

2015 2014US$'000 US$'000

Operating revenues from:Chemical vessels 237,453 295,075Gas vessels 15,186 19,783Others 552 567

Total 253,191 315,425

There were no revenues from a customer that exceeded 10.0% of total operating revenues.

31. VOYAGE EXPENSES2015 2014

US$'000 US$'000

Fuel (Note 9) 49,165 94,421Port charges 34,739 43,784

Total 83,904 138,205

0.03% and 0.09% of the above voyage expenses were from related parties in 2015 and 2014,respectively (Note 38).

There were no expenses from a specific party that exceeded 10.0% of the total voyage expenses.




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32. SHIP OPERATING EXPENSES2015 2014

US$'000 US$'000

Vessel crew salaries 24,156 28,060Insurance 5,246 4,995Spare parts 4,295 5,304Repairs and maintenance 3,894 3,693Management fee 3,337 3,891Lubricant 2,670 2,333Transportation 2,107 3,310Processing of documents 1,766 2,063Vessel crew meal allowances 1,719 1,875Supplies 1,321 1,049Others 6,748 7,538

Total 57,259 64,111

There were no expenses from a specific party that exceeded 10.0% of the total ship operatingexpenses.

33. ADMINISTRATIVE EXPENSES2015 2014

US$'000 US$'000

Professional fees 25,080 21,642Salaries 9,174 10,795Office expenses 1,980 2,211Transportation 774 1,091Representation 626 617Telecommunication 419 476Depreciation (Note 13) 322 338Bank charges 242 246Employee benefits expense (income) (Note 22) 138 (31)Provision for impairment loss on receivables (Note 7) 85 2,761Marketing 82 113Training and education 52 81Others 1,275 1,433

Total 40,249 41,773

34. FINANCE COST2015 2014

US$'000 US$'000

Borrowings 71,010 73,330Obligations under finance lease 16,673 20,033

Total 87,683 93,363




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35. OTHER LOSSES - NET

2015 2014US$'000 US$'000

Impairment loss on AFS financial assets (Note 11) (3,400) (17,351)Reversal of impairment (revaluation decrease) of vessels(Note 13) 2,242 (9,609)Loss on disposal of fixed assets (Note 13) (703) (1,392)Difference arising from reconciliation ofpayable to BULL (Note 20) - 13,975

Others (537) 1,454

Net (2,398) (12,923)

36. EARNINGS (LOSS) PER SHARE

The Group’s computation for basic earnings (loss) per share for 2015 and 2014 is as follows:

2015 2014

Net income (loss) attributable to ownersof the Company (US$'000) 187,219 (40,042)

Weighted average number of outstanding shares 11,519,804,359 11,519,804,359

Basic earnings (loss) per share 0.0162 (0.0035)

The Group’s computation for diluted earnings (loss) per share for 2015 and 2014 is as follows:

2015 2014

Net income (loss) attributable to ownersof the Company (US$'000) 187,219 (40,042)

Weighted average number of outstanding shares 11,519,804,359 11,519,804,359Effect of dilution:Shares to be issued toPT Megah Elang Inti (Note 41) 2,456,869,565 -

Weighted average number of shares adjusted forthe effect of dilution 13,976,673,924 11,519,804,359

Diluted earnings (loss) per share 0.0134 (0.0035)

Diluted earnings (loss) per share amounts are calculated by dividing the net income (loss) attributableto owners of the Company by the weighted average number of outstanding shares during the yearplus the weighted average of shares to be issued to PT Megah Elang Inti under the PKPUAmendment Plan (Note 41).




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37. SEGMENT INFORMATION

Information reported to the chief operating decision-maker for the purpose of resource allocation andassessment of segment performance focuses on type of products or services delivered or provided.The Group’s reportable segments are, based on type of vessels chartered: chemical tankers, gastankers, oil tankers, Floating Production, Storage and Offloading (FPSO) vessels and others.

The following summary describes the operations in each of the reportable segments:

a. Chemical tankers provide maritime transportation of liquid chemical (organic and non-organic)and vegetable oil and animal fats.

b. Gas tankers provide maritime transportation of liquefied gas, which include, among others,LPG, propylene, propane and LNG.

c. Oil tankers provide maritime transportation of lubricating oil (base oil and additives), crude oiland petroleum products.

d. FPSO provides floating tanker facility for production, storage and off-loading of oil.

The accounting policies of the reportable segments are the same as the Group’s accounting policiesdescribed in Note 2 to the consolidated financial statements. Segment profit represent the profitearned by each segment without allocation of administrative expenses, finance cost, investmentincome, and share in profit (loss) of associates, and other gains and losses. This is the measurereported to the directors as the chief operating decision- maker for the purposes of resourceallocation and assessment of segment performance.

The following tables show the analysis of the Group’s reportable segments:

Segment assets and liabilities

2015 2014US$'000 US$'000

Segment assetsGas 35,740 84,481Chemical 9,912 565,499Others 7,643 13,766

Total 53,295 663,746Unallocated assets 47,811 24,066

Consolidated 101,106 687,812

Segment liabilitiesGas 6,858 9,205Chemical 1,383 204,278Others 13,782 19,689

Total 22,023 233,172Unallocated liabilities and eliminations 42,272 1,627,015

Consolidated 64,295 1,860,187




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37. SEGMENT INFORMATION (continued)

Segment revenues and expenses

Chemical Gas Others Eliminations TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Segment revenueExternal revenue 237,453 15,186 2,547 (1,995) 253,191

Segment expensesVoyage expenses 80,210 3,694 - - 83,904Charter expenses 11,686 - - - 11,686Ship operating expenses 47,542 9,717 1,995 (1,995) 57,259Vessel depreciation 33,186 3,543 - - 36,729

Total segment expenses 172,624 16,954 1,995 (1,995) 189,578Segment profit (loss) 64,829 (1,768) 552 - 63,613

UnallocatedAdministrative expenses (40,249)Gain on extinguishment of debt - net 172,847Gain on debt restructuring 40,561Foreign exchange gain - net 17,189Share in profits of associates and joint venture 6,968Finance cost (87,683)Interest income 5Other losses - net (2,398)Consolidated net income before income tax 170,853

2015

Chemical Gas Oil Others Eliminations TotalUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Segment revenueExternal revenue 295,075 19,783 - 2,456 (1,889) 315,425

Segment expensesVoyage expenses 132,392 5,741 72 - - 138,205Charter expenses 16,616 - - - - 16,616Ship operating expenses 51,589 12,227 295 1,889 (1,889) 64,111Vessel depreciation 37,053 4,162 605 - - 41,820

Total segment expenses 237,650 22,130 972 1,889 (1,889) 260,752Segment profit (loss) 57,425 (2,347) (972) 567 - 54,673

UnallocatedAdministrative expenses (41,773)Gain on debt restructuring 27,277Foreign exchange gain - net 21,815Share in profits of associates and joint venture 3,850Finance cost (93,363)Interest income 10Other losses - net (12,923)Consolidated net loss before income tax (40,434)

2014




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Segment revenues and expenses (continued)

There were no revenues from a customer that exceeded 10.0% of the total revenues. Segmentrevenue reported above represents revenue generated from external customers.

Segment revenue reported above represents revenue generated from external customers (Note 30).

Other segment information

2015 2014 2015 2014US$'000 US$'000 US$'000 US$'000

Chemical 33,186 37,053 7,535 6,995Gas 3,543 4,162 1,412 2,666Oil - 605 - -

Consolidated 36,729 41,820 8,947 9,661

Depreciation Capital expenditures

Geographical segment information

The Group is domiciled in two main geographical areas namely, Malaysia and Indonesia.

Unallocated andMalaysia Indonesia Eliminations ConsolidatedUS$'000 US$'000 US$'000 US$'000

Assets and liabilitiesTotal segment assets 64,485 18,037 18,584 101,106Total segment liabilities (15,671) (6,353) (42,271) (64,295)

Net assets (liabilities) 48,814 11,684 (23,687) 36,811

Malaysia Indonesia Eliminations ConsolidatedUS$'000 US$'000 US$'000 US$'000

RevenuesExternal revenues 249,666 3,525 - 253,191Inter-segment revenues 1,935 - (1,935) -

Total revenues 251,601 3,525 (1,935) 253,191

2015

2015




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Geographical segment information (continued)

Unallocated andMalaysia Indonesia eliminations ConsolidatedUS$'000 US$'000 US$'000 US$'000

Assets and liabilitiesTotal segment assets 650,806 12,940 24,066 687,812Total segment liabilities (225,192) (7,980) (1,627,015) (1,860,187)

Net assets (liabilities) 425,614 4,960 (1,602,949) (1,172,375)

Malaysia Indonesia Eliminations ConsolidatedUS$'000 US$'000 US$'000 US$'000

RevenuesExternal revenues 310,480 4,945 - 315,425Inter-segment revenues 1,995 - (1,995) -

Total revenues 312,475 4,945 (1,995) 315,425

2014

2014

38. BALANCES AND TRANSACTIONS WITH RELATED PARTIES

Nature of relationship

PT Bagusnusa Samudra Gemilang is the ultimate parent and controlling party of the Group.

Thai Petra Transport Co. Ltd. Is an associated entity of the Group.

PT Garuda Mahakam Pratama is a company under common control of PT Bagusnusa SamudraGemilang.

PT Arpeni Pratama Ocean Line Tbk is a company owned by close family members of thecontrolling party of PT Bagusnusa Samudra Gemilang.

Pan Union Agencies Pte. Ltd. and Pan Union Shipping Pte. Ltd. are companies that are directlyor indirectly owned by Ms. Siana Anggraeni Surya, the Company’s President Director.

Transactions with related parties

The Group, in the regular conduct of its business, has engaged in transactions with related parties.




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38. BALANCES AND TRANSACTIONS WITH RELATED PARTIES (continued)

Transactions with related parties (continued)

The outstanding balances with related parties are as follows:

2015 2014 2015 2014US$'000 US$'000

Trade accounts payable (Note 14):Thai Petra Transport Co. Ltd. 150 221 0.23% 0.01%PT Arpeni Pratama Ocean Line Tbk 38 - 0.06% 0.00%PT Garuda Mahakam Pratama 26 18 0.04% 0.00%Others 96 725 0.15% 0.04%

Other payable (Note 20):Pan Union Agencies Pte. Ltd. - 2,599 0.00% 0.14%

Loans payable (Note 17):PT Bagunusa Samudra Gemilang 1726 8,271 2.68% 0.44%

Total 2,036 11,834 3.16% 0.63%

Amounttotal consolidated

liabilities

Percentage to

Voyage expenses incurred with related parties are as follows:

2015 2014 2015 2014US$'000 US$'000

Voyage expenses:Thai Petra Transport Co. Ltd. 19 78 0.02% 0.06%PT Arpeni Pratama Ocean Line Tbk 1 14 0.00% 0.01%PT Garuda Mahakam Pratama 7 22 0.01% 0.02%

Total 27 114 0.03% 0.09%

Amounttotal consolidatedvoyage expenses

Percentage to

Total compensation of the Company’s key management (commissioners and directors) during theyear is as follows:

2015 2014US$'000 US$'000

Short-term benefits 651 557Post-employment benefits 386 234

Total 1,037 791




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39. LITIGATIONS

On January 26, 2012, following the covenant breach of an agreement covering a loan granted to oneof the subsidiaries for which the Company is a guarantor, the Company declared a debt standstill onall of the Group’s bank loans, bonds, lease and derivative agreements and other financial obligations,to enable the Group to review its financial position and arrangements. BULL and its creditors areexcluded from the debt standstill. Accordingly, several of the Group’s creditors declared events ofdefault. On June 14, 2012, Mandiri filed a petition for PKPU proceedings against the Company in theCentral Jakarta Commercial Court.

PKPU proceedings in Indonesia

On March 14, 2013, the requisite majority of the secured and unsecured creditors of theCompany voted to approve a plan put forward by the Company for the restructuring of its debtsas part of the PKPU process overseen by the Central Jakarta Commercial Court. TheRestructuring Plan was subsequently ratified by the Central Jakarta Commercial Court onMarch 22, 2013.

On March 28, 2013, six related Indonesian bondholders filed an appeal to the Supreme Court ofthe Republic of Indonesia (“Supreme Court”) against the decision of the Central JakartaCommercial Court in ratifying the Restructuring Plan. On July 25, 2013, the Supreme Courtdismissed the PKPU appeal of the six Indonesian bondholders.

On June 16, 2014, the Supreme Court issued a judgment which set out the grounds for itsrejection of the PKPU appeal filed by the six Indonesian bondholders.

On July 18, 2014, the six related Indonesian bondholders filed a civil review against theSupreme Court Decision which was rejected again by the Supreme Court on November 2, 2015.

Section I paragraph 4 of the Restructuring Plan authorized the Company to amend the PKPUPlan with the approval of at least 50% of the creditors and 66.67% of the amount of claimsoutstanding from the two classes of creditors (secured and unsecured) attending and voting at acreditor's meeting.

On July 8, 2015, after the issuance of the PKPU Amendment Plan to the creditors, the samegroup of Rupiah bonds holders filed a lawsuit to nullify the PKPU Amendment Plan.

The Commercial Court dismissed the lawsuit in its entirety in a hearing on September 7, 2015and the same group filed an appeal again on September 15, 2015 to the Supreme Court. TheSupreme Court has again rejected the plaintiffs’ lawsuit on January 27, 2016.


On December 13, 2012, Gramercy entities (major bondholder of the US$ secured bonds) filedfor Chapter 11 Proceedings in the US Bankruptcy Court (“US Court”).

On March 7, 2013, the Company reached an agreement with Gramercy pursuant to which theChapter 11 proceedings would be indefinitely stayed pending a final order being granted inChapter 15 proceedings.

On December 8, 2014, the Company filed a motion with the US Court to dismiss the Chapter 11proceedings.

On January 8, 2015, the Chapter 11 Proceedings were dismissed and the case was ordered tobe closed.




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39. LITIGATIONS (continued)


On March 26, 2013, following the ratification of the Company’s Restructuring Plan by the CentralJakarta Commercial Court, the Company filed a petition under Chapter 15 of the United StatesBankruptcy Code to recognize the PKPU proceedings as foreign main proceedings.

On May 21, 2013, the US Court granted recognition of the Indonesian PKPU proceedings asforeign main proceedings. The order for recognition is accompanied by a permanent injunctionon all litigation and enforcement proceedings against the Company within the US. The next stepin the Chapter 15 process is for the Company to file an application seeking enforcement of theRestructuring Plan in the US.

On December 8, 2014, the Company filed a motion with the US Court to grant recognition of theRestructuring Plan within the United States.

On January 8, 2015, the US Court granted recognition of the Indonesian PKPU plan includingany amendments or modifications and gave the plan full force and effect in US to the sameextent that are given effect in Indonesia and each is binding on all Plan Creditors (as defined inthe PKPU Plan) of the Company.

On August 27, 2015, Chapter 15 Proceedings were closed by order of the US Bankruptcy Court,with the closing order clarifying that any amendments to the PKPU Plan be given full force andeffect with references to the PKPU Plan in the PKPU Recognition Order including anyamendment to the PKPU Plan.

Section 210 (10) proceedings in Singapore

On September 13, 2013, following the ratification of the Company’s Restructuring Plan by theCentral Jakarta Commercial Court, the Singapore High Court granted certain subsidiaries of theCompany (“Relevant Subsidiaries”) to convene meetings of the creditors for the purposes ofapproving a scheme of arrangement between each Relevant Subsidiary and its creditors.

The Relevant Subsidiaries’ proposals under their respective schemes of arrangement are part ofthe implementation of the restructuring initiatives set out in the Restructuring Plan proposed bythe Company and approved by the Indonesian courts in the Company’s PKPU process. Theterms being proposed to each of the Relevant Subsidiaries’ creditors under the schemes ofarrangement mirror, insofar as possible, the terms proposed to similarly placed creditors of theCompany under the Restructuring Plan. The schemes of arrangement do not concern any bankborrowings of the Company or its subsidiaries, which are being restructured separately.

On February 17, 2014, the Scheme Applicants applied to the High Court of Singapore for theirrespective schemes of arrangement to be approved by the court. On February 25, 2014, theHigh Court of Singapore approved each of the schemes of arrangement proposed by theScheme Applicants.

On May 25, 2015, the Scheme Applicants apart from Tridonawati Maritime Pte Ltd (“2ndScheme Applicants”) filed applications for leave to call creditors’ meetings with a view toproposing another scheme of arrangement between each 2nd Scheme Applicant and itscreditors. These schemes of arrangement were intended to facilitate the transactionscontemplated in the PKPU Amendment Plan by, among other things, allowing for the transfer ofthe vessel owned by each 2nd Scheme Applicant to a new company.




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39. LITIGATIONS (continued)

Section 210 (10) proceedings in Singapore (continued)

On July 15, 2015 and July 16, 2015, each of the 2nd Scheme Applicants held their respectivecreditors’ meetings in respect of the proposed schemes of arrangement. On July 23, 2015, eachof the 2nd Scheme Applicants applied to the High Court of Singapore for their respectiveschemes of arrangement to be approved by the court.

On August 17, 2015, the Singapore High Court approved and sanctioned the schemes ofarrangement of all the Relevant Subsidiaries.

The Group’s management represents that there are no other ongoing legal cases or arbitrationinsofar as they are aware which are faced by the Group in addition to those disclosed above.

40. OVERVIEW OF THE RESTRUCTURING PLAN

On March 22, 2013, the Company’s Restructuring Plan was ratified by the decision of the CentralJakarta Commercial Court, wherein all parties must abide by and perform the terms of theRestructuring Plan and the Company will be discharged from the PKPU proceedings.

Prior to the ratification of the Restructuring Plan, there were ongoing restructuring steps taken suchas business preservation, cash management improvement, fleet restructuring including renegotiationof leases, tonnage allocation, sale of non-profitable vessels, appointment of third party shipmanagement, sales of ethylene vessels, office rationalization, efficiency of general andadministration expenses and the management of operational vessels.

Further, the Company agreed with the MLA for a working capital facility of a certain amount, part ofwhich will provide the necessary funding other than funding derived from the sales proceeds ofvessels to perform necessary restructuring initiatives. In connection with this working capital facility,the MLA Lenders have set out a number of requirements as a condition for providing the funds, thesecurity, addressing the Group’s structure, the secured shares, changes in management, sales ofcertain vessels, monitoring accountant and assessment of tax implications on restructuring.

PKPU creditors under the Restructuring Plan are classified as follows: (1) secured creditors,comprising of Mandiri, BCA, Deutsche Bank, AG., Bank Mizuho and MLOR; and (2) unsecuredcreditors, comprising of HSBC Bank USA (trustee of notes payable), HSBC Hong Kong Limited(trustee of convertible bonds), PT Bank CIMB Niaga Tbk (trustee of bonds payable), GramercyDistressed Opportunity Fund (Gramercy) (bondholders), Cowell & Lee Asia Credit Opportunity Fund(bondholders) and others. The majority of secured and unsecured creditors have agreed to theRestructuring Plan. The ratified Restructuring Plan (“the Plan”) provides/prescribes, among others:

a. The Plan has been developed in the face of a number of adverse factors such as the following:

challenging and persistently poor shipping market conditions;severe working capital crisis and the need to fund for restructuring initiatives fromoperating cash flows;simultaneous financial restructuring of BULL, application of Chapter 11 petition byGramercy against the Company in New York;maritime law requirements and processes in different jurisdictions.




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40. OVERVIEW OF THE RESTRUCTURING PLAN (continued)

b. The Plan is based upon a fundamental analysis of forecast earnings (taking into accountcurrent performance and market forecasts) and having regard to each of the creditors’ relativepositions including security rights, vessel earnings, currency and stipulated requirements.

c. The Plan relies on key assumptions such as the availability of additional working capital, thesuccessful completion of restructuring initiatives, market growth assumption, future sale ofassets, renewal of aging chemical tankers and increasing fleet size by time chartering.

d. The key drivers of improved performance on the forecast are changing better than expectedfreight rates and/or lower bunker prices.

e. On the basis that the improved Earnings Before Interests Tax Depreciation and Amortization(“EBITDA”) is achieved, a proposal for sharing of the surplus cash among the creditors (toamortize debt), while retaining sufficient cash for important capital expenditure initiatives (fleetreplenishment) had been developed. A cash flow waterfall will be implemented based upon thepayments to be made as stated in the Restructuring Plan.

f. A cash sweep shall be implemented semi-annually with respect to surplus cash after paymentson the cash flow waterfall are made and the working capital facility is fully paid. The cashsweep enables additional principal repayments to be applied to the outstanding balance (inreverse order) with respect to outstanding secured and unsecured creditors and allocation to acapital expenditures reserve on a pro-rata basis as stated in the Restructuring Plan.

g. Key observations from such assumptions and analysis include; (i) secured creditors will be paidsubstantially quicker by Year 6; (ii) liabilities to unsecured creditors are amortized substantiallyover the 10-year period commencing Year 3; (iii) the capital expenditure reserve is expected tobuild up to allow fleet replenishment primarily from cash reserves; and (iv) no capitalexpenditure requirements in Years 1 to 5.

h. The key principles underpinning the restructuring of the Group’s debt are set out as follows:

Secured creditors will retain 100.0% of their principal debt which will all be denominatedin US$ or Rp (as the case may be except for the MLA Lenders whose debt shall at alltimes remain denominated in US$) with repayments extended up to 10 years in line withthe earnings of their vessels;

Interest rate margins will remain in accordance with original debt facilities but will reflectUS$ or Rp cost of the funds;

The Company and any of the secured creditors may, by mutual consent, convert thecurrency of their principal debt at any time;

Unsecured creditors will retain 100.0% of their principal debt, with a bullet repayment inYear 10;

Interest rates are increased over time in line with forecasts and available funds withinterest rates for both Rp and US$ denominated debt reflecting an appropriate currencydifferential;

Trade suppliers will receive payments up to 80.0% of the outstanding amounts over 5years; and

Fund-raising of a certain amount during the 10-year period.




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i. The outstanding amount to each of the secured and unsecured creditors voted on the Plan (thePlan Creditors) for the purposes of the PKPU is determined by reference to the List of FixedReceivables (PKPU Creditor List) confirmed by the Supervisory Judge on December 5, 2012or any subsequent, amended or revised List of Fixed Receivables confirmed by theSupervisory Judge (except for certain lease creditors who have agreed or will agree with theCompany to have the value of their claim determined by an independent adjudicator). Wherethere is insufficient cash to pay a quarterly installment of interest or principal owing to asecured creditor, that secured creditor may, in its discretion, by notice in writing to theCompany, agree to add the amount of that installment to the next quarterly installment ratherthan demand immediate payment.

j. A summary of the revised proposed terms for unsecured creditors are as follows:

Interest payments are subject to a maximum LTV (Loan To Value) of 100.0% on the MLALenders’ loan facility whereby (Loan To Value) LTV is determined based on the value ofthe collateralized vessels mortgaged to the MLA Lenders (“LTV Test”); and

Unsecured creditors shall not be entitled to call an event of default for any non-payment ofinterest occurring at the earlier of April 1, 2017, or until such time as the LTV on the MLALenders’ facility is 70.0% or less, whichever is earlier.

New equity in the Company will be issued and distributed pro-rata among all unsecuredcreditors. The total new equity available to unsecured creditors will be 25.0% of theenlarged share capital of the Company with estimated fair value of US$ 23.3 million or3,955,764,202 shares.

Equity in the Company equivalent to a total of 316,461,136 shares or estimated value ofUS$ 1.9 million will be issued to the holders of the US$ 48.9 million GuaranteedConvertible Bonds and US$ 125 million 12.0% Guaranteed Convertible Bonds for theconversion rights to be given up by the bond holders.

k. Upon approval of the Restructuring Plan by the Court, the Company will obtain recognition ofthe Restructuring Plan and the PKPU process under Chapter 15 of the United StatesBankruptcy Code. The subsidiaries of the Company which have taken out applications underSection 210 (10) of the Companies Act intend to present schemes of arrangement to giveeffect to the principal and relevant terms of this Restructuring Plan in respect of that particularsubsidiary, provided that the MLA Lenders support this course of action. Where necessary, theRelevant Subsidiaries of the Company which successfully put in place schemes ofarrangement under Section 210 of the Companies Act intend to obtain recognition of thoseschemes under Chapter 15 of the United States Bankruptcy Code.

l. The Company and the Plan Creditors agree to perform (or procure the performance of) allfurther acts and things, and execute and deliver (or procure the execution and delivery of) suchfurther documents as may be required by law or as may be necessary to implement and/orgive effect to the Restructuring Plan and the transactions contemplated thereby. For theavoidance of doubt, the MLA Lenders are not considered to be the Restructuring PlanCreditors. They will enter into a separate term sheet and definitive restructuring documentationwith the borrower and guarantors of the MLA facility with terms and provisions that areconsistent with the provisions of this Plan.




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ING Bank N.V. is also not considered to be a Plan Creditor. It will enter into a separate termsheet and definitive restructuring documentation with obligors of SBLC with terms andprovisions that are consistent with the provisions of this Plan while MLOR, which is a creditorof the Company, will not receive any payments under the Restructuring Plan without thecompletion of a separate transaction pursuant to BULL’S restructuring to deal with its claimsand security. For as long as the Company’s obligations under this Restructuring Plan remainoutstanding, the Company undertakes that it shall not do certain things as stipulated in theRestructuring Plan.

m. Without prejudice to the foregoing, the Company and the Plan Creditors (except the Leasecreditors, Other unsecured creditors, trade creditors and intercompany creditors, as thoseterms are used) may agree to execute and deliver (or procure the execution and delivery of)such documentation as may be necessary under relevant law to record, amend and/or restatethe terms and conditions governing each of the debts owed by the Company and/or itssubsidiaries to the relevant Plan Creditor such that those terms and conditions are consistentand do not conflict with any of the terms of the Plan and the transactions contemplated hereby,including without limitation one or more voluntary consent solicitations or mandatory exchangeoffers in accordance with applicable law, including, without limitation, the US$ Bonds termsheet and the documentation contemplated thereunder (the “Definitive Documentation”). Anevent of default may only arise under the Restructuring Plan and/or Definitive Documentationas a result of a breach of the express terms of the Restructuring Plan itself and not additionalterms set out in any Definitive Documentation (excluding for the purposes of this provision, anyand all Definitive Documentation relating to the US$ Bonds).

The Company, its relevant subsidiaries and the US$ Bondholders are in the process of enteringinto a term sheet with respect to the US$ Bonds, setting out certain terms on which theCompany, its relevant subsidiaries and the US$ Bondholders expect to restructure the terms ofthe indebtedness owed (actually or contingently) by the Company and its relevant subsidiariesto the US$ Bondholders under the US$ Bonds outside of the PKPU proceedings pursuant tothe separate documents implementing the restructuring of the actual and contingentindebtedness of the Company and its relevant subsidiaries to the US$ Bondholders. The termsand provisions of the US$ Bonds term sheet will be consistent with the provisions of thisRestructuring Plan and the Company undertakes to enter into the US$ Bonds term sheet andany and all other documentation contemplated thereunder and to take all steps reasonablynecessary to make such documentation effective as soon as practicable following the approvalof this Restructuring Plan. The Restructuring Plan also governs requirements adhered to in theDefinitive Documentation.

n. The Company and/or its subsidiaries shall be required to fulfill its obligations under thisAgreement only insofar as such approvals and consents as may be necessary have beenobtained (and have not been withdrawn or amended) from such regulatory or supervisoryauthorities as may be necessary, including without limitation, the SGX, IDX, OJK or theshareholders of the Company or of BULL, subsequent to the Plan being approved by theJakarta Court.




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o. Upon the approval of the Restructuring Plan by the Plan Creditors and the Jakarta Court, anyfurther amendment to the Restructuring Plan will be subject to approval by at least 50.0% innumber and 66.7% in value of the aggregate outstanding debt of two classes (secured andunsecured) of Plan Creditors, at such time as such secured and unsecured Plan Creditors vote,provided, however, that:

Any amendment purporting to include the MLA Lenders and ING Bank N.V. as a PlanCreditor (except by reason of the MLA Lenders and ING Bank N.V.) shall require thewritten consent of the MLA Lenders or ING Bank N.V.;

For so long as any amount of indebtedness remains owing to the MLA Lenders, anyamendment to certain sections in the Plan shall require the written consent of the MLALenders;

An amendment or waiver to certain sections in the Plan to the rights or obligations of theSBLC Bank, the earnings account of “Gas Bangka”, the earnings of “Gas Bangka” or ofany security held by ING Bank N.V. to secure the SBLC Facility may not, so long as anyactual or contingent liability remains under the SBLC Facility, be effected without theconsent of ING Bank N.V.; and

No amendment shall be made to the terms described in relation to the US$ Bondholdersor to any other term which would affect any such other agreements and documents asagreed between the Company and the US$ Bondholders without the specific writtenconsent of the US$ Bondholders.

Despite the Company’s efforts and commitment to fully implement the aforementioned debtrestructuring, a number of events had impeded a successful implementation of the RestructuringPlan, including:

a delayed market recovery in the shipping market as compared to the forecast set out in theRestructuring Plan;

a lack of bank financing and investor appetite available for the industry resulting in difficulty inobtaining the fundraising envisaged under the Restructuring Plan;

inability to obtain approval from the relevant regulatory authorities in Indonesia for the issuanceof new shares set out in the Restructuring Plan; and

the risk of delisting by the IDX due to the Company’s substantial capital deficiency.

In view of the various factors above, the Company had to undertake a further restructuring of theGroup’s obligations under the MLA Facility and the Restructuring Plan.

On April 22, 2015, the Company negotiated a consensual arrangement with the MLA Lenders relatingto the restructuring of the MLA Facility (“MLA Restructuring”), and signed a binding term sheet and arestructuring support agreement (“RSA”) with, among others, the MLA Lenders (Note 17). The MLARestructuring avoided enforcement over all assets which were then secured in favor of the MLALenders and retained as much value as possible for the Company and its stakeholders.

The amendments to the PKPU Plan (“PKPU Amendment Plan”) was proposed and approved by therequisite majority creditors of both secured and unsecured creditors of the Group on August 14, 2015.The PKPU Amendment Plan received unanimous approval from the Company’s secured creditorsand the approval of a majority representing 64.67% in number and 86.64% in value of the Group’sunsecured creditors.




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The key principles underpinning the Proposed Restructuring under PKPU Amendment Plan are setout below:

a) The agreed terms under MLA Restructuring, which include:

The Group shall transfer the MLA Assets to NewCo in return for forgiveness of all debtsoutstanding under that MLA Facility.

The MLA Lenders shall release or procure the release of the following assets to the Group:(i) Teekay JV and Buana which are secured to MLA Lenders under the MLA FacilityDocuments; (ii) US$ 9.2 million cash collateral and Gas Bangka, which are posted assecurity under the ING Standby Letter of Credit Facility; and (iii) cash refund of up to 50%of the fees and expenses incurred by the MLA Lenders pursuant to this ProposedRestructuring.

The MLA Lenders shall issue the following assets to the Group: (i) NewCo Warrants topurchase up to 10% equity in NewCo which are subject to dilution by a market-basedmanagement incentive program and any future issuance of equity securities by NewCo;and (ii) NewCo Preferred Equity Interest amounting to US$ 10.0 million to be received inequal annual installments over 5 years;

b) The Surya family has committed to procure a cash injection of US$ 10.0 million into the Groupfor working capital or business development purposes in exchange for additional share capitalin the Company.

One of the key components of the PKPU Amendment Plan is the issuance by the Company of up to11,673,084,196 new Shares (“New BLT Shares”) (equivalent to approximately 45% of the enlargedshare capital of the Company after both the Proposed Debt-Equity Swap Share Issuance and theMCS Conversion) for distribution on a pro rata basis to the unsecured creditors and up to259,401,872 new Shares (“New CB Shares”) (equivalent to approximately 1% of the enlarged sharecapital of the Company after both the Proposed Debt-Equity Swap Share Issuance and the MCSConversion) for distribution to the Convertible Bondholders, subject to the necessary corporate andregulatory approvals being obtained (“Proposed Debt-Equity Swap Share Issuance”). The commercialterms of the Proposed Debt-Equity Swap Share Issuance were arrived at after arm’s lengthnegotiations with the unsecured creditors.

Under the IDX listing rules, within twelve (12) months of the date of the listing of the New BLT Sharesand the New CB Shares on the IDX, the unsecured creditors shall be subject to a mandatory lock-upperiod, and accordingly, shall not sell or dispose of any of the New BLT Shares or New CB Shares.

Under the PKPU Amendment Plan, the PKPU creditors agreed to the following:

a) Secured creditors

principal amortization from the date of approval of the PKPU Amendment Plan to March31, 2017 is subject to the cash available in the respective secured creditor’s earningsaccount;

mandatory principal amortization shall commence from April 1, 2017 onwards with 32equal quarterly installments in accordance with the Restructuring Plan;

interest shall be accrued and paid on a quarterly basis commencing April 1, 2015 inaccordance with the the Restructuring Plan; and

no accelerated repayment from cash sweep.




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d) Intercompany Creditors

No payments to any Intercompany Creditor, as defined in the Restructuring Plan, orsatisfaction of any intercompany claim with any Intercompany Creditors until (i) all existingsecured creditors are repaid in full, and (ii) the aggregate value of the 48% equity interestheld by the Unsecured Creditors, including their successors and nominees, exceeds thetotal outstanding claims of US$ 1.1 billion.

Intercompany Creditors will not exercise their voting rights in the PKPU Amendment Planor otherwise assert or make any claims upon Company in any manner whatsoever; and

Intercompany claims owned by BULL and/or BULL Subsidiaries, as defined in theRestructuring Plan, shall be paid in priority to other intercompany claims.

Based on Extraordinary General Meeting of Shareholders notarized under deed No. 5 datedNovember 17, 2015 of Firdhonal, SH, notary in Jakarta, the Company obtained approval from theexisting Shareholders for the Proposed Debt-Equity Swap Share Issuance and Proposed Issuance ofMCS (Note 41).

On December 1, 2015, MLA Restructuring has been successfully completed.

In connection with the capital increase arising from the conversion of debt-equity (debt to equity), theCompany has amended the articles of association to increase the authorized capital, issued and fullypaid as stated in the deed No. 16 dated November 23, 2015 of Firdhonal, S,H., Notary in Jakarta.This amendment was approved by the Ministry of Law and Human Rights of the Republic ofIndonesia on December 6, 2015.

The Company announced the implementation of the proposed debt-to-equity conversion onDecember 15, 2015 and effectively applied on December 31, 2015.

41. MANDATORY CONVERTIBLE SECURITIES

Pursuant to PKPU Amendment Plan, the Surya family has committed to procure a cash injection ofUS$ 10.0 million into the Group for working capital or business development purposes in exchangefor additional share capital in the Company.

On October 9, 2015, the Group entered into MCS subscription agreement with PT Elang Megah Inti,a third party investor, for the proposed allocation and issuance of MCS to PT Elang Megah Inti for aconsideration of US$ 10.0 million.

Pursuant to the agreement, the aggregate number of conversion shares shall not exceed2,456,869,565 shares (“Proposed Issuance of MCS”). The Proposed Issuance of MCS will result inPT Elang Megah Inti holding approximately up to 9.5% of the enlarged share capital of the Companyafter both the Proposed Debt-Equity Swap Share Issuance and the MCS conversion.

Based on Extraordinary General Meeting of Shareholders notarized under deed No. 5 datedNovember 17, 2015 of Firdhonal, SH, notary in Jakarta, the Company obtained approval from theexisting Shareholders for the Proposed Debt-Equity Swap Share Issuance and Proposed Issuance ofMCS.




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42. FINANCIAL INSTRUMENTS

a. Capital risk management

Since the ratification of the Restructuring Plan, the primary objective of the Group’s capital riskmanagement has been to ensure the availability of the Group’s working capital to run itsoperations and restructuring initiatives in accordance with the Restructuring Plan.

The Group manages its capital structure and makes adjustments to it, to cope with thechanges in economic conditions. Currently, the Group manages its capital by regularlymonitoring its working capital requirements in accordance with the PKPU Amendment Plan. Asof December 31, 2015 and 2014, the Group has negative working capital and in deficitposition. As such, the Group will continuously apply cost-cutting and restructuring initiatives toreview and monitor its capital expenditure.

b. Categories of financial instruments

Financial assets

2015 2014US$'000 US$'000

Cash on hand and in banks 10,314 23,945Trade receivables - third parties 2,407 17,654Other receivables - third parties *) 2,103 3,847Derivative financial asset 23,392 -AFS financial assets 18,059 21,459Other non-current assets 85 140Restricted cash - 9,168

Total 56,360 76,213

*) excluding preferred redeemable equity interest

Financial liabilities2015 2014

US$'000 US$'000

Trade accounts payable 10,010 30,353Accrued expenses 8,278 18,184Loans payable 31,358 727,456Bonds payable - 238,751Obligations under finance lease - 181,020Other payables 12,342 251,902Notes payable - 382,135Provision - 7,113Other current liabilities 249 3,615

Total 62,237 1,840,529




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42. FINANCIAL INSTRUMENTS (continued)

c. Financial risk management policies

The Group’s financial risk management policies seek to ensure that adequate financialresources are available for the operation and development of its business while managing itsexposure to foreign exchange risk, interest rate risk, credit risk, fuel risk and liquidity risk. TheGroup’s financial risk management policies are as follows:

Foreign exchange (non-functional currency) risk management

The entities in the Group conduct their respective businesses in currencies other than theirfunctional currencies primarily in rupiah, Singapore dollar, Japanese yen, Chinese renminbiand euro. Foreign currency exposures and fluctuations have material impact on the Group‘sconsolidated financial statements.

The entities in the Group have the policy to manage foreign exchange risks so as to maximizeprofits. The Group has practices that include the periodic review of the impact of movements inforeign exchange rates on profitability so that the Group can take action to mitigate these risks.

The significant financial monetary assets and liabilities in foreign currencies of the Group areas follows:

Foreign Equivalent Foreign EquivalentCurrency currencies to US$ currencies to US$

'000 US$'000 '000 US$'000

AssetsCash on hand and in banks Rp 3,600 261 1,032,250 83

SGD 20 14 337 255JPY 361 3 - -EUR 9 13 42 51

Trade receivables - third parties Rp’000 1,807 131 - -EUR 821 1,218 1,033 1,257SGD 7 5 7 5

AFS financial assets RMB 48,482 7,548 60,034 9,811

Total 9,193 11,462

LiabilitiesTrade accounts payable Rp 2,083 151 1,281,320 103

SGD 877 622 676 512JPY 2,891 24 16,024 133EUR 1,109 1,644 1,549 1,884

Loans payable Rp’000 192,772,212 13,974 305,414,440 24,551JPY - - 1,848,916 15,346

Bonds payable Rp’000 - - 1,143,920,200 91,955Obligations under finance lease JPY - - 16,383,101 135,780Other payables JPY - - 853,855 7,087

SGD - - 1,431 1,085GBP - - 5,411 8,426

Total 16,415 286,862

2015 2014




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c. Financial risk management policies (continued)

Foreign exchange (non-functional currency) risk management (continued)

The summary of the carrying amounts of the Group’s significant financial monetary assets andmonetary liabilities denominated in currencies other than US$ as at reporting date is asfollows:

Assets Liabilities Assets LiabilitiesUS$'000 US$'000 US$'000 US$'000

Rupiah 392 14,125 83 116,609Yen 3 24 - 158,346Singapore dollar 19 622 260 1,597Euro 1,231 1,644 1,308 1,884RMB 7,548 - 9,811 -GBP - - - 8,426

Total 9,193 16,415 11,462 286,862

2015 2014

The following table details the Group’s sensitivity analysis to changes in US$ against theabove currencies. The sensitivity rates below are used when reporting foreign currency riskinternally to key management personnel and represent management’s assessment of thereasonably possible change in foreign exchange rates. The sensitivity analysis includes onlyoutstanding foreign currency denominated monetary items and adjusts their translation at yearend for the change in foreign currency exchange rates. A positive number below indicates anincrease in profit and equity where the above currencies strengthen at certain percentageagainst the US$. For the same percentage of weakening of the above currencies against theUS$, there would be an equal and opposite impact on profit and equity.

Effect on Effect onSensitivity profit or loss Sensitivity profit or loss

rate and equity rate and equityUS$'000 US$'000

Rupiah 7% (103) 7% (8,157)Singapore dollar 2% (12) 3% (40)Yen 3% (0.6) 7% (11,084)Euro 4% (17) 4% (23)RMB 3% 226 1% 98GBP - - 2% (169)

2015 2014

In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreignexchange risk as the year-end exposure does not reflect the exposure during the year.




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Interest rate risks management

The Group is also exposed to interest rate risk as it also borrows funds in rupiah and US$ atfloating interest rates. Pursuant to the Restructuring Plan, the Group does not enter intoborrowings not governed by or permitted under the Restructuring Plan.

The Group’s exposures to interest rate on financial assets and financial liabilities are detailedin the liquidity risk management section of this note.

The sensitivity analysis below has been determined based on the exposure to interest ratechanges as at the reporting date. For floating rate liabilities, the analysis is prepared assumingthe amount of liability outstanding at the reporting date was outstanding for the whole year.

As of December 31, 2015, the Group’s significant exposure to the risk of changes in marketinterest rates relates primarily to secured creditors while as of December 31, 2014, it relatesprimarily to MLA. The following table summarizes the impact on income before income tax ofreasonable movement in interest rates:

Effect on net Effect on netBasis point income before tax Basis point income before tax

US$'000 US$'000

Increase 50 (1,284) 50 2,843Decrease (50) 1,284 (50) (2,843)

2015 2014

Interest on financial instruments classified as floating rate is repriced at intervals of less thanone year. Interest on financial instrument classified as fixed rate is fixed until the maturity of theinstrument and is therefore not subject to interest rate risk.

The Group’s policy is to borrow principally on the floating rate basis but to retain a proportion offixed rate debt. The objectives for the mix between fixed and floating rate borrowings are set toreduce the impact of an upward change in interest rate while enabling benefits to be enjoyed ifinterest rates fall.

Pursuant to the Restructuring Plan, the Group undertakes not to incur any further financialindebtedness or issue or give any guarantee or indemnity except as permitted by theRestructuring Plan or incurred in the ordinary course of trading of a vessel.

Credit risk management

The Group’s exposure to credit risk is primarily attributable to cash in banks, restricted cash,trade receivables, other receivables, other non-current assets, derivative financial asset andAFS financial assets.

In determining the credit terms for customers, the management considers the following factors:(i) the financial strength of the customer, (ii) the customer’s historical payment record, (iii) thelength of the relationship with the customer and (iv) the distance or duration of a specificvoyage. Based on these factors, the Group’s credit terms may vary. The credit terms may alsobe modified based on negotiations with each customer. It is the Group’s policy to monitor thefinancial standing of these receivables on an on-going basis to ensure that the Group isexposed to a minimal credit risk. Cash in banks and investments are placed only in creditworthy financial institutions.




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Credit risk management (continued)

The carrying amounts of the above-mentioned financial assets recorded in the consolidatedfinancial statements represent the Group’s maximum exposure to credit risk without taking intoaccount the value of any collateral obtained.

Credit quality of financial assets

The credit quality of financial assets is managed by the Group using high quality and standardquality as internal credit ratings.

High Quality. Pertains to counterparty who is not expected by the Group to default in settling itsobligations, thus credit risk exposure is minimal.

Standard Quality. Other financial assets not belonging to high quality financial assets areincluded in this category.

The credit quality of the Group’s financial assets follows:

Past dueHigh quality Standard quality but not impaired Impaired TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Cash in banks 10,074 - - - 10,074Trade receivables - third parties 113 - 2,294 2,438 4,845Other receivables - third parties *) - 2,103 - - 2,103Derivative financial asset - 23,392 - - 23,392AFS financial assets - 18,059 - - 18,059Other non-current assets - 85 - - 85

Total 10,187 43,639 2,294 2,438 58,558*) excluding preferred redeemable equity interest

Neither past due nor impaired2015

Past dueHigh quality Standard quality but not impaired Impaired TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Cash in banks 23,850 - - - 23,850Restricted cash 9,168 - - - 9,168Trade receivables - third parties 9,535 - 8,119 5,685 23,339Other receivables - third parties - 3,847 - 4,122 7,969AFS financial assets - 21,459 - - 21,459Other non-current assets - 140 - - 140

Total 42,553 25,446 8,119 9,807 85,925

Neither past due nor impaired2014

Fuel risk management

The Group’s earnings are affected by changes in the price of bunker fuel. The strategy formanaging the risk on fuel price aims to provide its protection against sudden and significantincrease in bunker fuel prices. In meeting these objectives, the fuel management programallows for the prudent use of approved instruments such as bunker swaps with approvedcounterparties and within approved credit limits.




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Fuel risk management (continued)

As part of the Group’s Restructuring Plan, the Group consistently monitors bunkerconsumption with ship managers and implement bunker savings controls such as bunkermanagement software to track bunker consumption.

The Group manages this risk by monitoring the bunker prices and entering into forwardcontracts to hedge against fluctuations in bunker price, if considered appropriate.

Liquidity risk management

The Group’s liquidity requirements mainly come from repayments of interest on bank loans,notes payable, bonds and other payables. The liquidity problems faced by the Group arosefrom its failure to fulfill contractual obligations to make timely repayments of such debts.

The following tables detail the Group’s remaining contractual maturity for its financial liabilities.The tables have been drawn up based on the undiscounted cash flows of financial liabilities onthe earliest date of which the Group can be required to pay. The table includes both interestand principal cash flows.

Financial liabilities

Less than Three months More than one Greater thanthree months to one year year to five years five years TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Trade accounts payable 10,010 - - - 10,010Accrued expenses 8,278 - - - 8,278Loans payable 776 2,497 21,579 20,768 45,620Other payables 396 1,189 3,757 188,260 193,602Other current liabilities 249 - - - 249

Total 19,709 3,686 25,336 209,028 257,759

2015

Less than Three months More than one Greater thanthree months to one year year to five years five years TotalUS$'000 US$'000 US$'000 US$'000 US$'000

Trade accounts payable 30,353 - - - 30,353Accrued expenses 18,184 - - - 18,184Loans payable 12,762 76,677 385,895 401,199 876,533Bonds payable - 5,388 41,727 347,499 394,614Obligations under finance lease 12,710 38,874 167,321 10,654 229,559Other payables 246 5,865 18,820 374,062 398,993Notes payable - 3,230 28,966 527,943 560,139Provision 7,113 - - - 7,113Other current liabilities 3,615 - - - 3,615

Total 84,983 130,034 642,729 1,661,357 2,519,103

2014

The Group manages liquidity risk by maintaining reserves, banking facilities, and equityfinancing; by continuously monitoring forecast and actual cash flows; and by matching thematurity profiles of its financial assets and liabilities.




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Financial liabilities (continued)

On January 26, 2012, the Company decided to temporarily cease repayment of all theCompany’s bank loans, bonds payable, payment on ship leases and on similar obligations ofits other subsidiaries, except for BULL, to enable the Group to review its financial position andarrangements (Note 39).

In March 2013, the Group’s Restructuring Plan was ratified by the Court. The RestructuringPlan sets out the restructuring term sheet and repayment plans to respective creditors tofinance and repay the debts. The repayment schedule of significant liabilities of the Group wasrestructured over a 10-year period (Note 40).

In August 2015, the Group’s restructuring plan was further amended through the requiredvoting standard set in the restructuring plan. The repayment schedule of secured creditors andtrade creditors of the Group was restructured over a 10-year period and a 5-year period,respectively (Note 40).

d. Fair value of financial instruments

The quantitative disclosures of fair value measurement hierarchy of financial assets andliabilities are as follows:



Financial assetsCash on hand and in banks - 10,314 - 10,314Trade receivables - third parties - 2,407 - 2,407Other receivables - third parties *) - 2,103 - 2,103Derivative financial asset - 23,392 - 23,392AFS financial assets - - 18,059 18,059Other non-current assets - 85 - 85

Total - 38,301 18,059 56,360

*) excluding preferred redeemable equity interest

Financial liabilitiesTrade accounts payable - 10,010 - 10,010Accrued expenses - 8,278 - 8,278Loans payable - 31,358 - 31,358Other payables - 12,342 - 12,342Other current liabilities - 249 - 249

Total - 62,237 - 62,237

2015Fair value measurement using




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d. Fair value of financial instruments (continued)



Financial assetsCash on hand and in banks - 23,945 - 23,945Restricted cash - 9,168 - 9,168Trade receivables - third parties - 17,654 - 17,654Other receivables - third parties - 3,847 - 3,847AFS financial assets - - 21,459 21,459Other non-current assets - 140 - 140

Total - 54,754 21,459 76,213

Financial liabilitiesTrade accounts payable - 30,353 - 30,353Accrued expenses - 18,184 - 18,184Loans payable - 727,456 - 727,456Bonds payable - 238,751 - 238,751Obligations under finance lease - 181,020 - 181,020Other payables - 251,902 - 251,902Notes payable - 382,135 - 382,135Provision - 7,113 - 7,113Other current liabilities - 3,615 - 3,615

Total - 1,840,529 - 1,840,529

2014Fair value measurement using

The carrying values of cash on hand and in banks, restricted cash, trade receivables, otherreceivables, other non-current assets, trade accounts payable, accrued expenses, provisionand other current liabilities approximate their fair values because of their short-term nature.Derivative financial asset is carried at fair value based on the significant observable data.Available for sale financial assets are carried at book value since fair value cannot be readilydetermined based on observable market data. The carrying value of loans payable, bondspayable, obligations under finance lease, notes payable and other payables are discountedusing prevailing market interest rates with similar terms to these financial liabilities.

The following table provides valuation analysis methods of financial instruments that aremeasured subsequent to initial recognition at fair value, grouped into Levels 1 to 3 based onthe degree to which the fair value is observable.

Level 1 fair value measurements are those derived from quoted prices (unadjusted) inactive markets for identical assets or liabilities.

Level 2 fair value measurements are those derived from inputs other than quoted pricesincluded within Level 1 that are observable for the asset or liability, either directly (i.e., asprices) or indirectly (i.e., derived from prices).

Level 3 fair value measurements are those derived from valuation techniques that includeinputs for the asset or liability that are not based on observable market data.

In 2015 and 2014, there were no transfers between Level 1 and 2 fair value measurements andno transfers into and out of Level 3 fair value measurement.




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d. Fair value of financial instruments (continued)

Reconciliation of fair value measurement for AFS financial assets

SVL NL TotalUS$'000 US$'000 US$'000

Beginning balance 11,648 9,811 21,459Impairment loss (1,137) (2,263) (3,400)

Ending balance 10,511 7,548 18,059

2015

BULL SVL NL TotalUS$'000 US$'000 US$'000 US$'000

Beginning balance 23,791 28,999 9,811 62,601Creditor's execution of pledged shares (23,398) - - (23,398)Impairment loss - (17,351) - (17,351)Foreign exchange loss (393) - - (393)

Ending balance - 11,648 9,811 21,459

2014

Collateral

The Group has pledged three of its fixed assets vessels to various loans. As of December 31,2015, the fair value of fixed assets vessels pledged amounted to US$ 7.4 million (Note 13).

43. NON-CASH TRANSACTIONS

The Group entered into non-cash investing and financing activities which are not reflected in theconsolidated statement of cash flows, with details as follows:

In 2015, the Group’s restructuring plan was amended. Significant liabilities of the Group weresettled through transfer of assets, conversion into shares and remodification of the terms ofthe loans. As a result, the Group recognized gain amounting to US$ 213.4 million.

In 2015, Teekay BLT Corporation declared a dividend, of which portion of dividend received byBLT LNG Tangguh amounting to US$ 0.8 million was applied as payment for the Group’s loansfrom Teekay Corporation (Note 12).

In 2015, the Group recognized an impairment loss on its AFS investments amounting toUS$ 3.4 million.

In 2015 and 2014, the Group recognized share on profit from its investments in associates andJV amounting to US$ 7.0 million and US$ 3.9 million, respectively.

In 2015, the Group had written off the value of equity assigned to the creditor pursuant to the2013 Restructuring Plan amounting to US$ 25.2 million.




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43. NON-CASH TRANSACTIONS (continued)

In 2014, the Group sold vessels for the payment of loans amounting to US$ 6.4 million (Notes13 and 17).

In 2014, Teekay BLT Corporation declared dividend of US$ 87.1 million, of which BLT LNGTangguh’s portion amounted to US$ 26.1 million and that was all applied as payments for theGroup’s loans to Teekay BLT Corporation and Teekay Corporation (Note 12).

As a result of the Group’s reconciliation of the amount due to BULL, gain on restructuring wasrecognized in the 2014 profit or loss amounting to US$ 22.5 million.

44. GOING CONCERN

Since the global financial crisis in 2010, the reduction in industrial production capabilities andoversupply of newly built vessels resulted in a reduction of freight volume and rates, ultimatelythrowing the global shipping industry in a state of turmoil. Under persistently poor shipping marketconditions and increasing operating costs, the Group faced numerous challenges to run the businessand to fulfill its financial obligations as it suffered recurring losses ever since.

As such, on January 26, 2012, the Company declared a debt standstill on the payment of its financialobligations, including all of the Company’s bank loans, bonds payable, payment on vessels leasesand on similar obligations of its other subsidiaries other than BULL to help assess the impact of theseevents and to establish a financial reorganization of the Group. Following the debt standstillannouncement, events of default were declared by creditors and one of the Company’s creditors,Mandiri, filed PKPU to the Central Jakarta Commercial Court against the Company on June 14, 2012in relation to its debt.

On March 14, 2013, the Restructuring Plan was approved by the Company’s creditors and ratified bythe Central Jakarta Commercial Court on March 22, 2013 as described in Note 40. The Group isrequired to get the recognition in the United States of the Indonesian PKPU proceedings, pursuant toChapter 15 of the United States Bankruptcy Code and Singapore Court. On May 21, 2013, the USCourt granted recognition of the Indonesian PKPU proceedings as foreign main proceedings.

The Company had implemented substantially all of the initiatives under the Restructuring Plan.However, despite the Company’s efforts and commitment to fully implement the aforementioned debtrestructuring, a number of events had impeded a successful implementation of the RestructuringPlan, including:

a. a delayed market recovery in the shipping market as compared to the forecast set out in theRestructuring Plan;

b. a lack of bank financing and investor appetite available for the industry resulting in difficulty inobtaining the fundraising envisaged under the Restructuring Plan;

c. the failure to obtain approval from the relevant regulatory authorities in Indonesia for theissuance of new shares set out in the Restructuring Plan; and

d. the risk of delisting by the IDX due to the Company’s substantial capital deficiency.




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44. GOING CONCERN (continued)

On May 11, 2015, the Company proposed amendments to the Restructuring Plan (PKPU AmendmentPlan) which was approved by the requisite majority creditors of both secured and unsecured creditorsof the Group on August 14, 2015 (Note 40). As of the issuance date of the consolidated financialstatements, the Company has completed substantially all initiatives under the approved PKPUAmendment Plan including, among others:

a. The Company filed an application under Chapter 15 of the US Bankruptcy Code and obtainedthe order granting comity to the Restructuring plan on January 8, 2015 (Note 39).

b. The Singapore High Court approved and sanctioned the schemes of arrangement of all theRelevant Subsidiaries on August 17, 2015 (Note 39).

c. On October 9, 2015, the Group entered into MCS subscription agreement with PT ElangMegah Inti for the proposed allocation and issuance of MCS to PT Elang Megah Inti for aconsideration of US$ 10.0 million (Note 41).

d. The Company obtained approval from the existing shareholders for the Proposed Debt-EquitySwap Share Issuance and Proposed Issuance of MCS (Note 41) based on ExtraordinaryGeneral Meeting of Shareholders notarized under deed No. 5 dated November 17, 2015 ofFirdhonal, SH, notary in Jakarta.

e. MLA restructuring has been successfully completed on December 1, 2015.

f. Approval from the Ministry of Law and Human Rights of the Republic of Indonesia in respect ofthe increase in authorized capital and issued capital of the Company (Note 24) for the purposeof implementation of the conversion of the Company’s unsecured debts into shares onDecember 6, 2015.

g. Approval from IDX on new shares listing application (11,932,486,068 shares) of the Companyon January 8, 2016.

Following the substantial completion of all initiatives under the approved PKPU Amendment Plan ofthe Company, the Group saw an improvement in its operational and financial performance as theGroup realized a gross profit of US$ 63.6 million in 2015 and US$ 54.7 million in 2014. The Groupalso realized income before interest and tax of US$ 258.5 million in 2015 and US$ 52.9 million in2014. The 2015 net income mainly came from gain on extinguishment of debt, gain on debtrestructuring, and foreign exchange gain. Nevertheless, the Group continued to have negativeworking capital and deficit due to the significant recurring losses over the past years.

Management recognizes that the Group's continuation as a going concern is dependent upon itsability to generate sufficient cash flows to meet its obligations on a timely basis, to comply with theterms and conditions of the PKPU Amendment Plan and to attain successful operations to improvethe position of the Group’s working capital and deficit.

As part of the Group’s continuing efforts to respond to and manage any possibility for adverse effectsarising from the above-mentioned economic and business conditions, the Group is undertaking and iscontinuously implementing the following measures, among others:

a. Continues implementation of the approved PKPU Amendment Plan.

b. Recalibration of business strategy and fleet composition by focusing to operate in South EastAsia where the Group is well-positioned to take advantage of the anticipated improvements andthriving Indonesian cabotage market with our strong history as an international ship owneroperator, good relationship with the various oil majors and expertise in the chemical and gasindustry.




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44. GOING CONCERN (continued)

c. Increase the fleet through purchase and charters as and when possible and commerciallyviable.

d. Remain focused on maintaining an efficient cost structure by continuous review of its capitalexpenditure, working closely with all ship managers to ensure the maintenance of fleet iscarried out efficiently and having a lean and effective workforce.

e. Effect changes in its personnel to maintain an effective workforce for the future. Redundantdepartments and personnel will be streamlined in order to achieve a cohesive and productiveteam.

Despite the current uncertain economic outlook, management believes that the Group will be able tofulfill its obligations under the PKPU Amendment Plan, execute its strategies and manage itsbusiness and financial risks successfully. The Group's management also believes that the Group hasadequate resources to continue its operational existence in the foreseeable future. Accordingly, theGroup continues to adopt the going concern assumption in preparing the consolidated financialstatements.

The consolidated financial statements do not include any adjustments that might result from theoutcome of the uncertainty disclosed above.

45. DECONSOLIDATION OF CB2

Effective December 1, 2015, the Company deconsolidated all the assets and liabilities of CB2. Theaudited balances of CB2 on the date of transfer to MLA were as follows:

US$'000ASSETSCURRENT ASSETSCash on hand and in banks 5,819Trade receivable - third parties 11,167Other receivable - third parties 28Inventories 4,547Advances 5,782Prepaid expenses and taxes 1,113

TOTAL CURRENT ASSETS 28,456

NON-CURRENT ASSETSFixed assets 179,163

TOTAL ASSETS 207,619

LIABILITIES AND EQUITYCURRENT LIABILITIESTrade accounts payable 5,403Due to related parties 4,027Accrued expenses 7,592Obligations under finance lease 160,463

TOTAL LIABILITIES 177,485EQUITYRevaluation reserve 23,938Retained earnings 6,196

TOTAL EQUITY 30,134




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45. DECONSOLIDATION OF CB2 (continued)

The Group has consolidated the results of operations of CB2 for the eleven-month period endedNovember 30, 2015 as follows:

US$'000

OPERATING REVENUES 134,702VOYAGE EXPENSES (70,748)

OPERATING REVENUES AFTERVOYAGE EXPENSES 63,954Vessel depreciation and ship operating expenses:Vessel depreciation (9,629)Ship operating expenses (2,493)

GROSS PROFIT 51,832Administrative expenses (371)Foreign exchange gain - net 3,842Other gains - net 278,908

INCOME BEFORE INTEREST AND TAX 334,211Finance cost (16,673)

INCOME BEFORE INCOME TAX 317,538Income tax expense -

NET INCOME 317,538

46. EVENTS AFTER THE FINANCIAL REPORTING PERIOD

a. On January 8, 2016, new shares listing application (11,932,486,068 shares) of the Companyhas been approved by IDX.

b. On January 11, 2016, IDX announced that both the Company’s bonds with code BLTA03,BLTA04B and BLTA04C, and SUKUK with code SIKBLTA02A, SIKBLTA02B and SIKBLTA01Bhave been due on January 12, 2016 as implementation of the PKPU Amendment Plan andthese bonds will be delisted in IDX effective on January 12, 2016.

c. Following the appeal filed by IDR bondholders on September 15, 2015, to the Supreme Court(Note 39), the Supreme Court has again rejected the plaintiffs’ lawsuit on January 27, 2016.

d. On March 29, 2016, the Group purchased another two vessels using the purchase optionagreement which thereafter, the preferred redeemable equity interest has been fully utilized.

47. COMPLETION OF THE CONSOLIDATED FINANCIAL STATEMENTS

The management of the Company is responsible for the preparation of the consolidated financialstatements that were completed and authorized for issue on April 29, 2016.

HALAMAN INI SENGAJA DIKOSONGKANTHIS PAGE IS INTENTIONALLY LEFT BLANK

PT Berlian Laju Tanker TbkWisma BSG, 10th floor

Jalan Abdul Muis No. 40Jakarta 10160 – INDONESIA

Phone: +62 21 30060300Fax: +62 21 30060390

Email: [email protected], [email protected]

Optimizing Our Assets And Resources - BLT Laporan Dewan Komisaris Board Of Comissioners Report 23...

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