P.T. BERLIAN LAJU TANKER Tbk AND ITS · PDF file2012-08-06 · p.t. berlian laju...

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Transcript of P.T. BERLIAN LAJU TANKER Tbk AND ITS · PDF file2012-08-06 · p.t. berlian laju...

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009 AND INDEPENDENT AUDITORS REPORT

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES TABLE OF CONTENTS

Page DIRECTORS STATEMENT LETTER INDEPENDENT AUDITORS REPORT 1 CONSOLIDATED FINANCIAL STATEMENTS as of December 31, 2010 and 2009

and for the years then ended Consolidated Statements of Financial Position 3 Consolidated Statements of Comprehensive Income 5 Consolidated Statements of Changes in Equity 6 Consolidated Statements of Cash Flows 7 Notes to Consolidated Financial Statements 8

P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONDECEMBER 31, 2010 AND 2009

Notes 2010 2009US$'000 US$'000

ASSETS

NON-CURRENT ASSETSProperty, vessels and equipment - net 6 2,346,239 1,991,975 Deferred charges and security deposits 7 22,562 23,081 Goodwill 8 75,739 75,739 Investments in associates 9 7,955 76,125 Available-for-sale investments 12 34,302 - Derivative financial instruments 26 - 16,944

Total Non-Current Assets 2,486,797 2,183,864

CURRENT ASSETSDerivative financial instruments 26 - 2,259 Inventories 10 16,281 15,604 Trade accounts receivable 11 160,166 129,976 Other accounts receivable and other current assets 11,820 7,350 Prepaid expenses and taxes 17,572 10,786 Advances 13,801 8,546 Short-term investments 12 79,964 44,898 Cash 13 84,284 118,732 Total Current Assets 383,888 338,151

TOTAL ASSETS 2,870,685 2,522,015

See accompanying notes to consolidated financial statementswhich are an integral part of the consolidated financial statements.

December 31,

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF FINANCIAL POSITIONDECEMBER 31, 2010 AND 2009 (Continued)

Notes 2010 2009US$'000 US$'000

EQUITY AND LIABILITIES

CAPITAL AND RESERVESShare capital 14 109,575 70,936 Additional paid-in capital 15 209,003 115,001 Treasury stocks 16 (86,628) (86,628) Translation adjustment 1,009 414 Net unrealized gain on available-for-sale investments 12 - 757 Revaluation reserve 17 300,731 235,671 Retained earnings 184,519 312,608

Total Equity 718,209 648,759

NON-CURRENT LIABILITIESLong-term liabilities - net of current maturities

Loans from financial institutions 18 708,505 771,454 Bonds payable 19 148,261 141,512 Notes payable 20 316,000 249,809 Obligations under finance lease 21 342,769 228,925 Other loans from non-financial institutions 22 17,634 11,228

Deferred income 23 1,850 2,058 Post-employment benefits 24 5,180 4,126 Convertible bonds 25 165,057 -Derivative financial instruments 26 75,775 17,407

Total Non-Current Liabilities 1,781,031 1,426,519

CURRENT LIABILITIESDerivative financial instruments 26 - 10,877 Short-term bank loans 27 14,459 65,225 Other loans from non-financial institutions 22 10,200 -Trade accounts payable 28 63,943 35,179 Other current liabilities 4,642 7,894 Dividends payable 486 468 Taxes payable 29 1,665 957 Accrued expenses 30 44,452 45,347 Unearned revenue 551 708 Current maturities of long-term liabilities

Loans from financial institutions 18 178,661 140,414 Bonds payable 19 - 6,355 Obligations under finance lease 21 49,383 32,572 Other loans from non-financial institutions 22 3,003 1,181 Convertible bonds 25 - 99,560

Total Current Liabilities 371,445 446,737

TOTAL EQUITY AND LIABILITIES 2,870,685 2,522,015

See accompanying notes to consolidated financial statementswhich are an integral part of the consolidated financial statements.

December 31,

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOMEFOR THE YEARS ENDED DECEMBER 31, 2010 AND 2009

Notes 2010 2009US$'000 US$'000

Operating Revenues 31 656,854 618,346 Voyage Expenses 32 (221,201) (176,087)

Operating Revenues after Voyage Expenses 435,653 442,259 Charter Expenses (55,763) (55,573) Vessel depreciation and ship operating expenses

Ship operating expenses 33 (139,854) (120,860) Vessel depreciation 6 (145,583) (133,589)

(285,437) (254,449)

Gross Profit 94,453 132,237 General and Administrative 34 (33,176) (31,153)

Income before financial and other items 61,277 101,084

Net financial and other itemsFinance cost 35 (137,599) (111,514) Investment income 36 8,303 18,426 Share in profits of associates 9 384 9,621 Other gains and losses 37 (81,307) (133,660)

(210,219) (217,127) Loss Before Tax (148,942) (116,043) Tax Expense 29 (1,185) (961)

Loss for the Year (150,127) (117,004)

Other Comprehensive IncomeTranslation adjustment 595 16 Net revaluation during the year 17 87,098 37,137 Net gain (loss) on revaluation of available-for-sale investments (757) 2,622

Other Comprehensive Income for the Year 86,936 39,775

Total Comprehensive Loss for the Year (63,191) (77,229)

Loss Per Share 38Basic (cents per share)

As originally reported (0.0168) (0.0229) As restated for the 2010 rights issue - (0.0191)

See accompanying notes to consolidated financial statementswhich are an integral part of the consolidated financial statements.

Years ended December 31,

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIESCONSOLIDATED STATEMENTS OF CHANGES IN EQUITYDECEMBER 31, 2010 AND 2009

Net unrealized Subscribed gain (loss) on and paid-up Additional Treasury available-for-sale Translation Revaluation

Notes capital stock paid-in capital stock investments adjustment reserve Appropriated Unappropriated Total equityUS$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000 US$'000

Balance at January 1, 2009 62,191 65,000 (86,628) (1,865) 398 234,454 5,898 389,876 669,324

Profit for the year - - - - - - - (117,004) (117,004) Other comprehensive income for the year - - - 2,622 16 37,137 - - 39,775

Total comprehensive income for the year - - - 2,622 16 37,137 - (117,004) (77,229)

Transfer to retained earnings - - - - - (35,920) - 35,920 -Issuance of shares through exercise of warrants 14,15 8,745 50,001 - - - - - - 58,746 Dividends 39 - - - - - - - (2,082) (2,082)

Balance at December 31, 2009 70,936 115,001 (86,628) 757 414 235,671 5,898 306,710 648,759

Profit for the year - - - - - - - (150,127) (150,127) Other comprehensive income for the year - - - (757) 595 87,098 - - 86,936

Total comprehensive income for the year - - - (757) 595 87,098 - (150,127) (63,191)

Transfer to retained earnings - - - - - (22,038) - 22,038 -Issuance of shares through rights issue 14,15 38,639 94,002 - - - - - - 132,641

Balance at December 31, 2010 109,575 209,003 (86,628) - 1,009 300,731 5,898 178,621 718,209

See accompanying notes to consolidated financial statementswhich are an integral part of the consolidated financial statements.

Retained earnings

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P.T. BERLIAN LAJU TANKER Tbk AND ITS SUBSIDIARIES CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE PERIODS ENDED DECEMBER 31, 2010 AND 2009

2010 2009US$'000 US$'000

CASH FLOWS FROM OPERATING ACTIVITIESReceipts from customers 626,664 582,216 Payments to suppliers and employees (503,645) (356,907) Interest paid (102,581) (120,646) Profit sharing paid (7,488) (2,307) Income tax paid (1,206) (932) Receipts from insurance claim 631 215

Net Cash Generated fro