PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK … · laporan arus kas konsolidasi / consolidated...

S E & O,t t d

D i r e k s i

As of September 30, 2011, December 31, 2010and January 1, 2010

PT KERTAS BASUKI RACHMAT INDONESIA Tbk

DAN ANAK PERUSAHAAN / AND SUBSIDIARIES

LAPORAN KEUANGAN KONSOLIDASICONSOLIDATED FINANCIAL STATEMENTS

Per 30 September 2011, 31 Desember 2010dan 1 Januari 2010

SURAT PERNYATAAN DIREKSI / DIRECTOR'S STATEMENT LETTER

LAPORAN PERUBAHAN EKUITAS KONSOLIDASI / CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

4

LAPORAN ARUS KAS KONSOLIDASI / CONSOLIDATED STATEMENTS OF CASH FLOWS

5 - 6

CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI / NOTES TO CONSOLIDATED FINANCIAL STATEMNETS

7 - 34

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASI / CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

3

PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK PERUSAHAAN / AND SUBSIDIARIES

DAFTAR ISI / TABLE OF CONTENTS

Halaman/Page

LAPORAN POSISI KEUANGAN KONSOLIDASI / CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

1 - 2

PT KERTAS BASUKI RACHMAT INDONESIA Tbk PT KERTAS BASUKI RACHMAT INDONESIA TbkDAN ANAK PERUSAHAAN AND ITS SUBSIDIARIES

( Dalam Rupiah, kecuali dinyatakan lain ) ( Expressed in Rupiah, unless otherwise stated )

Catatan/ 2011 2010 2010Notes (30 September) ( 31 Desember ) ( 1 Januari )

A S E T A S S E T SASET LANCAR CURRENT ASSETSKas dan setara kas 2c,e, 5 16.790.289.798 28.672.339.248 706.101.946 Cash and cash equivalents

Piutang usaha Trade receivables

Pihak berelasi 2d, 6 1.281.065.805 883.671.718 165.591.006 Related parties

Pihak ketiga, bersih 2g, 6 655.333.240 6.833.342.471 874.059 Third parties, net-of

Piutang lain - lain 51.359.161 29.870.591 100.821.554 Other receivables

Persediaan 2h, 7 4.842.870.239 544.971.790 2.550.546.003 Inventories

Pajak dibayar dimuka 2t,28 6.915.040.774 5.901.762.968 711.194.739 Prepaid tax

Uang muka pembelian 1.204.587.597 38.908.039 245.957.951 Advance payment

Biaya dibayar dimuka 2.583.496.863 511.798.301 734.039.163 Prepaid expenses

Jumlah Aset Lancar 34.324.043.477 43.416.665.126 5.215.126.421 Total Current Assets

ASET TIDAK LANCAR NON-CURRENT ASSETS Beban ditangguhkan 2i,m 553.932.435 704.277.994 1.178.791.756 Deferred expenses

Piutang pada pihak yang berelasi 2d,8 6.830.648.909 6.830.648.910 7.341.988.833 Due from related parties

Investasi pada perusahaan asosiasi 2j,9 2.261.433.353 2.261.433.353 2.261.433.353 Investment in asociated company

Aset Tetap, bersih 2k,I,10 700.090.625.823 730.972.471.107 1.080.782.660.621 Property, plant & equipments, net-of

Uang jaminan 382.084.500 158.418.750 201.663.613 Guarantee deposit

Aset pajak tangguhan 2t,28 1.819.631.249 1.819.631.249 1.518.576.163 Deferred tax assets

Jumlah Aset Tidak Lancar 711.938.356.270 742.746.881.362 1.093.285.114.339 Total Non-current Assets

JUMLAH ASET 746.262.399.747 786.163.546.488 1.098.500.240.760 TOTAL ASSETS

Catatan atas laporan keuangan konsolidasi merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi

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

LAPORAN POSISI KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 1 JANUARI 2010

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY

1, 2010

dikurangi penyisihan piutang ragu-ragu sebesar Rp116.502.809 masing-masing untuk 2011 dan 2010

allowance of Rp 116,502,809 in 2011 and 2010, respectively

dikurangi akumulasi penyusutan sebesar Rp 21.347.890.391 di 2011 (2010:Rp 20.616.458.220)

accumulated depreciation amounted to Rp 21,347,890,391 in 2011

(2010:Rp 20,616,458,220)

PT Kertas Basuki Rachmat Indonesia, Tbk dan Anak Perusahaan 1 PT Kertas Basuki Rachmat Indonesia, Tbk and Its Subsidiaries


( Dalam Rupiah, kecuali dinyatakan lain ) ( Expressed in Rupiah, unless otherwise stated )

LAPORAN POSISI KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 1 JANUARI 2010

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND JANUARY

1, 2010

Catatan/ 2011 2010 2010Notes (30 September) ( 31 Desember ) ( 1 Januari )

LIABILITAS DAN EKUITAS LIABILITIES AND EQUITYLIABILITAS JANGKA PENDEK CURRENT LIABILITIESHutang bank 11 - 1.860.000.000 2.661.500.000 Bank loan

Hutang usaha Trade payablesPihak berelasi 2d,12 - 908.580 7.953.094.874 Related parties

Pihak ketiga 12 8.967.750.294 15.405.271.804 19.666.723.840 Third parties

Biaya yang masih harus dibayar 2s,13 3.872.665.049 3.644.424.359 12.568.121.063 Accrued expenses

Uang muka penjualan 14 171.082.100 121.082.100 11.233.556.649 Sales advance

Uang jaminan 15 12.286.181.845 - - Deposit

Hutang lain-lain 16 11.957.545.367 62.901.887.105 76.305.788.181 Others payables

Hutang pajak 2t,28 1.096.442.551 27.051.970.529 7.756.080.424 Taxes payableHutang jangka panjang yang jatuh Current maturities within one year

tempo dalam waktu satu tahun of long-term payables

Pihak berelasi - 0 2.164.180.800 Related parties

Bank 18 - 0 9.613.292.322 Bank

Lembaga keuangan non bank 18 20.794.997 83.180.000 94.629.373 Financial institution non bank Pinjaman jangka panjang 19 13.234.500.000 13.486.500.000 0 Long-term loan

Jumlah Liabilitas Jangka Pendek 51.606.962.203 124.555.224.477 150.016.967.526 Total current liabilities

LIABILITAS JANGKA PANJANG NON-CURRENT LIABILITIESHutang pada pihak yang berelasi 17 6.384.604.155 6.380.242.068 18.473.433.333 Due to related parties

Hutang jangka panjang, setelah Long-term payables, after

dikurangi bagian yang jatuh tempo deducted with current maturities

Bank 18 - 0 18.980.931.896 Bank

Lembaga keuangan non bank 18 - 0 83.182.160 Financial institution non bank Pinjaman jangka panjang 19 - 0 362.696.517.045 Long-term loan

Post-employment benefits

Kewajiban imbalan pasca kerja 2n,20 9.986.414.454 12.629.442.782 14.702.386.060 obligation

Jumlah Liabilitas Jangka Panjang 16.371.018.609 19.009.684.850 414.936.450.494 Total non-current liabilities

JUMLAH LIABILITAS 67.977.980.812 143.564.909.327 564.953.418.020 TOTAL LIABILITIES

EKUITAS EQUITYModal saham 22 1.273.058.523.800 1.234.314.668.600 636.005.752.000 Share capital

Agio saham 23 213.626.496.162 200.617.668.382 201.907.883.004 Share premium

Saldo rugi (2.464.610.469.021) (2.449.335.483.534) (1.962.663.397.160) Deficits

Ekuitas lainnya 3 1.656.160.812.294 1.656.160.812.294 1.656.160.812.294 Others equity components

678.235.363.235 641.757.665.742 531.411.050.138

Kepentingan non pengendali 21 49.055.700 840.971.419 2.135.772.602 Non-controlling interests

Jumlah Ekuitas 678.284.418.935 642.598.637.161 533.546.822.740 Total Equity

JUMLAH LIABILITAS DAN EKUITAS 746.262.399.747 786.163.546.488 1.098.500.240.760 TOTAL LIABILITIES AND EQUITY

Ekuitas yang dapat diatribusikan kepada pemilik entitas induk

Equity atributable to owners of the company

Lihat catatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.




(Dalam Rupiah, kecuali dinyatakan lain) (Expressed in Rupiah, unless otherwise stated)

2011 Catatan/ 2010( 9 Bulan ) Notes ( 9 Bulan )

PENDAPATAN USAHA 7.972.672.317 2s,24 58.528.668.267 REVENUE

BEBAN POKOK USAHA 10.655.509.226 2s,25 57.187.558.508 COST OF REVENUE

LABA (RUGI) KOTOR (2.682.836.909) 1.341.109.759 GROSS PROFIT (LOSS)Pendapatan lainnya - bersih 1.126.387.015 26 3.535.045.496 Other income - netBeban administrasi (12.752.151.366) 2s,27 (11.325.914.456) Administrative expensesKeuntungan penjualan aset tetap 721.181.771 2k,I,10 14.301.752.767 plant and quipmentKeuntungan selisih kurs - bersih 524.578.757 2c 18.508.703.256 Foreign exchange gains - netLaba penjualan anak perusahaan 0 2d,4 49.288.392.386 Gain on sale of subsidiary companyBeban bunga (110.325.292) (1.547.926.371) Interest expense

TAKSIRAN PAJAK PENGHASILAN ESTIMATED INCOME TAXPendapatan pajak tangguhan 0 2t 209.832.776 Deferred tax income

LABA (RUGI) KOMPREHENSIF LAINPERIODE BERJALAN 0 0

TOTAL LABA ( RUGI ) KOMPREHENSIFPERIODE BERJALAN (13.173.166.024) 74.310.995.612

Laba rugi yang dapat diatribusikan ke: Profit and loss atributable to: Pemilik entitas induk (13.174.297.415) 74.381.375.377 Owners of the company Kepentingan non pengendali 1.131.392 (70.379.765) Non-controlling interests

(13.173.166.024) 74.310.995.612

Pemilik entitas induk (13.173.166.024) 74.310.995.612 Owners of the company Kepentingan non pengendali 0 0 Non-controlling interests

(13.173.166.024) 74.310.995.612

(2,20) 29 51,34

Jumlah laba (rugi) komprehensif yang dapat diatribusikan ke:

Total profit and loss comprehensive atributable to:

LABA (RUGI) BERSIH PER SAHAM DASAR BASIC INCOME (LOSS) PER SHARE

Lihat Ccatatan atas laporan keuangan konsolidasi yang merupakan bagian yang tidak terpisahkan dari laporan keuangan konsolidasi.

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

TOTAL COMPREHENSIVE INCMOE (LOSS) CURRENT PERIODS

LAPORAN LABA RUGI KOMPREHENSIF KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME FOR THE NINE MONTHS

ENDED SEPTEMBER 30, 2011 AND 2010

LABA (RUGI) SEBELUM PAJAK PENGHASILAN (13.173.166.024) 74.101.162.836

INCOME (LOSS) BEFORE INCOME TAX

LABA (RUGI) PERIODE BERJALAN DARI OPERASI YANG DILANJUTKAN (13.173.166.024) 74.310.995.612

INCOME (LOSS) FOR THE PERIODS FROM CONTINUING OPERATIONS

OTHER COMPREHENSIVE INCMOE (LOSS) CURRENT PERIODS

PT Kertas Basuki Rachmat Indonesia, Tbk dan Anak Perusahaan 3PT Kertas Basuki Rachmat Indonesia, Tbk and Its

Subsidiaries



Modal saham / Agio saham / Ekuitas lainnya / Kepentingan non

pengendali / Saldo laba (rugi) / Jumlah ekuitas -

bersih / Share capital Share

premium Others equity Non-controlling

interests Retained earnings

(deficits) Total equity - net

Saldo per Balance as of31 Desember 2010 1.234.314.668.600 200.617.668.382 1.656.160.812.294 840.971.419 (2.449.335.483.534) 642.598.637.161 December 31, 2010

0 0 0 0 (2.101.819.464) (2.101.819.464)Tambahan setoran modal 38.743.850.000 13.172.892.076 0 0 0 51.916.742.076 Additional paid in capitalPelaksanaan waran seri I 5.200 8.684 0 0 0 13.884 Exercised warrant Serie IKepentingan non pengendali 0 0 0 (791.915.719) 0 (791.915.719) Non-controlling interestsBiaya emisi saham 0 (164.072.980) 0 0 0 (164.072.980) Share issuance costsLaba (rugi) kini 0 0 0 0 (13.173.166.024) (13.173.166.024) Current income (loss)

Saldo per Balance as of30 September 2011 1.273.058.523.800 213.626.496.162 1.656.160.812.294 49.055.700 (2.464.610.469.021) 678.284.418.934 September 30, 2011

Saldo per 636.005.752.000 201.907.883.004 1.656.160.812.294 2.135.772.602 (1.962.663.397.142) 533.546.822.758 Balance as of31 Desember 2009 December 31, 2009

0 0 0 0 0 0Pelaksanaan waran seri I 0 0 0 0 0 Exercised warrant Serie IKepentingan non pengendali 0 0 0 145.594.192 0 145.594.192 Non-controlling interestsLaba (rugi) kini 0 0 0 0 74.310.995.612 74.310.995.612 Current income (loss)

Saldo per Balance as of30 September 2010 636.005.752.000 201.907.883.004 1.663.757.022.437 2.281.366.794 (1.908.612.248.857) 608.003.412.562 September 30, 2010



LAPORAN PERUBAHAN EKUITAS KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010

Koreksi ekuitas negatif di anak perusahaan

Adjustment of negative equity in subsidiary

Koreksi ekuitas negatif di anak perusahaan

Adjustment of negative equity in subsidiary




2011 2010( Jan - Sep ) ( Jan - Sep )

ARUS KAS DARI AKTIVITAS OPERASI CASH FLOW FROM OPERATING ACTIVITIES

Penerimaan kas dari pelanggan 13.803.287.461 57.718.956.085 Cash received from customersPembayaran kas kepada: Cash payments to:

Pemasok (19.101.364.500) (63.692.691.485) SuppliersKas diperoleh dari (digunakan untuk) operasi (5.298.077.039) (5.973.735.400) Cash provided from (used for) operationsPembayaran beban administrasi (12.190.073.996) (8.080.095.800) Payment of administrative expensesPembayaran bunga (110.325.292) (1.547.926.371) Payment of interestPembayaran pajak (46.148) (2.053.499.183) Payment of tax

(17.598.522.474) (17.655.256.754)

ARUS KAS DARI AKTIVITAS INVESTASI CASH FLOW FROM INVESTING ACTIVITIES

Pelepasan saham anak perusahaan 1.000.000 1.374.500.000 Share disposal of subsidiaryUang Jaminan 12.286.181.845 0 DepositKepemilikan saham di anak perusahaan (2.925.000.000) 0 Share ownership in subsidiaryPembayaran pesangon pensiun (3.244.680.490) 0 Payment for retirementsHasil penjualan aset tetap 34.444.026.784 24.238.800.000 Proceeds from sale of fixed assetsUang muka penjualan aset tetap 0 12.000.000.000 Sales advance of property, plant & equipment Penambahan aset tetap (464.146.135) (173.045.001) Addition to property, plant and equipmentPenambahan aset dalam penyelesaian (3.444.432.187) (209.816.000) Addition to asset under constructionPenurunan (kenaikan) aset lain-lain (73.320.192) (1.179.212.850) Decrease (increase) in other assetsPenurunan (kenaikan) uang muka Decrease (increase) in advances payment

dan biaya dibayar dimuka (3.237.378.120) (387.674.007) and prepaid expenses

33.342.251.506 35.663.552.142

ARUS KAS DARI AKTIVITAS PENDANAAN CASH FLOW FROM FINANCING ACTIVITIES

Penambahan (pembayaran) hutang pada Addition to (repayment of)pihak yang berelasi 4.362.087 (15.708.227.944) related parties payable

Penurunan (kenaikan) piutang pada Decrease (increase) in due frompihak yang berelasi 0 476.657.519 related parties

Kenaikan (penurunan) hutang bank (1.860.000.000) (801.500.000) Increase (decrease) in bank loansPembayaran hutang sewa guna usaha (77.108.400) (77.108.400) Payment of lease payable Pembayaran premi pinjaman jangka panjang (21.147.591.508) 0 Payment of long term loan's premiumPembayaran jasa restrukturisasi pinjaman Payment of restructuring fees for

jangka panjang (4.545.454.545) 0 long-term loan Pelaksanaan waran Seri I 13.884 5.300 Exercise warrant Serie I

(27.625.778.482) (16.110.173.525)

Kas bersih diperoleh dari (digunakan untuk) aktivitas pendanaan

Net cash provided from (used for) financing activities



LAPORAN ARUS KAS KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2011 AND 2010

Kas bersih diperoleh dari (digunakan untuk) aktivitas operasi

Net cash provided from (used for) operating activities

Kas bersih diperoleh dari (digunakan untuk) aktivitas investasi

Net cash provided from (used for) investing activities

PT Kertas Basuki Rachmat Indonesia, Tbk dan Anak Perusahaan 5 PT Kertas Basuki Rachmat Indonesia, Tbk and Subsidiaries



2011 2010( Jan - Sep ) ( Jan - Sep )

LAPORAN ARUS KAS KONSOLIDASI UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010

CONSOLIDATED STATEMENTS OF CASH FLOWS FOR THE NINE MONTHS ENDED

SEPTEMBER 30, 2011 AND 2010

Kenaikan (penurunan) bersih Net increase (decrease) in cash kas dan setara kas (11.882.049.450) 1.898.121.863 and cash equivalents

Cash and Cash Equivalents atKas dan Setara Kas Awal Tahun 28.672.339.248 706.101.946 Beginning of Year

Cash and Cash Equivalents atKas dan Setara Kas Akhir Periode 16.790.289.798 2.604.223.809 End of Period




PT KERTAS BASUKI RACHMAT INDONESIA TbkDAN ANAK PERUSAHAAN AND ITS SUBSIDIARIES


1. UMUM 1. GENERAL

a. Pendirian dan informasi umum a. Establishment and general information

b. Penawaran umum saham Perseroan b. Public offering of the Company's shares

PT Kertas Basuki Rachmat Indonesia, Tbk. (dahulu PT Indhasana,"Perseroan") didirikan berdasarkan akta No. 21 tanggal 14 Pebruari 1978dibuat dihadapan Notaris Edison Sianipar, SH di Jakarta, akta ini telahdisahkan oleh Menteri Kehakiman Republik Indonesia dengan SuratKeputusan No. Y.A.5/231/24 tanggal 12 Oktober 1979. Perseroan telahmelakukan perubahan anggaran dasar berdasarkan Rapat UmumPemegang Saham tanggal 17 Januari 2008 dengan akta Notaris SutjiptoS.H., M.Kn. No. 22 tanggal 5 Pebruari 2008 sehubungan dengan perubahanyang diadakan dalam rangka Penawaran Umum Perdana saham perseroanperubahan nama perseroan menjadi PT Kertas Basuki Rachmat IndonesiaTbk (KBRI), peningkatan modal dasar, perubahan nilai nominal saham danperubahan anggaran dasar sesuai dengan ketentuan UU No. 40 Tahun 2007tentang Perseroan Terbatas dan UU No. 8 Tahun 1995 tentang Pasar Modaldan peraturan pelaksanaannya. Perubahan anggaran dasar tersebut telahdisahkan oleh Menteri Hukum dan HAM RI dengan Surat Keputusan No.AHU-06707.AH.01.02 Tahun 2008 tanggal 2 Pebruari 2008.

PT Kertas Basuki Rachmat Indonesia, Tbk. (formerly PT Indhasana, the"Company") was established based on the deed No. 21, dated 14February 1978 by Notary of Edison Sianipar, SH in Jakarta, the deed ofestablishment was approved by the Minister of Justice of Republic ofIndonesia in his decree No. Y.A.5/231/24 dated 12 October 1979. TheCompany’s articles of association has been amended based on theGeneral of Stockholders’ Meeting dated 17 January 2008 by NotarySutjipto S.H., M.Kn. No. 22 dated 5 Pebruary 2008 concerning theCompany's Initial Public Offering, changes in Company’s name becomePT Kertas Basuki Rachmat Indonesia Tbk (KBRI), increase in Company’spaid-in capital, changes in Company’s par value of share and changes inCompany’s articles of association to comply with the Law No. 40 year2007 regarding Limited Liability Company and Law No. 8 of 1995regarding Capital Market. These changes of Company’s articles ofassociation was approved by the Minister of Justice and Human Right ofRepublic of Indonesia in his decree No. No. AHU-06707.AH.01.02 in2008 dated 2 February 2008.

Based on the notarial deed of Humberg Lie No. 64 regarding the decreeof the extraordinary shareholders meeting dated 19 August 2010, theCompany's unissued share of B Series (non-reverse stock) was changedto share of C Series, and the Company's par value of share wascombined (reversed stock) with the following scheme: 2 shares into 1share; par value of share A Series from Rp 200,- to Rp 400, par value ofshare B Series from Rp 100,- to Rp 200,-. The Company's share of CSeries was offered to the shareholders through Rights Issue No. I inconnection with pre-emptive rights ("HMETD"). The above changes hasbeen reported to the Ministry of Justice and Human Rights based on thenotice of receipt No. AHU-AH01.10-22712 dated September 1, 2010.

Selanjutnya, berdasarkan RUPSLB tanggal 22 Nopember 2010 dengan aktaNo. 183 Perseroan telah menyetujui untuk melakukan PUT I, melakukanperubahan susunan pengurus Perseroan tanggal 24 Nopember 2010dengan akta No. 231dan terakhir melakukan perubahan anggaran dasartanggal 20 Januari 2011 dengan akta No. 112 yang semuanya berdasarkanakta notaris Humberg Lie, S.H., S.E., Mkn. Perubahan tersebut telahdidaftarkan pada Kementeri Hukum dan HAM RI dengan surat PenerimaanPemberitahuan No. AHU-AH.01.10-09011 tanggal 24 Maret 2011. Perubahansusunan pengurus terakhir sebagaimana dimuat dalam akta PernyataanKeputusan Rapat tanggal 29 Maret 2011, No. 28 dibuat dihadapan AuliaTaufani SH, pengganti notaris Sutjipto, SH dan telah didaftarkan diKementerian Hukum dan HAM RI surat Penerimaan PemberitahuanPerubahan Data Perseroan No. AHU-AH.01.10-11599 tertanggal 19 April2011.

Subsequently, based on the Extra Ordinary Shareholders Meeting datedNovember 22, 2010 with notarial deed No. 183, the Company hadapproved to perform Right Issue No. I, changing of the Company'smanagement based on the notarial deed No. 231 dated November 24,2010 and the lastest, amended of the Company's article of associationwith notarial deed No. 112 dated January 20, 2011 which is all of thembased on the notarial deed of Humberg Lie, S.H., S.E., Mkn. The abovechanges has been registered to the Ministry of Justice and Human Rightsbased on the notice of receipt No.AHU-AH.01.10-09011 dated March 24,2011.The last changes in the Company's management as described inthe deed No. 28 of Aulia Taufani SH, represents notarial of Sutjipto SH,and has been registered to the Ministry of Justice and Human Rifghtsbased on the notice of receipt No. AHU-AH.01.10-11599 dated April 19,2011.

Ruang lingkup kegiatan usaha Perseroan antara lain bergerak dalam industri dan distribusi kertas. Perseroan berdomisili di Jakarta Pusat dan berkantor diGedung Graha CIMB Niaga, Lantai 26, Jalan Jend. Sudirman Kav. 58Jakarta Selatan.

The Company's scope of activities are paper manufacturing anddistribution. The Company is domiciled in Center of Jakarta and offices in Graha CIMB Niaga Building, 26th Floor , Jl. Jend. Sudirman Kav. 58,South Jakarta.

Berdasarkan surat dari Bapepam dan LK No. S-10512/BL/2008 tanggal 19Nopember 2010, Perseroan memperoleh pemberitahuan efektif untukmelakukan Penawaran Umum Terbatas I (PUT I) kepada masyarakatsebanyak 5.983.089.146 saham biasa Seri C dengan nilai nominal Rp 100.-per saham yang ditawarkan dengan harga pelaksanaan Rp 101,- per sahamsehingga seluruhnya berjumlah sebesar Rp 604.292.003.746.

Based on the letter of BAPEPAM and LK No. S-10512/BL/2008 datedNovember 19, 2010, the Company has obtained an effective notice toperform Rights Issue No. I ("RI I") amounted to 5,983,089,146 shares ofC Series with par value of Rp 100,- per share which is offered by exercise price of Rp 101,- per share, so that, issued share of C Series would be inthe total amounts of Rp 604,292,003,746,-.

Berdasarkan Berita Acara RUPSLB Perseroan No. 64 tanggal 19 Agustus2010 yang dibuat dihadapan Notaris Humberg Lie, SH di Jakarta, Perseroanmelakukan perubahan jenis saham Seri B yang terdapat dalam portepel(non-reverse) menjadi saham Seri C dan penggabungan nilai nominalsaham (reverse stock) yaitu; 2 saham menjadi 1 saham dengan merubahnilai nominal saham Seri A dari Rp 200,- menjadi Rp 400,-, saham Seri B dari Rp 100,- menjadi Rp 200,-. Saham Seri C ditawarkan kepada pemegangsaham Perseroan melalui Penawaran Umum Terbatas I (PUT I) dalamrangka Hak Memesan Efek Terlebih Dahulu (HMETD). Perubahan tersebuttelah diberitahukan kepada Menteri Kehakiman berdasarkan PenerimaanPemberitahuan Perubahan Anggaran Dasar Perseroan No. AHU-AH01.10-22712 tanggal 1 September 2010.


CATATAN ATAS LAPORAN KEUANGAN KONSOLIDASI PER 30 SEPTEMBER 2011, 31 DESEMBER 2010 DAN 31 JANUARI 2010 SERTA UNTUK SEMBILAN BULAN YANG BERAKHIR PADA TANGGAL 30 SEPTEMBER 2011 DAN 2010

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2011, DECEMBER 31, 2010 AND

JANUARY 31, 2010 AND FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2011 AND 2010








1. UMUM (Lanjutan) 1. GENERAL (Continued)

b. Penawaran umum saham Perseroan b. Public offering of the Company's shares

c. Dewan komisaris, direksi dan karyawan c. Board of commissioners, directors and employees

Komisaris utama (independen) : Anton BS Hudyana Anton BS Hudyana : Presiden (independent) commissionerKomisaris : Adam Ariaji Adam Ariaji : CommisionerKomisaris : Ferdy Yustianto Farid Harianto : Independent Commissioner

Direktur utama : Gani Bustan Glenn MS Yusuf : Presiden directorDirektur : T. Ito Prawira J. Theo Satria : Director

d. Struktur perseroan dan anak perusahaan d. Structure of the company and subsidiaries

PT Kertas Basuki Rachmat

PT HTI Basuki Rachmat industri

PT Hutan Ketapang 0 Industri industri

Not yet activeJakarta Tanaman 99.8% Belum aktif/ 482.629.590

Jakarta Tanaman 90% Belum aktif/ 500.000.000 500.000.000

Susunan pengurus Perseroan per 30 September 2011 sesuai RUPSLBtanggal 21 September 2011 dan Akta no. 09 tanggal 21 September 2011 darinotaris Andalia Farida, SH., M.H, bahwa susunan pengurus per 31Desember 2010 adalah sebagai berikut:

Berdasarkan RUPSLB tanggal 23 Juni 2011, Sdr. Theo Satria telahdiberhentikan dengan hormat dari jabatannya sebagai Direktur.

Daftar anak Perusahaan yang dikonsolidasi dalam laporan keuangan per 30September 2011 dan 31 Desember 2010, adalah sebagai berikut:

The list of the Company's subsidiaries consolidated into the financialstatements as of September 30, 2011 and December 31, 2010, are asfollows:

Prosentase kepemilikan/

Tahun operasional komersial/

Jumlah aset Jumlah asetAnak Perusahaan/

Berdasarkan RUPSLB tanggal 29 Maret 2011, Sdr. Farid Harianto dan Sdr.Glenn MS Yusuf telah diberhentikan dengan hormat dari jabatannya masing-masing sebagai Komisaris Independen dan Direktur Utama.

Based on the shareholder's extraordinary meeting dated March 29, 2011,Farid Harianto and Glenn MS Yusuf has been released from theirposition as Independent Commissioner and President Director,respectively.

Setelah reverse stock, waran Seri I (waran pisah atas saham Seri B) yangditerbitkan berubah dari 875.000.000 unit menjadi sebanyak 437.500.000unit dengan harga pelaksanaan dari Rp 265,- menjadi sebesar Rp 530,- persaham, dan dengan ketentuan bahwa setiap pemegang 1 waran Seri I yangterdaftar dalam daftar pemegang waran Seri I berhak untuk membeli sahambaru dengan cara melakukan pelaksanaan pada hari bursa selama masaberlaku pelaksanaan mulai tanggal 9 Januari 2009 sampai dengan tanggal 8Juli 2011.

After reversed stock, issued warrant Serie I (for B Series of share) waschanged from 875,000,000 to 437,500,000 with the exercise price fromRp 265,- per share to Rp 530,- per share respectively, and with thecondition that each holders of 1 warrant Seri I registered in the list ofwarrant Seri I holders have rights to purchase new common shares byperforming it during stock exchange working days and effective period ofexercised warrant starting from January 9, 2009 until July 8, 2011.

Pada tanggal 30 September 2011 dan 31 Desember 2010, Perseroan dananak Perusahaan mempunyai karyawan tetap masing-masing sebanyak 229orang.

As of September 30, 2011 and December 31, 2010 the Company and itssubsidiaries have a number of permanent employees amounted to 229persons, respectively.

Not yet active

Dalam PUT I ini, Perseroan akan menerbitkan waran Seri II (waran pisah atas saham Seri C) sebanyak 199.436.305 unit dengan nilai yang akan diperolehsejumlah Rp 20.940.812.046,-. Setiap pelaksanaan 30 HMETD dalam rangkamembeli 30 saham yang ditawarkan dalam PUT I akan memperoleh 1 waranSeri II secara cuma-cuma, dimana 1 waran Seri II dapat digunakan untukmembeli 1 saham biasa atas nama Seri C yang bernilai nominal Rp 100,- persaham dengan harga pelaksanaan sebesar Rp 105,- selama periodepelaksanaan waran Seri II yaitu mulai tanggal 6 Juli 2011 sampai dengan 5Desember 2013.

In this PUT I, the Company will issue warrant Serie II (for Share CSeries) amounted to 199,436,305 with the total value to be received inthe amounts of Rp 20,940,812,046,-. Each of 30 exercised HMETD (pre-emptive rights) for purchase of 30 offered shares in PUT I, will receivefree of 1 warrant Serie II. This warrant can be used to purchase 1common share of C Series which par value of Rp 100,- per share and anexercise price at Rp 105,- during exercise period of warrant Serie IIstarting from July 6, 2011 until December 5, 2013.

Berdasarkan surat dari Bapepam dan LK No. S-4213/BL/2008 tanggal 30Juni 2008, Perseroan memperoleh pernyataan efektif untuk melakukanpenawaran umum perdana kepada masyarakat sebanyak 1.360.000.000saham.

Based on the letter of BAPEPAM and LK No. S-4213/BL/2008 dated June 30, 2008, the Company was obtained the notice of effectiveness of initialpublic offering for common share amounted to 1,360,000,000 shares.

Pada tanggal 4, 5 dan 7 Juli 2008 Perseroan telah melaksanakan penawaran umum perdana saham dengan hasil sebesar Rp 353.600.000.000,-. Jumlahsaham yang dijual kepada publik adalah sebanyak 1.360.000.000 saham seri B dengan harga Rp 260,- per lembar.

On July 4, 5 and 7, 2008, the Company has conducted initial publicoffering with the results of Rp 353,600,000,000,-. The number of sharessold to public investors amounted to 1,360,000,000 shares of B Series ata price of Rp 200,- per share.

Total assetsSeptember 30, 2011 December 31, 2010

Banyuwangi Pabrik kertas 99.99987% 1971 712.253.344.646 729.881.413.543

Domisili/ Jenis Usaha/ 30 September 2011 31 Desember 2010

The composition of the management company per 30 September 2011according to the RUPSLB dated 21 September 2011 and the Deed no. 09dated 21 September 2011 from the notary Andalia Farida, SH., M.H, thatthe composition of the board as of 31 December 2010 are as follows:

Based on extraordinary meeting of the shareholders dated June 23,2011, Theo Satria has been released from his position as Director.

30 Sep 2011 31 Des 2010

Subsidiaries Domicile Business type Percentage of ownership

Commercial operating year

Total assets








1. UMUM (Lanjutan) 1. GENERAL (Continued)

d. Struktur perseroan dan anak perusahaan

2. KEBIJAKAN AKUNTANSI 2. ACCOUNTING POLICY

a. Penyajian laporan keuangan konsolidasi a. Presentation of consolidated financial statements

b. Prinsip - prinsip konsolidasi b. Consolidating principles

c. Transaksi dan saldo dalam mata uang asing c. Foreign currency transactions and balances

Seluruh transaksi antar perusahaan, saldo, penghasilan dan bebandieliminasi pada saat konsolidasi.

All intercompany transactions, balances, income and expenses areeliminated at the time of consolidation.

Transaksi dalam mata uang asing dicatat berdasarkan kurs yang berlakupada saat transaksi dilakukan.

Transactions involving foreign currencies are recorded at the exchangerate prevailing at the time the transactions are made.

Pada saat akuisisi, aset dan kewajiban anak Perusahaan diukur sebesar nilaiwajarnya pada tanggal akuisisi.

At the time of acquisition, the assets and liabilities of subsidiariescompany are measured at their fair values at the time of acquisition date.

Hak non pengendali dinyatakan sebesar bagian non pengendali dari biayaperolehan historis aset bersih. Kepentingan non pengendali akandisesuaikan untuk bagian non pengendali dari perubahan ekuitas.

The non-controlling interest is stated at the non-controlling’s portion fromthe historical cost of the net assets. The non-controlling interest issubsequently adjusted from changes in equity of the non-controlling'sportion.

Penyesuaian dapat dilakukan terhadap laporan keuangan anak Perusahaanagar kebijakan akuntansi yang digunakan sesuai dengan kebijakanakuntansi yang digunakan oleh Perseroan.

Necessary adjustments can be made to the financial statements of thesubsidiaries company to bring it's accounting policies used is inaccordance with those used by the Company.

Laporan arus kas konsolidasi disusun dengan menggunakan metodelangsung (direct method) dengan mengelompokan arus kas ke dalamaktivitas operasi, investasi dan pendanaan.

The consolidated statements of cash flows are prepared using directmethod by classifying flows of cash into operating, investing andfinancing activities.

Mata uang pelaporan yang digunakan dalam penyusunan laporan keuangankonsolidasi ini adalah Rupiah.

The reporting currency used in preparation of the consolidated financialstatements is Indonesian Rupiah.

Laporan keuangan konsolidasi menggabungkan laporan keuanganPerseroan dan entitas yang dikendalikan oleh Perseroan yang disusunsampai dengan 31 Desember setiap tahunnya. Pengendalian dianggap adaapabila Perseroan mempunyai hak untuk mengatur dan menentukankebijakan finansial dan operasional dari investee untuk memperoleh manfaatdari aktivitasnya. Pengendalian juga dianggap ada apabila induk Perseroanmemiliki baik secara langsung atau tidak langsung melalui anak Perseroanlebih dari 50% hak suara.

Pada tanggal neraca, aset dan kewajiban moneter dalam mata uang asingdijabarkan ke dalam Rupiah menggunakan kurs yang diumumkan oleh BankIndonesia yang berlaku pada tanggal tersebut (per 30 September 2011 dan31 Desember 2010 kurs tukar yang digunakan adalah USD1 = Rp 8.823 danUSD1 = Rp 8.991). Laba atau rugi selisih kurs dibebankan pada laporanlaba rugi tahun berjalan.

At balance sheets date, monetary assets and liabilities denominated inforeign currencies are adjusted to Rupiah using the excange rateprevailing at such date as published by Bank Indonesia (as of September30, 2011 and December 31, 2010 exchange rates used are USD1 = Rp0,000 and USD 1 = Rp 8,991). The resulting gains or losses are creditedor charged to the current statement of income.

The consolidated financial statements was inCompanyd with the financialstatements of the Company and entities which are controlled by theCompany and prepared each year, up to December 31. Control isachieved where the Company has the rights to manage and determinethe investee's financial and operating policies to obtain benefits from itsactivities. Control is also presumed to exist when the Company ownsdirectly or indirectly through subsidiaries company, more than 50% of thevoting rights.

PT HTI Basuki Rachmat, a subsidiary company ("HTIBR") wasestablished based on the notarial deed No. 12 of Wahyu Nurani, SHdated February 5, 2008 in Jakarta. This establishment has beenapproved by the Ministry of Justice and Human Rights of the Government of Republic of Indonesia in its letter No. AHU-10509.AH.01.01.Year 2008dated March 3, 2008. Its authorized capital has been fully paid amountedto Rp 500,000,000.-

Laporan keuangan konsolidasi disusun sesuai dengan prinsip dan praktikakuntansi yang berlaku umum di Indonesia yang meliputi PernyataanStandar Akuntansi Keuangan (PSAK) yang dikeluarkan oleh Ikatan AkuntanIndonesia (IAI), dan Peraturan Badan Pengawas Pasar Modal (BAPEPAM)No. VIII.G.7 tentang pedoman penyajian laporan keuangan emiten atauperusahaan publik bagi perusahaan pabrikasi.

The consolidated financial statements have been prepared in accordancewith generally accepted accounting principles in Indonesia, which arecovered by Statements of Financial Accounting Standard (PSAK) issuedby the Indonesian Institute of Accountants (IAI), and the Decree of theCapital Market Supervisory Agency (BAPEPAM) No. VIII.G.7 regardingthe guidelines of financial statement presentation for public company orlisted company in manufacturing.

Laporan keuangan konsolidasi disusun dengan dasar akrual, kecuali untuklaporan arus kas yang menggunakan konsep biaya perolehan (historicalcost).

The consolidated financial statements are prepared based on accrualbasis, except for statements of cash flows are using the historical costbasis of accounting.

PT HTI Basuki Rachmat, anak Perusahaan (“HTIBR”) didirikan berdasarkanAkta Notaris Wahyu Nurani, SH di Jakarta No. 12 tanggal 5 Pebruari 2008dan telah mendapat pengesahan oleh Menteri Hukum dan Hak AsasiManusia Republik Indonesia dengan Surat Keputusan Nomor AHU-10509.AH.01.01.Tahun 2008 tanggal 3 Maret 2008. Modal yang ditempatkandan disetor penuh adalah sebesar Rp 500.000.000.

PT Hutan Ketapang Industri, anak Perusahaan (“HKI”) didirikan berdasarkanAkta Notaris Sutjipto, SH di Jakarta No. 37 tanggal 3 Maret 2011 dan telahmendapat pengesahan dari Menteri Hukum dan Hak Asasi Manusia RepublikIndonesia dengan Surat Keputusan Nomor AHU-19501.AH.01.01.Tahun2011 tanggal 19 April 2011. Berdasarkan perubahan anggaran dasarPerusahaan tanggal 15 Juli 2011, modal yang ditempatkan dan disetorpenuh adalah sebesar Rp 500.000.000.

PT Hutan Ketapang Industri, a subsidiary company ("HKI") wasestablished based on the notarial deed No. 37 of Sutjipto, SH datedMarch 3, 2011 in Jakarta. This establishment has been approved by theMinistry of Justice and Human Rights of the Government of Republic ofIndonesia in its letter No. AHU-19501.AH.01.01.Year 2011 dated April 19, 2011. Based on the changes in the Company's articles of association, itsauthorized capital has been fully paid amounted to Rp 500,000,000.-








2. KEBIJAKAN AKUNTANSI (lanjutan) 2. ACCOUNTING POLICY (continued)

d. Transaksi dengan pihak yang berelasi d. Related parties transactions

e. Kas dan setara kas e. Cash and cash equivalents

f. Aset dan kewajiban keuangan f. Financial assets and liabilities

1. 1.

2. 2. Investment in group held up to maturity

a. a.

b. b.

c. c.

3. 3.

Pinjaman yang diberikan dan piutang adalah aset keuangan non-derivatifdengan pembayaran tetap atau telah ditentukan dan tidak mempunyaikuotasi di pasar aktif.

Loans and receivables are non-derivative financial assets with fixedpayment or predetermined payment and have not quota in activemarkets.

Loans and receivables are initially recognised at fair value plustransaction costs and subsequently measured at amortised cost usingthe effective interest rate method, except for loans and receivableswhereby the calculation of interest is not material.

Pinjaman yang diberikan dan piutang meliputi piutang usaha dan piutanglain-lain pada neraca konsolidasian.

Loans and receivables comprise of trade accounts receivable andother receivables on the consolidated balance sheets.

Pada saat pengakuan awal, investasi dalam kelompok dimiliki hinggajatuh tempo diakui pada nilai wajarnya ditambah biaya transaksi danselanjutnya diukur pada biaya perolehan diamortisasi denganmenggunakan suku bunga efektif.

These are initially recognised at fair value including transaction costsand subsequently measured at amortised cost, using the effectiveinterest method.

Pada tahun 2011 dan 2010, tidak ada aset keuangan Perseroan yangdiklasifikasi sebagai investasi dalam kelompok dimiliki hingga jatuhtempo.

In the years of 2011 and 2010, there were no financial assetsclassified as investments in group held up to maturity.

Pinjaman yang diberikan dan piutang Loans and receivables

investasi yang pada saat pengakuan awal ditetapkan sebagai asetkeuangan yang diukur pada nilai wajar melalui laporan laba rugi;

investment at initial recognition, designated as financial assetsand measured at fair value through the statement of income;

investasi yang ditetapkan oleh entitas dalam kelompok tersedia untukdijual; dan

investment set by the entity classified in group as available forsale; and

investasi yang memiliki definisi pinjaman yang diberikan dan piutang. investment that has the definition of loans and receivables.

Pada saat pengakuan awal, pinjaman yang diberikan dan piutang diakuipada nilai wajarnya, ditambah dengan biaya transaksi dan selanjutnyadiukur pada biaya perolehan dan diamortisasi dengan menggunakanmetode suku bunga efektif, kecuali untuk pinjaman yang diberikan danpiutang jangka pendek dimana perhitungan bunga tidak material.

Pada tahun 2011 dan 2010, tidak ada aset keuangan Perseroan yangdiklasifikasi sebagai aset keuangan yang diukur pada nilai wajar melaluilaporan laba rugi.

In the years of 2011 and 2010, there were no financial assetsclassified as financial assets measured at fair value through thestatement of income.

Investasi dalam kelompok dimiliki hingga jatuh tempo

Investasi dalam kelompok dimiliki hingga jatuh tempo adalah asetkeuangan non-derivatif dengan pembayaran tetap atau ditentukan danjatuh temponya telah ditetapkan, serta Manajemen mempunyai intensipositif dan kemampuan untuk memiliki aset keuangan tersebut hinggajatuh tempo, kecuali:

Investment in group held up to maturity is non-derivative financialassets with fixed or predetermined payment and maturity have beendefined, and management has the positive intention and ability to hold these financial assets to maturity, unless:

Dalam rangka penerapan PSAK 50 (Revisi 2006) dan PSAK 55 (Revisi 2006),Perseroan mengklasifikasikan instrumen keuangan dalam bentuk asetkeuangan dan kewajiban keuangan.

In the application of PSAK 50 (Revised 2006) and PSAK 55 (Revised2006), the Company classifies its financial instruments in the form offinancial assets and financial liabilities.

Aset Keuangan diklasifikasikan dalam kelompok berikut: Financial assets are classified in groups as follows:Aset Keuangan yang diukur pada nilai wajar melalui laporan laba rugi. Financial assets are measured at fair value through the statement of

income.

Perseroan dan anak Perusahaan telah melakukan transaksi denganbeberapa pihak yang berelasi, sebagaimana didefinisikan dalam PSAK No.7 (Revisi 2009) ”Pengungkapan Pihak-Pihak Berelasi”.

The Company and subsidiaries company have transactions with certainparties, which have related party relationship as defined under PSAK No.7 (2009 Revised) "Related Party Disclosure".

Setara kas terdiri dari deposito jangka pendek dengan jangka waktu jatuhtempo 3 (tiga) bulan atau kurang sejak tanggal penempatannya, tidakdigunakan sebagai jaminan dan tidak dibatasi penggunaannya.

Cash equivalents consist of short-term time deposits with maturityperiods of 3 (three) months or less since the time of their placement, notpledged as collateral and unrestricted.

Efektif tanggal 1 Januari 2010, Perseroan telah menerapkan PSAK 55 (Revisi2006) “Instrumen Keuangan: Pengakuan dan Pengukuran” dan PSAK 50(Revisi 2006), “Instrumen Keuangan: Penyajian dan Pengungkapan” yangmenggantikan PSAK 55 (Revisi 1999) “Akuntansi Instrumen Derivatif danAktivitas Lindung Nilai” dan PSAK 50 “Akuntansi Investasi Efek Tertentu”.

Effective on January 1, 2010, the Company has adopted PSAK 55(Revised 2006) "Financial Instruments: Recognition and Measurement"and PSAK 50 (Revised 2006), "Financial Instruments: Presentation andDisclosure" which replaces PSAK 55 (Revised 1999) "Accounting forInstruments Derivatives and Hedging Activities "and PSAK 50"Accounting for Certain Investments in Securities. "

Aset keuangan yang diukur pada nilai wajar melalui laporan laba rugiadalah aset keuangan yang ditujukan untuk diperdagangkan (trading),yaitu jika dimiliki terutama untuk tujuan dijual kembali dalam waktu dekatatau terdapat bukti mengenai pola ambil untung dalam jangka pendekyang terkini. Instrumen derivatif masuk dalam kelompok ini kecuali biladerivatif tersebut merupakan instrumen lindung nilai. Investasi dalam efekyang termasuk dalam kelompok ini dicatat sebesar nilai wajarnya.Laba/rugi yang belum direalisasi pada tanggal neraca dikreditkan ataudibebankan pada usaha tahun berjalan.

Financial assets are measured at fair value through the statement ofincome are financial assets that are designated for trading, especiallyif it is owned primarily for the purpose of resale in the near future orthere is evidence of a pattern of short-term profit taking in the mostrecent. Derivative instruments included in this group except when thederivative is a hedge. Investments in securities are included in thisgroup are accounted for at fair value. At balance sheet dateunrealized profit/loss are credited or charged to current operations.








2. KEBIJAKAN AKUNTANSI (Lanjutan) 2. ACCOUNTING POLICY (Continued)

4. 4.

a. a.

b. b.

g. Piutang usaha g. Trade accounts receivable

h. Persediaan h. Inventories

Suatu penilaian baru (new assessment ) dilakukan atas nilai realisasi netopada setiap periode berikutnya. Ketika kondisi yang semula mengakibatkanpenurunan nilai persediaan dibawah biaya ternyata tidak ada lagi atau ketikaterdapat bukti yang jelas terhadap peningkatan nilai realisasi neto karenaperubahan keadaan ekonomi, maka jumlah penurunan nilai harus dibalik(dalam hal ini pemulihan adalah terbatas untuk jumlah penurunan nilai awal)sehingga jumlah tercatat yang baru dari persediaan adalah yang terendahdari biaya atau nilai realisasi neto yang telah direvisi.

A new assesment is carried out based on the net realizable value at eachsubsequent period. If the condition of the declining inventory value belowits cost does not exist or if there is an evidence against increasing ininventory value due to the changes in economic condition, therefor theamount of declining value should be reversed (in this case, the recoveryis limited to the amount of initial declining value), so that the newcarrying amount of inventory is the lowest of cost or the revised netrealizable value.

Efektif 1 Januari 2010, pada saat pengakuan awal piutang usaha diukursebesar nilai wajar dan setelah pengakuan awal diukur pada biayaperolehan diamortisasi dengan menggunakan metode suku bunga efektif,dikurangi penyisihan penurunan nilai sebagai mana yang diungkapkan padaCatatan 2f atas laporan keuangan konsolidasi.

Effective January 1, 2010, trade accounts receivable are recognizedinitially at fair value and subsequently measured at amortized cost usingeffective interest method, less allowance for impairment as disclosed inNote 2f of the consolidated financial statements.

Penyisihan penurunan nilai dibentuk ketika terdapat bukti obyektif bahwaPerseroan tidak akan dapat menagih semua piutang sesuai denganpersyaratan awal piutang. Kesulitan keuangan yang signifikan pada debitur,probabilitas bahwa debitur akan dinyatakan pailit atau reorganisasikeuangan, dan wanprestasi atau tunggakan dalam pembayaran dianggapsebagai indikator bahwa piutang usaha telah turun nilainya. Jumlahpenyisihan tersebut adalah selisih antara nilai tercatat aset dengan nilai kiniestimasi arus kas masa depan, yang didiskontokan pada suku bunga efektifawal.

An allowance for impairment is established when there is objectiveevidence that the Company will not be able to collect all amounts dueaccording to the original terms of receivables. Significant financialdifficulties of the debtor, the probability that the debtor will enterbankruptcy or financial reorganization, and default or delinquency inpayments are considered as indicators that the trade accountsreceivables are impaired. The amount of allowance is the differencebetween the assets’ carrying amounts and the present value of estimatedfuture cash flows, discounted with the original effective interest rate.

Nilai tercatat aset tersebut dikurangi melalui penggunaan akun penyisihan,dan jumlah kerugian yang terjadi diakui dalam laporan laba rugikonsolidasian. Ketika piutang usaha tidak dapat ditagih, piutang tersebutdihapuskan terhadap akun penyisihan. Penerimaan kemudian atas jumlahyang sebelumnya telah dihapuskan dikreditkan terhadap laporan laba rugikonsolidasi.

The carrying amount of the asset is reduced through the use of anallowance account, and the amount of the loss is recognized in theconsolidated statement of income. When a trade accounts receivables isuncollectible, it is written-off against the allowance account forreceivables. Subsequent recoveries of amounts previously written-off arecredited against the consolidated statement of income.

Kewajiban keuangan yang diukur pada biaya perolehan diamortisasiantara lain, hutang usaha, hutang lain-lain, biaya yang masih harusdibayar dan pinjaman.

The financial liabilities at amortized cost are, among others, tradeaccounts payable, other payables, accrued expenses and loanspayable.

Sebelum 1 Januari 2010, piutang usaha dinyatakan dalam jumlah kotor dikurangi penyisihan piutang ragu-ragu.

Prior to January 1, 2010, trade receivables are stated at gross lessallowance for doubtful account.

Kewajiban keuangan yang tidak diklasifikasikan sebagai kewajibankeuangan yang diukur pada nilai wajar melalui laporan laba rugidikategorikan dan diukur pada biaya perolehan diamortisasi.

Financial liabilities not classified as financial liabilities measuredat fair value through the statement of income are categorized andmeasured at amortized cost.

Nilai wajar kewajiban keuangan yang diukur pada nilai wajar melaluilaporan laba rugi adalah kewajiban keuangan yang dapatdipindahtangankan dalam waktu dekat. Derivatif diklasifikasikansebagai kewajiban yang diukur pada nilai wajar melalui laporan labarugi kecuali ditetapkan dan efektif sebagai instrumen lindung nilai.

The fair value of financial liabilities measured at fair value throughthe statement of income are financial obligations that can betransferred in the near future. Derivatives are classified asliabilities are measured at fair value through the statement ofincome unless specified, and effective as hedging instruments.

Pada tahun 2011 dan 2010, tidak ada kewajiban keuangan Perseroanyang diklasifikasi sebagai kewajiban keuangan yang diukur pada nilaiwajar melalui laporan laba rugi.

In the years of 2011 and 2010, there were no financial liabilities ofCompany classified as financial liabilities measured at fair valuethrough the statement of income.

Kewajiban keuangan yang diukur dengan biaya perolehandiamortisasi.

Financial liabilities are measured using amortized cost.

Perseroan menggunakan akuntansi tanggal penyelesaian untuk kontrakregular ketika mencatat transaksi aset keuangan.

The Company uses settlement date accounting for regular contractswhen recording transactions of financial assets.

Kewajiban keuangan diklasifikasikan pada kelompok berikut: Financial liabilities are classified in the following groups:Kewajiban keuangan yang diukur pada nilai wajar melalui laporanlaba rugi.

Financial liabilities measured at fair value through the statementof income.

Aset Keuangan yang diklasifikasikan dalam kelompok tersedia untuk dijual

Financial assets classified as available for sale

Aset Keuangan yang diklasifikasikan dalam kelompok tersedia untukdijual adalah aset keuangan non-derivatif yang ditetapkan sebagaitersedia untuk dijual atau yang tidak memenuhi kriteria kelompok lainnya.Aset keuangan ini dicatat sebesar nilai wajar. Selisih antara nilaiperolehan dan nilai wajar merupakan rugi (laba) yang belumdirealisasikan pada tanggal neraca yang disajikan sebagai bagian dariekuitas.

Financial assets classified as available for sale are non-derivativefinancial assets designated as available for sale or that do not meetcriteria for other groups. These financial assets are recorded at fairvalue. The difference between the cost and fair value is a loss(income) that have not been realized in the balance sheet date arepresented as part of equity.

Pada tahun 2011 dan 2010, tidak ada aset keuangan Perseroan yangdiklasifikasi sebagai aset keuangan yang diklasifikasikan dalam kelompoktersedia untuk dijual.

In the years of 2011 and 2010, there were no financial assets ofCompany classified as financial assets classified as available forsale.









i. Beban ditangguhkan i. Deferred charges

j. Investasi saham j. Investments in shares of stock

k. Aset tetap k. Property, plant and equipment

/Bangunan BuildingsMesin dan perlengkapan Machinaries and equipmentsKendaraan bermotor Motor vehiclesPeralatan dan inventaris kantor Office equipments

l. Kapitalisasi biaya pinjaman l. Assets under constructions

m. Aset lain-lain m. Other assets

Sesuai dengan PSAK No. 26, "Biaya Pinjaman", beban bunga, rugi kursyang timbul atas pinjaman dan biaya-biaya lainnya yang digunakan untukbiaya pembangunan dan instalasi fasilitas-fasilitas penting dikapitalisasi.Kapitalisasi biaya pinjaman berakhir pada saat aset dalam penyelesaiantersebut selesai dibangun dan aset tersebut siap digunakan ataupembangunan aset tersebut dihentikan sementara.

In accordance with PSAK No. 26 , "Borrowing Cost", interest expense,foreign exchange losses incurred on loans and other costs that are usedto finance the construction and installation of necessary facilities arecapitalized. Capitalization of borrowing costs cease when the assets inthe settlement completed and the asset is ready for use or developmentof these assets is suspended.

Pos-pos yang tidak dapat secara layak digolongkan dalam aset tetap, danjuga tidak dapat digolongkan dalam aset lancar, investasi/ penyertaanmaupun aset tak berwujud, seperti: aset tetap yang tidak digunakan, piutangkepada pemegang saham, beban yang ditangguhkan dan aset lancarlainnya disajikan dalam kelompok aset lain-lain. Biaya yang tidak dilaporkansebagai beban pada periode terjadinya karena dianggap memberikanmanfaat bagi periode-periode selanjutnya digolongkan sebagai beban yangditangguhkan.

Accounts of assets which can not reasonably be classified in fixedassets, and also can not be classified under current assets,investment/participation as well as intangible assets, such as fixedassets are not used, the receivables to a shareholder, deferred expenseand other current assets presented in the other assets. Cost is notreported as expense in the period because it is considered beneficial forsubsequent periods are classified as a deferred expense.

55

Tanah dinyatakan berdasarkan biaya perolehan dan tidak disusutkan. Land is carried at cost and not depreciated.

Beban pemeliharaan dan perbaikan dibebankan langsung ke laporan labarugi pada saat terjadinya. Sedangkan biaya-biaya yang sifatnyameningkatkan masa manfaat aset secara signifikan, dikapitalisasi. Apabilasuatu aset tetap tidak digunakan lagi atau dijual, biaya perolehan danakumulasi penyusutan aset tetap tersebut dikeluarkan dari kelompok asettetap, dan laba atau rugi yang terjadi dilaporkan dalam laporan laba rugitahun bersangkutan.

The cost of maintenance and repairs is directly charged to statement ofincome as incurred. While significant renewal and betterments whichincrease the property, plant and equipment condition are capitalized.When property, plant and equipment are retired or otherwise disposed of,their cost and related accumulated depreciation are removed from theaccount and any resulting gain or loss is reflected in the statement ofincome for the year.

Aset tetap dipertanggungjawabkan dengan menggunakan model biaya yangdinyatakan sebesar biaya perolehan dikurangi akumulasi penyusutan danakumulasi rugi penurunan nilai. Hak atas tanah tidak disusutkan dandisajikan sebesar biaya perolehan. Penyusutan dihitung denganmenggunakan metode garis lurus berdasarkan taksiran masa manfaatekonomis aset tetap sebagai berikut:

Property, plant and equipment is accounted for by using cost modelwhich stated at cost less their accumulated depreciation and decline invalue. Landrights are not depreciated and presented at acquisition cost.The depreciation were calculated using the straight line method over theestimated useful lives of the assets as follows:

Tahun Years15 - 3010 - 15

Pada tanggal neraca nilai aset tetap direview terhadap kemungkinanpenurunan nilai, apakah terdapat peristiwa atau kondisi yang menunjukkanbahwa nilai tercatat aset tetap tidak dapat dipulihkan. Penyisihan ataspenurunan nilai aset tetap diakui pada periode terjadinya penurunan nilai.Pada akhir tahun 2010 KBR, anak perusahaan telah melakukan penurunannilai aset dalam penyelesaian sebesar Rp 310.538.885.887.

At the balance sheet date the carrying value of property, plant andequipment is reviewed for impairment whenever events andcircumstances that the carrying value of property, plant and equipmentmay not be recoverable. The provision for impairment of value isrecognized in the period it occurred. At the end of 2010, KBR, asubsidiary company had impaired the assets under constructionamounted to Rp 310.538.885.887.

Beban ditangguhkan diamortisasi selama masa manfaatnya denganmenggunakan metode garis lurus.

Deferred charges are amortized over the periods benefited by using thestraight-line method.

Investasi saham dimana Perseroan dan perusahaan anak mempunyaipemilikan paling sedikit 20% tetapi tidak lebih dari 50% dicatat denganmenggunakan metode ekuitas. Berdasarkan metode ini, investasi awaldinyatakan sebesar harga perolehan, disesuaikan dengan bagianPerusahaan dan perusahaan anak atas laba (rugi) bersih perusahaanasosiasi setelah tanggal akuisisi, dividen yang diterima dan amortisasidengan menggunakan metode garis lurus (straight-line method) selama 20(dua puluh) tahun atas selisih antara harga perolehan investasi dan bagianatas aset bersih perusahaan asosiasi pada tanggal akuisisi. Investasi dimana Perseroan mempunyai penyertaan dengan pemilikan kurang dari 20%dan harga pasar tidak tersedia dinyatakan sebesar harga perolehan.Perusahaan menelaah dan mengevaluasi nilai tercatat atas selisih antaraharga perolehan investasi dan bagian atas aset bersih perusahaan asosiasisecara berkala, dengan mempertimbangkan hasil usaha tahun berjalan danprospek di masa yang akan datang dari perusahaan asosiasi tersebut.

Investments in shares of stock wherein the Company and subsidiarieshave an ownership interest of at least 20% but not exceeding 50% areaccounted for under the equity method. Under this method, theinvestments are initially stated at cost, adjusted for the Company's andsubsidiaries' share in the net profit (losses) of the associated companiesafter the date of acquisition, dividends received and straight-line methodof amortization over a 20 (twenty) years period againts the differencebetween the cost of such investment and the investor's proportionateshare in the underlying net assets of the investee at the date ofacquisition. Investment wherein the Company and subsidiaries have anownership interest of less than 20% and its market price is not readilydeterminable are stated at cost. The Company reviews and evaluatesperiodically the carrying values of goodwill, taking into considerationcurrent results and future prospects of the related associate company.









n. Imbalan pasca kerja n. Post-employment benefits

a. a.

b. b.

o. Selisih transaksi perubahan ekuitas anak perusahaan o. Transaction difference from changes in equity of subsidiary

p. Transaksi restrukturisasi entitas sepengendali p.

q. Biaya emisi saham q. Stock issuance costs

Biaya emisi saham merupakan biaya yang berkaitan dengan penerbitansaham Perseroan. Biaya ini mencakup fee dan komisi yang dibayarkankepada penjamin emisi, lembaga dan profesi penunjang pasar modal, sertabiaya pencetakan dokumen pernyataan pendaftaran, biaya pencatatan efekekuitas di bursa efek, dan biaya promosi. Biaya-biaya yang berkaitan denganpencatatan saham di bursa efek atas saham yang sudah beredar dan biayayang berkaitan dengan dividen saham dan pemecahan saham tidaktermasuk dalam pos biaya emisi efek ekuitas.

Stock issuance costs represent expenses which relate to the issuance ofthe stock of the Company. These expenses include fee and commissionwhich paid to underwriter, stock exchanges’ supporting institutions andprofessionals, and registration document printing expenses, listing atstock exchange expense and promotion expenses. Expenses relate tothe listing of outstanding stock at stock exchange and expenses relate tostock dividend and stock split does not include in this stock issuancecost.

Sesuai dengan Surat Keputusan Badan Pengawas Pasar Modal (BAPEPAM)No. KEP-06/PM/2000 tanggal 13 Maret 2000, beban yang terjadisehubungan dengan penawaran saham Perseroan kepada masyarakatdibebankan ke “Tambahan Modal Disetor”.

In accordance with the decree of the Capital Market Supervisory Agency(BAPEPAM) No. KEP-06/PM/2000 dated March 13, 2000, the expensesincurred in connection with the shares offered by the Company to publicsare recorded as “Additional Paid In Capital”.

Restructuring transactions of entities under common control

Transaksi restrukturisasi antara entitas sepengendali berupa pengalihanaset, kewajiban, saham, atau instrumen kepemilikan lainnya yang dilakukandalam rangka reorganisasi entitas yang berada dalam satu kelompok usahayang sama tidak mengakibatkan perubahan substansi ekonomi kepemilikan,dan oleh karena itu, transaksi tersebut tidak menimbulkan laba atau rugibagi seluruh kelompok perusahaan maupun bagi entitas individu dalamkelompok perusahaan tersebut. Berdasarkan PSAK No. 38, "AkuntansiRestrukturisasi Entitas Sepengendali ", transaksi tersebut harus dicatatsesuai dengan nilai buku seperti penggabungan usaha berdasarkan metodepenyatuan kepemilikan (pooling of interests method )

Restructuring transactions between entities under common controlcomprise transfer of assets, liabilities, shares or other ownershipinstrument in the context of reorganization in the same business groupdoes not result in a change of ownership of economic substance, andtherefore, these transactions do not generate profits or loose for thegroup of companies as well as for individual entities within the groupcompanies. Based PSAK No. 38, "Accounting for Restructuring ofEntities Under Common Control", the transaction must be recordedbased on its book value as business combination using pooling ofinterests method.

Jika substansi sepengendali antara entitas yang pernah melakukan transaksi restrukturisasi entitas sepengendali kepada pihak lain yang tidaksepengendali, maka saldo akun selisih nilai transaksi restrukturisasi entitassepengendali dicatat sebagai laba atau rugi yang direalisasikan padalaporan laba rugi konsolidasi.

While the substance between entities under common control, who hadconducted the restructuring of entities under common controltransactions to other parties who are not under common control, theaccount balance is the difference between the value of the restructuringof entities under common control transactions are recorded as a incomeor loss realized on consolidated income statements.

memberhentikan seorang atau sekelompok pekerja sebelum tanggalpensiun normal; atau

terminate an employee or group of employees before the normalretirement date; or

menyediakan pesangon bagi pekerja yang menerima penawaranmengundurkan diri secara sukarela.

provide termination benefits as a result of an offer made in order toencourage voluntary redundancy.

Imbalan kerja jangka pendek diakui sebesar jumlah tak terdiskonto ketikapekerja telah memberikan jasanya kepada perseroan dan anak perusahaandalam suatu periode akuntansi.

Short-term employee benefits are recognized at undiscounted amountwhen an employee has rendered service to the Company and subsidiarycompanies during an accounting period.

Imbalan pasca kerja diakui sebesar jumlah yang diukur denganmenggunakan dasar diskonto ketika pekerja telah memberikan jasanyakepada perusahaan dalam suatu periode akuntansi. Kewajiban dan bebandiukur dengan menggunakan teknik aktuaria yang mencakup pula kewajiban konstruktif yang timbul dari praktik kebiasaan perusahaan. Dalamperhitungan kewajiban, imbalan harus didiskontokan dengan menggunakanmetode projected unit credit.

Post-employment benefits are recognized at a discounted amount whenan employee has rendered service to the Company during an accountingperiod. Liabilities and expenses are measured using actuarial techniqueswhich include constructive obligation that arises from the Company’sinformal practices. In calculating the liabilities, benefits should bediscounted by using projected unit credit method.

Pesangon pemutusan kontrak kerja diakui jika, dan hanya jika, Perseroanberkomitmen untuk:

Termination benefits are recognized when, and only when, the Companyis demonstrably committed to either:

Dalam menerapkan metode penyatuan kepemilikan, unsur laporankeuangan dari entitas yang direstrukturisasi untuk periode terjadinyarestrukturisasi tersebut dan untuk periode perbandingan yang disajikan,harus disajikan sedemikian rupa seolah - olah perusahaan tersebut telahtergabung sejak permulaan periode perbandingan yang disajikan tersebut.Selisih antara harga pengalihan dalam nilai buku dalam transaksirestrukturisasi entitas sepengendali dicatat dalam akun "Selisih TransaksiRestrukturisasi Entitas Sepengendali " yang disajikan sebagai bagian dariekuitas pada neraca konsolidasi.

In the application of pooling of interest methods, elements of financialstatements of the restructured entity for a period of restructuring and forcomparative periods presented, must be presented in such a way as - ifthe company has been incorporated since the beginning of the period ofcomparison is presented. The difference between the transfer price of thebook value of the restructuring of entities under common controltransactions are recorded under "Difference in RestructuringTransactions of Entities Under Common Control" is presented as part ofthe equity in the consolidated balance sheet.

In accordance with PSAK No. 40, "Accounting for Changes in EquitySubsidiary or associated company", the difference between the carryingvalue of investments in companies and the proportionate share of the netasset book value of the Subsidiaries arising from changes in equitySubsidiary, which is not derived from transactions between the Companyand related subsidiaries, recorded and presented as part of the equity inthe consolidated balance sheet account "Difference in Transactions ofChanges in Equity of Subsidiaries"

Sesuai dengan PSAK No. 40, "Akuntansi Perubahan Ekuitas AnakPerusahaan atau Perusahaan Asosiasi", selisih nilai tercatat penyertaanPerusahaan dan bagian proporsional saham atas nilai buku aset bersih anakPerusahaan yang timbul dari perubahan pada ekuitas anak Perusahaan,yang bukan berasal dari transaksi antara perusahaan dan anak Perusahaanterkait, dicatat dan disajikan sebagai bagian dari ekuitas dalam neracakonsolidasi pada akun "Selisih Transaksi Perubahan Ekuitas AnakPerusahaan ".









r. Pengakuan pendapatan dan beban r. Revenue and expenditures recognition

s. Pajak penghasilan s. Income tax

t. Laba (rugi) per saham t. Earning (loss) per share

u. Informasi segmen u. Segment information

3. EKUITAS LAINNYA 3. OTHER EQUITY

Transaksi Restrukturisasi Entitas Sepengendali

Transaksi Perubahan Ekuitas Anak Perusahaan

Jumlah Ekuitas Lainnya

Transaksi Restrukturisasi Entitas Sepengendali Restructuring Transaction of Entities Undesr Common Control

1.648.357.377.084 1.648.357.377.084 1.648.357.377.084

1.656.160.812.294 1.656.160.812.294 1.656.160.812.294

Segmen usaha menyajikan komponen yang dapat dibedakan(distinguishable components ) dalam suatu produk dan jasa yang memilikirisiko dan imbalan yang berbeda dengan risiko dan imbalan dari segmenusaha lain. Segmen geografis menyajikan informasi produk dan jasa padawilayah ekonomi tertentu yang memiliki risiko dan imbalan yang berbedadengan risiko dan imbalan pada komponen yang beroperasi pada wilayahekonomi tertentu.

Business segment is a distinguishable component in products andservices that are subjected to risks and returns that are different fromthose of other business segments. Geographical segments provideproduct and services information within a particular economicenvironment that is subject to risk and returns that are different fromthose of components operating in other economic environment.

30 Sep 2011 31 Des 2010 1 Jan 2010

7.803.435.210 7.803.435.210 7.803.435.210

Pada bulan Pebruari 2008, Perseroan menjual tiga anak Perusahaan (PTIndhasana Purisejahtera, PT Sinar Pedoman Abadi dan PT Tridiantara Alvindo)dengan nilai transfer sebesar Rp 48.216.000.000 kepada PT Sinar SemindoRezeki (sekarang bernama PT Petroneks Energy, perusahaan asosiasi),transaksi penjualan tidak dalam bentuk tunai tetapi diselesaikan dengan carapengalihan piutang Perseroan atas penjualan saham tersebut kepada QuestCorporation, dengan rincian adalah sebagai berikut:

In February 2008, the Company spinned off its three subsidiaries namely PTIndhasana Puri Sejahtera, PT Sinar Pedoman Abadi and PT TridiantaraAlvindo with the transaction value of Rp 48,216,000,000,- to PT SinarSemindo Rezeki (currently PT Petroneks Energy, an affiliated company). Nocash settlement for the transaction. The transaction was settled by offsettingreceivable against the Company's payable to Quest Corporation, that are asfollows:

Pajak kini dihitung berdasarkan laba kena pajak, yakni laba yang telahdisesuaikan dengan peraturan perpajakan yang berlaku.

Current tax is recognized based on taxable income for the year, which iscommercial income adjusted in accordance with the current taxregulation.

Laba (Rugi) per saham (LPS) dihitung dengan membagi laba (rugi) bersihdengan rata-rata tertimbang dari jumlah saham yang beredar pada periodeyang bersangkutan, sedangkan untuk LPS dilusian dihitung denganmembagi laba (rugi) bersih dengan jumlah rata rata tertimbang saham biasadalam 1 (satu) periode pelaporan ditambah efek berpotensi saham biasa.Jumlah rata-rata tertimbang saham beredar masing-masing dalam periodesembilan bulan yang berakhir pada 30 September 2011 dan 2010 adalah5.999.411.529 saham dan 1.447.521.573 saham.

Earning (Loss) per share (EPS) is calculated by dividing net income(loss) with the weighted average number of shares outstanding during theperiods, while for diluted EPS is calculated by dividing net income (loss)with the weighted average number of shares outstanding during the yearplus dilutive potential common stocks. The total weighted averagenumber of shares outstanding for the nine moonths ended September 30,2011 and 2010 are 5,999,411,529 shares and 1,447,521,573 shares,respectively.

Informasi segmen disajikan menurut pengelompokkan (segmen) usaha dansegmen geografis.

Segment information is presented based on business segments andgeographical segments.

Seluruh perbedaan temporer antara jumlah tercatat aset dan kewajibandengan dasar pengenaan pajaknya diakui sebagai pajak tangguhan denganmetode kewajiban (liability). Pajak tangguhan dihitung dengan tarif pajakyang berlaku saat ini.

All temporary differences arising between the tax bases of assets andliabilities and their carrying value are recognized as deferred tax usingliability method. Currently enacted tax rates are used to determinedeferred income tax.

Pendapatan diakui pada saat penyerahan, beban diakui pada saat terjadinya(accrual basis).

Revenue is recognized at the time of delivery, and expenses arerecognized as incurred on accrual basis.

Disamping itu, tidak terdapat ketidakpastian yang signifikan mengenai aruspenerimaan pendapatan dari penjualan dan biaya-biaya terkait penjualantersebut serta kemungkinan terjadinya pengembalian barang (retur).

Beside that, there is no significant uncertainty related to flows in incomefrom sales, expenses regarding to those sales and the probabilityreturned incurred.

Saldo rugi fiskal yang dapat dikompensasi diakui sebagai aset pajaktangguhan apabila besar kemungkinan bahwa jumlah laba fiskal dimasamendatang akan memadai untuk dikompensasi. Penilaian penyisihandibentuk atas bagian aset pajak tangguhan yang diperkirakan tidak dapatdirealisasi di masa yang akan datang. Koreksi terhadap kewajibanperpajakan diakui saat surat ketetapan pajak diterima atau jika mengajukankeberatan, pada saat keputusan atas keberatan tersebut telah ditetapkan.

Deferred tax assets relating to the carryforward of unused tax losses arerecognized to the extent that it is probable that the future taxable profitwill be available against which the unused tax losses can be utilized. Avaluation allowance is provided for the portion of deferred tax assetswhich is not expected to be realized in the future. Amendment to taxobligations are recorded when an assessment is received or, if appealedagainst, when the result of the appeal is determined.








3. EKUITAS LAINNYA (Lanjutan) 3. OTHER EQUITY (Continued)

Nilai transfer saham Share transfer amountPT Indhasana Purisejahtera PT Indhasana PurisejahteraPT Sinar Pedoman Abadi PT Sinar Pedoman AbadiPT Tridiantara Alvindo PT Tridiantara Alvindo

Jumlah nilai transfer Total transfer amount

Aset bersih bagian Perseroan di anak Perusahaan The Company net asset portion in subsidiary companyPT Indhasana Purisejahtera PT Indhasana PurisejahteraPT Sinar Pedoman Abadi PT Sinar Pedoman AbadiPT Tridiantara Alvindo PT Tridiantara Alvindo

Jumlah aset bersih bagian Perseroan Total Company net asset portion Difference restructuring transaction of among entities

Selisih transaksi restrukturisasi entitas sepengendali under common control

Transaksi Perubahan Ekuitas Anak Perusahaan Transaction of The Changes in The Equty of Subsidiaries

4. 4.

Nilai penjualan saham Value of share saleDikurang: Deducted :

Piutang hubungan istimewa Due from affiliated companyGoodwill Goodwill

Ditambah: Add:Aset bersih bagian perseroan di KB (100%) Net asset of Company's portion in KB (100%) 161.348.469.375

Laba atas penjualan anak perusahaan 49.288.392.386 Gain on sale of subsidiary company

Rp 8.874.500.000

(119.039.249.846) (1.895.327.143)

Sehubungan restrukturisasi hutang KBR, anak Perusahaan dengan GTA padatahun 2006, disepakati bahwa nilai tercatat hutang yang direstrukturisasisebesar Rp 1.971.951.858.618 dan dikonversi menjadi modal saham sejumlah440.700 lembar dengan nilai nominal sebesar Rp 440.700.000.000. Selisihantara hutang yang dikonversi dengan nilai wajar saham yang diperolehsebesar Rp 1.531.251.858.618 diakui sebagai agio saham. Jumlah selisihperubahan ekuitas anak Perusahaan adalah sebesar Rp 1.648.357.377.084yang merupakan selisih nilai aset bersih bagian Perseroan di anak Perusahaansesudah dan sebelum konversi hutang menjadi modal efektif.

In relation to debt restructuring of KBR with GTA in 2006, it has been agreedthat balance of restructured payable amounted to Rp 1,971,951,858,618,-and has been converted into capital stock of 440,700 shares with value ofRp 440,700,000,000. The difference between loan conversion and fair valueof share amounted to Rp 1,531,251,858,618,- is recognized as sharepremium (agio shares). Total amount of the differences arising form theequity of subsidiaries amounted to Rp 1,648,357,377,084,- that representsthe difference in net assets value of the Company's portion in its subsidiariesbefore and after loan conversion to equity is effective.

PEMBELIAN SAHAM ANAK PERUSAHAAN ACQUISITION OF SHARES IN SUBSIDIARY COMPANY

Sesuai dengan akta notaris Sutjipto,SH No. 26, tanggal 14 Januari 2010 dan

berdasarkan surat kesepakatan harga dari Menteri Negara Badan Usaha Milik

Negara No. S-559/MBU/2009 tanggal 10 Agustus 2009 tentang Penjualan

Saham Milik Negara RI di KB, Perseroan telah membeli 531 lembar saham KB,

anak Perusahaan dengan harga perolehan sebesar Rp 540.000.000 dimana

harga tersebut lebih besar daripada nilai wajar aset KB. Akibat dari transaksi

tersebut menimbulkan goodwill sebesar Rp 1.895.327.143 yang diperhitungkan

kedalam perhitungan laba atas penjualan saham anak Perusahaan.

Based on notarial deed of Sutjipto, SH, dated January 14, 2010 and basedon the price agreement of the Ministry of State Owned Enterprise No. S-559/MBU/2009 dated August 10, 2009 concerning sale of KB share owned bythe Government of Indonesia, the Company has bought 531 shares of KB, asubsidiary, with the purchase price of Rp 540,000,000,- where as thepurchase price was above the fair value of KB. This transaction resulted ingoodwill amounted to Rp 1,895,327,143,- that was accounted into the gain ondisposal of subsidiary.

48.216.000.000

4.750.000.000 1.000.000.000

34.662.564.790 40.412.564.790

7.803.435.210

Selanjutnya, berdasarkan Notaris yang sama, No. 77, tanggal 25 Januari 2010Perseroan telah melepas seluruh saham yang dimiliki di KB kepada PT SatyaMitra Mandiri, pihak ketiga sejumlah 63.531 lembar saham dengan hargapenjualan sebesar Rp 8.874.500.000, dengan perhitungan sebagai berikut:

Furthermore, based on the notarial deed of the same notary No. 77 datedJanuary 25, 2010, the Company has sold all shares in KB to PT Satya MitraMandiri, a third party, 63,531 shares with the salling price of Rp8,874,500,000,- with the following calculation:

Rp

4.750.000.000 4.043.000.000

39.423.000.000








5. KAS DAN SETARA KAS 5. CASH AND CASH EQUIVALENTS

Kas ditangan Cash on handKas pendapatan usaha 0 Cash from revenueKas kecil Petty cash

Jumlah kas Total cash on hand

Kas di bank Cash in bankRupiah Rupiah

Bank DBS 0 Bank DBSBank Panin 0 Bank PaninBank CIMB Niaga 0 Bank CIMB NiagaBank BNI Bank BNIRabo Bank Rabo BankBank Muamalat Bank MuamalatBank Mayapada Bank MayapadaBank Mandiri Bank MandiriBank Sinarmas Bank SinarmasBank Mega Bank MegaBank BCA Bank BCABank Capital Bank Capital

Jumlah kas dibank - rupiah Total cash in bank - rupiah

Dollar Amerika US DollarBank Mandiri 0 Bank DBS Indonesia

Bank DBS 0 Bank DBS

Bank BNI Bank BNI

Bank Muamalat Bank Muamalat

Bank Mega Bank Mega

Jumlah kas dibank - US Dollar Total cash in bank - US Dollar

Deposito Berjangka

Deposito Bank MayapadaDeposito Bank CIMB NiagaDeposito BTPN

Total Deposito Berjangka

Jumlah Kas dan Setara Kas Total Cash and Cash Equivalents

Pada tanggal 30 September 2011, 31 Desember 2010 dan 1 Januari 2010 tidakterdapat saldo kas dan setara kas yang dibatasi pengunaannya dan seluruhnyaditempatkan pada pihak ketiga.

As of September 30, 2011, December 31, 2010 and January 1, 2010 cashand cash equivalent are unrestricted and placed in the third party.

3.305.841.293 49.858.346 54.223.670

16.790.289.798 28.672.339.248 706.101.946

31 Jul 2011 31 Des 2010

-

1 Jan 2010

- -

2.638.750.000 3.174.886.000

11.107.028.000

- -

- 5.293.392.000 - -

0 8.448.753 8.833.086

0 9.820.420 0

3.287.171.741 0

8.542.720

18.669.552 31.589.173 36.847.864

0

10.074.401 83.009.441 138.701.0211.251.074 0

2.354.614.444 28.612.203.694 284.150.0000

195.661.966 98.920.487 28.754.02710.738.595 0

0 1.314.046 15.231.1800

6.702.368 7.242.05624.425.688 26.298.938

2.140.181.132 28.314.626.056 0

00

34.568.2286.141.992

710.5207.656.153 71.215.939 26.502.0381.040.792

330.376.05422.806.061 10.277.209 37.352.22222.806.061 10.277.209 367.728.276

30 Sep 2011 31 Des 2010 1 Jan 2010

0

0

0








6. PIUTANG USAHA 6. TRADE RECEIVABLES

a. Piutang usaha berdasarkan pelanggan adalah sebagai berikut: a. Trade receivables based on customer, as follows:

Pihak ketiga Third partiesPT Pertamina (Persero) PT Pertamina (Persero)PT Pusaka Buana Pratama PT Pusaka Buana PratamaUD Siong Khong, Surabaya UD Siong Khong, SurabayaCV Tri Inti Pratama, Malang CV Tri Inti Pratama, MalangPercetakan Angkasa, Bandung Percetakan Angkasa, BandungPenjilidan Dian, Banyuwangi Penjilidan Dian, BanyuwangiKoperasi Insani, Jakarta Koperasi Insani, JakartaIndonesia Cone 0 Indonesia ConeTatimel, Jakarta 0 Tatimel, JakartaSabnani PT 0 Sabnani PTSuryo Renggo C 0 Suryo Renggo CFilipus Nasib, Surabaya 0 Filipus Nasib, SurabayaYapanto PT, Surabaya 0 Yapanto PT, SurabayaMasco PT, Jakarta 0 Masco PT, JakartaLain-lain (dibawah Rp 10 juta) Others (under Rp 10 million)

Penyisihan piutang ragu-ragu Allowance for bad debts

Pihak berelasi Related parties

Jumlah Piutang Usaha Total Trade Receivables

b. Piutang usaha berdasarkan umur (hari) adalah sebagai berikut: b. Trade receivables based on aging (days), as follows:

Belum jatuh tempo CurrentLewat jatuh tempo 1 s/d 30 hari Overdue 1 up to 30 daysLewat jatuh tempo 31 s/d 60 hari Overdue 31 up to 60 daysLewat jatuh tempo 61 s/d 90 hari Overdue 61 up to 90 daysLewat jatuh tempo 91 s/d 120 hari Overdue 91 up to 120 daysLewat jatuh tempo >120 hari Overdue over 120 days

Penyisihan piutang ragu-ragu Allowance for bad debts

Piutang usaha - bersih Trade receivables - net

Mutasi penyisihan piutang ragu-ragu The movement of allowance for bad debts

Saldo awal Beginning balancePenambahan AdditionPenghapusan Write offSaldo akhir Ending balance

2.052.901.854 7.833.516.998 1.236.558.426

116.502.809 116.502.809 1.070.093.361

Manajemen berpendapat bahwa penyisihan piutang ragu-ragu atas piutangpada pihak ketiga adalah cukup untuk menutupi kerugian yang mungkintimbul dari tidak tertagihnya piutang tersebut, sedangkan terhadap piutangpada pihak yang mempunyai hubungan istimewa tidak diadakan penyisihanpiutang ragu-ragu karena manajemen berpendapat seluruh piutang tersebutdapat ditagih.

The Company's management believe that allowance for doubtful accounts issuffecient to cover any potential uncollectible of receivable from thirdparties, while receivables from affiliated companies are not provide anallowance, the management believe that all receivables are collectible.

Manajemen juga berpendapat bahwa tidak terdapat risiko yangterkonsentrasi secara signifikan atas piutang kepada pihak ketiga.

The management also believe that there would be no significantconcentrated risk over receivables to third parties.

0 0 690.929.4580 (953.590.552) 0

116.502.809 1.070.093.361 379.163.903

(116.502.809) (116.502.809) (1.070.093.361)

(1.070.093.361)655.333.240 6.833.342.471 874.059

110.364.73629.565.84537.904.209

557.566.03153.869.193 57.904.193 131.632.818

0000

0 0 0

1.070.967.420

(116.502.809) (116.502.809)

771.836.049 6.949.845.280

193.543.2350 0 00 0 0

165.591.006

15.359.010 15.359.010 15.359.01022.879.21438.420.95180.000.000

000

10.549.263 10.549.263 10.549.26310.118.281 10.118.281 10.118.281

280.498.381 010.868.034 10.868.034 10.868.03415.739.028 15.739.028 15.739.028

0

30 Sep 2011 31 Des 2010 1 Jan 2010

655.333.240 6.548.809.090 0

0 6.829.307.471

59.627.040 0 0

1.936.399.045 7.717.014.189 166.465.065

30 Sep 2011 31 Des 2010 1 Jan 2010

1.281.065.805 883.671.718

30 Sep 2011 31 Des 2010 1 Jan 2010

1.936.399.045 7.717.014.189 166.465.065

1.993.274.814 1.004.209.527 1.043.015.191








7. PERSEDIAAN 7. INVENTORIES

Bahan Baku dan Pembantu Raw Material and SupportingBarang Dalam Proses Work In ProcessBarang Jadi Finished GoodsBBM dan Pelumas Fuel and OilPerlengkapan suku cadang Spareparts

Penyisihan Barang Usang Allowance for Obsolete StockJumlah Persediaan - bersih Total Inventories - net

8. PIUTANG PADA PIHAK YANG BERELASI 8. DUE FROM RELATED PARTIES

PT Tridiantara Alvindo PT Tridiantara AlvindoPT Indhasana Energy PT Indhasana EnergyAhli waris Tn. Boediono Heirs of Mr. Boediono

Jumlah Total

9. INVESTASI PADA PERUSAHAAN ASOSIASI 9. INVESTMENT IN ASOCIATED COMPANY

10. ASET TETAP 10. PROPERTY, PLANT AND EQUIPMENT

Biaya Perolehan: Acquisition Cost :

Tanah LandBangunan dan prasarana BuildingsMesin dan peralatan Machineryand equipmentsKendaraan VehiclesPeralatan kantor Office equipmentsAset dalam penyelesaian Assets under construction

Jumlah Total

Akumulasi Penyusutan: Accumulated Depreciaton :

Bangunan dan prasarana BuildingsMesin dan peralatan Machinery & equipmentsKendaraan VehiclesPeralatan kantor Office equipments

Jumlah Total

Nilai Buku Net book value

PT KHI Pipe Industries Tbk (1,52% ownership)

20.616.458.220 1.067.800.839 336.368.668 21.347.890.391

730.972.471.108 700.090.625.823

1.228.747.171 97.969.392 196.388.500 1.130.328.0631.176.941.588 67.370.438 21.322.988 1.222.989.039

10.159.273.400 519.702.120 118.657.180 10.560.318.3408.051.496.061 382.758.888 0 8.434.254.949

3.444.432.187 33.709.390.000 682.238.955.786712.503.913.599751.588.929.328 3.908.578.322 34.058.991.436 721.438.516.214

1.571.503.845 363.413.636 196.388.500 1.738.528.9811.381.346.232 100.732.499 34.449.250 1.447.629.481

19.072.429.139 0 118.763.686 18.953.665.45310.778.204.013 0 0 10.778.204.013

Rp Rp Rp Rp

6.281.532.500 0 0 6.281.532.500

31 Des 2010 Penambahan / Pengurangan / 30 Sep 2011 /Dec 31, 2010 Additions Deduction Sep 30, 2011

Piutang kepada pihak yang berelasi merupakan pinjaman tanpa bunga yangtidak memiliki jadual pembayaran dan tidak ditentukan tanggal jatuh temponya.

Related parties receivables represents loan without interest, no paymentschedule and maturity date is not specified.

30 Sep 2011 31 Des 2010 1 Jan 2010

PT KHI Pipe Industries Tbk (kepemilikan 1,52%) 2.261.433.353 2.261.433.353 2.261.433.353

139.239.203 139.239.203 237.047.7216.830.648.910 6.830.648.910 7.341.988.833

6.368.362.509 6.368.362.509 6.567.491.583323.047.197 323.047.197 537.449.529

Anak Perusahaan telah mengasuransikan persediaan kepada PT AsuransiWahana Tata terhadap risiko kebakaran dengan jumlah pertanggungansebesar Rp 5.000.000.000.

The Subsidiary Company has been insuring its inventories to PT AsuransiWahana Tata for fire risk with sum assured of Rp 5,000,000,000,-.

Anak Perusahaan tidak membentuk penyisihan penurunan nilai persediaankarena manajemen berpendapat bahwa seluruh persediaan masih dapat dijualdengan harga di atas nilai tercatat persediaan.

The Subsidiary Company does not make allowance for inventoriesimpairment as the management believe that all inventories can be salableover its carrying value.

30 Sep 2011 31 Des 2010 1 Jan 2010

4.842.870.239 544.971.790 2.974.930.166(424.384.163)

4.842.870.239 544.971.790 2.550.546.003

0 733.304.629126.754.180 354.944.336 1.048.376.083

926.729.948 456.154.630688.130.211 104.094.919

30 Sep 2011 31 Des 2010 1 Jan 2010

3.101.255.900 190.027.454 632.999.905








10. ASET TETAP (Lanjutan) 10. PROPERTY, PLANT AND EQUIPMENT (Continued)


Tanah LandBangunan dan prasarana BuildingsMesin dan peralatan Machinery and equipmentsKendaraan VehiclesPeralatan kantor Office equipmentsAset dalam penyelesaian Assets under construction

Jumlah Total



Jumlah Total



Tanah LandBangunan dan prasarana BuildingsMesin dan peralatan Machinery and equipmentsKendaraan VehiclesPeralatan kantor Office equipmentsAset dalam penyelesaian Assets under construction

Jumlah Total



Jumlah Total


Piutang penjualan asset tetap Receivable on sale of fixed assetsHasil penjualan asset tetap Proceeds on sale fixed assetsNilai buku asset tetap yang dijual Net book value on sale

Laba penjualan aset tetap Gain on sale of fixed assets

0

721.181.771 14.301.752.767 206.550.000

30 Sep 2011 30 Sep 2010 1 Jan 2010

(33.722.845.013) (11.077.047.233)

Perhitungan penjualan asset tetap untuk periode sembilan bulan yang berakhir padatanggal 30 September 2011 dan 2010 serta untuk tahun yang berakhir pada tanggal 1Januari 2010, adalah sebagai berikut:

The computation on sale of the Company's fixed asets for the nine monthsperiod ended September 30, 2011 and 2010 and for the year ended January1, 2010, are as follows:

34.444.026.784 24.238.800.000 206.550.000

136.625.771.571 11.645.057.263 935.001.520 147.335.827.314

1.090.868.418.418 1.080.782.660.621

3.459.065.066 475.228.347 490.934.614 3.443.358.799

1.714.398.663 105.433.014 332.939.659 1.486.892.018

17.182.038.298 1.652.348.274 44.316.324 18.790.070.248

114.270.269.544 9.412.047.628 66.810.923 123.615.506.249

1.020.823.781.484 1.281.066.153 277.515.406 1.021.827.332.231

1.227.494.189.989 1.725.109.152 1.100.811.206 1.228.118.487.935

4.861.857.731 42.000.000 462.205.205 4.441.652.526

2.160.714.549 44.858.000 354.076.049 1.851.496.500

37.787.802.900 0 1.294.546 37.786.508.354

144.567.854.841 357.184.999 0 144.925.039.840

Jan 1, 2009 Additions Deduction Jan 1, 2010

17.292.178.484 0 5.720.000 17.286.458.484

1 Jan 2009 Penambahan/ Pengurangan/ 1 Jan 2010

1.080.782.660.621 730.972.471.107

1.486.892.018 96.735.406 406.685.836 1.176.941.588147.335.827.314 1.515.577.864 128.234.946.958 20.616.458.220

123.615.506.249 539.879.305 116.103.889.493 8.051.496.0613.443.358.799 107.064.998 2.321.676.626 1.228.747.171

1.228.118.487.935 1.397.861.856 477.927.420.464 751.588.929.327

18.790.070.248 771.898.155 9.402.695.003 10.159.273.400

1.851.496.500 27.545.001 497.695.270 1.381.346.2311.021.827.332.231 1.215.466.855 310.538.885.487 712.503.913.599

144.925.039.840 0 134.146.835.827 10.778.204.0134.441.652.526 154.850.000 3.024.998.681 1.571.503.845

17.286.458.484 0 11.004.925.984 6.281.532.50037.786.508.354 0 18.714.079.215 19.072.429.139

1 Jan 2010 Penambahan/ Pengurangan/ 31 Des 2010Jan 1, 2010 Additions Deduction Dec 31, 2010

0 1.140.000.000 0








10. ASET TETAP (Lanjutan) 10. PROPERTY, PLANT AND EQUIPMENT (Continued)

11. HUTANG BANK 11. BANK LOAN

12. HUTANG USAHA 12. TRADE PAYABLES

Pihak ketiga Third partiesPT Klorin Inti PT Klorin IntiPT Inti Kaliasin, Surabaya PT Inti Kaliasin, SurabayaPT Indimex SAG PT Indimex SAGPT Bumi Pertiwi Lestari PT Bumi Pertiwi LestariCV Putra Tunggal CV Putra TunggalPT Putri Sakti PT Putri SaktiJaya Mandiri Jaya MandiriCBC Indonesia, Sby CBC Indonesia, SbySumber Tehnik MGL, PD Sumber Tehnik MGL, PDPT GSP/ Tehnik PT GSP/ TehnikPT GSP PT GSPNine Stars & Stockpile CV Nine Stars & Stockpile CVPT Alida Perkasa PT Alida PerkasaPT Sirara Agung Jaya PT Sirara Agung JayaLain-lain (dibawah Rp 200 juta) Others (under Rp 200 million)

Pihak berelasi Related partiesPT Sinar Pedoman Abadi PT Sunar Pedoman AbadiPT Petroneks Energy PT Petroneks Energy

Jumlah Hutang Usaha Total Trade Payables

PT Bank Negara Indonesia (Persero) Tbk

3.791.284.605

7.953.094.874

8.967.750.294 15.406.180.384 27.619.818.714

0 0 0

0

0 0 0

7.592.376.690 8.967.750.294 15.405.271.804 19.666.723.840

283.141.433 1.058.452.440

0 0

2.215.340.890 2.162.422.350 0

278.870.400 0 0 814.222.800

363.547.263 384.335.211

0 0 0 0 0

3.002.752.333 286.000.000

0 0

0 0

224.129.972 240.129.972 264.129.972 345.428.960 0

4.400.000.000 7.486.008.328 6.023.353.533

627.823.608 643.823.608 667.823.608 434.173.981 450.173.981 0

Pinjaman yang diperoleh tersebut di atas merupakan fasilitas pinjaman KMKPost-Financing dengan maksimum kredit sebesar Rp 1.860.000.000, dengansuku bunga 12 % per tahun dan berjangka waktu 1 (satu) tahun yang dijamindengan tanah/bangunan kantor dan persediaan yang telah diperpanjang dandilunasi pada tanggal 7 Mei 2011.

Bank loan represents a loan facility for post-financing with maximum credit ofRp 1,800,000,000,- with interest rate at 12 % per annum and one year tenorwhich have been extended and settled on May 7, 2011. The Company'soffice land and building are used as collateral for the loan.

Akun ini merupakan kewajiban anak perusahaan kepada pemasok ataspembelian bahan baku, suku cadang, bahan pembantu dan lainnya, denganrincian sebagai berikut:

This account represents the Subsidiary Company's payable to supplier forpurchase of raw material, spare parts, supporting materials and others, withthe details as follows:

30 Sep 2011 31 Des 2010 1 Jan 2010

30 Sep 2011 31 Des 2010 1 Jan 2010

PT Bank Negara Indonesia (Persero) Tbk 1.860.000.000 2.661.500.0000

Aset dalam penyelesaian merupakan biaya yang terjadi sehubungan dengan

pengadaan mesin dan pembangunan pabrik kertas baru Paper Mill Project-2

(PM-2) dan HTI untuk ekspansi kertas HVS di KBR, anak perusahaan termasuk

biaya terkait dengan perolehan pinjaman yang digunakan untuk pembiayaan

proyek selama periode konstruksi dengan saldo per tanggal 31 Desember 2009

sebesar Rp 1.021.827.332.231 dan prosentase penyelesaian 90%. Pada tahun

2010 manajemen mengindikasikan adanya potensi penurunan nilai atas nilai

aset dalam penyelesaian PM-2. Sehingga berdasarkan laporan penilai

independen KJPP Herly, Ariawan & Rekan No. AV.01.11.026, tanggal 4 Maret

2011 manajemen telah melakukan penyesuaian atas saldo aset dalam

penyelesaian tersebut sebesar Rp 310.538.885.487 menjadi sebesar Rp

710.795.005.088 yang dibebankan pada laporan laba (rugi) tahun 2010. Nilai ini

merupakan nilai pasar dari aset dimaksud.

Assets under contruction represents the costs incurred in connection with

procurement of machinery and the construction of a new paper mill Paper

Mill Project-2 (PM-2), the industrial plantation (HTI) for expansion paper HVS

in KBR, a subsidiary company including the cost of associated with the

acquisition loans used to finance the project during the construction period

with the balance as of 31 December 2009 amounted to Rp 1,021,827,332,231

and the completion of 90%. In 2010 management had indicated impairment

value of asset under construction PM-2. Accordingly based on independent

appraisal report of KJPP Herly, Ariawan & Rekan No. AV.01.11.026. dated 4

March 2011 management had made adjustment to asset under construction

amounted to Rp 310,538,885,487 become amounted to Rp 710,795,005,088

which charged to the profit (loss) statement in 2010 year. This amount

represent the market value of the respective assets.

PM-1 dan PM-2 diklasifikasikan sebagai aktiva tetap yaitu properti, pabrik danperalatan di KBR, anak perusahaan diasuransikan dengan jumlahpertanggungan sebesar Rp 1.822.354.180.000 terdiri dari Rp 84.646.800.000asuransi untuk PM-1 dan Rp 1.737.707.380.000 asuransi untuk PM-2.Manajemen berkeyakinan jumlah ini cukup untuk menanggung asuransi aktivatetap.Asuransi PM-2 menggunakan produk asuransi “Fire Material Damage” untukBangunan Pabrik termasuk isinya dan Mesin & Peralatan yang meliputi resikoakan Kebakaran, Petir, Ledakan, Dampak jatuhnya pesawat dan / DampakKendaraan, Kerusuhan, Hantaman/Mogok dan Berbahaya Kerusakan,Keributan Sipil. Periode waktu polis asuransi adalah dari tanggal 8 September2011 sampai dengan 8 September 2012.

PM-1 and PM-2 are classified as fixed assets ie property, plant andequipment at KBR, a subsidiary insured with total coverage amounting to Rp1,822,354,180,000 consisting of Rp 84,646,800,000 insurance for PM-1 andRp 1,737,707,380,000 insurance for PM-2. Management believes thisamount is sufficient to cover the insurance of fixed assets.Insurance PM-2 use of the insurance product is "Fire Material Damage" forBuilding and Contents Including Machinery & Equipment which include therisk of Fire, Lightning, Explosing, Impact of Falling Aircraft, Smoke and /orImpact of Vehicle, Riot, Strike and Malicious Damage, civil Commotion. Thetime period from the date of the insurance policy is 8 September 2011 up to8 September 2012.

0

0

908.580

7.953.094.874 908.580








12. HUTANG USAHA (Lanjutan) 12. TRADE PAYABLES (Continued)

Seluruh saldo hutang usaha dalam mata uang Rupiah. All of trade payables balances are in Indonesian Rupiah.

13. BIAYA YANG MASIH HARUS DIBAYAR 13. ACCRUED EXPENSES

Gaji, upah dan tunjangan Salaries, wages and allowancesJamsostek dan Taspen Jamsostek and TaspenAir, listrik dan telepon Water, electricity and telephoneBunga InterestPurna Kerja/Pesangon pensiun RetirementsDPLK DPLKAsuransi InsuranceDenda pajak Tax fineAngkutan kertas Paper transportationLain-lain (dibawah Rp 10 juta) Others (under Rp 10 milion)Jumlah Total

14. UANG MUKA PENJUALAN 14. SALES ADVANCE

CV Putra Tunggal, Semarang CV Putra Tunggal, SemarangPT Satya Mitra Mandiri PT Satya Mitra MandiriLainnya (dibawah Rp 10 juta) Others (under Rp 10 million)

Jumlah Uang Muka Penjualan Total Sales Advance

15. UANG JAMINAN 15. DEPOSIT

PT. Glory Indonesia Abadi PT. Glory Indonesia AbadiPT Sungai Menang PT Sungai Menang

Jumlah Uang Jaminan Total Deposit

16. HUTANG LAIN - LAIN 16. OTHER PAYABLES

Pihak ketiga Other partiesPT Greta Sastra Prima PT. Greta Sastra PrimaValmet Corporation Inc. Valmet Corporation Inc.PT Weltes Energi Nusantara PT Weltes Energi NusantaraPT Trirta Kreasi Amrita PT Trirta Kreasi AmritaPT Arianto Darmawan PT Arianto Darmawan, BandungPT Grama Bazita PT Grama BazitaNiigata Engineering Co. Niigata Engineering Co.PT Purna Sentana Baja PT Purna Sentana Baja, CilegonPT Saka PT SakaPT Seltech Utama PT Seltech UtamaHA Simons Ltd. HA Simons Ltd.PT Dinda Pradana PT Dinda PradanaPT Jasindo, Jember PT Jasindo, JemberPengobatan dan Pakaian Dinas Medical and uniformLain-lain (dibawah Rp 200 juta) Others (under Rp 200 million)

Pihak berelasi Related partiesPT Sinar Pedoman Abadi PT Sinar Pedoman Abadi

Jumlah hutang lain - lain Total other payables

30 Sep 2011 31 Des 2010 1 Jan 2010

1.679.153.845

12.286.181.845

0 0

0 0

10.607.028.000 0 0

11.957.545.367 62.901.887.105 76.305.788.181

10.718.604.367 61.662.946.105 75.066.847.181

1.238.941.000 1.238.941.000 1.238.941.000

317.598.691 407.554.323 346.848.6063.192.134.106 2.362.966.684 3.719.874.738

0 0 1.440.102.000225.087.973 0 0

394.976.313 359.029.698 359.029.698234.344.791 238.806.984 249.670.298

622.590.897 630.857.262 618.202.000387.763.653 387.763.653 387.763.653

460.939.328 422.297.411 422.297.411352.920.000 359.640.000 374.248.728

745.520.015 745.385.015 745.385.015212.430.200 212.430.200 212.430.200

2.477.498.400 2.524.672.800 2.639.520.0001.094.800.000 1.094.800.000 1.094.800.000

30 Sep 2011 31 Des 2010 1 Jan 2010

0 51.916.742.076 62.456.674.834

14.082.100 14.082.100 1.329.911.056

171.082.100 121.082.100 11.233.556.649

157.000.000 107.000.000 2.403.645.593 0 7.500.000.000

3.872.665.049 3.644.424.359 12.568.121.063

30 Sep 2011 31 Des 2010 1 Jan 2010

2.498.878.907225.087.973141.835.637449.790.943

57.592.018 161.879.065 161.920.023

0 0

0

35.677.500 266.651.429 266.651.42950.000.000 446.733.943 1.890.978.564

1.278.040.222 1.556.255.833 1.900.316.807754.645.639 806.594.809 1.514.384.404

0

0

Uang jaminan yang dapat dikembalikan dari PT. Sungai Menang (SM) kepadaperseroan, sebagai akuisisi saham PT. Hutan Ketapang Industri (HKI). (Catatan30a).

The Refundable deposit of the PT Sungai Menang (SM) to corporate, as theacquisition of shares of PT. Hutan Ketapang Industi (HKI). (Notes 30a).

Uang Jaminan dari PT. Glory Indonesia Abadi (GIA) kepada KBR, sebagaipembayaran dimuka pesanan kertas.

Deposit of PT. Glory Indonesia Abadi (GIA) to KBR, a prepayment orderpaper.

0 1.433.608.589

0

30 Sep 2011 31 Des 2010 1 Jan 2010

263.101.081 406.309.280 3.518.276.376

Saldo hutang kepada pihak yang berelasi PT Sinar Pedoman Abadi merupakanhutang jasa pengelolaan operasional dan penebusan bahan bakar minyakuntuk SPBU Mampang.

The balance due to PT Sinar Pedoman Abadi, an affiliated company,represents payable of operator fees and reimburesement of fuel purchase forthe Company's fuel station in Mampang.

Saldo kepada PT Petroneks Energy, pihak yang berelasi merupakan hutanguntuk modal kerja tanpa bunga dan tidak ditentukan batas waktupengembaliaanya.

The balance due to PT Petroneks Energy, an affiliated company, representspayable for working capital without intersest and maturity date.

Saldo kepada CV. Putra Tunggal merupakan hutang untuk modal kerja tanpabunga sehubungan dengan transaksi makloon kertas di KBR, anakPerusahaan. Hutang tersebut dibayar berdasarkan jadual pembayaran.

The balance of the CV. Putra Tunggal is payable for working capital with nointerest bearing in relation with transactions in the paper makloon KBR,subsidiary. Such debts are paid based on the payment schedule.








16. HUTANG LAIN - LAIN (Lanjutan) 16. OTHER PAYABLES (Continued)

17. HUTANG PADA PIHAK YANG BERELASI 17. DUE TO RELATED PARTIES

PT Petroneks Energy PT Petroneks EnergyPT Sinar Pedoman Abadi PT Sinar Pedoman AbadiPT Malindo Nusantara Cemerlang PT Malindo Nusantara CemerlangAhli Waris Tn. Boediono Ahli Waris Tn. BoedionoYusuf Ardhi Boediono Yusuf Ardhi BoedionoPT Indhasana Energy 0 PT Indhasana EnergyBagian Yang Jatuh Tempo 0 Due date portion

Jumlah Total long-term portion

18. BANK DAN LEMBAGA KEUANGAN NON BANK 18. LOANS FROM BANK & FINANCIAL INSTITUTION NON BANK

Bank BankBank DBS Bank DBSBagian yang jatuh tempo Due date portion

Bagian jangka panjang Long-term portion

Non Bank Non Bank PT BCA Finance PT BCA FinanceBagian yang jatuh tempo Due date portion

Bagian jangka panjang Long-term portion0 0 83.182.160

Saldo pinjaman kepada PT BCA Finance merupakan fisilitas pembiayaan untukpembelian kendaraan Perseroan.

The balance of loan to PT BCA Finance represents financing facility for purchaseof the Company's vihicle.

20.794.997 83.180.000 177.811.533

(20.794.997) (83.180.000) (94.629.373)

0 0 (9.613.292.322)0 0 18.980.931.896

30 Sep 2011 31 Des 2010 1 Jan 2010

0 0 28.594.224.218

Saldo hutang kepada pihak yang berelasi PT Sinar Pedoman Abadi merupakanhutang jasa pengelolaan operasional dan penebusan bahan bakar minyakuntuk SPBU Mampang.

The balance due to PT Sinar Pedoman Abadi, an affiliated company,represents payable of operator fees and reimburesement of fuel purchase forthe Company's fuel station in Mampang.

Saldo hutang kepada pihak yang berelasi PT Malindo Nusantara Cemerlang,merupakan pinjaman untuk modal kerja Perusahaan sebesar Rp 2.500.000.000,tanpa dikenakan bunga dan jadual pengembalian yang tetap.

Balance to related party of PT. Malindo Nusantara Cemerlang, representsloan for Company's working capital amounted to Rp 2,500,000,000, notinterest bearing and repayment schedule has not been fixed yet.

Saldo hutang kepada pihak yang berelasi Ahli Waris Tuan Boediono(“Boediono”), merupakan pinjaman modal kerja anak perusahaan sebesar Rp2.321.805.013, tanpa dikenakan bunga dan jadual pemgembalian kembali yangtetap. Saldo tersebut berasal dari piutang PT Indhatama Laksana Perdana yangtelah dialihkan kepada Boediono sesuai Akta Perjanjian Pengalihan Piutang No.38 tanggal 27 Juli 2009.

Balance to heirs of Mr. Boediono ("Boediono"), represents working capitalloan of subsisiary company amounted to Rp 2,321,805,013, without interestand payment schedule. This balance is represents receivable of PTIndhasana Laksana Perdana to subsidiary which have been transferred to toBoediono in accordance with the deed of transfer receivable agreement No.38 dated 27 July 2009.

1.140.980(2.164.180.800)

6.384.604.155 6.380.242.068 18.473.433.333

Saldo hutang kepada pihak yang berelasi PT Petroneks Energy merupakanpinjaman untuk membayar pesangon karyawan yang dialihkan ke perusahaantersebut, tanpa dikenakan bunga dan jadual pengembalian yang tetap.

The balance to related party of PT Petroneks Energy, represents loan forseverance payment of the Company's employees which have beentransferred to PT Petroneks Energy, not interest bearing and repaymentschedule has not been fixed yet.

00

2.321.805.013 2.321.805.013 2.321.805.0130 120.000.000 0

713.716.450 0849.082.692 724.720.605 15.814.668.140

2.500.000.000 2.500.000.000 2.500.000.000

Saldo kepada PT Sinar Pedoman Abadi, pihak yang berelasi merupakan hutang modal kerja PT Kertas Basuki Rachmat, anak perusahaan tanpa bunga dantidak ditentukan batas waktu pengembaliaanya.

The balance due to PT Sinar Pedoman Abadi, an affiliated company,represents payable of working capital PT Kertas Basuki Rachmat, subsidiarycompany without intersest and no maturity date.

30 Sep 2011 31 Des 2010 1 Jan 2010

713.716.450

Saldo hutang lain-lain kepada pihak ketiga PT Greta Sastra Prima (GSP)sebesar Rp 51.916.742.076 di PT Kertas Basuk Rachmat (KBR), anakperusahaan telah mengalami beberapa kali pengalihan, terakhir dialihkankepada PT Wahyu Berkat Abadi (WBA) pada tanggal 8 Agustus 2011,berdasarkan Akta Perjanjian Pengalihan Hak No. 25, Notaris Humberg Lie, SHdi Jakarta. Kemudian pada tanggal 18 Agustus 2011 saldo hutang anakperusahaan tersebut di restruktur dan diambil alih oleh Perseroan untukdiselesaikan dengan cara konversi hutang ke modal saham melalui penerbitansaham baru tanpa HMETD, sesuai dengan Keputusan RUPSLB tanggal 21September 2011 (Catatan 21 dan 30d).

Balance of other payables to third party PT Greta Sastra Prima (GSP)amounted to Rp 51,916,742,076 in PT Kertas Basuki Rachmat (KBR),subsidiary company have been assigned in several times, lastest assignmentto PT Wahyu Berkat Abadi (WBA) was based on Notarial ReceivablesAssignment Agreement dated August 8, 2011 deed No. 25 of Humberg Lie,SH in Jakarta. Afterwards, the Corporate has restructured and took over theaccounts payable balance of KBR to WBA on August 18, 2011 for settlementwith debt to equity method by means of issuing a new share of Non-Preemtive Rights, in accordance with the resolution of Extra OrdinaryShareholders Meeting (RUPSLB) dated September 21, 2011 (Notes 21 and30d).








19. PINJAMAN JANGKA PANJANG 19. LONG-TERM LOAN

Quest Corporation: Quest Corporation:Tranche A - US$ 10.000.000 Tranche A - US$ 10,000,000Tranche B - US$ 19.000.000 Tranche B - US$ 19,000,000Tranche C - US$ 1.500.000 Tranche C - US$ 1,500,000Bagian yang jatuh tempo Due date portion

Bagian pinjaman jangka panjang Long-term loan portion

-Pinjaman Tranche A dan B -Loan Tranche A and B

-Pinjaman Tranche C -Loan Tranche CUntuk pinjaman Tranche C sejumlah USD 9,500,000,-, ekuivalent dengan Rp85.500.000.000,-, Perseroan dibebankan oleh Quest premi sebesar Rp52.182.368.657,-. Pinjaman dan premium ini harus dibayar paling lambat 3Desember 2010.

For loans Tranche C of US$ 9,500,000.- equivalent to Rp85,500,000,000,000.-, the Company was charged by Quest a premiumamounted to Rp 52,182,368,657.-. This loan and premium should be paid onDecember 3, 2010 at the latest.

Berdasarkan perjanjian Jaminan Perseroan antara Quest dengan Perseroanpada tanggal 12 Oktober 2010, Perseroan memberikan jaminan perusahaanatas pembayaran pinjaman Tranche A dan B di KBR.

Based on Corporate Guarantee agreement between Quest and the Companyon October 12, 2010, the Company provided a corporate guarantee over therepayment of loans Tranche A and B in KBR.

Pada tanggal 11 Oktober 2007, pinjaman Tranche C dialihkan menjadi hutangPerseroan. Pengalihan hutang ini tidak dalam bentuk tunai.

On October 11, 2007, loan Tranche C was transferred to the Companywithout cash settlement.

Pada tanggal 31 Maret 2008, Perseroan dan Quest mengadakan perjanjianuntuk mengoffset hutang ini dengan piutang Perseroan dari Pemegang Sahamdan PT Petroneks Energy, perusahaan asosiasi (dahulu bernama PT SinarSemindo Rezeki).

On March 31, 2008, the Company entered in an agreement with Quest tooffset this loan against the Company's receivables from its formershareholder and PT Petroneks Energy, an affiliated company (formerly PTSinar Semindo Rezeki).

Berdasarkan Perubahan Perjanjian Restrukturisasi Pinjaman antara QuestCorporation dengan Perseroan dan KBR Pada tanggal 12 Oktober 2010,pinjaman Tranche A, B dan C tersebut direstrukturisasi sebagai berikut:

Based on Amendment to the Debt Restructuring Agreement between QuestCorporation with the Company and KBR dated October 12, 2010, LoansTranche A, B and C had been restructured as follows:

Hutang Tranche B sebesar US$ 19.000.000 dengan bunga 2,5% per tahunakan jatuh tempo dalam 12 tahun termasuk 4 tahun masa tenggang.

The Loan Tranche B of USD 19,000,000, with interest rate of 2.5 % perannum, will mature within12 years including 4 years grace period.

Pinjaman Tranche A dan B dijamin dengan seluruh aset tetap KBR, anakPerusahaan yang meliputi mesin, tanah dan bangunan termasuk aset dalampenyelesaian-PM-2 (Catatan 10).

Untuk pinjaman Tranche A dan B sejumlah USD 29.000.000,-, ekuivalentdengan Rp 261.000.000.000,-, KBR dibebankan oleh Quest premi sebesar Rp159.293.546.425,-. Pinjaman dan premium ini harus dibayar paling lambat 3Desember 2010.

For loans Tranche A and B totalling US$ 29,000,000.- equivalent to Rp261,000,000,000.-, KBR was charged by Quest a premium amounted to Rp159,293,546,425.-. These loans and premium should be paid on December 3, 2010 at the latest.

Pada tanggal 16 Desember 2010, pinjaman Tranche A, B dan sebagianpinjaman Tranche C telah dilunasi oleh Perseroan. Sumber pendanaan untukmelunasi pinjaman tersebut diperoleh dari hasil Penawaran Umum Terbatas IPerseroan.

On December 16, 2010, loans Tranche A, B and a part of loan Tranche Cincluding premiums had been paid by the Company. Sources of fund forpayment of the loans was come from the proceed of the Company's rightsissue I.

Sisa saldo pinjaman Tranche C direncanakan akan dilunasi seluruhnya olehPerseroan dalam tahun 2011 setelah penjualan gedung kantor milik Perseroanyang berlokasi di Jl. Abdul Muis 46 Jakarta 10160.

The remaining balance of Loan Tranche C is planning to be paid by theCompany within 2011 after sale of the Company's office building located atJl.Abdul Muis No. 46 Jakarta 10160.

Loans- Tranches A and B were secured by all assets of the KBR, asubsidiary company, consisting of property, plant and equipment,land andbuilding, including asset under construction -PM-2 ( Note 10)

Pinjaman Tranche C sebesar US$ 16.000.000 dengan bunga 3 % per tahunakan jatuh tempo dalam 15 tahun termasuk masa tenggang selama 4 tahun.Pinjaman ini tidak dijamin.

Loan Tranche C of US$ 16,000,000, with interest rate of 3% per annum, willmature within 15 year including 4 years grace period. This loan isunsecured.

0 0 362.696.517.045

Setelah direstrukturisasi, hutang Tranche A sebesar US$ 10.000.000 denganbunga 2% per tahun akan jatuh tempo dalam 10 tahun termasuk 4 tahun masatenggang.

After being restructured, the Loan Tranche A of USD 10,000,000, withinterest rate of 2 % per annum, will mature within10 years including 4 yearsgrace period.

94.000.000.000178.600.000.000

13.234.500.000 13.486.500.000 90.096.517.045(13.234.500.000) (13.486.500.000) 0

00

00

Pinjaman kepada Quest Corporation ("Quest') pada awalnya merupakanpinjaman kepada Goal Trading Assets Ltd (“GTA”) yang telah diresktrukturisasipada tanggal 29 Mei 2006. Pada tanggal 30 Agustus 2007, GTA mengalihkanpiutangnya kepada Quest yang kemudian merestrukturisasi hutang tersebutmenjadi 3 (tiga) fisilitas Tranche, dengan rincian berikut:

The loan to Quest Corporation ("Quest") was initially loan to Goal TradingAssets Ltd ("GTA") which had been restructured on May 29, 2006. On August 30, 2007, GTA transferred the loan to Quest and then Quest Corporationrestructured the loan into 3 (Three) Tranches Facilities, with following details:

30 Sep 2011 31 Des 2010 1 Jan 2010








20. KEWAJIBAN IMBALAN PASCA KERJA 20. POST-EMPLOYMENT BENEFITS OBLIGATION

Kewajiban imbalan pasca kerja dineraca adalah sebagai berikut: Employee benefits liabilities on balance sheets, are as follows:

Nilai kini kewajibanBiaya jasa lalu yang belum diakui-non vestedKeuntungan aktuarial yang belum diakui

0

Saldo akhir Ending balance

Mutasi kewajiban bersih adalah sebagai berikut : The movement of net obligation as follows:

Saldo awal Beginning balancePembayaran manfaatBeban periode berjalan

0


Tingkat diskonto per tahunTingkat kenaikan gaji per tahunTingkat mortalitasTingkat cacatTingkat pengunduran diri per tahun 10% dari 20 - 29 tahun/ 10% of 20 - 29 years old

sampai 1% dari 50 - 54 tahun/ up to 1% of 50 - 54 years oldTingkat pensiun normal

21. KEPENTINGAN NON PENGENDALI 21. NON-CONTROLLING INTERESTS

22. MODAL SAHAM 22. SHARE CAPITAL

30 September 2011 September 30, 2011

Lembar saham/ Persentase /Percentage

Seri saham Share seriesSeri A A seriesSeri B B seriesSeri C C seriesSeri D D series

31 Desember 2010 Desember 31, 2010


Seri saham Share seriesSeri A A seriesSeri B B seriesSeri C C series

275.822.830 (676.765.335)

30 Sep 2011

(6.672.291.488)

(7.073.233.993)

5.983.089.146 75,61% 598.308.914.600 7.913.117.916 100,00% 1.234.314.673.800

1.250.000.000 15,80% 500.000.000.000 680.028.770 8,59% 136.005.759.200

8.687.994.942 100,00% 1.273.058.523.800

Jumlah modal disetor/ Number of shares Total paid in capital

680.028.796 7,83% 136.005.759.200 5.983.089.146 68,87% 598.308.914.600

8,92% 38.743.850.000 774.877.000


1.250.000.000 14,39% 500.000.000.000

Resignation rate

100% Normal retirement

Akun ini merupakan kepentingan non pengendali atas aset dan laba (rugi)bersih anak Perusahaan pada tanggal 30 September 2011, 31 Desember 2010dan 1 Januari 2010 masing-masing sebesar Rp 49.055.700,-, Rp 840.971.419,-dan Rp 2.135.772.602,-.

This account represents minority interests of the net assets and profit (loss)in subsidiaries as of September 30, 2011, December 31, 2010 and January 1, 2010 amounted to Rp 49,055,700.-, Rp 840,971,419.- and Rp 2,135,772,602.-repectively.

10% (2009 : 8%) Salary increment rateTMI-II 1999 Mortality rate

5% x mortalitas/ 5% x mortality Disability rate

30 Sep 2011

Kewajiban imbalan pasca kerja - Perseroan (5.528.508.289) Employee benefits liabilities-Company2.615.327.828

(5.528.508.289)

(9.986.414.454) (12.629.442.782)

(9.986.414.454) (12.629.442.782)

Asumsi utama yang digunakan dalam menentukan biaya manfaat pensiunPerseroan oleh PT Mitra Jasa Prima, aktuaris independen, adalah sebagaiberikut:

The major assumptions used by PT Mitra Jasa Prima, independent actuary,for the calculation of pension benefit expenses of the Company, are asfollows:

10% Discount rate

Pembayaran pesangon - anak perusahaan Payment benefits-subsidiary companyKewajiban imbalan pasca kerja - Perseroan (5.528.508.289) Employee benefits liabilities-Company

Kewajiban imbalan pasca kerja Employee benefits liabilities- anak perusahaan (7.100.934.493) -subsidiary company(7.073.233.993)

2.615.327.828 (5.528.508.289)

Employee benefits liabilities- anak perusahaan (7.100.934.493) -subsidiary company

Pembayaran pesangon - anak perusahaan Payment benefits-subsidiary company

31 Des 2010

(6.672.291.488) Present value of obligation275.822.830 Unrecognized past service cost

(704.465.835) Unrecognized actuarial losses

Kewajiban imbalan pasca kerja

Perseroan dan anak Perusahaan menghitung kewajiban estimasi ataspemberhentian karyawan dan imbalan kerja pada kasus pemecatan karyawanberdasarkan masa tahun kerja karyawan. Kewajiban estimasi dihitungberdasarkan Peraturan Ketenagakerjaan dan PSAK No. 24 mengenai ImbalanKerja.

The Company and subsidiaries have determined the estimated liabilities ontheir employee’s termination, gratuity and compensation benefits in case ofemployment dismissal based on employees’ number of years of serviceprovided. The estimated liabilities are calculated based on existingmanpower regulations and PSAK No. 24 regarding “Employee Benefits”.

(548.347.984) (548.347.984) Payment benefits(244.817.752) (272.518.252) Current expense

31 Des 2010

(6.280.068.257) (6.280.068.257)

Jumlah modal ditempatkan dan disetor penuh pada tanggal 30 September2011, 31 Desember 2010 dan 1 Januari 2010 berdasarkan catatan yang dibuatoleh Kantor Adminstrasi Saham, PT Ficomindo Buana Registrar, danPerubahan Anggaran Dasar Perseroan 21 September 2011, adalah sebagaiberikut :

Capital stock, issued and fully paid as of September 30, 2011, December 31,2010 and January 1, 2010 based on the report of stock administrationagency, PT Ficomindo Buana Registrar, and change in the company'sarticles of assocation September 21, 2011 are as follows:








22. MODAL SAHAM (Lanjutan) 22. SHARE CAPITAL (Continued)

1 Januari 2010 January 1, 2010


Seri saham Share seriesSeri A A seriesSeri B B series

30 September 2011 September 30, 2011

Modal saham disetor/ Persentase/Paid in share capital Percentage

Riverton Group Holdings Limited Riverton Group Holdings LimitedSuisse Charter Investment Ltd Suisse Charter Investment LtdWyoming International Ltd Wyoming International LtdAAA-JS Multisectoral Fund AAA-JS Multisectoral FundYusuf Ardhi Boediono Yusuf Ardhi BoedionoPT Wahyu Berkat Abadi PT Wahyu Berkat AbadiMasyarakat (kepemilikan dibawah 5%) Public (owneship below 5%)

Jumlah saham ditempatkan dan disetor Total share issued and fully paid

31 Desember 2010 Desember 31, 2010


Yusuf Ardhi Boediono Yusuf Ardhi BoedionoRiverton Group Holdings Limited Riverton Group Holdings LimitedSuisse Charter Investment Ltd Suisse Charter Investment LtdWyoming International Ltd Wyoming International LtdMasyarakat (kepemilikan dibawah 5%) Public (ownership below 5%)


1 Januari 2010 January 1, 2010


Adam Ariaji Adam AriajiPT Malindo Nusantara Cemerlang PT Malindo Nusantara CemerlangRennier AR Latief Rennier AR LatiefMasyarakat (kepemilikan dibawah 5%) Public (ownership below 5%)


7.913.117.916 100,00%

1.500.000.000 18,96%1.428.362.441 18,05%

1.750.005.000 22,12%

2.568.876.001 29,57%8.687.994.942 100,00%

885.918.441 10,20%990.005.000

2.708.989.734 34,23%

1.175.026.641 30,44%3.860.057.520 100,00%

1.186.021.500 30,73%960.000.000 24,87%539.009.379 13,96%

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) tanggal 23Agustus 2010, dengan akta Notaris Humberg Lie, SH, No. 87, Perseroanmelakukan perubahan jenis saham Seri B yang terdapat dalam portepel (non-reverse) menjadi saham Seri C dan penggabungan nilai nominal saham(reverse stock) yaitu 2 saham menjadi 1 saham dan 2 waran Seri I menjadi 1waran Seri I, dengan merubah nilai nominal saham Seri A dari Rp 200 menjadiRp 400, saham Seri B dari Rp 100 menjadi Rp 200. Saham Seri C ditawarkankepada pemegang saham Perseroan melalui Penawaran Umum Terbatas I(PUT I) dalam rangka Hak Memesan Efek Terlebih Dahulu (HMETD).Perubahan tersebut telah diberitahukan kepada Menteri Kehakimanberdasarkan Penerimaan Pemberitahuan Perubahan Anggaran DasarPerseroan No. AHU-AH01.10-22712 tanggal 1 September 2010.

Based on the notarial deed of Humberg Lie SH No. 87 dated August 23,2010, the Company has changed unissued shares Series B (non reversedshares) to be shares Series C with its reversed par value from 2 shares to be1 share and 2 Warrant Series I to be 1 warrant Series 1, by changing parvalue of share Series A from Rp 200,- to be Rp 400,-; par value of shareSeries B from Rp 100,- to be Rp 200,-. Shares Seris C was offered to theentitled shareholders through the Company's rights issue I ("PUT I") underpreemptive rights ("HMETD"). The above change has been submitted to theMinistry of Justice and Human Rights based on its letter No. AHU-AH01.10-22712 dated September 1, 2010.

525.760.741 6,64%

11,40%1.018.506.205 11,72%

3.860.057.520 48,78% 772.011.504.000

Susunan para pemegang saham pada tanggal 30 September 2011, 31Desember 2010 dan 1 Januari 2010 adalah sebagai berikut:

The shareholder's composition as of September 30, 2011, December 31,2010 and January 1, 2010 are as follows:

1.500.000.000 17,27%

774.877.000 8,92%

1.360.057.520 17,19% 272.011.504.000


2.500.000.000 31,59% 500.000.000.000

Berdasarkan Rapat Umum Pemegang Saham Luar Biasa (RUPSLB) tanggal 21September 2011, Perseroan telah menyetujui perubahan susunan pengurus,kedudukan Perseroan dan menerbitkan saham biasa Seri D tanpa HMETDsebanyak 774.877.000 saham dengan nilai nominal Rp 50.- per saham danharga pelaksanaan sebesar Rp 67,- per saham, dalam rangka melakukankonversi hutang menjadi modal saham.

Based on the Extra Ordinary Shareholders Meeting dated September 21,2011, the Company has approved the changes in the Company'smangement, domicile and issuance of new share Serie D of Non-PreemtiveRights amounted to 774,877,000 shares with par value of Rp 50.- per shareand exercise price of Rp 67.- per share, in order to carry out "debts to equityswap".

949.812.295 10,93%








23. AGIO SAHAM 23. SHARE PREMIUM

Saldo awal Beginning balanceHasil penawaran umum Proceeds from initial public offering Tambahan setoran modal Additional paid in capitalBiaya emisi saham Share issuance costsPelaksanaan waran seri I Exercise of warrant Serie IPelaksanaan waran seri II 0 0 Exercise of warrant Serie II


24. PENDAPATAN USAHA 24. REVENUE

SPBU Fuel stationPenjualan Kertas Paper Makloon (toll manufacturing fees)

Jumlah pendapatan usaha Total revenue

25. BEBAN POKOK USAHA 25. COST OF REVENUE

SPBU Gas stationBeban pokok usaha Paper Makloon (toll manufacturing fees)

Jumlah beban pokok usaha Total cost of revenue

Bahan Baku Digunakan dan Pembelian BBM Raw Material Used and Purchesed of FuelUpah Langsung Direct LaborBeban Pabrikasi Factory Overhead

Beban Pokok Barang Tersedian Untuk Dijual Cost of Goods Available for SaleBarang Dalam Proses Goods in Process

Beban Pokok Produksi Production CostBarang Jadi Finished Goods

Beban Pokok Penjualan Cost of SalesBahan Konsinyasi Kertas Consigment Goods

Beban Pokok Usaha Cost of Revenue

0

30 Sep 2011 31 Des 2010 1 Jan 2010

200.617.668.382

10.655.509.226 57.187.558.508

960.052.446 (148.140.893)

30.076.383.833 87.810.292.106 (19.420.874.607) (30.622.733.598)

29.874.573.163 88.037.324.708 (758.241.776) (78.891.709)

29.116.331.387 87.958.432.999

24.789.110.062 82.081.313.511 1.047.713.482 1.153.423.956 4.037.749.619 4.802.587.241

Beban pokok usaha dan pembelian yang melebihi 10 % berasal dariPT Pertamina (Persero) untuk pembelian BBM dan oli, dan dari CV PutraTunggal untuk pembelian bahan baku.

Cost of revenue and purchase in excess of 10 % are coming from PTPertamina (Persero) for purchase of fuel and oil, and from CV Putra Tunggalfor purchase of raw materials.

Perhitungan beban pokok usaha untuk periode sembilan bulan yang berakhir30 September 2011 dan 2010 adalah sebagai berikut:

Cost calculated for the nine months period ended September 30, 2011 and2010 are as follows:

2011 (Jan-Sep) 2010 (Jan-Sep)

0 49.876.882.052 10.655.509.226 7.310.676.456

10.655.509.226 57.187.558.508

Seluruh transaksi pendapatan usaha dilakukan dengan pihak ketiga. Transaksimakloon dilakukan oleh KBR, anak Perusahaan dengan cara memproduksibahan baku menjadi kertas, yang mana bahan baku dan modal kerjadisediakan oleh CV Putra Tunggal.

All of revenue transactions perform with third party. Makloon (tollmanufacturing) transaction held by KBR, a subsidiary company withproduction process from raw material to paper, which were the raw materialsand working capital provided by CV Putra Tunggal.

Pendapatan usaha yang melebihi 10 % berasal dari CV Putra Tunggal danPublik (konsumen akhir) masing-masing terdiri dari pendapatan jasa makloondan SPBU.

Revenues in excess of 10 % are coming from the CV Putra Tunggal andPublic (ending consumers) consisting of the revenues from makloon fee andfuel station, respectively.


0 50.757.928.025 7.972.672.317 7.770.740.242

7.972.672.317 58.528.668.267

Pendapatan dari makloon hanya sampai bulan Juli. Sejak bulan September,perusahaan sudah berproduksi kertas mandiri dan menangani penjualanlangsung ke customer.

Revenue from makloon only until July, Since September, the company hasbeen producing paper handles independent and direct sales to customer.

213.626.496.162 200.617.668.382 201.907.883.004


201.907.883.004 201.898.392.204

0

0

0 5.983.089.146 0

(164.072.980) (7.273.307.068) 0

8.684 3.300 9.490.800

13.172.892.076








26. BEBAN ADMINISTRASI 26. ADMINSTRATIVE EXPENSES

Beban Pemasaran Sales ExpensesBeban Umum dan Administrasi General and administrative expenses

Gaji, upah dan tunjangan Salaries, wages and allowancesAdministrasi bank Bank chargesListrik, air dan telepon Electricity, water and telephonePenyusutan DepreciationJasa profesional Professional feesBiaya kantor Office expensesPerjalanan dinas Travelling expensesPerbaikan dan pemeliharaan Maintenance and reparationJamuan tamu dan representasi EntertainmentPajak TaxAsuransi InsuranceSewa RentalLain-lain Others

Jumlah Beban Administrasi Total Admistrative Expenses

27. PENDAPATAN (BEBAN) LAINNYA 27. OTHER INCOME (CHARGES)

Pendapatan lain-lain Other incomeAmortisasi goodwill Goodwill amortizationRupa-rupa Misscellaneous

Jumlah Pendapatan Lainnya - Bersih Total Others Income - Net

28. PERPAJAKAN 28. TAXATION

Pajak Dibayar Dimuka Prepaid taxPPh 22 Income tax article 22PPh 23 Income tax article 23PPh 25 Income tax article 25PPN Masukan Input VAT

Jumlah pajak dibayar dimuka Total prepaid tax

Hutang pajak Tax payablesPPh 21 Income tax article 21PPh 22 final Income tax article 22 (final)PPh 23 Income tax article 23PPh 26 0 Income tax article 26VAT Jasa restrukturisasi 0 VAT of restructuring feesPPN Keluaran Output VATPajak Bumi dan Bangunan Building and land tax

Jumlah pajak dibayar dimuka Total tax payables

Pajak kini Current tax

Laba (rugi) pada laporan keuangan konsolidasi Profit (loss) in consolidated financial statementLaba (rugi) pada anak perusahaan Profit (loss) in subsidiary companyLaba (rugi) sebelum pajak penghasilan Profit (loss) before income tax

Perbedaan temporer Temporary differencesBeban penyusutan Depreciation expensesBeban imbalan pasca kerja Post-employment benefit expense

Jumlah perbedaan temporer Total temporary differences

Perbedaan permanen Permanent differencesBeban yang tidak dapat dikurangkan Non deductable expencesLaba atas penjualan anak perusahaanRugi penjualan anak perusahaanPendapatan yang dikenakan

pajak bersifat finalJumlah perbedaan permanen Total permanent differences

Taksiran laba kena pajak (rugi fiskal) Estimated taxable income (fiscal loss)Kompensasi rugi fiskal

Jumlah rugi fiskal Total accumulated fiscal loss

Compensation of accumulated fiscal loss

(146.056.044.726) (139.434.210.316)

(16.823.293) (96.569.611.970)

(6.621.834.410) (135.743.590.473)(3.690.619.843)(139.434.210.316)

(100.268.608) (59.581.817.960) Income subjected to final tax

0 (49.288.392.386) Gain on sale of subsidiary company0 (54.656.500.000) Loss on sale of subsidiary company

902.333.066924.844.121

66.957.098.376

(447.107.906.067)(40.098.822.623)

22.511.055

Rekonsiliasi antara laba (rugi) sebelum pajak menurut laporan laba rugikomprehensif konsolidasi dan taksiran laba kena pajak (rugi fiskal), adalahsebagai berikut:

A reconciliation between income (loss) before tax, as shown in theconsolidated statements of comprehensive income and estimated taxableincome (fical loss), are as follows:

2010 (Jan-Des)

(487.206.728.690)

83.445.315

000

(6.605.011.117)(6.568.154.907)

(13.173.166.024)

2011 (Jan-Sep)

0 216.446.423 94.988.908

1.096.442.551 27.051.970.529 7.756.080.424

21.147.591.508 04.545.454.545 0

583.353.609 61.516.766 6.298.314.282

50.136.101 47.938.722 47.938.722371.605.217 490.682.378 246.865.942

6.915.040.774 5.901.762.968 711.194.739

91.347.624 542.340.187 1.067.972.570

101.133.922 101.133.922 101.133.9226.196.642.025 5.194.273.219 0

216.026.284 205.117.284 208.822.274401.238.543 401.238.543 401.238.543

1.126.387.015 3.222.872.476

1.126.387.015 3.535.045.496

30 Sep 2011 31 Des 2010 1 Jan 2010


0 312.173.019

90.347.982 38.592.50012.461.097.722 10.996.893.040

12.752.151.366 11.325.914.456

46.148 2.053.499.183 302.963.452 99.157.180310.122.241 0

369.433.321 188.758.781273.685.050 133.562.851139.021.685 78.360.290

333.836.680 314.669.1521.301.031.025 921.671.9741.046.217.252 399.958.717

8.068.569.021 6.383.356.85046.018.860 60.589.361

179.805.006 324.716.201


291.053.644 329.021.416








28. PERPAJAKAN (Lanjutan) 28. TAXATION (Continued)

Pajak tangguhan Deferred tax

Aset pajak tangguhan Deferred tax assets

Kewajiban pajak tangguhan 0 0 0 0 0 Deferred tax liabilitiyBeban penyusutan Depreciation expence

Aset pajak tangguhan-bersih Deferred tax assets-net

29. LABA (RUGI) PER SAHAM 29. EARNING (LOSS) PER SHARE

30. PERJANJIAN-PERJANJIAN PENTING 30. SIGNIFICANT AGREEMENTS

a. a.

b. b.

Pada tanggal laporan posisi keuangan, Perseroan tidak memiliki efek yang berpotensi dilutif saham biasa.

At the date of the statements of financial position, the Company did not havepotentially dilutive of commmon share.

KBR, anak Perusahaan melakukan perpanjangan kerja sama makloon kertas dengan CV Putra Tunggal pada tanggal 1 Pebruari 2011 untuk periodesampai dengan tanggal 31 Januari 2014. Namun demikian, pada tanggal 27Juni 2011 kedua belah pihak telah menandatangani kesepakatan untukmengakhiri kerja sama makloon tersebut, sehingga KBR akan menjalankankegiatan usahanya sebagaimana normal bisnis pada umumnya.

KBR, subsidiary company has extended makloon (toll manufacturing)paper agreement with CV Putra Tunggal on February 1, 2011 for periodsup to January 31, 2014. However, on June 27, 2011 both parties havebeen signed the termination of such paper agreement, so that effectiveafter termination KBR, subsidiary company shall be conducted itsbusiness activities as a normal business in general.

Selanjutnya, pada tanggal 21 Juli 2011 Perseroan dan KBR serta HKI, anakperusahaan, menanda tangani perjanjian pengambilalihan dengan parapihak PT. Nusa Bhakti Jayaraya (NBJ), PT. Sungai Menang (SM) dan PT.Pertiwi Lenggara Agromas (PLA).

Adapun transaksi-transaksi yang dimaksud dalam perjanjian tersebutadalah:• Penggadaian saham-saham milik Perseroan dalam KBR yang setaradengan nilai Harga Pembelian Pertama yang akan setara dengan US$6.240.000 dan penggadaian 80% saham Perseroan dalam HKI kepada SM.• Pengalihan Izin HTI dari KBR kepada HKI• Pembelian saham-saham penjualan oleh SM dari Perseroan dan NBJuntuk harga pengambilalihan.

Nilai akuisisi saham HKI oleh SM dan PLA dengan nilai sebesar US$7.800.000. Sampai dengan tanggal 30 September 2011, Perseroan telahmenerima pembayaran uang jaminan yang dapat dikembalikan dari SMsebesar Rp 10.607.028.000 atau setara dengan US$ 1.248.000.

Efektifitas perjanjian tersebut menunggu persetujuan Menteri KehutananRepublik Indonesia baik untuk perubahan nama IUPHHK-HTI dari KBRmenjadi atas nama HKI, maupun perubahan pemegang saham HKI.

Furthermore, on July 21, 2011 the Company and KBR and HKI, asubsidiary, signed a takeover agreement with the parties to PT. NusaBhakti Jayaraya (NBJ), PT. Sungai Menang (SM) and PT. PertiwiLenggara Agromas (PLA).

The transactions contemplated in the agreement are:• The pledge of Company’s share in KBR wich is equal to the the value ofthe first purchased price wich shall be equal to the amount of US$6.240.000 and the pledge of Company’s 80% shares in HKI to SM.• The assignment of HTI lincense from KBR to HKI.• The purchase of the sale shares by SM from Company and NBJ for theacquisition price.

The acquisition value of HKI shares by SM and PLA with a value of US$7,800,000. As of September 30, 2011, the Company has receivedpayment of a refundable deposit of Rp 10.607.028.000 BC or equivalentto US$ 1,248,000.

Effectiveness of the agreement subject to approval of the Minister ofForestry of Republic Indonesia for a name change IUPHHK-HTI fromKBR to the name of HKI, as well as changes in shareholders' HKI.

Laba (rugi) bersih yang digunakan untuk perhitungan laba (rugi) per sahamdasar masing-masing untuk 2011 dan 2010, rugi bersih sebesar Rp13.173.166.024 dan laba bersih sebesar Rp 74.310.995.612.

Net profit (loss) used to calculate profit (loss) per basic share for 2011 and2010, net loss of Rp 13.173.166.024 and net profit of Rp 74.310.995.612respectively.

Jumlah rata-rata tertimbang saham yang beredar masing-masing untuk 2011dan 2010 sejumlah 5.999.411.529 saham dan 1.447.521.573 saham.

Total weighted average of outstanding shares for 2011 and 2010 amounted to 5,999,411.529 and 1,447,521,573 shares,respectively.

Jumlah laba (rugi) pe saham dasar masing-masing untuk 2011 dan 2010 rugiper saham sebesar Rp 2,20 dan laba per saham sebesar Rp 51,34.

Total profit (loss) per basic share for 2011 and 2010, loss per share of Rp2.20 and profit per share of Rp 51.34, respectively.

111.423.447 49.745.316 161.168.763 0 161.168.763

1.518.576.163 301.055.086 1.819.631.249 0 1.819.631.249

Kewajiban imbalan Post-employment pasca kerja 1.407.152.716 251.309.770 1.658.462.486 0 1.658.462.486 benefit obligation

Dibebankan ke laporan laba

i/

Dibebankan ke laporan laba

i/

1 Jan 2010

Charged to income

statements 31 Des 2010

Charged to income

statements 30 Sep 2011

Rincian dari aset dan kewajiban pajak tangguhan Perusahaan adalah sebagaiberikut:

The details of Company's deferred tax assets and liability, are as follows:

Berdasarkan Keputusan Menteri Kehutanan Republik Indonesia No.SK.59/Menhut-II/2007 tertanggal 22 Pebruari 2007, KBR anak perusahaantelah memiliki Izin Usaha Pemanfaatan Hasil Hutan Kayu (IUPHHK) padaHutan Tanaman Industri (HTI) atas areal hutan produksi seluas 100.150hektar yang berlokasi di Kecamatan Kendawangan dan Marau, KabupatenKetapang, Propinsi Kalimantan Barat, terdiri dari Blok Kendawangan seluas62.170 hektar dan Blok Air Hitam seluas 37.980 hektar. Saat ini, sedangdalam proses perubahan nama IUPHHK-HTI dari PT. Kertas Basuki Rachmatmenjadi atas nama PT. Hutan Ketapang Industri (HKI), anak Perusahaan.

Based on the Decree of the Minister of Forestry of the Republic ofIndonesia No.. SK.59/Menhut-II/2007 dated 22 February 2007, KBR asubsidiary already has Izin Usaha Pemanfaatan Hasil Hutan Kayu(IUPHHK) on Hutan Tanaman Industri (HTI) for the production forest areaof 100,150 hectares located in District Kendawangan and Marau, andKetapang, West Kalimantan Province, consists of an area of 62,170hectares Kendawangan Block and Block Air Hitam area of 37,980hectares. Currently, the name change is in the process of IUPHHK-HTIPT. Kertas Basuki Rachmat became the name of PT. Hutan KetapangIndustri (HKI), a subsidiary company.








30. PERJANJIAN-PERJANJIAN PENTING (Lanjutan) 30. SIGNIFICANT AGREEMENTS (Continued)

c. c.

d. d.

31. KELANGSUNGAN USAHA 31. GOING CONCERN

1. 1.

2. 2.

3. 3.

32. TRANSAKSI DENGAN PIHAK YANG BERELASI 32. TRANSACTION WITH RELATED PARTIES

Piutang Usaha Accounts ReceivablePT Tridiantara Alvindo PT Tridiantara Alvindo

PT Sinar Pedoman Abadi PT Sinar Pedoman Abadi

PT Indhasana Energy PT. Indhasana Energy

Piutang Lain-lain Others ReceivablePiutang karyawan Employees

Piutang Hubungan Istimewa Due from Related PartiesPT Tridiantara Alvindo PT. Tridiantara Alvindo

PT Indhasana Energy PT. Indhasana Energy

Ahli Waris Boediono Heir of Boediono

Yusuf Ardhi Yusuf Ardhi

Jumlah Total

Persentase piutang kepada pihak yang berelasi terhadap jumlah aset masing-masing sebesar 1,09 %, 0,98 % dan 0,68 % pada tanggal 30 September 2011,31 Desember 2010 dan 1 Januari 2010.

The percentage of receivable to the parties having a special relationshipagainst the total amount of assets were 1.09 %. 0.98 % and 0.68 % as atSeptember 30, 2011, December 31, 2010 and Januari 1, 2010,respectively.

Pemegang saham/ 13.423.930 13.423.930 111.232.447 Shareholders

8.147.531.415 7.720.830.469 7.517.481.485

Affiliated

Pemegang saham/ 125.815.274 125.815.274 125.815.274 Shareholders

Afiliasi/ 6.368.362.509 6.368.362.509 6.567.491.583 Affiliated

Afiliasi/ 323.047.197 323.047.197 537.449.529

Karyawan/ 35.816.700 6.509.841 9.541.646 Employee

Afiliasi/ 555.488.241 488.800.741 165.951.006 Affiliated

Affiliated

Afiliasi/ 275.696.337 0 0 Affiliated

Related parties receivable Nature of relationship 30 Sep 2011 31 Des 2010 1 Jan 2010

Afiliasi/ 449.881.227 394.870.977 0

Menjual aset tidak produktif untuk membayar hutang-hutang Perseroan dananak perusahaan, dan revitalisasi mesin PM-1 agar dapat meningkatkankualitas produksi.

To sale of unproductive assets for settlement of the Company's accountpayables, and revitalitated PM-1 machines in order to increase productquality.

Sehubungan dengan telah diakhirinya perjanjian kerja sama makloon kertasantara KBR dan CV Putra Tunggal, efektif tanggal 12 September 2011 AnakPerusahaan telah menjalankan kegiatan usahanya dengan mandirisebagaimana aktivitas normal bisnis pada umumnya.

In connection with the termination of makloon paper agreement betweenKBR and CV Putra Tunggal, so that normal business activities in generalhave been done by the Subsidiary Company independently effective onSeptember 12, 2011.

Piutang pihak yang berelasi / Sifat hubungan/

Pada tanggal 24 Januari 2011 berdasarkan akta Notaris Sutjipto, S.H. No143 pemerintah Republik Indonesia, pemegang saham KBR, anakPerusahaan telah menjual seluruh kepemilikan saham di KBR sebesar Rp2.925.000.000 (2.925 lembar saham, Nominal Rp 1.000.000) kepadaPerseroan. Harga perolehan saham yang lebih besar dari bagiankepemilikan atas nilai wajar aset dan kewajiban yang dapat diidentifikasipada saat transaksi, diakui sebagi goodwill dan termasuk dalam jumlahtercatat investasi tersebut.

On January 24, 2011 based on the notarial Deed of Sujipto, SH, No. 143,Government of Republic of Indonesia, a KBR's stockholder had sold alltheir own share at KBR amounted to Rp 2,925,000,000 (2,925 shares,Nominal Rp 1,000,000) to the Company. The aqcuisition cost exceededthe portion of ownership at fair value of the assets and liabilities whichmight be identified at the time of transactions is recognized as goodwilland included in aquisition cost of such investment.

Sampai dengan tanggal 30 September 2011 Perseroan masih mengalamikerugian kumulatif sebesar Rp 2.464.254.169.704,-. Untuk menjagakelangsungan usaha Perseroan manajemen telah dan akan melakukantindakan-tindakan sebagai berikut:

Up to September 30, 2011 the Company had suferred accumulated lossesamounted to Rp 2.464.254.169.704,-. To maintain the Company's goingconcern, the Company's management has and will take the following actions:

Melanjutkan proyek PM-2 di KBR, anak perusahaan dengan dana dari pihakperbankan.

To continue project of PM-2 in KBR, a subsidiary company which fundedby a national bank.

Selanjutnya berdasarkan akta no.45 notaris Humberg Lie, SH, SE, MH.Tanggal 14 September 2011, perseroan dan anak perusahaan (KBR)mengadakan restrukturisasi hutang dengan PT. Wahyu Berkat Abadi (WBA),dimana perseroan bersedia mengambil alih hutang KBR sebesar Rp51.916.742.076,- dan menyelesaikan hutang tersebut kepada WBAselambatnya pada tanggal 30 September 2011 dengan menerbitkan sahambaru tanpa memberikan Hak Memesan Efek Terlebih Dahulu (HMETD)kepada pemegang saham lama, dengan syarat setelah mendapatkanpersetujuan dari pemegang saham perusahaan dan /atau otoritas yangberwenang.

Furthermore, based on notarial deed No.45 Humberg Lie, SH, SE, MH.On 14 September 2011, the company and its subsidiaries (KBR) held adebt restructuring with PT. Wahyu Berkat Abadi (WBA), where thecompany is willing to take over KBR debts amounting to Rp51.916.742.076, - and settle debts to the WBA at the latest onSeptember 30, 2011 by issuing new shares without giving pre-emptiverights (HMETD) to the holders of old shares, provided that upon approvalof the company's shareholders and / or the competent authority.

Berdasarkan Perjanjian Pengalihan Hak Tagih tanggal 5 Agustus 2011antara PT Greta Sastra Prima (GSP) dan 1st Financial Company Ltd (FC),GSP telah menjual dan mengalihkan hak tagihnya terhadap KBR, anakperusahaan sejumlah Rp 51.916.742.076,- kepada FC. Kemudian, padatanggal 8 Agustus 2011 FC juga menjual, mengalihkan dan mentrasferseluruh hak tagihnya tersebut kepada PT Wahyu Berkat Abadi (WBA),sesuai dengan Akta Perjanjian Pengalihan Hak No. 25 tanggal 8 Agustus2011, Notaris Humberg Lie, SH di Jakarta.

Based on Receivables Assignment Agreement dated August 18, 2011between PT Greta Sastra Prima (GSP) and 1st Financial Company Ltd(FC), GSP's receivables from KBR, subsidiary company amounted to Rp51,916,742,076.- have been sold and assigned to FC. Afterwards, FChave also sold, assigned and trasferred of such receivables to PT WahyuBerkat Abadi (WBA), in accordance with Notarial ReceivablesAssignment Agreement dated August 8, 2011, notarial deed No. 25 ofHumberg Lie, SH in Jakarta.








32. TRANSAKSI DENGAN PIHAK YANG BERELASI (Lanjutan) 32. TRANSACTION WITH RELATED PARTIES (Continued)

Hutang Usaha Accounts PayablePT Sinar Pedoman Abadi PT Sinar Pedoman Abadi

PT Petroneks Energy PT. Petroneks Energy

Hutang Hubungan Istimewa Due to Related PartiesPT Petroneks Energy PT. Petroneks Energy

PT Sinar Pedoman Abadi PT Sinar Pedoman Abadi

PT Malindo Nusantara Cemerlang PT. Malindo Nusantara Cemerlang

PT. Indhasana Energy PT. Indhasana Energy

Ahli Waris Boediono Heir of Boediono

Hutang Lain-lain Others PayablePT Sinar Pedoman Abadi PT Sinar Pedoman Abadi

Yusuf Ardhi Yusuf Ardhi

Jumlah Total

33. ASET DAN LIABILITAS DALAM MATA UANG ASING 33. ASSETS AND LIABILITIES IN IN FOREIGN CURRENCY

Akun Account

Kas dan setara kas Cash and cash equivalent

Hutang Lain-lain Others Payables

Hutang jangka panjang lainnya Other long term loanJumlah Total

Akun Account




Akun Account


Hutang usaha Trade Payables



849.082.692 724.720.605 15.814.668.140 Affiliated

Pemegang saham/

300.512.354 USD 38.584.736 362.696.517.045

USD 387.265 3.640.286.676

39.021.147 366.695.180.779

SGD 44.863

USD 5.768 54.233.670

EUR 4.283 57.864.704

1.932.127 17.281.563.095

2010 ( 1 Januari )Dalam mata uang asal/ Setara Rupiah/

In original currency Equivalent Rupiah

SGD 44.863 313.167.616 USD 1.500.000 13.486.500.000

USD 5.470 49.858.346

USD 387.265 3.481.895.479

1.932.128 16.956.240.700

2010 ( 31 Desember )Dalam mata uang asal/ Setara Rupiah/


SGD 44.862 304.901.251USD 1.500.000 13.234.500.000

USD 1.903.014 16.790.289.798

USD 387.265 3.416.839.449

Persentase hutang kepada pihak yang berelasi terhadap jumlah kewajibanmasing-masing sebesar 11,21 %, 5,31 % dan 5,28 % pada tanggal 30September 2011, 31 Desember 2010 dan 1 Januari 2010.

The percentage of payable to the parties having a special relationshipagainst the total amount of liabilities were 11.21 %, 5.31 % and 5.28 %as at September 30, 2011, December 31, 2010 and January 1, 2010,respectively.

2011 ( 30 September )Dalam mata uang asal/ Setara Rupiah/


Affiliated

Pemegang saham/ 120.000.000 0Shareholders

7.623.545.155 7.620.091.648 29.829.650.007

Pemegang saham/ 2.321.805.013 2.321.805.013 2.321.805.013 Shareholders

Afiliasi/ 1.238.941.000 1.238.941.000 1.238.941.000

0

2.500.000.000 2.500.000.000 2.500.000.000 Shareholders

0 1.140.980Affiliated

Afiliasi/ 0

Affiliated

Afiliasi/ 713.716.450 713.716.450 0 Affiliated

Afiliasi/ 7.953.094.874 Affiliated

Afiliasi/ 908.580 0

0

0

0

Afiliasi/

Hutang pihak yang berelasi / Sifat hubungan/Related parties payable Nature of relationship 30 Sep 2011 31 Des 2010 1 Jan 2010








34. INFORMASI SEGMEN (Lanjutan) 34. SEGMENT OF INFORMATION (Continued)

a. Infromasi Segmen Primer Berdasarkan Segmen Usaha a. Primary Segment Information by Business Segment(dalam ribuan rupiah) (in thousand rupiah)

Perdagangan/

Pendapatan Usaha Revenues

Beban Pokok Usaha Cost Of Revenue

Laba (Rugi) Kotor Gross Profit Margin

Beban Usaha Operating Expenses

Lain-lain - Bersih Others - Net

Laba (Rugi) Sebelum Manfaat Income (Loss) before Income

(Beban) Pajak Penghasilan Tax Benefits (Expenses)

Manfaat (Beban) Pajak Tax Benefit (Expenses)

Kepentingan non pengendali Non-controlling Interests

Laba (Rugi) Bersih Net Income (Loss)

Aset Segmen Segment Assets

Dialokasikan

Tidak dialokasikan

Jumlah Aset Segmen Total Segment Assets

Liabilitas Segmen Segment Liabilities

Dialokasikan

Tidak dialokasikan

Jumlah Liabilitas Segmen Total Segment Liabilities

Perdagangan/











Aset SegmenDialokasikan

Tidak dialokasikan


Liabilitas SegmenDialokasikan

Tidak dialokasikan


Net Income (Loss) Before Minority Interest


101.262.393 Unallocated

456.324.175


1.065.963.860

Segment Liabilities

47.939 0 355.013.843 0 355.061.782 Allocated

Segment Assets

1.140.000 0 1.042.692.522 0 1.043.832.522 Allocated

(70.380) 0 0 0 (70.380)

58.442.208 0 15.868.788 0 74.310.996

58.512.588 0 15.868.788 0 74.381.375

209.833 0 0 0 209.833Laba (Rugi) Komprehensif Periode Berjalan

65.810.276 0 18.346.071 0 84.156.347

58.302.755 0 15.868.788 0 74.171.543

881.046 0 460.064 0 1.341.110

(8.388.567) 0 (2.937.347) 0 (11.325.914)

50.757.928 0 7.770.740 0 58.528.668

49.876.882 0 7.310.676 0 57.187.559

SPBU/ Kertas/ Eliminasi/ Jumlah/

Fuel Station Trading Paper Eliminate Total

67.977.981

2010 ( Januari - September )

Allocated

(88.636.705) Unallocated

746.262.400

0 0 156.614.686 0 156.614.686

34.009.055 Unallocated0 0 712.253.345 0 712.253.345 Allocated

1.131

0 0 (13.173.166) 0 (13.173.166)

Laba (Rugi) Komprehensif Periode Berjalan 0 0 (13.174.297) 0 (13.174.297)

0 0 (13.174.297) 0 (13.174.297)

0 0 0 0 0

0 0 1.131 0

0 0 12.752.151 0 12.752.151

0 0 2.260.691 0 2.260.691

0 0 10.655.509 0 10.655.509

0 0 (2.682.837) 0 (2.682.837)


0 0 7.972.672 0 7.972.672


SPBU/ Kertas/ Eliminasi/ Jumlah/









Pendapatan Usaha

Beban Pokok Usaha

Laba (Rugi) Kotor

Beban Usaha

Lain-lain - Bersih


(Beban) Pajak Penghasilan Tax Benefit (Expenses)




Aset SegmenDialokasikan

Tidak dialokasikan


Liabilitas SegmenDialokasikan

Tidak dialokasikan


b. Infromasi Segmen Sekunder Berdasarkan Segmen Geografis b. Secondary Segment Information by Geographical Segment(dalam ribuan rupiah) (in thousand rupiah)











Aset dan Liabilitas Segmen Assets & Liabilities Segment





34.009.055 712.253.345 0 0 746.262.400

(88.636.705) 156.614.686 0 0 67.977.981

0 1.131 0 0 1.131

0 (13.173.166) 0 0 (13.173.166)

Laba (Rugi) Komprehensif Periode Berjalan 0 (13.174.297) 0 0 (13.174.297)

0 (13.174.297) 0 0 (13.174.297)

0 0 0 0 -

0 12.752.151 0 0 12.752.151

0 2.260.691 0 0 2.260.691

0 10.655.509 0 0 10.655.509

0 (2.682.837) 0 0 (2.682.837)

Capital City East Java Central Java Eliminate Total

0 7.972.672 0 0 7.972.672

(194.130.761) Unallocated

564.953.418


DKI / Jawa Timur/ Jawa Tengah/ Eliminasi/ Jumlah/


1.098.500.241

Segment Liabilities

209.269 3.105.704 755.769.206 0 759.084.179 Allocated

Segment Assets

11.885.899 3.694.477 1.072.333.306 0 1.087.913.682 Allocated

(180.888) 0 0 0 (180.888)

21.696.565 (51.935) (1.490.006) 0 20.154.624

Laba (Rugi) Komprehensif Periode Berjalan 21.877.453 (51.935) (1.490.006) 0 20.335.512

21.301.489 (51.935) (1.490.006) 0 19.759.548

575.964 0 0 0 575.964

30.317.184 0 24.108.693 0 54.425.877 Others - Net(10.576.167) 0 (13.155.376) 0 (23.731.543) Operating Expenses

1.560.472 (51.935) (12.443.323) 0 (10.934.786) Gross Profit Margin

Revenue

57.171.144 30.608.110 32.094.019 0 119.873.273 Cost Of Revenue


58.731.616 30.556.175 19.650.696 0 108.938.487

1 Januari 2010 ( 12 Bulan )

SPBU/ Perdagangan/ Kertas/ Eliminasi/ Jumlah/





































0 1.098.500.241

(190.815.788) 564.726.573 191.042.633 0 564.953.418

(10.576.167) (4.207.699) (8.947.677) 0 (23.731.543)

30.317.184 28.012.118

(180.888) 0 0 0 (180.888)

1 Januari 2010 ( 12 Bulan )


23.271.337 1.042.692.522 0 1.065.963.860

101.310.332 355.013.843 0 0 456.324.175

(70.380) 0 0

21.644.630 23.850.613 (25.340.619) 0 20.154.624

Laba (Rugi) Komprehensif Periode Berjalan 21.825.518 23.850.613 (25.340.619)

1.508.537 46.194 (12.489.517) 0 (10.934.786)


89.287.791 11.745.264 7.905.432 0 108.938.487

58.442.208 15.868.788 0 0 74.310.996

49.876.882 7.310.676 0 0 57.187.559

0

26.166.935 1.042.639.142 29.694.164

(3.903.425) 0 54.425.877

87.779.254 11.699.070 20.394.949 0 119.873.273

0 (70.380)

0 20.335.512

21.249.554 23.850.613 (25.340.619) 0 19.759.548

575.964 0 0 0 575.964

Laba (Rugi) Komprehensif Periode Berjalan 58.512.588 15.868.788 0 0 74.381.375

58.302.755 15.868.788 0 0 74.171.543

209.833 0 0 0 209.833

(8.388.567) (2.937.347) 0 0 (11.325.914)

65.810.276 18.346.071 0 0 84.156.347

881.046 460.064 0 0 1.341.110


50.757.928 7.770.740 0 0 58.528.668










35. MANAJEMEN RESIKO KEUANGAN 35. Financial Risk Management

36. 36.

Risiko keuangan utama yang dihadapi Perseroan dan anak perusahaan adalahresiko kredit, resiko mata uang, resiko suku bunga, resiko likuiditas. Melaluipendekatan manajemen resiko, Perseroan dan anak perusahaan mencobauntuk meminimalkan potensi dampak negatif dari risiko-risiko di atas.

The main financial risks facing the Company and subsidiary companyarecredit risk, currency risk, interest rate risk and liquidity risk. Through a riskmanagement approach, the Company and subsidiary has been tried tominimize the potential negative impact of the above risks.

Perseroan dan anak perusahaan memiliki risiko suku bunga terutama karenamelakukan pinjaman menggunakan suku bunga mengambang. Perseroanmelakukan pengawasan terhadap dampak pergerakan suku bunga untukmeminimalisasi dampak negatif terhadap Perusahaan dan anak perusahaan.

(iii) Risiko Suku Bunga (iii) Interest Rate Risk

(ii) Risiko Mata Uang (ii) Currency Risk

(i) Risiko Kredit (i) Credit RiskRisiko kredit adalah risiko dimana salah satu pihak atas instrumen keuanganakan gagal memenuhi kewajibannya dan menyebabkan pihak lain mengalamikerugian keuangan.

Credit risk is the risk that one party of a financial instrument will fail to meetits obligations and cause the other party suffered financial losses.

Risiko mata uang adalah risiko fluktuasi nilai instrumen keuangan yangdisebabkan perubahan nilai tukar mata uang asing.

REKLASIFIKASI AKUN ACCOUNT RECLASSIFICATION

Penyajian akun dalam laporan posisi keuangan konsolidasi per 1 Januari 2010dan 31 Desember 2010 telah direklasifikasi agar sesuai dengan penyajianlaporan posisi keuangan konsolidasi per 30 September 2011.

Presentation of accounts in the consolidated statements of financial positionas of January 1, 2010 and December 31, 2010 have been reclassified toconform with the presentation of consolidated statements of financial positionas of September 30, 2011.

Informasi mengenai suku bunga pinjaman yang dikenakan kepada Perseroandan anak perusahaan dijelaskan pada Catatan 11 dan 12.

Information regarding the interest rate of loans bored by the Company andsubsidiary company was described in Note 11 and 12.

(iv) Risiko Likuiditas (iv) Liquidity RiskRisiko Likuiditas adalah risiko di mana Perseroan dan anak perusahaan akanmengalami kesulitan dalam rangka memperoleh dana untuk memenuhikomitmennya terkait dengan instrumen keuangan.

Liquidity risk is the risk in which the Company and subsidiary company willexperience difficulties in acquiring funds to meet commitments associatedwith financial instruments.

Perseroan dan anak perusahaan mengelola risiko likuiditas denganmempertahankan kas dan setara kas yang mencukupi untuk memungkinkanPerseroan dalam memenuhi komitmen Perseroan dan anak perusahaan untukoperasi normal Perseroan dan anak perusahaan. Selain itu Perseroan dan anakperusahaan juga melakukan pengawasan proyeksi dan arus kas aktual secaraterus menerus serta pengawasan tanggal jatuh tempo aset dan kewajibankeuangan.

The Company and subsidiary company manages liquidity risk by maintainingcash and cash equivalents are sufficient to enable the Company andsubsidiary company to meet its commitment to the normal operation of theCompany and subsidiary company. In addition the Company and subsidiarycompany also controls the cash flow projections, actual cash flow andcontinuous supervision of final maturity date of assets and financialliabilities.

Risiko suku bunga adalah risiko fluktuasi nilai instrumen keuangan yangdisebabkan perubahan suku bunga pasar.

Interest rate risk is the risk of fluctuations in the value of financialinstruments due to the changes in market interest rate.

The Company and subsidiary company exposures to interest rate risk mainlydue to the loans using floating interest rate. The Company monitor theimpact of interest rate movement to minimize negative impact on theCompany and subsidiary company.

Currency risk is the risk of fluctuations in the value of financial instrumentsdue to changes in foreign currency exchange rates.

Perseroan dan anak perusahaan melakukan transaksi-transaksi denganmenggunakan mata uang asing, diantaranya adalah pembiayaan modal kerjaPerseroan. Sehingga, Perseroan dan anak perusahaan harus mengkonversikanRupiah ke mata uang asing, terutama Dolar Amerika, untuk memenuhikebutuhan kewajiban dalam mata uang asing pada saat jatuh tempo. Fluktuasinilai tukar mata uang Rupiah terhadap mata uang Dollar Amerika dapatmemberikan dampak pada kondisi keuangan Perseroan dan anak perusahaan .

The Company and subsidiary company conduct transactions using foreigncurrencies, including the financing of working capital.Thus, the Company andsubsidiary company shall convert the amount into foreign currency, mainlyU.S. dollars, to meet obligations denominated in foreign currencies atmaturity. Fluctuations in currency exchange rate of Rupiah against the U.S.Dollar may impact the Company and subsidiary company financial condition.

Peruseroan dan anak perusahaan mengelola risiko mata uang denganmelakukan pengawasan terhadap fluktuasi nilai tukar mata uang secara terusmenerus sehingga dapat melakukan tindakan yang tepat seperti penggunaantransaksi lindung nilai apabila diperlukan untuk mengurangi risiko mata uangasing.

The Company and subsidiary company manages currency risk by monitoringthe fluctuation of currency exchange rate continuously so that it can performappropriate actions such as the use of appropriate hedging transactions tomitigate foreign currency risk.

Instrumen keuangan Perseroan dan anak perusahaan yang mempunyai potensiatas risiko kredit terdiri dari kas dan setara kas di bank, piutang usaha danpiutang lain. Jumlah eksposur risiko kredit maksimum sama dengan nilaitercatat atas akun-akun tersebut.

Company'and subsidiary company financial instruments that have thepotential for credit risk consist of cash and cash equivalents at the bank,accounts receivable and other receivables. Total maximum credit riskexposure is equal to the carrying value of these accounts.

Untuk risiko kredit yang berhubungan dengan bank, hanya bank-bank denganpredikat baik yang dipilih. Selain itu, kebijakan Perseroan dan anak perusahaanadalah untuk tidak membatasi eksposur hanya kepada satu institusi tertentu,sehingga Perseroan dan anak perusahaan memiliki kas dan setara kas diberbagai bank.

For credit risk associated with banks, only banks with well chosen predicate.In addition, Company and subsidiary company policy is to not limit theexposure only to one particular institution, so that the Company andsubsidiary company had cash and cash equivalents at various banks.


PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK … · laporan arus kas konsolidasi / consolidated...

Documents

Transcript of PT KERTAS BASUKI RACHMAT INDONESIA Tbk DAN ANAK … · laporan arus kas konsolidasi / consolidated...